Document:

Security Agreement

  
 Exhibit 10.3

  
  

 
 SECURITY AGREEMENT 

By 
 C.P. ATLAS
ACQUISITION CORP. 
 (to be merged with and into AMERICAN RENAL HOLDINGS INC.), 

as Borrower 
 and

 THE GUARANTORS PARTY HERETO 
 and 
 BANK OF AMERICA, N.A., 

as Administrative Agent 
  

 
 Dated as of
May 7, 2010 
  
  

 

  
 TABLE OF CONTENTS

  

							
	 	 	 	  	Page	 
			
	PREAMBLE	 		  	 	1	  
		
	RECITALS	  	 	1	  
		
	AGREEMENT	  	 	2	  
		
	 ARTICLE I
  

DEFINITIONS AND INTERPRETATION
	  			
			
	SECTION 1.1.	 	Definitions	  	 	2	  
	SECTION 1.2.	 	Interpretation	  	 	8	  
		
	 ARTICLE II
  

GRANT OF SECURITY AND OBLIGATIONS
	  			
			
	SECTION 2.1.	 	Grant of Security Interest	  	 	8	  
	SECTION 2.2.	 	Filings	  	 	10	  
		
	 ARTICLE III
  

PERFECTION; SUPPLEMENTS; FURTHER ASSURANCES;
 USE OF PLEDGED COLLATERAL
	  			
			
	SECTION 3.1.	 	Delivery of Certificated Securities Collateral	  	 	10	  
	SECTION 3.2.	 	Perfection of Uncertificated Securities Collateral	  	 	11	  
	SECTION 3.3.	 	Financing Statements and Other Filings; Maintenance of Perfected Security Interest	  	 	11	  
	SECTION 3.4.	 	Other Actions	  	 	11	  
	SECTION 3.5.	 	Joinder of Additional Guarantors	  	 	15	  
	SECTION 3.6.	 	Supplements; Further Assurances	  	 	15	  
		
	 ARTICLE IV
  

REPRESENTATIONS, WARRANTIES AND COVENANTS
	  			
			
	SECTION 4.1.	 	Title	  	 	15	  
	SECTION 4.2.	 	Validity of Security Interest	  	 	16	  
	SECTION 4.3.	 	Defense of Claims; Transferability of Pledged Collateral	  	 	16	  
	SECTION 4.4.	 	Other Financing Statements	  	 	16	  
	SECTION 4.5.	 	Location of Inventory and Equipment.	  	 	17	  
	SECTION 4.6.	 	Due Authorization and Issuance	  	 	17	  

  
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	 	 	 	  	Page	 
			
	SECTION 4.7.	 	Consents, etc.	  	 	17	  
	SECTION 4.8.	 	Pledged Collateral	  	 	17	  
	SECTION 4.9.	 	Insurance	  	 	17	  
		
	 ARTICLE V
  

CERTAIN PROVISIONS CONCERNING SECURITIES COLLATERAL
	  			
			
	SECTION 5.1.	 	Pledge of Additional Securities Collateral	  	 	17	  
	SECTION 5.2.	 	Voting Rights; Distributions; etc.	  	 	18	  
	SECTION 5.3.	 	Certain Agreements of Pledgors as Issuers and Holders of Equity Interests	  	 	19	  
		
	 ARTICLE VI
  

CERTAIN PROVISIONS CONCERNING INTELLECTUAL
 PROPERTY COLLATERAL
	  			
			
	SECTION 6.1.	 	Grant of Intellectual Property License	  	 	20	  
	SECTION 6.2.	 	Protection of Administrative Agent’s Security	  	 	20	  
	SECTION 6.3.	 	After-Acquired Property	  	 	21	  
	SECTION 6.4.	 	Litigation	  	 	21	  
	SECTION 6.5.	 	Permitted Disposal of Intellectual Property Collateral	  	 	21	  
		
	 ARTICLE VII
  

CERTAIN PROVISIONS CONCERNING RECEIVABLES
	  			
			
	SECTION 7.1.	 	Maintenance of Records	  	 	22	  
	SECTION 7.2.	 	Legend	  	 	22	  
		
	 ARTICLE VIII
  

TRANSFERS
	  			
			
	SECTION 8.1.	 	Transfers of Pledged Collateral	  	 	22	  
		
	 ARTICLE IX
  

REMEDIES
	  			
			
	SECTION 9.1.	 	Remedies	  	 	22	  
	SECTION 9.2.	 	Notice of Sale	  	 	24	  
	SECTION 9.3.	 	Waiver of Notice and Claims	  	 	24	  
	SECTION 9.4.	 	Certain Sales of Pledged Collateral	  	 	25	  
	SECTION 9.5.	 	No Waiver; Cumulative Remedies	  	 	26	  
	SECTION 9.6.	 	Certain Additional Actions Regarding Intellectual Property	  	 	27	  

  
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	 	 	 	  	Page	 
	  
 ARTICLE X

 
 APPLICATION OF PROCEEDS
	 
   

   

			
	SECTION 10.1.	 	Application of Proceeds	  	 	27	  
		
	 ARTICLE XI
  

MISCELLANEOUS
	  			
			
	SECTION 11.1.	 	Concerning Administrative Agent	  	 	27	  
	SECTION 11.2.	 	Intercreditor Agreement	  	 	29	  
	SECTION 11.3.	 	Administrative Agent May Perform; Administrative Agent Appointed Attorney-in-Fact	  	 	29	  
	SECTION 11.4.	 	Continuing Security Interest; Assignment	  	 	29	  
	SECTION 11.5.	 	Termination; Release	  	 	30	  
	SECTION 11.6.	 	Modification in Writing	  	 	30	  
	SECTION 11.7.	 	Notices	  	 	31	  
	SECTION 11.8.	 	Governing Law, Consent to Jurisdiction and Service of Process; Waiver of Jury Trial	  	 	31	  
	SECTION 11.9.	 	Severability of Provisions	  	 	31	  
	SECTION 11.10.	 	Execution in Counterparts	  	 	31	  
	SECTION 11.11.	 	Business Days	  	 	31	  
	SECTION 11.12.	 	No Credit for Payment of Taxes or Imposition	  	 	31	  
	SECTION 11.13.	 	No Claims Against Administrative Agent	  	 	31	  
	SECTION 11.14.	 	No Release	  	 	32	  
	SECTION 11.15.	 	Obligations Absolute	  	 	32	  
			
	SIGNATURES	 		  	 	S-1	  

  
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	 EXHIBIT 1
 EXHIBIT 2

EXHIBIT 3
 EXHIBIT 4

EXHIBIT 5
 EXHIBIT 6
	 	 Form of Issuer’s Acknowledgment
 Form of Securities Pledge Amendment
 Form of Security Agreement Supplement

Form of Copyright Security Agreement
 Form of
Patent Security Agreement
 Form of Trademark Security Agreement
	  			

  
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 SECURITY AGREEMENT

 This SECURITY AGREEMENT dated as of May 7, 2010 (as amended, amended and restated, supplemented or otherwise modified
from time to time in accordance with the provisions hereof and the Credit Agreement (as defined below), this “Agreement”) made by C.P. ATLAS ACQUISITION CORP., a Delaware corporation (which on the Closing Date shall be merged with
and into AMERICAN RENAL HOLDINGS INC., a Delaware corporation (the “Company”), with the Company surviving such merger as the borrower, the “Borrower”), and the Guarantors from to time to time party hereto (the
“Guarantors”), as pledgors, assignors and debtors (the Borrower, together with the Guarantors, in such capacities and together with any successors in such capacities, the “Pledgors,” and each, a
“Pledgor”), in favor of BANK OF AMERICA, N.A., in its capacity as Administrative Agent pursuant to the Credit Agreement, as pledgee, assignee and secured party (in such capacities and together with any successors in such capacities,
the “Administrative Agent”). 
 R E C I T A L S :

 A. The Borrower, the Guarantors, the Administrative Agent and the lending institutions party to the Credit Agreement (as
defined below) have, in connection with the execution and delivery of this Agreement, entered into that certain credit agreement, dated as of May 7, 2010 (as amended, amended and restated, supplemented or otherwise modified from time to time,
the “Credit Agreement”). 
 B. Each Guarantor has, pursuant to the Guaranty, unconditionally guaranteed the
Obligations. 
 C. The Borrower and each Guarantor will receive substantial benefits from the extensions of credit to be made to
the Borrower under the Credit Agreement and the other Loan Documents and each is, therefore, willing to enter into this Agreement. 
 D. This Agreement is given by each Pledgor in favor of the Administrative Agent for the benefit of the Secured Parties to secure the payment and performance of all of the Obligations. 

E. It is a condition to (i) the obligations of the Lenders to make the Loans under the Credit Agreement, (ii) the obligations
of the L/C Issuer to issue Letters of Credit and (iii) the performance of the obligations of the Secured Parties under Secured Hedging Agreements and Secured Cash Management Agreements that each Pledgor execute and deliver the applicable Loan
Documents, including this Agreement. 
 F. In order to secure the obligations under the Senior Secured Notes (as hereinafter
defined), the Pledgors have granted to the Notes Collateral Agent (as hereinafter defined) for the benefit of the holders of the Senior Secured Notes and certain other secured parties, a first priority security interest (subject to certain
priorities upon realization of any value from the Pledged Collateral as set forth in the Intercreditor Agreement). 

  
 A G
R E E M E N T : 
 NOW THEREFORE, in consideration of the foregoing premises
and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each Pledgor and the Administrative Agent hereby agree as follows: 
 ARTICLE I 
 DEFINITIONS AND INTERPRETATION 

SECTION 1.1. Definitions. 
 (a) Unless otherwise defined herein or in the Credit Agreement, capitalized terms used herein that are defined in the UCC shall have the meanings assigned to them in the UCC; provided that in any
event, the following terms shall have the meanings assigned to them in the UCC: 
 “Accounts”;
“Bank”; “Chattel Paper”; “Commercial Tort Claim”; “Commodity Account”; “Commodity Contract”; “Commodity Intermediary”;
“Documents”; “Electronic Chattel Paper”; “Entitlement Order”; “Equipment”; “Financial Asset”; “Fixtures”; “General Intangibles”,
“Goods”, “Inventory”; “Letter-of-Credit Rights”; “Letters of Credit”; “Money”; “Payment Intangibles”; “Proceeds”; “
Records”; “Securities Account”; “Securities Intermediary”; “Security Entitlement”; “Supporting Obligations”; and “Tangible Chattel Paper.” 

(b) Terms used but not otherwise defined herein that are defined in the Credit Agreement shall have the meanings given to them in the
Credit Agreement. 
 (c) The following terms shall have the following meanings: 

“Account Debtor” shall mean each person who is obligated on a Receivable or Supporting Obligation related thereto.

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

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

“Collateral Support” shall mean all property (real or personal) assigned, hypothecated or otherwise securing any Pledged
Collateral and shall include any security agreement or other agreement granting a lien or security interest in such real or personal property. 
 “Commodity Account Control Agreement” shall mean a control agreement in a form that is reasonably satisfactory to the Administrative Agent establishing the Administrative Agent’s
Control with respect to any Commodity Account. 

  
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“Contracts” shall mean, collectively, with respect to each Pledgor, the Related Documents, all sale, service,
performance, equipment or property lease contracts, agreements and grants and all other contracts, agreements or grants (in each case, whether written or oral, or third party or intercompany), between such Pledgor and any third party, and all
assignments, amendments, restatements, supplements, extensions, renewals, replacements or modifications thereof. 

“Control” shall mean (i) in the case of each Deposit Account, “control,” as such term is defined in
Section 9-104 of the UCC, (ii) in the case of any Security Entitlement, “control,” as such term is defined in Section 8-106 of the UCC, and (iii) in the case of any Commodity Contract, “control,” as such term
is defined in Section 9-106 of the UCC. 
 “Control Agreements” shall mean, collectively, the Deposit
Account Control Agreements, the Securities Account Control Agreements and the Commodity Account Control Agreements. 

“Copyright Security Agreement” shall mean an agreement substantially in the form of Exhibit 4 hereto.

 “Copyrights” shall mean, collectively, with respect to each Pledgor, all copyrights (whether statutory or
common law, whether established or registered in the United States or any other country or any political subdivision thereof, whether registered or unregistered and whether published or unpublished) and all copyright registrations and applications
made by such Pledgor, in each case, whether now owned or hereafter created or acquired by or assigned to such Pledgor, together with any and all (i) rights and privileges arising under applicable law with respect to such Pledgor’s use of
such copyrights, (ii) reissues, renewals, continuations and extensions thereof and amendments thereto, (iii) income, fees, royalties, damages, claims and payments now or hereafter due and/or payable with respect thereto, including damages
and payments for past, present or future infringements thereof, (iv) rights corresponding thereto throughout the world and (v) rights to sue for past, present or future infringements thereof. 

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

“Deposit Account Control Agreement” shall mean a control agreement in a form that is reasonably satisfactory to the
Administrative Agent establishing the Administrative Agent’s Control with respect to any Deposit Account. 

“Deposit Accounts” shall mean, collectively, with respect to each Pledgor, (i) all “deposit accounts” as
such term is defined in the UCC and all accounts and sub-accounts relating to any of the foregoing accounts and (ii) all cash, funds, checks, notes and instruments from time to time on deposit in any of the accounts or sub-accounts described in
clause (i) of this definition. 
 “Distributions” shall mean, collectively, with respect to each Pledgor,
all dividends, cash, options, warrants, rights, instruments, distributions, returns of capital or principal, income, interest, profits and other property, interests (debt or equity) or proceeds, including as a result of a split, revision,
reclassification or other like change of the Pledged Securities, from time to time received, receivable or otherwise distributed to such Pledgor in respect of or in exchange for any or all of the Pledged Securities or Intercompany Notes. 

  
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 “Excluded
Deposit Accounts” means (1) any deposit accounts specially and exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for the benefit of the Borrower’s or any Guarantor’s employees,
(2) any Deposit Account of any Pledgor into which proceeds from any receivables in respect of participation in federal and state healthcare programs, including the Medicare or Medicaid programs, are paid into, so long as the balance of such
Deposit Account is swept at the end of each Business Day into a Deposit Account subject to a Control Agreement and (3) any deposit account specially and exclusively used to hold cash deposits required to be held in escrow, and which by terms of
the agreement creating the escrow obligations shall not be subject to any other Liens. 
 “Excluded Property”
means: 
 (i) any rights or interests in any permit, license, lease or contract entered into by the Borrower or
any Guarantor (A) that prohibits, or requires the consent of any Person other than the Borrower and its Affiliates which has not been obtained as a condition to, the creation by the Borrower or the applicable Guarantor of a Lien on any right,
title or interest in such permit, license, lease or contract or (B) to the extent that any requirement of law applicable thereto prohibits the creation of a Lien thereon, but only, with respect to the prohibition in clauses (A) and (B), to
the extent, and for as long as, such prohibition is not terminated or rendered unenforceable or otherwise deemed ineffective by the Uniform Commercial Code, any other requirement of law or principles of equity; 

(ii) the Equity Interests of and other assets of Persons that are not Wholly Owned Subsidiaries to the extent and for so
long as the granting of security interests in such Equity Interests and assets would be prohibited by a shareholders agreement or similar contract governing such Persons to the extent, and for as long as, such prohibition is not terminated or
rendered unenforceable or otherwise deemed ineffective by the Uniform Commercial Code, any other requirement of law or principles of equity; 
 (iii) property owned by the Borrower or any Guarantor that is subject to a Lien permitted by Section 7.01(i) of the Credit Agreement if the contractual obligation pursuant to which such Lien is
granted (or in the document providing for such Lien) prohibits or requires the consent of any Person other than the Borrower and its Affiliates which has not been obtained as a condition to the creation of any other Lien on such item of property;

 (iv) motor vehicles and other assets subject to certificates of title to the extent a Lien thereon cannot be
perfected by the filing of UCC financing statements in the grantor’s jurisdiction of organization; 
 (v)
any Equity Interests consisting of voting stock in any CFC directly owned by the Borrower or any Guarantor in excess of 66% of the outstanding voting stock of such CFC; 

  
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 (vi)
any “intent-to-use” application for registration of a trademark filed pursuant to Section 1(b) of the Lanham Act, 15 U.S.C. Section 1051, prior to the filing of a “Statement of Use” pursuant to Section 1(d) of the
Lanham Act or an “Amendment to Allege Use” pursuant to Section 1(c) of the Lanham Act with respect thereto, solely to the extent, if any, that, and solely during the period, if any, in which, the grant of a security interest therein
would impair the validity or enforceability of any registration that issues from such intent-to-use application under applicable federal law; 
 (vii) Excluded Deposit Accounts; and 
 (viii) those assets as to
which the Administrative Agent and the Borrower reasonably agree that the cost of obtaining such a security interest or perfection thereof is excessive in relation to the benefit to the lenders under the Credit Agreement of the security to be
afforded thereby. 
 ;provided, however, that Excluded Property shall not include any Proceeds, substitutions or replacements of
any Excluded Property referred to in clauses (i) through (viii) (unless such Proceeds, substitutions or replacements would constitute Excluded Property referred to in clauses (i) through (viii)). 

