Document:

Credit Agreement

 Exhibit 4.2 
 EXECUTION COPY 
  

 
  

 
 SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

dated as of 

September 15, 2011 
 among 
 MICHAEL KORS (USA), INC. 

The Foreign Subsidiary Borrowers Party Hereto 
 The LENDERS Party Hereto, 
 The GUARANTORS Party Hereto, 

JPMORGAN CHASE BANK, N.A., 
 as Administrative Agent, 
 and 

WELLS FARGO BANK, NATIONAL ASSOCIATION 
 (successor by merger to WELLS FARGO TRADE CAPITAL, LLC), 
 as Collateral Agent

 J.P. MORGAN SECURITIES LLC 
 as Sole Bookrunner and Sole Lead Arranger 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I Definitions
	  	 	2	  
	 Section 1.01.
	 	 Defined Terms
	  	 	2	  
	 Section 1.02.
	 	 Classification of Loans and Borrowings
	  	 	41	  
	 Section 1.03.
	 	 Terms Generally; Québec Interpretation
	  	 	41	  
	 Section 1.04.
	 	 Accounting Terms; GAAP
	  	 	42	  
	 Section 1.05.
	 	 Amendment and Restatement of the Original Agreement; Reaffirmation of Continuing Loan Documents
	  	 	42	  
	 Section 1.06.
	 	 Exchange Rates
	  	 	43	  
		
	 ARTICLE II The Credits
	  	 	44	  
	 Section 2.01.
	 	 Commitments
	  	 	44	  
	 Section 2.02.
	 	 Loans and Borrowings
	  	 	44	  
	 Section 2.03.
	 	 Requests for Borrowings
	  	 	45	  
	 Section 2.04.
	 	 Letters of Credit
	  	 	46	  
	 Section 2.05.
	 	 Funding of Borrowings
	  	 	51	  
	 Section 2.06.
	 	 Interest Elections
	  	 	51	  
	 Section 2.07.
	 	 Termination and Reduction of Commitments
	  	 	53	  
	 Section 2.08.
	 	 Repayment of Loans; Evidence of Debt
	  	 	53	  
	 Section 2.09.
	 	 Prepayment of Loans
	  	 	55	  
	 Section 2.10.
	 	 Fees
	  	 	56	  
	 Section 2.11.
	 	 Interest
	  	 	57	  
	 Section 2.12.
	 	 Alternate Rate of Interest
	  	 	58	  
	 Section 2.13.
	 	 Increased Costs
	  	 	59	  
	 Section 2.14.
	 	 Break Funding Payments
	  	 	60	  
	 Section 2.15.
	 	 Taxes
	  	 	61	  
	 Section 2.16.
	 	 Payments Generally; Pro Rata Treatment; Sharing of Set-offs
	  	 	63	  
	 Section 2.17.
	 	 Mitigation Obligations; Replacement of Lenders
	  	 	65	  
	 Section 2.18.
	 	 Defaulting Lenders
	  	 	66	  
	 Section 2.19.
	 	 Swingline Loans
	  	 	67	  
	 Section 2.20.
	 	 Expansion Option
	  	 	68	  
	 Section 2.21.
	 	 Judgment Currency
	  	 	69	  
	 Section 2.22.
	 	 Designation of Foreign Subsidiary Borrowers
	  	 	70	  
	 Section 2.23.
	 	 Interest Act (Canada), Etc.
	  	 	70	  
	 Section 2.24.
	 	 Financial Assistance
	  	 	71	  
		
	 ARTICLE III Representations and Warranties
	  	 	72	  
	 Section 3.01.
	 	 Existence and Power
	  	 	72	  
	 Section 3.02.
	 	 Authorization; No Contravention
	  	 	72	  
	 Section 3.03.
	 	 Binding Effect
	  	 	72	  
	 Section 3.04.
	 	 Financial Information
	  	 	73	  
	 Section 3.05.
	 	 Litigation
	  	 	73	  
	 Section 3.06.
	 	 Compliance with ERISA; Foreign Pension Plans
	  	 	73	  

							
	 Section 3.07.
	 	Taxes	  	 	74	  
	 Section 3.08.
	 	Environmental Compliance	  	 	75	  
	 Section 3.09.
	 	Properties	  	 	75	  
	 Section 3.10.
	 	Compliance with Laws and Agreements	  	 	76	  
	 Section 3.11.
	 	Investment Company Status	  	 	76	  
	 Section 3.12.
	 	Full Disclosure	  	 	76	  
	 Section 3.13.
	 	Security Interest	  	 	76	  
	 Section 3.14.
	 	Solvency	  	 	77	  
	 Section 3.15.
	 	Employee Matters	  	 	77	  
	 Section 3.16.
	 	Subsidiaries	  	 	77	  
	 Section 3.17.
	 	No Change in Credit Criteria or Collection Policies	  	 	77	  
	 Section 3.18.
	 	Senior Indebtedness	  	 	77	  
	 Section 3.19.
	 	Compliance with the Swiss Twenty Non-Bank Rule	  	 	77	  
		
	 ARTICLE IV Conditions
	  	 	78	  
	 Section 4.01.
	 	Effective Date	  	 	78	  
	 Section 4.02.
	 	Each Credit Event	  	 	79	  
	 Section 4.03.
	 	Designation of a Foreign Subsidiary Borrower	  	 	80	  
		
	 ARTICLE V Affirmative Covenants
	  	 	80	  
	 Section 5.01.
	 	Information	  	 	80	  
	 Section 5.02.
	 	Maintenance of Property; Insurance	  	 	84	  
	 Section 5.03.
	 	Compliance with Laws	  	 	84	  
	 Section 5.04.
	 	Inspection of Property, Books and Records	  	 	84	  
	 Section 5.05.
	 	Use of Proceeds	  	 	85	  
	 Section 5.06.
	 	Environmental Matters	  	 	85	  
	 Section 5.07.
	 	Taxes	  	 	85	  
	 Section 5.08.
	 	Security Interests	  	 	85	  
	 Section 5.09.
	 	Existence; Conduct of Business	  	 	85	  
	 Section 5.10.
	 	Litigation and Other Notices	  	 	86	  
	 Section 5.11.
	 	Additional Grantors and Guarantors; Collateral	  	 	86	  
	 Section 5.12.
	 	Maintain Operating Accounts	  	 	87	  
	 Section 5.13.
	 	Centre of main interests and Establishment	  	 	88	  
	 Section 5.14.
	 	Compliance with the Swiss Twenty Non-Bank Rule	  	 	88	  
	 Section 5.15.
	 	Canadian and Foreign Benefit Plan Notices and Information	  	 	88	  
		
	 ARTICLE VI Negative Covenants
	  	 	89	  
	 Section 6.01.
	 	Indebtedness	  	 	89	  
	 Section 6.02.
	 	Liens	  	 	91	  
	 Section 6.03.
	 	Fundamental Changes	  	 	93	  
	 Section 6.04.
	 	Investments, Loans, Advances, Guarantees and Acquisitions	  	 	96	  

  
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	 Section 6.05.
	 	Prepayment or Modification of Indebtedness; Modification of Operating Documents	  	 	97	  
	 Section 6.06.
	 	Restricted Payments	  	 	98	  
	 Section 6.07.
	 	Transactions with Affiliates	  	 	99	  
	 Section 6.08.
	 	Restrictive Agreements	  	 	100	  
	 Section 6.09.
	 	[Reserved]	  	 	100	  
	 Section 6.10.
	 	Consolidated Fixed Charge Coverage Ratio	  	 	100	  
	 Section 6.11.
	 	Capital Expenditures	  	 	100	  
		
	 ARTICLE VII Events of Default
	  	 	101	  
	 Section 7.01.
	 	Events of Default	  	 	101	  
		
	 ARTICLE VIII The Administrative Agent and the Collateral Agent
	  	 	104	  
		
	 ARTICLE IX Miscellaneous
	  	 	109	  
	 Section 9.01.
	 	Notices	  	 	109	  
	 Section 9.02.
	 	Waivers; Amendments	  	 	110	  
	 Section 9.03.
	 	Expenses; Indemnity; Damage Waiver	  	 	111	  
	 Section 9.04.
	 	Successors and Assigns	  	 	112	  
	 Section 9.05.
	 	Survival	  	 	115	  
	 Section 9.06.
	 	Counterparts; Integration; Effectiveness	  	 	116	  
	 Section 9.07.
	 	Severability	  	 	116	  
	 Section 9.08.
	 	Right of Setoff	  	 	116	  
	 Section 9.09.
	 	GOVERNING LAW; Jurisdiction; Consent to Service of Process	  	 	116	  
	 Section 9.10.
	 	WAIVER OF JURY TRIAL	  	 	117	  
	 Section 9.11.
	 	Headings	  	 	118	  
	 Section 9.12.
	 	Confidentiality	  	 	118	  
	 Section 9.13.
	 	Interest Rate Limitation	  	 	118	  
	 Section 9.14.
	 	USA PATRIOT Act	  	 	118	  
	 Section 9.15.
	 	Appointment for Perfection	  	 	119	  
	 Section 9.16.
	 	Releases of Guarantors	  	 	119	  

  
 iii

 Schedules and Exhibits 

 

							
	 SCHEDULES
	 				  	
			
	 Schedule 1.01A
	 	 	—  	  	  	Existing Letters of Credit
	 Schedule 1.01B
	 	 	—  	  	  	Foreign Subsidiary Responsible Officers
	 Schedule 2.01
	 	 	—  	  	  	Commitments
	 Schedule 3.05
	 	 	—  	  	  	Disclosed Matters as to Litigation
	 Schedule 3.06
	 	 	—  	  	  	Canadian Pension Plans
	 Schedule 3.08
	 	 	—  	  	  	Disclosed Matters as to Environmental Compliance
	 Schedule 3.09
	 	 	—  	  	  	Other Leased and Owned Property
	 Schedule 3.16
	 	 	—  	  	  	Subsidiaries
	 Schedule 6.01
	 	 	—  	  	  	Existing Indebtedness
	 Schedule 6.02
	 	 	—  	  	  	Existing Liens
	 Schedule 6.03
	 	 	—  	  	  	Fiscal Year End
	 Schedule 6.04
	 	 	—  	  	  	Existing Investments
	 Schedule 6.07
	 	 	—  	  	  	Transactions with Affiliates
	 Schedule 6.08
	 	 	—  	  	  	Existing Restrictions
			
	 EXHIBITS
	 				  	
			
	 Exhibit A
	 	 	—  	  	  	Form of Assignment and Assumption
	 Exhibit B
	 	 	—  	  	  	[Reserved]
	 Exhibit C
	 	 	—  	  	  	Form of Promissory Note
	 Exhibit D
	 	 	—  	  	  	Form of Borrowing Request
	 Exhibit E
	 	 	—  	  	  	Form of Borrowing Base Certificate
	 Exhibit F
	 	 	—  	  	  	Form of Guarantee Agreement
	 Exhibit G
	 	 	—  	  	  	Form of Pledge and Security Agreement
	 Exhibit H
	 	 	—  	  	  	Reserved
	 Exhibit I
	 	 	—  	  	  	Reserved
	 Exhibit J
	 	 	—  	  	  	Reserved
	 Exhibit K
	 	 	—  	  	  	Form of Tri-Party Notification
	 Exhibit L-1
	 	 	—  	  	  	Form of U.S. Tax Certificate (Foreign Lenders That Are Not Partnerships)
	 Exhibit L-2
	 	 	—  	  	  	Form of U.S. Tax Certificate (Foreign Lenders That Are Partnerships)
	 Exhibit L-3
	 	 	—  	  	  	Form of U.S. Tax Certificate (Foreign Participants That Are Not Partnerships)
	 Exhibit L-4
	 	 	—  	  	  	Form of U.S. Tax Certificate (Foreign Participants That Are Partnerships)
	 Exhibit M
	 	 	—  	  	  	JPMorgan Continuing Agreement for Commercial and Standby Letters of Credit
	 Exhibit N
	 	 	—  	  	  	[Reserved]
	 Exhibit O
	 	 	—  	  	  	Reserve Costs
	 Exhibit P
	 	 	—  	  	  	Form of Increasing Lender Supplement
	 Exhibit Q
	 	 	—  	  	  	Form of Augmenting Lender Supplement
	 Exhibit R
	 	 	—  	  	  	Form of Borrowing Subsidiary Agreement
	 Exhibit S
	 	 	—  	  	  	Form of Borrowing Subsidiary Termination

  
 iv 

 This is a SECOND AMENDED AND RESTATED CREDIT AGREEMENT (as amended, restated, supplemented
or otherwise modified from time to time, this “Agreement”), dated as of September 15, 2011 by and among MICHAEL KORS (USA), INC., a Delaware corporation (the “Company”), MICHAEL KORS (EUROPE) B.V., a Dutch
private limited liability company with its corporate seat in Amsterdam, The Netherlands, MICHAEL KORS (CANADA) CO., an unlimited liability company incorporated under the laws of the Province of Nova Scotia, MICHAEL KORS (SWITZERLAND) GMBH, a limited
liability company organized under the laws of Switzerland and the other FOREIGN SUBSIDIARY BORROWERS from time to time party hereto, as Borrowers, MICHAEL KORS HOLDINGS LIMITED, a British Virgin Islands company, MICHAEL KORS CORPORATION, a British
Virgin Islands company, MICHAEL KORS, L.L.C., a Delaware limited liability company, MICHAEL KORS INTERNATIONAL LIMITED, a British Virgin Islands company, MICHAEL KORS STORES (CALIFORNIA), INC., a Delaware corporation, MICHAEL KORS STORES, L.L.C., a
New York limited liability company, MICHAEL KORS RETAIL, INC., a Delaware corporation, MICHAEL KORS (EUROPE) HOLDING COOPERATIE U.A., a co-operative with excluded liability (coöperatie met uitgesloten aansprakelijkheid) organized and
existing under the laws of the Netherlands, MICHAEL KORS (EUROPE) HOLDINGS B.V., a private limited liability company incorporated under the laws of Curaçao, and MICHAEL KORS (UK) LIMITED, a private limited company incorporated under the laws
of England and Wales with registered number 6481234, as Guarantors, the LENDERS party hereto, JPMORGAN CHASE BANK, N.A., as Administrative Agent and WELLS FARGO BANK, NATIONAL ASSOCIATION (successor by merger to WELLS FARGO TRADE CAPITAL, LLC), as
Collateral Agent. 
 WHEREAS, the Borrowers, certain of the Guarantors, the Lenders and the Agents entered into an Amended and
Restated Credit Agreement, dated as of August 30, 2007 (as amended prior to the date hereof, the “Original Agreement”); 
 WHEREAS, the Borrowers, the Guarantors, the Lenders and the Agents have agreed to enter into this Agreement in order to (i) amend and restate the Original Agreement in its entirety;
(ii) re-evidence the “Obligations” under, and as defined in, the Original Agreement, which shall be repayable in accordance with the terms of this Agreement; and (iii) set forth the terms and conditions under which the Lenders
will, from time to time, make loans and extend other financial accommodations to or for the benefit of the Borrowers; 

WHEREAS, it is the intent of the parties hereto that this Agreement not constitute a novation of the obligations and liabilities of the
parties under the Original Agreement, but that this Agreement shall amend and restate in its entirety the Original Agreement and re-evidence the obligations and liabilities of the Borrowers outstanding thereunder, which shall be payable in
accordance with the terms hereof; and 
 WHEREAS, it is also the intent of the Borrowers and the Guarantors to confirm that all
obligations under the applicable “Financing Documents” (as referred to and defined in the Original Agreement) shall continue in full force and effect as modified or restated by the Financing Documents (as referred to and defined herein)
and that, from and after the Effective Date, all references to the “Credit Agreement” contained in any such existing “Financing Documents” shall be deemed to refer to this Agreement, as the same may be further amended, restated,
supplemented or modified from time to time. 
 NOW THEREFORE, the Borrowers, the Guarantors, the Lenders and the Agents hereby
agree as follows: 

 ARTICLE I 
 Definitions 
 Section 1.01. Defined Terms. As used in this
Agreement, the following terms have the meanings specified below: 
 “Acquisition” has the meaning assigned to
such term in the definition of “Permitted Acquisition”. 
 “Adjusted LIBO Rate” means, with respect
to any Eurocurrency Borrowing for any Interest Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate;
provided that, with respect to any Eurocurrency Borrowing denominated in an Alternative Currency or to a Foreign Subsidiary Borrower, the Adjusted LIBO Rate shall mean the LIBO Rate plus the Mandatory Costs Rate, if applicable, as
reasonably determined by the Administrative Agent. 
 “Administrative Agent” means JPMorgan Chase Bank, N.A.
(including its branches and affiliates), in its capacity as administrative agent for the Lenders hereunder. 

“Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent.

 “Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through
one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 

“Agents” means, collectively, the Administrative Agent and the Collateral Agent. 

“Aggregate Commitment” means the aggregate of the Commitments of all of the Lenders, as reduced or increased from time
to time pursuant to the terms and conditions hereof. As of the Effective Date, the Aggregate Commitment is $100,000,000. Notwithstanding any of the foregoing, as of any date, the Aggregate Commitment shall be deemed to be reduced by the aggregate
amount of all Permanent Commitment Reductions made during the Availability Period pursuant to Section 2.07 hereof as of such date; provided that for purposes of determining the Aggregate Commitment at any such time, any portion of
such amount that is denominated in Alternative Currencies shall be included in such amount as the Dollar Equivalent thereof at such time. 
 “Agreed Currencies” means (i) U.S. Dollars, (ii) Euro, (iii) Canadian Dollars, (iv) Pounds Sterling, (v) Yen, (vi) Swiss Francs and (vii) any other
Alternative Currency agreed to by the Administrative Agent and each of the Lenders. 
 “Alternative Currencies”
means Agreed Currencies other than U.S. Dollars. 
 “Alternative Currency LC Exposure” means, at any time, the
sum of (a) the Dollar Amount of the aggregate undrawn and unexpired amount of all outstanding Alternative Currency Letters of Credit at such time plus (b) the aggregate principal Dollar Amount of all LC Disbursements in respect of
Alternative Currency Letters of Credit that have not yet been reimbursed at such time. 
 “Alternative Currency Letter
of Credit” means a Letter of Credit denominated in an Alternative Currency. 

  
 2 

 “Alternative Currency Sublimit” means $35,000,000. 

“Applicable Payment Office” means, (a) in the case of a Canadian Borrowing, the Canadian Payment Office and
(b) in the case of a Eurocurrency Borrowing, the applicable Eurocurrency Payment Office. 
 “Applicable
Percentage” means, with respect to any Lender, the percentage of the Aggregate Commitment represented by such Lender’s Commitment; provided that, in the case of Section 2.18 when a Defaulting Lender shall exist,
“Applicable Percentage” shall mean the percentage of the Aggregate Commitment (disregarding any Defaulting Lender’s Commitment) represented by such Lender’s Commitment. If the Commitments have terminated or expired, the
Applicable Percentages shall be determined based upon the Commitments most recently in effect, giving effect to any assignments and to any Lender’s status as a Defaulting Lender at the time of determination. 

“Applicable Rate” means, for any date of determination with respect to (i) any Base Rate Loan, the Base Rate
plus 125 bps, (ii) with respect to any Canadian Base Rate Loan, the Canadian Prime Rate plus 125 bps, (iii) with respect to any Eurocurrency Loan, the Adjusted LIBO Rate plus 225 bps and (iv) with respect to any
BA Equivalent Loan, the BA Rate plus 225 bps. 
 To the extent that a change in the Applicable Rate occurs during the
pendency of an Interest Period for an existing Eurocurrency Loan, the Applicable Rate shall remain the same for the remainder of the Interest Period for such existing Eurocurrency Loan. 

“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an assignee (with the
consent of any party whose consent is required by Section 9.04), and accepted by the Administrative Agent, substantially in the form of Exhibit A or any other form reasonably approved by the Administrative Agent. 

“Augmenting Lender” has the meaning assigned to such term in Section 2.20. 

“Availability” means at any time (i) the lesser at such time of (x) the Aggregate Commitment and (y) the
Borrowing Base, minus (ii) the sum at such time of (x) the unpaid principal balance of the Loans, (y) the LC Exposure and (z) all Availability Reserves; provided that for purposes of determining the Availability at
any such time, any portion of such amount that is denominated in an Alternative Currency shall be included in such amount as the Dollar Equivalent thereof at such time. 
 “Availability Period” means the period from and including the Effective Date to but excluding the earlier of the Maturity Date and the date of termination of the Commitments. 

“Availability Reserves” means, as of any date of determination, such reserves in amounts as the Collateral Agent may
from time to time establish (upon five days’ notice to the Company in the case of new reserve categories established after the Effective Date and without duplication of the application of Dilution Reserves, if any) and revise (upward or
downward) in good faith in accordance with its customary credit policies in respect of any of the following: (a) to reflect events, conditions, contingencies or risks which, as determined by the Collateral Agent, in its reasonable judgment, do,
or are reasonably likely to, materially adversely affect either (i) the Collateral or its value or (ii) the security interests and other rights of the Collateral Agent or any Lender in the Collateral (including the enforceability,
perfection and priority thereof), (b) to reflect the Collateral Agent’s belief, in its reasonable judgment, that any collateral report or financial information furnished by or on behalf of the Borrowing Base Entities is or may have been
incomplete, inaccurate or misleading in any material respect, (c) in respect of any state of facts which the Collateral Agent determines in good faith, in its 

  
 3 

 
reasonable judgment, constitutes a Default or (d) to reflect any Banking Services Obligations or Derivative Obligations of MK Holdings or a Subsidiary entered into with a Lender or an
Affiliate thereof. 
 “Available Amount” means, at any time (the “Reference Date”), an amount
(if positive) equal to (a) the lesser of (i) $100,000,000 and (ii) the aggregate amount of any cash capital contributions or Net Proceeds from Permitted Equity Issuances received by MK Holdings (or any direct or indirect parent
thereof and contributed by such parent to MK Holdings) during the period from and including the Business Day immediately following the Effective Date through and including the Reference Date, 

 

	 	(b)	minus  

  

	 	(i)	the aggregate amount of any Investments made pursuant to Section 6.04(q), 

 

	 	(ii)	the aggregate amount of any Restricted Payments made pursuant to Section 6.06(h), and 

 

	 	(iii)	the aggregate amount of Capital Expenditures made pursuant to Section 6.11 in excess of the Capital Expenditures Allowance, 

in the case of each of the foregoing clauses (b)(i) through (b)(iii), made during the period commencing on the Effective Date and ending
on the Reference Date (without taking into account the intended usage of the Available Amount on such Reference Date in the contemplated transaction), 
  

	 	(c)	minus without duplication of amounts subtracted pursuant to clause (b)(i) above, the aggregate amount of any Restricted Payments made pursuant
Section 6.06(d)(ii). 

 The Company shall promptly notify the Administrative Agent of any event giving rise to a
change in the Applicable Amount. 
 “BA Equivalent Borrowing” means a Canadian Borrowing that bears interest at
a rate per annum determined by reference to the BA Rate. 
 “BA Equivalent Loan” means a Canadian Loan that
bears interest at a rate per annum determined by reference to the BA Rate. 
 “BA Rate” means, with respect to
any Interest Period for any BA Equivalent Loan (a) in the case of any Lender named in Schedule I of the Bank Act (Canada), the rate per annum determined by the Administrative Agent by reference to the average annual rate applicable to
Canadian Dollar bankers’ acceptances having a term comparable to such Interest Period quoted on the Reuters Screen “CDOR Page” (or such other page as may replace such page on such screen for the purpose of displaying Canadian
interbank bid rates for Canadian Dollar bankers’ acceptances) at 10:00 a.m. on the date of the commencement of such Interest Period (the “CDOR Rate”) and (b) in the case of any other Lender, the CDOR Rate plus
0.10%. If such rates do not appear on the Reuters Screen at such time, the CDOR Rate shall be the rate of interest determined by the Administrative Agent that is equal to the average (rounded upwards to the nearest 1/100 of 1%) of rates per annum
quoted by the banks listed in Schedule I of the Bank Act (Canada) that are also Lenders in respect of Canadian Dollar bankers’ acceptances with a term comparable to such Interest Period. 

“Banking Services” means each and any of the following bank services provided to any Loan Party or any Subsidiary by any
Lender or any of its Affiliates: (a) credit cards for commercial 

  
 4 

 
customers (including, without limitation, commercial credit cards and purchasing cards), (b) stored value cards and (c) treasury management services (including, without limitation,
controlled disbursement, automated clearinghouse transactions, return items, overdrafts and interstate depository network services). 
 “Banking Services Agreement” means any agreement entered into by any Loan Party or any Subsidiary in connection with Banking Services. 

“Banking Services Obligations” means any and all obligations of any Loan Party or any Subsidiary, whether absolute or
contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor) in connection with Banking Services. 

