# EDGAR Filing Document

**Accession Number:** 0001846510
**File Stem:** 0001140361-26-002822
**Filing Date:** 2026-1
**Character Count:** 600698
**Document Hash:** dae6ebb5396214727584d45af0d78322
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-26-002822.hdr.sgml**: 20260129

**ACCESSION NUMBER**: 0001140361-26-002822

**CONFORMED SUBMISSION TYPE**: SC 13E3/A

**PUBLIC DOCUMENT COUNT**: 7

**FILED AS OF DATE**: 20260129

**DATE AS OF CHANGE**: 20260129

**GROUP MEMBERS**: ANDREW CARNIE

**GROUP MEMBERS**: EH PARENT LLC

**GROUP MEMBERS**: GLOBAL JOINT VENTURE INVESTMENT PARTNERS LP

**GROUP MEMBERS**: NICK JONES

**GROUP MEMBERS**: OA3, LLC

**GROUP MEMBERS**: RICHARD CARING

**GROUP MEMBERS**: RON BURKLE

**GROUP MEMBERS**: TOM COLLINS

**GROUP MEMBERS**: YUCAIPA AMERICAN ALLIANCE (PARALLEL) FUND II, L.P.

**GROUP MEMBERS**: YUCAIPA AMERICAN ALLIANCE FUND II, L.P.

**GROUP MEMBERS**: YUCAIPA AMERICAN ALLIANCE III, L.P.

**GROUP MEMBERS**: YUCAIPA COMPANIES LLC

**GROUP MEMBERS**: YUCAIPA SOHO WORKS, INC.

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Soho House & Co Inc.
- **CENTRAL INDEX KEY:** 0001846510
- **STANDARD INDUSTRIAL CLASSIFICATION:** HOTELS & MOTELS [7011]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0102

**FILING VALUES:**
- **FORM TYPE:** SC 13E3/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-93187
- **FILM NUMBER:** 26579202

**BUSINESS ADDRESS:**
- **STREET 1:** 515 W. 20TH STREET
- **STREET 2:** 5TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10011
- **BUSINESS PHONE:** (212) 627-9800

**MAIL ADDRESS:**
- **STREET 1:** 515 W. 20TH STREET
- **STREET 2:** 5TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10011

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Membership Collective Group Inc.
- **DATE OF NAME CHANGE:** 20210217
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Soho House & Co Inc.
- **CENTRAL INDEX KEY:** 0001846510
- **STANDARD INDUSTRIAL CLASSIFICATION:** HOTELS & MOTELS [7011]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0102

**FILING VALUES:**
- **FORM TYPE:** SC 13E3/A

**BUSINESS ADDRESS:**
- **STREET 1:** 515 W. 20TH STREET
- **STREET 2:** 5TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10011
- **BUSINESS PHONE:** (212) 627-9800

**MAIL ADDRESS:**
- **STREET 1:** 515 W. 20TH STREET
- **STREET 2:** 5TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10011

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Membership Collective Group Inc.
- **DATE OF NAME CHANGE:** 20210217

#### **TABLE OF CONTENTS**

### UNITED STATES <br>

### SECURITIES AND EXCHANGE COMMISSION <br>

#### WASHINGTON, D.C. 20549

### SCHEDULE 13E-3

#### RULE 13E-3 TRANSACTION STATEMENT UNDER SECTION 13(E) <br>

#### OF THE SECURITIES EXCHANGE ACT OF 1934

#### Amendment No. 2

### SOHO HOUSE & CO INC. <br>

#### (Name of the Issuer)
Soho House & Co Inc. <br>

EH Parent LLC <br>

The Yucaipa Companies LLC <br>

Yucaipa American Alliance (Parallel) Fund II, L.P. <br>

Yucaipa American Alliance Fund II, L.P. <br>

Yucaipa American Alliance III, L.P. <br>

Yucaipa Soho Works, Inc. <br>

Global Joint Venture Investment Partners LP <br>

OA3, LLC <br>

Ron Burkle <br>

Richard Caring <br>

Andrew Carnie <br>

Nick Jones <br>

Tom Collins <br>

**(Names of Persons Filing Statement)**

Class A Common Stock, par value $0.01 per share <br>

**(Title of Class of Securities)**

586001109 <br>

**(CUSIP Number of Class of Securities)**

---

| | |
|:---|:---|
| Soho House & Co Inc. <br>Richard Caring<br>Andrew Carnie<br>Nick Jones<br>Tom Collins<br>c/o 180 Strand<br>London, WC2R 1EA<br>United Kingdom<br>Tel: +44 (0) 207 8512 300 | EH Parent LLC<br>The Yucaipa Companies LLC<br>Yucaipa American Alliance (Parallel) Fund II, L.P.<br>Yucaipa American Alliance Fund II, L.P.<br>Yucaipa American Alliance III, L.P.<br>Yucaipa Soho Works, Inc.<br>Global Joint Venture Investment Partners LP<br>OA3, LLC<br>Ron Burkle<br>c/o The Yucaipa Companies<br>9130 West Sunset Boulevard<br>Los Angeles, CA 90069<br>Tel: (310) 789-7200 |

---

#### (Name, Address, and Telephone Number of Person Authorized to Receive Notices and Communications on Behalf of the Persons Filing Statement)<br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

#### With copies to:

---

| | | |
|:---|:---|:---|
| Samir A. Gandhi<br>John H. Butler<br>Ayo K. Badejo<br>Sidley Austin LLP<br>787 7th Ave<br>New York, NY 10019<br>Tel: (212) 839-5300 | Philip Richter<br>Alison McCormick<br>Fried, Frank, Harris, Shriver & Jacobson LLP<br>One New York Plaza<br>New York, NY 10004<br>Tel: (212) 859-8000 | Melissa A. DiVincenzo<br>Morris, Nichols, Arsht & <br>Tunnell LLP<br>1201 N Market Street, 16th Floor<br>Wilmington, DE 19801<br>Tel: (302) 658-9200 |

---

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

---

| | |
|:---|:---|
| a. ☒  | 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: ☐

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

**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 transaction statement on Schedule 13E-3. Any representation to the contrary is a criminal offense.** 

------

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| &nbsp;&nbsp;[Item 10. Source and Amounts of Funds or Other Consideration](#tSAF) | [1](#tSAF) |
| [Item 15. Additional Information](#tAI) | [1](#tAI) |
| [Item 16. Exhibits](#tEXH) | [4](#tEXH) |

---

i<br>

------

#### INTRODUCTION
This Amendment No. 2 (this "**Final Amendment**") to the Transaction Statement on Schedule 13E-3 (as amended, the "**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 (the "**Exchange Act**"), jointly by the following persons (each, a "**Filing Person**," and collectively, the "**Filing Persons**"): (i) Soho House & Co Inc., a Delaware corporation ("**Soho House**") and the issuer of Soho House's Class A common stock, par value $0.01 per share (the "**Class A Common Stock**" and, together with Soho House's Class B common stock, par value $0.01 per share, the "**Common Stock**"), that is the subject of the Rule 13e-3 transaction; (ii) EH Parent LLC, a Delaware limited liability company ("**Parent**"); (iii) The Yucaipa Companies LLC, a Delaware limited liability company ("**Yucaipa**"); (iv) (a) Yucaipa American Alliance Fund II, L.P. ("**Fund II**"), (b) Yucaipa American Alliance (Parallel) Fund II, L.P. ("**Parallel Fund**"), (c) Yucaipa American Alliance III, L.P. ("**Alliance III**"), (d) Yucaipa Soho Works, Inc. ("**Soho Fund**" and, together with Fund II, Parallel Fund and Alliance III, the "**Yucaipa Funds**"), (e) Global Joint Venture Investment Partners LP ("**Global JV**") and (f) OA3, LLC ("**OA3**" and, together with the Yucaipa Funds and Global JV, the "**Yucaipa Filing Parties**"); (v) Mr. Ron Burkle; (vi) Mr. Richard Caring; (vii) Mr. Andrew Carnie; (viii) Mr. Nick Jones; and (ix) Mr. Tom Collins.

This Transaction Statement relates to the Agreement and Plan of Merger, dated August 15, 2025 (including all exhibits and documents attached thereto, and as it may be amended, supplemented or modified, from time to time, the "**Merger Agreement**"), by and among Soho House, Parent and EH MergerSub Inc., a Delaware corporation and wholly owned subsidiary of Parent ("**Merger Sub**"), pursuant to which Merger Sub merged with and into Soho House (the "**Merger**"), with Soho House surviving the Merger. As a result of the Merger, Merger Sub ceased to exist as an independent entity and, therefore, is no longer a Filing Person.

This Final Amendment is being filed pursuant to Rule 13e-3(d)(3) under the Exchange Act to report the results of the transaction that is the subject of the Transaction Statement.

Except as otherwise set forth herein, the information set forth in the Transaction Statement remains unchanged and is incorporated by reference into this Final Amendment. All information set forth in this Final Amendment should be read together with the information contained or incorporated by reference in the Transaction Statement.

While each of the Filing Persons acknowledges that the Merger may be deemed to constitute a "going private" transaction for purposes of Rule 13e-3 under the Exchange Act, the filing of this Final Amendment and the Transaction Statement shall not be construed as an admission by any Filing Person, or by any affiliate of a Filing Person, that, prior to the Merger, Soho House was "controlled" by any of the Filing Persons or their respective affiliates.

The information concerning Soho House contained in, or incorporated by reference into, the Transaction Statement and the definitive proxy statement (the "**Proxy Statement**") filed under Regulation 14A of the Exchange Act with the SEC pursuant to which Soho House solicited proxies from Soho House's stockholders in connection with the Merger was supplied by Soho House. Similarly, all information concerning each other Filing Person contained in, or incorporated by reference into, the Transaction Statement and the Proxy Statement was supplied by such Filing Person. No Filing Person, including Soho House, is responsible for the accuracy of any information supplied by any other Filing Person.

ii<br>

------

#### **TABLE OF CONTENTS**

#### SCHEDULE 13E-3 ITEMS

---

| | |
|:---|:---|
| **Item 10.**<br>| **Source and Amounts of Funds or Other Consideration**  |

---

(a) — (b), (d) ***Source of funds; Conditions; Borrowed funds***. Items 10(a), (b) and (d) are hereby amended and supplemented as follows:

In connection with the closing of the Merger, Soho House, Merger Sub and Soho House Holdings Limited ("**Soho House HoldCo**") executed certain revised equity and debt funding arrangements, as described below:

&nbsp;&nbsp;&nbsp;&nbsp;• Merger Sub entered into a $50.0 million equity commitment letter with Morse Ventures Inc. ()"**Morse Ventures** "), an entity owned by Mr. Tyler Morse, the Chairman and Chief Executive Officer of MCR Investors LLC (the "**Morse Commitment** "), pursuant to which Morse Ventures funded approximately $45.0 million to Merger Sub. MCR Hospitality Fund IV LP and MCR Hospitality Fund IV QP LP (collectively, "**MCR**") separately funded approximately $55.0 million to Merger Sub under their equity commitment letter, for a total of approximately $100.0 million in equity funding from MCR and Morse Ventures.

&nbsp;&nbsp;&nbsp;&nbsp;• Soho House HoldCo amended and restated its debt commitment letter (the "**Amended and Restated Debt Commitment Letter**") with Apollo and the GS Principal Investors (each, as defined in the Proxy Statement) and, together, the "**HoldCo Financing Sources** "). Pursuant to the Amended and Restated Debt Commitment Letter, the HoldCo Financing Sources increased the aggregate size of Soho House HoldCo's senior unsecured notes facility from $150.0 million to $220.0 million (the "**Upsized HoldCo Facility** ").

&nbsp;&nbsp;&nbsp;&nbsp;• In connection with the Upsized HoldCo Facility, Merger Sub and Apollo Capital Management, L.P. reduced Apollo Capital Management, L.P.'s existing $50.0 million equity commitment and affiliates of Apollo Capital Management, L.P. funded approximately $30.0 million to Merger Sub.

&nbsp;&nbsp;&nbsp;&nbsp;• Merger Sub entered into an equity commitment letter with Momentum Solutions II, LLC ()"**Momentum** "), an entity owned and controlled by Mr. George Popstefanov, pursuant to which Momentum funded approximately $100.0 million to Merger Sub.

&nbsp;&nbsp;&nbsp;&nbsp;• Soho House entered into amendments to its existing Rollover and Support Agreements with certain entities affiliated with Goldman Sachs & Co. LLC (the "**GS Funds**") and Mr. Richard Caring (the "**Rollover Agreement Amendments** "). Pursuant to the Rollover Agreement Amendments, the number of shares of Soho House's Class A common stock, par value $0.01 per share (the "**Class A Common Stock** "), held by the GS Funds classified as Rollover Shares (as defined below) decreased from 13,973,957 shares to 13,859,953 shares. In addition, the number of shares of Class A Common Stock classified as Rollover Shares that were held by Mr. Richard Caring decreased from 336,397 shares to zero, while the number of shares of Soho House's Class B common stock, par value $0.01 per share (the "**Class B Common Stock**" and, together with the Class A Common Stock, "**Common Stock** "), classified as Rollover Shares that were held by Mr. Richard Caring increased from 37,024,497 shares to 39,845,438 shares.

Concurrently with the filing of this Final Amendment, Soho House is filing with the SEC a Current Report on Form 8-K (the "**Closing Form 8-K**"). Items 1.01 of the Closing Form 8-K is hereby incorporated by reference.

---

| | |
|:---|:---|
| **Item 15.**<br>| **Additional Information**  |

---

(c) ***Other material information.*** Item 15(c) is hereby amended and supplemented as follows: 

On January 9, 2026, at a special meeting of Soho House's stockholders, Soho House's stockholders adopted the Merger Agreement.

On January 29, 2026, pursuant to the terms of the Merger Agreement, Merger Sub merged with and into Soho House, with Soho House surviving the Merger. As a result of the Merger, Soho House became a privately held company owned by (1) certain of Soho House's existing stockholders (the "**Reinvestment Stockholders**") who entered into rollover and support agreements with Soho House (the "**Rollover and Support Agreements**"), pursuant to which certain of their shares of Common Stock and equity awards (collectively, the "**Rollover Shares**") were designated to remain outstanding following the Merger and (2) certain equity investors (the "**Equity Investors**") that purchased shares of Merger Sub's common stock, par value $0.01 per share (the "**Merger Sub Common Stock**"), at or prior to the effective time of the Merger (the "**Effective Time**"), to fund a portion of the consideration payable to Soho House's stockholders in connection with the Merger.

1<br>

------

#### **TABLE OF CONTENTS**
At the Effective Time:

&nbsp;&nbsp;&nbsp;&nbsp;• each share of Common Stock outstanding immediately prior to the Effective Time (other than (1) Owned Company Shares (as defined below), (2) Rollover Shares, (3) shares held by stockholders who properly and validly exercised their statutory appraisal rights in accordance with Section 262 of the General Corporation Law of the State of Delaware and (4) shares of Class A Common Stock that were issued pursuant to equity awards pursuant to the terms of the Merger Agreement) were cancelled and extinguished and automatically converted into the right to receive $9.00 in cash without interest thereon and subject to applicable withholding taxes (the "**Per Share Price** ");

&nbsp;&nbsp;&nbsp;&nbsp;• each share of Common Stock that was (1) held by Soho House or its subsidiaries or (2) owned by Parent or Merger Sub (other than Rollover Shares) as of immediately prior to the Effective Time (the "**Owned Company Shares**") was cancelled and extinguished without any conversion thereof or consideration paid therefor;

&nbsp;&nbsp;&nbsp;&nbsp;• each share of Merger Sub Common Stock that was outstanding as of immediately prior to the Effective Time (other than the shares of Merger Sub Common Stock owned by Parent) was cancelled and extinguished and automatically converted into one share of Class A Common Stock;

&nbsp;&nbsp;&nbsp;&nbsp;• each vested stock appreciation right ()"**Soho House SAR**") granted under the Soho House 2021 Equity Incentive Plan or the Soho House Holdings Limited 2020 Equity Incentive Plan (the "**Soho House Equity Plans**") that was not held by a Reinvestment Stockholder was cancelled and converted into the right to receive a cash payment equal to the product of (1) such Soho House SAR, multiplied by (2) the excess, if any, of (A) the Per Share Price over (B) the base price per share subject to such award, without interest and less any required tax withholdings; provided that each vested Soho House SAR with a base price per share that was equal to or greater than the Per Share Price was cancelled for no consideration;

&nbsp;&nbsp;&nbsp;&nbsp;• with respect to each vested Soho House SAR that was held by a Reinvestment Stockholder: (1) 60%, or such other amount as set forth in the Reinvestment Stockholder's Rollover and Support Agreement, of the total vested Soho House SARs held by such Reinvestment Stockholder (consisting of such vested Soho House SARs with the most recent grant date) continued to relate to shares of Class A Common Stock and remained subject to the same terms and conditions applicable to such vested Soho House SAR; and (2) 40%, or such other amount as set forth in the Reinvestment Stockholder's Rollover and Support Agreement, of the total vested Soho House SARs held by such Reinvestment Stockholder (consisting of such vested Soho House SARs with the earliest grant date) were cancelled in exchange for a cash payment equal to the product of (A) each such Soho House SAR, multiplied by (B) the excess, if any, of (i) the Per Share Price over (ii) the base price per share of such Soho House SAR, without interest and less any required tax withholdings; provided that each vested Soho House SAR with a base price per share that was equal to or greater than the Per Share Price was cancelled for no consideration;

&nbsp;&nbsp;&nbsp;&nbsp;• each vested Soho House performance-based restricted stock unit award under any Soho House Equity Plan ()"**Soho House PSU**") or restricted stock unit award granted under any Soho House Equity Plan other than a Soho House PSU ()"**Soho House RSU**") (including any Soho House RSUs or Soho House PSUs that vested as a result of the Merger) was cancelled and converted into the right to receive a cash payment equal to the product of (1) the number of shares subject to such award multiplied by (2) the Per Share Price, less any required tax withholdings; provided that, for any Reinvestment Stockholder, 40%, or such other amount as set forth in the Reinvestment Stockholder's Rollover and Support Agreement, of such amount was paid in cash, and 60%, or such other amount as set forth in the Reinvestment Stockholder's Rollover and Support Agreement, was paid in a number of shares of Class A Common Stock equal to the quotient of (A) 60%, or such other amount as set forth in the Reinvestment Stockholder's Rollover and Support Agreement, of such amount and (B) the Per Share Price (rounded to the nearest whole share);

&nbsp;&nbsp;&nbsp;&nbsp;• each unvested Soho House RSU held by any non-employee director of Soho House was cancelled and converted into the right to receive a cash payment equal to the product of (1) the number of such Soho House RSUs held by such holder multiplied by (2) the Per Share Price; provided that, for any Reinvestment Stockholder, such Reinvestment Stockholder was paid only a portion of such amount (as set forth in the Reinvestment Stockholder's Rollover and Support Agreement and which may be $0) in cash, and a portion

2<br>

------

(as set forth in the Reinvestment Stockholder's Rollover and Support Agreement and which may be $0) was paid in a number of shares of Class A Common Stock equal to the quotient of (A) such amount and (B) the Per Share Price (rounded to the nearest whole share); and

&nbsp;&nbsp;&nbsp;&nbsp;• with respect to each unvested Soho House SAR, Soho House RSU or Soho House PSU, such award continued to relate to Class A Common Stock and remained subject to the same terms and conditions applicable to such award.

Each Rollover Share remained outstanding following the Effective Time.

In connection with the Closing, Soho House notified the New York Stock Exchange (the "**NYSE**") of its intent to remove the Class A Common Stock from listing on the NYSE and requested that the NYSE (1) suspend trading of the Class A Common Stock on the NYSE prior to the opening of trading on January 29, 2026 and (2) file a Notification of Removal of Listing and/or Registration on Form 25 with the SEC to delist and deregister the Class A Common Stock under Section 12(b) of the Exchange Act. The delisting and deregistration under Section 12(b) of the Exchange Act will become effective 10 days after the filing of Form 25.

Soho House intends to file with the SEC a certification and notice on Form 15 with respect to the Class A Common Stock after the delisting and deregistration under Section 12(b) of the Exchange Act becomes effective. Soho House's reporting obligations under the Exchange Act will be suspended upon the filing of the Form 15.

3<br>

------

---

| | |
|:---|:---|
| **Item 16.**<br>| **Exhibits** |

---

The following exhibits are filed herewith:

&nbsp;&nbsp;&nbsp;&nbsp;• [16(a)(2)(i) Definitive Proxy Statement of Soho House & Co Inc. (included in the Schedule 14A filed on December 11, 2025 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1846510/000114036125045199/ny20055352x3_defm14a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(a)(2)(ii) Form of Proxy Card (included in the Proxy Statement and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1846510/000114036125045199/ny20055352x3_defm14a.htm#ny20055352x3_defm14a_400-proxycards_pg1)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(a)(2)(iii) Letter to Stockholders (included in the Proxy Statement and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1846510/000114036125045199/ny20055352x3_defm14a.htm#ny20055352x3_defm14a_101-letter_pg1)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(a)(2)(iv) Notice of Special Meeting of Stockholders (included in the Proxy Statement and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1846510/000114036125045199/ny20055352x3_defm14a.htm#ny20055352x3_defm14a_102-notice_pg1)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(a)(2)(v) Current Report on Form 8-K, dated August 18, 2025 (included in Schedule 14A filed on August 18, 2025 and incorporated herein by reference).](https://www.sec.gov/ix?doc=/Archives/edgar/data/1846510/000119312525182169/d921953d8k.htm)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(a)(2)(vi) Soliciting Materials (Letter from CEO to Stockholders) filed on Schedule 14A on August 18, 2025 (included in Schedule 14A filed on August 18, 2025 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1846510/000119312525182685/d73597ddefa14a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(a)(2)(vii) Soliciting Materials (Q&A for Members) filed on Schedule 14A on August 18, 2025 (included in Schedule 14A filed on August 18, 2025 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1846510/000119312525182768/d74541ddefa14a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(a)(2)(viii) Soliciting Materials (Letter from CEO) filed on Schedule 14A on August 18, 2025 (included in Schedule 14A filed on August 18, 2025 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1846510/000119312525182770/d74557ddefa14a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(a)(5)(i) Current Report on Form 8-K (filed on January 8, 2026 and incorporated herein by reference).](https://www.sec.gov/ix?doc=/Archives/edgar/data/1846510/000114036126000611/ef20062542_8k.htm)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(a)(5)(ii) Current Report on Form 8-K (filed on January 14, 2026 and incorporated herein by reference).](https://www.sec.gov/ix?doc=/Archives/edgar/data/1846510/000114036126001215/ef20062789_8k.htm)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(a)(5)(iii) Current Report on Form 8-K (filed on January 29, 2026 and incorporated herein by reference).](https://www.sec.gov/ix?doc=/Archives/edgar/data/1846510/000114036126002807/ef20064097_8k.htm)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(b)(i) Senior Unsecured Facility Commitment Letter, dated August 15, 2025, by and among Soho House Holdings Limited, Goldman Sachs Asset Management, L.P., BSCH III Designated Activity Company, Apollo Capital Management, L.P. and Apollo Global Securities, LLC (included as Annex F to the Proxy Statement and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1846510/000114036125045199/ny20055352x3_defm14a.htm#tANNEXF)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(b)(ii) Senior Unsecured Facility Restated Commitment Letter, dated January 14, 2026, by and among Soho House Holdings Limited, Goldman Sachs Asset Management, L.P., Broad Street Credit Holdings, LLC, Apollo Capital Management, L.P. and Apollo Global Securities, LLC.](ny20064105x1_ex16b-ii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(b)(iii) Senior Secured Facility Commitment Letter, dated August 15, 2025, by and between Soho House Bond Limited, Apollo Capital Management, L.P. and Apollo Global Securities, LLC (included as Annex G to the Proxy Statement and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1846510/000114036125045199/ny20055352x3_defm14a.htm#tANNEXG)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(b)(iv) Senior Secured Facility Restated Commitment Letter, dated January 14, 2026, by and between Soho House Bond Limited, Apollo Capital Management, L.P. and Apollo Global Securities, LLC.](ny20064105x1_ex16b-iv.htm)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(c)(i) Opinion of Morgan Stanley & Co. LLC to the Special Committee of the Board of Directors of Soho House & Co Inc., dated August 15, 2025 (included as Annex K to the Proxy Statement and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1846510/000114036125045199/ny20055352x3_defm14a.htm#tANNEXK)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(c)(ii)\* Presentation prepared by Morgan Stanley & Co. LLC, dated August 12, 2025, for the Board of Directors of Soho House & Co Inc.](https://www.sec.gov/Archives/edgar/data/1846510/000114036125035726/ny20055352x2_ex16-cii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(c)(iii)\* Presentation prepared by Morgan Stanley & Co. LLC, dated August 12, 2025, for the Special Committee of the Board of Directors of Soho House & Co Inc.](https://www.sec.gov/Archives/edgar/data/1846510/000114036125035726/ny20055352x2_ex16-ciii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(c)(iv)\* Preliminary Presentation Materials prepared by Morgan Stanley & Co. LLC, dated July 3, 2025, for the Special Committee of the Board of Directors of Soho House & Co Inc.](https://www.sec.gov/Archives/edgar/data/1846510/000114036125035726/ny20055352x2_ex16-civ.htm)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(c)(v)\* Preliminary Presentation Materials prepared by Morgan Stanley & Co. LLC, dated March 21, 2025, for the Special Committee of the Board of Directors of Soho House & Co Inc.](https://www.sec.gov/Archives/edgar/data/1846510/000114036125035726/ny20055352x2_ex16-cv.htm)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(c)(vi)\* Preliminary Presentation Materials prepared by Morgan Stanley & Co. LLC, dated January 24, 2025, for the Special Committee of the Board of Directors of Soho House & Co Inc.](https://www.sec.gov/Archives/edgar/data/1846510/000114036125035726/ny20055352x2_ex16-cvi.htm)

4<br>

------

&nbsp;&nbsp;&nbsp;&nbsp;• [16(d)(i) Agreement and Plan of Merger, dated as of August 15, 2025, by and among Soho House & Co Inc., EH MergerSub Inc. and EH Parent LLC (included as Annex A to the Proxy Statement and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1846510/000114036125045199/ny20055352x3_defm14a.htm#tANNEXA)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(d)(ii) Form of Rollover and Support Agreement entered into with the Reinvestment Stockholders (included as Annex B to the Proxy Statement and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1846510/000114036125045199/ny20055352x3_defm14a.htm#tANNEXB)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(d)(iii) Equity Commitment Letter, dated August 15, 2025, by and between EH MergerSub Inc. and Apollo Capital Management, L.P. (included as Annex C to the Proxy Statement and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1846510/000114036125045199/ny20055352x3_defm14a.htm#tANNEXC)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(d)(iv) Amended and Restated Equity Commitment Letter, dated January 14, 2026, by and between EH MergerSub Inc. and Apollo Capital Management, L.P.](ny20064105x1_ex16d-iv.htm)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(d)(v) Equity Commitment Letter, dated August 15, 2025, by and among EH MergerSub Inc., MCR Hospitality Fund IV LP and MCR Hospitality Fund IV QP LP (included as Annex D to the Proxy Statement and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1846510/000114036125045199/ny20055352x3_defm14a.htm#tANNEXD)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(d)(vi) Equity Commitment Letter, dated January 13, 2026, by and between EH MergerSub Inc. and Morse Ventures Inc.](ny20064105x1_ex16d-vi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(d)(vii) Equity Commitment Letter, dated January 26, 2026, by and between EH MergerSub Inc. and Momentum Solutions II, LLC.](ny20064105x1_ex16d-vii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(d)(viii) Form of Equity Commitment Letter entered into with certain other Equity Investors (included as Annex E to the Proxy Statement and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1846510/000114036125045199/ny20055352x3_defm14a.htm#tANNEXE)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(d)(ix) Stockholders' Agreement, dated as of July 19, 2021, among Yucaipa American Alliance Fund II, L.P., Yucaipa American Alliance (Parallel) Fund II, L.P. Richard Caring, Nick Jones and Membership Collective Group Inc. (incorporated by reference to Exhibit 2.1 to Soho House & Co Inc.'s Registration Statement on Form S-1 filed with the SEC on June 21, 2021).](https://www.sec.gov/Archives/edgar/data/1846510/000119312521194316/d89619dex21.htm)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(d)(x) Form of Voting Agreement to be entered into with the Reinvestment Stockholders and Equity Investors at closing (included as Annex J to the Proxy Statement and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1846510/000114036125045199/ny20055352x3_defm14a.htm#tANNEXJ)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(d)(xi) Voting Agreement entered into with the Reinvestment Stockholders and Equity Investors at closing.](ny20064105x1_ex16d-xi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(d)(xii) Letter Agreement, dated as of August 15, 2025, by and between Ronald W. Burkle and Nick Jones (included as Annex H to the Proxy Statement and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1846510/000114036125045199/ny20055352x3_defm14a.htm#tANNEXH)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(d)(xiii) Letter Agreement Amendment, dated as of December 2, 2025, by and between Ronald W. Burkle and Nick Jones (included as Annex I to the Proxy Statement and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1846510/000114036125045199/ny20055352x3_defm14a.htm#tANNEXI)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(f)\* Section 262 of the General Corporation Law of the State of Delaware.](https://www.sec.gov/Archives/edgar/data/1846510/000114036125035726/ny20055352x2_ex16-f.htm)

&nbsp;&nbsp;&nbsp;&nbsp;• [107\* Filing Fee Table](https://www.sec.gov/ix?doc=/Archives/edgar/data/1846510/000114036125045203/ny20055352x4_ex107.htm)

\*<br> Previously filed with the Transaction Statement.

5<br>

------

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

Dated: January 29, 2026

---

| | | |
|:---|:---|:---|
| **SOHO HOUSE & CO INC.**  | **SOHO HOUSE & CO INC.**  | **SOHO HOUSE & CO INC.**  |
| By: | /s/ Andrew Carnie  | /s/ Andrew Carnie  |
|  | Name: | Andrew Carnie  |
|  | Title: | Chief Executive Officer  |
| **EH PARENT LLC**  | **EH PARENT LLC**  | **EH PARENT LLC**  |
| By: Yucaipa American Alliance Fund II, L.P., its sole member  | By: Yucaipa American Alliance Fund II, L.P., its sole member  | By: Yucaipa American Alliance Fund II, L.P., its sole member  |
| By: Yucaipa American Alliance Fund II, LLC, its general partner | By: Yucaipa American Alliance Fund II, LLC, its general partner | By: Yucaipa American Alliance Fund II, LLC, its general partner |
| By: | /s/ Daniel Larsen  | /s/ Daniel Larsen  |
|  | Name: | Daniel Larsen  |
|  | Title: | Assistant Vice President |
| **THE YUCAIPA COMPANIES LLC**  | **THE YUCAIPA COMPANIES LLC**  | **THE YUCAIPA COMPANIES LLC**  |
| By: | /s/ Daniel Larsen  | /s/ Daniel Larsen  |
|  | Name: | Daniel Larsen  |
|  | Title: | Assistant Vice President  |
| **YUCAIPA AMERICAN ALLIANCE FUND II, L.P.**  | **YUCAIPA AMERICAN ALLIANCE FUND II, L.P.**  | **YUCAIPA AMERICAN ALLIANCE FUND II, L.P.**  |
| By: | Yucaipa American Alliance Fund II, LLC, its general partner | Yucaipa American Alliance Fund II, LLC, its general partner |
| By: | /s/ Daniel Larsen  | /s/ Daniel Larsen  |
|  | Name: | Daniel Larsen  |
|  | Title: | Assistant Vice President  |
| **YUCAIPA AMERICAN ALLIANCE (PARALLEL) FUND II, L.P.**  | **YUCAIPA AMERICAN ALLIANCE (PARALLEL) FUND II, L.P.**  | **YUCAIPA AMERICAN ALLIANCE (PARALLEL) FUND II, L.P.**  |
| By: | Yucaipa American Alliance Fund II, LLC, its general partner | Yucaipa American Alliance Fund II, LLC, its general partner |
| By: | /s/ Daniel Larsen  | /s/ Daniel Larsen  |
|  | Name: | Daniel Larsen |
|  | Title: | Assistant Vice President |

---

------

#### **TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **YUCAIPA AMERICAN ALLIANCE III, L.P.** | **YUCAIPA AMERICAN ALLIANCE III, L.P.** | **YUCAIPA AMERICAN ALLIANCE III, L.P.** |
| By: | Yucaipa American Alliance III, LLC, its general partner  | Yucaipa American Alliance III, LLC, its general partner  |
| By: | /s/ Daniel Larsen  | /s/ Daniel Larsen  |
|  | Name: | Daniel Larsen |
|  | Title: | Assistant Vice President  |
| **YUCAIPA SOHO WORKS, INC.** | **YUCAIPA SOHO WORKS, INC.** | **YUCAIPA SOHO WORKS, INC.** |
| By: | Yucaipa American Alliance (Parallel) III, LP, its sole stockholder | Yucaipa American Alliance (Parallel) III, LP, its sole stockholder |
| By: | Yucaipa American Alliance III, LLC, its general partner | Yucaipa American Alliance III, LLC, its general partner |
| By: | /s/ Daniel Larsen  | /s/ Daniel Larsen  |
|  | Name: | Daniel Larsen  |
|  | Title: | Assistant Vice President |
| **GLOBAL JOINT VENTURE INVESTMENT PARTNERS LP**  | **GLOBAL JOINT VENTURE INVESTMENT PARTNERS LP**  | **GLOBAL JOINT VENTURE INVESTMENT PARTNERS LP**  |
| By: | Global Joint Venture Investment Partners, LLC, its general partner  | Global Joint Venture Investment Partners, LLC, its general partner  |
| By: | /s/ Daniel Larsen  | /s/ Daniel Larsen  |
|  | Name: | Daniel Larsen |
|  | Title: | Assistant Vice President  |
| **OA3, LLC** | **OA3, LLC** | **OA3, LLC** |
| By: | /s/ Daniel Larsen  | /s/ Daniel Larsen  |
|  | Name: | Daniel Larsen  |
|  | Title: | Assistant Vice President |

---

------

---

| |
|:---|
| **RON BURKLE** |
| /s/ Ron Burkle |
| **RICHARD CARING** |
| /s/ Richard Caring |
| **ANDREW CARNIE** |
| /s/ Andrew Carnie |
| **NICK JONES** |
| /s/ Nick Jones |
| **TOM COLLINS** |
| /s/ Tom Collins |

---

## Ex-16.(B)(Ii)

------

#### Exhibit 16(b)(ii)

#### Execution Version

---

| | |
|:---|:---|
| **APOLLO GLOBAL SECURITIES, LLC** | **GOLDMAN SACHS ASSET** |
| **APOLLO CAPITAL MANAGEMENT, L.P.** | **MANAGEMENT, L.P.** |
| 9 West 57<sup>th</sup> Street | **BROAD STREET CREDIT HOLDINGS, LLC** |
| New York, NY 10019 | 200 West Street |
|  | New York, NY 10282 |

---

#### CONFIDENTIAL

January 14, 2026

<u>Soho House Holdings Limited</u>

<u>Senior Unsecured Facility</u>

<u>Restated Commitment Letter</u>

Soho House Holdings Limited

180 Strand

London WC2R 1EA

United Kingdom

Attn: Andrew Carnie, Chief Executive Officer

Ladies and Gentlemen:

You ("***you***" or the "***Company***") have advised Apollo Global Securities, LLC ("***AGS***") and Apollo Capital Management, L.P. ("***ACM***"), on behalf of one or more investment funds, separate accounts, and other entities owned (in whole or in part), controlled, managed, and/or advised by it or its affiliates (such investment funds, separate accounts, and other entities, together with AGS and ACM, "***Apollo***"), certain advised funds and managed accounts of Goldman Sachs Asset Management, L.P. (the "***Initial GS Principal Investors***") and Broad Street Credit Holdings, LLC ("***Broad Street***" and, together with the Initial GS Principal Investors and any Other GS Principal Investors (as defined below), the "***GS Principal Investors***"; the GS Principal Investors together with Apollo, "***we***", "***us***" or the "***Commitment Parties***", and each, a "***Commitment Party***"), that you intend to incur a senior unsecured facility, consisting of notes, in an aggregate amount of up to $220.0 million (the "***HoldCo Notes Facility***") to consummate the transactions described on <u>Exhibit A</u> hereto. Capitalized terms used but not defined herein are used with the meanings assigned to them on the Exhibits attached hereto (such Exhibits, together with this restated commitment letter, collectively, this "***Commitment Letter***").

The Commitment Parties are pleased to advise you of their several and not joint commitment (the "***Commitment***") to provide, directly or through one or more of their respective affiliates or managed funds, the amount of the HoldCo Notes Facility set forth opposite its name in <u>Schedule I</u> hereto upon the terms and subject to the conditions set forth or referred to in this Commitment Letter and <u>Exhibits B</u> and <u>C</u> hereto (the "***Term Sheets***").

<br> 1. <u>Titles and Roles</u>

It is agreed that you will appoint Global Loan Agency Services Limited (or an affiliate thereof) or such other person as agreed between us and you (each acting reasonably) to act as the sole and exclusive Administrative Agent (in such capacity, the "***Administrative Agent***") and that AGS and Goldman Sachs Private Credit Corp. will act as joint lead arrangers (in such capacity, the "***Arrangers***") for the HoldCo Notes Facility; provided that the Company agrees that each Arranger may perform its responsibilities hereunder through its affiliates. Except as set forth in this Commitment Letter and each Closing Payment Letter (as defined below), no other titles will be awarded and no compensation (other than as expressly contemplated by this Commitment Letter and each Closing Payment Letter) will be paid to any other investor in connection with a commitment to participate in the HoldCo Notes Facility unless you and we shall so agree.

------

<br> 2. <u>Information</u>

You hereby represent and covenant that, to your knowledge, (a) all written factual information (other than (i) any projections, financial estimates, budget forecasts and other forward-looking information (the "***Projections***") and (ii) information of general economic or industry specific information) (the "***Information***"), taken as a whole, that has been or will be made available to the Commitment Parties by you or any of your representatives is or will be, when furnished and taken as a whole, complete and correct in all material respects and 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 and updates thereto from time to time) and (b) the Projections that have been made available to the Commitment Parties by you or any of your representatives have been, at the time of delivery, prepared in good faith based upon assumptions that are believed to be reasonable at the time prepared and at the time such Projections are so furnished to the Commitment Parties (it being understood that the Projections are predictions as to future events and are not to be viewed as facts, and forward looking statements by their nature are inherently uncertain, many of which are beyond your control, and are not a guarantee of financial performance, the results reflected in the Projections or forward looking statements may not be achieved and actual results during the period or periods covered by any such Projections may differ from projections or forward looking statements and such differences may be material). If, at any time prior to the termination of this Commitment Letter, any of the representations and warranties in the preceding sentence would not be, to your knowledge, accurate and complete in any material respect if the Information or Projections were being furnished, and such representations and warranties were being made, at such time, then you will use commercially reasonable efforts to promptly supplement the Information and/or Projections so that the representations and warranties contained in this paragraph remain accurate and complete 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 arising after the date hereof. Notwithstanding anything to the contrary herein, the accuracy of the foregoing representations shall not be a condition to our obligations hereunder or the funding of the HoldCo Notes Facility.

<br> 3. <u>Payments</u>

As consideration for the Commitment Parties' commitment hereunder, you agree to pay to the Commitment Parties the nonrefundable payments set forth in (i) the closing payment letter dated the date hereof and delivered herewith among the Company, Goldman Sachs Asset Management, L.P. and Broad Street Credit Holdings, LLC (the "***GS Closing Payment Letter***"), which supersedes and replaces that certain closing payment letter dated August 15, 2025 among the Company, Goldman Sachs Asset Management, L.P. and BSCH III Designated Activity Company (the "***Superseded GS Closing Payment Letter***"), and (ii) the closing payment letter dated the date hereof and delivered herewith between the Company and ACM (the "***Apollo Closing Payment Letter***", together with the GS Closing Payment Letter, each as amended, restated, amended and restated, supplemented or otherwise modified from time to time, a "***Closing Payment Letter***" and collectively, the "***Closing Payment Letters***"), which supersedes and replaces that certain closing payment letter dated August 15, 2025 between the Company and ACM (the "***Superseded Apollo Closing Payment Letter***", together with the Superseded GS Closing Payment Letter, each a "***Superseded Closing Payment Letter***" and collectively, the "***Superseded Closing Payment Letters***").

------

You agree that, once paid, the payments or any part thereof payable hereunder or under any Closing Payment Letter shall not be refundable under any circumstances, regardless of whether the transactions or borrowings contemplated by this Commitment Letter are consummated, except as otherwise agreed in writing by you and each Commitment Party. All amounts payable hereunder and under any Closing Payment Letter shall be paid in immediately available funds in U.S. Dollars and shall not be subject to reduction by way of setoff or counterclaim or be otherwise affected by any claim or dispute related to any other matter. In addition, all amounts payable hereunder shall be paid without deduction for any taxes, levies, imposts, duties, deductions or withholdings (a "***Tax Deduction***") imposed by any national, state or local taxing authority in any jurisdiction from or through which payment is made (a "***Taxing Jurisdiction***"), unless such Tax Deduction is required by applicable law, in which event you will pay additional amounts so that the persons entitled to such payments will receive the amount that such persons would otherwise have received but for such Tax Deduction, except to the extent such Tax Deduction was imposed due to (i) any Commitment Party (or any such Commitment Party's relevant designated affiliate) having any present or former connection with the Taxing Jurisdiction (other than a connection arising from the execution, delivery and performance of this Commitment Letter or any Closing Payment Letter, any transaction contemplated by or pursuant to this Commitment Letter or any Closing Payment Letter, or the receipt of payments under this Commitment Letter or any Closing Payment Letter), (ii) U.S. withholding taxes imposed on amounts payable to or for the account of such Commitment Party pursuant to a law in effect on the date hereof (including Sections 1471 through 1474 of the United States Internal Revenue Code of 1986, as amended (the "***Code***")) or (iii) the failure of any Commitment Party (or of such Commitment Party's relevant designated affiliate or related fund) to provide any form, certificate, document, or other information reasonably requested by you, that it is legally able to provide, and that would have reduced or eliminated such Tax Deduction.

All amounts payable hereunder are exclusive of any applicable value added tax or similar tax ("***<u>VAT</u>***"). If VAT is or becomes properly chargeable in respect of an amount payable to a Commitment Party under this Commitment Letter which constitutes consideration for any supply for VAT purposes and such Commitment Party (or a member of a group which it is part of for VAT purposes) is required to account to the relevant tax authority for such VAT, the Company shall pay (or procure the payment of) (in addition to and at the same time as paying any other consideration for the relevant supply) an amount equal to such VAT to the relevant Commitment Party and the Commitment Party shall promptly provide the Company with an appropriate VAT invoice. For the avoidance of doubt, where this Commitment Letter requires that a Commitment Party is to be reimbursed or indemnified for any fees, cost or expenses, such reimbursement or indemnification (as the case may be) shall include any VAT incurred on such fees, costs or expenses, save to the extent that the relevant Commitment Party reasonably determines that it (or a member of a group which it is part of for VAT purposes) is entitled to credit or repayment in respect of such VAT from the relevant tax authority.

<br> 4. <u>Conditions</u>

The Commitment Parties' commitment hereunder are subject only to the conditions set forth in <u>Exhibit C</u> hereto. There are no conditions (implied or otherwise) to the commitments hereunder, and there will be no conditions (implied or otherwise) under the Definitive Documentation to the initial funding of the HoldCo Notes Facility on the Closing Date, including compliance with the terms (but not the conditions) of this Commitment Letter, the Closing Payment Letters and the Definitive Documentation, in each case, other than those that are expressly referred to in the immediately preceding sentence.

------

Notwithstanding anything to the contrary in this Commitment Letter (including each of the exhibits attached hereto), the Closing Payment Letters, the Definitive 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 accuracy of which shall be a condition to the availability of the Holdco Notes Facility on the Closing Date shall be (A) the representations and warranties made by the Company (as defined in the Merger Agreement) that are material to the interests of the Commitment Parties, but only to the extent resulting in the termination of the Merger Agreement or the Merger, as a result of a breach of such representations in the Merger Agreement (in each case, in accordance with the terms of the Merger Agreement) (the "***Specified Merger Agreement Representations***") and (B) with respect to the Company, the Specified Representations (as defined below) in the Definitive Documentation and (ii) the terms of the Definitive Documentation shall be in a form such that they do not impair the availability of the HoldCo Notes Facility on the Closing Date if the conditions set forth in <u>Exhibit C</u> hereto are satisfied or waived. For purposes hereof, "***Specified Representations***" means the representations and warranties made by the Company set forth in the Definitive Documentation relating to corporate or other organizational existence, power and authority, due authorization, execution and delivery, and enforceability with respect to the Definitive Documentation, and no violation of, or conflict with, organizational documents of the Company related to the entering into and performance of the Definitive Documentation, solvency as of the Closing Date (after giving effect to the Transactions) of the Company and its subsidiaries on a consolidated basis (with solvency to be defined in a manner consistent with the solvency certificate to be delivered in the form set forth in Annex I attached to <u>Exhibit C</u> hereto); use of proceeds of the borrowings under the Definitive Documentation on the Closing Date not violating applicable sanctions, the PATRIOT Act, the UK Bribery Act 2010, OFAC, the U.S. Foreign Corrupt Practices Act of 1977 (as amended), Federal Reserve margin regulations, the Investment Company Act, any applicable law, rule, or regulation promulgated to implement the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, signed on 17 December 1997 and any other applicable law, rule or regulation of similar purpose and scope in any jurisdiction, including books and records offences relating directly or indirectly to a bribe and customary representations relating to applicable securities laws and exemption or exception from registration thereunder. This paragraph, and the provisions herein, shall be referred to as the "***Conditionality Provision***."

You agree to use commercially reasonable efforts to deliver to the Commitment Parties written notice of the date anticipated to be the Closing Date at least 15 business days prior to such date.

<br> 5. <u>Limitation of Liability, Indemnity, Settlement</u>

<br> (a) *<u>Limitation of Liability.</u>*

You agree that (i) in no event shall any of the Commitment Parties and their respective affiliates and respective officers, directors, employees, advisors, and agents (each, and including, without limitation, the Arrangers, each an "***Arranger-Related Person***") have any Liabilities, on any theory of liability, for any special, indirect, consequential or punitive damages incurred by you, your affiliates or your respective equity holders arising out of, in connection with, or as a result of, this Commitment Letter, the Superseded Commitment Letter (as defined below), any Closing Payment Letter, any Superseded Closing Payment Letter or any other agreement or instrument contemplated hereby, except to the extent of direct (as opposed to special, indirect, consequential or punitive) damages determined in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from gross negligence or willful misconduct of such Arranger-Related Person and (ii) no Arranger-Related Person shall have any Liabilities arising from, or be responsible for, the use by others of Information or other materials (including, without limitation, any personal data) obtained through electronic, telecommunications or other information transmission systems, including an Electronic Platform or otherwise via the internet except to the extent of direct (as opposed to special, indirect, consequential or punitive) damages determined in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from gross negligence or willful misconduct of such Arranger-Related Person; <u>provided</u> that, nothing in this clause (a) shall relieve you of any obligation you may have to indemnify an Indemnified Person, as provided in clause (b) below, against any special, indirect, consequential or punitive damages asserted against such Indemnified Person by a third party. You agree, to the extent permitted by applicable law, to not assert any claims against any Arranger-Related Person with respect to any of the foregoing. As used herein, the term "***Liabilities***" shall mean any losses, claims (including intraparty claims), demands, damages or liabilities of any kind.

------

<br> (b) *<u>Indemnity.</u>*

You agree to (i) indemnify and hold harmless each Commitment Party and its affiliates, managed funds and controlling persons and their respective officers, directors, employees, advisors, and agents (each, and including, without limitation, the Arrangers, each an "***Indemnified Person***") from and against any and all Liabilities and related expenses to which any such Indemnified Person may become subject in connection with any claim, litigation, investigation, arbitration or administrative, judicial or regulatory action or proceeding in any jurisdiction arising out of or in connection with this Commitment Letter, the Superseded Commitment Letter, the HoldCo Notes Facility, the use of the proceeds thereof, any related transaction or the activities performed or the Commitments furnished pursuant to this Commitment Letter or the role or roles of the Arrangers in connection therewith (including in relation to enforcing the terms of clause (a) above and the terms of this clause (b)) (each, a "***Proceeding***"), regardless of whether or not any Indemnified Person is a party thereto and whether or not such Proceeding is brought by you, your equity holders, affiliates, creditors or any other person and (ii) reimburse each Indemnified Person for any legal or other expenses (such legal expenses to be limited to one outside counsel for all Indemnified Persons and, if reasonably necessary, a single local counsel for all Indemnified Persons in each jurisdiction for which local counsel is reasonably deemed necessary and, solely in the case of an actual or bona fide potential conflict of interest, one special counsel to each group of similarly situated Indemnified Persons affected by such conflict (including one special local counsel, to the extent an actual or bona fide potential conflict of interest for any local counsel otherwise permitted hereunder)) incurred in connection with investigating or defending any of the foregoing, regardless of whether or not in connection with any pending or threatened Proceeding to which any Indemnified Person is a party, in each case as such expenses are incurred or paid; <u>provided</u> that the foregoing indemnity will not, as to any Indemnified Person, apply to any Liabilities or related expenses to the extent (A) they are found by a final, non-appealable judgment of a court of competent jurisdiction to (I) primarily result from (x) the, willful misconduct or gross negligence of such Indemnified Person in performing its activities or in furnishing its Commitments under this Commitment Letter or (y) a material breach in bad faith of the funding obligation of any Commitment Party, or any of its respective affiliates under this Commitment Letter, or (II) have not resulted from an act or omission by you or any of your affiliates and have been brought by an Indemnified Person against any other Indemnified Person (other than any claims against any Commitment Party in its capacity or in fulfilling its role as arranger or agent or any similar role hereunder); or (B) relating to an Indemnified Person's investment in the Company other than via the Holdco Notes Facility, or in its capacity as a direct or indirect shareholder of the Company or as a noteholder of a direct or indirect subsidiary of the Company.

<br> (c) *<u>Settlement.</u>*

You shall not, without the prior written consent of each Commitment Party and its respective affiliates (which consent shall not be unreasonably withheld, conditioned or delayed), effect any settlement of any pending or threatened Proceedings in respect of which indemnity could have been sought hereunder by any Commitment Party unless (x) such settlement includes an unconditional release of such Indemnified Person in form and substance reasonably satisfactory to each Commitment Party from all liability on claims that are the subject matter of such Proceedings and (y) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Commitment Party or any injunctive relief or other non-monetary remedy. You acknowledge that any failure to comply with your obligations under the preceding sentence may cause irreparable harm to each Commitment Party and the other Indemnified Persons.

------

You shall not be liable for any settlement of any Proceeding effected without your consent (which consent shall not be unreasonably withheld, conditioned or delayed), but if settled with your written consent or if there is a judgment by a court of competent jurisdiction for the plaintiff in any such Proceeding, you agree to indemnify and hold harmless each Indemnified Person from and against any and all losses, claims, damages, liabilities and expenses by reason of such settlement or judgment in accordance with the other provisions of this Section 5.

<br> 6. <u>Affiliate Activities, Sharing of Information, Absence of Fiduciary Relationships.</u>

Certain Commitment Parties may employ the services of their respective affiliates in complying with its obligations hereunder and, in connection therewith, may exchange with such affiliates information concerning you and the other companies that may be the subject of the transactions contemplated by this Commitment Letter, and, to the extent so employed, such affiliates shall be entitled to the benefits, and be subject to the obligations, of the applicable Commitment Party hereunder. The Commitment Parties shall be responsible for their respective affiliates' failure to comply with such obligations under this Commitment Letter.

You acknowledge that certain Commitment Parties and their affiliates may be providing debt financing, equity capital or other services (including financial advisory services) to other companies in respect of which you may have conflicting interests regarding the transactions described herein and otherwise. The Commitment Parties will not use confidential information obtained from you by virtue of the transactions contemplated by this Commitment Letter or its other relationships with you in connection with the performance by such Commitment Party of services for other companies, and the Commitment Parties will not furnish any such information to other companies. You also acknowledge that the Commitment Parties have no obligation to use in connection with the transactions contemplated by this Commitment Letter, or to furnish to you, confidential information obtained from other companies.

You agree that the Commitment Parties will act under this Commitment Letter as an independent contractor and that nothing in this Commitment Letter will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between the Commitment Parties, on the one hand, and you and your respective equity holders or your and their respective affiliates on the other hand. You acknowledge and agree that (i) the transactions contemplated by this Commitment Letter are arm's-length commercial transactions between the Commitment Parties and, if applicable, its respective affiliates, on the one hand, and you, on the other, (ii) in connection therewith and with the process leading to such transaction the Commitment Parties and, if applicable, each of its respective affiliates, is acting solely as a principal and has not been, is not and will not be acting as an advisor, agent or fiduciary of you, your management, equity holders, creditors, affiliates or any other person and (iii) with respect to the transactions contemplated hereby or the process leading thereto, the Commitment Parties and, if applicable, its respective affiliates, has not assumed (x) an advisory or fiduciary responsibility in favor of you or your affiliates (irrespective of whether the Commitment Parties or any of their respective affiliates has advised or is currently advising you or your affiliates on other matters (which, for the avoidance of doubt, includes acting as a financial advisor to the Company or any of its affiliates in respect of any transaction related hereto)) or (y) any other obligation except the obligations expressly set forth in this Commitment Letter. You further acknowledge and agree that (i) you are responsible for making your own independent judgment with respect to such transactions and the process leading thereto, (ii) you are capable of evaluating and understand and accept the terms, risks and conditions of the transactions contemplated hereby, and the Commitment Parties shall have no responsibility or liability to you with respect thereto, and (iii) the Commitment Parties are not advising the Company as to any legal, tax, investment, accounting, regulatory or any other matters in any jurisdiction, and you shall consult with your own advisors concerning such matters and you shall be responsible for making your own independent investigation and appraisal of the transactions contemplated hereby. Any review by the Commitment Parties or any of its respective affiliates of the Company, the transactions contemplated hereby or other matters relating to such transactions will be performed solely for the benefit of the Commitment Parties and shall not be on behalf of the Company. The Company agrees that it will not claim that the Commitment Parties have rendered any advisory services or assert any claim against the Commitment Parties based on an alleged breach of fiduciary duty by the Commitment Parties in connection with this Commitment Letter and the transactions contemplated hereby or assert any claim based on any actual or potential conflict of interest that might be asserted to arise or result from the engagement of the Commitment Parties or any of their respective affiliates acting as a financial advisor to the Company or any of its affiliates, on the one hand, and the engagement of the Commitment Parties hereunder and the transactions contemplated hereby, on the other hand.

------

You further acknowledge that certain of the Commitment Parties are full service firms engaged in securities trading and brokerage activities as well as providing other financial services. In the ordinary course of business, any Commitment Party may provide other financial services to, and/or acquire, hold or sell, for its own accounts and the accounts of customers, equity, debt and other securities and financial instruments (including bank loans and other obligations) of, you and other companies with which you may have commercial or other relationships. With respect to any securities and/or financial instruments so held by such Commitment Party or any of its customers, all rights in respect of such securities and financial instruments, including any voting rights, will be exercised by the holder of the rights, in its sole discretion.

NOTWITHSTANDING ANYTHING CONTAINED HEREIN OR IN ANY CLOSING PAYMENT LETTER TO THE CONTRARY, NO GS PRINCIPAL INVESTOR (OTHER THAN GOLDMAN SACHS PRIVATE CREDIT CORP.) IS ACTING AS AN UNDERWRITER, ARRANGER, TRUSTEE, AGENT OR IN A SIMILAR ROLE OR OTHERWISE PERFORMING ANY SERVICES HEREUNDER AND THE ROLE OF THE GS PRINCIPAL INVESTORS HEREUNDER AND UNDER ANY CLOSING PAYMENT LETTER SHALL BE LIMITED TO THEIR COMMITMENT TO PROVIDE DEBT FINANCING AS A PRINCIPAL. NOTWITHSTANDING ANYTHING IN THE HEREIN TO THE CONTRARY, GOLDMAN SACHS PRIVATE CREDIT CORP. IS NOT PROVIDING, AND SHALL NOT BE DEEMED TO BE PROVIDING, ANY SERVICES CUSTOMARILY ASSOCIATED WITH THE ROLE OF A LEAD ARRANGER.

<br> 7. <u>Confidentiality</u>

This Commitment Letter is delivered to you on the understanding that neither this Commitment Letter, the Superseded Commitment Letter, the Term Sheet, any Closing Payment Letter or any Superseded Closing Payment Letter nor any of their terms or substance shall be disclosed by you, directly or indirectly, to any other person except (a) to the Parent, Equity Investors and Reinvestment Stockholders (as each such term is defined in the Merger Agreement) (the "***Buyer Parties***") and your and their officers, agents and advisors who are directly involved in the consideration of this matter, (b) as may be compelled in a judicial or administrative proceeding or as otherwise required by law or regulation, compulsory legal process or as requested by a governmental authority (in which case you agree to inform us promptly thereof prior to your disclosure to the extent lawfully permitted to do so), (c) you may disclose the Commitment Letter or the Superseded Commitment Letter (but not any Closing Payment Letter or Superseded Closing Payment Letter) as may be required pursuant to the terms of any existing debt agreements to any existing agents, trustees lenders or noteholders on a confidential basis, (d) to your auditors for customary accounting purposes, including accounting for deferred financing costs on a confidential basis, (e) for purposes of establishing a "due diligence" defense or (f) in connection with the enforcement of your rights and remedies hereunder or under any Closing Payment Letter; <u>provided</u> that, the foregoing restrictions shall cease to apply (except in respect of any Closing Payment Letter and its terms and substance) on August 15, 2026.