“Goodwill” shall mean, collectively, with respect to each Pledgor, the goodwill connected with such Pledgor’s
business including all goodwill connected with (i) the use of and symbolized by any Trademark owned by such Pledgor and (ii) all know-how, trade secrets, customer and supplier lists, proprietary information, inventions, methods,
procedures, formulae, descriptions, compositions, technical data, drawings, specifications, nameplates, catalogs, confidential information and the right to limit the use or disclosure thereof by any person, pricing and cost information, business and
marketing plans and proposals and such other assets which relate to such goodwill. 
 “Guarantors” shall have
the meaning assigned to such term in the Preamble hereof. 
 “Instruments” shall mean, collectively, with
respect to each Pledgor, all “instruments,” as such term is defined in Article 9, rather than Article 3, of the UCC, and shall include all promissory notes, drafts, bills of exchange or acceptances. 

“Intellectual Property Collateral” shall mean, collectively, the Patents, Trademarks, Copyrights, Intellectual Property
Licenses and Goodwill. 
 “Intellectual Property Licenses” shall mean, collectively, with respect to each
Pledgor, all written license agreements with, and covenants not to sue, any other party with respect to any Patent, Trademark or Copyright or any other patent, trademark or copyright, whether such Pledgor is a licensor or licensee under any such
license agreement, together with any and all (i) renewals, extensions, supplements and continuations thereof, (ii) income, fees, royalties, damages, claims and payments now and hereafter due and/or payable thereunder and with respect
thereto including damages and payments for past, present or future infringements or violations thereof, (iii) rights to sue for past, present and future infringements or violations thereof and (iv) other rights to use, exploit or practice
any or all of the Patents, Trademarks or Copyrights or any other patent, trademark or copyright. 

  
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 “Intercompany
Notes” shall mean, with respect to each Pledgor, all intercompany notes described in Schedule 8 to the Perfection Certificate and intercompany notes hereafter acquired by such Pledgor and all certificates, instruments or
agreements evidencing such intercompany notes, and all assignments, amendments, restatements, supplements, extensions, renewals, replacements or modifications thereof to the extent permitted pursuant to the terms hereof, and in each case, required
to be pledged hereunder. 
 “Intercreditor Agreement” means that certain intercreditor agreement dated the
Closing Date (as amended, modified, supplemented or restated and in effect from time to time in accordance with the terms thereof and the Credit Agreement), among the Borrower, the Administrative Agent and the Notes Collateral Agent, and
acknowledged by the Pledgors. 
 “Investment Property” shall mean a security, whether certificated or
uncertificated, Security Entitlement, Securities Account, Commodity Contract or Commodity Account, excluding, however, the Securities Collateral. 
 “Material Intellectual Property Collateral” shall mean any Intellectual Property Collateral that is material (i) to the use and operation of the Pledged Collateral or Mortgaged
Property or (ii) to the business, results of operations or financial condition of any Pledgor. 
 “Mortgaged
Property” shall have the meaning assigned to such term in the Mortgages. 
 “Notes Collateral Agent”
shall mean Wilmington Trust FSB, as collateral agent with respect to the obligations under the Senior Secured Notes. 

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

 “Patents” shall mean, collectively, with respect to each Pledgor, all patents issued or assigned to, and all
patent applications and registrations made by, such Pledgor (whether established or registered or recorded in the United States or any other country or any political subdivision thereof), together with any and all (i) rights and privileges
arising under applicable law with respect to such Pledgor’s use of any patents, (ii) inventions and improvements described and claimed therein, (iii) reissues, divisions, continuations, renewals, extensions and continuations-in-part
thereof and amendments thereto, (iv) income, fees, royalties, damages, claims and payments now or hereafter due and/or payable thereunder and with respect thereto including damages and payments for past, present or future infringements thereof,
(v) rights corresponding thereto throughout the world and (vi) rights to sue for past, present or future infringements thereof. 
 “Perfection Certificate” shall mean that certain perfection certificate dated May 7, 2010, executed and delivered by each Pledgor in favor of the Administrative Agent for the benefit
of the Secured Parties, and each other Perfection Certificate (which shall be in form and 

  
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substance reasonably acceptable to the Administrative Agent) executed and delivered by the applicable Guarantor in favor of the Administrative Agent for the benefit of the Secured Parties
contemporaneously with the execution and delivery of each Security Agreement Supplement executed in accordance with Section 3.5 hereof, in each case, as the same may be amended, amended and restated, supplemented or otherwise modified
from time to time. 
 “Permitted Liens” shall have the meaning assigned to such term in Section 3.3
hereof. 
 “Pledge Amendment” shall have the meaning assigned to such term in Section 5.1 hereof.

 “Pledged Collateral” shall have the meaning assigned to such term in Section 2.1 hereof.

 “Pledged Securities” shall mean, collectively, with respect to each Pledgor, (i) all issued and
outstanding Equity Interests of each issuer set forth on Schedules 7(a) and 7(b) to the Perfection Certificate as being owned by such Pledgor and all options, warrants, rights, agreements and additional Equity Interests of whatever
class of any such issuer acquired by such Pledgor (including by issuance), together with all rights, privileges, authority and powers of such Pledgor relating to such Equity Interests in each such issuer or under any Organization Document of each
such issuer, and the certificates, instruments and agreements representing such Equity Interests and any and all interest of such Pledgor in the entries on the books of any financial intermediary pertaining to such Equity Interests, (ii) all
Equity Interests of any issuer, which Equity Interests are hereafter acquired by such Pledgor (including by issuance) and all options, warrants, rights, agreements and additional Equity Interests of whatever class of any such issuer acquired by such
Pledgor (including by issuance), together with all rights, privileges, authority and powers of such Pledgor relating to such Equity Interests or under any Organization Document of any such issuer, and the certificates, instruments and agreements
representing such Equity Interests and any and all interest of such Pledgor in the entries on the books of any financial intermediary pertaining to such Equity Interests, from time to time acquired by such Pledgor in any manner, and (iii) all
Equity Interests issued in respect of the Equity Interests referred to in clause (i) or (ii) upon any consolidation or merger of any issuer of such Equity Interests, and in the case of clauses (i), (ii) and (iii), required to be
pledged hereunder. 
 “Pledgor” shall have the meaning assigned to such term in the Preamble hereof.

 “Receivables” shall mean all (i) Accounts, (ii) Chattel Paper, (iii) Payment Intangibles,
(iv) General Intangibles, (v) Instruments and (vi) all other rights to payment, whether or not earned by performance, for goods or other property sold, leased, licensed, assigned or otherwise disposed of, or services rendered or to be
rendered, regardless of how classified under the UCC together with all of Pledgors’ rights, if any, in any goods or other property giving rise to such right to payment and all Collateral Support and Supporting Obligations related thereto and
all Records relating thereto. 

  
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 “Securities
Account Control Agreement” shall mean a control agreement in a form that is reasonably satisfactory to the Administrative Agent establishing the Administrative Agent’s Control with respect to any Securities Account. 

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

 “Security Agreement Supplement” shall mean an agreement substantially in the form of Exhibit 3
hereto. 
 “Trademark Security Agreement” shall mean an agreement substantially in the form of
Exhibit 6 hereto. 
 “Trademarks” shall mean, collectively, with respect to each Pledgor, all
trademarks (including service marks), slogans, logos, certification marks, trade dress, uniform resource locators (URLs), domain names, corporate names and trade names, whether registered or unregistered, owned by or assigned to such Pledgor and all
registrations and applications for the foregoing (whether statutory or common law and whether established or registered in the United States or any other country or any political subdivision thereof), together with any and all (i) rights and
privileges arising under applicable law with respect to such Pledgor’s use of any trademarks, (ii) reissues, continuations, extensions and renewals thereof and amendments thereto, (iii) income, fees, royalties, damages and payments
now and hereafter due and/or payable thereunder and with respect thereto, including damages, claims and payments for past, present or future infringements thereof, (iv) rights corresponding thereto throughout the world and (v) rights to
sue for past, present and future infringements thereof. 
 “UCC” shall mean the Uniform Commercial Code as in
effect from time to time in the State of New York; provided, however, that, at any time, if by reason of mandatory provisions of law, any or all of the perfection or priority of the Administrative Agent’s and the Secured
Parties’ security interest in any item or portion of the Pledged Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform Commercial
Code as in effect, at such time, in such other jurisdiction for purposes of the provisions hereof relating to such perfection or priority and for purposes of definitions relating to such provisions. 

“Voting Equity Interests” of any Person shall mean all classes of Equity Interests of such Person entitled to vote.

 SECTION 1.2. Interpretation. The rules of interpretation specified in the Credit Agreement (including
Section 1.02 thereof) shall be applicable to this Agreement. 
 ARTICLE II 

GRANT OF SECURITY AND OBLIGATIONS 
 SECTION 2.1. Grant of Security Interest. As collateral security for the payment and performance in full of all the Obligations, each Pledgor hereby pledges and grants

  
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to the Administrative Agent for the benefit of the Secured Parties, a lien on and security interest in all of the right, title and interest of such Pledgor in, to and under the following
property, wherever located, and whether now existing or hereafter arising or acquired from time to time (collectively, the “Pledged Collateral”): 
  

			
	 (i)
  

(ii)
  

(iii)
  

(iv)
  

(v)
  

(vi)
  

(vii)
  

(viii)
  

(ix)
  

(x)
  

(xi)
  

(xii)
	  	 all Accounts;
  

all Equipment, Goods, Inventory and Fixtures;
  

all Documents, Instruments and Chattel Paper;
  

all Letters of Credit and Letter-of-Credit Rights;
  

all Securities Collateral;
  
 all Investment Property;
  
 all
Intellectual Property Collateral;
  
 the Commercial Tort Claims described on
Schedule 10 to the Perfection Certificate;
  
 all General
Intangibles;
  
 all Money and all Deposit Accounts;

 
 all Supporting Obligations;

 
 all books and records relating to the Pledged Collateral; and

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

Notwithstanding anything to the contrary contained in clauses (i) through (xiii) above, the security interest created by this
Agreement shall not extend to, and the term “Pledged Collateral” shall not include, any Excluded Property, and from and after the Closing Date, no Pledgor shall permit to become effective in any document creating, governing or providing
for any permit, license or agreement a provision that would prohibit the creation of a Lien on such permit, license or agreement in favor of the Administrative Agent unless such Pledgor believes, in its reasonable judgment, that such prohibition is
usual and customary in transactions of such type. 

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

USE OF PLEDGED COLLATERAL 
 SECTION 3.1. Delivery of Certificated Securities Collateral. Each Pledgor represents and warrants that all certificates or instruments representing or evidencing the Securities Collateral in
existence on the date hereof have been delivered to the Administrative Agent in suitable form for transfer by delivery or accompanied by duly executed instruments of transfer or assignment in blank and that the Administrative Agent will have a
perfected first priority security interest therein upon completion of the filings and other actions specified on Schedule 4 to the Perfection Certificate. Each Pledgor hereby agrees that all certificates or instruments representing or
evidencing Securities Collateral acquired by such Pledgor after the date hereof shall promptly (but in any event within fifteen days after receipt thereof by such Pledgor, or such longer period as the Administrative Agent may agree to in its sole
discretion) be delivered to and held by or on behalf of the Administrative Agent pursuant hereto. All 

  
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certificated Securities Collateral shall be in suitable form for transfer by delivery or shall be accompanied by duly executed instruments of transfer or assignment in blank, all in form and
substance reasonably satisfactory to the Administrative Agent. The Administrative Agent shall have the right, at any time upon the occurrence and during the continuance of any Event of Default, to endorse, assign or otherwise transfer to or to
register in the name of the Administrative Agent or any of its nominees or endorse for negotiation any or all of the Securities Collateral, without any indication that such Securities Collateral is subject to the security interest hereunder. In
addition, upon the occurrence and during the continuance of an Event of Default, the Administrative Agent shall have the right at any time to exchange certificates representing or evidencing Securities Collateral for certificates of smaller or
larger denominations. 
 SECTION 3.2. Perfection of Uncertificated Securities Collateral. Each Pledgor represents and
warrants that the Administrative Agent has a perfected first priority security interest in all uncertificated Pledged Securities pledged by it hereunder that are in existence on the date hereof. Each Pledgor hereby agrees that if any of the Pledged
Securities of a Wholly Owned Subsidiary that constitute “Securities” as defined in Section 8-102(a)(15) of the UCC are at any time not evidenced by certificates of ownership, then each applicable Pledgor shall, to the extent permitted
by applicable law, cause the issuer to execute and deliver to the Administrative Agent an acknowledgment of the pledge of such Pledged Securities substantially in the form of Exhibit 1 hereto or such other form that is reasonably
satisfactory to the Administrative Agent. 
 SECTION 3.3. Financing Statements and Other Filings; Maintenance of Perfected
Security Interest. Each Pledgor represents and warrants that all financing statements, agreements, instruments and other documents necessary to perfect the security interest granted by it to the Administrative Agent on the date hereof in respect
of the Pledged Collateral have been delivered to the Administrative Agent in completed and duly executed form for filing in each governmental, municipal or other office specified in Schedule 4 to the Perfection Certificate. Each Pledgor
agrees that at the sole cost and expense of the Pledgors, such Pledgor will, at the request of the Admninistrative Agent, maintain the security interest created by this Agreement in the Pledged Collateral as a perfected first priority security
interest subject only to Liens permitted under Section 7.01 of the Credit Agreement (“Permitted Liens”). 
 SECTION 3.4. Other Actions. In order to further ensure the attachment, perfection and priority of, and the ability of the Administrative Agent to enforce, the Administrative Agent’s security
interest in the Pledged Collateral, each Pledgor represents and warrants (as to itself) as follows and agrees, in each case at such Pledgor’s own expense, to take the following actions with respect to the following Pledged Collateral:

 (a) Instruments and Tangible Chattel Paper. As of the date hereof, no amounts payable in excess of
$500,000 (or solely with respect to intercompany Indebtedness of the Pledgors, no amounts payable) under or in connection with any of the Pledged Collateral are evidenced by any Instrument or Tangible Chattel Paper, other than such Instruments and
Tangible Chattel Paper listed in Schedule 8 to the Perfection Certificate. Each Instrument and each item of Tangible Chattel Paper listed in Schedule 8 

  
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to the Perfection Certificate has been properly endorsed, assigned and delivered to the Administrative Agent, accompanied by instruments of transfer or assignment duly executed in blank. If any
amount then payable under or in connection with any of the Pledged Collateral shall be evidenced by any Instrument or Tangible Chattel Paper, and such amount, together with all amounts payable evidenced by any Instrument or Tangible Chattel Paper
not previously delivered to the Administrative Agent, exceeds $500,000 in the aggregate for all Pledgors (provided that solely with respect to intercompany Indebtedness of the Pledgors, such minimum threshold shall not apply), the Pledgor
acquiring such Instrument or Tangible Chattel Paper shall promptly (but in any event within 15 days after receipt thereof or such longer period as the Administrative Agent may agree to in its sole discretion) endorse, assign and deliver the same to
the Administrative Agent, accompanied by such instruments of transfer or assignment duly executed in blank as the Administrative Agent may from time to time reasonably request. 

