Document:

Credit Agreement

 Exhibit 10.1 
  

 
  

					
	  
 

	  	  
  
 CREDIT AGREEMENT
  
 by and among
  
 WELLS FARGO BANK, NATIONAL ASSOCIATION,
 as Administrative
Agent,
  
 THE LENDERS THAT ARE PARTIES
HERETO
 as the Lenders,
	  	
	  	  
	  	  
	  	  

 and 
 MODUSLINK GLOBAL SOLUTIONS, INC. 
 MODUSLINK CORPORATION 

and MODUSLINK PTS, INC. 
 as Borrowers 
 Dated as of October 31, 2012 

 
  

 

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	Page	 
			
	 1.
	 	DEFINITIONS AND CONSTRUCTION.	  	 	1	  
		 	1.1	  	Definitions.	  	 	1	  
		 	 1.2
	  	Accounting Terms.	  	 	1	  
		 	 1.3
	  	Code.	  	 	1	  
		 	 1.4
	  	Construction.	  	 	1	  
		 	 1.5
	  	Time References.	  	 	2	  
		 	 1.6
	  	Schedules and Exhibits.	  	 	2	  
			
	 2.
	 	LOANS AND TERMS OF PAYMENT.	  	 	2	  
		 	 2.1
	  	Revolving Loans.	  	 	2	  
		 	 2.2
	  	Reserved.	  	 	3	  
		 	 2.3
	  	Borrowing Procedures and Settlements.	  	 	3	  
		 	 2.4
	  	Payments; Reductions of Commitments; Prepayments.	  	 	9	  
		 	 2.5
	  	Promise to Pay; Promissory Notes.	  	 	12	  
		 	 2.6
	  	Interest Rates and Letter of Credit Fee: Rates, Payments, and Calculations.	  	 	13	  
		 	 2.7
	  	Crediting Payments.	  	 	14	  
		 	 2.8
	  	Designated Account.	  	 	14	  
		 	 2.9
	  	Maintenance of Loan Account; Statements of Obligations.	  	 	14	  
		 	 2.10
	  	Fees.	  	 	14	  
		 	 2.11
	  	Letters of Credit.	  	 	15	  
		 	 2.12
	  	LIBOR Option.	  	 	21	  
		 	 2.13
	  	Capital Requirements.	  	 	22	  
		 	 2.14
	  	Accordion.	  	 	24	  
		 	 2.15
	  	Joint and Several Liability of Borrowers.	  	 	25	  
			
	 3.
	 	CONDITIONS; TERM OF AGREEMENT.	  	 	27	  
		 	 3.1
	  	Conditions Precedent to the Initial Extension of Credit.	  	 	27	  
		 	 3.2
	  	Conditions Precedent to all Extensions of Credit.	  	 	27	  
		 	 3.3
	  	Maturity.	  	 	27	  
		 	 3.4
	  	Effect of Maturity.	  	 	27	  
		 	 3.5
	  	Early Termination by Borrowers.	  	 	27	  
		 	 3.6
	  	Conditions Subsequent.	  	 	27	  
			
	 4.
	 	REPRESENTATIONS AND WARRANTIES.	  	 	28	  
		 	 4.1
	  	Due Organization and Qualification; Subsidiaries.	  	 	28	  
		 	 4.2
	  	Due Authorization; No Conflict.	  	 	28	  
		 	 4.3
	  	Governmental Consents.	  	 	29	  
		 	 4.4
	  	Binding Obligations; Perfected Liens.	  	 	29	  
		 	 4.5
	  	Title to Assets; No Encumbrances.	  	 	29	  
		 	 4.6
	  	Litigation.	  	 	29	  
		 	 4.7
	  	Compliance with Laws.	  	 	30	  
		 	 4.8
	  	No Material Adverse Effect.	  	 	30	  
		 	 4.9
	  	Solvency.	  	 	30	  
		 	 4.10
	  	Employee Benefits.	  	 	30	  
		 	 4.11
	  	Environmental Condition.	  	 	31	  
		 	 4.12
	  	Complete Disclosure.	  	 	31	  

  
 -i-

 TABLE OF CONTENTS 

(continued) 
  

									
	 	  	 	  	 	  	Page	 
				
		  	 4.13
	  	Patriot Act.	  	 	31	  
		  	 4.14
	  	Indebtedness.	  	 	32	  
		  	 4.15
	  	Payment of Taxes.	  	 	32	  
		  	 4.16
	  	Margin Stock.	  	 	32	  
		  	 4.17
	  	Governmental Regulation.	  	 	32	  
		  	 4.18
	  	OFAC.	  	 	32	  
		  	 4.19
	  	Employee and Labor Matters.	  	 	32	  
		  	 4.20
	  	Reserved.	  	 	33	  
		  	 4.21
	  	Leases.	  	 	33	  
		  	 4.22
	  	Eligible Accounts.	  	 	33	  
		  	 4.23
	  	Eligible Inventory.	  	 	33	  
		  	 4.24
	  	Location of Inventory.	  	 	33	  
		  	 4.25
	  	Inventory Records.	  	 	33	  
		  	 4.26
	  	Material Contracts.	  	 	33	  
			
	 5.
	  	AFFIRMATIVE COVENANTS.	  	 	33	  
		  	 5.1
	  	Financial Statements, Reports, Certificates.	  	 	33	  
		  	 5.2
	  	Reporting.	  	 	34	  
		  	 5.3
	  	Existence.	  	 	34	  
		  	 5.4
	  	Maintenance of Properties.	  	 	34	  
		  	 5.5
	  	Taxes.	  	 	34	  
		  	 5.6
	  	Insurance.	  	 	34	  
		  	 5.7
	  	Inspection.	  	 	35	  
		  	 5.8
	  	Compliance with Laws.	  	 	35	  
		  	 5.9
	  	Environmental.	  	 	35	  
		  	 5.10
	  	Disclosure Updates.	  	 	36	  
		  	 5.11
	  	Formation of Subsidiaries.	  	 	36	  
		  	 5.12
	  	Further Assurances.	  	 	36	  
		  	 5.13
	  	Lender Meetings.	  	 	37	  
		  	 5.14
	  	Location of Inventory.	  	 	37	  
		  	 5.15
	  	Compliance with ERISA and the IRC.	  	 	37	  
		  	 5.16
	  	Material Contracts.	  	 	37	  
			
	 6.
	  	NEGATIVE COVENANTS.	  	 	37	  
		  	 6.1
	  	Indebtedness.	  	 	37	  
		  	 6.2
	  	Liens.	  	 	38	  
		  	 6.3
	  	Restrictions on Fundamental Changes.	  	 	38	  
		  	 6.4
	  	Disposal of Assets.	  	 	38	  
		  	 6.5
	  	Nature of Business.	  	 	38	  
		  	 6.6
	  	Prepayments and Amendments.	  	 	38	  
		  	 6.7
	  	Restricted Payments.	  	 	39	  
		  	 6.8
	  	Accounting Methods.	  	 	39	  
		  	 6.9
	  	Investments.	  	 	39	  
		  	 6.10
	  	Transactions with Affiliates.	  	 	39	  
		  	 6.11
	  	Use of Proceeds.	  	 	40	  
		  	 6.12
	  	Limitation on Issuance of Equity Interests.	  	 	40	  
		  	 6.13
	  	Inventory with Bailees.	  	 	41	  
		  	 6.14
	  	Employee Benefits.	  	 	41	  
			
	 7.
	  	FINANCIAL COVENANTS.	  	 	42	  

  
 - ii -

 TABLE OF CONTENTS 

(continued) 
  

									
	 	  	 	  	 	  	Page	 
			
	 8.
	  	EVENTS OF DEFAULT.	  	 	42	  
		  	 8.1
	  	Payments.	  	 	42	  
		  	 8.2
	  	Covenants.	  	 	43	  
		  	 8.3
	  	Judgments.	  	 	43	  
		  	 8.4
	  	Voluntary Bankruptcy, etc.	  	 	43	  
		  	 8.5
	  	Involuntary Bankruptcy, etc.	  	 	43	  
		  	 8.6
	  	Default Under Other Agreements.	  	 	43	  
		  	 8.7
	  	Representations, etc.	  	 	43	  
		  	 8.8
	  	Guaranty.	  	 	44	  
		  	 8.9
	  	Security Documents.	  	 	44	  
		  	 8.10
	  	Loan Documents.	  	 	44	  
		  	 8.11
	  	Change of Control.	  	 	44	  
		  	 8.12
	  	ERISA.	  	 	44	  
			
	 9.
	  	RIGHTS AND REMEDIES.	  	 	44	  
		  	 9.1
	  	Rights and Remedies.	  	 	44	  
		  	 9.2
	  	Remedies Cumulative.	  	 	45	  
			
	 10.
	  	WAIVERS; INDEMNIFICATION.	  	 	45	  
		  	 10.1
	  	Demand; Protest; etc.	  	 	45	  
		  	 10.2
	  	The Lender Group’s Liability for Collateral.	  	 	45	  
		  	 10.3
	  	Indemnification.	  	 	45	  
			
	 11.
	  	NOTICES.	  	 	46	  
			
	 12.
	  	CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER; JUDICIAL REFERENCE PROVISION.	  	 	47	  
			
	 13.
	  	ASSIGNMENTS AND PARTICIPATIONS; SUCCESSORS.	  	 	49	  
		  	 13.1
	  	Assignments and Participations.	  	 	49	  
		  	 13.2
	  	Successors.	  	 	52	  
			
	 14.
	  	AMENDMENTS; WAIVERS.	  	 	52	  
		  	 14.1
	  	Amendments and Waivers.	  	 	52	  
		  	 14.2
	  	Replacement of Certain Lenders.	  	 	53	  
		  	 14.3
	  	No Waivers; Cumulative Remedies.	  	 	54	  
			
	 15.
	  	AGENT; THE LENDER GROUP.	  	 	54	  
		  	 15.1
	  	Appointment and Authorization of Agent.	  	 	54	  
		  	 15.2
	  	Delegation of Duties.	  	 	55	  
		  	 15.3
	  	Liability of Agent.	  	 	55	  
		  	 15.4
	  	Reliance by Agent.	  	 	55	  
		  	 15.5
	  	Notice of Default or Event of Default.	  	 	55	  
		  	 15.6
	  	Credit Decision.	  	 	56	  
		  	 15.7
	  	Costs and Expenses; Indemnification.	  	 	56	  
		  	 15.8
	  	Agent in Individual Capacity.	  	 	57	  
		  	 15.9
	  	Successor Agent.	  	 	57	  
		  	 15.10
	  	Lender in Individual Capacity.	  	 	57	  
		  	 15.11
	  	Collateral Matters.	  	 	58	  
		  	 15.12
	  	Restrictions on Actions by Lenders; Sharing of Payments.	  	 	59	  

  
 - iii -

 TABLE OF CONTENTS 

(continued) 
  

									
	 	 	 	  	 	  	Page	 
				
		 	15.13	  	Agency for Perfection.	  	 	59	  
		 	 15.14
	  	Payments by Agent to the Lenders.	  	 	60	  
		 	 15.15
	  	Concerning the Collateral and Related Loan Documents.	  	 	60	  
		 	 15.16
	  	Field Examination Reports; Confidentiality; Disclaimers by Lenders; Other Reports and Information.	  	 	60	  
		 	 15.17
	  	Several Obligations; No Liability.	  	 	61	  
			
	16.	 	WITHHOLDING TAXES.	  	 	61	  
		 	 16.1
	  	Payments.	  	 	61	  
		 	 16.2
	  	Exemptions.	  	 	61	  
		 	 16.3
	  	Reductions.	  	 	62	  
		 	 16.4
	  	Refunds.	  	 	63	  
			
	17.	 	GENERAL PROVISIONS.	  	 	63	  
		 	 17.1
	  	Effectiveness.	  	 	63	  
		 	 17.2
	  	Section Headings.	  	 	63	  
		 	 17.3
	  	Interpretation.	  	 	63	  
		 	 17.4
	  	Severability of Provisions.	  	 	63	  
		 	 17.5
	  	Bank Product Providers.	  	 	63	  
		 	 17.6
	  	Debtor-Creditor Relationship.	  	 	64	  
		 	 17.7
	  	Counterparts; Electronic Execution.	  	 	64	  
		 	 17.8
	  	Revival and Reinstatement of Obligations; Certain Waivers.	  	 	64	  
		 	 17.9
	  	Confidentiality.	  	 	65	  
		 	 17.10
	  	Survival.	  	 	66	  
		 	 17.11
	  	Patriot Act.	  	 	66	  
		 	 17.12
	  	Integration.	  	 	66	  
		 	 17.13
	  	ModusLink Global Solutions, Inc. as Agent for Borrowers.	  	 	66	  

  
 - iv -

 EXHIBITS AND SCHEDULES 

 

			
	 Exhibit A-1
	  	Form of Assignment and Acceptance
	 Exhibit B-1
	  	Form of Borrowing Base Certificate
	 Exhibit C-1
	  	Form of Compliance Certificate
	 Exhibit L-1
	  	Form of LIBOR Notice
	 Exhibit P-1
	  	Form of Perfection Certificate
		
	 Schedule A-1
	  	Agent’s Account
	 Schedule A-2
	  	Authorized Persons
	 Schedule C-1
	  	Commitments
	 Schedule D-1
	  	Designated Account
	 Schedule E-1
	  	Eligible Inventory Locations
	 Schedule P-1
	  	Permitted Investments
	 Schedule P-2
	  	Permitted Liens
	 Schedule 3.1
	  	Conditions Precedent
	 Schedule 3.6
	  	Conditions Subsequent
	 Schedule 4.1(b)
	  	Capitalization of Borrowers
	 Schedule 4.1(c)
	  	Capitalization of Borrowers’ Subsidiaries
	 Schedule 4.1(d)
	  	Subscriptions, Options, Warrants, Calls
	 Schedule 4.6(b)
	  	Litigation
	 Schedule 4.10
	  	Benefit Plans
	 Schedule 4.11
	  	Environmental Matters
	 Schedule 4.14
	  	Permitted Indebtedness
	 Schedule 4.24
	  	Location of Inventory
	 Schedule 5.1
	  	Financial Statements, Reports, Certificates
	 Schedule 5.2
	  	Collateral Reporting
	 Schedule 6.5
	  	Nature of Business

  
 -v-

 CREDIT AGREEMENT 

THIS CREDIT AGREEMENT (this “Agreement”), is entered into as of October 31, 2012, by and among the lenders
identified on the signature pages hereof (each of such lenders, together with its successors and permitted assigns, is referred to hereinafter as a “Lender”, as that term is hereinafter further defined), WELLS FARGO BANK,
NATIONAL ASSOCIATION, a national banking association, as administrative agent for each member of the Lender Group and the Bank Product Providers (in such capacity, together with its successors and assigns in such capacity,
“Agent”), MODUSLINK GLOBAL SOLUTIONS, INC., a Delaware corporation (“ModusLink Global”), MODUSLINK CORPORATION, a Delaware corporation (“ModusLink”), and MODUSLINK PTS,
INC., a Delaware corporation (“ModusLink PTS”, together with ModusLink Global and ModusLink, are referred to hereinafter each individually as a “Borrower”, and individually and collectively, jointly and
severally, as the “Borrowers”). 
 The parties agree as follows: 

1. DEFINITIONS AND CONSTRUCTION. 
 1.1 Definitions. Capitalized terms used in this Agreement shall have the meanings specified therefor on Schedule 1.1. 

1.2 Accounting Terms. All accounting terms not specifically defined herein shall be construed in accordance with GAAP;
provided, that if Borrowers notify Agent that Borrowers request an amendment to any provision hereof to eliminate the effect of any Accounting Change occurring after the Closing Date or in the application thereof on the operation of such
provision (or if Agent notifies Borrowers 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 Accounting Change or in the application thereof,
then Agent and Borrowers agree that they will negotiate in good faith amendments to the provisions of this Agreement that are directly affected by such Accounting Change with the intent of having the respective positions of the Lenders and Borrowers
after such Accounting Change conform as nearly as possible to their respective positions as of the date of this Agreement and, until any such amendments have been agreed upon and agreed to by the Required Lenders, the provisions in this Agreement
shall be calculated as if no such Accounting Change had occurred. When used herein, the term “financial statements” shall include the notes and schedules thereto. Whenever the term “Borrowers” is used in respect of a financial
covenant or a related definition, it shall be understood to mean Borrowers and their Subsidiaries on a consolidated basis, unless the context clearly requires otherwise. Notwithstanding anything to the contrary contained herein, (a) all
financial statements delivered hereunder shall be prepared, and all financial covenants contained herein shall be calculated, without giving effect to any election under the Statement of Financial Accounting Standards No. 159 (or any similar
accounting principle) permitting a Person to value its financial liabilities or Indebtedness at the fair value thereof, and (b) the term “unqualified opinion” as used herein to refer to opinions or reports provided by accountants
shall mean an opinion or report that is (i) unqualified, and (ii) does not include any explanation, supplemental comment, or other comment concerning the ability of the applicable Person to continue as a going concern or concerning the
scope of the audit 
 1.3 Code. Any terms used in this Agreement that are defined in the Code shall be construed
and defined as set forth in the Code unless otherwise defined herein; provided, that to the extent that the Code is used to define any term herein and such term is defined differently in different Articles of the Code, the definition of such
term contained in Article 9 of the Code shall govern. 
 1.4 Construction. Unless the context of this Agreement or
any other Loan Document clearly requires otherwise, references to the plural include the singular, references to the singular include the plural, the terms “includes” and “including” are not limiting, and the term “or”
has, except where otherwise indicated, the inclusive meaning represented by the phrase “and/or.” The words “hereof,” “herein,” “hereby,” “hereunder,” and similar terms in this Agreement or any other
Loan Document refer to this Agreement or such other Loan Document, as the case may be, as a whole and not to any particular provision of this Agreement or such other Loan Document, as the 

 
case may be. Section, subsection, clause, schedule, and exhibit references herein are to this Agreement unless otherwise specified. Any reference in this Agreement or in any other Loan Document
to any agreement, instrument, or document shall include all alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements, thereto and thereof, as applicable (subject to any
restrictions on such alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements set forth herein). The words “asset” and “property” shall be construed to have the
same meaning and effect and to refer to any and all tangible and intangible assets and properties. Any reference herein or in any other Loan Document to the satisfaction, repayment, or payment in full of the Obligations shall mean (a) the
payment or repayment in full in immediately available funds of (i) the principal amount of, and interest accrued and unpaid with respect to, all outstanding Loans, together with the payment of any premium applicable to the repayment of the
Loans, (ii) all Lender Group Expenses that have accrued and are unpaid regardless of whether demand has been made therefor, (iii) all fees or charges that have accrued hereunder or under any other Loan Document (including the Letter of
Credit Fee and the Unused Line Fee) and are unpaid, (b) in the case of contingent reimbursement obligations with respect to Letters of Credit, providing Letter of Credit Collateralization, (c) in the case of obligations with respect to
Bank Products (other than Hedge Obligations), providing Bank Product Collateralization, (d) the receipt by Agent of cash collateral in order to secure any other contingent Obligations for which a claim or demand for payment has been made on or
prior to such time or in respect of matters or circumstances known to Agent or a Lender at such time that are reasonably expected to result in any loss, cost, damage, or expense (including attorneys fees and legal expenses), such cash collateral to
be in such amount as Agent reasonably determines is appropriate to secure such contingent Obligations, (e) the payment or repayment in full in immediately available funds of all other outstanding Obligations (including the payment of any
termination amount then applicable (or which would or could become applicable as a result of the repayment of the other Obligations) under Hedge Agreements provided by Hedge Providers) other than (i) unasserted contingent indemnification
Obligations, (ii) any Bank Product Obligations (other than Hedge Obligations) that, at such time, are allowed by the applicable Bank Product Provider to remain outstanding without being required to be repaid or cash collateralized, and
(iii) any Hedge Obligations that, at such time, are allowed by the applicable Hedge Provider to remain outstanding without being required to be repaid, and (f) the termination of all of the Commitments of the Lenders. Any reference herein
to any Person shall be construed to include such Person’s successors and assigns. Any requirement of a writing contained herein or in any other Loan Document shall be satisfied by the transmission of a Record. 

1.5 Time References. Unless the context of this Agreement or any other Loan Document clearly requires otherwise, all
references to time of day refer to Eastern standard time or Eastern daylight saving time, as in effect in Boston, Massachusetts on such day. For purposes of the computation of a period of time from a specified date to a later specified date, the
word “from” means “from and including” and the words “to” and “until” each means “to and including”; provided that, with respect to a computation of fees or interest payable to Agent or any
Lender, such period shall in any event consist of at least one full day. 
 1.6 Schedules and Exhibits. All of the
schedules and exhibits attached to this Agreement shall be deemed incorporated herein by reference. 
 2. LOANS AND TERMS OF PAYMENT.

 2.1 Revolving Loans. 
 (a) Subject to the terms and conditions of this Agreement, and during the term of this Agreement, each Revolving Lender agrees (severally, not jointly or jointly and severally) to make revolving loans
(“Revolving Loans”) to Borrowers in an amount at any one time outstanding not to exceed the lesser of: 

(i) such Lender’s Commitment, or 
 (ii) such Lender’s Pro Rata Share of an amount equal to the lesser of: 
 (A) the amount equal to (1) the Maximum Revolver Amount less (2) the sum of (y) the Letter of Credit Usage at such time, plus (z) the principal amount of Swing Loans
outstanding at such time, and 

  
 - 2 -

 (B) the amount equal to (1) the Borrowing Base as of such date (based upon the most
recent Borrowing Base Certificate delivered by Borrowers to Agent) less the sum of (1) the Letter of Credit Usage at such time, plus (2) the principal amount of Swing Loans outstanding at such time. 

(b) Amounts borrowed pursuant to this Section 2.1 may be repaid and, subject to the terms and conditions of this Agreement,
reborrowed at any time during the term of this Agreement. The outstanding principal amount of the Revolving Loans, together with interest accrued and unpaid thereon, shall constitute Obligations and shall be due and payable on the Maturity Date or,
if earlier, on the date on which they are declared due and payable pursuant to the terms of this Agreement. 
 (c) Anything to
the contrary in this Section 2.1 notwithstanding, Agent shall have the right (but not the obligation), in the exercise of its Permitted Discretion, to establish and increase or decrease Receivable Reserves, Inventory Reserves, Bank
Product Reserves, and other Reserves against the Borrowing Base or the Maximum Revolver Amount. The amount of any Receivable Reserve, Inventory Reserve, Bank Product Reserve, or other Reserve established by Agent shall have a reasonable relationship
to the event, condition, other circumstance, or fact that is the basis for such reserve and shall not be duplicative of any other reserve established and currently maintained. 
 2.2 Reserved.  
 2.3 Borrowing Procedures and
Settlements. 
 (a) Procedure for Borrowing Revolving Loans. Each Borrowing shall be made by a written request by
an Authorized Person delivered to Agent and received by Agent no later than 10:00 a.m. (i) on the Business Day that is the requested Funding Date in the case of a request for a Swing Loan, and (ii) on the Business Day that is 1 Business
Day prior to the requested Funding Date in the case of all other requests, specifying (A) the amount of such Borrowing, and (B) the requested Funding Date (which shall be a Business Day); provided, that Agent may, in its sole
discretion, elect to accept as timely requests that are received later than 10:00 a.m. on the applicable Business Day. At Agent’s election, in lieu of delivering the above-described written request, any Authorized Person may give Agent
telephonic notice of such request by the required time. In such circumstances, Borrowers agree that any such telephonic notice will be confirmed in writing within 24 hours of the giving of such telephonic notice, but the failure to provide such
written confirmation shall not affect the validity of the request. 
 (b) Making of Swing Loans. In the case of a request
for a Revolving Loan and so long as either (i) the aggregate amount of Swing Loans made since the last Settlement Date, minus all payments or other amounts applied to Swing Loans since the last Settlement Date, plus the amount of the
requested Swing Loan does not exceed $5,000,000, or (ii) Swing Lender, in its sole discretion, agrees to make a Swing Loan notwithstanding the foregoing limitation, Swing Lender shall make a Revolving Loan (any such Revolving Loan made by Swing
Lender pursuant to this Section 2.3(b) being referred to as a “Swing Loan” and all such Revolving Loans being referred to as “Swing Loans”) available to Borrowers on the Funding Date applicable thereto
by transferring immediately available funds in the amount of such requested Borrowing to the Designated Account. Each Swing Loan shall be deemed to be a Revolving Loan hereunder and shall be subject to all the terms and conditions (including
Section 3) applicable to other Revolving Loans, except that all payments (including interest) on any Swing Loan shall be payable to Swing Lender solely for its own account. Subject to the provisions of Section 2.3(d)(ii),
Swing Lender shall not make and shall not be obligated to make any Swing Loan if Swing Lender has actual knowledge that (i) one or more of the applicable conditions precedent set forth in Section 3 will not be satisfied on the
requested Funding Date for the applicable Borrowing, or (ii) the requested Borrowing would exceed the Availability on such Funding Date. Swing Lender shall not otherwise be required to determine whether the applicable conditions precedent set
forth in Section 3 have been satisfied on the Funding Date applicable thereto prior to making any Swing Loan. The Swing Loans shall be secured by Agent’s Liens, constitute Revolving Loans and Obligations, and bear interest at the
rate applicable from time to time to Revolving Loans that are Base Rate Loans. 

  
 - 3 -

 (c) Making of Revolving Loans. 

(i) In the event that Swing Lender is not obligated to make a Swing Loan, then after receipt of a request for a Borrowing pursuant to
Section 2.3(a), Agent shall notify the Lenders by telecopy, telephone, email, or other electronic form of transmission, of the requested Borrowing; such notification to be sent on the Business Day that is 1 Business Day prior to the
requested Funding Date. If Agent has notified the Lenders of a requested Borrowing on the Business Day that is 1 Business Day prior to the Funding Date, then each Lender shall make the amount of such Lender’s Pro Rata Share of the requested
Borrowing available to Agent in immediately available funds, to Agent’s Account, not later than 10:00 a.m. on the Business Day that is the requested Funding Date. After Agent’s receipt of the proceeds of such Revolving Loans from the
Lenders, Agent shall make the proceeds thereof available to Borrowers on the applicable Funding Date by transferring immediately available funds equal to such proceeds received by Agent to the Designated Account; provided, that, subject to
the provisions of Section 2.3(d)(ii), no Lender shall have an obligation to make any Revolving Loan, if (1) one or more of the applicable conditions precedent set forth in Section 3 will not be satisfied on the requested
Funding Date for the applicable Borrowing unless such condition has been waived, or (2) the requested Borrowing would exceed the Availability on such Funding Date. 
 (ii) Unless Agent receives notice from a Lender prior to 9:30 a.m. on the Business Day that is the requested Funding Date relative to a requested Borrowing as to which Agent has notified the Lenders of a
requested Borrowing that such Lender will not make available as and when required hereunder to Agent for the account of Borrowers the amount of that Lender’s Pro Rata Share of the Borrowing, Agent may assume that each Lender has made or will
make such amount available to Agent in immediately available funds on the Funding Date and Agent may (but shall not be so required), in reliance upon such assumption, make available to Borrowers a corresponding amount. If, on the requested Funding
Date, any Lender shall not have remitted the full amount that it is required to make available to Agent in immediately available funds and if Agent has made available to Borrowers such amount on the requested Funding Date, then such Lender shall
make the amount of such Lender’s Pro Rata Share of the requested Borrowing available to Agent in immediately available funds, to Agent’s Account, no later than 10:00 a.m. on the Business Day that is the first Business Day after the
requested Funding Date (in which case, the interest accrued on such Lender’s portion of such Borrowing for the Funding Date shall be for Agent’s separate account). If any Lender shall not remit the full amount that it is required to make
available to Agent in immediately available funds as and when required hereby and if Agent has made available to Borrowers such amount, then that Lender shall be obligated to immediately remit such amount to Agent, together with interest at the
Defaulting Lender Rate for each day until the date on which such amount is so remitted. A notice submitted by Agent to any Lender with respect to amounts owing under this Section 2.3(c)(ii) shall be conclusive, absent manifest error. If
the amount that a Lender is required to remit is made available to Agent, then such payment to Agent shall constitute such Lender’s Revolving Loan for all purposes of this Agreement. If such amount is not made available to Agent on the Business
Day following the Funding Date, Agent will notify Borrowers of such failure to fund and, upon demand by Agent, Borrowers shall pay such amount to Agent for Agent’s account, together with interest thereon for each day elapsed since the date of
such Borrowing, at a rate per annum equal to the interest rate applicable at the time to the Revolving Loans composing such Borrowing. 
 (d) Protective Advances and Optional Overadvances. 
 (i) Any contrary
provision of this Agreement or any other Loan Document notwithstanding, but subject to Section 2.3(d)(iv), at any time (A) after the occurrence and during the continuance of a Default or an Event of Default, or (B) that any of
the other applicable conditions precedent set forth in Section 3 are not satisfied, Agent hereby is authorized by Borrowers and the Lenders, from time to time, in Agent’s sole discretion, to make Revolving Loans to, or for the
benefit of, Borrowers, on behalf of the Revolving Lenders, that Agent, in its Permitted Discretion, deems necessary or desirable (1) to preserve or protect the Collateral, or any portion thereof, or (2) to enhance the likelihood of
repayment of the Obligations (other than the Bank Product Obligations) (the Revolving Loans described in this Section 2.3(d)(i) shall be referred to as “Protective Advances”). Notwithstanding the foregoing, the aggregate
amount of all Protective Advances outstanding at any one time shall not exceed $5,000,000. 

  
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 (ii) Any contrary provision of this Agreement or any other Loan Document notwithstanding,
but subject to Section 2.3(d)(iv), the Lenders hereby authorize Agent or Swing Lender, as applicable, and either Agent or Swing Lender, as applicable, may, but is not obligated to, knowingly and intentionally, continue to make Revolving
Loans (including Swing Loans) to Borrowers notwithstanding that an Overadvance exists or would be created thereby, so long as (A) after giving effect to such Revolving Loans, the outstanding Revolver Usage does not exceed the Borrowing Base by
more than $5,000,000, and (B) after giving effect to such Revolving Loans, the outstanding Revolver Usage (except for and excluding amounts charged to the Loan Account for interest, fees, or Lender Group Expenses) does not exceed the Maximum
Revolver Amount. In the event Agent obtains actual knowledge that the Revolver Usage exceeds the amounts permitted by the immediately foregoing provisions, regardless of the amount of, or reason for, such excess, Agent shall notify the Lenders as
soon as practicable (and prior to making any (or any additional) intentional Overadvances (except for and excluding amounts charged to the Loan Account for interest, fees, or Lender Group Expenses) unless Agent determines that prior notice would
result in imminent harm to the Collateral or its value, in which case Agent may make such Overadvances and provide notice as promptly as practicable thereafter), and the Lenders with Commitments thereupon shall, together with Agent, jointly
determine the terms of arrangements that shall be implemented with Borrowers intended to reduce, within a reasonable time, the outstanding principal amount of the Revolving Loans to Borrowers to an amount permitted by the preceding sentence. In such
circumstances, if any Lender with a Commitment objects to the proposed terms of reduction or repayment of any Overadvance, the terms of reduction or repayment thereof shall be implemented according to the determination of the Required Lenders. The
foregoing provisions are meant for the benefit of the Lenders and Agent and are not meant for the benefit of Borrowers, which shall continue to be bound by the provisions of Section 2.4(e)(i). Each Lender with a Commitment shall be
obligated to settle with Agent as provided in Section 2.3(e) (or Section 2.3(g), as applicable) for the amount of such Lender’s Pro Rata Share of any unintentional Overadvances by Agent reported to such Lender, any
intentional Overadvances made as permitted under this Section 2.3(d)(ii), and any Overadvances resulting from the charging to the Loan Account of interest, fees, or Lender Group Expenses. 

(iii) Each Protective Advance and each Overadvance (each, an “Extraordinary Advance”) shall be deemed to be a Revolving
Loan hereunder, except that no Extraordinary Advance shall be eligible to be a LIBOR Rate Loan and, prior to Settlement therefor, all payments on the Extraordinary Advances shall be payable to Agent solely for its own account. The Extraordinary
Advances shall be repayable on demand, secured by Agent’s Liens, constitute Obligations hereunder, and bear interest at the rate applicable from time to time to Revolving Loans that are Base Rate Loans. The provisions of this
Section 2.3(d) are for the exclusive benefit of Agent, Swing Lender, and the Lenders and are not intended to benefit Borrowers (or any other Loan Party) in any way. 

(iv) Notwithstanding anything contained in this Agreement or any other Loan Document to the contrary: (A) no Extraordinary Advance
may be made by Agent if such Extraordinary Advance would cause the aggregate principal amount of Extraordinary Advances outstanding to exceed an amount equal to 10% of the Maximum Revolver Amount; and (B) to the extent that the making of any
Extraordinary Advance causes the aggregate Revolver Usage to exceed the Maximum Revolver Amount, such portion of such Extraordinary Advance shall be for Agent’s sole and separate account and not for the account of any Lender and shall be
entitled to priority in repayment in accordance with Section 2.4(b). 

  
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 (e) Settlement. It is agreed that each Lender’s funded portion of the Revolving
Loans is intended by the Lenders to equal, at all times, such Lender’s Pro Rata Share of the outstanding Revolving Loans. Such agreement notwithstanding, Agent, Swing Lender, and the other Lenders agree (which agreement shall not be for the
benefit of Borrowers) that in order to facilitate the administration of this Agreement and the other Loan Documents, settlement among the Lenders as to the Revolving Loans, the Swing Loans, and the Extraordinary Advances shall take place on a
periodic basis in accordance with the following provisions: 
 (i) Agent shall request settlement
(“Settlement”) with the Lenders on a weekly basis, or on a more frequent basis if so determined by Agent in its sole discretion (1) on behalf of Swing Lender, with respect to the outstanding Swing Loans, (2) for itself,
with respect to the outstanding Extraordinary Advances, and (3) with respect to Borrowers’ or any of their Subsidiaries’ payments or other amounts received, as to each by notifying the Lenders by telecopy, telephone, or other similar
form of transmission, of such requested Settlement, no later than 5:00 p.m. on the Business Day immediately prior to the date of such requested Settlement (the date of such requested Settlement being the “Settlement Date”). Such
notice of a Settlement Date shall include a summary statement of the amount of outstanding Revolving Loans, Swing Loans, and Extraordinary Advances for the period since the prior Settlement Date. Subject to the terms and conditions contained herein
(including Section 2.3(g)): (y) if the amount of the Revolving Loans (including Swing Loans, and Extraordinary Advances) made by a Lender that is not a Defaulting Lender exceeds such Lender’s Pro Rata Share of the Revolving
Loans (including Swing Loans, and Extraordinary Advances) as of a Settlement Date, then Agent shall, by no later than 3:00 p.m. on the Settlement Date, transfer in immediately available funds to a Deposit Account of such Lender (as such Lender may
designate), an amount such that each such Lender shall, upon receipt of such amount, have as of the Settlement Date, its Pro Rata Share of the Revolving Loans (including Swing Loans, and Extraordinary Advances), and (z) if the amount of the
Revolving Loans (including Swing Loans, and Extraordinary Advances) made by a Lender is less than such Lender’s Pro Rata Share of the Revolving Loans (including Swing Loans, and Extraordinary Advances) as of a Settlement Date, such Lender shall
no later than 12:00 p.m. on the Settlement Date transfer in immediately available funds to Agent’s Account, an amount such that each such Lender shall, upon transfer of such amount, have as of the Settlement Date, its Pro Rata Share of the
Revolving Loans (including Swing Loans and Extraordinary Advances). Such amounts made available to Agent under clause (z) of the immediately preceding sentence shall be applied against the amounts of the applicable Swing Loans or Extraordinary
Advances and, together with the portion of such Swing Loans or Extraordinary Advances representing Swing Lender’s Pro Rata Share thereof, shall constitute Revolving Loans of such Lenders. If any such amount is not made available to Agent by any
Lender on the Settlement Date applicable thereto to the extent required by the terms hereof, Agent shall be entitled to recover for its account such amount on demand from such Lender together with interest thereon at the Defaulting Lender Rate.

 (ii) In determining whether a Lender’s balance of the Revolving Loans, Swing Loans, and Extraordinary Advances is less
than, equal to, or greater than such Lender’s Pro Rata Share of the Revolving Loans, Swing Loans, and Extraordinary Advances as of a Settlement Date, Agent shall, as part of the relevant Settlement, apply to such balance the portion of payments
actually received in good funds by Agent with respect to principal, interest, fees payable by Borrowers and allocable to the Lenders hereunder, and proceeds of Collateral. 
 (iii) Between Settlement Dates, Agent, to the extent Extraordinary Advances or Swing Loans are outstanding, may pay over to Agent or Swing Lender, as applicable, any payments or other amounts received by
Agent, that in accordance with the terms of this Agreement would be applied to the reduction of the Revolving Loans, for application to the Extraordinary Advances or Swing Loans. Between Settlement Dates, Agent, to the extent no Extraordinary
Advances or Swing Loans are outstanding, may pay over to Swing Lender any payments or other amounts received by Agent, that in accordance with the terms of this Agreement would be applied to the reduction of the Revolving Loans, for application to
Swing Lender’s Pro Rata Share of the Revolving Loans. If, as of any Settlement Date, payments or other amounts of Borrowers or their Subsidiaries received since the then immediately preceding Settlement Date have been applied to Swing
Lender’s Pro Rata Share of the Revolving Loans other than to Swing Loans, as provided for in the previous sentence, Swing Lender shall pay to Agent for the accounts of the Lenders, and Agent shall pay to the Lenders (other than a Defaulting
Lender if Agent has implemented the provisions of Section 2.3(g)), to be applied to the outstanding Revolving Loans of such Lenders, an amount such that each such Lender shall, upon receipt of such amount, have, as of such Settlement
Date, its Pro Rata Share of the Revolving Loans. During the period between Settlement Dates, Swing Lender with respect to Swing Loans, Agent with respect to Extraordinary Advances, and each Lender with respect to the Revolving Loans other than Swing
Loans and Extraordinary Advances, shall be entitled to interest at the applicable rate or rates payable under this Agreement on the daily amount of funds employed by Swing Lender, Agent, or the Lenders, as applicable. 

  
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 (iv) Anything in this Section 2.3(e) to the contrary notwithstanding, in the
event that a Lender is a Defaulting Lender, Agent shall be entitled to refrain from remitting settlement amounts to the Defaulting Lender and, instead, shall be entitled to elect to implement the provisions set forth in Section 2.3(g).

 (f) Notation. Agent, as a non-fiduciary agent for Borrowers, shall maintain a register showing the principal amount of
the Revolving Loans, owing to each Lender, including the Swing Loans owing to Swing Lender, and Extraordinary Advances owing to Agent, and the interests therein of each Lender, from time to time and such register shall, absent manifest error,
conclusively be presumed to be correct and accurate. 
 (g) Defaulting Lenders.  

(i) Notwithstanding the provisions of Section 2.4(b)(ii), Agent shall not be obligated to transfer to a Defaulting Lender
any payments made by Borrowers to Agent for the Defaulting Lender’s benefit or any proceeds of Collateral that would otherwise be remitted hereunder to the Defaulting Lender, and, in the absence of such transfer to the Defaulting Lender, Agent
shall transfer any such payments (A) first, to Swing Lender to the extent of any Swing Loans that were made by Swing Lender and that were required to be, but were not, paid by the Defaulting Lender, (B) second, to Issuing Bank, to the
extent of the portion of a Letter of Credit Disbursement that was required to be, but was not, paid by the Defaulting Lender, (C) third, to each Non-Defaulting Lender ratably in accordance with their Commitments (but, in each case, only to the
extent that such Defaulting Lender’s portion of a Revolving Loan (or other funding obligation) was funded by such other Non-Defaulting Lender), (D) to a suspense account maintained by Agent, the proceeds of which shall be retained by Agent
and may be made available to be re-advanced to or for the benefit of Borrowers (upon the request of Borrowers and subject to the conditions set forth in Section 3.2) as if such Defaulting Lender had made its portion of Revolving Loans
(or other funding obligations) hereunder, and (E) from and after the date on which all other Obligations have been paid in full, to such Defaulting Lender in accordance with tier (L) of Section 2.4(b)(ii). Subject to the
foregoing, Agent may hold and, in its discretion, re-lend to Borrowers for the account of such Defaulting Lender the amount of all such payments received and retained by Agent for the account of such Defaulting Lender. Solely for the purposes of
voting or consenting to matters with respect to the Loan Documents (including the calculation of Pro Rata Share in connection therewith) and for the purpose of calculating the fee payable under Section 2.10(b), such Defaulting Lender
shall be deemed not to be a “Lender” and such Lender’s Commitment shall be deemed to be zero; provided, that the foregoing shall not apply to any of the matters governed by Section 14.1(a)(i) through (iii).
The provisions of this Section 2.3(g) shall remain effective with respect to such Defaulting Lender until the earlier of (y) the date on which all of the Non-Defaulting Lenders, Agent, Issuing Bank, and Borrowers shall have waived,
in writing, the application of this Section 2.3(g) to such Defaulting Lender, or (z) the date on which such Defaulting Lender makes payment of all amounts that it was obligated to fund hereunder, pays to Agent all amounts owing by
Defaulting Lender in respect of the amounts that it was obligated to fund hereunder, and, if requested by Agent, provides adequate assurance of its ability to perform its future obligations hereunder (on which earlier date, so long as no Event of
Default has occurred and is continuing, any remaining cash collateral held by Agent pursuant to Section 2.3(g)(ii) shall be released to Borrowers). The operation of this Section 2.3(g) shall not be construed to increase or
otherwise affect the Commitment of any Lender, to relieve or excuse the performance by such Defaulting Lender or any other Lender of its duties and obligations hereunder, or to relieve or excuse the performance by any Borrower of its duties and
obligations hereunder to Agent, Issuing Bank, or to the Lenders other than such Defaulting Lender. Any failure by a Defaulting Lender to fund amounts that it was obligated to fund hereunder shall constitute a material breach by such Defaulting
Lender of this Agreement and shall entitle Borrowers, at their option, upon written notice to Agent, to arrange for a substitute Lender to assume the Commitment of such Defaulting Lender, such substitute Lender to be reasonably acceptable to Agent.
In connection with the arrangement of such a substitute Lender, the Defaulting Lender shall have no right to refuse to be replaced hereunder, and agrees to execute and deliver a completed form of Assignment and Acceptance in favor of the substitute
Lender (and agrees that it shall be deemed to have executed and delivered such document if it fails to do so) subject only to being paid its share of the outstanding Obligations (other than Bank Product Obligations, but including (1) all
interest, fees, and other amounts that may be due and payable in respect thereof, and (2) an assumption of its Pro Rata Share of its participation in the Letters of Credit); provided, that any such assumption of the Commitment of such
Defaulting Lender shall not be deemed to constitute a waiver of any of the Lender Groups’ or Borrowers’ rights or remedies against any such Defaulting Lender arising out of or in relation to such failure to fund. In the event of a direct

  
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conflict between the priority provisions of this Section 2.3(g) and any other provision contained in this Agreement or any other Loan Document, it is the intention of the parties
hereto that such provisions be read together and construed, to the fullest extent possible, to be in concert with each other. In the event of any actual, irreconcilable conflict that cannot be resolved as aforesaid, the terms and provisions of this
Section 2.3(g) shall control and govern. 
 (ii) If any Swing Loan or Letter of Credit is outstanding at the time
that a Lender becomes a Defaulting Lender then: 
 (A) such Defaulting Lender’s Swing Loan Exposure and Letter of Credit
Exposure shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Pro Rata Shares but only to the extent (x) the sum of all Non-Defaulting Lenders’ Revolving Loan Exposures plus such Defaulting
Lender’s Swing Loan Exposure and Letter of Credit Exposure does not exceed the total of all Non-Defaulting Lenders’ Commitments and (y) the conditions set forth in Section 3.2 are satisfied at such time; 

(B) if the reallocation described in clause (A) above cannot, or can only partially, be effected, Borrowers shall within one
Business Day following notice by the Agent (x) first, prepay such Defaulting Lender’s Swing Loan Exposure (after giving effect to any partial reallocation pursuant to clause (A) above) and (y) second, cash collateralize such
Defaulting Lender’s Letter of Credit Exposure (after giving effect to any partial reallocation pursuant to clause (A) above), pursuant to a cash collateral agreement to be entered into in form and substance reasonably satisfactory to the
Agent, for so long as such Letter of Credit Exposure is outstanding; provided, that Borrowers shall not be obligated to cash collateralize any Defaulting Lender’s Letter of Credit Exposure if such Defaulting Lender is also the Issuing
Bank; 
 (C) if Borrowers cash collateralize any portion of such Defaulting Lender’s Letter of Credit Exposure pursuant to
this Section 2.3(g)(ii), Borrowers shall not be required to pay any Letter of Credit Fees to Agent for the account of such Defaulting Lender pursuant to Section 2.6(b) with respect to such cash collateralized portion of such
Defaulting Lender’s Letter of Credit Exposure during the period such Letter of Credit Exposure is cash collateralized; 

(D) to the extent the Letter of Credit Exposure of the Non-Defaulting Lenders is reallocated pursuant to this
Section 2.3(g)(ii), then the Letter of Credit Fees payable to the Non-Defaulting Lenders pursuant to Section 2.6(b) shall be adjusted in accordance with such Non-Defaulting Lenders’ Letter of Credit Exposure; 

(E) to the extent any Defaulting Lender’s Letter of Credit Exposure is neither cash collateralized nor reallocated pursuant to this
Section 2.3(g)(ii), then, without prejudice to any rights or remedies of the Issuing Bank or any Lender hereunder, all Letter of Credit Fees that would have otherwise been payable to such Defaulting Lender under
Section 2.6(b) with respect to such portion of such Letter of Credit Exposure shall instead be payable to the Issuing Bank until such portion of such Defaulting Lender’s Letter of Credit Exposure is cash collateralized or
reallocated; 
 (F) so long as any Lender is a Defaulting Lender, the Swing Lender shall not be required to make any Swing Loan
and the Issuing Bank shall not be required to issue, amend, or increase any Letter of Credit, in each case, to the extent (x) the Defaulting Lender’s Pro Rata Share of such Swing Loans or Letter of Credit cannot be reallocated pursuant to
this Section 2.3(g)(ii) or (y) the Swing Lender or Issuing Bank, as applicable, has not otherwise entered into arrangements reasonably satisfactory to the Swing Lender or Issuing Bank, as applicable, and Borrowers to eliminate the
Swing Lender’s or Issuing Bank’s risk with respect to the Defaulting Lender’s participation in Swing Loans or Letters of Credit; and 
 (G) Agent may release any cash collateral provided by Borrowers pursuant to this Section 2.3(g)(ii) to the Issuing Bank and the Issuing Bank may apply any such cash collateral to the payment
of such Defaulting Lender’s Pro Rata Share of any Letter of Credit Disbursement that is not reimbursed by Borrowers pursuant to Section 2.11(d). 

  
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 (h) Independent Obligations. All Revolving Loans (other than Swing Loans and
Extraordinary Advances) shall be made by the Lenders contemporaneously and in accordance with their Pro Rata Shares. It is understood that (i) no Lender shall be responsible for any failure by any other Lender to perform its obligation to make
any Revolving Loan (or other extension of credit) hereunder, nor shall any Commitment of any Lender be increased or decreased as a result of any failure by any other Lender to perform its obligations hereunder, and (ii) no failure by any Lender
to perform its obligations hereunder shall excuse any other Lender from its obligations hereunder. 
 2.4 Payments;
Reductions of Commitments; Prepayments. 
 (a) Payments by Borrowers. 

(i) Except as otherwise expressly provided herein, all payments by Borrowers shall be made to Agent’s Account for the account of
the Lender Group and shall be made in immediately available funds, no later than 1:30 p.m. on the date specified herein. Any payment received by Agent later than 1:30 p.m. shall be deemed to have been received (unless Agent, in its sole discretion,
elects to credit it on the date received) on the following Business Day and any applicable interest or fee shall continue to accrue until such following Business Day. 
 (ii) Unless Agent receives notice from Borrowers prior to the date on which any payment is due to the Lenders that Borrowers will not make such payment in full as and when required, Agent may assume that
Borrowers have made (or will make) such payment in full to Agent on such date in immediately available funds and Agent may (but shall not be so required), in reliance upon such assumption, distribute to each Lender on such due date an amount equal
to the amount then due such Lender. If and to the extent Borrowers do not make such payment in full to Agent on the date when due, each Lender severally shall repay to Agent on demand such amount distributed to such Lender, together with interest
thereon at the Defaulting Lender Rate for each day from the date such amount is distributed to such Lender until the date repaid. 
 (b) Apportionment and Application. 
 (i) So long as no Application Event
has occurred and is continuing and except as otherwise provided herein with respect to Defaulting Lenders, all principal and interest payments received by Agent shall be apportioned ratably among the Lenders (according to the unpaid principal
balance of the Obligations to which such payments relate held by each Lender) and all payments of fees and expenses received by Agent (other than fees or expenses that are for Agent’s separate account or for the separate account of Issuing
Bank) shall be apportioned ratably among the Lenders having a Pro Rata Share of the type of Commitment or Obligation to which a particular fee or expense relates. Subject to Section 2.4(b)(iv) and Section 2.4(e), all payments
to be made hereunder by Borrowers shall be remitted to Agent and all such payments, and all proceeds of Collateral received by Agent, shall be applied, so long as no Application Event has occurred and is continuing and except as otherwise provided
herein with respect to Defaulting Lenders, to reduce the balance of the Revolving Loans outstanding and, thereafter, to Borrowers (to be wired to the Designated Account) or such other Person entitled thereto under applicable law. 

(ii) At any time that an Application Event has occurred and is continuing and except as otherwise provided herein with respect to
Defaulting Lenders, all payments remitted to Agent and all proceeds of Collateral received by Agent shall be applied as follows: 
 (A) first, to pay any Lender Group Expenses (including cost or expense reimbursements) or indemnities then due to Agent under the Loan Documents, until paid in full, 

(B) second, to pay any fees or premiums then due to Agent under the Loan Documents until paid in full, 

(C) third, to pay interest due in respect of all Protective Advances until paid in full, 

  
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 (D) fourth, to pay the principal of all Protective Advances until paid in full,

 (E) fifth, ratably, to pay any Lender Group Expenses (including cost or expense reimbursements) or indemnities then
due to any of the Lenders under the Loan Documents, until paid in full, 
 (F) sixth, ratably, to pay any fees or
premiums then due to any of the Lenders under the Loan Documents until paid in full, 
 (G) seventh, to pay interest
accrued in respect of the Swing Loans until paid in full, 
 (H) eighth, to pay the principal of all Swing Loans until
paid in full, 
 (I) ninth, ratably, to pay interest accrued in respect of the Revolving Loans (other than Protective
Advances) until paid in full, 
 (J) tenth, ratably 

i. to pay the principal of all Revolving Loans until paid in full, 

ii. to Agent, to be held by Agent, for the benefit of Issuing Bank (and for the ratable benefit of each of the Lenders that have an
obligation to pay to Agent, for the account of Issuing Bank, a share of each Letter of Credit Disbursement), as cash collateral in an amount up to 105% of the Letter of Credit Usage (to the extent permitted by applicable law, such cash collateral
shall be applied to the reimbursement of any Letter of Credit Disbursement as and when such disbursement occurs and, if a Letter of Credit expires undrawn, the cash collateral held by Agent in respect of such Letter of Credit shall, to the extent
permitted by applicable law, be reapplied pursuant to this Section 2.4(b)(ii), beginning with tier (A) hereof), 
 iii. ratably, up to the amount (after taking into account any amounts previously paid pursuant to this clause iii. during the continuation of the applicable Application Event) of the most recently
established Bank Product Reserve to (y) the Bank Product Providers based upon amounts then certified by the applicable Bank Product Provider to Agent (in form and substance satisfactory to Agent) to be due and payable to such Bank Product
Providers on account of Bank Product Obligations, and (z) with any balance to be paid to Agent, to be held by Agent, for the ratable benefit of the Bank Product Providers, as cash collateral (which cash collateral may be released by Agent to
the applicable Bank Product Provider and applied by such Bank Product Provider to the payment or reimbursement of any amounts due and payable with respect to Bank Product Obligations owed to the applicable Bank Product Provider as and when such
amounts first become due and payable and, if and at such time as all such Bank Product Obligations are paid or otherwise satisfied in full, the cash collateral held by Agent in respect of such Bank Product Obligations shall be reapplied pursuant to
this Section 2.4(b)(ii), beginning with tier (A) hereof, 
 (K) eleventh, to pay any other Obligations
other than Obligations owed to Defaulting Lenders (including being paid, ratably, to the Bank Product Providers on account of all amounts then due and payable in respect of Bank Product Obligations, with any balance to be paid to Agent, to be held
by Agent, for the ratable benefit of the Bank Product Providers, as cash collateral (which cash collateral may be released by Agent to the applicable Bank Product Provider and applied by such Bank Product Provider to the payment or reimbursement of
any amounts due and payable with respect to Bank Product Obligations owed to the applicable Bank Product Provider as and when such amounts first become due and payable and, if and at such time as all such Bank Product Obligations are paid or
otherwise satisfied in full, the cash collateral held by Agent in respect of such Bank Product Obligations shall be reapplied pursuant to this Section 2.4(b)(ii), beginning with tier (A) hereof), 

(L) twelfth, ratably to pay any Obligations owed to Defaulting Lenders; and 

  
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 (M) thirteenth, to Borrowers (to be wired to the Designated Account) or such other
Person entitled thereto under applicable law. 
 (iii) Agent promptly shall distribute to each Lender, pursuant to the
applicable wire instructions received from each Lender in writing, such funds as it may be entitled to receive, subject to a Settlement delay as provided in Section 2.3(e). 

(iv) In each instance, so long as no Application Event has occurred and is continuing, Section 2.4(b)(i) shall not apply to
any payment made by Borrowers to Agent and specified by Borrowers to be for the payment of specific Obligations then due and payable (or prepayable) under any provision of this Agreement or any other Loan Document. 

(v) For purposes of Section 2.4(b)(ii), “paid in full” of a type of Obligation means payment in cash or
immediately available funds of all amounts owing on account of such type of Obligation, including interest accrued after the commencement of any Insolvency Proceeding, default interest, interest on interest, and expense reimbursements, irrespective
of whether any of the foregoing would be or is allowed or disallowed in whole or in part in any Insolvency Proceeding. 
 (vi)
In the event of a direct conflict between the priority provisions of this Section 2.4 and any other provision contained in this Agreement or any other Loan Document, it is the intention of the parties hereto that such provisions be read
together and construed, to the fullest extent possible, to be in concert with each other. In the event of any actual, irreconcilable conflict that cannot be resolved as aforesaid, if the conflict relates to the provisions of
Section 2.3(g) and this Section 2.4, then the provisions of Section 2.3(g) shall control and govern, and if otherwise, then the terms and provisions of this Section 2.4 shall control and govern.

 (c) Reduction of Commitments. The Commitments shall terminate on the Maturity Date. Borrowers may reduce the
Commitments to an amount not less than the greater of (1) $40,000,000 (unless the Commitments are being reduced to zero and this Agreement is being terminated in accordance with the terms hereof), and (2) the sum of (A) the Revolver
Usage as of such date, plus (B) the principal amount of all Revolving Loans not yet made as to which a request has been given by Borrowers under Section 2.3(a), plus (C) the amount of all Letters of Credit not yet issued as to
which a request has been given by Borrowers pursuant to Section 2.11(a). Each such reduction shall be in an amount which is not less than $5,000,000 (unless the Commitments are being reduced to zero and the amount of the Commitments in
effect immediately prior to such reduction are less than $5,000,000), shall be made by providing not less than 10 Business Days prior written notice to Agent together with payment of the Applicable Prepayment Premium, if applicable, and shall be
irrevocable. Once reduced, the Commitments may not be increased. Each such reduction of the Commitments shall reduce the Commitments of each Lender proportionately in accordance with its ratable share thereof. 

(d) Optional Prepayments. Borrowers may prepay the principal of any Revolving Loan at any time in whole or in part, without
premium or penalty. 
 (e) Mandatory Prepayments.  

(i) Borrowing Base. If, at any time, (A) the Revolver Usage on such date exceeds (B) the Borrowing Base reflected in
the Borrowing Base Certificate most recently delivered by Borrowers to Agent, then Borrowers shall immediately prepay the Obligations in accordance with Section 2.4(f)(i) in an aggregate amount equal to the amount of such excess.

 (ii) Dispositions. Within 5 Business Days of the date of receipt by any Loan Party, or within 15 days of the date of
receipt by any Subsidiary that is not a Loan Party, of the Net Cash Proceeds of any voluntary or involuntary sale or disposition by such Borrower or any of its Subsidiaries of assets (including casualty losses or condemnations but excluding
(x) any sale or disposition pursuant to subsections (c) or (s) of the definition of Permitted Dispositions by a Subsidiary of a Borrower that is not a Loan Party and (y) any sale or disposition of a Subsidiary of a Borrower that
is not a Loan Party of assets in the ordinary course of business that results in Net 

  
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Cash Proceeds that do not exceed $250,000 in the aggregate), Borrowers shall prepay the outstanding principal amount of the Obligations in accordance with Section 2.4(f) in an amount
equal to 100% of such Net Cash Proceeds (including condemnation awards and payments in lieu thereof) received by such Person in connection with such sales or dispositions. Nothing contained in this Section 2.4(e)(ii) shall permit
any Borrower or any of its Subsidiaries to sell or otherwise dispose of any assets other than in accordance with Section 6.4. 
 (iii) Extraordinary Receipts. So long as any Obligations are outstanding and (1) within 5 Business Days of the date of receipt by any Loan Party of any Extraordinary Receipts or
(2) within 15 days of the date of receipt by any Subsidiary of a Borrower that is not a Loan Party of any Extraordinary Receipts to the extent such Extraordinary Receipts individually or in the aggregate exceed $250,000, Borrowers shall prepay
the outstanding principal amount of the Obligations in accordance with Section 2.4(f) in an amount equal to 100% of such Extraordinary Receipts, net of any reasonable expenses incurred in collecting such Extraordinary Receipts.

 (iv) Indebtedness. So long as any Obligations are outstanding and within 5 Business Days of the date of incurrence by
any Borrower or any of its Subsidiaries of any Indebtedness (other than Permitted Indebtedness incurred by a Subsidiary of a Borrower that is not a Loan Party), Borrowers shall prepay the outstanding principal amount of the Obligations in accordance
with Section 2.4(f) in an amount equal to 100% of the Net Cash Proceeds received by such Person in connection with such incurrence. The provisions of this Section 2.4(e)(iv) shall not be deemed to be implied consent to any
such incurrence otherwise prohibited by the terms of this Agreement. 
 (v) Equity. So long as any Obligations are
outstanding and within 5 Business Days of the date of the issuance by any Borrower or any of its Subsidiaries of any Equity Interests, Borrowers shall prepay the outstanding principal amount of the Obligations in accordance with
Section 2.4(f) in an amount equal to 100% of the Net Cash Proceeds received by such Person in connection with such issuance. The provisions of this Section 2.4(e)(v) shall not be deemed to be implied consent to any such
issuance otherwise prohibited by the terms of this Agreement. 
 (f) Application of Payments. Each prepayment pursuant to
Section 2.4(e) shall, (A) so long as no Application Event shall have occurred and be continuing, be applied, first, to the outstanding principal amount of the Revolving Loans until paid in full, and second, at the
election of Agent, to cash collateralize the Letters of Credit in an amount equal to 105% of the then outstanding Letter of Credit Usage, and (B) if an Application Event shall have occurred and be continuing, be applied in the manner set forth
in Section 2.4(b)(ii). 
 2.5 Promise to Pay; Promissory Notes.  

(a) Borrowers agree to pay the Lender Group Expenses on the earlier of (i) the first day of the month following the date on which
the applicable Lender Group Expenses were first incurred or (ii) the date on which demand therefor is made by Agent (it being acknowledged and agreed that any charging of such costs, expenses or Lender Group Expenses to the Loan Account
pursuant to the provisions of Section 2.6(d) shall be deemed to constitute a demand for payment thereof for the purposes of this subclause (ii)). Borrowers promise to pay all of the Obligations (including principal, interest, premiums,
if any, fees, costs, and expenses (including Lender Group Expenses)) in full on the Maturity Date or, if earlier, on the date on which the Obligations (other than the Bank Product Obligations) become due and payable pursuant to the terms of this
Agreement. Borrowers agree that their obligations contained in the first sentence of this Section 2.5(a) shall survive payment or satisfaction in full of all other Obligations. 

(b) Any Lender may request that any portion of its Commitments or the Loans made by it be evidenced by one or more promissory notes. In
such event, Borrowers shall execute and deliver to such Lender the requested promissory notes payable to the order of such Lender in a form furnished by Agent and reasonably satisfactory to Borrowers. Thereafter, the portion of the Commitments and
Loans evidenced by such promissory notes and interest thereon shall at all times be represented by one or more promissory notes in such form payable to the order of the payee named therein. 

  
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 2.6 Interest Rates and Letter of Credit Fee: Rates, Payments, and
Calculations. 
 (a) Interest Rates. Except as provided in Section 2.6(c), all Obligations (except
for undrawn Letters of Credit) that have been charged to the Loan Account pursuant to the terms hereof shall bear interest as follows: 
 (i) if the relevant Obligation is a LIBOR Rate Loan, at a per annum rate equal to the LIBOR Rate plus the LIBOR Rate Margin, and 

(ii) otherwise, at a per annum rate equal to the Base Rate plus the Base Rate Margin. 

(b) Letter of Credit Fee. Borrowers shall pay Agent (for the ratable benefit of the Revolving Lenders), a Letter of Credit fee
(the “Letter of Credit Fee”) (which fee shall be in addition to the fronting fees and commissions, other fees, charges and expenses set forth in Section 2.11(k)) that shall accrue at a per annum rate equal to the
LIBOR Rate Margin times the undrawn amount of all outstanding Letters of Credit. 
 (c) Default Rate. Upon the occurrence
and during the continuation of an Event of Default and at the election of Agent or the Required Lenders, 
 (i) all Obligations
(except for undrawn Letters of Credit) that have been charged to the Loan Account pursuant to the terms hereof shall bear interest at a per annum rate equal to 2 percentage points above the per annum rate otherwise applicable thereunder, and

 (ii) the Letter of Credit Fee shall be increased to 2 percentage points above the per annum rate otherwise applicable
hereunder. 
 (d) Payment. Except to the extent provided to the contrary in Section 2.10,
Section 2.11(k) or Section 2.12(a), (i) all interest, all Letter of Credit Fees and all other fees payable hereunder or under any of the other Loan Documents shall be due and payable, in arrears, on the first day of each
month, and (ii) all costs and expenses payable hereunder or under any of the other Loan Documents, and all Lender Group Expenses shall be due and payable on the earlier of (x) the first day of the month following the date on which the
applicable costs, expenses, or Lender Group Expenses were first incurred or (y) the date on which demand therefor is made by Agent (it being acknowledged and agreed that any charging of such costs, expenses or Lender Group Expenses to the Loan
Account pursuant to the provisions of the following sentence shall be deemed to constitute a demand for payment thereof for the purposes of this subclause (y)). Borrowers hereby authorize Agent, from time to time without prior notice to Borrowers,
to charge to the Loan Account (A) on the first day of each month, all interest accrued during the prior month on the Revolving Loans hereunder, (B) on the first day of each month, all Letter of Credit Fees accrued or chargeable hereunder
during the prior month, (C) as and when incurred or accrued, all fees and costs provided for in Section 2.10 (a) or (c), (D) on the first day of each month, the Unused Line Fee accrued during the prior month
pursuant to Section 2.10(b), (E) as and when due and payable, all other fees payable hereunder or under any of the other Loan Documents, (F) as and when incurred or accrued, the fronting fees and all commissions, other fees,
charges and expenses provided for in Section 2.11(k), (G) as and when incurred or accrued, all other Lender Group Expenses, and (H) as and when due and payable all other payment obligations payable under any Loan Document or
any Bank Product Agreement (including any amounts due and payable to the Bank Product Providers in respect of Bank Products). All amounts (including interest, fees, costs, expenses, Lender Group Expenses, or other amounts payable hereunder or under
any other Loan Document or under any Bank Product Agreement) charged to the Loan Account shall thereupon constitute Revolving Loans hereunder, shall constitute Obligations hereunder, and shall initially accrue interest at the rate then applicable to
Revolving Loans that are Base Rate Loans (unless and until converted into LIBOR Rate Loans in accordance with the terms of this Agreement). 
 (e) Computation. All interest and fees chargeable under the Loan Documents shall be computed on the basis of a 360 day year, in each case, for the actual number of days elapsed in the period during
which the interest or fees accrue. In the event the Base Rate is changed from time to time hereafter, the rates of interest hereunder based upon the Base Rate automatically and immediately shall be increased or decreased by an amount equal to such
change in the Base Rate. 

  
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 (f) Intent to Limit Charges to Maximum Lawful Rate. In no event shall the interest
rate or rates payable under this Agreement, plus any other amounts paid in connection herewith, exceed the highest rate permissible under any law that a court of competent jurisdiction shall, in a final determination, deem applicable. Borrowers and
the Lender Group, in executing and delivering this Agreement, intend legally to agree upon the rate or rates of interest and manner of payment stated within it; provided, that, anything contained herein to the contrary notwithstanding, if
such rate or rates of interest or manner of payment exceeds the maximum allowable under applicable law, then, ipso facto, as of the date of this Agreement, Borrowers are and shall be liable only for the payment of such maximum amount as is
allowed by law, and payment received from Borrowers in excess of such legal maximum, whenever received, shall be applied to reduce the principal balance of the Obligations to the extent of such excess. 

2.7 Crediting Payments. The receipt of any payment item by Agent shall not be required to be considered a payment on
account unless such payment item is a wire transfer of immediately available federal funds made to Agent’s Account or unless and until such payment item is honored when presented for payment. Should any payment item not be honored when
presented for payment, then Borrowers shall be deemed not to have made such payment and interest shall be calculated accordingly. Anything to the contrary contained herein notwithstanding, any payment item shall be deemed received by Agent only if
it is received into Agent’s Account on a Business Day on or before 1:30 p.m. If any payment item is received into Agent’s Account on a non-Business Day or after 1:30 p.m. on a Business Day (unless Agent, in its sole discretion, elects to
credit it on the date received), it shall be deemed to have been received by Agent as of the opening of business on the immediately following Business Day. 
 2.8 Designated Account. Agent is authorized to make the Revolving Loans, and Issuing Bank is authorized to issue the Letters of Credit, under this Agreement based upon telephonic or other
instructions received from anyone purporting to be an Authorized Person or, without instructions, if pursuant to Section 2.6(d). Borrowers agree to establish and maintain the Designated Account with the Designated Account Bank for the
purpose of receiving the proceeds of the Revolving Loans requested by Borrowers and made by Agent or the Lenders hereunder. Unless otherwise agreed by Agent and Borrowers, any Revolving Loan or Swing Loan requested by Borrowers and made by Agent or
the Lenders hereunder shall be made to the Designated Account. 
 2.9 Maintenance of Loan Account; Statements of
Obligations. Agent shall maintain an account on its books in the name of Borrowers (the “Loan Account”) on which Borrowers will be charged with all Revolving Loans (including Extraordinary Advances and Swing Loans) made by
Agent, Swing Lender, or the Lenders to Borrowers or for Borrowers’ account, the Letters of Credit issued or arranged by Issuing Bank for Borrowers’ account, and with all other payment Obligations hereunder or under the other Loan
Documents, including, accrued interest, fees and expenses, and Lender Group Expenses. In accordance with Section 2.7, the Loan Account will be credited with all payments received by Agent from Borrowers or for Borrowers’ account.
Agent shall make available to Borrowers monthly statements regarding the Loan Account, including the principal amount of the Revolving Loans, interest accrued hereunder, fees accrued or charged hereunder or under the other Loan Documents, and a
summary itemization of all charges and expenses constituting Lender Group Expenses accrued hereunder or under the other Loan Documents, and each such statement, absent manifest error, shall be conclusively presumed to be correct and accurate and
constitute an account stated between Borrowers and the Lender Group unless, within 30 days after Agent first makes such a statement available to Borrowers, Borrowers shall deliver to Agent written objection thereto describing the error or errors
contained in such statement. 
 2.10 Fees.  

(a) Agent Fees. Borrowers shall pay to Agent, for the account of Agent, as and when due and payable under the terms of the Fee
Letter, the fees set forth in the Fee Letter. 

  
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 (b) Unused Line Fee. Borrowers shall pay to Agent, for the ratable account of the
Revolving Lenders, an unused line fee (the “Unused Line Fee”) in an amount equal to 0.50% per annum times the result of (i) the aggregate amount of the Commitments, less (ii) the average amount of the Revolver
Usage during the immediately preceding month (or portion thereof), which Unused Line Fee shall be due and payable on the first day of each month; from and after the Closing Date up to the first day of the month prior to the date on which the
Obligations are paid in full and on the date on which the Obligations are paid in full. 
 (c) Field Examination and Other
Fees. Borrowers shall pay to Agent, field examination, appraisal, and valuation fees and charges, as and when incurred or chargeable, as follows (i) a fee of $1,000 per day, per examiner, plus out-of-pocket expenses (including travel,
meals, and lodging) for each field examination of any Borrower performed by personnel employed by Agent, and (ii) the fees or charges paid or incurred by Agent (but, in any event, no less than a charge of $1,000 per day, per Person, plus
out-of-pocket expenses (including travel, meals, and lodging)) if it elects to employ the services of one or more third Persons to perform field examinations of any Borrower or its Subsidiaries, to establish electronic collateral reporting systems,
to appraise the Collateral, or any portion thereof, or to assess any Borrower’s or its Subsidiaries’ business valuation; provided, that so long as no Event of Default shall have occurred and be continuing, Borrower shall not be
obligated to reimburse Agent for more than 4 field examinations during any calendar year or more than 2 appraisals of the Collateral during any calendar year. 
 2.11 Letters of Credit. 
 (a) Subject to the terms and conditions of
this Agreement, upon the request of Borrowers made in accordance herewith, and prior to the Maturity Date, Issuing Bank agrees to issue a requested Letter of Credit for the account of Borrowers. By submitting a request to Issuing Bank for the
issuance of a Letter of Credit, Borrowers shall be deemed to have requested that Issuing Bank issue the requested Letter of Credit. Each request for the issuance of a Letter of Credit, or the amendment, renewal, or extension of any outstanding
Letter of Credit, shall be irrevocable and shall be made in writing by an Authorized Person and delivered to Issuing Bank via telefacsimile or other electronic method of transmission reasonably acceptable to Issuing Bank and reasonably in advance of
the requested date of issuance, amendment, renewal, or extension. Each such request shall be in form and substance reasonably satisfactory to Issuing Bank and (i) shall specify (A) the amount of such Letter of Credit, (B) the date of
issuance, amendment, renewal, or extension of such Letter of Credit, (C) the proposed expiration date of such Letter of Credit, (D) the name and address of the beneficiary of the Letter of Credit, and (E) such other information
(including, the conditions to drawing, and, in the case of an amendment, renewal, or extension, identification of the Letter of Credit to be so amended, renewed, or extended) as shall be necessary to prepare, amend, renew, or extend such Letter of
Credit, and (ii) shall be accompanied by such Issuer Documents as Agent or Issuing Bank may request or require, to the extent that such requests or requirements are consistent with the Issuer Documents that Issuing Bank generally requests for
Letters of Credit in similar circumstances. Bank’s records of the content of any such request will be conclusive. Anything contained herein to the contrary notwithstanding, Issuing Bank may, but shall not be obligated to, issue a Letter of
Credit that supports the obligations of Borrowers or one of their Subsidiaries in respect of (x) a lease of real property, or (y) an employment contract. 
 (b) Issuing Bank shall have no obligation to issue a Letter of Credit if any of the following would result after giving effect to the requested issuance: 

(i) the Letter of Credit Usage would exceed $10,000,000, or 
 (ii) the Letter of Credit Usage would exceed the Maximum Revolver Amount less the outstanding amount of Revolving Loans (including Swing Loans), or 

(iii) the Letter of Credit Usage would exceed the Borrowing Base at such time less the outstanding principal balance of the
Revolving Loans (inclusive of Swing Loans) at such time. 
 (c) In the event there is a Defaulting Lender as of the date of any
request for the issuance of a Letter of Credit, the Issuing Bank shall not be required to issue or arrange for such Letter of Credit to the extent (i)

  
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the Defaulting Lender’s Letter of Credit Exposure with respect to such Letter of Credit may not be reallocated pursuant to Section 2.3(g)(ii), or (ii) the Issuing Bank has
not otherwise entered into arrangements reasonably satisfactory to it and Borrowers to eliminate the Issuing Bank’s risk with respect to the participation in such Letter of Credit of the Defaulting Lender, which arrangements may include
Borrowers cash collateralizing such Defaulting Lender’s Letter of Credit Exposure in accordance with Section 2.3(g)(ii). Additionally, Issuing Bank shall have no obligation to issue a Letter of Credit if (A) any order,
judgment, or decree of any Governmental Authority or arbitrator shall, by its terms, purport to enjoin or restrain Issuing Bank from issuing such Letter of Credit, or any law applicable to Issuing Bank or any request or directive (whether or not
having the force of law) from any Governmental Authority with jurisdiction over Issuing Bank shall prohibit or request that Issuing Bank refrain from the issuance of letters of credit generally or such Letter of Credit in particular, (B) the
issuance of such Letter of Credit would violate one or more policies of Issuing Bank applicable to letters of credit generally, or (C) if amounts demanded to be paid under any Letter of Credit will or may not be in United States Dollars.

 (d) Any Issuing Bank (other than Wells Fargo or any of its Affiliates) shall notify Agent in writing no later than the
Business Day immediately following the Business Day on which such Issuing Bank issued any Letter of Credit; provided that (i) until Agent advises any such Issuing Bank that the provisions of Section 3.2 are not satisfied, or
(ii) unless the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed by Agent and such Issuing Bank, such Issuing Bank shall be required to so notify Agent in writing only once each week of
the Letters of Credit issued by such Issuing Bank during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as Agent and such Issuing Bank may agree. Each
Letter of Credit shall be in form and substance reasonably acceptable to Issuing Bank, including the requirement that the amounts payable thereunder must be payable in Dollars. If Issuing Bank makes a payment under a Letter of Credit, Borrowers
shall pay to Agent an amount equal to the applicable Letter of Credit Disbursement on the Business Day such Letter of Credit Disbursement is made and, in the absence of such payment, the amount of the Letter of Credit Disbursement immediately and
automatically shall be deemed to be a Revolving Loan hereunder (notwithstanding any failure to satisfy any condition precedent set forth in Section 3) and, initially, shall bear interest at the rate then applicable to Revolving Loans
that are Base Rate Loans. If a Letter of Credit Disbursement is deemed to be a Revolving Loan hereunder, Borrowers’ obligation to pay the amount of such Letter of Credit Disbursement to Issuing Bank shall be automatically converted into an
obligation to pay the resulting Revolving Loan. Promptly following receipt by Agent of any payment from Borrowers pursuant to this paragraph, Agent shall distribute such payment to Issuing Bank or, to the extent that Revolving Lenders have made
payments pursuant to Section 2.11(e) to reimburse Issuing Bank, then to such Revolving Lenders and Issuing Bank as their interests may appear. 
 (e) Promptly following receipt of a notice of a Letter of Credit Disbursement pursuant to Section 2.11(d), each Revolving Lender agrees to fund its Pro Rata Share of any Revolving Loan deemed
made pursuant to Section 2.11(d) on the same terms and conditions as if Borrowers had requested the amount thereof as a Revolving Loan and Agent shall promptly pay to Issuing Bank the amounts so received by it from the Revolving Lenders.
By the issuance of a Letter of Credit (or an amendment, renewal, or extension of a Letter of Credit) and without any further action on the part of Issuing Bank or the Revolving Lenders, Issuing Bank shall be deemed to have granted to each Revolving
Lender, and each Revolving Lender shall be deemed to have purchased, a participation in each Letter of Credit issued by Issuing Bank, in an amount equal to its Pro Rata Share of such Letter of Credit, and each such Revolving Lender agrees to pay to
Agent, for the account of Issuing Bank, such Revolving Lender’s Pro Rata Share of any Letter of Credit Disbursement made by Issuing Bank under the applicable Letter of Credit. In consideration and in furtherance of the foregoing, each Revolving
Lender hereby absolutely and unconditionally agrees to pay to Agent, for the account of Issuing Bank, such Revolving Lender’s Pro Rata Share of each Letter of Credit Disbursement made by Issuing Bank and not reimbursed by Borrowers on the date
due as provided in Section 2.11(d), or of any reimbursement payment that is required to be refunded (or that Agent or Issuing Bank elects, based upon the advice of counsel, to refund) to Borrowers for any reason. Each Revolving Lender
acknowledges and agrees that its obligation to deliver to Agent, for the account of Issuing Bank, an amount equal to its respective Pro Rata Share of each Letter of Credit Disbursement pursuant to this Section 2.11(e) shall be absolute
and unconditional and such remittance shall be made notwithstanding the occurrence or continuation of an Event of Default or Default or the failure to satisfy any condition set forth in Section 3. If any such Revolving Lender fails to
make available to Agent the amount of such Revolving Lender’s Pro Rata Share of a 

  
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Letter of Credit Disbursement as provided in this Section, such Revolving Lender shall be deemed to be a Defaulting Lender and Agent (for the account of Issuing Bank) shall be entitled to recover
such amount on demand from such Revolving Lender together with interest thereon at the Defaulting Lender Rate until paid in full. 
 (f) Each Borrower agrees to indemnify, defend and hold harmless each member of the Lender Group (including Issuing Bank and its branches, Affiliates, and correspondents) and each such Person’s
respective directors, officers, employees, attorneys and agents (each, including Issuing Bank, a “Letter of Credit Related Person”) (to the fullest extent permitted by law) from and against any and all claims, demands, suits,
actions, investigations, proceedings, liabilities, fines, costs, penalties, and damages, and all reasonable fees and disbursements of attorneys, experts, or consultants and all other costs and expenses actually incurred in connection therewith or in
connection with the enforcement of this indemnification (as and when they are incurred and irrespective of whether suit is brought), which may be incurred by or awarded against any such Letter of Credit Related Person (other than Taxes, which shall
be governed by Section 16) (the “Letter of Credit Indemnified Costs”), and which arise out of or in connection with, or as a result of: 
 (i) any Letter of Credit or any pre-advice of its issuance; 
 (ii) any transfer,
sale, delivery, surrender or endorsement of any Drawing Document at any time(s) held by any such Letter of Credit Related Person in connection with any Letter of Credit; 
 (iii) any action or proceeding arising out of, or in connection with, any Letter of Credit (whether administrative, judicial or in connection with arbitration), including any action or proceeding to
compel or restrain any presentation or payment under any Letter of Credit, or for the wrongful dishonor of, or honoring a presentation under, any Letter of Credit; 
 (iv) any independent undertakings issued by the beneficiary of any Letter of Credit; 
 (v) any unauthorized instruction or request made to Issuing Bank in connection with any Letter of Credit or requested Letter of Credit or error in computer or electronic transmission; 

(vi) an adviser, confirmer or other nominated person seeking to be reimbursed, indemnified or compensated; 

(vii) any third party seeking to enforce the rights of an applicant, beneficiary, nominated person, transferee, assignee of Letter of
Credit proceeds or holder of an instrument or document; 
 (viii) the fraud, forgery or illegal action of parties other than
the Letter of Credit Related Person; 
 (ix) Issuing Bank’s performance of the obligations of a confirming institution or
entity that wrongfully dishonors a confirmation; or 
 (x) the acts or omissions, whether rightful or wrongful, of any present
or future de jure or de facto governmental or regulatory authority or cause or event beyond the control of the Letter of Credit Related Person; 

in each case, including that resulting from the Letter of Credit Related Person’s own negligence; provided, however, that such
indemnity shall not be available to any Letter of Credit Related Person claiming indemnification under clauses (i) through (x) above to the extent that such Letter of Credit Indemnified Costs may be finally determined in a final,
non-appealable judgment of a court of competent jurisdiction to have resulted directly from the gross negligence or willful misconduct of the Letter of Credit Related Person claiming indemnity. Borrowers hereby agree to pay the Letter of Credit
Related Person claiming indemnity on demand from time to time all amounts owing under this Section 2.11(f). If and to the extent that the obligations of Borrowers under this Section 2.11(f) are unenforceable for any reason,
Borrowers agree to make the maximum contribution to the Letter of Credit Indemnified Costs permissible under applicable law. This indemnification provision shall survive termination of this Agreement and all Letters of Credit. 

