Document:

Exhibit 10.1

 

SECURITIES PURCHASE AGREEMENT

 

This
SECURITIES PURCHASE AGREEMENT (the
“Agreement”), dated as of November 12, 2014, by and between UBIQUITY,
INC., a Nevada corporation, with headquarters located at 9801 Research Drive, Irvine, CA 92618 (the “Company”),
and KBM WORLDWIDE, INC., a New
York corporation, with its address at 80 Cuttermill Road, Suite 410, Great Neck, NY 11021 (the “Buyer”).

 

WHEREAS:

 

A.           The
Company and the Buyer are executing and delivering this Agreement in reliance upon the exemption from securities registration afforded
by the rules and regulations as promulgated by the United States Securities and Exchange Commission (the “SEC”) under
the Securities Act of 1933, as amended (the “1933 Act”);

 

B.           Buyer
desires to purchase and the Company desires to issue and sell, upon the terms and conditions set forth in this Agreement an 8%
convertible note of the Company, in the form attached hereto as Exhibit A, in the aggregate principal amount of $204,000.00 (together
with any note(s) issued in replacement thereof or as a dividend thereon or otherwise with respect thereto in accordance with the
terms thereof, the “Note”), convertible into shares of common stock, $0.001 par value per share, of the Company (the
“Common Stock”), upon the terms and subject to the limitations and conditions set forth in such Note.

 

C.           The
Buyer wishes to purchase, upon the terms and conditions stated in this Agreement, such principal amount of Note as is set forth
immediately below its name on the signature pages hereto; and

 

NOW
THEREFORE, the Company and the Buyer severally (and not jointly) hereby agree as follows:

 

1.           Purchase
and Sale of Note.

 

a.           Purchase
of Note. On the Closing Date (as defined below), the Company shall issue and sell to the Buyer and the Buyer agrees
to purchase from the Company such principal amount of Note as is set forth immediately below the Buyer’s name on the signature
pages hereto.

 

    	 

    	 

    

  

b.           Form
of Payment. On the Closing Date (as defined below), (i) the Buyer shall pay the purchase price for the Note to be issued
and sold to it at the Closing (as defined below) (the “Purchase Price”) by wire transfer of immediately available funds
to the Company, in accordance with the Company’s written wiring instructions, against delivery of the Note in the principal
amount equal to the Purchase Price as is set forth immediately below the Buyer’s name on the signature pages hereto, and
(ii) the Company shall deliver such duly executed Note on behalf of the Company, to the Buyer, against delivery of such Purchase
Price.

 

c.           Closing
Date. Subject to the satisfaction (or written waiver) of the conditions thereto set forth in Section 6 and Section 7
below, the date and time of the issuance and sale of the Note pursuant to this Agreement (the “Closing Date”) shall
be 12:00 noon, Eastern Standard Time on or about November 14, 2014, or such other mutually agreed upon time. The closing of the
transactions contemplated by this Agreement (the “Closing”) shall occur on the Closing Date at such location as may
be agreed to by the parties.

 

2.           Buyer’s
Representations and Warranties. The Buyer represents and warrants to the Company that:

 

a.           Investment
Purpose. As of the date hereof, the Buyer is purchasing the Note and the shares of Common Stock issuable upon conversion
of or otherwise pursuant to the Note (including, without limitation, such additional shares of Common Stock, if any, as are issuable
(i) on account of interest on the Note, (ii) as a result of the events described in Sections 1.3 and 1.4(g) of the Note or (iii)
in payment of the Standard Liquidated Damages Amount (as defined in Section 2(f) below) pursuant to this Agreement, such shares
of Common Stock being collectively referred to herein as the “Conversion Shares” and, collectively with the Note, the
“Securities”) for its own account and not with a present view towards the public sale or distribution thereof, except
pursuant to sales registered or exempted from registration under the 1933 Act; provided,
however, that by making the representations
herein, the Buyer does not agree to hold any of the Securities for any minimum or other specific term and reserves the right to
dispose of the Securities at any time in accordance with or pursuant to a registration statement or an exemption under the 1933
Act.

 

b.           Accredited
Investor Status. The Buyer is an “accredited investor” as that term is defined in Rule 501(a) of
Regulation D (an “Accredited Investor”).

 

c.           Reliance
on Exemptions. The Buyer understands that the Securities are being offered and sold to it in reliance upon specific
exemptions from the registration requirements of United States federal and state securities laws and that the Company is relying
upon the truth and accuracy of, and the Buyer’s compliance with, the representations
warranties, agreements, acknowledgments and understandings of the Buyer set forth herein in order to determine the availability
of such exemptions and the eligibility of the Buyer to acquire the Securities.

 

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d.           Information.
The Buyer and its advisors, if any, have been, and for so long as the Note remain outstanding will continue to be, furnished with
all materials relating to the business, finances and operations of the Company and materials relating to the offer and sale of
the Securities which have been requested by the Buyer or its advisors. The Buyer and its advisors, if any, have been, and for so
long as the Note remain outstanding will continue to be, afforded the opportunity to ask questions of the Company. Notwithstanding
the foregoing, the Company has not disclosed to the Buyer any material nonpublic information and will not disclose such information
unless such information is disclosed to the public prior to or promptly following such disclosure to the Buyer. Neither such inquiries
nor any other due diligence investigation conducted by Buyer or any of its advisors or representatives shall modify, amend or affect
Buyer’s right to rely on the Company’s representations and warranties contained in Section 3 below. The Buyer understands
that its investment in the Securities involves a significant degree of risk. The Buyer is not aware of any facts that may constitute
a breach of any of the Company's representations and warranties made herein.

 

e.           Governmental
Review. The Buyer understands that no United States federal or state agency or any other government or governmental
agency has passed upon or made any recommendation or endorsement of the Securities.

 

f.            Transfer
or Re-sale. The Buyer understands that (i) the sale or re-sale of the Securities has not been and is not being registered
under the 1933 Act or any applicable state securities laws, and the Securities may not be transferred unless (a) the Securities
are sold pursuant to an effective registration statement under the 1933 Act, (b) the Buyer shall have delivered to the Company,
at the cost of the Buyer, an opinion of counsel that shall be in form, substance and scope customary for opinions of counsel in
comparable transactions to the effect that the Securities to be sold or transferred may be sold or transferred pursuant to an
exemption from such registration, which opinion shall be accepted by the Company, (c) the Securities are sold or transferred to
an “affiliate” (as defined in Rule 144 promulgated under the 1933 Act (or a successor rule) (“Rule 144”))
of the Buyer who agrees to sell or otherwise transfer the Securities only in accordance with this Section 2(f) and who is an Accredited
Investor, (d) the Securities are sold pursuant to Rule 144, or (e) the Securities are sold pursuant to Regulation S under the
1933 Act (or a successor rule) (“Regulation S”), and the Buyer shall have delivered to the Company, at the cost of
the Buyer, an opinion of counsel that shall be in form, substance and scope customary for opinions of counsel in corporate transactions,
which opinion shall be accepted by the Company; (ii) any sale of such Securities made in reliance on Rule 144 may be made only
in accordance with the terms of said Rule and further, if said Rule is not applicable, any re-sale of such Securities under circumstances
in which the seller (or the person through whom the sale is made) may be deemed to be an underwriter (as that term is defined
in the 1933 Act) may require compliance with some other exemption under the 1933 Act or the rules and regulations of the SEC thereunder;
and (iii) neither the Company nor any other person is under any obligation to register such Securities under the 1933 Act or any
state securities laws or to comply with the terms and conditions of any exemption thereunder (in each case). Notwithstanding the
foregoing or anything else contained herein to the contrary, the Securities may be pledged as collateral in connection with a
bona fide margin account
or other lending arrangement.

 

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g.           Legends.
The Buyer understands that the Note and, until such time as the Conversion Shares have been registered under the 1933 Act may be
sold pursuant to Rule 144 or Regulation S without any restriction as to the number of securities as of a particular date that can
then be immediately sold, the Conversion Shares may bear a restrictive legend in substantially the following form (and a stop-transfer
order may be placed against transfer of the certificates for such Securities):

 

“NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT
BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN
A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE
144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT
OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.”

 

The
legend set forth above shall be removed and the Company shall issue a certificate without such legend to the holder of any Security
upon which it is stamped, if, unless otherwise required by applicable state securities laws, (a) such Security is registered for
sale under an effective registration statement filed under the 1933 Act or otherwise may be sold pursuant to Rule 144 or Regulation
S without any restriction as to the number of securities as of a particular date that can then be immediately sold, or (b) such
holder provides the Company with an opinion of counsel, in form, substance and scope customary for opinions of counsel in comparable
transactions, to the effect that a public sale or transfer of such Security may be made without registration under the 1933 Act,
which opinion shall be accepted by the Company so that the sale or transfer is effected. The Buyer agrees to sell all Securities,
including those represented by a certificate(s) from which the legend has been removed, in compliance with applicable prospectus
delivery requirements, if any. In the event that the Company does not accept the opinion of counsel provided by the Buyer with
respect to the transfer of Securities pursuant to an exemption from registration, such as Rule 144 or Regulation S, at the Deadline,
it will be considered an Event of Default pursuant to Section 3.2 of the Note.

 

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h.           Authorization;
Enforcement. This Agreement has been duly and validly authorized. This Agreement has been duly executed and delivered
on behalf of the Buyer, and this Agreement constitutes a valid and binding agreement of the Buyer enforceable in accordance with
its terms.

 

i.            Residency.
The Buyer is a resident of the jurisdiction set forth immediately below the Buyer’s name on the signature pages hereto.

 

3.           Representations
and Warranties of the Company. The Company represents and warrants to the Buyer that:

 

a.           Organization
and Qualification. The Company and each of its Subsidiaries (as defined below), if any, is a corporation duly organized,
validly existing and in good standing under the laws of the jurisdiction in which it is incorporated, with full power and authority
(corporate and other) to own, lease, use and operate its properties and to carry on its business as and where now owned, leased,
used, operated and conducted. Schedule 3(a) sets forth a list of all of the Subsidiaries of the Company and the jurisdiction in
which each is incorporated. The Company and each of its Subsidiaries is duly qualified as a foreign corporation to do business
and is in good standing in every jurisdiction in which its ownership or use of property or the nature of the business conducted
by it makes such qualification necessary except where the failure to be so qualified or in good standing would not have a Material
Adverse Effect. “Material Adverse Effect” means any material adverse effect on the business, operations, assets, financial
condition or prospects of the Company or its Subsidiaries, if any, taken as a whole, or on the transactions contemplated hereby
or by the agreements or instruments to be entered into in connection herewith. “Subsidiaries” means any corporation
or other organization, whether incorporated or unincorporated, in which the Company owns, directly or indirectly, any equity or
other ownership interest.

 

b.           Authorization;
Enforcement, (i) The Company has all requisite corporate power and authority to enter into and perform this Agreement,
the Note and to consummate the transactions contemplated hereby and thereby and to issue the Securities, in accordance with the
terms hereof and thereof, (ii) the execution and delivery of this Agreement, the Note by the Company and the consummation by it
of the transactions contemplated hereby and thereby (including without limitation, the issuance of the Note and the issuance and
reservation for issuance of the Conversion Shares issuable upon conversion or exercise thereof) have been duly authorized by the
Company’s Board of Directors and no further consent or authorization of the Company, its Board of Directors, or its shareholders
is required, (iii) this Agreement has been duly executed and delivered by the Company by its authorized representative, and such
authorized representative is the true and official representative with authority to sign this Agreement and the other documents
executed in connection herewith and bind the Company accordingly, and (iv) this Agreement constitutes, and upon execution and delivery
by the Company of the Note, each of such instruments will constitute, a legal, valid and binding obligation of the Company enforceable
against the Company in accordance with its terms.

 

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c.           Capitalization.
As of the date hereof, the authorized capital stock of the Company consists of: (i) 800,000,000 authorized shares of Common Stock,
$0.001 par value per share, of which 99,801,258 shares are issued and outstanding; and (ii) 10,000,000 authorized shares of Preferred
Stock, $0.001 par value per share, of which no
shares are issued and outstanding; no shares are reserved for issuance pursuant to the Company’s stock option plans, no shares
are reserved for issuance pursuant to securities (other than the Note) exercisable for, or convertible into or exchangeable for
shares of Common Stock and 850,000 shares are reserved for issuance upon conversion of the Note. All of such outstanding shares
of capital stock are, or upon issuance will be, duly authorized, validly issued, fully paid and non-assessable. No shares of capital
stock of the Company are subject to preemptive rights or any other similar rights of the shareholders of the Company or any liens
or encumbrances imposed through the actions or failure to act of the Company. As of the effective date of this Agreement, (i) there
are no outstanding options, warrants, scrip, rights to subscribe for, puts, calls, rights of first refusal, agreements, understandings,
claims or other commitments or rights of any character whatsoever relating to, or securities or rights convertible into or exchangeable
for any shares of capital stock of the Company or any of its Subsidiaries, or arrangements by which the Company or any of its Subsidiaries
is or may become bound to issue additional shares of capital stock of the Company or any of its Subsidiaries, (ii) there are no
agreements or arrangements under which the Company or any of its Subsidiaries is obligated to register the sale of any of its or
their securities under the 1933 Act and (iii) there are no anti-dilution or price adjustment provisions contained in any security
issued by the Company (or in any agreement providing rights to security holders) that will be triggered by the issuance of the
Note or the Conversion Shares. The Company has furnished to the Buyer true and correct copies of the Company’s Certificate
of Incorporation as in effect on the date hereof (“Certificate of Incorporation”), the Company’s Bylaws, as in
effect on the date hereof (the “By-laws”), and the terms of all securities convertible into or exercisable for Common
Stock of the Company and the material rights of the holders thereof in respect thereto. The Company shall provide the Buyer with
a written update of this representation signed by the Company’s Chief Executive on behalf of the Company as of the Closing
Date.

 

d.           Issuance
of Shares. The Conversion Shares are duly authorized and reserved for issuance and, upon conversion of the Note in accordance
with its respective terms, will be validly issued, fully paid and non-assessable, and free from all taxes, liens, claims and encumbrances
with respect to the issue thereof and shall not be subject to preemptive rights or other similar rights of shareholders of the
Company and will not impose personal liability upon the holder thereof.

 

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e.           Acknowledgment
of Dilution. The Company understands and acknowledges the potentially dilutive effect to the Common Stock upon the issuance
of the Conversion Shares upon conversion of the Note. The Company further acknowledges that its obligation to issue Conversion
Shares upon conversion of the Note in accordance with this Agreement, the Note is absolute and unconditional regardless of the
dilutive effect that such issuance may have on the ownership interests of other shareholders of the Company.

 

f.            No
Conflicts. The execution, delivery and performance of this Agreement, the Note by the Company and the consummation
by the Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance and
reservation for issuance of the Conversion Shares) will not (i) conflict with or result in a violation of any provision of
the Certificate of Incorporation or By-laws, or (ii) violate or conflict with, or result in a breach of any provision of, or
constitute a default (or an event which with notice or lapse of time or both could become a default) under, or give to others
any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture, patent, patent license or
instrument to which the Company or any of its Subsidiaries is a party, or (iii) result in a violation of any law, rule,
regulation, order, judgment or decree (including federal and state securities laws and regulations and regulations of any
self-regulatory organizations to which the Company or its securities are subject) applicable to the Company or any of its
Subsidiaries or by which any property or asset of the Company or any of its Subsidiaries is bound or affected (except for
such conflicts, defaults, terminations, amendments, accelerations, cancellations and violations as would not, individually or
in the aggregate, have a Material Adverse Effect). Neither the Company nor any of its Subsidiaries is in violation of its
Certificate of Incorporation, By-laws or other organizational documents and neither the Company nor any of its Subsidiaries
is in default (and no event has occurred which with notice or lapse of time or both could put the Company or any of its
Subsidiaries in default) under, and neither the Company nor any of its Subsidiaries has taken any action or failed to take
any action that would give to others any rights of termination, amendment, acceleration or cancellation of, any
agreement, indenture or instrument to which the Company or any of its Subsidiaries is a party or by which any property or
assets of the Company or any of its Subsidiaries is bound or affected, except for possible defaults as would not,
individually or in the aggregate, have a Material Adverse Effect. The businesses of the Company and its Subsidiaries, if any,
are not being conducted, and shall not be conducted so long as the Buyer owns any of the Securities, in violation of any law,
ordinance or regulation of any governmental entity. Except as specifically contemplated by this Agreement and as required
under the 1933 Act and any applicable state securities laws, the Company is not required to obtain any consent, authorization
or order of, or make any filing or registration with, any court, governmental agency, regulatory agency, self regulatory
organization or stock market or any third party in order for it to execute, deliver or perform any of its obligations under
this Agreement, the Note in accordance with the terms hereof or thereof or to issue and sell the Note in accordance with the
terms hereof and to issue the Conversion Shares upon conversion of the Note. All consents, authorizations, orders, filings
and registrations which the Company is required to obtain pursuant to the preceding sentence have been obtained or effected
on or prior to the date hereof. If the Company is listed on the OTCBB, the Company is not in violation of the listing
requirements of the Over-the-Counter Bulletin Board (the “OTCBB”) and does not reasonably anticipate that the
Common Stock will be delisted by the OTCBB in the foreseeable future. The Company and its Subsidiaries are unaware of any
facts or circumstances which might give rise to any of the foregoing.

 

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g.           SEC
Documents; Financial Statements. The Company has timely filed all reports, schedules, forms, statements and other documents
required to be filed by it with the SEC pursuant to the reporting requirements of the Securities Exchange Act of 1934, as amended
(the “1934 Act”) (all of the foregoing filed prior to the date hereof and all exhibits included therein and financial
statements and schedules thereto and documents (other than exhibits to such documents) incorporated by reference therein, being
hereinafter referred to herein as the “SEC Documents”). Upon written request the Company will deliver to the Buyer
true and complete copies of the SEC Documents, except for such exhibits and incorporated documents. As of their respective dates,
the SEC Documents complied in all material respects with the requirements of the 1934 Act and the rules and regulations of the
SEC promulgated thereunder applicable to the SEC Documents, and none of the SEC Documents, at the time they were filed with the
SEC, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary
in order to make the statements therein, in light of the circumstances under which they were made, not misleading. None of the
statements made in any such SEC Documents is, or has been, required to be amended or updated under applicable law (except for such
statements as have been amended or updated in subsequent filings prior the date hereof). As of their respective dates, the financial
statements of the Company included in the SEC Documents complied as to form in all material respects with applicable accounting
requirements and the published rules and regulations of the SEC with respect thereto. Such financial statements have been prepared
in accordance with United States generally accepted accounting principles, consistently applied, during the periods involved and
fairly present in all material respects the consolidated financial position of the Company and its consolidated Subsidiaries as
of the dates thereof and the consolidated results of their operations and cash flows for the periods then ended (subject, in the
case of unaudited statements, to normal year-end audit adjustments). Except as set forth in the financial statements of the Company
included in the SEC Documents, the Company has no liabilities, contingent or otherwise, other than (i) liabilities incurred in
the ordinary course of business subsequent to June 30, 2014, and (ii) obligations under contracts and commitments incurred in the
ordinary course of business and not required under generally accepted accounting principles to be reflected in such financial statements,
which, individually or in the aggregate, are not material to the financial condition or operating results of the Company. The Company
is subject to the reporting requirements of the 1934 Act.

 

h.           Absence
of Certain Changes. Since June 30, 2014, there has been no material adverse change and no material adverse development
in the assets, liabilities, business, properties, operations, financial condition, results of operations, prospects or 1934 Act
reporting status of the Company or any of its Subsidiaries.

 

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i.            Absence
of Litigation. There is no action, suit, claim, proceeding, inquiry or investigation before or by any court, public
board, government agency, self-regulatory organization or body pending or, to the knowledge of the Company or any of its Subsidiaries,
threatened against or affecting the Company or any of its Subsidiaries, or their officers or directors in their capacity as such,
that could have a Material Adverse Effect. Schedule 3(i) contains a complete list and summary description of any pending or, to
the knowledge of the Company, threatened proceeding against or affecting the Company or any of its Subsidiaries, without regard
to whether it would have a Material Adverse Effect. The Company and its Subsidiaries are unaware of any facts or circumstances
which might give rise to any of the foregoing.

 

j.            Patents, Copyrights, etc. The Company
and each of its Subsidiaries owns or possesses the requisite licenses or rights to use all patents, patent applications, patent
rights, inventions, know-how, trade secrets, trademarks, trademark applications, service marks, service names, trade names and
copyrights (“Intellectual Property”) necessary to enable it to conduct its business as now operated (and, as presently
contemplated to be operated in the future); there is no claim or action by any person pertaining to, or proceeding pending, or
to the Company’s knowledge threatened, which challenges the right of the Company or of a Subsidiary with respect to any Intellectual
Property necessary to enable it to conduct its business as now operated (and, as presently contemplated to be operated in the future);
to the best of the Company’s knowledge, the Company’s or its Subsidiaries’ current and intended products, services
and processes do not infringe on any Intellectual Property or other rights held by any person; and the Company is unaware of any
facts or circumstances which might give rise to any of the foregoing. The Company and each of its Subsidiaries have taken reasonable
security measures to protect the secrecy, confidentiality and value of their Intellectual Property.

 

k.          No
Materially Adverse Contracts, Etc. Neither the Company nor any of its Subsidiaries is subject to any charter, corporate
or other legal restriction, or any judgment, decree, order, rule or regulation which in the judgment of the Company’s officers
has or is expected in the future to have a Material Adverse Effect. Neither the Company nor any of its Subsidiaries is a party
to any contract or agreement which in the judgment of the Company’s officers has or is expected to have a Material Adverse
Effect.

 

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l.            Tax
Status. The Company and each of its Subsidiaries has made or filed all federal, state and foreign income and all other
tax returns, reports and declarations required by any jurisdiction to which it is subject (unless and only to the extent that the
Company and each of its Subsidiaries has set aside on its books provisions reasonably adequate for the payment of all unpaid and
unreported taxes) and has paid all taxes and other governmental assessments and charges that are material in amount, shown or determined
to be due on such returns, reports and declarations, except those being contested in good faith and has set aside on its books
provisions reasonably adequate for the payment of all taxes for periods subsequent to the periods to which such returns, reports
or declarations apply. There are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction,
and the officers of the Company know of no basis for any such claim. The Company has not executed a waiver with respect to the
statute of limitations relating to the assessment or collection of any foreign, federal, state or local tax. None of the Company’s
tax returns is presently being audited by any taxing authority.

 

m.            Certain Transactions. Except for
arm’s length transactions pursuant to which the Company or any of its Subsidiaries makes payments in the ordinary course
of business upon terms no less favorable than the Company or any of its Subsidiaries could obtain from third parties and other
than the grant of stock options disclosed on Schedule 3(c), none of the officers, directors, or employees of the Company is presently
a party to any transaction with the Company or any of its Subsidiaries (other than for services as employees, officers and directors),
including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental
of real or personal property to or from, or otherwise requiring payments to or from any officer, director or such employee or,
to the knowledge of the Company, any corporation, partnership, trust or other entity in which any officer, director, or any such
employee has a substantial interest or is an officer, director, trustee or partner.

 

n.           Disclosure.
All information relating to or concerning the Company or any of its Subsidiaries set forth in this Agreement and provided to the
Buyer pursuant to Section 2(d) hereof and otherwise in connection with the transactions contemplated hereby is true and correct
in all material respects and the Company has not omitted to state any material fact necessary in order to make the statements made
herein or therein, in light of the circumstances under which they were made, not misleading. No event or circumstance has occurred
or exists with respect to the Company or any of its Subsidiaries or its or their business, properties, prospects, operations or
financial conditions, which, under applicable law, rule or regulation, requires public disclosure or announcement by the Company
but which has not been so publicly announced or disclosed (assuming for this purpose that the Company’s reports filed under
the 1934 Act are being incorporated into an effective registration statement filed by the Company under the 1933 Act).

 

o.           Acknowledgment
Regarding Buyer’ Purchase of Securities. The Company acknowledges and agrees that the Buyer is acting solely
in the capacity of arm’s length purchasers with respect to this Agreement and the transactions contemplated hereby. The
Company further acknowledges that the Buyer is not acting as a financial advisor or fiduciary of the Company (or in any
similar capacity) with respect to this Agreement and the transactions contemplated hereby and any statement made by the Buyer
or any of its respective representatives or agents in connection with this Agreement and the transactions contemplate hereby
is not advice or a recommendation and is merely incidental to the Buyer’ purchase of the Securities. The Company
further represents to the Buyer that the Company’s decision to enter into this Agreement has been based solely on the
independent evaluation of the Company and its representatives.

 

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p.            No
Integrated Offering. Neither the Company, nor any of its affiliates, nor any person acting on its or their behalf, has
directly or indirectly made any offers or sales in any security or solicited any offers to buy any security under circumstances
that would require registration under the 1933 Act of the issuance of the Securities to the Buyer. The issuance of the Securities
to the Buyer will not be integrated with any other issuance of the Company’s securities (past, current or future) for purposes
of any shareholder approval provisions applicable to the Company or its securities.

 

q.            No
Brokers. The Company has taken no action which would give rise to any claim by any person for brokerage commissions,
transaction fees or similar payments relating to this Agreement or the transactions contemplated hereby.

 

r.             Permits;
Compliance. The Company and each of its Subsidiaries is in possession of all franchises, grants, authorizations,
licenses, permits, easements, variances, exemptions, consents, certificates, approvals and orders necessary to own, lease and
operate its properties and to carry on its business as it is now being conducted (collectively, the “Company
Permits”), and there is no action pending or, to the knowledge of the Company, threatened regarding suspension or
cancellation of any of the Company Permits. Neither the Company nor any of its Subsidiaries is in conflict with, or in
default or violation of, any of the Company Permits, except for any such conflicts, defaults or violations which,
individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. Since June 30, 2014,
neither the Company nor any of its Subsidiaries has received any notification with respect to possible conflicts, defaults or
violations of applicable laws, except for notices relating to possible conflicts, defaults or violations, which conflicts,
defaults or violations would not have a Material Adverse Effect.

 

s.           Environmental
Matters.

 

(i)          There
are, to the Company’s knowledge, with respect to the Company or any of its Subsidiaries or any predecessor of the Company,
no past or present violations of Environmental Laws (as defined below), releases of any material into the environment, actions,
activities, circumstances, conditions, events, incidents, or contractual obligations which may give rise to any common law environmental
liability or any liability under the Comprehensive Environmental Response, Compensation and Liability Act of 1980 or similar federal,
state, local or foreign laws and neither the Company nor any of its Subsidiaries has received any notice with respect to any of
the foregoing, nor is any action pending or, to the Company’s knowledge, threatened in connection with any of the foregoing.
The term “Environmental Laws” means all federal, state, local or foreign laws relating to pollution or protection of
human health or the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface
strata), including, without limitation, laws relating to emissions, discharges, releases or threatened releases of chemicals, pollutants
contaminants, or toxic or hazardous substances or wastes (collectively, “Hazardous Materials”) into the environment,
or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of
Hazardous Materials, as well as all authorizations, codes, decrees, demands or demand letters, injunctions, judgments, licenses,
notices or notice letters, orders, permits, plans or regulations issued, entered, promulgated or approved thereunder.

 

    	11

    	 

    

  

(ii)         Other
than those that are or were stored, used or disposed of in compliance with applicable law, no Hazardous Materials are contained
on or about any real property currently owned, leased or used by the Company or any of its Subsidiaries, and no Hazardous Materials
were released on or about any real property previously owned, leased or used by the Company or any of its Subsidiaries during the
period the property was owned, leased or used by the Company or any of its Subsidiaries, except in the normal course of the Company’s
or any of its Subsidiaries’ business.

 

(iii)        There
are no underground storage tanks on or under any real property owned, leased or used by the Company or any of its Subsidiaries
that are not in compliance with applicable law.

 

t.             Title
to Property. The Company and its Subsidiaries have good and marketable title in fee simple to all real property and
good and marketable title to all personal property owned by them which is material to the business of the Company and its Subsidiaries,
in each case free and clear of all liens, encumbrances and defects except such as are described in Schedule 3(t) or such as would
not have a Material Adverse Effect. Any real property and facilities held under lease by the Company and its Subsidiaries are held
by them under valid, subsisting and enforceable leases with such exceptions as would not have a Material Adverse Effect.

 

u.            Insurance.
The Company and each of its Subsidiaries are insured by insurers of recognized financial responsibility against such losses and
risks and in such amounts as management of the Company believes to be prudent and customary in the businesses in which the Company
and its Subsidiaries are engaged. Neither the Company nor any such Subsidiary has any reason to believe that it will not be able
to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers
as may be necessary to continue its business at a cost that would not have a Material Adverse Effect. Upon written request the
Company will provide to the Buyer true and correct copies of all policies relating to directors’ and officers’ liability
coverage, errors and omissions coverage and commercial general liability coverage.

 

    	12

    	 

    

 

v.           Internal
Accounting Controls. The Company and each of its Subsidiaries maintain a system of internal accounting controls sufficient,
in the judgment of the Company’s board of directors, to provide reasonable assurance that (i) transactions are executed in
accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation
of financial statements in conformity with generally accepted accounting principles and to maintain asset accountability, (iii)
access to assets is permitted only in accordance with management’s general or specific authorization and (iv) the recorded
accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect
to any differences.

 

w.          Foreign
Corrupt Practices. Neither the Company, nor any of its Subsidiaries, nor any director, officer, agent, employee or
other person acting on behalf of the Company or any Subsidiary has, in the course of his actions for, or on behalf of, the
Company, used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expenses relating to
political activity; made any direct or indirect unlawful payment to any foreign or domestic government official or employee
from corporate funds; violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as
amended, or made any bribe, rebate, payoff, influence payment, kickback or other unlawful payment to any foreign or domestic
government official or employee.

 

x.          Solvency. The Company (after giving
effect to the transactions contemplated by this Agreement) is solvent (i.e.,
its assets have a fair market value in excess of the amount required to pay its probable liabilities on its existing debts as they
become absolute and matured) and currently the Company has no information that would lead it to reasonably conclude that the Company
would not, after giving effect to the transaction contemplated by this Agreement, have the ability to, nor does it intend to take
any action that would impair its ability to, pay its debts from time to time incurred in connection therewith as such debts mature.
The Company did not receive a qualified opinion from its auditors with respect to its most recent fiscal year end and, after giving
effect to the transactions contemplated by this Agreement, does not anticipate or know of any basis upon which its auditors might
issue a qualified opinion in respect of its current fiscal year.

 

y.         No
Investment Company. The Company is not, and upon the issuance and sale of the Securities as contemplated by this Agreement
will not be an “investment company” required to be registered under the Investment Company Act of 1940 (an “Investment
Company”). The Company is not controlled by an Investment Company.

 

z.         Breach
of Representations and Warranties by the Company. If the Company breaches any of the representations or warranties set
forth in this Section 3, and in addition to any other remedies available to the Buyer pursuant to this Agreement, it will be considered
an Event of default under Section 3.4 of the Note.

 

    	13

    	 

    

  

4.           COVENANTS.

 

a.           Best
Efforts. The parties shall use their best efforts to satisfy timely each of the conditions described in Section 6 and
7 of this Agreement.

 

b.           Form
D: Blue Sky Laws. The Company agrees to file a Form D with respect to the Securities as required under Regulation D
and to provide a copy thereof to the Buyer promptly after such filing. The Company shall, on or before the Closing Date, take such
action as the Company shall reasonably determine is necessary to qualify the Securities for sale to the Buyer at the applicable
closing pursuant to this Agreement under applicable securities or “blue sky” laws of the states of the United States
(or to obtain an exemption from such qualification), and shall provide evidence of any such action so taken to the Buyer on or
prior to the Closing Date.

 

c.           Use
of Proceeds. The Company shall use the proceeds for general working capital purposes.

 

d.           Right
of First Refusal. Unless it shall have first delivered to the Buyer, at least seventy two (72) hours prior to the closing
of such Future Offering (as defined herein), written notice describing the proposed Future Offering (“ROFR Notice”),
including the terms and conditions thereof, identity of the proposed purchaser and proposed definitive documentation to be entered
into in connection therewith, and providing the Buyer an option during the seventy two (72) hour period following delivery of such
notice to purchase the securities being offered in the Future Offering on the same terms as contemplated by such Future Offering
(the limitations referred to in this sentence and the preceding sentence are collectively referred to as the “Right of First
Refusal”) (and subject to the exceptions described below), the Company will not conduct any equity (or debt with an equity
component) financing in an amount less than $100,000 (“Future Offering(s)”) during the period beginning on the Closing
Date and ending six (6) months following the Closing Date. Notwithstanding anything contained herein to the contrary, the Company
shall not consummate any Future Offering with an investor, or an affiliate of such investor (collectively “Prospective Investor”),
identified on an ROFR Notice whereby the Buyer exercised its Right of First Refusal for a period of forty (45) days following such
exercise; and any subsequent offer by a Prospective Investor is subject to this Section 4(d) and the Right of First Refusal. In
the event the terms and conditions of a proposed Future Offering are amended in any respect after delivery of the notice to the
Buyer concerning the proposed Future Offering, the Company shall deliver a new notice to the Buyer describing the amended terms
and conditions of the proposed Future Offering and the Buyer thereafter shall have an option during the seventy two (72) hour period
following delivery of such new notice to purchase its pro rata share of the securities being offered on the same terms as contemplated
by such proposed Future Offering, as amended. The foregoing sentence shall apply to successive amendments to the terms and conditions
of any proposed Future Offering. The Right of First Refusal shall not apply to any transaction involving (i) issuances of securities
in a firm commitment underwritten public offering (excluding a continuous offering pursuant to Rule 415 under the 1933 Act) or
(ii) issuances of securities as consideration for a merger, consolidation or purchase of assets, or in connection with any strategic
partnership or joint venture (the primary purpose of which is not to raise equity capital), or in connection with the disposition
or acquisition of a business, product or license by the Company. The Right of First Refusal also shall not apply to the issuance
of securities upon exercise or conversion of the Company’s options, warrants or other convertible securities outstanding
as of the date hereof or to the grant of additional options or warrants, or the issuance of additional securities, under any Company
stock option or restricted stock plan approved by the shareholders of the Company.

 

    	14

    	 

    

  

e.           Expenses.
At the Closing, the Company shall reimburse Buyer for expenses incurred by them in connection with the negotiation, preparation,
execution, delivery and performance of this Agreement and the other agreements to be executed in connection herewith (“Documents”),
including, without limitation, reasonable attorneys’ and consultants’ fees and expenses, transfer agent fees, fees
for stock quotation services, fees relating to any amendments or modifications of the Documents or any consents or waivers of provisions
in the Documents, fees for the preparation of opinions of counsel, escrow fees, and costs of restructuring the transactions contemplated
by the Documents. When possible, the Company must pay these fees directly, otherwise the Company must make immediate payment for
reimbursement to the Buyer for all fees and expenses immediately upon written notice by the Buyer or the submission of an invoice
by the Buyer. The Company’s obligation with respect to this transaction is to reimburse Buyer’ expenses shall be $4,000.00.

 

f.            Financial
Information. Upon written request the Company agrees to send or make available the following reports to the Buyer until
the Buyer transfers, assigns, or sells all of the Securities: (i) within ten (10) days after the filing with the SEC, a copy of
its Annual Report on Form 10-K its Quarterly Reports on Form 10-Q and any Current Reports on Form 8-K; (ii) within one (1) day
after release, copies of all press releases issued by the Company or any of its Subsidiaries; and (iii) contemporaneously with
the making available or giving to the shareholders of the Company, copies of any notices or other information the Company makes
available or gives to such shareholders.

 

g.           [INTENTIONALLY
DELETED]

 

h.           Listing.
The Company shall promptly secure the listing of the Conversion Shares upon each national securities exchange or automated quotation
system, if any, upon which shares of Common Stock are then listed (subject to official notice of issuance) and, so long as the
Buyer owns any of the Securities, shall maintain, so long as any other shares of Common Stock shall be so listed, such listing
of all Conversion Shares from time to time issuable upon conversion of the Note. The Company will obtain and, so long as the Buyer
owns any of the Securities, maintain the listing and trading of its Common Stock on the OTCBB or any equivalent replacement exchange
or electronic quotation system (including but not limited to the Pink Sheets electronic quotation system) and will comply in all
respects with the Company’s reporting, filing and other obligations under the bylaws or rules of the Financial Industry Regulatory
Authority (“FINRA”) and such exchanges, as applicable. The Company shall promptly provide to the Buyer copies of any
notices it receives from the OTCBB and any other exchanges or electronic quotation systems on which the Common Stock is then traded
regarding the continued eligibility of the Common Stock for listing on such exchanges and quotation systems.

 

    	15

    	 

    

  

i.            Corporate
Existence. So long as the Buyer beneficially owns any Note, the Company shall maintain its corporate existence and shall
not sell all or substantially all of the Company’s assets, except in the event of a merger or consolidation or sale of all
or substantially all of the Company’s assets, where the surviving or successor entity in such transaction (i) assumes the
Company’s obligations hereunder and under the agreements and instruments entered into in connection herewith and (ii) is
a publicly traded corporation whose Common Stock is listed for trading on the Pink Sheets, OTCQX, OTCBB, Nasdaq, Nasdaq SmallCap,
NYSE or AMEX.

 

j.            No
Integration. The Company shall not make any offers or sales of any security (other than the Securities) under circumstances
that would require registration of the Securities being offered or sold hereunder under the 1933 Act or cause the offering of the
Securities to be integrated with any other offering of securities by the Company for the purpose of any stockholder approval provision
applicable to the Company or its securities.

 

k.          Breach
of Covenants. If the Company breaches any of the covenants set forth in this Section 4, and in addition to any other
remedies available to the Buyer pursuant to this Agreement, it will be considered an event of default under Section 3.4 of the
Note.

 

l.          Failure
to Comply with the 1934 Act. So long as the Buyer beneficially owns the Note, the Company shall comply with the reporting
requirements of the 1934 Act; and the Company shall continue to be subject to the reporting requirements of the 1934Act.

 

m.         Trading
Activities. Neither the Buyer nor its affiliates has an open short position in the common stock of the Company and the
Buyer agree that it shall not, and that it will cause its affiliates not to, engage in any short sales of or hedging transactions
with respect to the common stock of the Company.

 

    	16

    	 

    

  

5.          Transfer
Agent Instructions. The Company shall issue irrevocable instructions to its transfer agent to issue certificates, registered
in the name of the Buyer or its nominee, for the Conversion Shares in such amounts as specified from time to time by the Buyer
to the Company upon conversion of the Note in accordance with the terms thereof (the “Irrevocable Transfer Agent Instructions”).
In the event that the Borrower proposes to replace its transfer agent, the Borrower shall provide, prior to the effective date
of such replacement, a fully executed Irrevocable Transfer Agent Instructions in a form as initially delivered pursuant to the
Purchase Agreement (including but not limited to the provision to irrevocably reserve shares of Common Stock in the Reserved Amount)
signed by the successor transfer agent to Borrower and the Borrower. Prior to registration of the Conversion Shares under the 1933
Act or the date on which the Conversion Shares may be sold pursuant to Rule 144 without any restriction as to the number of Securities
as of a particular date that can then be immediately sold, all such certificates shall bear the restrictive legend specified in
Section 2(g) of this Agreement. The Company warrants that: (i) no instruction other than the Irrevocable Transfer Agent Instructions
referred to in this Section 5, and stop transfer instructions to give effect to Section 2(f) hereof (in the case of the Conversion
Shares, prior to registration of the Conversion Shares under the 1933 Act or the date on which the Conversion Shares may be sold
pursuant to Rule 144 without any restriction as to the number of Securities as of a particular date that can then be immediately
sold), will be given by the Company to its transfer agent and that the Securities shall otherwise be freely transferable on the
books and records of the Company as and to the extent provided in this Agreement and the Note; (ii) it will not direct its transfer
agent not to transfer or delay, impair, and/or hinder its transfer agent in transferring (or issuing)(electronically or in certificated
form) any certificate for Conversion Shares to be issued to the Buyer upon conversion of or otherwise pursuant to the Note as and
when required by the Note and this Agreement; and (iii) it will not fail to remove (or directs its transfer agent not to remove
or impairs, delays, and/or hinders its transfer agent from removing) any restrictive legend (or to withdraw any stop transfer instructions
in respect thereof) on any certificate for any Conversion Shares issued to the Buyer upon conversion of or otherwise pursuant to
the Note as and when required by the Note and this Agreement. Nothing in this Section shall affect in any way the Buyer’s
obligations and agreement set forth in Section 2(g) hereof to comply with all applicable prospectus delivery requirements, if any,
upon re-sale of the Securities. If the Buyer provides the Company, at the cost of the Buyer, with (i) an opinion of counsel in
form, substance and scope customary for opinions in comparable transactions, to the effect that a public sale or transfer of such
Securities may be made without registration under the 1933 Act and such sale or transfer is effected or (ii) the Buyer provides
reasonable assurances that the Securities can be sold pursuant to Rule 144, the Company shall permit the transfer, and, in the
case of the Conversion Shares, promptly instruct its transfer agent to issue one or more certificates, free from restrictive legend,
in such name and in such denominations as specified by the Buyer. The Company acknowledges that a breach by it of its obligations
hereunder will cause irreparable harm to the Buyer, by vitiating the intent and purpose of the transactions contemplated hereby.
Accordingly, the Company acknowledges that the remedy at law for a breach of its obligations under this Section 5 may be inadequate
and agrees, in the event of a breach or threatened breach by the Company of the provisions of this Section, that the Buyer shall
be entitled, in addition to all other available remedies, to an injunction restraining any breach and requiring immediate transfer,
without the necessity of showing economic loss and without any bond or other security being required.

 

    	17

    	 

    

  

6.           Conditions
to the Company’s Obligation to Sell. The obligation of the Company hereunder to issue and sell the Note to the
Buyer at the Closing is subject to the satisfaction, at or before the Closing Date of each of the following conditions thereto,
provided that these conditions are for the Company’s sole benefit and may be waived by the Company at any time in its sole
discretion:

 

a.           The
Buyer shall have executed this Agreement and delivered the same to the Company.

 

b.           The
Buyer shall have delivered the Purchase Price in accordance with Section 1(b) above.

 

c.           The
representations and warranties of the Buyer shall be true and correct in all material respects as of the date when made and as
of the Closing Date as though made at that time (except for representations and warranties that speak as of a specific date), and
the Buyer shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required
by this Agreement to be performed, satisfied or complied with by the Buyer at or prior to the Closing Date.

 

d.           No
litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority
over the matters contemplated hereby which prohibits the consummation of any of the transactions contemplated by this Agreement.

 

7.           Conditions
to The Buyer’s Obligation to Purchase. The obligation of the Buyer hereunder to purchase the Note at the Closing
is subject to the satisfaction, at or before the Closing Date of each of the following conditions, provided that these conditions
are for the Buyer’s sole benefit and may be waived by the Buyer at any time in its sole discretion:

 

a.           The
Company shall have executed this Agreement and delivered the same to the Buyer.

 

b.           The
Company shall have delivered to the Buyer the duly executed Note (in such denominations as the Buyer shall request) in accordance
with Section 1(b) above.

 

c.           The
Irrevocable Transfer Agent Instructions, in form and substance satisfactory to a majority-in-interest of the Buyer, shall have
been delivered to and acknowledged in writing by the Company’s Transfer Agent.

 

    	18

    	 

    

  

d.           The
representations and warranties of the Company shall be true and correct in all material respects as of the date when made and as
of the Closing Date as though made at such time (except for representations and warranties that speak as of a specific date) and
the Company shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions
required by this Agreement to be performed, satisfied or complied with by the Company at or prior to the Closing Date. The Buyer
shall have received a certificate or certificates, executed by the chief executive officer of the Company, dated as of the Closing
Date, to the foregoing effect and as to such other matters as may be reasonably requested by the Buyer including, but not limited
to certificates with respect to the Company’s Certificate of Incorporation, By-laws and Board of Directors’ resolutions
relating to the transactions contemplated hereby.

 

e.           No
litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority
over the matters contemplated hereby which prohibits the consummation of any of the transactions contemplated by this Agreement.

 

f.            No
event shall have occurred which could reasonably be expected to have a Material Adverse Effect on the Company including but not
limited to a change in the 1934 Act reporting status of the Company or the failure of the Company to be timely in its 1934 Act
reporting obligations.

 

g.           The
Conversion Shares shall have been authorized for quotation on the OTCBB and trading in the Common Stock on the OTCBB shall not
have been suspended by the SEC or the OTCBB.

 

h.           The
Buyer shall have received an officer’s certificate described in Section 3(c) above, dated as of the Closing Date.

 

    	19

    	 

    

  

8.           Governing
Law: Miscellaneous.

 

a.           Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York without
regard to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated
by this Agreement shall be brought only in the state courts of New York or in the federal courts located in the state and county
of Nassau. The parties to this Agreement hereby irrevocably waive any objection to jurisdiction and venue of any action instituted
hereunder and shall not assert any defense based on lack of jurisdiction or venue or
based upon forum non conveniens.
The Company and Buyer waive trial by jury. The prevailing party shall be entitled to recover from the other party its reasonable
attorney's fees and costs. In the event that any provision of this Agreement or any other agreement delivered in connection herewith
is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the
extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision
which may prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision
of any agreement. Each party hereby irrevocably waives personal service of process and consents to process being served in any
suit, action or proceeding in connection with this Agreement or any other Transaction Document by mailing a copy thereof via registered
or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under
this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing
contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law.

 

b.           Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of which shall constitute
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other
party.

 

c.           Headings.
The headings of this Agreement are for convenience of reference only and shall not form part of, or affect the interpretation of,
this Agreement.

 

d.           Severability.
In the event that any provision of this Agreement is invalid or unenforceable under any applicable statute or rule of law, then
such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform
with such statute or rule of law. Any provision hereof which may prove invalid or unenforceable under any law shall not affect
the validity or enforceability of any other provision hereof.

 

e.           Entire
Agreement; Amendments. This Agreement and the instruments referenced herein contain the entire understanding of the
parties with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither
the Company nor the Buyer makes any representation, warranty, covenant or undertaking with respect to such matters. No provision
of this Agreement may be waived or amended other than by an instrument in writing signed by the majority in interest of the Buyer.

 

    	20

    	 

    

  

f.            Notices.
All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing
and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return
receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted
by hand delivery, telegram, or facsimile, addressed as set forth below or to such other address as such party shall have specified
most recently by written notice. Any notice or other communication required or permitted to be given hereunder shall be deemed
effective (a) upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting facsimile machine,
at the address or number designated below (if delivered on a business day during normal business hours where such notice is to
be received), or the first business day following such delivery (if delivered other than on a business day during normal business
hours where such notice is to be received) or (b) on the second business day following the date of mailing by express courier service,
fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur. The addresses for
such communications shall be:

 

If
to the Company, to:

UBIQUITY,
INC.

9801
Research Drive

Irvine,
CA 92618

Attn:
CHRISTOPHER CARMICHAEL, Chief Executive Officer

facsimile:
[enter fax number]

 

With
a copy by fax only to (which copy shall not constitute notice):

[enter
name of law firm]

Attn:
[attorney name]

[enter
address line 1]

[enter
city, state, zip]

facsimile:
[enter fax number]

 

If
to the Buyer:

KBM
WORLDWIDE, INC.