(b) Deposit Accounts. As of the date hereof, no Pledgor has any Deposit Accounts other than Excluded Deposit
Accounts and those accounts listed in Schedule 11 to the Perfection Certificate. The Administrative Agent has a security interest in each such Deposit Account (other than Excluded Deposit Accounts), which security interest, when required by
Section 6.17 of the Credit Agreement, will be perfected by Control. No Pledgor shall hereafter establish and maintain any Deposit Account unless (1) it shall have given the Administrative Agent 10 days’ prior written notice of its
intention to establish such new Deposit Account with a Bank and (2) such Bank and such Pledgor shall have duly executed and delivered to the Administrative Agent a Deposit Account Control Agreement with respect to such Deposit Account. The
Administrative Agent agrees with each Pledgor that the Administrative Agent shall not give any instructions directing the disposition of funds from time to time credited to any Deposit Account or withhold any withdrawal rights from such Pledgor with
respect to funds from time to time credited to any Deposit Account unless an Event of Default has occurred and is continuing, and notice shall have been given by the Administrative Agent to the Borrower of its intent to exercise such rights. Each
Pledgor agrees that once the Administrative Agent sends an instruction or notice to a Bank exercising its Control over any Deposit Account (other than Excluded Deposit Accounts) (with a copy of such instruction or notice to the Borrower) such
Pledgor shall not give any instructions or orders with respect to such Deposit Account including, without limitation, instructions for distribution or transfer of any funds in such Deposit Account. No Pledgor shall grant Control of any Deposit
Account to any person other than the Administrative Agent and the Notes Collateral Agent. 
 (c) Securities
Accounts and Commodity Accounts. (i) As of the date hereof, no Pledgor has any Securities Accounts or Commodity Accounts other than those listed in Schedule 11 to the Perfection Certificate. The Administrative Agent has a security
interest in each such Securities Account and Commodity Account, which security interest, when required by Section 6.17 of the Credit Agreement, will be perfected by Control. No Pledgor shall hereafter establish and maintain any Securities
Account or Commodity Account with any Securities Intermediary or Commodity Intermediary unless (1) it shall have given the Administrative Agent 10 days’ prior written notice of its 

  
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intention to establish such new Securities Account or Commodity Account with such Securities Intermediary or Commodity Intermediary and (2) such Securities Intermediary or Commodity
Intermediary, as the case may be, and such Pledgor shall have duly executed and delivered a Control Agreement with respect to such Securities Account or Commodity Account, as the case may be. Each Pledgor shall accept any cash and Investment
Property in trust for the benefit of the Administrative Agent and within one (1) Business Day of actual receipt thereof, deposit any and all cash and Investment Property received by it into a Deposit Account or Securities Account subject to
Administrative Agent’s Control. The Administrative Agent agrees with each Pledgor that the Administrative Agent shall not give any Entitlement Orders or instructions or directions to any issuer of uncertificated securities, Securities
Intermediary or Commodity Intermediary, and shall not withhold its consent to the exercise of any withdrawal or dealing rights by such Pledgor, unless an Event of Default has occurred and is continuing or, after giving effect to any such investment
and withdrawal rights, would occur, and notice shall have been given by the Administrative Agent to the Borrower of its intent to exercise such rights. Each Pledgor agrees that once the Administrative Agent sends an instruction or notice to a
Securities Intermediary or Commodity Intermediary exercising its Control over any Securities Account and Commodity Account (with a copy of such instruction or notice to the Borrower) such Pledgor shall not give any instructions or orders with
respect to such Securities Account and Commodity Account including, without limitation, instructions for investment, distribution or transfer of any Investment Property or Financial Asset maintained in such Securities Account or Commodity Account.
No Pledgor shall grant Control over any Investment Property to any person other than the Administrative Agent and the Notes Collateral Agent. 
 (ii) As between the Administrative Agent and the Pledgors, the Pledgors shall bear the investment risk with respect to the Investment Property and Pledged Securities, and the risk of loss of, damage to,
or the destruction of the Investment Property and Pledged Securities, whether in the possession of, or maintained as a Security Entitlement or deposit by, or subject to the Control of, the Administrative Agent, a Securities Intermediary, a Commodity
Intermediary, any Pledgor or any other person. 
 (d) Electronic Chattel Paper and Transferable Records.
As of the date hereof, no amount under or in connection with any of the Pledged Collateral is evidenced by any Electronic Chattel Paper or any “transferable record” (as that term is defined in Section 201 of the Federal Electronic
Signatures in Global and National Commerce Act, or in Section 16 of the Uniform Electronic Transactions Act as in effect in any relevant jurisdiction) other than such Electronic Chattel Paper and transferable records, (i) listed in
Schedule 8 to the Perfection Certificate or (ii) whose value does not exceed $500,000 in the aggregate for all Pledgors. If any amount payable under or in connection with any of the Pledged Collateral shall be evidenced by any Electronic
Chattel Paper or any transferable record, the Pledgor acquiring such Electronic Chattel Paper or transferable record shall promptly notify the Administrative Agent thereof and shall take such action as the Administrative Agent may reasonably request
to vest in the Administrative Agent control of such Electronic Chattel Paper under Section 9-105 of the UCC or control under 

  
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Section 201 of the Federal Electronic Signatures in Global and National Commerce Act or, as the case may be, Section 16 of the Uniform Electronic Transactions Act, as so in effect in
such jurisdiction, or such transferable record. The requirement in the preceding sentence shall not apply to the extent that such amount, together with all amounts payable evidenced by Electronic Chattel Paper or any transferable record in which the
Administrative Agent has not been vested control within the meaning of the statutes described in the immediately preceding sentence, does not exceed $500,000 in the aggregate for all Pledgors. The Administrative Agent agrees with such Pledgor that
the Administrative Agent will arrange, pursuant to procedures reasonably satisfactory to the Administrative Agent and so long as such procedures will not result in the Administrative Agent’s loss of control, for the Pledgor to make alterations
to the Electronic Chattel Paper or transferable record permitted under Section 9-105 of the UCC or, as the case may be, Section 201 of the Federal Electronic Signatures in Global and National Commerce Act or Section 16 of the Uniform
Electronic Transactions Act for a party in control to allow without loss of control, unless an Event of Default has occurred and is continuing or would occur after taking into account any action by such Pledgor with respect to such Electronic
Chattel Paper or transferable record. 
 (e) Letter-of-Credit Rights. If any Pledgor is at any time a
beneficiary under a Letter of Credit now or hereafter issued in favor of such Pledgor that is not a Supporting Obligation, such Pledgor shall promptly notify the Administrative Agent thereof and such Pledgor shall, at the request of the
Administrative Agent, pursuant to an agreement in form and substance reasonably satisfactory to the Administrative Agent, either (i) use commercially reasonable efforts to arrange for the issuer and any confirmer of such Letter of Credit to
consent to an assignment to the Administrative Agent of the proceeds of any drawing under the Letter of Credit or (ii) use commercially reasonable efforts to arrange for the Administrative Agent to become the transferee beneficiary of such
Letter of Credit, with the Administrative Agent agreeing, in each case, that the proceeds of any drawing under the Letter of Credit are to be paid to the applicable Pledgor unless an Event of Default has occurred and is continuing. The actions in
the preceding sentence shall not be required to the extent that the amount of any such Letter of Credit, together with the aggregate amount of all other Letters of Credit for which the actions described above in clauses (i) and (ii) have
not been taken, does not exceed $500,000 in the aggregate for all Pledgors. 
 (f) Commercial Tort Claims.
As of the date hereof, each Pledgor hereby represents and warrants that it holds no Commercial Tort Claims other than those listed in Schedule 10 to the Perfection Certificate. If any Pledgor shall at any time hold or acquire a Commercial
Tort Claim, such Pledgor shall promptly (but in any event within 15 days or such longer period as the Administrative Agent may agree, in its sole discretion) notify the Administrative Agent in writing signed by such Pledgor of the brief details
thereof and grant to the Administrative Agent in such writing a security interest therein and in the Proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance reasonably satisfactory to the Administrative
Agent. The requirement in the preceding sentence shall not apply to the extent that the amount of such Commercial Tort Claim, together with the amount of all other Commercial Tort Claims held by any Pledgor in which the Administrative Agent does not
have a security interest, does not exceed $500,000 in the aggregate for all Pledgors. 

  
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 SECTION 3.5.
Joinder of Additional Guarantors. The Pledgors shall cause each Subsidiary of the Borrower which, from time to time, after the date hereof shall be required to pledge any assets to the Administrative Agent for the benefit of the Secured
Parties pursuant to the provisions of the Credit Agreement, to execute and deliver to the Administrative Agent a Joinder Agreement substantially in the form of Exhibit 3 hereto, within thirty (30) days of the date on which it was
acquired or created and, upon such execution and delivery, such Subsidiary shall constitute a “Guarantor” and a “Pledgor” for all purposes hereunder with the same force and effect as if originally named as a Guarantor and Pledgor
herein. The execution and delivery of such Joinder Agreement shall not require the consent of any Pledgor hereunder. The rights and obligations of each Pledgor hereunder shall remain in full force and effect notwithstanding the addition of any new
Guarantor and Pledgor as a party to this Agreement. 
 SECTION 3.6. Supplements; Further Assurances. Each Pledgor shall
take such further actions, and execute and/or deliver to the Administrative Agent such additional financing statements, amendments, assignments, agreements, supplements, powers and instruments, as may be necessary or as the Administrative Agent may
reasonably request in order to create, perfect, preserve and protect the security interest in the Pledged Collateral as provided herein and the rights and interests granted to the Administrative Agent hereunder, to carry into effect the purposes
hereof or better to assure and confirm the validity, enforceability and priority of the Administrative Agent’s security interest in the Pledged Collateral or permit the Administrative Agent to exercise and enforce its rights, powers and
remedies hereunder with respect to any Pledged Collateral, including the filing of financing statements, continuation statements and other documents (including this Agreement) under the Uniform Commercial Code (or other similar laws) in effect in
any jurisdiction with respect to the security interest created hereby and the execution and delivery of Control Agreements, all in form reasonably satisfactory to the Administrative Agent and in such offices (including the United States Patent and
Trademark Office and the United States Copyright Office) wherever required by law to perfect, continue and maintain the validity, enforceability and priority of the security interest in the Pledged Collateral as provided herein and to preserve the
other rights and interests granted to the Administrative Agent hereunder, as against third parties, with respect to the Pledged Collateral. If an Event of Default has occurred and is continuing, the Administrative Agent may institute and maintain,
in its own name or in the name of any Pledgor, such suits and proceedings as the Administrative Agent may be advised by counsel shall be necessary or expedient to prevent any impairment of the security interest in or the perfection thereof in the
Pledged Collateral. All of the foregoing shall be at the sole cost and expense of the Pledgors. 
 ARTICLE IV 

REPRESENTATIONS, WARRANTIES AND COVENANTS 
 Each Pledgor represents, warrants and covenants as follows: 
 SECTION 4.1.
Title. Except for the security interest granted to the Administrative Agent for the benefit of the Secured Parties pursuant to this Agreement and 

  
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Permitted Liens, such Pledgor owns and has rights in each item of Pledged Collateral pledged by it hereunder, free and clear of any and all Liens or claims of others, except for minor defects in
title that do not interfere with its ability to conduct its business as currently conducted or as proposed to be conducted or to utilize such properties for their intended purposes or where the failure to do so could not reasonably be expected to
have, individually or in the aggregate, a Material Adverse Effect. In addition, no Liens or claims exist on the Securities Collateral, other than Permitted Collateral Liens. 
 SECTION 4.2. Validity of Security Interest. The security interest in and Lien on the Pledged Collateral granted to the Administrative Agent for the benefit of the Secured Parties hereunder
constitutes (a) a legal and valid security interest in all the Pledged Collateral securing the payment and performance of the Obligations, and (b) upon completion of the filings and other actions described in Schedule 4 to the
Perfection Certificate (to the extent required to be listed on the schedules to the Perfection Certificate as of the date this representation is made or deemed made), (i) will constitute a perfected security interest in all the Pledged
Collateral in which a security interest may be perfected in the United States by filing, recording or registering a financing statement or analogous document in the United States (or any political subdivision thereof) and its territories and
possessions pursuant to the UCC or other applicable law in such jurisdictions and (ii) will constitute a perfected security interest in all Pledged Collateral in which a security interest may be perfected in the United States upon the timely
receipt and recording of the Patent Security Agreement, Copyright Security Agreement or Trademark Security Agreement with the United States Patent and Trademark Office and the United States Copyright Office, as applicable. The security interest and
Lien granted to the Administrative Agent for the benefit of the Secured Parties pursuant to this Agreement in and on the Pledged Collateral is and shall be prior to all other Liens on the Pledged Collateral except for Permitted Liens. 

SECTION 4.3. Defense of Claims; Transferability of Pledged Collateral. Each Pledgor shall, at its own cost and expense, take any
and all commercially reasonable actions necessary to defend title to the Pledged Collateral pledged by it hereunder and the security interest therein and Lien thereon granted to the Administrative Agent except with respect to such Pledged Collateral
that such Pledgor determines in its reasonable business judgment is no longer necessary or beneficial to the conduct of such Pledgor’s business, and the priority thereof against any Lien not other than Permitted Liens, at its own cost and
expense, subject to the rights of such Pledgor under Section 9.10 of the Credit Agreement and corresponding provisions of the Loan Documents to obtain a release of the Liens created under the Loan Documents. 

SECTION 4.4. Other Financing Statements. It has not filed, nor authorized any third party to file, any valid or effective
financing statement (or similar statement, instrument of registration or public notice under the law of any jurisdiction) covering or purporting to cover any interest of any kind in the Pledged Collateral, except such as have been filed in favor of
the Administrative Agent pursuant to this Agreement or in favor of any holder of a Permitted Lien with respect to such Permitted Lien. No Pledgor shall execute, authorize or permit to be filed in any public office any financing statement (or similar
statement, instrument of registration or public notice under the law of any jurisdiction) relating to any Pledged Collateral, except financing statements and other statements and instruments filed or to be filed in respect of and covering the
security interests granted by such Pledgor to the holder of the Permitted Liens. 

  
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 SECTION 4.5.
Location of Inventory and Equipment. It shall not move any Equipment or Inventory (other than Equipment or Inventory sold, leased or disposed of in accordance with the Credit Agreement) to any location, other than any location that is listed
in the relevant Schedules to the Perfection Certificate or at such other locations as such Pledgor may determine from time to time, provided that such Pledgor shall give written notice to the Administrative Agent (in the form of a certificate of a
Responsible Officer) specifying any such other location within 30 days after the date on which any Equipment or Inventory is moved to such location; provided that in no event shall any Equipment or Inventory be moved to any location outside of the
continental United States. 
 SECTION 4.6. Due Authorization and Issuance. All of the Pledged Securities existing on the
date hereof have been, and to the extent any Pledged Securities are hereafter issued, such Pledged Securities will be, upon such issuance, duly authorized, validly issued and fully paid and non-assessable to the extent applicable. 

SECTION 4.7. Consents, etc. In the event that the Administrative Agent desires to exercise any remedies, voting or consensual
rights or attorney-in-fact powers set forth in this Agreement and determines it necessary to obtain any approvals or consents of any Governmental Authority or any other person therefor, then, upon the reasonable request of the Administrative Agent,
such Pledgor agrees to use its best efforts to assist and aid the Administrative Agent to obtain as soon as practicable any necessary approvals or consents for the exercise of any such remedies, rights and powers. 