“Bankruptcy Code” means the United States Bankruptcy Code of 1978, as amended from time to time. 

“Bankruptcy Event” means, with respect to any Person, such Person becomes the subject of a bankruptcy or insolvency
proceeding, or has had a receiver, liquidator, conservator, trustee, administrator, custodian, monitor, assignee for the benefit of creditors or similar Person charged with the preservation, reorganization or liquidation of its business appointed
for it, or, in the good faith determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment, provided that a Bankruptcy
Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof, provided, further, that such ownership interest
does not result in or provide such Person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Person (or such Governmental Authority or
instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person. 
 “Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day
plus  1/2 of 1% and (c) the
Adjusted LIBO Rate for a one month Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%, provided that, for the avoidance of doubt, the Adjusted LIBO Rate for any day shall
be based on the rate appearing on Reuters Screen LIBOR01 Page (or on any successor or substitute page of such page) at approximately 11:00 a.m. London time on such day. Any change in the Alternate Base Rate due to a change in the Prime Rate, the
Federal Funds Effective Rate or the Adjusted LIBO Rate shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate, respectively. 

“Base Rate Loan” means a Loan that bears interest at a rate per annum determined by reference to the Base Rate.

 “Board” means the Board of Governors of the Federal Reserve System of the United States of America.

 “Borrower” means the Company or any Foreign Subsidiary Borrower. 

“Borrowing” means Loans (other than Swingline Loans) of the same Type, made, converted or continued on the same date
and, in the case of Eurocurrency Loans and BA Loans, as to which a single Interest Period is in effect and (ii) Swingline Loans. 

  
 5 

 “Borrowing Base” means, as of any date of determination, an amount equal
to the sum of (i) eighty percent (80%) of the Net Amount of Eligible Receivables plus (ii) sixty percent (60%) of the Net Amount of Eligible Inventory plus (iii) sixty percent (60%) of Eligible Inventory
which is In Transit and is imported under Letters of Credit plus (iv) (A) $30,000,000 until an initial appraisal of the value of the Michael Kors Trademark is completed after the Effective Date in connection with the Specified Audit
and (B) thereafter, the lesser of (x) twenty-five percent (25%) of the value of the Michael Kors Trademark as reflected in the most recent appraisal thereof (including any appraisal conducted in connection with the Specified Audit or
a Collateral Audit) and (y) $30,000,000; provided, that in the event that the value Michael Kors Trademark is required to be included in the determination of Borrowing Base to create Availability, the Administrative Agent shall have the
right, in its sole reasonable discretion, to require that funds deposited by any Borrowing Base Entity into any deposit account will be swept on a daily basis into a deposit account maintained with the Administrative Agent that is subject to a
Deposit Account Control Agreement or otherwise subject to the control of the Collateral Agent to the Agents’ reasonable satisfaction. 
 “Borrowing Base Certificate” means a certificate executed by a Responsible Officer of the Company, substantially in the form attached as Exhibit E hereto, as such form may be
modified to include such additional detail as the Agents may reasonably request from time to time. 
 “Borrowing Base
Entities” means (i) the Company and its Domestic Subsidiaries that are Loan Parties, (ii) MK Canada and (iii) any other Foreign Subsidiary approved by the Agents. 

“Borrowing Request” means a request by any Borrower for a Borrowing in accordance with Section 2.03.

 “Borrowing Subsidiary Agreement” means a Borrowing Subsidiary Agreement substantially in the form of
Exhibit R. 
 “Borrowing Subsidiary Termination” means a Borrowing Subsidiary Termination substantially
in the form of Exhibit S. 
 “Business Day” means any day that is not a Saturday, Sunday or other
day on which commercial banks in New York City are authorized or required by law to remain closed; provided that, (i) when used in connection with a Eurocurrency Loan, the term “Business Day” shall also exclude any day
on which banks are not open for dealings in the relevant Agreed Currency in the London interbank market or the principal financial center of such Agreed Currency (and, if the Borrowings or LC Disbursements which are the subject of a borrowing,
drawing, payment, reimbursement or rate selection are denominated in euro, the term “Business Day” shall also exclude any day on which the TARGET payment system is not open for the settlement of payments in euro) and (ii) when used in
connection with any Canadian Loan, the term “Business Day” shall also exclude any day on which banks are required or authorized by law to close in Toronto, Canada or Montreal, Quebec; and provided further that, for the
purposes of clause (b) of Article VII hereof, the term “Business Day” shall exclude any day on which commercial banks in Hong Kong are authorized or required by law to remain closed. 

“BV Security Agreement” means the agreement and deed of pledge of shares of Michael Kors (Europe) B.V., dated
May 27, 2010, between Michael Kors (Europe) Holding Cooperatie U.A. (as pledgor), the Collateral Agent (as pledgee) and MKE, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“BVI Insolvency Event” means any one or more of the following with respect to any BVI Loan Party: (a) it is unable
to pay its debts as they fall due; (b) the value of its liabilities (including its 

  
 6 

 
contingent and prospective liabilities) exceeds the value of its assets; (c) it fails to comply with the requirements of a statutory demand that has not been set aside under Section 157
of the Insolvency Act, 2003 of the British Virgin Islands (the “BVI Insolvency Act”); (d) execution or other process issued on a judgment, decree or order of a court in favour of a creditor of it is returned wholly or partly
unsatisfied; (e) it has taken any action or steps have been taken or legal proceedings have been started or threatened against it for (i) its winding up, liquidation, administration, dissolution, amalgamation, reconstruction,
reorganisation, arrangement, adjustment, consolidation or protection or relief of creditors (whether by way of voluntary arrangement, scheme of arrangement or otherwise), or (ii) the enforcement of any security interest over any or all of its
assets; or (iii) the appointment of a liquidator, receiver, controller, inspector, manager, supervisor, administrative receiver, administrator, trustee or similar officer or official of it or of any or all of its assets; (f) a compromise
or arrangement has been proposed, agreed to or sanctioned under any of Sections 177, 178 and 179A of the BVI Business Companies Act, 2004 of the British Virgin Islands (the “BVI Companies Act”) in respect of it, or an application
has been made to, or filed with, a court for permission to convene a meeting to vote on a proposal for any such compromise or arrangement; (g) a merger or consolidation is proposed, approved, agreed to or sanctioned under any of Sections 170 to
174 (inclusive) of the BVI Companies Act in respect of it; (h) action is being taken by the Registrar of Corporate Affairs pursuant to Section 213 of the BVI Companies Act to dissolve or strike it off the British Virgin Islands register of
companies; or (i) action is approved, agreed to or being taken pursuant to Section 184 of the BVI Companies Act to (without the prior consent of the Agents) continue it as a company incorporated under the laws of a jurisdiction outside the
British Virgin Islands. 
 “BVI Loan Party” means any Loan Party organized under the laws of the British Virgin
Islands. 
 “C$” or “Canadian Dollars” means the lawful currency of Canada. 

“Calculation Date” means (a) for each Eurocurrency Borrowing, the date that is two (2) Business Days prior to
the date of such Borrowing or, if applicable, the date of conversion/continuation of any Borrowing as a Eurocurrency Borrowing, (b) for all or any portion of the LC Exposure, the date of each request for the issuance, amendment, renewal or
extension of any Letter of Credit, the date of any LC Disbursement and any date elected by the Administrative Agent after the date of any LC Disbursement in its reasonable discretion or upon instruction by the Required Lenders, and (c) for all
outstanding Credit Events, the date that is the last Business Day of each calendar quarter and, during the continuation of an Event of Default, on any other Business Day elected by the Administrative Agent in its reasonable discretion or upon
instruction by the Required Lenders. 
 “Canadian Base Rate Borrowing” means a Canadian Borrowing that bears
interest at a rate per annum determined by reference to the Canadian Prime Rate. 
 “Canadian Base Rate Loan”
means a Canadian Loan that bears interest at a rate per annum determined by reference to the Canadian Prime Rate. 

“Canadian Benefit Plans” means all employee benefit plans, including Canadian Retiree Benefit Plans, of any nature or
kind whatsoever (other than Canadian Pension Plans and any statutory plans with which any Borrower or any Subsidiary thereof is required to comply, including the Canada/Quebec Pension Plan and plans administered pursuant to applicable provincial
health tax, workers’ compensation and workers’ safety and employment insurance legislation) that are governed by the laws of Canada and are maintained or contributed to by any Borrower or Subsidiary for which any Borrower or Subsidiary has
any obligations, rights or liabilities, contingent or otherwise. 

  
 7 

 “Canadian Borrower” means (i) MK Canada and (ii) any other
borrower of Canadian Loans incorporated or otherwise organized under the laws of Canada or any province or territory thereof. 

“Canadian Borrowing” means a Borrowing of Canadian Loans. 

“Canadian Facility Letter Agreement” means that certain facility letter agreement dated as of January 27, 2010 by
and among MK Canada, as borrower, Michael Kors (NA) LLC as guarantor, and HSBC Bank Canada, as lender, as amended, modified, supplemented or restated from time to time. 
 “Canadian Loan” means a Loan denominated in Canadian Dollars. 

“Canadian Loan Party” means any Loan Party organized under the laws of Canada or any province or territory thereof.

 “Canadian Multiemployer Pension Plan” means any multiemployer pension plan, including specified
multiemployer pension plans, as defined under applicable Canadian law for which any Borrower or any Subsidiary has any rights, obligations or liabilities, contingent or otherwise. 

“Canadian Payment Office” of the Administrative Agent means the office, branch, affiliate or correspondent bank of the
Administrative Agent for Canadian Dollars as specified from time to time by the Administrative Agent to the Company and each Lender. 
 “Canadian Pension Plans” means all Canadian defined benefit or defined contribution pension plans that are considered to be pension plans for the purposes of, and are required to be
registered under, the ITA or any applicable pension benefits standards statute or regulation in Canada and that are established, maintained or contributed to by any Borrower or Subsidiary or for which any Borrower or Subsidiary has any rights,
obligations or liabilities, contingent or otherwise, for its current or former employees. 
 “Canadian Prime
Rate” means, for any day, the greater of (a) the per annum floating rate of interest established from time to time by JPMorgan Chase Bank, N.A., Toronto Branch, as the prime rate it will use to determine rates of interest on Canadian
Dollar loans to its customers in Canada as in effect on such day (or if such day is not a Business Day, the immediately preceding Business Day) and (b) the sum of (x) the CDOR Rate for an Interest Period of one month on such day (or if
such day is not a Business Day, the immediately preceding Business Day) plus (y) 1.0%. 
 “Canadian Retiree
Benefit Plans” means all plans or arrangements which provide or promise post-employment health, dental, or any other benefits governed by the laws of Canada, to current employees or employees who have retired or terminated from employment
with any Borrower or any Subsidiary; the term “Canadian Retiree Benefit Plan” shall not include any statutory plans with which any Canadian Borrower or any Subsidiary thereof is required to comply, including the Canada/Quebec Pension Plan
and plans administered pursuant to applicable provincial health tax, workers’ compensation and workers’ safety and employment insurance legislation. 
 “Capital Expenditure Allowance” has the meaning assigned to such term in Section 6.11 hereof. 
 “Capital Expenditures” of any Person means all expenditures of such Person for the acquisition or leasing (pursuant to a capital lease) of assets or additions to equipment (including
replacements, capitalized repairs and improvements) which should be capitalized under GAAP; provided that the term “Capital Expenditures” shall not include (i) expenditures made in connection with the

  
 8 

 
replacement, substitution, restoration or repair of assets to the extent financed with (x) insurance proceeds paid on account of the loss or damage to the assets being replaced, substituted,
restored or repaired or (y) awards of compensation arising from taking by eminent domain or condemnation of the assets being replaced or (ii) expenditures to the extent constituting any portion of a Permitted Acquisition. 

“Capital Lease Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any
lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP, and the
amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP; provided, however, that, notwithstanding anything in Section 1.04 to the contrary, obligations relating to a lease that
was accounted for by such Person as an operating lease as of the Effective Date and any similar lease entered into after the Effective Date by such Person shall be accounted for as obligations relating to an operating lease and not as Capital Lease
Obligations. 
 “Cash Interest Expense” means with respect to MK Holdings and its Subsidiaries for any period,
Interest Expense for such period less all non-cash items constituting Interest Expense during such period (including amortization of debt discounts and payments of interest on Indebtedness by issuance of Indebtedness). 

“Casualty Event” shall mean, with respect to any property, any loss of title with respect to such property or any loss
or damage to or destruction of, or any condemnation or other taking (including by any Governmental Authority) of, such property, or any interruption of the business which is covered by business interruption insurance. 

“CDOR Rate” has the meaning assigned to such term in the definition of BA Rate. 

“CERCLA” means the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended. 

“Change in Control” means the earliest to occur of: 

(a) the failure of MK Holdings or, after an IPO, the IPO Entity, directly or indirectly through Wholly Owned Subsidiaries, to own all of
the issued and outstanding Equity Interests of any Borrower (other than (a) directors’ qualifying shares and (b) nominal shares issued to foreign nationals to the extent required by applicable law); 

(b) at any time prior to the consummation of an IPO, (i) the Permitted Holders shall fail to beneficially own (within the meaning of
Rules 13(d)-3 and 13(d)-5 under the Exchange Act) in the aggregate, directly or indirectly (including indirectly through any Person organized and intended to be the IPO Entity), Equity Interests of MK Holdings representing greater than 50% of the
aggregate ordinary voting power represented by the issued and outstanding Equity Interests of MK Holdings; or (ii) (A) any Person (other than a Permitted Holder) or (B) Persons (other than one or more Permitted Holders) constituting a
group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act, but excluding any employee benefit plan of such Person and its Subsidiaries, and any Person acting in its capacity as trustee, agent or other fiduciary or administrator of any
such plan), shall acquire, in a single transaction or in a series of related transactions, by way of merger, consolidation or other business combination or purchase of beneficial ownership (within the meaning of Rules 13(d)-3 and 13(d)-5 under the
Exchange Act) Equity Interests of MK Holdings representing a greater percentage of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of MK Holdings than the percentage of the ordinary voting power
represented by the Equity Interests of MK Holdings beneficially owned, directly or 

  
 9 

 
indirectly, in the aggregate by the Permitted Holders, unless, in the case of the preceding clause (i) or (ii), the Permitted Holders have, at such time, the right or ability, by voting
power, contract or otherwise, to elect or designate for election at least a majority of the board of directors of, and to Control, MK Holdings; or 
 (c) at any time upon or after the consummation of an IPO, (i)(A) any Person (other than a Permitted Holder) or (B) Persons (other than one or more Permitted Holders) constituting a group (within the
meaning of Rule 13d-5(b)(1) under the Exchange Act, but excluding any employee benefit plan of such Person and its Subsidiaries, and any Person acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan) becomes
the beneficial owner (within the meaning of Rules 13(d)-3 and 13(d)-5 under the Exchange Act), directly or indirectly, of Equity Interests representing more than 35% of the aggregate ordinary voting power represented by the issued and outstanding
Equity Interests of the IPO Entity, unless the Permitted Holders have, at such time, the right or ability, by voting power, contract or otherwise, to elect or designate for election at least a majority of the board of directors of, and to Control,
the IPO Entity; or (ii) the occupation of a majority of the seats (other than vacant seats) on the board of directors of the IPO Entity by Persons who are not Continuing Directors; 
 provided that, for purposes of this definition, (A) no Person shall be deemed to have beneficial ownership of Equity Interests solely by virtue of a stock purchase agreement, merger agreement
or similar agreement (or voting agreement entered into in connection with a stock purchase agreement, merger agreement or similar agreement) until the consummation of the transfer of the applicable Equity Interests to such Person and (B) no
Person who is a party to the Shareholders Agreement or the Voting Agreement shall be (x) deemed to beneficially own (within the meaning of Rules 13(d)-3 and 13(d)-5 under the Exchange Act) any securities of any other Person that is a party to
the Shareholders Agreement or the Voting Agreement, as applicable, or (y) deemed to be part of a group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) with any other Person that is a party to the Shareholders Agreement or the
Voting Agreement, as applicable, in each case, solely by virtue of such Person being a party to the Shareholders Agreement or the Voting Agreement, as the case may be, or such Person’s compliance with the terms of the Shareholders Agreement or
the Voting Agreement (for purposes of this clause (B), to the extent attributable to the provisions of the Shareholders Agreement and Voting Agreement as such provisions are in effect on the Effective Date). 

“Change in Law” means the occurrence, after the date of this Agreement (or with respect to any Lender, if later, the
date on which such Lender becomes a Lender), of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation
or application thereof by any Governmental Authority, or (c) the making or issuance of any request, rules, guideline, requirement or directive (whether or not having the force of law) by any Governmental Authority; provided
however, that notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements and directives thereunder, issued in connection therewith
or in implementation thereof, and (ii) all requests, rules, guidelines, requirements and directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the
United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law” regardless of the date enacted, adopted, issued or implemented. 

“Charge Over Shares” means that certain Charge Over Shares, of May 27, 2010, by and between MKE (as chargor) and
the Collateral Agent, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time. 

  
 10 

 “Collateral” means all collateral on which a Lien is granted or purported
to be granted pursuant to any Financing Document to secure payment or performance of any of the Obligations. 

“Collateral Agent” means Wells Fargo Bank, National Association (successor by merger to Wells Fargo Trade Capital, LLC),
in its capacity as collateral agent for the Lenders hereunder, and any successor in such capacity appointed pursuant to Article VIII hereof. 
 “Collateral Audit” shall have the meaning set forth in Section 5.04 hereof. 
 “Collateral Documents” shall mean, collectively, the Pledge and Security Agreement, the Foreign Collateral Documents, the Guarantee Agreement, the Deposit Account Control Agreements, the
Intercreditor Agreement, Inventory Consents and all other agreements, instruments and documents executed in connection with this Agreement that are intended to create, perfect or evidence Liens to secure the Obligations, including, without
limitation, all other security agreements, pledge agreements, mortgages, deeds of trust, loan agreements, notes, guarantees, subordination agreements, pledges, powers of attorney, consents, assignments, contracts, fee letters, notices, leases,
financing statements and all other written matter whether heretofore, now, or hereafter executed by MK Holdings or any of its Subsidiaries and delivered to the Collateral Agent. 

“Commitment” means, with respect to each Lender, the commitment of such Lender to make Loans and to acquire
participations in Letters of Credit and Swingline Loans hereunder as such commitment may be (a) reduced or terminated from time to time pursuant to Section 2.07, (b) increased from time to time pursuant to
Section 2.20 and (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04. The initial amount of each Lender’s Commitment is set forth on Schedule 2.01,
or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Commitment, as applicable. Effective upon the assignment of an interest pursuant to Section 9.04, Schedule 2.01 may be amended by the
Administrative Agent to reflect such assignment. 
 “Company” means Michael Kors (USA), Inc., a Delaware
corporation. 
 “Consolidated Fixed Charge Coverage Ratio” means, for any Test Period, the ratio of
(i) the sum of EBITDA plus Consolidated Rent Expense for such Test Period to (ii) the sum of Fixed Charges plus Consolidated Rent Expense for such Test Period; provided, however, in the event that any Test
Period used for the calculation of the Consolidated Fixed Charge Coverage Ratio (as provided in Section 6.10 hereof) includes thirteen (13) cash rental payments with respect to the Consolidated Rent Expense, the rental payment
nearest to the date on which the Consolidated Fixed Charge Coverage Ratio is calculated shall be omitted from such calculation. 

“Consolidated Rent Expense” means, for any period, the actual cash payment incurred by the Loan Parties and their
Subsidiaries for such period with respect to any rental agreements or leases of real or personal property, determined on a consolidated basis; provided that, payments in respect of Capital Lease Obligations shall not constitute Consolidated
Rent Expense. 
 “Consolidated Total Assets” means, as at any date of determination, the total assets of the
Loan Parties and their Subsidiaries on a consolidated basis in accordance with GAAP. 
 “Continuing Directors”
means (a) the directors of MK Holdings on the Effective Date and (b) each other director that is nominated, designated, recommended or approved for election by a majority of the Continuing Directors then in office. 

  
 11 

 “Control” means the possession, directly or indirectly, of the power to
direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative
thereto. 
 “Controlled Disbursement Account” means the controlled disbursement account of the Company,
maintained with the Administrative Agent. 
 “Credit Event” means a Borrowing, the issuance of a Letter of
Credit, an LC Disbursement or any of the foregoing. 
 “Credit Party” means the Administrative Agent, the
Issuing Bank, the Swingline Lender or any other Lender. 
 “Credit Support Receivable” means a Receivable
created by or owing to a Borrowing Base Entity that is covered by a Letter of Credit or credit insurance which shall be in favor of a Borrowing Base Entity in form and substance reasonably satisfactory to the Collateral Agent and which shall at all
times continue to be reasonably acceptable to the Collateral Agent in all respects. 
 “Customer” means and
includes the account debtor or obligor with respect to any Receivable. 
 “Debenture” means that certain
Debenture dated May 27, 2010, by and between Michael Kors (UK) Limited (as chargor) and the Collateral Agent, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Default” means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both
would, unless cured or waived, become an Event of Default. 
 “Defaulting Lender” means any Lender that
(a) has failed, within two (2) Business Days of the date required to be funded or paid, to (i) fund any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or Swingline Loans or (iii) pay
over to any Credit Party any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender’s good faith
determination that a condition precedent to funding (specifically identified and including the particular default, if any) has not been satisfied, (b) has notified the Company or any Credit Party in writing, or has made a public statement to
the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Lender’s good faith determination that a
condition precedent (specifically identified and including the particular default, if any) to funding a loan under this Agreement cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed,
within three (3) Business Days after request by a Credit Party, acting in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations (and is financially able to meet such
obligations) to fund prospective Loans and participations in then outstanding Letters of Credit and Swingline Loans under this Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon
such Credit Party’s receipt of such certification in form and substance satisfactory to it and the Administrative Agent, or (d) has become the subject of a Bankruptcy Event. 

“Deposit Account Control Agreement” means any Deposit Account Control Agreement, in a form reasonably acceptable to the
Agents and the applicable depository institution, among a Loan Party, the Collateral Agent, and the Depositary Institution at which a deposit account or accounts are 

  
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maintained for the ratable benefit of the Secured Parties, as such agreement may be amended, supplemented, modified or restated from time to time as permitted thereby or replaced by a comparable
agreement. 
 “Depositary Institution” means any Person that is a bank, savings and loan or similar financial
institution. 
 “Derivative Obligations” means with respect to any Person, every obligation of such Person
under any Hedging Contract; the Lenders agree to provide pricing with respect to transactions in respect of Derivative Obligations offered to the Borrowers similar to pricing offered to customers of the Lenders with credit profiles similar to that
of the Borrowers. 
 “Dilution Factors” means with respect to the Receivables of the Borrowing Base Entities
for any period, the aggregate amount of all credit memos, returns, adjustments, allowances, bad debt write-offs, volume rebates (issued either as a credit to the Customer’s account balance or as a cash disbursement), other non-cash credits and
all other items that could reasonably be expected to have diluted the value of the Receivables of the Borrowing Base Entities. 

“Dilution Ratio” means with respect to the Borrowing Base Entities at any date, the amount (expressed as a percentage)
equal to (a) the aggregate amount of the applicable Dilution Factors for the 12 most recently completed fiscal months divided by (b) total gross sales for the 12 most recently completed fiscal months. 

“Dilution Reserve” means at any date of calculation by the Collateral Agent, the applicable Dilution Ratio multiplied by
the Eligible Receivables on such date. A Dilution Reserve shall be calculated to the extent that the Dilution Ratio, at any date, is in excess of 10%. The Dilution Reserve shall equal the calculated Dilution Ratio in excess of 10%. 

“Disclosed Matters” means the actions, suits and proceedings and the environmental matters disclosed in Schedules
3.05 and 3.08. 
 “Disposition” or “Dispose” means the sale, transfer, license,
lease or other disposition (including any licensing of Intellectual Property or sale and leaseback transaction) of any property by an Person, including any sale, assignment, transfer or other disposition, with or without recourse, of any notes or
accounts receivable or any rights and claims associated therewith. 
 “Disqualified Equity Interests” means any
Equity Interests that, by its terms (or by the terms of any security or other Equity Interests into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition (A) matures or is mandatorily
redeemable (other than solely for Qualified Equity Interests), pursuant to a sinking fund obligation or otherwise (except as a result of a change of control or asset sale so long as any rights of the holders thereof upon the occurrence of a change
of control or asset sale event shall be subject to the occurrence of the Termination Date), (b) is redeemable at the option of the holder thereof (other than solely for Qualified Equity Interests), in whole or in part, (c) provides for the
scheduled payments of dividends in cash or (d) is or becomes convertible into or exchangeable for Indebtedness or any other Equity Interests that would constitute Disqualified Equity Interests, in each case, prior to the date that is ninety-one
(91) days after the Maturity Date; provided that if such Equity Interests are issued pursuant to a plan for the benefit of employees of MK Holdings (or any direct or indirect parent thereof) and its Subsidiaries or by any such plan to
such employees, such Equity Interests shall not constitute Disqualified Equity Interests solely because they may be required to be repurchased by MK Holdings (or such parent) or any of its Subsidiaries in order to satisfy applicable statutory or
regulatory obligations. 

