SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

SCHEDULE 13E-3

RULE 13E-3 TRANSACTION STATEMENT

UNDER SECTION 13(E) OF

THE SECURITIES EXCHANGE ACT OF 1934

 

 

CORNERSTONE BUILDING BRANDS, INC.

(Name of the Issuer)

 

 

Cornerstone Building Brands, Inc.

Camelot Return Merger Sub, Inc.

Camelot Return Intermediate Holdings, LLC

(Names of Persons Filing Statement)

 

Common Stock, par value $0.01 per share

(Title of Class of Securities)

 

628852204

(CUSIP Number of Class of Securities)

 

 

Cornerstone Building Brands, Inc.   Camelot Return Intermediate Holdings, LLC
5020 Weston Parkway, Suite 400   c/o Clayton, Dubilier & Rice, LLC
Cary, NC 27513   375 Park Avenue, 18th Floor
(866) 419-0042   New York, NY 10152
Attn: Alena S. Brenner   (212) 407-5227
   

Attn: Rima Simson

 

(Name, Address, and Telephone Numbers of Person Authorized to Receive Notices
and Communications on Behalf of the Persons Filing Statement)

 

With copies to

 

Wachtell, Lipton, Rosen & Katz   Sullivan & Cromwell LLP
51 West 52nd Street   125 Broad Street
New York, NY 10019   New York, NY 10004
(212) 403-1000   (212) 558-4000
Attn: Mark Gordon   Attn: Frank J. Aquila & Melissa Sawyer
     

Kirkland & Ellis LLP

601 Lexington Avenue

New York, NY 10022

(212) 446-4800

Attn: Daniel Wolf, P.C. & David Klein, P.C. &

Lukas Richards

 

Kirkland & Ellis LLP

300 N. LaSalle Street

Chicago, IL 60654

(312) 862-2000

Attn: Richard Campbell, P.C. & Kevin Mausert, P.C.

 

 

This statement is filed in connection with (check the appropriate box):

 

a. x The filing of solicitation materials or an information statement subject to Regulation 14A, Regulation 14C or Rule 13e-3(c) under the Securities Exchange Act of 1934.

b. ¨ The filing of a registration statement under the Securities Act of 1933.

c. ¨ A tender offer.

d. ¨ None of the above.

 

Check the following box if the soliciting materials or information statement referred to in checking box (a) are preliminary copies: x

 

Check the following box if the filing is a final amendment reporting the results of the transaction: ¨

 

CALCULATION OF FILING FEE

 

           
   
Transaction Valuation* Amount of Filing Fee**
$3,262,384,568.25 $302,423.05

 

 

* For purposes of calculating the fee only, this amount is based upon the sum of (a) 127,009,563 shares of common stock of Cornerstone Building Brands, Inc., par value $0.01 per share (the “Shares”), multiplied by $24.65 per Share, (b) stock options to purchase 3,274,744 Shares multiplied by $14.55 per Share (which is the difference between $24.65 and the weighted average exercise price of $10.10 for such Shares), (c) 1,974,983 Shares underlying restricted stock units multiplied by $24.65 per Share and (d) 1,430,621 Shares underlying performance share units multiplied by $24.65 per Share.

 

** Determined by multiplying $3,262,384,568.25 by 0.0000927.

 

x Check Box if any part of the fee is offset as provided by Rule 0-11(a)(2) and identify the filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.

 

Amount Previously Paid: $302,423.05

Form or Registration No.: Schedule 14A (File No. 001-14315)

Filing Party: Cornerstone Building Brands, Inc.

Date Filed: April 7, 2022

 

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of this transaction, passed upon the merits or fairness of this transaction or passed upon the adequacy or accuracy of the disclosure in this document. Any representation to the contrary is a criminal offense.

 

 

 

 

 

 

Introduction

 

This Transaction Statement on Schedule 13E-3 (“Transaction Statement”) is being filed with the U.S. Securities and Exchange Commission (the “SEC”) pursuant to Section 13(e) of the Securities Exchange Act of 1934, as amended (together with the rules and regulations promulgated thereunder, the “Exchange Act”), by (1) Cornerstone Building Brands, Inc. (“Cornerstone Building Brands” or the “Company”); (2) Camelot Return Intermediate Holdings, LLC, a Delaware limited liability company (“Parent”) and (3) Camelot Return Merger Sub, Inc. (“Merger Sub”), a Delaware corporation (each of (1) through (3) a “Filing Person,” and collectively, the “Filing Persons”). Parent and Merger Sub are subsidiaries of investment funds managed by Clayton, Dubilier & Rice, LLC (“CD&R”), who, together with its affiliates, owns approximately 49% of the issued and outstanding shares of common stock, par value $0.01 per share, of the Company (which we refer to as a “share” or, collectively, “shares”).

 

This Transaction Statement relates to the Agreement and Plan of Merger, dated as of March 5, 2022 (as it may be amended from time to time, the “merger agreement”), by and among the Company, Parent and Merger Sub. In connection with the merger agreement, an affiliate of CD&R has provided a limited guarantee (as amended from time to time, the “limited guarantee”) with respect to the payment of a termination fee that may be payable by Parent to the Company under the merger agreement, as well as certain reimbursement obligations that may be owed by Parent pursuant to the merger agreement, in each case, subject to the terms of the merger agreement and the limited guarantee.

 

If the merger agreement is adopted by the Company’s stockholders and the other conditions under the merger agreement are either satisfied or waived, Merger Sub will be merged with and into the Company (which we refer to as the “merger”), the separate corporate existence of Merger Sub will cease and the Company will continue its corporate existence under Delaware law as the surviving corporation in the merger (“Surviving Corporation”) and as a subsidiary of Parent. Upon completion of the merger, each share of Company common stock outstanding immediately prior to the effective time of the merger (other than (1) shares of Company common stock that are to be cancelled or converted into shares of common stock of the Surviving Corporation in accordance with the merger agreement and (2) shares of Company common stock that are owned by stockholders of the Company (other than CD&R, certain investment funds managed by CD&R and other affiliates of CD&R that hold shares of Company common stock, which we refer to as the “affiliated stockholders”) who did not vote in favor of the merger agreement or the merger and who have perfected and not withdrawn a demand for appraisal rights pursuant to Section 262 of the General Corporation Law of the State of Delaware), will be converted into the right to receive $24.65 in cash per share, without interest (the “merger consideration”). Following the completion of the merger, the shares of Company common stock will no longer be publicly traded, and holders of such shares of Company common stock that have been converted into the right to receive the merger consideration will cease to have any ownership interest in the Company.

 

Concurrently with the filing of this Transaction Statement, the Company is filing with the SEC a proxy statement (the “Proxy Statement”) under Regulation 14A of the Exchange Act, pursuant to which the Company’s board of directors (the “Board”) is soliciting proxies from stockholders of the Company in connection with the merger. The Proxy Statement is attached hereto as Exhibit (a)(1). A copy of the merger agreement is attached to the Proxy Statement as Annex A and is incorporated herein by reference. As of the date hereof, the Proxy Statement is in preliminary form, and is subject to completion or amendment. Terms used but not defined in this Transaction Statement have the meanings assigned to them in the Proxy Statement.

 

The special committee (the “Special Committee”) of the Board, consisting solely of the Company’s independent directors who are independent of, and not affiliated with, CD&R or its affiliates, evaluated the merger in consultation with the Company’s management and legal and financial advisors, and unanimously (1) determined that the terms of the merger agreement, the voting and support agreement, dated as of March 5, 2022, by and among the Company and affiliates of Parent, including CD&R, which we refer to as the “voting and support agreement,” the limited guarantee and the transactions contemplated by the merger agreement, the voting and support agreement and the limited guarantee (the “transaction”), including the merger, are fair to, and in the best interests of, the Company and its stockholders other than the affiliated stockholders, which stockholders we refer to as the “unaffiliated stockholders,” (2) determined that it is advisable and in the best interests of the Company and the unaffiliated stockholders to enter into the merger agreement, the voting and support agreement and the limited guarantee and (3) recommended that the Board approve and authorize the merger agreement, the voting and support agreement, the limited guarantee and the transaction.

 

2

 

 

Pursuant to General Instruction F to Schedule 13E-3, the information in the Proxy Statement, including all annexes thereto, is expressly incorporated by reference herein in its entirety, and responses to each item herein are qualified in their entirety by the information contained in the Proxy Statement. The cross-references below are being supplied pursuant to General Instruction G to Schedule 13E-3 and show the location in the Proxy Statement of the information required to be included in response to the items of Schedule 13E-3.

 

While each of the Filing Persons acknowledges that the merger is a going private transaction for purposes of Rule 13e-3 under the Exchange Act, the filing of this Transaction Statement shall not be construed as an admission by any Filing Person, or by any affiliate of a Filing Person, that the Company is “controlled” by any of the Filing Persons and/or their respective affiliates.

 

All information contained in, or incorporated by reference into, this Transaction Statement concerning each Filing Person has been supplied by such Filing Person.

 

Item 1. Summary Term Sheet

Regulation M-A Item 1001

 

The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

 

“Summary Term Sheet”

 

“Questions and Answers About the Special Meeting and the Merger”

 

Item 2. Subject Company Information

Regulation M-A Item 1002

 

(a) Name and address. Cornerstone Building Brands’ name, and the address and telephone number of its principal executive offices are:

 

Cornerstone Building Brands, Inc.

5020 Weston Parkway, Suite 400

Cary, NC 27513

(866) 419-0042

 

(b) Securities. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

 

“Questions and Answers About the Special Meeting and the Merger—How many votes do I have?”

 

“The Special Meeting—Record Date and Quorum”

 

(c) Trading market and price. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

 

“Other Important Information Regarding the Company—Market Price of Common Stock and Dividends”

 

(d) Dividends. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

 

“Other Important Information Regarding the Company—Market Price of Common Stock and Dividends”

 

“The Merger Agreement—Conduct of Our Business Pending the Merger”

 

(e) Prior public offerings. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

 

“Other Important Information Regarding the Company—Prior Public Offerings”

 

(f) Prior stock purchases. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

 

“Other Important Information Regarding the Company—Certain Transactions in the Shares of Common Stock”

 

3

 

 

Item 3. Identity and Background of Filing Person

Regulation M-A Item 1003

 

The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

 

(a) – (b) Name and Address of Each Filing Person; Business and Background of Entities.

 

“Summary Term Sheet—Parties to the Merger”

 

“Parties to the Merger”

 

“Other Important Information Regarding the Company—Directors and Executive Officers of the Company”

 

“Other Important Information Regarding the CD&R Entities”

 

“Where You Can Find More Information”

 

(c) Business and Background of Natural Persons.

 

“Other Important Information Regarding the Company—Directors and Executive Officers of the Company”

 

“Other Important Information Regarding the CD&R Entities”

 

“Where You Can Find More Information”

 

Item 4. Terms of the Transaction

Regulation M-A Item 1004

 

(a) Material terms.

 

(1) Tender offer. Not applicable

 

(2) Merger or Similar Transactions.

 

(i) The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

 

“Summary Term Sheet”

 

“Questions and Answers About the Special Meeting and the Merger”

 

“Special Factors—Background of the Merger”

 

“Special Factors—Effective Time of the Merger”

 

“Special Factors—Payment of Merger Consideration”

 

“The Merger Agreement—Conditions to the Merger”

 

(ii) The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

 

“Summary Term Sheet”

 

“Questions and Answers About the Special Meeting and the Merger”

 

“Special Factors—Payment of Merger Consideration”

 

“The Merger Agreement—Treatment of Common Stock and Company Equity Awards”

 

4

 

 

(iii) The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

 

“Special Factors—Reasons for the Merger; Recommendation of the Board; Fairness of the Merger”

 

“Special Factors—Position of Parent and Merger Sub as to the Fairness of the Merger”

 

“Special Factors—Purpose and Reasons of the Company for the Merger”

 

“Special Factors—Purpose and Reasons of the CD&R Entities for the Merger”

 

“Special Factors—Opinion of Centerview Partners LLC”

 

“Special Factors—Unaudited Prospective Financial Information of the Company”

 

(iv) The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

 

“Questions and Answers About the Special Meeting and the Merger”

 

“The Merger Agreement—Stockholders Meeting”

 

“The Special Meeting—Vote Required”

 

(v) The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

 

“Summary Term Sheet”

 

“Special Factors—Certain Effects of the Merger”

 

(vi) The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

 

“Special Factors—Accounting Treatment”

 

(vii) The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

 

“Special Factors—Material U.S. Federal Income Tax Consequences of the Merger”

 

(c) Different terms. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

 

“Summary Term Sheet”

 

“Questions and Answers About the Special Meeting and the Merger”

 

“Special Factors—Certain Effects of the Merger”

 

“Special Factors—Interests of Executive Officers and Directors of the Company in the Merger”

 

“The Merger Agreement—Treatment of Common Stock and Company Equity Awards”

 

“The Voting and Support Agreement”

 

(d) Appraisal rights. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

 

“Summary Term Sheet”

 

“Special Factors—Appraisal Rights”

 

(e) Provisions for unaffiliated security holders. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

 

“Special Factors—Provisions for Unaffiliated Stockholders”

 

(f) Eligibility for listing or trading. Not applicable.

 

5

 

 

Item 5. Past Contacts, Transactions, Negotiations and Agreements

Regulation M-A Item 1005

 

(a)(1) – (2) Transactions. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

 

“Summary Term Sheet”

 

“Special Factors—Background of the Merger”

 

“Special Factors—Certain Effects of the Merger”

 

“Special Factors—Interests of Executive Officers and Directors of the Company in the Merger”

 

“The Merger Agreement—Treatment of Common Stock and Company Equity Awards”

 

“Other Important Information Regarding the Company—Certain Transactions in the Shares of Common Stock”

 

(b) – (c) Significant corporate events; Negotiations or contacts. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

 

“Summary Term Sheet”

 

“Special Factors—Background of the Merger”

 

“Special Factors—Reasons for the Merger; Recommendation of the Board; Fairness of the Merger”

 

“Special Factors—Position of Parent and Merger Sub as to the Fairness of the Merger”

 

“Special Factors—Purpose and Reasons of the Company for the Merger”

 

“Special Factors—Purpose and Reasons of the CD&R Entities for the Merger”

 

 

“Special Factors—Interests of Executive Officers and Directors of the Company in the Merger”

 

“Special Factors—Financing of the Merger”

 

“Special Factors—Limited Guarantee”

 

“The Merger Agreement”

 

“The Voting and Support Agreement”

 

Annex A—Agreement and Plan of Merger, dated as of March 5, 2022, by and among Camelot Return Intermediate Holdings, LLC, Camelot Return Merger Sub, Inc., and Cornerstone Building Brands, Inc.

 

Annex D—Voting and Support Agreement, dated as of March 5, 2022 by and among Cornerstone Building Brands, Inc., CD&R Pisces Holdings, L.P., Clayton, Dubilier & Rice Fund VIII, L.P., CD&R Friends & Family Fund VIII, L.P. and Clayton, Dubilier & Rice, LLC, and, solely for the purposes set forth therein, Clayton, Dubilier & Rice Fund X, L.P.

 

(e) Agreements involving the subject company’s securities. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

 

“Summary Term Sheet”

 

“Questions and Answers About the Special Meeting and the Merger”

 

“Special Factors—Background of the Merger”

 

“Special Factors—Plans for the Company After the Merger”

 

“Special Factors—Financing of the Merger”

 

6 

 

“Special Factors—Limited Guarantee”

 

“The Merger Agreement”

 

“The Voting and Support Agreement”

 

“The Special Meeting—Vote Required”

 

“Other Important Information Regarding the Company—Certain Transactions in the Shares of Common Stock”

 

Annex A—Agreement and Plan of Merger, dated as of March 5, 2022, by and among Camelot Return Intermediate Holdings, LLC, Camelot Return Merger Sub, Inc., and Cornerstone Building Brands, Inc.

 

Annex D—Voting and Support Agreement, dated as of March 5, 2022 by and among Cornerstone Building Brands, Inc., CD&R Pisces Holdings, L.P., Clayton, Dubilier & Rice Fund VIII, L.P., CD&R Friends & Family Fund VIII, L.P. and Clayton, Dubilier & Rice, LLC, and, solely for the purposes set forth therein, Clayton, Dubilier & Rice Fund X, L.P.

 

Item 6. Purposes of the Transaction, and Plans or Proposals.

Regulation M-A Item 1006

 

(b) Use of securities acquired. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

 

“Summary Term Sheet”

 

“Special Factors—Plans for the Company After the Merger”

 

“Special Factors—Certain Effects of the Merger”

 

“Special Factors—Certain Effects of the Merger for Parent”

 

“Special Factors—Certain Effects on the Company if the Merger Is Not Completed”

 

“Special Factors—Payment of Merger Consideration”

 

“Special Factors—Interests of Executive Officers and Directors of the Company in the Merger”

 

“Other Important Information Regarding the Company—Market Price of Common Stock and Dividends”

 

“Delisting and Deregistration of Common Stock”

 

(c)(1) – (8) Plans. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

 

“Summary Term Sheet”

 

“Questions and Answers About the Special Meeting and the Merger”

 

“Special Factors—Background of the Merger”

 

“Special Factors—Reasons for the Merger; Recommendation of the Board; Fairness of the Merger”

 

“Special Factors—Position of Parent and Merger Sub as to the Fairness of the Merger”

 

“Special Factors—Purpose and Reasons of the Company for the Merger”

 

“Special Factors—Purpose and Reasons of the CD&R Entities for the Merger”

 

 

 

“Special Factors—Plans for the Company After the Merger”

 

“Special Factors—Certain Effects of the Merger”

 

7 

 

“Special Factors—Certain Effects of the Merger for Parent”

 

“Special Factors—Certain Effects on the Company if the Merger Is Not Completed”

 

“Special Factors—Interests of Executive Officers and Directors of the Company in the Merger”

 

“Special Factors—Financing of the Merger”

 

“Special Factors—Limited Guarantee”

 

“Voting and Support Agreement”

 

“The Merger Agreement—Effects of the Merger; Directors and Officers; Articles of Incorporation; Bylaws”

 

“The Merger Agreement—Treatment of Common Stock and Company Equity Awards”

 

“The Merger Agreement—Conduct of Our Business Pending the Merger”

 

“Other Important Information Regarding the Company—Market Price of Common Stock and Dividends”

 

“Other Important Information Regarding the Company—Directors and Executive Officers of the Company”

 

“Delisting and Deregistration of Common Stock”

 

Annex A—Agreement and Plan of Merger, dated as of March 5, 2022, by and among Camelot Return Intermediate Holdings, LLC, Camelot Return Merger Sub, Inc., and Cornerstone Building Brands, Inc.

 

Item 7. Purposes, Alternatives, Reasons and Effects

Regulation M-A Item 1013

 

(a) Purposes. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

 

“Summary Term Sheet”

 

“Questions and Answers About the Special Meeting and the Merger”

 

“Special Factors—Background of the Merger”

 

“Special Factors—Reasons for the Merger; Recommendation of the Board; Fairness of the Merger”

 

“Special Factors—Position of the CD&R Entities as to the Fairness of the Merger”

 

“Special Factors—Purpose and Reasons of the Company for the Merger”

 

“Special Factors—Purpose and Reasons of the CD&R Entities for the Merger”

 

“Special Factors—Plans for the Company After the Merger”

 

“Special Factors—Certain Effects of the Merger”

 

(b) Alternatives. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

 

“Special Factors—Background of the Merger”

 

“Special Factors—Reasons for the Merger; Recommendation of the Board; Fairness of the Merger”

 

“Special Factors—Position of the CD&R Entities as to the Fairness of the Merger”

 

“Special Factors—Purpose and Reasons of the Company for the Merger”

 

“Special Factors—Purpose and Reasons of the CD&R Entities for the Merger”

 

“Special Factors—Opinion of Centerview Partners LLC”

 

8 

 

(c) Reasons. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

 

“Special Factors—Background of the Merger”

 

“Special Factors—Reasons for the Merger; Recommendation of the Board; Fairness of the Merger”

 

“Special Factors—Position of the CD&R Entities as to the Fairness of the Merger”

 

“Special Factors—Purpose and Reasons of the Company for the Merger”

 

“Special Factors—Purpose and Reasons of the CD&R Entities for the Merger”

 

“Special Factors—Opinion of Centerview Partners LLC”

 

“Special Factors—Unaudited Prospective Financial Information of the Company”

 

“Special Factors—Certain Effects of the Merger”

 

Annex B – Opinion of Centerview Partners LLC

 

(d) Effects. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

 

“Summary Term Sheet”

 

“Questions and Answers About the Special Meeting and the Merger”

 

“Special Factors—Background of the Merger”

 

“Special Factors—Reasons for the Merger; Recommendation of the Board; Fairness of the Merger”

 

“Special Factors—Position of the CD&R Entities as to the Fairness of the Merger”

 

“Special Factors—Purpose and Reasons of the Company for the Merger”

 

“Special Factors—Purpose and Reasons of the CD&R Entities for the Merger”

 

“Special Factors—Plans for the Company After the Merger”

 

“Special Factors—Certain Effects of the Merger”

 

“Special Factors—Certain Effects of the Merger for Parent”

 

“Special Factors—Certain Effects on the Company if the Merger Is Not Completed”

 

“Special Factors—Interests of Executive Officers and Directors of the Company in the Merger”

 

“Special Factors—Material U.S. Federal Income Tax Consequences of the Merger”

 

“Special Factors—Accounting Treatment”

 

“Special Factors—Financing of the Merger”

 

“Special Factors—Fees and Expenses”

 

“Special Factors—Payment of Merger Consideration”

 

“The Merger Agreement—Effects of the Merger; Directors and Officers; Articles of Incorporation; Bylaws”

 

“The Merger Agreement—Treatment of Common Stock and Company Equity Awards”

 

“The Merger Agreement—Conduct of Our Business Pending the Merger”

 

“Other Important Information Regarding the Company—Market Price of Common Stock and Dividends”

 

“Delisting and Deregistration of Common Stock”

 

Annex A—Agreement and Plan of Merger, dated as of March 5, 2022, by and among Camelot Return Intermediate Holdings, LLC, Camelot Return Merger Sub, Inc., and Cornerstone Building Brands, Inc.

 

9 

 

 

Item 8. Fairness of the Transaction

Regulation M-A Item 1014

 

(a) – (b) Fairness; Factors considered in determining fairness. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

 

“Summary Term Sheet”

 

“Questions and Answers About the Special Meeting and the Merger”

 

“Special Factors—Background of the Merger”

 

“Special Factors—Reasons for the Merger; Recommendation of the Board; Fairness of the Merger”

 

“Special Factors—Position of the CD&R Entities as to the Fairness of the Merger”

 

“Special Factors—Opinion of Centerview Partners LLC”

 

“Special Factors—Purpose and Reasons of the Company for the Merger”

 

“Special Factors—Purpose and Reasons of the CD&R Entities for the Merger”

 

“Special Factors—Certain Effects of the Merger”

 

Annex B—Opinion of Centerview Partners LLC

 

Discussion Materials of Centerview Partners LLC for the Special Committee, dated October 25, 2021, are attached hereto as Exhibit (c)(1) and are incorporated herein by reference.

 

Discussion Materials of Centerview Partners LLC for the Special Committee, dated November 23, 2021, are attached hereto as Exhibit (c)(2) and are incorporated herein by reference.

 

Discussion Materials of Centerview Partners LLC for the Special Committee, dated December 14, 2021, are attached hereto as Exhibit (c)(3) and are incorporated herein by reference.

 

Discussion Materials of Centerview Partners LLC for the Special Committee, dated January 7, 2022, are attached hereto as Exhibit (c)(4) and are incorporated herein by reference.

 

Discussion Materials of Centerview Partners LLC for the Special Committee, dated February 9, 2022, are attached hereto as Exhibit (c)(5) and are incorporated herein by reference.

 

Discussion Materials of Centerview Partners LLC for the Special Committee, dated February 11, 2022, are attached hereto as Exhibit (c)(6) and are incorporated herein by reference.

 

Discussion Materials of Centerview Partners LLC for the Special Committee, dated March 5, 2022, are attached hereto as Exhibit (c)(7) and are incorporated herein by reference.

 

Discussion Materials of Centerview Partners LLC for the Board, dated March 5, 2022, are attached hereto as Exhibit (c)(8) and are incorporated herein by reference.

 

(c) Approval of security holders. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

 

“Summary Term Sheet”

 

“Questions and Answers About the Special Meeting and the Merger”

 

“Special Factors—Reasons for the Merger; Recommendation of the Board; Fairness of the Merger”

 

“Special Factors—Position of the CD&R Entities as to the Fairness of the Merger”

 

“The Merger Agreement—Stockholders Meeting”

 

“The Merger Agreement—Conditions to the Merger”

 

“The Special Meeting”

 

Annex A—Agreement and Plan of Merger, dated as of March 5, 2022, by and among Camelot Return Intermediate Holdings, LLC, Camelot Return Merger Sub, Inc., and Cornerstone Building Brands, Inc.

 

 10 

 

 

(d) Unaffiliated representative. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

 

“Special Factors—Background of the Merger”

 

“Special Factors—Reasons for the Merger; Recommendation of the Board; Fairness of the Merger”

 

“Special Factors—Position of the CD&R Entities as to the Fairness of the Merger”

 

“Special Factors—Purpose and Reasons of the Company for the Merger”

 

“Special Factors—Provisions for Unaffiliated Shareholders”

 

(e) Approval of directors. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

 

“Summary Term Sheet”

 

“Questions and Answers About the Special Meeting and the Merger”

 

“Special Factors—Background of the Merger”

 

“Special Factors—Reasons for the Merger; Recommendation of the Board; Fairness of the Merger”

 

“Special Factors—Purpose and Reasons of the Company for the Merger”

 

“Special Factors—Position of the CD&R Entities as to the Fairness of the Merger”

 

“Special Factors—Opinion of Centerview Partners LLC”

 

“Special Factors—Interests of Executive Officers and Directors of the Company in the Merger”

 

“The Merger (The Merger Agreement Proposal—Proposal 1)”

 

(f) Other offers. Not applicable.

 

Item 9. Reports, Opinions, Appraisals and Negotiations

Regulation M-A Item 1015

 

(a) – (c) Report, opinion or appraisal; Preparer and summary of the report, opinion or appraisal; Availability of documents. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

 

“Summary Term Sheet”

 

“Questions and Answers About the Special Meeting and the Merger”

 

“Special Factors—Background of the Merger”

 

“Special Factors—Reasons for the Merger; Recommendation of the Board; Fairness of the Merger”

 

“Special Factors—Position of the CD&R Entities as to the Fairness of the Merger”

 

“Special Factors—Purpose and Reasons of the Company for the Merger”

 

“Special Factors—Opinion of Centerview Partners LLC”

 

“Where You Can Find More Information”

 

Annex B—Opinion of Centerview Partners LLC

 

Discussion Materials of Centerview Partners LLC for the Special Committee, dated October 25, 2021, are attached hereto as Exhibit (c)(1) and are incorporated herein by reference.

 

Discussion Materials of Centerview Partners LLC for the Special Committee, dated November 23, 2021, are attached hereto as Exhibit (c)(2) and are incorporated herein by reference.

 

Discussion Materials of Centerview Partners LLC for the Special Committee, dated December 14, 2021, are attached hereto as Exhibit (c)(3) and are incorporated herein by reference.

 

Discussion Materials of Centerview Partners LLC for the Special Committee, dated January 7, 2022, are attached hereto as Exhibit (c)(4) and are incorporated herein by reference.

 

 11 

 

 

Discussion Materials of Centerview Partners LLC for the Special Committee, dated February 9, 2022, are attached hereto as Exhibit (c)(5) and are incorporated herein by reference.

 

Discussion Materials of Centerview Partners LLC for the Special Committee, dated February 11, 2022, are attached hereto as Exhibit (c)(6) and are incorporated herein by reference.

 

Discussion Materials of Centerview Partners LLC for the Special Committee, dated March 5, 2022, are attached hereto as Exhibit (c)(7) and are incorporated herein by reference.

 

Discussion Materials of Centerview Partners LLC for the Board, dated March 5, 2022, are attached hereto as Exhibit (c)(8) and are incorporated herein by reference.

  

The reports, opinions or appraisals referenced in this Item 9 will be made available for inspection and copying at the principal executive offices of Cornerstone Building Brands during its regular business hours by any interested equity security holder of Cornerstone Building Brands or representative who has been so designated in writing.

 

Item 10. Source and Amounts of Funds or Other Consideration

Regulation M-A Item 1007

 

(a) – (b) Source of funds; Conditions. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

 

“Summary Term Sheet”

 

“Special Factors—Financing of the Merger”

 

“Special Factors—Limited Guarantee”

 

“The Merger Agreement—Financing; Cooperation with Debt Financing”

 

Debt Commitment Letter, dated March 5, 2022, by and among Camelot Return Merger Sub, Inc. and Deutsche Bank AG New York Branch, Deutsche Bank AG Cayman Islands Branch, Deutsche Bank Securities Inc., UBS AG, Stamford Branch, UBS Securities LLC, Barclays Bank PLC, BNP Paribas, BNP Paribas Securities Corp., Royal Bank of Canada, RBC Capital Markets, Société Générale, Goldman Sachs Bank USA, Natixis, New York Branch, Jefferies Finance LLC, Apollo Global Funding, LLC, Apollo Capital Management, L.P., on behalf of one or more funds, accounts, or other clients managed by it or its affiliates, U.S. Bank National Association and Blackstone Alternative Credit Advisors LP, is attached hereto as Exhibit (b)(1) and is incorporated herein by reference.

 

Debt Commitment Letter, dated March 5, 2022, by and among Camelot Return Holdings, LLC and Deutsche Bank AG Cayman Islands Branch, Deutsche Bank Securities Inc., UBS AG, Stamford Branch, UBS Securities LLC, Barclays Bank PLC, BNP Paribas, BNP Paribas Securities Corp., Royal Bank of Canada, RBC Capital Markets, Société Générale, Goldman Sachs Bank USA, Natixis, New York Branch, Jefferies Finance LLC and Arawak X, L.P., is attached hereto as Exhibit (b)(2) and is incorporated herein by reference.

 

Equity Commitment Letter, dated March 5, 2022, by and between Clayton, Dubilier & Rice Fund X, L.P. and Camelot Return Intermediate Holdings, LLC., is attached hereto as Exhibit (b)(3) and is incorporated herein by reference.

 

(c) Expenses. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

 

 

“Summary Term Sheet”

 

“Special Factors—Fees and Expenses”

 

“The Merger Agreement—Termination”

 

“The Merger Agreement—Company Termination Fee”

 

“The Merger Agreement—Parent Termination Fee”

 

“The Merger Agreement—Expenses”

 

 12 

 

 

(d) Borrowed funds. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

 

“Special Factors—Financing of the Merger”

 

“The Merger Agreement—Financing; Cooperation with Debt Financing”

 

Debt Commitment Letter, dated March 5, 2022, by and between Camelot Return Merger Sub, Inc. and Deutsche Bank AG New York Branch, Deutsche Bank AG Cayman Islands Branch, Deutsche Bank Securities Inc., UBS AG, Stamford Branch, UBS Securities LLC, Barclays Bank PLC, BNP Paribas, BNP Paribas Securities Corp., Royal Bank of Canada, RBC Capital Markets, Société Générale, Goldman Sachs Bank USA, Natixis, New York Branch, Jefferies Finance LLC, Apollo Global Funding, LLC, Apollo Capital Management, L.P., on behalf of one or more funds, accounts, or other clients managed by it or its affiliates, U.S. Bank National Association and Blackstone Alternative Credit Advisors LP, is attached hereto as Exhibit (b)(1) and is incorporated herein by reference.

 

Debt Commitment Letter, dated March 5, 2022, by and between Camelot Return Holdings, LLC and Deutsche Bank AG Cayman Islands Branch, Deutsche Bank Securities Inc., UBS AG, Stamford Branch, UBS Securities LLC, Barclays Bank PLC, BNP Paribas, BNP Paribas Securities Corp., Royal Bank of Canada, RBC Capital Markets, Société Générale, Goldman Sachs Bank USA, Natixis, New York Branch, Jefferies Finance LLC and Arawak X, L.P., is attached hereto as Exhibit (b)(2) and is incorporated herein by reference.

 

Equity Commitment Letter, dated March 5, 2022, by and between Clayton, Dubilier & Rice Fund X, L.P. and Camelot Return Intermediate Holdings, LLC., is attached hereto as Exhibit (b)(3) and is incorporated herein by reference.

 

Item 11. Interest in Securities of the Subject Company

Regulation M-A Item 1008

 

(a) Securities ownership. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

 

“Special Factors—Interests of Executive Officers and Directors of the Company in the Merger”

 

“Other Important Information Regarding the Company—Security Ownership of Certain Beneficial Owners and Management”

 

(b) Securities transactions. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

 

“Other Important Information Regarding the Company—Certain Transactions in the Shares of Common Stock”

 

Item 12. The Solicitation or Recommendation

Regulation M-A Item 1012

 

(d) Intent to tender or vote in a going-private transaction. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

 

“Summary Term Sheet”

 

“Questions and Answers About the Special Meeting and the Merger”

 

“Special Factors—Reasons for the Merger; Recommendation of the Board; Fairness of the Merger”

 

“Special Factors—Position of the CD&R Entities as to the Fairness of the Merger”

 

“Special Factors—Purpose and Reasons of the Company for the Merger”

 

“Special Factors—Purpose and Reasons of the CD&R Entities for the Merger”

 

“Special Factors—Intent to Vote in Favor of the Merger”

 

“Special Factors—CD&R’s Obligation to Vote in Favor of the Merger”

 

“The Merger Agreement—CD&R Vote”

 

 13 

 

 

“The Special Meeting—Vote Required”

 

“Voting and Support Agreement”

 

Annex D—Voting and Support Agreement, dated as of March 5, 2022 by and among Cornerstone Building Brands, Inc., CD&R Pisces Holdings, L.P., Clayton, Dubilier & Rice Fund VIII, L.P., CD&R Friends & Family Fund VIII, L.P. and Clayton, Dubilier & Rice, LLC, and, solely for the purposes set forth therein, Clayton, Dubilier & Rice Fund X, L.P.

 

(e) Recommendation of others. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

 

“Summary Term Sheet”

 

“Questions and Answers About the Special Meeting and the Merger”

 

“Special Factors—Background of the Merger”

 

“Special Factors—Reasons for the Merger; Recommendation of the Board; Fairness of the Merger”

 

“Special Factors—Position of the CD&R Entities as to the Fairness of the Merger”

 

“Special Factors—Purpose and Reasons of the Company for the Merger”

 

“Special Factors—Purpose and Reasons of the CD&R Entities for the Merger”

 

Item 13. Financial Information

Regulation M-A Item 1010

 

(a) Financial statements. The audited consolidated financial statements of the Company for the fiscal years ended December 31, 2021 and 2020 are incorporated herein by reference to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed on March 1, 2022 (see “Item 8. Financial Statements and Supplementary Data” beginning on page 49).

 

The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

 

“Special Factors—Certain Effects of the Merger”

 

“Special Factors—Unaudited Prospective Financial Information of the Company”

 

“Other Important Information Regarding the Company—Book Value per Share”

 

“Where You Can Find More Information”

 

(b) Pro forma information. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

 

“Special Factors—Unaudited Prospective Financial Information of the Company”

 

Item 14. Persons/Assets, Retained, Employed, Compensated or Used

Regulation M-A Item 1009

 

(a) – (b) Solicitations or recommendations; Employees and corporate assets. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

 

“Summary Term Sheet”

 

“Questions and Answers About the Special Meeting and the Merger”

 

“Special Factors—Background of the Merger”

 

“Special Factors—Reasons for the Merger; Recommendation of the Board; Fairness of the Merger”

 

“Special Factors—Purpose and Reasons of the Company for the Merger”

 

“Special Factors—Fees and Expenses”

 

“Special Factors—Interests of Executive Officers and Directors of the Company in the Merger”

 

“The Special Meeting—Solicitation of Proxies; Payment of Solicitation Expenses”

 

 14 

 

 

Item 15. Additional Information

Regulation M-A Item 1011

 

(b) Golden Parachute Compensation. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

 

“Summary Term Sheet”

 

“Questions and Answers About the Special Meeting and the Merger—What am I being asked to vote on at the special meeting?”

 

“Special Factors—Certain Effects of the Merger”

 

“Special Factors—Interests of Executive Officers and Directors of the Company in the Merger—Golden Parachute Compensation”

 

“The Merger Agreement—Treatment of Common Stock and Company Equity Awards”

 

“The Special Meeting—Time, Place and Purpose of the Special Meeting”

 

“Merger-Related Executive Compensation Arrangement (The Merger-Related Compensation Proposal—Proposal 3)”

 

(c) Other material information. The information set forth in the Proxy Statement, including all annexes thereto, is incorporated herein by reference.

 

Item 16. Exhibits

Regulation M-A Item 1016

 

(a)(1) Preliminary Proxy Statement of Cornerstone Building Brands, Inc. (the “Proxy Statement”) (incorporated herein by reference to the Schedule 14A filed concurrently with the SEC).

 

(a)(2) Form of Proxy Card.*

 

(a)(3) Letter to Cornerstone Building Brands, Inc. Stockholders (incorporated herein by reference to the Proxy Statement).

 

(a)(4) Notice of Special Meeting of Stockholders (incorporated herein by reference to the Proxy Statement).

 

(a)(5) Press Release, dated March 7, 2022 (filed as Exhibit 99.1 to Cornerstone Building Brands, Inc.’s Current Report on Form 8-K, filed March 7, 2022 and incorporated herein by reference).

 

(b)(1) Debt Commitment Letter, dated March 5, 2022, by and between Camelot Return Merger Sub, Inc. and Deutsche Bank AG New York Branch, Deutsche Bank AG Cayman Islands Branch, Deutsche Bank Securities Inc., UBS AG, Stamford Branch, UBS Securities LLC, Barclays Bank PLC, BNP Paribas, BNP Paribas Securities Corp., Royal Bank of Canada, RBC Capital Markets, Société Générale, Goldman Sachs Bank USA, Natixis, New York Branch, Jefferies Finance LLC, Apollo Global Funding, LLC, Apollo Capital Management, L.P., on behalf of one or more funds, accounts, or other clients managed by it or its affiliates, U.S. Bank National Association and Blackstone Alternative Credit Advisors LP.

 

(b)(2) Debt Commitment Letter, dated March 5, 2022, by and between Camelot Return Holdings, LLC and Deutsche Bank AG Cayman Islands Branch, Deutsche Bank Securities Inc., UBS AG, Stamford Branch, UBS Securities LLC, Barclays Bank PLC, BNP Paribas, BNP Paribas Securities Corp., Royal Bank of Canada, RBC Capital Markets, Société Générale, Goldman Sachs Bank USA, Natixis, New York Branch, Jefferies Finance LLC and Arawak X, L.P.

 

(b)(3) Equity Commitment Letter, dated March 5, 2022, by and between Clayton, Dubilier & Rice Fund X, L.P. and Camelot Return Intermediate Holdings, LLC.

 

(c)(1) Discussion Materials of Centerview Partners LLC for the Special Committee, dated October 25, 2021.

 

(c)(2) Discussion Materials of Centerview Partners LLC for the Special Committee, dated November 23, 2021.

 

(c)(3) Discussion Materials of Centerview Partners LLC for the Special Committee, dated December 14, 2021.

 

 15 

 

 

(c)(4) Discussion Materials of Centerview Partners LLC for the Special Committee, dated January 7, 2022.

 

(c)(5) Discussion Materials of Centerview Partners LLC for the Special Committee, dated February 9, 2022.

 

(c)(6) Discussion Materials of Centerview Partners LLC for the Special Committee, dated February 11, 2022.

 

(c)(7) Discussion Materials of Centerview Partners LLC for the Special Committee, dated March 5, 2022.

 

(c)(8) Discussion Materials of Centerview Partners LLC for the Board, dated March 5, 2022.

 

(c)(9) Opinion of Centerview Partners LLC, dated March 5, 2022 (incorporated herein by reference to Annex B of the Proxy Statement).

 

(d)(1) Agreement and Plan of Merger, dated as of March 5, 2022, by and among Camelot Return Intermediate Holdings, LLC, Camelot Return Merger Sub, Inc., and Cornerstone Building Brands, Inc. (incorporated herein by reference to Annex A of the Proxy Statement).

 

(d)(2) Limited Guarantee, dated March 5, 2022, by Clayton, Dubilier & Rice Fund X, L.P. in favor of Cornerstone Building Brands, Inc.

 

(d)(3) Voting and Support Agreement, dated March 5, 2022, by and between Cornerstone Building Brands, Inc. CD&R Pisces Holdings, L.P., Clayton, Dubilier & Rice Fund VIII, L.P., CD&R Friends & Family Fund VIII, L.P., Clayton, Dubilier & Rice, LLC, and, solely for purposes of Section 3 of the Agreement, Clayton, Dubilier & Rice Fund X, L.P. (filed as Exhibit 10.1 to Cornerstone Building Brands, Inc.’s Current Report on Form 8-K, filed March 7, 2022 and incorporated herein by reference).

 

(d)(4)     Stockholders Agreement, dated November 16, 2018, by and among NCI Building Systems, Inc., Clayton, Dubilier & Rice Fund VIII, L.P., CD&R Friends & Family Fund VIII, L.P., CD&R Pisces Holdings, L.P., Atrium Intermediate Holdings, LLC, GGC BP Holdings, LLC and AIC Finance Partnership, L.P. (filed as Exhibit 10.1 to NCI Building Systems, Inc.’s Current Report on Form 8-K, filed November 20, 2018 and incorporated herein by reference).

 

(d)(5) Stockholders Agreement – Limited Waiver, dated as of February 12, 2022, by and among Cornerstone Building Brands, Inc., Clayton, Dubilier & Rice Fund VIII, L.P., CD&R Friends & Family Fund VIII, L.P. and CD&R Pisces Holdings, L.P. (filed as Exhibit 10.1 to Cornerstone Building Brands, Inc.’s Current Report on Form 8-K, filed February 14, 2022 and incorporated herein by reference).

 

(f) Section 262 of the General Corporation Law of the State of Delaware (incorporated herein by reference to Annex C of the Proxy Statement).

 

(g) None.

 

107 Filing Fee Table.

 

* To be filed by amendment

 

 16 

 

 

SIGNATURE

 

After due inquiry and to the best of each of the undersigned’s knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

 

Dated as of April 7, 2022.  
   
  CORNERSTONE BUILDING BRANDS, INC.
   
  By: /s/ Alena S. Brenner
    Name: Alena S. Brenner
    Title: Executive Vice President, General Counsel and Corporate Secretary
   
   
  CAMELOT RETURN INTERMEDIATE HOLDINGS, LLC
   
  By: /s/ Rima Simson
    Name: Rima Simson
    Title: Vice President, Treasurer and Secretary
   
   
  CAMELOT RETURN MERGER SUB, INC.
   
  By: /s/ Rima Simson
    Name: Rima Simson
    Title: Vice President, Treasurer and Secretary

 

 17 

 

Exhibit (b)(1)

 

EXECUTION VERSION

 

DEUTSCHE BANK AG NEW YORK BRANCH

DEUTSCHE BANK AG CAYMAN ISLANDS BRANCH

DEUTSCHE BANK SECURITIES INC.

1 Columbus Circle

New York, New York 10019

UBS AG, STAMFORD BRANCH

600 Washington Boulevard

Stamford, Connecticut 06901

UBS SECURITIES LLC

1285 Avenue of the Americas

New York, New York 10019

BARCLAYS

745 Seventh Avenue

New York, New York 10019

   

BNP PARIBAS

BNP PARIBAS SECURITIES CORP.

787 Seventh Avenue

New York, New York 10019

ROYAL BANK OF CANADA

200 Vesey Street

New York, New York 10281

SOCIÉTÉ GÉNÉRALE

245 Park Avenue

New York, New York 10167

   
GOLDMAN SACHS BANK USANATIXIS, NEW YORK BRANCHJEFFERIES FINANCE LLC
200 West Street

1251 Avenue of the Americas

520 Madison Avenue
New York, NY 10282New York, NY 10020New York, New York 10022
   

APOLLO GLOBAL FUNDING, LLC

APOLLO CAPITAL MANAGEMENT, L.P.

BLACKSTONE ALTERNATIVE CREDIT ADVISORS LPU.S. BANK NATIONAL ASSOCIATION
9 West 57th Street345 Park Avenue, 31st FloorThree Bryant Park, 13th Fl.
New York, NY 10019New York, New York 10154New York, NY 10036

 

 

 

 

CONFIDENTIAL

 

March 5, 2022

 

Camelot Return Merger Sub, Inc.

c/o Clayton, Dubilier & Rice

375 Park Avenue, 18th Floor

New York, New York 10152

Attention: Michael G. Babiarz

 

Project Camelot
Commitment Letter

 

Ladies and Gentlemen:

 

You have advised us that Camelot Return Holdings, LLC, a newly formed Delaware limited liability company (“TopCo”), Camelot Return Intermediate Holdings, LLC, a newly formed Delaware limited liability company and a wholly-owned subsidiary of TopCo (“Holdings”) and Camelot Return Merger Sub, Inc., a newly formed Delaware corporation and a wholly-owned subsidiary of Holdings (“AcquisitionCo” or “you”), each a company formed at the direction of Clayton, Dubilier & Rice, LLC (“CD&R” and, together with its affiliates, the “Sponsor”), intend to acquire (the “Acquisition”), directly or indirectly, all of the issued and outstanding equity interests of the entity previously identified to us by you as “Camelot” (the “Company”) pursuant to the Acquisition Agreements (as defined in Exhibit A hereto). You have further advised Deutsche Bank AG New York Branch (“DBNY”), Deutsche Bank AG Cayman Islands Branch (“DBCI”), Deutsche Bank Securities Inc. (“DBSI” and, together with DBNY and DBCI, “DB”), UBS AG, Stamford Branch (“UBS AG”), UBS Securities LLC (“UBSS” and, together with UBS AG, “UBS”), Barclays Bank PLC (“Barclays”), BNP Paribas (“BNP”), BNP Paribas Securities Corp. (“BNPPSC” and, together with BNP, “BNP Paribas”), Royal Bank of Canada (“Royal Bank”), RBC Capital Markets1 (“RBCCM” and, together with Royal Bank, “RBC”), Société Générale (“SG”), Goldman Sachs Bank USA (“GS”), Natixis, New York Branch (“Natixis”), Jefferies Finance LLC (“Jefferies”), Apollo Global Funding, LLC (“AGF”), Apollo Capital Management, L.P., on behalf of one or more funds, accounts, or other clients managed by it or its affiliates (“ACM” and, together with AGF, “Apollo”), U.S. Bank National Association (“U.S. Bank” and, together with DB, UBS, Barclays, BNP Paribas, RBC, SG, GS, Natixis, Jefferies, Apollo and any Additional Committing Lenders (as defined below), the “Syndicating Committed Lenders”) and Blackstone Alternative Credit Advisors LP (“Blackstone” and, together with the Syndicating Committed Lenders, the “Committed Lenders”, “we” or “us”) that, in connection with the foregoing, you intend to consummate the other Transactions described in the Transaction Description attached hereto as Exhibit A (the “Transaction Description”). Capitalized terms used but not defined herein shall have the meanings assigned to them in the Transaction Description, the Summaries of Principal Terms and Conditions attached hereto as Exhibit B (the “Bridge Term Sheet”) and Exhibit C (the “Incremental ABL Term Sheet”; together with the Bridge Term Sheet, the “Term Sheets”) and the Summary of Additional Conditions attached hereto as Exhibit D (the “Summary of Additional Conditions”; together with this commitment letter, the Transaction Description and the Term Sheets, collectively, the “Commitment Letter”).

 

 

1RBC Capital Markets is a marketing name for the capital markets activities of Royal Bank of Canada and its affiliates.

 

2 

 

 

You have further advised each of the Committed Lenders that, in connection therewith, it is intended that the financing for the Transactions will include (x) any of (i) up to $950.0 million in aggregate principal amount of senior secured notes, subject to increase to fund any original issue discount in the issue price of such notes (the “Secured Notes”) in a Rule 144A private placement, (ii) if all or any portion of the Secured Notes are not issued on or prior to the Closing Date (as defined below), up to $950.0 million (less the amount of cash proceeds received from the issuance of Secured Notes on or prior to the Closing Date, and plus, at AcquisitionCo’s option pursuant to the terms of the Bridge Term Sheet, the amount of any Bridge Loan OID Increase (as defined in Exhibit B hereto)) of senior secured increasing rate bridge loans (the “Bridge Loans”) under the senior secured credit facility (the “Bridge Facility”) described in the Bridge Term Sheet or (iii) a combination of Secured Notes and Bridge Loans and (y) the incremental senior secured asset-based revolving credit facility described in the Incremental ABL Term Sheet, in an aggregate principal amount of up to $239.0 million (the “Incremental ABL Facility”), to be documented as Supplemental Commitments under and as defined in the Existing ABL Credit Agreement (as defined below) to be added to the U.S. Facility Commitments (as defined in the Existing ABL Credit Agreement) and the Canadian Facility Commitments (as defined in the Existing ABL Credit Agreement) on a pro rata basis. The Bridge Facility and the Incremental ABL Facility are each individually referred to herein as a “Facility” and collectively referred to herein as the “Facilities”. As used herein, the term “Closing Date” shall mean the date on which the Company Shares Acquisition closes with the proceeds of, among other things, the Bridge Loans and/or Secured Notes issued in a Rule 144A private placement arranged by the Investment Banks (as defined in Exhibit D hereto). For all purposes hereunder, (i) the term “Existing Cash Flow Credit Agreement” shall mean that certain Cash Flow Credit Agreement, dated as of April 12, 2018 (as amended, supplemented, waived or otherwise modified from time to time), among the Company, as borrower, the several banks and other financial institutions from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent (in such capacities, the “Cash Flow Agent”), (ii) the term “Existing ABL Credit Agreement” shall mean that certain ABL Credit Agreement, dated as of April 12, 2018 (as amended, supplemented, waived or otherwise modified from time to time), among the Company, as parent borrower, the U.S. subsidiary borrowers from time to time party thereto, the Canadian borrowers from time to time party thereto, the several banks and other financial institutions from time to time party thereto and UBS AG, Stamford Branch, as administrative agent and collateral agent (in such capacities, the “ABL Agent”), and (iii) the term “Existing Indenture” shall mean that certain Indenture, dated as of April 12, 2018 (as amended, supplemented, waived or otherwise modified from time to time), among the Company, as issuer, the subsidiary guarantors from time to time party thereto and Wilmington Trust, National Association, as trustee.

 

In addition, you have further advised each of the Committed Lenders that, in connection therewith, it is intended that the financing for the Transactions may, at TopCo’s option, also include any of (i) up to $725.0 million in aggregate principal amount of senior unsecured PIK notes, subject to increase to fund any original issue discount in the issue price of such notes (the “Holdco PIK Notes”) in a Rule 144A private placement, as described in the Holdco Commitment Letter (as defined below), (ii) if all or any portion of the Holdco PIK Notes are not issued on or prior to the Closing Date, up to $725.0 million (less the amount of cash proceeds received from the issuance of Holdco PIK Notes on or prior to the Closing Date, and plus, at TopCo’s option pursuant to the terms of the Holdco Commitment Letter, the amount of any Holdco PIK Bridge Loan OID Increase (as defined in the Holdco Commitment Letter)) of senior unsecured increasing rate PIK bridge loans (the “Holdco PIK Bridge Loans”) under the senior unsecured PIK credit facility (the “Holdco PIK Bridge Facility”) described in the Holdco Commitment Letter or (iii) a combination of Holdco PIK Notes and Holdco PIK Bridge Loans. For all purposes hereunder, the term “Holdco Commitment Letter” shall mean that certain Commitment Letter, dated as of March 5, 2022 (as amended, supplemented, waived or otherwise modified from time to time), among TopCo and DBCI, DBSI, UBS, Barclays, BNP Paribas, RBC, SG, GS, Natixis, Jefferies and Arawak X, L.P.

 

3 

 

 

In connection with the foregoing, (x) each of DBCI, UBS AG, Barclays, BNP, Royal Bank, SG, GS, Natixis, Jefferies, ACM and Blackstone is pleased to advise you of its several, but not joint, commitment to provide 17%, 17%, 10%, 10%, 10%, 10%, 5%, 5%, 4.1%, 5.95% and 5.95%, respectively, of the Bridge Facility (including, without limitation, any Bridge Loan OID Increase) and each of UBS AG, DBNY, Barclays, BNP, Royal Bank, SG, GS, Natixis, Jefferies and U.S. Bank is pleased to advise you of its, several, but not joint, commitment to provide 17%, 17%, 10%, 10%, 10%, 10%, 5%, 5%, 4.1% and 11.9%, respectively, of the Incremental ABL Facility, (y) each of UBS AG, DBNY, Barclays, BNP, Royal Bank, SG, GS, Natixis, Jefferies and U.S. Bank is pleased to advise you of its commitment to consent to the ABL Amendments (as defined in Exhibit C hereto) and (z) DBNY, UBS AG, Barclays, Royal Bank, SG, Natixis and Jefferies is pleased to advise you of its commitment to consent to the Cash Flow Revolver Maturity Amendment (as defined in Annex I hereto), in each case, subject only to the conditions set forth in the second sentence of the Funding Conditions Provision (as defined below), in the Summary of Additional Conditions and, as applicable, (solely in the case of the Bridge Facility) under the heading “Conditions to Bridge Loans” in the Bridge Term Sheet and (solely in the case of the Incremental ABL Facility) under the heading “Conditions Precedent to Initial Extensions of Credit” in the Incremental ABL Facility Term Sheet.

 

It is agreed that:

 

(i)            each of DBSI, UBSS, Barclays, BNPPSC, RBCCM, SG, GS, Natixis, Jefferies and AGF will act as joint lead arrangers and joint bookrunners for the Bridge Facility (in such capacity, the “Lead Bridge Arrangers”), and

 

(ii)            each of UBSS, DBSI, Barclays, BNPPSC, RBCCM, SG, GS, Natixis, Jefferies and U.S. Bank will act as joint lead arrangers and joint bookrunners for the Incremental ABL Facility (in such capacity, the “Lead Incremental ABL Facility Arrangers”; together with the Lead Bridge Arrangers, the “Lead Arrangers”);

 

provided, however, that (i) DBSI and UBSS (the “Co-Lead Left Bridge Arrangers”) shall have co-“left” placement in any and all marketing materials or other documentation used in connection with the Bridge Facility and shall hold the leading roles, rights and responsibilities conventionally associated with such co-“left” placement, including maintaining joint possession of “physical books” in respect of the Bridge Facility, and DBSI shall appear to the “left” and UBSS shall appear immediately to the “right” of DBSI in such materials and other documentation and (ii) UBSS (the “Lead Left Incremental ABL Facility Arranger”; together with the Co-Lead Left Bridge Arrangers, the “Lead Left Arrangers”) shall have “left” placement in any and all marketing materials or other documentation used in connection with the Incremental ABL Facility and shall hold the leading role, rights and responsibilities conventionally associated with such “left” placement, including maintaining sole “physical books” in respect of the Incremental ABL Facility.

 

You may, on or prior to the date that is 20 business days after the date of this Commitment Letter, appoint additional agents, co-agents, lead arrangers, co-“lead left” arrangers, bookrunners, managers or arrangers (any such agent, co-agent, lead arranger, bookrunner, manager or arranger, an “Additional Committing Lender”) or confer other titles in respect of any Facility in a manner and with economics determined by you in consultation with the Lead Arrangers party hereto as of the date hereof (it being understood that, to the extent you appoint Additional Committing Lenders or confer other titles in respect of any Facility, (x) each such Additional Committing Lender will assume a portion of the commitments of each Facility on a pro rata basis (and the commitments of the Committed Lenders party hereto as of the date hereof with respect to such portion will be reduced ratably) and (y) the economics allocated to the Committed Lenders party hereto as of the date hereof in respect of the relevant Facilities will be reduced ratably by the amount of the economics allocated to such appointed entities upon the execution by such financial institution of customary joinder documentation and, thereafter, each such financial institution shall constitute a “Committed Lender” hereunder and under the Fee Letter (as defined below)); provided that (i) fees will be allocated to each such appointed entity on a pro rata basis in respect of the commitments it is assuming or on such other basis as you and the Lead Arrangers party hereto as of the date hereof may agree and (ii) in no event shall the Lead Arrangers party hereto as of the date hereof be entitled to less than 85.0% of the economics of the relevant Facility. No compensation (other than that expressly contemplated by this Commitment Letter and the Fee Letter and other than in connection with any additional appointments referred to above) will be paid to any Lender in connection with the Facilities unless you and the Lead Left Arrangers in respect of the applicable Facility so agree; provided that such additional compensation may not be paid to such Lead Left Arranger or any of its affiliates without the consent of the other Committed Lenders.

 

4 

 

 

The Syndicating Committed Lenders reserve the right, prior to or after the execution of definitive documentation for the Facilities (which we agree will be initially drafted by your counsel), to syndicate all or a portion of the Syndicating Committed Lenders’ commitments hereunder to a group of financial institutions (together with the Committed Lenders, the “Lenders”) identified by the Syndicating Committed Lenders in consultation with you and reasonably acceptable to them and you (in the case of the Bridge Facility, such consent not to be unreasonably withheld, and in the case of the Incremental ABL Facility, such consent not to be unreasonably withheld for an assignment to an Approved Commercial Bank (as defined in the Existing ABL Credit Agreement)), it being understood that the Syndicating Committed Lenders will not syndicate to (x) in the case of the Bridge Facility, those persons identified by you or the Sponsor in writing to the Syndicating Committed Lenders (or to their affiliates so designated in writing) on or prior to the date hereof or to any competitors of the Company or its subsidiaries or to any affiliates of such competitors, or to any person whose principal investment strategy is investing in distressed debt or the pursuance of loan-to own strategies that is identified from time to time in writing by the Borrower or the Sponsor to the Bridge Administrative Agent (as defined in Exhibit B hereto) and (y) in the case of the Incremental ABL Facility, any Disqualified Lender (as defined in the Existing ABL Credit Agreement) (such persons described in the foregoing clauses (x) and (y), collectively, the Disqualified Institutions”) (provided that, on or after the Closing Date, the Borrower (as defined in Exhibit B hereto) may designate additional entities with the consent of the Bridge Administrative Agent (such consent not to be unreasonably withheld, conditioned or delayed)); provided that, notwithstanding each Syndicating Committed Lender’s right to syndicate the Facilities and receive commitments with respect thereto, it is agreed that any syndication, assignment or receipt of commitments in respect of all or any portion of a Syndicating Committed Lender’s commitments hereunder prior to the initial funding under the Facilities and/or the placement and issuance of the Secured Notes issued in a Rule 144A private placement arranged by the Investment Banks shall not be a condition to such Syndicating Committed Lender’s commitments nor reduce such Syndicating Committed Lender’s commitments hereunder with respect to any of the Facilities (provided, however, that, notwithstanding the foregoing, assignments of a Syndicating Committed Lender’s commitments, which are effective simultaneously with the funding of such commitments by the assignee, shall be permitted) and, unless you otherwise agree in writing, each Syndicating Committed Lender shall retain exclusive control over all rights and obligations with respect to its commitments, including all rights with respect to consents, modifications, waivers and amendments, until the Closing Date has occurred. Without limiting your obligations to assist with syndication efforts as set forth below, it is understood that the Syndicating Committed Lenders’ commitments hereunder are not subject to or conditioned on the syndication of the Facilities or the placement of the Secured Notes. The Syndicating Committed Lenders intend to commence syndication efforts promptly upon the execution of this Commitment Letter and as part of their syndication efforts, it is their intent to have Lenders commit to the Facilities prior to the Closing Date (subject to the limitations set forth in the second preceding sentence). You agree actively to assist the Syndicating Committed Lenders (and to use your commercially reasonable efforts to cause the Sponsor and, to the extent practicable, appropriate and not in contravention of the terms of the Acquisition Agreements, the Company to actively assist the Syndicating Committed Lenders) in completing a timely syndication that is reasonably satisfactory to them and you. Such assistance shall be limited to, until the earlier to occur of (i) a Successful Syndication (as defined in the Fee Letter) and (ii) 60 days after the Closing Date, your using commercially reasonable efforts to (a) ensure that any syndication efforts benefit from the existing lending and investment banking relationships of you, the Sponsor and, to the extent practicable, appropriate and not in contravention of the terms of the Acquisition Agreements, the Company, (b) facilitate direct contact between appropriate members of senior management, representatives and advisors of you and the Sponsor, on the one hand, and the proposed Lenders, on the other hand (and your using commercially reasonable efforts, to the extent practicable, appropriate and not in contravention of the terms of the Acquisition Agreements, to provide contact between senior management, representatives and advisors of the Company, on the one hand, and the proposed Lenders, on the other hand), in all such cases at times mutually agreed upon, (c) assist, and your using commercially reasonable efforts, to the extent practicable, appropriate and not in contravention of the terms of the Acquisition Agreements, to cause the Company to assist, in the preparation of a customary lender presentation for the Bridge Facility (the “Lender Presentation”) and other customary and reasonably available bridge marketing materials to be used in connection with the syndication (all of which shall be in form substantially similar to lender presentations and bridge marketing materials prepared by companies sponsored by the Sponsor) and your using commercially reasonable efforts to provide such Lender Presentation (other than the portions thereof customarily provided by financing arrangers, and limited, in the case of information relating to the Company and its subsidiaries, to the financial information required to be delivered pursuant to paragraph 5 of the Summary of Additional Conditions, assuming the Closing Date were the last day of the 15 consecutive business day period) to the Syndicating Committed Lenders no less than 15 consecutive business days prior to the Closing Date (or such shorter period ending upon the issuance of the Secured Notes or otherwise reasonably acceptable to the Lead Arrangers) (provided that (i) if such 15 consecutive business day period shall not have ended on or prior to August 19, 2022, then such 15 consecutive business day period shall not commence prior to September 6, 2022 and (ii) November 25, 2022 shall not constitute a business day for purposes of calculating such 15 consecutive business day period), (d) prior to the launch of syndication, using your commercially reasonable efforts to procure or confirm a public corporate credit rating and a public corporate family rating (but in each case, no specific rating) in respect of the Borrower from Standard & Poor’s Ratings Services (“S&P”) and Moody’s Investors Service, Inc. (“Moody’s”), respectively, and procure a public rating (but no specific rating) for the Secured Notes from each of S&P and Moody’s, (e) host, with the Syndicating Committed Lenders, no more than one meeting or lender call to be mutually agreed upon of prospective Lenders at a time and location to be mutually agreed upon (it being understood that any such meeting may take place via videoconference or web conference), (f) to the extent practicable, appropriate and not in contravention of the terms of the Acquisition Agreements, cause the Company to provide access and otherwise assist in permitting the Lead Left Incremental ABL Facility Arranger and its representatives to complete customary field examinations and appraisals relating to the receivables and inventory constituting a part of the borrowing base for the Incremental ABL Facility; provided that the Lead Left Incremental ABL Facility Arranger shall promptly share any such completed field examinations and inventory appraisals with you; and (g) to the extent practicable, appropriate and not in contravention of the terms of the Acquisition Agreements, ensure that there shall be no competing issues of debt securities or syndicated credit facilities of Holdings, AcquisitionCo, the Company or any of their respective subsidiaries being offered, placed or arranged (other than (w) the Holdco PIK Bridge Loans and the Holdco PIK Notes (including any Holdco PIK Securities (as defined in the Fee Letter (as defined in the Holdco Commitment Letter))), (x) the Secured Notes (including any Securities (as defined in the Fee Letter)), (y) prior to the Closing Date, any indebtedness permitted to be incurred under the Existing Cash Flow Credit Agreement or the Existing ABL Credit Agreement (other than any Incremental Indebtedness (as defined in the Existing Cash Flow Credit Agreement) (other than any Incremental Revolving Commitments or Supplemental Revolving Commitments (each as defined in the Existing Cash Flow Credit Agreement)), including any in-lieu indebtedness in respect thereof, and any other indebtedness incurred pursuant to a ratio incurrence test under the Existing Cash Flow Credit Agreement (other than the Bridge Facility and the Secured Notes (including any Securities))) and any replacements, extensions and renewals of existing indebtedness that matures prior to the date that is 60 days following the Expiration Date (as defined below), short-term working capital facilities, capital leases, purchase money indebtedness and equipment financings, in each case, entered into in the ordinary course of business, other indebtedness to be mutually agreed and any other indebtedness of the Company and its subsidiaries permitted to be incurred pursuant to the Acquisition Agreements and (z) following the Closing Date, any indebtedness permitted to be incurred under the Facilities Documentation, the Facility Documentation (as defined in the Holdco Commitment Letter), the Existing Cash Flow Credit Agreement or the Existing ABL Credit Agreement (in each case, as amended by the Facilities Documentation (as defined below)) (other than any Incremental Indebtedness (as defined in the Existing Cash Flow Credit Agreement) (other than any Incremental Revolving Commitments or Supplemental Revolving Commitments (each as defined in the Existing Cash Flow Credit Agreement)), including any in-lieu indebtedness in respect thereof, and any other indebtedness incurred pursuant to a ratio incurrence test under the Existing Cash Flow Credit Agreement (other than the Bridge Facility and the Secured Notes (including any Securities)))) if the offering, placement or arrangement of such debt securities or syndicated credit facilities would have, in the reasonable judgment of Lead Arrangers holding at least a majority of the commitments hereunder, a detrimental effect upon the primary syndication of the Facilities. For the avoidance of doubt, you will not be required to provide any information (x) to the extent that the provision thereof could reasonably be expected to violate any attorney-client privilege, law, rule or regulation or any fiduciary duty or obligation of confidentiality (not created in contemplation hereof) binding upon, or waive any privilege that may be asserted by, you, the Sponsor, the Company or your or their respective affiliates (provided that in the case of any confidentiality obligation binding on you or your affiliates, you shall use commercially reasonable efforts to notify us, to the extent feasible, if any such information that we have specifically identified and requested is being withheld as a result of any such obligation of confidentiality and shall use commercially reasonable efforts to disclose such information in a manner that does not breach such confidentiality obligations or such attorney-client privilege) or (y) that consists of trade secrets, customer-specific data or competitively sensitive information of the Company or its subsidiaries that is not required to be provided pursuant to the Acquisition Agreements. Notwithstanding anything to the contrary contained in this Commitment Letter or the Fee Letter, but without limiting your obligations to assist with syndication efforts as set forth herein, it is understood that none of the foregoing obligations set forth in this paragraph, including, without limitation, the commencement or completion of the syndication of the Facilities, the placement of the Secured Notes or the obtaining of ratings or your compliance with your obligations to assist with syndication efforts as set forth herein shall constitute a condition to the availability of the Facilities on the Closing Date or at any time thereafter.

 

5 

 

 

The Lead Arrangers will, in consultation with you, manage all aspects of any syndication of the Facilities, including decisions as to the selection of institutions to be approached and when they will be approached, when their commitments will be accepted, which institutions will participate (which institutions shall be reasonably acceptable to you), the allocation of the commitments among the Lenders and the amount and distribution of fees among the Lenders. To assist the Lead Arrangers in their syndication efforts, you agree promptly to provide (and to use commercially reasonable efforts to cause the Sponsor and, to the extent practicable, appropriate and not in contravention of the terms of the Acquisition Agreements, the Company to provide) to the Syndicating Committed Lenders all customary and reasonably available information with respect to you, the Sponsor, the Company and its subsidiaries and the Transactions, including all financial information and projections (such projections, together with any financial estimates, budgets, forecasts and other forward-looking information, the “Projections”), as the Syndicating Committed Lenders may reasonably request in connection with the structuring, arrangement and syndication of the Facilities. You hereby represent and warrant that (with respect to information relating to the Company and its subsidiaries and their respective businesses to your knowledge), (a) all written information and written data of the Company and its subsidiaries and their respective businesses other than the Projections and information of a general economic or general industry nature (the “Information”) that has been or will be made available to the Syndicating Committed Lenders by or on behalf of you or any of your representatives, taken as a whole, does not or will not, when furnished, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements contained therein not materially misleading in light of the circumstances under which such statements are made (after giving effect to all supplements thereto) and (b) the Projections in the Lender Presentation have been or will be prepared in good faith based upon assumptions that you believe to be reasonable at the time delivered by you based on information provided by you, the Sponsor, the Company and your and their respective representatives; it being understood that the Projections are as to future events and are not to be viewed as facts, the Projections are subject to significant uncertainties and contingencies, many of which are beyond your control, that no assurance can be given that any particular Projections will be realized and that actual results during the period or periods covered by any such Projections may differ significantly from the projected results and such differences may be material and are not a guarantee of performance. You agree that if, at any time prior to the Closing Date and, thereafter, until the earlier to occur of (i) a Successful Syndication and (ii) 60 days after the Closing Date, you become aware that any of the representations in the preceding sentence would be incorrect (to your knowledge with respect to information relating to the Company and its subsidiaries and their respective businesses) in any material respect if the Information and Projections were being furnished, and such representations were being made, at such time, then you will use commercially reasonable efforts to promptly supplement the Information and the Projections so that such representations will be correct (to your knowledge with respect to information relating to the Company and its subsidiaries and their respective businesses) in all material respects under those circumstances, it being understood in each case that such supplementation shall cure any breach of such representations and warranties. In arranging and syndicating the Facilities, the Syndicating Committed Lenders will be entitled to use and rely primarily on the Information and the Projections without responsibility for independent verification thereof. Notwithstanding anything to the contrary contained in this Commitment Letter or the Fee Letter, none of the making of any representation or warranty under this paragraph, any supplement thereto, or the accuracy of any such representation or warranty shall constitute a condition precedent to the availability and initial funding of the Facilities on the Closing Date.

 

6 

 

 

Notwithstanding anything herein to the contrary, the only financial statements that shall be required to be provided to the Committed Lenders or the Lead Arrangers in connection with the syndication of the Facilities shall be those required to be delivered pursuant to paragraph 5 of the Summary of Additional Conditions.

 

You hereby acknowledge that (a) the Syndicating Committed Lenders will make available on a confidential basis Information and Projections to the proposed syndicate of Lenders by posting such Information and Projections on IntraLinks, SyndTrak Online, Debtdomain or similar electronic means to be used in connection with the syndication of each Facility and (b) certain of the Lenders (each, a “Public Lender”) may wish to receive only information and documentation that (i) is publicly available (or could be derived from publicly available information), (ii) is not material with respect to you, the Company or your or its respective subsidiaries or securities for purposes of United States federal and state securities laws or (iii) constitutes information of a type that would be publicly available if you were a public reporting company (in each case, as determined by you in good faith, which determination shall be conclusive) (collectively, the “Public Side Information”). If reasonably requested by the Syndicating Committed Lenders, you will use commercially reasonable efforts to assist the Syndicating Committed Lenders, and will use commercially reasonable efforts, to the extent practicable, appropriate and not in contravention of the terms of the Acquisition Agreements, to cause the Company to assist the Syndicating Committed Lenders, in preparing a customary additional version of the Lender Presentation to be used by Public Lenders. The information to be included in the additional version of the Lender Presentation will contain only Public Side Information. You agree to use commercially reasonable efforts to identify that portion of the Information that may be distributed to the Public Lenders as “PUBLIC”, which, at the minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof. You agree that by your marking such materials “PUBLIC”, you shall be deemed to have authorized the Lead Arrangers (subject to the confidentiality and other provisions of this Commitment Letter) to treat such materials as information that is Public Side Information (it being understood that you shall not be under any obligation to mark any particular portion of the Information as “PUBLIC”). You agree that, subject to the confidentiality and other provisions of this Commitment Letter, the Lead Arrangers on your behalf may distribute the following documents to all prospective lenders in the form provided to you and to your counsel a reasonable time prior to their distribution, unless you or your counsel advise the Lead Arrangers in writing (including by email) within a reasonable time prior to their intended distribution that such material should only be distributed to prospective lenders that are not Public Lenders (each, a “Private Lender”): (a) the Term Sheets; (b) drafts and final definitive documentation with respect to the Facilities (excluding, if applicable, any specifically identified schedules thereof); (c) administrative materials prepared by the Syndicating Committed Lenders for prospective Lenders (such as a lender meeting invitation, allocations and funding and closing memoranda); and (d) notification of changes in the terms of the Facilities. If you advise the Syndicating Committed Lenders that any of the foregoing items should be distributed only to Private Lenders, then none of the Lead Arrangers and the Syndicating Committed Lenders will distribute such materials to Public Lenders without your consent.

 

7 

 

 

As consideration for the commitments of the Committed Lenders hereunder and their agreement to perform the services described herein, you agree to pay (or cause to be paid) the fees set forth in the Term Sheets and in the Fee Letter dated as of the date hereof and delivered herewith with respect to the Facilities (the “Fee Letter”). Once paid, such fees shall not be refundable under any circumstances.

 

The commitments of the Committed Lenders hereunder and their agreement to perform the services described herein and the initial funding under the Facilities on the Closing Date are subject solely to the conditions set forth in the next sentence of this paragraph, in the Summary of Additional Conditions and, as applicable, (solely in the case of the Bridge Facility) under the heading “Conditions to Bridge Loans” in the Bridge Term Sheet and (solely in the case of the Incremental ABL Facility) under the heading “Conditions Precedent to Initial Extensions of Credit” in the Incremental ABL Term Sheet. In addition to the immediately preceding sentence, the commitments of the Committed Lenders hereunder and the initial funding under the Facilities on the Closing Date are subject solely to the execution (as applicable) and delivery by the Borrower, the Guarantors (as defined in the Existing Cash Flow Credit Agreement) and the officers thereof, as the case may be, of definitive Bridge Loan Documentation (as defined in Exhibit B hereto), Incremental ABL Facility Documentation (as defined in Exhibit C hereto) and Cash Flow Revolver Amendment Documentation (as defined in Annex I hereto), as applicable (collectively, the “Facilities Documentation”), customary closing certificates (including customary evidences of authority, charter documents and customary officers’ incumbency certificates), customary lien searches reasonably requested by the Bridge Administrative Agent at least 30 days prior to the Closing Date and customary legal opinions with respect to the Facilities, in each case consistent with this Commitment Letter and the Fee Letter; provided that, notwithstanding anything in this Commitment Letter, the Fee Letter, the Facilities Documentation or any other letter agreement or other undertaking concerning the financing of the Transactions to the contrary, (i) the only representations and warranties the making of which shall be a condition to the availability of the Facilities on the Closing Date shall be (A) the Specified Representations (as defined below) and (B) the representations and warranties relating to the Company and its subsidiaries made by the Company in the Company Acquisition Agreement as are material to the interests of the Lenders (in their capacities as such), but only to the extent that you (and any of your affiliates that is a party to the Company Acquisition Agreement) have the right to terminate your (and their) obligations under the Company Acquisition Agreement pursuant to Section 8.1(e) of the Company Acquisition Agreement (or otherwise decline to consummate the Company Shares Acquisition pursuant to Section 7.2(a) of the Company Acquisition Agreement), in each case, without liability to any of you, the Sponsor or any of your or its affiliates as a result of a breach of such representations and warranties in such agreement (the “Company Representations”), (ii) the terms of the Facilities Documentation shall be in a form such that (a) they do not impair the availability of the Facilities on the Closing Date if the conditions set forth in this sentence, in the Summary of Additional Conditions and, as applicable, (solely in the case of the Bridge Facility) under the heading “Conditions to Bridge Loans” in the Bridge Term Sheet and (solely in the case of the Incremental ABL Facility) under the heading “Conditions Precedent to Initial Extensions of Credit” in the Incremental ABL Term Sheet are satisfied or waived and (b) without limiting the terms set forth or referred to herein or in the applicable Term Sheets, they do not conflict with, violate or result in a breach or default under the Existing Cash Flow Credit Agreement, the Existing ABL Credit Agreement or the Existing Indenture and (iii) to the extent any lien search, insurance certificate and/or Collateral (as defined in the Existing Cash Flow Credit Agreement) or any security interest therein (other than (x) the pledge and perfection of security interests in the pledged certificated stock of wholly-owned U.S.- organized entities (including the delivery of such share certificates (if any)) to the extent required under the Bridge Term Sheet; provided that stock certificates, if any, of the Company and its subsidiaries will only be required to be delivered on the Closing Date to the extent received by you from the Company so long as you have used commercially reasonable and safe efforts to obtain them on the Closing Date and (y) other assets pursuant to which a lien may be perfected by the filing of a financing statement under the Uniform Commercial Code) is not provided on the Closing Date after your use of commercially reasonable efforts to do so, the delivery of such lien search, insurance certificate and/or Collateral (and perfection of security interests therein) shall not constitute a condition precedent to the availability of the Facilities on the Closing Date but shall be required to be delivered and perfected after the Closing Date (1) in the case of any lien search or insurance certificate or any Collateral which is delivered and perfected under the Existing Cash Flow Credit Agreement as of the Closing Date, within 180 days after the Closing Date pursuant to arrangements to be mutually agreed and (2) in the case of any Collateral which is not delivered and/or perfected under the Existing Cash Flow Credit Agreement as of the Closing Date, in accordance with Subsection 7.9 of the Existing Cash Flow Credit Agreement. For purposes hereof, “Specified Representations” means the representations and warranties made by the Borrower in the Facilities Documentation and set forth in the Term Sheets relating to: corporate or other organizational existence; power and authority related to entry into and performance of the Facilities Documentation; the due authorization, execution, delivery and enforceability of the Facilities Documentation; the incurrence of the loans, the provision of guarantees and the granting of security interests, as applicable, contemplated herein not violating the constitutional documents of the Borrower and, to the extent applicable, the Guarantors; solvency of the Borrower and its subsidiaries on a consolidated basis on the Closing Date after giving effect to the Transactions (solvency to be defined in a manner consistent with the solvency definition set forth in Exhibit H to the Existing Cash Flow Credit Agreement); creation, validity and perfection of security interests in the collateral to be perfected on the Closing Date solely with respect to the Bridge Facility (subject to the foregoing provisions of this paragraph relating to Collateral); U.S. Federal Reserve margin regulations; the use of loan proceeds not violating the PATRIOT Act; and the U.S. Investment Company Act. There shall be no conditions (implied or otherwise) to the commitments of the Committed Lenders hereunder, including compliance with the terms of this Commitment Letter, the Fee Letter or the Facilities Documentation, other than those expressly stated to be conditions to the initial funding or effectiveness of the commitments under the Facilities on the Closing Date in the second sentence of this paragraph, in the Summary of Additional Conditions and, as applicable, (solely in the case of the Bridge Facility) under the heading “Conditions to Bridge Loans” in the Bridge Term Sheet and (solely in the case of the Incremental ABL Facility) under the heading “Conditions Precedent to Initial Extensions of Credit” in the Incremental ABL Facility Term Sheet. Without limiting the conditions precedent provided herein to funding the consummation of the Company Shares Acquisition with the proceeds of the Facilities, the Lead Arrangers will cooperate with you as reasonably requested in coordinating the timing and procedures for the funding of the Facilities in a manner consistent with the Company Acquisition Agreement. This paragraph is referred to as the “Funding Conditions Provision”.

 

8 

 

 

You agree (a) to indemnify and hold harmless the Bridge Administrative Agent, the Lead Arrangers, each of the Committed Lenders and their respective affiliates and controlling persons and the respective officers, directors, employees, agents, members and successors of each of the foregoing, but excluding (x) any of the foregoing in its capacity, if applicable, as financial advisor to the Company or any of its direct or indirect equity holders or affiliates in connection with the Transactions (each, a “Sell-Side Advisor”) and any Related Person (as defined below) of such Sell-Side Advisor in such capacity, (y) any of the foregoing in its capacity, if applicable, as a Private Equity Affiliate (as defined below) in connection with the Transactions and any Related Person of such Private Equity Affiliate in such capacity and (z) any Investor (as defined in Exhibit A hereto) in its capacity as such and any Related Person of such Investor in such capacity (each, other than such excluded parties, an “Indemnified Person”) from and against any and all losses, claims, damages, liabilities and expenses, joint or several, of any kind or nature whatsoever to which such Indemnified Person may become subject arising out of or in connection with this Commitment Letter, the Fee Letter, the Transactions, the Facilities or any related transaction or any claim, litigation, investigation or proceeding, actual or threatened, relating to any of the foregoing (any of the foregoing, a “Proceeding”), regardless of whether such Indemnified Person is a party thereto and whether or not such Proceedings are brought by you, your equity holders, affiliates, creditors or any other person, and to reimburse such Indemnified Person within 30 days after receipt of a written request together with reasonably detailed backup documentation for any reasonable, documented and invoiced out-of-pocket legal expenses of one firm of counsel for all Indemnified Persons and, if necessary, one firm of local counsel in each appropriate jurisdiction, in each case for all Indemnified Persons (and, in the case of an actual or perceived conflict of interest where the Indemnified Person affected by such conflict informs you of such conflict and thereafter, after receipt of your consent (which shall not be unreasonably withheld), retains its own counsel, of another firm of counsel for such affected Indemnified Person) and other reasonable, documented and invoiced out-of-pocket expenses incurred in connection with investigating or defending any of the foregoing; provided that the foregoing indemnity will not, as to any Indemnified Person, apply to losses, claims, damages, liabilities or expenses (i) to the extent they have resulted from the willful misconduct, bad faith or gross negligence of such Indemnified Person or any Related Person of such Indemnified Person (as determined by a court of competent jurisdiction in a final and non-appealable decision), (ii) to the extent arising from a material breach of the obligations of such Indemnified Person or any Related Person of such Indemnified Person under this Commitment Letter or the Facilities Documentation (as determined by a court of competent jurisdiction in a final non-appealable decision), (iii) arising out of, or in connection with, any Proceeding that does not arise from an act or omission by you or any of your affiliates and that is brought by an Indemnified Person against any other Indemnified Person other than any Proceeding against the relevant Indemnified Person in its capacity or in fulfilling its role as an agent, arranger or similar role under any of the Facilities or (iv) to the extent they have resulted from any agreement governing any settlement that is effected without your prior written consent (which consent shall not be unreasonably withheld) and (b) to reimburse the Committed Lenders from time to time, upon presentation of a summary statement, for all reasonable, documented and invoiced out-of-pocket expenses (including, but not limited to, expenses of the Committed Lenders’ due diligence investigation, field examinations and appraisals (and with respect to third- party diligence expenses, to the extent any such expenses have been previously approved by you, such approval not to be unreasonably withheld), syndication expenses and reasonable, documented and invoiced fees, disbursements and other charges of counsel to the Bridge Administrative Agent and the Lead Left Incremental ABL Facility Arranger identified in the Term Sheets and, for the avoidance of doubt, not of counsel to any other Committed Lender or Lead Arranger individually and of a single local counsel to the Bridge Administrative Agent and the Lead Left Incremental ABL Facility Arranger in each relevant material jurisdiction, except allocated costs of in-house counsel), in each case incurred by the Committed Lenders in connection with the Facilities and the preparation of this Commitment Letter, the Fee Letter and the Facilities Documentation (collectively, the “Expenses”); provided that, except as set forth in the Fee Letter, you shall not be required to reimburse any of the Expenses in the event the Closing Date does not occur. Notwithstanding any other provision of this Commitment Letter, (i) no Indemnified Person or any other party hereto (or their respective affiliates and representatives) shall be liable for any damages arising from the use by others of information or other materials obtained through electronic, telecommunications or other information transmission systems (including IntraLinks, SyndTrak Online or Debtdomain), except to the extent such damages have resulted from the willful misconduct, bad faith or gross negligence of such Indemnified Person or any Related Person of such Indemnified Person or such other party, affiliate or representative (as determined by a court of competent jurisdiction in a final and non-appealable decision), and (ii) none of you, the Sponsor, any Investor, the Company or any Indemnified Person shall be liable for any indirect, special, punitive or consequential damages in connection with your or their activities related to the Facilities or this Commitment Letter; provided that nothing contained in this clause (ii) shall limit your indemnity or reimbursement obligations to the extent such indirect, special, punitive or consequential damages are included in any third-party claim in connection with which such Indemnified Person is entitled to indemnification hereunder. For purposes hereof, a “Related Person” of an Indemnified Person (or any Sell-Side Advisor, Private Equity Affiliate or Investor) means, if such Indemnified Person (or such Sell-Side Advisor, Private Equity Affiliate or Investor) is the Bridge Administrative Agent, a Lead Arranger or a Committed Lender or any of its affiliates and controlling persons, or any of its or their respective officers, directors, employees, agents, members and successors, any of the Bridge Administrative Agent, such Lead Arranger or such Committed Lender and its affiliates and controlling persons, or any of its or their respective officers, directors, employees, agents, members and successors.

 

9 

 

 

Your indemnity and reimbursement obligations hereunder will be in addition to any liability which you may otherwise have and will be binding upon and inure to the benefit of any of your successors and assigns and the Indemnified Persons (and not of any other person).

 

You acknowledge that the Committed Lenders and their affiliates may be providing debt financing, equity capital or other services (including financial advisory services) to other persons in respect of which you, the Company and your and its respective affiliates may have conflicting interests regarding the transactions described herein and otherwise. Neither the Committed Lenders nor any of their affiliates will use confidential information obtained from or on behalf of you, the Sponsor or the Company by virtue of the transactions contemplated by this Commitment Letter or their other relationships with you in connection with the performance by them of services for other persons, and neither the Committed Lenders nor any of their affiliates will furnish any such information to other persons. You also acknowledge that neither the Committed Lenders nor any of their affiliates have any obligation to use in connection with the transactions contemplated by this Commitment Letter, or to furnish to you, confidential information obtained by them from other persons.

 

Each of the parties hereto acknowledges that DBSI, UBSS, Barclays, BNPPSC, RBCCM, SG, GS, Natixis and Jefferies have been retained by you (or one of your affiliates) as financial advisors (in such capacity, the “Buy-Side Financial Advisors”) in connection with the Acquisition. Each of the parties hereto agrees to such retention, and further agrees not to assert any claim it might allege based on any actual or potential conflicts of interest that might be asserted to arise or result from the engagement of the Buy-Side Financial Advisors, on the one hand, and our and our affiliates’ relationships with you as described and referred to herein, on the other.

 

As you know, each Syndicating Committed Lender, together with its affiliates, is a full service securities firm engaged, either directly or through its affiliates, in various activities, including securities trading, commodities trading, investment management, research, financing and brokerage activities and financial planning and benefits counseling for both companies and individuals. In the ordinary course of these activities, the Syndicating Committed Lenders and their respective affiliates may actively engage in commodities trading or trade the debt and equity securities (or related derivative securities) and financial instruments (including bank loans and other obligations) of you, the Sponsor, the Company and other companies that may be the subject of the arrangements contemplated by this Commitment Letter for their own account and for the accounts of their customers and may at any time hold long and short positions in such securities. Each Syndicating Committed Lender and its affiliates may also co-invest with, make direct investments in and invest or co-invest client monies in or with funds or other investment vehicles managed by other parties, and such funds or other investment vehicles may trade or make investments in securities of you, the Sponsor, the Company or other companies that may be the subject of the arrangements contemplated by this Commitment Letter or engage in commodities trading with any thereof.

 

10 

 

 

The Committed Lenders and their respective affiliates may have economic interests that conflict with those of the Company and you. You agree that the Committed Lenders will act under this Commitment Letter as independent contractors and that nothing in this Commitment Letter or the Fee Letter or otherwise will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between the Committed Lenders or any of their respective affiliates and you, the Sponsor and the Company, your and their respective equity holders or your and their respective affiliates with respect to the transactions contemplated by this Commitment Letter and the Fee Letter. You acknowledge and agree that (i) the transactions contemplated by this Commitment Letter and the Fee Letter are arm’s-length commercial transactions between the Committed Lenders and their respective affiliates, on the one hand, and you and the Sponsor, on the other, (ii) in connection therewith and with the process leading to such transactions, each Committed Lender and its applicable affiliates (as the case may be) is acting solely as a principal and not as agents or fiduciaries of you, the Sponsor, your and its management, equity holders, creditors or any other person, (iii) the Committed Lenders and their applicable affiliates (as the case may be) have not assumed an advisory or fiduciary responsibility or any other obligation in favor of you with respect to the transactions contemplated hereby or the process leading thereto (irrespective of whether the Committed Lenders or any of their respective affiliates have advised or are currently advising you, the Sponsor or the Company on other matters), except the obligations expressly set forth in this Commitment Letter and the Fee Letter and (iv) you have consulted your own legal and financial advisors to the extent you deemed appropriate. You further acknowledge and agree that you are responsible for making your own independent judgment with respect to such transactions and the process leading thereto. Please note that the Committed Lenders and their affiliates do not provide tax, accounting or legal advice. You hereby waive and release any claims that you may have against the Committed Lenders (in their capacity as such) and their applicable affiliates (as the case may be) with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transactions contemplated by this Commitment Letter. It is understood that this paragraph shall not apply to or modify or otherwise affect any arrangement with any Sell-Side Advisor, or any financial advisor separately retained by you, the Sponsor, the Company or any of your or their respective affiliates in connection with the Transactions, in its capacity as such.

 

11 

 

 

This Commitment Letter and the commitments hereunder shall not be assignable by you (other than to the Borrower, the Company or to one or more other entities established in connection with the Transactions organized in the United States and controlled by the Sponsor, with all obligations and liabilities of AcquisitionCo hereunder being assumed by the Borrower, the Company or such other entity or entities upon the effectiveness of such assignment) without the prior written consent (which may be through electronic means) of the Committed Lenders, not to be unreasonably withheld (and any attempted assignment without such consent shall be null and void), are intended to be solely for the benefit of the parties hereto (and the Sponsor and the Indemnified Persons), are not intended to confer any benefits upon, or create any rights in favor of, any person other than the parties hereto (and the Sponsor and the Indemnified Persons) and are not intended to create a fiduciary relationship among the parties hereto. Any provision of this Commitment Letter that provides for, requires or otherwise contemplates any consent, approval, agreement, determination or consultation by you (or any Borrower or Issuer referred to in any Term Sheet) on or prior to the Closing Date, shall also be construed as providing for, requiring or otherwise contemplating consent, approval, agreement, determination or consultation by the Sponsor (unless the Sponsor otherwise notifies the parties hereto). This Commitment Letter and the commitments hereunder shall not be assignable by any Committed Lender without the prior written consent of AcquisitionCo, except in accordance with the 7th paragraph of this Commitment Letter or pursuant to the next sentence. Any and all obligations of, and services to be provided by, the Committed Lenders hereunder (including, without limitation, their commitments) may be performed and any and all rights of the Committed Lenders hereunder may be exercised by or through any of their affiliates or branches; provided that with respect to the commitments, any assignments thereof to an affiliate (other than assignments among GS and Goldman Sachs Lending Partners LLC) will not relieve the Committed Lenders from any of their obligations hereunder unless and until such affiliate shall have funded the portion of the commitment so assigned. This Commitment Letter may not be amended or any provision hereof waived or modified except by an instrument in writing signed by each of the Committed Lenders and you. This Commitment Letter may be executed in any number of counterparts, each of which shall be an original and all of which, when taken together, shall constitute one agreement. Delivery of an executed counterpart of a signature page of this Commitment Letter by facsimile transmission, e-mail or other electronic transmission (e.g., a “pdf”, “tiff” or DocuSign) shall be effective as delivery of a manually executed counterpart hereof. For purposes hereof, the words “execution,” “execute,” “executed,” “signed,” “signature” and words of like import shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formulations on electronic platforms, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transaction Act. This Commitment Letter and the Fee Letter (i) are the only agreements that have been entered into among the parties hereto with respect to the Facilities and (ii) supersede all prior understandings, whether written or oral, among us with respect to the Facilities and set forth the entire understanding of the parties hereto with respect thereto.

 

12 

 

 

Each of the parties hereto agrees that (i) this Commitment Letter is a binding and enforceable agreement (subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization and other similar laws relating to or affecting creditors’ rights generally and general principles of equity (whether considered in a proceeding in equity or law)) with respect to the subject matter contained herein, including an agreement to negotiate in good faith the Facilities Documentation by the parties hereto in a manner consistent with this Commitment Letter for the purpose of executing and delivering the Facilities Documentation substantially simultaneously with the closing of the Company Shares Acquisition, it being acknowledged and agreed that the funding of the Facilities is subject to the applicable conditions precedent set forth in the second sentence of the Funding Conditions Provision and in Exhibit D of the Commitment Letter and (ii) the Fee Letter is a binding and enforceable agreement (subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization and other similar laws relating to or affecting creditors’ rights generally and general principles of equity (whether considered in a proceeding in equity or law)) of the parties thereto with respect to the subject matter set forth therein.

 

THIS COMMITMENT LETTER AND THE RIGHTS AND DUTIES OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO ITS PRINCIPLES OR RULES OF CONFLICT OF LAWS TO THE EXTENT SUCH PRINCIPLES OR RULES ARE NOT MANDATORILY APPLICABLE BY STATUTE AND WOULD REQUIRE OR PERMIT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION; PROVIDED THAT, NOTWITHSTANDING THE FOREGOING TO THE CONTRARY, IT IS UNDERSTOOD AND AGREED THAT ANY DETERMINATIONS AS TO (A) WHETHER ANY REPRESENTATIONS AND WARRANTIES MADE BY OR ON BEHALF OF, OR WITH RESPECT TO, THE COMPANY OR ANY OF ITS SUBSIDIARIES IN THE COMPANY ACQUISITION AGREEMENT HAVE BEEN BREACHED, (B) WHETHER YOU (AND ANY OF YOUR AFFILIATES THAT IS A PARTY TO THE COMPANY ACQUISITION AGREEMENT) CAN TERMINATE YOUR (AND THEIR) OBLIGATIONS UNDER THE COMPANY ACQUISITION AGREEMENT PURSUANT TO SECTION 8.1(E) OF THE COMPANY ACQUISITION AGREEMENT (OR OTHERWISE DECLINE TO CONSUMMATE THE COMPANY SHARES ACQUISITION PURSUANT TO SECTION 7.2(A) OF THE COMPANY ACQUISITION AGREEMENT), IN EACH CASE, WITHOUT LIABILITY TO ANY OF YOU, THE SPONSOR OR ANY OF YOUR OR ITS AFFILIATES, (C) WHETHER A MATERIAL ADVERSE EFFECT (AS DEFINED IN THE COMPANY ACQUISITION AGREEMENT) HAS OCCURRED, AND (D) WHETHER THE COMPANY SHARES ACQUISITION HAS BEEN CONSUMMATED IN ACCORDANCE WITH THE TERMS OF THE COMPANY ACQUISITION AGREEMENT, SHALL, IN EACH CASE, BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS (AS DEFINED IN THE COMPANY ACQUISITION AGREEMENT) OF THE STATE OF DELAWARE, WITHOUT REGARD TO ANY CHOICE OR CONFLICT OF LAW PROVISION OR RULE (WHETHER OF THE STATE OF DELAWARE OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAWS (AS DEFINED IN THE COMPANY ACQUISITION AGREEMENT) OF ANY JURISDICTION OTHER THAN THE STATE OF DELAWARE.

 

13 

 

 

EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY OR ON BEHALF OF ANY PARTY RELATED TO OR ARISING OUT OF THIS COMMITMENT LETTER OR THE PERFORMANCE OF SERVICES HEREUNDER.

 

Each of the parties hereto hereby irrevocably and unconditionally (a) submits, for itself and its property, to the exclusive jurisdiction of any New York State court or Federal court of the United States of America sitting in New York County, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Commitment Letter and the Fee Letter, or the transactions contemplated hereby, and agrees that, to the extent permitted by law, all claims in respect of any such action or proceeding shall be heard and determined in such New York State court or in such Federal court, (b) waives, to the fullest extent it may legally and effectively do so, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Commitment Letter, the Fee Letter or the transactions contemplated hereby, in any such New York State court or in any such Federal court, (c) waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court and (d) agrees that a final judgment in any such suit, 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. Each of the parties hereto agrees to commence any such action, suit, proceeding or claim either in the United States District Court for the Southern District of New York or in the Supreme Court of the State of New York, New York County, in each case, located in the Borough of Manhattan.