  
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 (g) The liability of Issuing Bank (or any other Letter of Credit Related Person) under, in
connection with or arising out of any Letter of Credit (or pre-advice), regardless of the form or legal grounds of the action or proceeding, shall be limited to direct damages suffered by Borrowers that are caused directly by Issuing Bank’s
gross negligence or willful misconduct in (i) honoring a presentation under a Letter of Credit that on its face does not at least substantially comply with the terms and conditions of such Letter of Credit, (ii) failing to honor a
presentation under a Letter of Credit that strictly complies with the terms and conditions of such Letter of Credit or (iii) retaining Drawing Documents presented under a Letter of Credit. Issuing Bank shall be deemed to have acted with due
diligence and reasonable care if Issuing Bank’s conduct is in accordance with Standard Letter of Credit Practice or in accordance with this Agreement. Borrowers’ aggregate remedies against Issuing Bank and any Letter of Credit Related
Person for wrongfully honoring a presentation under any Letter of Credit or wrongfully retaining honored Drawing Documents shall in no event exceed the aggregate amount paid by Borrowers to Issuing Bank in respect of the honored presentation in
connection with such Letter of Credit under Section 2.11(d), plus interest at the rate then applicable to Base Rate Loans hereunder. Borrowers shall take action to avoid and mitigate the amount of any damages claimed against Issuing Bank
or any other Letter of Credit Related Person, including by enforcing its rights against the beneficiaries of the Letters of Credit. Any claim by Borrowers under or in connection with any Letter of Credit shall be reduced by an amount equal to the
sum of (x) the amount (if any) saved by Borrowers as a result of the breach or alleged wrongful conduct complained of; and (y) the amount (if any) of the loss that would have been avoided had Borrowers taken all reasonable steps to
mitigate any loss, and in case of a claim of wrongful dishonor, by specifically and timely authorizing Issuing Bank to effect a cure. 
 (h) Borrowers are responsible for preparing or approving the final text of the Letter of Credit as issued by Issuing Bank, irrespective of any assistance Issuing Bank may provide such as drafting or
recommending text or by Issuing Bank’s use or refusal to use text submitted by Borrowers. Borrowers are solely responsible for the suitability of the Letter of Credit for Borrowers’ purposes. With respect to any Letter of Credit containing
an “automatic amendment” to extend the expiration date of such Letter of Credit, Issuing Bank, in its sole and absolute discretion, may give notice of nonrenewal of such Letter of Credit and, if Borrowers do not at any time want such
Letter of Credit to be renewed, Borrowers will so notify Agent and Issuing Bank at least 15 calendar days before Issuing Bank is required to notify the beneficiary of such Letter of Credit or any advising bank of such nonrenewal pursuant to the
terms of such Letter of Credit. 
 (i) Borrowers’ reimbursement and payment obligations under this Section 2.11
are absolute, unconditional and irrevocable and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever, including: 

(i) any lack of validity, enforceability or legal effect of any Letter of Credit or this Agreement or any term or provision therein or
herein; 
 (ii) payment against presentation of any draft, demand or claim for payment under any Drawing Document that does not
comply in whole or in part with the terms of the applicable Letter of Credit or which proves to be fraudulent, forged or invalid in any respect or any statement therein being untrue or inaccurate in any respect, or which is signed, issued or
presented by a Person or a transferee of such Person purporting to be a successor or transferee of the beneficiary of such Letter of Credit; 
 (iii) Issuing Bank or any of its branches or Affiliates being the beneficiary of any Letter of Credit; 
 (iv) Issuing Bank or any correspondent honoring a drawing against a Drawing Document up to the amount available under any Letter of Credit even if such Drawing Document claims an amount in excess of the
amount available under the Letter of Credit; 

  
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 (v) the existence of any claim, set-off, defense or other right that any Borrower or any of
its Subsidiaries may have at any time against any beneficiary, any assignee of proceeds, Issuing Bank or any other Person; 

(vi) any other event, circumstance or conduct whatsoever, whether or not similar to any of the foregoing that might, but for this
Section 2.11(i), constitute a legal or equitable defense to or discharge of, or provide a right of set-off against, any Borrower’s or any of its Subsidiaries’ reimbursement and other payment obligations and liabilities, arising
under, or in connection with, any Letter of Credit, whether against Issuing Bank, the beneficiary or any other Person; or 

(vii) the fact that any Default or Event of Default shall have occurred and be continuing; 

provided, however, that subject to Section 2.11(g) above, the foregoing shall not release Issuing Bank from such liability to
Borrowers as may be finally determined in a final, non-appealable judgment of a court of competent jurisdiction against Issuing Bank following reimbursement or payment of the obligations and liabilities, including reimbursement and other payment
obligations, of Borrowers to Issuing Bank arising under, or in connection with, this Section 2.11 or any Letter of Credit. 
 (j) Without limiting any other provision of this Agreement, Issuing Bank and each other Letter of Credit Related Person (if applicable) shall not be responsible to Borrowers for, and Issuing Bank’s
rights and remedies against Borrowers and the obligation of Borrowers to reimburse Issuing Bank for each drawing under each Letter of Credit shall not be impaired by: 
 (i) honor of a presentation under any Letter of Credit that on its face substantially complies with the terms and conditions of such Letter of Credit, even if the Letter of Credit requires strict
compliance by the beneficiary; 
 (ii) honor of a presentation of any Drawing Document that appears on its face to have been
signed, presented or issued (A) by any purported successor or transferee of any beneficiary or other Person required to sign, present or issue such Drawing Document or (B) under a new name of the beneficiary; 

(iii) acceptance as a draft of any written or electronic demand or request for payment under a Letter of Credit, even if nonnegotiable
or not in the form of a draft or notwithstanding any requirement that such draft, demand or request bear any or adequate reference to the Letter of Credit; 
 (iv) the identity or authority of any presenter or signer of any Drawing Document or the form, accuracy, genuineness or legal effect of any Drawing Document (other than Issuing Bank’s determination
that such Drawing Document appears on its face substantially to comply with the terms and conditions of the Letter of Credit); 

(v) acting upon any instruction or request relative to a Letter of Credit or requested Letter of Credit that Issuing Bank in good faith
believes to have been given by a Person authorized to give such instruction or request; 
 (vi) any errors, omissions,
interruptions or delays in transmission or delivery of any message, advice or document (regardless of how sent or transmitted) or for errors in interpretation of technical terms or in translation or any delay in giving or failing to give notice to
Borrowers; 
 (vii) any acts, omissions or fraud by, or the insolvency of, any beneficiary, any nominated person or entity or
any other Person or any breach of contract between any beneficiary and any Borrower or any of the parties to the underlying transaction to which the Letter of Credit relates; 
 (viii) assertion or waiver of any provision of the ISP or UCP that primarily benefits an issuer of a letter of credit, including any requirement that any Drawing Document be presented to it at a
particular hour or place; 

  
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 (ix) payment to any paying or negotiating bank (designated or permitted by the terms of the
applicable Letter of Credit) claiming that it rightfully honored or is entitled to reimbursement or indemnity under Standard Letter of Credit Practice applicable to it; 
 (x) acting or failing to act as required or permitted under Standard Letter of Credit Practice applicable to where Issuing Bank has issued, confirmed, advised or negotiated such Letter of Credit, as the
case may be; 
 (xi) honor of a presentation after the expiration date of any Letter of Credit notwithstanding that a
presentation was made prior to such expiration date and dishonored by Issuing Bank if subsequently Issuing Bank or any court or other finder of fact determines such presentation should have been honored; 

(xii) dishonor of any presentation that does not strictly comply or that is fraudulent, forged or otherwise not entitled to honor; or

 (xiii) honor of a presentation that is subsequently determined by Issuing Bank to have been made in violation of
international, federal, state or local restrictions on the transaction of business with certain prohibited Persons. 
 (k)
Borrowers shall pay immediately upon demand to Agent for the account of Issuing Bank as non-refundable fees, commissions, and charges (it being acknowledged and agreed that any charging of such fees, commissions, and charges to the Loan Account
pursuant to the provisions of Section 2.6(d) shall be deemed to constitute a demand for payment thereof for the purposes of this Section 2.11(k)): (i) a fronting fee which shall be imposed by Issuing Bank upon the
issuance of each Letter of Credit of .250% per annum of the face amount thereof, plus (ii) any and all other customary commissions, fees and charges then in effect imposed by, and any and all expenses incurred by, Issuing
Bank, or by any adviser, confirming institution or entity or other nominated person, relating to Letters of Credit, at the time of issuance of any Letter of Credit and upon the occurrence of any other activity with respect to any Letter of Credit
(including transfers, assignments of proceeds, amendments, drawings, renewals or cancellations).
 (l) If by reason of
(x) any Change in Law, or (y) compliance by Issuing Bank or any other member of the Lender Group with any direction, request, or requirement (irrespective of whether having the force of law) of any Governmental Authority or monetary
authority including, Regulation D of the Board of Governors as from time to time in effect (and any successor thereto): 
 (i)
any reserve, deposit, or similar requirement is or shall be imposed or modified in respect of any Letter of Credit issued or caused to be issued hereunder or hereby, or 
 (ii) there shall be imposed on Issuing Bank or any other member of the Lender Group any other condition regarding any Letter of Credit, 
 and the result of the foregoing is to increase, directly or indirectly, the cost to Issuing Bank or any other member of the Lender Group of issuing, making, participating in, or maintaining any Letter of
Credit or to reduce the amount receivable in respect thereof, then, and in any such case, Agent may, at any time within a reasonable period after the additional cost is incurred or the amount received is reduced, notify Borrowers, and Borrowers
shall pay within 30 days after demand therefor, such amounts as Agent may specify to be necessary to compensate Issuing Bank or any other member of the Lender Group for such additional cost or reduced receipt, together with interest on such amount
from the date of such demand until payment in full thereof at the rate then applicable to Base Rate Loans hereunder; provided, that (A) Borrowers shall not be required to provide any compensation pursuant to this
Section 2.11(l) for any such amounts incurred more than 180 days prior to the date on which the demand for payment of such amounts is first made to Borrowers, and (B) if an event or circumstance giving rise to such amounts is
retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof. The determination by Agent of any amount due pursuant to this Section 2.11(l), as set forth in a certificate
setting forth the calculation thereof in reasonable detail, shall, in the absence of manifest or demonstrable error, be final and conclusive and binding on all of the parties hereto. 

  
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 (m) Unless otherwise expressly agreed by Issuing Bank and Borrowers when a Letter of Credit
is issued, (i) the rules of the ISP and the UCP shall apply to each standby Letter of Credit, and (ii) the rules of the UCP shall apply to each commercial Letter of Credit. 

(n) In the event of a direct conflict between the provisions of this Section 2.11 and any provision contained in any Issuer
Document, it is the intention of the parties hereto that such provisions be read together and construed, to the fullest extent possible, to be in concert with each other. In the event of any actual, irreconcilable conflict that cannot be resolved as
aforesaid, the terms and provisions of this Section 2.11 shall control and govern. 
 2.12 LIBOR
Option. 
 (a) Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the
Base Rate, Borrowers shall have the option, subject to Section 2.12(b) below (the “LIBOR Option”) to have interest on all or a portion of the Revolving Loans be charged (whether at the time when made (unless otherwise
provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the
earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable
at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period), (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or
(iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrowers have properly exercised the LIBOR Option with respect thereto, the interest rate applicable
to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing, Borrowers no longer shall have the option
to request that Revolving Loans bear interest at a rate based upon the LIBOR Rate. 
 (b) LIBOR Election. 

(i) Borrowers may, at any time and from time to time, so long as no Event of Default has occurred and is continuing, elect to exercise
the LIBOR Option by notifying Agent prior to 11:00 a.m. at least 1 Business Day prior to the commencement of the proposed Interest Period (the “LIBOR Deadline”). Notice of Borrowers’ election of the LIBOR Option for a permitted
portion of the Revolving Loans and an Interest Period pursuant to this Section shall be made by delivery to Agent of a LIBOR Notice received by Agent before the LIBOR Deadline, or by telephonic notice received by Agent before the LIBOR Deadline (to
be confirmed by delivery to Agent of a LIBOR Notice received by Agent prior to 5:00 p.m. on the same day). Promptly upon its receipt of each such LIBOR Notice, Agent shall provide a copy thereof to each of the affected Lenders. 

(ii) Each LIBOR Notice shall be irrevocable and binding on Borrowers. In connection with each LIBOR Rate Loan, each Borrower shall
indemnify, defend, and hold Agent and the Lenders harmless against any loss, cost, or expense actually incurred by Agent or any Lender as a result of (A) the payment of any principal of any LIBOR Rate 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 LIBOR Rate Loan other than on the last day of the Interest Period applicable thereto, or (C) the failure to borrow, convert,
continue or prepay any LIBOR Rate Loan on the date specified in any LIBOR Notice delivered pursuant hereto (such losses, costs, or expenses, “Funding Losses”). A certificate of Agent or a Lender delivered to Borrowers setting forth
in reasonable detail any amount or amounts that Agent or such Lender is entitled to receive pursuant to this Section 2.12 shall be conclusive absent manifest error. Borrowers shall pay such amount to Agent or the Lender, as applicable,
within 30 days of the date of its receipt of such certificate. If a payment of a LIBOR Rate Loan on a day other than the last day of the applicable Interest Period would result in a Funding Loss, Agent may, in its sole discretion at the request of
Borrowers, hold 

  
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the amount of such payment as cash collateral in support of the Obligations until the last day of such Interest Period and apply such amounts to the payment of the applicable LIBOR Rate Loan on
such last day, it being agreed that Agent has no obligation to so defer the application of payments to any LIBOR Rate Loan and that, in the event that Agent does not defer such application, Borrowers shall be obligated to pay any resulting Funding
Losses. 
 (iii) Unless Agent, in its sole discretion, agrees otherwise, Borrowers shall have not more than 5 LIBOR Rate Loans
in effect at any given time. Borrowers may only exercise the LIBOR Option for proposed LIBOR Rate Loans of at least $1,000,000. 
 (c) Conversion. Borrowers may convert LIBOR Rate Loans to Base Rate Loans at any time; provided, that in the event that LIBOR Rate Loans are converted or prepaid on any date that is not the
last day of the Interest Period applicable thereto, including as a result of any prepayment through the required application by Agent of any payments or proceeds of Collateral in accordance with Section 2.4(b) or for any other reason,
including early termination of the term of this Agreement or acceleration of all or any portion of the Obligations pursuant to the terms hereof, each Borrower shall indemnify, defend, and hold Agent and the Lenders and their Participants harmless
against any and all Funding Losses in accordance with Section 2.12 (b)(ii). 
 (d) Special Provisions Applicable
to LIBOR Rate. 
 (i) The LIBOR Rate may be adjusted by Agent with respect to any Lender on a prospective basis to take
into account any additional or increased costs to such Lender of maintaining or obtaining any eurodollar deposits or increased costs, in each case, due to changes in applicable law occurring subsequent to the commencement of the then applicable
Interest Period, including any Changes in Law (including any changes in tax laws (except changes of general applicability in corporate income tax laws)) and changes in the reserve requirements imposed by the Board of Governors, which additional or
increased costs would increase the cost of funding or maintaining loans bearing interest at the LIBOR Rate. In any such event, the affected Lender shall give Borrowers and Agent notice of such a determination and adjustment and Agent promptly shall
transmit the notice to each other Lender and, upon its receipt of the notice from the affected Lender, Borrowers may, by notice to such affected Lender (A) require such Lender to furnish to Borrowers a statement setting forth in reasonable
detail the basis for adjusting such LIBOR Rate and the method for determining the amount of such adjustment, or (B) repay the LIBOR Rate Loans of such Lender with respect to which such adjustment is made (together with any amounts due under
Section 2.12(b)(ii)). 
 (ii) In the event that any change in market conditions or any Change in Law shall at any
time after the date hereof, in the reasonable opinion of any Lender, make it unlawful or impractical for such Lender to fund or maintain LIBOR Rate Loans or to continue such funding or maintaining, or to determine or charge interest rates at the
LIBOR Rate, such Lender shall give notice of such changed circumstances to Agent and Borrowers and Agent promptly shall transmit the notice to each other Lender and (y) in the case of any LIBOR Rate Loans of such Lender that are outstanding,
the date specified in such Lender’s notice shall be deemed to be the last day of the Interest Period of such LIBOR Rate Loans, and interest upon the LIBOR Rate Loans of such Lender thereafter shall accrue interest at the rate then applicable to
Base Rate Loans, and (z) Borrowers shall not be entitled to elect the LIBOR Option until such Lender determines that it would no longer be unlawful or impractical to do so. 

(e) No Requirement of Matched Funding. Anything to the contrary contained herein notwithstanding, neither Agent, nor any Lender,
nor any of their Participants, is required actually to acquire eurodollar deposits to fund or otherwise match fund any Obligation as to which interest accrues at the LIBOR Rate. 

2.13 Capital Requirements.  
 (a) If, after the date hereof, Issuing Bank or any Lender determines that (i) any Change in Law regarding capital or reserve requirements for banks or bank holding companies, or (ii) compliance
by Issuing Bank or such Lender, or their respective parent bank holding companies, with any guideline, request or directive of any Governmental Authority regarding capital adequacy (whether or not having the force of law), has the effect of reducing
the return on Issuing Bank’s, such Lender’s, or such holding companies’ capital as a consequence of 

  
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Issuing Bank’s or such Lender’s commitments hereunder to a level below that which Issuing Bank, such Lender, or such holding companies could have achieved but for such Change in Law or
compliance (taking into consideration Issuing Bank’s, such Lender’s, or such holding companies’ then existing policies with respect to capital adequacy and assuming the full utilization of such entity’s capital) by any amount
deemed by Issuing Bank or such Lender to be material, then Issuing Bank or such Lender may notify Borrowers and Agent thereof. Following receipt of such notice, Borrowers agree to pay Issuing Bank or such Lender on demand the amount of such
reduction of return of capital as and when such reduction is determined, payable within 30 days after presentation by Issuing Bank or such Lender of a statement in the amount and setting forth in reasonable detail Issuing Bank’s or such
Lender’s calculation thereof and the assumptions upon which such calculation was based (which statement shall be deemed true and correct absent manifest error). In determining such amount, Issuing Bank or such Lender may use any reasonable
averaging and attribution methods. Failure or delay on the part of Issuing Bank or any Lender to demand compensation pursuant to this Section shall not constitute a waiver of Issuing Bank’s or such Lender’s right to demand such
compensation; provided that Borrowers shall not be required to compensate Issuing Bank or a Lender pursuant to this Section for any reductions in return incurred more than 180 days prior to the date that Issuing Bank or such Lender notifies
Borrowers of such Change in Law giving rise to such reductions and of such Lender’s intention to claim compensation therefor; provided further that if such claim arises by reason of the Change in Law that is retroactive, then the
180-day period referred to above shall be extended to include the period of retroactive effect thereof. 
 (b) If Issuing Bank
or any Lender requests additional or increased costs referred to in Section 2.11(l) or Section 2.12(d)(i) or amounts under Section 2.13(a) or sends a notice under Section 2.12(d)(ii) relative to
changed circumstances (such Issuing Bank or Lender, an “Affected Lender”), then such Affected Lender shall use reasonable efforts to promptly designate a different one of its lending offices or to assign its rights and obligations
hereunder to another of its offices or branches, if (i) in the reasonable judgment of such Affected Lender, such designation or assignment would eliminate or reduce amounts payable pursuant to Section 2.11(l),
Section 2.12(d)(i) or Section 2.13(a), as applicable, or would eliminate the illegality or impracticality of funding or maintaining LIBOR Rate Loans and (ii) in the reasonable judgment of such Affected Lender, such
designation or assignment would not subject it to any material unreimbursed cost or expense and would not otherwise be materially disadvantageous to it. Borrowers agree to pay all reasonable out-of-pocket costs and expenses incurred by such Affected
Lender in connection with any such designation or assignment. If, after such reasonable efforts, such Affected Lender does not so designate a different one of its lending offices or assign its rights to another of its offices or branches so as to
eliminate Borrowers’ obligation to pay any future amounts to such Affected Lender pursuant to Section 2.11(l), Section 2.12(d)(i) or Section 2.13(a), as applicable, or to enable Borrowers to obtain LIBOR Rate
Loans, then Borrowers (without prejudice to any amounts then due to such Affected Lender under Section 2.11(l), Section 2.12(d)(i) or Section 2.13(a), as applicable) may, unless prior to the effective date of any
such assignment the Affected Lender withdraws its request for such additional amounts under Section 2.11(l), Section 2.12(d)(i) or Section 2.13(a), as applicable, or indicates that it is no longer unlawful or
impractical to fund or maintain LIBOR Rate Loans, may designate a different Issuing Bank or substitute a Lender, in each case, reasonably acceptable to Agent to purchase the Obligations owed to such Affected Lender and such Affected Lender’s
commitments hereunder (a “Replacement Lender”), and if such Replacement Lender agrees to such purchase, such Affected Lender shall assign to the Replacement Lender its Obligations and commitments, and upon such purchase by the
Replacement Lender, which such Replacement Lender shall be deemed to be “Issuing Bank” or a “Lender” (as the case may be) for purposes of this Agreement and such Affected Lender shall cease to be “Issuing Bank” or a
“Lender” (as the case may be) for purposes of this Agreement. 
 (c) Notwithstanding anything herein to the contrary,
the protection of Sections 2.11(l), 2.12(d), and 2.13 shall be available to Issuing Bank and each Lender (as applicable) regardless of any possible contention of the invalidity or inapplicability of the law, rule, regulation,
judicial ruling, judgment, guideline, treaty or other change or condition which shall have occurred or been imposed, so long as it shall be customary for issuing banks or lenders affected thereby to comply therewith. Notwithstanding any other
provision herein, neither Issuing Bank nor any Lender shall demand compensation pursuant to this Section 2.13 if it shall not at the time be the general policy or practice of Issuing Bank or such Lender (as the case may be) to demand
such compensation in similar circumstances under comparable provisions of other credit agreements, if any. 

  
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 2.14 Accordion. 

(a) At any time during the period from and after the Closing Date, at the option of Borrowers (but subject to the conditions set forth in
clause (b) below), the Commitments and the Maximum Revolver Amount may be increased by an amount in the aggregate for all such increases of the Commitments and the Maximum Revolver Amount not to exceed the Available Increase Amount (each such
increase, an “Increase”). Agent shall invite each Lender to increase its Commitments (it being understood that no Lender shall be obligated to increase its Commitments) in connection with a proposed Increase at the interest margin
proposed by Borrowers, and if sufficient Lenders do not agree to increase their Commitments in connection with such proposed Increase, then Agent or Borrowers may invite any prospective lender who is reasonably satisfactory to Agent and Borrowers to
become a Lender in connection with a proposed Increase. Any Increase shall be in an amount of at least $10,000,000 and integral multiples of $5,000,000 in excess thereof. In no event may the Commitments and the Maximum Revolver Amount be increased
pursuant to this Section 2.14 more than one time per calendar year or on more than 2 occasions in the aggregate for all such Increases. Additionally, for the avoidance of doubt, it is understood and agreed that in no event shall the
aggregate amount of the Increases to the Commitments exceed $20,000,000. 
 (b) Each of the following shall be conditions
precedent to any Increase of the Commitments and the Maximum Revolver Amount in connection therewith: 
 (i) Agent or Borrowers
have obtained the commitment of one or more Lenders (or other prospective lenders) reasonably satisfactory to Agent and Borrowers to provide the applicable Increase and any such Lenders (or prospective lenders), Borrowers, and Agent have signed a
joinder agreement to this Agreement (an “Increase Joinder”), in form and substance reasonably satisfactory to Agent, to which such Lenders (or prospective lenders), Borrowers, and Agent are party, 

(ii) each of the conditions precedent set forth in Section 3.2 are satisfied, 

(iii) [reserved], and 
 (iv) Borrowers shall have reached agreement with the Lenders (or prospective lenders) agreeing to the increased Commitments with respect to the interest margins applicable to Revolving Loans to
be made pursuant to the increased Commitments (which interest margins may be higher than or equal to the interest margins applicable to Revolving Loans set forth in this Agreement immediately prior to the date of the increased Commitments (the date
of the effectiveness of the increased Commitments and the Maximum Revolver Amount, the “Increase Date”)) and shall have communicated the amount of such interest margins to Agent. Any Increase Joinder may, with the consent of Agent,
Borrowers and the Lenders or prospective lenders agreeing to the proposed Increase, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate to effectuate the provisions of this
Section 2.14 (including any amendment necessary to effectuate the interest margins for the Revolving Loans to be made pursuant to the increased Commitments). Anything to the contrary contained herein notwithstanding, if the interest
margin that is to be applicable to the Revolving Loans to be made pursuant to the increased Commitments are higher than the interest margin applicable to the Revolving Loans hereunder immediately prior to the applicable Increase Date (the amount by
which the interest margin is higher, the “Excess”), then the interest margin applicable to the Revolving Loans immediately prior to the Increase Date shall be increased by the amount of the Excess, effective on the applicable
Increase Date, and without the necessity of any action by any party hereto. 
 (c) Reserved. 

(d) Unless otherwise specifically provided herein, all references in this Agreement and any other Loan Document to Revolving Loans shall
be deemed, unless the context otherwise requires, to include Revolving Loans made pursuant to the increased Commitments and Maximum Revolver Amount pursuant to this Section 2.14. 

  
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 (e) Each of the Lenders having a Commitment prior to the Increase Date (the
“Pre-Increase Revolver Lenders”) shall assign to any Lender which is acquiring a new or additional Commitment on the Increase Date (the “Post-Increase Revolver Lenders”), and such Post-Increase
Revolver Lenders shall purchase from each Pre-Increase Revolver Lender, at the principal amount thereof, such interests in the Revolving Loans and participation interests in Letters of Credit on such Increase Date as shall be necessary in order
that, after giving effect to all such assignments and purchases, such Revolving Loans and participation interests in Letters of Credit will be held by Pre-Increase Revolver Lenders and Post-Increase Revolver Lenders ratably in accordance with their
Pro Rata Share after giving effect to such increased Commitments. 
 (f) The Revolving Loans, Commitments, and Maximum Revolver
Amount established pursuant to this Section 2.14 shall constitute Revolving Loans, Commitments, and Maximum Revolver Amount under, and shall be entitled to all the benefits afforded by, this Agreement and the other Loan Documents, and
shall, without limiting the foregoing, benefit equally and ratably from any guarantees and the security interests created by the Loan Documents. Borrowers shall take any actions reasonably required by Agent to ensure and demonstrate that the Liens
and security interests granted by the Loan Documents continue to be perfected under the Code or otherwise after giving effect to the establishment of any such new Commitments and Maximum Revolver Amount. 

2.15 Joint and Several Liability of Borrowers. 

(a) Each Borrower is accepting joint and several liability hereunder and under the other Loan Documents in consideration of the financial
accommodations to be provided by the Lender Group under this Agreement, for the mutual benefit, directly and indirectly, of each Borrower and in consideration of the undertakings of the other Borrowers to accept joint and several liability for the
Obligations. 
 (b) Each Borrower, jointly and severally, hereby irrevocably and unconditionally accepts, not merely as a surety
but also as a co-debtor, joint and several liability with the other Borrowers, with respect to the payment and performance of all of the Obligations (including any Obligations arising under this Section 2.15), it being the intention of
the parties hereto that all the Obligations shall be the joint and several obligations of each Borrower without preferences or distinction among them. 
 (c) If and to the extent that any Borrower shall fail to make any payment with respect to any of the Obligations as and when due or to perform any of the Obligations in accordance with the terms thereof,
then in each such event the other Borrowers will make such payment with respect to, or perform, such Obligation until such time as all of the Obligations are paid in full. 
 (d) The Obligations of each Borrower under the provisions of this Section 2.15 constitute the absolute and unconditional, full recourse Obligations of each Borrower enforceable against each
Borrower to the full extent of its properties and assets, irrespective of the validity, regularity or enforceability of the provisions of this Agreement (other than this Section 2.15(d)) or any other circumstances whatsoever. 

(e) Except as otherwise expressly provided in this Agreement, each Borrower hereby waives notice of acceptance of its joint and several
liability, notice of any Revolving Loans or Letters of Credit issued under or pursuant to this Agreement, notice of the occurrence of any Default, Event of Default, or of any demand for any payment under this Agreement, notice of any action at any
time taken or omitted by Agent or Lenders under or in respect of any of the Obligations, any requirement of diligence or to mitigate damages and, generally, to the extent permitted by applicable law, all demands, notices and other formalities of
every kind in connection with this Agreement (except as otherwise provided in this Agreement). Each Borrower hereby assents to, and waives notice of, any extension or postponement of the time for the payment of any of the Obligations, the acceptance
of any payment of any of the Obligations, the acceptance of any partial payment thereon, any waiver, consent or other action or acquiescence by Agent or Lenders at any time or times in respect of any default by any Borrower in the performance or
satisfaction of any term, covenant, condition or provision of this Agreement, any and all other indulgences whatsoever by Agent or Lenders in respect of any of the Obligations, and the taking, addition, substitution or release, in whole or in part,
at any time or times, of any security for any of the Obligations or the addition, substitution or release, in whole or in part, of any Borrower. Without limiting the generality of the 

  
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foregoing, each Borrower assents to any other action or delay in acting or failure to act on the part of any Agent or Lender with respect to the failure by any Borrower to comply with any of its
respective Obligations, including, without limitation, any failure strictly or diligently to assert any right or to pursue any remedy or to comply fully with applicable laws or regulations thereunder, which might, but for the provisions of this
Section 2.15 afford grounds for terminating, discharging or relieving any Borrower, in whole or in part, from any of its Obligations under this Section 2.15, it being the intention of each Borrower that, so long as any of the
Obligations hereunder remain unsatisfied, the Obligations of each Borrower under this Section 2.15 shall not be discharged except by performance and then only to the extent of such performance. The Obligations of each Borrower under this
Section 2.15 shall not be diminished or rendered unenforceable by any winding up, reorganization, arrangement, liquidation, reconstruction or similar proceeding with respect to any other Borrower or any Agent or Lender. 

(f) Each Borrower represents and warrants to Agent and Lenders that such Borrower is currently informed of the financial condition of
Borrowers and of all other circumstances which a diligent inquiry would reveal and which bear upon the risk of nonpayment of the Obligations. Each Borrower further represents and warrants to Agent and Lenders that such Borrower has read and
understands the terms and conditions of the Loan Documents. Each Borrower hereby covenants that such Borrower will continue to keep informed of Borrowers’ financial condition and of all other circumstances which bear upon the risk of nonpayment
or nonperformance of the Obligations. 
 (g) The provisions of this Section 2.15 are made for the benefit of Agent,
each member of the Lender Group, each Bank Product Provider, and their respective successors and assigns, and may be enforced by it or them from time to time against any or all Borrowers as often as occasion therefor may arise and without
requirement on the part of Agent, any member of the Lender Group, any Bank Product Provider, or any of their successors or assigns first to marshal any of its or their claims or to exercise any of its or their rights against any Borrower or to
exhaust any remedies available to it or them against any Borrower or to resort to any other source or means of obtaining payment of any of the Obligations hereunder or to elect any other remedy. The provisions of this Section 2.15 shall
remain in effect until all of the Obligations shall have been paid in full or otherwise fully satisfied. If at any time, any payment, or any part thereof, made in respect of any of the Obligations, is rescinded or must otherwise be restored or
returned by Agent or any Lender upon the insolvency, bankruptcy or reorganization of any Borrower, or otherwise, the provisions of this Section 2.15 will forthwith be reinstated in effect, as though such payment had not been made.

 (h) Each Borrower hereby agrees that it will not enforce any of its rights of contribution or subrogation against any other
Borrower with respect to any liability incurred by it hereunder or under any of the other Loan Documents, any payments made by it to Agent or Lenders with respect to any of the Obligations or any collateral security therefor until such time as all
of the Obligations have been paid in full in cash. Any claim which any Borrower may have against any other Borrower with respect to any payments to any Agent or any member of the Lender Group hereunder or under any of the Bank Product Agreements are
hereby expressly made subordinate and junior in right of payment, without limitation as to any increases in the Obligations arising hereunder or thereunder, to the prior payment in full in cash of the Obligations and, in the event of any insolvency,
bankruptcy, receivership, liquidation, reorganization or other similar proceeding under the laws of any jurisdiction relating to any Borrower, its debts or its assets, whether voluntary or involuntary, all such Obligations shall be paid in full in
cash before any payment or distribution of any character, whether in cash, securities or other property, shall be made to any other Borrower therefor. 
 (i) Each Borrower hereby agrees that after the occurrence and during the continuance of any Default or Event of Default, such Borrower will not demand, sue for or otherwise attempt to collect any
indebtedness of any other Borrower owing to such Borrower until the Obligations shall have been paid in full in cash. If, notwithstanding the foregoing sentence, such Borrower shall collect, enforce or receive any amounts in respect of such
indebtedness, such amounts shall be collected, enforced and received by such Borrower as trustee for Agent, and such Borrower shall deliver any such amounts to Agent for application to the Obligations in accordance with Section 2.4(b).

  
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 3. CONDITIONS; TERM OF AGREEMENT. 

3.1 Conditions Precedent to the Initial Extension of Credit. The obligation of each Lender to make the initial extensions
of credit provided for hereunder is subject to the fulfillment, to the satisfaction of Agent and each Lender, of each of the conditions precedent set forth on Schedule 3.1 (the making of such initial extensions of credit by a Lender being
conclusively deemed to be its satisfaction or waiver of the conditions precedent ). 
 3.2 Conditions Precedent to all
Extensions of Credit. The obligation of the Lender Group (or any member thereof) to make any Revolving Loans hereunder (or to extend any other credit hereunder) at any time shall be subject to the following conditions precedent: 

(a) the representations and warranties of each Borrower or its Subsidiaries contained in this Agreement or in the other Loan Documents
shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) on and as of the date
of such extension of credit, as though made on and as of such date (except to the extent that such representations and warranties relate solely to an earlier date, in which case such representations and warranties shall be true and correct in all
material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) as of such earlier date); and 

(b) no Default or Event of Default shall have occurred and be continuing on the date of such extension of credit, nor shall either result
from the making thereof. 
 3.3 Maturity. This Agreement shall continue in full force and effect for a term ending
on the Maturity Date. 
 3.4 Effect of Maturity. On the Maturity Date, all commitments of the Lender Group to
provide additional credit hereunder shall automatically be terminated and all of the Obligations immediately shall become due and payable without notice or demand and Borrowers shall be required to repay all of the Obligations in full. No
termination of the obligations of the Lender Group (other than payment in full of the Obligations and termination of the Commitments) shall relieve or discharge any Loan Party of its duties, obligations, or covenants hereunder or under any other
Loan Document and Agent’s Liens in the Collateral shall continue to secure the Obligations and shall remain in effect until all Obligations have been paid in full and the Commitments have been terminated. When all of the Obligations have been
paid in full and the Lender Group’s obligations to provide additional credit under the Loan Documents have been terminated irrevocably, Agent will, at Borrowers’ sole expense, execute and deliver any termination statements, lien releases,
discharges of security interests, and other similar discharge or release documents (and, if applicable, in recordable form) as are reasonably necessary to release, as of record, Agent’s Liens and all notices of security interests and liens
previously filed by Agent. 
 3.5 Early Termination by Borrowers. Borrowers have the option, at any time upon 10
Business Days prior written notice to Agent, to terminate this Agreement and terminate the Commitments hereunder by repaying to Agent all of the Obligations in full together with payment of the Applicable Prepayment Premium, if applicable. The
foregoing notwithstanding, (a) Borrowers may rescind termination notices relative to proposed payments in full of the Obligations with the proceeds of third party Indebtedness if the closing for such issuance or incurrence does not happen on or
before the date of the proposed termination (in which case, a new notice shall be required to be sent in connection with any subsequent termination), and (b) Borrowers may extend the date of termination at any time with the consent of Agent
(which consent shall not be unreasonably withheld or delayed). 
 3.6 Conditions Subsequent. The obligation of the
Lender Group (or any member thereof) to continue to make Revolving Loans (or otherwise extend credit hereunder) is subject to the fulfillment, on or before the date applicable thereto, of the conditions subsequent set forth on Schedule 3.6
(the failure by Borrowers to so perform or cause to be performed such conditions subsequent as and when required by the terms thereof (unless such date is extended, in writing, by Agent, which Agent may do without obtaining the consent of the other
members of the Lender Group), shall constitute an Event of Default). 

  
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 4. REPRESENTATIONS AND WARRANTIES. 

In order to induce the Lender Group to enter into this Agreement, each Borrower makes the following representations and warranties to the
Lender Group which shall be true, correct, and complete, in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text
thereof), as of the Closing Date, and shall be true, correct, and complete, in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by
materiality in the text thereof), as of the date of the making of each Revolving Loan (or other extension of credit) made thereafter, as though made on and as of the date of such Revolving Loan (or other extension of credit) (except to the extent
that such representations and warranties relate solely to an earlier date, in which case such representations and warranties shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any
representations and warranties that already are qualified or modified by materiality in the text thereof) as of such earlier date) and such representations and warranties shall survive the execution and delivery of this Agreement: 

4.1 Due Organization and Qualification; Subsidiaries. 

(a) Each Loan Party (i) is duly organized and existing and in good standing under the laws of the jurisdiction of its organization,
(ii) is qualified to do business in any state where the failure to be so qualified could reasonably be expected to result in a Material Adverse Effect, and (iii) has all requisite power and authority to own and operate its properties, to
carry on its business as now conducted and as proposed to be conducted, to enter into the Loan Documents to which it is a party and to carry out the transactions contemplated thereby. 

(b) Set forth on Schedule 4.1(b) (as such Schedule may be updated from time to time to reflect changes resulting from transactions
permitted under this Agreement) is a complete and accurate description of the authorized Equity Interests of each Borrower, by class, and, as of the Closing Date, a description of the number of shares of each such class that are issued and
outstanding. No Borrower is subject to any obligation (contingent or otherwise) to repurchase or otherwise acquire or retire any shares of its Equity Interests or any security convertible into or exchangeable for any of its Equity Interests.

 (c) Set forth on Schedule 4.1(c) (as such Schedule may be updated from time to time to reflect changes resulting from
transactions permitted under this Agreement), is a complete and accurate list of the Loan Parties’ direct and indirect Subsidiaries, showing: (i) the number of shares of each class of common and preferred Equity Interests authorized for
each of such Subsidiaries, and (ii) the number and the percentage of the outstanding shares of each such class owned directly or indirectly by Administrative Borrower. All of the outstanding Equity Interests of each such Subsidiary has been
validly issued and is fully paid and non-assessable. 
 (d) Except as set forth on Schedule 4.1(d), there are no
subscriptions, options, warrants, or calls relating to any shares of any Borrower’s or any of its Subsidiaries’ Equity Interests, including any right of conversion or exchange under any outstanding security or other instrument. 

4.2 Due Authorization; No Conflict. 
 (a) As to each Loan Party, the execution, delivery, and performance by such Loan Party of the Loan Documents to which it is a party have been duly authorized by all necessary action on the part of such
Loan Party. 
 (b) As to each Loan Party, the execution, delivery, and performance by such Loan Party of the Loan Documents to
which it is a party do not and will not (i) violate any material provision of federal, state, or local law or regulation applicable to any Loan Party or its Subsidiaries, the Governing Documents of any Loan Party or its Subsidiaries, or any
order, judgment, or decree of any court or other Governmental Authority binding on any Loan Party or its Subsidiaries, (ii) conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under any
Material Contract of any Loan Party or its Subsidiaries where any such conflict, breach or default could individually or in the aggregate reasonably be expected to have a Material Adverse Effect,

  
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(iii) result in or require the creation or imposition of any Lien of any nature whatsoever upon any assets of any Loan Party, other than Permitted Liens, or (iv) require any approval of any
holder of Equity Interests of a Loan Party or any approval or consent of any Person under any Material Contract of any Loan Party, other than consents or approvals that have been obtained and that are still in force and effect and except, in the
case of Material Contracts, for consents or approvals, the failure to obtain could not individually or in the aggregate reasonably be expected to cause a Material Adverse Effect. 

4.3 Governmental Consents. The execution, delivery, and performance by each Loan Party of the Loan Documents to which such
Loan Party is a party and the consummation of the transactions contemplated by the Loan Documents do not and will not require any registration with, consent, or approval of, or notice to, or other action with or by, any Governmental Authority, other
than registrations, consents, approvals, notices, or other actions that have been obtained and that are still in force and effect and except for filings and recordings with respect to the Collateral to be made, or otherwise delivered to Agent for
filing or recordation, as of the Closing Date. 
 4.4 Binding Obligations; Perfected Liens.  

(a) Each Loan Document has been duly executed and delivered by each Loan Party that is a party thereto and is the legally valid and
binding obligation of such Loan Party, enforceable against such Loan Party in accordance with its respective terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or similar
laws relating to or limiting creditors’ rights generally. 
 (b) Agent’s Liens are validly created, perfected (other
than (i) in respect of motor vehicles that are subject to a certificate of title, (ii) money, (iii) letter-of-credit rights (other than supporting obligations), (iv) commercial tort claims (other than those that, by the terms of
the Guaranty and Security Agreement, are required to be perfected), and (v) any Deposit Accounts and Securities Accounts not subject to a Control Agreement as permitted by Section 7(k)(iv) of the Guaranty and Security Agreement, and
subject only to the filing of financing statements, and the recordation of the Trademark Security Agreement, in each case, in the appropriate filing offices), and first priority Liens, subject only to Permitted Liens which are non-consensual
Permitted Liens, permitted purchase money Liens, or the interests of lessors under Capital Leases. 
 4.5 Title to Assets;
No Encumbrances. Each of the Loan Parties and its Subsidiaries has (a) good, sufficient and legal title to (in the case of fee interests in Real Property), (b) valid leasehold interests in (in the case of leasehold interests in
real or personal property), and (c) good and marketable title to (in the case of all other personal property), all of their respective assets reflected in their most recent financial statements delivered pursuant to Section 5.1, in
each case except for assets disposed of since the date of such financial statements to the extent permitted hereby. All of such assets are free and clear of Liens except for Permitted Liens. @ Ventures does not own any assets other than loans to or
the Equity Interests of its Subsidiaries and Portfolio Companies. 
 4.6 Litigation.  

(a) There are no actions, suits, or proceedings pending or, to the knowledge of any Borrower, after due inquiry, threatened in writing
against a Loan Party or any of its Subsidiaries that either individually or in the aggregate could reasonably be expected to result in a Material Adverse Effect, other than as set forth on Schedule 4.6(b). 

(b) Schedule 4.6(b) sets forth a complete and accurate description, with respect to each of the actions, suits, or proceedings
with asserted liabilities in excess of, or that could reasonably be expected to result in liabilities in excess of, $500,000 that, as of the Closing Date, is pending or, to the knowledge of any Borrower, after due inquiry, threatened against a Loan
Party or any of its Subsidiaries, of (i) the parties to such actions, suits, or proceedings, (ii) the nature of the dispute that is the subject of such actions, suits, or proceedings, (iii) the procedural status, as of the Closing
Date, with respect to such actions, suits, or proceedings, and (iv) whether any liability of the Loan Parties’ and their Subsidiaries in connection with such actions, suits, or proceedings is covered by insurance. 

  
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 4.7 Compliance with Laws. No Loan Party nor any of its Subsidiaries
(a) is in violation of any applicable laws, rules, regulations, executive orders, or codes (including Environmental Laws) that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect, or
(b) is subject to or in default with respect to any final judgments, writs, injunctions, decrees, rules or regulations of any court or any federal, state, municipal or other governmental department, commission, board, bureau, agency or
instrumentality, domestic or foreign, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. 
 4.8 No Material Adverse Effect. Except to the extent they may be impacted by the Restatement, all historical financial statements relating to the Loan Parties and their Subsidiaries that
have been delivered by Borrowers to Agent have been prepared in accordance with GAAP (except, in the case of unaudited financial statements, for the lack of footnotes and being subject to year-end audit adjustments) and present fairly in all
material respects, the Loan Parties’ and their Subsidiaries’ consolidated financial condition as of the date thereof and results of operations for the period then ended. Since July 31, 2011, except for the contemplated Restatement and
the other matters directly related thereto, no event, circumstance, or change has occurred that has or could reasonably be expected to result in a Material Adverse Effect with respect to the Loan Parties and their Subsidiaries. 

4.9 Solvency. 
 (a) Each Borrower is Solvent and the Loan Parties, on a consolidated basis, are Solvent. 
 (b) No transfer of property is being made by any Loan Party and no obligation is being incurred by any Loan Party in connection with the transactions contemplated by this Agreement or the other Loan
Documents with the intent to hinder, delay, or defraud either present or future creditors of such Loan Party. 
 4.10
Employee Benefits. 
 (a) Except as set forth on Schedule 4.10 (as such Schedule may be updated from time
to time, without the consent of any Lender or Agent, to include retirement and severance plans that are required by a Governmental Authority outside of the United States so long as such updated Schedule is delivered together with written notice
thereof to Agent), no Loan Party, none of their Subsidiaries, nor any of their ERISA Affiliates maintains or contributes to any Benefit Plan. 
 (b) Each Loan Party and each of the ERISA Affiliates has complied in all material respects with ERISA, the IRC and all applicable laws regarding each Employee Benefit Plan. 

(c) Each Employee Benefit Plan is, and has been, maintained in substantial compliance with ERISA, the IRC, all applicable laws and the
terms of each such Employee Benefit Plan. 
 (d) Each Employee Benefit Plan that is intended to qualify under
Section 401(a) of the IRC has received a favorable determination letter from the Internal Revenue Service or an application for such letter is currently being processed by the Internal Revenue Service. To the best knowledge of each Loan Party
and the ERISA Affiliates after due inquiry, nothing has occurred which would prevent, or cause the loss of, such qualification. 

(e) No material liability to the PBGC (other than for the payment of current premiums which are not past due) by any Loan Party or ERISA
Affiliate has been incurred or is expected by any Loan Party or ERISA Affiliate to be incurred with respect to any Pension Plan. 
 (f) No Notification Event exists or has occurred in the past six (6) years. 

  
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 (g) No Loan Party or ERISA Affiliate sponsors, maintains, or contributes to any Employee
Benefit Plan, including, without limitation, any such plan maintained to provide benefits to former employees of such entities that may not be terminated by any Loan Party or ERISA Affiliate in its sole discretion at any time without material
liability. 
 (h) No Loan Party or ERISA Affiliate has provided any security under Section 436 of the IRC. 

4.11 Environmental Condition. Except as set forth on Schedule 4.11, (a) to each Borrower’s knowledge, no
Loan Party’s nor any of its Subsidiaries’ properties or assets has ever been used by a Loan Party, its Subsidiaries, or by previous owners or operators in the disposal of, or to produce, store, handle, treat, release, or transport, any
Hazardous Materials, where such disposal, production, storage, handling, treatment, release or transport was in violation, in any material respect, of any applicable Environmental Law, (b) to each Borrower’s knowledge, after due inquiry,
no Loan Party’s nor any of its Subsidiaries’ properties or assets has ever been designated or identified in any manner pursuant to any environmental protection statute as a Hazardous Materials disposal site, (c) no Loan Party nor any
of its Subsidiaries has received notice that a Lien arising under any Environmental Law has attached to any revenues or to any Real Property owned or operated by a Loan Party or its Subsidiaries, and (d) no Loan Party nor any of its
Subsidiaries nor any of their respective facilities or operations is subject to any outstanding written order, consent decree, or settlement agreement with any Person relating to any Environmental Law or Environmental Liability that, individually or
in the aggregate, could reasonably be expected to result in a Material Adverse Effect. 
 4.12 Complete Disclosure.
All factual information taken as a whole (other than forward-looking information and projections and information of a general economic nature and general information about Borrowers’ industry) furnished by or on behalf of a Loan Party or
its Subsidiaries in writing to Agent or any Lender (including all information contained in the Schedules hereto or in the other Loan Documents) for purposes of or in connection with this Agreement or the other Loan Documents, and all other such
factual information taken as a whole (other than forward-looking information and projections and information of a general economic nature and general information about Borrowers’ industry) hereafter furnished by or on behalf of a Loan Party or
its Subsidiaries in writing to Agent or any Lender will be, true and accurate, in all material respects, on the date as of which such information is dated or certified and not incomplete by omitting to state any fact necessary to make such
information (taken as a whole) not misleading in any material respect at such time in light of the circumstances under which such information was provided. The Projections delivered to Agent on October 5, 2012 represent, and as of the date on
which any other Projections are delivered to Agent, such additional Projections represent, Borrowers’ good faith estimate, on the date such Projections are delivered, of the Loan Parties’ and their Subsidiaries’ future performance for
the periods covered thereby based upon assumptions believed by Borrowers to be reasonable at the time of the delivery thereof to Agent (it being understood that such Projections are subject to significant uncertainties and contingencies, many of
which are beyond the control of the Loan Parties and their Subsidiaries, and no assurances can be given that such Projections will be realized, and although reflecting Borrowers’ good faith estimate, projections or forecasts based on methods
and assumptions which Borrowers believed to be reasonable at the time such Projections were prepared, are not to be viewed as facts, and that actual results during the period or periods covered by the Projections may differ materially from projected
or estimated results). 
 4.13 Patriot Act. To the extent applicable, each Loan Party is in compliance, in all
material respects, with the (a) Trading with the Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) and any other enabling legislation
or executive order relating thereto, and (b) Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA Patriot Act of 2001) (the “Patriot Act”). No part of the proceeds
of the loans made hereunder will be used by any Loan Party or any of their Affiliates, directly or indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office,
or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended. 

  
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 4.14 Indebtedness. Set forth on Schedule 4.14 is a true and complete
list of all Indebtedness of each Loan Party and each of its Subsidiaries outstanding immediately prior to the Closing Date that is to remain outstanding immediately after giving effect to the closing hereunder on the Closing Date and such Schedule
accurately sets forth the aggregate principal amount of such Indebtedness as of the Closing Date. 
 4.15 Payment of
Taxes. Except as otherwise permitted under Section 5.5, all tax returns and reports of each Loan Party and its Subsidiaries required to be filed by any of them have been timely filed, and all taxes shown on such tax returns to be
due and payable and all assessments, fees and other governmental charges upon a Loan Party and its Subsidiaries and upon their respective assets, income, businesses and franchises that are due and payable have been paid when due and payable. Each
Loan Party and each of its Subsidiaries have made adequate provision in accordance with GAAP for all taxes not yet due and payable. No Borrower knows of any proposed tax assessment against a Loan Party or any of its Subsidiaries that is not being
actively contested by such Loan Party or such Subsidiary diligently, in good faith, and by appropriate proceedings; provided such reserves or other appropriate provisions, if any, as shall be required in conformity with GAAP shall have been
made or provided therefor. 
 4.16 Margin Stock. No Loan Party 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 any Margin Stock. No part of the proceeds of the loans made to Borrowers will be used to purchase or carry any Margin Stock or to
extend credit to others for the purpose of purchasing or carrying any Margin Stock or for any purpose that violates the provisions of Regulation T, U or X of the Board of Governors. 

4.17 Governmental Regulation. No Loan Party nor any of its Subsidiaries is subject to regulation under the Federal Power
Act or the Investment Company Act of 1940 or under any other federal or state statute or regulation which may limit its ability to incur Indebtedness or which may otherwise render all or any portion of the Obligations unenforceable. No Loan Party
nor any of its Subsidiaries is a “registered investment company” or a company “controlled” by a “registered investment company” or a “principal underwriter” of a “registered investment company” as
such terms are defined in the Investment Company Act of 1940. 
 4.18 OFAC. No Loan Party nor any of its
Subsidiaries is in violation of any of the country or list based economic and trade sanctions administered and enforced by OFAC. No Loan Party nor any of its Subsidiaries (a) is a Sanctioned Person or a Sanctioned Entity, (b) has its
assets located in Sanctioned Entities, or (c) derives revenues from investments in, or transactions with Sanctioned Persons or Sanctioned Entities. No proceeds of any loan made hereunder will be used to fund any operations in, finance any
investments or activities in, or make any payments to, a Sanctioned Person or a Sanctioned Entity. 
 4.19 Employee and
Labor Matters. There is (i) no unfair labor practice complaint pending or, to the knowledge of any Borrower, threatened against any Borrower or its Subsidiaries before any Governmental Authority and no grievance or arbitration
proceeding pending or threatened against any Borrower or its Subsidiaries which arises out of or under any collective bargaining agreement and that could reasonably be expected to result in a material liability, (ii) no strike, labor dispute,
slowdown, stoppage or similar action or grievance pending or threatened in writing against any Borrower or its Subsidiaries that could reasonably be expected to result in a material liability, or (iii) to the knowledge of any Borrower, after
due inquiry, no union representation question existing with respect to the employees of any Borrower or its Subsidiaries and no union organizing activity taking place with respect to any of the employees of any Borrower or its Subsidiaries. None of
any Borrower or its Subsidiaries has incurred any liability or obligation under the Worker Adjustment and Retraining Notification Act or similar state law, which remains unpaid or unsatisfied. The hours worked and payments made to employees of each
Borrower and its Subsidiaries have not been in violation of the Fair Labor Standards Act or any other applicable legal requirements, except to the extent such violations could not, individually or in the aggregate, reasonably be expected to result
in a Material Adverse Effect. All material payments due from any Borrower or its 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 Borrowers, except
where the failure to do so could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 

  
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 4.20 Reserved.  

4.21 Leases. Each Loan Party and its Subsidiaries enjoy peaceful and undisturbed possession under all leases material to
their business and to which they are parties or under which they are operating, and, subject to Permitted Protests, all of such material leases are valid and subsisting and no material default by the applicable Loan Party or its Subsidiaries exists
under any of them. 
 4.22 Eligible Accounts. As to each Account that is identified by Borrowers as an Eligible
Domestic Account or Eligible Foreign Account in a Borrowing Base Certificate submitted to Agent, such Account is (a) a bona fide existing payment obligation of the applicable Account Debtor created by the sale and delivery of Inventory or the
rendition of services to such Account Debtor in the ordinary course of the Borrowers’ business, (b) owed to a Borrower without any known defenses, disputes, offsets, counterclaims, or rights of return or cancellation, and (c) not
excluded as ineligible by virtue of one or more of the excluding criteria (other than any Agent-discretionary criteria) set forth in the definitions of Eligible Domestic Accounts or Eligible Foreign Accounts, as applicable. 

4.23 Eligible Inventory. As to each item of Inventory that is identified by Borrowers as Eligible Finished Goods Inventory
in a Borrowing Base Certificate submitted to Agent, such Inventory is (a) of good and merchantable quality, free from known defects, and (b) not excluded as ineligible by virtue of one or more of the excluding criteria (other than any
Agent-discretionary criteria) set forth in the definition of Eligible Inventory. 
 4.24 Location of Inventory.
The Inventory of the Loan Parties is not stored with a bailee, warehouseman, or similar party and is located only at, or in-transit between, the locations identified on Schedule 4.24 (as such Schedule may be updated pursuant to
Section 5.14). The chief executive office of the Loan Parties is located at the location identified as such on Schedule 4.24 (as such Schedule may be updated pursuant to Section 5.14). 

4.25 Inventory Records. Each Loan Party keeps correct and accurate records itemizing and describing the type, quality, and
quantity of its and its Subsidiaries’ Inventory and the book value thereof. 
 4.26 Material Contracts. Set
forth on Schedule 4.26 (as such Schedule may be updated from time to time in accordance herewith) is a list of the Material Contracts of each Loan Party and its Subsidiaries as of the most recent date on which Borrowers provided the
Compliance Certificate pursuant to Section 5.1; provided, however, that Borrowers may amend Schedule 4.26 to add additional Material Contracts so long as such amendment occurs by written notice to Agent on the date
that Borrowers provide the Compliance Certificate. Except for matters which, either individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, each Material Contract (other than those that have expired
at the end of their normal terms) (a) is in full force and effect and is binding upon and enforceable against the applicable Loan Party or its Subsidiary and, to each Borrower’s knowledge, after due inquiry, each other Person that is a
party thereto in accordance with its terms, (b) has not been otherwise amended or modified (other than amendments or modifications permitted by Section 6.6(b)), and (c) is not in default due to the action or inaction of the
applicable Loan Party or its Subsidiary. 
 5. AFFIRMATIVE COVENANTS. 

Each Borrower covenants and agrees that, until termination of all of the Commitments and payment in full of the Obligations: 

5.1 Financial Statements, Reports, Certificates. Borrowers (a) will deliver to Agent, with copies to each Lender, each
of the financial statements, reports, and other items set forth on Schedule 5.1 no later than the times specified therein, (b) agree that no Subsidiary of a Loan Party will have a fiscal year different from that of Administrative
Borrower, (c) agree to maintain a system of accounting that enables Borrowers to produce financial statements in accordance with GAAP, and (d) agree that they will, and will cause each other Loan Party to, (i) keep a reporting system
that shows all additions, sales, claims, returns, and allowances with respect to their and their Subsidiaries’ sales, and (ii) maintain their billing systems and practices, in the case of clauses (i) and (ii) of this
Section 5.1(d) substantially as in effect as of the Closing Date and shall only make material modifications thereto with notice to, and with the consent of, Agent. 

  
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 5.2 Reporting. Borrowers (a) will deliver to Agent (and if so requested
by Agent, with copies for each Lender) each of the reports set forth on Schedule 5.2 at the times specified therein, (b) agree to use commercially reasonable efforts in cooperation with Agent to facilitate and implement a system of
electronic collateral reporting in order to provide electronic reporting of each of the items set forth on such Schedule, (c) promptly after the filing thereof with the United States Secretary of Labor, the Internal Revenue Service or the PBGC,
deliver to Agent (and if so requested by Agent, with copies for each Lender) copies of each annual and other report with respect to each Pension Plan or any trust created thereunder, (d) promptly upon becoming aware of the occurrence of any
Notification Event or of any “prohibited transaction,” as described in section 406 of ERISA or in section 4975 of the IRC in connection with any Pension Plan or any trust created thereunder, deliver to Agent (and if so requested by Agent,
with copies for each Lender) a written notice signed by a chief financial officer of each Borrower, specifying the nature thereof, what action the Loan Parties propose to take with respect thereto, and, when known, any action taken or proposed by
the Internal Revenue Service, the Department of Labor or the PBGC with respect thereto, (e) promptly upon receipt thereof, deliver to Agent (and if so requested by Agent, with copies for each Lender) copies of any notice of the PBGC’s
intention to terminate or to have a trustee appointed to administer any Pension Plan, (f) no later than March 15 of each year during the term of the Agreement, deliver to Agent (and if so requested by Agent, with copies for each Lender)
proof that each Loan Party submitted a request for a Withdrawal Liability estimate to each Multiemployer Plan no later than February 15 of each year during the term of the Agreement, and (g) promptly upon its receipt thereof, deliver to
Agent (and if so requested by Agent, with copies for each Lender) a copy of each estimate of Withdrawal Liability received by any Loan Party or ERISA Affiliate from a Multiemployer Plan. 

5.3 Existence. Except as otherwise permitted under Section 6.3 or Section 6.4, each Borrower will,
and will cause each of its Subsidiaries to, at all times preserve and keep in full force and effect such Person’s valid existence and good standing in its jurisdiction of organization and, except as could not reasonably be expected to result in
a Material Adverse Effect, good standing with respect to all other jurisdictions in which it is qualified to do business and any rights, franchises, permits, licenses, accreditations, authorizations, or other approvals material to their businesses.

 5.4 Maintenance of Properties. Each Borrower will, and will cause each of its Subsidiaries to, maintain and
preserve all of its assets that are necessary or useful in the proper conduct of its business in good working order and condition, ordinary wear, tear, casualty, and condemnation and Permitted Dispositions excepted. 

5.5 Taxes. Each Borrower will, and will cause each of its Subsidiaries to, pay in full before delinquency or before the
expiration of any extension period all material governmental assessments and taxes imposed, levied, or assessed against it, or any of its assets or in respect of any of its income, businesses, or franchises, except to the extent that the validity of
such governmental assessment or tax is the subject of a Permitted Protest. 
 5.6 Insurance. Each Borrower will,
and will cause each of its Subsidiaries to, at Borrowers’ expense, (a) maintain insurance respecting each of each Borrower’s and its Subsidiaries’ assets wherever located, covering liabilities, losses or damages as are
customarily are insured against by other Persons engaged in same or similar businesses and similarly situated and located. All such policies of insurance shall be with financially sound and reputable insurance companies acceptable to Agent (it being
agreed that, as of the Closing Date, the insurance companies currently used by the Borrowers are acceptable to Agent) and in such amounts as is carried generally in accordance with sound business practice by companies in similar businesses similarly
situated and located and, in any event, in amount, adequacy, and scope reasonably satisfactory to Agent (it being agreed that the amount, adequacy, and scope of the policies of insurance of Borrowers in effect as of the Closing Date are acceptable
to Agent). All property insurance policies covering the Collateral are to be made payable to Agent for the benefit of Agent and the Lenders, as their interests may appear, in case of loss, pursuant to a standard loss payable endorsement with a
standard non contributory “lender” or “secured party” clause and are to contain such other provisions as Agent may reasonably require to fully protect the Lenders’ interest in the Collateral and to any

  
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payments to be made under such policies. All certificates of property and general liability insurance are to be delivered to Agent, with the loss payable (but only in respect of Collateral) and
additional insured endorsements in favor of Agent and shall provide for not less than 30 days (10 days in the case of non-payment) prior written notice to Agent of the exercise of any right of cancellation. If any Borrower or its Subsidiaries fails
to maintain such insurance, Agent may arrange for such insurance, but at Borrowers’ expense and without any responsibility on Agent’s part for obtaining the insurance, the solvency of the insurance companies, the adequacy of the coverage,
or the collection of claims. Borrowers shall give Agent prompt notice of any loss exceeding $250,000 covered by their or their Subsidiaries’ casualty or business interruption insurance. Upon the occurrence and during the continuance of an Event
of Default, Agent shall have the sole right to file claims under any property and general liability insurance policies in respect of the Collateral, to receive, receipt and give acquittance for any payments that may be payable thereunder, and to
execute any and all endorsements, receipts, releases, assignments, reassignments or other documents that may be necessary to effect the collection, compromise or settlement of any claims under any such insurance policies. 

5.7 Inspection. 
 (a) Each Borrower will, and will cause each of its Subsidiaries to, permit Agent, any Lender, and each of their respective duly authorized representatives or agents to visit any of its properties and
inspect any of its assets or books and records, to examine and make copies of its books and records, and to discuss its affairs, finances, and accounts with, and to be advised as to the same by, its officers and employees (provided an authorized
representative of a Borrower shall be allowed to be present) at such reasonable times and intervals as Agent or any Lender, as applicable, may designate and, so long as no Default or Event of Default has occurred and is continuing, with reasonable
prior notice to Borrowers and during regular business hours. 
 (b) Each Borrower will, and will cause each of its Subsidiaries
to, permit Agent and each of its duly authorized representatives or agents to conduct appraisals and valuations at such reasonable times and intervals as Agent may designate. 
 5.8 Compliance with Laws. Each Borrower will, and will cause each of its Subsidiaries to, comply with the requirements of all applicable laws, rules, regulations, and orders of any
Governmental Authority, other than laws, rules, regulations, and orders the non-compliance with which, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 

5.9 Environmental. Each Borrower will, and will cause each of its Subsidiaries to, 

(a) Keep any property either owned or operated by any Borrower or its Subsidiaries free of any Environmental Liens or post bonds or other
financial assurances sufficient to satisfy the obligations or liability evidenced by such Environmental Liens, 
 (b) Comply, in
all material respects, with Environmental Laws and provide to Agent documentation of such compliance which Agent reasonably requests, 
 (c) Promptly notify Agent of any release of which any Borrower has knowledge of a Hazardous Material in any reportable quantity from or onto property owned or operated by any Borrower or its Subsidiaries
and which could reasonably be expected to result in a Material Adverse Effect and take any Remedial Actions required to abate said release or otherwise to come into compliance, in all material respects, with applicable Environmental Law, and

 (d) Promptly, but in any event within 5 Business Days of its receipt thereof, provide Agent with written notice of any of the
following: (i) notice that an Environmental Lien has been filed against any of the real or personal property of a Borrower or its Subsidiaries, (ii) commencement of any Environmental Action or written notice that an Environmental Action
will be filed against a Borrower or its Subsidiaries, and (iii) written notice of a violation, citation, or other administrative order from a Governmental Authority. 

  
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 5.10 Disclosure Updates. Each Borrower will, promptly and in no event later
than 5 Business Days after an Authorized Person obtains knowledge thereof, notify Agent if any written information, exhibit, or report furnished to Agent or the Lenders contained, at the time it was furnished, any untrue statement of a material fact
or omitted to state any material fact necessary to make the statements contained therein not misleading in light of the circumstances in which made. The foregoing to the contrary notwithstanding, any notification pursuant to the foregoing provision
will not cure or remedy the effect of the prior untrue statement of a material fact or omission of any material fact nor shall any such notification have the effect of amending or modifying this Agreement or any of the Schedules hereto. 

5.11 Formation of Subsidiaries. Each Borrower will, at the time that any Loan Party forms any direct or indirect Subsidiary
or acquires any direct or indirect Subsidiary after the Closing Date, within 30 days of such formation or acquisition (or such later date as permitted by Agent in its sole discretion) (a) cause such new Subsidiary to provide to Agent a joinder
to the Guaranty and Security Agreement, together with such other security agreements (including mortgages with respect to any Real Property owned in fee of such new Subsidiary) as well as appropriate financing statements (and with respect to all
property subject to a mortgage, fixture filings), all in form and substance reasonably satisfactory to Agent (including being sufficient to grant Agent a first priority Lien (subject to Permitted Liens) in and to the assets of such newly formed or
acquired Subsidiary); provided, that the joinder to the Guaranty and Security Agreement, and such other security agreements shall not be required to be provided to Agent with respect to any Subsidiary of any Borrower that is a CFC if
providing such agreements would result in material adverse tax consequences or the costs to the Loan Parties of providing such guaranty or such security agreements are unreasonably excessive (as determined by Agent in consultation with Borrowers) in
relation to the benefits to Agent and the Lenders of the security or guarantee afforded thereby, (b) provide, or cause the applicable Loan Party to provide, to Agent a pledge agreement (or an addendum to the Guaranty and Security Agreement) and
appropriate certificates and powers or financing statements, pledging all of the direct or beneficial ownership interest in such new Subsidiary in form and substance reasonably satisfactory to Agent; provided, that only 65% of the total
outstanding voting Equity Interests of any first tier Subsidiary of a Borrower that is a CFC (and none of the Equity Interests of any Subsidiary of such CFC) shall be required to be pledged if pledging a greater amount would result in material
adverse tax consequences or the costs to the Loan Parties of providing such pledge are unreasonably excessive (as determined by Agent in consultation with Borrowers) in relation to the benefits to Agent and the Lenders of the security afforded
thereby (which pledge, if reasonably requested by Agent, shall be governed by the laws of the jurisdiction of such Subsidiary); provided further, that @Ventures shall not be required to pledge the Equity Interests of its Subsidiaries
or Portfolio Companies pursuant to the foregoing subsection (b); and (c) provide to Agent all other documentation, including one or more opinions of counsel reasonably satisfactory to Agent, which, in its opinion, is appropriate with
respect to the execution and delivery of the applicable documentation referred to above (including policies of title insurance or other documentation with respect to all Real Property owned in fee and subject to a mortgage). Any document, agreement,
or instrument executed or issued pursuant to this Section 5.11 shall constitute a Loan Document. 
 5.12
Further Assurances. Each Borrower will, and will cause each of the other Loan Parties to, at any time upon the reasonable request of Agent, execute or deliver to Agent any and all financing statements, fixture filings, security
agreements, pledges, assignments, mortgages, deeds of trust, opinions of counsel, and all other documents (the “Additional Documents”) that Agent may reasonably request in form and substance reasonably satisfactory to Agent, to
create, perfect, and continue perfected or to better perfect Agent’s Liens in all of the assets of each Borrower and its Subsidiaries (whether now owned or hereafter arising or acquired, tangible or intangible, real or personal), to create and
perfect Liens in favor of Agent in any Real Property acquired by any Borrower or any other Loan Party, and in order to fully consummate all of the transactions contemplated hereby and under the other Loan Documents; provided that the
foregoing shall not apply to any Subsidiary of a Borrower that is a CFC if providing such documents would result in adverse tax consequences or the costs to the Loan Parties of providing such documents are unreasonably excessive (as determined by
Agent in consultation with Borrowers) in relation to the benefits to Agent and the Lenders of the security afforded thereby. To the maximum extent permitted by applicable law, if any Borrower or any other Loan Party refuses or fails to execute or
deliver any reasonably requested Additional Documents within a reasonable period of time following the request to do so, each Borrower and each other Loan Party hereby authorizes Agent to execute any such Additional Documents in the applicable Loan
Party’s name and authorizes Agent to file such executed Additional Documents in any appropriate filing 

  
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office. In furtherance of, and not in limitation of, the foregoing, each Loan Party shall take such actions as Agent may reasonably request from time to time to ensure that the Obligations are
guaranteed by the Guarantors and are secured by substantially all of the assets of each Borrower and its Subsidiaries, including all of the outstanding capital Equity Interests of each Borrower (other than the Administrative Borrower) and each
Borrower’s Subsidiaries (subject to exceptions and limitations set forth in Section 5.11 with respect to the Subsidiaries of @Ventures and those contained in the Loan Documents with respect to CFCs). 

5.13 Lender Meetings. Borrowers will, within 90 days after the close of each fiscal year of Administrative Borrower, but
only upon the request of Agent or of the Required Lenders and only upon reasonable prior notice, hold a meeting (at a mutually agreeable location and time or, at the option of Agent, by conference call) with all Lenders who choose to attend such
meeting at which meeting shall be reviewed the financial results of the previous fiscal year and the financial condition of Borrowers and their Subsidiaries and the projections presented for the current fiscal year of Administrative Borrower.

 5.14 Location of Inventory. Each Loan Party will keep its Inventory only at the locations identified on
Schedule 4.24 and their chief executive offices only at the locations identified on Schedule 4.24; provided, that Borrowers may amend Schedule 4.24 so long as such amendment occurs by written notice to Agent not less
than 10 days prior to the date on which such Inventory is moved to such new location or such chief executive office is relocated and so long as such new location is within the continental United States. 

5.15 Compliance with ERISA and the IRC. In addition to and without limiting the generality of Section 5.8,
(a) comply in all material respects with applicable provisions of ERISA and the IRC with respect to all Employee Benefit Plans, (b) without the prior written consent of Agent and the Required Lenders, not take any action or fail to take
action the result of which could result in a Loan Party or ERISA Affiliate incurring a material liability to the PBGC or to a Multiemployer Plan (other than to pay contributions or premiums payable in the ordinary course), (c) allow any facts
or circumstances to exist with respect to one or more Employee Benefit Plans that, in the aggregate, reasonably could be expected to result in a Material Adverse Effect, (d) not participate in any prohibited transaction that could result in
other than a de minimis civil penalty excise tax, fiduciary liability or correction obligation under ERISA or the IRC, (e) operate each Employee Benefit Plan in such a manner that will not incur any material tax liability under the IRC
(including Section 4980B of the IRC), and (e) furnish to Agent upon Agent’s written request such additional information about any Employee Benefit Plan for which any Loan Party or ERISA Affiliate could reasonably expect to incur any
material liability. With respect to each Pension Plan (other than a Multiemployer Plan) except as could not reasonably be expected to result in liability to the Loan Parties, the Loan Parties and the ERISA Affiliates shall (i) satisfy in full
and in a timely manner, without incurring any late payment or underpayment charge or penalty and without giving rise to any Lien, all of the contribution and funding requirements of the IRC and of ERISA, and (ii) pay, or cause to be paid, to
the PBGC in a timely manner, without incurring any late payment or underpayment charge or penalty, all premiums required pursuant to ERISA. 
 5.16 Material Contracts. Contemporaneously with the delivery of each Compliance Certificate pursuant to Section 5.1, Borrowers will provide Agent with copies of (a) each
Material Contract entered into since the delivery of the previous Compliance Certificate, and (b) each material amendment or modification of any Material Contract entered into since the delivery of the previous Compliance Certificate.

 6. NEGATIVE COVENANTS. 
 Each Borrower covenants and agrees that, until termination of all of the Commitments and payment in full of the Obligations: 
 6.1 Indebtedness. Each Borrower will not, and will not permit any of its Subsidiaries to create, incur, assume, suffer to exist, guarantee, or otherwise become or remain, directly or
indirectly, liable with respect to any Indebtedness, except for Permitted Indebtedness. 

  
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 6.2 Liens. Each Borrower will not, and will not permit any of its Subsidiaries
to create, incur, assume, or suffer to exist, directly or indirectly, any Lien on or with respect to any of its assets, of any kind, whether now owned or hereafter acquired, or any income or profits therefrom, except for Permitted Liens. 

6.3 Restrictions on Fundamental Changes. Each Borrower will not, and will not permit any of its Subsidiaries to,

 (a) Other than in order to consummate a Permitted Acquisition, enter into any merger, consolidation, reorganization, or
recapitalization, or reclassify its Equity Interests, except for (i) any merger between Loan Parties, provided, that a Borrower must be the surviving entity of any such merger to which it is a party, (ii) any merger between a Loan
Party and a Subsidiary of such Loan Party that is not a Loan Party so long as such Loan Party is the surviving entity of any such merger, and (iii) any merger between Subsidiaries of any Borrower that are not Loan Parties, 

(b) liquidate, wind up, or dissolve itself (or suffer any liquidation or dissolution), except for (i) the liquidation or dissolution
of non-operating Subsidiaries of any Borrower with nominal assets and nominal liabilities, (ii) the liquidation or dissolution of a Loan Party (other than any Borrower) or any of its wholly-owned Subsidiaries so long as all of the assets
(including any interest in any Equity Interests) of such liquidating or dissolving Loan Party or Subsidiary are transferred to a Loan Party that is not liquidating or dissolving, or (iii) the liquidation or dissolution of a Subsidiary of any
Borrower that is not a Loan Party (other than any such Subsidiary the Equity Interests of which (or any portion thereof) is subject to a Lien in favor of Agent) so long as all of the assets of such liquidating or dissolving Subsidiary are
transferred to a Subsidiary of a Borrower that is not liquidating or dissolving, or 
 (c) suspend or cease operating a
substantial portion of its or their business, except as permitted pursuant to clauses (a) or (b) above or in connection with a transaction permitted under Section 6.4. 

6.4 Disposal of Assets. Other than Permitted Dispositions or transactions expressly permitted by Sections 6.3 or
6.9, each Borrower will not, and will not permit any of its Subsidiaries to convey, sell, lease, license, assign, transfer, or otherwise dispose of (or enter into an agreement to convey, sell, lease, license, assign, transfer, or otherwise
dispose of) any of its or their assets. Notwithstanding the foregoing, each Borrower will not, and will not permit any of its Subsidiaries (other than @Ventures) to convey, sell, lease, license, assign, transfer, or otherwise dispose of (or enter
into an agreement to convey, sell, lease, license, assign, transfer, or otherwise dispose of) any of its or their assets to @Ventures. 
 6.5 Nature of Business. Each Borrower will not, and will not permit any of its Subsidiaries to make any change in the nature of its or their business as described in Schedule 6.5 or
acquire any properties or assets that are not reasonably related to the conduct of such business activities; provided, that the foregoing shall not prevent any Borrower and its Subsidiaries from engaging in any business that is reasonably
related or ancillary to their business. 
 6.6 Prepayments and Amendments. Each Borrower will not, and will not
permit any of its Subsidiaries to, 
 (a) Except in connection with Refinancing Indebtedness permitted by
Section 6.1, 
 (i) optionally prepay, redeem, defease, purchase, or otherwise acquire any Indebtedness of any
Borrower or its Subsidiaries, other than (A) the Obligations in accordance with this Agreement, and (B) Permitted Intercompany Advances, or 
 (ii) make any payment on account of Indebtedness that has been contractually subordinated in right of payment to the Obligations if such payment is not permitted at such time under the subordination terms
and conditions, or 

  
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 (b) Directly or indirectly, amend, modify, or change any of the terms or provisions of

 (i) any agreement, instrument, document, indenture, or other writing evidencing or concerning Permitted Indebtedness other
than (A) the Obligations in accordance with this Agreement, (B) Permitted Intercompany Advances, and (C) Indebtedness permitted under clauses (c), (h), (j) and (k) of the definition of Permitted
Indebtedness, 
 (ii) the Governing Documents of any Loan Party or any of its Subsidiaries if the effect thereof, either
individually or in the aggregate, could reasonably be expected to be materially adverse to the interests of the Lenders, or 

(iii) any Material Contract except to the extent that such amendment, modification, or change could not, individually or in the
aggregate, reasonably be expected to be materially adverse to the interests of the Lenders; provided that any amendment, modification or change that increases the amount payable by any Loan Party under the Chinese Contract Services Agreement
or any Chinese Contact Manufacturing Services Agreement (other than an increase in the amount payable by any Loan Party under any contracts due to an amendment, modification or change in the cost plus percentage rate, so long as the cost plus
percentage rate does not exceed 8% unless consented to in writing by Agent) imposes any additional obligations on any Loan Party shall be considered materially adverse to the interests of the Lenders. 

6.7 Restricted Payments. Each Borrower will not, and will not permit any of its Subsidiaries to make any Restricted
Payment; provided, that, so long as it is permitted by law, and so long as no Default or Event of Default shall have occurred and be continuing or would result therefrom, 

(a) Administrative Borrower may make distributions to former employees, officers, or directors of Administrative Borrower (or any
spouses, ex-spouses, or estates of any of the foregoing) on account of repurchases of Equity Interests of Administrative Borrower held by such Persons, provided, that the aggregate amount of such repurchases made by Administrative Borrower
during the term of this Agreement plus the amount of Indebtedness outstanding under clause (l) of the definition of Permitted Indebtedness, does not exceed $250,000 in the aggregate, 

(b) Administrative Borrower may make distributions to former employees, officers, or directors of Administrative Borrower (or any
spouses, ex-spouses, or estates of any of the foregoing), solely in the form of forgiveness of Indebtedness of such Persons owing to Administrative Borrower on account of repurchases of the Equity Interests of Administrative Borrower held by such
Persons; provided that such Indebtedness was incurred by such Persons solely to acquire Equity Interests of Administrative Borrower; and 
 (c) Administrative Borrower may, in accordance with the terms of its various equity incentive plans, implement (or continue to implement) programs with its officers and employees whereby an officer or
employee may deliver shares of common stock of Administrative Borrower to Administrative Borrower whose value approximates the amount of taxes that are owed by such officer or employee as a result of the vesting or lapse of a risk of forfeiture on
shares of common stock that had been granted or issued to the officer or employee by Administrative Borrower, with Administrative Borrower then remitting withholding taxes due as a result of such vesting, so long as the aggregate amount of
withholding taxes remitted by Administrative Borrower pursuant hereto does not exceed $500,000 in the aggregate in a fiscal year. 
 6.8 Accounting Methods. Each Borrower will not, and will not permit any of its Subsidiaries to modify or change its fiscal year (other than with the prior written consent of Agent, not to be
unreasonably withheld) or its method of accounting (other than as may be required to conform to GAAP). 
 6.9
Investments. Each Borrower will not, and will not permit any of its Subsidiaries to, directly or indirectly, make or acquire any Investment or incur any liabilities (including contingent obligations) for or in connection with any
Investment except for Permitted Investments. 
 6.10 Transactions with Affiliates. Each Borrower will not, and
will not permit any of its Subsidiaries to, directly or indirectly, enter into or permit to exist any transaction with any Affiliate of any Borrower or any of its Subsidiaries except for: 

(a) transactions (other than the payment of management, consulting, monitoring, or advisory fees) between such Borrower or its
Subsidiaries, on the one hand, and any Affiliate of such Borrower or its Subsidiaries, on the other hand, so long as such transactions (i) are fully disclosed to Agent prior to the consummation thereof, if they involve one or more payments by
such Borrower or its Subsidiaries in excess of $250,000 for any single transaction or series of related transactions, and (ii) are no less favorable, taken as a whole, to such Borrower or its Subsidiaries, as applicable, than would be obtained
in an arm’s length transaction with a non-Affiliate, 

  
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 (b) so long as it has been approved by such Borrower’s or its applicable
Subsidiary’s board of directors (or comparable governing body) in accordance with applicable law, any indemnity provided for the benefit of directors (or comparable managers) of such Borrower or its applicable Subsidiary, 

(c) so long as it has been approved by such Borrower’s or its applicable Subsidiary’s board of directors (or comparable
governing body) in accordance with applicable law, the payment of reasonable compensation, severance, or employee benefit arrangements to employees, officers, and outside directors of such Borrower and its Subsidiaries in the ordinary course of
business and consistent with industry practice, 
 (d) transactions permitted by Section 6.3 or
Section 6.7, or any Permitted Intercompany Advance, 
 (e) the making of cash payments by ModusLink to the
applicable contract counterparty pursuant to the Chinese Contract Manufacturing Services Agreements shall be permitted so long as (i) no Event of Default has occurred and is continuing or would immediately result therefrom, (ii) the
aggregate amount of cash payments made by ModusLink to the applicable contract counterparty shall not exceed the lesser of (1) the payment requirements set forth in the applicable Chinese Contract Manufacturing Services Agreement as in effect
on the date of this Agreement, and (2) the costs of performing under the applicable Chinese Contract Manufacturing Services Agreement plus 5%, or the percentage rate then in effect, of such costs so long as such percentage does not exceed 8%
unless consented to in writing by Agent, and (iii) cash payments made by ModusLink to the applicable contract counterparty shall be made in the ordinary course of business consistent with past practices, and 

(f) the making of cash payments by ModusLink to the contract counterparty pursuant to the Chinese Contract Services Agreement shall be
permitted so long as (i) no Event of Default has occurred and is continuing or would immediately result therefrom, (ii) the aggregate amount of cash payments made by ModusLink to the contract counterparty shall not exceed the lesser of
(1) the payment requirements set forth in the Chinese Contract Services Agreement as in effect on the date of this Agreement, and (2) the costs of performing under the Chinese Contract Services Agreement plus 7%, or the percentage rate
then in effect, of such costs so long as such percentage does not exceed 8% unless consented to in writing by Agent, and (iii) cash payments made by ModusLink to the contract counterparty shall be made in the ordinary course of business
consistent with past practices. 
 6.11 Use of Proceeds. Each Borrower will not, and will not permit any of its
Subsidiaries to use the proceeds of any loan made hereunder for any purpose other than (a) on the Closing Date, (i) to repay, in full, the outstanding principal, accrued interest, and accrued fees and expenses owing under or in connection
with the Existing Credit Facility, and (ii) to pay the fees, costs, and expenses incurred in connection with this Agreement, the other Loan Documents, and the transactions contemplated hereby and thereby, in each case, as set forth in the Funds
Flow Agreement, and (b) thereafter, consistent with the terms and conditions hereof, for their lawful and permitted purposes (including that no part of the proceeds of the loans made to Borrowers will be used to purchase or carry any such
Margin Stock or to extend credit to others for the purpose of purchasing or carrying any such Margin Stock or for any purpose that violates the provisions of Regulation T, U or X of the Board of Governors). 