  
 13 

 “Dollar Amount” of any currency at any date shall mean (i) the amount
of such currency if such currency is U.S. Dollars or (ii) the Dollar Equivalent in such currency of U.S. Dollars if such currency is an Alternative Currency, calculated on or as of the most recent Calculation Date. 

“Dollar Equivalent” means, at any time, as to any amount denominated in an Alternative Currency, the equivalent amount
in U.S. Dollars as determined by the Administrative Agent at such time on the basis of the Exchange Rate for the purchase of U.S. Dollars with such Alternative Currency on the most recent Calculation Date for such Alternative Currency. 

“Domestic Subsidiary” means any Subsidiary which is organized under the laws of a State within the United States.

 “Dutch Loan Party” means any Loan Party incorporated under the laws of the Netherlands. 

“EBITDA” means with respect to the Loan Parties and their Subsidiaries on a consolidated basis for any period, Net
Income for such period, plus  
 (a) without duplication and to the extent deducted from revenues in arriving at such Net
Income, the sum of the following amounts for such period: 
 (i) Interest Expense, 

(ii) provision for taxes based on income, profits or capital, including Federal, state, local and foreign franchise, excise and similar
taxes paid or accrued (including withholding tax payments) during such period (including in respect of repatriated funds), 

(iii) depreciation and amortization (including amortization of deferred financing fees or costs), 

(iv) other non-cash losses, charges or expenses, including impairment of long-lived assets, 

(v) extraordinary cash losses in an aggregate amount not to exceed $7,500,000 in any Test Period, 

(vi) non-recurring cash charges, severance costs, relocation costs, costs relating to pre-opening and opening costs for Stores, signing,
retention and completion bonuses, costs incurred in connection with any strategic initiatives, transition costs, consolidation and closing costs for Stores, charges relating to discontinued operations and costs incurred in connection with
non-recurring product and intellectual property development and new systems design and implementation costs in an aggregate amount not to exceed $7,500,000 in any Test Period of MK Holdings, and 

(vii) any fees, expenses or charges related to (A) any issuance of Equity Interests (whether or not successful), including the
Equity/Restructuring Transactions and any IPO, or (B) the Transactions, minus  
 (b) without duplication and to the
extent included in arriving at such Net Income, the sum of the following amounts for such period: 
 (i) interest income,

  
 14 

 (ii) non-cash gains, 

(iii) extraordinary cash gains, and 
 (v) any cash payments made during such period in respect of non-cash items described in clause (a)(iv) above subsequent to the fiscal quarter in which the relevant non-cash expenses or losses were
incurred, 
 in each case, as determined on a consolidated basis for the Loan Parties and the Subsidiaries in accordance with GAAP;
provided that: 
 (I) to the extent included in Net Income, there shall be excluded in determining
Consolidated EBITDA currency translation gains and losses related to currency remeasurements of Indebtedness (including the net loss or gain resulting from hedging agreements for currency exchange risk and revaluations of intercompany balances), and

 (II) to the extent included in Net Income, there shall be excluded in determining Consolidated EBITDA for any
period any adjustments resulting from the application of Financial Accounting Standards Accounting Standards Codification No. 815-Derivatives and Hedging. 
 For the purposes of calculating EBITDA for any Test Period, (i) if at any time during such Test Period MK Holdings or any Subsidiary shall have made any Material Disposition, EBITDA for such Test
Period shall be reduced by an amount equal to the EBITDA (if positive) attributable to the property that is the subject of such Material Disposition for such Test Period or increased by an amount equal to the EBITDA (if negative) attributable
thereto for such Test Period, and (ii) if during such Test Period MK Holdings or any Subsidiary shall have made a Material Acquisition, EBITDA for such Test Period shall (A) be calculated after giving effect thereto on a Pro Forma
Basis as if such Material Acquisition occurred on the first day of such Test Period and (B) be increased by the amount of reasonably identifiable and factually supportable net cost savings and synergies projected by the Company in good faith to
be realized in connection with such Material Acquisition as a result of actions to be taken during the period commencing on the date such Material Acquisition is consummated and ending on the last day of the fourth full consecutive fiscal quarter
following such date (calculated on a pro forma basis as though such net cost savings and synergies had been realized on the first day of such Test Period), provided that such cost savings and synergies either (i) would be permitted to be
reflected in pro forma financial information complying with Article XI of Regulation S-X under the Securities Act or (ii) are deemed reasonably acceptable by Administrative Agent). As used in this definition, “Material Acquisition”
means (i) any Permitted Acquisition that involves the payment of consideration by Holdings and its Subsidiaries in excess of $2,500,000; and “Material Disposition” means any Disposition or series of related Dispositions of
property out of the ordinary course of business that yields gross proceeds to MK Holdings or any of its Subsidiaries in excess of $2,500,000. 
 “Effective Date” means the date on which the conditions specified in Section 4.01 hereof are satisfied (or waived in accordance with Section 9.02). 

“Eligible Foreign Subsidiary” means any Foreign Subsidiary that is approved from time to time by the Administrative
Agent in its reasonable discretion. 
 “Eligible Inventory” means inventory of the Borrowing Base Entities
comprised solely of finished goods (including goods In Transit which are supported by a Letter of Credit but specifically excluding raw materials, work in process, supplies and foreign inventory) which is, in the reasonable judgment of the
Collateral Agent, (i) not obsolete, slow-moving or unmerchantable, (ii) is saleable at 

  
 15 

 
prices at least approximating cost, (iii) is free and clear of all security interests and Liens of any nature whatsoever other than any security interest created pursuant to the Financing
Documents or Permitted Encumbrances, and (iv) is and at all times shall continue to be acceptable to the Collateral Agent, in its reasonable judgment, in all respects; provided, however, that Eligible Inventory shall in no event
include inventory which (i) (A) is on consignment, (B) is not in conformity in all material respects with the representations and warranties made by the Borrowing Base Entities under the Financing Documents, (C) is not located at
one of the addresses for locations of Collateral set forth on Schedule A to the Pledge and Security Agreement (provided that such Inventory that is In Transit or is in transit to a warehouse or retail store location of a Loan Party shall not
be rendered ineligible by this clause (i)(C)), (D) with respect to which the Collateral Agent has not been granted and has not perfected a valid, first priority security interest (subject to Permitted Encumbrances), (E) is located at a
property that is leased by a Borrowing Base Entity or is an outside warehouse or processor, with respect to which the Collateral Agent has not received a landlord waiver or warehouseman’s or processor’s agreement, as the case may be,
executed by the landlord of such location or such warehouseman or processor (collectively, the “Inventory Consents”), as the case may be, all in form and substance satisfactory to the Collateral Agent, in its reasonable judgment,
unless appropriate rent reserves or escrow arrangements shall have been made with the Collateral Agent in its reasonable discretion covering at least three months’ rent; provided, however, that Inventory Consents shall not be
required with respect to inventory located in self-storage facilities to the extent the aggregate value of such inventory does not exceed $1,000,000, or (F) which is inventory of Persons that are not Borrowing Base Entities, or (ii) has
been returned or rejected by a Customer and has been determined to be unmerchantable. Standards of eligibility may be fixed and revised from time to time solely by the Collateral Agent in the Collateral Agent’s exclusive judgment exercised in
good faith. In determining eligibility, the Collateral Agent may, but need not, rely on reports and schedules furnished by the Company, but reliance by the Collateral Agent thereon from time to time shall not be deemed to limit the right of the
Collateral Agent to revise standards of eligibility at any time as to both present and future inventory of the Borrowing Base Entities. If the inventory is sold under a trademark licensed from a third party, for such inventory to constitute Eligible
Inventory, the Collateral Agent shall have entered into a licensor consent letter, in form and substance reasonably satisfactory to the Collateral Agent, with the licensor with respect to the rights of the Collateral Agent to use the trademark to
sell or otherwise dispose of such inventory. 
 “Eligible Receivables” means Receivables created by or owing to
the Borrowing Base Entities in the ordinary course of business arising out of the sale or lease of goods, the licensing of Intellectual Property or rendition of services by the Borrowing Base Entities, which may be, without duplication, Factored
Receivables, Credit Support Receivables, Royalty Receivables, Macy’s Receivables or House Receivables, in each case subject to the following standards. All Eligible Receivables shall be net of any amounts deducted or otherwise owing by a
Borrowing Base Entity to the applicable factor pursuant to the terms and conditions of a Permitted Factoring Arrangement; provided that no Factored Receivable shall constitute an Eligible Receivable once the applicable factor has advanced
cash, funded the purchase price or otherwise made payment (including by setoff) to the applicable Borrowing Base Entity therefor. Standards of eligibility may be fixed and revised from time to time solely by the Collateral Agent in the Collateral
Agent’s exclusive judgment exercised in good faith after taking into account the application of any Dilution Reserve. In general, without limiting the foregoing, a Receivable shall in no event be deemed to be an Eligible Receivable unless:
(a) all payments due on the Receivable have been invoiced and the underlying goods shipped, or license entered into or services performed, as the case may be; (b) the payment due on the Receivable is not more than the lesser of (i) 60
days past the due date and (ii) 90 days past the invoice date; (c) the payments due on more than 50% of all Receivables from the same Customer are less than 60 days past the due date and 90 days past the invoice date; (d) the
Receivable arose from a completed and bona fide transaction (and with respect to a sale of goods, a transaction in which title has passed to the Customer) which requires no further act under any circumstances on the part of any Borrowing Base Entity
in order to cause such Receivable to be payable 

  
 16 

 
in full by the Customer; (e) the Receivable is in conformity in all material respects with the representations and warranties made by the Borrowing Base Entities to the Collateral Agent and
the Lenders with respect thereto; (f) the Receivable constitutes an “account” or “chattel paper” within the meaning of the Uniform Commercial Code (or PPSA) of the state (or province) in which the applicable Borrowing Base
Subsidiary is located; (g) the Customer has not asserted that the Receivable, and/or the Borrowing Base Entities are not aware that the Receivable, arises out of a bill and hold, consignment or progress billing arrangement or is subject to any
setoff, contras, net-out contract, offset, deduction, dispute, credit, counterclaim or other defense arising out of the transactions represented by the Receivables or independently thereof (but such Receivable shall be ineligible only to the extent
of such setoff, contras, net-out contract, offset, deduction, dispute, credit, counterclaim or other defense) and, in the case of a Receivable arising from the sale or lease of goods, the Customer has finally accepted the goods from the sale out of
which the Receivable arose and has not objected to its liability thereon or returned, rejected or repossessed any of such goods, except for complaints made or goods returned in the ordinary course of business for which, in the case of goods
returned, goods of equal or greater value have been shipped in return; (h) the Receivable arose in the ordinary course of business of the Borrowing Base Entities; (i) the Customer is not (x) the United States government, the Canadian
government or the government of any state, province or political subdivision thereof or therein, or any agency or department of any thereof (unless there has been full compliance to the satisfaction of the Collateral Agent with any applicable
assignment of claims statute) or any Governmental Authority outside the United States or Canada, or (y) an army, navy, marine, air force, coast guard post or a post of another similar service corps (unless there has been full compliance to the
satisfaction of the Collateral Agent with any applicable assignment of claims statute) or (z) an Affiliate of any Borrowing Base Entity or a supplier or creditor of any Borrowing Base Entity (provided that such Receivable shall only be
ineligible to the extent of amounts payable by any Borrowing Base Entity thereof to such supplier or outstanding to such creditor); (j) the Customer is a United States or Canadian person or an obligor located in the United States, Puerto Rico
or Canada or an obligor located in another jurisdiction if the applicable Receivable is either a Factored Receivable or a Credit Support Receivable; (k) the Receivable complies with all material requirements of all applicable laws and
regulations, whether federal, state, provincial or local; (l) to the knowledge of the Borrowing Base Entities, the Receivable is in full force and effect and constitutes a legal, valid and binding obligation of the Customer enforceable in
accordance with its terms, except as the enforceability thereof may be limited by bankruptcy, insolvency, moratorium and other similar laws affecting the enforcement of creditors’ rights generally and by general equity principles; (m) the
Receivable is denominated in and provides for payment by the Customer in U.S. Dollars or, in the case of Receivables of a Borrowing Base Entity that is a Canadian Loan Party, Canadian Dollars (unless a currency swap or similar hedge approved by the
Collateral Agent has been entered into with respect to such Receivable the effect of which is to cause payment to be denominated in U.S. Dollars or Canadian Dollars, as the case may be) and is payable within the United States or Canada, or the
Receivable is denominated in Euros and is either a Factored Receivable or a Credit Support Receivable; (n) the Receivable has not been and is not required to be charged off or written off as uncollectible in accordance with GAAP or the
customary business practices of the applicable Borrowing Base Entity; (o) the Receivable is free and clear of all security interests and Liens of any nature whatsoever other than any security interest deemed to be held by any Borrowing Base
Entity or any security interest created pursuant to the Financing Documents or Permitted Encumbrances; (p) the Receivable is not with respect to a Customer located in any state or province denying creditors access to its courts in the absence
of a Notice of Business Activities Report or other similar filing, unless (i) the applicable Borrowing Base Entity either has qualified as a foreign corporation authorized to transact business in such state or province or has filed a
“Notice of Business Activities Report” or similar filing with the applicable state agency for the then current year or (ii) the failure to have done so may be cured by the payment of a de minimis amount and/or the filing of the
requisite applications and reports; (q) an event as described in paragraph (g) or (h) of Article VII has not occurred with respect to the Customer; (r) the Receivable is not for accrued coop advertising; (s) the Receivable
is not related to an invoice that is less than 60 days past the due date for 

  
 17 

 
which the applicable Borrowing Base Entity received payment but has not yet applied such payment; (t) the Receivable is not related to a gift certificate or gift card sold by a Borrowing
Base Entity; (u) the Collateral Agent is satisfied, in its reasonable judgment, with the credit standing of the Customer in relation to the amount of credit extended; and (v) such Receivable is not a Receivable created by or owing to a
Person that is not a Borrowing Base Entity. Notwithstanding the foregoing, the Collateral Agent, in its sole discretion, may decide that (x) all Receivables of any single Customer whose Receivables are not Factored Receivables which, in the
aggregate, exceed 20% of the total Eligible Receivables at the time of any such determination shall be deemed not to be Eligible Receivables to the extent of such excess and (y) House Receivables that in the aggregate exceed $10,000,000 at the
time of any such determination shall be deemed not to be Eligible Receivables to the extent of such excess. 
 “EMU
Legislation”: Legislative measures of the European Union for the introduction of, changeover to or operation of the Euro in one or more member states. 
 “Environmental Laws” means all laws, rules, regulations, codes, ordinances, orders or decrees issued, promulgated or entered into by any Governmental Authority, and any judgments,
injunctions, or binding agreements entered against or into by the Company or any of its Subsidiaries, relating in any way to the protection of the environment, preservation or reclamation of natural resources, the management, release or threatened
release of any Hazardous Materials or to health and safety matters. 
 “Environmental Liability” means any
liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the Company or any Subsidiary resulting from or based upon (a) violation of any Environmental Law,
(b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the
environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 
 “Equity Interests” means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership
interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any such equity interest. 
 “Equity/Restructuring Transaction” means, collectively, the MK Holdings Restructuring (as defined in the Sixth Waiver and Amendment to the Existing Credit Agreement, dated as of
June 22, 2011) and the private placement of Equity Interests of MK Holdings consummated on or about July 11, 2011. 

“Equivalent Amount” of any currency with respect to any amount of U.S. Dollars at any date shall mean the equivalent in
such currency of such amount of U.S. Dollars, calculated on the basis of the Exchange Rate for such other currency at 11:00 a.m., London time, on the date on or as of which such amount is to be determined. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time. 

“ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with the Company or any
Guarantor, is treated as a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code.

  
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 “ERISA Event” means (a) any Reportable Event; (b) with respect
to any Plan, the failure to satisfy the minimum funding standard in Section 412 of the Code or Section 302 of ERISA, whether or not waived; (c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of
an application for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by any of the Loan Parties or any of their ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any
Plan ; (e) the receipt by any of the Loan Parties or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the
incurrence by any of the Loan Parties or any of their ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; (g) all Plans have an Unfunded Current Liability, in the
aggregate, in excess of $10,000,000; (h) with respect to any Plan, the failure to pay all required minimum contributions and all required installments on or before the due date provided under Section 430(j) of the Code; or (i) the
receipt by any of the Loan Parties or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Loan Parties or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that a
Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA. 

“Establishment” means, in respect of any Person, any place of operations where such Person carries out a non-transitory
economic activity with human means and goods, assets or services. 
 “Euro” or “€” means
the single currency of the European Union as constituted by the Treaty on European Union and as referred to in EMU Legislation. 

“Eurocurrency”, when used in reference to a currency means an Agreed Currency (other than Canadian Dollars) and when
used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, is or are bearing interest at a rate determined by reference to the Adjusted LIBO Rate or the Overnight LIBO Rate, as the context so
requires. 
 “Eurocurrency Payment Office” of the Administrative Agent means, for each Alternative Currency,
the office, branch, affiliate or correspondent bank of the Administrative Agent for such currency as specified from time to time by the Administrative Agent to the Company and each Lender. 

“Event of Default” has the meaning assigned to such term in Section 7.01 hereof. 

“Excess Capital Expenditure Allowance” has the meaning assigned to such term in Section 6.11 hereof.

 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Exchange Rate” means, on any day, with respect to any Alternative Currency, the rate at which such Alternative Currency
may be exchanged into U.S. Dollars, as set forth at approximately 11:00 A.M., Local Time, on such day on the applicable Reuters World Currency Page. In the event that any such rate does not appear on any Reuters World Currency Page on such day, the
Exchange Rate shall be determined by reference to such other publicly available service for displaying exchange rates reasonably selected by the Administrative Agent in consultation with the Company for such purpose or, if such other service is not
publicly available at such time, at the reasonable discretion of the Administrative Agent in consultation with the Company, such Exchange Rate shall instead be the arithmetic average of the spot rates of exchange of the Administrative Agent in the
market where its foreign currency exchange operations in respect of such Alternative Currency are then being conducted, at or about 11:00 A.M., Local Time, on such day for the purchase of such Alternative Currency for delivery three Business Days
later, provided that, if at the time of any such determination, for any reason, no such spot rate is being 

  
 19 

 
quoted, the Administrative Agent may use any other reasonable method it deems appropriate to determine such rate, and such determination shall be presumed correct absent manifest error.

 “Excluded Deposit Accounts” has the meaning assigned to such term in Section 5.12 hereof.

 “Excluded Taxes” means, with respect to either Agent, any Lender, the Issuing Bank or any other recipient of
any payment to be made by or on account of any obligation of the Loan Parties under this Agreement or any Financing Document, (a) net income taxes, franchise taxes (imposed in lieu of net income taxes) and backup withholding taxes, in each case
imposed on the recipient as a result of a present or former connection between such recipient and the jurisdiction of the Governmental Authority imposing such tax or any political subdivision thereof or taxing authority therein, (b) any branch
profits taxes imposed by the United States of America or any similar tax imposed by any other jurisdiction described in clause (a) above, (c) in the case of a Foreign Lender (other than an assignee entitled, at the time of assignment, to
receive additional amounts from any Borrower with respect to Indemnified Taxes pursuant to Section 2.15(a) and pursuant to a request by such Borrower under Section 2.17(b)), any withholding or similar tax that is resulting
from any law in effect (including FATCA) on the date such Foreign Lender becomes a party to this Agreement (or designates a new lending office), except to the extent that such Foreign Lender (or its assignor, if any) would have been entitled, at the
time of designation of a new lending office (or assignment), to receive additional amounts from the Loan Parties with respect to any withholding tax pursuant to Section 2.15(a) or (d) any Taxes that are attributable to such Foreign
Lender’s failure to comply with Section 2.15(e) or Section 2.15(i), and (e) any taxes that are imposed as a result of any event occurring after the Lender becomes a Lender other than a Change in Law. 

“Existing Letter of Credit” means any letter of credit that (a) is outstanding on the Effective Date and
(b) is listed in Schedule 1.01A. 
 “Exposure” means, with respect to any Lender at any time, the
sum of the outstanding principal amount of such Lender’s Loans and its LC Exposure at such time under the Facility. 

“Facility” has the meaning assigned to such term in Section 2.01 hereof. 

“Factored Receivable” means a Receivable created by or owing to a Borrowing Base Entity that has been factored pursuant
to a Permitted Factoring Arrangement. 
 “FATCA” means Sections 1471 through 1474 of the Code, as of the
date of this Agreement (or any amended or successor provisions that are substantively comparable and not materially more onerous to comply with), and any regulations or official interpretations thereof. 

“Federal Funds Effective Rate” means, for any day, the weighted average (rounded upwards, if necessary, to the next
1/100 of 1%) of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such
rate is not so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received by the Administrative Agent from three Federal funds
brokers of recognized standing selected by it. 
 “Financial Officer” means the chief executive officer,
president or chief financial officer of MK Holdings. 

  
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 “Financing Documents” means this Agreement (including the Schedules and
Exhibits hereto), any Notes evidencing Loans, the Letters of Credit, the Collateral Documents, the Deposit Account Control Agreements, the Tri-Party Notifications, the Wells Factoring Agreement (or any other factoring agreement in connection with a
Permitted Factoring Arrangement), the Intercreditor Agreement (or any other intercreditor or subordination agreement), the Inventory Consents, and any other instrument, document or agreement executed or delivered by a Loan Party or its Subsidiaries
in connection with this Agreement or the transactions contemplated hereby. 
 “FIRREA” means the Financial
Institutions Reform, Recovery and Enforcement Act of 1989, as amended from time to time. 
 “Fixed Charges”
means, with respect to the Loan Parties and their Subsidiaries on a consolidated basis for any Test Period, the sum of (a) Interest Expense for such Test Period, plus (b) scheduled payments of principal on Indebtedness for borrowed
money (excluding intercompany Indebtedness) due and payable during such Test Period, plus (c) any dividends or other distributions paid in cash by MK Holdings pursuant to Section 6.06(e) or (h) or pursuant to
Section 6.06(d)(ii) hereof during such Test Period, plus (d) without duplication of amounts described in the preceding clause (b), any payments of principal on Indebtedness of a type described in
Section 6.01(m)(ii). 
 “Foreign Collateral Documents” means the MKE Holdings Security Agreement
(Pledge of Receivables), the MKE Holdings Security Agreement (Pledge of Shares), the MKE Security Agreement, the MK Coop Security Agreement, the BV Security Agreement, the Debenture, the Charge Over Shares, the Swiss Collateral Documents, any other
Collateral Document or other document entered into in connection therewith or any other agreement governed by the laws of a jurisdiction outside of the United States pursuant to which the Company or any of its Affiliates or Subsidiaries shall pledge
any assets or other collateral in favor of the Collateral Agent, the Administrative Agent or any Lender. 
 “Foreign
Lender” means any Lender that is not a citizen or resident of the United States, a corporation, partnership or other entity created or organized in or under the laws of the United States (or any jurisdiction thereof), or any estate or trust
that is subject to federal income taxation regardless of the source of its income. For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction.

 “Foreign Pension Plan” means any material plan, scheme, fund (including any superannuation fund) or other
similar material program established, sponsored or maintained outside the United States by MK Holdings or any one or more of its Subsidiaries primarily for the benefit of employees of MK Holdings or such Subsidiaries residing outside the United
States, which plan, fund or other similar program provides, or results in, retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination of employment, and which plan is not subject to ERISA or the
Code or the laws of Canada. 
 “Foreign Subsidiary” means any Subsidiary which is not a Domestic Subsidiary.

 “Foreign Subsidiary Borrower” means (a) as of the Effective Date, each of MKE, MK Canada and MK
Switzerland (collectively, the “Initial Foreign Subsidiary Borrowers”), so long as no such Subsidiary has ceased to be a Foreign Subsidiary Borrower pursuant to Section 2.22 and (b) any other Eligible Foreign
Subsidiary that becomes a Foreign Subsidiary Borrower pursuant to Section 2.22, and that has not ceased to be a Foreign Subsidiary Borrower pursuant to such Section. 

“GAAP” means generally accepted accounting principles in the United States of America, as in effect from time to time,
but subject to Section 1.04 hereof. 

  
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 “Governmental Authority” means the government of the United States of
America or any other nation, or any political subdivision thereof, whether state, provincial or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial,
taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). 