 

14 

 

 

This Commitment Letter is delivered to you on the understanding that none of the Fee Letter and its terms or substance, or this Commitment Letter and its terms or substance, shall be disclosed, directly or indirectly, to any other person or entity (including other lenders, underwriters, placement agents, advisors or any similar persons) except (a) to the Sponsor, the Investors (including any potential co-investors) and to your and their respective officers, directors, employees, attorneys, accountants and advisors on a confidential and need-to-know basis, (b) if the Committed Lenders consent to such proposed disclosure (such consent not to be unreasonably withheld, conditioned or delayed), (c) pursuant to the order of any court or administrative agency in any pending legal or administrative proceeding, or otherwise as required by applicable law or compulsory legal process or, to the extent requested or required by governmental and/or regulatory authorities (in which case, you agree, to the extent practicable and not prohibited by law, to notify us of the proposed disclosure in advance of such disclosure and if you are unable to notify us in advance of such disclosure, such notice shall be delivered to us promptly thereafter to the extent permitted by law) or (d) to the extent necessary in connection with the exercise of any remedy or enforcement of any rights hereunder or under the Fee Letter; provided that (i) you may disclose this Commitment Letter and the contents hereof to the Company and its officers, directors, employees, attorneys, accountants and advisors on a confidential and need-to-know basis, (ii) you may disclose this Commitment Letter and the contents hereof (x) in any proxy or other public filing relating to the Transactions, (y) in the Lender Presentation and in any prospectus or other offering memorandum relating to the Secured Notes, in each case under this clause (y) in a manner to be mutually agreed upon, and (z) in the Lender Presentation (as defined in the Holdco Commitment Letter, the “Holdco Lender Presentation”) and in any prospectus or other offering memorandum relating to the Holdco PIK Notes, (iii) you may disclose this Commitment Letter and the contents hereof to any Lender (as defined in the Holdco Commitment Letter, the “Holdco Lenders”), potential lenders and other debt holders (including any prospective Additional Committing Lender, any Sponsor Relationship Lender (as defined in the Fee Letter) and any prospective Additional Committing Lender (as defined in the Holdco Commitment Letter)), and potential equity investors and their respective officers, directors, employees, attorneys, accountants, advisors and other representatives on a confidential and need-to- know basis and to rating agencies in connection with obtaining or confirming ratings for the Borrower, the Facilities, the Secured Notes, TopCo, the Holdco PIK Bridge Facility and the Holdco PIK Notes, (iv) you may disclose the fees contained in the Fee Letter as part of a generic disclosure of aggregate sources and uses related to fee amounts to the extent customary or required in marketing materials, any proxy or other public filing, in the Lender Presentation or any prospectus or other offering memorandum relating to the Secured Notes, and in the Holdco Lender Presentation or any prospectus or other offering memorandum relating to the Holdco PIK Notes, (v) to the extent portions thereof have been redacted in a customary manner (including, without limitation, redaction of fee amounts), you may disclose the Fee Letter and the contents thereof to any Holdco Lender and the Company and their respective officers, directors, employees, attorneys, accountants and advisors on a confidential and need-to-know basis, (vi) you may disclose the Fee Letter and the contents thereof to any Committed Lender (as defined in the Holdco Commitment Letter), prospective Additional Committing Lender (as defined in the Holdco Commitment Letter), prospective Additional Committing Lender or prospective equity investor and their respective officers, directors, employees, attorneys, accountants, advisors and other representatives on a confidential and need-to-know basis and (vii) you may disclose this Commitment Letter and the contents hereof to the lenders and agents under the Existing ABL Credit Agreement, the agents under the Existing Cash Flow Credit Agreement and the trustees and agents under the Existing Indenture and their respective officers, directors, employees, attorneys, accountants and advisors, on a confidential and need-to-know basis. The obligations under this paragraph with respect to this Commitment Letter shall terminate automatically after the Facilities Documentation for the Facilities shall have been executed and delivered by the parties thereto. To the extent not earlier terminated, the provisions of this paragraph with respect to this Commitment Letter shall automatically terminate on the second anniversary hereof.

 

15 

 

 

The Committed Lenders and their affiliates will use all information provided to them or such affiliates by or on behalf of you hereunder or in connection herewith solely for the purpose of providing the services that are the subject of this Commitment Letter and shall treat confidentially all such information; provided that nothing herein shall prevent any Committed Lender from disclosing any such information (a) pursuant to the order of any court or administrative agency or in any pending legal or administrative proceeding, or otherwise as required by applicable law or compulsory legal process (in which case such Committed Lender, to the extent not prohibited by applicable law, agrees (except with respect to any routine or ordinary course audit or examination conducted by bank examiners or any governmental bank regulatory authority or self- regulatory authority exercising examination or regulatory authority) to inform you promptly thereof), (b) upon the request or demand of any regulatory authority or self- regulatory authority having jurisdiction over such Committed Lender or any of its affiliates (in which case such Committed Lender, to the extent practicable and not prohibited by law, agrees (except with respect to any routine or ordinary course audit or examination conducted by bank examiners or any governmental bank regulatory authority or self-regulatory authority exercising examination or regulatory authority) to inform you promptly thereof), (c) to the extent that such information is or becomes publicly available other than by reason of disclosure by any of the Committed Lenders or any of their affiliates or any of the Committed Lenders’ and such affiliates’ respective officers, directors, employees, attorneys, accountants, advisors and other representatives in violation of any confidentiality obligations owing to you, the Sponsor, any Investor, the Company or any of your or their respective subsidiaries (including those obligations set forth in this paragraph), (d) to the extent that such information is received by such Committed Lender or its affiliates (other than Excluded Affiliates (as defined below)) from a third party that is not, to such Committed Lender’s or its affiliates’ knowledge, subject to confidentiality obligations owing to you, the Sponsor, any Investor, the Company or any of your or their respective subsidiaries, (e) to the extent that such information was already in such Committed Lender’s or its affiliates’ (other than Excluded Affiliates) possession on a non-confidential basis without a duty of confidentiality owing to you, the Sponsor, any Investor, the Company or any of your or their respective affiliates being violated, or is independently developed by such Committed Lender or its affiliates (other than Excluded Affiliates), (f) to such Committed Lender’s affiliates (other than Excluded Affiliates) and such Committed Lender’s and such affiliates’ respective trustees, officers, directors, employees, attorneys, accountants, advisors and other representatives (collectively, the “Representatives”) who need to know such information in connection with the Transactions and are informed of the confidential nature of such information and who agree to be bound by the terms of this paragraph (or language substantially similar to this paragraph) (provided, that such Committed Lender shall be responsible for its Representatives, its affiliates and its affiliates’ Representatives), (g) to potential or prospective Lenders, participants or assignees and any direct or indirect contractual counterparties to any swap or derivative transaction relating to the Borrower and its obligations under any Facility (in each case, other than a Disqualified Institution), in each case who agree to be bound by the terms of this paragraph (or language substantially similar to this paragraph), (h) subject to your prior approval of the information to be disclosed (such approval not to be unreasonably withheld), to rating agencies in connection with obtaining or confirming ratings for the Borrower, the Facilities and the Secured Notes, (i) for purposes of establishing a “due diligence defense”, (j) to the extent necessary in connection with the exercise of any remedy or enforcement of any rights hereunder or under the Fee Letter, (k) unless such person has been notified to hold such information in confidence from the other parties hereto, to any other party hereto or (l) to the extent you consent to such proposed disclosure; provided, however, that, no such disclosure shall be made by the Committed Lenders to (i) any of their affiliates that is engaged as a principal primarily in private equity, mezzanine financing or venture capital or any of such affiliate’s respective officers, directors, employees, attorneys, accountants, advisors and other representatives (a “Private Equity Affiliate”) or (ii) any of their affiliates or any of such affiliate’s respective officers, directors, employees, attorneys, accountants, advisors and other representatives that is a Sell-Side Advisor (together with the Private Equity Affiliates, in each case, other than a limited number of senior employees who are required, in accordance with industry regulations or the applicable Committed Lender’s internal policies and procedures to act in a supervisory capacity and the applicable Committed Lender’s internal legal, compliance, risk management, credit or investment committee members, the “Excluded Affiliates”). Each Committed Lender shall be principally liable to the extent any confidentiality restrictions set forth herein are violated by one or more of its affiliates or any of its or its affiliates’ Representatives to whom such Committed Lender has disclosed information pursuant to clause (f) in the proviso in the first sentence of this paragraph. The Committed Lenders’ obligations under this paragraph shall automatically terminate and be superseded by the confidentiality provisions in the definitive documentation relating to the Facilities upon the initial funding of or effectiveness of the commitments under the applicable Facility thereunder, if and to the extent the Committed Lenders are party thereto, and shall in any event terminate upon the second anniversary of the date hereof.

 

16 

 

 

The syndication, “market flex”, reimbursement and compensation provisions (if applicable in accordance with the terms hereof and the Fee Letter), indemnification, waiver of indirect, special, punitive or consequential damages, confidentiality (except to the extent set forth herein), jurisdiction, governing law, venue, absence of fiduciary relationship and waiver of jury trial provisions contained herein and in the Fee Letter shall remain in full force and effect regardless of whether the Facilities Documentation shall be executed and delivered and notwithstanding the termination of this Commitment Letter or the Committed Lenders’ commitments hereunder; provided that your obligations under this Commitment Letter, other than those relating to the confidentiality of the Fee Letter, syndication of the Bridge Facility and provision of information, shall automatically terminate and be superseded by the Facilities Documentation upon the initial funding or effectiveness of the commitments thereunder (or, in the event the Secured Notes are issued in lieu of the Bridge Facility on or prior to the Closing Date, upon the effectiveness of the commitments under the Incremental ABL Facility) and the payment of all amounts owing at such time hereunder and under the Fee Letter, and you shall be automatically released from all liability in connection therewith at such time.

 

We hereby notify you that pursuant to the requirements of the USA PATRIOT Act, Title III of Pub. L.107-56 (signed into law October 26, 2001, as amended from time to time, the “PATRIOT Act”) and the Customer Due Diligence Requirements for Financial Institutions issued by the U.S. Department of Treasury Financial Crimes Enforcement Network under the Bank Secrecy Act (such rule published May 11, 2016 and effective May 11, 2018, as amended from time to time, the “CDD Rule”), each of the Committed Lenders and each other Lender is required to obtain, verify and record information that identifies the Borrower and each Guarantor, which information includes the name, address, tax identification number and other information regarding the Borrower and each Guarantor that will allow any of the Committed Lenders or such Lender to identify the Borrower and such Guarantor in accordance with the PATRIOT Act and the CDD Rule. This notice is given in accordance with the requirements of the PATRIOT Act and the CDD Rule and is effective as to the Committed Lenders and each Lender.

 

17 

 

 

If the foregoing correctly sets forth our agreement, please indicate your acceptance of the terms of this Commitment Letter and of the Fee Letter by returning to the Bridge Administrative Agent, on behalf of the Committed Lenders, executed counterparts hereof and of the Fee Letter not later than 11:59 p.m., New York City time, on March 9, 2022. The Committed Lenders’ commitments hereunder and agreements contained herein will expire at such time in the event that the Bridge Administrative Agent has not received such executed counterparts in accordance with the immediately preceding sentence. This Commitment Letter and the commitments and undertakings of each of the Committed Lenders hereunder shall automatically terminate upon the first to occur of (i) the date the Company Acquisition Agreement is terminated by you or otherwise validly terminated in accordance with its terms prior to the consummation of the Transactions, (ii) December 20, 2022 (the “Expiration Date”), unless each of the Committed Lenders shall, in their discretion, agree to an extension and (iii) the consummation of the Transactions with or without the funding of the Facilities. You shall have the right to terminate this Commitment Letter and the commitments of the Committed Lenders hereunder with respect to the Facilities (or a portion thereof pro rata among the Committed Lenders under any given Facility, except that the commitments in respect of the Bridge Facility (other than a portion thereof that would not reduce the remaining Bridge Facility commitments below $200.0 million) may be terminated by you only in their entirety) at any time upon written notice to the Committed Lenders from you, subject to your surviving obligations as set forth in the third to last paragraph of this Commitment Letter and in the Fee Letter.

 

[Remainder of this page intentionally left blank]

 

18 

 

 

 

The Committed Lenders are pleased to have been given the opportunity to assist you in connection with the financing for the Transactions.

 

  Very truly yours,

 

[signature pages follow]

 

 

 

 

 DEUTSCHE BANK AG NEW YORK BRANCH

 

By:/s/ Joseph Pandolfo
  Name: Joseph Pandolfo
  Title: Managing Director

 

 

By: /s/ Alvin Varughese
  Name: Alvin Varughese
  Title: Managing Director

 

  DEUTSCHE BANK AG CAYMAN ISLANDS BRANCH

 

By:/s/ Joseph Pandolfo
  Name: Joseph Pandolfo
  Title: Managing Director

 

By: /s/ Alvin Varughese
  Name: Alvin Varughese
  Title: Managing Director

 

  DEUTSCHE BANK SECURITIES INC.

 

By:/s/ Joseph Pandolfo
  Name: Joseph Pandolfo
  Title: Managing Director

 

By: /s/ Alvin Varughese
  Name: Alvin Varughese
  Title: Managing Director

 

[Signature Page to Project Camelot Commitment Letter]

 

For internal use only

 

 

 

 

  UBS SECURITIES LLC

 

By:/s/ Michele Cousins
  Name: Michele Cousins
  Title: Managing Director

 

By:/s/ Kevin Pluff
  Name: Kevin Pluff
  Title: Managing Director

 

  UBS AG, STAMFORD BRANCH

 

By:/s/ Michele Cousins
  Name: Michele Cousins
  Title: Managing Director

 

By:/s/ Kevin Pluff
  Name: Kevin Pluff
  Title: Managing Director

 

[Signature Page to Project Camelot Commitment Letter]

 

 

 

 

  BARCLAYS BANK PLC

 

By:/s/ Thomas M. Blouin
  Name: Thomas M. Blouin
  Title: Managing Director

 

[Signature Page to Project Camelot Holdco Commitment Letter]

 

 

 

 

  BNP PARIBAS

 

By:/s/ Denise Chow
  Name: Denise Chow
  Title: Managing Director

 

By:/s/ Dimitri Jobert
  Name: Dimitri Jobert
  Title: Managing Director

 

  BNP PARIBAS SECURITIES CORP.

 

By:/s/ Denise Chow
  Name: Denise Chow
  Title: Managing Director

 

By:/s/ Dimitri Jobert
  Name: Dimitri Jobert
  Title: Managing Director

 

[Signature Page to Project Camelot Commitment Letter]

 

 

 

 

 

  ROYAL BANK OF CANADA
   
  By: /s/ Charles D. Smith
    Name: Charles D. Smith
    Title: Co-Head, U.S. Leveraged Finance

 

[Signature Page to Project Camelot Commitment Letter]

 

 

 

 

  SOCIÉTÉ GÉNÉRALE 
   
  By: /s/ Pranav Chandra
    Name: Pranav Chandra
    Title: Managing Director

 

[Signature Page to Project Camelot Commitment Letter]

 

 

 

 

  GOLDMAN SACHS BANK USA
   
  By: /s/ Robert Ehudin
    Name: Robert Ehudin
    Title: Authorized Signatory

 

[Signature Page to Project Camelot Commitment Letter]

 

 

 

 

  NATIXIS, NEW YORK BRANCH
   
  By: /s/ Michael Bergin
    Name: Michael Bergin
    Title: Vice President

 

  By: /s/ Matthieu Fulchiron
    Name: Matthieu Fulchiron
    Title: Director

 

[Signature Page to Project Camelot Debt Commitment Letter]

 

 

 

 

  JEFFERIES FINANCE LLC
   
  By: /s/ Brian Buoye
    Name: Brian Buoye
    Title: Managing Director

 

[Signature Page to Project Camelot Debt Commitment Letter]

 

 

 

 

  APOLLO CAPITAL MANAGEMENT, L.P.
   
  By: Apollo Capital Management GP, LLC, its general partner
   
  By: /s/ Joseph D. Glatt
    Name: Joseph D. Glatt
    Title: Vice President

 

  APOLLO GLOBAL FUNDING, LLC
   
  By: /s/ Matthew Manin
    Name: Matthew Manin
    Title: Vice President

 

[Signature Page to Project Camelot Debt Commitment Letter]

 

 

 

 

  BLACKSTONE ALTERNATIVE CREDIT ADVISORS LP
   
  By: /s/ Marisa Beeney
    Name: Marisa Beeney
    Title: Authorized Signatory

 

[Signature Page to Project Camelot Commitment Letter]

 

 

 

 

  U.S. BANK NATIONAL ASSOCIATION
   
  By: /s/ Brain P. McDonald
    Name: Brain P. McDonald
    Title: SVP

 

[Signature Page to Project Camelot Holdco Debt Commitment Letter]

 

 

 

 

Accepted and agreed to as of the date first above written:  
   
CAMELOT RETURN MERGER SUB, INC.  
   
By: /s/ Rima Simson  
  Name: Rima Simson  
  Title: Vice President, Treasurer and Secretary  

 

[Signature Page to Project Camelot Commitment Letter]

 

 

 

 

 

CONFIDENTIALAnnex I

 

At AcquisitionCo’s election, the Committed Lenders agree to amend the Existing Cash Flow Credit Agreement to extend the Initial Revolving Maturity Date (as defined in the Existing Cash Flow Credit Agreement) with respect to their Revolving Commitments under and as defined in the Existing Cash Flow Credit Agreement to be the date that is five years after the Closing Date (the “Cash Flow Revolver Maturity Amendment”).

 

If AcquisitionCo elects to pursue the Cash Flow Revolver Maturity Amendment, the definitive documentation for the Cash Flow Revolver Maturity Amendment (the “Cash Flow Revolver Amendment Documentation”) will be negotiated in good faith to reflect the terms set forth in this Commitment Letter, and the only conditions to providing the Cash Flow Revolver Maturity Amendment on the Closing Date shall be the applicable conditions set forth in the second sentence of the Funding Conditions Provision and in Exhibit D to this Commitment Letter (it being understood and agreed that if the conditions to the availability of the Incremental ABL Facility on the Closing Date are satisfied, the conditions to providing the Cash Flow Revolver Maturity Amendment on the Closing Date shall also be deemed to be satisfied); provided that, if AcquisitionCo elects to pursue to the Cash Flow Revolver Maturity Amendment, the Existing Cash Flow Credit Agreement will be amended in accordance with the benchmark replacement provisions set forth therein to replace the LIBOR Rate (as defined in the Existing Cash Flow Credit Agreement) with “Term SOFR”, and with “Term SOFR” to be defined in a manner consistent with “Daily Simple SOFR Rate” and “Term SOFR Rate” in the Term SOFR Precedent (as defined in Exhibit B to the Commitment Letter).

 

 

 

 

CONFIDENTIALEXHIBIT A

 

Project Camelot

Transaction Description

 

Capitalized terms used but not defined in this Exhibit A shall have the meanings set forth in the Commitment Letter to which this Exhibit A is attached (the “Commitment Letter”) or in the other Exhibits to the Commitment Letter.

 

The Sponsor, together with (at the Sponsor’s election) one or more other investors arranged by and designated by the Sponsor (collectively with the Sponsor, the “Investors”), intends to consummate the Acquisition (as defined below). In connection with the foregoing, the Sponsor has established (1) Camelot Return Holdings, LLC, a newly formed Delaware limited liability company (“TopCo”), (2) Camelot Return Intermediate Holdings, LLC, a newly formed Delaware limited liability company and a wholly-owned subsidiary of TopCo (“Holdings”) and (3) Camelot Return Merger Sub, Inc., a newly formed Delaware corporation and a wholly-owned subsidiary of Holdings (“AcquisitionCo”).

 

In connection with the foregoing, it is intended that:

 

a)The Investors will directly or indirectly (including through one or more holding companies) make cash equity contributions to Holdings (which to the extent constituting equity interests other than common equity interests shall be on terms and conditions and pursuant to documentation reasonably satisfactory to the Lead Arrangers holding at least a majority of the commitments under the Facilities to the extent material to the interests of the Lenders (in their capacities as such)) (the “Equity Contribution”) in an aggregate amount not less than $195.0 million (as such amount may be reduced in accordance with paragraph 1 of the Summary of Additional Conditions), which amount, together with (x) proceeds from the Facilities and (if applicable) the Secured Notes, (y) proceeds from the Holdco PIK Bridge Loans and/or Holdco PIK Notes and (z) at AcquisitionCo’s option, cash on hand, the proceeds of borrowings under the Revolving Commitments (as defined in the Existing Cash Flow Credit Agreement) and/or the proceeds of borrowings under the Commitments (as defined in the Existing ABL Credit Agreement) (such amounts under clauses (x), (y) and (z), collectively with the Equity Contribution, the “Total Financing Sources”), shall be used inter alia to consummate the Acquisition, to pay fees, premiums and expenses incurred in connection with the Transactions (such fees, premiums and expenses, together with the Acquisition Consideration (as defined below), the “Transaction Costs”) and for any other purpose not prohibited under the Facilities; provided that immediately after the consummation of the Transactions on the Closing Date, the Sponsor will, directly or indirectly, control a majority of the economic and voting interests in AcquisitionCo; provided, further, that, to the extent any stockholder or other equity holder of the Company has exercised appraisal rights in connection with the Transactions, then on the Closing Date the Investors may elect to issue one or more equity commitment letters in an aggregate amount not less than the amount of consideration that would otherwise be paid under the Acquisition Agreements in respect of the shares or other equity interests subject to such appraisal rights (the “Appraisal Shares”) and, for purposes of this Commitment Letter, an aggregate amount of such equity commitment letters up to, but not in excess of, the amount of consideration that would otherwise be paid under the Acquisition Agreements in respect of the Appraisal Shares shall be included in the amount and percentage of the Equity Contribution from and after the Closing Date as if such amount was funded in cash (with it being understood that, on or prior to the date of the final resolution of all such appraisal rights, the lesser of (a) the amount necessary to satisfy such appraisal rights in full and (b) the full amount committed under such equity commitment letters shall be drawn and funded, directly or indirectly, in cash to AcquisitionCo in the form of common equity, or other equity on terms reasonably acceptable to the Lead Arrangers) (the “Post-Closing Equity Contribution”); provided, further, that immediately after giving effect to the Post-Closing Equity Contribution, the Sponsor will, directly or indirectly, control a majority of the economic and voting interests in AcquisitionCo; provided, further, that prior to the Post-Closing Equity Contribution, any such equity commitment letters in respect of the Post-Closing Equity Contribution shall not be amended in a manner materially adverse to the Lenders without the consent of the Lead Arrangers holding at least a majority of the commitments under the Bridge Facility with respect to the Bridge Facility and/or the Lead Arrangers holding at least a majority of the commitments under the Incremental ABL Facility with respect to the Incremental ABL Facility.

 

A-1

 

 

b)Subject to (i) Holdings and AcquisitionCo having sufficient Total Financing Sources on the Closing Date to consummate both the Fund VIII Shares Acquisition (as defined below) and the Company Shares Acquisition (as defined below) and (ii) the representations contained in the solvency certificate attached as exhibit H to the Existing Cash Flow Credit Agreement being true after giving effect to the consummation of the Acquisition (as defined below), pursuant to the Share Purchase Agreement (as amended, supplemented, waived or otherwise modified from time to time the “Fund VIII Acquisition Agreement”), among, inter alia, Holdings, Clayton, Dubilier & Rice Fund VIII, L.P. and CD&R Friends & Family Fund VIII, L.P. (together with Clayton, Dubilier & Rice Fund VIII, L.P., the “Fund VIII Sellers”), Holdings will, directly or indirectly, acquire all of the issued and outstanding equity interests of the Company held by the Fund VIII Sellers (such acquisition, the “Fund VIII Shares Acquisition”). Pursuant to the Agreement and Plan of Merger (together with the Company’s disclosure schedules delivered in connection therewith, and as further amended, supplemented, waived or otherwise modified from time to time in accordance with paragraph 1 of the Summary of Additional Conditions, collectively, the “Company Acquisition Agreement” and, together with the Fund VIII Acquisition Agreement, the “Acquisition Agreements”), among, inter alia, Holdings, AcquisitionCo and the Company, Holdings will, directly or indirectly, acquire the issued and outstanding equity interests of the Company other than those held by the Fund VIII Sellers (such acquisition, the “Company Shares Acquisition” and, collectively with the Fund VIII Shares Acquisition, the “Acquisition”) and AcquisitionCo will merge with and into the Company, with the Company surviving such merger. Pursuant to the Acquisition, the Company’s equity holders shall have the right to receive the amounts required to consummate the Acquisition (collectively, the “Acquisition Consideration”) in accordance with the terms of the Acquisition Agreements. In connection with the Acquisition, TopCo will directly or indirectly contribute or lend funds to Holdings in order to consummate the Acquisition, which loans may be forgiven, contributed or distributed at TopCo’s discretion. It being understood, for the avoidance of doubt, the consummation of the Fund VIII Shares Acquisition shall not constitute a condition precedent to the availability and initial funding of the Facilities on the Closing Date.

 

A-2

 

 

c)The Borrower will (1) issue or cause to be issued up to $950.0 million in aggregate principal amount of Secured Notes, subject to increase to fund any original issue discount in the issue price of such Secured Notes, and/or borrow up to $950.0 million (less the amount of cash proceeds received from the issuance of Secured Notes on or prior to the Closing Date, and plus, at AcquisitionCo’s option pursuant to the terms of the Bridge Term Sheet, the amount of any Bridge Loan OID Increase) under the Bridge Facility and (2) obtain or cause to be obtained up to $239.0 million under the Incremental ABL Facility, in each case on (or, in the case of the Secured Notes, at your election, prior to) the closing date of the Acquisition. In addition, TopCo may issue or cause to be issued up to $725.0 million in aggregate principal amount of Holdco PIK Notes, subject to increase to fund any original issue discount in the issue price of such Holdco PIK Notes, and/or borrow up to $725.0 million (less the amount of cash proceeds received from the issuance of Holdco PIK Notes on or prior to the Closing Date, and plus, at TopCo’s option pursuant to the terms of the Holdco Commitment Letter, the amount of any Holdco PIK Bridge Loan OID Increase) under the Holdco PIK Bridge Facility on (or, at TopCo’s election, prior to) the closing date of the Acquisition.

 

A-3

 

 

d)In its sole discretion, AcquisitionCo may elect in writing by notice to the Committed Lenders at least one day prior to the commencement of the Marketing Period (the “Pre-Marketing Notification”), for (i) the Committed Lenders’ commitments under the Bridge Facility (or a portion thereof pro rata among the Committed Lenders) to be reallocated to become commitments under the Holdco PIK Bridge Facility (in which case the Bridge Facility commitments will be decreased by such amount and the Holdco PIK Bridge Facility commitments will be increased by such amount, and the Committed Lenders will be deemed to become Committed Lenders under and as defined in the Holdco Commitment Letter with respect to such amount of the Holdco PIK Bridge Facility); provided that any such reallocation from the Bridge Facility to the Holdco PIK Bridge Facility shall be in an amount to ensure the Transactions are consummated in compliance with the Existing Cash Flow Credit Agreement, the Existing ABL Credit Agreement and the Existing Indenture (as determined by AcquisitionCo in good faith, which determination shall be conclusive) and/or (ii) the Committed Lenders’ (as defined in the Holdco Commitment Letter) commitments under the Holdco PIK Bridge Facility (or a portion thereof pro rata among the Committed Lenders (as defined in the Holdco Commitment Letter)) to be reallocated to become commitments under the Bridge Facility (in which case the Holdco PIK Bridge Facility commitments will be decreased by such amount and the Bridge Facility commitments will be increased by such amount, and the Committed Lenders (as defined in the Holdco Commitment Letter will be deemed to become Committed Lenders under this Commitment Letter with respect to such amount of the Bridge Facility).

 

The transactions described above and the payment of related fees, premiums and expenses are collectively referred to herein as the “Transactions”.

 

A-4

 

 

CONFIDENTIALEXHIBIT B

 

Project Camelot

Senior Secured Increasing Rate Bridge Loans

Summary of Principal Terms and Conditions

 

All capitalized terms used but not defined herein shall have the meanings given to them in the Commitment Letter to which this term sheet is attached, including the other Exhibits thereto.

 

Borrower:Initially, AcquisitionCo and, following the Company Shares Acquisition, the Company as the survivor of the merger contemplated thereby (the “Borrower”). The Borrower may, in its sole discretion, designate one or more of its direct or indirect wholly-owned domestic subsidiaries as co-borrowers, on a joint and several basis; provided that any such designation will be subject to delivery of all necessary “know your customer” documentation and information.

 

Transactions:As set forth in Exhibit A to the Commitment Letter.

 

Agents:DBCI will act as sole and exclusive administrative agent and collateral agent (in such capacity, the “Bridge Administrative Agent”) in respect of the Bridge Facility for a syndicate of financial institutions reasonably acceptable to the Borrower (together with the Committed Lenders, the “Lenders”), and will perform the duties customarily associated with such roles.
  
Lead Bridge Arrangers:Each of DBSI, UBSS, Barclays, BNPPSC, RBCCM, SG, GS, Natixis, Jefferies and AGF will act as joint lead arrangers and joint bookrunners for the Bridge Facility (in such capacity, the “Lead Bridge Arrangers”), and will perform the duties customarily associated with such roles.

 

Bridge Loans:The Lenders will make senior secured increasing rate bridge loans (the “Bridge Loans”) to the Borrower on the Closing Date in an aggregate principal amount of up to $950.0 million plus, at AcquisitionCo’s option, an amount sufficient to fund original issue discount in the issue price of the Secured Notes (such increased amount, the “Bridge Loan OID Increase”), pursuant to a senior secured increasing rate bridge facility (the “Bridge Facility”), and minus the amount of cash proceeds from the issuance of Secured Notes on or prior to the Closing Date.

 

B-1

 

 

Availability:The Lenders will make the Bridge Loans on the Closing Date substantially simultaneously with the consummation of the Transactions.

 

Purpose:The proceeds of the Bridge Loans will be used by the Borrower, on or after the Closing Date, together with the proceeds of borrowings of Incremental ABL Loans (as defined in Exhibit C to the Commitment Letter), the proceeds of the issuance of the Secured Notes (if any), the proceeds from the Holdco PIK Bridge Loans and/or Holdco PIK Notes, the proceeds of the Equity Contribution and, at AcquisitionCo’s option, cash on hand, the proceeds of borrowings under the Revolving Commitments (as defined in the Existing Cash Flow Credit Agreement) and/or the proceeds of borrowings under the Commitments (as defined in the Existing ABL Credit Agreement), to finance Transaction Costs.

 

Ranking:The Bridge Loans will rank pari passu in right of payment with obligations under the Existing Cash Flow Credit Agreement, obligations under the Existing ABL Credit Agreement, obligations under the Existing Indenture, the Secured Notes (if any) and other senior indebtedness of the Borrower.

 

Guarantees:All obligations of the Borrower under the Bridge Facility (the “Bridge Borrower Obligations”), will be unconditionally guaranteed jointly and severally on a senior secured basis by the same guarantors (and under the same terms) that guarantee the Existing Cash Flow Credit Agreement (such guarantors, other than Borrower, the “Guarantors”; and together with the Borrower, the “Loan Parties”; and such guarantees, the “Guarantees”). Each guarantee in respect of the Bridge Facility will automatically be released upon the release of the corresponding guarantee of the Existing Cash Flow Credit Agreement (other than in connection with the discharge of the Existing Cash Flow Credit Agreement). It is understood that any subsidiary of the Borrower that is excluded from the guarantee requirements under the Loan Documents (as defined in the Existing Cash Flow Credit Agreement) (the “Cash Flow Facilities Documentation”) shall not be a Guarantor.

 

B-2

 

 

Security:Subject to the limitations set forth below in this section, and, on the Closing Date, to the Funding Conditions Provision, the Bridge Borrower Obligations and the Guarantees will be secured by a security interest in the Collateral (as defined in the Existing Cash Flow Credit Agreement) that secures the Existing Cash Flow Credit Agreement (to the extent so secured), which security interest (1) in the Cash Flow Priority Collateral (as defined in the Existing Cash Flow Credit Agreement) will be (x) first in priority (as among the Bridge Facility, the Existing Cash Flow Credit Agreement and the Existing ABL Credit Agreement) and (ypari passu in priority (as between the Bridge Facility and the Existing Cash Flow Credit Agreement), and, in each case, subject to liens permitted to exist under the Bridge Loan Documentation, and (2) in the ABL Priority Collateral (as defined in the Existing Cash Flow Credit Agreement) will be (x) second in priority (as among the Bridge Facility, the Existing Cash Flow Credit Agreement and the Existing ABL Credit Agreement) and (ypari passu in priority (as between the Bridge Facility and the Existing Cash Flow Credit Agreement), and, in each case, subject to liens permitted to exist under the Bridge Loan Documentation, it being understood that the Collateral shall not include Excluded Assets (as defined in the Existing Cash Flow Credit Agreement), including those assets as to which the Cash Flow Agent and the Borrower reasonably determine that the costs of obtaining such security interests in such assets or perfection thereof are excessive in relation to the benefit to the Lenders (as defined in the Existing Cash Flow Credit Agreement) of the security to be afforded thereby.

 

For the avoidance of doubt, Collateral owned by the Borrower shall secure the Borrower’s obligations, and Collateral owned by any Guarantor shall secure such Guarantor’s obligations.

 

B-3

 

 

The priority of security interests and relative rights of the Lenders under the Bridge Facility, the lenders under the Existing Cash Flow Credit Agreement and the lenders under the Existing ABL Credit Agreement shall be subject to the Intercreditor Agreement, dated as of April 12, 2018 (the “Intercreditor Agreement”), by and between UBS AG, Stamford Branch, as ABL Agent, and JPMorgan Chase Bank, N.A., as Cash Flow Agent, and acknowledged by the Borrower and certain of its affiliates, and the Bridge Administrative Agent shall enter into a joinder to the Intercreditor Agreement as required by the terms thereof.
  
 All of the above-described pledges, security interests and mortgages on the Collateral shall be created and perfected on terms, and pursuant to documentation, that will be separate from but substantially similar to (and in any event no less favorable to the Sponsor, the Borrower and its subsidiaries than) the Security Documents (as defined in the Existing Cash Flow Credit Agreement).
  
 For the avoidance of doubt, (i) no actions in any non-U.S. jurisdiction or required by the laws of any non-U.S. jurisdiction shall be required in order to create any security interests in assets located or titled outside of the U.S. or to perfect any security interests therein (it being understood that there shall be no security agreements or pledge agreements governed under the laws of any non-U.S. jurisdiction) and (ii) to the extent not automatically perfected by UCC filings in the jurisdiction of incorporation or organization, no Loan Party shall be required to take any actions in order to perfect any security interests granted with respect to any assets specifically requiring perfection through control (including cash, cash equivalents, deposit accounts, securities accounts or other bank accounts, but excluding (x) Pledged Securities (as defined in the Guarantee and Collateral Agreement (as defined in the Existing Cash Flow Credit Agreement) and (y) DDAs, Concentration Accounts, the Core Concentration Accounts and Blocked Accounts (each as defined in the Existing ABL Credit Agreement) (in each case only to the extent required pursuant to Subsection 4.16 of the Existing ABL Credit Agreement)); provided that such Pledged Securities and accounts may be perfected by being held and/or controlled by the Cash Flow Agent, the ABL Agent, the Bridge Administrative Agent or in accordance with the Intercreditor Agreement).

 

B-4

 

 

Maturity:All Bridge Loans will have an initial maturity date that is the one-year anniversary of the Closing Date (the “Maturity Date”). If any Bridge Loan has not been previously repaid in full on or prior to the Maturity Date, such Bridge Loan will be automatically converted into a senior secured term loan (each, a “Senior Secured Term Loan”) due on the date that is the earlier of (x) eight years after the Closing Date and (y) if more than $200.0 million in principal amount of the Company’s 6.125% Senior Notes due 2029 remains outstanding on the date that is 91 days prior to the Stated Maturity (to be defined in a manner consistent with the standard set forth under the heading “Documentation” below) of such 6.125% Senior Notes due 2029 (such date, the “Springing Maturity Date”), the Springing Maturity Date (the “Extended Maturity Date”). The date on which Bridge Loans are converted into Senior Secured Term Loans is referred to as the “Conversion Date”. At any time on or after the Conversion Date, at the option of the applicable Lender, the Senior Secured Term Loans may be exchanged in whole or in part for senior secured exchange notes (the “Senior Secured Exchange Notes”) having an equal principal amount and having the terms set forth in Annex II to this Term Sheet; provided that the Borrower may defer the first issuance of Senior Secured Exchange Notes until such time as the Borrower shall have received requests to issue an aggregate of at least the lesser of (x) $150.0 million or (y) the remaining aggregate principal amount of the Senior Secured Term Loans in Senior Secured Exchange Notes; provided further that the Borrower may defer each subsequent issuance of Senior Secured Exchange Notes until such time as the Borrower shall have received requests to issue an aggregate of at least $150.0 million (or, if less, the aggregate amount of remaining Senior Secured Term Loans) in Senior Secured Exchange Notes.

 

B-5

 

 

The Senior Secured Term Loans will be governed by the provisions of the Bridge Loan Documentation (as defined under the heading “Documentation” below) and will have the same terms as the Bridge Loans except as set forth in Annex I to this Term Sheet. The Senior Secured Exchange Notes will be issued pursuant to an indenture that will have the terms set forth in Annex II to this Term Sheet.
  
 The Senior Secured Term Loans and the Senior Secured Exchange Notes shall be pari passu with one another for all purposes.
  
Interest Rates:Interest for the first three-month period commencing on the Closing Date shall be payable at Term SOFR (as defined below) for U.S. dollars (for interest periods of 1, 3 or 6 months, as selected by the Borrower) plus 450 basis points (the “Initial Margin”). Thereafter, subject to the Total Cap (as defined in the Fee Letter), interest shall be payable at prevailing Term SOFR for the interest period selected by the Borrower plus the Applicable Margin (as defined below) and shall increase by an additional 50 basis points at the beginning of each three- month period subsequent to the initial three-month period for so long as the Bridge Loans are outstanding (except on the Conversion Date) (the Initial Margin plus each 50 basis point increase thereon described above, the “Applicable Margin”). “Term SOFR” means the “Term SOFR Rate” as defined in that certain Cash Flow Credit Agreement, dated as of October 19, 2020 (as amended by the First Amendment, dated as of February 10, 2022), among White Cap Supply Holdings, LLC (as successor by merger to White Cap Buyer, LLC), the subsidiary borrowers from time to time party thereto, the lenders from time to time party thereto and Royal Bank of Canada, as administrative agent and collateral agent (the “Term SOFR Precedent”); provided that Term SOFR shall not be less than 0.00% per annum.
  
 Notwithstanding anything to the contrary set forth above, at no time, other than as provided under the heading “Default Rate” below, shall the per annum yield payable on the Bridge Loans exceed the amount specified in the Fee Letter in respect of the Bridge Facility as the “Total Cap”.

 

B-6

 

 

Following the Maturity Date, all outstanding Senior Secured Term Loans will accrue interest at the rate provided for in Annex I to this Term Sheet, subject to the Total Cap.
  
 Notwithstanding anything contained herein to the contrary, the Bridge Loan Documentation shall include benchmark replacement provisions consistent with the Term SOFR Precedent.
  
Interest Payments:Interest on the Bridge Loans will be payable in cash, quarterly in arrears. Calculation of interest shall be on the basis of actual days elapsed in a year of 360 days.
  
Default Rate:At the request of the Bridge Administrative Agent, overdue principal, interest, fees and other amounts shall bear interest at the applicable interest rate plus 2.00% per annum.
  
 Notwithstanding anything to the contrary set forth herein, in no event shall any cap or limit on the yield or interest rate payable with respect to the Bridge Loans, Senior Secured Term Loans or Senior Secured Exchange Notes affect the payment of any default rate of interest in respect of any Bridge Loans or Senior Secured Term Loans.

 

B-7

 

 

Mandatory Prepayment: The Borrower will be required to prepay the Bridge Loans at 100% of the outstanding principal amount thereof plus accrued and unpaid interest with (i) the net cash proceeds from the issuance of the Secured Notes; (ii) the net cash proceeds from the issuance of any Refinancing Debt (to be defined in a manner consistent with the standard set forth under the heading “Documentation” below) by the Borrower or any of its restricted subsidiaries; (iii) the net cash proceeds of any public equity issuances subject to exceptions to be agreed, including an exception for any issuances to the Sponsor or any of its affiliates; and (iv) the net cash proceeds from any non-ordinary course asset sales by the Borrower or any of its restricted subsidiaries in excess of amounts either reinvested or required to be paid to the lenders under the Existing Cash Flow Credit Agreement and the Existing ABL Credit Agreement, in each case with exceptions and baskets consistent with the standard set forth under the heading “Documentation” below, including, but not limited to, exceptions and baskets no more restrictive than those applicable to the Existing Cash Flow Credit Agreement; provided that the percentage of any applicable net cash proceeds from non- ordinary course asset sales required to prepay the Bridge Loans shall be subject to reductions to 50% and 0% based upon achievement of a Consolidated Secured Leverage Ratio (to be defined in a manner consistent with the standard set forth under the heading “Documentation” below, the “Consolidated Secured Leverage Ratio”) of 4.00:1.00 and 3.50:1.00, respectively; provided further that in the case of an issuance of Securities (as defined in the Fee Letter) (with such proceeds being applied to repay the Bridge Loans prior to the repayment of loans outstanding under the Existing Cash Flow Credit Agreement) to any Lender (or any of its affiliates) or any person to whom a Lender participated an interest in the Bridge Loans (or any of such participant’s affiliates) (such Lenders, participants and affiliates, “Specified Bridge Parties”), the net cash proceeds received by the Borrower and its subsidiaries in respect of such Securities acquired by such Specified Bridge Parties may, at the option of such Specified Bridge Party, be applied first to prepay the Bridge Loans of such Specified Bridge Party prior to being applied to prepay the Bridge Loans held by other Lenders on a pro rata basis. The Borrower will also be required to offer to prepay the Bridge Loans following the occurrence of a Change of Control (to be defined in a manner consistent with the standard set forth under the heading “Documentation” below) at 100% of the outstanding principal amount thereof, plus accrued and unpaid interest to but excluding the date of repayment. In the event that one or more of the step-downs for the percentage of the net cash proceeds required to be applied for mandatory prepayments pursuant to clause (iv) (as set forth in the Bridge Loan Documentation) are achieved, the retained net cash proceeds from any such asset sale or disposition shall be deemed to be “Retained Asset Sale Proceeds.” Notwithstanding the foregoing, mandatory prepayments made pursuant to clause (iv) above shall be limited to the extent that the Borrower determines in good faith that such prepayments would either (i) result in material adverse tax consequences to TopCo or one of its subsidiaries related to the repatriation of funds in connection therewith by foreign subsidiaries or (ii)  (1) be prohibited or delayed by or violate or conflict with applicable law, (2) be restricted by applicable organizational documents or any agreement, (3) be subject to other organizational or administrative impediments or (4) conflict with the fiduciary duties of the applicable directors, or result in, or could reasonably be expected to result in, a material risk of personal or criminal liability for any applicable officer, director or manager, in each case, from being repatriated.

 

B-8

 

 

Optional Prepayment:The Bridge Loans may be prepaid, in whole or in part, at par plus accrued and unpaid interest upon not less than three days’ prior written notice, at the option of the Borrower at any time.

 

B-9

 

 

Documentation:The definitive documentation for the Bridge Facility (the “Bridge Loan Documentation”), the definitive terms of which will be negotiated in good faith, will be consistent with this Term Sheet and, subject to the foregoing, will otherwise be consistent with, substantially similar to and no less favorable to the Sponsor, the Borrower and its subsidiaries than, that certain Indenture, dated as of April 12, 2018, among Pisces Midco, Inc., the subsidiary guarantors from time to time party thereto and Wilmington Trust, National Association, as trustee (the “Precedent Indenture”), and will take into account and be modified fully as appropriate to (n) reflect the Term SOFR provisions in the Term SOFR Precedent, (o) reflect the secured nature of the Bridge Facility (it being understood and agreed that the security provisions will be the same as those for the Cash Flow Facilities Documentation), (p) delete the requirements of clauses (a)(1) and (a)(2) in Section 409 of the Precedent Indenture, (q) provide that a division of a LLC under the Delaware LLC Act is an “Asset Disposition” subject to the “sales of assets and subsidiary stock” covenant unless the divided LLC is a restricted subsidiary, (r) modify clause (y) of the definition of “Consolidated EBITDA” to (1) remove the cap on the add-back for projected cost savings, (2) extend the time period for which actions in connection therewith have been taken or with respect to which substantial steps in connection therewith have been taken or are expected to be taken from 18 months to 36 months and (3) include operating expense reductions, revenue or operating enhancements and synergies (including revenue synergies, including those related to new contract, business and customer wins, the modification or renegotiation of contracts and other arrangements and pricing adjustments and increases), (s) modify clause (z) of the definition of “Consolidated EBITDA” to also include adjustments consistent with Regulation S-X or additions of the type reflected in any of (1) the Sponsor’s financial model, provided to the Lead Arrangers on or around February 15, 2022, (2) the Quality of Earnings report of PricewaterhouseCoopers LLP, dated as of February 24, 2022, (3) the Lender Presentation and/or the prospectus or other offering memorandum relating to the Secured Notes or Securities or (4) any other quality of earnings analysis prepared by independent certified public accountants of nationally recognized standing or any other accounting firm reasonably acceptable to the Bridge Administrative Agent (it being understood that any “Big Four” accounting firms are acceptable) and delivered to the Bridge Administrative Agent in connection with an acquisition or other investment permitted under the Bridge Loan Documentation, (t) modify clause (iv) of the definition of “Consolidated Net Income” to also include any exceptional, special or infrequent gain, loss or charge and any gain, loss or charge not in the ordinary course of business, (u) modify clause (ii) of the definition of “Consolidated Secured Indebtedness” and clause (iii) of the definition of “Consolidated Total Indebtedness” to (1) measure the amount of cash, Cash Equivalents and Temporary Cash Investments (each to be defined in a manner consistent with the standard set forth under this heading “Documentation”) held by the Borrower and its restricted subsidiaries as of the end of the most recently ended fiscal month of the Borrower for which consolidated financial statements are available, (2) include cash, Cash Equivalents and Temporary Cash Investments that cash collateralize letters of credit issued on behalf of the Borrower or any of its restricted subsidiaries, including the proceeds of any indebtedness being incurred at the time of determination, (3) include cash, Cash Equivalents and Temporary Cash Investments from the proceeds of any capital contribution to the Borrower or from the issuance or sale of its capital stock, from the proceeds of any asset disposition or from any incurrence of indebtedness since the end of such fiscal month and on or prior to the date of determination, but excluding any proceeds of any revolving credit facility of the Borrower and its restricted subsidiaries (other than to the extent such proceeds are intended to be promptly applied for working capital purposes) and (4) include any outstanding loans under any revolving facility used to finance the working capital needs of the Borrower and its restricted subsidiaries (as determined by the Borrower in good faith), (v) modify the definition of “Consolidated Total Indebtedness” to exclude (1) any unreimbursed outstanding drawn amounts under funded letters of credit (provided that such amounts shall not be counted as debt until five business days after such amounts were drawn), (2) indebtedness or other obligations arising from any cash management or related services and (3) financing leases and any other lease obligations, (w) provide that any requirement contained in the Precedent Indenture that any indebtedness incurred after the Closing Date be subject to a subordination or intercreditor agreement shall be deemed to be satisfied so long as the parties providing such indebtedness execute the required subordination or intercreditor agreement, (x) provide that the Borrower may extend annual reporting deadlines to 150 days and quarterly reporting deadlines to 90 days for any fiscal period in which the Borrower has consummated a material acquisition or investment (as determined by the Borrower in good faith), (y) include grower components for all dollar-denominated thresholds and baskets and (z) reflect the terms set forth in the Commitment Letter and the Fee Letter, taking into account differences related to the Borrower, the Company and their respective subsidiaries (including as to operational and strategic requirements of the Borrower, the Company and their respective subsidiaries in light of their jurisdictions of incorporation, size, industries, businesses, business practices and business plans) (it being understood that basket sizes and incurrence tests will be set taking into account the relative EBITDA and total assets of the Borrower, the Company and their respective subsidiaries on a consolidated basis after giving pro forma effect to the Transactions); and with respect to those provisions reflecting credit agreement format (including representations and warranties, EU and UK “bail-in” provisions, customary U.S. Department of Labor lender regulatory representations, QFC provisions and erroneous payment provisions), consistent with the Cash Flow Facilities Documentation, and will take into account and be modified fully as appropriate to reflect the technical aspects of the Bridge Facility and strictly ministerial administrative changes reasonably requested by the Bridge Administrative Agent and agreed to by the Borrower, and in any event, will contain only those conditions to borrowing, prepayments, representations and warranties, covenants and events of default expressly set forth in this Term Sheet; provided that the terms of the Bridge Loan Documentation shall give due regard to (i) that certain draft First Lien Credit Agreement, posted to the lenders on August 10, 2021, among Project Sky Merger Sub Inc. (succeeded via merger by Cloudera, Inc.), the subsidiary borrowers from time to time party thereto, the lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, and (ii) that certain Preliminary Offering Circular, dated October 18, 2021, with respect to LABL, Inc.’s senior secured notes due 2028 (collectively, the “Sponsor Precedent Facilities”). Notwithstanding the foregoing, the only conditions to the availability of the Bridge Facility on the Closing Date shall be the applicable conditions set forth in the second sentence of the Funding Conditions Provision and in Exhibit D to the Commitment Letter.

 

B-10

 

 

Conditions to Bridge Loans: Borrowing under the Bridge Facility will be subject solely to (a) the applicable conditions set forth in the second sentence of the Funding Conditions Provision and in Exhibit D to the Commitment Letter and (b) the condition that the Specified Representations and, to the extent required by the Funding Conditions Provision, the Company Representations, shall be true and correct in all material respects on and as of the Closing Date (although any Specified Representation or Company Representation which expressly relates to a given date or period shall be required only to be true and correct in all material respects as of the respective date or for the respective period, as the case may be). To the extent that any representations and warranties made on, or as of, the Closing Date (or a date prior thereto) are qualified by or subject to “material adverse effect”, the definition thereof shall be “Material Adverse Effect” as defined in the Company Acquisition Agreement, for purposes of such representations and warranties.

 

Representations and Warranties:The Bridge Loan Documentation will contain representations and warranties consistent with and substantially similar to (and, in any event, no less favorable to the Sponsor, the Borrower and its subsidiaries than) those in the Cash Flow Facilities Documentation, including as to exceptions and qualifications. The failure of any representation or warranty (other than the Specified Representations or the Company Representations, subject to the Funding Conditions Provision) to be true and correct on the Closing Date shall not constitute the failure of a condition precedent to funding or a default under the Bridge Loan Documentation.

 

B-11

 

 

Covenants:The Bridge Loan Documentation will contain such affirmative and negative covenants with respect to the Borrower and its restricted subsidiaries as are usual and customary for bridge loan financings of this type consistent with the standard set forth under the heading “Documentation” above, it being understood and agreed that the covenants of the Secured Bridge Loans (and the Senior Secured Term Loans) will be incurrence-based covenants consistent with the standard set forth under the heading “Documentation” above and shall in no event be more restrictive than the corresponding covenants in the Cash Flow Facilities Documentation and shall be limited to the following: (a) furnishing of financial statements (such covenant to be no less favorable to the Sponsor, the Borrower and its subsidiaries than the corresponding covenant in the Cash Flow Facilities Documentation), (b) requirements as to future subsidiary guarantors, (c) restrictions on liens (with exceptions to allow, among other things, (i) liens securing the Existing Cash Flow Credit Agreement (including Incremental Commitments (as defined in the Existing Cash Flow Credit Agreement)), the Existing ABL Credit Agreement (including Incremental Facilities (as defined in the Existing ABL Credit Agreement) and the Incremental ABL Facility), the Secured Notes and the Securities, (ii) liens securing indebtedness incurred pursuant to the RP Debt Basket (as defined below),(iii) liens securing debt incurred pursuant to clause (d)(iii) below, (iv) liens securing contribution indebtedness and (v) liens on Collateral, if such liens rank junior to the liens on such Collateral in relation to the liens securing the Bridge Loans and the Guarantees, as applicable), (d) restrictions on indebtedness (with exceptions to allow, among other things, the incurrence of indebtedness (i) in respect of the Existing Cash Flow Credit Agreement (including Incremental Commitments (as defined in the Existing Cash Flow Credit Agreement)), the Existing ABL Credit Agreement (including Incremental Facilities (as defined in the Existing ABL Credit Agreement) and the Incremental ABL Facility), the Existing Indenture, the Secured Notes and the Securities, (ii) in an amount that is twice the amount of restricted payments that the Borrower and its restricted subsidiaries would have been able to make on the date of such incurrence under specified restricted payment baskets, including, without limitation, the consolidated net income builder basket and the Retained Asset Sale Proceeds basket (the “RP Debt Basket”), (iii) in the case of indebtedness secured on a pari passu basis with the Bridge Facility, in an aggregate principal amount not to exceed the sum of (a) either (x) after giving effect to the incurrence of such amount, the Consolidated Secured Leverage Ratio is equal to or less than 4.75:1.00 or (y) the pro forma Consolidated Secured Leverage Ratio after giving effect to such incurrence does not exceed the Consolidated Secured Leverage Ratio in effect prior to such transactions (the amount available under this clause (a), the “Ratio Incremental Debt Basket”) and (b) the greater of (x) $760.0 million and (y) an amount equal to pro forma EBITDA for the four most recently ended fiscal quarters for which financial statements of the Borrower are available (the amount available under this clause (b), the “Cash Capped Incremental Debt Basket”); provided that (x) at the Borrower’s option, capacity under the Ratio Incremental Debt Basket shall be deemed to be used before capacity under the Cash Capped Incremental Debt Basket and (y) indebtedness may be incurred under the Ratio Incremental Debt Basket, the Cash Capped Incremental Debt Basket, the Revolving Commitments (as defined in the Existing Cash Flow Credit Agreement), the Existing ABL Credit Agreement (including Incremental Facilities (as defined in the Existing ABL Credit Agreement) and the Incremental ABL Facility), any other revolving credit facility and/or any other applicable basket that is not based on a Consolidated Secured Leverage Ratio incurrence test, and proceeds from any such incurrence may be utilized in a single transaction or series of related transactions by first calculating the amount available to be incurred under the Ratio Incremental Debt Basket by disregarding any concurrent utilization of the Cash Capped Incremental Debt Basket, the Revolving Commitments (as defined in the Existing Cash Flow Credit Agreement), the Existing ABL Credit Agreement (including Incremental Facilities (as defined in the Existing ABL Credit Agreement) and the Incremental ABL Facility), any other revolving credit facility and/or any other applicable basket that is not based on a Consolidated Secured Leverage Ratio incurrence test (provided that any portion of any indebtedness incurred under the Cash Capped Incremental Debt Basket may be reclassified, as the Borrower may elect from time to time, as having been incurred under the Ratio Incremental Debt Basket if the Borrower meets the ratio under the Ratio Incremental Debt Basket at such time on a pro forma basis) and (iv) in the case of other indebtedness, either (x) after giving effect to the incurrence of such amount, the Consolidated Total Leverage Ratio (to be defined in a manner consistent with the standard set forth under the heading “Documentation” above, the “Consolidated Total Leverage Ratio”) is equal to or less than 6.30:1.00, (y) the pro forma Consolidated Total Leverage Ratio after giving effect to such incurrence does not exceed the Consolidated Total Leverage Ratio in effect prior to such transactions or (z) after giving effect to the incurrence of such amount, either (1) the Consolidated Coverage Ratio (to be defined in a manner consistent with the standard set forth under the heading “Documentation” above, the “Consolidated Coverage Ratio”) is greater than or equal to 1.75:1.00 or (2) the pro forma Consolidated Coverage Ratio after giving effect to such incurrence is not less than the Consolidated Coverage Ratio in effect prior to such transactions (provided that this exception shall not be subject to any cap on the amount of indebtedness that can be incurred by restricted subsidiaries that are not Subsidiary Guarantors or Escrow Subsidiaries (each to be defined in a manner consistent with the standard set forth under the heading “Documentation” above))), (e) restrictions on restricted payments, including dividends, distributions, stock repurchases or redemptions, investments and certain optional prepayments on contractually subordinated debt (with exceptions to allow, among other things, (i) payments of contractually subordinated debt pursuant to “AHYDO Saver” provisions in respect of such debt, (ii) an unlimited amount of restricted payments subject to pro forma compliance with a maximum Consolidated Total Leverage Ratio of, (x) in the case of restricted payments in respect of equity interests, 5.25:1.00, (y) in the case of investments, either (1) 5.50:1.00 or (2) the Consolidated Total Leverage Ratio in effect prior to such investment and (z) in the case of prepayments of contractually subordinated debt, 5.50:1.00, (iii) restricted payments made with Retained Asset Sale Proceeds, (iv) restricted payments following a qualified IPO in an amount in any fiscal year of the sum of (x) 7.0% of the aggregate proceeds received by the Borrower, directly or indirectly, in or from such qualified IPO and (y) 7.0% of the market capitalization, (v) Parent Expenses (to be defined in a manner no less favorable to the Sponsor, the Borrower and its subsidiaries than the definition of such term in the Precedent Indenture and in a manner that treats any partnership or other entity through which the Investors, directly or indirectly, hold their equity interests in TopCo as if it were a “Parent Entity”), (vi) restricted payments in connection with the Transactions (including payments in connection with the Acquisition) and (vii) debt incurred under the Facilities to finance the Transactions and payments relating thereto, as applicable, on or after the Closing Date), (f) restrictions on sales of assets and subsidiary stock, (g) restrictions on limitations on distributions from subsidiaries, (h) restrictions on mergers, consolidations and sales of all or substantially all of the assets of the Borrower, (i) restrictions on transactions with affiliates (with exceptions to allow, among other things, transactions approved by a majority of disinterested directors) and (j) repurchase of Bridge Loans upon a Change of Control (to be defined consistent with the standard set forth under the heading “Documentation” above). Prior to the Maturity Date, the restricted payments covenant and ratio debt and the general baskets under the indebtedness covenant of the Bridge Loans will be more restrictive than those of the Senior Secured Term Loans and the Senior Secured Exchange Notes, as reasonably agreed by the Lead Bridge Arrangers and the Borrower; provided that such baskets shall not be any more restrictive than those of the Existing Cash Flow Credit Agreement. Notwithstanding the foregoing, Section 409(a)(3)(A) of the Bridge Loan Documentation shall include a starter dollar basket equal to the amount as of the Closing Date that would be available to the Borrower to make restricted payments pursuant to Section 409(a)(3) of the Precedent Indenture.

 

B-12

 

 

   

The Bridge Loan Documentation will include ‘limited condition transaction’ provisions consistent with the Sponsor Precedent Facilities.

     
Financial Maintenance Covenants:   None.

 

 B-17 

 

 

Events of Default:   The Bridge Loan Documentation will contain such events of default (including grace periods and threshold amounts, including a 180-day grace period for failure to deliver financial statements and related compliance certificates) consistent with the standard set forth under the heading “Documentation” above (and in any event no more restrictive than the corresponding default provisions of the Cash Flow Facilities Documentation), consisting of and limited to: nonpayment of principal, interest or other amounts (provided that the Bridge Loan Documentation shall include an exception for nonpayments of any of principal, interest or other amounts resulting from the Borrower’s good faith payment of an invoice received from the Bridge Administrative Agent); violation of covenants; incorrectness of representations and warranties in any material respect (subject to a 30-day grace period in the case of misrepresentations that are capable of being cured); cross acceleration to material indebtedness; bankruptcy or insolvency of the Borrower or its significant subsidiaries; material monetary judgments; ERISA events; actual or asserted invalidity of the guarantees of significant subsidiaries; and impairment of security interests in any significant portion of the Cash Flow Priority Collateral. Notwithstanding the foregoing, the Bridge Loan Documentation shall provide that (x) a notice of default may not be given with respect to any action taken, and reported publicly or to Lenders, more than two years prior to such notice of default and (y) any time period in the Bridge Loan Documentation to cure any actual or alleged default or event of default may be extended or stayed by a court of competent jurisdiction to the extent such actual or alleged default or event of default is the subject of litigation.
     
Cost and Yield Protection:   The Bridge Loan Documentation will contain cost and yield protection provisions consistent with and substantially similar to (and, in any event, no less favorable to the Sponsor, the Borrower and its subsidiaries than) those in the Cash Flow Facilities Documentation, including as to exceptions and qualifications.

 

 B-18 

 

 

Assignments and Participations:   The Lenders will have the right to assign Bridge Loans after the Closing Date to financial institutions or institutional investors in accordance with applicable law, without the consent of the Borrower (other than to any Disqualified Institution); provided, however, that prior to the date that is one year after the Closing Date and so long as a Demand Failure Event (as defined in the Fee Letter) has not occurred and no payment or bankruptcy event of default (with respect to the Borrower) shall have occurred and is continuing, the consent of the Borrower shall be required with respect to any assignment (such consent not to be unreasonably withheld) if, subsequent thereto, the Committed Lenders would hold, in the aggregate, less than 51% of the outstanding Bridge Loans.
     
    The Lenders will be permitted to sell participations in Bridge Loans without restriction, other than as set forth in this paragraph, and in accordance with applicable law. Prior to any participation in any Bridge Loans, the applicable Lender shall have provided the Borrower with not less than five business days’ advance notice of such participation. Voting rights of participants shall be limited to matters in respect of (a) increases in commitments participated to such participants, (b) reductions of principal, interest or fees, (c) extensions of final maturity and (d) releases of all or substantially all of the value of the Guarantees or all or substantially all of the Cash Flow Priority Collateral. Participations to any Disqualified Institution and natural persons shall be prohibited. Participants will have the same benefits as the selling Lenders would have (and will be limited to the amount of such benefits) with regard to yield protection and increased costs, subject to customary limitations and restrictions.
     
    Notwithstanding the foregoing, in no event shall the Bridge Administrative Agent be obligated to ascertain, monitor or inquire as to whether any person is a Disqualified Institution or have any liability with respect to or arising out of any assignment or participation of Bridge Loans by the Lenders or disclosure of confidential information by the Lenders, in each case, to any Disqualified Institution, except to the extent determined by a court of competent jurisdiction in a final and non- appealable decision to have resulted from the gross negligence, bad faith or willful misconduct of the Bridge Administrative Agent (it being understood this exception shall not apply if the Borrower shall have knowingly consented in writing to an applicable assignment to such Disqualified Institution).

 

 B-19 

 

 

Voting:  Amendments and waivers of the Bridge Loan Documentation will require the approval of Lenders holding more than 50% of the outstanding Bridge Loans, except that the consent of each Lender directly and adversely affected thereby will be required for (i) reductions of principal, interest rates or the Applicable Margin, (ii) extensions of the Maturity Date (except as provided under the heading “Maturity” above) or the Extended Maturity Date, (iii) additional restrictions on the right to exchange Senior Secured Term Loans for Senior Secured Exchange Notes or any amendment of the rate of such exchange, (iv) any amendment to the Senior Secured Exchange Notes that requires (or would, if any Senior Secured Exchange Notes were outstanding, require) the approval of all holders of Senior Secured Exchange Notes, (v) subject to certain exceptions consistent with the standard set forth under the heading “Documentation” above, releases of all or substantially all of the value of the Guarantees or releases of liens on all or substantially all of the Cash Flow Priority Collateral (other than in connection with any release or sale of the relevant Guarantor permitted by the Bridge Loan Documentation) and (vi) modifications to any of the voting percentages.
    
   The Bridge Loan Documentation will include provisions with respect to “net short lenders” substantially similar to (and in any event, no less favorable to the Sponsor, the Borrower and its subsidiaries than) those provisions for “net short lenders” contained in the Sponsor Precedent Facilities.
    
Indemnification:  The Bridge Loan Documentation will contain indemnification provisions consistent with and substantially similar to (and, in any event, no less favorable to the Sponsor, the Borrower and its subsidiaries than) those in the Cash Flow Facilities Documentation, including as to exceptions and qualifications.
    
Governing Law:  New York.
    
Counsel to the Bridge Administrative Agent:  Cahill Gordon & Reindel LLP.

 

 B-20 

 

 

ANNEX I to
EXHIBIT B

 

Senior Secured Term Loans

 

Maturity:  The Senior Secured Term Loans will mature on the date that is the earlier of (x) eight years after the Closing Date and (y) if more than $200.0 million in principal amount of the Company’s 6.125% Senior Notes due 2029 remains outstanding on the date that is 91 days prior to the Stated Maturity (to be defined consistent with the Bridge Loan Documentation) of such 6.125% Senior Notes due 2029 (such date, the “Springing Maturity Date”), the Springing Maturity Date.

 

Interest Rate:  The Senior Secured Term Loans will bear interest at an interest rate per annum equal to the Total Cap (the “Senior Secured Term Loan Interest Rate”). Interest shall be payable on the last day of each fiscal quarter of the Borrower and on the maturity date of the Senior Secured Term Loans, in each case payable in arrears and computed on the basis of a 360 day year.

 

Default Rate:  Overdue principal, interest, fees and other amounts shall bear interest at the applicable interest rate plus 2.00% per annum.

 

Ranking:  Same as Bridge Loans.

 

Guarantees:  Same as Bridge Loans.

 

Security:  Same as Bridge Loans.

 

Covenants, Defaults and Mandatory Prepayments:  Upon and after the Conversion Date, the covenants, offers to purchase and defaults which would be applicable to the Senior Secured Exchange Notes, if issued, will also be applicable to the Senior Secured Term Loans in lieu of the corresponding provisions of the Bridge Loan Documentation.

 

Optional Prepayment:  The Senior Secured Term Loans may be prepaid, in whole or in part, at par, plus accrued and unpaid interest upon not less than three days’ prior written notice, at the option of the Borrower at any time.
    
   In addition, at the option of the Borrower, an “AHYDO Saver” provision will be included.
    
Governing Law:  New York.

 

 B-I-1 

 

 

CONFIDENTIALANNEX II to
 EXHIBIT B

 

Senior Secured Exchange Notes

 

Issuer:  The Borrower will issue the Senior Secured Exchange Notes under an indenture which will not be qualified under the Trust Indenture Act of 1939, as amended. The Borrower, in its capacity as the issuer of the Senior Secured Exchange Notes, is referred to as the “Issuer”.
  
Principal Amount:  The Senior Secured Exchange Notes will be available only in exchange for the Senior Secured Term Loans on or after the Conversion Date. The principal amount of any Senior Secured Exchange Note will equal 100% of the aggregate principal amount of the Senior Secured Term Loan for which it is exchanged. In the case of any partial exchange, the initial minimum amount of Senior Secured Term Loans to be exchanged for Senior Secured Exchange Notes will equal $150.0 million of the aggregate principal amount of the Senior Secured Term Loans, and thereafter a minimum amount of $150.0 million (or, if less, the aggregate amount of remaining Senior Secured Term Loans) for any further exchanges.

 

Maturity:  The Senior Secured Exchange Notes will mature on the date that is the earlier of (x) eight years after the Closing Date and (y) if more than $200.0 million in principal amount of the Company’s 6.125% Senior Notes due 2029 remains outstanding on the date that is 91 days prior to the Stated Maturity (to be defined in a manner consistent with the standard set forth under the heading “Documentation” below) of such 6.125% Senior Notes due 2029 (such date, the “Springing Maturity Date”), the Springing Maturity Date.

 

Interest Rate:  The Senior Secured Exchange Notes will bear interest payable semi-annually, in arrears, at a rate equal to the Total Cap.

 

Ranking:  Same as Bridge Loans and Senior Secured Term Loans.

 

Guarantees:  Same as Bridge Loans and Senior Secured Term Loans.

 

Security:  Same as Bridge Loans and Senior Secured Term Loans.

 

 B-II-2 

 

 

Documentation:  The definitive documentation for the Senior Secured Exchange Notes (the “Senior Secured Exchange Note Documentation”), the definitive terms of which will be negotiated in good faith, will be consistent with this Term Sheet and, subject to the foregoing, will otherwise be consistent with, substantially similar to and no less favorable to the Sponsor, the Issuer and its subsidiaries than, that certain Indenture, dated as of April 12, 2018, among Pisces Midco, Inc., the subsidiary guarantors from time to time party thereto and Wilmington Trust, National Association, as trustee (the “Precedent Indenture”), and will take into account and be modified fully as appropriate to (o) reflect the secured nature of the Senior Secured Exchange Notes (it being understood and agreed that the security provisions will be the same as those for the Cash Flow Facilities Documentation, taking into account differences between bonds and credit facilities consistent with the documentation for LABL, Inc.’s 5.875% senior secured notes due 2028), (p) delete the requirements of clauses (a)(1) and (a)(2) in Section 409 of the Precedent Indenture, (q) provide that a division of a LLC under the Delaware LLC Act is an “Asset Disposition” subject to the “sales of assets and subsidiary stock” covenant unless the divided LLC is a restricted subsidiary, (r) modify clause (y) of the definition of “Consolidated EBITDA” to (1) remove the cap on the add-back for projected cost savings, (2) extend the time period for which actions in connection therewith have been taken or with respect to which substantial steps in connection therewith have been taken or are expected to be taken from 18 months to 36 months and (3) include operating expense reductions, revenue or operating enhancements and synergies (including revenue synergies, including those related to new contract, business and customer wins, the modification or renegotiation of contracts and other arrangements and pricing adjustments and increases), (s) modify clause (z) of the definition of “Consolidated EBITDA” to also include adjustments consistent with Regulation S-X or additions of the type reflected in any of (1) the Sponsor’s financial model, provided to the Lead Arrangers on or around February 15, 2022, (2) the Quality of Earnings report of PricewaterhouseCoopers LLP, dated as of February 24, 2022, (3) the Lender Presentation and/or the prospectus or other offering memorandum relating to the Secured Notes or Securities or (4) any other quality of earnings analysis prepared by independent certified public accountants of nationally recognized standing or any other accounting firm in connection with an acquisition or other investment permitted under the Senior Secured Exchange Note Documentation, (t) modify clause (iv) of the definition of “Consolidated Net Income” to also include any exceptional, special or infrequent gain, loss or charge and any gain, loss or charge not in the ordinary course of business, (u) modify clause (ii) of the definition of “Consolidated Secured Indebtedness” and clause (iii) of the definition of “Consolidated Total Indebtedness” to (1) measure the amount of cash, Cash Equivalents and Temporary Cash Investments (each to be defined in a manner consistent with the standard set forth under this heading “Documentation”) held by the Issuer and its restricted subsidiaries as of the end of the most recently ended fiscal month of the Issuer for which consolidated financial statements are available, (2) include cash, Cash Equivalents and Temporary Cash Investments that cash collateralize letters of credit issued on behalf of the Issuer or any of its restricted subsidiaries, including the proceeds of any indebtedness being incurred at the time of determination, (3) include cash, Cash Equivalents and Temporary Cash Investments from the proceeds of any capital contribution to the Issuer or from the issuance or sale of its capital stock, from the proceeds of any asset disposition or from any incurrence of indebtedness since the end of such fiscal month and on or prior to the date of determination, but excluding any proceeds of any revolving credit facility of the Issuer and its restricted subsidiaries (other than to the extent such proceeds are intended to be promptly applied for working capital purposes) and (4) include any outstanding loans under any revolving facility used to finance the working capital needs of the Issuer and its restricted subsidiaries (as determined by the Issuer in good faith), (v) modify the definition of “Consolidated Total Indebtedness” to exclude (1) any unreimbursed outstanding drawn amounts under funded letters of credit (provided that such amounts shall not be counted as debt until five business days after such amounts were drawn), (2) indebtedness or other obligations arising from any cash management or related services and (3) financing leases and any other lease obligations, (w) provide that any requirement contained in the Precedent Indenture that any indebtedness incurred after the Closing Date be subject to a subordination or intercreditor agreement shall be deemed to be satisfied so long as the parties providing such indebtedness execute the required subordination or intercreditor agreement, (x) provide that the Issuer may extend annual reporting deadlines to 150 days and quarterly reporting deadlines to 90 days for any fiscal period in which the Issuer has consummated a material acquisition or investment (as determined by the Issuer in good faith), (y) include grower components for all dollar-denominated thresholds and baskets and (z) reflect the terms set forth in the Commitment Letter and the Fee Letter, taking into account differences related to the Issuer, the Company and their respective subsidiaries (including as to operational and strategic requirements of the Issuer, the Company and their respective subsidiaries in light of their jurisdictions of incorporation, size, industries, businesses, business practices and business plans) (it being understood that basket sizes and incurrence tests will be set taking into account the relative EBITDA and total assets of the Issuer, the Company and their respective subsidiaries on a consolidated basis after giving pro forma effect to the Transactions), and in any event will contain only those covenants and events of default expressly set forth in the Term Sheet to which this Annex II is attached; provided that the terms of the Senior Secured Exchange Notes shall give due regard to the Sponsor Precedent Facilities.

 

 B-II-3 

 

 

   The Senior Secured Exchange Note Documentation will include provisions with respect to “net short holders” substantially similar to (and in any event, no less favorable to the Sponsor, the Issuer and its subsidiaries than) those provisions for “net short holders” contained in the Sponsor Precedent Facilities.

 

Offer to Purchase from Asset Sale Proceeds:   The Issuer will be required to make an offer to repurchase the Senior Secured Exchange Notes (and, if outstanding, prepay the Senior Secured Term Loans) on a pro rata basis, which offer shall be at 100% (with reductions of the percentage required to be offered to 50% and 0% based upon achievement of a Consolidated Secured Leverage Ratio (to be defined in a manner consistent with the standard set forth under the heading “Documentation” above, the “Consolidated Secured Leverage Ratio”) of 4.00:1.00 and 3.50:1.00, respectively) of the principal amount thereof plus accrued and unpaid interest to but excluding the date of repurchase with a portion of the net cash proceeds of all non-ordinary course asset sales by the Issuer and its restricted subsidiaries in excess of amounts either reinvested or required to be paid to the lenders under the Cash Flow Facilities Documentation and the Existing ABL Credit Agreement, with such proceeds being applied to the Senior Secured Term Loans, the Senior Secured Exchange Notes and the Secured Notes in a manner to be agreed, subject to other exceptions and baskets consistent with the Senior Secured Exchange Note Documentation, including, but not limited to, exceptions and baskets no more restrictive than those applicable to the Cash Flow Facilities Documentation. In the event that one or more of the step-downs in the preceding sentence are achieved, the retained net cash proceeds from any such asset sale or disposition shall be deemed to be “Retained Asset Sale Proceeds.” Notwithstanding the foregoing, such offer to repurchase above shall be limited to the extent that the Issuer determines in good faith that such prepayments would either (i) result in material adverse tax consequences to TopCo or one of its subsidiaries related to the repatriation of funds in connection therewith by foreign subsidiaries or (ii) (1) be prohibited or delayed by or violate or conflict with applicable law, (2) be restricted by applicable organizational documents or any agreement, (3) be subject to other organizational or administrative impediments or (4) conflict with the fiduciary duties of the applicable directors, or result in, or could reasonably be expected to result in, a material risk of personal or criminal liability for any applicable officer, director or manager, in each case, from being repatriated.  

 

 B-II-4 

 

 

Offer to Purchase upon Change of Control:   After making any payments required to be made to repay the Cash Flow Facilities Documentation and the Existing ABL Credit Agreement, the Issuer will be required to make an offer to repurchase the Senior Secured Exchange Notes following the occurrence of a Change of Control (to be defined consistent with the Senior Secured Exchange Note Documentation) at a price in cash equal to (i) with respect to Senior Secured Exchange Notes held by any Committed Lenders or any of their affiliates (other than asset management affiliates purchasing the Senior Secured Exchange Notes in the ordinary course of their business as part of a regular distribution of the Senior Secured Exchange Notes, and excluding Senior Secured Exchange Notes acquired pursuant to bona fide open market purchases from third parties or market making activities), 100% of the outstanding principal amount thereof, and (ii) with respect to Senior Secured Exchange Notes held by any other person, 101% of the outstanding principal amount thereof, in each case, plus accrued and unpaid interest, if any, to but excluding the date of repurchase, unless the Issuer shall redeem such Senior Secured Exchange Notes pursuant to the “Optional Redemption” section below. However, the Issuer will not be required to make a Change of Control Offer (to be defined consistent with the Senior Secured Exchange Note Documentation) if, after the public announcement that a definitive agreement for a Change of Control has been entered into, the Issuer (or any affiliate of the Issuer) has made an offer to purchase all of the Senior Secured Exchange Notes validly tendered and not withdrawn at a cash price no less than 101% or 100%, as applicable, of the principal amount thereof, plus accrued and unpaid interest, if any, to but excluding the date of repurchase, and the Issuer or such affiliate purchases all Senior Secured Exchange Notes validly tendered and not withdrawn in accordance therewith. If at least 90% of the aggregate principal amount of the outstanding Senior Secured Exchange Notes are validly tendered and not withdrawn in any Change of Control Offer, Asset Sale Offer (to be defined consistent with the Senior Secured Exchange Note Documentation) or tender offer made pursuant to the immediately preceding sentence, the Issuer or the third party making such Change of Control Offer, Asset Sale Offer or tender offer shall have the option to redeem all Senior Secured Exchange Notes that remain outstanding following such purchase at a price in cash equal to 101% or 100%, as applicable, of the outstanding principal amount thereof plus accrued and unpaid interest, if any, to but excluding the date of such redemption.

 

 B-II-5 

 

 

Optional Redemption:   Except as set forth in the next four succeeding paragraphs, the Senior Secured Exchange Notes will be non-callable prior to the third anniversary of the Closing Date. Thereafter, each such Senior Secured Exchange Note may be redeemed, in whole or in part, at the option of the Issuer at a price equal to 100% of the aggregate principal amount redeemed plus accrued and unpaid interest, if any, plus a premium equal to one-half of the coupon on such Senior Secured Exchange Notes, with such premium declining ratably to zero on the date that is three years prior to the maturity date of such Senior Secured Exchange Notes.
     
    Prior to the third anniversary of the Closing Date, the Issuer may redeem such Senior Secured Exchange Notes at a make-whole price based on the yield on U.S. Treasury notes with a maturity closest to the third anniversary of the Closing Date plus 50 basis points.
     
    Prior to the third anniversary of the Closing Date, the Issuer may redeem up to 40% of such Senior Secured Exchange Notes with an amount equal to proceeds from any equity offering at a price equal to par plus the coupon on such Senior Secured Exchange Notes; provided, however, that Senior Secured Exchange Notes in a principal amount equal to at least 50% of the aggregate principal amount of such Senior Secured Exchange Notes originally issued remain outstanding after such redemption unless all such Senior Secured Exchange Notes are redeemed substantially concurrently.
     
    In addition, prior to the third anniversary of the Closing Date, the Issuer will be entitled to redeem up to 10.0% of the original aggregate principal amount of the Secured Exchange Notes at a redemption price equal to 103.0% of the aggregate principal amount thereof, plus accrued interest thereon, if any, to but excluding the redemption date.
     
    Any Senior Secured Exchange Notes owned by any of the Committed Lenders or any affiliate thereof (other than asset management affiliates purchasing the Senior Secured Exchange Notes in the ordinary course of their business as part of a regular distribution of the Senior Secured Exchange Notes, and excluding Senior Secured Exchange Notes acquired pursuant to bona fide open market purchases from third parties or market making activities) (that have not been resold by it at the time of notice of repurchase or redemption) may be repurchased or redeemed in whole or in part at the option of the Issuer at a price equal to 100% of the aggregate principal amount of Senior Secured Exchange Notes to be repurchased or redeemed plus accrued and unpaid interest, if any.

 

 B-II-6 

 

 

    In addition, at the option of the Issuer, an “AHYDO Saver” provision will be included.
     
    The optional redemption provisions will be otherwise consistent with the standard set forth under the heading “Documentation” above.
     
Defeasance and Discharge Provisions:   Consistent with the standard set forth under the heading “Documentation” above.

 

Modification:  Consistent with the standard set forth under the heading “Documentation” above.
    
Registration Rights:  None. The Senior Secured Exchange Notes will be “Rule 144A for life”.
    
    
Right to Transfer Exchange Notes:  The holders of the Senior Secured Exchange Notes shall have the absolute and unconditional right to transfer such notes in compliance with applicable law to any third parties.

 

 B-II-7 

 

 

Covenants:

 Consistent with the standard set forth under the heading “Documentation” above, and in no event more restrictive than the corresponding covenants in the Cash Flow Facilities Documentation or (if applicable) the Bridge Loan Documentation. Notwithstanding the foregoing, (w) the definition of “Permitted Liens” in the Precedent Indenture shall be modified to permit (i) liens securing the Existing Cash Flow Credit Agreement (including Incremental Commitments (as defined in the Existing Cash Flow Credit Agreement)), the Existing ABL Credit Agreement (including Incremental Facilities (as defined in the Existing ABL Credit Agreement) and the Incremental ABL Facility), the Senior Secured Term Loans, the Secured Notes and the Securities, (ii) liens securing debt incurred pursuant to the RP Debt Basket (as defined below), (iii) liens securing debt incurred pursuant to clause (x)(iii) below, (iv) liens securing contribution indebtedness and (v) liens on Collateral, if such liens rank junior to the liens on such Collateral in relation to the liens securing the Senior Secured Exchange Notes and the guarantees, as applicable, (x) Section 407 of the Precedent Indenture shall be modified so that indebtedness can be incurred (i) in respect of the Existing Cash Flow Credit Agreement (including Incremental Commitments (as defined in the Existing Cash Flow Credit Agreement)), the Existing ABL Credit Agreement (including Incremental Facilities (as defined in the Existing ABL Credit Agreement) and the Incremental ABL Facility), the Existing Indenture, the Senior Secured Term Loans, the Secured Notes and the Securities, (ii) in an amount that is twice the amount of restricted payments that the Issuer and its restricted subsidiaries would have been able to make on the date of such incurrence under specified restricted payment baskets, including, without limitation, the consolidated net income builder basket and the Retained Asset Sale Proceeds basket (the “RP Debt Basket”), (iii) in the case of indebtedness secured on a pari passu basis with the Senior Secured Exchange Notes, in an aggregate principal amount not to exceed the sum of (a) either (x) after giving effect to the incurrence of such amount, the Consolidated Secured Leverage Ratio is equal to or less than 4.75:1.00 or (y) the pro forma Consolidated Secured Leverage Ratio after giving effect to such incurrence does not exceed the Consolidated Secured Leverage Ratio in effect prior to such transactions (the amount available under this clause (a), the “Ratio Incremental Debt Basket”) and (b) the greater of (x) $760.0 million and (y) an amount equal to pro forma EBITDA for the four most recently ended fiscal quarters for which financial statements of the Issuer are available (the amount available under this clause (b), the “Cash Capped Incremental Debt Basket”); provided that (x) at the Issuer’s option, capacity under the Ratio Incremental Debt Basket shall be deemed to be used before capacity under the Cash Capped Incremental Debt Basket and (y) indebtedness may be incurred under the Ratio Incremental Debt Basket, the Cash Capped Incremental Debt Basket, the Revolving Commitments (as defined in the Existing Cash Flow Credit Agreement), the Existing ABL Credit Agreement (including Incremental Facilities (as defined in the Existing ABL Credit Agreement) and the Incremental ABL Facility), any other revolving credit facility and/or any other applicable basket that is not based on a Consolidated Secured Leverage Ratio incurrence test, and proceeds from any such incurrence may be utilized in a single transaction or series of related transactions by first calculating the amount available to be incurred under the Ratio Incremental Debt Basket by disregarding any concurrent utilization of the Cash Capped Incremental Debt Basket, the Revolving Commitments (as defined in the Existing Cash Flow Credit Agreement), the Existing ABL Credit Agreement (including Incremental Facilities (as defined in the Existing ABL Credit Agreement) and the Incremental ABL Facility), any other revolving credit facility and/or any other applicable basket that is not based on a Consolidated Secured Leverage Ratio incurrence test (provided that any portion of any indebtedness incurred under the Cash Capped Incremental Debt Basket may be reclassified, as the Issuer may elect from time to time, as having been incurred under the Ratio Incremental Debt Basket if the Issuer meets the ratio under the Ratio Incremental Debt Basket at such time on a pro forma basis) and (iv) in the case of other indebtedness, either (x) after giving effect to the incurrence of such amount, the Consolidated Total Leverage Ratio (to be defined in a manner consistent with the standard set forth under the heading “Documentation” above, the “Consolidated Total Leverage Ratio”) is equal to or less than 6.30:1.00, (y) the pro forma Consolidated Total Leverage Ratio after giving effect to such incurrence does not exceed the Consolidated Total Leverage Ratio in effect prior to such transactions or (z) after giving effect to the incurrence of such amount, either (1) the Consolidated Coverage Ratio (to be defined in a manner consistent with the standard set forth under the heading “Documentation” above, the “Consolidated Coverage Ratio”) is greater than or equal to 1.75:1.00 or (2) the pro forma Consolidated Coverage Ratio after giving effect to such incurrence is not less than the Consolidated Coverage Ratio in effect prior to such transactions (provided that this exception shall not be subject to any cap on the amount of indebtedness that can be incurred by restricted subsidiaries that are not Subsidiary Guarantors or Escrow Subsidiaries (each to be defined in a manner consistent with the standard set forth under the heading “Documentation” above)), (y) Section 409(b) of the Precedent Indenture shall be modified so that restricted payments may be made (i) with Retained Asset Sale Proceeds, (ii) in an unlimited amount of restricted payments subject to pro forma compliance with a maximum Consolidated Total Leverage Ratio of, (x) in the case of restricted payments in respect of equity interests, 5.25:1.00, (y) in the case of investments, either (1) 5.50:1.00 or (2) the Consolidated Total Leverage Ratio in effect prior to such investment and (z) in the case of prepayments of contractually subordinated debt, 5.50:1.00, (iii) following a qualified IPO in an amount in any fiscal year of the sum of (x) 7.0% of the aggregate proceeds received by the Issuer, directly or indirectly, in or from such qualified IPO and (y) 7.0% of the market capitalization, (iv) in respect of Parent Expenses (to be defined in a manner no less favorable to the Sponsor, the Issuer and its subsidiaries than the definition of such term in the Precedent Indenture and in a manner that treats any partnership or other entity through which the Investors, directly or indirectly, hold their equity interests in TopCo as if it were a “Parent Entity”), (v) in connection with the Transactions (including payments in connection with the Acquisition) and (vi) in respect of debt incurred under the Facilities to finance the Transactions and payments relating thereto, as applicable, on or after the Closing Date and (z) Section 409(a)(3)(A) of the Senior Secured Exchange Note Documentation shall include a starter dollar basket equal to the amount as of the Closing Date that would be available to the Issuer to make restricted payments pursuant to Section 409(a)(3) of the Precedent Indenture.

 

 B-II-8 

 

 

Events of Default:  Consistent with the standard set forth under the heading “Documentation” above, and in no event more restrictive than the corresponding default provisions of the Cash Flow Facilities Documentation or (if applicable) the Bridge Loan Documentation. Notwithstanding the foregoing, (x) Section 601 of the Precedent Indenture shall be modified to provide that a notice of default may not be given with respect to any action taken, and reported publicly or to holders, more than two years prior to such notice of default and (y) Section 602 of the Precedent Indenture shall be modified to provide that any time period in the Senior Secured Exchange Note Documentation to cure any actual or alleged default or event of default may be extended or stayed by a court of competent jurisdiction to the extent such actual or alleged default or event of default is the subject of litigation.
    
Governing Law:  New York. No documentation shall be qualified under the Trust Indenture Act (the “TIA”) and the documentation shall not be subject to the TIA nor will it contain any provision corresponding to or similar to certain provisions of the TIA (including § 316(b) of the TIA) that would otherwise be applicable if the documentation were so qualified.

 

 B-II-9 

 

 

 

 

CONFIDENTIAL EXHIBIT C

 

Project Camelot
Incremental ABL Facility

Summary of Principal Terms and Conditions

 

All capitalized terms used but not defined herein shall have the meanings given to them in the Commitment Letter to which this term sheet is attached, including the other Exhibits thereto.

 

Borrowers:(a) Initially, the Company, as the parent borrower under the Existing ABL Credit Agreement (the “Parent Borrower”), (b) at the Parent Borrower’s option, the Canadian Borrowers under and as defined in the Existing ABL Credit Agreement and (c) at the Parent Borrower’s option, the U.S. Subsidiary Borrowers under and as defined in the Existing ABL Credit Agreement (each, including the Parent Borrower, a “U.S. Borrower” and collectively, the “U.S. Borrowers”; together with the Canadian Borrowers, the “Borrowers”).
  
Transactions:As set forth in Exhibit A to the Commitment Letter.
  
Lenders:A syndicate of financial institutions reasonably acceptable to the Parent Borrower (together with the Committed Lenders, the “Lenders”).
  
Lead Incremental ABL
Facility Arrangers
:
UBSS, DBSI, Barclays, BNPPSC, RBCCM, SG, GS, Natixis, Jefferies and U.S. Bank will act as joint lead arrangers and joint bookrunners for the Incremental ABL Facility (in such capacity, the “Lead Incremental ABL Facility Arrangers”), and will perform the duties customarily associated with such roles.
  
Incremental ABL Facility:An incremental senior secured asset-based revolving credit facility in an aggregate principal amount of $239.0 million (the “Incremental ABL Facility”; the loans thereunder, the “Incremental ABL Loans”; the commitments thereunder, the “Incremental ABL Commitments”), of which up to $20.0 million will be available in the form of Letters of Credit (as defined in the Existing ABL Credit Agreement) pursuant to arrangements described below under the heading “Letters of Credit”, to be documented as Supplemental Commitments under and as defined in the Existing ABL Credit Agreement to be added to the U.S. Facility Commitments (as defined in the Existing ABL Credit Agreement) and the Canadian Facility Commitments (as defined in the Existing ABL Credit Agreement) on a pro rata basis. The obligations of the U.S. Borrowers in respect of the Incremental ABL Facility will be the joint and several obligations of each of the U.S. Borrowers. The obligations of the Canadian Borrowers in respect of the Incremental ABL Facility will be the joint and several obligations of each of the Canadian Borrowers.

 

C-1

 

 

 The Incremental ABL Facility shall be available to the Borrowers and shall be available to be drawn in U.S. dollars or any Designated Foreign Currency (as defined in the Existing ABL Credit Agreement).
  
Incremental Facilities:As per the Existing ABL Credit Agreement, as modified by the ABL Amendments.
  
Swingline Facility:As per the Existing ABL Credit Agreement.
  
Purpose:The Incremental ABL Loans may be incurred and Letters of Credit may be issued on or after the Closing Date and the proceeds thereof may be used to finance Transaction Costs or for working capital, capital expenditures, general corporate purposes and any other purpose not prohibited by the Existing ABL Credit Agreement.
  
Availability:As per the Existing ABL Credit Agreement.
  
Borrowing Base:As per the Existing ABL Credit Agreement.
  
Interest Rates and Fees:As set forth in Annex I to this Term Sheet.
  
Default Rate:As per the Existing ABL Credit Agreement.
  
Letters of Credit:As per the Existing ABL Credit Agreement, as modified by the ABL Amendments; subject to an increase in the U.S. Facility L/C Commitments (as defined in the Existing ABL Credit Agreement) and the Canadian Facility L/C Commitments (as defined in the Existing ABL Credit Agreement) on a pro rata basis of UBS AG, DBNY, Barclays, Royal Bank, SG, GS, Natixis, Jefferies and U.S. Bank and any other U.S. Facility Issuing Lenders (as defined in the Existing ABL Credit Agreement) or Canadian Facility Issuing Lenders (as defined in the Existing ABL Credit Agreement), as applicable, who agree to any such increase by up to $20.0 million in the aggregate as contemplated under the heading “Incremental ABL Facility” above (the “Incremental Letters of Credit”); provided that, unless otherwise agreed by the applicable Lender, each Committed Lender’s (or its applicable affiliate’s) Incremental Letter of Credit commitment will not be greater than its proportionate share of the commitments under the Incremental ABL Facility on the Closing Date.

 

C-2

 

 

Final Maturity:The Incremental ABL Facility will mature, and the Incremental ABL Commitments will terminate, on the date that is five years after the Closing Date; provided that individual Lenders shall have the right to agree to extend the maturity of their Incremental ABL Commitments upon the request of the Borrower Representative (as defined in the Existing ABL Credit Agreement) and without the consent of any other Lender (as set forth in the Existing ABL Credit Agreement). The Committed Lenders agree to amend the Existing ABL Credit Agreement to extend the Termination Date (as defined in the Existing ABL Credit Agreement) with respect to their Commitments under and as defined in the Existing ABL Credit Agreement to also be the date that is five years after the Closing Date (the “ABL Maturity Amendment”).
  
Guarantees:As per the Existing ABL Credit Agreement and ratably with the existing facilities under the Existing ABL Credit Agreement.
  
Security:As per the Existing ABL Credit Agreement and ratably with the existing facilities under the Existing ABL Credit Agreement.
  
Cash Dominion:As per the Existing ABL Credit Agreement.
  
Mandatory Prepayments: As per the Existing ABL Credit Agreement.
  
Voluntary Prepayments and Reductions in Commitments:As per the Existing ABL Credit Agreement.

 

C-3

 

 

Documentation:The definitive documentation for the Incremental ABL Facility (the “Incremental ABL Facility Documentation”) will be negotiated in good faith to reflect the terms set forth in this Commitment Letter, and in any event will contain only those conditions to borrowing, prepayments, representations and warranties, covenants and events of default expressly set forth in this Term Sheet. Notwithstanding the foregoing, the only conditions to the availability of the Incremental ABL Facility on the Closing Date shall be the applicable conditions set forth in the second sentence of the Funding Conditions Provision and in Exhibit D to this Commitment Letter.
  
 The Incremental ABL Facility Documentation will include (x) the ABL Maturity Amendment and (y) the following amendments to the Existing ABL Credit Agreement (collectively, the “ABL Amendments”):
  
 (i) The definition of “Available Incremental Amount” shall be modified to permit the Incremental ABL Facility to (1) delete the proviso thereto and (2) amend clause (b) thereof to be set at the greater of (x) the sum of (i) $850.0 million plus (ii) the greater of (A) $760.0 million and (B) an amount equal to pro forma EBITDA for the four most recently ended fiscal quarters for which financial statements of the Parent Borrower are available and (y) the Borrowing Base (as defined in the Existing ABL Credit Agreement).
  
 (ii) The definition of “Letter of Credit Sublimit” shall be modified to permit the Incremental Letters of Credit.
  
Representations and Warranties:As per the Existing ABL Credit Agreement, it being understood that the failure of any representation or warranty (other than the Specified Representations or the Company Representations, subject to the Funding Conditions Provision) to be true and correct on the Closing Date shall not constitute the failure of a condition precedent to funding or a default under the Incremental ABL Facility.
  
Conditions Precedent toAny initial extension of credit under the Incremental ABL Facility on the Closing Date will be subject solely

 

C-4

 

 

Initial Extensions of Credit:to (a) the applicable conditions set forth in the second sentence of the Funding Conditions Provision and in Exhibit D to the Commitment Letter and (b) the condition that the Specified Representations and, to the extent required by the Funding Conditions Provision, the Company Representations, shall be true and correct in all material respects on and as of the Closing Date (although any Specified Representation or Company Representation which expressly relates to a given date or period shall be required only to be true and correct in all material respects as of the respective date or for the respective period, as the case may be). To the extent that any representations and warranties made on, or as of, the Closing Date (or a date prior thereto) in the joinder documentation pursuant to which the Incremental ABL Facility is established are qualified by or subject to “material adverse effect”, the definition thereof shall be “Material Adverse Effect” as defined in the Acquisition Agreement, for purposes of such representations and warranties.
  
Conditions Precedent to All Subsequent Extensions of Credit:As per the Existing ABL Credit Agreement.
  
Affirmative Covenants:As per the Existing ABL Credit Agreement.
  
Negative Covenants:As per the Existing ABL Credit Agreement.
  
Financial Covenant:As per the Existing ABL Credit Agreement.
  
Events of Default:As per the Existing ABL Credit Agreement.
  
Voting:As per the Existing ABL Credit Agreement.
  
Cost and Yield Protection: As per the Existing ABL Credit Agreement.
  
Assignments and Participations:As per the Existing ABL Credit Agreement.
  
Successor Administrative Agent:As per the Existing ABL Credit Agreement.

 

C-5

 

 

Expenses and Indemnification:As per the Existing ABL Credit Agreement; provided that, for the avoidance of doubt, the reimbursement of the reasonable fees, disbursements and other charges of counsel in connection with the preparation, execution, delivery and syndication of the Incremental ABL Facility shall be limited to the fees, disbursements and charges of counsel to the Lead Left Incremental ABL Facility Arranger identified herein (and, for the avoidance of doubt, not of counsel to any other Committed Lender or Lead Incremental ABL Facility Arranger individually).
  
Governing Law and Forum:As per the Existing ABL Credit Agreement.
  
Counsel to the Lead Left Incremental ABL Facility Arranger:Cahill Gordon & Reindel LLP.

 

C-6

 

 

CONFIDENTIAL ANNEX I to
EXHIBIT C

 

Interest Rates: The per annum interest rates under the Incremental ABL Facility will be as per the Existing ABL Credit Agreement; provided that the Existing ABL Credit Agreement will be amended in accordance with the benchmark replacement provisions set forth therein to replace the LIBOR Rate (as defined in the Existing ABL Credit Agreement) with “Term SOFR”, and with “Term SOFR” to be defined in a manner consistent with “Daily Simple SOFR Rate” and “Term SOFR Rate” in the Term SOFR Precedent (as defined in Exhibit B to the Commitment Letter).
   
Letter of Credit Fees: As per the Existing ABL Credit Agreement.
   
Commitment Fees: As per the Existing ABL Credit Agreement.

 

C-I-1

 

 

CONFIDENTIAL EXHIBIT D

 

Project Camelot
Summary of Additional Conditions

 

All capitalized terms used but not defined herein shall have the meaning given to them in the Commitment Letter to which this Summary of Additional Conditions is attached, including the other Exhibits thereto.

