EX-10.19



 Exhibit 10.19 

EXECUTION COPY 
 EXCHANGE
AGREEMENT 
 This EXCHANGE AGREEMENT (this “Agreement”), dated as of November 4, 2016, is by and among
Hostess Brands, Inc. (formerly known as Gores Holdings, Inc.), a Delaware corporation (the “Company”), Hostess Holdings, L.P., a Delaware limited partnership (“Holdings”), Hostess CDM Co-Invest, LLC, a Delaware
series limited liability company, together with the Hostess Co-Invest Series (as defined herein) (“Hostess Co-Invest”), CDM Hostess Class C, LLC, a Delaware series limited liability company, together with the CDM Hostess Series (as
defined herein) (“CDM Hostess”), C. Dean Metropoulos (“Metropoulos”), and such other holders of Class B Units from time to time party hereto. 

WHEREAS, the Company, Hostess CDM Co-Invest, LLC, CDM Hostess Class C, LLC and certain other parties thereto have entered into
that certain Management Transaction Agreement, dated as of July 5, 2016 (the “Master Agreement”), pursuant to which, among other things, the parties have agreed to enter into this agreement and effect the transactions contemplated
herein; 
 WHEREAS, the Company, Holdings, Hostess Brands, LLC and Metropoulos are parties to that certain Executive
Chairman Employment Agreement, dated as of July 28, 2016, pursuant to which, among other things, Metropoulos has been issued Class B Units and shares of Class B Common Stock; and 

WHEREAS, the parties hereto desire to provide for the exchange from time to time of Class B Units, and the surrender of shares
of Class B Common Stock for cancellation, for cash or for shares of Class A Common Stock on the terms and subject to the conditions set forth herein. 

NOW, THEREFORE, in consideration of the mutual covenants and undertakings contained herein and for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I 

SECTION 1.1 Definitions. 

The following definitions shall for all purposes, unless the context otherwise clearly indicates, apply to the capitalized
terms used in this Agreement. 
 “Acquirer” means the acquirer or surviving entity (which, for the sake of
clarity, may be Holdings or the Company) in a Change of Control. 
 “Agreement” has the meaning set forth
in the preamble hereto. 
 “Board of Directors” means the Board of Directors of the Company. 

“Business Day” means any day, other than Saturday, Sunday or any other day on which banks located in the
State of New York are authorized or required to close. 







 “Cash Exchange Payment” means an amount in immediately available
funds in U.S. dollars equal to the product of (a) the number of Class B Units Exchanged, multiplied by (b) the then-applicable Exchange Rate multiplied by (c) the average of the daily VWAP of a share of Class A Common Stock for the 10
Trading Days immediately prior to the date of delivery of the relevant Exchange Notice. 
 “CDM Hostess”
has the meaning set forth in the preamble hereto. 
 “CDM Hostess Series” means, collectively, CDM Hostess
Class C, LLC – Series A, CDM Hostess Class C, LLC – Series B, CDM Hostess Class C, LLC – Series C, CDM Hostess Class C, LLC – Series D and CDM Hostess Class C, LLC – Series E. 

“Certificate” means the certificate of incorporation of the Company, as the same may be amended or amended
and restated from time to time in accordance with its terms. 
 “Change of Control” has the meaning given
to the term “Change in Control” in the Tax Receivable Agreement. 
 “Change of Control Exchange”
has the meaning set forth in Section 2.1(e). 
 “Change of Control Exchange Time” has the meaning
set forth in Section 2.1(e). 
 “Class A Common Stock” means the Class A common stock, par value
$0.0001 per share, of the Company. 
 “Class B Common Stock” means the Class B common stock, par value
$0.0001 per share, of the Company. 
 “Class A Unit” means (a) a Class A Unit of Holdings, or (b) the
common stock or other equity securities for which a Class A Unit has been converted or exchanged of a successor corporation or entity. 

“Class B Unit” means (a) a Class B Unit of Holdings, or (b) the common stock or other equity securities for
which a Class B Unit has been converted or exchanged of a successor corporation or entity. 
 “Combination”
means any combination of stock or units, as the case may be, by reverse split, reclassification, recapitalization, reorganization or otherwise. 

“Company” has the meaning set forth in the preamble hereto. 

“Date of Exchange” means with respect to an Exchange pursuant to Section 2.1(a), but subject to
Section 2.1(c), the date identified in the respective Exchange Notice (which may be the date on which the Exchange Notice is delivered to Holdings). 

“Exchange” means an exchange of Class B Units (together with the cancellation of shares of Class B Common
Stock) for cash or shares of Class A Common Stock. 

  
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 “Exchange Act” means the Securities Exchange Act of 1934, as
amended. 
 “Exchange Notice” means a written election of Exchange substantially in the form of Exhibit
A, duly executed by the exchanging Holdings Unitholder or such Holdings Unitholder’s duly authorized attorney. 

“Exchange Rate” means the number of shares of Class A Common Stock for which one Class B Unit is entitled to
be Exchanged. On the date of this Agreement, the Exchange Rate shall be one, subject to adjustment pursuant to Section 2.4 of this Agreement. 

“General Partner” means Hostess Holdings GP, LLC or any Person who becomes an additional, successor or
substitute general partner of Holdings pursuant to the LP Agreement. 
 “Governmental Entity” means any
court, tribunal, arbitrator, authority, agency, commission, legislative body or official of the United States or any state, or similar governing entity, in the United States or in a foreign jurisdiction. 

“Holdings” has the meaning set forth in the preamble hereto. 

“Holdings Unitholder” means each of the Hostess Co-Invest Series, the CDM Hostess Series, Metropoulos and any
Person that executes a joinder as set forth in Section 3.4 of this Agreement. 
 “Hostess Co-Invest”
has the meaning set forth in the preamble hereto. 
 “Hostess Co-Invest Series” means, collectively,
Hostess CDM Co-Invest, LLC – Series A, Hostess CDM Co-Invest, LLC – Series B, Hostess CDM Co-Invest, LLC – Series C, Hostess CDM Co-Invest, LLC – Series D, Hostess CDM Co-Invest, LLC – Series E, Hostess CDM Co-Invest, LLC
– Series F, Hostess CDM Co-Invest, LLC – Series G, Hostess CDM Co-Invest, LLC – Series H and Hostess CDM Co-Invest, LLC – Series I. 

“Legal Proceeding: means any action, suit, hearing, claim, lawsuit, litigation, investigation, arbitration or
proceeding (in each case, whether civil, criminal or administrative or at law or in equity) by or before a Governmental Entity. 

“Lien” means with respect to any property or asset, any lien, mortgage, pledge, charge, security interest or
other encumbrance in respect of such property or asset. 
 “LP Agreement” means the Fourth Amended and
Restated Limited Partnership Agreement of Holdings, by and among the Company, Holdings, each of the Hostess Co-Invest Series, each of the CDM Hostess Series, Metropoulos and certain other parties thereto, dated the date hereof, as such agreement may
be amended from time to time in accordance with its terms. 
 “LP Units” means the Class A Units and the
Class B Units. 
 “Master Agreement” has the meaning set forth in the recitals hereto. 