“Guarantee” of or by any Person (the “guarantor”) means, without duplication, any obligation,
contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and
including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the
purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working
capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of
credit or letter of guaranty issued to support such Indebtedness or obligation; provided, that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business or customary and reasonable
indemnity obligations in effect on the Effective Date or entered into in connection with any acquisition or Disposition of assets permitted under this Agreement (other than such obligations in respect of Indebtedness). The amount of any Guarantee
shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated
liability in respect thereof as reasonably determined in good faith by a Financial Officer. The term “Guarantee” as a verb has a corresponding meaning. 
 “Guarantee Agreement” means the Second Amended and Restated Guarantee Agreement executed by the Guarantors, dated as of the date hereof, in favor of the Agents, for their own benefit and
for the ratable benefit of the Secured Parties, as amended, modified or supplemented from time to time, substantially in the form of Exhibit F attached hereto. 
 “Guarantors” means, collectively, the Company, MKE, MK Canada, MK Switzerland, MK Holdings, MKC, MK Licensing, MK International, Michael Kors Stores (California), Inc., a Delaware
corporation, Michael Kors Stores, L.L.C., a New York limited liability company, Michael Kors Retail, Inc., a Delaware corporation, Michael Kors (Europe) Holding Cooperatie U.A., a co-operative with excluded liability (coöperatie met
uitgesloten aansprakelijkheid) organized and existing under the laws of the Netherlands, Michael Kors (Europe) Holdings B.V., a private limited liability company incorporated under the laws of Curaçao, Michael Kors (UK) Limited, a private
limited company incorporated under the laws of England and Wales with registered number 6481234 and any other guarantors added hereafter pursuant to Section 5.11 hereof. 

“Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances,
wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated
pursuant to any Environmental Law, including any material listed as a hazardous substance under Section 101(14) of CERCLA. 

“Hedging Contract” means any agreement with respect to any swap, forward, future or derivative transaction or option or
similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing 

  
 22 

 
indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions; provided that no phantom stock or similar plan
providing for payments only on account of services provided by current or former directors, officers, employees or consultants of MK Holdings or its Subsidiaries shall be a Hedging Contract. 

“House Receivable” means a Receivable created by or owing to a Borrowing Base Entity that is not a Factored Receivable,
a Credit Support Receivable, a Royalty Receivable or a Macy’s Receivable. 
 “Idol Employment Agreement”
means the Amended and Restated Employment Agreement dated as of July 11, 2011 among MK, MK Holdings, John D. Idol and Sportswear Holdings Limited, as amended, restated, supplemented or otherwise modified from time to time in a manner that is
not adverse in any material respect to the interests of the Lenders. 
 “In Transit”, when used with respect to
Inventory, means that such Inventory has left its port of export and has entered the export stream either via the high seas or airborne transport. 
 “Increasing Lender” has the meaning assigned to such term in Section 2.20 hereof. 
 “Indebtedness” of any Person means, without duplication, (a) all obligations of such Person for borrowed money, (b) all obligations of such Person evidenced by bonds,
debentures, notes or similar instruments, (c) all obligations of such Person upon which interest charges are customarily paid, (d) all obligations of such Person under conditional sale or other title retention agreements relating to
property acquired by such Person, (e) all obligations of such Person in respect of the deferred purchase price of property or services (excluding current accounts payable incurred in the ordinary course of business, any earn-out obligation
until such obligation becomes a liability on the balance sheet of such Person in accordance with GAAP, and accruals for payroll accrued in the ordinary course of business), (f) all Indebtedness of others secured by (or for which the holder of
such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, (g) all Guarantees by such Person of
Indebtedness of others, (h) all Capital Lease Obligations of such Person and obligations in respect of synthetic leases, (i) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and
letters of guaranty, (j) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances and (k) all Derivative Obligations; provided that the term “Indebtedness” shall not include
(x) deferred or prepaid revenue or (y) purchase price holdbacks in respect of a portion of the purchase price of an asset to satisfy warranty or other unperformed obligations of the seller. The Indebtedness of any Person shall include
(without duplication) the Indebtedness of any other Person (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other
relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor. For purposes of determining Indebtedness, the “principal amount” of the obligations of any Loan Party or
any Subsidiary in respect of any Derivative Obligation at any time shall be the maximum aggregate amount (giving effect to any netting or offsetting) that such Loan Party or such Subsidiary would be required to pay if such Derivative Obligation were
terminated at such time. 
 “Indemnified Taxes” means Taxes that are imposed on or with respect to any payment
made by any Loan Parties under this Agreement or any Financing Document, other than Excluded Taxes and Other Taxes. 

“Initial Foreign Subsidiary Borrower” has the meaning assigned to such term in the definition of “Foreign
Subsidiary Borrower.” 

  
 23 

 “Intellectual Property” means all intellectual and similar property of the
Loan Parties or any of their Subsidiaries of every kind and nature now owned or hereafter acquired by them, including inventions, designs, patents, copyrights, licenses, trademarks, service marks, trade secrets, confidential or proprietary technical
and business information, know-how, show-how or other data or information, software and databases and all embodiments or fixations thereof and related documentation, applications, registrations, issued patents and franchises, and all additions,
improvements and accessions to, and books and records describing or used in connection with, any of the foregoing. 

“Intercreditor Agreement” means the Amended and Restated Assignment of Factoring Proceeds by and among the Company, MK
Licensing, the Administrative Agent, the Collateral Agent and Wells Fargo, dated as of the date hereof, as such agreement may be amended, restated, modified or supplemented from time to time. 

“Interest Election Request” means a request by the applicable Borrower to convert or continue a Borrowing in accordance
with Section 2.06. 
 “Interest Expense” means, with respect to the Loan Parties and their
Subsidiaries for any period, the total interest expense of the Loan Parties and their Subsidiaries during such period determined on a consolidated basis, in accordance with GAAP, and shall in any event include the portion of any Capital Lease
Obligation allocable to interest expense. 
 “Interest Payment Date” means (a) with respect to any Base
Rate Loan (other than a Swingline Loan), the first day of each month, (b) with respect to any Eurocurrency Loan or BA Equivalent Loan (other than a Swingline Loan), the last day of the Interest Period applicable to the Borrowing of which such
Loan is a part and, in the case of a Eurocurrency Borrowing or a BA Equivalent Borrowing with an Interest Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three
months’ duration after the first day of such Interest Period, and (c) with respect to any Swingline Loan, the day that such Loan is required to be repaid and the Maturity Date. 

“Interest Period” means, with respect to any Eurocurrency Borrowing or a BA Equivalent Borrowing, the period commencing
on the date of such Borrowing and ending on the numerically corresponding day in the calendar month that is one, two, three or six months thereafter (except as otherwise set forth in Section 2.19(c) hereof); provided, that
(i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless, in the case of a Eurocurrency Borrowing or a BA Equivalent Borrowing, such next
succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day (except as otherwise set forth in Section 2.19(c) hereof) and (ii) any Interest Period
pertaining to a Eurocurrency Borrowing or a BA Equivalent Borrowing that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period)
shall end on the last Business Day of the last calendar month of such Interest Period (except as otherwise set forth in Section 2.19(c) hereof). For purposes hereof, the date of a Borrowing initially shall be the date on which such
Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing. 

“Internal Revenue Code” means the Internal Revenue Code of 1986, as amended, or any successor statute. 

“Inventory Consents” shall have the meaning set forth in the definition of “Eligible Inventory”. 

  
 24 

 “Investments” shall have the meaning set forth in Section 6.04
hereof. 
 “IPO” means the initial underwritten public offering (other than a public offering pursuant to a
registration statement on Form S-8) of common Equity Interests in the IPO Entity pursuant to an effective registration statement filed with the SEC in accordance with the Securities Act. 

“IPO Entity” means, at any time after an IPO, (i) MK Holdings or (ii) a direct or indirect parent entity of MK
Holdings, as the case may be, the Equity Interests of which were issued or otherwise sold pursuant to the IPO, provided that, in the case of this clause (ii), immediately following the IPO, MK Holdings is a Wholly Owned Subsidiary of such IPO
Entity and such IPO Entity owns, directly or through its subsidiaries, substantially all the businesses and assets owned or conducted, directly or indirectly, by MK Holdings and its Subsidiaries immediately prior to the IPO. 

“Issuing Bank” means JPMorgan Chase Bank, N.A. in its capacity as issuer of Letters of Credit hereunder. The Issuing
Bank may arrange for one or more Letters of Credit to be issued by Affiliates of the Issuing Bank, in which case the term “Issuing Bank” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate.

 “ITA” means the Income Tax Act (Canada), as amended, and any regulations promulgated thereunder. 

“JPMEL” means J.P. Morgan Europe Limited. 
 “LC Disbursement” means a payment made by the Issuing Bank pursuant to a Letter of Credit issued by the Issuing Bank. 

“LC Exposure” means, at any time, (a) the sum of (i) the aggregate undrawn amount of all outstanding Letters
of Credit at such time plus (ii) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Company at such time or converted to Loans under the Facility minus (b) the aggregate
undrawn principal amount of outstanding Letters of Credit with respect to which cash collateral has been provided in accordance with Section 2.18(c)(ii). The LC Exposure of any Lender at any time shall be its Applicable Percentage of the
total LC Exposure at such time; provided that for purposes of determining the amount of the LC Exposure at any such time, any portion of such amount that is denominated in Alternative Currencies shall be included in such amount as the Dollar
Equivalent thereof at such time. 
 “Lenders” means the Persons listed on Schedule 2.01 and any other
Person that shall have become a Lender hereunder pursuant to Section 2.20 or pursuant to an Assignment and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption. Unless the
context otherwise requires, the term “Lender” includes the Swingline Lender. 
 “Letter of Credit”
means any letter of credit (whether a Stand-by Letter of Credit or a Trade Letter of Credit) issued or deemed to have been issued pursuant to this Agreement, including each Existing Letter of Credit. 

“Letter of Credit Application” shall have the meaning assigned to such term in Section 2.04(b) hereof.

 “LIBO Rate” means, with respect to any Eurocurrency Borrowing for any Interest Period, the rate appearing
on, in the case of U.S. Dollars, Reuters Screen LIBOR01 Page and, in the case of any Alternative Currency, the appropriate page of such service which displays British Bankers Association 

  
 25 

 
Interest Settlement Rates for deposits in such Alternative Currency (or, in each case, on any successor or substitute page of such service, or any successor to or substitute for such service,
providing rate quotations comparable to those currently provided on such page of such service, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to deposits in the relevant
Agreed Currency in the London interbank market) at approximately 11:00 a.m., London time, two (2) Business Days prior to (or, in the case of Loans denominated in Pounds Sterling, on the day of) the commencement of such Interest Period, as the
rate for deposits in the relevant Agreed Currency with a maturity comparable to such Interest Period. In the event that such rate is not available at such time for any reason, then the “LIBO Rate” with respect to such Eurocurrency
Borrowing for such Interest Period shall be the rate at which deposits in the relevant Agreed Currency in an Equivalent Amount of $5,000,000 and for a maturity comparable to such Interest Period are offered by the principal London office of the
Administrative Agent in immediately available funds in the London interbank market at approximately 11:00 a.m., London time, two (2) Business Days prior to (or, in the case of Loans denominated in Pounds Sterling, on the day of) the
commencement of such Interest Period. 
 “Lien” means, with respect to any asset, (a) any mortgage, deed
of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset and (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any
financing lease having substantially the same economic effect as any of the foregoing) relating to such asset. 
 “Loan
Parties” means the Borrowers and the Guarantors. 
 “Loans” means the Base Rate Loans and Eurocurrency
Loans made by the Lenders to the Borrowers pursuant to the Facility. For the avoidance of doubt, Loans shall include Swingline Loans. 
 “Local Time” means (i) New York City time in the case of a Loan, Borrowing or LC Disbursement denominated in U.S. Dollars and (ii) local time in the case of a Loan, Borrowing or
LC Disbursement denominated in an Alternative Currency (it being understood that such local time shall mean Toronto, Canada time in the case of Canadian Loans and, in the case of all other Alternative Currencies, London, England time, in each case,
unless otherwise notified by the Administrative Agent). 
 “Macy’s Receivable” means a Receivable created
by or owing to a Borrowing Base Entity for which the Customer is Macy’s, Inc. 
 “Mandatory Costs Rate”
has the meaning assigned in Exhibit O hereto. 
 “Material Adverse Effect” means a material adverse
effect on (a) the business, assets, operations, properties or financial condition of the Loan Parties and their Subsidiaries taken as a whole, (b) the ability of the Borrowers and the Guarantors taken as a whole to perform any of their
material obligations under this Agreement and the other Financing Documents, taken as a whole, (c) the material rights of or remedies available to the Lenders or one or both of the Agents under this Agreement and the other Financing Documents,
taken as a whole, or (d) Collateral Agent’s Lien (for the benefit of the Secured Parties) on any material portion of the Collateral or the priority of such Lien. 
 “Material Indebtedness” means Indebtedness (other than the Loans and Letters of Credit and other Obligations), or obligations in respect of one or more Derivative Obligations, of any one
or more of the Loan Parties and their Subsidiaries in an aggregate principal amount exceeding $10,000,000. For purposes of determining Material Indebtedness, the “principal amount” of the obligations of a Loan Party or any
Subsidiary in respect of any Derivative Obligation at any time shall be the maximum 

  
 26 

 
aggregate amount (giving effect to any netting or offsetting) that such Loan Party or such Subsidiary would be required to pay if such Derivative Obligation were terminated at such time.

 “Material Subsidiary” means any Subsidiary that, as of the last day of the fiscal quarter of MK Holdings
most recently ended, had total assets in excess of 2.0% of the Consolidated Total Assets of MK Holdings as of such day. 

“Maturity Date” means September 15, 2015. 
 “Michael Kors Trademark” means, collectively, the trademark registrations and applications for registration of trademarks owned by MK Licensing and the other Loan Parties. 

“MK Canada” means Michael Kors (Canada) Co., an unlimited liability company incorporated under the laws of the Province
of Nova Scotia. 
 “MK Coop Security Agreement” means that certain Security Agreement (Pledge of Membership and
Membership Interest), dated May 27, 2010, between Michael Kors (Europe) Holdings B.V. and Michael Kors International Limited (as pledgors), the Collateral Agent (as pledgee) and Michael Kors (Europe) Holding Cooperatie U.A., as the same may be
amended, restated, supplemented or otherwise modified from time to time. 
 “MK Holdings” means Michael Kors
Holdings Limited, a British Virgin Islands company. 
 “MK International” means Michael Kors International
Limited, a British Virgin Islands company. 
 “MK Licensing” means Michael Kors, L.L.C., a Delaware limited
liability company. 
 “MKC” means Michael Kors Corporation, a British Virgin Islands company. 

“MKE” means Michael Kors (Europe) B.V., a Dutch private limited liability company with its corporate seat in Amsterdam,
The Netherlands. 
 “MKE Holdings Security Agreement (Pledge of Receivables)” means that certain Security
Agreement (Pledge of account bank receivables), dated May 27, 2010, between Michael Kors (Europe) Holdings B.V. (as pledgor) and the Collateral Agent (as pledgee), as the same may be amended, restated, supplemented or otherwise modified from
time to time. 
 “MKE Holdings Security Agreement (Pledge of Shares)” means the agreement and deed of pledge of
shares of Michael Kors (Europe) Holdings B.V., dated May 27, 2010, between Michael Kors Corporation (as pledgor), the Collateral Agent (as pledgee) and Michael Kors (Europe) Holdings B.V., as the same may be amended, restated, supplemented or
otherwise modified from time to time. 
 “MKE Security Agreement” means that certain Security Agreement (Pledge
of account bank receivables, intra-group receivables, third party receivables and movable assets), dated May 27, 2010, between MKE (as pledgor) and the Collateral Agent (as pledgee), as the same may be amended, restated, supplemented or
otherwise modified from time to time. 
 “MK Switzerland” means Michael Kors (Switzerland) GmbH, a wholly-owned
(indirect) Subsidiary of the Company organized under the laws of Switzerland. 

  
 27 

 “Multiemployer Plan” means a plan within the meaning of section 4001(a)(3)
of ERISA to which any Loan Party, any Subsidiary or any ERISA Affiliate has, or had at any time, any obligation to contribute or any liability, including under section 4204 or 4212(c) of ERISA. 

“Net Amount of Eligible Inventory” means, at any time, the aggregate value, computed at the lower of cost (on a FIFO
basis) and current market value, of Eligible Inventory. 
 “Net Amount of Eligible Receivables” means, at any
time, without duplication, the gross amount of Eligible Receivables at such time less, to the extent included in Eligible Receivables, (i) sales, excise or similar taxes, and (ii) the amount of the Dilution Reserve applicable at such time.

 “Net Income” means with respect to the Loan Parties and their Subsidiaries for any period, their net income
(or loss) calculated in accordance with GAAP on a consolidated basis (without duplication) for such period; provided that there shall be excluded any income (or loss) of any Person other than MK Holdings or a Subsidiary, but any such income
so excluded may be included in such period or any later period to the extent of any cash dividends or distributions actually paid in the relevant period to MK Holdings or any Wholly Owned Subsidiary. 

“Net Proceeds” means (a) with respect to the sale or other disposition of any asset the excess, if any, of
(i) the aggregate amount received in cash (including any cash received by way of deferred payment pursuant to a note receivable, other non-cash consideration or otherwise, but only as and when such cash is so received) in connection with such
sale or other disposition, over (ii) the sum of (A) the amount of any Indebtedness, including, without limitation, the principal amount, premium or penalty, if any, interest and other amounts in respect of such Indebtedness, which is
secured by any such asset or which is required to be, and is, repaid in connection with the sale or other disposition thereof (other than Indebtedness hereunder), (B) the reasonable out-of-pocket expenses and fees incurred with respect to
legal, investment banking, brokerage, advisor and accounting and other professional fees, sales commissions and disbursements and all other reasonable fees, expenses and charges, in each case actually incurred in connection with such sale or
disposition, (C) all income and transfer taxes payable in connection with such sale or other disposition, whether actually paid or estimated to be payable in cash in connection with such disposition or the payment of dividends or the making of
other distributions of the proceeds thereof and (D) reserves, required to be established in accordance with GAAP or the definitive agreements relating to such disposition, with respect to such disposition, including pension and other
post-employment benefit liabilities, liabilities related to environmental matters and liabilities under any indemnification obligations; (b) with respect to the issuance, sale or other disposition of any stock or debt securities the excess of
(i) the aggregate amount received in cash (including any cash received by way of deferred payment pursuant to a note receivable, other non-cash consideration or otherwise, but only as and when such cash is so received) in connection with such
issuance, sale or other disposition, over (ii) the sum of (A) the reasonable fees, commissions, discounts and other out-of-pocket expenses including related legal, investment banking and accounting fees and disbursements incurred in
connection with such issuance, sale or other disposition, and (B) all income and transfer taxes payable in connection with such issuance, sale or other disposition, whether payable at such time or thereafter; and (c) with respect to a
Casualty Event, the aggregate amount of proceeds received in cash with respect to such Casualty Event, over the sum of (i) the reasonable expenses incurred in connection therewith, (ii) the amount of any Indebtedness (other than
Indebtedness hereunder), including, without limitation, the principal amount, premium or penalty, if any, interest and other amounts in respect of such Indebtedness, secured by any asset affected thereby and required to be, and in fact, repaid in
connection therewith and (iii) all income and transfer taxes payable, whether actually paid or estimated to be payable, in connection therewith. 
 “Netherlands Loan Party” means any Loan Party organized under the laws of the Netherlands. 

  
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 “Non-Swingline Loan” means any Loan which is not a Swingline Loan.

 “Note” means any of the promissory notes executed pursuant to Section 2.08(e) hereof, as such
promissory notes may be amended, restated, supplemented or otherwise modified from time to time. 

“Obligations” means all unpaid principal of and accrued and unpaid interest on the Loans, all LC Exposure, all accrued
and unpaid fees and all expenses, reimbursements, indemnities and other obligations and indebtedness (including interest and fees accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of
whether allowed or allowable in such proceeding), obligations and liabilities of any Loan Party or its Subsidiaries to any of the Lenders, the Administrative Agent, the Collateral Agent, the Issuing Bank or any indemnified party, individually or
collectively, existing on the Effective Date or arising thereafter, direct or indirect, joint or several, absolute or contingent, matured or unmatured, liquidated or unliquidated, secured or unsecured, arising by contract, operation of law or
otherwise, arising or incurred under this Agreement or any of the other Financing Documents or in respect of any of the Loans made or reimbursement or other obligations incurred or any of the Letters of Credit or other instruments at any time
evidencing any thereof, together with all Derivative Obligations and Banking Services Obligations of the Loan Parties and their Subsidiaries owing to one or more Lenders or their respective Affiliates. 

“Other Taxes” means any and all present or future stamp or documentary taxes or any other excise or property taxes,
charges or similar levies arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Financing Document. 

“Overnight LIBO” means, when used in reference to any Loan or Borrowing, whether such Loan or the Loan comprising such
Borrowing accrues interest at a rate determined by reference to the Overnight LIBO Rate. 
 “Overnight LIBO
Rate” means, with respect to any Overnight LIBO Borrowing or overdue amount, (a) the rate of interest per annum (rounded upwards, if necessary, to the next 1/16 of 1%) at which overnight deposits in the relevant Alternative Currency or
U.S. Dollars, as applicable, in an amount approximately equal to the amount with respect to which such rate is being determined, would be offered for such day by a branch or Affiliate of JPMorgan Chase Bank, N.A. in the London interbank market for
such currency to major banks in the London interbank market plus (b) the Mandatory Costs Rate. 
 “Parallel
Debt” has the meaning assigned to such term in Article VIII hereof. 
 “Parent” means, with
respect to any Lender, any Person as to which such Lender is, directly or indirectly, a subsidiary. 

“Participant” has the meaning assigned to such term in Section 9.04(c) hereof. 

“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity
performing similar functions. 
 “Permanent Commitment Reductions” has the meaning assigned to such term in
Section 2.07(b) hereof. 
 “Permits” has the meaning assigned to such term in
Section 3.08(i) hereof. 

  
 29 

 “Permitted Acquisition” means the purchase or other acquisition, by
merger, exclusive license or otherwise, by MK Holdings or any Subsidiary of all or substantially all of the outstanding Equity Interests in, or all or substantially all the assets of (or all or substantially all the assets constituting a business
unit, division, product line or line of business of) any other Person (any such purchase or acquisition, an “Acquisition”); provided that: 
 (a) in the case of any Acquisition of Equity Interests in a Person, such Person, upon the consummation of such acquisition, will be a Wholly Owned Subsidiary of MK Holdings (including as a result of a
merger or consolidation between any Subsidiary of MK Holdings and such Person); 
 (b) all transactions related thereto are
consummated in accordance with applicable law in all material respects; 
 (c) the business of such Person, or such assets, as
the case may be, constitutes a business permitted by Section 6.03(b); 
 (d) with respect to each such Acquisition,
all actions required to be taken with respect to such newly created or acquired Subsidiary (including each subsidiary thereof) or assets in order to satisfy the requirements set forth in Section 5.11 to the extent applicable shall have
been taken (or arrangements for the taking of such actions reasonably satisfactory to the Administrative Agent shall have been made); 
 (e) the aggregate consideration paid by the Loan Parties and their Subsidiaries (including any assumption of Indebtedness in connection with all such Acquisitions, which may be subsequently reduced by an
amount equal to the Net Proceeds received by the Loan Parties and their Subsidiaries from any Disposition on account of any Resale Transaction with respect to any Permitted Acquisition, and including any nonrecoupable advance payment for an
exclusive license, but excluding any recoupable advances and periodic royalty or other license payments) for all Permitted Acquisitions on and after the Effective Date shall not exceed $50,000,000 plus, in the case of any Acquisition made in
reliance on Section 6.04(n), (p) and/or (q), all or any portion of the amount of the baskets provided in such clauses and utilized in order to make such Acquisition; 

(f) after giving effect to any such Acquisition and any incurrence or assumption of Indebtedness in connection therewith, (i) no
Default or Event of Default shall have occurred and be continuing and (ii) the Loan Parties shall be in compliance with the covenant set forth in Section 6.10 on a Pro Forma Basis as of the end of the most recently completed Test
Period for which financial statements have been delivered pursuant to Section 5.01(a) or (b); and 
 (g) if
the aggregate consideration paid in respect of such Acquisition (determined as described in clause (e) above) exceeds $10,000,000, the Company shall have delivered to the Administrative Agent a certificate of a Financial Officer certifying that
all the requirements set forth in this definition have been satisfied with respect to such purchase or other acquisition, together with reasonably detailed calculations demonstrating satisfaction of the requirement set forth in clause
(f) above. 
 “Permitted Encumbrances” means: 

(a) Liens imposed by law for taxes that are not yet due or are being contested in compliance with Section 5.07; 

(b) (i) carriers’, warehousemen’s, construction, mechanics’, materialmen’s, repairmen’s, landlord’s and
other like Liens imposed by law, arising in the ordinary course of business 

  
 30 

 
and securing obligations that are not overdue by more than 30 days or are being contested in compliance with Section 5.07 and (ii) landlord’s Liens arising by operation of
law which are subordinated to the Liens in favor of the Lenders; 
 (c) pledges and deposits made in the ordinary course of
business (i) in compliance with workers’ compensation, unemployment insurance and other social security laws or regulations or letters of credit or guarantees issued in respect thereof or (ii) securing liability for reimbursement or
indemnification obligations of (including obligations in respect of letters of credit or bank guarantees for the benefit of) insurance carriers providing property, casualty or liability insurance to any Loan Party or any Subsidiary; 

(d) deposits to secure the performance of bids, trade contracts, leases, statutory obligations, surety, stay, customs and appeal bonds,
performance bonds and other obligations of a like nature (including those to secure health, safety and environmental obligations) in each case in the ordinary course of business or letters of credit or guarantees issued in respect thereof;

 (e) judgment Liens in respect of judgments that do not constitute an Event of Default under clause (j) of Article VII;

 (f) easements, zoning restrictions, rights-of-way and similar encumbrances on real property (i) imposed by law or
arising in the ordinary course of business that do not secure any monetary obligations and do not materially detract from the value of the affected property or materially interfere with the ordinary conduct of business of the Loan Parties or their
Subsidiaries, taken as a whole, or (ii) in the case of any real property subject to a mortgage, disclosed in the title insurance policy issued to, and reasonably approved by, the Administrative Agent; 

(g) Liens arising from or evidenced by UCC or PPSA financing statements filed by lessors of property under leases permitted by, or not
restricted by, this Agreement; 
 (h) Liens in favor of customs and revenue authorities arising as a matter of law to secure
payment of customs duties in connection with the importation of goods so long as such Liens attach only to the imported goods; 

(i) Liens in favor of vendors of goods arising as a matter of law securing the payment of the purchase price therefor so long as such
Liens attach only to the purchased goods; 
 (j) Liens in favor of Wells Fargo or another factor pursuant to a Permitted
Factoring Arrangement; 
 (k) Liens of depositary banks and securities intermediaries maintaining deposit accounts or investment
accounts for any Loan Party in the ordinary course of business; and 
 (l) Liens arising under licensing agreements entered into
by any Loan Party or any Subsidiary permitted by Section 6.03(c)(i); 
 provided that the term “Permitted
Encumbrances” shall not include any Lien securing Indebtedness other than Indebtedness permitted under Section 6.01 hereof. 
 “Permitted Equity Issuance” means any sale or issuance of any Qualified Equity Interests of MK Holdings or any direct or indirect parent of MK Holdings (in which case the Net Proceeds

  
 31 

 
therefrom shall have been received by MK Holdings as cash common equity), in each case to the extent not prohibited hereunder. 