6.12 Limitation on Issuance of Equity Interests. Except for the issuance of Qualified Equity Interests by Administrative
Borrower, each Borrower will not, and will not permit any of its Subsidiaries (other than the Subsidiaries and Portfolio Companies of @Ventures) to issue or enter into any agreement or arrangement for the issuance of any of its Equity Interests.

  
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 6.13 Inventory with Bailees. Each Borrower will not, and will not permit any
of its Subsidiaries to store its Inventory at any time with a bailee, warehouseman, or similar party. 
 6.14 Employee
Benefits. 
 (a) Terminate, or permit any ERISA Affiliate to terminate, any Pension Plan in a manner, or take any other
action with respect to any Pension Plan, which could reasonably be expected to result in any material liability of any Loan Party or ERISA Affiliate to the PBGC. 
 (b) Fail to make, or permit any ERISA Affiliate to fail to make, full payment when due of all amounts which, under the provisions of any Benefit Plan, agreement relating thereto or applicable laws, rules,
regulations, judicial rulings or judgments, any Loan Party or ERISA Affiliate is required to pay if such failure could reasonably be expected to have a Material Adverse Effect. 

(c) Permit to exist, or allow any ERISA Affiliate to permit to exist, any accumulated funding deficiency within the meaning of section
302 of ERISA or section 412 of the Code, whether or not waived, with respect to any Plan. 
 (d) Acquire, or permit any ERISA
Affiliate to acquire, an interest in any Person that causes such Person to become an ERISA Affiliate with respect to a Loan Party or with respect to any ERISA Affiliate if such Person sponsors, maintains or contributes to, or at any time in the
six-year period preceding such acquisition has sponsored, maintained, or contributed to, (i) any Pension or (ii) any Multiemployer Plan. 
 (e) Contribute to or assume an obligation to contribute to, or permit any ERISA Affiliate to contribute to or assume an obligation to contribute to, any Multiemployer Plan not set forth on
Schedule 4.10. 
 (f) Amend, or permit any ERISA Affiliate to amend, a Pension Plan resulting in a material increase
in current liability such that a Loan Party or ERISA Affiliate is required to provide security to such Plan under the IRC. 

  
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 7. FINANCIAL COVENANTS. 
 Each Borrower covenants and agrees that, until termination of all of the Commitments and payment in full of the Obligations, commencing on the date on which a Financial Covenant Triggering Event has
occurred and measured as of the end of the month immediately preceding the date on which a Financial Covenant Triggering Event first occurs and as of each month end thereafter until (i) the Excess Availability plus Qualified Cash is equal to or
greater than $40,000,000 and (ii) Excess Availability is equal to or greater than $20,000,000 in each case for 90 consecutive days, Borrowers will: 
 (a) Minimum EBITDA. Achieve EBITDA, measured on a month-end basis, of at least the required amount set forth in the following table for the applicable period set forth opposite thereto: 

 

					
	 Applicable Amount
	 	 	 Applicable Period

	$	(2,000,000	) 	 	 For the 1 month period ending October 31, 2012

	$	(2,000,000	) 	 	 For the 2 month period ending November 30, 2012

	$	(2,000,000	) 	 	 For the 3 month period ending December 31, 2012

	$	(2,000,000	) 	 	 For the 4 month period ending January 31, 2013

	$	(2,000,000	) 	 	 For the 5 month period ending February 28, 2013

	$	(2,000,000	) 	 	 For the 6 month period ending March 31, 2013

	$	(2,000,000	) 	 	 For the 7 month period ending April 30, 2013

	$	(2,000,000	) 	 	 For the 8 month period ending May 31, 2013

	$	2,000,000	  	 	 For the 9 month period ending June 30, 2013

	$	4,000,000	  	 	 For the 10 month period ending July 31, 2013

	$	6,000,000	  	 	 For the 11 month period ending August 31, 2013

	$	8,000,000	  	 	 For the 12 month period ending September 30, 2013

	$	10,000,000	  	 	 For the 12 month period ending October 31, 2013

	$	12,000,000	  	 	 For the 12 month period ending November 30, 2013

	$	12,000,000	  	 	 For the 12 month period ending December 31, 2013

	$	15,000,000	  	 	 For the 12 month period ending January 31, 2014

	$	15,000,000	  	 	 For the 12 month period ending February 28, 2014

	$	15,000,000	  	 	 For the 12 month period ending March 31, 2014

	$	17,500,000	  	 	 For the 12 month period ending each month thereafter

 8. EVENTS OF DEFAULT. 
 Any one or more of the following events shall constitute an event of default (each, an “Event of Default”) under this Agreement: 

8.1 Payments. If Borrowers fail to pay when due and payable, or when declared due and payable, (a) all or any portion
of the Obligations consisting of interest, fees, or charges due the Lender Group, reimbursement of Lender Group Expenses, or other amounts (other than any portion thereof constituting principal) constituting Obligations (including any portion
thereof that accrues after the commencement of an Insolvency Proceeding, regardless of whether allowed or allowable in whole or in part as a claim in any such Insolvency Proceeding), and such failure continues for a period of 3 Business Days,
(b) all or any portion of the principal of the Loans, or (c) any amount payable to Issuing Bank in reimbursement of any drawing under a Letter of Credit; 

  
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 8.2 Covenants. If any Loan Party or any of its Subsidiaries: 

(a) fails to perform or observe any covenant or other agreement contained in any of (i) Sections 3.6, 5.1, 5.2,
5.3 (solely if any Borrower is not in good standing in its jurisdiction of organization), 5.6, 5.7 (solely if any Borrower refuses to allow Agent or its representatives or agents to visit any Borrower’s properties, inspect
its assets or books or records, examine and make copies of its books and records, or discuss Borrowers’ affairs, finances, and accounts with officers and employees of any Borrower), 5.10, 5.11, 5.13, 5.14, or
5.15 of this Agreement, (ii) Section 6 of this Agreement, (iii) Section 7 of this Agreement, or (iv) Section 7 of the Guaranty and Security Agreement; 

(b) fails to perform or observe any covenant or other agreement contained in any of Sections 5.3 (other than if any Borrower
is not in good standing in its jurisdiction of organization), 5.4, 5.5, 5.8, and 5.12 of this Agreement and such failure continues for a period of 10 days after the earlier of (i) the date on which such failure shall
first become known to any officer of any Borrower or (ii) the date on which written notice thereof is given to Borrowers by Agent; or 
 (c) fails to perform or observe any covenant or other agreement contained in this Agreement, or in any of the other Loan Documents, in each case, other than any such covenant or agreement that is the
subject of another provision of this Section 8 (in which event such other provision of this Section 8 shall govern), and such failure continues for a period of 30 days after the earlier of (i) the date on which such
failure shall first become known to any Authorized Person or (ii) the date on which written notice thereof is given to Borrowers by Agent; 
 8.3 Judgments. If one or more judgments, orders, or awards for the payment of money involving an aggregate amount of $500,000, or more (except to the extent fully covered (other than to the
extent of customary deductibles) by insurance pursuant to which the insurer has not denied coverage) is entered or filed against a Loan Party or any of its Subsidiaries, or with respect to any of their respective assets, and either (a) there is
a period of 30 consecutive days at any time after the entry of any such judgment, order, or award during which (1) the same is not discharged, satisfied, vacated, or bonded pending appeal, or (2) a stay of enforcement thereof is not in
effect, or (b) enforcement proceedings are commenced upon such judgment, order, or award; 
 8.4 Voluntary
Bankruptcy, etc. If an Insolvency Proceeding is commenced by a Loan Party or any of its Subsidiaries; 
 8.5
Involuntary Bankruptcy, etc. If an Insolvency Proceeding is commenced against a Loan Party or any of its Subsidiaries and any of the following events occur: (a) such Loan Party or such Subsidiary consents to the institution of
such Insolvency Proceeding against it, (b) the petition commencing the Insolvency Proceeding is not timely controverted, (c) the petition commencing the Insolvency Proceeding is not dismissed within 60 calendar days of the date of the
filing thereof, (d) an interim trustee is appointed to take possession of all or any substantial portion of the properties or assets of, or to operate all or any substantial portion of the business of, such Loan Party or its Subsidiary, or
(e) an order for relief shall have been issued or entered therein; 
 8.6 Default Under Other Agreements. If
there is (a) a default in one or more agreements to which a Loan Party or any of its Subsidiaries is a party with one or more third Persons relative to a Loan Party’s or any of its Subsidiaries’ Indebtedness involving an aggregate
amount of $500,000 or more, and such default (i) occurs at the final maturity of the obligations thereunder, or (ii) results in a right by such third Person, irrespective of whether exercised, to accelerate the maturity of such Loan
Party’s or its Subsidiary’s obligations thereunder, or (b) a default in or an involuntary early termination of one or more Hedge Agreements to which a Loan Party or any of its Subsidiaries is a party. 

8.7 Representations, etc. If any warranty, representation, certificate, statement, or Record made herein or in any other
Loan Document or delivered in writing to Agent or any Lender in connection with this Agreement or any other Loan Document proves to be untrue in any material respect (except that such materiality qualifier shall not be applicable to any
representations and warranties that already are qualified or modified by materiality in the text thereof) as of the date of issuance or making or deemed making thereof; 

  
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 8.8 Guaranty. If the obligation of any Guarantor under the guaranty contained
in the Guaranty and Security Agreement is limited or terminated by operation of law or by such Guarantor (other than in accordance with the terms of this Agreement); 
 8.9 Security Documents. If the Guaranty and Security Agreement or any other Loan Document that purports to create a Lien, shall, for any reason, fail or cease to create a valid and perfected
and, except to the extent of Permitted Liens which are non-consensual Permitted Liens, permitted purchase money Liens or the interests of lessors under Capital Leases, first priority Lien on the Collateral covered thereby, except (a) as a
result of a disposition of the applicable Collateral in a transaction permitted under this Agreement, or (b) as the result of an action or failure to act on the part of Agent; 

8.10 Loan Documents. The validity or enforceability of any Loan Document shall at any time for any reason (other than
solely as the result of an action or failure to act on the part of Agent) be declared to be null and void, or a proceeding shall be commenced by a Loan Party or its Subsidiaries, or by any Governmental Authority having jurisdiction over a Loan Party
or its Subsidiaries, seeking to establish the invalidity or unenforceability thereof, or a Loan Party or its Subsidiaries shall deny that such Loan Party or its Subsidiaries has any liability or obligation purported to be created under any Loan
Document; or 
 8.11 Change of Control. A Change of Control shall occur, whether directly or indirectly.

 8.12 ERISA. The occurrence of any of the following events: (a) any Loan Party or ERISA Affiliate fails to
make full payment when due of all amounts which any Loan Party or ERISA Affiliate is required to pay as contributions, installments, or otherwise to or with respect to a Pension Plan or Multiemployer Plan, and such failure could reasonably be
expected to result in liability in excess of $250,000, (b) an accumulated funding deficiency or funding shortfall occurs or exists, whether or not waived, with respect to any Pension Plan, individually or in the aggregate, (c) a
Notification Event, which could reasonably be expected to result in liability in excess of $250,000, either individually or in the aggregate, or (d) any Loan Party or ERISA Affiliate completely or partially withdraws from one or more
Multiemployer Plans and incurs Withdrawal Liability in excess of $250,000 in the aggregate, or fails to make any Withdrawal Liability payment when due. 
 9. RIGHTS AND REMEDIES. 
 9.1 Rights and Remedies. Upon the
occurrence and during the continuation of an Event of Default, Agent may, and, at the instruction of the Required Lenders, shall (in each case under clauses (a) or (b) by written notice to Borrowers), in addition to any other rights or
remedies provided for hereunder or under any other Loan Document or by applicable law, do any one or more of the following: 

(a) (i) declare the principal of, and any and all accrued and unpaid interest and fees in respect of, the Loans and all other Obligations
(other than the Bank Product Obligations), whether evidenced by this Agreement or by any of the other Loan Documents to be immediately due and payable, whereupon the same shall become and be immediately due and payable and Borrowers shall be
obligated to repay all of such Obligations in full, without presentment, demand, protest, or further notice or other requirements of any kind, all of which are hereby expressly waived by each Borrower, and (ii) direct Borrowers to provide (and
Borrowers agree that upon receipt of such notice Borrowers will provide) Letter of Credit Collateralization to Agent to be held as security for Borrowers’ reimbursement obligations for drawings that may subsequently occur under issued and
outstanding Letters of Credit; 
 (b) declare the Commitments terminated, whereupon the Commitments shall immediately be
terminated together with (i) any obligation of any Revolving Lender to make Revolving Loans, (ii) the obligation of the Swing Lender to make Swing Loans, and (iii) the obligation of Issuing Bank to issue Letters of Credit; and

 (c) exercise all other rights and remedies available to Agent or the Lenders under the Loan Documents, under applicable law,
or in equity. 

  
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 The foregoing to the contrary notwithstanding, upon the occurrence of any Event of Default described in
Section 8.4 or Section 8.5, in addition to the remedies set forth above, without any notice to Borrowers or any other Person or any act by the Lender Group, the Commitments shall automatically terminate and the Obligations
(other than the Bank Product Obligations), inclusive of the principal of, and any and all accrued and unpaid interest and fees in respect of, the Loans and all other Obligations (other than the Bank Product Obligations), whether evidenced by this
Agreement or by any of the other Loan Documents, shall automatically become and be immediately due and payable and Borrowers shall automatically be obligated to repay all of such Obligations in full (including Borrowers being obligated to provide
(and Borrowers agree that they will provide) (1) Letter of Credit Collateralization to Agent to be held as security for Borrowers’ reimbursement obligations in respect of drawings that may subsequently occur under issued and outstanding
Letters of Credit and (2) Bank Product Collateralization to be held as security for Borrowers’ or their Subsidiaries’ obligations in respect of outstanding Bank Products), without presentment, demand, protest, or notice or other
requirements of any kind, all of which are expressly waived by Borrowers. 
 9.2 Remedies Cumulative. The rights
and remedies of the Lender Group under this Agreement, the other Loan Documents, and all other agreements shall be cumulative. The Lender Group shall have all other rights and remedies not inconsistent herewith as provided under the Code, by law, or
in equity. No exercise by the Lender Group of one right or remedy shall be deemed an election, and no waiver by the Lender Group of any Event of Default shall be deemed a continuing waiver. No delay by the Lender Group shall constitute a waiver,
election, or acquiescence by it. 
 10. WAIVERS; INDEMNIFICATION. 

10.1 Demand; Protest; etc. Each Borrower waives demand, protest, notice of protest, notice of default or dishonor, notice
of payment and nonpayment, nonpayment at maturity, release, compromise, settlement, extension, or renewal of documents, instruments, chattel paper, and guarantees at any time held by the Lender Group on which any Borrower may in any way be liable.

 10.2 The Lender Group’s Liability for Collateral. Each Borrower hereby agrees that: (a) so long as
Agent complies with its obligations, if any, under the Code, the Lender Group shall not in any way or manner be liable or responsible for: (i) the safekeeping of the Collateral, (ii) any loss or damage thereto occurring or arising in any
manner or fashion from any cause, (iii) any diminution in the value thereof, or (iv) any act or default of any carrier, warehouseman, bailee, forwarding agency, or other Person, and (b) all risk of loss, damage, or destruction of the
Collateral shall be borne by Borrowers. 
 10.3 Indemnification. Each Borrower shall pay, indemnify, defend, and
hold the Agent-Related Persons, the Lender-Related Persons, and each Participant (each, an “Indemnified Person”) harmless (to the fullest extent permitted by law) from and against any and all claims, demands, suits, actions,
investigations, proceedings, liabilities, fines, costs, penalties, and damages, and all reasonable fees and disbursements of attorneys, experts, or consultants and all other costs and expenses actually incurred in connection therewith or in
connection with the enforcement of this indemnification (as and when they are incurred and irrespective of whether suit is brought), at any time asserted against, imposed upon, or incurred by any of them (a) in connection with or as a result of
or related to the execution and delivery (provided that Borrowers shall not be liable for costs and expenses (including attorney’s fees) of any Lender (other than Wells Fargo) incurred in advising, structuring, drafting, reviewing,
administering or syndicating the Loan Documents), enforcement, performance, or administration (including any restructuring or workout with respect hereto) of this Agreement, any of the other Loan Documents, or the transactions contemplated hereby or
thereby or the monitoring of Borrowers’ and their Subsidiaries’ compliance with the terms of the Loan Documents (provided, that the indemnification in this clause (a) shall not extend to (i) disputes solely between or
among the Lenders that do not involve any acts or omissions of any Loan Party, or (ii) disputes solely between or among the Lenders and their respective Affiliates that do not involve any acts or omissions of any Loan Party; it
being understood and agreed that the indemnification in this clause (a) shall extend to Agent (but not the Lenders) relative to disputes between or among Agent on the one hand, and one or more Lenders, or one or more of their Affiliates, on the
other hand, or (iii) any Taxes or any costs attributable to Taxes, which shall be governed by Section 16), (b) with respect to any actual or prospective investigation,

  
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litigation, or proceeding related to this Agreement, any other Loan Document, the making of any Loans or issuance of any Letters of Credit hereunder, or the use of the proceeds of
the Loans or the Letters of Credit provided hereunder (irrespective of whether any Indemnified Person is a party thereto), or any act, omission, event, or circumstance in any manner related thereto, and (c) in connection with or arising
out of any presence or release of Hazardous Materials at, on, under, to or from any assets or properties owned, leased or operated by any Borrower or any of its Subsidiaries or any Environmental Actions, Environmental Liabilities or Remedial Actions
related in any way to any such assets or properties of any Borrower or any of its Subsidiaries (each and all of the foregoing, the “Indemnified Liabilities”). The foregoing to the contrary notwithstanding, no Borrower shall have any
obligation to any Indemnified Person under this Section 10.3 with respect to any Indemnified Liability that a court of competent jurisdiction finally determines to have resulted from the gross negligence or willful misconduct of such
Indemnified Person or its officers, directors, employees, attorneys, or agents. This provision shall survive the termination of this Agreement and the repayment in full of the Obligations. If any Indemnified Person makes any payment to any other
Indemnified Person with respect to an Indemnified Liability as to which Borrowers were required to indemnify the Indemnified Person receiving such payment, the Indemnified Person making such payment is entitled to be indemnified and reimbursed by
Borrowers with respect thereto. WITHOUT LIMITATION, THE FOREGOING INDEMNITY SHALL APPLY TO EACH INDEMNIFIED PERSON WITH RESPECT TO INDEMNIFIED LIABILITIES WHICH IN WHOLE OR IN PART ARE CAUSED BY OR ARISE OUT OF ANY NEGLIGENT ACT OR OMISSION OF
SUCH INDEMNIFIED PERSON OR OF ANY OTHER PERSON. 
 11. NOTICES. 

Unless otherwise provided in this Agreement, all notices or demands relating to this Agreement or any other Loan Document shall be in
writing and (except for financial statements and other informational documents which may be sent by first-class mail, postage prepaid) shall be personally delivered or sent by registered or certified mail (postage prepaid, return receipt requested),
overnight courier, electronic mail (at such email addresses as a party may designate in accordance herewith), or telefacsimile. In the case of notices or demands to any Borrower or Agent, as the case may be, they shall be sent to the respective
address set forth below: 
  

			
	If to any Borrower:	 	 c/o Administrative Borrower

ModusLink Global Solutions, Inc.

		 	1601 Trapelo Road, Suite 170
		 	Waltham, MA 02451
		 	Attn: Chief Financial Officer
		 	Fax No.: 781-663-5045
		
	with copies to:	 	BRL Law Group LLC
		 	425 Boylston Street, 3rd Floor
		 	Boston, MA 02116
		 	Attn: Thomas B. Rosedale, Esq.
		 	Fax No.: 617-399-6930
		
	If to Agent:	 	WELLS FARGO BANK, NATIONAL ASSOCIATION
		 	One Boston Place, 18th Floor
		 	Boston, MA 02108
		 	Attn: Relationship Manager, ModusLink
		 	Fax No.: 855-216-0898
		
	with copies to:	 	Choate Hall & Stewart LLP
		 	Two International Place
		 	Boston, MA 02110
		 	Attn: Kevin J. Simard, Esq.
		 	Fax No.: 617-248-4000

  
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 Any party hereto may change the address at which they are to receive notices hereunder, by
notice in writing in the foregoing manner given to the other party. All notices or demands sent in accordance with this Section 11, shall be deemed received on the earlier of the date of actual receipt or 3 Business Days after the
deposit thereof in the mail; provided, that (a) notices sent by overnight courier service shall be deemed to have been given when received, (b) notices by facsimile 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) and (c) notices by electronic mail shall be deemed received upon the sender’s
receipt of an acknowledgment from the intended recipient (such as by the “return receipt requested” function, as available, return email or other written acknowledgment). 
 12. CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER; JUDICIAL REFERENCE PROVISION. 
 (a) THE VALIDITY OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (UNLESS EXPRESSLY PROVIDED TO THE CONTRARY IN ANOTHER LOAN DOCUMENT IN RESPECT OF SUCH OTHER LOAN DOCUMENT), THE CONSTRUCTION,
INTERPRETATION, AND ENFORCEMENT HEREOF AND THEREOF, THE RIGHTS OF THE PARTIES HERETO AND THERETO WITH RESPECT TO ALL MATTERS ARISING HEREUNDER OR THEREUNDER OR RELATED HERETO OR THERETO, AND ANY CLAIMS, CONTROVERSIES OR DISPUTES ARISING HEREUNDER OR
THEREUNDER OR RELATED HERETO OR THERETO SHALL BE DETERMINED UNDER, GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS. 
 (b) THE PARTIES AGREE THAT ALL ACTIONS OR PROCEEDINGS ARISING IN CONNECTION WITH THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS SHALL BE TRIED AND LITIGATED ONLY IN THE STATE AND, TO THE EXTENT PERMITTED
BY APPLICABLE LAW, FEDERAL COURTS LOCATED IN THE COUNTY OF SUFFOLK, COMMONWEALTH OF MASSACHUSETTS; PROVIDED, THAT ANY SUIT SEEKING ENFORCEMENT AGAINST ANY COLLATERAL OR OTHER PROPERTY MAY BE BROUGHT, AT AGENT’S OPTION, IN THE COURTS OF
ANY JURISDICTION WHERE AGENT ELECTS TO BRING SUCH ACTION OR WHERE SUCH COLLATERAL OR OTHER PROPERTY MAY BE FOUND. EACH BORROWER AND EACH MEMBER OF THE LENDER GROUP WAIVE, TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, ANY RIGHT EACH MAY HAVE TO
ASSERT THE DOCTRINE OF FORUM NON CONVENIENS OR TO OBJECT TO VENUE TO THE EXTENT ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS SECTION 12(b). 

(c) TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, EACH BORROWER AND EACH MEMBER OF THE LENDER GROUP HEREBY WAIVE THEIR RESPECTIVE
RIGHTS, IF ANY, TO A JURY TRIAL OF ANY CLAIM, CONTROVERSY, DISPUTE OR CAUSE OF ACTION DIRECTLY OR INDIRECTLY BASED UPON OR ARISING OUT OF ANY OF THE LOAN DOCUMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREIN, INCLUDING CONTRACT CLAIMS, TORT
CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS (EACH A “CLAIM”). EACH BORROWER AND EACH MEMBER OF THE LENDER GROUP REPRESENT THAT EACH HAS REVIEWED THIS WAIVER AND EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY
TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, A COPY OF THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
 (d) EACH BORROWER HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS LOCATED IN THE COUNTY OF SUFFOLK AND THE COMMONWEALTH OF MASSACHUSETTS, IN
ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN 

  
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DOCUMENTS, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT. 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 OR ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT AGENT MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS
AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST ANY LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 
 (e)
NO CLAIM MAY BE MADE BY ANY LOAN PARTY AGAINST THE AGENT, THE SWING LENDER, ANY OTHER LENDER, ISSUING BANK, OR ANY AFFILIATE, DIRECTOR, OFFICER, EMPLOYEE, COUNSEL, REPRESENTATIVE, AGENT, OR ATTORNEY-IN-FACT OF ANY OF THEM FOR ANY SPECIAL,
INDIRECT, CONSEQUENTIAL, PUNITIVE OR EXEMPLARY DAMAGES OR LOSSES IN RESPECT OF ANY CLAIM FOR BREACH OF CONTRACT OR ANY OTHER THEORY OF LIABILITY ARISING OUT OF OR RELATED TO THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT,
OR ANY ACT, OMISSION, OR EVENT OCCURRING IN CONNECTION THEREWITH, AND EACH LOAN PARTY HEREBY WAIVES, RELEASES, AND AGREES NOT TO SUE UPON ANY CLAIM FOR SUCH DAMAGES, WHETHER OR NOT ACCRUED AND WHETHER OR NOT KNOWN OR SUSPECTED TO EXIST IN ITS
FAVOR. 
 (f) IN THE EVENT ANY LEGAL PROCEEDING IS FILED IN A COURT OF THE STATE OF CALIFORNIA (THE “COURT”) BY
OR AGAINST ANY PARTY HERETO IN CONNECTION WITH ANY CLAIM AND THE WAIVER SET FORTH IN CLAUSE (C) ABOVE IS NOT ENFORCEABLE IN SUCH PROCEEDING, THE PARTIES HERETO AGREE AS FOLLOWS: 

(i) WITH THE EXCEPTION OF THE MATTERS SPECIFIED IN SUBCLAUSE (ii) BELOW, ANY CLAIM SHALL BE DETERMINED BY A GENERAL REFERENCE
PROCEEDING IN ACCORDANCE WITH THE PROVISIONS OF CALIFORNIA CODE OF CIVIL PROCEDURE SECTIONS 638 THROUGH 645.1. THE PARTIES INTEND THIS GENERAL REFERENCE AGREEMENT TO BE SPECIFICALLY ENFORCEABLE. VENUE FOR THE REFERENCE PROCEEDING SHALL BE IN THE
COUNTY OF LOS ANGELES, CALIFORNIA. 
 (ii) THE FOLLOWING MATTERS SHALL NOT BE SUBJECT TO A GENERAL REFERENCE PROCEEDING:
(A) NON-JUDICIAL FORECLOSURE OF ANY SECURITY INTERESTS IN REAL OR PERSONAL PROPERTY, (B) EXERCISE OF SELF-HELP REMEDIES (INCLUDING SET-OFF OR RECOUPMENT), (C) APPOINTMENT OF A RECEIVER, AND (D) TEMPORARY, PROVISIONAL, OR
ANCILLARY REMEDIES (INCLUDING WRITS OF ATTACHMENT, WRITS OF POSSESSION, TEMPORARY RESTRAINING ORDERS, OR PRELIMINARY INJUNCTIONS). THIS AGREEMENT DOES NOT LIMIT THE RIGHT OF ANY PARTY TO EXERCISE OR OPPOSE ANY OF THE RIGHTS AND REMEDIES DESCRIBED IN
CLAUSES (A) - (D) AND ANY SUCH EXERCISE OR OPPOSITION DOES NOT WAIVE THE RIGHT OF ANY PARTY TO PARTICIPATE IN A REFERENCE PROCEEDING PURSUANT TO THIS AGREEMENT WITH RESPECT TO ANY OTHER MATTER. 

(iii) UPON THE WRITTEN REQUEST OF ANY PARTY, THE PARTIES SHALL SELECT A SINGLE REFEREE, WHO SHALL BE A RETIRED JUDGE OR JUSTICE. IF
THE PARTIES DO NOT AGREE UPON A REFEREE WITHIN 10 DAYS OF SUCH WRITTEN REQUEST, THEN, ANY PARTY SHALL HAVE THE RIGHT TO REQUEST THE COURT TO APPOINT A REFEREE PURSUANT TO CALIFORNIA CODE OF CIVIL PROCEDURE SECTION 640(B). THE REFEREE SHALL BE
APPOINTED TO SIT WITH ALL OF THE POWERS PROVIDED BY LAW. PENDING APPOINTMENT OF THE REFEREE, THE COURT SHALL HAVE THE POWER TO ISSUE TEMPORARY OR PROVISIONAL REMEDIES. 

  
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 (iv) EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, THE REFEREE SHALL DETERMINE THE
MANNER IN WHICH THE REFERENCE PROCEEDING IS CONDUCTED INCLUDING THE TIME AND PLACE OF HEARINGS, THE ORDER OF PRESENTATION OF EVIDENCE, AND ALL OTHER QUESTIONS THAT ARISE WITH RESPECT TO THE COURSE OF THE REFERENCE PROCEEDING. ALL PROCEEDINGS AND
HEARINGS CONDUCTED BEFORE THE REFEREE, EXCEPT FOR TRIAL, SHALL BE CONDUCTED WITHOUT A COURT REPORTER, EXCEPT WHEN ANY PARTY SO REQUESTS A COURT REPORTER AND A TRANSCRIPT IS ORDERED, A COURT REPORTER SHALL BE USED AND THE REFEREE SHALL BE PROVIDED A
COURTESY COPY OF THE TRANSCRIPT. THE PARTY MAKING SUCH REQUEST SHALL HAVE THE OBLIGATION TO ARRANGE FOR AND PAY THE COSTS OF THE COURT REPORTER, PROVIDED THAT SUCH COSTS, ALONG WITH THE REFEREE’S FEES, SHALL ULTIMATELY BE BORNE BY THE PARTY WHO
DOES NOT PREVAIL, AS DETERMINED BY THE REFEREE. 
 (v) THE REFEREE MAY REQUIRE ONE OR MORE PREHEARING CONFERENCES. THE
PARTIES HERETO SHALL BE ENTITLED TO DISCOVERY, AND THE REFEREE SHALL OVERSEE DISCOVERY IN ACCORDANCE WITH THE RULES OF DISCOVERY, AND SHALL ENFORCE ALL DISCOVERY ORDERS IN THE SAME MANNER AS ANY TRIAL COURT JUDGE IN PROCEEDINGS AT LAW IN THE STATE
OF CALIFORNIA. 
 (vi) THE REFEREE SHALL APPLY THE RULES OF EVIDENCE APPLICABLE TO PROCEEDINGS AT LAW IN THE STATE OF
CALIFORNIA AND SHALL DETERMINE ALL ISSUES IN ACCORDANCE WITH CALIFORNIA SUBSTANTIVE AND PROCEDURAL LAW. THE REFEREE SHALL BE EMPOWERED TO ENTER EQUITABLE AS WELL AS LEGAL RELIEF AND RULE ON ANY MOTION WHICH WOULD BE AUTHORIZED IN A TRIAL, INCLUDING
MOTIONS FOR DEFAULT JUDGMENT OR SUMMARY JUDGMENT. THE REFEREE SHALL REPORT HIS OR HER DECISION, WHICH REPORT SHALL ALSO INCLUDE FINDINGS OF FACT AND CONCLUSIONS OF LAW. THE REFEREE SHALL ISSUE A DECISION AND PURSUANT TO CALIFORNIA CODE OF CIVIL
PROCEDURE, SECTION 644, THE REFEREE’S DECISION SHALL BE ENTERED BY THE COURT AS A JUDGMENT IN THE SAME MANNER AS IF THE ACTION HAD BEEN TRIED BY THE COURT. THE FINAL JUDGMENT OR ORDER FROM ANY APPEALABLE DECISION OR ORDER ENTERED BY THE REFEREE
SHALL BE FULLY APPEALABLE AS IF IT HAS BEEN ENTERED BY THE COURT. 
 (vii) THE PARTIES RECOGNIZE AND AGREE THAT ALL
CLAIMS RESOLVED IN A GENERAL REFERENCE PROCEEDING PURSUANT HERETO WILL BE DECIDED BY A REFEREE AND NOT BY A JURY. AFTER CONSULTING (OR HAVING HAD THE OPPORTUNITY TO CONSULT) WITH COUNSEL OF THEIR OWN CHOICE, EACH PARTY HERETO KNOWINGLY AND
VOLUNTARILY AND FOR THEIR MUTUAL BENEFIT AGREES THAT THIS REFERENCE PROVISION SHALL APPLY TO ANY DISPUTE BETWEEN THEM THAT ARISES OUT OF OR IS RELATED TO THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS. 

13. ASSIGNMENTS AND PARTICIPATIONS; SUCCESSORS. 
 13.1 Assignments and Participations. 
 (a) (i) Subject to the
conditions set forth in clause (a)(ii) below, any Lender may assign and delegate all or any portion of its rights and duties under the Loan Documents (including the Obligations owed to it and its Commitments) to one or more assignees (each, an
“Assignee”), with the prior written consent (such consent not be unreasonably withheld or delayed) of: 
 (A)
Borrowers; provided, that no consent of Borrowers shall be required (1) if an Event of Default has occurred and is continuing, (2) if such assignment is in connection with any merger, consolidation, sale, transfer, or other
disposition of all or a substantial portion of the business or loan portfolio of 

  
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such Lender, or (3) in connection with an assignment to a Person that is a Lender or an Affiliate (other than natural persons) of a Lender; provided further, that Borrowers shall be
deemed to have consented to a proposed assignment unless they object thereto by written notice to Agent within 5 Business Days after having received notice thereof; and 
 (B) Agent, Swing Lender, and Issuing Bank. 
 (ii) Assignments shall be subject to
the following additional conditions: 
 (A) no assignment may be made to a natural person, 

(B) no assignment may be made to a Loan Party or an Affiliate of a Loan Party, 

(C) the amount of the Commitments and the other rights and obligations of the assigning Lender hereunder and under the other Loan
Documents subject to each such assignment (determined as of the date the Assignment and Acceptance with respect to such assignment is delivered to Agent) shall be in a minimum amount (unless waived by Agent) of $5,000,000 (except such minimum amount
shall not apply to (I) an assignment or delegation by any Lender to any other Lender, an Affiliate of any Lender, or a Related Fund of such Lender or (II) a group of new Lenders, each of which is an Affiliate of each other or a Related Fund of
such new Lender to the extent that the aggregate amount to be assigned to all such new Lenders is at least $5,000,000), 
 (D)
each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement, 
 (E) the parties to each assignment shall execute and deliver to Agent an Assignment and Acceptance; provided, that Borrowers and Agent may continue to deal solely and directly with the assigning
Lender in connection with the interest so assigned to an Assignee until written notice of such assignment, together with payment instructions, addresses, and related information with respect to the Assignee, have been given to Borrowers and Agent by
such Lender and the Assignee, 
 (F) unless waived by Agent, the assigning Lender or Assignee has paid to Agent, for
Agent’s separate account, a processing fee in the amount of $3,500, and 
 (G) the assignee, if it is not a Lender, shall
deliver to Agent an Administrative Questionnaire in a form approved by Agent (the “Administrative Questionnaire”). 
 (b) From and after the date that Agent receives the executed Assignment and Acceptance and, if applicable, payment of the required processing fee, (i) the Assignee thereunder shall be a party hereto
and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall be a “Lender” and shall have the rights and obligations of a Lender under the Loan Documents, and
(ii) the assigning Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights (except with respect to
Section 10.3) and be released from any future obligations under this Agreement (and in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s rights and obligations under this
Agreement and the other Loan Documents, such Lender shall cease to be a party hereto and thereto); provided, that nothing contained herein shall release any assigning Lender from obligations that survive the termination of this Agreement,
including such assigning Lender’s obligations under Section 15 and Section 17.9(a). 
 (c) By
executing and delivering an Assignment and Acceptance, the assigning Lender thereunder and the Assignee thereunder confirm to and agree with each other and the other parties hereto as follows: (i) other than as provided in such Assignment and
Acceptance, 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 or any other Loan Document furnished pursuant hereto, (ii) 

  
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such assigning Lender makes no representation or warranty and assumes no responsibility with respect to the financial condition of any Borrower or the performance or observance by any Borrower of
any of its obligations under this Agreement or any other Loan Document furnished pursuant hereto, (iii) such Assignee confirms that it has received a copy of this Agreement, together with 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, (iv) such Assignee will, independently and without reliance upon 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, (v) such Assignee appoints and authorizes Agent to take such actions and to
exercise such powers under this Agreement and the other Loan Documents as are delegated to Agent, by the terms hereof and thereof, together with such powers as are reasonably incidental thereto, and (vi) such Assignee agrees that it will
perform all of the obligations which by the terms of this Agreement are required to be performed by it as a Lender. 
 (d)
Immediately upon Agent’s receipt of the required processing fee, if applicable, and delivery of notice to the assigning Lender pursuant to Section 13.1(b), this Agreement shall be deemed to be amended to the extent, but only to the
extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Lender pro tanto.

 (e) Any Lender may at any time sell to one or more commercial banks, financial institutions, or other Persons (a
“Participant”) participating interests in all or any portion of its Obligations, its Commitment, and the other rights and interests of that Lender (the “Originating Lender”) hereunder and under the other Loan
Documents; provided, that (i) the Originating Lender shall remain a “Lender” for all purposes of this Agreement and the other Loan Documents and the Participant receiving the participating interest in the Obligations, the
Commitments, and the other rights and interests of the Originating Lender hereunder shall not constitute a “Lender” hereunder or under the other Loan Documents and the Originating Lender’s obligations under this Agreement shall remain
unchanged, (ii) the Originating Lender shall remain solely responsible for the performance of such obligations, (iii) Borrowers, Agent, and the Lenders shall continue to deal solely and directly with the Originating Lender in connection
with the Originating Lender’s rights and obligations under this Agreement and the other Loan Documents, (iv) no Lender shall transfer or grant any participating interest under which the Participant has the right to approve any amendment
to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment to, or consent or waiver with respect to this Agreement or of any other Loan Document would (A) extend the final
maturity date of the Obligations hereunder in which such Participant is participating, (B) reduce the interest rate applicable to the Obligations hereunder in which such Participant is participating, (C) release all or substantially all of
the Collateral or guaranties (except to the extent expressly provided herein or in any of the Loan Documents) supporting the Obligations hereunder in which such Participant is participating, (D) postpone the payment of, or reduce the amount of,
the interest or fees payable to such Participant through such Lender (other than a waiver of default interest), or (E) decreases the amount or postpones the due dates of scheduled principal repayments or prepayments or premiums payable to such
Participant through such Lender, (v) no participation shall be sold to a natural person, (vi) no participation shall be sold to a Loan Party or an Affiliate of a Loan Party, and (vii) all amounts payable by Borrowers hereunder shall
be determined as if such Lender had not sold such participation, except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of
Default, each Participant shall be deemed to have the right of set off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a
Lender under this Agreement. The rights of any Participant only shall be derivative through the Originating Lender with whom such Participant participates and no Participant shall have any rights under this Agreement or the other Loan Documents or
any direct rights as to the other Lenders, Agent, Borrowers, the Collateral, or otherwise in respect of the Obligations. No Participant shall have the right to participate directly in the making of decisions by the Lenders among themselves.

 (f) In connection with any such assignment or participation or proposed assignment or participation or any grant of a
security interest in, or pledge of, its rights under and interest in this Agreement, a Lender may, subject to the provisions of Section 17.9, disclose all documents and information which it now or hereafter may have relating to any
Borrower and its Subsidiaries and their respective businesses. 

  
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 (g) Any other provision in this Agreement notwithstanding, any Lender may at any time create
a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement in favor of any Federal Reserve Bank in accordance with Regulation A of the Federal Reserve Bank or U.S. Treasury Regulation 31 CFR
§203.24, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law. 
 13.2 Successors. This Agreement shall bind and inure to the benefit of the respective successors and assigns of each of the parties; provided, that no Borrower may assign this
Agreement or any rights or duties hereunder without the Lenders’ prior written consent and any prohibited assignment shall be absolutely void ab initio. No consent to assignment by the Lenders shall release any Borrower from its
Obligations. A Lender may assign this Agreement and the other Loan Documents and its rights and duties hereunder and thereunder pursuant to Section 13.1 and, except as expressly required pursuant to Section 13.1, no consent
or approval by any Borrower is required in connection with any such assignment. 
 14. AMENDMENTS; WAIVERS. 

14.1 Amendments and Waivers.  
 (a) No amendment, waiver or other modification of any provision of this Agreement or any other Loan Document (other than Bank Product Agreements or the Fee Letter), and no consent with respect to any
departure by any Borrower therefrom, shall be effective unless the same shall be in writing and signed by the Required Lenders (or by Agent at the written request of the Required Lenders) and the Loan Parties that are party thereto and then any such
waiver or consent shall be effective, but only in the specific instance and for the specific purpose for which given; provided, that no such waiver, amendment, or consent shall, unless in writing and signed by all of the Lenders directly
affected thereby and all of the Loan Parties that are party thereto, do any of the following: 
 (i) increase the amount of or
extend the expiration date of any Commitment of any Lender or amend, modify, or eliminate the last sentence of Section 2.4(c), 
 (ii) postpone or delay any date fixed by this Agreement or any other Loan Document for any payment of principal, interest, fees, or other amounts due hereunder or under any other Loan Document,

 (iii) reduce the principal of, or the rate of interest on, any loan or other extension of credit hereunder, or reduce any
fees or other amounts payable hereunder or under any other Loan Document (except (y) in connection with the waiver of applicability of Section 2.6(c) (which waiver shall be effective with the written consent of the Required
Lenders), and (z) that any amendment or modification of defined terms used in the financial covenants in this Agreement shall not constitute a reduction in the rate of interest or a reduction of fees for purposes of this clause (iii)),

 (iv) amend, modify, or eliminate this Section or any provision of this Agreement providing for consent or other action by
all Lenders, 
 (v) amend, modify, or eliminate Section 3.1 or 3.2, 

(vi) amend, modify, or eliminate Section 15.11, 
 (vii) other than as permitted by Section 15.11, release Agent’s Lien in and to any of the Collateral, 
 (viii) amend, modify, or eliminate the definitions of “Required Lenders” or “Pro Rata Share”, 

  
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 (ix) contractually subordinate any of Agent’s Liens, 

(x) other than in connection with a merger, liquidation, dissolution or sale of such Person expressly permitted by the terms hereof or
the other Loan Documents, release any Borrower or any Guarantor from any obligation for the payment of money or consent to the assignment or transfer by any Borrower or any Guarantor of any of its rights or duties under this Agreement or the other
Loan Documents, or 
 (xi) amend, modify, or eliminate any of the provisions of Section 2.4(b)(i) or
(ii) or Section 2.4(e) or (f); 
 (b) No amendment, waiver, modification, or consent shall amend,
modify, waive, or eliminate, 
 (i) the definition of, or any of the terms or provisions of, the Fee Letter, without the
written consent of Agent and Borrowers (and shall not require the written consent of any of the Lenders), 
 (ii) any provision
of Section 15 pertaining to Agent, or any other rights or duties of Agent under this Agreement or the other Loan Documents, without the written consent of Agent, Borrowers, and the Required Lenders; 

(c) No amendment, waiver, modification, elimination, or consent shall amend, without written consent of Agent, Borrowers and the
Supermajority Lenders, modify, or eliminate the definition of Borrowing Base or any of the defined terms (including the definitions of Eligible Domestic Accounts, Eligible Foreign Accounts, Eligible Finished Goods Inventory and Eligible Inventory)
that are used in such definition to the extent that any such change results in more credit being made available to Borrowers based upon the Borrowing Base, but not otherwise, or the definition of Maximum Revolver Amount, or change
Section 2.1(c); 
 (d) No amendment, waiver, modification, elimination, or consent shall amend, modify, or waive any
provision of this Agreement or the other Loan Documents pertaining to Issuing Bank, or any other rights or duties of Issuing Bank under this Agreement or the other Loan Documents, without the written consent of Issuing Bank, Agent, Borrowers, and
the Required Lenders; 
 (e) No amendment, waiver, modification, elimination, or consent shall amend, modify, or waive any
provision of this Agreement or the other Loan Documents pertaining to Swing Lender, or any other rights or duties of Swing Lender under this Agreement or the other Loan Documents, without the written consent of Swing Lender, Agent, Borrowers, and
the Required Lenders; and 
 (f) Anything in this Section 14.1 to the contrary notwithstanding, (i) any
amendment, modification, elimination, waiver, consent, termination, or release of, or with respect to, any provision of this Agreement or any other Loan Document that relates only to the relationship of the Lender Group among themselves, and that
does not affect the rights or obligations of any Borrower, shall not require consent by or the agreement of any Loan Party, and (ii) any amendment, waiver, modification, elimination, or consent of or with respect to any provision of this
Agreement or any other Loan Document may be entered into without the consent of, or over the objection of, any Defaulting Lender. 
 14.2 Replacement of Certain Lenders. 
 (a) If (i) any action to
be taken by the Lender Group or Agent hereunder requires the consent, authorization, or agreement of all Lenders or all Lenders affected thereby and if such action has received the consent, authorization, or agreement of the Required Lenders but not
of all Lenders or all Lenders affected thereby, or (ii) any Lender makes a claim for compensation under Section 16, then Borrowers or Agent, upon at least 5 Business Days prior irrevocable notice, may permanently replace any Lender
that failed to give its consent, authorization, or agreement (a “Non-Consenting Lender”) or any Lender that made a claim for compensation (a “Tax Lender”) with one or more Replacement Lenders, and the Non-Consenting
Lender or Tax Lender, as applicable, shall have no right to refuse to be replaced hereunder. Such notice to replace the Non-Consenting Lender or Tax Lender, as applicable, shall specify an effective date for such replacement, which date shall not be
later than 15 Business Days after the date such notice is given. 

  
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 (b) Prior to the effective date of such replacement, the Non-Consenting Lender or Tax
Lender, as applicable, and each Replacement Lender shall execute and deliver an Assignment and Acceptance, subject only to the Non-Consenting Lender or Tax Lender, as applicable, being repaid in full its share of the outstanding Obligations (without
any premium or penalty of any kind whatsoever, but including (i) all interest, fees and other amounts that may be due in payable in respect thereof, and (ii) an assumption of its Pro Rata Share of participations in the Letters of Credit).
If the Non-Consenting Lender or Tax Lender, as applicable, shall refuse or fail to execute and deliver any such Assignment and Acceptance prior to the effective date of such replacement, Agent may, but shall not be required to, execute and deliver
such Assignment and Acceptance in the name or and on behalf of the Non-Consenting Lender or Tax Lender, as applicable, and irrespective of whether Agent executes and delivers such Assignment and Acceptance, the Non-Consenting Lender or Tax Lender,
as applicable, shall be deemed to have executed and delivered such Assignment and Acceptance. The replacement of any Non-Consenting Lender or Tax Lender, as applicable, shall be made in accordance with the terms of Section 13.1. Until
such time as one or more Replacement Lenders shall have acquired all of the Obligations, the Commitments, and the other rights and obligations of the Non-Consenting Lender or Tax Lender, as applicable, hereunder and under the other Loan Documents,
the Non-Consenting Lender or Tax Lender, as applicable, shall remain obligated to make the Non-Consenting Lender’s or Tax Lender’s, as applicable, Pro Rata Share of Revolving Loans and to purchase a participation in each Letter of Credit,
in an amount equal to its Pro Rata Share of participations in such Letters of Credit. 
 14.3 No Waivers; Cumulative
Remedies. No failure by Agent or any Lender to exercise any right, remedy, or option under this Agreement or any other Loan Document, or delay by Agent or any Lender in exercising the same, will operate as a waiver thereof. No waiver by
Agent or any Lender will be effective unless it is in writing, and then only to the extent specifically stated. No waiver by Agent or any Lender on any occasion shall affect or diminish Agent’s and each Lender’s rights thereafter to
require strict performance by Borrowers of any provision of this Agreement. Agent’s and each Lender’s rights under this Agreement and the other Loan Documents will be cumulative and not exclusive of any other right or remedy that Agent or
any Lender may have. 
 15. AGENT; THE LENDER GROUP. 
 15.1 Appointment and Authorization of Agent. Each Lender hereby designates and appoints Wells Fargo as its agent under this Agreement and the other Loan Documents and each Lender hereby
irrevocably authorizes (and by entering into a Bank Product Agreement, each Bank Product Provider shall be deemed to designate, appoint, and authorize) Agent to execute and deliver each of the other Loan Documents on its behalf and to take such
other action on its behalf under the provisions of this Agreement and each other Loan Document and to exercise such powers and perform such duties as are expressly delegated to Agent by the terms of this Agreement or any other Loan Document,
together with such powers as are reasonably incidental thereto. Agent agrees to act as agent for and on behalf of the Lenders (and the Bank Product Providers) on the conditions contained in this Section 15. Any provision to the contrary
contained elsewhere in this Agreement or in any other Loan Document notwithstanding, Agent shall not have any duties or responsibilities, except those expressly set forth herein or in the other Loan Documents, nor shall Agent have or be deemed to
have any fiduciary relationship with any Lender (or Bank Product Provider), 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 Agent. Without limiting the generality of the foregoing, the use of the term “agent” in this Agreement or the other Loan Documents with reference to Agent is not intended to connote any fiduciary or other implied (or express)
obligations arising under agency doctrine of any applicable law. Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only a representative relationship between independent contracting parties. Each
Lender hereby further authorizes (and by entering into a Bank Product Agreement, each Bank Product Provider shall be deemed to authorize) Agent to act as the secured party under each of the Loan Documents that create a Lien on any item of
Collateral. Except as expressly otherwise provided in this Agreement, Agent shall have and may use its sole discretion with respect to exercising or refraining from exercising any discretionary rights or taking or refraining from taking any actions
that Agent expressly is entitled to take or assert under or pursuant to this 

  
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Agreement and the other Loan Documents. Without limiting the generality of the foregoing, or of any other provision of the Loan Documents that provides rights or powers to Agent, Lenders agree
that Agent shall have the right to exercise the following powers as long as this Agreement remains in effect: (a) maintain, in accordance with its customary business practices, ledgers and records reflecting the status of the Obligations, the
Collateral, payments and proceeds of Collateral, and related matters, (b) execute or file any and all financing or similar statements or notices, amendments, renewals, supplements, documents, instruments, proofs of claim, notices and other
written agreements with respect to the Loan Documents, (c) make Revolving Loans, for itself or on behalf of Lenders, as provided in the Loan Documents, (d) exclusively receive, apply, and distribute payments and proceeds of the Collateral
as provided in the Loan Documents, (e) open and maintain such bank accounts and cash management arrangements as Agent deems necessary and appropriate in accordance with the Loan Documents for the foregoing purposes, (f) perform, exercise,
and enforce any and all other rights and remedies of the Lender Group with respect to any Borrower or its Subsidiaries, the Obligations, the Collateral, or otherwise related to any of same as provided in the Loan Documents, and (g) incur and
pay such Lender Group Expenses as Agent may deem necessary or appropriate for the performance and fulfillment of its functions and powers pursuant to the Loan Documents. 
 15.2 Delegation of Duties. Agent may execute any of its duties under this Agreement or any other Loan Document by or through agents, employees or attorneys in fact and shall be entitled to
advice of counsel concerning all matters pertaining to such duties. Agent shall not be responsible for the negligence or misconduct of any agent or attorney in fact that it selects as long as such selection was made without gross negligence or
willful misconduct. 
 15.3 Liability of Agent. None of the Agent-Related Persons shall (a) be liable for any
action taken or omitted to be taken by any of them under or in connection with this Agreement or any other Loan Document or the transactions contemplated hereby (except for its own gross negligence or willful misconduct), or (b) be responsible
in any manner to any of the Lenders (or Bank Product Providers) for any recital, statement, representation or warranty made by any Borrower or any of its Subsidiaries or Affiliates, or any officer or director thereof, contained in this Agreement or
in any other Loan Document, or in any certificate, report, statement or other document referred to or provided for in, or received by Agent under or in connection with, this Agreement or any other Loan Document, or the validity, effectiveness,
genuineness, enforceability or sufficiency of this Agreement or any other Loan Document, or for any failure of any Borrower or its Subsidiaries or any other party to any Loan Document to perform its obligations hereunder or thereunder. No
Agent-Related Person shall be under any obligation to any Lenders (or Bank Product Providers) 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 books and records or properties of any Borrower or its Subsidiaries. 
 15.4 Reliance by
Agent. Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, resolution, notice, consent, certificate, affidavit, letter, telegram, telefacsimile or other electronic method of transmission, telex or
telephone message, statement or other document or conversation believed by it to be genuine and correct and to have been signed, sent, or made by the proper Person or Persons, and upon advice and statements of legal counsel (including counsel to
Borrowers or counsel to any Lender), independent accountants and other experts selected by Agent. Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other Loan Document unless Agent shall first
receive such advice or concurrence of the Lenders as it deems appropriate and until such instructions are received, Agent shall act, or refrain from acting, as it deems advisable. If Agent so requests, it shall first be indemnified to its reasonable
satisfaction by the Lenders (and, if it so elects, the Bank Product Providers) against any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action. Agent shall in all cases be fully
protected in acting, or in refraining from acting, under this Agreement or any other Loan Document in accordance with a request or consent of the Required Lenders and such request and any action taken or failure to act pursuant thereto shall be
binding upon all of the Lenders (and Bank Product Providers). 
 15.5 Notice of Default or Event of Default. Agent
shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default, except with respect to defaults in the payment of principal, interest, fees, and expenses required to be paid to Agent for the account of the
Lenders and, except with respect to 

  
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Events of Default of which Agent has actual knowledge, unless Agent shall have received written notice from a Lender or Borrowers referring to this Agreement, describing such Default or Event of
Default, and stating that such notice is a “notice of default.” Agent promptly will notify the Lenders of its receipt of any such notice or of any Event of Default of which Agent has actual knowledge. If any Lender obtains actual knowledge
of any Event of Default, such Lender promptly shall notify the other Lenders and Agent of such Event of Default. Each Lender shall be solely responsible for giving any notices to its Participants, if any. Subject to Section 15.4, Agent
shall take such action with respect to such Default or Event of Default as may be requested by the Required Lenders in accordance with Section 9; provided, that unless and until Agent has received any such request, 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. 
 15.6 Credit Decision. Each Lender (and Bank Product Provider) acknowledges that none of the Agent-Related Persons has made any representation or warranty to it, and that no act by Agent
hereinafter taken, including any review of the affairs of any Borrower and its Subsidiaries or Affiliates, shall be deemed to constitute any representation or warranty by any Agent-Related Person to any Lender (or Bank Product Provider). Each Lender
represents (and by entering into a Bank Product Agreement, each Bank Product Provider shall be deemed to represent) to Agent that it has, independently and without reliance upon any Agent-Related Person and based on such due diligence, documents and
information as it has deemed appropriate, made its own appraisal of and investigation into the business, prospects, operations, property, financial and other condition and creditworthiness of each Borrower or any other Person party to a Loan
Document, and all applicable bank regulatory laws relating to the transactions contemplated hereby, and made its own decision to enter into this Agreement and to extend credit to Borrowers. Each Lender also represents (and by entering into a Bank
Product Agreement, each Bank Product Provider shall be deemed to represent) that it will, independently and without reliance upon any Agent-Related Person 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 investigations as it deems necessary to inform itself as to the business, prospects,
operations, property, financial and other condition and creditworthiness of each Borrower or any other Person party to a Loan Document. Except for notices, reports, and other documents expressly herein required to be furnished to the Lenders by
Agent, Agent shall not have any duty or responsibility to provide any Lender (or Bank Product Provider) with any credit or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness
of any Borrower or any other Person party to a Loan Document that may come into the possession of any of the Agent-Related Persons. Each Lender acknowledges (and by entering into a Bank Product Agreement, each Bank Product Provider shall be deemed
to acknowledge) that Agent does not have any duty or responsibility, either initially or on a continuing basis (except to the extent, if any, that is expressly specified herein) to provide such Lender (or Bank Product Provider) with any credit or
other information with respect to any Borrower, its Affiliates or any of their respective business, legal, financial or other affairs, and irrespective of whether such information came into Agent’s or its Affiliates’ or
representatives’ possession before or after the date on which such Lender became a party to this Agreement (or such Bank Product Provider entered into a Bank Product Agreement). 

15.7 Costs and Expenses; Indemnification. Agent may incur and pay Lender Group Expenses to the extent Agent reasonably
deems necessary or appropriate for the performance and fulfillment of its functions, powers, and obligations pursuant to the Loan Documents, including court costs, attorneys fees and expenses, fees and expenses of financial accountants, advisors,
consultants, and appraisers, costs of collection by outside collection agencies, auctioneer fees and expenses, and costs of security guards or insurance premiums paid to maintain the Collateral, whether or not Borrowers are obligated to reimburse
Agent or Lenders for such expenses pursuant to this Agreement or otherwise. Agent is authorized and directed to deduct and retain sufficient amounts from payments or proceeds of the Collateral received by Agent to reimburse Agent for such
out-of-pocket costs and expenses prior to the distribution of any amounts to Lenders (or Bank Product Providers). In the event Agent is not reimbursed for such costs and expenses by Borrowers or their Subsidiaries, each Lender hereby agrees that it
is and shall be obligated to pay to Agent such Lender’s ratable portion thereof. Whether or not the transactions contemplated hereby are consummated, each of the Lenders, on a ratable basis, shall indemnify and defend the Agent-Related Persons
(to the extent not reimbursed by or on behalf of Borrowers and without limiting the obligation of Borrowers to do so) from and against any and all Indemnified Liabilities; provided, that no Lender

  
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shall be liable for the payment to any Agent-Related Person of any portion of such Indemnified Liabilities resulting solely from such Person’s gross negligence or willful misconduct nor
shall any Lender be liable for the obligations of any Defaulting Lender in failing to make a Revolving Loan or other extension of credit hereunder. Without limitation of the foregoing, each Lender shall reimburse Agent upon demand for such
Lender’s ratable share of any costs or out of pocket expenses (including attorneys, accountants, advisors, and consultants fees and expenses) incurred by Agent in connection with the preparation, execution, delivery, administration,
modification, amendment, or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement or any other Loan Document to the extent that Agent is not
reimbursed for such expenses by or on behalf of Borrowers. The undertaking in this Section shall survive the payment of all Obligations hereunder and the resignation or replacement of Agent. 

15.8 Agent in Individual Capacity. Wells Fargo and its Affiliates may make loans to, issue letters of credit for the
account of, accept deposits from, provide Bank Products to, acquire Equity Interests in, and generally engage in any kind of banking, trust, financial advisory, underwriting, or other business with any Borrower and its Subsidiaries and Affiliates
and any other Person party to any Loan Document as though Wells Fargo were not Agent hereunder, and, in each case, without notice to or consent of the other members of the Lender Group. The other members of the Lender Group acknowledge (and by
entering into a Bank Product Agreement, each Bank Product Provider shall be deemed to acknowledge) that, pursuant to such activities, Wells Fargo or its Affiliates may receive information regarding a Borrower or its Affiliates or any other Person
party to any Loan Documents that is subject to confidentiality obligations in favor of such Borrower or such other Person and that prohibit the disclosure of such information to the Lenders (or Bank Product Providers), and the Lenders acknowledge
(and by entering into a Bank Product Agreement, each Bank Product Provider shall be deemed to acknowledge) that, in such circumstances (and in the absence of a waiver of such confidentiality obligations, which waiver Agent will use its reasonable
best efforts to obtain), Agent shall not be under any obligation to provide such information to them. The terms “Lender” and “Lenders” include Wells Fargo in its individual capacity. 

15.9 Successor Agent. Agent may resign as Agent upon 30 days (10 days if an Event of Default has occurred and is
continuing) prior written notice to the Lenders (unless such notice is waived by the Required Lenders) and Borrowers (unless such notice is waived by Borrowers) and without any notice to the Bank Product Providers. If Agent resigns under this
Agreement, the Required Lenders shall be entitled, with (so long as no Event of Default has occurred and is continuing) the consent of Borrowers (such consent not to be unreasonably withheld, delayed, or conditioned), appoint a successor Agent for
the Lenders (and the Bank Product Providers). If, at the time that Agent’s resignation is effective, it is acting as Issuing Bank or the Swing Lender, such resignation shall also operate to effectuate its resignation as Issuing Bank or the
Swing Lender, as applicable, and it shall automatically be relieved of any further obligation to issue Letters of Credit, or to make Swing Loans. If no successor Agent is appointed prior to the effective date of the resignation of Agent, Agent may
appoint, after consulting with the Lenders and Borrowers, a successor Agent. If Agent has materially breached or failed to perform any material provision of this Agreement or of applicable law, the Required Lenders may agree in writing to remove and
replace Agent with a successor Agent from among the Lenders with (so long as no Event of Default has occurred and is continuing) the consent of Borrowers (such consent not to be unreasonably withheld, delayed, or conditioned). In any such event,
upon the acceptance of its appointment as successor Agent hereunder, such successor Agent shall succeed to all the rights, powers, and duties of the retiring Agent and the term “Agent” shall mean such successor Agent and the retiring
Agent’s appointment, powers, and duties as Agent shall be terminated. After any retiring Agent’s resignation hereunder as Agent, the provisions of this Section 15 shall inure to its benefit as to any actions taken or omitted to
be taken by it while it was Agent under this Agreement. If no successor Agent has accepted appointment as Agent by the date which is 30 days following a retiring Agent’s notice of resignation, the retiring Agent’s resignation shall
nevertheless thereupon become effective and the Lenders shall perform all of the duties of Agent hereunder until such time, if any, as the Lenders appoint a successor Agent as provided for above. 

15.10 Lender in Individual Capacity. Any Lender and its respective Affiliates may make loans to, issue letters of credit
for the account of, accept deposits from, provide Bank Products to, acquire Equity Interests in and generally engage in any kind of banking, trust, financial advisory, underwriting, or other business with any Borrower and its Subsidiaries and
Affiliates and any other Person party to any Loan Documents as though such 

  
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Lender were not a Lender hereunder without notice to or consent of the other members of the Lender Group (or the Bank Product Providers). The other members of the Lender Group acknowledge (and by
entering into a Bank Product Agreement, each Bank Product Provider shall be deemed to acknowledge) that, pursuant to such activities, such Lender and its respective Affiliates may receive information regarding a Borrower or its Affiliates or any
other Person party to any Loan Documents that is subject to confidentiality obligations in favor of such Borrower or such other Person and that prohibit the disclosure of such information to the Lenders, and the Lenders acknowledge (and by entering
into a Bank Product Agreement, each Bank Product Provider shall be deemed to acknowledge) that, in such circumstances (and in the absence of a waiver of such confidentiality obligations, which waiver such Lender will use its reasonable best efforts
to obtain), such Lender shall not be under any obligation to provide such information to them. 
 15.11 Collateral
Matters. 
 (a) The Lenders hereby irrevocably authorize (and by entering into a Bank Product Agreement, each Bank
Product Provider shall be deemed to authorize) Agent to release any Lien on any Collateral (i) upon the termination of the Commitments and payment and satisfaction in full by Borrowers of all of the Obligations, (ii) constituting property
being sold or disposed of if a release is required or desirable in connection therewith and if Borrowers certify to Agent that the sale or disposition is permitted under Section 6.4 (and Agent may rely conclusively on any such
certificate, without further inquiry), (iii) constituting property in which no Borrower or its Subsidiaries owned any interest at the time Agent’s Lien was granted nor at any time thereafter, (iv) constituting property leased or
licensed to a Borrower or its Subsidiaries under a lease or license that has expired or is terminated in a transaction permitted under this Agreement, or (v) in connection with a credit bid or purchase authorized under this
Section 15.11. The Loan Parties and the Lenders hereby irrevocably authorize (and by entering into a Bank Product Agreement, each Bank Product Provider shall be deemed to authorize) Agent, based upon the instruction of the Required
Lenders, to (a) consent to, credit bid or purchase (either directly or indirectly through one or more entities) all or any portion of the Collateral at any sale thereof conducted under the provisions of the Bankruptcy Code, including
Section 363 of the Bankruptcy Code, (b) credit bid or purchase (either directly or indirectly through one or more entities) all or any portion of the Collateral at any sale or other disposition thereof conducted under the provisions of the
Code, including pursuant to Sections 9-610 or 9-620 of the Code, or (c) credit bid or purchase (either directly or indirectly through one or more entities) all or any portion of the Collateral at any other sale or foreclosure conducted or
consented to by Agent in accordance with applicable law in any judicial action or proceeding or by the exercise of any legal or equitable remedy. In connection with any such credit bid or purchase, (i) the Obligations owed to the Lenders and
the Bank Product Providers shall be entitled to be, and shall be, credit bid on a ratable basis (with Obligations with respect to contingent or unliquidated claims being estimated for such purpose if the fixing or liquidation thereof would not
impair or unduly delay the ability of Agent to credit bid or purchase at such sale or other disposition of the Collateral and, if such contingent or unliquidated claims cannot be estimated without impairing or unduly delaying the ability of Agent to
credit bid at such sale or other disposition, then such claims shall be disregarded, not credit bid, and not entitled to any interest in the Collateral that is the subject of such credit bid or purchase) and the Lenders and the Bank Product
Providers whose Obligations are credit bid shall be entitled to receive interests (ratably based upon the proportion of their Obligations credit bid in relation to the aggregate amount of Obligations so credit bid) in the Collateral that is the
subject of such credit bid or purchase (or in the Equity Interests of the any entities that are used to consummate such credit bid or purchase), and (ii) Agent, based upon the instruction of the Required Lenders, may accept non-cash
consideration, including debt and equity securities issued by any entities used to consummate such credit bid or purchase and in connection therewith Agent may reduce the Obligations owed to the Lenders and the Bank Product Providers (ratably based
upon the proportion of their Obligations credit bid in relation to the aggregate amount of Obligations so credit bid) based upon the value of such non-cash consideration. Except as provided above, Agent will not execute and deliver a release of any
Lien on any Collateral without the prior written authorization of (y) if the release is of all or substantially all of the Collateral, all of the Lenders (without requiring the authorization of the Bank Product Providers), or
(z) otherwise, the Required Lenders (without requiring the authorization of the Bank Product Providers). Upon request by Agent or Borrowers at any time, the Lenders will (and if so requested, the Bank Product Providers will) confirm in writing
Agent’s authority to release any such Liens on particular types or items of Collateral pursuant to this Section 15.11; provided, that (1) anything to the contrary contained in any of the Loan Documents notwithstanding,
Agent shall not be required to execute any 

  
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document or take any action necessary to evidence such release on terms that, in Agent’s opinion, could expose Agent to liability or create any obligation or entail any consequence other
than the release of such Lien without recourse, representation, or warranty, and (2) such release shall not in any manner discharge, affect, or impair the Obligations or any Liens (other than those expressly released) upon (or obligations of
Borrowers in respect of) any and all interests retained by any Borrower, including, the proceeds of any sale, all of which shall continue to constitute part of the Collateral. Each Lender further hereby irrevocably authorize (and by entering into a
Bank Product Agreement, each Bank Product Provider shall be deemed to irrevocably authorize) Agent, at its option and in its sole discretion, to subordinate any Lien granted to or held by Agent under any Loan Document to the holder of any Permitted
Lien on such property if such Permitted Lien secures Permitted Purchase Money Indebtedness. 
 (b) Agent shall have no
obligation whatsoever to any of the Lenders (or the Bank Product Providers) (i) to verify or assure that the Collateral exists or is owned by Borrowers or their Subsidiaries or is cared for, protected, or insured or has been encumbered,
(ii) to verify or assure that Agent’s Liens have been properly or sufficiently or lawfully created, perfected, protected, or enforced or are entitled to any particular priority, (iii) to verify or assure that any particular items of
Collateral meet the eligibility criteria applicable in respect thereof, (iv) to impose, maintain, increase, reduce, implement, or eliminate any particular reserve hereunder or to determine whether the amount of any reserve is appropriate or
not, or (v) to exercise at all or in any particular manner or under any duty of care, disclosure or fidelity, or to continue exercising, any of the rights, authorities and powers granted or available to Agent pursuant to any of the Loan
Documents, it being understood and agreed that in respect of the Collateral, or any act, omission, or event related thereto, subject to the terms and conditions contained herein, Agent may act in any manner it may deem appropriate, in its sole
discretion given Agent’s own interest in the Collateral in its capacity as one of the Lenders and that Agent shall have no other duty or liability whatsoever to any Lender (or Bank Product Provider) as to any of the foregoing, except as
otherwise expressly provided herein. 
 15.12 Restrictions on Actions by Lenders; Sharing of Payments. 

(a) Each of the Lenders agrees that it shall not, without the express written consent of Agent, and that it shall, to the extent it is
lawfully entitled to do so, upon the written request of Agent, set off against the Obligations, any amounts owing by such Lender to any Borrower or its Subsidiaries or any deposit accounts of any Borrower or its Subsidiaries now or hereafter
maintained with such Lender. Each of the Lenders further agrees that it shall not, unless specifically requested to do so in writing by Agent, take or cause to be taken any action, including, the commencement of any legal or equitable proceedings to
enforce any Loan Document against any Borrower or any Guarantor or to foreclose any Lien on, or otherwise enforce any security interest in, any of the Collateral. 
 (b) If, at any time or times any Lender shall receive (i) by payment, foreclosure, setoff, or otherwise, any proceeds of Collateral or any payments with respect to the Obligations, except for any
such proceeds or payments received by such Lender from Agent pursuant to the terms of this Agreement, or (ii) payments from Agent in excess of such Lender’s Pro Rata Share of all such distributions by Agent, such Lender promptly shall
(A) turn the same over to Agent, in kind, and with such endorsements as may be required to negotiate the same to Agent, or in immediately available funds, as applicable, for the account of all of the Lenders and for application to the
Obligations in accordance with the applicable provisions of this Agreement, or (B) purchase, without recourse or warranty, an undivided interest and participation in the Obligations owed to the other Lenders so that such excess payment received
shall be applied ratably as among the Lenders in accordance with their Pro Rata Shares; provided, that to the extent that such excess payment received by the purchasing party is thereafter recovered from it, those purchases of participations
shall be rescinded in whole or in part, as applicable, and the applicable portion of the purchase price paid therefor shall be returned to such purchasing party, but without interest except to the extent that such purchasing party is required to pay
interest in connection with the recovery of the excess payment. 
 15.13 Agency for Perfection. Agent hereby
appoints each other Lender (and each Bank Product Provider) as its agent (and each Lender hereby accepts (and by entering into a Bank Product Agreement, each Bank Product Provider shall be deemed to accept) such appointment) for the purpose of
perfecting Agent’s Liens in assets which, in accordance with Article 8 or Article 9, as applicable, of the Code can be perfected by possession or control. Should any Lender obtain possession or control of any such Collateral, such Lender shall
notify Agent thereof, and, promptly upon Agent’s request therefor shall deliver possession or control of such Collateral to Agent or in accordance with Agent’s instructions. 

  
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 15.14 Payments by Agent to the Lenders. All payments to be made by Agent to
the Lenders (or Bank Product Providers) shall be made by bank wire transfer of immediately available funds pursuant to such wire transfer instructions as each party may designate for itself by written notice to Agent. Concurrently with each such
payment, Agent shall identify whether such payment (or any portion thereof) represents principal, premium, fees, or interest of the Obligations. 
 15.15 Concerning the Collateral and Related Loan Documents. Each member of the Lender Group authorizes and directs Agent to enter into this Agreement and the other Loan Documents. Each
member of the Lender Group agrees (and by entering into a Bank Product Agreement, each Bank Product Provider shall be deemed to agree) that any action taken by Agent in accordance with the terms of this Agreement or the other Loan Documents relating
to the Collateral and the exercise by Agent of its powers set forth therein or herein, together with such other powers that are reasonably incidental thereto, shall be binding upon all of the Lenders (and such Bank Product Provider). 

15.16 Field Examination Reports; Confidentiality; Disclaimers by Lenders; Other Reports and Information. By becoming a
party to this Agreement, each Lender: 
 (a) is deemed to have requested that Agent furnish such Lender, promptly after it
becomes available, a copy of each field examination report respecting any Borrower or its Subsidiaries (each, a “Report”) prepared by or at the request of Agent, and Agent shall so furnish each Lender with such Reports, 

(b) expressly agrees and acknowledges that Agent does not (i) make any representation or warranty as to the accuracy of any Report,
and (ii) shall not be liable for any information contained in any Report, 
 (c) expressly agrees and acknowledges that the
Reports are not comprehensive audits or examinations, that Agent or other party performing any field examination will inspect only specific information regarding Borrowers and their Subsidiaries and will rely significantly upon Borrowers’ and
their Subsidiaries’ books and records, as well as on representations of Borrowers’ personnel, 
 (d) agrees to keep
all Reports and other material, non-public information regarding Borrowers and their Subsidiaries and their operations, assets, and existing and contemplated business plans in a confidential manner in accordance with Section 17.9, and

 (e) without limiting the generality of any other indemnification provision contained in this Agreement, agrees: (i) to
hold Agent and any other Lender preparing a Report harmless from any action the indemnifying Lender may take or fail to take or any conclusion the indemnifying Lender may reach or draw from any Report in connection with any loans or other credit
accommodations that the indemnifying Lender has made or may make to Borrowers, or the indemnifying Lender’s participation in, or the indemnifying Lender’s purchase of, a loan or loans of Borrowers, and (ii) to pay and protect, and
indemnify, defend and hold Agent, and any such other Lender preparing a Report harmless from and against, the claims, actions, proceedings, damages, costs, expenses, and other amounts (including, attorneys fees and costs) incurred by Agent and any
such other Lender preparing a Report as the direct or indirect result of any third parties who might obtain all or part of any Report through the indemnifying Lender. 
 (f) In addition to the foregoing, (x) any Lender may from time to time request of Agent in writing that Agent provide to such Lender a copy of any report or document provided by any Borrower or its
Subsidiaries to Agent that has not been contemporaneously provided by such Borrower or such Subsidiary to such Lender, and, upon receipt of such request, Agent promptly shall provide a copy of same to such Lender, (y) to the extent that Agent
is entitled, under any provision of the Loan Documents, to request additional reports or information from any Borrower or its Subsidiaries, any Lender may, from time to time, reasonably request Agent to exercise such right as specified in such
Lender’s notice to Agent, whereupon Agent promptly shall request of Borrowers the additional reports or information reasonably specified by such Lender, and, upon receipt thereof 

  
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from such Borrower or such Subsidiary, Agent promptly shall provide a copy of same to such Lender, and (z) any time that Agent renders to Borrowers a statement regarding the Loan Account,
Agent shall send a copy of such statement to each Lender. 
 15.17 Several Obligations; No Liability.
Notwithstanding that certain of the Loan Documents now or hereafter may have been or will be executed only by or in favor of Agent in its capacity as such, and not by or in favor of the Lenders, any and all obligations on the part of Agent (if
any) to make any credit available hereunder shall constitute the several (and not joint) obligations of the respective Lenders on a ratable basis, according to their respective Commitments, to make an amount of such credit not to exceed, in
principal amount, at any one time outstanding, the amount of their respective Commitments. Nothing contained herein shall confer upon any Lender any interest in, or subject any Lender to any liability for, or in respect of, the business, assets,
profits, losses, or liabilities of any other Lender. Each Lender shall be solely responsible for notifying its Participants of any matters relating to the Loan Documents to the extent any such notice may be required, and no Lender shall have any
obligation, duty, or liability to any Participant of any other Lender. Except as provided in Section 15.7, no member of the Lender Group shall have any liability for the acts of any other member of the Lender Group. No Lender shall be
responsible to any Borrower or any other Person for any failure by any other Lender (or Bank Product Provider) to fulfill its obligations to make credit available hereunder, nor to advance for such Lender (or Bank Product Provider) or on its behalf,
nor to take any other action on behalf of such Lender (or Bank Product Provider) hereunder or in connection with the financing contemplated herein. 
 16. WITHHOLDING TAXES. 
 16.1 Payments. All payments
made by Borrowers hereunder or under any note or other Loan Document will be made without setoff, counterclaim, or other defense. In addition, all such payments will be made free and clear of, and without deduction or withholding for, any present or
future Indemnified Taxes, and in the event any deduction or withholding of Indemnified Taxes is required, Borrowers shall comply with the next sentence of this Section 16.1. If any Indemnified Taxes are so levied or imposed, Borrowers
agree to pay the full amount of such Indemnified Taxes and such additional amounts as may be necessary so that every payment of all amounts due under this Agreement, any note, or Loan Document, including any amount paid pursuant to this
Section 16.1 after withholding or deduction for or on account of any Indemnified Taxes, will not be less than the amount provided for herein; provided, that Borrowers shall not be required to increase any such amounts to the
extent that the increase in such amount payable results from Agent’s or such Lender’s own willful misconduct or gross negligence (as finally determined by a court of competent jurisdiction). Borrowers will furnish to Agent as promptly as
possible after the date the payment of any Indemnified Tax is due pursuant to applicable law, certified copies of tax receipts evidencing such payment by Borrowers. Borrowers agree to pay any present or future stamp, value added or documentary taxes
or any other excise or property taxes, charges, or similar levies that arise from any payment made hereunder or from the execution, delivery, performance, recordation, or filing of, or otherwise with respect to this Agreement or any other Loan
Document. 
 16.2 Exemptions. 
 (a) If a Lender or Participant is entitled to claim an exemption or reduction from United States withholding tax, such Lender or Participant agrees with and in favor of Agent, to deliver to Agent (or, in
the case of a Participant, to the Lender granting the participation only) one of the following before receiving its first payment under this Agreement: 
 (i) if such Lender or Participant is entitled to claim an exemption from United States withholding tax pursuant to the portfolio interest exception, (A) a statement of the Lender or Participant,
signed under penalty of perjury, that it is not a (I) a “bank” as described in Section 881(c)(3)(A) of the IRC, (II) a 10% shareholder of Administrative Borrower (within the meaning of Section 871(h)(3)(B) of the IRC),
or (III) a controlled foreign corporation related to Borrowers within the meaning of Section 864(d)(4) of the IRC, and (B) a properly completed and executed IRS Form W-8BEN or Form W-8IMY (with proper attachments); 

  
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 (ii) if such Lender or Participant is entitled to claim an exemption from, or a reduction
of, withholding tax under a United States tax treaty, a properly completed and executed copy of IRS Form W-8BEN; 
 (iii) if
such Lender or Participant is entitled to claim that interest paid under this Agreement is exempt from United States withholding tax because it is effectively connected with a United States trade or business of such Lender, a properly completed and
executed copy of IRS Form W-8ECI; 
 (iv) if such Lender or Participant is entitled to claim that interest paid under this
Agreement is exempt from United States withholding tax because such Lender or Participant serves as an intermediary, a properly completed and executed copy of IRS Form W-8IMY (with proper attachments); or 

(v) a properly completed and executed copy of any other form or forms, including IRS Form W-9, as may be required under the IRC or other
laws of the United States as a condition to exemption from, or reduction of, United States withholding or backup withholding tax. 
 (b) Each Lender or Participant shall provide new forms (or successor forms) upon the expiration or obsolescence of any previously delivered forms and to promptly notify Agent (or, in the case of a
Participant, to the Lender granting the participation only) of any change in circumstances which would modify or render invalid any claimed exemption or reduction. 
 (c) If a Lender or Participant claims an exemption from withholding tax in a jurisdiction other than the United States, such Lender or such Participant agrees with and in favor of Agent, to deliver to
Agent (or, in the case of a Participant, to the Lender granting the participation only) any such form or forms, as may be required under the laws of such jurisdiction as a condition to exemption from, or reduction of, foreign withholding or backup
withholding tax before receiving its first payment under this Agreement, but only if such Lender or such Participant is legally able to deliver such forms, provided, that nothing in this Section 16.2(c) shall require a Lender or
Participant to disclose any information that it deems to be confidential (including without limitation, its tax returns). Each Lender and each Participant shall provide new forms (or successor forms) upon the expiration or obsolescence of any
previously delivered forms and to promptly notify Agent (or, in the case of a Participant, to the Lender granting the participation only) of any change in circumstances which would modify or render invalid any claimed exemption or reduction.

 (d) If a Lender or Participant claims exemption from, or reduction of, withholding tax and such Lender or Participant sells,
assigns, grants a participation in, or otherwise transfers all or part of the Obligations of Borrowers to such Lender or Participant, such Lender or Participant agrees to notify Agent (or, in the case of a sale of a participation interest, to the
Lender granting the participation only) of the percentage amount in which it is no longer the beneficial owner of Obligations of Borrowers to such Lender or Participant. To the extent of such percentage amount, Agent will treat such Lender’s or
such Participant’s documentation provided pursuant to Section 16.2(a) or 16.2(c) as no longer valid. With respect to such percentage amount, such Participant or Assignee may provide new documentation, pursuant to
Section 16.2(a) or 16.2(c), if applicable. Borrowers agree that each Participant shall be entitled to the benefits of this Section 16 with respect to its participation in any portion of the Commitments and the
Obligations so long as such Participant complies with the obligations set forth in this Section 16 with respect thereto. 
 16.3 Reductions. 
 (a) If a Lender or a Participant is entitled to a
reduction in the applicable withholding tax, Agent (or, in the case of a Participant, to the Lender granting the participation) may withhold from any interest payment to such Lender or such Participant an amount equivalent to the applicable
withholding tax after taking into account such reduction. If the forms or other documentation required by Section 16.2(a) or 16.2(c) are not delivered to Agent (or, in the case of a Participant, to the Lender granting the
participation), then Agent (or, in the case of a Participant, to the Lender granting the participation) may withhold from any interest payment to such Lender or such Participant not providing such forms or other documentation an amount equivalent to
the applicable withholding tax. 