80
Cuttermill Road – Suite 410

Great
Neck, NY 11021

Attn:
Seth Kramer, President

e-mail:
info@kwbmlaw.com

 

With
a copy by fax only to (which copy shall not constitute notice):

Naidich
Wurman Birnbaum & Maday LLP

Att:
Judah A. Eisner, Esq.

Attn:
Bernard S. Feldman, Esq.

facsimile:
516-466-3555

e-mail:
dyork@nwbmlaw.com

 

Each
party shall provide notice to the other party of any change in address.

 

    	21

    	 

    

  

g.           Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and assigns.
Neither the Company nor the Buyer shall assign this Agreement or any rights or obligations hereunder without the prior written
consent of the other. Notwithstanding the foregoing, subject to Section 2(f), the Buyer may assign its rights hereunder to any
person that purchases Securities in a private transaction from the Buyer or to any of its “affiliates,” as that term
is defined under the 1934 Act, without the consent of the Company.

 

h.           Third
Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective permitted
successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other person.

 

i.            Survival.
The representations and warranties of the Company and the agreements and covenants set forth in this Agreement shall survive the
closing hereunder notwithstanding any due diligence investigation conducted by or on behalf of the Buyer. The Company agrees to
indemnify and hold harmless the Buyer and all their officers, directors, employees and agents for loss or damage arising as a result
of or related to any breach or alleged breach by the Company of any of its representations, warranties and covenants set forth
in this Agreement or any of its covenants and obligations under this Agreement, including advancement of expenses as they are incurred.

 

j.            Publicity. The Company, and the
Buyer shall have the right to review a reasonable period of time before issuance of any press releases, SEC, OTCBB or FINRA filings,
or any other public statements with respect to the transactions contemplated hereby; provided,
however, that the Company shall
be entitled, without the prior approval of the Buyer, to make any press release or SEC, OTCBB (or other applicable trading market)
or FINRA filings with respect to such transactions as is required by applicable law and regulations (although the Buyer shall be
consulted by the Company in connection with any such press release prior to its release and shall be provided with a copy thereof
and be given an opportunity to comment thereon).

 

k.          Further
Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and
shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably
request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions
contemplated hereby.

 

l.          No
Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to
express their mutual intent, and no rules of strict construction will be applied against any party.

 

    	22

    	 

    

  

m.           Remedies.
The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Buyer by vitiating
the intent and purpose of the transaction contemplated hereby. Accordingly, the Company acknowledges that the remedy at law for
a breach of its obligations under this Agreement will be inadequate and agrees, in the event of a breach or threatened breach by
the Company of the provisions of this Agreement, that the Buyer shall be entitled, in addition to all other available remedies
at law or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing
or curing any breach of this Agreement and to enforce specifically the terms and provisions hereof, without the necessity of showing
economic loss and without any bond or other security being required.

 

IN
WITNESS WHEREOF, the undersigned Buyer and the Company have caused this Agreement to be duly executed as of the date first above
written.

 

	UBIQUITY, INC.	 
	 	 	 
	By:	/s/ CHRISTOPHER CARMICHAEL	 
	 	CHRISTOPHER CARMICHAEL	 
	 	Chief Executive Officer	 

 

	KBM WORLDWIDE, INC.	 
	 	 
	By: 	                	 
	Name: Seth Kramer	 
	Title: President	 
	80 Cuttermill Road – Suite 410	 
	Great Neck, NY 11021	 

 

	AGGREGATE SUBSCRIPTION AMOUNT:	 

 

	Aggregate Principal Amount of Note:	 	$	204,000.00	 
	 	 	 	 	 
	Aggregate Purchase Price:	 	$	204,000.00	 

 

	Tranche #1    K-1403 (UBIQ)	 
	November 12, 2014	 
	cc@ubiquity.com	 

 

    	23Exhibit 4.1

 Exhibit 4.1 

SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

dated as of 
 November 20,
2014 
 among 
 TREX COMPANY,
INC., 
 as Borrower, 
 The
Lenders Listed Herein 
 and 

BRANCH BANKING AND TRUST COMPANY, 

as Administrative Agent, Swing Line Lender and Letter of Credit Issuer 

and 
 BB&T CAPITAL MARKETS,

 as Lead Arranger 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE I DEFINITIONS	  	 	1	  
	 SECTION 1.01.
	 	Definitions	  	 	1	  
	 SECTION 1.02.
	 	Accounting Terms and Determinations	  	 	27	  
	 SECTION 1.03.
	 	Use of Defined Terms	  	 	28	  
	 SECTION 1.04.
	 	Terms Generally	  	 	28	  
		
	ARTICLE II THE CREDIT	  	 	29	  
	 SECTION 2.01.
	 	Commitments to Make Advances	  	 	29	  
	 SECTION 2.02.
	 	Method of Borrowing Advances	  	 	30	  
	 SECTION 2.03.
	 	Conversion Elections	  	 	31	  
	 SECTION 2.04.
	 	Notes	  	 	31	  
	 SECTION 2.05.
	 	Maturity of Advances	  	 	32	  
	 SECTION 2.06.
	 	Interest Rates	  	 	32	  
	 SECTION 2.07.
	 	Fees	  	 	34	  
	 SECTION 2.08.
	 	Termination or Reduction of Commitments	  	 	36	  
	 SECTION 2.09.
	 	Termination of Commitments on the Termination Date	  	 	36	  
	 SECTION 2.10.
	 	Optional Prepayments	  	 	36	  
	 SECTION 2.11.
	 	Mandatory Prepayments	  	 	37	  
	 SECTION 2.12.
	 	General Provisions as to Payments	  	 	38	  
	 SECTION 2.13.
	 	Computation of Interest and Fees	  	 	42	  
	 SECTION 2.14.
	 	Increase to Revolver Commitments	  	 	42	  
	 SECTION 2.15.
	 	Defaulting Lenders	  	 	43	  
		
	ARTICLE III CONDITIONS TO BORROWINGS	  	 	46	  
	 SECTION 3.01.
	 	Conditions to Closing and First Borrowing	  	 	46	  
	 SECTION 3.02.
	 	Conditions to All Borrowings	  	 	49	  
		
	ARTICLE IV REPRESENTATIONS AND WARRANTIES	  	 	50	  
	 SECTION 4.01.
	 	Existence and Power	  	 	50	  
	 SECTION 4.02.
	 	Organizational and Governmental Authorization; No Contravention	  	 	50	  
	 SECTION 4.03.
	 	Binding Effect	  	 	50	  
	 SECTION 4.04.
	 	Financial Information	  	 	51	  
	 SECTION 4.05.
	 	Litigation	  	 	51	  
	 SECTION 4.06.
	 	Compliance with ERISA	  	 	51	  
	 SECTION 4.07.
	 	Payment of Taxes	  	 	52	  
	 SECTION 4.08.
	 	Subsidiaries	  	 	52	  
	 SECTION 4.09.
	 	Investment Company Act, Etc.	  	 	52	  
	 SECTION 4.10.
	 	All Consents Required	  	 	52	  
	 SECTION 4.11.
	 	Ownership of Property; Liens	  	 	52	  
	 SECTION 4.12.
	 	No Default or Event of Default	  	 	53	  
	 SECTION 4.13.
	 	Full Disclosure	  	 	53	  
	 SECTION 4.14.
	 	Environmental Matters	  	 	53	  
	 SECTION 4.15.
	 	Compliance with Laws	  	 	54	  
	 SECTION 4.16.
	 	Capital Securities	  	 	54	  
	 SECTION 4.17.
	 	Margin Stock	  	 	54	  

  
 - i - 

							
	 SECTION 4.18.
	 	Insolvency	  	 	54	  
	 SECTION 4.19.
	 	Security Documents	  	 	54	  
	 SECTION 4.20.
	 	Labor Matters	  	 	55	  
	 SECTION 4.21.
	 	Patents, Trademarks, Etc.	  	 	55	  
	 SECTION 4.22.
	 	Insurance	  	 	56	  
	 SECTION 4.23.
	 	Anti-Terrorism Laws	  	 	56	  
	 SECTION 4.24.
	 	Ownership Structure	  	 	56	  
	 SECTION 4.25.
	 	Reports Accurate; Disclosure	  	 	57	  
	 SECTION 4.26.
	 	Location of Offices	  	 	57	  
	 SECTION 4.27.
	 	Affiliate Transactions	  	 	57	  
	 SECTION 4.28.
	 	Broker’s Fees	  	 	57	  
	 SECTION 4.29.
	 	Survival of Representations and Warranties, Etc.	  	 	57	  
	 SECTION 4.30.
	 	Loans and Investments	  	 	58	  
	 SECTION 4.31.
	 	No Default or Event of Default	  	 	58	  
	 SECTION 4.32.
	 	USA PATRIOT ACT; OFAC	  	 	58	  
	 SECTION 4.33.
	 	Material Contracts	  	 	58	  
	 SECTION 4.34.
	 	No Burdensome Restrictions	  	 	59	  
		
	ARTICLE V COVENANTS	  	 	59	  
	 SECTION 5.01.
	 	Information	  	 	59	  
	 SECTION 5.02.
	 	Inspection of Property, Books and Records	  	 	62	  
	 SECTION 5.03.
	 	Capital Expenditures	  	 	62	  
	 SECTION 5.04.
	 	Sale/Leasebacks	  	 	63	  
	 SECTION 5.05.
	 	Financial Covenants	  	 	63	  
	 SECTION 5.06.
	 	Acquisitions	  	 	63	  
	 SECTION 5.07.
	 	Loans or Advances	  	 	64	  
	 SECTION 5.08.
	 	Restricted Payments	  	 	64	  
	 SECTION 5.09.
	 	Investments	  	 	65	  
	 SECTION 5.10.
	 	Negative Pledge	  	 	65	  
	 SECTION 5.11.
	 	Maintenance of Existence, etc.	  	 	66	  
	 SECTION 5.12.
	 	Dissolution	  	 	67	  
	 SECTION 5.13.
	 	Consolidations, Mergers and Sales of Assets	  	 	67	  
	 SECTION 5.14.
	 	Use of Proceeds	  	 	67	  
	 SECTION 5.15.
	 	Compliance with Laws; Payment of Taxes	  	 	68	  
	 SECTION 5.16.
	 	Insurance	  	 	68	  
	 SECTION 5.17.
	 	Change in Fiscal Year	  	 	68	  
	 SECTION 5.18.
	 	Maintenance of Property	  	 	69	  
	 SECTION 5.19.
	 	Environmental Notices	  	 	69	  
	 SECTION 5.20.
	 	Environmental Matters	  	 	69	  
	 SECTION 5.21.
	 	Environmental Release	  	 	69	  
	 SECTION 5.22.
	 	Additional Covenants, Etc.	  	 	69	  
	 SECTION 5.23.
	 	Transactions with Affiliates	  	 	70	  
	 SECTION 5.24.
	 	Joinder of Subsidiaries	  	 	70	  
	 SECTION 5.25.
	 	No Restrictive Agreement	  	 	71	  
	 SECTION 5.26.
	 	Partnerships and Joint Ventures	  	 	71	  
	 SECTION 5.27.
	 	Additional Debt	  	 	71	  
	 SECTION 5.28.
	 	Modifications of Organizational Documents	  	 	72	  

  
 - ii - 

							
	 SECTION 5.29.
	 	ERISA Exemptions	  	 	72	  
	 SECTION 5.30.
	 	Hedge Transactions	  	 	72	  
	 SECTION 5.31.
	 	Performance of Loan Documents	  	 	73	  
	 SECTION 5.32.
	 	Operating Leases	  	 	73	  
	 SECTION 5.33.
	 	Deposit Accounts	  	 	73	  
	 SECTION 5.34.
	 	Evidence of Insurance	  	 	73	  
	 SECTION 5.35.
	 	Further Assurances	  	 	73	  
	 SECTION 5.36.
	 	Specific Covenants Regarding the Excluded Subsidiary	  	 	74	  
		
	ARTICLE VI DEFAULTS	  	 	74	  
	 SECTION 6.01.
	 	Events of Default	  	 	74	  
	 SECTION 6.02.
	 	Notice of Default	  	 	77	  
	 SECTION 6.03.
	 	Cash Cover	  	 	77	  
	 SECTION 6.04.
	 	Allocation of Proceeds	  	 	78	  
		
	ARTICLE VII THE ADMINISTRATIVE AGENT	  	 	79	  
	 SECTION 7.01.
	 	Appointment and Authority	  	 	79	  
	 SECTION 7.02.
	 	Rights as a Lender	  	 	79	  
	 SECTION 7.03.
	 	Exculpatory Provisions	  	 	80	  
	 SECTION 7.04.
	 	Reliance by Administrative Agent	  	 	81	  
	 SECTION 7.05.
	 	Delegation of Duties	  	 	81	  
	 SECTION 7.06.
	 	Resignation or Removal of Administrative Agent	  	 	81	  
	 SECTION 7.07.
	 	Non-Reliance on Administrative Agent and Other Lenders	  	 	82	  
	 SECTION 7.08.
	 	No Other Duties, etc.	  	 	82	  
	 SECTION 7.09.
	 	Other Agents	  	 	83	  
	 SECTION 7.10.
	 	Collateral Matters	  	 	83	  
	 SECTION 7.11.
	 	Administrative Agent May File Proofs of Claim	  	 	84	  
		
	ARTICLE VIII CHANGE IN CIRCUMSTANCES; COMPENSATION	  	 	85	  
	 SECTION 8.01.
	 	Basis for Determining Interest Rate Inadequate or Unfair	  	 	85	  
	 SECTION 8.02.
	 	Illegality	  	 	85	  
	 SECTION 8.03.
	 	Increased Cost and Reduced Return	  	 	86	  
	 SECTION 8.04.
	 	Base Rate Advances Substituted for Affected Euro-Dollar Advances	  	 	87	  
		
	ARTICLE IX MISCELLANEOUS	  	 	88	  
	 SECTION 9.01.
	 	Notices Generally	  	 	88	  
	 SECTION 9.02.
	 	No Waivers	  	 	89	  
	 SECTION 9.03.
	 	Expenses; Indemnity; Damage Waiver	  	 	90	  
	 SECTION 9.04.
	 	Setoffs; Sharing of Set-Offs; Application of Payments	  	 	91	  
	 SECTION 9.05.
	 	Amendments and Waivers	  	 	93	  
	 SECTION 9.06.
	 	Margin Stock Collateral	  	 	94	  
	 SECTION 9.07.
	 	Successors and Assigns	  	 	94	  
	 SECTION 9.08.
	 	Confidentiality	  	 	97	  
	 SECTION 9.09.
	 	Representation by Lenders	  	 	97	  
	 SECTION 9.10.
	 	Obligations Several	  	 	97	  
	 SECTION 9.11.
	 	Survival of Certain Obligations	  	 	98	  
	 SECTION 9.12.
	 	Virginia Law	  	 	98	  
	 SECTION 9.13.
	 	Severability	  	 	98	  
	 SECTION 9.14.
	 	Interest	  	 	98	  

  
 - iii - 

							
	 SECTION 9.15.
	 	Interpretation	  	 	98	  
	 SECTION 9.16.
	 	Counterparts	  	 	98	  
	 SECTION 9.17.
	 	WAIVER OF JURY TRIAL; CONSENT TO JURISDICTION	  	 	99	  
	 SECTION 9.18.
	 	Independence of Covenants	  	 	99	  
	 SECTION 9.19.
	 	Electronic Transactions	  	 	99	  
	 SECTION 9.20.
	 	Patriot Act Notice	  	 	100	  
	 SECTION 9.21.
	 	Amendment and Restatement; References; Reaffirmation of Liens	  	 	100	  
		
	ARTICLE X GUARANTY	  	 	101	  
	 SECTION 10.01.
	 	Unconditional Guaranty	  	 	101	  
	 SECTION 10.02.
	 	Obligations Absolute	  	 	101	  
	 SECTION 10.03.
	 	Continuing Obligations; Reinstatement	  	 	103	  
	 SECTION 10.04.
	 	Additional Security, Etc.	  	 	104	  
	 SECTION 10.05.
	 	Information Concerning the Borrower	  	 	104	  
	 SECTION 10.06.
	 	Guarantors’ Subordination	  	 	105	  
	 SECTION 10.07.
	 	Waiver of Subrogation	  	 	105	  
	 SECTION 10.08.
	 	Enforcement	  	 	105	  
	 SECTION 10.09.
	 	Miscellaneous	  	 	105	  
	 SECTION 10.10.
	 	Keepwell	  	 	106	  
		
	ARTICLE XI LETTER OF CREDIT FACILITY	  	 	106	  
	 SECTION 11.01.
	 	Obligation to Issue	  	 	106	  
	 SECTION 11.02.
	 	Types and Amounts	  	 	106	  
	 SECTION 11.03.
	 	Conditions	  	 	107	  
	 SECTION 11.04.
	 	Issuance of Letters of Credit	  	 	107	  
	 SECTION 11.05.
	 	Reimbursement Obligations; Duties of the Letter of Credit Issuer	  	 	108	  
	 SECTION 11.06.
	 	Participations	  	 	109	  
	 SECTION 11.07.
	 	Payment of Reimbursement Obligations	  	 	110	  
	 SECTION 11.08.
	 	Compensation for Letters of Credit	  	 	111	  
	 SECTION 11.09.
	 	Defaulting Lenders and Cash Collateral	  	 	111	  
	 SECTION 11.10.
	 	Indemnification; Exoneration	  	 	112	  

 List of Exhibits 
  

			
	Exhibit A	  	Form of Notice of Borrowing
	Exhibit B	  	[Reserved]
	Exhibit C	  	Form of Revolver Notes
	Exhibit D	  	Form of Swing Advance Note
	Exhibit E	  	Form of Notice of Conversion
	Exhibit F	  	Closing Certificate
	Exhibit G	  	Officer’s Certificate
	Exhibit H	  	Form of Compliance Certificate
	Exhibit I	  	Margin and Fee Rate Report
	Exhibit J	  	Form of Joinder and Reaffirmation Agreement
	Exhibit K	  	Form of Assignment and Assumption
	Exhibit L	  	Form of Letter of Credit Notice

  
 - iv - 

 List of Schedules 
  

			
	Schedule 1.01	  	Exclusions From Net Income
	Schedule 4.05	  	Litigation
	Schedule 4.21	  	Intellectual Property Claims
	Schedule 4.24	  	Ownership Structure
	Schedule 4.27	  	Affiliate Transactions
	Schedule 4.30	  	Loans and Investments
	Schedule 4.33	  	Material Contracts
	Schedule 5.07	  	Loans or Advances
	Schedule 5.09	  	Investments
	Schedule 5.10	  	Liens
	Schedule 5.27	  	Additional Debt

  
 - v - 

 SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

THIS SECOND AMENDED AND RESTATED CREDIT AGREEMENT is dated as of November 20, 2014, among TREX COMPANY, INC., a Delaware corporation (the
“Borrower”); the LENDERS listed on the signature pages hereof (collectively, the “Lenders”); BRANCH BANKING AND TRUST COMPANY (“BB&T”), as Administrative Agent, Swing Line Lender and Letter of Credit Issuer; and
BB&T CAPITAL MARKETS (“BB&T-CM”), as Lead Arranger. 
 The Borrower, BB&T, as Administrative Agent, BB&T and Wells
Fargo Capital Finance, LLC (“Wells Fargo”), as collateral agents, and BB&T-CM, as Lead Arranger are parties to an Amended and Restated Credit Agreement dated as of January 6, 2012, as amended (the “Prior Credit
Agreement”), pursuant to which certain lenders have made certain credit facilities available to the Borrower. Contemporaneously with, but immediately prior to, the effectiveness of this Agreement, Wells Fargo has resigned as a collateral agent
under the Prior Credit Agreement, has assigned all of its right, title and interest as a collateral agent thereunder to BB&T and is no longer a Lender. 

The parties now desire to make certain modifications to such credit facilities as more particularly described herein. 

NOW, THEREFORE, in consideration of the premises and the mutual promises contained herein, the receipt and sufficiency of which consideration
are hereby acknowledged, the parties hereto hereby amend and restate the Prior Credit Agreement in its entirety, and agree as follows: 

ARTICLE I 

DEFINITIONS 
 SECTION 1.01.
Definitions. 
 In addition to other terms defined elsewhere in this Agreement (including in the preamble and the recitals hereto),
the terms as defined in this Section 1.01 shall, for all purposes of this Agreement and any amendment hereto (except as otherwise expressly provided or unless the context otherwise requires), have the meanings set forth herein: 

“Accounts” has the meaning set forth in the Security Agreement. 

“Acquisition” means any transaction or series of related transactions for the purpose of, or resulting in, directly or indirectly,
(a) the acquisition by the Borrower or any Subsidiary of all or substantially all of the assets of a Person (other than a Subsidiary) or of any business or division of a Person (other than a Subsidiary), (b) the acquisition by the Borrower
or any Subsidiary of more than 50% of any class of Voting Stock (or similar ownership interests) of any Person (provided that formation or organization of any Wholly-Owned Subsidiary shall not constitute an “Acquisition” to the extent that
the amount of the Investment in such entity is permitted under Sections 5.06 and 5.09), or (c) a merger, consolidation, amalgamation or other combination by the Borrower or any Subsidiary with another Person (other than a Subsidiary) if
the Borrower or such Subsidiary is the surviving entity; provided, that in any merger involving the Borrower, the Borrower must be the surviving entity. 

 “Additional Secured Obligations” means (a) the due and punctual payment (whether
at the stated maturity, by acceleration or otherwise) of all obligations (including any and all Hedging Obligations arising under Hedging Agreements and obligations which, but for the automatic stay under Section 362(a) of the Bankruptcy Code,
would become due), indebtedness and liabilities of the Borrower, now existing or hereafter incurred under, arising out of or in connection with any and all Hedging Agreements and any renewals, modifications or extensions thereof, and the due and
punctual performance and compliance by the Borrower with all of the terms, conditions and agreements contained in any Hedging Agreement and any renewals, modifications or extensions thereof; (b) the due and punctual payment and performance of
all indebtedness, liabilities and obligations of any one or more of the Loan Parties arising out of or relating to any Bank Products; and (c) the due and punctual payment and performance of all indebtedness, liabilities and obligations of any
one or more of the Loan Parties arising out of or relating to any Cash Management Services. 
 “Adjusted London InterBank Offered
Rate” applicable to any Interest Period means a rate per annum equal to the quotient obtained (rounded upwards, if necessary, to the next higher 1/100th of 1%) by dividing (i) the applicable London InterBank Offered Rate for such Interest
Period by (ii) 1.00 minus the Euro-Dollar Reserve Percentage. 
 “Administrative Agent” means BB&T, in its capacity as
administrative agent for the Lenders, and its successors and permitted assigns in such capacity. All references herein and in the other Loan Documents to the “Administrative Agent” shall include the Administrative Agent in its capacity as
a “collateral agent” or “Collateral Agent” under the Collateral Documents. 
 “Administrative Questionnaire”
means an Administrative Questionnaire in a form supplied by the Administrative Agent. 
 “Advances” means the Revolver Advances or
the Swing Advances, as the context may require. “Advance” means any one of such Advances, as the context may require. 

“Affiliate” of any Person means (i) any other Person which directly, or indirectly through one or more intermediaries, controls
such Person, (ii) any other Person which directly, or indirectly through one or more intermediaries, is controlled by or is under common control with such Person, or (iii) any other Person of which such Person owns, directly or indirectly,
10% or more of the common stock or equivalent equity interests. As used herein, the term “control” means possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether
through the ownership of voting securities, by contract or otherwise. 
 “Agreement” means this Second Amended and Restated Credit
Agreement, together with all amendments and supplements hereto. 
 “Applicable Fee Rate” has the meaning given such term in
Section 2.07(b). 

  
 - 2 - 

 “Applicable Laws” means all international, foreign, Federal, state and local statutes,
treaties, rules, guidelines, regulations, ordinances, codes, executive orders, and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the
enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority. 

“Applicable Margin” has the meaning set forth in Section 2.06(a). 

“Applicable Percentage” means with respect to any Lender, the percentage of the total Revolver Commitments represented by such
Lender’s Revolver Commitment. If the Revolver Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the Revolver Commitments most recently in effect, giving effect to any assignments. 

“Applicable Subsidiary” means any Subsidiary that is a Domestic Subsidiary or a Direct Foreign Subsidiary. 

“Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or
(c) an entity or an Affiliate of an entity that administers or manages a Lender. 
 “Assignment and Assumption” means an
assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required by Section 9.07), and accepted by the Administrative Agent, in substantially the form of Exhibit K
or any other form approved by the Administrative Agent. 
 “Bank Products” means any services or facilities provided to any Loan
Party by any Lender or any Affiliate thereof (but excluding Cash Management Services) with respect to (a) credit cards, (b) purchase cards, (c) merchant services constituting a line of credit, and/or (d) lockbox services. 

“Bankruptcy Code” means the United States Bankruptcy Reform Act of 1978 (11 U.S.C. §§101, et seq.), as amended from
time to time. 
 “Base Rate” means for any Base Rate Advance for any day, the rate per annum equal to the Prime Rate as of such
day. For purposes of determining the Base Rate for any day, changes in the Prime Rate shall be effective on the date of each such change. 

“Base Rate Advance” means, with respect to any Advance, such Advance when such Advance bears or is to bear interest at a rate based
upon the Base Rate. 
 “BB&T” means Branch Banking and Trust Company, and its successors. 

“Borrower” means Trex Company, Inc., a Delaware corporation, and its successors and permitted assigns. 

  
 - 3 - 

 “Borrowing” means a borrowing hereunder consisting of Advances made to the Borrower:
(i) at the same time by all of the Lenders, in the case of Revolver Advances, or (ii) by Swing Line Lender, in the case of Swing Advances. A Borrowing is a “Revolver Borrowing” if made pursuant to Section 2.01(a), or a
“Swing Line Borrowing” if made pursuant to Section 2.01(b). 
 “Capital Expenditures” means for any period the sum
of all capital expenditures incurred during such period by the Borrower and its Consolidated Subsidiaries, as determined in accordance with GAAP. 

“Capital Securities” means, with respect to any Person, any and all shares, interests (including membership interests and
partnership interests), participations or other equivalents (however designated, whether voting or non-voting) of such Person’s capital (including any instruments convertible into equity), whether now outstanding or issued after the Closing
Date. 
 “Cash Collateralize” means (a) to deposit cash with the Administrative Agent, or (b) to provide other credit
support reasonably satisfactory to the Administrative Agent, in each case as collateral for the Letter of Credit Obligations relating to such Letter of Credit (and the obligations of the Lenders to fund participations in respect of such Letter of
Credit Obligations), and in each case pursuant to documentation in form and substance reasonably satisfactory to the Administrative Agent. “Cash Collateral” shall have a meaning correlative to the foregoing and shall include such cash
collateral or other credit support. If at any time the Administrative Agent reasonably determines that any Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent, or that the total amount of such Cash
Collateral is less than the amount required by this Agreement, the Borrower will, within three (3) Domestic Business Days following the written request of the Administrative Agent, provide to the Administrative Agent additional Cash Collateral
in an amount sufficient to eliminate such deficiency. 
 “Cash Equivalents” means (a) direct obligations of the United States
or any agency thereof, or obligations guaranteed by the United States of any agency thereof, (b) prime commercial paper (rated A1 or better by Standard & Poor’s Rating Group or P1 or better by Moody’s Investors Service, Inc.)
with maturities of ninety (90) days or less, or (c) time deposits with, including certificates of deposit issued by, any office located in the United States of any bank or trust company which is organized under the laws of the United
States or any state thereof and has capital, surplus and undivided profits aggregating at least $250,000,000, provided in each case that such investment matures within one year from the date of acquisition thereof by the Borrower. 

“Cash Management Services” means any one or more of the following types of services or facilities provided to any Loan Party by any
Lender or any Affiliate thereof: (a) automated clearing house (ACH) transactions, (b) cash management services, including, without limitation, controlled disbursement services, treasury, depository, overdraft, and electronic funds transfer
services, (c) foreign exchange facilities, (d) credit or debit cards, and (e) merchant services not constituting a Bank Product. 

  
 - 4 - 

 “CERCLA” means the Comprehensive Environmental Response Compensation and Liability Act,
42 U.S.C. §9601 et seq. and its implementing regulations and amendments. 
 “CERCLIS” means the Comprehensive Environmental
Response Compensation and Liability Information System established pursuant to CERCLA. 
 “Change in Control” means the occurrence
after the Closing Date of any of the following: (i) any Person or two or more Persons acting in concert (excluding the Persons that are officers and directors of the Borrower on the Closing Date) shall have acquired beneficial ownership (within
the meaning of Rule 13d-3 of the Securities and Exchange Commission under the Securities Exchange Act of 1934) of 30% or more of the outstanding shares of the Voting Stock of the Borrower; or (ii) as of any date a majority of the board of
directors of the Borrower consists of individuals who were not either (A) directors of the Borrower as of the corresponding date of the previous year, (B) selected or nominated to become directors by the board of directors of the Borrower
of which a majority consisted of individuals described in clause (A), or (C) selected or nominated to become directors by the board of directors of the Borrower of which a majority consisted of individuals described in clause (A) and
individuals described in clause (B). 
 “Change of Law” means the occurrence, after the date of this Agreement, of any of the
following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental
Authority, or (c) the making or issuance of any rule, guideline or directive by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection
Act and all rules, guidelines or directives thereunder or issued in connection therewith and (y) all rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any
successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change of Law”, regardless of the date enacted, adopted or issued. 

“Closing Certificate” has the meaning set forth in Section 3.01(d). 

“Closing Date” means November 20, 2014. 

“Code” means the Internal Revenue Code of 1986, as amended, or any successor Federal tax code. Any reference to any provision of the
Code shall also be deemed to be a reference to any successor provision or provisions thereof. 
 “Collateral” means, collectively,
(a) (i) all of the present and future property and assets of the Borrower and each Guarantor including, but not limited to, machinery and equipment, inventory and other goods, accounts, accounts receivable, bank accounts, brokerage and
other securities accounts, deposit accounts, general intangibles, financial assets, investment property, license rights, patents, trademarks, copyrights, chattel paper, insurance proceeds, contract rights, hedge agreements, documents, instruments,
indemnification rights, tax refunds, and cash, (ii) 100% of the Capital Securities or equivalent equity interests of the current and future direct and indirect Domestic Subsidiaries; and (iii) 65% of the Capital Securities or

  
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equivalent equity interests of any current or future Foreign Subsidiaries; (b) any other property which secures all or any portion of the Secured Obligations pursuant to the Collateral
Documents; and (c) all proceeds of the foregoing. Notwithstanding the foregoing, the “Collateral” shall not include (1) any Capital Securities or equivalent equity interests in the Excluded Subsidiary, or (2) the Olive
Branch Property. 
 “Collateral Documents” means, collectively, the Security Agreement, the Nevada Deed of Trust, the Winchester
Deed of Trust, the Existing IP Security Agreements, any other IP Security Agreements, any Pledge Agreement and all other agreements (including control agreements), instruments and other documents, whether now existing or hereafter in effect,
pursuant to which any Loan Party shall grant or convey (or shall have granted or conveyed) to the Administrative Agent (on behalf of the Secured Parties) a Lien in, or any other Person shall acknowledge any such Lien in, property as security for all
or any portion of the Secured Obligations, as any of them may be amended, modified, restated or supplemented from time to time. 

“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any
successor statute. 
 “Compliance Certificate” has the meaning set forth in Section 5.01(d). 

“Consolidated Debt” means, as of any date of determination, the total of all Debt of the Borrower and its Consolidated Subsidiaries
outstanding on such date, (i) eliminating all offsetting debits and credits between the Borrower and its Consolidated Subsidiaries and all other items required to be eliminated in the course of the preparation of consolidated financial
statements of the Borrower and its Consolidated Subsidiaries in accordance with GAAP, (ii) subtracting an amount equal to the cash and Cash Equivalents in excess of $10,000,000 held by the Borrower on such date of determination, and
(iii) with respect to Debt incurred by the Borrower and/or any Consolidated Subsidiary (without duplication) in connection with any NMTC Transaction, (a) including the portion thereof constituting NMTC Put Option Debt, (b) excluding
the entire portion thereof constituting NMTC Excluded Debt if such NMTC Excluded Debt is unsecured, non-amortizing and subordinated to the Obligations in a manner reasonably satisfactory to the Administrative Agent, and (c) if such NMTC
Excluded Debt is secured, amortizing or not subordinated to the Obligations in a manner reasonably satisfactory to the Administrative Agent, or if any NMTC Recapture Event has occurred, only excluding the amount of any loans made by the Borrower
and/or such Consolidated Subsidiary in connection with such NMTC Transaction. Notwithstanding the foregoing, (A) all convertible debt shall be stated at its face amount and not the amount otherwise adjusted pursuant to the effect of FASB
APB 14-1, (B) in the event the Borrower shall Guarantee any Debt of a Consolidated Subsidiary incurred in connection with any NMTC Transaction, such Guarantee and such Debt shall not be double-counted. 

“Consolidated EBITDA” means, for any period of determination, the net income (excluding extraordinary non-cash gains and
extraordinary non-cash losses as determined in accordance with GAAP and excluding the Net Income Exclusions) plus interest, taxes, depreciation and amortization of the Borrower and its Consolidated Subsidiaries determined on a consolidated basis for
such period. 

  
 - 6 - 

 “Consolidated Net Income” means, for any period, the net income (or loss) of the
Borrower and its Consolidated Subsidiaries (excluding extraordinary non-cash gains and extraordinary non-cash losses as determined in accordance with GAAP and excluding the Net Income Exclusions) for such period, as set forth in the financial
statements required to be delivered pursuant to Sections 5.01(a) or (b) for such period. 
 “Consolidated Debt to
Consolidated EBITDA Ratio” means the ratio of Consolidated Debt to Consolidated EBITDA. 
 “Consolidated Subsidiary” means at
any date any Subsidiary or other entity the accounts of which, in accordance with GAAP, would be consolidated with those of the Borrower in its consolidated financial statements as of such date. 

“Controlled Group” means all members of a controlled group of corporations and all trades or businesses (whether or not
incorporated) under common control which, together with any Loan Party, are treated as a single employer under Section 414 of the Code. 

“Credit Party Expenses” means, without limitation: 

(a) all out-of-pocket expenses incurred by the Administrative Agent and its Affiliates (but excluding any such expenses
incurred by any other Lender) in connection with (i) the syndication of the credit facilities provided for herein, (ii) the preparation, negotiation, execution, delivery, administration and management of this Agreement and the other Loan
Documents, (iii) the preparation, negotiation, execution, delivery, administration and management of any amendments, modifications or waivers of the provisions of this Agreement and the other Loan Documents (whether or not the transactions
contemplated thereby shall be consummated), (iv) the enforcement or protection of the Administrative Agent’s and its Affiliates’ rights in connection with this Agreement or the Loan Documents or efforts to preserve, protect, collect,
or enforce the Collateral, (v) any workout, restructuring or negotiations in respect of the Obligations, and (vi) any bankruptcy or other insolvency proceeding concerning any Loan Party, in each case including without limitation
(1) the reasonable fees, charges and disbursements of separate counsel for the Administrative Agent, and of outside accountants, consultants, other advisors and appraisers for the Administrative Agent, (2) costs or expenses (including
taxes, and insurance premiums) required to be paid by the Administrative Agent under any of the Loan Documents, (3) fees or charges for photocopying, notarization, couriers and messengers, telecommunication, public record searches (including
tax lien, litigation, and UCC searches and including searches with the patent and trademark office, the copyright office, or the department of motor vehicles), filing, recording, publication, real estate surveys, real estate title policies and
endorsements and environmental audits, and (4) the costs of all related travel, meals and lodging; 
 (b) all fees and
expenses incurred by the Administrative Agent and its Affiliates in connection with audits and appraisals (including real estate and machinery and equipment appraisals) relating to any Loan Party or the Collateral; provided however that so long as
no Default has occurred and is continuing, “Credit Party Expenses” shall only include the fees and expenses incurred by the Administrative Agent and its Affiliates in connection with one such audit or appraisal during each calendar year;

  
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 (c) all other fees and expenses described in the Fee Letter; 

(d) with respect to the Letter of Credit Issuer and its Affiliates, all reasonable out-of-pocket expenses incurred in
connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder; and 

(e) all reasonable out-of-pocket expenses incurred by the Secured Parties who are not the Administrative Agent, the Letter of
Credit Issuer or any Affiliate of any of them, after the occurrence and during the continuance of an Event of Default. 
 “Debt”
of any Person means at any date, without duplication, (i) all obligations of such Person for borrowed money, (ii) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (iii) all obligations
of such Person to pay the deferred purchase price of property or services, except trade accounts payable arising in the ordinary course of business, (iv) all obligations of such Person as lessee under capital leases, (v) all obligations of
such Person to reimburse any bank or other Person in respect of amounts payable under a banker’s acceptance, (vi) all Redeemable Preferred Securities of such Person, (vii) all obligations (absolute or contingent) of such Person to
reimburse any bank or other Person in respect of amounts which are available to be drawn or have been drawn under a letter of credit or similar instrument, (viii) all Debt of others secured by a Lien on any asset of such Person, whether or not
such Debt is assumed by such Person, (ix) all Debt of others Guaranteed by such Person, (x) all obligations of such Person with respect to interest rate protection agreements, foreign currency exchange agreements or other hedging
agreements (valued as the termination value thereof computed in accordance with a method approved by the International Swap Dealers Association and agreed to by such Person in the applicable hedging agreement, if any), (xi) all obligations of
such Person under any synthetic lease, tax retention operating lease, sale and leaseback transaction, asset securitization, off-balance sheet loan or other off-balance sheet financing product, (xii) all obligations of such Person to purchase
securities or other property arising out of or in connection with the sale of the same or substantially similar securities or property, and (xiii) all obligations of such Person created or arising under any conditional sale or other title
retention agreement with respect to property acquired by such Person. The Debt of any Person shall include the Debt of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable
therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Debt provide that such Person is not liable therefor. 

“Debtor Relief Laws” means the Bankruptcy Code, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit
of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in effect. 

“Default” means any condition or event which constitutes an Event of Default or which with the giving of notice or lapse of time or
both would, unless cured or waived in writing, become an Event of Default. 

  
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 “Default Rate” means, on any day, the sum of 2% plus the Base Rate plus the Applicable
Margin. 
 “Defaulting Lender” means, subject to Section 2.15(f), any Lender that (a) has failed to (i) fund any
portion of the Advances, participations in Letter of Credit Obligations or participations in Swing Advances required to be funded by it hereunder within one Domestic Business Day of the date required to be funded by it hereunder, unless such failure
is the result of one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in writing by such Lender to the Administrative Agent and the Borrower) having
not been satisfied, or (ii) pay over to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within one Domestic Business Day of the date when due, unless the subject of a good faith dispute,
(b) has notified the Borrower, the Administrative Agent, the Letter of Credit Issuer or any Lender in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such
writing or public statement relates to such Lender’s obligation to fund an Advance hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together
with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three Business Days after written request by the Administrative Agent or the Borrower made in good
faith belief that such Lender will not comply with its prospective funding obligations hereunder, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder
(provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or has a direct or indirect parent
company that has, (i) become the subject of a proceeding under any Debtor Relief Law, or (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged
with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity; provided that a Lender shall not be a Defaulting
Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by any Governmental Authority so long as such ownership interest does not result in or provide such Lender
with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any
contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above shall be conclusive and binding absent manifest error,
and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.15(f)) upon delivery of written notice of such determination to the Borrower, the Letter of Credit Issuer and each Lender. 

“Direct Foreign Subsidiary” means any Foreign Subsidiary of a Loan Party or a Domestic Subsidiary not held through one or more
intermediate Subsidiaries. 
 “Disposition” or “Dispose” means the sale, transfer, license (other than any license of
intellectual property), lease or other disposition (including any Sale/Leaseback Transaction) of any property by any Loan Party or any Subsidiary thereof (or the granting of any 

  
 - 9 - 

 
option or other right to do any of the foregoing), including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and
claims associated therewith, but excluding the sale of Inventory as permitted by Section 5.13(d)(i). 
 “Dollars” or
“$” means dollars in lawful currency of the United States of America. 
 “Domestic Business Day” means any day except a
Saturday, Sunday or other day on which commercial banks in North Carolina are authorized or required by law to close. 
 “Domestic
Subsidiary” means any Subsidiary which is organized under the laws of any state or territory of the United States of America. 

“Eligible Assignee” means (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved Fund, and (d) any other
Person (other than a natural person) approved by (i) the Administrative Agent, and (ii) unless a Default or Event of Default has occurred and is continuing, the Borrower (each such approval not to be unreasonably withheld or delayed);
provided, that notwithstanding the foregoing, “Eligible Assignee” shall not include the Borrower, any of the Borrower’s Affiliates or Subsidiaries, any Defaulting Lender or any Affiliate of a Defaulting Lender. 

“Environmental Authority” means any foreign, federal, state, local or regional government that exercises any form of jurisdiction or
authority under any Environmental Requirement. 
 “Environmental Authorizations” means all licenses, permits, orders, approvals,
notices, registrations or other legal prerequisites for conducting the business of a Loan Party or any Subsidiary of a Loan Party required by any Environmental Requirement. 

“Environmental Judgments and Orders” means all judgments, decrees or orders arising from or in any way associated with any
Environmental Requirements, whether or not entered upon consent or written agreements with an Environmental Authority or other entity arising from or in any way associated with any Environmental Requirement, whether or not incorporated in a
judgment, decree or order. 
 “Environmental Laws” means any and all federal, state, local and foreign statutes, laws,
regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or other governmental restrictions relating to the environment or to emissions, discharges or releases of pollutants,
contaminants, petroleum or petroleum products, chemicals or industrial, toxic or hazardous substances or wastes into the environment, including, without limitation, ambient air, surface water, groundwater or land, or otherwise relating to the
manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of pollutants, contaminants, petroleum or petroleum products, chemicals or industrial, toxic or hazardous substances or wastes or the clean-up or other
remediation thereof. 
 “Environmental Liabilities” means any liabilities, whether accrued, contingent or otherwise, arising from
and in any way associated with any Environmental Requirements. 

  
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 “Environmental Notices” means notice from any Environmental Authority or by any other
person or entity, of possible or alleged noncompliance with or liability under any Environmental Requirement, including without limitation any complaints, citations, demands or requests from any Environmental Authority or from any other person or
entity for correction of any violation of any Environmental Requirement or any investigations concerning any violation of any Environmental Requirement. 

“Environmental Proceedings” means any judicial or administrative proceedings arising from or in any way associated with any
Environmental Requirement. 
 “Environmental Releases” means releases as defined in CERCLA or under any applicable federal, state
or local environmental law or regulation and shall include, in any event and without limitation, any release of petroleum or petroleum related products. 

“Environmental Requirements” means any legal requirement relating to health, safety or the environment and applicable to a Loan
Party, any Subsidiary of a Loan Party or the Properties, including but not limited to any such requirement under CERCLA or similar state legislation and all federal, state and local laws, ordinances, regulations, orders, writs, decrees and common
law. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, or any successor law and
all rules and regulations from time to time promulgated thereunder. Any reference to any provision of ERISA shall also be deemed to be a reference to any successor provision or provisions thereof. 

“Euro-Dollar Advance” means, with respect to any Advance, such Advance during Interest Periods when such Advance bears or is to bear
interest at a rate based upon the London InterBank Offered Rate. 
 “Euro-Dollar Business Day” means any Domestic Business Day on
which dealings in Dollar deposits are carried out in the London interbank market. 
 “Euro-Dollar Reserve Percentage” means, for
any day, that percentage (expressed as a decimal) which is in effect on such day, as prescribed by the Board of Governors of the Federal Reserve System (or any successor) for determining the maximum reserve requirement for a member bank of the
Federal Reserve System in respect of “Eurocurrency liabilities” (or in respect of any other category of liabilities which includes deposits by reference to which the interest rate on any Euro-Dollar Advance is determined or any category of
extensions of credit or other assets which includes loans by a non-United States office of any Lender to United States residents). The Adjusted London InterBank Offered Rate shall be adjusted automatically on and as of the effective date of any
change in the Euro-Dollar Reserve Percentage. 
 “Event of Default” has the meaning set forth in Section 6.01. 

“Excess Liquidity” means, as of any date of determination thereof by the Administrative Agent, the sum of (a) the
Borrower’s unrestricted cash and Cash Equivalents which are subject to a first priority (and exclusive) Lien in favor of the Administrative Agent, plus (b) an amount equal to the remainder of (i) the aggregate Revolver Commitments
minus 

  
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(ii) the sum of (A) the aggregate outstanding principal amount of all Revolver Advances, Swing Advances and Letter of Credit Obligations, plus (B) the aggregate amount, if any, of
all trade payables of the Borrower aged in excess of historical levels with respect thereto and all book overdrafts of the Borrower in excess of historical practices with respect thereto, in each case as determined by the Administrative Agent in its
Permitted Discretion. 
 “Excess Liquidity Requirement” means $40,000,000. 

“Excluded Subsidiary” means Trex Wood-Polymer Espana, S.L. 

“Excluded Swap Obligation” means, with respect to any Person, any Regulated Swap Obligation if, and to the extent that, all or a
portion of the Guarantee of such Person of, or the grant by such Person of a security interest to secure, such Regulated Swap Obligation (or any Guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or
order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Person’s failure for any reason to constitute an “eligible contract participant” as defined in the
Commodity Exchange Act and the regulations thereunder at the time the Guarantee of such Person or the grant of such security interest becomes effective with respect to such Regulated Swap Obligation. If a Regulated Swap Obligation arises under a
master agreement governing more than one swap, such exclusion shall apply only to the portion of such Regulated Swap Obligation that is attributable to swaps for which such Guarantee or security interest is or becomes illegal. 

“Excluded Taxes” means, with respect to the Administrative Agent, any Lender or any other recipient of any payment to be made by or
on account of any obligation of the Borrower hereunder, (a) taxes imposed on or measured by its overall net income (however denominated), and franchise taxes imposed on it (in lieu of net income taxes), by the jurisdiction (or any political
subdivision thereof) under the laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable lending office is located, (b) any branch profits taxes imposed by the
United States of America or any similar tax imposed by any other jurisdiction in which the Borrower is located and (c) in the case of a Foreign Lender, any withholding tax that is imposed on amounts payable to such Foreign Lender at the time
such Foreign Lender becomes a party hereto (or designates a new lending office) or is attributable to such Foreign Lender’s failure or inability (other than as a result of a Change of Law) to comply with Section 2.12(e), except to the
extent that such Foreign Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from the Borrower with respect to such withholding tax pursuant to
Section 2.12(e). 
 “Existing IP Security Agreements” means, collectively, (i) the IP Security Agreement (Patents) dated
as of November 4, 2009, filed with the USPTO on November 6, 2009, (ii) the IP Security Agreement (Patents) dated as of January 6, 2012, filed with the USPTO on January 12, 2012, (iii) the IP Security Agreement
(Trademarks) dated as of November 4, 2009, filed with the USPTO on November 6, 2009, (ii) the IP Security Agreement (Trademarks) dated as of January 6, 2012, filed with the USPTO on January 12, 2012 

  
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 “Existing Letter of Credit” means the following existing letter of credit issued by the
Letter of Credit Issuer for the account of the Borrower: account number 9531192556-00168 (in the stated amount of $108,756). 