SECTION 4.8. Pledged Collateral. All information set forth herein, including the schedules hereto, and all information contained
in any documents, schedules and lists heretofore delivered to any Secured Party, including the Perfection Certificate and the schedules thereto, in connection with this Agreement, in each case, relating to the Pledged Collateral, is accurate and
complete in all material respects. 
 SECTION 4.9. Insurance. In the event that the proceeds of any insurance claim are
paid to any Pledgor after the Administrative Agent has exercised its right to foreclose after an Event of Default and after notice thereof is given to the Pledgors by the Administrative Agent, such proceeds shall be held in trust for the benefit of
the Administrative Agent and promptly after receipt thereof shall be paid to the Administrative Agent upon demand for application in accordance with the Credit Agreement. 
 ARTICLE V 
 CERTAIN PROVISIONS CONCERNING SECURITIES COLLATERAL 

SECTION 5.1. Pledge of Additional Securities Collateral. Each Pledgor shall, upon obtaining any Pledged Securities or Intercompany
Notes of any person which are to be pledged pursuant to this Agreement, accept the same in trust for the benefit of the Administrative Agent and promptly (but in any event within fifteen days after receipt thereof, or

  
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such longer period as the Administrative Agent may agree to in its sole discretion) deliver to the Administrative Agent a pledge amendment, duly executed by such Pledgor, in substantially the
form of Exhibit 2 hereto (each, a “Pledge Amendment”), and the certificates and other documents required under Section 3.1 and Section 3.2 hereof in respect of the additional Pledged Securities or
Intercompany Notes which are to be pledged pursuant to this Agreement, and confirming the attachment of the Lien hereby created on and in respect of such additional Pledged Securities or Intercompany Notes. Each Pledgor hereby authorizes the
Administrative Agent to attach each Pledge Amendment to this Agreement and agrees that all Pledged Securities or Intercompany Notes listed on any Pledge Amendment delivered to the Administrative Agent shall for all purposes hereunder be considered
Pledged Collateral. 
 SECTION 5.2. Voting Rights; Distributions; etc. 

(a) Unless and until an Event of Default shall have occurred and is continuing and the Administrative Agent shall have notified the
Pledgors that their rights under this Section 5.2(a) are being suspended: 
 (i) Each Pledgor shall be
entitled to exercise any and all voting and other consensual rights pertaining to the Securities Collateral or any part thereof for any purpose not inconsistent with the terms or purposes hereof, the Credit Agreement or any other document evidencing
the Obligations; provided, however, that no Pledgor shall in any event exercise such rights in any manner which could reasonably be expected to have a Material Adverse Effect. 

(ii) Each Pledgor shall be entitled to receive and retain, and to utilize free and clear of the Lien hereof, any and all
Distributions, but only if and to the extent made in accordance with the provisions of the Credit Agreement, the other Loan Documents and applicable law; provided, however, that any and all such Distributions consisting of rights or
interests in the form of securities shall be forthwith delivered to the Administrative Agent to hold as Pledged Collateral and shall, if received by any Pledgor, be received in trust for the benefit of the Administrative Agent, be segregated from
the other property or funds of such Pledgor and be promptly delivered to the Administrative Agent as Pledged Collateral in the same form as so received (with any necessary endorsement reasonably requested by the Administrative Agent). 

(iii) So long as no Event of Default shall have occurred and be continuing, the Administrative Agent shall be deemed
without further action or formality to have granted to each Pledgor all necessary consents relating to voting rights and shall, if necessary, upon written request of any Pledgor and at the sole cost and expense of the Pledgors, from time to
time execute and deliver (or cause to be executed and delivered) to such Pledgor all such instruments as such Pledgor may reasonably request in order to permit such Pledgor to exercise the voting and other rights which it is entitled to exercise
pursuant to Section 5.2(a)(i) hereof and to receive the Distributions which it is authorized to receive and retain pursuant to Section 5.2(a)(ii) hereof. 

  
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 (b) Upon the
occurrence and during the continuance of any Event of Default, after the Administrative Agent shall have notified the Pledgors of the suspension of their rights under Section 5.2(a): 

(i) All rights of each Pledgor to exercise the voting and other consensual rights it would otherwise be entitled to
exercise pursuant to Section 5.2(a)(i) hereof shall immediately cease, and all such rights shall thereupon become vested in the Administrative Agent, which shall thereupon have the sole right to exercise such voting and other consensual
rights. 
 (ii) All rights of each Pledgor to receive Distributions which it would otherwise be authorized to
receive and retain pursuant to Section 5.2(a)(ii) hereof shall immediately cease and all such rights shall thereupon become vested in the Administrative Agent, which shall thereupon have the sole right to receive and hold as Pledged
Collateral such Distributions. 
 (c) Each Pledgor shall, at its sole cost and expense, from time to time execute and deliver to
the Administrative Agent instruments as the Administrative Agent may reasonably request in order to permit the Administrative Agent to exercise the voting and other rights which it may be entitled to exercise pursuant to
Section 5.2(b)(i) hereof and to receive all Distributions which it may be entitled to receive under Section 5.2(b)(ii) hereof. 
 (d) All Distributions which are received by any Pledgor contrary to the provisions of Section 5.2(a)(ii) hereof shall be received in trust for the benefit of the Administrative Agent, shall be
segregated from other funds of such Pledgor and shall forthwith be delivered to the Administrative Agent as Pledged Collateral in the same form as so received (with any necessary endorsement reasonably requested by the Administrative Agent).

 SECTION 5.3. Certain Agreements of Pledgors as Issuers and Holders of Equity Interests. 

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

  
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 ARTICLE VI 

CERTAIN PROVISIONS CONCERNING INTELLECTUAL 
 PROPERTY COLLATERAL 
 SECTION 6.1. Grant of Intellectual Property License.
For the purpose of enabling the Administrative Agent, during the continuance of an Event of Default, to exercise rights and remedies under Article IX hereof at such time as the Administrative Agent shall be lawfully entitled to exercise such
rights and remedies, and for no other purpose, each Pledgor hereby grants to the Administrative Agent, to the extent assignable, an irrevocable, non-exclusive license to use, assign, license or sublicense any of the Intellectual Property Collateral
now owned or hereafter acquired by such Pledgor, wherever the same may be located. Such license shall include access to all media in which any of the licensed items may be recorded or stored and to all computer programs used for the compilation or
printout hereof. Nothing in this Section 6.1 shall require Pledgors to grant any license that is prohibited by any requirement of law, or is prohibited by, or constitutes a breach or default under or results in the termination of or gives rise
to any right of acceleration, modification or cancellation under any Contract (for as long as, such prohibition is not terminated or rendered unenforceable or otherwise deemed ineffective by the Uniform Commercial Code, any other requirement of law
or principles of equity); provided, further, that such licenses to be granted hereunder with respect to Trademarks shall be subject to the maintenance of quality standards with respect to the goods and services on which such Trademarks
are used sufficient to preserve the validity of such Trademarks. 
 SECTION 6.2. Protection of Administrative Agent’s
Security. Except where the failure to do so could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, on a continuing basis, each Pledgor shall, at its sole cost and expense, (i) promptly
following its becoming aware thereof, notify the Administrative Agent of any adverse determination in any proceeding in any federal, state or local court or administrative body or in the United States Patent and Trademark Office or the United States
Copyright Office regarding any Material Intellectual Property Collateral, such Pledgor’s right to register such Material Intellectual Property Collateral or its right to keep and maintain such registration in full force and effect,
(ii) maintain all Material Intellectual Property Collateral as presently used and operated, (iii) not permit to lapse or become abandoned any Material Intellectual Property Collateral, and not settle or compromise any pending or future
litigation or administrative proceeding with respect to any such Material Intellectual Property Collateral, in either case except as shall be consistent with commercially reasonable business judgment, (iv) following such Pledgor obtaining
knowledge thereof, promptly notify the Administrative Agent in writing of any event which may be reasonably expected to materially and adversely affect the value or utility of any Material Intellectual Property Collateral or the rights and remedies
of the Administrative Agent in relation thereto including a levy or threat of levy or any legal process against any Material Intellectual Property Collateral, (v) not license any Intellectual Property Collateral other than licenses entered into
by such Pledgor in, or incidental to, the ordinary course of business, or amend or permit the amendment of any of the licenses in a manner that materially and adversely affects the right to receive payments thereunder, or in any manner that would
materially impair the value of any Intellectual Property Collateral or the Lien on and security interest in the Intellectual Property Collateral created therein hereby, without the consent 

  
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of the Administrative Agent, (vi) diligently keep adequate records respecting all Intellectual Property Collateral and (vii) furnish to the Administrative Agent from time to time upon
the Administrative Agent’s reasonable request therefor, reasonably detailed statements and amended schedules further identifying and describing the United States federal registered and applied for Intellectual Property Collateral and such other
materials evidencing or reports pertaining to any Intellectual Property Collateral. 
 SECTION 6.3. After-Acquired
Property. If any Pledgor shall at any time after the date hereof (i) obtain any rights to any additional Intellectual Property Collateral or (ii) become entitled to the benefit of any additional Intellectual Property Collateral or any
renewal or extension thereof, including any reissue, division, continuation, or continuation-in-part of any Intellectual Property Collateral, or any improvement on any Intellectual Property Collateral, or if any intent-to use trademark application
is no longer subject to clause (vi) of the definition of “Excluded Property,” the provisions hereof shall automatically apply thereto and any such item enumerated in the preceding clause (i) or (ii) shall automatically
constitute Intellectual Property Collateral as if such would have constituted Intellectual Property Collateral at the time of execution hereof and be subject to the Lien and security interest created by this Agreement without further action by any
party. Each Pledgor shall promptly provide to the Administrative Agent written notice of any of the foregoing and confirm the attachment of the Lien and security interest created by this Agreement to any rights described in clauses (i) and
(ii) above by execution of an instrument in form reasonably acceptable to the Administrative Agent and the filing of any instruments or statements as shall be reasonably necessary to create, preserve, protect or perfect the Administrative
Agent’s security interest in such Intellectual Property Collateral. Further, each Pledgor authorizes the Administrative Agent to modify this Agreement by amending Schedules 9(a) and 9(b) to the Perfection Certificate to include
any Intellectual Property Collateral that is registered, or whose registration has been applied for, with the United States Patent and Trademark Office or United States Copyright Office (or any successor office) of such Pledgor acquired or arising
after the date hereof. 
 SECTION 6.4. Litigation. Except where the failure to do so could not reasonably be expected to
have, individually or in the aggregate, a Material Adverse Effect, each Pledgor agrees to take all commercially reasonable actions necessary, whether by suit, proceeding or other action, to prevent the infringement, counterfeiting, unfair
competition, dilution, diminution in value of or other damage to any of the Material Intellectual Property Collateral owned by such Pledgor. 
 SECTION 6.5. Permitted Disposal of Intellectual Property Collateral. Nothing in this Agreement prevents any Pledgor from disposing of, discontinuing the use or maintenance of, failing to pursue or
otherwise allowing to lapse, terminate or put into the public domain any of its Intellectual Property Collateral to the extent permitted by the Credit Agreement if such Pledgor determines in its reasonable business judgment that such action is
desirable in the conduct of its business. 

  
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 ARTICLE VII 

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

 TRANSFERS 
 SECTION 8.1. Transfers of Pledged Collateral. No Pledgor shall sell, convey, assign or otherwise dispose of, or grant any option with respect to, any of the Pledged Collateral pledged by it
hereunder except as expressly permitted by the Credit Agreement and the other Loan Documents. 
 ARTICLE IX 

REMEDIES 

SECTION 9.1. Remedies. Upon the occurrence and during the continuance of any Event of Default, the Administrative Agent may from
time to time exercise in respect of the Pledged Collateral, in addition to the other rights and remedies provided for herein or otherwise available to it, the following remedies: 

(i) Personally, or by agents or attorneys, immediately take possession of the Pledged Collateral or any part thereof, from
any Pledgor or any other person who then 

  
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has possession of any part thereof with or without notice or process of law, and for that purpose may enter upon any Pledgor’s premises where any of the Pledged Collateral is located, remove
such Pledged Collateral, remain present at such premises to receive copies of all communications and remittances relating to the Pledged Collateral and use in connection with such removal and possession any and all services, supplies, aids and other
facilities of any Pledgor; 
 (ii) Demand, sue for, collect or receive any money or property at any time payable
or receivable in respect of the Pledged Collateral including instructing the obligor or obligors on any agreement, instrument or other obligation constituting part of the Pledged Collateral to make any payment required by the terms of such
agreement, instrument or other obligation directly to the Administrative Agent, and in connection with any of the foregoing, compromise, settle, extend the time for payment and make other modifications with respect thereto; provided,
however, that in the event that any such payments are made directly to any Pledgor, prior to receipt by any such obligor of such instruction, such Pledgor shall segregate all amounts received pursuant thereto in trust for the benefit of the
Administrative Agent and shall promptly (but in no event later than one (1) Business Day after receipt thereof) pay such amounts to the Administrative Agent; 

(iii) Sell, assign, grant a license to use or otherwise liquidate, or direct any Pledgor to sell, assign, grant a license
to use or otherwise liquidate, any and all investments made in whole or in part with the Pledged Collateral or any part thereof, and take possession of the proceeds of any such sale, assignment, license or liquidation; 

(iv) Take possession of the Pledged Collateral or any part thereof, by directing any Pledgor in writing to deliver the
same to the Administrative Agent at any place or places so designated by the Administrative Agent, in which event such Pledgor shall at its own expense: (A) forthwith cause the same to be moved to the place or places designated by the
Administrative Agent and therewith delivered to the Administrative Agent, (B) store and keep any Pledged Collateral so delivered to the Administrative Agent at such place or places pending further action by the Administrative Agent and
(C) while the Pledged Collateral shall be so stored and kept, provide such security and maintenance services as shall be necessary to protect the same and to preserve and maintain them in good condition. Each Pledgor’s obligation to
deliver the Pledged Collateral as contemplated in this Section 9.1(iv) is of the essence hereof. Upon application to a court of equity having jurisdiction, the Administrative Agent shall be entitled to a decree requiring specific
performance by any Pledgor of such obligation; 
 (v) Withdraw all moneys, instruments, securities and other
property in any bank, financial securities, deposit or other account of any Pledgor constituting Pledged Collateral for application to the Obligations as provided in Article X hereof; 

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

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

(viii) Exercise all the rights and remedies of a secured party on default under the UCC, and the Administrative Agent may
also, without notice except as specified in Section 9.2 hereof, sell, assign or grant a license to use the Pledged Collateral or any part thereof in one or more parcels at public or private sale, at any exchange, broker’s board or
at any of the Administrative Agent’s offices or elsewhere, for cash, on credit or for future delivery, and at such price or prices and upon such other terms as the Administrative Agent may deem commercially reasonable. The Administrative Agent
or any other Secured Party or any of their respective Affiliates may be the purchaser, licensee, assignee or recipient of the Pledged Collateral or any part thereof at any such sale and shall be entitled, for the purpose of bidding and making
settlement or payment of the purchase price for all or any portion of the Pledged Collateral sold, assigned or licensed at such sale, to use and apply any of the Obligations owed to such person as a credit on account of the purchase price of the
Pledged Collateral or any part thereof payable by such person at such sale. Each purchaser, assignee, licensee or recipient at any such sale shall acquire the property sold, assigned or licensed absolutely free from any claim or right on the part of
any Pledgor, and each Pledgor hereby waives, to the fullest extent permitted by law, all rights of redemption, stay and/or appraisal which it now has or may at any time in the future have under any rule of law or statute now existing or hereafter
enacted. The Administrative Agent shall not be obligated to make any sale of the Pledged Collateral or any part thereof regardless of notice of sale having been given. The Administrative Agent may adjourn any public or private sale from time to time
by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. Each Pledgor hereby waives, to the fullest extent permitted by law, any claims against the
Administrative Agent arising by reason of the fact that the price at which the Pledged Collateral or any part thereof may have been sold, assigned or licensed at such a private sale was less than the price which might have been obtained at a public
sale, even if the Administrative Agent accepts the first offer received and does not offer such Pledged Collateral to more than one offeree. 
 SECTION 9.2. Notice of Sale. Each Pledgor acknowledges and agrees that, to the extent notice of sale or other disposition of the Pledged Collateral or any part thereof shall be required by law, ten
(10) days’ prior notice to such Pledgor of the time and place of any public sale or of the time after which any private sale or other intended disposition is to take place shall be commercially reasonable notification of such matters. No
notification need be given to any Pledgor if it has signed, after the occurrence of an Event of Default, a statement renouncing or modifying any right to notification of sale or other intended disposition. 