------

The Commitment Parties, on behalf of themselves and their affiliates will treat all Definitive Documentation and related finance documents (including their terms), and any other non-public information provided to them by or on behalf of you in connection with the transactions contemplated hereby or by the Superseded Commitment Letter confidentially and shall not publish, disclose or otherwise divulge, such information; <u>provided</u> that nothing herein shall prevent each Commitment Party and its affiliates from disclosing any such information (a) pursuant to the order of any court or administrative agency or in any pending legal, judicial or administrative proceeding, or otherwise as required by applicable law, rule or regulation, subpoena or compulsory legal process or upon the request or demand of any regulatory authority (including any self-regulatory authority) or other governmental authority purporting to have jurisdiction over each Commitment Party or any of its affiliates (in which case such Commitment Party agrees (except pursuant to any routine audit or examination conducted by any self-regulatory authority or governmental or regulatory authority exercising examination or regulatory authority, in each case, that is not targeted at and does not reference the Company or the transactions contemplated hereby)), (i) to the extent reasonably practicable and not prohibited by applicable law or regulation, to inform you promptly thereof prior to disclosure, (ii) to the extent not prohibited by applicable law or regulation, to provide the Company, in advance of any such disclosure, with a description of the information that Commitment Party or affiliate intends to disclose and reasonably cooperate with the Company, at the Company's request and sole expense, to the extent the Company may seek to limit such disclosure, or take steps to resist or narrow the scope of such disclosure, including seeking a protective order or confidential treatment thereof, (iii) if, and only if, a protective order is not obtained, or a waiver of compliance is not obtained from the Company with regards this paragraph 7 but nonetheless such information is still required to be legally disclosed, to disclose only the portion of such information which is, upon advice of its legal counsel, legally required to be disclosed, and (iv) to use its commercially reasonable efforts to request assurances that confidential treatment will be accorded to any such information that is so legally required to be disclosed, (b) to the extent such information becomes publicly available other than by reason of improper disclosure by a Commitment Party or any of its affiliates in violation of any confidentiality obligations owing to you hereunder, (c) to the extent that such information is independently developed by a Commitment Party or any of its affiliates, (d) to each Commitment Party's affiliates and their and their respective employees, directors, officers, independent auditors, rating agencies, professional advisors and other agents who need to know such information in connection with the transactions contemplated hereby (including in connection with the evaluation, monitoring or administration of any Commitment Party's investment in the HoldCo Notes Facility) and who are informed of the confidential nature of such information and have been directed to maintain the confidentiality of such information in accordance with this paragraph and comply with the terms and conditions of this Commitment Letter applicable to them (with such Commitment Party responsible for its affiliates' compliance with this paragraph, including, for the avoidance of doubt, any failure by such affiliate to comply with any direction such Commitment Party is required to give to its affiliates hereunder) and (e) to each other Commitment Party. If the HoldCo Notes Facility closes, the Commitment Parties' obligations under this paragraph shall terminate and be superseded by the confidentiality provisions in the Definitive Documentation relating to the HoldCo Notes Facility. Otherwise, the provisions of this paragraph shall expire on August 15, 2026.

It is understood and agreed that any Commitment Party may advertise or promote its role in arranging or providing any portion of the HoldCo Notes Facility (including in any newspaper or other periodical, on any website or similar place for dissemination of information on the internet, as part of a "case study" incorporated into promotional materials, in the form of "tombstone" advertisement or otherwise) only with the prior written consent of the Company, provided that (a) where consent has been granted by the Company in respect of the public disclosure of any information in connection with the HoldCo Notes Facility (the "***Disclosed Information***") no additional consent from the Company shall be required in respect of a further disclosure of such Disclosed Information and (b) any such advertisement or promotion to which the Company has given its consent shall be at the sole cost and expense of the relevant Commitment Party.

------

Notwithstanding anything to the contrary contained herein, (i) nothing in this Section 7 shall prohibit any GS Principal Investor from disclosing Information to any lender to, or any managed account, limited partner or investor of, such GS Principal Investor to the extent such information is subject to customary confidentiality obligations binding on such lender, managed account, limited partner or investor pursuant to customary investment advisory, fund or loan documentation and (ii) with respect to any Commitment Party that is an investment company subject to the reporting and disclosure requirements of the federal securities laws, including the Securities Act of 1933, the Securities Exchange Act of 1934 and the Investment Company Act of 1940 and the related rules and regulations thereunder, such Commitment Party may identify the Company, its industry, the type of notes and Commitments held by such Commitment Party, the value (and valuation methodology) of such Commitment Party's holdings in the Company and other required information in accordance with such federal securities laws and its reporting practices thereunder.

<br> 8. <u>Expenses; No Shop.</u>

You agree to pay or reimburse each Commitment Party from time to time within five (5) days of written demand for all reasonable and documented (limited to a summary invoice) out-of-pocket fees, costs and expenses incurred by such Commitment Party (including prior to the date hereof) in connection with the HoldCo Notes Facility and other transactions relating thereto in such Commitment Party's capacity as a Commitment Party (and excluding, for the avoidance of doubt, in relation to the purchase of equity interests issued by an indirect parent entity of the Company and the purchase of debt securities issued by a direct or indirect subsidiary of the Company), including, without limitation, due diligence investigations, the preparation, negotiation, and delivery of definitive documentation, and the reasonable and documented out-of-pocket fees, costs and expenses of (i) Gibson, Dunn & Crutcher LLP, as counsel to Apollo (in the case of fees, costs and expenses of Gibson, Dunn & Crutcher LLP, up to $750,000 in the aggregate (which may be increased with your consent)), (ii) Weil, Gotshal & Manges LLP, as counsel to the GS Principal Investors, (in the case of fees, costs and expenses of Weil, Gotshal & Manges LLP, up to $300,000 in the aggregate (which may be increased with your consent)) and (iii) reasonably necessary local counsel in connection with the foregoing (collectively, the "***Expenses***" and excluding, for the avoidance of doubt, internal Commitment Party costs), regardless of whether or not definitive documentation with the respect to the HoldCo Notes Facility is executed or the HoldCo Notes Facility is consummated. The provisions of this paragraph are in addition to, and not in limitation of, any other expense reimbursement to which any Commitment Party or its affiliates may be entitled in connection with the Transactions.

From August 15, 2025 until the earlier to occur of: (a) the Termination Date (as defined below) (or such later date as the Company and the Commitment Parties shall have mutually agreed to extend the Commitment Parties' respective commitments under this Commitment Letter) and (b) the Closing Date (such earliest date being referred to as the "***No-Shop Period Termination Date***"), so long as the Commitment Parties continue to be willing to fund their respective commitments with respect to the HoldCo Notes Facility on a timely basis on the terms and conditions set forth in this Commitment Letter and have not materially breached their obligations hereunder, you (i) shall not, and shall cause your affiliates and your and their representatives, agents, consultants, attorneys and other advisors, and any other person acting on your or their behalf not to, directly or indirectly solicit any alternative financing arrangements in connection with the Merger other than those expressly contemplated by <u>Exhibit B</u> of this Commitment Letter ("***Alternate Financing***") and (ii) shall not use or disclose any terms of this Commitment Letter or any Closing Payment Letter related to any Alternate Financing to which you or your affiliates are parties with any party other than the Commitment Parties and their representatives.

------

<br> 9. <u>Miscellaneous</u>

No party to this letter shall assign any of its rights or transfer any of its rights or obligations under this letter without the prior written consent of each other party (and any purported assignment without such consent shall be null and void), and this Commitment Letter is intended to be solely for the benefit of the parties hereto and is not intended to confer any benefits upon, or create any rights in favor of, any person other than the parties hereto. This Commitment Letter may not be amended or waived except by an instrument in writing signed by you and each Commitment Party. This Commitment Letter and the Closing Payment Letters, in each case together with all exhibits, annexes and schedules thereto, constitute the entire agreement between the parties with respect to the subject matter hereof.

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. The words "execution," "signed," "signature," "delivery," and words of like import in or relating to this Commitment Letter, the Closing Payment Letters and/or any document to be signed in connection with this letter agreement and the transactions contemplated hereby shall be deemed to include Electronic Signatures (as defined below), deliveries 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, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be. "***Electronic Signatures***" means any electronic symbol or process attached to, or associated with, any contract or other record and adopted by a person with the intent to sign, authenticate or accept such contract or record.

This Commitment Letter and the Superseded Commitment Letter shall be governed by, and construed in accordance with, the law of the State of New York; <u>provided</u>, <u>however</u>, that (a) the interpretation of the definition of "Company Material Adverse Effect" (as defined in the Merger Agreement) (and whether or not a Material Adverse Effect has occurred, including, for purposes of the conditions to funding the HoldCo Notes Facility) or any other term used herein or in the Definitive Documentation that is defined by reference to the Merger Agreement, (b) the determination of the accuracy of any Specified Merger Agreement Representations (as defined in <u>Exhibit B</u> below) and whether as a result of any inaccuracy of any Specified Merger Agreement Representation (i) the Buyer Parties (or the Buyer Parties' affiliates party to the Merger Agreement) have the right to terminate its (or their respective) obligations under the Merger Agreement, or the right to decline to consummate the Merger or (ii) there otherwise has been a failure of a condition to funding the HoldCo Notes Facility and (c) the determination of whether the Merger has been consummated in accordance with the terms of the Merger Agreement shall, in each case, be governed by, and construed in accordance with, the law of the State of Delaware, regardless of the law that might otherwise govern under applicable principles of conflicts of laws thereof. The Company consents to the exclusive jurisdiction and venue of the United States District Court for the Southern District of New York sitting in the Borough of Manhattan (or if such court lacks subject matter jurisdiction, the Supreme Court of the State of New York sitting in the Borough of Manhattan). Each party hereto irrevocably waives, to the fullest extent permitted by applicable law, (a) any right it may have to a trial by jury in any legal proceeding arising out of or relating to this Commitment Letter, the Superseded Commitment Letter, the Term Sheet, any Closing Payment Letter, any Superseded Closing Payment Letter or the transactions contemplated hereby or thereby (whether based on contract, tort or any other theory) and (b) any objection that it may now or hereafter have to the laying of venue of any such legal proceeding in the federal or state courts located in the City of New York, Borough of Manhattan.

The Commitment Parties hereby notify the Company that pursuant to the requirements of the USA Patriot Act, Title III of Pub. L. 107-56 (signed into law October 26, 2001) (the "***Patriot Act***") and 31 C.F.R. § 1010.230 (the "***Beneficial Ownership Regulation***"), it and its affiliates are required to obtain, verify and record information that identifies the Company, which information includes the name, address, tax identification number and other information that will allow each Commitment Party to identify the Company in accordance with the PATRIOT Act and the Beneficial Ownership Regulation. This notice is given in accordance with the requirements of the PATRIOT Act and Beneficial Ownership Regulation and is effective for each of the Commitment Parties and each of their respective affiliates.

------

Neither the Company nor any person acting on its behalf will, directly or indirectly (except through the Commitment Parties), sell or offer, or attempt or offer to dispose of, or solicit any offer to buy, or otherwise approach or negotiate in respect of, any of the notes contemplated by this Commitment Letter during the term of this Commitment Letter. As used in these terms and conditions, the terms "offer" and "sale" have the meanings specified in Section 2(a)(3) of the Securities Act of 1933, as amended (the "<u>Securities Act</u>").

The Company represents that it has not, directly or indirectly, made any offers or sales of the notes contemplated by this Commitment Letter or securities of the same or a similar class as such notes, other than to the Commitment Parties, and will not make an offer or sale of such notes or securities of the same or a similar class as such notes which is or would be integrated with the sale of securities and would require the notes contemplated by this Commitment Letter to be registered under the Securities Act.

The provisions of this Commitment Letter and/or in the Closing Payment Letters relating to compensation, reimbursement of expenses, limitation of liability, indemnification, settlement, affiliate activities, sharing of information, absence of fiduciary relationships, confidentiality, electronic signatures, governing law, waiver of jury trial and waiver of objection to the laying of venue shall remain in full force and effect regardless of whether definitive documentation relating to the HoldCo Notes Facility shall be executed and delivered and notwithstanding the termination of this Commitment Letter and/or each Commitment Party's respective commitment hereunder*.*

Section headings used herein are for convenience of reference only and are not to affect the construction of, or to be taken into consideration in interpreting, this Commitment Letter.

This Commitment Letter (including the Term Sheet) and the Closing Payment Letters shall become effective upon execution and delivery by the parties hereto and thereto, respectively. This Commitment Letter shall terminate at the earliest of (i) after execution of the Merger Agreement and prior to the consummation of the Transactions, the termination of the Merger Agreement in accordance with its terms (or your written confirmation or public announcement thereof), (ii) the consummation of the Merger without the funding of the HoldCo Notes Facility, (iii) the execution and delivery of definitive documentation relating to the HoldCo Notes Facility and (iv) March 17, 2026 (such earliest time, the "***Termination Date*** "); unless each Commitment Party, in its sole discretion, agrees to an extension. In addition, you shall have the right to terminate this Commitment Letter and the commitments of the Commitment Parties hereunder (or a portion thereof) at any time upon written notice to them from you, subject to the payment of the Financing Alternative Payment (as defined in each Closing Payment Letter), if any; provided that, notwithstanding the foregoing, the indemnification, limitation on liability, payment and compensation (if applicable in accordance with the terms hereof and of each Closing Payment Letter), reimbursement (if applicable), jurisdiction, governing law, venue, service of process, survival and confidentiality provisions contained herein and in each Closing Payment Letter shall remain in full force and effect. Upon the occurrence of any of the events referred to in the previous two preceding sentences, this Commitment Letter and the commitments of the Commitment Parties hereunder shall automatically terminate unless all of the Commitment Parties shall, in their sole discretion, agree to an extension in writing. Additionally, the commitment of each Commitment Party with respect to the HoldCo Notes Facility shall terminate in the event the Merger is consummated without any borrowings under the HoldCo Notes Facility.

------

Upon effectiveness of this Commitment Letter, (i) this Commitment Letter supersedes and replaces the commitment letter dated August 15, 2025 between the Commitment Parties (as defined in the Superseded Commitment Letter) and the Company (the "***Superseded Commitment Letter***") in its entirety and (ii) the Superseded Commitment Letter shall cease to be in force and effect and no obligations or amounts payable thereunder shall be assumed by or owing to any person.

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

------

The Commitment Parties are pleased to have been given the opportunity to assist you in connection with this important financing.

---

| | | |
|:---|:---|:---|
| APOLLO CAPITAL MANAGEMENT, L.P., on behalf of one or more investment funds, separate accounts and other entities owned (in whole or in part), controlled, managed and/or advised by it or its affiliates | APOLLO CAPITAL MANAGEMENT, L.P., on behalf of one or more investment funds, separate accounts and other entities owned (in whole or in part), controlled, managed and/or advised by it or its affiliates | APOLLO CAPITAL MANAGEMENT, L.P., on behalf of one or more investment funds, separate accounts and other entities owned (in whole or in part), controlled, managed and/or advised by it or its affiliates |
| By: Apollo Capital Management GP, LLC, | By: Apollo Capital Management GP, LLC, | By: Apollo Capital Management GP, LLC, |
| its general partner | its general partner | its general partner |
| By:<br>| /s/ William B. Kuesel | /s/ William B. Kuesel |
|  | Name: | William B. Kuesel |
|  | Title: | Vice President |
| APOLLO GLOBAL SECURITIES, LLC | APOLLO GLOBAL SECURITIES, LLC | APOLLO GLOBAL SECURITIES, LLC |
| By:<br>| /s/ Daniel Duval | /s/ Daniel Duval |
|  | Name: | Daniel Duval |
|  | Title: | Vice President |
| GOLDMAN SACHS ASSET MANAGEMENT, L.P., on behalf of certain advised funds and managed accounts | GOLDMAN SACHS ASSET MANAGEMENT, L.P., on behalf of certain advised funds and managed accounts | GOLDMAN SACHS ASSET MANAGEMENT, L.P., on behalf of certain advised funds and managed accounts |
| By: <br>| /s/ Dennis van Laer  | /s/ Dennis van Laer  |
|  | Name: | Dennis van Laer |
|  | Title: | Managing Director |

---

[Signature Page to Commitment Letter]

------

---

| | | |
|:---|:---|:---|
| Broad Street Credit Holdings, LLC | Broad Street Credit Holdings, LLC | Broad Street Credit Holdings, LLC |
| By:<br>| /s/ Dennis Van Laer | /s/ Dennis Van Laer |
|  | Name: | Dennis Van Laer |
|  | Title: | Vice President |

---

[Signature Page to Commitment Letter]

------

---

| | |
|:---|:---|
| Accepted and agreed to as of | Accepted and agreed to as of |
| the date first above written: | the date first above written: |
| SOHO HOUSE HOLDINGS LIMITED | SOHO HOUSE HOLDINGS LIMITED |
| By: | /s/ Andrew Carnie |
|  | Name: Andrew Carnie |
|  | Title: Chief Executive Officer |

---

[Signature Page to Commitment Letter]

------

<u>SCHEDULE I</u>

<u>Commitments</u>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Initial Investor** | **Initial Principal Amount of**<br> **HoldCo Notes Facility**<br> (Percentage) | **Initial Principal Amount of**<br> **HoldCo Notes Facility**<br> (Dollars) |
| Apollo | 54.55% | $120000000.00 |
| GS Principal Investors | 45.45% | $100000000.00 |
| &nbsp;&nbsp;&nbsp; Total | 100.00% | $220000000.00 |

---

------

<u>EXHIBIT A</u>

<u>Soho House Holdings Limited</u>

<u>HoldCo Notes Facility</u>

<u>Transaction Summary</u>

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 and in Exhibits B and C thereto.

On August 15, 2025, Soho House & Co Inc., a Delaware corporation (the "***Target***"), entered into an Agreement and Plan of Merger (the "***Merger Agreement***") with EH Parent LLC, a Delaware limited liability company ("***Parent***"), EH MergerSub Inc., a Delaware corporation and wholly owned subsidiary of Parent ("***Merger Sub***"), providing for the merger of Merger Sub with and into the Target, with the Target continuing as the surviving corporation (the "***Merger***"). Pursuant to the Merger Agreement, Parent has delivered commitment letters from those Persons the names of which are listed as "Equity Investors" in Exhibit D (the "***Equity Investors***") pursuant to which each Equity Investor has committed, subject to the terms and conditions thereof, to invest in Merger Sub the cash amounts set forth therein (the "***New Equity Investment***"). In connection therewith, it is intended that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; The Company shall incur the HoldCo Notes Facility on the terms set forth in this Commitment Letter to which this Exhibit A is attached;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; Soho House Bond Limited (the "***OpCo Issuer***") will issue and sell senior secured first lien notes under a new senior first lien secured facility (the "***Senior Secured Facility***"), with the definitive documentation in respect thereof to reflect the terms as described in Exhibit B to that certain Restated Commitment Letter (the "***OpCo Debt Commitment Letter***"), dated as of the date hereof, by and among the OpCo Issuer, Apollo Global Securities, LLC and Apollo Capital Management, L.P., as in effect on the date hereof without giving effect to any amendments, waivers or other modifications to the OpCo Debt Commitment Letter other than any such amendments, waivers or other modifications that are approved in writing by each of the Commitments Parties in their reasonable discretion (such definitive documentation, the "***Senior Secured Facility Documentation***");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; The proceeds of the HoldCo Notes Facility and the Senior Secured Facility will be applied directly or indirectly (i) to refinance in full that certain First Amended and Restated Notes Purchase Agreement, dated as of November 15, 2021 (which amended and restated that certain Notes Purchase Agreement dated March 23, 2021) among the OpCo Issuer, Soho House & Co Limited, Global Loan Agency Services Limited, as agent, GLAS Trust Corporation Limited, as collateral agent, the guarantors party thereto and the notes purchasers party thereto (the "***Existing Notes Purchase Agreement***"), (ii) consummate the Merger, (iii) to pay the fees, payments and expenses incurred in connection with the Transactions (such fees, payments and expenses, the "***Transaction Costs***") and (iv) to distribute, contribute or otherwise make available the net proceeds of the HoldCo Notes Facility and the Senior Secured Facility to the Target and/or any member of the Group in order to facilitate the foregoing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; The super senior revolving credit facility agreement, originally dated December 5, 2019 and made between, amongst others, Soho House & Co Limited as parent, Soho House Bond Limited as the company, HSBC UK Bank PLC as arranger, Global Loan Agency Services Limited as agent and GLAS Trust Corporation Limited as collateral agent (as amended and/or amended and restated from time to time, and most recently on February 21, 2025 (the "***Existing Revolving Credit Facility Agreement***")) shall remain available to be utilized.

------

The transactions described above are collectively referred to herein as the "***Transactions***". For purposes of this Commitment Letter and the Closing Payment Letters, "***Closing Date***" shall mean the date of the satisfaction or waiver by each of the Commitment Parties of the conditions set forth in Exhibit C and the initial funding of the HoldCo Notes Facility.

Ex. B - 2<br>

------

<u>Exhibit B</u>

<u>Soho House Holdings Limited</u>

<u>HoldCo Notes Facility</u>

<u>Summary of Terms and Conditions</u>

Capitalized terms used but not defined in this Exhibit B are used with the meanings assigned to them in the Commitment Letter and/or the OpCo Debt Commitment Letter (as the context requires).

---

| | |
|:---|:---|
| <u>Issuer</u>: | Soho House Holdings Limited, a company incorporated in Jersey (the "***Company***"), the indirect parent entity of Soho House Bond Limited. For the avoidance of doubt, no other member of the Group will be party to the Definitive Documentation (as defined below). |
| <u>Group</u>: | The Company and its Subsidiaries. |
| <u>Administrative Agent</u>: | As appointed in accordance with the Commitment Letter (in such capacity, the "***Administrative Agent***"). |
| <u>Investors</u>: | ACM and/or one or more investment funds, separate accounts, and other entities owned (in whole or in part), controlled, managed, and/or advised by it or its affiliates and the GS Principal Investors (collectively, the "***Investors***"). |
| <u>Type and Amount of</u><br> <u>Indebtedness</u>: | A senior unsecured facility, incurred as notes (the "***HoldCo Notes Facility***"), in the amount of $220.0 million (the indebtedness thereunder, the "***HoldCo Notes Indebtedness***"). |
| <u>Availability</u>: | The HoldCo Notes Facility shall be available in U.S. Dollars on the Closing Date in a single issuance. Notwithstanding anything in this Commitment Letter to the contrary, any Commitment Party that is a noteholder under the Existing Notes Purchase Agreement (the "***Existing Notes***") on the Closing Date may elect to "roll", on a cashless basis, all or a portion of the principal amount of its Existing Notes (such principal amount not to exceed the amount of such Commitment Party's Commitment hereunder) into an equal principal amount of the HoldCo Notes Facility on the Closing Date provided that in the event such election is made, both the Company and such Commitment Party shall use their respective best efforts to implement such "roll", unless such "roll" would result in material adverse tax consequences for the Group. For the avoidance of doubt, any such "roll" shall not be pre-funded i.e. shall occur on the Closing Date. If the arrangements relating to such "roll" have been finalized prior to the first utilization request, then such "roll" shall take effect on the Closing Date notwithstanding any required cash pre-funding of other lenders' commitments prior to such date with the consequence that the "rolling" lenders shall not be required to fund in cash on the utilization date. If, despite use of such best efforts, the arrangements relating to such "roll" have not been finalized prior to the submission of the first utilization request, then the relevant commitments shall be funded in cash. |

---

Annex I to Ex. B - 1

------

---

| | |
|:---|:---|
| <u>Ranking</u>: | The indebtedness incurred pursuant to the HoldCo Notes Facility will rank (a) senior to all existing and future preferred equity and ordinary equity of the Company and any other equity of the Company, and (b) pari passu with any existing or future unsecured indebtedness of the Company. |
| <u>Maturity</u>: | 7 years after the Closing Date (the "***Maturity Date***"). |
| <u>Purpose</u>: | The proceeds of the HoldCo Notes Indebtedness will be used to finance a distribution to Target for the purposes of the Merger and the payment of Transaction Costs, and will be made available in a single draw on the Closing Date. |
| <u>Drawdown notice</u>: | U-5 Business Days, 9.00 a.m. New York |
| <u>Repayment profile</u>: | Bullet repayment (no amortisation). |
| <u>Mandatory</u><br> <u>Prepayments/Redemptions</u>: | The HoldCo Notes Indebtedness shall be prepaid or redeemed on terms based on the mandatory prepayments/redemptions set forth in the Senior Secured Facility Documentation, but with modifications to the asset sale provisions as usual for facilities and transactions of this type (to ensure that there is no obligation to repay the Senior Secured Facility and the HoldCo Notes Facility with the same asset sale proceeds, *i.e.* the HoldCo Notes Facility asset sale prepayment requirements shall be satisfied by prepayment of the Senior Secured Facility with the relevant asset sale proceeds and if the Senior Secured Facility is prepaid in full, any excess proceeds of such asset sale shall be applied in the prepayment of the HoldCo Notes Facility) as may be reasonably agreed by the Company, the Commitment Parties and the Investors. |
| <u>Optional</u><br> <u>Prepayments/Redemptions</u>: | The HoldCo Notes Indebtedness may be prepaid or redeemed, in whole or in part, at the option of the Company, at any time, provided that in relation to a voluntary prepayment, any mandatory prepayment upon a Change of Control and/or upon acceleration of the HoldCo Notes Indebtedness, a 30-month non-call period (subject to customary make-whole payments based on a discount rate equal to the applicable yield to maturity of U.S. Treasury notes with a maturity closest to the 30-month of the Closing Date plus 50 basis points), and at par (including capitalized interest paid in kind) plus accrued interest thereafter. |
| <u>Fees and Interest Rates</u>: | Paid on a quarterly basis as follows:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; prior to the 3<sup>rd</sup> anniversary of the Closing Date, the HoldCo Notes Indebtedness shall bear interest at a rate per annum equal to 12.500% paid in kind; |

---

Annex I to Ex. B - 2

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; from and after the 3rd anniversary of the Closing Date, but prior to the 4<sup>th</sup> anniversary of the Closing Date, the HoldCo Notes Indebtedness shall bear interest at a rate per annum equal to 13.500% paid in kind;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; from and after the 4<sup>th</sup> anniversary of the Closing Date, but prior to the 5<sup>th</sup> anniversary of the Closing Date, the HoldCo Notes Indebtedness shall bear interest at a rate per annum equal to 14.500% paid in kind; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• from and after the 5<sup>th</sup> anniversary of the Closing Date, the HoldCo Notes Indebtedness shall bear interest at a rate per annum equal to (i) 7.750% in cash and (ii) 7.750% paid in kind. |
| <u>Default Rate</u>: | At any time when the Company is in default in the payment of amounts payable under the HoldCo Notes Facility, such amount shall bear interest at 2% above the rate otherwise applicable thereto. |
| <u>Rate and Fee Basis</u>: | All per annum rates shall be calculated on the basis of a year of 365 days for actual days elapsed. |
| <u>Initial Conditions</u>: | Subject to the Conditionality Provision, the availability of the HoldCo Notes Facility on the Closing Date will be subject only to the conditions precedent set forth in Exhibit C. |
| <u>Documentation Principles</u>: | The definitive documentation for the HoldCo Notes Facility (the "***Definitive Documentation***") will be based on the Senior Secured Facility Documentation (including with respect to the representations and warranties, affirmative covenants, negative covenants, conditions precedent, and events of default, except as specified herein), and shall contain those terms and conditions usual for facilities and transactions of this type as may be reasonably agreed by the Company, the Commitment Parties and the Investors, modified as necessary (i) to reflect the nature of the HoldCo Notes Facility and this Term Sheet, (ii) as set forth below under "Negative Covenants", and (iii) to be satisfactory to the Company and the Investors (each acting reasonably and in good faith). The Definitive Documentation will be initially prepared by Gibson, Dunn & Crutcher LLP, as counsel to Apollo, and shall contain (but not be limited to) the terms set forth in this Exhibit B and be negotiated in good faith within a reasonable time period to be determined based on the expected Closing Date. The Definitive Documentation shall contain representations, warranties, covenants and events of default described below (this provision, the "***Documentation Principles***"). For the avoidance of doubt, no intercreditor agreement or similar agreement shall be required to be entered into in connection with the HoldCo Notes Facility. |

---

Annex I to Ex. B - 3

------

---

| | |
|:---|:---|
| <u>Guarantees and Collateral</u>: | None. For the avoidance of doubt the holders of the HoldCo Notes Indebtedness shall have no recourse to the OpCo Issuer and its Subsidiaries (the "***OpCo Group***"). |
| <u>Representations and</u><br> <u>Warranties</u>: | The Definitive Documentation shall contain representations and warranties to be based on the representations and warranties set forth in the Senior Secured Facility Documentation. |
| <u>Financial Covenant</u>: | None. |
| <u>Affirmative Covenants</u>: | The Definitive Documentation shall contain affirmative covenants applicable to the Company and its Subsidiaries to be based on the affirmative covenants set forth in the Senior Secured Facility Documentation. |
| <u>Negative Covenants</u>: | The Definitive Documentation shall contain negative covenants of the Company and its Subsidiaries (save for exceptions which are technical or administrative in nature or otherwise consistent with the passive holding company covenant, which exceptions shall apply to the entire Group to the extent customary for facilities of this type) to be based on the negative covenants set forth in the Senior Secured Facility Documentation, provided that the Restricted Payments exceptions shall apply to the entire Group save that the following sub-paragraphs of paragraph 2 (*Restricted Payments*) of Schedule 14 (*Restrictive Covenants*) to the Existing Notes Purchase Agreement, as set forth in the definitive documentation for the Senior Secured Facility, shall not be included in the Definitive Documentation: 2.2.2, 2.2.10 and 2.2.18, and Investments shall only be permitted with respect to the OpCo Group insofar as permitted under the definitive documentation for the Senior Secured Facility as in effect as of the Closing Date.<br>In addition to the above, the Definitive Documentation shall also include: (i) customary "anti-layering" provisions and (ii) a customary passive holding company covenant applicable to the Company and each Subsidiary of the Company that is a direct or indirect parent entity of the OpCo Issuer. |
| <u>Baskets and Thresholds</u>: | As per the Senior Secured Facility Documentation. |
| <u>Events of Default</u>: | The Definitive Documentation shall contain events of default to be based on the events of default set forth in the Senior Secured Facility Documentation. |

---

Annex I to Ex. B - 4

------

---

| | |
|:---|:---|
| <u>Transfers</u>: | The Definitive Documentation shall contain assignment, transfer and sub-participation provisions to be based on the transfer provisions set forth in the Senior Secured Facility Documentation provided that the "approved list" shall refer to a list of noteholders and potential noteholders agreed by the Company and the Commitment Parties on or prior to the date of the hereof.<br>Notwithstanding anything to the contrary, the Company's consent (in its sole and absolute discretion) shall be required for any Transfer which would result in the aggregate of either Apollo's or the GS Principal Investors' respective commitments or effective participations in the HoldCo Notes Facility ceasing to aggregate more than 66 2/3 per cent. of such Investor's total commitments under the HoldCo Notes Facility as at the date hereof.<br>Notwithstanding anything to the contrary contained herein, each party hereto hereby agrees that each GS Principal Investor shall have the right to (without the consent of any person or entity) reallocate, sell, assign or otherwise transfer its Commitment and/or any amount payable to it hereunder or under the GS Closing Payment Letter to (i) any other GS Principal Investor, (ii) any affiliate investment entity and/or other affiliate of Goldman Sachs Asset Management, L.P. or (iii) any fund, investor, entity or account that is managed, sponsored or advised by Goldman Sachs Asset Management, L.P. or its affiliates (the persons described in clauses (ii) and (iii), collectively, the "***Other GS Principal Investors***"); provided, that no such reallocation, sale, assignment or transfer shall reduce or release any such GS Principal Investor from its Commitment hereunder until the actual funding of the applicable portion of the Holdco Notes Facility by the relevant transferee on the Closing Date. |
| <u>Voting</u>: | Amendments and waivers with respect to the Definitive Documentation shall require the approval of Investors holding not less than 66 2/3% of the aggregate amount of the HoldCo Notes Indebtedness; <u>provided</u> that (a) through and until the date Apollo assigns a principal amount of Notes to another person (other than, for the avoidance of doubt, any investment funds, separate accounts, and other entities owned (in whole or in part), controlled, managed, and/or advised by Apollo or its affiliates) such that the aggregate principal amount of Notes held by Apollo after giving effect to such assignment is less that the aggregate principal amount of Notes held by Apollo on the Closing Date, any amendments or waivers with respect to the Definitive Documentation shall require the consent of Apollo, (b) through and until the date the GS Principal Investors assign a principal amount of Notes to another person (other than, for the avoidance of doubt, any other GS Principal Investor, any affiliated investment entity and/or other affiliate of Goldman Sachs Asset Management, L.P. or any fund, investor, entity or account that is managed, sponsored or advised by Goldman Sachs Asset Management, L.P. or its affiliates) such that the aggregate principal amount of Notes held by all GS Principal Investors after giving effect to such assignment is less that the aggregate principal amount of Notes held by all GS Principal Investors on the Closing Date, any amendments or waivers with respect to the Definitive Documentation shall require the consent of the GS Principal Investors and (c) the consent of 100% of the Investors shall be required with respect to (among other things): (i) modifications to any of the voting percentages or pro rata sharing provisions, (ii) a change of the Company except as permitted by the Definitive Documentation, (iii) a change in the date of payment of any amounts payable, (iv) reductions in amount of any payment of principal, interest, fees, or other amounts payable and (v) subordinating the payment obligations under the HoldCo Notes Facility to any other indebtedness; <u>provided</u>, <u>further</u>, for the avoidance of doubt, any prepayments or redemptions shall be disregarded for purposes of clauses (a) and (b). Customary anti-LME protections to be discussed and, to the extent reasonably necessary, reasonably agreed upon between the parties. |

---

Annex I to Ex. B - 5

------

---

| | |
|:---|:---|
| <u>Tax</u>: | The Definitive Documentation shall contain tax provisions to be based on the tax provisions set forth in the Senior Secured Facility Documentation, modified as necessary to reflect the nature of the HoldCo Notes Facility.<br>The HoldCo Notes Facility shall be listed on a recognized stock exchange prior to the first interest payment date under the HoldCo Notes Facility.<br>The parties hereto shall maintain applicable registers so that the indebtedness evidenced by the Definitive Documentation is treated as being in registered form for United States tax purposes.<br>On each interest payment date occurring after the first accrual period after 5 years, excluding the interest payment date that falls on the Maturity Date of the HoldCo Notes Facility, the Company shall pay, without premium or penalty, that portion of the HoldCo Notes Facility outstanding on such interest payment date equal to the HoldCo Notes Facility's AHYDO Amount on such interest payment date.<br>"***AHYDO Amount***" means, as of any interest payment date and with respect to the HoldCo Notes Facility, the portion of the then-outstanding principal amount of the HoldCo Notes Facility equal to the difference between (i) the excess of (A) the sum of all interest accrued or paid with respect to the HoldCo Notes Facility as of such interest payment date (including all original issue discount) over (B) the sum of all cash interest payments made with respect to the HoldCo Notes Facility on or prior to such interest payment date, and (ii) the product of (A) the HoldCo Notes Facility's original issue price and (B) the HoldCo Notes Facility's yield to maturity, all such items to be computed so as to yield the smallest amount, the timely payment of which hereunder shall cause the HoldCo Notes Facility not to be an "applicable high yield discount obligation" within the meaning of Section 163(i)(1) of the Code (or any successor provision of similar import).<br>The Company will treat the HoldCo Notes Indebtedness as indebtedness for U.S. federal income tax purposes and not as a "contingent payment debt instrument" under Treasury Regulation section 1.1275-4 (the "***Tax Treatment***"). The Company and its affiliates shall file all U.S. tax returns and report consistently with the Tax Treatment unless otherwise required by a "determination" within the meaning of Section 1313 of the Internal Revenue Code of 1986, as amended. |

---

Annex I to Ex. B - 6

------

---

| | |
|:---|:---|
| <u>Limitation of Liability,</u><br> <u>Expenses and Indemnity</u>: | To reflect corresponding provisions of the Commitment Letter. |
| <u>Amendment costs</u>: | As per Clause 20.2 (*Amendment costs*) of the Existing Notes Purchase Agreement. |
| <u>Enforcement and preservation</u><br> <u>of costs</u>: | As per Clause 20.3 (*Enforcement and preservation costs*) of the Existing Notes Purchase Agreement. |
| <u>Governing Law</u>: | English law, other than: certain information covenants, incurrence covenants and events of default under the Definitive Documentation which will be interpreted in accordance with the laws of New York. |
| <u>Forum</u>: | Exclusive jurisdiction of the English courts. |
| <u>Counsel to Apollo</u>: | Gibson, Dunn & Crutcher LLP |
| <u>Counsel to GS Principal</u><br> <u>Investors</u>: | Weil, Gotshal & Manages LLP |

---

Annex I to Ex. B - 7

------

<u>EXHIBIT C</u>

<u>Soho House Holdings Limited</u>

<u>HoldCo Notes Facility</u>

<u>Conditions</u>

Except as otherwise set forth below, the availability and the initial funding on the Closing Date of the HoldCo Notes Facility shall be subject solely to the satisfaction (or waiver by the Commitment Parties) of the following conditions (in each case, subject to the Conditionality Provision). Capitalized terms used but not defined herein have the meanings set forth in the Commitment Letter to which this Exhibit C is attached and in Exhibits A and B thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp; The Target has irrevocably notified the Parent (as defined in the Merger Agreement) in writing that the Target stands ready, willing and able to consummate the Merger in accordance with the terms of the Merger Agreement prior to or substantially concurrently with (and in any event no later than the business day following) the initial borrowing under the HoldCo Notes Facility to be funded on the Closing Date, but without giving effect to any amendments, waivers or consents that are materially adverse to the interests of the Commitment Parties in their capacities as such without the consent of the Commitment Parties, such consent not to be unreasonably withheld, delayed or conditioned (it being understood and agreed that any amendment to or modification of, or consent granted pursuant to the definition of "Company Material Adverse Effect" in the Merger Agreement shall be deemed to be materially adverse to the Commitment Parties and shall require the consent of the Commitment Parties (such consent not to be unreasonably withheld, delayed or conditioned)); *provided* that, in each case, the Commitment Parties shall be deemed to have consented to such amendment, waiver or consent unless they shall object thereto in writing within 3 business days of receipt of written notice of such amendment, waiver or consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp; The Equity Investors have confirmed to the Target that they stand ready, willing and able to consummate the New Equity Investment in the aggregate at least $100.0 million prior to or substantially concurrently with (and in any event no later than the business day following) the initial borrowing under the HoldCo Notes Facility to be funded on the Closing Date; provided that no such confirmation by Apollo with respect to its portion of the New Equity Investment shall be a condition to the availability and initial funding of Apollo's commitments with respect to the HoldCo Notes Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. &nbsp;&nbsp;&nbsp;&nbsp; The Company shall have submitted one or more duly completed and irrevocable utilization requests to the administrative agent with respect to the Senior Secured Facility requesting to utilize the Senior Secured Facility on or prior to the Closing Date in an aggregate amount equal to the entire aggregate principal amount of commitments under the Senior Secured Facility as of the date hereof (or such other aggregate principal amount of Senior Secured Facility commitments as has been approved by the Commitment Parties or their affiliates in their sole discretion) and the Company shall deliver such utilization request to the Investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp; The Commitment Parties shall have received a certificate of the Company (signed by an authorised signatory) certifying that, on the Closing Date, the Specified Merger Agreement Representations and the Specified Representations shall be true and correct in all material respects (and such representations shall be true and correct in all material respects), except in the case of any Specified Representation which expressly related to a given date or period, such representation and warranty shall have been true and correct in all material respects as of the respective date or for the respective period, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. &nbsp;&nbsp;&nbsp;&nbsp; Since August 15, 2025, there shall not have occurred a Company Material Adverse Effect (as defined in the Merger Agreement).

Ex. C - 1

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp; The Commitment Parties shall have received (a) quarterly financial statements of the Target for the most recent fiscal quarter for which such financial statements are available; provided that if the Closing Date is more than 45 days following the last day of the most recent fiscal quarter, such financial statements shall be for the most recent fiscal quarter and (b) a detailed capitalization table of the Target as a date no earlier than the last day of the most recent fiscal quarter referred to in clause (a) above; provided further that for so long as the Target remains listed on any recognized investment or other stock exchange delivery of the documents and/or evidence detailed in this paragraph 6 shall be immediately and irrevocably satisfied upon filing of such information with the relevant regulators or disclosure in accordance with the applicable stock exchange rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company shall have executed and delivered (a) to the extent the Company has notified the noteholders that it intends to pre-fund the HoldCo Notes Facility, no later than one business day prior to the pre-funding of the HoldCo Notes Facility, a pre-funding agreement in form and substance satisfactory to the Investors, setting forth certain agreements with respect to the pre-funding of the HoldCo Notes Facility and (b) the Definitive Documentation on terms consistent with the Commitment Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Administrative Agent and the Investors shall have received such (a) customary enforceability and capacity legal opinions with respect to the Definitive Documentation, (b) customary secretary or officer's certificates certifying solely as to the organizational documentation, resolutions and incumbency, (c) good standing of the Company (to the extent applicable) in its jurisdiction of organization and (d) a customary solvency certificate (substantially in the form attached as <u>Annex I</u> hereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp; The Investors, the Administrative Agent and the Commitment Parties shall have received all payments required to be paid (including, for the avoidance of doubt, pursuant to the Closing Payment Letters), and all expenses required to be paid in each case, to the extent invoiced in a summary invoice at least three (3) business days prior to the Closing Date (except as otherwise reasonably agreed by the Company) on or before the Closing Date (which amounts may, at the election of each Commitment Party, be offset against the proceeds of the HoldCo Notes Facility).

Ex. C - 2

------

ANNEX I

TO EXHIBIT C

#### SOLVENCY CERTIFICATE

To the Administrative Agent and each of the Investors party to the Notes Purchase Agreement referred to below:

I, the undersigned [chief financial officer][interim chief financial officer][vice president of finance][other senior officer with similar title] of Soho House Holdings Limited, a company incorporated in Jersey with registered number 125394 (the "***Company***", in that capacity only and not in my individual capacity (and without personal liability)), do hereby certify as of the date hereof, and based upon facts and circumstances as they exist as of the date hereof (and disclaiming any responsibility for changes in such facts and circumstances after the date hereof), that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp; This certificate is furnished pursuant to Section _______ of the Notes Purchase Agreement, dated as of ____, among the Company, the purchasers party thereto and GLAS Trust Corporation Limited, as administrative agent (the "***Notes Purchase Agreement***"). Unless otherwise defined herein, capitalized terms used in this certificate shall have the meanings set forth in the Notes Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp; For purposes of this certificate, the terms below shall have the following definitions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; "Fair Value"

The amount at which the assets (both tangible and intangible), in their entirety, of the Company and its subsidiaries taken as a whole would change hands between a willing buyer and a willing seller, within a commercially reasonable period of time, each having reasonable knowledge of the relevant facts, with neither being under any compulsion to act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; "Present Fair Salable Value"

The amount that could be obtained by an independent willing seller from an independent willing buyer if the assets of the Company and its subsidiaries taken as a whole are sold with reasonable promptness in an arm's-length transaction under present conditions for the sale of comparable business enterprises insofar as such conditions can be reasonably evaluated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; "Liabilities"

The recorded liabilities (including contingent liabilities that would be recorded in accordance with GAAP) of the Company and its subsidiaries taken as a whole, as of the date hereof after giving effect to the consummation of the Transactions, determined in accordance with GAAP consistently applied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; "Will be able to pay their Liabilities as they mature"

For the period from the date hereof through the Maturity Date, the Company and its subsidiaries taken as a whole will have sufficient assets and cash flow to pay their Liabilities as those liabilities mature or (in the case of contingent Liabilities) otherwise become payable in the ordinary course, in light of business conducted or anticipated to be conducted by the Company and its subsidiaries as reflected in the projected financial statements and in light of the anticipated credit capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp; "Do not have Unreasonably Small Capital"

Ex. C-I-1

------

The Company and its subsidiaries taken as a whole after consummation of the Transactions is a going concern and has sufficient capital to reasonably ensure that it will continue to be a going concern for the period from the date hereof through the Maturity Date. I understand that "unreasonably small capital" depends upon the nature of the particular business or businesses conducted or to be conducted, and I have reached my conclusion based on the needs and anticipated needs for capital of the business conducted or anticipated to be conducted by the Company and its subsidiaries as reflected in the projected financial statements and in light of the anticipated credit capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For purposes of this certificate, I, or officers of the Company under my direction and supervision, have performed the following procedures as of and for the periods set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed the financial statements referred to in Section of the Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; I have knowledge of and have reviewed to my satisfaction the Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; As [chief financial officer][interim chief financial officer][vice president of finance][other senior officer with similar title] of the Company, I am familiar with the financial condition of the Company and its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp; Based on and subject to the foregoing, I hereby certify on behalf of the Company that after giving effect to the consummation of the Transactions, it is my opinion that (i) the Fair Value of the assets of the Company and its subsidiaries taken as a whole exceeds their Liabilities, (ii) the Present Fair Salable Value of the assets of the Company and its subsidiaries taken as a whole exceeds their Liabilities; (iii) the Company and its subsidiaries taken as a whole do not have Unreasonably Small Capital; and (iv) the Company and its subsidiaries taken as a whole will be able to pay their Liabilities as they mature.

Ex. C-I-2

------

IN WITNESS WHEREOF, the Company has caused this certificate to be executed on its behalf by its [chief financial officer][interim chief financial officer][vice president of finance][other senior officer with similar title] as of the date first written above.<br>

---

| | |
|:---|:---|
| [*SOHO HOUSE HOLDINGS LIMITED*] | [*SOHO HOUSE HOLDINGS LIMITED*] |
| By: |  |
|  | Name: |
|  | Title: |

---

Ex. C-I-3

------

<u>EXHIBIT D</u>

<u>Equity Investors</u>

<br> 1. MCR Hospitality Fund IV LP and MCR Hospitality Fund IV QP LP

<br> 2. Morse Ventures Inc.

<br> 3. Apollo Capital Management, L.P.

<br> 4. Ashton Kutcher

<br> 5. Friedom Hospitality Group LP

<br> 6. Daniel Rosensweig

<br> 7. Benton Family Partners, LLC

<br> 8. Anthony Casalena Revocable Trust

<br> 9. Breanna Stewart

<br> 10. Scott Jones

<br> 11. Michael Chang

<br> 12. Ahmed Suria

<br> 13. Peanuggets Irrevocable Trust

<br> 14. Jaime Jaquez Jr.

<br> 15. Justin Ostroff

<br> 16. Ronak Nair

<br> 17. Adam Metzger

<br> 18. Alex Bazzell

<br> 19. Joseph Holdings and Investments, LLC

<br> 20. Gregg Cascaes

<br> 21. St. Regis Living Trust

<br> 22. Paige Bueckers

<br> 23. Ajay Mitchell

Ex. D-1

------

## Ex-16.(B)(Iv)

------

#### Exhibit 16(b)(iv)

#### Execution Version

#### APOLLO GLOBAL SECURITIES, LLC

#### APOLLO CAPITAL MANAGEMENT, L.P.
9 West 57<sup>th</sup> Street

New York, NY 10019

#### CONFIDENTIAL

January 14, 2026

<u>Soho House Bond Limited</u>

<u>Senior Secured Facility</u>

<u>Restated Commitment Letter</u>

Soho House Bond Limited

180 Strand

London WC2R 1EA

United Kingdom

Attn: Andrew Carnie, Chief Executive Officer

Ladies and Gentlemen:

You ("***you***" or the "***Company***") have advised Apollo Global Securities, LLC ("***AGS***") and Apollo Capital Management, L.P. ("***ACM***"), on behalf of one or more investment funds, separate accounts, and other entities owned (in whole or in part), controlled, managed, and/or advised by it or its affiliates (such investment funds, separate accounts, and other entities, together with AGS and ACM, "***Apollo***", "***we***", "***us***" or the "***Commitment Parties***", and each, a "***Commitment Party***"), that you intend to incur a senior first lien secured facility, consisting of notes, in an aggregate amount of up to $695.0 million (the "***Senior Secured Facility***") to consummate the transactions described on <u>Exhibit A</u> hereto. Capitalized terms used but not defined herein are used with the meanings assigned to them on the Exhibits attached hereto (such Exhibits, together with this restated commitment letter, collectively, this "***Commitment Letter***").

AGS is pleased to advise you that it is willing to act as arranger for the arrangement and structuring of the Senior Secured Facility.

Furthermore, the Commitment Parties are pleased to advise you of their commitment (the "***Commitment***") to provide the entire amount of the Senior Secured Facility upon the terms and subject to the conditions set forth or referred to in this Commitment Letter and Exhibits B and C hereto (the "***Term Sheets***").

<br> 1. <u>Titles and Roles</u>

It is agreed that you will appoint Global Loan Agency Services Limited (or an affiliate thereof) or such other person as agreed between us and you (each acting reasonably) to act as the sole and exclusive Administrative Agent (in such capacity, the "***Administrative Agent***"), GLAS Trust Corporation Limited (or an affiliate thereof) or such other person as agreed between us and you (each acting reasonably) as security agent (the "***Security Agent***"), and that AGS will act as arranger and bookrunner (in such capacity, the "***Arranger***") for the Senior Secured Facility; <u>provided</u> that the Company agrees that the Arranger may perform its responsibilities hereunder through its affiliates. You agree that no other agents, co-agents or arrangers will be appointed, no other titles will be awarded and no compensation (other than as expressly contemplated by the Term Sheet and the Payment Letter referred to below) will be paid in connection with a commitment to provide the Senior Secured Facility.

------

<br> 2. <u>Information</u>

You hereby represent and covenant that, to your knowledge, (a) all written factual information (other than (i) any projections, financial estimates, budget forecasts and other forward-looking information (the "***Projections***") and (ii) information of general economic or industry specific information) (the "***Information***"), taken as a whole, that has been or will be made available to the Arranger by you or any of your representatives is or will be, when furnished and taken as a whole, complete and correct in all material respects and 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 and updates thereto from time to time) and (b) the Projections that have been made available to the Arranger by you or any of your representatives have been, at the time of delivery, prepared in good faith based upon assumptions that are believed to be reasonable at the time prepared and at the time such Projections are so furnished to the Arranger (it being understood that the Projections are predictions as to future events and are not to be viewed as facts, and forward looking statements by their nature are inherently uncertain, many of which are beyond your control, and are not a guarantee of financial performance, the results reflected in the Projections or forward looking statements may not be achieved and actual results during the period or periods covered by any such Projections may differ from projections or forward looking statements and such differences may be material). If, at any time prior to the termination of this Commitment Letter, any of the representations and warranties in the preceding sentence would not be, to your knowledge, accurate and complete in any material respect if the Information or Projections were being furnished, and such representations and warranties were being made, at such time, then you will use commercially reasonable efforts to promptly supplement the Information and/or Projections so that the representations and warranties contained in this paragraph remain accurate and complete 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 arising after the date hereof. Notwithstanding anything to the contrary herein, the accuracy of the foregoing representations shall not be a condition to our obligations hereunder or the funding of the Senior Secured Facility.

<br> 3. <u>Payments</u>

As consideration for the Commitment Parties' commitment hereunder, you agree to pay to the Commitment Parties the nonrefundable payments set forth in the Payment Letter dated the date hereof and delivered herewith among the Company and ACM (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the "***Payment Letter***"), which supersedes and replaces that certain closing payment letter dated August 15, 2025 between the Company and ACM (the "***Superseded Payment Letter***").

------

You agree that, once paid, the payments or any part thereof payable hereunder or under the Payment Letter shall not be refundable under any circumstances, regardless of whether the transactions or borrowings contemplated by this Commitment Letter are consummated, except as otherwise agreed in writing by you and each Commitment Party. All amounts payable hereunder and under the Payment Letter shall be paid in immediately available funds in U.S. Dollars and shall not be subject to reduction by way of setoff or counterclaim or be otherwise affected by any claim or dispute related to any other matter. In addition, all amounts payable hereunder shall be paid without deduction for any taxes, levies, imposts, duties, deductions or withholdings (a "<u>Tax Deduction</u>") imposed by any national, state or local taxing authority in any jurisdiction from or through which payment is made (a "<u>Taxing Jurisdiction</u>"), unless such Tax Deduction is required by applicable law, in which event you will pay additional amounts so that the persons entitled to such payments will receive the amount that such persons would otherwise have received but for such Tax Deduction, except to the extent such Tax Deduction was imposed due to (i) any Commitment Party (or any such Commitment Party's relevant designated affiliate) having any present or former connection with the Taxing Jurisdiction (other than a connection arising from the execution, delivery and performance of this Commitment Letter or the Payment Letter, any transaction contemplated by or pursuant to this Commitment Letter or the Payment Letter, or the receipt of payments under this Commitment Letter or the Payment Letter), (ii) U.S. withholding taxes imposed on amounts payable to or for the account of such Commitment Party pursuant to a law in effect on the date hereof (including Sections 1471 through 1474 of the United States Internal Revenue Code of 1986, as amended (the "<u>Code</u>")) or (iii) the failure of any Commitment Party (or of such Commitment Party's relevant designated affiliate or related fund) to provide any form, certificate, document, or other information reasonably requested by you, that it is legally able to provide, and that would have reduced or eliminated such Tax Deduction.

All amounts payable hereunder are exclusive of any applicable value added tax or similar tax ("<u>VAT</u>"). If VAT is or becomes properly chargeable in respect of an amount payable to a Commitment Party under this Commitment Letter which constitutes consideration for any supply for VAT purposes and the Commitment Party (or a member of a group which it is part of for VAT purposes) is required to account to the relevant tax authority for such VAT, the Company shall pay (or procure the payment of) (in addition to and at the same time as paying any other consideration for the relevant supply) an amount equal to such VAT to the Commitment Party and the Commitment Party shall promptly provide the Company with an appropriate VAT invoice.

<br> 4. <u>Conditions</u>

The Commitment Parties' commitment hereunder are subject only to the conditions set forth in Exhibit C hereto. There are no conditions (implied or otherwise) to the commitments hereunder, and there will be no conditions (implied or otherwise) under the Definitive Documentation to the initial funding of the Senior Secured Facility on the Closing Date, including compliance with the terms (but not the conditions) of this Commitment Letter, the Payment Letter and the Definitive Documentation, in each case, other than those that are expressly referred to in the immediately preceding sentence.

Notwithstanding anything to the contrary in this Commitment Letter (including each of the exhibits attached hereto), the Payment Letter, the Definitive 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 accuracy of which shall be a condition to the availability of the Senior Secured Facility on the Closing Date shall be (A) the representations and warranties made by the Company (as defined in the Merger Agreement) that are material to the interests of the Commitment Parties, but only to the extent resulting in the termination of the Merger or the Merger Agreement, as a result of a breach of such representations in the Merger Agreement (in each case, in accordance with the terms of the Merger Agreement) (the "***Specified Merger Agreement Representations***") and (B) with respect to the Company and the Parent, the Specified Representations (as defined below) in the Definitive Documentation and (ii) the terms of the Definitive Documentation shall be in a form such that they do not impair the availability of the Senior Secured Facility on the Closing Date if the conditions set forth in Exhibit C hereto are satisfied or waived. For purposes hereof, "***Specified Representations***" means the representations and warranties made by the Company, the Parent and the other Guarantors (if party thereto on the Closing Date) to be set forth in the Definitive Documentation relating to corporate or other organizational existence, power and authority, due authorization, execution and delivery, and enforceability with respect to the Definitive Documentation, and no violation of, or conflict with, organizational documents of the Company, the Parent and the other Guarantors (if party thereto on the Closing Date), in each case related to the entering into and performance of the Definitive Documentation, solvency as of the Closing Date (after giving effect to the Transactions) of the Company and its subsidiaries on a consolidated basis (with solvency to be defined in a manner consistent with the solvency certificate to be delivered in the form set forth in Annex I attached to Exhibit C hereto); use of proceeds of the borrowings under the Definitive Documentation on the Closing Date not violating applicable sanctions, the PATRIOT Act, the UK Bribery Act 2010, OFAC, the U.S. Foreign Corrupt Practices Act of 1977 (as amended), Federal Reserve margin regulations, the Investment Company Act, any applicable law, rule, or regulation promulgated to implement the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, signed on 17 December 1997 and any other applicable law, rule or regulation of similar purpose and scope in any jurisdiction, including books and records offences relating directly or indirectly to a bribe; and, subject to the provisions of this paragraph, creation and perfection of security interests in the Closing Date Collateral (as defined in Exhibit C) to be perfected on the Closing Date (subject to permitted liens); and, if the Senior Secured Facility is in the form of notes, customary representations relating to applicable securities laws and exemption or exception from registration thereunder. This paragraph, and the provisions herein, shall be referred to as the "***Conditionality Provision***."

------

You agree to use commercially reasonable efforts to deliver to the Commitment Parties written notice of the date anticipated to be the Closing Date at least 15 business days prior to such date.

<br> 5. <u>Limitation of Liability, Indemnity, Settlement</u>

<br> (a) *<u>Limitation of Liability.</u>*

You agree that (i) in no event shall any of the Commitment Parties and their respective affiliates and respective officers, directors, employees, advisors, and agents (each, and including, without limitation, Apollo, an "***Arranger-Related Person***") have any Liabilities, on any theory of liability, for any special, indirect, consequential or punitive damages incurred by you, your affiliates or your respective equity holders arising out of, in connection with, or as a result of, this Commitment Letter, the Superseded Commitment Letter (as defined below), the Payment Letter, the Superseded Payment Letter or any other agreement or instrument contemplated hereby, except to the extent of direct (as opposed to special, indirect, consequential or punitive) damages determined in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from gross negligence or willful misconduct of such Arranger-Related Person and (ii) no Arranger-Related Person shall have any Liabilities arising from, or be responsible for, the use by others of Information or other materials (including, without limitation, any personal data) obtained through electronic, telecommunications or other information transmission systems, including an Electronic Platform or otherwise via the internet except to the extent of direct (as opposed to special, indirect, consequential or punitive) damages determined in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from gross negligence or willful misconduct of such Arranger-Related Person; <u>provided</u> that, nothing in this clause (a) shall relieve you of any obligation you may have to indemnify an Indemnified Person, as provided in clause (b) below, against any special, indirect, consequential or punitive damages asserted against such Indemnified Person by a third party. You agree, to the extent permitted by applicable law, to not assert any claims against any Arranger-Related Person with respect to any of the foregoing. As used herein, the term "***Liabilities***" shall mean any losses, claims (including intraparty claims), demands, damages or liabilities of any kind.