  
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 “Metropoulos” has the meaning set forth in the preamble hereto.

 “Permitted Transferee” has the meaning set forth in Section 3.4. 

“Person” means an individual, a partnership (including a limited partnership), a corporation, a limited
liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization, association or other entity. 

“Registration Rights Agreement” means the Amended and Restated Registration Rights and Lock-Up Agreement, by
and among the Company, Hostess Co-Invest, CDM Hostess, Metropoulos and certain other parties thereto, dated as of the date hereof, as such agreement may be amended from time to time in accordance with its terms. 

“Subdivision” means any subdivision of stock or units, as the case may be, by any split, dividend,
distribution, reclassification, recapitalization, reorganization or otherwise. 
 “Tax Receivable
Agreement” means the Tax Receivable Agreement, dated as of the date hereof, by and among the Company, Holdings and the other parties thereto, as such agreement may be amended or supplemented from time to time in accordance with its terms.

 “Trading Day” means a day on which the NASDAQ Capital Market or such other principal United States
securities exchange on which the shares of Class A Common Stock are listed or admitted to trading is open for the transaction of business (unless such trading shall have been suspended for the entire day), or if the shares of Class A Common Stock
are not listed or admitted to trading on such an exchange, on the automated quotation system on which the shares of Class A Common Stock are then authorized for quotation. 

“VWAP” means the daily per share volume-weighted average price of the Class A Common Stock on the principal
U.S. securities exchange or automated or electronic quotation system on which Class A Common Stock trades, as displayed under the heading Bloomberg VWAP on the Bloomberg page designated for the Class A Common Stock (or its equivalent successor if
such page is not available) in respect of the period from the open of trading on such day until the close of trading on such day (or if such volume-weighted average price is unavailable, (a) the per share volume-weighted average price of such Class
A Common Stock on such day (determined without regard to afterhours trading or any other trading outside the regular trading session or trading hours), or (b) if such determination is not feasible, the market price per share of Class A Common Stock,
in either case as determined by a nationally recognized independent investment banking firm retained in good faith for this purpose by the Company).

SECTION 1.2 Other Definitional and Interpretative Provisions. The words “hereof”,
“herein” and “hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The captions herein are included for convenience of
reference only and shall be ignored in the construction or interpretation hereof. References to Articles and Sections are to Articles and Sections of this Agreement unless otherwise specified. Any singular term in this Agreement shall be deemed to
include the plural, and any plural term the singular. Whenever the words “include”, “includes” or 

  
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“including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation”, whether or not they are in fact followed by those words or words
of like import. “Writing”, “written” and comparable terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible form. References to any statute shall be deemed to refer to
such statute as amended from time to time and to any rules or regulations promulgated thereunder. The word “or” shall be disjunctive but not exclusive. References to any agreement or contract are to that agreement or contract as
amended, modified or supplemented from time to time in accordance with the terms hereof and thereof. References to any Person include the successors and permitted assigns of that Person. References from or through any date mean, unless otherwise
specified, from and including or through and including, respectively. References to “law”, “laws” or to a particular statute or law shall be deemed also to include any applicable law. Except to the extent otherwise expressly
provided herein, all references to any Holdings Unitholder shall be deemed to refer solely to such Person in its capacity as such Holdings Unitholder and not in any other capacity. For the avoidance of doubt, any reference to “Hostess
Co-Invest” and “CDM Hostess” shall also refer to each of the respective series of Hostess CDM Co-Invest, LLC and CDM Hostess Class C, LLC. 

SECTION 1.3 Construction. The parties have participated jointly in negotiating and drafting this
Agreement. If an ambiguity or a question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue
of the authorship of any provision of this Agreement. 
 ARTICLE II 

SECTION 2.1 Exchange of Class B Units.  

(a) Upon the terms and subject to the conditions of this Agreement, each Holdings Unitholder shall be entitled at any time and
from time to time to effect an Exchange. In the event a Holdings Unitholder wishes to effect an Exchange, such Holdings Unitholder shall (i) deliver to Holdings and the Company an Exchange Notice and (ii) surrender or, in the absence of such
surrender, be deemed to have surrendered, Class B Units to Holdings (and surrender for cancellation one or more stock certificates (if certificated) or instructions and stock powers (if uncertificated)) representing a corresponding number of shares
of Class B Common Stock) (in each case, free and clear of all Liens), in each case, to Holdings’ and the Company’s addresses set forth in Section 3.5(b). In consideration for such surrender, the exchanging Holdings Unitholder shall
be entitled to, at the option of the Company (acting by a majority of the disinterested members of the Board of Directors), either (A) a Cash Exchange Payment by Holdings in accordance with the instructions provided in the Exchange Notice, in which
event such exchanged Class B Units and such shares of Class B Common Stock automatically shall be deemed cancelled concomitant with such payment, without any action on the part of any Person, including the Company or Holdings, or (B) the issuance by
the Company to such Holdings Unitholder of a number of shares of Class A Common Stock equal to (I) the number of Class B Units exchanged multiplied by (II) the Exchange Rate, in which event such exchanged Class B Units automatically shall be
converted into a corresponding number of Class A Units (and the 

  
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Class B Units so converted shall thereby cease to exist), and concomitantly with any such issuance, any exchanged Class B Common Stock automatically shall be deemed cancelled, without any action
on the part of any Person, including the Company or Holdings). Each such Exchange shall to the extent permitted by law be treated for U.S. income tax reporting purposes as a taxable exchange of the Holdings Unitholder’s Class B Units for Class
A Common Stock or a Cash Exchange Payment, as applicable, and corresponding payments under the Tax Receivable Agreement. 

(b) Following the delivery of the Exchange Notice, the Company shall deliver or cause to be delivered (i) the Cash Exchange
Payment in accordance with Section 2.1(a) as promptly as practicable (but not later than five Business Days) after the Exchange Date or (ii) if the Company elects to issue Class A Common Stock, the number of shares of Class A Common Stock
deliverable upon such Exchange as promptly as practicable after the Exchange Date (but not later than the close of business on the Business Day immediately following the Exchange Date), at the offices of the then-acting registrar and transfer agent
of the Class A Common Stock (or, if there is no then-acting registrar and transfer agent of the Class A Common Stock, at the principal executive offices of the Company), registered in the name of the relevant exchanging Holdings Unitholder (or in
such other name as is requested in writing by the Holdings Unitholder), in certificated or uncertificated form, as may be requested by the exchanging Holdings Unitholder; provided, that to the extent the Class A Common Stock is settled
through the facilities of The Depository Trust Company, upon the written instruction of the exchanging Holdings Unitholder set forth in the Exchange Notice, the Company shall use its reasonable best efforts to deliver the shares of Class A Common
Stock deliverable to such exchanging Holdings Unitholder in the Exchange through the facilities of The Depository Trust Company, to the account of the participant of The Depository Trust Company designated by such exchanging Holdings Unitholder by
no later than the close of business on the Business Day immediately following the Exchange Date. An Exchange pursuant to this Section 2.1 of Class B Units, and the cancellation of shares of Class B Common Stock, for Class A Common Stock
will be deemed to have been effected immediately prior to the close of business on the Date of Exchange whether or not the applicable Cash Exchange Payment or shares of Class A Common Stock have been delivered to the exchanging Holdings Unitholder
at such time, and if the Company does not elect a Cash Exchange Payment, the Holdings Unitholder will be treated as a holder of record of Class A Common Stock as of the close of business on such Date of Exchange.