“Extraordinary Receipt” means any cash received by or paid to or for the account of any Loan Party or any Subsidiary thereof not in
the ordinary course of business, including tax refunds not in the ordinary course of business, pension plan reversions, proceeds of insurance (other than proceeds of business interruption insurance to the extent such proceeds constitute compensation
for lost earnings), condemnation awards (and payments in lieu thereof), indemnity payments and any purchase price adjustments related to Acquisitions. Notwithstanding the foregoing, “Extraordinary Receipt” (i) shall not include the
first $250,000 in such cash received during any Fiscal Year, (ii) provided the aggregate amount of such cash received during any Fiscal Year does not exceed $800,000, shall not include such cash received during such Fiscal Year in the amount of
$50,000 or less with respect to any individual occurrence, and (iii) if the aggregate amount of such cash received during any Fiscal Year exceeds $800,000, shall include all such cash received in excess of $800,000 during such Fiscal
Year, regardless of the amount per occurrence. 
 “Facing Fee” has the meaning given such term in Section 2.07(d). 

“FASB” means the Financial Accounting Standards Board. 

“Fee Determination Date” has the meaning given such term in Section 2.07(b). 

“Fee Letter” means that certain letter agreement dated September 2, 2014, among the Administrative Agent, the Lead Arranger and
the Borrower, relating to the terms of this Agreement, and certain fees from time to time payable by the Borrower to the Lead Arranger, the Lenders and the Administrative Agent, together with all amendments and modifications thereto. 

“Financing” means (i) any transaction or series of transactions for the incurrence by a Loan Party of any Debt or for the
establishment of a commitment to make advances which would constitute Debt of a Loan Party and not by its terms subordinate and junior to other Debt of a Loan Party, (ii) an obligation incurred in a transaction or series of transactions in
which assets of a Loan Party are sold and leased back, or (iii) a sale of accounts or other receivables or any interest therein. 

“Fiscal Quarter” means any fiscal quarter of the Borrower. 

“Fiscal Year” means any fiscal year of the Borrower. 

“Fixed Charge Coverage Ratio” means, as of any date of measurement, the ratio of (i) the sum of Consolidated EBITDA for the
four-quarter period ending on such date minus cash taxes for such four-quarter period minus Capital Expenditures for such four-quarter period minus Restricted Payments (other than those described in clause (ii) of the definition thereof) made
in cash for such four-quarter period, to (ii) the sum of current maturities of long-term debt of the Borrower and its Consolidated Subsidiaries for such four-quarter period and consolidated interest expense for such four-quarter period, in each
case as measured for Borrower and its Consolidated Subsidiaries on a consolidated basis in accordance with GAAP. Notwithstanding 

  
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the foregoing, (1) with respect to debt incurred by the Borrower and/or any Consolidated Subsidiary (without duplication) in connection with any NMTC Transaction, (a) clause (ii)
above shall include the portion thereof constituting NMTC Put Option Debt, (b) clause (ii) above shall exclude the entire portion thereof constituting NMTC Excluded Debt if such NMTC Excluded Debt is unsecured, non-amortizing and
subordinated to the Obligations in a manner reasonably satisfactory to the Administrative Agent, and (c) if such NMTC Excluded Debt is secured, amortizing or not subordinated to the Obligations in a manner reasonably satisfactory to the
Administrative Agent, or if any NMTC Recapture Event has occurred, clause (ii) above shall only exclude the amount of any loans made by the Borrower and/or such Consolidated Subsidiary in connection with such NMTC Transaction, and (2) in
the event the Borrower shall guarantee any debt of a Consolidated Subsidiary incurred in connection with any NMTC Transaction, such guarantee and such debt shall not be double-counted. 

“Foreign Lender” means any Lender that is organized under the laws of a jurisdiction other than that in which the Borrower is
resident for tax purposes. For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction. 

“Foreign Subsidiary” means any Subsidiary which is not a Domestic Subsidiary. 

“Frederick County Clerk’s Office” means the Clerk’s Office of the Circuit Court for Frederick County, Virginia. 

“Fronting Exposure” means, at any time there is a Defaulting Lender, (a) with respect to the Letter of Credit Issuer, such
Defaulting Lender’s Applicable Percentage of the outstanding Letter of Credit Obligations with respect to Letters of Credit issued hereunder (other than Letter of Credit Obligations as to which such Defaulting Lender’s participation
obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof), and (b) with respect to the Swing Line Lender, such Defaulting Lender’s Applicable Percentage of outstanding Swing Advances made
hereunder (other than Swing Advances as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders in accordance with the terms hereof). 

“Fund” means any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise
investing in commercial loans and similar extensions of credit in the ordinary course of its business. 
 “GAAP” means generally
accepted accounting principles as in effect from time to time in the United States of America, applied on a basis consistent with those which, in accordance with Section 1.02, are to be used in making the calculations for purposes of
determining compliance with the terms of this Agreement. 
 “Governmental Authority” means the government of the United States of
America or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing,
regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). 

  
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 “Guarantee” by any Person means any obligation, contingent or otherwise, of such Person
directly or indirectly guaranteeing any Debt or other obligation of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person (i) to secure, purchase or
pay (or advance or supply funds for the purchase or payment of) such Debt or other obligation (whether arising by virtue of partnership arrangements, by agreement to keep-well, to purchase assets, goods, securities or services, to provide collateral
security, to take-or-pay, or to maintain financial statement conditions or otherwise) or (ii) entered into for the purpose of assuring in any other manner the obligee of such Debt or other obligation of the payment thereof or to protect such
obligee against loss in respect thereof (in whole or in part); provided, that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business. The term “Guarantee” used as a verb has a
corresponding meaning. 
 “Guaranteed Obligations” means the Secured Obligations, including without limitation, any and all
liabilities, indebtedness and obligations of any and every kind and nature, heretofore, now or hereafter owing, arising, due or payable from the Borrower to one or more of the Lenders, the Letter of Credit Issuer, the Hedge Counterparties, any
Secured Party, the Administrative Agent, or any of them, arising under or evidenced by this Agreement, the Notes, the Collateral Documents or any other Loan Document. Notwithstanding the foregoing, with respect to any Guarantor, “Guaranteed
Obligations” shall not include any Excluded Swap Obligations of such Guarantor. 
 “Guarantors” means, collectively, each
direct and indirect Subsidiary acquired, formed or otherwise in existence after the Closing Date and required to become a party to this Agreement as a Guarantor pursuant to Section 5.24. 

“Hazardous Materials” means (a) solid or hazardous waste, as defined in the Resource Conservation and Recovery Act of 1980, 42
U.S.C. §6901 et seq. and its implementing regulations and amendments, or in any applicable state or local law or regulation, (b) any “hazardous substance,” “pollutant” or “contaminant,” as defined in CERCLA,
or in any applicable state or local law or regulation, (c) gasoline, or any other petroleum product or by-product, including crude oil or any fraction thereof, (d) toxic substances, as defined in the Toxic Substances Control Act of 1976,
or in any applicable state or local law or regulation and (e) insecticides, fungicides, or rodenticides, as defined in the Federal Insecticide, Fungicide, and Rodenticide Act of 1975, or in any applicable state or local law or regulation, as
each such Act, statute or regulation may be amended from time to time. 
 “Hedge Counterparty” means any Lender or any of
Affiliate thereof, as applicable. 
 “Hedge Transaction” of any Person means any transaction (including an agreement with respect
thereto) now existing or hereafter entered into by such Person that is a rate swap, basis swap, forward rate transaction, commodity swap, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collateral transaction,
forward 

  
 - 15 - 

 
transaction, currency swap transaction, cross-currency rate swap transaction, currency option or any other similar transaction (including any option with respect to any of these transactions) or
any combination thereof, whether linked to one or more interest rates, foreign currencies, commodity prices, equity prices or other financial measures. 

“Hedging Agreement” means each agreement between the Borrower and a Hedge Counterparty that governs one or more Hedge Transactions
entered into pursuant to Section 5.30, which agreement shall consist of a “Master Agreement” in a form published by the International Swaps and Derivatives Association, Inc., together with a “Schedule” thereto in the form
the Administrative Agent shall approve in writing, and each “Confirmation” thereunder confirming the specific terms of each such Hedge Transaction. 

“Hedging Obligations” of any Person means any and all obligations of such Person, whether absolute or contingent and howsoever and
whensoever created, arising, evidenced or acquired under (i) any and all Hedge Transactions, (ii) any and all cancellations, buy backs, reversals, terminations or assignments of any Hedge Transactions and (iii) any and all renewals,
extensions and modifications of any Hedge Transactions and any and all substitutions for any Hedge Transactions; provided, however, that with respect to any Guarantor, Hedging Obligations Guaranteed by such Guarantor shall exclude all
Excluded Swap Obligations. 
 “Indemnified Taxes” means Taxes other than Excluded Taxes. 

“Interest Payment Date” means the first day of each month. 

“Interest Period” means with respect to all Borrowings, a calendar month (commencing on the first day of each calendar month and
ending on the last day of each calendar month regardless of whether any Borrowing is outstanding on either date); provided, that: 

(a) the initial Interest Period shall mean the period commencing on the Closing Date and ending November 30, 2014; and

 (b) the last Interest Period under this Agreement shall end on the Termination Date. 

“Inventory” has the meaning set forth in the Security Agreement. 

“Investment” means any investment in any Person, whether by means of (i) purchase or acquisition of all or substantially all of
the assets of such Person (or of a division or line of business of such Person), (ii) purchase or acquisition of obligations or securities of such Person, (iii) capital contribution to such Person, (iv) loan or advance to such Person,
(v) making of a time deposit with such Person, (vi) Guarantee or assumption of any obligation of such Person or (vii) by any other means. 

“IP Security Agreement” has the meaning set forth in the Security Agreement. 

“Joinder Agreement” means a Joinder and Reaffirmation Agreement substantially in the form of Exhibit J. 

  
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 “Lead Arranger” means BB&T Capital Markets, and its successors. 

“Lender” means each lender listed on the signature pages hereof as having a Revolver Commitment, and its successors and assigns.
Unless the context otherwise requires, each reference to a Lender shall include the Swing Line Lender. 
 “Lending Office” means,
as to each Lender, its office located at its address set forth on the signature pages hereof (or identified on the signature pages hereof as its Lending Office) or such other office as such Lender may hereafter designate as its Lending Office by
notice to the Borrower and the Administrative Agent. 
 “Letter of Credit” means a letter of credit issued by the Letter of Credit
Issuer for the account of the Borrower pursuant to Article XI, and shall include the Existing Letter of Credit. 
 “Letter of
Credit Application Agreement” means, with respect to a Letter of Credit, such form of application therefor (whether in a single or several documents) as the Letter of Credit Issuer may employ in the ordinary course of business for its own
account, whether or not providing for collateral security, with such modifications thereto as may be agreed upon by the Letter of Credit Issuer and the Borrower and are not materially adverse to the interests of the Lenders; provided,
however, that in the event of any conflict between the terms of any Letter of Credit Application Agreement and this Agreement with respect to (i) any fees payable in connection with any Letter of Credit, (ii) the interest rate applicable
to unreimbursed drawings under any Letter of Credit, or (iii) the collateral securing any Letter of Credit, the terms of this Agreement shall control. 

“Letter of Credit Fee” has the meaning set forth in Section 2.07(c). 

“Letter of Credit Issuer” means BB&T, in its capacity as issuer of each Letter of Credit pursuant to Article XI, and its
successors and permitted assigns in such capacity. 
 “Letter of Credit Obligations” means, at any particular time, the sum of
(a) the Reimbursement Obligations at such time, (b) the aggregate maximum amount available for drawing under the Letters of Credit at such time and (c) the aggregate maximum amount available for drawing under Letters of Credit the
issuance of which has been authorized by the Letter of Credit Issuer but which have not yet been issued. 
 “Lien” means, with
respect to any asset, any mortgage, deed to secure debt, deed of trust, lien, pledge, charge, security interest, security title, or preferential arrangement which has the practical effect of constituting a security interest or encumbrance, servitude
or encumbrance of any kind in respect of such asset to secure or assure payment of a Debt or a Guarantee, whether by consensual agreement or by operation of statute or other law, or by any agreement, contingent or otherwise, to provide any of the
foregoing. For the purposes of this Agreement, the Borrower, any Guarantor or any Subsidiary shall be deemed to own subject to a Lien any asset which it has acquired or holds subject to the interest of a vendor or lessor under any conditional sale
agreement, capital lease or other title retention agreement relating to such asset. 

  
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 “Loan Documents” means this Agreement, the Notes, the Letter of Credit Application
Agreements, the Collateral Documents, the Fee Letter, any other document evidencing or securing the Advances or the Letters of Credit, and any other document or instrument delivered by any Loan Party from time to time in connection with this
Agreement, the Notes, the Letter of Credit Application Agreements, the Collateral Documents, the Fee Letter, the Advances or the Letters of Credit, as such documents and instruments may be amended, modified, restated or supplemented from time to
time. 
 “Loan Parties” means, collectively, the Borrower and the Guarantors. 

“London InterBank Offered Rate” means, for each Interest Period, the rate per annum determined on the basis of the rate for deposits
in Dollars offered for a term of one month, which rate appears on the display designated as Reuters Screen LIBOR01 Page (or such other successor page as may replace Reuters Screen LIBOR01 Page or such other service or services as may be nominated by
the British Banker’s Association for the purpose of displaying London InterBank Offered Rates for U.S. dollar deposits) determined as of 11:00 A.M. London, England time, on the first day of such Interest Period (or on the immediately preceding
Euro-Dollar Business Day if the first day of such Interest Period is not a Euro-Dollar Business Day), provided, that if no such offered rates appear on such page, the “London InterBank Offered Rate” for such Interest Period will be
the arithmetic average (rounded upward, if necessary, to the next higher 1/100th of 1%) of rates quoted by not less than two (2) major lenders in New York City, selected by the Administrative Agent, at approximately 10:00 A.M., New York City
time, on the first day of such Interest Period (or on the immediately preceding Euro-Dollar Business Day if the first day of such Interest Period is not a Euro-Dollar Business Day), for deposits in Dollars offered by leading European banks for a
period comparable to such Interest Period in an amount comparable to the principal amount of such Euro-Dollar Advance. 

“Lowe’s” means Lowe’s Companies, Inc., a North Carolina corporation. 

“Lowe’s Consignment Agreements” means, collectively, (i) the Master Standard Buying Agreement dated January 5, 2007,
between Lowe’s and the Borrower, and (ii) the Consignee Agreement dated March 2008, among Lowe’s, BB&T and the Borrower. 

“Margin and Fee Rate Report” has the meaning given such term in Section 5.01(j). 

“Margin Stock” means “margin stock” as defined in Regulations T, U or X of the Board of Governors of the Federal Reserve
System, as in effect from time to time, together with all official rulings and interpretations issued thereunder. 
 “Material Adverse
Effect” means, with respect to any event, act, condition or occurrence of whatever nature (including any adverse determination in any litigation, arbitration, or governmental investigation or proceeding), whether singly or in conjunction with
any other event or events, act or acts, condition or conditions, occurrence or occurrences, whether or not related, a material adverse change in, or a material adverse effect upon, any of (a) the financial condition, operations, business or
properties of the Borrower and its consolidated Subsidiaries taken as a whole, (b) the rights and remedies of the Administrative Agent or the Lenders under 

  
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the Loan Documents, or the ability of the Borrower or any other Loan Party to perform its obligations under the Loan Documents to which it is a party, as applicable, or (c) the legality,
validity or enforceability of any Loan Document. 
 “Material Contract” has the meaning given such term in Section 4.33. 

“Multiemployer Plan” shall have the meaning set forth in Section 4001(a)(3) of ERISA. 

“Net Cash Proceeds” means: 

(a) with respect to any Disposition by any Loan Party or any Applicable Subsidiary thereof, or any Extraordinary Receipt received or paid to
the account of any Loan Party or any Applicable Subsidiary thereof, the excess, if any, of (i) the sum of cash and Cash Equivalents received in connection with such transaction (including any cash or Cash Equivalents received by way of deferred
payment pursuant to, or by monetization of, a note receivable or otherwise, but only as and when so received) over (ii) the sum of (A) the principal amount of any Debt that is secured by the applicable asset and that is required to be
repaid in connection with such transaction (other than Debt hereunder or under the Loan Documents), (B) the reasonable and customary out-of-pocket expenses incurred by such Loan Party or such Applicable Subsidiary in connection with such
transaction, and (C) income taxes reasonably estimated to be actually payable within two years of the date of the relevant transaction as a result of any gain recognized in connection therewith; provided that, if the amount of any
estimated taxes pursuant to clause (C) exceeds the amount of taxes actually required to be paid in cash in respect of such Disposition, the aggregate amount of such excess shall constitute Net Cash Proceeds; and 

(b) with respect to the sale or issuance of any Capital Securities by any Loan Party or any Applicable Subsidiary thereof, or the incurrence
or issuance of any Debt by any Loan Party or any Applicable Subsidiary thereof, the excess of (i) the sum of the cash and Cash Equivalents received in connection with such transaction over (ii) the underwriting discounts and commissions,
and other reasonable and customary out-of-pocket expenses, incurred by such Loan Party or such Subsidiary in connection therewith. 

“Net Income Exclusions” means the items listed on Schedule 1.01. 

“Nevada Deed of Trust” means the Deed of Trust dated as of January 6, 2012, from the Borrower to the trustee named therein for
the benefit of the Administrative Agent on behalf of the Secured Parties, covering the Nevada Property, recorded in the Official Records of Lyon County, Nevada, on January 9, 2012, as Document No. 486083, as it may be amended, restated,
supplemented or otherwise modified from time to time (including by the Nevada Deed of Trust Amendment). 
 “Nevada Deed of Trust
Amendment” means the Modification to Deed of Trust by and among the Borrower, the trustee named therein and the Administrative Agent, in form and substance satisfactory to the Administrative Agent, to be recorded in the Official Records of Lyon
County, Nevada. 

  
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 “Nevada Property” means the real estate and personal property relating to the facility
owned by the Borrower and located in Lyon County, Nevada. 
 “Nevada Title Policy” means ALTA Loan Policy Number NCS-494665-HHLV
dated January 9, 2012, issued by First American Title Insurance Company, and any amendments or endorsements thereto. 
 “NMTC
Excluded Debt” means, with respect to any NMTC Transaction, (i) the amount of any Debt incurred by the Borrower and/or any Subsidiary (without duplication) in connection with such NMTC Transaction, minus (ii) any NMTC Put
Option Debt relating thereto. 
 “NMTC Program” means the New Market Tax Credit Program enacted by the United States Congress as
part of the Community Renewal Tax Relief Act of 2000 (and codified as Section 45D of the Code), or any similar program adopted by any state or local government or Governmental Authority, which permits certain individual and corporate taxpayers
to receive a credit against federal income taxes for making qualified equity investments in qualified community development entities. 

“NMTC Put Option Debt” means, with respect to any NMTC Transaction, the obligations of the Borrower and/or any Subsidiary (without
duplication) under any put/call option agreement entered into in connection with such NMTC Transaction, assuming the put is exercised. 

“NMTC Recapture Event” means any recapture event (within the meaning of the NMTC Program) resulting in all or any portion of any
NMTC Excluded Debt becoming due and payable by the Borrower and/or any applicable Subsidiary. 
 “NMTC Transaction” means a
transaction in which the Borrower and/or any Subsidiary (as a qualified low-income community business) obtains a qualified low-income community investment from a qualified community development entity, in each case under, and within the meanings set
forth in, the NMTC Program. 
 “Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting Lender at such
time. 
 “Notes” means, collectively, the Revolver Notes and the Swing Advance Note, and any and all amendments, consolidations,
modifications, renewals, substitutions, restatements and supplements thereto or replacements thereof. “Note” means any one of such Notes. 

“Notice of Borrowing” has the meaning set forth in Section 2.02. 

“Notice of Conversion” has the meaning set forth in Section 2.03. 

“Obligations” means the collective reference to all of the following indebtedness obligations and liabilities: (a) the due and
punctual payment by the Borrower of: (i) the principal of and interest on the Notes (including without limitation, any and all Revolver Advances and Swing Advances), when and as due, whether at maturity, by acceleration, upon

  
 - 20 - 

 
one or more dates set for prepayment or otherwise, and any renewals, modifications, restatements, or extensions thereof, in whole or in part; (ii) each payment required to be made by the
Borrower under this Agreement and the Letter of Credit Application Agreements, when and as due, including payments in respect of reimbursement of disbursements, interest thereon, and obligations, if any, to provide Cash Collateral and any renewals,
modifications or extensions thereof, in whole or in part; and (iii) all other monetary obligations of the Borrower to the Secured Parties under this Agreement and the other Loan Documents to which the Borrower is or is to be a party and any
renewals, modifications or extensions thereof, in whole or in part; (b) the due and punctual performance of all other obligations of the Borrower under this Agreement and the other Loan Documents to which the Borrower is or is to be a party,
and any renewals, modifications or extensions thereof, in whole or in part; and (c) the due and punctual payment and performance of all obligations of each of the Guarantors under this Agreement and the other Loan Documents to which they are or
are to be a party and any and all renewals, modifications, restatements or extensions thereof, in whole or in part. 
 “OFAC”
means The Office of Foreign Assets Control of the U.S. Department of the Treasury. 
 “Officer’s Certificate” has the meaning
set forth in Section 3.01(e). 
 “Olive Branch Property” means all real and personal property of the Borrower located in
Olive Branch, Mississippi. 
 “Operating Account” means the Borrower’s demand deposit account at any time with the
Administrative Agent. The term “Operating Account” shall be deemed to include any substitute or replacement account at the Administrative Agent. 

“Operating Documents” means with respect to any corporation, limited liability company, partnership, limited partnership, limited
liability partnership or other legally authorized incorporated or unincorporated entity, the bylaws, operating agreement, partnership agreement, limited partnership agreement, shareholder agreement or other applicable documents relating to the
operation, governance or management of such entity. 
 “Organizational Action” means with respect to any corporation, limited
liability company, partnership, limited partnership, limited liability partnership or other legally authorized incorporated or unincorporated entity, any corporate, organizational or partnership action (including any required shareholder, member or
partner action), or other similar official action, as applicable, taken by such entity. 
 “Organizational Documents” means with
respect to any corporation, limited liability company, partnership, limited partnership, limited liability partnership or other legally authorized incorporated or unincorporated entity, the articles of incorporation, certificate of incorporation,
articles of organization, certificate of limited partnership or other applicable organizational or charter documents relating to the creation of such entity. 

“Other Taxes” means all present or future stamp or documentary taxes or any other excise or property taxes, charges or similar
levies arising from any payment made hereunder or under any other Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Loan Document. 

  
 - 21 - 

 “Participant” has the meaning set forth in Section 9.07(d). 

“Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism Act of 2001, Pub. L. 107-56, signed into law October 26, 2001, as amended from time to time, and any successor statute, including the rules or regulations promulgated thereunder, in each case as in effect from time to time. 

“PBGC” means the Pension Benefit Guaranty Corporation or any entity succeeding to any or all of its functions under ERISA. 

“Permitted Discretion” means a determination made in the exercise of reasonable (from the perspective of a secured lender) business
judgment. 
 “Person” means a natural person, a corporation, a limited liability company, a partnership (including without
limitation, a joint venture), an unincorporated association, a trust or any other entity or organization, including, but not limited to, a government or political subdivision or an agency or instrumentality thereof. 

“Plan” means at any time an employee pension benefit plan which is covered by Title IV of ERISA or subject to the minimum funding
standards under Section 412 of the Code and is either (i) maintained by a member of the Controlled Group for employees of any member of the Controlled Group or (ii) maintained pursuant to a collective bargaining agreement or any other
arrangement under which more than one employer makes contributions and to which a member of the Controlled Group is then making or accruing an obligation to make contributions or has within the preceding 5 plan years made contributions. 

“Pledge Agreement” means any Pledge Agreement pursuant to which the Borrower and, if applicable, any Pledgor Subsidiary pledges to
the Administrative Agent for the benefit of the Secured Parties, among other things, (i) all of the capital stock and equity interests of the Guarantors and of each other current or future Domestic Subsidiary; and (ii) sixty-five percent
(65%) of the capital stock and equity interests of each current or future Direct Foreign Subsidiary. 
 “Pledgor Subsidiary”
has the meaning set forth in Section 5.24. 
 “Poly Business” means the Borrower’s lines of business related to
polyethylene film conversion operations. 
 “Prime Rate” refers to that interest rate so denominated and set by BB&T from time
to time as an interest rate basis for borrowings. The Prime Rate is but one of several interest rate bases used by BB&T. BB&T lends at interest rates above and below the Prime Rate. 

  
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 “Proceeds” shall have the meaning given to it under the UCC and shall include without
limitation the collections and distributions of Collateral, cash or non-cash. 
 “Properties” means all real property owned,
leased or otherwise used or occupied by a Loan Party or any Subsidiary of a Loan Party. “Property” means any one of such Properties. Notwithstanding the foregoing, “Properties” shall not include the Olive Branch Property. 

“Qualified ECP Guarantor” means, in respect of any Regulated Swap Obligation, each Loan Party that has total assets exceeding
$10,000,000 at the time the relevant Guarantee or grant of the relevant security interest becomes effective with respect to such Regulated Swap Obligation or such other person as constitutes an “eligible contract participant” under the
Commodity Exchange Act or any regulations promulgated thereunder and can cause another person to qualify as an “eligible contract participant” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity
Exchange Act. 
 “Quarterly Payment Date” means each March 31, June 30, September 30 and December 31, or, if
any such day is not a Domestic Business Day, the next succeeding Domestic Business Day. 
 “Redeemable Preferred Securities” of
any Person means any preferred stock or similar Capital Securities (including, without limitation, limited liability company membership interests and limited partnership interests) issued by such Person which is at any time prior to the Termination
Date either (i) mandatorily redeemable (by sinking fund or similar payments or otherwise) or (ii) redeemable at the option of the holder thereof. 

“Register” has the meaning set forth in Section 9.07(c). 

“Regulated Swap Obligation” means any obligation to pay or perform under any agreement, contract or transaction that constitutes a
“swap” within the meaning of Section 1a(47) of the Commodity Exchange Act. 
 “Reimbursement Obligations” means the
reimbursement or repayment obligations of the Borrower to the Letter of Credit Issuer pursuant to Section 11.05 with respect to amounts drawn on Letters of Credit. 

“Related Fund” means, with respect to any Lender that is a Fund that invests in lender loans, any other fund that invests in lender
loans and is advised or managed by the same investment advisor as such Lender. 
 “Related Parties” means, with respect to any
Person, such Person’s Affiliates and the partners, directors, officers, employees, agents and advisors of such Person and of such Person’s Affiliates. 

“Required Lenders” means (i) for any period during which there are two or fewer non-affiliated Lenders, all Lenders, and
(ii) during any other period, Lenders having at least 66-2/3% of the aggregate amount of the Revolver Commitments of all of the Lenders or, if the Revolver Commitments are no longer in effect, Lenders holding at least 66-2/3% of the

  
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aggregate outstanding principal amount of the Revolver Notes and the Letter of Credit Obligations. The unfunded Revolver Commitments of, and the outstanding Advances held or deemed held by, any
Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders. 
 “Restricted Payment” means
(i) any dividend or other distribution on any shares of the Borrower’s Capital Securities (except dividends payable solely in shares of its Capital Securities); or (ii) any payment on account of the purchase, redemption, retirement or
acquisition of (a) any shares of the Borrower’s Capital Securities (except shares acquired upon the conversion thereof into other shares of its Capital Securities) or (b) any option, warrant or other right to acquire shares of the
Borrower’s Capital Securities. 
 “Revolver Advance” means an advance made to the Borrower under this Agreement pursuant to
Section 2.01(a) or, if the context so requires, a Swing Advance made to the Borrower under this Agreement pursuant to Section 2.01(b). 

“Revolver Commitment” means, with respect to each Lender, (i) the applicable amount set forth opposite the name of such Lender
on the signature pages hereof, or (ii) as to any Lender which enters into an Assignment and Assumption (whether as transferor Lender or as assignee thereunder), the amount of such Lender’s Revolver Commitment after giving effect to such
Assignment and Assumption, in each case as such amount may be reduced from time to time pursuant to Sections 2.08 and 2.09, and as such amount may be increased pursuant to Section 2.14. 

“Revolver Notes” means the promissory notes of the Borrower, substantially in the form of Exhibit C hereto, evidencing
the obligation of the Borrower to repay the Revolver Advances, together with all amendments, consolidations, modifications, renewals, substitutions and supplements thereto or replacements thereof and “Revolver Note” means any one of such
Revolver Notes. 
 “Sale/Leaseback Transaction” means any arrangement with any Person providing, directly or indirectly, for the
leasing by any Loan Party or any of its Subsidiaries of real or personal property which has been or is to be sold or transferred by any Loan Party or such Subsidiary to such Person or to any other Person to whom funds have been or are to be advanced
by such Person on the security of such property or rental obligations of any Loan Party or such Subsidiary. 
 “Sanctioned Entity”
means (i) a country or a government of a country, (ii) an agency of the government of a country, (iii) an organization directly or indirectly controlled by a country or its government, (iv) a person or entity resident in or
determined to be resident in a country, that is subject to a country sanctions program administered and enforced by OFAC described or referenced at http://www.ustreas.gov/offices/enforcement/ofac/ or as otherwise published from time to time. 

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

  
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 “Secured Obligations” means all Obligations and all Additional Secured Obligations.
Notwithstanding the foregoing, with respect to any Guarantor, “Secured Obligations” shall not include any Excluded Swap Obligations of such Guarantor. 

“Secured Parties” means, collectively: (1) the Administrative Agent (including in its capacity as Collateral Agent),
(2) each Lender (including in such Lender’s capacity as a Hedge Counterparty or as a provider of Bank Products or Cash Management Services, as applicable), (3) each Affiliate of a Lender in such Affiliate’s capacity as a Hedge
Counterparty or as a provider of Bank Products or Cash Management Services, as applicable, (4) the Swing Line Lender, (5) the Letter of Credit Issuer, and (6) the respective successors and assigns of each of the foregoing. 

“Security Agreement” means the Second Amended and Restated Security Agreement dated as of even date herewith, by and among the
Borrower, the Guarantors and the Administrative Agent for the benefit of the Secured Parties, to be executed and delivered in connection herewith. 

“Stated Termination Date” means November 20, 2019. 

“Subordinated Debt” means Debt subordinated to the Obligations by subordination agreements reasonably satisfactory to the Required
Lenders in their sole discretion. 
 “Subsidiary” of any Person means a corporation, partnership or other entity of which shares
of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interest having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other managers
of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise qualified, all
references to a “Subsidiary” or to “Subsidiaries” in this Agreement shall refer to a Subsidiary or Subsidiaries of the Borrower. 

“Swing Advance” means an Advance made by the Swing Line Lender pursuant to Section 2.01(b), which must be a Base Rate Advance.

 “Swing Advance Note” means the promissory note of the Borrower, substantially in the form of Exhibit D, evidencing
the obligation of the Borrower to repay the Swing Advances, together with all amendments, consolidations, modifications, renewals, and supplements thereto. 

“Swing Line Lender” means BB&T, in its capacity as the maker of each Swing Advance pursuant to Section 2.01(b), and its
successors and permitted assigns in such capacity. 
 “Taxes” means all present or future taxes, levies, imposts, duties,
deductions, withholdings, assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

  
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 “Termination Date” means the earliest to occur of (i) the Stated Termination Date,
(ii) the date the Revolver Commitments of all of the Lenders are terminated pursuant to Section 6.01 following the occurrence of an Event of Default, and (iii) the date the Borrower terminates the Revolver Commitments of all of the
Lenders entirely pursuant to Section 2.08. 
 “The Home Depot” means Home Depot U.S.A., Inc., a Delaware corporation. 

“The Home Depot Consignment Agreements” means, collectively, (i) the Product Handling Agreement dated March 13, 2006,
between The Home Depot and the Borrower, and (ii) the letter agreement dated March 16, 2007, among The Home Depot, BB&T and the Borrower. 

“Third Parties” means all lessees, sublessees, licensees and other users of the Properties, excluding those users of the Properties
in the ordinary course of the Borrower’s business and on a temporary basis. 
 “Total Unused Revolver Commitments” means, at
any date, an amount equal to: (A) the aggregate amount of the Revolver Commitments of all of the Lenders at such time, less (B) the sum of the aggregate outstanding principal amount of the Revolver Advances of all of the Lenders at such
time and the Letter of Credit Obligations. 
 “UCC” has the meaning set forth in the Security Agreement. 

“Undrawn Amounts” means, as of any date, the aggregate undrawn amount of all Letters of Credit then issued and outstanding. 

“Unused Commitment” means, at any date, with respect to any Lender, an amount equal to its Revolver Commitment less the sum of
(a) the aggregate outstanding principal amount of its Revolver Advances (excluding for purposes of Section 2.07 from such Revolver Advances, its Applicable Percentage of Swing Advances (and in the case of BB&T, excluding from
BB&T’s Revolver Advances all Swing Advances)), and (b) its Applicable Percentage of Letter of Credit Obligations. 

“USPTO” has the meaning set forth in the Security Agreement. 

“Voting Stock” means securities (as such term is defined in Section 2(1) of the Securities Act of 1933, as amended) of any
class or classes, the holders of which are ordinarily, in the absence of contingencies, entitled to cast votes in any election of any corporate directors (or Persons performing similar functions). 

“Wholly-Owned Subsidiary” means any Subsidiary all of the Capital Securities of which are at the time directly or indirectly owned
by the Borrower or any Loan Party. 
 “Winchester Clerk’s Office” means the Clerk’s Office of the Circuit Court for the
City of Winchester, Virginia. 
 “Winchester Deed of Trust” means the Amended and Restated Credit Line Deed of Trust dated as of
November 4, 2009, from the Borrower to the trustee named therein for the 

  
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benefit of the Administrative Agent on behalf of the Secured Parties, covering the Winchester Property, recorded in the Frederick County Clerk’s Office on November 4, 2009, as
Instrument No. 090012178, and recorded in the Winchester Clerk’s Office on November 4, 2009, as Instrument No. 090002943, as amended by the Modification to Amended and Restated Credit Line Deed of Trust dated as of
January 6, 2012, by and among the Borrower, the trustee named therein and the Administrative Agent, recorded in the Frederick County Clerk’s Office on January 6, 2012, as Instrument No. 120000146, and recorded in the Winchester
Clerk’s Office on January 6, 2012, as Instrument No. 120000040, and as it further may be amended, restated, supplemented or otherwise modified from time to time (including by the Winchester Deed of Trust Amendment). 

“Winchester Deed of Trust Amendment” means the Second Modification to Amended and Restated Credit Line Deed of Trust by and among
the Borrower, the trustee named therein and the Administrative Agent, increasing the principal amount secured by the Winchester Deed of Trust to $16,500,000 and otherwise in form and substance satisfactory to the Administrative Agent, to be recorded
in the Frederick County Clerk’s Office and the Winchester Clerk’s Office. 
 “Winchester Property” means the real estate
owned by the Borrower and personal property relating to the Borrower’s facility located in Winchester, Virginia. 
 “Winchester
Title Policy” means ALTA Loan Policy Number VMDL.E811553646 dated November 4, 2009, issued by First American Title Insurance Company, and any amendments or endorsements thereto. 

SECTION 1.02. Accounting Terms and Determinations. 

(a) Unless otherwise specified herein, all terms of an accounting character used herein shall be interpreted, all accounting determinations
hereunder shall be made, and all financial statements required to be delivered hereunder shall be prepared in accordance with GAAP, applied on a basis consistent (except for changes concurred in by the Borrower’s independent public accountants
or otherwise required by a change in GAAP) with the most recent audited consolidated financial statements of the Borrower and its Consolidated Subsidiaries delivered to the Administrative Agent for distribution to the Lenders, unless with respect to
any such change concurred in by the Borrower’s independent public accountants or required by GAAP, in determining compliance with any of the provisions of this Agreement or any of the other Loan Documents: (i) the Borrower shall have
objected to determining such compliance on such basis at or prior to the time of delivery of such financial statements, or (ii) the Required Lenders shall so object in writing within thirty (30) calendar days after the delivery of such
financial statements, in either of which events such calculations shall be made on a basis consistent with those used in the preparation of the most recent financial statements provided by the Borrower prior to such change (which, if objection is
made in respect of the first financial statements delivered under Section 5.01 hereof, shall mean the financial statements referred to in Section 4.04). 

(b) If at any time any change in GAAP after the Closing Date would affect the computation of any financial ratio, term or requirement set
forth in any Loan Document then 

  
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either the Borrower or the Required Lenders may by notice to the Lenders and the Borrower, respectively, require that the Lenders and the Borrower negotiate in good faith to amend such financial
ratio, term or requirement so as equitably to reflect such change in accounting principles, with the desired result being that the criteria for evaluating the financial condition of the Borrower and its Subsidiaries shall be the same as if such
change had not been made. No delay by the Borrower or the Required Lenders in requiring such negotiation shall limit their right to so require such a negotiation at any time after such a change in accounting principles. Until any such financial
ratio, term or requirement is amended in accordance with this Section, such financial ratio, term or requirement shall continue to be computed in accordance with GAAP prior to such change. Without limiting the generality of the foregoing, the
Borrower shall neither be deemed to be in compliance with any financial covenant hereunder nor out of compliance with any financial covenant hereunder if such state of compliance or noncompliance, as the case may be, would not exist but for the
occurrence of a change in accounting principles after the date hereof. 
 (c) Notwithstanding any other provisions contained herein, all
terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to any election under Statement of Financial Accounting Standards 159, The
Fair Value Option for Financial Assets and Financial Liabilities, or any successor thereto (including pursuant to the Accounting Standards Codification), or under any similar accounting standard, to value any Debt of the Borrower or any Subsidiary
at “fair value” or any similar valuation standard, as defined therein. 
 SECTION 1.03. Use of Defined Terms. 

All terms defined in this Agreement shall have the same meanings when used in any of the other Loan Documents, unless otherwise defined therein
or unless the context shall otherwise require. 
 SECTION 1.04. Terms Generally. 

The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require,
any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” The word
“will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be
construed as referring to such agreement, instrument or other document as from time to time amended, supplemented, restated or otherwise modified (subject to any restrictions on such amendments, supplements, restatements or modifications set forth
herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall be
construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and
Schedules to, this Agreement, (e) any reference to any law or regulation herein shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time; (f) the words “asset” and
“property” shall be 

  
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construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights; and
(g) titles of Articles and Sections in this Agreement are for convenience only, and neither limit nor amplify the provisions of this Agreement. 

ARTICLE II 
 THE CREDIT

 SECTION 2.01. Commitments to Make Advances. 

(a) Revolver Advances. Each Lender severally agrees, on the terms and conditions set forth herein, to make Revolver Advances to the
Borrower from time to time before the Termination Date; provided, that, immediately after each such Revolver Advance is made, the aggregate outstanding principal amount of Revolver Advances by such Lender together with such Lender’s
Applicable Percentage of the aggregate outstanding principal amount of all Swing Advances and Letter of Credit Obligations shall not exceed the amount of the Revolver Commitment of such Lender at such time; provided further that the
aggregate principal amount of all Revolver Advances, together with the aggregate principal amount of all Letter of Credit Obligations and Swing Advances shall not exceed the aggregate amount of the Revolver Commitments of all of the Lenders at such
time. Each Revolver Borrowing under this Section 2.01(a) shall be in an aggregate principal amount of $500,000 or any larger multiple of $100,000 (except that any such Revolver Borrowing may be in the aggregate amount of the Total Unused
Revolver Commitments) and shall be made from the several Lenders ratably in proportion to their respective Revolver Commitments. Within the foregoing limits, the Borrower may borrow under this Section 2.01(a), repay or, to the extent permitted
by Section 2.10, prepay Revolver Advances and reborrow under this Section 2.01(a) at any time before the Termination Date. 
 (b)
Swing Advances. In addition to the foregoing, the Swing Line Lender shall from time to time, upon the request of the Borrower, if the applicable conditions precedent in Article III have been satisfied, make Swing Advances to the Borrower
in an aggregate principal amount at any time outstanding not exceeding $5,000,000; provided, that, immediately after such Swing Advance is made, the conditions set forth in Section 2.01(a) shall have been satisfied. Each Swing Line
Borrowing under this Section 2.01(b) shall be in an aggregate principal amount of $100,000 or any larger multiple of $50,000. Within the foregoing limits, the Borrower may borrow under this Section 2.01(b), prepay and reborrow under this
Section 2.01(b) at any time before the Termination Date. Solely for purposes of calculating fees under Section 2.07(a), Swing Advances shall not be considered a utilization of the Revolver Commitment of BB&T or any other Lender
hereunder. All Swing Advances shall be made as Base Rate Advances. On the fifth Domestic Business Day following the making of any Swing Borrowing under this Section 2.01(b), such Swing Borrowing shall automatically be refinanced by a Revolver
Borrowing under Section 2.02. If for any reason a Swing Borrowing cannot be refinanced by such a Revolver Borrowing on such fifth Domestic Business Day, then each Lender other than Swing Line Lender shall purchase a participating interest in
such Swing Advances in an amount equal to its ratable share (based upon its respective Revolver Commitment) of such Swing Advances. On such fifth Domestic Business Day, each Lender will immediately transfer to the Swing Line Lender, in immediately
available funds, the amount of its participation. Whenever, 

  
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at any time after the Swing Line Lender has received from any such Lender its participating interest in a Swing Advance, the Administrative Agent receives any payment on account thereof, the
Administrative Agent will distribute to such Lender its participating interest in such amount (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Lender’s participating interest was
outstanding and funded); provided, however, that in the event that such payment received by the Administrative Agent is required to be returned, such Lender will return to the Administrative Agent any portion thereof previously distributed by
the Administrative Agent to it. Each Lender’s obligation to purchase such participating interests shall be absolute and unconditional and shall not be affected by any circumstance, including, without limitation: (i) any set-off,
counterclaim, recoupment, defense or other right which such Lender or any other Person may have against the Swing Line Lender requesting such purchase or any other Person for any reason whatsoever; (ii) the occurrence or continuance of a
Default or Event of Default or the termination of the Revolver Commitments; (iii) any adverse change in the condition (financial, business or otherwise) of any Loan Party or any other Person; (iv) any breach of this Agreement by the
Borrower, any other Loan Party or any other Lender; or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing. 

SECTION 2.02. Method of Borrowing Advances. 

(a) The Borrower shall give the Administrative Agent notice in the form attached hereto as Exhibit A (a “Notice of
Borrowing”) prior to 11:00 A.M. (Eastern time) (i) at least two (2) Domestic Business Days before any requested Revolver Borrowing, or (ii) on the Domestic Business Day of any requested Swing Line Borrowing, specifying: 

(i) the date of such Borrowing, which shall be a Domestic Business Day, 

(ii) the aggregate amount of such Borrowing, 

(iii) whether such Borrowing is to be a Revolver Borrowing or a Swing Line Borrowing; and 

(iv) in the case of a Revolver Borrowing, whether the Advances comprising such Borrowing are to be Base Rate Advances or Euro-Dollar Advances.

 (b) Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly notify each Lender of the contents thereof and (unless
such Borrowing is a Swing Line Borrowing) of such Lender’s ratable share of such Borrowing and such Notice of Borrowing, once received by the Administrative Agent, shall not thereafter be revocable by the Borrower. 

(c) Not later than 11:00 A.M. (Eastern time) on the date of each Revolver Borrowing, each Lender shall make available its ratable share of
such Borrowing, in Federal or other funds immediately available in Winston-Salem, North Carolina, to the Administrative Agent at its address referred to in or specified pursuant to Section 9.01. Unless the Administrative Agent determines that
any applicable condition specified in Article III has not been satisfied, the Administrative Agent will disburse such funds so received from the Lenders to the Borrower. In the case of a Swing Line Borrowing, not later than 2:00 P.M. (Eastern
time) on the date thereof, the Swing Line Lender will make available to the Borrower the amount of such Swing Line Borrowing. 

  
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 (d) In the event that a Notice of Borrowing fails to specify whether the Advances comprising a
Revolver Borrowing are to be Base Rate Advances or Euro-Dollar Advances, such Advances shall be made as Euro-Dollar Advances. If the Borrower is otherwise entitled under this Agreement to repay any Advances maturing at the end of an Interest Period
with the proceeds of a new Borrowing, and the Borrower fails to repay such Advances using its own moneys and fails to give a Notice of Borrowing in connection with such new Borrowing, a new Borrowing shall be deemed to be made on the date such
Advances mature in an amount equal to the principal amount of the Advances so maturing, and the Advances comprising such new Borrowing shall be Euro-Dollar Advances. 

SECTION 2.03. Conversion Elections. 

By delivering a notice (a “Notice of Conversion”), which shall be substantially in the form of Exhibit E, to the
Administrative Agent on or before 12:00 P.M., Eastern time, on a Domestic Business Day, the Borrower may from time to time irrevocably elect, by notice one Domestic Business Day prior, that all, or any portion in an aggregate principal amount of
$500,000 or any larger integral multiple of $100,000 be, (i) in the case of Base Rate Advances, converted into Euro-Dollar Advances, so long as no Event of Default shall have occurred and is then continuing, or (ii) in the case of
Euro-Dollar Advances, converted into Base Rate Advances; provided, however, that each such conversion shall be pro rated among the applicable outstanding Advances of all Lenders that have made such Advances. 

SECTION 2.04. Notes. 
 The
Revolver Advances of each Lender shall be evidenced by a single Revolver Note payable to the order of such Lender for the account of its Lending Office in an amount equal to the original principal amount of such Lender’s Revolver Commitment.
Upon the request of the Swing Line Lender, the Swing Advances may be evidenced by a single Swing Advance Note payable to the order of the Swing Line Lender in the original principal amount of $5,000,000. Upon receipt of each Lender’s Notes
pursuant to Section 3.01, the Administrative Agent shall deliver such Notes to such Lender. Each Lender shall record, and prior to any transfer of its Notes shall endorse on the schedules forming a part thereof appropriate notations to
evidence, the date, amount and maturity of, and effective interest rate for, each Advance made by it thereunder, the date and amount of each payment of principal made by the Borrower with respect thereto and such schedule shall be conclusive
evidence, in the absence of manifest error, of the principal amount owing and unpaid on such Lender’s Notes; provided, that the failure of any Lender to make, or any error in making, any such recordation or endorsement shall not affect
the obligation of the Borrower hereunder or under the Notes or the ability of any Lender to assign its Notes. Each Lender is hereby irrevocably authorized by the Borrower so to endorse its Notes and to attach to and make a part of any Note a
continuation of any such schedule as and when required. 

  
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 SECTION 2.05. Maturity of Advances. 