  
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 (b) If the IRS or any other Governmental Authority of the United States or other
jurisdiction asserts a claim that Agent (or, in the case of a Participant, to the Lender granting the participation) did not properly withhold tax from amounts paid to or for the account of any Lender or any Participant due to a failure on the part
of the Lender or any Participant (because the appropriate form was not delivered, was not properly executed, or because such Lender failed to notify Agent (or such Participant failed to notify the Lender granting the participation) of a change in
circumstances which rendered the exemption from, or reduction of, withholding tax ineffective, or for any other reason) such Lender shall indemnify and hold Agent harmless (or, in the case of a Participant, such Participant shall indemnify and hold
the Lender granting the participation harmless) for all amounts paid, directly or indirectly, by Agent (or, in the case of a Participant, to the Lender granting the participation), as tax or otherwise, including penalties and interest, and including
any taxes imposed by any jurisdiction on the amounts payable to Agent (or, in the case of a Participant, to the Lender granting the participation only) under this Section 16, together with all costs and expenses (including attorneys fees
and expenses). The obligation of the Lenders and the Participants under this subsection shall survive the payment of all Obligations and the resignation or replacement of Agent. 

16.4 Refunds. If Agent or a Lender determines, in its sole discretion, that it has received a refund of any Indemnified
Taxes to which Borrowers have paid additional amounts pursuant to this Section 16, so long as no Default or Event of Default has occurred and is continuing, it shall pay over such refund to Borrowers (but only to the extent of payments
made, or additional amounts paid, by Borrowers under this Section 16 with respect to Indemnified Taxes giving rise to such a refund), net of all out-of-pocket expenses of Agent or such Lender and without interest (other than any interest
paid by the applicable Governmental Authority with respect to such a refund); provided, that Borrowers, upon the request of Agent or such Lender, agrees to repay the amount paid over to Borrowers (plus any penalties, interest or other charges,
imposed by the applicable Governmental Authority, other than such penalties, interest or other charges imposed as a result of the willful misconduct or gross negligence of Agent hereunder) to Agent or such Lender in the event Agent or such Lender is
required to repay such refund to such Governmental Authority. Notwithstanding anything in this Agreement to the contrary, this Section 16 shall not be construed to require Agent or any Lender to make available its tax returns (or any
other information which it deems confidential) to Borrowers or any other Person. 
 17. GENERAL PROVISIONS. 

17.1 Effectiveness. This Agreement shall be binding and deemed effective when executed by each Borrower, Agent, and each
Lender whose signature is provided for on the signature pages hereof. 
 17.2 Section Headings. Headings and
numbers have been set forth herein for convenience only. Unless the contrary is compelled by the context, everything contained in each Section applies equally to this entire Agreement. 

17.3 Interpretation. Neither this Agreement nor any uncertainty or ambiguity herein shall be construed against the Lender
Group or any Borrower, whether under any rule of construction or otherwise. On the contrary, this Agreement has been reviewed by all parties and shall be construed and interpreted according to the ordinary meaning of the words used so as to
accomplish fairly the purposes and intentions of all parties hereto. 
 17.4 Severability of Provisions. Each
provision of this Agreement shall be severable from every other provision of this Agreement for the purpose of determining the legal enforceability of any specific provision. 
 17.5 Bank Product Providers. 
 Each Bank Product Provider in its
capacity as such shall be deemed a third party beneficiary hereof and of the provisions of the other Loan Documents for purposes of any reference in a Loan Document to the parties for whom Agent is acting. Agent hereby agrees to act as agent for
such Bank Product Providers and, by virtue of entering into a Bank Product Agreement, the applicable Bank Product Provider shall be automatically deemed to 

  
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have appointed Agent as its agent and to have accepted the benefits of the Loan Documents. It is understood and agreed that the rights and benefits of each Bank Product Provider under the Loan
Documents consist exclusively of such Bank Product Provider’s being a beneficiary of the Liens and security interests (and, if applicable, guarantees) granted to Agent and the right to share in payments and collections out of the Collateral as
more fully set forth herein. In addition, each Bank Product Provider, by virtue of entering into a Bank Product Agreement, shall be automatically deemed to have agreed that Agent shall have the right, but shall have no obligation, to establish,
maintain, relax, or release reserves in respect of the Bank Product Obligations and that if reserves are established there is no obligation on the part of Agent to determine or insure whether the amount of any such reserve is appropriate or not. In
connection with any such distribution of payments or proceeds of Collateral, Agent shall be entitled to assume no amounts are due or owing to any Bank Product Provider unless such Bank Product Provider has provided a written certification (setting
forth a reasonably detailed calculation) to Agent as to the amounts that are due and owing to it and such written certification is received by Agent a reasonable period of time prior to the making of such distribution. Agent shall have no obligation
to calculate the amount due and payable with respect to any Bank Products, but may rely upon the written certification of the amount due and payable from the applicable Bank Product Provider. In the absence of an updated certification, Agent shall
be entitled to assume that the amount due and payable to the applicable Bank Product Provider is the amount last certified to Agent by such Bank Product Provider as being due and payable (less any distributions made to such Bank Product Provider on
account thereof). Borrowers may obtain Bank Products from any Bank Product Provider, although Borrowers are not required to do so. Each Borrower acknowledges and agrees that no Bank Product Provider has committed to provide any Bank Products and
that the providing of Bank Products by any Bank Product Provider is in the sole and absolute discretion of such Bank Product Provider. Notwithstanding anything to the contrary in this Agreement or any other Loan Document, no provider or holder of
any Bank Product shall have any voting or approval rights hereunder (or be deemed a Lender) solely by virtue of its status as the provider or holder of such agreements or products or the Obligations owing thereunder, nor shall the consent of any
such provider or holder be required (other than in their capacities as Lenders, to the extent applicable) for any matter hereunder or under any of the other Loan Documents, including as to any matter relating to the Collateral or the release of
Collateral or Guarantors. 
 17.6 Creditor Relationship. The relationship between the Lenders and Agent, on the
one hand, and the Loan Parties, on the other hand, is solely that of creditor and debtor. No member of the Lender Group has (or shall be deemed to have) any fiduciary relationship or duty to any Loan Party arising out of or in connection with the
Loan Documents or the transactions contemplated thereby, and there is no agency or joint venture relationship between the members of the Lender Group, on the one hand, and the Loan Parties, on the other hand, by virtue of any Loan Document or any
transaction contemplated therein. 
 17.7 Counterparts; Electronic Execution. This Agreement may be executed in
any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Agreement.
Delivery of an executed counterpart of this Agreement by telefacsimile or other electronic method of transmission shall be equally as effective as delivery of an original executed counterpart of this Agreement. Any party delivering an executed
counterpart of this Agreement by telefacsimile or other electronic method of transmission also shall deliver an original executed counterpart of this Agreement but the failure to deliver an original executed counterpart shall not affect the
validity, enforceability, and binding effect of this Agreement. The foregoing shall apply to each other Loan Document mutatis mutandis. 
 17.8 Revival and Reinstatement of Obligations; Certain Waivers. If any member of the Lender Group or any Bank Product Provider repays, refunds, restores, or returns in
whole or in part, any payment or property (including any proceeds of Collateral) previously paid or transferred to such member of the Lender Group or such Bank Product Provider in full or partial satisfaction
of any Obligation or on account of any other obligation of any Loan Party under any Loan Document or any Bank Product Agreement, because the payment, transfer, or the incurrence of the obligation so satisfied is
asserted or declared to be void, voidable, or otherwise recoverable under any law relating to creditors’ rights, including provisions of the Bankruptcy Code relating to fraudulent transfers, preferences, or other voidable or
recoverable obligations or transfers (each, a “Voidable Transfer”), or because such member of the Lender Group or Bank Product Provider elects to do so on the 

  
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reasonable advice of its counsel in connection with a claim that the payment, transfer, or incurrence is or may be a Voidable Transfer, then, as to any such Voidable Transfer, or the
amount thereof that such member of the Lender Group or Bank Product Provider elects to repay, restore, or return (including pursuant to a settlement of any claim in respect thereof), and as to all reasonable costs, expenses, and
attorneys fees of such member of the Lender Group or Bank Product Provider related thereto, (i) the liability of the Loan Parties with respect to the amount or property paid, refunded, restored, or returned will automatically and
immediately be revived, reinstated, and restored and will exist and (ii) Agent’s Liens securing such liability shall be effective, revived, and remain in full force and effect, in each case, as fully as if such Voidable
Transfer had never been made. If, prior to any of the foregoing, (A) Agent’s Liens shall have been released or terminated or (B) any provision of this Agreement shall have been terminated or cancelled, Agent’s Liens, or
such provision of this Agreement, shall be reinstated in full force and effect and such prior release, termination, cancellation or surrender shall not diminish, release, discharge, impair or otherwise affect the obligation of any Loan Party in
respect of such liability or any Collateral securing such liability.
 17.9 Confidentiality. 

(a) Agent and Lenders each individually (and not jointly or jointly and severally) agree that material, non-public information regarding
Borrowers and their Subsidiaries, their operations, assets, and existing and contemplated business plans (“Confidential Information”) shall be treated by Agent and the Lenders in a confidential manner, and shall not be disclosed by
Agent and the Lenders to Persons who are not parties to this Agreement, except: (i) to attorneys for and other advisors, accountants, auditors, and consultants to any member of the Lender Group and to employees, directors and officers of any
member of the Lender Group (the Persons in this clause (i), “Lender Group Representatives”) on a “need to know” basis in connection with this Agreement and the transactions contemplated hereby and on a confidential basis,
(ii) to Subsidiaries and Affiliates of any member of the Lender Group (including the Bank Product Providers), provided that any such Subsidiary or Affiliate shall have agreed to receive such information hereunder subject to the terms of this
Section 17.9, (iii) as may be required by regulatory authorities so long as such authorities are informed of the confidential nature of such information, (iv) as may be required by statute, decision, or judicial or
administrative order, rule, or regulation; provided that (x) prior to any disclosure under this clause (iv), the disclosing party agrees to provide Borrowers with prior notice thereof, to the extent that it is practicable to do so and to
the extent that the disclosing party is permitted to provide such prior notice to Borrowers pursuant to the terms of the applicable statute, decision, or judicial or administrative order, rule, or regulation and (y) any disclosure under this
clause (iv) shall be limited to the portion of the Confidential Information as may be required by such statute, decision, or judicial or administrative order, rule, or regulation, (v) as may be agreed to in advance in writing by Borrowers,
(vi) as requested or required by any Governmental Authority pursuant to any subpoena or other legal process, provided, that, (x) prior to any disclosure under this clause (vi) the disclosing party agrees to provide Borrowers with
prior written notice thereof, to the extent that it is practicable to do so and to the extent that the disclosing party is permitted to provide such prior written notice to Borrowers pursuant to the terms of the subpoena or other legal process and
(y) any disclosure under this clause (vi) shall be limited to the portion of the Confidential Information as may be required by such Governmental Authority pursuant to such subpoena or other legal process, (vii) as to any such
information that is or becomes generally available to the public (other than as a result of prohibited disclosure by Agent or the Lenders or the Lender Group Representatives), (viii) in connection with any assignment, participation or pledge of
any Lender’s interest under this Agreement, provided that prior to receipt of Confidential Information any such assignee, participant, or pledgee shall have agreed in writing to receive such Confidential Information either subject to the terms
of this Section 17.9 or pursuant to confidentiality requirements substantially similar to those contained in this Section 17.9 (and such Person may disclose such Confidential Information to Persons employed or engaged by them
as described in clause (i) above), (ix) in connection with any litigation or other adversary proceeding involving parties hereto which such litigation or adversary proceeding involves claims related to the rights or duties of such parties
under this Agreement or the other Loan Documents; provided, that, prior to any disclosure to any Person (other than any Loan Party, Agent, any Lender, any of their respective Affiliates, or their respective counsel) under this clause
(ix) with respect to litigation involving any Person (other than any Borrower, Agent, any Lender, any of their respective Affiliates, or their respective counsel), the disclosing party agrees to provide Borrowers with prior written notice
thereof, and (x) in connection with, and to the extent reasonably necessary for, the exercise of any secured creditor remedy under this Agreement or under any other Loan Document. 

  
 - 65 -

 (b) Anything in this Agreement to the contrary notwithstanding, Agent may disclose
information concerning the terms and conditions of this Agreement and the other Loan Documents to loan syndication and pricing reporting services or in its marketing or promotional materials, with such information to consist of deal terms and other
information customarily found in such publications or marketing or promotional materials and may otherwise use the name, logos, and other insignia of any Borrower or the other Loan Parties and the Commitments provided hereunder in any
“tombstone” or other advertisements, on its website or in other marketing materials of the Agent. 
 (c) The Loan
Parties hereby acknowledge that Agent or its Affiliates may make available to the Lenders materials or information provided by or on behalf of Borrowers hereunder (collectively, “Borrower Materials”) by posting the Borrower
Materials on IntraLinks, SyndTrak or another similar electronic system (the “Platform”) and 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 Loan Parties or their securities) (each, a “Public Lender”). The Loan Parties shall be deemed to have authorized Agent and its Affiliates and the Lenders to treat Borrower Materials marked “PUBLIC” or
otherwise at any time filed with the SEC as not containing any material non-public information with respect to the Loan Parties or their securities for purposes of United States federal and state securities laws. All Borrower Materials marked
“PUBLIC” are permitted to be made available through a portion of the Platform designated as “Public Investor” (or another similar term). Agent and its Affiliates and the Lenders shall be entitled to treat any Borrower Materials
that are not marked “PUBLIC” or that are not at any time filed with the SEC as being suitable only for posting on a portion of the Platform not marked as “Public Investor” (or such other similar term). 

17.10 Survival. All representations and warranties made by the Loan Parties in the Loan Documents and in the certificates
or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of the Loan Documents
and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding that Agent, Issuing Bank, or any Lender may have had notice or knowledge of any
Default or Event of Default or incorrect representation or warranty at the time any credit is extended hereunder, 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 is outstanding or unpaid or any Letter of Credit is outstanding and so long as the Commitments have not expired or been terminated. 
 17.11 Patriot Act. Each Lender that is subject to the requirements of the Patriot Act hereby notifies Borrowers that pursuant to the requirements of the Act, it is required to obtain, verify
and record information that identifies each Borrower, which information includes the name and address of each Borrower and other information that will allow such Lender to identify each Borrower in accordance with the Patriot Act. In addition, if
Agent is required by law or regulation or internal policies to do so, it shall have the right to periodically conduct (a) Patriot Act searches, OFAC/PEP searches, and customary individual background checks for the Loan Parties and
(b) OFAC/PEP searches and customary individual background checks for the Loan Parties’ senior management and key principals, and each Borrower agrees to cooperate in respect of the conduct of such searches and further agrees that the
reasonable costs and charges for such searches shall constitute Lender Group Expenses hereunder and be for the account of Borrowers. 
 17.12 Integration. This Agreement, together with the other Loan Documents, reflects the entire understanding of the parties with respect to the transactions contemplated hereby and shall not
be contradicted or qualified by any other agreement, oral or written, before the date hereof. The foregoing to the contrary notwithstanding, all Bank Product Agreements, if any, are independent agreements governed by the written provisions of such
Bank Product Agreements, which will remain in full force and effect, unaffected by any repayment, prepayments, acceleration, reduction, increase, or change in the terms of any credit extended hereunder, except as otherwise expressly provided in such
Bank Product Agreement. 
 17.13 ModusLink Global Solutions, Inc. as Agent for Borrowers. Each Borrower hereby
irrevocably appoints ModusLink Global Solutions, Inc. as the borrowing agent and attorney-in-fact for all Borrowers (the 

  
 - 66 -

 
“Administrative Borrower”) which appointment shall remain in full force and effect unless and until Agent shall have received prior written notice signed by each Borrower that
such appointment has been revoked and that another Borrower has been appointed Administrative Borrower. Each Borrower hereby irrevocably appoints and authorizes the Administrative Borrower (a) to provide Agent with all notices with respect to
Revolving Loans and Letters of Credit obtained for the benefit of any Borrower and all other notices and instructions under this Agreement and the other Loan Documents (and any notice or instruction provided by Administrative Borrower shall be
deemed to be given by Borrowers hereunder and shall bind each Borrower), (b) to receive notices and instructions from members of the Lender Group (and any notice or instruction provided by any member of the Lender Group to the Administrative
Borrower in accordance with the terms hereof shall be deemed to have been given to each Borrower), and (c) to take such action as the Administrative Borrower deems appropriate on its behalf to obtain Revolving Loans and Letters of Credit and to
exercise such other powers as are reasonably incidental thereto to carry out the purposes of this Agreement. It is understood that the handling of the Loan Account and Collateral in a combined fashion, as more fully set forth herein, is done solely
as an accommodation to Borrowers in order to utilize the collective borrowing powers of Borrowers in the most efficient and economical manner and at their request, and that Lender Group shall not incur liability to any Borrower as a result hereof.
Each Borrower expects to derive benefit, directly or indirectly, from the handling of the Loan Account and the Collateral in a combined fashion since the successful operation of each Borrower is dependent on the continued successful performance of
the integrated group. To induce the Lender Group to do so, and in consideration thereof, each Borrower hereby jointly and severally agrees to indemnify each member of the Lender Group and hold each member of the Lender Group harmless against any and
all liability, expense, loss or claim of damage or injury, made against the Lender Group by any Borrower or by any third party whosoever, arising from or incurred by reason of (i) the handling of the Loan Account and Collateral of Borrowers as
herein provided, or (ii) the Lender Group’s relying on any instructions of the Administrative Borrower, except that Borrowers will have no liability to the relevant Agent-Related Person or Lender-Related Person under this
Section 17.13 with respect to any liability that has been finally determined by a court of competent jurisdiction to have resulted solely from the gross negligence or willful misconduct of such Agent-Related Person or Lender-Related
Person, as the case may be. 
 [Signature pages to follow.] 

  
 - 67 -

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and
delivered as of the date first above written. 
 BORROWERS: 

 

			
	MODUSLINK GLOBAL SOLUTIONS, INC.
		
	By:	 	 /s/ Steven G. Crane

	Name:	 	Steven G. Crane
	Title:	 	Chief Financial Officer
	
	MODUSLINK CORPORATION
		
	By:	 	 /s/ Steven G. Crane

	Name:	 	Steven G. Crane
	Title:	 	President
	
	MODUSLINK PTS, INC.
		
	By:	 	 /s/ Steven G. Crane

	Name:	 	Steven G. Crane
	Title:	 	Chief Financial Officer
	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,
 a national banking association, as Agent and as a Lender

		
	By:	 	 /s/ Katherine L. Andersen

	Name:	 	Katherine L. Andersen
		 	Its Authorized Signatory

 [Signature Page to Credit Agreement] 

 EXHIBIT A-1 

FORM OF ASSIGNMENT AND ACCEPTANCE AGREEMENT 
 This ASSIGNMENT AND ACCEPTANCE AGREEMENT (“Assignment Agreement”) is entered into as of
                     between                     
(“Assignor”) and                      (“Assignee”). Reference is made to the Agreement described in Annex I
hereto (the “Credit Agreement”). Capitalized terms used herein and not otherwise defined shall have the meanings ascribed to them in the Credit Agreement. 
 1. In accordance with the terms and conditions of Section 13 of the Credit Agreement, the Assignor hereby sells and assigns to the Assignee, and the Assignee hereby purchases and assumes from
the Assignor, that interest in and to the Assignor’s rights and obligations under the Loan Documents as of the date hereof with respect to the Obligations owing to the Assignor, and Assignor’s portion of the Commitments, all to the extent
specified on Annex I. 
 2. The Assignor (a) represents and warrants that (i) it is the legal and beneficial
owner of the interest being assigned by it hereunder and that such interest is free and clear of any adverse claim and (ii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment Agreement
and to consummate the transactions contemplated hereby; (b) makes no representation or warranty and assumes no responsibility with respect to (i) any statements, representations or warranties made in or in connection with the Loan
Documents, or (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any other instrument or document furnished pursuant thereto; (c) makes no representation or warranty and
assumes no responsibility with respect to the financial condition of any Borrower or any Guarantor or the performance or observance by any Borrower or any Guarantor of any of their respective obligations under the Loan Documents or any other
instrument or document furnished pursuant thereto, and (d) represents and warrants that the amount set forth as the Purchase Price on Annex I represents the amount owed by the Borrowers to Assignor with respect to Assignor’s share
of the Revolving Loans assigned hereunder, as reflected on Assignor’s books and records. 
 3. The Assignee
(a) confirms that it has received copies of the Credit Agreement and the other Loan Documents, together with copies of the financial statements referred to therein and such other documents and information as it has deemed appropriate to make
its own credit analysis and decision to enter into this Assignment Agreement; (b) agrees that it will, independently and without reliance upon Agent, Assignor, or any other Lender, based upon such documents and information as it shall deem
appropriate at the time, continue to make its own credit decisions in taking or not taking any action under the Loan Documents; (c) appoints and authorizes the Agent to take such action as agent on its behalf and to exercise such powers under
the Loan Documents as are delegated to Agent by the terms thereof, together with such powers as are reasonably incidental thereto; (d) agrees that 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; [and (e) attaches the forms prescribed by the Internal Revenue Service of the United States certifying as to the Assignee’s status for purposes of determining exemption from
United States withholding taxes with respect to all payments to be made to the Assignee under the Credit Agreement or such other documents as are necessary to indicate that all such payments are subject to such rates at a rate reduced by an
applicable tax treaty.] 
 4. Following the execution of this Assignment Agreement by the Assignor and Assignee, the Assignor
will deliver this Assignment Agreement to the Agent for recording by the Agent. The effective date of this Assignment (the “Settlement Date”) shall be the latest to occur of (a) the date of

 
the execution and delivery hereof by the Assignor and the Assignee, (b) the receipt by Agent for its sole and separate account a processing fee in the amount of $3,500, (c) the receipt
of any required consent of the Agent, and (d) the date specified in Annex I. 
 5. As of the Settlement Date
(a) the Assignee shall be a party to the Credit Agreement and, to the extent of the interest assigned pursuant to this Assignment Agreement, have the rights and obligations of a Lender thereunder and under the other Loan Documents, and
(b) the Assignor shall, to the extent of the interest assigned pursuant to this Assignment Agreement, relinquish its rights and be released from its obligations under the Credit Agreement and the other Loan Documents, provided,
however, that nothing contained herein shall release any assigning Lender from obligations that survive the termination of this Agreement, including such assigning Lender’s obligations under Article 15 and
Section 17.9(a) of the Credit Agreement. 
 6. Upon the Settlement Date, Assignee shall pay to Assignor the Purchase
Price (as set forth in Annex I). From and after the Settlement Date, Agent shall make all payments that are due and payable to the holder of the interest assigned hereunder (including payments of principal, interest, fees and other amounts)
to Assignor for amounts which have accrued up to but excluding the Settlement Date and to Assignee for amounts which have accrued from and after the Settlement Date. On the Settlement Date, Assignor shall pay to Assignee an amount equal to the
portion of any interest, fee, or any other charge that was paid to Assignor prior to the Settlement Date on account of the interest assigned hereunder and that are due and payable to Assignee with respect thereto, to the extent that such interest,
fee or other charge relates to the period of time from and after the Settlement Date. 
 7. This Assignment Agreement may be
executed in counterparts and by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. This Assignment Agreement may be
executed and delivered by telecopier or other facsimile transmission all with the same force and effect as if the same were a fully executed and delivered original manual counterpart. 

8. THIS ASSIGNMENT AGREEMENT SHALL BE SUBJECT TO THE PROVISIONS REGARDING CHOICE OF LAW AND VENUE, JURY TRIAL WAIVER, AND JUDICIAL
REFERENCE SET FORTH IN SECTION 12 OF THE CREDIT AGREEMENT, AND SUCH PROVISIONS ARE INCORPORATED HEREIN BY THIS REFERENCE, MUTATIS MUTANDIS. 

 IN WITNESS WHEREOF, the parties hereto have caused this Assignment Agreement and Annex I
hereto to be executed by their respective officers, as of the first date written above. 
  

			
	 [NAME OF ASSIGNOR]
  

as Assignor

		
	By	 	  

		 	Name:
		 	Title:
	
	 [NAME OF ASSIGNEE]
  

as Assignee

		
	By	 	  

		 	Name:
		 	Title:

  

			
	ACCEPTED THIS          DAY OF             
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as Agent
		
	By	 	  

		 	Name:
		 	Title:

 ANNEX FOR ASSIGNMENT AND ACCEPTANCE 

ANNEX I 
  

	1.	Borrowers: ModusLink Global Solutions, Inc., ModusLink Corporation and ModusLink PTS, Inc. 

 

	2.	Name and Date of Credit Agreement: 

 Credit Agreement dated as of October 31, 2012 (as amended, restated, supplemented, or otherwise modified from time to time, the “Credit Agreement”) by and among Wells Fargo Bank,
National Association, a national banking association (“Wells Fargo”), as administrative agent for each member of the Lender Group and the Bank Product Providers, the lenders that are parties thereto, as the “Lenders”, and
the Borrowers. 
  

									
	3.	  	Date of Assignment Agreement:	  	            	  	
				
	4.	  	Amounts:	  		  	
					
		  	a.	    	Assigned Amount of Commitment	  	$            	  	
					
		  	b.	    	Assigned Amount of Revolving Loans	  	$            	  	
				
	5.	  	Settlement Date:	  	            	  	
				
	6.	  	Purchase Price	  	$            	  	
				
	7.	  	Notice and Payment Instructions, etc.	  		  	

  

											
		  	Assignee:	  		  	Assignor:	  		  	
		  	  
	  		  	  
	  		  	
		  	  
	  		  	  
	  		  	
		  	  
	  		  	  
	  		  	

 EXHIBIT B-1 

FORM OF BORROWING BASE CERTIFICATE 
 On file with the Agent. 

 EXHIBIT C-1 

FORM OF COMPLIANCE CERTIFICATE 
 [on Administrative Borrower’s letterhead] 
  

	To:	Wells Fargo Bank, National Association 

 One Boston Place, 18th Floor 
 Boston, MA 02108 

Attn:                      

 

	 	Re:	Compliance Certificate dated                  , 20    

 Ladies and Gentlemen: 
 Reference is made to that certain Credit Agreement dated as of October 31, 2012 (as amended, restated, supplemented, or otherwise modified from time to time, the “Credit Agreement”)
by and among Wells Fargo Bank, National Association, a national banking association (“Wells Fargo”), as administrative agent for each member of the Lender Group and the Bank Product Providers (in such capacity, together with its
successors and assigns in such capacity, the “Agent”), the lenders that are parties thereto, as the “Lenders” (each of such Lenders, together with its successors and permitted assigns, is referred to hereinafter as a
“Lender”), and ModusLink Global Solutions, Inc., ModusLink Corporation, and ModusLink PTS, Inc., as borrowers (the “Borrowers” and each a “Borrower”). Capitalized terms used herein and not otherwise
defined herein shall have the meanings ascribed to them in the Credit Agreement. 
 Pursuant to Section 5.1 of the
Credit Agreement, the undersigned officer of Administrative Borrower hereby certifies as of the date hereof that: 
 1. The
financial information of the Borrowers and their Subsidiaries furnished in Schedule 1 attached hereto, has been prepared in accordance with GAAP (except, in the case of unaudited financial statements, for year-end audit adjustments and the
lack of footnotes), and fairly presents in all material respects the financial condition of the Borrowers and their Subsidiaries as of the date set forth therein. 
 2. Such officer has reviewed the terms of the Credit Agreement and has made, or caused to be made under his/her supervision, a review in reasonable detail of the transactions and financial condition of
the Borrowers and their Subsidiaries during the accounting period covered by the financial statements delivered pursuant to Section 5.1 of the Credit Agreement. 
 3. Such review has not disclosed the existence on and as of the date hereof, and the undersigned does not have knowledge of the existence as of the date hereof, of any event or condition that constitutes
a Default or Event of Default, except for such conditions or events listed on Schedule 2 attached hereto, in each case specifying the nature and period of existence thereof and what action the Borrowers and/or their Subsidiaries have taken,
are taking, or propose to take with respect thereto. 

 4. Except as set forth on Schedule 3 attached hereto, the representations and
warranties of the Borrowers and their Subsidiaries set forth in the Credit Agreement and the other Loan Documents are true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations
and warranties that already are qualified or modified by materiality in the text thereof) on and as of the date hereof, as though made on and as of such date (except to the extent that such representations and warranties relate solely to an earlier
date, in which case such representations and warranties shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified
by materiality in the text thereof) as of such earlier date. 
 5. During the period covered by the financial statements in
Schedule 1 attached hereto, no Financial Covenant Triggering Event occurred. As of the date hereof, the Borrowers and their Subsidiaries are in compliance with the applicable covenants contained in Section 7 of the Credit
Agreement as demonstrated on Schedule 4 hereof. 
 [Signature page follows.] 

 IN WITNESS WHEREOF, this Compliance Certificate is executed by the undersigned this
     day of             , 20    . 
  

			
	
                         
   ,
 a             , as Administrative Borrower

		
	By:	 	  

	Name:	 	  

	Title:	 	  

 SCHEDULE 1 

Financial Information 

 SCHEDULE 2 

Default or Event of Default 

 SCHEDULE 3 

Representations and Warranties 

 SCHEDULE 4 

Financial Covenants 
  

	1.	Minimum EBITDA. 

The Borrowers’ and their Subsidiaries’ EBITDA, measured on a month-end basis, for the      month period
ending                  , 20    , is $        , which amount [is/is not] greater than or equal to the
amount set forth in Section 7(a) of the Credit Agreement for the corresponding period. 

 EXHIBIT L-1 

FORM OF LIBOR NOTICE 

Wells Fargo Bank, National Association, as Agent 

under the below referenced Credit Agreement 
 One Boston Place, 18th Floor 
 Boston, Massachusetts 02108 
 Attn:                      
 Ladies and Gentlemen: 
 Reference hereby is made to that certain Credit Agreement
dated as of October 31, 2012 (as amended, restated, supplemented, or otherwise modified from time to time, the “Credit Agreement”) by and among Wells Fargo Bank, National Association, a national banking association
(“Wells Fargo”), as administrative agent for each member of the Lender Group and the Bank Product Providers (in such capacity, together with its successors and assigns in such capacity, the “Agent”), the lenders
that are parties thereto, as the “Lenders”, and ModusLink Global Solutions, Inc., ModusLink Corporation and ModusLink PTS, Inc., as borrowers (the “Borrowers” and each a “Borrower”). Capitalized terms used
herein and not otherwise defined herein shall have the meanings ascribed to them in the Credit Agreement. 
 This LIBOR Notice
represents the Borrowers’ request to elect the LIBOR Option with respect to outstanding Revolving Loans in the amount of $         (the “LIBOR Rate Advance”)[, and is a written
confirmation of the telephonic notice of such election given to Agent]. 
 The LIBOR Rate Advance will have an Interest Period
of 1, 2 or 3 month(s) commencing on                     . 
 This LIBOR Notice further confirms the Borrowers’ acceptance, for purposes of determining the rate of interest based on the LIBOR Rate under the Credit Agreement, of the LIBOR Rate as determined
pursuant to the Credit Agreement. 
 Each Borrower represents and warrants that (i) the representations and warranties of
such Borrower or its Subsidiaries contained in the Credit Agreement and in the other Loan Documents are true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties
that already are qualified or modified by materiality in the text thereof) on and as of the date hereof, as though made on and as of such date (except to the extent that such representations and warranties relate solely to an earlier date, in which
case such representations and warranties shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality
in the text thereof) as of such earlier date)), (ii) each of the covenants and agreements contained in any Loan Document have 

 Wells Fargo Bank, National Association, as Agent 

Page 2 
  

 
been performed (to the extent required to be performed on or before the date hereof), and (iii) no Default or Event of Default has occurred and is continuing on the date hereof, nor will any
thereof occur after giving effect to the request above. 
  

			
	Dated:	 	  

	
	
                         
   , a
             
                    , as Borrower

		
	By	 	  

	Name:	 	  

	Title:	 	  

 Acknowledged by: 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as Agent
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 EXHIBIT P-1 
 FORM OF PERFECTION CERTIFICATE 
 Reference is hereby made to
(a) that certain Credit Agreement dated as of October 31, 2012 (as amended, restated, supplemented, or otherwise modified from time to time, the “Credit Agreement”) by and among ModusLink Global Solutions, Inc., a Delaware
corporation, ModusLink Corporation, a Delaware corporation and ModusLink PTS, Inc., a Delaware corporation, collectively as borrowers (“Borrowers”), CMG Securities Corporation, a Massachusetts corporation, CMG @Ventures Capital
Corp., a Delaware corporation, @Ventures V, LLC, a Delaware limited liability company, CMGI @Ventures IV, LLC, a Delaware limited liability company, CMG@Ventures Securities Corp., a Delaware corporation, CMG @Ventures, Inc., a Delaware corporation,
SalesLink LLC, a Delaware limited liability company, Sol Holdings, Inc., a Delaware corporation, SalesLink Mexico Holding Corp., a Delaware corporation, Modus Media International (Ireland) Limited, a Delaware corporation, Modus Media International
Documentation Services (Ireland), Limited, a Delaware corporation and Tech For Less LLC, a Delaware limited liability company, collectively as guarantors (“Guarantors”), the lenders party thereto as “Lenders” (each of such
Lenders, together with its successors and permitted assigns, is referred to hereinafter as a “Lender”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association (“Wells Fargo”), in its capacity as
administrative agent for each member of the Lender Group and the Bank Product Providers (in such capacity, together with its successors and assigns in such capacity, “Agent”)[, [and] Wells Fargo and
            , as joint lead arrangers][, [and] Wells Fargo and             , as joint book runners][, [and] Wells Fargo and
            , as co-syndication agents] [, [and] Wells Fargo and             , as co-documentation agents], and (b) that
certain Guaranty and Security Agreement dated as of             , 2012 (as amended, restated, supplemented, or otherwise modified from time to time, the “Guaranty and Security
Agreement”) by and among Borrowers, certain Subsidiaries of Borrowers parties thereto as “Grantors”, and Agent. 
 All initially capitalized terms used herein without definition shall have the meanings ascribed thereto in the Credit Agreement. Any terms (whether capitalized or lower case) used in this Perfection
Certificate that are defined in the Code shall be construed and defined as set forth in the Code unless otherwise defined herein or in the Credit Agreement; provided that to the extent that the Code is used to define any term used
herein and if such term is defined differently in different Articles of the Code, the definition of such term contained in Article 9 of the Code shall govern. As used herein, the term “Loan Parties” shall mean the “Loan
Parties” as that term is defined in the Credit Agreement and “Code” shall mean the “Code” as that term is defined in the Guaranty and Security Agreement. 

 The undersigned, the          of
                    
1, hereby certifies (in my capacity as
             and not in my individual capacity) to Agent and each of the other members of the Lender Group and the Bank Product Providers as follows as of
            , 2012: 
 1. Names. 

(a) The exact legal name of each Loan Party, as such name appears in its certified certificate of incorporation, articles of
incorporation, certificate of formation, or any other organizational document, is set forth in Schedule 1(a). Each Loan Party is (i) the type of entity disclosed next to its name in Schedule 1(a) and (ii) a
registered organization except to the extent disclosed in Schedule 1(a). Also set forth in Schedule 1(a) is the organizational identification number, if any, of each Loan Party that is a registered organization, the
Federal Taxpayer Identification Number of each Loan Party and the jurisdiction of formation of each Loan Party. Each Loan Party has qualified to do business in the states listed on Schedule 1(a). 

(b) Set forth in Schedule 1(b) hereto is a list of any other legal names each Loan Party has had in the past five years,
together with the date of the relevant name change. 
 (c) Set forth in Schedule 1(c) is a list of all other names
used by each Loan Party in connection with any business or organization to which such Loan Party became the successor by merger, consolidation, acquisition, change in form, nature or jurisdiction of organization or otherwise or on any filings with
the Internal Revenue Service, in each case, at any time in the past five years. Except as set forth in Schedule 1(c), no Loan Party has changed its jurisdiction of organization at any time during the past four months. 

2. Chief Executive Offices. The chief executive office of each Loan Party is located at the address set forth in Schedule
2 hereto. 
 3. Real Property. 
 (a) Attached hereto as Schedule 3(a) is a list of all (i) Real Property (as defined in the Guaranty and Security Agreement) of each Loan Party, (ii) filing offices for any
mortgages encumbering the Real Property or to encumber, the Real Property as of the Closing Date, (iii) common names, addresses and uses of each parcel of Real Property (stating improvements located thereon) and (iv) other information
relating thereto required by such Schedule. Except as described on Schedule 3(a) attached hereto: (A) no Loan Party has entered into any leases, subleases, tenancies, franchise agreements, licenses or other occupancy arrangements
as owner, lessor, sublessor, licensor, franchisor or grantor with respect to any of the real property described on Schedule 3(a) and (B) no Loan Party has any leases which require the consent of the landlord, tenant or other party
thereto to the transactions contemplated by the Loan Documents. 
 (b) Schedule 3(b) sets forth all third parties
(“Bailees”) with possession of any Collateral (including inventory and equipment) of the Loan Parties, including the name and address of such Bailee, a description of the inventory and equipment in such Bailee’s possession and the
location of such inventory and equipment (if none please so state). 
 4. Extraordinary Transactions. Except for those
purchases, mergers, acquisitions, consolidations, and other transactions described on Schedule 4 attached hereto, all of the Collateral has been originated by each Loan Party in the ordinary course of business or consists of goods
which have been acquired by such Loan Party in the ordinary course of business from a person in the business of selling goods of that kind. 
 5. File Search Reports. Attached hereto as Schedule 5 is a true and accurate summary of certified file search reports from (a) the Uniform Commercial Code filing offices
(i) in each jurisdiction of formation identified in Section 1(a) and in each location identified Section 2 with respect to each legal name set forth in Section 1 and (ii) in each jurisdiction described in Schedule
1(c) or Schedule 3 relating to any of the transactions described in Schedule 1(c) or Schedule 4 with respect to each legal 

 

	1 	Insert appropriate officer(s), as applicable. 

  
 - 2 -

 
name of the person or entity from which each Loan Party purchased or otherwise acquired any assets and (b) each filing office in each real estate recording office identified on
Schedule 3(a) for any Real Property Collateral. A true copy of each financing statement, including judgment and tax liens, bankruptcy and pending lawsuits or other filing identified in such file search reports has been delivered
to Agent. 
 6. UCC Filings. The financing statements (duly authorized by each Loan Party constituting the debtor
therein), including the indications of the collateral, attached as Schedule 6 relating to the Guaranty and Security Agreement or the Real Property, are in the appropriate forms for filing in the filing offices in the jurisdictions
identified in Schedule 6 hereof. 
 7. Schedule of Filings. Attached hereto as
Schedule 7 is a schedule of (i) the appropriate filing offices for the financing statements attached hereto as Schedule 6 and (ii) the appropriate filing offices for the filings described in Schedule
11(c) and (iii) any other actions required to create, preserve, protect and perfect the security interests in the Collateral (as defined in the Guaranty and Security Agreement) granted, assigned or pledged to Agent pursuant to the
Guaranty and Security Agreement or any other Loan Document. No other filings or actions are required to create, preserve, protect and perfect the security interests in the Collateral granted, assigned or pledged to Agent pursuant to the Loan
Documents. 
 8. Termination Statements. Attached hereto as Schedule 8 are the duly authorized termination
statements in the appropriate form for filing in each applicable jurisdiction identified in Schedule 8 hereto with respect to each Lien described therein. 
 9. Stock Ownership and Other Equity Interests. Attached hereto as Schedule 9(a) is a true and correct list of each of all of the authorized, and the issued and outstanding,
Equity Interests of each Loan Party and its Subsidiaries and the record and beneficial owners of such Equity Interests. Also set forth on Schedule 9(a) is each equity investment of each Loan Party that represents 50% or less of the
equity of the entity in which such investment was made. Attached hereto as Schedule 9(b) is a true and correct organizational chart of Borrowers and their Subsidiaries. 

10. Instruments and Chattel Paper. Attached hereto as Schedule 10 is a true and correct list of all promissory
notes, instruments (other than checks to be deposited in the ordinary course of business), tangible chattel paper, electronic chattel paper and other evidence of Indebtedness held by each Loan Party as of
            , 20     having an aggregate value or face amount in excess of $100,000, including all intercompany notes between or among any two or more Loan Parties or
any of their Subsidiaries. 
 11. Intellectual Property. 

(a) Schedule 11(a) provides a complete and correct list of all registered Copyrights (as defined in the Guaranty and
Security Agreement) owned by any Loan Party, all applications for registration of Copyrights owned by any Loan Party, and all other Copyrights owned by any Loan Party and material to the conduct of the business of any Loan Party. Schedule
11(a) provides a complete and correct list of all Patents (as defined in the Guaranty and Security Agreement) owned by any Loan Party and all applications for Patents owned by any Loan Party. Schedule 11(a) provides a complete
and correct list of all registered Trademarks (as defined in the Guaranty and Security Agreement) owned by any Loan Party, all applications for registration of Trademarks owned by any Loan Party, and all other Trademarks owned by any Loan Party and
material to the conduct of the business of any Loan Party. 
 (b) Schedule 11(b) provides a complete and correct
list of all Intellectual Property Licenses (as defined in the Guaranty and Security Agreement) entered into by any Loan Party pursuant to 

  
 - 3 -

 
which (i) any Loan Party has provided any license or other rights in Intellectual Property (as defined in the Guaranty and Security Agreement) owned or controlled by such Loan Party to any
other Person (other than non-exclusive software licenses granted in the ordinary course of business) or (ii) any Person has granted to any Loan Party any license or other rights in Intellectual Property owned or controlled by such Person that
is material to the business of such Loan Party, including any Intellectual Property that is incorporated in any Inventory, software, or other product marketed, sold, licensed, or distributed by such Loan Party; 

(c) Attached hereto as Schedule 11(c) in proper form for filing with the United States Patent and Trademark Office and
United States Copyright Office (as applicable) are the filings necessary to preserve, protect and perfect the security interests in the United States Trademarks, United Patents, United States Copyrights and Intellectual Property Licenses set forth
on Schedule 11(a) and Schedule 11(b), including duly signed copies of each of the Patent Security Agreement, Trademark Security Agreement and the Copyright Security Agreement, as applicable. 

12. Commercial Tort Claims. Attached hereto as Schedule 12 is a true and correct list of all commercial tort claims
that exceed $100,000 held by each Loan Party, including a brief description thereof. 
 13. Deposit Accounts and Securities
Accounts. Attached hereto as Schedule 13 is a true and complete list of all Deposit Accounts and Securities Accounts (each as defined in the Guaranty and Security Agreement) maintained by each Loan Party, including the name of each
institution where each such account is held, the name of each such account and the name of each entity that holds each account. 

14. Letter-of-Credit Rights. Attached hereto as Schedule 14 is a true and correct list of all letters of credit
issued in favor of any Loan Party, as beneficiary thereunder, having an aggregate value or face amount in excess of $50,000. 

15. Motor Vehicles. Attached hereto as Schedule 15 is a true and correct list of all motor vehicles and other goods
(covered by certificates of title or ownership) having an aggregate fair market value in excess of $25,000 and owned by any Loan Party, and the owner and approximate fair market value of such motor vehicles. 

16. Other Assets: A Loan Party owns the following kinds of assets: 

 

							
	 Aircraft:
	  	Yes     	  	No     	  	
				
	 Vessels, boats or ships:
	  	Yes     	  	No     	  	
				
	 Railroad rolling stock:
	  	Yes     	  	No     	  	

 If the answer is yes to any of these other types of assets, please describe on Schedule 16. 

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

  
 - 4 -

 IN WITNESS WHEREOF, we have hereunto signed this Perfection Certificate as of this
     day of             , 20    . 
  

			
	[BORROWERS]
		
	By:	 	  

		 	Name:
		 	Title:
	
	[Each of the Guarantors]
		
	By:	 	  

		 	Name:
		 	Title:

  
 - 5 -

 Schedule 1(a) 

Legal Names, Etc. 
  

											
	 Legal Name
	  	 Type of Entity
	  	 Registered
Organization
(Yes/No)
	  	 Organizational
Number2
	  	 Federal Taxpayer
Identification Number
	  	 Jurisdiction of Formation

		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	

  

	2 	 If none, so state. 

  
 - 6 -

 Schedule 1(b) 

Prior Names 
  

					
	 Loan Party/Subsidiary
	  	 Prior Name
	  	 Date of Change

		  		  	
		  		  	
		  		  	
		  		  	

  
 - 7 -

 Schedule 1(c) 

Changes in Corporate Identity; Other Names 
  

											
	 Loan

Party/Subsidiary
	  	 Name of Entity
	  	 Action
	  	 Date of

Action
	  	 Jurisdiction

of Formation
	  	 List of All Other
 Names Used on Any
 Filings with the

Internal Revenue
 Service or
 Applicable Foreign

Tax Authorities
 During Past Five

Years

		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	

 [Add Information required by Section 1 to the extent required by Section 1(c) of the Perfection
Certificate] 

  
 - 8 -

 Schedule 2 

Chief Executive Offices 
  

							
	 Loan

Party/Subsidiary
	  	 Address
	  	 County
	  	 State

		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	

  
 - 9 -

 Schedule 3(a) 

Real Property 
  

																					
	 Entity of
Record
	  	 Common
Name and
Address
	  	 Owned,
Leased or
Other
Interest
	  	 Landlord

/ Owner

if Leased
or Other
Interest
	  	 Description

of Lease or
Other
Documents
Evidencing
Interest
	  	 Purpose/

Use
	  	
Improvements
Located on
Real
Property
	  	 Legal
Description
	  	 Encumbered
or to be

Encumbered

by Mortgage
	  	 Filing

Office for

Mortgage
	  	 Option to
Purchase/Right

of First Refusal

	[    ]	  	[    ]	  	[    ]	  	[    ]	  	[    ]	  	[    ]	  	[    ]	  	 [SEE
 EXHIBIT
A-[    ] ATTACHED HERETO]
	  	[YES/NO]	  	[    ]	  	[YES/NO]
		  		  		  		  		  		  		  		  		  		  	

  
 - 10 -

 Schedule 3(a) 

Real Property (cont.) 
 Required Consents; Loan Party Held Landlord/ Grantor Interests 
 I.
Landlord’s / Tenant’s Consent Required 
 1. [LIST EACH LEASE OR OTHER INSTRUMENT WHERE LANDLORD’S / TENANT’S CONSENT
IS REQUIRED]. 
 II. Leases, Subleases, Tenancies, Franchise Agreements, Licenses or Other Occupancy Agreements Pursuant to which any Loan
Party holds Landlord’s / Grantor’s Interest 
 1. [LIST EACH LEASE OR OTHER INSTRUMENT WHERE ANY LOAN PARTY HOLDS
LANDLORD’S / GRANTOR’S INTEREST] 

  
 - 11 -

 Schedule 3(b) 

Bailees 

  
 - 12 -

 Schedule 4 

Transactions Other Than in the Ordinary Course of Business 

 

					
	 Loan Party/Subsidiary
	  	 Description of Transaction Including Parties
Thereto
	  	 Date of

Transaction

		  		  	
		  		  	
		  		  	

  
 - 13 -

 Schedule 5 

Certified File Search Reports 
  

							
	 Loan Party/Subsidiary
	  	 Search Report dated
	  	 Prepared by
	  	 Jurisdiction

		  		  		  	
		  		  		  	
		  		  		  	

 See attached. 

  
 - 14 -

 Schedule 6 

Copy of Financing Statements To Be Filed 
 See attached. 

  
 - 15 -

 Schedule 7 

Filings/Filing Offices 
  

							
	 Type of Filing3
	  	 Entity
	  	 Applicable Collateral

Document -
Mortgage, Security

Agreement or Other
	  	 Jurisdictions

		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	

  

	3 	 UCC-1 financing statement, fixture filing, mortgage, intellectual property filing or other necessary filing. 

  
 - 16 -

 Schedule 8 
 Attached hereto is a true copy of each termination statement filing duly acknowledged or otherwise identified by the filing officer. 

Termination Statement Filings 
  

											
	 Debtor
	  	 Jurisdiction
	  	 Secured Party
	  	 Type of Collateral
	  	 UCC-1

File Date
	  	 UCC-1
 File

Number

		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	

  
 - 17 -

 Schedule 9(a) 

(a) Equity Interests of Loan Parties and Subsidiaries 

 

									
	 Current Legal

Entities Owned
	  	 Record Owner
	  	 Certificate No.
	  	 No. Shares/Interest
	  	 Percent

Pledged

		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

 (b) Other Equity Interests 

  
 - 18 -

 Schedule 9(b) 

Organizational Chart 

  
 - 19 -

 Schedule 10 

Instruments and Chattel Paper 
  

	1.	Promissory Notes: 

  

									
	 Entity
	  	 Principal

Amount
	  	 Date of Issuance
	  	 Interest Rate
	  	 Maturity Date

		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  

	2.	Chattel Paper: 

  
 - 20 -

 Schedule 11(a) 

Copyrights, Patents and Trademarks 
 UNITED STATES COPYRIGHTS 
 Registrations: 

 

							
	OWNER	  	TITLE	  	REGISTRATION NUMBER	  	 
		  		  		  	
		  		  		  	

 Applications: 
  

							
	OWNER	  	APPLICATION NUMBER	  	 	  	 
		  		  		  	
		  		  		  	

 OTHER COPYRIGHTS 
 Registrations: 
  

							
	OWNER	  	COUNTRY/STATE	  	TITLE	  	REGISTRATION NUMBER
		  		  		  	
		  		  		  	

 Applications: 
  

							
	OWNER	  	COUNTRY/STATE	  	APPLICATION NUMBER	  	 
		  		  		  	
		  		  		  	

  
 - 21 -

 Schedule 11(a) 

Copyrights, Patents and Trademarks (cont.) 
 UNITED STATES PATENTS: 
 Registrations: 

 

									
	 OWNER
	  	 REGISTRATION

NUMBER
	  	 DESCRIPTION
	  	  	  	  
		  		  		  		  	
		  		  		  		  	

 Applications: 
  

									
	 OWNER
	  	 APPLICATION

NUMBER
	  	 DESCRIPTION
	  	  	  	  
		  		  		  		  	
		  		  		  		  	

 OTHER PATENTS: 
 Registrations: 
  

									
	 OWNER
	  	 REGISTRATION

NUMBER
	  	 COUNTRY/STATE
	  	 DESCRIPTION
	  	  
		  		  		  		  	
		  		  		  		  	

 Applications: 
  

									
	 OWNER
	  	 APPLICATION

NUMBER
	  	 COUNTRY/STATE
	  	 DESCRIPTION
	  	  
		  		  		  		  	
		  		  		  		  	

  
 - 22 -

 Schedule 11(a) 

Copyrights, Patents and Trademarks (cont.) 
 UNITED STATES TRADEMARKS: 
 Registrations: 

 

									
	 OWNER
	  	 REGISTRATION

NUMBER
	  	 TRADEMARK
	  	  	  	  
		  		  		  		  	
		  		  		  		  	

 Applications: 
  

									
	 OWNER
	  	 APPLICATION

NUMBER
	  	 TRADEMARK
	  	  	  	  
		  		  		  		  	
		  		  		  		  	

 OTHER TRADEMARKS: 
 Registrations: 
  

									
	 OWNER
	  	 REGISTRATION

NUMBER
	  	 COUNTRY/STATE
	  	 TRADEMARK
	  	  
		  		  		  		  	
		  		  		  		  	

 Applications: 
  

									
	 OWNER
	  	 APPLICATION

NUMBER
	  	 COUNTRY/STATE
	  	 TRADEMARK
	  	  
		  		  		  		  	
		  		  		  		  	

  
 - 23 -

 Schedule 11(b) 

Intellectual Property Licenses 
  

									
	 LICENSEE
	  	 LICENSOR
	  	 COUNTRY/STATE
	  	 REGISTRATION/
APPLICATION

NUMBER, IF
 ANY
	  	 DESCRIPTION

	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  

  
 - 24 -

 Schedule 11(c) 

Intellectual Property Filings 

  
 - 25 -

 Schedule 12 

Commercial Tort Claims 

  
 - 26 -

 Schedule 13 

Deposit Accounts and Securities Accounts 
  

							
	OWNER	  	TYPE OF ACCOUNT	  	 BANK OR
 INTERMEDIARY
	  	 ACCOUNT
 NUMBERS

	 	  	 	  	 	  	 
	 	  	 	  	 	  	 
	 	  	 	  	 	  	 
	 	  	 	  	 	  	 

  
 - 27 -

 Schedule 14 

Letter of Credit Rights 

  
 - 28 -

 Schedule 15 

Motor Vehicles 

  
 - 29 -

 Schedule 16 

Other Assets 

  
 - 30 -

 FORM OF SUPPLEMENT TO PERFECTION CERTIFICATE 

Supplement (this “Supplement”), dated as of             ,
2012, to the Perfection Certificate, dated as of October 31, 2012 (as amended, restated, supplemented or otherwise modified from time to time, the “Perfection Certificate”) by each of the parties listed on the signature pages
thereto and those additional entities that thereafter become Loan Parties (collectively, jointly and severally, “Grantors” and each individually “Grantor”). 

Reference is hereby made to (a) that certain Credit Agreement dated as of October 31, 2012 (as amended, restated, supplemented,
or otherwise modified from time to time, the “Credit Agreement”) by and among ModusLink Global Solutions, Inc., a Delaware corporation, ModusLink Corporation, a Delaware corporation and ModusLink PTS, Inc., a Delaware corporation,
collectively as borrowers (“Borrowers”), CMG Securities Corporation, a Massachusetts corporation, CMG @Ventures Capital Corp., a Delaware corporation, @Ventures V, LLC, a Delaware limited liability company, CMGI @Ventures IV, LLC, a
Delaware limited liability company, CMG@Ventures Securities Corp., a Delaware corporation, CMG @Ventures, Inc., a Delaware corporation, SalesLink LLC, a Delaware limited liability company, Sol Holdings, Inc., a Delaware corporation, SalesLink Mexico
Holding Corp., a Delaware corporation, Modus Media International (Ireland) Limited, a Delaware corporation, Modus Media International Documentation Services (Ireland), Limited, a Delaware corporation and Tech For Less LLC, a Delaware limited
liability company, collectively as guarantors (“Guarantors”), the lenders party thereto as “Lenders” (each of such Lenders, together with its successors and permitted assigns, is referred to hereinafter as a
“Lender”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association (“Wells Fargo”), in its capacity as administrative agent for each member of the Lender Group and the Bank Product Providers (in
such capacity, together with its successors and assigns in such capacity, “Agent”)[, [and] Wells Fargo and                     , as
joint lead arrangers][, [and] Wells Fargo and                     , as joint book runners][, [and] Wells Fargo and
                    , as co-syndication agents] [, [and] Wells Fargo and
                    , as co-documentation agents], and (b) that certain Guaranty and Security Agreement dated as of
            , 2012 (as amended, restated, supplemented, or otherwise modified from time to time, the “Guaranty and Security Agreement”) by and among Borrowers, certain
Subsidiaries of Borrowers parties thereto as “Grantors”, and Agent. 
 All initially capitalized terms used herein
without definition shall have the meanings ascribed thereto in the Credit Agreement. Any terms (whether capitalized or lower case) used in this Perfection Certificate that are defined in the Code shall be construed and defined as set forth in the
Code unless otherwise defined herein or in the Credit Agreement; provided that to the extent that the Code is used to define any term used herein and if such term is defined differently in different Articles of the Code, the definition
of such term contained in Article 9 of the Code shall govern. As used herein, the term “Code” shall mean the “Code” as that term is defined in the Guaranty and Security Agreement. 

WHEREAS, pursuant to Section 5.2 of the Credit Agreement, the Loan Parties must execute and deliver a Perfection Certificate
and the execution and delivery of the Perfection Certificate may be accomplished by the execution of this Supplement in favor of Agent, for the benefit of each member of the Lender Group and the Bank Product Providers; 

In accordance with Section 5.2 of the Credit Agreement, the undersigned, the
                     of                     ,
hereby certify (in my capacity as                      and not in my individual capacity) to Agent and each of the other members of the Lender Group
and the Bank Product Providers as follows as of             , 20    : [the information in the Perfection Certificate delivered on or prior to the Closing
Date is true, correct, and complete on and as of the date hereof.] [Schedule 1(a), “Legal Names, Etc.”, Schedule 1(b), “Prior Names”, Schedule 1(c), “Changes in Corporate Identity; Other
Names”, Schedule 2, “Chief Executive Offices”, Schedule 3(a), “Real Property”, Schedule 3(b), “Bailees”, Schedule 4, “Transactions

  
 - 31 -

 
Other Than in the Ordinary Course of Business”, Schedule 9(a), “Equity Interests”, Schedule 9(b), “Organizational Chart” Schedule 10,
“Instruments and Chattel Paper”, Schedule 11(a), “Copyrights, Patents and Trademarks”, Schedule 11(b), “Intellectual Property Licenses”, Schedule 12, “Commercial Tort Claims”, Schedule
13, “Deposit Accounts and Securities Accounts”, Schedule 14, “Letter-of-Credit Rights”, Schedule 15, “Motor Vehicles”, and Schedule 16, “Other Assets” attached hereto supplement Schedule
1(a), Schedule (1(b), Schedule 1(c), Schedule 2, Schedule 3, Schedule 4, Schedule 9(a), Schedule 9(b), Schedule 10, Schedule 11(a), Schedule 11(b), Schedule 12,
Schedule 13, Schedule 14, Schedule 15, and Schedule 16 respectively, to the Perfection Certificate and shall be deemed a part thereof for all purposes of the Perfection Certificate.] 

The undersigned officers of each of the Loan Parties hereby certify as of the date hereof on behalf of the Loan Parties in their capacity
as officers of the Loan Parties and not in their individual capacities that no additional filings or actions are required to create, preserve or perfect the security interests in the Collateral granted, assigned or pledged to Agent pursuant to the
Loan Documents. 
 Except as expressly supplemented hereby, the Perfection Certificate shall remain in full force and effect.

 IN WITNESS WHEREOF, we have hereunto signed this Supplement to Perfection Certificate as of this
     day of             , 20    . 
  

			
	[BORROWERS]
		
	By:	 	  

		 	Name:
		 	Title:
	
	[Each of the Guarantors]
		
	By:	 	  

		 	Name:
		 	Title:

  
 - 32 -

 Schedule 1(a) 

Legal Names, Etc. 
  

											
	 Legal Name
	  	 Type of Entity
	  	 Registered
Organization

(Yes/No)
	  	 Organizational
Number4
	  	 Federal Taxpayer

Identification Number
	  	 Jurisdiction of Formation

		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	

  

	4 	 If none, so state. 

  
 - 33 -

 Schedule 1(b) 

Prior Names 
  

					
	 Loan Party/Subsidiary
	  	 Prior Name
	  	 Date of Change

		  		  	
		  		  	
		  		  	
		  		  	

  
 - 34 -

 Schedule 1(c) 

Changes in Corporate Identity; Other Names 
  

											
	 Loan

Party/Subsidiary
	  	 Name of Entity
	  	 Action
	  	 Date of

Action
	  	 Jurisdiction

of Formation
	  	 List of All Other

Names Used on Any
 Filings with the
 Internal Revenue

Service or

Applicable Foreign
 Tax Authorities
 During Past Five

Years

		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	

 [Add Information required by Section 1 to the extent required by Section 1(c) of the Perfection Certificate]

  
 - 35 -

 Schedule 2 

Chief Executive Offices 
  

							
	 Loan

Party/Subsidiary
	  	 Address
	  	 County
	  	 State

		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	

  
 - 36 -

 Schedule 3(a) 

Real Property 
  

																					
	 Entity of
Record
	  	
Common
Name and
Address
	  	 Owned,
Leased or

Other
Interest
	  	 Landlord

/ Owner
if Leased
 or Other
Interest
	  	
Description of
Lease or
Other
Documents
Evidencing
Interest
	  	 Purpose/

Use
	  	
Improvements
Located on
Real
 Property
	  	 Legal
Description
	  	 Encumbered
or to be

Encumbered

by Mortgage
	  	 Filing
Office for

Mortgage
	  	 Option to

Purchase/Right
 of First Refusal

	 [    ]
	  	[    ]	  	[    ]	  	[    ]	  	[    ]	  	[    ]	  	[    ]	  	[SEE EXHIBIT A-[    ] ATTACHED HERETO]	  	[YES/NO]	  	[    ]	  	[YES/NO]
		  		  		  		  		  		  		  		  		  		  	

  
 - 37 -

 Schedule 3(a) 

Real Property (cont.) 
  

Required Consents; Loan Party Held Landlord/ Grantor Interests 
 I. Landlord’s / Tenant’s Consent Required 
 1. [LIST EACH LEASE OR OTHER
INSTRUMENT WHERE LANDLORD’S / TENANT’S CONSENT IS REQUIRED]. 
 II. Leases, Subleases, Tenancies, Franchise Agreements, Licenses
or Other Occupancy Agreements Pursuant to which any Loan Party holds Landlord’s / Grantor’s Interest 
 1. [LIST EACH LEASE OR
OTHER INSTRUMENT WHERE ANY LOAN PARTY HOLDS LANDLORD’S / GRANTOR’S INTEREST 

  
 - 38 -

 Schedule 3(a) 

Real Property (cont.) 
  

Required Consents; Loan Party Held Landlord/ Grantor Interests 
 I. Landlord’s / Tenant’s Consent Required 
 1. [LIST EACH LEASE OR OTHER
INSTRUMENT WHERE LANDLORD’S / TENANT’S CONSENT IS REQUIRED]. 
 II. Leases, Subleases, Tenancies, Franchise Agreements, Licenses
or Other Occupancy Agreements Pursuant to which any Loan Party holds Landlord’s / Grantor’s Interest 
 1. [LIST EACH LEASE OR
OTHER INSTRUMENT WHERE ANY LOAN PARTY HOLDS LANDLORD’S / GRANTOR’S INTEREST] 

  
 - 39 -

 Schedule 3(b) 

Bailees 

  
 - 40 -

 Schedule 4 

Transactions Other Than in the Ordinary Course of Business 

 

					
	 Loan Party/Subsidiary
	  	 Description of Transaction Including Parties Thereto
	  	 Date of

Transaction

		  		  	
		  		  	
		  		  	

  
 - 41 -

 Schedule 9(a) 

(a) Equity Interests of Loan Parties and Subsidiaries 

 

									
	 Current Legal

Entities Owned
	  	 Record Owner
	  	 Certificate No.
	  	 No. Shares/Interest
	  	 Percent

Pledged

		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

 (b) Other Equity Interests 

  
 - 42 -

 Schedule 9(b) 

Organizational Chart 

  
 - 43 -

 Schedule 10 

Instruments and Chattel Paper 
  

	1.	Promissory Notes: 

  

									
	 Entity
	  	 Principal

Amount
	  	 Date of Issuance
	  	 Interest Rate
	  	 Maturity Date

		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  

	2.	Chattel Paper: 

  
 - 44 -

 Schedule 11(a) 

Copyrights, Patents and Trademarks 
 UNITED STATES COPYRIGHTS 
 Registrations: 

 

							
	OWNER	 	TITLE	 	REGISTRATION NUMBER	 	
		 		 		 	

 Applications: 
  

							
	OWNER	 	APPLICATION NUMBER	 		 	
		 		 		 	

 OTHER COPYRIGHTS 
 Registrations: 
  

							
	OWNER	 	COUNTRY/STATE	 	TITLE	 	REGISTRATION NUMBER
		 		 		 	

 Applications: 
  

							
	OWNER	 	COUNTRY/STATE	 	APPLICATION NUMBER	 	
		 		 		 	

  
 - 45 -

 Schedule 11(a) 

Copyrights, Patents and Trademarks (cont.) 

 
 UNITED STATES PATENTS: 

Registrations: 
  

							
	 OWNER
	 	 REGISTRATION

NUMBER
	 	 DESCRIPTION
	 	  
		 		 		 	

 Applications: 
  

							
	 OWNER
	 	 APPLICATION

NUMBER
	 	 DESCRIPTION
	 	  
		 		 		 	

 OTHER PATENTS: 
 Registrations: 
  

							
	 OWNER
	 	 REGISTRATION

NUMBER
	 	 COUNTRY/STATE
	 	 DESCRIPTION

		 		 		 	

 Applications: 
  

							
	 OWNER
	 	 APPLICATION

NUMBER
	 	 COUNTRY/STATE
	 	 DESCRIPTION

		 		 		 	

  
 - 46 -

 Schedule 11(a) 

Copyrights, Patents and Trademarks (cont.) 

 
 UNITED STATES TRADEMARKS: 

Registrations: 
  

							
	 OWNER
	 	 REGISTRATION

NUMBER
	 	 TRADEMARK
	 	  
		 		 		 	

 Applications: 
  

							
	 OWNER
	 	 APPLICATION

NUMBER
	 	 TRADEMARK
	 	  
		 		 		 	

 OTHER TRADEMARKS: 
 Registrations: 
  

							
	 OWNER
	 	 REGISTRATION

NUMBER
	 	 COUNTRY/STATE
	 	 TRADEMARK

		 		 		 	

 Applications: 
  

							
	 OWNER
	 	 APPLICATION

NUMBER
	 	 COUNTRY/STATE
	 	 TRADEMARK

		 		 		 	

  
 - 47 -

 Schedule 11(b) 

Intellectual Property Licenses 
  

									
	 LICENSEE
	 	 LICENSOR
	 	 COUNTRY/STATE
	 	 REGISTRATION/
APPLICATION
 NUMBER, IF
 ANY
	 	 DESCRIPTION

		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	

  
 - 48 -

 Schedule 12 

Commercial Tort Claims 

  
 - 49 -

 Schedule 13 

Deposit Accounts and Securities Accounts 
  

							
	OWNER	 	TYPE OF ACCOUNT	 	 BANK OR
 INTERMEDIARY
	 	 ACCOUNT
 NUMBERS

		 		 		 	
		 		 		 	
		 		 		 	
		 		 		 	

  
 - 50 -

 Schedule 14 

Letter of Credit Rights 

  
 - 51 -

 Schedule 15 

Motor Vehicles 

  
 - 52 -

 Schedule 16 

Other Assets 

  
 - 53 -

 Schedule 1.1 
 As used in the Agreement, the following terms shall have the following definitions: 
 “@Ventures” means each of @Ventures V, LLC, a Delaware limited liability company and CMGI @Ventures IV, LLC, a Delaware limited liability company. 

“Account” means an account (as that term is defined in the Code). 

“Account Debtor” means any Person who is obligated on an Account, chattel paper, or a general intangible. 

“Accounting Changes” means changes in accounting principles required by the promulgation of any rule, regulation,
pronouncement or opinion by the Financial Accounting Standards Board of the American Institute of Certified Public Accountants (or successor thereto or any agency with similar functions). 

“Acquired Indebtedness” means Indebtedness of a Person whose assets or Equity Interests are acquired by a Borrower or
any of its Subsidiaries in a Permitted Acquisition; provided, that such Indebtedness (a) is either purchase money Indebtedness or a Capital Lease with respect to Equipment or mortgage financing with respect to Real Property, (b) was
in existence prior to the date of such Permitted Acquisition, and (c) was not incurred in connection with, or in contemplation of, such Permitted Acquisition. 
 “Acquisition” means (a) the purchase or other acquisition by a Person or its Subsidiaries of all or substantially all of the assets of (or any division or business line of) any other
Person, or (b) the purchase or other acquisition (whether by means of a merger, consolidation, or otherwise) by a Person or its Subsidiaries of all or substantially all of the Equity Interests of any other Person. 

“Additional Documents” has the meaning specified therefor in Section 5.12 of the Agreement. 

“Administrative Borrower” has the meaning specified therefor in Section 17.13 of the Agreement. 

“Administrative Questionnaire” has the meaning specified therefor in Section 13.1(a) of the Agreement.

 “Affected Lender” has the meaning specified therefor in Section 2.13(b) of the Agreement.

 “Affiliate” means, as applied to any Person, any other Person who controls, is controlled by, or is under
common control with, such Person. For purposes of this definition, “control” means the possession, directly or indirectly through one or more intermediaries, of the power to direct the management and policies of a Person, whether through
the ownership of Equity Interests, by contract, or otherwise; provided, that, for purposes of the definitions of Eligible Domestic Accounts and Eligible Foreign Accounts and Section 6.10 of the Agreement: (a) any Person which
owns directly or indirectly 10% or more of the Equity Interests having ordinary voting power for the election of directors or other members of the governing body of a Person or 10% or more of the partnership or other ownership interests of a Person
(other than as a limited partner of such Person) shall be deemed an Affiliate of such Person, (b) each director (or comparable manager) of a Person shall be deemed to be an Affiliate of such Person, and (c) each partnership in which a
Person is a general partner shall be deemed an Affiliate of such Person. 

 “Agent” has the meaning specified therefor in the preamble to the
Agreement. 
 “Agent-Related Persons” means Agent, together with its Affiliates, officers, directors,
employees, attorneys, and agents. 
 “Agent’s Account” means the Deposit Account of Agent identified on
Schedule A-1 to this Agreement (or such other Deposit Account of Agent that has been designated as such, in writing, by Agent to Borrowers and the Lenders). 
 “Agent’s Liens” means the Liens granted by each Borrower or its Subsidiaries to Agent under the Loan Documents and securing the Obligations. 

“Agreement” means the Credit Agreement to which this Schedule 1.1 is attached. 

“Applicable Margin” means (a) in the case of a Base Rate Loan, 1.50 percent (the “Base Rate
Margin”), and (b) in the case of a LIBOR Rate Loan, 2.50 percent (the “LIBOR Rate Margin”). 

“Applicable Prepayment Premium” has the meaning specified therefor in the Fee Letter. 

“Application Event” means the occurrence of (a) a failure by Borrowers to repay all of the Obligations in full on
the Maturity Date, or (b) an Event of Default and the election by Agent or the Required Lenders to require that payments and proceeds of Collateral be applied pursuant to Section 2.4(b)(ii) of the Agreement. 

“Assignee” has the meaning specified therefor in Section 13.1(a) of the Agreement. 

“Assignment and Acceptance” means an Assignment and Acceptance Agreement substantially in the form of Exhibit A-1
to the Agreement. 
 “Authorized Person” means any one of the individuals identified on Schedule A-2 to
the Agreement, as such schedule is updated from time to time by Borrowers with the consent of Agent not to be unreasonably withheld. 
 “Availability” means, as of any date of determination, the amount that Borrowers are entitled to borrow as Revolving Loans under Section 2.1 of the Agreement (after giving
effect to the then outstanding Revolver Usage). 
 “Available Increase Amount” means, as of any date of
determination, an amount equal to the result of (a) $20,000,000 minus (b) the aggregate principal amount of Increases to the Commitments previously made pursuant to Section 2.14 of the Agreement. 

“Bank Product” means any one or more of the following financial products or accommodations extended to a Borrower or its
Subsidiaries by a Bank Product Provider: (a) credit cards (including commercial cards (including so-called “purchase cards”, “procurement cards” or “p-cards”)), (b) credit card processing services,
(c) debit cards, (d) stored value cards, (e) Cash Management Services, or (f) transactions under Hedge Agreements. 

  
 - 2 -

 “Bank Product Agreements” means those agreements entered into from time to
time by a Borrower or its Subsidiaries with a Bank Product Provider in connection with the obtaining of any of the Bank Products. 
 “Bank Product Collateralization” means providing cash collateral (pursuant to documentation reasonably satisfactory to Agent) to be held by Agent for the benefit of the Bank Product
Providers (other than the Hedge Providers) in an amount determined by Agent as sufficient to satisfy the reasonably estimated credit exposure with respect to the then existing Bank Product Obligations (other than Hedge Obligations). 

“Bank Product Obligations” means (a) all obligations, liabilities, reimbursement obligations, fees, or expenses
owing by each Borrower and its Subsidiaries to any Bank Product Provider pursuant to or evidenced by a Bank Product Agreement and irrespective of whether for the payment of money, whether direct or indirect, absolute or contingent, due or to become
due, now existing or hereafter arising, (b) all Hedge Obligations, and (c) all amounts that Agent or any Lender is obligated to pay to a Bank Product Provider as a result of Agent or such Lender purchasing participations from, or executing
guarantees or indemnities or reimbursement obligations to, a Bank Product Provider with respect to the Bank Products provided by such Bank Product Provider to a Borrower or its Subsidiaries. 

“Bank Product Provider” means Wells Fargo or any of its Affiliates, including each of the foregoing in its capacity, if
applicable, as a Hedge Provider. 
 “Bank Product Reserves” means, as of any date of determination, those
reserves that Agent deems necessary or appropriate to establish (based upon the Bank Product Providers’ determination of the liabilities and obligations of each Borrower and its Subsidiaries in respect of Bank Product Obligations) in respect of
Bank Products then provided or outstanding. 
 “Bankruptcy Code” means title 11 of the United States Code, as
in effect from time to time. 
 “Base Rate” means the greatest of (a) 3.25 percent
per annum, (b) the Federal Funds Rate plus  1/2%, (c) the LIBOR Rate (which rate shall be calculated based upon an Interest Period of 1 month and shall be determined
on a daily basis), plus 1 percentage point, and (d) the rate of interest announced, from time to time, within Wells Fargo at its principal office in San Francisco as its “prime rate”, with the understanding that the “prime
rate” is one of Wells Fargo’s base rates (not necessarily the lowest of such rates) and serves as the basis upon which effective rates of interest are calculated for those loans making reference thereto and is evidenced by the recording
thereof after its announcement in such internal publications as Wells Fargo may designate. 
 “Base Rate
Loan” means each portion of the Revolving Loans that bears interest at a rate determined by reference to the Base Rate. 
 “Base Rate Margin” has the meaning set forth in the definition of Applicable Margin. 
 “Benefit Plan” means a “defined benefit plan” (as defined in Section 3(35) of ERISA) for which any Borrower or any of its Subsidiaries or ERISA Affiliates has been an
“employer” (as defined in Section 3(5) of ERISA) within the past six years. 
 “Board of
Directors” means, as to any Person, the board of directors (or comparable managers) of such Person, or any committee thereof duly authorized to act on behalf of the board of directors (or comparable managers). 

  
 - 3 -

 “Board of Governors” means the Board of Governors of the Federal Reserve
System of the United States (or any successor). 
 “Borrower” and “Borrowers” have the
respective meanings specified therefor in the preamble to the Agreement. 
 “Borrower Materials” has the
meaning specified therefor in Section 17.9(c) of the Agreement. 
 “Borrowing” means a borrowing
consisting of Revolving Loans made on the same day by the Lenders (or Agent on behalf thereof), or by Swing Lender in the case of a Swing Loan, or by Agent in the case of an Extraordinary Advance. 

“Borrowing Base” means, as of any date of determination, the result of: 

(a) the sum of 
 (i) 85% of the amount of Eligible Domestic Accounts, less the amount, if any, of the Dilution Reserve, plus 

(ii) 85% of the amount of Eligible Foreign Accounts, less the amount if any, of the Dilution Reserve, plus 

 (b) the lowest of  

(i) 50% of the current amount of Availability generated pursuant to subsection (a) above, 

(ii) the product of 60% multiplied by the value (calculated at the lower of cost or market on a basis consistent with
Borrowers’ historical accounting practices) of Eligible Finished Goods Inventory and Eligible Raw Material Inventory at such time, and 
 (iii) the product of 85% multiplied by the Net Recovery Percentage identified in the most recent inventory appraisal ordered and obtained by Agent multiplied by the value (calculated at the lower of cost
or market on a basis consistent with Borrowers’ historical accounting practices) of Eligible Finished Goods Inventory and Eligible Raw Material Inventory (such determination may be made as to different categories of Eligible Finished Goods
Inventory and Eligible Raw Material Inventory based upon the Net Recovery Percentage applicable to such categories) at such time, minus 
 (c) the aggregate amount of reserves, if any, established by Agent under Section 2.1(c) of the Agreement. 
 “Borrowing Base Certificate” means a certificate in the form of Exhibit B-1. 
 “Business Day” means any day that is not a Saturday, Sunday, or other day on which banks are authorized or required to close in the Commonwealth of Massachusetts, except that, if a
determination of a Business Day shall relate to a LIBOR Rate Loan, the term “Business Day” also shall exclude any day on which banks are closed for dealings in Dollar deposits in the London interbank market. 

  
 - 4 -

 “Capitalized Lease Obligation” means that portion of the obligations under
a Capital Lease that is required to be capitalized in accordance with GAAP. 
 “Capital Lease” means a lease
that is required to be capitalized for financial reporting purposes in accordance with GAAP. 
 “Cash
Equivalents” means (a) marketable direct obligations issued by, or unconditionally guaranteed by, the United States or issued by any agency thereof and backed by the full faith and credit of the United States, in each case maturing
within 1 year from the date of acquisition thereof, (b) marketable direct obligations issued or fully guaranteed by any state of the United States or any political subdivision of any such state or any public instrumentality thereof maturing
within 1 year from the date of acquisition thereof and, at the time of acquisition, having one of the two highest ratings obtainable from either Standard & Poor’s Rating Group (“S&P”) or Moody’s Investors
Service, Inc. (“Moody’s”), (c) commercial paper maturing no more than 270 days from the date of creation thereof and, at the time of acquisition, having a rating of at least A-1 from S&P or at least P-1 from
Moody’s, (d) certificates of deposit, time deposits, overnight bank deposits or bankers’ acceptances maturing within 1 year from the date of acquisition thereof issued by any bank organized under the laws of the United States or any
state thereof or the District of Columbia or any United States branch of a foreign bank having at the date of acquisition thereof combined capital and surplus of not less than $1,000,000,000, (e) Deposit Accounts maintained with (i) any
bank that satisfies the criteria described in clause (d) above, or (ii) any other bank organized under the laws of the United States or any state thereof so long as the full amount maintained with any such other bank is insured by the
Federal Deposit Insurance Corporation, (f) repurchase obligations of any commercial bank satisfying the requirements of clause (d) of this definition or recognized securities dealer having combined capital and surplus of not less than
$1,000,000,000, having a term of not more than seven days, with respect to securities satisfying the criteria in clauses (a) or (d) above, (g) debt securities with maturities of six months or less from the date of acquisition backed
by standby letters of credit issued by any commercial bank satisfying the criteria described in clause (d) above, and (h) Investments in money market funds substantially all of whose assets are invested in the types of assets described in
clauses (a) through (g) above. 
 “Cash Management Services” means any cash management or related
services including treasury, depository, return items, overdraft, controlled disbursement, merchant store value cards, e-payables services, electronic funds transfer, interstate depository network, automatic clearing house transfer (including the
Automated Clearing House processing of electronic funds transfers through the direct Federal Reserve Fedline system) and other cash management arrangements. 
 “CFC” means a controlled foreign corporation (as that term is defined in the IRC). 
 “Change in Control” means that: 
 (a) any Person or two or more
Persons acting in concert, shall have acquired beneficial ownership, directly or indirectly, of Equity Interests of Administrative Borrower (or other securities convertible into such Equity Interests) representing 33% or more of the combined voting
power of all Equity Interests of Administrative Borrower entitled (without regard to the occurrence of any contingency) to vote for the election of members of the Board of Directors of Administrative Borrower; 

(b) any Person or two or more Persons acting in concert, shall have acquired by contract or otherwise, or shall have entered into a
contract or arrangement that, upon consummation thereof, will 

  
 - 5 -

 
result in its or their acquisition of the power to exercise, directly or indirectly, control over the management or policies of Administrative Borrower or control over the Equity Interests of
such Person entitled to vote for members of the Board of Directors of Administrative Borrower on a fully-diluted basis (and taking into account all such Equity Interests that such Person or group has the right to acquire pursuant to any option
right) representing 33% or more of the combined voting power of such Equity Interests; 
 (c) the occurrence of a change in the
composition of the Board of Directors of Administrative Borrower such that a majority of the members of such Board of Directors are not Continuing Directors; or 
 (d) Borrowers fail to own and control, directly or indirectly, (1) 100% of the Equity Interests of each other Loan Party (other than Tech for Less LLC to the extent otherwise permitted in this
Agreement and @Ventures), (2) 95% of @Ventures V, LLC except to the extent otherwise permitted in this Agreement, or (3) all of the rights of the sole Class A Member of CMGI @Ventures IV, LLC except to the extent otherwise permitted
in this Agreement. 
 “Change in Law” means the occurrence after the date of the Agreement of: (a) the
adoption or effectiveness of any law, rule, regulation, judicial ruling, judgment or treaty, (b) any change in any law, rule, regulation, judicial ruling, judgment or treaty or in the administration, interpretation, implementation or
application by any Governmental Authority of any law, rule, regulation, guideline or treaty, or (c) the making or issuance by any Governmental Authority of any request, rule, guideline or directive, whether or not having the force of law;
provided that notwithstanding anything in the Agreement to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and
(ii) all requests, rules, guidelines or directives concerning capital adequacy 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 shall, in each case, be deemed to be a “Change in Law,” regardless of the date enacted, adopted or issued. 
 “Chinese Contract Services Agreement” means the Services Agreement dated February 1, 2009 between ModusLink and ModusLink Software (Shenzhen) Co. Ltd. 

