Document:

Collateral Management Agreement

 Exhibit 10.9 

 
  
 COBBS CREEK LLC 
 as Company 

and 
 FS
INVESTMENT CORPORATION II 
 as Collateral Manager 
 COLLATERAL MANAGEMENT AGREEMENT 
 Dated as of October 26, 2012 

 
  

 This COLLATERAL MANAGEMENT AGREEMENT, dated as of October 26, 2012 (this
“Agreement”), is entered into by and between COBBS CREEK LLC, a Delaware limited liability company (the “Company”), and FS INVESTMENT CORPORATION II, a Maryland corporation (in such capacity, the “Collateral
Manager”). 
 WHEREAS, the Company desires to engage the Collateral Manager to provide the services described herein,
and the Collateral Manager desires to provide such services; and 
 WHEREAS, capitalized terms used herein that are not
otherwise defined herein shall have the respective meanings ascribed thereto in the TBMA/ISMA Global Master Repurchase Agreement dated as of October 26, 2012, as amended from time to time (together with any agreements referred to therein, the
“Global Master Repurchase Agreement”), between the Company and JPMorgan Chase Bank, N.A., London Branch, as counterparty (in such capacity, together with its successors in such capacity, the “Counterparty”).

 NOW, THEREFORE, in consideration of the mutual covenants and agreements herein, the parties hereto hereby agree as follows:

  

	 	1.	Management Services. 

 The
Company hereby appoints FS Investment Corporation II as Collateral Manager pursuant to the terms and conditions of this Agreement and with the authority to service, administer and exercise rights and remedies, on behalf of the Company, in respect of
the Collateral Assets. FS Investment Corporation II hereby accepts such appointment and agrees to perform the duties and responsibilities of the Collateral Manager pursuant to the terms hereof. The Collateral Manager will provide the Company with
the following services (in accordance with and subject to the applicable requirements of, and the restrictions and limitations set forth in, the Global Master Repurchase Agreement and the Company’s limited liability company agreement (the
“LLC Agreement”)): 
 (a) determining the specific Collateral Assets or other assets to be
purchased, otherwise acquired or sold by the Company; 
 (b) effecting the purchase, other acquisition and sale
of Collateral Assets and all other assets of the Company; 
 (c) negotiating with Obligors as to proposed
amendments and modifications (including, but not limited to, extensions or releases of collateral) of the documentation evidencing and governing the Collateral Assets; 

(d) making determinations with respect to the Company’s exercise (including but not limited to any waiver,
modification or variation) of any rights (including but not limited to voting rights and rights arising in connection with the bankruptcy or insolvency of an Obligor or the consensual or non-judicial restructuring of the debt or equity of an
Obligor) or remedies in connection with the Collateral Assets and participating in the committees (official or otherwise) or other groups formed by creditors of an Obligor; 

(e) determining compliance with the Adjusted Net Worth Test; 

 (f) determining whether any Collateral Asset is a Performing Common Equity,
Preferred Stock, a Structured Finance Obligation, a Participation, a Finance Lease, a Uncovered Revolving or Delayed-Draw Asset, Non-Performing Common Equity, a Derivatives Transaction, debt or equity of affiliates of Counterparty and a Bank Loan;

 (g) determining whether any payment will be made, and the amount thereof, pursuant to Section 6(o) of
Annex I to the Global Master Repurchase Agreement; 
 (h) managing the Company’s investments within the
parameters set forth in the Global Master Repurchase Agreement; and 
 (i) promptly providing the Counterparty
and the Company in writing any notices required to be delivered under Section 6(c) of Annex I to the Global Master Repurchase Agreement to the extent the Collateral Manager has actual knowledge of the occurrence thereof. 

The Company agrees for the benefit of the Collateral Manager and the Counterparty to follow the lawful instructions and directions of the
Collateral Manager in connection with the Collateral Manager’s services hereunder. 
 The Collateral Manager shall use
reasonable care in rendering its services hereunder, using a degree of skill and attention no less than that which the Collateral Manager exercises with respect to comparable assets that it manages for itself and for others in accordance with its
existing practices and procedures which the Collateral Manager reasonably believes to be consistent with those followed by institutional managers of national standing relating to assets of the nature and character of Collateral Assets, except as
expressly provided otherwise in this Agreement. The Collateral Manager shall comply with and perform all the duties and functions that have been specifically delegated to it under this Agreement. The Collateral Manager shall not be bound to follow
any amendment to the Global Master Repurchase Agreement, however, until it has received a copy of the amendment from the Company or the Counterparty and, in addition, the Collateral Manager shall not be bound by any amendment to the Global Master
Repurchase Agreement which adversely affects in any material respects the obligations of the Collateral Manager unless the Collateral Manager shall have consented thereto in writing. The Company agrees that it will not permit any amendment to the
Global Master Repurchase Agreement that adversely affects the duties or liabilities of the Collateral Manager to become effective unless the Collateral Manager has been given prior written notice of such amendment and consented thereto in writing.

 To the extent necessary or appropriate to perform all of the duties to be performed by it hereunder, the Collateral Manager
shall have the power to negotiate, execute and deliver all necessary documents and instruments on behalf of the Company with respect to any Collateral Asset or other asset of the Company and with respect to the rights and obligations of the Company
under the Global Master Repurchase Agreement. 
 The Collateral Manager shall have no obligation to perform any duties other
than those specified herein. 

  
 2 

	 	2.	Brokerage. 

 The
Collateral Manager shall use reasonable efforts to obtain the best prices and execution for all orders placed with respect to the Collateral Assets, and other assets of the Company, considering all circumstances. Subject to the objective of
obtaining best prices and execution, the Collateral Manager may take into consideration research and other brokerage services furnished to the Collateral Manager or its affiliates by brokers and dealers which are not affiliates of the Collateral
Manager. Such services may be used by the Collateral Manager or its affiliates in connection with its other advisory activities or investment operations. The Collateral Manager may aggregate sales and purchase orders of securities placed with
respect to the Collateral Assets, and other assets of the Company, with similar orders being made simultaneously for other accounts managed by the Collateral Manager or with accounts of the affiliates of the Collateral Manager, if in the Collateral
Manager’s sole judgment such aggregation shall result in an overall economic benefit to the Company taking into consideration the selling or purchase price, brokerage commission and other expenses. In accounting for such aggregated order price,
commission and other expenses shall be averaged on a per position basis. 
 The Company acknowledges that the determination of
any such economic benefit by the Collateral Manager is subjective and represents the Collateral Manager’s evaluation at the time that the Company will be benefited by better purchase or sales prices, lower commission expenses and beneficial
timing of transactions or a combination of these and other factors. When any aggregate sales or purchase orders occur, the objective of the Collateral Manager (and any of its affiliates involved in such transactions) shall be to allocate the
executions among the accounts in an equitable manner. 
 Subject to the Collateral Manager’s execution obligations
described herein, the Collateral Manager is hereby authorized to effect client cross-transactions where the Collateral Manager causes a transaction to be effected between the Company and another account advised by it or any of its affiliates;
provided that, if and to the extent required by the Investment Advisers Act, such authorization is terminable at the Company’s option without penalty, effective upon receipt by the Collateral Manager of written notice from the Company. The
terms and conditions of any transaction between the Company and the Collateral Manager pursuant to this Agreement shall be conducted and executed in accordance with applicable law and under terms and at a price that would be applicable in a
materially identical transaction conducted on an arms-length basis. In addition, the Company hereby consents to, and authorizes the Collateral Manager to enter into, agency cross-transactions where it or any of its affiliates acts as broker for the
Company and for the other party to the transaction, to the extent permitted under applicable law; provided that the Company shall have the right to revoke such consent at any time by written notice to the Collateral Manager. 