Each Advance included in any Borrowing shall mature, and the principal amount thereof, together with all accrued unpaid interest thereon, shall
be due and payable on the Termination Date. 
 SECTION 2.06. Interest Rates. 

(a) “Applicable Margin” shall be determined quarterly based upon the Consolidated Debt to Consolidated EBITDA Ratio, determined as of
the last day of each Fiscal Quarter for the Fiscal Quarter then ending as follows: 
  

													
	 Consolidated
 Debt to Consolidated

EBITDA Ratio
	  	Euro-Dollar
Advances	 	 	Base Rate
Advances	 	 	Letters of
Credit	 
	 Greater than or equal to 2.50 to 1.0
	  	 	1.90	% 	 	 	0.90	% 	 	 	1.90	% 
				
	 Greater than or equal to 2.00 to 1.0 but less than 2.50 to 1.0
	  	 	1.65	% 	 	 	0.65	% 	 	 	1.65	% 
				
	 Greater than or equal to 1.50 to 1.0 but less than 2.00 to 1.0
	  	 	1.40	% 	 	 	0.40	% 	 	 	1.40	% 
				
	 Less than 1.50 to 1.0
	  	 	1.15	% 	 	 	0.15	% 	 	 	1.15	% 

 The Applicable Margin shall be determined effective as of the date (herein, the “Rate Determination
Date”) which is the first calendar day of the first calendar month after the day the Administrative Agent receives the Margin and Fee Rate Report for the Fiscal Quarter for which the Consolidated Debt to Consolidated EBITDA Ratio is being
determined, and the Applicable Margin so determined shall remain effective from such Rate Determination Date until the date which is the first calendar day of the first calendar month after the day the Administrative Agent receives the Margin and
Fee Rate Report for the Fiscal Quarter in which such Rate Determination Date falls (which latter date shall be a new Rate Determination Date); provided, that (i) for the period from and including the Closing Date to but excluding the
Rate Determination Date next following the Closing Date, the Applicable Margin shall be 1.15% for Euro-Dollar Advances, 0.15% for Base Rate Advances and 1.15% for Letters of Credit, and (ii) if on any Rate Determination Date the Borrower shall
have failed to deliver to the Lender the Margin and Fee Rate Report required to be delivered pursuant to Section 5.01(j) with respect to the Fiscal Quarter most recently ended prior to such Rate Determination Date, then for the period beginning
on such Rate Determination Date and ending on the earlier of the date on which the Borrower shall deliver to the Administrative Agent the Margin and Fee Rate Report to be delivered pursuant to Section 5.01(j) with respect to such Fiscal
Quarter, the Advances shall bear interest at a rate per annum determined as if the Consolidated Debt to Consolidated EBITDA 

  
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Ratio was greater than 2.50 to 1.0; provided, that (A) at the election of the Required Lenders, the principal amount of the Advances shall bear interest at the Default Rate upon the
failure by the Borrower to deliver any Margin and Fee Rate Report as and when due, and (B) for all purposes of calculating the Default Rate, the Applicable Margin shall be determined as if the Consolidated Debt to Consolidated EBITDA Ratio was
greater than 2.50 to 1.0 (i) after the occurrence and during the continuance of an Event of Default (other than an Event of Default under Sections 6.01(a), (g) or (h)), if the Required Lenders elect to do so, and (ii) after the
occurrence and during the continuance of an Event of Default described in Sections 6.01(a), (g) or (h), automatically whether or not the Required Lenders elect to do so. Any change in the Applicable Margin on any Rate Determination Date
shall result in a corresponding change, effective on and as of such Rate Determination Date, in the interest rate applicable to the Advances and in the fees applicable to each Letter of Credit outstanding on such Rate Determination Date;
provided, that no Applicable Margin shall be decreased pursuant to this Section 2.06 if a Default or Event of Default is in existence on the Rate Determination Date. 

Notwithstanding the foregoing, in the event that any Margin and Fee Rate Report delivered with respect to any Fiscal Quarter is shown to be
inaccurate (regardless of whether (i) this Agreement is in effect, (ii) the Revolver Commitments are in effect, or (iii) any Advance is outstanding when such inaccuracy is discovered or such Margin and Fee Rate Report was delivered),
and such inaccuracy, if corrected, would have led to the application of a different Applicable Margin for any period (an “Applicable Period”) than the Applicable Margin actually applied for such Applicable Period, then (A) the
Borrower shall deliver to the Administrative Agent a corrected Margin and Fee Rate Report for such Applicable Period, (B) the Administrative Agent shall recalculate the accrued interest for such Applicable Period by applying the Applicable
Margin based on the corrected Margin and Fee Rate Report, (C) if such corrected Margin and Fee Rate Report resulted in the application of a higher Applicable Margin for such Applicable Period, the Borrower shall be obligated to pay to the
Administrative Agent, for the ratable benefit of the Lenders, the additional accrued interest owing during such Applicable Period as a result of such higher Applicable Margin, and (D) if such corrected Margin and Fee Rate Report resulted in the
application of a lower Applicable Margin for such Applicable Period, the Lenders shall be severally obligated to reimburse the Borrower for the additional accrued interest paid during such Applicable Period as a result of such lower Applicable
Margin. 
 (b) Each Base Rate Advance shall bear interest on the outstanding principal amount thereof, for each day from the date such
Advance is made until it becomes due, at a rate per annum equal to the Base Rate for such day plus the Applicable Margin. Such interest shall be payable on each Interest Payment Date while such Base Rate Advance is outstanding and on the date such
Base Rate Advance is repaid. Any overdue principal of and, to the extent permitted by applicable law, overdue interest on any Base Rate Advance shall bear interest, payable on demand, for each day until paid in full at a rate per annum equal to the
Default Rate. 
 (c) Each Euro-Dollar Advance shall bear interest on the outstanding principal amount thereof, for each Interest Period, at
a rate per annum equal to the sum of: (1) the Applicable Margin, plus (2) the Adjusted London InterBank Offered Rate for such Interest Period. Such interest shall be payable on each Interest Payment Date while such Euro-Dollar Advance is
outstanding and on any date such Euro-Dollar Advance is repaid. Any overdue principal of and, 

  
 - 33 - 

 
to the extent permitted by applicable law, overdue interest on any Euro-Dollar Advance shall bear interest, payable on demand, for each day until paid in full at a rate per annum equal to the
Default Rate. 
 (d) The Administrative Agent shall determine each interest rate applicable to the Advances hereunder in accordance with the
terms of this Agreement. The Administrative Agent shall give prompt notice to the Borrower and the Lenders by telecopy of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error. 

(e) After the occurrence and during the continuance of an Event of Default (other than an Event of Default under Sections 6.01(a),
(g) or (h)), the principal amount of the Advances (and, to the extent permitted by applicable law, all accrued interest thereon) may, at the election of the Required Lenders, bear interest at the Default Rate; provided, however, that
automatically whether or not the Required Lenders elect to do so, (i) any overdue principal of and, to the extent permitted by law, overdue interest on the Advances shall bear interest payable on demand, for each day until paid at a rate per
annum equal to the Default Rate, and (ii) after the occurrence and during the continuance of an Event of Default described in Sections 6.01(a), (g) or (h), the principal amount of the Advances (and, to the extent permitted by
applicable law, all accrued interest thereon) shall bear interest payable on demand for each day until paid at a rate per annum equal to the Default Rate. 

SECTION 2.07. Fees. 
 (a)
The Borrower shall pay to the Administrative Agent for the ratable account of each Lender an unused commitment fee equal to the product of: (i) the aggregate of the daily average amounts of such Lender’s Unused Commitment, times
(ii) a per annum percentage equal to the Applicable Fee Rate. Such unused commitment fee shall accrue from and including the Closing Date to and including the Termination Date. Unused commitment fees shall be payable quarterly in arrears on
each Quarterly Payment Date and on the Termination Date; provided, that should the Revolver Commitments of all of the Lenders be terminated at any time prior to the Termination Date for any reason, the entire accrued and unpaid fee shall be
paid on the date of such termination. 

  
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 (b) The “Applicable Fee Rate” shall be determined quarterly based upon the Consolidated
Debt to Consolidated EBITDA Ratio, determined as of the last day of each Fiscal Quarter for the Fiscal Quarter then ending, as follows: 
  

					
	 Consolidated
 Debt to Consolidated

EBITDA Ratio
	  	Applicable
Fee Rate	 
	 Greater than or equal to 2.50 to 1.0
	  	 	0.30	% 
		
	 Greater than or equal to 2.00 to 1.0 but less than 2.50 to 1.0
	  	 	0.25	% 
		
	 Greater than or equal to 1.50 to 1.0 but less than 2.00 to 1.0
	  	 	0.20	% 
		
	 Less than 1.50 to 1.0
	  	 	0.15	% 

 The Applicable Fee Rate shall be determined effective as of the date (herein, the “Fee Determination
Date”) which is the first calendar day of the first calendar month after the day the Administrative Agent receives the Margin and Fee Rate Report for the Fiscal Quarter for which the Consolidated Debt to Consolidated EBITDA Ratio is being
determined, and the Applicable Fee Rate so determined shall remain effective from such Fee Determination Date until the date which is the first calendar day of the first calendar month after the day the Administrative Agent receives the Margin and
Fee Rate Report for the Fiscal Quarter in which such Fee Determination Date falls (which latter date shall be a new Fee Determination Date); provided, that (i) for the period from and including the Closing Date to but excluding the Fee
Determination Date next following the Closing Date, the Applicable Fee Rate shall be 0.15%, (ii) if, on any Fee Determination Date, the Borrower shall have failed to deliver to the Lender the Margin and Fee Rate Report required to be delivered
pursuant to Section 5.01(j) with respect to the Fiscal Quarter most recently ended prior to such Fee Determination Date, then for the period beginning on such Fee Determination Date and ending on the earlier of the date on which the Borrower
shall deliver to the Administrative Agent the Margin and Fee Rate Report to be delivered pursuant to Section 5.01(j) with respect to such Fiscal Quarter, the Applicable Fee Rate shall be determined as if the Consolidated Debt to Consolidated
EBITDA Ratio was greater than or equal to 2.50 to 1.0, and (iii) the Applicable Fee Rate shall be determined as if the Consolidated Debt to Consolidated EBITDA Ratio was greater than 2.50 to 1.0 (A) after the occurrence and during the
continuance of an Event of Default (other than an Event of Default under Sections 6.01(a), (g) or (h)), if the Required Lenders elect to do so, and (B) after the occurrence and during the continuance of an Event of Default described
in Sections 6.01(a), (g) or (h), automatically whether or not the Required Lenders elect to do so. In no event shall the Applicable Fee Rate be decreased pursuant to this Section 2.07 if a Default or Event of Default is in existence
on the Fee Determination Date. 
 (c) The Borrower shall pay to the Administrative Agent for the ratable account of each Lender, with
respect to each Letter of Credit, a per annum letter of credit fee (the “Letter of Credit Fee”) equal to the product of: (i) the aggregate average daily Undrawn Amounts, times (ii) a per annum percentage equal to the Applicable
Margin for Letters of Credit (determined in 

  
 - 35 - 

 
accordance with the pricing grid set forth in Section 2.06(a)). Such Letter of Credit Fees shall be payable in arrears for each Letter of Credit on each Quarterly Payment Date during the
term of each respective Letter of Credit and on the termination thereof (whether at its stated expiry date or earlier). 
 (d) The Borrower
shall pay to the Administrative Agent for the account of the Letter of Credit Issuer a facing fee (the “Facing Fee”) with respect to each Letter of Credit equal to the product of: (i) the face amount of such Letter of Credit, times
(ii) one-eighth (1/8th) of one percent (0.125%). Such Facing Fee shall be due and payable on such date as may be agreed upon by the Letter of Credit Issuer and the Borrower. The Borrower
shall pay to the Letter of Credit Issuer, for its own account, transfer fees, drawing fees, modification fees, extension fees and such other fees and charges as may be provided for in any Letter of Credit Application Agreement or otherwise charged
by the Letter of Credit Issuer. No Lender shall be entitled to any portion of the Facing Fees or any other fees payable by the Borrower to the Letter of Credit Issuer pursuant to this Section 2.07(d). 

(e) The Borrower shall pay to the Administrative Agent, for the ratable account of each Lender, on the Closing Date, upfront fees as set forth
in the Fee Letter. 
 (f) The Borrower shall pay to the Administrative Agent, for the account and sole benefit of the Administrative Agent,
such other fees and other amounts at such times as are set forth in the Fee Letter. 
 SECTION 2.08. Termination or Reduction of
Commitments. 
 The Borrower may, upon at least three (3) Domestic Business Day’s irrevocable notice to the Administrative
Agent, terminate at any time, or proportionately reduce from time to time by an aggregate amount of at least $10,000,000 or any larger multiple of $1,000,000, the Revolver Commitments of all of the Lenders; provided, however: (1) each
termination or reduction, as the case may be, shall be permanent and irrevocable; (2) no such termination or reduction shall be in an amount greater than the sum of the Total Unused Revolver Commitments on the date of such termination or
reduction; and (3) no such reduction pursuant to this Section 2.08 shall result in the aggregate Revolver Commitments of all of the Lenders being reduced to an amount less than $60,000,000, unless the Revolver Commitments of all of the
Lenders are terminated in their entirety, in which case all accrued fees (as provided under Section 2.07) shall be payable on the effective date of such termination. Each reduction shall be made ratably among the Lenders in accordance with
their respective Revolver Commitments. 
 SECTION 2.09. Termination of Commitments on the Termination Date. 

The Revolver Commitments of all of the Lenders shall terminate on the Termination Date and any Advances then outstanding (together with accrued
interest thereon) shall be due and payable on such date. 
 SECTION 2.10. Optional Prepayments. 

(a) The Borrower may, without premium or penalty (but with any applicable breakage fee as required below), upon at least one (1) Domestic
Business Day’s notice to the 

  
 - 36 - 

 
Administrative Agent, prepay any Borrowing in whole at any time, or from time to time in part, in amounts aggregating at least $100,000 or any larger integral multiple of $50,000 (or any lesser
amount equal to the outstanding balance of such Borrowing), by paying the principal amount to be prepaid together with accrued interest thereon to the date of prepayment, plus (except with respect to any such prepayment made on an Interest Payment
Date) a breakage fee in an amount sufficient to compensate the Lenders for any loss or expense arising from the liquidation or reemployment of London InterBank Offered Rate-based funds obtained by it to maintain the amount prepaid or from fees
payable to terminate the deposits from which such funds were obtained. Each such optional prepayment of a Revolver Borrowing shall be applied first to any Swing Advances outstanding, and then to prepay ratably the Revolver Advances of the several
Lenders included in such Revolver Borrowing. 
 (b) Upon receipt of a notice of prepayment pursuant to this Section 2.10, the
Administrative Agent shall promptly notify each Lender of the contents thereof and of such Lender’s ratable share of such prepayment and such notice, once received by the Administrative Agent, shall not thereafter be revocable by the Borrower.

 SECTION 2.11. Mandatory Prepayments. 

(a) On each date on which the Revolver Commitments of all of the Lenders are reduced or terminated pursuant to Section 2.08 or
Section 2.09, the Borrower shall repay or prepay such principal amount of the outstanding Revolver Borrowings (together with interest accrued thereon and any amount due under Article VIII), as may be necessary so that after such payment
the aggregate unpaid principal amount of the Revolver Advances and Letter of Credit Obligations do not exceed the aggregate amount of the Revolver Commitments as then reduced. Each such payment or prepayment shall be applied first to any Swing
Advances outstanding, and then ratably to the Revolver Advances of the several Lenders outstanding on the date of payment or prepayment in the following order or priority: (i) first, to Base Rate Advances, and (ii) second, to Euro-Dollar
Advances. 
 (b) In the event that the aggregate principal amount of all Revolver Advances, together with the aggregate principal amount of
the Letter of Credit Obligations at any one time outstanding shall at any time exceed the aggregate amount of the Revolver Commitments of all of the Lenders at such time, the Borrower shall immediately repay the Revolver Advances in an amount no
less than such excess amount. Each such payment or prepayment shall be applied ratably to the Revolver Advances of the several Lenders outstanding on the date of payment or prepayment in the following order or priority: (i) first, to Base Rate
Advances, and (ii) second, to Euro-Dollar Advances. Notwithstanding anything contained herein to the contrary, at no time shall the aggregate outstanding principal amount of Revolver Advances made by any Lender, together with such Lender’s
Applicable Percentage of the aggregate outstanding principal amount of all Swing Advances and Letter of Credit Obligations exceed the amount of the Revolver Commitment of such Lender at such time. 

(c) [Reserved.] 
 (d) If the
Loan Parties and their respective Subsidiaries Dispose of any property (other than the Olive Branch Property) which results in the realization of Net Cash Proceeds in 

  
 - 37 - 

 
excess of $250,000 in the aggregate during any Fiscal Year, the Borrower shall promptly (but in no event more than five (5) Domestic Business Days after receipt of such Net Cash Proceeds)
prepay an aggregate principal amount of Advances equal to all such Net Cash Proceeds; provided however, that so long as no Default or Event of Default has occurred and is continuing, Net Cash Proceeds relating to the Disposition of obsolete
or retired equipment in the ordinary course of business shall not be included to the extent the Borrower delivers to the Administrative Agent a certificate stating that the applicable Loan Party or Applicable Subsidiary thereof intends to use such
Net Cash Proceeds to acquire like assets useful to its business within 180 days of the receipt of such Net Cash Proceeds, it being expressly agreed that Net Cash Proceeds not so reinvested shall count against the $250,000 threshold set forth above.

 (e) Upon the sale or issuance by any Loan Party or any Subsidiary thereof of any of its Capital Securities (other than any sales or
issuances of Capital Securities to another Loan Party), the Borrower shall prepay an aggregate principal amount of Advances equal to all Net Cash Proceeds received therefrom immediately upon receipt thereof by such Loan Party or such Subsidiary.

 (f) Upon the incurrence or issuance by any Loan Party or any Subsidiary thereof of any Debt (other than Debt expressly permitted to be
incurred or issued pursuant to Section 5.27), the Borrower shall prepay an aggregate principal amount of Advances equal to all Net Cash Proceeds received therefrom immediately upon receipt thereof by such Loan Party or such Subsidiary. 

(g) Subject to the provisions of the Collateral Documents relating to the application of proceeds of insurance with respect to any Collateral,
upon any Extraordinary Receipt received by or paid to or for the account of any Loan Party or any Subsidiary thereof, and not otherwise included in paragraphs (b), (c) or (d) of this Section 2.11, the Borrower shall prepay an
aggregate principal amount of Advances equal to all Net Cash Proceeds received therefrom immediately upon receipt thereof by such Loan Party or such Subsidiary. 

Any repayment or prepayment made pursuant to this Section 2.11 shall not affect any Loan Party’s obligation to continue to make
payments under any Hedging Agreement, which shall remain in full force and effect notwithstanding such repayment or prepayment, subject to the terms of such Hedging Agreement. 

SECTION 2.12. General Provisions as to Payments. 

(a) The Borrower shall make each payment of principal of, and interest on, the Advances, and of fees hereunder without any set off,
counterclaim or any deduction whatsoever (except as expressly provided in Section 2.15 with respect to amounts owing to any Defaulting Lender), not later than 11:00 A.M. (Eastern time) on the date when due, in Federal or other funds immediately
available in Winston-Salem, North Carolina, to the Administrative Agent at its address referred to in Section 9.01. The Administrative Agent will promptly distribute to the Swing Line Lender each such payment received on account of the Swing
Advances and to each Lender its ratable share of each such payment received by the Administrative Agent for the account of the Lenders. 

  
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 (b) Whenever any payment of principal of, or interest on, the Base Rate Advances or of fees shall
be due on a day which is not a Domestic Business Day, the date for payment thereof shall be extended to the next succeeding Domestic Business Day. Whenever any payment of principal of or interest on, the Euro-Dollar Advances shall be due on a day
which is not a Euro-Dollar Business Day, the date for payment thereof shall be extended to the next succeeding Euro-Dollar Business Day unless such Euro-Dollar Business Day falls in another calendar month, in which case the date for payment thereof
shall be the next preceding Euro-Dollar Business Day. If the date for any payment of principal is extended by operation of law or otherwise, interest thereon shall be payable for such extended time. 

(c) Funding by Lenders; Presumption by the Administrative Agent. Unless the Administrative Agent shall have received notice from a
Lender prior to the proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on
such date in accordance with Section 2.02 and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the
Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent (forthwith on demand in the case of such Lender, and within three (3) Business Days after demand in the case of the Borrower)
such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of a payment to be made
by such Lender, the greater of the Federal Funds Rate and a rate reasonably determined by the Administrative Agent in accordance with banking industry rules on interbank compensation and (ii) in the case of a payment to be made by the Borrower,
the interest rate applicable to Euro-Dollar Advances. If the Borrower and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount
of such interest paid by the Borrower for such period. If such Lender pays its share of the applicable Borrowing to the Administrative Agent, then the amount so paid shall constitute such Lender’s Advance included in such Borrowing. Any such
payment by the Borrower shall be without prejudice to, and shall not constitute a waiver or release of, any claim of the Borrower against such Lender for losses, penalties, damages, liabilities and related expenses (including the reasonable fees,
charges and disbursements of counsel for the Borrower) arising from such Lender having failed to make such payment to the Administrative Agent. 

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

  
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 (e) Taxes. 

(i) Payments Free of Taxes. Any and all payments by or on account of any obligation of the Borrower hereunder or under any other Loan
Document shall be made free and clear of and without reduction or withholding for any Indemnified Taxes or Other Taxes; provided, that if the Borrower shall be required by applicable law to deduct any Indemnified Taxes (including any Other
Taxes) from such payments, then (A) the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section), the Administrative Agent, Letter
of Credit Issuer or Lender, as the case may be, receives an amount equal to the sum it would have received had no such deductions been made, (B) the Borrower shall make such deductions and (C) the Borrower shall timely pay the full amount
deducted to the relevant Governmental Authority in accordance with applicable law. 
 (ii) Payment of Other Taxes by the Borrower.
Without limiting the provisions of paragraph (i) above, the Borrower shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law. 

(iii) Indemnification by the Borrower. The Borrower shall indemnify the Administrative Agent, the Letter of Credit Issuer and each
Lender, within ten (10) calendar days after demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section)
paid by the Administrative Agent, the Letter of Credit Issuer or such Lender, as the case may be, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes
were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender or the Letter of Credit Issuer (with a copy to the Administrative
Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender or the Letter of Credit Issuer, shall be conclusive absent manifest error. 

(iv) Evidence of Payments. At the Administrative Agent’s request, as soon as practicable after any payment of Indemnified Taxes or
Other Taxes by the Borrower to a Governmental Authority, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return
reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 
 (v) Status of
Lenders. Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction in which the Borrower is resident for tax purposes, or any treaty to which such jurisdiction is a party, with
respect to payments hereunder or under any other Loan Document shall deliver to the Borrower (with a copy to the Administrative Agent), at the time or times prescribed by applicable law or reasonably requested by the Borrower or the Administrative
Agent, such properly completed and executed documentation prescribed by applicable law as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if requested by the Borrower or the
Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such
Lender is subject to backup withholding or information reporting requirements. 

  
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 Without limiting the generality of the foregoing, in the event that the Borrower is resident for
tax purposes in the United States of America, any Foreign Lender shall deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender
becomes a Lender under this Agreement (and from time to time thereafter upon the request of the Borrower or the Administrative Agent, but only if such Foreign Lender is legally entitled to do so), whichever of the following is applicable: 

(A) duly completed copies of Internal Revenue Service Form W-8BEN claiming eligibility for benefits of an income tax treaty to
which the United States of America is a party, 
 (B) duly completed copies of Internal Revenue Service Form W-8ECI, 

(C) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under section 881(c) of the
Code, (x) a certificate to the effect that such Foreign Lender is not (1) a “bank” within the meaning of section 881(c)(3)(A) of the Code, (2) a “10 percent shareholder” of the Borrower within the meaning of
section 881(c)(3)(B) of the Code, or (3) a “controlled foreign corporation” described in section 881(c)(3)(C) of the Code and (y) duly completed copies of Internal Revenue Service Form W-8BEN, or 

(D) any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in United States Federal
withholding tax duly completed together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower to determine the withholding or deduction required to be made. 

(vi) Treatment of Certain Refunds. If the Administrative Agent or a Lender determines, in its reasonable discretion, that it has
received a refund of any Taxes or Other Taxes as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid additional amounts pursuant to this Section, it shall pay to the Borrower an amount equal to such refund
(but only to the extent of indemnity payments made, or additional amounts paid, by the Borrower under this Section with respect to the Taxes or Other Taxes giving rise to such refund), net of all reasonable out-of-pocket expenses of the
Administrative Agent or such Lender, as the case may be, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); provided, that the Borrower, upon the request of the
Administrative Agent or such Lender, agrees to repay the amount paid over to the Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender in the event the
Administrative Agent or such Lender is required to repay such refund to such Governmental Authority. This paragraph shall not be construed to require the Administrative Agent or any Lender to make available its tax returns (or any other information
relating to its taxes that it deems confidential) to the Borrower or any other Person. 

  
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 SECTION 2.13. Computation of Interest and Fees. 

Interest shall be computed on the basis of a year of 360 days and paid for the actual number of days elapsed (including the first day but
excluding the last day). Utilization fees, unused commitment fees and any other fees payable hereunder shall be computed on the basis of a year of 360 days and paid for the actual number of days elapsed (including the first day but excluding the
last day). 
 SECTION 2.14. Increase to Revolver Commitments. 

(a) Provided no Default or Event of Default has occurred and is then continuing, upon notice to the Administrative Agent (which shall promptly
notify the Lenders), the Borrower may, from time to time, request increases in the aggregate Revolver Commitments of all Lenders; provided that (i) each such request shall be in a minimum amount of $10,000,000 and in increments of
$5,000,000 thereafter, and (ii) the aggregate amount by which the Revolver Commitments may be increased is $25,000,000. 
 (b) Each
Lender shall be afforded a reasonable time (such time period to be determined by the Administrative Agent in consultation with the Borrower and the Lenders) after receipt of such notice to perform its customary due diligence and underwriting
procedures, and shall be entitled (but not obligated) to increase its Revolver Commitment on a pro rata basis with the other Lenders so as to maintain its Applicable Percentage. Within such time period, each Lender shall notify the Administrative
Agent whether or not it agrees to an increase in its Revolver Commitment and, if so, whether by an amount equal to, greater than, or less than its ratable portion of such requested increase. Any Lender not responding within such time period shall be
deemed to have declined to increase its Revolver Commitment. 
 (c) The Administrative Agent shall notify the Borrower and each Lender of
the Lenders’ responses to the request made hereunder. To achieve the full amount of the requested increase in the Revolver Commitments of all Lenders, and subject to the approval of the Administrative Agent and the Lenders (such approval not to
be unreasonably withheld, conditioned or delayed), the Borrower may also invite additional financial institutions to become Lenders hereunder and/or invite one or more existing Lenders to increase their pro rata shares of the increased Revolver
Commitments. 
 (d) If the increased Revolver Commitments are provided in accordance with this Section 2.14, the Administrative Agent
and the Borrower (in consultation with the Lenders) shall determine the closing date and the final allocation of the increased Revolver Commitments among the Lenders. The Borrower, the Administrative Agent and the Lenders (including any additional
Lender) shall execute and deliver an amendment to this Agreement and such additional Revolving Notes and other documents as may be required by the Administrative Agent to consummate the increase in the Revolver Commitments. 

(e) Upon the closing of any such increase in the Revolver Commitments, the Borrower shall be obligated to pay additional arrangement fees and
upfront fees of the type described in the Fee Letter, such fees to be determined by the Lead Arranger and the Administrative Agent (in consultation with the Lenders), and agreed to by the Borrower, and such other fees as may be required by any
additional Lender and agreed to by the Borrower. 

  
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 SECTION 2.15. Defaulting Lenders. 

Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such
Lender is no longer a Defaulting Lender, to the extent permitted by Applicable Laws: 
 (a) Waivers and Amendments. Such Defaulting
Lender’s rights with respect to any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in Section 9.05; 

(b) Defaulting Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the
account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VI or otherwise, and including any amounts made available to the Administrative Agent by such Defaulting Lender pursuant to
Section 9.04(a)), shall be deemed paid to and redirected by such Defaulting Lender to be applied at such time or times as may be determined by the Administrative Agent as follows: (i) first, to the payment of any amounts owing by
such Defaulting Lender to the Administrative Agent hereunder; (ii) second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to the Letter of Credit Issuer or Swing Line Lender hereunder;
(iii) third, to Cash Collateralize the Letter of Credit Issuer’s Fronting Exposure with respect to such Defaulting Lender in accordance with Section 11.09; (iv) fourth, unless the Borrower requests otherwise (and so
long as no Default or Event of Default exists), to the funding of any Advance in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent and the
Borrower; (v) fifth, if so determined by the Administrative Agent and the Borrower, to be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting Lender’s potential future funding obligations
with respect to Advances under this Agreement and (y) Cash Collateralize the Letter of Credit Issuer’s future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement in
accordance with Section 11.09; (vi) sixth, to the payment of any amounts owing to the Borrower, the Non-Defaulting Lenders, the Letter of Credit Issuer, the Swing Line Lender or any other party hereunder against such Defaulting
Lender for losses, penalties, damages, liabilities and related expenses (including the reasonable fees, charges and disbursements of counsel for the Borrower) arising from such Lender having become a Defaulting Lender; and (vii) seventh,
to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Advances or Reimbursement Obligations in respect of which such
Defaulting Lender has not fully funded its appropriate share, and (y) such Advances were made or the related Letters of Credit were issued at a time when the conditions set forth in Section 3.02 were satisfied or waived, such payment shall
be applied solely to pay the Advances of, and Reimbursement Obligations owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Advances of, or Reimbursement Obligations owed to, such Defaulting Lender
until such time as all Advances and funded and unfunded participations in Letter of Credit Obligations and Swing Advances are held by the Lenders pro rata in accordance with the Revolver Commitments without giving effect to any reallocation pursuant
to 

  
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paragraph (d) below. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash
Collateral pursuant to this paragraph (b) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto. 

(c) Certain Fees. 

(i) No Lender shall be entitled to receive any unused commitment fee payable under Section 2.07(a) for any period during
which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender). 

(ii) No Lender shall be entitled to receive any Letter of Credit Fees for any period during which that Lender is a Defaulting
Lender, except only to the extent allocable to its Applicable Percentage of the stated amount of any Letters of Credit for which such Defaulting Lender has provided Cash Collateral in accordance with Section 11.09. 

(iii) With respect to any unused commitment fee or Letter of Credit Fee not required to be paid to any Defaulting Lender
pursuant to clause (i) or (ii) above, the Borrower shall (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect to such Defaulting Lender’s participation in
Letter of Credit Obligations or Swing Advances that has been reallocated to such Non-Defaulting Lender pursuant to paragraph (d) below, (y) pay to the Letter of Credit Issuer and the Swing Line Lender, as applicable, the amount of any such
fee otherwise payable to such Defaulting Lender to the extent allocable to any remaining Fronting Exposure (determined after giving effect to any reallocation pursuant to paragraph (d) below and any Cash Collateral made available hereunder) of
the Letter of Credit Issuer or the Swing Line Lender to such Defaulting Lender, and (z) not be required to pay the remaining amount of any such fee. 

(d) Reallocation of Participations to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s participation in
Letter of Credit Obligations and Swing Advances shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Applicable Percentages (calculated without regard to such Defaulting Lender’s Revolver Commitment) but
only to the extent that (x) the conditions set forth in Section 3.02 are satisfied at the time of such reallocation (and, unless the Borrower shall have otherwise notified the Administrative Agent at such time, the Borrower shall be deemed
to have represented and warranted that such conditions are satisfied at such time), and (y) such reallocation does not cause the aggregate outstanding principal amount of the Revolver Advances of any Non-Defaulting Lender together with such
Non-Defaulting Lender’s Applicable Percentage of the aggregate outstanding principal amount of all Swing Line Advances and Letter of Credit Obligations, to exceed such Non-Defaulting Lender’s Revolver Commitment. 

(e) Cash Collateral, Repayment of Swing Advances. If the reallocation described in paragraph (d) above cannot, or can only
partially, be effected, upon the written request of the Administrative Agent the Borrower shall, without prejudice to any right or remedy 

  
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available to it hereunder or under law, (x) first, prepay Swing Advances in an amount equal to the Swing Line Lender’s Fronting Exposure and (y) second, Cash
Collateralize the Letter of Credit Issuer’s Fronting Exposure in accordance with the procedures set forth in Section 11.09. 
 (f)
Defaulting Lender Cure. If the Borrower, the Administrative Agent, the Swing Line Lender and the Letter of Credit Issuer agree in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties
hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which shall include arrangements satisfactory to the Borrower with respect to any Cash Collateral), that Lender will, to the extent
applicable, purchase at par that portion of outstanding Advances of the other Lenders or take such other actions as the Administrative Agent and the Borrower may determine to be necessary to cause the Advances and funded and unfunded participations
in Letters of Credit and Swing Advances to be held pro rata by the Lenders in accordance with the Revolver Commitments (without giving effect to paragraph (d) above), whereupon such Lender will cease to be a Defaulting Lender; provided
that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender. 

(g) New Swing Advances / Letters of Credit. So long as any Lender is a Defaulting Lender, (i) the Swing Line Lender shall not be
required to fund any Swing Advances unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swing Advance and (ii) the Letter of Credit Issuer shall not be required to issue, extend, renew or increase any
Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto, in each case after giving effect to paragraph (d) above and any Cash Collateral provided by the Borrower or such Defaulting Lender. 

(h) Replacement of Defaulting Lender. If any Lender is a Defaulting Lender then the Borrower may, upon notice to such Lender and the
Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 9.07), all of its interests, rights and obligations under
this Agreement and the related Loan Documents to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that the Borrower shall have paid to the Administrative
Agent the assignment fee (if any) specified in Section 9.07(b)(iv), and such assignment does not conflict with applicable law. A Lender shall not be required to make any such assignment or delegation if, prior thereto, such Lender ceases to be
a Defaulting Lender. 
 (i) Termination of Defaulting Lender. The Borrower may terminate the unused amount of the Revolver Commitment
of any Defaulting Lender upon not less than two (2) Domestic Business Days’ prior notice to the Administrative Agent (which shall promptly notify the Lenders thereof), and in such event the provisions of paragraph (b) above will apply
to all amounts thereafter paid by the Borrower for the account of such Defaulting Lender under this Agreement (whether on account of principal, interest, fees, indemnity or other amounts). 

(j) No Waiver or Release. Except to the extent otherwise expressly agreed by the affected parties, any reallocation under
paragraph (d) above, any change in a Lender’s status of from a Defaulting Lender to a Non-Defaulting Lender under paragraph (f) above, any 

  
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replacement of Defaulting Lender under paragraph (h) above and/or any termination of a Defaulting Lender’s unused Revolver Commitment under paragraph (i) above, shall be without
prejudice to, and shall not constitute a waiver or release of, any claim of the Borrower, the Administrative Agent, any Non-Defaulting Lender or any other party hereunder against a Defaulting Lender for losses, penalties, damages, liabilities and
related expenses (including the reasonable fees, charges and disbursements of counsel for such party) arising from such Lender having become a Defaulting Lender. 

(k) Credit Agreement Governs. In the event of any direct conflict between the terms of any other Loan Document and this Agreement with
respect to the impact of a Lender becoming a Defaulting Lender, the terms of this Agreement shall control. 
 ARTICLE III 

CONDITIONS TO BORROWINGS 

SECTION 3.01. Conditions to Closing and First Borrowing. 

The obligation of each Lender to make an Advance on the Closing Date (and the obligation of the Letter of Credit Issuer to issue a Letter of
Credit on the Closing Date) is subject to the satisfaction of the conditions set forth in Section 3.02 and the following additional conditions: 

(a) receipt by the Administrative Agent from each of the parties hereto of a duly executed counterpart of this Agreement signed by such party;

 (b) receipt by the Administrative Agent of a duly executed Revolver Note for each Lender, and a duly executed Swing Advance Note for the
Swing Line Lender, in each case complying with the provisions of Section 2.04; 
 (c) receipt by the Administrative Agent of
(i) an opinion of Woods Rogers PLC, as counsel to the Borrower, dated as of the Closing Date (or such other date as may be specified by the Administrative Agent) in form and substance satisfactory to the Lenders, and (ii) an opinion of
McDonald Carano Wilson LLP, as special Nevada counsel to the Borrower, dated as of the Closing Date (or such other date as may be specified by the Administrative Agent), in form and substance satisfactory to the Lenders; 

(d) receipt by the Administrative Agent of a certificate (the “Closing Certificate”), dated the Closing Date of the first Borrowing,
substantially in the form of Exhibit F hereto, signed by a chief financial officer or other authorized officer of the Borrower, to the effect that, to his knowledge, (i) no Default or Event of Default has occurred and is continuing
on the date of the first Borrowing and (ii) the representations and warranties of the Borrower contained in Article IV are true on and as of the date of the first Borrowing hereunder; 

(e) receipt by the Administrative Agent of all documents which the Administrative Agent or any Lender may reasonably request relating to the
existence of the Borrower, the authority for and the validity of this Agreement, the Notes and the other Loan Documents, and any other matters relevant hereto, all in form and substance satisfactory to the Lenders, including without limitation a
certificate of incumbency of the Borrower (the “Officer’s 

  
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Certificate”), signed by the Secretary, an Assistant Secretary, a member, manager, partner, trustee or other authorized representative of the Borrower, substantially in the form of
Exhibit F hereto, certifying as to the names, true signatures and incumbency of the officer or officers of the Borrower, authorized to execute and deliver the Loan Documents, and certified copies of the following items: (i) the
Borrower’s Organizational Documents; (ii) the Borrower’s Operating Documents; (iii) a certificate of the Secretary of State of the Borrower’s State of organization as to the good standing or existence of the Borrower, and
(iv) the Organizational Action taken by the board of directors of the Borrower or the members, managers, trustees, partners or other applicable Persons authorizing the Borrower’s execution, delivery and performance of this Agreement, the
Notes and the other Loan Documents to which the Borrower is a party; 
 (f) receipt by the Administrative Agent of a Notice of Borrowing;

 (g) the Security Agreement, the Nevada Deed of Trust Amendment, the Winchester Deed of Trust Amendment and any necessary IP Security
Agreements, each in form and content satisfactory to the Lenders, shall have been duly executed by the Borrower and such documents shall have been delivered to the Administrative Agent and shall be in full force and effect and each document
(including each Uniform Commercial Code financing statement) required by law or reasonably requested by the Administrative Agent to be filed, registered or recorded in order to create in favor of the Administrative Agent for the benefit of the
Secured Parties, upon filing, recording or possession by the Administrative Agent, as the case may be, a valid, legal and perfected first-priority security interest in and lien on the Collateral described in the Collateral Documents shall have been
delivered to the Administrative Agent; Borrower shall also deliver or cause to be delivered the certificates (with undated stock powers executed in blank) for all shares of stock or other equity interests pledged to the Administrative Agent for the
benefit of the Secured Parties pursuant to any Pledge Agreement; 
 (h) the Administrative Agent shall have received the results of a search
of the Uniform Commercial Code filings made with respect to the Borrower in the state in which the Borrower is organized, together with copies of the financing statements (or similar documents) disclosed by such search, and accompanied by evidence
satisfactory to the Administrative Agent that the Liens (other than any Liens permitted by Section 5.10) indicated in any such financing statement have been released; 

(i) [Reserved]; 
 (j) receipt by
the Administrative Agent of insurance certificates evidencing the insurance required under this Agreement; 
 (k) the Borrower shall have
paid all fees required hereunder and under the Fee Letter to be paid as of the Closing Date, and shall have reimbursed the Administrative Agent for all reasonable fees, costs and expenses of closing the transactions contemplated hereunder and under
the other Loan Documents, including the reasonable legal, audit and other document preparation costs incurred by the Administrative Agent; 

(l) all required appraisals (including machinery and equipment appraisals) shall have been completed to satisfaction of the Administrative
Agent; 

  
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 (m) the Administrative Agent shall have received MAI appraisals of the Nevada Property and the
Winchester Property, which appraisals shall comply with all rules and regulations of any Governmental Authorities regulating the Lenders, shall be in form and substance satisfactory to the Administrative Agent in all respects, and shall state a fair
market value of the applicable real property in an amount satisfactory to the Administrative Agent; 
 (n) with respect to the Nevada
Property, the Administrative Agent shall have received: 
 (i) evidence that the Nevada Deed of Trust Amendment has been sent
to the applicable title company representative to be recorded in the Official Records of Lyon County, Nevada, not more than two (2) Domestic Business Days after the Closing Date; 

(ii) a pro-forma endorsement to the Nevada Title Policy (with the original endorsement to be issued not more than 15 days after
the Closing Date), confirming the lien of the Nevada Deed of Trust (as modified by the Nevada Deed of Trust Amendment) as a first-priority deed of trust lien on the Nevada Property, without exception for possible filed or unfiled mechanics’ and
materialmen’s Liens and containing only such exceptions as are acceptable to the Administrative Agent; 
 (iii) a
completed Standard Flood Hazard Determination Form issued by the Department of Homeland Security Federal Emergency Management Agency indicating whether or not the Nevada Property is located in a special flood hazard zone, together with an acceptable
flood insurance policy, if required; and 
 (iv) such other certificates, affidavits, opinions, agreements and documents as
the Administrative Agent may reasonably require with respect to the Nevada Property, each of which shall be in form and substance reasonably acceptable to the Administrative Agent; 

(o) with respect to the Winchester Property, the Administrative Agent shall have received: 

(i) evidence that the Winchester Deed of Trust Amendment has been has been sent to the applicable title company representative
to be recorded in the Frederick County Clerk’s Office and the Winchester Clerk’s Office not more than two (2) Domestic Business Days after the Closing Date; 

(ii) a pro-forma endorsement to the Winchester Title Policy (with the original endorsement to be issued not more than 15 days
after the Closing Date), increasing the amount of the Winchester Title Policy to $16,500,000, confirming the lien of the Winchester Deed of Trust (as modified by the Winchester Deed of Trust Amendment) as a first-priority deed of trust lien on the
Winchester Property, without exception for possible filed or unfiled mechanics’ and materialmen’s Liens and containing only such exceptions as are acceptable to the Administrative Agent; 

  
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 (iii) a completed Standard Flood Hazard Determination Form issued by the
Department of Homeland Security Federal Emergency Management Agency indicating whether or not the Winchester Property is located in a special flood hazard zone, together with an acceptable flood insurance policy, if required; and 

(iv) such other certificates, affidavits, opinions, agreements and documents as the Administrative Agent may reasonably require
with respect to the Winchester Property, each of which shall be in form and substance reasonably acceptable to the Administrative Agent; 

(p) the Borrower shall have delivered to the Administrative Agent evidence satisfactory to the Administrative Agent that all insurance
required by the terms of this Agreement or any of the other Loan Documents is in full force and effect and the Administrative Agent is named as loss payee or additional insured, as appropriate, on all such insurance; 

(q) the Administrative 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, in each case, the results of which shall be satisfactory to the Administrative Agent;

 (r) the Administrative Agent shall have received evidence satisfactory to it that all indebtedness and other obligations under the Prior
Credit Agreement will be superseded and replaced by the Obligations hereunder; and 
 (s) receipt of such other documents or items as the
Administrative Agent, the Lenders or their counsel may reasonably request. 
 SECTION 3.02. Conditions to All Borrowings. 

The obligation of each Lender to make a Revolver Advance on the occasion of each Revolver Borrowing, the obligation of the Swing Line Lender to
make a Swing Advance and the obligation of the Letter of Credit Issuer to issue a Letter of Credit (including without limitation any such Revolver Advance, Swing Advance and/or Letter of Credit made or issued, as the case may be, on the Closing
Date) are subject to the satisfaction of the following conditions: 
 (a) in the case of a Revolver Borrowing or a Swing Line Borrowing,
receipt by the Administrative Agent of a Notice of Borrowing as required by Section 2.02; 
 (b) the fact that, immediately before and
after such Borrowing (or issuance of a Letter of Credit, as the case may be), no Default or Event of Default shall have occurred and be continuing; 

(c) the fact that the representations and warranties of the Loan Parties contained in Article IV of this Agreement shall be true on and
as of the date of such Borrowing (or issuance of a Letter of Credit, as the case may be); and 

  
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 (d) the fact that, immediately after such Borrowing (or issuance of a Letter of Credit, as the
case may be), (i) the aggregate outstanding principal amount of the Revolver Advances of each Lender together with such Lender’s Applicable Percentage of the aggregate outstanding principal amount of all Swing Line Advances and Letter of
Credit Obligations, will not exceed the amount of its Revolver Commitment; (ii) the aggregate outstanding principal amount of the Revolver Advances together with the aggregate outstanding principal amount of all Letter of Credit Obligations,
will not exceed the aggregate amount of the Revolver Commitments of all of the Lenders at such time. 
 Each Borrowing, each issuance of a
Letter of Credit and each Notice of Conversion hereunder shall be deemed to be a representation and warranty by the Loan Parties on the date of such Borrowing, Letter of Credit and Notice of Conversion, as to the truth and accuracy of the facts
specified in clauses (b), (c) and (d) of this Section 3.02. 
 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 

The Borrower and the Guarantors represent and warrant that: 

SECTION 4.01. Existence and Power. 

The Borrower is a corporation, and each Guarantor is a corporation, limited liability company or other legal entity duly organized, validly
existing and in good standing under the laws of the jurisdiction of its incorporation or organization, as the case may be, is duly qualified to transact business in every jurisdiction where, by the nature of its business, such qualification is
necessary, and has all organizational powers and all governmental licenses, authorizations, consents and approvals required to carry on its business as now conducted. 

SECTION 4.02. Organizational and Governmental Authorization; No Contravention. 

The execution, delivery and performance by each Loan Party of this Agreement, the Notes, the Collateral Documents and the other Loan Documents
to which such Loan Party is a party (i) are within such Loan Party’s organizational powers, (ii) have been duly authorized by all necessary Organizational Action, (iii) require no action by or in respect of, or filing with, any
Governmental Authority, (iv) do not contravene, or constitute a default under, any provision of Applicable Law or of the Organizational Documents and Operating Documents of such Loan Party or of any agreement, judgment, injunction, order,
decree or other instrument binding upon such Loan Party or any of its Applicable Subsidiaries, and (v) do not result in the creation or imposition of any Lien on any asset of such Loan Party or any of its Applicable Subsidiaries, except for a
Lien in favor of the Administrative Agent pursuant to the Collateral Documents. 
 SECTION 4.03. Binding Effect. 

This Agreement constitutes a valid and binding agreement of the Loan Parties enforceable in accordance with its terms, and the Notes, the
Collateral Documents and the other Loan Documents, when executed and delivered in accordance with this Agreement, will constitute valid and binding obligations of the Loan Parties to such Loan Document enforceable in accordance with their respective
terms; provided, that the enforceability hereof and thereof is subject in each case to general principles of equity and to Debtor Relief Laws and similar laws affecting the enforcement of creditors’ rights generally. 