“Permitted Factoring Arrangement” means the sale by a Loan Party or its Subsidiaries of Receivables to (i) Wells
Fargo pursuant to (A) that certain Factoring Agreement dated as of March 2, 2010, by and among the Company, MK Licensing and Wells Fargo, or (B) any other factoring agreement entered into between a Loan Party and Wells Fargo,
substantially in the form of the agreement described in clause (A), as each such agreement may be amended, restated, modified or supplemented from time to time (in each instance to the reasonable satisfaction of the Agents) (collectively, the
“Wells Fargo Factoring Agreement”); provided that any such factoring arrangement with Wells Fargo shall be and remain subject to the Intercreditor Agreement, and (ii) the factor under any other factoring agreement
entered into after the date hereof by any Loan Party or any Subsidiary for the factoring of Receivables with respect to which the Customer is located outside of the United States, in form and substance reasonably satisfactory to the Administrative
Agent, and as amended, restated, modified or supplemented from time to time (in each instance to the reasonable satisfaction of the Agents); provided that any such factoring arrangement shall be and remain subject to an intercreditor or
subordination agreement in form and substance reasonably satisfactory to the Agents. 
 “Permitted Holder”
means each of (i) Sportswear Holdings Limited, (ii) Michael B. Kors, (iii) John D. Idol and (iv) Related Persons of any of the foregoing. 
 “Permitted Investments” means: 
 (a) direct obligations of, or
obligations the principal of and interest on which are unconditionally guaranteed by, the United States of America (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States of America), in
each case maturing within one year from the date of acquisition thereof; 
 (b) investments in commercial paper maturing within
12 months from the date of acquisition thereof and having, at such date of acquisition, a rating of at least A-1 from Standard & Poor’s or P-1 from Moody’s Investors Service, Inc.; 

(c) investments in certificates of deposit, banker’s acceptances and time deposits maturing within one year from the date of
acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any domestic or foreign commercial bank organized which has a combined capital and surplus and
undivided profits of not less than $500,000,000; 
 (d) investments in money market or other similar highly liquid funds having
portfolio assets in excess of $2,000,000,000 that comply with the criteria set forth in SEC Rule 2a-7 under the Investment Company Act of 1940 and are rated A-1 or better by Standard & Poor’s or P-1 or better by Moody’s Investors
Service, Inc.; 
 (e) fully collateralized repurchase agreements with a term of not more than 30 days for securities described
in clause (a) above and entered into with a financial institution satisfying the criteria described in clause (c) above; 
 (f) securities with maturities of one year or less from the date of acquisition issued or fully guaranteed by any state, commonwealth or territory of the United States of America, or any political
subdivision or taxing authority thereof, and rated at least A by Standard & Poor’s or Moody’s Investors Service, Inc.; and 

  
 32 

 with respect to any Person organized or conducting operations outside of the United States,
(i) investments denominated in the currency of the jurisdiction in which such Person is organized or conducting business which are similar to the items specified in clauses (a) through (f) above (other than the nationality of the
governmental or non-governmental issuer or counterparty involved) and (ii) other short term investments made in accordance with such Person’s normal investment practices for cash management in investments substantially analogous to the
foregoing investments specified in clauses (a) through (f) above. 
 “Permitted Refinancing” means,
with respect to any Person, any modification, refinancing, refunding, renewal or extension of any Indebtedness of such Person; provided that (a) the principal amount (or accreted value, if applicable) thereof does not exceed the
principal amount (or accreted value, if applicable) of the Indebtedness so modified, refinanced, refunded, renewed or extended except by an amount equal to unpaid accrued interest and premium thereon plus fees and expenses incurred, in
connection with such modification, refinancing, refunding, renewal or extension and by an amount equal to any existing commitments unutilized thereunder, (b) other than with respect to Permitted Refinancing in respect of Indebtedness permitted
pursuant to Section 6.01(c) Indebtedness resulting from such modification, refinancing, refunding, renewal or extension has a final maturity date equal to or later than the final maturity date of, and has a Weighted Average Life to
Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being modified, refinanced, refunded, renewed or extended, (c) immediately after giving effect thereto, no Event of Default shall have occurred and be
continuing, (d) if the Indebtedness being modified, refinanced, refunded, renewed or extended is Subordinated Indebtedness, Indebtedness resulting from such modification, refinancing, refunding, renewal or extension is subordinated in right of
payment to the Obligations on terms at least as favorable to the Lenders as those contained in the documentation governing the Indebtedness being modified, refinanced, refunded, renewed or extended, (e) if the Indebtedness being modified,
refinanced, refunded, renewed or extended is permitted pursuant to Section 6.01(b) or (j), the terms and conditions (including, if applicable, as to collateral but excluding as to interest rate (including whether such interest is
payable in cash or in kind) and redemption premium) of Indebtedness resulting from such modification, refinancing, refunding, renewal or extension are not, taken as a whole, materially less favorable to the Loan Parties or the Lenders than the terms
and conditions of the Indebtedness being modified, refinanced, refunded, renewed or extended, provided that a certificate of a Responsible Officer of the Company delivered to the Administrative Agent at least five (5) Business Days prior
to such modification, refinancing, refunding, renewal or extension, together with a reasonably detailed description of the material terms and conditions of such resulting Indebtedness or drafts of the documentation relating thereto, stating that the
Borrower has determined in good faith that such terms and conditions satisfy the foregoing requirements shall be conclusive evidence that such terms and conditions satisfy such requirements unless the Administrative Agent shall object in writing
within five (5) Business Days after its receipt of such certificate and (f) the primary obligor in respect of, and the Persons (if any) that Guarantee, Indebtedness resulting from such modification, refinancing, refunding, renewal or
extension are the primary obligor in respect of, and Persons (if any) that Guaranteed, respectively, the Indebtedness being modified, refinanced, refunded, renewed or extended. For the avoidance of doubt, it is understood that a Permitted
Refinancing may constitute a portion of an issuance of Indebtedness in excess of the amount of such Permitted Refinancing; provided that such excess amount is otherwise permitted to be incurred under Section 6.01. 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership, Governmental Authority or other entity. 
 “Plan” means any employee pension benefit plan (other
than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Company or any ERISA Affiliate is (or, if such plan were terminated, would under
Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 

  
 33 

 “Pledge and Security Agreement” means, the Amended and Restated Pledge and
Security Agreement, dated as of the date hereof, by and among the Company, the Guarantors and the Agents, for their own benefit and for the ratable benefit of the Secured Parties, as amended, modified or supplemented from time to time, substantially
in the form of Exhibit G attached hereto. 
 “Pounds Sterling” means the lawful currency of the United
Kingdom. 
 “PPSA” means the Personal Property Security Act (Ontario), as amended from time to time (or
any successor statute) or similar legislation of any other jurisdiction in Canada the laws of which are required by such legislation to be applied in connection with the issue, perfection, enforcement, validity or effect of security interests.

 “Prime Rate” means the rate of interest per annum publicly announced from time to time by JPMorgan Chase
Bank, N.A. as its prime rate in effect at its principal office in New York City; each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective. 

“Principal Obligations” has the meaning assigned to such term in Article VIII hereof. 

“Pro Forma Basis” means, with respect to the covenant set forth in Section 6.10 for any Test Period in
connection with any event, that such covenant shall be calculated after giving effect on a pro forma basis for the applicable Test Period to (i) such event as if it happened on the first day of such Test Period and (ii) the incurrence or
repayment or redemption of any Indebtedness by any Loan Party or any Subsidiary occurring at any time subsequent to the last day of the applicable Test Period and on or prior to the date of determination, as if such incurrence, repayment or
redemption, as the case may be, occurred on the first day of such Test Period (it being understood that pro forma adjustments to Consolidated EBITDA in connection with Permitted Acquisitions shall be permitted in the manner described in the
definition of Consolidated EBITDA). 
 “Qualified Equity Interests” means any Equity Interests that are not
Disqualified Equity Interests. 
 “Receivables” means and includes all of a Person’s accounts,
instruments, documents, chattel paper and general intangibles, whether secured or unsecured, whether now existing or hereafter created or arising, and whether or not specifically assigned to the Collateral Agent for its own benefit and/or the
ratable benefit of the Secured Parties. 
 “Reference Date” has the meaning assigned to such term in the
definition of “Available Amount”. 
 “Register” has the meaning set forth in
Section 9.04(b)(iv) hereof. 
 “Regulation” means the Council of the European Union Regulation
No. 1346/2000 on Insolvency Proceedings. 
 “Regulation U” means Regulation U of the Board, as the same is
from time to time in effect, and all official rulings and interpretations thereunder or thereof. 
 “Related
Parties” means, with respect to any specified Person, such Person’s Affiliates and the respective directors, officers, employees, agents and advisors of such Person and such Person’s Affiliates. 

  
 34 

 “Related Person” means, with respect to any Person, (i) any spouse or
child (whether lineal or adopted) of an individual Person, (ii) any estate, trust, corporation, partnership or other entity, the beneficiaries, stockholders, partners or owners of which consist solely of one or more of the applicable Permitted
Holders and/or such other Persons referred to in the immediately preceding clause (i) or this clause (ii), or (iii) any executor, administrator, trustee, manager, director or other similar fiduciary of any Person referred to in the
immediately preceding clause (ii), acting solely in such capacity. 
 “Reportable Event” means any reportable
event, as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30-day notice period is waived). 
 “Required Lenders” means, at any time, Lenders holding claims representing greater than 50% of the aggregate of the unpaid principal amount of Loans, LC Exposure and unused Commitments,
all after giving effect to the terms of Section 2.16(e) hereof. 
 “Resale Transaction” means the
Disposition by the Loan Parties or any of their Subsidiaries of any asset acquired by it after the date hereof pursuant to an Investment or Permitted Acquisition; provided, however, that, within 365 days following the consummation of
such Investment or Permitted Acquisition, the Administrative Agent receives written notice from the Company identifying such asset (with reasonable specificity) and stating that such asset is being held for Disposition in a Resale Transaction.

 “Reset Date” has the meaning set forth in Section 1.06 hereof. 

“Responsible Officer” means, (a) with respect to the Company, the chief executive officer, president, chief
financial officer or corporate controller, and with respect to any other Loan Party organized under the laws of a State within the United States, any similar officer or Person performing similar functions of such Loan Party and (b) with respect
to any Foreign Subsidiary Borrower, the officers set forth on Schedule 1.01B, as such Schedule may be supplemented by a supplemental schedule provided pursuant to Section 2.22 hereof or modified from time to time by the Company by
written notice to the Administrative Agent, and with respect to any other Loan Party that is not organized under the laws of a State within the United States, any similar officer or Person performing similar functions of such Loan Party. 

“Restricted Payment” means any dividend or other distribution (whether in cash securities or other property) with
respect to any Equity Interests in a Loan Party or any Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition,
cancellation or termination of any such Equity Interests or any option, warrant or other right to acquire any such Equity Interests. 
 “Reuters Screen LIBOR01 Page” means the display page currently so designated on the Reuters Monitor Money Rates Service (or such other page as may replace that page on that service for
the purpose of displaying comparable rates or prices). 
 “Revolving Credit Commitment Fee” has the meaning set
forth in Section 2.10(a) hereof. 
 “Royalty Receivable” means a Receivable created by or owing to
a Borrowing Base Entity that arising from the licensing of Intellectual Property. 
 “SEC” means the Securities
and Exchange Commission or any Governmental Authority succeeding to any of its principal functions. 

  
 35 

 “Secured Parties” means the holders of the Obligations from time to time
and shall include (i) each Lender and the Issuing Bank in respect of its Loans and LC Exposure respectively, (ii) the Administrative Agent, the Collateral Agent, the Issuing Bank and the Lenders in respect of all other present and future
obligations and liabilities of the Company and each Subsidiary of every type and description arising under or in connection with this Agreement or any other Financing Document, (iii) each Lender and Affiliate of such Lender in respect of
Derivative Obligations and Banking Services Agreements entered into with such Person by the Company or any Subsidiary, (iv) each indemnified party under Section 9.03 in respect of the obligations and liabilities of the Borrowers to
such Person hereunder and under the other Financing Documents, and (v) their respective successors and (in the case of a Lender, permitted) transferees and assigns. 
 “Securities Act” means the Securities Act of 1933, as amended. 

“Security Interests” means the security interests in the Collateral granted under the Collateral Documents to secure the
Obligations. 
 “Settlement” has the meaning assigned thereto in Section 2.19(c) hereof.

 “Settlement Date” has the meaning assigned thereto in Section 2.19(c) hereof. 

“Settlement Request Date” has the meaning assigned thereto in Section 2.19(c) hereof. 

“Shareholders Agreement” means the Shareholders Agreement dated as of July 11, 2011 among MK Holdings and the
shareholders of MK Holdings party thereto, as amended, restated, supplemented or otherwise modified from time to time in a manner that is not adverse in any material respect to the interests of the Lenders. 

“Specified Audit” means a collateral audit (the scope and substance of which shall be reasonably satisfactory to the
Agents, but which shall include, without limitation, an appraisal of the Michael Kors Trademark) that shall occur no later than December 31, 2011 (or such later date as may be agreed to by the Agents). 

“Stand-by LC Exposure” means, at any time, the sum of (a) the aggregate undrawn Dollar Amount of all outstanding
Stand-by Letters of Credit at such time plus (b) the aggregate Dollar Amount of all LC Disbursements with respect to Stand-by Letters of Credit that have not yet been reimbursed by or on behalf of any Borrower at such time. 

“Stand-by Letter of Credit” means a Letter of Credit other than a Trade Letter of Credit. 

“Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of which is the number one and the
denominator of which is the number one minus the aggregate of the maximum reserve, liquid asset, fees or similar requirements (including any marginal, special, emergency or supplemental reserves or other requirements) established by any
central bank, monetary authority, the Board, the Financial Services Authority, the European Central Bank or other Governmental Authority for any category of deposits or liabilities customarily used to fund loans in the applicable currency, expressed
in the case of each such requirement as a decimal. Such reserve, liquid asset, fees or similar requirements shall, in the case of U.S. Dollar denominated Loans, include those imposed pursuant to Regulation D of the Board. Eurocurrency Loans
shall be deemed to be subject to such reserve, liquid asset, fee or similar requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under any applicable law, rule or
regulation, including Regulation D of the 

  
 36 

 
Board. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve, liquid asset or similar requirement. 

“Store” means any retail store (which includes any real property, leasehold interest, fixtures, equipment, inventory and
other property related thereto) operated, or to be operated, by any Loan Party or any of their Subsidiaries. 

“Subordinated Indebtedness” means any Indebtedness of any Loan Party or any Subsidiary the payment of which is
subordinated to payment of the obligations under the Financing Documents pursuant to a subordination agreement (including subordination terms embedded in the agreement, indenture or instrument evidencing such Indebtedness) in form and substance
reasonably satisfactory to the Administrative Agent. 
 “subsidiary” means, with respect to any Person (the
“parent”) at any date, any corporation, limited liability company, partnership, association or other entity of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary
voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held. 
 “Subsidiary” means any subsidiary of any Loan Party now existing or hereafter established. 
 “Swingline Exposure” means, at any time, the aggregate outstanding principal amount of all Swingline Loans. The Swingline Exposure of any Lender at any time shall be its Applicable
Percentage of the total Swingline Exposure at such time; provided that for purposes of determining the amount of the Swingline Exposure at any such time, any portion of such amount that is denominated in Alternative Currencies shall be
included in such amount as the Dollar Equivalent thereof at such time. 
 “Swingline Lender” means JPMorgan
Chase Bank, N.A., in its capacity as lender of Swingline Loans hereunder. 
 “Swingline Loan” has the meaning
assigned thereto in Section 2.19(a) hereof. 
 “Swiss Borrower” means (i) MK Switzerland and
(ii) any other Borrower incorporated in Switzerland. 
 “Swiss Collateral Documents” means the Swiss Quota
Pledge Agreement and any Swiss claims assignment agreement and any other Collateral Document granting Security Interests under Swiss law. 
 “Swiss Francs” means the lawful currency of Switzerland. 

“Swiss Guidelines” means the guidelines S-02.122.1 in relation to bonds of April 1999 as issued by the Swiss Federal Tax
Administration (Merkblatt S-02.122.1 vom April 1999 betreffend “Obligationen”), S-02.122.2 in relation to customer credit balances of April 1999 as issued by the Swiss Federal Tax Administration (Merkblatt S-02.122.2 vom April 1999
betreffend Kundenguthaben), S-02.123 in relation to inter bank transactions of 22 September 1986 betreffend Zinsen von Bankguthaben, deren Gläubiger Banken sind (Interbankguthaben) and S.02.128 in relation to syndicated loans as issued by
the Swiss Federal Tax Administration (Merkblatt S-02.128 vom Januar 2000 betreffend die steuerliche Behandlung von Konsortialdarlehen, Schuldscheindarlehen, Wechseln und Unterbeteiligungen), S-02.130.1 in relation to accounts receivable of Swiss
debtors of April 1999 (Merkblatt S-02.130.1 vom 

  
 37 

 
April 1999 “Geldmarktpapiere und Buchforderungen inländischer Schuldner”), and the circular letter No. 15 (1-015-DVS-2007) of 7 February 2007 in relation to bonds and
derivative financial instruments as subject matter of taxation of Swiss federal income tax, Swiss federal withholding tax and Swiss federal stamp taxes (Kreisschreiben Nr. 15 “Obligationen und derivative Finanzinstrumente als Gegenstand der
direkten Bundessteuer, der Verrechnungssteuer und der Stempelabgaben” vom 7. February 2007) as issued, and as amended or replaced from time to time, by the Swiss Federal Tax Administration or as substituted or superseded and overruled by
any law, statute, ordinance, regulation, court decision or the like. 
 “Swiss Insolvency Event” means any one
or more of the following with respect to any Swiss Borrower or Swiss Subsidiary: it is unable or admits inability to pay its debts as they fall due or otherwise is, or admits that it is, insolvent (zahlungsunfähig), suspends making
payments on any of its debts or, by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its creditors with a view to rescheduling any of its indebtedness or files a petition for the opening of
bankruptcy proceedings because of insolvency (Zahlungsunfähigkeit) pursuant to Section 191(1) of the Swiss Federal Law Concerning Debt Enforcement and Bankruptcy (Bundesgesetz über Schuldbetreibung und Konkurs).

 “Swiss Non-Bank Rules” means the Swiss Ten Non-Bank Rule and the Swiss Twenty Non-Bank Rule. 

“Swiss Non-Qualifying Bank” means a financial institution or other entity which does not qualify as a Swiss Qualifying
Bank. 
 “Swiss Qualifying Bank” means any person or entity which effectively conducts banking activities with
its own infrastructure and staff as its principal purpose and which is recognized as a bank by the banking laws in force in the jurisdiction of incorporation or, if acting through a branch, in the jurisdiction of such branch all in accordance with
the Swiss Guidelines. 
 “Swiss Quota Pledge Agreement” means the Swiss law governed pledge agreement over the
quotas in MK Switzerland, dated as of the date hereof, by and among MKE and the Secured Parties represented for all purposes thereunder by the Collateral Agent as direct representative (direkter Stellvertreter), as the same may be amended,
restated, supplemented or otherwise modified from time to time. 
 “Swiss Stamp Tax” means any taxes imposed
under the Swiss Federal Act on Stamp Taxes (Bundesgesetz über die Stempelabgaben). 
 “Swiss Subsidiary”
means any Subsidiary incorporated in Switzerland. 
 “Swiss Ten Non-Bank Rule” means the rule that the
aggregate number of creditors (other than Swiss Qualifying Banks) of any Swiss Borrower under this Agreement must not at any time exceed 10 (ten), all in accordance with the Swiss Guidelines. 

“Swiss Twenty Non-Bank Rule” means the rule that the aggregate number of creditors (other than Swiss Qualifying Banks)
of any Swiss Borrower under all outstanding borrowings (including under this Agreement), such as loans, facilities and private placements, made or deemed to be made by such Swiss Borrower must not at any time exceed 20 (twenty), all in accordance
with the Swiss Guidelines and being understood that for purposes of this Agreement the maximum number of 10 (ten) Swiss Non-Qualifying Banks permitted under this Agreement shall be taken into account irrespective of whether or not 10 (ten) Swiss
Non-Qualifying Banks do so participate at any given time. 

  
 38 

 “Swiss Withholding Tax” means the tax levied pursuant to the Swiss Federal
Act on Withholding Tax (Bundesgesetz über die Verrechnungssteuer). 
 “Taxes” means any and all present or
future taxes, levies, imposts, duties, fees, assessments, deductions, charges or withholdings (including backup withholding) imposed by any Governmental Authority. 
 “Tenant Improvements” means the amount of any cash proceeds actually received by any Loan Party or any Subsidiary from its landlord as a contribution towards tenant improvements made by
such Loan Party or such Subsidiary on the related leased premises. 
 “Termination Date” shall have the meaning
assigned to such term in the first paragraph of Article V hereof. 
 “Test Period” means, as of any date
of determination, the period of four consecutive fiscal quarters of MK Holdings most recently ended on or prior to such date. 

“Trade Letter of Credit” means any Letter of Credit that (a) is issued in support of trade obligations incurred in
the ordinary course of business and (b) includes, as a condition to drawing thereunder, the presentation to the Issuing Bank of negotiable bills of lading, invoices and related documents sufficient, in the reasonable judgment of the Issuing
Bank, to create a valid and perfected first priority security interest in the goods covered thereby. 

“Transactions” means the execution, delivery and performance by each of the Loan Parties of the Financing Documents to
which it is to be a party, the borrowing of Loans, the use of the proceeds thereof and the issuance of Letters of Credit hereunder. 
 “Tri-Party Notifications” means the notifications, substantially in the form of Exhibit K hereto or in any other form reasonably satisfactory to the Administrative Agent, sent by
the Company or any other applicable Loan Party to its third party payors notifying such third party payors of the account to which such payor should remit payments in respect of any Receivables or other amounts or property owed by such third party
payors to the Company or such applicable Loan Party. 
 “Type”, when used in reference to any Loan or
Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate, the Base Rate, the Canadian Prime Rate or the BA Rate. 

