EX-10.3





 Exhibit 10.3 

SEVENTH AMENDMENT TO REIMBURSEMENT AGREEMENT 

THIS SEVENTH AMENDMENT TO REIMBURSEMENT AGREEMENT, dated as of August 23, 2020 (this “Amendment”), is entered into among
WILLIAMS-SONOMA, INC., a corporation duly organized and validly existing under the laws of the State of Delaware (the “Parent”), Williams-Sonoma Singapore Pte. Ltd., a corporation duly organized and validly existing under the laws
of Singapore (“Williams-Sonoma Singapore” and collectively with the Parent, the “Borrowers”) and U.S. BANK NATIONAL ASSOCIATION, a national banking association (the “Bank”). Capitalized terms used
herein and not otherwise defined shall have the meanings ascribed thereto in the Reimbursement Agreement (as defined below). 
 RECITALS

 WHEREAS, the Borrowers and the Bank are parties to that certain Reimbursement Agreement, dated as of August 30, 2013 (as amended
or modified from time to time, the “Reimbursement Agreement”); and 
 WHEREAS, the parties hereto have agreed to amend the
Reimbursement Agreement as provided herein. 
 NOW, THEREFORE, in consideration of the agreements contained herein, and for other good and
valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 
 AGREEMENT

 1. Amendments. The definition of “Maturity Date” in Section 1.1 of the Reimbursement Agreement is hereby
amended to read as follows: 
 “Maturity Date” means August 22, 2021. 

2. Effectiveness; Conditions Precedent. This Amendment shall become effective upon satisfaction of the following conditions precedent:

 (a) Execution of Counterparts of Amendment. The Bank shall have received counterparts of this Amendment, which
collectively shall have been duly executed on behalf of each Borrower, each of the Guarantors and the Bank. 
 (b)
Resolutions, Etc. The Bank shall have received, in form and substance satisfactory to the Bank, (i) for each of the Borrowers and the Guarantors, resolutions of its board of directors (or similar governing body) certified by its
Secretary or an Assistant Secretary which authorize its execution, delivery and performance of this Amendment and (ii) such other documents as the Bank may reasonably request.  

3. Expenses. The Parent agrees to reimburse the Bank for all reasonable
out-of-pocket costs and expenses of the Bank in connection with the preparation, execution and delivery of this Amendment, including without limitation the reasonable
fees and expenses of Moore & Van Allen PLLC. 
 4. Ratification of Reimbursement Agreement. Each Borrower and each Guarantor
acknowledges and consents to the terms set forth herein and agrees that this Amendment does not impair, reduce or limit any of its obligations under the Transaction Documents, as amended hereby. This Amendment is a Transaction Document. 












 5. Authority/Enforceability. Each Borrower and each Guarantor represents and warrants
as follows: 
 (a) It has taken all necessary action to authorize the execution, delivery and performance of this
Amendment. 
 (b) This Amendment has been duly executed and delivered by such Borrower and Guarantor and constitutes its
legal, valid and binding obligations, enforceable in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to the enforcement of creditors’ rights and general principles of equity.

 (c) No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental
Authority or any other Person is necessary or required in connection with the execution, delivery or performance by such Person of this Amendment. (d) The execution and delivery of this Amendment does not (i) contravene the terms of its
articles of incorporation, bylaws or other organizational documents (as applicable) or (ii) violate any applicable law, rule or regulation. 

6. Representations and Warranties of the Borrowers. Each Borrower represents and warrants to the Bank that after giving effect to this
Amendment (a) the representations and warranties set forth in Article 6 of the Reimbursement Agreement are true and correct in all material respects as of the date hereof, except to the extent that such representations and warranties
specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date, and (b) no event has occurred and is continuing which constitutes a Default. 

7. Counterparts/Telecopy. This Amendment may be executed in any number of counterparts, each of which when so executed and delivered
shall be an original, but all of which shall constitute one and the same instrument. Delivery of executed counterparts of this Amendment by telecopy or other secure electronic format (.pdf) shall be effective as an original. 

8. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF CALIFORNIA APPLICABLE
TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE; PROVIDED THAT THE BANK SHALL RETAIN ALL RIGHTS ARISING UNDER FEDERAL LAW. 

9. Successors and Assigns. This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns. 
 10. Headings. The headings of the sections hereof are provided for convenience only and shall not in any
way affect the meaning or construction of any provision of this Amendment. 
 11. Severability. If any provision of this Amendment is
held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Amendment shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith
negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a
particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 [remainder of page
intentionally left blank] 












 Each of the parties hereto has caused a counterpart of this Amendment to be duly executed
and delivered as of the date first above written. 
 BORROWERS: 

 

			
	 WILLIAMS-SONOMA, INC.,
 a Delaware
corporation

		
	By:	 	/s/ Julie Whalen
	Name: Julie Whalen
	Title:   Chief Financial Officer
	
	WILLIAMS-SONOMA SINGAPORE PTE. LTD.
		
	By:	 	/s/ Beth Thompson
	Name: Beth Thompson
	Title:   Director


 ACKNOWLEDGED AND AGREED: 

GUARANTORS: 
  

			
	WILLIAMS-SONOMA, INC.
	REJUVENATION INC.
	SUTTER STREET MANUFACTURING, INC.
	WILLIAMS-SONOMA ADVERTISING, INC.
	WILLIAMS-SONOMA DIRECT, INC.
	WILLIAMS-SONOMA DTC, INC.
	WILLIAMS-SONOMA DTC TEXAS, INC.
	WILLIAMS-SONOMA GIFT MANAGEMENT, INC.
	WILLIAMS-SONOMA RETAIL SERVICES, INC.
	WILLIAMS-SONOMA STORES, INC.
		
	By:	 	/s/ Julie Whalen
	Name: Julie Whalen
	Title: Chief Financial Officer



  
 WILLIAMS-SONOMA, INC. 

SEVENTH AMENDMENT TO REIMBURSEMENT AGREEMENT 













 BANK: 
  

			
	U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	/s/ Joyce P. Dorsett
	Name: Joyce P. Dorsett
	Title:   Senior Vice President



  
 WILLIAMS-SONOMA, INC. 

SEVENTH AMENDMENT TO REIMBURSEMENT AGREEMENT