  
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 SECTION 4.04. Financial Information. 

(a) The audited consolidated balance sheet of the Borrower as of December 31, 2013, and the related consolidated statements of income,
shareholders’ equity and cash flows for the Fiscal Year then ended, reported on by Ernst & Young, LLP, copies of which have been delivered to the Administrative Agent for delivery to each of the Lenders, and the unaudited consolidated
financial statements of the Borrower for the interim period ended September 30, 2014, copies of which have been delivered to each of the Lenders, fairly present, in conformity with GAAP, the consolidated financial position of the Borrower and
its Consolidated Subsidiaries as of such dates and their consolidated results of operations and cash flows for such periods stated. 
 (b)
Since December 31, 2013, there has been no event, act, condition or occurrence having a Material Adverse Effect. 
 SECTION 4.05.
Litigation. 
 As of the Closing Date, except as set forth on Schedule 4.05, there is no action, suit or proceeding
pending, or to the knowledge of the Loan Parties threatened, against or affecting the Loan Parties or any of their respective Applicable Subsidiaries before any court or arbitrator or any Governmental Authority which (a) in any manner draws
into question the validity or enforceability of this Agreement, the Notes, the Collateral Documents or any of the other Loan Documents, (b) could impair the ability of the Loan Parties to perform their respective obligations under, this
Agreement, the Notes, the Collateral Documents or any of the other Loan Documents, or (c) has, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

SECTION 4.06. Compliance with ERISA. 

(a) The Loan Parties and each member of the Controlled Group have fulfilled their obligations under the minimum funding standards of ERISA and
the Code with respect to each Plan and are in compliance with the applicable provisions of ERISA and the Code, and have not incurred any liability to the PBGC or a Plan under Title IV of ERISA. 

(b) Neither the Loan Parties nor any member of the Controlled Group is or ever has been obligated to contribute to any Multiemployer Plan.

 (c) The assets of the Loan Parties or any Applicable Subsidiary of any Loan Party do not and will not constitute “plan assets,”
within the meaning of ERISA, the Code and the respective regulations promulgated thereunder. The execution, delivery and performance of this Agreement, and the borrowing and repayment of amounts hereunder, do not and will not constitute
“prohibited transactions” under ERISA or the Code. 

  
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 SECTION 4.07. Payment of Taxes. 

There have been filed on behalf of the Loan Parties and their respective Applicable Subsidiaries all Federal, state and local income, excise,
property and other tax returns which are required to be filed by them and all taxes due pursuant to such returns or pursuant to any assessment received by or on behalf of the Loan Parties or any Applicable Subsidiary have been paid. The charges,
accruals and reserves on the books of the Loan Parties and their respective Applicable Subsidiaries in respect of taxes or other governmental charges are, in the opinion of the Loan Parties, adequate. No Loan Party has been given or been requested
to give a waiver of the statute of limitation relating to the payment of Federal, state, local or foreign taxes. 
 SECTION 4.08.
Subsidiaries. 
 Each of the Subsidiaries of each Loan Party is a corporation, a limited liability company or other legal entity, duly
organized, validly existing and in good standing under the laws of its jurisdiction of organization, is duly qualified to transact business in every jurisdiction where, by the nature of its business, such qualification is necessary, and has all
organizational powers and all governmental licenses, authorizations, consents and approvals required to carry on its business as now conducted. No Loan Party has any Subsidiaries except those Subsidiaries listed on Schedule 4.24 and as
set forth in any Compliance Certificate provided to the Administrative Agent and Lenders pursuant to Section 5.01(d) after the Closing Date, which accurately sets forth each such Subsidiary’s complete name and jurisdiction of organization.

 SECTION 4.09. Investment Company Act, Etc. 

No Loan Party nor any Applicable Subsidiary of a Loan Party is an “investment company” within the meaning of the Investment Company
Act of 1940, as amended. No Loan Party nor any Applicable Subsidiary of a Loan Party is a “holding company,” or a “subsidiary company” of a “holding company,” or an “affiliate” of a “holding company”
or of a “subsidiary company” of a “holding company,” as such terms are defined in the Public Utility Holding Company Act of 1935, as amended. 

SECTION 4.10. All Consents Required. 

All approvals, authorizations, consents, orders or other actions of any Person or of any Governmental Authority (if any) required in connection
with the due execution, delivery and performance by the Loan Parties of this Agreement and any Loan Document to which any Loan Party is a party, have been obtained. 

SECTION 4.11. Ownership of Property; Liens. 

Each of the Loan Parties and their respective Applicable Subsidiaries has title or the contractual right to possess its properties sufficient
for the conduct of its business and none of such properties is subject to any Lien except as permitted in Section 5.10. 

  
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 SECTION 4.12. No Default or Event of Default. 

No Loan Party nor any of its respective Applicable Subsidiaries is in default under or with respect to any agreement, instrument or undertaking
to which it is a party or by which it or any of its property is bound, except where such default, alone or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. No Default or Event of Default has occurred and is
continuing. 
 SECTION 4.13. Full Disclosure. 

All information heretofore furnished by the Loan Parties to the Administrative Agent or any Lender for purposes of or in connection with this
Agreement or any transaction contemplated hereby is, and all such information hereafter furnished by the Loan Parties to the Administrative Agent or any Lender will be, true, accurate and complete in every material respect or based on reasonable
estimates on the date as of which such information is stated or certified. The Loan Parties have disclosed to the Lenders in writing any and all facts which, alone or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

 SECTION 4.14. Environmental Matters. 

(a) No Loan Party nor any Applicable Subsidiary of a Loan Party is subject to any Environmental Liability which could reasonably be expected to
have a Material Adverse Effect and no Loan Party nor any Subsidiary of a Loan Party has been designated as a potentially responsible party under CERCLA. None of the Properties has been identified on any current or proposed (i) National
Priorities List under 40 C.F.R. § 300, (ii) CERCLIS list or (iii) any list arising from a state statute similar to CERCLA. 

(b) To the best knowledge of the Loan Parties and except as disclosed in the environmental reports relating to the Nevada Property and the
Winchester Property delivered to the Administrative Agent in connection with the Prior Credit Agreement, no Hazardous Materials have been or are being used, produced, manufactured, processed, treated, recycled, generated, stored, disposed of,
managed or otherwise handled at, or shipped or transported to or from the Properties or are otherwise present at, on, in or under the Properties, or, to the best of the knowledge of the Loan Parties, at or from any adjacent site or facility, except
for Hazardous Materials, such as petroleum products, cleaning solvents, pesticides and other materials used, produced, manufactured, processed, treated, recycled, generated, stored, disposed of, and managed or otherwise handled in the ordinary
course of business (including without limitation the Poly Business) of such Loan Party or Applicable Subsidiary of a Loan Party in compliance with all applicable Environmental Requirements. 

(c) Each of the Loan Parties and their respective Applicable Subsidiaries has procured all Environmental Authorizations necessary for the
conduct of the business contemplated on such Property, and is in compliance in all material respects with all Environmental Requirements in connection with the operation of the Properties and the Loan Party’s, and each of their respective
Subsidiary’s, respective businesses. 

  
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 SECTION 4.15. Compliance with Laws. 

Each Loan Party and each Applicable Subsidiary of a Loan Party is in compliance with all Applicable Laws, regulations and similar requirements
of Governmental Authorities, including, without limitation, all Environmental Laws and all regulations and requirements of the Securities and Exchange Commission and the National Association of Securities Dealers, Inc. (including with respect to
timely filing of reports), except where such compliance is being contested in good faith through appropriate proceedings or where non-compliance, alone or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 

SECTION 4.16. Capital Securities. 

All Capital Securities, debentures, bonds, notes and all other securities of each Loan Party and their respective Applicable Subsidiaries
presently issued and outstanding are validly and properly issued in accordance with all Applicable Laws, including, but not limited to, the “Blue Sky” laws of all applicable states and the federal securities laws. The issued shares of
Capital Securities of each of the Loan Party’s respective Subsidiaries are owned by the Loan Parties free and clear of any Lien or adverse claim, except for a Lien in favor of the Administrative Agent pursuant to the Collateral Documents. 

SECTION 4.17. Margin Stock. 

No Loan Party nor any of its respective Subsidiaries is engaged principally, or as one of its important activities, in the business of
purchasing or carrying any Margin Stock, and no part of the proceeds of any Advance 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 be used for any
purpose which violates, or which is inconsistent with, the provisions of Regulation X of the Board of Governors of the Federal Reserve System. Following the application of the proceeds from each Advance, not more than 25% of the value of the assets,
either of the Borrower only or of the Borrower and its Subsidiaries on a consolidated basis, will be “Margin Stock.” 
 SECTION
4.18. Insolvency. 
 After giving effect to the execution and delivery of the Loan Documents and the making of the Advances under this
Agreement, no Loan Party will be “insolvent,” within the meaning of such term as defined in §101 of Title 11 of the United States Code or Section 2 of either the Uniform Fraudulent Transfer Act or the Uniform Fraudulent
Conveyance Act, or any other applicable state law pertaining to fraudulent transfers, as each may be amended from time to time, or be unable to pay its debts generally as such debts become due, or have an unreasonably small capital to engage in any
business or transaction, whether current or contemplated. 
 SECTION 4.19. Security Documents. 

(a) Upon execution by the applicable Loan Parties, the Security Agreement shall be effective to create in favor of the Administrative Agent,
for the ratable benefit of the Secured Parties, a legal, valid and enforceable security interest in the Collateral (as defined in the Security Agreement) and, upon filing of one or more Uniform Commercial Code financing statements in the appropriate
jurisdictions and execution and delivery of control agreements in 

  
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form and substance satisfactory to the Administrative Agent, the Administrative Agent shall have a fully perfected first priority Lien on, and security interest in, all right, title and interest
of the applicable Loan Parties in such Collateral and the Proceeds thereof that can be perfected upon filing of one or more Uniform Commercial Code financing statements and execution and delivery of such control agreements, in each case, except as
previously disclosed to the Administrative Agent in writing, prior and superior in any right to any other Person. 
 (b) Upon execution by
the Borrower of the Nevada Deed of Trust Modification and the Winchester Deed of Trust Modification, each Deed of Trust shall be effective to create in favor of the Administrative Agent, for the ratable benefit of the Secured Parties, a legal, valid
and enforceable lien in the Property covered thereby, and, upon recording the Nevada Deed of Trust Modification and the Winchester Deed of Trust Modification with the appropriate real estate records, the Administrative Agent shall have a fully
perfected first priority Lien on all right, title and interest of the Borrower as grantor thereunder, in such Property, in each case, subject to the provisions of such Deed of Trust, prior and superior in any right to any other Person. 

(c) Upon execution by the applicable Loan Parties (or any applicable Pledgor Subsidiary) of any Pledge Agreement that may be required pursuant
to Section 5.24, such Pledge Agreement shall be effective to create in favor of the Administrative Agent, for the ratable benefit of the Secured Parties, a legal, valid and enforceable security interest in and pledge of the Capital Securities
covered thereby and, upon delivery of any certificates evidencing such Capital Securities together with stock powers executed in blank, the Administrative Agent shall have a fully perfected first priority Lien on, and security interest in, all
right, title and interest of the applicable Loan Parties (or any applicable Pledgor Subsidiary) in such Capital Securities and the Proceeds thereof, in each case, except as previously disclosed to the Administrative Agent in writing, prior and
superior in any right to any other Person. 
 SECTION 4.20. Labor Matters. 

There are no strikes, lockouts, slowdowns or other labor disputes against any Loan Party or any Applicable Subsidiary of any Loan Party pending
or, to the knowledge of any Loan Party, threatened. The hours worked by and payment made to employees of the Loan Parties and each Applicable Subsidiary of any Loan Party have been in compliance with the Fair Labor Standards Act and any other
applicable federal, state or foreign law dealing with such matters. All payments due from the Loan Parties or any of their respective Applicable Subsidiaries, or for which any claim may be made against the Loan Parties or any of their respective
Applicable Subsidiaries, on account of wages and employee health and welfare insurance and other benefits, have been paid or accrued as a liability on the books of the Loan Party or such Applicable Subsidiary, as appropriate. No Loan Party nor any
Applicable Subsidiary of a Loan Party is party to a collective bargaining agreement. 
 SECTION 4.21. Patents, Trademarks, Etc. 

The Loan Parties and their respective Applicable Subsidiaries own, or are licensed to use, all patents, trademarks, trade names, copyrights,
technology, know-how and processes, service marks and rights with respect to the foregoing that are material to the businesses, assets, 

  
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operations, properties or condition (financial or otherwise) of the Loan Parties and their respective Applicable Subsidiaries taken as a whole. Except as disclosed on Schedule 4.21,
the Loan Parties and their respective Applicable Subsidiaries conduct their business without infringement or claim of infringement of any material license, patent, trademark, trade name, service mark, copyright, trade secret or any other
intellectual property right of others and there is no infringement or claim of infringement by others of any material license, patent, trademark, trade name, service mark, copyright, trade secret or other intellectual property right of the Loan
Parties and their respective Applicable Subsidiaries, in each case which could reasonably be expected to have a Material Adverse Effect. 

SECTION 4.22. Insurance. 

The Loan Parties and each of their Applicable Subsidiaries has (either in the name of such Loan Party or in such Applicable Subsidiary’s
name), with financially sound and reputable insurance companies, insurance in at least such amounts and against at least such risks (including on all its property, and public liability and worker’s compensation) as are usually insured against
in the same general area by companies of established repute engaged in the same or similar business. 
 SECTION 4.23. Anti-Terrorism
Laws. 
 None of the Loan Parties, nor any of their respective Subsidiaries, is in violation of any laws relating to terrorism or money
laundering, including, without limitation, the Patriot Act. 
 SECTION 4.24. Ownership Structure. 

As of the Closing Date, Part I of Schedule 4.24 is a complete and correct list of all Subsidiaries of the Borrower and of each
Loan Party setting forth for each such Subsidiary, (i) the jurisdiction of organization of such Subsidiary, (ii) each Person holding any Capital Securities in such Subsidiary, (iii) the nature of the Capital Securities held by each
such Person, and (iv) the percentage of ownership of such Subsidiary represented by such Capital Securities. Except as disclosed in Part I of Schedule 4.24, as of the Closing Date (i) the Borrower and its Subsidiaries own,
free and clear of all Liens and has the unencumbered right to vote, all outstanding Capital Securities in each Person shown to be held by it on such Schedule, (ii) all of the issued and outstanding Capital Securities of each Person is validly
issued, fully paid and nonassessable and (iii) there are no outstanding subscriptions, options, warrants, commitments, preemptive rights or agreements of any kind (including, without limitation, any stockholders’ or voting trust
agreements) for the issuance, sale, registration or voting of, or outstanding securities convertible into, any additional Capital Securities of any type in, any such Person. Except as listed on Part II of Schedule 4.24, neither the
Loan Parties nor their respective Subsidiaries are engaged in any joint venture or partnership with any other Person. Except as listed on Part III of Schedule 4.24, there are no outstanding stock purchase warrants, subscriptions,
options, securities, instruments or other rights of any type or nature whatsoever, which are convertible into, exchangeable for or otherwise provide for or permit the issuance of Capital Securities of the Loan Parties or their respective
Subsidiaries. 

  
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 SECTION 4.25. Reports Accurate; Disclosure. 

All information, exhibits, financial statements, documents, books, records or reports furnished or to be furnished by the Loan Parties to the
Administrative Agent or any Lender in connection with this Agreement or any Loan Document, including without limitation all reports furnished pursuant to Section 4.04, are true, complete and accurate in all material respects; it being
recognized by the Administrative Agent and the Lenders that the projections and forecasts provided by the Borrower in good faith and based upon reasonable assumptions are not to be viewed as facts and that actual results during the period or periods
covered by any such projections and forecasts may differ from the projected or forecasted results. Neither this Agreement, nor any Loan Document, nor any agreement, document, certificate or statement furnished by the Borrower to the Administrative
Agent or the Lenders in connection with the transactions contemplated hereby contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements contained herein or therein not misleading in
light of the circumstances under which they were made. 
 SECTION 4.26. Location of Offices. 

The Borrower’s name is Trex Company, Inc. The location of the Borrower (within the meaning of Article 9 of the Uniform Commercial
Code) is Delaware. The Borrower has not changed its name, identity, structure, existence or state of formation, whether by amendment of its Organizational Documents, by reorganization or otherwise, and has not changed its location (within the
meaning of Article 9 of the Uniform Commercial Code) within the four (4) months preceding the Closing Date or any subsequent date on which this representation is made. 

SECTION 4.27. Affiliate Transactions. 

Except as permitted by Section 5.23. or as disclosed on Schedule 4.27, neither the Borrower nor any Subsidiary nor any other
Loan Party is a party to or bound by any agreement or arrangement (whether oral or written) to which any Affiliate of the Borrower, any Subsidiary or any other Loan Party is a party. 

SECTION 4.28. Broker’s Fees. 

Except as set forth in the Fee Letter, no broker’s or finder’s fee, commission or similar compensation will be payable with respect
to the transactions contemplated hereby. Except as set forth in the Fee Letter, no other similar fees or commissions will be payable by any Loan Party for any other services rendered to the Borrower or any of its Subsidiaries ancillary to the
transactions contemplated hereby. 
 SECTION 4.29. Survival of Representations and Warranties, Etc. 

All statements contained in any certificate, financial statement, schedule or other instrument delivered by the Borrower, any Subsidiary or any
other Loan Party to the Administrative Agent or any Lender pursuant to or in connection with this Agreement or any of the other Loan Documents (including, but not limited to, any such statement made in or in connection with any amendment thereto or
any statement contained in any certificate, financial statement, schedule or other instrument delivered by or on behalf of any Loan Party prior to the 

  
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Closing Date and delivered to the Administrative Agent or any Lender in connection with the underwriting or closing of the transactions contemplated hereby) shall constitute representations and
warranties made by the Loan Parties as of the date of such certificate, financial statement, schedule or other instrument in favor of the Administrative Agent and each of the Lenders under this Agreement. All such representations and warranties
shall survive the effectiveness of this Agreement, the execution and delivery of the Loan Documents and the making of the Advances. 

SECTION 4.30. Loans and Investments. 

No Loan Party nor any of its respective Subsidiaries has made a loan, advance or Investment which is outstanding or existing on the Closing
Date except as set forth on Schedule 4.30. 
 SECTION 4.31. No Default or Event of Default. 

No event has occurred and is continuing and no condition exists, or would result from any Advance or from the application of the proceeds
therefrom, which constitutes or would reasonably be expected to constitute a Default or Event of Default. 
 SECTION 4.32. USA PATRIOT
ACT; OFAC. 
 (a) No Loan Party nor any Affiliate of a Loan Party is (i) a Person that resides or has a place of business in a
country or territory named on such lists or which is designated as a Non-Cooperative Jurisdiction by the Financial Action Task Force on Money Laundering (“FATF”), or whose subscription funds are transferred from or through such a
jurisdiction; (ii) a “Foreign Shell Bank” within the meaning of the Patriot Act, i.e., a foreign lender that does not have a physical presence in any country and that is not affiliated with a lender that has a physical presence and an
acceptable level of regulation and supervision; or (iii) a person or entity that resides in or is organized under the laws of a jurisdiction designated by the United States Secretary of the Treasury under Section 311 or 312 of the Patriot
Act as warranting special measures due to money laundering concerns. 
 (b) No Loan Party or any Affiliate of a Loan Party (i) is a
Sanctioned Entity, (ii) has more than 10% of its assets located in Sanctioned Entities, or (iii) derives more than 10% of its operating income from investments in, or transactions with, Sanctioned Entities. The proceeds of any Advance will
not be used and have not been used to fund any operations in, finance any investments or activities in or make any payments to, a Sanctioned Entity. No Loan Party nor any Affiliate of a Loan Party is in violation of or violates any of the country or
list based economic and trade sanctions administered and enforced by OFAC that are described or referenced at http://www.ustreas.gov/offices/enforcement/ofac/ or as otherwise published from time to time. 

SECTION 4.33. Material Contracts. 

Schedule 4.33 is, as of the Closing Date, a true, correct and complete listing of all contracts (other than any contracts relating
to any NMTC Transaction) to which any Loan Party is a party, the breach of or failure to perform which, either by a Loan Party or other party to such contract, could reasonably be expected to have a Material Adverse Effect (“Material
Contract”). 

  
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The Borrower, its Applicable Subsidiaries and the other Loan Parties that is a party to any Material Contract has performed and is in compliance with all of the material terms of such Material
Contract, and no Loan Party has knowledge of any default or event of default that exists with respect to any such Material Contract. 

SECTION 4.34. No Burdensome Restrictions. 

No contract, lease, agreement or other instrument to which any Loan Parties or any of its respective Applicable Subsidiaries is a party or by
which any of its property is bound or affected, no charge, corporate restriction, judgment, decree or order and no provision of Applicable Law have had or are reasonably expected to have a Material Adverse Effect. 

ARTICLE V 
 COVENANTS

 The Borrower and Guarantors hereby agree, jointly and severally, that, so long as any Lender has any Commitment hereunder or any
Obligation remains unpaid: 
 SECTION 5.01. Information. 

The Borrower will deliver to the Administrative Agent, who will then promptly deliver to each of the Lenders: 

(a) as soon as available and in any event within ninety (90) calendar days after the end of each Fiscal Year, a consolidated balance
sheet of the Borrower and its Consolidated Subsidiaries as of the end of such Fiscal Year and the related consolidated statements of income, shareholders’ equity and cash flows for such Fiscal Year, setting forth in each case in comparative
form the figures for the previous Fiscal Year, all in reasonable detail and satisfactory in form to the Administrative Agent, all as audited by Ernst & Young, LLP, or other independent public accountants reasonably acceptable to the
Administrative Agent, and certified by such independent public accountants to be free of any “going concern” or like exceptions and qualifications not acceptable to the Required Lenders; provided, that the Borrower may deliver, in
lieu of the foregoing consolidated annual financial statements only, the annual report of the Borrower for the applicable Fiscal Year on Form 10-K filed with the SEC, but only so long as the consolidated financial statements contained in such
annual report are substantially the same in content as the consolidated financial statements required by this Section 5.01(a); 
 (b)
as soon as available and in any event within forty-five (45) calendar days after the end of the first three Fiscal Quarters of each Fiscal Year, a consolidated balance sheet of the Borrower and its Consolidated Subsidiaries as of the end of
such Fiscal Quarter and the related statement of income and statement of cash flows for such Fiscal Quarter and for the portion of the Fiscal Year ended at the end of such Fiscal Quarter, setting forth in each case in comparative form the figures
for the corresponding Fiscal Quarter and the corresponding portion of the previous Fiscal Year, all in reasonable detail and satisfactory in form to the Administrative Agent, and all reviewed by Ernst & Young, LLP or other independent
public accountants reasonably acceptable to the Administrative Agent and certified (subject to normal year-end adjustments) as to fairness of presentation, GAAP and consistency by the chief financial officer

  
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of the Borrower; provided, that the Borrower may deliver, in lieu of the foregoing quarterly consolidated financial statements only, the quarterly report of the Borrower for the applicable
Fiscal Quarter on Form 10-Q filed with the SEC, but only so long as the consolidated financial statements contained in such quarterly report are substantially the same in content as the consolidated financial statements required by this
Section 5.01(b). 
 (c) as soon as available and in any event within thirty (30) calendar days after the end of each calendar
month (except with respect to any calendar month that is the last month of a Fiscal Quarter), a consolidated balance sheet of the Borrower and its Consolidated Subsidiaries as of the end of such calendar month (together with an executive summary
discussion and analysis) and the related statement of income and statement of cash flows for such calendar month and for the portion of the Fiscal Year ended at the end of such calendar month, setting forth in each case in comparative form the
figures for the corresponding calendar month and the corresponding portion of the previous Fiscal Year, all certified (subject to normal year-end adjustments) as to fairness of presentation, GAAP and consistency by the chief financial officer of the
Borrower; 
 (d) simultaneously with the delivery of each set of financial statements referred to in clause (a) above for each Fiscal
Year and each set of financial statements referred to in clause (b) above for each Fiscal Quarter, a certificate, substantially in the form of Exhibit H and with compliance calculations in form and content satisfactory to the
Administrative Agent (a “Compliance Certificate”), of the chief financial officer or other authorized officer of the Borrower (i) setting forth in reasonable detail the calculations required to establish whether the Loan
Parties were in compliance with the requirements of Sections 5.03, 5.05, 5.06, 5.07, 5.08, 5.09, 5.13 and 5.27 on the date of such financial statements, (ii) setting forth the identities of the respective Subsidiaries on the date of such
financial statements, (iii) stating whether any Default or Event of Default exists on the date of such certificate and, if any Default or Event of Default then exists, setting forth the details thereof and the action which the Loan Parties are
taking or propose to take with respect thereto, and (iv) stating whether, since the date of the most recent previous delivery of financial statements pursuant to clauses (a) or (b) above, any event has occurred or condition exists
that has had or could reasonably be expected to have a Material Adverse Effect, and, if so, the nature of such event or condition; 
 (e)
simultaneously with the delivery of each set of annual financial statements referred to in paragraph (a) above, a statement of the firm of independent public accountants which reported on such statements to the effect that nothing has come to
their attention to cause them to believe that the Borrower has failed to comply with the requirements of Section 5.05(a), (b) or (c) as of the date of such financial statements; 

(f) within five (5) Domestic Business Days after the Borrower becomes aware of the occurrence of any Default or Event of Default, or any
event that results in a Material Adverse Effect, a certificate of the chief financial officers or authorized officers of the Borrower setting forth the details thereof and the action which the Borrower is taking or proposes to take with respect
thereto; 
 (g) promptly after the same become publicly available, but only upon request of the Administrative Agent, copies of all periodic
and other reports, proxy statements and other 

  
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materials filed with the Securities and Exchange Commission, or any Governmental Authority succeeding to any or all functions of said Commission, or with any national securities exchange, or
distributed by the Borrower to its shareholders generally, as the case may be; 
 (h) if and when the Borrower or any member of the
Controlled Group (i) gives or is required to give notice to the PBGC of any “reportable event” (as defined in Section 4043 of ERISA) with respect to any Plan which might constitute grounds for a termination of such Plan under
Title IV of ERISA, or knows that the plan administrator of any Plan has given or is required to give notice of any such reportable event, a copy of the notice of such reportable event given or required to be given to the PBGC;
(ii) receives notice of complete or partial withdrawal liability under Title IV of ERISA, a copy of such notice; or (iii) receives notice from the PBGC under Title IV of ERISA of an intent to terminate or appoint a trustee to
administer any Plan, a copy of such notice; 
 (i) promptly after the Borrower knows of the commencement thereof, notice of any litigation,
dispute or proceeding (and any material development in respect of such proceedings) involving a claim against a Loan Party and/or any Subsidiary of a Loan Party for $1,000,000 or more; 

(j) simultaneously with the delivery of each set of financial statements referred to in clause (b) above, for each Fiscal Quarter, a
report (the “Margin and Fee Rate Report”) substantially in the form attached hereto as Exhibit I, reflecting the information needed for a determination of the Consolidated Debt to Consolidated EBITDA Ratio, the
Applicable Margin and the Applicable Fee Rate in such form as Administrative Agent shall in its sole discretion approve, together with the Borrower’s calculation of the Consolidated Debt to Consolidated EBITDA Ratio, Applicable Margin and
Applicable Fee Rate, all for the preceding Fiscal Quarter. Such Margin and Fee Rate Report shall be certified as to truth and accuracy by the chief financial officer or other authorized financial officer of the Borrower; 

(k) promptly upon receipt thereof, copies of each report submitted to the Borrower or its Consolidated Subsidiaries by independent public
accountants in connection with any annual, interim or special audit made by them of the books of the Borrower or its Consolidated Subsidiaries, including, without limitation, each report submitted to the Borrower or its Consolidated Subsidiaries
concerning its accounting practices and systems and any final comment letter submitted by such accountants to management in connection with the annual audit of the Borrower or its Consolidated Subsidiaries; 

(l) on or prior to the date of the consummation thereof, (i) the occurrence of any Disposition of property or assets for which the
Borrower is required to make a mandatory prepayment pursuant to Section 2.11(d), (ii) the occurrence of any sale of capital stock or other Capital Securities for which the Borrower is required to make a mandatory prepayment pursuant to
Section 2.11(e), (iii) the incurrence or issuance of any Debt for which the Borrower is required to make a mandatory prepayment pursuant to Section 2.11(f), and (iv) the receipt of any Extraordinary Receipt for which the Borrower
is required to make a mandatory prepayment pursuant to Section 2.11(g); 

  
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 (m) notice of the occurrence of any default or event of default under any agreement or note
evidencing any Debt having an aggregate principal amount in excess of $500,000, or under any Material Contract, and the action which the Borrower is taking or proposes to take with respect thereto; 

(n) as soon as available and in any event within thirty (30) calendar days after the beginning of each Fiscal Year, an annual operating
budget of the Borrower for such Fiscal Year, in form and substance satisfactory to the Administrative Agent; and 
 (o) from time to time
such additional information regarding the assets, financial position or business of the Borrower, its Subsidiaries, and each Loan Party as the Administrative Agent, at the request of any Lender, may reasonably request. 

SECTION 5.02. Inspection of Property, Books and Records. 

The Borrower will (i) keep, and will cause each of its Applicable Subsidiaries to keep, proper books of record and account in which full,
true and correct entries in conformity with GAAP shall be made of all dealings and transactions in relation to its business and activities; (ii) permit, and will cause each Applicable Subsidiary of the Borrower and each Loan Party to permit,
with reasonable prior notice which notice shall not be required in the case of an emergency or during the existence of a Default or Event of Default, the Administrative Agent or its designees, at the expense of the Borrower and the Loan Parties, to
perform periodic appraisals (including real estate, machinery and equipment and trademark appraisals), inspections and investigations of the Borrower, the Loan Parties and the Collateral (including, without limitation, verification of the Accounts
and Inventory of the Borrower) and the records pertaining thereto, from time to time; and (iii) permit, and will cause each Subsidiary to permit, representatives of any Lender at the Borrower’s expense to visit and inspect any of their
respective properties, to examine and make abstracts from any of their respective books and records and to discuss their respective affairs, finances and accounts with their respective officers, employees and independent public accountants. The Loan
Parties agree to cooperate and assist in such visits and inspections, in each case at such reasonable times and as often as may reasonably be desired. 

SECTION 5.03. Capital Expenditures. 

The Loan Parties shall not make Capital Expenditures in excess of $25,000,000 in the aggregate in any Fiscal Year; provided, that so
long as the Borrower maintains Excess Liquidity greater than the Excess Liquidity Requirement on each day from the 30th day prior to the making of any Capital Expenditures through and including
the 30th day after the making thereof, as calculated on a pro forma basis as if such Capital Expenditures (including the making of any Advances hereunder in connection therewith) had been
consummated on the 30th day prior to the actual making thereof, the amount of such Capital Expenditures shall not count against such annual $25,000,000 limitation. 

Amounts not incurred in any Fiscal Year may not be carried forward to a subsequent period 

  
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 SECTION 5.04. Sale/Leasebacks. 

The Loan Parties shall not, nor shall they permit any Applicable Subsidiary to, enter into any Sale/Leaseback Transaction. 

SECTION 5.05. Financial Covenants. 

(a) [Reserved]. 
 (b)
Fixed Charge Coverage Ratio. The Borrower will not permit the Fixed Charge Coverage Ratio to be less than 1.50 to 1.0, measured as of the end of each Fiscal Quarter, commencing with the Fiscal Quarter ended September 30, 2014. 

(c) Consolidated Debt to Consolidated EBITDA Ratio. The Borrower will not permit the Consolidated Debt to Consolidated EBITDA Ratio to
exceed 3.00 to 1.0 measured as of the end of each Fiscal Quarter (and in the case of Consolidated EBITDA, for the four-quarter period ending on such date). 

SECTION 5.06. Acquisitions. 

No Loan Party nor any Applicable Subsidiary of a Loan Party shall make any Acquisition, or take any action to solicit the tender of securities
or proxies in respect thereof in order to effect any Acquisition, unless (a) the line or lines of business of the Person to be acquired are substantially the same as or reasonably related to one or more line or lines of business conducted by
the Borrower (including without limitation the Poly Business), (b) after giving effect to such Acquisition, no Default or Event of Default shall have occurred and be continuing, and the Borrower shall be in actual and pro-forma compliance with
the covenants set forth in Section 5.05 (as calculated as of the most recently ended Fiscal Quarter for which the Borrower is then required to have delivered quarterly financial statements in accordance with Section 5.01(b) as if such
Acquisition and all related transactions (including the making of any Advances hereunder in connection therewith and the assumption or incurrence of all Debt related to such Acquisition) had been consummated as of the last day of such Fiscal
Quarter), (c) Excess Liquidity shall be at least $15,000,000 on each day from the 30th day prior to the consummation of such Acquisition through and including the 30th day after the consummation thereof, as calculated on a pro forma basis as if such Acquisition (including the making of any Advances hereunder in connection therewith) had been consummated on the 30th day prior to the actual consummation thereof, and (d) the aggregate consideration (including all Debt of such Person being acquired that is not discharged by the seller at the time of such
Acquisition, all Debt as to which any Loan Party or any Applicable Subsidiary of a Loan Party takes subject, and all other liabilities (including contingent earn-out payments) paid or to be paid in connection with such Acquisition) paid in
connection with any single Acquisition shall not exceed $10,000,000 and in connection with all Acquisitions made during any Fiscal Year shall not exceed $20,000,000; provided, that so long as the Borrower maintains Excess Liquidity greater
than the Excess Liquidity Requirement on each day from the 30th day prior to the consummation of any Acquisition through and including the 30th
day after the consummation thereof, as calculated on a pro forma basis as if such Acquisition (including the making of any Advances hereunder in connection therewith) had been consummated on the
30th day prior to the actual consummation 

  
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thereof, the aggregate consideration paid in connection with such Acquisition shall not count against the $10,000,000 per Acquisition limitation or the annual $20,000,000 limitation in this
clause (d). 
 SECTION 5.07. Loans or Advances. 

No Loan Party nor any Applicable Subsidiary of a Loan Party shall make loans or advances to any Person except: (a) deposits required by
government agencies or public utilities; (b) loans or advances to the Borrower or any Guarantor that is a Consolidated Subsidiary; provided, if requested by the Administrative Agent in writing, all such Debt shall be unsecured and
subordinated in right of payment to the payment in full of the Obligations pursuant to the terms of the applicable promissory notes or an intercompany subordination agreement that in any such case is reasonably satisfactory to Administrative Agent;
(c) loans and advances, if any, outstanding on the Closing Date and set forth on Schedule 5.07; (d) loans made in connection with any NMTC Transaction, but only to the extent offset by Debt incurred in connection with such NMTC
Transaction under Section 5.27(d), and (e) unsecured loans or advances not otherwise permitted under this Section 5.07, which when aggregated with all other loans and advances made by the Loan Parties and Applicable Subsidiaries of
the Loan Parties under this clause (e) and the total Investments made by the Loan Parties and Subsidiaries of Loan Parties under Section 5.09(vi) do not exceed $1,000,000 in the aggregate outstanding; provided, that after giving
effect to the making of any loans, advances or deposits permitted by clause (a), (b), (c), (d) or (e) of this Section, no Default or Event of Default shall have occurred and be continuing. All loans or advances permitted under this
Section 5.07 (other than under clause (d) hereof) shall be evidenced by written promissory notes and all such notes shall be subject to the Administrative Agent’s first priority Lien pursuant to the Security Agreement. 

SECTION 5.08. Restricted Payments. 

The Loan Parties shall not declare or make any Restricted Payment unless (i) after giving effect to the making of such Restricted Payment,
no Default or Event of Default shall have occurred and be continuing, and the Borrower shall be in actual and pro-forma compliance with the covenants set forth in Section 5.05 (as calculated as of the most recently ended Fiscal Quarter for
which the Borrower is then required to have delivered quarterly financial statements in accordance with Section 5.01(b) as if such Restricted Payment and all related transactions (including the making of any Advances hereunder in connection
therewith) had been consummated as of the last day of such Fiscal Quarter), (ii) Excess Liquidity shall be at least $15,000,000 on each day from the 30th day prior to the making of such
Restricted Payment through and including the 30th day after the making of such Restricted Payment, as calculated on a pro forma basis as if such Restricted Payment (including the making of any
Advances hereunder in connection therewith) had been made on the 30th day prior to the actual making thereof, and (iii) the aggregate amount of Restricted Payments made during any Fiscal Year
shall not exceed $25,000,000; provided, that so long as the Borrower maintains Excess Liquidity greater than the Excess Liquidity Requirement on each day from the 30th day prior to the
making of any Restricted Payment through and including the 30th day after the making of such Restricted Payment, as calculated on a pro forma basis as if such Restricted Payment (including the
making of any Advances hereunder in connection therewith) had been consummated on the 30th day prior to the actual making thereof, the amount of such Restricted Payment shall not count against the
annual $25,000,000 limitation in this clause (iii). 

  
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 SECTION 5.09. Investments. 

No Loan Party nor any Applicable Subsidiary of a Loan Party shall make Investments in any Person except as permitted by Sections 5.06 and
Section 5.07(a) through (e) and except Investments in (i) direct obligations of the United States Government maturing within one year, (ii) certificates of deposit issued by a commercial bank whose credit is satisfactory to the
Administrative Agent, (iii) commercial paper rated A-1 or the equivalent thereof by Standard & Poor’s Corporation or P-1 or the equivalent thereof by Moody’s Investors Service, Inc. and in either case maturing within 12
months after the date of acquisition, (iv) tender bonds the payment of the principal of and interest on which is fully supported by a letter of credit issued by a United States Bank whose long-term certificates of deposit are rated at least AA
or the equivalent thereof by Standard & Poor’s Corporation and AA or the equivalent thereof by Moody’s Investors Service, Inc., (v) Investments existing on the Closing Date and set forth on Schedule 5.09; and
(vi) Investments not otherwise permitted under this Section 5.09, made in the ordinary course of business and consistent with practices existing on the Closing Date, which when aggregated with all other Investments made by the Loan Parties
and Subsidiaries of Loan Parties under clause (vi) and the aggregate outstanding loans and advances made by the Loan Parties and Applicable Subsidiaries of Loan Parties under Section 5.07(e) do not exceed $1,000,000; provided, that
after giving effect to such Investment and at any time after any such Investment is made, no Default or Event of Default exists. 
 SECTION
5.10. Negative Pledge. 
 No Loan Party nor any Applicable Subsidiary of a Loan Party will create, assume or suffer to exist any Lien
on any asset now owned or hereafter acquired by it, except: 
 (a) Liens existing on the date of this Agreement encumbering assets (other
than Collateral) securing Debt outstanding on the date of this Agreement, in each case as described and in the principal amounts set forth on Schedule 5.10; 

(b) Liens for taxes, assessments or similar charges, incurred in the ordinary course of business that are not yet due and payable or that are
being contested in good faith and with due diligence by appropriate proceedings and with respect to which (i) the Loan Party has established reserves reasonably satisfactory to the Administrative Agent and the Required Lenders and (ii) the
Administrative Agent is satisfied that, while any such protest is pending, there will be no impairment of the enforceability, validity, or priority of any of the Administrative Agent’s Liens; 

(c) pledges or deposits made in the ordinary course of business to secure payment of workers’ compensation, to participate in any fund in
connection with workers’ compensation, unemployment insurance, old-age pensions or other social security programs, or for other similar purposes; 

(d) Liens of mechanics, materialmen, warehousemen, carriers or other like liens, securing obligations incurred in the ordinary course of
business that: (1) are not yet due 

  
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and payable and which in no event shall become a Lien prior to any of the Administrative Agent’s Liens; or (2) are being contested diligently in good faith pursuant to appropriate
proceedings and with respect to which the Loan Party has established reserves reasonably satisfactory to the Administrative Agent and the Required Lenders and which in no event shall become a Lien prior to any of the Administrative Agent’s
Liens; 
 (e) good faith pledges or deposits made in the ordinary course of business to secure performance of bids, tenders, contracts
(other than for the repayment of borrowed money) or leases, not in excess of ten percent (10%) of the aggregate amount due thereunder, or to secure statutory obligations, or surety, appeal, indemnity, performance or other similar bonds required
in the ordinary course of business; 
 (f) any Lien arising out of the refinancing, extension, renewal or refunding of any Debt secured by
any Lien permitted by any of clauses (a) through (e) of this Section; provided, that (i) such Debt is not secured by any additional assets, and (ii) the amount of such Debt secured by any such Lien is not increased; 

(g) any Lien imposed as a result of a taking under the exercise of the power of eminent domain by any governmental body or by any Person
acting under governmental authority; 
 (h) minor survey exceptions or minor encumbrances, easements or reservations, or rights of others
for rights-of-way, utilities and other similar purposes, or zoning or other restrictions as to the use of real properties, which are necessary for the conduct of the activities of the Borrower and its Subsidiaries or which customarily exist on
properties of corporations engaged in similar activities and similarly situated and which do not in any event materially impair their use in the operation of the business of the Borrower and its Applicable Subsidiaries and other easements,
covenants, restrictions, reservations, exceptions and other matters shown on any title insurance commitment or survey provided to the Administrative Agent prior to the date hereof and not objected to by the Administrative Agent prior to the date
hereof; 
 (i) Liens securing the Secured Obligations created or arising under the Loan Documents; and 

(j) Liens securing Debt incurred by the Borrower or any applicable Subsidiary in connection with any NMTC Transaction, provided that
(i) such Liens encumber only the assets acquired with the proceeds of such Debt, and (ii) such Liens are subordinated to Liens securing the Secured Obligations in a manner satisfactory to the Administrative Agent. 

SECTION 5.11. Maintenance of Existence, etc. 

Except as otherwise permitted by Section 5.12, each Loan Party shall maintain its organizational existence and carry on its business in
substantially the same manner and in substantially the same line or lines of business or line or lines of business reasonably related to the business now carried on and maintained (including without limitation the Poly Business). Any Loan Party
pledging Collateral under the Collateral Documents shall be organized as a corporation, limited liability company, limited partnership or other legal entity. 

  
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 SECTION 5.12. Dissolution. 

No Loan Party shall suffer or permit dissolution or liquidation either in whole or in part or redeem or retire any shares of its own Capital
Securities, except: (a) through corporate or company reorganization to the extent permitted by Section 5.13; (b) Restricted Payments permitted by Section 5.08; and (c) dissolution or liquidation of any Loan Party other than
the Borrower so long as (i) all of the assets of such Loan Party have been transferred to the Borrower or such assets will become assets of the Borrower by operation of law, and (ii) if requested by the Administrative Agent, the Borrower
shall execute and deliver such documents or instruments as shall be reasonably requested by the Administrative Agent to confirm that the Administrative Agent’s security interest in any Collateral pledged by such Loan Party shall continue in
full force and effect after such dissolution or liquidation. 
 SECTION 5.13. Consolidations, Mergers and Sales of Assets. 

No Loan Party will, nor will it permit any Applicable Subsidiary of a Loan Party to, consolidate or merge with or into, or sell, lease or
otherwise dispose of all or any substantial part of its assets to, any other Person, or discontinue or eliminate any business line or segment, provided, that (a) pursuant to the consummation of an Acquisition permitted under
Section 5.06 (but not otherwise) a Loan Party may merge with another Person if (i) such Person was organized under the laws of the United States of America or one of its states, (ii) the Loan Party is the Person surviving such merger,
(iii) immediately after giving effect to such merger, no Default or Event of Default shall have occurred and be continuing, (b) Loan Parties may merge with one another, provided that if the Borrower merges with another Loan Party, the
Borrower is the Person surviving such merger; (c) Subsidiaries of a Loan Party (excluding Loan Parties) may merge with one another; (d) the Borrower may dispose of the Olive Branch Property; and (e) so long as no Event of Default
shall exist or would result therefrom, the foregoing limitation on the sale, lease or other transfer of assets and on the discontinuation or elimination of a business line or segment shall not prohibit (i) sales of Inventory in the ordinary
course of business and for fair value; (ii) transfers of assets between the Borrower and any Subsidiary in connection with an NMTC Transaction; provided that such Subsidiary has become a party to this Agreement and the other applicable Loan
Documents pursuant to Section 5.24 hereof; and (iii) any other transfer of assets or the discontinuance or elimination of a business line or segment (in a single transaction or in a series of related transactions); provided that that
aggregate value of the assets so transferred by all Loan Parties and all Applicable Subsidiaries of Loan Parties, and all other assets utilized in all other business lines or segments so discontinued by all Loan Parties and all Applicable
Subsidiaries of Loan Parties, shall not exceed $500,000 in the aggregate during any Fiscal Year. 
 SECTION 5.14. Use of Proceeds.

 No portion of the proceeds of any Advance will be used by the Borrower or any Subsidiary (a) directly or indirectly, for the purpose,
whether immediate, incidental or ultimate, of purchasing or carrying any Margin Stock, or (b) for any purpose in violation of any applicable law or regulation. Except as otherwise provided herein, the proceeds of the Advances shall be used:
(i) to refinance certain existing indebtedness of the Borrower, including the Borrower’s indebtedness under the Prior Credit Agreement; (ii) for working capital and other lawful 

  
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corporate purposes, (iii) for the issuance of Letters of Credit, and (iv) to pay fees and expenses incurred in connection with this Agreement. No part of the proceeds of any Advance
will be used, whether directly or indirectly, for any purpose that would violate any rule or regulation of the Board of Governors of the Federal Reserve System, including Regulations T, U or X. 

SECTION 5.15. Compliance with Laws; Payment of Taxes. 

Each Loan Party will, and will cause each Applicable Subsidiary of a Loan Party and each member of the Controlled Group to, comply in all
material respects with applicable laws (including but not limited to Environmental Laws, ERISA and the Patriot Act), regulations and similar requirements of governmental authorities (including but not limited to the PBGC), except where the necessity
of such compliance is being contested in good faith through appropriate proceedings diligently pursued. Each Loan Party will, and will cause each Applicable Subsidiary of a Loan Party to, pay promptly when due all taxes, assessments, governmental
charges, claims for labor, supplies, rent and other obligations which, if unpaid, might become a Lien against the property of a Loan Party or any Applicable Subsidiary of a Loan Party, except liabilities being contested in good faith by appropriate
proceedings diligently pursued and with respect to which (a) the Borrower shall have set up reserves in accordance with GAAP, and (b) the Administrative Agent is satisfied that, while any such contest is pending, there will be no
impairment of the enforceability, validity, or priority of any of the Administrative Agent’s Liens. Each Loan Party will, and will cause each Applicable Subsidiary of a Loan Party to, comply with all material terms and conditions of all
Material Contracts to which it is a party. 
 SECTION 5.16. Insurance. 