------

<br> (b) *<u>Indemnity.</u>*

You agree to (i) indemnify and hold harmless each Commitment Party and its affiliates, managed funds and controlling persons and their respective officers, directors, employees, advisors, and agents (each, and including, without limitation, Apollo, an "***Indemnified Person***") from and against any and all Liabilities and related expenses to which any such Indemnified Person may become subject in connection with any claim, litigation, investigation, arbitration or administrative, judicial or regulatory action or proceeding in any jurisdiction arising out of or in connection with this Commitment Letter, the Superseded Commitment Letter, the Senior Secured Facility, the use of the proceeds thereof, any related transaction or the activities performed or the Commitments furnished pursuant to this Commitment Letter or the role or roles of Apollo in connection therewith (including in relation to enforcing the terms of clause (a) above and the terms of this clause (b)) (each, a "***Proceeding***"), regardless of whether or not any Indemnified Person is a party thereto and whether or not such Proceeding is brought by you, your equity holders, affiliates, creditors or any other person and (ii) reimburse each Indemnified Person for any legal or other expenses (such legal expenses to be limited to one outside counsel for all Indemnified Persons and, if reasonably necessary, a single local counsel for all Indemnified Persons in each jurisdiction for which local counsel is reasonably deemed necessary and, solely in the case of an actual or bona fide potential conflict of interest, one special counsel to each group of similarly situated Indemnified Persons affected by such conflict (including one special local counsel, to the extent an actual or bona fide potential conflict of interest for any local counsel otherwise permitted hereunder)) incurred in connection with investigating or defending any of the foregoing, regardless of whether or not in connection with any pending or threatened Proceeding to which any Indemnified Person is a party, in each case as such expenses are incurred or paid; <u>provided</u> that the foregoing indemnity will not, as to any Indemnified Person, apply to any Liabilities or related expenses to the extent (A) they are found by a final, non-appealable judgment of a court of competent jurisdiction to (I) primarily result from (x) the, willful misconduct or gross negligence of such Indemnified Person in performing its activities or in furnishing its Commitments under this Commitment Letter or (y) a material breach in bad faith of the funding obligation of any Commitment Party, or any of its respective affiliates under this Commitment Letter, or (II) have not resulted from an act or omission by you or any of your affiliates and have been brought by an Indemnified Person against any other Indemnified Person (other than any claims against any Commitment Party in its capacity or in fulfilling its role as arranger or agent or any similar role hereunder); or (B) relating to an Indemnified Person's investment in the Company other than via the Senior Secured Facility, or in its capacity as a direct or indirect shareholder of the Company or as a noteholder of a direct or indirect parent entity of the Company.

<br> (c) *<u>Settlement.</u>*

You shall not, without the prior written consent of each Commitment Party and its respective affiliates (which consent shall not be unreasonably withheld, conditioned or delayed), effect any settlement of any pending or threatened Proceedings in respect of which indemnity could have been sought hereunder by any Commitment Party unless (x) such settlement includes an unconditional release of such Indemnified Person in form and substance reasonably satisfactory to each Commitment Party from all liability on claims that are the subject matter of such Proceedings and (y) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Commitment Party or any injunctive relief or other non-monetary remedy. You acknowledge that any failure to comply with your obligations under the preceding sentence may cause irreparable harm to each Commitment Party and the other Indemnified Persons.

You shall not be liable for any settlement of any Proceeding effected without your consent (which consent shall not be unreasonably withheld, conditioned or delayed), but if settled with your written consent or if there is a judgment by a court of competent jurisdiction for the plaintiff in any such Proceeding, you agree to indemnify and hold harmless each Indemnified Person from and against any and all losses, claims, damages, liabilities and expenses by reason of such settlement or judgment in accordance with the other provisions of this Section 5.

------

<br> 6. <u>Affiliate Activities, Sharing of Information, Absence of Fiduciary Relationships.</u>

The Commitment Parties may employ the services of their respective affiliates in complying with its obligations hereunder and, in connection therewith, may exchange with such affiliates information concerning you and the other companies that may be the subject of the transactions contemplated by this Commitment Letter, and, to the extent so employed, such affiliates shall be entitled to the benefits, and be subject to the obligations, of the applicable Commitment Party hereunder. The Commitment Parties shall be responsible for their respective affiliates' failure to comply with such obligations under this Commitment Letter.

You acknowledge that the Commitment Parties and their affiliates may be providing debt financing, equity capital or other services (including financial advisory services) to other companies in respect of which you may have conflicting interests regarding the transactions described herein and otherwise. The Commitment Parties will not use confidential information obtained from you by virtue of the transactions contemplated by this Commitment Letter or its other relationships with you in connection with the performance by such Commitment Party of services for other companies, and the Commitment Parties will not furnish any such information to other companies. You also acknowledge that the Commitment Parties have no obligation to use in connection with the transactions contemplated by this Commitment Letter, or to furnish to you, confidential information obtained from other companies.

You agree that the Commitment Parties will act under this Commitment Letter as an independent contractor and that nothing in this Commitment Letter will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between the Commitment Parties, on the one hand, and you and your respective equity holders or your and their respective affiliates on the other hand. You acknowledge and agree that (i) the transactions contemplated by this Commitment Letter are arm's-length commercial transactions between the Commitment Parties and, if applicable, its respective affiliates, on the one hand, and you, on the other, (ii) in connection therewith and with the process leading to such transaction the Commitment Parties and, if applicable, each of its respective affiliates, is acting solely as a principal and has not been, is not and will not be acting as an advisor, agent or fiduciary of you, your management, equity holders, creditors, affiliates or any other person and (iii) with respect to the transactions contemplated hereby or the process leading thereto, the Commitment Parties and, if applicable, its respective affiliates, has not assumed (x) an advisory or fiduciary responsibility in favor of you or your affiliates (irrespective of whether the Commitment Parties or any of their respective affiliates has advised or is currently advising you or your affiliates on other matters (which, for the avoidance of doubt, includes acting as a financial advisor to the Company or any of its affiliates in respect of any transaction related hereto)) or (y) any other obligation except the obligations expressly set forth in this Commitment Letter. You further acknowledge and agree that (i) you are responsible for making your own independent judgment with respect to such transactions and the process leading thereto, (ii) you are capable of evaluating and understand and accept the terms, risks and conditions of the transactions contemplated hereby, and the Commitment Parties shall have no responsibility or liability to you with respect thereto, and (iii) the Commitment Parties are not advising the Company as to any legal, tax, investment, accounting, regulatory or any other matters in any jurisdiction, and you shall consult with your own advisors concerning such matters and you shall be responsible for making your own independent investigation and appraisal of the transactions contemplated hereby. Any review by the Commitment Parties or any of its respective affiliates of the Company, the transactions contemplated hereby or other matters relating to such transactions will be performed solely for the benefit of the Commitment Parties and shall not be on behalf of the Company. The Company agrees that it will not claim that the Commitment Parties have rendered any advisory services or assert any claim against the Commitment Parties based on an alleged breach of fiduciary duty by the Commitment Parties in connection with this Commitment Letter and the transactions contemplated hereby or assert any claim based on any actual or potential conflict of interest that might be asserted to arise or result from the engagement of the Commitment Parties or any of their respective affiliates acting as a financial advisor to the Company or any of its affiliates, on the one hand, and the engagement of the Commitment Parties hereunder and the transactions contemplated hereby, on the other hand.

------

You further acknowledge that the Commitment Parties are full service firms engaged in securities trading and brokerage activities as well as providing other financial services. In the ordinary course of business, any Commitment Party may provide other financial services to, and/or acquire, hold or sell, for its own accounts and the accounts of customers, equity, debt and other securities and financial instruments (including bank loans and other obligations) of, you and other companies with which you may have commercial or other relationships. With respect to any securities and/or financial instruments so held by such Commitment Party or any of its customers, all rights in respect of such securities and financial instruments, including any voting rights, will be exercised by the holder of the rights, in its sole discretion.

<br> 7. <u>Confidentiality</u>

This Commitment Letter is delivered to you on the understanding that neither this Commitment Letter, the Superseded Commitment Letter, the Term Sheet, the Payment Letter, or the Superseded Payment Letter nor any of their terms or substance shall be disclosed by you, directly or indirectly, to any other person except (a) to the Parent, Equity Investors and Reinvestment Stockholders (as each such term is defined in the Merger Agreement) (the "**Buyer Parties**") and your and their officers, agents and advisors who are directly involved in the consideration of this matter, (b) as may be compelled in a judicial or administrative proceeding or as otherwise required by law or regulation, compulsory legal process or as requested by a governmental authority (in which case you agree to inform us promptly thereof prior to your disclosure to the extent lawfully permitted to do so), (c) you may disclose the Commitment Letter or the Superseded Commitment Letter (but not the Payment Letter or the Superseded Payment Letter) as may be required pursuant to the terms of any existing debt agreements to any existing agents, trustees lenders or noteholders on a confidential basis, (d) to your auditors for customary accounting purposes, including accounting for deferred financing costs on a confidential basis, (e) for purposes of establishing a "due diligence" defense or (f) in connection with the enforcement of your rights and remedies hereunder or under the Payment Letter; <u>provided</u> that, the foregoing restrictions shall cease to apply (except in respect of the Payment Letter and its terms and substance) on August 15, 2026.

The Commitment Parties, on behalf of themselves and their affiliates will treat all Definitive Documentation and related finance documents (including their terms), and any other non-public information provided to them by or on behalf of you in connection with the transactions contemplated hereby or by the Superseded Commitment Letter confidentially and shall not publish, disclose or otherwise divulge, such information; <u>provided</u> that nothing herein shall prevent each Commitment Party and its affiliates from disclosing any such information (a) pursuant to the order of any court or administrative agency or in any pending legal, judicial or administrative proceeding, or otherwise as required by applicable law, rule or regulation, subpoena or compulsory legal process or upon the request or demand of any regulatory authority (including any self-regulatory authority) or other governmental authority purporting to have jurisdiction over each Commitment Party or any of its affiliates (in which case such Commitment Party agrees (except pursuant to any routine audit or examination conducted by any self-regulatory authority or governmental or regulatory authority exercising examination or regulatory authority, in each case, that is not targeted at and does not reference the Company or the transactions contemplated hereby)), (i) to the extent reasonably practicable and not prohibited by applicable law or regulation, to inform you promptly thereof prior to disclosure, (ii) to the extent not prohibited by applicable law or regulation, to provide the Company, in advance of any such disclosure, with a description of the information that Commitment Party or affiliate intends to disclose and reasonably cooperate with the Company, at the Company's request and sole expense, to the extent the Company may seek to limit such disclosure, or take steps to resist or narrow the scope of such disclosure, including seeking a protective order or confidential treatment thereof, (iii) if, and only if, a protective order is not obtained, or a waiver of compliance is not obtained from the Company with regards this paragraph 7 but nonetheless such information is still required to be legally disclosed, to disclose only the portion of such information which is, upon advice of its legal counsel, legally required to be disclosed, and (iv) to use its commercially reasonable efforts to request assurances that confidential treatment will be accorded to any such information that is so legally required to be disclosed, (b) to the extent such information becomes publicly available other than by reason of improper disclosure by a Commitment Party or any of its affiliates in violation of any confidentiality obligations owing to you hereunder, (c) to the extent that such information is independently developed by a Commitment Party or any of its affiliates, (d) to each Commitment Party's affiliates and their and their respective employees, directors, officers, independent auditors, rating agencies, professional advisors and other agents who need to know such information in connection with the transactions contemplated hereby (including in connection with the evaluation, monitoring or administration of any Commitment Party's investment in the Senior Secured Facility) and who are informed of the confidential nature of such information and have been directed to maintain the confidentiality of such information in accordance with this paragraph and comply with the terms and conditions of this Commitment Letter applicable to them (with such Commitment Party responsible for its affiliates' compliance with this paragraph, including, for the avoidance of doubt, any failure by such affiliate to comply with any direction such Commitment Party is required to give to its affiliates hereunder) and (e) to each other Commitment Party. If the Senior Secured Facility closes, the Commitment Parties' obligations under this paragraph shall terminate and be superseded by the confidentiality provisions in the Definitive Documentation relating to the Senior Secured Facility. Otherwise, the provisions of this paragraph shall expire on August 15, 2026.

------

It is understood and agreed that any Commitment Party may advertise or promote its role in arranging or providing any portion of the Senior Secured Facility (including in any newspaper or other periodical, on any website or similar place for dissemination of information on the internet, as part of a "case study" incorporated into promotional materials, in the form of "tombstone" advertisement or otherwise) only with the prior written consent of the Company, <u>provided</u> that (a) where consent has been granted by the Company in respect of the public disclosure of any information in connection with the Senior Secured Facility (the "***Disclosed Information***") no additional consent from the Company shall be required in respect of a further disclosure of such Disclosed Information and (b) any such advertisement or promotion to which the Company has given its consent shall be at the sole cost and expense of the Commitment Party.

<br> 8. <u>Expenses; No Shop.</u>

You agree to pay or reimburse Apollo from time to time within five (5) days of written demand for all reasonable and documented (limited to a summary invoice) out-of-pocket fees, costs and expenses incurred by Apollo (including prior to the date hereof) in connection with the Senior Secured Facility and other transactions relating thereto in Apollo's capacity as a Commitment Party (and excluding, for the avoidance of doubt, in relation to the purchase of equity interests issued by an indirect parent entity of the Company and the purchase of debt securities issued by an indirect parent entity of the Company), including, without limitation, due diligence investigations, the preparation, negotiation, and delivery of definitive documentation, lien searches and filing and recording fees, and the reasonable and documented out-of-pocket fees, costs and expenses of Gibson, Dunn & Crutcher LLP (in the case of fees, costs and expenses of Gibson, Dunn & Crutcher LLP, up to $1,600,000 in the aggregate (which may be increased with your consent)) and reasonably necessary local counsel in connection with the foregoing (collectively, the "***Expenses***" and excluding, for the avoidance of doubt, internal Apollo costs), regardless of whether or not definitive documentation with the respect to the Senior Secured Facility is executed or the Senior Secured Facility is consummated, <u>provided</u> that the foregoing limitations shall not apply to any costs and expenses (including legal fees) incurred by us in connection with the Post-Closing Date Collateral, if the Post-Closing Date Collateral has not been granted, in full, within 20 days (or, with respect to an entity not incorporated in England and Wales, the United States of America or Jersey, 45 days) of the Closing Date. We shall procure that Gibson, Dunn & Crutcher LLP shall, as soon as reasonably practicable following each $250,000 incremental increase to Expenses incurred (each an "***Incremental Incurrence***"), notify you (email to you or your counsel) of the aggregate amount of Expenses outstanding, taking into account each such Incremental Incurrence. You acknowledge that Gibson, Dunn & Crutcher LLP has provided notifications in respect of each Incremental Incurrence prior to the date hereof and the provisions of this paragraph are in addition to, and not in limitation of, any other expense reimbursement to which Apollo or its affiliates may be entitled in connection with the Transactions.

------

The Company and the Commitment Parties further acknowledge and agree that the Expense Reimbursement and Exclusivity Letter was terminated, and the obligations thereunder ceased to be effective, as of August 15, 2025, and that Expenses shall only be required to be paid hereunder.

From August 15, 2025 until the earlier to occur of: (a) the Termination Date (as defined below) (or such later date as the Company and Apollo shall have mutually agreed to extend the Commitment Parties' respective commitments under this Commitment Letter) and (b) the Closing Date (such earliest date being referred to as the "***No-Shop Period Termination Date***"), so long as the Commitment Parties continue to be willing to fund their respective commitments with respect to the Senior Secured Facility on a timely basis on the terms and conditions set forth in this Commitment Letter and have not materially breached their obligations hereunder, you (i) shall not, and shall cause your affiliates and your and their representatives, agents, consultants, attorneys and other advisors, and any other person acting on your or their behalf not to, directly or indirectly solicit any alternative financing arrangements in connection with the Merger other than those expressly contemplated by Exhibit B of this Commitment Letter ("***Alternate Financing***") and (ii) shall not use or disclose any terms of this Commitment Letter or the Payment Letter related to any Alternate Financing to which you or your affiliates are parties with any party other than the Commitment Parties and their representatives.

<br> 9. <u>Miscellaneous</u>

No party to this letter shall assign any of its rights or transfer any of its rights or obligations under this letter without the prior written consent of each other party (and any purported assignment without such consent shall be null and void), and this Commitment Letter is intended to be solely for the benefit of the parties hereto and is not intended to confer any benefits upon, or create any rights in favor of, any person other than the parties hereto. This Commitment Letter may not be amended or waived except by an instrument in writing signed by you and each Commitment Party. This Commitment Letter and the Payment Letter, in each case together with all exhibits, annexes and schedules thereto, constitute the entire agreement between the parties with respect to the subject matter hereof.

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. The words "execution," "signed," "signature," "delivery," and words of like import in or relating to this Commitment Letter, the Payment Letter and/or any document to be signed in connection with this letter agreement and the transactions contemplated hereby shall be deemed to include Electronic Signatures (as defined below), deliveries 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, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be. "***Electronic Signatures***" means any electronic symbol or process attached to, or associated with, any contract or other record and adopted by a person with the intent to sign, authenticate or accept such contract or record.

------

This Commitment Letter and the Superseded Commitment Letter shall be governed by, and construed in accordance with, the law of the State of New York; <u>provided</u>, <u>however</u>, that (a) the interpretation of the definition of "Company Material Adverse Effect" (as defined in the Merger Agreement) (and whether or not a Material Adverse Effect has occurred, including, for purposes of the conditions to funding the Senior Secured Facility) or any other term used herein or in the Definitive Documentation that is defined by reference to the Merger Agreement, (b) the determination of the accuracy of any Specified Merger Agreement Representations (as defined in Exhibit B below) and whether as a result of any inaccuracy of any Specified Merger Agreement Representation (i) the Buyer Parties (or the Buyer Parties' affiliates party to the Merger Agreement) have the right to terminate its (or their respective) obligations under the Merger Agreement, or the right to decline to consummate the Merger or (ii) there otherwise has been a failure of a condition to funding the Senior Secured Facility and (c) the determination of whether the Merger has been consummated in accordance with the terms of the Merger Agreement shall, in each case, be governed by, and construed in accordance with, the law of the State of Delaware, regardless of the law that might otherwise govern under applicable principles of conflicts of laws thereof. The Company consents to the exclusive jurisdiction and venue of the United States District Court for the Southern District of New York sitting in the Borough of Manhattan (or if such court lacks subject matter jurisdiction, the Supreme Court of the State of New York sitting in the Borough of Manhattan). Each party hereto irrevocably waives, to the fullest extent permitted by applicable law, (a) any right it may have to a trial by jury in any legal proceeding arising out of or relating to this Commitment Letter, the Superseded Commitment Letter the Term Sheet, the Payment Letter, the Superseded Payment Letter or the transactions contemplated hereby or thereby (whether based on contract, tort or any other theory) and (b) any objection that it may now or hereafter have to the laying of venue of any such legal proceeding in the federal or state courts located in the City of New York, Borough of Manhattan.

The Commitment Parties hereby notify the Company that pursuant to the requirements of the USA Patriot Act, Title III of Pub. L. 107-56 (signed into law October 26, 2001) (the "***Patriot Act***") and 31 C.F.R. § 1010.230 (the "***Beneficial Ownership Regulation***"), it and its affiliates are required to obtain, verify and record information that identifies the Company and its subsidiary guarantors, which information includes the name, address, tax identification number and other information regarding the Company and its subsidiary guarantors that will allow each Commitment Party to identify the Company and its subsidiary guarantors in accordance with the PATRIOT Act and the Beneficial Ownership Regulation. This notice is given in accordance with the requirements of the PATRIOT Act and Beneficial Ownership Regulation and is effective for each of the Commitment Parties and each of their respective affiliates.

Neither the Company nor any person acting on its behalf will, directly or indirectly (except through Apollo), sell or offer, or attempt or offer to dispose of, or solicit any offer to buy, or otherwise approach or negotiate in respect of, any of the notes contemplated by this Commitment Letter during the term of this Commitment Letter. As used in these terms and conditions, the terms "offer" and "sale" have the meanings specified in Section 2(a)(3) of the Securities Act of 1933, as amended (the "Securities Act").

The Company represents that it has not, directly or indirectly, made any offers or sales of the notes contemplated by this Commitment Letter or securities of the same or a similar class as such notes, other than through the Arranger, and will not make an offer or sale of such notes or securities of the same or a similar class as such notes which is or would be integrated with the sale of securities and would require the notes contemplated by this Commitment Letter to be registered under the Securities Act.

The provisions of this Commitment Letter and/or in the Payment Letter relating to compensation, reimbursement of expenses, limitation of liability, indemnification, settlement, affiliate activities, sharing of information, absence of fiduciary relationships, confidentiality, electronic signatures, governing law, waiver of jury trial and waiver of objection to the laying of venue shall remain in full force and effect regardless of whether definitive documentation relating to the Senior Secured Facility shall be executed and delivered and notwithstanding the termination of this Commitment Letter and/or each Commitment Party's respective commitment hereunder*.*

Section headings used herein are for convenience of reference only and are not to affect the construction of, or to be taken into consideration in interpreting, this Commitment Letter.

------

This Commitment Letter (including the Term Sheet) and the Payment Letter shall become effective upon execution and delivery by the parties thereto and thereto, respectively. This Commitment Letter shall terminate at the earliest of (i) after execution of the Merger Agreement and prior to the consummation of the Transactions, the termination of the Merger Agreement in accordance with its terms (or your written confirmation or public announcement thereof), (ii) the consummation of the Merger without the funding of the Senior Secured Facility, (iii) the execution and delivery of definitive documentation relating to the Senior Secured Facility and (iv) March 17, 2026 (such earliest time, the "***Termination Date*** "); unless each Commitment Party, in its sole discretion, agrees to an extension. In addition, you shall have the right to terminate this Commitment Letter and the commitments of the Commitment Parties hereunder (or a portion thereof) at any time upon written notice to them from you, subject to the payment of the Financing Alternative Payment (as defined in the Payment Letter), if any; provided that, notwithstanding the foregoing, the indemnification, limitation on liability, payment and compensation (if applicable in accordance with the terms hereof and of the Payment Letter), reimbursement (if applicable), jurisdiction, governing law, venue, service of process, survival and confidentiality provisions contained herein and in the Payment Letter shall remain in full force and effect. Upon the occurrence of any of the events referred to in the previous two preceding sentences, this Commitment Letter and the commitments of the Commitment Parties hereunder shall automatically terminate unless all of the Commitment Parties shall, in their sole discretion, agree to an extension in writing. Additionally, the commitment of each Commitment Party with respect to the Senior Secured Facility shall terminate in the event the Merger is consummated without any borrowings under the Senior Secured Facility.

Upon effectiveness of this Commitment Letter, (i) this Commitment Letter supersedes and replaces the commitment letter dated August 15, 2025 between the Commitment Parties and the Company (the "***Superseded Commitment Letter***") in its entirety and (ii) the Superseded Commitment Letter shall cease to be in force and effect and no obligations or amounts payable thereunder shall be assumed by or owing to any person.

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

------

The Commitment Parties are pleased to have been given the opportunity to assist you in connection with this important financing.

---

| | | |
|:---|:---|:---|
| APOLLO CAPITAL MANAGEMENT, L.P., on behalf of one or more investment funds, separate accounts and other entities owned (in whole or in part), controlled, managed and/or advised by it or its affiliates | APOLLO CAPITAL MANAGEMENT, L.P., on behalf of one or more investment funds, separate accounts and other entities owned (in whole or in part), controlled, managed and/or advised by it or its affiliates | APOLLO CAPITAL MANAGEMENT, L.P., on behalf of one or more investment funds, separate accounts and other entities owned (in whole or in part), controlled, managed and/or advised by it or its affiliates |
| By: Apollo Capital Management GP, LLC, | By: Apollo Capital Management GP, LLC, | By: Apollo Capital Management GP, LLC, |
| its general partner | its general partner | its general partner |
| By:<br>| /s/ William B. Kuesel | /s/ William B. Kuesel |
|  | Name: | William B. Kuesel |
|  | Title: | Vice President |
| APOLLO GLOBAL SECURITIES, LLC | APOLLO GLOBAL SECURITIES, LLC | APOLLO GLOBAL SECURITIES, LLC |
| By:<br>| /s/ Daniel Duval | /s/ Daniel Duval |
|  | Name: | Daniel Duval |
|  | Title: | Vice President |

---

[Signature Page to Commitment Letter]

------

---

| | |
|:---|:---|
| Accepted and agreed to as of<br> the date first above written: | Accepted and agreed to as of<br> the date first above written: |
| SOHO HOUSE BOND LIMITED | SOHO HOUSE BOND LIMITED |
| By: | /s/ Andrew Carnie |
|  | Name: Andrew Carnie |
|  | Title: Chief Executive Officer |

---

[Signature Page to Commitment Letter]

------

<u>EXHIBIT A</u>

<u>Soho House Bond Limited</u>

<u>Senior Secured Facility</u>

<u>Transaction Summary</u>

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 and in Exhibits B and C thereto.

On 15 August, 2025, Soho House & Co Inc., a Delaware corporation (the "***Target***"), entered into an Agreement and Plan of Merger (the "***Merger Agreement***") with EH Parent LLC, a Delaware limited liability company ("***Parent***"), EH MergerSub Inc., a Delaware corporation and wholly owned subsidiary of Parent ("***Merger Sub***"), providing for the merger of Merger Sub with and into the Target, with the Target continuing as the surviving corporation (the "***Merger***"). Pursuant to the Merger Agreement, Parent has delivered commitment letters from those Persons the names of which are listed as "Equity Investors" in Exhibit D (the "***Equity Investors***") pursuant to which each Equity Investor has committed, subject to the terms and conditions thereof, to invest in Merger Sub the cash amounts set forth therein (the "***New Equity Investment***"). In connection therewith, it is intended that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp; The Company will incur senior secured first lien loans under a new senior first lien secured facility as described in Exhibit B (the "***Senior Secured Facility***");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The proceeds of the Senior Secured Facility will be applied (i) to refinance in full that certain First Amended and Restated Notes Purchase Agreement, dated as of November 15, 2021 (which amended and restated that certain Notes Purchase Agreement dated March 23, 2021) among the Company, Parent, Global Loan Agency Services Limited, as agent, GLAS Trust Corporation Limited, as collateral agent, the guarantors party thereto and the notes purchasers party thereto (the "***Existing Notes Purchase Agreement***"), (ii) to finance a distribution to Target in order to facilitate the Merger and (iii) to pay the fees and expenses incurred in connection with the Transactions (such fees and expenses, the "***Transaction Costs***");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The super senior revolving credit facility agreement, originally dated December 5, 2019 and made between, amongst others, Soho House & Co Limited as parent, Soho House Bond Limited as the company, HSBC UK Bank PLC as arranger, Global Loan Agency Services Limited as agent and GLAS Trust Corporation Limited as collateral agent (as amended and/or amended and restated from time to time, and most recently on February 21, 2025 (the "***Existing Revolving Credit Facility Agreement***")) shall remain available to be utilized; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; One or more members of the Group will, via one or more distributions or otherwise, pay or provide funding for the payment of Transaction Costs and other payments to be made in connection with the Merger.

The transactions described above are collectively referred to herein as the "***Transactions***". For purposes of this Commitment Letter and the Payment Letter, "***Closing Date***" shall mean the date of the satisfaction or waiver of the conditions set forth in Exhibit C and the initial funding of the Senior Secured Facilities.

------

<u>Exhibit B</u>

<u>Soho House Bond Limited</u>

<u>Senior Secured Facility</u>

<u>Summary of Terms and Conditions</u>

Capitalized terms used but not defined in this Exhibit B are used with the meanings assigned to them in the Commitment Letter and/or the Existing Notes Purchase Agreement (as the context requires).

---

| | | |
|:---|:---|:---|
| I. | **<u>Parties</u>** |  |
|  | Company: | Soho House Bond Limited, a company incorporated in Jersey with registered number 112133 (the "***Company***"). |
|  | Parent: | Soho House & Co Limited, a company incorporated in Jersey with registered number 109634 ("***Parent***"), the direct parent of the Company. |
|  | Guarantors: | Parent and any member of the Group required to become a Guarantor in accordance with "Guarantor Coverage" below. |
|  | Guarantor Coverage: | Within one (1) business day of the Closing Date (unless otherwise specified in Annex III), each entity that is listed as a Guarantor in Annex III shall, subject to customary guarantee limitations and the Agreed Security Principles, become a Guarantor and grant the Transaction Security detailed opposite its name in Annex III. |
|  |  | Thereafter, the Company shall ensure that, subject to customary guarantee limitations and the Agreed Security Principles, as soon as reasonably practicable and in any event within 45 days (or, with respect to any member of the Group required to become a Guarantor in accordance with this paragraph which is currently incorporated or formed in a jurisdiction where no Guarantor is incorporated or formed as of the date hereof, 75 days) of the due date for delivery of the Compliance Certificate in respect of each of the Annual Financial Statements (a) all Material Companies are Guarantors and (b) the aggregate EBITDA and gross assets of the Guarantors (calculated on an unconsolidated basis, excluding the EBITDA of any member of the Group that generates negative EBITDA and excluding all intra-Group items and investments in Subsidiaries of any member of the Group), represents not less than 90 per cent. of the Consolidated EBITDA and gross assets of the Group (excluding, for the purposes of calculating the denominator of each such calculation, the contribution to Consolidated EBITDA and gross assets of any member of the Group that is not required to (or cannot) become a Guarantor in accordance with the Agreed Security Principles) (tested annually and calculated by reference to the most recent annual financial statements of the members of the Group (the test referred to herein being the "***Coverage Test***")). For the purpose of determining whether the Coverage Test has been complied with, the Annual Financial Statements shall be adjusted to give pro forma effect to any acquisitions (including through mergers or consolidations) and Disposals of companies, undertakings and businesses which have taken place prior to the last day of the period covered by such Annual Financial Statements and, where this test has to be satisfied in order for a Disposal or resignation of an Obligor to be permitted, to give pro forma effect to the relevant Disposal or resignation. |

---

------

---

| | |
|:---|:---|
| Material Company: | At any time (a) an Obligor; (b) a wholly-owned member of the Group which is a Holding Company of an Obligor; and (c) a member of the Group (excluding, for the avoidance of doubt, each Excluded SPV and each 956 Entity) which has EBITDA representing 2.50 per cent. or more of Consolidated EBITDA or has gross assets representing 2.50 per cent. or more of the gross assets of the Group. |
| Agreed Security Principles: | As per the Existing Notes Purchase Agreement, <u>provided</u> that, paragraph 13 of the Agreed Security Principles shall be deleted and, save as described in Annex III, paragraph 14 of the Agreed Security Principles shall be updated to clarify that there shall be no requirement for any entity to accede to the Definitive Documentation as a Guarantor or grant any Security (or for any Security to be granted in respect of the shares or other interests in or receivables owing from such entity) to the extent that such entity is a Permitted Joint Venture<sup>1</sup>, an Excluded SPV, a 956 Entity (as defined below) or not incorporated in a Guarantor Jurisdiction. |
|  | For the purposes of this Term Sheet: |
|  | "**956 Entity**" means each of BN MidCo Ltd, BN AcquireCo Ltd, Abertarff Ltd, SHLC OpCo, S de R.L. de C.V, SHMX OpCo, S de R.L. de C.V, Soho House Limited, Soho House (Management Services) Limited, SH Acquireco Tel Aviv Limited and SHG Acquisitions Ltd. |
| Section 956 / CFC Provisions: | Clauses 21.14 (*Guarantee limitation - deemed dividends*) and 29.8 (*Release of Security following the occurrence of a 956 Transaction Security Release Event*), and paragraph (c) of Clause 32.1 (*Payments to Finance Parties*) of the Existing Notes Purchase Agreement shall be deleted. |
|  | Any pledge of the equity of a first-tier 956 Entity shall include 100% of the non-voting equity and 65% of the voting equity of such 956 Entity. |

---

------

---

| | |
|:---|:---|
| 1 | <u>Provided</u> that the shares in a Permitted Joint Venture may be subject to the security granted by a Guarantor under an all-assets security document (English law debenture or US security agreement) to the extent not otherwise exempt from the requirement to be given by the Agreed Security Principles. |

---

Ex. B - 2

------

---

| | |
|:---|:---|
| Group: | The Company and its Subsidiaries. Unrestricted Subsidiary concept to be removed and references to the Restricted Group shall be updated to refer to the Group. |
| Excluded SPVs: | Each Miami SPV, each Scorpios SPV and Soho Works Limited only. |
| Arranger: | Apollo Global Securities, LLC ("***AGS***", in such capacity, the "***Arranger***"). |
| Administrative Agent: | As appointed in accordance with the Commitment Letter (in such capacity, the "***Administrative Agent***"). |
| Investors: | ACM and/or one or more investment funds, separate accounts, and other entities owned (in whole or in part), controlled, managed, and/or advised by it or its affiliates (collectively, the "***Investors***"). |
| Cash Sweeps: | The Company shall procure that: (a) for each fiscal year of the Company, commencing with the first financial year after the Closing Date, at the earlier of (x) the date that is 10 days following the date of delivery of the audited consolidated financial statements of the Target for such fiscal year and (y) the date that is 130 days after the end of each such fiscal year, any Unrestricted Miami Cash will be distributed, contributed or otherwise made available to Soho House, LLC or another Guarantor and (b) for each calendar month, commencing with the first complete calendar month after the Closing Date, within 10 days after the end of each such calendar month, any Unrestricted Soho House Limited Cash will be distributed, contributed or otherwise made available to Soho House UK Limited or another guarantor (in each case, such amount being the "***Cash Sweep Amount***") **provided that** to the extent a Permitted Investment has been made in any of the Miami Cash Sweep Entities or Soho House Limited following the Closing Date, the Permitted Investment capacity so utilized (the "***Utilized Capacity Amount***") shall be restored by an amount equal to the lower of the Cash Sweep Amount and the Utilized Capacity Amount. If the date on which any Cash Sweep Amount is required to be paid pursuant to this section falls on a day that is not a Business Day, the relevant distribution, contribution or other payment of the relevant Cash Sweep Amount shall be made on the Business Day immediately following such date. |
|  | Notwithstanding any term of the Definitive Documentation, there shall be no requirement for an Excluded SPV to accede to the Intercreditor as an "Intra-Group Lender", and paragraph 3.2.6(a) of Schedule 14 (*Restrictive Covenants*) to the Existing Notes Purchase Agreement shall be amended accordingly. |

---

Ex. B - 3

------

---

| | | |
|:---|:---|:---|
|  |  | "***Miami Loan Documents***" means the loan agreement dated on or about May 11, 2023 and made between Beach House Owner, LLC, as borrower, and JPMorgan Chase Bank, National Association and Citi Real Estate Funding Inc., collectively, as lender, and related loan documents, as the same may be amended, restated, modified, renewed, refunded, replaced or refinanced in whole or in part from time to time. |
|  |  | "***Unrestricted Miami Cash***" means any cash held by the Miami Cash Sweep Entities which is not required (as determined by the Company, acting reasonably and in good faith) to be retained by the Miami Cash Sweep Entities to make payments under, or otherwise comply with the terms of, the Miami Loan Documents, or otherwise for application towards the *bona fide* business expenditure of the Miami SPVs and which can, without material cost or expense (including material Tax liability), lawfully (and subject to reasonable compliance with fiduciary duties in respect of the entity concerned, its directors or its officers) be distributed, contributed or otherwise made available to Soho House LLC or another Guarantor. |
|  |  | "***Unrestricted Soho House Cash***" means any cash held by Soho House Limited which is not required (as determined by the Company, acting reasonably and in good faith) to be retained by Soho House Limited to make payments in application towards the *bona fide* business expenditure of Soho House Limited or its Subsidiaries and which can, without material cost or expense (including material Tax liability), lawfully (and subject to reasonable compliance with fiduciary duties in respect of the entity concerned, its directors or its officers) be distributed, contributed or otherwise made available to Soho House UK Limited or another Guarantor. |
| II. | **<u>Senior Secured Facility</u>** |  |
|  | Type and Amount of<br> Senior Secured<br> Indebtedness Loans: | <br>A senior secured facility (the "***Senior Secured Facility***") in the amount of $695.0 million (the indebtedness thereunder, the "***Senior Secured Indebtedness***").<br>|
|  | Availability: | The Senior Secured Facility shall be available in U.S. Dollars on the Closing Date in a single drawing. |
|  | Ranking: | As Pari Passu Liabilities as defined in, and pursuant to, the intercreditor agreement originally dated September 27, 2013 between, amongst others, Soho House Bond Limited and Wells Fargo Trust Corporation Limited (as amended and restated from time to time as most recently by an amendments deed dated 23 March 2021) (the "***Intercreditor Agreement***"); provided that (i) the indebtedness in an aggregate principal amount not to exceed £75.0 million incurred by the Company pursuant to the Existing Revolving Credit Facility (as may be amended, restated, amended and restated or otherwise modified, refinanced or replaced from time to time after the date hereof) or any other Credit Facility and (ii) the incurrence of Hedging Obligations as contemplated by paragraph 3.2.8 of Schedule 14 (*Restrictive Covenants*) to the Existing Notes Purchase Agreement, and, in each case, liens granted in connection therewith shall be deemed Super Senior Liabilities under the Intercreditor Agreement. |

---

Ex. B - 4

------

---

| | | |
|:---|:---|:---|
|  | Maturity: | 6 years after the Closing Date (the "***Maturity Date***"). |
|  | Purpose: | The proceeds of the Senior Secured Indebtedness will be used to (i) refinance the Existing Notes Purchase Agreement and (ii) pay Transaction Costs, and will be made available in a single draw on the Closing Date. |
|  | Repayment profile: | Bullet repayment (no amortization). |
| III. | **<u>Collateral</u>** |  |
|  | Closing Date Collateral: | Subject to the Agreed Security Principles, and the Intercreditor Agreement, Parent shall grant a Jersey law security confirmation agreement in respect of the existing Jersey law security interest agreements executed by the Parent over its shareholding in 100% of the shares in the Company and in relation to any receivables owed to the Parent by the Company. |
|  | Post-Closing Date Collateral: | Subject to the Agreed Security Principles and the Intercreditor Agreement, within one (1) business day of the Closing Date (unless otherwise specified in Annex III) each member of the Group identified in Annex III shall grant the Transaction Security specified opposite its name in Annex III, thereafter as per the Agreed Security Principles. Sidley Austin LLP and other counsel to the Company shall initially prepare the security documentation necessary to timely complete the Post-Closing Date Collateral, with it being understood that Gibson, Dunn & Crutcher LLP and other counsel to the Investors will review and take such other measures customarily performed by counsel to investors in similar transactions. |
|  |  | The Closing Date Collateral and the Post-Closing Date Collateral together, the "***Collateral***". |
|  | Agreed Security Principles: | As per Existing Notes Purchase Agreement, as updated to reflect any subsequent changes in applicable law and <u>provided</u> that there shall be no requirement for an Excluded SPV, a 956 Entity or Soho House (Hong Kong) Limited to accede as a Guarantor nor shall any security be granted by or over the ownership interests in an Excluded SPV, a 956 Entity or Soho House (Hong Kong) Limited. |

---

Ex. B - 5

------

---

| | | |
|:---|:---|:---|
| IV. | **<u>Prepayments</u>** |  |
|  | Mandatory<br> Prepayments/Redemptions: | <br>The Senior Secured Indebtedness shall be prepaid or redeemed in full, in cash, at par (including capitalized interest paid in kind) plus accrued interest, plus prepayment premiums, if any, upon the occurrence of a Change of Control (to be defined as based upon the Existing Notes Purchase Agreement, subject to the deletion of the reference to "one or more Permitted Holders" in paragraph (2) of such definition). |
|  |  | The definition of Initial Investors shall be updated to capture persons that remain direct or indirect investors in the Company following the Merger, including the Equity Investors and the Reinvestment Stockholders (as each such term is defined in the Merger Agreement). |
|  |  | Additionally, the net proceeds to the Company, Parent or any subsidiary of the Company from any asset sale shall be subject to the same prepayment requirements contained in Clause 11.2 (*Disposal Proceeds*) of the Existing Notes Purchase Agreement, at par (including capitalized interest paid in kind) plus accrued interest; <u>provided</u> that the threshold in clause (b) of the definition of "Excluded Disposal Proceeds" set forth in Clause 11.2 (*Disposal Proceeds*) of the Existing Notes Purchase Agreement shall be amended to the greater of £5.0 million and 3.0% of LTM Consolidated EBITDA. |
|  | Optional<br> Prepayment/Redemption: | <br>The Senior Secured Indebtedness may be prepaid or redeemed, in whole or in part, at the option of the Company, at any time, <u>provided</u> that in relation to a voluntary prepayment, any mandatory prepayment upon a Change of Control and/or upon acceleration of the Senior Secured Indebtedness, a 2-year non-call period (subject to customary make-whole payments based on a discount rate equal to the applicable yield to maturity of U.S. Treasury notes with a maturity closest to the second anniversary of the Closing Date plus 50 basis points), and at par (including capitalized interest paid in kind) plus accrued interest thereafter; <u>provided</u>, <u>however</u>, that during each year following the Closing Date but prior to the second anniversary of the Closing Date, the Company shall be permitted to prepay or redeem up to $50.0 million of the Senior Secured Indebtedness, at the Company's election, which prepayment or redemption will not require the payment of any such make-whole amounts, and unused amounts in a one-year period may be carried forward to the immediately following year, without limitation. |

---

Ex. B - 6

------

---

| | | |
|:---|:---|:---|
| V. | **<u>Certain Payment Provisions</u>** |  |
|  | Fees and Interest Rates: | Paid on a quarterly basis as follows: |
|  |  | • if LTM Adjusted EBITDA is less than $275.0 million, the Company may elect that the Senior Secured Indebtedness bear interest at a rate per annum equal to (x) 10.750% in cash or (y) (i) 5.375% in cash and (ii) 5.375% paid in kind; |
|  |  | •&nbsp;&nbsp;&nbsp;&nbsp; if LTM Adjusted EBITDA is less than $300.0 million but greater than $275.0 million, the Company may elect that the Senior Secured Indebtedness bear interest at a rate per annum equal to (x) 10.250% in cash or (y) (i) 5.125% in cash and (ii) 5.125% paid in kind; |
|  |  | • if LTM Adjusted EBITDA is less than $350.0 million but greater than $300.0 million, the Company may elect that the Senior Secured Indebtedness bear interest at a rate per annum equal to (x) 9.500% in cash or (y) (i) 4.750% in cash and (ii) 4.750% paid in kind; |
|  |  | • if LTM Adjusted EBITDA is less than $400.0 million but greater than $350.0 million, the Company may elect that the Senior Secured Indebtedness bear interest at a rate per annum equal to (x) 8.500% in cash or (y) (i) 4.250% in cash and (ii) 4.250% paid in kind; |
|  |  | • if LTM Adjusted EBITDA is greater than $400.0 million, the Company may elect that the Senior Secured Indebtedness bear interest at a rate per annum equal to (x) 7.500% in cash or (y) (i) 3.750% in cash and (ii) 3.750% paid in kind; |
|  |  | "***LTM Adjusted EBITDA***" shall be defined in a manner consistent with the definition of "LTM Consolidated EBITDA" in the Existing Revolving Credit Facility Agreement, subject to (i) the inclusion of an add-back for enterprise resource planning and other execution expenses; (ii) the inclusion of an uncapped add-back for cash fees and expenses associated with the Transactions; and (iii) a 35.0% cap (for the avoidance of doubt, cap calculated on LTM Adjusted EBITDA calculated prior to the inclusion of any Capped Adjustments) on the aggregate amount of Capped Adjustments <u>provided</u> that such cap shall exclude cash transaction fees associated with the Transaction, which may be added back to LTM Adjusted EBITDA without limitation. |
|  |  | "***Capped Adjustments***" means: (a) Pro Forma Adjustments (as defined in the Existing Revolving Credit Facility Agreement), (b) adjustments described in paragraphs (d), (e), (h), (l) and (m) of the definition of Consolidated EBITDA (as defined in the Existing Revolving Credit Facility Agreement), enterprise resource planning expenses and other execution expenses (but shall exclude, for the avoidance of doubt, cash Transaction expenses). |
|  | Default Rate: | At any time when the Company is in default in the payment of amounts payable under the Senior Secured Facility, such amount shall bear interest at 2% above the rate otherwise applicable thereto. |
|  | Rate and Fee Basis: | All *per annum* rates shall be calculated on the basis of a year of 365 days for actual days elapsed. |

---

Ex. B - 7

------

---

| | | |
|:---|:---|:---|
| VI. | **<u>Certain Conditions</u>** |  |
|  | Initial Conditions: | Subject to the Conditionality Provision, the availability of the Senior Secured Facility on the Closing Date will be subject only to the conditions precedent set forth in Exhibit C. |
|  | Drawdown notice: | U-5 Business Days, 9.00 a.m. New York |
| VII. | **<u>Certain Documentation Matters</u>** | **<u>Certain Documentation Matters</u>** |
|  |  | The definitive documentation for the Senior Secured Facility (the "***Definitive Documentation***") will be based on the Existing Notes Purchase Agreement (including with respect to the representations and warranties, affirmative covenants, negative covenants, conditions precedent, and events of default), and shall contain those terms and conditions usual for facilities and transactions of this type as may be reasonably agreed by the Company, Arranger and the Investors, modified as necessary (i) to reflect the nature of the Senior Secured Facility and this Term Sheet, (ii) to modify the negative covenants as described in Annex I, and (iii) will be initially prepared by Sidley Austin LLP, as counsel to the Company and shall contain (but not be limited to) the terms set forth in this Exhibit B and be negotiated in good faith within a reasonable time period to be determined based on the expected Closing Date (with the initial drafts of the Definitive Documentation be delivered by Sidley Austin LLP within 60 days (or sooner if reasonably practicable) of the date hereof but no later than the date that is 30 days prior to the expected Closing Date). For the avoidance of doubt, the Senior Secured Facility shall be subject to the Intercreditor Agreement as Pari Passu Liabilities and the Investors shall accede to the Intercreditor Agreement as Pari Passu Creditors. The Definitive Documentation shall contain representations, warranties, covenants and events of default described below (this provision, the "***Documentation Principles***"). |
|  | Representations and |  |
|  | Warranties: | The Definitive Documentation shall contain representations and warranties to be based on the representations and warranties set forth in the Existing Notes Purchase Agreement, with any modifications to be satisfactory to the Company and the Investors (each acting reasonably and in good faith). |
|  | Financial covenant: | None. |

---

Ex. B - 8

------

---

| | |
|:---|:---|
| Affirmative Covenants: | The Definitive Documentation shall contain affirmative covenants to be based on the affirmative covenants set forth in the Existing Notes Purchase Agreement, including (i) the delivery of audited consolidated financial statements of the Target for each fiscal year within 120 days after the end of each such fiscal year, (ii) the delivery of consolidated financial statements / management accounts of the Target (which shall include performance indicators relating to total membership numbers and a reconciliation of net paying members movement on year-to-date, "by house" basis, and summarized "by-house" P&L) for each of the first three fiscal quarters within 45 days after the end of each such fiscal quarter, (iii) consolidated management accounts for each fiscal month within 45 days after the end of each such fiscal month, (iv) delivery of compliance certificates, (v) delivery of a copy of the annual budget for each fiscal year within 30 days of the start of each such fiscal year, (vi) delivery of such other information as is contemplated by Clause 23.7 (*Information – miscellaneous*) of the Existing Notes Purchase Agreement (<u>provided</u> that any reference to Miami Loans therein shall also capture any other Indebtedness of the Group the principal amount of which exceeds $50.0 million), (vii) the notification of default as is contemplated by Clause 23.8 (*Notification of default*) of the Existing Notes Purchase Agreement, (viii) the details of any material litigation as is contemplated by paragraphs (b) and (c) of Clause 23.7 (*Information - miscellaneous*) of the Existing Notes Purchase Agreement, (ix) promptly upon becoming aware of it, a notification of any Asset Sale, the aggregate value of which exceeds the greater of £5.0 million and 3.0% of LTM Consolidated EBITDA and (x) promptly upon becoming aware of it, a notification of any Affiliate Transaction involving aggregate payments or consideration in excess of £1.0 million. |
|  | "***Affiliate Transaction***" has the meaning given to such term in the Notes Purchase Agreement. |
|  | Notwithstanding the foregoing, all reporting and other information requirements in the Definitive Documentation shall be subject to any restrictions under applicable law or regulatory restrictions relating to the supply of information concerning the Group or otherwise binding on any member of the Group or any direct or indirect holding company of the Company and no disclosure of such information (other than the delivery of financial statements, compliance certificates and any KYC information) shall be required if as a result of such disclosure a member of the Group or any direct or indirect holding company of the Company would be obliged to make an announcement to any listing authority and/or stock exchange (or in accordance with applicable listing, disclosure and/or stock exchange rules) which it would not otherwise have been required to make or would contravene any applicable laws or regulations or stock exchange requirements. |
|  | Any other modifications to be satisfactory to the Company and the Investors (each acting reasonably and in good faith). |

---

Ex. B - 9

------

---

| | |
|:---|:---|
| Negative Covenants: | The Definitive Documentation shall contain negative covenants to be based on the negative covenants set forth in the Existing Notes Purchase Agreement, subject to modifications as described in Annex I. |
|  | Indebtedness, Liens, Investments in the form of loans/guarantees and Affiliate Transactions described in the schedule provided by the Company to the Commitment Parties prior to August 15, 2025 (with such other modifications consented to in writing by the Commitment Parties) to be grandfathered and permitted for all purposes. |
|  | Steps necessary to consummate the Transactions (including the use of any Group cash to satisfy Transaction uses and any related Restricted Payment) to be permitted for all purposes. All Unrestricted Subsidiary provisions to be removed. |
|  | No other modifications will be made to the negative covenants, unless satisfactory to both the Company and the Investors (each acting reasonably and in good faith). |
| Events of Default: | The Definitive Documentation shall contain events of default to be based on the events of default set forth in the Existing Notes Purchase Agreement, with the following modifications: (i) failure to pay principal or interest when due and payable shall be subject to a grace period of one (1) Business Day only, (ii) an event of default under the Definitive Documentation shall also occur if any creditor of any member of the Group or the Parent becomes entitled to declare an event of default in respect of any Indebtedness in excess of $25.0 million of any member of the Group or the Parent (however described) and (iii) failure by any member of the Group identified in Annex III to become a Guarantor or to grant the Transaction Security specified opposite its name in Annex III within one (1) business day of the Closing Date (unless otherwise specified in Annex III or such failure is the result of the Arranger's or Investors' failure to use commercially reasonable efforts to cooperate with the process of granting the relevant guarantees and the Transaction Security in a timely manner), in the case of each of the foregoing clauses (i) through (iii), unless the same is capable of remedy and is remedied within 15 Business Days of the earlier of (x) the Agent giving notice to the Company or (y) the relevant Obligor becoming aware of the failure to comply. For the avoidance of doubt, upon the occurrence of an event of default as described in clause (iii) of the preceding sentence, the Investors shall have the right accelerate the maturity of the Senior Secured Indebtedness and all obligations under the Senior Secured Facility. |
|  | Any other modifications to be satisfactory to the Company and the Investors (each acting reasonably and in good faith). |

---

Ex. B - 10

------

---

| | |
|:---|:---|
| Transfers: | The Definitive Documentation shall contain assignment, transfer and sub-participation provisions consistent with the Existing Notes Purchase Agreement, <u>provided</u> that (i) Company consent (in its sole and absolute discretion) shall be required for any transfer, assignment, sub-participation or similar arrangement (a "***Transfer***") of unfunded commitments prior to the Closing Date unless such Transfer is made by Apollo to an affiliate or an investment fund, separate account, or other entity owned (in whole or in part), controlled, and/or managed by ACM or its affiliates (together the "***Apollo Entities***"), and (ii) following the Closing Date, Company consent (not to be unreasonably withheld, conditioned or delayed) shall be required in respect of any Transfer other than a Transfer (a) to an affiliate or related fund of the transferor, (b) to any person named on the "approved list" of noteholders and potential noteholders agreed by the Company and the Commitment Parties on or prior to the date of the Commitment Letter, or (c) at a time when an event of default in respect of non-payment or insolvency is continuing. |
|  | Notwithstanding anything to the contrary, the Company's consent (in its sole and absolute discretion) shall be required for any Transfer to an Industry Competitor, Loan to Own/Distressed Investor or Defaulting Lender, or any Transfer which would result in the Apollo Entities' aggregate commitments or effective participations in the Senior Secured Facility ceasing to aggregate more than 66<sup>2</sup>/<sub>3</sub> per cent. of the total commitments under the Senior Secured Facility. |
|  | Clause 27.8 (*Security over Noteholders' rights*) of the Existing Notes Purchase Agreement shall apply with such other modifications to be satisfactory to the Company and the Investors (each acting reasonably and in good faith). |
| Voting: | Amendments and waivers with respect to the Definitive Documentation shall require the approval of Investors holding not less than 66 2/3% of the aggregate amount of the Senior Secured Indebtedness, except that the consent of 100% of the Investors shall be required with respect to (among other things) (i) modifications to any of the voting percentages or pro rata sharing provisions, (ii) a change of the Company or Guarantors except as permitted by the Definitive Documentation, (iii) a change in the date of payment of any amounts payable, (iv) reductions in amount of any payment of principal, interest, fees, or other amounts payable, (v) the incurrence or issuance of indebtedness ranking senior or *pari passu* to the Senior Secured Facility (other than pursuant to the Existing Revolving Credit Facility Agreement), (vi) subordinating the payment obligations under the Senior Secured Facility to any other indebtedness or the liens securing any of the obligations under the Senior Secured Facility to any other lien securing any other indebtedness subject to the Intercreditor Agreement (excluding, for the avoidance of doubt, incurrence of super senior indebtedness permitted as set forth under the heading "Ranking" above under the original form of the Definitive Documentation) and (vii) releases of all or substantially all of the guarantees of the Guarantors or releases of liens on all or substantially all of the Collateral. Customary anti-LME protections to be discussed and, to the extent reasonably necessary, reasonably agreed upon between the parties. |

---

Ex. B - 11

------

---

| | |
|:---|:---|
| Tax: | The Definitive Documentation shall include customary tax provisions with respect to VAT, tax representations, tax covenants, tax credits and stamp taxes, and a gross-up for withholding taxes (subject only to (i) with respect to UK withholding tax matters, carve-outs which are typical for listed debt, and (ii) with respect to US withholding tax matters, matters typically included as "Excluded Taxes" in an LSTA-style credit agreement).<br>The Definitive Documentation shall include a customary provision enabling the Senior Secured Indebtedness to be prepaid or redeemed at par in the event of a claim for U.K. withholding taxes pursuant to the tax gross-up, tax indemnity and/or increased costs provisions.<br>The Senior Secured Facility shall be listed on a recognized stock exchange prior to the first interest payment date under the Senior Secured Facility.<br>The "Increased Costs" provision shall be substantively consistent with the LSTA with respect to taxes.<br>The parties hereto shall maintain applicable registers so that the indebtedness evidenced by the Definitive Documentation is treated as being in registered form for United States tax purposes.<br>The Company will treat the Senior Secured Indebtedness as indebtedness for U.S. federal income tax purposes and not as a "contingent payment debt instrument" under Treasury Regulation section 1.1275-4 (the "***Tax Treatment***"). The Company and its affiliates shall file all U.S. tax returns and report consistently with the Tax Treatment unless otherwise required by a "determination" within the meaning of Section 1313 of the Internal Revenue Code of 1986, as amended.<br>On each interest payment date occurring after the first accrual period after 5 years, excluding the interest payment date that falls on the Maturity Date of the Senior Secured Indebtedness, the Company shall pay, without premium or penalty, that portion of the Senior Secured Facility outstanding on such interest payment date equal to Senior Secured Indebtedness's AHYDO Amount on such interest payment date. |

---

Ex. B - 12

------

---

| | |
|:---|:---|
|  | "***AHYDO Amount***" means, as of any interest payment date and with respect to the Senior Secured Indebtedness, the portion of the then-outstanding principal amount of the Senior Secured Indebtedness equal to the difference between (i) the excess of (A) the sum of all interest accrued or paid with respect to the Senior Secured Facility as of such interest payment date (including all original issue discount) over (B) the sum of all cash interest payments made with respect to the Senior Secured Indebtedness on or prior to such interest payment date, and (ii) the product of (A) such Senior Secured Indebtedness's original issue price and (B) such Senior Secured Indebtedness's yield to maturity, all such items to be computed so as to yield the smallest amount, the timely payment of which hereunder shall cause such Senior Secured Indebtedness not to be an "applicable high yield discount obligation" within the meaning of Section 163(i)(1) of the Code (or any successor provision of similar import). |
| Limitation of Liability,<br> Expenses and Indemnity: | To reflect corresponding provisions of the Commitment Letter. |
| Amendment costs | As per Clauses 20.2 (*Amendment costs*) of the Existing Notes Purchase Agreement. |
| Enforcement and preservation<br> costs | As per Clause 20.3 (*Enforcement and preservation costs*) of the Existing Notes Purchase Agreement. |

---

---

| | |
|:---|:---|
| Governing Law: | English law, other than: |
|  | (a) certain information covenants, incurrence covenants and events of default under the Definitive Documentation which will be interpreted in accordance with the laws of New York; and |
|  | (b)&nbsp;&nbsp;&nbsp;&nbsp; the documents taking security over the Collateral which shall be governed by the appropriate local law consistent with the approach set out in the agreed security principles under the Definitive Documentation. |
| Forum: | Exclusive jurisdiction of the English courts other than the documents taking security over the Collateral which shall provide for the exclusive jurisdiction of the appropriate local law (for the avoidance of doubt, to the extent such local law governs). |
| Counsel to the |  |
| Arranger: | Gibson, Dunn & Crutcher LLP. |

---

Ex. B - 13

------

<u>Annex I</u>

<u>Negative Covenants</u>

The negative covenants set forth in the Definitive Documentation shall reflect those in the Existing Notes Purchase Agreement subject only to the following amendments and the negotiations of the parties hereto as of the date hereof. Section and paragraph references used in this Annex I are to sections and paragraphs of Schedule 14 (*Restrictive Covenants*) to the Existing Notes Purchase Agreement.