 

Except as otherwise set forth below, the initial borrowing under each of the Facilities shall be subject to the satisfaction (or (i) in the case of each of paragraphs (1), (2), (3), (5), (6), (7), (9), (10) and (11), waiver by the Lead Arrangers holding at least a majority of the commitments under the Bridge Facility with respect to the Bridge Facility and/or the Lead Arrangers holding at least a majority of the commitments under the Incremental ABL Facility with respect to the Incremental ABL Facility or (ii) in the case of each of paragraphs (4) and (8), waiver by the Lead Arrangers) of the following additional conditions:

 

1.             The Company Shares Acquisition shall have been or, substantially concurrently with the initial borrowing under the Facilities shall be, consummated in all material respects in accordance with the terms of the Company Acquisition Agreement, without giving effect to any modifications, amendments, express waivers or express consents thereunder by Holdings that are materially adverse to the Lenders (in their capacities as such) without the consent of the Lead Arrangers holding at least a majority of the commitments under the Bridge Facility with respect to the Bridge Facility and/or the Lead Arrangers holding at least a majority of the commitments under the Incremental ABL Facility with respect to the Incremental ABL Facility (such consent not to be unreasonably withheld, conditioned or delayed and provided that the Lead Arrangers shall be deemed to have consented to such modification, amendment, waiver or consent unless they shall object thereto within two business days after receipt of written notice of such modification, amendment, waiver or consent), it being understood and agreed that (i) any change in the purchase price shall not be deemed to be materially adverse to the Lenders but (x) any resulting reduction in cash uses shall be allocated (a) first, to a reduction of the Equity Contribution to the level set forth in paragraph (a) in the Transaction Description, and (b) second, (I) 80.0% to a reduction in the Holdco PIK Bridge Facility and/or the Holdco PIK Notes that are issued on or prior to the Closing Date, which reduction in the Holdco PIK Bridge Facility and/or the Holdco PIK Notes shall not result in the Holdco PIK Bridge Facility and the Holdco PIK Notes in the aggregate of less $200.0 million, unless the Holdco PIK Bridge Facility and the Holdco PIK Notes are reduced to $0, then followed by a reduction in the Bridge Facility and/or the Secured Notes that are issued on or prior to the Closing Date, which reduction in the Bridge Facility and/or the Secured Notes shall not result in a Bridge Facility and the Secured Notes in the aggregate of less than $200.0 million, unless the Bridge Facility and the Secured Notes are reduced to $0, and then followed by a reduction of the outstanding Term Loans (as defined in the Existing Cash Flow Credit Agreement) and (II) 20.0% to a reduction in the Equity Contribution and (y) any increase in purchase price (excluding, for the avoidance of doubt, any purchase price adjustments in accordance with the terms of the Company Acquisition Agreement, with respect to which there shall be no limitation on source of funding) shall be funded (at AcquisitionCo’s option) with (1) cash on hand, (2) the proceeds of an equity contribution, (3) the proceeds of borrowings under the Revolving Commitments (as defined in the Existing Cash Flow Credit Agreement) and/or the Commitments (as defined in the Existing ABL Credit Agreement) and/or (4) the proceeds of Incremental ABL Loans and (ii) any modification, amendment, express waiver or express consent to the definition of “Material Adverse Effect” in the Company Acquisition Agreement shall be deemed to be materially adverse to the Lenders (in their capacities as such); provided that the Lead Arrangers shall be deemed to have consented to such modification, amendment, express waiver or express consent unless they shall object thereto within two business days after receipt of written notice of such modification, amendment, express waiver or express consent.

 

D-1

 

 

2.             The Equity Contribution shall have been or, substantially concurrently with the initial borrowing under the Facilities shall be, consummated.

 

3.[Reserved].

 

4.             All fees related to the Transactions payable to the Lead Arrangers, the Bridge Administrative Agent or the Lenders under the Commitment Letter and the Fee Letter shall have been paid to the extent due.

 

5.             The Lead Arrangers shall have received (a) audited consolidated balance sheets and related statements of income or operations, stockholders’ equity and cash flows of the Company for the two most recently completed fiscal years ended at least 90 days prior to the Closing Date and (b) unaudited consolidated balance sheets and related statements of income or operations and cash flows of the Company for any subsequent fiscal quarter and the portion of the fiscal year through the end of such quarter (other than, in each case, the fourth fiscal quarter of any fiscal year) ended at least 45 days prior to the Closing Date. The Lead Arrangers hereby acknowledge receipt of the financial statements referred to in the foregoing clause (a) for the fiscal years ended December 31, 2020 and December 31, 2021.

 

6.             The Lead Arrangers shall have received a certificate of the chief financial officer or treasurer (or other comparable officer) of the Company substantially in the form of Exhibit H to the Existing Cash Flow Credit Agreement certifying the solvency, after giving effect to the Transactions on the Closing Date (including, if applicable, the Fund VIII Shares Acquisition), of the Borrower and its subsidiaries on a consolidated basis.

 

D-2

 

 

7.             With respect to the Bridge Facility, (a) one or more investment banks reasonably satisfactory to the Lead Arrangers (collectively, the “Investment Banks”) shall have been engaged to privately place the Secured Notes (it being understood and agreed that the investment banks engaged on the date hereof are satisfactory to the Lead Arrangers) and (b) the Lead Arrangers and the Investment Banks each shall have received as promptly as practicable but, in any event, no later than 15 consecutive business days prior to the Closing Date (or such shorter period ending upon the issuance of the Secured Notes or otherwise reasonably acceptable to the Lead Arrangers) (provided that (i) if such 15 consecutive business day period shall not have ended on or prior to August 19, 2022, then such 15 consecutive business day period shall not commence prior to September 6, 2022 and (ii) November 25, 2022 shall not constitute a business day for purposes of calculating such 15 consecutive business day period) (such period, the “Marketing Period”), a preliminary offering memorandum which shall be in customary complete form suitable for use in a customary “high yield road show” relating to the offering of the Secured Notes (except for portions thereof and information that would customarily be provided by the Investment Banks, and parts for which (including the description of notes) the Investment Bank’s or its advisors’ cooperation or approval is required for them to be complete), which preliminary offering memorandum shall contain information regarding the Company and its subsidiaries of the type and form customarily included in private placements by affiliates of the Sponsor under Rule 144A under the Securities Act for non-convertible debt securities, and financial statements, pro forma financial statements, business and other financial data of the Company and its subsidiaries of the type required in a registered offering by Regulation S-X and Regulation S-K under the Securities Act (other than Rules 3-05, 3-09, 3-10 and 3-16 of Regulation S-X, Compensation Discussion and Analysis or other information required by Regulation S-K Items 402 and 601, segment reporting and disclosure, including, without limitation, any required by Regulation S-K Item 101(b) and FASB Accounting Standards Codification Topic 280, any financial information with respect to the Company and its subsidiaries on a non-consolidated basis and subject to other exceptions that are customary for private placements pursuant to Rule 144A promulgated under the Securities Act by affiliates of the Sponsor) or that would be necessary for the Investment Banks to receive customary (for offerings of high yield debt securities by affiliates of the Sponsor) “comfort” (including “negative assurance” comfort) from independent accountants of the Company in connection with the offering of the Secured Notes and, in the case of the annual financial statements, the auditors’ reports thereon (it being understood that such “comfort” letters may contain disclosures as to the omission of the items specified above and other customary items). Notwithstanding anything in this paragraph 7 to the contrary, the only financial statements that shall be required to be included in the preliminary offering memorandum shall be (I) those required to be delivered pursuant to paragraph 5 of this Summary of Additional Conditions and (II) to the extent customary for transactions of this type, pro forma financial statements (which need not be prepared in compliance with Regulation S-X of the Securities Act or include adjustments for purchase accounting to the extent not customary in private placements pursuant to Rule 144A promulgated under the Securities Act) relating to (i) the most recently completed fiscal year of the Company ended at least 90 days before the Closing Date and (ii) any subsequent interim period of the Company ended at least 45 days before the Closing Date, in each case, for which accompanying financial statements are required to be delivered pursuant to paragraph 5 of this Summary of Additional Conditions.

 

D-3

 

 

8.             The Lead Arrangers shall have received, at least three Business Days (as defined in the Company Acquisition Agreement) prior to the Closing Date, all documentation and other information as is reasonably requested in writing by the Bridge Administrative Agent or the Lead Left Incremental ABL Facility Arranger, at least ten Business Days (as defined in the Company Acquisition Agreement) prior to the Closing Date, about the Borrower and the Guarantors mutually agreed to be required by applicable regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including, without limitation, the PATRIOT Act and the CDD Rule.

 

9.             Solely with respect to the Bridge Facility, subject in all respects to the Funding Conditions Provision, (a) the Guarantees with respect to the Bridge Facility shall have been executed by the Guarantors and be in full force and effect or substantially simultaneously with the initial borrowing under the Bridge Facility, shall be executed and become in full force and effect and (b) all documents and instruments required to perfect the Bridge Administrative Agent’s security interest in the Collateral with respect to the Bridge Facility shall have been executed and delivered by the Borrower and the Guarantors or substantially simultaneously with the initial borrowings under the Bridge Facility shall be executed and delivered by the Borrower and the Guarantors and, if applicable, be in proper form for filing, and none of the Collateral shall be subject to any other pledges, security interest or mortgages, except for the liens permitted under the Facilities Documentation or to be released on or prior to the Closing Date.

 

10.           The Borrower shall have delivered an Additional Indebtedness Designation and an Additional Indebtedness Joinder (each as defined in the Intercreditor Agreement) with respect to the Bridge Facility, pursuant to which the Bridge Facility shall constitute Additional Indebtedness and Additional Cash Flow Indebtedness under and as defined in the Intercreditor Agreement and the Bridge Administrative Agent shall become party to the Intercreditor Agreement.

 

11.           Substantially concurrently with the initial borrowing under the Bridge Facility, the net cash proceeds of the Holdco PIK Notes and/or the Holdco PIK Bridge Facility shall have been received by TopCo.

 

The information required by condition 7 of this Summary of Additional Conditions above shall be referred to as the “Bridge Facility Required Information”. If at any time you shall in good faith believe that you have provided the Bridge Facility Required Information, you may deliver to the Lead Arrangers and their counsel a written notice (which may be delivered by email) to that effect (stating when you believe you completed such delivery), in which case the requirements in the foregoing condition 7 of this Summary of Additional Conditions will be deemed to have been satisfied as of the date of the applicable notice, unless the Lead Arrangers in good faith reasonably believe that you have not completed the delivery of the Bridge Facility Required Information and, within two business days after the delivery of such notice by you, deliver a written notice to you to that effect (stating with specificity which Bridge Facility Required Information you have not delivered).

 

D-4

 

 

Exhibit (b)(2)

 

EXECUTION VERSION

 

DEUTSCHE BANK AG CAYMAN ISLANDS BRANCH

DEUTSCHE BANK SECURITIES INC.

1 Columbus Circle New York, New York 10019

UBS AG, STAMFORD BRANCH

600 Washington Boulevard

Stamford, Connecticut 06901

UBS SECURITIES LLC

1285 Avenue of the Americas New York, New York 10019

BARCLAYS

745 Seventh Avenue New York, New York 10019

 
   

BNP PARIBAS

BNP PARIBAS SECURITIES CORP.

787 Seventh Avenue New York, New York 10019

ROYAL BANK OF CANADA

200 Vesey Street

New York, New York 10281

SOCIÉTÉ GÉNÉRALE

245 Park Avenue

New York, New York 10167

   

GOLDMAN SACHS BANK USA

200 West Street New York, NY 10282

 

NATIXIS, NEW YORK BRANCH

1251 Avenue of the Americas New York, NY 10020

 

 

ARAWAK X, L.P.

375 Park Avenue, 18th Floor New York, NY 10152

JEFFERIES FINANCE LLC

520 Madison Avenue New York, New York 10022

 

 

CONFIDENTIAL

 

March 5, 2022

 

Camelot Return Holdings, LLC

c/o Clayton, Dubilier & Rice

375 Park Avenue, 18th Floor

New York, New York 10152

Attention: Michael G. Babiarz

 

Project Camelot Commitment Letter

 

Ladies and Gentlemen:

 

You have advised us that Camelot Return Holdings, LLC, a newly formed Delaware limited liability company (“TopCo” or “you”), Camelot Return Intermediate Holdings, LLC, a newly formed Delaware limited liability company and a wholly-owned subsidiary of TopCo (“Holdings”) and Camelot Return Merger Sub, Inc., a newly formed Delaware corporation and a wholly-owned subsidiary of Holdings (“AcquisitionCo”), each a company formed at the direction of Clayton, Dubilier & Rice, LLC (“CD&R” and, together with its affiliates, the “Sponsor”), intend to acquire (the “Acquisition”), directly or indirectly, all of the issued and outstanding equity interests of the entity previously identified to us by you as “Camelot” (the “Company”) pursuant to the Acquisition Agreements (as defined in Exhibit A hereto). You have further advised Deutsche Bank AG Cayman Islands Branch (“DBCI”), Deutsche Bank Securities Inc. (“DBSI” and, together with DBCI, “DB”), UBS AG, Stamford Branch (“UBS AG”), UBS Securities LLC (“UBSS” and, together with UBS AG, “UBS”), Barclays Bank PLC (“Barclays”), BNP Paribas (“BNP”), BNP Paribas Securities Corp. (“BNPPSC” and, together with BNP, “BNP Paribas”), Royal Bank of Canada (“Royal Bank”), RBC Capital Markets1 (“RBCCM” and, together with Royal Bank, “RBC”), Société Générale (“SG”), Goldman Sachs Bank USA (“GS”), Natixis, New York Branch (“Natixis”), Jefferies Finance LLC (“Jefferies” and, together with DB, UBS, Barclays, BNP Paribas, RBC, SG, GS, Natixis and any Additional Committing Lenders (as defined below), the “Syndicating Committed Lenders”) and Arawak X, L.P. (“Arawak” and, together with the Syndicating Committed Lenders, the “Committed Lenders”, “we” or “us”) that, in connection with the foregoing, you intend to consummate the other Transactions described in the Transaction Description attached hereto as Exhibit A (the “Transaction Description”). Capitalized terms used but not defined herein shall have the meanings assigned to them in the Transaction Description, the Summaries of Principal Terms and Conditions attached hereto as Exhibit B (the “Term Sheet”) and the Summary of Additional Conditions attached hereto as Exhibit C (the “Summary of Additional Conditions”; together with this commitment letter, the Transaction Description and the Term Sheet, collectively, the “Commitment Letter”).

 

 

1RBC Capital Markets is a marketing name for the capital markets activities of Royal Bank of Canada and its affiliates.

 

 

 

 

In addition, you have further advised each of the Committed Lenders that, in connection therewith, it is intended that the financing for the Transactions will include any of (i) up to $725.0 million in aggregate principal amount of senior unsecured PIK notes, subject to increase to fund any original issue discount in the issue price of such notes (the “Holdco PIK Notes”) in a Rule 144A private placement, (ii) if all or any portion of the Holdco PIK Notes are not issued on or prior to the Closing Date (as defined below), up to $725.0 million (less the amount of cash proceeds received from the issuance of Holdco PIK Notes on or prior to the Closing Date, and plus, at TopCo’s option pursuant to the terms of the Term Sheet, the amount of any Holdco PIK Bridge Loan OID Increase (as defined in Exhibit B hereto)) of senior unsecured increasing rate PIK bridge loans (the “Holdco PIK Bridge Loans”) under the senior unsecured PIK credit facility (the “Holdco PIK Bridge Facility”) described in the Term Sheet or (iii) a combination of Holdco PIK Notes and Holdco PIK Bridge Loans. As used herein, the term “Closing Date” shall mean the date on which the Company Shares Acquisition closes with the proceeds of, among other things, the Holdco PIK Bridge Loans and/or Holdco PIK Notes issued in a Rule 144A private placement arranged by the Investment Banks (as defined in Exhibit C hereto).

 

2 

 

 

You have further advised each of the Committed Lenders that, in connection therewith, it is intended that the financing for the Transactions may, at AcquisitionCo’s option, also include (x) any of (i) up to $950.0 million in aggregate principal amount of senior secured notes, subject to increase to fund any original issue discount in the issue price of such notes (the “Opco Secured Notes”) in a Rule 144A private placement, as described in the AcquisitionCo Commitment Letter, (ii) if all or any portion of the Opco Secured Notes are not issued on or prior to the Closing Date, up to $950.0 million (less the amount of cash proceeds received from the issuance of Opco Secured Notes on or prior to the Closing Date, and plus, at AcquisitionCo’s option pursuant to the terms of the AcquisitionCo Commitment Letter, the amount of any Bridge Loan OID Increase (as defined in the AcquisitionCo Commitment Letter)) of senior secured increasing rate bridge loans (the “Opco Bridge Loans”) under the senior secured credit facility (the “Opco Bridge Facility”) described in the AcquisitionCo Commitment Letter or (iii) a combination of Opco Secured Notes and Opco Bridge Loans and (y) the incremental senior secured asset-based revolving credit facility described in the AcquisitionCo Commitment Letter, in an aggregate principal amount of up to $239.0 million (the “Incremental ABL Facility”). For all purposes hereunder, (i) the term “Existing Cash Flow Credit Agreement” shall mean that certain Cash Flow Credit Agreement, dated as of April 12, 2018 (as amended, supplemented, waived or otherwise modified from time to time), among the Company, as borrower, the several banks and other financial institutions from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent (in such capacities, the “Cash Flow Agent”), (ii) the term “Existing ABL Credit Agreement” shall mean that certain ABL Credit Agreement, dated as of April 12, 2018 (as amended, supplemented, waived or otherwise modified from time to time), among the Company, as parent borrower, the U.S. subsidiary borrowers from time to time party thereto, the Canadian borrowers from time to time party thereto, the several banks and other financial institutions from time to time party thereto and UBS AG, Stamford Branch, as administrative agent and collateral agent (in such capacities, the “ABL Agent”), (iii) the term “Existing Indenture” shall mean that certain Indenture, dated as of April 12, 2018 (as amended, supplemented, waived or otherwise modified from time to time), among the Company, as issuer, the subsidiary guarantors from time to time party thereto and Wilmington Trust, National Association, as trustee, and (iv) the term “AcquisitionCo Commitment Letter” shall mean that certain Commitment Letter, dated as of March 5, 2022 (as amended, supplemented, waived or otherwise modified from time to time), among AcquisitionCo and DB, Deutsche Bank AG New York Branch, UBS, Barclays, BNP Paribas, RBC, SG, GS, Natixis, Jefferies, Apollo Global Funding, LLC, Apollo Capital Management, L.P., Blackstone Alternative Credit Advisors LP and U.S. Bank National Association.

 

In connection with the foregoing, each of DBCI, UBS AG, Barclays, BNP, Royal Bank, SG, GS, Natixis, Jefferies and Arawak is pleased to advise you of its several, but not joint, commitment to provide 17%, 17%, 10%, 10%, 10%, 10%, 5%, 5%, 4.1% and 11.9%, respectively, of the Holdco PIK Bridge Facility (including, without limitation, any Holdco PIK Bridge Loan OID Increase), subject only to the conditions set forth in the second sentence of the Funding Conditions Provision (as defined below), in the Summary of Additional Conditions and under the heading “Conditions to Bridge Loans” in the Term Sheet.

 

3 

 

 

It is agreed that each of DBSI, UBSS, Barclays, BNPPSC, RBCCM, SG, GS, Natixis and Jefferies will act as joint lead arrangers and joint bookrunners for the Holdco PIK Bridge Facility (in such capacity, the “Lead Bridge Arrangers” or the “Lead Arrangers”); provided, however, that (x) DBSI and UBSS (the “Co-Lead Left Arrangers”) shall have co-“left” placement in any and all marketing materials or other documentation used in connection with the Holdco PIK Bridge Facility and shall hold the leading roles, rights and responsibilities conventionally associated with such co-“left” placement, including maintaining joint possession of “physical books” in respect of the Holdco PIK Bridge Facility, and DBSI shall appear to the “left” and UBSS shall appear immediately to the “right” of DBSI in such materials and other documentation.

 

You may, on or prior to the date that is 20 business days after the date of this Commitment Letter, appoint additional agents, co-agents, lead arrangers, co-“lead left” arrangers, bookrunners, managers or arrangers (any such agent, co-agent, lead arranger, bookrunner, manager or arranger, an “Additional Committing Lender”) or confer other titles in respect of the Holdco PIK Bridge Facility in a manner and with economics determined by you in consultation with the Lead Arrangers party hereto as of the date hereof (it being understood that, to the extent you appoint Additional Committing Lenders or confer other titles in respect of the Holdco PIK Bridge Facility, (x) each such Additional Committing Lender will assume a portion of the commitments of the Holdco PIK Bridge Facility on a pro rata basis (and the commitments of the Committed Lenders party hereto as of the date hereof with respect to such portion will be reduced ratably) and (y) the economics allocated to the Committed Lenders party hereto as of the date hereof in respect of the Holdco PIK Bridge Facility will be reduced ratably by the amount of the economics allocated to such appointed entities upon the execution by such financial institution of customary joinder documentation and, thereafter, each such financial institution shall constitute a “Committed Lender” hereunder and under the Fee Letter (as defined below)); provided that (i) fees will be allocated to each such appointed entity on a pro rata basis in respect of the commitments it is assuming or on such other basis as you and the Lead Arrangers party hereto as of the date hereof may agree and (ii) in no event shall the Lead Arrangers party hereto as of the date hereof be entitled to less than 85.0% of the economics of the Holdco PIK Bridge Facility. No compensation (other than that expressly contemplated by this Commitment Letter and the Fee Letter and other than in connection with any additional appointments referred to above) will be paid to any Lender in connection with the Holdco PIK Bridge Facility unless you and the Co-Lead Left Arrangers in respect of the Holdco PIK Bridge Facility so agree; provided that such additional compensation may not be paid to such Co-Lead Left Arranger or any of its affiliates without the consent of the other Committed Lenders.

 

4 

 

 

The Syndicating Committed Lenders reserve the right, prior to or after the execution of definitive documentation for the Holdco PIK Bridge Facility (which we agree will be initially drafted by your counsel), to syndicate all or a portion of the Syndicating Committed Lenders’ commitments hereunder to a group of financial institutions (together with the Committed Lenders, the “Lenders”) identified by the Syndicating Committed Lenders in consultation with you and reasonably acceptable to them and you (such consent not to be unreasonably withheld), it being understood that the Syndicating Committed Lenders will not syndicate to those persons identified by you or the Sponsor in writing to the Syndicating Committed Lenders (or to their affiliates so designated in writing) on or prior to the date hereof or to any competitors of the Company or its subsidiaries or to any affiliates of such competitors, or to any person whose principal investment strategy is investing in distressed debt or the pursuance of loan-to own strategies that is identified from time to time in writing by the Borrower or the Sponsor to the Holdco PIK Bridge Administrative Agent (as defined in Exhibit B hereto) (such persons, collectively, the “Disqualified Institutions”) (provided that, on or after the Closing Date, the Borrower (as defined in Exhibit B hereto) may designate additional entities with the consent of the Holdco PIK Bridge Administrative Agent (such consent not to be unreasonably withheld, conditioned or delayed)); provided that, notwithstanding each Syndicating Committed Lender’s right to syndicate the Holdco PIK Bridge Facility and receive commitments with respect thereto, it is agreed that any syndication, assignment or receipt of commitments in respect of all or any portion of a Syndicating Committed Lender’s commitments hereunder prior to the initial funding under the Holdco PIK Bridge Facility and/or the placement and issuance of the Holdco PIK Notes issued in a Rule 144A private placement arranged by the Investment Banks shall not be a condition to such Syndicating Committed Lender’s commitments nor reduce such Syndicating Committed Lender’s commitments hereunder with respect to any of the Holdco PIK Bridge Facility (provided, however, that, notwithstanding the foregoing, assignments of a Syndicating Committed Lender’s commitments, which are effective simultaneously with the funding of such commitments by the assignee, shall be permitted) and, unless you otherwise agree in writing, each Syndicating Committed Lender shall retain exclusive control over all rights and obligations with respect to its commitments, including all rights with respect to consents, modifications, waivers and amendments, until the Closing Date has occurred. Without limiting your obligations to assist with syndication efforts as set forth below, it is understood that the Syndicating Committed Lenders’ commitments hereunder are not subject to or conditioned on the syndication of the Holdco PIK Bridge Facility or the placement of the Holdco PIK Notes. The Syndicating Committed Lenders intend to commence syndication efforts promptly upon the execution of this Commitment Letter and as part of their syndication efforts, it is their intent to have Lenders commit to the Holdco PIK Bridge Facility prior to the Closing Date (subject to the limitations set forth in the second preceding sentence). You agree actively to assist the Syndicating Committed Lenders (and to use your commercially reasonable efforts to cause the Sponsor and, to the extent practicable, appropriate and not in contravention of the terms of the Acquisition Agreements, the Company to actively assist the Syndicating Committed Lenders) in completing a timely syndication that is reasonably satisfactory to them and you. Such assistance shall be limited to, until the earlier to occur of (i) a Successful Syndication (as defined in the Fee Letter) and (ii) 60 days after the Closing Date, your using commercially reasonable efforts to (a) ensure that any syndication efforts benefit from the existing lending and investment banking relationships of you, the Sponsor and, to the extent practicable, appropriate and not in contravention of the terms of the Acquisition Agreements, the Company, (b) facilitate direct contact between appropriate members of senior management, representatives and advisors of you and the Sponsor, on the one hand, and the proposed Lenders, on the other hand (and your using commercially reasonable efforts, to the extent practicable, appropriate and not in contravention of the terms of the Acquisition Agreements, to provide contact between senior management, representatives and advisors of the Company, on the one hand, and the proposed Lenders, on the other hand), in all such cases at times mutually agreed upon, (c) assist, and your using commercially reasonable efforts, to the extent practicable, appropriate and not in contravention of the terms of the Acquisition Agreements, to cause the Company to assist, in the preparation of a customary lender presentation for the Holdco PIK Bridge Facility (the “Lender Presentation”) and other customary and reasonably available bridge marketing materials to be used in connection with the syndication (all of which shall be in form substantially similar to lender presentations and bridge marketing materials prepared by companies sponsored by the Sponsor) and your using commercially reasonable efforts to provide such Lender Presentation (other than the portions thereof customarily provided by financing arrangers, and limited, in the case of information relating to the Company and its subsidiaries, to the financial information required to be delivered pursuant to paragraph 5 of the Summary of Additional Conditions, assuming the Closing Date were the last day of the 15 consecutive business day period) to the Syndicating Committed Lenders no less than 15 consecutive business days prior to the Closing Date (or such shorter period ending upon the issuance of the Holdco PIK Notes or otherwise reasonably acceptable to the Lead Arrangers) (provided that (i) if such 15 consecutive business day period shall not have ended on or prior to August 19, 2022, then such 15 consecutive business day period shall not commence prior to September 6, 2022 and (ii) November 25, 2022 shall not constitute a business day for purposes of calculating such 15 consecutive business day period), (d) prior to the launch of syndication, using your commercially reasonable efforts to procure a public corporate credit rating and a public corporate family rating (but in each case, no specific rating) in respect of the Borrower from Standard & Poor’s Ratings Services (“S&P”) and Moody’s Investors Service, Inc. (“Moody’s”), respectively, and procure a public rating (but no specific rating) for the Holdco PIK Notes from each of S&P and Moody’s, (e) host, with the Syndicating Committed Lenders, no more than one meeting or lender call to be mutually agreed upon of prospective Lenders at a time and location to be mutually agreed upon (it being understood that any such meeting may take place via videoconference or web conference) and (f) to the extent practicable, appropriate and not in contravention of the terms of the Acquisition Agreements, ensure that there shall be no competing issues of debt securities or syndicated credit facilities of Topco, Holdings, AcquisitionCo, the Company or any of their respective subsidiaries being offered, placed or arranged (other than (w) the Opco Bridge Loans and the Opco Secured Notes (including any Securities (as defined in the Fee Letter (as defined in the AcquisitionCo Commitment Letter))), (x) the Holdco PIK Notes (including any Holdco PIK Securities (as defined in the Fee Letter)), (y) prior to the Closing Date, any indebtedness permitted to be incurred under the Existing Cash Flow Credit Agreement or the Existing ABL Credit Agreement (other than any Incremental Indebtedness (as defined in the Existing Cash Flow Credit Agreement) (other than any Incremental Revolving Commitments or Supplemental Revolving Commitments (each as defined in the Existing Cash Flow Credit Agreement)), including any in-lieu indebtedness in respect thereof, and any other indebtedness incurred pursuant to a ratio incurrence test under the Existing Cash Flow Credit Agreement (other than the Opco Bridge Facility and the Opco Secured Notes (including any Securities (as defined in the Fee Letter (as defined in the AcquisitionCo Commitment Letter)))) and any replacements, extensions and renewals of existing indebtedness that matures prior to the date that is 60 days following the Expiration Date (as defined below), short-term working capital facilities, capital leases, purchase money indebtedness and equipment financings, in each case, entered into in the ordinary course of business, other indebtedness to be mutually agreed and any other indebtedness of the Company and its subsidiaries permitted to be incurred pursuant to the Acquisition Agreements and (z) following the Closing Date, any indebtedness permitted to be incurred under the Facility Documentation, the Facilities Documentation (as defined in the AcquisitionCo Commitment Letter), the Existing Cash Flow Credit Agreement or the Existing ABL Credit Agreement (in each case, as amended by the Facilities Documentation (as defined in the AcquisitionCo Commitment Letter)) (other than any Incremental Indebtedness (as defined in the Existing Cash Flow Credit Agreement) (other than any Incremental Revolving Commitments or Supplemental Revolving Commitments (each as defined in the Existing Cash Flow Credit Agreement)), including any in-lieu indebtedness in respect thereof, and any other indebtedness incurred pursuant to a ratio incurrence test under the Existing Cash Flow Credit Agreement (other than the Bridge Facility and the Opco Secured Notes (including any Securities (as defined in the Fee Letter (as defined in the AcquisitionCo Commitment Letter)))) if the offering, placement or arrangement of such debt securities or syndicated credit facilities would have, in the reasonable judgment of Lead Arrangers holding at least a majority of the commitments hereunder, a detrimental effect upon the primary syndication of the Holdco PIK Bridge Facility. For the avoidance of doubt, you will not be required to provide any information (x) to the extent that the provision thereof could reasonably be expected to violate any attorney-client privilege, law, rule or regulation or any fiduciary duty or obligation of confidentiality (not created in contemplation hereof) binding upon, or waive any privilege that may be asserted by, you, the Sponsor, the Company or your or their respective affiliates (provided that in the case of any confidentiality obligation binding on you or your affiliates, you shall use commercially reasonable efforts to notify us, to the extent feasible, if any such information that we have specifically identified and requested is being withheld as a result of any such obligation of confidentiality and shall use commercially reasonable efforts to disclose such information in a manner that does not breach such confidentiality obligations or such attorney-client privilege) or (y) that consists of trade secrets, customer-specific data or competitively sensitive information of the Company or its subsidiaries that is not required to be provided pursuant to the Acquisition Agreements. Notwithstanding anything to the contrary contained in this Commitment Letter or the Fee Letter, but without limiting your obligations to assist with syndication efforts as set forth herein, it is understood that none of the foregoing obligations set forth in this paragraph, including, without limitation, the commencement or completion of the syndication of the Holdco PIK Bridge Facility, the placement of the Holdco PIK Notes or the obtaining of ratings or your compliance with your obligations to assist with syndication efforts as set forth herein shall constitute a condition to the availability of the Holdco PIK Bridge Facility on the Closing Date or at any time thereafter.

 

5 

 

 

The Lead Arrangers will, in consultation with you, manage all aspects of any syndication of the Holdco PIK Bridge Facility, including decisions as to the selection of institutions to be approached and when they will be approached, when their commitments will be accepted, which institutions will participate (which institutions shall be reasonably acceptable to you), the allocation of the commitments among the Lenders and the amount and distribution of fees among the Lenders. To assist the Lead Arrangers in their syndication efforts, you agree promptly to provide (and to use commercially reasonable efforts to cause the Sponsor and, to the extent practicable, appropriate and not in contravention of the terms of the Acquisition Agreements, the Company to provide) to the Syndicating Committed Lenders all customary and reasonably available information with respect to you, the Sponsor, the Company and its subsidiaries and the Transactions, including all financial information and projections (such projections, together with any financial estimates, budgets, forecasts and other forward-looking information, the “Projections”), as the Syndicating Committed Lenders may reasonably request in connection with the structuring, arrangement and syndication of the Holdco PIK Bridge Facility. You hereby represent and warrant that (with respect to information relating to the Company and its subsidiaries and their respective businesses to your knowledge), (a) all written information and written data of the Company and its subsidiaries and their respective businesses other than the Projections and information of a general economic or general industry nature (the “Information”) that has been or will be made available to the Syndicating Committed Lenders by or on behalf of you or any of your representatives, taken as a whole, does not or will not, when furnished, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements contained therein not materially misleading in light of the circumstances under which such statements are made (after giving effect to all supplements thereto) and (b) the Projections in the Lender Presentation have been or will be prepared in good faith based upon assumptions that you believe to be reasonable at the time delivered by you based on information provided by you, the Sponsor, the Company and your and their respective representatives; it being understood that the Projections are as to future events and are not to be viewed as facts, the Projections are subject to significant uncertainties and contingencies, many of which are beyond your control, that no assurance can be given that any particular Projections will be realized and that actual results during the period or periods covered by any such Projections may differ significantly from the projected results and such differences may be material and are not a guarantee of performance. You agree that if, at any time prior to the Closing Date and, thereafter, until the earlier to occur of (i) a Successful Syndication and (ii) 60 days after the Closing Date, you become aware that any of the representations in the preceding sentence would be incorrect (to your knowledge with respect to information relating to the Company and its subsidiaries and their respective businesses) in any material respect if the Information and Projections were being furnished, and such representations were being made, at such time, then you will use commercially reasonable efforts to promptly supplement the Information and the Projections so that such representations will be correct (to your knowledge with respect to information relating to the Company and its subsidiaries and their respective businesses) in all material respects under those circumstances, it being understood in each case that such supplementation shall cure any breach of such representations and warranties. In arranging and syndicating the Holdco PIK Bridge Facility, the Syndicating Committed Lenders will be entitled to use and rely primarily on the Information and the Projections without responsibility for independent verification thereof. Notwithstanding anything to the contrary contained in this Commitment Letter or the Fee Letter, none of the making of any representation or warranty under this paragraph, any supplement thereto, or the accuracy of any such representation or warranty shall constitute a condition precedent to the availability and initial funding of the Holdco PIK Bridge Facility on the Closing Date.

 

6 

 

 

Notwithstanding anything herein to the contrary, the only financial statements that shall be required to be provided to the Committed Lenders or the Lead Arrangers in connection with the syndication of the Holdco PIK Bridge Facility shall be those required to be delivered pursuant to paragraph 5 of the Summary of Additional Conditions.

 

You hereby acknowledge that (a) the Syndicating Committed Lenders will make available on a confidential basis Information and Projections to the proposed syndicate of Lenders by posting such Information and Projections on IntraLinks, SyndTrak Online, Debtdomain or similar electronic means to be used in connection with the syndication of each Facility and (b) certain of the Lenders (each, a “Public Lender”) may wish to receive only information and documentation that (i) is publicly available (or could be derived from publicly available information), (ii) is not material with respect to you, the Company or your or its respective subsidiaries or securities for purposes of United States federal and state securities laws or (iii) constitutes information of a type that would be publicly available if you were a public reporting company (in each case, as determined by you in good faith, which determination shall be conclusive) (collectively, the “Public Side Information”). If reasonably requested by the Syndicating Committed Lenders, you will use commercially reasonable efforts to assist the Syndicating Committed Lenders, and will use commercially reasonable efforts, to the extent practicable, appropriate and not in contravention of the terms of the Acquisition Agreements, to cause the Company to assist the Syndicating Committed Lenders, in preparing a customary additional version of the Lender Presentation to be used by Public Lenders. The information to be included in the additional version of the Lender Presentation will contain only Public Side Information. You agree to use commercially reasonable efforts to identify that portion of the Information that may be distributed to the Public Lenders as “PUBLIC”, which, at the minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof. You agree that by your marking such materials “PUBLIC”, you shall be deemed to have authorized the Lead Arrangers (subject to the confidentiality and other provisions of this Commitment Letter) to treat such materials as information that is Public Side Information (it being understood that you shall not be under any obligation to mark any particular portion of the Information as “PUBLIC”). You agree that, subject to the confidentiality and other provisions of this Commitment Letter, the Lead Arrangers on your behalf may distribute the following documents to all prospective lenders in the form provided to you and to your counsel a reasonable time prior to their distribution, unless you or your counsel advise the Lead Arrangers in writing (including by email) within a reasonable time prior to their intended distribution that such material should only be distributed to prospective lenders that are not Public Lenders (each, a “Private Lender”): (a) the Term Sheet; (b) drafts and final definitive documentation with respect to the Holdco PIK Bridge Facility (excluding, if applicable, any specifically identified schedules thereof); (c) administrative materials prepared by the Syndicating Committed Lenders for prospective Lenders (such as a lender meeting invitation, allocations and funding and closing memoranda); and (d) notification of changes in the terms of the Holdco PIK Bridge Facility. If you advise the Syndicating Committed Lenders that any of the foregoing items should be distributed only to Private Lenders, then none of the Lead Arrangers and the Syndicating Committed Lenders will distribute such materials to Public Lenders without your consent.

 

7 

 

 

As consideration for the commitments of the Committed Lenders hereunder and their agreement to perform the services described herein, you agree to pay (or cause to be paid) the fees set forth in the Term Sheet and in the Fee Letter dated as of the date hereof and delivered herewith with respect to the Holdco PIK Bridge Facility (the “Fee Letter”). Once paid, such fees shall not be refundable under any circumstances.

 

The commitments of the Committed Lenders hereunder and their agreement to perform the services described herein and the initial funding under the Holdco PIK Bridge Facility on the Closing Date are subject solely to the conditions set forth in the next sentence of this paragraph, in the Summary of Additional Conditions and under the heading “Conditions to Bridge Loans” in the Term Sheet. In addition to the immediately preceding sentence, the commitments of the Committed Lenders hereunder and the initial funding under the Holdco PIK Bridge Facility on the Closing Date are subject solely to the execution (as applicable) and delivery by the Borrower and the officers thereof of definitive Bridge Loan Documentation (as defined in Exhibit B hereto) (the “Facility Documentation”), customary closing certificates (including customary evidences of authority, charter documents and customary officers’ incumbency certificates) and customary legal opinions with respect to the Holdco PIK Bridge Facility, in each case consistent with this Commitment Letter and the Fee Letter; provided that, notwithstanding anything in this Commitment Letter, the Fee Letter, the Facility Documentation or any other letter agreement or other undertaking concerning the financing of the Transactions to the contrary, (i) the only representations and warranties the making of which shall be a condition to the availability of the Holdco PIK Bridge Facility on the Closing Date shall be (A) the Specified Representations (as defined below) and (B) the representations and warranties relating to the Company and its subsidiaries made by the Company in the Company Acquisition Agreement as are material to the interests of the Lenders (in their capacities as such), but only to the extent that you (and any of your affiliates that is a party to the Company Acquisition Agreement) have the right to terminate your (and their) obligations under the Company Acquisition Agreement pursuant to Section 8.1(e) of the Company Acquisition Agreement (or otherwise decline to consummate the Company Shares Acquisition pursuant to Section 7.2(a) of the Company Acquisition Agreement), in each case, without liability to any of you, the Sponsor or any of your or its affiliates as a result of a breach of such representations and warranties in such agreement (the “Company Representations”) and (ii) the terms of the Facility Documentation shall be in a form such that (a) they do not impair the availability of the Holdco PIK Bridge Facility on the Closing Date if the conditions set forth in this sentence, in the Summary of Additional Conditions and under the heading “Conditions to Bridge Loans” in the Term Sheet are satisfied or waived and (b) without limiting the terms set forth or referred to herein or in the Term Sheet, they do not conflict with, violate or result in a breach or default under the Existing Cash Flow Credit Agreement, the Existing ABL Credit Agreement or the Existing Indenture. For purposes hereof, “Specified Representations” means the representations and warranties made by the Borrower in the Facility Documentation and set forth in the Term Sheet relating to: corporate or other organizational existence; power and authority related to entry into and performance of the Facility Documentation; the due authorization, execution, delivery and enforceability of the Facility Documentation; the incurrence of the loans contemplated herein not violating the constitutional documents of the Borrower; solvency of the Borrower and its subsidiaries on a consolidated basis on the Closing Date after giving effect to the Transactions (solvency to be defined in a manner consistent with the solvency definition set forth in Exhibit H to the Existing Cash Flow Credit Agreement); U.S. Federal Reserve margin regulations; the use of loan proceeds not violating the PATRIOT Act; and the U.S. Investment Company Act. There shall be no conditions (implied or otherwise) to the commitments of the Committed Lenders hereunder, including compliance with the terms of this Commitment Letter, the Fee Letter or the Facility Documentation, other than those expressly stated to be conditions to the initial funding or effectiveness of the commitments under the Holdco PIK Bridge Facility on the Closing Date in the second sentence of this paragraph, in the Summary of Additional Conditions and, as applicable, (solely in the case of the Holdco PIK Bridge Facility) under the heading “Conditions to Holdco PIK Bridge Loans” in the Term Sheet. Without limiting the conditions precedent provided herein to funding the consummation of the Company Shares Acquisition with the proceeds of the Holdco PIK Bridge Facility, the Lead Arrangers will cooperate with you as reasonably requested in coordinating the timing and procedures for the funding of the Holdco PIK Bridge Facility in a manner consistent with the Company Acquisition Agreement. This paragraph is referred to as the “Funding Conditions Provision”.

 

8 

 

 

You agree (a) to indemnify and hold harmless the Holdco PIK Bridge Administrative Agent, the Lead Arrangers, each of the Committed Lenders and their respective affiliates and controlling persons and the respective officers, directors, employees, agents, members and successors of each of the foregoing, but excluding (x) any of the foregoing in its capacity, if applicable, as financial advisor to the Company or any of its direct or indirect equity holders or affiliates in connection with the Transactions (each, a “Sell-Side Advisor”) and any Related Person (as defined below) of such Sell- Side Advisor in such capacity, (y) any of the foregoing in its capacity, if applicable, as a Private Equity Affiliate (as defined below) in connection with the Transactions and any Related Person of such Private Equity Affiliate in such capacity and (z) any Investor (as defined in Exhibit A hereto) in its capacity as such and any Related Person of such Investor in such capacity (each, other than such excluded parties, an “Indemnified Person”) from and against any and all losses, claims, damages, liabilities and expenses, joint or several, of any kind or nature whatsoever to which such Indemnified Person may become subject arising out of or in connection with this Commitment Letter, the Fee Letter, the Transactions, the Holdco PIK Bridge Facility or any related transaction or any claim, litigation, investigation or proceeding, actual or threatened, relating to any of the foregoing (any of the foregoing, a “Proceeding”), regardless of whether such Indemnified Person is a party thereto and whether or not such Proceedings are brought by you, your equity holders, affiliates, creditors or any other person, and to reimburse such Indemnified Person within 30 days after receipt of a written request together with reasonably detailed backup documentation for any reasonable, documented and invoiced out-of-pocket legal expenses of one firm of counsel for all Indemnified Persons and, if necessary, one firm of local counsel in each appropriate jurisdiction, in each case for all Indemnified Persons (and, in the case of an actual or perceived conflict of interest where the Indemnified Person affected by such conflict informs you of such conflict and thereafter, after receipt of your consent (which shall not be unreasonably withheld), retains its own counsel, of another firm of counsel for such affected Indemnified Person) and other reasonable, documented and invoiced out-of-pocket expenses incurred in connection with investigating or defending any of the foregoing; provided that the foregoing indemnity will not, as to any Indemnified Person, apply to losses, claims, damages, liabilities or expenses (i) to the extent they have resulted from the willful misconduct, bad faith or gross negligence of such Indemnified Person or any Related Person of such Indemnified Person (as determined by a court of competent jurisdiction in a final and non-appealable decision), (ii) to the extent arising from a material breach of the obligations of such Indemnified Person or any Related Person of such Indemnified Person under this Commitment Letter or the Facility Documentation (as determined by a court of competent jurisdiction in a final non-appealable decision), (iii) arising out of, or in connection with, any Proceeding that does not arise from an act or omission by you or any of your affiliates and that is brought by an Indemnified Person against any other Indemnified Person other than any Proceeding against the relevant Indemnified Person in its capacity or in fulfilling its role as an agent, arranger or similar role under the Holdco PIK Bridge Facility or (iv) to the extent they have resulted from any agreement governing any settlement that is effected without your prior written consent (which consent shall not be unreasonably withheld) and (b) to reimburse the Committed Lenders from time to time, upon presentation of a summary statement, for all reasonable, documented and invoiced out-of-pocket expenses (including, but not limited to, expenses of the Committed Lenders’ due diligence investigation (and with respect to third-party diligence expenses, to the extent any such expenses have been previously approved by you, such approval not to be unreasonably withheld), syndication expenses and reasonable, documented and invoiced fees, disbursements and other charges of counsel to the Holdco PIK Bridge Administrative Agent identified in the Term Sheet and, for the avoidance of doubt, not of counsel to any other Committed Lender or Lead Arranger individually and of a single local counsel to the Holdco PIK Bridge Administrative Agent in each relevant material jurisdiction, except allocated costs of in-house counsel), in each case incurred by the Committed Lenders in connection with the Holdco PIK Bridge Facility and the preparation of this Commitment Letter, the Fee Letter and the Holdco PIK Bridge Facility Documentation (collectively, the “Expenses”); provided that, except as set forth in the Fee Letter, you shall not be required to reimburse any of the Expenses in the event the Closing Date does not occur. Notwithstanding any other provision of this Commitment Letter, (i) no Indemnified Person or any other party hereto (or their respective affiliates and representatives) shall be liable for any damages arising from the use by others of information or other materials obtained through electronic, telecommunications or other information transmission systems (including IntraLinks, SyndTrak Online or Debtdomain), except to the extent such damages have resulted from the willful misconduct, bad faith or gross negligence of such Indemnified Person or any Related Person of such Indemnified Person or such other party, affiliate or representative (as determined by a court of competent jurisdiction in a final and non-appealable decision), and (ii) none of you, the Sponsor, any Investor, the Company or any Indemnified Person shall be liable for any indirect, special, punitive or consequential damages in connection with your or their activities related to the Holdco PIK Bridge Facility or this Commitment Letter; provided that nothing contained in this clause (ii) shall limit your indemnity or reimbursement obligations to the extent such indirect, special, punitive or consequential damages are included in any third-party claim in connection with which such Indemnified Person is entitled to indemnification hereunder. For purposes hereof, a “Related Person” of an Indemnified Person (or any Sell-Side Advisor, Private Equity Affiliate or Investor) means, if such Indemnified Person (or such Sell-Side Advisor, Private Equity Affiliate or Investor) is the Holdco PIK Bridge Administrative Agent, a Lead Arranger or a Committed Lender or any of its affiliates and controlling persons, or any of its or their respective officers, directors, employees, agents, members and successors, any of the Holdco PIK Bridge Administrative Agent, such Lead Arranger or such Committed Lender and its affiliates and controlling persons, or any of its or their respective officers, directors, employees, agents, members and successors.

 

9 

 

 

Your indemnity and reimbursement obligations hereunder will be in addition to any liability which you may otherwise have and will be binding upon and inure to the benefit of any of your successors and assigns and the Indemnified Persons (and not of any other person).

 

You acknowledge that the Committed Lenders and their affiliates may be providing debt financing, equity capital or other services (including financial advisory services) to other persons in respect of which you, the Company and your and its respective affiliates may have conflicting interests regarding the transactions described herein and otherwise. Neither the Committed Lenders nor any of their affiliates will use confidential information obtained from or on behalf of you, the Sponsor or the Company by virtue of the transactions contemplated by this Commitment Letter or their other relationships with you in connection with the performance by them of services for other persons, and neither the Committed Lenders nor any of their affiliates will furnish any such information to other persons. You also acknowledge that neither the Committed Lenders nor any of their affiliates have any obligation to use in connection with the transactions contemplated by this Commitment Letter, or to furnish to you, confidential information obtained by them from other persons.

 

Each of the parties hereto acknowledges that DBSI, UBSS, Barclays, BNPPSC, RBCCM, SG, GS, Natixis and Jefferies have been retained by you (or one of your affiliates) as financial advisors (in such capacity, the “Buy-Side Financial Advisors”) in connection with the Acquisition. Each of the parties hereto agrees to such retention, and further agrees not to assert any claim it might allege based on any actual or potential conflicts of interest that might be asserted to arise or result from the engagement of the Buy-Side Financial Advisors, on the one hand, and our and our affiliates’ relationships with you as described and referred to herein, on the other.

 

10 

 

 

As you know, each Syndicating Committed Lender, together with its affiliates, is a full service securities firm engaged, either directly or through its affiliates, in various activities, including securities trading, commodities trading, investment management, research, financing and brokerage activities and financial planning and benefits counseling for both companies and individuals. In the ordinary course of these activities, the Syndicating Committed Lenders and their respective affiliates may actively engage in commodities trading or trade the debt and equity securities (or related derivative securities) and financial instruments (including bank loans and other obligations) of you, the Sponsor, the Company and other companies that may be the subject of the arrangements contemplated by this Commitment Letter for their own account and for the accounts of their customers and may at any time hold long and short positions in such securities. Each Syndicating Committed Lender and its affiliates may also co-invest with, make direct investments in and invest or co-invest client monies in or with funds or other investment vehicles managed by other parties, and such funds or other investment vehicles may trade or make investments in securities of you, the Sponsor, the Company or other companies that may be the subject of the arrangements contemplated by this Commitment Letter or engage in commodities trading with any thereof.

 

The Committed Lenders and their respective affiliates may have economic interests that conflict with those of the Company and you. You agree that the Committed Lenders will act under this Commitment Letter as independent contractors and that nothing in this Commitment Letter or the Fee Letter or otherwise will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between the Committed Lenders or any of their respective affiliates and you, the Sponsor and the Company, your and their respective equity holders or your and their respective affiliates with respect to the transactions contemplated by this Commitment Letter and the Fee Letter. You acknowledge and agree that (i) the transactions contemplated by this Commitment Letter and the Fee Letter are arm’s-length commercial transactions between the Committed Lenders and their respective affiliates, on the one hand, and you and the Sponsor, on the other, (ii) in connection therewith and with the process leading to such transactions, each Committed Lender and its applicable affiliates (as the case may be) is acting solely as a principal and not as agents or fiduciaries of you, the Sponsor, your and its management, equity holders, creditors or any other person, (iii) the Committed Lenders and their applicable affiliates (as the case may be) have not assumed an advisory or fiduciary responsibility or any other obligation in favor of you with respect to the transactions contemplated hereby or the process leading thereto (irrespective of whether the Committed Lenders or any of their respective affiliates have advised or are currently advising you, the Sponsor or the Company on other matters), except the obligations expressly set forth in this Commitment Letter and the Fee Letter and (iv) you have consulted your own legal and financial advisors to the extent you deemed appropriate.

 

11 

 

 

You further acknowledge and agree that you are responsible for making your own independent judgment with respect to such transactions and the process leading thereto. Please note that the Committed Lenders and their affiliates do not provide tax, accounting or legal advice. You hereby waive and release any claims that you may have against the Committed Lenders (in their capacity as such) and their applicable affiliates (as the case may be) with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transactions contemplated by this Commitment Letter. It is understood that this paragraph shall not apply to or modify or otherwise affect any arrangement with any Sell-Side Advisor, or any financial advisor separately retained by you, the Sponsor, the Company or any of your or their respective affiliates in connection with the Transactions, in its capacity as such.

 

This Commitment Letter and the commitments hereunder shall not be assignable by you (other than to the Borrower, the Company or to one or more other entities established in connection with the Transactions organized in the United States and controlled by the Sponsor, with all obligations and liabilities of Topco hereunder being assumed by the Borrower, the Company or such other entity or entities upon the effectiveness of such assignment) without the prior written consent (which may be through electronic means) of the Committed Lenders, not to be unreasonably withheld (and any attempted assignment without such consent shall be null and void), are intended to be solely for the benefit of the parties hereto (and the Sponsor and the Indemnified Persons), are not intended to confer any benefits upon, or create any rights in favor of, any person other than the parties hereto (and the Sponsor and the Indemnified Persons) and are not intended to create a fiduciary relationship among the parties hereto. Any provision of this Commitment Letter that provides for, requires or otherwise contemplates any consent, approval, agreement, determination or consultation by you (or any Borrower or Issuer referred to in the Term Sheet) on or prior to the Closing Date, shall also be construed as providing for, requiring or otherwise contemplating consent, approval, agreement, determination or consultation by the Sponsor (unless the Sponsor otherwise notifies the parties hereto). This Commitment Lender and the Commitments hereunder shall not be assignable by any Committed Lender without the prior written consent of TopCo, except in accordance with the 7th paragraph of this Commitment Letter or pursuant to the next sentence. Any and all obligations of, and services to be provided by, the Committed Lenders hereunder (including, without limitation, their commitments) may be performed and any and all rights of the Committed Lenders hereunder may be exercised by or through any of their affiliates or branches; provided that with respect to the commitments, any assignments thereof to an affiliate (other than assignments among GS and Goldman Sachs Lending Partners LLC) will not relieve the Committed Lenders from any of their obligations hereunder unless and until such affiliate shall have funded the portion of the commitment so assigned. This Commitment Letter may not be amended or any provision hereof waived or modified except by an instrument in writing signed by each of the Committed Lenders and you. This Commitment Letter may be executed in any number of counterparts, each of which shall be an original and all of which, when taken together, shall constitute one agreement. Delivery of an executed counterpart of a signature page of this Commitment Letter by facsimile transmission, e- mail or other electronic transmission (e.g., a “pdf”, “tiff” or DocuSign) shall be effective as delivery of a manually executed counterpart hereof. For purposes hereof, the words “execution,” “execute,” “executed,” “signed,” “signature” and words of like import shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formulations on electronic platforms, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transaction Act. This Commitment Letter and the Fee Letter (i) are the only agreements that have been entered into among the parties hereto with respect to the Holdco PIK Bridge Facility and (ii) supersede all prior understandings, whether written or oral, among us with respect to the Holdco PIK Bridge Facility and set forth the entire understanding of the parties hereto with respect thereto.

 

12 

 

 

Each of the parties hereto agrees that (i) this Commitment Letter is a binding and enforceable agreement (subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization and other similar laws relating to or affecting creditors’ rights generally and general principles of equity (whether considered in a proceeding in equity or law)) with respect to the subject matter contained herein, including an agreement to negotiate in good faith the Facility Documentation by the parties hereto in a manner consistent with this Commitment Letter for the purpose of executing and delivering the Facility Documentation substantially simultaneously with the closing of the Company Shares Acquisition, it being acknowledged and agreed that the funding of the Holdco PIK Bridge Facility is subject to the applicable conditions precedent set forth in the second sentence of the Funding Conditions Provision and in Exhibit C of the Commitment Letter and (ii) the Fee Letter is a binding and enforceable agreement (subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization and other similar laws relating to or affecting creditors’ rights generally and general principles of equity (whether considered in a proceeding in equity or law)) of the parties thereto with respect to the subject matter set forth therein.

 

THIS COMMITMENT LETTER AND THE RIGHTS AND DUTIES OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO ITS PRINCIPLES OR RULES OF CONFLICT OF LAWS TO THE EXTENT SUCH PRINCIPLES OR RULES ARE NOT MANDATORILY APPLICABLE BY STATUTE AND WOULD REQUIRE OR PERMIT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION; PROVIDED THAT, NOTWITHSTANDING THE FOREGOING TO THE CONTRARY, IT IS UNDERSTOOD AND AGREED THAT ANY DETERMINATIONS AS TO (A) WHETHER ANY REPRESENTATIONS AND WARRANTIES MADE BY OR ON BEHALF OF, OR WITH RESPECT TO, THE COMPANY OR ANY OF ITS SUBSIDIARIES IN THE COMPANY ACQUISITION AGREEMENT HAVE BEEN BREACHED, (B) WHETHER YOU (AND ANY OF YOUR AFFILIATES THAT IS A PARTY TO THE COMPANY ACQUISITION AGREEMENT) CAN TERMINATE YOUR (AND THEIR) OBLIGATIONS UNDER THE COMPANY ACQUISITION AGREEMENT PURSUANT TO SECTION 8.1(E) OF THE COMPANY ACQUISITION AGREEMENT (OR OTHERWISE DECLINE TO CONSUMMATE THE COMPANY SHARES ACQUISITION PURSUANT TO SECTION 7.2(A) OF THE COMPANY ACQUISITION AGREEMENT), IN EACH CASE, WITHOUT LIABILITY TO ANY OF YOU, THE SPONSOR OR ANY OF YOUR OR ITS AFFILIATES, (C) WHETHER A MATERIAL ADVERSE EFFECT (AS DEFINED IN THE COMPANY ACQUISITION AGREEMENT) HAS OCCURRED, AND (D) WHETHER THE COMPANY SHARES ACQUISITION HAS BEEN CONSUMMATED IN ACCORDANCE WITH THE TERMS OF THE COMPANY ACQUISITION AGREEMENT, SHALL, IN EACH CASE, BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS (AS DEFINED IN THE COMPANY ACQUISITION AGREEMENT) OF THE STATE OF DELAWARE, WITHOUT REGARD TO ANY CHOICE OR CONFLICT OF LAW PROVISION OR RULE (WHETHER OF THE STATE OF DELAWARE OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAWS (AS DEFINED IN THE COMPANY ACQUISITION AGREEMENT) OF ANY JURISDICTION OTHER THAN THE STATE OF DELAWARE.

 

13 

 

 

EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY OR ON BEHALF OF ANY PARTY RELATED TO OR ARISING OUT OF THIS COMMITMENT LETTER OR THE PERFORMANCE OF SERVICES HEREUNDER.

 

Each of the parties hereto hereby irrevocably and unconditionally (a) submits, for itself and its property, to the exclusive jurisdiction of any New York State court or Federal court of the United States of America sitting in New York County, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Commitment Letter and the Fee Letter, or the transactions contemplated hereby, and agrees that, to the extent permitted by law, all claims in respect of any such action or proceeding shall be heard and determined in such New York State court or in such Federal court, (b) waives, to the fullest extent it may legally and effectively do so, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Commitment Letter, the Fee Letter or the transactions contemplated hereby, in any such New York State court or in any such Federal court, (c) waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court and (d) agrees that a final judgment in any such suit, 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. Each of the parties hereto agrees to commence any such action, suit, proceeding or claim either in the United States District Court for the Southern District of New York or in the Supreme Court of the State of New York, New York County, in each case, located in the Borough of Manhattan.

 

14 

 

 

This Commitment Letter is delivered to you on the understanding that none of the Fee Letter and its terms or substance, or this Commitment Letter and its terms or substance, shall be disclosed, directly or indirectly, to any other person or entity (including other lenders, underwriters, placement agents, advisors or any similar persons) except (a) to the Sponsor, the Investors (including any potential co-investors) and to your and their respective officers, directors, employees, attorneys, accountants and advisors on a confidential and need-to-know basis, (b) if the Committed Lenders consent to such proposed disclosure (such consent not to be unreasonably withheld, conditioned or delayed), (c) pursuant to the order of any court or administrative agency in any pending legal or administrative proceeding, or otherwise as required by applicable law or compulsory legal process or, to the extent requested or required by governmental and/or regulatory authorities (in which case, you agree, to the extent practicable and not prohibited by law, to notify us of the proposed disclosure in advance of such disclosure and if you are unable to notify us in advance of such disclosure, such notice shall be delivered to us promptly thereafter to the extent permitted by law) or (d) to the extent necessary in connection with the exercise of any remedy or enforcement of any rights hereunder or under the Fee Letter; provided that (i) you may disclose this Commitment Letter and the contents hereof to the Company and its officers, directors, employees, attorneys, accountants and advisors on a confidential and need-to-know basis, (ii) you may disclose this Commitment Letter and the contents hereof (x) in any proxy or other public filing relating to the Transactions, (y) in the Lender Presentation and in any prospectus or other offering memorandum relating to the Holdco PIK Notes, in each case under this clause (y) in a manner to be mutually agreed upon, and (z) in the Lender Presentation (as defined in the AcquisitionCo Commitment Letter, the “AcquisitionCo Lender Presentation”) and in any prospectus or other offering memorandum relating to the Opco Secured Notes, (iii) you may disclose this Commitment Letter and the contents hereof to any Lender (as defined in the AcquisitionCo Commitment Letter, the “AcquisitionCo Lenders”), potential lenders and other debt holders (including any prospective Additional Committing Lender, any Sponsor Relationship Lender (as defined in the Fee Letter) and any prospective Additional Committing Lender (as defined in the AcquisitionCo Commitment Letter)), and potential equity investors and their respective officers, directors, employees, attorneys, accountants, advisors and other representatives on a confidential and need-to-know basis and to rating agencies in connection with obtaining or confirming ratings for the Borrower, the Holdco PIK Bridge Facility, the Holdco PIK Notes, the Opco Bridge Facility, the Incremental ABL Facility, the Opco Secured Notes, AcquisitionCo and the Company, (iv) you may disclose the fees contained in the Fee Letter as part of a generic disclosure of aggregate sources and uses related to fee amounts to the extent customary or required in marketing materials, any proxy or other public filing, in the Lender Presentation or any prospectus or other offering memorandum relating to the Holdco PIK Notes, and in the AcquisitionCo Lender Presentation or any prospectus or other offering memorandum relating to the Opco Secured Notes, (v) to the extent portions thereof have been redacted in a customary manner (including, without limitation, redaction of fee amounts), you may disclose the Fee Letter and the contents thereof to any AcquisitionCo Lender and the Company and their respective officers, directors, employees, attorneys, accountants and advisors on a confidential and need-to-know basis, (vi) you may disclose the Fee Letter and the contents thereof to any Committed Lender (as defined in the AcquisitionCo Commitment Letter), prospective Additional Committing Lender (as defined in the AcquisitionCo Commitment Letter), prospective Additional Committing Lender or prospective equity investor and their respective officers, directors, employees, attorneys, accountants, advisors and other representatives on a confidential and need-to-know basis and (vii) you may disclose this Commitment Letter and the contents hereof to the lenders and agents under the Existing ABL Credit Agreement, the agents under the Existing Cash Flow Credit Agreement and the trustees and agents under the Existing Indenture and their respective officers, directors, employees, attorneys, accountants and advisors, on a confidential and need-to-know basis. The obligations under this paragraph with respect to this Commitment Letter shall terminate automatically after the Facility Documentation for the Holdco PIK Bridge Facility shall have been executed and delivered by the parties thereto. To the extent not earlier terminated, the provisions of this paragraph with respect to this Commitment Letter shall automatically terminate on the second anniversary hereof.

 

15 

 

 

The Committed Lenders and their affiliates will use all information provided to them or such affiliates by or on behalf of you hereunder or in connection herewith solely for the purpose of providing the services that are the subject of this Commitment Letter and shall treat confidentially all such information; provided that nothing herein shall prevent any Committed Lender from disclosing any such information (a) pursuant to the order of any court or administrative agency or in any pending legal or administrative proceeding, or otherwise as required by applicable law or compulsory legal process (in which case such Committed Lender, to the extent not prohibited by applicable law, agrees (except with respect to any routine or ordinary course audit or examination conducted by bank examiners or any governmental bank regulatory authority or self- regulatory authority exercising examination or regulatory authority) to inform you promptly thereof), (b) upon the request or demand of any regulatory authority or self- regulatory authority having jurisdiction over such Committed Lender or any of its affiliates (in which case such Committed Lender, to the extent practicable and not prohibited by law, agrees (except with respect to any routine or ordinary course audit or examination conducted by bank examiners or any governmental bank regulatory authority or self-regulatory authority exercising examination or regulatory authority) to inform you promptly thereof), (c) to the extent that such information is or becomes publicly available other than by reason of disclosure by any of the Committed Lenders or any of their affiliates or any of the Committed Lenders’ and such affiliates’ respective officers, directors, employees, attorneys, accountants, advisors and other representatives in violation of any confidentiality obligations owing to you, the Sponsor, any Investor, the Company or any of your or their respective subsidiaries (including those obligations set forth in this paragraph), (d) to the extent that such information is received by such Committed Lender or its affiliates (other than Excluded Affiliates (as defined below)) from a third party that is not, to such Committed Lender’s or its affiliates’ knowledge, subject to confidentiality obligations owing to you, the Sponsor, any Investor, the Company or any of your or their respective subsidiaries, (e) to the extent that such information was already in such Committed Lender’s or its affiliates’ (other than Excluded Affiliates) possession on a non-confidential basis without a duty of confidentiality owing to you, the Sponsor, any Investor, the Company or any of your or their respective affiliates being violated, or is independently developed by such Committed Lender or its affiliates (other than Excluded Affiliates), (f) to such Committed Lender’s affiliates (other than Excluded Affiliates) and such Committed Lender’s and such affiliates’ respective trustees, officers, directors, employees, attorneys, accountants, advisors and other representatives (collectively, the “Representatives”) who need to know such information in connection with the Transactions and are informed of the confidential nature of such information and who agree to be bound by the terms of this paragraph (or language substantially similar to this paragraph) (provided, that such Committed Lender shall be responsible for its Representatives, its affiliates and its affiliates’ Representatives), (g) to potential or prospective Lenders, participants or assignees and any direct or indirect contractual counterparties to any swap or derivative transaction relating to the Borrower and its obligations under any Facility (in each case, other than a Disqualified Institution), in each case who agree to be bound by the terms of this paragraph (or language substantially similar to this paragraph), (h) subject to your prior approval of the information to be disclosed (such approval not to be unreasonably withheld), to rating agencies in connection with obtaining ratings for the Borrower, the Holdco PIK Bridge Facility and the Holdco PIK Notes, (i) for purposes of establishing a “due diligence defense”, (j) to the extent necessary in connection with the exercise of any remedy or enforcement of any rights hereunder or under the Fee Letter, (k) unless such person has been notified to hold such information in confidence from the other parties hereto, to any other party hereto or (l) to the extent you consent to such proposed disclosure; provided, however, that, no such disclosure shall be made by the Committed Lenders to (i) any of their affiliates that is engaged as a principal primarily in private equity, mezzanine financing or venture capital or any of such affiliate’s respective officers, directors, employees, attorneys, accountants, advisors and other representatives (a “Private Equity Affiliate”) or (ii) any of their affiliates or any of such affiliate’s respective officers, directors, employees, attorneys, accountants, advisors and other representatives that is a Sell-Side Advisor (together with the Private Equity Affiliates, in each case, other than a limited number of senior employees who are required, in accordance with industry regulations or the applicable Committed Lender’s internal policies and procedures to act in a supervisory capacity and the applicable Committed Lender’s internal legal, compliance, risk management, credit or investment committee members, the “Excluded Affiliates”). Each Committed Lender shall be principally liable to the extent any confidentiality restrictions set forth herein are violated by one or more of its affiliates or any of its or its affiliates’ Representatives to whom such Committed Lender has disclosed information pursuant to clause (f) in the proviso in the first sentence of this paragraph. The Committed Lenders’ obligations under this paragraph shall automatically terminate and be superseded by the confidentiality provisions in the definitive documentation relating to the Holdco PIK Bridge Facility upon the initial funding of or effectiveness of the commitments under the applicable Facility thereunder, if and to the extent the Committed Lenders are party thereto, and shall in any event terminate upon the second anniversary of the date hereof.

 

16 

 

 

The syndication, “market flex”, reimbursement and compensation provisions (if applicable in accordance with the terms hereof and the Fee Letter), indemnification, waiver of indirect, special, punitive or consequential damages, confidentiality (except to the extent set forth herein), jurisdiction, governing law, venue, absence of fiduciary relationship and waiver of jury trial provisions contained herein and in the Fee Letter, syndication of the Holdco PIK Bridge Facility and the provision of information, shall remain in full force and effect regardless of whether the Facility Documentation shall be executed and delivered and notwithstanding the termination of this Commitment Letter or the Committed Lenders’ commitments hereunder; provided that your obligations under this Commitment Letter, other than those relating to the confidentiality of the Fee Letter, shall automatically terminate and be superseded by the Holdco PIK Bridge Facility Documentation upon the initial funding or effectiveness of the commitments thereunder and the payment of all amounts owing at such time hereunder and under the Fee Letter, and you shall be automatically released from all liability in connection therewith at such time.

 

We hereby notify you that pursuant to the requirements of the USA PATRIOT Act, Title III of Pub. L.107-56 (signed into law October 26, 2001, as amended from time to time, the “PATRIOT Act”) and the Customer Due Diligence Requirements for Financial Institutions issued by the U.S. Department of Treasury Financial Crimes Enforcement Network under the Bank Secrecy Act (such rule published May 11, 2016 and effective May 11, 2018, as amended from time to time, the “CDD Rule”), each of the Committed Lenders and each other Lender is required to obtain, verify and record information that identifies the Borrower, which information includes the name, address, tax identification number and other information regarding the Borrower that will allow any of the Committed Lenders or such Lender to identify the Borrower in accordance with the PATRIOT Act and the CDD Rule. This notice is given in accordance with the requirements of the PATRIOT Act and the CDD Rule and is effective as to the Committed Lenders and each Lender.

 

If the foregoing correctly sets forth our agreement, please indicate your acceptance of the terms of this Commitment Letter and of the Fee Letter by returning to the Holdco PIK Bridge Administrative Agent, on behalf of the Committed Lenders, executed counterparts hereof and of the Fee Letter not later than 11:59 p.m., New York City time, on March 9, 2022. The Committed Lenders’ commitments hereunder and agreements contained herein will expire at such time in the event that the Holdco PIK Bridge Administrative Agent has not received such executed counterparts in accordance with the immediately preceding sentence. This Commitment Letter and the commitments and undertakings of each of the Committed Lenders hereunder shall automatically terminate upon the first to occur of (i) the date the Company Acquisition Agreement is terminated by you or otherwise validly terminated in accordance with its terms prior to the consummation of the Transactions, (ii) December 20, 2022 (the “Expiration Date”), unless each of the Committed Lenders shall, in their discretion, agree to an extension and (iii) the consummation of the Transactions with or without the funding of the Holdco PIK Bridge Facility. You shall have the right to terminate this Commitment Letter and the commitments of the Committed Lenders hereunder with respect to the Holdco PIK Bridge Facility (or a portion thereof pro rata among the Committed Lenders under the Holdco PIK Bridge Facility, except that the commitments in respect of the Holdco PIK Bridge Facility (other than a portion thereof that would not reduce the remaining Holdco PIK Bridge Facility commitments below $200.0 million) may be terminated by you only in their entirety) at any time upon written notice to the Committed Lenders from you, subject to your surviving obligations as set forth in the third to last paragraph of this Commitment Letter and in the Fee Letter.

 

[Remainder of this page intentionally left blank]

 

17 

 

 

The Committed Lenders are pleased to have been given the opportunity to assist you in connection with the financing for the Transactions.

 

Very truly yours,

 

[signature pages follow]

 

 

 

 

 

  DEUTSCHE BANK AG CAYMAN ISLANDS BRANCH
   
   
  By: /s/ Joseph Pandolfo
    Name: Joseph Pandolfo
    Title: Managing Director
     
  By: /s/ Alvin Varughese
    Name: Alvin Varughese
    Title: Managing Director

 

  DEUTSCHE BANK SECURITIES INC.
   
   
  By: /s/ Joseph Pandolfo
    Name: Joseph Pandolfo
    Title: Managing Director
     
  By: /s/ Alvin Varughese
    Name: Alvin Varughese
    Title: Managing Director

 

[Signature Page to Project Camelot Holdco Commitment Letter]

 

 

 

 

  UBS SECURITIES LLC
   
   
  By: /s/ Michele Cousins
    Name: Michele Cousins
    Title: Managing Director
     
  By: /s/ Kevin Pluff
    Name: Kevin Pluff
    Title: Managing Director

 

  UBS AG, STAMFORD BRANCH
   
   
  By: /s/ Michele Cousins
    Name: Michele Cousins
    Title: Managing Director
     
  By: /s/ Kevin Pluff
    Name: Kevin Pluff
    Title: Managing Director

 

[Signature Page to Project Camelot Holdco Commitment Letter]

 

 

 

 

  BARCLAYS BANK PLC
   
   
  By: /s/ Thomas M. Blouin
    Name: Thomas M. Blouin
    Title: Managing Director

 

[Signature Page to Project Camelot Holdco Commitment Letter]

 

 

 

 

  BNP PARIBAS
   
   
  By: /s/ Denise Chow
    Name: Denise Chow
    Title: Managing Director
     
  By: /s/ Dimitri Jobert
    Name: Dimitri Jobert
    Title: Managing Director

 

  BNP PARIBAS SECURITIES CORP.
   
   
  By: /s/ Denise Chow
    Name: Denise Chow
    Title: Managing Director
     
  By: /s/ Dimitri Jobert
    Name: Dimitri Jobert
    Title: Managing Director

 

[Signature Page to Project Camelot Holdco Commitment Letter]

 

 

 

 

 

ROYAL BANK OF CANADA
     
 By: /s/ Charles D. Smith
   Name:Charles D. Smith
   Title:Co-Head, U.S. Leveraged Finance

 

[Signature Page to Project Camelot Holdco Commitment Letter]

 

 

 

 

SOCIÉTÉ GÉNÉRALE
       
  By: /s/ Pranav Chandra
    Name: Pranav Chandra
    Title: Managing Director

 

[Signature Page to Project Camelot Holdco Commitment Letter]

 

 

 

 

 

 

GOLDMAN SACHS BANK USA
     
 By: /s/ Robert Ehudin
   Name: Robert Ehudin
   Title: Authorized Signatory

 

[Signature Page to Project Camelot Holdco Commitment Letter]

 

 

 

 

NATIXIS, NEW YORK BRANCH
    
By:/s/ Michael Bergin
Name: Michael Bergin
Title: Vice President
    
By:/s/ Matthieu Fulchiron
Name: Matthieu Fulchiron
 Title: Director

 

[Signature Page to Project Camelot Holdco Debt Commitment Letter]

 

 

 

 

JEFFERIES FINANCE LLC
    
By:/s/ Brian Buoye
Name: Brian Buoye
Title: Managing  Director

 

[Signature Page to Project Camelot Holdco Debt Commitment Letter]

 

 

 

 

ARAWAK X, L.P.
    
By:CLAYTON, DUBILIER & RICE FUND X (CREDIT INVESTOR), LTD.,
its general partner
    
By:/s/ Rima Simson
Name: Rima Simson
Title: Vice President, Treasurer and Secretary

 

[Signature Page to Project Camelot Holdco Commitment Letter]

 

 

 

 

Accepted and agreed to as of
the date first above written:
 
    
CAMELOT RETURN HOLDINGS, LLC  
   
By:/s/ Rima Simson  
Name: Rima Simson  
Title: Vice President, Treasurer and Secretary  

 

[Signature Page to Project Camelot Holdco Commitment Letter]

 

 

 

 

 

 

CONFIDENTIALEXHIBIT A

 

Project Camelot
Transaction Description

 

Capitalized terms used but not defined in this Exhibit A shall have the meanings set forth in the Commitment Letter to which this Exhibit A is attached (the “Commitment Letter”) or in the other Exhibits to the Commitment Letter.

 

The Sponsor, together with (at the Sponsor’s election) one or more other investors arranged by and designated by the Sponsor (collectively with the Sponsor, the “Investors”), intends to consummate the Acquisition (as defined below). In connection with the foregoing, the Sponsor has established (1) Camelot Return Holdings, LLC, a newly formed Delaware limited liability company (“TopCo”), (2) Camelot Return Intermediate Holdings, LLC, a newly formed Delaware limited liability company and a wholly-owned subsidiary of TopCo (“Holdings”) and (3) Camelot Return Merger Sub, Inc., a newly formed Delaware corporation and a wholly-owned subsidiary of Holdings (“AcquisitionCo”).

 

In connection with the foregoing, it is intended that:

 

a)The Investors will directly or indirectly (including through one or more holding companies) make cash equity contributions to Holdings (which to the extent constituting equity interests other than common equity interests shall be on terms and conditions and pursuant to documentation reasonably satisfactory to the Lead Arrangers holding at least a majority of the commitments under the Holdco PIK Bridge Facility to the extent material to the interests of the Lenders (in their capacities as such)) (the “Equity Contribution”) in an aggregate amount not less than $195.0 million (as such amount may be reduced in accordance with paragraph 1 of the Summary of Additional Conditions), which amount, together with (x) proceeds from the Opco Bridge Facility and/or the Opco Secured Notes, the Incremental ABL Facility, (y) proceeds from the Holdco PIK Bridge Loans and (if applicable) the Holdco PIK Notes and (z) at AcquisitionCo’s option, cash on hand, the proceeds of borrowings under the Revolving Commitments (as defined in the Existing Cash Flow Credit Agreement) and/or the proceeds of borrowings under the Commitments (as defined in the Existing ABL Credit Agreement) (such amounts under clauses (x), (y) and (z), collectively with the Equity Contribution, the “Total Financing Sources”), shall be used inter alia to consummate the Acquisition, to pay fees, premiums and expenses incurred in connection with the Transactions (such fees, premiums and expenses, together with the Acquisition Consideration (as defined below), the “Transaction Costs”) and for any other purpose not prohibited under the Holdco PIK Bridge Facility; provided that immediately after the consummation of the Transactions on the Closing Date, the Sponsor will, directly or indirectly, control a majority of the economic and voting interests in TopCo; provided, further, that, to the extent any stockholder or other equity holder of the Company has exercised appraisal rights in connection with the Transactions, then on the Closing Date the Investors may elect to issue one or more equity commitment letters in an aggregate amount not less than the amount of consideration that would otherwise be paid under the Acquisition Agreements in respect of the shares or other equity interests subject to such appraisal rights (the “Appraisal Shares”) and, for purposes of this Commitment Letter, an aggregate amount of such equity commitment letters up to, but not in excess of, the amount of consideration that would otherwise be paid under the Acquisition Agreements in respect of the Appraisal Shares shall be included in the amount and percentage of the Equity Contribution from and after the Closing Date as if such amount was funded in cash (with it being understood that, on or prior to the date of the final resolution of all such appraisal rights, the lesser of (a) the amount necessary to satisfy such appraisal rights in full and (b) the full amount committed under such equity commitment letters shall be drawn and funded, directly or indirectly, in cash to AcquisitionCo in the form of common equity, or other equity on terms reasonably acceptable to the Lead Arrangers) (the “Post-Closing Equity Contribution”); provided, further, that immediately after giving effect to the Post-Closing Equity Contribution, the Sponsor will, directly or indirectly, control a majority of the economic and voting interests in AcquisitionCo; provided, further, that prior to the Post-Closing Equity Contribution, any such equity commitment letters in respect of the Post-Closing Equity Contribution shall not be amended in a manner materially adverse to the Lenders without the consent of the Lead Arrangers holding at least a majority of the commitments under the Holdco PIK Bridge Facility.

 

A-1 

 

 

b)Subject to (i) Holdings and AcquisitionCo having sufficient Total Financing Sources on the Closing Date to consummate both the Fund VIII Shares Acquisition (as defined below) and the Company Shares Acquisition (as defined below) and (ii) the representations contained in the solvency certificate attached as Exhibit H to the Existing Cash Flow Credit Agreement being true after giving effect to the consummation of the Acquisition (as defined below), pursuant to the Share Purchase Agreement (as amended, supplemented, waived or otherwise modified from time to time, the “Fund VIII Acquisition Agreement”), among, inter alia, Holdings, Clayton, Dubilier & Rice Fund VIII, L.P. and CD&R Friends & Family Fund VIII, L.P. (together with Clayton, Dubilier & Rice Fund VIII, L.P., the “Fund VIII Sellers”), Holdings will, directly or indirectly, acquire all of the issued and outstanding equity interests of the Company held by the Fund VIII Sellers (such acquisition, the “Fund VIII Shares Acquisition”). Pursuant to the Agreement and Plan of Merger (together with the Company’s disclosure schedules delivered in connection therewith, and as further amended, supplemented, waived or otherwise modified from time to time in accordance with paragraph 1 of the Summary of Additional Conditions, collectively, the “Company Acquisition Agreement” and, together with the Fund VIII Acquisition Agreement, the “Acquisition Agreements” ), among, inter alia, Holdings, AcquisitionCo and the Company, Holdings will, directly or indirectly, acquire the issued and outstanding equity interests of the Company other than those held by the Fund VIII Sellers (such acquisition, the “Company Shares Acquisition” and, collectively with the Fund VIII Shares Acquisition, the “Acquisition”) and AcquisitionCo will merge with and into the Company, with the Company surviving such merger. Pursuant to the Acquisition, the Company’s equity holders shall have the right to receive the amounts required to consummate the Acquisition (collectively, the “Acquisition Consideration”) in accordance with the terms of the Acquisition Agreements. In connection with the Acquisition, TopCo will directly or indirectly contribute or lend funds to Holdings in order to consummate the Acquisition, which loans may be forgiven, contributed or distributed at TopCo’s discretion. It being understood, for the avoidance of doubt, the consummation of the Fund VIII Shares Acquisition shall not constitute a condition precedent to the availability and initial funding of the Holdco PIK Bridge Facility on the Closing Date.

 

A-2 

 

 

c)

The Borrower will issue or cause to be issued up to $725.0 million in aggregate principal amount of Holdco PIK Notes, subject to increase to fund any original issue discount in the issue price of such Holdco PIK Notes, and/or borrow up to $725.0 million (less the amount of cash proceeds received from the issuance of Holdco PIK Notes on or prior to the Closing Date, and plus, at TopCo’s option pursuant to the terms of the Term Sheet, the amount of any Holdco PIK Bridge Loan OID Increase) under the Holdco PIK Bridge Facility, on (or, in the case of the Holdco PIK Notes, at your election, prior to) the closing date of the Acquisition. In addition, AcquisitionCo may (1) issue or cause to be issued up to $950.0 million in aggregate principal amount of Opco Secured Notes, subject to increase to fund any original issue discount in the issue price of such Opco Secured Notes, and/or borrow up to $950.0 million (less the amount of cash proceeds received from the issuance of Opco Secured Notes on or prior to the Closing Date, and plus, at AcquisitionCo’s option pursuant to the terms of the AcquisitionCo Commitment Letter, the amount of any Bridge Loan OID Increase) under the Opco Bridge Facility and (2) obtain or cause to be obtained up to $239.0 million under the Incremental ABL Facility, in each case on (or, in the case of the Opco Secured Notes, at AcquisitionCo’s election, prior to) the closing date of the Acquisition.

 

A-3 

 

 

d)In its sole discretion, TopCo may elect in writing by notice to the Committed Lenders at least one day prior to the commencement of the Marketing Period (the “Pre-Marketing Notification”), for (i) the Committed Lenders’ (as defined in the AcquisitionCo Commitment Letter) commitments under the Opco Bridge Facility (or a portion thereof pro rata among the Committed Lenders (as defined in the AcquisitionCo Commitment Letter)) to be reallocated to become commitments under the Holdco PIK Bridge Facility (in which case the Opco Bridge Facility commitments will be decreased by such amount and the Holdco PIK Bridge Facility commitments will be increased by such amount, and the Committed Lenders (as defined in the AcquisitionCo Commitment Letter) will be deemed to become Committed Lenders under this Commitment Letter with respect to such amount of the Holdco PIK Bridge Facility); provided that any such reallocation from the Opco Bridge Facility to the Holdco PIK Bridge Facility shall be in an amount to ensure the Transactions are consummated in compliance with the Existing Cash Flow Credit Agreement, the Existing ABL Credit Agreement and the Existing Indenture (as determined by TopCo in good faith, which determination shall be conclusive) and/or (ii) the Committed Lenders’ commitments under the Holdco PIK Bridge Facility (or a portion thereof pro rata among the Committed Lenders) to be reallocated to become commitments under the Opco Bridge Facility (in which case the Holdco PIK Bridge Facility commitments will be decreased by such amount and the Opco Bridge Facility commitments will be increased by such amount, and the Committed Lenders will be deemed to become Committed Lenders under and as defined in the AcquisitionCo Commitment Letter with respect to such amount of the Opco Bridge Facility).

 

The transactions described above and the payment of related fees, premiums and expenses are collectively referred to herein as the “Transactions”.

 

A-4 

 

 

 

 

CONFIDENTIALEXHIBIT B

 

Project Camelot

Senior Unsecured Increasing Rate Bridge Loans
Summary of Principal Terms and Conditions

 

All capitalized terms used but not defined herein shall have the meanings given to them in the Commitment Letter to which this term sheet is attached, including the other Exhibits thereto.

 

Borrower:TopCo (the “Borrower”).
  
Transactions:As set forth in Exhibit A to the Commitment Letter.

 

Agents:DBCI will act as sole and exclusive administrative agent (in such capacity, the “Holdco PIK Bridge Administrative Agent”) in respect of the Holdco PIK Bridge Facility for a syndicate of financial institutions reasonably acceptable to the Borrower (together with the Committed Lenders, the “Lenders”), and will perform the duties customarily associated with such role.

 

Lead Holdco PIK Bridge Arrangers:DBSI, UBSS, Barclays, BNPPSC, Royal Bank, SG, GS, Natixis and Jefferies will act as joint lead arrangers and joint bookrunners for the Holdco PIK Bridge Facility (in such capacity, the “Lead Holdco PIK Bridge Arrangers”), and will perform the duties customarily associated with such roles.

 

Holdco PIK Bridge Loans:The Lenders will make senior unsecured increasing rate bridge loans (the “Holdco PIK Bridge Loans”) to the Borrower on the Closing Date in an aggregate principal amount of up to $725.0 million plus, at AcquisitionCo’s option, an amount sufficient to fund original issue discount in the issue price of the Holdco PIK Notes (such increased amount, the “Holdco PIK Bridge Loan OID Increase”), pursuant to a senior unsecured increasing rate bridge facility (the “Holdco PIK Bridge Facility”), and minus the amount of cash proceeds from the issuance of Holdco PIK Notes on or prior to the Closing Date. 

 

Availability:The Lenders will make the Holdco PIK Bridge Loans on the Closing Date substantially simultaneously with the consummation of the Transactions.

 

 

B-1 

 

 

Purpose:The proceeds of the Holdco PIK Bridge Loans will be used by the Borrower, on or after the Closing Date, together with the proceeds of the Bridge Loans (as defined in the AcquisitionCo Commitment Letter) and/or the Secured Notes (as defined in the AcquisitionCo Commitment Letter), the Incremental ABL Loans (as defined in the AcquisitionCo Commitment Letter), the proceeds of the issuance of the Holdco PIK Notes (if any), the proceeds of the Equity Contribution and, at AcquisitionCo’s option, cash on hand, the proceeds of borrowings under the Revolving Commitments (as defined in the Existing Cash Flow Credit Agreement) and/or the proceeds of borrowings under the Commitments (as defined in the Existing ABL Credit Agreement), to finance Transaction Costs.

 

Ranking:The Holdco PIK Bridge Loans will rank pari passu in right of payment with other senior indebtedness of the Borrower, and will not be secured.

 

Guarantees:As of the Closing Date, the Holdco PIK Bridge Facility will not be guaranteed. After the Closing Date, each Wholly-Owned Domestic Subsidiary (to be defined in a manner consistent with the standard set forth under the heading “Documentation” below) that guarantees payment by the Borrower of any Indebtedness of the Borrower under any Credit Facilities (to be defined in a manner consistent with the standard set forth under the heading “Documentation” below) will be required to guarantee payment of the Holdco PIK Bridge Loans, and which guarantee provisions will be consistent with and substantially similar to (and, in any event, no less favorable to the Sponsor, the Borrower and its subsidiaries than) those in that certain Indenture, dated as of February 1, 2021, between White Cap Parent, LLC, as issuer, and Wilmington Trust, National Association, as trustee, as supplemented by that certain First Supplemental Indenture, dated as February 1, 2021, between White Cap Parent, LLC, as issuer, and Wilmington Trust, National Association, as trustee, and that certain Second Supplemental Indenture, dated as of February 22, 2021, between White Cap Parent, LLC, as issuer, and Wilmington Trust, National Association, as trustee (the “Holdco PIK Indenture Precedent”). The Holdco PIK Securities will not be secured.

 

B-2 

 

 

Maturity:All Holdco PIK Bridge Loans will have an initial maturity date that is the one-year anniversary of the Closing Date (the “Maturity Date”). If any Holdco PIK Bridge Loan has not been previously repaid in full on or prior to the Maturity Date, such Holdco PIK Bridge Loan will be automatically converted into a senior unsecured term loan (each, a “Senior Holdco PIK Term Loan”) due on the date that is five years after the Closing Date (the “Extended Maturity Date”). The date on which Holdco PIK Bridge Loans are converted into Senior Holdco PIK Term Loans is referred to as the “Conversion Date”. At any time on or after the Conversion Date, at the option of the applicable Lender, the Senior Holdco PIK Term Loans may be exchanged in whole or in part for senior unsecured exchange notes (the “Senior Holdco PIK Exchange Notes”) having an equal principal amount and having the terms set forth in Annex II to this Term Sheet; provided that the Borrower may defer the first issuance of Senior Holdco PIK Exchange Notes until such time as the Borrower shall have received requests to issue an aggregate of at least the lesser of (x) $150.0 million or (y) the remaining aggregate principal amount of the Senior Holdco PIK Term Loans in Senior Holdco PIK Exchange Notes; provided further that the Borrower may defer each subsequent issuance of Senior Holdco PIK Exchange Notes until such time as the Borrower shall have received requests to issue an aggregate of at least $150.0 million (or, if less, the aggregate amount of remaining Senior Holdco PIK Term Loans) in Senior Holdco PIK Exchange Notes.
  
 The Senior Holdco PIK Term Loans will be governed by the provisions of the Holdco PIK Bridge Loan Documentation (as defined under the heading “Documentation” below) and will have the same terms as the Holdco PIK Bridge Loans except as set forth in Annex I to this Term Sheet. The Senior Holdco PIK Exchange Notes will be issued pursuant to an indenture that will have the terms set forth in Annex II to this Term Sheet.

 

B-3 

 

 

 

 The Senior Holdco PIK Term Loans and the Senior Holdco PIK Exchange Notes shall be pari passu with one another for all purposes.
  
Interest Rates:Interest for the first three-month period commencing on the Closing Date shall be payable at Term SOFR (as defined below) for U.S. dollars (for interest periods of 1, 3 or 6 months, as selected by the Borrower) plus (x) in the case of any interest on the Holdco PIK Bridge Loans that is payable in cash (“Cash Interest”), 825 basis points, and/or (y) in the case of any interest on the Holdco PIK Bridge Loans that is payable in-kind (“PIK Interest”), 900 basis points (the “Initial Margin”). Thereafter, subject to the Holdco PIK Total Cap (as defined in the Fee Letter), interest shall be payable at prevailing Term SOFR for the interest period selected by the Borrower plus the Applicable Margin (as defined below) and shall increase by an additional 50 basis points at the beginning of each three-month period subsequent to the initial three-month period for so long as the Holdco PIK Bridge Loans are outstanding (except on the Conversion Date) (the Initial Margin plus each 50 basis point increase thereon described above, the “Applicable Margin”). “Term SOFR” means the “Term SOFR Rate” as defined in that certain Cash Flow Credit Agreement, dated as of October 19, 2020 (as amended by the First Amendment, dated as of February 10, 2022), among White Cap Supply Holdings, LLC (as successor by merger to White Cap Buyer, LLC), the subsidiary borrowers from time to time party thereto, the lenders from time to time party thereto and Royal Bank of Canada, as administrative agent and collateral agent (the “Term SOFR Precedent”); provided that Term SOFR shall not be less than 0.00% per annum.
  
 Notwithstanding anything to the contrary set forth above, at no time, other than as provided under the heading “Default Rate” below, shall the per annum yield payable on the Holdco PIK Bridge Loans exceed the amount specified in the Fee Letter in respect of the Holdco PIK Bridge Facility as the “Holdco PIK Total Cap”.

 

B-4 

 

 

 Following the Maturity Date, all outstanding Senior Holdco PIK Term Loans will accrue interest at the rate provided for in Annex I to this Term Sheet, subject to the Holdco PIK Total Cap.
  
 Notwithstanding anything contained herein to the contrary, the Holdco PIK Bridge Loan Documentation shall include benchmark replacement provisions consistent with the Term SOFR Precedent.
  
Interest Payments:Interest on the Holdco PIK Bridge Loans will be payable in cash or in-kind, quarterly in arrears. Calculation of interest shall be on the basis of actual days elapsed in a year of 360 days.

 

 The Holdco PIK Bridge Loan Documentation will include provisions with respect to determining whether the Borrower is entitled to pay all or any portion of the interest on the Holdco PIK Bridge Loans as Cash Interest and/or PIK Interest consistent with and substantially similar to (and in any event, no less favorable to the Sponsor, the Borrower and its subsidiaries than) those provisions for cash interest and PIK interest contained in the Holdco PIK Indenture Precedent.
  
Default Rate:At the request of the Holdco PIK Bridge Administrative Agent, overdue principal, interest, fees and other amounts shall bear interest at the applicable interest rate plus 2.00% per annum.
  
 Notwithstanding anything to the contrary set forth herein, in no event shall any cap or limit on the yield or interest rate payable with respect to the Holdco PIK Bridge Loans, Senior Holdco PIK Term Loans or Senior Holdco PIK Exchange Notes affect the payment of any default rate of interest in respect of any Holdco PIK Bridge Loans or Senior Holdco PIK Term Loans.

 

B-5 

 

 

Mandatory Prepayment:

The Borrower will be required to prepay the Holdco PIK Bridge Loans at 100% of the outstanding principal amount thereof plus accrued and unpaid interest with(i)the net cash proceeds from the issuance of the Holdco PIK Notes; (ii) the net cash proceeds from the issuance of any Refinancing Debt (to be defined in a manner consistent with the standard set forth under the heading “Documentation” below) by the Borrower; (iii) the net cash proceeds of any public equity issuances subject to exceptions to be agreed, including an exception for any issuances to the Sponsor or any of its affiliates; and (iv)  the net cash proceeds from any non-ordinary course asset sales by the Borrower or any of its restricted subsidiaries in excess of amounts either reinvested or required to be paid to the lenders or holders under the Existing Cash Flow Credit Agreement, the Existing ABL Credit Agreement, the Existing Indenture, the Bridge Loans (as defined in the AcquisitionCo Commitment Letter), the Secured Notes (as defined in the AcquisitionCo Commitment Letter) and any other indebtedness of a restricted subsidiary of the Borrower, in each case with exceptions and baskets consistent with the standard set forth under the heading “Documentation” below, including, but not limited to, exceptions and baskets no more restrictive than those applicable to the Bridge Loan Documentation (as defined in the AcquisitionCo Commitment Letter), the Securities Documentation (as defined in the Fee Letter (as defined in the AcquisitionCo Commitment Letter)) or the Existing Indenture; provided that (1) the percentage of any applicable net cash proceeds from non-ordinary course asset sales required to prepay the Holdco PIK Bridge Loans shall be subject to reductions to 50% and 0% based upon achievement of (A) in the case of any such non-ordinary course asset sale by the Borrower or any restricted subsidiary thereof (other than the Company or any restricted subsidiary thereof), a Consolidated Total Leverage Ratio (to be defined in a manner consistent with the standard set forth under the heading “Documentation” below, the “Consolidated Total Leverage Ratio”) of 6.75:1.00 and 6.25:1.00, respectively, or (B) in the case of any such non-ordinary course asset sale by the Company or any restricted subsidiary thereof, a Consolidated Secured Leverage Ratio (to be defined in a manner consistent with the standard set forth under the heading “Documentation” below, the “Consolidated Secured Leverage Ratio”) of the Company of 4.00:1.00 and 3.50:1.00, respectively, and (2) to the extent that dividending or distributing any or all of the applicable net cash proceeds from non- ordinary course asset sales required to prepay the Holdco PIK Bridge Loans by a restricted subsidiary to the Borrower would be restricted or limited under the Existing Cash Flow Credit Agreement, the Existing ABL Credit Agreement, the Existing Indenture, the Bridge Loans (as defined in the AcquisitionCo Commitment Letter), the Secured Notes (as defined in the AcquisitionCo Commitment Letter), any other indebtedness of the Borrower and its subsidiaries in existence on the Closing Date or any agreement that amends, modifies, renews, increases, decreases, supplements, refunds, replaces or refinances such indebtedness or any indebtedness incurred by the Borrower or any restricted subsidiary thereof in compliance with the covenant in the Holdco PIK Bridge Loan Documentation for restrictions on indebtedness and such restriction or limitation on the ability to make such dividend or distribution is otherwise permitted by the covenant in the Holdco PIK Bridge Loan Documentation for restrictions on limitations on distributions from subsidiaries, the portion of such net cash proceeds so affected will not be required to be applied in compliance with clause (iv) above, and such amounts may be retained by the applicable restricted subsidiary; provided further that in the case of an issuance of Holdco PIK Securities (as defined in the Fee Letter) (with such proceeds being applied to repay the Holdco PIK Bridge Loans prior to the repayment of outstanding indebtedness under the Existing Cash Flow Credit Agreement, the Existing ABL Credit Agreement, the Existing Indenture, the Bridge Loans (as defined in the AcquisitionCo Commitment Letter) or the Secured Notes (as defined in the AcquisitionCo Commitment Letter)) to any Lender (or any of its affiliates) or any person to whom a Lender participated an interest in the Holdco PIK Bridge Loans (or any of such participant’s affiliates) (such Lenders, participants and affiliates, “Specified Holdco PIK Bridge Parties”), the net cash proceeds received by the Borrower in respect of such Holdco PIK Securities acquired by such Specified Holdco PIK Bridge Parties may, at the option of such Specified Holdco PIK Bridge Party, be applied first to prepay the Holdco PIK Bridge Loans of such Specified Holdco PIK Bridge Party prior to being applied to prepay the Holdco PIK Bridge Loans held by other Lenders on a pro rata basis. The Borrower will also be required to offer to prepay the Holdco PIK Bridge Loans following the occurrence of a Change of Control (to be defined in a manner consistent with the standard set forth under the heading “Documentation” below) at 100% of the outstanding principal amount thereof, plus accrued and unpaid interest to but excluding the date of repayment. In the event that one or more of the step- downs for the percentage of the net cash proceeds required to be applied for mandatory prepayments pursuant to clause (iv) (as set forth in the Holdco PIK Bridge Loan Documentation) are achieved, the retained net cash proceeds from any such asset sale or disposition shall be deemed to be “Retained Asset Sale Proceeds.” Notwithstanding the foregoing, mandatory prepayments made pursuant to clause (iv) above shall be limited to the extent that the Borrower determines in good faith that such prepayments would either (i) result in material adverse tax consequences to TopCo or one of its subsidiaries related to the repatriation of funds in connection therewith by foreign subsidiaries or (ii) (1) be prohibited or delayed by or violate or conflict with applicable law, (2) be restricted by applicable organizational documents or any agreement, (3) be subject to other organizational or administrative impediments or (4) conflict with the fiduciary duties of the applicable directors, or result in, or could reasonably be expected to result in, a material risk of personal or criminal liability for any applicable officer, director or manager, in each case, from being repatriated.