“U.S. Dollars” or “$” refers to lawful money of the United States of America. 

“UK Insolvency Event” means: 
 (a) a UK Relevant Entity is unable or admits inability to pay its debts as they fall due, suspends making payments on any of its material debts or, by reason of actual or anticipated financial
difficulties, commences negotiations with one or more of its creditors with a view to rescheduling any of its material indebtedness; 
 (b) the value of the assets of any UK Relevant Entity is less than its liabilities (taking into account contingent and prospective liabilities); 

(c) a moratorium is declared in respect of any indebtedness of any UK Relevant Entity; 

  
 39 

 (d) any corporate action, legal proceedings or other procedure or step is taken in relation
to: 
 (i) the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration
or reorganization (by way of voluntary arrangement, scheme of arrangement or otherwise) of any UK Relevant Entity; 
 (ii) a composition, compromise, assignment or arrangement with any creditor of any UK Relevant Entity; 
 (iii) the appointment of a liquidator, receiver, administrative receiver, administrator, compulsory manager or other similar officer in respect of any UK Relevant Entity, or all or substantially all of
its assets; or 
 (iv) enforcement of any Lien over any assets of any UK Relevant Entity, 

or any analogous procedure or step is taken in any jurisdiction, save that this paragraph (d) shall not apply to any winding-up petition which is
frivolous or vexatious and is discharged, stayed or dismissed within 90 days of commencement; and 
 (e) any expropriation,
attachment, sequestration, distress or execution affects any asset or assets of a UK Relevant Entity, except where such action does not, and could not reasonably be expected to, have a Material Adverse Effect. 

“UK Loan Party” means any Loan Party incorporated under the laws of England and Wales. 

“UK Relevant Entity” means any UK Loan Party or any Loan Party capable of becoming subject of an order for winding-up or
administration under the Insolvency Act 1986 of the United Kingdom. 
 “Unfunded Current Liability” means, with
respect to a Plan, the amount, if any, by which the actuarial present value of the accumulated plan benefits under the Plan as of the close of its most recent plan year exceeds the then current fair market value of the assets allocable thereto, each
determined in accordance with Statement of Financial Accounting Standards No. 87, based upon the actuarial assumptions used by the Plan’s actuary in the most recent annual valuation of the Plan. 

“Voting Agreement” means the Voting and Lock-up Agreement dated as of July 11, 2011 among MK Holdings and the
shareholders of MK Holdings party thereto, as amended, restated, supplemented or otherwise modified from time to time in a manner that is not adverse in any material respect to the interests of the Lenders. 

“Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by
dividing: (a) the sum of the products obtained by multiplying (i) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect
thereof, by (ii) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by (b) the then outstanding principal amount of such Indebtedness. 

“Wells Fargo” means Wells Fargo Bank, National Association (successor by merger to Wells Fargo Trade Capital, LLC), in
its capacity as factor under the Wells Fargo Factoring Agreement. 

  
 40 

 “Wells Fargo Factoring Agreement” has the meaning assigned to such term in
the definition of “Permitted Factoring Arrangement”. 
 “Wholly Owned Subsidiary” means, with respect
to any Person at any date, a subsidiary of such Person of which securities or other ownership interests representing 100% of the Equity Interests (other than (a) directors’ qualifying shares and (b) nominal shares issued to foreign
nationals to the extent required by applicable law) are, as of such date, owned, controlled or held by such Person or one or more Wholly Owned Subsidiaries of such Person or by such Person and one or more Wholly Owned Subsidiaries of such Person.

 “Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or partial
withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 

“Yen” means the lawful currency of Japan. 
 Section 1.02. Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Type (e.g., a “Eurocurrency Loan”). Borrowings
also may be classified and referred to by Type (e.g., a “Base Rate Borrowing”). 
 Section 1.03. Terms
Generally; Québec Interpretation. (a) The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine,
feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same
meaning and effect as the word “shall.” The word “law” shall be construed as referring to all statutes, rules, regulations, codes and other laws (including official rulings and interpretations thereunder having the force of law
or with which affected Persons customarily comply), and all judgments, orders and decrees, of all Governmental Authorities. Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document
herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, restated, supplemented or otherwise modified (subject to any restrictions on such amendments, restatements, supplements or
modifications set forth herein), (b) any definition of or reference to any statute, rule or regulation shall be construed as referring thereto as from time to time amended, supplemented or otherwise modified (including by succession of
comparable successor laws), (c) any reference herein to any Person shall be construed to include such Person’s successors and assigns (subject to any restrictions on assignment set forth herein) and, in the case of any Governmental
Authority, any other Governmental Authority that shall have succeeded to any or all functions thereof, (d) the words “herein”, “hereof’ and “hereunder”, and words of similar import, shall be construed to refer to
this Agreement in its entirety and not to any particular provision hereof, (e) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this
Agreement and (f) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and
contract rights. 
 (b) For purposes of any assets, liabilities or entities located in the Province of
Québec and for all other purposes pursuant to which the interpretation or construction of this Agreement may be subject to the laws of the Province of Québec or a court or tribunal exercising jurisdiction in the Province of
Québec, (i) “personal property” shall include “movable property”, (ii) “real property” or “real estate” shall include “immovable property”, (iii) “tangible property”
or “tangible assets” shall include “corporeal property”, (iv) “intangible property” or “intangible assets” 

  
 41 

 
shall include “incorporeal property”, (v) “security interest”, “mortgage” and “lien” shall include a “hypothec”, “right of
retention”, “prior claim” and a resolutory clause, (vi) all references to filing, perfection, priority, remedies, registering or recording under the UCC or a PPSA shall include publication under the Civil Code of
Québec, (vii) all references to “perfection” of or a “perfected” lien or security interest shall include a reference to an “opposable” or “set up” lien or security interest as against third
parties, (viii) any “right of offset”, “right of set-off” or similar expression shall include a “right of compensation”, (ix) “goods” shall include “corporeal movable property” other than
chattel paper, documents of title, instruments, money and securities, (x) an “agent” shall include a “mandatary”, (xi) “construction liens” shall include “legal hypothecs”, (xii) “joint and
several” shall include “solidary”, (xiii) “gross negligence or wilful misconduct” shall be deemed to be “intentional or gross fault”, (xiv) “beneficial ownership” shall include “ownership
on behalf of another as mandatary”, (xv) “easement” shall include “servitude”, (xvi) “priority” shall include “prior claim”, (xvii) “survey” shall include “certificate of
location and plan”, (xviii) “state” shall include “province”, (xix) “fee simple title” shall include “absolute ownership” and (xx) “accounts” shall include “claims”. The
parties hereto confirm that it is their wish that this Agreement and any other document executed in connection with the transactions contemplated herein be drawn up in the English language only and that all other documents contemplated thereunder or
relating thereto, including notices, may also be drawn up in the English language only. Les parties aux présentes confirment que c’est leur volonté que cette convention et les autres documents de crédit soient
rédigés en langue anglaise seulement et que tous les documents, y compris tous avis, envisagés par cette convention et les autres documents peuvent être rédigés en langue anglaise seulement. 

Section 1.04. Accounting Terms; GAAP. Except as otherwise expressly provided herein, all terms of an accounting or financial
nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if the Company notifies the Administrative Agent that the Company requests an amendment to any provision hereof to eliminate the effect of any
change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Company that the Required Lenders request an amendment to any provision hereof for such
purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall
have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith. Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed,
and all computations of amounts and ratios referred to herein shall be made (i) without giving effect to any election under Accounting Standards Codification 825-10-25 (or any other Accounting Standards Codification or Financial Accounting
Standard having a similar result or effect) to value any Indebtedness or other liabilities of the Company or any Subsidiary at “fair value”, as defined therein, (ii) without giving effect to any treatment of Indebtedness in respect of
convertible debt instruments under Accounting Standards Codification 470-20 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any such Indebtedness in a reduced or bifurcated
manner as described therein, and such Indebtedness shall at all times be valued at the full stated principal amount thereof and (iii) such that the determination of whether a lease constitutes a capital lease or an operating lease, and whether
obligations arising under a lease are required to be capitalized on the balance sheet of the lessee thereunder and/or recognized as interest expense, shall be determined by reference to GAAP as in effect on the Effective Date. 

Section 1.05. Amendment and Restatement of the Original Agreement; Reaffirmation of Continuing Loan Documents. 

(a) The parties to this Agreement agree that, upon (i) the execution and delivery by each of the parties hereto of
this Agreement and (ii) satisfaction of the conditions set forth in Section 4.01, 

  
 42 

 
the terms and provisions of the Original Agreement shall be and hereby are amended and restated in their entirety by the terms and provisions of this Agreement. This Agreement is not intended to
and shall not constitute a novation. All Loans made and Obligations incurred under the Original Agreement which are outstanding on the Effective Date shall continue as Loans and Obligations under (and shall be governed by the terms of) this
Agreement and the other Financing Documents. Without limiting the foregoing, upon the effectiveness hereof: (a) all references in the “Financing Documents” (as defined in the Original Agreement) to the “Administrative
Agent”, the “Collateral Agent”, the “Credit Agreement” and the “Financing Documents” shall be deemed to refer to the Administrative Agent, the Collateral Agent, this Agreement and the Financing Documents,
(b) the Existing Letters of Credit which remain outstanding on the Effective Date shall continue as Letters of Credit under (and shall be governed by the terms of) this Agreement, (c) all obligations constituting “Obligations”
with any Lender or any Affiliate of any Lender which are outstanding on the Effective Date shall continue as Obligations under this Agreement and the other Financing Documents, (d) the Administrative Agent shall make such reallocations, sales,
assignments or other relevant actions in respect of each Lender’s credit and loan exposure under the Original Agreement as are necessary in order that each such Lender’s Exposure hereunder reflects such Lender’s Applicable Percentage
of the outstanding aggregate Exposures on the Effective Date, and (e) the Company hereby agrees to compensate each Lender for any and all losses, costs and expenses incurred by such Lender in connection with the sale and assignment of any
Eurocurrency Loans (including the “Eurocurrency Loans” under the Original Agreement) and such reallocation described above, in each case on the terms and in the manner set forth in Section 2.14 hereof. 

(b) Without limiting the foregoing or any similar provision in any Financing Document, each of the Loan Parties, as
debtor, grantor, pledgor, guarantor, or another similar capacity in which such Loan Party grants liens or security interests in its properties or otherwise acts as a guarantor, joint or several obligor or other accommodation party, as the case may
be, in each case under the Continuing Loan Documents (as defined below), hereby each (i) ratifies and reaffirms all of its payment and performance obligations, contingent or otherwise, under each of the Continuing Loan Documents to which it is
a party, (b) to the extent such Loan Party granted liens on or security interests in any of its properties pursuant to any of the Continuing Loan Documents, hereby ratifies and reaffirms such grant of security (and, without limitation, any
filings made in connection therewith) and confirms that such liens and security interests continue to secure the Obligations, including, without limitation, all additional Obligations resulting from or incurred pursuant to this Agreement and
(c) to the extent such Loan Party guaranteed, was jointly or severally liable, or provided other accommodations with respect to, the Obligations or any portion thereof pursuant to any of the Continuing Loan Documents, hereby ratifies and
reaffirms such guaranties, liabilities and other accommodations. As used herein, “Continuing Loan Documents” means all documents, instruments, mortgages, notes and other agreements executed prior to the Effective Date in connection
with the Existing Credit Agreement (as such documents, instruments, mortgages, notes and other agreements may have been amended, restated, supplemented or otherwise modified prior to the Existing Date); provided, however, that
“Continuing Loan Documents” shall not include the Existing Credit Agreement or any other documents, instruments, mortgages, notes or other agreements executed in connection with the Existing Credit Agreement that are being amended and
restated as of the date hereof. 
 Section 1.06. Exchange Rates. (a) Not later than 1:00 P.M., Local Time, on
each Calculation Date, the Administrative Agent shall (i) determine the Exchange Rate as of such Calculation Date for each Alternative Currency in which a Loan is then outstanding and (ii) give notice thereof to the Company. The Exchange
Rates so determined shall become effective on the first Business Day immediately following the relevant Calculation Date (a “Reset Date”) and shall remain effective until the next succeeding Reset Date. 

  
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 Not later than 2:00 P.M., Local Time, on each Reset Date with respect to the Commitments to
make Loans denominated in any Alternative Currency, the Administrative Agent shall (i) determine the aggregate amount of such Loans and LC Exposure in U.S. Dollars on such date (after giving effect to any such Loans or Letters of Credit
denominated in such Alternative Currency under the Commitments to be made or issued in connection with such determination), and (ii) notify the Company of such determination. 

ARTICLE II 

The Credits 
 Section 2.01. Commitments. Prior to the Effective Date, certain loans were previously made to the Company and MKE under the Original Agreement which remain outstanding as of the date of this
Agreement (such outstanding loans being hereinafter referred to as the “Existing Loans”). Subject to the terms and conditions set forth in this Agreement, the Company, MKE and each of the Lenders agree that on the Effective Date but
subject to the satisfaction of the conditions precedent set forth in Section 4.01 and the reallocation and other transactions described in Section 1.05, the Existing Loans shall be reevidenced as Loans under this Agreement
and the terms of the Existing Loans shall be restated in their entirety and shall be evidenced by this Agreement. Subject to the terms and conditions set forth herein, each Lender agrees to make Loans to the Borrowers in Agreed Currencies (the
“Facility”) from time to time during the Availability Period in an aggregate principal amount that will not result in such Lender’s Exposure exceeding such Lender’s Commitment. In addition, (i) the aggregate principal
amount of all Loans of all Lenders denominated in an Alternative Currency plus all other Exposure of the Lenders denominated in an Alternative Currency shall not exceed at any time the Alternative Currency Sublimit; and (ii) the
aggregate outstanding principal amount of Loans and the LC Exposure at any time hereunder shall not exceed the lesser of (A) the Aggregate Commitment and (B) the Borrowing Base at such time, minus (in the case of the
foregoing clause (A) or (B)) the Availability Reserves. The Availability of the Facility will be computed weekly (or, upon the continuance of an Event of Default, more often as may reasonably be requested by the Administrative Agent) on the
Borrowing Base Certificate. If by reason of any subsequent appraisals or audits conducted pursuant to Section 5.04 hereof, net recovery values of Collateral have declined, the Collateral Agent shall, following such appraisals or audits,
in good faith and in accordance with its customary practices, reduce the effective advance rates (subject to further adjustments, downward or upward (but not above those in effect on the Effective Date)) by reducing the net recovery value of
Eligible Inventory used in the calculation of the Borrowing Base consistent with the results of such subsequent appraisals or audits. Subject to the foregoing and within the foregoing limits, the Borrowers may borrow, repay (or prepay) and reborrow
Loans, on and after the date hereof through the Availability Period, subject to the terms, provisions and limitations set forth herein, including the requirement that no Loan shall be made hereunder if the amount thereof exceeds the Availability at
such time (in each case, after giving effect to the application of the proceeds of such Loan). For purposes of this Section, “net recovery value” means the estimated net proceeds which could reasonably be realized from the liquidation of
the Collateral under an orderly liquidation and going-out-of-business and/or store closing sale basis, given a reasonable period of time to find purchaser(s), with the seller compelled to sell. 

Section 2.02. Loans and Borrowings. (a) Each Loan (other than a Swingline Loan) shall be made as part of a Borrowing
consisting of Loans made by the Lenders ratably in accordance with their respective Commitments. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided
that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required. Any Swingline Loan shall be made in accordance with the procedures set forth in
Section 2.19 hereof. 

  
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 (b) Subject to Section 2.06 hereof, (i) each Borrowing
(other than any Canadian Borrowing) shall be comprised entirely of Base Rate Loans or Eurocurrency Loans as the relevant Borrower may request in accordance herewith; provided that each Base Rate Loan shall only be made in U.S. Dollars and
shall only be made to the Company and (ii) each Canadian Borrowing shall be made only to a Canadian Borrower and shall be comprised entirely of Canadian Base Rate Loans or BA Equivalent Loans as such Canadian Borrower may request in accordance
herewith. Each Lender at its option may make any Canadian Base Rate Loan, Eurocurrency Loan or BA Equivalent Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan (and in the case of an Affiliate, the
provisions of Sections 2.14, 2.15, 2.16 and 2.17 shall apply to such Affiliate to the same extent as to such Lender); provided that any exercise of such option shall not affect the obligation of such Borrower to
repay such Loan in accordance with the terms of this Agreement. 
 (c) At the commencement of each Interest
Period for any Eurocurrency Borrowing, such Borrowing shall be in a minimum amount of $2,000,000 (or, if such Borrowing is denominated in an Alternative Currency, 2,000,000 units of such currency) and an aggregate amount that is an integral multiple
of $500,000 (or, if such Borrowing is denominated in an Alternative Currency, 500,000 units of such currency). At the commencement of each Interest Period for any BA Equivalent Borrowing, such Borrowing shall be in an aggregate amount that is an
integral multiple of C$500,000 and not less than C$2,000,000. At the time that each Base Rate Borrowing or Canadian Base Rate Borrowing is made, such Borrowing shall be in a minimum amount of $1,000,000 or C$1,000,000, as the case may be, and an
aggregate amount that is an integral multiple of $250,000 or C$250,000, as the case may be (except that the foregoing limitation shall not be applicable to the extent that the proceeds of such Borrowing are requested, or deemed to be requested, to
be disbursed to such Borrower’s loan account maintained with the Administrative Agent); provided that a Base Rate Borrowing may be in an aggregate amount that is equal to the entire unused balance of the total Commitments of all Lenders
(not exceeding the Alternative Currency Sublimit) or that is required to finance the reimbursement of an LC Disbursement as contemplated by Section 2.04(e) hereof. Borrowings of more than one Type may be outstanding at the same time;
provided that there shall not at any time be more than a total of ten (10) in the aggregate for Eurocurrency Borrowings and BA Equivalent Borrowings outstanding. 

(d) Notwithstanding any other provision of this Agreement, no Borrower shall be entitled to request, or to elect to
convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date. 
 (e) The initial borrowing from any Lender to MKE shall at all times exceed €100,000 (or its equivalent in another currency). 
 Section 2.03. Requests for Borrowings. To request a Borrowing, the applicable Borrower, or the Company on behalf of the applicable Borrower, shall notify the Administrative Agent of such
request (a) by irrevocable written notice (via a written Borrowing Request in substantially the form attached as Exhibit D hereto (or otherwise reasonably acceptable to the Administrative Agent) and signed by the applicable Borrower, or
the Company on behalf of the applicable Borrower, promptly followed by telephonic confirmation of such request) in the case of a Eurocurrency Borrowing or BA Equivalent Borrowing, not later than 12:00 noon, Local Time, three (3) Business Days
before the date of the proposed Borrowing, (b) by telephone in the case of a Base Rate Borrowing, including a Base Rate Borrowing to finance the reimbursement of an LC Disbursement as contemplated by Section 2.04(e) hereof, not
later than 12:00 p.m., Local Time, on the same Business Day of the proposed Borrowing, (c) by telephone in the case of a Canadian Base Rate Borrowing, not later than 12:00 p.m., Local Time, one (1) Business Day prior to the date of the
proposed Borrowing or (d) by irrevocable written notice (via a written Borrowing Request in substantially the form attached as Exhibit D hereto (or otherwise reasonably acceptable to the Administrative Agent) and signed by the applicable
Borrower, or the 

  
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Company on behalf of the applicable Borrower, promptly followed by telephonic confirmation of such request) in the case of an Overnight LIBO Borrowing to finance the reimbursement of an LC
Disbursement in an Agreed Currency or in respect of a Foreign Subsidiary Borrower as contemplated by Section 2.04(e) hereof, not later than 12:00 p.m., Local Time, on the same Business Day of the proposed Borrowing. Each such Borrowing
Request shall be irrevocable and if given by telephone shall be confirmed promptly in writing by telecopy or electronic mail to the Administrative Agent of a written Borrowing Request substantially in the form attached as Exhibit D hereto and
signed by an authorized signer of the applicable Borrower, or the Company on behalf of the applicable Borrower. In the case of a Borrowing denominated in any Alternative Currency, the applicable Borrower shall also notify JPMEL of such request by
writing at the same time that such Borrower shall notify the Administrative Agent pursuant to (a) or (b) above, as applicable. Each such telephonic and written Borrowing Request shall specify the following information in compliance with
Section 2.02 hereof: 
 (a) the aggregate amount of the requested Borrowing; 

(b) the date of such Borrowing, which shall be a Business Day; 

(c) whether such Borrowing is to be a Base Rate Borrowing or a Eurocurrency Borrowing (or, in the case of a Canadian
Borrowing, a Canadian Base Rate Borrowing or a BA Equivalent Borrowing); 
 (d) in the case of a Eurocurrency
Borrowing, the Agreed Currency and initial Interest Period to be applicable thereto, which shall be a period contemplated by the definition of the term “Interest Period”; 

(e) in the case of a BA Equivalent Borrowing, the initial Interest Period to be applicable thereto, which shall be a
period contemplated by the definition of the term “Interest Period”; 
 (f) the location and number of
such Borrower’s account to which funds are to be disbursed, which shall comply with the requirements of Section 2.05; and 
 (g) whether such Borrowing is to be in U.S. Dollars or in an Alternative Currency. 
 If no
election as to the Type of Borrowing is specified, then (i) in the case of a Borrowing denominated in U.S. Dollars to the Company, the requested Borrowing shall be a Base Rate Borrowing and (ii) in the case of a Canadian Borrowing to a
Canadian Borrower, the requested Borrowing shall be a Canadian Base Rate Borrowing. If no Interest Period is specified with respect to any requested Eurocurrency Borrowing or BA Equivalent Borrowing, then the relevant Borrower shall be deemed to
have selected an Interest Period of one month’s duration. Promptly following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such
Lender’s Loan to be made as part of the requested Borrowing. 
 Section 2.04. Letters of Credit.
(a) General. Subject to the terms and conditions set forth herein, the Company or any Subsidiary may request the issuance of Letters of Credit for its own account or in the name of any other Loan Party or a Subsidiary, in a form
reasonably acceptable to the Issuing Bank, at any time and from time to time during the Availability Period. All Letters of Credit, including those opened by any Subsidiary or for the account of a Loan Party other than the Company, or a Subsidiary,
will be Obligations of the Company. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted by the Company to, or
entered into by the Company with, the Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall control. Each Letter of 

  
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Credit may be denominated in U.S. Dollars or an Alternative Currency. The Existing Letters of Credit shall be deemed to be “Letters of Credit” issued on the Effective Date for all
purposes of the Financing Documents. 
 (b) Notice of Issuance, Amendment, Renewal, Extension; Certain
Conditions. To request the issuance of a Trade Letter of Credit (or the amendment, renewal or extension of an outstanding Trade Letter of Credit), the Company or any Subsidiary shall transmit by electronic communication to the Issuing Bank and
the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a notice requesting the issuance of a Trade Letter of Credit, or identifying the Trade Letter of Credit to be amended, renewed or
extended, and specifying the date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Trade Letter of Credit is to expire (which shall comply with paragraph (c) of this Section), the amount of
such Trade Letter of Credit, the Agreed Currency applicable thereto, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Trade Letter of Credit in accordance with
the terms of the Issuing Bank’s standard form Continuing Agreement for Commercial and Standby Letters of Credit, attached hereto as Exhibit M (the “Letter of Credit Application”). To request the issuance of a Stand-by
Letter of Credit (or the amendment, renewal or extension of an outstanding stand-by Letter of Credit), the Company shall transmit by electronic communication to the Issuing Bank and the Administrative Agent (reasonably in advance of the requested
date of issuance, amendment, renewal or extension) a notice requesting the issuance of a Stand-by Letter of Credit, or identifying the Stand-by Letter of Credit to be amended, renewed or extended, and specifying the date of issuance, amendment,
renewal or extension (which shall be a Business Day), the date on which such Stand-by Letter of Credit is to expire (which shall comply with paragraph (c) of this Section), the amount of such Stand-by Letter of Credit, the Agreed Currency
applicable thereto, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Stand-by Letter of Credit in accordance with the terms of the Letter of Credit Application.
A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of each Letter of Credit the Company shall be deemed to represent and warrant that), after giving effect to such issuance,
amendment, renewal or extension (i) the Stand-by LC Exposure shall not exceed $35,000,000; provided that the Stand-by LC Exposure with respect to all Stand-by Letters of Credit issued for the account or in the name of MK Holdings or any
Foreign Subsidiary thereof shall not exceed $10,000,000, (ii) after giving effect to the issuance of such Letter of Credit, Availability shall not be less than zero and (iii) the aggregate Dollar Amount of the Exposures denominated in
Alternative Currencies shall not exceed the Alternative Currency Sublimit. The Administrative Agent shall calculate the Dollar Equivalent of each Letter of Credit denominated in any Alternative Currency or other currency as of the end of each
calendar month and shall notify the Company of such calculation, and such calculation shall be the basis of any determination of the amount of outstanding LC Exposure for purposes hereof until the next such calculation. 