SECTION 9.3. Waiver of Notice and Claims. Each Pledgor hereby waives, to the fullest extent permitted by applicable law, notice or
judicial hearing in connection with the Administrative Agent’s taking possession or the Administrative Agent’s disposition of the Pledged Collateral or any part thereof, including any and all prior notice and hearing for any

  
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prejudgment remedy or remedies and any such right which such Pledgor would otherwise have under law, and each Pledgor hereby further waives, to the fullest extent permitted by applicable law:
(i) all damages occasioned by such taking of possession, (ii) all other requirements as to the time, place and terms of sale or other requirements with respect to the enforcement of the Administrative Agent’s rights hereunder and
(iii) all rights of redemption, appraisal, valuation, stay, extension or moratorium now or hereafter in force under any applicable law. The Administrative Agent shall not be liable for any incorrect or improper payment made pursuant to this
Article IX in the absence of gross negligence or willful misconduct on the part of the Administrative Agent. Any sale of, or the grant of options to purchase, or any other realization upon, any Pledged Collateral shall operate to divest
all right, title, interest, claim and demand, either at law or in equity, of the applicable Pledgor therein and thereto, and shall be a perpetual bar both at law and in equity against such Pledgor and against any and all persons claiming or
attempting to claim the Pledged Collateral so sold, optioned or realized upon, or any part thereof, from, through or under such Pledgor. 
 SECTION 9.4. Certain Sales of Pledged Collateral. 
 (a) Each Pledgor
recognizes that, by reason of certain prohibitions contained in law, rules, regulations or orders of any Governmental Authority, the Administrative Agent may be compelled, with respect to any sale of all or any part of the Pledged Collateral, to
limit purchasers to those who meet the requirements of such Governmental Authority. Each Pledgor acknowledges that any such sales may be at prices and on terms less favorable to the Administrative Agent than those obtainable through a public sale
without such restrictions, and, notwithstanding such circumstances, agrees that any such restricted sale shall be deemed to have been made in a commercially reasonable manner and that, except as may be required by applicable law, the Administrative
Agent shall have no obligation to engage in public sales. 
 (b) Each Pledgor recognizes that, by reason of certain prohibitions
contained in the Securities Act, and applicable state securities laws, the Administrative Agent may be compelled, with respect to any sale of all or any part of the Securities Collateral and Investment Property, to limit purchasers to persons who
will agree, among other things, to acquire such Securities Collateral or Investment Property for their own account, for investment and not with a view to the distribution or resale thereof. Each Pledgor acknowledges that any such private sales may
be at prices and on terms less favorable to the Administrative Agent than those obtainable through a public sale without such restrictions (including a public offering made pursuant to a registration statement under the Securities Act), and,
notwithstanding such circumstances, agrees that any such private sale shall be deemed to have been made in a commercially reasonable manner and that the Administrative Agent shall have no obligation to engage in public sales and no obligation to
delay the sale of any Securities Collateral or Investment Property for the period of time necessary to permit the issuer thereof to register it for a form of public sale requiring registration under the Securities Act or under applicable state
securities laws, even if such issuer would agree to do so. 
 (c) Notwithstanding the foregoing, each Pledgor shall, upon the
occurrence and during the continuance of any Event of Default, at the reasonable request of the Administrative Agent, for the benefit of the Administrative Agent, cause any registration, 

  
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qualification under or compliance with any Federal or state securities law or laws to be effected with respect to all or any part of the Securities Collateral as soon as practicable and at the
sole cost and expense of the Pledgors. Each Pledgor will use its commercially reasonable efforts to cause such registration to be effected (and be kept effective) and will use its commercially reasonable efforts to cause such qualification and
compliance to be effected (and be kept effective) as may be so requested and as would permit or facilitate the sale and distribution of such Securities Collateral including registration under the Securities Act (or any similar statute then in
effect), qualifications under applicable blue sky or other state securities laws and compliance with all other requirements of any Governmental Authority. Each Pledgor shall use its commercially reasonable efforts to cause the Administrative Agent
to be kept advised in writing as to the progress of each such registration, qualification or compliance and as to the completion thereof, shall furnish to the Administrative Agent such number of prospectuses, offering circulars or other documents
incident thereto as the Administrative Agent from time to time may reasonably request, and shall indemnify and shall cause the issuer of the Securities Collateral to indemnify the Administrative Agent and all others participating in the distribution
of such Securities Collateral against all claims, losses, damages and liabilities caused by any untrue statement (or alleged untrue statement) of a material fact contained therein (or in any related registration statement, notification or the like)
or by any omission (or alleged omission) to state therein (or in any related registration statement, notification or the like) a material fact required to be stated therein or necessary to make the statements therein not misleading. 

(d) If the Administrative Agent determines to exercise its right to sell any or all of the Securities Collateral or Investment Property,
upon written request, the applicable Pledgor shall from time to time furnish to the Administrative Agent all such information as the Administrative Agent may reasonably request in order to determine the number of securities included in the
Securities Collateral or Investment Property which may be sold by the Administrative Agent as exempt transactions under the Securities Act and the rules of the Securities and Exchange Commission thereunder, as the same are from time to time in
effect. 
 (e) Each Pledgor further agrees that a breach of any of the covenants contained in this Section 9.4 will
cause irreparable injury to the Administrative Agent and the other Secured Parties, that the Administrative Agent and the other Secured Parties have no adequate remedy at law in respect of such breach and, as a consequence, that each and every
covenant contained in this Section 9.4 shall be specifically enforceable against such Pledgor, and such Pledgor hereby waives and agrees not to assert any defenses against an action for specific performance of such covenants except for a
defense that no Event of Default has occurred and is continuing. 
 SECTION 9.5. No Waiver; Cumulative Remedies.

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

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

SECTION 9.6. Certain Additional Actions Regarding Intellectual Property. If any Event of Default shall have occurred and be
continuing, upon the written demand of the Administrative Agent, each Pledgor shall execute and deliver to the Administrative Agent an assignment or assignments of the registered Patents, Trademarks and/or Copyrights and Goodwill and such other
documents as are necessary to carry out the intent and purposes hereof. Within five (5) Business Days of written notice thereafter from the Administrative Agent, each Pledgor shall use commercially reasonable efforts to make available to the
Administrative Agent, to the extent within such Pledgor’s power and authority, such personnel in such Pledgor’s employ on the date of the Event of Default as the Administrative Agent may reasonably request to permit such Pledgor to
continue, directly or indirectly, to produce, advertise and sell the products and services sold by such Pledgor under the registered Patents, Trademarks and/or Copyrights, and each Pledgor shall use commercially reasonable efforts to make such
persons available to perform their prior functions on the Administrative Agent’s behalf. 
 ARTICLE X 

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

ARTICLE XI 

MISCELLANEOUS 

SECTION 11.1. Concerning Administrative Agent. 
 (a) The Administrative Agent has been appointed as Administrative Agent pursuant to the Credit Agreement. The actions of the Administrative Agent hereunder are subject to the provisions of the Credit
Agreement. The Administrative Agent shall have the right hereunder to make demands, to give notices, to exercise or refrain from exercising any rights, 

  
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and to take or refrain from taking action (including the release or substitution of the Pledged Collateral), in accordance with this Agreement and the Credit Agreement. The Administrative Agent
may employ agents and attorneys-in-fact in connection herewith and shall not be liable for any acts or omissions of any such agents or attorneys-in-fact selected by it in good faith. The Administrative Agent may resign and a successor Administrative
Agent may be appointed in the manner provided in the Credit Agreement. Upon the acceptance of any appointment as the Administrative Agent by a successor Administrative Agent, that successor Administrative Agent shall thereupon succeed to and become
vested with all the rights, powers, privileges and duties of the retiring Administrative Agent under this Agreement, and the retiring Administrative Agent shall thereupon be discharged from its duties and obligations under this Agreement. After any
retiring Administrative Agent’s resignation, the provisions hereof shall inure to its benefit as to any actions taken or omitted to be taken by it under this Agreement while it was the Administrative Agent. 

(b) The Administrative Agent shall be deemed to have exercised reasonable care in the custody and preservation of the Pledged Collateral
in its possession if such Pledged Collateral is accorded treatment substantially equivalent to that which the Administrative Agent, in its individual capacity, generally accords its own property consisting of similar instruments or interests, it
being understood that neither the Administrative Agent nor any of the Secured Parties shall have responsibility for (i) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relating
to any Securities Collateral, whether or not the Administrative Agent or any other Secured Party has or is deemed to have knowledge of such matters or (ii) taking any necessary steps to preserve rights against any person with respect to any
Pledged Collateral. 
 (c) The Administrative Agent shall be entitled to rely upon any written notice, statement, certificate,
order or other document or any telephone message believed by it to be genuine and correct and to have been signed, sent or made by the proper person, and, with respect to all matters pertaining to this Agreement and its duties hereunder, upon advice
of counsel selected by it. 
 (d) If any item of Pledged Collateral also constitutes collateral granted to the Administrative
Agent under any other deed of trust, mortgage, security agreement, pledge or instrument of any type, in the event of any conflict between the provisions hereof and the provisions of such other deed of trust, mortgage, security agreement, pledge or
instrument of any type in respect of such collateral, the provisions hereof shall control. 
 (e) The Administrative Agent may
rely on advice of counsel as to whether any or all UCC financing statements of the Pledgors need to be amended as a result of any of the changes described in Section 6.02(g) of the Credit Agreement. If any Pledgor fails to provide
information to the Administrative Agent about such changes on a timely basis, the Administrative Agent shall not be liable or responsible to any party for any failure to maintain a perfected security interest in such Pledgor’s property
constituting Pledged Collateral, for which the Administrative Agent needed to have information relating to such changes. The Administrative Agent shall have no duty to inquire about such changes if any Pledgor does not inform the Administrative
Agent of such changes, the parties acknowledging and agreeing that it would not be feasible or practical for the Administrative Agent to search for information on such changes if such information is not provided by any Pledgor. 

  
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 SECTION 11.2.
Intercreditor Agreement. Notwithstanding anything herein to the contrary, the Liens and security interests granted to the Administrative Agent pursuant to this Agreement and the exercise of any right or remedy by the Administrative Agent
hereunder are subject to the terms of the Intercreditor Agreement. In the event of any conflict between the terms of the Intercreditor Agreement and the terms of this Agreement, the terms of the Intercreditor Agreement shall govern and control.

 THIS SECURITY AGREEMENT IS SUBJECT TO THE PROVISIONS OF THE INTERCREDITOR AGREEMENT DATED AS OF MAY 7, 2010 (AS AMENDED,
SUPPLEMENTED OR OTHERWISE MODIFIED FROM TIME TO TIME), AMONG C.P. ATLAS ACQUISITION CORP. (TO BE MERGED WITH AND INTO AMERICAN RENAL HOLDINGS INC.), THE GRANTORS PARTY THERETO, BANK OF AMERICA, N.A., AS CREDIT AGREEMENT ADMINISTRATIVE AGENT,
WILMINGTON TRUST FSB, AS SENIOR SECURED NOTES COLLATERAL AGENT AND EACH ADDITIONAL NOTES COLLATERAL AGENT FROM TIME TO TIME PARTY THERETO. 
 SECTION 11.3. Administrative Agent May Perform; Administrative Agent Appointed Attorney-in-Fact. If any Pledgor shall fail to perform any covenants contained in this Agreement or if any
representation or warranty on the part of any Pledgor contained herein shall be breached, the Administrative Agent may (but shall not be obligated to) do the same or cause it to be done or remedy any such breach, and may expend funds for such
purpose; provided, however, that the Administrative Agent shall in no event be bound to inquire into the validity of any tax, Lien, imposition or other obligation which such Pledgor fails to pay or perform as and when required hereby
and which such Pledgor does not contest in accordance with the provisions of the Credit Agreement. Any and all amounts so expended by the Administrative Agent shall be paid by the Pledgors in accordance with the provisions of
Section 11.05 of the Credit Agreement. Neither the provisions of this Section 11.3 nor any action taken by the Administrative Agent pursuant to the provisions of this Section 11.3 shall prevent any such failure to
observe any covenant contained in this Agreement nor any breach of representation or warranty from constituting an Event of Default. Each Pledgor hereby appoints the Administrative Agent its attorney-in-fact, with full power and authority in the
place and stead of such Pledgor and in the name of such Pledgor, or otherwise, from time to time to take any action and to execute any instrument consistent with the terms of the Credit Agreement, this Agreement and the other Collateral Documents
which the Administrative Agent may deem necessary to accomplish the purposes hereof (but the Administrative Agent shall not be obligated to and shall have no liability to such Pledgor or any third party for failure to so do or take action). The
foregoing grant of authority is a power of attorney coupled with an interest and such appointment shall be irrevocable for the term hereof. Each Pledgor hereby ratifies all that such attorney shall lawfully do or cause to be done by virtue hereof.

 SECTION 11.4. Continuing Security Interest; Assignment. This Agreement shall create a continuing security interest in
the Pledged Collateral and shall (i) be binding upon 

  
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the Pledgors, their respective successors and assigns and (ii) inure, together with the rights and remedies of the Administrative Agent hereunder, to the benefit of the Administrative Agent
and the other Secured Parties and each of their respective successors, transferees and assigns. No other persons (including any other creditor of any Pledgor) shall have any interest herein or any right or benefit with respect hereto. Without
limiting the generality of the foregoing clause (ii), any Secured Party may assign or otherwise transfer any indebtedness held by it secured by this Agreement to any other person, and such other person shall thereupon become vested with all the
benefits in respect thereof granted to such Secured Party, herein or otherwise, subject however, to the provisions of the Credit Agreement and, in the case of a Secured Party that is a party to a Secured Hedging Agreement or a Secured Cash
Management Agreements, such Secured Hedging Agreement or Secured Cash Management Agreement, as applicable. Each of the Pledgors agrees that its obligations hereunder and the security interest created hereunder shall continue to be effective or be
reinstated, as applicable, if at any time payment, or any part thereof, of all or any part of the Obligations is rescinded or must otherwise be restored by the Secured Party upon the bankruptcy or reorganization of any Pledgor or otherwise.

 SECTION 11.5. Termination; Release. When all the Obligations have been paid in full and the Commitments of the Lenders
to make any Loan or to issue any Letter of Credit under the Credit Agreement shall have expired or been sooner terminated and all Letters of Credit have been terminated or cash collateralized in accordance with the provisions of the Credit
Agreement, this Agreement shall terminate. Upon termination of this Agreement the Pledged Collateral shall be released from the Lien of this Agreement. Upon such release or any release of Pledged Collateral or any part thereof in accordance with the
provisions of the Credit Agreement or the other Loan Documents, the Administrative Agent shall, upon the request and at the sole cost and expense of the Pledgors, assign, transfer and deliver to Pledgor, against receipt and without recourse to or
warranty by the Administrative Agent except as to the fact that the Administrative Agent has not encumbered the released assets, such of the Pledged Collateral or any part thereof to be released (in the case of a release) as may be in possession of
the Administrative Agent and as shall not have been sold or otherwise applied pursuant to the terms hereof, and, with respect to any other Pledged Collateral, proper documents and instruments (including UCC-3 termination financing statements or
releases) acknowledging the termination hereof or the release of such Pledged Collateral, as the case may be. 
 SECTION 11.6.
Modification in Writing. No amendment, modification, supplement, termination or waiver of or to any provision hereof, nor consent to any departure by any Pledgor therefrom, shall be effective unless the same shall be made in accordance with
the terms of the Credit Agreement and unless in writing and signed by the Administrative Agent. Any amendment, modification or supplement of or to any provision hereof, any waiver of any provision hereof and any consent to any departure by any
Pledgor from the terms of any provision hereof in each case shall be effective only in the specific instance and for the specific purpose for which made or given. Except where notice is specifically required by this Agreement or any other document
evidencing the Obligations, no notice to or demand on any Pledgor in any case shall entitle any Pledgor to any other or further notice or demand in similar or other circumstances. 