<br> 1. With respect to limitations on the incurrence of indebtedness and issuance of preferred stock:

a. *capital lease obligations* – the basket in paragraph 3.2.4(a) shall be amended to £37.5 million (and, for the avoidance of doubt, such basket shall not contain a grower), and paragraph 3.2.4(b) shall be deleted on the basis that the Rhinebeck lease (along with the Line DC and Oakley Court leases) will be grandfathered under paragraph 3.2.2 (and capable of refinancing via Permitted Refinancing Indebtedness permission under 3.2.5); in each case, in the amounts set forth on the schedule of indebtedness contained in the Definitive Documentation;

b. *local facilities* – the basket in paragraph 3.2.12(b) shall be amended to the greater of £12.5 million and 10% of LTM Consolidated EBITDA;

c. *general basket* – the basket in paragraph 3.2.20 shall be amended to the greater of £37.5 million and 25% of LTM Consolidated EBITDA;

d. *joint ventures* – paragraph 3.2.17 shall be updated to read "*Indebtedness incurred on behalf of, or representing guarantees of Indebtedness of, Joint Ventures of the Company or any Subsidiary in an aggregate principal amount at any time outstanding, including all Permitted Refinancing Indebtedness incurred to renew, refund, refinance, replace, defease or discharge any Indebtedness incurred pursuant to this paragraph 3.2.17, not to exceed the greater of £37.5 million and 25% of LTM Consolidated EBITDA*";

e. *SPV Indebtedness* – paragraph 3.2.19 shall be updated to read "*the incurrence by any SPV Entity (other than any Scorpios SPV) of any SPV Indebtedness that is Non-Recourse Debt; provided that: (a) with respect to any Indebtedness of any Miami SPV incurred after the date of this Agreement, (i) pro forma for such increase, the Miami Loan to Value Ratio shall not exceed 65% and (ii) any such Indebtedness shall (A) be used to fund capital expenditures, projects and/or other expenditures related to the Miami Property or (B) be distributed or otherwise provided to the Guarantors, and shall not be used for the purpose of funding other assets; and (b) the Indebtedness of Soho Works Limited shall not exceed £40.0 million at any time outstanding*";

f. *Indebtedness of non-Guarantors* – the aggregate principal amount of Indebtedness incurred by Non-Obligors and at any time outstanding pursuant to paragraph 3.2 (as amended pursuant to this Annex I) excluding (i) any Indebtedness permitted to be incurred pursuant paragraph 3.2.19 (as amended by paragraph (e) above) and (ii) Indebtedness owed to another member of the Group, shall not to exceed £25.0 million (the "***Non-Guarantor Indebtedness Basket***"); and

Annex I to Ex. B - 1

------

g. *further restrictions* – Soho-Ryder Acquisition, LLC and Sunshine Future Projects Limited (each, a "***Pledged SPV***") may not incur Indebtedness pursuant to the Non-Guarantor Indebtedness Basket, paragraph 3.2.17 as amended pursuant to paragraph (d) above or paragraph 3.2.20 as amended pursuant to paragraph (c) above unless the Equity Interests in such Pledged SPV are subject to Transaction Security.

<br> 2. With respect to limitations on restricted payments and investments:

a. *management equity repurchases* – the shared basket in paragraph 2.2.5 and paragraph (9) of the definition of "Permitted Investments" shall be amended to £45.0 million;

b. *sponsor management fees carry-forward* – the amount of Restricted Payments permitted to be paid pursuant to the basket in paragraph 2.2.8 shall be increased by an amount equal to the unused capacity under such basket in each previous Financial Year ending following the Closing Date;

c. *HoldCo Debt interest* –an additional permission shall be included to permit any payments to a Parent Entity to facilitate the payment of cash interest (including any AHYDO catch-up payment, if any) in respect of the $150 million senior unsecured notes facility to be incurred by Soho House Holdings Limited in connection with the Transactions;

d. *non-Guarantor investments basket* – the basket in clause (1)(e) of the definition of "Permitted Investments" shall be amended to the greater of £30.0 million and 20% of LTM Consolidated EBITDA (for the avoidance of doubt, current wording re: net of distributions and returns to be retained);

e. *investments in joint ventures* – the basket in paragraph (14) of the definition of "Permitted Investments" shall be amended to the greater of £30.0 million and 25% of LTM Consolidated EBITDA and shall include a proviso that the relevant Joint Venture and the Investment must be for *bona fide* business purposes and that the relevant Joint Venture must be with a non-Affiliate, or non-Affiliates;

f. *general investments basket* – the basket in paragraph (16) of the definition of Permitted Investment shall be amended to the greater of £22.5 million and 15% of LTM Consolidated EBITDA;

g. *guarantees of non-Guarantors* – the following additional permission shall be included in the definition of Permitted Investment: any Investment in a Non-Obligor constituting a guarantee of such Non-Obligor's obligations pursuant to a lease, building contract and/or project development contract **provided that** such obligations do no constitute Indebtedness (and, for the avoidance of doubt, any such guarantee shall be permitted for all purposes under the definitive documentation);

h. *acquisitions of entities that become Restricted Subsidiaries* – the basket in paragraph (3) of the definition of Permitted Investment shall be amended such that paragraph (c) thereof shall be deleted and replaced with a requirement that, if the relevant Target will not become a Guarantor within 75 days of becoming a Restricted Subsidiary, then the amount of such Investment (when aggregated with all other Investments in such non-Guarantor Targets at any time outstanding) shall not exceed £25.0 million; and

Annex I to Ex. B - 2

------

<br> i. *ratio-based restricted payment and/or investment capacity* – none.

<br> 3. With respect to limitations on the creation and incurrence of liens:

<br> a. *general liens basket* –

i. the basket in paragraph (17) shall be amended to the greater of £7.5 million and 5% of LTM Consolidated EBITDA, but limited to Liens incurred in the ordinary course of business and not securing Indebtedness for borrowed money; and

<br> ii. a Pledged SPV may not incur Liens pursuant to the basket in paragraph (17) of the definition of Permitted Lien (as amended by sub-paragraph (i) above) unless the Equity Interests in such Pledged SPV are subject to Transaction Security; and

b. *subsidiary negative pledge* – the Company will not, and the Company will not permit any of its Subsidiaries to, directly or indirectly, create, incur, assume or suffer to exist any Lien of any kind on its Equity Interests in any Specified Negative Pledge Entity, other than a Permitted Lien described under paragraphs (1), (2), (8), (9), (11), (12), (13), (16), (19) and (25) of the definition Permitted Lien. "***Specified Negative Pledge Entity***" shall mean each of Q Hellas PC, PARAGA BEACH CATERING AND ENTERTAINMENT SERVICES SOCIETE ANONYME S.A., (only to the extent the Sunshine Future Projects Consent (as defined in Annex III) is not achieved) Sunshine Future Projects Limited, SCO bodrum Turizm Yatirimlari Anonim Sirketi, (only to the extent the Mimea Consent (as defined in Annex III) is not achieved) Mimea XXI, S.L., FB MX OpCo, S.A. de C.V., 139 Ludlow Acquisition, LLC., Raycliff Shoreditch Holdings LLP, (only to the extent the Miami Lender Consent (as defined in Annex III) is not achieved) Soho-Ryder Acquisition LLC, SHG Acquisition (UK) Ltd, Soho House (Management Services) Limited and Soho House BHC LLC.

<br> 4. With respect to limitations on transaction with affiliates:

a. *de minimis threshold* – the threshold in paragraph 7.1 shall be amended to the greater of £5.0 million and 3.0% of LTM Consolidated EBITDA;

b. *board majority approval threshold* – the threshold in paragraph 7.1.2 shall be amended to the greater of £10.0 million and 6.5% of LTM Consolidated EBITDA; and

c. *fairness opinion threshold* – the threshold in paragraph 7.1.3 shall be amended to the greater of £15.0 million and 10% of LTM Consolidated EBITDA.

5. Tax Distributions: Notwithstanding anything to the contrary, the following distributions, payments or other transfers ("***Permitted Tax Distributions***") will not be prohibited:

a. if and for so long as the Company or any of its direct, indirect, existing or future subsidiaries are members of a consolidated, combined or similar income Tax group for U.S. federal and/or applicable U.S. state or local income Tax purposes or are entities treated as disregarded from any such members for U.S. federal income Tax purposes of which Soho House & Co Inc. is the common parent (a "***Tax Group***"), the Company may make distributions to the common parent company of such Tax Group to pay any such consolidated, combined or similar income Taxes of such Tax Group that are due and payable by such common parent company for such taxable period, but only to the extent attributable to the income of the Company and/or its other subsidiaries; provided that the amount of such Permitted Tax Distributions for any taxable period shall not exceed the amount of such Taxes that the Company and/or its applicable subsidiaries (as applicable) would have paid had the Company and/or such subsidiaries, as applicable, been a stand-alone corporate taxpayer (or a stand-alone corporate Tax Group) for all applicable tax periods;

Annex I to Ex. B - 3

------

b. if and for so long as the Company and/or any of its direct, indirect, existing or future subsidiaries ("***UK Group Companies***<u>"</u>) are members of a group, fiscal unity or group payment arrangement for any United Kingdom Tax purpose with Parent, Soho House Holdings Limited and/or any other direct, indirect, existing or future UK tax resident parent of the Company ("***UK Parent Companies***"), any distributions or other payments by the UK Group Companies to the UK Parent Companies in respect of or on account of United Kingdom Taxes payable or accounted for by the UK Parent Companies, but only to the extent such Taxes are attributable to the UK Group Companies; provided that: a) the UK Parent Companies duly pay over the amount of such distribution or other payment to the United Kingdom Tax authority such that the UK Group Companies are discharged from the obligations they would otherwise have had to such Tax Authority in respect of such Taxes; and b) the amount of such distributions or other payments for any taxable period shall not exceed the amount of such Taxes that the UK Group Companies would have paid for that taxable period had they paid such Taxes on a separate company basis or if the UK Group Companies were the sole members of such group, fiscal unity or group payment arrangement for United Kingdom Tax purposes;

c. if and for so long as the Company and/or any of its direct, indirect, existing or future subsidiaries which are tax resident in a jurisdiction are members of a consolidation, group or fiscal unity for any Tax purpose pursuant to the laws of such jurisdiction with any direct, indirect, existing or future parent of the Company which is tax resident in such jurisdiction, any distributions or other payments by the Company and/or such subsidiaries to such parent entity in respect of or on account of Taxes imposed by such jurisdiction that are due and payable by such parent entity, but only to the extent such Taxes are attributable to the Company and/or such subsidiaries; provided that the amount of such distributions or other payments for any taxable period shall not exceed the amount of such Taxes that the Company and/or such subsidiaries would have paid for that taxable period had they paid such Taxes on a separate company basis or if the Company and/or such subsidiaries were the sole members of such consolidation, group or fiscal unity for such Tax purposes;

d. any payment by the UK Group Companies to the UK Parent Companies as consideration for the surrender or other transfer of any Tax reliefs by the UK Parent Companies to the UK Group Companies; provided, however, that the amount of such payment for any taxable period shall not exceed the Tax saving, refund or repayment realized by the UK Group Companies for that taxable period as a result of such surrender or transfer of Tax reliefs; and

e. any surrender or other transfer of any Tax reliefs by the UK Group Companies to the UK Parent Companies in consideration for a payment by the UK Parent Companies to the UK Group Companies; provided, however, that the amount of such payment for any taxable period is at least equal to the Tax saving, refund or repayment realized by the UK Parent Companies for that taxable period as a result of such surrender or transfer of Tax reliefs.

Annex I to Ex. B - 4

------

<br> 6. Miscellaneous:

<br> a. for the avoidance of doubt, Unrestricted Subsidiaries provisions shall be removed, and there shall be no Unrestricted Subsidiaries or ability to designate future Unrestricted Subsidiaries;

<br> b. the Transactions shall be permitted pursuant to Clause 26.21 (*Excluded Matters*); and

<br> c. the Company is currently undertaking an exercise of cleaning up its legacy intra-group balances which is expected to be completed prior to the Closing Date. Should this not be the case, to be further discussed and agreed upon between the Parties, acting reasonably.

Annex I to Ex. B - 5

------

<u>EXHIBIT C</u>

<u>Soho House Bond Limited</u>

<u>Senior Secured Facility</u>

<u>Conditions</u>

Except as otherwise set forth below, the availability and the initial funding on the Closing Date of the Senior Secured Facility shall be subject solely to the satisfaction (or waiver by the Commitment Parties) of the following conditions (in each case, subject to the Conditionality Provision). Capitalized terms used but not defined herein have the meanings set forth in the Commitment Letter to which this Exhibit C is attached and in Exhibits A and B thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Target has irrevocably notified the Parent (as defined in the Merger Agreement) in writing that the Target stands ready, willing and able to consummate the Merger in accordance with the terms of the Merger Agreement prior to or substantially concurrently with the initial borrowing under the Senior Secured Facility to be funded on the Closing Date, but without giving effect to any amendments, waivers or consents that are materially adverse to the interests of the Commitment Parties or the Arranger in their capacities as such without the consent of the Arranger, such consent not to be unreasonably withheld, delayed or conditioned (it being understood and agreed that any amendment to or modification of, or consent granted pursuant to the definition of "Company Material Adverse Effect" in the Merger Agreement shall be deemed to be materially adverse to the Arranger and shall require the consent of the Arranger (such consent not to be unreasonably withheld, delayed or conditioned)); <u>provided</u> that, in each case, the Arranger shall be deemed to have consented to such amendment, waiver or consent unless they shall object thereto in writing within 3 business days of receipt of written notice of such amendment, waiver or consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. &nbsp;&nbsp;&nbsp;&nbsp; The Equity Investors have confirmed to the Target that they stand ready, willing and able to consummate the New Equity Investment in the aggregate at least $100.0 million prior to or substantially concurrently with (and in any event no later than the business day following) the initial borrowing under the Senior Secured Facility to be funded on the Closing Date; provided that no such confirmation by Apollo with respect to its portion of the New Equity Investment shall be a condition to the availability and initial funding of Apollo's commitments with respect to the Senior Secured Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. &nbsp;&nbsp;&nbsp;&nbsp; The Commitment Parties shall have received a certificate of the Company and Parent (signed by an authorised signatory) certifying that, on the Closing Date, the Specified Merger Agreement Representations and the Specified Representations shall be true and correct in all material respects (and such representations shall be true and correct in all material respects), except in the case of any Specified Representation which expressly related to a given date or period, such representation and warranty shall have been true and correct in all material respects as of the respective date or for the respective period, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. &nbsp;&nbsp;&nbsp;&nbsp; Since August 15, 2025, there shall not have occurred a Company Material Adverse Effect (as defined in the Merger Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp; The Commitment Parties shall have received (a) quarterly financial statements of the Target for the most recent fiscal quarter for which such financial statements are available; <u>provided</u> that if the Closing Date is more than 45 days following the last day of the most recent fiscal quarter, such financial statements shall be for the most recent fiscal quarter and (b) a detailed capitalization table of the Target as a date no earlier than the last day of the most recent fiscal quarter referred to in clause (a) above; <u>provided further</u> that for so long as the Target remains listed on any recognized investment or other stock exchange delivery of the documents and/or evidence detailed in this paragraph 5 shall be immediately and irrevocably satisfied upon filing of such information with the relevant regulators or disclosure in accordance with the applicable stock exchange rules.

Ex. C - 1

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Company and the Parent shall have executed and delivered the Definitive Documentation on terms consistent with the Commitment Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Administrative Agent and the Investors shall have received such (a) customary enforceability and capacity legal opinions with respect to the Definitive Documentation, (b) customary secretary or officer's certificates certifying solely as to the organizational documentation, resolutions and incumbency, (c) good standing of the Parent and the Company (to the extent applicable) in the respective jurisdictions of organization of the Parent and the Company, (d) a customary solvency certificate (substantially in the form attached as <u>Annex I</u> hereto) and (e) a certificate setting forth a description of the Collateral and Guarantors, including details regarding the Coverage Test consistent with the terms of the Commitment Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp; Subject to the Agreed Security Principles and the Intercreditor Agreement, the Parent shall have entered into a Jersey law reaffirmation/confirmation agreement in relation to its existing security interest agreement(s) over its shareholding in 100% of the shares in the Company and in relation to any receivables owed to the Parent by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. &nbsp;&nbsp;&nbsp;&nbsp; The Investors, the Administrative Agent and the Arranger shall have received all payments required to be paid (including, for the avoidance of doubt, pursuant to the Payment Letter), and all expenses required to be paid in each case, to the extent invoiced in a summary invoice at least three (3) business days prior to the Closing Date (except as otherwise reasonably agreed by the Company) on or before the Closing Date (which amounts may, at Apollo's election, be offset against the proceeds of the Senior Secured Facility).

Ex. C - 2

------

ANNEX I

TO EXHIBIT C

#### SOLVENCY CERTIFICATE

To the Administrative Agent and each of the Investors party to the Notes Purchase Agreement referred to below:

I, the undersigned [chief financial officer][interim chief financial officer][vice president of finance][other senior officer with similar title] of Soho House Bond Limited, a company incorporated in Jersey with registered number 112133 (the "***Company***", in that capacity only and not in my individual capacity (and without personal liability)), do hereby certify as of the date hereof, and based upon facts and circumstances as they exist as of the date hereof (and disclaiming any responsibility for changes in such facts and circumstances after the date hereof), that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This certificate is furnished to the Administrative Agent and the Investors pursuant to Section _______ of the Notes Purchase Agreement, dated as of ____, among the Company, Soho House & Co Limited, a company incorporated in Jersey with registered number 109634 ("***Parent***"), the lenders party thereto from time to time and [Global Loan Agency Services Limited], as administrative agent, and [GLAS Trust Corporation Limited], as collateral agent (the "***Notes Purchase Agreement***"). Unless otherwise defined herein, capitalized terms used in this certificate shall have the meanings set forth in the Notes Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp; For purposes of this certificate, the terms below shall have the following definitions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Fair Value"

The amount at which the assets (both tangible and intangible), in their entirety, of the Company and its subsidiaries taken as a whole would change hands between a willing buyer and a willing seller, within a commercially reasonable period of time, each having reasonable knowledge of the relevant facts, with neither being under any compulsion to act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Present Fair Salable Value"

The amount that could be obtained by an independent willing seller from an independent willing buyer if the assets of the Company and its subsidiaries taken as a whole are sold with reasonable promptness in an arm's-length transaction under present conditions for the sale of comparable business enterprises insofar as such conditions can be reasonably evaluated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Liabilities"

The recorded liabilities (including contingent liabilities that would be recorded in accordance with GAAP) of the Company and its subsidiaries taken as a whole, as of the date hereof after giving effect to the consummation of the Transactions, determined in accordance with GAAP consistently applied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Will be able to pay their Liabilities as they mature"

For the period from the date hereof through the Maturity Date, the Company and its subsidiaries taken as a whole will have sufficient assets and cash flow to pay their Liabilities as those liabilities mature or (in the case of contingent Liabilities) otherwise become payable in the ordinary course, in light of business conducted or anticipated to be conducted by the Company and its subsidiaries as reflected in the projected financial statements and in light of the anticipated credit capacity.

Ex. C-I<br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Do not have Unreasonably Small Capital"

The Company and its subsidiaries taken as a whole after consummation of the Transactions is a going concern and has sufficient capital to reasonably ensure that it will continue to be a going concern for the period from the date hereof through the Maturity Date. I understand that "unreasonably small capital" depends upon the nature of the particular business or businesses conducted or to be conducted, and I have reached my conclusion based on the needs and anticipated needs for capital of the business conducted or anticipated to be conducted by the Company and its subsidiaries as reflected in the projected financial statements and in light of the anticipated credit capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp; For purposes of this certificate, I, or officers of the Company under my direction and supervision, have performed the following procedures as of and for the periods set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed the financial statements referred to in Section of the Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have knowledge of and have reviewed to my satisfaction the Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As [chief financial officer][interim chief financial officer][vice president of finance][other senior officer with similar title] of the Company, I am familiar with the financial condition of the Company and its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp; Based on and subject to the foregoing, I hereby certify on behalf of the Company that after giving effect to the consummation of the Transactions, it is my opinion that (i) the Fair Value of the assets of the Company and its subsidiaries taken as a whole exceeds their Liabilities, (ii) the Present Fair Salable Value of the assets of the Company and its subsidiaries taken as a whole exceeds their Liabilities; (iii) the Company and its subsidiaries taken as a whole do not have Unreasonably Small Capital; and (iv) the Company and its subsidiaries taken as a whole will be able to pay their Liabilities as they mature.

Ex. C-I<br>

------

IN WITNESS WHEREOF, the Company has caused this certificate to be executed on its behalf by its [chief financial officer][interim chief financial officer][vice president of finance][other senior officer with similar title] as of the date first written above.

---

| | |
|:---|:---|
| SOHO HOUSE BOND LIMITED | SOHO HOUSE BOND LIMITED |
| By: |  |
|  | Name: |
|  | Title: |

---

Ex. C-I<br>

------

<u>EXHIBIT D</u>

<u>Equity Investors</u>

<br> 1. MCR Hospitality Fund IV LP and MCR Hospitality Fund IV QP LP

<br> 2. Morse Ventures Inc.

<br> 3. Apollo Capital Management, L.P.

<br> 4. Ashton Kutcher

<br> 5. Friedom Hospitality Group LP

<br> 6. Daniel Rosensweig

<br> 7. Benton Family Partners, LLC

<br> 8. Anthony Casalena Revocable Trust

<br> 9. Breanna Stewart

<br> 10. Scott Jones

<br> 11. Michael Chang

<br> 12. Ahmed Suria

<br> 13. Peanuggets Irrevocable Trust

<br> 14. Jaime Jaquez Jr.

<br> 15. Justin Ostroff

<br> 16. Ronak Nair

<br> 17. Adam Metzger

<br> 18. Alex Bazzell

<br> 19. Joseph Holdings and Investments, LLC

<br> 20. Gregg Cascaes

<br> 21. St. Regis Living Trust

<br> 22. Paige Bueckers

<br> 23. Ajay Mitchell

Ex. D<br>

------

## Ex-16.(D)(Iv)

------

#### Exhibit 16(d)(iv)

#### Execution Version

#### Amended and Restated Equity Commitment Letter
January 14, 2026

EH MergerSub Inc.

Ladies and Gentlemen:

This amended and restated letter agreement (this "<u>letter agreement</u>"), amends and restates that certain letter agreement, dated as of August 15, 2025 (the "<u>Original ECL</u>"), which Original ECL set forth the commitments of Apollo Capital Management, L.P., on behalf of one or more investment funds, separate accounts, and other entities owned (in whole or in part), controlled, managed, and/or advised by it or its affiliates (collectively, the "<u>Investor</u>"), on the terms and subject to the conditions contained herein, to purchase, or cause the purchase of, shares of Common Stock, par value $0.01 per share ("<u>Merger Sub Common Stock</u>") of EH MergerSub Inc., a Delaware corporation ("<u>Merger Sub</u>"), indirectly through one or more entities. It is contemplated that, pursuant to that certain Agreement and Plan of Merger, dated as of August 15, 2025 (as amended, restated, modified or supplemented from time to time, the "<u>Merger Agreement</u>"), by and among Merger Sub, Soho House & Co Inc., a Delaware corporation (the "<u>Company</u>") and EH Parent LLC, a Delaware limited liability company ("<u>Parent</u>" and together with Merger Sub, the "<u>Buyer Parties</u>"), Merger Sub will merge with and into the Company on the terms and subject to the conditions set forth in the Merger Agreement, with the Company surviving the merger (the "<u>Transaction</u>") and, in the merger, each outstanding share of Merger Sub Common Stock, including the shares of Merger Sub Common Stock purchased by the Investor pursuant hereto, will convert into one share of Class A Common Stock of the Company. Capitalized terms used but not defined herein have the meanings ascribed to such terms in the Merger Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp; <u>Commitments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Closing Commitment*. Investor hereby irrevocably commits, jointly and severally, on the terms and subject to the conditions set forth herein, that at or prior to the Closing, Investor shall collectively purchase, or cause the purchase of, directly or indirectly, and Merger Sub shall issue and sell to Investor collectively, shares of Merger Sub Common Stock at the Per Share Price per share of Merger Sub Common Stock for an aggregate cash amount of $30,000,000 (the "<u>Closing Commitment</u>"), which amount shall be used solely for the purpose of allowing Merger Sub and the Company to directly or indirectly fund a portion of the aggregate amount required to be paid to the stockholders of the Company in respect of their shares of Company Common Stock pursuant to, and in accordance with, the Merger Agreement subject to the conditions set forth in the Merger Agreement; <u>provided</u>, that Investor shall not, under any circumstances, be obligated to contribute to, or purchase equity or otherwise provide funds, directly or indirectly, from or to, Parent, the Company or Merger Sub, in any amount in excess of the Closing Commitment and the Enforcement Expenses (as defined below). The aggregate amount of liability of Investor under this letter agreement shall at no time exceed the Closing Commitment plus any Enforcement Expenses. Investor may effect the purchase of shares of Merger Sub Common Stock directly or indirectly through one or more affiliated entities; <u>provided</u>, that no such action shall reduce the amount of Investor's Closing Commitment or otherwise affect the obligations of Investor under this letter agreement. This letter agreement is being delivered by the Investor to Merger Sub in connection with the Merger Agreement, with the understanding and acknowledgment of the Investor that each of Merger Sub, Parent and the Company is relying on this letter agreement. On August 15, 2025, MCR Hospitality Fund IV LP and MCR Hospitality Fund IV QP LP (collectively, "<u>MCR Hospitality Fund IV</u>") entered into a letter agreement (the "<u>MCR Hospitality Fund IV Equity Commitment Letter</u>") with Merger Sub pursuant to which MCR Hospitality Fund IV committed to invest (or cause to be invested) directly or indirectly, in Merger Sub up to $200 million and, simultaneously with the execution and delivery of this letter agreement Morse Ventures, Inc. ("<u>Morse Ventures</u>" and, together with MCR Hospitality Fund IV, the "<u>MCR Investors</u>") is entering into a letter agreement (the "<u>Morse Ventures Equity Commitment Letter</u>" and collectively with the MCR Hospitality Fund IV Equity Commitment Letter, the "<u>Other Equity Commitment Letters</u>") with Merger Sub, pursuant to which Morse Ventures is committing to invest (or cause to be invested), directly or indirectly, in Merger Sub $50 million (the other equity commitment amounts in the Other Equity Commitment Letters, together with the Closing Commitment, the "<u>Aggregate Equity Commitment</u>"). The amount to be funded under this letter agreement shall be reduced to the extent that the Company determines in its sole and absolute discretion that it does not require the full amount of the Closing Commitment to pay the amounts payable to the stockholders of the Company in respect of their shares of Company Common Stock pursuant to, and in accordance with, the Merger Agreement (and any related costs and expenses) by reason of the Company having obtained funds from other sources; <u>provided</u>, that (x) the Company shall be entitled to reduce the commitment of MCR Hospitality Fund IV under the MCR Hospitality Fund IV Equity Commitment Letter to $50 million without making any reduction in the Closing Commitment of Investor hereunder and (y) if the Company determines in its sole and absolute discretion that it does not require all of the Aggregate Equity Commitments in order to pay the amounts payable to the stockholders of the Company in respect of their shares of Company Common Stock at the Closing pursuant to, and in accordance with, the Merger Agreement (and any related costs and expenses), any such reduction in equity financing (excluding any reduction pursuant to clause (x) above) shall be applied *pro rata* amongst the Aggregate Equity Commitments based on the amount of each respective Closing Commitment of Investor and commitment of such MCR Investors (for such purpose treating the commitment of MCR Hospitality Fund IV under the MCR Hospitality Fund IV Equity Commitment Letter as a $50 million commitment) prior to giving effect to any such reduction; <u>provided</u>, further that any such reduction shall only occur simultaneously with the consummation of the Closing and the payment of the amounts required to be paid on the Closing Date for the benefit of the stockholders of the Company in respect of their shares of Company Common Stock under the Merger Agreement. For the avoidance of doubt and notwithstanding anything to the contrary contained in this letter agreement, unless the Company in its sole and absolute discretion determines otherwise, the Closing Commitment shall not be reduced by any incremental financing obtained by (i) the Company pursuant to the Subscription Agreements or (ii) the Company, Parent or Merger Sub as set forth in the letter agreements dated as of August 15, 2025 between the Company and Richard Caring and the Company and certain affiliates of Goldman Sachs & Co LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Termination Fee Commitment*. If the Merger Agreement is validly terminated by the Company pursuant to Section 8.1(g) of the Merger Agreement, the conditions set forth in Section 2 shall have been satisfied (other than the condition set forth in <u>Section 2(i)(f)</u>), including receipt of the notice set forth in <u>Section 2(i)(g)</u>, and the Investor fails to provide upon written request irrevocable confirmation, within two Business Days of such notice, that it is ready, willing and able to fund its Closing Commitment hereunder at the Closing on the date specified in the notice delivered pursuant to <u>Section 2(i)(g)</u> (or provides such confirmation and fails to fund its Closing Commitment hereunder at the Closing), Investor hereby irrevocably commits, jointly and severally, on the terms and subject to the conditions set forth herein, to fund to Merger Sub, subject to <u>Section 11(ii)</u>, directly or indirectly, cash in an aggregate amount of up to $2,000,000 (the "<u>Termination Fee Commitment</u>").

2. &nbsp;&nbsp;&nbsp;&nbsp;<u> </u><u>Conditions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; The Closing Commitment, including the obligation of Investor to fund the Closing Commitment, shall be subject to the satisfaction or waiver in writing by Investor of the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the valid execution and delivery of the Merger Agreement by the Company;

------

(b) receipt by the Investor of a counterpart signed by the Company (or written evidence reasonably satisfactory to the Investor (which may include a copy transmitted by email, facsimile or other electronic method) that such party has signed a counterpart) of (i) the voting agreement, substantially in the form attached hereto as <u>Exhibit A</u>, to be dated on or around Closing (the "<u>Voting Agreement</u>"), and (ii) the Subscription Agreement, substantially in the form attached hereto as <u>Exhibit B</u>, to be dated on or around Closing (the "<u>Subscription Agreement</u>"), by and between the Company and the Investor;

(c) the satisfaction in full by the Buyer Parties in writing of each of the conditions to the Buyer Parties' obligations to consummate the Transaction that is set forth in Sections 7.1 and 7.2 of the Merger Agreement (without giving effect to any amendments, consents or waivers to such conditions to Closing set forth in Sections 7.1 and 7.2 of the Merger Agreement by Parent or Merger Sub that are materially adverse to the Investor, without the prior consent of the Investor (such consent not to be unreasonably withheld, delayed or conditioned)) (other than those conditions that by their terms or nature are to be satisfied at the Closing <u>provided</u>, that those other conditions would be capable of being satisfied if the Closing were on such date);

<br> (d) receipt by the Investor of a certificate of the Company, dated as of the Closing Date and executed by an officer of the Company, which shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. certify that attached thereto is a true and complete copy of the bylaws of the Company and that such documents or agreements have not been amended;

ii. certify that each of the individuals listed therein is a duly elected, qualified and acting authorized person of the Company, holding the office and/or authority indicated, and that each such officer is duly authorized to execute and deliver, on behalf of the Company, the documents and agreements to which the Company is a party on the Closing Date; and

iii. certify that the representations set forth in Section 4(A) (*Due Execution*), Section 4(B) (*Status*), Section 4(C) (*No Conflicts; Consents*), Section 4(D) (*Title to Shares*), Section 4(O) (*Anti-Corruption Laws*), Section 4(Q) (*Sanctions*), Section 4(R) (*Private Offering; No Integration or General Solicitation*) and Section 4(S) (*OFAC; USA PATRIOT Act*) of the Subscription Agreement (collectively, the "<u>Specified Warranties</u>") are true and correct in all material respects on and as of the Closing Date in accordance with Section 2(i)(e) below;

(e) (i) the representations and warranties made by the Company pursuant to Article III of the Merger Agreement that are material to the interests of the Investor, but only to the extent resulting in the termination of the Merger or the Merger Agreement, as a result of a breach of such representations in the Merger Agreement (in each case, in accordance with the terms of the Merger Agreement), and (ii) the Specified Warranties shall be true and correct in all material respects (and such representations shall be true and correct in all material respects), except in the case of any Specified Warranty which expressly related to a given date or period, such representation and warranty shall have been true and correct in all material respects as of the respective date or for the respective period, as the case may be;

------

(f) the MCR Investors (i) having irrevocably confirmed to the Company that, in the aggregate, they collectively stand ready, willing and able to fund at least $100 million of their equity commitments pursuant to the Other Equity Commitment Letters and (ii) funding not less than $100,000,000 in equity commitments concurrently with and on the same date as (or prior to) funding by the Investors; it being understood that the failure of any MCR Investor (a "<u>Defaulting Other Investor</u>") to satisfy and perform, or to then be prepared to satisfy and perform, in full its obligations under such Defaulting Other Investor's Other Equity Commitment Letter shall not limit or impair the ability of Merger Sub or the Company to enforce the obligations of the Investor under, and in accordance with, this letter agreement if (x) Merger Sub and/or the Company is also seeking enforcement of the obligation of such Defaulting Other Investor to fund such Defaulting Other Investor's required equity commitment pursuant to such Defaulting Other Investor's Other Equity Commitment Letter or (y) another or replacement investor (an "<u>Alternative Investor</u>") is then prepared to fund an amount equal to the amount such Defaulting Other Investor is failing to fund under such Defaulting Other Investor's Other Equity Commitment Letter treating the commitment of MCR Hospitality Fund IV under the MCR Hospitality Fund IV Equity Commitment Letter as a $50 million commitment (or such Alternative Investor shall have entered into a commitment to the Company (or of which the Company is a third-party beneficiary) and the Company is also seeking enforcement of such Alternative Investor's commitment);

<br> (g) the Company having irrevocably confirmed to Investor that it stands ready, willing and able to fund, or cause to be funded, the cash to the Payment Agent pursuant to Section 2.9(b) of the Merger Agreement;

(h) the Merger Agreement not having been amended or modified in any manner (including but not limited to, amending or waiving any provision of a schedule or amendment thereto or granting any consent or agreeing the Company's obligations under the provisions have been satisfied) that is, or would reasonably be expected to be, materially adverse to Investor, including but not limited to an increase in the Per Share Price;

<br> (i) any other amendment to the Merger Agreement that would otherwise increase the payment obligations of the Investor under or in connection with the Merger Agreement or this letter agreement;

<br> (j) since the date of the Merger Agreement, no Company Material Adverse Effect shall have occurred;

------

(k) Soho House Holdings Limited having submitted one or more borrowing requests or similar notices to the Investor and/or its affiliates (and the applicable administrative agent on their behalf) with respect to the senior unsecured facility made available to Soho House Holdings Limited by, amongst others, the Investor and/or its affiliates in connection with the Transaction (the "**Holdco Facility**") requesting to utilize the Holdco Facility on or prior to the Closing Date in an aggregate amount equal to the entire aggregate principal amount of commitments under the Holdco Facility as of the date hereof (or such other aggregate principal amount of Holdco Facility commitments as has been approved by the Investor or its affiliates in their sole discretion);

(l) Soho House Bond Limited having submitted one or more borrowing requests or similar notices to the Investor and/or its affiliates (and the applicable administrative agent on their behalf) with respect to the senior secured facility made available to Soho House Bond Limited by, amongst others, the Investor and/or its affiliates in connection with the Transaction (the "**Senior Facility**") requesting to utilize the Senior Facility on or around the Closing Date in an aggregate amount equal to the entire aggregate principal amount of commitments under the Senior Facility as of the date hereof (or such other aggregate principal amount of Senior Facility commitments as has been approved by the Investor or its affiliates in their sole discretion);

<br> (m) either or both of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. the substantially concurrent consummation of the Transaction in accordance with the terms of the Merger Agreement; or

B. the date by which the Company is required to consummate the Merger pursuant to Section 2.3 having occurred or passed and the Company having irrevocably confirmed in writing to the Investor that if specific performance is granted that would require consummation of the Transaction, then the Closing would occur in accordance with the terms of the Merger Agreement;

<br> (n) the payment, prior to or substantially concurrently with the Closing, of all Investor Expenses (as defined below); and

(o) receipt by the investor of a true, correct and complete copy of that certain Secured Note Facility Commitment Letter, dated as of the date hereof, from HBC MSF Capital Solutions Blocker II LLC to Morse Ventures, together with the schedules and exhibits thereto, in respect of a secured note facility in an aggregate principal amount of $132,980,132.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp; The Termination Fee Commitment, including the obligation of Investor to fund the Termination Fee Commitment, shall be subject to <u>Section 11(ii)</u> and the valid termination of the Merger Agreement pursuant to Section 8.1(g) of the Merger Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; Merger Sub hereby covenants and agrees that:

(a) at least three Business Days prior to Closing, it shall deliver, or cause to be delivered, to the Investor (x) all documentation and other information about Merger Sub as has been reasonably requested in writing at least ten Business Days prior to Closing by the Investor that is required by regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including without limitation the PATRIOT Act, and (y) with respect to Merger Sub, to the extent that it qualifies as a "legal entity customer" under the Beneficial Ownership Regulation, a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation;

------

<br> (b) Merger Sub shall provide Investor with at least five Business Days advance written notice of the Closing Date; and

(c) at least one (2) Business Days in advance of Closing, Merger Sub shall provide Investor with drafts of the Closing documents to be entered into by the MCR Investors, followed by validly executed copies thereof to be delivered after Closing, including, if applicable, any subscription agreement to be entered into by the MCR Investors in connection with the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp; <u>Enforceability</u>. Neither Investor nor Parent or Merger Sub's creditors shall have any right to enforce this letter agreement or to cause Parent or Merger Sub to enforce this letter agreement. Notwithstanding the foregoing, (i) the Company shall be, and is intended to be, a third-party beneficiary of this Section 3 and Sections 4, 5 and 10 hereof and (ii) Merger Sub and the Company shall have an explicit right to enforce this letter agreement and the Closing Commitment of Investor (which right of enforcement may be sought directly against Investor on a joint and several basis) and an explicit right to enforce, subject to Section 11(ii) this letter agreement and the Termination Fee Commitment of Investor (which right of enforcement may be sought directly against Investor on a joint and several basis). The Investor agrees to pay on demand in cash all out-of-pocket expenses (including reasonable fees and expenses of counsel) incurred by the Company, Merger Sub or their respective Affiliates in connection with the Company's or Merger Sub's enforcement of this letter agreement if the Investor fails or refuses to make any payment hereunder when such payment is due (such expenses, the "<u>Enforcement Expenses</u>"). Merger Sub and the Investor acknowledge and agree that the Company and Merger Sub shall not be required to provide any bond or other security to specifically enforce the terms and provisions of this letter agreement and Investor will not oppose the granting of an injunction, specific performance or other equitable relief in connection with the exercise of the Company's third-party beneficiary rights or Merger Sub's rights set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp; <u>No Modification; Entire Agreement</u>. This letter agreement may not be amended, restated, supplemented or otherwise modified without the prior written consent of Merger Sub, the Company and the Investor. Together with the other agreements being entered into in connection with the Transaction, this letter agreement constitutes the entire agreement with respect to the subject matter hereof, and supersedes all prior agreements, understandings and statements, written or oral, between Investor or any of their Affiliates, on the one hand, and Merger Sub or any of its Affiliates, on the other, with respect to the transactions contemplated hereby. Each party hereto acknowledges that, in entering into this letter agreement, it is not relying on, and shall have no remedies in respect of, any representation, warranty or undertaking (whether made innocently or negligently) not expressly set out in this letter agreement. So far as is permitted by law and except in the case of actual fraud, each party agrees and acknowledges that its only right and remedy in relation to any representation, warranty or undertaking made or given in this letter agreement shall be for specific performance of the terms of this letter agreement and each of the parties waives all other rights and remedies (including those in tort or arising under statute) in relation to any such representation, warranty or undertaking. Except as expressly permitted in <u>Section 1</u> and <u>Section 5</u> hereof, no transfer of any rights or obligations hereunder shall be permitted without the consent of Merger Sub, the Company and Investor. Any transfer in violation of the preceding sentence shall be null and void *ab initio*. Notwithstanding anything to the contrary herein, the parties hereby agree and acknowledge that none of the foregoing agreements and acknowledgements set forth in this <u>Section 4</u> shall limit the rights and remedies available to the Company or Merger Sub with respect to Investor under <u>Section 3</u> hereof or any other agreements being entered into in connection with the Transaction.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp; <u>Assignment</u>. This letter agreement may not be assigned by any party hereto, in whole or in part, without the prior written consent of Investor, the Company and Merger Sub, except that such prior written consent shall not be unreasonably withheld, conditioned or delayed if Investor assigns all or a portion of its obligations to fund its Closing Commitment or Termination Fee Commitment to one or more of its Affiliated investment funds or vehicles; provided, however, that (i) no such assignment to an Affiliated investment fund or vehicle shall (a) relieve Investor from any of its obligations hereunder or (b) alter, reduce or enlarge any obligation of any other party; (ii) such Affiliated investment fund or vehicle executes and delivers to Merger Sub an equity commitment letter consistent with this letter agreement; (iii) at the time of such assignment or delegation, such Affiliated investment fund or vehicle has undrawn capital commitments that may be called, cash or other sources of immediately available funds that together comprise an amount not less than the Closing Commitment; (iv) such assignment or delegation to an Affiliated investment fund or vehicle could not be reasonably expected to result in any additional consent or approval being required under applicable law; and (v) the Investor provides at least 2 Business Days' notice to Merger Sub and the Company of such assignment or delegation to an Affiliated investment fund or vehicle. Any purported assignment in violation of the foregoing shall be null and void *ab initio*. Investor acknowledges that the Company, Parent and Merger Sub have entered into the Merger Agreement in reliance upon, among other things, Investor's Closing Commitment and Termination Fee Commitment set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp; <u>Governing Law; Submission to Jurisdiction</u>. THIS LETTER AGREEMENT AND ANY CLAIM OR CONTROVERSY HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE WITHOUT GIVING EFFECT TO ANY PRINCIPLES OF CONFLICT OF LAWS OF ANY JURISDICTION THAT WOULD APPLY THE LAWS OF A JURISDICTION OTHER THAN DELAWARE. EACH OF THE PARTIES HERETO (I) IRREVOCABLY AGREES THAT ALL ACTIONS (WHETHER IN CONTRACT OR TORT, AT LAW OR IN EQUITY OR OTHERWISE) THAT MAY BE BASED UPON, ARISE OUT OF OR RELATE TO THIS LETTER AGREEMENT, OR THE NEGOTIATION, EXECUTION OR PERFORMANCE OF THIS LETTER AGREEMENT SHALL BE EXCLUSIVELY RESOLVED IN A, AND EACH OF THE PARTIES HERETO, IN CONNECTION WITH ANY SUCH ACTION, SUBMITS TO THE JURISDICTION OF ANY, FEDERAL OR STATE COURT SITTING IN THE CITY OF WILMINGTON IN THE STATE OF DELAWARE AND (II) WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF, AND THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF, ANY SUCH ACTION, SUIT OR PROCEEDING IN ANY SUCH COURT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp; <u>Waiver of Jury Trial</u>. EACH PARTY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS LETTER AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY (A) CERTIFIES THAT 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 AND (B) ACKNOWLEDGES AND AGREES THAT IT AND THE OTHER PARTIES HAVE BEEN INDUCED TO ENTER INTO THIS LETTER AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <u>SECTION 7</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Counterparts</u>. This letter agreement may be signed in any number of counterparts (including by electronic mail with attachment in pdf format or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document (including DocuSign)), with the same effect as if the signatures to each counterpart were upon a single instrument, and all such counterparts together shall be deemed an original of this letter agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp; <u>No Third-Party Beneficiaries</u>. Except as expressly set forth in <u>Section 3</u>, the parties hereto hereby agree that their respective representations, warranties and covenants set forth herein are solely for the benefit of the other parties hereto and their successors and permitted assigns, in accordance with and subject to the terms of this letter agreement, and this letter agreement is not intended to, and does not, confer upon any Person other than the parties hereto and their respective successors and permitted assigns any rights or remedies hereunder or any rights to enforce the Closing Commitment and/or Termination Fee Commitment of Investor or any provision of this letter agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp; <u>Confidentiality</u>. The existence and content of this letter agreement shall be treated as confidential and is being provided to Merger Sub solely in connection with the transactions contemplated by the Merger Agreement. The existence and content of this letter agreement may not be used, circulated, quoted or otherwise referred to in any document, except with the prior written consent of Investor and Merger Sub; <u>provided</u>, <u>however</u>, that no such written consent shall be required (and each Investor and its Affiliates shall be free to release such information) for disclosures to each Investor's and its Affiliates' respective partners, members, directors, officers, employees, agents, legal, financial, accounting or other advisors, potential debt and equity financing sources, co-investors, related investment funds, consultants and other representatives, to the extent such Persons need to know such information in connection with the Transactions and so long as such Persons agree to keep such information confidential on terms substantially identical to the terms contained in this <u>Section 10</u>; and <u>provided</u>, <u>further</u>, that Investor, Parent and Merger Sub may disclose this letter agreement to the extent required by law; and <u>provided</u>, <u>further</u>, that the Company and Parent may disclose the letter agreement to its respective Affiliates, officers, directors, employees, advisors, representatives, auditors and financing sources, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Termination and Termination Fees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This letter agreement and the obligation of Investor to fund the Closing Commitment or the Termination Fee Commitment, as applicable, will terminate automatically and immediately upon the earliest to occur of: (a) the consummation of the Closing; (b) the termination of the Merger Agreement (<u>provided</u> that, for the avoidance of doubt, any purported termination of the Merger Agreement that is not a valid termination shall not give rise to a termination of this letter agreement pursuant to this <u>Section 11(i)</u>; <u>provided</u>, <u>further</u>, that, in the event that the Merger Agreement is validly terminated pursuant to Section 8.1(g) of the Merger Agreement and the Termination Fee Commitment is due and payable, then the obligation of the Investor to fund, or to cause one or more of its Affiliates to fund, the Termination Fee Commitment, subject to <u>Section 11(ii)</u>, shall not terminate unless and until the Investor has funded, or caused one or more of its Affiliates to fund, the Termination Fee Commitment in accordance with <u>Section 1(ii)</u>), in accordance with its terms, unless prior to such termination of the Merger Agreement, Merger Sub shall have commenced an action seeking specific enforcement of the obligations of Investor to fund the Closing Commitment hereunder, in which case the Closing Commitment shall terminate upon the final, non-appealable resolution of such action and satisfaction by Investor of any obligation finally determined or agreed to be owed by Investor, subject to the terms hereof and of the Merger Agreement; (c) the commencement by Merger Sub of any lawsuit or other legal proceeding asserting any claim (whether in equity, tort, contract or otherwise) against any Investor or any of the Investor Parties (as defined below) under, in respect of, or relating to, the Merger Agreement, or this letter agreement or the transactions contemplated hereby or thereby (including in respect of any oral representations made or alleged to be made in connection therewith), other than an action seeking specific enforcement of the obligations of Parent to consummate the Closing in accordance with the Merger Agreement or Investor to fund the Closing Commitment or the Termination Fee Commitment hereunder; (d) March 17, 2026; (e) the termination of the Other Equity Commitment Letters; (f) Investor contributing to Merger Sub cash in an aggregate amount equal to the Closing Commitment; and (g) the consummation of a Financing Alternative (as defined in the Debt Payment Letter) pursuant to the terms of the Debt Payment Letter if the consummation of such Financing Alternative results in the payment, in cash, of the full amount of the Financing Alternative Fee (as defined in the Debt Payment Letter) to the Investor and/or its affiliates pursuant to the terms of the Debt Payment Letter. "<u>Debt Payment Letter</u>" means the payment letter among Apollo Global Securities, LLC ("<u>AGS</u>") and Apollo Capital Management, L.P. ("<u>ACM</u>"), on behalf of one or more investment funds, separate accounts, and other entities owned (in whole or in part), managed, controlled and/or advised by ACM or its affiliates and Soho House Bond Limited and dated on or about the date of this letter agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the Investor is a Defaulting Party (as defined below) and the MCR Investors are not Defaulting Parties under their Other Equity Commitment Letters, then the Investor shall, in lieu of the Termination Fee Commitment, fund to Merger Sub $10,000,000 and such amount shall be deemed to be the Termination Fee Commitment for the purposes of this letter agreement. The Investor is a "<u>Defaulting Party</u>" if it is not ready, willing or able to fund the Closing Commitment at Closing when it is otherwise required to do so pursuant to the terms of this letter agreement (disregarding the condition set forth in <u>Section 2(i)(f)</u> but including, without limitation, the conditions set forth in <u>Section 2(i)(k)</u> and <u>(l)</u>). If one or more MCR Investors is a Defaulting Party under any such MCR Investor's Other Equity Commitment Letters and the Investor is not a Defaulting Party, the Investor shall be relieved from its obligation to fund its Termination Fee Commitment pursuant to the terms of this letter agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; If the Merger Agreement is validly terminated by the Company pursuant to Section 8.1(d) or Section 8.1(h) of the Merger Agreement, this letter agreement and the obligation of Investor to fund the Closing Commitment or the Termination Fee Commitment will terminate automatically and, if the Company Termination Fee is payable in accordance with the terms of the Merger Agreement, the Company shall pay the Investor an aggregate amount equal to $10,000,000 representing the Investor's pro rata share of the Company Termination Fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp; <u>No Recourse</u>. Notwithstanding anything that may be expressed or implied in this letter agreement, or any document or instrument delivered in connection herewith, by its acceptance of the benefits of this letter agreement, Merger Sub covenants, agrees and acknowledges on behalf of itself, its Affiliates, and any Person claiming by, through or on behalf of any of them, that no Person other than Investor (and any assignee permitted in accordance with <u>Section 5</u> hereof) has any obligation hereunder or, except for Merger Sub, in connection with the transactions contemplated hereby, and that, notwithstanding that Investor (or any assignee permitted in accordance with <u>Section 5</u> hereof) may be a partnership or other entity, no Person, including Merger Sub, has any right of recovery under this letter agreement against, and no recourse under this letter agreement or under any document or instrument delivered in connection herewith or in respect of any oral representations made or alleged to be made in connection herewith or therewith shall be had against, any former, current or future equity holders, controlling Persons, directors, officers, employees, Affiliates (other than Investor or any assignee permitted in accordance with <u>Section 5</u> hereof), members, managers, general or limited partners or representatives of Investor or any former, current or future equity holder, controlling Person, director, officer, employee, Affiliate (other than Investor or any assignee permitted in accordance with <u>Section 5</u> hereof), member, manager, general or limited partner or representative of any of the foregoing (collectively, but for the avoidance of doubt, not including Investor or any assignee permitted in accordance with <u>Section 5</u> hereof, the "<u>Investor Parties</u>"), whether by the enforcement of any judgment, fine or penalty, or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable law, or otherwise except for (i) Merger Sub's right to enforce any of the terms of this letter agreement against Investor or any assignee permitted in accordance with Section 5 hereof and (ii) the Company's right to enforce this letter agreement against the parties hereto as a third-party beneficiary solely as and to the extent specified in, and on the terms and subject to the conditions of, this letter agreement (the claims referred to in the foregoing clauses (i) and (ii) (including the claims for specific performance thereunder, the "<u>Retained Claims</u>")); it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on, or otherwise be incurred by Investor, as such, for any obligation of Investor under this letter agreement 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 in tort, contract or otherwise) based on, in respect of, or by reason of, such obligations or their creation; <u>provided</u>, <u>however</u>, that in the event Investor (a) consolidates with or merges with any other Person and is not the continuing or surviving entity of such consolidation or merger or (b) transfers or conveys all or a substantial portion of its properties and other assets to any Person such that the sum of Investor's remaining net assets plus uncalled capital is less than Investor's Closing Commitment, plus any Enforcement Expenses, hereunder, then Merger Sub may seek recourse, whether by the enforcement of any judgment or assessment or by any legal or equitable proceeding or by virtue of any statute, regulation or other applicable law, against such continuing or surviving entity or such transferee Person, as the case may be, but only to the extent of the obligations of Investor hereunder and subject to the limitations herein.

------

Merger Sub further agrees that neither it nor any of its Affiliates shall have any right of recovery against Investor or any Investor Party, whether by piercing of the corporate veil, by a claim on behalf of Merger Sub against any Investor or any Investor Party, or otherwise, except for the (A) Retained Claims, (B) funding of the Closing Commitment or the Termination Fee Commitment, as the case may be, and/or (C) payment of the Enforcement Expenses, in each case under and to the extent provided in this letter agreement, on the terms and subject to the conditions hereof. Merger Sub hereby covenants and agrees that it shall not institute, and shall cause its Affiliates not to institute, any proceeding or bring any other claim (whether 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 any Investor or any Investor Party except for claims solely against Investor under this letter agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp; <u>Expenses</u>. Merger Sub agrees to pay or reimburse the Investor at the Closing for all reasonable and documented (limited to a summary invoice) out-of-pocket fees, costs and expenses incurred by the Investor, including reasonable and documented (limited to a summary invoice) fees, costs and expenses of Gibson, Dunn & Crutcher LLP in an aggregate amount of up to $250,000 (the "<u>Investor Expenses</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations and Warranties</u>. Each Investor hereby represents, warrants and covenants, severally and not jointly, to Merger Sub as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp; Such Investor is duly formed, validly existing and in good standing under the laws of the jurisdiction of its formation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To the extent (if any) that its governing documents limit the amount it may commit to any one investment, such Investor's Closing Commitment hereunder plus any Enforcement Expenses is (and will continue to be until the satisfaction of its obligations hereunder or termination of this letter agreement in accordance with its terms) less than the maximum amount that it is permitted to invest in any one investment pursuant to the terms of its governing documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Such Investor has the requisite power and authority to enter into and deliver this letter agreement and to perform its obligations under this letter agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This letter agreement has been duly and validly executed and delivered by such Investor and constitutes the lawful, valid and binding agreement of such Investor, enforceable against such Investor, in accordance with its terms.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.&nbsp;&nbsp;&nbsp;&nbsp; Such Investor has, and will maintain through the Closing, available cash (including proceeds from funding commitments to Investor with respect to the obligations under this letter agreement) necessary to fund, or cause the funding of, the Closing Commitment or the Termination Fee Commitment, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Such Investor shall furnish information, as the Company may reasonably request in connection with the preparation and filing with the SEC of the Proxy Statement, the Schedule 13E-3 and any Other Required Company Filing or any Other Required Parent Filing and such Investor shall otherwise fulfill the obligations of the Consortium Members set forth in Section 6.3 of the Merger Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If any filing or notification may be required under the HSR Act in connection with the Transaction, the Investor shall make such filing or notification as promptly as practicable after the date hereof and such Investor shall otherwise cooperate with the Buyer Parties and the Company with respect to their respective obligations set forth in Section 6.2(a)-(c) of the Merger Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This letter agreement does not contravene, conflict with or result in any violation of any provision of such Investor's governing documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All consents, approvals, authorizations, permits of, filings with and notifications to, any Governmental Authority necessary for the due execution, delivery and performance of this letter agreement by such Investor 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 letter agreement.

[*Signature Pages Follow*]

------

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **APOLLO CAPITAL MANAGEMENT, L.P.**, on behalf of one or more investment funds, separate accounts and other entities owned (in whole or in part), controlled, managed and/or advised by it or its affiliates | **APOLLO CAPITAL MANAGEMENT, L.P.**, on behalf of one or more investment funds, separate accounts and other entities owned (in whole or in part), controlled, managed and/or advised by it or its affiliates |
| By: Apollo Capital Management GP, LLC, | By: Apollo Capital Management GP, LLC, |
| its general partner | its general partner |
| By: | /s/ William B. Kuesel |
| Name: William B. Kuesel | Name: William B. Kuesel |
| Title: Vice President | Title: Vice President |

---

[*Signature Page to Equity Commitment Letter*]

------

Agreed to and accepted as of

the date first written above:

---

| | |
|:---|:---|
| **EH MERGERSUB INC.** | **EH MERGERSUB INC.** |
| By: | /s/ Bradford Nugent |
|  | &nbsp;&nbsp;&nbsp; Name: Bradford Nugent |
|  | &nbsp;&nbsp;&nbsp; Title: Authorized Signatory |

---

[*Signature Page to Equity Commitment Letter*]

------

#### Exhibit A

#### Form of Voting Agreement

[\*\*\*]

------

#### Exhibit B

#### Form of Subscription Agreement

[\*\*\*]

------

## Ex-16.(D)(Vi)

------

 **Exhibit 16(d)(vi)**<br>

Execution Version

#### Equity Commitment Letter
January 13, 2026

EH MergerSub Inc.

