Document:

EX-10.2

 Exhibit 10.2 
  

 
 STOCKHOLDERS AGREEMENT 

of 
 THE DUCKHORN
PORTFOLIO, INC. 
 dated as of [•], 2021 
  

 

 TABLE OF CONTENTS 

 

							
	Page	 
	 RECITALS
	  	 	1	 
		
	 ARTICLE I DEFINITIONS
	  	 	1	 
	 SECTION 1.1.
	 	Effective Date	  	 	1	 
	 SECTION 1.2.
	 	Certain Defined Terms	  	 	1	 
	 SECTION 1.3.
	 	Other Interpretive Provisions	  	 	2	 
		
	 ARTICLE II CORPORATE GOVERNANCE
	  	 	3	 
	 SECTION 2.1.
	 	The Board	  	 	3	 
	 SECTION 2.2.
	 	D&O Insurance; Director Indemnification	  	 	4	 
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES
	  	 	5	 
	 Section 3.1
	 	Existence; Authority; Enforceability	  	 	5	 
	 Section 3.2
	 	Absence of Conflicts	  	 	5	 
	 Section 3.3
	 	Consents	  	 	6	 
		
	 ARTICLE IV MISCELLANEOUS
	  	 	6	 
	 SECTION 4.1.
	 	Cooperation	  	 	6	 
	 SECTION 4.2.
	 	Termination	  	 	6	 
	 SECTION 4.3.
	 	Amendments and Waivers	  	 	6	 
	 SECTION 4.4.
	 	Assignment; Benefit	  	 	6	 
	 SECTION 4.5.
	 	Notices	  	 	6	 
	 SECTION 4.6.
	 	Further Assurances	  	 	7	 
	 SECTION 4.7.
	 	Entire Agreement	  	 	8	 
	 SECTION 4.8.
	 	Delays or Omissions	  	 	8	 
	 SECTION 4.9.
	 	Governing Law; Jurisdiction; Waiver of Jury Trial	  	 	8	 
	 SECTION 4.10.
	 	Severability	  	 	8	 
	 SECTION 4.11.
	 	Enforcement	  	 	9	 
	 SECTION 4.12.
	 	No Recourse	  	 	9	 
	 SECTION 4.13.
	 	Counterparts	  	 	9	 

 Exhibits 
 Exhibit A
— Form of Director Indemnification Agreement 

  
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 THIS STOCKHOLDERS AGREEMENT (this “Agreement”) is entered as of [•],
2021, among The Duckhorn Portfolio, Inc., a Delaware corporation (the “Company”) and Mallard Holdco, LLC (together with its Affiliates, the “TSG Investor”). 

RECITALS 
 WHEREAS, in
connection with the Company’s initial public offering of its shares of Common Stock (the “IPO”), the Company and the TSG Investor desire to set forth their agreement regarding certain governance matters. 

NOW, THEREFORE, in consideration of the foregoing recitals and of the mutual promises hereinafter set forth, and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and the TSG Investor hereby agree as follows: 

ARTICLE I 
 DEFINITIONS

 SECTION 1.1. Effective Date. This Agreement shall become effective upon the closing of the IPO. 

SECTION 1.2. Certain Defined Terms. As used herein, the following terms shall have the following meanings: 

“Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by or under
common control with, such Person; provided that the Company and its subsidiaries shall not be deemed to be Affiliates of the TSG Investor. 

“Board” means the Board of Directors of the Company. 

“Business Day” means any day that is not a Saturday, a Sunday or other day on which banks are required or authorized by law
to be closed in the City of New York. 
 “Common Stock” means collectively the common stock, par value $0.01 per share, and
Class B common stock, par value $0.01 per share, of the Company and any securities issued in respect thereof, or in substitution therefor, in connection with any stock split, dividend or combination, or any reclassification, recapitalization,
merger, consolidation, exchange or other similar reorganization. 
 “Company” has the meaning assigned to such term in the
preamble. 
 “Company Charter” means the certificate of incorporation of the Company in effect on the date hereof, as may
be amended from time to time. 
 “Director” means any member of the Board. 

 “Director Indemnification Agreement” means an indemnification agreement in
the form attached as Exhibit A. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and any
successor thereto, and any rules and regulations promulgated thereunder, all as the same shall be in effect from time to time. 

“Group” has the meaning assigned to such term in Section 13(d)(3) of the Exchange Act. 

“IPO” has the meaning set forth in the Recitals. 

“Necessary Action” means, with respect to a specified result, all actions necessary to cause such result, including
(i) voting or providing a written consent or proxy with respect to the Common Stock, (ii) causing the adoption of stockholders’ resolutions and amendments to the organizational documents of the Company, (iii) executing agreements
and instruments, and (iv) making, or causing to be made, with governmental, administrative or regulatory authorities, all filings, registrations or similar actions that are required to achieve such result. 

“Person” means any individual, corporation, limited liability company, limited or general partnership, joint venture,
association, joint-stock company, trust, unincorporated organization, government or any agency or political subdivisions thereof or any Group comprised of two or more of the foregoing. 

“TSG Designee” has the meaning assigned to such term in Section 2.1(a). 

“TSG Investor” has the meaning set forth in the preamble. 

SECTION 1.3. Other Interpretive Provisions. 

(a) The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms. 

(b) The words “hereof,” “herein,” “hereunder” and similar words refer to this Agreement as a
whole and not to any particular provision of this Agreement; and any subsection and section references are to this Agreement unless otherwise specified. 

(c) The term “including” is not limiting and means “including without limitation.” 

(d) The captions and headings of this Agreement are for convenience of reference only and shall not affect the interpretation of this
Agreement. 
 (e) Whenever the context requires, any pronouns used herein shall include the corresponding masculine, feminine or neuter
forms. 

  
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 ARTICLE II 

CORPORATE GOVERNANCE 

SECTION 2.1. The Board. 

(a) TSG Designees. 

(i) For so long as the TSG Investor holds a number of shares of Common Stock representing at least the percentage set forth
below of shares of Common Stock held by them immediately prior to the closing of the IPO, the Company shall take all Necessary Action to include in the slate of nominees recommended by the Board for election as Directors at each annual or special
meeting of shareholders at which Directors are to be elected that number of individuals designated by the TSG Investor (each, a “TSG Designee”) such that, if each such TSG Designee is elected, will result in the number of TSG
Designees then serving on the Board as shown below across from such percentage. 
  

					
	 Percent
	  	Number of Directors	 
	 50% or greater
	  	 	4	 
	 Less than 50% but greater than or equal to 25%
	  	 	3	 
	 Less than 25% but greater than or equal to 10%
	  	 	2	 
	 Less than 10% but greater than or equal to 5%
	  	 	1	 

 (ii) In addition, for so long as the TSG Investor holds at least fifty percent (50%) of the
shares of Common Stock held by them immediately prior to the closing of the IPO, upon receiving a written request from the TSG Investor, the Company will take all Necessary Action to cause the Board as soon as practicable to: (a) increase the
size of the Board to permit the inclusion on the Board of a number of additional directors specified by the TSG Investor such that TSG Designees comprise a majority of the Board; and (b) appoint such directors to fill the vacancies created
thereby as are specified by the TSG Investor. Thereafter, for so long as the TSG Investor holds at least fifty percent (50%) of the shares of Common Stock held by them immediately prior to the closing of the IPO, in addition to any directors
designated in accordance with Section 2.1(a)(i), the Company shall take all Necessary Action to include in the slate of nominees recommended by the Board for election as directors at each applicable annual or special meeting of shareholders at
which directors are to be elected that number of individuals designated by the TSG Investor that, if elected, will result in the TSG Investor having the number of additional TSG Designees serving on the Board that is nominated in accordance with
this Section 2.1(a)(ii). 
 (iii) Upon any decrease in the number of Directors that the TSG Investor is entitled to
designate for election to the Board, the TSG Investor shall take all Necessary Action to cause the appropriate number of TSG Designees to offer to tender a resignation. If such resignation is then accepted by the Board, the Company and the TSG
Investor shall take all Necessary Action to cause the authorized size of the Board of Directors to be reduced accordingly. 