 

	 	3.	The Representations and Warranties of the Company. 

 The Company represents and warrants to the Collateral Manager that: 

(a) the Company has been duly organized and is validly existing under the laws of Delaware, has the full power and
authority to own its assets and the obligations proposed to be owned by it and to transact the business in which it is presently engaged 

  
 3 

 
and is duly qualified under the laws of each jurisdiction where its ownership or lease of property or the conduct of its business requires, or the performance of its obligations under this
Agreement and the Global Master Repurchase Agreement would require, such qualification, except for failures to be so qualified, authorized or licensed that would not in the aggregate have a material adverse effect on the business, operations, assets
or financial condition of the Company; 
 (b) the Company has full power and authority to execute, deliver and
perform this Agreement, the Global Master Repurchase Agreement and all obligations required hereunder and under the Global Master Repurchase Agreement, and the performance of all obligations imposed upon it hereunder and thereunder; 

(c) this Agreement has been duly authorized, executed and delivered by it and constitutes its valid and binding
obligation, enforceable in accordance with its terms except that the enforceability thereof may be subject to (i) bankruptcy, insolvency, reorganization, moratorium, receivership, conservatorship or other similar laws now or hereafter in effect
relating to creditors’ rights and (ii) general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law); 

(d) no consent, approval, authorization or order of or declaration or filing with any government, governmental
instrumentality or court or other person is required for the performance by the Company of its duties hereunder, except such as have been duly made or obtained; 
 (e) neither the execution and delivery of this Agreement nor the fulfillment of the terms hereof conflicts with or results in a material breach or violation of any of the material terms or provisions of
or constitutes a material default under (i) the Company’s certificate of formation, operating agreement or other constituent documents, (ii) the terms of any material indenture, contract, lease, mortgage, deed of trust, note,
agreement or other evidence of indebtedness or other material agreement, obligation, condition, covenant or instrument to which the Company is a party or is bound, (iii) any statute applicable to the Company or (iv) any law, decree, order,
rule or regulation applicable to the Company of any court or regulatory, administrative or governmental agency, body or authority or arbitrator having or asserting jurisdiction over the Company or its properties, and which would have a material
adverse effect upon the performance by the Company of its duties under this Agreement; 
 (f) neither the Company
nor any of its affiliates are in violation of any U.S. federal or state securities law or regulation promulgated thereunder and there is no charge, investigation, action, suit or proceeding before or by any court or regulatory agency pending or, to
the best knowledge of the Company, threatened that would have a material adverse effect upon the performance by the Company of its duties under this Agreement; 

  
 4 

 (g) the Company has not engaged in any transaction that would result in the
violation of, or require registration as an investment company under, the Investment Company Act; 
 (h) the
Company is not required to register as an “investment company” under the Investment Company Act; and 

(i) there is no charge, investigation, action, suit or proceeding before or by any court pending or, to the best knowledge
of the Company, threatened that, if determined adversely to the Company, would have a material adverse effect upon the performance by the Company of its duties under, or on the validity or enforceability of, this Agreement or the provisions of the
Global Master Repurchase Agreement applicable to the Company thereunder. 
  

	 	4.	Representations and Warranties of the Collateral Manager. 

 The Collateral Manager represents and warrants to the Company that: 

(a) the Collateral Manager is duly organized and validly existing under the laws of Maryland and has the full power and
authority to transact the business in which it is presently engaged and is duly qualified under the laws of each jurisdiction where the conduct of its business requires, or the performance of its obligations under this Agreement and the provisions
of the Global Master Repurchase Agreement applicable to the Collateral Manager would require, such qualification, except for failures to be so qualified, authorized or licensed which would not in the aggregate have a material adverse effect on the
business, operations, assets or financial condition of the Collateral Manager, or on the ability of the Collateral Manager to perform its obligations under, or on the validity or enforceability of, this Agreement and the applicable provisions of the
Global Master Repurchase Agreement; 
 (b) the Collateral Manager has full power and authority to execute and
deliver this Agreement and to perform all of its obligations hereunder and under the Global Master Repurchase Agreement; 
 (c) this Agreement has been duly authorized, executed and delivered by the Collateral Manager and constitutes a valid and binding agreement of the Collateral Manager, enforceable against it in accordance
with its terms, except that the enforceability thereof may be subject to (i) bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect relating to creditors’ rights and (ii) general principles
of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law); 
 (d)
neither the Collateral Manager nor any of its affiliates is in violation of any federal or state securities law or regulation promulgated thereunder or any material listing requirements of any exchange on which it is listed and there is no charge,
investigation, action, suit or proceeding before or by any court, exchange or regulatory agency pending or, to the best knowledge of the Collateral Manager, threatened, that in either case would have a material adverse effect upon the performance by
the Collateral Manager of its duties under this Agreement; 

  
 5 

 (e) neither the execution and delivery of this Agreement, nor the
performance of the terms hereof or the provisions of the Global Master Repurchase Agreement applicable to the Collateral Manager, conflicts with or results in a material breach or violation of any of the material terms or provisions of, or
constitutes a material default under, (i) its articles of organization, bylaws or other constituent document, (ii) the terms of any material indenture, contract, lease, mortgage, deed of trust, note agreement or other evidence of
indebtedness or other material agreement, obligation, condition, covenant or instrument to which the Collateral Manager is a party or is bound, (iii) any statute applicable to the Collateral Manager or (iv) any law, decree, order, rule or
regulation applicable to the Collateral Manager of any court or regulatory, administrative or governmental agency, body or authority or arbitrator having or asserting jurisdiction over the Collateral Manager or its properties, and which would have,
in the case of any of clauses (ii) through (iv) of this paragraph (e), a material adverse effect upon the performance by the Collateral Manager of its duties under this Agreement or the provisions of the Global Master Repurchase Agreement
applicable to the Collateral Manager; and 
 (f) no consent, approval, authorization or order of or declaration
or filing with any government, governmental instrumentality or court or other person is required for the performance by it of its duties hereunder, except such as have been duly made or obtained. 