“Chinese Contract Manufacturing Services Agreements” means each of the following agreements: 

(a) the Contract Manufacturing/Assembly Services Agreement dated February 1, 2012 between ModusLink and ModusLink (Waigaoqiao) Co.
Ltd.; 
 (b) the Contract Manufacturing/Assembly Services Agreement dated May 1, 2011 between ModusLink and ModusLink
(Chongqing) Co. Ltd.; 
 (c) the Contract Manufacturing/Assembly Services Agreement dated August 1, 2011 between ModusLink
and ModusLink (Futian) Co. Ltd.; 
 (d) the Contract Manufacturing/Assembly Services Agreement dated August 1, 2011 between
ModusLink and ModusLink (Kunshan) Co. Ltd.; 
 (e) the Contract Manufacturing/Assembly Services Agreement dated August 1,
2011 between ModusLink and ModusLink (Pudong) Co. Ltd.; 

  
 - 6 -

 (f) the Contract Manufacturing/Assembly Services Agreement dated August 1, 2011 between
ModusLink and ModusLink (Songjiang) Co. Ltd.; and 
 (g) any future Contract Manufacturing/Assembly Services Agreement entered
into by and between a Borrower and a Subsidiary incorporated in China in substantially the same form as the contracts listed above or as otherwise acceptable to Agent. 
 “Closing Date” means the date of the making of the initial Revolving Loan (or other extension of credit) under the Agreement. 

“Code” means the Massachusetts Uniform Commercial Code, as in effect from time to time. 

“Collateral” means all assets and interests in assets and proceeds thereof now owned or hereafter acquired by any
Borrower or its Subsidiaries in or upon which a Lien is granted by such Person in favor of Agent or the Lenders under any of the Loan Documents. 
 “Collateral Access Agreement” means a landlord waiver, bailee letter, or acknowledgement agreement of any lessor, warehouseman, processor, consignee, or other Person in possession of,
having a Lien upon, or having rights or interests in any Borrower’s or its Subsidiaries’ books and records, Equipment, or Inventory, in each case, in form and substance reasonably satisfactory to Agent. 

“Commitment” means, with respect to each Lender, its Commitment, and, with respect to all Lenders, their Commitments, as
the context requires, in each case as such Dollar amounts are set forth beside such Lender’s name under the applicable heading on Schedule C-1 to the Agreement or in the Assignment and Acceptance pursuant to which such Lender became a
Lender under the Agreement, as such amounts may be reduced or increased from time to time pursuant to assignments made in accordance with the provisions of Section 13.1 of the Agreement. 

“Compliance Certificate” means a certificate substantially in the form of Exhibit C-1 to the Agreement delivered
by the chief financial officer of Administrative Borrower to Agent. 
 “Confidential Information” has the
meaning specified therefor in Section 17.9(a) of the Agreement. 
 “Continuing Director” means
(a) any member of the Board of Directors who was a director (or comparable manager) of Administrative Borrower on the Closing Date, and (b) any individual who becomes a member of the Board of Directors after the Closing Date if such
individual was approved, appointed or nominated for election to the Board of Directors by a majority of the Continuing Directors, but excluding any such individual originally proposed for election in opposition to the Board of Directors in office at
the Closing Date in an actual or threatened election contest relating to the election of the directors (or comparable managers) of Administrative Borrower and whose initial assumption of office resulted from such contest or the settlement thereof.

 “Control Agreement” means a control agreement, in form and substance reasonably satisfactory to Agent,
executed and delivered by a Borrower or one of its Subsidiaries, Agent, and the applicable securities intermediary (with respect to a Securities Account) or bank (with respect to a Deposit Account). 

  
 - 7 -

 “Copyright Security Agreement” has the meaning specified therefor in the
Guaranty and Security Agreement. 
 “Default” means an event, condition, or default that, with the giving of
notice, the passage of time, or both, would be an Event of Default. 
 “Defaulting Lender” means any Lender
that (a) has failed to fund any amounts required to be funded by it under the Agreement on the date that it is required to do so under the Agreement (including the failure to make available to Agent amounts required pursuant to a Settlement or
to make a required payment in connection with a Letter of Credit Disbursement), (b) notified Borrowers, Agent, or any Lender in writing that it does not intend to comply with all or any portion of its funding obligations under the Agreement,
(c) has made a public statement to the effect that it does not intend to comply with its funding obligations under the Agreement or under other agreements generally (as reasonably determined by Agent) under which it has committed to extend
credit, (d) failed, within 1 Business Day after written request by Agent, to confirm that it will comply with the terms of the Agreement relating to its obligations to fund any amounts required to be funded by it under the Agreement,
(e) otherwise failed to pay over to Agent or any other Lender any other amount required to be paid by it under the Agreement on the date that it is required to do so under the Agreement, or (f) (i) becomes or is insolvent or has a
parent company that has become or is insolvent or (ii) becomes the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, or custodian or appointed for it, or has taken any action in furtherance of, or
indicating its consent to, approval of or acquiescence in any such proceeding or appointment or has a parent company that has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, or custodian
appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment. 
 “Defaulting Lender Rate” means (a) for the first 3 days from and after the date the relevant payment is due, the Base Rate, and (b) thereafter, the interest rate then applicable
to Revolving Loans that are Base Rate Loans (inclusive of the Base Rate Margin applicable thereto). 
 “Deposit
Account” means any deposit account (as that term is defined in the Code). 
 “Designated Account”
means the Deposit Account of Administrative Borrower identified on Schedule D-1 to the Agreement (or such other Deposit Account of Administrative Borrower located at Designated Account Bank that has been designated as such, in writing, by
Borrowers to Agent). 
 “Designated Account Bank” has the meaning specified therefor in Schedule D-1 to
the Agreement (or such other bank that is located within the United States that has been designated as such, in writing, by Borrowers to Agent). 
 “Dilution” means, as of any date of determination, a percentage, based upon the experience of the immediately prior 12 months, that is the result of dividing the Dollar amount of
(a) bad debt write-downs, discounts, advertising allowances, credits, or other dilutive items with respect to Borrowers’ Accounts during such period, by (b) Borrowers’ billings with respect to Accounts during such period.

 “Dilution Reserve” means, as of any date of determination, an amount sufficient to reduce the advance rate
against Eligible Domestic Accounts or Eligible Foreign Accounts by 1 percentage point for each percentage point by which Dilution is in excess of 5%. 

  
 - 8 -

 “Disqualified Equity Interests” shall mean any Equity Interest 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 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 and the termination of the Commitments), (b) is redeemable at the option of the holder thereof (other than solely for Qualified
Equity Interests), in whole or in part, (c) provides for the scheduled payments of dividends in cash, or (d) is or becomes convertible into or exchangeable for Indebtedness or any other Equity Interests that would constitute Disqualified
Equity Interests, in each case, prior to the date that is 180 days after the Maturity Date. 
 “Dollars” or
“$” means United States dollars. 
 “Drawing Document” means any Letter of Credit or other
document presented for purposes of drawing under any Letter of Credit. 
 “Earn-Outs” shall mean unsecured
liabilities of a Loan Party arising under an agreement to make any deferred payment as a part of the Purchase Price for a Permitted Acquisition, including performance bonuses or consulting payments in any related services, employment or similar
agreement, in an amount that is subject to or contingent upon the revenues, income, cash flow or profits (or the like) of the target of such Permitted Acquisition. 
 “EBITDA” means, with respect to any fiscal period, 
  

	 	(a)	Borrowers’ consolidated net earnings (or loss), 

 minus 
  

	 	(b)	without duplication, the sum of the following amounts of Borrowers for such period to the extent included in determining consolidated net earnings (or loss) for such
period: 

  

	 	(i)	extraordinary gains, 

  

	 	(ii)	non-cash foreign exchange gains, 

  

	 	(iii)	and interest income, 

 plus 
  

	 	(i)	non-cash extraordinary losses, 

  

	 	(ii)	Interest Expense, 

  

	 	(iii)	income taxes, 

  

	 	(iv)	non-cash foreign exchange losses in an amount not to exceed $2,500,000 per month, 

 

	 	(v)	and depreciation and amortization for such period, in each case, determined on a consolidated basis in accordance with GAAP. 

  
 - 9 -

 For the purposes of calculating EBITDA for any period of one month or consecutive months
(each, a “Reference Period”), if at any time during such Reference Period (and after the Closing Date), any Borrower or any of its Subsidiaries shall have made a Permitted Acquisition, EBITDA for such Reference Period shall be
calculated after giving pro forma effect thereto (including pro forma adjustments arising out of events which are directly attributable to such Permitted Acquisition, are factually supportable, and are expected to have a continuing
impact, in each case to be mutually and reasonably agreed upon by Borrowers and Agent) or in such other manner acceptable to Agent as if any such Permitted Acquisition or adjustment occurred on the first day of such Reference Period. 

“Eligible Domestic Accounts” means those Accounts created by a Borrower in the ordinary course of its business, that
arise out of such Borrower’s sale of goods or rendition of services, that comply with each of the representations and warranties respecting Eligible Domestic Accounts made in the Loan Documents, and that are not excluded as ineligible by virtue
of one or more of the excluding criteria set forth below; provided, that such criteria may be revised from time to time by Agent in Agent’s Permitted Discretion to address the results of any field examination performed by (or on behalf
of) Agent from time to time after the Closing Date. In determining the amount to be included, Eligible Domestic Accounts shall be calculated net of customer deposits, unapplied cash, taxes, discounts, credits, allowances, and rebates. Eligible
Domestic Accounts shall not include the following: 
 (a) Accounts that the Account Debtor has failed to pay within 90 days of
original invoice date or Accounts with selling terms of more than 90 days, 
 (b) Accounts owed by an Account Debtor (or its
Affiliates) where 50% or more of all Accounts owed by that Account Debtor (or its Affiliates) are deemed ineligible under clause (a) above, 
 (c) Accounts with respect to which the Account Debtor is an Affiliate of any Borrower or an employee or agent of any Borrower or any Affiliate of any Borrower, 

(d) Accounts arising in a transaction wherein goods are placed on consignment or are sold pursuant to a guaranteed sale, a sale or
return, a sale on approval, a bill and hold, or any other terms by reason of which the payment by the Account Debtor may be conditional, 
 (e) Accounts that are not payable in Dollars, 
 (f) Accounts with respect to which
the Account Debtor either (i) is not a resident or citizen of or otherwise located in the United States, or (ii) is not organized under the laws of the United States or any state thereof, or (iii) is the government of any foreign
country or sovereign state, or of any state, province, municipality, or other political subdivision thereof, or of any department, agency, public corporation, or other instrumentality thereof, 

(g) Accounts with respect to which the Account Debtor is either (i) the United States or any department, agency, or instrumentality
of the United States (exclusive, however, of Accounts with respect to which Borrowers have complied, to the reasonable satisfaction of Agent, with the Assignment of Claims Act, 31 USC §3727), or (ii) any state of the United States,

 (h) Accounts with respect to which the Account Debtor is a creditor of a Borrower, has or has asserted a right of recoupment
or setoff, or has disputed its obligation to pay all or any portion of the Account, to the extent of such claim, right of recoupment or setoff, or dispute, 
 (i) Accounts with respect to an Account Debtor whose total obligations owing to Borrowers exceed 10% (such percentage, as applied to a particular Account Debtor, being subject to

  
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reduction by Agent in its Permitted Discretion if the creditworthiness of such Account Debtor deteriorates) of all Eligible Domestic Accounts and Eligible Foreign Accounts, to the extent of the
obligations owing by such Account Debtor in excess of such percentage; provided, that, in each case, the amount of Eligible Domestic Accounts that are excluded because they exceed the foregoing percentage shall be determined by Agent based on
all of the otherwise Eligible Domestic Accounts and Eligible Foreign Accounts prior to giving effect to any eliminations based upon the foregoing concentration limit; provided further that the percentage set forth above in this
subsection (i) shall be 20% with respect to Sony Corporation and its Subsidiaries, 20% with respect to Hewlett-Packard Company and its Subsidiaries (other than Compaq and its Subsidiaries), 20% with respect to Compaq and its Subsidiaries
(provided that the percentage set forth above in this subsection (i) shall be 35% for Hewlett-Packard Company and its Subsidiaries and Compaq and its Subsidiaries in the aggregate), 20% with respect to Advanced Micro Devices, Inc., and 12.5%
with respect to E-Recycling, LLC (such percentages, as applied to a particular Account Debtor, being subject to reduction by Agent in its Permitted Discretion if the creditworthiness of such Account Debtor deteriorates or if there is a negative
change in any rating of such Account Debtor provided by a third party rating agency). 
 (j) Accounts with respect to which the
Account Debtor is subject to an Insolvency Proceeding, is not Solvent, has gone out of business, or as to which any Borrower has received notice of an imminent Insolvency Proceeding or a material impairment of the financial condition of such Account
Debtor, 
 (k) Accounts, the collection of which, Agent, in its Permitted Discretion, believes to be doubtful, including by
reason of the Account Debtor’s financial condition, 
 (l) Accounts that are not subject to a valid and perfected first
priority Agent’s Lien, 
 (m) Accounts with respect to which (i) the goods giving rise to such Account have not been
shipped and billed to the Account Debtor, or (ii) the services giving rise to such Account have not been performed and billed to the Account Debtor, 
 (n) Accounts with respect to which the Account Debtor is a Sanctioned Person or Sanctioned Entity, 
 (o) Accounts that represent the right to receive progress payments or other advance billings that are due prior to the completion of performance by the applicable Borrower of the subject contract for
goods or services, or 
 (p) Accounts owned by a target acquired in connection with a Permitted Acquisition, until the
completion of an appraisal and field examination with respect to such target, in each case, reasonably satisfactory to Agent (which appraisal and field examination may be conducted prior to the closing of such Permitted Acquisition). 

“Eligible Finished Goods Inventory” shall mean Inventory that qualifies as Eligible Inventory and consists of first
quality finished goods held for sale in the ordinary course of Borrowers’ business. 
 “Eligible Foreign
Accounts” means those Accounts (i) created by a Borrower in the ordinary course of its business, (ii) that arise out of such Borrower’s sale of goods or rendition of services to Woodman Labs, Inc., Sony Corporation,
Hewlett-Packard Company, Advanced Micro Devices, Inc. or their respective Subsidiaries, so long as Agent, in its Permitted Discretion, believes the collection of such Accounts from such Account Debtors are not doubtful, (iii) that comply with
each of the representations 

  
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and warranties respecting Eligible Foreign Accounts made in the Loan Documents, (iv) with respect to which the Account Debtor either (A) is not a resident or citizen of or otherwise
located in the United States, or (B) is not organized under the laws of the United States or any state thereof, (v) that are billed and collected in the United States, and (vi) that are not excluded as ineligible by virtue of one or
more of the excluding criteria set forth below; provided, that such criteria may be revised from time to time by Agent in Agent’s Permitted Discretion to address the results of any field examination performed by (or on behalf of) Agent
from time to time after the Closing Date. In determining the amount to be included, Eligible Foreign Accounts shall be calculated net of customer deposits, unapplied cash, taxes, discounts, credits, allowances, and rebates. Eligible Foreign Accounts
shall not include the following: 
 (a) Accounts that the Account Debtor has failed to pay within 90 days of original invoice
date or Accounts with selling terms of more than 90 days, 
 (b) Accounts owed by an Account Debtor (or its Affiliates) where
50% or more of all Accounts owed by that Account Debtor (or its Affiliates) are deemed ineligible under clause (a) above, 

(c) Accounts with respect to which the Account Debtor is an Affiliate of any Borrower or an employee or agent of any Borrower or any
Affiliate of any Borrower, 
 (d) Accounts arising in a transaction wherein goods are placed on consignment or are sold pursuant
to a guaranteed sale, a sale or return, a sale on approval, a bill and hold, or any other terms by reason of which the payment by the Account Debtor may be conditional, 
 (e) Accounts that are not payable in Dollars, 
 (f) Accounts with respect to which
the Account Debtor is a creditor of a Borrower, has or has asserted a right of recoupment or setoff, or has disputed its obligation to pay all or any portion of the Account, to the extent of such claim, right of recoupment or setoff, or dispute,

 (g) Accounts with respect to an Account Debtor whose total obligations owing to Borrowers exceed 10% (such percentage, as
applied to a particular Account Debtor, being subject to reduction by Agent in its Permitted Discretion if the creditworthiness of such Account Debtor deteriorates) of all Eligible Foreign Accounts and Eligible Domestic Accounts, to the extent of
the obligations owing by such Account Debtor in excess of such percentage; provided, that, in each case, the amount of Eligible Foreign Accounts that are excluded because they exceed the foregoing percentage shall be determined by Agent based
on all of the otherwise Eligible Foreign Accounts and Eligible Domestic Accounts prior to giving effect to any eliminations based upon the foregoing concentration limit; provided further that the percentage set forth above in this
subsection (i) shall be 20% with respect to Sony Corporation and its Subsidiaries, 20% with respect to Hewlett-Packard Company and its Subsidiaries (other than Compaq and its Subsidiaries), 20% with respect to Compaq and its Subsidiaries
(provided that the percentage set forth above in this subsection (i) shall be 35% for Hewlett-Packard Company and its Subsidiaries and Compaq and its Subsidiaries in the aggregate), 20% with respect to Advanced Micro Devices, Inc., and 12.5%
with respect to E-Recycling, LLC (such percentages, as applied to a particular Account Debtor, being subject to reduction by Agent in its Permitted Discretion if the creditworthiness of such Account Debtor deteriorates or if there is a negative
change in any rating of such Account Debtor provided by a third party rating agency), 
 (h) Accounts with respect to which the
Account Debtor is subject to an Insolvency Proceeding, is not Solvent, has gone out of business, or as to which any Borrower has received notice of an imminent Insolvency Proceeding or a material impairment of the financial condition of such Account
Debtor, 

  
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 (i) Accounts, the collection of which, Agent, in its Permitted Discretion, believes to be
doubtful, including by reason of the Account Debtor’s financial condition, 
 (j) Accounts that are not subject to a valid
and perfected first priority Agent’s Lien, 
 (k) Accounts with respect to which (i) the goods giving rise to such
Account have not been shipped and billed to the Account Debtor, or (ii) the services giving rise to such Account have not been performed and billed to the Account Debtor, 
 (l) Accounts with respect to which the Account Debtor is a Sanctioned Person or Sanctioned Entity, or 
 (m) Accounts that represent the right to receive progress payments or other advance billings that are due prior to the completion of performance by the applicable Borrower of the subject contract for
goods or services. 
 “Eligible Inventory” means Inventory of a Borrower, that complies with each of the
representations and warranties respecting Eligible Inventory made in the Loan Documents, and that is not excluded as ineligible by virtue of one or more of the excluding criteria set forth below; provided, that such criteria may be revised
from time to time by Agent in Agent’s Permitted Discretion to address the results of any field examination or appraisal performed by Agent from time to time after the Closing Date. In determining the amount to be so included, Inventory shall be
valued at the lower of cost or market on a basis consistent with Borrowers’ historical accounting practices. An item of Inventory shall not be included in Eligible Inventory if: 

(a) a Borrower does not have good, valid, and marketable title thereto, 

(b) a Borrower does not have actual and exclusive possession thereof (either directly or through a bailee or agent of a Borrower),

 (c) it is not located at one of the locations in the continental United States set forth on Schedule E-1 to the
Agreement (or in-transit from one such location to another such location), 
 (d) it is in-transit to or from a location of a
Borrower (other than in-transit from one location set forth on Schedule E-1 to the Agreement to another location set forth on Schedule E-1 to the Agreement), 
 (e) it is located on real property leased by a Borrower or in a contract warehouse, in each case, unless it is subject to a Collateral Access Agreement executed by the lessor or warehouseman, as the case
may be, and unless it is segregated or otherwise separately identifiable from goods of others, if any, stored on the premises, 

(f) it is the subject of a bill of lading or other document of title, 

(g) it is not subject to a valid and perfected first priority Agent’s Lien, 

(h) it consists of goods returned or rejected by a Borrower’s customers, 

(i) it consists of goods that are obsolete or slow moving, restrictive or custom items, work-in-process, raw materials, or goods that
constitute spare parts, packaging and shipping materials, supplies used or consumed in Borrowers’ business, bill and hold goods, defective goods, “seconds,” or Inventory acquired on consignment, 

  
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 (j) it is subject to third party trademark, licensing or other proprietary rights, unless
Agent is satisfied that such Inventory can be freely sold by Agent on and after the occurrence of an Event of a Default despite such third party rights, 
 (k) it consists of goods that are considered “aged inventory”, “excess inventory”, or similar types of Inventory as such terms are defined in customer contracts, or 

(l) it was acquired in connection with a Permitted Acquisition, until the completion of an appraisal and field examination of such
Inventory, in each case, reasonably satisfactory to Agent (which appraisal and field examination may be conducted prior to the closing of such Permitted Acquisition). 
 “Eligible Raw Material Inventory” shall mean Inventory that qualifies as Eligible Inventory and consists of goods that are first quality raw materials. 

“Employee Benefit Plan” means any employee benefit plan within the meaning of Section 3(3) of ERISA, whether or not
subject to ERISA, (a) that is or within the preceding six (6) years has been sponsored, maintained or contributed to by any Loan Party or ERISA Affiliate or (b) to which any Loan Party or ERISA Affiliate has, or has had at any time
within the preceding six (6) years, any liability, contingent or otherwise. 
 “Environmental Action”
means any written complaint, summons, citation, notice, directive, order, claim, litigation, investigation, judicial or administrative proceeding, judgment, letter, or other written communication from any Governmental Authority, or any third party
involving violations of Environmental Laws or releases of Hazardous Materials (a) from any assets, properties, or businesses of any Borrower, any Subsidiary of any Borrower, or any of their predecessors in interest, (b) from adjoining
properties or businesses, or (c) from or onto any facilities which received Hazardous Materials generated by any Borrower, any Subsidiary of any Borrower, or any of their predecessors in interest. 

“Environmental Law” means any applicable federal, state, provincial, foreign or local statute, law, rule, regulation,
ordinance, code, binding and enforceable guideline, binding and enforceable written policy, or rule of common law now or hereafter in effect and in each case as amended, or any judicial or administrative interpretation thereof, including any
judicial or administrative order, consent decree or judgment, in each case, to the extent binding on any Borrower or its Subsidiaries, relating to the environment, the effect of the environment on employee health, or Hazardous Materials, in each
case as amended from time to time. 
 “Environmental Liabilities” means all liabilities, monetary obligations,
losses, damages, costs and expenses (including all reasonable fees, disbursements and expenses of counsel, experts, or consultants, and costs of investigation and feasibility studies), fines, penalties, sanctions, and interest incurred as a result
of any claim or demand, or Remedial Action required, by any Governmental Authority or any third party, and which relate to any Environmental Action. 
 “Environmental Lien” means any Lien in favor of any Governmental Authority for Environmental Liabilities. 
 “Equipment” means equipment (as that term is defined in the Code). 

  
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 “Equity Interest” means, with respect to a Person, all of the shares,
options, warrants, interests, participations, or other equivalents (regardless of how designated) of or in such Person, whether voting or nonvoting, including capital stock (or other ownership or profit interests or units), preferred stock, or any
other “equity security” (as such term is defined in Rule 3a11-1 of the General Rules and Regulations promulgated by the SEC under the Exchange Act). 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and any successor statutes, and all regulations and guidance promulgated thereunder. Any reference to a
specific section of ERISA shall be deemed to be a reference to such section of ERISA and any successor statutes, and all regulations and guidance promulgated thereunder. 
 “ERISA Affiliate” means (a) any Person subject to ERISA whose employees are treated as employed by the same employer as the employees of any Borrower or its Subsidiaries under IRC
Section 414(b), (b) any trade or business subject to ERISA whose employees are treated as employed by the same employer as the employees of any Borrower or its Subsidiaries under IRC Section 414(c), (c) solely for purposes of
Section 302 of ERISA and Section 412 of the IRC, any organization subject to ERISA that is a member of an affiliated service group of which any Borrower or any of its Subsidiaries is a member under IRC Section 414(m), or
(d) solely for purposes of Section 302 of ERISA and Section 412 of the IRC, any Person subject to ERISA that is a party to an arrangement with any Borrower or any of its Subsidiaries and whose employees are aggregated with the
employees of such Borrower or its Subsidiaries under IRC Section 414(o). 
 “Event of Default” has the
meaning specified therefor in Section 8 of the Agreement. 
 “Excess” has the meaning specified
therefor in Section 2.14 of the Agreement. 
 “Excess Availability” means, as of any date of
determination, the amount equal to Availability minus the aggregate amount, if any, of all trade payables of Borrowers and their Subsidiaries aged in excess of historical levels with respect thereto and all book overdrafts of Borrowers and
their Subsidiaries in excess of historical practices with respect thereto, in each case as determined by Agent in its Permitted Discretion. 
 “Exchange Act” means the Securities Exchange Act of 1934, as in effect from time to time. 
 “Excluded Taxes” means (i) any tax imposed on the net income or net profits of any Lender or any Participant (including any branch profits taxes), in each case imposed by the
jurisdiction (or by any political subdivision or taxing authority thereof) in which such Lender or such Participant is organized or the jurisdiction (or by any political subdivision or taxing authority thereof) in which such Lender’s or such
Participant’s principal office is located in each case as a result of a present or former connection between such Lender or such Participant and the jurisdiction or taxing authority imposing the tax (other than any such connection arising
solely from such Lender or such Participant having executed, delivered or performed its obligations or received payment under, or enforced its rights or remedies under the Agreement or any other Loan Document); (ii) taxes resulting from a
Lender’s or a Participant’s failure to comply with the requirements of Section 16.2 of the Agreement, and (iii) any United States federal withholding taxes that would be imposed on amounts payable to a Foreign Lender based
upon the applicable withholding rate in effect at the time such Foreign Lender becomes a party to the Agreement (or designates a new lending office), except that Taxes shall include (A) any amount that such Foreign Lender (or its
assignor, if any) was previously entitled to receive pursuant to Section 16.1 of the Agreement, if any, with respect to such withholding tax at the time such Foreign Lender becomes a party to the Agreement (or designates a new lending
office), and (B) additional United States federal 

  
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withholding taxes that may be imposed after the time such Foreign Lender becomes a party to the Agreement (or designates a new lending office), as a result of a change in law, rule, regulation,
order or other decision with respect to any of the foregoing by any Governmental Authority. 
 “Existing Credit
Facility” means the revolving credit facility outstanding pursuant to the Amended and Restated Credit Agreement dated as of February 1, 2010 by and among the Administrative Borrower, certain of its Subsidiaries, Bank of America, N.A.,
Silicon Valley Bank and HSBC Business Credit (USA) Inc., as amended. 
 “Extraordinary Advances” has the
meaning specified therefor in Section 2.3(d)(iii) of the Agreement. 
 “Extraordinary Receipts”
means any payments received by any Borrower or any of its Subsidiaries not in the ordinary course of business (and not consisting of proceeds described in Section 2.4(e)(ii) of the Agreement) consisting of (i) proceeds of judgments,
proceeds of settlements, or other consideration of any kind received in connection with any cause of action or claim, (ii) indemnity payments (other than to the extent such indemnity payments are immediately payable to a Person that is not an
Affiliate of any Borrower or any of its Subsidiaries), and (iii) any purchase price adjustment received in connection with any purchase agreement. 
 “Fee Letter” means that certain fee letter, dated as of even date with the Agreement, among Borrowers and Agent, in form and substance reasonably satisfactory to Agent. 

“Federal Funds Rate” means, for any period, a fluctuating interest rate per annum equal to, for each day during such
period, the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York,
or, if such rate is not so published for any day which is a Business Day, the average of the quotations for such day on such transactions received by Agent from three Federal funds brokers of recognized standing selected by it. 

“Financial Covenant Triggering Event” means (a) on the last day of any month that Excess Availability plus
Qualified Cash is less than $40,000,000 or Excess Availability is less than $20,000,000 and (b) at any other time that Excess Availability plus Qualified Cash is less than $35,000,000 or Excess Availability is less than $20,000,000. 

“Flow of Funds Agreement” means a flow of funds agreement, dated as of even date herewith, in form and substance
reasonably satisfactory to Agent, executed and delivered by each Loan Party and Agent. 
 “Foreign Lender”
means any Lender or Participant that is not a United States person within the meaning of IRC section 7701(a)(30). 

“Funding Date” means the date on which a Borrowing occurs. 

“Funding Losses” has the meaning specified therefor in Section 2.12(b)(ii) of the Agreement. 

“GAAP” means generally accepted accounting principles as in effect from time to time in the United States, consistently
applied. 

  
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 “Governing Documents” means, with respect to any Person, the certificate or
articles of incorporation, by-laws, or other organizational documents of such Person. 
 “Governmental
Authority” means the government of any nation or any political subdivision thereof, whether at the national, state, territorial, provincial, municipal or any other level, and any agency, authority, instrumentality, regulatory body, court,
central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of, or pertaining to, government (including any supra-national bodies such as the European Union or the European
Central Bank). 
 “Guarantor” means (a) each domestic Subsidiary of each Borrower to the extent not
already a Borrower, and (b) each other Person that becomes a guarantor after the Closing Date pursuant to Section 5.11 of the Agreement. 
 “Guaranty and Security Agreement” means a guaranty and security agreement, dated as of even date with the Agreement, in form and substance reasonably satisfactory to Agent, executed and
delivered by each of the Borrowers and each of the Guarantors to Agent. 
 “Hazardous Materials” means
(a) substances that are defined or listed in, or otherwise classified pursuant to, any applicable laws or regulations as “hazardous substances,” “hazardous materials,” “hazardous wastes,” “toxic
substances,” or any other formulation intended to define, list, or classify substances by reason of deleterious properties such as ignitability, corrosivity, reactivity, carcinogenicity, reproductive toxicity, or “EP toxicity”,
(b) oil, petroleum, or petroleum derived substances, natural gas, natural gas liquids, synthetic gas, drilling fluids, produced waters, and other wastes associated with the exploration, development, or production of crude oil, natural gas, or
geothermal resources, (c) any flammable substances or explosives or any radioactive materials, and (d) asbestos in any form or electrical equipment that contains any oil or dielectric fluid containing levels of polychlorinated biphenyls in
excess of 50 parts per million. 
 “Hedge Agreement” means a “swap agreement” as that term is defined
in Section 101(53B)(A) of the Bankruptcy Code. 
 “Hedge Obligations” means any and all obligations or
liabilities, whether absolute or contingent, due or to become due, now existing or hereafter arising, of each Borrower and its Subsidiaries arising under, owing pursuant to, or existing in respect of Hedge Agreements entered into with one or more of
the Hedge Providers. 
 “Hedge Provider” means Wells Fargo or any of its Affiliates. 

“Increase” has the meaning specified therefor in Section 2.14. 

“Increase Date” has the meaning specified therefor in Section 2.14. 

“Increase Joinder” has the meaning specified therefor in Section 2.14. 

“Indebtedness” as to any Person means (a) all obligations of such Person for borrowed money, (b) all
obligations of such Person evidenced by bonds, debentures, notes, or other similar instruments and all reimbursement or other obligations in respect of letters of credit, bankers acceptances, or other financial products, (c) all obligations of
such Person as a lessee under Capital Leases, (d) all obligations or liabilities of others secured by a Lien on any asset of such Person, irrespective of whether such obligation or liability is assumed, (e) all obligations of such Person
to pay the deferred purchase 

  
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price of assets (other than trade payables incurred in the ordinary course of business and repayable in accordance with customary trade practices and, for the avoidance of doubt, other than
royalty payments payable in the ordinary course of business in respect of non-exclusive licenses), (f) all monetary obligations of such Person owing under Hedge Agreements (which amount shall be calculated based on the amount that would be
payable by such Person if the Hedge Agreement were terminated on the date of determination), (g) any Disqualified Equity Interests of such Person, and (h) any obligation of such Person guaranteeing or intended to guarantee (whether
directly or indirectly guaranteed, endorsed, co-made, discounted, or sold with recourse) any obligation of any other Person that constitutes Indebtedness under any of clauses (a) through (g) above. For purposes of this definition,
(i) the amount of any Indebtedness represented by a guaranty or other similar instrument shall be the lesser of the principal amount of the obligations guaranteed and still outstanding and the maximum amount for which the guaranteeing Person
may be liable pursuant to the terms of the instrument embodying such Indebtedness, and (ii) the amount of any Indebtedness which is limited or is non-recourse to a Person or for which recourse is limited to an identified asset shall be valued
at the lesser of (A) if applicable, the limited amount of such obligations, and (B) if applicable, the fair market value of such assets securing such obligation. 
 “Indemnified Liabilities” has the meaning specified therefor in Section 10.3 of the Agreement. 
 “Indemnified Person” has the meaning specified therefor in Section 10.3 of the Agreement. 
 “Indemnified Taxes” means, any Taxes other than Excluded Taxes. 

“Insolvency Proceeding” means any proceeding commenced by or against any Person under any provision of the Bankruptcy
Code or under any other state or federal bankruptcy or insolvency law, assignments for the benefit of creditors, formal or informal moratoria, compositions, extensions generally with creditors, or proceedings seeking reorganization, arrangement, or
other similar relief. 
 “Intercompany Subordination Agreement” means an intercompany subordination agreement,
dated as of even date with the Agreement, executed and delivered by each Borrower, each of its Subsidiaries each of the other Loan Parties, and Agent, the form and substance of which is reasonably satisfactory to Agent. 

“Interest Expense” means, for any period, the aggregate of the interest expense of Borrowers for such period, determined
on a consolidated basis in accordance with GAAP. 
 “Interest Period” means, with respect to each LIBOR Rate
Loan, a period commencing on the date of the making of such LIBOR Rate Loan (or the continuation of a LIBOR Rate Loan or the conversion of a Base Rate Loan to a LIBOR Rate Loan) and ending 1, 2 or 3 months thereafter or, if agreed to by all Lenders,
6, 9 or 12 months thereafter; provided, that (a) interest shall accrue at the applicable rate based upon the LIBOR Rate from and including the first day of each Interest Period to, but excluding, the day on which any Interest Period
expires, (b) any Interest Period that would end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on
the next preceding Business Day, (c) with respect to an Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest
Period), the Interest Period shall end on the last Business Day of the calendar month that is 1, 2, 3, 6, 9, or 12 months after the date on which the Interest Period began, as applicable, and (d) Borrowers may not elect an Interest Period which
will end after the Maturity Date. 

  
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 “Inventory” means inventory (as that term is defined in the Code).

 “Inventory Reserves” means, as of any date of determination, (a) Landlord Reserves, and (b) those
reserves that Agent deems necessary or appropriate, in its Permitted Discretion and subject to Section 2.1(c), to establish and maintain (including reserves for slow moving Inventory and Inventory shrinkage) with respect to Eligible
Inventory or the Maximum Revolver Amount. 
 “Investment” means, with respect to any Person, any investment by
such Person in any other Person (including Affiliates) in the form of loans, guarantees, advances, capital contributions (excluding (a) commission, travel, and similar advances to officers and employees of such Person made in the ordinary
course of business, and (b) bona fide accounts receivable arising in the ordinary course of business), or acquisitions of Indebtedness, Equity Interests, or all or substantially all of the assets of such other Person (or of any division
or business line of such other Person), and any other items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP. The amount of any Investment shall be the original cost of such Investment plus the cost
of all additions thereto, without any adjustment for increases or decreases in value, or write-ups, write-downs, or write-offs with respect to such Investment. 
 “IRC” means the Internal Revenue Code of 1986, as in effect from time to time. 
 “ISP” means, with respect to any Letter of Credit, the International Standby Practices 1998 (International Chamber of Commerce Publication No. 590) and any subsequent revision thereof
adopted by the International Chamber of Commerce on the date such Letter of Credit is issued. 
 “Issuer
Document” means, with respect to any Letter of Credit, a letter of credit application, a letter of credit agreement, or any other document, agreement or instrument entered into (or to be entered into) by a Borrower in favor of Issuing Bank
and relating to such Letter of Credit. 
 “Issuing Bank” means Wells Fargo or any other Lender that, at the
request of Borrowers and with the consent of Agent, agrees, in such Lender’s sole discretion, to become an Issuing Bank for the purpose of issuing Letters of Credit pursuant to Section 2.11 of the Agreement, and Issuing Bank shall
be a Lender. 
 “Landlord Reserve” means, as to each location at which a Borrower has Inventory or books and
records located and as to which a Collateral Access Agreement has not been received by Agent, a reserve in an amount equal to the greater of (a) the number of months rent for which the landlord will have, under applicable law, a Lien in the
Inventory of such Borrower to secure the payment of rent or other amounts under the lease relative to such location, or (b) 3 months rent under the lease relative to such location. 

“Lender” has the meaning set forth in the preamble to the Agreement, shall include Issuing Bank and the Swing Lender,
and shall also include any other Person made a party to the Agreement pursuant to the provisions of Section 13.1 of the Agreement and “Lenders” means each of the Lenders or any one or more of them. 

“Lender Group” means each of the Lenders (including Issuing Bank and the Swing Lender) and Agent, or any one or more of
them. 
 “Lender Group Expenses” means all (a) costs or expenses (including taxes and insurance premiums)
required to be paid by any Borrower or its Subsidiaries under any of the Loan Documents that are paid, advanced, or incurred by the Lender Group, (b) documented out-of-pocket fees or charges paid

  
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or incurred by Agent in connection with the Lender Group’s transactions with each Borrower and its Subsidiaries under any of the Loan Documents, including, photocopying, notarization,
couriers and messengers, telecommunication, public record searches, filing fees, recording fees, publication, real estate surveys, real estate title policies and endorsements, and environmental audits, (c) Agent’s customary fees and
charges imposed or incurred in connection with any background checks or OFAC/PEP searches related to any Borrower or its Subsidiaries, (d) Agent’s customary fees and charges (as adjusted from time to time) with respect to the disbursement
of funds (or the receipt of funds) to or for the account of any Borrower (whether by wire transfer or otherwise), together with any out-of-pocket costs and expenses incurred in connection therewith, (e) customary charges imposed or incurred by
Agent resulting from the dishonor of checks payable by or to any Loan Party, (f) reasonable documented out-of-pocket costs and expenses paid or incurred by the Lender Group to correct any default or enforce any provision of the Loan Documents,
or during the continuance of an Event of Default, in gaining possession of, maintaining, handling, preserving, storing, shipping, selling, preparing for sale, or advertising to sell the Collateral, or any portion thereof, irrespective of whether a
sale is consummated, (g) field examination, appraisal, and valuation fees and expenses of Agent related to any field examinations, appraisals, or valuation to the extent of the fees and charges (and up to the amount of any limitation) provided
in Section 2.10 of the Agreement, (h) Agent’s reasonable costs and expenses (including reasonable documented attorneys fees and expenses) relative to third party claims or any other lawsuit or adverse proceeding paid or
incurred, whether in enforcing or defending the Loan Documents or otherwise in connection with the transactions contemplated by the Loan Documents, Agent’s Liens in and to the Collateral, or the Lender Group’s relationship with any
Borrower or any of its Subsidiaries, (i) Agent’s reasonable documented costs and expenses (including reasonable documented attorneys fees and due diligence expenses) incurred in advising, structuring, drafting, reviewing, administering
(including travel, meals, and lodging), syndicating (including reasonable costs and expenses relative to the rating of CUSIP, DXSyndicateTM, SyndTrak or other communication costs incurred in connection with a syndication of the loan facilities),
or amending, waiving, or modifying the Loan Documents, and (j) Agent’s and each Lender’s reasonable documented costs and expenses (including reasonable documented attorneys, accountants, consultants, and other advisors fees and
expenses) incurred in terminating, enforcing (including attorneys, accountants, consultants, and other advisors fees and expenses incurred in connection with a “workout,” a “restructuring,” or an Insolvency Proceeding concerning
any Borrower or any of its Subsidiaries or in exercising rights or remedies under the Loan Documents), or defending the Loan Documents, irrespective of whether a lawsuit or other adverse proceeding is brought, or in taking any enforcement action or
any Remedial Action with respect to the Collateral. 
 “Lender Group Representatives” has the meaning specified
therefor in Section 17.9 of the Agreement. 
 “Lender-Related Person” means, with respect to any
Lender, such Lender, together with such Lender’s Affiliates, officers, directors, employees, attorneys, and agents. 

“Letter of Credit” means a letter of credit (as that term is defined in the Code) issued by Issuing Bank. 

“Letter of Credit Collateralization” means either (a) providing cash collateral (pursuant to documentation
reasonably satisfactory to Agent, including provisions that specify that the Letter of Credit Fees and all commissions, fees, charges and expenses provided for in Section 2.11(k) of the Agreement (including any fronting fees) will
continue to accrue while the Letters of Credit are outstanding) to be held by Agent for the benefit of the Revolving Lenders in an amount equal to 105% of the then existing Letter of Credit Usage, (b) delivering to Agent documentation executed
by all beneficiaries under the Letters of Credit, in form and substance reasonably satisfactory to Agent and Issuing Bank, terminating all of such beneficiaries’ rights under the Letters of Credit, or (c) providing Agent with a standby
letter of 

  
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credit, in form and substance reasonably satisfactory to Agent, from a commercial bank acceptable to Agent (in its sole discretion) in an amount equal to 105% of the then existing Letter of
Credit Usage (it being understood that the Letter of Credit Fee and all fronting fees set forth in the Agreement will continue to accrue while the Letters of Credit are outstanding and that any such fees that accrue must be an amount that can be
drawn under any such standby letter of credit). 
 “Letter of Credit Disbursement” means a payment made by
Issuing Bank pursuant to a Letter of Credit. 
 “Letter of Credit Exposure” means, as of any date of
determination with respect to any Lender, such Lender’s Pro Rata Share of the Letter of Credit Usage on such date. 

“Letter of Credit Fee” has the meaning specified therefor in Section 2.6(b) of the Agreement. 

“Letter of Credit Indemnified Costs” has the meaning specified therefor in Section 2.11(f) of the Agreement.

 “Letter of Credit Related Person” has the meaning specified therefor in Section 2.11(f) of the
Agreement. 
 “Letter of Credit Usage” means, as of any date of determination, the aggregate undrawn amount of
all outstanding Letters of Credit. 
 “LIBOR Deadline” has the meaning specified therefor in
Section 2.12(b)(i) of the Agreement. 
 “LIBOR Notice” means a written notice in the form of
Exhibit L-1 to the Agreement. 
 “LIBOR Option” has the meaning specified therefor in
Section 2.12(a) of the Agreement. 
 “LIBOR Rate” means the rate per annum rate appearing on
Macro*World’s (www.mworld.com; the “Service”) Page BBA LIBOR—USD (or on any successor or substitute page of such Service, or any successor to or substitute for such Service) 2 Business Days prior to the commencement
of the requested Interest Period, for a term, and in an amount, comparable to the Interest Period and the amount of the LIBOR Rate Loan requested (whether as an initial LIBOR Rate Loan or as a continuation of a LIBOR Rate Loan or as a conversion of
a Base Rate Loan to a LIBOR Rate Loan) by Borrowers in accordance with the Agreement (and, if any such rate is below zero, the LIBOR Rate shall be deemed to be zero), which determination shall be made by Agent and shall be conclusive in the absence
of manifest error. 
 “LIBOR Rate Loan” means each portion of a Revolving Loan that bears interest at a rate
determined by reference to the LIBOR Rate. 
 “LIBOR Rate Margin” has the meaning set forth in the definition
of Applicable Margin. 
 “Lien” means any mortgage, deed of trust, pledge, hypothecation, assignment, charge,
deposit arrangement, encumbrance, easement, lien (statutory or other), security interest, or other security arrangement and any other preference, priority, or preferential arrangement of any kind or nature whatsoever, including any conditional sale
contract or other title retention agreement, the interest of a lessor under a Capital Lease and any synthetic or other financing lease having substantially the same economic effect as any of the foregoing. 

  
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 “Loan” shall mean any Revolving Loan, Swing Loan, or Extraordinary Advance
made (or to be made) hereunder. 
 “Loan Account” has the meaning specified therefor in Section 2.9
of the Agreement. 
 “Loan Documents” means the Agreement, the Control Agreements, the Copyright Security
Agreement, any Borrowing Base Certificate, the Fee Letter, the Guaranty and Security Agreement, the Intercompany Subordination Agreement, any Issuer Documents, the Letters of Credit, the Mortgages, if any, the Patent Security Agreement, the
Trademark Security Agreement, any note or notes executed by Borrowers in connection with the Agreement and payable to any member of the Lender Group, and any other instrument or agreement entered into, now or in the future, by any Borrower or any of
its Subsidiaries and any member of the Lender Group in connection with the Agreement. 
 “Loan Party” means any
Borrower or any Guarantor. 
 “Margin Stock” as defined in Regulation U of the Board of Governors as in effect
from time to time. 
 “Material Adverse Effect” means (a) a material adverse effect in the business,
operations, results of operations, assets, liabilities or financial condition of Borrowers and their Subsidiaries, taken as a whole, (b) a material impairment of Borrowers’ and their Subsidiaries ability to perform their obligations under
the Loan Documents to which they are parties or of the Lender Group’s ability to enforce the Obligations or realize upon the Collateral (other than as a result of an action taken or not taken that is solely in the control of Agent), or
(c) a material impairment of the enforceability or priority of Agent’s Liens with respect to all or a material portion of the Collateral. 
 “Material Contract” means, with respect to any Person, (a) each contract or agreement to which such Person or any of its Subsidiaries is a party involving aggregate consideration
payable to or by such Person or such Subsidiary of $5,000,000 or more in any year (other than purchase orders and customer contracts in the ordinary course of the business of such Person or such Subsidiary and other than contracts that by their
terms may be terminated by such Person or Subsidiary in the ordinary course of its business upon less than 60 days’ notice without penalty or premium), and (b) all other contracts or agreements, the loss of which could reasonably be
expected to result in a Material Adverse Effect. For purposes of this Agreement only, the Chinese Contract Services Agreement and the Chinese Contract Manufacturing Services Agreements, which are intercompany agreements, shall be considered
“Material Contracts” of ModusLink. 
 “Maturity Date” means October 31, 2015. 

“Maximum Revolver Amount” means $50,000,000, decreased by the amount of reductions in the Commitments made in accordance
with Section 2.4(c) of the Agreement and increased by any additional Commitments added in accordance with Section 2.14 of the Agreement. 
 “Moody’s” has the meaning specified therefor in the definition of Cash Equivalents. 
 “Mortgages” means, individually and collectively, one or more mortgages, deeds of trust, or deeds to secure debt, executed and delivered by a Borrower or one of its Subsidiaries in favor
of Agent, in form and substance reasonably satisfactory to Agent, that encumber any Real Property Collateral. 

  
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 “Multiemployer Plan” means any multiemployer plan within the meaning of
Section 3(37) or 4001(a)(3) of ERISA with respect to which any Loan Party or ERISA Affiliate has an obligation to contribute or has any liability, contingent or otherwise or could be assessed withdrawal liability assuming a complete withdrawal
from any such multiemployer plan. 
 “Net Cash Proceeds” means: 

(a) with respect to any sale or disposition by any Borrower or any of its Subsidiaries of assets, the amount of cash proceeds received
(directly or indirectly) from time to time (whether as initial consideration or through the payment of deferred consideration) by or on behalf of such Borrower or such Subsidiary, in connection therewith after deducting therefrom only (i) the
amount of any Indebtedness secured by any Permitted Lien on any asset (other than (A) Indebtedness owing to Agent or any Lender under the Agreement or the other Loan Documents and (B) Indebtedness assumed by the purchaser of such asset)
which is required to be, and is, repaid in connection with such sale or disposition, (ii) reasonable fees, commissions, and expenses related thereto and required to be paid by such Borrower or such Subsidiary in connection with such sale or
disposition, (iii) taxes paid or payable to any taxing authorities by such Borrower or such Subsidiary in connection with such sale or disposition, in each case to the extent, but only to the extent, that the amounts so deducted are, at the
time of receipt of such cash, actually paid or payable to a Person that is not an Affiliate of any Borrower or any of its Subsidiaries, and are properly attributable to such transaction; and (iv) all amounts that are set aside as a reserve
(A) for adjustments in respect of the purchase price of such assets, (B) for any liabilities associated with such sale or casualty, to the extent such reserve is required by GAAP, and (C) for the payment of unassumed liabilities
relating to the assets sold or otherwise disposed of at the time of, or within 30 days after, the date of such sale or other disposition, to the extent that in each case the funds described above in this clause (iv) are (x) deposited into
escrow with a third party escrow agent or set aside in a separate Deposit Account that is subject to a Control Agreement in favor of Agent and (y) paid to Agent as a prepayment of the applicable Obligations in accordance with
Section 2.4(e) of the Agreement at such time when such amounts are no longer required to be set aside as such a reserve; and 
 (b) with respect to the issuance or incurrence of any Indebtedness by any Borrower or any of its Subsidiaries, or the issuance by any Borrower or any of its Subsidiaries of any Equity Interests, the
aggregate amount of cash received (directly or indirectly) from time to time (whether as initial consideration or through the payment or disposition of deferred consideration) by or on behalf of such Borrower or such Subsidiary in connection with
such issuance or incurrence, after deducting therefrom only (i) reasonable fees, commissions, and expenses related thereto and required to be paid by such Borrower or such Subsidiary in connection with such issuance or incurrence,
(ii) taxes paid or payable to any taxing authorities by such Borrower or such Subsidiary in connection with such issuance or incurrence, in each case to the extent, but only to the extent, that the amounts so deducted are, at the time of
receipt of such cash, actually paid or payable to a Person that is not an Affiliate of any Borrower or any of its Subsidiaries, and are properly attributable to such transaction 

“Net Recovery Percentage” means, as of any date of determination, the percentage of the book value of Borrowers’
Inventory that is estimated to be recoverable in an orderly liquidation of such Inventory net of all associated costs and expenses of such liquidation, such percentage to be determined as to each category of Inventory and to be as specified in the
most recent appraisal received by Agent from an appraisal company selected by Agent. 
 “Non-Consenting Lender”
has the meaning specified therefor in Section 14.2(a) of the Agreement. 
 “Non-Defaulting Lender”
means each Lender other than a Defaulting Lender. 

  
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 “Notification Event” means (a) the occurrence of a “reportable
event” described in Section 4043 of ERISA for which the 30-day notice requirement has not been waived by applicable regulations issued by the PBGC, (b) the withdrawal of any Loan Party or ERISA Affiliate from a Pension Plan during a
plan year in which it was a “substantial employer” as defined in Section 4001(a)(2) of ERISA, (c) the termination of a Pension Plan, the filing of a notice of intent to terminate a Pension Plan or the treatment of a Pension Plan
amendment as a termination, under Section 4041 of ERISA, if the plan assets are not sufficient to pay all plan liabilities, (d) the institution of proceedings to terminate, or the appointment of a trustee with respect to, any Pension Plan
by the PBGC or any Pension Plan or Multiemployer Plan administrator, (e) any other event or condition that would constitute grounds under Section 4042(a) of ERISA for the termination of, or the appointment of a trustee to administer, any
Pension Plan, (f) the imposition of a Lien pursuant to the IRC or ERISA in connection with any Employee Benefit Plan or the existence of any facts or circumstances that could reasonably be expected to result in the imposition of a Lien,
(g) the partial or complete withdrawal of any Loan Party or ERISA Affiliate from a Multiemployer Plan (other than any withdrawal that would not constitute an Event of Default under Section 8.12), (h) any event or condition that
results in the reorganization or insolvency of a Multiemployer Plan under Sections of ERISA, (i) any event or condition that results in the termination of a Multiemployer Plan under Section 4041A of ERISA or the institution by the PBGC of
proceedings to terminate or to appoint a trustee to administer a Multiemployer Plan under ERISA, (j) any Pension Plan being in “at risk status” within the meaning of IRC Section 430(i), (k) any Multiemployer Plan being in
“endangered status” or “critical status” within the meaning of IRC Section 432(b) or the determination that any Multiemployer Plan is or is expected to be insolvent or in reorganization within the meaning of Title IV of
ERISA, (l) with respect to any Pension Plan, any Loan Party or ERISA Affiliate incurring a substantial cessation of operations within the meaning of ERISA Section 4062(e), (m) an “accumulated funding deficiency” within the
meaning of the IRC or ERISA (including Section 412 of the IRC or Section 302 of ERISA) or the failure of any Pension Plan or Multiemployer Plan to meet the minimum funding standards within the meaning of the IRC or ERISA (including
Section 412 of the IRC or Section 302 of ERISA), in each case, whether or not waived, (n) the filing of an application for a waiver of the minimum funding standards within the meaning of the IRC or ERISA (including Section 412 of
the IRC or Section 302 of ERISA) with respect to any Pension Plan or Multiemployer Plan, (o) the failure to make by its due date a required payment or contribution with respect to any Pension Plan or Multiemployer Plan, (p) any event
that results in or could reasonably be expected to result in a liability by a Loan Party pursuant to Title I of ERISA or the excise tax provisions of the IRC relating to Employee Benefit Plans or any event that results in or could reasonably be
expected to result in a liability to any Loan Party or ERISA Affiliate pursuant to Title IV of ERISA or Section 401(a)(29) of the IRC, or (q) any of the foregoing is reasonably likely to occur in the following 30 days. 

“Obligations” means (a) all loans (including the Revolving Loans (inclusive of Extraordinary Advances and Swing
Loans)), debts, principal, interest (including any interest that accrues after the commencement of an Insolvency Proceeding, regardless of whether allowed or allowable in whole or in part as a claim in any such Insolvency Proceeding), reimbursement
or indemnification obligations with respect to Letters of Credit (irrespective of whether contingent), premiums, liabilities (including all amounts charged to the Loan Account pursuant to the Agreement), obligations (including indemnification
obligations), fees (including the fees provided for in the Fee Letter), Lender Group Expenses (including any fees or expenses that accrue after the commencement of an Insolvency Proceeding, regardless of whether allowed or allowable in whole or in
part as a claim in any such Insolvency Proceeding), guaranties, and all covenants and duties of any other kind and description owing by any Loan Party arising out of, under, pursuant to, in connection with, or evidenced by the Agreement or any of
the other Loan Documents and irrespective of whether for the payment of money, whether direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising, and including all interest not paid when due and all other
expenses or other amounts that Borrowers are required to pay or reimburse by the Loan Documents or by law or otherwise in connection with the Loan Documents, and 

  
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(b) all Bank Product Obligations. Without limiting the generality of the foregoing, the Obligations of Borrowers under the Loan Documents include the obligation to pay (i) the principal of
the Revolving Loans, (ii) interest accrued on the Revolving Loans, (iii) the amount necessary to reimburse Issuing Bank for amounts paid or payable pursuant to Letters of Credit, (iv) Letter of Credit commissions, fees (including
fronting fees) and charges, (v) Lender Group Expenses, (vi) fees payable under the Agreement or any of the other Loan Documents, and (vii) indemnities and other amounts payable by any Loan Party under any Loan Document. Any reference
in the Agreement or in the Loan Documents to the Obligations shall include all or any portion thereof and any extensions, modifications, renewals, or alterations thereof, both prior and subsequent to any Insolvency Proceeding. 

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

“Originating Lender” has the meaning specified therefor in Section 13.1(e) of the Agreement. 

“Overadvance” means, as of any date of determination, that the Revolver Usage is greater than any of the limitations set
forth in Section 2.1 or Section 2.11. 
 “Participant” has the meaning specified therefor in
Section 13.1(e) of the Agreement. 
 “Patent Security Agreement” has the meaning specified therefor
in the Guaranty and Security Agreement. 
 “Patriot Act” has the meaning specified therefor in
Section 4.13 of the Agreement. 
 “PBGC” means the Pension Benefit Guaranty Corporation or any
successor agency. 
 “Pension Plan” means any Employee Benefit Plan, other than a Multiemployer Plan, which is
subject to the provisions of Title IV or Section 302 of ERISA or Sections 412 or 430 of the IRC sponsored, maintained, or contributed to by any Loan Party or ERISA Affiliate or to which any Loan Party or ERISA Affiliate has any liability,
contingent or otherwise. 
 “Perfection Certificate” means a certificate in the form of Exhibit P-1 to
the Agreement. 
 “Permitted Acquisition” means any Acquisition so long as: 

(a) no Default or Event of Default shall have occurred and be continuing or would result from the consummation of the proposed
Acquisition and the proposed Acquisition is consensual, 
 (b) no Indebtedness will be incurred, assumed, or would exist with
respect to any Borrower or its Subsidiaries as a result of such Acquisition, other than Indebtedness permitted under clauses (f) or (g) of the definition of Permitted Indebtedness and no Liens will be incurred, assumed, or would exist with
respect to the assets of any Borrower or its Subsidiaries as a result or such Acquisition other than Permitted Liens, 
 (c)
Borrowers have provided Agent with written confirmation, supported by reasonably detailed calculations, that on a pro forma basis (including pro forma adjustments arising out of events which are directly attributable to such proposed
Acquisition, are factually supportable, and are expected to have a continuing impact, in each case, determined as if the combination had been accomplished at the beginning of the relevant period; such eliminations and inclusions to be mutually and

  
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reasonably agreed upon by Borrowers and Agent) created by adding the historical combined financial statements of Borrowers (including the combined financial statements of any other Person or
assets that were the subject of a prior Permitted Acquisition during the relevant period) to the historical consolidated financial statements of the Person to be acquired (or the historical financial statements related to the assets to be acquired)
pursuant to the proposed Acquisition, Borrowers and their Subsidiaries (i) would have been in compliance with the financial covenants in Section 7 of the Agreement for the trailing 12 month period ended immediately prior to the
proposed date of consummation of such proposed Acquisition, and (ii) are projected to be in compliance with the financial covenants in Section 7 of the Agreement for the trailing 12 month period ended one year after the proposed
date of consummation of such proposed Acquisition, 
 (d) Borrowers have provided Agent with its due diligence package relative
to the proposed Acquisition, including forecasted balance sheets, profit and loss statements, and cash flow statements of the Person or assets to be acquired, all prepared on a basis consistent with such Person’s (or assets’) historical
financial statements, together with appropriate supporting details and a statement of underlying assumptions for the 1 year period following the date of the proposed Acquisition, on a month by month basis), in form and substance (including as to
scope and underlying assumptions) reasonably satisfactory to Agent, 
 (e) Borrowers shall have (i) Excess Availability
plus Qualified Cash in an amount equal to or greater than $50,000,000, and (ii) Excess Availability of at least $35,000,000, in each case immediately after giving effect to the consummation of the proposed Acquisition, 

(f) the assets being acquired or the Person whose Equity Interests are being acquired did not have negative EBITDA during the 12
consecutive month period most recently concluded prior to the date of the proposed Acquisition, 
 (g) Borrowers have provided
Agent with written notice of the proposed Acquisition at least 15 Business Days prior to the anticipated closing date of the proposed Acquisition and, not later than 5 Business Days prior to the anticipated closing date of the proposed Acquisition,
copies of the acquisition agreement and other material documents relative to the proposed Acquisition, which agreement and documents must be reasonably acceptable to Agent, 
 (h) the assets being acquired (other than a de minimis amount of assets in relation to Borrowers’ and their Subsidiaries’ total assets), or the Person whose Equity Interests are being
acquired, are useful in or engaged in, as applicable, the business of Borrowers and their Subsidiaries or a business reasonably related thereto, 
 (i) the assets being acquired (other than a de minimis amount of assets in relation to the assets being acquired) are located within the United States or the Person whose Equity Interests are being
acquired is organized in a jurisdiction located within the United States, 
 (j) the subject assets or Equity Interests, as
applicable, are being acquired directly by a Borrower or one of its Subsidiaries that is a Loan Party, and, in connection therewith, the applicable Loan Party shall have complied with Section 5.11 or 5.12 of the Agreement, as
applicable, and, in the case of an acquisition of Equity Interests, the applicable Loan Party shall have demonstrated to Agent that the new Loan Parties have received consideration sufficient to make the joinder documents binding and enforceable
against such new Loan Parties, and 
 (k) the purchase consideration payable in respect of all Permitted Acquisitions (including
deferred payment obligations) shall not exceed $15,000,000 in the aggregate; provided, that the purchase consideration payable in respect of any single Acquisition or series of related Acquisitions shall not exceed $15,000,000 in the aggregate; and

  
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 (l) such Acquisition is not consummated prior to the first anniversary of the Closing Date.

 “Permitted Discretion” means a determination made in the exercise of reasonable (from the perspective of a
secured asset-based lender) business judgment. 
 “Permitted Dispositions” means: 

(a) the sale of Tech for Less LLC (or a sale of all or substantially all of the assets of Tech for Less LLC), 

(b) sales, abandonment, or other dispositions of Equipment that is substantially worn, damaged, or obsolete or no longer used or useful
in the ordinary course of business and leases or subleases of Real Property not useful in the conduct of the business of Borrowers and their Subsidiaries, 
 (c) sales of Inventory to buyers in the ordinary course of business, 
 (d) the use
or transfer of money or Cash Equivalents in a manner that is not prohibited by the terms of the Agreement or the other Loan Documents, 
 (e) the licensing, on a non-exclusive basis, of patents, trademarks, copyrights, and other intellectual property rights in the ordinary course of business, 

(f) the granting of Permitted Liens, 
 (g) the sale or discount, in each case without recourse, of accounts receivable arising in the ordinary course of business, but only in connection with the compromise or collection thereof, 

(h) any involuntary loss, damage or destruction of property, 
 (i) any involuntary condemnation, seizure or taking, by exercise of the power of eminent domain or otherwise, or confiscation or requisition of use of property, 

(j) the leasing or subleasing of assets of any Borrower or its Subsidiaries in the ordinary course of business, 

(k) the sale or issuance of Equity Interests (other than Disqualified Equity Interests) of Administrative Borrower, 

(l) (i) the lapse of registered patents, trademarks, copyrights and other intellectual property of any Borrower or any of its
Subsidiaries to the extent not economically desirable in the conduct of its business or (ii) the abandonment of patents, trademarks, copyrights, or other intellectual property rights in the ordinary course of business so long as (in each case
under clauses (i) and (ii)), (A) with respect to copyrights, such copyrights are not material revenue generating copyrights, and (B) such lapse is not materially adverse to the interests of the Lender Group, 

(m) the making of Restricted Payments that are expressly permitted to be made pursuant to the Agreement, 

  
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 (n) the making of Permitted Investments, 

(o) so long as no Event of Default has occurred and is continuing or would immediately result therefrom, transfers of assets
(i) from any Borrower or any of its Subsidiaries to a Loan Party, and (ii) from any Subsidiary of any Borrower that is not a Loan Party to any other Subsidiary of any Borrower, 

(p) dispositions of assets acquired by Borrowers and their Subsidiaries pursuant to a Permitted Acquisition consummated within 12 months
of the date of the proposed disposition so long as (i) the consideration received for the assets to be so disposed is at least equal to the fair market value of such assets, (ii) the assets to be so disposed are not necessary or
economically desirable in connection with the business of Borrowers and their Subsidiaries, and (iii) the assets to be so disposed are readily identifiable as assets acquired pursuant to the subject Permitted Acquisition, 

(q) dispositions by @Ventures of their respective Investments, 
 (r) the sale of @Ventures (or a sale of all or substantially all of the assets of @Ventures), 
 (s) dispositions by a Subsidiary of a Borrower that is not a Loan Party of Accounts that are not Eligible Domestic Accounts or Eligible Foreign Accounts and with respect to which the Account Debtor is not
a resident or citizen of or otherwise located in the United States, provided that (i) at the time of any such disposition, no Default or Event of Default shall exist or would result from such disposition, (ii) such disposition shall
be made on a basis that is a non-recourse to any Loan Party, and (iii) the purchase price for such property disposed of shall be paid to such Subsidiary solely in cash, 
 (t) the sale of the facility located at 51 Ubi Avenue 3, Singapore 408858 so long as the Net Cash Proceeds from the sale of such facility are at least 85% of the net value of such facility as set forth in
the business plan provided to Agent prior to the Closing Date, and 
 (u) sales or dispositions of assets (other than Accounts,
Inventory, Equity Interests of Subsidiaries of any Borrower) not otherwise permitted in clauses (a) through (o) above so long as made at fair market value and the aggregate fair market value of all assets disposed of in fiscal year
(including the proposed disposition) would not exceed $500,000. 
 “Permitted Indebtedness” means: 

(a) Indebtedness evidenced by the Agreement or the other Loan Documents, 

(b) Indebtedness set forth on Schedule 4.14 to the Agreement and any Refinancing Indebtedness in respect of such Indebtedness,

 (c) Permitted Purchase Money Indebtedness and any Refinancing Indebtedness in respect of such Indebtedness, 

(d) endorsement of instruments or other payment items for deposit, 

(e) Indebtedness consisting of (i) unsecured guarantees incurred in the ordinary course of business with respect to surety and
appeal bonds, performance bonds, bid bonds, appeal bonds, purchase orders, completion guarantee and similar obligations; (ii) unsecured guarantees arising with respect to customary indemnification obligations to purchasers in connection with
Permitted Dispositions; 

  
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and (iii) unsecured guarantees with respect to Indebtedness of any Borrower or one of its Subsidiaries, to the extent that the Person that is obligated under such guaranty could have
incurred such underlying Indebtedness, 
 (f) unsecured Indebtedness of any Borrower that is incurred on the date of the
consummation of a Permitted Acquisition solely for the purpose of consummating such Permitted Acquisition so long as (i) no Event of Default has occurred and is continuing or would result therefrom, (ii) such unsecured Indebtedness is not
incurred for working capital purposes, (iii) such unsecured Indebtedness does not mature prior to the date that is 12 months after the Maturity Date, (iv) such unsecured Indebtedness does not amortize until 12 months after the Maturity
Date, (v) such unsecured Indebtedness does not provide for the payment of interest thereon in cash or Cash Equivalents prior to the date that is 12 months after the Maturity Date, and (vi) such Indebtedness is subordinated in right of
payment to the Obligations on terms and conditions reasonably satisfactory to Agent, 
 (g) Acquired Indebtedness in an amount
not to exceed $250,000 outstanding at any one time, 
 (h) Indebtedness incurred in the ordinary course of business under
performance, surety, statutory, or appeal bonds, 
 (i) Indebtedness owed to any Person providing property, casualty, liability,
or other insurance to any Borrower or any of its Subsidiaries, so long as the amount of such Indebtedness is not in excess of the amount of the unpaid cost of, and shall be incurred only to defer the cost of, such insurance for the year in which
such Indebtedness is incurred and such Indebtedness is outstanding only during such year, 
 (j) the incurrence by any Borrower
or its Subsidiaries of Indebtedness under Hedge Agreements that are incurred for the bona fide purpose of hedging the interest rate, commodity, or foreign currency risks associated with Borrowers’ and their Subsidiaries’ operations and not
for speculative purposes, 
 (k) Indebtedness incurred in the ordinary course of business in respect of credit cards, credit
card processing services, debit cards, stored value cards, commercial cards (including so-called “purchase cards”, “procurement cards” or “p-cards”), or Cash Management Services, 

(l) unsecured Indebtedness of any Borrower owing to former employees, officers, or directors (or any spouses, ex-spouses, or estates of
any of the foregoing) incurred in connection with the repurchase by such Borrower of the Equity Interests of Administrative Borrower that has been issued to such Persons, so long as (i) no Default or Event of Default has occurred and is
continuing or would result from the incurrence of such Indebtedness, (ii) the aggregate amount of all such Indebtedness outstanding at any one time does not exceed $250,000, and (iii) such Indebtedness is subordinated to the Obligations on
terms and conditions reasonably acceptable to Agent, 
 (m) unsecured Indebtedness owing to sellers of assets or Equity
Interests to a Loan Party that is incurred by the applicable Loan Party in connection with the consummation of one or more Permitted Acquisitions so long as (i) the aggregate principal amount for all such unsecured Indebtedness does not exceed
$250,000 at any one time outstanding, (ii) is subordinated to the Obligations on terms and conditions reasonably acceptable to Agent, and (iii) is otherwise on terms and conditions (including all economic terms and the absence of
covenants) reasonably acceptable to Agent, 

  
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 (n) contingent liabilities in respect of any indemnification obligation, adjustment of
purchase price, non-compete, or similar obligation of any Loan Party incurred in connection with the consummation of one or more Permitted Acquisitions, 
 (o) Indebtedness composing Permitted Investments, 
 (p) unsecured Indebtedness
incurred in respect of netting services, overdraft protection, and other like services, in each case, incurred in the ordinary course of business, 
 (q) unsecured Indebtedness of any Borrower or its Subsidiaries in respect of Earn-Outs owing to sellers of assets or Equity Interests to such Borrower or its Subsidiaries that is incurred in connection
with the consummation of one or more Permitted Acquisitions so long as such unsecured Indebtedness is on terms and conditions reasonably acceptable to Agent, 
 (r) Indebtedness in an aggregate outstanding principal amount not to exceed $250,000 at any time outstanding for all Subsidiaries of each Borrower that are CFCs; provided, that such Indebtedness is
unsecured and is not directly or indirectly recourse to any of the Loan Parties or of their respective assets, 
 (s) accrual of
interest, accretion or amortization of original issue discount, or the payment of interest in kind, in each case, on Indebtedness that otherwise constitutes Permitted Indebtedness, 

(t) Subordinated Indebtedness, the aggregate outstanding amount of which does not exceed $250,000, and 

(u) any other unsecured Indebtedness incurred by any Borrower or any of its Subsidiaries in an aggregate outstanding amount not to exceed
$250,000 at any one time. 
 “Permitted Intercompany Advances” means loans made by (a) a Loan Party to
another Loan Party, (b) a Subsidiary of a Borrower that is not a Loan Party to another Subsidiary of a Borrower that is not a Loan Party, and (c) a Subsidiary of a Borrower that is not a Loan Party to a Loan Party, so long as the parties
thereto are party to the Intercompany Subordination Agreement. 
 “Permitted Investments” means: 

(a) Investments in cash and Cash Equivalents, 
 (b) Investments in negotiable instruments deposited or to be deposited for collection in the ordinary course of business, 
 (c) advances made in connection with purchases of goods or services in the ordinary course of business, provided that any advances of cash from ModusLink to the applicable contract counterparty pursuant
to the Chinese Contract Services Agreement and the Chinese Contract Manufacturing Services Agreements shall be subject to the conditions set forth in Section 6.10(e) or 6.10(f), as applicable, of the Agreement, 

(d) Investments received in settlement of amounts due to any Loan Party or any of its Subsidiaries effected in the ordinary course of
business or owing to any Loan Party or any of its Subsidiaries as a result of Insolvency Proceedings involving an account debtor or upon the foreclosure or enforcement of any Lien in favor of a Loan Party or its Subsidiaries, 

  
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 (e) Investments owned by any Loan Party or any of its Subsidiaries on the Closing Date and
set forth on Schedule P-1 to the Agreement, 
 (f) guarantees permitted under the definition of Permitted Indebtedness,

 (g) Permitted Intercompany Advances, 
 (h) Equity Interests or other securities acquired in connection with the satisfaction or enforcement of Indebtedness or claims due or owing to a Loan Party or its Subsidiaries (in bankruptcy of customers
or suppliers or otherwise outside the ordinary course of business) or as security for any such Indebtedness or claims, 
 (i)
deposits of cash made in the ordinary course of business to secure performance of operating leases, 
 (j) (i) non-cash
loans and advances to employees, officers, and directors of a Borrower or any of its Subsidiaries for the purpose of purchasing Equity Interests in Administrative Borrower so long as the proceeds of such loans are used in their entirety to purchase
such Equity Interests in Administrative Borrower, and (ii) loans and advances to employees and officers of a Borrower or any of its Subsidiaries in the ordinary course of business for any other business purpose and in an aggregate amount not to
exceed $100,000 at any one time, 
 (k) Permitted Acquisitions, 

(l) Investments in the form of capital contributions and the acquisition of Equity Interests made by any Loan Party in any other Loan
Party (other than capital contributions to or the acquisition of Equity Interests of Administrative Borrower), 
 (m)
Investments resulting from entering into (i) Bank Product Agreements, or (ii) agreements relative to Indebtedness that is permitted under clause (j) of the definition of Permitted Indebtedness, 

(n) equity Investments by any Loan Party in any Subsidiary of such Loan Party which is required by law to maintain a minimum net capital
requirement or as may be otherwise required by applicable law, 
 (o) Investments held by a Person acquired in a Permitted
Acquisition to the extent that such Investments were not made in contemplation of or in connection with such Permitted Acquisition and were in existence on the date of such Permitted Acquisition, and 

(p) so long as no Default or Event of Default has occurred and is continuing or would immediately result therefrom, Investments by
@Ventures made after the Closing Date in existing Subsidiaries and Portfolio Companies or their successors in an amount not to exceed $3,000,000 in the aggregate. 
 “Permitted Liens” means 
 (a) Liens granted to, or for the
benefit of, Agent to secure the Obligations, 

  
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 (b) Liens for unpaid taxes, assessments, or other governmental charges or levies that either
(i) are not yet delinquent, or (ii) do not have priority over Agent’s Liens and the underlying taxes, assessments, or charges or levies are the subject of Permitted Protests, 

(c) judgment Liens arising solely as a result of the existence of judgments, orders, or awards that do not constitute an Event of Default
under Section 8.3 of the Agreement, 
 (d) Liens set forth on Schedule P-2 to the Agreement; provided,
that to qualify as a Permitted Lien, any such Lien described on Schedule P-2 to the Agreement shall only secure the Indebtedness that it secures on the Closing Date and any Refinancing Indebtedness in respect thereof, 

(e) the interests of lessors under operating leases and non-exclusive licensors under license agreements, 

(f) purchase money Liens or the interests of lessors under Capital Leases to the extent that such Liens or interests secure Permitted
Purchase Money Indebtedness and so long as (i) such Lien attaches only to the asset purchased or acquired and the proceeds thereof, and (ii) such Lien only secures the Indebtedness that was incurred to acquire the asset purchased or
acquired or any Refinancing Indebtedness in respect thereof, 
 (g) Liens arising by operation of law in favor of warehousemen,
landlords, carriers, mechanics, materialmen, laborers, or suppliers, incurred in the ordinary course of business and not in connection with the borrowing of money, and which Liens either (i) are for sums not yet delinquent, or (ii) are the
subject of Permitted Protests, 
 (h) Liens on amounts deposited to secure any Borrower’s and its Subsidiaries obligations
in connection with worker’s compensation or other unemployment insurance, 
 (i) Liens on amounts deposited to secure any
Borrower’s and its Subsidiaries obligations in connection with the making or entering into of bids, tenders, or leases in the ordinary course of business and not in connection with the borrowing of money, 

(j) Liens on amounts deposited to secure any Borrower’s and its Subsidiaries reimbursement obligations with respect to surety or
appeal bonds obtained in the ordinary course of business, 
 (k) with respect to any Real Property, easements, rights of way,
and zoning restrictions that do not materially interfere with or impair the use or operation thereof, 
 (l) non-exclusive
licenses of patents, trademarks, copyrights, and other intellectual property rights in the ordinary course of business, 
 (m)
Liens that are replacements of Permitted Liens to the extent that the original Indebtedness is the subject of permitted Refinancing Indebtedness and so long as the replacement Liens only encumber those assets that secured the original Indebtedness,

 (n) rights of setoff or bankers’ liens upon deposits of funds in favor of banks or other depository institutions, solely
to the extent incurred in connection with the maintenance of such Deposit Accounts in the ordinary course of business, 

  
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 (o) Liens granted in the ordinary course of business on the unearned portion of insurance
premiums securing the financing of insurance premiums to the extent the financing is permitted under the definition of Permitted Indebtedness, 
 (p) 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, 

(q) Liens solely on any cash earnest money deposits made by a Borrower or any of its Subsidiaries in connection with any letter of intent
or purchase agreement with respect to a Permitted Acquisition, 
 (r) Liens assumed by any Borrower or its Subsidiaries in
connection with a Permitted Acquisition that secure Acquired Indebtedness, and 
 (s) other Liens which do not secure
Indebtedness for borrowed money or letters of credit and as to which the aggregate amount of the obligations secured thereby does not exceed $50,000. 
 “Permitted Protest” means the right of any Borrower or any of its Subsidiaries to protest any Lien (other than any Lien that secures the Obligations), taxes (other than payroll taxes or
taxes that are the subject of a United States federal tax lien), or rental payment, provided that (a) a reserve with respect to such obligation is established on such Borrower’s or its Subsidiaries’ books and records in such amount as
is required under GAAP, (b) any such protest is instituted promptly and prosecuted diligently by such Borrower or its Subsidiary, as applicable, in good faith, and (c) Agent is satisfied that, while any such protest is pending, there will
be no impairment of the enforceability, validity, or priority of any of Agent’s Liens. 
 “Permitted Purchase Money
Indebtedness” means, as of any date of determination, Indebtedness (other than the Obligations, but including Capitalized Lease Obligations), incurred after the Closing Date and at the time of, or within 20 days after, the acquisition of
any fixed assets for the purpose of financing all or any part of the acquisition cost thereof, in an aggregate principal amount outstanding at any one time not in excess of $2,500,000. 

“Person” means natural persons, corporations, limited liability companies, limited partnerships, general partnerships,
limited liability partnerships, joint ventures, trusts, land trusts, business trusts, or other organizations, irrespective of whether they are legal entities, and governments and agencies and political subdivisions thereof. 

“Platform” has the meaning specified therefor in Section 17.9(c) of the Agreement. 

“Portfolio Companies” means a corporation, partnership, limited liability company, or other entity in which one of the
@Ventures entities directly or indirectly owns Equity Interests, but which are not Subsidiaries of one of the @Ventures entities. 
 “Post-Increase Revolver Lenders” has the meaning specified therefor in Section 2.14 of the Agreement. 
 “Pre-Increase Revolver Lenders” has the meaning specified therefor in Section 2.14 of the Agreement. 
 “Projections” means Borrowers’ and their Subsidiaries’ forecasted (a) balance sheets, (b) profit and loss statements, and (c) cash flow statements, all prepared
on a consolidated basis consistent with Borrowers’ and their Subsidiaries’ historical financial statements, together with appropriate supporting details and a statement of underlying assumptions. 

  
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 “Pro Rata Share” means, as of any date of determination: 

(a) with respect to a Lender’s obligation to make all or a portion of the Revolving Loans, with respect to such Lender’s right
to receive payments of interest, fees, and principal with respect to the Revolving Loans, and with respect to all other computations and other matters related to the Revolving Loans, the percentage obtained by dividing (i) the Revolving Loan
Exposure of such Lender by (ii) the aggregate Revolving Loan Exposure of all Lenders, 
 (b) with respect to a
Lender’s obligation to participate in the Letters of Credit, with respect to such Lender’s obligation to reimburse Issuing Bank, and with respect to such Lender’s right to receive payments of Letter of Credit Fees, and with respect to
all other computations and other matters related to the Letters of Credit, the percentage obtained by dividing (i) the Revolving Loan Exposure of such Lender by (ii) the aggregate Revolving Loan Exposure of all Lenders; provided,
that if all of the Revolving Loans have been repaid in full and all Commitments have been terminated, but Letters of Credit remain outstanding, Pro Rata Share under this clause shall be determined as if the Commitments had not been terminated and
based upon the Commitments as they existed immediately prior to their termination, and 
 (c) [reserved] 

(d) with respect to all other matters and for all other matters as to a particular Lender (including the indemnification obligations
arising under Section 15.7 of the Agreement), the percentage obtained by dividing (i) the Revolving Loan Exposure of such Lender by (ii) the aggregate Revolving Loan Exposure of all Lenders, in any such case as the applicable
percentage may be adjusted by assignments permitted pursuant to Section 13.1; provided, that if all of the Loans have been repaid in full, all Letters of Credit have been made the subject of Letter of Credit Collateralization, and
all Commitments have been terminated, Pro Rata Share under this clause shall be determined as if the Revolving Loan Exposures had not been repaid, collateralized, or terminated and shall be based upon the Revolving Loan Exposures as they existed
immediately prior to their repayment, collateralization, or termination. 
 “Protective Advances” has the
meaning specified therefor in Section 2.3(d)(i) of the Agreement. 
 “Public Lender” has the
meaning specified therefor in Section 17.9(c) of the Agreement. 
 “Purchase Price” means, with
respect to any Acquisition, an amount equal to the aggregate consideration, whether cash, property or securities (including the fair market value of any Equity Interests of Administrative Borrower issued in connection with such Acquisition and
including the maximum amount of Earn-Outs), paid or delivered by a Borrower or one of its Subsidiaries in connection with such Acquisition (whether paid at the closing thereof or payable thereafter and whether fixed or contingent), but excluding
therefrom (a) any cash of the seller and its Affiliates used to fund any portion of such consideration and (b) any cash or Cash Equivalents acquired in connection with such Acquisition. 

“Qualified Cash” means, as of any date of determination, the amount of unrestricted cash and Cash Equivalents of
Borrowers and their Subsidiaries that is in Deposit Accounts or in Securities Accounts, or any combination thereof, and which such Deposit Account or Securities Account is the subject of a Control Agreement and is maintained by a branch office of
the bank or securities 

  
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intermediary located within the United States provided, that for 30 days from and after the Closing Date, in an amount not to exceed the amount of cash that is wired by Borrowers to
Agent on the Closing Date, the amount of unrestricted cash and Cash Equivalents of Borrowers and their Subsidiaries that is in Deposit Accounts or in Securities Accounts located in the United States at Bank of America, N.A. or Silicon Valley Bank
shall also constitute Qualified Cash (other than any Deposit Accounts which provide cash collateral for outstanding letters of credit issued by a bank other than Agent). 
 “Qualified Equity Interest” means and refers to any Equity Interests issued by Administrative Borrower (and not by one or more of its Subsidiaries) that is not a Disqualified Equity
Interest. 
 “Real Property” means any estates or interests in real property now owned or hereafter acquired by
any Borrower or one of its Subsidiaries and the improvements thereto. 
 “Real Property Collateral” means any
Real Property hereafter acquired by any Borrower or one of its Subsidiaries. 
 “Receivable Reserves” means, as
of any date of determination, those reserves that Agent deems necessary or appropriate, in its Permitted Discretion and subject to Section 2.1(c), to establish and maintain (including reserves for rebates, discounts, warranty claims, and
returns) with respect to the Eligible Domestic Accounts, Eligible Foreign Accounts or the Maximum Revolver Amount. 