  
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 (b) Vacancies. The TSG Investor shall have the exclusive right to designate for
election to the Board Directors to fill vacancies created by reason of death, removal or resignation of its designees to the Board, and the Company shall take all Necessary Action to cause any such vacancies to be filled by replacement Directors
designated by the TSG Investor as promptly as reasonably practicable. 
 (c) Additional Directors. For so long as the TSG Investor
holds at least forty percent (40%) of the shares of Common Stock held by them immediately prior to the closing of the IPO, the Company will take all Necessary Action to ensure that the number of Directors serving on the Board shall not exceed eight
(8) without the consent of the TSG Investor; provided, that the number of Directors may be increased by the Company if necessary to satisfy the requirements of applicable law and stock exchange regulation. 

(d) Committees. Subject to applicable laws and stock exchange regulations, the Company shall take all Necessary Action to have a TSG
Designee then serving on the Board appointed to serve on each committee of the Board for so long as the TSG Investor has the right to at least one (1) TSG Designee. The TSG Investor shall have the right to appoint a representative as an
observer to any committee of the Board to which the TSG Investor (i) does not elect to have a representative appointed or (ii) is prohibited by applicable laws or stock exchange regulations from having a representative appointed, in each
case for so long as the TSG Investor has the right pursuant to this Article II to designate at least one (1) TSG Designee. 
 (e)
Reimbursement of Expenses. In accordance with Company policy, and on terms no less favorable than as afforded to any other Director, the Company shall reimburse each TSG Designee for all reasonable and documented out-of-pocket expenses incurred in connection with his or her participation in the meetings of the Board or any committee of the Board, including reasonable travel, lodging
and meal expenses. 
 SECTION 2.2. D&O Insurance; Director Indemnification.    On or prior to the date of
this Agreement, the Company shall obtain customary director and officer indemnity insurance on commercially reasonable terms. On or prior to the date of this Agreement, the Company shall execute and deliver to each Director serving on the Board as
of the date hereof a Director Indemnification Agreement. From and after the date hereof, concurrently with or prior to any TSG Designee joining the Board, the Company shall execute and deliver to each such TSG Designee a Director Indemnification
Agreement. 
 SECTION 2.3. Sharing of Information. Any TSG Designee may share any information received in his or her capacity as a
Board member with the TSG Investor. The TSG Investor agrees that it will keep confidential and will not disclose, divulge or use for any purpose, other than to monitor and make voting and investment decisions with respect to its investment in the
Company and its subsidiaries, any confidential information obtained from the Company, unless such confidential information (a) is known or becomes known to the public in general (other than as a result of a breach of this Section 2.3 by
the TSG Investor or its Affiliates), (b) is or has been independently developed or conceived by the TSG Investor without use of the Company’s confidential information or (c) is or has been made known or disclosed to the TSG Investor by a
third party (other than an Affiliate of the TSG Investor) without a breach of any obligation of confidentiality such third party may have to the Company that is known to 

  
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the TSG Investor; provided, however, that the TSG Investor may disclose confidential information (x) to its attorneys, accountants, consultants, and other professionals to the extent
necessary to obtain their services in connection with monitoring and making voting and investment decisions with respect to its investment in the Company, (y) to any Affiliate, partner, member or related investment fund of the TSG Investor and
their respective directors, employees and consultants, in each case in the ordinary course of business, or (z) as may otherwise be required by law or legal, judicial or regulatory process, provided that the TSG Investor takes reasonable steps
to minimize the extent of any required disclosure described in this clause (z); and provided, further, however, that the acts and omissions of any Person to whom the TSG Investor may disclose confidential information pursuant to clauses (x) and
(y) of the preceding proviso will be attributable to the TSG Investor for purposes of determining the TSG Investor’s compliance with this Section 2.3(b). Each party hereto acknowledges that the TSG Investor or any of its Affiliates and
related investment funds may review the business plans and related proprietary information of many enterprises, including enterprises which may have products or services which compete directly or indirectly with those of the Company and its
subsidiaries, and may trade in the securities of such enterprises. Nothing in this Section 2.3(b) will preclude or in any way restrict the TSG Investor or its Affiliates or related investment funds from investing or participating in any
particular enterprise, or trading in the securities thereof, whether or not such enterprise has products or services that compete with those of the Company and its subsidiaries. 

ARTICLE III 
 REPRESENTATIONS
AND WARRANTIES 
 Each of the parties to this Agreement hereby represents and warrants to each other party to this Agreement that as of
the date such party executes this Agreement: 
 SECTION 3.1. Existence; Authority; Enforceability.    Such party
has the power and authority to enter into this Agreement and to carry out its obligations hereunder. Such party is duly organized and validly existing under the laws of its jurisdiction of organization, and the execution of this Agreement, and the
consummation of the transactions contemplated herein, have been authorized by all necessary action on the part of its board of directors (or equivalent) and shareholders (or other holders of equity interests), if required, and no other act or
proceeding on its part is necessary to authorize the execution of this Agreement or the consummation of any of the transactions contemplated hereby. This Agreement has been duly executed by it and constitutes its legal, valid and binding obligation,
enforceable against it in accordance with its terms. 
 SECTION 3.2. Absence of Conflicts. The execution and delivery by such party
of this Agreement and the performance of its obligations hereunder does not and will not (a) conflict with, or result in the breach of any provision of the constitutive documents of such party, (b) result in any violation, breach,
conflict, default or an event of default (or an event which with notice, lapse of time, or both, would constitute a default or an event of default), or give rise to any right of acceleration or termination or any additional payment obligation, under
the terms of any contract, agreement or permit to which such party is a party or by which such party’s assets or operations are bound or affected, or (c) violate any law applicable to such party. 

  
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 SECTION 3.3. Consents. Other than as expressly required herein or any consents which
have already been obtained, no consent, waiver, approval, authorization, exemption, registration, license or declaration is required to be made or obtained by such party in connection with (a) the execution, delivery or performance of this
Agreement or (b) the consummation of any of the transactions contemplated herein. 
 ARTICLE IV 

MISCELLANEOUS 
 SECTION
4.1. Cooperation If requested by the TSG Investor, the Company shall cooperate with (and not impede) the TSG Investor in connection with any proposed transfer of shares Common Stock (or equity securities exercisable or convertible into, or
exchangeable for, common stock) to another Person in a private sale transaction (including a transaction that does not require registration under the Securities Act of 1933, as amended), including, without limitation, by providing information and
access to management to potential transferees for due diligence or other relevant purposes. 
 SECTION 4.2. Termination. If not
otherwise stipulated, this Agreement shall terminate automatically (without any action by any party hereto) at such time that the TSG Investor has no rights pursuant to Article II hereof to designate any TSG Designees. Nothing herein shall relieve
any party from any liability for the breach of any of the agreements set forth in this Agreement. 
 SECTION 4.3. Amendments and
Waivers. Except as otherwise provided herein, no modification, amendment or waiver of any provision of this Agreement shall be effective without the approval of the Company and the TSG Investor. The failure of any party to enforce any of the
provisions of this Agreement shall in no way be construed as a waiver of such provisions and shall not affect the right of such party thereafter to enforce each and every provision of this Agreement in accordance with its terms. 