 

B-6 

 

 

Optional Prepayment:The Holdco PIK Bridge Loans may be prepaid, in whole or in part, at par plus accrued and unpaid interest upon not less than three days’ prior written notice, at the option of the Borrower at any time.

 

Documentation:

The definitive documentation for the Holdco PIK Bridge Facility (the “Holdco PIK Bridge Loan Documentation”), the definitive terms of which will be negotiated in good faith, will be consistent with this Term Sheet and, subject to the foregoing, will otherwise be consistent with, substantially similar to and no less favorable to the Sponsor, the Borrower and its subsidiaries than, that certain Indenture, dated as of April 12, 2018, among Pisces Midco, Inc., the subsidiary guarantors from time to time party thereto and Wilmington Trust, National Association, as trustee (the “Precedent Indenture”), and will take into account and be modified fully as appropriate to (n) reflect the Term SOFR provisions in the Term SOFR Precedent, (o) reflect the holding company nature of the Holdco PIK Bridge Facility in a manner consistent with and substantially similar to (and in any event, no less favorable to the Sponsor, the Borrower and its subsidiaries than) the Holdco PIK Indenture Precedent (including by providing for certain baskets to have separate exceptions with respect to the Borrower and any restricted subsidiary thereof (other than the Company and any restricted subsidiary thereof) and the Company and any restricted subsidiary thereof), (p) delete the requirements of clauses (a)(1) and (a)(2) in Section 409 of the Precedent Indenture, (q) provide that a division of a LLC under the Delaware LLC Act is an “Asset Disposition” subject to the “sales of assets and subsidiary stock” covenant unless the divided LLC is a restricted subsidiary, (r) modify clause (y) of the definition of “Consolidated EBITDA” to (1) remove the cap on the add-back for projected cost savings, (2) extend the time period for which actions in connection therewith have been taken or with respect to which substantial steps in connection therewith have been taken or are expected to be taken from 18 months to 36 months and (3) include operating expense reductions, revenue or operating enhancements and synergies (including revenue synergies, including those related to new contract, business and customer wins, the modification or renegotiation of contracts and other arrangements and pricing adjustments and increases), (s) modify clause (z) of the definition of “Consolidated EBITDA” to also include adjustments consistent with Regulation S-X or additions of the type reflected in any of (1) the Sponsor’s financial model, provided to the Lead Arrangers on or around February 15, 2022, (2) the Quality of Earnings report of PricewaterhouseCoopers LLP, dated as of February 24, 2022, (3) the Lender Presentation and/or the prospectus or other offering memorandum relating to the Holdco PIK Secured Notes or Securities or (4) any other quality of earnings analysis prepared by independent certified public accountants of nationally recognized standing or any other accounting firm reasonably acceptable to the Bridge Administrative Agent (it being understood that any “Big Four” accounting firms are acceptable) and delivered to the Holdco PIK Bridge Administrative Agent in connection with an acquisition or other investment permitted under the Holdco PIK Bridge Loan Documentation, (t) modify clause (iv) of the definition of “Consolidated Net Income” to also include any exceptional, special or infrequent gain, loss or charge and any gain, loss or charge not in the ordinary course of business, (u) modify clause (ii) of the definition of “Consolidated Secured Indebtedness” and clause (iii) of the definition of “Consolidated Total Indebtedness” to (1) measure the amount of cash, Cash Equivalents and Temporary Cash Investments (each to be defined in a manner consistent with the standard set forth under this heading “Documentation”) held by the Borrower and its restricted subsidiaries as of the end of the most recently ended fiscal month of the Borrower for which consolidated financial statements are available, (2) include cash, Cash Equivalents and Temporary Cash Investments that cash collateralize letters of credit issued on behalf of the Borrower or any of its restricted subsidiaries, including the proceeds of any indebtedness being incurred at the time of determination, (3) include cash, Cash Equivalents and Temporary Cash Investments from the proceeds of any capital contribution to the Borrower or from the issuance or sale of its capital stock, from the proceeds of any asset disposition or from any incurrence of indebtedness since the end of such fiscal month and on or prior to the date of determination, but excluding any proceeds of any revolving credit facility of the Borrower and its restricted subsidiaries (other than to the extent such proceeds are intended to be promptly applied for working capital purposes) and (4) include any outstanding loans under any revolving facility used to finance the working capital needs of the Borrower and its restricted subsidiaries (as determined by the Borrower in good faith), (v) modify the definition of “Consolidated Total Indebtedness” to exclude (1) any unreimbursed outstanding drawn amounts under funded letters of credit (provided that such amounts shall not be counted as debt until five business days after such amounts were drawn), (2) indebtedness or other obligations arising from any cash management or related services and (3) financing leases and any other lease obligations, (w) provide that any requirement contained in the Precedent Indenture that any indebtedness incurred after the Closing Date be subject to a subordination or intercreditor agreement shall be deemed to be satisfied so long as the parties providing such indebtedness execute the required subordination or intercreditor agreement, (x) provide that the Borrower may extend annual reporting deadlines to 150 days and quarterly reporting deadlines to 90 days for any fiscal period in which the Borrower has consummated a material acquisition or investment (as determined by the Borrower in good faith), (y) include grower components for all dollar-denominated thresholds and baskets and (z) reflect the terms set forth in the Commitment Letter and the Fee Letter, taking into account differences related to the Borrower, the Company and their respective subsidiaries (including as to operational and strategic requirements of the Borrower, the Company and their respective subsidiaries in light of their jurisdictions of incorporation, size, industries, businesses, business practices and business plans) (it being understood that basket sizes and incurrence tests will be set taking into account the relative EBITDA and total assets of the Borrower, the Company and their respective subsidiaries on a consolidated basis after giving pro forma effect to the Transactions); and with respect to those provisions reflecting credit agreement format (including representations and warranties, EU and UK “bail-in” provisions, customary U.S. Department of Labor lender regulatory representations, QFC provisions and erroneous payment provisions), consistent with the Cash Flow Facilities Documentation (as defined in the AcquisitionCo Commitment Letter), and will take into account and be modified fully as appropriate to reflect the technical aspects of the Holdco PIK Bridge Facility and strictly ministerial administrative changes reasonably requested by the Holdco PIK Bridge Administrative Agent and agreed to by the Borrower, and in any event, will contain only those conditions to borrowing, prepayments, representations and warranties, covenants and events of default expressly set forth in this Term Sheet; provided that the terms of the Holdco PIK Bridge Loan Documentation shall give due regard to (i) that certain draft First Lien Credit Agreement, posted to the lenders on August 10, 2021, among Project Sky Merger Sub Inc. (succeeded via merger by Cloudera, Inc.), the subsidiary borrowers from time to time party thereto, the lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, and (ii) that certain Preliminary Offering Circular, dated October 18, 2021, with respect to LABL, Inc.’s senior secured notes due 2028 (collectively, the “Sponsor Precedent Facility”). Notwithstanding the foregoing, the only conditions to the availability of the Holdco PIK Bridge Facility on the Closing Date shall be the applicable conditions set forth in the second sentence of the Funding Conditions Provision and in Exhibit C to the Commitment Letter.

 

B-7 

 

 

Conditions to Bridge Loans:Borrowing under the Holdco PIK Bridge Facility will be subject solely to (a) the applicable conditions set forth in the second sentence of the Funding Conditions Provision and in Exhibit C to the Commitment Letter and (b) the condition that the Specified Representations and, to the extent required by the Funding Conditions Provision, the Company Representations, shall be true and correct in all material respects on and as of the Closing Date (although any Specified Representation or Company Representation which expressly relates to a given date or period shall be required only to be true and correct in all material respects as of the respective date or for the respective period, as the case may be). To the extent that any representations and warranties made on, or as of, the Closing Date (or a date prior thereto) are qualified by or subject to “material adverse effect”, the definition thereof shall be “Material Adverse Effect” as defined in the Company Acquisition Agreement, for purposes of such representations and warranties.

 

Representations and Warranties:The Holdco PIK Bridge Loan Documentation will contain representations and warranties consistent with and substantially similar to (and, in any event, no less favorable to the Sponsor, the Borrower and its subsidiaries than) those in the Cash Flow Facilities Documentation, including as to exceptions and qualifications. The failure of any representation or warranty (other than the Specified Representations or the Company Representations, subject to the Funding Conditions Provision) to be true and correct on the Closing Date shall not constitute the failure of a condition precedent to funding or a default under the Holdco PIK Bridge Loan Documentation.

 

Covenants:

The Holdco PIK Bridge Loan Documentation will contain such affirmative and negative covenants with respect to the Borrower and its restricted subsidiaries as are usual and customary for bridge loan financings of this type consistent with the standard set forth under the heading “Documentation” above, it being understood and agreed that the covenants of the Holdco PIK Bridge Loans (and the Senior Holdco PIK Term Loans) will be incurrence-based covenants consistent with the standard set forth under the heading “Documentation” above and shall in no event be more restrictive than the corresponding covenants in the Bridge Loan Documentation (as defined in the AcquisitionCo Commitment Letter), the Securities Documentation (as defined in the Fee Letter (as defined in the AcquisitionCo Commitment Letter)) or the Existing Indenture and shall be limited to the following: (a) furnishing of financial statements (such covenant to be no less favorable to the Sponsor, the Borrower and its subsidiaries than the corresponding covenant in the Bridge Loan Documentation (as defined in the AcquisitionCo Commitment Letter), the Securities Documentation (as defined in the Fee Letter (as defined in the AcquisitionCo Commitment Letter)) or the Existing Indenture), (b) requirements as to future subsidiary guarantors, (c) restrictions on liens (with exceptions to allow, among other things, (i) liens securing the Existing Cash Flow Credit Agreement (including Incremental Commitments (as defined in the Existing Cash Flow Credit Agreement)), the Existing ABL Credit Agreement (including Incremental Facilities (as defined in the Existing ABL Credit Agreement) and the Incremental ABL Facility (as defined in the AcquisitionCo Commitment Letter)), the Bridge Loans (as defined in the AcquisitionCo Commitment Letter), the Senior Secured Term Loans (as defined in the AcquisitionCo Commitment Letter), the Senior Secured Exchange Notes (as defined in the AcquisitionCo Commitment Letter), the Secured Notes (as defined in the AcquisitionCo Commitment Letter) and the Securities (as defined in the Fee Letter (as defined in the AcquisitionCo Commitment Letter)), (ii) liens securing indebtedness incurred pursuant to the RP Debt Basket (as defined below), (iii) liens securing debt incurred pursuant to clause (d)(iii) below, (iv) liens securing contribution indebtedness), (v) liens securing indebtedness of the Borrower or any restricted subsidiary thereof (other than the Company or any restricted subsidiary thereof) if either (x) after giving effect to the incurrence of such amount, the Consolidated Secured Leverage Ratio is equal to or less than 5.75:1.00 or (y) the pro forma Consolidated Secured Leverage Ratio after giving effect to such incurrence does not exceed the Consolidated Secured Leverage Ratio in effect prior to such transactions and (vi) liens securing indebtedness of the Company or any restricted subsidiary thereof, provided that to the extent such liens are on Collateral (as defined in the Existing Cash Flow Credit Agreement), such liens rank junior to the liens securing the Existing Cash Flow Credit Agreement), (d) restrictions on indebtedness (with exceptions to allow, among other things, the incurrence of indebtedness (i) in respect of the Existing Cash Flow Credit Agreement (including Incremental Commitments (as defined in the Existing Cash Flow Credit Agreement)), the Existing ABL Credit Agreement (including Incremental Facilities (as defined in the Existing ABL Credit Agreement) and the Incremental ABL Facility (as defined in the AcquisitionCo Commitment Letter)), the Existing Indenture, the Bridge Loans (as defined in the AcquisitionCo Commitment Letter), the Senior Secured Term Loans (as defined in the AcquisitionCo Commitment Letter), the Senior Secured Exchange Notes (as defined in the AcquisitionCo Commitment Letter), the Secured Notes (as defined in the AcquisitionCo Commitment Letter), the Securities (as defined in the Fee Letter (as defined in the AcquisitionCo Commitment Letter)), the Holdco PIK Notes and the Holdco PIK Securities, (ii) in an amount that is twice the amount of restricted payments that the Borrower and its restricted subsidiaries would have been able to make on the date of such incurrence under specified restricted payment baskets, including, without limitation, the consolidated net income builder basket and the Retained Asset Sale Proceeds basket (the “RP Debt Basket”), (iii) in the case of secured indebtedness, in an aggregate principal amount not to exceed the sum of (a) (1) in the case of the Borrower or any restricted subsidiary thereof (other than the Company or any restricted subsidiary thereof), either (x) after giving effect to the incurrence of such amount, the Consolidated Secured Leverage Ratio (to be defined in a manner consistent with the standard set forth under the heading “Documentation” above, the “Consolidated Secured Leverage Ratio”) is equal to or less than 5.00:1.00 or (y) the pro forma Consolidated Secured Leverage Ratio after giving effect to such incurrence does not exceed the Consolidated Secured Leverage Ratio in effect prior to such transactions, or (2) in the case of the Company or any restricted subsidiary thereof, either (x) after giving effect to the incurrence of such amount, the Consolidated Secured Leverage Ratio of the Company is equal to or less than 5.00:1.00 or (y) the pro forma Consolidated Secured Leverage Ratio of the Company after giving effect to such incurrence does not exceed the Consolidated Secured Leverage Ratio of the Company in effect prior to such transactions (the amount available under this clause (a), the “Ratio Incremental Debt Basket”) and (b) the greater of (x) $760.0 million and (y) an amount equal to pro forma EBITDA for the four most recently ended fiscal quarters for which financial statements of the Borrower are available (the amount available under this clause (b), the “Cash Capped Incremental Debt Basket”); provided that (x) at the Borrower’s option, capacity under the Ratio Incremental Debt Basket shall be deemed to be used before capacity under the Cash Capped Incremental Debt Basket and (y) indebtedness may be incurred under the Ratio Incremental Debt Basket, the Cash Capped Incremental Debt Basket, the Revolving Commitments (as defined in the Existing Cash Flow Credit Agreement), the Existing ABL Credit Agreement (including Incremental Facilities (as defined in the Existing ABL Credit Agreement) and the Incremental ABL Facility (as defined in the AcquisitionCo Commitment Letter)), any other revolving credit facility and/or any other applicable basket that is not based on a Consolidated Secured Leverage Ratio incurrence test, and proceeds from any such incurrence may be utilized in a single transaction or series of related transactions by first calculating the amount available to be incurred under the Ratio Incremental Debt Basket by disregarding any concurrent utilization of the Cash Capped Incremental Debt Basket, the Revolving Commitments (as defined in the Existing Cash Flow Credit Agreement), the Existing ABL Credit Agreement (including Incremental Facilities (as defined in the Existing ABL Credit Agreement) and the Incremental ABL Facility (as defined in the AcquisitionCo Commitment Letter)), any other revolving credit facility and/or any other applicable basket that is not based on a Consolidated Secured Leverage Ratio incurrence test (provided that any portion of any indebtedness incurred under the Cash Capped Incremental Debt Basket may be reclassified, as the Borrower may elect from time to time, as having been incurred under the Ratio Incremental Debt Basket if the Borrower meets the ratio under the Ratio Incremental Debt Basket at such time on a pro forma basis) and (iv) in the case of other indebtedness, (1) in the case of the Borrower or any restricted subsidiary thereof (other than the Company or any restricted subsidiary thereof), either (x) after giving effect to the incurrence of such amount, the Consolidated Total Leverage Ratio is equal to or less than 6.55:1.00, (y) the pro forma Consolidated Total Leverage Ratio after giving effect to such incurrence does not exceed the Consolidated Total Leverage Ratio in effect prior to such transactions or (z) after giving effect to the incurrence of such amount, either (1) the Consolidated Coverage Ratio (to be defined in a manner consistent with the standard set forth under the heading “Documentation” above, the “Consolidated Coverage Ratio”) is greater than or equal to 1.75:1.00 or (2) the pro forma Consolidated Coverage Ratio after giving effect to such incurrence is not less than the Consolidated Coverage Ratio in effect prior to such transactions, or (2) in the case of the Company or any restricted subsidiary thereof, either (x) after giving effect to the incurrence of such amount, the Consolidated Total Leverage Ratio of the Company is equal to or less than 6.55:1.00, (y) the pro forma Consolidated Total Leverage Ratio of the Company after giving effect to such incurrence does not exceed the Consolidated Total Leverage Ratio of the Company in effect prior to such transactions or (z) after giving effect to the incurrence of such amount, either (1) the Consolidated Coverage Ratio of the Company is greater than or equal to 1.75:1.00 or (2) the pro forma Consolidated Coverage Ratio of the Company after giving effect to such incurrence is not less than the Consolidated Coverage Ratio of the Company in effect prior to such transactions (provided that this exception shall not be subject to any cap on the amount of indebtedness that can be incurred by restricted subsidiaries that are not Subsidiary Guarantors or Escrow Subsidiaries (each to be defined in a manner consistent with the standard set forth under the heading “Documentation” above))), (e) restrictions on restricted payments, including dividends, distributions, stock repurchases or redemptions, investments and certain optional prepayments on contractually subordinated debt (with exceptions to allow, among other things, (i) payments of contractually subordinated debt pursuant to “AHYDO Saver” provisions in respect of such debt, (ii) an unlimited amount of restricted payments subject to pro forma compliance with (1) with respect to any such restricted payment by the Borrower or any restricted subsidiary thereof (other than the Company or any restricted subsidiary thereof), a maximum Consolidated Total Leverage Ratio of, (x) in the case of restricted payments in respect of equity interests, 5.75:1.00, (y) in the case of investments, either (1) 6.25:1.00 or (2) the Consolidated Total Leverage Ratio in effect prior to such investment and (z) in the case of prepayments of contractually subordinated debt, 5.75:1.00, and (2) with respect to any such restricted payment by the Company or any restricted subsidiary thereof, a maximum Consolidated Total Leverage Ratio of, (x) in the case of restricted payments in respect of equity interests, 5.25:1.00, (y) in the case of investments, either (1) 5.50:1.00 or (2) the Consolidated Total Leverage Ratio in effect prior to such investment and (z) in the case of prepayments of contractually subordinated debt, 5.50:1.00, (iii) restricted payments made with Retained Asset Sale Proceeds, (iv) restricted payments following a qualified IPO in an amount in any fiscal year of the sum of (x) 7.0% of the aggregate proceeds received by the Borrower, directly or indirectly, in or from such qualified IPO and (y) 7.0% of the market capitalization, (v) Parent Expenses (to be defined in a manner no less favorable to the Sponsor, the Borrower and its subsidiaries than the definition of such term in the Precedent Indenture and in a manner that treats any partnership or other entity through which the Investors, directly or indirectly, hold their equity interests in TopCo as if it were a “Parent Entity”), (vi) restricted payments in connection with the Transactions (including payments in connection with the Acquisition) and (vii) debt incurred under the Facilities to finance the Transactions and payments relating thereto, as applicable, on or after the Closing Date), (f) restrictions on sales of assets and subsidiary stock, (g) restrictions on limitations on distributions from subsidiaries, (h) restrictions on mergers, consolidations and sales of all or substantially all of the assets of the Borrower, (i) restrictions on transactions with affiliates (with exceptions to allow, among other things, transactions approved by a majority of disinterested directors) and (j) repurchase of Holdco PIK Bridge Loans upon a Change of Control (to be defined consistent with the standard set forth under the heading “Documentation” above); provided that the “baskets” for the covenants under the Holdco PIK Bridge Loan Documentation will be sized (1) other than in the case of ratio-based baskets, at least 25% above the levels of such “baskets” under the Bridge Loan Documentation (as defined in the AcquisitionCo Commitment Letter) or the Securities Documentation (as defined in the Fee Letter (as defined in the AcquisitionCo Commitment Letter)) and (2) in the case of ratio-based baskets, with an additional cushion of 0.25x against the applicable ratio of such ratio-based baskets under the Bridge Loan Documentation (as defined in the AcquisitionCo Commitment Letter) or the Securities Documentation (as defined in the Fee Letter (as defined in the AcquisitionCo Commitment Letter)). Prior to the Maturity Date, the restricted payments covenant and ratio debt and the general baskets under the indebtedness covenant of the Holdco PIK Bridge Loans will be more restrictive than those of the Senior Holdco PIK Term Loans and the Senior Holdco PIK Exchange Notes, as reasonably agreed by the Lead Holdco PIK Bridge Arrangers and the Borrower; provided that such baskets shall not be any more restrictive than those of the Bridge Loan Documentation (as defined in the AcquisitionCo Commitment Letter), the Securities Documentation (as defined in the Fee Letter (as defined in the AcquisitionCo Commitment Letter)) or the Existing Indenture. Notwithstanding the foregoing, Section 409(a)(3)(A) of the Holdco PIK Bridge Loan Documentation shall include a starter dollar basket equal to the amount as of the Closing Date that would be available to the Company to make restricted payments pursuant to Section 409(a)(3) of the Precedent Indenture.

 

B-8 

 

 

 The Holdco PIK Bridge Loan Documentation will include ‘limited condition transaction’ provisions consistent with the Sponsor Precedent Facilities.
 
Financial Maintenance Covenants: None.
  

B-9 

 

 

Events of Default:The Holdco PIK Bridge Loan Documentation will contain such events of default (including grace periods and threshold amounts, including a 180-day grace period for failure to deliver financial statements and related compliance certificates) consistent with the standard set forth under the heading “Documentation” above (and in any event no more restrictive than the corresponding default provisions of the Bridge Loan Documentation (as defined in the AcquisitionCo Commitment Letter), the Securities Documentation (as defined in the Fee Letter (as defined in the AcquisitionCo Commitment Letter)) or the Existing Indenture), consisting of and limited to: nonpayment of principal, interest or other amounts (provided that the Holdco PIK Bridge Loan Documentation shall include an exception for nonpayments of any of principal, interest or other amounts resulting from the Borrower’s good faith payment of an invoice received from the Holdco PIK Bridge Administrative Agent); violation of covenants; incorrectness of representations and warranties in any material respect (subject to a 30-day grace period in the case of misrepresentations that are capable of being cured); cross acceleration to material indebtedness; bankruptcy or insolvency of the Borrower or its significant subsidiaries; material monetary judgments; ERISA events; and actual or asserted invalidity of the guarantees of significant subsidiaries. Notwithstanding the foregoing, the Holdco PIK Bridge Loan Documentation shall provide that (x) a notice of default may not be given with respect to any action taken, and reported publicly or to Lenders, more than two years prior to such notice of default and (y) any time period in the Holdco PIK Bridge Loan Documentation to cure any actual or alleged default or event of default may be extended or stayed by a court of competent jurisdiction to the extent such actual or alleged default or event of default is the subject of litigation.
  
Cost and Yield Protection:The Holdco PIK Bridge Loan Documentation will contain cost and yield protection provisions consistent with and substantially similar to (and, in any event, no less favorable to the Sponsor, the Borrower and its subsidiaries than) those in the Cash Flow Facilities Documentation, including as to exceptions and qualifications.
  
Assignments and Participations:The Lenders will have the right to assign Holdco PIK Bridge Loans after the Closing Date to financial institutions or institutional investors in accordance with applicable law, without the consent of the Borrower (other than to any Disqualified Institution); provided, however, that prior to the date that is one year after the Closing Date and so long as a Demand Failure Event (as defined in the Fee Letter) has not occurred and no payment or bankruptcy event of default (with respect to the Borrower) shall have occurred and is continuing, the consent of the Borrower shall be required with respect to any assignment (such consent not to be unreasonably withheld) if, subsequent thereto, the Committed Lenders would hold, in the aggregate, less than 51% of the outstanding Holdco PIK Bridge Loans.

 

B-10 

 

 

  The Lenders will be permitted to sell participations in Holdco PIK Bridge Loans without restriction, other than as set forth in this paragraph, and in accordance with applicable law. Prior to any participation in any Holdco PIK Bridge Loans, the applicable Lender shall have provided the Borrower with not less than five business days’ advance notice of such participation. Voting rights of participants shall be limited to matters in respect of (a) increases in commitments participated to such participants, (b) reductions of principal, interest or fees, (c) extensions of final maturity and (d) releases of all or substantially all of the value of the Guarantees. Participations to any Disqualified Institution and natural persons shall be prohibited. Participants will have the same benefits as the selling Lenders would have (and will be limited to the amount of such benefits) with regard to yield protection and increased costs, subject to customary limitations and restrictions.
  
 Notwithstanding the foregoing, in no event shall the Holdco PIK Bridge Administrative Agent be obligated to ascertain, monitor or inquire as to whether any person is a Disqualified Institution or have any liability with respect to or arising out of any assignment or participation of Holdco PIK Bridge Loans by the Lenders or disclosure of confidential information by the Lenders, in each case, to any Disqualified Institution, except to the extent determined by a court of competent jurisdiction in a final and non-appealable decision to have resulted from the gross negligence, bad faith or willful misconduct of the Holdco PIK Bridge Administrative Agent (it being understood this exception shall not apply if the Borrower shall have knowingly consented in writing to an applicable assignment to such Disqualified Institution).

 

B-11 

 

 

Voting:Amendments and waivers of the Holdco PIK Bridge Loan Documentation will require the approval of Lenders holding more than 50% of the outstanding Holdco PIK Bridge Loans, except that the consent of each Lender directly and adversely affected thereby will be required for (i) reductions of principal, interest rates or the Applicable Margin, (ii) extensions of the Maturity Date (except as provided under the heading “Maturity” above) or the Extended Maturity Date, (iii) additional restrictions on the right to exchange Senior Holdco PIK Term Loans for Senior Holdco PIK Exchange Notes or any amendment of the rate of such exchange, (iv) any amendment to the Senior Holdco PIK Exchange Notes that requires (or would, if any Senior Holdco PIK Exchange Notes were outstanding, require) the approval of all holders of Senior Holdco PIK Exchange Notes, (v) subject to certain exceptions consistent with the standard set forth under the heading “Documentation” above, releases of all or substantially all of the value of the Guarantees (other than in connection with any release or sale of the relevant Guarantor permitted by the Holdco PIK Bridge Loan Documentation) and (vi) modifications to any of the voting percentages.
  
 The Holdco PIK Bridge Loan Documentation will include provisions with respect to “net short lenders” substantially similar to (and in any event, no less favorable to the Sponsor, the Borrower and its subsidiaries than) those provisions for “net short lenders” contained in the Sponsor Precedent Facilities.
  
Indemnification:The Holdco PIK Bridge Loan Documentation will contain indemnification provisions consistent with and substantially similar to (and, in any event, no less favorable to the Sponsor, the Borrower and its subsidiaries than) those in the Cash Flow Facilities Documentation, including as to exceptions and qualifications.
  
Governing Law:New York.

 

Counsel to the Holdco PIK Bridge Administrative Agent:Cahill Gordon & Reindel LLP.
  

 

B-12 

 

 

ANNEX I to EXHIBIT B

 

Senior Holdco PIK Term Loans

 

Maturity:The Senior Holdco PIK Term Loans will mature on the date that is five years after the Closing Date.

 

Interest Rate:The Senior Holdco PIK Term Loans will bear interest at an interest rate per annum equal to the Holdco PIK Total Cap (the “Senior Holdco PIK Term Loan Interest Rate”). Interest shall be payable on the last day of each fiscal quarter of the Borrower and on the maturity date of the Senior Holdco PIK Term Loans, in each case payable in arrears and computed on the basis of a 360 day year.
  
 The definitive documentation for the Senior Holdco PIK Term Loans will include provisions with respect to determining whether the Borrower is entitled to pay all or any portion of the interest on the Senior Holdco PIK Term Loans in cash or in-kind consistent with and substantially similar to (and in any event, no less favorable to the Sponsor, the Borrower and its subsidiaries than) those provisions for cash interest and PIK interest contained in the Holdco PIK Indenture Precedent.
  
Default Rate: Overdue principal, interest, fees and other amounts shall bear interest at the applicable interest rate plus 2.00% per annum.
  
Ranking:Same as Holdco PIK Bridge Loans.
  
Guarantees:Same as Holdco PIK Bridge Loans.
  
Covenants, Defaults and Mandatory Prepayments:Upon and after the Conversion Date, the covenants, offers to purchase and defaults which would be applicable to the Senior Holdco PIK Exchange Notes, if issued, will also be applicable to the Senior Holdco PIK Term Loans in lieu of the corresponding provisions of the Holdco PIK Bridge Loan Documentation.
  
Optional Prepayment:The Senior Holdco PIK Term Loans may be prepaid, in whole or in part, at par, plus accrued and unpaid interest upon not less than three days’ prior written notice, at the option of the Borrower at any time.

 

B-II-1 

 

 

 In addition, at the option of the Borrower, an “AHYDO Saver” provision will be included.
  
Governing Law:     New York.

 

B-II-2 

 

 

CONFIDENTIAL       ANNEX II to
   EXHIBIT B

 

Senior Holdco PIK Exchange Notes

 

Issuer:The Borrower will issue the Senior Holdco PIK Exchange Notes under an indenture which will not be qualified under the Trust Indenture Act of 1939, as amended. The Borrower, in its capacity as the issuer of the Senior Holdco PIK Exchange Notes, is referred to as the “Issuer”.
  
Principal Amount:      The Senior Holdco PIK Exchange Notes will be available only in exchange for the Senior Holdco PIK Term Loans on or after the Conversion Date. The principal amount of any Senior Holdco PIK Exchange Note will equal 100% of the aggregate principal amount of the Senior Holdco PIK Term Loan for which it is exchanged. In the case of any partial exchange, the initial minimum amount of Senior Holdco PIK Term Loans to be exchanged for Senior Holdco PIK Exchange Notes will equal $150.0 million of the aggregate principal amount of the Senior Holdco PIK Term Loans, and thereafter a minimum amount of $150.0 million (or, if less, the aggregate amount of remaining Senior Holdco PIK Term Loans) for any further exchanges.
  
Maturity:The Senior Holdco PIK Exchange Notes will mature on the date that is five years after the Closing Date.
  
Interest Rate: The Senior Holdco PIK Exchange Notes will bear interest payable semi-annually, in arrears, at a rate equal to the Holdco PIK Total Cap.
  
 The Senior Holdco PIK Exchange Note Documentation (as defined under the heading “Documentation” below) will include provisions with respect to determining whether the Issuer is entitled to pay all or any portion of the interest on the Senior Holdco PIK Exchange Notes in cash or in-kind consistent with and substantially similar to (and in any event, no less favorable to the Sponsor, the Issuer and its subsidiaries than) those provisions for cash interest and PIK interest contained in the Holdco PIK Indenture Precedent.
  
Ranking:Same as Holdco PIK Bridge Loans and Senior Holdco PIK Term Loans.

 

B-II-3 

 

 

Guarantees:Same as Holdco PIK Bridge Loans and Senior Holdco PIK Term Loans.
  
Documentation:      The definitive documentation for the Senior Holdco PIK Exchange Notes (the “Senior Holdco PIK Exchange Note Documentation”), the definitive terms of which will be negotiated in good faith, will be consistent with this Term Sheet and, subject to the foregoing, will otherwise be consistent with, substantially similar to and no less favorable to the Sponsor, the Issuer and its subsidiaries than, that certain Indenture, dated as of April 12, 2018, among Pisces Midco, Inc., the subsidiary guarantors from time to time party thereto and Wilmington Trust, National Association, as trustee (the “Precedent Indenture”), and will take into account and be modified fully as appropriate to (o) reflect the holding company nature of the Senior Holdco PIK Exchange Note Documentation in a manner consistent with and substantially similar to (and in any event, no less favorable to the Sponsor, the Issuer and its subsidiaries than) the Holdco PIK Indenture Precedent (including by providing for certain baskets to have separate exceptions with respect to the Issuer and any restricted subsidiary thereof (other than the Company and any restricted subsidiary thereof) and the Company and any restricted subsidiary thereof), (p) delete the requirements of clauses (a)(1) and (a)(2) in Section 409 of the Precedent Indenture, (q) provide that a division of a LLC under the Delaware LLC Act is an “Asset Disposition” subject to the “sales of assets and subsidiary stock” covenant unless the divided LLC is a restricted subsidiary (r) modify clause (y) of the definition of “Consolidated EBITDA” to (1) remove the cap on the add-back for projected cost savings, (2) extend the time period for which actions in connection therewith have been taken or with respect to which substantial steps in connection therewith have been taken or are expected to be taken from 18 months to 36 months and (3) include operating expense reductions, revenue or operating enhancements and synergies (including revenue synergies, including those related to new contract, business and customer wins, the modification or renegotiation of contracts and other arrangements and pricing adjustments and increases), (s) modify clause (z) of the definition of “Consolidated EBITDA” to also include adjustments consistent with Regulation S-X or additions of the type reflected in any of (1) the Sponsor’s financial model, provided to the Lead Arrangers on or around February 15, 2022, (2) the Quality of Earnings report of PricewaterhouseCoopers LLP, dated as of February 24, 2022, (3) the Lender Presentation and/or the prospectus or other offering memorandum relating to the Holdco PIK Secured Notes or Securities or (4) any other quality of earnings analysis prepared by independent certified public accountants of nationally recognized standing or any other accounting firm in connection with an acquisition or other investment permitted under the Senior Holdco PIK Exchange Note Documentation, (t) modify clause (iv) of the definition of “Consolidated Net Income” to also include any exceptional, special or infrequent gain, loss or charge and any gain, loss or charge not in the ordinary course of business, (u) modify clause (ii) of the definition of “Consolidated Secured Indebtedness” and clause (iii) of the definition of “Consolidated Total Indebtedness” to (1) measure the amount of cash, Cash Equivalents and Temporary Cash Investments (each to be defined in a manner consistent with the standard set forth under this heading “Documentation”) held by the Issuer and its restricted subsidiaries as of the end of the most recently ended fiscal month of the Issuer for which consolidated financial statements are available, (2) include cash, Cash Equivalents and Temporary Cash Investments that cash collateralize letters of credit issued on behalf of the Issuer or any of its restricted subsidiaries, including the proceeds of any indebtedness being incurred at the time of determination, (3) include cash, Cash Equivalents and Temporary Cash Investments from the proceeds of any capital contribution to the Issuer or from the issuance or sale of its capital stock, from the proceeds of any asset disposition or from any incurrence of indebtedness since the end of such fiscal month and on or prior to the date of determination, but excluding any proceeds of any revolving credit facility of the Issuer and its restricted subsidiaries (other than to the extent such proceeds are intended to be promptly applied for working capital purposes) and (4) include any outstanding loans under any revolving facility used to finance the working capital needs of the Issuer and its restricted subsidiaries (as determined by the Issuer in good faith), (v) modify the definition of “Consolidated Total Indebtedness” to exclude (1) any unreimbursed outstanding drawn amounts under funded letters of credit (provided that such amounts shall not be counted as debt until five business days after such amounts were drawn), (2) indebtedness or other obligations arising from any cash management or related services and (3) financing leases and any other lease obligations, (w) provide that any requirement contained in the Precedent Indenture that any indebtedness incurred after the Closing Date be subject to a subordination or intercreditor agreement shall be deemed to be satisfied so long as the parties providing such indebtedness execute the required subordination or intercreditor agreement, (x) provide that the Issuer may extend annual reporting deadlines to 150 days and quarterly reporting deadlines to 90 days for any fiscal period in which the Issuer has consummated a material acquisition or investment (as determined by the Issuer in good faith), (y) include grower components for all dollar-denominated thresholds and baskets and (z) reflect the terms set forth in the Commitment Letter and the Fee Letter, taking into account differences related to the Issuer, the Company and their respective subsidiaries (including as to operational and strategic requirements of the Issuer, the Company and their respective subsidiaries in light of their jurisdictions of incorporation, size, industries, businesses, business practices and business plans) (it being understood that basket sizes and incurrence tests will be set taking into account the relative EBITDA and total assets of the Issuer, the Company and their respective subsidiaries on a consolidated basis after giving pro forma effect to the Transactions), and in any event will contain only those covenants and events of default expressly set forth in the Term Sheet to which this Annex II is attached; provided that the terms of the Senior Holdco PIK Exchange Notes shall give due regard to the Sponsor Precedent Facilities.

 

B-II-4 

 

 

 The Senior Holdco PIK Exchange Note Documentation will include provisions with respect to “net short holders” substantially similar to (and in any event, no less favorable to the Sponsor, the Issuer and its subsidiaries than) those provisions for “net short holders” contained in the Sponsor Precedent Facilities.
  
Offer to Purchase from Asset Sale Proceeds:The Issuer will be required to make an offer to repurchase the Senior Holdco PIK Exchange Notes (and, if outstanding, prepay the Senior Holdco PIK Term Loans) on a pro rata basis, which offer shall be at 100% (with reductions of the percentage required to be offered to 50% and 0% based upon achievement of (A) in the case of any such non-ordinary course asset sale by the Issuer or any restricted subsidiary thereof (other than the Company or any restricted subsidiary thereof), a Consolidated Total Leverage Ratio (to be defined in a manner consistent with the standard set forth under the heading “Documentation” above, the “Consolidated Total Leverage Ratio”) of 6.75:1.00 and 6.25:1.00, respectively or (B) in the case of any such non-ordinary course asset sale by the Company or any restricted subsidiary thereof, a Consolidated Secured Leverage Ratio (to be defined in a manner consistent with the standard set forth under the heading “Documentation” above, the “Consolidated Secured Leverage Ratio”) of the Company of 4.00:1.00 and 3.50:1.00, respectively) of the principal amount thereof plus accrued and unpaid interest to but excluding the date of repurchase with a portion of the net cash proceeds of all non-ordinary course asset sales by the Issuer and its restricted subsidiaries in excess of amounts either reinvested or required to be paid to the lenders or holders under the Cash Flow Facilities Documentation, the Existing ABL Credit Agreement, the Existing Indenture, the Bridge Loans (as defined in the AcquisitionCo Commitment Letter), the Secured Notes (as defined in the AcquisitionCo Commitment Letter) and any other indebtedness of a restricted subsidiary of the Issuer, with such proceeds being applied to the Senior Holdco PIK Term Loans, the Senior Holdco PIK Exchange Notes and the Holdco PIK Notes in a manner to be agreed, subject to other exceptions and baskets consistent with the Senior Holdco PIK Exchange Note Documentation, including, but not limited to, exceptions and baskets no more restrictive than those applicable to the Bridge Loan Documentation (as defined in the AcquisitionCo Commitment Letter), the Securities Documentation (as defined in the Fee Letter (as defined in the AcquisitionCo Commitment Letter)) or the Existing Indenture; provided that to the extent that dividending or distributing any or all of the applicable net cash proceeds from non-ordinary course asset sales required to prepay the Holdco PIK Bridge Loans by a restricted subsidiary to the Issuer would be restricted or limited under the Existing Cash Flow Credit Agreement, the Existing ABL Credit Agreement, the Existing Indenture, the Bridge Loans (as defined in the AcquisitionCo Commitment Letter), the Secured Notes (as defined in the AcquisitionCo Commitment Letter), any other indebtedness of the Issuer and its subsidiaries in existence on the Closing Date or any agreement that amends, modifies, renews, increases, decreases, supplements, refunds, replaces or refinances such indebtedness or any indebtedness incurred by the Issuer or any restricted subsidiary thereof in compliance with the covenant in the Senior Holdco PIK Exchange Note Documentation for restrictions on indebtedness and such restriction or limitation on the ability to make such dividend or distribution is otherwise permitted by the covenant in the Senior Holdco PIK Exchange Note Documentation for restrictions on limitations on distributions from subsidiaries, the portion of such net cash proceeds so affected will not be required to be applied in compliance with the above, and such amounts may be retained by the applicable restricted subsidiary. In the event that one or more of the step-downs in the preceding sentence are achieved, the retained net cash proceeds from any such asset sale or disposition shall be deemed to be “Retained Asset Sale Proceeds.” Notwithstanding the foregoing, such offer to repurchase above shall be limited to the extent that the Issuer determines in good faith that such prepayments would either (i) result in material adverse tax consequences to TopCo or one of its subsidiaries related to the repatriation of funds in connection therewith by foreign subsidiaries or (ii) (1) be prohibited or delayed by or violate or conflict with applicable law, (2) be restricted by applicable organizational documents or any agreement, (3) be subject to other organizational or administrative impediments or (4) conflict with the fiduciary duties of the applicable directors, or result in, or could reasonably be expected to result in, a material risk of personal or criminal liability for any applicable officer, director or manager, in each case, from being repatriated.

 

B-II-5 

 

 

 

Offer to Purchase upon Change of Control: After making any payments required to be made to repay the Cash Flow Facilities Documentation, the Existing ABL Credit Agreement, the Existing Indenture, the Bridge Loans (as defined in the AcquisitionCo Commitment Letter) and the Secured Notes (as defined in the AcquisitionCo Commitment Letter), the Issuer will be required to make an offer to repurchase the Senior Holdco PIK Exchange Notes following the occurrence of a Change of Control (to be defined consistent with the Senior Holdco PIK Exchange Note Documentation) at a price in cash equal to (i) with respect to Senior Holdco PIK Exchange Notes held by any Committed Lenders or any of their affiliates (other than asset management affiliates purchasing the Senior Holdco PIK Exchange Notes in the ordinary course of their business as part of a regular distribution of the Senior Holdco PIK Exchange Notes, and excluding Senior Holdco PIK Exchange Notes acquired pursuant to bona fide open market purchases from third parties or market making activities), 100% of the outstanding principal amount thereof, and (ii) with respect to Senior Holdco PIK Exchange Notes held by any other person, 101% of the outstanding principal amount thereof, in each case, plus accrued and unpaid interest, if any, to but excluding the date of repurchase, unless the Issuer shall redeem such Senior Holdco PIK Exchange Notes pursuant to the “Optional Redemption” section below. However, the Issuer will not be required to make a Change of Control Offer (to be defined consistent with the Senior Holdco PIK Exchange Note Documentation) if, after the public announcement that a definitive agreement for a Change of Control has been entered into, the Issuer (or any affiliate of the Issuer) has made an offer to purchase all of the Senior Holdco PIK Exchange Notes validly tendered and not withdrawn at a cash price no less than 101% or 100%, as applicable, of the principal amount thereof, plus accrued and unpaid interest, if any, to but excluding the date of repurchase, and the Issuer or such affiliate purchases all Senior Holdco PIK Exchange Notes validly tendered and not withdrawn in accordance therewith. If at least 90% of the aggregate principal amount of the outstanding Senior Holdco PIK Exchange Notes are validly tendered and not withdrawn in any Change of Control Offer, Asset Sale Offer (to be defined consistent with the Senior Holdco PIK Exchange Note Documentation) or tender offer made pursuant to the immediately preceding sentence, the Issuer or the third party making such Change of Control Offer, Asset Sale Offer or tender offer shall have the option to redeem all Senior Holdco PIK Exchange Notes that remain outstanding following such purchase at a price in cash equal to 101% or 100%, as applicable, of the outstanding principal amount thereof plus accrued and unpaid interest, if any, to but excluding the date of such redemption.

 

B-II-6 

 

 

Optional Redemption:Except as set forth in the next three succeeding paragraphs, the Senior Holdco PIK Exchange Notes will be non-callable prior to the first anniversary of the Closing Date. Thereafter, each such Senior Holdco PIK Exchange Note may be redeemed, in whole or in part, at the option of the Issuer at a price equal to 100% of the aggregate principal amount redeemed plus accrued and unpaid interest, if any, plus a premium equal to 2.000%, with such premium declining ratably to zero on the date that is two years prior to the maturity date of such Senior Holdco PIK Exchange Notes.
  
 Prior to the first anniversary of the Closing Date, the Issuer may redeem such Senior Holdco PIK Exchange Notes at a make-whole price based on the yield on U.S. Treasury notes with a maturity closest to the second anniversary of the Closing Date plus 50 basis points.
  
 Prior to the first anniversary of the Closing Date, the Issuer may redeem such Senior Holdco PIK Exchange Notes, in whole or in part, with an amount equal to proceeds from any equity offering at a price equal to par plus 2.000%; provided, however, that Senior Holdco PIK Exchange Notes in a principal amount equal to at least 50% of the aggregate principal amount of such Senior Holdco PIK Exchange Notes originally issued remain outstanding after such redemption unless all such Senior Holdco PIK Exchange Notes are redeemed substantially concurrently.

 

B-II-7 

 

 

  Any Senior Holdco PIK Exchange Notes owned by any of the Committed Lenders or any affiliate thereof (other than asset management affiliates purchasing the Senior Holdco PIK Exchange Notes in the ordinary course of their business as part of a regular distribution of the Senior Holdco PIK Exchange Notes, and excluding Senior Holdco PIK Exchange Notes acquired pursuant to bona fide open market purchases from third parties or market making activities) (that have not been resold by it at the time of notice of repurchase or redemption) may be repurchased or redeemed in whole or in part at the option of the Issuer at a price equal to 100% of the aggregate principal amount of Senior Holdco PIK Exchange Notes to be repurchased or redeemed plus accrued and unpaid interest, if any, including accrued and unpaid PIK Interest.
   
  In addition, at the option of the Issuer, an “AHYDO Saver” provision will be included.
   
  The optional redemption provisions will be otherwise consistent with the standard set forth under the heading “Documentation” above.
   
Defeasance and Discharge Provisions: Consistent with the standard set forth under the heading “Documentation” above.

 

Modification:Consistent with the standard set forth under the heading “Documentation” above.

 

Registration Rights:None. The Senior Holdco PIK Exchange Notes will be “Rule 144A for life”.

 

Right to Transfer Exchange Notes: The holders of the Senior Holdco PIK Exchange Notes shall have the absolute and unconditional right to transfer such notes in compliance with applicable law to any third parties.

 

B-II-8 

 

 

Covenants:Consistent with the standard set forth under the heading “Documentation” above, and in no event more restrictive than the corresponding covenants in the Bridge Loan Documentation (as defined in the AcquisitionCo Commitment Letter), the Securities Documentation (as defined in the Fee Letter (as defined in the AcquisitionCo Commitment Letter)) or the Existing Indenture or (if applicable) the Holdco PIK Bridge Loan Documentation. Notwithstanding the foregoing, (v) the definition of “Permitted Liens” in the Precedent Indenture shall be modified to permit (i) liens securing the Existing Cash Flow Credit Agreement (including Incremental Commitments (as defined in the Existing Cash Flow Credit Agreement)), the Existing ABL Credit Agreement (including Incremental Facilities (as defined in the Existing ABL Credit Agreement) and the Incremental ABL Facility (as defined in the AcquisitionCo Commitment Letter)), the Bridge Loans (as defined in the AcquisitionCo Commitment Letter), the Senior Secured Term Loans (as defined in the AcquisitionCo Commitment Letter), the Senior Secured Exchange Notes (as defined in the AcquisitionCo Commitment Letter), the Secured Notes (as defined in the AcquisitionCo Commitment Letter) and the Securities (as defined in the Fee Letter (as defined in the AcquisitionCo Commitment Letter)), (ii) liens securing debt incurred pursuant to the RP Debt Basket (as defined below), (iii) liens securing debt incurred pursuant to clause (w)(iii) below, (iv) liens securing contribution indebtedness, (v) liens securing indebtedness of the Borrower or any restricted subsidiary thereof (other than the Company or any restricted subsidiary thereof) if either (x) after giving effect to the incurrence of such amount, the Consolidated Secured Leverage Ratio is equal to or less than 5.75:1.00 or (y) the pro forma Consolidated Secured Leverage Ratio after giving effect to such incurrence does not exceed the Consolidated Secured Leverage Ratio in effect prior to such transactions and (vi) liens securing indebtedness of the Company or any restricted subsidiary thereof, provided that to the extent such liens are on Collateral (as defined in the Existing Cash Flow Credit Agreement), such liens rank junior to the liens securing the Existing Cash Flow Credit Agreement), (w) Section 407 of the Precedent Indenture shall be modified so that indebtedness can be incurred (i) in respect of the Existing Cash Flow Credit Agreement (including Incremental Commitments (as defined in the Existing Cash Flow Credit Agreement)), the Existing ABL Credit Agreement (including Incremental Facilities (as defined in the Existing ABL Credit Agreement) and the Incremental ABL Facility (as defined in the AcquisitionCo Commitment Letter)), the Existing Indenture, the Bridge Loans (as defined in the AcquisitionCo Commitment Letter), the Senior Secured Term Loans (as defined in the AcquisitionCo Commitment Letter), the Senior Secured Exchange Notes (as defined in the AcquisitionCo Commitment Letter), the Secured Notes (as defined in the AcquisitionCo Commitment Letter), the Securities (as defined in the Fee Letter (as defined in the AcquisitionCo Commitment Letter)), the Senior Holdco PIK Term Loans, the Holdco PIK Notes and the Holdco PIK Securities, (ii) in an amount that is twice the amount of restricted payments that the Issuer and its restricted subsidiaries would have been able to make on the date of such incurrence under specified restricted payment baskets, including, without limitation, the consolidated net income builder basket and the Retained Asset Sale Proceeds basket (the “RP Debt Basket”), (iii) in the case of secured indebtedness, in an aggregate principal amount not to exceed the sum of (a) (1) in the case of the Issuer or any restricted subsidiary thereof (other than the Company or any restricted subsidiary thereof), either (x) after giving effect to the incurrence of such amount, the Consolidated Secured Leverage Ratio (to be defined in a manner consistent with the standard set forth under the heading “Documentation” above, the “Consolidated Secured Leverage Ratio”) is equal to or less than 5.00:1.00 or (y) the pro forma Consolidated Secured Leverage Ratio after giving effect to such incurrence does not exceed the Consolidated Secured Leverage Ratio in effect prior to such transactions, or (2) in the case of the Company or any restricted subsidiary thereof, either (x) after giving effect to the incurrence of such amount, the Consolidated Secured Leverage Ratio of the Company is equal to or less than 5.00:1.00 or (y) the pro forma Consolidated Secured Leverage Ratio of the Company after giving effect to such incurrence does not exceed the Consolidated Secured Leverage Ratio of the Company in effect prior to such transactions (the amount available under this clause (a), the “Ratio Incremental Debt Basket”) and (b) the greater of (x) $760.0 million and (y) an amount equal to pro forma EBITDA for the four most recently ended fiscal quarters for which financial statements of the Issuer are available (the amount available under this clause (b), the “Cash Capped Incremental Debt Basket”); provided that (x) at the Issuer’s option, capacity under the Ratio Incremental Debt Basket shall be deemed to be used before capacity under the Cash Capped Incremental Debt Basket and (y) indebtedness may be incurred under the Ratio Incremental Debt Basket, the Cash Capped Incremental Debt Basket, the Revolving Commitments (as defined in the Existing Cash Flow Credit Agreement), the Existing ABL Credit Agreement (including Incremental Facilities (as defined in the Existing ABL Credit Agreement) and the Incremental ABL Facility (as defined in the AcquisitionCo Commitment Letter)), any other revolving credit facility and/or any other applicable basket that is not based on a Consolidated Secured Leverage Ratio incurrence test, and proceeds from any such incurrence may be utilized in a single transaction or series of related transactions by first calculating the amount available to be incurred under the Ratio Incremental Debt Basket by disregarding any concurrent utilization of the Cash Capped Incremental Debt Basket, the Revolving Commitments (as defined in the Existing Cash Flow Credit Agreement), the Existing ABL Credit Agreement (including Incremental Facilities (as defined in the Existing ABL Credit Agreement) and the Incremental ABL Facility (as defined in the AcquisitionCo Commitment Letter)), any other revolving credit facility and/or any other applicable basket that is not based on a Consolidated Secured Leverage Ratio incurrence test (provided that any portion of any indebtedness incurred under the Cash Capped Incremental Debt Basket may be reclassified, as the Issuer may elect from time to time, as having been incurred under the Ratio Incremental Debt Basket if the Issuer meets the ratio under the Ratio Incremental Debt Basket at such time on a pro forma basis) and (iv) in the case of other indebtedness (1) in the case of the Issuer or any restricted subsidiary thereof (other than the Company or any restricted subsidiary thereof), either (x) after giving effect to the incurrence of such amount, the Consolidated Total Leverage Ratio is equal to or less than 6.55:1.00, (y) the pro forma Consolidated Total Leverage Ratio after giving effect to such incurrence does not exceed the Consolidated Total Leverage Ratio in effect prior to such transactions or (z) after giving effect to the incurrence of such amount, either (1) the Consolidated Coverage Ratio (to be defined in a manner consistent with the standard set forth under the heading “Documentation” above, the “Consolidated Coverage Ratio”) is greater than or equal to 1.75:1.00 or (2) the pro forma Consolidated Coverage Ratio after giving effect to such incurrence is not less than the Consolidated Coverage Ratio in effect prior to such transactions, or (2) in the case of the Company or any restricted subsidiary thereof, either (x) after giving effect to the incurrence of such amount, the Consolidated Total Leverage Ratio of the Company is equal to or less than 6.55:1.00, (y) the pro forma Consolidated Total Leverage Ratio of the Company after giving effect to such incurrence does not exceed the Consolidated Total Leverage Ratio of the Company in effect prior to such transactions or (z) after giving effect to the incurrence of such amount, either (1) the Consolidated Coverage Ratio of the Company is greater than or equal to 1.75:1.00 or (2) the pro forma Consolidated Coverage Ratio of the Company after giving effect to such incurrence is not less than the Consolidated Coverage Ratio of the Company in effect prior to such transactions (provided that this exception shall not be subject to any cap on the amount of indebtedness that can be incurred by restricted subsidiaries that are not Subsidiary Guarantors or Escrow Subsidiaries (each to be defined in a manner consistent with the standard set forth under the heading “Documentation” above)), (x) Section 409(b) of the Precedent Indenture shall be modified so that restricted payments may be made (i) with Retained Asset Sale Proceeds, (ii) in an unlimited amount of restricted payments subject to pro forma compliance with (1) with respect to any such restricted payment by the Issuer or any restricted subsidiary thereof (other than the Company or any restricted subsidiary thereof), a maximum Consolidated Total Leverage Ratio of, (x) in the case of restricted payments in respect of equity interests, 5.75:1.00, (y) in the case of investments, either (1) 6.25:1.00 or (2) the Consolidated Total Leverage Ratio in effect prior to such investment and (z) in the case of prepayments of contractually subordinated debt, 5.75:1.00, and (2) with respect to any such restricted payment by the Company or any restricted subsidiary thereof, a maximum Consolidated Total Leverage Ratio of, (x) in the case of restricted payments in respect of equity interests, 5.25:1.00, (y) in the case of investments, either (1) 5.50:1.00 or (2) the Consolidated Total Leverage Ratio in effect prior to such investment and (z) in the case of prepayments of contractually subordinated debt, 5.50:1.00, (iii) following a qualified IPO in an amount in any fiscal year of the sum of (x) 7.0% of the aggregate proceeds received by the Issuer, directly or indirectly, in or from such qualified IPO and (y) 7.0% of the market capitalization, (iv) in respect of Parent Expenses (to be defined in a manner no less favorable to the Sponsor, the Issuer and its subsidiaries than the definition of such term in the Precedent Indenture and in a manner that treats any partnership or other entity through which the Investors, directly or indirectly, hold their equity interests in TopCo as if it were a “Parent Entity”), (v) in connection with the Transactions (including payments in connection with the Acquisition) and (vi) in respect of debt incurred under the Facilities to finance the Transactions and payments relating thereto, as applicable, on or after the Closing Date, (y) Section 409(a)(3)(A) of the Senior Holdco PIK Exchange Note Documentation shall include a starter dollar basket equal to the amount as of the Closing Date that would be available to the Company to make restricted payments pursuant to Section 409(a)(3) of the Precedent Indenture and (z) the “baskets” for the covenants under the Senior Holdco PIK Exchange Note Documentation will be sized (1) other than in the case of ratio-based baskets, at least 25% above the levels of such “baskets” under the Bridge Loan Documentation (as defined in the AcquisitionCo Commitment Letter) or the Securities Documentation (as defined in the Fee Letter (as defined in the AcquisitionCo Commitment Letter)) and (2) in the case of ratio-based baskets, with an additional cushion of 0.25x against the applicable ratio of such ratio-based baskets under the Bridge Loan Documentation (as defined in the AcquisitionCo Commitment Letter) or the Securities Documentation (as defined in the Fee Letter (as defined in the AcquisitionCo Commitment Letter)).

 

B-II-9 

 

 

Events of Default:Consistent with the standard set forth under the heading “Documentation” above, and in no event more restrictive than the corresponding default provisions of the Bridge Loan Documentation (as defined in the AcquisitionCo Commitment Letter), the Securities Documentation (as defined in the Fee Letter (as defined in the AcquisitionCo Commitment Letter)) or the Existing Indenture or (if applicable) the Holdco PIK Bridge Loan Documentation. Notwithstanding the foregoing, (x) Section 601 of the Precedent Indenture shall be modified to provide that a notice of default may not be given with respect to any action taken, and reported publicly or to holders, more than two years prior to such notice of default and (y) Section 602 of the Precedent Indenture shall be modified to provide that any time period in the Senior Holdco PIK Exchange Note Documentation to cure any actual or alleged default or event of default may be extended or stayed by a court of competent jurisdiction to the extent such actual or alleged default or event of default is the subject of litigation.

 

Governing Law: New York. No documentation shall be qualified under the Trust Indenture Act (the “TIA”) and the documentation shall not be subject to the TIA nor will it contain any provision corresponding to or similar to certain provisions of the TIA (including § 316(b) of the TIA) that would otherwise be applicable if the documentation were so qualified.

 

B-II-10 

 

 

CONFIDENTIALEXHIBIT C

 

Project Camelot

Summary of Additional Conditions

 

All capitalized terms used but not defined herein shall have the meaning given to them in the Commitment Letter to which this Summary of Additional Conditions is attached, including the other Exhibits thereto.

 

Except as otherwise set forth below, the initial borrowing under the Holdco PIK Bridge Facility shall be subject to the satisfaction (or (i) in the case of each of paragraphs (1), (2), (3), (5), (6), (7) and (9), waiver by the Lead Arrangers holding at least a majority of the commitments under the Holdco PIK Bridge Facility or (ii) in the case of each of paragraphs (4) and (8), waiver by the Lead Arrangers) of the following additional conditions:

 

1.            The Company Shares Acquisition shall have been or, substantially concurrently with the initial borrowing under the Holdco PIK Bridge Facility shall be, consummated in all material respects in accordance with the terms of the Company Acquisition Agreement, without giving effect to any modifications, amendments, express waivers or express consents thereunder by Holdings that are materially adverse to the Lenders (in their capacities as such) without the consent of the Lead Arrangers holding at least a majority of the commitments under the Holdco PIK Bridge Facility (such consent not to be unreasonably withheld, conditioned or delayed and provided that the Lead Arrangers shall be deemed to have consented to such modification, amendment, waiver or consent unless they shall object thereto within two business days after receipt of written notice of such modification, amendment, waiver or consent), it being understood and agreed that (i) any change in the purchase price shall not be deemed to be materially adverse to the Lenders but (x) any resulting reduction in cash uses shall be allocated (a) first, to a reduction of the Equity Contribution to the level set forth in paragraph (a) in the Transaction Description, and (b) second, (I) 80.0% to a reduction in the Holdco PIK Bridge Facility and/or the Holdco PIK Notes that are issued on or prior to the Closing Date, which reduction in the Holdco PIK Bridge Facility and/or the Holdco PIK Notes shall not result in the Holdco PIK Bridge Facility and the Holdco PIK Notes in the aggregate of less $200.0 million, unless the Holdco PIK Bridge Facility and the Holdco PIK Notes are reduced to $0, then followed by a reduction in the Opco Bridge Facility and/or the Opco Secured Notes that are issued on or prior to the Closing Date, which reduction in the Opco Bridge Facility and/or the Opco Secured Notes shall not result in the Opco Bridge Facility and the Opco Secured Notes in the aggregate of less than $200.0 million, unless the Opco Bridge Facility and the Opco Secured Notes are reduced to $0, and then followed by a reduction of the outstanding Term Loans (as defined in the Existing Cash Flow Credit Agreement) and (II) 20.0% to a reduction in the Equity Contribution and (y) any increase in purchase price (excluding, for the avoidance of doubt, any purchase price adjustments in accordance with the terms of the Company Acquisition Agreement, with respect to which there shall be no limitation on source of funding) shall be funded (at Topco’s option) with (1) cash on hand, (2) the proceeds of an equity contribution, (3) the proceeds of borrowings under the Revolving Commitments (as defined in the Existing Cash Flow Credit Agreement) and/or the Commitments (as defined in the Existing ABL Credit Agreement) and/or (4) the proceeds of Incremental ABL Loans and (ii) any modification, amendment, express waiver or express consent to the definition of “Material Adverse Effect” in the Company Acquisition Agreement shall be deemed to be materially adverse to the Lenders (in their capacities as such); provided that the Lead Arrangers shall be deemed to have consented to such modification, amendment, express waiver or express consent unless they shall object thereto within two business days after receipt of written notice of such modification, amendment, express waiver or express consent.

 

C-1

 

 

2.            The Equity Contribution shall have been or, substantially concurrently with the initial borrowing under the Holdco PIK Bridge Facility shall be, consummated.

 

3.[Reserved].

 

4.            All fees related to the Transactions payable to the Lead Arrangers, the Holdco PIK Bridge Administrative Agent or the Lenders under the Commitment Letter and the Fee Letter shall have been paid to the extent due.

 

5.            The Lead Arrangers shall have received (a) audited consolidated balance sheets and related statements of income or operations, stockholders’ equity and cash flows of the Company for the two most recently completed fiscal years ended at least 90 days prior to the Closing Date and (b) unaudited consolidated balance sheets and related statements of income or operations and cash flows of the Company for any subsequent fiscal quarter and the portion of the fiscal year through the end of such quarter (other than, in each case, the fourth fiscal quarter of any fiscal year) ended at least 45 days prior to the Closing Date. The Lead Arrangers hereby acknowledge receipt of the financial statements referred to in the foregoing clause (a) for the fiscal years ended December 31, 2020 and December 31, 2021.

 

6.            The Lead Arrangers shall have received a certificate of the chief financial officer or treasurer (or other comparable officer) of the Company substantially in the form of Exhibit H to the Existing Cash Flow Credit Agreement certifying the solvency, after giving effect to the Transactions on the Closing Date (including, if applicable, the Fund VIII Shares Acquisition), of the Borrower and its subsidiaries on a consolidated basis.

 

C-2

 

 

7.            With respect to the Holdco PIK Bridge Facility, (a) one or more investment banks reasonably satisfactory to the Lead Arrangers (collectively, the “Investment Banks”) shall have been engaged to privately place the Holdco PIK Notes (it being understood and agreed that the investment banks engaged on the date hereof are satisfactory to the Lead Arrangers) and (b) the Lead Arrangers and the Investment Banks each shall have received as promptly as practicable but, in any event, no later than 15 consecutive business days prior to the Closing Date (or such shorter period ending upon the issuance of the Holdco PIK Notes or otherwise reasonably acceptable to the Lead Arrangers) (provided that (i) if such 15 consecutive business day period shall not have ended on or prior to August 19, 2022, then such 15 consecutive business day period shall not commence prior to September 6, 2022 and (ii) November 25, 2022 shall not constitute a business day for purposes of calculating such 15 consecutive business day period) (such period, the “Marketing Period”), a preliminary offering memorandum which shall be in customary complete form suitable for use in a customary “high yield road show” relating to the offering of the Holdco PIK Notes (except for portions thereof and information that would customarily be provided by the Investment Banks, and parts for which (including the description of notes) the Investment Bank’s or its advisors’ cooperation or approval is required for them to be complete), which preliminary offering memorandum shall contain information regarding the Company and its subsidiaries of the type and form customarily included in private placements by affiliates of the Sponsor under Rule 144A under the Securities Act for non-convertible debt securities, and financial statements, pro forma financial statements, business and other financial data of the Company and its subsidiaries of the type required in a registered offering by Regulation S-X and Regulation S-K under the Securities Act (other than Rules 3-05, 3-09, 3-10 and 3-16 of Regulation S-X, Compensation Discussion and Analysis or other information required by Regulation S-K Items 402 and 601, segment reporting and disclosure, including, without limitation, any required by Regulation S-K Item 101(b) and FASB Accounting Standards Codification Topic 280, any financial information with respect to the Company and its subsidiaries on a non-consolidated basis and subject to other exceptions that are customary for private placements pursuant to Rule 144A promulgated under the Securities Act by affiliates of the Sponsor) or that would be necessary for the Investment Banks to receive customary (for offerings of high yield debt securities by affiliates of the Sponsor) “comfort” (including “negative assurance” comfort) from independent accountants of the Company in connection with the offering of the Holdco PIK Notes and, in the case of the annual financial statements, the auditors’ reports thereon (it being understood that such “comfort” letters may contain disclosures as to the omission of the items specified above and other customary items). Notwithstanding anything in this paragraph 7 to the contrary, the only financial statements that shall be required to be included in the preliminary offering memorandum shall be (I) those required to be delivered pursuant to paragraph 5 of this Summary of Additional Conditions and (II) to the extent customary for transactions of this type, pro forma financial statements (which need not be prepared in compliance with Regulation S- X of the Securities Act or include adjustments for purchase accounting to the extent not customary in private placements pursuant to Rule 144A promulgated under the Securities Act) relating to (i) the most recently completed fiscal year of the Company ended at least 90 days before the Closing Date and (ii) any subsequent interim period of the Company ended at least 45 days before the Closing Date, in each case, for which accompanying financial statements are required to be delivered pursuant to paragraph 5 of this Summary of Additional Conditions.

 

C-3

 

 

8.            The Lead Arrangers shall have received, at least three Business Days (as defined in the Company Acquisition Agreement) prior to the Closing Date, all documentation and other information as is reasonably requested in writing by the Holdco PIK Bridge Administrative Agent, at least ten Business Days (as defined in the Company Acquisition Agreement) prior to the Closing Date, about the Borrower mutually agreed to be required by applicable regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including, without limitation, the PATRIOT Act and the CDD Rule.

 

9.            Substantially concurrently with the initial borrowing under the Holdco PIK Bridge Facility, the net cash proceeds of the Opco Secured Notes and/or the Opco Bridge Facility shall have been received by AcquisitionCo.

 

The information required by condition 7 of this Summary of Additional Conditions above shall be referred to as the “Bridge Facility Required Information”. If at any time you shall in good faith believe that you have provided the Bridge Facility Required Information, you may deliver to the Lead Arrangers and their counsel a written notice (which may be delivered by email) to that effect (stating when you believe you completed such delivery), in which case the requirements in the foregoing condition 7 of this Summary of Additional Conditions will be deemed to have been satisfied as of the date of the applicable notice, unless the Lead Arrangers in good faith reasonably believe that you have not completed the delivery of the Bridge Facility Required Information and, within two business days after the delivery of such notice by you, deliver a written notice to you to that effect (stating with specificity which Bridge Facility Required Information you have not delivered).

 

C-4

 

 

Exhibit (b)(3)

 

Execution Version

 

March 5, 2022

 

To: Camelot Return Intermediate Holdings, LLC

 

Commitment Letter (the “Commitment Letter”)

 

Ladies and Gentlemen:

 

Reference is made to the Agreement and Plan of Merger, dated as of the date hereof (as the same may be amended, supplemented or otherwise modified from time to time, the “Merger Agreement”), by and among Camelot Return Intermediate Holdings, LLC, a Delaware limited liability company (“Parent”), Camelot Return Merger Sub, Inc., a Delaware corporation (“Merger Sub”), and Cornerstone Building Brands, Inc., a Delaware corporation (the “Company”). Capitalized terms used and not otherwise defined herein have the meanings ascribed to them in the Merger Agreement.

 

1.Subject only to the satisfaction or waiver by the undersigned (the “Investor”) of the conditions that (a) all conditions set forth in Section 7.1 and Section 7.2 of the Merger Agreement have been satisfied or waived by Parent (other than those conditions that by their terms are to be satisfied at the Closing, but subject to the satisfaction or waiver (to the extent permitted under the Merger Agreement) of such conditions) and the Closing is then occurring or required to occur pursuant to the Merger Agreement, and (b) the Debt Financing has been funded or will be funded at the Closing (in each case, in accordance with the terms and conditions of the Debt Commitment Letters and in an aggregate amount that, together with the Equity Financing, is sufficient to fund the Required Amounts), subject only to the Equity Financing being funded and the Financing Sources thereunder have indicated as such in writing, the Investor hereby agrees and commits that, at and subject to the commencement of the Closing, it will contribute, or cause to be contributed by one or more of its assignees permitted by the terms hereof, to Parent (directly, or indirectly through one or more parent companies of Parent, or otherwise), an aggregate amount, in immediately available funds, of $195,000,000 (such amount, the “Equity Commitment”), which Equity Commitment shall be used by Parent, together with the proceeds of the Debt Financing, to pay the Required Amounts at or after the Closing on the terms and subject to the conditions of the Merger Agreement and not for any other purpose; provided that, the Investor shall not, under any circumstances, be obligated to contribute to Parent more than the Equity Commitment. In the event, and only in the event, Parent does not require at or after the Closing the full amount of the Equity Commitment in order to pay the Required Amounts and consummate the Merger (including, for among other reasons, because of incremental Debt Financing or cash on the balance sheet of the Company, (i) any amount in excess of the full amount so required may be used to purchase, for cash, equity securities of the Company owned by Clayton, Dubilier & Rice Fund VIII, L.P. and its parallel investment funds and (ii) the portion of the Equity Commitment to be funded under this Commitment Letter may be reduced to the full amount so required.

 

2.The Investor’s obligation to fund the Equity Commitment and all of its obligations under this Commitment Letter with respect thereto will terminate automatically and immediately upon the earliest to occur of (a) the funding of the Equity Commitment to Parent to the extent required by Section 1, (b) payment of all Required Amounts, (c) valid termination of the Merger Agreement in accordance with its terms (provided that, for the avoidance of doubt, any purported termination of the Merger Agreement that is not, or is later determined not to have been, a valid termination shall not give rise to a termination of this Commitment Letter pursuant to this Section 2), (d) the payment in full by the Investor of all Obligations under that certain limited guarantee of even date herewith of the Investor (the “Investor Limited Guarantee”) or (e) the assertion in writing or filing of a claim, action, suit or legal proceeding (in either case, whether at law or in equity, in tort, contract or otherwise) by the Company or any of its controlled Affiliates or any of their respective members, managers, officers, directors, agents or attorneys (“Representatives”) (with respect to Representatives, solely to the extent such Representative is controlled by the Company or its Subsidiaries, or is acting at the direction of the Company or any of its Subsidiaries) under or in respect of the Merger Agreement, the Investor Limited Guarantee or the transactions contemplated hereby or thereby (including in respect of any oral representations made or alleged to have been made in connection herewith or therewith) against Parent, the Investor or any Investor/Parent Affiliates, other than a Permitted Claim. When used herein, a “Permitted Claim” means a claim, action, suit or legal proceeding by the Company (i) against the Investor to enforce the Investor’s obligation to fund the Equity Commitment, including through the Company’s right to obtain specific performance of Parent’s obligation to cause the Equity Commitment to be funded and consummate the Closing in accordance with the terms of Section 3 hereof and Sections 9.5(b) and 9.5(c) of the Merger Agreement, (ii) against Parent and Merger Sub under the Merger Agreement in accordance with and subject to the terms and conditions thereof (including the right of specific performance or similar injunctive relief in accordance with and solely to the extent permitted by Sections 9.5(b) and 9.5(c) thereof), (iii) against the Investor under the Investor Limited Guarantee in accordance with and subject to the terms and conditions thereof or (iv) against Clayton, Dubilier & Rice, LLC (“CD&R LLC”) pursuant to and solely to the extent permitted by that certain Non-Disclosure Agreement, dated as of January 22, 2022 by and between CD&R LLC and the Company ("Permitted NDA Claims"). Termination of this Commitment Letter shall not relieve the Investor of any liability or obligation it may have under the Investor Limited Guarantee.

 

 

 

 

3.This Commitment Letter shall be binding solely on the Investor and its successors and permitted assigns and inure solely to the benefit of Parent, and nothing set forth in this Commitment Letter (other than as set forth in this Section 3 and in Section 7 hereof) shall be construed to confer upon or give to any Person other than Parent and the Investor any benefits, rights or remedies under or by reason of, or any rights to enforce or cause Parent to enforce, the Equity Commitment or any other provisions of this Commitment Letter; provided, however, that, upon the terms and subject to the conditions of the Merger Agreement, including, without limitation, Sections 9.5(b) and 9.5(c) thereof, the Company is hereby expressly made a third party beneficiary of the rights granted to Parent hereunder only for the purpose of obtaining specific performance of Parent’s right to cause the Equity Commitment to be funded on the terms and subject to the conditions set forth in Section 1 hereunder, and for no other purpose (including, without limitation, any claim for monetary damages hereunder). The Investor/Parent Affiliates are hereby expressly made third party beneficiaries of the rights set forth in Sections 5, 6 and 7 herein. Parent’s creditors shall have no right to enforce this Commitment Letter or to cause Parent to enforce this Commitment Letter and, except as set forth in this Section 3 with respect to the Company and Sections 5, 6 and 7 with respect to the Investor/Parent Affiliates, no Person that is not a party to this Commitment Letter is a beneficiary or has any rights under this Commitment Letter. The Investor hereby waives any defense to specific performance with respect to its obligations hereunder that a remedy at law would be adequate or that, absent specific performance, no irreparable harm would be suffered and any requirement under applicable Law to post a bond or other security as a prerequisite to obtaining equitable relief.

 

2

 

 

4.The Investor’s obligation to fund the Equity Commitments may not be assigned, except as permitted in this paragraph. The Investor may assign all or a portion of its obligations to fund the Equity Commitment to any co-investor or any Affiliate or any fund managed or otherwise controlled by or under common control with the Investor that agrees to assume the Investor’s obligations hereunder so long as (i) such assignee is financially capable of fulfilling the assumed obligations and assigned rights hereunder and (ii) such assignment does not, in and itself, prevent, impair or delay the consummation of the Merger or the other transactions contemplated by the Merger Agreement; provided, however that any such assignment shall not relieve the Investor of (or otherwise affect) its obligations hereunder except to the extent actually funded by such assignee. The Equity Commitment set forth herein shall not be assignable by Parent without the Investor’s and the Company’s prior written consent. The Investor and Parent shall give written notice to the Company of any assignment pursuant to this paragraph that is effected prior to Closing as promptly as practicable thereafter (and in no event more than two (2) Business Days thereafter).

 

5.Notwithstanding anything that may be expressed or implied in this Commitment Letter or any document or instrument delivered contemporaneously herewith, and notwithstanding the fact that the Investor may be a limited partnership, Parent, by its acceptance of the benefits of this Commitment Letter, covenants, agrees and acknowledges that no Person other than the Investor or any of its successors or permitted assigns shall have any obligation under this Commitment Letter and no Permitted Claim may be asserted against any other Person other than as expressly set forth in the last sentence of Section 2 of this Commitment Letter. Accordingly, Parent agrees that, except as set forth in the immediately preceding sentence, it has no rights of recovery against, and no recourse under this Commitment Letter shall be had against, any former, current or future director, officer, agent, Affiliate, member, general or limited partner, manager, equityholder or employee of the Investor (or any of their successors or permitted assignees), or any Affiliate thereof or against any former, current or future director, officer, agent, employee, Affiliate, general or limited partner, equityholder, manager or member (or any of their successors or permitted assigns) of any of the foregoing (each, an “Investor/Parent Affiliate”; provided that, notwithstanding the foregoing, such defined term shall exclude the Company and its Subsidiaries, the Investor, Parent and Merger Sub and any Person to which (x) the Company or any of its Subsidiaries, Parent or Merger Sub has validly assigned its respective rights or obligations under the Merger Agreement or (y) the Investor has validly assigned all or any portion of the Equity Commitment or its obligations as a Guarantor (as defined in the Investor Limited Guarantee) under the Investor Limited Guarantee), whether by or through attempted piercing of the corporate veil, by or through a claim, action, suit or legal proceeding by or on behalf of Parent against the Investor/Parent Affiliates, by virtue of any Law, or otherwise. The parties hereto expressly agree and acknowledge that no personal liability whatsoever shall attach to, be imposed on, or otherwise be incurred by any Investor/Parent Affiliate (other than CD&R LLC with respect to any applicable Permitted Claim as set forth in the last sentence of Section 2 of this Commitment Letter), as such, for any obligations of the Investor under this Commitment Letter or the transactions contemplated hereby, under any documents or instruments delivered in connection herewith, in respect of any oral representations made or alleged to be made in connection herewith or therewith, or for any claim (whether at law or in equity, in tort, contract or otherwise) based on, in respect of, or by reason of, such obligations or their creation.

 

3

 

 

6.Parent further agrees that neither it nor any of its Affiliates shall have any right of recovery against the Investor or any Investor/Parent Affiliate, whether by piercing of the corporate veil, by a claim on behalf of Parent against the Investor or any Investor/Parent Affiliate, or otherwise, except for Parent’s right to be funded by the Investor under and to the extent provided in this Commitment Letter and subject to the terms and conditions hereof and of the Merger Agreement. Parent hereby covenants and agrees that it shall not institute, and shall cause its Affiliates not to institute, any action, suit or legal proceeding or bring any other claim (whether at law or in equity, in tort, contract or otherwise) arising under, or in connection with, the Merger Agreement or the transactions contemplated thereby, or in respect of any oral representations made or alleged to be made in connection therewith, against the Investor or any Investor/Parent Affiliate, except for any applicable Permitted Claims against such Person in accordance with the last sentence of Section 2 of this Commitment Letter. Notwithstanding anything to the contrary herein, the Company and its Subsidiaries shall not be considered Affiliates of Parent for purposes of this Commitment Letter.

 

7.Concurrently with the execution and delivery of this Commitment Letter, the Investor is executing and delivering to the Company the Investor Limited Guarantee related to certain payment obligations of Parent under the Merger Agreement. Except for any Permitted NDA Claim and the right of the Company to specifically enforce the provisions of this Commitment Letter to cause the Investor to contribute to Parent, or cause to be contributed to Parent, an aggregate amount of the Equity Commitment, upon the terms and subject to the conditions set forth in this Commitment Letter and the Merger Agreement, the Company’s remedies against the Investor under the Investor Limited Guarantee, subject to the express terms and conditions thereof, shall, and are intended to, be the exclusive remedy available to the Company against the Investor or any of its Investor/Parent Affiliates in respect of any liabilities or obligations arising under, or in connection with, the Merger Agreement or the transactions contemplated thereby, or in respect of any oral representations made or alleged to be made in connection therewith, including in the event Parent or Merger Sub breaches its obligations under the Merger Agreement, whether or not any such breach is caused by the Investor’s breach of its obligations under this Commitment Letter.

 

8.Each party hereto hereby represents and warrants, with respect to itself, to each other party that (a) it is duly organized, validly existing and in good standing under the Laws of the jurisdiction of its formation; (b) it has all necessary power and authority to execute, deliver and perform this Commitment Letter in accordance with the terms hereof; (c) the execution, delivery and performance of this Commitment Letter (excluding, with respect to applicable Law, the transactions contemplated by the Merger Agreement) have been duly authorized by all necessary action and do not conflict with, contravene or result in any default, breach, violation or infringement (with or without notice or lapse of time or both) of any provision of such party’s charter, partnership agreement, operating agreement or similar organizational or governing documents or any applicable Law; (d) this Commitment Letter has been duly and validly executed and delivered by such party and constitutes a legal, valid and binding obligation of such party enforceable against such party in accordance with its terms, subject to the Bankruptcy and Equity Exception; and (e) all consents, approvals, authorizations and permits of, filings with and notifications to, any Governmental Authority necessary for the due execution, delivery and performance of this Commitment Letter (excluding the transactions contemplated by the Merger Agreement) by it have been obtained or made and all conditions thereof have been duly complied with, and no other action by, and no other notice to or filing with, any Governmental Authority is required in connection with the execution, delivery or performance of this letter agreement by such party. The Investor hereby represents and warrants to Parent that it has the financial capacity to pay and perform its obligations under this Commitment Letter, and all funds necessary for it to fulfill its obligations hereunder shall be available to it on a timely basis for so long as this Commitment Letter shall remain in effect in accordance with Section 2 hereof.

 

4

 

 

9.This Commitment Letter may not be amended, restated, supplemented or otherwise modified, and no provision hereof waived or modified, except by an instrument in writing signed by Parent and the Investor; provided, that this Commitment Letter may not be amended, restated, supplemented or otherwise modified without the prior written consent of the Company if and to the extent that such amendment, restatement, supplement or other modification would adversely affect in any manner the Company or the Company’s rights as a third party beneficiary hereunder.

 

10.This Commitment Letter may be executed in any number of counterparts (including counterparts transmitted via facsimile or in .pdf or similar format) with the same effect as if all signatory parties had signed the same document. All counterparts shall be construed together and shall constitute one and the same instrument. In addition, facsimile or PDF signatures of authorized signatories of any party shall be valid and binding and delivery of a facsimile or PDF signature by any party shall constitute due execution and delivery of this Commitment Letter.

 

11.This Commitment Letter, and any action, suit or legal proceeding arising out of or in respect of this Commitment Letter, shall be governed by, and construed in accordance with, the internal laws of the State of Delaware applicable to agreements made and to be performed entirely within such state, without giving effect to its principles or rules of conflict of laws to the extent such principles or rules are not mandatorily applicable by statute and would require or permit the application of the laws of another jurisdiction. Each of the parties hereto: (i) irrevocably consents to the service of the summons and complaint and any other process (whether inside or outside the territorial jurisdiction of the Chosen Courts) in any action, suit or legal proceeding relating to this Commitment Letter, for and on behalf of itself or any of its properties or assets, in such manner as may be permitted by applicable Law, and nothing in this Section 10 will affect the right of any party hereto to serve legal process in any other manner permitted by applicable law; (ii) irrevocably and unconditionally consents and submits itself and its properties and assets in any action, suit or legal proceeding to the exclusive general jurisdiction of the Court of Chancery of the State of Delaware and any state appellate court therefrom within the State of Delaware (or, if the Court of Chancery of the State of Delaware declines to accept jurisdiction over a particular matter, any federal court within the State of Delaware) (the “Chosen Courts”) in the event that any dispute or controversy arises out of this Commitment Letter or the transactions contemplated hereby; (iii) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court; (iv) agrees that any action, suit or legal proceeding arising in connection with this Commitment Letter or the transactions contemplated hereby will be brought, tried and determined only in the Chosen Courts; (v) waives any objection that it may now or hereafter have to the venue of any such action, suit or legal proceeding in the Chosen Courts or that such action, suit or legal proceeding was brought in an inconvenient court and agrees not to plead or claim the same; and (vi) agrees that it will not bring any action, suit or legal proceeding relating to this Commitment Letter or the transactions contemplated hereby in any court other than the Chosen Courts. Each of the parties hereto agrees that a final judgment in any action, suit or legal proceeding in the Chosen Courts will be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by applicable law.

 

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12.EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY OR LITIGATION THAT MAY ARISE OUT OF OR RELATE TO THIS AGREEMENT, OR THE NEGOTIATION, VALIDITY OR PERFORMANCE OF THIS COMMITMENT LETTER, OR THE TRANSACTIONS, IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE, TO THE FULLEST EXTENT PERMITTED BY LAW, EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT THAT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY ACTION, SUIT OR LEGAL PROCEEDING (WHETHER FOR BREACH OF CONTRACT, TORTIOUS CONDUCT OR OTHERWISE) DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS COMMITMENT LETTER. EACH PARTY ACKNOWLEDGES AND AGREES THAT (i) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER; (ii) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER; (iii) IT MAKES THIS WAIVER VOLUNTARILY; AND (iv) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 11.

 

13.This Commitment Letter shall be treated as confidential and is being provided to Parent (and made available to the Company and its Representatives) solely in connection with the transactions contemplated by the Merger Agreement. This Commitment Letter may not be used, circulated, quoted or otherwise referred to in any document (other than the Merger Agreement, the Investor Limited Guarantee and any other documents entered into by Parent, Merger Sub or Investor in connection with the consummation of the Merger and the other transactions contemplated thereby), except with the written consent of the Investor; provided that no such written consent shall be required for disclosures by Parent to its Representatives, so long as such Persons agree to keep such information confidential; provided, further, that the Company may disclose this Commitment Letter or the terms hereof to its Affiliates and its and their Representatives, so long as such Persons agree to keep such information confidential; provided, further, that Parent and the Company may disclose such information to the extent required by Law, the applicable rules of any national securities exchange, in connection with any U.S. Securities and Exchange Commission filings relating to the transactions contemplated by the Merger Agreement or pursuant to any action, suit or legal proceeding relating to the Merger Agreement, this Commitment Letter, the Investor Limited Guarantee or the transactions contemplated hereby (including any Permitted Claim) or in connection with the enforcement of Parent’s or the Company’s rights hereunder.

 

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14.This Commitment Letter, together with the Merger Agreement and the Investor Limited Guarantee contain the entire understanding of the parties with respect to the subject matter hereof and supersede any and all prior discussions, negotiations, understandings, proposals, undertaking or agreements, either oral or written.

 

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  CLAYTON, DUBILIER & RICE FUND X, L.P.

 

  By: CD&R Associates X, L.P., its general partner

 

  By: CD&R Investment Associates X, Ltd., its general partner

 

  By: /s/ Rima Simson
    Name: Rima Simson
    Title: Vice President, Treasurer and Secretary

 

[Signature Page to Commitment Letter]

 

 

 

 

Accepted and Agreed to
as of the date written above

 

CAMELOT RETURN INTERMEDIATE HOLDINGS, LLC

 

By: /s/ Rima Simon  
  Name: Rima Simson  
  Title: Vice President, Treasurer and Secretary  

 

[Signature Page to Commitment Letter]

 

 

 

 

Exhibit (c)(1)

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— Confidential — October 25, 2021 Presentation to the Special Committee Project RETURN

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1 — Confidential — Disclaimer This presentation has been prepared by Centerview Partners LLC (“Centerview”) for use solely by the Management and Special Committee of RETURN, Inc.(“RETURN”) in connection with its evaluation of a proposed transaction involving RETURN and for no other purpose. The information contained herein is based upon information supplied by or on behalf of RETURN and publicly available information, and portions of the information contained herein may be based upon statements, estimates and forecasts provided by RETURN. Centerview has relied upon the accuracy and completeness of the foregoing information, and has not assumed any responsibility for any independent verification of such information or for any independent evaluation or appraisal of any of the assets or liabilities (contingent or otherwise) of RETURN or any other entity, or concerning the solvency or fair value of RETURN or any other entity. With respect to financial forecasts, Centerview has assumed that such forecasts have been reasonably prepared on bases reflecting the best currently available estimates and judgments of the Management of RETURN as to the future financial performance of RETURN, and at your direction Centerview has relied upon such forecasts, as provided by RETURN’s Management, with respect to RETURN. Centerview assumes no responsibility for and expresses no view as to such forecasts or the assumptions on which they are based. The information set forth herein is based upon economic, monetary, market and other conditions as in effect on, and the information made available to us as of, the date hereof, unless indicated otherwise and Centerview assumes no obligation to update or otherwise revise these materials. The financial analysis in this presentation is complex and is not necessarily susceptible to a partial analysis or summary description. In performing this financial analysis, Centerview has considered the results of its analysis as a whole and did not necessarily attribute a particular weight to any particular portion of the analysis considered. Furthermore, selecting any portion of Centerview’s analysis, without considering the analysis as a whole, would create an incomplete view of the process underlying its financial analysis. Centerview may have deemed various assumptions more or less probable than other assumptions, so the reference ranges resulting from any particular portion of the analysis described above should not be taken to be Centerview’s view of the actual value of RETURN. These materials and the information contained herein are confidential, were not prepared with a view toward public disclosure, and may not be disclosed publicly or made available to third parties without the prior written consent of Centerview. These materials and any other advice, written or oral, rendered by Centerview are intended solely for the benefit and use of the Management and Special Committee of RETURN (in its capacity as such) in its consideration of the proposed transaction, and are not for the benefit of, and do not convey any rights or remedies for any holder of securities of RETURN or any other person. Centerview will not be responsible for and has not provided any tax, accounting, actuarial, legal or other specialist advice. These materials are not intended to provide the sole basis for evaluating the proposed transaction, and this presentation does not represent a fairness opinion, recommendation, valuation or opinion of any kind, and is necessarily incomplete and should be viewed solely in conjunction with the oral presentation provided by Centerview.

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2 — Confidential — . RETURN has undertaken several strategic and financial actions that have materially improved its portfolio and financial position since the merger: – Acquired multiple windows businesses, including Cascade Windows and Prime Window Systems – Divested Insulated Metal Panels and DBCI roll-up door businesses – Generated material free cash flow to delever from 6.0x net leverage in Q2’19 to 3.8x net leverage today – Achieved $250mm of synergies and cost savings post-merger with Ply Gem (favorably higher than $185mm at announcement) – Improved EBITDA margins from 9.9% in FY 2016 to 12.4% in FY 2021E . Notwithstanding RETURN’s financial and operating successes, share price performance and valuation have underperformed peers and the broader market – 5-year total shareholder return (“TSR”) of (2%) vs. 90% for a peer index(1) and 110% for the S&P 500 – Current EV / NTM EBITDA multiple of 6.1x is below post-merger averages and peers(1) . Public market underperformance appears to be due, in part, to RETURN’s limited float / trading liquidity and financial leverage . While the standalone plan forecasts strong deleveraging (net leverage of 1.6x by FY 2023E), the current balance sheet may continue to be a limiting factor on RETURN’s strategic flexibility and share price . Additionally, we have been told that COPY (but not confirmed directly) does not intend to sell its shares in the near-term, indicating the limited float will continue to be an overhang for the foreseeable future Executive Summary Source: Company filings, Wall Street research and FactSet as of October 15, 2021. (1) Represent median of peer index. Peers consist of American Woodmark, Armstrong World Industries, Masonite International, Owens Corning and PGT Innovations. Excludes Jeld-Wen which was not public in 2016.