In addition to any insurance requirements set forth in the Collateral Documents, each Loan Party will maintain, and will cause each Applicable
Subsidiary of a Loan Party to maintain (either in the name of such Loan Party or in such Applicable Subsidiary’s own name), with financially sound and reputable insurance companies, insurance on all its Property in at least such amounts (and
with such risk retentions and with such deductibles) and against at least such risks as are usually insured against in the same general area by companies of established repute engaged in the same or similar business, and the Borrower will maintain
not less than $64,000,000 of business interruption insurance at all times (or such lesser amount as the Administrative Agent may agree to in its Permitted Discretion). Upon request, the Loan Parties shall promptly furnish the Administrative Agent
copies of all such insurance policies or certificates evidencing such insurance and such other documents and evidence of insurance as the Administrative Agent shall request. Subject to the terms of the Security Agreement, the Administrative Agent
shall be named as loss payee and additional insured on all such insurance policies insuring the Collateral (as defined in the Security Agreement). 

SECTION 5.17. Change in Fiscal Year. 

No Loan Party will make any significant change in accounting treatment or reporting practices, except as required by GAAP, or change its Fiscal
Year without the consent of the Required Lenders. 

  
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 SECTION 5.18. Maintenance of Property. 

Each Loan Party shall, and shall cause each Applicable Subsidiary of a Loan Party to, maintain all of its properties and assets in good
condition, repair and working order, ordinary wear and tear excepted, except as otherwise provided in any of the Collateral Documents. 

SECTION 5.19. Environmental Notices. 

Each Loan Party shall furnish to the Lenders and the Administrative Agent prompt written notice of all material Environmental Liabilities,
pending or threatened Environmental Proceedings, Environmental Notices, Environmental Judgments and Orders, and Environmental Releases at, on, in, under or in any way affecting the Properties of which any Loan Party has notice. 

SECTION 5.20. Environmental Matters. 

No Loan Party or any Applicable Subsidiary of a Loan Party will, nor will any Loan Party permit any Third Party to, use, produce, manufacture,
process, treat, recycle, generate, store, dispose of, manage at, or otherwise handle or ship or transport to or from the Properties any Hazardous Materials except for Hazardous Materials such as cleaning solvents, pesticides, petroleum products and
other materials used, produced, manufactured, processed, treated, recycled, generated, stored, disposed, managed or otherwise handled in the ordinary course of business (including without limitation the Poly Business) in strict compliance with all
applicable Environmental Requirements. 
 SECTION 5.21. Environmental Release. 

Each Loan Party agrees that, upon the occurrence of an Environmental Release at, under or on any of the Properties owned by any Loan Party, it
will act immediately to investigate the extent of, and to take appropriate remedial action to eliminate, such Environmental Release, whether or not ordered or otherwise directed to do so by any Environmental Authority. 

SECTION 5.22. Additional Covenants, Etc. 

In the event that at any time this Agreement is in effect or any Note remains unpaid any Loan Party shall enter into any agreement, guarantee,
indenture or other instrument governing, relating to, providing for commitments to advance or guaranteeing any Financing or to amend any terms and conditions applicable to any Financing, which agreement, guarantee, indenture or other instrument
includes covenants, warranties, representations, defaults or events of default (or any other type of restriction which would have the practical effect of any of the foregoing, including, without limitation, any “put” or mandatory
prepayment of such debt) or other terms or conditions not substantially as, or in addition to those, provided in this Agreement or any other Loan Document, or more favorable to the lender or other counterparty thereunder than those provided in this
Agreement or any other Loan Document, the Loan Party shall promptly so notify the Administrative Agent and the Lenders. Thereupon, if the Administrative Agent shall request by written notice to the Loan Party (after a determination has been made by
the Required Lenders that any of the above referenced documents or instruments contains any provisions which either individually or in the aggregate are more favorable than one of the provisions set 

  
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forth herein), the Loan Parties, the Administrative Agent and the Lenders shall enter into an amendment to this Agreement providing for substantially the same such covenants, warranties,
representations, defaults or events of default or other terms or conditions as those provided for in such agreement, guarantee, indenture or other instrument, to the extent required and as may be selected by the Administrative Agent, such amendment
to remain in effect, unless otherwise specified in writing by the Administrative Agent, for the entire duration of the term of such Financing (to and including the date to which the same may be extended at the option of the Loan Party);
provided, that if any such agreement, guarantee, indenture or other instrument shall be subsequently modified, supplemented, amended or restated so as to modify, amend or eliminate from such agreement, guarantee, indenture or other instrument
any such covenant, warranty, representation, default or event of default or other term or condition so made a part of this Agreement, then unless otherwise required by the Administrative Agent pursuant to this Section, the Loan Documents shall be
modified so as to conform the provisions previously incorporated pursuant to this Section 5.22 to such provisions as subsequently modified, supplemented, amended or restated. Notwithstanding the foregoing, this Section 5.22 shall not apply
to the terms and conditions applicable to any Financing in connection with any NMTC Transaction. 
 SECTION 5.23. Transactions with
Affiliates. 
 No Loan Party nor any Applicable Subsidiary of a Loan Party shall enter into, or be a party to, any transaction with any
Affiliate of a Loan Party or such Applicable Subsidiary (which Affiliate is not a Loan Party or a Applicable Subsidiary of a Loan Party), except as permitted by law and in the ordinary course of business and pursuant to reasonable terms which are no
less favorable to the Loan Party or such Subsidiary than would be obtained in a comparable arm’s length transaction with a Person which is not an Affiliate, and except for NMTC Transactions and the other transactions described in
Schedule 4.27. 
 SECTION 5.24. Joinder of Subsidiaries. 

(a) The Loan Parties shall cause any Person which becomes a Subsidiary of a Loan Party after the Closing Date to become a party to, and agree
to be bound by the terms of, this Agreement and the other Loan Documents (including without limitation the Security Agreement) as a Guarantor pursuant to a Joinder Agreement, satisfactory to the Administrative Agent in all respects and executed and
delivered to the Administrative Agent within ten (10) Domestic Business Days after the day on which such Person became a Subsidiary; provided, however, that (1) the Excluded Subsidiary shall not be required to become a Guarantor hereunder,
and (2) no Foreign Subsidiary shall be required to become a Guarantor hereunder if, in the reasonable judgment of the Administrative Agent based on information provided by the Borrower, doing so would result in material adverse tax consequences
to the Borrower. The Loan Parties shall also cause the items specified in Section 3.01(c), (e) and (h) to be delivered to the Administrative Agent concurrently with the instrument referred to above, modified appropriately to refer to
such instrument and such Subsidiary. 
 (b) The Loan Parties shall, or shall cause any applicable Subsidiary (a “Pledgor
Subsidiary”) to, pledge: (a) the lesser of 65% or the entire interest owned by the Loan Parties and any such Pledgor Subsidiary, of the Capital Securities or equivalent equity interests in any

  
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Person which becomes a Direct Foreign Subsidiary after the Closing Date; and (b) the entire interest owned by the Loan Parties and any such Pledgor Subsidiary, of the Capital Securities or
equivalent equity interests in any Person which becomes a Domestic Subsidiary after the Closing Date, in each case pursuant to a Pledge Agreement executed and delivered by the Loan Parties and any such Pledgor Subsidiary to the Administrative Agent
within ten (10) Domestic Business Days after the day on which such Person became a Subsidiary, and shall deliver to the Administrative Agent such shares of the Capital Securities together with stock powers executed in blank. The Loan Parties
shall also cause the items specified in Section 3.01(c), (e), (g), (h) and (j) to be delivered to the Administrative Agent concurrently with such Pledge Agreement, modified appropriately to refer to such Pledge Agreement, the pledgor
and such Subsidiary. 
 (c) Once any Subsidiary becomes a party to this Agreement in accordance with Section 5.24(a) or any Capital
Securities (or equivalent equity interests) of a Subsidiary are pledged to the Administrative Agent in accordance with Section 5.24(b), such Subsidiary thereafter shall remain a party to this Agreement and the Capital Securities (or equivalent
equity interests) in such Subsidiary (including, without limitation, all initial Subsidiaries) shall remain subject to the pledge to the Administrative Agent even if such Subsidiary ceases to be a Subsidiary; provided, that if a Subsidiary
ceases to be a Subsidiary of the Borrower as a result of the Borrower’s transfer or sale of one hundred percent (100%) of the Capital Securities of such Subsidiary in accordance with and to the extent permitted by the terms of
Section 5.13, the Administrative Agent and the Lenders agree to release such Subsidiary from this Agreement and release the Capital Securities of such Subsidiary from the applicable Pledge Agreement. 

(d) Nothing herein shall be deemed to require the Borrower or any other Loan Party to pledge to the Administrative Agent any Capital
Securities or equivalent equity interests in the Excluded Subsidiary. 
 SECTION 5.25. No Restrictive Agreement. 

No Loan Party will, nor will any Loan Party permit any of its Applicable Subsidiaries to, enter into, after the date of this Agreement, any
indenture, agreement, instrument or other arrangement that, directly or indirectly, prohibits or restrains, or has the effect of prohibiting or restraining, or imposes materially adverse conditions upon, any of the following by the Loan Party or any
such Subsidiary: the incurrence or payment of Debt, the granting of Liens (except as permitted by Section 5.10), the declaration or payment of Restricted Payments or other distributions in respect of Capital Securities of the Loan Party or any
Subsidiary, the making of loans, advances or Investments or the sale, assignment, transfer or other disposition of property, real, personal, intangible or tangible. 

SECTION 5.26. Partnerships and Joint Ventures. 

No Loan Party shall become a general partner in any general or limited partnership or a joint venturer in any joint venture, except for any
Investment permitted by Section 5.09. 
 SECTION 5.27. Additional Debt. 

No Loan Party or Applicable Subsidiary of a Loan Party shall directly or indirectly issue, assume, create, incur or suffer to exist any Debt or
the equivalent (including obligations under 

  
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capital leases), except for: (a) the Debt owed to the Lenders under the Loan Documents; (b) the Debt existing and outstanding on the Closing Date described on Schedule 5.27;
(c) Debt subordinated to the Obligations by subordination agreement(s) satisfactory to Administrative Agent in its sole discretion; (d) so long as no NMTC Recapture Event with respect to any NMTC Transaction has occurred, any Debt incurred
by the Borrower and/or any Subsidiary in connection with such NMTC Transaction, and (e) unsecured Debt not otherwise permitted under this Section 5.27, the aggregate outstanding principal amount of which when aggregated with all other
outstanding unsecured Debt of the Loan Parties and Applicable Subsidiaries of Loan Parties under this clause (e) shall not, at any time, exceed $1,000,000. 

The Borrower will not, and will not permit any Subsidiary to, (a) redeem, purchase prior to maturity, pay, or prepay any Subordinated
Debt (other than as otherwise permitted by Section 5.08), (b) amend, modify, waive or extend or permit the amendment, modification, waiver or extension of any term of any document governing or relating to any Subordinated Debt or
(c) designate any Debt of the Borrower or any Applicable Subsidiary as “Senior Indebtedness,” “Senior Debt” or any similar designation under any agreement governing any Subordinated Debt of the Borrower or any Applicable
Subsidiary, other than the Obligations; provided, that the Borrower shall be permitted on one occasion to repay Subordinated Debt with the proceeds of additional Subordinated Debt (the “Substitute Subordinated Debt”) incurred
contemporaneously with such repayment, provided: (1) such Substitute Subordinated Debt is in a principal amount no less than the principal amount of the Subordinated Debt being repaid; (2) the Borrower provides the Administrative Agent
with written notice of such repayment no less than fifteen (15) calendar days prior to such repayment; (3) such repayment is made no less than sixty (60) calendar days prior to the maturity date of the Subordinated Debt being repaid;
and (4) prior to such repayment, the holder of such Substitute Subordinated Debt executes and delivers to the Administrative Agent a subordination agreement satisfactory to the Required Lenders in their sole discretion. 

SECTION 5.28. Modifications of Organizational Documents. 

The Borrower shall not, and shall not permit any Loan Party or Applicable Subsidiary thereof to, amend, supplement, restate or otherwise modify
its Organizational Documents or Operating Documents or other applicable document which modification is adverse to the interests of the Administrative Agent, the Letter of Credit Issuer or the Lenders under the Loan Documents. 

SECTION 5.29. ERISA Exemptions. 

The Loan Parties shall not permit any of their respective assets to become or be deemed to be “plan assets” within the meaning of
ERISA, the Code or the respective regulations promulgated thereunder. 
 SECTION 5.30. Hedge Transactions. 

The Loan Parties will not, and will not permit any of their Applicable Subsidiaries to, enter into any Hedge Transaction, other than Hedge
Transactions entered into in the ordinary course of business to hedge or mitigate risks to which the Loan Parties are exposed in the 

  
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conduct of their business or the management of their liabilities. Solely for the avoidance of doubt, the Borrower acknowledges that a Hedge Transaction entered into for speculative purposes or of
a speculative nature (which shall be deemed to include any Hedge Transaction under which any Loan Party is or may become obliged to make any payment (i) in connection with the purchase by any third party of any common stock or any Debt or
(ii) as a result of changes in the market value of any common stock or any Debt) is not a Hedge Transaction entered into in the ordinary course of business to hedge or mitigate risks. 

SECTION 5.31. Performance of Loan Documents. 

Each Loan Party will at its own expense duly fulfill and comply with all obligations on its part to be fulfilled or complied with under or in
connection with the Collateral, and all documents related thereto and will do nothing to impair the rights of any Loan Party or the Administrative Agent, as agent for the Secured Parties, or of the Secured Parties in, to and under the Collateral.
Each Loan Party shall clearly and unambiguously identify each item of the Collateral in its computer or other records to reflect that the Administrative Agent, as agent for the Secured Parties, has the Lien therein granted by the Loan Parties
pursuant to the Loan Documents. 
 SECTION 5.32. Operating Leases. 

No Loan Party nor any Applicable Subsidiary of a Loan Party shall create, assume or suffer to exist any operating lease except operating leases
which: (a) (i) are entered into in the ordinary course of business, and (ii) the aggregate indebtedness, liabilities and obligations of the Loan Parties under all such operating leases during any period of four (4) consecutive
Fiscal Quarters shall at no time exceed $15,000,000; and (b) are between the Borrower or any Guarantor, as landlord, and the Borrower or any Guarantor as tenant. 

SECTION 5.33. Deposit Accounts. 

The Loan Parties shall maintain their primary demand deposit and cash management accounts with BB&T. 

SECTION 5.34. Evidence of Insurance. 

The Borrower shall provide to the Administrative Agent, within ten (10) days after the Closing Date, (a) a certificate evidencing the
Borrower’s liability insurance coverage, together with a copy of the “additional insured” endorsement to the Borrower’s liability insurance policies, and (b) a copy of the “lenders loss payable” endorsement to the
Borrower’s property insurance policies, in each case in form and substance satisfactory to the Administrative Agent. 
 SECTION 5.35.
Further Assurances. 
 Upon the request of the Administrative Agent, the Loan Parties will execute and deliver to the Administrative
Agent such further instruments, documents and certificates, and do and cause to be done such further acts, in each case as the Administrative Agent may deem necessary or advisable to maintain in favor of the Administrative Agent, for the benefit of
the Secured Parties, Liens on the Collateral that are duly perfected in accordance with the requirements of, or the obligations of the Loan Parties under, the Loan Documents and all Applicable Laws. 

  
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 SECTION 5.36. Specific Covenants Regarding the Excluded Subsidiary. 

Without limiting the generality of any of the forgoing covenant, the Borrower agrees that it will not (i) re-activate the Excluded
Subsidiary or permit the Excluded Subsidiary to engage in any business activities, (ii) convey any assets to the Excluded Subsidiary, or (iii) make any loans or advances to the Excluded Subsidiary. 

ARTICLE VI 
 DEFAULTS

 SECTION 6.01. Events of Default. 

If one or more of the following events (“Events of Default”) shall have occurred and be continuing: 

(a) the Borrower (i) shall fail to pay when due any principal of any Advance (including, without limitation, any Advance or portion
thereof to be repaid pursuant to Section 2.11), (ii) shall fail to pay when due any Reimbursement Obligation with respect to any Letter of Credit, or (iii) shall fail to pay any interest on any Advance within three (3) Business
Days after such interest shall become due; or any Loan Party shall fail to pay any fee or other amount payable hereunder within three (3) Business Days after such fee or other amount becomes due; or 

(b) any Loan Party shall fail to observe or perform any covenant contained in Sections 5.01, 5.02, 5.03, 5.04, 5.05, 5.06, 5.07, 5.08,
5.09, 5.10, 5.12, 5.13, 5.14, 5.17, 5.23, 5.24, 5.25, 5.26, 5.27, 5.28, 5.29, 5.30, or 5.32; or 
 (c) any Loan Party shall fail to observe
or perform any covenant or agreement contained or incorporated by reference in this Agreement (other than those covered by clause (a) or (b) above or clauses (n) or (p) below); provided, that such failure continues for
fifteen (15) calendar days after the earlier of (i) the first day on which any Loan Party has knowledge of such failure or (ii) written notice thereof has been given to the Borrower by the Administrative Agent at the request of any
Lender; or 
 (d) any representation, warranty, certification or statement made or deemed made by the Loan Parties in Article IV of this
Agreement or in any financial statement, material certificate or other material document or report delivered pursuant to this Agreement by any Loan Party shall prove to have been untrue or misleading in any material respect when made (or deemed
made); or 
 (e) any Loan Party or any Subsidiary of a Loan Party shall fail to make any payment in respect of Debt (other than the Notes)
having an aggregate principal amount in excess of $250,000 after expiration of any applicable cure or grace period; or 

  
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 (f) any event or condition shall occur which results in the acceleration of the maturity of Debt
outstanding of any Loan Party or any Subsidiary of a Loan Party in an aggregate principal amount in excess of $250,000 or the mandatory prepayment or purchase of such Debt by any Loan Party (or its designee) or such Subsidiary of a Loan Party (or
its designee) prior to the scheduled maturity thereof, or enables the holders of such Debt or commitment to provide such Debt or any Person acting on such holders’ behalf to accelerate the maturity thereof, terminate any such commitment or
require the mandatory prepayment or purchase thereof prior to the scheduled maturity thereof; or 
 (g) any Loan Party or any Subsidiary of
a Loan Party shall commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any Debtor Relief Laws now or hereafter in effect or seeking the appointment of a trustee,
receiver, liquidator, administrator, custodian or other similar official of it or any substantial part of its property, or shall consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or
other proceeding commenced against it, or shall make a general assignment for the benefit of creditors, or shall fail generally, or shall admit in writing its inability, to pay its debts as they become due, or shall take any corporate action to
authorize any of the foregoing; or 
 (h) an involuntary case or other proceeding shall be commenced against any Loan Party or any
Subsidiary of a Loan Party seeking liquidation, reorganization or other relief with respect to it or its debts under any Debtor Relief Laws now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, administrator,
custodian or other similar official of it or any substantial part of its property, and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of sixty (60) calendar days; or an order for relief shall be
entered against any Loan Party or any Subsidiary of a Loan Party under any Debtor Relief Laws now or hereafter in effect; or 
 (i) any Loan
Party or any member of the Controlled Group shall fail to pay when due any material amount which it shall have become liable to pay to the PBGC or to a Plan under Title IV of ERISA; or notice of intent to terminate a Plan or Plans shall be
filed under Title IV of ERISA by any Loan Party, any member of the Controlled Group, any plan administrator or any combination of the foregoing; or the PBGC shall institute proceedings under Title IV of ERISA to terminate or to cause a
trustee to be appointed to administer any such Plan or Plans or a proceeding shall be instituted by a fiduciary of any such Plan or Plans to enforce Section 515 or 4219(c)(5) of ERISA and such proceeding shall not have been dismissed within
thirty (30) calendar days thereafter; or a condition shall exist by reason of which the PBGC would be entitled to obtain a decree adjudicating that any such Plan or Plans must be terminated; or 

(j) (1) one or more judgments or orders for the payment of money in an aggregate amount in excess of $250,000 shall be rendered against
any Loan Party or any Subsidiary of a Loan Party, and, in either case, (A) enforcement proceedings are commenced by any creditor upon such judgment or order, or (B) there is a period of thirty (30) calendar days during which a stay of
enforcement of such judgment or order, by reason of a pending appeal or otherwise, is not in effect, or (2) any Loan Party or Subsidiary of a Loan Party shall have made payments in settlement of any litigation or threatened proceeding in excess
of $5,000,000 in the aggregate without the prior approval of the Required Lenders, which consent shall not be unreasonably withheld, conditioned or delayed; or 

  
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 (k) one or more federal tax Liens shall be filed against any Loan Party or any Subsidiary of a
Loan Party under Section 6323 of the Code or one or more Liens of the PBGC shall be filed against any Loan Party or any Subsidiary of a Loan Party under Section 4068 of ERISA, in either case which (i) are in an aggregate amount of
less than $250,000 and are not paid or otherwise discharged within thirty (30) days, or (ii) are in an aggregate amount of $250,000 or more; or 

(l) a Change in Control shall occur; or 

(m) the Administrative Agent, as agent for the Secured Parties, shall fail for any reason to have a valid first priority security interest in
any of the Collateral (other than as a direct result of any action or inaction on the part of the Administrative Agent); or there shall have occurred uninsured damage to, or loss, theft or destruction of, any part of the Collateral in excess of
$2,500,000 in the aggregate during any Fiscal Year; or 
 (n) a default or event of default shall occur and be continuing under any of the
Collateral Documents, any Letter of Credit or any Letter of Credit Application Agreement or any Loan Party shall fail to observe or perform any obligation to be observed or performed by it under any Collateral Document, any Letter of Credit or any
Letter of Credit Application Agreement, and such default, event of default or failure to perform or observe any obligation continues beyond any applicable cure or grace period provided in such Collateral Document, any Letter of Credit or any Letter
of Credit Application Agreement; or 
 (o) a material default or event of default shall occur and be continuing under any of the Material
Contracts or any Loan Party shall fail to observe or perform any material obligation to be observed or performed by it under any Material Contract, and such material default, event of default or failure to perform or observe any obligation continues
beyond any applicable cure or grace period provided in such Material Contract; or 
 (p) (i) any of the Guarantors shall fail to pay
when due any Guaranteed Obligations or shall fail to pay any fee or other amount payable hereunder when due (in either case after giving effect to any applicable grace period); or (ii) any Guarantor shall disaffirm, contest or deny its
obligations under Article X; or 
 (q) if the Borrower, except as permitted by Section 5.12 or 5.13, at any time fails to own
(directly or indirectly, through Wholly-Owned Subsidiaries) 100% of the outstanding shares of the voting stock, voting membership interests or equivalent equity interests of each Guarantor that was a Wholly-Owned Subsidiary at the time it became a
Guarantor under this Agreement; or 
 (r) any Loan Party shall (or shall attempt to) disaffirm, contest or deny its obligations under any
Loan Document; or 
 (s) the occurrence of any event, act or condition which the Required Lenders determine either does or has a reasonable
probability of causing a Material Adverse Effect, 

  
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then, and in every such event, the Administrative Agent shall (i) if requested by the Required Lenders, by notice to the Borrower terminate the Revolver Commitments of all of the Lenders and
they shall thereupon terminate; (ii) if requested by the Swing Line Lender, by notice to the Borrower, terminate the Swing Line facility set forth in Section 2.01(b); (iii) if requested by the Required Lenders, by notice to the Letter
of Credit Issuer, instruct the Letter of Credit Issuer to declare an Event of Default under the Letter of Credit Application Agreements; and (iv) if requested by the Required Lenders, by notice to the Borrower declare the Notes (together with
accrued interest thereon) and all other amounts payable hereunder and under the other Loan Documents to be, and the Notes, including without limitation the Swing Advance Note (together with all accrued interest thereon) and all other amounts payable
hereunder and under the other Loan Documents shall thereupon become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Loan Parties; provided, that if any Event
of Default specified in clause (g) or (h) above occurs with respect to any Loan Party or any Subsidiary of a Loan Party, without any notice to any Loan Party or any other act by the Administrative Agent or the Lenders, the Revolver
Commitments of all of the Lenders shall thereupon automatically terminate and the Swing Line facility set forth in Section 2.01(b) shall thereupon automatically terminate and the Notes, including without limitation the Swing Advance Note
(together with accrued interest thereon) and all other amounts payable hereunder and under the other Loan Documents shall automatically become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which
are hereby waived by the Loan Parties. Notwithstanding the foregoing, the Administrative Agent shall have available to it all rights and remedies provided under the Loan Documents (including, without limitation, the rights of a secured party
pursuant to the Collateral Documents) and in addition thereto, all other rights and remedies at law or equity, and the Administrative Agent shall exercise any one or all of them at the request of the Required Lenders. 

SECTION 6.02. Notice of Default. 

The Administrative Agent shall give notice to the Borrower of any Default under Section 6.01(c) promptly upon being requested to do so by
any Lender (other than any Defaulting Lender) and shall thereupon notify all the Lenders thereof. 
 SECTION 6.03. Cash Cover. 

If any Event of Default shall have occurred and be continuing, the Borrower shall, if requested by the Administrative Agent, pay to the
Administrative Agent, for the benefit of the Lenders an amount in immediately available funds (which funds shall be held as Cash Collateral pursuant to arrangements satisfactory to the Administrative Agent) equal to 102% of the aggregate Undrawn
Amounts available under the Letters of Credit; provided, that if any Event of Default specified in clause (g) or (h) above occurs, the Borrower shall be obligated to pay such amount to the Administrative Agent forthwith without any
notice to the Borrower or any other act by the Administrative Agent. 

  
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 SECTION 6.04. Allocation of Proceeds. 

If an Event of Default has occurred and not been waived, and the maturity of the Notes has been accelerated pursuant to Article VI hereof,
all payments received by the Administrative Agent hereunder or under the other Loan Documents, in respect of any principal of or interest on the Secured Obligations or any other amounts payable by the Borrower or any other Loan Party hereunder or
under the other Loan Documents, shall be applied by the Administrative Agent in the following order: 
 (a) To payment of that portion of
the Secured Obligations constituting fees, indemnities, Credit Party Expenses and other amounts (including reasonable fees, charges and disbursements of counsel to the Administrative Agent and amounts payable under Article VIII and
Section 2.12) payable to the Administrative Agent; and then 
 (b) To payment of that portion of the Secured Obligations constituting
indemnities, Credit Party Expenses and other amounts (other than principal, interest and fees) payable to the Lenders and the Letter of Credit Issuer (including reasonable fees, charges and disbursements of counsel to the respective Lenders and the
Letter of Credit Issuer and amounts payable under Article VIII and Section 2.12), ratably among them in proportion to the amounts described in this clause payable to them; and then 

(c) To the extent that Swing Advances have not been refinanced by a Revolver Advance, payment to the Swing Line Lender of that portion of the
Secured Obligations constituting accrued and unpaid interest on the Swing Advances; and then 
 (d) To payment of that portion of the
Secured Obligations constituting accrued and unpaid interest on the Advances and other Secured Obligations, and fees (including unused commitment fees, Letter of Credit Fees and Facing Fees), ratably among the Lenders and the Letter of Credit Issuer
in proportion to the respective amounts described in this clause payable to them; and then 
 (e) To the extent that Swing Advances have not
been refinanced by a Revolver Advance, to payment to the Swing Line Lender of that portion of the Secured Obligations constituting unpaid principal of the Swing Advances; and then 

(f) To payment of that portion of the Secured Obligations constituting unpaid principal of the Advances and Reimbursement Obligations, ratably
among the Lenders and the Letter of Credit Issuer in proportion to the respective amounts described in this clause held by them; and then 

(g) To the Administrative Agent for the account of the Letter of Credit Issuer (for the benefit of the Letter of Credit Issuer and the
Lenders), in respect of outstanding Letters of Credit pursuant to Section 6.03; and then 
 (h) To payment of all other Secured
Obligations (excluding any Secured Obligations arising from Cash Management Services and Bank Products), ratably among the Secured Parties in proportion to the respective amounts described in this clause held by them; and then 

  
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 (i) To payment of all other Secured Obligations arising from Bank Products and Cash Management
Services to the extent secured under the Collateral Documents, ratably among the Secured Parties in proportion to the respective amounts described in this clause held by them; and then 

(j) The balance, if any, after all of the Secured Obligations have been indefeasibly paid in full, to the Loan Parties or as otherwise
required by law. 
 Subject to Article XI, amounts used to Cash Collateralize the aggregate Undrawn Amount of Letters of Credit pursuant to
clause (g) above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount
shall be applied to the other Secured Obligations, if any, in the order set forth above. 
 ARTICLE VII 

THE ADMINISTRATIVE AGENT 

SECTION 7.01. Appointment and Authority. 

(a) Each of the Lenders hereby irrevocably appoints BB&T to act on its behalf as the Administrative Agent hereunder and under the other
Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are
reasonably incidental thereto. 
 (b) Without limiting the generality of the foregoing, each of the Lenders (including, in the case of
BB&T, in such Lender’s capacity as a Hedge Counterparty or as the provider of Bank Products or Cash Management Services, as applicable, and on behalf of any Affiliate thereof acting in any such capacity), the Swing Line Lender and the
Letter of Credit Issuer hereby irrevocably authorizes the Administrative Agent to act as the agent of the Secured Parties for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any of the Loan Parties to secure
all or any portion of the Secured Obligations, together with such powers and discretion as are reasonably incidental thereto. The Administrative Agent, acting in such capacity under the Collateral Documents may sometime be referred to as a
“collateral agent” or “Collateral Agent” herein and in the other Loan Documents. All references herein and in the other Loan Documents to the “Administrative Agent” shall include the Administrative Agent in its capacity
as “collateral agent” or “Collateral Agent” under the Collateral Documents. 
 (c) The provisions of this Article are
solely for the benefit of the Administrative Agent and the Lenders, and neither the Borrower nor any other Loan Party shall have rights as a third party beneficiary of any of such provisions. 

SECTION 7.02. Rights as a Lender. 

The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender
and may exercise the same as though it were not the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the

  
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Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other
advisory capacity for and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders

 SECTION 7.03. Exculpatory Provisions. 

The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents.
Without limiting the generality of the foregoing, the Administrative Agent: 
 (a) shall not be subject to any fiduciary or other implied
duties, regardless of whether a Default or Event of Default has occurred and is continuing; 
 (b) shall not have any duty to take any
discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the
Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents), provided, that the Administrative Agent shall not be required to take any action that, in its
opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Loan Document or applicable law; and 

(c) shall not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for
the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained by the Person serving as the Administrative Agent or any of its Affiliates in any capacity. 

The Administrative Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the
Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in Sections 9.05 and 6.01) or
(ii) in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall be deemed not to have knowledge of any Default or Event of Default unless and until notice describing such Default or Event of Default is
given to the Administrative Agent by the Borrower or a Lender. 
 The Administrative Agent shall not be responsible for or have any duty to
ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or
thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default or Event of Default,
(iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Article III or elsewhere
herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent. 

  
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 SECTION 7.04. Reliance by Administrative Agent. 

The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate,
consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the
proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance
with any condition hereunder to the making of an Advance that by its terms must be fulfilled to the satisfaction of a Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender unless the Administrative Agent
shall have received notice to the contrary from such Lender prior to the making of such Advance. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it,
and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 

SECTION 7.05. Delegation of Duties. 

The Administrative Agent may perform any and all of their duties and exercise their rights and powers hereunder or under any other Loan
Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all of its
duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the
Administrative Agent, and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as
Administrative Agent. 
 SECTION 7.06. Resignation or Removal of Administrative Agent. 

The Administrative Agent may at any time give notice of its resignation to the Lenders and the Borrower. In addition, if the Administrative
Agent becomes a Defaulting Lender, the Borrower or the Required Lenders may remove the Administrative Agent by written notice to the Administrative Agent and the Lenders. Upon receipt of any such notice of resignation or removal of the
Administrative Agent, the Required Lenders shall have the right, in consultation with the Borrower (and, with respect to the removal of the Administrative Agent, with the approval of the Borrower unless an Event of Default shall have occurred and
then be continuing), to appoint a successor Administrative Agent, which shall be a bank with an office in the United States of America, or an Affiliate of any such bank with an office in the United States of America. If no such successor shall have
been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) calendar days after the retiring Administrative Agent gives notice of its resignation or the Borrower or the Required Lenders, as the case may
be, gives notice of removal of the Administrative Agent, then the retiring or removed Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent 

  
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meeting the qualifications set forth above; provided, that if the Administrative Agent shall notify the Borrower and the Lenders that no qualifying Person has accepted such appointment,
then such resignation shall nonetheless become effective in accordance with such notice and (1) the retiring or removed Administrative Agent shall be discharged from its duties and obligations as Administrative Agent hereunder and under the
other Loan Documents (except that in the case of any collateral security held by the Administrative Agent on behalf of the Lenders under any of the Loan Documents, the retiring or removed Administrative Agent shall continue to hold such collateral
security until such time as a successor Administrative Agent is appointed) and (2) except for any indemnity payments owed to the retiring or removed Administrative Agent, all payments, communications and determinations provided to be made by,
to or through the Administrative Agent shall instead be made by or to each Lender directly, until such time as the Required Lenders appoint a successor Administrative Agent as provided for above in this paragraph. Upon the acceptance of a
successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) Administrative Agent (other than rights to indemnity
payments owed to the retiring or removed Administrative Agent), and the retiring or removed Administrative Agent shall be discharged from all of its duties and obligations as Administrative Agent hereunder or under the other Loan Documents (if not
already discharged therefrom as provided above in this paragraph). The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such
successor. After the Administrative Agent’s resignation or removal hereunder and under the other Loan Documents, the provisions of this Article and Section 9.03 shall continue in effect with respect to such retiring or removed
Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring or removed Administrative Agent was acting as
Administrative Agent. 
 SECTION 7.07. Non-Reliance on Administrative Agent and Other Lenders. 

Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender or any of their
Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the
Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based
upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder. 
 SECTION 7.08.
No Other Duties, etc. 
 Anything herein to the contrary notwithstanding, none of the Arrangers listed on the cover page hereof shall
have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent or a Lender hereunder. 

  
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 SECTION 7.09. Other Agents. 

The Borrower and each Lender hereby acknowledges that any Lender designated as an “Agent” on the signature pages hereof (other than
the Administrative Agent) shall not have any obligations, duties or liabilities hereunder other than in its capacity as a Lender. 
 SECTION
7.10. Collateral Matters. 
 (a) Each Lender (including in its capacity as a Hedge Counterparty, or as the provider of Bank Products
or Cash Management Services, as applicable, and on behalf of any Affiliate thereof acting in any such capacity) and the Letter of Credit Issuer hereby irrevocably authorizes and directs the Administrative Agent to enter into the Collateral Documents
for the benefit of such Lender and the Letter of Credit Issuer. Each Lender and the Letter of Credit Issuer hereby agrees, and each holder of any Note by the acceptance thereof will be deemed to agree, that, except as otherwise set forth in
Section 9.05(a), any action taken by the Required Lenders, in accordance with the provisions of this Agreement or the Collateral Documents, and the exercise by the Required Lenders of the powers set forth herein or therein, together with such
other powers as are reasonably incidental thereto, shall be authorized and binding upon all of Lenders and the Letter of Credit Issuer. The Administrative Agent is hereby authorized (but not obligated) on behalf of all of Lenders and the Letter of
Credit Issuer, without the necessity of any notice to or further consent from any Lender or the Letter of Credit Issuer from time to time prior to, an Event of Default, to take any action with respect to any Collateral or Collateral Documents which
may be necessary to perfect and maintain perfected the Liens upon the Collateral granted pursuant to the Collateral Documents. 
 (b) Each
Lender (including in its capacity as a Hedge Counterparty, or as the provider of Bank Products or Cash Management Services, as applicable, and on behalf of any Affiliate thereof acting in any such capacity) and the Letter of Credit Issuer hereby
irrevocably authorize the Administrative Agent, at its option and in its discretion, 
 (i) to release any Lien on any property granted to
or held by the Administrative Agent under any Loan Document (A) upon termination of the Revolver Commitments and payment in full of all Secured Obligations (other than (1) contingent indemnification obligations and (2) obligations and
liabilities under Hedging Agreements as to which arrangements satisfactory to the applicable Hedge Counterparty shall have been made) and the expiration or termination of all Letters of Credit (other than Letters of Credit as to which other
arrangements satisfactory to Agent and the Letter of Credit Issuer shall have been made), (B) that is sold or to be sold as part of or in connection with any sale permitted hereunder or under any other Loan Document, (C) subject to
Section 10.01, if approved, authorized or ratified in writing by the Required Lenders, or (D) in connection with any foreclosure sale or other disposition of Collateral after the occurrence of an Event of Default; and 

(ii) to subordinate any Lien on any property granted to or held by the Administrative Agent under any Loan Document to the holder of any Lien
on such property that is expressly permitted by this Agreement or any other Loan Document to have priority to the Administrative Agent’s Lien therein. 

  
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 Upon request by the Administrative Agent at any time, each Lender and the Letter of Credit Issuer
will confirm in writing the Administrative Agent’s authority to release or subordinate its interest in particular types or items of Collateral pursuant to this Section 7.10. 

(c) Subject to paragraph (b) above, the Administrative Agent may (and is hereby irrevocably authorized by each Lender and the Letter of
Credit Issuer, to) execute such documents as may be necessary to evidence the release or subordination of the Liens granted to the Administrative Agent for the benefit of the Secured Parties herein or pursuant hereto upon the applicable Collateral;
provided that (i) the Administrative Agent shall not be required to execute any such document on terms which, in the Administrative Agent’s opinion, would expose the Administrative Agent to or create any liability or entail any consequence
other than the release or subordination of such Liens without recourse or warranty and (ii) such release or subordination shall not in any manner discharge, affect or impair the Secured Obligations or any Liens upon (or obligations of the
Borrower or any other Loan Party in respect of) all interests retained by the Borrower or any other Loan Party, including the proceeds of the sale, all of which shall continue to constitute part of the Collateral. In the event of any sale or
transfer of Collateral, or any foreclosure with respect to any of the Collateral, the Administrative Agent shall be authorized to deduct all expenses reasonably incurred by the Administrative Agent from the proceeds of any such sale, transfer or
foreclosure. 
 (d) The Administrative Agent shall have no obligation whatsoever to any Lender, the Letter of Credit Issuer or any other
Person to assure that the Collateral exists or is owned by the Borrower or any other Loan Party or is cared for, protected or insured or that the Liens granted to the Administrative Agent in any of the Collateral Documents or pursuant hereto or
thereto have been properly or sufficiently or lawfully created, perfected, protected or enforced or are entitled to any particular priority, or to exercise or to continue exercising at all or in any manner or under any duty of care, disclosure or
fidelity any of the rights, authorities and powers granted or available to the Administrative Agent in this Section 7.10 or in any of the Collateral Documents, it being understood and agreed that in respect of the Collateral, or any act,
omission or event related thereto, the Administrative Agent may act in any manner it may deem appropriate, in its sole discretion, given Administrative Agent’s own interest in the Collateral as one of Lenders and that the Administrative Agent
shall have no duty or liability whatsoever to Lenders or the Letter of Credit Issuer. 
 (e) Each Lender and the Letter of Credit Issuer
hereby appoints each other Lender as agent for the purpose of perfecting the Lenders’ and the Letter of Credit Issuer’s security interest in assets which, in accordance with Article 9 of the UCC can be perfected only by possession.
Should any Lender or the Letter of Credit Issuer (other than the Administrative Agent) obtain possession of any such Collateral, such Lender or the Letter of Credit Issuer shall notify the Administrative Agent thereof, and, promptly upon the
Administrative Agent’s request therefor shall deliver such Collateral to the Administrative Agent or in accordance with the Administrative Agent’s instructions. 

SECTION 7.11. Administrative Agent May File Proofs of Claim. 

In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, the
Administrative Agent (irrespective of whether 

  
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the principal of any Advance or Obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made
any demand on the Borrower) shall be entitled and empowered (but not obligated) by intervention in such proceeding or otherwise: 
 (a) to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Advances and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to
have the claims of the Lenders and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders and the Administrative Agent and their respective agents and counsel and all other
amounts due the Lenders and the Administrative Agent under Sections 2.07 or 9.03) allowed in such judicial proceeding; and 
 (b) to
collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same; 
 and any custodian, receiver,
assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent
to the making of such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other
amounts due the Administrative Agent under Sections 2.07 or 9.03. 
 ARTICLE VIII 

CHANGE IN CIRCUMSTANCES; COMPENSATION 

SECTION 8.01. Basis for Determining Interest Rate Inadequate or Unfair. 

If any Lender advises the Administrative Agent that the London InterBank Offered Rate as determined by the Administrative Agent will not
adequately and fairly reflect the cost to such Lender of funding any Euro-Dollar Advances, the Administrative Agent shall forthwith give notice thereof to the Borrower and the Lenders, whereupon until the Administrative Agent notifies the Borrower
that the circumstances giving rise to such suspension no longer exist, (a) the obligations of the Lenders to make Euro-Dollar Advances shall be suspended, (b) all outstanding Euro-Dollar Advances shall be converted automatically to Base
Rate Advances, and (c) with respect to any Borrowing of Euro-Dollar Advances for which a Notice of Borrowing has already been given, such Borrowing shall instead be made as Base Rate Advances unless the Borrower notifies the Administrative
Agent, at least two (2) Euro-Dollar Business Days before the date of such Borrowing, that it elects not to borrow on such date. 

SECTION 8.02. Illegality. 

If, after the date hereof, a Change of Law or compliance by any Lender (or its Lending Office) with any formal request or directive of any
Governmental Authority shall make it unlawful or impossible for any Lender (or its Lending Office) to make, maintain or fund its Euro-Dollar Advances and such Lender shall so notify the Administrative Agent, the Administrative Agent shall forthwith
give notice thereof to the other Lenders and the Borrower, 

  
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whereupon until such Lender notifies the Borrower and the Administrative Agent that the circumstances giving rise to such suspension no longer exist, the obligation of such Lender to make or
permit continuations or conversions of Euro-Dollar Advances shall be suspended. Before giving any notice to the Administrative Agent pursuant to this Section, such Lender shall designate a different Lending Office if such designation will avoid the
need for giving such notice and will not, in the judgment of such Lender, be otherwise disadvantageous to such Lender. If such Lender shall reasonably determine that it may not lawfully continue to maintain and fund any of its portion of the
outstanding Euro-Dollar Advances to maturity and shall so specify in such notice, the Borrower shall immediately prepay in full the then outstanding principal amount of the Euro-Dollar Advances of such Lender. Concurrently with prepaying such
Euro-Dollar Advances, the Borrower shall borrow a Base Rate Advance in an equal principal amount from such Lender (on which interest and principal shall be payable contemporaneously with the related Euro-Dollar Advances of the other Lenders), and
such Lender shall make such a Base Rate Advance. 
 SECTION 8.03. Increased Cost and Reduced Return. 

(a) If, after the date hereof, a Change of Law or compliance by any Lender (which for purposes of this Section 8.03 shall include the
Letter of Credit Issuer) (or its Lending Office) with any formal request or directive of any Governmental Authority: 
 (i) shall subject
any Lender (or its Lending Office) to any tax of any kind whatsoever with respect to this Agreement, any Euro-Dollar Advances made by it, or shall change the basis of taxation of payments to any Lender (or its Lending Office) in respect thereof
(except for changes in the rate of tax on the overall net income of such Lender or its Lending Office imposed by the jurisdiction in which such Lender’s principal executive office or Lending Office is located); or 

(ii) shall impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement
(including, without limitation, any such requirement imposed by the Board of Governors of the Federal Reserve System, but excluding any such requirement included in an applicable Euro-Dollar Reserve Percentage) against assets of, deposits with or
for the account of, or credit extended or participated in by, any Lender (or its Lending Office); or 
 (iii) shall impose on any Lender (or
its Lending Office) or the London interbank market any other condition, cost or expense affecting this Agreement, any Euro-Dollar Advances made by such Lender or participation therein; 

and the result of any of the foregoing is to increase the cost to such Lender (or its Lending Office) of making or maintaining any Advance (or of maintaining
its obligation to make any such Advance), or to reduce the amount of any sum received or receivable by such Lender (or its Lending Office) under this Agreement or under its Notes with respect thereto, by an amount deemed by such Lender, in its
reasonable discretion, to be material, then, upon demand by such Lender (with a copy to the Administrative Agent), the Borrower shall pay to such Lender such additional amount or amounts as will reasonably compensate such Lender for such additional
or increased cost or reduction suffered. 

  
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 (b) If any Lender shall have determined that after the date hereof any Change in Law regarding
capital adequacy, or compliance by any Lender (or its Lending Office) with any formal request or directive regarding capital adequacy of any Governmental Authority, has or would have the effect of reducing the rate of return on such Lender’s
capital as a consequence of its obligations hereunder to a level below that which such Lender could have achieved but for such adoption, change or compliance (taking into consideration such Lender’s policies with respect to capital adequacy) by
an amount deemed by such Lender, in its reasonable discretion, to be material, then from time to time, upon demand by such Lender, the Borrower shall pay to such Lender such additional amount or amounts as will reasonably compensate such Lender for
such reduction. 
 (c) Each Lender will promptly notify the Borrower and the Administrative Agent of any event of which it has knowledge,
occurring after the date hereof, which will entitle such Lender to compensation pursuant to this Section and will designate a different Lending Office if such designation will avoid the need for, or reduce the amount of, such compensation and will
not, in the reasonable judgment of such Lender, be otherwise disadvantageous to such Lender. A certificate of any Lender claiming compensation under this Section and setting forth the additional amount or amounts to be paid to it hereunder shall be
conclusive in the absence of manifest error. In determining such amount, such Lender may use any reasonable averaging and attribution methods. 

(d) Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a waiver of such
Lender’s right to demand such compensation; provided, that the Borrower shall not be required to compensate a Lender pursuant to this Section for any increased costs incurred or reductions suffered more than nine months prior to the date
that such Lender notifies the Borrower of the event giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefor (except that, if the event giving rise to such increased costs or reductions is
retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect thereof). 
 SECTION
8.04. Base Rate Advances Substituted for Affected Euro-Dollar Advances. 
 If (i) the obligation of any Lender to make or
maintain a Euro-Dollar Advance has been suspended pursuant to Section 8.02 or (ii) any Lender has demanded compensation under Section 8.03, and the Borrower shall, by at least five (5) Euro-Dollar Business Days’ prior notice
to such Lender through the Administrative Agent, have elected that the provisions of this Section shall apply to such Lender, then, unless and until such Lender notifies the Borrower that the circumstances giving rise to such suspension or demand
for compensation no longer apply: 
 (a) all Advances which would otherwise be made by such Lender as or permitted to be continued as or
converted into Euro-Dollar Advances shall instead be made as or converted into Base Rate Advances, (in all cases interest and principal on such Advances shall be payable contemporaneously with the related Euro-Dollar Advances of the other Lenders),
and 
 (b) after its portion of the Euro-Dollar Advance has been repaid, all payments of principal which would otherwise be applied to repay
such Euro-Dollar Advance shall be applied to repay its Base Rate Advance instead. 

  
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 In the event that the Borrower shall elect that the provisions of this Section shall apply to any
Lender, the Borrower shall remain liable for, and shall pay to such Lender as provided herein, all amounts due such Lender under Section 8.03 in respect of the period preceding the date of conversion of such Lender’s portion of any Advance
resulting from the Borrower’s election. 
 ARTICLE IX 

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

	 	(i)	if to the Borrower or any other Loan Party: 

 Trex Company, Inc. 