SECTION 4.4. Assignment; Benefit. 

(a) The rights and obligations hereunder shall not be assignable without the prior written consent of the other parties hereto. Any attempted
assignment of rights or obligations in violation of this Section 4.4 shall be null and void. 
 (b) This Agreement shall be binding upon
and shall inure to the benefit of and be enforceable by the parties hereto, and their respective successors and permitted assigns, and there shall be no third-party beneficiaries to this Agreement other than the TSG Designees under Section 2.2.

 SECTION 4.5. Notices. All notices and other communications required or permitted hereunder shall be in writing and shall be deemed
effectively given: (a) upon personal delivery to the party to be notified; (b) when sent by e-mail or confirmed facsimile if sent during normal business hours of the recipient, and, if not, then on
the next Business Day; (c) five days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or (d) one Business Day after deposit with a nationally recognized overnight courier, specifying

  
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next day delivery, with written verification of receipt. All communications shall be sent to such party’s address as set forth below or at such other address as the party shall have
furnished to each other party in writing in accordance with this provision: 
 If to the Company, to: 

The Duckhorn Portfolio, Inc. 

1201 Dowdell Lane 
 Saint
Helena, CA 94574 
 Email: ssullivan@duckhorn.com and legal@duckhorn.com 

Attn:     Sean Sullivan 

with a copy to: 

Ropes & Gray LLP 

Three Embarcadero Center 
 San
Francisco, CA 94111-4006 
 Fax:     (415) 315-4823 

Email: thomas.holden@ropesgray.com 

Attn:     Thomas Holden 

If to the TSG Investor: 
 c/o TSG
Consumer Partners LLC 
 600 Montgomery Street 

Suite 2900 
 San Francisco, CA
94111 
 Fax: (415) 217-2350 

Email: johara@tsgconsumer.com 

Attn:    Jamie O’Hara 

with a copy to: 

Ropes & Gray LLP 

Prudential Tower, 800 Boylston Street 

Boston, MA 02199-3600 

Fax:     (617) 951-7050 

Email: christopher.comeau@ropesgray.com and charles.boer@ropesgray.com 

Attn:    Christopher D. Comeau and Charles F. Boer 

SECTION 4.6. Further Assurances. At any time or from time to time after the date hereof, the parties agree to cooperate with each
other, and at the request of any other party, to execute and deliver any further instruments or documents and to take all such further action as the other party may reasonably request in order to evidence or effectuate the consummation of the
transactions contemplated hereby and to otherwise carry out the intent of the parties hereunder. 

  
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 SECTION 4.7. Entire Agreement. Except as otherwise expressly set forth herein, this
Agreement sets forth the complete agreement and understanding among the parties hereto with respect to the subject matter hereof and supersedes and preempts any prior understandings, agreements or representations by or among the parties, written or
oral, that may have related to the subject matter hereof in any way. 
 SECTION 4.8. Delays or Omissions. It is agreed that no delay
or omission to exercise any right, power or remedy accruing to any party, upon any breach, default or noncompliance by another party under this Agreement, shall impair any such right, power or remedy, nor shall it be construed to be a waiver of any
such breach, default or noncompliance, or any acquiescence therein, or of or in any similar breach, default or noncompliance thereafter occurring. It is further agreed that any waiver, permit, consent or approval of any kind or character on the part
of any party hereto of any breach, default or noncompliance under this Agreement or any waiver on such party’s part of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set
forth in such writing. All remedies, either under this Agreement, by law, or otherwise afforded to any party, shall be cumulative and not alternative. 

SECTION 4.9. Governing Law; Jurisdiction; Waiver of Jury Trial. THIS AGREEMENT SHALL BE GOVERNED IN ALL RESPECTS BY THE LAWS OF THE
STATE OF DELAWARE REGARDLESS OF THE LAW THAT MIGHT BE APPLIED UNDER PRINCIPLES OF CONFLICT OF LAWS TO THE EXTENT SUCH PRINCIPLES WOULD REQUIRE OR PERMIT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION. NO SUIT, ACTION OR PROCEEDING WITH RESPECT
TO THIS AGREEMENT MAY BE BROUGHT IN ANY COURT OR BEFORE ANY SIMILAR AUTHORITY OTHER THAN IN A COURT OF COMPETENT JURISDICTION IN THE STATE OF DELAWARE, AND THE PARTIES HERETO HEREBY SUBMIT TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS FOR THE PURPOSE
OF SUCH SUIT, PROCEEDING OR JUDGMENT. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE HAD TO BRING SUCH AN ACTION IN ANY OTHER COURT, DOMESTIC OR FOREIGN, OR BEFORE ANY SIMILAR DOMESTIC OR FOREIGN AUTHORITY. EACH OF THE PARTIES
HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING IN RELATION TO THIS AGREEMENT AND FOR ANY COUNTERCLAIM THEREIN. 

SECTION 4.10. Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not
affect any other provision or any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 

  
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 SECTION 4.11. Enforcement. Each party hereto acknowledges that money damages would
not be an adequate remedy in the event that any of the covenants or agreements in this Agreement are not performed in accordance with its terms, and it is therefore agreed that in addition to and without limiting any other remedy or right it may
have, the non-breaching party will have the right to an injunction, temporary restraining order or other equitable relief in any court of competent jurisdiction enjoining any such breach and enforcing
specifically the terms and provisions hereof. 
 SECTION 4.12. No Recourse. Notwithstanding anything that may be expressed or implied
in this Agreement, the Company and the TSG Investor covenant, agree and acknowledge that no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement shall be had against any current or future
director, officer, employee, general or limited partner or member of any TSG Investor or of any Affiliate or assignee thereof, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute,
regulation or other applicable law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any current or future officer, agent or employee of any TSG Investor or
any current or future member of any TSG Investor or any current or future director, officer, employee, partner or member of any TSG Investor or of any Affiliate or assignee thereof, as such for any obligation of any TSG Investor under this Agreement
or any documents or instruments delivered in connection with this Agreement for any claim based on, in respect of or by reason of such obligations or their creation. 

SECTION 4.13. Counterparts. This Agreement may be executed in any number of separate counterparts each of which when so executed shall
be deemed to be an original and all of which together shall constitute one and the same agreement. Counterpart signature pages to this Agreement may be delivered by facsimile or electronic delivery (i.e., by email of a PDF signature page) and
each such counterpart signature page will constitute an original for all purposes. 
 [Signature pages follow] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Stockholders Agreement as of the
date first set forth above. 
  

			
	THE DUCKHORN PORTFOLIO, INC.
		
	By:	 	  

		 	Name:
		 	Title:

  

  
 SIGNATURE
PAGE TO STOCKHOLDERS AGREEMENT 

 
			
	MALLARD HOLDCO, LLC
		
	By:	 	  

		 	Name:
		 	Title:

  

  
 SIGNATURE
PAGE TO STOCKHOLDERS AGREEMENT 

 Exhibit A 

Form of Director Indemnification Agreement 

(Attached)EX-10.3

 Exhibit 10.3 

INDEMNIFICATION AGREEMENT 

This Indemnification Agreement (this “Agreement”) is made and entered into as of [•], 2021, by and among The Duckhorn
Portfolio, Inc., a Delaware corporation (the “Company”), and [NAME OF DIRECTOR/OFFICER] (“Indemnitee”). 