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3 — Confidential — . Centerview has had several discussions with RETURN’s leadership team to gain further insight into the Company and the current Management plan, including: – October 13, 2021: Board / Management materials and model review discussion with RETURN’s CFO – October 13, 2021: Project RETURN update call with the Special Committee – October 14, 2021: Business and strategic overview discussion with RETURN’s CEO and CFO . Today’s presentation provides the Special Committee with Centerview’s perspectives on the following topics: – RETURN’s current market positioning – Review of RETURN Management’s standalone plan – Review of strategic alternatives, including potential engagement with COPY – Preliminary financial analysis of the standalone plan . Should the Special Committee elect to pursue a specific course of action, Centerview can provide supplemental perspectives on an execution plan Executive Summary (Cont’d) 1 2 3 4

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— Confidential — RETURN Current Market Positioning 1

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5 — Confidential — RETURN Strategic and Financial Evolution FY 2016(1) FY 2020(2) Merger with Ply Gem (incl. Atrium Windows & Doors and Silver Line Division from Andersen Corp.) Acquisition of Environmental Stoneworks Acquisition of Kleary Masonry Acquisition of Prime Window Systems — Divestitures of IMP and DBCI businesses Acquisition of Cascade Windows . $50mm share repurchase program $21 $27 $61 $121 $82 $4 $183 $40 $63 $41 $47 $6 $88 $68 $108 $304 $128 2016 2017 2018 2019 2020 Source: Company filings, Wall Street research and FactSet as of October 15, 2021. Note: Dollars in millions, except per share amounts. Financials as reported, unless otherwise noted. (1) FY 2016 represents NCI fiscal year ended October 30, 2016. Market cap and enterprise value reflect FY Q4’16 balance sheet. (2) Pro forma for the sale of the DBCI and IMP businesses. Enterprise value is pro forma for the sale of the DBCI and IMP businesses, acquisition of Cascade Windows and settlement of NCI merger lawsuit. FY 2020 market mix based on 2022E Management projections provided on October 21, 2021. (3) FY 2020 geographic mix is not pro forma for the sale of the DBCI and IMP businesses or acquisition of Cascade Windows. Capex M&A Share Repurchases 53% 34% 13% $1.7bn Net Sales 47% 27% 26% $4.5bn Net Sales Metal Components Engineered Building Systems Metal Coil Coating Segments Windows Commercial Siding Mix 98% / 2% North America International ~100% / <1%(3) North America International Metric (as of Oct. 30, 2016) Metric (as of Oct. 15, 2021) Delta ~32%/ ~38% / ~30% R&R / New Homes / Non-Res. Share Price $14.40 Market Cap $1.0bn Enterprise Value $1.4bn EV / NTM EBITDA 7.3x FY'16A Sales Growth (y-o-y) 7.8% FY'16A EBITDA Margin 9.9% Share Price $14.24 ($0.16) Market Cap $1.8bn $0.8bn Enterprise Value $4.3bn $2.9bn EV/NTM EBITDA 6.1x (1.2x) FY'21E Sales Growth (y-o-y) 22.5% 14.7% FY'21E EBITDA Margin 12.4% 2.5% Excludes $1.2bn of stock consideration for Ply Gem Selected Actions Capital Allocation

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6 — Confidential — $0 $5 $10 $15 $20 $25 $30 $35 Oct-16 Oct-17 Oct-18 Oct-19 Oct-20 Oct-21 Share Price Performance Over Time Source: FactSet and Wall Street research as of October 15, 2021. Note: M&A annotations only include NCI / CNR transactions and Ply Gem transactions announced after the merger announcement with a deal size greater than $100mm. Peers consist of American Woodmark, Armstrong World Industries, Jeld-Wen, Masonite International, Owens Corning and PGT Innovations. (1) Represents share price performance from October 14, 2016 to February 19, 2020. (2) Represents share price performance from February 19, 2020 to June 7, 2021. (3) Represents share price performance from June 7, 2021 to October 15, 2021. S&P 500 +43% +59% (37%) +43% +25% +111% Indexed Share Price Performance $14.58 +86% +110% $14.24 (2%) (9%) +6% (27%) Building Prod. Peers Portfolio Transformation Period(1) Initial COVID Impact & Recovery(2) Recent Performance(3) Jul. 17, 2018: NCI and Ply Gem announced merger Nov. 16, 2018: NCI and Ply Gem merger closed Jan. 17, 2019: Announced acquisition of Environmental Stoneworks Jul. 27, 2021: Announced divestiture of DBCI business Aug. 2, 2021: Announced acquisition of Cascade Windows Aug. 4, 2021: Announced CEO retirement and transition plan Aug. 9, 2021: Completed divestiture of IMP business RETURN Share Price Performance (Last 5 Years) Aug. 28, 2018: Ply Gem announced acquisition of Silver Line Division from Andersen Corporation Jun. 7, 2021: Announced divestiture of IMP business

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7 — Confidential — L5Y L3Y LTM Mean Mean Mean Current RETURN 7.2x 7.0x 7.1x 6.1x Peers 8.5x 8.4x 8.8x 8.2x Δ vs. Peers (1.4x) (1.5x) (1.7x) (2.2x) Historical Valuation Multiple vs. Peers Source: FactSet and Wall Street research as of October 15, 2021. Note: EBITDA is unburdened for stock-based compensation. Peers consist of American Woodmark, Armstrong World Industries, Jeld-Wen, Masonite International, Owens Corning and PGT Innovations. EV / NTM EBITDA 4.0x 6.0x 8.0x 10.0x 12.0x Oct-16 Oct-17 Oct-18 Oct-19 Oct-20 Oct-21 6.1x 8.2x 7.5x 7.9x (0.4x) Peer Group Mean RETURN ∆ vs. Peers (2.2x)

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8 — Confidential — R² = 0.66 5.0x 6.0x 7.0x 8.0x 9.0x 10.0x 4% 6% 8% 10% Source: FactSet and company filings as of October 15, 2021. Note: Regression based on selected building materials companies. Peers include OC, AWI, DOOR, JELD, PGTI and AMWD. Regression line and r-squared value exclude RETURN and AWI. EV / NTM EBITDA Multiple vs. 2021E – 2022E Revenue Growth EV / NTM EBITDA 2021E - 2022E Revenue Growth Benchmarking Valuation vs. Peers RETURN’s valuation multiple below what market correlation metrics would imply RETURN (Consensus) 14.0x

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9 — Confidential — CY ’21E–’22E Rev. Growth CY ’22E EBITDA Margin CY ’21E–’22E EBITDA Growth Benchmarking Financial Metrics vs. Peers Source: Company filings, Management projections and FactSet as of October 15, 2021. Base, Upside and Downside scenarios based on Management projections provided on October 21, 2021. Note: Percentiles exclude RETURN. Consensus EBITDA is unburdened for stock-based compensation. Net leverage based on LTM values. Base Case Upside Case Downside Case Peers RETURN Per Management Projections 22% 19% 17% 12% 36% 23% 18% 16% 12% 11% 10% 14% 12% 11% 2.6x 2.0x 2.1x 1.4x 3.8x 3.0x 2.6x 2.4x 1.7x 1.3x 1.1x 8% 7% 7% 5% 10% 8% 7% 6% 5% 5% 4% 16% 14% 11% RETURN (Consensus) RETURN (Consensus) RETURN (Consensus) Peer Mean 25th Percentile Peer Median 75th Percentile Net Leverage RETURN (Consensus) Base Case Upside Case Downside Case Base Case Upside Case Downside Case Base Case Upside Case Downside Case Peer Mean 25th Percentile Peer Median 75th Percentile Peer Mean 25th Percentile Peer Median 75th Percentile Peer Mean 25th Percentile Peer Median 75th Percentile N / A 14% 13% 13% 12% 23% 15% 14% 12% 11% 8% 4% 28% 15% 3%

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10 — Confidential — Outlook Valuation 2022E 2022E % Prem. EV / 2022E 2022E EBITDA EBITDA Broker Price Target To Current Base Year EBITDA Revenue EBITDA Margin CAGR 76% 2022E 8.1x $5,695 $701 12% 7% 76% 2022E 7.5x 5,774 729 13% 10% 47% 2022E 7.0x 5,845 718 12% 9% 19% 2022E 6.5x 5,552 692 12% 7% Median 62% 7.3x $5,735 $710 12% 8% Operating Metrics $25 $25 $21 $17 $23 Analyst Perspectives Selected Commentary Source: Wall Street research as of October 15, 2021. Buy Hold “While we do not view the acquisitions / divestures as driving a categorical shift in CNR’s balanced commercial / residential emphasis, everything has been done with a consistent theme of aligning the portfolio with deeper market opportunities while accelerating deleveraging efforts.” - Barclays, 8/5/21 “We continue to expect that gross margins are likely to reflect a net headwind from higher costs as the company has been focused on delivering a product as quickly as possible to customers despite incurring higher costs. We expect the company to return to YoY gross margin expansion as we enter 2022.” - CJS, 8/6/21

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11 — Confidential — Limited Trading Float Potentially Weighing on Valuation Source: Company filings and FactSet as of October 15, 2021. Last 12 Month Average DailyTrading Volume (“ADTV”) as a % of Basic Shares Outstanding More Trading Liquidity Less Trading Liquidity 0.81% 0.59% 0.59% 0.54% 0.48% 0.48% 0.40% OC AMWD AWI DOOR JELD CNR PGTI Float: Top Shareholder: Top 10 Shareholders: 98.4% 98.5% 98.7% 97.8% 98.8% 41.9% 95.6% 9.7% 15.4% 12.3% 10.2% 14.8% 49.3% 14.5% Vanguard BlackRock Cap Re Vanguard Fidelity COPY BlackRock 41.1% 58.8% 59.0% 50.8% 61.9% 69.7% 58.2% RETURN

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12 — Confidential — Companies with a Large Single Shareholder Underperform Total Shareholder Return of Companies in the S&P 500 Source: FactSet as of October 15, 2021. Note: Represents companies included in the S&P 500, including related classes of stock. 5-Year TSR 3-Year TSR 186% 120% <20% ≥20% # of Companies 487 18 487 18 83% 62% <20% ≥20% % of Outstanding Shares Held by Single Shareholder % of Outstanding Shares Held by Single Shareholder

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— Confidential — Review of Management’s Standalone Plan 2

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14 — Confidential — Key Observations from Centerview’s Discussions with RETURN Management Value Creation Strategic End Markets Efficiencies Capital Allocation Operational Financial Management Forecast Scenario Planning . Focus on strategic clarity (e.g., one “RETURN”) and the ability to articulate to key constituencies .“Expansive innovation engine” expected to be a value driver but requires a longer timeline to clearly define Acquisition Strategy . R&R and new construction have been strong; expect robust demand to continue across multiple channels . Commercial business hit hardest by the pandemic but seeing recovery in backlog . Priority is to stabilize and strengthen the RETURN foundation before adding new capabilities . Focused on bolt-on opportunities; however, enhanced cash flow widens spectrum of M&A targets . Significant manufacturing inefficiency in 2021, but future cost savings currently above projected run-rate . Implementing automation would mitigate labor shortage but requires the proper team and site readiness . Windows backlogs up significantly, with lead times extended due to the pandemic-driven demand increase . Additional upside from pricing/mix in Windows not fully factored into the forecast for conservative purposes . Leverage below 3x viewed as a comfortable level by Management; expect to delever to below 3x in the next year . Labor wages up significantly; requires $70mm investment over the next few years . 2021 a record year across Windows and Siding; Commercial expected to recover in 2022 . Significantly beat previous financial plan, with pricing/mix as a new key driver

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15 — Confidential — Management Base Case Financial Projections Source: Management projections provided on October 21, 2021. Note: Dollars in millions. Revenue Adjusted EBITDA Unlevered Free Cash Flow % Growth (5%) 22% 14% 6% 5% 5% 6% $4,693 $4,457 $5,458 $6,235 $6,601 $6,947 $7,318 $7,767 2019A 2020A 2021E 2022E 2023E 2024E 2025E 2026E % Growth 6% 22% 15% 14% 11% 11% 12% % Margin 11% 12% 12% 12% 13% 14% 15% 16% $523 $555 $675 $775 $880 $981 $1,090 $1,216 2019A 2020A 2021E 2022E 2023E 2024E 2025E 2026E % Growth 60% (40%) 44% 44% 7% 9% 10% % Margin 6% 10% 5% 6% 9% 9% 9% 9% $280 $449 $269 $389 $562 $599 $652 $719 2019A 2020A 2021E 2022E 2023E 2024E 2025E 2026E Windows Segment . 5-6% growth in ’23E-’26E Commercial Segment . Most impacted by COVID . Recovery in ’21E-‘22E . 3% growth by ’26E Siding Segment . 6-8% growth in ’23E-’26E Commentary ‘21E-‘26E CAGR: 7% ‘21E-‘26E CAGR: 12% ‘21E-‘26E CAGR: 16% Windows & Siding Segment . Pricing set above inflation Commercial Segment . Pricing to offset historic highs in cost of steel Manufacturing . Savings from automation / process simplification CapEx (% of Rev.) . 1% (maintenance) . 1.5-2.0% (growth/savings) Primary Working Capital . 15-16% of LTM Sales Tax Rate . 30% in ’22E-’26E

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16 — Confidential — Management Base Case vs. Consensus Source: FactSet and Management projections provided on October 21, 2021. Note: Dollars in millions. Market data as of October 15, 2021. Revenue Gross Profit 2021E 2022E Consensus Management Base Case % Growth 5% 14% $5,774 $6,235 % Margin 19% 21% $1,047 $1,149 % Margin 20% 20% $1,177 $1,267 % Margin 12% 12% $667 $675 % Margin 12% 12% $718 $775 (0.7%) +8.0% +7.6% +1.1% +9.8% Adjusted EBITDA % Growth 23% 22% $5,495 $5,458 +7.9%

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17 — Confidential — Comparison of Management Scenarios – Oct. 2021 Forecast Projected Net Sales Projected Adj. EBITDA Projected Unlevered Free Cash Flow Source: Management projections provided on October 21, 2021. Note: Dollars in millions. Base Case Upside Case Downside Case $6,235 $6,601 $6,947 $7,318 $7,767 $6,349 $6,865 $7,408 $7,981 $8,702 $5,458 $6,061 $6,290 $6,346 $6,443 $6,749 $5,000 $5,500 $6,000 $6,500 $7,000 $7,500 $8,000 $8,500 $9,000 2021E 2022E 2023E 2024E 2025E 2026E % Growth % Margin Upside 22% 16% 8% 8% 8% 9% Base 22% 14% 6% 5% 5% 6% Downside 22% 11% 4% 1% 2% 5% 2021E 2022E 2023E 2024E 2025E 2026E % Margin % Margin Upside 12% 14% 15% 16% 18% 19% Base 12% 12% 13% 14% 15% 16% Downside 12% 11% 12% 13% 13% 14% % Margin Upside 5% 7% 9% 10% 11% 11% Base 5% 6% 9% 9% 9% 9% Downside 5% 6% 8% 9% 9% 9% Key Case Drivers . Pricing net of inflation (e.g., above / flat) . Retained pricing in deflationary period . 2024 recession for Windows/Siding . 2025 recession for Commercial Key Case Drivers . Volume leverage from investments in growth, automation and IT initiatives . Right-sized cost structure (e.g., labor) Key Case Drivers . Right-sized investment levels (e.g., higher capex spend on future growth and cost-out initiatives in Upside Case) FY’21E – FY’26E $775 $880 $981 $1,090 $1,216 $861 $1,035 $1,218 $1,410 $1,628 $675 $692 $755 $798 $853 $943 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 2021E 2022E 2023E 2024E 2025E 2026E $389 $562 $599 $652 $719 $434 $652 $741 $851 $974 $269 $375 $516 $542 $560 $585 $-- $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 2021E 2022E 2023E 2024E 2025E 2026E

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18 — Confidential — $4,693 $4,457 $5,458 $6,235 $6,601 $6,947 $4,911 $4,862 $4,658 $4,704 $4,833 $4,917 $4,000 $4,500 $5,000 $5,500 $6,000 $6,500 $7,000 2019A/E 2020A/E 2021E 2022E 2023E 2024E Comparison of Management Scenarios – Sept. 2019 vs. Oct. 2021 Projected Net Sales Source: Management projections provided on October 21 and October 5, 2021. Note: Dollars in millions. 2019 and 2020 figures represent actuals for the October 2021 Base Case and estimates for the September 2019 Base Case. Commentary Sept. 2019 Forecast . Forecast consisted of a Base Case and Upside Case . Base Case assumed a recession would occur during the 5-year projection period Actuals vs. Sept. 2019 Forecast . Revenue and Adj. EBITDA below Sept. 2019 Forecast . COVID impact: higher residential repair & remodel activity than expected, offset by a (18%) y-o-y decrease in non-residential construction starts Oct. 2021 Forecast vs. Sept. 2019 Forecast . Oct. 2021 revenue projections for 2021E - 2023E are more favorable, primarily due to pricing / inflation . Commercial segment is now exhibiting signs of recovery, beginning in Q3’2021E . Oct. 2021 forecast includes the following: – Divestiture of Insulated Metal Panels business (7.5% of 2020A Revenues) and roll-up sheet door business – Acquisition of Cascade Windows, Prime Window Systems and Kleary Masonry FY’19A/E – FY’24E $523 $555 $675 $775 $880 $981 $575 $614 $591 $632 $682 $722 $400 $500 $600 $700 $800 $900 $1,000 $1,100 $1,200 2019A/E 2020A/E 2021E 2022E 2023E 2024E Projected Adj. EBITDA % Growth % Margin Oct-21 Base (5%) 22% 14% 6% 5% Sep-19 Base (1%) (4%) 1% 3% 2% % Margin % Margin Oct-21 Base 11% 12% 12% 12% 13% 14% Sep-19 Base 12% 13% 13% 13% 14% 15%

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— Confidential — Review of Strategic Alternatives 3

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20 — Confidential — Base Plan Execution Negotiate with COPY Accelerated Portfolio Management Competitive Sale Process Perspectives on Strategic Alternatives Overview . Execute on standalone plan . Delever with FCF / asset sales . Continued bolt-on acquisition program Execute against stated strategy Shareholders have the opportunity to benefit from value in standalone plan Operational and valuation risk of not delivering against standalone plan Time required to create value through business execution Balance sheet limits strategic flexibility Does not address COPY ownership overhang ? Feasibility of standalone plan ? Catalyst for near-term re- rating of multiple / share price appreciation . Pursue a sale process with COPY and other potentially interested parties Potential to drive higher value through competitive dynamics Eliminates execution risk of standalone plan for non- COPY shareholders Transaction execution risk Higher disruption risk from a broader process COPY ownership may impact other interest ? COPY’s willingness to be a seller . Pursue larger acquisitions / divestitures to further reshape portfolio and improve financial profile Balance sheet limits flexibility to execute scaled M&A Historical portfolio management has not translated into share price gains ? Ability to execute buy- and sell-side M&A at value creating levels Benefits Considerations Questions Builds on historical M&A success Potential for multiple re- rating as metrics improve 1 2 3b Sale of the Company 3a 3 . Explore a negotiated transaction with COPY Potential premium for non- COPY shareholders Eliminates execution risk of standalone plan for non- COPY shareholders Transaction execution risk Potential business disruption ? COPY’s offer value ? Ability to engage with other potential acquirors before entering into an agreement with COPY

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21 — Confidential — NTM EV / EBITDA Multiple RETURN Current (6.1x) 3-Yr RETURN Average (7.0x) Illustr. Cost Undiscounted Future Share Price (2022E) of Equity $26.85 $33.40 14.0% $22.90 $28.50 16.0% 22.45 27.90 18.0% 21.95 27.35 $18.95 $21.95 $24.60 $14.24 $24.50 $27.35 $29.65 $10 $20 $30 $40 $50 Current 2021 2022 2023 $19.60 $26.85 $35.45 $14.24 $25.35 $33.40 $42.75 $10 $20 $30 $40 $50 Current 2021 2022 2023 Illustrative Future Share Price Present Value of Illustrative Future Share Price(2) Source: FactSet as of October 15, 2021 and Management projections provided on October 21, 2021. Note: Diluted shares in millions. Future share prices as of year-end. Share prices rounded to nearest $0.05. (1) NTM multiple based on RETURN 3-year average. (2) Illustrative future share price discounted at 18% based on RETURN’s cost of equity per RETURN observed figures. Present Value of YE 2022 Share Price Sensitivity RETURN Mgmt. Plan at Current 6.1x NTM Multiple RETURN Mgmt. Plan at 3-Year Avg. 7.0x NTM Multiple(1) Memo: NTM EBITDA $708 $775 $880 $981 Net Debt $2,460 $2,200 $1,912 $1,430 Dil. Shares 127.2 127.2 127.2 127.2 Future Share Price at Current Multiple Upside $23.70 $34.55 $47.70 Downside $15.65 $20.85 $26.35 Future Share Price Breakeven Analysis: Management Plan Analysis represents illustrative future share price assuming a range of EV / NTM EBITDA multiples applied to RETURN Management Plan projections Base Plan Execution 1 Reflects Base Case financials Reflects Base Case financials

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22 — Confidential — Portfolio Management Considerations Transformative Acquisition Bolt-on Acquisitions Divestitures Observations . New capabilities can result in accelerated growth and enhanced product development . Size of investment being underwritten heightens the importance of value capture post-close . Rate at which value can be created is critical, but realization of synergies requires having the appropriate management systems in place prior to a transaction . RETURN may need to focus on stabilizing and strengthening its operating foundation before adding new capabilities . Current balance sheet limits cash acquisition capacity . Potential areas of focus: stone products, installation services, outdoor products, etc. . RETURN’s vertically integrated manufacturing provides a platform for accelerated growth . Leverage RETURN’s penetration of end markets and network of distribution channels . Potential for value creation may be limited or delayed due to size of target . Potential areas of focus: Union Corrugating and Homeland Vinyl . Reduces the burden on the company’s growth / profitability profile and Management’s focus . Proceeds can continue to help delever towards the Company’s leverage ratio . Potential areas of focus: Coil Coaters Accelerated Portfolio Management 2

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23 — Confidential — Premiums Paid Analysis Premiums paid in precedent transactions Source: FactSet as of October 15, 2021. Note: Transactions exclude finance, real estate and insurance targets, as well as transactions with premiums greater than 200%. (1) Premium to unaffected share price for go-privates over the last 10 years involving U.S. public companies $1-10bn in transaction value. (2) Premium to unaffected share price for all-cash transactions over the last 10 years involving U.S. public companies $1-10bn in transaction value. (3) Based on RETURN’s share price of $14.24 as of October 15, 2021. Go-Private Premiums(1) All-Cash Premiums(2) Implied RETURN Sale Price(3) $16.58 $17.99 $18.53 $20.34 $22.46 16.4% 26.3% 30.2% 42.8% 57.8% 25th Percentile Median Mean 75th Percentile 90th Percentile 18.6% 30.1% 38.7% 51.2% 71.4% 25th Percentile Median Mean 75th Percentile 90th Percentile Implied RETURN Sale Price(3) $16.89 $18.53 $19.75 $21.53 $24.41 Sale of the Company 3

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24 — Confidential — Implied Premiums and Multiples at Various Prices Source: Management projections, company filings, Wall Street research and FactSet as of October 15, 2021. Note: Dollars in millions, except per share values. Metric Analysis at Various Prices Offer Price $14.24 $16.00 $18.00 $20.00 $22.00 $24.00 $26.00 Implied Premium / (Discount) vs. Current $14.24 0.0% 12.4% 26.4% 40.4% 54.5% 68.5% 82.6% vs. 52-Week High $19.50 (27.0%) (17.9%) (7.7%) 2.6% 12.8% 23.1% 33.3% vs.52-Week Low $7.67 85.7% 108.6% 134.7% 160.8% 186.8% 212.9% 239.0% vs. 90-Day VWAP $16.48 (13.6%) (2.9%) 9.2% 21.3% 33.5% 45.6% 57.7% vs. 1-Year VWAP $12.13 17.4% 31.9% 48.4% 64.9% 81.4% 97.9% 114.4% (x) DSO 127.2 127.5 127.7 127.8 128.0 128.1 128.2 Equity Value $1,812 $2,039 $2,298 $2,557 $2,815 $3,074 $3,332 (+) Debt 3,254 3,254 3,254 3,254 3,254 3,254 3,254 (-) Cash (794) (794) (794) (794) (794) (794) (794) Enterprise Value $4,271 $4,499 $4,758 $5,016 $5,275 $5,533 $5,792 Implied EV / EBITDA Multiples 2021E $675 6.3x 6.7x 7.1x 7.4x 7.8x 8.2x 8.6x 2022E 775 5.5x 5.8x 6.1x 6.5x 6.8x 7.1x 7.5x 2021E $667 6.4x 6.7x 7.1x 7.5x 7.9x 8.3x 8.7x 2022E 718 5.9x 6.3x 6.6x 7.0x 7.3x 7.7x 8.1x Consensus Management Sale of the Company 3

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25 — Confidential — Illustrative “High-Level” Process Timeline for Engaging with COPY Process Launch Initial Outreach Preliminary Diligence Process Steps Preliminary Timing Description Near-Term Near-Term (Post- Authorization) . Special Committee authorizes RETURN Management and Centerview to engage with COPY . Centerview contacts COPY to outline a process for engagement – Process included on the following page . RETURN shares long-term financial plan with COPY . COPY submits high-level diligence questions . Conduct 2-hour diligence call between RETURN Management and COPY Late-October / Early November Transaction Execution . At the conclusion of diligence, COPY and RETURN to negotiate a definitive agreement . Communication strategy and transaction announcement Diligence Indications of Interest . Request COPY provide a written non-binding indication of interest (“IOI”) by mid-/ late-November . Special Committee will review the IOI and determine what next steps are appropriate, if any . If interest is favorable and the Special Committee chooses to proceed, Centerview and RETURN to move COPY into further diligence: – Diligence to include abbreviated Management Presentation, access to additional information in a dataroom and follow-up functional diligence calls Late-November / December Mid-/ Late- November Early November

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26 — Confidential — . The Special Committee is open to learning more about COPY’s potential interest in acquiring the shares it does not currently own . In order to facilitate a fully developed non-binding proposal, the Company is prepared to share its current long-term plan and arrange a due diligence call with Management . Additionally, the Special Committee will consider authorizing financing discussions with one pre- approved financing source .The Special Committee expects COPY to complete its confirmation of value in a timely manner and subsequently submit a non-binding proposal for the Special Committee’s review Initial Communication with COPY Potential Messages for the Special Committee’s Consideration

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— Confidential — Preliminary Financial Analysis 4

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28 — Confidential — Market Reference Points Precedent Transactions Publicly-Traded Comparables Discounted Cash Flow Analysis Preliminary Financial Analysis Parameters . RETURN’s closing share price trading levels over the past 52 weeks . Current Wall Street analyst price targets for RETURN . Premiums paid analysis for go-private and all- cash transactions . Multiples based on selected publicly-traded comparable companies applied to RETURN’s Wall Street Consensus estimates Take Private Considerations .Selected U.S.-based publicly-traded comparable companies in the building products sector – Equity value: $1bn - $10bn – Revenue growth: <10% (YoY) – EBITDA margin: ~10-20% – Mostly high free float companies with no significant ownership considerations . Selected precedent M&A transactions of U.S.-based companies in the building products sector – Transactions completed over last 5 years – Deal size greater than $1bn – Mostly strategic to strategic acquisitions . Discounted cash flow analysis of management’s projections . Weighted average cost of capital based on metrics observed for peers vs. RETURN – Unlevered beta – Capitalization –Cost of debt . Perpetuity growth rates based on historical U.S. Real GDP . Value creation can be achieved through additional levers: –Pricing/mix in Windows segment – Manufacturing efficiencies and cost savings – $75mm lawsuit settlement worth ~$0.60 per share . Value based on projections a sponsor is willing to underwrite . Projections may include additional value creation opportunities . Targeted internal rate of return of 15%-20% . Sponsor exit at year end 2026E . 6.0x pro forma net leverage . Exit multiple based on selected publicly-traded comparables Note: Metrics for Publicly-traded comparables based on 2022E.

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29 — Confidential — Public Trading Comparables Source: Company filings and FactSet as of October 15, 2021. Note: Dollars in billions. EBITDA is unburdened for SBC. All figures are based on RETURN fiscal year ending December 31. Companies sorted by equity value. (1) Based on RETURN’s 2022E EBITDA per Base Case Management projections. Revenue EBITDA EBITDA Net Equity Enterprise EV / EBITDA Growth Growth Margin Leverage Company Value Value CY 2022E '21E - '22E '21E - '22E 2022E LTM Owens Corning $9.6 $12.0 5.9x 4% 4% 23% 1.3x Armstrong 4.7 5.3 12.3x 8% 12% 36% 1.7x Masonite 2.7 3.2 6.4x 6% 15% 18% 1.1x JELD-WEN 2.5 3.9 7.1x 5% 14% 11% 3.0x PGT Innovations 1.2 1.7 8.1x 10% 23% 16% 2.6x American Woodmark 1.1 1.6 7.9x 7% 11% 10% 2.4x Median $2.6 $3.5 7.5x 7% 13% 17% 2.1x RETURN - Consensus $1.8 $4.3 6.0x 5% 8% 12% 3.8x RETURN - Management Base Case $1.8 $4.3 5.5x 14% 15% 12% 3.8x Preliminary Centerview Perspectives Illustrative Multiple Range of 6.0x – 7.5x Implies a RETURN Share Price of $17 - $26(1)

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30 — Confidential — Precedent Transaction Analysis Source: Company press releases, news articles, Wall Street research, CapIQ and FactSet. Note: Transaction multiples represent approximate figures due to lack of disclosures. Multiples are on LTM basis unless otherwise noted. (1) Based on RETURN’s LTM EBITDA as of June 30, 2021. (2) Reflects midpoint of Westlake’s disclosure on acquisition call. (3) Represents FY’18A figures. (4) Represents FY’18E figures per merger proxy. Selected acquisitions of U.S. building products companies over the last 5 years with a deal size greater than $1bn Target EV / LTM Target Financials Date Acquiror Company EV Sales EBITDA LTM Sales LTM EBITDA Margin 7/19/21 Carlisle Companies Henry $1,575 3.1x 13.2x $511 $119 23.3% 6/20/21 Westlake Chemical Boral's N.A. Building Products 2,150 2.0x ~10.5x 1,100 ~205 ~19.0% 6/7/21 Nucor Cornerstone Insulated Metal Panels 1,000 2.6x 13.4x 389 75 19.2% 11/15/19 ACPI Masco Cabinetry 1,000 1.1x 10.1x 950 99 10.4% 11/12/19 CertainTeed Gypsum & Ceiling USA Continental Building Products 1,434 2.8x 10.5x 514 136 26.4% 7/17/18 NCI Ply Gem 3,700 1.4x 10.9x 2,649 339 12.8% 1/31/18 CD&R Ply Gem 2,400 1.2x 9.8x 2,056 245 11.9% 12/1/17 American Woodmark RSI Home Products 1,075 1.9x 8.7x 560 123 22.0% Median 1.9x 10.5x 19% Mean 2.0x 10.9x 18% (3) (2) (3) (3) (3) (4) (4) (4) (4) Preliminary Centerview Perspectives Illustrative Multiple Range of 8.5x – 11.0x Implies a RETURN Share Price of $24 - $36(1)

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31 — Confidential — $64 Illustrative Discounted Cash Flow Analysis Source: Management projections provided on October 21, 2021. Note: Implied share prices rounded to nearest $1. Implied Share Price Based on Management Projections Key Observations High PGR Low PGR Low Discount Rate High Discount Rate . Preliminary discounted cash flow analysis implies significant variation in share prices between Management scenarios . Significant portion of RETURN’s value is captured in the terminal value . Illustrative analysis affected by assumptions regarding top-line growth and margin expansion, among other items . Illustrative share price spread between scenarios implies a wide range of premiums to current share price $14 Downside Base Upside $31 53% 64% 73% Implied Share Price Terminal Value as % of Enterprise Value $39 68% $25 62% $51 69% $19 57% $24 59% $42 65%

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32 — Confidential — Take-Private Considerations Source: Management projections provided on October 12, 2021. (1) Projected as of December 31, 2021. . Potential sponsor value will be based on the projections they are willing to underwrite . Sponsor projections may include additional value levers, with varying degrees of achievability as a private company: – Portfolio rationalization – Organic investment / cost-saving initiatives – Synergistic M&A – Business opportunities or synergistic combination with portfolio asset(s) Ability-to-Pay Analysis (Implied Share Price) Key Assumptions Assumes Exit at YE 2026E and 6.0x PF Net Debt Base Case Exit Multiple Exit Multiple Target IRR 6.0x 6.75x 7.5x 15.0% $33.75 $37.50 $41.25 17.5% 31.50 34.75 38.25 20.0% 29.50 32.50 35.50 Downside Case Assumes Offer Price of $24.00 per share Illustrative Sources & Uses Upside Case Exit Multiple Exit Multiple Target IRR 6.0x 6.75x 7.5x 15.0% $47.25 $52.25 $57.50 17.5% 43.50 48.25 52.75 20.0% 40.25 44.50 48.75 Exit Multiple Target IRR 6.0x 6.75x 7.5x 15.0% $25.25 $28.25 $31.00 17.5% 24.00 26.50 29.00 20.0% 22.75 25.00 27.25 Rate (x) EBITDA $mm % of Total 1st Lien Term Loan L + 4.0% 4.0x $2,700 47% Unsecured Notes 8.00% 2.0x 1,350 24% Sponsor Equity 2.4x 1,638 29% Total Sources 8.4x $5,688 100% Uses (x) EBITDA $mm % of Total Equity Value ($24.00 Offer Price) 4.6x $3,074 54% Refinance Net Debt(1) 3.6x 2,410 42% Transaction / Financing Fees 0.1x 100 2% Breakage Costs 0.1x 55 1% Minimum Cash 0.1x 50 1% Total Uses 8.4x $5,688 100% Sources

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— Confidential — Appendix

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34 — Confidential — Fiscal Year Ending December 31, 2021E 2022E 2023E 2024E 2025E 2026E Net Sales $5,458 $6,235 $6,601 $6,947 $7,318 $7,767 % Growth 22% 14% 6% 5% 5% 6% Gross Profit $1,149 $1,267 $1,421 $1,575 $1,745 $1,938 % Margin 21% 20% 22% 23% 24% 25% Operating Income $385 $469 $569 $666 $772 $893 % Margin 7% 8% 9% 10% 11% 11% Net Income $138 $224 $316 $410 $485 $569 % Margin 3% 4% 5% 6% 7% 7% Diluted Earnings per Share $1.09 $1.77 $2.49 $3.24 $3.82 $4.49 Memo: Adjusted EBITDA $675 $775 $880 $981 $1,090 $1,216 % Margin 12% 12% 13% 14% 15% 16% Unlevered Free Cash Flow $269 $389 $562 $599 $652 $719 % Margin 5% 6% 9% 9% 9% 9% Management Financial Projections: Base Case Source: Management projections provided on October 21, 2021. Note: Dollars in millions, except per share figures. (1) Includes special charges and foreign currency. (2) Excludes $865mm gain on sale of IMP and DBCI business units (2) (2) (2) (1)

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35 — Confidential — Balance Sheet and Change of Control Considerations Change of Control Debt Considerations RETURN Summary Balance Sheet (as of June 30, 2021) . In the event of an acquisition of RETURN, an acquiror would incur additional costs related to outstanding debt . Upon a change of control, the 2029 Senior Unsecured Notes can be redeemed per the following at any time prior to September 15, 2023: – 100% of the outstanding principal, plus an “Applicable Premium” (i.e., breakage costs) –“Applicable Premium” represents the excess of (A) the present value of (i) outstanding principal at a redemption price on September 15, 2023 of 103.063% and (ii) all required remaining interest payments due at the time of redemption through September 15, 2023 over (B) outstanding principal – The present value calculation is based on a defined treasury rate plus 50 basis points – Estimated breakage costs total $55mm, assuming a transaction close of December 31, 2021 for illustrative purposes Source: Company filings. Note: Dollars in millions. Breakage costs assume transaction closes December 31, 2021. (1) Represents the average applicable margin above LIBOR, which ranges from 1.25% to 1.75%. (2) Includes $875mm of proceeds for the sale of the IMP and DBCI business units, $75mm of proceeds from a lawsuit settlement and deducts $245mm for the acquisition of Cascade Windows. RETURN Breakage Costs Summary (1) First Coupon Amount Maturity Call Date Rate O/S Asset-Based Revolver (Capacity: $611mm) 4/12/2026 n.a L+1.50% $160 Term Loan 4/12/2028 n.a 3.75% 2,594 Total Secured Debt $2,754 2029 Senior Unsecured Notes 1/15/2029 9/15/2023 6.125% 500 Total Debt $3,254 Cash(2) $794 Shareholder's Equity $479 Tranche Outstanding Debt (as of June 30, 2021) Breakage Costs Asset-Based Revolver due 2026 $160 $-- Term Loan Facility due 2028 2,594 -- 6.125% Senior Notes due 2029 500 55 Total $3,254 $55

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36 — Confidential — Shareholder Overview Source: Public filings, CapitalIQ, Wall Street research and Factset as of October 15, 2021. Note: Dollars in millions. Cost basis calculated using FIFO method. (1) Based on 126.1mm basic shares outstanding as of July 27, 2021. Shareholder Mkt. Val ($mm) % of O/S (1) Shares Held Est. Avg. Cost Basis CD&R $884.9 49.3% 62,143,415 n.a. Golden Gate 106.6 5.9% 7,489,402 n.a. BlackRock 54.6 3.0% 3,835,864 $15.34 Vanguard 49.4 2.8% 3,466,832 14.59 American Century Investments 36.5 2.0% 2,561,783 13.01 Guardian Point Capital 28.5 1.6% 2,000,000 7.85 DNB Asset Management 23.0 1.3% 1,614,812 10.03 J. Goldman & Co. 22.5 1.3% 1,581,639 9.29 Russell Investments 21.8 1.2% 1,527,479 15.93 Wolf Hill Capital 20.9 1.2% 1,467,094 10.36 Dimensional Fund Advisors 20.0 1.1% 1,407,398 14.77 King Street 19.9 1.1% 1,400,000 15.22 TIAA 19.9 1.1% 1,398,521 15.24 Artisan Partners 19.2 1.1% 1,349,717 14.97 Assenagon 15.1 0.8% 1,058,455 7.50 James Metcalf 14.9 0.8% 1,044,483 n.a. Invesco 13.8 0.8% 970,614 12.35 RBF Capital 13.5 0.8% 947,028 12.54 State Street Global Advisors 13.3 0.7% 937,384 15.65 Geode Capital Management 12.1 0.7% 848,329 14.82 Top 20 Holders $1,410.5 78.6% 99,050,249 $12.98 Top 20 Shareholders

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37 — Confidential — Debt / Unlevered Beta Equity 1.10 1.15 1.20 1.25 1.30 15% 11.0% 11.3% 11.7% 12.0% 12.4% 25% 10.8% 11.1% 11.5% 11.8% 12.2% 35% 10.6% 11.0% 11.3% 11.6% 12.0% 45% 10.5% 10.8% 11.1% 11.5% 11.8% Weighted Average Cost of Capital Analysis Selected Public Companies Illustrative WACC Illustrative WACC Sensitivity Source: Public company filings, Wall Street research, Bloomberg, S&P Capital IQ and FactSet as of October 15, 2021. Note: Dollars in millions. Companies sorted by market cap. (1) Represents adjusted two-year weekly beta relative to S&P 500. (2) Unlevered Beta equals (Levered Beta / (1 + (1 - Tax Rate) * (Debt / Equity)). Tax rate used is 25%. (3) Reflects median for Peer Observed. (4) Levered Beta equals (Unlevered Beta * (1 + (1 - Tax Rate) * (Debt / Equity)). Tax rate used is 25%. (5) Reflects yield on 20-year U.S. Treasury. (6) Reflects U.S. long-horizon equity risk premium per Duff & Phelps 2021 valuation handbook. (7) Reflects size premium for companies with market capitalizations between ~$1,592mm and ~$2,445mm per Duff & Phelps 2021 valuation handbook. (8) Peer Observed pre-tax cost of debt is based on the BB U.S. high-yield index effective yield per St. Louis Fed. RETURN Observed pre-tax cost of debt is based on yield to worst of RETURN’s senior notes due 2029. (9) WACC equals ((Debt / Capitalization * After-Tax Cost of Debt) + (Equity / Capitalization * Cost of Equity)). Market Debt Beta Company Cap ($mm) ($mm) Debt / Equity Levered(1) Unlevered(2) Owens Corning $9,603 $3,096 32% 1.47 1.18 Armstrong 4,732 759 16% 1.26 1.12 Masonite 2,722 803 30% 1.57 1.29 JELD-WEN 2,472 1,823 74% 1.89 1.21 PGT Innovations 1,208 479 40% 1.51 1.16 American Woodmark 1,138 496 44% 1.70 1.28 75th Percentile 43% 1.67 1.26 Mean 39% 1.57 1.21 Median 36% 1.54 1.20 25th Percentile 30% 1.48 1.17 RETURN $1,812 $3,267 180% 2.03 0.86 Peer RETURN Observed Observed Unlevered Beta(3) 1.20 0.86 Debt / Equity(3) 36% 180% Levered Beta(4) 1.520 2.033 Risk-Free Rate(5) 2.0% 2.0% Equity Risk Premium(6) 7.3% 7.3% Market Size Premium(7) 1.4% 1.4% Cost of Equity 14.4% 18.1% Pre-Tax Cost Of Debt(8) 3.35% 4.78% Tax Rate 25.0% 25.0% After-Tax Cost Of Debt 2.5% 3.6% % Equity 73.6% 35.7% % Debt 26.4% 64.3% Estimated WACC(9) 11.3% 8.8% For Reference Only

Exhibit (c)(2)

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— Confidential — November 23, 2021 Presentation to the Special Committee Project RETURN

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1 — Confidential — Disclaimer This presentation has been prepared by Centerview Partners LLC (“Centerview”) for use solely by the management and Special Committee of RETURN, Inc.(“RETURN”) in connection with its evaluation of a proposed transaction involving RETURN and for no other purpose. The information contained herein is based upon information supplied by or on behalf of RETURN and publicly available information, and portions of the information contained herein may be based upon statements, estimates and forecasts provided by RETURN. Centerview has relied upon the accuracy and completeness of the foregoing information, and has not assumed any responsibility for any independent verification of such information or for any independent evaluation or appraisal of any of the assets or liabilities (contingent or otherwise) of RETURN or any other entity, or concerning the solvency or fair value of RETURN or any other entity. With respect to financial forecasts, Centerview has assumed that such forecasts have been reasonably prepared on bases reflecting the best currently available estimates and judgments of the management of RETURN as to the future financial performance of RETURN, and at your direction Centerview has relied upon such forecasts, as provided by RETURN’s management, with respect to RETURN. Centerview assumes no responsibility for and expresses no view as to such forecasts or the assumptions on which they are based. The information set forth herein is based upon economic, monetary, market and other conditions as in effect on, and the information made available to us as of, the date hereof, unless indicated otherwise and Centerview assumes no obligation to update or otherwise revise these materials. The financial analysis in this presentation is complex and is not necessarily susceptible to a partial analysis or summary description. In performing this financial analysis, Centerview has considered the results of its analysis as a whole and did not necessarily attribute a particular weight to any particular portion of the analysis considered. Furthermore, selecting any portion of Centerview’s analysis, without considering the analysis as a whole, would create an incomplete view of the process underlying its financial analysis. Centerview may have deemed various assumptions more or less probable than other assumptions, so the reference ranges resulting from any particular portion of the analysis described above should not be taken to be Centerview’s view of the actual value of RETURN. These materials and the information contained herein are confidential, were not prepared with a view toward public disclosure, and may not be disclosed publicly or made available to third parties without the prior written consent of Centerview. These materials and any other advice, written or oral, rendered by Centerview are intended solely for the benefit and use of the management and Special Committee of RETURN (in its capacity as such) in its consideration of the proposed transaction, and are not for the benefit of, and do not convey any rights or remedies for any holder of securities of RETURN or any other person. Centerview will not be responsible for and has not provided any tax, accounting, actuarial, legal or other specialist advice. These materials are not intended to provide the sole basis for evaluating the proposed transaction, and this presentation does not represent a fairness opinion, recommendation, valuation or opinion of any kind, and is necessarily incomplete and should be viewed solely in conjunction with the oral presentation provided by Centerview.

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2 — Confidential — Situation Update . Following the Special Committee meeting on November 15, Management and Centerview have advanced several key workstreams with regards to a potential non-binding indication of interest from COPY, including: – Centerview communicated to COPY the agreed-upon message regarding the need to submit a potential non-binding indication of interest for further evaluation – COPY has engaged in financing discussions with Goldman Sachs and RBC after receiving authorization – Management prepared a summary of RETURN’s preliminary October 2021 financial results, which have not yet been shared with COPY – Management and Centerview conducted a call to review the impact from a potential take-private transaction on existing debt agreements, including provisions related to change of control, restricted payments, mergers and affiliate transactions . On November 22, COPY requested a call with Centerview, where they communicated the following: – Confirmed their leverage assumptions with Goldman Sachs and RBC of 6x+ through HoldCo note – Prepared to increase their offer for the shares not owned by them from $22 to $23 per share . The presentation materials included herein include an overview of COPY’s updated proposal and Centerview’s preliminary financial analysis

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3 — Confidential — Table of Contents Section 1 .................................................................................. Review of COPY’s Updated Proposal Section 2 ........................................................................Centerview’s Preliminary Financial Analysis Appendix ....................................................................................................... Supplementary Materials

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— Confidential — Review of COPY’s Updated Proposal 1

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5 — Confidential — Updated Value Communicated by COPY on November 22, 2021 Price per Share Implied Valuation Implied Premia . $23.00 per share . 33.5% to current share price of $17.23 . 50.3% to 30-day VWAP of $15.30 . 46.9% to 90-day VWAP of $15.65 . 80.6% to 1-year VWAP of $12.74 . 17.9% to 52-week high of $19.50(1) Reflects Base Case (2022 Trends Continue) . 7.9x 2021E EBITDA per Management Plan . 6.9x 2022E EBITDA per Management Plan Summary Financials Source: Management projections provided November 3, 2021. Company filings and FactSet as of November 22, 2021. Note: Dollars in millions, except per share amounts. (1) Reflects closing share price trading levels. (2) RETURN balance sheet and share count reflect the company’s latest filings. Overview COPY Current Proposal Implied Valuation Share Price $17.23 $23.00 % Premium to Current – 33.5% Diluted Shares Outstanding(2) 127.8 128.2 Equity Value $2,201 $2,948 Less: Cash(2) (677) (677) Plus: Debt(2) 3,087 3,087 Enterprise Value $4,611 $5,358 Implied Multiples Multiple: Metric: 2021E $690 6.7x 7.8x 2022E 748 6.2x 7.2x 2021E $675 6.8x 7.9x 2022E 775 5.9x 6.9x EV / EBITDA (Consensus) EV / EBITDA (Management) Consideration and Financing . 100% cash consideration . Financing discussions with Goldman Sachs and RBC reconfirmed COPY’s belief that 6x+ debt leverage was feasible for this transaction . Indebtedness would be incurred by a Holdco above the RETURN credit group following the merger – RETURN’s outstanding debt would stay in place

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6 — Confidential — $0 $5 $10 $15 $20 $25 Nov-16 Nov-17 Nov-18 Nov-19 Nov-20 Nov-21 RETURN’s Historical Share Price Performance Source: FactSet and Wall Street research as of November 22, 2021. Note: M&A annotations only include transactions with a deal size greater than $100mm. (1) Reflects closing share price trading levels. $17.30 $17.23 (0%) Jul. 17, 2018: NCI and Ply Gem announced merger Nov. 16, 2018: NCI and Ply Gem merger closed Jan. 17, 2019: Announced acquisition of Environmental Stoneworks Jul. 27, 2021: Announced divestiture of DBCI business Aug. 2, 2021: Announced acquisition of Cascade Windows Aug. 4, 2021: Announced CEO retirement and transition plan Aug. 9, 2021: Completed divestiture of IMP business RETURN’s Share Price Performance (Last 5 Years) Aug. 28, 2018: Ply Gem announced acquisition of Silver Line Division from Andersen Corporation Jun. 7, 2021: Announced divestiture of IMP business Nov. 9, 2021: Announced Q3’21 Earnings Implied Premia COPY Proposal Share Price $23.00 vs. Current ($17.23) 33.5% vs. 30-Day VWAP ($15.30) 50.3% vs. 90-Day VWAP ($15.65) 46.9% vs. 1-Year VWAP ($12.74) 80.6% vs. 52-Week High ($19.50) 17.9% vs. 52-Week Low ($8.61) 167.1% (1) (1) COPY Offer: $23.00 Feb. 19, 2020: Pre-COVID trading

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— Confidential — Centerview’s Preliminary Financial Analysis 2

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8 — Confidential — RETURN Management Plan - Base Case (2022 Trends Continue) Source: Management projections provided on November 3, 2021. Note: Dollars in millions (1) Includes stock-based compensation as an expense. (2) Includes pre-tax cash settlement of $75mm. Net Sales Adjusted EBITDA Unlevered Free Cash Flow(1) % Growth (5%) 22% 14% 6% 5% 5% 6% $4,693 $4,457 $5,458 $6,235 $6,601 $6,947 $7,318 $7,767 2019A 2020A 2021E 2022E 2023E 2024E 2025E 2026E % Growth 6% 22% 15% 14% 11% 11% 12% % Margin 11% 12% 12% 12% 13% 14% 15% 16% $523 $555 $675 $775 $880 $981 $1,090 $1,216 2019A 2020A 2021E 2022E 2023E 2024E 2025E 2026E % Growth 97% (42%) 70% 28% 7% 9% 11% % Margin 5% 10% 5% 7% 8% 8% 9% 9% $221 $434 $251 $427 $548 $585 $638 $705 2019A 2020A 2021E 2022E 2023E 2024E 2025E 2026E ‘21E-‘23E CAGR: 10% ‘21E-‘26E CAGR: 7% ‘21E-‘23E CAGR: 14% ‘21E-‘26E CAGR: 12% ‘21E-‘23E CAGR: 48% ‘21E-‘26E CAGR: 23% RETURN Management has created a base operating case for use in the financial analysis presented herein – Upside Case (Accelerated Growth) and Downside Case (Includes Recession) included in the appendix (2)

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9 — Confidential — % Growth YoY 23% 25% 22% $5,495 $5,561 $5,458 % Margin 12% 12% 12% $718 $748 $775 % Margin 12% 12% 12% $667 $690 $675 % Growth YoY 5% 10% 14% $5,774 $6,109 $6,235 Comparison of Wall Street Consensus to RETURN Base Case (2022 Trends Continue) Source: FactSet and management projections provided on November 3, 2021. Note: Dollars in millions. Market data as of November 22, 2021. Net Sales 2021E 2022E (1.9%) +2.1% (2.2%) Adjusted EBITDA +3.6% Consensus (Current) Management Plan Consensus (Pre-Q3‘21 Earnings) 2022E Consensus Estimates: Increase of +5.8% for Revenue and +4.2% for EBITDA post Q3’21 Earnings +5.8% +1.2% +3.4% +4.2%

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10 — Confidential — Source: Company filings, press releases, CapIQ, FactSet and management projections provided on November 3, 2021. Note: Market data as of November 22, 2021. (1) Based on RETURN’s share price of $17.23 as of November 22, 2021, 30-day VWAP of $15.30 and 52-week high of $19.50. . Selected publicly-traded comparable companies in the building products sector . Valuation multiples based on Enterprise Value / CY 2022E EBITDA . Multiples applied to RETURN’s 2022E EBITDA per Wall Street consensus and RETURN Management Plan – Base Case (2022 Trends Continue) . Based on operating cases per RETURN Management . Perpetuity growth rates of 1.75% - 2.50% for Downside Case (Includes Recession), 2.00% - 2.75% for Base Case (2022 Trends Continue) and 2.25% - 3.00% for Upside Case (Accelerated Growth) . Weighted average cost of capital (“WACC”) range of 10.5% - 12.5% . Selected precedent M&A transactions in the building products sector – Includes transactions completed with U.S. targets in the last 5 years (deal size greater than $1bn) . Multiples applied to RETURN’s LTM EBITDA as of October 2, 2021 . RETURN’s closing share price trading levels over the last 52 weeks 52-Week Trading Range Selected Precedent Transactions Analysis Discounted Cash Flow (DCF) Analysis For Reference Only . Range of current Wall Street analyst price targets for RETURN Analyst Price Targets Selected Public Company Analysis Premia Paid Analysis . Range of premia paid on selected take-private transactions – Includes transactions completed with U.S. targets in the last 10 years (deal size between $1bn and $10bn) . Premia applied to RETURN’s current share price, 30-day VWAP and 52-week high(1) Overview of Centerview’s Preliminary Financial Analysis

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11 — Confidential — $16.00 $14.75 $24.50 $18.50 $27.50 $44.00 $8.61 $19.00 $20.00 $17.25 $18.00 $23.50 $22.25 $37.25 $29.50 $42.25 $65.75 $19.50 $25.00 $24.75 $20.50 $21.75 – $10.00 $20.00 $30.00 $40.00 $50.00 $60.00 $70.00 Source: Management projections provided on November 3, 2021. Note: Dollars in millions, except per share figures. Implied share prices rounded to the nearest $0.25. Market data as of November 22, 2021. (1) Implied share price calculated as implied enterprise value less $2.4bn of net debt, consisting of $3.1bn of debt and $0.7bn of cash, per RETURN’s Q3’21 10-Q, divided by fully diluted shares outstanding. Fully diluted shares outstanding based on 126.2mm basic shares and 3.2mm stock options with a weighted average exercise price of $8.95. 52-Week Trading Range Selected Public Comparables Selected Precedent Transactions Implied Share Price(1) LTM EBITDA EBITDA: $651mm Multiple: 8.5x - 11.0x Mgmt. Base Case (2022 Trends Cont.) 10.5% - 12.5% WACC 2.00% - 2.75% PGR Closing Price Low - High Management 2022E EBITDA EBITDA: $775mm Multiple: 5.75x - 7.0x Price as of 11/22/21: $17.23 Analyst Price Targets Price Target Low - High For Reference Only Mgmt. Upside Case (Accel. Growth) 10.5% - 12.5% WACC 2.25% - 3.00% PGR Mgmt. Downside Case (Incl. Recession) 10.5% - 12.5% WACC 1.75% - 2.50% PGR DCF Analysis Premia Paid Analysis Implied Price Current Share Price: $17.23 Premium: 16.7% - 43.7% COPY Offer on 11/22/21: $23.00 Preliminary Financial Analysis Implied Price 30-Day VWAP: $15.30 Premium: 12.7% - 33.9% Implied Price 52-Week High: $19.50 Premium: (8.1%) - 12.0% Consensus 2022E EBITDA EBITDA: $748mm Multiple: 5.75x - 7.0x

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12 — Confidential — $2.25 $2.00 $1.75 $1.50 ($1.50) ($2.00) ($3.50) ($6.75) ($11.00) RETURN DCF Sensitivity Analysis (Illustrative) Source: Management projections provided on November 3, 2021. Base Case (2022 Trends Continue) . RETURN Management Plan Base Case (2022 Trends Continue) as provided to Centerview . Share price derived from mid-point of discounted cash flow analysis based on a discount rate between 10.5% and 12.5% and perpetuity growth rate of 2% to 3% . RETURN balance sheet and share count as of October 2, 2021 $33.75 (DCF Range: $27.50 - $42.25) No Hedge in Plan WholeCo Revenue Growth Increase WholeCo Revenue Growth Decrease Increased Operating Expenses . Excludes Corporate Risk Adjustment . Increase of 1% to annual growth rates . Decrease of (1%) to projected annual growth rates . Annual increase of 1% of revenue to operating expenses (excl. D&A) Key Assumptions Mid-point Per Share Impact Recession Business Cycle Reduced Price Mix Net of Inflation Reduced Manufacturing Efficiencies . Revenue decline of (1%) in 2024E, growth of 1% in 2025E and growth of 2% in 2026E, respectively . Constant EBITDA margins in 2024E, 2025E . Realization of 85% of projected pricing actions in 2022E . Realization of 50% of manufacturing efficiencies in 2022E and 2023E Reduced Operating Expenses . Annual decrease of 1% of revenue to operating expenses (excl. D&A) Increased Manufacturing Efficiencies . Increase of 25% to manufacturing efficiencies in 2022E and 2023E Adjustments to projections in Base Case (’22 Trends Cont.)

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13 — Confidential — Public Trading Comparables Source: Company filings and FactSet as of November 22, 2021. Note: Dollars in billions. EBITDA is unburdened for SBC. All figures are based on RETURN fiscal year ending December 31. Companies sorted by equity value. Revenue EBITDA EBITDA Net Equity Enterprise EV / EBITDA Growth Growth Margin Leverage Company Value Value 2022E '21E - '22E '21E - '22E 2022E LTM Owens Corning $9.4 $11.5 5.8x 5% 3% 23% 1.2x Masonite 2.8 3.2 6.9x 7% 12% 17% 1.2x JELD-WEN 2.5 3.8 7.1x 7% 15% 11% 2.9x PGT Innovations 1.3 1.9 9.2x 19% 27% 15% 3.5x American Woodmark 1.2 1.7 8.2x 7% 11% 10% 2.5x Median $2.5 $3.2 7.1x 7% 12% 15% 2.5x RETURN (Consensus) $2.2 $4.6 6.2x 10% 8% 12% 3.5x RETURN (Management Plan) $2.2 $4.6 5.9x 14% 15% 12% 3.5x

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14 — Confidential — Target EV / LTM Target's LTM Financials Date Acquiror Company EV Sales EBITDA Sales EBITDA Margin 7/19/21 Carlisle Companies Henry $1,575 3.1x 13.2x $511 $119 23.3% 6/20/21 Westlake Chemical Boral's N.A. Building Products 2,150 2.0x ~10.5x 1,100 ~205 ~19.0% 6/7/21 Nucor Cornerstone's Insulated Metal Panels 1,000 2.6x 13.4x 389 75 19.2% 11/15/19 ACPI Masco Cabinetry 1,000 1.1x 10.1x 950 99 10.4% 11/12/19 Saint-Gobain Continental Building Products 1,434 2.8x 10.5x 514 136 26.4% 7/17/18 NCI Ply Gem 3,700 1.4x 10.9x 2,649 339 12.8% 1/31/18 CD&R Ply Gem 2,400 1.2x 9.8x 2,056 245 11.9% 12/1/17 American Woodmark RSI Home Products 1,075 1.9x 8.7x 560 123 22.0% Median 1.9x 10.5x 19% Mean 2.0x 10.9x 18% Source: Company press releases, news articles, Wall Street research, CapIQ and FactSet. Note: Transaction multiples represent approximate figures due to lack of disclosures. Multiples are on LTM basis unless otherwise noted. (1) Reflects midpoint of Westlake’s disclosure on acquisition call. (2) Represents FY’19A Sales per company’s 10-K and estimated EBITDA per Wall Street Research. (3) Represents FY’18A figures. (4) Represents FY’18E figures per merger proxy. Selected acquisitions of U.S. building products companies over the last 5 years with a deal size greater than $1bn (3) (1) (2) (3) (3) (3) (4) (4) (4) (4) (2) Selected Precedent Transactions

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15 — Confidential — Discounted Cash Flow Analysis – Base Case (2022 Trends Continue) Source: Management projections provided on November 3, 2021. Note: Dollars in millions, except per share items. Implied share prices rounded to nearest $0.25. (1) Adjusted EBITDA includes stock-based compensation as a cash expense. (2) D&A includes ~$180mm of amortization through 2026. Terminal year assumes D&A equal to CapEx going forward. Unlevered Free Cash Flow Build Fiscal Year Ended December 31, Terminal ($ in millions) Q4 2021E 2022E 2023E 2024E 2025E 2026E Year Revenue $1,430 $6,235 $6,601 $6,947 $7,318 $7,767 $7,767 % Growth 20% 14% 6% 5% 5% 6% Adj. EBITDA (less: SBC)(1) $174 $755 $860 $961 $1,070 $1,196 $1,196 % Margin 12% 12% 13% 14% 15% 15% 15% (Less): D&A(2) (65) (284) (289) (293) (296) (301) (194) EBIT $110 $471 $571 $668 $774 $895 $1,002 (Less): Taxes (25) (141) (171) (200) (232) (268) (300) NOPAT $84 $329 $400 $468 $542 $626 $701 Plus: D&A(2) 65 284 289 293 296 301 194 Plus / (Less): Change in NWC 41 (83) 24 (1) (17) (28) (35) (Less): CapEx (24) (156) (165) (174) (183) (194) (194) Plus: Cash Settlement (tax adj.) -- 53 -- -- -- -- -- Unlevered Free Cash Flow $165 $427 $548 $585 $638 $705 $666 Implied Share Price Implied Terminal Multiple Discount Perpetuity Growth Rate Rate 2.00% 2.38% 2.75% 10.5% $38.00 $40.00 $42.25 11.5% 32.25 33.75 35.25 12.5% 27.50 28.50 30.00 Discount Perpetuity Growth Rate Rate 2.00% 2.38% 2.75% 10.5% 6.6x 6.9x 7.3x 11.5% 5.9x 6.1x 6.4x 12.5% 5.3x 5.5x 5.8x

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— Confidential — Appendix Supplementary Materials

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17 — Confidential — Take-Private Considerations Source: Management projections provided on November 3, 2021. (1) Projected as of December 31, 2021. . Potential sponsor value will be based on the projections they are willing to underwrite . Sponsor projections may include additional value levers, with varying degrees of achievability as a private company: – Portfolio rationalization – Organic investment / cost-saving initiatives – Synergistic M&A – Business opportunities or synergistic combination with portfolio asset(s) Base Case (2022 Trends Continue) Ability-to-Pay Analysis (Implied Share Price) Key Assumptions Assumes Exit at YE 2026E and 6.0x PF Net Debt Exit Multiple Target IRR 5.75x 6.38x 7.00x 15.0% $35.75 $38.75 $42.00 17.5% 33.50 36.25 39.00 20.0% 31.50 34.00 36.50 Upside Case (Accelerated Growth) Downside Case (Includes Recession) Assumes Offer Price of $23.00 per share Illustrative Sources & Uses Exit Multiple Target IRR 5.75x 6.38x 7.00x 15.0% $49.00 $53.25 $57.50 17.5% 45.25 49.25 53.00 20.0% 42.25 45.75 49.00 Exit Multiple Target IRR 5.75x 6.38x 7.00x 15.0% $27.25 $29.75 $32.25 17.5% 26.00 28.00 30.25 20.0% 24.75 26.75 28.75 Rate (x) EBITDA $mm % of Total Rollover of Existing Net Debt(1) -- 3.1x $2,080 40% Unsecured Notes 8.00% 2.9x 1,970 38% Sponsor Equity 1.7x 1,128 22% Total Sources 7.7x $5,178 100% Uses (x) EBITDA $mm % of Total Equity Value ($23.00 Offer Price) 4.4x $2,948 57% Rollover of Existing Net Debt(1) 3.1x 2,080 40% Transaction / Financing Fees 0.1x 100 2% Minimum Cash 0.1x 50 1% Total Uses 7.7x $5,178 100% Sources

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18 — Confidential — COPY 11/22 Metric Current Proposal Illustrative Offer Price per Share Offer Price $17.23 $23.00 $23.50 $24.00 $24.50 $25.00 $25.50 $26.00 $26.50 $27.00 Implied Premium / (Discount) vs. Current $17.23 0.0% 33.5% 36.4% 39.3% 42.2% 45.1% 48.0% 50.9% 53.8% 56.7% vs. 52-Week High $19.50 (11.6%) 17.9% 20.5% 23.1% 25.6% 28.2% 30.8% 33.3% 35.9% 38.5% vs.52-Week Low $8.61 100.1% 167.1% 172.9% 178.7% 184.6% 190.4% 196.2% 202.0% 207.8% 213.6% vs. 30-Day VWAP $15.30 12.6% 50.3% 53.6% 56.9% 60.1% 63.4% 66.7% 69.9% 73.2% 76.5% vs. 90-Day VWAP $15.65 10.1% 46.9% 50.1% 53.3% 56.5% 59.7% 62.9% 66.1% 69.3% 72.5% vs. 1-Year VWAP $12.74 35.3% 80.6% 84.5% 88.4% 92.4% 96.3% 100.2% 104.1% 108.1% 112.0% (x) DSO 127.8 128.2 128.2 128.2 128.3 128.3 128.3 128.3 128.3 128.4 Equity Value $2,201 $2,948 $3,013 $3,078 $3,142 $3,207 $3,272 $3,337 $3,401 $3,466 (+) Debt 3,087 3,087 3,087 3,087 3,087 3,087 3,087 3,087 3,087 3,087 (-) Cash (677) (677) (677) (677) (677) (677) (677) (677) (677) (677) Enterprise Value $4,611 $5,358 $5,423 $5,487 $5,552 $5,617 $5,682 $5,746 $5,811 $5,876 Implied EV / EBITDA Multiples 2021E $675 6.8x 7.9x 8.0x 8.1x 8.2x 8.3x 8.4x 8.5x 8.6x 8.7x 2022E 775 5.9x 6.9x 7.0x 7.1x 7.2x 7.2x 7.3x 7.4x 7.5x 7.6x 2021E $690 6.7x 7.8x 7.9x 8.0x 8.0x 8.1x 8.2x 8.3x 8.4x 8.5x 2022E 748 6.2x 7.2x 7.2x 7.3x 7.4x 7.5x 7.6x 7.7x 7.8x 7.9x Consensus Mgmt. RETURN Analysis at Various Prices Source: Management projections, company filings, Wall Street research and FactSet as of November 22, 2021. Note: Dollars in millions, except per share values.

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19 — Confidential — Fiscal Year Ending December 31, 2021E 2022E 2023E 2024E 2025E 2026E Net Sales $5,458 $6,235 $6,601 $6,947 $7,318 $7,767 % Growth 22% 14% 6% 5% 5% 6% Gross Profit $1,149 $1,267 $1,421 $1,575 $1,745 $1,938 % Margin 21% 20% 22% 23% 24% 25% Operating Income $385 $469 $569 $666 $772 $893 % Margin 7% 8% 9% 10% 11% 11% Net Income $137 $277 $316 $410 $485 $569 % Margin 3% 4% 5% 6% 7% 7% Diluted Earnings per Share $1.08 $2.18 $2.49 $3.24 $3.82 $4.49 Adjusted EBITDA $675 $775 $880 $981 $1,090 $1,216 % Margin 12% 12% 13% 14% 15% 16% Unlevered Free Cash Flow $251 $427 $548 $585 $638 $705 % Margin 5% 7% 8% 8% 9% 9% Source: Management projections provided on November 3, 2021. Note: Dollars in millions, except per share figures. (1) Excludes $865mm gain on sale of IMP and DBCI business units. (2) Includes stock-based compensation as an expense. (3) Includes pre-tax cash settlement of $75mm. (1) (1) (1) (2) (3) RETURN Management Plan – Base Case (2022 Trends Continue)

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20 — Confidential — Source: Management projections provided on November 3, 2021. Note: Dollars in millions. RETURN Management Plan – Base Case (2022 Trends Continue) Segment Detail Fiscal Year Ending December 31, CAGR 2021E 2022E 2023E 2024E 2025E 2026E '21E-'23E '21E-'26E Windows Segment $2,488 $2,836 $2,966 $3,080 $3,244 $3,451 9% 7% % Growth 19% 14% 5% 4% 5% 6% Commercial Segment 1,584 1,961 2,102 2,220 2,304 2,379 15% 8% % Growth 31% 24% 7% 6% 4% 3% Siding Segment 1,386 1,641 1,736 1,850 1,972 2,139 12% 9% % Growth 20% 18% 6% 7% 7% 8% Corporate Risk Adjustment -- (203) (203) (203) (203) (203) Total Net Sales $5,458 $6,235 $6,601 $6,947 $7,318 $7,767 10% 7% % Growth 22% 14% 6% 5% 5% 6% Windows Segment $479 $557 $626 $695 $780 $878 14% 13% % Margin 19% 20% 21% 23% 24% 25% Commercial Segment 371 406 455 500 540 579 11% 9% % Margin 23% 21% 22% 23% 23% 24% Siding Segment 381 438 477 521 569 628 12% 10% % Margin 28% 27% 27% 28% 29% 29% Corporate Risk Adjustment (82) (134) (137) (141) (144) (148) Total Gross Profit $1,149 $1,267 $1,421 $1,575 $1,745 $1,938 11% 11% % Margin 21% 20% 22% 23% 24% 25% Windows Segment $295 $360 $408 $456 $517 $589 18% 15% % Margin 12% 13% 14% 15% 16% 17% Commercial Segment 234 264 299 330 354 376 13% 10% % Margin 15% 13% 14% 15% 15% 16% Siding Segment 278 324 352 383 417 460 12% 11% % Margin 20% 20% 20% 21% 21% 22% Corporate Risk Adjustment (133) (172) (179) (187) (198) (209) Total Adj. EBITDA $675 $775 $880 $981 $1,090 $1,216 14% 12% % Growth 22% 15% 14% 11% 11% 12% % Margin 12% 12% 13% 14% 15% 16%

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21 — Confidential — Comparison of RETURN Management Forecasts Net Sales Adj. EBITDA Unlevered Free Cash Flow(1)(2) Source: Management projections provided on November 3, 2021. Note: Dollars in millions. (1) Includes stock-based compensation as an expense. (2) Includes pre-tax cash settlement of $75mm in 2022E. Base Case (2022 Trends Continue) Upside Case (Accelerated Growth) Downside Case (Includes Recession) $6,235 $6,601 $6,947 $7,318 $7,767 $6,349 $6,865 $7,408 $7,981 $8,702 $5,458 $6,061 $6,290 $6,346 $6,443 $6,749 $5,000 $5,500 $6,000 $6,500 $7,000 $7,500 $8,000 $8,500 $9,000 2021E 2022E 2023E 2024E 2025E 2026E % Growth % Margin Upside Case (Accelerated Growth) 22% 16% 8% 8% 8% 9% Base Case (2022 Trends Continue) 22% 14% 6% 5% 5% 6% Downside (Includes Recession) 22% 11% 4% 1% 2% 5% 2021E 2022E 2023E 2024E 2025E 2026E % Margin % Margin Upside Case (Accelerated Growth) 12% 14% 15% 16% 18% 19% Base Case (2022 Trends Continue) 5% 7% 8% 8% 9% 9% Downside (Includes Recession) 5% 10% 5% 7% 8% 8% % Margin Upside Case (Accelerated Growth) 5% 7% 9% 10% 10% 11% Base Case (2022 Trends Continue) 5% 7% 8% 8% 9% 9% Downside (Includes Recession) 5% 7% 8% 8% 8% 8% Key Case Drivers . Pricing net of inflation (e.g., above / flat) . Retained pricing in deflationary period . 2024 recession for Windows/Siding . 2025 recession for Commercial Key Case Drivers . Volume leverage from investments in growth, automation and IT initiatives . Right-sized cost structure (e.g., labor) Key Case Drivers . Upside Case (Accelerated Growth) reflects right-sized investment levels (e.g., higher capex spend due to more favorable growth and cost- out initiatives RETURN Management has created additional operating cases for use in the financial analysis presented herein $775 $880 $981 $1,090 $1,216 $861 $1,035 $1,218 $1,410 $1,628 $675 $692 $755 $798 $853 $943 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 2021E 2022E 2023E 2024E 2025E 2026E $427 $548 $585 $638 $705 $473 $634 $723 $834 $957 $251 $414 $503 $529 $547 $572 $-- $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 2021E 2022E 2023E 2024E 2025E 2026E

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22 — Confidential — Discounted Cash Flow Analysis – Upside Case (Accelerated Growth) & Downside Case (Includes Recession) Source: Management projections provided on November 3, 2021. Note: Implied share prices rounded to the nearest $0.25. Downside Case (Includes Recession) Implied Share Price Upside Case (Accelerated Growth) Implied Share Price Implied Terminal Multiple Implied Terminal Multiple Downside Case (Includes Recession) Discount Terminal Multiple Rate 1.75% 2.13% 2.50% 10.5% $26.50 $28.00 $29.50 11.5% 22.00 23.25 24.25 12.5% 18.50 19.50 20.25 Discount Terminal Multiple Rate 2.25% 2.63% 3.00% 10.5% $59.75 $62.50 $65.75 11.5% 51.00 53.25 55.50 12.5% 44.00 45.75 47.50 Discount Terminal Multiple Rate 2.25% 2.63% 3.00% 10.5% 7.2x 7.5x 7.9x 11.5% 6.4x 6.7x 7.0x 12.5% 5.8x 6.0x 6.3x Discount Terminal Multiple Rate 1.75% 2.13% 2.50% 10.5% 6.3x 6.6x 7.0x 11.5% 5.7x 5.9x 6.2x 12.5% 5.1x 5.3x 5.6x

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23 — Confidential — Unlevered Free Cash Flow Build Fiscal Year Ended December 31, Terminal ($ in millions) Q4 2021E 2022E 2023E 2024E 2025E 2026E Year Revenue $1,430 $6,061 $6,290 $6,346 $6,443 $6,749 $6,749 % Growth 20% 11% 4% 1% 2% 5% Adj. EBITDA (less: SBC)(1) $174 $673 $736 $779 $834 $924 $924 % Margin 12% 11% 12% 12% 13% 14% 14% (Less): D&A(2) (65) (284) (289) (293) (296) (301) (135) EBIT $110 $388 $448 $486 $538 $623 $789 (Less): Taxes (25) (124) (143) (155) (172) (199) (252) NOPAT $84 $264 $304 $330 $366 $423 $536 Plus: D&A(2) 65 284 289 293 296 301 135 Plus / (Less): Change in NWC 41 (65) 36 33 14 (18) (25) (Less): CapEx (24) (121) (126) (127) (129) (135) (135) Plus: Cash Settlement (tax adj.) -- 51 -- -- -- -- -- Unlevered Free Cash Flow $165 $414 $503 $529 $547 $572 $512 Implied Share Price Implied Terminal Multiple Source: Management projections provided on November 3, 2021. Note: Dollars in millions, except per share items. Implied share prices rounded to nearest $0.25. (1) Adjusted EBITDA includes stock-based compensation as a cash expense. (2) D&A includes ~$180mm of amortization through 2026. Terminal year assumes D&A equal to CapEx going forward. Discount Perpetuity Growth Rate Rate 1.75% 2.13% 2.50% 10.5% $26.50 $28.00 $29.50 11.5% 22.00 23.25 24.25 12.5% 18.50 19.50 20.25 Discount Perpetuity Growth Rate Rate 1.75% 2.13% 2.50% 10.5% 6.3x 6.6x 7.0x 11.5% 5.7x 5.9x 6.2x 12.5% 5.1x 5.3x 5.6x Discounted Cash Flow Analysis – Downside Case (Includes Recession)

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24 — Confidential — CY ’21E–’22E Rev. Growth CY ’22E EBITDA Margin CY ’21E–’22E EBITDA Growth Benchmarking RETURN’s Financial Metrics vs. Peers Source: Company filings, Management projections and FactSet as of November 22, 2021. Base, Upside and Downside scenarios based on Management projections provided on November 3, 2021. Note: Percentiles exclude RETURN. Consensus EBITDA is unburdened for stock-based compensation. Net leverage based on LTM values. Base Case (2022 Trends Continue) Upside Case (Accelerated Growth) Downside Case (Includes Recession) Peers RETURN Per Management Projections RETURN (Consensus) RETURN (Consensus) RETURN (Consensus) Peer Mean 25th Percentile Peer Median 75th Percentile Net Leverage RETURN (Consensus) Base Case (2022 Trends Continue) Upside Case (Accelerated Growth) Downside Case (Includes Recession) Base Case (2022 Trends Continue) Upside Case (Accelerated Growth) Downside Case (Includes Recession) Base Case (2022 Trends Continue) Upside Case (Accelerated Growth) Downside Case (Includes Recession) Peer Mean 25th Percentile Peer Median 75th Percentile Peer Mean 25th Percentile Peer Median 75th Percentile Peer Mean 25th Percentile Peer Median 75th Percentile N / A 7% 9% 7% 7% 19% 10% 7% 7% 7% 5% 16% 14% 11% 17% 15% 15% 11% 23% 17% 15% 12% 11% 10% 14% 12% 11% 15% 14% 12% 11% 27% 15% 12% 11% 8% 3% 28% 15% 3% 2.9x 2.3x 2.5x 1.2x 3.5x 3.5x 2.9x 2.5x 1.2x 1.2x

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25 — Confidential — Historical Multiples L5Y L3Y LTM Mean Mean Mean Current RETURN 7.2x 7.0x 7.0x 6.2x Peers 8.0x 7.8x 7.9x 7.6x Δ vs. Peers (0.9x) (0.8x) (0.9x) (1.4x) 4.0x 6.0x 8.0x 10.0x 12.0x Nov-16 Nov-17 Nov-18 Nov-19 Nov-20 Nov-21 $0 $5 $10 $15 $20 $25 $30 $35 Nov-16 Nov-17 Nov-18 Nov-19 Nov-20 Nov-21 Historical RETURN Trading and Valuation vs. Peers Source: FactSet and Wall Street research as of November 22, 2021. Note: EBITDA is unburdened for stock-based compensation. Peers consist of American Woodmark, Jeld-Wen, Masonite International, Owens Corning and PGT Innovations. RETURN Valuation vs. Peers (EV / NTM EBITDA) 6.2x 7.6x 8.3x 8.3x Current: $17.23 (0%) COPY Offer: $23.00 +63% RETURN Share Price Performance vs. Peers Peer Group Mean RETURN Δ vs. Peers Δ: (0.0x) Δ: (1.4x) Historical Returns L5Y L3Y YTD RETURN (0%) +54% +86% Peers +63% +76% +13%

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26 — Confidential — Outlook Valuation 2022E '20A-'22E % Prem. EV / 2022E 2022E EBITDA EBITDA Broker Price Target To Current Base Year EBITDA Revenue EBITDA Margin CAGR 45% 2022E 7.7x $6,109 $748 12.2% 11.0% 45% 2022E 7.5x 5,867 735 12.5% 10.1% 33% 2022E 6.5x 6,119 767 12.5% 12.4% 10% 2022E 7.0x 5,706 731 12.8% 9.7% Median 39% 7.3x $5,988 $742 12.5% 10.6% Operating Metrics $25 $25 $23 $19 $24 – $10.00 $20.00 $30.00 Nov-19 May-20 Nov-20 May-21 Nov-21 Current Analyst Perspectives on RETURN RETURN Analyst Sentiment Over Time Buy Hold Buy Hold Sell RETURN Share Price Average Price Target $24.00 $17.23 (1) Source: Wall Street research as of November 22, 2021. (1) Based on RETURN’s share price of $17.23 as of November 22, 2021.

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27 — Confidential — RETURN Shareholder Overview Source: Public filings, CapitalIQ, Wall Street research and Factset as of November 22, 2021. Note: Dollars in millions. Cost basis calculated using FIFO method. (1) Based on 126.2mm basic shares outstanding as of November 2, 2021. Shareholder Mkt. Val ($mm) % of O/S (1) Shares Held Est. Avg. Cost Basis CD&R $1,070.7 49.2% 62,143,416 n.a. Golden Gate 129.0 5.9% 7,489,402 n.a. American Century Investments 72.1 3.3% 4,184,914 $16.13 BlackRock 67.2 3.1% 3,897,794 14.27 Vanguard 61.4 2.8% 3,566,418 11.41 Barrow, Hanley, Mewhinney & Strauss 48.4 2.2% 2,810,018 16.29 Guardian Point Capital 34.5 1.6% 2,000,000 7.85 Russell Investments 33.9 1.6% 1,968,223 15.93 DNB Asset Management 29.0 1.3% 1,684,037 8.45 Dimensional Fund Advisors 25.5 1.2% 1,479,853 13.73 TIAA 24.8 1.1% 1,442,155 9.51 King Street 24.1 1.1% 1,400,000 15.22 Wolf Hill Capital 22.1 1.0% 1,283,639 10.58 American Beacon Advisors 22.0 1.0% 1,276,594 16.29 State Street Global Advisors 17.0 0.8% 988,796 15.68 RBF Capital 16.6 0.8% 962,997 5.76 James Metcalf 16.5 0.8% 956,482 n.a. Geode Capital Management 16.3 0.8% 948,279 13.39 J. Goldman & Co. 15.8 0.7% 919,882 12.00 Cooper Creek Partners 12.5 0.6% 723,893 15.10 Top 20 Holders $1,759.6 80.9% 102,126,792 $13.23 Top 20 Shareholders

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28 — Confidential — Premia Paid Analysis Premiums paid in precedent transactions Source: FactSet as of November 22, 2021. Note: Transactions exclude finance, real estate and insurance targets, as well as transactions with premiums greater than 200%. (1) Premium to unaffected share price for go-privates over the last 10 years involving U.S. public companies $1-10bn in transaction value. (2) Premium to unaffected share price for all-cash transactions over the last 10 years involving U.S. public companies $1-10bn in transaction value. (3) Based on RETURN’s share price of $17.23 as of November 22, 2021. (4) Represents implied share prices as a premium to RETURN’s 52-week high share price of $19.50 and 25th and 75th percentile premium for precedent transactions. (5) Represents implied share prices as a premium to RETURN’s 30-day VWAP of $15.30. Go-Private Premiums(1) All-Cash Premiums(2) Implied RETURN Sale Price(3) $20.11 $21.90 $22.54 $24.75 $27.37 Implied RETURN Sale Price(3) $20.44 $22.46 $23.92 $26.06 $29.58 16.7% 27.1% 30.8% 43.7% 58.9% 25th Percentile Median Mean 75th Percentile 90th Percentile 18.6% 30.3% 38.8% 51.2% 71.7% 25th Percentile Median Mean 75th Percentile 90th Percentile $17.92 $21.83 $17.24 $20.49 $23.57 $22.39 $19.36 $18.20 52-Week High(4) 30-Day VWAP(5)

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29 — Confidential — Debt / Unlevered Beta Equity 1.10 1.15 1.20 1.25 1.30 15% 11.0% 11.4% 11.7% 12.1% 12.4% 25% 10.8% 11.2% 11.5% 11.8% 12.2% 35% 10.6% 11.0% 11.3% 11.7% 12.0% 45% 10.5% 10.8% 11.2% 11.5% 11.8% Weighted Average Cost of Capital Analysis – RETURN Selected Public Companies Illustrative WACC Illustrative WACC Sensitivity Source: Public company filings, Wall Street research, Bloomberg, S&P Capital IQ and FactSet as of November 22, 2021. Note: Dollars in millions. Companies sorted by market cap. (1) Represents adjusted two-year weekly beta relative to S&P 500. (2) Unlevered Beta equals (Levered Beta / (1 + (1 - Tax Rate) * (Debt / Equity)). Tax rate used is 25%. (3) Reflects median for Peer Observed. (4) Levered Beta equals (Unlevered Beta * (1 + (1 - Tax Rate) * (Debt / Equity)). Tax rate used is 25%. (5) Reflects yield on 20-year U.S. Treasury. (6) Reflects U.S. long-horizon equity risk premium per Duff & Phelps 2021 valuation handbook. (7) Reflects size premium for companies with market capitalizations between ~$1,592mm and ~$2,445mm per Duff & Phelps 2021 valuation handbook. (8) Peer Observed pre-tax cost of debt is based on the BB U.S. high-yield index effective yield per St. Louis Fed. RETURN Observed pre-tax cost of debt is based on yield to worst of RETURN’s senior notes due 2029. (9) WACC equals ((Debt / Capitalization * After-Tax Cost of Debt) + (Equity / Capitalization * Cost of Equity)). Market Debt Debt / Beta Company Cap ($mm) ($mm) Equity Levered(1) Unlevered(2) Owens Corning $9,365 $3,095 33% 1.47 1.17 Masonite 2,765 878 32% 1.58 1.27 JELD-WEN 2,457 1,822 74% 1.88 1.20 PGT Innovations 1,317 635 48% 1.52 1.12 American Woodmark 1,203 496 41% 1.71 1.30 75th Percentile 48% 1.71 1.27 Mean 46% 1.63 1.21 Median 41% 1.58 1.20 25th Percentile 33% 1.52 1.17 RETURN $2,201 $3,087 140% 2.03 0.99 Peer RETURN Observed Observed Unlevered Beta(3) 1.20 0.99 Debt / Equity(3) 41% 140% Levered Beta(4) 1.577 2.028 Risk-Free Rate(5) 2.0% 2.0% Market Risk Premium(6) 7.3% 7.3% Market Size Premium(7) 1.4% 1.4% Cost of Equity 14.8% 18.1% Pre-Tax Cost Of Debt(8) 3.45% 4.78% Tax Rate 25.0% 25.0% After-Tax Cost Of Debt 2.6% 3.6% % Equity 70.8% 41.6% % Debt 29.2% 58.4% Estimated WACC(9) 11.3% 9.6% For Reference Only

Exhibit (c)(3)

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— Confidential — December 14, 2021 Presentation to the Special Committee Project RETURN

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1 — Confidential — Disclaimer This presentation has been prepared by Centerview Partners LLC (“Centerview”) for use solely by the management and Special Committee of RETURN, Inc.(“RETURN”) in connection with its evaluation of a proposed transaction involving RETURN and for no other purpose. The information contained herein is based upon information supplied by or on behalf of RETURN and publicly available information, and portions of the information contained herein may be based upon statements, estimates and forecasts provided by RETURN. Centerview has relied upon the accuracy and completeness of the foregoing information, and has not assumed any responsibility for any independent verification of such information or for any independent evaluation or appraisal of any of the assets or liabilities (contingent or otherwise) of RETURN or any other entity, or concerning the solvency or fair value of RETURN or any other entity. With respect to financial forecasts, Centerview has assumed that such forecasts have been reasonably prepared on bases reflecting the best currently available estimates and judgments of the management of RETURN as to the future financial performance of RETURN, and at your direction Centerview has relied upon such forecasts, as provided by RETURN’s management, with respect to RETURN. Centerview assumes no responsibility for and expresses no view as to such forecasts or the assumptions on which they are based. The information set forth herein is based upon economic, monetary, market and other conditions as in effect on, and the information made available to us as of, the date hereof, unless indicated otherwise and Centerview assumes no obligation to update or otherwise revise these materials. The financial analysis in this presentation is complex and is not necessarily susceptible to a partial analysis or summary description. In performing this financial analysis, Centerview has considered the results of its analysis as a whole and did not necessarily attribute a particular weight to any particular portion of the analysis considered. Furthermore, selecting any portion of Centerview’s analysis, without considering the analysis as a whole, would create an incomplete view of the process underlying its financial analysis. Centerview may have deemed various assumptions more or less probable than other assumptions, so the reference ranges resulting from any particular portion of the analysis described above should not be taken to be Centerview’s view of the actual value of RETURN. These materials and the information contained herein are confidential, were not prepared with a view toward public disclosure, and may not be disclosed publicly or made available to third parties without the prior written consent of Centerview. These materials and any other advice, written or oral, rendered by Centerview are intended solely for the benefit and use of the management and Special Committee of RETURN (in its capacity as such) in its consideration of the proposed transaction, and are not for the benefit of, and do not convey any rights or remedies for any holder of securities of RETURN or any other person. Centerview will not be responsible for and has not provided any tax, accounting, actuarial, legal or other specialist advice. These materials are not intended to provide the sole basis for evaluating the proposed transaction, and this presentation does not represent a fairness opinion, recommendation, valuation or opinion of any kind, and is necessarily incomplete and should be viewed solely in conjunction with the oral presentation provided by Centerview.

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2 — Confidential — Situation Update . Following the Special Committee meeting on November 23, Management and Centerview have advanced several key workstreams with regards to the non-binding indication of interest from COPY, including: – Centerview communicated to COPY that the $23 per share offer is insufficient to transact – COPY requested business unit calls with RETURN from 3-6pm ET on Thursday, December 16 with the following attendees: • U.S. Windows: Art Steinhafel and Jim Keppler • U.S. Siding: John Buckley and Jim Keppler • Canada: Philip Langlois • Commercial: Matt Ackley and Jim Keppler – Management provided Centerview with a single operating case (referred to herein as the “Management Case”) to serve as the basis for analyses as the process progresses – Centerview’s financial analysis has been updated to reflect the Management Case . Today’s presentation materials include an overview of COPY’s most recent proposal, a RETURN shareholder basis analysis and Centerview’s updated financial analysis

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3 — Confidential — Table of Contents Section 1 ..................................................................................... Review of RETURN Management Plan Section 2 ........................................................................................ Recap of COPY’s 11/22/21 Proposal Section 3 .......................................................... Centerview’s Updated Preliminary Financial Analysis Appendix .............................................................................................................. Supplementary Materials

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— Confidential — Review of RETURN Management Plan 1

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5 — Confidential — 12.5% 1.5% --% 0.5% 1.5% 16.0% 1.5% --% 0.5% 1.5% 22.1% 1.5% 1.5% --% 0.5% 11.4% 1.5% 1.5% --% 0.5% 2022E 2023E 2024E 2025E 2026E $60 $78 $62 $123 $115 $9 $18 $11 $30 $28 2022E 2023E 2024E 2025E 2026E Overview of RETURN Management Case Source: Management projections provided on December 3, 2021. Note: Dollars in millions. Growth Rates by Market Price Growth by Segment Strategic Sales ($mm) Net Manufacturing Efficiencies ($mm) . Assumes market decline for residential and commercial construction in 2024E and 2025E, respectively . 2022E price actions already in place . 2023E – 2026E net price inflation consistent with historical levels . Strategic sales initiatives currently underway include windows retail, Everplank, components residential roof, patio doors and fence and rail . RETURN Production System rolling out in second half of 2021 and 2022 . Manufacturing inefficiencies of $100mm+ in 2021 expected to be recovered 3.5% 1.5% (6.0%) 1.0% 1.0% 2.4% 2.6% 1.0% 2.0% 2.0% 4.5% 3.0% 1.0% (6.0%) 2.0% 2022E 2023E 2024E 2025E 2026E Residential SFHS Non-Residential Residential R&R U.S. Windows Buildings U.S. Siding Components Net Sales EBITDA % Margin 15% 22% 18% 25% 24% $40 $77 $67 $75 $78 2022E 2023E 2024E 2025E 2026E

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6 — Confidential — Summary of RETURN Management Case Source: Management projections provided on December 3, 2021. Note: Dollars in millions (1) Includes stock-based compensation as an expense. (2) Includes a $75mm payment from a settlement agreement filed on August 25, 2021 between parties to a class action complaint filed on November 14, 2018. The settlement remains subject to court approval. RETURN’s counsel believes that the likelihood of approval of the settlement is over 95%. Net Sales Adjusted EBITDA Unlevered Free Cash Flow(1) % Growth (5%) 22% 14% 5% 0% 1% 5% $4,693 $4,457 $5,458 $6,235 $6,562 $6,572 $6,660 $6,972 2019A 2020A 2021E 2022E 2023E 2024E 2025E 2026E % Growth 6% 22% 15% 12% 3% 5% 9% % Margin 11% 12% 12% 12% 13% 14% 14% 15% $523 $555 $675 $775 $872 $898 $940 $1,027 2019A 2020A 2021E 2022E 2023E 2024E 2025E 2026E % Growth 97% (42%) 70% 29% 7% 1% 4% % Margin 5% 10% 5% 7% 8% 9% 9% 9% $221 $434 $251 $427 $549 $587 $590 $612 2019A 2020A 2021E 2022E 2023E 2024E 2025E 2026E ‘21E-‘23E CAGR: 10% ‘21E-‘26E CAGR: 5% ‘21E-‘23E CAGR: 14% ‘21E-‘26E CAGR: 9% ‘21E-‘23E CAGR: 48% ‘21E-‘26E CAGR: 19% (2)

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7 — Confidential — $427 $548 $585 $638 $705 $473 $634 $723 $834 $957 $251 $414 $503 $529 $547 $572 $427 $549 $587 $590 $612 $100 $300 $500 $700 $900 $1,100 2021E 2022E 2023E 2024E 2025E 2026E $6,235 $6,601 $6,947 $7,318 $7,767 $6,349 $6,865 $7,408 $7,981 $8,702 $5,458 $6,061 $6,290 $6,346 $6,443 $6,749 $6,235 $6,562 $6,572 $6,660 $6,972 $5,000 $5,500 $6,000 $6,500 $7,000 $7,500 $8,000 $8,500 $9,000 2021E 2022E 2023E 2024E 2025E 2026E % Growth % Margin Case 2021E 2022E 2023E 2024E 2025E 2026E Upside 22% 16% 8% 8% 8% 9% Base 22% 14% 6% 5% 5% 6% Management 22% 14% 5% 0% 1% 5% Downside 22% 11% 4% 1% 2% 5% $775 $880 $981 $1,090 $1,216 $861 $1,035 $1,218 $1,410 $1,628 $675 $692 $755 $798 $853 $943 $775 $872 $898 $940 $1,027 $500 $700 $900 $1,100 $1,300 $1,500 $1,700 2021E 2022E 2023E 2024E 2025E 2026E Comparison of RETURN Management Case vs. Prior Cases Net Sales Adj. EBITDA Unlevered Free Cash Flow(1)(2) Source: Management projections provided on December 3, 2021. Note: Dollars in millions. (1) Includes stock-based compensation as an expense. (2) Includes a $75mm payment from a settlement agreement filed on August 25, 2021 between parties to a class action complaint filed on November 14, 2018. The settlement remains subject to court approval. RETURN’s counsel believes that the likelihood of approval of the settlement is over 95%. Base Case (2022 Trends Continue) Upside Case (Accelerated Growth) Downside Case (Includes Recession) Management Case % Margin % Margin Case 2021E 2022E 2023E 2024E 2025E 2026E Upside 12% 14% 15% 16% 18% 19% Base 12% 12% 13% 14% 15% 16% Management 12% 12% 13% 14% 14% 15% Downside 12% 11% 12% 13% 13% 14% % Margin Case 2021E 2022E 2023E 2024E 2025E 2026E Upside 5% 7% 9% 10% 10% 11% Base 5% 7% 8% 8% 9% 9% Management 5% 7% 8% 9% 9% 9% Downside 5% 7% 8% 8% 8% 8%

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— Confidential — Recap of COPY’s 11/22/21 Proposal 2

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9 — Confidential — Updated Value Communicated by COPY on November 22, 2021 Price per Share Implied Valuation Implied Premia . $23.00 per share, after communicating consideration of an initial offer of $22.00 on November 12 – Implies an increase of 4.5% . 50.7% to current share price of $15.26 . 42.2% to 30-day VWAP of $16.18 . 46.2% to 90-day VWAP of $15.73 . 75.3% to 1-year VWAP of $13.12 . 17.9% to 52-week high of $19.50(1) Reflects Management Case: . 7.9x 2021E EBITDA . 6.9x 2022E EBITDA Summary Financials Source: Management projections provided on December 3, 2021. Company filings and FactSet as of December 13, 2021. Note: Dollars in millions, except per share amounts. (1) Reflects closing share price trading levels. (2) RETURN balance sheet and share count reflect the company’s latest filings. Overview COPY Current Proposal Implied Valuation Share Price $15.26 $23.00 % Premium to Current – 50.7% Diluted Shares Outstanding(2) 127.5 128.2 Equity Value $1,946 $2,948 Less: Cash(2) (677) (677) Plus: Debt(2) 3,087 3,087 Enterprise Value $4,356 $5,358 Implied Multiples Multiple: Metric: 2021E $690 6.3x 7.8x 2022E 748 5.8x 7.2x 2021E $675 6.5x 7.9x 2022E 775 5.6x 6.9x EV / EBITDA (Consensus) EV / EBITDA (Management) Consideration and Financing . 100% cash consideration . Financing discussions with Goldman Sachs and RBC reconfirmed COPY’s belief that 6x+ debt leverage was feasible for this transaction . Indebtedness would be incurred by a Holdco above the RETURN credit group following the merger – RETURN’s outstanding debt would stay in place

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10 — Confidential — $0 $5 $10 $15 $20 $25 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 RETURN’s Historical Share Price Performance Source: FactSet and Wall Street research as of December 13, 2021. Note: M&A annotations only include transactions with a deal size greater than $100mm. (1) Reflects closing share price trading levels. $15.70 $15.26 (3%) Jul. 17, 2018: NCI and Ply Gem announced merger Nov. 16, 2018: NCI and Ply Gem merger closed Jan. 17, 2019: Announced acquisition of Environmental Stoneworks Jul. 27, 2021: Announced divestiture of DBCI business Aug. 2, 2021: Announced acquisition of Cascade Windows Aug. 4, 2021: Announced CEO retirement and transition plan Aug. 9, 2021: Completed divestiture of IMP business RETURN’s Share Price Performance (Last 5 Years) Aug. 28, 2018: Ply Gem announced acquisition of Silver Line Division from Andersen Corporation Jun. 7, 2021: Announced divestiture of IMP business Nov. 9, 2021: Announced Q3’21 Earnings Implied Premia COPY Proposal Share Price $23.00 vs. Current ($15.26) 50.7% vs. 30-Day VWAP ($16.18) 42.2% vs. 90-Day VWAP ($15.73) 46.2% vs. 1-Year VWAP ($13.12) 75.3% vs. 52-Week High ($19.50) 17.9% vs. 52-Week Low ($9.10) 152.7% (1) (1) COPY Offer: $23.00 Feb. 19, 2020: Pre-COVID trading

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11 — Confidential — Limited Trading Float Potentially Weighing on Valuation Source: Company filings and FactSet as of December 13, 2021. Float as a % of Basic Shares Outstanding 99% 98% 98% 96% 80% 42% OC AMWD DOOR PGTI JELD CNR ADTV as % of BSO: Top Shareholder: Top 10 Shareholders: 0.80% 0.56% 0.52% 0.38% 0.55% 0.48% 9.7% 15.0% 9.7% 14.2% 15.8% 49.2% Vanguard BlackRock Vanguard BlackRock Fidelity COPY 41.3% 57.2% 50.7% 60.2% 72.6% 71.7% RETURN

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12 — Confidential — RETURN Shareholder Basis Analysis Source: Public filings, CapitalIQ, Wall Street research and FactSet as of December 13, 2021. Note: Dollars in millions. Cost basis calculated using FIFO method. List of shareholders excludes COPY, Golden Gate Capital and RETURN Executive Chairman James Metcalf. (1) Based on 126.2mm basic shares outstanding as of November 2, 2021. (2) Estimated cost basis of 23mm of retained shares from COPY’s 2009 investment in NCI is based on NCI’s Q3’09 10-Q filing. Estimated cost basis of 39mm of newly issued shares from NCI’s merger with Ply Gem is based on NCI’s share price of $12.16 as of November 16, 2018 – the last closing price before the merger closed. Shareholder Mkt. Val ($mm) % of O/S (1) Shares Held Est. Avg. Cost Basis American Century Investments $63.9 3.3% 4,184,914 $16.13 BlackRock 59.5 3.1% 3,897,794 14.27 Vanguard 54.4 2.8% 3,566,418 11.41 Barrow, Hanley, Mewhinney & Strauss 42.9 2.2% 2,810,018 16.29 Guardian Point Capital 30.5 1.6% 2,000,000 7.85 Russell Investments 30.0 1.6% 1,968,223 15.93 DNB Asset Management 25.7 1.3% 1,684,037 8.45 Dimensional Fund Advisors 22.6 1.2% 1,479,853 13.73 TIAA 22.0 1.1% 1,442,155 9.51 King Street 21.4 1.1% 1,400,000 15.22 Wolf Hill Capital 19.6 1.0% 1,283,639 10.58 American Beacon Advisors 19.5 1.0% 1,276,594 16.29 State Street Global Advisors 15.1 0.8% 988,796 15.68 RBF Capital 14.7 0.8% 962,997 5.76 Geode Capital Management 14.5 0.8% 948,279 13.39 J. Goldman & Co. 14.0 0.7% 919,882 12.00 Cooper Creek Partners 11.0 0.6% 723,893 15.10 Soviero Asset Management 10.4 0.5% 680,000 16.15 Voss Capital 9.9 0.5% 650,000 14.74 Invesco Capital Management 9.8 0.5% 645,431 16.03 Top 20 Holders (Excl. Insiders) $511.4 26.6% 33,512,956 $13.37 Reference: COPY $948.3 49.2% 62,143,416 $1.28 / $12.16 Top 20 Shareholders (Excluding COPY, Golden Gate Capital and Other Insiders) (2) Note: COPY’s estimated cost basis is based on 23mm of retained shares from their $250mm investment in NCI in 2009 ($1.28) and 39mm of newly issued shares following NCI’s merger with Ply Gem ($12.16)

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— Confidential — Centerview’s Updated Preliminary Financial Analysis 3

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14 — Confidential — Source: Company filings, press releases, CapIQ, FactSet and Management projections provided on December 3, 2021. Note: Market data as of December 13, 2021. (1) Based on RETURN’s share price of $15.26 as of December 13, 2021, 30-day VWAP of $16.18 and 52-week high of $19.50. . Selected publicly-traded comparable companies in the building products sector . Valuation multiples based on Enterprise Value / CY 2022E EBITDA . Multiples applied to RETURN’s 2022E EBITDA per Wall Street consensus and RETURN Management Case . Based on RETURN Management Case . Perpetuity growth rate of 1.75% - 2.50% . Weighted average cost of capital (“WACC”) range of 10.5% - 12.5% . Selected precedent M&A transactions in the building products sector – Includes transactions completed with U.S. targets in the last 5 years (deal size greater than $1bn) . Multiples applied to RETURN’s LTM EBITDA as of October 2, 2021 . RETURN’s closing share price trading levels over the last 52 weeks 52-Week Trading Range Selected Precedent Transactions Analysis Discounted Cash Flow (DCF) Analysis For Reference Only . Range of current Wall Street analyst price targets for RETURN Analyst Price Targets Selected Public Company Analysis Premia Paid Analysis . Range of premia paid on selected take-private transactions – Includes transactions completed with U.S. targets in the last 10 years (deal size between $1bn and $10bn) . Premia applied to RETURN’s current share price, 30-day VWAP and 52-week high(1) Overview of Centerview’s Preliminary Financial Analysis

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15 — Confidential — $16.25 $15.25 $24.50 $22.00 $9.10 $19.00 $17.75 $18.25 $17.75 $23.75 $22.25 $37.25 $34.00 $19.50 $25.00 $22.00 $21.50 $21.75 – $10.00 $20.00 $30.00 $40.00 Source: Management projections provided on December 3, 2021, FactSet as of December 13, 2021 and Wall Street research. Note: Dollars in millions, except per share figures. Implied share prices rounded to the nearest $0.25. Market data as of December 13, 2021. (1) Implied share price calculated as implied enterprise value less $2.4bn of net debt, consisting of $3.1bn of debt and $0.7bn of cash, per RETURN’s Q3’21 10-Q, divided by fully diluted shares outstanding. Fully diluted shares outstanding based on 126.2mm basic shares and 3.2mm stock options with an weighted average exercise price of $8.95. EBITDA is unburdened for stock-based compensation. 52-Week Trading Range Selected Public Comparables Selected Precedent Transactions Implied Share Price(1) LTM (as of 10/02/21) LTM EBITDA: $651mm Multiple: 8.5x - 11.0x Management Case 10.5% - 12.5% WACC 1.75% - 2.50% PGR Closing Price Low - High Management Case 2022E EBITDA: $775mm Multiple: 5.8x - 7.0x Price as of 12/13/21: $15.26 Analyst Price Targets Price Target Low - High For Reference Only DCF Analysis Premia Paid Analysis Implied Price Current Share Price: $15.26 Premium: 16.5% - 43.5% COPY Offer on 11/22/21: $23.00 Preliminary Financial Analysis Implied Price 30-Day VWAP: $16.18 Premium: 13.1% - 33.6% Implied Price 52-Week High: $19.50 Premium: (9.1%) - 12.0% Wall Street Consensus 2022E EBITDA: $748mm Multiple: 5.8x - 7.0x

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16 — Confidential — Selected Public Trading Comparables Source: Company filings and FactSet as of December 13, 2021. Note: Dollars in billions. EBITDA is unburdened for stock-based compensation. All figures are based on RETURN fiscal year ending December 31. Companies sorted by equity value. Revenue EBITDA EBITDA Net Equity Enterprise EV / EBITDA Growth Growth Margin Leverage Company Value Value 2022E '21E - '22E '21E - '22E 2022E LTM Owens Corning $9.3 $11.5 5.8x 5% 3% 23% 1.1x Masonite 2.8 3.3 7.0x 7% 12% 17% 1.2x JELD-WEN 2.4 3.8 6.9x 7% 15% 11% 2.9x PGT Innovations 1.3 1.9 8.9x 19% 27% 15% 3.5x American Woodmark 1.1 1.6 8.0x 7% 11% 10% 2.8x Median $2.4 $3.3 7.0x 7% 12% 15% 2.8x RETURN (Consensus) $1.9 $4.4 5.8x 10% 8% 12% 3.5x RETURN (Management Plan) $1.9 $4.4 5.6x 14% 15% 12% 3.5x

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17 — Confidential — Target EV / LTM Target's LTM Financials Date Acquiror Company EV Sales EBITDA Sales EBITDA Margin 7/19/21 Carlisle Companies Henry $1,575 3.1x 13.2x $511 $119 23.3% 6/20/21 Westlake Chemical Boral's N.A. Building Products 2,150 2.0x ~10.4x 1,100 ~206 ~19.0% 6/7/21 Nucor Cornerstone's Insulated Metal Panels 1,000 2.6x 13.3x 389 75 19.3% 11/15/19 ACPI Masco Cabinetry 1,000 1.1x 9.8x 950 102 10.7% 11/12/19 Saint-Gobain Continental Building Products 1,434 2.8x 10.4x 514 138 26.8% 7/17/18 NCI Ply Gem 3,700 1.4x 10.9x 2,649 341 12.9% 1/31/18 CD&R Ply Gem 2,400 1.2x 9.7x 2,056 246 12.0% 12/1/17 American Woodmark RSI Home Products 1,075 1.9x 8.7x 560 123 22.0% Median 1.9x 10.4x 19% Mean 2.0x 10.8x 18% Source: Company press releases, news articles, Wall Street research, CapIQ and FactSet. Note: EBITDA is unburdened for stock-based compensation. Transaction multiples represent approximate figures due to lack of disclosures. Multiples are on LTM basis unless otherwise noted. (1) Reflects midpoint of Westlake’s disclosure on acquisition call. Stock-based compensation reflects segment’s sales contribution. (2) Represents FY’18A figures. Stock-based compensation reflects segment’s sales contribution. (3) Represents FY’18E figures per merger proxy. Assumes stock-based compensation reflects FY’17A stock-based compensation as a percentage of FY’17A sales. Selected acquisitions of U.S. building products companies over the last 5 years with a deal size greater than $1bn (2) (1) (2) (2) (2) (3) (3) (3) (3) Selected Precedent Transactions (1)

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18 — Confidential — Discounted Cash Flow Analysis – Management Case Source: Management projections provided on December 3, 2021. Note: Dollars in millions, except per share items. Implied share prices rounded to nearest $0.25. (1) Adjusted EBITDA includes stock-based compensation as a cash expense. (2) D&A includes ~$180mm of amortization through 2026. Terminal year assumes D&A equal to CapEx going forward. Unlevered Free Cash Flow Build Fiscal Year Ended December 31, Terminal ($ in millions) Q4 2021E 2022E 2023E 2024E 2025E 2026E Year Revenue $1,430 $6,235 $6,562 $6,572 $6,660 $6,972 $6,972 % Growth 20% 14% 5% 0% 1% 5% Adj. EBITDA (less: SBC)(1) $174 $755 $852 $878 $920 $1,007 $1,007 % Margin 12% 12% 13% 13% 14% 14% 14% (Less): D&A(2) (65) (284) (289) (293) (296) (301) (174) EBIT $110 $471 $563 $585 $623 $706 $833 (Less): Taxes (25) (141) (169) (176) (187) (212) (250) NOPAT $84 $329 $394 $410 $436 $494 $583 Plus: D&A(2) 65 284 289 293 296 301 174 Plus / (Less): Change in NWC 41 (83) 30 49 24 (9) (16) (Less): CapEx (24) (156) (164) (164) (166) (174) (174) Plus: Cash Settlement (tax adj.) -- 53 -- -- -- -- -- Unlevered Free Cash Flow $165 $427 $549 $587 $590 $612 $567 Implied Share Price Implied Terminal Multiple Discount Perpetuity Growth Rate Rate 1.75% 2.13% 2.50% 10.5% $30.75 $32.25 $34.00 11.5% 26.00 27.00 28.50 12.5% 22.00 23.00 24.00 Discount Perpetuity Growth Rate Rate 1.75% 2.13% 2.50% 10.5% 6.4x 6.7x 7.1x 11.5% 5.8x 6.0x 6.3x 12.5% 5.2x 5.4x 5.7x

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— Confidential — Appendix Supplementary Materials

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20 — Confidential — NTM EV / EBITDA Multiple RETURN Current (5.8x) 3-Yr RETURN Average (6.9x) Illustr. Cost Undiscounted Future Share Price (2022E) of Equity $25.35 $32.80 13.5% $22.20 $28.70 15.5% 21.80 28.20 17.5% 21.40 27.70 $21.40 $21.80 $15.26 $27.70 $27.35 $10 $20 $30 $40 $50 Current 2022 2023 $25.35 $30.35 $15.26 $32.80 $38.05 $10 $20 $30 $40 $50 Current 2022 2023 Illustrative Future Share Price Present Value of Illustrative Future Share Price(3) Source: FactSet as of December 13, 2021 and Management projections provided on December 3, 2021. Note: Diluted shares in millions. Future share prices as of year-end. Share prices rounded to nearest $0.05. (1) NTM multiple based on RETURN 3-year average. (2) Reflects Wall Street consensus. (3) Illustrative future share price discounted at 17.5% based on RETURN’s cost of equity per RETURN observed figures. Present Value of YE 2022 Share Price Sensitivity RETURN Mgmt. Plan at Current 5.8x NTM Multiple RETURN Mgmt. Plan at 3-Year Avg. 6.9x NTM Multiple(1) Memo: NTM EBITDA $745 $872 $898 Net Debt 2,410 1,860 1,376 Dil. Shares 127.5 127.5 127.5 Future Share Price Breakeven Analysis: Management Case Analysis represents illustrative future share price assuming a range of EV / NTM EBITDA multiples applied to RETURN Management Case projections (2)

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21 — Confidential — Take-Private Considerations Source: Management projections provided on December 3, 2021. Note: Dollars in millions, except per share values. Implied share prices rounded to the nearest $0.25. (1) Assumes debt paydown of $830mm from cash on hand. (2) Projected as of December 31, 2021. . Potential sponsor value will be based on the projections they are willing to underwrite . Sponsor projections may include additional value levers, with varying degrees of achievability as a private company: – Portfolio rationalization – Organic investment / cost-saving initiatives – Synergistic M&A – Business opportunities or synergistic combination with portfolio asset(s) Management Case Ability-to-Pay Analysis (Implied Share Price) Key Assumptions Exit Multiple Target IRR 5.75x 6.38x 7.00x 15.0% $30.00 $32.50 $35.25 17.5% 28.25 30.75 33.00 20.0% 27.00 29.00 31.00 22.5% 25.50 27.50 29.50 25.0% 24.50 26.25 28.00 Reflects Offer Price of $23.00 per Share, 6.0x Pro Forma Net Debt and Minimum Cash of $50mm Illustrative Sources & Uses Rate (x) EBITDA $mm % of Total Rollover of Existing Term Loan(1) L + 3.25% 2.6x $1,724 32% Rollover of Existing Senior Notes 6.125% 0.7x 500 9% New Unsecured Notes 8.00% 2.8x 1,875 35% Sponsor Equity -- 1.7x 1,173 22% RETURN Cash on Hand(1) -- 0.1x 50 1% Total Sources 7.9x $5,322 100% Uses (x) EBITDA $mm % of Total Equity Value ($23.00 Offer Price) 4.4x $2,948 55% Rollover of Existing RETURN Debt(1)(2) 3.3x 2,224 42% Transaction / Financing Fees 0.1x 100 2% Minimum Cash 0.1x 50 1% Total Uses 7.9x $5,322 100% Sources Assumes Exit at Year-End 2026E

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22 — Confidential — COPY 11/22 Metric Current Proposal Illustrative Offer Price per Share Offer Price $15.26 $23.00 $23.50 $24.00 $24.50 $25.00 $25.50 $26.00 $26.50 $27.00 Implied Premium / (Discount) vs. Current $15.26 --% 50.7% 54.0% 57.3% 60.6% 63.8% 67.1% 70.4% 73.7% 76.9% vs. 52-Week High $19.50 (21.7%) 17.9% 20.5% 23.1% 25.6% 28.2% 30.8% 33.3% 35.9% 38.5% vs.52-Week Low $9.10 67.7% 152.7% 158.2% 163.7% 169.2% 174.7% 180.2% 185.7% 191.2% 196.7% vs. 30-Day VWAP $16.18 (5.7%) 42.2% 45.3% 48.4% 51.5% 54.5% 57.6% 60.7% 63.8% 66.9% vs. 90-Day VWAP $15.73 (3.0%) 46.2% 49.4% 52.5% 55.7% 58.9% 62.1% 65.2% 68.4% 71.6% vs. 1-Year VWAP $13.12 16.3% 75.3% 79.1% 82.9% 86.8% 90.6% 94.4% 98.2% 102.0% 105.8% (x) DSO 127.5 128.2 128.2 128.2 128.3 128.3 128.3 128.3 128.3 128.4 Equity Value $1,946 $2,948 $3,013 $3,078 $3,142 $3,207 $3,272 $3,337 $3,401 $3,466 (+) Debt 3,087 3,087 3,087 3,087 3,087 3,087 3,087 3,087 3,087 3,087 (-) Cash (677) (677) (677) (677) (677) (677) (677) (677) (677) (677) Enterprise Value $4,356 $5,358 $5,423 $5,487 $5,552 $5,617 $5,682 $5,746 $5,811 $5,876 Implied EV / EBITDA Multiples 2021E $675 6.5x 7.9x 8.0x 8.1x 8.2x 8.3x 8.4x 8.5x 8.6x 8.7x 2022E 775 5.6x 6.9x 7.0x 7.1x 7.2x 7.2x 7.3x 7.4x 7.5x 7.6x 2021E $690 6.3x 7.8x 7.9x 8.0x 8.0x 8.1x 8.2x 8.3x 8.4x 8.5x 2022E 748 5.8x 7.2x 7.2x 7.3x 7.4x 7.5x 7.6x 7.7x 7.8x 7.9x Consensus Mgmt. Case RETURN Analysis at Various Prices Source: Management projections, company filings, Wall Street research and FactSet as of December 13, 2021. Note: Dollars in millions, except per share values.