 

	 	5.	Expenses. 

 The Collateral
Manager shall pay all reasonable expenses and costs (including salaries, rent and other overhead) incurred by it in connection with its services under this Agreement; provided that the Collateral Manager shall not be liable for and the
Company shall be responsible for the payment of (i) expenses and costs of legal advisers (including reasonable expenses and costs associated with the use of internal legal counsel of the Collateral Manager), consultants and other professionals
retained by the Company or by the Collateral Manager, on behalf of the Company, in connection with the services provided by the Collateral Manager pursuant to this Agreement and the Global Master Repurchase Agreement, (ii) the reasonable cost
of asset pricing and asset rating services, and accounting, programming and data entry services that are retained in connection with services of the Collateral Manager under this Agreement, (iii) travel expenses (airfare, meals, lodging and
other transportation) incurred by the Collateral Manager as is reasonably necessary in connection with the selection of Collateral Assets and the negotiation, documentation, default or restructuring of any Collateral Asset, and (iv) any
extraordinary costs and expenses incurred by the Collateral Manager in the performance of its obligations under this Agreement. To the extent that such expenses are incurred in connection with obligations that are also held by the Collateral
Manager, the Collateral Manager shall allocate the expenses among the accounts in a fair and equitable manner. Any amounts payable pursuant to this Section 5 shall be reimbursed by the Company to the extent funds are available therefor.

  
 6 

	 	6.	Fees. 

(a) The Company shall pay to the Collateral Manager, for services rendered and performance of its obligations under this
Agreement fees which are payable in arrears on each Repurchase Date in an amount equal to 0.35% per annum of the aggregate par amount of all Collateral Assets measured as of each Repurchase Date (the “Management Fee”). The
Management Fee will be calculated on the basis of a calendar year consisting of 360 days and the actual number of days elapsed. 
 (b) The Collateral Manager may, in its sole discretion, (i) waive all or any portion of the Management Fee or (ii) defer all or any portion of the Management Fee. Such deferred amounts will
become payable on the next Repurchase Date in the same manner and priority as their original characterization would have required unless deferred again. 
 (c) If this Agreement is terminated pursuant to Section 11 hereof or otherwise, the Management Fee calculated as provided in Section 6(a) hereof shall be prorated for any partial periods between
Repurchase Dates during which this Agreement was in effect and shall be due and payable, along with any deferred Management Fee, concurrently with such termination. 

(d) The Management Fee will be payable from the Company’s assets. If on any Repurchase Date there are insufficient
funds to pay the Management Fee then due in full, the amount not so paid shall be deferred without interest and shall be payable on the next Repurchase Date if any on which any funds are available therefor, as provided in the Global Master
Repurchase Agreement. 
  

	 	7.	Non-Exclusivity. 

 The
services of the Collateral Manager to the Company are not to be deemed exclusive, and the Collateral Manager shall be free to render asset management or management services to other persons (including affiliates, other investment companies, and
clients having objectives similar to those of the Company). It is understood and agreed that the officers and directors of the Collateral Manager may engage in any other business activity or render services to any other person or serve as partners,
officers or directors of any other firm or corporation. Notwithstanding the foregoing, it is understood and agreed that the Collateral Manager will at no time render any services to, or in any way participate in the organization or operation of, any
investment company or other entity if such actions would require the Company to register as an “investment company” under the Investment Company Act. Subject to Section 9 hereof, it is understood and agreed that information or advice
received by the Collateral Manager and officers or directors of the Collateral Manager hereunder shall be used by such organization or such persons to the extent permitted by applicable law. 

 

	 	8.	Conflicts of Interest. 

The Collateral Manager may, subject to applicable legal requirements, direct the Company (i) to acquire (whether by purchase,
contribution or otherwise) any Collateral Assets for the Company from the Collateral Manager or any of its affiliates as principal or (ii) to sell or distribute any Collateral Assets for the Company to the Collateral Manager or any of its
affiliates as principal. 

  
 7 

 Notwithstanding the provisions of the preceding paragraph, various potential and actual
conflicts of interest may arise from the overall investment activity of the Collateral Manager and its affiliates. The Collateral Manager, its affiliates and their respective clients may invest in obligations that would be appropriate for inclusion
in the Company’s assets. Such investments may be different from those made on behalf of the Company. The Collateral Manager and its affiliates may have ongoing relationships with Obligors and may own equity or Collateral Assets issued by
Obligors. The Collateral Manager and its affiliates and the clients of the Collateral Manager or its affiliates may invest in obligations that are senior to, or have interests different from or adverse to, the Collateral Assets of the Company. The
Collateral Manager may serve as Collateral Manager for, invest in, or be affiliated with, other entities organized to issue collateralized Collateral Assets secured by loans, high-yield debt securities, or other Collateral Assets. The Collateral
Manager may at certain times be simultaneously seeking to purchase or sell investments for other entities for which it serves as Collateral Manager, or for its clients and affiliates, and selecting such investments as Collateral Assets for the
Company. Furthermore, the Collateral Manager and/or its affiliates may make an investment on their behalf or on behalf of any account that they manage or advise without offering the investment opportunity to the Company or making an investment on
behalf of the Company. 
 The Company hereby acknowledges the various potential and actual conflicts of interest that may exist
with respect to the Collateral Manager; provided that nothing in this Section 8 shall be construed as altering the duties of the Collateral Manager as set forth in this Agreement or the requirements of any law, rule, or regulation
applicable to the Collateral Manager. 
  

	 	9.	Records; Confidentiality. 

The Collateral Manager shall maintain appropriate books of account and records relating to services performed hereunder, and such books of
account and records shall be accessible for inspection by a representative of the Company, the Counterparty, and independent accountants appointed by the Company at a mutually agreed time during normal business hours and upon not less than three
(3) Business Days’ prior notice. 
 At no time will the Collateral Manager make a public announcement concerning the
Global Master Repurchase Agreement, the Collateral Manager’s role hereunder or any other aspect of the transactions contemplated by this Agreement and the Global Master Repurchase Agreement absent the written consent of the Company. 