“Record” means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and
is retrievable in perceivable form. 
 “Reference Period” has the meaning set forth in the definition of
EBITDA. 
 “Refinancing Indebtedness” means refinancings, renewals, or extensions of Indebtedness so long as:

 (a) such refinancings, renewals, or extensions do not result in an increase in the principal amount of the Indebtedness so
refinanced, renewed, or extended, other than by the amount of premiums paid thereon and the fees and expenses incurred in connection therewith and by the amount of unfunded commitments with respect thereto, 

(b) such refinancings, renewals, or extensions do not result in a shortening of the average weighted maturity (measured as of the
refinancing, renewal, or extension) of the Indebtedness so refinanced, renewed, or extended, nor are they on terms or conditions that, taken as a whole, are or could reasonably be expected to be materially adverse to the interests of the Lenders,

 (c) if the Indebtedness that is refinanced, renewed, or extended was subordinated in right of payment to the Obligations,
then the terms and conditions of the refinancing, renewal, or extension must include subordination terms and conditions that are at least as favorable to the Lender Group as those that were applicable to the refinanced, renewed, or extended
Indebtedness, and 
 (d) the Indebtedness that is refinanced, renewed, or extended is not recourse to any Person that is liable
on account of the Obligations other than those Persons which were obligated with respect to the Indebtedness that was refinanced, renewed, or extended. 
 “Related 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, advised or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers, advises or manages a Lender. 

  
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 “Remedial Action” means all actions taken to (a) clean up, remove,
remediate, contain, treat, monitor, assess, evaluate, or in any way address Hazardous Materials in the indoor or outdoor environment, (b) prevent or minimize a release or threatened release of Hazardous Materials so they do not migrate or
endanger or threaten to endanger public health or welfare or the indoor or outdoor environment, (c) restore or reclaim natural resources or the environment, (d) perform any pre-remedial studies, investigations, or post-remedial operation
and maintenance activities, or (e) conduct any other actions with respect to Hazardous Materials required by Environmental Laws. 
 “Replacement Lender” has the meaning specified therefor in Section 2.13(b) of the Agreement. 
 “Report” has the meaning specified therefor in Section 15.16 of the Agreement. 
 “Required Availability” means that the sum of (a) Excess Availability, plus (b) Qualified Cash exceeds $45,000,000. 

“Required Lenders” means, at any time, Lenders having or holding more than 50% of the aggregate Revolving Loan Exposure
of all Lenders, provided, that (i) the Revolving Loan Exposure of any Defaulting Lender shall be disregarded in the determination of the Required Lenders, and (ii) at any time there are 2 or more Lenders, “Required
Lenders” must include at least 2 Lenders (who are not Affiliates of one another). 
 “Reserves” means, as
of any date of determination, those reserves (other than Receivable Reserves, Bank Product Reserves, and Inventory Reserves) that Agent deems necessary or appropriate, in its Permitted Discretion and subject to Section 2.1(c), to
establish and maintain (including reserves with respect to (a) sums that any Borrower or its Subsidiaries are required to pay under any Section of the Agreement or any other Loan Document (such as taxes, assessments, insurance premiums, or, in
the case of leased assets, rents or other amounts payable under such leases) and has failed to pay, and (b) amounts owing by any Borrower or its Subsidiaries to any Person to the extent secured by a Lien on, or trust over, any of the Collateral
(other than a Permitted Lien), which Lien or trust, in the Permitted Discretion of Agent likely would have a priority superior to the Agent’s Liens (such as Liens or trusts in favor of landlords, warehousemen, carriers, mechanics, materialmen,
laborers, or suppliers, or Liens or trusts for ad valorem, excise, sales, or other taxes where given priority under applicable law) in and to such item of the Collateral) with respect to the Borrowing Base or the Maximum Revolver Amount. 

“Restatement” means the amendment of the consolidated financial statements for the fiscal years ended July 31,
2009, July 31, 2010 and July 31, 2011, the unaudited financial statements for the quarters ended October 31, 2011 and January 31, 2012 and certain selected financial data for the years ended July 31, 2007 and
July 31, 2008, as a result of the matters disclosed in ModusLink Global’s press release dated June 11, 2012. 

“Restricted Payment” means to (a) declare or pay any dividend or make any other payment or distribution, directly
or indirectly, on account of Equity Interests issued by Administrative Borrower (including any payment in connection with any merger or consolidation involving Administrative Borrower) or to the direct or indirect holders of Equity Interests issued
by Administrative Borrower in their capacity as such (other than dividends or distributions payable in Qualified Equity Interests issued by Administrative Borrower, or (b) purchase, redeem, make any sinking fund or similar payment, or otherwise
acquire or retire for value (including in connection with any merger or 

  
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consolidation involving Administrative Borrower) any Equity Interests issued by Administrative Borrower, (c) make any payment to retire, or to obtain the surrender of, any outstanding
warrants, options, or other rights to acquire Equity Interests of Administrative Borrower now or hereafter outstanding, and (d) make, or cause or suffer to permit any Borrower or any of its Subsidiaries to make, any payment or prepayment of
principal of, premium, if any, or interest on, or redemption, purchase, retirement, defeasance (including in-substance or legal defeasance), sinking fund or similar payment with respect to, any Subordinated Indebtedness. 

“Revolver Usage” means, as of any date of determination, the sum of (a) the amount of outstanding Revolving Loans
(inclusive of Swing Loans and Protective Advances), plus (b) the amount of the Letter of Credit Usage. 

“Revolving Lender” means a Lender that has a Commitment or that has an outstanding Revolving Loan. 

“Revolving Loan Exposure” means, with respect to any Revolving Lender, as of any date of determination (a) prior to
the termination of the Commitments, the amount of such Lender’s Commitment, and (b) after the termination of the Commitments, the aggregate outstanding principal amount of the Revolving Loans of such Lender. 

“Revolving Loans” has the meaning specified therefor in Section 2.1(a) of the Agreement. 

“Sanctioned Entity” means (a) a country or a government of a country, (b) an agency of the government of a
country, (c) an organization directly or indirectly controlled by a country or its government, (d) a Person resident in or determined to be resident in a country, in each case, that is subject to a country sanctions program administered
and enforced by OFAC. 
 “Sanctioned Person” means a person named on the list of Specially Designated Nationals
maintained by OFAC. 
 “S&P” has the meaning specified therefor in the definition of Cash Equivalents.

 “SEC” means the United States Securities and Exchange Commission and any successor thereto. 

“Securities Account” means a securities account (as that term is defined in the Code). 

“Securities Act” means the Securities Act of 1933, as amended from time to time, and any successor statute. 

“Settlement” has the meaning specified therefor in Section 2.3(e)(i) of the Agreement. 

“Settlement Date” has the meaning specified therefor in Section 2.3(e)(i) of the Agreement. 

“Solvent” means, with respect to any Person as of any date of determination, that (a) at fair valuations, the sum
of such Person’s debts (including contingent liabilities) is less than all of such Person’s assets, (b) such Person is not engaged or about to engage in a business or transaction for which the remaining assets of such Person are
unreasonably small in relation to the business or transaction or for which the property remaining with such Person is an unreasonably small capital, and (c) such Person has 

  
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not incurred and does not intend to incur, or reasonably believe that it will incur, debts beyond its ability to pay such debts as they become due (whether at maturity or otherwise), and
(d) such Person is “solvent” or not “insolvent”, as applicable within the meaning given those terms and similar terms under applicable laws relating to fraudulent transfers and conveyances. For purposes of this definition,
the amount of any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured
liability (irrespective of whether such contingent liabilities meet the criteria for accrual under Statement of Financial Accounting Standard No. 5). 
 “Standard Letter of Credit Practice” means, for Issuing Bank, any domestic or foreign law or letter of credit practices applicable in the city in which Issuing Bank issued the applicable
Letter of Credit or, for its branch or correspondent, such laws and practices applicable in the city in which it has advised, confirmed or negotiated such Letter of Credit, as the case may be, in each case, (a) which letter of credit practices
are of banks that regularly issue letters of credit in the particular city, and (b) which laws or letter of credit practices are required or permitted under ISP or UCP, as chosen in the applicable Letter of Credit. 

“Subordinated Indebtedness” means any unsecured Indebtedness of any Borrower or its Subsidiaries incurred from time to
time that is subordinated in right of payment to the Obligations and (a) that is only guaranteed by the Guarantors, (b) that is not subject to scheduled amortization, redemption, sinking fund or similar payment and does not have a final
maturity, in each case, on or before the date that is six months after the Maturity Date, (c) that does not include any financial covenants or any covenant or agreement that is more restrictive or onerous on any Loan Party in any material
respect than any comparable covenant in the Agreement and is otherwise on terms and conditions reasonably acceptable to Agent, (d) shall be limited to cross-payment default and cross-acceleration to designated “senior debt” (including
the Obligations”), and (e) the terms and conditions of the subordination are reasonably acceptable to Agent. 

“Subsidiary” of a Person means a corporation, partnership, limited liability company, or other entity in which that
Person directly or indirectly owns or controls the Equity Interests having ordinary voting power to elect a majority of the Board of Directors of such corporation, partnership, limited liability company, or other entity. 

“Supermajority Lenders” means, at any time, Lenders having or holding more than 66 2/3% of the aggregate Revolving Loan
Exposure of all Lenders, provided, that (i) the Revolving Loan Exposure of any Defaulting Lender shall be disregarded in the determination of the Required Lenders, and (ii) at any time there are 2 or more Lenders,
“Supermajority Lenders” must include at least 2 Lenders (who are not Affiliates of one another). 
 “Swing
Lender” means Wells Fargo or any other Lender that, at the request of Borrowers and with the consent of Agent agrees, in such Lender’s sole discretion, to become the Swing Lender under Section 2.3(b) of the Agreement.

 “Swing Loan” has the meaning specified therefor in Section 2.3(b) of the Agreement. 

“Swing Loan Exposure” means, as of any date of determination with respect to any Lender, such Lender’s Pro Rata
Share of the Swing Loans on such date. 
 “Taxes” means any taxes, levies, imposts, duties, fees, assessments
or other charges of whatever nature now or hereafter imposed by any jurisdiction or by any political subdivision or taxing authority thereof or therein, and all interest, penalties or similar liabilities with respect thereto. 

  
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 “Tax Lender” has the meaning specified therefor in
Section 14.2(a) of the Agreement. 
 “Trademark Security Agreement” has the meaning specified
therefor in the Guaranty and Security Agreement. 
 “UCP” means, with respect to any Letter of Credit, the
Uniform Customs and Practice for Documentary Credits 2007 Revision, International Chamber of Commerce Publication No. 600 and any subsequent revision thereof adopted by the International Chamber of Commerce on the date such Letter of Credit is
issued. 
 “United States” means the United States of America. 

“Unused Line Fee” has the meaning specified therefor in Section 2.10(b) of the Agreement. 

“Voidable Transfer” has the meaning specified therefor in Section 17.8 of the Agreement. 

“Wells Fargo” means Wells Fargo Bank, National Association, a national banking association. 

“Withdrawal Liability” means liability with respect to a Multiemployer Plan as a result of a complete or partial
withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 

  
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 Schedule 3.1 

The obligation of each Lender to make its initial extension of credit provided for in the Agreement is subject to the fulfillment, to the
satisfaction of each Lender (the making of such initial extension of credit by any Lender being conclusively deemed to be its satisfaction or waiver of the following), of each of the following conditions precedent: 

(a) the Closing Date shall occur on or before October 31, 2012; 

(b) Agent shall have received a letter duly executed by each Loan Party authorizing Agent to file appropriate financing statements in
such office or offices as may be necessary or, in the opinion of Agent, desirable to perfect the security interests to be created by the Loan Documents; 
 (c) Agent shall have received evidence that appropriate financing statements have been duly filed in such office or offices as may be necessary or, in the opinion of Agent, desirable to perfect the
Agent’s Liens in and to the Collateral, and Agent shall have received searches reflecting the filing of all such financing statements; 
 (d) Agent shall have received each of the following documents, in form and substance satisfactory to Agent, duly executed and delivered, and each such document shall be in full force and effect:

 (i) the Control Agreements, 
 (ii) the Controlled Account Agreements (as defined in the Guaranty and Security Agreement), 
 (iii) the Fee Letter, 
 (iv) the Flow of Funds Agreement, 

(v) the Guaranty and Security Agreement, 
 (vi) the Intercompany Subordination Agreement, 
 (vii) the Perfection
Certificates, 
 (viii) the Trademark Security Agreement, and 

(ix) a letter, in form and substance satisfactory to Agent, from Bank of America, N.A., in its capacity as administrative agent under
the Existing Credit Facility (“Existing Agent”) to Agent respecting the amount necessary to repay in full all of the obligations of the Borrowers and their Subsidiaries owing under the Existing Credit Facility and obtain a release
of all of the Liens existing in favor of Existing Agent in and to the assets of the Borrowers and their Subsidiaries, together with termination statements and other documentation evidencing the termination by Existing Agent of its Liens in and to
the properties and assets of the Borrowers and their Subsidiaries; 
 (e) Agent shall have received a certificate from the
Secretary of each Loan Party (i) attesting to the resolutions of such Loan Party’s board of directors authorizing its execution, delivery, and performance of the Loan Documents to which it is a party, (ii) authorizing specific
officers of such Loan Party to execute the same, and (iii) attesting to the incumbency and signatures of such specific officers of such Loan Party; 

 (f) Agent shall have received copies of each Loan Party’s Governing Documents, as
amended, modified, or supplemented to the Closing Date, certified by the Secretary of such Loan Party; 
 (g) Agent shall have
received a certificate of status with respect to each Loan Party, dated within 10 days of the Closing Date, such certificate to be issued by the appropriate officer of the jurisdiction of organization of such Loan Party, which certificate shall
indicate that such Loan Party is in good standing in such jurisdiction; 
 (h) Agent shall have received certificates of status
with respect to each Loan Party, each dated within 30 days of the Closing Date, such certificates to be issued by the appropriate officer of the jurisdictions (other than the jurisdiction of organization of such Loan Party) in which its failure to
be duly qualified or licensed would constitute a Material Adverse Effect, which certificates shall indicate that such Loan Party is in good standing in such jurisdictions; 
 (i) Agent shall have received a certificate of insurance, together with the endorsements thereto, as are required by Section 5.6 of the Agreement, the form and substance of which shall be
satisfactory to Agent; 
 (j) Agent shall have received Collateral Access Agreements with respect to the following locations:

 (i) 7955 Zionsville Road, Indianapolis, IN 46268, 
 (ii) 2000 Midway Lane, Smyrna, TN 37167 
 (iii) 11010 N.W. 92 Terrace, Miami, FL
33178, 
 (iv) 2111 Eastridge Avenue, Riverside, CA, 
 (v) 151 East 3450 North, Spanish Fork, UT 
 (vi) 2000 S. Liberty Drive,
Bloomington, IN 
 (vii) 1331 / 1425 South Curry Pike, Bloomington, IN, 

(viii) 501 Innovation Ave., Suite 100, Morrisville, NC 27560, and 

(ix) 1601 Trapelo Road, Suite 170, Waltham, MA 02451; 
 (k) Agent shall have received an opinion of the Loan Parties’ counsel in form and substance satisfactory to Agent; 
 (l) Borrowers shall have the Required Availability after giving effect to the initial extensions of credit under the Agreement and the payment of all fees and expenses required to be paid by Borrowers on
the Closing Date under the Agreement or the other Loan Documents; 
 (m) Agent shall have completed its business, legal, and
collateral due diligence, including (i) a collateral audit and review of each Borrower’s and its Subsidiaries’ books and records and 

  
 -2-

 
verification of each Borrower’s representations and warranties to Lender Group, (ii) an inspection of each of the locations where each Borrower’s and its Subsidiaries’
Inventory is located, and (iii) a review of each Borrower’s and its Subsidiaries’ material agreements, in each case, the results of which shall be satisfactory to Agent; 

(n) Agent shall have completed (i) Patriot Act searches, OFAC/PEP searches and customary individual background checks for each Loan
Party, and (ii) OFAC/PEP searches and customary individual background searches for each Loan Party’s senior management and key principals, the results of which shall be satisfactory to Agent; 

(o) Agent shall have received an appraisal of the Net Recovery Percentage applicable to each Borrower’s and its Subsidiaries’
Inventory and an appraisal of each Borrower’s and its Subsidiaries’ trademarks and Equipment, the results of which shall be satisfactory to Agent; 
 (p) Agent shall have received a set of Projections of each Borrower for the 2 year period following the Closing Date (on a year by year basis, and until October 31, 2014 on a month by month basis),
in form and substance (including as to scope and underlying assumptions) satisfactory to Agent; 
 (q) The Borrowers shall have
paid all Lender Group Expenses incurred in connection with the transactions evidenced by the Agreement and the other Loan Documents; 
 (r) Agent shall have received copies of each of the Chinese Contract Services Agreement and the Chinese Contract Manufacturing Services Agreements, together with a certificate of the Secretary of
ModusLink Corporation certifying each such document as being a true, correct, and complete copy thereof; 
 (s) Each Borrower
and each of its Subsidiaries shall have received all licenses, approvals or evidence of other actions required by any Governmental Authority in connection with the execution and delivery by each Borrower or its Subsidiaries of the Loan Documents or
with the consummation of the transactions contemplated thereby; and 
 (t) all other documents and legal matters in connection
with the transactions contemplated by the Agreement shall have been delivered, executed, or recorded and shall be in form and substance satisfactory to Agent. 

  
 -3-

 Schedule 3.6 
 Conditions Subsequent 
 1. On or before thirty (30) days after the date hereof, the
Loan Parties shall move certain of their cash management accounts (as agreed to between the Agent and Borrowers) to Wells Fargo Bank, National Association, and shall deliver, or cause to be delivered, Control Agreements with respect to such new
accounts as may be requested by the Agent, which agreements shall be in form and substance acceptable to the Agent; 
 2. On or before thirty
(30) days after the date hereof, the Borrowers shall deliver, or cause to be delivered, to the Agent, in form and substance satisfactory to the Agent, duly executed Collateral Access Agreements with respect to the following locations;
provided, that, up and until thirty (30) days after the date hereof, any Inventory located at such locations shall be considered Eligible Inventory; provided further, however, that thirty (30) days after
the date hereof, if the Borrowers are unable to deliver these Collateral Access Agreements, any Inventory located at such locations shall not be considered Eligible Inventory in the sole discretion of the Agent; provided, further, that
any failure to deliver a Collateral Access Agreement shall not constitute an Event of Default under the Credit Agreement: 
  

	 	a.	10990, 11000 and 11010 NW 92nd Terrace, Miami, FL 

  

	 	b.	501 Innovation Avenue, Suite 100, Morrisville, NC 

  

	 	c.	2000 Midway Lane, Smyrna, TN 

  

	 	d.	2111 Eastridge Avenue, Riverside, CA 92501 

  

	 	e.	151 East 3450 North, Spanish Fork, UT 

  

	 	f.	1331 and 1425 S. Curry Pike, Bloomington, IN 

  

	 	g.	1601 Trapelo Road, Suite 170, Waltham, MA 

 3.
Within two (2) Business Days of the filing of the Restatement with the SEC, each Borrower shall make the following representations and warranties to the Lender Group by delivering a certificate to such effect, which representations and
warranties shall supersede the representations and warranties set forth in Section 4.8 for all purposes, including but not limited to Section 3.2(a): 
 All historical financial statements relating to the Loan Parties and their Subsidiaries included in the Restatement, or that have been delivered by Borrowers to Agent after the Restatement has been filed
with the SEC, have been prepared in accordance with GAAP (except, in the case of unaudited financial statements, for the lack of footnotes and being subject to year-end audit adjustments) and present fairly in all material respects, the Loan
Parties’ and their Subsidiaries’ consolidated financial condition as of the date thereof and results of operations for the period then ended. Since the date the Restatement was filed with the SEC, no event, circumstance, or change has
occurred that has or could reasonably be expected to result in a Material Adverse Effect with respect to the Loan Parties and their Subsidiaries. 

 4. On or before sixty (60) days after the date hereof, the Loan Parties shall deliver, or cause to be
delivered, to the Agent, original stock or share certificates representing 65% of the outstanding voting Equity Interests of the following entities: 
  

	 	a.	Logistix Holdings Europe Limited 

  

	 	b.	Modus Media International Leinster Unlimited 

  

	 	c.	ModusLink Corporation (India) Private Limited 

  

	 	d.	ModusLink Solution Services Pte. Ltd. 

  

	 	e.	SalesLink Servicios S de R.L. de C.V. 

  

	 	f.	ModusLink Japan K.K. 

  

	 	g.	ModusLink Company Limited 

  

	 	h.	ModusLink Australia Pty Limited 

 5. The
Borrowers will file the Restatement with the SEC on or before the date required by Nasdaq on the Closing Date. 
 6. On or before
November 30, 2012 (or such later date as Agent agrees to in its discretion), the Borrowers shall deliver, or cause to be delivered, an amendment to the existing Services Agreement with Genpact International, Inc. in form and substance
satisfactory to Agent. 
 7. On or before November 2, 2012, the Borrowers shall deliver, or cause to be delivered, evidence of filing of
UCC-1 Financing Statements for the following entities in form and substance and in the appropriate filing office for perfection purposes in each case acceptable to Agent: 
 ModusLink Global Solutions, Inc.
 ModusLink Corporation

ModusLink PTS, Inc.
 Tech for Less LLC
 CMG Securities Corporation

CMG @Ventures Capital Corp.
 @Ventures V, LLC
 CMGI @Ventures IV, LLC

CMG@Ventures Securities Corp.
 CMG@Ventures, Inc.
 SalesLink LLC

Sol Holdings, Inc.

SalesLink Mexico Holding Corp. 
 Modus Media International (Ireland) Limited 
 Modus Media International
Documentation Services (Ireland), Limited 
 8. On or before November 2, 2012, the Loan Parties shall deliver, or cause to be delivered, to
the Agent, original executed copies of the following promissory notes: 
  

	 	a.	Promissory Note, dated May 27, 2010 issued by Modus Media International (Ireland) Limited to ModusLink Corporation in the original principal amount of $23,370,000

	 	b.	Promissory Note, dated May 5, 2010, issued by Tech for Less LLC to ModusLink Corporation in the original principal amount of $10,000,000 

 

	 	c.	Promissory Note, dated June 28, 2012, issued by ModusLink Czech Republic s.r.o. to ModusLink Corporation in the original principal amount of €10,000,000

  

	 	d.	Promissory Note, dated October 31, 2012, issued by ModusLink PTS, Inc. to ModusLink Corporation in the original principal amount of $10,000,000

  

	 	e.	Promissory Note, dated October 31, 2012, issued by SalesLink Solutions International Ireland Limited to ModusLink Corporation in the original principal amount of
$1,000,000 

  

	 	f.	Senior Secured Promissory Note, dated March 7, 2003, issued by Tallan Holding, Inc. to CMGI in the original principal amount of $10,090,168.33.

 Schedule 5.1 

Deliver to Agent (and if so requested by Agent, with copies for each Lender) each of the financial statements, reports, or other items
set forth below at the following times in form satisfactory to Agent: 
  

			
	 	 
	 as soon as available, but in any event within 30 days (45 days in the case of a month that is the end of one of any Borrower’s
fiscal quarters) after the end of each month during each of Borrowers’ fiscal years, provided that if the
30th day or 45th day, as applicable, falls on a Saturday, Sunday or holiday, on the
next Business Day thereafter,
  
	  	 (a) an unaudited consolidated and consolidating balance sheet and income statement and an unaudited consolidated statement of cash flow
covering Borrowers’ and their Subsidiaries’ operations during such period and compared to the prior period and plan, together with a corresponding discussion and analysis of results from management*,

 
 (b) a Compliance Certificate along with the underlying calculations, including the
calculations to arrive at EBITDA to the extent applicable, and
  
 (c) an
updated 13 week cash flow forecast.

	 	 
	as soon as available, but in any event within 90 days after the end of each of Borrowers’ fiscal years, provided that if the 90th day falls on a Saturday, Sunday or holiday, on
the next Business Day thereafter,	  	 (d) consolidated financial statements of Borrowers and their Subsidiaries for each such fiscal year, audited by independent certified
public accountants reasonably acceptable to Agent (it being agreed that the independent certified public accountants of the Borrowers and their Subsidiaries as of the Closing Date are acceptable to Agent) and certified, without any qualifications
(including any (A) “going concern” or like qualification or exception, (B) qualification or exception as to the scope of such audit, or (C) qualification which relates to the treatment or classification of any item and which, as a
condition to the removal of such qualification, would require an adjustment to such item, the effect of which would be to cause any noncompliance with the provisions of Section 7 of the Agreement), by such accountants to have been prepared in
accordance with GAAP (such audited financial statements to include a balance sheet, income statement, statement of cash flow, and statement of shareholder’s equity, and, if prepared, such accountants’ letter to management)*, and

 
 (e) a Compliance Certificate along with the underlying calculations, including the
calculations to arrive at EBITDA to the extent applicable.
  

	 	 
	as soon as available, but in any event within 1 day prior to the start of each of Borrowers’ fiscal years, provided that board-approved Projections of Borrowers and their
Subsidiaries, on a consolidated basis, will be delivered no later than 60 days after the start of each of Borrowers’ fiscal years,	  	(f) copies of Borrowers’ and their Subsidiaries Projections, on a consolidated basis, in form and substance (including as to scope and underlying assumptions) satisfactory to
Agent (it being agreed that the form and substance (including as to scope and underlying assumptions) of Projections delivered to Agent prior to Closing Date are satisfactory to Agent), in its Permitted Discretion, for the forthcoming 2 fiscal
years, year by year, and for the forthcoming fiscal year, month by month, certified by the chief financial officer of Borrowers as being such officer’s good faith estimate of the financial performance of Borrowers during the period covered
thereby.

			
	if and when filed by any Borrower,	  	 (g) Form 10-Q quarterly reports, Form 10-K annual reports, and Form 8-K current reports*,

 
 (h) any other filings made by such Borrower with the SEC*, and

 
 (i) any other information that is provided by such Borrower to its shareholders
generally*.
  

	 	 
	 promptly, but in any event within 5 days after any Borrower has knowledge of any event or condition that constitutes a Default or an
Event of Default,
  
	  	(j) notice of such event or condition and a statement of the curative action that Borrowers propose to take with respect thereto.
	 	 
	 promptly after the commencement thereof, but in any event within 5 days after the service of process with respect thereto on any
Borrower or any of its Subsidiaries,
  
	  	(k) notice of all actions, suits, or proceedings brought by or against such Borrower or any of its Subsidiaries before any Governmental Authority which reasonably could be expected
to result in a Material Adverse Effect.
	 	 
	upon the request of Agent,	  	 (l) any other information reasonably requested relating to the financial condition of any
Borrower or its Subsidiaries.
  

  

	*	Documents or notices required to be delivered pursuant to Section 5.1(a), (d), (g), (h) or (i) (to the extent any such documents are included in
materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Administrative Borrower posts such documents, or provides a link thereto on the
Administrative Borrower’s website on the Internet at the website address www.moduslink.com; or (ii) on which such documents are posted on the Administrative Borrower’s behalf on an Internet or intranet website, if any, to which each
Lender and the Agent have access (whether a commercial, third-party website or whether sponsored by the Agent). 

 Schedule 5.2 

Provide Agent (and if so requested by Agent, with copies for each Lender) with each of the documents set forth below at the following
times in form satisfactory to Agent: 
  

			
	 	 
	Monthly (no later than the 15th day of each month), provided that each of the documents set forth herein (other than the reconciliation to
each Borrower’s general ledger accounts set forth in subsection (d)) shall be delivered weekly if (x) on the last day of any month the Borrowers and their Subsidiaries (1) Excess Availability is less than $25,000,000 or (2) Excess
Availability plus Qualified Cash is less than $40,000,000, or (y) at any other time the Borrowers and their Subsidiaries (1) Excess Availability is less than $25,000,000 or (2) Excess Availability plus Qualified Cash is less than
$35,000,000	  	 (a) an executed Borrowing Base Certificate,

 
 (b) a detailed aging, by total, of each Borrower’s Accounts, together with a
reconciliation and supporting documentation for any reconciling items noted (delivered electronically in an acceptable format, if such Borrower has implemented electronic reporting),

 
 (c) a detailed calculation of those Accounts that are not eligible for the Borrowing
Base, if such Borrower has not implemented electronic reporting,
  
 (d) a
detailed Inventory system/perpetual report specifying the cost of each Loan Party’s Inventory, by category, with additional detail showing additions to and deletions therefrom, together with a reconciliation to each Borrower’s general
ledger accounts (delivered electronically in an acceptable format, if such Borrower has implemented electronic reporting),
  
 (e) a detailed calculation of Inventory categories that are not eligible for the Borrowing Base, if such Borrower has not implemented electronic reporting,

 
 (f) a summary aging, by vendor, of each Loan Party’s accounts payable and any
book overdraft (delivered electronically in an acceptable format, if such Borrower has implemented electronic reporting) and an aging, by vendor, of any held checks,
  

(g) a detailed report regarding each Borrower’s and its Subsidiaries’ cash and Cash Equivalents broken down by entity, including an indication
of which amounts constitute Qualified Cash, and the name and address of each bank and the account numbers for each Deposit Account holding the cash; provided that for Deposit Accounts without amounts that constitute Qualified Cash, only the country
in which such Deposit Account is held shall be indicated,
  
 (h) monthly
Account roll-forward with supporting details supplied from sales journals, collection journals, credit registers and any other records, in a format acceptable to Agent in its discretion (it being agreed that the format of the documents delivered to
Agent with respect to the items listed in this clause (h) prior to Closing Date is acceptable to Agent), tied to the beginning and ending account receivable balances of each Borrower’s general ledger,

 
 (i) notice of all claims, offsets, or disputes asserted by Account Debtors with
respect to each Loan Party’s Accounts, and
  
 (j) a detailed Inventory
report (in the same form and substance as the Inventory report delivered to Agent as of Closing Date) specifying which Inventory is not subject to a buyback requirement on the part of a customer of any Loan Party.

 

			
	Monthly (no later than the 30th day of each month)	  	 (k) a reconciliation of Accounts, trade accounts payable, and Inventory of each Borrower’s general ledger accounts to its
monthly financial statements including any book reserves related to each category.
  

	 	 
	Quarterly	  	 (l) a report regarding each Borrower’s and its Subsidiaries’ accrued, but unpaid, ad valorem taxes, and

 
 (m) Perfection Certificates or a supplement to the Perfection Certificates to the
extent such Perfection Certificates need to be supplemented.
  

	 	 
	Annually	  	 (n) a detailed list of each Loan Party’s customers, with address and contact information.

 

	 	 
	Upon request by Agent	  	 (o) copies of purchase orders and invoices for Inventory and Equipment acquired by each Loan
Party,
  
 (p) copies of invoices together with corresponding shipping and
delivery documents, and credit memos together with corresponding supporting documentation, with respect to invoices and credit memos in excess of an amount determined in the sole discretion of Agent, from time to time, and

 
 (q) such other reports as to the Collateral or the financial condition of each
Borrower and its Subsidiaries, as Agent may reasonably request, and
  
 (r)
copies of all reports and notices generated by any Loan Party or sent by any Loan Party to their customers, in each case with respect to “aged inventory” or “excess inventory” (as defined in the applicable customer
contract).
  

  
 -2-

 Schedule A-1 

Agent’s Account 
 An account at a bank designated by Agent from time to time as the account into which each Borrower shall make all payments to Agent for the benefit of the Lender Group and into which the Lender Group
shall make all payments to Agent under this Agreement and the other Loan Documents; unless and until Agent notifies the Borrowers and the Lender Group to the contrary, Agent’s Account shall be that certain deposit account bearing account number
##########, reference ModusLink Global Solutions, Inc., and maintained by Agent with Wells Fargo Bank, N.A., 420 Montgomery Street, San Francisco, CA, ABA #121-000-248. 

 SCHEDULE A-2 

Authorized Persons 

Chief Financial Officer 
 General Counsel

 Treasurer 
 Corporate Controller

 Schedule C-1 

Commitments 
  

					
	Lender	  	    Commitment            	  	Applicable Percentage       
 
	 	 	 
	 Wells Fargo Bank, National Association
  
	  	$50,000,000        
 
	  	100.00%        
 

	 	 	 
	 TOTAL
  
	  	$50,000,000.00        
 
	  	100.00%        
 

 SCHEDULE D-1 

Designated Account 
 To
be set up with Wells Fargo Bank, National Association 

 SCHEDULE E-1 

Eligible Inventory Locations 
 Name of Landlord and Address of Leased Premises 
 Columbia Florida
92nd Industrial, LLC 

10990, 11000 and 11010 N.W. 92 Terrace 
 Miami,
FL 33178 
 Duke Realty Limited Partnership 
 501 Innovation Avenue 
 Suite 100 
 Morrisville, NC 27560 
 Western Liberty, LLC 

2000 S. Liberty Drive 
 Bloomington, IN

 Sycamore Business Park LLC 
 2111
East Ridge Ave. 
 Riverside, CA 

SouthPark Warehouse III Acquisition Corporation 

2000 Midway Lane 
 Smyrna, TN 37167 

ProLogis NA2 U.S. LLC 
 7955 Zionsville Road

 Indianapolis, IN 
 Provo
Craft & Novelty, Inc. 
 151 East 3450 North 
 Spanish Fork, UT 
 1331 and 1425 S. Curry Pike 

Bloomington, IN 

 SCHEDULE P-1 

Permitted Investments 
  

	1.	Investments by @Ventures in Portfolio Companies as set forth on Schedule 9(a) in that certain Perfection Certificate dated as of October 31, 2012.

  

	2.	See Schedules 4.1(b) and 4.1(c). 

  

	3.	Investments by ModusLink Global Solutions, Inc. and ModusLink Corporation in entities as set forth on Schedule 9(a) in that certain Perfection Certificate dated as of
October 31, 2012. 

  

	4.	Tallan, Inc. Common Stock Purchase Warrant No. 1, dated March 7, 2003, issued to ModusLink Global Solutions, Inc. (formerly CMGI, Inc.), and Tallan
Holding, Inc. $10,090,168.33 Senior Secured Promissory Note, dated March 7, 2003 to ModusLink Global Solutions, Inc. (formerly CMGI, Inc.), as amended by Amendment No. 1 to Senior Secured Promissory Note dated April 15,
2008. 

 SCHEDULE P-2 

Permitted Liens 
  

															
	 Document

Number
	 	 Document Type
	 	 Debtor
	 	 Secured Party
	 	 Filing
Jurisdiction
	 	 Filing

Date
	 	 Filing

Number
	 	 Collateral

Description

	 ModusLink Corporation

								
	1.	 	UCC-1 Financing Statement	 	ModusLink Corporation	 	General Electric Capital Corp	 	DE SOS	 	11/1/06	 	63809357	 	Equipment.
	      a.	 	UCC Amendment Statement	 	—  	 	—  	 	—  	 	8/23/11	 	13268052	 	Continuation
	      b.	 	UCC Amendment Statement	 	—  	 	—  	 	—  	 	8/23/11	 	13268060	 	Address change of Secured Party
								
	2.	 	UCC-1 Financing Statement	 	ModusLink Corporation	 	Crown Credit Company	 	DE SOS	 	8/7/07	 	72994258	 	All of Lessee’s right, title and interest in all equipment leased.
	      a.	 	UCC Amendment Statement	 	—  	 	—  	 	—  	 	7/9/12	 	22621110	 	Continuation
								
	3.	 	UCC-1 Financing Statement	 	ModusLink Corporation	 	Saxon Business Systems, Inc.	 	DE SOS	 	2/29/08	 	80747087	 	Filed for informational purposes (Lease).

															
	 Document

Number
	 	 Document Type
	 	 Debtor
	 	 Secured Party
	 	 Filing
Jurisdiction
	 	 Filing

Date
	 	 Filing

Number
	 	 Collateral

Description

	4.	 	 UCC-1
 Financing
 Statement
	 	ModusLink Corporation	 	Wells Fargo Bank, N.A.	 	DE SOS	 	3/20/08	 	80987154	 	Equipment.
								
	5.	 	 UCC-1
 Financing
 Statement
	 	ModusLink Corporation	 	Crown Credit Company	 	DE SOS	 	5/20/08	 	81735479	 	Equipment.
	      a.	 	 UCC
 Amendment
 Statement
	 	—  	 	Crown Credit Company	 	—  	 	12/01/09	 	93820682	 	Collateral restatement (equipment)
								
	6.	 	 UCC-1
 Financing
 Statement
	 	ModusLink Corporation	 	Marlin Leasing Corp.	 	DE SOS	 	5/30/08	 	81846540	 	Equipment.
								
	7.	 	 UCC-1
 Financing
 Statement
	 	ModusLink Corporation	 	Crown Credit Company	 	DE SOS	 	6/16/08	 	82051561	 	Equipment.
								
	8.	 	 UCC-1
 Financing
 Statement
	 	ModusLink Corporation	 	General Electric Capital Corp.	 	DE SOS	 	8/26/08	 	82902458	 	Equipment.
								
	9.	 	 UCC-1
 Financing
 Statement
	 	ModusLink Corporation	 	U.S. Bancorp	 	DE SOS	 	9/8/08	 	83035357	 	Equipment. Filed for informational purposes only.
								
	10.	 	 UCC-1
 Financing
 Statement
	 	ModusLink Corporation	 	Coactiv Capital Partners Inc.	 	DE SOS	 	1/7/09	 	90047818	 	Equipment.

															
	 Document

Number
	 	 Document Type
	 	 Debtor
	 	 Secured Party
	 	 Filing
Jurisdiction
	 	 Filing

Date
	 	 Filing

Number
	 	 Collateral

Description

	      a.	 	UCC Amendment Statement	 	—  	 	—  	 	—  	 	7/27/09	 	92397674	 	Amends the collateral description (adds collateral).
								
	11.	 	UCC-1 Financing Statement	 	ModusLink Corporation	 	CIT Technology Financing Services I LLC	 	DE SOS	 	8/10/09	 	92555891	 	Equipment.
								
	12.	 	UCC-1 Financing Statement	 	ModusLink Corporation	 	General Electric Capital Corporation	 	DE SOS	 	10/16/09	 	93338867	 	Equipment.
								
	13.	 	UCC-1 Financing Statement	 	ModusLink Corporation	 	Raymond Leasing Corporation	 	DE SOS	 	12/07/09	 	93904254	 	Equipment.
								
	14.	 	UCC-1 Financing Statement	 	ModusLink Corporation	 	Raymond Leasing Corporation	 	DE SOS	 	12/07/09	 	93904262	 	Equipment.
								
	15.	 	UCC-1 Financing Statement	 	ModusLink Corporation	 	Raymond Leasing Corporation	 	DE SOS	 	12/07/09	 	93904270	 	Equipment.
								
	16.	 	UCC-1 Financing Statement	 	ModusLink Corporation	 	Raymond Leasing Corporation	 	DE SOS	 	12/07/09	 	93910855	 	Equipment.

															
	 Document

Number
	 	 Document Type
	 	 Debtor
	 	 Secured Party
	 	 Filing
Jurisdiction
	 	 Filing

Date
	 	 Filing

Number
	 	 Collateral

Description

								
	17.	 	UCC-1 Financing Statement	 	ModusLink Corporation	 	Raymond Leasing Corporation	 	DE SOS	 	12/07/09	 	93911242	 	Equipment.
								
	18.	 	UCC-1 Financing Statement	 	ModusLink Corporation	 	Raymond Leasing Corporation	 	DE SOS	 	1/14/10	 	00144042	 	Equipment.
								
	19.	 	UCC-1 Financing Statement	 	ModusLink Corporation	 	Raymond Leasing Corporation	 	DE SOS	 	1/14/10	 	00144059	 	Equipment.
								
	20.	 	UCC-1 Financing Statement	 	ModusLink Corporation	 	Raymond Leasing Corporation	 	DE SOS	 	2/16/10	 	00507602	 	Equipment.
								
	21.	 	UCC-1 Financing Statement	 	ModusLink Corporation	 	Packaging Corporation of America	 	DE SOS	 	9/1/10	 	03060724	 	Consigned inventory.
								
	22.	 	UCC-1 Financing Statement	 	ModusLink Corporation	 	Raymond Leasing Corporation	 	DE SOS	 	3/4/11	 	10810724	 	Equipment.
								
	23.	 	UCC-1 Financing Statement	 	ModusLink Corporation	 	Banc of America Leasing & Capital, LLC	 	DE SOS	 	4/12/11	 	11368805	 	Equipment.

															
	 Document

Number
	 	 Document Type
	 	 Debtor
	 	 Secured Party
	 	 Filing
Jurisdiction
	 	 Filing

Date
	 	 Filing

Number
	 	 Collateral

Description

	24.	 	UCC-1 Financing Statement	 	ModusLink Corporation	 	Raymond Leasing Corporation	 	DE SOS	 	5/24/11	 	11972606	 	Equipment.
								
	25.	 	UCC-1 Financing Statement	 	ModusLink Corporation	 	Wells Fargo Bank, N.A.	 	DE SOS	 	7/18/11	 	12758202	 	Equipment.
								
	26.	 	UCC-1 Financing Statement	 	ModusLink Corporation	 	General Electric Capital Corporation	 	DE SOS	 	8/19/11	 	13229039	 	Equipment.
								
	27.	 	UCC-1 Financing Statement	 	ModusLink Corporation	 	Banc of America Leasing & Capital, LLC	 	DE SOS	 	10/27/11	 	14144815	 	Equipment.
								
	28.	 	UCC-1 Financing Statement	 	ModusLink Corporation	 	Wells Fargo Bank, N.A.	 	DE SOS	 	10/31/11	 	14185255	 	Equipment.
								
	29.	 	UCC-1 Financing Statement	 	ModusLink Corporation	 	Wells Fargo Bank, N.A.	 	DE SOS	 	2/6/12	 	20455578	 	Equipment.
								
	30.	 	UCC-1 Financing Statement	 	ModusLink Corporation	 	Wells Fargo Bank, N.A.	 	DE SOS	 	3/7/12	 	20870859	 	Equipment.
								
	31.	 	UCC-1 Financing Statement	 	ModusLink Corporation	 	Wells Fargo Bank, N.A.	 	DE SOS	 	3/7/12	 	20870867	 	Equipment.

															
	 Document

Number
	 	 Document Type
	 	 Debtor
	 	 Secured Party
	 	 Filing
Jurisdiction
	 	 Filing

Date
	 	 Filing

Number
	 	 Collateral

Description

	32.	 	UCC-1 Financing Statement	 	ModusLink Corporation	 	Timepayment Corporation	 	DE SOS	 	5/18/12	 	22150367	 	Equipment.
								
	33.	 	UCC-1 Financing Statement	 	ModusLink Corporation and ModusLink Global Solutions, Inc.	 	Micron Technology, Inc.	 	DE SOS	 	9/4/12	 	23412048	 	All of Debtor’s right, title and interest in all inventory and goods held by Debtor on behalf of Micron Technology, Inc. pursuant to that certain Master Services
Agreement.
								
	34.	 	UCC-1 Financing Statement	 	ModusLink Global Solutions, Inc.	 	Wells Fargo Bank, N.A.	 	DE SOS	 	9/26/11	 	13693218	 	Equipment.
								
	35.	 	UCC-1 Financing Statement	 	ModusLink Global Solutions, Inc.	 	Wells Fargo Bank, N.A.	 	DE SOS	 	4/26/12	 	21629973	 	Equipment.
								
	36.	 	UCC-1 Financing Statement	 	ModusLink PTS, Inc.	 	Wells Fargo Bank, N.A.	 	DE SOS	 	11/1/10	 	03811134	 	Equipment.
								
	37.	 	UCC-1 Financing Statement	 	ModusLink PTS, Inc.	 	Wells Fargo Bank, N.A.	 	DE SOS	 	6/7/11	 	12164351	 	Equipment.

															
	 Document

Number
	 	 Document Type
	 	 Debtor
	 	 Secured Party
	 	 Filing
Jurisdiction
	 	 Filing

Date
	 	 Filing

Number
	 	 Collateral

Description

								
	38.	 	UCC-1 Financing Statement	 	ModusLink PTS, Inc.	 	Wells Fargo Bank, N.A.	 	DE SOS	 	7/25/11	 	12855248	 	Equipment.
								
	39.	 	UCC-1 Financing Statement	 	SalesLink Corporation	 	NMHG Financial Services, Inc.	 	DE SOS	 	9/9/03	 	32324963	 	Equipment
	      a.	 	UCC Amendment Statement	 	—  	 	—  	 	—  	 	4/8/08	 	81223112	 	Continuation
								
	40.	 	UCC-1 Financing Statement	 	SalesLink Corporation	 	Dell Financial Services, L.P.	 	DE SOS	 	5/10/04	 	41292905	 	Continues effectiveness of a financing statement filed prior to effective dated of revised Article 9
	      a.	 	UCC Amendment Statement	 	—  	 	—  	 	—  	 	2/10/09	 	90451499	 	Continuation
								
	41.	 	UCC-1 Financing Statement	 	SalesLink Corporation	 	Dell Financial Services, L.P.	 	DE SOS	 	5/10/04	 	41292913	 	Continues effectiveness of a financing statement filed prior to effective dated of revised Article 9
	      a.	 	UCC Amendment Statement	 	—  	 	—  	 	—  	 	2/10/09	 	90451507	 	Continuation

	1.	Lien by HSBC Bank USA, National Association (“HSBC”) solely as to Deposit Account No. [        ] in an amount not to
exceed $500,000, pursuant to that certain Pledge Agreement by and between ModusLink Global Solutions, Inc. and HSBC, as in effect on the Closing Date, securing solely Permitted Indebtedness set forth on item #15 on Schedule 4.14.

  

	2.	Lien by Bank of America, N.A. solely as to Letter of Credit #68074070 and #68058314 in an amount not to exceed $191,300, pursuant to that certain Cash Collateral
Agreement by and among ModusLink Global Solutions, Inc., ModusLink Corporation and Bank of America, N.A., as in effect on the Closing Date, securing solely Permitted Indebtedness set forth on item #25 and item #26 on Schedule 4.14.

  

	3.	See items #16, 17, 18, 19, 20, 21, 22, 23, 24 and 27 under Schedule 4.14. 

 SCHEDULE 4.1(B) 

Capitalization of Borrowers 
  

							
	 Exact Legal Name

of Loan Party
	  	 Class or Type of Interest and

Par Value
	  	 Total Amount

Authorized
 (by class or type)
	  	 Total Amount Issued

and Outstanding

(by class or type)

	ModusLink Global Solutions, Inc.	  	Common Stock; par value $0.01 per share	  	1,400,000,000 shares of Common Stock	  	43,841,342
	ModusLink Global Solutions, Inc.	  	Preferred Stock; par value $0.01 per share	  	5,000,000 shares of Preferred Stock, 280,000 of which have been designated as set forth below	  	None.
	ModusLink Global Solutions, Inc.	  	Series A Junior Participating Preferred Stock; par value $0.01 per share	  	140,000 shares of Series A Junior Participating Preferred Stock	  	None.
	ModusLink Global Solutions, Inc.	  	Series B Junior Participating Preferred Stock; par value $0.01 per share	  	140,000 shares of Series B Junior Participating Preferred Stock	  	None.
	ModusLink PTS, Inc.	  	Common Stock; par value $0.01 per share	  	1,000 shares of Common Stock	  	1,000 shares of Common Stock
	ModusLink Corporation	  	Common Stock; par value $0.01 per share	  	3,000 shares of Common Stock	  	2,500 shares of Common Stock

 SCHEDULE 4.1(C) 

Capitalization of Borrowers’ Subsidiaries 
 The Administrative Borrower, either directly or indirectly, owns 100% of all issued and outstanding shares of all Subsidiaries, except for @Ventures V, LLC, CMGI @Ventures IV, LLC and Modus Media
International Leinster Unlimited. 
  

							
	 Exact Legal Name of

Subsidiary
	  	 Class or Type of Interest

and Par Value
	  	 Total Amount

Authorized
 (by class or type)
	  	 Total Amount Issued

and Outstanding

(by class or type)

	CMG Securities Corporation	  	Common Stock, no par value	  	200,000 shares of Common Stock	  	100 shares of Common Stock
	CMG @Ventures Capital Corp.	  	Common Stock, $0.01 par value	  	1,000 shares of Common Stock	  	1,000 shares of Common Stock
	@Ventures V, LLC	  	Membership Interests; no par value	  	N/A	  	N/A
	CMGI @Ventures IV, LLC	  	Membership Interests; no par value	  	N/A	  	N/A
	CMG@Ventures Securities Corp.	  	Common Stock, $0.01 par value	  	3,000 shares of Common Stock	  	3,000 shares of Common Stock
	CMG @Ventures, Inc.	  	Common Stock, $0.01 par value	  	1,000 shares of Common Stock	  	1,000 shares of Common Stock
	Sol Holdings, Inc.	  	Common Stock; par value $0.01 per share	  	1,000 shares of Common Stock	  	100 shares of Common Stock
				
	Modus Media International (Ireland) Limited	  	Common Stock; par value $1.00 per share	  	1,000 shares of Common Stock	  	1,000 shares of Common Stock
				
	SalesLink LLC	  	Membership Interests; no par value	  	N/A	  	N/A
	SalesLink Mexico Holding Corp.	  	Common Stock; par value $0.01 per share	  	1,000 shares of Common Stock	  	1,000 shares of Common Stock
	Modus Media International Documentation Services (Ireland), Limited	  	Common Stock; par value $1.00 per share	  	1,000 shares of Common Stock	  	1,000 shares of Common Stock
				
	Tech for Less LLC	  	Membership Interests; no par value	  	N/A	  	N/A
	ModusLink Mexico S.A. de C.V.	  	Ordinary Shares; par value $1.00 MXN	  	50,000 Ordinary shares	  	50,000 Ordinary Shares
				
	Sol Services Corporation, S.A. de C.V.	  	Ordinary shares; par value $1.00 MXN	  	50,000 Ordinary shares	  	50,000 Ordinary shares
				
	SalesLink Servicios S de R.L. de C.V.	  	Ordinary shares; par value $1.00 MXN	  	2 quotas	  	2 quotas [additional shares to be issued as certificates]
				
	ModusLink B.V.	  	Shares; par value €500	  	€100,000	  	€20,000

							
	 Exact Legal Name of

Subsidiary
	  	 Class or Type of Interest

and Par Value
	  	 Total Amount

Authorized
 (by class or type)
	  	 Total Amount Issued

and Outstanding

(by class or type)

	ModusLink Hungary Packaging Limited Liability Company (abbrv. ModusLink Hungary Ltd.)	  	Total capital contribution of HUF 3,000,000	  	HUF 3,000,000	  	HUF 3,000,000
	ModusLink France S.A.S.	  	100,000 Common	  	100,000 Common	  	100,000 Common
				
	ModusLink Czech Republic s.r.o	  	CZK 200,000	  	CZK 200,000	  	CZK 200,000
	Logistix Holdings Europe Limited	  	Ordinary shares; par value €1.269738	  	100,000 Ordinary shares	  	2 Ordinary shares
	Modus Media International Leinster Unlimited	  	Ordinary shares; par value $1.00	  	10,000 Ordinary shares	  	 2 Ordinary shares
  

1 Ordinary share held by Modus Media International Documentation Services (Ireland), Limited

 
 1 Ordinary share held by Tudor Nominees Limited

				
	Modus Media International Ireland (Holdings)	  	Ordinary shares; Nominal Par Value €1.26973808	  	12,200,000 Ordinary shares	  	10,188,728 Ordinary shares
				
	ModusLink Pte. Ltd.	  	Ordinary shares and redeemable preference shares; par value SGD 1.00	  	175,000 (115,000 Ordinary shares; 60,000 redeemable preference shares)	  	100,000 Ordinary shares and 6,460 redeemable preference shares
				
	ModusLink Solutions Services Pte. Ltd.	  	Ordinary shares; no par value	  	N/A	  	SGD 200,000 Ordinary shares
	ModusLink Japan K.K.	  	Ordinary shares; no par value	  	10,480 Ordinary shares authorized	  	6,020 Ordinary shares
	ModusLink Corporation (India) Private Limited	  	Shares; par value Rs. 1,000	  	1,000,000 Authorized Capital (in Rs.); 100,000 shares	  	610 equity shares of Rs. 1,000 each
				
	ModusLink Australia Pty Limited	  	Ordinary shares; no par value	  	N/A	  	61,716 shares
				
	ModusLink Company Limited	  	N/A	  	100 shares	  	100 shares

 SCHEDULE 4.1(D) 

Outstanding Subscriptions, Warrants, Options or Calls 
 As of October 19, 2012, ModusLink Global Solutions, Inc. had options to purchase 2,224,971 shares of common stock of ModusLink Global Solutions, Inc. issued and outstanding. 

 SCHEDULE 4.6(B) 

Litigation 
 On
February 15, 2012, the staff of the Division of Enforcement for the Boston, Massachusetts Office of the United States Securities and Exchange Commission (“SEC”) initiated with the Company an informal inquiry, and later the formal
action In the Matter of ModusLink Global Solutions, Inc., regarding the Company’s treatment of rebates associated with volume discounts provided by vendors. The SEC inquiry is ongoing, and ModusLink is cooperating with requests for
information made by the staff. To date, the SEC has not asserted any formal claims. 
 On June 9, 2012, the Audit Committee concluded that
previously issued financial statements from fiscal years 2009 through 2011, as well as the first two quarters of fiscal 2012 and its unaudited selected financial data for fiscal years 2007 and 2008, should no longer be relied upon and would need to
be restated. The Company publicly announced these determinations on June 11, 2012 (the “June 11 Announcement”). 
 Following the
June 11, 2012 Announcement, shareholders of the Company commenced three purported class actions in the United States District Court for the District of Massachusetts arising from the circumstances described in the June 11, 2012
Announcement (the “Securities Actions”), entitled, respectively: 
  

	 	•	 	 Irene Collier, Individually And On Behalf Of All Others Similarly Situated v. ModusLink Global Solutions, Inc., Joseph C. Lawler and Steven G.
Crane, Case 1:12-CV-11044-DJC, filed June 12, 2012; 

  

	 	•	 	 Alexander Shnerer Individually And On Behalf Of All Others Similarly Situated v. ModusLink Global Solutions, Inc., Joseph C. Lawler and Steven G.
Crane, Case 1:12-CV-11078-DJC, filed June 18, 2012; and 

  

	 	•	 	 Harold Heszkel, Individually and on Behalf of All Others Similarly Situated v. ModusLink Global Solutions, Inc., Joseph C. Lawler, and Steven G.
Crane, Case 1:12-CV-11279-DJC, filed July 11, 2012. 

 On July 13, 2012, a fourth shareholder commenced a
purported derivative action in United States District Court for the District of Massachusetts against the Company (as nominal defendant), and certain of its current and former directors and officers, entitled, Samuel Montini, Derivatively On
Behalf Of ModusLink Global Solutions, Inc. v. Joseph C. Lawler, Steven G. Crane, Francis J. Jules, Virginia G. Breen, Michael J. Mardy, Edward E. Lucente, Jeffrey J. Fenton, Joseph M. O’Donnell, William R. McLennan, Thomas H. Johnson, and
Anthony J. Bay, Defendants, and ModusLink Global Solutions, Inc., A Delaware Corporation, Nominal Defendant, Case 1:12-CV-11296-DJC, and on July 31, 2012, a fifth shareholder commenced a purported derivative action in United States District
Court for the District of Massachusetts against the Company (as nominal defendant), and certain of its current and former directors and officers, entitled, Edward Tansey, Derivatively On Behalf Of Moduslink Global Solutions, Inc. v. Joseph C.
Lawler, Steven G. Crane, Francis J. Jules, Virginia G. Breen, Michael J. Mardy, Edward E. Lucente, 

 
Jeffrey J. Fenton, Joseph M. O’Donnell, William R. McLennan, Thomas H. Johnson, and Anthony J. Bay, Defendants, and ModusLink Global Solutions, Inc., A Delaware Corporation, Nominal
Defendant, Case. 1:12-CV-11399-DJC (collectively, the “Derivative Actions”). 
 On October 10, 2012, a fifth shareholder,
Donald Reith, served upon the Company’s Board of Directors a demand to institute litigation and take other purportedly necessary, but unidentified, remedial measures to redress and prevent a recurrence of purported breaches of fiduciary duties
on the part of the Board and unspecified corporate officers allegedly arising from the same facts and circumstances asserted in the Securities and Derivative Actions. 

 SCHEDULE 4.10 

Employee Benefits 

ModusLink Global Solutions Savings & Retirement 401(k) Plan 

 SCHEDULE 4.11 

Environmental Matters 

None. 

 SCHEDULE 4.14 

Permitted Indebtedness 
  

	1.	ModusLink Pte. Ltd. has a facility with Bank of America, N.A. in Taiwan of up to TWD 1,000,000. 

 

	2.	Promissory Note, dated May 5, 2010, issued by Tech for Less LLC to ModusLink Corporation in the original principal amount of $10,000,000. 

 

	3.	Promissory Note, dated May 27, 2010 issued by Modus Media International (Ireland) Limited to ModusLink Corporation in the original principal amount of $23,370,000.

  

	4.	Promissory Note, dated June 28, 2012, issued by ModusLink Czech Republic s.r.o. to ModsuLink B.V. in the original principal amount of €10,000,000.

  

	5.	Promissory Note, dated June 28, 2012, issued by ModusLink Czech Republic s.r.o. to ModusLink Corporation in the original principal amount of €10,000,000,
provided that the principal amounts outstanding under such note at any time shall not exceed $3,904,000, which is the principal amount outstanding on the date hereof. 

 

	6.	Promissory Note, dated November 25, 2011, issued by ModusLink Corporation to ModusLink Pte. Ltd. in the original principal amount of $6,000,000.

  

	7.	Promissory Note, dated October 31, 2012, issued by ModusLink PTS, Inc. to ModusLink Corporation in the original principal amount of $10,000,000.

  

	8.	Promissory Note, dated October 31, 2012, issued by SalesLink Solutions International Ireland Limited to ModusLink Corporation in the original principal amount of
$695,000. 

  

	9.	Indebtedness owed by ModusLink Kildare to ModusLink B.V. in the USD equivalent of 5,723,000 as of September 30, 2012. 

 

	10.	Indebtedness owed by ModusLink (Waigaoqiao) Co. Ltd. to ModusLink (Kunshan) Co. Ltd. in the USD equivalent of 789,000 as of September 30, 2012.

  

	11.	Indebtedness owned by ModusLink (Waigaoqiao) Co. Ltd. to ModusLink (Shanghai) Co. Ltd. in the USD equivalent of 1,657,000 as of September 30, 2012.

  

	12.	Indebtedness owed by Lieboch Limited to ModusLink Kildare in the USD equivalent of 8,216,000 as of September 30, 2012. 

 

	13.	Indebtedness owed by ModusLink Kildare to SalesLink Solutions International Ireland Limited in the USD equivalent of 1,553,000 as of September 30, 2012.

	14.	Indebtedness owed by ModusLink Kildare to Modus Media International Dublin in the USD equivalent of 8,691,000 as of September 30, 2012. 

 

	15.	Indebtedness pursuant to the Pledge Agreement by and between ModusLink Global Solutions, Inc. and HSBC, as in effect on the Closing Date, in an amount not to exceed
$500,000. 

  

	16.	Guarantee, dated June 9, 2006, by ModusLink Corporation in favor IMMORENT CR s.r.o, a sublessor of ModusLink Czech Republic s.r.o, in an amount not to exceed 2
years rent due and payable under the sublease by and between IMMORENT CR s.r.o and ModusLink Czech Republic s.r.o. 

  

	17.	Guaranty, dated September 8, 2010, by ModusLink Corporation in favor of Primax Electronics Ltd., a creditor of ModusLink Kildare, to guarantee all obligations of
ModusLink Kildare to Primax Electronics Ltd. in an amount not to exceed $3,500,000. 

  

	18.	Guaranty, dated December 15, 2008, by ModusLink Global Solutions, Inc. in favor of Intel Corporation and its subsidiaries, a creditor of ModusLink Corporation,
ModusLink B.V. and ModusLink Singapore Pte., in an amount not to exceed $3,000,000, as amended by Amendment No. 1 dated March 16, 2010 and as further amended by Amendment No. 2 dated March 17, 2010. 

 

	19.	Letter of Guarantee, by ModusLink Corporation in favor of Japan Pulp and Paper Co., Ltd., a creditor of ModusLink Japan K.K., in an amount not to exceed $15,000.

  

	20.	Guaranty, dated June 13, 2012, by ModusLink Corporation in favor of Sonah OG VII B.V., a lessor of ModusLink B.V., in amount not to exceed the obligations of
ModusLink B.V. due and payable to Sonah OG VII B.V. pursuant to that certain lease with Sonah OG VII B.V. 

  

	21.	Parent Company Guaranty, dated August 1, 2011, by ModusLink Global Solutions, Inc. in favor of Diversified Automotive, Inc., a subtenant of SalesLink LLC, to
guarantee the payment and performance of SalesLink LLC under that certain sublease in an amount not to exceed $2,000,000. 

  

	22.	Guaranty, dated March 29, 2012, by ModusLink Global Solutions, Inc. in favor of NVIDIA Corporation, a creditor of ModusLink Corporation, in an amount not to exceed
$2,000,000. 

  

	23.	Guaranty, dated July 20, 2012, by ModusLink Corporation in favor of AGI Media Packaging Dublin Ltd., a creditor of ModusLink Kildare, in an amount not to exceed
€1,500,000. 

	24.	Guaranty, dated May 30, 2012, by ModusLink Global Solutions, Inc. in favor of Sonopress Ireland Ltd., a creditor of ModusLink Corporation, in an amount not to
exceed €500,000. 

  

	25.	Letter of Credit #68074070, in the original principal amount of $90,000 issued by Bank of America, N.A. on April 13, 2012. 

 

	26.	Letter of Credit #68058314, in the original principal amount of $91,884, issued by Bank of America, N.A. on May 10, 2011. 

 

	27.	$50,000 Bank of America Treasury Management Line supporting treasury management arrangements in Asia. 

 SCHEDULE 4.19 

Employee and Labor Matters 
 Certain subsidiaries in Asia have union organizing activity. 

 SCHEDULE 4.24 

Location of Inventory; Chief Executive Offices 

Location of Inventory: Name of Landlord and Address of Leased Premises 

Columbia Florida 92nd Industrial, LLC 
 10990, 11000 and 11010 N.W. 92 Terrace 
 Miami, FL 33178 

Duke Realty Limited Partnership 
 501 Innovation
Avenue 
 Suite 100 
 Morrisville, NC
27560 
 Western Liberty, LLC 
 2000 S.
Liberty Drive 
 Bloomington, IN 

Sycamore Business Park LLC 
 2111 East Ridge
Ave. 
 Riverside, CA 
 SouthPark
Warehouse III Acquisition Corporation 
 2000 Midway Lane 
 Smyrna, TN 37167 
 ProLogis NA2 U.S. LLC 
 7955 Zionsville Road 
 Indianapolis, IN 
 Provo Craft & Novelty, Inc. 
 151 East 3450 North 

Spanish Fork, UT 
 1331 and 1425 S. Curry Pike

 Bloomington, IN 
 20329 State
Highway 249, Suite 230 
 Houston, TX 

4501 Blalock Road 
 Houston, TX 77041

 Chief Executive Offices: 
 The Chief Executive Office of each Loan Party is located at 1601 Trapelo Road, Suite 170, Waltham, MA 02451 

 SCHEDULE 4.26 

Material Contracts 

Chinese Contract Services Agreement and Chinese Contract Manufacturing Services Agreements 

 SCHEDULE 6.5 

Nature of Business 

Overview 
 ModusLink
Global Solutions, Inc. (together with its consolidated subsidiaries, “ModusLink Global Solutions” or the “Company”), through its wholly owned subsidiaries, ModusLink Corporation (“ModusLink”), ModusLink PTS, Inc.
(“ModusLink PTS”) and Tech For Less LLC (“TFL”), is a leader in global supply chain business process management serving technology-based clients in markets such as computing, software, consumer electronics, storage and
communications. The Company designs and executes critical elements in its clients’ global supply chains to improve speed to market, product customization, flexibility, cost, quality and service. These benefits are delivered through a
combination of industry expertise, innovative service solutions, integrated operations, proven business processes, expansive global footprint and world-class technology. 
 The Company’s services and solutions span the forward supply chain, aftermarket service requirements and e-business processes and leverage an integrated global network of solution centers to manage
all aspects of the end-to-end supply chain. Over the past decade, the Company has expanded its services by acquiring and developing businesses focused on supply chain management services, entitlement, e-business management solutions,
consumer-electronics repair services and reverse logistics services. Open Channel Solutions, Inc. was acquired on March 18, 2008 and changed its name to ModusLink Open Channel Solutions, Inc. (“ModusLink OCS”) during fiscal year 2009.
Effective August 1, 2010, ModusLink OCS was merged with the Company’s e-Business solutions. The Company’s e-Business operations provides integrated e-commerce, customer support, financial transaction processing, physical shipment and
returns processes on a global basis, and entitlement and e-business management solutions. ModusLink PTS, acquired as PTS Electronics, Inc. on May 2, 2008, provides consumer-electronics service repair and reverse logistics services. TFL,
acquired on December 4, 2009, processes and markets customer-returned consumer electronics and business technology products. 
 The Company
has six operating segments: Americas; Asia; Europe; e-Business; ModusLink PTS and TFL. Each of these operating segments has designated management teams with direct responsibility over the operations of the respective operating segment. During the
fiscal year ended July 31, 2011, the Company determined that it has four reportable segments, Americas, Asia, Europe, and TFL. The Company reports the ModusLink PTS operating segment in aggregation with the Americas operating segment as part of
the Americas reportable segment. In addition to its four reportable segments, the Company reports an All other category. The All other category represents the e-Business operating segment. As of July 31, 2010, the Company’s e-Business
solutions operated within each of the Americas, Asia and Europe reportable segments. ModusLink OCS and TFL were each their own reportable segments as of July 31, 2010. On August 1, 2010 the Company merged ModusLink OCS with its e-Business
solutions operations and the Company’s reporting structure and reportable segments changed. All prior year segment information has been restated to reflect this change. The Company also has Corporate-level activity consisting primarily of costs
associated with certain corporate administrative functions such as legal and finance, which are not allocated to the Company’s reportable segments and administration costs related to the Company’s venture capital activities. The
Corporate-level activity balance sheet information includes cash and cash equivalents, available-for-sale securities, investments and other assets, which are not identifiable to the operations of the Company’s operating segments. 

Supply Chain Management Services 

Supply Chain Management Services and Solutions 
 ModusLink’s revenues primarily come from the sale of supply chain management services performed for its clients. These services include the procurement of clients’ raw component inventory, as
well as the storage, manufacturing and distribution of their proprietary products for sale by our clients to their own customers. 

 ModusLink’s supply chain management services and solutions are provided to the
technology industry on a global scale. ModusLink’s core capabilities are categorized as sourcing and supply base management, manufacturing and product configuration, fulfillment and distribution, e-Business, and aftermarket services such as
returns management and asset disposition. ModusLink is also a Microsoft Authorized Replicator, further enhancing its position as a valued supply chain services provider to leading technology hardware original equipment manufacturers
(“OEMs”). 
 ModusLink’s core solutions include: 

Supply Chain 
 Factory Supply—The Factory Supply solution provides inbound supply of components into one or more of ModusLink’s clients’ manufacturing or light assembly operations on behalf of a
client. The solution provides clients with a cost effective means to ensure consistent component quality. 
 Optimized
Configuration—The Optimized Configuration solution combines ModusLink’s supply chain design expertise and the industry’s largest global footprint with techniques, tools and processes in network optimization, discrete event
simulation and inventory optimization to execute a supply chain network and inventory strategy that can manage the complexities of global supply and demand. 
 ModusLink designs and executes a flexible global supply chain by employing optimization methodologies such as postponement and deferred configuration that leverage the best time and place in the supply
chain to perform final configuration, packaging and distribution of products. By executing these key processes in-region and later in the cycle when demand is more established, clients can often improve time to market, lower costs and optimize
component and finished goods inventory to better meet global demand. This reduces excess and obsolescence and minimizes the need for rework if forecasts are inaccurate. 
 Aftermarket Services 
 The aftermarket services manage the complete range of
post-sales activity including customer service, technical support and multi-channel returns management to testing, repair, and asset disposition enabling clients to gain greater efficiency, cost reduction and asset value retention, while improving
customer satisfaction. With this combined expertise, services, technologies and global operating infrastructure, clients are provided with an end to end offering. Aftermarket services are delivered through ModusLink, ModusLink PTS and TFL.

 e-Business 
 ModusLink enables a direct end-user revenue channel for clients through its e-Business solutions that include integrated e-commerce, customer support, financial transaction processing and physical
shipment and returns processes on a global basis. e-Business also delivers entitlement management capabilities. The entitlement management solutions facilitate revenue generation for software publishers and related businesses by managing the
complexities of multi-channel subscription and customer access rights (entitlements) inherent in software licensing through a line of technology, consulting and customer support solutions. 

ModusLink’s solutions seamlessly integrate with other supply chain service providers such as contract manufacturing companies and
third-party logistics providers. ModusLink improves the efficiency and effectiveness of the supply chain by optimizing and executing procurement, product customization, multi-channel fulfillment, returns, repair and product value recovery processes.Guaranty and Security Agreement

 Exhibit 10.2 
 GUARANTY AND SECURITY AGREEMENT 
 This GUARANTY AND SECURITY
AGREEMENT (this “Agreement”), dated as of October 31, 2012, among the Persons listed on the signature pages hereof as “Grantors” and those additional entities that hereafter become parties hereto by executing the
form of Joinder attached hereto as Annex 1 (each, a “Grantor” and collectively, the “Grantors”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association (“Wells
Fargo”), in its capacity as agent for each member of the Lender Group and the Bank Product Providers (in such capacity, together with its successors and assigns in such capacity, “Agent”). 

W I T N E S S E T H: 
 WHEREAS, pursuant to that certain Credit Agreement of even date herewith (as amended, restated, supplemented, or otherwise modified from time to time, the “Credit Agreement”) by
and among ModusLink Global Solutions, Inc., a Delaware corporation (“ModusLink Global”), ModusLink Corporation, a Delaware corporation (“ModusLink”), and ModusLink PTS, Inc., a Delaware corporation
(“ModusLink PTS”, together with ModusLink Global and ModusLink are referred to hereinafter each individually as a “Borrower”, and individually and collectively, jointly and severally, as the
“Borrowers”), the lenders party thereto as “Lenders” (each of such Lenders, together with its successors and assigns, is referred to hereinafter as a “Lender”), and Agent, the Lender Group has agreed to
make certain financial accommodations available to Borrowers from time to time pursuant to the terms and conditions thereof; and 
 WHEREAS, Agent has agreed to act as agent for the benefit of the Lender Group and the Bank Product Providers in connection with the transactions contemplated by the Credit Agreement and this
Agreement; 
 WHEREAS, in order to induce the Lender Group to enter into the Credit Agreement and the other Loan
Documents, to induce the Bank Product Providers to enter into the Bank Product Agreements, and to induce the Lender Group and the Bank Product Providers to make financial accommodations to Borrowers as provided for in the Credit Agreement, the other
Loan Documents and the Bank Product Agreements, (a) each Grantor (other than a Borrower) has agreed to guaranty the Guarantied Obligations, and (b) each Grantor has agreed to grant to Agent, for the benefit of the Lender Group and the Bank
Product Providers, a continuing security interest in and to the Collateral in order to secure the prompt and complete payment, observance and performance of, among other things, the Secured Obligations; and 

WHEREAS, each Grantor (other than a Borrower) is a Subsidiary of a Borrower and, as such, will benefit by virtue of the financial
accommodations extended to Borrowers by the Lender Group. 

 NOW, THEREFORE, for and in consideration of the recitals made above and other good
and valuable consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 
 1. Definitions; Construction. 
 (a) All initially capitalized terms used
herein (including in the preamble and recitals hereof) without definition shall have the meanings ascribed thereto in the Credit Agreement (including Schedule 1.1 thereto). Any terms (whether capitalized or lower case) used in this Agreement
that are defined in the Code shall be construed and defined as set forth in the Code unless otherwise defined herein or in the Credit Agreement; provided that to the extent that the Code is used to define any term used herein and if
such term is defined differently in different Articles of the Code, the definition of such term contained in Article 9 of the Code shall govern. In addition to those terms defined elsewhere in this Agreement, as used in this Agreement, the following
terms shall have the following meanings: 
 (i) “@Ventures” means @Ventures V, LLC, a Delaware limited
liability company and CMGI@Ventures IV, LLC, a Delaware limited liability company. 
 (ii) “Account” means an
account (as that term is defined in Article 9 of the Code). 
 (iii) “Account Debtor” means an account debtor
(as that term is defined in the Code). 
 (iv) “Agent” has the meaning specified therefor in the preamble to
this Agreement. 
 (v) “Agent’s Lien” has the meaning specified therefor in the Credit Agreement.

 (vi) “Agreement” has the meaning specified therefor in the preamble to this Agreement. 

(vii) “Bank Product Obligations” has the meaning specified therefor in the Credit Agreement. 

(viii) “Bank Product Provider” has the meaning specified therefor in the Credit Agreement. 

(ix) “Books” means books and records (including each Grantor’s Records indicating, summarizing, or evidencing such
Grantor’s assets (including the Collateral) or liabilities, each Grantor’s Records relating to such Grantor’s business operations or financial condition, and each Grantor’s goods or General Intangibles related to such
information). 
 (x) “Borrower” and “Borrowers” have the respective meanings specified
therefor in the recitals to this Agreement. 
 (xi) “Cash Equivalents” has the meaning specified therefor in
the Credit Agreement. 
 (xii) “Chattel Paper” means chattel paper (as that term is defined in the Code), and
includes tangible chattel paper and electronic chattel paper. 
 (xiii) “Code” means the Massachusetts Uniform
Commercial Code, as in effect from time to time; provided, however, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection, priority, or remedies with respect to Agent’s Lien on
any 

  
 2 

 
Collateral is governed by the Uniform Commercial Code as enacted and in effect in a jurisdiction other than the Commonwealth of Massachusetts, the term “Code” shall mean the Uniform
Commercial Code as enacted and in effect in such other jurisdiction solely for purposes of the provisions thereof relating to such attachment, perfection, priority, or remedies. 

(xiv) “Collateral” has the meaning specified therefor in Section 3. 

(xv) “Commercial Tort Claims” means commercial tort claims (as that term is defined in the Code), and includes those
commercial tort claims listed on Schedule 1. 
 (xvi) “Control Agreement” has the meaning specified
therefor in the Credit Agreement. 
 (xvii) “Controlled Account” has the meaning specified therefor in
Section 7(k). 
 (xviii) “Controlled Account Agreements” means those certain cash management
agreements, in form and substance reasonably satisfactory to Agent, each of which is executed and delivered by a Grantor, Agent, and one of the Controlled Account Banks. 
 (xix) “Controlled Account Bank” has the meaning specified therefor in Section 7(k). 
 (xx) “Copyrights” means any and all rights in any works of authorship, including (A) copyrights and moral rights, (B) copyright registrations and recordings thereof and all
applications in connection therewith including those listed on Schedule 2, (C) income, license fees, royalties, damages, and payments now and hereafter due or payable under and with respect thereto, including payments under all licenses
entered into in connection therewith and damages and payments for past, present, or future infringements thereof, (D) the right to sue for past, present, and future infringements thereof, and (E) all of each Grantor’s rights
corresponding thereto throughout the world. 
 (xxi) “Copyright Security Agreement” means each Copyright
Security Agreement executed and delivered by Grantors, or any of them, and Agent, in substantially the form of Exhibit A. 
 (xxii) “Credit Agreement” has the meaning specified therefor in the recitals to this Agreement. 
 (xxiii) “Deposit Account” means a deposit account (as that term is defined in the Code). 
 (xxiv) “Equipment” means equipment (as that term is defined in the Code). 
 (xxv) “Equity Interests” has the meaning specified therefor in the Credit Agreement. 
 (xxvi) “Event of Default” has the meaning specified therefor in the Credit Agreement. 
 (xxvii) “Farm Products” means farm products (as that term is defined in the Code) 

  
 3 

 (xxviii) “Fixtures” means fixtures (as that term is defined in the Code).

 (xxix) “Foreclosed Grantor” has the meaning specified therefor in Section 2(i)(iv). 

(xxx) “General Intangibles” means general intangibles (as that term is defined in the Code), and includes payment
intangibles, software, contract rights, rights to payment, rights under Hedge Agreements (including the right to receive payment on account of the termination (voluntarily or involuntarily) of such Hedge Agreements), rights arising under common law,
statutes, or regulations, choses or things in action, goodwill, Intellectual Property, Intellectual Property Licenses, purchase orders, customer lists, monies due or recoverable from pension funds, route lists, rights to payment and other rights
under any royalty or licensing agreements, including Intellectual Property Licenses, infringement claims, pension plan refunds, pension plan refund claims, insurance premium rebates, tax refunds, and tax refund claims, interests in a partnership or
limited liability company which do not constitute a security under Article 8 of the Code, and any other personal property other than Commercial Tort Claims, money, Accounts, Chattel Paper, Deposit Accounts, goods, Investment Property, Negotiable
Collateral, and oil, gas, or other minerals before extraction. 
 (xxxi) “Grantor” and
“Grantors” have the respective meanings specified therefor in the preamble to this Agreement. 
 (xxxii)
“Guarantied Obligations” means all of the Obligations (including any Bank Product Obligations) now or hereafter existing, whether for principal, interest (including any interest that accrues after the commencement of an Insolvency
Proceeding, regardless of whether allowed or allowable in whole or in part as a claim in any such Insolvency Proceeding), fees (including the fees provided for in the Fee Letter), Lender Group Expenses (including any fees or expenses that accrue
after the commencement of an Insolvency Proceeding, regardless of whether allowed or allowable in whole or in part as a claim in any such Insolvency Proceeding), or otherwise, and any and all expenses (including reasonable counsel fees and expenses)
incurred by Agent, any other member of the Lender Group, or any Bank Product Provider (or any of them) in enforcing any rights under the any of the Loan Documents. Without limiting the generality of the foregoing, Guarantied Obligations shall
include all amounts that constitute part of the Guarantied Obligations and would be owed by any Borrower to Agent, any other member of the Lender Group, or any Bank Product Provider but for the fact that they are unenforceable or not allowable,
including due to the existence of a bankruptcy, reorganization, other Insolvency Proceeding or similar proceeding involving any Borrower or any Guarantor. 
 (xxxiii) “Guarantor” means each Grantor other than a Borrower. 

(xxxiv) “Guaranty” means the guaranty set forth in Section 2 hereof. 

(xxxv) “Insolvency Proceeding” has the meaning specified therefor in the Credit Agreement. 

(xxxvi) “Intellectual Property” means any and all Patents, Copyrights, Trademarks, trade secrets, know-how, inventions
(whether or not patentable), algorithms, software programs (including source code and object code), processes, product designs, industrial designs, blueprints, drawings, data, customer lists, URLs and domain names, specifications, documentations,
reports, catalogs, literature, and any other forms of technology or proprietary information of any kind, including all rights therein and all applications for registration or registrations thereof. 

  
 4 

 (xxxvii) “Intellectual Property Licenses” means, with respect to any
Person (the “Specified Party”), (A) any licenses or other similar rights provided to the Specified Party in or with respect to Intellectual Property owned or controlled by any other Person, and (B) any licenses or other
similar rights provided to any other Person in or with respect to Intellectual Property owned or controlled by the Specified Party, in each case, including (x) any software license agreements (other than license agreements for commercially
available off-the-shelf software that is generally available to the public which have been licensed to a Grantor pursuant to end-user licenses), (y) the license agreements listed on Schedule 3, and (z) the right to use any of the
licenses or other similar rights described in this definition in connection with the enforcement of the Lender Group’s rights under the Loan Documents. 
 (xxxviii) “Inventory” means inventory (as that term is defined in the Code). 
 (xxxix) “Investment Property” means (A) any and all investment property (as that term is defined in the Code), and (B) any and all of the following (regardless of whether
classified as investment property under the Code): all Pledged Interests, Pledged Operating Agreements, and Pledged Partnership Agreements. 
 (xl) “Joinder” means each Joinder to this Agreement executed and delivered by Agent and each of the other parties listed on the signature pages thereto, in substantially the form of
Annex 1. 
 (xli) “Lender Group” has the meaning specified therefor in the Credit Agreement.