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23 — Confidential — Fiscal Year Ending December 31, 2021E 2022E 2023E 2024E 2025E 2026E Net Sales $5,458 $6,235 $6,562 $6,572 $6,660 $6,972 % Growth 22% 14% 5% 0% 1% 5% Gross Profit $1,149 $1,267 $1,412 $1,474 $1,570 $1,723 % Margin 21% 20% 22% 22% 24% 25% Operating Income $385 $469 $561 $583 $621 $704 % Margin 7% 8% 9% 9% 9% 10% Net Income $137 $277 $310 $352 $398 $467 % Margin 3% 4% 5% 5% 6% 7% Diluted Earnings per Share $1.08 $2.18 $2.45 $2.78 $3.14 $3.68 Adjusted EBITDA (pre-SBC) $675 $775 $872 $898 $940 $1,027 % Margin 12% 12% 13% 14% 14% 15% Unlevered Free Cash Flow $251 $427 $549 $587 $590 $612 % Margin 5% 7% 8% 9% 9% 9% Source: Management projections provided on December 3, 2021. Note: Dollars in millions, except per share figures. (1) Excludes $865mm gain on sale of IMP and DBCI business units. (2) Includes stock-based compensation as an expense. (3) Includes a $75mm payment from a settlement agreement filed on August 25, 2021 between parties to a class action complaint filed on November 14, 2018. The settlement remains subject to court approval. RETURN’s counsel believes that the likelihood of approval of the settlement is over 95%. (2) (3) RETURN Management Case (1) (1) (1)

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24 — Confidential — Source: Management projections provided on December 3, 2021. Note: Dollars in millions. EBITDA excludes stock based compensation. RETURN Management Case Segment Detail Fiscal Year Ending December 31, CAGR 2021E 2022E 2023E 2024E 2025E 2026E '21E-'23E '21E-'26E Windows Segment $2,488 $2,836 $2,966 $2,899 $3,015 $3,159 9% 5% % Growth 19% 14% 5% (2%) 4% 5% Commercial Segment 1,584 1,961 2,063 2,155 2,039 2,090 14% 6% % Growth 31% 24% 5% 4% (5%) 2% Siding Segment 1,386 1,641 1,736 1,720 1,808 1,926 12% 7% % Growth 20% 18% 6% (1%) 5% 7% Corporate Risk Adjustment -- (203) (203) (203) (203) (203) Total Net Sales $5,458 $6,235 $6,562 $6,572 $6,660 $6,972 10% 5% % Growth 22% 14% 5% 0% 1% 5% Windows Segment $479 $557 $626 $648 $717 $795 14% 11% % Margin 19% 20% 21% 22% 24% 25% Commercial Segment 371 406 447 482 476 510 10% 7% % Margin 23% 21% 22% 22% 23% 24% Siding Segment 381 438 477 485 521 566 12% 8% % Margin 28% 27% 27% 28% 29% 29% Corporate Risk Adjustment (82) (134) (137) (141) (144) (148) Total Gross Profit $1,149 $1,267 $1,412 $1,474 $1,570 $1,723 11% 8% % Margin 21% 20% 22% 22% 24% 25% Windows Segment $295 $360 $408 $420 $466 $519 18% 12% % Margin 12% 13% 14% 14% 15% 16% Commercial Segment 234 264 291 311 297 313 12% 6% % Margin 15% 13% 14% 14% 15% 15% Siding Segment 278 324 352 353 376 406 12% 8% % Margin 20% 20% 20% 21% 21% 21% Corporate Risk Adjustment (133) (172) (179) (186) (199) (211) Total Adj. EBITDA $675 $775 $872 $898 $940 $1,027 14% 9% % Growth 22% 15% 12% 3% 5% 9% % Margin 12% 12% 13% 14% 14% 15%

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25 — Confidential — CY ’21E–’22E Rev. Growth CY ’22E EBITDA Margin CY ’21E–’22E EBITDA Growth Benchmarking RETURN’s Financial Metrics vs. Peers Source: Company filings, Management projections and FactSet as of December 13, 2021. Management Case based on Management projections provided on December 3, 2021. Note: Percentiles exclude RETURN. EBITDA is unburdened for stock-based compensation. Net leverage based on LTM values. Management Case Peers RETURN Per Management Projections RETURN (Consensus) RETURN (Consensus) RETURN (Consensus) Peer Mean 25th Percentile Peer Median 75th Percentile Net Leverage RETURN (Consensus) Peer Mean 25th Percentile Peer Median 75th Percentile Peer Mean 25th Percentile Peer Median 75th Percentile Peer Mean 25th Percentile Peer Median 75th Percentile Management Case Management Case 2.9x 2.3x 2.8x 1.2x 3.5x 3.5x 2.9x 2.8x 1.2x 1.1x 17% 15% 15% 11% 23% 17% 15% 12% 11% 10% 12% 15% 14% 12% 11% 27% 15% 12% 11% 8% 3% 15% 7% 9% 7% 7% 19% 10% 7% 7% 7% 5% 14% N / A Management Case

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26 — Confidential — CY ’19A–’21E Revenue CAGR CY ’19A-’21E EBITDA Margin Change (bps) CY ’19A–’21E EBITDA CAGR Benchmarking RETURN’s Financial Metrics vs. Peers (Cont.) Source: Company filings, Management projections and FactSet as of December 13, 2021. Management Case based on Management projections provided on December 3, 2021. Note: Percentiles exclude RETURN. EBITDA is unburdened for stock-based compensation. PGT Innovations’ financials are pro forma for the acquisitions of NewSouth Window Solutions and Anlin Windows and Doors. Management Case Peers RETURN Per Management Projections RETURN (Consensus) RETURN (Consensus) RETURN (Consensus) Peer Mean 25th Percentile Peer Median 75th Percentile Peer Mean 25th Percentile Peer Median 75th Percentile Peer Mean 25th Percentile Peer Median 75th Percentile Management Case Management Case 10% 9% 8% 6% 17% 10% 9% 8% 6% 5% 8% 21% 9% 7% 7% 22% 21% 15% 7% 7% (14%) 14% +300 +7 +36 (265) +458 +300 +127 +36 (265) (491) +122

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27 — Confidential — $0 $5 $10 $15 $20 $25 $30 $35 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Historical Multiples L5Y L3Y LTM Mean Mean Mean Current RETURN 7.1x 6.9x 6.9x 5.8x Peers 8.0x 7.7x 7.8x 7.4x Δ vs. Peers (0.8x) (0.8x) (0.9x) (1.5x) 4.0x 6.0x 8.0x 10.0x 12.0x Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Historical RETURN Trading and Valuation vs. Peers Source: FactSet and Wall Street research as of December 13, 2021. Note: EBITDA is unburdened for stock-based compensation. Peers consist of American Woodmark, Jeld-Wen, Masonite International, Owens Corning and PGT Innovations. RETURN Valuation vs. Peers (EV / NTM EBITDA) 5.8x 7.4x 7.7x 8.3x Current: $15.26 (3%) COPY Offer: $23.00 +56% RETURN Share Price Performance vs. Peers Peer Group Mean RETURN Δ vs. Peers Δ: (0.6x) Δ: (1.5x) Historical Returns L5Y L3Y YTD RETURN (3%) +47% +64% Peers +56% +93% +10%

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28 — Confidential — (3.4x) +0.1x +0.5x (1.0x) (2.1x) +0.9x +0.1x +1.2x (6%) 311% 215% 107% (48%) (43%) (92%) (42%) Benchmarking Performance in Recessions vs. Recovery Cycles Source: FactSet as of December 13, 2021. Note: Great Recession reflects Dec. 1, 2007 – July 1, 2009. Post Great Recession reflects Jan. 1, 2010 – Jan. 1, 2020. COVID Recession reflects Feb. 19, 2020 – May 1, 2020. Post COVID Recession reflects May 1, 2020 – Current. (1) Book value per share decreased from $7.46 as of December 31, 2019 to $2.76 as of April 4, 2020 due to an increase in accumulated deficit. Accumulated deficit totaled ~$281mm as of December 31, 2019 and ~$824mm as of April 4, 2020. (2) Peers consist of American Woodmark, Jeld-Wen, Masonite, Owens Corning and PGT Innovations. Total Shareholder Return Change in Price / Book Value Recession Cycles Recovery Cycles “Great Recession” “COVID Recession” Post “Great Recession” Post “COVID Recession” RETURN Peer Median(2) Book value decreased by ~60% due to a large increase in accumulated deficit(1)

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29 — Confidential — 26% 24% 19% 16% (10%) 5% (38%) (9%) Benchmarking Performance in Recessions vs. Recovery Cycles (Cont.) Revenue CAGR Source: FactSet as of December 13, 2021. Note: Great Recession reflects Dec. 1, 2007 – July 1, 2009. Post Great Recession reflects Jan. 1, 2010 – Jan. 1, 2020. COVID Recession reflects Feb. 19, 2020 – May 1, 2020. Post COVID Recession reflects May 1, 2020 – Current. (1) Peers consist of American Woodmark, Jeld-Wen, Masonite, Owens Corning and PGT Innovations. RETURN Peer Median(1) 7% 11% 8% 4% 12% 16% 13% 15% Avg. EBITDA Margin Recession Cycles Recovery Cycles “Great Recession” “COVID Recession” Post “Great Recession” Post “COVID Recession”

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30 — Confidential — – $10.00 $20.00 $30.00 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Outlook Valuation 2022E '20A-'22E % Prem. EV / 2022E 2022E EBITDA EBITDA Broker Price Target To Current Base Year EBITDA Revenue EBITDA Margin CAGR 64% 2022E 7.7x $6,109 $748 12.2% 11.0% 64% 2022E 7.5x 5,867 735 12.5% 10.1% 51% 2022E 6.5x 6,119 767 12.5% 12.4% 25% 2022E 7.0x 5,706 731 12.8% 9.7% Median 57% 7.3x $5,988 $742 12.5% 10.6% Operating Metrics $25 $25 $23 $19 $24 Current Analyst Perspectives on RETURN RETURN Analyst Sentiment Over Time Buy Hold Buy Hold Sell RETURN Share Price Median Price Target $24.00 $15.26 (1) Source: Wall Street research as of December 13, 2021. (1) Based on RETURN’s share price of $15.26 as of December 13, 2021.

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31 — Confidential — Premia Paid Analysis Premiums paid in precedent transactions Source: FactSet as of December 13, 2021. Note: Includes complete and pending transactions. Excludes finance, real estate and insurance targets, as well as transactions with premiums greater than 200%. (1) Premium to unaffected share price for go-privates over the last 10 years involving U.S. public companies $1-10bn in transaction value. (2) Premium to unaffected share price for all-cash transactions over the last 10 years involving U.S. public companies $1-10bn in transaction value. (3) Based on RETURN’s share price of $15.26 as of December 13, 2021. (4) Represents implied share prices based on RETURN’s 52-week high share price of $19.50 and related 25th and 75th percentile premiums for precedent transactions. (5) Represents implied share prices based on RETURN’s 30-day VWAP of $16.18 and related 25th and 75th percentile premiums for precedent transactions.. Go-Private Premiums(1) All-Cash Premiums(2) Implied RETURN Share Price(3) $17.77 $19.29 $20.05 $21.90 $24.45 Implied RETURN Share Price(3) $18.12 $19.90 $21.12 $23.08 $26.40 16.5% 26.4% 31.4% 43.5% 60.2% 25th Percentile Median Mean 75th Percentile 90th Percentile 18.7% 30.4% 38.4% 51.2% 73.0% 25th Percentile Median Mean 75th Percentile 90th Percentile $17.74 $21.84 $18.30 $21.61 $23.59 $23.68 $19.36 $19.29 52-Week High(4) 30-Day VWAP(5)

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32 — Confidential — Debt / Unlevered Beta Equity 1.10 1.15 1.20 1.25 1.30 10% 11.0% 11.3% 11.7% 12.0% 12.4% 20% 10.8% 11.1% 11.5% 11.8% 12.2% 30% 10.6% 11.0% 11.3% 11.6% 12.0% 40% 10.5% 10.8% 11.1% 11.5% 11.8% 50% 10.3% 10.7% 11.0% 11.3% 11.7% 60% 10.2% 10.6% 10.9% 11.2% 11.6% Weighted Average Cost of Capital Analysis – RETURN Selected Public Companies Illustrative WACC Illustrative WACC Sensitivity Source: Public company filings, Wall Street research, Bloomberg, S&P Capital IQ and FactSet as of December 13, 2021. Note: Dollars in millions. Companies sorted by market cap. (1) Represents adjusted two-year weekly beta relative to S&P 500. (2) Unlevered Beta equals (Levered Beta / (1 + (1 - Tax Rate) * (Debt / Equity)). Tax rate used is 25%. (3) Reflects median for Peer Observed. (4) Levered Beta equals (Unlevered Beta * (1 + (1 - Tax Rate) * (Debt / Equity)). Tax rate used is 25%. (5) Reflects yield on 20-year U.S. Treasury. (6) Reflects U.S. long-horizon equity risk premium per Duff & Phelps 2021 valuation handbook. (7) Reflects size premium for companies with market capitalizations between ~$1,592mm and ~$2,445mm per Duff & Phelps 2021 valuation handbook. (8) Peer Observed pre-tax cost of debt is based on the BB U.S. high-yield index effective yield per St. Louis Fed. RETURN Observed pre-tax cost of debt is based on yield to worst of RETURN’s senior notes due 2029. (9) WACC equals ((Debt / Capitalization * After-Tax Cost of Debt) + (Equity / Capitalization * Cost of Equity)). Market Debt Debt / Beta Company Cap ($mm) ($mm) Equity Levered(1) Unlevered(2) Owens Corning $9,330 $3,095 33% 1.45 1.16 Masonite 2,784 878 32% 1.57 1.27 JELD-WEN 2,391 1,822 76% 1.85 1.18 PGT Innovations 1,259 635 50% 1.51 1.10 American Woodmark 1,078 506 47% 1.70 1.25 75th Percentile 50% 1.70 1.25 Mean 48% 1.61 1.19 Median 47% 1.57 1.18 25th Percentile 33% 1.51 1.16 RETURN $1,946 $3,087 159% 2.00 0.91 Peer RETURN Observed Observed Unlevered Beta(3) 1.18 0.91 Debt / Equity(3) 47% 159% Levered Beta(4) 1.590 1.997 Risk-Free Rate(5) 1.9% 1.9% Market Risk Premium(6) 7.3% 7.3% Market Size Premium(7) 1.4% 1.4% Cost of Equity 14.7% 17.7% Pre-Tax Cost Of Debt(8) 3.56% 4.11% Tax Rate 25.0% 25.0% After-Tax Cost Of Debt 2.7% 3.1% % Equity 68.1% 38.7% % Debt 31.9% 61.3% Estimated WACC(9) 10.9% 8.7% For Reference Only

Exhibit (c)(4)

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— Confidential — January 7, 2022 Presentation to the Special Committee Project RETURN

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1 — Confidential — Disclaimer This presentation has been prepared by Centerview Partners LLC (“Centerview”) for use solely by the management and Special Committee of RETURN, Inc.(“RETURN”) in connection with its evaluation of a proposed transaction involving RETURN and for no other purpose. The information contained herein is based upon information supplied by or on behalf of RETURN and publicly available information, and portions of the information contained herein may be based upon statements, estimates and forecasts provided by RETURN. Centerview has relied upon the accuracy and completeness of the foregoing information, and has not assumed any responsibility for any independent verification of such information or for any independent evaluation or appraisal of any of the assets or liabilities (contingent or otherwise) of RETURN or any other entity, or concerning the solvency or fair value of RETURN or any other entity. With respect to financial forecasts, Centerview has assumed that such forecasts have been reasonably prepared on bases reflecting the best currently available estimates and judgments of the management of RETURN as to the future financial performance of RETURN, and at your direction Centerview has relied upon such forecasts, as provided by RETURN’s management, with respect to RETURN. Centerview assumes no responsibility for and expresses no view as to such forecasts or the assumptions on which they are based. The information set forth herein is based upon economic, monetary, market and other conditions as in effect on, and the information made available to us as of, the date hereof, unless indicated otherwise and Centerview assumes no obligation to update or otherwise revise these materials. The financial analysis in this presentation is complex and is not necessarily susceptible to a partial analysis or summary description. In performing this financial analysis, Centerview has considered the results of its analysis as a whole and did not necessarily attribute a particular weight to any particular portion of the analysis considered. Furthermore, selecting any portion of Centerview’s analysis, without considering the analysis as a whole, would create an incomplete view of the processunderlying its financial analysis. Centerview may have deemed various assumptions more or less probable than other assumptions, so the reference ranges resulting from any particular portion of theanalysis described above should not be taken to be Centerview’s view of the actual value of RETURN. These materials and the information contained herein are confidential, were not prepared with a view toward public disclosure, and may not be disclosed publicly or made available to third parties without the prior written consent of Centerview. These materials and any other advice, written or oral, rendered by Centervieware intended solely for the benefit and use of the management and Special Committee of RETURN (in its capacity as such) in its consideration of the proposed transaction, and are not for the benefit of, and do not convey any rights or remedies for any holder of securities of RETURN or any other person. Centerview will not be responsible for and has not provided any tax, accounting, actuarial, legal or other specialist advice. These materials are not intended to provide the sole basis for evaluating the proposed transaction, and this presentation does not represent a fairness opinion, recommendation, valuation or opinion of any kind, and is necessarily incomplete and should be viewed solely in conjunction with the oral presentation provided byCenterview.

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2 — Confidential — Situation Update . Centerview’s last interaction with COPY was on December 22, 2021, where COPY communicated the following: – Prepared to increase their offer for the shares not owned by them from $23.00 to $23.50 per share – Have concerns around assumptions for Windows volume and Materials pricing-cost spread in the projections shared by Management . On December 28, 2021, Management provided Centerview with historical and projected analyses for the assumptions noted above as supplements to the Management Case shared on December 3, 2021 (referred to herein as the “December 3 Management Case”) – The analyses included annual risk estimates to the December 3 Management Case (referred to herein as the “Potential Risks to December 3 Management Case”) . On January 3, 2022, Management provided Centerview with a downside sensitivity operating case (referred to herein as the “January 3 Management Case”) . Centerview’s financial analysis has been updated to reflect the new offer price and January 3 Management Case, along with references to the December 3 Management Case and related Potential Risks . Centerview has evaluated the historical volatility in the Management budget and forecasting process from 2019 to 2021 – Largest change is consistently in Q1; January 3 Management Case is in-line with historical updates

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3 — Confidential — Table of Contents Section 1 ...................................................................................... Recap of COPY’s 12/22/21 Proposal Section 2 ......................................................... Centerview’s Updated Preliminary Financial Analysis Appendix ........................................................................................................... Supplementary Materials

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— Confidential — Recap of COPY’s 12/22/21 Proposal 1

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5 — Confidential — Updated Value Communicated by COPY on December 22, 2021 Price per Share Implied Premia . $23.50 per share – Implies an increase of 2.2% from an offer of $23.00 on Nov. 22, 2021 – Implies an increase of 6.8% from an initially considered offer of $22.00 on Nov. 12, 2021 . 33.6% to current share price of $17.59 . 42.7% to 30-day VWAP of $16.46 . 48.5% to 90-day VWAP of $15.83 . 74.4% to 1-year VWAP of $13.47 . 20.5% to 52-week high of $19.50(1) Summary Financials Source: Management projections provided on December 3, 2021 and January 3, 2022. Company filings and FactSet as of January 6, 2022. Note: Dollars in millions, except per share amounts. (1) Reflects closing share price trading levels. (2) RETURN balance sheet and share count reflect the company’s latest filings. Overview COPY Current Proposal Implied Valuation Share Price $17.59 $23.50 % Premium to Current – 33.6% Diluted Shares Outstanding(2) 127.8 128.2 Equity Value $2,248 $3,013 Less: Cash(2) (677) (677) Plus: Debt(2) 3,087 3,087 Enterprise Value $4,658 $5,423 Implied Multiples Multiple: Metric: 2021E $691 6.7x 7.9x 2022E 758 6.1x 7.2x 2021E $675 6.9x 8.0x 2022E 725 6.4x 7.5x 2021E $675 6.9x 8.0x 2022E 775 6.0x 7.0x EV / EBITDA (Consensus) EV / EBITDA (January 3 Mgmt. Case) EV / EBITDA (December 3 Mgmt. Case) Consideration and Financing . 100% cash consideration . Financing discussions with Goldman Sachs and RBC reconfirmed COPY’s belief that 6x+ debt leverage was feasible for this transaction . Indebtedness would be incurred by a Holdco above the RETURN credit group following the merger – RETURN’s outstanding debt would stay in place

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6 — Confidential — % Growth % Margin Mgmt. Case 2021E 2022E 2023E 2024E 2025E 2026E December 3 22% 14% 5% 0% 1% 5% January 3 22% 13% 5% 0% 1% 5% $427 $549 $587 $590 $612 $251 $399 $514 $551 $556 $577 $100 $300 $500 $700 2021E 2022E 2023E 2024E 2025E 2026E $6,235 $6,562 $6,572 $6,660 $6,972 $5,458 $6,185 $6,510 $6,518 $6,609 $6,920 $5,000 $5,500 $6,000 $6,500 $7,000 2021E 2022E 2023E 2024E 2025E 2026E Comparison of RETURN December 3 vs. January 3 Management Cases Net Sales Adj. EBITDA Unlevered Free Cash Flow(1)(2) Source: Management projections provided on December 3, 2021 and January 3, 2022. Note: Dollars in millions. (1) Includes stock-based compensation as an expense. (2) Includes a $75mm payment from a settlement agreement filed on August 25, 2021 between parties to a class action complaint filed on November 14, 2018. The settlement remains subject to court approval. RETURN’s counsel believes that the likelihood of approval of the settlement is over 95%. December 3 Management Case January 3 Management Case % Margin % Margin Mgmt. Case 2021E 2022E 2023E 2024E 2025E 2026E December 3 12% 12% 13% 14% 14% 15% January 3 12% 12% 13% 13% 13% 14% % Margin Mgmt. Case 2021E 2022E 2023E 2024E 2025E 2026E December 3 5% 7% 8% 9% 9% 9% January 3 5% 6% 8% 8% 8% 8% $775 $872 $898 $940 $1,027 $675 $725 $820 $844 $889 $975 $500 $600 $700 $800 $900 $1,000 $1,100 2021E 2022E 2023E 2024E 2025E 2026E

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7 — Confidential — Median 7% 3% 5% 2% 24% 12% 7% 2% 6% 1% 5% 1% 6% 8% 3% 3% 3% Mar. Jul. Oct. Dec. Median: 6.8% 7% 4% 3% 6% Mar. 2019 & Mar. 2021 2019 - 2021 2019 & 2021 Jan. 3 2022 Historical Variability in Management Plan Forecasts Source: Management data provided on January 6, 2022. Note: March, July and October figures represent forecasts. December figures represent actual FY figures. (1) Reflects change in 2022E EBITDA per December 3 Management Case. Reflects Absolute Change to the Forecast Established in the Prior Quarter Q-o-Q Change in Forecasted Year-End EBITDA Median Q-o-Q Change in Forecasted Year-End EBITDA 2019 2020 2021 Jan. 3 2022(1) (1) Reflects Absolute Change to the Forecast Established in the Prior Quarter

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8 — Confidential — Historical Variability in Management Plan Forecasts (Cont.) Reflects Actual Change to the Forecast Established in the Prior Quarter Q-o-Q Change in Year-End EBITDA Forecasts New Forecast / Actuals vs. Plan (EBITDA) 2019 2020 2021 Jan. 3 2022(1) Reflects Overall Change to the Forecast Established in January of Each FY Source: Management data provided on January 6, 2022. Note: March, July and October figures represent forecasts. December figures represent actual FY figures. (1) Reflects change in 2022E EBITDA per December 3 Management Case. Median (7%) (10%) (9%) (7%) (8%) (10%) (13%) (11%) (24%) (15%) (9%) (7%) --% 6% 5% 10% 11% (6%) Plan Mar. Jul. Oct. Dec. Median (7%) (1%) 5% 2% (8%) (3%) (3%) 3% (24%) 12% 7% 2% 6% (1%) 5% 1% (6%) Mar. Jul. Oct. Dec.

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— Confidential — Centerview’s Updated Preliminary Financial Analysis 2

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10 — Confidential — Source: Company filings, press releases, CapIQ, FactSet and Management projections provided on January 3, 2022. Note: Market data as of January 6, 2022. (1) Based on RETURN’s share price of $17.59 as of January 6, 2022, 30-day VWAP of $16.46 and 52-week high of $19.50. . Selected publicly-traded comparable companies in the building products sector . Valuation multiples based on Enterprise Value / CY 2022E EBITDA . Multiples applied to RETURN’s 2022E EBITDA per Wall Street consensus and RETURN January 3 Management Case . Based on RETURN January 3 Management Case . Perpetuity growth rate of 1.75% - 2.50% . Weighted average cost of capital (“WACC”) range of 10.5% - 12.5% . Selected precedent M&A transactions in the building products sector – Includes transactions completed with U.S. targets in the last 5 years (deal size greater than $1bn) . Multiples applied to RETURN’s LTM EBITDA as of October 2, 2021 . RETURN’s closing share price trading levels over the last 52 weeks 52-Week Trading Range Selected Precedent Transactions Analysis Discounted Cash Flow (DCF) Analysis For Reference Only . Range of current Wall Street analyst price targets for RETURN Analyst Price Targets Selected Public Company Analysis Premia Paid Analysis . Range of premia paid on selected take-private transactions – Includes transactions completed with U.S. targets in the last 10 years (deal size of $1bn - $10bn) . Premia applied to RETURN’s current share price, 30-day VWAP and 52-week high(1) Overview of Centerview’s Preliminary Financial Analysis

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11 — Confidential — $14.00 $15.50 $24.25 $19.50 $11.10 $19.00 $20.50 $18.50 $18.00 $20.75 $22.50 $37.00 $30.75 $19.50 $27.00 $25.25 $22.00 $22.00 – $10.00 $20.00 $30.00 $40.00 Source: Management projections provided on December 3, 2021 and January 3, 2022, FactSet as of January 6, 2022 and Wall Street research. Note: Dollars in millions, except per share figures. Implied share prices rounded to the nearest $0.25. Market data as of January 6, 2022. (1) Implied share price calculated as implied enterprise value less $2.4bn of net debt, consisting of $3.1bn of debt and $0.7bn of cash, per RETURN’s Q3’21 10-Q, divided by fully diluted shares outstanding. Fully diluted shares outstanding based on 126.2mm basic shares and 3.2mm stock options with an weighted average exercise price of $8.95. EBITDA is unburdened for stock-based compensation. 52-Week Trading Range Selected Public Comparables Selected Precedent Transactions Implied Share Price(1) LTM (as of 10/02/21) LTM EBITDA: $651mm Multiple: 8.5x - 11.0x January 3 Mgmt. Case WACC: 10.5% - 12.5% PGR: 1.75% - 2.50% Closing Price Low - High January 3 Mgmt. Case 2022E EBITDA: $725mm Multiple: 5.8x - 7.0x Price as of 1/6/22: $17.59 Analyst Price Targets Price Target Low - High For Reference Only DCF Analysis Premia Paid Analysis Implied Price Current Share Price: $17.59 Premium: 17.0% - 42.9% COPY Offer on 12/22/21: $23.50 Preliminary Financial Analysis Implied Price 30-Day VWAP: $16.46 Premium: 12.8% - 33.8% Implied Price 52-Week High: $19.50 Premium: (7.9%) - 12.2% Wall Street Consensus 2022E EBITDA: $758mm Multiple: 5.8x - 7.0x Reference: Implied Share Price per December 3 Mgmt. Case $16.25 - $23.50 $22.00 - $34.00

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12 — Confidential — $1.15 $1.15 $0.70 ($0.30) ($0.40) ($0.40) ($2.70) RETURN DCF Sensitivity Analysis (Illustrative) – December 3 Mgmt. Case Source: Management projections provided on December 3, 2021 and supplemental materials provided on December 28, 2021. Note: Per share impact based on mid-point per share rounded to the nearest $0.05. December 3 Management Case . RETURN December 3 Mgmt. Case as provided to Centerview . Share price derived from mid-point of discounted cash flow analysis based on a discount rate between 10.5% and 12.5% and perpetuity growth rate of 1.75% to 2.50% . RETURN balance sheet and share count as of October 2, 2021 $27.00 (DCF Range: $22.00 - $34.00) Reduced Corporate Risk Adjustment Buildings: Increase in Annual Price Growth . Decrease of 50% of Corporate Risk Adjustment . Increase of 50bps to projected y-o-y increases in pricing . Decrease of $9mm in annual EBITDA due to a gradual improvement in 2022E Minutes per Opening (MPO) from a current run-rate of 88 MPO to the December 3 Management Case run-rate of 82 MPO Key Assumptions Mid-point Per Share Impact . Decrease of $8mm in annual EBITDA from a decrease of 50% of projected 2022E Revenue from new Home Depot business Components: Increase in Annual Price Growth . Increase of 50bps to projected y-o-y increases in pricing Dec. 3 Mgmt. Case Adjustments . Decrease of $52mm in annual EBITDA due to the Buildings price- material spread per ton reverting from $1,809 to $1,478 by YE’22E . Increase of $3mm in annual EBITDA due to the Components price- material spread per ton reverting from $1,188 to $875 by YE’22E Windows: Reduced Manufacturing Efficiencies Windows: Reduced New Home Depot Revenue Accelerated Residential & Commercial Market Decline Commercial: Reversion in Price/Material Spread . Market decline for residential and commercial construction occurs in 2023E and 2024E, respectively – one year earlier than in December 3 Management Case

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13 — Confidential — Selected Public Trading Comparables Source: Company filings and FactSet as of January 6, 2022. Note: Dollars in billions. EBITDA is unburdened for stock-based compensation. All figures are based on RETURN fiscal year ending December 31. Companies sorted by equity value. Revenue EBITDA EBITDA Net Equity Enterprise EV / EBITDA Growth Growth Margin Leverage Company Value Value 2022E '21E - '22E '21E - '22E 2022E LTM Owens Corning $9.5 $11.6 5.8x 5% 3% 23% 1.1x Masonite 2.8 3.2 6.9x 7% 12% 17% 1.2x JELD-WEN 2.5 3.9 7.1x 7% 15% 11% 2.9x PGT Innovations 1.3 1.9 9.2x 19% 27% 15% 3.5x American Woodmark 1.1 1.6 8.2x 7% 11% 10% 2.8x Median $2.5 $3.2 7.1x 7% 12% 15% 2.8x RETURN (Consensus) $2.2 $4.7 6.1x 10% 10% 12% 3.7x RETURN (January 3 Mgmt. Case) $2.2 $4.7 6.4x 13% 7% 12% 3.7x RETURN (December 3 Mgmt. Case) $2.2 $4.7 6.0x 14% 15% 12% 3.7x

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14 — Confidential — Target EV / LTM Target's LTM Financials Date Acquiror Company EV Sales EBITDA Sales EBITDA Margin 7/19/21 Carlisle Companies Henry $1,575 3.1x 13.2x $511 $119 23.3% 6/20/21 Westlake Chemical Boral's N.A. Building Products 2,150 2.0x ~10.4x 1,100 ~206 ~19.0% 6/7/21 Nucor Cornerstone's Insulated Metal Panels 1,000 2.6x 13.3x 389 75 19.3% 11/15/19 ACPI Masco Cabinetry 1,000 1.1x 9.8x 950 102 10.7% 11/12/19 Saint-Gobain Continental Building Products 1,434 2.8x 10.4x 514 138 26.8% 7/17/18 NCI Ply Gem 3,700 1.4x 10.9x 2,649 341 12.9% 1/31/18 CD&R Ply Gem 2,400 1.2x 9.7x 2,056 246 12.0% 12/1/17 American Woodmark RSI Home Products 1,075 1.9x 8.7x 560 123 22.0% Median 1.9x 10.4x 19% Mean 2.0x 10.8x 18% Source: Company press releases, news articles, Wall Street research, CapIQ and FactSet. Note: EBITDA is unburdened for stock-based compensation. Transaction multiples represent approximate figures due to lack of disclosures. Multiples are on LTM basis unless otherwise noted. (1) Reflects midpoint of Westlake’s disclosure on acquisition call. Stock-based compensation reflects segment’s sales contribution. (2) Represents FY’18A figures. Stock-based compensation reflects segment’s sales contribution. (3) Represents FY’18E figures per merger proxy. Assumes stock-based compensation reflects FY’17A stock-based compensation as a percentage of FY’17A sales. Selected acquisitions of U.S. building products companies over the last 5 years with a deal size greater than $1bn (2) (1) (2) (2) (2) (3) (3) (3) (3) Selected Precedent Transactions (1)

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15 — Confidential — Discounted Cash Flow Analysis – January 3 Management Case Source: Management projections provided on January 3, 2022. Note: Dollars in millions, except per share items. Implied share prices rounded to nearest $0.25. (1) Adjusted EBITDA includes stock-based compensation as a cash expense. (2) D&A includes ~$180mm of amortization through 2026. Terminal year assumes D&A equal to CapEx going forward. Unlevered Free Cash Flow Build Fiscal Year Ended December 31, Terminal ($ in millions) Q4 2021E 2022E 2023E 2024E 2025E 2026E Year Revenue $1,430 $6,185 $6,510 $6,518 $6,609 $6,920 $6,920 % Growth 20% 13% 5% 0% 1% 5% Adj. EBITDA (less: SBC)(1) $174 $705 $800 $824 $869 $955 $955 % Margin 12% 11% 12% 13% 13% 14% 14% (Less): D&A(2) (65) (284) (289) (293) (296) (301) (173) EBIT $110 $421 $511 $532 $573 $654 $782 (Less): Taxes (25) (126) (153) (159) (172) (196) (235) NOPAT $84 $294 $358 $372 $401 $458 $548 Plus: D&A(2) 65 284 289 293 296 301 173 Plus / (Less): Change in NWC 41 (77) 30 49 24 (9) (16) (Less): CapEx (24) (155) (163) (163) (165) (173) (173) Plus: Cash Settlement (tax adj.) -- 53 -- -- -- -- -- Unlevered Free Cash Flow $165 $399 $514 $551 $556 $577 $532 Implied Share Price Implied Terminal Multiple Discount Perpetuity Growth Rate Rate 1.75% 2.13% 2.50% 10.5% $27.75 $29.25 $30.75 11.5% 23.25 24.25 25.50 12.5% 19.50 20.50 21.50 Discount Perpetuity Growth Rate Rate 1.75% 2.13% 2.50% 10.5% 6.3x 6.7x 7.0x 11.5% 5.7x 5.9x 6.2x 12.5% 5.2x 5.4x 5.6x

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16 — Confidential — Discounted Cash Flow Analysis – December 3 Management Case Source: Management projections provided on December 3, 2021. Note: Dollars in millions, except per share items. Implied share prices rounded to nearest $0.25. (1) Adjusted EBITDA includes stock-based compensation as a cash expense. (2) D&A includes ~$180mm of amortization through 2026. Terminal year assumes D&A equal to CapEx going forward. Unlevered Free Cash Flow Build Fiscal Year Ended December 31, Terminal ($ in millions) Q4 2021E 2022E 2023E 2024E 2025E 2026E Year Revenue $1,430 $6,235 $6,562 $6,572 $6,660 $6,972 $6,972 % Growth 20% 14% 5% 0% 1% 5% Adj. EBITDA (less: SBC)(1) $174 $755 $852 $878 $920 $1,007 $1,007 % Margin 12% 12% 13% 13% 14% 14% 14% (Less): D&A(2) (65) (284) (289) (293) (296) (301) (174) EBIT $110 $471 $563 $585 $623 $706 $833 (Less): Taxes (25) (141) (169) (176) (187) (212) (250) NOPAT $84 $329 $394 $410 $436 $494 $583 Plus: D&A(2) 65 284 289 293 296 301 174 Plus / (Less): Change in NWC 41 (83) 30 49 24 (9) (16) (Less): CapEx (24) (156) (164) (164) (166) (174) (174) Plus: Cash Settlement (tax adj.) -- 53 -- -- -- -- -- Unlevered Free Cash Flow $165 $427 $549 $587 $590 $612 $567 Implied Share Price Implied Terminal Multiple Discount Perpetuity Growth Rate Rate 1.75% 2.13% 2.50% 10.5% $30.75 $32.25 $34.00 11.5% 26.00 27.00 28.50 12.5% 22.00 23.00 24.00 Discount Perpetuity Growth Rate Rate 1.75% 2.13% 2.50% 10.5% 6.4x 6.7x 7.1x 11.5% 5.8x 6.0x 6.3x 12.5% 5.2x 5.4x 5.7x

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— Confidential — Appendix Supplementary Materials

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18 — Confidential — Components Overview of Potential Risks to December 3 Management Case Source: Management projections provided on December 28, 2021. Note: EBITDA figures in millions. Pricing-Cost Spread – Historical & Projected Trends Buildings Spread / Ton . Sensitivity assumes a decrease from $1,978 in Q1’22E to $1,478 in Q4’22E (vs. $1,809 per December 3 Management Case) . Represents risk of ($52mm) in annual EBITDA Components Spread / Ton . Sensitivity assumes a decrease from $1,000 in Q1’22E to $875 in Q4’22E (vs. an increase from $806 to $1,188 per December 3 Management Case) . Represents upside of +$3mm in annual EBITDA EBITDA Risk to December 3 Mgmt. Case (’22E-’26E) Annual = ~($50mm) Cumulative = ($253mm) Actuals / Dec. 3 Mgmt. Case Price / Ton Actuals / Dec. 3 Mgmt. Case Material Cost / Ton Sensitivity Price / Ton Actuals / Dec. 3 Mgmt. Case Spread / Ton $3,109 $2,796 $1,921 $771 $729 $749 $846 $942 $806 $1,188 $875 $0 $1,000 $2,000 $3,000 $4,000 Q1-'17 Q1-'18 Q1-'19 Q1-'20 Q1-'21 Q1-'22 Q4-'22 Sensitivity Spread / Ton Impact of adjustments to assumed materials pricing-cost spread in Commercial segment Annual EBITDA – December 3 Mgmt. Case & Sensitivity $3,837 $3,506 $2,028 $1,133 $1,180 $1,356 $1,407 $1,245 $1,978 $1,809 $1,478 $0 $1,000 $2,000 $3,000 $4,000 $5,000 Q1-'17 Q1-'18 Q1-'19 Q1-'20 Q1-'21 Q1-'22 Q4-'22 Buildings December 3 Mgmt. Case Sensitivity Cumulative EBITDA Impact ($49) ($100) ($153) ($202) ($253) $775 $872 $898 $940 $1,027 $726 $821 $845 $890 $976 $700 $800 $900 $1,000 2022E 2023E 2024E 2025E 2026E

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19 — Confidential — Overview of Potential Risks to December 3 Management Case (Cont.) Source: Management projections provided on December 28, 2021. Note: Dollars in millions. Units in thousands. . Sensitivity assumes gradual improvement in minutes per opening from current run-rate of 88 minutes to December 3 Management Case run-rate of 82 . May result in lower volumes in Q1’22E of 4% vs. December 3 Management Case; represents a loss of ($25mm) of revenue and ($6mm) of EBITDA . May require an additional ($3.2mm) in labor-related costs . Represents risk of ($9mm) in annual EBITDA Impact of adjustments to assumed manufacturing efficiencies in Windows segment Minutes per Opening – Historical & Projected Trends Cumulative EBITDA Impact ($9) ($18) ($27) ($35) ($45) $775 $872 $898 $940 $1,027 $766 $863 $889 $931 $1,018 $700 $800 $900 $1,000 2022E 2023E 2024E 2025E 2026E Annual EBITDA – December 3 Mgmt. Case & Sensitivity EBITDA Risk to December 3 Mgmt. Case (’22E-’26E) Annual = ~($9mm) Cumulative = ($45mm) 2021 Sensitivity 84.7 84.1 86.6 83.9 84.4 84.1 85.3 87.4 88.7 87.6 87.4 87.9 81.8 82.1 82.1 87.7 85.7 83.7 82.0 81.7 82.1 82.1 81.8 81.4 80.4 80.5 80.5 78 80 82 84 86 88 90 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec December 3 Mgmt. Case (2022E) December 3 Mgmt. Case Sensitivity

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20 — Confidential — Source: Management projections provided on December 28, 2021. Note: Dollars in millions. Units in thousands. U.S. Windows –West Home Depot Business Overview . New West Home Depot business (Apollo) is expected to produce an incremental $84mm of Net Sales and $17mm of Contribution Margin in 2022E Total 2021A 2022E % Change Apollo SWD SO PGW West Total West HD Apollo SWD SO PGW West Total West HD Stock Units ('000s) 263.7 -- 145.7 409.4 480.4 -- 242.6 723.1 77% Special Units ('000s) 30.5 20.5 80.8 131.7 111.9 33.0 111.2 256.1 94% Total Units ('000s) 294.2 20.5 226.4 541.1 592.3 33.0 353.9 979.2 81% Stock Net Average Selling Price $122.00 $-- $122.00 NA $129.32 $-- $129.32 NA Special Net Average Selling Price 181.00 362.00 181.00 NA 191.86 383.72 191.86 NA Stock Net Sales $32.2 $-- $17.8 $49.9 $62.1 $-- $31.4 $93.5 87% % of Net Sales 85% --% 55% 64% 74% --% 60% 63% Special Net Sales 5.5 7.4 14.6 27.6 21.5 12.7 21.3 55.5 101% % of Net Sales 15% 100% 45% 36% 26% 100% 40% 37% Net Sales ($mm) $37.7 $7.4 $32.4 $77.5 $83.6 $12.7 $52.7 $149.0 92% Stock Contribution Margin $3.8 $-- $2.1 $5.8 $8.8 $-- $4.5 $13.3 127% % Margin 12% NA 12% 12% 14% NA 14% 14% +250bps Special Contribution Margin 2.0 2.9 5.3 10.3 8.2 5.2 8.2 21.6 110% % Margin 36% 39% 36% 37% 38% 41% 38% 39% +165bps Contribution Margin ($mm) $5.8 $2.9 $7.4 $16.1 $17.0 $5.2 $12.6 $34.8 116% % Margin 15% 39% 23% 21% 20% 41% 24% 23% +260bps Impact of adjustments to assumed volume in Windows segment Overview of Potential Risks to December 3 Management Case (Cont.) Basis of annual risk to December 3 Management Case (sensitivity included on page 10)

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21 — Confidential — NTM EV / EBITDA Multiple RETURN Current (6.1x) 3-Yr RETURN Average (6.9x) Illustr. Cost Undiscounted Future Share Price (2022E) of Equity $27.40 $32.55 14.0% $24.10 $28.60 16.0% 23.65 28.10 18.0% 23.25 27.65 Illustrative Future Share Price Present Value of Illustrative Future Share Price(3) Source: FactSet as of January 6, 2022 and Management projections provided on December 3, 2021. Note: Diluted shares in millions. Future share prices as of year-end. Share prices rounded to nearest $0.05. (1) NTM multiple based on RETURN 3-year average. (2) Reflects Wall Street consensus. (3) Illustrative future share price discounted at 18.0% based on RETURN’s cost of equity per RETURN observed figures. Present Value of YE 2022 Share Price Sensitivity RETURN December 3 Mgmt. Case at Current 6.1x NTM Multiple RETURN December 3 Mgmt. Case at 3-Year Avg. 6.9x NTM Multiple(1) Memo: NTM EBITDA $758 $872 $898 Net Debt 2,410 1,860 1,376 Dil. Shares 127.8 127.8 127.8 Future Share Price Breakeven Analysis – December 3 Management Case Analysis represents illustrative future share price assuming a range of EV / NTM EBITDA multiples applied to RETURN December 3 Management Case projections (2) $23.25 $23.30 $17.59 $27.65 $27.15 $10 $20 $30 $40 Current 2022 2023 $27.40 $32.40 $17.59 $32.55 $37.75 $10 $20 $30 $40 Current 2022 2023

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22 — Confidential — NTM EV / EBITDA Multiple RETURN Current (6.1x) 3-Yr RETURN Average (6.9x) Illustr. Cost Undiscounted Future Share Price (2022E) of Equity $24.65 $29.50 14.0% $21.65 $25.90 16.0% 21.30 25.50 18.0% 20.95 25.05 $24.65 $29.35 $17.59 $29.50 $34.35 $10 $20 $30 $40 Current 2022 2023 $20.95 $21.15 $17.59 $25.05 $24.75 $10 $20 $30 $40 Current 2022 2023 Illustrative Future Share Price Present Value of Illustrative Future Share Price(3) Source: FactSet as of January 6, 2022 and Management projections provided on January 3, 2022. Note: Diluted shares in millions. Future share prices as of year-end. Share prices rounded to nearest $0.05. (1) NTM multiple based on RETURN 3-year average. (2) Reflects Wall Street consensus. (3) Illustrative future share price discounted at 18.0% based on RETURN’s cost of equity per RETURN observed figures. Present Value of YE 2022 Share Price Sensitivity RETURN January 3 Mgmt. Case at Current 6.1x NTM Multiple RETURN January 3 Mgmt. Case at 3-Year Avg. 6.9x NTM Multiple(1) Memo: NTM EBITDA $758 $820 $844 Net Debt 2,410 1,887 1,439 Dil. Shares 127.8 127.8 127.8 Future Share Price Breakeven Analysis – January 3 Management Case Analysis represents illustrative future share price assuming a range of EV / NTM EBITDA multiples applied to RETURN January 3 Management Case projections (2)

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23 — Confidential — Take-Private Considerations – Ability to Pay Analysis . Rollover of RETURN’s outstanding debt . Holdco debt to consist of new Unsecured Notes . Minimum cash of $50mm January 3 Mgmt. Case (Implied Share Price) December 3 Mgmt. Case (Implied Share Price) Exit Multiple Target IRR 5.75x 6.38x 7.00x 15.0% $27.75 $30.25 $32.75 17.5% 26.25 28.50 30.75 20.0% 25.00 27.00 29.00 22.5% 24.00 25.75 27.50 25.0% 23.00 24.50 26.25 Source: Management projections provided on December 3, 2021 and January 3, 2022. Note: Dollars in millions, except per share values. Implied share prices rounded to the nearest $0.25. Exit Multiple Target IRR 5.75x 6.38x 7.00x 15.0% $27.00 $29.50 $32.00 17.5% 25.25 27.50 29.75 20.0% 24.00 26.00 28.00 22.5% 22.75 24.50 26.25 25.0% 21.50 23.25 24.75 Exit Multiple Target IRR 5.75x 6.38x 7.00x 15.0% $27.50 $30.00 $32.25 17.5% 26.00 28.25 30.50 20.0% 24.75 26.75 28.75 22.5% 23.75 25.50 27.25 25.0% 22.75 24.25 26.00 6.0x Net Leverage / 8% Financing Costs Exit Multiple Target IRR 5.75x 6.38x 7.00x 15.0% $29.75 $32.50 $35.00 17.5% 28.25 30.50 32.75 20.0% 26.75 28.75 31.00 22.5% 25.50 27.25 29.25 25.0% 24.25 26.00 27.75 5.5x Net Leverage / 8% Financing Costs Exit Multiple Target IRR 5.75x 6.38x 7.00x 15.0% $29.00 $31.50 $34.25 17.5% 27.25 29.50 31.75 20.0% 25.50 27.75 29.75 22.5% 24.00 26.00 28.00 25.0% 22.75 24.50 26.25 6.0x Net Leverage / 9% Financing Costs Exit Multiple Target IRR 5.75x 6.38x 7.00x 15.0% $29.50 $32.00 $34.75 17.5% 27.75 30.25 32.50 20.0% 26.50 28.50 30.50 22.5% 25.25 27.00 29.00 25.0% 24.00 25.75 27.50 Key Assumptions . Balance sheet figures as of December 31, 2021 . Exit at year-end 2026E

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24 — Confidential — Fiscal Year Ending December 31, 2021E 2022E 2023E 2024E 2025E 2026E Net Sales $5,458 $6,185 $6,510 $6,518 $6,609 $6,920 % Growth 22% 13% 5% 0% 1% 5% Gross Profit $1,149 $1,217 $1,360 $1,421 $1,520 $1,671 % Margin 21% 20% 21% 22% 23% 24% Operating Income $385 $419 $509 $530 $571 $652 % Margin 7% 7% 8% 8% 9% 9% Net Income $137 $242 $274 $315 $363 $431 % Margin 3% 4% 4% 5% 5% 6% Diluted Earnings per Share $1.08 $1.91 $2.16 $2.48 $2.86 $3.40 Adjusted EBITDA $675 $725 $820 $844 $889 $975 % Margin 12% 12% 13% 13% 13% 14% Unlevered Free Cash Flow $251 $399 $514 $551 $556 $577 % Margin 5% 6% 8% 8% 8% 8% Source: Management projections provided on January 3, 2022. Note: Dollars in millions, except per share figures. EBITDA is unburdened for stock-based compensation. (1) Excludes $831mm gain on sale of IMP and DBCI business units. (2) Includes stock-based compensation as an expense. (3) Includes a $75mm payment from a settlement agreement filed on August 25, 2021 between parties to a class action complaint filed on November 14, 2018. The settlement remains subject to court approval. RETURN’s counsel believes that the likelihood of approval of the settlement is over 95%. (2) (3) RETURN January 3 Management Case Summary (1) (1) (1)

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25 — Confidential — Source: Management projections provided on January 3, 2022. Note: Dollars in millions. EBITDA is unburdened for stock based compensation. RETURN January 3 Management Case Segment Detail Fiscal Year Ending December 31, CAGR 2021E 2022E 2023E 2024E 2025E 2026E '21E-'23E '21E-'26E Windows Segment $2,488 $2,836 $2,966 $2,899 $3,015 $3,159 9% 5% % Growth 19% 14% 5% (2%) 4% 5% Commercial Segment 1,584 1,911 2,010 2,102 1,989 2,038 13% 5% % Growth 31% 21% 5% 5% (5%) 2% Siding Segment 1,386 1,641 1,736 1,720 1,808 1,926 12% 7% % Growth 20% 18% 6% (1%) 5% 7% Corporate Risk Adjustment -- (203) (203) (203) (203) (203) Total Net Sales $5,458 $6,185 $6,510 $6,518 $6,609 $6,920 9% 5% % Growth 22% 13% 5% 0% 1% 5% Windows Segment $479 $557 $626 $648 $717 $795 14% 11% % Margin 19% 20% 21% 22% 24% 25% Commercial Segment 371 356 395 429 426 458 3% 4% % Margin 23% 19% 20% 20% 21% 22% Siding Segment 381 438 477 485 521 566 12% 8% % Margin 28% 27% 27% 28% 29% 29% Corporate Risk Adjustment (82) (134) (137) (141) (144) (148) Total Gross Profit $1,149 $1,217 $1,360 $1,421 $1,520 $1,671 9% 8% % Margin 21% 20% 21% 22% 23% 24% Windows Segment $295 $360 $408 $420 $466 $519 18% 12% % Margin 12% 13% 14% 14% 15% 16% Commercial Segment 234 214 239 258 246 262 1% 2% % Margin 15% 11% 12% 12% 12% 13% Siding Segment 278 324 352 353 376 406 12% 8% % Margin 20% 20% 20% 21% 21% 21% Corporate Risk Adjustment (133) (172) (179) (186) (199) (211) Total Adj. EBITDA $675 $725 $820 $844 $889 $975 10% 8% % Growth 22% 7% 13% 3% 5% 10% % Margin 12% 12% 13% 13% 13% 14%

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26 — Confidential — $0 $5 $10 $15 $20 $25 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 RETURN’s Historical Share Price Performance Source: FactSet and Wall Street research as of January 6, 2022. Note: M&A annotations only include transactions with a deal size greater than $100mm. (1) Reflects closing share price trading levels. $15.65 $17.59 +12% Jul. 17, 2018: NCI and Ply Gem announced merger Nov. 16, 2018: NCI and Ply Gem merger closed Jan. 17, 2019: Announced acquisition of Environmental Stoneworks Jul. 27, 2021: Announced divestiture of DBCI business Aug. 2, 2021: Announced acquisition of Cascade Windows Aug. 4, 2021: Announced CEO retirement and transition plan Aug. 9, 2021: Completed divestiture of IMP business RETURN’s Share Price Performance (Last 5 Years) Aug. 28, 2018: Ply Gem announced acquisition of Silver Line Division from Andersen Corporation Jun. 7, 2021: Announced divestiture of IMP business Nov. 9, 2021: Announced Q3’21 earnings and the acquisition of Union Corrugating Company Implied Premia COPY Proposal Share Price $23.50 vs. Current ($17.59) 33.6% vs. 30-Day VWAP ($16.46) 42.7% vs. 90-Day VWAP ($15.83) 48.5% vs. 1-Year VWAP ($13.47) 74.4% vs. 52-Week High ($19.50) 20.5% vs. 52-Week Low ($11.10) 111.7% (1) (1) COPY Offer: $23.50 Feb. 19, 2020: Pre-COVID trading

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27 — Confidential — Limited Trading Float Potentially Weighing on Valuation Source: Company filings and FactSet as of January 6, 2022. Float as a % of Basic Shares Outstanding 99% 98% 98% 96% 95% 42% OC AMWD DOOR PGTI JELD CNR ADTV as % of BSO: Top Shareholder: Top 10 Shareholders: 0.80% 0.61% 0.51% 0.38% 0.57% 0.49% 9.7% 15.0% 9.7% 14.2% 15.8% 49.2% Vanguard BlackRock Vanguard BlackRock Fidelity COPY 41.3% 57.2% 50.7% 60.2% 72.6% 71.7% RETURN

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28 — Confidential — RETURN Shareholder Basis Analysis Source: Public filings, CapitalIQ, Wall Street research and FactSet as of January 6, 2022. Note: Dollars in millions. Cost basis calculated using FIFO method. List of shareholders excludes COPY, Golden Gate Capital and RETURN Executive Chairman James Metcalf. (1) Based on 126.2mm basic shares outstanding as of November 2, 2021. (2) Estimated cost basis of 23mm of retained shares from COPY’s 2009 investment in NCI is based on NCI’s Q3’09 10-Q filing. Estimated cost basis of 39mm of newly issued shares from NCI’s merger with Ply Gem is based on NCI’s share price of $12.16 as of November 16, 2018 – the last closing price before the merger closed. Shareholder Mkt. Val ($mm) % of O/S (1) Shares Held Est. Avg. Cost Basis American Century Investments $73.6 3.3% 4,184,914 $16.13 BlackRock 68.6 3.1% 3,897,794 14.27 Vanguard 62.7 2.8% 3,566,418 11.41 Barrow, Hanley, Mewhinney & Strauss 49.4 2.2% 2,810,018 16.29 Guardian Point Capital 35.2 1.6% 2,000,000 7.85 Russell Investments 34.6 1.6% 1,968,223 15.93 American Beacon Advisors 29.9 1.3% 1,702,626 12.21 DNB Asset Management 29.6 1.3% 1,684,037 8.45 Dimensional Fund Advisors 26.0 1.2% 1,479,853 13.73 TIAA 25.4 1.1% 1,442,155 9.51 King Street 24.6 1.1% 1,400,000 15.22 Wolf Hill Capital 22.6 1.0% 1,283,639 10.58 State Street Global Advisors 17.4 0.8% 988,796 15.68 RBF Capital 16.9 0.8% 962,997 5.76 Geode Capital Management 16.7 0.8% 948,279 13.39 J. Goldman & Co. 16.2 0.7% 919,882 12.00 Cooper Creek Partners 12.7 0.6% 723,893 15.10 Soviero Asset Management 12.0 0.5% 680,000 16.15 Voss Capital 11.4 0.5% 650,000 14.74 Invesco Capital Management 11.4 0.5% 645,431 16.03 Top 20 Holders (Excl. Insiders) $597.0 26.9% 33,938,955 $13.37 Reference: COPY $1,093.1 49.2% 62,143,416 $1.28 / $12.16 Top 20 Shareholders (Excluding COPY, Golden Gate Capital and Other Insiders) (2) Note: COPY’s estimated cost basis is based on 23mm of retained shares from their $250mm investment in NCI in 2009 ($1.28) and 39mm of newly issued shares following NCI’s merger with Ply Gem ($12.16)

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29 — Confidential — RETURN Analysis at Various Prices Source: Management projections, company filings, Wall Street research and FactSet as of January 6, 2022. Note: Dollars in millions, except per share values. COPY COPY 11/22 12/22 Metric Current Proposal Proposal Illustrative Offer Price per Share Offer Price $17.59 $23.00 $23.50 $24.00 $24.50 $25.00 $25.50 $26.00 $26.50 $27.00 Implied Premium / (Discount) vs. Current $17.59 --% 30.8% 33.6% 36.4% 39.3% 42.1% 45.0% 47.8% 50.7% 53.5% vs. 52-Week High $19.50 (9.8%) 17.9% 20.5% 23.1% 25.6% 28.2% 30.8% 33.3% 35.9% 38.5% vs.52-Week Low $11.10 58.5% 107.2% 111.7% 116.2% 120.7% 125.2% 129.7% 134.2% 138.7% 143.2% vs. 30-Day VWAP $16.46 6.8% 39.7% 42.7% 45.8% 48.8% 51.9% 54.9% 57.9% 61.0% 64.0% vs. 90-Day VWAP $15.83 11.1% 45.3% 48.5% 51.6% 54.8% 57.9% 61.1% 64.2% 67.4% 70.6% vs. 1-Year VWAP $13.47 30.6% 70.7% 74.4% 78.1% 81.9% 85.6% 89.3% 93.0% 96.7% 100.4% (x) DSO 127.8 128.2 128.2 128.2 128.3 128.3 128.3 128.3 128.3 128.4 Equity Value $2,248 $2,948 $3,013 $3,078 $3,142 $3,207 $3,272 $3,337 $3,401 $3,466 (+) Debt 3,087 3,087 3,087 3,087 3,087 3,087 3,087 3,087 3,087 3,087 (-) Cash (677) (677) (677) (677) (677) (677) (677) (677) (677) (677) Enterprise Value $4,658 $5,358 $5,423 $5,487 $5,552 $5,617 $5,682 $5,746 $5,811 $5,876 Implied EV / EBITDA Multiples 2021E $675 6.9x 7.9x 8.0x 8.1x 8.2x 8.3x 8.4x 8.5x 8.6x 8.7x 2022E 725 6.4x 7.4x 7.5x 7.6x 7.7x 7.7x 7.8x 7.9x 8.0x 8.1x 2021E $675 6.9x 7.9x 8.0x 8.1x 8.2x 8.3x 8.4x 8.5x 8.6x 8.7x 2022E 775 6.0x 6.9x 7.0x 7.1x 7.2x 7.2x 7.3x 7.4x 7.5x 7.6x 2021E $691 6.7x 7.8x 7.9x 7.9x 8.0x 8.1x 8.2x 8.3x 8.4x 8.5x 2022E 758 6.1x 7.1x 7.2x 7.2x 7.3x 7.4x 7.5x 7.6x 7.7x 7.8x Consensus Jan. 3 Mgmt Case Dec. 3 Mgmt Case

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30 — Confidential — CY ’21E–’22E Rev. Growth CY ’22E EBITDA Margin CY ’21E–’22E EBITDA Growth Benchmarking RETURN’s Financial Metrics vs. Peers Source: Company filings, Management projections and FactSet as of January 6, 2022. December 3 Management Case based on Management projections provided on December 3, 2021. January 3 Management Case based on Management projections provided on January 3, 2022. Note: Percentiles exclude RETURN. EBITDA is unburdened for stock-based compensation. Net leverage based on LTM values. January 3 Mgmt. Case Peers RETURN Per Management Projections RETURN (Consensus) RETURN (Consensus) RETURN (Consensus) Peer Mean 25th Percentile Peer Median 75th Percentile Net Leverage RETURN (Consensus) Peer Mean 25th Percentile Peer Median 75th Percentile Peer Mean 25th Percentile Peer Median 75th Percentile Peer Mean 25th Percentile Peer Median 75th Percentile January 3 Mgmt. Case January 3 Mgmt. Case 2.9x 2.3x 2.8x 1.2x 3.7x 3.5x 2.9x 2.8x 1.2x 1.1x 17% 15% 15% 11% 23% 17% 15% 12% 11% 10% 12% 12% 15% 14% 12% 11% 27% 15% 12% 11% 10% 3% 15% 7% 7% 9% 7% 7% 19% 10% 7% 7% 7% 5% 14% 13% N / A January 3 Mgmt. Case December 3 Mgmt. Case December 3 Mgmt. Case December 3 Mgmt. Case December 3 Mgmt. Case

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31 — Confidential — CY ’19A–’21E Revenue CAGR CY ’19A-’21E EBITDA Margin Change (bps) CY ’19A–’21E EBITDA CAGR Benchmarking RETURN’s Financial Metrics vs. Peers (Cont.) Source: Company filings, Management projections and FactSet as of January 6, 2022. January 3 Management Case based on Management projections provided on January 3, 2022. Note: Percentiles exclude RETURN. EBITDA is unburdened for stock-based compensation. PGT Innovations’ financials are pro forma for the acquisitions of NewSouth Window Solutions and Anlin Windows and Doors. January 3 Mgmt. Case Peers RETURN Per Management Projections RETURN (Consensus) RETURN (Consensus) RETURN (Consensus) Peer Mean 25th Percentile Peer Median 75th Percentile Peer Mean 25th Percentile Peer Median 75th Percentile Peer Mean 25th Percentile Peer Median 75th Percentile January 3 Mgmt. Case January 3 Mgmt. Case 10% 9% 8% 6% 17% 10% 9% 8% 6% 5% 8% 21% 9% 7% 7% 22% 21% 15% 7% 7% (14%) 14% +300 +7 +36 (265) +458 +300 +128 +36 (265) (491) +122

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32 — Confidential — Historical Multiples L5Y L3Y LTM Mean Mean Mean Current RETURN 7.1x 6.9x 6.8x 6.1x Peers 8.0x 7.8x 7.8x 7.4x Δ vs. Peers (0.9x) (0.8x) (1.0x) (1.3x) 4.0x 6.0x 8.0x 10.0x 12.0x Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 $0 $5 $10 $15 $20 $25 $30 $35 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Historical RETURN Trading and Valuation vs. Peers Source: FactSet and Wall Street research as of January 6, 2022. Note: EBITDA is unburdened for stock-based compensation. Peers consist of American Woodmark, Jeld-Wen, Masonite International, Owens Corning and PGT Innovations. RETURN Valuation vs. Peers (EV / NTM EBITDA) 6.1x 7.4x 7.6x 8.0x Current: $17.59 +12% COPY Offer: $23.50 +60% RETURN Share Price Performance vs. Peers Peer Group Mean RETURN Δ vs. Peers Δ: (0.3x) Δ: (1.3x) Historical Returns L5Y L3Y LTM RETURN +12% +125% +53% Peers +60% +92% +6%

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33 — Confidential — +0.2x +1.2x (3.4x) +0.1x +0.5x (1.0x) (2.1x) +0.9x 263% 114% (6%) 311% (48%) (43%) (92%) (42%) Benchmarking Performance in Recessions vs. Recovery Cycles Source: FactSet as of January 6, 2022. Note: Great Recession reflects Dec. 1, 2007 – July 1, 2009. Post Great Recession reflects Jan. 1, 2010 – Jan. 1, 2020. COVID Recession reflects Feb. 19, 2020 – May 1, 2020. Post COVID Recession reflects May 1, 2020 – Current. (1) Book value per share decreased from $7.46 as of December 31, 2019 to $2.76 as of April 4, 2020 due to an increase in accumulated deficit. Accumulated deficit totaled ~$281mm as of December 31, 2019 and ~$824mm as of April 4, 2020. (2) Peers consist of American Woodmark, Jeld-Wen, Masonite, Owens Corning and PGT Innovations. Total Shareholder Return Change in Price / Book Value Recession Cycles Recovery Cycles “Great Recession” “COVID Recession” Post “Great Recession” Post “COVID Recession” RETURN Peer Median(2) Book value decreased by ~60% due to a large increase in accumulated deficit(1)

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34 — Confidential — 26% 24% 19% 16% (10%) 5% (38%) (9%) Benchmarking Performance in Recessions vs. Recovery Cycles (Cont.) Revenue CAGR Source: FactSet as of January 6, 2022. Note: Great Recession reflects Dec. 1, 2007 – July 1, 2009. Post Great Recession reflects Jan. 1, 2010 – Jan. 1, 2020. COVID Recession reflects Feb. 19, 2020 – May 1, 2020. Post COVID Recession reflects May 1, 2020 – Current. (1) Peers consist of American Woodmark, Jeld-Wen, Masonite, Owens Corning and PGT Innovations. RETURN Peer Median(1) 7% 11% 8% 4% 12% 16% 13% 15% Avg. EBITDA Margin Recession Cycles Recovery Cycles “Great Recession” “COVID Recession” Post “Great Recession” Post “COVID Recession”

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35 — Confidential — – $10.00 $20.00 $30.00 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Outlook Target Valuation Operating Metrics 2022E '20A-'22E % Prem. EV / 2022E 2022E EBITDA EBITDA Broker Price Target To Current Base Year EBITDA Revenue EBITDA Margin CAGR 53% 2022E NA $6,118 $768 12.6% 12.5% 42% 2022E 7.7x 6,109 748 12.2% 11.0% 31% 2022E 6.5x 6,119 767 12.5% 12.4% 8% 2022E 7.0x 5,706 731 12.8% 9.7% Median 36% 7.0x $6,113 $758 12.5% 11.7% $27 $25 $23 $19 $24 Current Analyst Perspectives on RETURN RETURN Analyst Sentiment Over Time Buy Hold Buy Hold Sell RETURN Share Price Median Price Target $24.00 $17.59 (1) Source: Wall Street research as of January 6, 2022. (1) Based on RETURN’s share price of $17.59 as of January 6, 2022.

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36 — Confidential — Premia Paid Analysis – Go-Private and All-Cash Transactions Premiums paid in precedent transactions Source: FactSet as of January 6, 2022. Note: Includes complete and pending transactions. Excludes finance, real estate and insurance targets, as well as transactions with premiums greater than 200%. (1) Premium to unaffected share price for go-privates over the last 10 years involving U.S. public companies $1-10bn in transaction value. (2) Premium to unaffected share price for all-cash transactions over the last 10 years involving U.S. public companies $1-10bn in transaction value. (3) Based on RETURN’s share price of $17.59 as of January 6, 2022. (4) Represents implied share prices based on RETURN’s 52-week high share price of $19.50 and related 25th and 75th percentile premiums for precedent transactions. (5) Represents implied share prices based on RETURN’s 30-day VWAP of $16.46 and related 25th and 75th percentile premiums for precedent transactions. Go-Private Premiums(1) All-Cash Premiums(2) Implied RETURN Share Price(3) $20.58 $22.38 $23.17 $25.14 $28.10 Implied RETURN Share Price(3) $20.90 $23.00 $24.38 $26.63 $30.47 17.0% 27.2% 31.7% 42.9% 59.8% 25th Percentile Median Mean 75th Percentile 90th Percentile 18.8% 30.7% 38.6% 51.4% 73.2% 25th Percentile Median Mean 75th Percentile 90th Percentile $17.95 $21.88 $18.56 $22.03 $23.66 $24.11 $19.37 $19.64 52-Week High(4) 30-Day VWAP(5)

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37 — Confidential — Source: FactSet as of January 6, 2022. Note: Dollars in billions. Includes complete and pending transactions for U.S. public companies equal to or greater than $1bn in enterprise value. Excludes energy, finance and insurance targets. (1) Represents all-cash transactions involving an acquiror with a majority ownership position acquiring an additional 2%-50% of the target’s shares resulting in 100% ownership. (2) RETURN premia based on COPY offer of $23.50 per share, share price of $17.59 as of January 6, 2022, 30-day VWAP of $16.46 and 52-week high of $19.50. Squeeze-Out Transactions(1) Enterprise % Owned Premium to Share Price Ann. Date Acquiror Target Value ($bn) Pre-Txn 1-Day Prior 30-Day VWAP 52-Wk High Nov-19 Kyocera AVX $3.0 72% 45% 40% 16% Jun-18 Roche Foundation Medicine 5.1 57% 29% 47% 28% Nov-12 Danfoss Sauer-Danfoss 2.6 76% 49% 48% 5% Jul-08 Roche Genentech 97.8 56% 16% 24% 16% Feb-05 Novartis Eon Labs 2.6 68% 11% 17% (30%) Jan-05 Danisco Genencor International 1.2 84% 24% 19% -- Jan-05 News Corp. Fox Entertainment Group 19.0 59% 11% 12% 8% Feb-02 Sabre Holdings Travelocity.com 1.0 70% 20% -- -- Feb-02 Limited Brands Intimate Brands 9.8 84% 10% -- -- Nov-01 UtiliCorp United Aquila 2.0 80% 15% -- -- Median 71% 18% -- -- RETURN(2) 49% 34% 43% 21% Premia Paid Analysis – Squeeze-Out Transactions

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38 — Confidential — Source: FactSet as of January 6, 2022. Note: Dollars in billions. Includes complete and pending transactions for U.S. public companies equal to or greater than $1bn in enterprise value. Excludes energy, finance and insurance targets. (1) Represents all-cash transactions involving an acquiror with an ownership position of 20%-50% acquiring the remainder of the target’s shares. (2) RETURN premia based on COPY offer of $23.50 per share, share price of $17.59 as of January 6, 2022, 30-day VWAP of $16.46 and 52-week high of $19.50. Non-Controlling Ownership Transactions(1) Premia Paid Analysis – Acquisitions with Existing Buyer Stake Enterprise % Owned Premium to Share Price Ann. Date Acquiror Target Value ($bn) Pre-Txn 1-Day Prior 30-Day VWAP 52-Wk High Oct-19 Marubeni; Mizuho Leasing Aircastle $7.3 29% 34% 40% 34% Nov-18 Nascar International Speedway 1.9 39% 14% 22% (5%) Jan-16 Brookfield Asset Management Rouse Properties 2.7 33% 35% 25% (9%) Jun-13 Hunt Centerline 1.1 41% 18% 18% (4%) Jun-13 David Murdock Dole Food 2.8 40% 32% 32% (6%) Jun-11 MacAndrews & Forbes M&F Worldwide 2.5 43% 47% 16% (16%) Sep-09 Harbinger Capital Partners SkyTerra 1.5 49% 47% 54% 10% Dec-06 Colony Capital / Fertitta Family Station Casinos 8.6 27% 30% -- 12% Nov-06 SAINT Swift Transportation 2.6 27% 34% 28% -- Jun-06 Brookfield Properties Trizec Properties 6.5 38% 18% 22% 10% Apr-06 Novartis Chiron 10.0 42% 32% 17% 5% Sep-02 David Murdock Dole Food 2.4 23% 37% -- (1%) Median 39% 33% 23% (1%) RETURN(2) 49% 34% 43% 21%

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39 — Confidential — Debt / Unlevered Beta Equity 1.10 1.15 1.20 1.25 1.30 10% 11.2% 11.6% 11.9% 12.3% 12.6% 20% 11.0% 11.3% 11.7% 12.0% 12.4% 30% 10.8% 11.2% 11.5% 11.8% 12.2% 40% 10.7% 11.0% 11.3% 11.7% 12.0% 50% 10.5% 10.9% 11.2% 11.5% 11.9% 60% 10.4% 10.7% 11.1% 11.4% 11.7% Weighted Average Cost of Capital Analysis – RETURN Selected Public Companies Illustrative WACC IllustrativeWACC Sensitivity Source: Public company filings, Wall Street research, Bloomberg, S&P Capital IQ and FactSet as of January 6, 2022. Note: Dollars in millions. Companies sorted by market cap. (1) Represents adjusted two-year weekly beta relative to S&P 500. (2) Unlevered Beta equals (Levered Beta / (1 + (1 - Tax Rate) * (Debt / Equity)). Tax rate used is 25%. (3) Reflects median for Peer Observed. (4) Levered Beta equals (Unlevered Beta * (1 + (1 - Tax Rate) * (Debt / Equity)). Tax rate used is 25%. (5) Reflects yield on 20-year U.S. Treasury. (6) Reflects U.S. long-horizon equity risk premium per Duff & Phelps 2021 valuation handbook. (7) Reflects size premium for companies with market capitalizations between ~$1,592mm and ~$2,445mm per Duff & Phelps 2021 valuation handbook. (8) Peer Observed pre-tax cost of debt is based on the BB U.S. high-yield index effective yield per St. Louis Fed. RETURN Observed pre-tax cost of debt is based on yield to worst of RETURN’s senior notes due 2029. (9) WACC equals ((Debt / Capitalization * After-Tax Cost of Debt) + (Equity / Capitalization * Cost of Equity)). Market Debt Debt / Beta Company Cap ($mm) ($mm) Equity Levered(1) Unlevered(2) Owens Corning $9,482 $3,095 33% 1.45 1.17 Masonite 2,760 878 32% 1.57 1.27 JELD-WEN 2,475 1,822 74% 1.85 1.19 PGT Innovations 1,316 635 48% 1.51 1.11 American Woodmark 1,102 506 46% 1.70 1.26 75th Percentile 48% 1.70 1.26 Mean 46% 1.62 1.20 Median 46% 1.57 1.19 25th Percentile 33% 1.51 1.17 RETURN $2,248 $3,087 137% 2.00 0.99 Peer RETURN Observed Observed Unlevered Beta(3) 1.19 0.99 Debt / Equity(3) 46% 137% Levered Beta(4) 1.600 2.004 Risk-Free Rate(5) 2.1% 2.1% Market Risk Premium(6) 7.3% 7.3% Market Size Premium(7) 1.4% 1.4% Cost of Equity 15.1% 18.0% Pre-Tax Cost Of Debt(8) 3.56% 3.86% Tax Rate 25.0% 25.0% After-Tax Cost Of Debt 2.7% 2.9% % Equity 68.5% 42.1% % Debt 31.5% 57.9% Estimated WACC(9) 11.2% 9.3% For Reference Only

Exhibit (c)(5)

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— Confidential — February 9, 2022 Presentation to the Special Committee Project RETURN

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1 — Confidential — Disclaimer This presentation has been prepared by Centerview Partners LLC (“Centerview”) for use solely by the management and Special Committee of RETURN, Inc.(“RETURN”) in connection with its evaluation of a proposed transaction involving RETURN and for no other purpose. The information contained herein is based upon information supplied by or on behalf of RETURN and publicly available information, and portions of the information contained herein may be based upon statements, estimates and forecasts provided by RETURN. Centerview has relied upon the accuracy and completeness of the foregoing information, and has not assumed any responsibility for any independent verification of such information or for any independent evaluation or appraisal of any of the assets or liabilities (contingent or otherwise) of RETURN or any other entity, or concerning the solvency or fair value of RETURN or any other entity. With respect to financial forecasts, Centerview has assumed that such forecasts have been reasonably prepared on bases reflecting the best currently available estimates and judgments of the management of RETURN as to the future financial performance of RETURN, and at your direction Centerview has relied upon such forecasts, as provided by RETURN’s management, with respect to RETURN. Centerview assumes no responsibility for and expresses no view as to such forecasts or the assumptions on which they are based. The information set forth herein is based upon economic, monetary, market and other conditions as in effect on, and the information made available to us as of, the date hereof, unless indicated otherwise and Centerview assumes no obligation to update or otherwise revise these materials. The financial analysis in this presentation is complex and is not necessarily susceptible to a partial analysis or summary description. In performing this financial analysis, Centerview has considered the results of its analysis as a whole and did not necessarily attribute a particular weight to any particular portion of the analysis considered. Furthermore, selecting any portion of Centerview’s analysis, without considering the analysis as a whole, would create an incomplete view of the process underlying its financial analysis. Centerview may have deemed various assumptions more or less probable than other assumptions, so the reference ranges resulting from any particular portion of the analysis described above should not be taken to be Centerview’s view of the actual value of RETURN. These materials and the information contained herein are confidential, were not prepared with a view toward public disclosure, and may not be disclosed publicly or made available to third parties without the prior written consent of Centerview. These materials and any other advice, written or oral, rendered by Centerview are intended solely for the benefit and use of the management and Special Committee of RETURN (in its capacity as such) in its consideration of the proposed transaction, and are not for the benefit of, and do not convey any rights or remedies for any holder of securities of RETURN or any other person. Centerview will not be responsible for and has not provided any tax, accounting, actuarial, legal or other specialist advice. These materials are not intended to provide the sole basis for evaluating the proposed transaction, and this presentation does not represent a fairness opinion, recommendation, valuation or opinion of any kind, and is necessarily incomplete and should be viewed solely in conjunction with the oral presentation provided by Centerview.