WHEREAS, in light of the litigation costs and risks to directors and officers resulting from their service to companies, and the desire of the
Company to attract and retain qualified individuals to serve as directors and officers, it is reasonable, prudent and necessary for the Company to indemnify and advance expenses on behalf of the Company’s directors and/or officers to the
fullest extent permitted by Delaware corporate law so that they will serve or continue to serve the Company free from undue concern regarding such risks; 

WHEREAS, the Company has requested that Indemnitee serve or continue to serve as a director and/or officer of the Company and may have
requested or may in the future request that Indemnitee serve one or more Duckhorn Entities (as hereinafter defined) as a director or an officer or in other capacities; 

WHEREAS, one of the conditions that Indemnitee requires in order to serve as a director and/or officer of the Company is that Indemnitee be so
indemnified; and 
 WHEREAS, Indemnitee may have certain rights to indemnification, advancement of expenses and/or insurance provided by one
or more of the Affiliate Indemnitors (as hereinafter defined) (or their affiliates) and/or any insurer providing insurance coverage under any policy purchased or maintained by such Affiliate Indemnitors (or their affiliates), which Indemnitee, the
Company and the Affiliate Indemnitors (or their affiliates) intend to be secondary to the primary obligation of the Company to indemnify Indemnitee as provided herein, with the Company’s acknowledgement of and agreement to the foregoing being a
material condition to Indemnitee’s willingness to serve as a director and/or officer the Company. 
 NOW, THEREFORE, in consideration
of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows: 
 1. Services by
Indemnitee. Indemnitee agrees to serve as a director and/or officer of the Company. Indemnitee may at any time and for any reason resign from such position (subject to any contractual obligation the Indemnitee may have under any other
agreement). 
 2. Indemnification—General. On the terms and subject to the conditions of this Agreement, the Company shall, to
the fullest extent permitted by law, indemnify Indemnitee with respect to, and hold Indemnitee harmless from and against, all losses, damages, liabilities, judgments, fines, penalties, costs, amounts paid in settlement, Expenses (as hereinafter
defined) and other amounts that Indemnitee reasonably incurs and that result from, arise in connection with or are by reason of Indemnitee’s Corporate Status (as hereinafter defined) and shall advance Expenses to Indemnitee. The obligations of
the Company shall continue after such time as Indemnitee ceases to serve as a director and/or officer of the Company or in any other Corporate Status and include, without limitation, claims for monetary damages against Indemnitee in respect of any
actual or alleged liability or other loss of Indemnitee, to the fullest extent permitted under Delaware corporate law (including, if applicable, Section 145 of the Delaware General Corporation Law) as in existence on the date hereof and as
amended from time to time. 

  
 - 1 - 

 3. Proceedings Other Than Proceedings by or in the Right of the Company. If in
connection with or by reason of Indemnitee’s Corporate Status, Indemnitee was, is, or is threatened to be made, a party to or a participant in any Proceeding (as hereinafter defined) other than a Proceeding by or in the right of the Company to
procure a judgment in its favor, the Company shall, to the fullest extent permitted by law, indemnify Indemnitee with respect to, and hold Indemnitee harmless from and against, all Expenses, losses, damages, liabilities, judgments, penalties, fines
and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such liabilities, judgments, penalties, fines and amounts paid in settlement) reasonably incurred by Indemnitee
or on behalf of Indemnitee in connection with such Proceeding or any claim, issue or matter therein. 
 4. Proceedings by or in the Right
of the Company. If in connection with or by reason of Indemnitee’s Corporate Status, Indemnitee was, is, or is threatened to be made, a party to or a participant in any Proceeding by or in the right of the Company to procure a judgment in
the Company’s favor, the Company shall, to the fullest extent permitted by law, indemnify Indemnitee with respect to, and hold Indemnitee harmless from and against, all Expenses reasonably incurred by Indemnitee or on behalf of Indemnitee in
connection with such Proceeding or any claim, issue or matter therein. 
 5. Mandatory Indemnification in Case of Successful Defense.
Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a party to (or a participant in) and is successful, on the merits or otherwise, in defense of any Proceeding or
any claim, issue or matter therein (including, without limitation, any Proceeding brought by or in the right of the Company), the Company shall, to the fullest extent permitted by law, indemnify Indemnitee with respect to, and hold Indemnitee
harmless from and against, all Expenses reasonably incurred by Indemnitee or on behalf of Indemnitee in connection therewith. If Indemnitee is not wholly successful in defense of such Proceeding but is successful, on the merits or otherwise, as to
one or more but less than all claims, issues or matters in such Proceeding, the Company shall, to the fullest extent permitted by law, indemnify Indemnitee against all Expenses reasonably incurred by Indemnitee or on behalf of Indemnitee in
connection with each successfully resolved claim, issue or matter. For purposes of this Section 5 and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without
prejudice, on substantive or procedural grounds, or settlement of any such claim prior to a final judgment by a court of competent jurisdiction with respect to such Proceeding, shall be deemed to be a successful result as to such claim, issue or
matter; provided, however, that any settlement of any claim, issue or matter in such a Proceeding shall not be deemed to be a successful result as to such claim, issue or matter if such settlement is effected by Indemnitee without the
Company’s prior written consent, which consent shall not be unreasonably withheld, delayed or conditioned. 

  
 - 2 - 

 6. Partial Indemnification. If Indemnitee is entitled under any provision of this
Agreement or otherwise to indemnification by the Company for some or a portion of the Expenses, liabilities, judgments, penalties, fines and amounts paid in settlement (including all interest, assessments and other charges paid or payable in
connection with or in respect of such liabilities, judgments, penalties, fines and amounts paid in settlement) incurred by Indemnitee or on behalf of Indemnitee in connection with a Proceeding or any claim, issue or matter therein, in whole or in
part, the Company shall, to the fullest extent permitted by law, indemnify Indemnitee to the fullest extent to which Indemnitee is entitled to such indemnification. 

7. Indemnification for Additional Expenses Incurred to Secure Recovery or as Witness. 

(a) The Company shall, to the fullest extent permitted by law, indemnify Indemnitee with respect to, and hold Indemnitee
harmless from and against, any and all Expenses and, if requested by Indemnitee, shall advance on an as-incurred basis (as provided in Section 8 of this Agreement) such Expenses to
Indemnitee, which are incurred by Indemnitee in connection with any action or proceeding or part thereof brought by Indemnitee for (i) indemnification or advance payment of Expenses by the Company under this Agreement, any other agreement, the
Certificate of Incorporation or By-laws of the Company as now or hereafter in effect, or pursuant to indemnification agreements in effect as of the date hereof; or (ii) recovery under any director and
officer liability insurance policies maintained by any Duckhorn Entity. 
 (b) To the extent that Indemnitee is, by reason of
Indemnitee’s Corporate Status, a witness (or is forced or asked to respond to discovery requests) in any Proceeding to which Indemnitee is not a party, the Company shall, to the fullest extent permitted by law, indemnify Indemnitee with respect
to, and hold Indemnitee harmless from and against, and the Company will advance on an as-incurred basis (as provided in Section 8 of this Agreement), all Expenses reasonably incurred
by Indemnitee or on behalf of Indemnitee in connection therewith. 
 8. Advancement of Expenses. The Company shall, to the fullest
extent permitted by law, pay on a current and as-incurred basis all Expenses incurred by Indemnitee in connection with any Proceeding in any way connected with, resulting from or relating to Indemnitee’s
Corporate Status. Such Expenses shall be paid in advance of the final disposition of such Proceeding, without regard to whether Indemnitee will ultimately be entitled to be indemnified for such Expenses and without regard to whether an Adverse
Determination (as hereinafter defined) has been or may be made. Upon submission of a request for advancement of Expenses 

  
 - 3 - 

 
pursuant to Section 9(c) of this Agreement, Indemnitee shall be entitled to advancement of Expenses as provided in this Section 8, and such
advancement of Expenses shall continue until such time (if any) as there is a final non-appealable judicial determination that Indemnitee is not entitled to indemnification. Indemnitee shall repay such amounts
advanced if and to the extent that it shall ultimately be determined in a decision by a court of competent jurisdiction from which no appeal can be taken that Indemnitee is not entitled to be indemnified by the Company for such Expenses. Such
repayment obligation shall be unsecured and shall not bear interest. The Company shall not impose on Indemnitee additional conditions to advancement or require from Indemnitee additional undertakings regarding repayment. Indemnitee shall, in all
events, be entitled to advancement of Expenses, without regard to Indemnitee’s ultimate entitlement to indemnification, until the final determination of the Proceeding. 