  
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 SECTION 11.7.
Notices. Unless otherwise provided herein or in the Credit Agreement, any notice or other communication herein required or permitted to be given shall be given in the manner and become effective as set forth in the Credit Agreement, as to any
Pledgor, addressed to it at the address of the Borrower set forth in the Credit Agreement and as to the Administrative Agent, addressed to it at the address set forth in the Credit Agreement, or in each case at such other address as shall be
designated by such party in a written notice to the other party complying as to delivery with the terms of this Section 11.7. 
 SECTION 11.8. Governing Law, Consent to Jurisdiction and Service of Process; Waiver of Jury Trial. Sections 11.15 and 11.16 of the Credit Agreement are incorporated herein,
mutatis mutandis, as if a part hereof. 
 SECTION 11.9. Severability of Provisions. Any provision hereof which is
invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without invalidating the remaining provisions hereof or affecting the validity,
legality or enforceability of such provision in any other jurisdiction. 
 SECTION 11.10. Execution in Counterparts. This
Agreement and any amendments, waivers, consents or supplements hereto may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an
original, but all such counterparts together shall constitute one and the same agreement. 
 SECTION 11.11. Business
Days. In the event any time period or any date provided in this Agreement ends or falls on a day other than a Business Day, then such time period shall be deemed to end and such date shall be deemed to fall on the next succeeding Business Day,
and performance herein may be made on such Business Day, with the same force and effect as if made on such other day. 
 SECTION
11.12. No Credit for Payment of Taxes or Imposition. Such Pledgor shall not be entitled to any credit against the principal, premium, if any, or interest payable under the Credit Agreement, and such Pledgor shall not be entitled to any credit
against any other sums which may become payable under the terms thereof or hereof, by reason of the payment of any Tax on the Pledged Collateral or any part thereof. 
 SECTION 11.13. No Claims Against Administrative Agent. Nothing contained in this Agreement shall constitute any consent or request by the Administrative Agent, express or implied, for the
performance of any labor or services or the furnishing of any materials or other property in respect of the Pledged Collateral or any part thereof, nor as giving any Pledgor any right, power or authority to contract for or permit the performance of
any labor or services or the furnishing of any materials or other property in such fashion as would permit the making of any claim against the Administrative Agent in respect thereof or any claim that any Lien based on the performance of such labor
or services or the furnishing of any such materials or other property is prior to the Lien hereof. 

  
 -31-

  
 SECTION 11.14. No
Release. Nothing set forth in this Agreement or any other Loan Document, nor the exercise by the Administrative Agent of any of the rights or remedies hereunder, shall relieve any Pledgor from the performance of any term, covenant, condition or
agreement on such Pledgor’s part to be performed or observed under or in respect of any of the Pledged Collateral or from any liability to any person under or in respect of any of the Pledged Collateral or shall impose any obligation on the
Administrative Agent or any other Secured Party to perform or observe any such term, covenant, condition or agreement on such Pledgor’s part to be so performed or observed or shall impose any liability on the Administrative Agent or any other
Secured Party for any act or omission on the part of such Pledgor relating thereto or for any breach of any representation or warranty on the part of such Pledgor contained in this Agreement, the Credit Agreement or the other Loan Documents, or
under or in respect of the Pledged Collateral or made in connection herewith or therewith. Anything herein to the contrary notwithstanding, neither the Administrative Agent nor any other Secured Party shall have any obligation or liability under any
contracts, agreements and other documents included in the Pledged Collateral by reason of this Agreement, nor shall the Administrative Agent or any other Secured Party be obligated to perform any of the obligations or duties of any Pledgor
thereunder or to take any action to collect or enforce any such contract, agreement or other document included in the Pledged Collateral hereunder. The obligations of each Pledgor contained in this Section 11.14 shall survive the
termination hereof and the discharge of such Pledgor’s other obligations under this Agreement, the Credit Agreement and the other Loan Documents. 
 SECTION 11.15. Obligations Absolute. All obligations of each Pledgor hereunder shall be absolute and unconditional irrespective of: 

(i) any bankruptcy, insolvency, reorganization, arrangement, readjustment, composition, liquidation or the like of any
other Pledgor; 
 (ii) any lack of validity or enforceability of the Credit Agreement, any Secured Hedging
Agreement, any Secured Cash Management Agreement or any other Loan Document, or any other agreement or instrument relating thereto; 
 (iii) any change in the time, manner or place of payment of, or in any other term of, all or any of the Obligations, or any other amendment or waiver of or any consent to any departure from the Credit
Agreement, any Secured Hedging Agreement, Secured Cash Management Agreement or any other Loan Document or any other agreement or instrument relating thereto; 
 (iv) any pledge, exchange, release or non-perfection of any other collateral, or any release or amendment or waiver of or consent to any departure from any guarantee, for all or any of the Obligations;

 (v) any exercise, non-exercise or waiver of any right, remedy, power or privilege under or in respect hereof,
the Credit Agreement, any Secured Hedging Agreement, any Secured Cash Management Agreement or any other Loan Document except as specifically set forth in a waiver granted pursuant to the provisions of Section 11.4 hereof; or 

  
 -32-

  
 (vi)
any other circumstances which might otherwise constitute a defense (other than a defense of payment in full of the Obligations) available to, or a discharge of, any Pledgor. 
 [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.] 

  
 -33-

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

 

					
	 C.P. ATLAS ACQUISITION CORP. (which on the Closing Date shall be merged with and into AMERICAN RENAL HOLDINGS INC. with
AMERICAN RENAL HOLDINGS INC. surviving such merger),
 as Pledgor

			
	By:	 	 	 	/s/ Jared S. Hendricks
		 	Name:	 	Jared S. Hendricks
		 	Title:	 	Vice President
	
	 AMERICAN RENAL HOLDINGS INC.,
 as Pledgor

			
	By:	 	 	 	/s/ Joseph A. Carlucci
		 	Name:	 	Joseph A. Carlucci
		 	Title:	 	Chief Executive Officer
	
	 AMERICAN RENAL ASSOCIATES LLC,
 as Pledgor

		
		 	By: AMERICAN RENAL HOLDINGS INC.
			
	By:	 	 	 	/s/ Joseph A. Carlucci
		 	Name:	 	Joseph A. Carlucci
		 	Title:	 	Chief Executive Officer

  
 
					
	AMERICAN RENAL MANAGEMENT LLC
	AKC HOLDING LLC
	JKC HOLDING LLC
	ARA-BOCA RATON HOLDING LLC
	ARA-RHODE ISLAND DIALYSIS II LLC
	ARA-OHIO HOLDINGS LLC
	TEXAS-ARA LLC
	 ACUTE DIALYSIS SERVICES-ARA LLC,
 as Pledgors

		
		 	By: AMERICAN RENAL ASSOCIATES LLC
			
	By:	 	 	 	/s/ Joseph A. Carlucci
		 	Name:	 	Joseph A. Carlucci
		 	Title:	 	Chief Executive Officer
	
	AMERICAN RENAL TEXAS L.P.
	 AMERICAN RENAL TEXAS II, L.P.,
 as Pledgors

		
		 	By: TEXAS-ARA LLC
			
	By:	 	 	 	/s/ Joseph A. Carlucci
		 	Name:	 	Joseph A. Carlucci
		 	Title:	 	Chief Executive Officer
	
	 C.P. ATLAS INTERMEDIATE HOLDINGS,
 LLC, as Pledgor

			
	By:	 	 	 	/s/ Jared S. Hendricks
		 	Name:	 	Jared S. Hendricks
		 	Title:	 	Vice President

  
 -2-

  
 
					
	BANK OF AMERICA, N.A.,
	as Administrative Agent
			
	By:	 	 	 	/s/ Mollie S. Canup
		 	Name:	 	Mollie S. Canup
		 	Title:	 	Vice President

  
 -3-Employment Agreement - Christopher T. Ford

  
 Exhibit 10.4

 EXECUTION COPY 
 EMPLOYMENT AGREEMENT 
 This
EMPLOYMENT AGREEMENT (this “Agreement”) is entered into as of March 22, 2010, among American Renal Management LLC, a Delaware limited liability company (the
“Company”), American Renal Holdings Inc., a Delaware corporation (“ARH”), and Christopher T. Ford, a resident of the Commonwealth of Massachusetts (the “Executive”). 

RECITALS: 
 WHEREAS, the Executive has been employed by the Company pursuant to the terms of an employment agreement, dated August 25, 2004, as amended on December 16, 2005, March 1, 2007, and
February 1, 2010 (the “Prior Employment Agreement”); and 
 WHEREAS, concurrently with the
execution of this Agreement, the Company, ARH, certain of their respective affiliates, and other individuals named therein are entering into a Contribution and Merger Agreement, dated as of the date hereof (as amended, restated, supplemented or
otherwise modified from time to time in accordance with its terms, the “Merger Agreement”); and 

WHEREAS, in connection with the transactions contemplated by the Merger Agreement (the “Merger”), the Company and
the Executive each desires Executive’s employment under this Agreement to be governed by this Agreement effective upon the Closing (as defined in the Merger Agreement and referred to herein as the “Effective Date”); and

 WHEREAS, subject to the occurrence of the Closing and the Executive’s continuing to be employed by the Company through
the Closing, the Parties desire to have as of the Effective Date, the Prior Agreement terminate and to enter into this Agreement in substitution therefor, as applicable to the Executive’s employment from and after the Effective Date; and

 NOW, THEREFORE, in consideration of the promises and the terms and conditions set forth
in this Agreement, the parties agree as follows: 
 ARTICLE 1 

POSITION 
 During the term of this Agreement, the Company will employ the Executive, and the Executive will serve the Company in the capacity of the Chairman of the Board on a part-time basis. Notwithstanding the
foregoing, the parties acknowledge and agree that the Executive’s position as Chairman of the Board is subject to the discretion of the Board. In the event that the Executive is for any reason removed as Chairman of the Board, such change in
status shall not constitute a termination of employment for purposes of this Agreement. 
 ARTICLE 2

 DUTIES 
 The Executive will perform duties that are executive in nature, consistent with his title and as delegated by the Board of Directors of ARH (the “Board”), on such part-time basis
as shall be mutually agreed upon between the Company and the Executive. Notwithstanding the foregoing, in no event shall Executive’s level of services to the Company decrease to a level that would cause the Executive to (i) become
ineligible to participate in the Company’s 401(k) and group medical and dental plans, if any, or (ii) incur a “separation from service,” as such term is defined in Treas. Reg. §1.409A-1(h)(1). The Executive’s duties
shall include, but are not limited to, attendance and participation at all meetings of the Board; representation of the Company at all Kidney Care Council Meetings (“KCC Meetings”); summarization and reporting of the findings of the KCC
Meetings to senior management of the Company; and such other duties as the Board may request from time to time. The Executive shall report only to the Board and shall also serve as a member of the Board without additional compensation. 

  

ARTICLE 3 
 SERVICE 
 The Executive will devote substantially all his
working time and efforts (on a part-time basis) to the business and affairs of the Company and the other members of the ARH Group, except during vacation time, any periods of illness and leaves of absence that have been duly authorized by the Board.
Subject to Article 8 hereof, the foregoing shall not, however, preclude the Executive from (i) engaging in appropriate civic, charitable or religious activities, (ii) devoting a reasonable amount of time to private investment activities,
or (iii) providing incidental assistance to family members on matters of family business and in times of family emergencies, so long as the foregoing activities and service do not conflict with or materially detract from the performance of the
Executive’s responsibilities to the Company. 
 ARTICLE 4 

TERMS OF EMPLOYMENT 

The Executive’s employment shall commence and this Agreement shall be effective as of the Effective Date and shall continue for a
term of two (2) years thereafter, unless earlier terminated as provided in Article 6 of this Agreement (the “Initial Term”). The Initial Term of this Agreement shall automatically renew for successive one (1) year
periods (each, a “Renewal Term” and together with the Initial Term, the “Term”) unless the Company or the Executive has given written notice to the other of its intent not to renew this Agreement (a
“Non-Renewal Notice”) at least 60 days prior to the expiration of the Initial Term or any Renewal Term, as the case may be. During any Renewal Term, the terms, conditions and provisions set forth in this Agreement shall
remain in effect unless modified in accordance with Section 9.7. 
 ARTICLE 5 

COMPENSATION AND BENEFITS 

5.1. Base Salary. During the period commencing on the Effective Date, the Company agrees to pay the Executive a base salary at an
annual rate equal to $175,000. The Executive will be entitled to periodic review of base salary and to such increases, if any, as may be determined from time to time in the sole discretion of the Board (the base salary as in effect from time to time
is defined as the “Base Salary”). The Executive’s Base Salary will be payable as earned in accordance with the Company’s customary payroll practice and shall be subject to customary withholding. During the Term, the
Company shall not reduce the Executive’s salary below the Base Salary. 
 5.2. Bonus. The Executive shall not be
eligible to earn an annual cash bonus award or participate in a bonus pool or any other similar plan or program that the Company has adopted or may adopt. 
 5.3. Additional Benefits. In addition to the benefits and entitlements otherwise set forth herein, the Executive will be eligible to participate in the Company’s benefit plans of general
application as they may be established and modified from time to time, including plans relating to pension, thrift, profit sharing, life, health, disability, accident and dental insurance, education or other retirement programs, and any other
similar plans or programs that the Company has adopted or may adopt for the benefit of its executive officers, in accordance with the rules established for individual participation in any such plan (including, but not limited to, the rules governing
eligibility for such participation) (“Benefits”). The Executive shall be entitled each calendar year to (i) reasonable holidays and illness days in accordance with the Company’s policies as may be established and
modified from time to time 

  
 - 2 -

 
and (ii) reasonable paid vacation; provided that (A) the Executive shall be entitled to earn and use paid time off (“PTO”) as a regular part-time employee, and he shall earn
prorated PTO at fifty percent (50%) of the accrual rate that a regular full-time employee is entitled to based on the length of his active service with the Company pursuant to the Company’s PTO policy, as may be established and modified
from time to time, and (B) the Executive shall schedule the timing and duration of vacations in a reasonable manner taking into account the needs of the business of the ARH Group. The Executive shall also be entitled to an automobile for use
during the Term of this Agreement and the Company shall pay all expenses (including insurance, taxes and fuel) in connection therewith; provided that, the aggregate expenditure by the Company pursuant to this sentence for any fiscal year shall not
exceed $12,000 plus all costs for insurance and fuel. 
 5.4. Expenses. The Company will reimburse the Executive for all
reasonable and necessary expenses incurred by the Executive in connection with the business of the ARH Group (“Expenses”), provided that such expense reimbursements are in accordance with applicable policies of the Company in
effect from time to time and are properly documented and accounted. 
 5.5. Insurance; Indemnification. Throughout the
Term of this Agreement and for a period of 12 months following the effective date of the Executive’s termination from the Company’s employment, the Company or ARH agrees to maintain director and officer liability insurance for the benefit
of the Executive in scope and amounts reasonably acceptable to the Board. Executive shall be entitled to indemnification under ARH’s charter and bylaws or other indemnification agreement as they exist from time to time, but always on a basis
consistent with the terms applicable from time to time for members of the Board. 
 5.6. Company’s Life Insurance.
The Company, in its sole discretion, may apply for and procure in its own name (whether or not for its own benefit) policies of insurance insuring the life of Executive in such amounts as Company may deem advisable. Executive shall have no right,
title or interest in any such policies of insurance, except to the extent his estate or other persons are specifically named as beneficiaries thereof. Executive agrees to submit to any medical or other examination and to execute and deliver any
applications or other instrument in writing, reasonably necessary to effectuate such insurance. 
 ARTICLE 6

 TERMINATION 
 6.1. Events of Termination. The Executive’s employment with the Company shall terminate upon any of the following: 
 (i) the effective date of a written notice by the Company to the Executive stating the Board’s reasonable, good faith determination to terminate the Executive for Cause (as defined in
Section 6.2) (“Termination For Cause”); 
 (ii) the effective date of a written notice by the
Company to the Executive stating the Board’s reasonable, good faith determination, on the bases of advice by a physician appointed by the Board, that due to a mental or physical condition that the Company is not required to accommodate or
cannot reasonably accommodate, the Executive has been unable and failed to substantially render the services to be provided by the Executive to the Company for a period of not less than 180 days in any consecutive 12-month period
(“Termination for Disability”); 
 (iii) the Executive’s death (“Termination Upon
Death”); 

  
 - 3 -

  
 (iv) the effective
date of a notice to the Executive stating that the Board is terminating his employment, without Cause, which notice can be given by the Company at any time at the Company’s sole discretion, for any reason or for no reason
(“Termination without Cause”); 
 (v) the effective date of a notice from the Executive to the Company
stating that the Executive is terminating his employment with the Company for Good Reason (as defined in Section 6.2) (“Resignation for Good Reason”); or 

(vi) the 60th day following the date the Executive delivers a notice to the Company stating that the Executive is electing to
terminate his employment with the Company, whether by voluntary resignation without Good Reason (“Resignation without Good Reason”). 
 6.2. Certain Definitions. For purposes of this Agreement, 

“ARH” shall mean American Renal Holdings Inc., a Delaware corporation formerly known as American Renal Associates
Inc. 
 “ARH Group” shall mean ARH and its direct and indirect subsidiaries. 