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2 — Confidential — Situation Update . Following the Special Committee meeting on January 7, Management and Centerview have advanced several key workstreams with regards to the non-binding indication of interest from COPY, including: – Management and Centerview have completed multiple requests related to COPY’s business, financial and operational due diligence, including management calls, site visits and quality of earnings diligence • Please refer to page 14 for a summary – On February 3, 2022, Management provided Centerview with an updated Management Plan (referred to herein as the “February 3 Management Case”), which Centerview subsequently shared with COPY • February 3 Management Case is pro forma for the acquisition of Union Corrugating Company (“UCC”) and reflects actual balance sheet figures as of December 31, 2021 . Centerview’s last interaction with COPY was on February 7, 2022, where COPY communicated the following: – Prepared to increase the offer to $24.50 per share for the shares not owned by COPY – Prepared to proceed expeditiously towards signing a definitive agreement . Centerview’s financial analysis has been updated to reflect the new offer price and February 3 Management Case . Today’s materials include an overview of COPY’s most recent proposal and Centerview’s financial analysis

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3 — Confidential — Table of Contents Section 1 ........................................................................................ Recap of COPY’s 2/7/22 Proposal Section 2 ....................................................... Centerview’s Updated Preliminary Financial Analysis Appendix ....................................................................................................... Supplementary Materials

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— Confidential — Recap of COPY’s 2/7/22 Proposal 1

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5 — Confidential — Updated Value Communicated by COPY on February 7, 2022 Price per Share Implied Premia . $24.50 per share – Implies an increase of 4.3% from an offer of $23.50 on Dec. 22, 2021 – Implies an increase of 6.5% from an offer of $23.00 on Nov. 22, 2021 – Implies an increase of 11.4% from an initially considered offer of $22.00 on Nov. 12, 2021 . 47.8% to current share price of $16.58 . 54.1% to 30-day VWAP of $15.90 . 56.8% to 90-day VWAP of $15.63 . 75.8% to 1-year VWAP of $13.93 . 25.6% to 52-week high of $19.50(1) Summary Financials Source: Management projections provided on February 3, 2022. Company filings and FactSet as of February 8, 2022. Note: Dollars in millions, except per share amounts. (1) Reflects closing share price trading levels. (2) RETURN balance sheet and share count as of December 31, 2021. Overview COPY Current Proposal Implied Valuation Share Price $16.58 $24.50 % Premium to Current – 47.8% Diluted Shares Outstanding(2) 131.6 132.2 Equity Value $2,181 $3,238 Less: Cash(2) (394) (394) Plus: Debt(2) 3,081 3,081 Enterprise Value $4,867 $5,924 Implied Multiples Multiple: Metric: 2021A $721 6.8x 8.2x 2022E 750 6.5x 7.9x EV / EBITDA (February 3 Mgmt. Case) Consideration and Financing . 100% cash consideration . Financing discussions with Goldman Sachs, RBC, Deutsche Bank and UBS have advanced toward a formal financing commitment . Indebtedness would be incurred by a Holdco above the RETURN credit group following the merger – RETURN’s outstanding debt would stay in place

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6 — Confidential — % Growth % Margin Mgmt. Case 2021E 2022E 2023E 2024E 2025E 2026E November 3 22% 14% 6% 5% 5% 6% December 3 22% 14% 5% 0% 1% 5% January 3 22% 13% 5% 0% 1% 5% February 3 23% 12% 5% 0% 1% 5% % Margin % Margin Mgmt. Case 2021E 2022E 2023E 2024E 2025E 2026E November 3 12% 12% 13% 14% 15% 16% December 3 12% 12% 13% 14% 14% 15% January 3 12% 12% 13% 13% 13% 14% February 3 13% 12% 13% 13% 13% 14% % Margin Mgmt. Case 2021E 2022E 2023E 2024E 2025E 2026E November 3 5% 7% 8% 8% 9% 9% December 3 5% 7% 8% 9% 9% 9% January 3 5% 6% 8% 8% 8% 8% February 3 1% 11% 7% 8% 8% 8% $427 $548 $585 $638 $705 $427 $549 $587 $590 $612 $251 $399 $514 $551 $556 $577 $70 $684 $499 $565 $569 $582 $-- $200 $400 $600 $800 $1,000 2021E 2022E 2023E 2024E 2025E 2026E $775 $880 $981 $1,090 $1,216 $775 $872 $898 $940 $1,027 $675 $725 $820 $844 $889 $975 $721 $750 $853 $879 $913 $992 $600 $700 $800 $900 $1,000 $1,100 $1,200 $1,300 2021E 2022E 2023E 2024E 2025E 2026E $6,235 $6,601 $6,947 $7,318 $7,767 $6,235 $6,562 $6,572 $6,660 $6,972 $5,458 $6,185 $6,510 $6,518 $6,609 $6,920 $5,746 $6,428 $6,766 $6,778 $6,857 $7,175 $5,000 $5,500 $6,000 $6,500 $7,000 $7,500 $8,000 2021E 2022E 2023E 2024E 2025E 2026E Overview of RETURN Management Projections Net Sales Adj. EBITDA Unlevered Free Cash Flow(1)(2) Source: Management projections provided on November 3, 2021, December 3, 2021, January 3, 2022 and February 3, 2022. Note: Dollars in millions. Represents actuals for February 3 projections. (1) Includes stock-based compensation as an expense. (2) Includes a $75mm payment from a settlement agreement filed on August 25, 2021 between parties to a class action complaint filed on November 14, 2018. The settlement remains subject to court approval. RETURN’s counsel believes that the likelihood of approval of the settlement is over 95%. (3) 2021 figures include UCC. January 3 February 3(3) December 3 As of: November 3 (Base Case – 2022 Trends Continue)

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— Confidential — Centerview’s Updated Preliminary Financial Analysis 2

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8 — Confidential — Source: Company filings, press releases, CapIQ, FactSet and Management projections provided on February 3, 2022. Note: Market data as of February 8, 2022. (1) Based on RETURN’s share price of $16.58 as of February 8, 2022, 30-day VWAP of $15.90 and 52-week high of $19.50. . Selected publicly-traded comparable companies in the building products sector . Valuation multiples based on Enterprise Value / CY 2022E EBITDA . Multiples applied to RETURN’s 2022E EBITDA per RETURN February 3 Management Case . Based on RETURN February 3 Management Case . Perpetuity growth rate of 1.75% - 2.50% . Weighted average cost of capital (“WACC”) range of 10.5% - 12.5% . Selected precedent M&A transactions in the building products sector – Includes transactions completed with U.S. targets in the last 5 years (deal size greater than $1bn) . Multiples applied to RETURN’s LTM EBITDA as of December 31, 2021 . RETURN’s closing share price trading levels over the last 52 weeks 52-Week Trading Range Selected Precedent Transactions Analysis Discounted Cash Flow (DCF) Analysis For Reference Only . Range of current Wall Street analyst price targets for RETURN Analyst Price Targets Selected Public Company Analysis Premia Paid Analysis . Range of premia paid on selected take-private transactions – Includes transactions completed with U.S. targets in the last 10 years (deal size of $1bn - $10bn) . Premia applied to RETURN’s current share price, 30-day VWAP and 52-week high(1) Overview of Centerview’s Preliminary Financial Analysis

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9 — Confidential — $11.50 $26.00 $20.75 $11.10 $19.00 $19.25 $18.00 $18.00 $19.50 $39.50 $32.50 $19.50 $27.00 $23.50 $21.25 $21.75 – $10.00 $20.00 $30.00 $40.00 Source: Management projections provided on February 3, 2022, FactSet as of February 8, 2022 and Wall Street research. Note: Dollars in millions, except per share figures. Implied share prices rounded to the nearest $0.25. Market data as of February 8, 2022. RETURN financials reflect shares outstanding and balance sheet figures as of December 31, 2021. (1) Implied share price calculated as implied enterprise value less $2.7bn of net debt, consisting of $3.1bn of debt and $0.4bn of cash, divided by fully diluted shares outstanding. Fully diluted shares outstanding based on 127.0mm basic shares, 3.0mm stock options with a weighted average exercise price of $10.28, 1.9mm RSUs and 1.4mm PSUs. EBITDA is unburdened for stock-based compensation. 52-Week Trading Range Selected Public Comparables Selected Precedent Transactions Implied Share Price(1) LTM (as of 12/31/21) LTM EBITDA: $721mm Multiple: 8.5x - 11.0x February 3 Mgmt. Case WACC: 10.5% - 12.5% PGR: 1.75% - 2.50% Closing Price Low - High February 3 Mgmt. Case 2022E EBITDA: $750mm Multiple: 5.6x - 7.0x Price as of 2/8/22: $16.58 Analyst Price Targets Price Target Low - High For Reference Only DCF Analysis Premia Paid Analysis Implied Price Current Share Price: $16.58 Premium: 16.7% - 42.2% COPY Offer on 2/7/22: $24.50 Preliminary Financial Analysis Implied Price 30-Day VWAP: $15.90 Premium: 12.8% - 33.8% Implied Price 52-Week High: $19.50 Premium: (7.9%) - 12.0%

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10 — Confidential — Selected Public Trading Comparables Source: Company filings and FactSet as of February 8, 2022. Note: Dollars in billions. EBITDA is unburdened for stock-based compensation. All figures are based on RETURN fiscal year ending December 31. Companies sorted by equity value. RETURN management case revenue and EBITDA growth based on 2021 actuals. RETURN net leverage based on LTM EBITDA and balance sheet figures as of December 31, 2021. Revenue EBITDA EBITDA Net Equity Enterprise EV / EBITDA Growth Growth Margin Leverage Company Value Value 2022E '21E - '22E '21E - '22E 2022E LTM Owens Corning $9.3 $11.4 5.7x 5% 3% 23% 1.1x Masonite 2.4 2.9 6.1x 7% 12% 17% 1.1x JELD-WEN 2.2 3.6 6.6x 7% 14% 11% 2.9x PGT Innovations 1.1 1.7 8.2x 19% 27% 15% 3.4x American Woodmark 0.9 1.4 7.3x 7% 11% 10% 3.0x Median $2.2 $2.9 6.6x 7% 12% 15% 2.9x RETURN (February 3 Mgmt. Case) $2.2 $4.9 6.5x 12% 4% 12% 3.7x

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11 — Confidential — Target EV / LTM Target's LTM Financials Date Acquiror Company EV Sales EBITDA Sales EBITDA Margin 7/19/21 Carlisle Companies Henry $1,575 3.1x 13.2x $511 $119 23.3% 6/20/21 Westlake Chemical Boral's N.A. Building Products 2,150 2.0x ~10.4x 1,100 ~206 ~19.0% 6/7/21 Nucor Cornerstone's Insulated Metal Panels 1,000 2.6x 13.3x 389 75 19.3% 11/15/19 ACPI Masco Cabinetry 1,000 1.1x 9.8x 950 102 10.7% 11/12/19 Saint-Gobain Continental Building Products 1,434 2.8x 10.4x 514 138 26.8% 7/17/18 NCI Ply Gem 3,700 1.4x 10.9x 2,649 341 12.9% 1/31/18 CD&R Ply Gem 2,400 1.2x 9.7x 2,056 246 12.0% 12/1/17 American Woodmark RSI Home Products 1,075 1.9x 8.7x 560 123 22.0% Median 1.9x 10.4x 19% Mean 2.0x 10.8x 18% Source: Company press releases, news articles, Wall Street research, CapIQ and FactSet. Note: EBITDA is unburdened for stock-based compensation. Transaction multiples represent approximate figures due to lack of disclosures. Multiples are on LTM basis unless otherwise noted. (1) Reflects midpoint of Westlake’s disclosure on acquisition call. Stock-based compensation reflects segment’s sales contribution. (2) Represents FY’18A figures. Stock-based compensation reflects segment’s sales contribution. (3) Represents FY’18E figures per merger proxy. Assumes stock-based compensation reflects FY’17A stock-based compensation as a percentage of FY’17A sales. Selected acquisitions of U.S. building products companies over the last 5 years with a deal size greater than $1bn (2) (1) (2) (2) (2) (3) (3) (3) (3) Selected Precedent Transactions (1)

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12 — Confidential — Discounted Cash Flow Analysis – February 3 Management Case Source: Management projections provided on February 3, 2022. Note: Dollars in millions, except per share items. Implied share prices rounded to nearest $0.25. (1) Adjusted EBITDA includes stock-based compensation as a cash expense. (2) Terminal year assumes D&A equal to CapEx going forward. (3) Implied terminal multiples based on adjusted EBITDA unburdened for stock-based compensation. Unlevered Free Cash Flow Build Terminal ($ in millions) 2022E 2023E 2024E 2025E 2026E Year Revenue $6,428 $6,766 $6,778 $6,857 $7,175 $7,175 % Growth 12% 5% 0% 1% 5% Adj. EBITDA (less: SBC)(1) $730 $833 $859 $893 $972 $972 % Margin 11% 12% 13% 13% 14% 14% (Less): D&A(2) (276) (252) (227) (203) (179) (179) EBIT $453 $581 $632 $690 $793 $793 (Less): Taxes (136) (174) (190) (207) (238) (238) NOPAT $317 $407 $442 $483 $555 $555 Plus: D&A(2) 276 252 227 203 179 179 Plus / (Less): Change in NWC 199 9 65 54 28 21 (Less): CapEx (161) (169) (169) (171) (179) (179) Plus: Cash Settlement (tax adj.) 53 -- -- -- -- -- Unlevered Free Cash Flow $684 $499 $565 $569 $582 $575 Implied Share Price Implied Terminal Multiple(3) Discount Perpetuity Growth Rate Rate 1.75% 2.13% 2.50% 10.5% $29.25 $30.75 $32.50 11.5% 24.50 25.75 27.00 12.5% 20.75 21.50 22.75 Discount Perpetuity Growth Rate Rate 1.75% 2.13% 2.50% 10.5% 6.7x 7.1x 7.4x 11.5% 6.1x 6.3x 6.6x 12.5% 5.5x 5.7x 5.9x

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— Confidential — Appendix Supplementary Materials

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14 — Confidential — Overview of Completed Due Diligence . Several calls were conducted with RETURN’s leadership team to gain further insight into the Company, current business trajectory and updated financial outlook, including: – January 24, 2022: Financial overview discussion with RETURN’s CFO and select Finance team members – January 28, 2022: Corporate and Residential segment discussion with RETURN’s CEO, CFO and several members of the Executive team – February 2, 2022: Siding segment discussion with RETURN’s CEO, CFO and business unit leaders – February 3, 2022: Commercial segment discussion with RETURN’s CEO, CFO and business unit leaders Business & Commercial . Access provided to COPY and PwC for requested files and related discussions, including EBITDA adjustments, historical trends in financial statements, capital expenditures, and commitments & contingencies – Review of Grant Thornton’s audit workpapers for 2019 and 2020 Quality of Earnings . Manufacturing site visits were held during the week of January 24 and January 31, consisting of plant overviews and tours in Marion, WA, Auburn, WA, Sacramento, CA and North Brunswick, NJ . The North Brunswick, NJ visit was followed by a discussion session focused on several topics, including: – Procurement / supply chain, logistics, distribution and manufacturing – Individual plant review and discussion of upside opportunities . On February 7, 2022, RETURN’s CEO and CFO led a discussion on the Cornerstone Production System Operational Financing . Data room access was granted to financing partners Deutsche Bank, Goldman Sachs, RBC and UBS . Access was limited to information required for financing support, which included historical and near-term projected financial information and working capital, capital expenditure and commercial spread detail

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15 — Confidential — Preliminary January 2022 Results . Sales for January of $439mm was favorable by 14.5% vs. prior year mainly from pricing actions across all segments – Revenue was 4.8% favorable vs. plan . Adjusted EBITDA of $45.5mm favorable by $14.0mm vs. prior year – $14.2mm favorable vs. plan . Commercial – price over inflation driving favorable to plan performance – Volume slightly favorable . US Siding customer shipments vinyl favorable driven by pull forward demand ahead of February 1st price increase of 10%-12%, pricing consistent with plan but up 20% vs prior year . US Windows ASP of $215.28 which is up $10 from plan and December levels – unit volume down 4% due to weather and COVID challenges . Stone remains a challenge with lower volume and price under inflation . Canada basically on plan with some shipping delays due to cold weather Preliminary Results Commentary Source: Management figures provided on February 8, 2022. Note: Dollars in thousands. Net Sales Current Q1 Pro Prior vs. Q1 vs. Prior Dollars in thousands Month Forma Fcst. Plan Year Forecast vs. Plan Year Siding Segment Total $93,055 $89,130 $89,130 $93,390 $3,925 $3,925 ($335) Variance % 4.4% 4.4% (0.4%) Windows Segment Total $184,329 $190,978 $190,978 $171,235 ($6,649) ($6,649) $13,094 Variance % (3.5%) (3.5%) 7.6% Commercial Segment Total $161,541 $157,707 $157,707 $118,661 $3,834 $3,834 $42,880 Variance % 2.4% 2.4% 36.1% Consolidated Cornerstone $438,925 $418,841 $418,841 $383,286 $20,084 $20,084 $55,639 Variance % 4.8% 4.8% 14.5% Adj. EBITDA Current Q1 Pro Prior vs. Q1 vs. Prior Dollars in thousands Month Forma Fcst. Plan Year Forecast vs. Plan Year Siding Segment Total $13,881 $10,360 $10,360 $17,090 $3,521 $3,521 ($3,210) EBITDA % 14.9% 11.6% 11.6% 18.3% Windows Segment Total $16,152 $10,860 $10,860 $13,971 $5,293 $5,293 $2,181 EBITDA % 8.8% 5.7% 5.7% 8.2% Commercial Segment Total $25,903 $24,826 $24,826 $9,897 $1,077 $1,077 $16,006 EBITDA % 16.0% 15.7% 15.7% 8.3% Consolidated Cornerstone $45,456 $31,237 $31,237 $31,430 $14,219 $14,219 $14,026 EBITDA % 10.4% 7.5% 7.5% 8.2%

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16 — Confidential — NTM EV / EBITDA Multiple RETURN Current (6.5x) 3-Yr RETURN Average (6.9x) 3-Yr Peer Average (7.8x) Illustr. Cost Undiscounted Future Share Price (2022E) of Equity $25.85 $28.50 $34.00 14.5% $22.60 $24.90 $29.70 16.5% 22.20 24.45 29.20 18.5% 21.80 24.05 28.70 $21.80 $21.50 $16.58 $24.05 $23.45 $28.70 $27.50 $10 $20 $30 $40 Current 2022 2023 $34.00 $38.60 $16.58 $28.50 $32.95 $25.85 $30.20 $10 $20 $30 $40 Current 2022 2023 Memo: NTM EBITDA $750 $853 $879 Net Debt 2,686 2,142 1,738 Dil. Shares 131.6 131.6 131.6 Illustrative Future Share Price Present Value of Illustrative Future Share Price(4) Source: FactSet as of February 8, 2022 and Management projections provided on February 3, 2022. Note: Diluted shares in millions. Future share prices discounted to December 31, 2021. Share prices rounded to nearest $0.05. (1) Reflects management 2022E EBITDA projection. (2) NTM multiple based on RETURN 3-year average. (3) NTM multiple based on peer 3-year average. Peers consist of American Woodmark, Jeld-Wen, Masonite International, Owens Corning and PGT Innovations. (4) Illustrative future share price discounted at 18.5% based on RETURN’s cost of equity per RETURN observed figures. Present Value of YE 2022 Share Price Sensitivity February 3 Mgmt. Case at Current 6.5x NTM Multiple(1) February 3 Mgmt. Case at 3-Year Avg. 6.9x NTM Multiple(2) Future Share Price Breakeven Analysis – February 3 Management Case Analysis represents illustrative future share price assuming a range of EV / NTM EBITDA multiples applied to RETURN February 3 Management Case projections (1) February 3 Mgmt. Case at Peer 3-Year Avg. 7.8x NTM Multiple(3)

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17 — Confidential — Take-Private Considerations Source: Management projections provided on February 3, 2022. Note: Dollars in millions, except per share values. Implied share prices rounded to the nearest $0.25. (1) Assumes term loan paydown of $344mm from cash on hand. (2) As of December 31, 2021, net of term loan paydown. . Rollover of RETURN’s outstanding debt . Holdco debt to consist of new Unsecured Notes Management Case Ability-to-Pay Analysis (Implied Share Price) Key Assumptions Exit Multiple Target IRR 5.75x 6.38x 7.00x 15.0% $26.00 $28.25 $30.75 17.5% 24.50 26.75 28.75 20.0% 23.25 25.25 27.00 22.5% 22.00 23.75 25.50 25.0% 21.00 22.75 24.25 Reflects Offer Price of $24.50 per Share Illustrative Sources & Uses Rate (x) EBITDA $mm % of Total Rollover of Existing Term Loan(1) L + 3.25% 3.1x $2,236 37% Rollover of Existing Senior Notes 6.125% 0.7x 500 8% New Unsecured Notes 8.00% 2.3x 1,635 27% Sponsor Equity -- 2.4x 1,703 28% RETURN Cash on Hand(1) -- 0.1x 50 1% Total Sources 8.5x $6,124 100% Uses (x) EBITDA $mm % of Total Equity Value ($24.50 Offer Price) 4.5x $3,238 53% Rollover of Existing RETURN Debt(1)(2) 3.8x 2,736 45% Transaction / Financing Fees 0.1x 100 2% Minimum Cash 0.1x 50 1% Total Uses 8.5x $6,124 100% Sources Assumes Exit at Year-End 2026E, 6.0x Net Leverage and 8% Financing Costs . Minimum cash of $50mm . Balance sheet figures as of December 31, 2021

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18 — Confidential — Fiscal Year Ending December 31, 2021A 2022E 2023E 2024E 2025E 2026E Net Sales $5,746 $6,428 $6,766 $6,778 $6,857 $7,175 % Growth 23% 12% 5% 0% 1% 5% Gross Profit $1,238 $1,330 $1,490 $1,558 $1,652 $1,805 % Margin 22% 21% 22% 23% 24% 25% Operating Income $332 $451 $579 $630 $688 $791 % Margin 6% 7% 9% 9% 10% 11% Net Income $52 $262 $319 $383 $440 $528 % Margin 1% 4% 5% 6% 6% 7% Diluted Earnings per Share $0.41 $2.06 $2.52 $3.02 $3.47 $4.16 Adjusted EBITDA $721 $750 $853 $879 $913 $992 % Margin 13% 12% 13% 13% 13% 14% Unlevered Free Cash Flow(2) $70 $684 $499 $565 $569 $582 % Margin 1% 11% 7% 8% 8% 8% Source: Management projections provided on February 3, 2022. Note: Dollars in millions, except per share figures. EBITDA is unburdened for stock-based compensation. (1) Excludes $831mm gain on sale of IMP and DBCI business units. (2) Includes stock-based compensation as an expense. (3) Includes a $75mm payment from a settlement agreement filed on August 25, 2021 between parties to a class action complaint filed on November 14, 2018. The settlement remains subject to court approval. RETURN’s counsel believes that the likelihood of approval of the settlement is over 95%. (3) RETURN February 3 Management Case Summary (1) (1) (1)

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19 — Confidential — Source: Management projections provided on February 3, 2022. Note: Dollars in millions. EBITDA is unburdened for stock based compensation. RETURN February 3 Management Case Segment Detail Fiscal Year Ending December 31, CAGR 2021A 2022E 2023E 2024E 2025E 2026E '21A-'23E '21A-'26E Windows Segment $2,454 $2,895 $3,027 $2,959 $3,076 $3,221 11% 6% % Growth 17% 18% 5% (2%) 4% 5% Commercial Segment 1,927 2,132 2,242 2,339 2,211 2,267 8% 3% % Growth 34% 11% 5% 4% (5%) 2% Siding Segment 1,364 1,651 1,747 1,731 1,819 1,937 13% 7% % Growth 18% 21% 6% (1%) 5% 6% Corporate Risk Adjustment (0) (250) (250) (250) (250) (250) Total Net Sales $5,746 $6,428 $6,766 $6,778 $6,857 $7,175 9% 5% % Growth 23% 12% 5% 0% 1% 5% Windows Segment $439 $587 $656 $678 $747 $825 22% 13% % Margin 18% 20% 22% 23% 24% 26% Commercial Segment 520 460 516 559 552 587 (0%) 2% % Margin 27% 22% 23% 24% 25% 26% Siding Segment 370 425 463 470 506 550 12% 8% % Margin 27% 26% 26% 27% 28% 28% Corporate Risk Adjustment (91) (142) (145) (149) (153) (157) Total Gross Profit $1,238 $1,330 $1,490 $1,558 $1,652 $1,805 10% 8% % Margin 22% 21% 22% 23% 24% 25% Windows Segment $255 $370 $418 $427 $471 $522 28% 15% % Margin 10% 13% 14% 14% 15% 16% Commercial Segment 333 261 300 322 305 319 (5%) (1%) % Margin 17% 12% 13% 14% 14% 14% Siding Segment 266 302 328 329 350 378 11% 7% % Margin 19% 18% 19% 19% 19% 20% Corporate Expenses (132) (133) (142) (149) (164) (177) Corporate Risk Adjustment -- (50) (50) (50) (50) (50) Total Adj. EBITDA $721 $750 $853 $879 $913 $992 9% 7% % Growth 26% 4% 14% 3% 4% 9% % Margin 13% 12% 13% 13% 13% 14%

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20 — Confidential — $0 $5 $10 $15 $20 $25 Feb-17 Feb-18 Feb-19 Feb-20 Feb-21 Feb-22 RETURN’s Historical Share Price Performance Source: FactSet and Wall Street research as of February 8, 2022. Note: M&A annotations only include transactions with a deal size greater than $100mm. (1) Reflects closing share price trading levels. $15.90 $16.58 +4% Jul. 17, 2018: NCI and Ply Gem announced merger Nov. 16, 2018: NCI and Ply Gem merger closed Jan. 17, 2019: Announced acquisition of Environmental Stoneworks Jul. 27, 2021: Announced divestiture of DBCI business Aug. 2, 2021: Announced acquisition of Cascade Windows Aug. 4, 2021: Announced CEO retirement and transition plan Aug. 9, 2021: Completed divestiture of IMP business RETURN’s Share Price Performance (Last 5 Years) Aug. 28, 2018: Ply Gem announced acquisition of Silver Line Division from Andersen Corporation Jun. 7, 2021: Announced divestiture of IMP business Nov. 9, 2021: Announced Q3’21 earnings and the acquisition of Union Corrugating Company Implied Premia COPY Proposal Share Price $24.50 vs. Current ($16.58) 47.8% vs. 30-Day VWAP ($15.90) 54.1% vs. 90-Day VWAP ($15.63) 56.8% vs. 1-Year VWAP ($13.93) 75.8% vs. 52-Week High ($19.50) 25.6% vs. 52-Week Low ($11.10) 120.7% (1) (1) COPY Offer: $24.50 Feb. 19, 2020: Pre-COVID trading

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21 — Confidential — Limited Trading Float Potentially Weighing on Valuation Source: Company filings and FactSet as of February 8, 2022. Float as a % of Basic Shares Outstanding 99% 98% 98% 96% 95% 42% OC AMWD DOOR PGTI JELD CNR ADTV as % of BSO: Top Shareholder: Top 10 Shareholders: 0.81% 0.62% 0.52% 0.40% 0.61% 0.50% 9.7% 15.0% 9.7% 14.2% 15.4% 49.2% Vanguard BlackRock Vanguard BlackRock Fidelity COPY 41.4% 61.9% 50.1% 60.6% 63.1% 71.7% RETURN

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22 — Confidential — RETURN Shareholder Basis Analysis Source: Management, Public filings, CapitalIQ, Wall Street research and FactSet as of February 8, 2022. Note: Dollars in millions. Cost basis calculated using FIFO method. List of shareholders excludes COPY, Golden Gate Capital and RETURN Executive Chairman James Metcalf. (1) Based on 127.0mm basic shares outstanding as of December 31, 2021 per Management. (2) Estimated cost basis of 23mm of retained shares from COPY’s 2009 investment in NCI is based on NCI’s Q3’09 10-Q filing. Estimated cost basis of 39mm of newly issued shares from NCI’s merger with Ply Gem is based on NCI’s share price of $12.16 as of November 16, 2018 – the last closing price before the merger closed. Shareholder Mkt. Val ($mm) % of O/S (1) Shares Held Est. Avg. Cost Basis American Century Investments $69.4 3.3% 4,184,914 $16.13 BlackRock 64.6 3.1% 3,897,794 14.27 Vanguard 59.1 2.8% 3,566,418 11.41 Barrow, Hanley, Mewhinney & Strauss 46.6 2.2% 2,810,018 16.29 Russell Investments 33.4 1.6% 2,014,700 15.92 Guardian Point Capital 33.2 1.6% 2,000,000 7.85 American Beacon Advisors 32.4 1.5% 1,952,379 16.05 DNB Asset Management 27.9 1.3% 1,683,875 8.45 Dimensional Fund Advisors 24.5 1.2% 1,479,853 13.73 TIAA 23.9 1.1% 1,442,155 9.51 King Street 23.2 1.1% 1,400,000 15.22 Wolf Hill Capital 21.3 1.0% 1,283,639 10.58 State Street Global Advisors 16.4 0.8% 988,796 15.68 RBF Capital 16.0 0.8% 962,997 5.76 Geode Capital Management 15.7 0.7% 948,279 13.39 J. Goldman & Co. 15.3 0.7% 919,882 12.00 Cooper Creek Partners 12.0 0.6% 723,893 15.10 Soviero Asset Management 11.3 0.5% 680,000 16.15 Voss Capital 10.8 0.5% 650,000 14.74 Invesco Capital Management 10.7 0.5% 645,431 16.03 Top 20 Holders (Excl. Insiders) $567.6 27.0% 34,235,023 $13.70 Reference: COPY $1,030.3 48.9% 62,143,416 $1.28 / $12.16 Top 20 Shareholders (Excluding COPY, Golden Gate Capital and Other Insiders) (2) Note: COPY’s estimated cost basis is based on 23mm of retained shares from their $250mm investment in NCI in 2009 ($1.28) and 39mm of newly issued shares following NCI’s merger with Ply Gem ($12.16)

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23 — Confidential — RETURN Analysis at Various Prices Source: Management projections, company filings, Wall Street research and FactSet as of February 8, 2022. Note: Dollars in millions, except per share values. RETURN balance sheet and share count as of December 31, 2021. COPY 02/07 Metric Current Proposal Illustrative Offer Price per Share Offer Price $16.58 $24.50 $25.00 $25.50 $26.00 $26.50 $27.00 Implied Premium / (Discount) vs. Current $16.58 --% 47.8% 50.8% 53.8% 56.8% 59.8% 62.8% vs. 52-Week High $19.50 (15.0%) 25.6% 28.2% 30.8% 33.3% 35.9% 38.5% vs.52-Week Low $11.10 49.4% 120.7% 125.2% 129.7% 134.2% 138.7% 143.2% vs. 30-Day VWAP $15.90 4.3% 54.1% 57.2% 60.4% 63.5% 66.7% 69.8% vs. 90-Day VWAP $15.63 6.1% 56.8% 60.0% 63.2% 66.4% 69.6% 72.8% vs. 1-Year VWAP $13.93 19.0% 75.8% 79.4% 83.0% 86.6% 90.2% 93.8% (x) DSO 131.6 132.2 132.2 132.2 132.2 132.3 132.3 Equity Value $2,181 $3,238 $3,305 $3,372 $3,438 $3,505 $3,572 (+) Debt 3,081 3,081 3,081 3,081 3,081 3,081 3,081 (-) Cash (394) (394) (394) (394) (394) (394) (394) Enterprise Value $4,867 $5,924 $5,991 $6,058 $6,124 $6,191 $6,258 Implied EV / EBITDA Multiples 2021A $721 6.8x 8.2x 8.3x 8.4x 8.5x 8.6x 8.7x 2022E 750 6.5x 7.9x 8.0x 8.1x 8.2x 8.3x 8.3x Feb. 3 Mgmt Case

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24 — Confidential — CY ’21E–’23E Rev. CAGR(1) CY ’22E EBITDA Margin CY ’21E–’23E EBITDA CAGR(1) Benchmarking RETURN’s Financial Metrics vs. Peers Source: Company filings, Management projections and FactSet as of February 8, 2022. Note: Percentiles exclude RETURN. EBITDA is unburdened for stock-based compensation. RETURN Management Case net leverage based on LTM values as of December 31, 2021. (1) Reflects management case growth for ’21A –’23E. (2) AMWD ’23E EBITDA estimates unavailable. Represents ’21E –’22E growth. Peers RETURN RETURN (Feb. 3rd Case) Peer Mean 25th Percentile Peer Median 75th Percentile Net Leverage Peer Mean 25th Percentile Peer Median 75th Percentile Peer Mean 25th Percentile Peer Median 75th Percentile Peer Mean 25th Percentile Peer Median 75th Percentile 3.0x 2.3x 2.9x 1.1x 3.7x 3.4x 3.0x 2.9x 1.1x 1.1x 17% 15% 15% 11% 23% 17% 15% 12% 11% 10% 11% 9% 9% 8% 15% 11% 9% 9% 8% 4% (2) 6% 7% 6% 5% 12% 9% 6% 6% 5% 5% RETURN (Feb. 3rd Case) RETURN (Feb. 3rd Case) RETURN (Feb. 3rd Case)

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25 — Confidential — CY ’19A–’21E Revenue CAGR(1) CY ’19A-’21E EBITDA Margin Change(1) CY ’19A–’21E EBITDA CAGR(1) Benchmarking RETURN’s Financial Metrics vs. Peers (Cont.) Source: Company filings, Management projections and FactSet as of February 8, 2022. Note: Percentiles exclude RETURN. EBITDA is unburdened for stock-based compensation. PGT Innovations’ financials are pro forma for the acquisitions of NewSouth Window Solutions and Anlin Windows and Doors. (1) Reflects management case growth for ’19A –’21A. RETURN (Feb. 3rd Case) RETURN (Feb. 3rd Case) RETURN (Feb. 3rd Case) Peer Mean 25th Percentile Peer Median 75th Percentile Peer Mean 25th Percentile Peer Median 75th Percentile Peer Mean 25th Percentile Peer Median 75th Percentile 10% 9% 8% 6% 17% 10% 8% 8% 6% 5% 21% 9% 7% 7% 22% 21% 16% 7% 7% (14%) +300 +8 +36 (265) +460 +300 +170 +36 (265) (491) (bps) Peers RETURN

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26 — Confidential — 4.0x 6.0x 8.0x 10.0x 12.0x Feb-17 Feb-18 Feb-19 Feb-20 Feb-21 Feb-22 Historical Multiples L5Y L3Y LTM Mean Mean Mean Current RETURN 7.1x 6.9x 6.8x 6.3x Peers 8.0x 7.8x 7.8x 6.7x Δ vs. Peers (0.9x) (0.8x) (0.9x) (0.4x) $0 $5 $10 $15 $20 $25 $30 $35 Feb-17 Feb-18 Feb-19 Feb-20 Feb-21 Feb-22 Historical RETURN Trading and Valuation vs. Peers Source: FactSet and Wall Street research as of February 8, 2022. Note: EBITDA is unburdened for stock-based compensation. Peers consist of American Woodmark, Jeld-Wen, Masonite International, Owens Corning and PGT Innovations. RETURN Valuation vs. Peers (EV / NTM EBITDA) 6.3x 6.7x 7.8x 7.3x Current: $16.58 +4% COPY Offer: $24.50 +43% RETURN Share Price Performance vs. Peers Peer Group Mean RETURN Δ vs. Peers Δ: 0.4x Δ: (0.4x) Historical Returns L5Y L3Y LTM RETURN +4% +104% +31% Peers +43% +56% (10%)

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27 — Confidential — +0.2x +1.3x +0.5x (1.0x) (2.1x) +0.9x (3.4x) +0.1x (48%) (43%) (92%) (42%) 260% 116% (6%) 311% Benchmarking Performance in Recessions vs. Recovery Cycles Source: FactSet as of December 31, 2021. Note: Great Recession reflects Dec. 1, 2007 – July 1, 2009. Post Great Recession reflects Jan. 1, 2010 – Jan. 1, 2020. COVID Recession reflects Feb. 19, 2020 – May 1, 2020. Post COVID Recession reflects May 1, 2020 – December 31, 2021. (1) Book value per share decreased from $7.46 as of December 31, 2019 to $2.76 as of April 4, 2020 due to an increase in accumulated deficit. Accumulated deficit totaled ~$281mm as of December 31, 2019 and ~$824mm as of April 4, 2020. (2) Peers consist of American Woodmark, Jeld-Wen, Masonite, Owens Corning and PGT Innovations. Total Shareholder Return Change in Price / Book Value Recession Cycles Recovery Cycles “Great Recession” “COVID Recession” Post “Great Recession” Post “COVID Recession” RETURN Peer Median(2) Book value decreased by ~60% due to a large increase in accumulated deficit(1)

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28 — Confidential — 26% 24% 19% 16% (10%) 5% (38%) (9%) Benchmarking Performance in Recessions vs. Recovery Cycles (Cont.) Revenue CAGR Source: FactSet as of December 31, 2021. Note: Great Recession reflects Dec. 1, 2007 – July 1, 2009. Post Great Recession reflects Jan. 1, 2010 – Jan. 1, 2020. COVID Recession reflects Feb. 19, 2020 – May 1, 2020. Post COVID Recession reflects May 1, 2020 – December 31, 2021. (1) Peers consist of American Woodmark, Jeld-Wen, Masonite, Owens Corning and PGT Innovations. RETURN Peer Median(1) 7% 11% 8% 4% 12% 16% 13% 15% Avg. EBITDA Margin Recession Cycles Recovery Cycles “Great Recession” “COVID Recession” Post “Great Recession” Post “COVID Recession”

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29 — Confidential — – $10.00 $20.00 $30.00 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Outlook Target Valuation Operating Metrics 2022E '20A-'22E % Prem. EV / 2022E 2022E EBITDA EBITDA Broker Price Target To Current Base Year EBITDA Revenue EBITDA Margin CAGR 63% 2022E NA $6,118 $768 12.6% 12.5% 51% 2022E 7.7x 6,109 748 12.2% 11.0% 39% 2022E 7.0x 6,119 767 12.5% 12.4% 15% 2022E 7.0x 5,706 731 12.8% 9.7% Median 45% 7.0x $6,113 $758 12.5% 11.7% $27 $25 $23 $19 $24 Current Analyst Perspectives on RETURN RETURN Analyst Sentiment Over Time Buy Hold Buy Hold Sell RETURN Share Price Median Price Target $24.00 $16.58 (1) Source: Wall Street research as of February 8, 2022. (1) Based on RETURN’s share price of $16.58 as of February 8, 2022.

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30 — Confidential — Premia Paid Analysis – Go-Private and All-Cash Transactions Premiums paid in precedent transactions Source: FactSet as of February 8, 2022. Note: Includes complete and pending transactions. Excludes finance, real estate and insurance targets, as well as transactions with premiums greater than 200%. (1) Premium to unaffected share price for go-privates over the last 10 years involving U.S. public companies $1-10bn in transaction value. (2) Premium to unaffected share price for all-cash transactions over the last 10 years involving U.S. public companies $1-10bn in transaction value. (3) Based on RETURN’s share price of $16.58 as of February 8, 2022. (4) Represents implied share prices based on RETURN’s 52-week high share price of $19.50 and related 25th and 75th percentile premiums for precedent transactions. (5) Represents implied share prices based on RETURN’s 30-day VWAP of $15.90 and related 25th and 75th percentile premiums for precedent transactions. Go-Private Premiums(1) All-Cash Premiums(2) Implied RETURN Share Price(3) $19.35 $21.04 $21.71 $23.57 $26.33 Implied RETURN Share Price(3) $19.71 $21.61 $22.98 $25.07 $28.70 16.7% 26.9% 30.9% 42.2% 58.8% 25th Percentile Median Mean 75th Percentile 90th Percentile 18.9% 30.3% 38.6% 51.2% 73.1% 25th Percentile Median Mean 75th Percentile 90th Percentile $17.96 $21.83 $17.93 $21.28 $23.59 $23.19 $19.36 $18.93 52-Week High(4) 30-Day VWAP(5)

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31 — Confidential — Source: FactSet as of February 8, 2022. Note: Dollars in billions. Includes complete and pending transactions for U.S. public companies equal to or greater than $1bn in enterprise value. Excludes energy, finance and insurance targets. (1) Represents all-cash transactions involving an acquiror with a majority ownership position acquiring an additional 2%-50% of the target’s shares resulting in 100% ownership. (2) RETURN premia based on COPY offer of $24.50 per share, share price of $16.58 as of February 7, 2022, 30-day VWAP of $15.90 and 52-week high of $19.50. Squeeze-Out Transactions(1) Enterprise % Owned Premium to Share Price Ann. Date Acquiror Target Value ($bn) Pre-Txn 1-Day Prior 30-Day VWAP 52-Wk High Nov-19 Kyocera AVX $3.0 72% 45% 40% 16% Jun-18 Roche Foundation Medicine 5.1 57% 29% 47% 28% Nov-12 Danfoss Sauer-Danfoss 2.6 76% 49% 48% 5% Jul-08 Roche Genentech 97.8 56% 16% 24% 16% Feb-05 Novartis Eon Labs 2.6 68% 11% 17% (30%) Jan-05 Danisco Genencor International 1.2 84% 24% 19% -- Jan-05 News Corp. Fox Entertainment Group 19.0 59% 11% 12% 8% Feb-02 Sabre Holdings Travelocity.com 1.0 70% 20% -- -- Feb-02 Limited Brands Intimate Brands 9.8 84% 10% -- -- Nov-01 UtiliCorp United Aquila 2.0 80% 15% -- -- Median 71% 18% -- -- RETURN(2) 49% 48% 54% 26% Premia Paid Analysis – Squeeze-Out Transactions

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32 — Confidential — Source: FactSet as of February 8, 2022. Note: Dollars in billions. Includes complete and pending transactions for U.S. public companies equal to or greater than $1bn in enterprise value. Excludes energy, finance and insurance targets. (1) Represents all-cash transactions involving an acquiror with an ownership position of 20%-50% acquiring the remainder of the target’s shares. (2) RETURN premia based on COPY offer of $24.50 per share, share price of $16.58 as of February 7, 2022, 30-day VWAP of $15.90 and 52-week high of $19.50. Non-Controlling Ownership Transactions(1) Premia Paid Analysis – Acquisitions with Existing Buyer Stake Enterprise % Owned Premium to Share Price Ann. Date Acquiror Target Value ($bn) Pre-Txn 1-Day Prior 30-Day VWAP 52-Wk High Oct-19 Marubeni; Mizuho Leasing Aircastle $7.3 29% 34% 40% 34% Nov-18 Nascar International Speedway 1.9 39% 14% 22% (5%) Jan-16 Brookfield Asset Management Rouse Properties 2.7 33% 35% 25% (9%) Jun-13 Hunt Centerline 1.1 41% 18% 18% (4%) Jun-13 David Murdock Dole Food 2.8 40% 32% 32% (6%) Jun-11 MacAndrews & Forbes M&F Worldwide 2.5 43% 47% 16% (16%) Sep-09 Harbinger Capital Partners SkyTerra 1.5 49% 47% 54% 10% Dec-06 Colony Capital / Fertitta Family Station Casinos 8.6 27% 30% -- 12% Nov-06 SAINT Swift Transportation 2.6 27% 34% 28% -- Jun-06 Brookfield Properties Trizec Properties 6.5 38% 18% 22% 10% Apr-06 Novartis Chiron 10.0 42% 32% 17% 5% Sep-02 David Murdock Dole Food 2.4 23% 37% -- (1%) Median 39% 33% 23% (1%) RETURN(2) 49% 48% 54% 26%

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33 — Confidential — Debt / Unlevered Beta Equity 1.05 1.10 1.15 1.20 1.25 10% 11.1% 11.5% 11.9% 12.2% 12.6% 20% 11.0% 11.3% 11.7% 12.0% 12.4% 30% 10.8% 11.2% 11.5% 11.9% 12.2% 40% 10.7% 11.1% 11.4% 11.7% 12.1% 50% 10.6% 10.9% 11.3% 11.6% 12.0% 60% 10.5% 10.9% 11.2% 11.5% 11.9% Weighted Average Cost of Capital Analysis – RETURN Selected Public Companies Illustrative WACC Illustrative WACC Sensitivity Source: Public company filings, Wall Street research, Bloomberg, S&P Capital IQ and FactSet as of February 8, 2022. Note: Dollars in millions. Companies sorted by market cap. (1) Represents adjusted two-year weekly beta relative to S&P 500. (2) Unlevered Beta equals (Levered Beta / (1 + (1 - Tax Rate) * (Debt / Equity)). Tax rate used is 25%. (3) Reflects median for Peer Observed. (4) Levered Beta equals (Unlevered Beta * (1 + (1 - Tax Rate) * (Debt / Equity)). Tax rate used is 25%. (5) Reflects yield on 20-year U.S. Treasury. (6) Reflects U.S. long-horizon equity risk premium per Duff & Phelps 2022 valuation handbook. (7) Reflects size premium for companies with market capitalizations between ~$2,170mm and ~$3,277mm per Duff & Phelps 2022 valuation handbook. (8) Peer Observed pre-tax cost of debt is based on the BB U.S. high-yield index effective yield per St. Louis Fed. RETURN Observed pre-tax cost of debt is based on yield to worst of RETURN’s senior notes due 2029. (9) WACC equals ((Debt / Capitalization * After-Tax Cost of Debt) + (Equity / Capitalization * Cost of Equity)). Market Debt Debt / Beta Company Cap ($mm) ($mm) Equity Levered(1) Unlevered(2) Owens Corning $9,278 $3,095 33% 1.44 1.15 Masonite 2,371 878 37% 1.58 1.23 JELD-WEN 2,187 1,822 83% 1.84 1.13 PGT Innovations 1,107 635 57% 1.51 1.06 American Woodmark 937 506 54% 1.68 1.20 75th Percentile 57% 1.68 1.20 Mean 53% 1.61 1.15 Median 54% 1.58 1.15 25th Percentile 37% 1.51 1.13 RETURN $2,181 $3,081 141% 2.00 0.97 Peer RETURN Observed Observed Unlevered Beta(3) 1.15 0.97 Debt / Equity(3) 54% 141% Levered Beta(4) 1.613 2.004 Risk-Free Rate(5) 2.3% 2.3% Market Risk Premium(6) 7.5% 7.5% Market Size Premium(7) 1.2% 1.2% Cost of Equity 15.5% 18.4% Pre-Tax Cost Of Debt(8) 4.39% 5.47% Tax Rate 25.0% 25.0% After-Tax Cost Of Debt 3.3% 4.1% % Equity 64.9% 41.5% % Debt 35.1% 58.5% Estimated WACC(9) 11.2% 10.0% For Reference Only

Exhibit (c)(6)

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— Confidential — February 11, 2022 Presentation to the Special Committee Project RETURN

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1 — Confidential — Disclaimer This presentation has been prepared by Centerview Partners LLC (“Centerview”) for use solely by the management and Special Committee of RETURN, Inc.(“RETURN”) in connection with its evaluation of a proposed transaction involving RETURN and for no other purpose. The information contained herein is based upon information supplied by or on behalf of RETURN and publicly available information, and portions of the information contained herein may be based upon statements, estimates and forecasts provided by RETURN. Centerview has relied upon the accuracy and completeness of the foregoing information, and has not assumed any responsibility for any independent verification of such information or for any independent evaluation or appraisal of any of the assets or liabilities (contingent or otherwise) of RETURN or any other entity, or concerning the solvency or fair value of RETURN or any other entity. With respect to financial forecasts, Centerview has assumed that such forecasts have been reasonably prepared on bases reflecting the best currently available estimates and judgments of the management of RETURN as to the future financial performance of RETURN, and at your direction Centerview has relied upon such forecasts, as provided by RETURN’s management, with respect to RETURN. Centerview assumes no responsibility for and expresses no view as to such forecasts or the assumptions on which they are based. The information set forth herein is based upon economic, monetary, market and other conditions as in effect on, and the information made available to us as of, the date hereof, unless indicated otherwise and Centerview assumes no obligation to update or otherwise revise these materials. The financial analysis in this presentation is complex and is not necessarily susceptible to a partial analysis or summary description. In performing this financial analysis, Centerview has considered the results of its analysis as a whole and did not necessarily attribute a particular weight to any particular portion of the analysis considered. Furthermore, selecting any portion of Centerview’s analysis, without considering the analysis as a whole, would create an incomplete view of the process underlying its financial analysis. Centerview may have deemed various assumptions more or less probable than other assumptions, so the reference ranges resulting from any particular portion of the analysis described above should not be taken to be Centerview’s view of the actual value of RETURN. These materials and the information contained herein are confidential, were not prepared with a view toward public disclosure, and may not be disclosed publicly or made available to third parties without the prior written consent of Centerview. These materials and any other advice, written or oral, rendered by Centerview are intended solely for the benefit and use of the management and Special Committee of RETURN (in its capacity as such) in its consideration of the proposed transaction, and are not for the benefit of, and do not convey any rights or remedies for any holder of securities of RETURN or any other person. Centerview will not be responsible for and has not provided any tax, accounting, actuarial, legal or other specialist advice. These materials are not intended to provide the sole basis for evaluating the proposed transaction, and this presentation does not represent a fairness opinion, recommendation, valuation or opinion of any kind, and is necessarily incomplete and should be viewed solely in conjunction with the oral presentation provided by Centerview.

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2 — Confidential — Review of Key Dates for the Special Committee . Oct. 13, 2021: Kick-off call to review process objectives and framework . Oct. 25, 2021: Strategic review of RETURN’s current market positioning, Management standalone plan and strategic alternatives; discussion of preliminary financial analysis of Management standalone plan . Nov. 2, 2021: Financial update call conducted by RETURN Management / Centerview with COPY . Nov. 12, 2021: COPY communicated to Centerview that they are prepared to consider exploring a transaction at an indicative valuation of $22.00 per share (29% implied spot premium(1)) and reiterated that they are not a seller; COPY also requested to engage with a limited number of financing sources and complete focused due diligence – Special Committee subsequently authorized COPY to discuss financing with Goldman and RBC – Special Committee also authorized Centerview to communicate to COPY that a non-binding indication of interest would be needed to assess further engagement . Nov. 22, 2021: COPY communicated to Centerview that they are prepared to consider a transaction at an indicative valuation of $23.00 per share; COPY confirmed their leverage assumptions with Goldman Sachs and RBC of 6x+ through HoldCo note – Special Committee subsequently authorized Centerview to communicate to COPY that the Special Committee would be unwilling to transact at $23.00 per share – Special Committee also instructed Management to create a single operating case to serve as the basis for analyses as the process progressed . Dec. 2, 2021: COPY requested business unit calls with the following attendees: Art Steinhafel and Jim Keppler (U.S. Windows); John Buckley and Jim Keppler (U.S. Siding); Philip Langlois (Canada); Matt Ackley and Jim Keppler (Commercial) . Dec. 3, 2021: RETURN’s CFO presented a Management Case to the Special Committee and subsequently shared the projections with Centerview Project RETURN has consisted of multiple discussions between COPY and Centerview, on behalf of the Special Committee – COPY’s view on value has been informed further through management calls and due diligence requests (1) Based on RETURN’s closing share price of $17.04 as of November 12, 2021.

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3 — Confidential — Review of Key Dates for the Special Committee (Cont.) . Dec. 16, 2021: RETURN Management and COPY completed the requested business unit reviews; focus centered on the Management Plan, including underlying drivers, market context and operating synergies – COPY then requested follow-up materials as part of their ongoing review of value – Special Committee approved distribution of the requested follow-up materials on December 20, 2021 . Dec. 22, 2021: COPY communicated to Centerview that they are prepared to consider a transaction at an indicative valuation of $23.50 per share – COPY expressed concerns around specific assumptions in the projections shared by Management • Volume for Windows segment and materials pricing-cost spread for Commercial segment . Jan. 3, 2022: RETURN’s CFO provided the Special Committee with an update to the Management Plan . Jan. 19, 2022: COPY and COPY’s advisors were provided access to a virtual data room – Management and Centerview have since completed multiple requests related to COPY’s business, financial and operational due diligence (please refer to page 20 for a summary) . Feb. 3, 2022: RETURN’s CFO provided Centerview with an update to the Management Plan, which Centerview subsequently shared with COPY; update includes the UCC acquisition and actual balance sheet figures as of December 31, 2021 . Feb. 7, 2022: COPY communicated to Centerview that they are prepared to consider a transaction at an indicative valuation of $24.50 per share . Feb. 7, 2022: Unusually high options trading reported in RETURN stock . Feb. 10, 2022: Bloomberg reports potential COPY offer . Feb. 10, 2022: Following communication with Centerview, COPY communicated to Centerview that they are prepared to consider a transaction at an indicative valuation of $24.65 per share – Implied premia and multiples herein reflect unaffected trading levels as of February 4, 2022 Project RETURN has consisted of multiple discussions between COPY and Centerview, on behalf of the Special Committee – COPY’s view on value has been informed further through management calls and due diligence requests

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4 — Confidential — Table of Contents Section 1 ...................................................................................... Recap of COPY’s 2/10/22 Indication Section 2 ......................................................... Centerview’s Updated Preliminary Financial Analysis Appendix ........................................................................................................... Supplementary Materials

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— Confidential — Recap of COPY’s 2/10/22 Indication 1

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6 — Confidential — Updated Value Communicated by COPY on February 10, 2022 Price per Share Implied Premia . $24.65 per share, which implies: – An increase of 0.6% from an indication of $24.50 on February 7, 2022 – An increase of 12.0% from an initially considered indication of $22.00 on Nov. 12, 2021 (29% implied spot premium)(1) Unaffected as of February 4, 2022: . 74.9% to unaffected share price of $14.09 . 54.6% to unaffected 30-day VWAP of $15.94 . 58.1% to unaffected 90-day VWAP of $15.59 . 77.4% to unaffected 1-year VWAP of $13.89 . 26.4% to unaffected 52-week high of $19.50(3) Summary Financials Source: Management projections provided on February 3, 2022. Company filings and FactSet as of February 4, 2022. Note: Dollars in millions, except per share amounts. (1) Based on RETURN’s closing share price of $17.04 as of November 12, 2021. (2) RETURN balance sheet and share count as of December 31, 2021. (3) Reflects closing share price trading levels. Overview Unaffected COPY (as of 2/4/22) Indication Implied Valuation Share Price $14.09 $24.65 % Premium to Unaffected Price – 74.9% Diluted Shares Outstanding(2) 131.2 132.2 Equity Value $1,849 $3,258 Less: Cash(2) (394) (394) Plus: Debt(2) 3,081 3,081 Enterprise Value $4,535 $5,944 Implied Multiples Multiple: Metric: 2021A $721 6.3x 8.3x 2022E 750 6.1x 7.9x EV / EBITDA (February 3 Mgmt. Case) Consideration and Financing . 100% cash consideration . Financing discussions with Goldman Sachs, RBC, Deutsche Bank and UBS have advanced toward a formal financing commitment . Indebtedness would be incurred by a Holdco above the RETURN credit group following the merger – RETURN’s outstanding debt would stay in place

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7 — Confidential — $0 $5 $10 $15 $20 $25 Feb-12 Feb-13 Feb-14 Feb-15 Feb-16 Feb-17 Feb-18 Feb-19 Feb-20 Feb-21 Feb-22 RETURN’s Historical Share Price Performance Source: FactSet and Wall Street research as of February 10, 2022. Note: Unaffected price reflects share price as of February 4, 2022. (1) Reflects closing share price trading levels. $11.89 Current: $18.66 +57% Jul. 17, 2018: NCI and Ply Gem announced merger Nov. 16, 2018: NCI and Ply Gem merger closed RETURN’s Share Price Performance (Last 10 Years) Implied Premia (Unaffected as of Feb. 4, 2022) COPY Indication Share Price $24.65 vs. Current ($18.66) 32.1% vs. Unaffected ($14.09) 74.9% vs. 30-Day VWAP ($15.94) 54.6% vs. 90-Day VWAP ($15.59) 58.1% vs. 1-Year VWAP ($13.89) 77.4% vs. 52-Week High ($19.50) 26.4% vs. 52-Week Low ($11.10) 122.1% vs. 10-Year High ($23.00) 7.2% (1) (1) COPY Indication: $24.65 Feb. 19, 2020: Pre-COVID trading Feb. 10, 2022: Bloomberg reports potential COPY offer Feb. 7, 2022: Unusually high options trading reported in RETURN stock Unaffected: $14.09 +19% (1)

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8 — Confidential — RETURN Unaffected Shareholder Basis Analysis Source: Management, Public filings, CapitalIQ, Wall Street research and FactSet as of February 4, 2022. Note: Dollars in millions. Cost basis calculated using FIFO method. List of shareholders excludes COPY, Golden Gate Capital and RETURN Executive Chairman James Metcalf. (1) Based on RETURN unaffected share price of $14.09 as of February 4, 2022. (2) Based on 127.0mm basic shares outstanding as of December 31, 2021 per Management. (3) Estimated cost basis of 23mm of retained shares from COPY’s 2009 investment in NCI is based on NCI’s Q3’09 10-Q filing. Estimated cost basis of 39mm of newly issued shares from NCI’s merger with Ply Gem is based on NCI’s share price of $12.16 as of November 16, 2018 – the last closing price before the merger closed. Market Estimated Avg. Shareholder Value ($mm)(1) % of O/S (2) Shares Held Cost Basis American Century Investments $59.0 3.3% 4,184,914 $16.13 BlackRock 54.9 3.1% 3,897,794 14.27 Vanguard 50.3 2.8% 3,566,418 11.41 Barrow, Hanley, Mewhinney & Strauss 39.6 2.2% 2,810,018 16.29 Russell Investments 28.4 1.6% 2,014,700 15.92 Guardian Point Capital 28.2 1.6% 2,000,000 7.85 American Beacon Advisors 27.5 1.5% 1,952,379 16.04 DNB Asset Management 23.7 1.3% 1,683,875 8.45 Dimensional Fund Advisors 20.9 1.2% 1,479,853 13.73 TIAA 20.3 1.1% 1,442,155 9.51 King Street 19.7 1.1% 1,400,000 15.22 Wolf Hill Capital 18.1 1.0% 1,283,639 10.58 State Street Global Advisors 13.9 0.8% 988,796 15.68 RBF Capital 13.6 0.8% 962,997 5.76 Geode Capital Management 13.4 0.7% 948,279 13.39 J. Goldman & Co. 13.0 0.7% 919,882 12.00 Cooper Creek Partners 10.2 0.6% 723,893 15.10 Soviero Asset Management 9.6 0.5% 680,000 16.15 Voss Capital 9.2 0.5% 650,000 14.74 Invesco Capital Management 9.1 0.5% 645,431 16.03 Top 20 Holders (Excl. Insiders) $482.4 27.0% 34,235,023 $13.70 Reference: COPY $875.6 48.9% 62,143,415 $1.28 / $12.16 Top 20 Shareholders (Excluding COPY, Golden Gate Capital and Other Insiders) (3) Note: COPY’s estimated cost basis is based on 23mm of retained shares from their $250mm investment in NCI in 2009 ($1.28) and 39mm of newly issued shares following NCI’s merger with Ply Gem ($12.16)

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9 — Confidential — Source: FactSet as of February 4, 2022. (1) Represents closing share price and 30-day VWAP as of the date COPY communicated value for RETURN shares not owned, except for dates after February 4, 2022. Market data for February 7 and February 10, 2022 represents market data as of February 4, 2022 (the unaffected date). (2) Based on RETURN share price of $14.09 as of February 4, 2022. Summary of COPY’s Indications For RETURN Shares Not Owned Evolution of Value Communicated by COPY Date of Received Indication Nov. 12, 2021 Nov. 22, 2021 Dec. 22, 2021 Feb. 7, 2022 Feb. 10, 2022 Value Communicated (per share) 1-Day Spot Price(1) $17.04 $17.23 $16.14 $14.09 $14.09 30-Day VWAP(1) $14.84 $15.36 $16.22 $15.94 $15.94 % Premium to 1-Day Spot Price (1) 29.1% 33.5% 45.6% 73.9% 74.9% % Premium to 30-Day VWAP (1) 48.3% 49.8% 44.9% 53.7% 54.6% % Premium to Unaffected Price (2) 56.1% 63.2% 66.8% 73.9% 74.9% % Change to Initial Indication -- +4.5% +6.8% +11.4% +12.0% % Change to Previous Indication -- +4.5% +2.2% +4.3% +0.6% RETURN Trading Implied Premium Change in Indication $22.00 $23.00 $23.50 $24.50 $24.65 Communicated after irregular trading activity on Feb. 7, 2022 – below reflects market data as of Feb. 4, 2022

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10 — Confidential — Premia Paid Analysis – Go-Private and All-Cash Transactions Premiums paid in precedent transactions Source: FactSet as of February 4, 2022. Note: Includes complete and pending transactions. Excludes finance, real estate and insurance targets, as well as transactions with premiums greater than 200%. (1) Premium to unaffected share price for go-privates over the last 10 years involving U.S. public companies $1-10bn in transaction value. (2) Premium to unaffected share price for all-cash transactions over the last 10 years involving U.S. public companies $1-10bn in transaction value. (3) Based on RETURN’s unaffected share price of $14.09 as of February 4, 2022. (4) Represents implied share prices based on RETURN’s unaffected 52-week high share price of $19.50 and related 25th and 75th percentile premiums for precedent transactions. (5) Represents implied share prices based on RETURN’s unaffected 30-day VWAP of $15.94 and related 25th and 75th percentile premiums for precedent transactions. Go-Private Premiums(1) All-Cash Premiums(2) Implied RETURN Unaffected Share Price(3) $16.45 $17.88 $18.45 $20.03 $22.37 Implied RETURN Unaffected Share Price(3) $16.75 $18.37 $19.52 $21.31 $24.39 16.7% 26.9% 30.9% 42.2% 58.8% 25th Percentile Median Mean 75th Percentile 90th Percentile 18.9% 30.3% 38.6% 51.2% 73.1% 25th Percentile Median Mean 75th Percentile 90th Percentile $17.96 $21.83 $18.08 $21.45 $23.59 $23.38 $19.36 $19.09 52-Week High(4) Unaffected 30-Day VWAP(5) Below reflects premium to one-day unaffected spot price Below reflects premium to one-day unaffected spot price Reflects 25th and 75th percentile premia to 52-week high Reflects 25th and 75th percentile premia to 52-week high Reflects 25th and 75th percentile premia to unaffected 30-day VWAP Reflects 25th and 75th percentile premia to unaffected 30-day VWAP

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11 — Confidential — Source: FactSet as of February 4, 2022. Note: Dollars in billions. Includes complete and pending transactions for U.S. public companies equal to or greater than $1bn in enterprise value. Excludes energy, finance and insurance targets. (1) Represents all-cash transactions involving an acquiror with an ownership position of 20%-50% acquiring the remainder of the target’s shares. (2) Represents premium to unaffected share price. (3) RETURN premia based on COPY indication of $24.65 per share, unaffected share price of $14.09 as of February 4, 2022, unaffected 30-day VWAP of $15.94 and 52-week high of $19.50. Non-Controlling Ownership Transactions(1) Premia Paid Analysis – Acquisitions with Existing Buyer Stake Enterprise % Owned Premium to Share Price Ann. Date Acquiror Target Value ($bn) Pre-Txn 1-Day Prior(2) 30-Day VWAP 52-Wk High Nov-19 Marubeni; Mizuho Leasing Aircastle $7.3 29% 34% 40% 34% May-19 Nascar International Speedway 1.9 39% 14% 22% (5%) Feb-16 Brookfield Asset Management Rouse Properties 2.7 33% 35% 25% (9%) Aug-13 David Murdock Dole Food 2.8 40% 32% 32% (6%) Jun-13 Hunt Centerline 1.1 41% 18% 18% (4%) Sep-11 MacAndrews & Forbes M&F Worldwide 2.5 43% 47% 16% (16%) Sep-09 Harbinger Capital Partners SkyTerra 1.5 49% 47% 54% 10% Feb-07 Colony Capital / Fertitta Family Station Casinos 8.6 27% 30% -- 12% Jan-07 SAINT Swift Transportation 2.6 27% 31% 26% -- Jun-06 Brookfield Properties / Blackstone Trizec Properties 6.5 38% 18% 22% 10% Apr-06 Novartis Chiron 10.0 42% 32% 17% 5% Dec-02 David Murdock Dole Food 2.4 23% 37% -- (1%) Median 39% 32% 23% (1%) RETURN(3) 49% 75% 55% 26%

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12 — Confidential — Source: FactSet as of February 4, 2022. Note: Dollars in billions. Includes complete and pending transactions for U.S. public companies equal to or greater than $1bn in enterprise value. Excludes energy, finance and insurance targets. (1) Represents all-cash transactions involving an acquiror with an ownership position of 20%-50% acquiring the remainder of the target’s shares. (2) Represents number of bids increasing in value from initial indication. (3) RETURN premia based on COPY indication of $24.65 per share, initial COPY indication of $22.00 per share, RETURN share price of $14.09 as of February 4, 2022 and RETURN share price of $17.04 as of November 12, 2021, the date of COPY’s initial indication. Non-Controlling Ownership Transactions(1) Bid Dynamics – Acquisitions with Existing Buyer Stake Bid Evolution Initial % ∆ Initial Final Ann. Target Enterprise 1-Day to Final Premium to # of Date Acquiror Target Description Value ($bn) Premium Bid Unaffected Bumps Nov-19 Marubeni; Mizuho Leasing Aircastle Commercial aircraft sales / leasing $7.3 21% 16% 34% 2 May-19 Nascar International Speedway Motorsport entertainment facilities 1.9 6% 7% 14% 5 Feb-16 Brookfield Asset Management Rouse Properties Regional mall / retail owner 2.7 26% 7% 35% 2 Aug-13 David Murdock Dole Food Agricultural producer / marketer 2.8 22% 13% 32% 4 Jun-13 Hunt Centerline Real estate asset management 1.1 21% --% 18% -- Sep-11 MacAndrews & Forbes M&F Worldwide Diversified holding company 2.5 42% 4% 47% 1 Sep-09 Harbinger Capital Partners SkyTerra Satellite telecom provider 1.5 21% 25% 47% 2 Feb-07 Colony Capital / Fertitta Family Station Casinos Casino operator 8.6 19% 10% 30% 2 Jan-07 SAINT Swift Transportation Truckload motor shipping carrier 2.6 21% 9% 31% 2 Jun-06 Brookfield Properties / Blackstone Trizec Properties U.S. office REIT 6.5 21% 2% 18% 1 Apr-06 Novartis Chiron Pharmaceuticals 10.0 11% 20% 32% 3 Dec-02 David Murdock Dole Food Agricultural producer / marketer 2.4 20% 14% 37% 1 Median 21% 9% 32% 2 RETURN(3) 29% 12% 75% 4 (2)

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— Confidential — Centerview’s Updated Preliminary Financial Analysis 2

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14 — Confidential — Source: Company filings, press releases, CapIQ, FactSet and Management projections provided on February 3, 2022. Note: Market data as of unaffected date of February 4, 2022. (1) Based on RETURN’s unaffected share price of $14.09 as of February 4, 2022, unaffected 30-day VWAP of $15.94 and unaffected 52-week high of $19.50. . Selected publicly-traded comparable companies in the building products sector . Valuation multiples based on Enterprise Value / CY 2022E EBITDA . Multiples applied to RETURN’s 2022E EBITDA per RETURN February 3 Management Case . Based on RETURN February 3 Management Case . Perpetuity growth rate of 1.75% - 2.50% . Weighted average cost of capital (“WACC”) range of 10.5% - 12.5% . Selected precedent M&A transactions in the building products sector – Includes transactions completed with U.S. targets in the last 5 years (deal size greater than $1bn) . Multiples applied to RETURN’s LTM EBITDA as of December 31, 2021 . RETURN’s closing share price trading levels over the last 52 weeks 52-Week Trading Range Selected Precedent Transactions Analysis Discounted Cash Flow (DCF) Analysis For Reference Only (As of Unaffected Date) . Range of current Wall Street analyst price targets for RETURN Analyst Price Targets Selected Public Company Analysis Premia Paid Analysis . Range of premia paid on selected take-private transactions – Includes transactions completed with U.S. targets in the last 10 years (deal size of $1bn - $10bn) . Premia applied to RETURN’s unaffected share price, 30-day VWAP and 52-week high(1) Overview of Centerview’s Preliminary Financial Analysis

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15 — Confidential — $11.50 $26.00 $20.75 $11.10 $19.00 $16.50 $18.00 $18.00 $19.50 $39.50 $32.50 $19.50 $27.00 $20.00 $21.50 $21.75 – $10.00 $20.00 $30.00 $40.00 Source: Management projections provided on February 3, 2022, FactSet as of February 10, 2022 and Wall Street research. Note: Dollars in millions, except per share figures. Implied share prices rounded to the nearest $0.25. Unaffected market data as of February 4, 2022. RETURN financials reflect shares outstanding and balance sheet figures as of December 31, 2021. (1) Implied share price calculated as implied enterprise value less $2.7bn of net debt, consisting of $3.1bn of debt and $0.4bn of cash, divided by fully diluted shares outstanding. Fully diluted shares outstanding based on 127.0mm basic shares, 3.0mm stock options with a weighted average exercise price of $10.28, 1.9mm RSUs and 1.4mm PSUs. EBITDA is unburdened for stock-based compensation. 52-Week Trading Range Selected Public Comparables Selected Precedent Transactions Implied Share Price(1) LTM (as of 12/31/21) LTM EBITDA: $721mm Multiple: 8.5x - 11.0x February 3 Mgmt. Case WACC: 10.5% - 12.5% PGR: 1.75% - 2.50% Closing Price Low - High February 3 Mgmt. Case 2022E EBITDA: $750mm Multiple: 5.6x - 7.0x Unaffected Price as of 2/4/22: $14.09 Analyst Price Targets Price Target Low - High For Reference Only (As of Unaffected Date) DCF Analysis Premia Paid Analysis Implied Price Unaffected Share Price: $14.09 Premium: 16.7% - 42.2% COPY Indication on 2/10/22: $24.65 Preliminary Financial Analysis Implied Price Unaffected 30-Day VWAP: $15.94 Premium: 12.8% - 33.8% Implied Price 52-Week High: $19.50 Premium: (7.9%) - 12.0%

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16 — Confidential — Selected Public Trading Comparables Source: Company filings and FactSet as of February 10, 2022. Note: Dollars in billions. EBITDA is unburdened for stock-based compensation. All figures are based on RETURN fiscal year ending December 31. Companies sorted by equity value. RETURN management case revenue and EBITDA growth based on 2021 actuals. RETURN net leverage based on LTM EBITDA and balance sheet figures as of December 31, 2021. (1) Reflects unaffected market data as of February 4, 2022. Revenue EBITDA EBITDA Net Equity Enterprise EV / EBITDA Growth Growth Margin Leverage Company Value Value 2022E '21E - '22E '21E - '22E 2022E LTM Owens Corning $9.2 $11.3 5.7x 5% 3% 23% 1.1x Masonite 2.3 2.8 6.0x 7% 12% 17% 1.1x JELD-WEN 2.2 3.6 6.6x 7% 14% 11% 2.9x PGT Innovations 1.1 1.7 8.1x 19% 27% 15% 3.4x American Woodmark 0.9 1.4 7.1x 7% 11% 10% 3.0x Median $2.2 $2.8 6.6x 7% 12% 15% 2.9x RETURN (Feb. 3 Mgmt. Case)(1) $1.8 $4.5 6.1x 12% 4% 12% 3.7x

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17 — Confidential — Target EV / LTM Public Co. Target's LTM Financials Memo: Implied Premia Date Acquiror Company EV Sales EBITDA Target Sales EBITDA Margin 1-Day Prior 30-Day VWAP 7/19/21 Carlisle Companies Henry $1,575 3.1x 13.2x -- $511 $119 23.3% -- -- 6/20/21 Westlake Chemical Boral's N.A. Building Products 2,150 2.0x ~10.4x -- 1,100 ~206 ~19.0% -- -- 6/7/21 Nucor Cornerstone's Insulated Metal Panels 1,000 2.6x 13.3x -- 389 75 19.3% -- -- 11/15/19 ACPI Masco Cabinetry 1,000 1.1x 9.8x -- 950 102 10.7% -- -- 11/12/19 Saint-Gobain Continental Building Products 1,434 2.8x 10.4x x 514 138 26.8% +16% +27% 7/17/18 NCI Ply Gem 3,700 1.4x 10.9x -- 2,649 341 12.9% -- -- 1/31/18 CD&R Ply Gem 2,400 1.2x 9.7x x 2,056 246 12.0% +20% +18% 12/1/17 American Woodmark RSI Home Products 1,075 1.9x 8.7x -- 560 123 22.0% -- -- Median 1.9x 10.4x 19% Mean 2.0x 10.8x 18% Source: Company press releases, news articles, Wall Street research, CapIQ and FactSet. Note: EBITDA is unburdened for stock-based compensation. Transaction multiples represent approximate figures due to lack of disclosures. Multiples are on LTM basis unless otherwise noted. (1) Reflects midpoint of Westlake’s disclosure on acquisition call. Stock-based compensation reflects segment’s sales contribution. (2) Represents FY’18A figures. Stock-based compensation reflects segment’s sales contribution. (3) Represents FY’18E figures per merger proxy. Assumes stock-based compensation reflects FY’17A stock-based compensation as a percentage of FY’17A sales. Selected acquisitions of U.S. building products companies over the last 5 years with a deal size greater than $1bn (2) (1) (2) (2) (2) Selected Precedent Transactions (1) (3) (3) (3) (3)

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18 — Confidential — Discounted Cash Flow Analysis – February 3 Management Case Source: Management projections provided on February 3, 2022. Note: Dollars in millions, except per share items. Implied share prices rounded to nearest $0.25. (1) Adjusted EBITDA includes stock-based compensation as a cash expense. (2) Terminal year assumes D&A equal to CapEx going forward. (3) Implied terminal multiples based on adjusted EBITDA unburdened for stock-based compensation. Unlevered Free Cash Flow Build Terminal ($ in millions) 2022E 2023E 2024E 2025E 2026E Year Revenue $6,428 $6,766 $6,778 $6,857 $7,175 $7,175 % Growth 12% 5% 0% 1% 5% Adj. EBITDA (less: SBC)(1) $730 $833 $859 $893 $972 $972 % Margin 11% 12% 13% 13% 14% 14% (Less): D&A(2) (276) (252) (227) (203) (179) (179) EBIT $453 $581 $632 $690 $793 $793 (Less): Taxes (136) (174) (190) (207) (238) (238) NOPAT $317 $407 $442 $483 $555 $555 Plus: D&A(2) 276 252 227 203 179 179 Plus / (Less): Change in NWC 199 9 65 54 28 21 (Less): CapEx (161) (169) (169) (171) (179) (179) Plus: Cash Settlement (tax adj.) 53 -- -- -- -- -- Unlevered Free Cash Flow $684 $499 $565 $569 $582 $575 Implied Share Price Implied Terminal Multiple(3) Discount Perpetuity Growth Rate Rate 1.75% 2.13% 2.50% 10.5% $29.25 $30.75 $32.50 11.5% 24.50 25.75 27.00 12.5% 20.75 21.50 22.75 Discount Perpetuity Growth Rate Rate 1.75% 2.13% 2.50% 10.5% 6.7x 7.1x 7.4x 11.5% 6.1x 6.3x 6.6x 12.5% 5.5x 5.7x 5.9x

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— Confidential — Appendix Supplementary Materials

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20 — Confidential — Overview of Completed Due Diligence . Several calls were conducted with RETURN’s leadership team to gain further insight into the Company, current business trajectory and updated financial outlook, including: – January 24, 2022: Financial overview discussion with RETURN’s CFO and select Finance team members – January 28, 2022: Corporate and Residential segment discussion with RETURN’s CEO, CFO and several members of the Executive team – February 2, 2022: Siding segment discussion with RETURN’s CEO, CFO and business unit leaders – February 3, 2022: Commercial segment discussion with RETURN’s CEO, CFO and business unit leaders Business & Commercial . Access provided to COPY and PwC for requested files and related discussions, including EBITDA adjustments, historical trends in financial statements, capital expenditures, and commitments & contingencies – Review of Grant Thornton’s audit workpapers for 2019 and 2020 Quality of Earnings . Manufacturing site visits were held during the week of January 24 and January 31, consisting of plant overviews and tours in Marion, WA, Auburn, WA, Sacramento, CA and North Brunswick, NJ . The North Brunswick, NJ visit was followed by a discussion session focused on several topics, including: – Procurement / supply chain, logistics, distribution and manufacturing – Individual plant review and discussion of upside opportunities . On February 7, 2022, RETURN’s CEO and CFO led a discussion on the Cornerstone Production System Operational Financing . Data room access was granted to financing partners Deutsche Bank, Goldman Sachs, RBC and UBS . Access was limited to information required for financing support, which included historical and near-term projected financial information and working capital, capital expenditure and commercial spread detail

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21 — Confidential — Memo: NTM EBITDA $750 $853 $879 Net Debt 2,686 2,148 1,759 Dil. Shares 131.2 131.2 131.2 NTM EV / EBITDA Multiple RETURN Current (6.1x) 3-Yr RETURN Average (6.9x) 3-Yr Peer Average (7.8x) Illustr. Cost Undiscounted Future Share Price (2022E) of Equity $22.95 $28.65 $34.15 14.5% $20.05 $25.00 $29.85 16.5% 19.70 24.60 29.30 18.5% 19.35 24.20 28.80 $34.15 $38.65 $14.09 $28.65 $32.95 $22.95 $27.15 $10 $20 $30 $40 Current 2022 2023 Illustrative Future Share Price Present Value of Illustrative Future Share Price(4) Source: FactSet as of February 4, 2022 and Management projections provided on February 3, 2022. Note: Diluted shares in millions. Future share prices discounted to December 31, 2021. Share prices rounded to nearest $0.05. (1) Reflects management 2022E EBITDA projection. (2) NTM multiple based on RETURN 3-year average. (3) NTM multiple based on peer 3-year average. Peers consist of American Woodmark, Jeld-Wen, Masonite International, Owens Corning and PGT Innovations. (4) Illustrative future share price discounted at 18.5% based on RETURN’s cost of equity per RETURN observed figures. Present Value of YE 2022 Share Price Sensitivity February 3 Mgmt. Case at Unaffected 6.1x NTM Multiple(1) February 3 Mgmt. Case at 3-Year Avg. 6.9x NTM Multiple(2) Future Share Price Breakeven Analysis – February 3 Management Case Analysis represents illustrative future share price assuming a range of EV / NTM EBITDA multiples applied to RETURN February 3 Management Case projections (1) February 3 Mgmt. Case at Peer 3-Year Avg. 7.8x NTM Multiple(3) $19.35 $19.35 $14.09 $24.20 $23.45 $28.80 $27.50 $10 $20 $30 $40 Current 2022 2023

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22 — Confidential — $6,235 $6,601 $6,947 $7,318 $7,767 $6,235 $6,562 $6,572 $6,660 $6,972 $5,458 $6,185 $6,510 $6,518 $6,609 $6,920 $5,746 $6,428 $6,766 $6,778 $6,857 $7,175 $5,000 $5,500 $6,000 $6,500 $7,000 $7,500 $8,000 2021E 2022E 2023E 2024E 2025E 2026E $775 $880 $981 $1,090 $1,216 $775 $872 $898 $940 $1,027 $675 $725 $820 $844 $889 $975 $721 $750 $853 $879 $913 $992 $600 $700 $800 $900 $1,000 $1,100 $1,200 $1,300 2021E 2022E 2023E 2024E 2025E 2026E $427 $548 $585 $638 $705 $427 $549 $587 $590 $612 $251 $399 $514 $551 $556 $577 $70 $684 $499 $565 $569 $582 $-- $200 $400 $600 $800 $1,000 2021E 2022E 2023E 2024E 2025E 2026E % Growth % Margin Mgmt. Case 2021E 2022E 2023E 2024E 2025E 2026E November 3 22% 14% 6% 5% 5% 6% December 3 22% 14% 5% 0% 1% 5% January 3 22% 13% 5% 0% 1% 5% February 3 23% 12% 5% 0% 1% 5% % Margin % Margin Mgmt. Case 2021E 2022E 2023E 2024E 2025E 2026E November 3 12% 12% 13% 14% 15% 16% December 3 12% 12% 13% 14% 14% 15% January 3 12% 12% 13% 13% 13% 14% February 3 13% 12% 13% 13% 13% 14% % Margin Mgmt. Case 2021E 2022E 2023E 2024E 2025E 2026E November 3 5% 7% 8% 8% 9% 9% December 3 5% 7% 8% 9% 9% 9% January 3 5% 6% 8% 8% 8% 8% February 3 1% 11% 7% 8% 8% 8% Overview of RETURN Management Projections Net Sales Adj. EBITDA Unlevered Free Cash Flow(1)(2) Source: Management projections provided on November 3, 2021, December 3, 2021, January 3, 2022 and February 3, 2022. Note: Dollars in millions. Represents actuals for February 3 projections. (1) Includes stock-based compensation as an expense. (2) Includes a $75mm payment from a settlement agreement filed on August 25, 2021 between parties to a class action complaint filed on November 14, 2018. The settlement remains subject to court approval. RETURN’s counsel believes that the likelihood of approval of the settlement is over 95%. (3) 2021 figures include UCC. January 3 February 3(3) December 3 As of: November 3 (Base Case – 2022 Trends Continue)

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23 — Confidential — Fiscal Year Ending December 31, 2021A 2022E 2023E 2024E 2025E 2026E Net Sales $5,746 $6,428 $6,766 $6,778 $6,857 $7,175 % Growth 23% 12% 5% 0% 1% 5% Gross Profit $1,238 $1,330 $1,490 $1,558 $1,652 $1,805 % Margin 22% 21% 22% 23% 24% 25% Operating Income $332 $451 $579 $630 $688 $791 % Margin 6% 7% 9% 9% 10% 11% Net Income $52 $262 $319 $383 $440 $528 % Margin 1% 4% 5% 6% 6% 7% Diluted Earnings per Share $0.41 $2.06 $2.52 $3.02 $3.47 $4.16 Adjusted EBITDA $721 $750 $853 $879 $913 $992 % Margin 13% 12% 13% 13% 13% 14% Unlevered Free Cash Flow(2) $70 $684 $499 $565 $569 $582 % Margin 1% 11% 7% 8% 8% 8% Source: Management projections provided on February 3, 2022. Note: Dollars in millions, except per share figures. EBITDA is unburdened for stock-based compensation. (1) Excludes $831mm gain on sale of IMP and DBCI business units. (2) Includes stock-based compensation as an expense. (3) Includes a $75mm payment from a settlement agreement filed on August 25, 2021 between parties to a class action complaint filed on November 14, 2018. The settlement remains subject to court approval. RETURN’s counsel believes that the likelihood of approval of the settlement is over 95%. (3) RETURN February 3 Management Case Summary (1) (1) (1)

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24 — Confidential — Source: Management projections provided on February 3, 2022. Note: Dollars in millions. EBITDA is unburdened for stock based compensation. RETURN February 3 Management Case Segment Detail Fiscal Year Ending December 31, CAGR 2021A 2022E 2023E 2024E 2025E 2026E '21A-'23E '21A-'26E Windows Segment $2,454 $2,895 $3,027 $2,959 $3,076 $3,221 11% 6% % Growth 17% 18% 5% (2%) 4% 5% Commercial Segment 1,927 2,132 2,242 2,339 2,211 2,267 8% 3% % Growth 34% 11% 5% 4% (5%) 2% Siding Segment 1,364 1,651 1,747 1,731 1,819 1,937 13% 7% % Growth 18% 21% 6% (1%) 5% 6% Corporate Risk Adjustment (0) (250) (250) (250) (250) (250) Total Net Sales $5,746 $6,428 $6,766 $6,778 $6,857 $7,175 9% 5% % Growth 23% 12% 5% 0% 1% 5% Windows Segment $439 $587 $656 $678 $747 $825 22% 13% % Margin 18% 20% 22% 23% 24% 26% Commercial Segment 520 460 516 559 552 587 (0%) 2% % Margin 27% 22% 23% 24% 25% 26% Siding Segment 370 425 463 470 506 550 12% 8% % Margin 27% 26% 26% 27% 28% 28% Corporate Risk Adjustment (91) (142) (145) (149) (153) (157) Total Gross Profit $1,238 $1,330 $1,490 $1,558 $1,652 $1,805 10% 8% % Margin 22% 21% 22% 23% 24% 25% Windows Segment $255 $370 $418 $427 $471 $522 28% 15% % Margin 10% 13% 14% 14% 15% 16% Commercial Segment 333 261 300 322 305 319 (5%) (1%) % Margin 17% 12% 13% 14% 14% 14% Siding Segment 266 302 328 329 350 378 11% 7% % Margin 19% 18% 19% 19% 19% 20% Corporate Expenses (132) (133) (142) (149) (164) (177) Corporate Risk Adjustment -- (50) (50) (50) (50) (50) Total Adj. EBITDA $721 $750 $853 $879 $913 $992 9% 7% % Growth 26% 4% 14% 3% 4% 9% % Margin 13% 12% 13% 13% 13% 14%

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25 — Confidential — Limited Trading Float Potentially Weighing on Valuation Source: Company filings and FactSet as of February 10, 2022. Float as a % of Basic Shares Outstanding 99% 98% 98% 96% 95% 42% OC AMWD DOOR PGTI JELD CNR ADTV as % of BSO: Top Shareholder: Top 10 Shareholders: 0.81% 0.62% 0.52% 0.40% 0.61% 0.51% 9.7% 15.0% 9.7% 14.2% 15.4% 49.2% Vanguard BlackRock Vanguard BlackRock Fidelity COPY 41.4% 61.8% 49.8% 60.9% 63.3% 72.1% RETURN

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26 — Confidential — CY ’21E–’23E Rev. CAGR(1) CY ’22E EBITDA Margin CY ’21E–’23E EBITDA CAGR(1) Benchmarking RETURN’s Financial Metrics vs. Peers Source: Company filings, Management projections and FactSet as of February 10, 2022. Note: Percentiles exclude RETURN. EBITDA is unburdened for stock-based compensation. RETURN Management Case net leverage based on LTM values as of December 31, 2021. (1) Reflects management case growth for ’21A –’23E. (2) AMWD ’23E EBITDA estimates unavailable. Represents ’21E –’22E growth. Peers RETURN RETURN (Feb. 3rd Case) Peer Mean 25th Percentile Peer Median 75th Percentile Net Leverage Peer Mean 25th Percentile Peer Median 75th Percentile Peer Mean 25th Percentile Peer Median 75th Percentile Peer Mean 25th Percentile Peer Median 75th Percentile 3.0x 2.3x 2.9x 1.1x 3.7x 3.4x 3.0x 2.9x 1.1x 1.1x 17% 15% 15% 11% 23% 17% 15% 12% 11% 10% 11% 9% 9% 8% 15% 11% 9% 9% 8% 4% (2) 6% 7% 6% 5% 12% 9% 6% 6% 5% 5% RETURN (Feb. 3rd Case) RETURN (Feb. 3rd Case) RETURN (Feb. 3rd Case)

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27 — Confidential — CY ’19A–’21E Revenue CAGR(1) CY ’19A-’21E EBITDA Margin Change(1) CY ’19A–’21E EBITDA CAGR(1) Benchmarking RETURN’s Financial Metrics vs. Peers (Cont.) Source: Company filings, Management projections and FactSet as of February 10, 2022. Note: Percentiles exclude RETURN. EBITDA is unburdened for stock-based compensation. PGT Innovations’ financials are pro forma for the acquisitions of NewSouth Window Solutions and Anlin Windows and Doors. (1) Reflects management case growth for ’19A –’21A. RETURN (Feb. 3rd Case) RETURN (Feb. 3rd Case) RETURN (Feb. 3rd Case) Peer Mean 25th Percentile Peer Median 75th Percentile Peer Mean 25th Percentile Peer Median 75th Percentile Peer Mean 25th Percentile Peer Median 75th Percentile 10% 9% 8% 6% 17% 10% 8% 8% 6% 5% 21% 9% 7% 7% 22% 21% 16% 7% 7% (14%) +300 +8 +36 (265) +460 +300 +170 +36 (265) (491) (bps) Peers RETURN

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28 — Confidential — Unaffected Historical Multiples L5Y L3Y LTM Mean Mean Mean Current RETURN 7.1x 6.9x 6.8x 6.1x Peers 8.0x 7.8x 7.8x 6.6x Δ vs. Peers (0.9x) (0.8x) (0.9x) (0.6x) 4.0x 6.0x 8.0x 10.0x 12.0x Feb-17 Feb-18 Feb-19 Feb-20 Feb-21 $0 $5 $10 $15 $20 $25 $30 $35 Feb-17 Feb-18 Feb-19 Feb-20 Feb-21 Feb-22 Historical Unaffected Trading and Valuation - RETURN vs. Peers Source: FactSet and Wall Street research as of February 4, 2022. Note: EBITDA is unburdened for stock-based compensation. Peers consist of American Woodmark, Jeld-Wen, Masonite International, Owens Corning and PGT Innovations. Valuation (EV / NTM EBITDA) 6.1x 6.6x 7.8x 7.4x Unaffected: $14.09 (12%) COPY Indication: $24.65 +36% Share Price Performance Peer Group Mean RETURN Δ vs. Peers Δ: 0.5x Δ: (0.6x) Unaffected Historical Returns L5Y L3Y LTM RETURN (12%) +69% +21% Peers +36% +49% (10%) Feb-22

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29 — Confidential — – $10.00 $20.00 $30.00 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Outlook Target Valuation Operating Metrics 2022E '20A-'22E % Prem. EV / 2022E 2022E EBITDA EBITDA Broker Price Target To Unaffected Base Year EBITDA Revenue EBITDA Margin CAGR 92% 2022E NA $6,118 $768 12.6% 12.5% 77% 2022E 7.7x 6,109 748 12.2% 11.0% 63% 2022E 7.0x 6,119 767 12.5% 12.4% 35% 2022E 7.0x 5,706 731 12.8% 9.7% Median 70% 7.0x $6,113 $758 12.5% 11.7% $27 $25 $23 $19 $24 Current Analyst Perspectives on RETURN RETURN Analyst Sentiment Over Time Buy Hold Buy Hold Sell RETURN Share Price Median Price Target $24.00 $14.09 (1) Source: Wall Street research as of February 4, 2022. (1) Based on RETURN’s unaffected share price of $14.09 as of February 4, 2022.

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30 — Confidential — Debt / Unlevered Beta Equity 1.05 1.10 1.15 1.20 1.25 10% 11.3% 11.7% 12.1% 12.4% 12.8% 20% 11.1% 11.5% 11.9% 12.2% 12.6% 30% 11.0% 11.3% 11.7% 12.0% 12.4% 40% 10.8% 11.2% 11.5% 11.9% 12.2% 50% 10.7% 11.1% 11.4% 11.8% 12.1% 60% 10.6% 11.0% 11.3% 11.6% 12.0% Weighted Average Cost of Capital Analysis – RETURN Selected Public Companies Illustrative WACC Illustrative WACC Sensitivity Source: Public company filings, Wall Street research, Bloomberg, S&P Capital IQ and FactSet as of February 10, 2022. Note: Dollars in millions. Companies sorted by market cap. (1) Reflects unaffected market data as of February 4, 2022. (2) Represents adjusted two-year weekly beta relative to S&P 500. (3) Unlevered Beta equals (Levered Beta / (1 + (1 - Tax Rate) * (Debt / Equity)). Tax rate used is 25%. (4) Reflects median for Peer Observed. (5) Levered Beta equals (Unlevered Beta * (1 + (1 - Tax Rate) * (Debt / Equity)). Tax rate used is 25%. (6) Reflects yield on 20-year U.S. Treasury. (7) Reflects U.S. long-horizon equity risk premium per Duff & Phelps 2022 valuation handbook. (8) Reflects size premium for companies with market capitalizations between ~$1,306mm and ~$2,165mm per Duff & Phelps 2022 valuation handbook. (9) Peer Observed pre-tax cost of debt is based on the BB U.S. high-yield index effective yield per St. Louis Fed. RETURN Observed pre-tax cost of debt is based on yield to worst of RETURN’s senior notes due 2029. (10) WACC equals ((Debt / Capitalization * After-Tax Cost of Debt) + (Equity / Capitalization * Cost of Equity)). Market Debt Debt / Beta Company Cap ($mm) ($mm) Equity Levered(2) Unlevered(3) Owens Corning $9,181 $3,095 34% 1.44 1.15 Masonite 2,330 878 38% 1.58 1.23 JELD-WEN 2,181 1,822 84% 1.83 1.13 PGT Innovations 1,098 635 58% 1.51 1.05 American Woodmark 897 506 56% 1.68 1.18 75th Percentile 58% 1.68 1.18 Mean 54% 1.61 1.15 Median 56% 1.58 1.15 25th Percentile 38% 1.51 1.13 RETURN(1) $1,849 $3,081 167% 2.01 0.89 Peer RETURN Observed Observed Unlevered Beta(4) 1.15 0.89 Debt / Equity(4) 56% 167% Levered Beta(5) 1.630 2.010 Risk-Free Rate(6) 2.4% 2.4% Market Risk Premium(7) 7.5% 7.5% Market Size Premium(8) 1.3% 1.3% Cost of Equity 15.9% 18.7% Pre-Tax Cost Of Debt(9) 4.30% 5.20% Tax Rate 25.0% 25.0% After-Tax Cost Of Debt 3.2% 3.9% % Equity 63.9% 37.5% % Debt 36.1% 62.5% Estimated WACC(10) 11.3% 9.5% For Reference Only

Exhibit (c)(7)

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— Confidential — March 5, 2022 Presentation to the Special Committee Project RETURN

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1 — Confidential — Disclaimer This presentation has been prepared by Centerview Partners LLC (“Centerview”) for use solely by the management and Special Committee of RETURN, Inc.(“RETURN”) in connection with its evaluation of a proposed transaction involving RETURN and for no other purpose. The information contained herein is based upon information supplied by or on behalf of RETURN and publicly available information, and portions of the information contained herein may be based upon statements, estimates and forecasts provided by RETURN. Centerview has relied upon the accuracy and completeness of the foregoing information, and has not assumed any responsibility for any independent verification of such information or for any independent evaluation or appraisal of any of the assets or liabilities (contingent or otherwise) of RETURN or any other entity, or concerning the solvency or fair value of RETURN or any other entity. With respect to financial forecasts, Centerview has assumed that such forecasts have been reasonably prepared on bases reflecting the best currently available estimates and judgments of the management of RETURN as to the future financial performance of RETURN, and at your direction Centerview has relied upon such forecasts, as provided by RETURN’s management, with respect to RETURN. Centerview assumes no responsibility for and expresses no view as to such forecasts or the assumptions on which they are based. The information set forth herein is based upon economic, monetary, market and other conditions as in effect on, and the information made available to us as of, the date hereof, unless indicated otherwise and Centerview assumes no obligation to update or otherwise revise these materials. The financial analysis in this presentation is complex and is not necessarily susceptible to a partial analysis or summary description. In performing this financial analysis, Centerview has considered the results of its analysis as a whole and did not necessarily attribute a particular weight to any particular portion of the analysis considered. Furthermore, selecting any portion of Centerview’s analysis, without considering the analysis as a whole, would create an incomplete view of the processunderlying its financial analysis. Centerview may have deemed various assumptions more or less probable than other assumptions, so the reference ranges resulting from any particular portion of theanalysis described above should not be taken to be Centerview’s view of the actual value of RETURN. These materials and the information contained herein are confidential, were not prepared with a view toward public disclosure, and may not be disclosed publicly or made available to third parties without the prior written consent of Centerview. These materials and any other advice, written or oral, rendered by Centervieware intended solely for the benefit and use of the management and Special Committee of RETURN (in its capacity as such) in its consideration of the proposed transaction, and are not for the benefit of, and do not convey any rights or remedies for any holder of securities of RETURN or any other person. Centerview will not be responsible for and has not provided any tax, accounting, actuarial, legal or other specialist advice. These materials are not intended to provide the sole basis for evaluating the proposed transaction, and this presentation does not represent a fairness opinion, recommendation, valuation or opinion of any kind, and is necessarily incomplete and should be viewed solely in conjunction with the oral presentation provided byCenterview.

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2 — Confidential — Review of Key Dates for the Special Committee . Oct. 13, 2021: Kick-off call to review process objectives and framework . Oct. 25, 2021: Strategic review of RETURN’s current market positioning, Management standalone plan and strategic alternatives; discussion of preliminary financial analysis of Management standalone plan . Nov. 2, 2021: Financial update call conducted by RETURN Management / Centerview with COPY . Nov. 12, 2021:COPY communicated to Centerview that they are prepared to consider exploring a transaction at an indicative valuation of $22.00 per share (29% implied spot premium(1)) and reiterated that they are not a seller; COPY also requested to engage with a limited number of financing sources and complete focused due diligence – Special Committee subsequently authorized COPY to discuss financing with Goldman and RBC – Special Committee also authorized Centerview to communicate to COPY that a non-binding indication of interest would be needed to assess further engagement . Nov. 22, 2021: COPY communicated to Centerview that they are prepared to consider a transaction at an indicative valuation of $23.00 per share; COPY confirmed their leverage assumptions with Goldman Sachs and RBC of 6x+ through HoldCo note – Special Committee subsequently authorized Centerview to communicate to COPY that the Special Committee would be unwilling to transact at $23.00 per share – Special Committee also instructed Management to create a single operating case to serve as the basis for analyses as the process progressed . Dec. 2, 2021: COPY requested business unit calls with the following attendees: Art Steinhafel and Jim Keppler (U.S. Windows); John Buckley and Jim Keppler (U.S. Siding); Philip Langlois (Canada); Matt Ackley and Jim Keppler (Commercial) . Dec. 3, 2021: RETURN’s CFO presented a Management Case to the Special Committee and subsequently shared the projections with Centerview (1) Based on RETURN’s closing share price of $17.04 as of November 12, 2021.

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3 — Confidential — Review of Key Dates for the Special Committee (Cont.) . Dec. 16, 2021: RETURN Management and COPY completed the requested business unit reviews; focus centered on the Management Plan, including underlying drivers, market context and operating synergies – COPY then requested follow-up materials as part of their ongoing review of value – Special Committee approved distribution of the requested follow-up materials on December 20, 2021 . Dec. 22, 2021: COPY communicated to Centerview that they are prepared to consider a transaction at an indicative valuation of $23.50 per share – COPY expressed concerns around specific assumptions in the projections shared by Management • Volume for Windows segment and materials pricing-cost spread for Commercial segment . Jan. 3, 2022: RETURN’s CFO provided the Special Committee with an update to the Management Plan . Jan. 19, 2022: COPY and COPY’s advisors were provided access to a virtual data room – Management and Centerview have since completed multiple requests related to COPY’s business, financial and operational due diligence . Feb. 3, 2022: RETURN’s CFO provided Centerview with an update to the Management Plan, which Centerview subsequently shared with COPY; update included the UCC acquisition and actual balance sheet figures as of December 31, 2021 . Feb. 7, 2022: COPY communicated to Centerview that they are prepared to consider a transaction at an indicative valuation of $24.50 per share . Feb. 7, 2022: Unusually high options trading reported in RETURN stock . Feb. 10, 2022: Bloomberg reports potential COPY offer . Feb. 10, 2022: Following communication with Centerview, COPY communicated to Centerview that they are prepared to consider a transaction at an indicative valuation of $24.65 per share

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4 — Confidential — Review of Key Dates for the Special Committee (Cont.) . Feb. 11, 2022: Centerview presented materials to the Special Committee that included an overview of COPY’s most recent indication of value ($24.65 per share) and Centerview’s updated preliminary financial analysis . Feb. 12, 2022: RETURN granted COPY a limited waiver of the standstill restrictions contained in the Stockholders Agreement, dated November 16, 2018 . Feb. 14, 2022: RETURN publicly announced receipt of a non-binding, best and final proposal from COPY to acquire all of the outstanding shares of common stock not owned by COPY for $24.65 in cash per share . Feb. 14, 2022: COPY filed a Schedule 13D/A and included a copy of the proposal letter as an exhibit – Proposal letter stated: “We would also like to take this opportunity to confirm that at this time we are only interested in acquiring all of the Common Stock not already owned by the CD&R Funds, and we are not interested in pursuing any potential alternative transaction.”