The Collateral Manager shall, and shall cause its affiliates to, keep confidential any and all information obtained in connection with
the services rendered hereunder and shall not disclose any such information to non-affiliated third parties except (i) with the prior written consent of the Company, (ii) as required by law, regulation, court order or the rules or
regulations of any self regulating organization, body or official having jurisdiction over the Collateral Manager, (iii) to its professional advisers, (iv) such information as shall have been publicly disclosed other than in violation of
this Agreement, (v) the identification of the 

  
 8 

 
Company as a client of the Collateral Manager, (vi) information related to the performance of the Collateral Manager, (vii) information furnished in connection with any successor
collateral manager or assignee, or any agent that has been assigned duties in accordance with this Agreement, or (viii) such information that was or is obtained by the Collateral Manager on a non-confidential basis; provided that the
Collateral Manager does not know or have reason to know, after due inquiry, of any breach by such source of any confidentiality obligations with respect thereto. For purposes of this Section 9, the Counterparty shall in no event be considered a
“non-affiliated third party,” and the Collateral Manager may disclose any of the aforementioned information to the Counterparty insofar as such information relates to the Company’s performance of its obligations under the Global
Master Repurchase Agreement. 
  

	 	10.	Term. 

 This Agreement
shall become effective on the date hereof and shall continue unless terminated as hereinafter provided. 
  

	 	11.	Termination. 

 (a) This Agreement may be terminated, and the Collateral Manager may be removed, without payment to the Collateral Manager of any penalty, for cause upon prior written notice by the Company; provided
that such notice may be waived by the Collateral Manager. For this purpose, “cause” will mean the occurrence of any of the following events or circumstances: 

(i) the Collateral Manager’s breach, in any respect, of any provision of this Agreement and the Collateral
Manager’s failure to cure such breach within 30 days of its becoming aware of, or receiving notice of, the occurrence of such breach; 
 (ii) the Collateral Manager’s willful breach of any provision of this Agreement; 
 (iii) the failure of any representation, warranty, certification or statement made or delivered by the Collateral Manager in or pursuant to this Agreement to be correct in any material respect when made,
which failure (a) could reasonably be expected to have a material adverse effect on the Company and (b) is not corrected by the Collateral Manager within 30 days of its receipt of notice from the Company of such failure, unless, if such
failure is not capable of being cured in 30 days but is curable within 60 days, the Collateral Manager has taken action that the Collateral Manager in good faith believes will remedy, and does in fact remedy, such failure within 60 days after notice
of such failure being given to the Collateral Manager; 
 (iv) the Collateral Manager (1) is dissolved
(other than pursuant to a consolidation, amalgamation or merger), (2) files, or consents by answer or otherwise to the filing against it of, a petition for relief or reorganization or arrangement or any other petition in bankruptcy, for
liquidation or to take advantage of any bankruptcy, insolvency, reorganization, moratorium or other 

  
 9 

 
similar law of any jurisdiction, (3) becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due, (4) makes
a general assignment, arrangement or composition with or for the benefit of its creditors, (5) consents to the appointment of a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any
substantial part of its property or (6) is adjudicated as insolvent or bankrupt, or a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Collateral Manager, or appointing a receiver, liquidator,
assignee, or sequestrator (or other similar official) of the Collateral Manager or of any substantial part of its property, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days; or 

(v) the occurrence of an act by the Collateral Manager that constitutes fraud or criminal activity in the performance of
its obligations under this Agreement, or the Collateral Manager being indicted for a criminal offense materially related to its business of providing asset management services. 

If any such event occurs, the Collateral Manager shall give prompt written notice thereof to the Company and the
Counterparty promptly upon the Collateral Manager becoming aware of the occurrence of such event. 
 (b) The
Collateral Manager shall have the right to terminate this Agreement only upon 90 days prior written notice to the Company and the Counterparty, and this Agreement shall terminate automatically in the event of its assignment by the Collateral Manager
which is not made in accordance with Sections 13 and 17 of this Agreement. 
 (c) This Agreement shall be
automatically terminated in the event that the Company determines in good faith that the Company or the Company’s asset portfolio has become required to be registered under the provisions of the Investment Company Act. 

(d) Within 30 days of the resignation or removal of the Collateral Manager, the Company may appoint a successor Collateral
Manager upon approval of the Counterparty. 
  

	 	12.	Action Upon Termination. 

 (a) Upon the effective termination of this Agreement, the Collateral Manager shall as soon as practicable deliver to the Company all property and documents of the Company or otherwise relating to the
Company’s assets then in the custody of the Collateral Manager. 
 Notwithstanding such termination, the
Collateral Manager shall remain liable to the extent set forth herein (but subject to Section 13 hereof) for its acts or omissions hereunder arising prior to termination and for any expenses, losses, damages, liabilities, demands, charges and
claims (including reasonable attorney’s fees) in respect of or arising out of a breach of the representations and warranties made by the Collateral Manager in Section 4 hereof or from any failure of the Collateral Manager to comply with
the provisions of this Section 12. 

  
 10 

 (b) The Collateral Manager agrees that, notwithstanding any termination, it
shall reasonably cooperate in any suit, action or proceeding relating to this Agreement (each, a “Proceeding”) arising in connection with this Agreement or any of the Company’s assets (excluding any such Proceeding in which
claims are asserted against the Collateral Manager or any affiliate of the Collateral Manager) so long as the Collateral Manager shall have been offered reasonable security, indemnity or other provisions against the cost, expenses and liabilities
that might be incurred in connection therewith and a reasonable per diem fee. 
  

	 	13.	Liability of Collateral Manager; Delegation. 

 (a) The Collateral Manager assumes no responsibility under this Agreement other than to render the services called for hereunder. The Collateral Manager shall not be responsible for any action of the
Company in declining to follow any advice, recommendation or direction of the Collateral Manager. The Collateral Manager shall have no liability to the Counterparty or other creditors of the Company, for any error of judgment, mistake of law, or for
any loss arising out of any investment, or for any other act or omission in the performance of its obligations to the Company except for liability to which it would be subject by reason of willful misfeasance, bad faith, gross negligence in
performance, or reckless disregard of its obligations hereunder. The Collateral Manager may delegate to an agent selected with reasonable care, which shall include any person that is party to a sub-advisory agreement with the Collateral Manager or
any of its affiliates as of the date hereof, any or all duties (other than its asset selection or trade execution duties) assigned to the Collateral Manager hereunder; provided that no such delegation by the Collateral Manager of any of its
duties hereunder shall relieve the Collateral Manager of any of its duties hereunder nor relieve the Collateral Manager of any liability with respect to the performance of such duties. For the avoidance of doubt, asset selection and trade execution
duties shall include the services described in Section 1(a) hereof. 
 Notwithstanding the above and
Section 17, the Collateral Manager shall, upon notice to the Counterparty, be permitted to assign any or all of its rights and delegate any or all of its obligations to an affiliate that (i) will professionally and competently perform
duties similar to those imposed upon the Collateral Manager under this Agreement and (ii) is legally qualified and has the capacity to act as the Collateral Manager under this Agreement. The Collateral Manager shall not be liable for any
consequential damages hereunder. 
 (b) The Company shall reimburse, indemnify and hold harmless the Collateral
Manager, its directors, officers, agents and employees and any of its affiliates from any and all expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever (including reasonable attorneys’ fees and expenses),
as are incurred in investigating, preparing, pursuing or defending any claim, action, proceeding or investigation with respect to any pending or threatened litigation caused by, or arising out of or in connection with, any acts or omissions of the
Collateral Manager, its directors, 