“Cause” shall mean any of the following: (a) the Executive’s being convicted of, or having pled guilty
or nolo contendere to, any crime if as a result the Executive’s continued association with the Company it is likely to be injurious to its business or reputation; (b) the Executive’s breach of duty of loyalty which is
detrimental to the Company involving personal profit to the Executive; (c) the Executive’s willful failure to perform or adhere to explicitly stated duties or guidelines of employment or to follow the directives of the Board (which are not
unlawful to perform or to adhere to or follow and which do not constitute Good Reason) following a written warning that if such failure continues it will be deemed a basis for dismissal for Cause; or (d) the Executive’s gross negligence or
willful misconduct in the performance of the Executive’s duties. 
 “Change in Control” shall mean
(i) the sale or disposition, in one or a series of related transactions, of all or substantially all of the assets of C.P. Atlas Holdings, Inc. and its subsidiaries (as defined in Section 424(f) of the Code) (taken as a whole) to any
“person” or “group” (as such terms are defined in Sections 13(d)(3) and 14(d)(2) of the Exchange Act) other than Centerbridge Capital Partners, L.P. (the “Sponsor”) or its affiliates (as defined in Rule
501(b) of the Securities Act of 1933) or (ii) any person or group, other than the Sponsor or its affiliates, is or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of
more than 50% of the total voting power of the voting stock of C.P. Atlas Holdings, Inc., including by way of merger, consolidation or otherwise and the Sponsor ceases to control the Board. For the avoidance of doubt, no event that occurs prior to
the Effective Date shall constitute a Change in Control. 
 “Company” shall mean American Renal
Management LLC, a Delaware limited liability company. 
 “Good Reason”
shall mean any of the following: any substantial diminution of or substantial detrimental change in the Executive’s responsibilities, salary or benefits (other than a change in benefits generally applicable to all eligible employees), or
re-location of the Executive’s principal office from the metropolitan Boston area provided that none of these events shall constitute Good Reason unless the Company fails to cure such event within 30 days after receipt from Executive of written
notice of the event which constitutes Good Reason; provided, further, that “Good Reason” shall cease to exist for an event on the 60th day following the later of its occurrence or Executive’s knowledge thereof, unless Executive has given the
Company written notice thereof prior to such date. Notwithstanding the foregoing, the following shall not constitute “Good Reason” for purposes of this Agreement: (i) the Executive’s removal from the position of Chairman of the
Board for any reason or (ii) the Executive’s removal from, or failure to be re-elected to, the Board. 

  
 - 4 -

  

ARTICLE 7 
 EFFECT OF TERMINATION 

7.1. Termination for Cause; Resignation without Good Reason. In the event of any termination of the Executive’s employment
pursuant to Section 6.1(i) (Termination for Cause) or Section 6.1(vi) (Resignation without Good Reason): 
 (i) the
Executive shall be entitled to receive his Base Salary and reimbursement of Expenses for periods through the effective date of his termination. 
 (ii) the Executive’s rights to Benefits under the Company’s benefit plans of general application shall be determined under the provisions of those plans. 

7.2. Termination without Cause; Resignation with Good Reason. In the event of termination of employment pursuant to
Section 6.1(iv) (Termination without Cause) or Section 6.1(v) (Resignation with Good Reason), conditioned upon and subject to the Executive’s compliance with the restrictive covenants under Article 8 and the Executive executing and
delivering a valid general release (that is no longer subject to revocation under applicable law) in a form consistent with the Company’s standard form of general release for departing executives in the form of Exhibit A attached hereto
(“General Release”) (which shall be provided by the Company to the Executive no later than 10 days after the date of Executive’s termination of employment) within 52 days following the date of Executive’s
termination of employment: 
 (i) Executive shall be entitled to receive his Base Salary and reimbursement of Expenses for
periods through the effective date of his termination, as well as any Bonus amount earned, but not yet paid in accordance with Section 5.2 for any prior fiscal year. 
 (ii) Without derogation of any other rights and claims which the Executive may have hereunder, Executive shall be entitled to severance compensation in an amount equal to 200% of Base Salary, payable in
equal monthly installments over the twenty-four month period following the effective date of his termination, in accordance with the Company’s usual executive salary payment practice and subject to all withholding obligations. 

(iii) Executive and his eligible dependants shall continue to be eligible to participate in all of the Company’s group health, life,
and disability plans on the same terms and conditions as active employees of the Company until the earlier of (A) the expiration of the twenty-four month period following the effective date of his termination or (B) the date the Executive
is or becomes eligible for comparable coverage under health, life and disability plans of another employer. 
 7.3.
Termination for Death; Disability. In the event of termination of employment pursuant to Section 6.1(ii) (Termination for Disability) or Section 6.1(iii) (Termination upon Death), conditioned upon and subject to the Executive’s
compliance with the restrictive covenants under Article 8 and the Executive (solely to the extent practicable in light of the applicable Disability in the event of a termination of employment pursuant to Section 6.1(ii) (Termination for
Disability)) executing and delivering a valid General Release (that is no longer subject to revocation under applicable law) in a form consistent with the General Release (which shall be provided by the Company to the Executive no later than 10 days
after the date of Executive’s termination of employment) within 52 days following the date of Executive’s termination of employment: 
 (i) Executive shall be entitled to receive his Base Salary and reimbursement of Expenses for periods through the effective date of his termination, as well as any Bonus amount earned, but not yet paid in
accordance with Section 5.2 for any prior fiscal year. 

  
 - 5 -

  
 (ii) Without
derogation of any other rights and claims which the Executive may have hereunder, Executive shall be entitled to severance compensation in an amount equal to 100% of the Base Salary, payable in equal monthly installments over a twelve month period
following the effective date of his termination, in accordance with the Company’s usual executive salary payment practice and subject to all withholding obligations. 
 (iii) Executive and his eligible dependants shall continue to be eligible to participate in all of the Company’s group health, life, and disability plans on the same terms and conditions as active
employees of the Company until the earlier of (A) the expiration of the twelve month period following the effective date of his termination or (B) the date the Executive is or becomes eligible for comparable coverage under health, life and
disability plans of another employer. 
 ARTICLE 8 

NONCOMPETITION, NONSOLICITATION AND CONFIDENTIALITY 

8.1. Restrictive Covenants. 
 8.1.1. The Executive acknowledges that (a) the ARH Group has at considerable expense purchased and developed valuable goodwill, going concern value, customer and client relationships and
confidential information that are valuable property rights of the ARH Group, (b) the Merger Agreement would not have been entered into by the parties thereto without the agreement and covenants of Executive contained herein, and (c) the
Executive’s position with the ARH Group is and has been such that the Executive has had and will continue to have access to and knowledge concerning such rights, which if used other than for the benefit of the ARH Group could significantly
injure the ARH Group. Accordingly, and in consideration of the mutual promises contained herein, and in order to protect the goodwill and going concern value of the ARH Group, the Executive agrees to the covenants set forth below. As used herein,
“Restrictive Period” means the period beginning on the Effective Date and ending on the third
(3rd) anniversary of the effective date of the
termination of the Executive’s employment with the Company, however such termination may occur; provided, however, that, solely in the case of a Change in Control, “Restrictive Period” shall mean the period
beginning on the Effective Date and ending on the later of (i) the third (3rd) anniversary of the Change in Control and (ii) the first
(1st) anniversary of the effective date of
Executive’s termination; provided further that, solely in the case of a Change in Control, the Company shall have the right to extend the Restrictive Period by delivery of written notice to the Executive (the “Election
Notice”) until the later of (i) the fifth (5th) anniversary of the Change in Control and (ii) the first
(1st) anniversary of the effective date of
Executive’s termination. The Election Notice shall be delivered no later than ten (10) business days after the effective date of the Change in Control and shall state that the Company has elected to extend the Restrictive Period until the
later of (i) the fifth (5th) anniversary of the
Change in Control and (ii) the first
(1st) anniversary of the effective date of
Executive’s termination. In the event that the Company elects to extend the Restrictive Period by delivery of the Election Notice, it shall pay the Executive an amount equal to 300% of Executive’s Base Salary. Such amount shall be due and
payable by the Company to the Executive in a single installment on the date of delivery of the Election Notice. 
 8.1.2.
The Executive recognizes and acknowledges that certain assets of the ARH Group constitute Confidential Information. The term “Confidential Information” as used in this Agreement shall mean all information which is known
only to the Executive or the ARH Group, other employees or others in a confidential relationship with the ARH Group (including but not limited to any entity controlled by, controlling or under common control with the ARH Group (each, an
“Affiliate”) and their 

  
 - 6 -

 
respective employees and officers), and relating to the ARH Group’s or any Affiliate’s business (including, without limitation, information regarding clients, customers, pricing
policies, methods of operation, proprietary computer programs, sales, products, profits, costs, markets, key personnel, formulae, product applications, technical processes, and trade secrets), as such information may exist from time to time, which
the Executive acquired or obtained by virtue of work performed for the ARH Group, or which the Executive may acquire or may have acquired knowledge of during the performance of said work. The Executive agrees that at all times during his employment
and thereafter (including periods after the term of this Agreement), he will keep and maintain all Confidential Information and all of the affairs of the ARH Group and its Affiliates confidential, and will not, except (i) as necessary for the
performance of his responsibilities hereunder or (ii) as required by judicial process and after prior notice to the Company (as early as practicable, and in any event not less than three (3) days prior to any such required disclosure),
unless required earlier by a court order or a legal requirement, disclose to any person for any reason or purpose whatsoever, directly or indirectly, all or any part of the Confidential Information of the ARH Group and its Affiliates. The Executive
is not bound by the restrictions in this paragraph with respect to any information that becomes public other than as a consequence of the breach by the Executive of his confidentiality obligations hereunder or is disclosed without an obligation of
confidentiality. The Executive can disclose all information to his personal advisors, in the context of seeking advice regarding employment hereunder, subject to becoming liable for any violation by them of the Executive’s confidentiality
obligations. The Executive agrees that on the termination of his employment, however such termination may occur, the Executive will promptly return to the Company all materials and other property from time to time held by the Executive and
proprietary to the ARH Group including without limitation any documents incorporating, reflecting or reproducing in whole or in part any Confidential Information, credit cards, and the like. 

8.1.3. During the Restrictive Period, the Executive shall not, and shall not cause any entity or business enterprise of which he
is an employee, officer, promoter, director, shareholder, partner, trustee or consultant to, (i) persuade or attempt to persuade any employee or contracting physician of the Company and/or its Affiliates to terminate his relationship with the
Company and/or its Affiliates, or (ii) employ in any capacity any person who was at any time during the period of the Executive’s employment by the Company employed in any capacity by the Company or any of its Affiliates; provided,
the Executive shall have the right to employ certain independent contractor professionals used by the Company or its Affiliates, such as lawyers, accountants or engineers, if the Executive’s retention of such persons or entities would not
impede or interfere with any continuing relationship between such person or entity and the Company and/or its Affiliates. 

8.1.4. During the Restrictive Period, the Executive will not, directly or indirectly, compete with the Company and/or its
Affiliates as an owner, partner, member, shareholder, consultant, agent, employee, director or co-venturer of any business (i) engaged in the kidney dialysis business and/or the operation of kidney dialysis facilities within 10 miles of any
such facility owned and operated by the ARH Group, (ii) engaged in the kidney dialysis business and/or the operation of kidney dialysis facilities where the Executive is involved in a program to establish joint ventures with nephrologists in
the United States of America, and (iii) in the case of a termination of employment that occurs on or before the third anniversary of the Effective Date or which occurs after a Change in Control, engaged in the kidney dialysis business and/or
the operation of kidney dialysis facilities in the United States of America. In addition to the foregoing, the Executive will not during the Restrictive Period represent any other entity or business enterprise in conducting substantial negotiations
with any nephrologists with whom such Executive had conducted substantial negotiations on behalf of the ARH Group during the one (1) year period immediately prior to the termination of such Executive’s employment with the Company, however
such termination may occur, for the purpose of establishing a business relationship between such nephrologists and such other entity or business enterprise. Notwithstanding the foregoing, this Section 8.1.4 is not intended to prohibit or
restrict the Executive from (i) holding a direct or indirect equity interest in ARH, or (ii) owning up to five percent (5%) of the outstanding stock of a publicly held corporation that competes with the ARH Group. 

  
 - 7 -

  
 8.2. Inventions and
Patents. The Executive acknowledges that all inventions, innovations, improvements, developments, methods, designs, analyses, drawings, reports and all similar or related information (whether or not patentable) which relate to the ARH
Group’s actual or anticipated business, research and development or existing or future products or services and which are conceived, developed or made by the Executive while employed by the Company (“Work Product”)
belong to the ARH Group. The Executive shall promptly disclose such Work Product to the Board and perform all actions reasonably requested by the Board (whether during or after the term of this Agreement) to establish and confirm such ownership
(including, without limitation, assignments, consents, powers of attorney and other instruments). 
 8.3. Enforcement;
Remedies. The Executive covenants, agrees and recognizes that because the breach or threatened breach of the covenants, or any of them, contained in Section 8.1 hereof will result in immediate and irreparable injury to the ARH Group, the
ARH Group shall be entitled to an injunction restraining the Executive from any violation of Section 8.1 to the fullest extent allowed by law. The Executive further covenants and agrees that in the event of a violation of any of the respective
covenants and agreements contained in Section 8.1 hereof, (i) the ARH Group shall be entitled to receive all such amounts to which the ARH Group would be entitled as damages under law or at equity and (ii) upon the ARH Group obtaining
a judgment or an injunction from a court of competent jurisdiction, the obligations of the ARH Group to make any further payments to Executive pursuant to any provision of this Agreement shall be suspended until Executive shall cease violating or
breaching his respective covenants and agreements contained in Section 8.1 hereof and the ARH Group shall have received reasonable assurances from Executive that he will no longer engage in the same at which time the previously suspended
payments shall be made to Executive. Nothing herein shall be construed as prohibiting the ARH Group from pursuing any other legal or equitable remedies that may be available to it for any such breach, including the recovery of damages from the
Executive. The prevailing party in any action relating to a violation or alleged violation of any on the of the respective covenants and agreements contained in Section 8.1 hereof shall be entitled to receive for the other party, and such other
party shall pay to the prevailing party, its reasonable and documented costs and expenses associated with such action. 

8.4. Construction. The Executive hereby expressly acknowledges and agrees as follows: 

(i) the covenants set forth in Article 8 are reasonable in all respects and are necessary to protect the legitimate business and
competitive interests of the ARH Group in connection with their business which the Executive agrees, pursuant to this Agreement, to assist in maintaining and developing; and 
 (ii) each of the covenants set forth in Article 8 is separately and independently given, and each such covenant is intended to be enforceable separately and independently of the other such covenants,
including without limitation, enforcement by injunction, and that the invalidity or unenforceability of any provision of this Agreement in any respect shall not affect the validity or enforceability of this Agreement in any other respect.

 In the event that any provision of this Agreement shall be held invalid or unenforceable by a court of competent jurisdiction
by reason of the geographic or business scope or the duration thereof of any such covenant, or for any other reason, such invalidity or unenforceability shall attach only to the particular aspect of such provision found invalid or unenforceable as
applied and shall not affect or render invalid or unenforceable any other provision. This Agreement shall be construed as if the geographic or business scope or the duration of such provision or other basis on which such provisions has been
challenged had been more narrowly drafted so as not to be invalid or unenforceable. The provisions under Article 8 shall survive the termination of the Executive’s employment for any reason. 