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5 — Confidential — Situation Update . Following the Special Committee meeting on February 11, several key workstreamswith regards to the proposal from COPY have been advanced, including: – Publicly announced receipt of COPY’s non-binding proposal on February 14, 2022 – Completed multiple requests related to COPY’s due diligence and financing process – Received a summary of the Sources & Uses and pro forma capitalization from COPY – Received feedback from shareholders regarding COPY’s proposal (please refer to pages 20-21) – Outlined the treatment of company equity awards – Prepared external communications in the event signing of the Merger Agreement were completed – Drafted and revised multiple transaction documents, including: • Merger Agreement • Voting and Support Agreement • Equity Commitment Letter • Limited Guarantee . After announcement, there were a number of strategic conversations . Today’s materials include an overview of the transaction and Centerview’s financial analysis – Where stated, implied premia and multiples herein reflect unaffected trading levels as of February 4, 2022 – the last day prior to speculation in the market regarding a take-private transaction of RETURN

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6 — Confidential — Strategic Outreach Summary Company Contact Position Notes Nucor Alex Hoffman General Manager, Business Development - Not interested Westlake Chemical Larry Schubert VP, Corporate Development & Sustainability - Engaged on outreach Mohawk Industries James Brunk CFO - Not interested LafargeHolcim Geraldine Picaud CFO - Not interested Carlisle Companies Kevin Zdimal CFO - Not interested Saint-Gobain Mark Rayfield CEO of North America & CertainTeed - Not interested CRH David Dillon EVP, Chief of Staff - Not interested

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7 — Confidential — Description . Parent to acquire 100% of Company common stock not owned by COPY and its affiliates via a reverse triangular merger . Parent to pay holders of Company stock not owned by COPY or its affiliates $24.65 per share in cash (other than to dissenting stockholders) . Approval of stockholders representing majority of the voting power of the outstanding stock and approval of stockholders representing a majority of the voting power of the outstanding stock owned by stockholders unaffiliated with COPY . Accuracy of each party’s representations and warranties and material compliance with covenants . Other customary conditions to closing of merger include receipt of HSR clearance and other required approvals, and absence of legal restraint . No financing condition to closing . No-shop with ability to negotiate with a third party that makes an unsolicited written Acquisition Proposal that the Company board (acting on recommendation of the Special Committee) or the Special Committee determines either constitutes or is reasonably likely to result in a Superior Proposal . Ability to make a Change of Recommendation and/or terminate merger agreement prior to the Requisite Company Stockholder Approvals in response to a Superior Proposal that Parent does not match following 4-business day notice and negotiation period with Parent . Company Termination Fee of $105mm if: (i) Agreement is terminated by Parent because of a Change of Recommendation; (ii) Agreement is terminated by the Company in order to accept a Superior Proposal and enter into a binding written definitive acquisition agreement with respect to such Superior Proposal; or (iii)(A) the Agreement is terminated either (1) by Parent or the Company if the Requisite Company Stockholder Approvals are not obtained or (2) by Parent because of a material breach by the Company of its covenants relating to Acquisition Proposals and board recommendations; and (B) (1) an Acquisition Proposal has been publicly made for 50% of the Company and not withdrawn prior to termination and (2) within 12 months after termination, the Company consummates a transaction contemplated by an Acquisition Proposal or enters into an alternative agreement . Parent Termination Fee of $210mm if: (i) Agreement is terminated by the Company (1) because of a breach by Parent of any representation, warranty, covenant or agreement in the Agreement or (2) prior to the Effective Time, the Marketing Period has ended and the conditions to closing have been satisfied or waived and Parent fails to effect the closing within 1 business day of the date that the closing is otherwise required to occur or (ii) Agreement is terminated because of the Outside Date and at such time the Company could have terminated the Agreement because of a breach by Parent . End Date of 6 months from signing of the agreement, with extension to [December 9, 2022] (date that is 20 business days after Q2 financials become stale) to obtain regulatory approvals or in connection with the debt financing’s Marketing Period . Governed by Delaware law Overview Consideration Termination Fee and Rights Deal Protection Key Conditions Other Note: Capitalized terms used hereinshall have the meanings assigned to them in the draft merger agreement. (1) Based on the 03/03/22 draft merger agreement. Summary of Key Transaction Terms(1)

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8 — Confidential — Table of Contents Section I …………………………………………………………………....Transaction Overview Section 2 …………………………………………………………Centerview’s Financial Analysis Appendix ………………………………………………………………...Supplementary Materials

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— Confidential — Transaction Overview 1

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10 — Confidential — Transaction Summary Consideration . $24.65 per share in cash Source: Management projections provided on February 3, 2022. Company filings and FactSet as of March 4, 2022 and February 4, 2022. Note: Dollars in millions, except per share amounts. (1) Reflects closing share price trading levels. (2) Based on pro forma capitalization as of June 30, 2022E per COPY. (3) Based on 127.0mm basic shares, 3.0mm stock options with a weighted average exercise price of $10.28, 1.9mm RSUs and 1.4mm PSUs. (4) Based on 127.0mm basic shares, 3.0mm stock options with a weighted average exercise price of $10.28, 1.9mm RSUs and 3.0mm PSUs. (5) RETURN balance sheet as of Dec. 31, 2021. Overview Financing . Indebtedness will be incurred by a Holdco above the RETURN credit group following the merger – RETURN’s outstanding debt would stay in place – $950mm of new senior secured notes – $725mm of new PIK HoldCo notes – $195mm of new cash equity – Net secured leverage of 4.1x(2) – Total net leverage of 5.6x(2) Summary Financials Unaffected COPY (as of 2/4/22) Proposal Implied Valuation Share Price $14.09 $24.65 % Premium to Unaffected Price – 74.9% Diluted Shares Outstanding 131.3 133.7 Equity Value $1,849 $3,297 Less: Cash(5) (394) (394) Plus: Debt(5) 3,081 3,081 Enterprise Value $4,535 $5,983 Implied Multiples Multiple: Metric: 2021A $721 6.3x 8.3x 2022E 750 6.1x 8.0x EV / EBITDA (February 3 Mgmt. Case) Implied Premia Market Data as of March 4, 2022 Current Share Price ($21.31) 15.7% Market Data as of Unaffected Date of February 4, 2022 Share Price ($14.09) 74.9% 30-Day VWAP ($15.94) 54.6% 90-Day VWAP ($15.59) 58.1% 1-Year VWAP ($13.89) 77.4% 52-Week High ($19.50) (1) 26.4% (3) (4)

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11 — Confidential — Source: FactSet as of February 4, 2022. Note: Closing share price and 30-day VWAP as of the date COPY communicated value for RETURN shares not owned, except for dates after February 4, 2022. (1) Reflects unaffected market data as of February 4, 2022. (2) Based on RETURN share price of $14.09 as of February 4, 2022. Summary of COPY’s Indications of Value For RETURN Shares Not Owned Evolution of Value Communicated by COPY Date of Received Indication Nov. 12, 2021 Nov. 22, 2021 Dec. 22, 2021 Feb. 7, 2022 Feb. 10, 2022 Value Communicated (per share) 1-Day Spot Price $17.04 $17.23 $16.14 $14.09 $14.09 30-Day VWAP $14.84 $15.36 $16.22 $15.94 $15.94 % Premium to 1-Day Spot Price 29.1% 33.5% 45.6% 73.9% 74.9% % Premium to 30-Day VWAP 48.3% 49.8% 44.9% 53.7% 54.6% % Premium to Unaffected Price (2) 56.1% 63.2% 66.8% 73.9% 74.9% % Change to Initial Indication -- +4.5% +6.8% +11.4% +12.0% % Change to Previous Indication -- +4.5% +2.2% +4.3% +0.6% RETURN Trading Implied Premium Change in Indication $22.00 $23.00 $23.50 $24.50 $24.65 Communicated after irregular trading activity on Feb. 7, 2022 – below reflects market data as of Feb. 4, 2022 (1) (1) (1) (1)

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12 — Confidential — $0 $5 $10 $15 $20 $25 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 RETURN’s Historical Share Price Performance Source: FactSet as of February 4, 2022 and March 4, 2022. Note: Unaffected price reflects share price as of February 4, 2022. (1) Reflects closing share price trading levels. $12.35 Current: $21.31 Jul. 17, 2018: NCI and Ply Gem announced merger Nov. 16, 2018: NCI and Ply Gem merger closed RETURN’s Share Price Performance (Last 10 Years) Implied Premia Share Price per COPY Proposal $24.65 vs. Current ($21.31) 15.7% (Market Data as of Unaffected Date of 2/4/22) vs. Unaffected ($14.09) 74.9% vs. 30-Day VWAP ($15.94) 54.6% vs. 90-Day VWAP ($15.59) 58.1% vs. 1-Year VWAP ($13.89) 77.4% vs. 52-Week High ($19.50) 26.4% vs. 52-Week Low ($11.10) 122.1% vs. 10-Year High ($23.00) 7.2% (1) (1) COPY Proposal: $24.65 Feb. 19, 2020: Pre-COVID trading Feb. 10, 2022: Bloomberg reports potential COPY offer Feb. 7, 2022: Unusually high options trading reported in RETURN stock 2/4/22 Unaffected: $14.09 +14% (1) Feb. 14, 2022: RETURN files 8-K acknowledging receipt of proposal from COPY Sept. 8, 2014: NCI reports Q3’14 results Sept. 4, 2013: NCI reports Q3’13 results Mar-22

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— Confidential — Centerview’s Financial Analysis 2

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14 — Confidential — Source: FactSet as of February 4, 2022 and March 4, 2022. (1) Based on RETURN’s unaffected share price of $14.09 as of February 4, 2022, unaffected 30-day VWAP of $15.94 and unaffected 52-week high of $19.50. . Selected publicly-traded comparable companies in the building products sector . Valuation multiples based on Enterprise Value / CY 2022E EBITDA . Multiples applied to RETURN’s 2022E EBITDA per RETURN February 3 Management Case . Based on RETURN February 3 Management Case . Perpetuity growth rate of 1.75% - 2.50% . Weighted average cost of capital (“WACC”) range of 10.0% - 12.5% . Selected precedent M&A transactions in the building products sector – Includes transactions completed with U.S. targets in the last 5 years (deal size greater than $1bn) . Multiples applied to RETURN’s LTM EBITDA as of December 31, 2021 . RETURN’s closing share price trading levels over the 52 weeks prior to the unaffected date of February 4, 2022 52-Week Trading Range Selected Precedent Transactions Analysis Discounted Cash Flow (DCF) Analysis . Range of Wall Street analyst price targets for RETURN as of: – Unaffected date of February 4, 2022 – March 4, 2022 including updates after COPY’s Schedule 13D/A filing on February 14, 2022 Analyst Price Targets Selected Public Comparables Analysis Premia Paid Analysis . Range of premia paid on selected take-private transactions – Includes transactions completed with U.S. targets in the last 10 years (deal size of $1bn - $10bn) . Premia applied to RETURN’s unaffected share price, 30-day VWAP and 52-week high(1) Overview of Centerview’s Financial Analysis

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15 — Confidential — $10.75 $25.75 $20.50 $11.10 $19.00 $24.65 $16.50 $18.00 $18.00 $19.25 $39.00 $35.50 $19.50 $27.00 $27.00 $20.00 $21.50 $21.75 – $10.00 $20.00 $30.00 $40.00 Source: Wall Street research, Management projections provided on February 3, 2022, and FactSet as of February 4, 2022 for RETURN market data and March 4, 2022 for selected public comparables market data. Note: Dollars in millions, except per share figures. Implied share prices rounded to the nearest $0.25. Unaffected market data as of February 4, 2022. EBITDA is unburdened for stock-based compensation. (1) Implied share price calculated as implied enterprise value less $2.7bn of net debt, consisting of $3.1bn of debt and $0.4bn of cash as of Dec. 31, 2021, divided by fully diluted shares outstanding. Fully diluted shares outstanding based on 127.0mm basic shares, 3.0mm stock options with a weighted average exercise price of $10.28, 1.9mm RSUs and 3.0mm PSUs. 52-Week Trading Range Selected Public Comparables Selected Precedent Transactions Implied Share Price(1) LTM (as of 12/31/21) LTM EBITDA: $721mm Multiple: 8.5x - 11.0x February 3 Mgmt. Case WACC: 10.0% - 12.5% PGR: 1.75% - 2.50% Closing Price Unaffected Low - High February 3 Mgmt. Case 2022E EBITDA: $750mm Multiple: 5.5x - 7.0x Unaffected Price as of 2/4/22: $14.09 Analyst Price Targets Price Target (as of 2/4/22) Low - High DCF Analysis Premia Paid Analysis Implied Price Unaffected Share Price: $14.09 Premium: 16.7% - 42.2% COPY Proposal on 2/13/22: $24.65 Summary Financial Analysis Implied Price Unaffected 30-Day VWAP: $15.94 Premium: 12.8% - 33.8% Implied Price Unaffected 52-Week High: $19.50 Premium: (7.9%) - 12.0% For Reference Only Price Target (as of 3/4/22) Low - High

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16 — Confidential — Selected Public Trading Comparables Source: Company filings and FactSet as of February 4, 2022 for RETURN market data and March 4, 2022 for selected public comparables market data. Note: Dollars in billions. EBITDA is unburdened for stock-based compensation. All figures are based on RETURN fiscal year ending December 31. Companies sorted by equity value. Net leverage based on LTM EBITDA and balance sheet figures as of December 31, 2021. (1) Reflects unaffected market data as of February 4, 2022. Revenue EBITDA EBITDA Net Equity Enterprise EV / EBITDA Growth Growth Margin Leverage Company Value Value 2022E '21A - '22E '21A - '22E 2022E LTM Owens Corning $8.7 $10.9 5.1x 8% 9% 23% 1.1x Masonite 2.2 2.7 5.9x 8% 11% 16% 1.2x JELD-WEN 2.0 3.4 6.4x 8% 15% 10% 2.9x PGT Innovations 1.3 1.9 8.2x 21% 35% 16% 3.2x American Woodmark 1.0 1.5 8.0x 8% 12% 10% 3.1x Median $2.0 $2.7 6.4x 8% 12% 16% 2.9x RETURN (Feb. 3 Mgmt. Case)(1) $1.8 $4.5 6.1x 12% 4% 12% 3.7x

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17 — Confidential — Target EV / LTM Public Co. Target's LTM Financials Memo: Implied Premia Date Acquiror Company EV Sales EBITDA Target Sales EBITDA Margin 1-Day Prior 30-Day VWAP 7/19/21 Carlisle Companies Henry $1,575 3.1x 13.2x -- $511 $119 23.3% -- -- 6/20/21 Westlake Chemical Boral's N.A. Building Products 2,150 2.0x ~10.4x -- 1,100 ~206 ~19.0% -- -- 6/7/21 Nucor Cornerstone's Insulated Metal Panels 1,000 2.6x 13.3x -- 389 75 19.3% -- -- 11/15/19 ACPI Masco Cabinetry 1,000 1.1x 9.8x -- 950 102 10.7% -- -- 11/12/19 Saint-Gobain Continental Building Products 1,434 2.8x 10.4x x 514 138 26.8% +16% +27% 7/17/18 NCI Ply Gem 3,700 1.4x 10.9x -- 2,649 341 12.9% -- -- 1/31/18 CD&R Ply Gem 2,400 1.2x 9.7x x 2,056 246 12.0% +20% +18% 12/1/17 American Woodmark RSI Home Products 1,075 1.9x 8.7x -- 560 123 22.0% -- -- Median 1.9x 10.4x 19% Mean 2.0x 10.8x 18% Source: Company press releases, news articles, Wall Street research, CapIQ and FactSet. Note: EBITDA is unburdened for stock-based compensation. Transaction multiples represent approximate figures due to lack of disclosures. Multiples are on LTM basis unless otherwise noted. (1) Reflects midpoint of Westlake’s disclosure on acquisition call. Stock-based compensation reflects segment’s sales contribution. (2) Represents FY’18A figures. Stock-based compensation reflects segment’s sales contribution. (3) Represents FY’18E figures per merger proxy. Assumes stock-based compensation reflects FY’17A stock-based compensation as a percentage of FY’17A sales. Selected acquisitions of U.S. building products companies over the last 5 years with a deal size greater than $1bn (2) (1) (2) (2) (2) Selected Precedent Transactions (1) (3) (3) (3) (3)

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18 — Confidential — Discounted Cash Flow Analysis – February 3 Management Case Source: Management projections provided on February 3, 2022. Note: Dollars in millions, except per share items. Implied share prices rounded to nearest $0.25. (1) Adjusted EBITDA includes stock-based compensation as a cash expense. (2) Terminal year assumes D&A equal to CapEx going forward. (3) Implied terminal multiples based on adjusted EBITDA unburdened for stock-based compensation. Unlevered Free Cash Flow Build Terminal ($ in millions) 2022E 2023E 2024E 2025E 2026E Year Revenue $6,428 $6,766 $6,778 $6,857 $7,175 $7,175 % Growth 12% 5% 0% 1% 5% Adj. EBITDA (less: SBC)(1) $730 $833 $859 $893 $972 $972 % Margin 11% 12% 13% 13% 14% 14% (Less): D&A(2) (276) (252) (227) (203) (179) (179) EBIT $453 $581 $632 $690 $793 $793 (Less): Taxes (136) (174) (190) (207) (238) (238) NOPAT $317 $407 $442 $483 $555 $555 Plus: D&A(2) 276 252 227 203 179 179 Plus / (Less): Change in NWC 199 9 65 54 28 21 (Less): CapEx (161) (169) (169) (171) (179) (179) Plus: Cash Settlement (tax adj.) 53 -- -- -- -- -- Unlevered Free Cash Flow $684 $499 $565 $569 $582 $575 Implied Share Price Implied Terminal Multiple(3) Discount Perpetuity Growth Rate Rate 1.75% 2.13% 2.50% 10.00% $31.75 $33.50 $35.50 11.25% 25.25 26.50 28.00 12.50% 20.50 21.25 22.25 Discount Perpetuity Growth Rate Rate 1.75% 2.13% 2.50% 10.00% 7.2x 7.5x 7.9x 11.25% 6.2x 6.5x 6.8x 12.50% 5.5x 5.7x 5.9x

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— Confidential — Appendix Supplementary Materials

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20 — Confidential — Shareholder Feedback Received by Management “In summary, we view the $24.65 cash offer from Clayton, Dubilier & Rice, LLC (“CD&R”) favorably. While we obviously lack complete information in terms of other conditions related to the offer and other relevant details, from a value standpoint we believe this offer is within the realm of fair value. If CD&R is unable to elicit a higher bid, we believe a well-advised Special Committee would put this offer to shareholders, subject to CD&R’s commitment that any transaction be approved by a majority of the unaffiliated shareholders. As a matter of good corporate governance, we believe in such situations unaffiliated shareholders should make the final decision.” Andrew Friedman February 18, 2022 “Since our conversation, The Kempen Global Value fund has become a shareholder of Cornerstone Building Brands. In general, we feel very good about Cornerstone’s operational performance in the last few years which has led to strong EBITDA growth since the merger of Ply Gem Building Products and NCI Building Systems. We believe that Cornerstone is extremely well positioned to benefit from the current high demand in both the residential and commercial end-markets. I am emailing you in relation to today’s decision to cancel your Q4 conference call and to delay the publishing of your financial results. I appreciate that CNR’s board of directors is taking its fiduciary responsibility seriously by forming a Special Committee to consider CD&R’s unsolicited bid for CNR. However, since their offer doesn’t come close to what we consider fair value of CNR, we believe it is a mistake to let this bid disrupt the ordinary course of business. Even more so given that the proposal is non-binding and does not contain any customary break-up fee. We believe that a process in which all strategic alternatives are considered could yield a result th at is far more favorable for minority shareholders than CD&R’s bid. For that reason, we are surprised that you have chosen to cancel the earnings call. I believe that the timely release of CNR’s financial performance and an earnings call in which questions can be openly addressed is important to allow your shareholders to make an informed decision. I understand that your recently formed Special Committee has not made any recommendation yet. I think it’s a mistake to operate under the assumption that CNR will be sold at the current price of $24.65 / share.” Roderick van Zuylen February 18, 2022 Global Value Fund

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21 — Confidential — Shareholder Feedback Received by Management (Cont’d) (1) Peers defined as JELD, DOOR, MHK, OC, & BLDR. (2) Letter, dated February 13, 2022 from the Sponsor to the Special Committee. (3) Limited Waiver, dated February 12, 2022. “Boussard & Gavaudan Investment Management LLP, Boussard & Gavaudan Asset Management, LP and Boussard & Gavaudan Gestion SAS (“Boussard & Gavaudan” or “we”) advise investment funds who collectively own 224,141 shares of Cornerstone Building Brands (“CNR”). We write to share our view on the February 13, 2022 take-private proposal (the “Proposal”) from Clayton, Dubilier & Rice, LLC (“CD&R”). We believe that the Proposal should be approved and recommended by the Special Committee and the parties should promptly move to negotiating and executing a mutually acceptable definitive agreement. Our position is based on the following considerations: Attractive Valuation Relative to History & Peers. The $24.65 per share best and final consideration represents a 75% premium to the February 4, 2022 unaffected closing price, a 55% premium to the trailing 30 day VWAP and a 7% premium to the post-Great Financial Crisis high of $23.00 on June 8, 2018. Moreover, the Proposal represents 8.5x LTM adj. EBITDA, a significant premium to the CNR post-COVID average historical multiple (~6.5x) and the current average peer multiple(1) (~7.0x). On 2022E consensus EBITDA, the price represents a significant premium at 7.3x vs a 6.5x peer average, particularly considering CNR recently trading near the bottom of peer valuations. Exploratory Discussions have resulted in a Proposal “significantly increased in value.” The Proposal and the Limited Waiver from the Stockholders Agreement (“Limited Waiver”) reference communications between the parties regarding valuation and price that has resulted in a Proposal which “has significantly increased in value since the outset of our exploratory discussions”(2) at a “price per share not less than the amount recently discussed by the CD&R Investors with representatives of the Special Committee.”(3) Clearly the exploratory discussions have reached the stage of an explicit price being discussed and the Special Committee feeling comfortable providing the Limited Waiver at that price. We believe it would be inconsistent for the Special Committee to grant the Limited Waiver based on one price but to subsequently not recommend a potential transaction at the same price. The Proposal Gives Shareholders the Right to Decide. As stated in the proposal letter to the Special Committee, CD&R has made its Proposal expressly conditioned on majority approval of non-CD&R affiliated shareholders. We support this condition as an important protection for non-CD&R shareholders. As such, we believe that the Special Committee can feel confident that by approving the Proposal they are not themselves determining the outcome, but instead letting non-CD&R affiliated shareholders dictate whether they believe the Proposal is acceptable versus continuing to execute as a public company.” Emmanuel Gavaudan February 28, 2022 Millennium Management and Pretium Credit Management conveyed to RETURN Management that: • Not providing guidance and restricting conversations imped the ability for investors to invest in the stock • It has been several weeks since the announcement without an update. Concerned that the Special Committee is not and will have the appearance that they are acting without urgency • Commented that the stock price reflects risk that the proposal will be rejected, both feel it is a fair offer Millennium Management and Pretium Credit Management March 4, 2022

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22 — Confidential — Fiscal Year Ending December 31, 2021A 2022E 2023E 2024E 2025E 2026E Net Sales $5,746 $6,428 $6,766 $6,778 $6,857 $7,175 % Growth 23% 12% 5% 0% 1% 5% Gross Profit $1,238 $1,330 $1,490 $1,558 $1,652 $1,805 % Margin 22% 21% 22% 23% 24% 25% Operating Income $332 $451 $579 $630 $688 $791 % Margin 6% 7% 9% 9% 10% 11% Net Income $52 $262 $319 $383 $440 $528 % Margin 1% 4% 5% 6% 6% 7% Diluted Earnings per Share $0.41 $2.06 $2.52 $3.02 $3.47 $4.16 Adjusted EBITDA $721 $750 $853 $879 $913 $992 % Margin 13% 12% 13% 13% 13% 14% Unlevered Free Cash Flow(2) $70 $684 $499 $565 $569 $582 % Margin 1% 11% 7% 8% 8% 8% Source: Management projections provided on February 3, 2022. Note: Dollars in millions, except per share figures. EBITDA is unburdened for stock-based compensation. (1) Excludes $831mm gain on sale of IMP and DBCI business units. (2) Includes stock-based compensation as an expense. (3) Includes a $75mm payment from a settlement agreement filed on August 25, 2021 between parties to a class action complaint filed on November 14, 2018. The settlement remains subject to court approval. RETURN’s counsel believes that the likelihood of approval of the settlement is over 95%. (3) RETURN February 3 Management Case Summary (1) (1) (1)

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23 — Confidential — Unaffected Historical Multiples L5Y L3Y LTM Mean Mean Mean Current RETURN 7.1x 6.9x 6.8x 6.1x Peers 8.0x 7.8x 7.8x 6.6x Δ vs. Peers (0.9x) (0.8x) (0.9x) (0.6x) 4.0x 6.0x 8.0x 10.0x 12.0x Feb-17 Feb-18 Feb-19 Feb-20 Feb-21 $0 $5 $10 $15 $20 $25 $30 $35 Feb-17 Feb-18 Feb-19 Feb-20 Feb-21 Feb-22 Historical Unaffected Trading and Valuation – RETURN vs. Peers Source: FactSet and Wall Street research as of February 4, 2022. Note: EBITDA is unburdened for stock-based compensation. Peers consist of American Woodmark, Jeld-Wen, Masonite International, Owens Corning and PGT Innovations. Valuation (EV / NTM EBITDA) 6.1x 6.6x 7.8x 7.4x Unaffected: $14.09 (12%) COPY Proposal: $24.65 +36% Share Price Performance Peer Group Mean RETURN Δ vs. Peers Δ: 0.5x Δ: (0.6x) Unaffected Historical Returns L5Y L3Y LTM RETURN (12%) +69% +21% Peers +36% +49% (10%) Feb-22

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24 — Confidential — Premia Paid Analysis – Go-Private and All-Cash Transactions Premiums paid in precedent transactions Source: FactSet as of February 4, 2022. Note: Includes complete and pending transactions. Excludes finance, real estate and insurance targets, as well as transactions with premiums greater than 200%. (1) Premium to unaffected share price for go-privates over the last 10 years involving U.S. public companies $1-10bn in transaction value. (2) Premium to unaffected share price for all-cash transactions over the last 10 years involving U.S. public companies $1-10bn in transaction value. (3) Based on RETURN’s unaffected share price of $14.09 as of February 4, 2022. (4) Represents implied share prices based on RETURN’s unaffected 52-week high share price of $19.50 and related 25 th and 75th percentile premiums for precedent transactions. (5) Represents implied share prices based on RETURN’s unaffected 30-day VWAP of $15.94 and related 25th and 75th percentile premiums for precedent transactions. Go-Private Premiums(1) All-Cash Premiums(2) Implied RETURN Unaffected Share Price(3) $16.45 $17.88 $18.45 $20.03 $22.37 Implied RETURN Unaffected Share Price(3) $16.75 $18.37 $19.52 $21.31 $24.39 16.7% 26.9% 30.9% 42.2% 58.8% 25th Percentile Median Mean 75th Percentile 90th Percentile 18.9% 30.3% 38.6% 51.2% 73.1% 25th Percentile Median Mean 75th Percentile 90th Percentile $17.96 $21.83 $18.08 $21.45 $23.59 $23.38 $19.36 $19.09 52-Week High(4) Unaffected 30-Day VWAP(5) Below reflects premium to one-day unaffected spot price Below reflects premium to one-day unaffected spot price Reflects 25th and 75th percentile premia to 52-week high Reflects 25th and 75th percentile premia to 52-week high Reflects 25th and 75th percentile premia to unaffected 30-day VWAP Reflects 25th and 75th percentile premia to unaffected 30-day VWAP

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25 — Confidential — Outlook Operating Metrics As of Feb. 4, 2022 (Unaffected) Updates After Feb. 4, 2022 2022E '21A-'22E EV / 2022E EV / 2022E 2022E 2022E EBITDA EBITDA Broker Price Target Rating EBITDA Price Target Rating EBITDA Revenue EBITDA Margin Growth $27.00 Buy NA –– –– –– $6,118 $768 12.6% 9.6% 25.00 Buy 7.7x –– Hold –– 6,109 748 12.2% 9.4% 23.00 Buy 7.0x $24.65 Hold –– 6,119 767 12.5% 9.6% 19.00 Hold 7.0x 25.00 –– 7.6x 5,706 763 13.4% 2.2% Median $24.00 7.6x $25.00 7.6x $6,113 $765 12.5% 9.5% – $10.00 $20.00 $30.00 Feb-20 Aug-20 Feb-21 Aug-21 Feb-22 Analyst Perspectives on RETURN RETURN Analyst Sentiment Over Time Buy Hold Sell RETURN Share Price Median Price Target $24.00(1) $14.09(1) Source: Wall Street research as of February 4, 2022 and March 4, 2022. (1) Based on RETURN’s unaffected date of February 4, 2022. (1)

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26 — Confidential — Debt / Unlevered Beta Equity 1.00 1.05 1.10 1.15 1.20 1.25 10% 10.8% 11.2% 11.6% 11.9% 12.3% 12.7% 20% 10.7% 11.0% 11.4% 11.7% 12.1% 12.5% 30% 10.5% 10.9% 11.2% 11.6% 11.9% 12.3% 40% 10.4% 10.8% 11.1% 11.5% 11.8% 12.2% 50% 10.3% 10.7% 11.0% 11.4% 11.7% 12.0% 60% 10.2% 10.6% 10.9% 11.3% 11.6% 11.9% Weighted Average Cost of Capital Analysis – RETURN Selected Public Companies Illustrative WACC IllustrativeWACC Sensitivity Source: Public company filings, Wall Street research, Bloomberg, S&P Capital IQ and FactSet as of March 4, 2022. Note: Dollars in millions. Companies sorted by market capitalization. (1) Reflects unaffected market data as of February 4, 2022. (2) Represents adjusted two-year weekly beta relative to S&P 500. (3) Unlevered Beta equals (Levered Beta / (1 + (1 - Tax Rate) * (Debt / Equity)). Tax rate used is 25%. (4) Reflects median for Peer Observed. (5) Levered Beta equals (Unlevered Beta * (1 + (1 - Tax Rate) * (Debt / Equity)). Tax rate used is 25%. (6) Reflects yield on 20-year U.S. Treasury. (7) Reflects U.S. long-horizon equity risk premium per Duff & Phelps 2022 valuation handbook. (8) Reflects size premium for companies with market capitalizations between ~$1,306mm and ~$2,165mm per Duff & Phelps 2022 valuation handbook. (9) Peer Observed pre-tax cost of debt is based on the BB U.S. high-yield index effective yield per St. Louis Fed. RETURN Observed pre-tax cost of debt is based on yield to worst of RETURN’s senior notes due 2029. (10) WACC equals ((Debt / Capitalization * After-Tax Cost of Debt) + (Equity / Capitalization * Cost of Equity)). Market Debt Debt / Beta Company Cap ($mm) ($mm) Equity Levered(2) Unlevered(3) Owens Corning $8,748 $3,161 36% 1.46 1.15 Masonite 2,218 875 39% 1.61 1.24 JELD-WEN 2,049 1,756 86% 1.90 1.16 PGT Innovations 1,343 635 47% 1.54 1.14 American Woodmark 988 511 52% 1.64 1.18 75th Percentile 52% 1.64 1.18 Mean 52% 1.63 1.17 Median 47% 1.61 1.16 25th Percentile 39% 1.54 1.15 RETURN(1) $1,871 $3,081 165% 2.01 0.90 Peer RETURN Observed Observed Unlevered Beta(4) 1.16 0.90 Debt / Equity(4) 47% 165% Levered Beta(5) 1.566 2.010 Risk-Free Rate(6) 2.2% 2.2% Market Risk Premium(7) 7.5% 7.5% Market Size Premium(8) 1.3% 1.3% Cost of Equity 15.2% 18.6% Pre-Tax Cost Of Debt(9) 4.46% 6.90% Tax Rate 25.0% 25.0% After-Tax Cost Of Debt 3.3% 5.2% % Equity 67.9% 37.8% % Debt 32.1% 62.2% Estimated WACC(10) 11.4% 10.2% For Reference Only

Exhibit (c)(8)

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— Confidential — March 5, 2022 Presentation to the Board of Directors Project RETURN

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1 — Confidential — Disclaimer This presentation has been prepared by Centerview Partners LLC (“Centerview”) for use solely by the management and Special Committee of RETURN, Inc.(“RETURN”) in connection with its evaluation of a proposed transaction involving RETURN and for no other purpose. The information contained herein is based upon information supplied by or on behalf of RETURN and publicly available information, and portions of the information contained herein may be based upon statements, estimates and forecasts provided by RETURN. Centerview has relied upon the accuracy and completeness of the foregoing information, and has not assumed any responsibility for any independent verification of such information or for any independent evaluation or appraisal of any of the assets or liabilities (contingent or otherwise) of RETURN or any other entity, or concerning the solvency or fair value of RETURN or any other entity. With respect to financial forecasts, Centerview has assumed that such forecasts have been reasonably prepared on bases reflecting the best currently available estimates and judgments of the management of RETURN as to the future financial performance of RETURN, and at your direction Centerview has relied upon such forecasts, as provided by RETURN’s management, with respect to RETURN. Centerview assumes no responsibility for and expresses no view as to such forecasts or the assumptions on which they are based. The information set forth herein is based upon economic, monetary, market and other conditions as in effect on, and the information made available to us as of, the date hereof, unless indicated otherwise and Centerview assumes no obligation to update or otherwise revise these materials. The financial analysis in this presentation is complex and is not necessarily susceptible to a partial analysis or summary description. In performing this financial analysis, Centerview has considered the results of its analysis as a whole and did not necessarily attribute a particular weight to any particular portion of the analysis considered. Furthermore, selecting any portion of Centerview’s analysis, without considering the analysis as a whole, would create an incomplete view of the process underlying its financial analysis. Centerview may have deemed various assumptions more or less probable than other assumptions, so the reference ranges resulting from any particular portion of the analysis described above should not be taken to be Centerview’s view of the actual value of RETURN. These materials and the information contained herein are confidential, were not prepared with a view toward public disclosure, and may not be disclosed publicly or made available to third parties without the prior written consent of Centerview. These materials and any other advice, written or oral, rendered by Centerview are intended solely for the benefit and use of the management and Special Committee of RETURN (in its capacity as such) in its consideration of the proposed transaction, and are not for the benefit of, and do not convey any rights or remedies for any holder of securities of RETURN or any other person. Centerview will not be responsible for and has not provided any tax, accounting, actuarial, legal or other specialist advice. These materials are not intended to provide the sole basis for evaluating the proposed transaction, and this presentation does not represent a fairness opinion, recommendation, valuation or opinion of any kind, and is necessarily incomplete and should be viewed solely in conjunction with the oral presentation provided by Centerview.

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2 — Confidential — Review of Key Dates for the Special Committee . Oct. 13, 2021: Kick-off call to review process objectives and framework . Oct. 25, 2021: Strategic review of RETURN’s current market positioning, Management standalone plan and strategic alternatives; discussion of preliminary financial analysis of Management standalone plan . Nov. 2, 2021: Financial update call conducted by RETURN Management / Centerview with COPY . Nov. 12, 2021: COPY communicated to Centerview that they are prepared to consider exploring a transaction at an indicative valuation of $22.00 per share (29% implied spot premium(1)) and reiterated that they are not a seller; COPY also requested to engage with a limited number of financing sources and complete focused due diligence – Special Committee subsequently authorized COPY to discuss financing with Goldman and RBC – Special Committee also authorized Centerview to communicate to COPY that a non-binding indication of interest would be needed to assess further engagement . Nov. 22, 2021: COPY communicated to Centerview that they are prepared to consider a transaction at an indicative valuation of $23.00 per share; COPY confirmed their leverage assumptions with Goldman Sachs and RBC of 6x+ through HoldCo note – Special Committee subsequently authorized Centerview to communicate to COPY that the Special Committee would be unwilling to transact at $23.00 per share – Special Committee also instructed Management to create a single operating case to serve as the basis for analyses as the process progressed . Dec. 2, 2021: COPY requested business unit calls with the following attendees: Art Steinhafel and Jim Keppler (U.S. Windows); John Buckley and Jim Keppler (U.S. Siding); Philip Langlois (Canada); Matt Ackley and Jim Keppler (Commercial) . Dec. 3, 2021: RETURN’s CFO presented a Management Case to the Special Committee and subsequently shared the projections with Centerview (1) Based on RETURN’s closing share price of $17.04 as of November 12, 2021.

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3 — Confidential — Review of Key Dates for the Special Committee (Cont.) . Dec. 16, 2021: RETURN Management and COPY completed the requested business unit reviews; focus centered on the Management Plan, including underlying drivers, market context and operating synergies – COPY then requested follow-up materials as part of their ongoing review of value – Special Committee approved distribution of the requested follow-up materials on December 20, 2021 . Dec. 22, 2021: COPY communicated to Centerview that they are prepared to consider a transaction at an indicative valuation of $23.50 per share – COPY expressed concerns around specific assumptions in the projections shared by Management • Volume for Windows segment and materials pricing-cost spread for Commercial segment . Jan. 3, 2022: RETURN’s CFO provided the Special Committee with an update to the Management Plan . Jan. 19, 2022: COPY and COPY’s advisors were provided access to a virtual data room – Management and Centerview have since completed multiple requests related to COPY’s business, financial and operational due diligence . Feb. 3, 2022: RETURN’s CFO provided Centerview with an update to the Management Plan, which Centerview subsequently shared with COPY; update included the UCC acquisition and actual balance sheet figures as of December 31, 2021 . Feb. 7, 2022: COPY communicated to Centerview that they are prepared to consider a transaction at an indicative valuation of $24.50 per share . Feb. 7, 2022: Unusually high options trading reported in RETURN stock . Feb. 10, 2022: Bloomberg reports potential COPY offer . Feb. 10, 2022: Following communication with Centerview, COPY communicated to Centerview that they are prepared to consider a transaction at an indicative valuation of $24.65 per share

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4 — Confidential — Review of Key Dates for the Special Committee (Cont.) . Feb. 11, 2022: Centerview presented materials to the Special Committee that included an overview of COPY’s most recent indication of value ($24.65 per share) and Centerview’s updated preliminary financial analysis . Feb. 12, 2022: RETURN granted COPY a limited waiver of the standstill restrictions contained in the Stockholders Agreement, dated November 16, 2018 . Feb. 14, 2022: RETURN publicly announced receipt of a non-binding, best and final proposal from COPY to acquire all of the outstanding shares of common stock not owned by COPY for $24.65 in cash per share . Feb. 14, 2022: COPY filed a Schedule 13D/A and included a copy of the proposal letter as an exhibit – Proposal letter stated: “We would also like to take this opportunity to confirm that at this time we are only interested in acquiring all of the Common Stock not already owned by the CD&R Funds, and we are not interested in pursuing any potential alternative transaction.”

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5 — Confidential — Situation Update . Following the Special Committee meeting on February 11, several key workstreams with regards to the proposal from COPY have been advanced, including: – Publicly announced receipt of COPY’s non-binding proposal on February 14, 2022 – Completed multiple requests related to COPY’s due diligence and financing process – Received a summary of the Sources & Uses and pro forma capitalization from COPY – Received feedback from shareholders regarding COPY’s proposal (please refer to pages 20-21) – Outlined the treatment of company equity awards – Prepared external communications in the event signing of the Merger Agreement were completed – Drafted and revised multiple transaction documents, including: • Merger Agreement • Voting and Support Agreement • Equity Commitment Letter • Limited Guarantee . After announcement, there were a number of strategic conversations . Today’s materials include an overview of the transaction and Centerview’s financial analysis – Where stated, implied premia and multiples herein reflect unaffected trading levels as of February 4, 2022 – the last day prior to speculation in the market regarding a take-private transaction of RETURN

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6 — Confidential — Strategic Outreach Summary Company Contact Position Notes Nucor Alex Hoffman General Manager, Business Development - Not interested Westlake Chemical Larry Schubert VP, Corporate Development & Sustainability - Engaged on outreach Mohawk Industries James Brunk CFO - Not interested LafargeHolcim Geraldine Picaud CFO - Not interested Carlisle Companies Kevin Zdimal CFO - Not interested Saint-Gobain Mark Rayfield CEO of North America & CertainTeed - Not interested CRH David Dillon EVP, Chief of Staff - Not interested

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7 — Confidential — Description . Parent to acquire 100% of Company common stock not owned by COPY and its affiliates via a reverse triangular merger . Parent to pay holders of Company stock not owned by COPY or its affiliates $24.65 per share in cash (other than to dissenting stockholders) . Approval of stockholders representing majority of the voting power of the outstanding stock and approval of stockholders representing a majority of the voting power of the outstanding stock owned by stockholders unaffiliated with COPY . Accuracy of each party’s representations and warranties and material compliance with covenants . Other customary conditions to closing of merger include receipt of HSR clearance and other required approvals, and absence of legal restraint . No financing condition to closing . No-shop with ability to negotiate with a third party that makes an unsolicited written Acquisition Proposal that the Company board (acting on recommendation of the Special Committee) or the Special Committee determines either constitutes or is reasonably likely to result in a Superior Proposal . Ability to make a Change of Recommendation and/or terminate merger agreement prior to the Requisite Company Stockholder Approvals in response to a Superior Proposal that Parent does not match following 4-business day notice and negotiation period with Parent . Company Termination Fee of $105mm if: (i) Agreement is terminated by Parent because of a Change of Recommendation; (ii) Agreement is terminated by the Company in order to accept a Superior Proposal and enter into a binding written definitive acquisition agreement with respect to such Superior Proposal; or (iii)(A) the Agreement is terminated either (1) by Parent or the Company if the Requisite Company Stockholder Approvals are not obtained or (2) by Parent because of a material breach by the Company of its covenants relating to Acquisition Proposals and board recommendations; and (B) (1) an Acquisition Proposal has been publicly made for 50% of the Company and not withdrawn prior to termination and (2) within 12 months after termination, the Company consummates a transaction contemplated by an Acquisition Proposal or enters into an alternative agreement . Parent Termination Fee of $210mm if: (i) Agreement is terminated by the Company (1) because of a breach by Parent of any representation, warranty, covenant or agreement in the Agreement or (2) prior to the Effective Time, the Marketing Period has ended and the conditions to closing have been satisfied or waived and Parent fails to effect the closing within 1 business day of the date that the closing is otherwise required to occur or (ii) Agreement is terminated because of the Outside Date and at such time the Company could have terminated the Agreement because of a breach by Parent . End Date of 6 months from signing of the agreement, with extension to [December 9, 2022] (date that is 20 business days after Q2 financials become stale) to obtain regulatory approvals or in connection with the debt financing’s Marketing Period . Governed by Delaware law Overview Consideration Termination Fee and Rights Deal Protection Key Conditions Other Note: Capitalized terms used herein shall have the meanings assigned to them in the draft merger agreement. (1) Based on the 03/03/22 draft merger agreement. Summary of Key Transaction Terms(1)

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8 — Confidential — Table of Contents Section I …………………………………………………………………....Transaction Overview Section 2 …………………………………………………………Centerview’s Financial Analysis Appendix ………………………………………………………………...Supplementary Materials

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— Confidential — Transaction Overview 1

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10 — Confidential — Transaction Summary Consideration . $24.65 per share in cash Source: Management projections provided on February 3, 2022. Company filings and FactSet as of March 4, 2022 and February 4, 2022. Note: Dollars in millions, except per share amounts. (1) Reflects closing share price trading levels. (2) Based on pro forma capitalization as of June 30, 2022E per COPY. (3) Based on 127.0mm basic shares, 3.0mm stock options with a weighted average exercise price of $10.28, 1.9mm RSUs and 1.4mm PSUs. (4) Based on 127.0mm basic shares, 3.0mm stock options with a weighted average exercise price of $10.28, 1.9mm RSUs and 3.0mm PSUs. (5) RETURN balance sheet as of Dec. 31, 2021. Overview Financing . Indebtedness will be incurred by a Holdco above the RETURN credit group following the merger – RETURN’s outstanding debt would stay in place – $950mm of new senior secured notes – $725mm of new PIK HoldCo notes – $195mm of new cash equity – Net secured leverage of 4.1x(2) – Total net leverage of 5.6x(2) Summary Financials Unaffected COPY (as of 2/4/22) Proposal Implied Valuation Share Price $14.09 $24.65 % Premium to Unaffected Price – 74.9% Diluted Shares Outstanding 131.3 133.7 Equity Value $1,849 $3,297 Less: Cash(5) (394) (394) Plus: Debt(5) 3,081 3,081 Enterprise Value $4,535 $5,983 Implied Multiples Multiple: Metric: 2021A $721 6.3x 8.3x 2022E 750 6.1x 8.0x EV / EBITDA (February 3 Mgmt. Case) Implied Premia Market Data as of March 4, 2022 Current Share Price ($21.31) 15.7% Market Data as of Unaffected Date of February 4, 2022 Share Price ($14.09) 74.9% 30-Day VWAP ($15.94) 54.6% 90-Day VWAP ($15.59) 58.1% 1-Year VWAP ($13.89) 77.4% 52-Week High ($19.50) (1) 26.4% (3) (4)

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11 — Confidential — Source: FactSet as of February 4, 2022. Note: Closing share price and 30-day VWAP as of the date COPY communicated value for RETURN shares not owned, except for dates after February 4, 2022. (1) Reflects unaffected market data as of February 4, 2022. (2) Based on RETURN share price of $14.09 as of February 4, 2022. Summary of COPY’s Indications of Value For RETURN Shares Not Owned Evolution of Value Communicated by COPY Date of Received Indication Nov. 12, 2021 Nov. 22, 2021 Dec. 22, 2021 Feb. 7, 2022 Feb. 10, 2022 Value Communicated (per share) 1-Day Spot Price $17.04 $17.23 $16.14 $14.09 $14.09 30-Day VWAP $14.84 $15.36 $16.22 $15.94 $15.94 % Premium to 1-Day Spot Price 29.1% 33.5% 45.6% 73.9% 74.9% % Premium to 30-Day VWAP 48.3% 49.8% 44.9% 53.7% 54.6% % Premium to Unaffected Price (2) 56.1% 63.2% 66.8% 73.9% 74.9% % Change to Initial Indication -- +4.5% +6.8% +11.4% +12.0% % Change to Previous Indication -- +4.5% +2.2% +4.3% +0.6% RETURN Trading Implied Premium Change in Indication $22.00 $23.00 $23.50 $24.50 $24.65 Communicated after irregular trading activity on Feb. 7, 2022 – below reflects market data as of Feb. 4, 2022 (1) (1) (1) (1)

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12 — Confidential — $0 $5 $10 $15 $20 $25 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 RETURN’s Historical Share Price Performance Source: FactSet as of February 4, 2022 and March 4, 2022. Note: Unaffected price reflects share price as of February 4, 2022. (1) Reflects closing share price trading levels. $12.35 Current: $21.31 Jul. 17, 2018: NCI and Ply Gem announced merger Nov. 16, 2018: NCI and Ply Gem merger closed RETURN’s Share Price Performance (Last 10 Years) Implied Premia Share Price per COPY Proposal $24.65 vs. Current ($21.31) 15.7% (Market Data as of Unaffected Date of 2/4/22) vs. Unaffected ($14.09) 74.9% vs. 30-Day VWAP ($15.94) 54.6% vs. 90-Day VWAP ($15.59) 58.1% vs. 1-Year VWAP ($13.89) 77.4% vs. 52-Week High ($19.50) 26.4% vs. 52-Week Low ($11.10) 122.1% vs. 10-Year High ($23.00) 7.2% (1) (1) COPY Proposal: $24.65 Feb. 19, 2020: Pre-COVID trading Feb. 10, 2022: Bloomberg reports potential COPY offer Feb. 7, 2022: Unusually high options trading reported in RETURN stock 2/4/22 Unaffected: $14.09 +14% (1) Feb. 14, 2022: RETURN files 8-K acknowledging receipt of proposal from COPY Sept. 8, 2014: NCI reports Q3’14 results Sept. 4, 2013: NCI reports Q3’13 results Mar-22

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— Confidential — Centerview’s Financial Analysis 2

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14 — Confidential — Source: FactSet as of February 4, 2022 and March 4, 2022. (1) Based on RETURN’s unaffected share price of $14.09 as of February 4, 2022, unaffected 30-day VWAP of $15.94 and unaffected 52-week high of $19.50. . Selected publicly-traded comparable companies in the building products sector . Valuation multiples based on Enterprise Value / CY 2022E EBITDA . Multiples applied to RETURN’s 2022E EBITDA per RETURN February 3 Management Case . Based on RETURN February 3 Management Case . Perpetuity growth rate of 1.75% - 2.50% . Weighted average cost of capital (“WACC”) range of 10.0% - 12.5% . Selected precedent M&A transactions in the building products sector – Includes transactions completed with U.S. targets in the last 5 years (deal size greater than $1bn) . Multiples applied to RETURN’s LTM EBITDA as of December 31, 2021 . RETURN’s closing share price trading levels over the 52 weeks prior to the unaffected date of February 4, 2022 52-Week Trading Range Selected Precedent Transactions Analysis Discounted Cash Flow (DCF) Analysis . Range of Wall Street analyst price targets for RETURN as of: – Unaffected date of February 4, 2022 – March 4, 2022 including updates after COPY’s Schedule 13D/A filing on February 14, 2022 Analyst Price Targets Selected Public Comparables Analysis Premia Paid Analysis . Range of premia paid on selected take-private transactions – Includes transactions completed with U.S. targets in the last 10 years (deal size of $1bn - $10bn) . Premia applied to RETURN’s unaffected share price, 30-day VWAP and 52-week high(1) Overview of Centerview’s Financial Analysis

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15 — Confidential — $10.75 $25.75 $20.50 $11.10 $19.00 $24.65 $16.50 $18.00 $18.00 $19.25 $39.00 $35.50 $19.50 $27.00 $27.00 $20.00 $21.50 $21.75 – $10.00 $20.00 $30.00 $40.00 Source: Wall Street research, Management projections provided on February 3, 2022, and FactSet as of February 4, 2022 for RETURN market data and March 4, 2022 for selected public comparables market data. Note: Dollars in millions, except per share figures. Implied share prices rounded to the nearest $0.25. Unaffected market data as of February 4, 2022. EBITDA is unburdened for stock-based compensation. (1) Implied share price calculated as implied enterprise value less $2.7bn of net debt, consisting of $3.1bn of debt and $0.4bn of cash as of Dec. 31, 2021, divided by fully diluted shares outstanding. Fully diluted shares outstanding based on 127.0mm basic shares, 3.0mm stock options with a weighted average exercise price of $10.28, 1.9mm RSUs and 3.0mm PSUs. 52-Week Trading Range Selected Public Comparables Selected Precedent Transactions Implied Share Price(1) LTM (as of 12/31/21) LTM EBITDA: $721mm Multiple: 8.5x - 11.0x February 3 Mgmt. Case WACC: 10.0% - 12.5% PGR: 1.75% - 2.50% Closing Price Unaffected Low - High February 3 Mgmt. Case 2022E EBITDA: $750mm Multiple: 5.5x - 7.0x Unaffected Price as of 2/4/22: $14.09 Analyst Price Targets Price Target (as of 2/4/22) Low - High DCF Analysis Premia Paid Analysis Implied Price Unaffected Share Price: $14.09 Premium: 16.7% - 42.2% COPY Proposal on 2/13/22: $24.65 Summary Financial Analysis Implied Price Unaffected 30-Day VWAP: $15.94 Premium: 12.8% - 33.8% Implied Price Unaffected 52-Week High: $19.50 Premium: (7.9%) - 12.0% For Reference Only Price Target (as of 3/4/22) Low - High

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16 — Confidential — Selected Public Trading Comparables Source: Company filings and FactSet as of February 4, 2022 for RETURN market data and March 4, 2022 for selected public comparables market data. Note: Dollars in billions. EBITDA is unburdened for stock-based compensation. All figures are based on RETURN fiscal year ending December 31. Companies sorted by equity value. Net leverage based on LTM EBITDA and balance sheet figures as of December 31, 2021. (1) Reflects unaffected market data as of February 4, 2022. Revenue EBITDA EBITDA Net Equity Enterprise EV / EBITDA Growth Growth Margin Leverage Company Value Value 2022E '21A - '22E '21A - '22E 2022E LTM Owens Corning $8.7 $10.9 5.1x 8% 9% 23% 1.1x Masonite 2.2 2.7 5.9x 8% 11% 16% 1.2x JELD-WEN 2.0 3.4 6.4x 8% 15% 10% 2.9x PGT Innovations 1.3 1.9 8.2x 21% 35% 16% 3.2x American Woodmark 1.0 1.5 8.0x 8% 12% 10% 3.1x Median $2.0 $2.7 6.4x 8% 12% 16% 2.9x RETURN (Feb. 3 Mgmt. Case)(1) $1.8 $4.5 6.1x 12% 4% 12% 3.7x

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17 — Confidential — Target EV / LTM Public Co. Target's LTM Financials Memo: Implied Premia Date Acquiror Company EV Sales EBITDA Target Sales EBITDA Margin 1-Day Prior 30-Day VWAP 7/19/21 Carlisle Companies Henry $1,575 3.1x 13.2x -- $511 $119 23.3% -- -- 6/20/21 Westlake Chemical Boral's N.A. Building Products 2,150 2.0x ~10.4x -- 1,100 ~206 ~19.0% -- -- 6/7/21 Nucor Cornerstone's Insulated Metal Panels 1,000 2.6x 13.3x -- 389 75 19.3% -- -- 11/15/19 ACPI Masco Cabinetry 1,000 1.1x 9.8x -- 950 102 10.7% -- -- 11/12/19 Saint-Gobain Continental Building Products 1,434 2.8x 10.4x x 514 138 26.8% +16% +27% 7/17/18 NCI Ply Gem 3,700 1.4x 10.9x -- 2,649 341 12.9% -- -- 1/31/18 CD&R Ply Gem 2,400 1.2x 9.7x x 2,056 246 12.0% +20% +18% 12/1/17 American Woodmark RSI Home Products 1,075 1.9x 8.7x -- 560 123 22.0% -- -- Median 1.9x 10.4x 19% Mean 2.0x 10.8x 18% Source: Company press releases, news articles, Wall Street research, CapIQ and FactSet. Note: EBITDA is unburdened for stock-based compensation. Transaction multiples represent approximate figures due to lack of disclosures. Multiples are on LTM basis unless otherwise noted. (1) Reflects midpoint of Westlake’s disclosure on acquisition call. Stock-based compensation reflects segment’s sales contribution. (2) Represents FY’18A figures. Stock-based compensation reflects segment’s sales contribution. (3) Represents FY’18E figures per merger proxy. Assumes stock-based compensation reflects FY’17A stock-based compensation as a percentage of FY’17A sales. Selected acquisitions of U.S. building products companies over the last 5 years with a deal size greater than $1bn (2) (1) (2) (2) (2) Selected Precedent Transactions (1) (3) (3) (3) (3)

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18 — Confidential — Discounted Cash Flow Analysis – February 3 Management Case Source: Management projections provided on February 3, 2022. Note: Dollars in millions, except per share items. Implied share prices rounded to nearest $0.25. (1) Adjusted EBITDA includes stock-based compensation as a cash expense. (2) Terminal year assumes D&A equal to CapEx going forward. (3) Implied terminal multiples based on adjusted EBITDA unburdened for stock-based compensation. Unlevered Free Cash Flow Build Terminal ($ in millions) 2022E 2023E 2024E 2025E 2026E Year Revenue $6,428 $6,766 $6,778 $6,857 $7,175 $7,175 % Growth 12% 5% 0% 1% 5% Adj. EBITDA (less: SBC)(1) $730 $833 $859 $893 $972 $972 % Margin 11% 12% 13% 13% 14% 14% (Less): D&A(2) (276) (252) (227) (203) (179) (179) EBIT $453 $581 $632 $690 $793 $793 (Less): Taxes (136) (174) (190) (207) (238) (238) NOPAT $317 $407 $442 $483 $555 $555 Plus: D&A(2) 276 252 227 203 179 179 Plus / (Less): Change in NWC 199 9 65 54 28 21 (Less): CapEx (161) (169) (169) (171) (179) (179) Plus: Cash Settlement (tax adj.) 53 -- -- -- -- -- Unlevered Free Cash Flow $684 $499 $565 $569 $582 $575 Implied Share Price Implied Terminal Multiple(3) Discount Perpetuity Growth Rate Rate 1.75% 2.13% 2.50% 10.00% $31.75 $33.50 $35.50 11.25% 25.25 26.50 28.00 12.50% 20.50 21.25 22.25 Discount Perpetuity Growth Rate Rate 1.75% 2.13% 2.50% 10.00% 7.2x 7.5x 7.9x 11.25% 6.2x 6.5x 6.8x 12.50% 5.5x 5.7x 5.9x

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— Confidential — Appendix Supplementary Materials

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20 — Confidential — Shareholder Feedback Received by Management “In summary, we view the $24.65 cash offer from Clayton, Dubilier & Rice, LLC (“CD&R”) favorably. While we obviously lack complete information in terms of other conditions related to the offer and other relevant details, from a value standpoint we believe this offer is within the realm of fair value. If CD&R is unable to elicit a higher bid, we believe a well-advised Special Committee would put this offer to shareholders, subject to CD&R’s commitment that any transaction be approved by a majority of the unaffiliated shareholders. As a matter of good corporate governance, we believe in such situations unaffiliated shareholders should make the final decision.” Andrew Friedman February 18, 2022 “Since our conversation, The Kempen Global Value fund has become a shareholder of Cornerstone Building Brands. In general, we feel very good about Cornerstone’s operational performance in the last few years which has led to strong EBITDA growth since the merger of Ply Gem Building Products and NCI Building Systems. We believe that Cornerstone is extremely well positioned to benefit from the current high demand in both the residential and commercial end-markets. I am emailing you in relation to today’s decision to cancel your Q4 conference call and to delay the publishing of your financial results. I appreciate that CNR’s board of directors is taking its fiduciary responsibility seriously by forming a Special Committee to consider CD&R’s unsolicited bid for CNR. However, since their offer doesn’t come close to what we consider fair value of CNR, we believe it is a mistake to let this bid disrupt the ordinary course of business. Even more so given that the proposal is non-binding and does not contain any customary break-up fee. We believe that a process in which all strategic alternatives are considered could yield a result that is far more favorable for minority shareholders than CD&R’s bid. For that reason, we are surprised that you have chosen to cancel the earnings call. I believe that the timely release of CNR’s financial performance and an earnings call in which questions can be openly addressed is important to allow your shareholders to make an informed decision. I understand that your recently formed Special Committee has not made any recommendation yet. I think it’s a mistake to operate under the assumption that CNR will be sold at the current price of $24.65 / share.” Roderick van Zuylen February 18, 2022 Global Value Fund

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21 — Confidential — Shareholder Feedback Received by Management (Cont’d) (1) Peers defined as JELD, DOOR, MHK, OC, & BLDR. (2) Letter, dated February 13, 2022 from the Sponsor to the Special Committee. (3) Limited Waiver, dated February 12, 2022. “Boussard & Gavaudan Investment Management LLP, Boussard & Gavaudan Asset Management, LP and Boussard & Gavaudan Gestion SAS (“Boussard & Gavaudan” or “we”) advise investment funds who collectively own 224,141 shares of Cornerstone Building Brands (“CNR”). We write to share our view on the February 13, 2022 take-private proposal (the “Proposal”) from Clayton, Dubilier & Rice, LLC (“CD&R”). We believe that the Proposal should be approved and recommended by the Special Committee and the parties should promptly move to negotiating and executing a mutually acceptable definitive agreement. Our position is based on the following considerations: Attractive Valuation Relative to History & Peers. The $24.65 per share best and final consideration represents a 75% premium to the February 4, 2022 unaffected closing price, a 55% premium to the trailing 30 day VWAP and a 7% premium to the post-Great Financial Crisis high of $23.00 on June 8, 2018. Moreover, the Proposal represents 8.5x LTM adj. EBITDA, a significant premium to the CNR post-COVID average historical multiple (~6.5x) and the current average peer multiple(1) (~7.0x). On 2022E consensus EBITDA, the price represents a significant premium at 7.3x vs a 6.5x peer average, particularly considering CNR recently trading near the bottom of peer valuations. Exploratory Discussions have resulted in a Proposal “significantly increased in value.” The Proposal and the Limited Waiver from the Stockholders Agreement (“Limited Waiver”) reference communications between the parties regarding valuation and price that has resulted in a Proposal which “has significantly increased in value since the outset of our exploratory discussions”(2) at a “price per share not less than the amount recently discussed by the CD&R Investors with representatives of the Special Committee.”(3) Clearly the exploratory discussions have reached the stage of an explicit price being discussed and the Special Committee feeling comfortable providing the Limited Waiver at that price. We believe it would be inconsistent for the Special Committee to grant the Limited Waiver based on one price but to subsequently not recommend a potential transaction at the same price. The Proposal Gives Shareholders the Right to Decide. As stated in the proposal letter to the Special Committee, CD&R has made its Proposal expressly conditioned on majority approval of non-CD&R affiliated shareholders. We support this condition as an important protection for non-CD&R shareholders. As such, we believe that the Special Committee can feel confident that by approving the Proposal they are not themselves determining the outcome, but instead letting non-CD&R affiliated shareholders dictate whether they believe the Proposal is acceptable versus continuing to execute as a public company.” Emmanuel Gavaudan February 28, 2022 Millennium Management and Pretium Credit Management conveyed to RETURN Management that: • Not providing guidance and restricting conversations imped the ability for investors to invest in the stock • It has been several weeks since the announcement without an update. Concerned that the Special Committee is not and will have the appearance that they are acting without urgency • Commented that the stock price reflects risk that the proposal will be rejected, both feel it is a fair offer Millennium Management and Pretium Credit Management March 4, 2022

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22 — Confidential — Fiscal Year Ending December 31, 2021A 2022E 2023E 2024E 2025E 2026E Net Sales $5,746 $6,428 $6,766 $6,778 $6,857 $7,175 % Growth 23% 12% 5% 0% 1% 5% Gross Profit $1,238 $1,330 $1,490 $1,558 $1,652 $1,805 % Margin 22% 21% 22% 23% 24% 25% Operating Income $332 $451 $579 $630 $688 $791 % Margin 6% 7% 9% 9% 10% 11% Net Income $52 $262 $319 $383 $440 $528 % Margin 1% 4% 5% 6% 6% 7% Diluted Earnings per Share $0.41 $2.06 $2.52 $3.02 $3.47 $4.16 Adjusted EBITDA $721 $750 $853 $879 $913 $992 % Margin 13% 12% 13% 13% 13% 14% Unlevered Free Cash Flow(2) $70 $684 $499 $565 $569 $582 % Margin 1% 11% 7% 8% 8% 8% Source: Management projections provided on February 3, 2022. Note: Dollars in millions, except per share figures. EBITDA is unburdened for stock-based compensation. (1) Excludes $831mm gain on sale of IMP and DBCI business units. (2) Includes stock-based compensation as an expense. (3) Includes a $75mm payment from a settlement agreement filed on August 25, 2021 between parties to a class action complaint filed on November 14, 2018. The settlement remains subject to court approval. RETURN’s counsel believes that the likelihood of approval of the settlement is over 95%. (3) RETURN February 3 Management Case Summary (1) (1) (1)

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23 — Confidential — Unaffected Historical Multiples L5Y L3Y LTM Mean Mean Mean Current RETURN 7.1x 6.9x 6.8x 6.1x Peers 8.0x 7.8x 7.8x 6.6x Δ vs. Peers (0.9x) (0.8x) (0.9x) (0.6x) 4.0x 6.0x 8.0x 10.0x 12.0x Feb-17 Feb-18 Feb-19 Feb-20 Feb-21 $0 $5 $10 $15 $20 $25 $30 $35 Feb-17 Feb-18 Feb-19 Feb-20 Feb-21 Feb-22 Historical Unaffected Trading and Valuation – RETURN vs. Peers Source: FactSet and Wall Street research as of February 4, 2022. Note: EBITDA is unburdened for stock-based compensation. Peers consist of American Woodmark, Jeld-Wen, Masonite International, Owens Corning and PGT Innovations. Valuation (EV / NTM EBITDA) 6.1x 6.6x 7.8x 7.4x Unaffected: $14.09 (12%) COPY Proposal: $24.65 +36% Share Price Performance Peer Group Mean RETURN Δ vs. Peers Δ: 0.5x Δ: (0.6x) Unaffected Historical Returns L5Y L3Y LTM RETURN (12%) +69% +21% Peers +36% +49% (10%) Feb-22

GRAPHIC

24 — Confidential — Premia Paid Analysis – Go-Private and All-Cash Transactions Premiums paid in precedent transactions Source: FactSet as of February 4, 2022. Note: Includes complete and pending transactions. Excludes finance, real estate and insurance targets, as well as transactions with premiums greater than 200%. (1) Premium to unaffected share price for go-privates over the last 10 years involving U.S. public companies $1-10bn in transaction value. (2) Premium to unaffected share price for all-cash transactions over the last 10 years involving U.S. public companies $1-10bn in transaction value. (3) Based on RETURN’s unaffected share price of $14.09 as of February 4, 2022. (4) Represents implied share prices based on RETURN’s unaffected 52-week high share price of $19.50 and related 25th and 75th percentile premiums for precedent transactions. (5) Represents implied share prices based on RETURN’s unaffected 30-day VWAP of $15.94 and related 25th and 75th percentile premiums for precedent transactions. Go-Private Premiums(1) All-Cash Premiums(2) Implied RETURN Unaffected Share Price(3) $16.45 $17.88 $18.45 $20.03 $22.37 Implied RETURN Unaffected Share Price(3) $16.75 $18.37 $19.52 $21.31 $24.39 16.7% 26.9% 30.9% 42.2% 58.8% 25th Percentile Median Mean 75th Percentile 90th Percentile 18.9% 30.3% 38.6% 51.2% 73.1% 25th Percentile Median Mean 75th Percentile 90th Percentile $17.96 $21.83 $18.08 $21.45 $23.59 $23.38 $19.36 $19.09 52-Week High(4) Unaffected 30-Day VWAP(5) Below reflects premium to one-day unaffected spot price Below reflects premium to one-day unaffected spot price Reflects 25th and 75th percentile premia to 52-week high Reflects 25th and 75th percentile premia to 52-week high Reflects 25th and 75th percentile premia to unaffected 30-day VWAP Reflects 25th and 75th percentile premia to unaffected 30-day VWAP

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25 — Confidential — Outlook Operating Metrics As of Feb. 4, 2022 (Unaffected) Updates After Feb. 4, 2022 2022E '21A-'22E EV / 2022E EV / 2022E 2022E 2022E EBITDA EBITDA Broker Price Target Rating EBITDA Price Target Rating EBITDA Revenue EBITDA Margin Growth $27.00 Buy NA –– –– –– $6,118 $768 12.6% 9.6% 25.00 Buy 7.7x –– Hold –– 6,109 748 12.2% 9.4% 23.00 Buy 7.0x $24.65 Hold –– 6,119 767 12.5% 9.6% 19.00 Hold 7.0x 25.00 –– 7.6x 5,706 763 13.4% 2.2% Median $24.00 7.6x $25.00 7.6x $6,113 $765 12.5% 9.5% – $10.00 $20.00 $30.00 Feb-20 Aug-20 Feb-21 Aug-21 Feb-22 Analyst Perspectives on RETURN RETURN Analyst Sentiment Over Time Buy Hold Sell RETURN Share Price Median Price Target $24.00(1) $14.09(1) Source: Wall Street research as of February 4, 2022 and March 4, 2022. (1) Based on RETURN’s unaffected date of February 4, 2022. (1)

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26 — Confidential — Debt / Unlevered Beta Equity 1.00 1.05 1.10 1.15 1.20 1.25 10% 10.8% 11.2% 11.6% 11.9% 12.3% 12.7% 20% 10.7% 11.0% 11.4% 11.7% 12.1% 12.5% 30% 10.5% 10.9% 11.2% 11.6% 11.9% 12.3% 40% 10.4% 10.8% 11.1% 11.5% 11.8% 12.2% 50% 10.3% 10.7% 11.0% 11.4% 11.7% 12.0% 60% 10.2% 10.6% 10.9% 11.3% 11.6% 11.9% Weighted Average Cost of Capital Analysis – RETURN Selected Public Companies Illustrative WACC Illustrative WACC Sensitivity Source: Public company filings, Wall Street research, Bloomberg, S&P Capital IQ and FactSet as of March 4, 2022. Note: Dollars in millions. Companies sorted by market capitalization. (1) Reflects unaffected market data as of February 4, 2022. (2) Represents adjusted two-year weekly beta relative to S&P 500. (3) Unlevered Beta equals (Levered Beta / (1 + (1 - Tax Rate) * (Debt / Equity)). Tax rate used is 25%. (4) Reflects median for Peer Observed. (5) Levered Beta equals (Unlevered Beta * (1 + (1 - Tax Rate) * (Debt / Equity)). Tax rate used is 25%. (6) Reflects yield on 20-year U.S. Treasury. (7) Reflects U.S. long-horizon equity risk premium per Duff & Phelps 2022 valuation handbook. (8) Reflects size premium for companies with market capitalizations between ~$1,306mm and ~$2,165mm per Duff & Phelps 2022 valuation handbook. (9) Peer Observed pre-tax cost of debt is based on the BB U.S. high-yield index effective yield per St. Louis Fed. RETURN Observed pre-tax cost of debt is based on yield to worst of RETURN’s senior notes due 2029. (10) WACC equals ((Debt / Capitalization * After-Tax Cost of Debt) + (Equity / Capitalization * Cost of Equity)). Market Debt Debt / Beta Company Cap ($mm) ($mm) Equity Levered(2) Unlevered(3) Owens Corning $8,748 $3,161 36% 1.46 1.15 Masonite 2,218 875 39% 1.61 1.24 JELD-WEN 2,049 1,756 86% 1.90 1.16 PGT Innovations 1,343 635 47% 1.54 1.14 American Woodmark 988 511 52% 1.64 1.18 75th Percentile 52% 1.64 1.18 Mean 52% 1.63 1.17 Median 47% 1.61 1.16 25th Percentile 39% 1.54 1.15 RETURN(1) $1,871 $3,081 165% 2.01 0.90 Peer RETURN Observed Observed Unlevered Beta(4) 1.16 0.90 Debt / Equity(4) 47% 165% Levered Beta(5) 1.566 2.010 Risk-Free Rate(6) 2.2% 2.2% Market Risk Premium(7) 7.5% 7.5% Market Size Premium(8) 1.3% 1.3% Cost of Equity 15.2% 18.6% Pre-Tax Cost Of Debt(9) 4.46% 6.90% Tax Rate 25.0% 25.0% After-Tax Cost Of Debt 3.3% 5.2% % Equity 67.9% 37.8% % Debt 32.1% 62.2% Estimated WACC(10) 11.4% 10.2% For Reference Only

 

Exhibit (d)(2)

 

Execution Version

 

LIMITED GUARANTEE

 

This Limited Guarantee, dated as of March 5, 2022 (this “Limited Guarantee”), by Clayton, Dubilier & Rice Fund X, L.P. (“Guarantor”), is in favor of Cornerstone Building Brands, Inc., a Delaware corporation (the “Guaranteed Party”). Capitalized terms used herein but not defined shall have the meanings given thereto in the Merger Agreement (as defined below).

 

1.                  LIMITED GUARANTEE. This Limited Guarantee is being entered into to induce the Guaranteed Party to enter into the Agreement and Plan of Merger, dated as of the date hereof (as the same may be amended, supplemented or otherwise modified from time to time, the “Merger Agreement”), by and among Camelot Return Intermediate Holdings, LLC, a Delaware limited liability company (“Parent”), Camelot Return Merger Sub, Inc., a Delaware corporation (“Merger Sub”), and the Guaranteed Party, pursuant to which, subject to the terms and conditions set forth therein, among other things, Merger Sub will be merged with and into the Guaranteed Party and the Guaranteed Party will continue as the surviving corporation of the Merger. The Guarantor hereby absolutely, unconditionally and irrevocably guarantees to the Guaranteed Party the due and punctual observance, performance and discharge of the payment by Parent of (a) the Parent Termination Fee, if and when payable pursuant to Section 8.2(c) of the Merger Agreement, (b) any Enforcement Costs, if and when payable pursuant to Section 8.2(d) of the Merger Agreement, and (c) any Reimbursement Obligations, if and when payable pursuant to Section 8.2 the Merger Agreement (the obligations described in clauses (a) through (c), collectively, the “Obligations”); provided that the Guaranteed Party agrees not to seek to enforce this Limited Guarantee for an amount in excess of the Maximum Amount (as defined below); provided, further, that the foregoing shall not limit the Guaranteed Party’s rights under the Equity Commitment Letter (subject to the limitations set forth therein). Notwithstanding anything to the contrary in this Limited Guarantee, the maximum aggregate liability of the Guarantor under this Limited Guarantee will not exceed (x) $210,000,000 in the case where the Parent Termination Fee is due and payable pursuant to Section 8.2(c) of the Merger Agreement, (y) $5,000,000 in the case where Enforcement Costs are payable pursuant to Section 8.2(d) of the Merger Agreement and (z) the Reimbursement Obligations that are due and payable pursuant to Section 8.2 of the Merger Agreement (the amounts described in clauses (x) through (z), in the aggregate, the “Maximum Amount”; provided that, the parties agree and acknowledge that the portion of the Maximum Amount payable with respect to clauses (x) and (y), respectively, shall not exceed $210,000,000 and $5,000,000). The Guaranteed Party hereby agrees that the Guarantor shall in no event be required to pay the Guaranteed Party or any other Person, pursuant to this Limited Guarantee, any amount other than the Obligations or more than the Maximum Amount, and that this Limited Guarantee may not be enforced against the Guarantor other than for the Obligations or without giving effect to the Maximum Amount. If Parent fails to discharge any portion of the Obligations when due and payable under the Merger Agreement, then the Guaranteed Party may at any time and from time to time, at the Guaranteed Party’s option, and so long as the Obligations remains unpaid, take any and all actions available hereunder or under applicable Law to collect such Guarantor’s liabilities hereunder in respect of the Obligations, in each case, subject to the terms and conditions hereunder. It is acknowledged and agreed that this Limited Guarantee will expire and will have no further force or effect, and the Guaranteed Party will have no rights hereunder, upon the termination of the obligations and liabilities of the Guarantor hereunder in accordance with 8 hereof. Notwithstanding anything to the contrary set forth in this Limited Guarantee, the Guaranteed Party hereby agrees to the extent that Parent is relieved from its obligation to pay the Parent Termination Fee, the Enforcement Costs or the Reimbursement Obligations under the Merger Agreement by satisfaction thereof or pursuant to any written agreement with the Guaranteed Party to such effect, the Guarantor shall be similarly relieved of the such portion of the Obligations under this Limited Guarantee solely to the extent that Parent or Merger Sub are relieved of such obligations.

 

 

 

 

2.                  NATURE OF GUARANTEE. The Guaranteed Party shall not be obligated to file any claim relating to the Obligations in the event that Parent becomes subject to a bankruptcy, reorganization or similar proceeding, and the failure of the Guaranteed Party to so file shall not affect the Obligations. In the event that any payment to the Guaranteed Party in respect of the Obligations is rescinded or must otherwise be returned for any reason whatsoever, the Guarantor shall remain liable hereunder with respect to the Obligations (subject to the Maximum Amount) as if such payment had not been made. This Limited Guarantee is a primary obligation of the Guarantor and is an unconditional guarantee of payment and not only of collectability.

 

3.                  CHANGES IN OBLIGATION, CERTAIN WAIVERS. The Guarantor agrees that the Guaranteed Party may at any time and from time to time, without notice to or further consent of the Guarantor, extend the time of payment of the Obligations, and may also make any agreement with Parent, Merger Sub or any other Person (including the Guarantor) interested in the transactions contemplated by the Merger Agreement for the extension, renewal, payment, compromise, discharge or release thereof, in whole or in part, or for any modification of the terms thereof or of any agreement between the Guaranteed Party and Parent, Merger Sub or any other Person (including the Guarantor) interested in the transactions contemplated by the Merger Agreement without in any way impairing or affecting the Obligations. The Guarantor agrees that its Obligations hereunder shall not be released or discharged, in whole or in part, or otherwise affected by any of (a) the failure of the Guaranteed Party to assert any claim or demand or to enforce any right or remedy against Parent or Merger Sub under the Merger Agreement; (b) any change in the corporate existence, structure or ownership of Parent, or any release or discharge of any obligation of Parent contained in the Merger Agreement resulting therefrom, (c) any voluntary or involuntary liquidation, dissolution, insolvency, bankruptcy, reorganization, sale or other disposition of all or substantially all of the assets, marshalling of the assets and liabilities, receivership, assignment for the benefit of creditors, arrangement, composition with creditors or readjustment or other similar proceeding affecting Parent, Merger Sub or any other Person (including the Guarantor) interested in the transactions contemplated by the Merger Agreement, (d) any amendment or modification of the Merger Agreement, or change in the manner, place or terms of payment or performance, or any change or extension of the time of payment or performance of, renewal or alteration of, the Obligations, any escrow arrangement or other security therefor, any liability incurred directly or indirectly in respect thereof, or any amendment or waiver of or any consent to any departure from the terms of the Merger Agreement or the documents entered into in connection therewith; (e) the existence of any claim, set-off or other right that the Guarantor may have at any time against Parent, Merger Sub or the Guaranteed Party, whether in connection with the Obligations or otherwise; (f) the adequacy of any other means the Guaranteed Party may have of obtaining payment of the Obligations; (g) the addition or substitution or release of any Person interested in the transactions contemplated by the Merger Agreement; or (h) any other act or omission that may or might in any manner or to any extent vary the risk of the Guarantor or otherwise operate as a discharge of the Guarantor as a matter of law or equity, all of which may be done without notice to Guarantor (except for notices required hereunder or under the Merger Agreement). To the fullest extent permitted by Law, the Guarantor hereby irrevocably and expressly waives (i) any and all rights or defenses arising by reason of any Law which would otherwise require any election of remedies by the Guaranteed Party to collect against the Guarantor hereunder in respect of the Obligations and (ii) promptness, diligence, notice of the acceptance of this Limited Guarantee and of the Obligations, presentment, demand for payment, notice of non-performance, default, dishonor and protest, notice of the incurrence of the Obligations and all other notices of any kind (other than notices required under this Limited Guarantee and the Merger Agreement), all defenses which may be available by virtue of any valuation, stay, moratorium Law or other similar Law now or hereafter in effect, any right to require the marshalling of assets of Parent or any other Person interested in the transactions contemplated by the Merger Agreement, and all suretyship defenses generally. The Guarantor acknowledges that it will receive substantial direct and indirect benefits from the transactions contemplated by the Merger Agreement and that the waivers set forth in this Limited Guarantee are knowingly made in contemplation of such benefits. Notwithstanding the foregoing or anything else herein to the contrary, other than as set forth in clause (c) of the second sentence of this paragraph, in addition to any defenses by reason of this Limited Guarantee, all defenses to the payment of the Parent Termination Fee, the Enforcement Costs or the Reimbursement Obligations that are available to Parent under the express terms of the Merger Agreement shall be available to Guarantor.

 

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The Guaranteed Party hereby covenants and agrees that it shall not, and shall cause its controlled Affiliates not to institute any action, suit or legal proceeding or assert in writing any claim arising under, or in connection with, the Merger Agreement or the transactions contemplated thereby, against the Guarantor or any Guarantor/Parent Affiliates (as defined below), except for a Permitted Claim (as defined in the equity commitment letter of even date herewith between Guarantor and Parent (the “Equity Commitment Letter”)); provided that, for the avoidance of doubt, claims by the Guaranteed Party against the Guarantor to the extent permitted under this Limited Guarantee shall constitute Permitted Claims. Without limiting or amending the last sentence of the immediately preceding paragraph, the Guarantor hereby covenants and agrees that it shall not institute, and shall cause its respective Affiliates not to institute, any proceedings asserting that this Limited Guarantee is illegal, invalid or unenforceable in accordance with its terms. The Guarantor hereby unconditionally and irrevocably agrees not to exercise any rights that it may now have or hereafter acquire against Parent, Merger Sub or any other Person interested in the transactions contemplated by the Merger Agreement that arise from the existence, payment, performance, or enforcement of the Guarantor’s obligation under or in respect of this Limited Guarantee or any other agreement in connection therewith, including, without limitation, any right of subrogation, reimbursement, exoneration, contribution or indemnification and any right to participate in any claim or remedy of the Guaranteed Party against Parent, Merger Sub or such other Person, whether or not such claim, remedy or right arises in equity or under contract, statute or common law, including, without limitation, the right to take or receive from Parent, Merger Sub or such other Person, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security on account of such claim, remedy or right, unless and until the Obligations shall have been paid in full in cash. If any amount shall be paid to the Guarantor in violation of the immediately preceding sentence at any time prior to the payment in full in cash of the Obligations, such amount shall be received and held in trust for the benefit of the Guaranteed Party, shall be segregated from other property and funds of the Guarantor and shall forthwith be paid or delivered to the Guaranteed Party in the same form as so received (with any necessary endorsement or assignment) to be credited and applied to the Obligations and, in accordance with the terms of the Merger Agreement, the Parent Termination Fee, the Enforcement Costs or the Reimbursement Obligations, as applicable, whether matured or unmatured, or to be held as collateral for the Obligations or other amounts payable under this Limited Guarantee thereafter arising.

 

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4.                  NO WAIVER; CUMULATIVE RIGHTS. No failure on the part of the Guaranteed Party to exercise, and no delay in exercising, any right, remedy or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise by the Guaranteed Party of any right, remedy or power hereunder or under the Merger Agreement or otherwise preclude any other or future exercise of any right, remedy or power hereunder. Subject to the Maximum Amount and the terms and conditions hereof, each and every right, remedy and power hereby granted to the Guaranteed Party or allowed it by Law or other agreement shall be cumulative and not exclusive of any other, and may be exercised by the Guaranteed Party at any time or from time to time. Subject to the Maximum Amount and the other terms and conditions hereof, the Guaranteed Party shall not have any obligation to proceed at any time or in any manner against, or exhaust any or all of the Guaranteed Party’s rights against, Parent or any other person liable for the Obligations or any portion of the Parent Termination Fee, Enforcement Costs or Reimbursement Obligations, as applicable, prior to proceeding against Guarantor.

 

5.                  REPRESENTATIONS AND WARRANTIES. The Guarantor hereby represents and warrants that:

 

(a)               it is duly organized, validly existing and in good standing under the Laws of the jurisdiction of its formation;

 

(b)               it has all necessary power and authority to execute, deliver and perform its obligations under this Limited Guarantee in accordance with the terms of this Limited Guarantee;

 

(c)               the execution, delivery and performance of this Limited Guarantee have been duly and validly authorized by all necessary action and do not conflict with, contravene or result in any default, breach, violation or infringement (with or without notice or lapse of time or both) of (i) any provision of the Guarantor’s charter, partnership agreement, operating agreement or similar organizational documents, (ii) any Contract to which Guarantor is a party or by which any of them or any of their respective properties or assets may be bound or (iii) any Law, regulation, rule, decree, order, judgment or contractual restriction binding on the Guarantor or any of its assets;

 

(d)               all consents, approvals, authorizations, permits of, filings with and notifications to, any Governmental Authority necessary for the due execution, delivery and performance of this Limited Guarantee by the Guarantor have been obtained or made and all conditions thereof have been duly complied with, and no other action by, and no notice to or filing with, any Governmental Authority or regulatory body is required in connection with the execution, delivery or performance of this Limited Guarantee;

 

(e)               this Limited Guarantee constitutes a legal, valid and binding obligation of the Guarantor enforceable against the Guarantor in accordance with its terms, subject to (but without limiting the effect of clause (c) of the second sentence of Section 3) the Bankruptcy and Equity Exception; and

 

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(f)                the Guarantor has the financial capacity to pay and perform the Obligations, and all funds necessary for the Guarantor to fulfill the Obligations shall be available to the Guarantor for so long as this Limited Guarantee shall remain in effect in accordance with Section 8 hereof.

 

6.                  NO ASSIGNMENT. Neither the Guarantor nor the Guaranteed Party may assign its rights, interests or obligations hereunder to any other Person (except by operation of law) without the prior written consent of the Guaranteed Party (in the case of an assignment by the Guarantor) or the Guarantor (in the case of an assignment by the Guaranteed Party); provided, however, that the Guarantor may assign a portion of its rights, interests and obligations hereunder, without the prior written consent of the Guaranteed Party, to any co-investor, any Affiliate or any fund managed or otherwise controlled by or under common control with the Guarantor that agrees to assume such portion of the Guarantor’s obligations hereunder so long as (i) such assignee is financially capable of fulfilling the assumed obligations and assigned rights hereunder and (ii) such assignment does not, in and itself, prevent, impair or delay the consummation of the Merger or the other transactions contemplated by the Merger Agreement; provided, further, that (A) any such assignment shall not relieve the Guarantor of (or otherwise effect) its obligations hereunder unless and to the extent actually performed and (B) the consent of the Guaranteed Party shall be required for such assignment if (i) the assignee is tax resident in a jurisdiction outside of the United States, any State thereof, or the District of Columbia, or the Cayman Islands, and (ii) such assignment causes a payment hereunder to be subject to additional withholding taxes.

 

7.                  NOTICES. All notices and other communications hereunder must be in writing and will be deemed to have been duly delivered and received hereunder (a) four (4) Business Days after being sent by registered or certified mail, return receipt requested, postage prepaid; (b) one (1) Business Day after being sent for next Business Day delivery, fees prepaid, via a reputable nationwide overnight courier service; or (c) immediately upon delivery by hand or by email transmission, in each case to the intended recipient as set forth below:

 

If to the Guarantor, to:

 

c/o Clayton, Dubilier & Rice, LLC
375 Park Avenue, 18th Floor

New York, NY 10152

  Attention: JL Zrebiec
    Tyler Young
  Email: jzrebiec@cdr-inc.com
    tyoung@cdr-inc.com

 

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

 

Kirkland & Ellis LLP
300 North LaSalle

Chicago, Illinois 60654

  Attention: Richard J. Campbell, P.C.
    Kevin W. Mausert, P.C.
    Daniel E. Wolf, P.C.
    David M. Klein, P.C.
  Email: rcampbell@kirkland.com,
    kmausert@kirkland.com
    daniel.wolf@kirkland.com
    dklein@kirkland.com

 

If to the Guaranteed Party, to:

 

Cornerstone Building Brands, Inc.
5020 Weston Parkway, Suite 400
Cary, NC 27513

  Attention: Alena S. Brenner
  Email: Alena.Brenner@cornerstone-bb.com

 

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

 

Wachtell, Lipton, Rosen & Katz
51 West 52nd Street
New York, NY 10019

  Attention: Mark Gordon
  Email: MGordon@wlrk.com

 

or such other address as such party may hereafter specify for the purpose by notice to the other parties hereto.

 

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8.                  CONTINUING GUARANTEE. Until terminated pursuant to this Section 8, this Limited Guarantee shall remain in full force and effect and shall be binding on the Guarantor, its successors and assigns until the Obligations (as such Obligations may be modified pursuant to the last sentence of Section 1 hereof) are satisfied in full. Notwithstanding the foregoing, in addition to any termination arising as provided in the last sentence of this Section 8, this Limited Guarantee shall terminate (other than Section 7 and Sections 9 through 17, all of which shall survive the termination of this Limited Guarantee), and the Guarantor shall have no further liability or obligations under this Limited Guarantee, as of the earliest of (i) the Closing (but only if the Merger shall have been consummated and the Required Amounts shall have been funded in full), (ii) the valid termination of the Merger Agreement in accordance with its terms under circumstances in which none of the Parent Termination Fee, Enforcement Costs or Reimbursement Obligations are payable (a termination pursuant to this clause (ii), an “Applicable Termination”), (iii) with respect to the obligation to make payment of the Parent Termination Fee, the payment to the Guaranteed Party of an aggregate amount equal to the Parent Termination Fee, (iv) with respect to the obligation to make payment of the Enforcement Costs, the payment to the Guaranteed Party of an aggregate amount equal to the Enforcement Costs, (v) with respect to the obligation to make a payment of Reimbursement Obligations, the payment to the Guaranteed Party of such Reimbursement Obligations and (vi) the 180th day after the valid termination of the Merger Agreement under circumstances in which the Parent Termination Fee, Enforcement Costs or Reimbursement Obligations are payable (a “Qualifying Termination”) unless, prior to such 180th day, the Guaranteed Party has commenced an action, suit or legal proceeding in writing against Parent alleging the Parent Termination Fee, Enforcement Costs or Reimbursement Obligations are due and owing or against the Guarantor that amounts are due and owing from the Guarantor pursuant to Section 1 of this Limited Guaranty (a “Qualifying Suit”); provided, that if a Qualifying Termination has occurred and a Qualifying Suit is made prior to such 90th day, the Guarantor will not have any further liability or obligation under this Limited Guaranty from and after the earliest to occur of (A) the Closing (but only if the Merger shall have been consummated and the Required Amounts shall have been funded in full), (B) a final, non-appealable judgment of a court of competent jurisdiction of such Qualifying Suit determining that either Parent does not owe the Parent Termination Fee, any Enforcement Costs or any Reimbursement Obligations or that the Guarantor does not owe any amount pursuant to Section 1 of this Limited Guaranty, (C) a written agreement between the Guarantor and the Guaranteed Party terminating the obligations and liabilities of the Guarantor pursuant to this Limited Guaranty and (D) payment in full of the Obligations by the Guarantor or payment of the Parent Termination Fee, any Enforcement Costs and any Reimbursement Obligations by Parent. In the event that the Guaranteed Party or any of its controlled Affiliates or any of their respective members, managers, officers, directors, employees, agents or attorneys (“Representatives”) acting on its behalf asserts in writing, any claim relating to this Limited Guarantee, or in any action, suit or legal proceeding, that the provisions of Section 1 hereof limiting the Guarantor’s monetary obligation to the Maximum Amount or that the provisions of Section 9 hereof are illegal, invalid or unenforceable in whole or in part, or asserts any theory of liability or seeks any remedies against any Guarantor/Parent Affiliate other than a Permitted Claim, then, in each case, (a) all obligations of the Guarantor under this Limited Guarantee (including the Obligations) shall automatically terminate and thereupon be null and void and (b) if the Guarantor has previously made any payments under this Limited Guarantee, it shall be entitled to have such payments refunded by the Guaranteed Party.

 

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9.                  NO RECOURSE. Notwithstanding anything that may be expressed or implied in this Limited Guarantee or any document or instrument delivered contemporaneously herewith, and notwithstanding the fact that the Guarantor may be a limited partnership, the Guaranteed Party, on behalf of itself and its controlled Affiliates and its and their Representatives, by its acceptance of the benefits hereof, covenants, agrees and acknowledges that no Person other than the Guarantor or any of its successors or permitted assigns shall have any obligation hereunder or in respect of any oral representations made or alleged to be made in connection herewith, and that it has no rights of recovery against, and no recourse under, this Limited Guarantee shall be had against, and no personal liability shall attach to, any former, current or future director, officer, agent, Affiliate, manager, equityholder, general or limited partner or employee of Guarantor or Parent (or any of their successors’ or permitted assignees’) or any Affiliate thereof or against any former, current or future director, officer, agent, employee, Affiliate, general or limited partner, equityholder, manager or member of any of the foregoing, but in each case not including Parent or any subsidiary of Parent (collectively, the “Guarantor/Parent Affiliates”; provided that, notwithstanding the foregoing, such defined term shall exclude the Guarantor, Parent and Merger Sub and any Person to which (x) Parent or Merger Sub has validly assigned its respective rights or obligations under the Merger Agreement or (y) the Guarantor has validly assigned all or any portion of the Limited Guarantor), whether by or through attempted piercing of the corporate veil, by or through a claim (whether in tort, contract or otherwise) by or on behalf of Parent against the Guarantor/Parent Affiliates, by the enforcement of any judgment or assessment made against the Guarantor/Parent Affiliates or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable Law, or otherwise. The Guaranteed Party (for itself and its Affiliates) acknowledges and agrees that, as of the date hereof, Parent has no monetary assets and that no funds are expected to be contributed to Parent until immediately prior to the Closing. Nothing set forth in this Limited Guarantee shall affect or be construed to affect or be construed to confer or give any Person other than the Guaranteed Party (including any Person acting in a representative capacity) or the Guarantor any rights or remedies hereunder. Notwithstanding anything to the contrary set forth in this Limited Guarantee, nothing set forth herein shall limit or restrict the rights of the Guaranteed Party, as the express third party beneficiary under the Equity Commitment Letter, to specifically enforce the terms of the Equity Commitment Letter to the extent expressly provided therein.

 

10.              ENTIRE AGREEMENT. This Limited Guarantee, together with the Merger Agreement and the Equity Commitment Letter, contain the entire understanding of the parties with respect to the subject matter hereof and supersede any and all prior discussions, negotiations, understandings, proposals, undertakings or agreements, either oral or written.

 

11.              GOVERNING LAW. This Limited Guarantee, and any action, suit or legal proceeding arising out of or in respect of this Limited Guarantee, shall be governed by, and construed in accordance with, the internal laws of the State of Delaware applicable to agreements made and to be performed entirely within such state, without giving effect to its principles or rules of conflict of laws to the extent such principles or rules are not mandatorily applicable by statute and would require or permit the application of the laws of another jurisdiction. Each of the parties hereto (i) irrevocably consents to the service of the summons and complaint and any other process (whether inside or outside the territorial jurisdiction of the Chosen Courts) in any action, suit or legal proceeding relating to this Limited Guarantee, for and on behalf of itself or any of its properties or assets, in such manner as may be permitted by applicable Law, and nothing in this Section 11 will affect the right of any party hereto to serve legal process in any other manner permitted by applicable law; (ii) irrevocably and unconditionally consents and submits itself and its properties and assets in any action, suit or legal proceeding to the exclusive general jurisdiction of the Court of Chancery of the State of Delaware and any state appellate court therefrom within the State of Delaware (or, if the Court of Chancery of the State of Delaware declines to accept jurisdiction over a particular matter, any federal court within the State of Delaware) (the “Chosen Courts”) in the event that any dispute or controversy arises out of this Commitment Letter or the transactions contemplated hereby; (iii) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court; (iv) agrees that any action, suit or legal proceeding arising in connection with this Limited Guarantee or the transactions contemplated hereby will be brought, tried and determined only in the Chosen Courts; (v) waives any objection that it may now or hereafter have to the venue of any such action, suit or legal proceeding in the Chosen Courts or that such action, suit or legal proceeding was brought in an inconvenient court and agrees not to plead or claim the same; and (vi) agrees that it will not bring any action, suit or legal proceeding relating to this Limited Guarantee or the transactions contemplated hereby in any court other than the Chosen Courts. Each of the parties hereto agrees that a final judgment in any action, suit or legal proceeding in the Chosen Courts will be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by applicable law.

 

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12.              WAIVER OF JURY TRIAL. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY OR LITIGATION THAT MAY ARISE OUT OF OR RELATE TO THIS AGREEMENT, OR THE NEGOTIATION, VALIDITY OR PERFORMANCE OF THIS LIMITED GUARANTEE, OR THE TRANSACTIONS, IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE, TO THE FULLEST EXTENT PERMITTED BY LAW, EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT THAT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY ACTION, SUIT OR LEGAL PROCEEDING (WHETHER FOR BREACH OF CONTRACT, TORTIOUS CONDUCT OR OTHERWISE) DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS LIMITED GUARANTEE. EACH PARTY ACKNOWLEDGES AND AGREES THAT (i) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER; (ii) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER; (iii) IT MAKES THIS WAIVER VOLUNTARILY; AND (iv) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 12.

 

13.              AMENDMENTS AND WAIVERS. No amendment or waiver of any provision of this Limited Guarantee will be valid and binding unless it is in writing and signed, in the case of an amendment, by the Guarantor and the Guaranteed Party or, in the case of a waiver, by the party against whom the waiver is to be effective.

 

14.              NO THIRD PARTY BENEFICIARIES. Except for the rights of Guarantor/Parent Affiliates provided under Section 9, this Limited Guarantee is for the sole benefit of the parties hereto and their permitted successors and assigns and nothing herein expressed or implied shall give or be construed to give to any Person, other than the parties and such successors and assigns, any legal or equitable rights hereunder.

 

15.              CONFIDENTIALITY. This Limited Guarantee shall be treated as confidential and is being provided to the Guaranteed Party and its Representatives solely in connection with the transactions contemplated by the Merger Agreement. This Limited Guarantee may not be used, circulated, quoted or otherwise referred to in any document (other than the Merger Agreement, the Equity Commitment Letter and any other documents entered in connection with the consummation of the Merger and the other transactions contemplated thereby), except with the written consent of Guarantor; provided that no such written consent shall be required for disclosures by the Guaranteed Party to its Representatives, so long as such Persons agree to keep such information confidential; provided, further, that the Guaranteed Party may disclose such information to the extent required by Law, the applicable rules of any national securities exchange, in connection with any U.S. Securities and Exchange Commission filings relating to the transactions contemplated by the Merger Agreement or pursuant to any action, suit or proceeding relating to the Merger Agreement, the Equity Commitment Letter, the Limited Guarantee or the transactions contemplated hereby and thereby (including any Permitted Claim) or in connection with the enforcement of the Guaranteed Party’s rights hereunder.

 

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16.              INTERPRETATION. The parties have participated jointly in the negotiations and drafting of this Limited Guarantee and in the event of any ambiguity or question of intent or interpretation, no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Limited Guarantee.

 

17.              COUNTERPARTS. This Limited Guarantee may be executed in any number of counterparts (including counterparts transmitted via facsimile or in .pdf or similar format) with the same effect as if all signatory parties had signed the same document. All counterparts shall be construed together and shall constitute one and the same instrument. Facsimile and other electronic signature shall constitute original signatures for all purposes of this Limited Guarantee.

 

[Remainder of page intentionally left blank]

 

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IN WITNESS WHEREOF, the Guarantor has caused this Limited Guarantee to be executed and delivered as of the date first written above by its officer thereunto duly authorized.

 

  CLAYTON, DUBILIER & RICE FUND X, L.P.
   
  By: CD&R Associates X, L.P., its general partner
   
  By: CD&R Investment Associates X, Ltd., its general partner
   
  By: /s/ Rima Simson
    Name: Rima Simson
    Title: Vice President, Treasurer and Secretary

 

[Guarantee Signature Page]

 

 

 

 

Accepted and Agreed to:  
   
Cornerstone Building Brands, Inc.  
   
By: /s/ Jeffrey S. Lee  
  Name: Jeffrey S. Lee  
  Title: Executive Vice President, Chief Financial Officer and Chief Accounting Officer  

 

[Guarantee Signature Page]

 

 

 

 

Exhibit 107

 

Calculation of Filing Fee Table

 

Table 1 - Transaction Valuation

 

   Transaction valuation   Fee Rate   Amount of Filing Fee    
Total Transaction Valuation  $3,262,384,568.25(1)   0.0000927   $302,423.05 (2)  
Fees Previously Paid  $3,262,384,568.25        $302,423.05 (3)  
Total Transaction Valuation  $3,262,384,568.25              
Total Fees Due for Filing            $0    
Total Fees Previously Paid            $302,423.05    
Total Fee Offsets            $302,423.05    
Net Fee Due            $0    

 

Table 2 – Fee Offset Claims and Sources

 

    Registrant
or Filer
Name
  Form
or
Filing
Type
  File
Number
  Initial
Filing
Date
  Filing
Date
    Fee
Offset
Claimed
    Fee Paid
with Fee
Offset Source
   
Fee Offset Claims       PREM 14A   001-14315   April 7, 2022       $ 302,423.05          
Fee Offset Sources   Cornerstone Building Brands, Inc.   PREM 14A   001-14315       April 7, 2022         $ 302,423.05 (3)  

 

(1)For purposes of calculating the fee only, this amount is based upon the sum of (a) 127,009,563 shares of common stock of Cornerstone Building Brands, Inc., par value $0.01 per share (the “Shares”), multiplied by $24.65 per Share, (b) stock options to purchase 3,274,744 Shares multiplied by $14.55 per Share (which is the difference between $24.65 and the weighted average exercise price of $10.10 for such Shares), (c) 1,974,983 Shares underlying restricted stock units multiplied by $24.65 per Share and (d) 1,430,621 Shares underlying performance share units multiplied by $24.65 per Share.
(2)The amount of the filing fee, calculated in accordance with Exchange Act Rule 0-11(b)(1) and the Securities and Exchange Commission Fee Rate Advisory #1 for Fiscal Year 2022, was calculated by multiplying $3,262,384,568.25 by 0.0000927.
(3)The Company previously paid $302,423.05 upon the filing of its Preliminary Proxy Statement on Schedule 14A on April 7, 2022 in connection with the transaction reported hereby.