(c) Expiration Date. Each Letter of Credit shall expire at or prior to the close of business on the earlier of
(i) the date 180 days (in the case of Trade Letters of Credit) or one year (in the case of Stand-by Letters of Credit) after the date of issuance of such Letter of Credit (or, in the case of any renewal or extension of a Stand-by Letter of
Credit, one year after such renewal or extension); provided that a Stand-by Letter of Credit may provide that its expiration date shall be automatically extended (but not beyond the date specified in clause (ii) below) to a date not more
than one year after the then outstanding expiration date unless, if at least a specified number of days prior to such then existing expiration date, the Issuing Bank shall have given the beneficiary thereof notice, in a form that may be specified in
such Letter of Credit, that such expiration date shall not be so extended, and (ii) the date that is five (5) Business Days prior to the Maturity Date, provided, however that if the Company requests issuance of a Letter of
Credit with an expiration date later than the Maturity Date (but not more 

  
 47 

 
than one year after the Maturity Date), and the Issuing Bank agrees to issue such Letter of Credit, the Company shall deposit on or before the date that is five (5) Business Days prior to
the Maturity Date into an account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Lenders, an amount in cash equal to 105% of the LC Exposure as of such date with respect to such Letter of Credit. If
the Company requests issuance of a Letter of Credit on a date that is five (5) or fewer Business Days prior to the Maturity Date, and the Issuing Bank agrees to issue such Letter of Credit (for a period of not more than one year after the
Maturity Date), the Company shall deposit cash collateral sufficient to cover the LC Exposure with respect to such Letter of Credit, as described above, by 5:00 p.m. New York City time on the date such Letter of Credit is issued. Any such deposit
shall be held by the Administrative Agent as collateral for the payment and performance of the obligations of the Borrowers under this Agreement. The Administrative Agent shall have exclusive dominion and control, including the exclusive right of
withdrawal, over such account. Investment of such deposit, and any interest or profits on such investments, and application of such amounts shall be treated and undertaken, respectively, in accordance with Section 2.04(i). 

(d) Participations. By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the
amount thereof) and without any further action on the part of the Issuing Bank or the Lenders, the Issuing Bank hereby grants to each Lender, and each Lender hereby acquires from the Issuing Bank, a participation in such Letter of Credit equal to
such Lender’s Applicable Percentage of the aggregate amount available to be drawn under such Letter of Credit. In consideration and in furtherance of the foregoing, each Lender hereby absolutely and unconditionally agrees to pay to the Issuing
Bank such Lender’s Applicable Percentage of each LC Disbursement made by the Issuing Bank and not reimbursed by the Company on the date due as provided in paragraph (e) of this Section or converted to a Loan as provided therein, or of any
reimbursement payment required to be refunded to the Company for any reason. Each Lender acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional
and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or the occurrence and continuance of a Default or any reduction or termination of the Commitments, and that each such
payment shall be made without any offset, abatement, withholding or reduction whatsoever. 
 (e)
Reimbursement. If the Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the Company shall reimburse the Issuing Bank, or cause the Issuing Bank to be reimbursed, in immediately available funds, in each case in the
applicable Agreed Currency and otherwise in accordance with the terms of the applicable Letter of Credit Application, no later than (x) on the same Business Day that the Company receives written notice from the Issuing Bank that the Issuing
Bank has made such LC Disbursement under such Letter of Credit if such notice is received by the applicable Borrower by 10:00 a.m., Local Time, and (y) on the next succeeding Business Day after which the Company receives written notice from the
Issuing Bank that such LC Disbursement has been made under such Letter of Credit if such notice is received by the applicable Borrower after 10:00 a.m., Local Time; provided that, the Company may, subject to the conditions to borrowing set
forth in Section 2.02 hereof, request in accordance with Section 2.03 that such payment be financed with (x) a Base Rate Borrowing or (y) if such LC Disbursement is in an Agreed Currency or in respect of a Foreign
Subsidiary Borrower, an Overnight LIBO Borrowing in the Dollar Amount of the LC Disbursement. If the Company fails to make such payment when due, the Issuing Bank shall notify each Lender of the applicable LC Disbursement, the payment then due from
the Company in respect thereof and such Lender’s Applicable Percentage thereof. Promptly following receipt of such notice, each Lender shall pay to the Issuing Bank its Applicable Percentage of the payment then due from the Company, in the same
manner and the currency provided in Section 2.05 hereof with respect to Loans made by such Lender (and Section 2.05 hereof shall apply, mutatis mutandis, to such payment obligations of the Lenders). Promptly following
receipt by the Issuing Bank of any payment from the 

  
 48 

 
Company pursuant to this paragraph, the Issuing Bank shall, to the extent that Lenders have made payments pursuant to this paragraph to reimburse the Issuing Bank, to such Lenders as their
interests may appear. Any payment made by a Lender pursuant to this paragraph to reimburse the Issuing Bank for any LC Disbursement (other than the funding of Base Rate Loans or Overnight LIBO Loans as contemplated above) shall not constitute a Loan
and shall not relieve the Company of its obligation to reimburse such LC Disbursement. 
 (f) Obligations
Absolute. The Company’s obligation to reimburse LC Disbursements as provided in paragraph (e) of this Section shall, to the fullest extent permitted under applicable law, be absolute, unconditional and irrevocable, and shall be
performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of Credit or this Agreement, or any term or provision
therein, (ii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect (other than under circumstances which
constitute gross negligence or willful misconduct on the part of the Issuing Bank as finally determined by a court of competent jurisdiction), (iii) payment of the Issuing Bank under a Letter of Credit against presentation of a draft or other
document that does not comply with the terms of such Letter of Credit (other than under circumstances which constitute gross negligence or willful misconduct on the part of the Issuing Bank as finally determined by a court of competent
jurisdiction), or (iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of, or provide a right of setoff
against, the Company’s obligations hereunder. None of the Issuing Bank, the Lenders, or any of their Related Parties, shall have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit
or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other
communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control of the Issuing Bank;
provided that the foregoing shall not be construed to excuse the Issuing Bank from liability to the Company to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Company
to the extent permitted by applicable law) suffered by the Company that are caused by the Issuing Bank’s failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms
thereof. The parties hereto expressly agree that, in the absence of gross negligence or willful misconduct on the part of the Issuing Bank (as finally determined by a court of competent jurisdiction), the Issuing Bank shall be deemed to have
exercised care in each such determination. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in compliance with the terms of a
Letter of Credit, the Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and
make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit. 
 (g) Disbursement Procedures. The Issuing Bank shall, promptly following its receipt thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit. The Issuing
Bank shall promptly notify the Company by telephone (confirmed by telecopy) (or transmit by electronic communication, if arrangements for doing so have been approved by the Issuing Bank) of such demand for payment and whether the Issuing Bank has
made or will make an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the Company of its obligation to reimburse the Issuing Bank and the Lenders with respect to any such LC
Disbursement. 

  
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 (h) Interim Interest. If the Issuing Bank shall make any LC
Disbursement, then, unless the Company shall reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but
excluding the date that the Company reimburses such LC Disbursement, at the rate per annum then applicable to (i) in the case of any such LC Disbursement denominated in U.S. Dollars, Base Rate Loans, (ii) in the case of any such LC
Disbursement denominated in Canadian Dollars, Canadian Base Rate Loans and (iii) in the case of any such LC Disbursement denominated in an Alternative Currency other than Canadian Dollars, such rate as the Issuing Bank customarily charges for
overnight loans in such currency to Persons of similar credit standing as the Company; provided that, if the Company fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section, then the default rate of
interest described in Section 2.11(c) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the Issuing Bank, except that interest accrued on and after the date of payment by any Lender pursuant to
paragraph (c) of this Section to reimburse the Issuing Bank shall be for the account of such Lender to the extent of such payment. 
 (i) Cash Collateralization. If any Event of Default shall occur and be continuing, on the Business Day that the Company receives notice from the Administrative Agent or the Required Lenders (or, if
the maturity of the Loans has been accelerated, Lenders with LC Exposure representing greater than 50% of the total LC Exposure) demanding the deposit of cash collateral pursuant to this paragraph, the Company shall deposit in an account with the
Administrative Agent, in the name of the Administrative Agent and for the benefit of the Lenders, an amount in cash (i) in U.S. Dollars equal to 105% of the LC Exposure denominated in U.S. Dollars as of such date plus any accrued and
unpaid interest thereon and (ii) in an Alternative Currency equal to 105% of the LC Exposure denominated in such Alternative Currency as of such date plus any accrued and unpaid interest thereon, provided that (i) the
portions of such amount attributable to undrawn Alternative Currency Letters of Credit or LC Disbursements in an Alternative Currency that the Company is not late in reimbursing shall be deposited in the applicable Alternative Currencies in the
actual amounts of such undrawn Letters of Credit and LC Disbursements and (ii) the obligation to deposit such cash collateral shall become effective immediately, and such deposit shall become immediately due and payable, without demand or other
notice of any kind, upon the occurrence of any Event of Default with respect to the Company described in clause (g) or (h) of Article VII. For the purposes of this paragraph, the Alternative Currency LC Exposure shall be calculated using
the applicable Exchange Rate on the date notice demanding cash collateralization is delivered to the Company. The Company also shall deposit cash collateral pursuant to this paragraph as and to the extent required by Section 2.09(e).
Each such deposit shall be held by the Administrative Agent as collateral for the payment and performance of the obligations of the Company under this Agreement. The Administrative Agent shall have exclusive dominion and control, including the
exclusive right of withdrawal, over such account. Other than any interest earned on the investment of such deposits, which investments shall be made, to the extent practicable, at the written request of the Company at the Company’s risk and
expense, such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such account. Moneys in such account shall be applied by the Administrative Agent to reimburse itself for LC Disbursements for which
it has not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the Company for the LC Exposure at such time or, if the maturity of the Loans has been accelerated (but subject to
the consent of Lenders with LC Exposure representing greater than 50% of the total LC Exposure), be applied to satisfy other outstanding Obligations. If the Company is required to provide an amount of cash collateral hereunder as a result of the
occurrence and continuance of an Event of Default, such amount (to the extent not applied as aforesaid) shall be returned to the Company within three (3) Business Days after all Events of Default have been cured or waived. 

  
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 Section 2.05. Funding of Borrowings. (a) Each Lender shall make each Loan
to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds in the currency in which the applicable Loan was denominated, (i) in the case of Loans denominated in U.S. Dollars to the Company, by 2:00
p.m., New York City time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders and (ii) in the case of each Loan denominated in an Alternative Currency or to a Foreign Subsidiary
Borrower, by 2:00 p.m., Local Time, in the city of the Administrative Agent’s Applicable Payment Office for such currency and Borrower and at such Applicable Payment Office for such currency and Borrower; provided that Swingline Loans
shall be made as provided in Section 2.19 hereof. The Administrative Agent will make such Loans available to the relevant Borrower by promptly wiring the amount so received, in like funds, to the Controlled Disbursement Account, in the
case of Loans denominated in U.S. Dollars to the Company or in the case of Canadian Loans to a Canadian Borrower, and JPMEL will make such Loans available to any Foreign Subsidiary Borrower (other than Canadian Loans to a Canadian Borrower) by
promptly wiring the amount so received, in like funds to an account of such Foreign Subsidiary Borrower in the relevant jurisdiction and designated by such Foreign Subsidiary Borrower, in the case of Loans denominated in an Alternative Currency to a
Foreign Subsidiary Borrower, or any other account of the applicable Borrower maintained with (x) the Administrative Agent in New York City or JPMEL in London or (y) any other Lender reasonably acceptable to the Administrative Agent and
designated by the Company either one Business Day prior to the Effective Date or in the applicable Borrowing Request; provided that Base Rate Loans made to finance the reimbursement of LC Disbursements as provided in
Section 2.04(e) hereof shall be remitted to the Issuing Bank. 
 (b) Unless the Administrative Agent
shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such
Lender has made such share available on such date in accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make available to the relevant Borrower a corresponding amount. In such event, if a Lender has not in
fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and such Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest
thereon, for each day from and including the date such amount is made available to such Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the Federal Funds Effective
Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of such Borrower, the interest rate then applicable to Base Rate Loans. If such Lender pays such
amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing, and such Borrower shall be relieved of its obligation to make such payment. 

Section 2.06. Interest Elections. (a) Each Borrowing on the Effective Date shall be at the Base Rate and thereafter
shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or BA Equivalent Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. The relevant Borrower may elect
to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurocurrency Borrowing or BA Equivalent Borrowing, may elect Interest Periods therefor, all as provided in this Section. A Borrower may elect different
options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be
considered a separate Borrowing. This Section 2.06(a) shall not apply to Borrowings representing Swingline Loans, which may not be converted or continued. 

  
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 (b) To make an election pursuant to this Section, a Borrower, or the Company
on its behalf, shall notify the Administrative Agent of such election (by telephone or irrevocable written notice in the case of a Borrowing denominated in U.S. Dollars or Canadian Dollars or by irrevocable written notice (via an Interest Election
Request in a form approved by the Administrative Agent and signed by such Borrower, or the Company on its behalf) in the case of a Borrowing denominated in an Alternative Currency other than Canadian Dollars) by the time that a Borrowing Request
would be required under Section 2.03 if such Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such telephonic Interest Election Request shall be
irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Interest Election Request in a form approved by the Administrative Agent and signed by the relevant Borrower, or the Company on its
behalf. Notwithstanding any contrary provision herein, this Section shall not be construed to permit any Borrower to convert any Canadian Borrowing to a Type other than a Canadian Base Rate Borrowing or a BA Equivalent Borrowing. 

(c) Each telephonic and written Interest Election Request shall specify the following information in compliance with
Section 2.02; 
 (i) the Borrowing to which such Interest Election Request applies and, if different
options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be
specified for each resulting Borrowing); 
 (ii) the effective date of the election made pursuant to such
Interest Election Request, which shall be a Business Day; 
 (iii) whether the resulting Borrowing is to be a
Base Rate Borrowing or a Eurocurrency Borrowing (and, in the case of a Canadian Borrowing, a Canadian Base Rate Borrowing or a BA Equivalent Borrowing); 
 (iv) if the resulting Borrowing is a Eurocurrency Borrowing, the Interest Period and Agreed Currency to be applicable thereto after giving effect to such election, which shall be a period contemplated by
the definition of the term “Interest Period”; and 
 (v) if the resulting Borrowing is a BA Equivalent
Borrowing, the Interest Period to be applicable thereto after giving effect to such election, which Interest Period shall be a period contemplated by the definition of the term “Interest Period”. 

If any such Interest Election Request requests a Eurocurrency Borrowing or BA Equivalent Borrowing but does not specify an Interest Period, then the
applicable Borrower shall be deemed to have selected an Interest Period of one month’s duration. 
 (d)
Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each applicable Lender of the details thereof and of such Lender’s portion of each resulting Borrowing. 

(e) If the relevant Borrower fails to deliver a timely Interest Election Request with respect to a Eurocurrency Borrowing
or BA Equivalent Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period (i) in the case of a Borrowing denominated in U.S. Dollars
borrowed by the Company, 

  
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such Borrowing shall be converted to a Base Rate Borrowing, (ii) in the case of a Canadian Borrowing, such Borrowing shall be converted to a Canadian Base Rate Borrowing and (iii) in
the case of a Borrowing denominated in an Alternative Currency other than Canadian Dollars (or in U.S. Dollars by a Foreign Subsidiary Borrower) in respect of which the applicable Borrower shall have failed to deliver an Interest Election Request
prior to the third (3rd) Business Day preceding the
end of such Interest Period, such Borrowing shall automatically continue as a Eurocurrency Borrowing in the same Agreed Currency with an Interest Period of one month unless such Eurocurrency Borrowing is or was repaid in accordance with
Section 2.09. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Company, then, so long as an Event
of Default is continuing (i) no outstanding Borrowing borrowed by the Company may be converted to or continued as a Eurocurrency Borrowing or BA Equivalent Borrowing, (ii) unless repaid, each Eurocurrency Borrowing borrowed by the Company
shall be converted to a Base Rate Borrowing (and any such Eurocurrency Borrowing in an Alternative Currency shall be redenominated in U.S. Dollars at the time of such conversion) at the end of the Interest Period applicable thereto,
(iii) unless repaid, each BA Equivalent Borrowing borrowed by a Canadian Borrower shall be converted to a Canadian Base Rate Borrowing and (iii) unless repaid, each Eurocurrency Borrowing by a Foreign Subsidiary Borrower shall
automatically be continued as a Eurocurrency Borrowing with an Interest Period of one month. 
 Section 2.07.
Termination and Reduction of Commitments. (a) Unless previously terminated, the Commitments shall terminate on the Maturity Date. 
 (b) The Company may at any time terminate, or from time to time reduce (each such reduction, a “Permanent Commitment Reduction”), the Commitments; provided that (i) each
Permanent Commitment Reduction shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000, (ii) the Company shall not terminate or reduce the Commitments to the extent that, after giving effect to any concurrent
prepayment of the Loans in accordance with Section 2.09 hereof, Availability would be less than zero and (iii) the Company shall pay to the Administrative Agent, for the ratable benefit of the Lenders, all accrued and unpaid fees.

 (c) The Company shall notify the Administrative Agent of any election to terminate or reduce the Commitments
under paragraph (b) of this Section at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the
Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Company pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Company may state
that such notice is conditioned upon the effectiveness of other credit facilities or issuances of debt or equity, in which case such notice may be revoked by the Company (by notice to the Administrative Agent on or prior to the specified effective
date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders with Commitments in accordance with their respective Commitments.

 Section 2.08. Repayment of Loans; Evidence of Debt. (a) Each Borrower hereby
unconditionally promises to pay (i) to the Administrative Agent for the account of each Lender the then unpaid principal amount of each Loan made to such Borrower on the Maturity Date in the currency of such Loan and (ii) in the case of MK
Switzerland, to the Swingline Lender the then unpaid principal amount of each Swingline Loan on the earlier of the Maturity Date and the first date after such Swingline Loan is made that is the 15th or last day of a calendar month and is at least two
(2) Business Days after such Swingline Loan is made; provided that on each date that a Borrowing is made, MK Switzerland shall repay all Swingline Loans then outstanding. 

  
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 (b) Each Lender shall maintain in accordance with its usual practice an
account or accounts evidencing the indebtedness of each Borrower to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. 

(c) The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made
hereunder, the Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from each Borrower to each Lender hereunder and (iii) the amount of any sum
received by the Administrative Agent under the Financing Documents for the account of the Lenders and each Lender’s share thereof. 
 (d) The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section shall be prima facie evidence of the existence and amounts of the obligations recorded therein;
provided that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of any Borrower to repay the Loans in accordance with the terms of this
Agreement. 
 (e) Any Lender may request that Loans made by it to any Borrower be evidenced by a promissory note.
In such event, the relevant Borrower shall prepare, execute and deliver to such Lender a promissory note payable to the order of such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and substantially in the form
of Exhibit C hereto (each, a “Note”). Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or
more promissory notes in such form payable to the order of the payee named therein (or, if any such promissory note is a registered note, to such payee and its registered assigns). 

(f) Each Borrower shall be jointly and severally liable for the payment of all Obligations, and each of the Obligations
shall be secured by all of the Collateral. Each Borrower acknowledges that it is jointly and severally liable under this Agreement and the other Financing Documents. All credits extended to any Borrower or requested by any Borrower shall be deemed
to be credits extended for such Borrower. Notwithstanding anything to the contrary contained in this Agreement or any of the other Financing Documents, the Administrative Agent, the Issuing Bank and the Lenders shall be entitled to rely upon any
request, notice or other communication received by them from any Borrower. Each Borrower agrees that the liability of such Borrower provided for in this subsection (f) shall not be impaired or affected by any modification, supplement, extension
or amendment or any contract or agreement to which such Borrower may hereafter agree (other than a Borrowing Subsidiary Termination or an agreement signed by the Administrative Agent and the Lenders required by Section 9.02(b) hereof
specifically releasing such liability), nor by any delay, extension of time, renewal, compromise or other indulgence granted by the Administrative Agent or any Lender with respect to any of the Obligations, nor by any other agreements or
arrangements whatsoever with any other Person, such Borrower hereby waiving all notice of such delay, extension, release, substitution, renewal, compromise or other indulgence, and hereby consenting to be bound thereby as fully and effectually as if
it had expressly agreed thereto in advance. The liability of each Borrower is direct and unconditional as to all of the Obligations, and may be enforced without requiring one or both of the Agents or any Lender first to resort to any other right,
remedy or security. Each Borrower hereby expressly waives promptness, diligence, notice of acceptance and any other notice with respect to any of the Obligations and any requirement that one or both of the Agents or any Lender protect, secure,
perfect or insure any Lien or any property subject thereto or exhaust any right or take any action against such Borrower or any other person or any collateral. 

  
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 Section 2.09. Prepayment of Loans. (a) Any Borrower shall have the right
at any time and from time to time to prepay any Borrowing in whole or in part, subject to prior notice in accordance with paragraph (b) of this Section; provided, however, the Borrowers shall make prepayments of the Loans from
time to time such that the Availability equals or exceeds zero at all times, subject to Section 2.09(e) below. 
 (b) The applicable Borrower, or the Company on behalf of the applicable Borrower, shall notify the Administrative Agent (and, in the case of a prepayment of a Swingline Loan, the Swingline Lender) by
telephone (confirmed by telecopy or electronic mail) of any prepayment hereunder (i) in the case of prepayment of a Eurocurrency Borrowing or a BA Equivalent Borrowing, not later than 12:00 noon, Local Time, three (3) Business Days before
the date of prepayment, (ii) in the case of prepayment of a Base Rate Borrowing or a Canadian Base Rate Borrowing, not later than 12:00 noon, New York City time, on the date of prepayment. Each such notice shall be irrevocable and shall specify
the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid; provided that, if a notice of prepayment is given in connection with a conditional notice of termination of the Commitments as contemplated by
Section 2.07, then such notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.07, or (iii) in the case of prepayment of a Borrowing denominated in an Alternative
Currency, not later than 11:00 a.m., New York City time, three (3) Business Days before the date of prepayment. Promptly following receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise the applicable Lenders
of the contents thereof. Each partial prepayment of any Borrowing shall be in an amount that would be permitted in the case of an advance of a Borrowing of the same Type as provided in Section 2.02 hereof (except that the foregoing shall
not be applicable (i) to the extent that the payment is made from the operation of the Controlled Disbursement Account or (ii) to a prepayment in full of the aggregate principal amount of a Borrowing then outstanding). Each prepayment of a
Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing. Prepayments shall be accompanied by (i) accrued interest to the extent required by Section 2.11 and (ii) break funding payments pursuant to
Section 2.14. 
 (c) Within three (3) Business Days after the receipt by the Company or any
other Loan Party of Net Proceeds from Dispositions of any assets of the Company or any other Loan Party described in Section 6.03(c)(xix) hereof, the Company shall make, or shall cause to be made, a mandatory prepayment of the Loans in
an amount equal to 100% of the Net Proceeds received, any prepayment to be applied in accordance with subparagraph (d), provided that, so long as no Event of Default shall have occurred and be continuing, in the case of any such Dispositions,
such prepayment of the Loans need not be made pursuant to this Section 2.09(c) until the Company, the other Loan Parties and their Subsidiaries shall have received at least $5,000,000 in Net Proceeds in the aggregate from such
Dispositions in any fiscal year, at which time all further Net Proceeds received by the Company and the other Loan Parties from such Dispositions in such fiscal year shall be applied to the prepayment of the Loans as set forth in this
Section 2.09(c). 
 (d) If at any time, (i) other than as a result of fluctuations in currency
exchange rates, (A) the sum of the aggregate principal Dollar Amount of all of the Exposures (calculated, with respect to those Credit Events denominated in Alternative Currencies, as of the most recent Calculation Date with respect to each
such Credit Event) exceeds the lesser of (1) the Aggregate Commitment and (2) the Borrowing Base, minus (in the case of clause (1) or (2)) Availability Reserves or (B) the sum of the aggregate principal Dollar Amount
of all of the outstanding Exposures denominated in Alternative Currencies (the “Alternative Currency Exposure”) (so calculated) exceeds the Alternative Currency Sublimit or (ii) solely as a result of fluctuations in currency
exchange rates, (A) the sum of the aggregate principal Dollar Amount of all of the Exposures (so calculated) exceeds 105% of the lesser of (1) the Aggregate Commitment and (2) the Borrowing Base, minus (in the case of clause
(1) or (2))

  
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Availability Reserves or (B) the Alternative Currency Exposure, as of the most recent Calculation Date with respect to each such Credit Event, exceeds 105% of the Alternative Currency
Sublimit, the Borrowers shall in each case, within three (3) Business Days following receipt of notice from the Administrative Agent, repay Borrowings or cash collateralize LC Exposure in an account with the Administrative Agent pursuant to
Section 2.04(i), as applicable, in an aggregate principal amount sufficient to cause (x) the aggregate Dollar Amount of all Exposures (so calculated) to be less than or equal to the lesser of (1) the Aggregate Commitment and
(2) the Borrowing Base, minus (in the case of clause (1) or (2)) Availability Reserves and (y) the Alternative Currency Exposure to be less than or equal to the Alternative Currency Sublimit, as applicable. 