 (xlii) “Lender” and “Lenders” have the respective meanings specified therefor in the
recitals to this Agreement. 
 (xliii) “Loan Document” has the meaning specified therefor in the Credit
Agreement. 
 (xliv) “Negotiable Collateral” means letters of credit, letter-of-credit rights, instruments,
promissory notes, drafts and documents (as each such term is defined in the Code). 
 (xlv) “Obligations” has
the meaning specified therefor in the Credit Agreement. 
 (xlvi) “Patents” means patents and patent
applications, including (A) the patents and patent applications listed on Schedule 4, (B) all continuations, divisionals, continuations-in-part, re-examinations, reissues, and renewals thereof and improvements thereon, (C) all
income, royalties, damages and payments now and hereafter due or payable under and with respect thereto, including payments under all licenses entered into in connection therewith and damages and payments for past, present, or future infringements
thereof, (D) the right to sue for past, present, and future infringements thereof, and (E) all of each Grantor’s rights corresponding thereto throughout the world. 

(xlvii) “Patent Security Agreement” means each Patent Security Agreement executed and delivered by Grantors, or any of
them, and Agent, in substantially the form of Exhibit B. 
 (xlviii) “Permitted Investments” has
the meaning specified therefor in the Credit Agreement. 

  
 5 

 (xlix) “Permitted Liens” has the meaning specified therefor in the Credit
Agreement. 
 (l) “Person” has the meaning specified therefor in the Credit Agreement. 

(li) “Pledged Companies” means each Person listed on Schedule 5 as a “Pledged Company”, together with
each other Person, all or a portion of whose Equity Interests are acquired or otherwise owned by a Grantor after the Closing Date. 
 (lii) “Pledged Interests” means all of each Grantor’s right, title and interest in and to all of the Equity Interests now owned or hereafter acquired by such Grantor, regardless of
class or designation, including in each of the Pledged Companies, and all substitutions therefor and replacements thereof, all proceeds thereof and all rights relating thereto, also including any certificates representing the Equity Interests, the
right to receive any certificates representing any of the Equity Interests, all warrants, options, share appreciation rights and other rights, contractual or otherwise, in respect thereof and the right to receive all dividends, distributions of
income, profits, surplus, or other compensation by way of income or liquidating distributions, in cash or in kind, and all cash, instruments, and other property from time to time received, receivable, or otherwise distributed in respect of or in
addition to, in substitution of, on account of, or in exchange for any or all of the foregoing. 
 (liii) “Pledged
Interests Addendum” means a Pledged Interests Addendum substantially in the form of Exhibit C. 
 (liv)
“Pledged Notes” has the meaning specified therefor in Section 6(i). 
 (lv) “Pledged
Operating Agreements” means all of each Grantor’s rights, powers, and remedies under the limited liability company operating agreements of each of the Pledged Companies that are limited liability companies. 

(lvi) “Pledged Partnership Agreements” means all of each Grantor’s rights, powers, and remedies under the
partnership agreements of each of the Pledged Companies that are partnerships. 
 (lvii) “Proceeds” has the
meaning specified therefor in Section 3. 
 (lviii) “PTO” means the United States Patent and
Trademark Office. 
 (lix) “Real Property” means any estates or interests in real property now owned or
hereafter acquired by any Grantor or any Subsidiary of any Grantor and the improvements thereto. 
 (lx)
“Record” means information that is inscribed on a tangible medium or which is stored in an electronic or other medium and is retrievable in perceivable form. 
 (lxi) “Secured Obligations” means each and all of the following: (A) all of the present and future obligations of each of the Grantors arising from, or owing under or pursuant to,
this Agreement (including the Guaranty), the Credit Agreement, or any of the other Loan Documents, (B) all Bank Product Obligations, and (C) all other Obligations of any Borrower and all other Guarantied Obligations of each Guarantor
(including, in the case of each of clauses (A), (B) and (C), reasonable attorneys fees and expenses and any interest, fees, or expenses that accrue after the filing of an Insolvency Proceeding, regardless of whether allowed or allowable in
whole or in part as a claim in any Insolvency Proceeding). 

  
 6 

 (lxii) “Securities Account” means a securities account (as that term is
defined in the Code). 
 (lxiii) “Security Interest” has the meaning specified therefor in
Section 3. 
 (lxiv) “Supporting Obligations” means supporting obligations (as such term is
defined in the Code), and includes letters of credit and guaranties issued in support of Accounts, Chattel Paper, documents, General Intangibles, instruments or Investment Property. 

(lxv) “Trademarks” means any and all trademarks, trade names, registered trademarks, trademark applications, service
marks, registered service marks and service mark applications, including (A) the trade names, registered trademarks, trademark applications, registered service marks and service mark applications listed on Schedule 6, (B) all
renewals thereof, (C) all income, royalties, damages and payments now and hereafter due or payable under and with respect thereto, including payments under all licenses entered into in connection therewith and damages and payments for past or
future infringements or dilutions thereof, (D) the right to sue for past, present and future infringements and dilutions thereof, (E) the goodwill of each Grantor’s business symbolized by the foregoing or connected therewith, and
(F) all of each Grantor’s rights corresponding thereto throughout the world. 
 (lxvi) “Trademark Security
Agreement” means each Trademark Security Agreement executed and delivered by Grantors, or any of them, and Agent, in substantially the form of Exhibit D. 
 (lxvii) “URL” means “uniform resource locator,” an internet web address. 
 (b) Unless the context of this Agreement clearly requires otherwise, references to the plural include the singular, references to the singular include the plural, the terms “includes” and
“including” are not limiting, and the term “or” has, except where otherwise indicated, the inclusive meaning represented by the phrase “and/or.” The words “hereof,” “herein,” “hereby,”
“hereunder,” and similar terms in this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement. Section, subsection, clause, schedule, and exhibit references herein are to this Agreement unless
otherwise specified. Any reference in this Agreement to any agreement, instrument, or document shall include all alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements, thereto
and thereof, as applicable (subject to any restrictions on such alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements set forth herein or in the Credit Agreement). The words
“asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties. Any reference herein to the satisfaction, repayment, or payment in full of
the Secured Obligations or the Guarantied Obligations shall mean (i) the payment or repayment in full in immediately available funds of (A) the principal amount of, and interest accrued with respect to, all outstanding Loans, together with
the payment of any premium applicable to the repayment of the Loans, (B) all Lender Group Expenses that have accrued regardless of whether demand has been made therefor, and (C) all fees or charges that have accrued hereunder or under any
other Loan Document (including the Letter of Credit Fee and the Unused Line Fee), (ii) in the case of contingent reimbursement obligations with respect to Letters of Credit, providing Letter of Credit Collateralization, (iii) in the case
of obligations with respect to Bank Products (other than Hedge Obligations), providing Bank Product Collateralization, (iv) the receipt by Agent of cash collateral in order to secure any other contingent

  
 7 

 
Secured Obligations or Guarantied Obligations for which a claim or demand for payment has been made at such time or in respect of matters or circumstances known to Agent or a Lender at the time
that are reasonably expected to result in any loss, cost, damage or expense (including attorneys fees and legal expenses), such cash collateral to be in such amount as Agent reasonably determines is appropriate to secure such contingent Secured
Obligations or Guarantied Obligations, (v) the payment or repayment in full in immediately available funds of all other Secured Obligations or Guarantied Obligations (as the case may be) (including the payment of any termination amount then
applicable (or which would or could become applicable as a result of the repayment of the other Obligations) under Hedge Agreements provided by Hedge Providers) other than (A) unasserted contingent indemnification obligations, (B) any Bank
Product Obligations (other than Hedge Obligations) that, at such time, are allowed by the applicable Bank Product Provider to remain outstanding without being required to be repaid or cash collateralized, and (C) any Hedge Obligations that, at
such time, are allowed by the applicable Hedge Provider to remain outstanding without being required to be repaid, and (vi) the termination of all of the Commitments of the Lenders. Any reference herein to any Person shall be construed to
include such Person’s successors and assigns. Any requirement of a writing contained herein shall be satisfied by the transmission of a Record. 
 (c) All of the schedules and exhibits attached to this Agreement shall be deemed incorporated herein by reference. 
 2. Guaranty. 
 (a) In recognition of the direct and indirect benefits to be
received by Guarantors from the proceeds of the Revolving Loans, the issuance of the Letters of Credit, and the entering into of the Bank Product Agreements and by virtue of the financial accommodations to be made to Borrowers, each of the
Guarantors, jointly and severally, hereby unconditionally and irrevocably guarantees as a primary obligor and not merely as a surety the full and prompt payment when due, whether upon maturity, acceleration, or otherwise, of all of the Guarantied
Obligations. If any or all of the Obligations becomes due and payable, each of the Guarantors, unconditionally and irrevocably, and without the need for demand, protest, or any other notice or formality, promises to pay such indebtedness to Agent,
for the benefit of the Lender Group and the Bank Product Providers, together with any and all expenses (including Lender Group Expenses) that may be incurred by Agent or any other member of the Lender Group or any Bank Product Provider in demanding,
enforcing, or collecting any of the Guarantied Obligations (including the enforcement of any collateral for such Obligations or any collateral for the obligations of the Guarantors under this Guaranty). If claim is ever made upon Agent or any other
member of the Lender Group or any Bank Product Provider for repayment or recovery of any amount or amounts received in payment of or on account of any or all of the Guarantied Obligations and any of Agent or any other member of the Lender Group or
any Bank Product Provider repays all or part of said amount by reason of (i) any judgment, decree, or order of any court or administrative body having jurisdiction over such payee or any of its property, or (ii) any settlement or
compromise of any such claim effected by such payee with any such claimant (including any Borrower or any Guarantor), then and in each such event, each of the Guarantors agrees that any such judgment, decree, order, settlement, or compromise shall
be binding upon the Guarantors, notwithstanding any revocation (or purported revocation) of this Guaranty or other instrument evidencing any liability of any Grantor, and the Guarantors shall be and remain liable to the aforesaid payees hereunder
for the amount so repaid or recovered to the same extent as if such amount had never originally been received by any such payee. 
 (b) Additionally, each of the Guarantors unconditionally and irrevocably guarantees the payment of any and all of the Obligations to Agent, for the benefit of the Lender Group and the Bank Product
Providers, whether or not due or payable by any Loan Party upon the occurrence of any of the events specified in Section 8.4 or 8.5 of the Credit Agreement, and irrevocably and unconditionally promises to pay such indebtedness to
Agent, for the benefit of the Lender Group and the Bank Product Providers, without the requirement of demand, protest, or any other notice or other formality, in lawful money of the United States. 

  
 8 

 (c) The liability of each of the Guarantors hereunder is primary, absolute, and
unconditional, and is independent of any security for or other guaranty of the Guarantied Obligations, whether executed by any other Guarantor or by any other Person, and the liability of each of the Guarantors hereunder shall not be affected or
impaired by (i) any payment on, or in reduction of, any such other guaranty or undertaking, (ii) any dissolution, termination, or increase, decrease, or change in personnel by any Grantor, (iii) any payment made to Agent, any other
member of the Lender Group, or any Bank Product Provider on account of the Guarantied Obligations which Agent, such other member of the Lender Group, or such Bank Product Provider repays to any Grantor pursuant to court order in any bankruptcy,
reorganization, arrangement, moratorium or other debtor relief proceeding (or any settlement or compromise of any claim made in such a proceeding relating to such payment), and each of the Guarantors waives any right to the deferral or modification
of its obligations hereunder by reason of any such proceeding, or (iv) any action or inaction by Agent, any other member of the Lender Group, or any Bank Product Provider, or (v) any invalidity, irregularity, avoidability, or
unenforceability of all or any part of the Guarantied Obligations or of any security therefor. 
 (d) This Guaranty includes all
present and future Guarantied Obligations including any under transactions continuing, compromising, extending, increasing, modifying, releasing, or renewing the Guarantied Obligations, changing the interest rate, payment terms, or other terms and
conditions thereof, or creating new or additional Guarantied Obligations after prior Guarantied Obligations have been satisfied in whole or in part. To the maximum extent permitted by law, each Guarantor hereby waives any right to revoke this
Guaranty as to future Guarantied Obligations. If such a revocation is effective notwithstanding the foregoing waiver, each Guarantor acknowledges and agrees that (i) no such revocation shall be effective until written notice thereof has been
received by Agent, (ii) no such revocation shall apply to any Guarantied Obligations in existence on the date of receipt by Agent of such written notice (including any subsequent continuation, extension, or renewal thereof, or change in the
interest rate, payment terms, or other terms and conditions thereof), (iii) no such revocation shall apply to any Guarantied Obligations made or created after such date to the extent made or created pursuant to a legally binding commitment of
any member of the Lender Group or any Bank Product Provider in existence on the date of such revocation, (iv) no payment by any Guarantor, any Borrower, or from any other source, prior to the date of Agent’s receipt of written notice of
such revocation shall reduce the maximum obligation of such Guarantor hereunder, and (v) any payment by Borrowers or from any source other than such Guarantor subsequent to the date of such revocation shall first be applied to that portion of
the Guarantied Obligations as to which the revocation is effective and which are not, therefore, guarantied hereunder, and to the extent so applied shall not reduce the maximum obligation of such Guarantor hereunder. This Guaranty shall be binding
upon each Guarantor, its successors and assigns and inure to the benefit of and be enforceable by Agent (for the benefit of the Lender Group and the Bank Product Providers) and its successors, transferees, or assigns. 

(e) The guaranty by each of the Guarantors hereunder is a guaranty of payment and not of collection. The obligations of each of the
Guarantors hereunder are independent of the obligations of any other Guarantor or Grantor or any other Person and a separate action or actions may be brought and prosecuted against one or more of the Guarantors whether or not action is brought
against any other Guarantor or Grantor or any other Person and whether or not any other Guarantor or Grantor or any other Person be joined in any such action or actions. Each of the Guarantors waives, to the fullest extent permitted by law, the
benefit of any statute of limitations affecting its liability hereunder or the enforcement hereof. Any payment by any Grantor or other circumstance which operates to toll any statute of limitations as to any Grantor shall operate to toll the statute
of limitations as to each of the Guarantors. 

  
 9 

 (f) Each of the Guarantors authorizes Agent, the other members of the Lender Group, and the
Bank Product Providers without notice or demand, and without affecting or impairing its liability hereunder, from time to time to: 
 (i) change the manner, place, or terms of payment of, or change or extend the time of payment of, renew, increase, accelerate, or alter: (A) any of the Guarantied Obligations (including any increase
or decrease in the principal amount thereof or the rate of interest or fees thereon); or (B) any security therefor or any liability incurred directly or indirectly in respect thereof, and this Guaranty shall apply to the Guarantied Obligations
as so changed, extended, renewed, or altered; 
 (ii) take and hold security for the payment of the Guarantied Obligations and
sell, exchange, release, impair, surrender, realize upon, collect, settle, or otherwise deal with in any manner and in any order any property at any time pledged or mortgaged to secure the Obligations or any of the Guarantied Obligations (including
any of the obligations of all or any of the Guarantors under this Guaranty) incurred directly or indirectly in respect thereof or hereof, or any offset on account thereof; 
 (iii) exercise or refrain from exercising any rights against any Grantor; 
 (iv)
release or substitute any one or more endorsers, guarantors, any Grantor, or other obligors; 
 (v) settle or compromise any of
the Guarantied Obligations, any security therefor, or any liability (including any of those of any of the Guarantors under this Guaranty) incurred directly or indirectly in respect thereof or hereof, and may subordinate the payment of all or any
part thereof to the payment of any liability (whether due or not) of any Grantor to its creditors; 
 (vi) apply any sums by
whomever paid or however realized to any liability or liabilities of any Grantor to Agent, any other member of the Lender Group, or any Bank Product Provider regardless of what liability or liabilities of such Grantor remain unpaid; 

(vii) consent to or waive any breach of, or any act, omission, or default under, this Agreement, any other Loan Document, any Bank
Product Agreement, or any of the instruments or agreements referred to herein or therein, or otherwise amend, modify, or supplement any Loan Document (other than Section 2 of this Agreement), any Bank Product Agreement, or any of such other
instruments or agreements; or 
 (viii) take any other action that could, under otherwise applicable principles of law, give
rise to a legal or equitable discharge of one or more of the Guarantors from all or part of its liabilities under this Guaranty. 
 (g) It is not necessary for Agent, any other member of the Lender Group, or any Bank Product Provider to inquire into the capacity or powers of any of the Guarantors or the officers, directors, partners
or agents acting or purporting to act on their behalf, and any Obligations made or created in reliance upon the professed exercise of such powers shall be guaranteed hereunder. 

(h) Each Guarantor jointly and severally guarantees that the Guarantied Obligations will be paid strictly in accordance with the terms of
the Loan Documents, regardless of any law, regulation, or order now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of any member of the Lender Group or any Bank Product Provider with respect thereto. The
obligations of each Guarantor under this Guaranty are independent of the Guarantied Obligations, and a separate action or actions may be brought and prosecuted against each Guarantor to enforce such obligations,

  
 10 

 
irrespective of whether any action is brought against any other Guarantor or whether any other Guarantor is joined in any such action or actions. The liability of each Guarantor under this
Guaranty shall be absolute and unconditional irrespective of, and each Guarantor hereby irrevocably waives any defense it may now or hereafter have in any way relating to, any or all of the following: 

(i) any lack of validity or enforceability of any Loan Document or any agreement or instrument relating thereto; 

(ii) any change in the time, manner, or place of payment of, or in any other term of, all or any of the Guarantied Obligations, or any
other amendment or waiver of or any consent to departure from any Loan Document, including any increase in the Guarantied Obligations resulting from the extension of additional credit; 

(iii) any taking, exchange, release, or non-perfection of any Lien in and to any Collateral, or any taking, release, amendment, waiver
of, or consent to departure from any other guaranty, for all or any of the Guarantied Obligations; 
 (iv) the existence of any
claim, set-off, defense, or other right that any Guarantor may have at any time against any Person, including Agent, any other member of the Lender Group, or any Bank Product Provider; 

(v) any defense, set-off, counterclaim, or claim, of any kind or nature, arising directly or indirectly from the present or future lack
of perfection, sufficiency, validity, or enforceability of the Guarantied Obligations or any security therefor; 
 (vi) any
right or defense arising by reason of any claim or defense based upon an election of remedies by any member of the Lender Group or any Bank Product Provider including any defense based upon an impairment or elimination of such Guarantor’s
rights of subrogation, reimbursement, contribution, or indemnity of such Guarantor against any other Grantor or any guarantors or sureties; 
 (vii) any change, restructuring, or termination of the corporate, limited liability company, or partnership structure or existence of any Grantor; or 

(viii) any other circumstance that might otherwise constitute a defense available to, or a discharge of, any Grantor or any other
guarantor or surety. 
 (i) Waivers 
 (i) Each of the Guarantors waives any right (except as shall be required by applicable statute and cannot be waived) to require Agent, any other member of the Lender Group, or any Bank Product Provider to
(i) proceed against any other Grantor or any other Person, (ii) proceed against or exhaust any security held from any other Grantor or any other Person, or (iii) protect, secure, perfect, or insure any security interest or Lien on any
property subject thereto or exhaust any right to take any action against any other Grantor, any other Person, or any collateral, or (iv) pursue any other remedy in any member of the Lender Group’s or any Bank Product Provider’s power
whatsoever. Each of the Guarantors waives any defense based on or arising out of any defense of any Grantor or any other Person, other than payment of the Obligations to the extent of such payment, based on or arising out of the disability of any
Grantor or any other Person, or the validity, legality, or unenforceability of the Obligations or any part thereof from any cause, or the cessation from any cause of the liability of any Grantor other than payment of the Obligations to the extent of
such payment. Agent may, at the election 

  
 11 

 
of the Required Lenders, foreclose upon any Collateral held by Agent by one or more judicial or nonjudicial sales or other dispositions, whether or not every aspect of any such sale is
commercially reasonable or otherwise fails to comply with applicable law or may exercise any other right or remedy Agent, any other member of the Lender Group, or any Bank Product Provider may have against any Grantor or any other Person, or any
security, in each case, without affecting or impairing in any way the liability of any of the Guarantors hereunder except to the extent the Obligations have been paid. 
 (ii) Each of the Guarantors waives all presentments, demands for performance, protests and notices, including notices of nonperformance, notices of protest, notices of dishonor, notices of acceptance of
this Guaranty, and notices of the existence, creation, or incurring of new or additional Obligations or other financial accommodations. Each of the Guarantors waives notice of any Default or Event of Default under any of the Loan Documents. Each of
the Guarantors assumes all responsibility for being and keeping itself informed of each Grantor’s financial condition and assets and of all other circumstances bearing upon the risk of nonpayment of the Obligations and the nature, scope, and
extent of the risks which each of the Guarantors assumes and incurs hereunder, and agrees that neither Agent nor any of the other members of the Lender Group nor any Bank Product Provider shall have any duty to advise any of the Guarantors of
information known to them regarding such circumstances or risks. 
 (iii) To the fullest extent permitted by applicable law,
each Guarantor hereby waives: (A) any right to assert against any member of the Lender Group or any Bank Product Provider, any defense (legal or equitable), set-off, counterclaim, or claim which each Guarantor may now or at any time hereafter
have against any Borrower or any other party liable to any member of the Lender Group or any Bank Product Provider; (B) any defense, set-off, counterclaim, or claim, of any kind or nature, arising directly or indirectly from the present or
future lack of perfection, sufficiency, validity, or enforceability of the Guarantied Obligations or any security therefor; (C) any right or defense arising by reason of any claim or defense based upon an election of remedies by any member of
the Lender Group or any Bank Product Provider including any defense based upon an impairment or elimination of such Guarantor’s rights of subrogation, reimbursement, contribution, or indemnity of such Guarantor against any Borrower or other
guarantors or sureties; and (D) the benefit of any statute of limitations affecting such Guarantor’s liability hereunder or the enforcement thereof, and any act which shall defer or delay the operation of any statute of limitations
applicable to the Guarantied Obligations shall similarly operate to defer or delay the operation of such statute of limitations applicable to such Guarantor’s liability hereunder 

(iv) No Guarantor will exercise any rights that it may now or hereafter acquire against any Grantor or any other guarantor that arise
from the existence, payment, performance or enforcement of such Guarantor’s obligations under this Guaranty, including any right of subrogation, reimbursement, exoneration, contribution or indemnification and any right to participate in any
claim or remedy of Agent, any other member of the Lender Group, or any Bank Product Provider against any Grantor or any other guarantor or any Collateral, whether or not such claim, remedy or right arises in equity or under contract, statute or
common law, including the right to take or receive from any Grantor or any other guarantor, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security solely on account of such claim, remedy or right,
unless and until all of the Guarantied Obligations and all other amounts payable under this Guaranty shall have been paid in full in cash and all of the Commitments have been terminated. If any amount shall be paid to any Guarantor in violation of
the immediately preceding sentence, such amount shall be held in trust for the benefit of Agent, for the benefit of the Lender Group and the Bank Product Providers, and shall forthwith be paid to Agent to be credited and applied to the Guarantied
Obligations and all other amounts payable under this Guaranty, whether matured or unmatured, in accordance with the terms of the Credit Agreement, or to be held as Collateral for any Guarantied Obligations or other amounts payable under this
Guaranty thereafter arising. Notwithstanding anything to the contrary contained in this Guaranty, no Guarantor may exercise 

  
 12 

 
any rights of subrogation, contribution, indemnity, reimbursement or other similar rights against, and may not proceed or seek recourse against or with respect to any property or asset of, any
other Grantor (the “Foreclosed Grantor”), including after payment in full of the Obligations, if all or any portion of the Obligations have been satisfied in connection with an exercise of remedies in respect of the Equity Interests
of such Foreclosed Grantor whether pursuant to this Agreement or otherwise. 
 (v) Each of the Guarantors hereby acknowledges
and affirms that it understands that to the extent the Obligations are secured by Real Property located in California, Guarantors shall be liable for the full amount of the liability hereunder notwithstanding the foreclosure on such Real Property by
trustee sale or any other reason impairing such Guarantor’s right to proceed against any Loan Party. In accordance with Section 2856 of the California Code of Civil Procedure or any similar laws of any other applicable jurisdiction, each
of the Guarantors hereby waives until such time as the Obligations have been paid in full: 
 (1) all rights of subrogation,
reimbursement, indemnification, and contribution and any other rights and defenses that are or may become available to the Guarantors by reason of Sections 2787 to 2855, inclusive, 2899, and 3433 of the California Code of Civil Procedure or any
similar laws of any other applicable jurisdiction; 
 (2) all rights and defenses that the Guarantors may have because the
Obligations are secured by Real Property located in California, meaning, among other things, that: (A) Agent, the other members of the Lender Group, and the Bank Product Providers may collect from the Guarantors without first foreclosing on any
real or personal property collateral pledged by any Borrower or any other Grantor, and (B) if Agent, on behalf of the Lender Group, forecloses on any Real Property collateral pledged by any Borrower or any other Grantor, (1) the amount of
the Obligations may be reduced only by the price for which that collateral is sold at the foreclosure sale, even if the collateral is worth more than the sale price, and (2) the Lender Group may collect from the Guarantors even if, by
foreclosing on the Real Property collateral, Agent or the other members of the Lender Group have destroyed or impaired any right the Guarantors may have to collect from any other Grantor, it being understood that this is an unconditional and
irrevocable waiver of any rights and defenses the Guarantors may have because the Obligations are secured by Real Property (including, without limitation, any rights or defenses based upon Sections 580a, 580d, or 726 of the California Code of Civil
Procedure or any similar laws of any other applicable jurisdiction); and 
 (3) all rights and defenses arising out of an
election of remedies by Agent, the other members of the Lender Group, and the Bank Product Providers, even though that election of remedies, such as a nonjudicial foreclosure with respect to security for the Obligations, has destroyed
Guarantors’ rights of subrogation and reimbursement against any Grantor by the operation of Section 580d of the California Code of Civil Procedure or any similar laws of any other applicable jurisdiction or otherwise. 

(vi) Each of the Guarantors represents, warrants, and agrees that each of the waivers set forth above is made with full knowledge of its
significance and consequences and that if any of such waivers are determined to be contrary to any applicable law or public policy, such waivers shall be effective to the maximum extent permitted by law. 

(vii) The provisions in this Section 2 which refer to certain sections of the California Civil Code are included in this
Guaranty solely out of an abundance of caution and shall not be construed to mean that any of the above-referenced provisions of California law are in any way applicable to this Guaranty. 

  
 13 

 3. Grant of Security. Each Grantor hereby unconditionally grants, assigns, and
pledges to Agent, for the benefit of each member of the Lender Group and each of the Bank Product Providers, to secure the Secured Obligations, a continuing security interest (hereinafter referred to as the “Security Interest”) in
all of such Grantor’s right, title, and interest in and to the following, whether now owned or hereafter acquired or arising and wherever located (the “Collateral”): 

(a) all of such Grantor’s Accounts; 
 (b) all of such Grantor’s Books; 
 (c) all of such Grantor’s Chattel
Paper; 
 (d) all of such Grantor’s Commercial Tort Claims; 

(e) all of such Grantor’s Deposit Accounts; 
 (f) all of such Grantor’s Equipment; 
 (g) all of such Grantor’s Farm
Products; 
 (h) all of such Grantor’s Fixtures; 
 (i) all of such Grantor’s General Intangibles; 
 (j) all of such
Grantor’s Inventory; 
 (k) all of such Grantor’s Investment Property; 

(l) all of such Grantor’s Intellectual Property and Intellectual Property Licenses; 

(m) all of such Grantor’s Negotiable Collateral (including all of such Grantor’s Pledged Notes); 

(n) all of such Grantor’s Pledged Interests (including all of such Grantor’s Pledged Operating Agreements and Pledged
Partnership Agreements); 
 (o) all of such Grantor’s Securities Accounts; 

(p) all of such Grantor’s Supporting Obligations; 
 (q) all of such Grantor’s money, Cash Equivalents, or other assets of such Grantor that now or hereafter come into the possession, custody, or control of Agent (or its agent or designee) or any other
member of the Lender Group; and 
 (r) all of the proceeds (as such term is defined in the Code) and products, whether tangible
or intangible, of any of the foregoing, including proceeds of insurance or Commercial Tort Claims covering or relating to any or all of the foregoing, and any and all Accounts, Books, Chattel Paper, Deposit Accounts, Equipment, Fixtures, General
Intangibles, Inventory, Investment Property, Intellectual Property, Negotiable Collateral, Pledged Interests, Securities Accounts, Supporting Obligations, money, or other tangible or intangible property resulting from the sale, lease, license,
exchange, collection, or other disposition of any of the foregoing, the proceeds of any award in condemnation with respect to any of the foregoing, any rebates or refunds, whether for taxes or otherwise, and all proceeds of any such

  
 14 

 
proceeds, or any portion thereof or interest therein, and the proceeds thereof, and all proceeds of any loss of, damage to, or destruction of the above, whether insured or not insured, and, to
the extent not otherwise included, any indemnity, warranty, or guaranty payable by reason of loss or damage to, or otherwise with respect to any of the foregoing (the “Proceeds”). Without limiting the generality of the foregoing,
the term “Proceeds” includes whatever is receivable or received when Investment Property or proceeds are sold, exchanged, collected, or otherwise disposed of, whether such disposition is voluntary or involuntary, and includes proceeds of
any indemnity or guaranty payable to any Grantor or Agent from time to time with respect to any of the Investment Property. 

Notwithstanding anything contained in this Agreement to the contrary, the term “Collateral” shall not include: (i) voting
Equity Interests of any CFC, solely to the extent that (y) such Equity Interests represent more than 65% of the outstanding voting Equity Interests of such CFC, and (z) pledging or hypothecating more than 65% of the total outstanding
voting Equity Interests of such CFC would result in adverse tax consequences or the costs to the Grantors of providing such pledge are unreasonably excessive (as determined by Agent in consultation with Borrowers) in relation to the benefits to
Agent, the other members of the Lender Group, and the Bank Product Providers of the security afforded thereby (which pledge, if reasonably requested by Agent, shall be governed by the laws of the jurisdiction of such Subsidiary); or (ii) the
Equity Interests and Investment Property of any Subsidiary or Portfolio Company of @Ventures, or (iii) any rights or interest in any contract, lease, permit, license, or license agreement covering real or personal property of any Grantor if
under the terms of such contract, lease, permit, license, or license agreement, or applicable law with respect thereto, the grant of a security interest or lien therein is prohibited as a matter of law or under the terms of such contract, lease,
permit, license, or license agreement and such prohibition or restriction has not been waived or the consent of the other party to such contract, lease, permit, license, or license agreement has not been obtained (provided, that, (A) the
foregoing exclusions of this clause (iii) shall in no way be construed (1) to apply to the extent that any described prohibition or restriction is ineffective under Section 9-406, 9-407, 9-408, or 9-409 of the Code or other applicable
law, or (2) to apply to the extent that any consent or waiver has been obtained that would permit Agent’s security interest or lien to attach notwithstanding the prohibition or restriction on the pledge of such contract, lease, permit,
license, or license agreement and (B) the foregoing exclusions of clauses (i), (ii) and (iii) shall in no way be construed to limit, impair, or otherwise affect any of Agent’s, any other member of the Lender Group’s or
any Bank Product Provider’s continuing security interests in and liens upon any rights or interests of any Grantor in or to (1) monies due or to become due under or in connection with any described contract, lease, permit, license, license
agreement, or Equity Interests (including any Accounts or Equity Interests), or (2) any proceeds from the sale, license, lease, or other dispositions of any such contract, lease, permit, license, license agreement, or Equity Interests); or
(iv) any United States intent-to-use trademark applications to the extent that, and solely during the period in which, the grant of a security interest therein would impair the validity or enforceability of such intent-to-use trademark
applications under applicable federal law, provided that upon submission and acceptance by the PTO of an amendment to allege use pursuant to 15 U.S.C. Section 1060(a) (or any successor provision), such intent-to-use trademark application shall
be considered Collateral. 
 4. Security for Secured Obligations. The Security Interest created hereby secures the
payment and performance of the Secured Obligations, whether now existing or arising hereafter. Without limiting the generality of the foregoing, this Agreement secures the payment of all amounts which constitute part of the Secured Obligations and
would be owed by Grantors, or any of them, to Agent, the Lender Group, the Bank Product Providers or any of them, but for the fact that they are unenforceable or not allowable (in whole or in part) as a claim in an Insolvency Proceeding involving
any Grantor due to the existence of such Insolvency Proceeding. 
 5. Grantors Remain Liable. Anything herein to the
contrary notwithstanding, (a) each of the Grantors shall remain liable under the contracts and agreements included in the Collateral, including the 

  
 15 

 
Pledged Operating Agreements and the Pledged Partnership Agreements, to perform all of the duties and obligations thereunder to the same extent as if this Agreement had not been executed,
(b) the exercise by Agent or any other member of the Lender Group of any of the rights hereunder shall not release any Grantor from any of its duties or obligations under such contracts and agreements included in the Collateral, and
(c) none of the members of the Lender Group shall have any obligation or liability under such contracts and agreements included in the Collateral by reason of this Agreement, nor shall any of the members of the Lender Group be obligated to
perform any of the obligations or duties of any Grantors thereunder or to take any action to collect or enforce any claim for payment assigned hereunder. Until an Event of Default shall occur and be continuing, except as otherwise provided in this
Agreement, the Credit Agreement, or any other Loan Document, Grantors shall have the right to possession and enjoyment of the Collateral for the purpose of conducting the ordinary course of their respective businesses, subject to and upon the terms
hereof and of the Credit Agreement and the other Loan Documents. Without limiting the generality of the foregoing, it is the intention of the parties hereto that record and beneficial ownership of the Pledged Interests, including all voting,
consensual, dividend, and distribution rights, shall remain in the applicable Grantor until (i) the occurrence and continuance of an Event of Default and (ii) Agent has notified the applicable Grantor of Agent’s election to exercise
such rights with respect to the Pledged Interests pursuant to Section 16. 
 6. Representations and
Warranties. In order to induce Agent to enter into this Agreement for the benefit of the Lender Group and the Bank Product Providers, each Grantor makes the following representations and warranties to the Lender Group which shall be true,
correct, and complete, in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof), as of the Closing Date,
and shall be true, correct, and complete, in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof), as
of the date of the making of each Revolving Loan (or other extension of credit) made thereafter, as though made on and as of the date of such Revolving Loan (or other extension of credit) (except to the extent that such representations and
warranties relate solely to an earlier date, in which case such representations and warranties shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties
that already are qualified or modified by materiality in the text thereof) as of such earlier date) and such representations and warranties shall survive the execution and delivery of this Agreement: 

(a) The name (within the meaning of Section 9-503 of the Code) and jurisdiction of organization of each Grantor and each of its
Subsidiaries is set forth on Schedule 7 (as such Schedule may be updated from time to time to reflect changes resulting from transactions permitted under the Loan Documents). 

(b) The chief executive office of each Grantor and each of its Subsidiaries is located at the address indicated on Schedule 7 (as
such Schedule may be updated from time to time to reflect changes resulting from transactions permitted under the Loan Documents). 
 (c) The Grantors have delivered to Agent the each Grantor’s tax identification numbers and organizational identification numbers, if any (such information may be updated from time to time to reflect
changes resulting from transactions permitted under the Loan Documents). 
 (d) As of the Closing Date, no Grantor and no
Subsidiary of a Grantor holds any commercial tort claims that exceed $50,000 in amount, except as set forth on Schedule 1. 
 (e) Set forth on Schedule 9 (as such Schedule may be updated from time to time subject to Section 7(k)(iii) with respect to Controlled Accounts and provided that Grantors comply with

  
 16 

 
Section 7(c) hereof) is a listing of all of Grantors’ Deposit Accounts and Securities Accounts, including, with respect to each bank or securities intermediary the name and
address of such Person. The Grantors have delivered to Agent the account numbers of the Deposit Accounts or Securities Accounts maintained with each such Person. 
 (f) Schedule 8 sets forth all Real Property owned by any of the Grantors as of the Closing Date. 
 (g) As of the Closing Date: (i) Schedule 2 provides a complete and correct list of all registered Copyrights owned by any Grantor, all applications for registration of Copyrights owned by any
Grantor, and all other Copyrights owned by any Grantor and material to the conduct of the business of any Grantor; (ii) Schedule 3 provides a complete and correct list of all Intellectual Property Licenses entered into by any Grantor
pursuant to which (A) any Grantor has provided any license or other rights in Intellectual Property owned or controlled by such Grantor to any other Person (other than non-exclusive software licenses granted in the ordinary course of business)
or (B) any Person has granted to any Grantor any license or other rights in Intellectual Property owned or controlled by such Person that is material to the business of such Grantor, including any Intellectual Property that is incorporated in
any Inventory, software, or other product marketed, sold, licensed, or distributed by such Grantor; (iii) Schedule 4 provides a complete and correct list of all Patents owned by any Grantor and all applications for Patents owned by any
Grantor; and (iv) Schedule 6 provides a complete and correct list of all registered Trademarks owned by any Grantor, all applications for registration of Trademarks owned by any Grantor, and all other Trademarks owned by any Grantor and
material to the conduct of the business of any Grantor. 
 (h) (i) (A) each Grantor owns exclusively or holds licenses in
all Intellectual Property that is necessary in or material to the conduct of its business, and (B) all employees and contractors of each Grantor who were involved in the creation or development of any Intellectual Property for such Grantor that
is necessary in or material to the business of such Grantor have signed agreements containing assignment of Intellectual Property rights to such Grantor and obligations of confidentiality; 

(ii) to each Grantor’s knowledge after reasonable inquiry, no Person has infringed or misappropriated or is currently infringing or
misappropriating any Intellectual Property rights owned by such Grantor, in each case, that either individually or in the aggregate could reasonably be expected to result in a Material Adverse Effect; 

(iii) (A) to each Grantor’s knowledge after reasonable inquiry, (1) such Grantor has never infringed or misappropriated and is
not currently infringing or misappropriating any Intellectual Property rights of any Person, and (2) no product manufactured, used, distributed, licensed, or sold by or service provided by such Grantor has ever infringed or misappropriated or
is currently infringing or misappropriating any Intellectual Property rights of any Person, in each case, except where such infringement either individually or in the aggregate could not reasonably be expected to result in a Material Adverse Effect,
and (B) there are no infringement or misappropriation claims or proceedings pending, or to any Grantor’s knowledge after reasonable inquiry, threatened in writing against any Grantor, and no Grantor has received any written notice or other
communication of any actual or alleged infringement or misappropriation of any Intellectual Property rights of any Person, in each case, except where such infringement either individually or in the aggregate could not reasonably be expected to
result in a Material Adverse Effect; 
 (iv) to each Grantor’s knowledge after reasonable inquiry, all registered
Copyrights, registered Trademarks, and issued Patents that are owned by such Grantor and necessary in or 

  
 17 

 
material to the conduct of its business are valid, subsisting and enforceable and in compliance with all legal requirements, filings, and payments and other actions that are required to maintain
such Intellectual Property in full force and effect, 
 (v) each Grantor has taken reasonable steps to maintain the
confidentiality of and otherwise protect and enforce its rights in all trade secrets owned by such Grantor that are necessary in or material to the conduct of the business of such Grantor, and 

(vi) none of the proprietary software licensed or distributed by any Grantor that is material to generating revenue for such Grantor is
subject to any “copyleft” or other obligation or condition (including any obligation or condition under any “open source” license such as the GNU Public License, Lesser GNU Public License, or Mozilla Public License) that would
require, or condition the use or distribution of such software, on the disclosure, licensing or distribution of any source code of the proprietary software; 
 (i) This Agreement creates a valid security interest in the Collateral of each Grantor, to the extent a security interest therein can be created under the Code, securing the payment of the Secured
Obligations. Except to the extent a security interest in the Collateral cannot be perfected by the filing of a financing statement under the Code, all filings and other actions necessary or desirable to perfect and protect such security interest
have been duly taken or will have been taken upon the filing of financing statements listing each applicable Grantor, as a debtor, and Agent, as secured party, in the jurisdictions listed next to such Grantor’s name on Schedule 11. Upon
the making of such filings, Agent shall have a first priority perfected security interest in the Collateral of each Grantor to the extent such security interest can be perfected by the filing of a financing statement. Upon filing of any Copyright
Security Agreement with the United States Copyright Office, filing of any Patent Security Agreement and any Trademark Security Agreement with the PTO, and the filing of appropriate financing statements in the jurisdictions listed on Schedule
11, all action necessary or desirable to protect and perfect the Security Interest in and on each Grantor’s Patents, Trademarks, or Copyrights has been taken and such perfected Security Interest is enforceable as such as against any and all
creditors of and purchasers from any Grantor. All action by any Grantor necessary to protect and perfect such security interest on each item of Collateral has been duly taken. 
 (j) (i) Except for the Security Interest created hereby, each Grantor is and will at all times be the sole holder of record and the legal and beneficial owner, free and clear of all Liens other than
Permitted Liens, of the Pledged Interests indicated on Schedule 5 as being owned by such Grantor and, when acquired by such Grantor, any Pledged Interests acquired after the Closing Date; (ii) all of the Pledged Interests are duly
authorized, validly issued, fully paid and nonassessable and the Pledged Interests constitute or will constitute the percentage of the issued and outstanding Equity Interests of the Pledged Companies of such Grantor identified on Schedule 5
as supplemented or modified by any Pledged Interests Addendum or any Joinder to this Agreement; (iii) such Grantor has the right and requisite authority to pledge, the Investment Property pledged by such Grantor to Agent as provided herein;
(iv) all actions necessary or desirable to perfect and establish the first priority of, or otherwise protect, Agent’s Liens in the Investment Property, and the proceeds thereof, have been duly taken, upon (A) the execution and
delivery of this Agreement; (B) the taking of possession by Agent (or its agent or designee) of any certificates representing the Pledged Interests, together with undated powers (or other documents of transfer acceptable to Agent) endorsed in
blank by the applicable Grantor; (C) the filing of financing statements in the applicable jurisdiction set forth on Schedule 11 for such Grantor with respect to the Pledged Interests of such Grantor that are not represented by
certificates, and (D) with respect to any Securities Accounts, the delivery of Control Agreements with respect thereto; and (v) each Grantor has delivered to and deposited with Agent all certificates representing the Pledged Interests
owned by such Grantor to the extent such Pledged Interests are represented by certificates, and undated powers (or 

  
 18 

 
other documents of transfer acceptable to Agent) endorsed in blank with respect to such certificates. None of the Pledged Interests owned or held by such Grantor has been issued or transferred in
violation of any securities registration, securities disclosure, or similar laws of any jurisdiction to which such issuance or transfer may be subject. 
 (k) No consent, approval, authorization, or other order or other action by, and no notice to or filing with, any Governmental Authority or any other Person is required (i) for the grant of a Security
Interest by such Grantor in and to the Collateral pursuant to this Agreement or for the execution, delivery, or performance of this Agreement by such Grantor, or (ii) for the exercise by Agent of the voting or other rights provided for in this
Agreement with respect to the Investment Property or the remedies in respect of the Collateral pursuant to this Agreement, except as may be required in connection with such disposition of Investment Property by laws affecting the offering and sale
of securities generally and except for consents, approvals, authorizations, or other orders or actions that have been obtained or given (as applicable) and that are still in force. No Intellectual Property License of any Grantor that is necessary in
or material to the conduct of such Grantor’s business requires any consent of any other Person that has not been obtained in order for such Grantor to grant the security interest granted hereunder in such Grantor’s right, title or interest
in or to such Intellectual Property License. 
 (l) Reserved; 

(m) There is no default, breach, violation, or event of acceleration existing under any promissory note (as defined in the Code)
constituting Collateral and pledged hereunder (each a “Pledged Note”) and no event has occurred or circumstance exists which, with the passage of time or the giving of notice, or both, would constitute a default, breach, violation,
or event of acceleration under any Pledged Note. No Grantor that is an obligee under a Pledged Note has waived any default, breach, violation, or event of acceleration under such Pledged Note. 

(n) As to all limited liability company or partnership interests, issued under any Pledged Operating Agreement or Pledged Partnership
Agreement, each Grantor hereby represents and warrants that the Pledged Interests issued pursuant to such agreement (A) are not dealt in or traded on securities exchanges or in securities markets, (B) do not constitute investment company
securities, and (C) are not held by such Grantor in a Securities Account. In addition, none of the Pledged Operating Agreements, the Pledged Partnership Agreements, or any other agreements governing any of the Pledged Interests issued under any
Pledged Operating Agreement or Pledged Partnership Agreement, provide that such Pledged Interests are securities governed by Article 8 of the Uniform Commercial Code as in effect in any relevant jurisdiction. 

7. Covenants. Each Grantor, jointly and severally, covenants and agrees with Agent that from and after the date of this Agreement
and until the date of termination of this Agreement in accordance with Section 23: 
 (a) Possession of
Collateral. In the event that any Collateral, including Proceeds, is evidenced by or consists of Negotiable Collateral, Investment Property, or Chattel Paper having an aggregate value or face amount of $50,000 or more for all such Negotiable
Collateral, Investment Property, or Chattel Paper, the Grantors shall promptly (and in any event within five (5) Business Days after acquisition thereof), notify Agent thereof, and if and to the extent that perfection or priority of
Agent’s Security Interest is dependent on or enhanced by possession, the applicable Grantor, promptly (and in any event within five (5) Business Days) after request by Agent, shall execute such other documents and instruments as shall be
requested by Agent or, if applicable, endorse and deliver physical possession of such Negotiable Collateral, Investment Property, or Chattel Paper to Agent, together with such undated powers (or other relevant document of transfer acceptable to
Agent) endorsed in blank as shall be requested by Agent, and shall do such other acts or things deemed necessary or desirable by Agent to protect Agent’s Security Interest therein; 

  
 19 

 (b) Chattel Paper. 

(i) Promptly (and in any event within five (5) Business Days) after request by Agent, each Grantor shall take all steps reasonably
necessary to grant Agent control of all electronic Chattel Paper in accordance with the Code and all “transferable records” as that term is defined in Section 16 of the Uniform Electronic Transaction Act and Section 201 of the
federal Electronic Signatures in Global and National Commerce Act as in effect in any relevant jurisdiction, to the extent that the aggregate value or face amount of such electronic Chattel Paper equals or exceeds $50,000; 

(ii) If any Grantor retains possession of any Chattel Paper or instruments (which retention of possession shall be subject to the extent
permitted hereby and by the Credit Agreement), promptly upon the request of Agent, such Chattel Paper and instruments shall be marked with the following legend: “This writing and the obligations evidenced or secured hereby are subject to the
Security Interest of Wells Fargo Bank, National Association, as Agent for the benefit of the Lender Group and the Bank Product Providers”; 
 (c) Control Agreements. 
 (i) Except to the extent otherwise excused by
Section 7(k)(iv), each Grantor shall obtain an authenticated Control Agreement (which may include a Controlled Account Agreement), from each bank maintaining a Deposit Account or Securities Account for such Grantor; 

(ii) Except to the extent otherwise excused by Section 7(k)(iv), each Grantor shall obtain an authenticated Control
Agreement, from each issuer of uncertificated securities, securities intermediary, or commodities intermediary issuing or holding any financial assets or commodities to or for any Grantor, or maintaining a Securities Account for such Grantor; and

 (iii) Except to the extent otherwise excused by Section 7(k)(iv), each Grantor shall obtain an authenticated
Control Agreement with respect to all of such Grantor’s investment property; 
 (d) Letter-of-Credit Rights. If the
Grantors (or any of them) are or become the beneficiary of letters of credit having a face amount or value of $50,000 or more in the aggregate, then the applicable Grantor or Grantors shall promptly (and in any event within five (5) Business
Days after becoming a beneficiary), notify Agent thereof and, promptly (and in any event within five (5) Business Days) after request by Agent, enter into a tri-party agreement with Agent and the issuer or confirming bank with respect to
letter-of-credit rights assigning such letter-of-credit rights to Agent and directing all payments thereunder to Agent’s Account, all in form and substance reasonably satisfactory to Agent; 

(e) Commercial Tort Claims. If the Grantors (or any of them) obtain Commercial Tort Claims having a value, or involving an
asserted claim, in the amount of $50,000 or more in the aggregate for all Commercial Tort Claims, then the applicable Grantor or Grantors shall promptly (and in any event within five (5) Business Days of obtaining such Commercial Tort Claim),
notify Agent upon incurring or otherwise obtaining such Commercial Tort Claims and, promptly (and in any event within five (5) Business Days) after request by Agent, amend Schedule 1 to describe such Commercial Tort Claims in a manner
that reasonably identifies such Commercial Tort Claims and which is otherwise reasonably satisfactory to Agent, and hereby authorizes the filing of additional financing statements or amendments to existing financing statements describing such
Commercial Tort Claims, and agrees to do such other acts or things deemed necessary or desirable by Agent to give Agent a first priority, perfected security interest in any such Commercial Tort Claim; 

  
 20 

 (f) Government Contracts. Other than Accounts and Chattel Paper the aggregate value
of which does not at any one time exceed $50,000, if any Account or Chattel Paper arises out of a contract or contracts with the United States of America or any department, agency, or instrumentality thereof, Grantors shall promptly (and in any
event within five (5) Business Days of the creation thereof) notify Agent thereof and, promptly (and in any event within five (5) Business Days) after request by Agent, execute any instruments or take any steps reasonably required by Agent
in order that all moneys due or to become due under such contract or contracts shall be assigned to Agent, for the benefit of the Lender Group and the Bank Product Providers, and shall provide written notice thereof under the Assignment of Claims
Act or other applicable law; 
 (g) Intellectual Property. 

(i) Upon the request of Agent, in order to facilitate filings with the PTO and the United States Copyright Office, each Grantor shall
execute and deliver to Agent one or more Copyright Security Agreements, Trademark Security Agreements, or Patent Security Agreements to further evidence Agent’s Lien on such Grantor’s Patents, Trademarks, or Copyrights, and the General
Intangibles of such Grantor relating thereto or represented thereby; 
 (ii) Each Grantor shall have the duty, with respect to
Intellectual Property that is necessary in or material to the conduct of such Grantor’s business, to protect and diligently enforce and defend at such Grantor’s expense its Intellectual Property, including (A) to diligently enforce
and defend, including promptly suing for infringement, misappropriation, or dilution and to recover any and all damages for such infringement, misappropriation, or dilution, and filing for opposition, interference, and cancellation against
conflicting Intellectual Property rights of any Person, (B) to prosecute diligently any trademark application or service mark application that is part of the Trademarks pending as of the date hereof or hereafter until the termination of this
Agreement, (C) to prosecute diligently any patent application that is part of the Patents pending as of the date hereof or hereafter until the termination of this Agreement, (D) to take all reasonable and necessary action to preserve and
maintain all of such Grantor’s Trademarks, Patents, Copyrights, Intellectual Property Licenses, and its rights therein, including paying all maintenance fees and filing of applications for renewal, affidavits of use, and affidavits of
noncontestability, and (E) to require all employees, consultants, and contractors of each Grantor who were involved in the creation or development of such Intellectual Property to sign agreements containing assignment of Intellectual Property
rights and obligations of confidentiality. Each Grantor further agrees not to abandon any Intellectual Property or Intellectual Property License that is necessary in or material to the conduct of such Grantor’s business. Each Grantor hereby
agrees to take the steps described in this Section 7(g)(ii) with respect to all new or acquired Intellectual Property to which it or any of its Subsidiaries is now or later becomes entitled that is necessary in or material to the conduct
of such Grantor’s business; 
 (iii) Grantors acknowledge and agree that the Lender Group shall have no duties with
respect to any Intellectual Property or Intellectual Property Licenses of any Grantor. Without limiting the generality of this Section 7(g)(iii), Grantors acknowledge and agree that no member of the Lender Group shall be under any
obligation to take any steps necessary to preserve rights in the Collateral consisting of Intellectual Property or Intellectual Property Licenses against any other Person, but any member of the Lender Group may do so at its option from and after the
occurrence and during the continuance of an Event of Default, and all expenses incurred in connection therewith (including reasonable fees and expenses of attorneys and other professionals) shall be for the sole account of Borrowers and shall be
chargeable to the Loan Account; 

  
 21 

 (iv) On each date on which a Compliance Certificate is to be delivered pursuant to
Section 5.1 of the Credit Agreement (or, if an Event of Default has occurred and is continuing, more frequently if requested by Agent), each Grantor shall deliver to Agent a list in form satisfactory to Agent (including listing such
Copyrights sequentially based on the amount of revenue generated from licensing the corresponding software programs, starting from the software program that generates the highest amount of revenue to the software program that generates the least
amount of revenue) identifying all of its proprietary software that is material to generating revenue of such Grantor, whether created or acquired before, on, or after the Closing Date, and a certification, signed by an officer of such Grantor,
certifying that such list identifies all of its proprietary software that is material to generating revenue of such Grantor and indicating which of the Copyrights in such proprietary software have been filed for registration with the United States
Copyright Office. Each Grantor shall continue to register or not register, as the case may be, its Copyrights in accordance with its historical practices as they existed as of the Closing Date. If an Event of Default has occurred and is continuing,
and if requested by Agent, each Grantor shall (A) file applications and take any and all other actions necessary to register on an expedited basis (if expedited processing is available in accordance with the applicable regulations and
procedures of the United States Copyright Office and any similar office of any other jurisdiction in which Copyrights are used) each of such Grantor’s Copyrights in any proprietary software that is material to generating revenue for such
Grantor and identifying such Grantor as the sole claimant thereof in a manner sufficient to claim in the public record (or as a co-claimant thereof, if such is the case) such Grantor’s ownership or co-ownership thereof, and (B) cause to be
prepared, executed, and delivered to Agent, with sufficient time to permit Agent to record no later than three (3) Business Days following the date of registration of or recordation of transfer of ownership, as applicable, to the applicable
Grantor of such Copyrights, (1) a Copyright Security Agreement or supplemental schedules to the Copyright Security Agreement reflecting the security interest of Agent in such Copyrights, which supplemental schedules shall be in form and content
suitable for recordation with the United States Copyright Office (or any similar office of any other jurisdiction in which Copyrights are used) and (2) any other documentation as Agent reasonably deems necessary and requests in order to perfect
and continue perfected Agent’s Liens on such Copyrights following such recordation. 
 (v) On each date on which a
Compliance Certificate is to be delivered pursuant to Section 5.1 of the Credit Agreement (or, if an Event of Default has occurred and is continuing, more frequently if requested by Agent) (but without duplication of any notice required
by Section 7(g)(iv)), each Grantor shall provide Agent with a written report of all new Patents, Trademarks or Copyrights that are registered or the subject of pending applications for registrations, and of all Intellectual Property
Licenses that are material to the conduct of such Grantor’s business, in each case, which were acquired, registered, or for which applications for registration were filed by any Grantor during the prior period and any statement of use or
amendment to allege use with respect to intent-to-use trademark applications. In the case of such registrations or applications therefor, which were acquired by any Grantor, each such Grantor shall file the necessary documents with the appropriate
Governmental Authority identifying the applicable Grantor as the owner (or as a co-owner thereof, if such is the case) of such Intellectual Property. In each of the foregoing cases, the applicable Grantor shall promptly cause to be prepared,
executed, and delivered to Agent supplemental schedules to the applicable Loan Documents to identify such Patent, Trademark and Copyright registrations and applications therefor (with the exception of Trademark applications filed on an intent-to-use
basis for which no statement of use or amendment to allege use has been filed) and Intellectual Property Licenses as being subject to the security interests created thereunder; 

(vi) Anything to the contrary in this Agreement notwithstanding, in no event shall any Grantor, either itself or through any agent,
employee, licensee, or designee, file an application for the registration of any Copyright with the United States Copyright Office or any similar office or agency in another country without giving Agent written notice thereof at least five
(5) Business Days 

  
 22 

 
prior to such filing and complying with Section 7(g)(i). Upon receipt from the United States Copyright Office of notice of registration of any Copyright, each Grantor shall promptly
(but in no event later than five (5) Business Days following such receipt) notify (but without duplication of any notice required by Section 7(g)(iv) or Section 7(g)(v)) Agent of such registration by delivering, or
causing to be delivered, to Agent, documentation sufficient for Agent to perfect Agent’s Liens on such Copyright. If any Grantor acquires from any Person any Copyright registered with the United States Copyright Office or an application to
register any Copyright with the United States Copyright Office, such Grantor shall promptly (but in no event later than five (5) Business Days following such acquisition) notify Agent of such acquisition and deliver, or cause to be delivered,
to Agent, documentation sufficient for Agent to perfect Agent’s Liens on such Copyright. In the case of such Copyright registrations or applications therefor which were acquired by any Grantor, each such Grantor shall promptly (but in no event
later than five (5) Business Days following such acquisition) file the necessary documents with the appropriate Governmental Authority identifying the applicable Grantor as the owner (or as a co-owner thereof, if such is the case) of such
Copyrights; 
 (vii) Each Grantor shall take reasonable steps to maintain the confidentiality of, and otherwise protect and
enforce its rights in, the Intellectual Property that is necessary in or material to the conduct of such Grantor’s business, including, as applicable (A) protecting the secrecy and confidentiality of its confidential information and trade
secrets by having and enforcing a policy requiring all current employees, consultants, licensees, vendors and contractors with access to such information to execute appropriate confidentiality agreements; (B) taking actions reasonably necessary
to ensure that no trade secret falls into the public domain; and (C) protecting the secrecy and confidentiality of the source code of all software programs and applications of which it is the owner or licensee by having and enforcing a policy
requiring any licensees (or sublicensees) of such source code to enter into license agreements with commercially reasonable use and non-disclosure restrictions; 
 (viii) No Grantor shall incorporate into any proprietary software licensed or distributed by such Grantor that is material to generating revenue for such Grantor any third-party code that is licensed
pursuant to any open source license such as the GNU Public License, Lesser GNU Public License, or Mozilla Public License, in a manner that would require or condition the use or distribution of such software on, the disclosing, licensing, or
distribution of any source code for any portion of the proprietary software that is licensed or distributed by any Grantor; and 
 (ix) No Grantor shall enter into any Intellectual Property License material to the conduct of the business to receive any license or rights in any Intellectual Property of any other Person unless such
Grantor has used commercially reasonable efforts to permit the assignment of or grant of a security interest in such Intellectual Property License (and all rights of Grantor thereunder) to Agent (and any transferees of Agent). 

(h) Investment Property. 
 (i) Subject to the terms set forth in the last paragraph of Section 3 hereof, if any Grantor shall acquire, obtain, receive or become entitled to receive any Pledged Interests after the Closing Date,
it shall promptly (and in any event within ten (10) Business Days of acquiring or obtaining such Collateral) deliver to Agent a duly executed Pledged Interests Addendum identifying such Pledged Interests; 

(ii) Upon the occurrence and during the continuance of an Event of Default, following the request of Agent, all sums of money and
property paid or distributed in respect of the Investment Property that are received by any Grantor shall be held by the Grantors in trust for the benefit of Agent segregated from such Grantor’s other property, and such Grantor shall deliver it
forthwith to Agent in the exact form received; 

  
 23 

 (iii) Each Grantor shall promptly deliver to Agent a copy of each material notice or other
material communication received by it in respect of any Pledged Interests; 
 (iv) No Grantor shall make or consent to any
amendment or other modification or waiver with respect to any Pledged Interests, Pledged Operating Agreement, or Pledged Partnership Agreement, or enter into any agreement or permit to exist any restriction with respect to any Pledged Interests if
the same is prohibited pursuant to the Loan Documents; 
 (v) Each Grantor agrees that it will cooperate with Agent in
obtaining all necessary approvals and making all necessary filings under federal, state, local, or foreign law to effect the perfection of the Security Interest on the Investment Property or to effect any sale or transfer thereof; 

(vi) As to all limited liability company or partnership interests, issued under any Pledged Operating Agreement or Pledged Partnership
Agreement, each Grantor hereby covenants that the Pledged Interests issued pursuant to such agreement (A) are not and shall not be dealt in or traded on securities exchanges or in securities markets, (B) do not and will not constitute
investment company securities, and (C) are not and will not be held by such Grantor in a securities account. In addition, none of the Pledged Operating Agreements, the Pledged Partnership Agreements, or any other agreements governing any of the
Pledged Interests issued under any Pledged Operating Agreement or Pledged Partnership Agreement, provide or shall provide that such Pledged Interests are securities governed by Article 8 of the Uniform Commercial Code as in effect in any relevant
jurisdiction. 
 (i) Real Property; Fixtures. Each Grantor covenants and agrees that upon the acquisition of any fee
interest in Real Property it will promptly (and in any event within five (5) Business Days of acquisition) notify Agent of the acquisition of such Real Property and will grant to Agent, for the benefit of the Lender Group and the Bank Product
Providers, a first priority Mortgage on each fee interest in Real Property now or hereafter owned by such Grantor and shall deliver such other documentation and opinions, in form and substance satisfactory to Agent, in connection with the grant of
such Mortgage as Agent shall request in its Permitted Discretion, including title insurance policies, financing statements, fixture filings and environmental audits and such Grantor shall pay all recording costs, intangible taxes and other fees and
costs (including reasonable attorneys fees and expenses) incurred in connection therewith. Each Grantor acknowledges and agrees that, to the extent permitted by applicable law, all of the Collateral shall remain personal property regardless of the
manner of its attachment or affixation to real property; 
 (j) Transfers and Other Liens. Grantors shall not
(i) sell, assign (by operation of law or otherwise) or otherwise dispose of, or grant any option with respect to, any of the Collateral, except as expressly permitted by the Credit Agreement, or (ii) create or permit to exist any Lien upon
or with respect to any of the Collateral of any Grantor, except for Permitted Liens. The inclusion of Proceeds in the Collateral shall not be deemed to constitute Agent’s consent to any sale or other disposition of any of the Collateral except
as expressly permitted in this Agreement or the other Loan Documents; 

  
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 (k) Controlled Accounts; Controlled Investments. 

(i) Each Grantor shall (A) establish and maintain cash management services of a type and on terms reasonably satisfactory to Agent
at one or more of the banks set forth on Schedule 10 (each a “Controlled Account Bank”), and shall take reasonable steps to ensure that all of its Account Debtors forward payment of the amounts owed by them directly to such
Controlled Account Bank, (B) deposit or cause to be deposited promptly, and in any event no later than the first Business Day after the date of receipt thereof, all of their collections (including those sent directly by their Account Debtors to
a Grantor) into a bank account of such Grantor (each, a “Controlled Account”) at one of the Controlled Account Banks and (C) maintain all of its primary operating accounts and treasury management services with Agent or one of
Agent’s Affiliates. 
 (ii) Each Grantor shall establish and maintain Controlled Account Agreements with Agent and the
applicable Controlled Account Bank, in form and substance reasonably acceptable to Agent. Each such Controlled Account Agreement shall provide, among other things, that (A) the Controlled Account Bank will comply with any instructions
originated by Agent directing the disposition of the funds in such Controlled Account without further consent by the applicable Grantor, (B) the Controlled Account Bank waives, subordinates, or agrees not to exercise any rights of setoff or
recoupment or any other claim against the applicable Controlled Account other than for payment of its service fees and other charges directly related to the administration of such Controlled Account and for returned checks or other items of payment,
and (C) the Controlled Account Bank will forward, by daily sweep, all amounts in the applicable Controlled Account to the Agent’s Account. 
 (iii) So long as no Default or Event of Default has occurred and is continuing, Grantors may amend Schedule 10 to add or replace a Controlled Account Bank or Controlled Account and shall upon such
addition or replacement provide to Agent an amended Schedule 10; provided, however, that (A) such prospective Controlled Account Bank shall be reasonably satisfactory to Agent, and (B) prior to the time of the opening
of such Controlled Account, the applicable Grantor and such prospective Controlled Account Bank shall have executed and delivered to Agent a Controlled Account Agreement. Each Grantor shall close any of its Controlled Accounts (and establish
replacement Controlled Account accounts in accordance with the foregoing sentence) as promptly as practicable and in any event within forty-five (45) days after notice from Agent that the operating performance, funds transfer, or availability
procedures or performance of the Controlled Account Bank with respect to Controlled Account Accounts or Agent’s liability under any Controlled Account Agreement with such Controlled Account Bank is no longer acceptable in Agent’s
reasonable judgment. 
 (iv) Other than (i) amounts deposited into Deposit Accounts specially and exclusively used for
payroll, payroll taxes and other employee wage and benefit payments to or for any Grantor’s or its Subsidiaries’ employees, and (ii) Deposit Accounts or Securities Accounts of Subsidiaries of Grantors that are CFCs, no Grantor will,
and no Grantor will permit its Subsidiaries to, make, acquire, or permit to exist Permitted Investments consisting of cash, Cash Equivalents, or amounts credited to Deposit Accounts or Securities Accounts unless Grantor or its Subsidiary, as
applicable, and the applicable bank or securities intermediary have entered into Control Agreements with Agent governing such Permitted Investments in order to perfect (and further establish) Agent’s Liens in such Permitted Investments.

 (l) Name, Etc. No Grantor will, nor will any Grantor permit any of its Subsidiaries to, change its name,
organizational identification number, jurisdiction of organization or organizational identity; provided, that Grantor or any of its Subsidiaries may change its name upon at least 10 days prior written notice to Agent of such change.

  
 25 

 (m) Motor Vehicles. Promptly (and in any event within five (5) Business Days)
after request by Agent, with respect to all goods covered by a certificate of title owned by any Grantor and to the extent any such individual goods or all such goods in the aggregate have a value in the amount of $50,000 or more, such Grantor shall
deliver to Agent or Agent’s designee, the certificates of title for all such goods and promptly (and in any event within ten (10) Business Days) after request by Agent, such Grantor shall take all actions necessary to cause such
certificates to be filed (with the Agent’s Lien noted thereon) in the appropriate state motor vehicle filing office; and 

(n) Pledged Notes. Grantors (i) without the prior written consent of Agent, will not (A) waive or release any obligation
of any Person that is obligated under any of the Pledged Notes, (B) take or omit to take any action or knowingly suffer or permit any action to be omitted or taken, the taking or omission of which would result in any right of offset against
sums payable under the Pledged Notes, or (C) other than Permitted Dispositions, assign or surrender their rights and interests under any of the Pledged Notes or terminate, cancel, modify, change, supplement or amend the Pledged Notes, and
(ii) shall provide to Agent copies of all material written notices (including notices of default) given or received with respect to the Pledged Notes promptly after giving or receiving such notice. 

8. Relation to Other Security Documents. The provisions of this Agreement shall be read and construed with the other Loan
Documents referred to below in the manner so indicated. 
 (a) Credit Agreement. In the event of any conflict between any
provision in this Agreement and a provision in the Credit Agreement, such provision of the Credit Agreement shall control. 

(b) Patent, Trademark, Copyright Security Agreements. The provisions of the Copyright Security Agreements, Trademark Security
Agreements, and Patent Security Agreements are supplemental to the provisions of this Agreement, and nothing contained in the Copyright Security Agreements, Trademark Security Agreements, or the Patent Security Agreements shall limit any of the
rights or remedies of Agent hereunder. In the event of any conflict between any provision in this Agreement and a provision in a Copyright Security Agreement, Trademark Security Agreement or Patent Security Agreement, such provision of this
Agreement shall control. 
 9. Further Assurances. 

(a) Each Grantor agrees that from time to time, at its own expense, such Grantor will promptly execute and deliver all further
instruments and documents, and take all further action, that Agent may reasonably request, in order to perfect and protect the Security Interest granted hereby, to create, perfect or protect the Security Interest purported to be granted hereby or to
enable Agent to exercise and enforce its rights and remedies hereunder with respect to any of the Collateral. 
 (b) Each
Grantor authorizes the filing by Agent of financing or continuation statements, or amendments thereto, and such Grantor will execute and deliver to Agent such other instruments or notices, as Agent may reasonably request, in order to perfect and
preserve the Security Interest granted or purported to be granted hereby. 
 (c) Each Grantor authorizes Agent at any time and
from time to time to file, transmit, or communicate, as applicable, financing statements and amendments (i) describing the Collateral as “all personal property of debtor” or “all assets of debtor” or words of similar effect,
(ii) describing the Collateral as being of equal or lesser scope or with greater detail, or (iii) that contain any information required by part 5 of Article 9 of the Code for the sufficiency or filing office acceptance. Each Grantor also
hereby ratifies any and all financing statements or amendments previously filed by Agent in any jurisdiction. 

  
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 (d) Each Grantor acknowledges that it is not authorized to file any financing statement or
amendment or termination statement with respect to any financing statement filed in connection with this Agreement without the prior written consent of Agent, subject to such Grantor’s rights under Section 9-509(d)(2) of the Code.

 10. Agent’s Right to Perform Contracts, Exercise Rights, etc. Upon the occurrence and during the continuance of
an Event of Default, Agent (or its designee) (a) may proceed to perform any and all of the obligations of any Grantor contained in any contract, lease, or other agreement and exercise any and all rights of any Grantor therein contained as fully
as such Grantor itself could, (b) shall have the right to use any Grantor’s rights under Intellectual Property Licenses in connection with the enforcement of Agent’s rights hereunder, including the right to prepare for sale and sell
any and all Inventory and Equipment now or hereafter owned by any Grantor and now or hereafter covered by such licenses, and (c) shall have the right to request that any Equity Interests that are pledged hereunder be registered in the name of
Agent or any of its nominees. 
 11. Agent Appointed Attorney-in-Fact. Each Grantor hereby irrevocably appoints Agent its
attorney-in-fact, with full authority in the place and stead of such Grantor and in the name of such Grantor or otherwise, at such time as an Event of Default has occurred and is continuing under the Credit Agreement, to take any action and to
execute any instrument which Agent may reasonably deem necessary or advisable to accomplish the purposes of this Agreement, including: 
 (a) to ask, demand, collect, sue for, recover, compromise, receive and give acquittance and receipts for moneys due and to become due under or in connection with the Accounts or any other Collateral of
such Grantor; 
 (b) to receive and open all mail addressed to such Grantor and to notify postal authorities to change the
address for the delivery of mail to such Grantor to that of Agent; 
 (c) to receive, indorse, and collect any drafts or other
instruments, documents, Negotiable Collateral or Chattel Paper; 
 (d) to file any claims or take any action or institute any
proceedings which Agent may deem necessary or desirable for the collection of any of the Collateral of such Grantor or otherwise to enforce the rights of Agent with respect to any of the Collateral; 

(e) to repair, alter, or supply goods, if any, necessary to fulfill in whole or in part the purchase order of any Person obligated to
such Grantor in respect of any Account of such Grantor; 
 (f) to use any Intellectual Property or Intellectual Property
Licenses of such Grantor, including but not limited to any labels, Patents, Trademarks, trade names, URLs, domain names, industrial designs, Copyrights, or advertising matter, in preparing for sale, advertising for sale, or selling Inventory or
other Collateral and to collect any amounts due under Accounts, contracts or Negotiable Collateral of such Grantor; and 
 (g)
Agent, on behalf of the Lender Group or the Bank Product Providers, shall have the right, but shall not be obligated, to bring suit in its own name to enforce the Intellectual Property and Intellectual Property Licenses and, if Agent shall commence
any such suit, the appropriate Grantor shall, at the request of Agent, do any and all lawful acts and execute any and all proper documents reasonably required by Agent in aid of such enforcement. 

  
 27 

 To the extent permitted by law, each Grantor hereby ratifies all that such attorney-in-fact
shall lawfully do or cause to be done by virtue hereof. This power of attorney is coupled with an interest and shall be irrevocable until this Agreement is terminated. 
 12. Agent May Perform. If any Grantor fails to perform any agreement contained herein, Agent may itself perform, or cause performance of, such agreement, and the reasonable expenses of Agent
incurred in connection therewith shall be payable, jointly and severally, by Grantors. 
 13. Agent’s Duties. The
powers conferred on Agent hereunder are solely to protect Agent’s interest in the Collateral, for the benefit of the Lender Group and the Bank Product Providers, and shall not impose any duty upon Agent to exercise any such powers. Except for
the safe custody of any Collateral in its actual possession and the accounting for moneys actually received by it hereunder, Agent shall have no duty as to any Collateral or as to the taking of any necessary steps to preserve rights against prior
parties or any other rights pertaining to any Collateral. Agent shall be deemed to have exercised reasonable care in the custody and preservation of any Collateral in its actual possession if such Collateral is accorded treatment substantially equal
to that which Agent accords its own property. 
 14. Collection of Accounts, General Intangibles and Negotiable
Collateral. At any time upon the occurrence and during the continuance of an Event of Default, Agent or Agent’s designee may (a) notify Account Debtors of any Grantor that the Accounts, General Intangibles, Chattel Paper or Negotiable
Collateral of such Grantor have been assigned to Agent, for the benefit of the Lender Group and the Bank Product Providers, or that Agent has a security interest therein, and (b) collect the Accounts, General Intangibles and Negotiable
Collateral of any Grantor directly, and any collection costs and expenses shall constitute part of such Grantor’s Secured Obligations under the Loan Documents. 
 15. Disposition of Pledged Interests by Agent. None of the Pledged Interests existing as of the date of this Agreement are, and none of the Pledged Interests hereafter acquired on the date of
acquisition thereof will be, registered or qualified under the various federal or state securities laws of the United States and disposition thereof after an Event of Default may be restricted to one or more private (instead of public) sales in view
of the lack of such registration. Each Grantor understands that in connection with such disposition, Agent may approach only a restricted number of potential purchasers and further understands that a sale under such circumstances may yield a lower
price for the Pledged Interests than if the Pledged Interests were registered and qualified pursuant to federal and state securities laws and sold on the open market. Each Grantor, therefore, agrees that: (a) if Agent shall, pursuant to the
terms of this Agreement, sell or cause the Pledged Interests or any portion thereof to be sold at a private sale, Agent shall have the right to rely upon the advice and opinion of any nationally recognized brokerage or investment firm (but shall not
be obligated to seek such advice and the failure to do so shall not be considered in determining the commercial reasonableness of such action) as to the best manner in which to offer the Pledged Interest or any portion thereof for sale and as to the
best price reasonably obtainable at the private sale thereof; and (b) such reliance shall be conclusive evidence that Agent has handled the disposition in a commercially reasonable manner. 

16. Voting and Other Rights in Respect of Pledged Interests. 

(a) Upon the occurrence and during the continuation of an Event of Default, (i) Agent may, at its option, and with two
(2) Business Days prior notice to any Grantor, and in addition to all rights and remedies available to Agent under any other agreement, at law, in equity, or otherwise, exercise all voting rights, or any other ownership or consensual rights
(including any dividend or 

  
 28 

 
distribution rights) in respect of the Pledged Interests owned by such Grantor, but under no circumstances is Agent obligated by the terms of this Agreement to exercise such rights, and
(ii) if Agent duly exercises its right to vote any of such Pledged Interests, each Grantor hereby appoints Agent, such Grantor’s true and lawful attorney-in-fact and IRREVOCABLE PROXY to vote such Pledged Interests in any manner Agent
deems advisable for or against all matters submitted or which may be submitted to a vote of shareholders, partners or members, as the case may be. The power-of-attorney and proxy granted hereby is coupled with an interest and shall be irrevocable.

 (b) For so long as any Grantor shall have the right to vote the Pledged Interests owned by it, such Grantor covenants and
agrees that it will not, without the prior written consent of Agent, vote or take any consensual action with respect to such Pledged Interests which would materially adversely affect the rights of Agent, the other members of the Lender Group, or the
Bank Product Providers, or the value of the Pledged Interests. 
 17. Remedies. Upon the occurrence and during the
continuance of an Event of Default: 
 (a) Agent may, and, at the instruction of the Required Lenders, shall exercise in respect
of the Collateral, in addition to other rights and remedies provided for herein, in the other Loan Documents, or otherwise available to it, all the rights and remedies of a secured party on default under the Code or any other applicable law. Without
limiting the generality of the foregoing, each Grantor expressly agrees that, in any such event, Agent without demand of performance or other demand, advertisement or notice of any kind (except a notice specified below of time and place of public or
private sale) to or upon any Grantor or any other Person (all and each of which demands, advertisements and notices are hereby expressly waived to the maximum extent permitted by the Code or any other applicable law), may take immediate possession
of all or any portion of the Collateral and (i) require Grantors to, and each Grantor hereby agrees that it will at its own expense and upon request of Agent forthwith, assemble all or part of the Collateral as directed by Agent and make it
available to Agent at one or more locations where such Grantor regularly maintains Inventory, and (ii) without notice except as specified below, sell the Collateral or any part thereof in one or more parcels at public or private sale, at any of
Agent’s offices or elsewhere, for cash, on credit, and upon such other terms as Agent may deem commercially reasonable. Each Grantor agrees that, to the extent notification of sale shall be required by law, at least ten (10) days
notification by mail to the applicable Grantor of the time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification and specifically such notification shall constitute a reasonable
“authenticated notification of disposition” within the meaning of Section 9-611 of the Code. Agent shall not be obligated to make any sale of Collateral regardless of notification of sale having been given. Agent may adjourn any
public sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. Each Grantor agrees that (A) the internet shall
constitute a “place” for purposes of Section 9-610(b) of the Code and (B) to the extent notification of sale shall be required by law, notification by mail of the URL where a sale will occur and the time when a sale will commence
at least ten (10) days prior to the sale shall constitute a reasonable notification for purposes of Section 9-611(b) of the Code. Each Grantor agrees that any sale of Collateral to a licensor pursuant to the terms of a license agreement
between such licensor and a Grantor is sufficient to constitute a commercially reasonable sale (including as to method, terms, manner, and time) within the meaning of Section 9-610 of the Code. 

(b) Agent is hereby granted a license or other right to use, without liability for royalties or any other charge, each Grantor’s
Intellectual Property, including but not limited to, any labels, Patents, Trademarks, trade names, URLs, domain names, industrial designs, Copyrights, and advertising matter, whether owned by any Grantor or with respect to which any Grantor has
rights under license, sublicense, or other agreements (including any Intellectual Property License), as it pertains to the Collateral, in preparing for sale, advertising for sale and selling any Collateral, and each Grantor’s rights under all
licenses and all franchise agreements shall inure to the benefit of Agent. 

  
 29 

 (c) Agent may, in addition to other rights and remedies provided for herein, in the other
Loan Documents, or otherwise available to it under applicable law and without the requirement of notice to or upon any Grantor or any other Person (which notice is hereby expressly waived to the maximum extent permitted by the Code or any other
applicable law), (i) with respect to any Grantor’s Deposit Accounts in which Agent’s Liens are perfected by control under Section 9-104 of the Code, instruct the bank maintaining such Deposit Account for the applicable Grantor to
pay the balance of such Deposit Account to or for the benefit of Agent, and (ii) with respect to any Grantor’s Securities Accounts in which Agent’s Liens are perfected by control under Section 9-106 of the Code, instruct the
securities intermediary maintaining such Securities Account for the applicable Grantor to (A) transfer any cash in such Securities Account to or for the benefit of Agent, or (B) liquidate any financial assets in such Securities Account
that are customarily sold on a recognized market and transfer the cash proceeds thereof to or for the benefit of Agent. 
 (d)
Any cash held by Agent as Collateral and all cash proceeds received by Agent in respect of any sale of, collection from, or other realization upon all or any part of the Collateral shall be applied against the Secured Obligations in the order set
forth in the Credit Agreement. In the event the proceeds of Collateral are insufficient to satisfy all of the Secured Obligations in full, each Grantor shall remain jointly and severally liable for any such deficiency. 

(e) Each Grantor hereby acknowledges that the Secured Obligations arise out of a commercial transaction, and agrees that if an Event of
Default shall occur and be continuing Agent shall have the right to an immediate writ of possession without notice of a hearing. Agent shall have the right to the appointment of a receiver for the properties and assets of each Grantor, and each
Grantor hereby consents to such rights and such appointment and hereby waives any objection such Grantor may have thereto or the right to have a bond or other security posted by Agent. 

18. Remedies Cumulative. Each right, power, and remedy of Agent, any other member of the Lender Group, or any Bank Product
Provider as provided for in this Agreement, the other Loan Documents or any Bank Product Agreement now or hereafter existing at law or in equity or by statute or otherwise shall be cumulative and concurrent and shall be in addition to every other
right, power, or remedy provided for in this Agreement, the other Loan Documents and the Bank Product Agreements or now or hereafter existing at law or in equity or by statute or otherwise, and the exercise or beginning of the exercise by Agent, any
other member of the Lender Group, or any Bank Product Provider, of any one or more of such rights, powers, or remedies shall not preclude the simultaneous or later exercise by Agent, such other member of the Lender Group or such Bank Product
Provider of any or all such other rights, powers, or remedies. 
 19. Marshaling. Agent shall not be required to marshal
any present or future collateral security (including but not limited to the Collateral) for, or other assurances of payment of, the Secured Obligations or any of them or to resort to such collateral security or other assurances of payment in any
particular order, and all of its rights and remedies hereunder and in respect of such collateral security and other assurances of payment shall be cumulative and in addition to all other rights and remedies, however existing or arising. To the
extent that it lawfully may, each Grantor hereby agrees that it will not invoke any law relating to the marshaling of collateral which might cause delay in or impede the enforcement of Agent’s rights and remedies under this Agreement or under
any other instrument creating or evidencing any of the Secured Obligations or under which any of the Secured Obligations is outstanding or by which any of the Secured Obligations is secured or payment thereof is otherwise assured, and, to the extent
that it lawfully may, each Grantor hereby irrevocably waives the benefits of all such laws. 