(c) An Exchange Notice from a Holdings Unitholder may specify that the Exchange is to be (i) contingent (including as to the
timing) upon the consummation of a purchase by another Person of shares of Class A Common Stock into which the Class B Units are exchangeable and/or (ii) effective upon a specified future date. In such case, a Holdings Unitholder may withdraw or
amend an Exchange Notice, in whole or in part, at any time prior to the effectiveness of the Exchange by delivery of a written notice of withdrawal to the Company and Holdings specifying (A) the number of withdrawn Class B Units, (B) the
number of Class B Units as to which the Exchange Notice remains in effect, if any, and (C) if the Holdings Unitholder so determines, revised timing of the Exchange or any other new or revised information permitted in the Exchange Notice. 

  
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 (d) In connection with a Change of Control, and subject to any approval of the
Change of Control by the holders of Class A Common Stock and Class B Common Stock required under the Certificate or applicable Law (which approval has been granted by a vote or consent of the stockholders of the Company), the Company shall have the
right to require each Holdings Unitholder to Exchange some or all Class B Units beneficially owned by such Holdings Unitholder (and a corresponding number of shares of Class B Common Stock) (in each case, free and clear of all Liens), in
consideration for the issuance by the Company to such Holdings Unitholder of a number of shares of Class A Common Stock equal to the number of Class B Units surrendered multiplied by the Exchange Rate (a “Change of Control
Exchange”), such Change of Control Exchange to be effected by the surrender of such Class B Units to the Company (and surrender for cancellation one or more stock certificates (if certificated) or instructions and stock powers (if
uncertificated)) and the subsequent automatic conversion of such exchanged Class B Units into an equal number of Class A Units (whereupon, the Class B Units so converted shall cease to exist and concomitantly with any such issuance, any exchanged
Class B Common Stock automatically shall be deemed cancelled without any action on the part of any Person, including the Company or Holdings); provided, that if the Company requires the Holdings Unitholders to Exchange less than all of their
outstanding Class B Units (and to surrender a corresponding number of shares of Class B Common Stock for cancellation), each Holdings Unitholder’s participation in the Change of Control Exchange shall be reduced pro rata. Any Change
of Control Exchange shall be effective immediately prior to the consummation of the Change of Control (and, for the avoidance of doubt, shall not be effective if such Change of Control is not consummated) (the “Change of Control Exchange
Time”) and the Holdings Unitholder will be treated as a holder of record of Class A Common Stock as of the Change of Control Exchange Time. For the avoidance of doubt, (i) any Class B Units and a corresponding number of shares of Class
B Common Stock held by a Holdings Unitholder that are not Exchanged or cancelled, as applicable, pursuant to a Change of Control Exchange may be Exchanged by such Holdings Unitholder pursuant to Section 2.1(a) subject to, and in
accordance with, the terms thereof and (ii) notwithstanding anything to the contrary herein, the Company shall not be entitled to make a Cash Exchange Payment in the case of a Change of Control Exchange.

(e) To effect the delivery of such shares of Class A Common Stock, the Company shall: (i) deliver or cause to be delivered at
the offices of the then-acting registrar and transfer agent of the Class A Common Stock (or, if there is no then-acting registrar and transfer agent of the Class A Common Stock, at the principal executive offices of the Company) such number of
shares of Class A Common Stock, registered in the name of the relevant Holdings Unitholder (or in such other name as is requested in writing by such Holdings Unitholder), in certificated or uncertificated form, as may be requested by such Holdings
Unitholder, or (ii) if the Class A Common Stock is settled through the facilities of The Depository Trust Company, upon the written instruction of such Holdings Unitholder, use its reasonable best efforts to deliver the shares of Class A Common
Stock through the facilities of The Depository Trust Company, to the account of the participant of The Depository Trust Company designated by such Holdings Unitholder.

(f) The Company shall provide written notice of an expected Change of Control to all Holdings Unitholders within the earlier
of (i) five (5) days following the execution of the 

  
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agreement with respect to such Change of Control and (ii) ten (10) days before the proposed date upon which the contemplated Change of Control is to be effected, indicating in such notice such
information as may reasonably describe the Change of Control transaction, subject to applicable law, including the date of execution of such agreement or such proposed effective date, as applicable, the amount and types of consideration to be paid
for LP Units or shares of Class A Common Stock, as applicable, in the Change of Control (which consideration shall be identical whether paid for LP Units or shares of Class A Common Stock, any election with respect to types of consideration that a
holder of LP Units or shares of Class A Common Stock, as applicable, shall be entitled to make in connection with the Change of Control, the percentage of total Class B Units or shares of Class A Common Stock, as applicable, to be transferred to the
Acquirer by all stockholders in the Change of Control, and the number of Class B Units held by each Holdings Unitholder that the Company intends to require be Exchanged for shares of Class A Common Stock in connection with the Change of
Control. The Company shall update such notice from time to time to reflect any material changes to such notice. The Company may satisfy any such notice and update requirements described in the preceding two sentences by providing such
information on Form 8-K, Schedule TO, Schedule 14D-9 or similar form filed with the SEC. 
 (g) Immediately upon the
Exchange of any Class B Unit pursuant to this Section 2.1, an equal number of outstanding shares of Class B Common Stock beneficially owned by the exchanging Holdings Unitholder automatically shall be deemed cancelled
without any action on the part of any Person, including the Company. Any such cancelled shares of Class B Common Stock shall no longer be outstanding, and all rights with respect to such shares shall automatically cease and terminate. 

(h) The Company, Holdings and each Holdings Unitholder shall bear its own expenses in connection with the consummation of any
Exchange, whether or not any such Exchange is ultimately consummated, except that Holdings shall bear any transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or arising by reason of, any Exchange; provided,
however, that if any shares of Class A Common Stock are to be delivered in a name other than that of the Holdings Unitholder that requested the Exchange (or The Depository Trust Company or its nominee for the account of a participant of The
Depository Trust Company that will hold the shares for the account of such Holdings Unitholder), then such Holdings Unitholder or the Person in whose name such shares are to be delivered shall pay to the Company the amount of any transfer taxes,
stamp taxes or duties, or other similar taxes in connection with, or arising by reason of, such Exchange or shall establish to the reasonable satisfaction of the Company that such tax has been paid or is not payable. For the avoidance of doubt,
each exchanging Holdings Unitholder shall bear any and all income or gains taxes imposed on gain realized by such exchanging Holdings Unitholder as a result of any such Exchange. 

SECTION 2.2 Common Stock to be Issued. 