9. Indemnification Procedures. 

(a) Notice of Proceeding. Indemnitee agrees to notify the Company promptly upon being served with any summons, citation,
subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification or advancement of Expenses hereunder. Any failure by Indemnitee to notify the Company will not relieve the
Company of its advancement or indemnification obligations under this Agreement unless, and only to the extent that, the Company can establish that such omission to notify resulted in actual and material prejudice to it, which prejudice cannot be
reversed or otherwise eliminated without any material negative effect on the Company, and the omission to notify the Company will, in any event, not relieve the Company from any liability which it may have to indemnify Indemnitee otherwise than
under this Agreement. If, at the time of receipt of any such notice, the Company has a director and officer liability insurance policy in effect, the Company will promptly notify the relevant insurer in accordance with the procedures and
requirements of such policy. 
 (b) Defense; Settlement. Indemnitee shall have the sole right and obligation to
control the defense or conduct of any claim or Proceeding with respect to Indemnitee. The Company shall not, without the prior written consent of Indemnitee, which may be provided or withheld in Indemnitee’s sole discretion, effect any
settlement of any Proceeding against Indemnitee or which, in the opinion of Independent Counsel, could have been brought against Indemnitee or which potentially or actually imposes any cost, liability, exposure or burden on Indemnitee unless
(i) such settlement solely involves the payment of money or performance of any obligation by persons other than Indemnitee or any Affiliate Indemnitor affiliated with Indemnitee and includes an unconditional, full release of Indemnitee and
Affiliate Indemnitors by all relevant parties from all liability on any matters that are the subject of such Proceeding and an acknowledgment that Indemnitee denies all wrongdoing in connection with such

  
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matters and (ii) the Company has fully indemnified the Indemnitee with respect to, and held Indemnitee harmless from and against, all Expenses and other amounts incurred by Indemnitee or on
behalf of Indemnitee in connection with such Proceeding. The Company shall not be obligated to indemnify Indemnitee against amounts paid in settlement of a Proceeding against Indemnitee if such settlement is effected by Indemnitee without the
Company’s prior written consent, which consent shall not be unreasonably withheld, delayed or conditioned, unless such settlement solely involves the payment of money or performance of any obligation by persons other than the Company and
includes an unconditional release of the Company by any party to such Proceeding other than the Indemnitee from all liability on any matters that are the subject of such Proceeding and an acknowledgment that the Company denies all wrongdoing in
connection with such matters; provided, however, that if a Change in Control has occurred, the Company shall be liable for indemnification of Indemnitee for amounts paid in settlement if the Independent Counsel (selected pursuant to
Section 9(e) of this Agreement) has approved the settlement. 
 (c) Request for Advancement; Request for
Indemnification. 
 (i) To obtain advancement of Expenses under this Agreement, Indemnitee shall submit to the Company a
written request therefor, together with such invoices or other supporting information as may be reasonably requested by the Company and reasonably available to Indemnitee, and, only to the extent required by applicable law which cannot be waived, an
unsecured written undertaking to repay amounts advanced in the event of a decision by a court of competent jurisdiction from which no appeal can be taken that Indemnitee is not entitled to be indemnified by the Company for such Expenses. The Company
shall make advance payment of Expenses to Indemnitee no later than five (5) business days after receipt of the written request for advancement (and each subsequent request for advancement) by Indemnitee. If, at the time of receipt of any such
written request for advancement of Expenses, the Company has a director and officer insurance policy in effect, the Company will promptly notify the relevant insurer in accordance with the procedures and requirements of such policy. The Company
shall thereafter keep such insurer informed of the status of the Proceeding or other claim (with assistance from the Indemnitee as reasonably required) and take such other actions, as appropriate to secure coverage of Indemnitee for such claim. 

(ii) To obtain indemnification under this Agreement, at any time before or after submission of a request for advancement
pursuant to Section 9(c)(i) of this Agreement, Indemnitee may submit a written request for indemnification hereunder. The time at which Indemnitee submits a written request for indemnification shall be determined by the
Indemnitee in the 

  
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Indemnitee’s sole discretion. Once Indemnitee submits such a written request for indemnification (and only at such time that Indemnitee submits such a written request for indemnification), a
Determination (as hereinafter defined) shall thereafter be made, as provided in and only to the extent required by Section 9(d) of this Agreement. In no event shall a Determination be made, or required to be made, as a
condition to or otherwise in connection with any advancement of Expenses pursuant to Section 8 and Section 9(c)(i) of this Agreement. If, at the time of receipt of any such request for
indemnification, the Company has a director and officer insurance policy in effect, the Company will promptly notify the relevant insurer and take such other actions as necessary or appropriate to secure coverage of Indemnitee for such claim in
accordance with the procedures and requirements of such policies. 
 (d) Determination. The Company agrees that
Indemnitee shall be indemnified to the fullest extent permitted by law and that no Determination shall be required in connection with such indemnification unless specifically required by applicable law which cannot be waived. In no event shall a
Determination be required in connection with indemnification for Expenses pursuant to Section 7 of this Agreement or incurred in connection with any Proceeding or portion thereof with respect to which Indemnitee has been
successful on the merits or otherwise. Any decision that a Determination is required by law in connection with any other indemnification of Indemnitee, and any such Determination, shall be made within thirty (30) days after receipt of
Indemnitee’s written request for indemnification pursuant to Section 9(c)(ii) and such Determination shall be made either (i) by the Disinterested Directors (as hereinafter defined), even though less than a
quorum, so long as Indemnitee does not request that such Determination be made by Independent Counsel (as hereinafter defined), or (ii) if so requested by Indemnitee, in Indemnitee’s sole discretion, by Independent Counsel in a written
opinion to the Company and Indemnitee. If a Determination is made that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within five (5) business days after such Determination. Indemnitee shall reasonably cooperate
with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information
which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such Determination. Any Expenses incurred by Indemnitee in so cooperating with the Disinterested Directors or
Independent Counsel, as the case may be, making such determination shall be advanced and borne by the Company (irrespective of the Determination as to Indemnitee’s entitlement to indemnification). If the person, persons or entity empowered or
selected under this Section 9(d) to determine whether Indemnitee is entitled to 

  
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indemnification shall not have made a determination within thirty (30) days after receipt by the Company of the request therefor, the requisite determination of entitlement to
indemnification shall, to the fullest extent not prohibited by law, be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material
fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law; provided, however, that such
thirty (30) day period may be extended for a reasonable time, not to exceed an additional twenty (20) days, if the person, persons or entity making the determination with respect to entitlement to indemnification in good faith requires
such additional time for the obtaining or evaluating of documentation and/or information relating thereto; and provided, further, that the foregoing provisions of this Section 9(d) shall not apply if the
determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 9(e). 