Ladies and Gentlemen:

This letter agreement sets forth the commitments of Morse Ventures Inc. (the "<u>Investor</u>"), on the terms and subject to the conditions contained herein, to purchase, or cause the purchase of, shares of Common Stock, par value $0.01 per share ("<u>Merger Sub Common Stock</u>") of EH MergerSub Inc., a Delaware corporation ("<u>Merger Sub</u>"), indirectly through one or more entities. It is contemplated that, pursuant to that certain Agreement and Plan of Merger, dated as of August 15, 2025 (as amended, restated, modified or supplemented from time to time, the "<u>Merger Agreement</u>"), by and among Merger Sub, Soho House & Co Inc., a Delaware corporation (the "<u>Company</u>") and EH Parent LLC, a Delaware limited liability company ("<u>Parent</u>" and together with Merger Sub, the "<u>Buyer Parties</u>"), Merger Sub will merge with and into the Company on the terms and subject to the conditions set forth in the Merger Agreement, with the Company surviving the merger (the "<u>Transaction</u>") and, in the merger, each outstanding share of Merger Sub Common Stock, including the shares of Merger Sub Common Stock purchased by the Investor pursuant hereto, will convert into one share of Class A Common Stock of the Company. Capitalized terms used but not defined herein have the meanings ascribed to such terms in the Merger Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp; <u>Commitments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; *Closing Commitment*. Investor hereby irrevocably commits on the terms and subject to the conditions set forth herein, that at or prior to the Closing, Investor shall purchase, or cause the purchase of, directly or indirectly, and Merger Sub shall issue and sell to Investor (or its designee), shares of Merger Sub Common Stock at the Per Share Price per share of Merger Sub Common Stock for an aggregate cash amount of $50,000,000 (the "<u>Closing Commitment</u>"), which amount shall be used solely for the purpose of allowing Merger Sub and the Company to directly or indirectly fund a portion of the aggregate amount required to be paid to the stockholders of the Company in respect of their shares of Company Common Stock pursuant to, and in accordance with, the Merger Agreement subject to the conditions set forth in the Merger Agreement; <u>provided</u>, that Investor shall not, under any circumstances, be obligated to contribute to, or purchase equity or otherwise provide funds, directly or indirectly, from or to, Parent, the Company or Merger Sub, in any amount in excess of the Closing Commitment and the Enforcement Expenses (as defined below). The aggregate amount of liability of Investor under this letter agreement shall at no time exceed the Closing Commitment plus any Enforcement Expenses. Investor may effect the purchase of shares of Merger Sub Common Stock directly or indirectly through one or more affiliated entities; <u>provided</u>, that no such action shall reduce the amount of Investor's Closing Commitment or otherwise affect the obligations of Investor under this letter agreement. This letter agreement is being delivered by the Investor to Merger Sub in connection with the Transaction, with the understanding and acknowledgment of the Investor that each of Merger Sub, Parent and the Company is relying on this letter agreement. On August 15, 2025, (i) certain other investors in Merger Sub affiliated with Apollo Capital Management, L.P. (the "<u>Apollo Investors</u>"), entered into a letter agreement (excluding the MCR Fund IV Commitment Letter, as amended, restated, modified or supplemented from time to time, the "<u>Other Equity Commitment Letter</u>") with Merger Sub, pursuant to which the Apollo Investors committed to invest (or cause to be invested), directly or indirectly, in Merger Sub the applicable amounts set forth in their Other Equity Commitment Letter (the other equity commitment amounts in the Other Equity Commitment Letter, together with the Closing Commitment, but excluding the commitment pursuant to the MCR Fund IV Commitment Letter, the "<u>Aggregate Equity Commitment</u>") and (ii) MCR Hospitality Fund IV LP and MCR Hospitality Fund IV QP LP (collectively, "<u>MCR Fund IV</u>") entered into a letter agreement (the "<u>MCR Fund IV Commitment Letter</u>") and committed to invest (or cause to be invested), directly or indirectly, in Merger Sub the applicable amounts set forth in the MCR Fund IV Commitment Letter. The amount to be funded under this letter agreement shall be reduced to the extent that the Company determines in its sole and absolute discretion that it does not require the full amount of the Closing Commitment to pay the amounts payable to the stockholders of the Company in respect of their shares of Company Common Stock pursuant to, and in accordance with, the Merger Agreement (and any related costs and expenses) by reason of the Company having obtained funds from other sources. For the avoidance of doubt and notwithstanding anything to the contrary contained in this letter agreement, unless the Company in its sole and absolute discretion determines otherwise, the Closing Commitment shall not be reduced by any incremental financing obtained by (i) the Company pursuant to the Subscription Agreements or (ii) the Company, Parent or Merger Sub as set forth in the letter agreements dated as of August 15, 2025 between the Company and Richard Caring and the Company and certain affiliates of Goldman Sachs & Co LLC.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp; *Termination Fee Commitment*. If the Merger Agreement is validly terminated by the Company pursuant to Section 8.1(g) of the Merger Agreement, the conditions set forth in <u>Section 2</u> shall have been satisfied (other than the condition set forth in <u>Section 2(i)(c)</u>), including receipt of the notice set forth in <u>Section 2(i)(d)</u>, and the Investor fails to provide upon written request irrevocable confirmation, within two Business Days of such notice, that it is ready, willing and able to fund its Closing Commitment hereunder at the Closing on the date specified in the notice delivered pursuant to <u>Section 2(i)(d)</u> (or provides such confirmation and fails to fund its Closing Commitment hereunder at the Closing) (an "<u>Investor Closing Failure</u>"), Investor hereby irrevocably commits on the terms and subject to the conditions set forth herein, to fund to Merger Sub, subject to <u>Section 11(ii)</u>, directly or indirectly, cash in an aggregate amount of $8,000,000 (the "<u>Termination Fee Commitment</u>").

2. <u>Conditions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; The Closing Commitment, including the obligation of Investor to fund the Closing Commitment, shall be subject to the satisfaction or waiver in writing by Investor of the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [Reserved];

(b) the satisfaction in full, or waiver by the Buyer Parties in writing of each of the conditions to the Buyer Parties' obligations to consummate the Transaction that is set forth in Sections 7.1 and 7.2 of the Merger Agreement (other than those conditions that by their terms or nature are to be satisfied at the Closing) <u>provided</u>, that those other conditions would be capable of being satisfied if the Closing were on such date; and provided, further, that the Buyer Parties shall not have waived any condition or other term of the Merger Agreement, granted any consent, or deemed any condition satisfied (including by amending or waiving any provision of a schedule or amendment thereto, or granting any consent or agreeing the Company's obligations under the provisions have been satisfied) that is, or would reasonably be expected to be, materially adverse to the Investor (for the avoidance of doubt, any waiver or amendment of Section 7.1(d) of the Merger Agreement shall be deemed materially adverse to Investor);

------

(c) each Apollo Investor having irrevocably confirmed to the Company that it stands ready, willing and able to fund its equity commitment pursuant to its Other Equity Commitment Letter; it being understood that the failure of any Apollo Investor (a "<u>Defaulting Other Investor</u>") to satisfy and perform, or to then be prepared to satisfy and perform, in full its obligations under such Defaulting Other Investor's Other Equity Commitment Letter shall not limit or impair the ability of Merger Sub or the Company to enforce the obligations of the Investor under, and in accordance with, this letter agreement if (x) Merger Sub and/or the Company is also seeking enforcement of the obligation of such Defaulting Other Investor to fund such Defaulting Other Investor's required equity commitment pursuant to such Defaulting Other Investor's Other Equity Commitment Letter or (y) another or replacement investor (an "<u>Alternative Investor</u>") is then prepared to fund an amount equal to the amount such Defaulting Other Investor is failing to fund under such Defaulting Other Investor's Other Equity Commitment Letter (or such Alternative Investor shall have entered into a commitment to the Company (or of which the Company is a third-party beneficiary) and the Company is also seeking enforcement of such Alternative Investor's commitment);

(d) Merger Sub having irrevocably waived the obligation of MCR Fund IV to fund $150,000,000 of its Closing Commitment (as defined in the MCR Fund IV Commitment Letter) in writing, which waiver shall be subject to Investor funding the Closing Commitment in full in accordance with the terms herein and MCR Fund IV funding $50,000,000 of its Closing Commitment (as defined in the MCR Fund IV Commitment Letter) in accordance with the terms therein;

<br> (e) the Company having irrevocably confirmed to Investor that it stands ready, willing and able to fund, or cause to be funded, the cash to the Payment Agent pursuant to Section 2.9(b) of the Merger Agreement;

(f) the Merger Agreement not having been amended or modified in any manner (including but not limited to, amending or waiving any provision of a schedule or amendment thereto or granting any consent or agreeing the Company's obligations under the provisions have been satisfied) that is, or would reasonably be expected to be, materially adverse to Investor, including but not limited to an increase in the Per Share Price;

<br> (g) any other amendment to the Merger Agreement that would otherwise increase the payment obligations of the Investor under or in connection with the Merger Agreement or this letter agreement;

(h) the Investor having received a certificate of the Company, validly executed for and on behalf of the Company and in the name of the Company by a duly authorized executive officer of the Company, certifying that the conditions set forth in clauses (a) through (f) of this Section 2.1(i) have been satisfied; and

<br> (i) either or both of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. the substantially concurrent consummation of the Transaction in accordance with the terms of the Merger Agreement; or

B. the date by which the Company is required to consummate the Merger pursuant to Section 2.3 of the Merger Agreement having occurred or passed and the Company having irrevocably confirmed in writing to the Investor that if specific performance is granted that would require consummation of the Transaction, then the Closing would occur in accordance with the terms of the Merger Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp; The Termination Fee Commitment, including the obligation of Investor to fund the Termination Fee Commitment, shall be subject to <u>Section 11(ii)</u> and the valid termination of the Merger Agreement pursuant to Section 8.1(g) of the Merger Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; Merger Sub shall use commercially reasonable efforts to provide Investor with at least three Business Days advance written notice of the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp; <u>Enforceability</u>. Neither Investor nor Parent or Merger Sub's creditors shall have any right to enforce this letter agreement or to cause Parent or Merger Sub to enforce this letter agreement. Notwithstanding the foregoing, (i) the Company shall be, and is intended to be, a third-party beneficiary of this Section 3 and Sections 4, 5 and 10 hereof and (ii) Merger Sub and the Company shall have an explicit right to enforce this letter agreement and the Closing Commitment of Investor (which right of enforcement may be sought directly against Investor) and an explicit right to enforce, subject to Section 11(ii) this letter agreement, the Termination Fee Commitment of Investor (which right of enforcement may be sought directly against Investor); provided that, (1) any amount of Closing Commitments or Termination Fee Commitments paid by the Investor pursuant to this letter agreement shall be deemed satisfaction by MCR Fund IV of its corresponding obligations under the MCR Fund IV Commitment Letter (i.e. such amounts shall reduce on a dollar-for-dollar basis the Closing Commitment or Termination Fee (as applicable, and in each case, as defined in the MCR Fund IV Commitment Letter) of MCR Fund IV pursuant to the MCR Fund IV Commitment Letter) and (2) any amount of Closing Commitments or Termination Fee Commitments (each as defined in the MCR Fund IV Commitment Letter) paid by MCR Fund IV pursuant to the MCR Fund IV Commitment Letter shall be deemed satisfaction by the Investor of its corresponding obligations under this letter agreement (i.e and such amounts shall reduce on a dollar-for-dollar basis the Closing Commitment or Termination Fee (as applicable) of the Investor hereunder). The Investor agrees to pay on demand in cash all reasonable and documented out-of-pocket expenses (including reasonable fees and expenses of counsel) incurred by the Company, Merger Sub or their respective Affiliates in connection with the Company's or Merger Sub's enforcement of this letter agreement if the Investor fails or refuses to make any payment hereunder when such payment is due (such expenses, the "<u>Enforcement Expenses</u>"). Merger Sub and the Investor acknowledge and agree that the Company and Merger Sub shall not be required to provide any bond or other security to specifically enforce the terms and provisions of this letter agreement and Investor will not oppose the granting of an injunction, specific performance or other equitable relief in connection with the exercise of the Company's third-party beneficiary rights or Merger Sub's rights set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp; <u>No Modification; Entire Agreement</u>. This letter agreement may not be amended, restated, supplemented or otherwise modified without the prior written consent of Merger Sub, the Company and the Investor. Together with the other agreements being entered into in connection with the Transaction, this letter agreement constitutes the entire agreement with respect to the subject matter hereof, and supersedes all prior agreements, understandings and statements, written or oral, between Investor or any of their Affiliates, on the one hand, and Merger Sub or any of its Affiliates, on the other, with respect to the transactions contemplated hereby. Each party hereto acknowledges that, in entering into this letter agreement, it is not relying on, and shall have no remedies in respect of, any representation, warranty or undertaking (whether made innocently or negligently) not expressly set out in this letter agreement. So far as is permitted by law and except in the case of actual fraud, each party agrees and acknowledges that its only right and remedy in relation to any representation, warranty or undertaking made or given in this letter agreement shall be for specific performance of the terms of this letter agreement and each of the parties waives all other rights and remedies (including those in tort or arising under statute) in relation to any such representation, warranty or undertaking. Except as expressly permitted in <u>Section 1</u> and <u>Section 5</u> hereof, no transfer of any rights or obligations hereunder shall be permitted without the consent of Merger Sub, the Company and Investor. Any transfer in violation of the preceding sentence shall be null and void *ab initio*. Notwithstanding anything to the contrary herein, the parties hereby agree and acknowledge that none of the foregoing agreements and acknowledgements set forth in this <u>Section 4</u> shall limit the rights and remedies available to the Company or Merger Sub with respect to Investor under <u>Section 3</u> hereof or any other agreements being entered into in connection with the Transaction.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Assignment</u>. Except as provided in <u>Section 1</u>, this letter agreement may not be assigned by any party hereto, in whole or in part, without the prior written consent of Investor, the Company and Merger Sub, except that such prior written consent shall not be unreasonably withheld, conditioned or delayed if Investor assigns all or a portion of its obligations to fund its Closing Commitment or Termination Fee Commitment to one or more of its Affiliated investment funds or vehicles; provided, however, that (i) no such assignment to an Affiliated investment fund or vehicle shall (a) relieve Investor from any of its obligations hereunder or (b) alter, reduce or enlarge any obligation of any other party to this letter agreement; (ii) such assignment or delegation to an Affiliated investment fund or vehicle would not reasonably be expected to prevent, impair, delay or materially impede the consummation of the Closing; (iii) such Affiliated investment fund or vehicle executes and delivers to Merger Sub an equity commitment letter consistent with this letter agreement; (iv) at the time of such assignment or delegation, such Affiliated investment fund or vehicle has undrawn capital commitments that may be called, cash or other sources of immediately available funds that together comprise an amount not less than the Closing Commitment; (v) such assignment or delegation to an Affiliated investment fund or vehicle could not be reasonably expected to result in any additional consent or approval being required under applicable law; and (vi) the Investor provides at least 2 Business Days' notice to Merger Sub and the Company of such assignment or delegation to an Affiliated investment fund or vehicle. Any purported assignment in violation of the foregoing shall be null and void *ab initio*. Investor acknowledges that the Company, Parent and Merger Sub have entered into the Merger Agreement in reliance upon, among other things, Investor's Closing Commitment and Termination Fee Commitment set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp; <u>Governing Law; Submission to Jurisdiction</u>. THIS LETTER AGREEMENT AND ANY CLAIM OR CONTROVERSY HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE WITHOUT GIVING EFFECT TO ANY PRINCIPLES OF CONFLICT OF LAWS OF ANY JURISDICTION THAT WOULD APPLY THE LAWS OF A JURISDICTION OTHER THAN DELAWARE. EACH OF THE PARTIES HERETO (I) IRREVOCABLY AGREES THAT ALL ACTIONS (WHETHER IN CONTRACT OR TORT, AT LAW OR IN EQUITY OR OTHERWISE) THAT MAY BE BASED UPON, ARISE OUT OF OR RELATE TO THIS LETTER AGREEMENT, OR THE NEGOTIATION, EXECUTION OR PERFORMANCE OF THIS LETTER AGREEMENT SHALL BE EXCLUSIVELY RESOLVED IN A, AND EACH OF THE PARTIES HERETO, IN CONNECTION WITH ANY SUCH ACTION, SUBMITS TO THE JURISDICTION OF ANY, FEDERAL OR STATE COURT SITTING IN THE CITY OF WILMINGTON IN THE STATE OF DELAWARE AND (II) WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF, AND THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF, ANY SUCH ACTION, SUIT OR PROCEEDING IN ANY SUCH COURT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp; <u>Waiver of Jury Trial</u>. EACH PARTY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS LETTER AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY (A) CERTIFIES THAT 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 AND (B) ACKNOWLEDGES AND AGREES THAT IT AND THE OTHER PARTIES HAVE BEEN INDUCED TO ENTER INTO THIS LETTER AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <u>SECTION 7</u>.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp; <u>Counterparts</u>. This letter agreement may be signed in any number of counterparts (including by electronic mail with attachment in pdf format or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document (including DocuSign)), with the same effect as if the signatures to each counterpart were upon a single instrument, and all such counterparts together shall be deemed an original of this letter agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp; <u>No Third-Party Beneficiaries</u>. Except as expressly set forth in <u>Section 3</u>, the parties hereto hereby agree that their respective representations, warranties and covenants set forth herein are solely for the benefit of the other parties hereto and their successors and permitted assigns, in accordance with and subject to the terms of this letter agreement, and this letter agreement is not intended to, and does not, confer upon any Person other than the parties hereto and their respective successors and permitted assigns any rights or remedies hereunder or any rights to enforce the Closing Commitment and/or Termination Fee Commitment of Investor or any provision of this letter agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp; <u>Confidentiality</u>. The existence and content of this letter agreement shall be treated as confidential and is being provided to Merger Sub solely in connection with the transactions contemplated by the Merger Agreement. The existence and content of this letter agreement may not be used, circulated, quoted or otherwise referred to in any document, except with the prior written consent of Investor and Merger Sub; <u>provided</u>, <u>however</u>, that no such written consent shall be required (and the Investor and its Affiliates shall be free to release such information) for disclosures to the Investor's and its Affiliates' respective partners, members, directors, officers, employees, agents, legal, financial, accounting or other advisors, potential debt and equity financing sources, co-investors, related investment funds, consultants and other representatives, to the extent such Persons need to know such information in connection with the Transactions and so long as such Persons agree to keep such information confidential on terms substantially identical to the terms contained in this <u>Section 10</u>; and <u>provided</u>, <u>further</u>, that Investor, Parent and Merger Sub may disclose this letter agreement to the extent required by law; and <u>provided</u>, <u>further</u>, that the Company and Parent may disclose the letter agreement to its respective Affiliates, officers, directors, employees, advisors, representatives, auditors and financing sources, as applicable, so long as such Persons agree to keep such information confidential on terms substantially identical to the terms contained in this <u>Section 10</u>.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp; <u>Termination and Termination Fees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; This letter agreement and the obligation of Investor to fund the Closing Commitment or the Termination Fee Commitment, as applicable, will terminate automatically and immediately upon the earliest to occur of (a) the consummation of the Closing; (b) the termination of the Merger Agreement (<u>provided</u> that, for the avoidance of doubt, any purported termination of the Merger Agreement that is not a valid termination shall not give rise to a termination of this letter agreement pursuant to this <u>Section 11(i)</u>; <u>provided</u>, <u>further</u>, that, in the event that the Merger Agreement is validly terminated pursuant to Section 8.1(g) of the Merger Agreement and the Termination Fee Commitment is due and payable, then the obligation of the Investor to fund, or to cause one or more of its Affiliates to fund, the Termination Fee Commitment, subject to <u>Section 11(ii)</u>, shall not terminate unless and until the Investor has funded, or caused one or more of its Affiliates to fund, the Termination Fee Commitment in accordance with <u>Section 1(ii)</u>), in accordance with its terms, unless prior to such termination of the Merger Agreement, Merger Sub shall have commenced an action seeking specific enforcement of the obligations of Investor to fund the Closing Commitment hereunder, in which case the Closing Commitment shall terminate upon the final, non-appealable resolution of such action and satisfaction by Investor of any obligation finally determined or agreed to be owed by Investor, subject to the terms hereof and of the Merger Agreement; (c) the commencement by Merger Sub of any lawsuit or other legal proceeding asserting any claim (whether in equity, tort, contract or otherwise) against any Investor or any of the Investor Parties (as defined below) under, in respect of, or relating to, the Merger Agreement, or this letter agreement or the transactions contemplated hereby or thereby (including in respect of any oral representations made or alleged to be made in connection therewith), other than an action seeking specific enforcement of the obligations of Parent to consummate the Closing in accordance with the Merger Agreement, Investor to fund the Closing Commitment or the Termination Fee Commitment hereunder or MCR Fund IV to fund the Closing Commitment or the Termination Fee Commitment under the MCR Fund IV Commitment Letter; and (d) Investor contributing to Merger Sub cash in an aggregate amount equal to the Closing Commitment and MCR Fund IV contributing to Merger Sub cash in an aggregate amount equal to the Closing Commitment under the MCR Fund IV Commitment Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp; If the Investor or MCR Fund IV is a Defaulting Party (as defined below) and the Apollo Investors are not Defaulting Parties under the Other Equity Commitment Letter, then the Investor shall, in lieu of the Termination Fee Commitment, fund to Merger Sub $10,000,000 and such amount shall be deemed to be the Termination Fee Commitment for the purposes of this letter agreement. The Investor is a "Defaulting Party" if it is not ready willing or able to fund the Closing Commitment at Closing when it is otherwise required to do so pursuant to the terms of this letter agreement (disregarding the condition set forth in Section 2(i)(c)). If one or more Apollo Investors is a Defaulting Party under any such the Other Equity Commitment Letter and neither the Investor nor MCR Fund IV is a Defaulting Party, the Investor shall be relieved from its obligation to fund its Termination Fee Commitment pursuant to the terms of this letter agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>No Recourse</u>. Notwithstanding anything that may be expressed or implied in this letter agreement, or any document or instrument delivered in connection herewith, by its acceptance of the benefits of this letter agreement, Merger Sub covenants, agrees and acknowledges on behalf of itself, its Affiliates, and any Person claiming by, through or on behalf of any of them, that no Person other than Investor (and any assignee permitted in accordance with <u>Section 1</u> or <u>Section 5</u> hereof) has any obligation hereunder or, except for Merger Sub, in connection with the transactions contemplated hereby, and that, notwithstanding that Investor (or any assignee permitted in accordance with <u>Section 1</u> or <u>Section 5</u> hereof) may be a partnership or other entity, no Person, including Merger Sub, has any right of recovery under this letter agreement against, and no recourse under this letter agreement or under any document or instrument delivered in connection herewith or in respect of any oral representations made or alleged to be made in connection herewith or therewith shall be had against, any former, current or future equity holders, controlling Persons, directors, officers, employees, Affiliates (other than Investor or any assignee permitted in accordance with <u>Section 1</u> or <u>Section 5</u> hereof and other than MCR Fund IV or any assignee permitted in accordance with <u>Section 1</u> or <u>Section 5</u> of the MCR Fund IV Commitment Letter), members, managers, general or limited partners or representatives of Investor or any former, current or future equity holder, controlling Person, director, officer, employee, Affiliate (other than Investor or any assignee permitted in accordance with <u>Section 1</u> or <u>Section 5</u> hereof and other than MCR Fund IV or any assignee permitted in accordance with <u>Section 1</u> or <u>Section 5</u> of the MCR Fund IV Commitment Letter), member, manager, general or limited partner or representative of any of the foregoing (collectively, but for the avoidance of doubt, not including Investor or any assignee permitted in accordance with <u>Section 1</u> or <u>Section 5</u> hereof or MCR Fund IV or any assignee permitted in accordance with <u>Section 1</u> or <u>Section 5</u> of the MCR Fund IV Commitment Letter, the "<u>Investor Parties</u>"), whether by the enforcement of any judgment, fine or penalty, or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable law, or otherwise except for (i) Merger Sub's right to enforce any of the terms of this letter agreement against Investor or any assignee permitted in accordance with Section 5 hereof and Merger Sub's right to enforce any of the terms of the MCR Fund IV Commitment Letter against MCR Fund IV or any assignee permitted in accordance with Section 5 thereof and (ii) the Company's right to enforce this letter agreement against the parties hereto as a third-party beneficiary solely as and to the extent specified in, and on the terms and subject to the conditions of, this letter agreement and the Company's right to enforce MCR Fund IV Commitment Letter against the parties thereto as a third-party beneficiary solely as and to the extent specified in, and on the terms and subject to the conditions of, MCR Fund IV Commitment Letter (the claims referred to in the foregoing clauses (i) and (ii), including the claims for specific performance thereunder, the "<u>Retained Claims</u>"); it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on, or otherwise be incurred by Investor, as such, for any obligation of Investor under this letter agreement 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 in tort, contract or otherwise) based on, in respect of, or by reason of, such obligations or their creation; <u>provided</u>, <u>however</u>, that in the event Investor (a) consolidates with or merges with any other Person and is not the continuing or surviving entity of such consolidation or merger or (b) transfers or conveys all or a substantial portion of its properties and other assets to any Person such that the sum of Investor's remaining net assets plus uncalled capital is less than Investor's Closing Commitment, plus any Enforcement Expenses, hereunder, then Merger Sub may seek recourse, whether by the enforcement of any judgment or assessment or by any legal or equitable proceeding or by virtue of any statute, regulation or other applicable law, against such continuing or surviving entity or such transferee Person, as the case may be, but only to the extent of the obligations of Investor hereunder and subject to the limitations herein.

------

Merger Sub further agrees that neither it nor any of its Affiliates shall have any right of recovery against Investor or any Investor Party, whether by piercing of the corporate veil, by a claim on behalf of Merger Sub against any Investor or any Investor Party, or otherwise, except for the (A) Retained Claims, (B) funding of the Closing Commitment or the Termination Fee Commitment, as the case may be, and/or (C) payment of the Enforcement Expenses, in each case under and to the extent provided in this letter agreement, on the terms and subject to the conditions hereof. Merger Sub hereby covenants and agrees that it shall not institute, and shall cause its Affiliates not to institute, any proceeding or bring any other claim (whether 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 any Investor or any Investor Party except for claims solely against Investor under this letter agreement. Notwithstanding anything herein to the contrary, (a) nothing in this Section 12 shall impact the rights of Merger Sub, Parent or the Company under the MCR Fund IV Commitment Letter, including any enforcement rights thereunder and (b) the parties acknowledge and agree that the MCR Fund IV Commitment Letter remains in full force and effect in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Representations and Warranties</u>. Investor hereby represents, warrants and covenants, to Merger Sub as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Investor is duly formed, validly existing and in good standing under the laws of the jurisdiction of its formation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp; To the extent (if any) that its governing documents limit the amount it may commit to any one investment, the Investor's Closing Commitment hereunder plus any Enforcement Expenses (together with any of its Affiliates that have entered into a corresponding equity commitment letter with Investor) is (and will continue to be until the satisfaction of its obligations hereunder or termination of this letter agreement in accordance with its terms) less than the maximum amount that it is permitted to invest in any one investment pursuant to the terms of its governing documents.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp; The Investor has the requisite power and authority to enter into and deliver this letter agreement and to perform its obligations under this letter agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. This letter agreement has been duly and validly executed and delivered by The Investor and constitutes the lawful, valid and binding agreement of the Investor, enforceable against the Investor, in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Investor shall furnish information, as the Company may reasonably request in connection with the preparation and filing with the SEC of the Proxy Statement, the Schedule 13E-3 and any Other Required Company Filing or any Other Required Parent Filing and the Investor shall otherwise fulfill the obligations of the Consortium Members set forth in Section 6.3 of the Merger Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If any filing or notification may be required under the HSR Act in connection with the Transaction, the Investor shall make such filing or notification as promptly as practicable after the date hereof and the Investor shall otherwise cooperate with the Buyer Parties and the Company with respect to their respective obligations set forth in Section 6.2(a)-(c) of the Merger Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. This letter agreement does not contravene, conflict with or result in any violation of any provision of the Investor's governing documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h.&nbsp;&nbsp;&nbsp;&nbsp; All consents, approvals, authorizations, permits of, filings with and notifications to, any Governmental Authority necessary for the due execution, delivery and performance of this letter agreement by the Investor 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 letter agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; That, upon a request of Merger Sub (which request may be submitted on or following January 23, 2026), Investor shall, and shall cause MCR Fund IV to, confirm to Merger Sub that Investor and MCR Fund IV stand, ready, willing and able to fund an aggregate of at least $100,000,000 of equity commitments under this letter agreement and the MCR Fund IV Commitment Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp; <u>Waiver</u>. By execution of this letter agreement, (i) Investor hereby waives on behalf of itself and each of its Affiliates any objection to the extension of the Termination Date from February 15, 2026 to March 17, 2026 (or any date between those dates) (the "<u>Extension</u>") and (ii) Investor hereby agrees that neither the Company nor Merger Sub shall be deemed to have waived any claim or defense that the Company or Merger Sub may have, whether legal or equitable (e.g., specific performance) arising from or relating to this letter agreement or the MCR Fund IV Commitment Letter or any related delay in the Company or Merger Sub instituting legal proceedings against Investor or its Affiliates with respect to such a claim or relief. In addition, Investor agrees on behalf of itself and each of its Affiliates that it shall sign and execute such documents and use reasonable efforts to perform such further acts as the Company or Merger Sub may reasonably request from time to time to give full effect to the Extension.

[*Signature Pages Follow*]

------

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **MORSE VENTURES INC.** | **MORSE VENTURES INC.** |
| By: | /s/ Tyler R. Morse |
| Name: Tyler R. Morse | Name: Tyler R. Morse |

---

[*Signature Page to Equity Commitment Letter*]

------

---

| | |
|:---|:---|
| Agreed to and accepted as of | Agreed to and accepted as of |
| the date first written above: | the date first written above: |
| **EH MERGERSUB INC.** | **EH MERGERSUB INC.** |
| By: | /s/ Bradford Nugent |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name: Bradford Nugent | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name: Bradford Nugent |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title: Authorized Signatory | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title: Authorized Signatory |

---

[*Signature Page to Equity Commitment Letter*]

------

## Ex-16.(D)(Vii)

------

**Exhibit 16(d)(vii)**<br>

#### Execution Version

#### <br>

#### Equity Commitment Letter
January 26, 2026

EH MergerSub Inc.

Ladies and Gentlemen:

This letter agreement sets forth the commitments of Momentum Solutions II, LLC, a Texas limited liability company (the "<u>Investor</u>"), on the terms and subject to the conditions contained herein, to purchase, or cause the purchase of, shares of Common Stock, par value $0.01 per share ("<u>Merger Sub Common Stock</u>") of EH MergerSub Inc., a Delaware corporation ("<u>Merger Sub</u>"), indirectly through one or more entities. It is contemplated that, pursuant to that certain Agreement and Plan of Merger, dated as of August 15, 2025 (as amended, restated, modified or supplemented from time to time, the "<u>Merger Agreement</u>"), by and among Merger Sub, Soho House & Co Inc., a Delaware corporation (the "<u>Company</u>") and EH Parent LLC, a Delaware limited liability company ("<u>Parent</u>" and together with Merger Sub, the "<u>Buyer Parties</u>"), Merger Sub will merge with and into the Company on the terms and subject to the conditions set forth in the Merger Agreement, with the Company surviving the merger (the "<u>Transaction</u>") and, in the merger, each outstanding share of Merger Sub Common Stock, including the shares of Merger Sub Common Stock purchased by the Investor pursuant hereto, will convert into one share of Class A Common Stock of the Company. Capitalized terms used but not defined herein have the meanings ascribed to such terms in the Merger Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Commitments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Closing Commitment*. Investor hereby irrevocably commits on the terms and subject to the conditions set forth herein, that at or prior to the Closing, Investor shall purchase, or cause the purchase of, directly or indirectly, and Merger Sub shall issue and sell to Investor (or its designee), shares of Merger Sub Common Stock at the Per Share Price per share of Merger Sub Common Stock for an aggregate cash amount of $99,999,999 (the "<u>Closing Commitment</u>"), which amount shall be used solely for the purpose of allowing Merger Sub and the Company to directly or indirectly fund a portion of the aggregate amount required to be paid to the stockholders of the Company in respect of their shares of Company Common Stock pursuant to, and in accordance with, the Merger Agreement subject to the conditions set forth in the Merger Agreement; <u>provided</u>, that Investor shall not, under any circumstances, be obligated to contribute to, or purchase equity or otherwise provide funds, directly or indirectly, from or to, Parent, the Company or Merger Sub, in any amount in excess of the Closing Commitment and the Enforcement Expenses (as defined below). The aggregate amount of liability of Investor under this letter agreement shall at no time exceed the Closing Commitment plus any Enforcement Expenses. Investor may effect the purchase of shares of Merger Sub Common Stock directly or indirectly through one or more affiliated entities; <u>provided</u>, that no such action shall reduce the amount of Investor's Closing Commitment or otherwise affect the obligations of Investor under this letter agreement. This letter agreement is being delivered by the Investor to Merger Sub in connection with the Transaction, with the understanding and acknowledgment of the Investor that each of Merger Sub, Parent and the Company is relying on this letter agreement. On (i) August 15, 2025, certain other investors in Merger Sub affiliated with Apollo Capital Management, L.P. (the "<u>Apollo Investors</u>"), entered into a letter agreement (excluding the MCR Fund IV Commitment Letter, as amended, restated, modified or supplemented from time to time, the "<u>Apollo Equity Commitment Letter</u>") with Merger Sub, pursuant to which the Apollo Investors committed to invest (or cause to be invested), directly or indirectly, in Merger Sub the applicable amounts set forth in their Apollo Equity Commitment Letter, (ii) August 15, 2025, MCR Hospitality Fund IV LP and MCR Hospitality Fund IV QP LP (collectively, "<u>MCR Fund IV</u>") entered into a letter agreement (the "<u>MCR Fund IV Commitment Letter</u>") and committed to invest (or cause to be invested), directly or indirectly, in Merger Sub the applicable amounts set forth in the MCR Fund IV Commitment Letter and (iii) January 13, 2026, Morse Ventures, Inc. ("<u>Morse Ventures</u>" and, together with MCR Fund IV, the "<u>MCR Investors</u>") entered into a letter agreement (the "<u>Morse Ventures Equity Commitment Letter</u>" and collectively with the MCR Fund IV Commitment Letter, the "<u>Other Equity Commitment Letters</u>") with Merger Sub, pursuant to which Morse Ventures committed to invest (or cause to be invested), directly or indirectly, in Merger Sub $50,000,000. The amount to be funded under this letter agreement shall be reduced to the extent that the Company determines in its sole and absolute discretion that it does not require the full amount of the Closing Commitment to pay the amounts payable to the stockholders of the Company in respect of their shares of Company Common Stock pursuant to, and in accordance with, the Merger Agreement (and any related costs and expenses) by reason of the Company having obtained funds from other sources. For the avoidance of doubt and notwithstanding anything to the contrary contained in this letter agreement, unless the Company in its sole and absolute discretion determines otherwise, the Closing Commitment shall not be reduced by any incremental financing obtained by (i) the Company pursuant to the Subscription Agreements or (ii) the Company, Parent or Merger Sub as set forth in the letter agreements dated as of August 15, 2025 between the Company and Richard Caring and the Company and certain affiliates of Goldman Sachs & Co LLC.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp; *Voting Agreement.* The Investor, intending to be legally bound, hereby covenants and agrees to enter into the Voting Agreement, substantially in the form attached hereto as <u>Exhibit A</u> (the "<u>Voting Agreement</u>"), at the Closing under the Merger Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; *Consulting Agreement.* The Investor, intending to be legally bound, hereby covenants and agrees to enter into the Consulting Agreement, substantially in the form attached hereto as <u>Exhibit B</u> (the "<u>Consulting Agreement</u>"), at the Closing under the Merger Agreement.

2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Conditions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; The Closing Commitment, including the obligation of Investor to fund the Closing Commitment, shall be subject to the satisfaction or waiver in writing by Investor of the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the receipt by the Investor of (A) counterparts signed by the Company, the MCR Investors and Yucaipa (as defined in the Voting Agreement) (or written evidence reasonably satisfactory to the Investor (which may include a copy transmitted
 by email, facsimile or other electronic method) that such party has signed a counterpart) of the Voting Agreement (B) a counterpart signed by the Company (or written evidence reasonably satisfactory to the Investor (which may include a copy
 transmitted by email, facsimile or other electronic method) that such party has signed a counterpart) of the Consulting Agreement;

(b) the satisfaction in full, or waiver by the Buyer Parties in writing of each of the conditions to the Buyer Parties' obligations to consummate the Transaction that is set forth in Sections 7.1 and 7.2 of the Merger Agreement (other than those conditions that by their terms or nature are to be satisfied at the Closing) <u>provided</u>, that those other conditions would be capable of being satisfied if the Closing were on such date; and provided, further, that the Buyer Parties shall not have waived any condition or other term of the Merger Agreement, granted any consent, or deemed any condition satisfied (including by amending or waiving any provision of a schedule or amendment thereto, or granting any consent or agreeing the Company's obligations under the provisions have been satisfied) that is, or would reasonably be expected to be, materially adverse to the Investor (for the avoidance of doubt, any waiver or amendment of Section 7.1(d) of the Merger Agreement shall be deemed materially adverse to Investor);

------

(c) the MCR Investors funding not less than $99,999,000 in equity commitments concurrently with and on the same date as (or prior to) funding by the Investors; it being understood that the failure of any MCR Investor (a "<u>Defaulting Other Investor</u>") to satisfy and perform, or to then be prepared to satisfy and perform, in full its obligations under such Defaulting Other Investor's Other Equity Commitment Letter shall not limit or impair the ability of Merger Sub or the Company to enforce the obligations of the Investor under, and in accordance with, this letter agreement if Merger Sub and/or the Company is also seeking enforcement of the obligation of such Defaulting Other Investor to fund such Defaulting Other Investor's required equity commitment pursuant to such Defaulting Other Investor's Other Equity Commitment Letter;

<br> (d) *Reserved*;

<br> (e) the Company having irrevocably confirmed to Investor that it stands ready, willing and able to fund, or cause to be funded, the cash to the Payment Agent pursuant to Section 2.9(b) of the Merger Agreement;

(f) the Merger Agreement not having been amended or modified in any manner (including but not limited to, amending or waiving any provision of a schedule or amendment thereto or granting any consent or agreeing the Company's obligations under the provisions have been satisfied) that is, or would reasonably be expected to be, materially adverse to Investor, including but not limited to an increase in the Per Share Price;

(g) the Merger Agreement not having been amended or modified in any manner (including but not limited to, amending or waiving any provision of a schedule or amendment thereto or granting any consent or agreeing the Company's obligations under the provisions have been satisfied) that would otherwise increase the payment obligations of the Investor under or in connection with the Merger Agreement or this letter agreement;

(h) the Investor having received a certificate of the Company, validly executed for and on behalf of the Company and in the name of the Company by a duly authorized executive officer of the Company, certifying that the conditions set forth in clauses (a) through (g) of this Section 2.1(i) have been satisfied; and

<br> (i) either or both of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. the substantially concurrent consummation of the Transaction in accordance with the terms of the Merger Agreement; or

B. the date by which the Company is required to consummate the Merger pursuant to Section 2.3 of the Merger Agreement having occurred or passed and the Company having irrevocably confirmed in writing to the Investor that if specific performance is granted that would require consummation of the Transaction, then the Closing would occur in accordance with the terms of the Merger Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp; Merger Sub shall use commercially reasonable efforts to provide Investor with at least three Business Days advance written notice of the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Enforceability</u>. Neither Investor nor Parent or Merger Sub's creditors shall have any right to enforce this letter agreement or to cause Parent or Merger Sub to enforce this letter agreement. Notwithstanding the foregoing, (i) the Company shall be, and is intended to be, a third-party beneficiary of this Section 3 and Sections 4, 5 and 10 hereof and (ii) Merger Sub and the Company shall have an explicit right to enforce this letter agreement and the Closing Commitment of Investor (which right of enforcement may be sought directly against Investor). The Investor agrees to pay on demand in cash all reasonable and documented out-of-pocket expenses (including reasonable fees and expenses of counsel) incurred by the Company, Merger Sub or their respective Affiliates in connection with the Company's or Merger Sub's enforcement of this letter agreement if the Investor fails or refuses to make any payment hereunder when such payment is due (such expenses, the "<u>Enforcement Expenses</u>"). Merger Sub and the Investor acknowledge and agree that the Company and Merger Sub shall not be required to provide any bond or other security to specifically enforce the terms and provisions of this letter agreement and Investor will not oppose the granting of an injunction, specific performance or other equitable relief in connection with the exercise of the Company's third-party beneficiary rights or Merger Sub's rights set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>No Modification; Entire Agreement</u>. This letter agreement may not be amended, restated, supplemented or otherwise modified without the prior written consent of Merger Sub, the Company and the Investor. Together with the other agreements being entered into in connection with the Transaction, this letter agreement constitutes the entire agreement with respect to the subject matter hereof, and supersedes all prior agreements, understandings and statements, written or oral, between Investor or any of their Affiliates, on the one hand, and Merger Sub or any of its Affiliates, on the other, with respect to the transactions contemplated hereby. Each party hereto acknowledges that, in entering into this letter agreement, it is not relying on, and shall have no remedies in respect of, any representation, warranty or undertaking (whether made innocently or negligently) not expressly set out in this letter agreement. So far as is permitted by law and except in the case of actual fraud, each party agrees and acknowledges that its only right and remedy in relation to any representation, warranty or undertaking made or given in this letter agreement shall be for specific performance of the terms of this letter agreement and each of the parties waives all other rights and remedies (including those in tort or arising under statute) in relation to any such representation, warranty or undertaking. Except as expressly permitted in <u>Section 1</u> and <u>Section 5</u> hereof, no transfer of any rights or obligations hereunder shall be permitted without the consent of Merger Sub, the Company and Investor. Any transfer in violation of the preceding sentence shall be null and void *ab initio*. Notwithstanding anything to the contrary herein, the parties hereby agree and acknowledge that none of the foregoing agreements and acknowledgements set forth in this <u>Section 4</u> shall limit the rights and remedies available to the Company or Merger Sub with respect to Investor under <u>Section 3</u> hereof or any other agreements being entered into in connection with the Transaction.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Assignment</u>. Except as provided in <u>Section 1</u>, this letter agreement may not be assigned by any party hereto, in whole or in part, without the prior written consent of Investor, the Company and Merger Sub, except that such prior written consent shall not be unreasonably withheld, conditioned or delayed if Investor assigns all or a portion of its obligations to fund its Closing Commitment to one or more of its Affiliated investment funds or vehicles; provided, however, that (i) no such assignment to an Affiliated investment fund or vehicle shall (a) relieve Investor from any of its obligations hereunder or (b) alter, reduce or enlarge any obligation of any other party to this letter agreement; (ii) such assignment or delegation to an Affiliated investment fund or vehicle would not reasonably be expected to prevent, impair, delay or materially impede the consummation of the Closing; (iii) such Affiliated investment fund or vehicle executes and delivers to Merger Sub an equity commitment letter consistent with this letter agreement; (iv) at the time of such assignment or delegation, such Affiliated investment fund or vehicle has undrawn capital commitments that may be called, cash or other sources of immediately available funds that together comprise an amount not less than the Closing Commitment; (v) such assignment or delegation to an Affiliated investment fund or vehicle could not be reasonably expected to result in any additional consent or approval being required under applicable law; and (vi) the Investor provides at least 2 Business Days' notice to Merger Sub and the Company of such assignment or delegation to an Affiliated investment fund or vehicle. Any purported assignment in violation of the foregoing shall be null and void *ab initio*. Investor acknowledges that the Company, Parent and Merger Sub have entered into the Merger Agreement in reliance upon, among other things, Investor's Closing Commitment set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp; <u>Governing Law; Submission to Jurisdiction</u>. THIS LETTER AGREEMENT AND ANY CLAIM OR CONTROVERSY HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE WITHOUT GIVING EFFECT TO ANY PRINCIPLES OF CONFLICT OF LAWS OF ANY JURISDICTION THAT WOULD APPLY THE LAWS OF A JURISDICTION OTHER THAN DELAWARE. EACH OF THE PARTIES HERETO (I) IRREVOCABLY AGREES THAT ALL ACTIONS (WHETHER IN CONTRACT OR TORT, AT LAW OR IN EQUITY OR OTHERWISE) THAT MAY BE BASED UPON, ARISE OUT OF OR RELATE TO THIS LETTER AGREEMENT, OR THE NEGOTIATION, EXECUTION OR PERFORMANCE OF THIS LETTER AGREEMENT SHALL BE EXCLUSIVELY RESOLVED IN A, AND EACH OF THE PARTIES HERETO, IN CONNECTION WITH ANY SUCH ACTION, SUBMITS TO THE JURISDICTION OF ANY, FEDERAL OR STATE COURT SITTING IN THE CITY OF WILMINGTON IN THE STATE OF DELAWARE AND (II) WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF, AND THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF, ANY SUCH ACTION, SUIT OR PROCEEDING IN ANY SUCH COURT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Waiver of Jury Trial</u>. EACH PARTY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS LETTER AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY (A) CERTIFIES THAT 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 AND (B) ACKNOWLEDGES AND AGREES THAT IT AND THE OTHER PARTIES HAVE BEEN INDUCED TO ENTER INTO THIS LETTER AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <u>SECTION 7</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Counterparts</u>. This letter agreement may be signed in any number of counterparts (including by electronic mail with attachment in pdf format or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document (including DocuSign)), with the same effect as if the signatures to each counterpart were upon a single instrument, and all such counterparts together shall be deemed an original of this letter agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>No Third-Party Beneficiaries</u>. Except as expressly set forth in <u>Section 3</u>, the parties hereto hereby agree that their respective representations, warranties and covenants set forth herein are solely for the benefit of the other parties hereto and their successors and permitted assigns, in accordance with and subject to the terms of this letter agreement, and this letter agreement is not intended to, and does not, confer upon any Person other than the parties hereto and their respective successors and permitted assigns any rights or remedies hereunder or any rights to enforce the Closing Commitment of Investor or any provision of this letter agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp; <u>Confidentiality</u>. The existence and content of this letter agreement shall be treated as confidential and is being provided to Merger Sub solely in connection with the transactions contemplated by the Merger Agreement. The existence and content of this letter agreement may not be used, circulated, quoted or otherwise referred to in any document, except with the prior written consent of Investor and Merger Sub; <u>provided</u>, <u>however</u>, that no such written consent shall be required (and the Investor and its Affiliates shall be free to release such information) for disclosures to the Investor's and its Affiliates' respective partners, members, directors, officers, employees, agents, legal, financial, accounting or other advisors, potential debt and equity financing sources, co-investors, related investment funds, consultants and other representatives, to the extent such Persons need to know such information in connection with the Transactions and so long as such Persons agree to keep such information confidential on terms substantially identical to the terms contained in this <u>Section 10</u>; and <u>provided</u>, <u>further</u>, that Investor, Parent and Merger Sub may disclose this letter agreement to the extent required by law; and <u>provided</u>, <u>further</u>, that the Company and Parent may disclose the letter agreement to its respective Affiliates, officers, directors, employees, advisors, representatives, auditors and financing sources, as applicable, so long as such Persons agree to keep such information confidential on terms substantially identical to the terms contained in this <u>Section 10</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination</u>. This letter agreement and the obligation of Investor to fund the Closing Commitment will terminate automatically and immediately upon the earliest to occur of (a) the consummation of the Closing; (b) the termination of the Merger Agreement (<u>provided</u> that, for the avoidance of doubt, any purported termination of the Merger Agreement that is not a valid termination shall not give rise to a termination of this letter agreement pursuant to this <u>Section 11</u>), in accordance with its terms, unless prior to such termination of the Merger Agreement, Merger Sub shall have commenced an action seeking specific enforcement of the obligations of Investor to fund the Closing Commitment hereunder, in which case the Closing Commitment shall terminate upon the final, non-appealable resolution of such action and satisfaction by Investor of any obligation finally determined or agreed to be owed by Investor, subject to the terms hereof and of the Merger Agreement; (c) the commencement by Merger Sub of any lawsuit or other legal proceeding asserting any claim (whether in equity, tort, contract or otherwise) against any Investor or any of the Investor Parties (as defined below) under, in respect of, or relating to, the Merger Agreement, or this letter agreement or the transactions contemplated hereby or thereby (including in respect of any oral representations made or alleged to be made in connection therewith), other than an action seeking specific enforcement of the obligations of Parent to consummate the Closing in accordance with the Merger Agreement or Investor to fund the Closing Commitment hereunder; and (d) Investor contributing to Merger Sub cash in an aggregate amount equal to the Closing Commitment.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp; <u>No Recourse</u>. Notwithstanding anything that may be expressed or implied in this letter agreement, or any document or instrument delivered in connection herewith, by its acceptance of the benefits of this letter agreement, Merger Sub covenants, agrees and acknowledges on behalf of itself, its Affiliates, and any Person claiming by, through or on behalf of any of them, that no Person other than Investor (and any assignee permitted in accordance with <u>Section 1</u> or <u>Section 5</u> hereof) has any obligation hereunder or, except for Merger Sub, in connection with the transactions contemplated hereby, and that, notwithstanding that Investor (or any assignee permitted in accordance with <u>Section 1</u> or <u>Section 5</u> hereof) may be a partnership or other entity, no Person, including Merger Sub, has any right of recovery under this letter agreement against, and no recourse under this letter agreement or under any document or instrument delivered in connection herewith or in respect of any oral representations made or alleged to be made in connection herewith or therewith shall be had against, any former, current or future equity holders, controlling Persons, directors, officers, employees, Affiliates (other than Investor or any assignee permitted in accordance with <u>Section 1</u> or <u>Section 5</u> hereof), members, managers, general or limited partners or representatives of Investor or any former, current or future equity holder, controlling Person, director, officer, employee, Affiliate (other than Investor or any assignee permitted in accordance with <u>Section 1</u> or <u>Section 5</u> hereof), member, manager, general or limited partner or representative of any of the foregoing (collectively, but for the avoidance of doubt, not including Investor or any assignee permitted in accordance with <u>Section 1</u> or <u>Section 5</u> hereof, the "<u>Investor Parties</u>"), whether by the enforcement of any judgment, fine or penalty, or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable law, or otherwise except for (i) Merger Sub's right to enforce any of the terms of this letter agreement against Investor or any assignee permitted in accordance with Section 5 hereof and (ii) the Company's right to enforce this letter agreement against the parties hereto as a third-party beneficiary solely as and to the extent specified in, and on the terms and subject to the conditions of, this letter agreement (the claims referred to in the foregoing clauses (i) and (ii), including the claims for specific performance thereunder, the "<u>Retained Claims</u>"); it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on, or otherwise be incurred by Investor, as such, for any obligation of Investor under this letter agreement 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 in tort, contract or otherwise) based on, in respect of, or by reason of, such obligations or their creation; <u>provided</u>, <u>however</u>, that in the event Investor (a) consolidates with or merges with any other Person and is not the continuing or surviving entity of such consolidation or merger or (b) transfers or conveys all or a substantial portion of its properties and other assets to any Person such that the sum of Investor's remaining net assets plus uncalled capital is less than Investor's Closing Commitment, plus any Enforcement Expenses, hereunder, then Merger Sub may seek recourse, whether by the enforcement of any judgment or assessment or by any legal or equitable proceeding or by virtue of any statute, regulation or other applicable law, against such continuing or surviving entity or such transferee Person, as the case may be, but only to the extent of the obligations of Investor hereunder and subject to the limitations herein.

Merger Sub further agrees that neither it nor any of its Affiliates shall have any right of recovery against Investor or any Investor Party, whether by piercing of the corporate veil, by a claim on behalf of Merger Sub against any Investor or any Investor Party, or otherwise, except for the (A) Retained Claims, (B) funding of the Closing Commitment, and/or (C) payment of the Enforcement Expenses, in each case under and to the extent provided in this letter agreement, on the terms and subject to the conditions hereof. Merger Sub hereby covenants and agrees that it shall not institute, and shall cause its Affiliates not to institute, any proceeding or bring any other claim (whether 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 any Investor or any Investor Party except for claims solely against Investor under this letter agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Representations and Warranties</u>. Investor hereby represents, warrants and covenants, to Merger Sub as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Investor is duly formed, validly existing and in good standing under the laws of the jurisdiction of its formation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.&nbsp;&nbsp;&nbsp;&nbsp; To the extent (if any) that its governing documents limit the amount it may commit to any one investment, the Investor's Closing Commitment hereunder plus any Enforcement Expenses is (and will continue to be until the satisfaction of its obligations hereunder or termination of this letter agreement in accordance with its terms) less than the maximum amount that it is permitted to invest in any one investment pursuant to the terms of its governing documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Investor has the requisite power and authority to enter into and deliver this letter agreement and to perform its obligations under this letter agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This letter agreement has been duly and validly executed and delivered by The Investor and constitutes the lawful, valid and binding agreement of the Investor, enforceable against the Investor, in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Such Investor has, and will maintain through the Closing, available cash necessary to fund, or cause the funding of, the Closing Commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; f.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Investor shall furnish information, as the Company may reasonably request in connection with the preparation and filing with the SEC of the Proxy Statement, the Schedule 13E-3 and any Other Required Company Filing or any Other Required Parent Filing and the Investor shall otherwise fulfill the obligations of the Consortium Members set forth in Section 6.3 of the Merger Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; g.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If any filing or notification may be required under the HSR Act in connection with the Transaction, the Investor shall make such filing or notification as promptly as practicable after the date hereof and the Investor shall otherwise cooperate with the Buyer Parties and the Company with respect to their respective obligations set forth in Section 6.2(a)-(c) of the Merger Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; h.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This letter agreement does not contravene, conflict with or result in any violation of any provision of the Investor's governing documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; i.&nbsp;&nbsp;&nbsp;&nbsp; All consents, approvals, authorizations, permits of, filings with and notifications to, any Governmental Authority necessary for the due execution, delivery and performance of this letter agreement by the Investor 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 letter agreement.

[*Signature Pages Follow*]

------

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **MOMENTUM SOLUTIONS II, LLC** | **MOMENTUM SOLUTIONS II, LLC** |
| By: | /s/ George Popstefanov |

---

Name: George Popstefanov <br> Title: Chief Executive Officer, President & Secretary

[*Signature Page to Equity Commitment Letter*]

------

Agreed to and accepted as of

the date first written above:

---

| | |
|:---|:---|
| **EH MERGERSUB INC.** | **EH MERGERSUB INC.** |
| By: | /s/ Bradford Nugent |
|  | Name: Bradford Nugent |
|  | Title: Authorized Signatory |

---

[*Signature Page to Equity Commitment Letter*]

------

#### Exhibit A

#### Form of Voting Agreement

[\*\*\*]

------

#### Exhibit B

#### Form of Consulting Agreement

[\*\*\*]

------

## Ex-16.(D)(Xi)

#### Exhibit 16(d)(xi)

#### Execution Version

#### VOTING AGREEMENT
dated as of

#### January 29, 2026
of

#### SOHO HOUSE & CO INC.
THE INTERESTS EVIDENCED BY THIS AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR UNDER THE SECURITIES LAWS OF ANY STATE OR FOREIGN JURISDICTION AND MAY NOT BE SOLD OR TRANSFERRED WITHOUT COMPLIANCE WITH APPLICABLE FEDERAL, STATE OR NON-U.S. SECURITIES LAWS. IN ADDITION, TRANSFER OR OTHER DISPOSITION OF THE INTERESTS IS RESTRICTED AS PROVIDED IN THIS AGREEMENT.