  
 11 

 
officers, stockholders, agents and employees made in good faith and in the performance of the Collateral Manager’s duties under this Agreement except to the extent resulting from such
person’s bad faith, willful misfeasance, gross negligence or reckless disregard of its duties hereunder or thereunder. The Collateral Manager, its directors, officers, stockholders, agents and employees may consult with counsel and accountants
with respect to the affairs of the Company and shall be fully protected and justified, to the extent allowed by law, in acting, or failing to act, if such action or failure to act is taken or made in good faith and is in accordance with the advice
or opinion of such counsel or accountants. Notwithstanding anything contained herein to the contrary, the obligations of the Company under this Section 13(b) shall be payable from the Company’s assets and are subject to the availability of
funds. 
 (c) The Collateral Manager shall reimburse, indemnify and hold harmless the Company, its members,
manager, officers, agents and employees from any and all expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever (including reasonable attorneys’ fees and expenses), as are incurred in investigating,
preparing, pursuing or defending any claim, action, proceeding or investigation with respect to any pending or threatened litigation caused by, or arising out of or in connection with, (i) any acts or omissions of the Collateral Manager
constituting bad faith, willful misconduct, gross negligence or reckless disregard of its duties under this Agreement and (ii) any breach of the representations and warranties made by the Collateral Manager in Section 4 hereof. 

 

	 	14.	Obligations of Collateral Manager. 

 Unless otherwise required by this Agreement or by applicable law, the Collateral Manager shall not intentionally take any action, which it knows or should know would (a) materially adversely affect
the Company for purposes of United States federal or state law or any other law known to the Collateral Manager to be applicable to the Company, (b) require registration of the Company or the Company’s assets as an “investment
company” under the Investment Company Act, (c) not be permitted under the Company’s operating agreement or certificate of formation (including, but not limited to, Section 9 of the Company’s operating agreement),
(d) cause the Company to violate the terms of the Global Master Repurchase Agreement, or (e) subject the Company to federal, state or other income taxation; it being understood that in connection with the foregoing the Collateral Manager
will not be required to make any independent investigation of any facts or laws not otherwise known to it in connection with its obligations under this Agreement or the conduct of its business generally. The Collateral Manager covenants that it
shall comply in all material respects with all laws and regulations applicable to it in connection with the performance of its duties under this Agreement. Notwithstanding anything in this Agreement, the Collateral Manager shall not take any
discretionary action that would reasonably be expected to cause an Event of Default under the Global Master Repurchase Agreement. The Collateral Manager covenants that it shall not fail to correct any known misunderstandings regarding the separate
identity of the Company and shall not identify itself as a division or department of the Company. 

  
 12 

	 	15.	No Partnership or Joint Venture. 

 The Company and the Collateral Manager are not partners or joint venturers with each other and nothing herein shall be construed to make them such partners or joint venturers or impose any liability as
such on either of them. The Collateral Manager’s relation to the Company shall be deemed to be that of an independent contractor. 
  

	 	16.	Notices. 

 Any notice
under this Agreement shall be in writing and sent by facsimile, confirmed by telephonic communication, or addressed and delivered or mailed postage paid to the other party at such address as such other party may designate for the receipt of such
notice. Until further notice to the other party it is agreed that the address of the Company and the address of the Collateral Manager for this purpose shall be: 
  

			
	Company:	  	Cobbs Creek LLC
		  	Cira Centre
		  	2929 Arch Street, Suite 675
		  	Philadelphia, Pennsylvania 19104
		  	Attention: Gerald F. Stahlecker
		  	Telephone: (215) 495-1169
		  	Facsimile: (215) 222-4649
		  	Electronic Mail: jerry.stahlecker@franklinsquare.com
		
	Collateral Manager:	  	FS Investment Corporation II
		  	Cira Centre
		  	2929 Arch Street, Suite 675
		  	Philadelphia, Pennsylvania 19104
		  	Attention: Gerald F. Stahlecker
		  	Telephone: (215) 495-1169
		  	Facsimile: (215) 222-4649
		  	Electronic Mail: jerry.stahlecker@franklinsquare.com

  

	 	17.	Succession/Assignment. 

This Agreement shall inure to the benefit of and be binding upon the successors to the parties hereto. No assignment of this Agreement by
the Collateral Manager (including, without limitation, a change in control or management of the Collateral Manager which would be deemed an “assignment” under the Investment Advisers Act) shall be made without the consent of the Company
and the Counterparty. 
  

	 	18.	Miscellaneous. 

 (a) This Agreement shall be governed by and construed in accordance with the laws of the State of New York without regard to conflicts of laws principles. With respect to any Proceeding, each party
irrevocably (i) submits to the non-exclusive jurisdiction of the courts of the State of New York and the United States District Court 

  
 13 

 
located in the Borough of Manhattan in New York City and (ii) waives any objection which it may have at any time to the laying of venue of any Proceedings brought in any such court, waives
any claim that such Proceedings have been brought in an inconvenient forum and further waives the right to object, with respect to such Proceedings, that such court does not have any jurisdiction over such party. Nothing in this Agreement precludes
either party from bringing Proceedings in any other jurisdiction, nor will the bringing of Proceedings in any one or more jurisdictions preclude the bringing of Proceedings in any other jurisdiction. 

(b) THE PARTIES HERETO IRREVOCABLY CONSENT TO THE SERVICE OF ANY AND ALL PROCESS IN ANY ACTION OR PROCEEDING BY THE
MAILING OR DELIVERY OF COPIES OF SUCH PROCESS TO EACH SUCH PARTY AT THE ADDRESS SPECIFIED IN SECTION 16 HEREOF. THE PARTIES HERETO AGREE THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER
JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. 
 (c) EACH PARTY HERETO HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

(d) No failure on the part of either party hereto to exercise and no delay in exercising, and no course of dealing with
respect to, any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof nor shall any single or partial exercise of any right, remedy, power or privilege under this Agreement preclude any other or further exercise
thereof or the exercise of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to
any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver. 
 (e) The captions in this Agreement are included for convenience only and in no way define or limit any of the provisions hereof or otherwise affect their construction or effect. 