160 Exeter Drive 
 Winchester,
Virginia 22603 
 Attention: Chief Financial Officer and Chief Legal Officer 

Telecopier Nos. (540) 542-6902 and (540) 542-6887 

Telephone Nos. (540) 542-6939 and (540) 542- 6356 

with a copy (which shall not constitute notice) to: 

Woods Rogers PLC 
 10 South
Jefferson Street, Suite 1400 
 Roanoke, VA 24011 

Attention: Nicole F. Ingle, Esquire 

Telecopier No. (540) 983-7711 

Telephone No. (540) 983-7561 
  

	 	(ii)	if to BB&T as the Administrative Agent: 

 Branch Banking and Trust Company 

200 West Second Street, 17th Floor 

Winston-Salem, NC 27101 

Attention: Matthew W. Rush, Senior Vice President 

Telecopier No. (336) 733-2740 

Telephone No. (336) 733-2422 

  
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with a copy (which shall not constitute notice) to: 
 Troutman Sanders LLP 

1001 Haxall Point 
 Richmond, VA
23219 
 Attention: Christopher E. Vinyard 

Telecopier No.: (804) 698-5126 

Telephone No.: (804) 697-1249 
  

	 	(iii)	if to a Lender, to it at its address (or telecopier number) set forth in its Administrative Questionnaire. 

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

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

Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed
received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement); provided, that if such
notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient, and (ii) notices
or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or
communication is available and identifying the website address therefor. 
 (c) Change of Address, Etc. Any party hereto may change
its address or telecopier number for notices and other communications hereunder by notice to the other parties hereto. 
 SECTION 9.02.
No Waivers. 
 No failure or delay by the Administrative Agent or any Lender in exercising any right, power or privilege hereunder or
under any Note or other Loan Document shall operate as a 

  
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waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies
herein provided shall be cumulative and not exclusive of any rights or remedies provided by law. 
 SECTION 9.03. Expenses; Indemnity;
Damage Waiver. 
 (a) Costs and Expenses. The Loan Parties shall, jointly and severally, pay all Credit Party Expenses, as and
when incurred or chargeable. 
 (b) Indemnification by the Loan Parties. The Loan Parties shall, jointly and severally, indemnify the
Administrative Agent (and any sub-agent thereof), the Lead Arranger, the Letter of Credit Issuer and each Lender (in each case unless the same is a Defaulting Lender), and each Related Party of any of the foregoing Persons (each such Person being
called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, penalties, damages, liabilities and related expenses (including the reasonable fees, charges and disbursements of any counsel for
any Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee by any third party or by the Borrower or any other Loan Party arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement,
any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or
thereby, (ii) any Advance or the use or proposed use of the proceeds therefrom, (iii) any actual or alleged presence or Environmental Releases on or from any property owned or operated by the Borrower or any of its Subsidiaries, or any
Environmental Liability related in any way to the Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any
other theory, whether brought by a third party or by the Borrower or any other Loan Party, and regardless of whether any Indemnitee is a party thereto; provided, that such indemnity shall not, as to any Indemnitee, be available to the extent
that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee
or (y) result from a claim brought by the Borrower or any other Loan Party against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if the Borrower or such Loan Party has
obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction. 
 (c)
Reimbursement by Lenders. To the extent that a Loan Party for any reason fails to pay any amount required under paragraph (a) or (b) of this Section to be paid by it to the Administrative Agent (or any sub-agent thereof) or any
Related Party of any of the foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent) or such Related Party, as the case may be, such Lender’s Applicable Percentage (determined as of the time that the
applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided, that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted
against the Administrative Agent (or any such sub-agent), in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent) in connection with such capacity. The obligations of
the Lenders under this paragraph (c) are subject to the provisions of Sections 9.10 and 9.13. 

  
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 (d) WAIVER OF CONSEQUENTIAL DAMAGES, ETC. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, THE LOAN PARTIES SHALL NOT ASSERT, AND HEREBY WAIVE, ANY CLAIM AGAINST ANY INDEMNITEE (OTHER THAN ANY DEFAULTING LENDER), ON ANY THEORY OF LIABILITY, FOR INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES (AS OPPOSED TO DIRECT OR ACTUAL DAMAGES)
ARISING OUT OF, IN CONNECTION WITH, OR AS A RESULT OF, THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR ANY AGREEMENT OR INSTRUMENT CONTEMPLATED HEREBY, THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, ANY ADVANCE OR THE USE OF THE PROCEEDS THEREOF. NO
INDEMNITEE REFERRED TO IN PARAGRAPH (B) ABOVE SHALL BE LIABLE FOR ANY DAMAGES ARISING FROM THE USE BY UNINTENDED RECIPIENTS OF ANY INFORMATION OR OTHER MATERIALS DISTRIBUTED BY IT THROUGH TELECOMMUNICATIONS, ELECTRONIC OR OTHER INFORMATION
TRANSMISSION SYSTEMS IN CONNECTION WITH THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY UNLESS SUCH DAMAGES ARE DETERMINED BY A COURT OF COMPETENT JURISDICTION BY FINAL AND NONAPPEALABLE JUDGMENT TO HAVE
RESULTED FROM THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF SUCH INDEMNITEE. 
 (e) Payments. All amounts due under this Section
shall be payable on demand and, if owed by the Borrower or any other Loan Party, shall bear interest at the rate otherwise in effect hereunder with respect to Revolver Advances (including the Default Rate, if then applicable) until paid in full. No
failure or delay by any Non-Defaulting Lender or the Borrower in exercising any right, power or privilege hereunder against any Defaulting Lender shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other
or further exercise thereof or the exercise of any other right, power or privilege against any Defaulting Lender. The rights and remedies herein provided against any Defaulting Lender shall include all losses, penalties, damages, liabilities and
related expenses (including the reasonable fees, charges and disbursements of counsel) arising from such Defaulting Lender’s default and shall be cumulative and not exclusive of any rights or remedies provided by law. 

SECTION 9.04. Setoffs; Sharing of Set-Offs; Application of Payments. 

(a) If an Event of Default shall have occurred and be continuing, each Lender and each of their respective Affiliates is hereby authorized at
any time and from time to time, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in
whatever currency) at any time owing by such Lender or any such Affiliate to or for the credit or the account of the Borrower or any other Loan Party against any and all of the obligations of the Borrower or such Loan Party now or hereafter existing
under this Agreement or any other Loan Document to such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement or any other Loan Document and although such obligations of the Borrower or such Loan Party
may be contingent or unmatured or are owed to a 

  
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branch or office of such Lender different from the branch or office holding such deposit or obligated on such indebtedness; provided that each Lender shall provide advance written notice
to the Administrative Agent (and in the case of any Defaulting Lender, the Borrower) of its intention to exercise any such right of set off and shall have received the Administrative Agent’s prior written consent thereto; provided
further that, in the event that any Defaulting Lender shall exercise any such right of setoff, (i) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions
of Section 2.15 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent, the Letter of Credit Issuer and the Lenders, and (ii) the
Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender and their
respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender or their respective Affiliates may have. Each Lender agrees to notify the Borrower and the Administrative Agent
promptly after any such setoff and application; provided, that the failure to give such notice shall not affect the validity of such setoff and application. 

(b) If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or
interest on any of its Advances or other obligations hereunder resulting in such Lender’s receiving payment of a proportion of the aggregate amount of its Advances and accrued interest thereon or other such obligations greater than its
pro rata share thereof as provided herein, then the Lender receiving such greater proportion shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face value) participations in the Advances and
such other obligations of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued
interest on their respective Advances and other amounts owing them; provided, that: 
 (i) if any such participations are purchased
and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and 

(ii) the provisions of this paragraph shall not be construed to apply to (x) any payment made by a Loan Party pursuant to and in
accordance with the express terms of this Agreement or (y) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Advances to any assignee or participant, other than to the Borrower or
any Subsidiary thereof (as to which the provisions of this paragraph shall apply). 
 Each Loan Party consents to the foregoing and agrees,
to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against each Loan Party rights of setoff and counterclaim with respect to such participation
as fully as if such Lender were a direct creditor of each Loan Party in the amount of such participation. 

  
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 SECTION 9.05. Amendments and Waivers. 

(a) Any provision of this Agreement, the Notes or any other Loan Documents may be amended or waived if, but only if, such amendment or waiver
is in writing and is signed by the Borrower and the Required Lenders (and, if the rights or duties of the Administrative Agent are affected thereby, by the Administrative Agent); provided, that no such amendment or waiver shall, unless signed
by all the Lenders, (i) increase the Revolver Commitment of any Lender or subject any Lender to any additional obligation, (ii) reduce the principal of or decrease the rate of interest on any Advance or decrease any fees hereunder,
(iii) defer the date fixed for any payment of principal of (including any extension of the Stated Termination Date, except as contemplated in the definition of such term) or interest on any Advance or any fees hereunder, (iv) reduce the
amount of principal, decrease the amount of interest or decrease the amount of fees due on any date fixed for the payment thereof, (v) change the percentage of the Revolver Commitments or of the aggregate unpaid principal amount of the Notes,
or the percentage of Lenders, which shall be required for the Lenders or any of them to take any action under this Section or any other provision of this Agreement, (vi) change the manner of application of any payments made under this Agreement
or the other Loan Documents, (vii) release or substitute all or any material portion of the Collateral held as security for all or any portion of the Secured Obligations, (viii) change or modify the definition of “Required
Lenders,” (ix) release any guaranty given to support payment of the Guaranteed Obligations, or (x) release or subordinate any Lien of the Administrative Agent in any Collateral. 

Notwithstanding the foregoing (1) no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent
hereunder (and any amendment, waiver or consent which by the terms hereof requires the consent of all Lenders or each affected Lender may be effected with the consent of all Lenders other than Defaulting Lenders), except that (a) the Revolver
Commitments of any Defaulting Lender may not be increased or extended without the consent of such Lender, and (b) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms affects any
Defaulting Lender disproportionately adversely relative to other affected Lenders shall require the consent of such Defaulting Lender; and (2) the Hedging Agreement, the Fee Letter and the agreements evidencing the Bank Products and Cash
Management Services may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto. 
 (b) No
Loan Party will solicit, request or negotiate for or with respect to any proposed waiver or amendment of any of the provisions of this Agreement unless each Lender (other than any Defaulting Lender except to the extent relating to a matter for which
such Defaulting Lender has approval rights as provided in the immediately preceding paragraph) shall be informed thereof by the Borrower, or by the Administrative Agent, and shall be afforded an opportunity to consider the same and shall be supplied
by the Borrower, or by the Administrative Agent, if the Borrower so requests and to the extent already furnished to the Administrative Agent, with sufficient information to enable it to make an informed decision with respect thereto. Executed or
true and correct copies of any waiver or consent effected pursuant to the provisions of this Agreement shall be delivered by the Borrower to the Administrative Agent for delivery to each Lender (other than any Defaulting Lender except to the extent
relating to a matter for which such Defaulting Lender has approval rights as provided in the immediately preceding paragraph) forthwith following the date on which the same shall have been executed and delivered by the

  
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requisite percentage of Lenders. No Loan Party will, directly or indirectly, pay or cause to be paid any remuneration, whether by way of supplemental or additional interest, fee or otherwise, to
any Lender (in its capacity as such) as consideration for or as an inducement to the entering into by such Lender of any waiver or amendment of any of the terms and provisions of this Agreement unless such remuneration is concurrently paid, on the
same terms, ratably to all such Lenders. 
 SECTION 9.06. Margin Stock Collateral. 

Each of the Lenders represents to the Administrative Agent and each of the other Lenders that it in good faith is not, directly or indirectly
(by negative pledge or otherwise), relying upon any Margin Stock as collateral in the extension or maintenance of the credit provided for in this Agreement. 

SECTION 9.07. Successors and Assigns. 

(a) Successors and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns permitted hereby, except that (i) neither the Borrower nor any other Loan Party may assign or otherwise transfer any of its rights or obligations hereunder, and (ii) no Lender may assign
or otherwise transfer any of its rights or obligations hereunder except (A) to an Eligible Assignee in accordance with the provisions of paragraph (b) of this Section, (B) by way of the sale of a participation in accordance with the
provisions of paragraph (d) of this Section or (C) by way of pledge or assignment of a security interest subject to the restrictions of paragraph (f) of this Section (and any other attempted assignment or transfer by any party hereto
shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in
paragraph (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

(b) Assignments by Lenders. Any Lender may at any time assign to one or more Eligible Assignees all or a portion of its rights and
obligations under this Agreement (including all or a portion of its Revolver Commitment and the Revolver Advances at the time owing to it); provided, that 

(i) except in the case of an assignment of the entire remaining amount of the assigning Lender’s Revolver Commitments, and the Revolver
Advances at the time owing to it, or in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund with respect to a Lender, the aggregate amount of the Revolver Commitments (which for this purpose includes Revolver
Advances outstanding thereunder) or, if the Revolver Commitments are not then in effect, the principal outstanding balance of the Revolver Advances of the assigning Lender subject to such assignment (determined as of the date the Assignment and
Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date) shall not be less than the Minimum Amount (as defined herein),
unless each of the Administrative Agent and, so long as 

  
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no Default or Event of Default has occurred and is continuing, the Borrower otherwise consent to a different minimum amount (each such consent not to be unreasonably withheld or delayed) (As used
herein, “Minimum Amount” shall mean $5,000,000; provided, that after the occurrence and during the continuance of a Default or Event of Default, Minimum Amount shall mean $3,000,000); 

(ii) 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 with respect to the Revolver Advances and the Revolver Commitments assigned; 
 (iii) No consent shall be required for
any assignment except to the extent required by clause (i) above and, in addition: (A) the consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (x) any Default or Event of Default
has occurred and is continuing, or (y) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto
within five (5) Domestic Business Days after having received the second of two written notices thereof; and (B) the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required unless such
assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; and 
 (iv) the parties to each assignment shall execute and
deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500, and the Eligible Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative
Questionnaire. 
 Subject to acceptance thereof by the Administrative Agent and recording thereof by the Administrative Agent pursuant to
paragraph (c) of this Section 9.07, from and after the effective date specified in each Assignment and Assumption, the Eligible Assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such
Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from any further
obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be
entitled to the benefits of Sections 8.03 and 9.03 with respect to facts and circumstances occurring prior to the effective date of such assignment. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does
not comply with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (d) of this Section. 

(c) Register. The Administrative Agent, acting, solely for this purpose, as an agent of the Borrower, shall maintain at one of its
offices in Winston-Salem, North Carolina a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Revolver Commitments of, and principal amounts of the Revolver
Advances owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and the Borrower, the 

  
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Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement,
notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

(d) Participations. Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative Agent, sell
participations to any Person (other than a natural person or the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under
this Agreement (including all or a portion of its Revolver Commitment and/or the Revolver Advances owing to it); provided, that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall
remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent and the Lenders shall continue to deal solely and directly with such Lender in connection with such
Lender’s rights and obligations under this Agreement. 
 Any agreement or instrument pursuant to which a Lender sells such a
participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided, that such agreement or instrument may
provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in Section 9.05(a) (i) through (x) (inclusive) that affects such Participant. Subject to
paragraph (e) of this Section, the Borrower agrees that each Participant shall be entitled to the benefits of Section 2.12 and Sections 8.01 through 8.04 inclusive to the same extent as if it were a Lender and had acquired its
interest by assignment pursuant to paragraph (b) of this Section. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.04 as though it were a Lender, provided such Participant agrees to be
subject to Section 9.04 as though it were a Lender. 
 (e) Limitations upon Participant Rights. A Participant shall not be
entitled to receive any greater payment under Section 8.03 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is
made with the Borrower’s prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 2.12 unless the Borrower is notified of the participation sold to such
Participant and such Participant agrees, for the benefit of the Borrower, to comply with Section 2.12 as though it were a Lender. Notwithstanding anything to the contrary herein, any Participant that purchases a participation from a Defaulting
Lender shall have no greater rights than such Defaulting Lender. 
 (f) Certain Pledges. Any Lender may at any time pledge or assign
a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided, that no such pledge or assignment
shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

  
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 SECTION 9.08. Confidentiality. 

Each of the Administrative Agent and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that
Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective partners, directors, officers, employees, agents, advisors and other representatives (it being understood that the Persons to whom such disclosure
is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority purporting to have jurisdiction over it (including any
self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in
connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an
agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any
actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (g) with the consent of the Borrower or (h) to the extent such Information (x) becomes publicly
available other than as a result of a breach of this Section or (y) becomes available to the Administrative Agent, any Lender or any of their respective Affiliates on a nonconfidential basis from a source other than the Borrower. 

For purposes of this Section, “Information” means all information received from the Borrower or any of its Subsidiaries
relating to the Borrower or any of its Subsidiaries or any of their respective businesses, other than any such information that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by the Borrower or
any of its Subsidiaries. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to
maintain the confidentiality of such Information as such Person would accord to its own confidential information 
 SECTION 9.09.
Representation by Lenders. 
 Each Lender hereby represents that it is a commercial lender or financial institution which makes loans
in the ordinary course of its business and that it will make its Advances hereunder for its own account in the ordinary course of such business; provided, however, that, subject to Section 9.07, the disposition of the Note or Notes held
by that Lender shall at all times be within its exclusive control. 
 SECTION 9.10. Obligations Several. 

The obligations of each Lender hereunder are several, and no Lender shall be responsible for the obligations or commitment of any other Lender
hereunder. Nothing contained in this Agreement and no action taken by the Lenders pursuant hereto shall be deemed to constitute the Lenders to be a partnership, an association, a joint venture or any other kind of entity. The amounts payable at any
time hereunder to each Lender shall be a separate and independent debt and each Lender shall be entitled to protect and enforce its rights arising out of this Agreement or any other Loan Document and it shall not be necessary for any other Lender to
be joined as an additional party in any proceeding for such purpose. 

  
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 SECTION 9.11. Survival of Certain Obligations. 

Sections 8.03(a), 8.03(b) and 9.03, and the obligations of the Loan Parties thereunder, shall survive, and shall continue to be
enforceable notwithstanding the termination of this Agreement and the Revolver Commitments of all of the Lenders, and the payment in full of the principal of and interest on all Advances. 

SECTION 9.12. Virginia Law. 

This Agreement and each Note shall be construed in accordance with and governed by the law of the Commonwealth of Virginia, without reference
to choice of law provisions. 
 SECTION 9.13. Severability. 

In case any one or more of the provisions contained in this Agreement, the Notes or any of the other Loan Documents should be invalid, illegal
or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or impaired thereby and shall be enforced to the greatest extent permitted by law.

 SECTION 9.14. Interest. 

In no event shall the amount of interest due or payable hereunder or under the Notes exceed the maximum rate of interest allowed by applicable
law, and in the event any such payment is inadvertently made to any Lender by the Borrower or inadvertently received by any Lender, then such excess sum shall be credited as a payment of principal, unless the Borrower shall notify such Lender in
writing that it elects to have such excess sum returned forthwith. It is the express intent hereof that the Borrower not pay and the Lenders not receive, directly or indirectly in any manner whatsoever, interest in excess of that which may legally
be paid by the Borrower under applicable law. 
 SECTION 9.15. Interpretation. 

No provision of this Agreement or any of the other Loan Documents shall be construed against or interpreted to the disadvantage of any party
hereto by any court or other governmental or judicial authority by reason of such party having or being deemed to have structured or dictated such provision. 

SECTION 9.16. Counterparts. 

This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures
thereto and hereto were upon the same instrument. 

  
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 SECTION 9.17. WAIVER OF JURY TRIAL; CONSENT TO JURISDICTION. 

THE BORROWER, EACH OF THE OTHER LOAN PARTIES, AND EACH OF THE LENDERS AND THE ADMINISTRATIVE AGENT (1) IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY OF THE OTHER LOAN DOCUMENTS, OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, (2) SUBMITS TO PERSONAL JURISDICTION
IN THE COMMONWEALTH OF VIRGINIA, THE COURTS THEREOF AND THE UNITED STATES DISTRICT COURTS SITTING THEREIN, FOR THE ENFORCEMENT OF THIS AGREEMENT, THE NOTES AND THE OTHER LOAN DOCUMENTS, (3) WAIVES ANY AND ALL PERSONAL RIGHTS UNDER THE LAW OF
ANY JURISDICTION TO OBJECT ON ANY BASIS (INCLUDING, WITHOUT LIMITATION, INCONVENIENCE OF FORUM) TO JURISDICTION OR VENUE WITHIN THE COMMONWEALTH OF VIRGINIA FOR THE PURPOSE OF LITIGATION TO ENFORCE THIS AGREEMENT, THE NOTES OR THE OTHER LOAN
DOCUMENTS, AND (4) AGREES THAT SERVICE OF PROCESS MAY BE MADE UPON IT IN THE MANNER PRESCRIBED IN SECTION 9.01 FOR THE GIVING OF NOTICE TO THE BORROWER. NOTHING HEREIN CONTAINED, HOWEVER, SHALL: (I) PREVENT THE ADMINISTRATIVE AGENT
FROM BRINGING ANY ACTION OR EXERCISING ANY RIGHTS AGAINST ANY SECURITY AND AGAINST THE BORROWER OR ANY OTHER LOAN PARTY PERSONALLY, AND AGAINST ANY ASSETS OF THE BORROWER OR ANY OTHER LOAN PARTY, WITHIN ANY OTHER STATE OR JURISDICTION; OR
(II) AFFECT THE RIGHT TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. 
 SECTION 9.18. Independence of Covenants.

 All covenants under this Agreement and the other Loan Documents shall be given independent effect so that if a particular action or
condition is not permitted by any covenant (a “Restrictive Covenant”), the fact that such action or condition would be permitted by an exception to, or would be otherwise allowed by, another covenant, shall not prevent a violation
of such Restrictive Covenant if such action is taken or such condition exists. 
 SECTION 9.19. Electronic Transactions. 

The Borrower, the Administrative Agent and Lenders agree that the electronic reporting of the information described in Section 5.01 (the
“Required Information”), shall constitute an agreement under the Uniform Electronic Transfer Act (the “Act”), in effect in the Commonwealth of Virginia; and any dispute or controversy relating to such reporting
shall be interpreted in accordance with the provisions of the Act. With respect to such reporting, Borrower acknowledges that, the Administrative Agent and Lenders shall not be responsible (i) for any failure, interruption, or delay in the
performance of the internet; (ii) for any unauthorized, inadvertent, or fraudulent access, use or disclosure to third parties of the Required Information should it occur by error of transmission of the Borrower or reply thereto by, the
Administrative Agent or the Lenders or otherwise; or (iii) for the Administrative Agent or the Lenders’ failure to maintain security measures at the time of transmission or reply thereto to prevent unauthorized access, misappropriation and
use of Required Information by third parties, 

  
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unless the same shall be determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such party.
Borrower expressly assumes the risk of unauthorized access, use or misappropriation by third parties of the Required Information transmitted to, the Administrative Agent and the Lenders via the internet and will hold harmless and indemnify, the
Administrative Agent and the Lenders from any claim or expense, including reasonable attorneys’ fees associated therewith, unless the same shall be determined by a court of competent jurisdiction by final and nonappealable judgment to have
resulted from the gross negligence or willful misconduct of such party. Until the Administrative Agent and the Lenders shall receive written notice otherwise from Borrower, the following persons may be contacted by the Administrative Agent, and the
Lenders with any questions or issues about the Required Information: 
  

			
	 Primary Contact Person
	  	Secondary Contact Person
		
	     Brian
Bertaux    
 Name
	  	     Jim Cline    

Name

		
	 Director of Financial Planning

Title
	  	 Senior Vice President and CFO

Title

		
	     (540)
542-6980    
 Telephone Number
	  	     (540) 542-6939    

Telephone Number

		
	 bbertaux@trex.com

Email
	  	 jcline@trex.com

Email

 SECTION 9.20. Patriot Act Notice. 

Each Lender and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies each Loan Party that pursuant to the
requirements of the Patriot Act it is required to obtain, verify and record information that identifies such Loan Party, which information includes the name and address of such Loan Party and other information that will allow such Lender or the
Administrative Agent, as applicable, to identify such Loan Party in accordance with the Patriot Act. 
 SECTION 9.21. Amendment and
Restatement; References; Reaffirmation of Liens. 
 This Agreement amends and restates in its entirety the Prior Credit Agreement. This
Agreement shall not be construed to constitute a novation with respect to the obligations described in the Prior Credit Agreement or, except as otherwise expressly provided herein or in any of the other Loan Documents, to release or otherwise
adversely affect any lien, mortgage or security interest securing such indebtedness or any rights of the Administrative Agent or any Lender against any guarantor, surety or other party primarily or secondarily liable for such obligations. All
references to the “Credit Agreement” (or words of similar effect) in the Nevada Deed of Trust, the Winchester Deed of Trust, the Existing IP Security Agreements (collectively, the “Existing Collateral Documents”) or any other
document or instrument that refers to the Prior Credit Agreement and that remains in effect after the Closing Date shall be deemed to be 

  
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references to this Agreement. Without limiting the generality of the foregoing, the Borrower agrees that, except as otherwise expressly provided herein or in any of the other Loan Documents,
(i) the execution and delivery of this Agreement and the other Loan Documents do not release, impair or otherwise limit any of the its respective obligations under the Existing Collateral Documents, (ii) it does not have any offset,
counterclaim or defense of any kind to its obligations, covenants or agreements under the Existing Collateral Documents, all of which obligations, covenants and agreements are hereby expressly reaffirmed, and (iii) the Existing Collateral
Documents remain in full force and effect in all respects. 
 ARTICLE X 

GUARANTY 
 SECTION 10.01.
Unconditional Guaranty. 
 Each Guarantor hereby irrevocably, unconditionally and jointly and severally guarantees, each as a primary
obligor and not merely as a surety, to the Administrative Agent, the Lenders and the other Secured Parties the due and punctual payment of the principal of and the premium, if any, and interest on, and the due and punctual performance of, the
Guaranteed Obligations and any and all other amounts due under or pursuant to the Loan Documents, when and as the same shall become due and payable (whether at stated maturity or by optional or mandatory prepayment or by declaration, redemption or
otherwise) in accordance with the terms of the Loan Documents. The Guarantors’ guaranty under this Section is an absolute, present and continuing guarantee of payment and not of collectibility, and is in no way conditional or contingent upon
any attempt to collect from the Borrower, any of the Guarantors or any other guarantor of the Guaranteed Obligations (or any portion thereof) or upon any other action, occurrence or circumstances whatsoever. In the event that the Borrower or any
Guarantor shall fail so to pay any such principal, premium, interest or other amount to the Administrative Agent, a Lender or any other Secured Party, the Guarantors will pay the same forthwith, without demand, presentment, protest or notice of any
kind (all of which are waived by the Guarantors to the fullest extent permitted by law), in lawful money of the United States, at the place for payment specified in the Loan Documents or specified by the Administrative Agent in writing, to the
Administrative Agent for the benefit of the applicable Secured Party(ies) The Guarantors further agree, on demand, to pay to the Administrative Agent, the Lenders (other than any Defaulting Lender) and the other Secured Parties the reasonable costs
and expenses incurred by the Administrative Agent, such Lender or such other Secured Party in connection with enforcing the rights of the Administrative Agent, the Lenders and the other Secured Parties against the Borrower and any or all of the
Guarantors (whether in a bankruptcy proceeding or otherwise) following any default in payment of any of the Guaranteed Obligations or the obligations of the Guarantors hereunder (taking into account any applicable notice, grace and/or cure periods),
including, without limitation, the reasonable fees and expenses of counsel to the Administrative Agent, such Lenders and the other Secured Parties. 

SECTION 10.02. Obligations Absolute. 

The obligations of the Guarantors hereunder are and shall be absolute and unconditional, irrespective of the validity, regularity or
enforceability of this Agreement, any of the Guaranteed Obligations or any of the Loan Documents, shall not be subject to any counterclaim, set-off, 

  
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deduction or defense based upon any claim any of the Guarantors may have against the Borrower, any other Guarantor or the Administrative Agent, any Lender or any other Secured Party, hereunder or
otherwise, and shall remain in full force and effect without regard to, and shall not be released, discharged or in any way affected by, to the fullest extent permitted by law, any circumstance or condition whatsoever (whether or not any of the
Guarantors shall have any knowledge or notice thereof), including, without limitation: 
 (a) any amendment or modification of or supplement
to any of the Loan Documents or any other instrument referred to herein or therein, or any assignment or transfer of any thereof or of any interest therein, or any furnishing or acceptance of additional security for any of the Guaranteed
Obligations; 
 (b) any waiver, consent or extension under any Loan Document or any such other instrument, or any indulgence or other action
or inaction under or in respect of, or any extensions or renewals of, any Loan Document, any such other instrument or any Guaranteed Obligation; 

(c) any failure, omission or delay on the part of the Administrative Agent to enforce, assert or exercise any right, power or remedy conferred
on or available to the Administrative Agent or any Lender against the Borrower or any Guarantor, any Subsidiary of the Borrower or any Subsidiary of any Guarantor; 

(d) any bankruptcy, insolvency, readjustment, composition, liquidation or similar proceeding with respect to the Borrower, any Guarantor, any
Subsidiary of the Borrower or any Subsidiary of any Guarantor or any property of the Borrower, any Guarantor or any such Subsidiary or any unavailability of assets against which the Guaranteed Obligations, or any of them, may be enforced; 

(e) any merger or consolidation of the Borrower, any Subsidiary of the Borrower or any Guarantor or any of the Guarantors into or with any
other Person or any sale, lease or transfer of any or all of the assets of any of the Guarantors, the Borrower or any Subsidiary of the Borrower or any Guarantor to any Person; 

(f) any failure on the part of the Borrower, any Guarantor or any Subsidiary of the Borrower or any Guarantor for any reason to comply with or
perform any of the terms of any agreement with any of the Guarantors; 
 (g) any exercise or non-exercise by the Administrative Agent, any
Lender or any other Secured Party, of any right, remedy, power or privilege under or in respect of any of the Loan Documents or the Guaranteed Obligations, including, without limitation, under this Section; 

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

(i) any furnishing or acceptance of security, or any release, substitution or exchange thereof, for any of the Guaranteed Obligations; 

  
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 (j) any failure to give notice to any of the Guarantors of the occurrence of any breach or
violation of, or any event of default or any default under or with respect to, any of the Loan Documents or the Guaranteed Obligations; 

(k) any partial prepayment, or any assignment or transfer, of any of the Guaranteed Obligations; or 

(l) any other circumstance (other than payment in full) which might otherwise constitute a legal or equitable discharge or defense of a
guarantor or which might in any manner or to any extent vary the risk of such Guarantor. 
 The Guarantors covenant that their respective
obligations hereunder will not be discharged except by complete performance of the obligations contained in the Loan Documents and this Agreement and the final payment in full of the Guaranteed Obligations. The Guarantors unconditionally waive, to
the fullest extent permitted by law (A) notice of any of the matters referred to in this Section 10.02, (B) any and all rights which any of the Guarantors may now or hereafter have arising under, and any right to claim a discharge of
the Guarantor’s obligations hereunder by reason of the failure or refusal by the Administrative Agent, any Lender or any other Secured Party to take any action pursuant to any statute permitting a Guarantor to request that the Administrative
Agent or any Lender attempt to collect the Guaranteed Obligations from the Borrower, any of the Guarantors or any other guarantor (including without limitation any rights under Sections 49-25 or 49-26 of the Code of Virginia of 1950, as
amended, or any similar or successor provisions), (C) all notices which may be required by statute, rule of law or otherwise to preserve any of the rights of the Administrative Agent, any Lender or any other Secured Party against the
Guarantors, including, without limitation, presentment to or demand of payment from the Borrower, any of the Subsidiaries of the Borrower or any Guarantor, or any of the other Guarantors with respect to any Loan Document or this agreement, notice of
acceptance of the Guarantors’ guarantee hereunder and/or notice to the Borrower, any of the Subsidiaries of the Borrower or any Guarantor, or any Guarantor of default or protest for nonpayment or dishonor, (D) any diligence in collection
from or protection of or realization upon all or any portion of the Guaranteed Obligations or any security therefor, any liability hereunder, or any party primarily or secondarily liable for all or any portion of the Guaranteed Obligations, and
(E) any duty or obligation of the Administrative Agent, any Lender or any other Secured Party to proceed to collect all or any portion of the Guaranteed Obligations from, or to commence an action against, the Borrower, any Guarantor or any
other Person, or to resort to any security or to any balance of any deposit account or credit on the books of the Administrative Agent, any Lender or any other Secured Party in favor of the Borrower, any Guarantor or any other Person, despite any
notice or request of any of the Guarantors to do so. Notwithstanding anything to the contrary herein or in any other Loan Document, no Guarantor shall be obligated to make any payment to any Defaulting Lender, indemnify any Defaulting Lender or take
any action at the request of or for the benefit of any Defaulting Lender if the Borrower would not be required to make such payment, so indemnify or take such action hereunder. 

SECTION 10.03. Continuing Obligations; Reinstatement. 

The obligations of the Guarantors under this Article X are continuing obligations and shall continue in full force and effect until such
time as all of the Guaranteed Obligations (and 

  
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any renewals and extensions thereof) shall have been finally performed, paid and satisfied in full. The obligations of the Guarantors under this Article X shall continue to be effective or
be automatically reinstated, as the case may be, if any payment made by the Borrower, any Guarantor or any Subsidiary of the Borrower or any Guarantor on, under or in respect of any of the Guaranteed Obligations is rescinded or must otherwise be
restored or returned by the recipient upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Borrower, any Guarantor or any such Subsidiary, or upon or as a result of the appointment of a custodian, receiver, trustee or
other officer with similar powers with respect to the Borrower, any Guarantor or any such Subsidiary or any substantial part of the property of the Borrower, any Guarantor or any such Subsidiary, or otherwise, all as though such payment had not been
made. If an event permitting the acceleration of all or any portion of the Guaranteed Obligations shall at any time have occurred and be continuing, and such acceleration shall at such time be stayed, enjoined or otherwise prevented for any reason,
including without limitation because of the pendency of a case or proceeding relating to the Borrower, any Guarantor or any Subsidiary of the Borrower or any Guarantor under any Debtor Relief Laws, for purposes of this Article X and the
obligations of the Guarantors hereunder, such Guaranteed Obligations shall be deemed to have been accelerated with the same effect as if such Guaranteed Obligations had been accelerated in accordance with the terms of the applicable Loan Documents
or of this Agreement. 
 SECTION 10.04. Additional Security, Etc. 

The Guarantors authorize the Administrative Agent on behalf of the Lenders without notice to or demand on the Guarantors and without affecting
their liability hereunder, from time to time (a) to obtain additional or substitute endorsers or guarantors; (b) to exercise or refrain from exercising any rights against, and grant indulgences to, the Borrower, any Subsidiary of the
Borrower or any Guarantor, any other Guarantor or others; and (c) to apply any sums, by whomsoever paid or however realized, to the payment of the principal of, premium, if any, and interest on, and other obligations consisting of, the
Guaranteed Obligations. The Guarantors waive any right to require the Administrative Agent, any Lender or any other Secured Party to proceed against any additional or substitute endorsers or guarantors or the Borrower or any of their Subsidiaries or
any other Person or to pursue any other remedy available to the Administrative Agent, any such Lender or any such other Secured Party. 

SECTION 10.05. Information Concerning the Borrower. 

The Guarantors assume all responsibility for being and keeping themselves informed of the financial condition and assets of the Borrower, the
other Guarantors and their respective Subsidiaries, and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the nature, scope and extent of the risks which the Guarantors assume and insure hereunder, and
agree that none of the Administrative Agent, any Lender nor any other Secured Party shall have any duty to advise the Guarantors of information known to the Administrative Agent, any such Lender or any such other Secured Party regarding or in any
manner relevant to any of such circumstances or risks. 

  
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 SECTION 10.06. Guarantors’ Subordination. 

The Guarantors hereby absolutely subordinate, both in right of payment and in time of payment, any present and future indebtedness of the
Borrower or any Subsidiary of the Borrower or any Guarantor to any or all of the Guarantors to the indebtedness of the Borrower or any such Subsidiary or to the Administrative Agent, the Lenders and the other Secured Parties (or any of them);
provided, that the Guarantors may receive scheduled payments of principal, premium (if any) and interest in respect of such present or future indebtedness so long as there is no Default or Event of Default then in existence. 

SECTION 10.07. Waiver of Subrogation. 

Notwithstanding anything herein to the contrary, until the payment in full of the Guaranteed Obligations, the Guarantors hereby waive any right
of subrogation (under contract, Section 509 of the Bankruptcy Code or otherwise) or any other right of indemnity, reimbursement or contribution and hereby waive any right to enforce any remedy that the Administrative Agent, any Lender or any
other Secured Party now has or may hereafter have against the Borrower, any Guarantor or any endorser or any other guarantor of all or any part of the Guaranteed Obligations, and the Guarantors hereby waive any benefit of, and any right to
participate in, any security or collateral given to the Administrative Agent, any Lender or any other Secured Party to secure payment or performance of the Guaranteed Obligations or any other liability of the Borrower to the Administrative Agent,
any Lender or any other Secured Party. The waiver contained in this Section shall continue and survive the termination of this Agreement and the final payment in full of the Guaranteed Obligations. 

SECTION 10.08. Enforcement. 

In the event that the Guarantors shall fail forthwith to pay upon demand of the Administrative Agent, any Lender or any other Secured Party any
amounts due pursuant to this Article X or to perform or comply with or to cause performance or compliance with any other obligation of the Guarantors under this Agreement the Administrative Agent, any Lender and any other Secured Party shall be
entitled and empowered to institute any action or proceeding at law or in equity for the collection of the sums so due and unpaid or for the performance of or compliance with such terms, and may prosecute any such action or proceeding to judgment or
final decree and may enforce such judgment or final decree against the Guarantors and collect in the manner provided by law out of the property of the Guarantors, wherever situated, any monies adjudged or decreed to be payable. The obligations of
the Guarantors under this Agreement are continuing obligations and a fresh cause of action shall arise in respect of each default hereunder. 

SECTION 10.09. Miscellaneous. 

Except as may otherwise be expressly agreed upon in writing, the liability of the Guarantors under this Article X shall neither affect nor
be affected by any prior or subsequent guaranty by the Guarantors of any other indebtedness to the Administrative Agent, the Lenders or any other Secured Party. Notwithstanding anything in this Article X to the contrary, the maximum liability
of each Guarantor hereunder shall in no event exceed the maximum amount which could be paid out by such Guarantor without rendering such Guarantor’s obligations under 

  
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this Article X, in whole or in part, void or voidable under applicable law, including, without limitation, (i) the Bankruptcy Code, and (ii) any applicable state or federal law
relative to fraudulent conveyances. 
 SECTION 10.10. Keepwell. 

Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such funds or other
support as may be needed from time to time by each other Loan Party to honor all of its obligations under this Article X in respect of Regulated Swap Obligations (provided, however, that each Qualified ECP Guarantor shall only be liable under
this Section 10.10 for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 10.10, or otherwise under this Guaranty, voidable under applicable law relating to fraudulent
conveyance or fraudulent transfer, and not for any greater amount). Each Qualified ECP Guarantor intends that this Section 10.10 constitute, and this Section 10.10 shall be deemed to constitute, a “keepwell, support, or other
agreement” for the benefit of each other Guarantor for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 

ARTICLE XI 
 LETTER OF
CREDIT FACILITY 
 SECTION 11.01. Obligation to Issue. 

Subject to the terms and conditions of this Agreement, and in reliance upon the representations and warranties of the Loan Parties herein set
forth, the Letter of Credit Issuer shall issue for the account of the Borrower, one or more Letters of Credit denominated in Dollars, in accordance with Article II and this Article XI, from time to time during the period
commencing on the Closing Date and ending thirty (30) calendar days prior to the Termination Date. The Existing Letter of Credit shall be deemed to have been issued pursuant to this Article XI, and from and after the Closing Date shall be
subject to and governed by the terms and conditions hereof. 
 SECTION 11.02. Types and Amounts. 

The Letter of Credit Issuer shall have no obligation to issue any Letter of Credit at any time: 

(a) if the aggregate maximum amount then available for drawing under Letters of Credit, after giving effect to the issuance of the requested
Letter of Credit, shall exceed any limit imposed by law or regulation upon the Letter of Credit Issuer; 
 (b) if, after giving effect to
the issuance of the requested Letter of Credit, (i) the aggregate Letter of Credit Obligations would exceed $15,000,000, or (ii) the conditions set forth in Section 2.01(a) would not be satisfied; 

(c) which has an expiration date after that date which is 30 calendar days prior to the Termination Date. 

  
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 SECTION 11.03. Conditions. 

In addition to being subject to the satisfaction of the conditions contained in Article III, the obligation of the Letter of Credit
Issuer to issue any Letter of Credit is subject to the satisfaction in full of the following conditions: 
 (a) the Borrower shall have
delivered to the Letter of Credit Issuer at such times and in such manner as the Letter of Credit Issuer may prescribe, a Letter of Credit Application Agreement and such other documents and materials as may be required pursuant to the terms thereof
all satisfactory in form and substance to the Letter of Credit Issuer and the terms of the proposed Letter of Credit shall be satisfactory in form and substance to the Letter of Credit Issuer; 

(b) as of the date of issuance no order, judgment or decree of any court, arbitrator or Governmental Authority shall purport by its terms to
enjoin or restrain the Letter of Credit Issuer from issuing the Letter of Credit and no law, rule or regulation applicable to the Letter of Credit Issuer and no request or directive from any Governmental Authority with jurisdiction over the Letter
of Credit Issuer shall prohibit or request that the Letter of Credit Issuer refrain from the issuance of letters of credit generally or the issuance of that Letter of Credit; 

(c) after the issuance of the requested Letter of Credit, the conditions set forth in Section 2.01(a) shall be satisfied; and 

(d) subject to Section 2.15(d), as of the date of issuance no default of any Lender’s obligations to fund under Section 2.02(c)
exists nor is any Lender at such time a Defaulting Lender hereunder, unless the Letter of Credit Issuer has entered into arrangements satisfactory to the Letter of Credit Issuer with the Borrower or such Lender to eliminate the Letter of Credit
Issuer’s Fronting Exposure with respect to such Lender. 
 SECTION 11.04. Issuance of Letters of Credit. 

(a) Request for Issuance. At least three (3) Domestic Business Days before the effective date for any Letter of Credit, the
Borrower shall give the Letter of Credit Issuer a written notice containing the original signature of an authorized officer or employee of the Borrower. Such notice shall be irrevocable and shall specify the original face amount of the Letter of
Credit requested, the effective date (which day shall be a Domestic Business Day) of issuance of such requested Letter of Credit, the date on which such requested Letter of Credit is to expire, the amount of then outstanding Letter of Credit
Obligations, the purpose for which such Letter of Credit is to be issued, whether such Letter of Credit may be drawn in single or partial draws and the Person for whose benefit the requested Letter of Credit is to be issued. 

(b) Issuance; Notice of Issuance. If the conditions set forth in Section 11.03 are satisfied, the Letter of Credit Issuer shall
issue the requested Letter of Credit. The Letter of Credit Issuer shall give each Lender written or telecopy notice in substantially the form of Exhibit L, or telephonic notice confirmed promptly thereafter in writing, of the issuance of
a Letter of Credit and shall deliver to each Lender in connection with such notice a copy of the Letter of Credit issued by the Letter of Credit Issuer. 

  
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 (c) No Extension or Amendment. The Letter of Credit Issuer shall not extend or amend any
Letter of Credit if the issuance of a new Letter of Credit having the same terms as such Letter of Credit as so amended or extended would be prohibited by Section 11.02 or Section 11.03. 

SECTION 11.05. Reimbursement Obligations; Duties of the Letter of Credit Issuer. 

(a) Reimbursement. Notwithstanding any provisions to the contrary in any Letter of Credit Application Agreement: 

(i) the Borrower shall reimburse the Letter of Credit Issuer for drawings under a Letter of Credit issued by it no later than the earlier of
(A) the time specified in such Letter of Credit Application Agreement, or (B) one (1) Domestic Business Day after the payment by the Letter of Credit Issuer; 

(ii) any Reimbursement Obligation with respect to any Letter of Credit shall bear interest from the date of the relevant drawing under the
pertinent Letter of Credit until the date of payment in full thereof at a rate per annum equal to the Default Rate (unless and until the Letter of Credit Issuer is reimbursed by a Revolver Advance pursuant to paragraph (iii) below); and 

(iii) in order to implement the foregoing, upon the occurrence of a draw under any Letter of Credit, unless the Letter of Credit Issuer is
reimbursed in accordance with paragraph (i) above, the Borrower irrevocably authorizes the Letter of Credit Issuer and the Administrative Agent to treat such nonpayment as a Notice of Borrowing in the amount of such Reimbursement
Obligation and the Lenders to make Revolver Advances to Borrower in such amount regardless of whether the conditions precedent to the making of Revolver Advances hereunder have been met. The Borrower further authorizes the Administrative Agent to
credit the proceeds of such Revolver Advances so as to immediately eliminate the liability of the Borrower for Reimbursement Obligations under such Letter of Credit. 

(b) Duties of the Letter of Credit Issuer. Any action taken or omitted to be taken by the Letter of Credit Issuer in connection with
any Letter of Credit, if taken or omitted in the absence of willful misconduct or gross negligence, shall not put the Letter of Credit Issuer under any resulting liability to any Lender, or assuming that the Letter of Credit Issuer has complied with
the procedures specified in Section 11.04, relieve any Lender of its obligations hereunder to the Letter of Credit Issuer. In determining whether to pay under any Letter of Credit, the Letter of Credit Issuer shall have no obligation relative
to the Lenders other than to confirm that any documents required to have been delivered under such Letter of Credit appear to comply on their face with the requirements of such Letter of Credit. 

(c) Cash Collateral. If any Letter of Credit remains outstanding under this Agreement after the Termination Date, the Borrower shall
Cash Collateralize such Letter of Credit in an amount not less than 102% of the aggregate Undrawn Amounts available under such Letter of Credit. 

  
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 SECTION 11.06. Participations. 