  
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ARTICLE 9 
 MISCELLANEOUS 
 9.1. Arbitration. Except with respect
to controversies or claims arising under Article 8 hereof, the Executive and the Company shall submit to mandatory binding arbitration in any controversy or claim arising out of, or relating to, this Agreement or any breach hereof. Such arbitration
shall be conducted in Boston, Massachusetts in accordance with the employment rules of the American Arbitration Association in effect at the time such arbitration is conducted, and judgment upon the determination or award rendered by the arbitrator
may be entered in any court having jurisdiction thereof. The arbitrator is hereby authorized to award to the prevailing party the costs (including reasonable attorneys’ fees and expenses) of any such arbitration. 

9.2. Absence of Conflicting Agreements and Obligations. The Executive represents and warrants that he is not a party to or bound
by any other agreement or understanding of any type, whether written or oral, or by any statutory or common law duty or obligation which, in any case, would in any way restrict his ability to be employed by the Company, or his ability to compete
freely with any other Person. 
 9.3. Severability. If any provision of this Agreement shall be found by any arbitrator
or court of competent jurisdiction to be invalid or unenforceable, then the parties hereby waive such provision to the extent that it is found to be invalid or unenforceable and to the extent that to do so would not deprive one of the parties of the
substantial benefit of its bargain. Such provision shall, to the extent allowable by law and the preceding sentence, be modified by such arbitrator or court so that it becomes enforceable and, as modified, shall be enforced as any other provision
hereof, all the other provisions continuing in full force and effect. 
 9.4. No Waiver. The failure by either party at
any time to require performance or compliance by the other of any of its obligations or agreements shall in no way affect the right to require such performance or compliance at any time thereafter. The waiver by either party of a breach of any
provision hereof shall not be taken or held to be a waiver of any preceding or succeeding breach of such provision or as a waiver of the provision itself. No waiver of any kind shall be effective or binding, unless it is in writing and is signed by
the party against whom such waiver is sought to be enforced. 
 9.5. Assignment. This Agreement and all rights hereunder
are personal to the Executive and may not be transferred or assigned by the Executive at any time. The Company may assign its rights, together with its obligations hereunder, to any parent, subsidiary, affiliate or successor, or in connection with
any sale, transfer or other disposition of all or substantially all of the business and assets of the Company (whether by merger or otherwise), provided, however, that any such assignee assumes the Company’s obligations hereunder.

 9.6. Entire Agreement. As of the Effective Date, this Agreement constitutes the entire agreement between the parties
relating to the employment of the Executive with the Company, and this Agreement supersedes and cancels any and all previous contracts, arrangements or understandings, whether written or oral, with respect thereto (including the Prior Employment
Agreement). If the Merger Agreement terminates for any reason, this Agreement shall terminate and be of no further force and effect and the Prior Employment Agreement shall continue in full force and effect. 

9.7. Amendment. This Agreement may be amended, modified, superseded, canceled, renewed or extended only by an agreement in writing
executed by both parties hereto. 

  
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 9.8. Notices.
All notices and other communications required or permitted under this Agreement shall be in writing and hand delivered, sent by telecopier, sent by registered first class mail, postage prepaid return receipt requested, or sent by nationally
recognized express courier service. Such notices and other communications shall be effective upon receipt, to the following addresses, or such other addresses as any party shall notify the other parties: 

If to the Company: 
 American Renal Management LLC 
 5 Cherry Hill Drive 

Danvers, Massachusetts 01993 
 Attn: Chief Executive Officer 

			
	Facsimile:	 	(978) 750-4740

 with a copy to:

 Centerbridge Capital Partners, L.P. 

375 Park Avenue, 12th Floor 
 New York, New York 10152 

			
	Facsimile:	 	(212) 672-5001
	Attention:	 	Steven M. Silver
		 	Jared S. Hendricks

 Simpson
Thacher & Bartlett LLP 
 425 Lexington Avenue 

New York, New York 10017 

			
	Facsimile:	 	(212) 455-2502
	Attention:	 	Gregory Grogan, Esq.

 If to the Executive:

 Christopher T. Ford 
 4 Durham Drive 
 Lynnfield, MA 01940 

with a copy to: 
 Greenberg Traurig, LLP 
 3290 Northside Parkway 

Suite 400 

Atlanta, Georgia 30327 

			
	Facsimile:	 	(678) 553-2120
	Attention:	 	Gary E. Snyder, Esq.

 9.9. Binding
Nature. This Agreement shall be binding upon, and inure to the benefit of, the successors and personal representatives of the respective parties hereto. 
 9.10. Headings. The headings contained in this Agreement are for reference purposes only and shall in no way affect the meaning or interpretation of this Agreement. 

  
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 9.11.
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original but all of which, taken together, constitute one and the same agreement. 

9.12. Governing Law. This Agreement and the rights and obligations of the parties hereto shall be governed by and construed in
accordance with the laws of the Commonwealth of Massachusetts, without giving effect to the principles of conflict of laws. 

9.13. Compliance with IRC Section 409A. 
 (a) Notwithstanding anything herein to the contrary, (i) if at the time of the Executive’s termination of employment with the Company Executive is a “specified employee” as defined in
Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the deferral of the commencement of any payments or benefits otherwise payable hereunder as a result of such termination of employment is
necessary in order to prevent any accelerated or additional tax under Section 409A of the Code, then the Company will defer the commencement of the payment of any such payments or benefits hereunder (without any reduction in such payments or
benefits ultimately paid or provided to Executive) until the date that is six months following Executive’s termination of employment with the Company (or the earliest date as is permitted under Section 409A of the Code without any
accelerated or additional tax) and (ii) if any other payments of money or other benefits due to Executive hereunder could cause the application of an accelerated or additional tax under Section 409A of the Code, such payments or other
benefits shall be deferred if deferral will make such payment or other benefits compliant under Section 409A of the Code, or otherwise such payment or other benefits shall be restructured, to the extent possible, in a manner, determined by the
Board, that is reasonably expected not to cause such an accelerated or additional tax. Any payment or benefit delayed by reason of the prior sentence shall be paid out or provided in a single lump sum at the end of such required delay period in
order to catch up to the original payment schedule. 
 (b) For purposes of Section 409A of the Code, each payment made
under this Agreement shall be designated as a “separate payment” within the meaning of Section 409A of the Code, any series of installment payments under this Agreement shall be treated as a right to a series of separate payments, and
references herein to Executive’s “termination of employment” shall refer to Executive’s separation from service with the Company within the meaning of Section 409A of the Code. 

(c) (i) Any reimbursements by the Company to the Executive of any eligible expenses under this Agreement that are not excludable
from the Executive’s income for Federal income tax purposes (the “Taxable Reimbursements”) shall be made by no later than the earlier of the date on which they would be paid under the Company’s normal policies and the last day of
the taxable year of the Executive following the year in which the expense was incurred. 
 (ii) The amount of any Taxable
Reimbursements, and the value of any in-kind benefits to be provided to the Executive, during any taxable year of the Executive shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year
of the Executive (except for any life-term or other aggregate limitation applicable to medical expenses). 
 (iii) The right to
Taxable Reimbursement, or in-kind benefits, shall not be subject to liquidation or exchange for another benefit. 
 (d)
Notwithstanding any other provisions of this Agreement or any other agreement to which the Company and the Executive are parties to the contrary, in no event shall any payment under this Agreement that constitutes “deferred compensation”
for purposes of Section 409A of the Code be subject to offset by any other amount unless otherwise permitted by Section 409A of the Code. 

  
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 9.14.
MUTUAL WAIVER OF JURY TRIAL REGARDING ARTICLE 8. BECAUSE DISPUTES ARISING IN
CONNECTION WITH COMPLEX TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY
AN EXPERIENCED AND EXPERT PERSON, THE PARTIES DESIRE THAT ANY CLAIM
OR CONTROVERSY ARISING UNDER ARTICLE 8 HEREOF BE RESOLVED BY A JUDGE
APPLYING APPLICABLE LAWS. EACH PARTY TO THIS AGREEMENT HEREBY WAIVES ALL
RIGHTS TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT
TO RESOLVE ANY SUCH CLAIM OR CONTROVERSY BETWEEN THE PARTIES HERETO,
WHETHER ARISING IN CONTRACT, TORT, OR OTHERWISE, ARISING OUT OF, CONNECTED
WITH, RELATED OR INCIDENTAL TO ARTICLE 8 OF THIS AGREEMENT. 

9.15. Construction of Terms. In this Agreement, the singular includes the plural, the plural includes the singular, and the
masculine gender includes both male and female references. 
 ************ 

  
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 Signature Page to the Employment
Agreement between American Renal Management LLC, American Renal Holdings Inc. and Christopher T. Ford 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be executed as of the date first set forth above. 
  

			
	AMERICAN RENAL HOLDINGS INC.
		
	By:	 	 /s/ Joseph A. Carlucci

	Name:	 	Joseph A. Carlucci
	Title:	 	Chief Executive Officer
	
	AMERICAN RENAL MANAGEMENT LLC
		
	By:	 	 /s/ Joseph A. Carlucci

	Name:	 	Joseph A. Carlucci
	Title:	 	Chief Executive Officer
	
	 /s/ Christopher T. Ford

	Christopher T. Ford

  
 EXHIBIT A

 FORM OF RELEASE AND WAIVER OF CLAIMS 
 This Release and Waiver of Claims (“Release”) is entered into as of this [ — ] day of
                    , 20[—], by Christopher T. Ford (the “Executive”). 

The Executive agrees as follows: 
 1. The employment relationship between the Executive and American Renal Management LLC, a Delaware limited liability company (the “Company”) and its subsidiaries and affiliates, as
applicable, [will terminate][terminated] on the [ — ] day of                     ,
20[—] (the “Termination Date”) pursuant to Section [6.1(ii)/(iv)/(v)] of the Employment Agreement between the Company, American Renal Holdings, Inc., a Delaware limited liability company and the Executive dated March 22,
2010 (the “Employment Agreement”). The Executive [has resigned or] hereby resigns from all positions as an officer, director or otherwise for the Company and each of its subsidiaries and affiliates. 

2. In consideration of the payments, rights and benefits provided for in Section [7.2/7.3] of the Employment Agreement
(“Separation Terms”) and this Release, the sufficiency of which the Executive hereby acknowledges, the Executive, on behalf of the Executive and the Executive’s agents, representatives, attorneys, administrators, heirs,
executors and assigns (collectively, the “Employee Releasing Parties”), but subject to Section 4 hereof, hereby releases and forever discharges the Company Released Parties (as defined below), from all claims, charges, causes
of action, obligations, expenses, damages of any kind (including attorneys fees and costs actually incurred) or demands, in law or in equity, whether known or unknown, which may have existed or which may now exist from the beginning of time to the
date of this Release, arising from or relating to the Executive’s employment or termination from employment with the Company or otherwise, including a release of any rights or claims the Executive may have under Title VII of the Civil Rights
Act of 1964; the Civil Rights Act of 1991; the Age Discrimination in Employment Act of 1967, as amended (“ADEA”); the Older Workers Benefit Protection Act; the Americans with Disabilities Act of 1990; the Rehabilitation Act of 1973;
the Family and Medical Leave Act of 1993; Section 1981 of the Civil Rights Act of 1866; Section 1985(3) of the Civil Rights Act of 1871; the Employee Retirement Income Security Act of 1974; the Fair Labor Standards Act; any other federal,
state or local laws against discrimination; or any other federal, state, or local statute, regulation or common law relating to employment, wages, hours, or any other terms and conditions of employment. This includes a release of any and all claims
or rights arising under contract (whether written or oral, express or implied), covenant, public policy, tort or otherwise. For purposes hereof, “Company Released Parties” shall mean the Company, any of its direct or indirect
stockholders holding a beneficial ownership of more than 5% of the Company’s voting stock and any of its and their respective divisions, parents, members, subsidiaries, affiliates, predecessors, successors (and any of its and their respective
past, current and future employees, agents, insurers, attorneys, administrators, officials, directors, direct or indirect shareholders, employee benefit plans, and the sponsors, fiduciaries, or administrators of such employee benefit plans in their
individual or representative capacities). 
 3. The Executive acknowledges that the Executive is waiving and releasing rights
that the Executive may have under the ADEA and other federal, state and local statutes contract and the common law and that this Release is knowing and voluntary. The Executive agrees that this Release does not apply to any rights or claims that may
arise after the date of execution by the Executive of this Release. The Executive acknowledges that the consideration given for this Release is in addition to anything of value to which the Executive is already entitled. The Executive further
acknowledges that the Executive has been advised by this writing that: (i) the Executive should consult with an attorney prior to executing this Release; (ii) the Executive has up to twenty-one (21) days within which to consider this
Release, although the Executive may, at the Executive’s discretion, sign and return this Release at an earlier time, in which case the Executive waives all rights to the balance of this twenty-one (21) day review period;

 
and (iii) for a period of 7 days following the execution of this Release (the “Revocation Period”) in duplicate originals, the Executive may revoke this Release in a writing
delivered to                     , and this Release shall not become effective or enforceable until the Revocation Period has expired.

 4. This Release does not release the Company Released Parties from (i) any obligations due to the Executive under the
Separation Terms or under this Release, (ii) any rights the Executive has to indemnification by the Company (or any subsidiary or affiliate thereof) and to directors and officers liability insurance coverage under the Employment Agreement or
otherwise, (iii) any vested rights the Executive has under the Company’s employee pension benefit plans or any other tax-qualified employee benefit plans as a result of the Executive’s actual service with the Company, or (iv) any
rights of the Executive as a shareholder or optionholder of the Company (or any subsidiary or affiliate thereof), in the Executive’s sole capacity as such (including, without limitation, any rights to proceeds from the sale or other action with
respect to any stock or options of the Company (or any subsidiary or affiliate thereof). 
 5. The Executive represents
and warrants that he has not filed any action, complaint, charge, grievance, arbitration or similar proceeding against the Company Released Parties.  
 6. This Release is not an admission by the Company Released Parties or the Employee Releasing Parties of any wrongdoing, liability or violation of law. 

7. The Executive waives any right to reinstatement or future employment with the Company following the Executive’s separation from
the Company on the Termination Date. 
 8. The Executive shall continue to be bound by the restrictive covenants contained in
the Employment Agreement or any other agreement with the Company or its affiliates, in accordance with their terms. 
 9. This
Release shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts, without reference to the principles of conflict of laws. 
 10. Any controversy or claim arising out of or relating to this Release shall be resolved by binding confidential arbitration by a single arbitrator who is licensed to practice law in a State in the
United States, to be held in Boston, Massachusetts, in accordance with the Employee Dispute Resolution Rules of the American Arbitration Association (or its successor rules). The arbitrator shall have the discretionary authority to award
attorneys’ and arbitrator’s reasonable fees and expenses and the costs of arbitration to the prevailing party. Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. The
arbitrator’s decision shall be in writing and shall include the findings of fact and a statement of law on which the decision is based. 
 11. This Release represents the complete agreement between the Executive and the Company concerning the subject matter in this Release and supersedes all prior agreements or understandings, written or
oral, with respect solely to the subject matter hereof. For avoidance of doubt, this Release does not supersede that certain Stockholders Agreement dated as of March 22, 2010 among the Company’s affiliates and their stockholders, including
the Executive, or any option award agreement to which the Executive is a party. This Release may not be amended or modified otherwise than by a written agreement executed by the parties hereto or their respective successors and legal
representatives. 
 12. Each of the sections contained in this Release shall be enforceable independently of every other section
in this Release, and the invalidity or unenforceability of any section shall not invalidate or render unenforceable any other section contained in this Release. 

  
 - 2 -

  
 13. The Executive
acknowledges that the Executive has carefully read and understands this Release, that the Executive has the right to consult an attorney with respect to its provisions and that this Release has been entered into knowingly and voluntarily. The
Executive acknowledges that no representation, statement, promise, inducement, threat or suggestion has been made by any of the Company Released Parties to influence the Executive to sign this Release except such statements as are expressly set
forth herein or in the Employment Agreement. 
 The parties to this Release have executed this Release as of the day and year first written
above. 
  

	
	Christopher T. Ford
	
	  

	By:
	
	Title:

  
 - 3 -

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