(f) In the event any provision of this Agreement shall be held invalid or unenforceable, by any court of competent
jurisdiction, such holding shall not invalidate or render unenforceable any other provisions hereof. 
 (g) This
Agreement may not be amended or modified or any provision thereof waived except by an instrument in writing signed by the parties hereto. 
 (h) This Agreement contains the entire understanding and agreement between the parties and supersedes all other prior understandings and agreements, whether written or oral, between the parties concerning
this subject matter. The express terms of this Agreement control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof. 

  
 14 

 (i) This Agreement may be executed in any number of counterparts, each of
which so executed shall be deemed an original, but all such counterparts shall together constitute but one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear
the signatures of all of the parties reflected hereon as the signatories. 
 (j) Each representation and warranty
made or deemed to be made herein or pursuant hereto, and each indemnity provided for hereby, shall survive the execution and delivery and any termination or assignment of this Agreement or resignation or removal of the Collateral Manager.

 (k) The Company hereby acknowledges and accepts all actions that were taken by the Collateral Manager and/or
recommended to the Company by the Collateral Manager prior to the Closing Date, including all actions and recommendations that were related to the anticipated purchase or receipt of assets by the Company that were otherwise consistent with the
services to be provided by the Collateral Manager to the Company pursuant to Section 1 of this Agreement prior to the Closing Date, in each case, as if this Agreement had been in effect at the time that such actions were taken or such
recommendations were made. 
  

	 	19.	Non-Payment. 

 The
Collateral Manager shall continue to serve as Collateral Manager under this Agreement notwithstanding that the Collateral Manager shall not have received amounts due to it under this Agreement because sufficient funds were not then available
hereunder to pay such amounts. 
  

	 	20.	No Recourse. 

 The
Collateral Manager hereby acknowledges and agrees that the Company’s obligations hereunder will be solely the corporate obligations of the Company, and the Collateral Manager will not have any recourse to any of the directors, managers,
officers, employees or holders of the membership interest of Company with respect to any claims, losses, damages, liabilities, indemnities or other obligations in connection with any transactions contemplated hereby. Recourse in respect of any
obligations of the Company hereunder will be limited to the Company’s assets and, on the exhaustion thereof, all claims against the Company arising from this Agreement or any transactions contemplated hereby shall be extinguished. The
provisions of this Section 20 shall survive the termination of this Agreement for any reason whatsoever. 
 [signature page
follows] 

  
 15 

 IN WITNESS WHEREOF, the parties hereto have caused this COLLATERAL MANAGEMENT AGREEMENT to
be executed by their respective authorized representatives on the day and year first above written. 
  

			
	COBBS CREEK LLC
		
	By:	 	 /s/ Gerald F. Stahlecker

	Name:	 	Gerald F. Stahlecker
	Title:	 	Executive Vice President
	
	FS INVESTMENT CORPORATION II
		
	By:	 	 /s/ Gerald F. Stahlecker

	Name:	 	Gerald F. Stahlecker
	Title:	 	Executive Vice President

 [Signature Page to Cobbs Creek Collateral Management Agreement]Form of Restricted Stock Award Agreement

 Exhibit 10.2 
 UNITED STATIONERS INC. 
 2004 LONG-TERM INCENTIVE PLAN 

Restricted Stock Award Agreement With EPS Minimum 
 This Restricted Stock Award Agreement (this “Agreement”), dated as of September 1, 2012 (the “Award Date”), is by and between «Correct_Nick_Name»
«LAST_NAME» (the “Participant”), and United Stationers Inc., a Delaware corporation (the “Company”). Any term capitalized but not defined in this Agreement will have the meaning set forth in the Company’s
2004 Long-Term Incentive Plan (the “Plan”). In the exercise of its discretion to issue stock of the Company, the Committee has determined that the Participant should receive a restricted stock award, on the following terms and conditions:

  

	1.	Grant. The Company hereby grants to the Participant a Restricted Stock Award (the “Award”) of «M__of_Shares» shares of Stock (the
“Restricted Shares”). The Award will be subject to the terms and conditions of the Plan and this Agreement. The Award constitutes the right, subject to the terms and conditions of the Plan and this Agreement, to distribution of the
Restricted Shares. 

  

	2.	Stock Certificates. The Company will issue certificates for, or cause its transfer agent to maintain a book entry account reflecting the issuance of, the
Restricted Shares in the Participant’s name. The Secretary of the Company, or the Company’s transfer agent, will hold the certificates for the Restricted Shares, or cause such Restricted Shares to be maintained as restricted shares in a
book entry account, until the Restricted Shares either vest or are forfeited. Any certificates that are issued for Restricted Shares will bear a legend, and any book entry accounts that are maintained therefor will have an appropriate notation, in
accordance with Section 6 hereof. The Participant’s right to receive the Award hereunder is contingent upon the Participant’s execution and delivery to the Secretary of the Company of all stock powers or other instruments of
assignment (including a power of attorney), each endorsed in blank with a guarantee of signature if deemed necessary or appropriate by the Company, which would permit transfer to the Company of all or a portion of the Restricted Shares in the event
such Restricted Shares are forfeited in whole or in part. The Company, or its transfer agent, will distribute to the Participant (or, if applicable, the Participant’s designated beneficiary or other appropriate recipient in accordance with
Section 5 hereof) certificates evidencing ownership of vested Restricted Shares as and when provided in Sections 4 and 5 hereof. 

  

	3.	Rights as Stockholder. On and after the Award Date, and except to the extent provided in this Section 3 and in Section 9 below, the Participant will be
entitled to all of the rights of a stockholder with respect to the Restricted Shares, including the right to vote the Restricted Shares, the right to receive dividends and other distributions payable with respect to the Restricted Shares, and the
right to participate in any capital adjustment applicable to all holders of Stock. The Participant will not, however, have the right to receive any regular cash dividend with respect to Restricted Shares that are not yet vested as of the applicable
dividend record date, and hereby waives his or her right to receive such dividends with respect to unvested Restricted Shares. Any dividend or distribution other than a regular cash dividend that is payable or distributable with respect to
Restricted Shares that are not yet vested as of the applicable payment date will be deposited with the Company and will be subject to the same restrictions, vesting conditions and other terms of this Agreement to which the underlying Restricted
Shares are subject. If the Participant forfeits any rights he or she may have under this Award in accordance with Section 4 hereof, the Participant shall, on the day following the event of forfeiture, no longer have any rights as a stockholder
with respect to any and all Restricted Shares not then vested and so forfeited, or any interest therein, and the Participant shall no longer be entitled to receive dividends on or vote any such Restricted Shares as of any record date occurring
thereafter. 