------

#### **TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **<u>Page</u>** |
| **ARTICLE 1** Definitions; Interpretive Principles | **ARTICLE 1** Definitions; Interpretive Principles | 1 |
| Section 1.01 | Definitions | 1 |
| Section 1.02 | General Interpretive Principles | 13 |
| **ARTICLE 2** Implementation | **ARTICLE 2** Implementation | 14 |
| Section 2.01 | Certificate of Incorporation | 14 |
| Section 2.02 | Exercise of Shareholder Rights | 14 |
| **ARTICLE 3** Capital Structure and Organization | **ARTICLE 3** Capital Structure and Organization | 14 |
| Section 3.01 | Capital Structure | 14 |
| Section 3.02 | Initial Shareholdings | 14 |
| Section 3.03 | Additional Capital Contributions | 15 |
| Section 3.04 | Conversions and Transfers of Class B Common Stock | 15 |
| **ARTICLE 4** Certain Rights and Obligations of Shareholders | **ARTICLE 4** Certain Rights and Obligations of Shareholders | 16 |
| Section 4.01 | Withholding | 16 |
| Section 4.02 | Voting | 16 |
| Section 4.03 | Preemptive Rights | 17 |
| **ARTICLE 5** Board and Officers | **ARTICLE 5** Board and Officers | 20 |
| Section 5.01 | Board Composition | 20 |
| Section 5.02 | Resignations, Removals and Vacancies | 21 |
| Section 5.03 | Replacement of the MCR Director, the Momentum Director or the Apollo Director | 22 |
| Section 5.04 | Replacement of the Yucaipa Directors | 23 |
| Section 5.05 | Appointment of Designated Directors | 23 |
| Section 5.06 | [Reserved] | 23 |
| Section 5.07 | Replacement of the RC Director | 23 |
| Section 5.08 | Changes in Classification of Directors | 23 |
| Section 5.09 | Decision-making of the Board | 24 |
| Section 5.10 | Notice | 25 |
| Section 5.11 | Quorum | 25 |
| Section 5.12 | Board Observers | 25 |
| Section 5.13 | Action Without a Meeting | 25 |
| Section 5.14 | Committees of the Board | 25 |
| Section 5.15 | Board Powers | 26 |
| Section 5.16 | Yucaipa Consent Matters | 28 |
| Section 5.17 | Other Shareholder Consent Matters | 29 |
| Section 5.18 | Disinterested and Independent Director Consent | 30 |

---

i

------

---

| | | |
|:---|:---|:---|
| Section 5.19 | Officers; Designation and Election of Officers; Duties | 30 |
| Section 5.20 | Removal of Officers; Vacancies | 30 |
| Section 5.21 | [Reserved] | 30 |
| Section 5.22 | Reliance by Third Parties | 30 |
| **ARTICLE 6** Indemnification and Exculpation | **ARTICLE 6** Indemnification and Exculpation | 31 |
| Section 6.01 | Indemnity | 31 |
| Section 6.02 | Exculpation | 33 |
| Section 6.03 | Waiver of Corporate Opportunity | 33 |
| Section 6.04 | D&O Insurance | 33 |
| Section 6.05 | Entry Into Force | 34 |
| Section 6.06 | Transaction Documents | 34 |
| **ARTICLE 7** Accounting, Tax, Fiscal and Legal Matters | **ARTICLE 7** Accounting, Tax, Fiscal and Legal Matters | 34 |
| Section 7.01 | Fiscal Year | 34 |
| Section 7.02 | Books of Account and Other Information | 34 |
| Section 7.03 | Auditors | 34 |
| Section 7.04 | Certain Tax Matters | 34 |
| **ARTICLE 8** Dividends and Distributions | **ARTICLE 8** Dividends and Distributions | 35 |
| Section 8.01 | Dividends | 35 |
| Section 8.02 | Dividends and Distributions in Cash, Stock or in Kind | 36 |
| Section 8.03 | Limitations on Dividends and Distributions | 36 |
| **ARTICLE 9** Transfer Restrictions and Additional Shareholders | **ARTICLE 9** Transfer Restrictions and Additional Shareholders | 36 |
| Section 9.01 | Restrictions on Transfers | 36 |
| Section 9.02 | Permitted Transfers | 37 |
| Section 9.03 | Additional Shareholders | 38 |
| Section 9.04 | Right of First Offer | 38 |
| Section 9.05 | Termination of Shareholder Status | 42 |
| Section 9.06 | Void Transfers | 42 |
| Section 9.07 | [Reserved] | 42 |
| Section 9.08 | Tag-Along Right | 43 |
| Section 9.09 | Drag-Along Right | 44 |
| Section 9.10 | Additional Conditions to Tag-Along Sales and Drag-Along Sales | 46 |
| Section 9.11 | Public Offering Rights | 47 |
| Section 9.12 | Registration Rights | 49 |
| **ARTICLE 10** Covenants | **ARTICLE 10** Covenants | 49 |
| Section 10.01 | Approved Budget | 49 |
| Section 10.02 | Confidentiality | 49 |
| Section 10.03 | Non-Disparagement | 50 |

---

ii

------

---

| | | |
|:---|:---|:---|
| **ARTICLE 11** Reporting | **ARTICLE 11** Reporting | 50 |
| Section 11.01 | Financial Information | 50 |
| Section 11.02 | Liability | 51 |
| **ARTICLE 12** Miscellaneous | **ARTICLE 12** Miscellaneous | 51 |
| Section 12.01 | [Reserved] | 51 |
| Section 12.02 | [Reserved] | 51 |
| Section 12.03 | Further Assurances | 51 |
| Section 12.04 | Expenses | 51 |
| Section 12.05 | Amendment or Modification | 51 |
| Section 12.06 | Waiver; Cumulative Remedies | 51 |
| Section 12.07 | Entire Agreement | 52 |
| Section 12.08 | Third Party Beneficiaries | 52 |
| Section 12.09 | Non-Assignability; Binding Effect | 52 |
| Section 12.10 | Severability | 52 |
| Section 12.11 | Injunctive Relief | 52 |
| Section 12.12 | Governing Law | 52 |
| Section 12.13 | Dispute Resolution. | 53 |
| Section 12.14 | JURISDICTION AND VENUE; WAIVER OF JURY TRIAL | 55 |
| Section 12.15 | Notices | 56 |
| Section 12.16 | Counterparts | 57 |

---

#### EXHIBITS

---

| | |
|:---|:---|
| EXHIBIT A | Shareholder Information |
| EXHIBIT B-1 | Initial Directors |
| EXHIBIT B-2 | Initial Non-Voting Representatives |
| EXHIBIT C | Pre-Approved Affiliate Transactions |

---

iii

------

#### VOTING AGREEMENT
This VOTING AGREEMENT in respect of Soho House & Co Inc., a Delaware corporation (the "<u>Company</u>"), is made as of January 29, 2026 (the "<u>Effective Date</u>"), by and among the shareholders of the Company listed on <u>Exhibit A</u> attached hereto, as such schedule may be updated from time to time in accordance with the terms of this Agreement (collectively the "<u>Shareholders</u>", and each, a "<u>Shareholder</u>") (the Company and each of the Shareholders individually a "<u>Party</u>" and together the "<u>Parties</u>").

#### RECITALS
WHEREAS, pursuant to that certain Agreement and Plan of Merger, dated as of August 15, 2025 (as amended from time to time, the "<u>Merger Agreement</u>") by and among EH Parent LLC, a Delaware limited liability company ("<u>Parent</u>"), EH MergerSub Inc., a Delaware corporation ("<u>Merger Sub</u>"), and wholly owned subsidiary of Parent, and the Company, Merger Sub merged with and into the Company, with the Company surviving such merger as the surviving company upon the terms and subject to the conditions set forth therein (the "<u>Merger</u>");

WHEREAS, immediately prior to the signing of this Agreement and after giving effect to the transactions contemplated by the Merger Agreement, and as of the Effective Date, each of the Shareholders owns the number and class of shares set forth opposite such Shareholder's name on <u>Exhibit A</u> hereto as of the date hereof; and

WHEREAS, the Parties wish to enter into this Agreement to set forth their respective rights and obligations in respect of their investment in the Company and the governance of the Company and its Subsidiaries.

NOW, THEREFORE, in consideration of the agreements and obligations set forth herein and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged and agreed, the Parties hereto hereby agree as follows:

#### ARTICLE 1
Definitions; Interpretive Principles

Section 1.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Definitions*. In this Agreement, except where the context otherwise requires:

"<u>Affiliate</u>" means, with respect to any Person, any other Person, directly or indirectly, controls, is controlled by, or is under common control with such other Person; *provided*, that, an Affiliate of any Person shall also include (a) in the case of a partnership, any general partner of such partnership, (b) in the case of a trust, any trustee or beneficiary of such trust, (c) any spouse, parent, child or lineal descendant of any individual described in clause (b) above, (d) in the case of an individual, any spouse, parent, child or lineal descendant of such individual, and (e) any trust, partnership or limited liability company, under which the distributions may be made only to or for the benefit of such Person and/or any spouse, parent, child or lineal descendant of such Person. For purposes of this Agreement, no Shareholder shall be deemed to be an "Affiliate" of any member of the Company Group or any other Shareholder.

------

"<u>Affiliate Transaction</u>" means any transaction with any Shareholder or an Affiliate of any Shareholder, except that none of the following shall be deemed or treated as an Affiliate Transaction: (a) administrative amendments to any such agreement, understanding or transaction that was in effect as of the date hereof, (b) indemnification, advancement of expenses and/or exculpation of liability made pursuant to this Agreement or any governing agreement or other organizational document of the Company or Subsidiary of the Company, (c) reimbursement of reasonable expenses incurred in connection with the business of the Company and the Company Subsidiaries by officers, Directors and employees in their respective capacities as such, (d) the employment arrangements with officers, directors or other persons performing services for the Company or any Company Subsidiary reflecting arm's-length terms for such services and approved by the Board, (e) any transactions entered into on terms that are no less favorable in the aggregate to the Company (or the relevant Subsidiary thereof party thereto) than reasonably would be obtainable from an unaffiliated third party (it being agreed that any pricing or other terms required by Applicable Law shall be deemed to constitute an arm's-length term for purposes of this <u>clause</u> <u>(e)</u>), (f) any transactions made in the ordinary course of business between the Company or its Subsidiaries, on the one hand, and portfolio companies of any Shareholder or its Affiliates, on the other hand, in each case upon arm's-length terms, (g) any transaction in which a Shareholder or any of its Affiliates receives goods or services from the Company or any of its Subsidiaries in the ordinary course of business, (h) any transaction in which the amount involved does not exceed $120,000, (i) any transaction that involves the provision of any accommodation services (including any architectural design, food or beverage) that are provided on substantially the same terms as those prevailing at the time for comparable services provided to non-Affiliates, (j) any transaction that involves any lease, hotel management agreement or purchase arrangements in connection with the development projects that as of the Effective Date have been approved in accordance with the Company's Related-Person Transactions Policy in place as of the Effective Date, including any renewals, extensions or modifications of such leases, agreements or purchase arrangements that are not materially different in scope and terms as those in place for such developments as at the Effective Date, (k) any transactions contemplated by, or with respect to which rights are expressly provided under, this Agreement (including issuances of equity), (l) any transaction authorized or approved by the Board in compliance with <u>Section 5.18</u>, and (m) for the avoidance of doubt, any agreement, understanding or transaction between or among majority-owned Subsidiaries.

"<u>Agreement</u>" means this Voting Agreement, as the same may be amended from time to time in accordance with the terms hereof.

"<u>Applicable Law</u>" means, with respect to any Person, any transnational, domestic or foreign federal, state, provincial or local law (statutory, common or otherwise), constitution, treaty, convention, ordinance, code, rule, regulation, order, injunction, judgment, decree, ruling or other similar requirement enacted, adopted, promulgated or applied by a Governmental Authority that is binding upon or applicable to such Person, as amended unless expressly specified otherwise.

------

"<u>Apollo Investor</u>" means Apollo Debt Solutions BDC, Apollo Credit Master Fund Ltd., Apollo Offshore Credit Master Fund (Unlevered) LP, AAA Multi-Asset Credit Strategies Fund (Z), L.P., Athora Accord Side Car, a Compartment of Athora Lux Invest NL, Fox Hedge Intermediate A Limited, Apollo Accord+ II Aggregator C, L.P., Apollo Oasis Partners, L.P., Apollo Credit Strategies Absolute Return Aggregator C, L.P., Apollo Centre Street Partnership, L.P., Apollo Lincoln Fixed Income Fund, L.P., Apollo Moultrie Credit Fund, L.P., Apollo Calliope Fund, L.P., Apollo TPSF Violet Crown Partnership, L.P – ADOS, Apollo Excelsior, L.P., Apollo Libra Credit Opportunities Fund, L.P, Apollo Union Street Partners, L.P., Apollo H-3 Credit Fund I, L.P., Apollo RWNIH-HSMA LP, Apollo Hostplus Credit II Holdings II, L.P., Apollo Golden Falcon Co-Invest Fund, L.P., Apollo Delphi Fund, L.P., Apollo Credit Strategies Master Fund Ltd., Apollo PPF Credit Strategies, LLC and Apollo Atlas Master Fund, LLC.

"<u>Apollo Observer</u>" has the meaning ascribed to it in Section 5.12.

"<u>Apollo Director</u>" has the meaning ascribed to it in <u>Section 5.01(a)(iii)</u>.

"<u>Approved Budget</u>" has the meaning ascribed to it in <u>Section 10.01</u>.

"<u>Board</u>" means the board of directors of the Company.

"<u>Bruce Group</u>" means Classact, LLC.

"<u>Budget</u>" has the meaning ascribed to it in <u>Section 10.01</u>.

"<u>Business Day</u>" means any day other than Saturday, Sunday or a day on which banking institutions in New York, New York or London, England are authorized or obligated by law or executive order to close.

"<u>Bylaws</u>" means the Bylaws of the Company, as may be amended, supplemented or restated from time to time.

"<u>Caring</u>" means Richard Caring.

"<u>Certificate of Incorporation</u>" means the Certificate of Incorporation of the Company, as may be amended, supplemented or restated from time to time.

"<u>Chairman</u>" has the meaning ascribed to it in <u>Section 5.19</u>.

"<u>Change of Control</u>" means (a) any merger, consolidation, recapitalization or reorganization of the Company with any other Person (other than a Shareholder or one of its Affiliates) that results in the Shareholders as of immediately prior to the consummation of such transaction ceasing to own, directly or indirectly, of at least a majority of the voting power of the issued and outstanding Shares of the Company (or its successor) as of immediately following the consummation of such transaction, (b) a sale, lease, transfer, exclusive license or other disposition of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to any Person or group of Persons (other than a Shareholder or one of its Affiliates) or (c) any other transaction or series of related transactions which results in any Person or group of Persons (other than a Shareholder or one of its Affiliates) obtaining ownership of more than fifty percent (50%) of the voting power of the Company.

------

"<u>Class A Common Stock</u>" has the meaning ascribed to it in <u>Section 3.01</u>.

"<u>Class B Common Stock</u>" has the meaning ascribed to it in <u>Section 3.01</u>.

"<u>Code</u>" means the United States Internal Revenue Code of 1986.

"<u>Company</u>" has the meaning ascribed to it in the Preamble.

"<u>Company Auditors</u>" means the independent statutory auditors of the Company, as may be engaged by the Company from time to time.

"<u>Company Group</u>" means the Company, each Subsidiary of the Company and each other Person that is controlled, directly or indirectly, by the Company.

"<u>Company Securities</u>" means any Securities of the Company.

"<u>Confidential Information</u>" means any information concerning the Company or any Persons that are or become its Subsidiaries or the financial condition, business, operations or prospects of the Company or any such Subsidiaries in the possession of or furnished to any Shareholder (including by virtue of its present or former right to designate a Director); *provided*, that the term "Confidential Information" does not include information that (a) is or becomes generally available to the public other than as a result of a disclosure by a Shareholder or its directors, officers, employees, stockholders, members, partners, agents, counsel, investment advisers, financing sources or other representatives (all such persons being collectively referred to as "<u>Representatives</u>") in violation of this Agreement, any other agreement, any fiduciary duty or any Applicable Law, (b) was available to such Shareholder on a non-confidential basis prior to its disclosure to such Shareholder by the Company, or (c) is independently developed by such Shareholder without reference to, or use of, any Confidential Information and without violating any confidentiality agreement with, or other obligation of secrecy to, the Company.

"<u>Consolidated Adjusted EBITDA</u>" means, for any Measurement Period, the net income (or loss) of the Company and its Subsidiaries *plus* (i) depreciation and amortization, (ii) interest expense, (iii) income tax expense, (iv) gain (or loss) on sale of property and other, (v) share of income (or loss) from equity method investments adjusted EBITDA, (vi) foreign exchange, (vii) share of equity method investments, (viii) adjusted share-based compensation expense, (ix) operational reorganization, settlement and severance expense, (x) out of period operating lease liability adjustment, (xi) brand license inventory provision, and (xii) impairment relating to long-lived and intangible assets and goodwill (as calculated in a manner consistent with the Company's past practice and for purposes of its earnings releases, in each case, prior to the date of this Agreement).

------

"<u>Consolidated Adjusted EBITDA Threshold</u>" shall mean the Consolidated Adjusted EBITDA of the Company being equal to or greater than $325,000,000 in any Measurement Period ended on, or prior to, the Trigger Date (*provided, however*, for purposes of <u>Section 9.09(a)(i)(y)</u>, the Measurement Period may end on, prior to, or following the Trigger Date).

"<u>control</u>" means the power to direct the management and policies of a Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, and the terms "<u>controlling</u>" and "<u>controlled</u>" have correlative meanings.

"<u>Corporate Opportunity</u>" has the meaning ascribed to it in <u>Section 6.03</u>.

"<u>Delaware Court</u>" has the meaning ascribed to it in <u>Section 12.14(a)</u>.

"<u>Designated Director(s)</u>" has the meaning ascribed to it in <u>Section 5.01(a)(iv)</u>.

"<u>Director</u>" has the meaning ascribed to it in <u>Section 5.01(a)</u>.

"<u>Director Transfer Date</u>" means either (i) the third (3rd) anniversary of the Effective Date (if the Consolidated Adjusted EBITDA Threshold was not met on or before that date), unless Yucaipa, the MCR Investor and the Apollo Investor agree otherwise (and for which the consent of the Company or any other Shareholder is not required) or (ii) the fourth (4th) anniversary of the Effective Date (if the Consolidated Adjusted EBITDA Threshold was met on or before the third (3rd) anniversary of the Effective Date).

"<u>Dispute</u>" has the meaning ascribed to it in <u>Section 12.13(a)</u>.

"<u>DA ROFO Election Period</u>" has the meaning ascribed to it in <u>Section 9.04(c)</u>.

"<u>DA ROFO Offer</u>" has the meaning ascribed to it in <u>Section 9.04(c)</u>.

"<u>DA ROFO Offering Shareholder</u>" has the meaning ascribed to it in <u>Section 9.04(c)</u>.

"<u>DA ROFO Offer Price</u>" has the meaning ascribed to it in <u>Section 9.04(c)</u>.

"<u>DA ROFO Sale Notice</u>" has the meaning ascribed to it in <u>Section 9.04(c)</u>.

"<u>DA ROFO Shares</u>" has the meaning ascribed to it in <u>Section 9.04(c)</u>.

"<u>Drag-Along Right</u>" has the meaning ascribed to it in <u>Section 9.09(a)</u>.

"<u>Drag-Along Sale</u>" has the meaning ascribed to it in <u>Section 9.09(a)</u>.

"<u>Drag-Along Sale Notice</u>" has the meaning ascribed to it in <u>Section 9.09(b)</u>.

"<u>Drag-Along Seller</u>" has the meaning ascribed to it in <u>Section 9.09(a)</u>.

"<u>Effective Date</u>" has the meaning ascribed to it in the Preamble.

------

"<u>Encumbrance</u>" means any charge, claim, community or other marital property interest, right of first option, right of first offer or refusal, mortgage, pledge, lien, retention of title, usufruct, attachment, easement or other encumbrance or any agreement to create any of the foregoing.

"<u>Encumber</u>" shall have a correlative meaning.

"<u>Equity Securities</u>" means, with respect to any Person, (a) any capital stock, partnership interests, limited liability company interests, units or any other type of equity interest, or other indicia of equity ownership (including profits interests), including, in the case of the Company, Shares (collectively, "<u>Interests</u>"), (b) any security convertible into or exercisable or exchangeable for, with or without consideration, any Interests (including any option to purchase such convertible security) or (c) any security carrying any warrant or right to subscribe to or purchase any security described in <u>clause</u> <u>(a)</u> or <u>(b)</u>.

"<u>Estate Planning Vehicle</u>" of any Person, means any vehicle formed primarily for the benefit of such Person or any of such Person's Family Members (including any trust, foundation or other entity established for estate, wealth, family or charitable purposes by or on behalf of such Person and/or one or more of such Person's Family Members).

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934 and the rules and regulations promulgated thereunder.

"<u>Existing Stockholders' Agreement</u>" means&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Stockholders' Agreement, dated as of July 19, 2021, among Yucaipa American Alliance Fund II, L.P., Yucaipa American Alliance (Parallel) Fund II, L.P. Richard Caring, Nick Jones and the Company (formerly known as Membership Collective Group Inc.).

"<u>Family Members</u>" of any natural Person shall mean the (i) spouses, and/or civil partners of such Person; *provided*, that, any Person who becomes divorced or whose civil partnership is dissolved shall, on the grant of the decree absolute or final dissolution order in respect of that divorce or dissolution, cease to be a Family Member of their former spouse or civil partner, (ii) parents or siblings of such Person, (iii) child, adopted child or stepchild (including a child of the civil partner) of such Person, or any descendant of such child, adopted child or step child, or (iv) an entity in relation to which an individual or their Family Member controls more than one-half of the voting power thereof.

"<u>Fiscal Year</u>" has the meaning ascribed to it in <u>Section 7.01</u>.

"<u>Force Majeure Event</u>" means the occurrence of strikes, riots, wars, acts of terrorism, natural disasters, pandemics, epidemics, acts of God or other similar events beyond the control of the Company (each, a "<u>Force Majeure Event</u>").

"<u>GAAP</u>" means generally accepted accounting principles in the United States.

"<u>Governmental Approval</u>" means any authorization, consent, waiver, order and approval of any Governmental Authority, including any applicable waiting periods associated therewith.

------

"<u>Governmental Authority</u>" means any transnational, domestic or foreign federal, state, provincial, territorial or local governmental, regulatory or administrative authority, department, court, agency or official, including any political subdivision thereof or arbitral tribunal (public or private).

"<u>Hearing</u>" has the meaning ascribed to it in <u>Section 12.13(g)</u>.

"<u>HoldCo Notes Facility</u>" means the senior unsecured notes facility in an aggregate amount of up to $220,000,000 between, among others, Soho House Holdings Limited and certain financial institutions as noteholders.

"<u>Indemnification Sources</u>" has the meaning ascribed to it in <u>Section 6.01(c)</u>.

"<u>Indemnified Liabilities</u>" has the meaning ascribed to it in <u>Section 6.01(a)</u>.

"<u>Indemnitee-Related Entity</u>" means any exempted company, corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise (other than the Company, its Subsidiaries or the insurer under and pursuant to an insurance policy of the Company or any of its Subsidiaries) from whom an Indemnitee may be entitled to indemnification or advancement of expenses with respect to which, in whole or in part, the Company or any of its Subsidiaries may also have an indemnification or advancement obligation.

"<u>Indemnitees</u>" has the meaning ascribed to it in <u>Section 6.01(a)</u>.

"<u>Initial Chairman</u>" shall mean Ronald Burkle.

"<u>Initial Class B Common Stock Holder</u>" shall mean the Persons who hold Class B Common Stock of the Company as of the Effective Date.

"<u>Interests</u>" has the meaning ascribed to such term in the definition of "Equity Securities."

"<u>IPO</u>" means the first public offering, following the Effective Date, of common Company Securities, or of Equity Securities of another entity that, directly or indirectly, controls the Company or of any legal entity in which the Company is converted in order to effect the first public offering, that results in such common Company Securities, or the Equity Securities of such entity, being listed (and, if applicable, registered under the Exchange Act or European equivalent, if applicable) and publicly traded on a securities exchange or automated quotation system.

"<u>Issuance Notice</u>" has the meaning ascribed to it in <u>Section 4.03(a)</u>*.*

"<u>JAMS</u>" has the meaning ascribed to it in <u>Section 12.13(b)</u>.

"<u>Joinder</u>" has the meaning ascribed to it in <u>Section 9.03(a)</u>.

------

"<u>Jointly Indemnifiable Claim</u>" shall be broadly construed and shall include, without limitation, any Indemnified Liabilities for which the Indemnitee shall be entitled to indemnification from both (a) the Company and/or any of its Subsidiaries pursuant to the Indemnification Sources, on the one hand, and (b) any Indemnitee-Related Entity pursuant to any other agreement between such Indemnitee-Related Entity and the Indemnitee pursuant to which the Indemnitee is indemnified, the laws of the jurisdiction of incorporation or organization of such Indemnitee-Related Entity and/or the organizational documents of such Indemnitee-Related Entity, on the other hand.

"<u>MCR Director</u>" has the meaning ascribed to it in <u>Section 5.01(a)(ii)</u>.

"<u>MCR Investor</u>" means M4 Soho House Holdings LP, MCR Soho House Holdings LLC and DR Soho House Holdings LLC.

"<u>MCR Investor Tag-Along Sale</u>" has the meaning ascribed to it in <u>Section 9.08(a)</u>.

"<u>MCR Investor Tag-Along Seller</u>" has the meaning ascribed to it in <u>Section 9.08(a)</u>.

"<u>MCR Parent</u>" means either (i) Tyler Morse or (ii) MCR Hospitality Fund IV GP LLC.

"<u>Measurement Period</u>" means any period of four (4) consecutive fiscal quarters of the Company that commences after the Effective Date.

"<u>Merger</u>" has the meaning ascribed to it in the Recitals.

"<u>Merger Agreement</u>" has the meaning ascribed to it in the Recitals.

"<u>Merger Sub</u>" has the meaning ascribed to it in the Recitals.

"<u>Minority Offering Shareholder</u>" has the meaning ascribed to it in <u>Section 9.04(a)(a)</u>.

"<u>Minority ROFO Election Period</u>" has the meaning ascribed to it in <u>Section 9.04(a)(b)</u>.

"<u>Minority ROFO Holders</u>" has the meaning ascribed to it in <u>Section 9.04(a)(b)</u>.

"<u>Minority ROFO Offer</u>" has the meaning ascribed to it in <u>Section 9.04(a)(b)</u>.

"<u>Minority ROFO Sale Notice</u>" has the meaning ascribed to it in <u>Section 9.04(a)(a)</u>.

"<u>Minority ROFO Shares</u>" has the meaning ascribed to it in <u>Section 9.04(a)(a)</u>.

------

"<u>MOIC</u>" means, as determined by the Board in good faith, as of any date of determination, the total multiple which is earned on the aggregate amount invested by the MCR Investor or the Momentum Investor, as applicable (the "<u>Applicable Investor</u>"), and its Permitted Transferees in the Company and its Affiliates, which is calculated as the ratio of (a) the sum of (i) the aggregate cash consideration and the market value of any freely marketable securities, in each case, to be received by the Applicable Investor and its Permitted Transferees in connection with a proposed Drag-Along Sale, (ii) the aggregate cash consideration and the market value (at the time of the applicable Transfer) of any freely marketable securities, in each case received by the Applicable Investor and its Permitted Transferees in connection with any Transfers of Company Securities prior to the closing of the Drag-Along Sale (excluding, for the avoidance of doubt, any such amounts received in a Transfer to a Permitted Transferee), (iii) the aggregate amount of dividends and distributions received by the Applicable Investor and its Permitted Transferees in respect of Company Securities from and after the Effective Date and prior to the closing of the Drag-Along Sale, to (b) the aggregate amount of cash paid by the Applicable Investor and its Permitted Transferees to purchase shares of Merger Sub or Company Securities (excluding, for the avoidance of doubt, any such amounts paid in a Transfer from a Permitted Transferee) prior to the date of notice of the applicable Drag-Along Sale. For the avoidance of doubt and notwithstanding anything to the contrary herein, no fees or other amounts payable directly or indirectly to the Applicable Investor or an Affiliate of the Applicable Investor pursuant to any contractor, consultant, employment or other similar agreement shall be included for purposes of calculating MOIC.

"<u>Momentum Director</u>" has the meaning ascribed to it in <u>Section 5.01(a)(iii)</u>.

"<u>Momentum Investor</u>" means Momentum Solutions II, LLC.

"<u>Momentum Parent</u>" means either (i) George Popstefanov or (ii) Momentum Holdings Group, LLC.

"<u>Non-Drag-Along Seller</u>" has the meaning ascribed to it in <u>Section 9.09(a)</u>.

"<u>Non-Voting Representatives</u>" has the meaning ascribed to it in <u>Section 5.01(b)</u>.

"<u>Offering Shareholder</u>" means the Minority Offering Shareholder and/or the DA ROFO Offering Shareholder, as applicable.

"<u>Officer</u>" and "<u>Officers</u>" have the meanings ascribed to them in <u>Section 5.19</u>.

"<u>OpCo Notes Facility</u>" means the senior secured notes facility in an aggregate amount of up to $695,000,00 between, among others, Soho House Bond Limited and certain financial institutions as noteholders.

"<u>Parent</u>" has the meaning ascribed to it in the Recitals.

"<u>Party</u>" and "<u>Parties</u>" have the meanings ascribed to them in the Preamble.

"<u>Permitted Apollo Investor Designees</u>" shall mean each of Chris Lahoud and Shankar Jonnagadla.

"<u>Permitted MCR Investor Designees</u>" shall mean each of Tyler Morse and Joseph Delli Santi.

------

"<u>Permitted Momentum Investor Designees</u>" shall mean each of George Popstefanov and Ryan Boomsma.

"<u>Permitted Transferee</u>" means, (a) in the case of any Shareholder that is not an individual or an Estate Planning Vehicle of an individual, any Person that is an Affiliate of such Shareholder, and (b) in the case of any Shareholder that is an individual or an Estate Planning Vehicle of an individual who would otherwise be a Shareholder if one or more of such individual's Estate Planning Vehicles were not a Shareholder, any Estate Planning Vehicle of such individual and any beneficiaries thereof by will or intestacy.

"<u>Person</u>" means an individual, corporation, partnership, limited liability company, association, fund, trust or other entity or organization, including a Governmental Authority.

"<u>Preemptive Rights Exercise Notice</u>" has the meaning ascribed to it in <u>Section 4.03(b)</u>.

"<u>Prime Rate</u>" shall mean the rate of interest published from time to time in *The Wall Street Journal*, Eastern Edition, and designated as the prime rate.

"<u>Qualified IPO</u>" means the first public offering, following the Effective Date, of common Company Securities, or of Equity Securities of another entity that, directly or indirectly, controls the Company or of any legal entity in which the Company is converted in order to effect the first public offering, in each case registered under the Securities Act (other than pursuant to or on Form S-4), that results in such common Company Securities, or the Equity Securities of such entity, being listed on the New York Stock Exchange or NASDAQ Global Select Market, with an underwritten public offering that generates at least $100 million of primary proceeds (net of underwriting discounts or commissions).

"<u>Registration Rights Agreement</u>" has the meaning ascribed to it in <u>Section 9.12</u>.

"<u>Replacement Apollo Director Candidates</u>" has the meaning ascribed to it in <u>Section 5.03(c)</u>.

"<u>Replacement MCR Director Candidates</u>" has the meaning ascribed to it in <u>Section 5.03(a)</u>.

"<u>Replacement Momentum Director Candidates</u>" has the meaning ascribed to it in <u>Section 5.03(b)</u>.

"<u>Replacement RC Director Candidates</u>" has the meaning ascribed to it in <u>Section 5.07(a)</u>.

"<u>Representatives</u>" has the meaning ascribed to such term in the definition of "Confidential Information."

"<u>RC Director</u>" has the meaning ascribed to it in <u>Section 5.01(a)(v)</u>.

"<u>ROFO Acceptance Notice</u>" has the meaning ascribed to it in <u>Section 9.04(d)</u>.

------

"<u>ROFO Acceptance Period</u>" has the meaning ascribed to it in <u>Section 9.04(d)</u>.

"<u>ROFO Election Period</u>" means either the Minority ROFO Election Period or the DA ROFO Election Period, as applicable.

"<u>ROFO Holder</u>" means either the Minority ROFO Holder or Yucaipa, as applicable.

"<u>ROFO Offer</u>" means either the Minority ROFO Offer or the DA ROFO Offer, as applicable.

"<u>ROFO Offer Terms</u>" has the meaning ascribed to it in <u>Section 9.04(g)</u>.

"<u>ROFO Sale Notice</u>" means the Minority ROFO Sale Notice.

"<u>ROFO Sale Trigger</u>" has the meaning ascribed to it in <u>Section 9.04(g)</u>.

"<u>ROFO Shares</u>" means the Minority ROFO Shares and/or DA ROFO Shares, as applicable.

"<u>ROFO Tag-Along Sale</u>" has the meaning ascribed to it in <u>Section 9.08(a)</u>.

"<u>ROFO Tag-Along Seller</u>" has the meaning ascribed to it in <u>Section 9.08(a)</u>.

"<u>Second Notice</u>" has the meaning ascribed to it in <u>Section 4.03(b)</u>.

"<u>Securities</u>" means, with respect to any Person, (a) any Equity Securities or (b) any debt securities.

"<u>Securities Act</u>" means the Securities Act of 1933 and the rules and regulations promulgated thereunder.

"<u>Share</u>" and "<u>Shares</u>" have the meanings ascribed to them in <u>Section 3.01</u>.

"<u>Shareholder</u>" means, at any time, for as long as he, she or it holds any Shares, each of (a) Yucaipa, the MCR Investor, the Momentum Investor, the Apollo Investor and the other Persons listed on <u>Exhibit A</u> as of the date of this Agreement and (b) any other Person who, after the date of this Agreement, is admitted to the Company as a Shareholder under this Agreement in accordance with the terms of this Agreement. For the avoidance of doubt, a Person shall not be admitted as a Shareholder of the Company until such Person has executed and delivered a fully executed Joinder to the Company in accordance with <u>Article 9</u>.

"<u>Shareholder Percentage</u>" means, with respect to any Shareholder as of any time, the percentage of outstanding Shares owned by such Shareholder at such time, calculated on a fully-diluted basis.

"<u>Subsidiary</u>" means, with respect to any Person, any corporation, limited liability company, partnership, joint venture, or other legal entity of which more than fifty percent (50%) of the outstanding voting securities or other equity interests are owned, directly or indirectly, by such Person.

------

"<u>Tag-Along Notice</u>" has the meaning ascribed to it in <u>Section 9.08(a)</u>.

"<u>Tag-Along Notice Period</u>" has the meaning ascribed to it in <u>Section 9.08(c)</u>.

"<u>Tag-Along Offer</u>" has the meaning ascribed to it in <u>Section 9.08(b)</u>.

"<u>Tag-Along Portion</u>" means, with respect to the Tagging Shareholder and for any Tag-Along Sale, (a) the Shares owned by such Shareholder immediately prior to such Tag-Along Sale, *multiplied by* (b) a fraction (i) the numerator of which is the number of Shares proposed to be Transferred by the Tag-Along Seller in such Tag-Along Sale and (ii) the denominator of which is the aggregate number of Shares owned by all the Shareholders immediately prior to such Tag-Along Sale; *provided* that in a ROFO Tag-Along Sale, the Tag-Along Portion of a Tagging Shareholder shall be all (and not less than all) of the Shares owned by such Tagging Shareholder.

"<u>Tag-Along Response Notice</u>" has the meaning ascribed to it in <u>Section 9.08(c)</u>.

"<u>Tag-Along Right</u>" has the meaning ascribed to it in <u>Section 9.08(c)</u>.

"<u>Tag-Along Sale</u>" means a MCR Investor Tag-Along Sale, a Momentum Investor Tag-Along Sale, a Yucaipa Tag-Along Sale or a ROFO Tag-Along Sale, as applicable.

"<u>Tag-Along Seller</u>" means a MCR Investor Tag-Along Seller, a Momentum Investor Tag-Along Seller, a Yucaipa Tag-Along Seller or a ROFO Tag-Along Seller, as applicable.

"<u>Tagging Shareholders</u>" has the meaning ascribed to it in <u>Section 9.08(a)</u>.

"<u>Taxable Year</u>" means the calendar year.

"<u>Transaction Documents</u>" means the Merger Agreement and any other document contemplated by such agreement, or any document or instrument delivered in connection with the Merger Agreement.

"<u>Transfer</u>" means, with respect to any Company Securities, (a) when used as a verb, to sell, assign, dispose of, exchange, pledge, Encumber, hypothecate or otherwise transfer such Company Securities or any participation or interest therein, whether directly or indirectly (including pursuant to a derivative transaction), or agree or commit to do any of the foregoing and (b) when used as a noun, a direct or indirect sale, assignment, disposition, exchange, pledge, Encumbrance, hypothecation, or other transfer of such Company Securities or any participation or interest therein or any agreement or commitment to do any of the foregoing. "<u>Transferred</u>" and "<u>Transferring</u>" shall have correlative meanings.

"<u>Transfer Agent</u>" means the Company's transfer agent.

------

"<u>Treasury Regulations</u>" means the final, temporary and proposed regulations promulgated under the Code by the U.S. Department of the Treasury.

"<u>Trigger Date</u>" means the earlier of (i) the date which is 45 days after December 31, 2028, or (ii) the date that the Company's customary year-end closing procedures for 2028 are substantially final.

"<u>Yucaipa</u>" means Ronald Burkle, OA3, LLC, Yucaipa American Alliance (Parallel) Fund II, L.P., Yucaipa American Alliance Fund II, L.P., Yucaipa American Alliance III, L.P., Yucaipa Soho Works, Inc. and Global Joint Venture Investment Partners LP.

"<u>Yucaipa Directors</u>" has the meaning ascribed to it in <u>Section 5.01(a)(i)</u>.

"<u>Yucaipa Offering Shareholder</u>" has the meaning ascribed to it in <u>Section 9.04(b)(i)</u>.

"<u>Yucaipa ROFO Election Period</u>" has the meaning ascribed to it in <u>Section 9.04(b)(ii)</u>.

"<u>Yucaipa ROFO Holder</u>" has the meaning ascribed to it in <u>Section 9.04(b)(ii)</u>.

"<u>Yucaipa ROFO Offer</u>" has the meaning ascribed to it in <u>Section 9.04(b)(ii)</u>.

"<u>Yucaipa ROFO Offer Price</u>" has the meaning ascribed to it in <u>Section 9.04(b)(ii)</u>.

"<u>Yucaipa ROFO Sale Notice</u>" has the meaning ascribed to it in <u>Section 9.04(b)(i)</u>.

"<u>Yucaipa ROFO Shares</u>" has the meaning ascribed to it in <u>Section 9.04(b)(i)</u>.

"<u>Yucaipa Tag-Along Sale</u>" has the meaning ascribed to it in <u>Section 9.08(a)</u>.

"<u>Yucaipa Tag-Along Seller</u>" has the meaning ascribed to it in <u>Section 9.08(a)</u>.

Section 1.02&nbsp;&nbsp;&nbsp;&nbsp; *General Interpretive Principles.* 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, Sections, Exhibits and Schedules are to Articles, Sections, Exhibits and Schedules of this Agreement unless otherwise specified. All Exhibits and Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any capitalized terms used in any Exhibit or Schedule but not otherwise defined therein shall have the meaning as defined in this Agreement. 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 "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 "dollars" or "$" shall mean United States dollars. All references to a particular statute or other Applicable Law shall be deemed to include all rules and regulations thereunder in effect from time to time and any amendments or successors to such statutes or Applicable Laws. References to any Person (including any business unit or division thereof) 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. The Parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the Parties hereto and no presumption or burden of proof will arise favoring or disfavoring any Party hereto because of the authorship of any provision of this Agreement.

------

#### ARTICLE 2
Implementation

Section 2.01 *Certificate of Incorporation*. If and only to the extent that there is any conflict between the provisions of this Agreement on the one hand and the Certificate of Incorporation, Bylaws, Existing Stockholders' Agreement or other organization documents of the Company on the other hand, this Agreement shall, as between the Parties hereto, prevail, *provided,* that the Parties hereto will, if so requested by any Shareholder and to the extent permitted by Applicable Law, as soon as practicable amend, or cause to be amended, the Certificate of Incorporation, the Bylaws, the Existing Stockholders' Agreement or such other organization document of the Company, as applicable, to remove any such conflict and reflect the terms set forth in this Agreement.

Section 2.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Exercise of Shareholder Rights*. The Shareholders shall each vote the Shares held by them (to the extent applicable), grant powers of attorney, execute documents and take all other reasonable actions in their respective power and authority as a shareholder of the Company, in a manner consistent with the rights and obligations of the Parties under this Agreement so as to effectuate and preserve the intent of the Parties as set out herein.

#### ARTICLE 3
Capital Structure and Organization

Section 3.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Capital Structure*. The Company shall initially have two (2) classes of stock: (a) Class A common stock, par value of $0.01, of the Company ("<u>Class A Common Stock")</u> and (b) Class B common stock, par value of $0.01, of the Company ("<u>Class B Common Stock</u>", and together with the Class A Common Stock, the "<u>Shares</u>", and each, a "<u>Share</u>").

Section 3.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Initial Shareholdings*. The name, address and Shareholder Percentage of each Shareholder are set forth on <u>Exhibit A</u> hereto, as such Schedule may be amended from time to time to reflect the admission of any additional Shareholders, the acquisition of additional Shares by any Shareholder, the transfer of Shares and the repurchase of Shares, each as permitted or required by the terms of this Agreement.

------

Section 3.03&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Additional Capital Contributions*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No Shareholder shall be obliged to provide any debt or equity funding to the Company or any of its Subsidiaries whether by way of subscription for further Securities or otherwise, except to the extent permitted by this Agreement and expressly agreed by such Shareholder in writing after the Effective Date, which each Shareholder may or may not do in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No Shareholder shall be obliged to provide or procure any form of guarantee or other security or indemnity or counter-indemnity for any obligation or indebtedness of the Company of any of its Subsidiaries, except to the extent permitted by this Agreement and expressly agreed by such Shareholder in writing after the Effective Date, which each Shareholder may or may not do in its sole discretion.

Section 3.04&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Conversions and Transfers of Class B Common Stock*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each share of Class B Common Stock shall automatically, without any further action, convert into one share of Class A Common Stock immediately following a Transfer to any person other than (i) one or more Permitted Transferees of the holder of such Class B Common Stock, (ii) another Initial Class B Common Stock Holder, or (iii) one or more of such other Initial Class B Common Stock Holder's Permitted Transferees. Such conversion shall occur automatically without the need for any further action by the holders of such shares and whether or not the certificates representing such shares (if any) are surrendered to the Company or its Transfer Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At such time the Initial Class B Common Stock Holders and their Permitted Transferees collectively own less than 15% of the shares of the Company's total outstanding Shares, each issued share of Class B Common Stock shall automatically, without any further action, convert into one share of Class A Common Stock. Following such date, the Company may no longer issue any additional shares of Class B Common Stock. Such conversion shall occur automatically without the need for any further action by the holders of such shares and whether or not the certificates representing the shares (if any) are surrendered to the Company or its Transfer Agent.

------

#### ARTICLE 4
Certain Rights and Obligations of Shareholders

Section 4.01 *Withholding*. Except as otherwise expressly provided in this Agreement, the Company and any Subsidiary of the Company shall be entitled to deduct and withhold from any amount payable to or distributable to (or deemed for appliable tax purposes to be payable or distributable to) any Shareholder or any of its Affiliates (other than the Company or a Subsidiary) pursuant to this Agreement any amounts required to be deducted or withheld with respect to the making of such payment under any provision of any Applicable Law, including for sake of clarity, taking into account any reduced rate of, or exemption from, any withholding tax pursuant to Applicable Law, including any applicable income tax treaty, or otherwise. If any amounts are so deducted or withheld and remitted to the appropriate Governmental Authority, such amounts shall be treated for all purposes of this Agreement as having been paid to such Shareholder or any of its Affiliates (other than the Company or a Subsidiary) in respect of which such deduction or withholding was made. If the Company is required to make any payment in respect of any amounts of taxes contemplated by this <u>Section 4.01</u> in excess of amounts that would otherwise then be currently distributed or paid to the Shareholder in cash (as determined by the Board), the Shareholder to which such taxes relate shall be obligated to indemnify the Company for such taxes in excess of such cash payment or distribution, and upon demand by the Company, the Shareholder on whose behalf such withholding was made shall pay over to the Company such taxes plus interest thereon at a rate equal to the Prime Rate as of the date of the withholding, *plus* 2.0% per annum (which amounts may, at the election of the Company, be set off against any subsequent payments or distributions from the Company to the Shareholder). Each Shareholder agrees to furnish the Company with such representations, information and forms as the Company may reasonably request to assist it in determining the extent of, and in fulfilling, the Company's withholding obligations and the Company's reporting obligations to any of its Subsidiaries. Without limitation of any Person's rights to reimbursement and indemnification under this Agreement, each Shareholder hereby agrees to reimburse the Company for any claims, liability, expense or obligation incurred by or imposed on any such Person with respect to withholding taxes required to be made (or which any such Person fails to make) on behalf of or with respect to such Shareholder. This <u>Section 4.01</u> shall survive any Transfer, any withdrawal and any dissolution or termination of the Company.

Section 4.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Voting*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each share of Class A Common Stock shall entitle the record holder thereof as of the applicable record date to one (1) vote per share in person or by proxy on all matters submitted to a vote of the holders of Class A Common Stock, whether voting separately as a class or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each share of Class B Common Stock shall entitle the record holder thereof as of the applicable record date to ten (10) votes per share in person or by proxy on all matters submitted to a vote of the holders of Class B Common Stock, whether voting separately as a class or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except as otherwise required in this Agreement or by Applicable Law, the holders of shares of Class A Common Stock and Class B Common Stock shall vote together as a single class on all matters submitted to a vote of stockholders of the Company. Other than as required by Applicable Law, the affirmative vote of the holders of a majority in voting power of the issued and outstanding Shares and entitled to vote on the matter shall be the act of the Shareholders of the Company, except to the extent any other provision of this Agreement (including <u>Section 5.16,</u> <u>Section 5.17</u>, <u>Section 5.18</u> and <u>Section 12.05</u>) requires a different vote or requires the consent of a particular Shareholder or group, class or series of Shareholders.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The presence in person or by proxy of Shareholders representing a majority of the voting power of the issued and outstanding Shares entitled to vote shall constitute a quorum for the conduct of business at any meeting of the shareholders of the Company, unless or except to the extent required by Applicable Law. Where a separate vote by a class or classes or series is required, a majority of the shares of such class or classes or series present in person or represented by proxy shall constitute a quorum entitled to take action with respect to that vote on that matter.

Section 4.03&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Preemptive Rights*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; Other than for issuances of Equity Securities contemplated in <u>Section 4.03(e)</u>, <u>(f)</u> or <u>(g)</u>, the Company shall give the Shareholders written notice (an "<u>Issuance Notice</u>") of any proposed issuance by the Company of any Equity Securities at least thirty (30) Business Days prior to the proposed issuance date. The Issuance Notice shall specify the price at which such Equity Securities are to be issued and the other material terms of the issuance (including the terms of the Equity Securities proposed to be issued) and the number of Equity Securities each Shareholder is entitled to subscribe for in accordance with this <u>Section 4.03(a)</u>. Subject to <u>Section 4.03(e)</u>, each of the Shareholders shall be entitled to subscribe for (or to cause its Permitted Transferees to subscribe for) up to its respective Shareholder Percentage of the Equity Securities proposed to be issued, at the price and on the terms specified in the Issuance Notice. In the event that the Company proposes to issue common stock, or any security that is convertible into or exercisable for common stock, each holder of Class B Common Stock shall have the right to participate in such issuance by purchasing an equivalent number of shares of Class B Common Stock (or securities convertible into or exercisable for Class B Common Stock, as applicable), and each holder of Class A Common Stock shall have the right to participate by purchasing an equivalent number of shares of Class A Common Stock (or securities convertible into or exercisable for Class A Common Stock, as applicable), in each case in accordance with their respective Shareholder Percentages and on the same terms and conditions as set forth in the Issuance Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; If any Shareholder desires to subscribe for or to have any of its Permitted Transferees subscribe for any or all of its Shareholder Percentage of the Equity Securities specified in the Issuance Notice, it shall deliver an irrevocable written notice to the Company (each a "<u>Preemptive Rights Exercise Notice</u>") of its election to subscribe for such Equity Securities within thirty (30) Business Days' of receipt of the Issuance Notice. The Preemptive Rights Exercise Notice shall specify the number (or amount) of Equity Securities to be subscribed for by such Party or its Permitted Transferees, which may include (i) up to such Party's Shareholder Percentage, and (ii) any additional number (or amount) of Equity Securities such Party is willing to subscribe for if available. The Preemptive Rights Exercise Notice shall constitute exercise by such Party of its rights under this <u>Section 4.03</u> and a binding agreement of such Party or such Party's applicable Permitted Transferees to subscribe for, at the price and on the terms specified in the Issuance Notice, the number (or amount) of Equity Securities specified in the Preemptive Rights Exercise Notice, with such subscription and issuance to be consummated as promptly as reasonably practicable. If, at the termination of such thirty (30) Business Day period, any Shareholder shall not have delivered a Preemptive Rights Exercise Notice to the Company, such Party shall be deemed to have waived all of its rights under this <u>Section 4.03</u> with respect to the subscription for such Equity Securities. Promptly following the termination of such thirty (30) Business Day period, the Company shall deliver to each of the Shareholders a copy of any Preemptive Rights Exercise Notice it has received or notify each of the Shareholders that no Preemptive Rights Exercise Notices have been received (each a "<u>Second Notice</u>").

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If a Shareholder fails to exercise its preemptive rights under this <u>Section 4.03</u> or elects to exercise such rights with respect to less than its Shareholder Percentage of the issuance and another Shareholder has exercised its rights under this <u>Section 4.03</u> with respect to its entire Shareholder Percentage, such other Shareholder shall be entitled to subscribe for any or all of the remaining portion of the issuance, up to the maximum number of Equity Securities such Shareholder indicated in its Preemptive Rights Exercise Notice. If more than one (1) such Shareholder elects to subscribe for all or any portion of the remaining Equity Securities, such Equity Securities shall be allocated among such subscribing Shareholders on a *pro rata* basis based on their respective Shareholder Percentages (excluding any Shareholder that failed to exercise its preemptive rights under this <u>Section 4.03</u> or elected exercise such rights with respect to less than its Shareholder Percentage), up to the maximum number of Equity Securities each such Shareholder has indicated in its Preemptive Rights Exercise Notice, until all Equity Securities have been allocated or all subscribing Shareholders have subscribed for the maximum number of shares they indicated they were willing to purchase in their respective Preemptive Rights Exercise Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company shall have one hundred eighty (180) calendar days from the date of the Issuance Notice to consummate the proposed issuance of any or all of such Equity Securities that the Shareholders have not elected to subscribe for at a price equal to or greater than the price specified in the Issuance Notice and otherwise upon terms that are not less favorable to the Company than those specified in the Issuance Notice; *provided*, that, if any Governmental Approvals are required in connection with such issuance, such one hundred eighty (180) calendar day period shall be extended until the expiration of five (5) Business Days following the date on which all Governmental Approvals are obtained and any applicable waiting periods under Applicable Law have expired or been terminated, but in no event will such period be extended for more than an additional ninety (90) calendar days. If the Company proposes to issue any such Equity Securities after such one hundred eighty (180) calendar day (or longer, as permitted by the preceding sentence) period, it shall again comply with the procedures set forth in this <u>Section 4.03</u>.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding the foregoing and any other provision of this <u>Section 4.03</u>, no Shareholder shall be entitled to subscribe for Equity Securities under this <u>Section 4.03</u> in connection with issuances of Equity Securities (i) to employees of the Company or any of its Subsidiaries pursuant to employee benefit plans, incentive equity plans or other arrangements, if any, approved by the Board in accordance with the terms of this Agreement, (ii) to any Person that is not a Shareholder or Affiliate thereof as consideration in any acquisition, investment, merger, amalgamation, consolidation or other strategic transaction (such as a joint venture, marketing or distribution arrangement, or technology transfer or development arrangement) approved by the Board in accordance with the terms of this Agreement, (iii) where the purchase price payable by such Shareholder is less than $50,000 in the aggregate for such issuance (or series of related issuances) pursuant to this <u>Section 4.03(e)(iii)</u>, (iv) as an equity kicker, incentive or similar arrangement to any lender or other provider of debt financing (other than Yucaipa or The Yucaipa Companies LLC or any of their respective controlled Affiliates, including any investment fund or investment vehicle sponsored, managed or controlled by The Yucaipa Companies LLC or its affiliated investment managers) in connection with any debt financing transaction, (v) in connection with the exercise or conversion of any instrument that is convertible into or exercisable or exchange for Equity Securities where the initial issuance of such instrument was made in compliance with this <u>Section 4.03</u> as contemplated in such instrument, (vi) issued to Shareholders on a *pro rata* basis based on Shareholders' Shareholder Percentage in connection with any stock splits, dividends, combinations and reclassifications, and anti-dilution adjustments pursuant to the terms of an Equity Security that was issued in compliance with this <u>Section 4.03</u>, or (vii) issued in accordance with <u>Section 4.03(g)</u>, but subject to <u>Section 4.03(g)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding anything to the contrary in this <u>Section 4.03</u>, in no event shall a Shareholder have a right to subscribe for Equity Securities pursuant to this <u>Section 4.03</u> if such Shareholder is not, at the time of such issuance, an "accredited investor" (as defined in Regulation D promulgated under the Securities Act) or if the issuance of the applicable interests to such Shareholder would require registration under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding anything to the contrary in this <u>Section 4.03</u>, in the case the Board determines to issue Equity Securities to fund emergency capital required by the Company as determined in good faith by the Board or the Board otherwise determines in good faith that delaying the application of the foregoing provisions in connection with an issuance of Equity Securities is in the best interest of the Company, the Company and its Subsidiaries may issue Equity Securities to any Person (including a third-party purchaser) in such offering of Equity Securities approved by the Board without first complying with the foregoing provisions of this <u>Section 4.03</u>; *provided*, that, the Company will, within thirty (30) days following the closing of such Equity Security issuance, offer to sell to each Shareholder its Shareholder Percentage of the Equity Securities issued in such issuance, in each case, in a manner which the Board determines in good faith provides each Shareholder with rights substantially similar to the rights set forth in the foregoing provisions of this <u>Section 4.03</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The preemptive rights contained in this <u>Section 4.03</u> shall not apply to an IPO and shall terminate upon the consummation of an IPO.

------

#### ARTICLE 5
Board and Officers

Section 5.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Board Composition*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From the Effective Date, the Board shall, subject to change as provided in this Agreement, be comprised of nine (9) directors (each, a "<u>Director</u>"), whom shall initially be designated as follows:

<br> (i) Yucaipa shall be entitled to designate four (4) Directors (the "<u>Yucaipa Directors</u>");

<br> (ii) the MCR Investor shall be entitled to designate one (1) Director (the "<u>MCR Director</u>");

<br> (iii) the Momentum Investor shall be entitled to designate one (1) Director (the "<u>Momentum Director</u>");

<br> (iv) the Apollo Investor shall be entitled to designate one (1) Director (the "<u>Apollo Director</u>");

<br> (v) Ashton Kutcher (the sole initial "<u>Designated Director</u>"); and

<br> (vi) Caring shall be entitled to designate one (1) Director (the "<u>RC Director</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; At the Effective Date, each Person listed on <u>Exhibit B-2</u> attached hereto shall be designated as additional non-voting representatives of the Board (the "<u>Non-Voting Representatives</u>"). The Non-Voting Representatives shall not have any power as Directors to vote on any action to be taken or matter to be determined by the Board (and for such purposes the number of Directors and number of votes on the Board shall be determined excluding all Non-Voting Representatives). Without limiting the generality of the foregoing, the consent of the Non-Voting Representatives shall not be required for, or counted for purposes of determining, any action to be taken by the Board in writing, and the presence of the Non-Voting Representatives shall not be required or counted for purposes of establishing quorum for the conduct of business of any meeting of the Board. The Non-Voting Representatives shall be entitled to receive the board materials distributed to the Board, subject to appropriate restrictions to protect confidentiality, legal privilege, and conflicts of interest. Each Non-Voting Representatives may at any time and from time to time be removed and replaced by a majority vote of the Directors.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If, (i) a Shareholder (together with its Permitted Transferees) other than the MCR Investor, the Momentum Investor, the Apollo Investor and Caring, holds less than five percent (5%) of the Company's issued and outstanding Shares as a result of a Transfer of its Shares; (ii) the MCR Investor (together with its Permitted Transferees), holds less than 2,777,777 shares of Class A Common Stock (appropriately adjusted for any stock splits, stock dividends or other similar events); (iii) the Momentum Investor (together with its Permitted Transferees), holds less than 5,555,555 shares of Class A Common Stock (appropriately adjusted for any stock splits, stock dividends or other similar events); (iv) the Apollo Investor (together with its Permitted Transferees), holds less than 833,333 shares of Class A Common Stock (appropriately adjusted for any stock splits, stock dividends or other similar events) or less than $30,000,000 principal amount of notes (excluding any PIK interest notes) under the HoldCo Notes Facility; or (v) Caring (together with his Permitted Transferees), holds a number of shares of Common Stock that is less than 50% of the number of shares of Common Stock Caring holds on the Effective Date (such number to be appropriately adjusted for stock splits, stock dividends and other similar events), such Shareholder shall no longer have the designation rights provided to it pursuant to <u>Section 5.01(a)</u>, <u>Section 5.03</u>, <u>Section 5.04</u>, <u>Section 5.05</u> or <u>Section 5.08</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Separately and in addition to the foregoing <u>Section 5.01(c)</u>, the MCR Investor and the Apollo Investor shall automatically cease to have the designation rights provided to them pursuant to <u>Section 5.01(a)</u>, <u>Section 5.03</u> and <u>Section 5.08</u> on the Director Transfer Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The initial list of Directors of the Company as of the date hereof is attached hereto as <u>Exhibit B-1</u>.

Section 5.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Resignations, Removals and Vacancies*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any Director may resign at any time by giving written notice to the Board. The resignation of any Director shall take effect upon receipt of notice of such resignation or at such later time as shall be specified in such notice, and, unless otherwise specified in such notice, the acceptance of such resignation shall not be necessary to make it effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subject to <u>Section 5.03</u>, <u>Section 5.04</u>, <u>Section 5.05</u> and <u>Section 5.08</u>, any Director may be removed as a Director at any time, with or without cause, by the Shareholder or group of Shareholders entitled to designate such Director pursuant to <u>Section 5.01</u> (which action may be taken by written consent of such holders). For purposes of this <u>Section 5.02(b)</u>, the Shareholders entitled to designate the Designated Director(s) are the Shareholders holding a majority of the voting power of the issued and outstanding Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subject to <u>Section 5.03</u>, <u>Section 5.04</u>, <u>Section 5.05</u> and <u>Section 5.08</u>, if at any time a vacancy is created on the Board by reason of the death, removal or resignation of any Director, only the Shareholder or group of Shareholders entitled to designate such Director pursuant to <u>Section 5.01</u> may appoint a designee to fill such vacancy or vacancies (which action may be taken by written consent of such holders). Any vacancy created on the Board by reason of any increase in the number of Directors shall be filled by the Board. For purposes of this <u>Section 5.02(c)</u>, the Shareholders entitled to designate the Designated Director(s) are the Shareholders holding a majority of the voting power of the issued and outstanding Shares.

------

Section 5.03&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Replacement of the MCR Director, the Momentum Director or the Apollo Director*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If any then-current MCR Director ceases to serve as a MCR Director by reason of death, removal or resignation, then, subject to <u>Section 5.01(c)</u> and <u>Section 5.01(d)</u> and the corresponding provisions of <u>Section 5.08</u>, the MCR Investor shall be entitled to nominate a replacement for such MCR Director in accordance with this <u>Section 5.03</u>. The MCR Investor shall provide Yucaipa a written notice setting forth the names of three (3) candidates affiliated with the MCR Investor for such replacement (the "<u>Replacement MCR Director Candidates</u>") within five (5) Business Days of such event. Within fifteen (15) Business Days of Yucaipa's receipt of such notice, Yucaipa shall select one (1) of the Replacement MCR Director Candidates to replace the departing MCR Director. Notwithstanding the foregoing, no such notice or selection process shall be required with respect to the nomination of either of the Permitted MCR Investor Designees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If any then-current Momentum Director ceases to serve as a Momentum Director by reason of death, removal or resignation, then, subject to <u>Section 5.01(c)</u> and the corresponding provisions of <u>Section 5.08</u>, the Momentum Investor shall be entitled to nominate a replacement for such Momentum Director in accordance with this <u>Section 5.03</u>. The Momentum Investor shall provide Yucaipa a written notice setting forth the names of three (3) candidates affiliated with the Momentum Investor for such replacement (the "<u>Replacement Momentum Director Candidates</u>") within five (5) Business Days of such event. Within fifteen (15) Business Days of Yucaipa's receipt of such notice, Yucaipa shall select one (1) of the Replacement Momentum Director Candidates to replace the departing Momentum Director. Notwithstanding the foregoing, no such notice or selection process shall be required with respect to the nomination of either of the Permitted Momentum Investor Designees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If any then-current Apollo Director ceases to serve as an Apollo Director by reason of death, removal or resignation, then, subject to <u>Section 5.01(c)</u> and <u>Section 5.01(d)</u> and the corresponding provisions of <u>Section 5.08</u>, the Apollo Investor shall be entitled to nominate a replacement for such Apollo Director in accordance with this <u>Section 5.03</u>. The Apollo Investor shall provide Yucaipa a written notice setting forth the names of three (3) candidates affiliated with the Apollo Investor for such replacement (the "<u>Replacement Apollo Director Candidates</u>") within five (5) Business Days of such event. Within fifteen (15) Business Days of Yucaipa's receipt of such notice, Yucaipa shall select one (1) of the Replacement Apollo Director Candidates to replace the departing Apollo Director. Notwithstanding the foregoing, no such notice or selection process shall be required with respect to the nomination of either of the Permitted Apollo Investor Designees.