(e) Independent Counsel. In the event Indemnitee requests that the Determination be made by Independent Counsel pursuant
to Section 9(d) of this Agreement, the Independent Counsel shall be selected as provided in this Section 9(e). The Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall
request that such selection be made by the Board of Directors, in which event the Board of Directors shall make such selection on behalf of the Company, subject to the remaining provisions of this Section 9(e)), and
Indemnitee or the Company, as the case may be, shall give written notice to the other, advising the Company or Indemnitee of the identity of the Independent Counsel so selected. The Company or Indemnitee, as the case may be, may, within five
(5) days after such written notice of selection shall have been received, deliver to Indemnitee or the Company, as the case may be, a written objection to such selection; provided, however, that such objection may be asserted only
on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 15 of this Agreement, and the objection shall set forth with particularity the
factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If a written objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent
Counsel unless and until such objection is withdrawn or a court of competent jurisdiction has determined that such objection is without merit. If, within ten (10) days after submission by Indemnitee of a written request for indemnification
pursuant to Section 9(c)(ii) of this Agreement and after a request for the appointment of Independent Counsel has been made, no Independent Counsel shall have been selected and not objected to, either the Company or
Indemnitee may petition a court of competent jurisdiction for resolution of any objection which shall have 

  
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been made by the Company or Indemnitee to the other’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the court or by such other
person as the court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 9(d) of this Agreement. Upon the due
commencement of any judicial proceeding or arbitration pursuant to Section 9(f) of this Agreement, Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the
applicable standards of professional conduct then prevailing). Any expenses incurred by or in connection with the appointment of Independent Counsel shall be borne by the Company (irrespective of the Determination of Indemnitee’s entitlement to
indemnification) and not by Indemnitee. 
 (f) Consequences of Determination; Remedies of Indemnitee. The Company
shall be bound by and shall have no right to challenge a Favorable Determination. If an Adverse Determination is made, or if for any other reason the Company does not make timely indemnification payments or advances of Expenses, Indemnitee shall
have the right to commence a Proceeding before a court of competent jurisdiction to challenge such Adverse Determination and/or to require the Company to make such payments or advances (and the Company shall have the right to defend its position in
such Proceeding and to appeal any adverse judgment in such Proceeding). Indemnitee shall be entitled to be indemnified for all Expenses incurred in connection with such a Proceeding and to have such Expenses advanced by the Company in accordance
with Section 8 of this Agreement. If Indemnitee fails to challenge an Adverse Determination within thirty (30) business days, or if Indemnitee challenges an Adverse Determination and such Adverse Determination has been
upheld by a final judgment of a court of competent jurisdiction from which no appeal can be taken, then, to the extent and only to the extent required by such Adverse Determination or final judgment, the Company shall not be obligated to indemnify
Indemnitee under this Agreement. 
 (g) Presumptions; Burden and Standard of Proof. The parties intend and agree that,
to the extent permitted by law, in connection with any Determination with respect to Indemnitee’s entitlement to indemnification hereunder by any person, including a court: 

(i) it will be presumed that Indemnitee is entitled to indemnification under this Agreement (notwithstanding any Adverse
Determination), and the Company or any other person or entity challenging such right will have the burden of proof to overcome that presumption in connection with the making by any person, persons or entity of any determination contrary to that
presumption; 

  
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 (ii) the termination of any action, suit or proceeding by judgment, order,
settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that Indemnitee did not act in good faith and in a manner which Indemnitee reasonably believed to be in
or not opposed to the best interests of the Company, and, with respect to any criminal action or proceeding, had reasonable cause to believe that Indemnitee’s conduct was unlawful; 

(iii) Indemnitee will be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of
account of the Company, including financial statements, or on information supplied to Indemnitee by the officers, employees, or committees of the board of directors of the Company, or on the advice of legal counsel or other advisors (including
financial advisors and accountants) for the Company or on information or records given in reports made to the Company by an independent certified public accountant or by an appraiser or other expert or advisor selected by the Company; and 

(iv) the knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Company or relevant
enterprises will not be imputed to Indemnitee in a manner that limits or otherwise adversely affects Indemnitee’s rights hereunder. 

The provisions of this Section 9(g) shall not be deemed to be exclusive or to limit in any way the other
circumstances in which Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement. 
 10.
Remedies of Indemnitee. 
 (a) In the event that (i) a determination is made pursuant to
Section 9(d) of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 8 and
Section 9(c)(i) of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 9(d) of this Agreement within thirty (30) days after
receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to Section 5, 6 or 7 of this Agreement within five (5) business days after receipt by
the Company of a written request therefor, (v) payment of indemnification pursuant to Section 3 or 4 of this Agreement is not made within five (5) business days after a determination has been made that
Indemnitee is entitled to indemnification, or (vi) the Company or any other person takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes any litigation or other action or Proceeding designed to
deny, or to recover from, the Indemnitee the benefits provided or intended to be provided to the Indemnitee 

  
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hereunder, Indemnitee shall be entitled to an adjudication by a court of his entitlement to such indemnification or advancement of Expenses. Alternatively, Indemnitee, at his option, may seek an
award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association in New York (or JAMS in New York, if requested by the Indemnitee). The Company shall not oppose
Indemnitee’s right to seek any such adjudication or award in arbitration. 
 (b) In the event that a determination shall
have been made pursuant to Section 9(d) of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 10 shall be
conducted in all respects as a de novo trial, or arbitration, on the merits, in which (i) Indemnitee shall not be prejudiced by reason of that adverse determination, and (ii) the Company shall bear the burden of establishing
that Indemnitee is not entitled to indemnification. 
 (c) If a determination shall have been made pursuant to
Section 9(d) of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this
Section 10, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for
indemnification, or (ii) a prohibition of such indemnification under Delaware corporate law. 
 (d) The Company shall,
to the fullest extent not prohibited by law, be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 10 that the procedures and presumptions of this Agreement are not valid,
binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement. 

11. Insurance; Subrogation; Other Rights of Recovery, etc. 

(a) The Company shall use its reasonable best efforts to purchase and maintain a policy or policies of insurance with reputable
insurance companies with A.M. Best ratings of “A” or better, providing Indemnitee with coverage for any liability asserted against, and incurred by, Indemnitee or on Indemnitee’s behalf by reason of Indemnitee’s Corporate Status,
or arising out of Indemnitee’s status as such, whether or not the Company would have the power to indemnify Indemnitee against such liability. Such insurance policies shall have coverage terms and policy limits at least as favorable to
Indemnitee as the insurance coverage provided to any other director and/or officer of the Company. If the 

  
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Company has such insurance in effect at the time it receives from Indemnitee any notice of the commencement of an action, suit, proceeding or other claim, the Company shall give prompt notice of
the commencement of such action, suit, proceeding or other claim to the insurers and take such other actions in accordance with the procedures set forth in the policy as required or appropriate to secure coverage of Indemnitee for such action, suit,
proceeding or other claim. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such action, suit, proceeding or other claim in accordance with
the terms of such policy. The Company shall continue to provide such insurance coverage to Indemnitee for a period of at least seven (7) years after Indemnitee ceases to serve as a director or in any other Corporate Status. 

(b) In the event of any payment by the Company under this Agreement, the Company shall be subrogated to the extent of such
payment to all of the rights of recovery of Indemnitee against any other Duckhorn Entity, and Indemnitee hereby agrees, as a condition to obtaining any advancement or indemnification from the Company, to assign the Company all of Indemnitee’s
rights to obtain from such other Duckhorn Entity such amounts to the extent that they have been paid by the Company to or for the benefit of Indemnitee as advancement or indemnification under this Agreement and are adequate to indemnify Indemnitee
with respect to the costs, Expenses or other items to the full extent that Indemnitee is entitled to indemnification or other payment hereunder; and Indemnitee will (upon request by the Company) execute all papers required and use reasonable best
efforts to take all action reasonably necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit or enforce such rights. 