(a) In connection with any Exchange, the Company reserves the right to provide shares of Class A Common Stock that are
registered pursuant to the Securities Act, unregistered shares of Class A Common Stock or any combination thereof, as it may determine in its sole discretion, it being understood that all such unregistered shares of Class A Common Stock shall


  
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be entitled to the registration rights set forth in the Registration Rights Agreement; provided, such holders thereof shall have agreed to join the Registration Rights Agreement as parties
thereto. 
 (b) The Company shall at all times reserve and keep available out of its authorized but unissued Class A
Common Stock, solely for the purpose of issuances upon any Exchange, such number of shares of Class A Common Stock as shall from time to time be sufficient to effect the Exchange of all Class B Units of Holdings that may be outstanding from time to
time. The Company shall at all times reserve and keep available out of its authorized but unissued Class B Common Stock, such number of shares of Class B Common Stock as shall from time to time be sufficient for purposes of satisfying the
Exchange Agreement. The Company shall take any and all actions necessary or desirable to give effect to the foregoing. 

(c) Prior to the effective Date of any Exchange effected pursuant to this Agreement, the Company shall take all such steps as
may be required to cause to qualify for exemption under Rule 16b-3(d) or (e), as applicable, under the Exchange Act, and to be exempt for purposes of Section 16(b) under the Exchange Act, any acquisitions
from, or dispositions to, the Company of equity securities of the Company (including derivative securities with respect thereto) and any securities that may be deemed to be equity securities or derivative securities of the Company for such purposes
that result from the transactions contemplated by this Agreement, by each officer or director of the Company, including any director by deputization. The authorizing resolutions shall be approved by either the Company’s board of directors or a
committee composed solely of two or more Non-Employee Directors (as defined in Rule 16b-3) of the Company (with the authorizing resolutions specifying the name of each such director whose acquisition or disposition of securities is to be exempted
and the number of securities that may be acquired and disposed of by each such Person pursuant to this Agreement.
 (d) Any
Class A Common Stock or Class B Common Stock to be issued by the Company in accordance with this Agreement shall be validly issued, fully paid and non-assessable. 

SECTION 2.3 Capital Structure of the Company and Holdings. 

(a) The Company shall, and shall cause the General Partner to cause Holdings to, take all actions necessary so that, at all
times for as long as this Agreement is in effect: (i) each Class B Unit has the same economic rights as each Class A Unit; (ii) the number of Class A Units outstanding equals the number of shares of Class A Common Stock outstanding; and (iii) one
Class B Unit is exchangeable for one share of Class A Common Stock pursuant to this Agreement. 
 (b) Upon the issuance by
the Company of any shares of Class A Common Stock other than pursuant to an Exchange (including any issuance in connection with a business acquisition by the Company or its direct or indirect subsidiaries, an equity incentive program or upon the
conversion, exercise (including cashless exercise) or exchange of any security or other instrument convertible into or exercisable or exchangeable for shares of Class A Common Stock), the Company shall contribute the proceeds of such issuance (net
of any selling or underwriting discounts or commissions or other expenses) to Holdings in exchange for a number of newly issued Class A Units equal to the number of shares of Class A Common Stock issued. 

  
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 (c) At any time that Holdings issues a Class B Unit, the Company shall issue a
share of Class B Common Stock to the recipient of such Class B Unit. Upon the conversion or cancellation of any Class B Unit pursuant to this Agreement or the LP Agreement, the corresponding share of Class B Common Stock automatically shall be
cancelled without any action on the part of any Person, including the Company. The Company may only issue shares of Class B Common Stock to Hostess Co-Invest, CDM Hostess, Metropoulos and their respective Permitted Transferees. Holdings may only
issue Class B Units to Hostess Co-Invest, CDM Hostess, Metropoulos and their respective Permitted Transferees. A Holdings Unitholder may only transfer shares of Class B Common Stock to a Person if (i) such Person is a Permitted Transferee of such
Holdings Unitholder and (ii) an equal number of Class B Units are simultaneously transferred to the transferee. A Holdings Unitholder may only transfer Class B Units to a Person if (A) such Person is a Permitted Transferee of such Holdings
Unitholder and (B) an equal number of shares of Class B Common Stock are simultaneously transferred to the transferee.
 (d)
If the Company redeems, repurchases or otherwise acquires any shares of its Class A Common Stock for cash (including a redemption, repurchase or acquisition of restricted shares of Class A Common Stock for nominal or no value), Holdings shall,
coincident with such redemption, repurchase or acquisition, redeem or repurchase an identical number of Class A Units held by the Company upon the same terms, including the same price, as the terms of the redemption, repurchase or acquisition of the
Class A Common Stock. 
 (e) The Company shall not in any manner effect any Subdivision or Combination of Class A Common
Stock unless Holdings simultaneously effects a Subdivision or Combination, as the case may be, of LP Units with an identical ratio as the Subdivision or Combination of Class A Common Stock. Holdings shall not in any manner effect any
Subdivision or Combination of LP Units unless the Company simultaneously effects a Subdivision or Combination, as the case may be, of Class A Common Stock and Class B Common Stock with an identical ratio as the Subdivision or Combination of LP
Units. 
 (f) The Company shall not issue, and shall not agree to issue (including pursuant to any security or other
instrument convertible into or exercisable or exchangeable for) any class of equity securities other than its Class A Common Stock, Class B Common Stock or one or more series of Preferred Stock that the Company may determine to issue from time to
time in accordance with, and subject to the limitations contained in, the Certificate and this Section 2.3(f). The Company shall not issue any shares of Preferred Stock unless (i) Holdings issues or agrees to issue, as the
case may be, to the Company a number of units, with designations, preferences and other rights and terms that are substantially the same as such shares of Preferred Stock, equal to the number of such shares of Preferred Stock issued by the Company,
and (ii) the Company transfers to Holdings the proceeds (net of any selling or underwriting discounts or commissions and other expenses) of the issuance of such Preferred Stock (and agrees to transfer to Holdings any amounts paid by the holders of
securities or instruments exercisable or exchangeable therefor upon their exercise or exchange, if applicable, net of expenses). 

  
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 (g) For as long as this Agreement is in effect: (i) Holdings shall not, and the
Company shall cause the General Partner to cause Holdings not to, at any time, issue LP Units except as required by this Agreement; (ii) Holdings shall not, and the Company shall cause the General Partner to cause Holdings not to, at any time, issue
LP Units to any Person other than the Company, Hostess Co-Invest, CDM Hostess, Metropoulos and their respective Permitted Transferees; and (iii) the Company shall not transfer any Class A Units except in connection with a Change of Control. 

(h) If the Company makes a dividend or other distribution of Company stock on its Class A Common Stock, Holdings shall make a
dividend or other distribution to the Holdings Unitholders holding Class B Units of an equivalent number of units of Holdings with designations, preferences and other rights and terms that are substantially the same as such distributed stock. 