------

Section 5.04&nbsp;&nbsp;&nbsp;&nbsp; *Replacement of the Yucaipa Directors*. From the Effective Date, subject to <u>Section 5.01(c)</u> and the corresponding provisions of <u>Section 5.08</u>, if any then-current Yucaipa Director ceases to serve as a Yucaipa Director by reason of death, removal or resignation, Yucaipa shall be entitled to designate a replacement for such Yucaipa Director. At any time that Yucaipa is entitled to designate the Yucaipa Directors, from the period beginning on the date on which any then-current Yucaipa Director ceases to serve as a Yucaipa Director and ending on the date on which a replacement Yucaipa Director is designated to the Board in accordance with this <u>Section 5.04</u>, the remaining Yucaipa Directors shall, in the aggregate, be entitled to cast a number of additional votes equal to the number of such vacancies in their respective capacities as Directors for any resolution or other decision of the Board. In the event that all of the Yucaipa Directors cease to serve as Yucaipa Directors at the same time by reason of death, removal or resignation, the Board shall not pass any resolutions or otherwise make any decisions until replacements for the departing Yucaipa Directors have been designated to the Board in accordance with this <u>Section 5.04</u>; *provided,* that, during such time if the Board wishes to adopt any resolution or otherwise make any decision, the Board shall provide written notice of the proposed resolution or decision to Yucaipa and Yucaipa shall be entitled to appoint a representative to the Board until the replacements for the departing Yucaipa Directors have been designated to the Board in accordance with this <u>Section 5.04</u>, and such representative shall be entitled to cast a number of votes equal to the number of vacant Yucaipa Director positions in any such resolution or decision as if such representative was designated as the Yucaipa Directors during such time.

Section 5.05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Appointment of Designated Directors*. From the Effective Date and until the Director Transfer Date, the Board shall be entitled to fill any Designated Director vacancy. After the Director Transfer Date, Designated Director vacancies shall be filled by the Shareholders holding a majority of the voting power of the issued and outstanding Shares.

Section 5.06&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *[Reserved]*.

Section 5.07&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Replacement of the RC Director*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; If any then-current RC Director ceases to serve as a RC Director by reason of death, removal or resignation, then, subject to <u>Section 5.01(c)</u>, Caring shall be entitled to nominate a replacement for such RC Director in accordance with this <u>Section 5.07</u>. Caring shall provide Yucaipa a written notice setting forth the names of three (3) candidates for such replacement (the "<u>Replacement RC Director Candidates</u>") within five (5) Business Days of such event. Within fifteen (15) Business Days of Yucaipa's receipt of such notice, Yucaipa shall select one (1) of the Replacement RC Director Candidates to replace the departing RC Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If Caring ceases to have any designation rights pursuant to <u>Section 5.01(c)</u>, then (i) the Company shall immediately remove the then-current RC Director, (ii) the number of RC Directors shall be reduced to zero, and (iii) the number of Designated Directors shall be increased by one. The resulting Designated Director vacancy shall be filled in accordance with <u>Section 5.05</u>.

Section 5.08&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Changes in Classification of Directors*.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Immediately after the MCR Investor loses the right to appoint the MCR Director pursuant to <u>Section 5.01(c)</u> or <u>Section 5.01(d)</u>, (1) the MCR Director may be removed as a Director by the Shareholders holding a majority of the voting power of the issued and outstanding Shares and (2) (x) before the Director Transfer Date, the resulting vacancy shall be filled by the Board and (y) after the Director Transfer Date, the resulting vacancy shall be filled by the Shareholders holding a majority of the voting power of the issued and outstanding Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Immediately after the Apollo Investor loses the right to appoint the Apollo Director pursuant to <u>Section 5.01(c)</u> or <u>Section 5.01(d)</u>, (1) the Apollo Director may be removed as a Director by the Shareholders holding a majority of the voting power of the issued and outstanding Shares and (2) (x) before the Director Transfer Date, the resulting vacancy shall be filled by the Board and (y) after the Director Transfer Date, the resulting vacancy shall be filled by the Shareholders holding a majority of the voting power of the issued and outstanding Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Immediately after the Momentum Investor loses the right to appoint the Momentum Director pursuant to <u>Section 5.01(c)</u>, (1) the Momentum Director may be removed as a Director by the Shareholders holding a majority of the voting power of the issued and outstanding Shares and (2) (x) before the Director Transfer Date, the resulting vacancy shall be filled by the Board and (y) after the Director Transfer Date, the resulting vacancy shall be filled by the Shareholders holding a majority of the voting power of the issued and outstanding Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If Yucaipa loses the right to appoint the Yucaipa Directors pursuant to <u>Section 5.01(c)</u>, then Shareholders holding a majority of the voting power of the outstanding Shares shall be entitled to remove the former Yucaipa Directors and replace them with an equal number of Directors.

Section 5.09&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Decision-making of the Board*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Board shall meet at such times and at such places as may be necessary for the Company's business as determined by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; Except as otherwise required by Applicable Law or by this Agreement, each Director shall have one (1) vote and, subject to <u>Section 5.04</u> and <u>Section 5.15</u>, the Board shall adopt its resolutions by a majority of votes cast. In case of a tied vote, the proposal is rejected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Director may grant a written proxy to any other Director to represent him or her at a meeting of the Board, and to cast his or her vote at such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Directors may participate in a meeting of the Board thereof by means of a conference telephone or similar communications equipment by means of which all Persons participating in the meeting can hear, and be heard by, one another. Participation in a meeting pursuant to this <u>Section 5.09(d)</u> shall constitute presence in person at such meeting pursuant to <u>Section 5.11</u>.

------

Section 5.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Notice*. Meetings of the Board shall be held when called by the Chairman or a majority of the Directors, upon not less than two (2) Business Days' advance written notice to the Directors. Attendance by a Director at any meeting of the Board shall constitute waiver of notice of such meeting. Additionally, a waiver in writing signed by the Director entitled to such notice, whether before or after the time stated therein, shall be deemed equivalent to the giving of such notice.

Section 5.11&nbsp;&nbsp;&nbsp;&nbsp; *Quorum*. The presence in person or by proxy of a majority of Directors shall constitute a quorum for the conduct of business at any meeting of the Board.

Section 5.12&nbsp;&nbsp;&nbsp;&nbsp; *Board Observers*. For so long as the Apollo Investor holds more than 1,666,666 shares of Class A Common Stock (appropriately adjusted for any stock splits, stock dividends or other similar events), if the Apollo Investor shall no longer have designation rights in <u>Section 5.01(a)(iii)</u> for any reason, the Apollo Investor may appoint one non-voting observer to the Board (the "<u>Apollo Observer</u>"), which shall be one of the Permitted Apollo Designees. The Apollo Observer will be entitled to receive the board materials distributed to the Board (including notices in accordance with <u>Section 5.10</u>), including board materials distributed at any meeting of any committee of the Board that effectively functions as the Board, and shall be entitled to attend all meetings of the Board (and any such committee acting in lieu of the Board), subject, in each case, to appropriate restrictions to protect confidentiality, legal privilege, and conflicts of interest (provided that the Board shall inform the Apollo Observer of one or more general reasons for excluding the Apollo Observer from any meeting or withholding or redacting any materials and the general nature of such meeting or materials, as applicable). The Apollo Observer may appoint any person who is a Permitted Apollo Observer as his/her alternate to attend any meeting of the Board. If any then-current Apollo Observer ceases to serve as a non-voting observer by reason of death, removal or resignation, the Apollo Investor shall be entitled to appoint a replacement non-voting observer by either appointing a Permitted Apollo Observer, or by providing Yucaipa a written notice setting forth the names of three (3) candidates for such replacement (the "<u>Replacement Apollo Observer Candidates</u>") within five (5) Business Days of such event. Within fifteen (15) Business Days of Yucaipa's receipt of such notice, Yucaipa shall select one (1) of the candidates to replace the departing Apollo Observer. Notwithstanding the foregoing, no such notice or selection process shall be required with respect to the nomination of either of the Permitted Apollo Investor Designees. If at any time the Yucaipa Directors, the MCR Director and the Momentum Director sit at the board of any Subsidiary of the Company that effectively functions as the primary "board" of the Company and its Subsidiaries considered as a whole, the Apollo Observer shall be appointed as a non-voting observer to such board.

Section 5.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Action Without a Meeting*. The Board may adopt resolutions in writing, without holding a meeting, *provided* all Directors vote in favor of the proposed resolutions.

Section 5.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Committees of the Board*. The Board may designate one (1) or more committees of the Board. Each committee of the Board shall consist of two (2) or more Directors. At any time that Yucaipa is entitled to designate the Yucaipa Directors, Yucaipa shall be entitled to appoint a representative to each committee. Subject to <u>Section 5.15</u> and <u>Section 5.16</u>, any committee, to the extent permitted by Applicable Law and provided in the resolution establishing such committee, shall have and may exercise all the powers and authority of the Board in the management of the business and affairs of the Company. Each committee shall keep regular minutes and report to the Board when required.

------

Section 5.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Board Powers*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Board shall, subject to the consent or approval rights or requirements set forth in <u>Section 5.16</u>, <u>Section 5.17</u>, <u>Section 5.18</u> and <u>Section 12.05</u>, have full power and authority to manage the business affairs of the Company to the fullest extent allowed under the Delaware General Corporation Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; Without limiting the generality of <u>Section 5.15(a)</u> or the consent or approval rights or requirements set forth in <u>Section 5.16</u>, <u>Section 5.17</u>, <u>Section 5.18</u> and <u>Section 12.05</u>, the Company shall not, and shall cause its Subsidiaries not to, directly or indirectly, do, any of the following without first obtaining the affirmative approval of the Board:

<br> (i) adopting the Approved Budget;

(ii) deviating from an Approved Budget in a manner that would result in the Company or its Subsidiaries being obligated to pay or being reasonably expected to pay amounts that would result in the Company or its Subsidiaries exceeding one hundred and ten percent (110%) of the costs or expenses set forth in the applicable Approved Budget (including any costs for any capital expenditures contemplated in the applicable Approved Budget);

<br> (iii) amending this Agreement or any other organizational document or stockholders, operating or similar agreement of the Company or any of its Subsidiaries;

<br> (iv) changing the name or principal office of the Company;

<br> (v) except as set forth in <u>Section 9.09</u>, entering into or consummating or causing the Company to enter into or consummate a transaction constituting a Change of Control of the Company;

<br> (vi) initiating a process with respect to, or consummating, an IPO;

(vii) other than as otherwise previously and specifically approved in the applicable Approved Budget, causing the Company to acquire any equity interest in any corporation, company, voluntary association, partnership, joint venture, limited liability company, trust, estate, unincorporated organization or other entity or disposing of any such equity interest that has been acquired after the date hereof;

------

<br> (viii) except in connection with Transfers in accordance with <u>Article 9</u>, admitting any Person as an additional Shareholder;

<br> (ix) approving, amending or waiving the Related-Person Transactions Policy of the Company;

(x) other than as otherwise (A) previously and specifically approved in the applicable Approved Budget, (B) entered into prior to the execution of this Agreement, (C) permitted as a transaction by the Related-Person Transactions Policy of the Company that is from time to time approved by the Board, or (D) listed as a pre-approved Affiliate Transaction on <u>Exhibit C</u>, entering into, amending or modifying the terms of, any Affiliate Transaction;

(xi) creating another class or series of shares of the Company or causing the Company to issue, sell, transfer, pledge, dispose of or otherwise Encumber any Securities or interests or securities convertible into or exchangeable for, or options, warrants, calls, commitments or rights of any kind to acquire, any Securities;

(xii) other than as otherwise previously and specifically approved in the applicable Approved Budget, causing the Company to incur, or amending the terms of, any indebtedness for borrowed money, guarantee or assuming any such indebtedness of another Person, issuing or selling warrants or other rights to acquire any debt securities of the Company, entering into any "keep well" or other agreement to maintain any financial condition of another Person, or entering into any arrangement having the effect of any of the foregoing;

(xiii) causing the Company to (A) declare or pay any dividends on or make any distributions with respect to the Shares or other Equity Securities (whether in cash, assets, stock or other securities of the Company) or (B) repurchase, redeem or otherwise acquire any Equity Securities of the Company, in each case, in a single transaction or as a part of series of transactions;

(xiv) other than as otherwise previously and specifically approved in the applicable Approved Budget, entering into, modifying, amending, terminating or waiving any rights under, any agreement, contract or other instrument to which the Company or any of its Subsidiaries is a party or by which any of them or any of their respective assets would be bound (either individually or in the aggregate across a series of related or similar agreements) (A) pursuant to which the Company or its Subsidiaries would pay, or reasonably expect to pay, amounts that would result in the Company or its Subsidiaries exceeding one hundred ten percent (110%) of the costs or expenses set forth in the applicable Approved Budget or (B) otherwise contemplate aggregate payments to or by the Company and its Subsidiaries (collectively) in excess of $20,000,000;

------

(xv) unless otherwise previously and specifically approved in the applicable Approved Budget, entering into any agreements or other arrangements with respect to, or otherwise consummating, the sale, lease, transfer or other disposition of assets or Equity Securities of any Person;

<br> (xvi) hiring, terminating or amending the employment agreements (including any changes to compensation and/or bonuses) of, any member of the Company and of its Subsidiaries' executive management team;

(xvii) initiating or settling any litigation, arbitration or administrative proceeding, in each case, involving an amount at issue in excess of $5,000,000 or any other injunctive or material non-monetary claims;

<br> (xviii) changing the jurisdiction of incorporation, tax residency or U.S. federal income tax classification of the Company or any material Subsidiary thereof; and

<br> (xix) entering into any agreement or binding obligation with respect to, or otherwise committing to do, any of the foregoing.

Section 5.16&nbsp;&nbsp;&nbsp;&nbsp; *Yucaipa Consent Matters*. Notwithstanding anything else contained in this Agreement to the contrary and without limiting any consent or approval right or requirement set forth in <u>Section 5.15</u>, <u>Section 5.17</u>, <u>Section 5.18</u> and <u>Section 12.05,</u> the following matters shall require, and the Company shall not, and shall cause its Subsidiaries not to, directly or indirectly, do any of the following without first obtaining the affirmative approval in writing of Yucaipa:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) amending the organizational document or stockholders, operating or similar agreement of the Company or any of its Subsidiaries in a manner that materially and disproportionately adversely affects or prejudices Yucaipa (as compared to the other Shareholders) or (ii) amending this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; issuing any Equity Securities (other than inter-company issuances by the Company or its Subsidiaries to the Company or another Company Subsidiary);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; other than as otherwise previously and specifically approved in the applicable Approved Budget, causing the Company to incur, or assuming any, indebtedness for borrowed money or capital expenditures, in each case, in excess of $10,000,000 individually;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; adopting, amending or modifying an Approved Budget;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; hiring or terminating the Chief Executive Officer, the Chief Financial Officer, Chief Technology Officer, Chief Operating Officer or any other C-Suite officer of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp; initiating a process with respect to, or consummating, an IPO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; making any new or changing any existing tax election or taking any other action with respect to tax matters of the Company and its Subsidiaries that would reasonably be expected to have a materially and disproportionately adverse effect on Yucaipa (as compared to the other Shareholders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; fundamentally changing the nature or scope of the business of the Company and its Subsidiaries as conducted on the date hereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; entering into any agreement or binding obligation with respect to, or otherwise committing to do, any of the foregoing.

Section 5.17&nbsp;&nbsp;&nbsp;&nbsp; *Other Shareholder Consent Matters*. Notwithstanding anything else contained in this Agreement to the contrary and without limiting any consent or approval right or requirement set forth in <u>Section 5.15</u>, <u>Section 5.16,</u> <u>Section 5.18</u> and <u>Section 12.05</u>, the following matters shall require, and the Company shall not, and shall cause its Subsidiaries not to, directly or indirectly, do any of the following without first obtaining the affirmative approval in writing of the holders of a majority of the Shares that would be adversely impacted or prejudiced by such matter (excluding Yucaipa, or any of its Affiliates or Permitted Transferees):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; amending the organizational document, this Agreement or stockholders, operating or similar agreement of the Company or any of its Subsidiaries in a manner that materially and disproportionately adversely affects or prejudices a Shareholder or a group of Shareholders, taking into account the nature and extent of their respective interests, (as compared to Yucaipa or the other Shareholders) other than any amendment in connection with the issuance of Equity Securities in accordance with <u>Section 4.03</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; fundamentally changing the nature or scope of the business of the Company and its Subsidiaries as conducted on the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; making any new or changing any existing tax election or taking any other action with respect to tax matters of the Company and its Subsidiaries that would reasonably be expected to have a materially and disproportionately adverse effect on such Shareholder (as compared to Yucaipa); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; entering into any agreement or binding obligation with respect to, or otherwise committing to do, any of the foregoing.

------

Section 5.18&nbsp;&nbsp;&nbsp;&nbsp; *Disinterested and Independent Director Consent .* In addition to any other consent or approvals required under this Agreement, the Company shall not, and shall cause its Subsidiaries not to, directly or indirectly, enter into, amend or modify the terms of, any Affiliate Transaction that involves Yucaipa, the MCR Investor or the Momentum Investor or one of their respective Affiliates without first obtaining the affirmative approval in writing of a majority of the disinterested and independent directors on the Board (and, for the avoidance of doubt, any Director designated by the MCR Investor, the Momentum Investor or the Apollo Investor shall be deemed to be disinterested and independent with respect to any transactions involving Yucaipa or any of its Affiliates).

Section 5.19&nbsp;&nbsp;&nbsp;&nbsp; *Officers; Designation and Election of Officers; Duties*. Subject to <u>Section 5.15</u> and <u>Section 5.16</u>, the Board may, from time to time, employ and retain Persons as may be necessary or appropriate for the conduct of the Company's business (subject to the supervision and control of the Board), including employees, agents and other Persons (any of whom may be a Shareholder or Representative) who may be designated as officers of the Company, with titles including "chief executive officer," "chief financial officer," "president," "vice president," "treasurer," "secretary," "general counsel," "chief compliance officer" and "director," as and to the extent authorized by the Board (each, an "<u>Officer</u>" and collectively, the "<u>Officers</u>"); *provided*, that the Board (a) shall elect a Chairman of the Board (the "<u>Chairman</u>"), who shall hold his or her office for such term and shall exercise such powers and perform such duties as shall be determined from time to time by the Board, who shall, initially be the Initial Chairman. Any number of offices may be held by the same Person. Subject to <u>Section 5.15</u>, any Officers so designated shall have such authority and perform such duties as the Board may, from time to time, delegate to them. The Board may assign titles to particular Officers. Subject to <u>Section 5.15</u>, <u>Section 5.16</u> and <u>Section 5.20</u>, each Officer shall hold office until his successor shall be duly designated or until his or her death or until he or she shall resign or shall have been removed in the manner hereinafter provided.

Section 5.20&nbsp;&nbsp;&nbsp;&nbsp; *Removal of Officers; Vacancies*. Any Officer may resign as such at any time. Such resignation shall be made in writing and shall take effect at the time specified therein, or if no time is specified, at the time of its receipt by the Board. The acceptance by the Board of a resignation of any Officer shall not be necessary to make such resignation effective, unless otherwise specified in such resignation. Subject to <u>Section 5.16(e)</u>, any Officer may be removed as such, either with or without cause, at any time by the Board or any authorized committee thereof. Vacancies may be filled by approval of the Board or any authorized committee thereof. Designation of any Person as an Officer by the Board shall not in and of itself vest in such Person any contractual or employment rights with respect to the Company.

Section 5.21&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *[Reserved]*.

Section 5.22&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Reliance by Third Parties*. Persons dealing with the Company are entitled to rely conclusively upon the power and authority of the Board or the Officers in taking any action in the name of the Company without inquiry into the provisions of this Agreement or compliance with it, regardless of whether that action actually is taken in accordance with the provisions of this Agreement.

------

#### ARTICLE 6
Indemnification and Exculpation

Section 6.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Indemnity*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; To the fullest extent permitted by Applicable Law, the Company will, and will cause each of its Subsidiaries to, indemnify, exonerate and hold the Shareholders and each of their respective partners, shareholders, members, Affiliates (excluding the Company and its Subsidiaries), directors, officers, fiduciaries, managers, controlling Persons, employees and agents and each of the partners, shareholders, members, Affiliates (excluding the Company and its Subsidiaries), directors, officers, fiduciaries, managers, controlling Persons, employees and agents of each of the foregoing (collectively, the "<u>Indemnitees</u>") free and harmless from and against any and all actions, causes of action, suits, claims, proceedings, liabilities, losses, damages and costs and out-of-pocket expenses in connection therewith (including reasonable attorneys' fees and expenses) incurred by the Indemnitees or any of them before or after the date of this Agreement (collectively, the "<u>Indemnified Liabilities</u>"), arising out of any third-party action, cause of action, suit, arbitration or claim arising, directly or indirectly, out of, or in any way relating to, (i) such Shareholder's or its Affiliates' ownership of Shares or such Shareholder's or its Affiliates' control of the Company or any of its Subsidiaries or their respective predecessors or successors (other than any such Indemnified Liabilities to the extent such Indemnified Liabilities arise out of any willful breach of this Agreement by such Indemnitee or its Affiliates or other related Persons) or (ii) the business, operations, properties, assets or other rights or liabilities of the Company or any of its Subsidiaries; *provided*, *however*, that if and to the extent that the foregoing undertaking may be unavailable or unenforceable for any reason other than in accordance with its terms, the Company will, and will cause its Subsidiaries to, make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities which is permissible under Applicable Law. For the purposes of this <u>Section 6.01</u>, none of the limitations set forth in the parenthetical to clause (i) above shall be deemed to apply absent a final non-appealable judgment of a court of competent jurisdiction to such effect, in which case to the extent any such limitation is so determined to apply to any Indemnitee as to any previously advanced indemnity payments made by the Company or any of its Subsidiaries, then such payments shall be promptly repaid by such Indemnitee to the Company and its Subsidiaries, as applicable. The rights of any Indemnitee to indemnification hereunder will be in addition to any other rights any such Person may have under any other agreement or instrument to which such Indemnitee is or becomes a party or is or otherwise becomes a beneficiary or under law or regulation or under the organizational documents of the Company or any of its Subsidiaries.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company, will, and will cause its Subsidiaries to, jointly and severally, reimburse any Indemnitee for all reasonable costs and expenses (including reasonable attorneys' fees and expenses and any other litigation-related expenses) as they are incurred in connection with investigating, preparing, pursuing, defending or assisting in the defense of any action for which the Indemnitee would be entitled to indemnification under the terms of this <u>Section 6.01</u>, or any action or proceeding arising therefrom, whether or not such Indemnitee is a party thereto. The Company or its Subsidiaries, in the defense of any action for which an Indemnitee would be entitled to indemnification under the terms of this <u>Section 6.01</u>, may, without the consent of such Indemnitee, consent to entry of any judgment or enter into any settlement if and only if it (i) includes as a term thereof the giving by the claimant or plaintiff therein to such Indemnitee of an unconditional release from all liability with respect to such action, (ii) does not impose any limitations (equitable or otherwise) on such Indemnitee, and (iii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of such Indemnitee, and *provided* that the only penalty imposed in connection with such settlement is a monetary payment that will be paid in full by the Company or its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company acknowledges and agrees that the Company shall, and to the extent applicable shall cause its Subsidiaries to, be fully and primarily responsible for the payment to the Indemnitee in respect of Indemnified Liabilities in connection with any Jointly Indemnifiable Claim, pursuant to and in accordance with (as applicable) the terms of (i) Applicable Law, (ii) the organizational documents of the Company, (iii) this Agreement, (iv) any other agreement between the Company and the Indemnitee pursuant to which the Indemnitee is indemnified and/or (v) the laws of the jurisdiction of incorporation or organization of the Company (<u>clauses</u> <u>(i)</u> through <u>(v)</u>, collectively, the "<u>Indemnification Sources</u>"), irrespective of any right of recovery the Indemnitee may have from any Indemnitee-Related Entities. For the avoidance of doubt, the Company shall not be responsible for indemnifying the Indemnitee for any Indemnified Liabilities arising solely from the Indemnitee's service as a director, officer, employee, or agent of any Subsidiary, except to the extent that the Company has expressly agreed in writing to provide such indemnification. In all such cases, the relevant Subsidiary shall be fully and primarily responsible for any such indemnification obligations. Under no circumstance shall the Company or any controlled Subsidiary be entitled to any right of subrogation or contribution by the Indemnitee-Related Entities and no right of advancement or recovery the Indemnitee may have from the Indemnitee-Related Entities shall reduce or otherwise alter the rights of the Indemnitee or the obligations of the Company or any controlled Subsidiary under the Indemnification Sources. In the event that any of the Indemnitee-Related Entities shall make any payment to the Indemnitee in respect of indemnification with respect to any Jointly Indemnifiable Claim, (i) the Company shall, and to the extent applicable shall cause its controlled Subsidiaries to, reimburse the Indemnitee-Related Entity making such payment to the extent of such payment promptly upon written demand from such Indemnitee-Related Entity, (ii) to the extent not previously and fully reimbursed by the Company and/or any controlled Subsidiary pursuant to <u>clause</u> <u>(i)</u>, the Indemnitee-Related Entity making such payment shall be subrogated to the extent of the outstanding balance of such payment to all of the rights of recovery of the Indemnitee against the Company and/or any controlled Subsidiary, as applicable, and (iii) the Indemnitee shall execute all papers reasonably required and shall do all things that may be reasonably necessary to secure such rights, including the execution of such documents as may be necessary to enable the Indemnitee-Related Entities effectively to bring suit to enforce such rights.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company and Shareholders agree that each of the Indemnitees and Indemnitee-Related Entities shall be third-party beneficiaries with respect to this <u>Section 6.01</u>, entitled to enforce this <u>Section 6.01</u> as though each such Indemnitee and Indemnitee-Related Entity were a party to this Agreement. The Company shall cause each of its Subsidiaries to perform the terms and obligations of this <u>Section 6.01</u> as though each such Subsidiary were a party to this Agreement.

Section 6.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Exculpation*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To the fullest extent permitted by Applicable Law, no Indemnitee shall be liable to the Company or its Subsidiaries or to any other Person that is a Party hereto or is otherwise bound hereby for (i) any act or failure to act with respect to or in connection with the Company Group or the Company Group's business or affairs (without prejudice to rights and remedies available for breaches of this Agreement or the Transaction Documents, in accordance with the terms of such agreement, if applicable), or (ii) any liability from any breach of such Person's duty of loyalty to the Company, except in the case of bad faith or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company shall also have the power to exculpate, to the same extent set forth in this <u>Section 6.02</u>, employees of the Company or its Subsidiaries who are not Indemnitees and agents of the Company or its Subsidiaries.

Section 6.03&nbsp;&nbsp;&nbsp;&nbsp; *Waiver of Corporate Opportunity*. Except as otherwise provided in the second sentence of this <u>Section 6.03</u>, (i) no Shareholder or any of its Affiliates or any of their respective representatives (even if such Person is also an officer or Director of the Company) shall have any duty to communicate or present an investment or business opportunity or prospective economic advantage to the Company in which the Company may, but for the provisions of this <u>Section 6.03</u>, have an interest or expectancy (a "<u>Corporate Opportunity</u>"), and (b) no Shareholder or any of its Affiliates or any of their respective representatives (even if such Person is also an officer or Director of the Company) shall be deemed to have breached any fiduciary or other duty or obligation to the Company by reason of the fact that any such Person pursues or acquires a Corporate Opportunity for itself or its Affiliates or directs, sells, assigns or transfers such Corporate Opportunity to another Person or does not communicate information regarding such Corporate Opportunity to the Company. The Company renounces any interest in a Corporate Opportunity and any expectancy that a Corporate Opportunity will be offered to the Company; *provided, however*, that the Company does not renounce any interest or expectancy it may have in any Corporate Opportunity that is offered to an officer or Director of the Company whether or not such individual is also a Director or officer of a Shareholder, if such opportunity is expressly offered in writing solely to such Person in his or her capacity as an officer or Director of the Company.

Section 6.04 &nbsp;&nbsp;&nbsp;&nbsp; *D&O Insurance*. The Company shall at all times maintain directors' and officers' indemnity insurance coverage and the Certificate of Incorporation and Bylaws shall provide for mandatory indemnification and exculpation of the Directors and advancement of expenses to the Directors, in each case, to the fullest extent permitted under Applicable Law.

------

Section 6.05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Entry Into Force*. The provisions of this <u>Article 6</u> shall be applicable to any action, suit or proceeding commenced after the date of this Agreement against any Indemnitee arising from any act or omission of such Indemnitee acting in its capacity as such, whether occurring before or after the date of this Agreement. No amendment to or repeal of this <u>Article 6</u>, or, to the fullest extent permitted by Applicable Law, any amendment of Applicable Law, shall have any effect on the rights provided under this <u>Article 6</u> with respect to any act or omission occurring prior to such amendment or repeal.

Section 6.06&nbsp;&nbsp;&nbsp;&nbsp; *Transaction Documents*. Nothing contained in this <u>Article 6</u> is intended to relieve any Shareholder or any other Person from any liability or other obligation of such Person pursuant to any Transaction Document, to the extent such Shareholder is a party thereto, or to in any way impair the enforceability of any provision of such agreements against any party thereto.

#### ARTICLE 7
Accounting, Tax, Fiscal and Legal Matters

Section 7.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Fiscal Year*. The fiscal year of the Company shall be fixed by resolution of the Board (the "<u>Fiscal Year</u>").

Section 7.02&nbsp;&nbsp;&nbsp;&nbsp; *Books of Account and Other Information*. The Company shall prepare and maintain, at its principal place of business, separate books of account for the Company that shall show a true and accurate record of all costs and expenses incurred, all charges made, all credits made and received and all income derived in connection with the operation of the Company's business in accordance with GAAP consistently applied, and, to the extent inconsistent therewith, in accordance with this Agreement. All questions of accounting shall be determined by the Board or a committee or officer authorized by the Board to make such determination.

Section 7.03&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Auditors*. The Company Auditors shall be such firm of certified independent public accountants as shall be selected by the Board in its reasonable discretion and in accordance with the provisions of this Agreement.

Section 7.04&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Certain Tax Matters*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; The Company shall arrange for the preparation and timely filing of all tax returns required to be filed by the Company. Each Shareholder shall furnish to the Company all pertinent information and documentation in its possession relating to the Company's operations or as may be necessary to enable any tax return required to be filed by or with respect to the Company and any Subsidiary thereof to be timely prepared and filed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Shareholders agree that (i) the Company is intended to be classified as an association taxable as a corporation for U.S. federal income tax purposes, (ii) the Board shall take all actions necessary to cause the Company to be so classified, and (iii) no Shareholder or Affiliate thereof take any action inconsistent with such treatment.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; The Company shall as promptly as practicable furnish to any Shareholder information reasonably requested by such Shareholder or any Affiliate thereof to enable such Shareholder or its direct or indirect equity owners to comply with applicable tax reporting requirements with respect to Shares held by such Shareholder, including such information as may be reasonably requested by such Shareholder to complete U.S. federal, state or local or non-U.S. income tax returns. Reasonable out-of-pocket costs incurred by the Company in connection with providing such information shall be borne, and promptly reimbursed, by the Shareholder requesting such information. The Company will use commercially reasonable efforts to provide any tax-related information that is required to be provided to the Shareholder by the Company or any of its Subsidiaries in respect of a Taxable Year within ninety (90) calendar days following the end of such Taxable Year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; The Shareholders shall be entitled to receive from the Company upon reasonable request, to the extent it is able to do so, a certification that no Shares constitute a "United States real property interest," in accordance with Treasury Regulations Section 1.897-2(h)(1). Reasonable out-of-pocket costs incurred by the Company in connection with providing such certification, including any costs incurred in making any determinations with respect to the status of the Shares as a "United States real property interest," in accordance with Treasury Regulations Section 1.897-2(h)(1), shall be borne, and promptly reimbursed, by the Shareholder requesting such certification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding anything to the contrary in this Agreement, any Shareholder that intends to cause any Transfer of Company Securities that is otherwise permitted under this Agreement shall provide notice to the Board as soon as reasonably possible, with such notice containing sufficient detail and information as requested by the Board to allow the Board to (i) determine whether such Transfer would cause an "ownership change" pursuant to Section 382 of the Code (or any similar Applicable Law) with respect to the Company and, (ii) if such Transfer would cause an "ownership change" pursuant to Section 382 of the Code (or any similar Applicable Law) giving rise to a materially adverse impact on the Company's projected tax expense, consider in good faith what procedures, if any, may be warranted to implement to preserve the Company's ability to utilize its net operating losses and other tax attributes; *provided* that such procedures shall not prevent or in any way inhibit or limit the ability of such Shareholder to Transfer its Company Securities.

#### ARTICLE 8
Dividends and Distributions

Section 8.01&nbsp;&nbsp;&nbsp;&nbsp; *Dividends*. Subject to the terms of this Agreement, the Board may (but shall not be obligated to) declare and authorize dividends or other distributions to the Shareholders at any time or from time to time, and in amounts as determined by the Board in its sole and absolute discretion to be appropriate. All dividends or other distributions shall, subject to any rights contained in any certificate of designations for any class or series of preferred stock, be made to the Shareholders on a *pro rata* basis based on the number of outstanding Shares owned by such Shareholder at such time. The Company shall (at its own expense) determine the portion of any such distribution that is characterized as a dividend for U.S. federal income tax purposes, within the meaning of Section 301(c)(1) of the Code, and shall inform the Shareholders of the same.

------

Section 8.02&nbsp;&nbsp;&nbsp;&nbsp; *Dividends and Distributions in Cash, Stock or in Kind*. Dividends or distributions may be declared and paid in cash, in shares of stock or in property, as determined by the Board, in its sole discretion, subject to the terms of this Agreement and any rights of holders of any class or series of preferred stock as set forth in the applicable certificate of designations.

Section 8.03 *Limitations on Dividends and Distributions*. Notwithstanding anything in this Agreement to the contrary, no dividend or distribution shall be declared or paid if such action would be in violation of Applicable Law or any restrictions set forth in the Company's Certificate of Incorporation, Bylaws, or any certificate of designations for any class or series of preferred stock.

#### ARTICLE 9
Transfer Restrictions and Additional Shareholders

Section 9.01 *Restrictions on Transfers*. No Shareholder may, directly or indirectly, Transfer or permit a Transfer of (whether by merger, operation of law or otherwise) any Company Securities, except for (i) either (x) direct Transfers by a Shareholder to a Permitted Transferee or (y) direct or indirect Transfers in a Shareholder so long as such Transfer does not result in a change in control of the Shareholder, in each case pursuant to and in accordance with <u>Section 9.02(a)</u>; (ii) Transfers from and after December 31, 2026 pursuant to and in accordance with <u>Section 9.02(b)</u> (including any Transfers made pursuant to and in accordance with <u>Section 9.08</u> in connection therewith); (iii) Transfers to a ROFO Holder pursuant to and in accordance with <u>Section 9.04</u>; (iv) Transfers to Yucaipa pursuant to and in accordance with <u>Section 9.04(c)</u>; (v) Transfers pursuant to and in accordance with <u>Section 9.09</u> and (vi) Transfers that have been approved in writing by the Board by a two-thirds majority; *provided* that no Shareholder may Transfer any Company Securities pursuant to <u>clauses</u> <u>(i)</u>, or <u>(ii)</u> above to a competitor of the Company, as determined by the Board in good faith, without the prior written consent of the Board by a two-thirds majority.

------

Section 9.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Permitted Transfers*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any Shareholder may at any time, without the consent of the Board or any other Shareholder, either (v) (i) Encumber any or all of its Shares in connection with customary third party financing in effect on the Effective Date or refinancing, refunding or replacement thereof and (ii) Transfer any or all of its Shares in connection with the exercise of remedies in connection with such Encumbrance, (w) Transfer any or all of its Shares, directly or indirectly, to one or more of its Permitted Transferees, (x) permit a direct or indirect Transfer in such Shareholder so long as such Transfer does not result in a change in control of the Shareholder, (y) with respect to MCR Investor, permit a direct or indirect Transfer in MCR Investor so long as such Transfer does not result in MCR Parent ceasing to Control, directly or indirectly, MCR Investor, and (z) with respect to Momentum Investor, permit a direct or indirect Transfer in Momentum Investor so long as such Transfer does not result in Momentum Parent ceasing to Control, directly or indirectly, Momentum Investor; *provided* that, with respect to a direct Transfer by a Shareholder under clause (w), (i) the transferring Shareholder gives, prior to such Transfer becoming effective, at least ten (10) Business Days' advance written notice to the Board of such intention to make such a Transfer, which written notice shall state the name and address of each Permitted Transferee to whom such Transfer is proposed, the relationship of such Permitted Transferee to such transferring Shareholder and the number of Shares proposed to be transferred to such Permitted Transferee, (ii) such Permitted Transferee shall have agreed in writing to be entitled to and bound by all the rights and obligations, and subject to, the terms and conditions of this Agreement in accordance with <u>Section 9.03(a)</u>, (iii) the Transfer to such Permitted Transferee is in compliance with Applicable Law and applicable contractual obligations, (iv) such Transfer has been made subject to the transfer-back requirements pursuant to <u>Section 9.02(d)</u> and (v) the transferring Shareholder remains jointly and severally liable with the relevant Permitted Transferee vis-à-vis the other Parties for any breach by such Permitted Transferee of any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; From and after December 31, 2026, without the consent of the Board or any other Shareholder, any Shareholder may, subject to <u>Section 9.01</u>, <u>Section 9.04</u> and <u>Section 9.08</u> (if applicable), Transfer, directly or indirectly, in any one transaction or series of transactions, all or any portion of its Shares to any Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; On or prior to June 30, 2028, Yucaipa shall give each Shareholder written notice of whether, in Yucaipa's reasonable discretion, the Consolidated Adjusted EBITDA Threshold is reasonably expected to be met.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; For the avoidance of doubt, a Transfer to a Permitted Transferee shall not relieve the transferring Shareholder of its obligations to the Company. Each Shareholder agrees that if, after a Transfer to a Permitted Transferee in accordance with <u>Section 9.02(a)</u>, the Permitted Transferee ceases to be a Permitted Transferee of such Shareholder, except as otherwise required by Applicable Law, such Permitted Transferee shall immediately transfer all of its Transferred Shares to such Shareholder or another Permitted Transferee of such Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Except as provided herein, (i) a transferring Shareholder will bear its own costs and expenses in connection with the Transfer of such Shareholder's Shares, (ii) a transferee of Shares will bear its own costs and expenses in connection with the Transfer of such Shares and (iii) the Company will bear any ordinary course expenses it or its Subsidiaries may incur in connection with effecting and implementing any Transfer of any Shares. Without limitation of the foregoing, any transfer or similar taxes arising as a result of the Transfer of a Shareholder's Shares shall be paid by such transferring Shareholder (as applicable).

------

Section 9.03&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Additional Shareholders*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; Each Person who receives Shares as a result of a direct Transfer in accordance with, and as permitted by, the terms of this Agreement and who is not already a Shareholder, shall have executed and delivered to the Company, as a condition precedent to such person's acquisition of the relevant Shares, a joinder in the form reasonably acceptable to the Board (a "<u>Joinder</u>"). Upon execution of such Joinder, (i) such Person agrees to be bound by all the terms and conditions of this Agreement and shall be entitled to all rights of a Shareholder hereunder; (ii) in the case of a Transfer to a Permitted Transferee, such Permitted Transferee shall be subject to all of the obligations of the transferring Shareholder under this Agreement with respect to such Shares; and (iii) in the case of a Transfer to a Permitted Transferee, the transferring Shareholder shall have the right, but not the obligation, to assign (and may do so without the consent of any other Shareholder, the Company or any other Person) such Permitted Transferee all of its rights under this Agreement, as of the date of such Transfer. The Company shall be obliged to execute and deliver to such Person who has signed a Joinder a countersigned copy thereof, if the Transfer to such person is specifically required or permitted by this Agreement, and such person shall be entitled to all rights of a Shareholder hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Person who is issued new Shares in accordance with, and as permitted by, the terms of this Agreement who is not already a Shareholder shall have executed and delivered to the Company, as a condition precedent to such person's acquisition of the relevant Shares, a Joinder, pursuant to which such subscriber confirms that, with respect to the Shares it subscribes to or it receives, as applicable, it shall be deemed a Shareholder, and agrees to be bound by all the terms and conditions of this Agreement, in which case, the Company shall be obliged to execute and deliver to such Person who has signed a Joinder a countersigned copy thereof, and such person shall be entitled to all rights of a Shareholder hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the event of a Transfer of any Shares by a Shareholder in accordance with this <u>Article 9</u> to any Person (other than a Permitted Transferee), such Shareholder shall not be permitted to assign the specific rights granted to it hereunder (and not to all Shareholders) without the prior written consent of the Board (not to be unreasonably withheld, conditioned or delayed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upon a direct Transfer of Company Securities as permitted in accordance with this Agreement, the transferring Shareholder shall notify the Company so that such Transfer may be registered in the Company's books and records.

Section 9.04&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Right of First Offer*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; ROFO over Minority Offering Shareholders.

------

(i) If any Shareholder other than Yucaipa, the Momentum Investor or any of their respective Permitted Transferees ("<u>Minority Offering Shareholder</u>") desires to Transfer (or cause to be Transferred) (whether by merger, operation of law or otherwise) all or part of the Minority Offering Shareholder's Company Securities pursuant to <u>Section 9.02(b)</u>, other than (1) a Transfer to a Permitted Transferee in accordance with <u>Section 9.02(a)</u>, and (2) a Transfer in accordance with <u>Section 9.09</u>, then the Minority Offering Shareholder will notify the Company, in writing (the "<u>Minority ROFO Sale Notice</u>") that the Minority Offering Shareholder desires to Transfer all or any portion of its Company Securities, designating the specific number of Company Securities (the "<u>Minority ROFO Shares</u>") that the Minority Offering Shareholder desires to Transfer.

(ii) The Company shall within two (2) Business Days of its receipt of the Minority ROFO Sale Notice deliver the Minority ROFO Sale Notice to Yucaipa and the Momentum Investor (collectively, the "<u>Minority ROFO Holders</u>"). For a period of sixty (60) Business Days ("<u>Minority ROFO Election Period</u>") after receipt of the Minority ROFO Sale Notice, each Minority ROFO Holder shall have the right, but not the obligation, to purchase all (and only all) of the Minority ROFO Shares, which right may be exercised jointly with the other Minority ROFO Holder, by delivering an irrevocable written notice (the "<u>Minority ROFO Offer</u>") stating that the Minority ROFO Holder(s) wish to purchase all (and only all) of the Minority ROFO Shares. Any Minority ROFO Offer must include (1) the aggregate cash purchase price per Share (the "<u>Minority ROFO Offer Price</u>") for such Minority ROFO Shares, which for the avoidance of doubt, shall be the same per share price for each Minority ROFO Share, and (2) the other material terms and conditions of such proposed Transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ROFO over Yucaipa.

(i) If Yucaipa or any of its respective Permitted Transferees ("<u>Yucaipa Offering Shareholder</u>") desires to Transfer (or cause to be Transferred) (whether by merger, operation of law or otherwise) all of the Yucaipa Offering Shareholder's Shares in a transaction that is not a Drag-Along Sale, then the Yucaipa Offering Shareholder will notify the Company, in writing (the "<u>Yucaipa ROFO Sale Notice</u>") that the Yucaipa Offering Shareholder desires to Transfer all of its Shares (the "<u>Yucaipa ROFO Shares</u>").

------

(ii) The Company shall within two (2) Business Days of its receipt of the Yucaipa ROFO Sale Notice deliver the Yucaipa ROFO Sale Notice to the Momentum Investor (the "<u>Yucaipa ROFO Holder</u>"). For a period of sixty (60) Business Days ("<u>Yucaipa ROFO Election Period</u>") after receipt of the Yucaipa ROFO Sale Notice, the Yucaipa ROFO Holder shall have the right, but not the obligation, to purchase all (and only all) of the Yucaipa ROFO Shares by delivering an irrevocable written notice (the "<u>Yucaipa ROFO Offer</u>") stating that the Yucaipa ROFO Holder wishes to purchase all (and only all) of the Yucaipa ROFO Shares. Any Yucaipa ROFO Offer must include (1) the aggregate cash purchase price per Share (the "<u>Yucaipa ROFO Offer Price</u>") for such Yucaipa ROFO Shares and (2) the other material terms and conditions of such proposed Transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ROFO over Drag-Along Sellers.

(i) If the conditions to a Drag-Along Right are satisfied, prior to triggering a Drag-Along Sale under <u>Section 9.09(a)(i)</u>, a Shareholder (the "<u>DA ROFO Offering Shareholder</u>") will notify the Company, in writing (the "<u>DA ROFO Sale Notice</u>") that the DA ROFO Offering Shareholder desires to Transfer all of its Shares (the "<u>DA ROFO Shares</u>").

(ii) The Company shall within two (2) Business Days of its receipt of the DA ROFO Sale Notice deliver the DA ROFO Sale Notice to Yucaipa. For a period of sixty (60) Business Days ("<u>DA ROFO Election Period</u>") after receipt of the DA ROFO Sale Notice, Yucaipa shall have the right, but not the obligation, to purchase all (and only all) of the DA ROFO Shares by delivering an irrevocable written notice (the "<u>DA ROFO Offer</u>") stating that Yucaipa wishes to purchase all (and only all) of the DA ROFO Shares. Any DA ROFO Offer must include (1) the aggregate cash purchase price per Share (the "<u>DA ROFO Offer Price</u>") for such DA ROFO Shares and any Shares held by other Shareholders and (2) the other material terms and conditions of such proposed Transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Offering Shareholder will have fifteen (15) Business Days following the ROFO Election Period ("<u>ROFO Acceptance Period</u>") to accept in writing ("<u>ROFO Acceptance Notice</u>") any ROFO Offer made by the ROFO Holder(s); *provided*, that the Offering Shareholder shall not be required to accept any such ROFO Offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the case of clause (a) above, if more than one ROFO Holder wishes to exercise their right to purchase the ROFO Shares, they shall notify the Company and the Offering Shareholder within the ROFO Election Period. The ROFO Shares shall be allocated between the ROFO Holders *pro rata* in accordance with their respective Shareholder Percentages (excluding the Offering Shareholder) as of the date of the ROFO Sale Notice, unless otherwise in writing by such ROFO Holders. If the ROFO Holders do not agree on the terms of a joint offer, or on allocation within ten (10) Business Days following the ROFO Election Period, the ROFO Shares shall be allocated to the ROFO Holder offering the higher price.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the Offering Shareholder timely delivers a ROFO Acceptance Notice, then each of the Offering Shareholder and ROFO Holder(s) shall (and, as applicable, shall require its Affiliates to) consummate the purchase and sale of the ROFO Shares as to which the Offering Shareholder has delivered the ROFO Acceptance Notice on the terms set forth in the ROFO Offer within (i) in the case of <u>Section 9.09(a)</u> and <u>Section 9.09(b)</u>, thirty (30) calendar days of the end of the ROFO Acceptance Period, and (ii) in the case of <u>Section 9.09(c)</u>, one hundred eighty (180) calendar days of the end of the ROFO Acceptance Period; *provided*, that, if any Governmental Approvals are required in connection with such transaction, such time period shall be extended until the expiration of five (5) Business Days following the date on which all Governmental Approvals required with respect to such proposed transaction are obtained (including the expiration or termination of any applicable waiting periods under Applicable Law) but (i) in the case of <u>Section 9.09(a)</u> and <u>Section 9.09(b)</u> in no event will such period be extended for more than an additional one hundred eighty (180) calendar days, and (ii) in the case of <u>Section 9.09(c)</u>, in no event later than two hundred forty (240) calendar days following the end of the ROFO Acceptance Period, (it being understood that, if any such required Governmental Approvals are not obtained within such periods, the applicable purchasing ROFO Holder and the Offering Shareholder shall not be obligated to proceed with the proposed transaction and the Offering Shareholder may include the Shares which were to have been sold to the applicable purchasing ROFO Holder in any transaction effected pursuant to <u>Section 9.04(g)</u>); *provided*, *however*, that the Offering Shareholder may not proceed with any transaction effected pursuant to <u>Section 9.04(g)</u> if the failure to obtain Governmental Approvals was due to such Offering Shareholder's failure to use commercially reasonable efforts to obtain such required Governmental Approvals. The parties to any such transaction shall use their respective commercially reasonable efforts to obtain, at their own cost and expense, any such required Governmental Approvals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) &nbsp;&nbsp;&nbsp;&nbsp; If (i) the Offering Shareholder delivers a notice in writing that it does not intend to accept any ROFO Offer or fails to deliver ROFO Acceptance Notices with respect to all of the ROFO Shares to be sold pursuant to the ROFO Offer during the time period set forth in <u>Section 9.04(b)</u>, (ii) no ROFO Offers are provided to the Offering Shareholder during the ROFO Election Period or (iii) the Offering Shareholder timely delivers a ROFO Acceptance Notice and the proposed transaction contemplated by the ROFO Offer is not consummated solely as a result of a failure to receive all required Governmental Approvals within the time period referred to in <u>Section 9.04(f)</u> (as extended if applicable in accordance with <u>Section 9.04(f)</u>) (any of the events in the foregoing <u>clauses</u> <u>(i)</u> to <u>(iii)</u>, a "<u>ROFO Sale Trigger</u>"), then, (i) in the case of <u>Section 9.04(a)</u> and <u>Section 9.04(b)</u>, subject to the last proviso in <u>Section 9.04(f)</u>, the Offering Shareholder may enter into a binding agreement to Transfer or cause to be Transferred all (but not less than all) of the Shares set forth in the ROFO Sale Notice subject to the last proviso in <u>Section 9.04(f)</u>, at a price no less than one hundred percent (100%) of the price proposed in the ROFO Offer, if applicable, and on other terms and conditions that are no more favorable to the unaffiliated third-party acquirer than the terms and conditions specified in the ROFO Offer (the "<u>ROFO Offer Terms</u>"), if applicable; *provided*, that, such sale is *bona fide* and is entered within one hundred and twenty (120) calendar days of a ROFO Sale Trigger; *provided, further,* that such Transfer shall be consummated within two hundred and thirty five (235) calendar days after a ROFO Sale Trigger, and (ii) in the case of <u>Section 9.04(c)</u>, the DA ROFO Offering Shareholder may, at its or their option, trigger a Drag-Along Sale pursuant to <u>Section 9.09(a)(i)</u>. If, however, the Offering Shareholder (or, as applicable, its Affiliate) fails to complete or cause to be completed the proposed Transfer to an unaffiliated third-party acquirer within such time periods, then any proposed Transfer shall again become subject to the right of first offer pursuant to this <u>Section 9.04</u>.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding anything to the contrary in this <u>Section 9.04</u>, no Offering Shareholder may deliver more than one (1) ROFO Sale Notices or otherwise trigger a ROFO Sale Trigger pursuant to <u>Section 9.04(a)</u> in any rolling twelve (12) month period, and any attempt to do so in excess of such limit shall be null and void and of no force or effect; *provided* that, the limitation set forth in this <u>Section 9.04(h)</u> shall not apply in the event that the Offering Shareholder elects to re-initiate the right of first offer pursuant to the last sentence of <u>Section 9.04(g)</u> as a result of the third-party offer not complying with the ROFO Offer Terms.

Section 9.05&nbsp;&nbsp;&nbsp;&nbsp; *Termination of Shareholder Status*. Any Shareholder that directly Transfers all of its, and owns no, Shares shall immediately cease to be a Shareholder and shall no longer be a Party to this Agreement (in its capacity as a Shareholder), and <u>Exhibit A</u> shall be updated to eliminate such Person; *provided*, *however*, that such Shareholder (a) shall not thereby be relieved of its liability for breach of this Agreement prior to such time or from any obligations under this Agreement; (b) shall retain any rights with respect to a breach of this Agreement by any other Person prior to such time; (c) shall retain any rights as an Indemnitee under <u>Article 6</u> with respect to conduct occurring prior to such Transfer; and (d) shall not thereby be relieved of any of its obligations under <u>Article 9</u>.

Section 9.06&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Void Transfers*. To the greatest extent permitted by Applicable Law, any Transfer by any Shareholder of any Shares or other interest in the Company (including any Transfer of any Person which, directly or indirectly, owns Shares) in contravention of this Agreement shall be ineffective and null and void ab initio and shall not bind or be recognized by the Company or any other Person. In the event of any Transfer in contravention of this Agreement, to the greatest extent permitted by Applicable Law, the purported transferee shall have no right to any profits, losses or distributions of the Company or any other rights of a Shareholder.

Section 9.07&nbsp;&nbsp;&nbsp;&nbsp; *[Reserved].*

------

Section 9.08&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Tag-Along Right.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; Subject to <u>Section 9.10</u>, if, (i) Yucaipa proposes to Transfer (whether by merger, operation of law or otherwise) Shares (the "<u>Yucaipa Tag-Along Seller</u>" and the Transfer of such Shares, the "<u>Yucaipa Tag-Along Sale</u>"), (ii) the MCR Investor proposes to Transfer (whether by merger, operation of law or otherwise) Shares (the "<u>MCR Investor Tag-Along Seller</u>" and the Transfer of such Shares, the "<u>MCR Investor Tag-Along Sale</u>"), (iii) the Momentum Investor proposes to Transfer (whether by merger, operation of law or otherwise) Shares (the "<u>Momentum Investor Tag-Along Seller</u>" and the Transfer of such Shares, the "<u>Momentum Investor Tag-Along Sale</u>") or (iv) Yucaipa proposes to purchase Shares of a DA ROFO Offering Shareholder pursuant to <u>Section 9.04(c)</u> (the "<u>ROFO Tag-Along Seller</u>" and the purchase of such Shares, the "<u>ROFO Tag-Along Sale</u>"), other than in each of <u>clauses</u> <u>(i)</u>, <u>(ii)</u> <u>and</u> <u>(iii)</u>, (x) a Transfer to a Permitted Transferee in accordance with <u>Section 9.02(a)</u> or (y) a Transfer in accordance with <u>Section 9.09</u>, and in the case of <u>clauses</u> <u>(ii) or (iii)</u>, a Transfer in accordance with <u>Section 9.04(c)</u>, the Tag-Along Seller shall provide the other Shareholders (the "<u>Tagging Shareho</u><u>lders</u>") written notice of the terms and conditions of such proposed Transfer (the "<u>Tag-Along Notice</u>") and offer the Tagging Shareholders the opportunity to participate in such Transfer in accordance with this <u>Section 9.08</u>; *provided*, that, if the Consolidated Adjusted EBITDA Threshold has not been met as of the Trigger Date, this <u>Section 9.08</u> shall not apply to any proposed Transfer by the MCR Investor pursuant to <u>clause (ii)</u> <u>above</u> or the Momentum Investor pursuant to <u>clause</u> <u>(iii)</u> <u>above</u> (whether by merger, operation of law or otherwise) during the six (6) month period immediately following the Trigger Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Tag-Along Notice shall identify the number of Shares proposed to be sold by the Tag-Along Seller (the "<u>Tag-Along Offer</u>"), the consideration for which the Transfer is proposed to be made, and all other material terms and conditions of the Tag-Along Offer, including the form of the proposed agreement, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Tagging Shareholders shall have the right (a "<u>Tag-Along Right</u>"), exercisable by written notice (a "<u>Tag-Along Response Notice</u>") given to the Tag-Along Seller within twenty (20) Business Days after its receipt of the Tag-Along Notice (the "<u>Tag-Along Notice Period</u>"), to request that the Tag-Along Seller include in the proposed Tag-Along Sale up to a number of Shares representing such Tagging Shareholders' Tag-Along Portion; *provided*, that the Tagging Shareholders shall be entitled to include in the Tag-Along Sale no more than its Tag-Along Portion of Shares, and the Tag-Along Seller shall be entitled to include the number of Shares proposed to be Transferred by the Tag-Along Seller as set forth in the Tag-Along Notice (reduced, to the extent necessary, so that the Tagging Shareholders shall be able to include its Tag-Along Portion). Each Tag-Along Response Notice shall include wire transfer or other instructions for payment of any consideration for the Shares being transferred in such Tag-Along Sale. If at the termination of the Tag-Along Notice Period, any Tagging Shareholder shall not have elected to participate in the Tag-Along Sale, such Tagging Shareholder shall be deemed to have waived its rights under <u>Section 9.08(a)</u> with respect to the Transfer of its Shares pursuant to such Tag-Along Sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If at the end of a one hundred twenty (120) calendar day period after delivery of a Tag-Along Notice (which one hundred twenty (120) calendar day period shall be extended if any of the transactions contemplated by the Tag-Along Offer are subject to Governmental Approvals until the expiration of five (5) Business Days after all such Governmental Approvals have been received, but in no event later than one hundred eighty (180) calendar days following receipt of the Tag-Along Notice by the Tag-Along Seller), the Tag-Along Seller has not completed the Transfer of all Shares proposed to be sold by the Tag-Along Seller and the Tagging Shareholders on substantially the same terms and conditions set forth in the Tag-Along Notice, all the restrictions on Transfer contained in this Agreement or otherwise applicable at such time with respect to such Shares shall continue in effect.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Promptly after the consummation of the Tag-Along Sale, the Tag-Along Seller shall (i) notify the Tagging Shareholders thereof, (ii) if not remitted directly to the Tagging Shareholders, remit to the Tagging Shareholders the total consideration for the Shares of the Tagging Shareholders that were Transferred pursuant thereto, less the Tagging Shareholders' *pro rata* share of any escrows, holdbacks or adjustments in purchase price and any transaction expenses as determined in accordance with <u>Section 9.10</u>, with the cash portion of the purchase price paid by wire transfer of immediately available funds in accordance with the wire transfer instructions in the applicable Tag-Along Response Notice, and (iii) furnish such other evidence of the completion and the date of completion of such transfer and the terms thereof as may be reasonably requested by a Tagging Shareholder. The Tag-Along Seller shall promptly remit to the Tagging Shareholders, if not remitted directly to the Tagging Shareholders, any additional consideration payable upon the release of any escrows, holdbacks or adjustments in purchase price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding anything contained in this <u>Section 9.08</u>, there shall be no liability on the part of the Tag-Along Seller to the Tagging Shareholders or any other Person if the Transfer of Shares pursuant to this <u>Section 9.08</u> is not consummated for whatever reason, except to the extent the Tag-Along Seller or the Company has breached any provision of this Agreement or the provisions of the definitive acquisition agreement in connection with the Tag-Along Sale. Whether to effect a Transfer of Shares pursuant to this <u>Section 9.08</u> by the Tag-Along Seller is in the sole and absolute discretion of the Tag-Along Seller.