(c) The Company hereby acknowledges that the rights to indemnification, advancement of expenses and/or insurance provided
pursuant to this Agreement may also be provided to certain Indemnitees by one or more of their respective affiliates (other than the Duckhorn Entities) or their insurers (collectively, and including, each of their respective partners, shareholders,
members, affiliates, associated investment funds, directors, officers, fiduciaries, managers, controlling persons, employees and agents and each of the partners, shareholders, members, affiliates, associated investment funds, directors, officers,
fiduciaries, managers, controlling persons, employees and agents of each of the foregoing, the “Affiliate Indemnitors”). The Company hereby agrees that, as between the Company, on the one hand, and the Affiliate Indemnitors, on the
other hand, (i) the Company is the full indemnitor of first resort and the Affiliate Indemnitors are the full indemnitors of second resort with respect to all such indemnifiable claims against such Indemnitees, whether arising under this
Agreement or otherwise (i.e., the obligations of the Company to such Indemnitees 

  
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are primary and any obligation of the Affiliate Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by such Indemnitees are secondary),
(ii) upon receipt by the Company of an undertaking by or on behalf of such Indemnitees to repay such amount if it shall be determined that the Indemnitee is not entitled to be indemnified as authorized by this Agreement or otherwise, the Company
shall be required to advance the full amount of expenses incurred by such Indemnitees and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required
by the terms of this Agreement (or any other agreement between the Company and such Indemnitees), without regard to any rights such Indemnitees may have against the Affiliate Indemnitors and (iii) the Company irrevocably waives, relinquishes
and releases the Affiliate Indemnitors from any and all claims against the Affiliate Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company agrees to indemnify the Affiliate Indemnitors directly
for any amounts that the Affiliate Indemnitors pay as indemnification or advancement on behalf of any such Indemnitee and for which such Indemnitee may be entitled to indemnification from the Company in connection with serving as a director and/or
officer of the Company. The Company further agrees that no advancement or payment by the Affiliate Indemnitors on behalf of any such Indemnitee with respect to any claim for which such Indemnitee has sought indemnification from the Company shall
affect the foregoing and the Affiliate Indemnitors shall be subrogated to the extent of such advancement or payment to all of the rights of recovery of such Indemnitee against the Company, and the Company shall cooperate with the Affiliate
Indemnitors in pursuing such rights. 
 (d) Except as provided in Sections 11(c), the Company shall not be liable to
pay or advance to Indemnitee any amounts otherwise indemnifiable under this Agreement or under any other indemnification agreement if, and to the extent that, Indemnitee has otherwise actually received such payment under any insurance policy,
contract, agreement or otherwise. 
 (e) The Company’s obligation to indemnify or advance Expenses hereunder to
Indemnitee in respect of or relating to Indemnitee’s service at the request of the Company as a director, officer, employee, fiduciary, trustee, representative, partner or agent of any other Duckhorn Entity shall be reduced by any amount
Indemnitee has actually received as payment of indemnification or advancement of Expenses from such other Duckhorn Entity, except to the extent that such indemnification payments and advance payment of Expenses when taken together with any such
amount actually received from other Duckhorn Entities or under director and officer insurance policies maintained by one or more Duckhorn Entities are inadequate to fully pay all costs, Expenses or other items to the full extent that Indemnitee is
otherwise entitled to indemnification or other payment hereunder. 

  
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 (f) Except as provided in Sections 11(c),
11(d) and 11(e) of this Agreement, the rights to indemnification and advancement of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time, whenever conferred or
arising, be entitled under applicable Delaware corporate law, under the Duckhorn Entities’ organizational documents, or under any other agreement, vote of stockholders or resolution of directors of any Duckhorn Entity, or otherwise.
Indemnitee’s rights under this Agreement are present contractual rights that fully vest upon Indemnitee’s first service as a director and/or officer of the Company. The Parties hereby agree that Sections 11(c),
11(d) and 11(e) of this Agreement shall be deemed exclusive and shall be deemed to modify, amend and clarify any right to indemnification or advancement provided to Indemnitee under any other contract, agreement or document with any
Duckhorn Entity. 
 (g) No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or
restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in Indemnitee’s Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in the General
Corporation Law of the State of Delaware (or other applicable law), whether by statute or judicial decision, permits greater indemnification or advancement of Expenses than would be afforded currently under the Duckhorn Entities’ organizational
documents and this Agreement, it is the intent of the parties hereto that Indemnitee enjoy by this Agreement the greater benefits so afforded by such change. No change in applicable law shall have the effect of reducing the benefits available to
Indemnitee hereunder based on Delaware law as in effect on the date hereof or as such benefits may improve as a result of amendments to Delaware law that become effective after the date hereof. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy. 
 12. Employment Rights;
Successors; Third Party Beneficiaries. 
 (a) This Agreement shall not be deemed an employment contract between the
Company and Indemnitee. This Agreement shall continue in force as provided above after Indemnitee has ceased to serve as a director and/or officer of the Company or any other Corporate Status. 

  
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 (b) This Agreement shall be binding upon the Company and its successors and
assigns and shall inure to the benefit of Indemnitee and Indemnitee’s heirs, executors and administrators. If the Company or any of its successors or assigns shall (i) consolidate with or merge into any other corporation or entity and
shall not be the continuing or surviving corporation or entity of such consolidation or merger or (ii) transfer all or substantially all of its properties and assets to any individual, corporation or other entity, then, and in each such case,
proper provisions shall be made so that the successors and assigns of the Company shall assume all of the obligations set forth in this Agreement. 

(c) The Affiliate Indemnitors are express third party beneficiaries of this Agreement, are entitled to rely upon this
Agreement, and may specifically enforce the Company’s obligations hereunder (including but not limited to the obligations specified in Section 11 of this Agreement) as though a party hereunder. 

13. Severability. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason
whatsoever: (i) the validity, legality and enforceability of the remaining provisions of this Agreement (including without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or
unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby; (ii) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to
give the maximum effect to the intent of the parties hereto; and (iii) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section of this Agreement containing any such provision
held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby. 

14. Exception to Right of Indemnification or Advancement of Expenses. Notwithstanding any other provision of this Agreement and except
as provided in Section 7(a) of this Agreement or as may otherwise be agreed by the Company, Indemnitee shall not be entitled to indemnification or advancement of Expenses under this Agreement with respect to any Proceeding
brought by Indemnitee (other than (i) a Proceeding by Indemnitee (i) by way of defense or counterclaim or other similar portion of a Proceeding, (ii) to enforce any other rights of Indemnitee to indemnification, advancement or
contribution from the Company under this Agreement, or under any other contract, by-laws or charter or under statute or other law, including any rights under Section 145 of the Delaware General
Corporation Law, or (iii) after a Change in Control), unless the bringing of such Proceeding or making of such claim shall have been approved by the Board of Directors or similar governing body of the Company. 

15. Definitions. For purposes of this Agreement: 

(a) “Board of Directors” means the board of directors of the Company. 

  
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 (b) “By-laws”
means, in each case, the bylaws or similar governing document of the relevant entity as amended from time to time. 
 (c)
“Certificate of Incorporation” means, in each case, the certificate of incorporation, articles of incorporation or similar constituting document as amended from time to time. 