(i) If the Company makes a cash dividend on the Class A Common Stock not funded by a matching pro rata dividend by Holdings on
the LP Units, then each Holdings Unitholder holding Class B Units shall, at its option either (i) be issued that number of Class B Units equal to its pro rata share of the value of such cash dividend as if such cash dividend had been paid to all
holders of LP Units or (ii) be entitled to receive from Holdings a pro rata cash amount equal to what such Holdings Unitholders would have received in connection with such dividend assuming that such Holdings Unitholder held shares of Class A Common
Stock on an fully as-converted basis (regardless, for these purposes, of any limitations on Exchanges otherwise set forth herein); provided, that no Class B Units shall be issued or issuable and no cash paid to such Holdings Unitholders under
this Section 2.3(i) to the extent that such cash dividend is funded with excess cash held by the Company that was accumulated because tax distributions made by Holdings to the Company exceed the Company’s actual tax liabilities. 

(j) If the Company makes a distribution of property other than cash or Company stock on the Class A Common Stock that the
Company has not received through a matching pro rata distribution of such property on LP Units by Holdings, then each Holdings Unitholder holding Class B Units shall be issued that number of Class B Units equal to its pro rata share of the aggregate
value of such property as if such property had been paid to all holders of LP Units. 
 (k) For the avoidance of doubt, no
Exchange will impair the right of an exchanging Holdings Unitholder to receive any distribution for periods ending on or prior to the Date of Exchange for such Exchange (but for which payment had not yet been made with respect to the Class B Units
in question at the time the Exchange is consummated); provided that, for purposes of this Section 2.3(k), the exchanging Holdings Unitholder’s right to receive its pro rata portion of any distribution by Holdings in respect of
such periods shall not be deemed impaired to the extent that Holdings has not paid the Company its pro rata portion of such distribution prior to the consummation of the applicable Exchange. 

  
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 SECTION 2.4 Adjustment. Without limiting anything set
forth in Section 2.3: 
 (a) In the event there is any (i) Subdivision or Combination of the shares of Class B Common
Stock or Class B Units that is not accompanied by an equivalent subdivision or combination of the Class A Common Stock; or (ii) Subdivision or Combination of the Class A Common Stock that is not accompanied by an equivalent subdivision or
combination of the shares of Class B Common Stock and Class B Units, the Exchange Rate shall be adjusted accordingly.
 (b)
If there is any reclassification, reorganization, recapitalization or other similar transaction in which the Class A Common Stock is converted or changed into another security, securities or other property, then upon any subsequent Exchange, an
exchanging Holdings Unitholder shall be entitled to receive the amount of such security, securities or other property that such exchanging Holdings Unitholder would have received if such Exchange had occurred immediately prior to the effective date
of such reclassification, reorganization, recapitalization or other similar transaction, taking into account any adjustment as a result of any Subdivision or Combination of such security, securities or other property that occurs after the effective
time of such reclassification, reorganization, recapitalization or other similar transaction. For the avoidance of doubt, if there is any reclassification, reorganization, recapitalization or other similar transaction in which the Class A
Common Stock is converted or changed into another security, securities or other property, this Section 2.4(b) shall continue to be applicable, mutatis mutandis, with respect to such security or other property.

(c) This Agreement shall apply to the Class B Units and shares of Class B Common Stock held by the Holdings Unitholder and
their Permitted Transferees as of the date hereof, as well as any Class B Units and shares of Class B Common Stock hereafter acquired by a Holdings Unitholder or its Permitted Transferees. This Agreement shall apply to, mutatis mutandis,
and all references to “Class B Units” or “Class B Common Stock” shall be deemed to include, any security, securities or other property of the Company or Holdings which may be issued in respect of, in exchange for or in
substitution of shares of Class B Common Stock or Class B Units, as applicable, by reason of any distribution or dividend, split, reverse split, combination, reclassification, reorganization, recapitalization, merger, exchange (other than an
Exchange) or other transaction. 
 ARTICLE III 

SECTION 3.1 Representations and Warranties of the Company. The Company represents and warrants that (a) it is a
corporation duly incorporated and is validly existing under the laws of the State of Delaware, (b) it has all requisite corporate power and authority to enter into and perform this Agreement and to consummate the transactions contemplated hereby,
including the issuance of Class A Common Stock in accordance with the terms hereof, (c) the execution and delivery of this Agreement by the Company and the consummation by it of the transactions contemplated hereby (including the issuance of the
Class A Common Stock) have been duly authorized by all necessary corporate action on the part of the Company, (d) this Agreement constitutes a legal, valid and binding obligation of the Company enforceable against the Company in accordance with its
terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or 

  
 12 








 
similar laws relating to or limiting creditors’ rights generally, and (e) the execution, delivery and performance of this Agreement by the Company and the consummation by the Company of the
transactions contemplated hereby will not (i) result in a violation of the Certificate or the Bylaws of the Company, (ii) conflict with, result in a breach or violation of, or constitute a default (or an event which with notice or lapse of time or
both would become a default) under, or give rise to any rights of termination, suspension, amendment, acceleration or cancellation, under any agreement, contract, commitment, instrument, undertaking, lease, note, mortgage, indenture, license or
arrangement, whether written or oral, to which the Company is a party or by which any property or asset of the Company is bound or affected, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree applicable to the
Company or by which any property or asset of the Company is bound or affected. 
 SECTION 3.2 Representations and
Warranties of Holdings. Holdings represents and warrants that (a) it is a limited partnership duly formed and is validly existing under the laws of the State of Delaware, (b) it has all requisite power and authority to enter into and
perform this Agreement and to consummate the transactions contemplated hereby in accordance with the terms hereof, (c) the execution and delivery of this Agreement by Holdings and the consummation by it of the transactions contemplated hereby have
been duly authorized by all necessary partnership action on the part of Holdings, (d) this Agreement constitutes a legal, valid and binding obligation of Holdings enforceable against Holdings in accordance with its terms, except as enforcement may
be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally and (e) the execution, delivery and performance of this Agreement by Holdings and
the consummation by Holdings of the transactions contemplated hereby will not (i) result in a violation of the LP Agreement, (ii) conflict with, result in a breach or violation of, or constitute a default (or an event which with notice or lapse of
time or both would become a default) under, or give rise to any rights of termination, suspension, amendment, acceleration or cancellation, under any agreement, contract, commitment, instrument, undertaking, lease, note, mortgage, indenture, license
or arrangement, whether written or oral, to which Holdings is a party or by which any property or asset of Holdings is bound or affected, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree applicable to Holdings
or by which any property or asset of Holdings is bound or affected. 
 SECTION 3.3 Representations and Warranties of
the Holdings Unitholders. Each Holdings Unitholder, severally and not jointly, represents and warrants that (a) if such Holdings Unitholder is not a natural person, it is duly formed and validly existing under the laws of the state of
its formation, (b) it has all requisite power and authority (or, in the case of any Holdings Unitholder that is a natural person, the legal capacity) to enter into and perform this Agreement and to consummate the transactions contemplated hereby,
(c) the execution and delivery of this Agreement by it and consummation of the transactions contemplated hereby have been duly authorized by all necessary entity or other action on the part of such Holdings Unitholder, (d) this Agreement constitutes
a legal, valid and binding obligation of such Holdings Unitholder enforceable against it in accordance with its terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or similar
laws relating to or limiting creditors’ rights generally, and (e) the execution, delivery and performance of this Agreement by such Holdings Unitholder and the consummation by such 