Section 9.09&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Drag-Along Right.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subject to <u>Section 9.10</u>, (i) from and after the Trigger Date, and subject to the Consolidated Adjusted EBITDA Threshold having been met, any Shareholder or group of Shareholders holding greater than ten percent (10%) of the issued and outstanding Shares, may at its or their option, (ii) on or prior to the Trigger Date, each of the MCR Investor and the Momentum Investor receiving at least a 1.75x MOIC with respect to the sale of its Shares in any such Drag-Along Sale (as defined below), Yucaipa may at its option, or (iii) from and after the Trigger Date, Yucaipa may at its option (each, a "<u>Drag-Along Right</u>"), at any time elect to consummate, or to cause the Company to consummate, a transaction or a series of related transactions that constitutes or would constitute a Change of Control of the Company (a "<u>Drag-Along Sale</u>" and the Shareholders initiating such Drag-Along Sale, the "<u>Drag-Along Seller</u>" and the other Shareholders of the Company, the "<u>Non-Drag-Along Seller</u>") and require each other Shareholder to, subject to the terms hereof: Transfer its Shares on the same terms and conditions applicable to, and for the same type of consideration payable to, the Drag-Along Seller, except as otherwise provided in <u>Section 9.09(c)</u>. Notwithstanding the foregoing, solely in the case of clause (i) above, if a DA ROFO Offer is submitted in accordance with <u>Section 9.04(c)</u>, the Drag-Along Right may only be triggered if the aggregate consideration for the Company set forth in the Drag-Along Sale Notice is greater than the DA ROFO Offer Price of such DA ROFO Offer, in each case, based on an implied equity value for 100% of the Shares of the Company.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the Drag-Along Seller elects to exercise its Drag-Along Rights, the Drag-Along Seller shall provide written notice of such Drag-Along Sale to the other Shareholders (a "<u>Drag-Along Sale Notice</u>") not later than twenty (20) Business Days prior to the proposed Drag-Along Sale. The Drag-Along Sale Notice shall identify the proposed purchaser in the Drag-Along Sale, confirmation that the proposed purchaser has been informed of the Shareholders' rights pursuant to this <u>Section 9.09</u>, the number of Shares subject to the Drag-Along Sale, the consideration for which a Transfer is proposed to be made and all other material terms and conditions of the Drag-Along Sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any Drag-Along Sale must be for 100% of the Equity Securities of the Company and the consideration for such Drag-Along Sale must be solely of cash or freely marketable securities. Notwithstanding the foregoing, in such transaction, Yucaipa and its Permitted Transferees may receive other property or securities so long as all other Shareholders receive cash and/or freely marketable securities having a reasonably equivalent value, with any determination of such value made by a committee of the Board comprised solely of disinterested and independent Directors being final, binding, and not subject to dispute by any Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Drag-Along Seller shall have a period of one hundred eighty (180) calendar days from the date of delivery of the Drag-Along Sale Notice to consummate the Drag-Along Sale on the terms and conditions set forth in such Drag-Along Sale Notice; *provided*, that, if such Drag-Along Sale is subject to regulatory approval, such one hundred eighty (180) calendar day period shall be extended until the expiration of five (5) Business Days after all such approvals have been received, but in no event later than two hundred forty (240) calendar days following delivery of the Drag-Along Sale Notice by the Drag-Along Seller. If the Drag-Along Sale shall not have been consummated during such period, the Drag-Along Seller shall return to each of the Non-Drag-Along Seller any documents in the possession of the Drag-Along Seller executed by the Non-Drag-Along Seller in connection with the proposed Drag-Along Sale, and all the restrictions on Transfer contained in this Agreement or otherwise applicable at such time with respect to such Shares owned by the Non-Drag-Along Seller shall again be in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp; Promptly after the consummation of the Drag-Along Sale pursuant to this <u>Section 9.09</u>, the Drag-Along Seller shall (i) notify the Non-Drag-Along Seller thereof, (ii) if not remitted directly to the Non-Drag-Along Seller, remit to the Non-Drag-Along Seller the total consideration for the Shares of the Non-Drag-Along Seller Transferred pursuant thereto less the Non-Drag-Along Seller's *pro rata* share of any escrows, holdbacks or adjustments in purchase price and all transaction expenses of the Company and the Non-Drag-Along Seller as determined in accordance with <u>Section 9.10</u>, with the cash portion of the purchase price paid by wire transfer of immediately available funds in accordance with the wire transfer instructions provided by the Non-Drag-Along Seller, and (iii) furnish such other evidence of the completion and the date of completion of such transfer and the terms thereof as may be reasonably requested by the Non-Drag-Along Seller. If not remitted directly to the Non-Drag-Along Seller, the Drag-Along Seller shall promptly remit to the Non-Drag-Along Seller any additional consideration payable upon the release of any escrows, holdbacks or adjustments in purchase price.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding anything contained in this <u>Section 9.09</u>, there shall be no liability on the part of the Drag-Along Seller to the Non-Drag-Along Seller (other than the obligation to return the applicable instruments representing Shares received by the Drag-Along Seller) or any other Person if the Transfer of Shares pursuant to this <u>Section 9.09</u> is not consummated for whatever reason, regardless of whether the Drag-Along Seller has delivered a Drag-Along Sale Notice, except to the extent the Drag-Along Seller or the Company has breached any provision of this Agreement or the provisions of the definitive acquisition agreement in connection with the Drag-Along Sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp; In the event a Drag-Along Seller seeks to commence a sale process in connection with a potential Drag-Along Sale pursuant to <u>Section 9.09(a)(i)</u>, such sale process shall be administered by the Board. The Board shall reasonably consult with the Drag-Along Seller and consider in good faith the views of the Drag-Along Seller in connection with material decisions and communications related to the Drag-Along Sale, including (i) identification and solicitation of prospective purchasers (including securing the services of an investment bank and/or other professional advisors to assist in procuring such purchasers), (ii) preparation of preliminary marketing and auction materials, and (iii) negotiation and execution of transaction documentation. The Board shall use its reasonable best efforts to provide the Drag-Along Seller with a reasonable opportunity to attend material meetings and calls related to the Drag-Along Sale and the Board will use its reasonable best efforts to provide reasonable advanced notice of the same. The Board shall use reasonable best efforts to keep the Drag-Along Seller reasonably informed on a reasonably current basis of material developments in connection with such Drag-Along Sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the case of <u>Section 9.09(a)(ii)</u> and <u>(iii)</u>, the Drag-Along Seller shall reasonably consult with the Board and consider in good faith the views of the Board in connection with material decisions and communications related to the Drag-Along Sale, including (i) identification and solicitation of prospective purchasers (including securing the services of an investment bank and/or other professional advisors to assist in procuring such purchasers), (ii) preparation of preliminary marketing and auction materials, and (iii) negotiation and execution of transaction documentation. The Drag-Along Seller shall use its reasonable best efforts to provide the Board with a reasonable opportunity to attend material meetings and calls related to the Drag-Along Sale and the Drag-Along Seller will use its reasonable best efforts to provide reasonable advanced notice of the same. The Drag-Along Seller shall use reasonable best efforts to keep the Board reasonably informed on a reasonably current basis of material developments in connection with such Drag-Along Sale. The Company shall reimburse the Drag-Along Seller for all reasonable and documented out-of-pocket expenses incurred by the Drag-Along Seller in connection with the Drag-Along Sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; Each of the Shareholders will reasonably cooperate with each other and the Company in connection with the Drag-Along Sale, subject to <u>Section 9.10</u> below.

Section 9.10&nbsp;&nbsp;&nbsp;&nbsp; *Additional Conditions to Tag-Along Sales and Drag-Along Sales*. Notwithstanding anything contained in <u>Section 9.08</u> or <u>Section 9.09</u>, the rights and obligations of the other Shareholders to participate in a Tag-Along Sale under <u>Section 9.08</u> or a Drag-Along Sale under <u>Section 9.09</u> are subject to the following conditions:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; upon the consummation of such Tag-Along Sale or Drag-Along Sale, except as otherwise provided in <u>Section 9.09(c)</u>, (i) all of the Shareholders participating therein will receive the same form of consideration, including all payments whatsoever to any of its Affiliates (including transaction fees, exit fees, advisor and management fees), and (ii) if any Shareholders are given an option as to the form and amount of consideration to be received, all Shareholders participating therein will be given the same option; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; each other Shareholder shall (i) make such representations, warranties and covenants, provide such indemnities, releases and enter into such definitive agreements as are customary for transactions of the nature of the proposed Transfer; *provided*, that if the other Shareholders are required to provide any representations or indemnities in connection with such Transfer, liability for misrepresentation or indemnity shall (as to such other Shareholders) be expressly stated to be several but not joint and each other Shareholder shall not be liable for more than its *pro rata* share (based on the proceeds to be received) of any liability for misrepresentation or indemnity, (ii) benefit from all of the same provisions of the definitive agreements as the Tag-Along Seller or Drag-Along Seller, as the case may be, and (iii) be required to bear their proportionate share of any escrows, holdbacks or adjustments in purchase price; *provided,* that, with respect to a Drag-Along Sale the Non-Drag-Along Seller (1) shall not be obligated to provide indemnification obligations that exceed its proceeds from the transaction, (2) shall not, unless the Non-Drag-Along Seller consents otherwise in its sole discretion, receive consideration other than cash or freely marketable securities, and (3) shall not be obligated to make any representations or warranties other than in relation to its due organization, title to the securities it is selling, its authority and capacity to effect the transfer and the absence of any conflict under Applicable Law or its organizational documents or any contract that would prevent or delay the transfer (it being understood that this <u>Section 9.10(b)</u> shall not limit, and each Shareholder shall be responsible for, severally and not jointly such Shareholder's *pro rata* share (based on the proceeds received) of any breach of the Company's representations and warranties).

Section 9.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Public Offering Rights*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Board, subject to the consent of Yucaipa pursuant to <u>Section 5.16(f)</u>, shall have the right to cause the Company to effect an IPO at any time, and the Company will engage legal and financial advisors to act as the Company's advisors with respect thereto and the Shareholders will cooperate in all respects in marketing and effecting such IPO, subject to the rights of Shareholders under any Registration Rights Agreement. The Board shall be authorized to make decisions regarding the timing, size of offering, listing exchange, selection of underwriters and other decisions regarding the IPO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Caring Qualified IPO Process Option.*

------

(i) Notwithstanding Yucaipa's approval right under <u>Section 5.16(f)</u>, for so long as Caring (together with his Permitted Transferees) holds 18,431,435 or more Shares (appropriately adjusted for any stock splits, stock dividends or other similar events), from and after the two (2) year period following the Effective Date, the Board shall, upon written notice by Caring, cause the Company to commence a Qualified IPO process and use commercially reasonable efforts to pursue such process. The Company shall use commercially reasonable efforts to keep Caring reasonably informed of the Qualified IPO process and provide Caring with reasonable access to personnel of the lead underwriter for periodic updates. The Board, in lieu of commencing and pursuing a Qualified IPO process, may initiate a process for the sale of the Company or otherwise pursue a Company Change of Control transaction.

(ii) The Board may, in its sole discretion, determine to proceed with, or terminate the Qualified IPO process after receiving *bona fide* feedback from prospective underwriters as to expected valuation, market receptivity and Qualified IPO execution considerations. Notwithstanding any commencement of the process, the consummation of a Qualified IPO will remain subject to the Board's approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With respect to any IPO contemplated by this <u>Section 9.11</u>, the Company (or any legal entity in which the Company is converted in order to effect the IPO) and the Shareholders shall use reasonable best efforts to structure any IPO in a tax efficient manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; In connection with the undertaking of an IPO contemplated by this <u>Section 9.11</u>, if requested by the managing underwriters (if any), the Shareholders shall execute an agreement that subjects such Shareholders to customary lock-up provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp; This Agreement shall terminate in full without any further action by any Party upon the consummation of an IPO; *provided*, that notwithstanding the foregoing or anything else in this Agreement to the contrary, <u>Article 6</u>, <u>Section 10.02</u>, <u>Section 12.11</u>, <u>Section 12.12</u>, <u>Section 12.13</u>, <u>Section 12.14</u>, and <u>Section 12.15</u> shall not terminate, but shall remain in effect, upon, from and following any termination of this Agreement pursuant to this <u>Section 9.11(e)</u>.

------

Section 9.12&nbsp;&nbsp;&nbsp;&nbsp; *Registration Rights*. In connection with an IPO, the Company shall enter into a registration rights agreement granting to each of the Shareholders, to the extent applicable, registration rights on customary terms (the "<u>Registration Rights Agreement</u>").

#### ARTICLE 10
Covenants

Section 10.01 *Approved Budget*. Without limitation to any consent or approval right or requirement set forth in <u>Section 5.15</u>, <u>Section 5.16</u>, and <u>Section 5.17</u>, not less than thirty (30) days prior to the end of each Fiscal Year, the Company shall prepare and submit to the Board, for the Board's review and approval, an annual budget (a "<u>Budget</u>", and a Budget approved by the Board, an "<u>Approved Budget</u>") for the next succeeding Fiscal Year. If the Board fails to approve such Budget prior to the first day of the first Fiscal Year to be covered by such Budget, the Company shall continue to operate under the most recent Approved Budget until a new Budget is approved.

Section 10.02&nbsp;&nbsp;&nbsp;&nbsp; *Confidentiality*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Shareholder agrees that it shall hold strictly confidential and shall use, and that it shall cause any Person to whom Confidential Information is disclosed pursuant to <u>clauses</u> <u>(a)</u> through <u>(e)</u> below to hold strictly confidential and to use, the Confidential Information only in connection with its investment in (or, in the case of <u>clause</u> <u>(e)</u>, its potential investment in or acquisition of an interest in) the Company and not for any other purpose. Each Shareholder agrees that it shall be responsible for any breach of the provisions of this <u>Section 10.02</u> by any of its Representatives or potential transferees to whom it discloses Confidential Information. Each Shareholder further acknowledges and agrees that it shall not disclose any Confidential Information to any Person, except that Confidential Information may be disclosed:

(i) to the extent required by Applicable Law (including complying with any oral or written questions, interrogatories, requests for information or documents, subpoena, civil investigative demand or similar process to which a Shareholder is subject; *provided*, that, unless otherwise prohibited by Applicable Law, such Shareholder agrees to give the Company prompt written notice of such request(s), to the extent practicable, so that the Company may seek an appropriate protective order or similar relief (and the Shareholder shall cooperate with such efforts by the Company, and shall, in any event, make only the minimum disclosure required by such Applicable Law));

(ii) to any regulatory authority to which such Shareholder or any of its Affiliates is subject or with which it has regular dealings, as long as such authority or agency is advised of the confidential nature of such information and such Shareholder uses reasonable best efforts to seek confidential treatment of such information to the extent available;

------

<br> (iii) to the extent required by applicable rules and regulations of any Governmental Authority with responsibility for regulating securities or by applicable stock exchange rules;

<br> (iv) if the prior written consent of the Board and the other Shareholders shall have been obtained; and

<br> (v) in the case of the Bruce Group, to the direct and indirect equity holders of the Bruce Group, its Affiliates and their respective affiliated investment funds who are under duties or obligations of confidentiality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; Nothing contained herein shall prevent the use (subject, to the extent possible, to a protective order) of Confidential Information in connection with the assertion or defense of any *bona fide* claim by or against the Company or any Shareholder.

Section 10.03 *Non-Disparagement*. Each Shareholder agrees that so long as it or any of its Permitted Transferees remains a Shareholder of the Company and for twenty-four (24) months thereafter, neither such Shareholder nor any Affiliate of such Shareholder shall, make or cause to be made, any statement or announcement (including through any press, media, analysts or other persons) that constitutes an expression of negative opinion, *ad hominem* attack on, or otherwise disparages, defames, slanders, or impugns or is reasonably likely to damage the reputation of the Company, the MCR Investor, the Momentum Investor, Caring, Yucaipa or any of their respective Subsidiaries and Affiliates. Nothing in this <u>Section 10.03</u> shall apply to statements made to a court or arbitrator in good faith in connection with the assertion or defense of any *bona fide* claim by or against the Company or any Shareholder.

#### ARTICLE 11
Reporting

Section 11.01&nbsp;&nbsp;&nbsp;&nbsp; *Financial Information*. The Company shall concurrently provide to each of the Shareholders (and their respective Permitted Transferees), for so long as each such Shareholder owns any Company Securities, in each case, as soon as reasonably available:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the unaudited consolidated balance sheet of the Company and its Subsidiaries as at the end of such quarter and the related unaudited statement of operations and cash flow for such quarter and for the portion of the Fiscal Year then ended, in each case, prepared in accordance with GAAP (subject to normal year-end adjustments and the absence of footnotes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the audited consolidated balance sheet of the Company and its Subsidiaries as at the end of such Fiscal Year and the related audited statements of operations and cash flow for such Fiscal Year, in each case, prepared in accordance with GAAP;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; regular quarterly reports prepared by the CEO and/or other members of senior management including but not limited to Company cash flow and P&L forecasts and key performance indicators; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any other information reasonably requested by such Shareholder, subject to the approval of the Board.

Section 11.02&nbsp;&nbsp;&nbsp;&nbsp; *Liability*. No Party shall have any liability to any other Party in the event that any information exchanged or provided pursuant to this Agreement which is an estimate or forecast, or which is based on an estimate or forecast, is found to be inaccurate in the absence of willful misconduct by the Party providing such information.

#### ARTICLE 12
Miscellaneous

Section 12.01&nbsp;&nbsp;&nbsp;&nbsp; *[Reserved]*.

Section 12.02&nbsp;&nbsp;&nbsp;&nbsp; *[Reserved]*.

Section 12.03&nbsp;&nbsp;&nbsp;&nbsp; *Further Assurances*. Each Shareholder shall, at its own expense, sign and execute such documents and use reasonable efforts to perform such further acts as the Company or Yucaipa may reasonably request from time to time to give full effect to, and give each Party the full benefit of, this Agreement.

Section 12.04&nbsp;&nbsp;&nbsp;&nbsp; *Expenses*. Except as otherwise agreed in writing, each party shall bear all its own fees and expenses incurred by such Party hereto in connection with the preparation, execution and consummation of the terms of this Agreement and the Transaction Documents.

Section 12.05&nbsp;&nbsp;&nbsp;&nbsp; *Amendment or Modification*. Subject to <u>Section 5.16(a)</u> and <u>Section 5.17(a)</u>, this Agreement may only be amended, modified or waived by a written instrument approved by each of (i) Shareholders holding at least a majority of the voting power of the issued and outstanding Shares and (ii) Yucaipa; *provided, however*, that any amendment or modification that disproportionately and materially adversely affects one or more Shareholders in relation to similarly situated Shareholders must be consented to in writing by such disproportionately and adversely affected Shareholders holding a majority of voting power of the Shares held by such disproportionately and adversely affected Shareholders (excluding Yucaipa).

Section 12.06&nbsp;&nbsp;&nbsp;&nbsp; *Waiver; Cumulative Remedies*. Except as explicitly stated otherwise in this Agreement, failure or delay by any Party in exercising any right or remedy under or in connection with this Agreement will not impair any right or remedy, or operate or be construed as a waiver of any right or remedy. Except as specifically provided herein, all remedies, either under this Agreement or by Applicable Law or otherwise afforded, will be cumulative and not alternative.

------

Section 12.07&nbsp;&nbsp;&nbsp;&nbsp; *Entire Agreement*. This Agreement, the Transaction Documents and the Existing Stockholders' Agreement constitute the entire agreement between the Parties hereto relating to the subject matter hereof and thereof and supersede and terminate any preceding or concurrent oral or written agreements between the Parties hereto with respect thereto, and no Party will have any right or remedy against any other Party arising out of or in connection with any such preceding or concurrent agreements unless expressly agreed otherwise herein.

Section 12.08&nbsp;&nbsp;&nbsp;&nbsp; *Third Party Beneficiaries*. Except as otherwise provided in <u>Section 6.01</u>, this Agreement is intended solely for the benefit of the Parties hereto and is not intended to confer any benefits upon, or create any rights in favor of, any Person other than the Parties hereto.

Section 12.09&nbsp;&nbsp;&nbsp;&nbsp; *Non-Assignability; Binding Effect*. The provisions of this Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective personal and legal representatives, heirs, executors, administrators, successors and permitted assigns; *provided* that no Party may assign or procure the assumption of any of its rights or obligations under this Agreement, grant or procure the granting of any security interest over or otherwise transfer the benefit of this Agreement, whether in whole or in part, to any other Person without the prior written consent of the other Parties, other than in connection with a Transfer permitted pursuant to <u>Article 9</u>.

Section 12.10 *Severability*. The invalidity or unenforceability of any provision of this Agreement will not affect the validity or enforceability of any other provision of this Agreement. Any such invalid or unenforceable provision will be replaced or be deemed to be replaced with a provision that is valid and enforceable and most closely resembles the intent of the invalid or unenforceable provision.

Section 12.11&nbsp;&nbsp;&nbsp;&nbsp; *Injunctive Relief*. The Parties hereto hereby acknowledge and agree that a violation of any of the terms of this Agreement will cause the other Parties and the Company irreparable injury for which an adequate remedy at law is not available. Accordingly, the Parties hereto expressly agree that in addition to any other remedy that each of the Parties and the Company may be entitled to in law or in equity, each of the Parties hereto and the Company shall, except as specifically provided otherwise in this Agreement, be entitled to specific performance of the terms of this Agreement and any injunction, restraining order or other equitable relief that may be necessary to prevent any breach(es) thereof.

Section 12.12&nbsp;&nbsp;&nbsp;&nbsp; *Governing Law*. This Agreement is governed by and interpreted, construed and enforced in accordance with the laws of the state of Delaware, without regard to the conflict of laws principles thereof.

------

Section 12.13&nbsp;&nbsp;&nbsp;&nbsp; *Dispute Resolution.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; Upon the occurrence of any dispute or disagreement between the Parties hereto (including any Indemnitee) arising out of or in connection with any term or provision of this Agreement, the subject matter hereof, or the interpretation or enforcement hereof, including any claim, action, suit, investigation or proceeding of any kind, whether based in contract or tort, or whether at law or in equity, or otherwise, that arises out of or related to a Party's status or rights as a holder of Company Securities (in each case, a "<u>Dispute</u>"), the Parties hereto (including any Indemnitee) shall engage in informal, good faith discussions and attempt to resolve the Dispute for a period of no more than twenty (20) Business Days. If the Parties hereto are unable to resolve the Dispute within such twenty (20) Business Day period, then the Parties hereto (including any Indemnitee) shall comply with the dispute resolution procedure set forth in <u>Section 12.13(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the Parties hereto (including any Indemnitee) are unable to resolve the Dispute pursuant to <u>Section 12.13(a)</u>, then such Parties (including any Indemnitee) shall submit the Dispute to final and binding arbitration in New York, New York, administered by Judicial Arbitration & Mediation Services ("<u>JAMS</u>"), or its successor, in accordance with the rules and procedures of JAMS in effect. The Parties hereto (including any Indemnitee) agree that any and all Disputes (which for purposes of this <u>Section 12.13</u> will be deemed to include any action pursuant to the immediately preceding sentence) that are submitted to arbitration shall be decided by three (3) neutral arbitrators who are retired judges or attorneys licensed to practice law in New York who are experienced in complex commercial transactions. Within seven (7) days of the commencement of arbitration, each of the Board, Yucaipa and the RC Director (or, if there shall be no RC Director at such time, the Designated Directors) shall select one (1) arbitrator. The Parties hereto will cooperate with JAMS and with one another in selecting such arbitrators and in scheduling the arbitration proceedings in accordance with applicable JAMS procedures. The arbitration shall be conducted in accordance with the JAMS Comprehensive Arbitration Rules & Procedures as those Rules exist on the Effective Date of this Agreement, including Rules 16.1 and 16.2 of those Rules. The Parties hereto agree that they will participate in the arbitration in good faith and each Party hereto participating in any arbitration proceedings will bear such Party's own attorneys' fees and costs associated with the arbitration, unless such Party is ordered to pay reasonable costs and expenses pursuant to the final determination by the arbitrators. In any arbitration arising out of or related to this Agreement, the arbitration panel shall, in the final award, award to the substantially prevailing party, if any, the costs and attorneys' fees reasonably incurred by the substantially prevailing party in connection with the arbitration. If, in the final award, the arbitration panel determines a party to be the substantially prevailing party under circumstances where the substantially prevailing party won on some but not all of the claims and counterclaims, the arbitration panel may award the substantially prevailing party an appropriate percentage of the costs and attorneys' fees reasonably incurred by the substantially prevailing party in connection with the arbitration. The arbitration panel shall apply Delaware law without reference to conflicts of laws principles that would result in the application of the law of a jurisdiction other than Delaware. Any award issued as a result of such arbitration shall be final and binding among the Parties hereto and shall be enforceable by any court having jurisdiction over such Party against whom enforcement is sought. The Parties hereto (including any Indemnitee) expressly acknowledge and understand that by entering into this Agreement, each Party hereto (including any Indemnitee) is waiving such Party's respective rights to have any Dispute among the Parties hereto adjudicated by a court or by a jury. The parties acknowledge that this Agreement evidences a transaction involving interstate commerce. Notwithstanding the provision in this paragraph with respect to applicable substantive law, any arbitration conducted pursuant to the terms of this Agreement shall be governed by the Federal Arbitration Act.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except as may be required by Applicable Law or court order, the Parties hereto (including any Indemnitee) agree to maintain confidentiality as to all aspects of any arbitration, including its existence and results, except that nothing herein shall prevent any Party hereto from disclosing information regarding such arbitration for purposes of proceedings to enforce this clause or to enforce the award or for purposes of seeking provisional remedies from a court of competent jurisdiction. The Parties hereto (including any Indemnitee) further agree to obtain the agreement of the arbitral tribunal to preserve the confidentiality of the arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By agreeing to arbitration, the Parties hereto do not intend to deprive the Delaware Courts of their ability to issue any form of provisions remedy, including but not limited to a preliminary injunction or attachment in aid of the arbitration, or to order any appropriate interim or conservatory measure. A request for such provisional remedy or interim or conservatory measure by a Party hereto to a Delaware Court shall not be deemed a waiver of this agreement to arbitrate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In any arbitration arising out of or related to this Agreement, the arbitration panel is not empowered to award punitive or exemplary damages, except where permitted by statute, and the Parties waive any right to recover any such damages. In any arbitration arising out of or related to this Agreement, the arbitration panel may not award any incidental, indirect or consequential damages, including damages for lost profits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In any arbitration arising out of or related to this Agreement, requests for documents: (i) shall be limited to documents which are directly relevant to significant issues in the case or to the case's outcome; (ii) shall be restricted in terms of time frame, subject matter and persons or entities to which the requests pertain; and (iii) shall not include broad phraseology such as "all documents directly or indirectly related to." In any arbitration arising out of or related to this Agreement: (i) there shall be production of electronic documents only from sources used in the ordinary course of business and absent a showing of compelling need, no such documents are required to be produced from backup servers, tapes or other media, (ii) absent a showing of compelling need, the production of electronic documents shall normally be made on the basis of generally available technology in a searchable format which is usable by the party receiving the e-documents and convenient and economical for the producing party and absent a showing of compelling need, the parties need not produce metadata, with the exception of header fields for email correspondence, (iii) the description of custodians from whom electronic documents may be collected shall be narrowly tailored to include only those individuals whose electronic documents may reasonably be expected to contain evidence that is material to the dispute, and (iv) where the costs and burdens of e-discovery are disproportionate to the nature of the dispute or to the amount in controversy, or to the relevance of the materials requested, the arbitration panel will either deny such requests or order disclosure on condition that the requesting party advance the reasonable cost of production to the other side, subject to the allocation of costs in the final award. In any arbitration arising out of or related to this Agreement, there shall be no interrogatories or requests to admit. In any arbitration arising out of or related to this Agreement, each side may take two (2) depositions. Each side's depositions are to consume no more than a total of four (4) hours. There are to be no speaking objections at the depositions, except to preserve privilege. The total period for the taking of depositions shall not exceed one (1) week.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In any arbitration arising out of or related to this Agreement: (i) any party wishing to make a dispositive motion shall first submit a brief letter (not exceeding five (5) pages) explaining why the motion has merit and why it would speed the proceeding and make it more cost-effective and the other side shall have three (3) Business Days within which to respond, (ii) based on the letters, the arbitration panel will decide whether to proceed with more comprehensive briefing and argument on the proposed motion, (iii) if the arbitration panel decides to go forward with the motion, the arbitration panel will place page limits on the briefs and set an accelerated schedule for the disposition of the motion, and (iv) under ordinary circumstances, the pendency of such a motion will not serve to stay any aspect of the arbitration or adjourn any pending deadlines. The following time limits are to apply to any arbitration arising out of or related to this Agreement: (i) discovery is to be completed within fifteen (15) days of the service of the arbitration demand, (ii) the evidentiary hearing on the merits ("<u>Hearing</u>") is to commence within thirty (30) days of the service of the arbitration demand, (iii) at the Hearing, each side is to be allotted one (1) day for presentation of direct evidence and for cross examination, (iv) a brief, reasoned award is to be rendered within forty-five (45) days of the close of the Hearing or within forty-five (45) days of service of post-hearing briefs if the arbitration panel direct the service of such briefs, and (v) the arbitration panel must agree to the foregoing deadlines before accepting appointment. Failure to meet any of the foregoing deadlines will not render the award invalid, unenforceable or subject to being vacated. The arbitration panel, however, may impose appropriate sanctions and draw appropriate adverse inferences against the party primarily responsible for the failure to meet any such deadlines.

Section 12.14&nbsp;&nbsp;&nbsp;&nbsp; *JURISDICTION AND VENUE; WAIVER OF JURY TRIAL*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THE PARTIES HERETO HEREBY AGREE THAT ANY SUIT, ACTION, OR PROCEEDING SEEKING TO ENFORCE A FINAL DETERMINATION RENDERED BY THE ARBITRATORS PURSUANT TO THE PROVISIONS OF <u>Section 12.13</u> OR TO OBTAIN OR ANY PROVISIONAL RELIEF PURSUANT TO <u>Section 12.13(d)</u> MAY ONLY BE BROUGHT IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE (OR, ONLY IF SUCH COURT DECLINES TO ACCEPT JURISDICTION OVER A PARTICULAR MATTER, THEN IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE OR, IF JURISDICTION IS NOT THEN AVAILABLE IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE (BUT ONLY IN SUCH EVENT), THEN IN ANY COURT SITTING OF THE STATE OF DELAWARE IN NEW CASTLE COUNTY) AND ANY APPELLATE COURT FROM ANY OF SUCH COURTS (IN ANY CASE, THE "<u>DELAWARE COURT</u>"), AND EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY CONSENTS TO THE EXCLUSIVE JURISDICTION OF THE DELAWARE COURTS IN ANY SUCH SUIT, ACTION OR PROCEEDING AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT ANY SUCH SUIT, ACTION OR PROCEEDING WHICH IS BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. PROCESS IN ANY SUCH SUIT, ACTION OR PROCEEDING MAY BE SERVED ON ANY PARTY HERETO ANYWHERE IN THE WORLD, WHETHER WITHIN OR WITHOUT THE JURISDICTION OF ANY OF THE DELAWARE COURTS. WITHOUT LIMITING THE FOREGOING, EACH PARTY HERETO AGREES THAT SERVICE OF PROCESS ON SUCH PARTY AS PROVIDED IN <u>Section 12.15</u> SHALL BE DEEMED EFFECTIVE SERVICE OF PROCESS ON SUCH PARTY WHEN DEEMED GIVEN PURSUANT TO <u>Section 12.15</u>; *PROVIDED* THAT NOTHING HEREIN SHALL AFFECT THE RIGHT OF ANY PARTY TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, EACH PARTY HERETO WAIVES, AND COVENANTS THAT SUCH PARTY SHALL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE), ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY JUDICIAL ACTION OR PROCEEDING ARISING OUT OF THIS AGREEMENT OR THE SUBJECT MATTER HEREOF OR IN ANY WAY CONNECTED WITH THE DEALINGS OF ANY PARTY HERETO OR THE COMPANY OR ANY OF ITS AFFILIATES IN CONNECTION WITH ANY REPRESENTATION, WARRANTY, COVENANT OR AGREEMENT CONTAINED IN THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED BY THIS AGREEMENT, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING AND WHETHER IN CONTRACT, TORT OR OTHERWISE. THE COMPANY OR ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS <u>SECTION 12.14(B)</u> WITH ANY COURT IN ANY JURISDICTION AS WRITTEN EVIDENCE OF THE CONSENT OF THE MEMBERS TO THE WAIVER OF THEIR RESPECTIVE RIGHTS TO TRIAL BY JURY.

Section 12.15&nbsp;&nbsp;&nbsp;&nbsp; *Notices*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All notices, requests, claims, demands and other communications under this Agreement shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service, by e-mail or by registered or certified mail (postage prepaid, return receipt requested) to the respective Parties at the following addresses:

if to the Company to:

Soho House & Co Inc.

180 Strand

London, United Kingdom WC2R 1EA

Attention: Benedict Nwaeke

Email: ben.nwaeke@sohohouse.com

------

if to Yucaipa:

The Yucaipa Companies, LLC

9130 W Sunset Boulevard,

West Hollywood, CA 90069-3110

Attention: Dan Larsen

Email: legal@yucaipaco.com

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

Sidley Austin LLP

787 Seventh Avenue

New York, NY 10019

Attention: Samir A. Gandhi; John H. Butler; Ayo Badejo

Emails: sgandhi@sidley.com; john.butler@sidley.com;

abadejo@sidley.com

if to any other Shareholder: to such addresses reflected on <u>Exhibit A</u> hereto or in the books and records of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By written notice to the Company or any Shareholder may change the address to which notices shall be directed.

Section 12.16&nbsp;&nbsp;&nbsp;&nbsp; *Counterparts*. This Agreement may be executed in any number of counterparts, and delivered by facsimile or otherwise, each of which shall be deemed an original of this Agreement and all of which together shall constitute one and the same instrument.

*[Signature page follows]*

------

IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
|  <u>THE COMPANY:</u> | <u>THE COMPANY:</u> |
|  **SOHO HOUSE & CO INC.** | **SOHO HOUSE & CO INC.** |
| By: | /s/ Andrew Carnie |
|  | Name: Andrew Carnie |
|  | Title: Chief Executive Officer |

---

** 

<br> *[Signature Page to Voting Agreement]*

** 

<br> ------

---

| | |
|:---|:---|
| <u>YUCAIPA:</u> | <u>YUCAIPA:</u> |
| <u>/s/ Ronald Wayne Burkle</u> | <u>/s/ Ronald Wayne Burkle</u> |
| **Ronald Wayne Burkle** | **Ronald Wayne Burkle** |
| **YUCAIPA AMERICAN ALLIANCE (PARALLEL) FUND II, L.P.** | **YUCAIPA AMERICAN ALLIANCE (PARALLEL) FUND II, L.P.** |
| By: Yucaipa American Alliance Fund II, LLC, its General Partner | By: Yucaipa American Alliance Fund II, LLC, its General Partner |
| By: | /s/ Robert P. Bermingham |
|  | Name: Robert P. Bermingham |
|  | Title: Authorized Signatory |
| **YUCAIPA AMERICAN ALLIANCE FUND II, L.P.** | **YUCAIPA AMERICAN ALLIANCE FUND II, L.P.** |
| By: Yucaipa American Alliance Fund II, LLC, its General Partner | By: Yucaipa American Alliance Fund II, LLC, its General Partner |
| By: | /s/ Robert P. Bermingham |
|  | Name: Robert P. Bermingham |
|  | Title: Authorized Signatory |
| **YUCAIPA AMERICAN ALLIANCE III, L.P.** | **YUCAIPA AMERICAN ALLIANCE III, L.P.** |
| By: Yucaipa American Alliance III, LLC, its General Partner | By: Yucaipa American Alliance III, LLC, its General Partner |
| By: | /s/ Robert P. Bermingham |
|  | Name: Robert P. Bermingham |
|  | Title: Authorized Signatory |

---

** 

<br> *[Signature Page to Voting Agreement]*

** 

<br> ------

---

| | |
|:---|:---|
| **YUCAIPA SOHO WORKS, INC.** | **YUCAIPA SOHO WORKS, INC.** |
| By: Yucaipa American Alliance (Parallel) III, LP, its sole stockholder | By: Yucaipa American Alliance (Parallel) III, LP, its sole stockholder |
| By: Yucaipa American Alliance III, LLC, its General Partner | By: Yucaipa American Alliance III, LLC, its General Partner |
| By: | /s/ Robert P. Bermingham |
|  | Name: Robert P. Bermingham |
|  | Title: Authorized Signatory |
| **GLOBAL JOINT VENTURE INVESTMENT PARTNERS LP** | **GLOBAL JOINT VENTURE INVESTMENT PARTNERS LP** |
| By: Global Joint Venture Investment Partners, LLC, its General Partner | By: Global Joint Venture Investment Partners, LLC, its General Partner |
| By: | /s/ Robert P. Bermingham |
|  | Name: Robert P. Bermingham |
|  | Title: Authorized Signatory |
| **OA3, LLC** | **OA3, LLC** |
| By: | /s/ Robert P. Bermingham |
|  | Name: Robert P. Bermingham |
|  | Title: Authorized Signatory |

---

** 

<br> *[Signature Page to Voting Agreement]*

** 

<br> ------

---

| | |
|:---|:---|
| <u>MCR INVESTOR</u>: | <u>MCR INVESTOR</u>: |
|  **M4 SOHO HOUSE HOLDINGS LP** | **M4 SOHO HOUSE HOLDINGS LP** |
| By: | /s/ Joseph Delli Santi |
|  | Name: Joseph Delli Santi |
|  | Title: Authorized Signatory |
| **DR SOHO HOUSE HOLDINGS LLC** | **DR SOHO HOUSE HOLDINGS LLC** |
| By: | /s/ Joseph Delli Santi |
|  | Name: Joseph Delli Santi |
|  | Title: Authorized Signatory |

---

---

| | |
|:---|:---|
| **MCR SOHO HOUSE HOLDINGS LLC** | **MCR SOHO HOUSE HOLDINGS LLC** |
| By: | /s/ Joseph Delli Santi |
|  | Name: Joseph Delli Santi |
|  | Title: Authorized Signatory |

---

** 

<br> *[Signature Page to Voting Agreement]*

** 

<br> ------

---

| | |
|:---|:---|
| <u>MOMENTUM INVESTOR</u>: | <u>MOMENTUM INVESTOR</u>: |
|  **MOMENTUM SOLUTIONS II, LLC** | **MOMENTUM SOLUTIONS II, LLC** |
| By: | /s/ George Popstefanov |
|  | Name: George Popstefanov |
|  | Title: Chief Executive Officer, President and Secretary |

---

** 

<br> *[Signature Page to Voting Agreement]*

** 

<br> ------

---

| | |
|:---|:---|
| <u>BRUCE GROUP</u>: | <u>BRUCE GROUP</u>: |
|  **CLASSACT, LLC** | **CLASSACT, LLC** |
| By: | /s/ Ashton Kutcher |
|  | Name: Ashton Kutcher |
|  | Title: Manager |
| By: | /s/ Dan Rosensweig |
|  | Name: Dan Rosensweig |
|  | Title: Manager |

---

** 

<br> *[Signature Page to Voting Agreement]*

** 

<br> ------

---

| | |
|:---|:---|
| <u>APOLLO INVESTOR</u>: | <u>APOLLO INVESTOR</u>: |
|  APOLLO DEBT SOLUTIONS BDC | APOLLO DEBT SOLUTIONS BDC |
|  By: Apollo Credit Management, LLC, its investment adviser | By: Apollo Credit Management, LLC, its investment adviser |
| By: | /s/ Kristin Hester |
|  | Name: Kristin Hester |
|  | Title: Vice President |
| APOLLO CREDIT MASTER FUND LTD. | APOLLO CREDIT MASTER FUND LTD. |
| By: Apollo ST Fund Management LLC, its investment manager | By: Apollo ST Fund Management LLC, its investment manager |
| By: | /s/ William B. Kuesel |
|  | Name: William B. Kuesel |
|  | Title: Vice President |
|  APOLLO OFFSHORE CREDIT MASTER FUND (UNLEVERED) LP | APOLLO OFFSHORE CREDIT MASTER FUND (UNLEVERED) LP |
|  By: Apollo ST Credit Partners GP LLC, its general partner | By: Apollo ST Credit Partners GP LLC, its general partner |
| By: | /s/ William B. Kuesel |
|  | Name: William B. Kuesel |
|  | Title: Vice President |
| AAA MULTI-ASSET CREDIT STRATEGIES FUND (Z), L.P. | AAA MULTI-ASSET CREDIT STRATEGIES FUND (Z), L.P. |
| By: Apollo Capital Management L.P., its investment manager | By: Apollo Capital Management L.P., its investment manager |
| By: Apollo Capital Management GP, LLC, its general partner | By: Apollo Capital Management GP, LLC, its general partner |
| By: | /s/ William B. Kuesel |
|  | Name: William B. Kuesel |
|  | Title: Vice President |

---

** 

<br> *[Signature Page to Voting Agreement]*

** 

<br> ------

---

| | |
|:---|:---|
| ATHORA LUX INVEST NL<br> a reserved alternative investment fund in the form of a Luxembourg special limited partnership (société en commandite spéciale), acting in respect of its compartment, ATHORA LUX INVEST NL – ATHORA ACCORD SIDE CAR, acting through its managing general partner Athora Lux Invest Management and represented by its delegate portfolio manager, Apollo Management International LLP | ATHORA LUX INVEST NL<br> a reserved alternative investment fund in the form of a Luxembourg special limited partnership (société en commandite spéciale), acting in respect of its compartment, ATHORA LUX INVEST NL – ATHORA ACCORD SIDE CAR, acting through its managing general partner Athora Lux Invest Management and represented by its delegate portfolio manager, Apollo Management International LLP |
| By: Apollo Management International LLP, its portfolio manager | By: Apollo Management International LLP, its portfolio manager |
| By: Apollo International Management Holdings, LLC, its member | By: Apollo International Management Holdings, LLC, its member |
| By: | /s/ William B. Kuesel |
|  | Name: William B. Kuesel |
|  | Title: Vice President |
| FOX HEDGE INTERMEDIATE A LIMITED | FOX HEDGE INTERMEDIATE A LIMITED |
| By: Apollo Capital Management, L.P., its investment manager | By: Apollo Capital Management, L.P., its investment manager |
| By: Apollo Capital Management GP, LLC, its general partner | By: Apollo Capital Management GP, LLC, its general partner |
| By: | /s/ William Kuesel |
|  | Name: William Kuesel |
|  | Title: Vice President |

---

---

| | |
|:---|:---|
| APOLLO ACCORD+ II AGGREGATOR C, L.P | APOLLO ACCORD+ II AGGREGATOR C, L.P |
| By: Apollo Accord+ Management, L.P., its investment manager | By: Apollo Accord+ Management, L.P., its investment manager |
| By: Apollo Accord+ Management GP, LLC, its general partner | By: Apollo Accord+ Management GP, LLC, its general partner |
| By: | /s/ William B. Kuesel |
|  | Name: William B. Kuesel |
|  | Title: Vice President |

---

*[Signature Page to Voting Agreement]*

** 

<br> ------

---

| | |
|:---|:---|
| APOLLO OASIS PARTNERS, L.P. | APOLLO OASIS PARTNERS, L.P. |
| By: Apollo Oasis Management, LLC, its investment manager | By: Apollo Oasis Management, LLC, its investment manager |
| By: | /s/ William B. Kuesel |
|  | Name: William B. Kuesel |
|  | Title: Vice President |
| APOLLO CREDIT STRATEGIES ABSOLUTE RETURN AGGREGATOR C, L.P. | APOLLO CREDIT STRATEGIES ABSOLUTE RETURN AGGREGATOR C, L.P. |
| By: Apollo Credit Strategies Absolute Return Management, L.P., its investment manager | By: Apollo Credit Strategies Absolute Return Management, L.P., its investment manager |
| By: Apollo Credit Strategies Absolute Return Management GP, LLC, its general partner | By: Apollo Credit Strategies Absolute Return Management GP, LLC, its general partner |
| By: | /s/ William B. Kuesel |
|  | Name: William B. Kuesel |
|  | Title: Vice President |
| APOLLO CENTRE STREET PARTNERSHIP, L.P. | APOLLO CENTRE STREET PARTNERSHIP, L.P. |
| By: Apollo Centre Street Management, LLC, its investment manager | By: Apollo Centre Street Management, LLC, its investment manager |
| By: | /s/ William B. Kuesel |
|  | Name: William B. Kuesel |
|  | Title: Vice President |
| APOLLO LINCOLN FIXED INCOME FUND, L.P. | APOLLO LINCOLN FIXED INCOME FUND, L.P. |
| By: Apollo Lincoln Fixed Income Management, LLC, its investment manager | By: Apollo Lincoln Fixed Income Management, LLC, its investment manager |
| By: | /s/ William B. Kuesel |
|  | Name: William B. Kuesel |
|  | Title: Vice President |

---

** 

<br> *[Signature Page to Voting Agreement]*

** 

<br> ------

---

| | |
|:---|:---|
| APOLLO MOULTRIE CREDIT FUND, L.P. | APOLLO MOULTRIE CREDIT FUND, L.P. |
| By: Apollo Moultrie Credit Fund Management, LLC, its investment manager | By: Apollo Moultrie Credit Fund Management, LLC, its investment manager |
| By: | /s/ William B. Kuesel |
|  | Name: William B. Kuesel |
|  | Title: Vice President |
| APOLLO CALLIOPE FUND, L.P. | APOLLO CALLIOPE FUND, L.P. |
| By: Apollo Calliope Management, LLC, its investment manager | By: Apollo Calliope Management, LLC, its investment manager |
| By: | /s/ William B. Kuesel |
|  | Name: William B. Kuesel |
|  | Title: Vice President |
| APOLLO TPSF VIOLET CROWN PARTNERSHIP, L.P. | APOLLO TPSF VIOLET CROWN PARTNERSHIP, L.P. |
| By: Apollo Capital Management, L.P., its investment manager | By: Apollo Capital Management, L.P., its investment manager |
| By: Apollo Capital Management GP, LLC, its general partner | By: Apollo Capital Management GP, LLC, its general partner |
| By: | /s/ William B. Kuesel |
|  | Name: William B. Kuesel |
|  | Title: Vice President |
| APOLLO EXCELSIOR, L.P. | APOLLO EXCELSIOR, L.P. |
| By: Apollo Excelsior Management, L.P., its investment manager | By: Apollo Excelsior Management, L.P., its investment manager |
| By: Apollo Excelsior Management GP, LLC, its general partner | By: Apollo Excelsior Management GP, LLC, its general partner |
| By: | /s/ William B. Kuesel |
|  | Name: William B. Kuesel |
|  | Title: Vice President |

---

** 

<br> *[Signature Page to Voting Agreement]*

** 

<br> ------

---

| | |
|:---|:---|
| APOLLO LIBRA CREDIT OPPORTUNITIES FUND, L.P. | APOLLO LIBRA CREDIT OPPORTUNITIES FUND, L.P. |
| By: Apollo Capital Management, L.P., its investment manager | By: Apollo Capital Management, L.P., its investment manager |
| By: Apollo Capital Management GP, LLC, its general partner | By: Apollo Capital Management GP, LLC, its general partner |
| By: | /s/ William B. Kuesel |
|  | Name: William B. Kuesel |
|  | Title: Vice President |
| APOLLO UNION STREET PARTNERS, L.P. | APOLLO UNION STREET PARTNERS, L.P. |
| By: Apollo Union Street Management, LLC, its investment manager | By: Apollo Union Street Management, LLC, its investment manager |
| By: | /s/ William B. Kuesel |
|  | Name: William B. Kuesel |
|  | Title: Vice President |
| APOLLO H-3 CREDIT FUND I, L.P. | APOLLO H-3 CREDIT FUND I, L.P. |
| By: Apollo Capital Management, L.P., its investment manager | By: Apollo Capital Management, L.P., its investment manager |
| By: Apollo Capital Management GP, LLC, its general partner | By: Apollo Capital Management GP, LLC, its general partner |
| By: | /s/ William B. Kuesel |
|  | Name: William B. Kuesel |
|  | Title: Vice President |

---

** 

<br> *[Signature Page to Voting Agreement]*

** 

<br> ------

---

| | |
|:---|:---|
| APOLLO RWNIH-HSMA LP | APOLLO RWNIH-HSMA LP |
| By: Apollo Capital Management, L.P., its investment manager | By: Apollo Capital Management, L.P., its investment manager |
| By: Apollo Capital Management GP, LLC, its general partner | By: Apollo Capital Management GP, LLC, its general partner |
| By: | /s/ William B. Kuesel |
|  | Name: William B. Kuesel |
|  | Title: Vice President |
| APOLLO HOSTPLUS CREDIT II HOLDINGS II, L.P. | APOLLO HOSTPLUS CREDIT II HOLDINGS II, L.P. |
| By: Apollo Capital Management, L.P., its investment manager | By: Apollo Capital Management, L.P., its investment manager |
| By: Apollo Capital Management GP, LLC, its general partner | By: Apollo Capital Management GP, LLC, its general partner |
| By: | /s/ William B. Kuesel |
|  | Name: William B. Kuesel |
|  | Title: Vice President |
| APOLLO GOLDEN FALCON CO-INVEST FUND, LTD. | APOLLO GOLDEN FALCON CO-INVEST FUND, LTD. |
| By: Apollo Capital Management, L.P., its investment manager | By: Apollo Capital Management, L.P., its investment manager |
| By: Apollo Capital Management GP, LLC, its general partner | By: Apollo Capital Management GP, LLC, its general partner |
| By: | /s/ William B. Kuesel |
|  | Name: William B. Kuesel |
|  | Title: Vice President |

---

** 

<br> *[Signature Page to Voting Agreement]*

** 

<br> ------

---

| | |
|:---|:---|
| APOLLO DELPHI FUND, L.P. | APOLLO DELPHI FUND, L.P. |
| By: Apollo Delphi Management, L.P., its<br> investment manager | By: Apollo Delphi Management, L.P., its<br> investment manager |
| By: Apollo Delphi Management GP, LLC, its<br> general partner | By: Apollo Delphi Management GP, LLC, its<br> general partner |
| By: | /s/ William B. Kuesel |
|  | Name: William B. Kuesel |
|  | Title: Vice President |
| APOLLO CREDIT STRATEGIES MASTER FUND LTD. | APOLLO CREDIT STRATEGIES MASTER FUND LTD. |
| By: Apollo ST Fund Management LLC, its<br> investment manager | By: Apollo ST Fund Management LLC, its<br> investment manager |
| By: | /s/ William B. Kuesel |
|  | Name: William B. Kuesel |
|  | Title: Vice President |
| APOLLO PPF CREDIT STRATEGIES, LLC | APOLLO PPF CREDIT STRATEGIES, LLC |
| By: Apollo PPF Credit Strategies Management,<br> LLC, its investment manager | By: Apollo PPF Credit Strategies Management,<br> LLC, its investment manager |
| By: | /s/ William B. Kuesel |
|  | Name: William B. Kuesel |
|  | Title: Vice President |
| APOLLO ATLAS MASTER FUND, LLC | APOLLO ATLAS MASTER FUND, LLC |
| By: Apollo Atlas Management, LLC, its<br> investment manager | By: Apollo Atlas Management, LLC, its<br> investment manager |
| By: | /s/ William B. Kuesel |
|  | Name: William B. Kuesel |
|  | Title: Vice President |

---

** 

<br> *[Signature Page to Voting Agreement]*

** 

<br> ------

---

| | |
|:---|:---|
| <u>OTHER SHAREHOLDERS:</u> | <u>OTHER SHAREHOLDERS:</u> |
| **WEST STREET STRATEGIC SOLUTIONS FUND I, L.P.** | **WEST STREET STRATEGIC SOLUTIONS FUND I, L.P.** |
| By: Goldman Sachs Asset Management, L.P., Attorney-in-Fact | By: Goldman Sachs Asset Management, L.P., Attorney-in-Fact |
| By: | /s/ Dennis van Laer |
|  | Name: Dennis van Laer |
|  | Title: Managing Director |
| **WEST STREET STRATEGIC SOLUTIONS FUND I-(C), L.P.** | **WEST STREET STRATEGIC SOLUTIONS FUND I-(C), L.P.** |
| By: Goldman Sachs Asset Management, L.P., Attorney-in-Fact | By: Goldman Sachs Asset Management, L.P., Attorney-in-Fact |
| By: | /s/ Dennis van Laer |
|  | Name: Dennis van Laer |
|  | Title: Managing Director |
| **WSSS INVESTMENTS W, LLC** | **WSSS INVESTMENTS W, LLC** |
| By: WSSS Investments R, L.P., its sole member | By: WSSS Investments R, L.P., its sole member |
| By: Goldman Sachs Asset Management, Attorney-in-Fact | By: Goldman Sachs Asset Management, Attorney-in-Fact |
| By: | /s/ Dennis van Laer |
|  | Name: Dennis van Laer |
|  | Title: Managing Director |

---

*[Signature Page to Voting Agreement]*

** 

<br> ------

---

| | |
|:---|:---|
| **WEST STREET CT PRIVATE CREDIT PARTNERSHIP, L.P.** | **WEST STREET CT PRIVATE CREDIT PARTNERSHIP, L.P.** |
| By: Goldman Sachs Asset Management, L.P., its Investment Manager | By: Goldman Sachs Asset Management, L.P., its Investment Manager |
| By: | /s/ Dennis van Laer |
|  | Name: Dennis van Laer |
|  | Title: Managing Director |

---

---

| | |
|:---|:---|
| **BROAD STREET PRINCIPAL INVESTMENTS, L.L.C.** | **BROAD STREET PRINCIPAL INVESTMENTS, L.L.C.** |
| By: | /s/ Dennis van Laer |
|  | Name: Dennis van Laer |
|  | Title: Vice President |
| **WSSS INVESTMENTS X, LLC** | **WSSS INVESTMENTS X, LLC** |
| By: | /s/ Dennis van Laer |
|  | Name: Dennis van Laer |
|  | Title: Vice President |
| **WSSS INVESTMENTS I, LLC** | **WSSS INVESTMENTS I, LLC** |
| By: | /s/ Dennis van Laer |
|  | Name: Dennis van Laer |
|  | Title: Vice President |
| **WSSS INVESTMENTS U, LLC** | **WSSS INVESTMENTS U, LLC** |
| By: | /s/ Dennis van Laer |
|  | Name: Dennis van Laer |
|  | Title: Vice President |

---

*[Signature Page to Voting Agreement]*

** 

<br> ------

---

| |
|:---|
| /s/ Richard Caring |
| **Richard Caring** |

---

** 

<br> *[Signature Page to Voting Agreement]*

** 

<br> ------

---

| |
|:---|
| /s/ Nick Jones |
| **Nick Jones** |

---

** 

<br> *[Signature Page to Voting Agreement]*

** 

<br> ------

---

| |
|:---|
| /s/ Andrew Carnie |
| **Andrew Carnie** |
| [\*\*\*] |

---

** 

<br> *[Signature Page to Voting Agreement]* <br>

------

#### EXHIBIT A

#### SHAREHOLDER INFORMATION
[\*\*\*]

------

#### EXHIBIT B-1

#### INITIAL DIRECTORS
This Exhibit sets out the Initial Directors of the Company as of the Effective Date.

---

| | | |
|:---|:---|:---|
| **#** | **Directors** | **Type of Director** |
| 1. | Ronald Burkle | Yucaipa Designee |
| 2. | Mark Ein | Yucaipa Designee |
| 3. | Joe Hage | Yucaipa Designee |
| 4. | Scott Stedman | Yucaipa Designee |
| 5. | Reed B. Rayman | Apollo Investor Designee |
| 6. | Tyler Morse | MCR Investor Designee |
| 7. | George Popstefanov | Momentum Director |
| 8. | Ashton Kutcher | Designated Director |
| 9. | Richard Caring | RC Director |

---

------

#### EXHIBIT B-2

#### NON-VOTING REPRESENTATIVES
This Exhibit sets out the initial Non-Voting Representatives of the Company as of the Effective Date.

**#** **Non-Voting Representative**

1. Dennis van Laer

2. To be designated by Yucaipa within sixty (60) days of the Effective Date.

3. To be designated by Yucaipa within sixty (60) days of the Effective Date.

4. To be designated by Yucaipa within sixty (60) days of the Effective Date.

------

#### EXHIBIT C

#### PRE-APPROVED AFFILIATE TRANSACTIONS
[\*\*\*]

------