  

	4.	 Vesting; Effect of Date of Termination. The Participant’s Restricted Shares will vest in three annual increments of one-third of the
Restricted Shares on each of the first three anniversaries of the Award Date (the “Scheduled Vesting Dates”); provided that the Participant’s Date of Termination has not occurred before a Scheduled Vesting Date and provided further
that the Company’s cumulative Earnings Per Share1 for
the four calendar quarters immediately preceding an applicable Scheduled Vesting Date exceeds $0.50 per share. If the Participant’s Date of Termination occurs for any reason before all of the Participant’s Restricted Shares have become
vested under this Agreement, the Participant’s Restricted Shares that have not theretofore become vested will be forfeited on and after the Participant’s Date of Termination, subject to the following: 

 

	1 	 Earnings Per Share” shall mean the Company’s Diluted Earnings Per Share as reported in its consolidated financial statements adjusted to
eliminate: (1) the cumulative effect of changes in accounting policy (which include changes in generally accepted accounting principles) adopted by the Company for the relevant performance year; (2) expenses classified as “Provisions
for Restructuring”; (3) expenses related to impairment of goodwill or intangibles; (4) gains and/or losses classified as “Discontinued Operations”; (5) accelerated amortization of capitalized software; (6) the
impacts of “Corporate Transactions”, such as stock splits, dividends and recapitalizations; and (7) gains or losses classified as “Extraordinary Items”, which may include: (A) the net impact of acquisitions and
divestitures completed during the period; (B) gains or losses on the extinguishment of debt; (C) losses resulting from a newly enacted law or regulation; and (D) other expenses or losses that are unusual in nature or infrequent in
occurrence. 

 In each instance, the above-referenced adjustment to Earnings Per Share must be in accordance
with generally accepted accounting principles and appear on the face of the Company’s Statement of Consolidated Earnings contained in the Company’s Consolidated Financial Statements for such performance year. 

	 	(a)	If the Participant’s Date of Termination occurs by reason of the Participant’s death or Permanent and Total Disability, a portion of the Restricted Shares
that have not otherwise vested under this Agreement will become vested as of the Participant’s Date of Termination. That portion of the then unvested Restricted Shares shall be determined by multiplying (i) the number of Restricted Shares
eligible to vest on the next Scheduled Vesting Date following the Date of Termination by (ii) a fraction, the numerator of which shall be the number of whole months elapsed from the Scheduled Vesting Date immediately prior to the Date of
Termination (or the Award Date if there was no Scheduled Vesting Date prior to the Date of Termination) to the Date of Termination, and the denominator of which shall be twelve. 

 

	 	(b)	If the Participant’s Date of Termination occurs by reason of the Participant’s Retirement (as defined in paragraph 4(g)), then the unvested Restricted Shares
at that time will continue to vest on the remaining Scheduled Vesting Dates to the extent that the Restricted Shares have been earned based on the Company’s achievement of the Earnings Per Share goal specified in Section 4 for the four
calendar quarters immediately preceding any such Scheduled Vesting Date, but only if the following conditions have been satisfied: (i) the Participant has provided the Company with written notice of his or her intent to retire at least 3 months
prior to the Participant’s Date of Termination (but such advance notice shall not be required if Retirement occurs as a result of Participant’s involuntary separation from service without Cause, Participant’s death or Disability, or
Participant’s separation from service for Good Reason); and (ii) the Participant executes prior to such Date of Termination a release of claims and an agreement not to compete in such forms as the Company may prescribe. If these conditions
are not satisfied prior to Participant’s Date of Termination, any unvested Restricted Shares as of the Date of Termination shall be forfeited. 

  

	 	(c)	If a Change of Control occurs after the Award Date and prior to the Participant’s Date of Termination, then (i) 50% of the Restricted Shares that have not
otherwise vested under this Agreement will then become fully vested as of the date of such event; and (ii) the portion of the Restricted Shares that does not vest in accordance with the preceding clause (i) shall be subject to the vesting
provisions of this Agreement without regard to the acceleration of vesting under clause (i). 

  

	 	(d)	If a Change of Control occurs after the Award Date and prior to the Participant’s Date of Termination and, during the two-year period following the date of such
Change of Control, the Participant’s Date of Termination occurs by reason of termination of the Participant’s employment by the Company or its Subsidiaries without Cause or by the Participant for Good Reason, the Restricted Shares
that have not otherwise vested under this Agreement will be fully vested as of the Participant’s Date of Termination. 

  

	 	(e)	If the Participant’s Date of Termination occurs during an Anticipated Change of Control by reason of termination of the Participant’s employment by the
Company or its Subsidiaries without Cause or by the Participant for Good Reason, and a Change of Control then occurs within two years following the Participant’s Date of Termination, the number of shares (subject to paragraph 5.2(f) of the
Plan) that were forfeited under this Agreement on the Date of Termination shall be granted to the Participant on a fully vested basis as of the date of the Change of Control. 

 

	 	(f)	For purposes of this Agreement, the term “Permanent and Total Disability” means the Participant’s inability, due to illness, accident, injury, physical
or mental incapacity or other disability, effectively to carry out his duties and obligations as an employee of the Company or its Subsidiaries or to participate effectively and actively as an employee of the Company or its Subsidiaries for 90
consecutive days or shorter periods aggregating at least 180 days (whether or not consecutive) during any twelve-month period. 

  

	 	(g)	For purposes of this Agreement, “Retirement” means the Participant’s termination of employment (as described in the definition of “Date of
Termination” in the Plan) occurring after the Participant has reached age 60 and has completed at least 10 years of Service with the Company and its Subsidiaries. 

Except as otherwise specifically provided, the Company will not have any further obligations to the Participant under this Agreement if
the Participant’s Restricted Shares are forfeited as provided herein. 
  

	5.	Terms and Conditions of Distribution. The Company, or its transfer agent, will distribute to the Participant certificates for any portion of the Restricted
Shares which becomes vested in accordance with this Agreement within 30 days after the vesting thereof. If the Participant dies before the Company has distributed certificates for any vested portion of the Restricted Shares, the Company will
distribute certificates for that vested portion of the Restricted Shares and, to the extent provided under Section 4 hereof, the remaining balance of the Restricted Shares which become vested upon the Participant’s death in accordance with
the Participant’s will or, if the Participant did not have a will, in accordance with the laws of descent and distribution. 