  
 30 

 20. Indemnity and Expenses. 

(a) Each Grantor agrees to indemnify Agent and the other members of the Lender Group from and against all claims, lawsuits and
liabilities (including reasonable attorneys fees) growing out of or resulting from this Agreement (including enforcement of this Agreement) or any other Loan Document to which such Grantor is a party, except claims, losses or liabilities resulting
from the gross negligence or willful misconduct of the party seeking indemnification as determined by a final non-appealable order of a court of competent jurisdiction. This provision shall survive the termination of this Agreement and the Credit
Agreement and the repayment of the Secured Obligations. 
 (b) Grantors, jointly and severally, shall, upon demand, pay to Agent
(or Agent, may charge to the Loan Account) all the Lender Group Expenses which Agent may incur in connection with (i) the administration of this Agreement, (ii) the custody, preservation, use or operation of, or, upon an Event of Default,
the sale of, collection from, or other realization upon, any of the Collateral in accordance with this Agreement and the other Loan Documents, (iii) the exercise or enforcement of any of the rights of Agent hereunder or (iv) the failure by
any Grantor to perform or observe any of the provisions hereof. 
 21. Merger, Amendments; Etc. THIS AGREEMENT, TOGETHER
WITH THE OTHER LOAN DOCUMENTS, REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN AGREEMENTS BETWEEN THE PARTIES. No waiver
of any provision of this Agreement, and no consent to any departure by any Grantor herefrom, shall in any event be effective unless the same shall be in writing and signed by Agent, and then such waiver or consent shall be effective only in the
specific instance and for the specific purpose for which given. No amendment of any provision of this Agreement shall be effective unless the same shall be in writing and signed by Agent and each Grantor to which such amendment applies. 

22. Addresses for Notices. All notices and other communications provided for hereunder shall be given in the form and manner and
delivered to Agent at its address specified in the Credit Agreement, and to any of the Grantors at their respective addresses specified in the Credit Agreement or on the signature pages hereto, or, as to any party, at such other address as shall be
designated by such party in a written notice to the other party. 
 23. Continuing Security Interest: Assignments under
Credit Agreement. 
 (a) This Agreement shall create a continuing security interest in the Collateral and shall
(i) remain in full force and effect until the Obligations have been paid in full in accordance with the provisions of the Credit Agreement and the Commitments have expired or have been terminated, (ii) be binding upon each Grantor, and
their respective successors and assigns, and (iii) inure to the benefit of, and be enforceable by, Agent, and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (iii), any Lender may, in accordance
with the provisions of the Credit Agreement, assign or otherwise transfer all or any portion of its rights and obligations under the Credit Agreement to any other Person, and such other Person shall thereupon become vested with all the benefits in
respect thereof granted to such Lender herein or otherwise. Upon payment in full of the Secured Obligations in accordance with the provisions of the Credit Agreement and the expiration or termination of the Commitments, the Guaranty made and the
Security Interest granted hereby shall terminate and all rights to the Collateral shall revert to Grantors or any other Person entitled thereto. At such time, upon Borrowers’ request, Agent will authorize the filing of appropriate termination
statements to terminate such Security Interest. No transfer or renewal, extension, assignment, or termination of this Agreement or of the Credit Agreement, any other Loan Document, or any other instrument or document executed and

  
 31 

 
delivered by any Grantor to Agent nor any additional Revolving Loans or other loans made by any Lender to any Borrower, nor the taking of further security, nor the retaking or re-delivery of the
Collateral to Grantors, or any of them, by Agent, nor any other act of the Lender Group or the Bank Product Providers, or any of them, shall release any Grantor from any obligation, except a release or discharge executed in writing by Agent in
accordance with the provisions of the Credit Agreement. Agent shall not by any act, delay, omission or otherwise, be deemed to have waived any of its rights or remedies hereunder, unless such waiver is in writing and signed by Agent and then only to
the extent therein set forth. A waiver by Agent of any right or remedy on any occasion shall not be construed as a bar to the exercise of any such right or remedy which Agent would otherwise have had on any other occasion. 

(b) Each Grantor agrees that, if any payment made by any Grantor or other Person and applied to the Secured Obligations is at any time
annulled, avoided, set, aside, rescinded, invalidated, declared to be fraudulent or preferential or otherwise required to be refunded or repaid, or the proceeds of any Collateral are required to be returned by Agent or any other member of the Lender
Group to such Grantor, its estate, trustee, receiver or any other party, including any Grantor, under any bankruptcy law, state or federal law, common law or equitable cause, then, to the extent of such payment or repayment, any Lien or other
Collateral securing such liability shall be and remain in full force and effect, as fully as if such payment had never been made. If, prior to any of the foregoing, (i) any Lien or other Collateral securing such Grantor’s liability
hereunder shall have been released or terminated by virtue of the foregoing clause (a), or (ii) any provision of the Guaranty hereunder shall have been terminated, cancelled or surrendered, such Lien, other Collateral or provision shall be
reinstated in full force and effect and such prior release, termination, cancellation or surrender shall not diminish, release, discharge, impair or otherwise affect the obligations of any such Grantor in respect of any Lien or other Collateral
securing such obligation or the amount of such payment. 
 24. Survival. All representations and warranties made
by the Grantors in this Agreement and in the certificates or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and
delivery of this Agreement and the making of any loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding that Agent, Issuing Bank, or any Lender may have had
notice or knowledge of any Default or Event of Default or incorrect representation or warranty at the time any credit is extended hereunder, 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 the Credit Agreement is outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have not expired or terminated. 

25. CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER; JUDICIAL REFERENCE PROVISION. 

(a) THE VALIDITY OF THIS AGREEMENT, THE CONSTRUCTION, INTERPRETATION, AND ENFORCEMENT HEREOF, THE RIGHTS OF THE PARTIES HERETO WITH
RESPECT TO ALL MATTERS ARISING HEREUNDER OR RELATED HERETO, AND ANY CLAIMS, CONTROVERSIES OR DISPUTES ARISING HEREUNDER OR RELATED HERETO SHALL BE DETERMINED UNDER, GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF
MASSACHUSETTS. 
 (b) THE PARTIES AGREE THAT ALL ACTIONS OR PROCEEDINGS ARISING IN CONNECTION WITH THIS AGREEMENT SHALL BE TRIED
AND LITIGATED ONLY IN THE STATE AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, FEDERAL COURTS LOCATED IN THE COUNTY OF SUFFOLK, COMMONWEALTH OF MASSACHUSETTS; PROVIDED, THAT ANY SUIT SEEKING ENFORCEMENT AGAINST ANY COLLATERAL OR

  
 32 

 
OTHER PROPERTY MAY BE BROUGHT, AT AGENT’S OPTION, IN THE COURTS OF ANY JURISDICTION WHERE AGENT ELECTS TO BRING SUCH ACTION OR WHERE SUCH COLLATERAL OR OTHER PROPERTY MAY BE FOUND. EACH
GRANTOR AND AGENT WAIVE, TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, ANY RIGHT EACH MAY HAVE TO ASSERT THE DOCTRINE OF FORUM NON CONVENIENS OR TO OBJECT TO VENUE TO THE EXTENT ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS
SECTION 25(b). 
 (c) TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, EACH GRANTOR AND AGENT HEREBY WAIVE THEIR
RESPECTIVE RIGHTS, IF ANY, TO A JURY TRIAL OF ANY CLAIM, CONTROVERSY, DISPUTE OR CAUSE OF ACTION DIRECTLY OR INDIRECTLY BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREIN, INCLUDING CONTRACT CLAIMS, TORT
CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS (EACH A “CLAIM”). EACH GRANTOR AND AGENT REPRESENT THAT EACH HAS REVIEWED THIS WAIVER AND EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS
FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, A COPY OF THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
 (d) EACH GRANTOR HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS LOCATED IN THE COUNTY OF SUFFOLK AND THE COMMONWEALTH OF MASSACHUSETTS, IN ANY
ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT. 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 AGENT MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT AGAINST ANY GRANTOR OR
ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 
 (e) NO CLAIM MAY BE MADE BY ANY GRANTOR AGAINST THE AGENT, THE SWING
LENDER, ANY OTHER LENDER, ISSUING BANK, OR ANY AFFILIATE, DIRECTOR, OFFICER, EMPLOYEE, COUNSEL, REPRESENTATIVE, AGENT, OR ATTORNEY-IN-FACT OF ANY OF THEM FOR ANY SPECIAL, INDIRECT, CONSEQUENTIAL, OR PUNITIVE DAMAGES IN RESPECT OF ANY CLAIM FOR
BREACH OF CONTRACT OR ANY OTHER THEORY OF LIABILITY ARISING OUT OF OR RELATED TO THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, OR ANY ACT, OMISSION, OR EVENT OCCURRING IN CONNECTION HEREWITH, AND EACH GRANTOR HEREBY WAIVES, RELEASES, AND AGREES
NOT TO SUE UPON ANY CLAIM FOR SUCH DAMAGES, WHETHER OR NOT ACCRUED AND WHETHER OR NOT KNOWN OR SUSPECTED TO EXIST IN ITS FAVOR. 

(f) IN THE EVENT ANY LEGAL PROCEEDING IS FILED IN A COURT OF THE STATE OF CALIFORNIA (THE “COURT”) BY OR AGAINST ANY
PARTY HERETO IN CONNECTION WITH ANY CLAIM AND THE WAIVER SET FORTH IN SECTION 25(c) ABOVE IS NOT ENFORCEABLE IN SUCH PROCEEDING, THE PARTIES HERETO AGREE AS FOLLOWS: 
 (i) WITH THE EXCEPTION OF THE MATTERS SPECIFIED IN SUBCLAUSE (ii) BELOW, ANY CLAIM SHALL BE DETERMINED BY A GENERAL REFERENCE 

  
 33 

 
PROCEEDING IN ACCORDANCE WITH THE PROVISIONS OF CALIFORNIA CODE OF CIVIL PROCEDURE SECTIONS 638 THROUGH 645.1. THE PARTIES INTEND THIS GENERAL REFERENCE AGREEMENT TO BE SPECIFICALLY ENFORCEABLE.
VENUE FOR THE REFERENCE PROCEEDING SHALL BE IN THE COUNTY OF LOS ANGELES, CALIFORNIA. 
 (ii) THE FOLLOWING MATTERS SHALL NOT
BE SUBJECT TO A GENERAL REFERENCE PROCEEDING: (A) NON-JUDICIAL FORECLOSURE OF ANY SECURITY INTERESTS IN REAL OR PERSONAL PROPERTY, (B) EXERCISE OF SELF-HELP REMEDIES (INCLUDING SET-OFF OR RECOUPMENT), (C) APPOINTMENT OF A RECEIVER,
AND (D) TEMPORARY, PROVISIONAL, OR ANCILLARY REMEDIES (INCLUDING WRITS OF ATTACHMENT, WRITS OF POSSESSION, TEMPORARY RESTRAINING ORDERS, OR PRELIMINARY INJUNCTIONS). THIS AGREEMENT DOES NOT LIMIT THE RIGHT OF ANY PARTY TO EXERCISE OR OPPOSE ANY
OF THE RIGHTS AND REMEDIES DESCRIBED IN CLAUSES (A) - (D) AND ANY SUCH EXERCISE OR OPPOSITION DOES NOT WAIVE THE RIGHT OF ANY PARTY TO PARTICIPATE IN A REFERENCE PROCEEDING PURSUANT TO THIS AGREEMENT WITH RESPECT TO ANY OTHER MATTER. 

(iii) UPON THE WRITTEN REQUEST OF ANY PARTY, THE PARTIES SHALL SELECT A SINGLE REFEREE, WHO SHALL BE A RETIRED JUDGE OR JUSTICE. IF THE
PARTIES DO NOT AGREE UPON A REFEREE WITHIN 10 DAYS OF SUCH WRITTEN REQUEST, THEN, ANY PARTY SHALL HAVE THE RIGHT TO REQUEST THE COURT TO APPOINT A REFEREE PURSUANT TO CALIFORNIA CODE OF CIVIL PROCEDURE SECTION 640(B). THE REFEREE SHALL BE APPOINTED
TO SIT WITH ALL OF THE POWERS PROVIDED BY LAW. PENDING APPOINTMENT OF THE REFEREE, THE COURT SHALL HAVE THE POWER TO ISSUE TEMPORARY OR PROVISIONAL REMEDIES. 
 (iv) EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, THE REFEREE SHALL DETERMINE THE MANNER IN WHICH THE REFERENCE PROCEEDING IS CONDUCTED INCLUDING THE TIME AND PLACE OF HEARINGS, THE ORDER OF
PRESENTATION OF EVIDENCE, AND ALL OTHER QUESTIONS THAT ARISE WITH RESPECT TO THE COURSE OF THE REFERENCE PROCEEDING. ALL PROCEEDINGS AND HEARINGS CONDUCTED BEFORE THE REFEREE, EXCEPT FOR TRIAL, SHALL BE CONDUCTED WITHOUT A COURT REPORTER, EXCEPT
WHEN ANY PARTY SO REQUESTS A COURT REPORTER AND A TRANSCRIPT IS ORDERED, A COURT REPORTER SHALL BE USED AND THE REFEREE SHALL BE PROVIDED A COURTESY COPY OF THE TRANSCRIPT. THE PARTY MAKING SUCH REQUEST SHALL HAVE THE OBLIGATION TO ARRANGE FOR AND
PAY THE COSTS OF THE COURT REPORTER, PROVIDED THAT SUCH COSTS, ALONG WITH THE REFEREE’S FEES, SHALL ULTIMATELY BE BORNE BY THE PARTY WHO DOES NOT PREVAIL, AS DETERMINED BY THE REFEREE. 

(v) THE REFEREE MAY REQUIRE ONE OR MORE PREHEARING CONFERENCES. THE PARTIES HERETO SHALL BE ENTITLED TO DISCOVERY, AND THE REFEREE SHALL
OVERSEE DISCOVERY IN ACCORDANCE WITH THE RULES OF DISCOVERY, AND SHALL ENFORCE ALL DISCOVERY ORDERS IN THE SAME MANNER AS ANY TRIAL COURT JUDGE IN PROCEEDINGS AT LAW IN THE STATE OF CALIFORNIA. 

(vi) THE REFEREE SHALL APPLY THE RULES OF EVIDENCE APPLICABLE TO PROCEEDINGS AT LAW IN THE STATE OF CALIFORNIA AND SHALL DETERMINE ALL
ISSUES IN ACCORDANCE WITH CALIFORNIA SUBSTANTIVE AND PROCEDURAL LAW. THE REFEREE SHALL BE EMPOWERED TO ENTER EQUITABLE AS WELL AS LEGAL RELIEF AND RULE ON ANY MOTION WHICH WOULD BE AUTHORIZED IN

  
 34 

 
A TRIAL, INCLUDING MOTIONS FOR DEFAULT JUDGMENT OR SUMMARY JUDGMENT. THE REFEREE SHALL REPORT HIS OR HER DECISION, WHICH REPORT SHALL ALSO INCLUDE FINDINGS OF FACT AND CONCLUSIONS OF LAW. THE
REFEREE SHALL ISSUE A DECISION AND PURSUANT TO CALIFORNIA CODE OF CIVIL PROCEDURE, SECTION 644, THE REFEREE’S DECISION SHALL BE ENTERED BY THE COURT AS A JUDGMENT IN THE SAME MANNER AS IF THE ACTION HAD BEEN TRIED BY THE COURT. THE FINAL
JUDGMENT OR ORDER FROM ANY APPEALABLE DECISION OR ORDER ENTERED BY THE REFEREE SHALL BE FULLY APPEALABLE AS IF IT HAS BEEN ENTERED BY THE COURT. 
 (vii) THE PARTIES RECOGNIZE AND AGREE THAT ALL CLAIMS RESOLVED IN A GENERAL REFERENCE PROCEEDING PURSUANT HERETO WILL BE DECIDED BY A REFEREE AND NOT BY A JURY. AFTER CONSULTING (OR HAVING HAD THE
OPPORTUNITY TO CONSULT) WITH COUNSEL OF THEIR OWN CHOICE, EACH PARTY HERETO KNOWINGLY AND VOLUNTARILY AND FOR THEIR MUTUAL BENEFIT AGREES THAT THIS REFERENCE PROVISION SHALL APPLY TO ANY DISPUTE BETWEEN THEM THAT ARISES OUT OF OR IS RELATED TO THIS
AGREEMENT. 
 26. New Subsidiaries. Pursuant to Section 5.11 of the Credit Agreement, certain Subsidiaries
(whether by acquisition or creation) of any Grantor are required to enter into this Agreement by executing and delivering in favor of Agent a Joinder to this Agreement in substantially the form of Annex 1. Upon the execution and delivery of
Annex 1 by any such new Subsidiary, such Subsidiary shall become a Guarantor and Grantor hereunder with the same force and effect as if originally named as a Guarantor and Grantor herein. The execution and delivery of any instrument adding an
additional Guarantor or Grantor as a party to this Agreement shall not require the consent of any Guarantor or Grantor hereunder. The rights and obligations of each Guarantor and Grantor hereunder shall remain in full force and effect
notwithstanding the addition of any new Guarantor or Grantor hereunder. 
 27. Agent. Each reference herein to any right
granted to, benefit conferred upon or power exercisable by the “Agent” shall be a reference to Agent, for the benefit of each member of the Lender Group and each of the Bank Product Providers. 

28. Miscellaneous. 
 (a) This Agreement is a Loan Document. This Agreement may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be
deemed to be an original, and all of which, when taken together, shall constitute but one and the same Agreement. Delivery of an executed counterpart of this Agreement by telefacsimile or other electronic method of transmission shall be equally as
effective as delivery of an original executed counterpart of this Agreement. Any party delivering an executed counterpart of this Agreement by telefacsimile or other electronic method of transmission also shall deliver an original executed
counterpart of this Agreement but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Agreement. The foregoing shall apply to each other Loan Document mutatis
mutandis. 
 (b) Any provision of this Agreement which is prohibited or unenforceable shall be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions hereof in that jurisdiction or affecting the validity or enforceability of such provision in any other jurisdiction. Each provision of this Agreement shall be
severable from every other provision of this Agreement for the purpose of determining the legal enforceability of any specific provision. 

  
 35 

 (c) Headings and numbers have been set forth herein for convenience only. Unless the
contrary is compelled by the context, everything contained in each Section applies equally to this entire Agreement. 
 (d)
Neither this Agreement nor any uncertainty or ambiguity herein shall be construed against any member of the Lender Group or any Grantor, whether under any rule of construction or otherwise. This Agreement has been reviewed by all parties and shall
be construed and interpreted according to the ordinary meaning of the words used so as to accomplish fairly the purposes and intentions of all parties hereto. 
 [signature pages follow] 

  
 36 

 IN WITNESS WHEREOF, the undersigned parties hereto have caused this Agreement to be executed
and delivered as of the day and year first above written. 
  

					
	GRANTORS:	 	MODUSLINK GLOBAL SOLUTIONS, INC.
			
		 	By:	 	 /s/ Steven G. Crane

		 		 	Name: Steven G. Crane
		 		 	Title: Chief Financial Officer
		 		 	 1601 Trapelo Road, Suite 170

Waltham, MA 02451

		
		 	MODUSLINK CORPORATION
			
		 	By:	 	 /s/ Steven G. Crane

		 		 	Name: Steven G. Crane
		 		 	Title: President
		 		 	 1601 Trapelo Road, Suite 170

Waltham, MA 02451

		
		 	CMG SECURITIES CORPORATION
			
		 	By:	 	 /s/ Steven G. Crane

		 		 	Name: Steven G. Crane
		 		 	Title: President
		 		 	 1601 Trapelo Road, Suite 170

Waltham, MA 02451

		
		 	CMG@VENTURES CAPITAL CORP.
			
		 	By:	 	 /s/ Steven G. Crane

		 		 	Name: Steven G. Crane
		 		 	Title: President
		 		 	 1601 Trapelo Road, Suite 170

Waltham, MA 02451

		
		 	 @VENTURES V, LLC
  

By: CMG @ VENTURES CAPITAL CORP., its Managing Member

			
		 	By:	 	 /s/ Peter L. Gray

		 		 	Name: Peter L. Gray
		 		 	Title: Secretary
		 		 	 1601 Trapelo Road, Suite 170

Waltham, MA 02451

 [SIGNATURE PAGE TO SECURITY AGREEMENT] 

 
			
	 CMGI@VENTURES IV, LLC
  

By: CMG @VENTURES CAPITAL CORP., its
       Class A Member

		
	By:	 	 /s/ Peter L. Gray

		 	Name: Peter L. Gray
		 	Title: Secretary
		 	 1601 Trapelo Road, Suite 170

Waltham, MA 02451

	
	CMG@VENTURES SECURITIES CORP.
		
	By:	 	 /s/ Steven G. Crane

		 	Name: Steven G. Crane
		 	Title: President
		 	 1601 Trapelo Road, Suite 170

Waltham, MA 02451

	
	CMG@VENTURES, INC.
		
	By:	 	 /s/ Steven G. Crane

		 	 Name: Steven G. Crane

		 	 Title: President

		 	 1601 Trapelo Road, Suite 170

Waltham, MA 02451

	
	SALESLINK LLC
		
	By:	 	 /s/ Steven G. Crane

		 	 Name: Steven G. Crane

		 	 Title: President

		 	 1601 Trapelo Road, Suite 170

Waltham, MA 02451

	
	SOL HOLDINGS, INC.
		
	By:	 	 /s/ Steven G. Crane

		 	 Name: Steven G. Crane

		 	 Title: President

		 	 1601 Trapelo Road, Suite 170

Waltham, MA 02451

 [SIGNATURE PAGE TO SECURITY AGREEMENT] 

 
			
	SALESLINK MEXICO HOLDING CORP.
		
	By:	 	 /s/ Steven G. Crane

		 	 Name: Steven G. Crane

		 	 Title: President

		 	 1601 Trapelo Road, Suite 170

Waltham, MA 02451

	
	MODUS MEDIA INTERNATIONAL (IRELAND) LIMITED
		
	By:	 	 /s/ Steven G. Crane

		 	 Name: Steven G. Crane

		 	 Title: President

		 	 1601 Trapelo Road, Suite 170

Waltham, MA 02451

	
	MODUS MEDIA INTERNATIONAL DOCUMENTATION SERVICES (IRELAND) LIMITED
		
	By:	 	 /s/ Steven G. Crane

		 	 Name: Steven G. Crane

		 	 Title: President

		 	 1601 Trapelo Road, Suite 170

Waltham, MA 02451

	
	MODUSLINK PTS, INC.
		
	By:	 	 /s/ Steven G. Crane

		 	 Name: Steven G. Crane

		 	 Title: Chief Financial Officer

		 	 1601 Trapelo Road, Suite 170

Waltham, MA 02451

	
	TECH FOR LESS LLC
		
	By:	 	 /s/ Steven G. Crane

		 	 Name: Steven G. Crane

		 	 Title: Chief Financial Officer

		 	 1601 Trapelo Road, Suite 170

Waltham, MA 02451

 [SIGNATURE PAGE TO SECURITY AGREEMENT] 

					
	AGENT:	 	 WELLS FARGO BANK, NATIONAL ASSOCIATION,
 a national banking association, as Agent

			
		 	By:	 	 /s/ Katherine L. Andersen

		 		 	Name: Katherine L. Andersen
		 		 	Title: Its Authorized Signatory

 [SIGNATURE PAGE TO SECURITY AGREEMENT] 

 SCHEDULE 1 

COMMERCIAL TORT CLAIMS 
 None. 

 SCHEDULE 2 

COPYRIGHTS 

None. 

 SCHEDULE 3 

INTELLECTUAL PROPERTY LICENSES 
 None. 

 SCHEDULE 4 

PATENTS 
 None.

 SCHEDULE 5 

PLEDGED COMPANIES 
  

													
	 Name of Grantor
	  	 Name of Pledged
Company
	  	 Number

of

Shares/Units
	  	 Class of

Interests
	  	 Percentage
of Class

Owned
	  	 Percentage
of Class

Pledged
	  	 Certificate

Nos.

	 ModusLink Global Solutions, Inc.
	  	CMG Securities Corporation	  	100	  	Common stock	  	100	  	100	  	2010-1
	 ModusLink Global Solutions, Inc.
	  	CMG@Ventures Capital Corp.	  	1,000	  	Common stock	  	100	  	100	  	2010-1
	 ModusLink Global Solutions, Inc.
	  	CMG@Ventures, Inc.	  	1,000	  	Common stock	  	100	  	100	  	2010-1
	 ModusLink Global Solutions, Inc.
	  	ModusLink Corporation	  	2,500	  	Common stock	  	100	  	100	  	2010-2
	 ModusLink Global Solutions, Inc.
	  	ModusLink PTS, Inc.	  	1,000	  	Common stock	  	100	  	100	  	2010-1
	 ModusLink Global Solutions, Inc.
	  	Tech for Less LLC	  	N/A	  	Membership interests	  	100	  	100	  	N/A
	 CMG @Ventures Capital Corp.
	  	@Ventures V, LLC	  	N/A	  	Membership interests	  	100	  	100	  	N/A
	 CMG @Ventures Capital Corp.
	  	CMGI @Ventures IV, LLC	  	N/A	  	Membership interests	  	100	  	100	  	N/A
	 CMG @Ventures Capital Corp.
	  	CMG@Ventures Securities Corp.	  	3,000	  	Common Stock	  	100	  	100	  	2012-1
	 ModusLink Corporation
	  	SalesLink LLC	  	N/A	  	Membership interests	  	100	  	100	  	N/A
	 ModusLink Corporation
	  	Sol Holdings, Inc.	  	100	  	Common stock	  	100	  	100	  	2010-1
	 ModusLink Corporation
	  	SalesLink Mexico Holding Corp.	  	1,000	  	Common stock	  	100	  	100	  	2011-3
	 ModusLink Corporation
	  	Modus Media International (Ireland) Limited	  	1,000	  	Common stock	  	100	  	100	  	2010-1
	 ModusLink Corporation
	  	Modus Media International Documentation Services (Ireland), Limited	  	1,000	  	Common stock	  	100	  	100	  	2010-1
	 ModusLink Corporation
	  	ModusLink Mexico S.A. de C.V.	  	50,000	  	Ordinary shares	  	ModusLink Corporation holds 49,999 Ordinary shares	  	65	  	19 and 20

													
	 Name of Grantor
	  	 Name of Pledged
Company
	  	 Number

of

Shares/Units
	  	 Class of

Interests
	  	 Percentage
of Class

Owned
	  	 Percentage

of Class

Pledged
	  	 Certificate

Nos.

							
		  		  		  		  	Modus Media International Documentation Services (Ireland) Limited holds 1 Ordinary share	  		  	
	 ModusLink Corporation
	  	ModusLink B.V.	  	€20,000	  	Shares	  	100	  	65	  	N/A
	 ModusLink Corporation
	  	ModusLink Hungary Ltd.	  	HUF 3,000,000	  	HUF 3,000,000	  	 ModusLink Corporation owns a quota representing HUF 2,850,000 of the registered capital

 
 Modus Media International Ireland (Holdings) owns quota representing HUF 150,000 of
the registered capital
	  	65	  	N/A
	 ModusLink Corporation
	  	ModusLink France S.A.S.	  	100,000 Common shares	  	Common shares	  	100	  	65	  	N/A
	 ModusLink Corporation
	  	ModusLink Czech Republic s.r.o	  	CZK 200,000	  	CZK 200,000	  	100	  	65	  	N/A
	 ModusLink Corporation
	  	ModusLink Pte. Ltd.	  	100,000	  	Ordinary shares	  	100	  	65	  	11 and 12
	 Sol Holdings, Inc.
	  	Sol Services Corporation, S.A. de C.V.	  	50,000	  	Ordinary shares	  	49,999 Ordinary shares held by Sol Holdings, Inc.	  	65	  	6 and 7

													
	 Name of Grantor
	  	 Name of Pledged
Company
	  	 Number

of

Shares/Units
	  	 Class of

Interests
	  	 Percentage
of Class

Owned
	  	 Percentage
of Class

Pledged
	  	 Certificate

Nos.

							
		  		  		  		  	1 Ordinary share held by Modus Media International Documentation Services (Ireland), Limited	  		  	
	 SalesLink Mexico Holding Corp.
	  	SalesLink Servicios S de R.L. de C.V.	  	2 quotas	  	Ordinary shares	  	100	  	65	  	To be certificated
	 Modus Media International (Ireland) Limited
	  	Modus Media International Ireland (Holdings)	  	10,188,728	  	Ordinary shares	  	10,188,727 Ordinary shares held by Modus Media International (Ireland) Limited and 1 Ordinary share held by Modus Media International Leinster Unlimited)	  	65	  	N/A
	 Modus Media International Documentation Services (Ireland), Limited
	  	Modus Media International Leinster Unlimited	  	2 Ordinary shares [additional shares to be certificated]	  	Ordinary shares	  	1 Ordinary share held by Modus Media International Services (Ireland), Limited and 1 Ordinary share held by Tudor Nominees Limited	  	65	  	1 and 2
	 ModusLink Corporation
	  	Logistix Holdings Europe Limited	  	2 Ordinary shares	  	Ordinary shares	  	100	  	65	  	4
	 ModusLink Corporation
	  	ModusLink Solutions Services Pte. Ltd.	  	200,000 Ordinary shares	  	Ordinary shares	  	100	  	65	  	8 and 9

													
	 Name of Grantor
	  	 Name of Pledged
Company
	  	 Number

of

Shares/Units
	  	 Class of

Interests
	  	 Percentage
of Class

Owned
	  	 Percentage

of Class

Pledged
	  	 Certificate

Nos.

	 ModusLink Corporation
	  	ModusLink Japan K.K.	  	6,020 Ordinary shares	  	Ordinary shares	  	100	  	65	  	To be certificated
	 ModusLink Corporation
	  	ModusLink Corporation (India) Private Limited	  	610 shares of Rs. 1,000 each	  	Shares	  	ModusLink Corporation owns 99% and ModusLink PTS, Inc. owns 1%	  	65	  	1, 2, 3 and 4
	 ModusLink Corporation
	  	ModusLink Australia Pty Limited	  	61,716 shares	  	Shares	  	100	  	65	  	N/A
	 ModusLink Corporation
	  	ModusLink Company Limited	  	100 shares	  	Shares	  	100	  	65	  	To be certificated

 SCHEDULE 6 

TRADEMARKS 
 UNITED STATES
TRADEMARKS: 
  

					
	 OWNER
	  	 TRADEMARK
	  	REGISTRATION
NUMBER
	 Moduslink Global Solutions, Inc.
	  	@VENTURES	  	2,118,677
			
	 Moduslink Corporation
	  	LOGISTIX	  	1,948,078
			
	 Moduslink Corporation
	  	MODUSLINK	  	3,119,228
			
	 Moduslink Corporation
	  	MODUSLINK & Design 

	  	3,157,418
			
	 Moduslink Global Solutions, Inc.
	  	MODUSLINK GLOBAL SOLUTIONS	  	3,753,007
			
	 Moduslink Global Solutions, Inc.
	  	MODUSLINK GLOBAL SOLUTIONS & DESIGN 

	  	3,753,011
			
	 Moduslink Corporation
	  	POETIC – Word	  	2,769,454
			
	 Moduslink Corporation
	  	WORLDISK – Word	  	3,253,771

 OTHER TRADEMARKS: 
 Registrations: 
  

							
	 OWNER
	  	 REGISTRATION
NUMBER
	  	 COUNTRY/STATE
	  	 TRADEMARK

	 Moduslink Global Solutions, Inc.1
	  	TMA555373	  	Canada	  	CREATING NET VALUE
				
	 Moduslink Corporation
	  	590755	  	Benelux	  	LOGISTIX
				
	 Moduslink Corporation
	  	122094	  	Ireland	  	LOGISTIX
				
	 Moduslink Corporation
	  	215859	  	Ireland	  	LOGISTIX
				
	 Moduslink Corporation
	  	4387468	  	China	  	MODUSLINK

  

	1 	 The owner on record in the appropriate filing office is CMGI, Inc., which is the former name of ModusLink Global Solutions, Inc.

							
	 OWNER
	  	 REGISTRATION
NUMBER
	  	 COUNTRY/STATE
	  	 TRADEMARK

	 Moduslink Corporation
	  	004025847	  	European Community	  	MODUSLINK
	 Moduslink Corporation
	  	300285354	  	Hong Kong	  	MODUSLINK
	 Moduslink Corporation
	  	4901118	  	Japan	  	MODUSLINK
	 Moduslink Corporation
	  	4015742	  	Malaysia	  	MODUSLINK
	 Moduslink Corporation
	  	04015743	  	Malaysia	  	MODUSLINK
	 Moduslink Corporation
	  	T0416634Z	  	Singapore	  	MODUSLINK
	 Moduslink Corporation
	  	T0416635H	  	Singapore	  	MODUSLINK
	 Moduslink Corporation
	  	410142915	  	South Korea	  	MODUSLINK
	 Moduslink Corporation
	  	1217337	  	Taiwan	  	MODUSLINK
	 Moduslink Global Solutions, Inc.
	  	301297215	  	Hong Kong	  	MODUSLINK GLOBAL SOLUTIONS
	 Moduslink Global Solutions, Inc.
	  	1793237	  	India	  	MODUSLINK GLOBAL SOLUTIONS
	 Moduslink Global Solutions, Inc.
	  	999317	  	International Protocol (Madrid)	  	MODUSLINK GLOBAL SOLUTIONS
	 Moduslink Global Solutions, Inc.
	  	5354626	  	Japan	  	MODUSLINK GLOBAL SOLUTIONS
	 Moduslink Global Solutions, Inc.
	  	1221565	  	Mexico	  	MODUSLINK GLOBAL SOLUTIONS
	 Moduslink Global Solutions, Inc.
	  	1112901	  	Mexico	  	MODUSLINK GLOBAL SOLUTIONS
	 Moduslink Global Solutions, Inc.
	  	1214668	  	Mexico	  	MODUSLINK GLOBAL SOLUTIONS
	 Moduslink Global Solutions, Inc.
	  	1112900	  	Mexico	  	MODUSLINK GLOBAL SOLUTIONS
	 Moduslink Global Solutions, Inc.
	  	T0909171B	  	Singapore	  	MODUSLINK GLOBAL SOLUTIONS
	 Moduslink Corporation2
	  	851876	  	Australia	  	POETIC – Word
	 Moduslink Corporation2
	  	856604	  	Australia	  	POETIC – Word
	 Moduslink Corporation2
	  	0677588	  	Benelux	  	POETIC – Word

  

	2 	 The owner on record in the appropriate filing office is ModusLink Open Channel Solutions, Inc. ModusLink Corporation is the successor-by-merger of such
entity. 

							
	 OWNER
	  	 REGISTRATION
NUMBER
	  	 COUNTRY/STATE
	  	 TRADEMARK

	 Moduslink Corporation
	  	001995844	  	European Community	  	POETIC – Word
	 Moduslink Corporation
	  	4453556	  	Japan	  	POETIC – Word
	 Moduslink Corporation
	  	4602483	  	Japan	  	POETIC – Word
	 Moduslink Corporation
	  	2,769,454	  	United States	  	POETIC – Word
	 Moduslink Corporation
	  	899942	  	International Protocol (Madrid)	  	WORLDISK – Word
	 Moduslink Corporation
	  	06109132	  	Malaysia	  	WORLDISK – Word
	 Moduslink Corporation
	  	1258318	  	Taiwan	  	WORLDISK – Word
	 Moduslink Corporation
	  	Kor272190	  	Thailand	  	WORLDISK – Word

 Applications: 
  

							
	 OWNER
	  	 APPLICATION
NUMBER
	  	 COUNTRY/STATE
	  	 TRADEMARK

	 Moduslink Global Solutions, Inc.
	  	993980	  	Mexico	  	MODUSLINK GLOBAL SOLUTIONS
	 Moduslink Corporation
	  	98008203	  	Taiwan	  	MODUSLINK GLOBAL SOLUTIONS

 SCHEDULE 7 

NAME; CHIEF EXECUTIVE OFFICE 
  

			
	 Legal Name
	  	 Chief Executive Office

	 ModusLink Global Solutions, Inc.; Delaware
	  	1601 Trapelo Road, Suite 170, Waltham, MA 02451
	 ModusLink Corporation; Delaware
	  	Same
	 ModusLink PTS, Inc.; Delaware
	  	Same
	 Tech for Less LLC; Delaware
	  	Same
	 CMG Securities Corporation; Massachusetts
	  	Same
	 CMG @Ventures Capital Corp.; Delaware
	  	Same
	 @Ventures V, LLC; Delaware
	  	Same
	 CMGI @Ventures IV, LLC; Delaware
	  	Same
	 CMG@Ventures Securities Corp.; Delaware
	  	Same
	 CMG @Ventures, Inc.; Delaware
	  	Same
	 SalesLink LLC; Delaware
	  	Same
	 Sol Holdings, Inc.; Delaware
	  	Same
	 SalesLink Mexico Holding Corp.; Delaware
	  	Same
	 Modus Media International (Ireland) Limited; Delaware
	  	Same
	 Modus Media International Documentation Services (Ireland), Limited; Delaware
	  	Same

			
	 ModusLink Mexico S.A. de C.V.; Mexico
	  	 Parque Industrial Tecnológico II
 Mauel Gomez Morin #7980
 Nave 5, Esq. Av. Colon

(Anillo Perieferico Sur)
 Sta. Maria
Tequepexpan
 Tlaquepaque, Jalisco
 C.P.
45600 Mexico

		
	 Sol Services Corporation, S.A. de C.V.; Mexico
	  	 Parque Industrial Tecnológico II
 Mauel Gomez Morin #7980
 Nave 5, Esq. Av. Colon

(Anillo Perieferico Sur)
 Sta. Maria
Tequepexpan
 Tlaquepaque, Jalisco
 C.P.
45600 Mexico

		
	 SalesLink Servicios S de R.L. de C.V.; Mexico
	  	 Parque Industrial Tecnológico II
 Mauel Gomez Morin #7980
 Nave 5, Esq. Av. Colon

(Anillo Perieferico Sur)
 Sta. Maria
Tequepexpan
 Tlaquepaque, Jalisco
 C.P.
45600 Mexico

		
	 ModusLink B.V.; The Netherlands
	  	Laan van de Leeuw 4 7324 BD Apeldoorn P.O. Box 501, 7300 AM Apeldoorn The Netherlands
		
	 ModusLink Hungary Ltd.; Hungary
	  	IPARI Park HRSZ 2535/6 5126 Jăszfényszaru Hungary
		
	 ModusLink France S.A.S.; France
	  	11 Avenue Buffon 45088 Orléans Cedex 2 France
		
	 Modus Media International Ireland (Holdings); Ireland
	  	Monasterevin Road Kildare Town County Kildare Ireland
		
	 Logistix Holdings Europe Limited; Ireland
	  	Monasterevin Road Kildare Town County Kildare Ireland
		
	 ModusLink Czech Republic s.r.o.; Czech Republic
	  	CTP Park Brno Tuřanka 110/106 627 00 Brno – Slatina Czech Republic

			
	 Modus Media International Leinster Unlimited; British Virgin Islands
	  	 c/o Tricor Services (BVI) Limited
 2nd Floor Palm Grove House, Wickhams Cay,
 P.O. Box 3340

Road Town, Tortola, British Virgin Islands
  

Attention: Ms. Shawnae Murray, Corporate Administrator

		
	 ModusLink Corporation (India) Private Limited; India
	  	Plot #17, Road No. 32 Behind APSRTC Depot IDA Jeedimetla, Hyderabad 500011 India
		
	 ModusLink Pte. Ltd.; Singapore
	  	51 Ubi Avenue 3 Singapore 408858
		
	 ModusLink Solution Services Pte. Ltd.; Singapore
	  	51 Ubi Avenue 3 Singapore 408858
		
	 ModusLink Japan K.K.; Japan
	  	3148 Okada, Atsugi-shi Kanagawa-ken, Japan 243-0021
		
	 ModusLink Australia Pty Limited; Australia
	  	Unit 17 538 Gardeners Road Alexandria, NSW 2015 Australia
		
	 ModusLink Company Limited; New Zealand
	  	 c/o Deloitte
  

Deloitte House, 10 Brandon Street, PO Box 1990, Wellington 6140, New Zealand

 
 Attention: Kirsty Hallett

 SCHEDULE 8 

OWNED REAL PROPERTY 
 None. 

 SCHEDULE 9 

DEPOSIT ACCOUNTS AND SECURITIES ACCOUNTS 
  

							
	OWNER	  	TYPE OF ACCOUNT	  	 BANK OR
 INTERMEDIARY
	  	ADDRESS
				
	ModusLink Corporation	  	Deposit	  	Bank of America, N.A.	  	 135 S. LaSalle Street,
 Suite
241, Chicago, IL
 60603

				
	ModusLink PTS, Inc.	  	Deposit	  	Bank of America, N.A.	  	 135 S. LaSalle Street,
 Suite
241, Chicago, IL
 60603

				
	Tech for Less LLC	  	Deposit	  	Bank of America, N.A.	  	 135 S. LaSalle Street,
 Suite
241, Chicago, IL
 60603

				
	ModusLink Global Solutions, Inc.	  	Deposit	  	Silicon Valley Bank	  	 275 Grove Street,
 Newton, MA
02466

				
	CMG Securities Corporation	  	Deposit	  	Silicon Valley Bank	  	 275 Grove Street,
 Newton, MA
02466

				
	CMG @Ventures Capital Corp.	  	Deposit	  	Silicon Valley Bank	  	 275 Grove Street,
 Newton, MA
02466

				
	CMGI @Ventures IV, LLC	  	Deposit	  	Silicon Valley Bank	  	 275 Grove Street,
 Newton, MA
02466

				
	CMG@Ventures Securities Corp.	  	Deposit	  	Silicon Valley Bank	  	 275 Grove Street,
 Newton, MA
02466

				
	CMG @Ventures, Inc.	  	Deposit	  	Silicon Valley Bank	  	 275 Grove Street,
 Newton, MA
02466

				
	Modus Media International (Ireland) Limited	  	Deposit	  	Wells Fargo Bank, N.A.	  	N/A
				
	Tech for Less LLC	  	Deposit	  	JPMorgan Chase	  	N/A

 SCHEDULE 10 

CONTROLLED ACCOUNT BANKS 
 Wells
Fargo Bank, National Association 

 SCHEDULE 11 

LIST OF UNIFORM COMMERCIAL CODE FILING JURISDICTIONS 
 The Uniform Commercial Code filing jurisdiction for all Grantors is Delaware, except for CMG Securities Corporation, which has a Uniform Commercial Code filing jurisdiction of Massachusetts. 

 ANNEX 1 TO GUARANTY AND SECURITY AGREEMENT 

FORM OF JOINDER 

Joinder No.     (this “Joinder”), dated as of
            20    , to the Guaranty and Security Agreement, dated as of October 31, 2012 (as amended, restated, supplemented, or otherwise modified from time to
time, the “Guaranty and Security Agreement”), by and among each of the parties listed on the signature pages thereto and those additional entities that thereafter become parties thereto (collectively, jointly and severally,
“Grantors” and each, individually, a “Grantor”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association (“Wells Fargo”), in its capacity as agent for the Lender Group and
the Bank Product Providers (in such capacity, together with its successors and assigns in such capacity, “Agent”). 
 W I T N E S S E T H: 
 WHEREAS, pursuant to that certain Credit Agreement dated as
of October 31, 2012 (as amended, restated, supplemented, or otherwise modified from time to time, the “Credit Agreement”) by and among ModusLink Global Solutions, Inc., a Delaware corporation (“ModusLink
Global”), ModusLink Corporation, a Delaware corporation (“ModusLink”), and ModusLink PTS, Inc., a Delaware corporation (“ModusLink PTS”, together with ModusLink Global and ModusLink are referred to
hereinafter each individually as a “Borrower”, and individually and collectively, jointly and severally, as the “Borrowers”), the lenders party thereto as “Lenders” (such Lenders, together with their
respective successors and assigns in such capacity, each, individually, a “Lender” and, collectively, the “Lenders”), and Agent, the Lender Group has agreed to make certain financial accommodations available to
Borrowers from time to time pursuant to the terms and conditions thereof; and 
 WHEREAS, initially capitalized terms used
herein and not otherwise defined herein shall have the meanings assigned to such terms in the Guaranty and Security Agreement or, if not defined therein, in the Credit Agreement, and this Joinder shall be subject to the rules of construction set
forth in Section 1(b) of the Guaranty and Security Agreement, which rules of construction are incorporated herein by this reference, mutatis mutandis; and 
 WHEREAS, Grantors have entered into the Guaranty and Security Agreement in order to induce the Lender Group and the Bank Product Providers to make certain financial accommodations to Borrowers as provided
for in the Credit Agreement, the other Loan Documents, and the Bank Product Agreements; and 
 WHEREAS, pursuant to
Section 5.11 of the Credit Agreement and Section 26 of the Guaranty and Security Agreement, certain Subsidiaries of the Loan Parties, must execute and deliver certain Loan Documents, including the Guaranty and Security
Agreement, and the joinder to the Guaranty and Security Agreement by the undersigned new Grantor or Grantors (collectively, the “New Grantors”) may be accomplished by the execution of this Joinder in favor of Agent, for the benefit
of the Lender Group and the Bank Product Providers; and 
 WHEREAS, each New Grantor (a) is a Subsidiary of a Borrower and,
as such, will benefit by virtue of the financial accommodations extended to Borrowers by the Lender Group or the Bank Product Providers and (b) by becoming a Grantor will benefit from certain rights granted to the Grantors pursuant to the terms
of the Loan Documents and the Bank Product Agreements; 
 NOW, THEREFORE, for and in consideration of the foregoing and other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each New Grantor hereby agrees as follows: 
 1. In accordance with Section 26 of the Guaranty and Security Agreement, each New Grantor, by its signature below, becomes a “Grantor” and “Guarantor” under the Guaranty
and 

 
Security Agreement with the same force and effect as if originally named therein as a “Grantor” and “Guarantor” and each New Grantor hereby (a) agrees to all of the terms
and provisions of the Guaranty and Security Agreement applicable to it as a “Grantor” or “Guarantor” thereunder and (b) represents and warrants that the representations and warranties made by it as a “Grantor” or
“Guarantor” thereunder are true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that are already qualified or modified by materiality in the text
thereof) on and as of the date hereof. In furtherance of the foregoing, each New Grantor hereby (a) jointly and severally unconditionally and irrevocably guarantees as a primary obligor and not merely as a surety the full and prompt payment
when due, whether upon maturity, acceleration, or otherwise, of all of the Guarantied Obligations, and (b) unconditionally grants, assigns, and pledges to Agent, for the benefit of the Lender Group and the Bank Product Providers, to secure the
Secured Obligations, a continuing security interest in and to all of such New Grantor’s right, title and interest in and to the Collateral. Each reference to a “Grantor” or “Guarantor” in the Guaranty and Security Agreement
shall be deemed to include each New Grantor. The Guaranty and Security Agreement is incorporated herein by reference. 
 2.
Schedule 1, “Commercial Tort Claims”, Schedule 2, “Copyrights”, Schedule 3, “Intellectual Property Licenses”, Schedule 4, “Patents”, Schedule 5, “Pledged
Companies”, Schedule 6, “Trademarks”, Schedule 7, Name; Chief Executive Office; Schedule 8, “Owned Real Property”, Schedule 9, “Deposit Accounts and Securities Accounts”, Schedule
10, “Controlled Account Banks”, Schedule 11, “List of Uniform Commercial Code Filing Jurisdictions”, and Schedule 12, “Motor Vehicles” attached hereto supplement Schedule 1, Schedule 2, Schedule 3,
Schedule 4, Schedule 5, Schedule 6, Schedule 7, Schedule 8, Schedule 9, Schedule 10, Schedule 11, and Schedule 12 respectively, to the Guaranty and Security Agreement and shall be deemed a part thereof for all purposes of the Guaranty and Security
Agreement. 
 3. Each New Grantor authorizes Agent at any time and from time to time to file, transmit, or communicate, as
applicable, financing statements and amendments thereto (i) describing the Collateral as “all personal property of debtor” or “all assets of debtor” or words of similar effect, (ii) describing the Collateral as being of
equal or lesser scope or with greater detail, or (iii) that contain any information required by part 5 of Article 9 of the Code for the sufficiency or filing office acceptance. Each New Grantor also hereby ratifies any and all financing
statements or amendments previously filed by Agent in any jurisdiction in connection with the Loan Documents. 
 4. Each New
Grantor represents and warrants to Agent, the Lender Group and the Bank Product Providers that this Joinder has been duly executed and delivered by such New Grantor and constitutes its legal, valid, and binding obligation, enforceable against it in
accordance with its terms, except as enforceability thereof may be limited by bankruptcy, insolvency, reorganization, fraudulent transfer, moratorium, or other similar laws affecting creditors’ rights generally and general principles of equity
(regardless of whether such enforceability is considered in a proceeding at law or in equity). 
 5. This Joinder is a Loan
Document. This Joinder may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall
constitute but one and the same Joinder. Delivery of an executed counterpart of this Joinder by telefacsimile or other electronic method of transmission shall be equally as effective as delivery of an original executed counterpart of this Joinder.
Any party delivering an executed counterpart of this Joinder by telefacsimile or other electronic method of transmission also shall deliver an original executed counterpart of this Joinder but the failure to deliver an original executed counterpart
shall not affect the validity, enforceability, and binding effect of this Joinder. 
 6. The Guaranty and Security Agreement, as
supplemented hereby, shall remain in full force and effect. 

  
 2 

 7. THIS JOINDER SHALL BE SUBJECT TO THE PROVISIONS REGARDING CHOICE OF LAW AND VENUE, JURY
TRIAL WAIVER, AND JUDICIAL REFERENCE SET FORTH IN SECTION 25 OF THE GUARANTY AND SECURITY AGREEMENT, AND SUCH PROVISIONS ARE INCORPORATED HEREIN BY THIS REFERENCE, MUTATIS MUTANDIS. 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 

  
 3 

 IN WITNESS WHEREOF, the parties hereto have caused this Joinder to the Guaranty and Security
Agreement to be executed and delivered as of the day and year first above written. 
  

									
	NEW GRANTORS:	 		 	[NAME OF NEW GRANTOR]
				
		 		 	By:	 	  

		 		 		 	Name:	 	
		 		 		 	Title:	 	
			
		 		 	[NAME OF NEW GRANTOR]
				
		 		 	By:	 	  

		 		 		 	Name:	 	
		 		 		 	Title:	 	
			
	AGENT:	 		 	WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as Agent
				
		 		 	By:	 	  

		 		 		 	Name:	 	
		 		 		 	Title:	 	

 [SIGNATURE PAGE TO JOINDER NO.      TO GUARANTY AND SECURITY AGREEMENT] 

 EXHIBIT A 

COPYRIGHT SECURITY AGREEMENT 
 This COPYRIGHT SECURITY AGREEMENT (this “Copyright Security Agreement”) is made this      day of October, 2012, by and among Grantors listed on the signature pages
hereof (collectively, jointly and severally, “Grantors” and each individually “Grantor”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association (“Wells Fargo”), in its
capacity as agent for each member of the Lender Group and the Bank Product Providers (in such capacity, together with its successors and assigns in such capacity, “Agent”). 

W I T N E S S E T H: 

WHEREAS, pursuant to that certain Credit Agreement dated as of October 31, 2012 (as amended, restated, supplemented, or otherwise
modified from time to time, the “Credit Agreement”) by and among ModusLink Global Solutions, Inc., a Delaware corporation (“ModusLink Global”), ModusLink Corporation, a Delaware corporation
(“ModusLink”), and ModusLink PTS, Inc., a Delaware corporation (“ModusLink PTS”, together with ModusLink Global and ModusLink are referred to hereinafter each individually as a “Borrower”, and
individually and collectively, jointly and severally, as the “Borrowers”), the lenders party thereto as “Lenders” (such Lenders, together with their respective successors and assigns in such capacity, each, individually, a
“Lender” and, collectively, the “Lenders”), and Agent, the Lender Group has agreed to make certain financial accommodations available to Borrowers from time to time pursuant to the terms and conditions thereof; and

 WHEREAS, the members of the Lender Group and the Bank Product Providers are willing to make the financial accommodations to
Borrowers as provided for in the Credit Agreement, the other Loan Documents, and the Bank Product Agreements, but only upon the condition, among others, that Grantors shall have executed and delivered to Agent, for the benefit of the Lender Group
and the Bank Product Providers, that certain Guaranty and Security Agreement, dated as of October 31, 2012 (including all annexes, exhibits or schedules thereto, as from time to time amended, restated, supplemented or otherwise modified, the
“Guaranty and Security Agreement”); and 
 WHEREAS, pursuant to the Guaranty and Security Agreement, Grantors
are required to execute and deliver to Agent, for the benefit of the Lender Group and the Bank Product Providers, this Copyright Security Agreement; 
 NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Grantors
hereby agree as follows: 
 1. DEFINED TERMS. All initially capitalized terms used but not otherwise defined herein have
the meanings given to them in the Guaranty and Security Agreement or, if not defined therein, in the Credit Agreement, and this Copyright Security Agreement shall be subject to the rules of construction set forth in Section 1(b) of the
Guaranty and Security Agreement, which rules of construction are incorporated herein by this reference, mutatis mutandis. 
 2. GRANT OF SECURITY INTEREST IN COPYRIGHT COLLATERAL. Each Grantor hereby unconditionally grants, assigns, and pledges to Agent, for the benefit each member of the Lender Group and each of the
Bank Product Providers, to secure the Secured Obligations, a continuing security interest (referred to in this Copyright Security Agreement as the “Security Interest”) in all of such Grantor’s right, title and interest in and
to the following, whether now owned or hereafter acquired or arising (collectively, the “Copyright Collateral”): 
 (a) all of such Grantor’s Copyrights and Copyright Intellectual Property Licenses to which it is a party including those referred to on Schedule I; 

 (b) all renewals or extensions of the foregoing; and 

(c) all products and proceeds of the foregoing, including any claim by such Grantor against third parties for past, present or future
infringement of any Copyright or any Copyright exclusively licensed under any Intellectual Property License, including the right to receive damages, or the right to receive license fees, royalties, and other compensation under any Copyright
Intellectual Property License. 
 3. SECURITY FOR SECURED OBLIGATIONS. This Copyright Security Agreement and the Security
Interest created hereby secures the payment and performance of the Secured Obligations, whether now existing or arising hereafter. Without limiting the generality of the foregoing, this Copyright Security Agreement secures the payment of all amounts
which constitute part of the Secured Obligations and would be owed by Grantors, or any of them, to Agent, the other members of the Lender Group, the Bank Product Providers or any of them, whether or not they are unenforceable or not allowable due to
the existence of an Insolvency Proceeding involving any Grantor. 
 4. SECURITY AGREEMENT. The Security Interest granted
pursuant to this Copyright Security Agreement is granted in conjunction with the security interests granted to Agent, for the benefit of the Lender Group and the Bank Product Providers, pursuant to the Guaranty and Security Agreement. Each Grantor
hereby acknowledges and affirms that the rights and remedies of Agent with respect to the Security Interest in the Copyright Collateral made and granted hereby are more fully set forth in the Guaranty and Security Agreement, the terms and provisions
of which are incorporated by reference herein as if fully set forth herein. To the extent there is any inconsistency between this Copyright Security Agreement and the Guaranty and Security Agreement, the Guaranty and Security Agreement shall
control. 
 5. AUTHORIZATION TO SUPPLEMENT. Grantors shall give Agent prior written notice of no less than five
(5) Business Days before filing any additional application for registration of any copyright and prompt notice in writing of any additional copyright registrations granted therefor after the date hereof. Without limiting Grantors’
obligations under this Section, Grantors hereby authorize Agent unilaterally to modify this Copyright Security Agreement by amending Schedule I to include any future United States registered copyrights or applications therefor of each
Grantor. Notwithstanding the foregoing, no failure to so modify this Copyright Security Agreement or amend Schedule I shall in any way affect, invalidate or detract from Agent’s continuing security interest in all Collateral, whether or
not listed on Schedule I. 
 6. COUNTERPARTS. This Copyright Security Agreement is a Loan Document. This Copyright
Security Agreement may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall
constitute but one and the same Copyright Security Agreement. Delivery of an executed counterpart of this Copyright Security Agreement by telefacsimile or other electronic method of transmission shall be equally as effective as delivery of an
original executed counterpart of this Copyright Security Agreement. Any party delivering an executed counterpart of this Copyright Security Agreement by telefacsimile or other electronic method of transmission also shall deliver an original executed
counterpart of this Copyright Security Agreement but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Copyright Security Agreement. 

  
 2 

 7. CHOICE OF LAW AND VENUE, JURY TRIAL WAIVER, AND JUDICIAL REFERENCE PROVISION. THIS
COPYRIGHT SECURITY AGREEMENT SHALL BE SUBJECT TO THE PROVISIONS REGARDING CHOICE OF LAW AND VENUE, JURY TRIAL WAIVER, AND JUDICIAL REFERENCE SET FORTH IN SECTION 25 OF THE GUARANTY AND SECURITY AGREEMENT, AND SUCH PROVISIONS ARE INCORPORATED
HEREIN BY THIS REFERENCE, MUTATIS MUTANDIS. 
 [SIGNATURE PAGE FOLLOWS] 

  
 3 

 IN WITNESS WHEREOF, the parties hereto have caused this Copyright Security Agreement to be
executed and delivered as of the day and year first above written. 
  

									
	GRANTORS:	 		 	MODUSLINK GLOBAL SOLUTIONS, INC.
				
		 		 	By:	 	  

		 		 		 	Name:	  	
		 		 		 	Title:	  	
		 		 		 	Address:	  	
			
		 		 	MODUSLINK CORPORATION
				
		 		 	By:	 	  

		 		 		 	Name:	  	
		 		 		 	Title:	  	
		 		 		 	Address:	  	
			
		 		 	CMG SECURITIES CORPORATION
				
		 		 	By:	 	  

		 		 		 	Name:	  	
		 		 		 	Title:	  	
		 		 		 	Address:	  	
			
		 		 	CMG@VENTURES CAPITAL CORP.
				
		 		 	By:	 	  

		 		 		 	Name:	  	
		 		 		 	Title:	  	
		 		 		 	Address:	  	
			
		 		 	@VENTURES V, LLC
				
		 		 	By:	 	  

		 		 		 	Name:	  	
		 		 		 	Title:	  	
		 		 		 	Address:	  	

 [SIGNATURE PAGE TO COPYRIGHT SECURITY AGREEMENT] 

 
					
	CMGI@VENTURES IV, LLC
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
		 	Address:	 	
	
	CMG@VENTURES SECURITIES CORP.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
		 	Address:	 	
	
	CMG@VENTURES, INC.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
		 	Address:	 	
	
	SALESLINK LLC
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
		 	Address:	 	
	
	SOL HOLDINGS, INC.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
		 	Address:	 	

 [SIGNATURE PAGE TO COPYRIGHT SECURITY AGREEMENT] 

 
					
	SALESLINK MEXICO HOLDING CORP.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
		 	Address:	 	
	
	MODUS MEDIA INTERNATIONAL (IRELAND) LIMITED
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
		 	Address:	 	
	
	MODUS MEDIA INTERNATIONAL DOCUMENTATION SERVICES (IRELAND) LIMITED
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
		 	Address:	 	
	
	MODUSLINK PTS, INC.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
		 	Address:	 	
	
	TECH FOR LESS LLC
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
		 	Address:	 	

 [SIGNATURE PAGE TO COPYRIGHT SECURITY AGREEMENT] 

									
		 		 	ACCEPTED AND ACKNOWLEDGED BY:
			
	AGENT:	 		 	WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as Agent
				
		 		 	By:	 	  

		 		 		 	Name:	  	
		 		 		 	Title:	  	

 . [SIGNATURE PAGE TO COPYRIGHT SECURITY AGREEMENT] 

 SCHEDULE I 

to 

COPYRIGHT SECURITY AGREEMENT 
 Copyright Registrations 
  

									
	 Grantor
	  	Country	  	Copyright	  	Registration No.	  	Registration Date
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

 Copyright Licenses 
 COPYRIGHT SECURITY AGREEMENT 

 EXHIBIT B 

PATENT SECURITY AGREEMENT 
 This PATENT SECURITY AGREEMENT (this “Patent Security Agreement”) is made this      day of October, 2012, by and among the Grantors listed on the signature pages
hereof (collectively, jointly and severally, “Grantors” and each individually “Grantor”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association (“Wells Fargo”), in its
capacity as agent for each member of the Lender Group and the Bank Product Providers (in such capacity, together with its successors and assigns in such capacity, “Agent”). 

W I T N E S S E T H: 

WHEREAS, pursuant to that certain Credit Agreement dated as of October 31, 2012 (as amended, restated, supplemented, or otherwise
modified from time to time, the “Credit Agreement”) by and among ModusLink Global Solutions, Inc., a Delaware corporation (“ModusLink Global”), ModusLink Corporation, a Delaware corporation
(“ModusLink”), and ModusLink PTS, Inc., a Delaware corporation (“ModusLink PTS”, together with ModusLink Global and ModusLink are referred to hereinafter each individually as a “Borrower”, and
individually and collectively, jointly and severally, as the “Borrowers”), the lenders party thereto as “Lenders” (such Lenders, together with their respective successors and assigns in such capacity, each, individually, a
“Lender” and, collectively, the “Lenders”), and Agent, the Lender Group has agreed to make certain financial accommodations available to Borrowers from time to time pursuant to the terms and conditions thereof; and

 WHEREAS, the members of Lender Group and the Bank Product Providers are willing to make the financial accommodations to
Borrowers as provided for in the Credit Agreement, the other Loan Documents, and the Bank Product Agreements, but only upon the condition, among others, that the Grantors shall have executed and delivered to Agent, for the benefit of the Lender
Group and the Bank Product Providers, that certain Guaranty and Security Agreement, dated as of October 31, 2012 (including all annexes, exhibits or schedules thereto, as from time to time amended, restated, supplemented or otherwise modified,
the “Guaranty and Security Agreement”); and 
 WHEREAS, pursuant to the Guaranty and Security Agreement,
Grantors are required to execute and deliver to Agent, for the benefit of the Lender Group and the Bank Product Providers, this Patent Security Agreement; 
 NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each
Grantor hereby agrees as follows: 
 1. DEFINED TERMS. All initially capitalized terms used but not otherwise defined
herein have the meanings given to them in the Guaranty and Security Agreement or, if not defined therein, in the Credit Agreement, and this Patent Security Agreement shall be subject to the rules of construction set forth in Section 1(b)
of the Guaranty and Security Agreement, which rules of construction are incorporated herein by this reference, mutatis mutandis. 
 2. GRANT OF SECURITY INTEREST IN PATENT COLLATERAL. Each Grantor hereby unconditionally grants, assigns, and pledges to Agent, for the benefit each member of the Lender Group and each of the Bank
Product Providers, to secure the Secured Obligations, a continuing security interest (referred to in this Patent Security Agreement as the “Security Interest”) in all of such Grantor’s right, title and interest in and to the
following, whether now owned or hereafter acquired or arising (collectively, the “Patent Collateral”): 
 (a)
all of its Patents and Patent Intellectual Property Licenses to which it is a party including those referred to on Schedule I; 

 (b) all divisionals, continuations, continuations-in-part, reissues, reexaminations, or
extensions of the foregoing; and 
 (c) all products and proceeds of the foregoing, including any claim by such Grantor against
third parties for past, present or future infringement of any Patent or any Patent exclusively licensed under any Intellectual Property License, including the right to receive damages, or right to receive license fees, royalties, and other
compensation under any Patent Intellectual Property License. 
 3. SECURITY FOR SECURED OBLIGATIONS. This Patent Security
Agreement and the Security Interest created hereby secures the payment and performance of the Secured Obligations, whether now existing or arising hereafter. Without limiting the generality of the foregoing, this Patent Security Agreement secures
the payment of all amounts which constitute part of the Secured Obligations and would be owed by Grantors, or any of them, to Agent, the other members of the Lender Group, the Bank Product Providers or any of them, whether or not they are
unenforceable or not allowable due to the existence of an Insolvency Proceeding involving any Grantor. 
 4. SECURITY
AGREEMENT. The Security Interest granted pursuant to this Patent Security Agreement is granted in conjunction with the security interests granted to Agent, for the benefit of the Lender Group and the Bank Product Providers, pursuant to the
Guaranty and Security Agreement. Each Grantor hereby acknowledges and affirms that the rights and remedies of Agent with respect to the Security Interest in the Patent Collateral made and granted hereby are more fully set forth in the Guaranty and
Security Agreement, the terms and provisions of which are incorporated by reference herein as if fully set forth herein. To the extent there is any inconsistency between this Patent Security Agreement and the Guaranty and Security Agreement, the
Guaranty and Security Agreement shall control. 
 5. AUTHORIZATION TO SUPPLEMENT. If any Grantor shall obtain rights to
any new patent application or issued patent or become entitled to the benefit of any patent application or patent for any divisional, continuation, continuation-in-part, reissue, or reexamination of any existing patent or patent application, the
provisions of this Patent Security Agreement shall automatically apply thereto. Grantors shall give prompt notice in writing to Agent with respect to any such new patent rights. Without limiting Grantors’ obligations under this Section,
Grantors hereby authorize Agent unilaterally to modify this Patent Security Agreement by amending Schedule I to include any such new patent rights of each Grantor. Notwithstanding the foregoing, no failure to so modify this Patent Security
Agreement or amend Schedule I shall in any way affect, invalidate or detract from Agent’s continuing security interest in all Collateral, whether or not listed on Schedule I. 

6. COUNTERPARTS. This Patent Security Agreement is a Loan Document. This Patent Security Agreement may be executed in any number
of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Patent Security Agreement.
Delivery of an executed counterpart of this Patent Security Agreement by telefacsimile or other electronic method of transmission shall be equally as effective as delivery of an original executed counterpart of this Patent Security Agreement. Any
party delivering an executed counterpart of this Patent Security Agreement by telefacsimile or other electronic method of transmission also shall deliver an original executed counterpart of this Patent Security Agreement but the failure to deliver
an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Patent Security Agreement. 

  
 2 

 7. CHOICE OF LAW AND VENUE, JURY TRIAL WAIVER, AND JUDICIAL REFERENCE PROVISION. THIS
PATENT SECURITY AGREEMENT SHALL BE SUBJECT TO THE PROVISIONS REGARDING CHOICE OF LAW AND VENUE, JURY TRIAL WAIVER, AND JUDICIAL REFERENCE SET FORTH IN SECTION 25 OF THE GUARANTY AND SECURITY AGREEMENT, AND SUCH PROVISIONS ARE INCORPORATED
HEREIN BY THIS REFERENCE, MUTATIS MUTANDIS. 
 [SIGNATURE PAGE FOLLOWS] 

  
 3 

 IN WITNESS WHEREOF, the parties hereto have caused this Patent Security Agreement to be
executed and delivered as of the day and year first above written. 
  

									
	GRANTORS:	 		 	MODUSLINK GLOBAL SOLUTIONS, INC.
				
		 		 	By:	 	  

		 		 		 	Name:	  	
		 		 		 	Title:	  	
		 		 		 	Address:	  	
			
		 		 	MODUSLINK CORPORATION
				
		 		 	By:	 	  

		 		 		 	Name:	  	
		 		 		 	Title:	  	
		 		 		 	Address:	  	
			
		 		 	CMG SECURITIES CORPORATION
				
		 		 	By:	 	  

		 		 		 	Name:	  	
		 		 		 	Title:	  	
		 		 		 	Address:	  	
			
		 		 	CMG@VENTURES CAPITAL CORP.
				
		 		 	By:	 	  

		 		 		 	Name:	  	
		 		 		 	Title:	  	
		 		 		 	Address:	  	
			
		 		 	@VENTURES V, LLC
				
		 		 	By:	 	  

		 		 		 	Name:	  	
		 		 		 	Title:	  	
		 		 		 	Address:	  	

 [SIGNATURE PAGE TO PATENT SECURITY AGREEMENT] 

 
					
	CMGI@VENTURES IV, LLC
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
		 	Address:	 	
	
	CMG@VENTURES SECURITIES CORP.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
		 	Address:	 	
	
	CMG@VENTURES, INC.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
		 	Address:	 	
	
	SALESLINK LLC
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
		 	Address:	 	
	
	SOL HOLDINGS, INC.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
		 	Address:	 	

 [SIGNATURE PAGE TO PATENT SECURITY AGREEMENT] 

 
					
	SALESLINK MEXICO HOLDING CORP.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
		 	Address:	 	
	
	MODUS MEDIA INTERNATIONAL (IRELAND) LIMITED
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
		 	Address:	 	
	
	MODUS MEDIA INTERNATIONAL DOCUMENTATION SERVICES (IRELAND) LIMITED
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
		 	Address:	 	
	
	MODUSLINK PTS, INC.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
		 	Address:	 	
	
	TECH FOR LESS LLC
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
		 	Address:	 	

 [SIGNATURE PAGE TO PATENT SECURITY AGREEMENT] 

									
		 		 	ACCEPTED AND ACKNOWLEDGED BY:
			
	AGENT:	 		 	WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as Agent
				
		 		 	By:	 	  

		 		 		 	Name:	  	
		 		 		 	Title:	  	

 [SIGNATURE PAGE TO PATENT SECURITY AGREEMENT] 

 SCHEDULE I 

to 

PATENT SECURITY AGREEMENT 
 Patents 
  

									
	 Grantor
	  	Country	  	Patent	  	Application/
Patent No.	  	Filing Date
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

 Patent Licenses 

 EXHIBIT C 
 PLEDGED INTERESTS ADDENDUM 
 This Pledged Interests Addendum, dated
as of                  , 20     (this “Pledged Interests Addendum”), is delivered pursuant to Section 7 of the Guaranty
and Security Agreement referred to below. The undersigned hereby agrees that this Pledged Interests Addendum may be attached to that certain Guaranty and Security Agreement, dated as of October 31, 2012, (as amended, restated, supplemented, or
otherwise modified from time to time, the “Guaranty and Security Agreement”), made by the undersigned, together with the other Grantors named therein, to WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association,
as Agent. Initially capitalized terms used but not defined herein shall have the meaning ascribed to such terms in the Guaranty and Security Agreement or, if not defined therein, in the Credit Agreement, and this Pledged Interests Addendum shall be
subject to the rules of construction set forth in Section 1(b) of the Guaranty and Security Agreement, which rules of construction are incorporated herein by this reference, mutatis mutandis. The undersigned hereby agrees that the
additional interests listed on Schedule I shall be and become part of the Pledged Interests pledged by the undersigned to Agent in the Guaranty and Security Agreement and any pledged company set forth on Schedule I shall be and become
a “Pledged Company” under the Guaranty and Security Agreement, each with the same force and effect as if originally named therein. 
 This Pledged Interests Addendum is a Loan Document. Delivery of an executed counterpart of this Pledged Interests Addendum by telefacsimile or other electronic method of transmission shall be equally as
effective as delivery of an original executed counterpart of this Pledged Interests Addendum. If the undersigned delivers an executed counterpart of this Pledged Interests Addendum by telefacsimile or other electronic method of transmission, the
undersigned shall also deliver an original executed counterpart of this Pledged Interests Addendum but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Pledged
Interests Addendum. 
 The undersigned hereby certifies that the representations and warranties set forth in
Section 6 of the Guaranty and Security Agreement of the undersigned are true and correct as to the Pledged Interests listed herein on and as of the date hereof. 
 THIS PLEDGED INTERESTS ADDENDUM SHALL BE SUBJECT TO THE PROVISIONS REGARDING CHOICE OF LAW AND VENUE, JURY TRIAL WAIVER, AND JUDICIAL REFERENCE SET FORTH IN SECTION 25 OF THE GUARANTY AND SECURITY
AGREEMENT, AND SUCH PROVISIONS ARE INCORPORATED HEREIN BY THIS REFERENCE, MUTATIS MUTANDIS. 
 [SIGNATURE PAGE FOLLOWS]

 IN WITNESS WHEREOF, the undersigned has caused this Pledged Interests Addendum to be
executed and delivered as of the day and year first above written. 
  

					
	[                            
]
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

 SCHEDULE I 

to 

PLEDGED INTERESTS ADDENDUM 
 Pledged Interests 
  

											
	 Name of Grantor
	  	Name of
Pledged Company	  	Number of
Shares/Units	  	Class of
Interests	  	Percentage of
Class Owned	  	Certificate Nos.
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	

 EXHIBIT D 

TRADEMARK SECURITY AGREEMENT 
 This TRADEMARK SECURITY AGREEMENT (this “Trademark Security Agreement”) is made this      day of October, 2012, by and among Grantors listed on the signature pages
hereof (collectively, jointly and severally, “Grantors” and each individually “Grantor”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association (“Wells Fargo”), in its
capacity as agent for the Lender Group and the Bank Product Providers (in such capacity, together with its successors and assigns in such capacity, “Agent”). 
 W I T N E S S E T H: 
 WHEREAS, pursuant to that certain Credit Agreement dated as
of October 31, 2012 (as amended, restated, supplemented, or otherwise modified from time to time, the “Credit Agreement”) by and among ModusLink Global Solutions, Inc., a Delaware corporation (“ModusLink
Global”), ModusLink Corporation, a Delaware corporation (“ModusLink”), and ModusLink PTS, Inc., a Delaware corporation (“ModusLink PTS”, together with ModusLink Global and ModusLink are referred to
hereinafter each individually as a “Borrower”, and individually and collectively, jointly and severally, as the “Borrowers”), the lenders party thereto as “Lenders” (such Lenders, together with their
respective successors and assigns in such capacity, each, individually, a “Lender” and, collectively, the “Lenders”), and Agent, the Lender Group has agreed to make certain financial accommodations available to
Borrowers from time to time pursuant to the terms and conditions thereof; and 
 WHEREAS, the members of the Lender Group and
the Bank Product Providers are willing to make the financial accommodations to Borrowers as provided for in the Credit Agreement, the other Loan Documents, and the Bank Product Agreements, but only upon the condition, among others, that Grantors
shall have executed and delivered to Agent, for the benefit of Lender Group and the Bank Product Providers, that certain Guaranty and Security Agreement, dated as of October 31, 2012 (including all annexes, exhibits or schedules thereto, as
from time to time amended, restated, supplemented or otherwise modified, the “Guaranty and Security Agreement”); and 
 WHEREAS, pursuant to the Guaranty and Security Agreement, Grantors are required to execute and deliver to Agent, for the benefit of Lender Group and the Bank Product Providers, this Trademark Security
Agreement; 
 NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each Grantor hereby agrees as follows: 

1. DEFINED TERMS. All initially capitalized terms used but not otherwise defined herein have the meanings given to them in the
Guaranty and Security Agreement or, if not defined therein, in the Credit Agreement, and this Trademark Security Agreement shall be subject to the rules of construction set forth in Section 1(b) of the Guaranty and Security Agreement,
which rules of construction are incorporated herein by this reference, mutatis mutandis. 
 2. GRANT OF SECURITY
INTEREST IN TRADEMARK COLLATERAL. Each Grantor hereby unconditionally grants, assigns, and pledges to Agent, for the benefit each member of the Lender Group and each of the Bank Product Providers, to secure the Secured Obligations, a continuing
security interest (referred to in this Trademark Security Agreement as the “Security Interest”) in all of such Grantor’s right, title and interest in and to the following, whether now owned or hereafter acquired or arising
(collectively, the “Trademark Collateral”): 
 (a) all of its Trademarks and Trademark Intellectual Property
Licenses to which it is a party including those referred to on Schedule I; 

 (b) all goodwill of the business connected with the use of, and symbolized by, each
Trademark and each Trademark Intellectual Property License; and 
 (c) all products and proceeds (as that term is defined in the
Code) of the foregoing, including any claim by such Grantor against third parties for past, present or future (i) infringement or dilution of any Trademark or any Trademarks exclusively licensed under any Intellectual Property License,
including right to receive any damages, (ii) injury to the goodwill associated with any Trademark, or (iii) right to receive license fees, royalties, and other compensation under any Trademark Intellectual Property License. 

3. SECURITY FOR SECURED OBLIGATIONS. This Trademark Security Agreement and the Security Interest created hereby secures the
payment and performance of the Secured Obligations, whether now existing or arising hereafter. Without limiting the generality of the foregoing, this Trademark Security Agreement secures the payment of all amounts which constitute part of the
Secured Obligations and would be owed by Grantors, or any of them, to Agent, the other members of the Lender Group, the Bank Product Providers or any of them, whether or not they are unenforceable or not allowable due to the existence of an
Insolvency Proceeding involving any Grantor. 
 4. SECURITY AGREEMENT. The Security Interest granted pursuant to this
Trademark Security Agreement is granted in conjunction with the security interests granted to Agent, for the benefit of the Lender Group and the Bank Product Providers, pursuant to the Guaranty and Security Agreement. Each Grantor hereby
acknowledges and affirms that the rights and remedies of Agent with respect to the Security Interest in the Trademark Collateral made and granted hereby are more fully set forth in the Guaranty and Security Agreement, the terms and provisions of
which are incorporated by reference herein as if fully set forth herein. To the extent there is any inconsistency between this Trademark Security Agreement and the Guaranty and Security Agreement, the Guaranty and Security Agreement shall control.

 5. AUTHORIZATION TO SUPPLEMENT. If any Grantor shall obtain rights to any new trademarks, the provisions of this
Trademark Security Agreement shall automatically apply thereto. Grantors shall give prompt notice in writing to Agent with respect to any such new trademarks or renewal or extension of any trademark registration. Without limiting Grantors’
obligations under this Section, Grantors hereby authorize Agent unilaterally to modify this Trademark Security Agreement by amending Schedule I to include any such new trademark rights of each Grantor. Notwithstanding the foregoing, no
failure to so modify this Trademark Security Agreement or amend Schedule I shall in any way affect, invalidate or detract from Agent’s continuing security interest in all Collateral, whether or not listed on Schedule I.

 6. COUNTERPARTS. This Trademark Security Agreement is a Loan Document. This Trademark Security Agreement may be
executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same
Trademark Security Agreement. Delivery of an executed counterpart of this Trademark Security Agreement by telefacsimile or other electronic method of transmission shall be equally as effective as delivery of an original executed counterpart of this
Trademark Security Agreement. Any party delivering an executed counterpart of this 

  
 2 

 
Trademark Security Agreement by telefacsimile or other electronic method of transmission also shall deliver an original executed counterpart of this Trademark Security Agreement but the failure
to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Trademark Security Agreement. 
 7. CHOICE OF LAW AND VENUE, JURY TRIAL WAIVER, AND JUDICIAL REFERENCE PROVISION. THIS TRADEMARK SECURITY AGREEMENT SHALL BE SUBJECT TO THE PROVISIONS REGARDING CHOICE OF LAW AND VENUE, JURY TRIAL
WAIVER, AND JUDICIAL REFERENCE SET FORTH IN SECTION 25 OF THE GUARANTY AND SECURITY AGREEMENT, AND SUCH PROVISIONS ARE INCORPORATED HEREIN BY THIS REFERENCE, MUTATIS MUTANDIS. 

[SIGNATURE PAGE FOLLOWS] 

  
 3 

 IN WITNESS WHEREOF, the parties hereto have caused this Trademark Security Agreement to be
executed and delivered as of the day and year first above written. 
  

									
	GRANTORS:	 		 	MODUSLINK GLOBAL SOLUTIONS, INC.
				
		 		 	By:	 	  

		 		 		 	Name:	  	
		 		 		 	Title:	  	
		 		 		 	Address:	  	
			
		 		 	MODUSLINK CORPORATION
				
		 		 	By:	 	  

		 		 		 	Name:	  	
		 		 		 	Title:	  	
		 		 		 	Address:	  	
			
		 		 	CMG SECURITIES CORPORATION
				
		 		 	By:	 	  

		 		 		 	Name:	  	
		 		 		 	Title:	  	
		 		 		 	Address:	  	
			
		 		 	CMG@VENTURES CAPITAL CORP.
				
		 		 	By:	 	  

		 		 		 	Name:	  	
		 		 		 	Title:	  	
		 		 		 	Address:	  	
			
		 		 	@VENTURES V, LLC
				
		 		 	By:	 	  

		 		 		 	Name:	  	
		 		 		 	Title:	  	
		 		 		 	Address:	  	

 [SIGNATURE PAGE TO TRADEMARK SECURITY AGREEMENT] 

 
					
	CMGI@VENTURES IV, LLC
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
		 	Address:	 	
	
	CMG@VENTURES SECURITIES CORP.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
		 	Address:	 	
	
	CMG@VENTURES, INC.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
		 	Address:	 	
	
	SALESLINK LLC
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
		 	Address:	 	
	
	SOL HOLDINGS, INC.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
		 	Address:	 	

 [SIGNATURE PAGE TO TRADEMARK SECURITY AGREEMENT] 

 
					
	SALESLINK MEXICO HOLDING CORP.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
		 	Address:	 	
	
	MODUS MEDIA INTERNATIONAL (IRELAND) LIMITED
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
		 	Address:	 	
	
	MODUS MEDIA INTERNATIONAL DOCUMENTATION SERVICES (IRELAND) LIMITED
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
		 	Address:	 	
	
	MODUSLINK PTS, INC.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
		 	Address:	 	
	
	TECH FOR LESS LLC
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
		 	Address:	 	

 [SIGNATURE PAGE TO TRADEMARK SECURITY AGREEMENT] 

									
		 		 	ACCEPTED AND ACKNOWLEDGED BY:
			
	AGENT:	 		 	WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as Agent
				
		 		 	By:	 	  

		 		 		 	Name:	  	
		 		 		 	Title:	  	

 [SIGNATURE PAGE TO TRADEMARK SECURITY AGREEMENT] 

 SCHEDULE I 

to 

TRADEMARK SECURITY AGREEMENT 
 Trademark Registrations/Applications 
  

									
	 Grantor
	  	Country	  	Mark	  	Application/
Registration No.	  	App/Reg Date
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

 Trade Names 
 Common Law Trademarks 
 Trademarks Not Currently In Use

 Trademark Licenses

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00209-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00209-of-00352.parquet"}]]