  
 13 








 
Holdings Unitholder of the transactions contemplated hereby will not (i) if such Holdings Unitholder is not a natural person, result in a violation of the certificate of incorporation and bylaws
or other organizational documents of such Holdings Unitholder, (ii) conflict with, result in a breach or violation of, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give rise to any
rights of termination, suspension, amendment, acceleration or cancellation, under any agreement, contract, commitment, instrument, undertaking, lease, note, mortgage, indenture, license or arrangement, whether written or oral, to which such Holdings
Unitholder is a party or by which any property or asset of such Holdings Unitholder is bound or affected, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree applicable to such Holdings Unitholder or by which any
property or asset of such Holdings Unitholder is bound or affected. 
 SECTION 3.4 Additional Holdings
Unitholders. To the extent a Holdings Unitholder validly transfers any or all of such Class B Units (together with the corresponding number of shares of Class B Common Stock) to another Person in a transaction in accordance with, and
not in contravention of, the LP Agreement or the Registration Rights Agreement, then such transferee (each, a “Permitted Transferee”) shall execute and deliver a joinder to this Agreement, substantially in the form of Exhibit
B hereto, whereupon such Permitted Transferee shall become a Holdings Unitholder hereunder. To the extent Holdings issues Class B Units in the future (other than to the Company), then the holder of such Class B Units shall have the right to
execute and deliver a joinder to this Agreement, substantially in the form of Exhibit B hereto, whereupon such holder shall become a Holdings Unitholder hereunder. 

SECTION 3.5 Addresses and Notices. Any notice, request, demand, waiver, consent, approval or other
communication that is required or permitted hereunder shall be in writing and shall be deemed given: (a) on the date established by the sender as having been delivered personally, (b) on the date delivered by a private courier as established by
the sender by evidence obtained from the courier, (c) on the date sent by facsimile or e-mail, with confirmation of transmission, or (d) on the third Business Day after the date mailed, by certified or registered mail, return receipt requested,
postage prepaid. Such communications, to be valid, must be addressed as follows: 
 (a) If to the Company, to: 

 

			
	 Hostess Brands, Inc.

	 1 E. Armour Boulevard

	 Kansas City, Missouri 64111

	 Attention:
	  	 William Toler

	 Telephone:
	  	 (513) 874-8741

	 Email:
	  	 btoler@hostessbrands.com



  
 14 









			
	
	 with a copy to:

	
	 Weil Gotshal & Manges, LLP

201 Redwood Shores Parkway

Redwood Shores, California 94065

	 Telephone:
	  	 (650) 802-3093

	 Facsimile:
	  	 (650) 802-3100

	 Email:
	  	 kyle.krpata@weil.com

		  	 james.griffin@weil.com

	 Attention:
	  	 Kyle Krpata

		  	 James R. Griffin


 (b) If to Holdings, to: 

 

			
	 Hostess Holdings, L.P.

1 E. Armour Boulevard
 Kansas
City, Missouri

	 Attention:
	  	 Jolyn Sebree

	 Facsimile:
	  	 (816) 701-4739

	 Email:
	  	 jsebree@hostessbrands.com

	
	 with a copy to:

	
	 Morgan, Lewis & Bockius LLP

101 Park Avenue
 New York, New
York 10178

	 Fax:    (212) 309-6001

	 Attention:
	  	 Robert G. Robison

		  	 Andrew L. Milano


 (c) If to any Holdings Unitholder, to the address and other contact information set forth in
the records of Holdings from time to time. 
 The Company or Holdings may designate, by notice to all of the Holdings Unitholders,
substitute addresses or addressees for notices; thereafter, notices are to be directed to those substitute addresses or addressees. Holdings Unitholders may designate, by notice to the Company and Holdings, substitute addresses or addressees for
notices; thereafter, notices are to be directed to those substitute addresses or addressees. 
 SECTION 3.6 Further
Assurances. The parties shall execute, deliver, acknowledge and file such further agreements and instruments and take such other actions as may be reasonably necessary from time to time to make effective this Agreement and the
transactions contemplated herein. 
 SECTION 3.7 Termination. This Agreement shall terminate and
be of no further force or effect when no Class B Units remain outstanding. 

  
 15 








 SECTION 3.8 No Third Party Beneficiaries. This Agreement will
not confer any rights or remedies upon any Person other than the parties hereto and their respective successors and permitted assigns (including any Permitted Transferees that have executed a joinder to this Agreement). 

SECTION 3.9 Severability. If any provision of this Agreement is held to be illegal, invalid or
unenforceable under any present or future Law (a) such provision will be fully severable, (b) this Agreement will be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part hereof, (c) the remaining
provisions of this Agreement will remain in full force and effect and will not be affected by the illegal, invalid or unenforceable provision or by its severance herefrom and (d) in lieu of such illegal, invalid or unenforceable provision, there
will be added automatically as a part of this Agreement a legal, valid and enforceable provision as similar in terms of such illegal, invalid or unenforceable provision as may be possible. 

SECTION 3.10 Amendment; Waivers. This Agreement may not be amended, supplemented or modified except by an
instrument in writing signed on behalf of the Company, Holdings, the holders of a majority of the then outstanding Class B Units, and for so long as any of them holds any Class B Units, Hostess CDM Co-Invest, LLC (on behalf of the Hostess Co-Invest
Series), CDM Hostess Class C, LLC (on behalf of the CDM Hostess Series) and Metropoulos. Any term or condition of this Agreement may be waived at any time by the Party that is entitled to the benefit thereof, but no such waiver shall be
effective, unless set forth in a written instrument duly executed by or on behalf of the party waiving such term or condition. No waiver by any party hereto of any term or condition of this Agreement, in any one or more instances, shall be
deemed to be or construed as a waiver of the same or any other term or condition of this Agreement on any future occasion. 

SECTION 3.11 Consent to Jurisdiction. Each party hereto irrevocably submits to the exclusive jurisdiction
of the Court of Chancery of the State of Delaware (unless the Federal courts have exclusive jurisdiction over the matter, in which case the United Stated District for the District of Delaware) for the purposes of any Legal Proceeding arising out of
this Agreement, the or the transactions contemplated hereby, and agrees to commence any such Legal Proceeding only in such courts. Each party hereto further agrees that service of any process, summons, notice or document by United States
registered mail to such party’s respective address set forth herein shall be effective service of process for any such Legal Proceeding. Each party hereto irrevocably and unconditionally waives any objection to the laying of venue of any
action, suit, hearing, claim, lawsuit, litigation, investigation, arbitration or proceeding out of this Agreement or the transactions contemplated hereby in such courts, and hereby irrevocably and unconditionally waives and agrees not to plead or
claim in any such court that any such Legal Proceeding brought in any such court has been brought in an inconvenient forum. EACH PARTY HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING OR COUNTERCLAIM (WHETHER AT LAW,
IN EQUITY, BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREBY OR THE ACTIONS OF SUCH PARTY IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT HEREOF OR THEREOF. 