  
 Page 2 of 4

 Notwithstanding the foregoing, the Committee may require the Participant, or the alternate
recipient identified in the preceding paragraph, to satisfy any potential federal, state, local or other tax withholding liability. Such liability must be satisfied at the time such Restricted Shares become “substantially vested” (as
defined in the regulations issued under Section 83 of the Code). At the election of the Participant, and subject to such rules and limitations as may be established by the Committee from time to time, such withholding obligations may be
satisfied: (A) through a cash payment by the Participant, (B) through the surrender of shares of Stock that the Participant already owns (provided, however, to the extent shares described in this clause (B) are used to satisfy more
than the minimum statutory withholding obligation, as described below, then payments made with shares of Stock in accordance with this clause (B) shall be limited to shares held by the Participant for not less than six months prior to the
payment date), (C) through the surrender of shares of Stock to which the Participant is otherwise entitled in respect of the Award under this Agreement; provided, however, that such shares under this clause (C) may be used to satisfy not
more than the minimum statutory withholding obligation of the Company or applicable Subsidiary (based on minimum statutory withholding rates for federal, state and local tax purposes, including payroll taxes, that are applicable to such supplemental
taxable income), or (D) any combination of (A), (B) and (C); provided, however, that the Committee shall have sole discretion to disapprove of an election pursuant to any of clauses (B)-(D) and that the Committee may
require that the method of satisfying such an obligation be in compliance with Section 16 of the Exchange Act (if the Participant is subject thereto) and any other applicable laws and the respective rules and regulations thereunder. Any
fraction of a share of Stock which would be required to satisfy such an obligation will be disregarded and the remaining amount due will be paid in cash by the Participant. 
 The Company will not be required to make any distribution of any portion of the Restricted Shares under this Section 5 (i) before the first date that such portion of the Restricted Shares may be
distributed to the Participant without penalty or forfeiture under federal or state laws or regulations governing short swing trading of securities, or (ii) at any other time when the Company or the Committee reasonably determines that such
distribution or any subsequent sale of the Restricted Shares would not be in compliance with other applicable securities or other laws or regulations. In determining whether a distribution would result in any such penalty, forfeiture or
noncompliance, the Company and the Committee may rely upon information reasonably available to them or upon representations of the Participant or the Participant’s legal or personal representative. 

 

	6.	Legend on Stock Certificates. If one or more certificates for all or any portion of the Restricted Shares are issued in the Participant’s name under this
Agreement before such Restricted Shares become vested, the certificates shall bear the following legend, or any alternate legend that counsel to the Company believes is necessary or desirable, to facilitate compliance with applicable securities or
other laws: 

 “The securities represented by this Certificate are subject to certain restrictions on transfer
specified in the Restricted Stock Award Agreement dated as of the Award Date between the issuer (the “Company”) and the holder named on this Certificate, and the Company reserves the right to refuse the transfer of such securities, whether
voluntary, involuntary or by operation of law, until such conditions have been fulfilled with respect to such transfer. A copy of such conditions shall be furnished by the Company to the holder hereof upon written request and without charge.”

 If any such Restricted Shares are not represented by certificate(s) prior to their vesting, but are instead maintained by the
Company’s transfer agent in uncertificated form in a book entry account, the account shall bear an appropriate notation to the effect that the Restricted Shares included therein are subject to the restrictions of this Agreement. Whether
maintained in certificated or uncertificated book entry form, the Company may instruct its transfer agent to impose stop transfer instructions with respect to any such unvested Restricted Shares. 

The foregoing legend or notation and stop transfer instructions will be removed from the certificates evidencing or account maintained for
all or any portion of the Restricted Shares after the conditions set forth in Sections 4 and 5 hereof have been satisfied as to such Restricted Shares. 
  

	7.	Delivery of Certificates. Despite the provisions of Sections 4 and 5 hereof, the Company is not required to issue or deliver any certificates for Restricted
Shares if at any time the Company determines that the listing, registration or qualification of such Restricted Shares upon any securities exchange or under any law, the consent or approval of any governmental body or the taking of any other action
is necessary or desirable as a condition of, or in connection with, the delivery of the Restricted Shares hereunder in compliance with all applicable laws and regulations, unless such listing, registration, qualification, consent, approval or other
action has been effected or obtained, free of any conditions not acceptable to the Company. 

  

	8.	No Right to Employment. Nothing herein confers upon the Participant any right to continue in the employ of the Company or any Subsidiary.

  

	9.	Nontransferability. Except as otherwise provided by the Committee or as provided in Section 5, and except with respect to vested shares, the
Participant’s interests and rights in and under this Agreement are not assignable or transferable other than as designated by the Participant by will or by the laws of descent and distribution. Distribution of Restricted Shares will be made
only to the Participant; or, if the Committee has been provided with evidence acceptable to it that the Participant is legally incompetent, the Participant’s personal representative; or, if the Participant is deceased, to the designated
beneficiary 

  
 Page 3 of 4

 or other appropriate recipient in accordance with Section 5 hereof. The Committee may
require personal receipts or endorsements of a Participant’s personal representative, designated beneficiary or alternate recipient provided for herein, and the Committee shall extend to those individuals the rights otherwise exercisable by the
Participant with regard to any withholding tax election in accordance with Section 5 hereof. Any effort to otherwise assign or transfer any Restricted Shares (before they are distributed) or any rights or interests therein or thereto under this
Agreement will be wholly ineffective, and will be grounds for termination by the Committee of all rights and interests of the Participant and his or her beneficiary in and under this Agreement. 

 

	10.	Administration and Interpretation. The Committee has the authority to control and manage the operation and administration of the Plan. Any interpretations of the
Plan by the Committee and any decisions made by it under the Plan are final and binding on the Participant and all other persons. 

  

	11.	Governing Law. This Agreement and the rights and obligations hereunder shall be governed by and construed in accordance with the laws of the state of Delaware,
without regard to principles of conflicts of law of Delaware or any other jurisdiction. 

  

	12.	Sole Agreement. Notwithstanding anything in this Agreement to the contrary, the terms of this Agreement shall be subject to all of the terms and conditions of
the Plan (as the same may be amended in accordance with its terms), a copy of which may be obtained by the Participant from the office of the Secretary of the Company. In addition, this Agreement and the Participant’s rights hereunder shall be
subject to all interpretations, determinations, guidelines, rules and regulations adopted or made by the Committee from time to time pursuant to the Plan. This Agreement is the entire agreement between the parties to it with respect to the subject
matter hereof, and supersedes any and all prior oral and written discussions, commitments, undertakings, representations or agreements (including, without limitation, any terms of any employment offers, discussions or agreements between the
parties). 

  

	13.	Binding Effect. This Agreement will be binding upon and will inure to the benefit of the Company and the Participant and, as and to the extent provided herein
and under the Plan, their respective heirs, executors, administrators, legal representatives, successors and assigns. 

  

	14.	Amendment and Waiver. This Agreement may be amended in accordance with the provisions of the Plan, and may otherwise be amended by written agreement between the
Company and the Participant without the consent of any other person. No course of conduct or failure or delay in enforcing the provisions of this Agreement will affect the validity, binding effect or enforceability of this Agreement.

 IN WITNESS WHEREOF, the Company has duly executed this Agreement as of the Award
Date. 
 Very truly yours, 

UNITED STATIONERS INC. 
 By: 
 Charles Crovitz 

Chairman of the Board 

  
 Page 4 of 4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00209-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00209-of-00352.parquet"}]]