(a) Purchase of Participations. Immediately upon issuance by the Letter of Credit Issuer of any Letter of Credit in accordance with the
procedures set forth in Section 11.04, each Lender shall be deemed to have irrevocably and unconditionally purchased and received from the Letter of Credit Issuer, without recourse or warranty, an undivided interest and participation, to the
extent of such Lender’s Applicable Percentage, in such Letter of Credit; provided, that a Letter of Credit shall not be entitled to the benefits of this Section 11.06 if the Letter of Credit Issuer shall have received written notice
from any Lender on or before the Domestic Business Day immediately prior to the date of the Letter of Credit Issuer’s issuance of such Letter of Credit that one or more of the conditions contained in Section 11.03 or Article III is
not then satisfied, and, in the event the Letter of Credit Issuer receives such a notice, it shall have no further obligation to issue any Letter of Credit until such notice is withdrawn by that Lender or until the Required Lenders have effectively
waived such condition in accordance with the provisions of this Agreement. 
 (b) Sharing of Letter of Credit Payments. In the event
that the Letter of Credit Issuer makes any payment under any Letter of Credit for which the Borrower shall not have reimbursed such amount to the Letter of Credit Issuer pursuant to Section 11.05(a)(i) or which cannot be paid by Revolver
Advances pursuant to Section 11.05(a)(iii), the Letter of Credit Issuer shall promptly notify each Lender of such failure, and each Lender shall promptly and unconditionally pay to the Letter of Credit Issuer such Lender’s ratable share of
the amount of such payment in Dollars and in immediately available funds. If the Letter of Credit Issuer so notifies such Lender prior to 11:00 A.M. (Winston-Salem, North Carolina time) on any Domestic Business Day, such Lender shall make available
to the Letter of Credit Issuer its ratable share of the amount of such payment on such Domestic Business Day in same day funds. If and to the extent such Lender shall not have so made its ratable share of the amount of such payment available to the
Letter of Credit Issuer, such Lender agrees to pay to the Letter of Credit Issuer forthwith on demand such amount together with interest thereon at the Base Rate, for each day from the date such payment was first due until the date such amount is
paid to the Letter of Credit Issuer. The failure of any Lender to make available to the Letter of Credit Issuer its ratable share of any such payment shall neither relieve nor increase the obligation of any other Lender hereunder to make available
to the Letter of Credit Issuer its ratable share of any payment on the date such payment is to be made. 
 (c) Sharing of Reimbursement
Obligation Payments. Whenever the Letter of Credit Issuer receives a payment on account of a Reimbursement Obligation, including any interest thereon, as to which the Letter of Credit Issuer has received any payments from the Lenders pursuant to
this Section 11.06, it shall promptly pay to each Lender which has funded its participating interest therein, in Dollars and in the kind of funds so received, an amount equal to such Lender’s ratable share thereof. Each such payment shall
be made by the Letter of Credit Issuer on the Domestic Business Day on which the funds are paid to such Person, if received prior to 10:00 A.M. (Winston-Salem, North Carolina time) on such Domestic Business Day, and otherwise on the next succeeding
Domestic Business Day. 
 (d) Documentation. Upon the request of any Lender, the Letter of Credit Issuer shall furnish to such Lender
copies of any Letter of Credit, Letter of Credit Application Agreement and other documentation relating to Letters of Credit issued pursuant to this Agreement. 

  
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 (e) Obligations Irrevocable. The obligations of the Lenders to make payments to the Letter
of Credit Issuer with respect to a Letter of Credit shall be irrevocable, not subject to any qualification or exception whatsoever and shall be made in accordance with, but not subject to, the terms and conditions of this Agreement under all
circumstances (assuming that the Letter of Credit Issuer has issued such Letter of Credit in accordance with Section 11.04 and such Lender has not given a notice contemplated by Section 11.06(a) that continues in full force and
effect), including, without limitation, any of the following circumstances: 
 (i) any lack of validity or enforceability of this Agreement
or any of the other Loan Documents; 
 (ii) the existence of any claim, set-off, defense or other right which the Borrower may have at any
time against a beneficiary named in a Letter of Credit or any transferee of any Letter of Credit (or any Person for whom any such transferee may be acting), the Letter of Credit Issuer, the Administrative Agent, any Lender or any other Person,
whether in connection with this Agreement, any Letter of Credit, the transactions contemplated herein or any unrelated transactions; 

(iii) any draft, certificate or any other document presented under the Letter of Credit proves to be forged, fraudulent, invalid or
insufficient in any respect or any statement therein being untrue or inaccurate in any respect; 
 (iv) the surrender or impairment of any
security for the performance or observance of any of the terms of any of the Loan Documents; 
 (v) payment by the Letter of Credit Issuer
under any Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; 

(vi) payment by the Letter of Credit Issuer under any Letter of Credit against presentation of any draft or certificate that does not comply
with the terms of such Letter of Credit, except payment resulting from the gross negligence or willful misconduct of the Letter of Credit Issuer; or 

(vii) any other circumstances or happenings whatsoever, whether or not similar to any of the foregoing, except circumstances or happenings
resulting from the gross negligence or willful misconduct of the Letter of Credit Issuer. 
 SECTION 11.07. Payment of Reimbursement
Obligations. 
 (a) Payments to Letter of Credit Issuer. The Borrower agrees to pay to the Letter of Credit Issuer the amount of
all Reimbursement Obligations, interest and other amounts payable to the Letter of Credit Issuer under or in connection with any Letter of Credit issued for such Borrower’s account immediately when due, irrespective of: 

(i) any lack of validity or enforceability of this Agreement or any of the other Loan Documents; 

  
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 (ii) the existence of any claim, set-off, defense or other right which the Borrower may have at
any time against a beneficiary named in a Letter of Credit or any transferee of any Letter of Credit (or any Person for whom any such transferee may be acting), the Letter of Credit Issuer, the Administrative Agent, any Lender or any other Person,
whether in connection with this Agreement, any Letter of Credit, the transactions contemplated herein or any unrelated transactions; 

(iii) any draft, certificate or any other document presented under the Letter of Credit proves to be forged, fraudulent, invalid or
insufficient in any respect or any statement therein being untrue or inaccurate in any respect; 
 (iv) the surrender or impairment of any
security for the performance or observance of any of the terms of any of the Loan Documents; 
 (v) payment by the Letter of Credit Issuer
under any Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; 

(vi) payment by the Letter of Credit Issuer under any Letter of Credit against presentation of any draft or certificate that does not comply
with the terms of such Letter of Credit, except payment resulting from the gross negligence or willful misconduct of the Letter of Credit Issuer; or 

(vii) any other circumstances or happenings whatsoever, whether or not similar to any of the foregoing, except circumstances or happenings
resulting from the gross negligence or willful misconduct of the Letter of Credit Issuer. 
 (b) Recovery or Avoidance of Payments.
In the event any payment by or on behalf of the Borrower received by the Letter of Credit Issuer with respect to a Letter of Credit and distributed by the Letter of Credit Issuer to the Lenders on account of their participations is thereafter set
aside, avoided or recovered from the Letter of Credit Issuer in connection with any receivership, liquidation or bankruptcy proceeding, each Lender that received such distribution shall, upon demand by the Letter of Credit Issuer, contribute such
Lender’s ratable share of the amount set aside, avoided or recovered together with interest at the rate required to be paid by the Letter of Credit Issuer upon the amount required to be repaid by it. 

SECTION 11.08. Compensation for Letters of Credit. 

The compensation for Letters of Credit shall be as set forth in Section 2.07. 

SECTION 11.09. Defaulting Lenders and Cash Collateral. 

(a) Cash Collateral. At any time that there shall exist a Defaulting Lender, within three (3) Business Days following the written
request of the Administrative Agent or the Letter of Credit Issuer (with a copy to the Administrative Agent) the Borrower shall Cash Collateralize the Letter of Credit Issuer’s Fronting Exposure, if any, with respect to such Defaulting Lender,
determined after giving effect to (i) any reallocation of such Defaulting Lender’s participation in Letter of Credit Obligations as provided in Section 2.15(d), (ii) any Cash Collateral provided by such Defaulting Lender, and
(iii) any Cash Collateral made available pursuant to Section 2.15(b) or otherwise. 

  
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 (b) Application. Cash Collateral provided under this Section 11.09 or
Section 2.15 shall be applied to the satisfaction of the Defaulting Lender’s obligation to fund participations in respect of Letter of Credit Obligations (including, as to Cash Collateral provided by such Defaulting Lender, any interest
accrued on such obligation) for which the Cash Collateral was so provided, prior to any other application of such property as may otherwise be provided for herein. 

(c) Termination of Requirement. Cash Collateral (or the appropriate portion thereof) provided to reduce the Letter of Credit
Issuer’s Fronting Exposure shall no longer be required to be held as Cash Collateral pursuant to this Section 11.09 following (i) the elimination of the applicable Fronting Exposure (including by the termination of Defaulting Lender
status of the applicable Lender), or (ii) the determination by the Administrative Agent and the Letter of Credit Issuer that there exists excess Cash Collateral; provided that, subject to Section 2.15, the Person providing Cash
Collateral and the Letter of Credit Issuer may agree that Cash Collateral shall be held to support future anticipated Fronting Exposure or other obligations; provided further that, the release of such Cash Collateral shall not
constitute a release of any security interest in the Collateral granted to the Administrative Agent pursuant to the Collateral Documents. 

SECTION 11.10. Indemnification; Exoneration. 

(a) Indemnification. In addition to amounts payable as elsewhere provided in this Article XI, the Borrower shall protect,
indemnify, pay and save the Letter of Credit Issuer, the Administrative Agent and each Lender (other than any Defaulting Lender) harmless from and against any and all claims, demands, liabilities, damages, losses, costs, charges and expenses
(including reasonable attorneys’ fees) which the Letter of Credit Issuer, the Administrative Agent or any Lender (other than any Defaulting Lender) may incur or be subject to as a consequence of the issuance of any Letter of Credit for the
Borrower’s account other than as a result of such party’s gross negligence or willful misconduct, as determined by a court of competent jurisdiction. 

(b) Assumption of Risk by the Borrower. As between the Borrower, the Letter of Credit Issuer, the Administrative Agent and Lenders, the
Borrower assumes all risks of the acts and omissions of, or misuse of the Letters of Credit issued for the Borrower’s account by, the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, the
Letter of Credit Issuer, the Administrative Agent and the Lenders shall not be responsible for (i) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any party in connection with the application
for and issuance of the Letters of Credit, even if it should in fact prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged, (ii) the validity or sufficiency of any instrument transferring or assigning or
purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason, (iii) failure of the beneficiary of a Letter of
Credit to comply duly with conditions required in order to draw upon such Letter of Credit, (iv) errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise,

  
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whether or not they be in cipher, or for errors in interpretation of technical terms, (v) any loss or delay in the transmission or otherwise of any document required in order to make a
drawing under any Letter of Credit or of the proceeds thereof, (vi) the misapplication by the beneficiary of a Letter of Credit of the proceeds of any drawing under such Letter of Credit; or (vii) any consequences arising from causes
beyond the control of the Letter of Credit Issuer, the Administrative Agent and the Lenders. 
 (c) Exoneration. In furtherance and
extension and not in limitation of the specific provisions hereinabove set forth, any action taken or omitted by the Letter of Credit Issuer under or in connection with the Letters of Credit or any related certificates if taken or omitted in good
faith and with reasonable care, shall not put the Letter of Credit Issuer, the Administrative Agent or any Lender under any resulting liability to the Borrower or relieve the Borrower of any of its obligations hereunder to any such Person. 

[Signatures begin on following page] 

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

					
	TREX COMPANY, INC.
    a Delaware corporation	 	(SEAL)
			
	By:	 	 /s/ James E. Cline
	 	(SEAL)
	Name:	 	James E. Cline	 	
	Title:	 	Senior Vice President and Chief Financial Officer	 	

 [Signature Page to Second Amended and Restated Credit Agreement] 

  
 S-1 

									
		 		 	BRANCH BANKING AND TRUST COMPANY,	  	
		 		 	 as Administrative Agent, Letter of Credit Issuer,

Swing Line Lender and a Lender
	  	
		 		 	  	(SEAL)
					
		 		 	By:	  	 /s/ Matthew W. Rush
	  	(SEAL)
		 		 	Name:	  	Matthew W. Rush	  	
		 		 	Title:	  	Senior Vice President	  	

  

	Revolver Commitment:	(i) $80,000,000.00 from January 1 through (and including) June 30 of each year, and (ii) $53,333,333.33 from July 1 through (and including) December 31 of each year. 

Lending Office 
 Branch Banking and Trust Company 

200 West Second Street 
 Winston-Salem, NC 27101 

Attention: Matthew W. Rush, Senior Vice President 
 Facsimile
number: (336) 733-2740 
 Telephone number: (336) 733-2422 

And a copy to: 
 Troutman Sanders LLP 

1001 Haxall Point 
 Richmond, VA 23219 

Attention: Christopher E. Vinyard 
 Facsimile number:
(804) 698-5126 
 Telephone number: (804) 697-1249 

[Signature Page to Second Amended and Restated Credit Agreement] 

  
 S-2 

									
		 		 	CITIBANK, N.A.,	  	
		 		 	 as a Lender
	  	(SEAL)
					
		 		 	By:	  	 /s/ T. Carter Waddell
	  	(SEAL)
		 		 	Name:	  	T. Carter Waddell	  	
		 		 	Title:	  	Senior Vice President	  	

  

	Revolver Commitment:	(i) $45,000,000.00 from January 1 through (and including) June 30 of each year, and (ii) $30,000,000.00 from July 1 through (and including) December 31 of each year. 

Lending Office 
 Citibank, N.A. 

1101 Pennsylvania Avenue, NW, 11th Floor 

Washington, DC 20004 
 Attention: T. Carter Waddell, Senior Vice
President 
 Telecopier No.:
                                        

 Telephone No.: (202) 508-4521 

[Signature Page to Second Amended and Restated Credit Agreement] 

  
 S-3 

									
		 		 	BANK OF AMERICA, N.A.,	  	
		 		 	 as a Lender
	  	(SEAL)
					
		 		 	By:	  	 /s/ Mary K. Giermek
	  	(SEAL)
		 		 	Name	  	Mary K. Giermek	  	
		 		 	Title:	  	Senior Vice President	  	

  

	Revolver Commitment:	(i) $25,000,000.00 from January 1 through (and including) June 30 of each year, and (ii) $16,666,666.67 from July 1 through (and including) December 31 of each year. 

Lending Office 
 Bank of America, N.A. 

100 S. Charles Street, 3rd floor 

Mailcode MD4-325-03-95 
 Baltimore, Maryland 21201 

Attention: Mary K. Giermek, Senior Vice President 
 Telecopier
No.: (804) 262-9717 
 Telephone No.: (410) 547-4262 

[Signature Page to Second Amended and Restated Credit Agreement] 

  
 S-4 

									
		  		  	BB&T CAPITAL MARKETS,	  	
		  		  	 as Lead Arranger
	  	
					
		  		  	By:	  	 /s/ Olu Jegede
	  	(SEAL)
		  		  	Name:	  	Olu Jegede	  	
		  		  	Title:	  	Vice President	  	

 [Signature Page to Second Amended and Restated Credit Agreement] 

  
 S-5 

 EXHIBIT A 

NOTICE OF BORROWING 

            , 20     

 

	To:	Branch Banking and Trust Company, as Administrative Agent 

  

	 	Re:	Second Amended and Restated Credit Agreement dated as of November 20, 2014 (as amended and modified from time to time, the “Credit Agreement”), among Trex Company, Inc., the Lenders listed on the
signature pages thereof, Branch Banking and Trust Company, as Administrative Agent, Swing Line Lender and Letter of Credit Issuer, and BB&T Capital Markets, as Lead Arranger. 

Ladies and Gentlemen: 
 Unless otherwise defined
herein, capitalized terms used herein shall have the meanings attributable thereto in the Credit Agreement. 
 This Notice of Borrowing is
delivered to you pursuant to Section 2.02 of the Credit Agreement. 
 The Borrower hereby requests a [Revolver] [Swing Line] Borrowing
in the aggregate principal amount of $            1 to be made on
            , 20    .2 

[The Advances included in such Revolver Borrowing are to be: [Base Rate Advances in the aggregate principal amount of
$            ][Euro-Dollar Advances in the aggregate principal amount of $            ]].3 
 The Borrower has caused this Notice of Borrowing to be executed and delivered by its
duly authorized officer this     day of             , 20    . 

 

	1 	Amount of Revolver Borrowing must be $500,000 or a larger multiple of $100,000 (or in the aggregate amount of the Total Unused Revolver Commitment); Amount of Swing Line Borrowing must be $100,000 or a larger multiple
of $50,000. 

	2 	Must be a Domestic Business Day. 

	3 	Delete this paragraph if a Swing Line Advance as all Swing Line Advances are to be Base Rate Advances. 

  
 A-1 

 All of the conditions applicable to the Borrowing requested herein as set forth in the Credit
Agreement have been satisfied as of the date hereof and will remain satisfied on the date of such Borrowing, including, without limitation, those set forth in Section 3.02 of the Credit Agreement. 

 

							
		  	TREX COMPANY, INC.,	  	(SEAL)
		  	 a Delaware corporation
	  	
				
		  	By:	  	  
	  	(SEAL)
		  	Name:	  	  
	  	
		  	Title:	  	  
	  	

  
 A-2 

 EXHIBIT B 

[RESERVED] 

  
 B-1 

 EXHIBIT C 

REVOLVER NOTE 
  

			
	$            	  	Winston-Salem, North Carolina
		  	November     , 2014

 For value received, TREX COMPANY, INC., a Delaware corporation (the “Borrower”), promises to pay to
the order of
                                         (the
“Lender”), for the account of its Lending Office, the principal sum of              and No/100 Dollars ($            ),
or such lesser amount as shall equal the unpaid principal amount of each Revolver Advance made by the Lender to the Borrower pursuant to the Credit Agreement referred to below, on the dates and in the amounts provided in the Credit Agreement. The
Borrower promises to pay interest on the unpaid principal amount of this Note on the dates and at the rate or rates provided for in the Credit Agreement. Interest on any overdue principal of and, to the extent permitted by law, overdue interest on
the principal amount hereof shall bear interest at the Default Rate, as provided for in the Credit Agreement. All such payments of principal and interest shall be made in lawful money of the United States in federal or other immediately available
funds at the office of Branch Banking and Trust Company, 200 West Second Street, 16th Floor, Winston-Salem, NC 27101, or at such other address as may be specified from time to time pursuant to the
Credit Agreement. 
 All Revolver Advances made by the Lender, the interest rates from time to time applicable thereto and all repayments of
the principal thereof may be recorded by the Lender and, prior to any transfer hereof, endorsed by the Lender on the schedule attached hereto, or on a continuation of such schedule attached to and made a part hereof; provided that the failure
of the Lender to make, or any error of the Lender in making, any such recordation or endorsement shall not affect the obligations of the Borrower hereunder or under the Credit Agreement. This Note is secured by, among other security, the Collateral
Documents, as the same may be modified or amended from time to time. 
 This Note is one of the Revolver Notes referred to in the Second
Amended and Restated Credit Agreement dated as of November 20, 2014 (as amended, restated, replaced or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the Lenders listed on the signature pages
thereof and their successors and assigns, Branch Banking and Trust Company, as Administrative Agent, Swing Line Lender and Letter of Credit Issuer, and BB&T Capital Markets, as Lead Arranger. Terms defined in the Credit Agreement are used herein
with the same meanings. Reference is made to the Credit Agreement for provisions for the prepayment and the repayment hereof and the acceleration of the maturity hereof. 

If the Lender is the holder of a Revolver Note previously issued by the Borrower under the Prior Credit Agreement (a “Prior Note”),
this Note is executed and delivered to the Lender as a replacement of and in substitution for such Prior Note. 
 The Borrower hereby waives
presentment, demand, protest, notice of demand, protest and nonpayment and any other notice required by law relative hereto, except to the extent as otherwise may be expressly provided for in the Credit Agreement. 

  
 C-1 

 The Borrower agrees, in the event that this Note or any portion hereof is collected by law or
through an attorney at law, to pay all reasonable costs of collection, including, without limitation, reasonable attorneys’ fees. 
 IN
WITNESS WHEREOF, the Borrower has caused this Note to be duly executed under seal, by its duly authorized officers as of the day and year first above written. 

 

					
	 TREX COMPANY, INC.,

    a Delaware corporation
	 	(SEAL)
			
	By:	 	  
	 	(SEAL)
	Name:	 	James E. Cline	 	
	Title:	 	Senior Vice President and Chief Financial Officer	 	

  
 C-2 

 Revolver Note (cont’d) 

ADVANCES AND PAYMENTS OF PRINCIPAL 
  

											
	 Date
	  	 Interest

Rate
	  	 Interest

Period
 (if applicable)
	  	 Amount

of
 Advance
	  	 Amount of

Principal
 Repaid
	  	 Notation

Made By

						
	 	  	 	  	 	  	 	  	 	  	 
						
	 	  	 	  	 	  	 	  	 	  	 
						
	 	  	 	  	 	  	 	  	 	  	 
						
	 	  	 	  	 	  	 	  	 	  	 
						
	 	  	 	  	 	  	 	  	 	  	 
						
	 	  	 	  	 	  	 	  	 	  	 
						
	 	  	 	  	 	  	 	  	 	  	 
						
	 	  	 	  	 	  	 	  	 	  	 
						
	 	  	 	  	 	  	 	  	 	  	 
						
	 	  	 	  	 	  	 	  	 	  	 
						
	 	  	 	  	 	  	 	  	 	  	 
						
	 	  	 	  	 	  	 	  	 	  	 
						
	 	  	 	  	 	  	 	  	 	  	 
						
	 	  	 	  	 	  	 	  	 	  	 
						
	 	  	 	  	 	  	 	  	 	  	 
						
	 	  	 	  	 	  	 	  	 	  	 

  
 C-3 

 EXHIBIT D 

SWING ADVANCE NOTE 
  

			
	$5,000,000.00	  	Winston-Salem, North Carolina
		  	November     , 2014

 For value received, TREX COMPANY, INC., a Delaware corporation (the “Borrower”), promises to pay to
the order of BRANCH BANKING AND TRUST COMPANY (the “Lender”), for the account of its Lending Office, the principal sum of Five Million and No/100 Dollars ($5,000,000.00), or such lesser amount as shall equal the unpaid principal amount of
each Swing Advance made by the Lender to the Borrower pursuant to the Credit Agreement referred to below, on the dates and in the amounts provided in the Credit Agreement. The Borrower promises to pay interest on the unpaid principal amount of this
Note on the dates and at the rate or rates provided for in the Credit Agreement. Interest on any overdue principal of and, to the extent permitted by law, overdue interest on the principal amount hereof shall bear interest at the Default Rate, as
provided for in the Credit Agreement. All such payments of principal and interest shall be made in lawful money of the United States in federal or other immediately available funds at the office of Branch Banking and Trust Company, 200 West Second
Street, 16th Floor, Winston-Salem, NC 27101, or at such other address as may be specified from time to time pursuant to the Credit Agreement. 

All Swing Advances made by the Lender, the interest rates from time to time applicable thereto and all repayments of the principal thereof may
be recorded by the Lender and, prior to any transfer hereof, endorsed by the Lender on the schedule attached hereto, or on a continuation of such schedule attached to and made a part hereof; provided that the failure of the Lender to make, or
any error of the Lender in making, any such recordation or endorsement shall not affect the obligations of the Borrower hereunder or under the Credit Agreement. This Note is secured by, among other security, the Collateral Documents, as the same may
be modified or amended from time to time. 
 This Note is the Swing Advance Note referred to in the Second Amended and Restated Credit
Agreement dated as of November 20, 2014 (as amended, restated, replaced or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the Lenders listed on the signature pages thereof and their successors and
assigns, Branch Banking and Trust Company, as Administrative Agent, Swing Line Lender and Letter of Credit Issuer, and BB&T Capital Markets, as Lead Arranger. Terms defined in the Credit Agreement are used herein with the same meanings.
Reference is made to the Credit Agreement for provisions for the prepayment and the repayment hereof and the acceleration of the maturity hereof. 

This Note is executed and delivered to the Lender as a replacement of and in substitution for the Swing Advance Note previously issued by the
Borrower under the Prior Credit Agreement. 
 The Borrower hereby waives presentment, demand, protest, notice of demand, protest and
nonpayment and any other notice required by law relative hereto, except to the extent as otherwise may be expressly provided for in the Credit Agreement. 

  
 D-1 

 The Borrower agrees, in the event that this Note or any portion hereof is collected by law or
through an attorney at law, to pay all reasonable costs of collection, including, without limitation, reasonable attorneys’ fees. 
 IN
WITNESS WHEREOF, the Borrower has caused this Note to be duly executed under seal, by its duly authorized officers as of the day and year first above written. 

 

					
	 TREX COMPANY, INC.,
a Delaware corporation
	 	(SEAL)
			
	By:	 	  
	 	(SEAL)
	Name:	 	James E. Cline	 	
	Title:	 	Senior Vice President and Chief Financial Officer	 	

  
 D-2 

 Swing Advance Note (cont’d) 

ADVANCES AND PAYMENTS OF PRINCIPAL 
  

													
	 Date
	  	Amount
of
Advance	 	  	Amount of
Principal
Repaid	 	  	Notation
Made By	 
				
	 	  	 	                        
    	  	  	 	                        
    	  	  	 	                        
    	  
				
	 	  	 	 	 	  	 	 	 	  	 	 	 
				
	 	  	 	 	 	  	 	 	 	  	 	 	 
				
	 	  	 	 	 	  	 	 	 	  	 	 	 
				
	 	  	 	 	 	  	 	 	 	  	 	 	 
				
	 	  	 	 	 	  	 	 	 	  	 	 	 
				
	 	  	 	 	 	  	 	 	 	  	 	 	 
				
	 	  	 	 	 	  	 	 	 	  	 	 	 
				
	 	  	 	 	 	  	 	 	 	  	 	 	 
				
	 	  	 	 	 	  	 	 	 	  	 	 	 
				
	 	  	 	 	 	  	 	 	 	  	 	 	 
				
	 	  	 	 	 	  	 	 	 	  	 	 	 
				
	 	  	 	 	 	  	 	 	 	  	 	 	 

  
 D-3 

 EXHIBIT E 

NOTICE OF CONVERSION 

            , 20     

 

	To:	Branch Banking and Trust Company, as Administrative Agent 

  

	 	Re:	Second Amended and Restated Credit Agreement dated as of November 20, 2014 (as amended and modified from time to time, the “Credit Agreement”), among Trex Company, Inc., the Lenders listed on the
signature pages thereof, Branch Banking and Trust Company, as Administrative Agent, Swing Line Lender and Letter of Credit Issuer, and BB&T Capital Markets, as Lead Arranger. 

Gentlemen: 
 Unless otherwise defined herein,
capitalized terms used herein shall have the meanings attributable thereto in the Credit Agreement. 
 This Notice of Conversion is
delivered to you pursuant to Section 2.03 of the Credit Agreement. 
 With respect to the [Base Rate Advances] [Euro-Dollar Advances]
in the aggregate amount of $            , which Advances are Revolver Advances, the Borrower hereby requests that such Advances be converted to [Euro-Dollar Advances] [Base Rate Advances]
in the aggregate principal amount of $            to be made on such date, and for interest to accrue thereon at the rate established by the Credit Agreement for [Euro-Dollar Advances]
[Base Rate Advances]. 
 The Borrower has caused this Notice of Conversion to be executed and delivered by its duly authorized officer this
    day of             , 20    . 
  

					
	 TREX COMPANY, INC.,
a Delaware corporation
	 	(SEAL)
			
	By:	 	  
	 	(SEAL)
	Name:	 	  
	 	
	Title:	 	  
	 	

  
 E-1 

 EXHIBIT F 

CLOSING CERTIFICATE 

Reference is made to the Second Amended and Restated Credit Agreement dated as of November 20, 2014 (the “Credit Agreement”),
among Trex Company, Inc., the Lenders listed on the signature pages thereof, Branch Banking and Trust Company, as Administrative Agent, Swing Line Lender and Letter of Credit Issuer, and BB&T Capital Markets, as Lead Arranger. Capitalized terms
used herein have the meanings ascribed thereto in the Credit Agreement. 
 Pursuant to Section 3.01(d) of the Credit Agreement, James
E. Cline, the duly authorized Senior Vice President and Chief Financial Officer of the Borrower hereby certifies to the Administrative Agent and the Lenders that: to his knowledge (i) no Default or Event of Default has occurred and is
continuing on the date hereof; and (ii) the representations and warranties of the Borrower contained in Article IV of the Credit Agreement are true on and as of the date hereof. 

Certified as of the      day of November, 2014. 

 

					
	 TREX COMPANY, INC.,

    a Delaware corporation
	 	(SEAL)
			
	By:	 	  
	 	(SEAL)
	Name:	 	James E. Cline	 	
	Title:	 	Senior Vice President and Chief Financial Officer	 	

  
 F-1 

 EXHIBIT G 

OFFICER’S CERTIFICATE 

The undersigned, William R. Gupp, as Secretary of TREX COMPANY, INC., a Delaware corporation (the “Company”), hereby certifies that
he has been duly elected, qualified and is acting in such capacity and that, as such, he is familiar with the facts herein certified and is duly authorized to certify the same, and hereby further certifies, in connection with the Second Amended and
Restated Credit Agreement dated as of November 20, 2014 (the “Credit Agreement”), among Trex Company, Inc., the Lenders listed on the signature pages thereof, Branch Banking and Trust Company, as Administrative Agent, Swing Line
Lender and Letter of Credit Issuer, and BB&T Capital Markets, as Lead Arranger, that: 
 1. Attached hereto as Exhibit A is
a complete and correct copy of the Organizational Documents of the Company as in full force and effect on the date hereof as certified by the Secretary of State of the State of Delaware, the Company’s state of organization. 

2. Attached hereto as Exhibit B is a complete and correct copy of the Operating Documents of the Company as in full force and
effect on the date hereof. 
 3. Attached hereto as Exhibit C is a complete and correct copy of the Organizational Actions duly
adopted by the Board of Directors of the Company on November     , 2014, approving and authorizing the execution and delivery of the Credit Agreement, the Notes and the other Loan Documents to which the Company is a party. Such
Organizational Actions have not been repealed or amended and are in full force and effect, and no other Organizational Actions have been adopted by the Board of Directors of the Company in connection therewith. 

4. James E. Cline, who as Senior Vice President and Chief Financial Officer of the Company signed the Credit Agreement, the Notes and the
other Loan Documents to which the Company is a party, was duly elected, qualified and acting as such at the time he signed the Credit Agreement, the Notes and the other Loan Documents to which the Company is a party, and his respective signature
appearing on the Credit Agreement, the Notes and the other Loan Documents to which the Company is a party is his genuine signature. 
 5.
Capitalized terms used herein have the meanings ascribed thereto in the Credit Agreement. 
 IN WITNESS WHEREOF, the undersigned has
hereunto set his hand as of the      day of November, 2014. 
  

			
	  

	Name:	 	William R. Gupp
	Title:	 	Secretary

  
 G-1 

 EXHIBIT H 

COMPLIANCE CERTIFICATE 

Reference is made to the Second Amended and Restated Credit Agreement dated as of November 20, 2014 (as modified and supplemented and in
effect from time to time, the “Credit Agreement”), among Trex Company, Inc. (the “Borrower”), the Lenders listed on the signature pages thereof, Branch Banking and Trust Company, as Administrative Agent, Swing Line Lender and
Letter of Credit Issuer, and BB&T Capital Markets, as Lead Arranger. Capitalized terms used herein have the meanings ascribed thereto in the Credit Agreement. 

Pursuant to Section 5.01(d) of the Credit Agreement,             , the duly
authorized              of the Borrower hereby certifies to the Administrative Agent and the Lenders that (1) the information contained in the Compliance Checklist attached hereto is
true, accurate and complete as of             , 20     (the “Compliance Date”), (2) no Default or Event of Default is in existence on and as of the date
hereof, and (3) except as disclosed on a schedule attached hereto: (i) no new applications have been filed by or on behalf of the Borrower for the registration of any patent, trademark or copyright with the United States Patent and
Trademark Office, the United States Copyright Office or any similar office or agency, (ii) no new registrations have been issued to the Borrower for any patent, trademark or copyright by the United States Patent and Trademark Office, the United
States Copyright Office or any similar office or agency, and (iii) (A) the Borrower has not decided to abandon any existing application or registration relating to any United States patent, trademark or copyright, (B) no material
adverse determination or development (including the institution of, or any such determination or development in, any proceeding in the United States Patent and Trademark Office, the United States Copyright Office or any court) has occurred regarding
the Borrower’s ownership of any United States patent, trademark or copyright, its right to register the same, or to keep and maintain the same, and (C) there is no known infringement, misappropriation or dilution by a third party of any
United States patent, trademark or copyright of the Borrower. 
 Dated as of
            , 20    . 
  

					
	 TREX COMPANY, INC.,

    a Delaware corporation
	 	(SEAL)
			
	By:	 	  
	 	(SEAL)
	Name:	 	  
	 	
	Title:	 	  
	 	

  
 H-1 

 Compliance Checklist 

[To Be Provided By Trex Company, Inc. In Form and 

Content Satisfactory to Administrative Agent] 

  
 H-2 

 EXHIBIT I 

MARGIN AND FEE RATE REPORT 

Reference is made to the Second Amended and Restated Credit Agreement dated as of November 20, 2014 (as modified and supplemented and in
effect from time to time, the “Credit Agreement”), among Trex Company, Inc., the Lenders listed on the signature pages thereof, Branch Banking and Trust Company, as Administrative Agent, Swing Line Lender and Letter of Credit Issuer, and
BB&T Capital Markets, as Lead Arranger. Capitalized terms used herein have the meanings ascribed thereto in the Credit Agreement. 

Pursuant to Section 5.01(j) of the Credit Agreement,             , the duly
authorized              of the Borrower, hereby certifies to the Administrative Agent and the Lenders that the information regarding the Consolidated Debt to Consolidated EBITDA Ratio, the
Applicable Margin and the Applicable Fee Rate contained in the schedule(s) attached hereto, all for the Fiscal Quarter ended                 , 20    
is true, accurate and complete as of the date hereof. 
 Dated as of
            , 20    . 
  

					
	 TREX COMPANY, INC.,
a Delaware corporation
	 	(SEAL)
			
	By:	 	  
	 	(SEAL)
	Name:	 	  
	 	
	Title:	 	  
	 	

  
 I-1 

 EXHIBIT J 

JOINDER AND REAFFIRMATION AGREEMENT 

THIS JOINDER AND REAFFIRMATION AGREEMENT (the “Agreement”), dated as of
            , 20    , is by and among              (the “New Guarantor”), TREX COMPANY, INC. (the
“Borrower”), [and              (collectively, the “Existing Guarantors”),] and BRANCH BANKING AND TRUST COMPANY, as Administrative Agent (as defined in the Credit
Agreement, as hereinafter defined) (the “Administrative Agent”). 
 The Borrower, [the Existing Guarantors,] the Lenders (as
defined therein), the Administrative Agent, the Swing Line Lender (as defined therein), the Letter of Credit Issuer (as defined therein), and the Lead Arranger (as defined therein) have entered into that certain Second Amended and Restated Credit
Agreement dated as of November 20, 2014 (as amended, modified, supplemented, restated, replaced, renewed and extended from time to time, the “Credit Agreement”). All of the defined terms in the Credit Agreement are incorporated herein
by reference. 
 The Borrower[, the Existing Guarantors] and the New Guarantor have requested that the New Guarantor become a Guarantor
under the Credit Agreement, in accordance with Section 5.24 of the Credit Agreement. 
 Accordingly, the Borrower, [the Existing
Guarantors,] the New Guarantor, and the Administrative Agent hereby agree as follows: 
 1. The New Guarantor, the Borrower [and the
Existing Guarantors] hereby acknowledge, agree and confirm that, by their execution of this Joinder Agreement, the New Guarantor will be deemed to be a party to the Credit Agreement and a “Guarantor” for all purposes of the Credit
Agreement, the Notes and the other Loan Documents, and shall have all of the obligations of a Guarantor thereunder as if it had executed the Credit Agreement and the other Loan Documents. The New Guarantor, the Borrower [and the Existing Guarantors]
hereby further acknowledge, agree and confirm that, by their execution of this Joinder Agreement, the New Guarantor will be deemed to be, effective as of the date hereof, a party to the Security Agreement and a “Debtor” for all purposes of
the Security Agreement and shall have all of the obligations of a Debtor thereunder as if it had executed the Security Agreement. The New Guarantor assumes and agrees to be bound by and comply with, all of the terms, provisions and conditions
contained in the Credit Agreement, the Security Agreement and the other Loan Documents and all duties and obligations thereunder, as fully and completely as all other Guarantors thereunder, jointly and severally, individually and collectively, with
all other Guarantors, including without limitation (i) all of the representations, warranties, covenants, undertakings and obligations set forth in the Credit Agreement and the other Loan Documents, and (ii) all waivers set forth in the
Credit Agreement and the other Loan Documents. 
 2. The New Guarantor has received a copy of the Credit Agreement and the Schedules and
Exhibits thereto, the Security Agreement and the Schedules thereto and the other Loan Documents. The information on the Exhibits and Schedules to the Credit Agreement and the Security Agreement are amended to provide the information shown on the
attached Schedule A. 

  
 J-1 

 3. In furtherance and not in limitation of the terms of the Security Agreement, the New Guarantor
acknowledges its present grant of a first priority security interest in all of its Collateral (as defined in the Security Agreement) to the Administrative Agent, for the ratable benefit of the Secured Parties (as defined in the Security Agreement).
In furtherance and not in limitation thereof, the New Guarantor hereby, as security for the payment of the Notes, the Guaranty, all Obligations and all other Secured Obligations (as defined in the Security Agreement) whatsoever, hereby grants to the
Administrative Agent, for the benefit of the Secured Parties a continuing, general lien upon and security interest in and to the following described property, wherever located, whether now existing or hereafter acquired or arising, namely:
(i) all Accounts, Inventory, Chattel Paper, Documents, Instruments, Supporting Obligations and Letter of Credit Rights, General Intangibles, Investment Property, Goods and Equipment, now existing or hereafter arising of the New Guarantor;
(ii) all money, cash, cash equivalents, securities and other property of any kind of the New Guarantor held directly or indirectly by the Administrative Agent or any other Secured Party; (iii) all of the New Guarantor’s Deposit
Accounts (as defined in the Security Agreement), credits, and balances with and other claims against the Administrative Agent or any other Secured Party or any of their respective affiliates or any other financial institution with which the New
Guarantor maintains deposits; (iv) all books, records and other property related to or referring to any of the foregoing, including books, records, account ledgers, data processing records, computer software and other property and General
Intangibles at any time evidencing or relating to any of the foregoing; and (v) all accessions to, substitutions for and replacements, products and proceeds of any of the foregoing, including, but not limited to, proceeds of any insurance
policies (whether or not such policy shall contain an endorsement in favor of the Administrative Agent or any Secured Party), claims against third parties, and condemnation or requisition payments with respect to all or any of the foregoing.
Notwithstanding the foregoing, it is understood and agreed that, in accordance with Section 5.24 of the Credit Agreement, (a) with respect to any Investment Property consisting of Capital Securities or equivalent equity interests in any
Foreign Subsidiary of the Debtor, the lesser of 65% or the entire interest owned by the Debtor of such Capital Securities or equivalent equity interests in such Foreign Subsidiary shall be included in the Collateral, and (b) the Collateral
shall not include (1) any Capital Securities or equivalent equity interests in Trex Wood-Polymer Espana, S.L., or (2) the Olive Branch Property. 

4. The New Guarantor hereby waives presentment, demand, protest, acceptance, notice of demand, protest and nonpayment and any other notice
required by law relative to the Credit Agreement, the Obligations, the Notes and the other Loan Documents. 
 5. This Agreement may be
executed in counterparts, each of which shall constitute an original but all of which when taken together shall constitute one contract. 

6. Except as set forth expressly herein, all terms of the Credit Agreement, the Security Agreement and the other Loan Documents, shall be and
remain in full force and effect and shall constitute the legal, valid, binding and enforceable obligations of the Borrower and Guarantors to the Administrative Agent and Lenders. To the extent any terms and conditions in any of the Loan Documents
shall contradict or be in conflict with any terms or conditions of the 

  
 J-2 

 
Credit Agreement, after giving effect to this Joinder Agreement, such terms and conditions are hereby deemed modified and amended accordingly to reflect the terms and conditions of the Credit
Agreement as modified and amended hereby. In any event, this Joinder Agreement and the documents executed in connection therewith shall not, individually or collectively, constitute a novation. 

7. To induce the Administrative Agent and Lenders to enter into this Joinder Agreement, the Borrower, the New Guarantor and [the Existing
Guarantors] hereby (a) restate and renew each and every representation and warranty heretofore made by them under, or in connection with the execution and delivery of, the Credit Agreement, the Security Agreement and the other Loan Documents;
(b) restate, ratify and reaffirm each and every term and condition set forth in the Credit Agreement, the Security Agreement and in the Loan Documents, effective as of the date hereof; (c) except as set forth on Schedule A
attached hereto, acknowledge and agree that, as of the date hereof, to the Borrower’s knowledge, there exists no right of offset, defense, counterclaim or objection in favor of Borrower [or any Existing Guarantor] as against the Administrative
Agent or any Lender with respect to the payment or performance of its Obligations; and (d) certifies that no Default or Event of Default exists. 

8. This Joinder Agreement shall be governed by, and construed in accordance with, the laws of the Commonwealth of Virginia. 

9. The Borrower, the New Guarantor [and the Existing Guarantors] agree to pay upon request the actual costs and expenses of the Administrative
Agent and Lenders reasonably incurred in connection with the preparation, execution, delivery and enforcement of this Joinder Agreement and all other Loan Documents executed in connection herewith, the closing hereof, and any other transactions
contemplated hereby, including the reasonable fees and out-of-pocket expenses of Administrative Agent’s legal counsel, but shall not be obligated to pay any such costs or expenses incurred by any other Lender. 

IN WITNESS WHEREOF, the New Guarantor, the Borrower [and the Existing Guarantors] have caused this Joinder Agreement to be duly executed by
its authorized officers for the benefit of the Administrative Agent and the Lenders as of the day and year first above written. 
  

					
	 [NEW GUARANTOR],
a              corporation
	 	(SEAL)
			
	By:	 	  
	 	(SEAL)
	 Name:
	 	  
	 	
	 Title:
	 	  
	 	

  
 J-3 

 
					
	 TREX COMPANY, INC.,
a Delaware corporation
	 	(SEAL)
			
	 By:
	 	  
	 	(SEAL)
	 Name:
	 	  
	 	
	 Title:
	 	  
	 	

  
 J-4 

 
					
	 [[EXISTING GUARANTOR],
a             
corporation
	 	(SEAL)
			
	 By:
	 	  
	 	(SEAL)
	 Name:
	 	  
	 	
	 Title:
	 	  
	 	]

  
 J-5 

 
					
	 BRANCH BANKING AND TRUST COMPANY,

    as Administrative Agent and a Lender (SEAL)

			
	 By:
	 	  
	 	(SEAL)
	 Name:
	 	  
	 	
	 Title:
	 	  
	 	]
		
	[OTHER LENDERS]	 	(SEAL)
			
	 By:
	 	  
	 	(SEAL)
	 Name:
	 	  
	 	
	 Title:
	 	  
	 	]

  
 J-6 

 Schedule A to Joinder Agreement 

[Provide Information here to update Schedules and Exhibits 

to Credit Agreement and other Loan Documents] 

  
 J-7 

 EXHIBIT K 

ASSIGNMENT AND ASSUMPTION 

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

2. Assignee:
                                         
                                    

    [and is an Affiliate/Approved Fund of [identify Lender]] 

3. Borrower(s):
                                         
                                

4. Administrative Agent:
                                         
               , as the administrative agent under the Credit Agreement 
 5.
Credit Agreement: The Second Amended and Restated Credit Agreement dated as of November 20, 2014, as amended, among Trex Company, Inc., the Lenders parties thereto, Branch Banking and Trust Company, as Administrative Agent, Swing Line Lender
and Letter of Credit Issuer, and BB&T Capital Markets, as Lead Arranger. 

  
 K-1 

	6.	Assigned Interest: 

  

													
	 Revolver

Commitment
	  	Aggregate Amount of
Commitment/Loans for
all Lenders	 	  	Amount of
Commitment/Loans
Assigned1	 	  	Percentage Assigned of
Commitment/Loans2	 
	$            	  	$	            	  	  	$	            	  	  	 	        	% 

 [7. Trade Date:
                    ]3 

 

	1 	Amount to be adjusted by the counterparties to take into account any payments or prepayments made between the Trade Date and the Effective Date. 

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

	3 	To be completed if the Assignor and the Assignee intend that the minimum assignment amount is to be determined as of the Trade Date. 

  
 K-2 

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

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

 

			
	ASSIGNOR
	[NAME OF ASSIGNOR]
		
	By:	 	  

	Title:	 	
	
	ASSIGNEE
	[NAME OF ASSIGNEE]
		
	By:	 	  

	Title:	 	

 [Consented to and]4 Accepted: 

 

			
	BRANCH BANKING AND TRUST COMPANY,
as Administrative Agent
		
	By	 	  

	Title:	 	
	
	[Consented to:]5
	
	[NAME OF RELEVANT PARTY]
		
	By	 	  

	Title:	 	

  

	4 	To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement. 

	5 	To be added only if the consent of the Borrower is required by the terms of the Credit Agreement. 

  
 K-3 

 ANNEX 1 to Assignment and Assumption 

STANDARD TERMS AND CONDITIONS FOR 

ASSIGNMENT AND ASSUMPTION 
 1.
Representations and Warranties. 
 1.1 Assignor. The Assignor (a) represents and warrants that (i) it is the legal and
beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver
this Assignment and Assumption and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement
or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of its
Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations
under any Loan Document. 
 1.2. Assignee. The Assignee (a) represents and warrants that (i) it has full power and
authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it meets all requirements of an
Eligible Assignee under the Credit Agreement (subject to receipt of such consents as may be required under the Credit Agreement), (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender
thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to
Section 5.01 thereof, as applicable, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest on the
basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or any other Lender, and (v) if it is a Foreign Lender, attached to the Assignment and Assumption is any documentation required
to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the Assignor or any other
Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Documents, and (ii) it will perform in accordance with their
terms all of the obligations that by the terms of the Loan Documents are required to be performed by it as a Lender. 
 2. Payments.
From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignee whether such amounts have accrued prior to,
on or after the Effective Date. The Assignor and the Assignee shall make all appropriate adjustments in payments by the Administrative Agent for periods prior to the Effective Date or with respect to the making of this assignment directly between
themselves. 

  
 K-4 

 3. General Provisions. This Assignment and Assumption shall be binding upon, and inure to
the benefit of, the parties hereto, the Borrower and their respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed
counterpart of a signature page of this Assignment and Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in
accordance with, the law of the Commonwealth of Virginia. 

  
 K-5 

 EXHIBIT L 

FORM OF LETTER OF CREDIT NOTICE 

To: The Lenders parties to the Second Amended and Restated Credit Agreement dated as of November 20, 2014 (as amended and modified from
time to time, the “Credit Agreement”), among Trex Company, Inc., the Lenders listed on the signature pages thereof, Branch Banking and Trust Company, as Administrative Agent, Swing Line Lender and Letter of Credit Issuer, and BB&T
Capital Markets, as Lead Arranger. 
 Pursuant to Section 11.04(b) of the Credit Agreement, the Letter of Credit Issuer hereby notifies
the Lenders that it has issued the following Letters of Credit pursuant to Article XI of the Credit Agreement: 
  

									
	 Number
	  	 Face

Amount
	  	 Date of

Issuance/Expiration
	  	 Beneficiary
	  	 Purpose

		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

 A copy of each of the Letters of Credit listed above has been attached hereto. 

Unless otherwise defined herein, terms defined in the Credit Agreement shall have the same meaning in this notice. 

Date:             , 20    . 

 

			
	 BRANCH BANKING AND TRUST COMPANY,
as Letter of Credit Issuer

		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 L-1

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