  
 16 








 SECTION 3.12 Tax Treatment. For purposes of the Code and the
Treasury Regulations promulgated thereunder, this Agreement shall be treated as part of the LLC Agreement of Holdings as described in Section 761(c) of the Code and Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations
promulgated thereunder. An Exchange under this Agreement is intended to constitute a taxable sale pursuant to Section 1001 of the Code. 

SECTION 3.13 Specific Performance. Each party hereto acknowledges that the remedies at law of the other
parties for a breach or threatened breach of this Agreement would be inadequate and, in recognition of this fact, any party to this Agreement, without posting any bond or furnishing other security, and in addition to all other remedies that may be
available, shall be entitled to equitable relief in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other equitable remedy that may then be available and no party shall oppose the granting
of such relief on the basis that money damages would be sufficient. 
 SECTION 3.14 Governing Law. This
Agreement shall be governed by and interpreted and enforced in accordance with the Laws of the State of Delaware, without giving effect to any choice of Law or conflict of Laws rules or provisions (whether of the State of Delaware or any other
jurisdiction) that would cause the application of the Laws of any jurisdiction other than the State of Delaware. 

SECTION 3.15 Counterparts. This Agreement may be executed and delivered (including by facsimile
transmission or by e-mail delivery of a “.pdf” format data file) in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed and delivered shall be deemed to be an original but all
of which taken together shall constitute one and the same agreement. Copies of executed counterparts transmitted by telecopy, by e-mail delivery of a “.pdf” format data file or other electronic transmission service shall be considered
original executed counterparts for purposes of this Section 3.15. 
 [Signature Pages Follow] 

  
 17 








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

					
	 COMPANY

	
	 HOSTESS BRANDS, INC.

		
	 By:
	 	 /s/ Mark Stone

		 	 Name:
	 	 Mark Stone

		 	 Title:
	 	 Chief Executive Officer




  

[SIGNATURE PAGE TO EXCHANGE AGREEMENT] 








 
					
	 HOSTESS HOLDINGS

	
	 HOSTESS HOLDINGS, L.P.

		
	 By:
	 	 Hostess Holdings GP, LLC, its general partner

		
	 By:
	 	 /s/ Michael J. Cramer

		 	 Name:
	 	 Michael J. Cramer

		 	 Title:
	 	 Authorized Person




  

[SIGNATURE PAGE TO EXCHANGE AGREEMENT] 








 
					
	 HOSTESS CO-INVEST

	
	 HOSTESS CDM CO-INVEST, LLC

		
	 By:
	 	 /s/ C. Dean Metropoulos

		 	 Name:
	 	 C. Dean Metropoulos

		 	 Title:
	 	 Managing Member

	
	 HOSTESS CDM CO-INVEST, LLC – SERIES A

		
	 By:
	 	 /s/ C. Dean Metropoulos

	 Name:
	 	 C. Dean Metropoulos

	 Title:
	 	 Managing Member

	
	 HOSTESS CDM CO-INVEST, LLC – SERIES B

		
	 By:
	 	 /s/ C. Dean Metropoulos

	 Name:
	 	 C. Dean Metropoulos

	 Title:
	 	 Managing Member

	
	 HOSTESS CDM CO-INVEST, LLC – SERIES C

		
	 By:
	 	 /s/ C. Dean Metropoulos

	 Name:
	 	 C. Dean Metropoulos

	 Title:
	 	 Managing Member

	
	 HOSTESS CDM CO-INVEST, LLC – SERIES D

		
	 By:
	 	 /s/ C. Dean Metropoulos

	 Name:
	 	 C. Dean Metropoulos

	 Title:
	 	 Managing Member




  

[SIGNATURE PAGE TO EXCHANGE AGREEMENT] 








 
			
	 HOSTESS CDM CO-INVEST, LLC – SERIES E

		
	 By:
	 	 /s/ C. Dean Metropoulos

	 Name:
	 	 C. Dean Metropoulos

	 Title:
	 	 Managing Member

	
	 HOSTESS CDM CO-INVEST, LLC – SERIES F

		
	 By:
	 	 /s/ C. Dean Metropoulos

	 Name:
	 	 C. Dean Metropoulos

	 Title:
	 	 Managing Member

	
	 HOSTESS CDM CO-INVEST, LLC – SERIES G

		
	 By:
	 	 /s/ C. Dean Metropoulos

	 Name:
	 	 C. Dean Metropoulos

	 Title:
	 	 Managing Member

	
	 HOSTESS CDM CO-INVEST, LLC – SERIES H

		
	 By:
	 	 /s/ C. Dean Metropoulos

	 Name:
	 	 C. Dean Metropoulos

	 Title:
	 	 Managing Member

	
	 HOSTESS CDM CO-INVEST, LLC – SERIES I

		
	 By:
	 	 /s/ C. Dean Metropoulos

	 Name:
	 	 C. Dean Metropoulos

	 Title:
	 	 Managing Member




  

[SIGNATURE PAGE TO EXCHANGE AGREEMENT] 








 
			
	 CDM HOSTESS

	
	 CDM HOSTESS CLASS C, LLC

		
	 By:
	 	 /s/ C. Dean Metropoulos

	 Name:
	 	 C. Dean Metropoulos

	 Title:
	 	 Managing Member

	
	 CDM HOSTESS CLASS C, LLC – SERIES A

		
	 By:
	 	 /s/ C. Dean Metropoulos

	 Name:
	 	 C. Dean Metropoulos

	 Title:
	 	 Managing Member

	
	 CDM HOSTESS CLASS C, LLC – SERIES B

		
	 By:
	 	 /s/ C. Dean Metropoulos

	 Name:
	 	 C. Dean Metropoulos

	 Title:
	 	 Managing Member

	
	 CDM HOSTESS CLASS C, LLC – SERIES C

		
	 By:
	 	 /s/ C. Dean Metropoulos

	 Name:
	 	 C. Dean Metropoulos

	 Title:
	 	 Managing Member

	
	 CDM HOSTESS CLASS C, LLC – SERIES D

		
	 By:
	 	 /s/ C. Dean Metropoulos

	 Name:
	 	 C. Dean Metropoulos

	 Title:
	 	 Managing Member




  

[SIGNATURE PAGE TO EXCHANGE AGREEMENT] 








 
			
	 CDM HOSTESS CLASS C, LLC – SERIES E

		
	 By:
	 	 /s/ C. Dean Metropoulos

	 Name:
	 	 C. Dean Metropoulos

	 Title:
	 	 Managing Member



  

	
	 METROPOULOS

	
	 C. DEAN METROPOULOS

	
	 /s/ C. Dean Metropoulos




  

[SIGNATURE PAGE TO EXCHANGE AGREEMENT] 








 EXHIBIT A 

FORM OF 
 ELECTION OF EXCHANGE 

Hostess Holdings, L.P. 
 [Address
1] 
 [Address 2] 

Attention:        [●] 