(d) “Change in Control” shall be deemed to have occurred if (i) any “person” (as such term is
used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended), other than a trustee or other fiduciary holding securities under an employee benefit plan of the Company or a corporation owned directly or indirectly by the
stockholders of the Company in substantially the same proportions as their ownership of stock of the Company, is or becomes the “Beneficial Owner” (as defined in Rule 13d-3 under said Act), directly
or indirectly, of securities of the Company representing 20% or more of the total voting power represented by the Company’s then outstanding Voting Securities, or (ii) during any period of two consecutive years, individuals who at the
beginning of such period constitute the Board and any new director whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds (2/3)
of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof, or (iii) the
stockholders of the Company approve a merger or consolidation of the Company with any other corporation, other than a merger or consolidation that would result in the Voting Securities of the Company outstanding immediately prior thereto continuing
to represent (either by remaining outstanding or by being converted into Voting Securities of the surviving entity) at least 80% of the total voting power represented by the Voting Securities of the Company or such surviving entity outstanding
immediately after such merger or consolidation, or the stockholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company (in one transaction or a series of transactions) of
all or substantially all of the Company’s assets. 
 (e) “Corporate Status” describes the status of a
person by reason of such person’s past, present or future service as a director, officer, employee, fiduciary, trustee, or agent of the Company (including, without limitation, one who serves at the request of the Company as a director, officer,
employee, fiduciary, trustee or agent of any other Duckhorn Entity), in all cases whether or not Indemnitee is acting or serving in any such capacity or has such status at the time any Expenses are incurred for which indemnification, advancement or
any other right can be provided by this Agreement. 

  
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 (f) “Determination” means a determination that either
(x) there is a reasonable basis for the conclusion that indemnification of Indemnitee is proper in the circumstances because Indemnitee met a/the particular standard(s) of conduct (a “Favorable Determination”) or (y) there
is no reasonable basis for the conclusion that indemnification of Indemnitee is proper in the circumstances because Indemnitee met a/the particular standard(s) of conduct (an “Adverse Determination”). An Adverse Determination shall
include the decision that a Determination was required in connection with indemnification and the decision as to the applicable standard of conduct. 

(g) “Disinterested Director” means a director of the Company who is not and was not a party to the Proceeding
in respect of which indemnification is sought by Indemnitee and does not otherwise have an interest materially adverse to any interest of the Indemnitee. 

(h) “Expenses” shall mean all direct and indirect costs, fees and expenses of any type or nature whatsoever
and shall specifically include, without limitation, all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees and costs of experts, witness fees and costs, travel expenses, duplicating costs, printing and binding costs,
telephone charges, postage, delivery service fees, any federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement, ERISA excise taxes and penalties, and all other
disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness, in, or otherwise participating in, a Proceeding or an appeal
resulting from a Proceeding, including, but not limited to, the premium for appeal bonds, attachment bonds or similar bonds and all interest, assessments and other charges paid or payable in connection with or in respect of any such Expenses, and
shall also specifically include, without limitation, all reasonable attorneys’ fees and all other expenses incurred by or on behalf of Indemnitee in connection with preparing and submitting any requests or statements for indemnification,
advancement, contribution or any other right provided by this Agreement. Expenses, however, shall not include amounts of judgments or fines against Indemnitee. 

(i) “Duckhorn Entity” means the Company, any of its respective subsidiaries and any other corporation,
partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise with respect to which Indemnitee serves as a director, officer, employee, partner, representative, fiduciary, trustee or agent, or in any similar
capacity, at the request of the Company. 

  
 - 16 - 

 (j) “Independent Counsel” means, at any time, any law firm,
or a member of a law firm, that (a) is experienced in matters of corporation law and (b) is not, at such time, or has not been in the five years prior to such time, retained to represent: (i) any Duckhorn Entity or Indemnitee in any
matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnities under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a
claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest
in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. The Company agrees to pay the reasonable fees and expenses of the Independent Counsel referred to above and to fully indemnify
such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto and to be jointly and severally liable therefor. 

(k) “Proceeding” includes any actual, threatened, pending or completed action, suit, arbitration, alternate
dispute resolution mechanism, investigation (formal or informal), inquiry, administrative hearing or any other actual, threatened, pending or completed proceeding, whether brought by or in the right of any Duckhorn Entity or otherwise and whether
civil, criminal, administrative or investigative in nature, in which Indemnitee was, is, may be or will be involved as a party, witness or otherwise, by reason of Indemnitee’s Corporate Status or by reason of any action taken by Indemnitee or
of any inaction on Indemnitee’s part while acting as director, officer, employee, fiduciary, trustee or agent of any Duckhorn Entity (in each case whether or not Indemnitee is acting or serving in any such capacity or has such status at the
time any liability or expense is incurred for which indemnification or advancement of Expenses can be provided under this Agreement). If Indemnitee believes in good faith that a given situation may lead to or culminate in the institution of a
Proceeding, this shall be considered a Proceeding under this paragraph. 
 (l) “Voting Securities” means any
securities of the Company that vote generally in the election of directors. 
 16. Construction. Whenever required by the context, as
used in this Agreement the singular number shall include the plural, the plural shall include the singular, and all words herein in any gender shall be deemed to include (as appropriate) the masculine, feminine and neuter genders. 

17. Reliance. The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on
it hereby in order to induce Indemnitee to serve as a director and/or officer of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as a director and/or officer of the Company. 

  
 - 17 - 

 18. Modification and Waiver. No supplement, modification or amendment of this
Agreement shall be binding unless executed in a writing identified as such by all of the parties hereto. Except as otherwise expressly provided herein, the rights of a party hereunder (including the right to enforce the obligations hereunder of the
other parties) may be waived only with the written consent of such party, and no waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such
waiver constitute a continuing waiver. 
 19. Notice Mechanics. All notices, requests, demands or other communications hereunder shall
be in writing and shall be deemed to have been duly given if (i) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, or (ii) mailed by certified or registered mail with
postage prepaid, on the third business day after the date on which it is so mailed: 
 (a) If to Indemnitee to: 

[DIRECTOR/OFFICER CONTACT INFORMATION] 

(b) If to the Company, to: 

c/o The Duckhorn Portfolio, Inc. 

1201 Dowdell Lane 
 Saint
Helena, CA 94574 
 Attn: Sean Sullivan 

with a copy to: Ropes & Gray LLP 

3 Embarcadero Center 

San Francisco, CA 94111 

Attn: Thomas Holden 
 or to such
other address as may have been furnished (in the manner prescribed above) as follows: (a) in the case of a change in address for notices to Indemnitee, furnished by Indemnitee to the Company and (b) in the case of a change in address for
notices to the Company, furnished by the Company to Indemnitee. 

  
 - 18 - 

 20. Contribution. To the fullest extent permissible under Delaware corporate law, if
the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for judgments, fines,
penalties, excise taxes, amounts paid or to be paid in settlement and/or for reasonably incurred Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in
light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the
relative fault of the Company (and its other directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s). 

21. Governing Law; Submission to Jurisdiction; Appointment of Agent for Service of Process. This Agreement and the legal relations among
the parties shall, to the fullest extent permitted by law, be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. The Company and Indemnitee hereby irrevocably
and unconditionally (i) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Court of Chancery of the State of Delaware (the “Delaware Court”), and not in any
other state or federal court in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection
with this Agreement, (iii) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court, and (iv) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the
Delaware Court has been brought in an improper or otherwise inconvenient forum. 
 22. Headings. The headings of the paragraphs of
this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. 

23. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an
original but all of which together shall constitute one and the same Agreement. 
 [Remainder of Page Intentionally Blank] 

  
 - 19 - 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year
first above written. 
  

					
	Company:	  		  	THE DUCKHORN PORTFOLIO INC.
			
		  	By:	  	  

		  	 Name:
 Title:
	  	
		
	Indemnitee:	  	  
 Name: [NAME OF
INDEMNITEE]

 [Signature Page to Indemnification Agreement]

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