Reference is hereby made to the Exchange Agreement, dated as of [●], 2016 (as amended from time to time in accordance
with its terms, the “Exchange Agreement”), by and among Hostess Brands, Inc. (formerly known as Gores Holdings, Inc.), Hostess Holdings, L.P., Hostess CDM Co-Invest, LLC, Hostess CDM Co-Invest, LLC – Series A, Hostess CDM
Co-Invest, LLC – Series B, Hostess CDM Co-Invest, LLC – Series C, Hostess CDM Co-Invest, LLC – Series D, Hostess CDM Co-Invest, LLC – Series E, Hostess CDM Co-Invest, LLC – Series F, Hostess CDM Co-Invest, LLC – Series
G, Hostess CDM Co-Invest, LLC – Series H, Hostess CDM Co-Invest, LLC – Series I, CDM Hostess Class C, LLC, CDM Hostess Class C, LLC – Series A, CDM Hostess Class C, LLC – Series B, CDM Hostess Class C, LLC – Series C, CDM
Hostess Class C, LLC – Series D, CDM Hostess Class C, LLC – Series E, C. Dean Metropoulos and such other holders of Class B Units from time to time party thereto. Capitalized terms used but not defined herein shall have the meanings
given to them in the Exchange Agreement. 
 Effective as of the Date of Exchange set forth below, the undersigned Holdings
Unitholder hereby transfers to Holdings the number of Class B Units set forth below in Exchange for shares of Class A Common Stock to be issued in its name as set forth below, or, at the option of the Company, for a Cash Exchange Payment to the
account set forth below, in each case in accordance with the Exchange Agreement. The undersigned hereby acknowledges that the Exchange of Class B Units shall include the automatic cancellation of an equal number of outstanding shares of Class B
Common Stock beneficially owned by the undersigned.
  

			
	 Legal Name of Holdings Unitholder:
	 	
 




			
		
	 Address:
	 	
 




			
		
	
Number of Class B Units to be Exchanged:
	 	  

		
	 Date of Exchange:
	 	  

		
	 Cash Exchange Payment instructions:
	 	  

		
		 	  


 If the Holdings Unitholder desires the shares of Class A Common Stock be settled through the
facilities of The Depositary Trust Company (“DTC”), please indicate the account of the DTC participant below. 

  
 A-1 








 If the Holdings Unitholder desires the shares of Class A Common Stock be settled
through the delivery of certificates to the Holdings Unitholder or its designee, please indicate the following: 
 Legal
Name for Certificates: 
 Address for Delivery of Certificates: 

The undersigned hereby represents and warrants that (i) the undersigned has all requisite power and authority (or, in case the
undersigned is a natural person, the legal capacity) to execute and deliver this Election of Exchange and to perform the undersigned’s obligations hereunder; (ii) this Election of Exchange has been duly executed and delivered by the
undersigned and is the legal, valid and binding obligation of the undersigned enforceable against it in accordance with the terms thereof or hereof, as the case may be, subject to applicable bankruptcy, insolvency and similar laws affecting
creditors’ rights generally and the availability of equitable remedies; (iii) the undersigned has good and marketable title to its Class B Units and shares of Class B Common Stock that are subject to this Election of Exchange, and such Class B
Units and shares of Class B Common Stock are being transferred to Holdings free and clear of any Lien; and (iv) no consent, approval, authorization, order, registration or qualification of, or any notice to or filing with, any third party or any
court or governmental agency or body having jurisdiction over the undersigned or the Class B Units or shares of Class B Common Stock subject to this Election of Exchange is required to be obtained or made by the undersigned for the transfer of such
Class B Units or shares of Class B Common Stock. 
 The undersigned hereby irrevocably constitutes and appoints any officer
of the Company or Holdings, as applicable, as the attorney of the undersigned, with full power of substitution and resubstitution in the premises, solely to do any and all things and to take any and all actions necessary to effect the Exchange
elected hereby, including to transfer to Holdings or the Company the Class B Units and the shares of Class B Common Stock subject to this Election of Exchange and to deliver to the undersigned the cash or the shares of Class A Common Stock to be
delivered in Exchange therefor. 

  
 A-2 








 IN WITNESS WHEREOF the undersigned, by authority duly given, has caused this
Election of Exchange to be executed and delivered by the undersigned or by its duly authorized attorney. 
  

			
	 By:
	 	  

		 	 Name:

		 	 Title:




  
 A-3 








 EXHIBIT B 

[FORM OF] 
 JOINDER AGREEMENT 

This Joinder Agreement (“Joinder Agreement”) is a joinder to the Exchange Agreement, dated as of [●],
2016 (the “Agreement”), by and among Hostess Brands Inc., (formerly known as Gores Holdings, Inc., the “Company”), Hostess Holdings, L.P. (“Holdings”), Hostess CDM Co-Invest, LLC, Hostess CDM
Co-Invest, LLC – Series A, Hostess CDM Co-Invest, LLC – Series B, Hostess CDM Co-Invest, LLC – Series C, Hostess CDM Co-Invest, LLC – Series D, Hostess CDM Co-Invest, LLC – Series E, Hostess CDM Co-Invest, LLC – Series
F, Hostess CDM Co-Invest, LLC – Series G, Hostess CDM Co-Invest, LLC – Series H, Hostess CDM Co-Invest, LLC – Series I, CDM Hostess Class C, LLC, CDM Hostess Class C, LLC – Series A, CDM Hostess Class C, LLC – Series B, CDM
Hostess Class C, LLC – Series C, CDM Hostess Class C, LLC – Series D, CDM Hostess Class C, LLC – Series E, C. Dean Metropoulos and such other holders of Class B Units from time to time party thereto. Capitalized terms used but
not defined in this Joinder Agreement shall have the meanings given to them in the Agreement. This Joinder Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware. In the event of any conflict
between this Joinder Agreement and the Agreement, the terms of this Joinder Agreement shall control. 
 The undersigned
hereby joins and enters into the Agreement having acquired Class B Units. By signing and returning this Joinder Agreement to the Company and Holdings, the undersigned (i) accepts and agrees to be bound by and subject to all of the terms
and conditions of and agreements of a Holdings Unitholder in the Agreement, with all attendant rights, duties and obligations of a Holdings Unitholder thereunder and (ii) makes, as of the date hereof, each of the representations and warranties of a
Holdings Unitholder in Section 3.3 of the Agreement as fully as if such representations and warranties were set forth herein. The parties to the Agreement shall treat the execution and delivery hereof by the undersigned as the execution and
delivery of the Agreement by the undersigned and, upon receipt of this Joinder Agreement by the Company and Holdings, the signature of the undersigned set forth below shall constitute a counterpart signature to the signature page of the Agreement.

  

							
	 Name:
	 	  
	  	


							
			
	 Address for Notices:
	 		 	 With copies to:

			
	  
	 		 	  

			
	  
	 		 	  

			
	  
	 		 	  

			
	  
	 		 	  

				
	 Attention:
	 	  
	 		 	  



  
 B-1 








 IN WITNESS WHEREOF the undersigned, by authority duly given, has caused this
Joinder Agreement to be executed and delivered by the undersigned or by its duly authorized attorney. 
  

			
	 By:
	 	  

		 	 Name:

		 	 Title:



 Acknowledged as of             
    , 20    : 
  

			
	 HOSTESS BRANDS, INC.

		
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	 [HOLDINGS UNITHOLDER]

		
	 By:
	 	  

		 	 Name:

		 	 Title:



  
 B-2