(e) Without limiting the foregoing, if the Specified Audit conducted by the Agents demonstrates that the sum of the
aggregate principal Dollar Amount of all of the Exposures (calculated, with respect to those Credit Events denominated in Alternative Currencies, as of the most recent Calculation Date with respect to each such Credit Event) exceeds the lesser of
(1) the Aggregate Commitment and (2) the Borrowing Base, minus (in the case of clause (1) or (2)) Availability Reserves, the Borrowers shall, within three (3) Business Days following receipt of notice from the
Administrative Agent, repay Borrowings or cash collateralize LC Exposure in an account with the Administrative Agent pursuant to Section 2.04(i), as applicable, in an aggregate principal amount sufficient to eliminate such excess.

 (f) Each prepayment of Loans required by paragraph (c), (d) or (e) of this
Section 2.09 shall be made ratably among the Loans of the Lenders, and such prepayments shall be made with respect to such Types of Loans as the Company may specify by notice to the Administrative Agent at or before the time of such
prepayment and shall be applied to prepay the Loans comprising each such Type pro rata; provided that, if no such timely specification is given by the Company, such payment shall be allocated to such Type or Types as the Administrative Agent
may determine; and provided, further, that no such prepayment shall result in a permanent reduction in the aggregate Commitments. 
 Section 2.10. Fees. (a) The Company agrees to pay to the Administrative Agent for the account of each Lender based on its Applicable Percentage a commitment fee (the “Revolving
Credit Commitment Fee”), which shall accrue at 35 bps per annum based on the daily unused and available portion of the Aggregate Commitment. Accrued Revolving Credit Commitment Fees shall be calculated monthly and payable quarterly in
arrears on the first Business day of March, June, September and December and on the date on which the Commitments terminate, commencing on the first such date to occur after the date hereof, and shall be payable by the Administrative Agent to the
participating Lenders within ten (10) Business Days following such date. All Revolving Credit Commitment Fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first
day but excluding the last day). 
 (b) The Company agrees to pay to the Administrative Agent for the account of
each Lender based on its Applicable Percentage (i) a commission with respect to each Stand-by Letter of Credit (subject to local practices for the payment of such commissions, if any, for Stand-by Letters of Credit issued in Hong Kong), equal
to 2.25% per annum based on the aggregate amount available to be drawn under such Stand-by Letter of Credit, payable quarterly in arrears on the first day of each March, June, September and December, (ii) a commission with respect to each
Trade Letter of Credit, equal to 1.125% per annum based on the aggregate amount available to be drawn under such Trade Letter of Credit, payable quarterly in arrears on the first day of each March, June, September and December, and
(iii) to the Issuing Bank for its own account a fronting fee as separately agreed, as well as the Issuing Bank’s standard fees and commissions with respect to the issuance, amendment, cancellation, negotiation, transfer, presentment,
renewal or extension of any Letter of Credit or processing of drawings thereunder, which standard fees and commissions shall be payable solely to the Issuing Bank. 

  
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Letter of Credit commissions and fees accrued through and including the last day of March, June, September and December of each year shall be payable by the Administrative Agent to the
participating Lenders within ten (10) Business Days following such last day, commencing on the first such date to occur after the Effective Date; provided that all such commissions and fees shall be payable on the date on which the
Commitments terminate and any such commissions and fees accruing after the date on which the Commitments terminate shall be payable on demand. Any other commissions and fees shall be payable, to the extent such fees relate to any Letters of Credit
denominated in an Alternative Currency, in such currency and otherwise in U.S. Dollars and, in either case, payable to the Issuing Bank pursuant to this paragraph shall be payable to the Issuing Bank on demand (see Exhibit M attached hereto).
All Letter of Credit commissions and fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). 

(c) The Company agrees to pay to the Administrative Agent, for its own account and without duplication of any fees set
forth herein, fees in the amounts and at the times separately agreed upon in writing among the Company and the Administrative Agent. 
 (d) All commissions and fees payable hereunder shall be paid on the dates due, in immediately available funds, to JPMorgan Chase Bank, N.A. as Administrative Agent or as Issuing Bank, for distribution,
where applicable, to the Lenders. Absent any error in the calculation thereof, commissions and fees paid shall not be refundable under any circumstances. 
 Section 2.11. Interest. (a) The Loans comprising each Base Rate Borrowing or Eurocurrency Borrowing (as the case may be) shall bear interest for each day on which any principal of such
Loans remains outstanding at the Applicable Rate for such day. The Canadian Loans comprising each Canadian Base Rate Borrowing shall bear interest at the Canadian Prime Rate plus the Applicable Rate. The Canadian Loans comprising each BA
Equivalent Borrowing shall bear interest at the BA Rate for the Interest Period then in effect for such Borrowing plus the Applicable Rate. 
 (b) [Reserved] 
 (c) Notwithstanding the foregoing, if any
principal of or interest on any Loan or any fee or other amount payable hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall (to the extent permitted by applicable law) bear interest,
after as well as before judgment, at a rate per annum equal to (i) 2% plus the rate otherwise applicable to such Loan or Letter of Credit as provided in the preceding paragraphs of this Section or (ii) in the case of any other
amount, 2% plus the rate applicable to Base Rate Loans as provided in paragraph (a) of this Section. 

(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, on the Maturity
Date or upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a
prepayment of a Base Rate Loan or Canadian Base Rate Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the
event of any conversion of any Eurocurrency Loan or BA Equivalent Loan prior to the end of the current Interest Period therefor, accrued interest on such Eurocurrency Loan shall be payable on the effective date of such conversion. 

(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that (i) interest computed by
reference to the Base Rate at times when the Base Rate is based on 

  
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the Prime Rate, (ii) interest computed by reference to the BA Rate, (iii) interest computed on the basis of the Canadian Prime Rate and (iv) interest on Eurocurrency Loans
denominated in an Alternative Currency, for which the customary rate base is a year of 365 days shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days
elapsed (including the first day but excluding the last day). The applicable Adjusted LIBO Rate, LIBO Rate, Base Rate or BA Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.

 (f) The interest rates provided for in this Agreement, including this Section 2.11 are minimum
interest rates. When entering into this Agreement, the parties have assumed that the interest payable at the rates set out in this Section or in other Sections of this Agreement is not and will not become subject to the Swiss Withholding Tax.
Notwithstanding that the parties do not anticipate that any payment of interest will be subject to the Swiss Withholding Tax, they agree that, in the event that the Swiss Withholding Tax should be imposed on interest payments, the payment of
interest due by any Swiss Borrower shall, in line with and subject to Section 2.15, including the limitations therein, be increased to an amount which (after making any deduction of the Non-Refundable Portion (as defined below) of the
Swiss Withholding Tax) results in a payment to each Lender entitled to such payment of an amount equal to the payment which would have been due had no deduction of Swiss Withholding Tax been required. For this purpose, the Swiss Withholding Tax
shall be calculated on the full grossed-up interest amount. For the purposes of this Section, “Non-Refundable Portion” shall mean Swiss Withholding Tax at the standard rate (being, as at the date hereof, 35%) unless a tax ruling issued by
the Swiss Federal Tax Administration (SFTA) confirms that, in relation to a specific Lender based on an applicable double tax treaty, the Non-Refundable Portion is a specified lower rate in which case such lower rate shall be applied in relation to
such Lender. Each Swiss Borrower shall provide to the Administrative Agent the documents required by law or applicable double taxation treaties for the Lenders to claim a refund of any Swiss Withholding Tax so deducted. 

(g) Any provision of this Agreement that would, now or in the future, oblige any Canadian Borrower or any Subsidiary
thereof organized under the laws of Canada or any Province to pay any fine, penalty or rate of interest on any arrears of principal or interest secured by a mortgage on real property or hypothec on immovables that has the effect of increasing the
charge on arrears beyond the rate of interest payable on principal money not in arrears shall not apply to such Canadian Borrower or such Subsidiary, which shall be required to pay interest on money in arrears at the same rate of interest payable on
principal money not in arrears. 
 Section 2.12. Alternate Rate of Interest. If prior to the commencement of any
Interest Period for a Eurocurrency Borrowing in any currency or a BA Equivalent Borrowing: 
 (a) the
Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining (i) the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest
Period or (ii) in the case of a BA Equivalent Borrowing, the BA Rate for such Interest Period; or 
 (b) the
Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate, the LIBO Rate or the BA Rate, as applicable, for such Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their
Loans included in such Borrowing for such Interest Period; 
 then the Administrative Agent shall give notice thereof to the applicable Borrower
and the Lenders by telephone or telecopy, as promptly as practicable thereafter and, until the Administrative Agent notifies the applicable Borrower and the Lenders that the circumstances giving rise to such notice no longer exist,

  
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(i) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurocurrency Borrowing or BA Equivalent Borrowing, as applicable, shall
be ineffective and any such Eurocurrency Borrowing or BA Equivalent Borrowing, as applicable, shall be repaid on the last day of the then current Interest Period applicable thereto, (ii) any Eurocurrency Borrowing by a Foreign Subsidiary
Borrower or BA Equivalent Borrowing by a Canadian Borrower, as applicable, that is requested to be continued shall be repaid on the last day of the then current Interest Period applicable thereto, (iii) if any Borrowing Request or Interest
Election Request requests a Eurocurrency Borrowing in U.S. Dollars or a BA Equivalent Borrowing, as applicable, such Borrowing shall be made as a Base Rate Borrowing or a Canadian Base Rate Borrowing, as applicable, and (iv) any Interest
Election Request relating to a Borrowing denominated in an Alternative Currency that requests the continuation of such Borrowing as a Eurocurrency Borrowing shall be deemed to be an Interest Election Request for the continuation of such Borrowing as
overnight Loans denominated in such Alternative Currency. 
 Section 2.13. Increased Costs. (a) If any Change
in Law shall: 
 (i) impose, modify or deem applicable any reserve, special deposit or similar requirement
against assets of deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate) or the Issuing Bank; 

(ii) impose on any Lender or the Issuing Bank or the London interbank market any other condition affecting this Agreement,
Eurocurrency Loans or BA Equivalent Loans made by such Lender or any Letter of Credit or participation therein; or 
 (iii) subject the Agent, any Lender, the Issuing Bank or any other recipient of any payments to be made by or on account of any obligation of the Loan Parties under this Agreement or any Financing
Documents to any Taxes on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto (other than (A) Indemnified Taxes, (B) Excluded Taxes
or (C) Other Taxes); 
 and the result of any of the foregoing shall be to increase the cost to such Person of making or maintaining any
Loan or of maintaining its obligation to make any such Loan (including, without limitation, pursuant to any conversion of any Borrowing denominated in an Agreed Currency into a Borrowing denominated in any other Agreed Currency) or to increase the
cost to such Person of participating in, issuing or maintaining any Letter of Credit (including, without limitation, pursuant to any conversion of any Borrowing denominated in an Agreed Currency into a Borrowing denominated in any other Agreed
Currency) or to reduce the amount of any sum received or receivable by such Person hereunder whether of principal, interest or otherwise with respect to its Loans or its maintenance of, or participation in, Letters of Credit (including, without
limitation, pursuant to any conversion of any Borrowing denominated in an Agreed Currency into a Borrowing denominated in any other Agreed Currency), then the applicable Borrower will pay to such Person such additional amount or amounts as will
compensate such Person for such additional costs incurred or reduction suffered. 
 (b) If any Lender or the
Issuing Bank determines that any Change in Law regarding capital requirements has or would have the effect of reducing the rate of return on such Lender’s or the Issuing Bank’s capital or on the capital of such Lender’s or the Issuing
Bank’s holding company, if any, as a consequence of this Agreement or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by the Issuing Bank, to a level below that which such Lender
or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or the Issuing Bank’s

  
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policies and the policies of such Lender’s or the Issuing Bank’s holding company with respect to capital adequacy), then from time to time the applicable Borrower will pay to such
Lender or the Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company for any such reduction suffered. 

(c) A certificate of a Lender or the Issuing Bank setting forth in reasonable detail the calculation of the amount or
amounts necessary to compensate such Lender or the Issuing Bank or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section shall be delivered to the Company and shall be conclusive absent manifest
error. The Company shall pay, or cause the other Borrowers to pay, such Lender or the Issuing Bank, as the case may be, the amount shown as due on any such certificate within 15 days after receipt thereof. 

(d) Failure or delay on the part of any Lender or the Issuing Bank to demand compensation pursuant to this Section shall
not constitute a waiver of such Lender’s or the Issuing Bank’s right to demand such compensation; provided that the Company shall not be required to compensate a Lender or the Issuing Bank pursuant to this Section for any increased
costs or reductions incurred more than 180 days prior to the date that such Lender or the Issuing Bank, as the case may be, notifies the Company of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or the
Issuing Bank’s intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180-day period referred to above shall be extended to
include the period of retroactive effect thereof. 
 Additional costs described in this Section 2.13 shall not
include any increases in costs or reductions in amounts receivable in respect of Indemnified Taxes or Other Taxes, it being understood that any such additional costs are exclusively governed by the provisions of Section 2.15 hereof, and
the provisions of this Section 2.13 shall not be interpreted to cause a duplication in payment or treatment of any Indemnified Taxes or Other Taxes in a manner inconsistent with the provision of Section 2.15. 

Section 2.14. Break Funding Payments. In the event of (a) the payment of any principal of any Eurocurrency Loan or BA
Equivalent Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any Eurocurrency Loan or BA Equivalent Loan other than on the last day of the Interest
Period applicable thereto or (c) the failure to borrow, convert, continue or prepay any Eurocurrency Loan or BA Equivalent Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked
under Section 2.09(a) and is revoked in accordance therewith), then, in any such event, the Borrowers shall compensate each Lender for the loss, cost and expense attributable to such event (excluding any loss of margin or anticipated
profit). In the case of a Eurocurrency Loan, such loss, cost or expense to any Lender shall be deemed to include an amount determined by such Lender to be the excess, if any, of (i) the amount of interest which would have accrued on the
principal amount of such Loan had such event not occurred at the Adjusted LIBO Rate or BA Rate, as applicable, that would have been applicable to such Loan, for the period from the date of such event to the last day of the then current Interest
Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been the Interest Period for such Loan), over (ii) the amount of interest which would accrue on such principal amount for such period
at the interest rate which such Lender would bid were it to bid, at the commencement of such period, for U.S. Dollar deposits of a comparable amount and period from other banks in the eurocurrency market or (with respect to BA Equivalent Loans)
the Canadian bank market. A certificate of any Lender setting forth in reasonable detail any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the applicable Borrower and shall be conclusive
absent manifest error. The applicable Borrower shall pay such Lender the amount shown as due on any such certificate within 15 days after receipt thereof. Notwithstanding the foregoing, (x) no Borrower shall be required to make any prepayment
of a Eurocurrency Borrowing pursuant to 

  
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Section 2.09(c) until the last day of the Interest Period with respect thereto so long as an amount equal to such prepayment is deposited by the applicable Borrower into a cash
collateral account with the Administrative Agent and applied to such prepayment on the last day of such Interest Period and (y) this Section 2.14 shall not apply to losses, costs or expenses resulting from Taxes, as to which
Section 2.13 and Section 2.15 hereof shall govern. 
 Section 2.15. Taxes. (a) Except
where otherwise required by applicable law, any and all payments by or on account of any obligation of any Loan Party hereunder or under any other Financing Document shall be made free and clear of and without deduction for any Indemnified Taxes or
Other Taxes; provided that if the relevant Loan Party shall be required to deduct any Indemnified Taxes or Other Taxes from such payments, then (i) the sum payable to the Administrative Agent, Lender or Issuing Bank (as the case may be)
shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section) the Administrative Agent, Lender or Issuing Bank (as the case may be) receives an amount
equal to the sum it would have received had no such deductions been made, (ii) the relevant Loan Party shall make such deductions and (iii) the relevant Loan Party shall pay the full amount deducted to the relevant Governmental Authority
in accordance with applicable law. 
 (b) In addition, the relevant Loan Party shall pay any Other Taxes to the
relevant Governmental Authority in accordance with applicable law. 
 (c) The relevant Loan Party shall indemnify
JPMorgan Chase Bank, N.A. as the Administrative Agent and the Issuing Bank, and each Lender, within 10 days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by any such Person, as the case may be, on or
with respect to any payment by or on account of any obligation of such Loan Party hereunder (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) or under any other Financing
Document and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A
certificate as to the amount of such payment or liability delivered to the relevant Borrower by a Lender or JPMorgan Chase Bank, N.A. as the Issuing Bank or the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive
absent manifest error. 
 (d) As soon as practicable after any payment of Indemnified Taxes or Other Taxes by any
Loan Party to a Governmental Authority, such Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such
payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 
 (e) Each
Foreign Lender shall deliver to the Borrowers and the Administrative Agent (or, in the case of a Participant to the Lender from which the related participation shall have been purchased) two copies of either U.S. Internal Revenue Service Form W-8BEN
or Form W-8ECI, or, in the case of a Foreign Lender claiming exemption from U.S. federal withholding tax under Section 871(h) or 881(c) of the Code with respect to payments of “portfolio interest”, a statement substantially in the
form of Exhibit L and a Form W-8BEN, or, in either case, any subsequent versions thereof or successors thereto, properly completed and duly executed by such Foreign Lender claiming complete exemption from, or a reduced rate of, U.S. federal
withholding tax on all payments by the Borrowers under this Agreement and the other Financing Documents. Such forms shall be delivered by each Foreign Lender on or before the date it becomes a party to this Agreement (or, in the case of any
Participant, on or before the date such Participant purchases the related participation). In addition, each Foreign Lender shall deliver such forms promptly upon the obsolescence, expiration, or invalidity of

  
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any form previously delivered by such Foreign Lender. Each Foreign Lender shall promptly notify the Borrowers at any time it determines that it is no longer in a position to provide any
previously delivered certificate to the Borrowers (or any other form of certification adopted by the U.S. taxing authorities for such purpose). Notwithstanding any other provision of this Section 2.15(e), a Foreign Lender shall not be
required to deliver any form pursuant to this Section 2.15(e) that such Foreign Lender is not legally able to deliver. 
 (f) Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction in which any Borrower is located, or any treaty to which such jurisdiction is
a party, with respect to payments under this Agreement shall deliver to the Borrowers (with a copy to the Administrative Agent), at the time or times prescribed by applicable law or reasonably requested by the Company, such properly completed and
executed documentation prescribed by applicable law or reasonably requested by the Company as will permit such payments to be made without withholding or at a reduced rate. 

(g) If the Administrative Agent, Issuing Bank or a Lender shall become aware that it is entitled to claim a refund from a
Governmental Authority in respect of Indemnified Taxes or Other Taxes as to which it has been indemnified by any Borrower or with respect to which any Borrower has paid additional amounts pursuant to this Section 2.15, it promptly shall
notify such Borrower of the availability of such refund claim. If the Administrative Agent, Issuing Bank or a Lender determines, in its sole discretion, that it has received a refund of any Taxes or Other Taxes as to which it has been indemnified by
any Borrower or with respect to which any Borrower has paid additional amounts pursuant to Section 2.15, it shall, within 30 days from the date of such receipt, pay over such refund to such Borrower (but only to the extent of indemnity
payments made, or additional amounts paid, by such Borrower under this Section 2.15 with respect to the Taxes or Other Taxes giving rise to such refund); provided, that such Borrower, upon the request of the Administrative Agent
or such Lender, agrees to repay the amount paid over to such Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender in the event that the
Administrative Agent or such Lender is required to repay such refund to such Governmental Authority. This Section shall not be construed to require the Administrative Agent or any Lender to make available its tax returns (or other information
relating to its taxes which it deems confidential) to any Borrower or any other Person. 
 (h) Each Lender and
each Issuing Bank shall severally indemnify the Administrative Agent for any Taxes (but, in the case of any Indemnified Taxes or Other Taxes, only to the extent that the relevant Borrower has not already indemnified the Administrative Agent for such
Indemnified Taxes or Other Taxes and without limiting the obligation of such Borrower to do so) attributable to such Lender or Issuing Bank that are paid or payable by the Administrative Agent in connection with this Agreement or any Financing
Documents and any reasonable expenses arising therefrom or with respect thereto, whether or not such amounts were correctly or legally imposed or asserted by the relevant Governmental Authority. The indemnity under this Section 2.15(h)
shall be paid within 10 days after the Administrative Agent delivers to the applicable Lender or Issuing Bank a certificate stating the amount so paid or payable by the Administrative Agent. Such certificate shall be conclusive of the amount so paid
or payable absent manifest error. 
 (i) If a payment made to a Lender under this Agreement would be subject to
U.S. federal withholding tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall
deliver to the Company and the Administrative Agent, at the time or times prescribed by law and at such time or times reasonably requested by the Company or the Administrative Agent, such documentation prescribed by applicable law (including as
prescribed by 

  
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Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Company or the Administrative Agent as may be necessary for the Company and the
Administrative Agent to comply with its obligations under FATCA, to determine that such Lender has or has not complied with such Lender’s obligations under FATCA and, as necessary, to determine the amount to deduct and withhold from such
payment. Solely for purposes of this Section 2.15(i), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 
 (j) Each Lender confirms that it is a Swiss Qualifying Bank or, if not, a single person only for the purpose of the Swiss Non-Qualifying Bank Rules and any other Person that shall become a Lender or a
Participant pursuant to Section 9.04 of this Agreement shall be deemed to have confirmed that it is a Swiss Qualifying Bank or, if not, a single person only for the purpose of Swiss Non-Qualifying Bank Rules. 

Section 2.16. Payments Generally; Pro Rata Treatment; Sharing of Set-offs. (a) Each Borrower shall make each payment
required to be made by it hereunder (whether of principal, interest, fees or reimbursement of LC Disbursements, or of amounts payable under Section 2.13, 2.14 or 2.15, or otherwise) prior to (i) in the case of payments
denominated in U.S. Dollars to the Company, 12:00 noon, New York City time and (ii) in the case of payments denominated in an Alternative Currency or by a Foreign Subsidiary Borrower, 12:00 noon, Local Time, in the city of the Administrative
Agent’s Applicable Payment Office for such currency or Borrower, in each case on the date when due, in U.S. Dollars or the relevant Alternative Currency in immediately available funds, without set-off or counterclaim. Any amounts received after
such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent
at its offices at 10 South Dearborn, Chicago, IL 60603 or, in the case of a Credit Event denominated in an Alternative Currency or to a Foreign Subsidiary Borrower, the Administrative Agent’s Applicable Payment Office for such currency or
Borrower, except payments to be made directly to the Issuing Bank or Swingline Lender as expressly provided herein and except that payments pursuant to Sections 2.13, 2.14, 2.15, 2.19 and 9.03 shall be made
directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall
be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension;
provided that, in the case of any prepayment of principal of or interest on any Eurocurrency Loan, if such next succeeding Business Day would fall in the next calendar month, the date for payment shall instead be the next preceding Business
Day. All payments hereunder shall be made in U.S. Dollars or the relevant Alternative Currency. Notwithstanding the foregoing provisions of this Section, if, after the making of any Credit Event in any Alternative Currency, currency control or
exchange regulations are imposed in the country which issues such currency with the result that the type of currency in which the Credit Event was made (the “Original Currency”) no longer exists, or any Borrower is not able to make
payment to the Administrative Agent for the account of the Lenders in such Original Currency, or the terms of this Agreement allow or require the conversion of such Credit Event into U.S. Dollars, then all payments to be made by such Borrower
hereunder in such currency shall, to the fullest extent permitted by law, instead be made when due in U.S. Dollars in an amount equal to the Dollar Amount (as of the date of repayment) of such payment due, it being the intention of the parties
hereto that the Borrowers take all risks of the imposition of any such currency control or exchange regulations or conversion, and each Borrower agrees to indemnify and hold harmless the Swingline Lender, the Issuing Bank, the Administrative Agent
and the Lenders from and against any loss resulting from any Credit Event made to or for the benefit of such Borrower denominated in an Alternative Currency that is not repaid to the Swingline Lender, the Issuing Bank, the Administrative Agent or
the Lenders, as the case may be, in the Original Currency. 

  
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 (b) Any proceeds of Collateral received by the Administrative Agent
(i) not constituting a specific payment of principal, interest, fees or other sum payable under the Financing Documents (which shall be applied as specified by the Company) or (ii) after an Event of Default has occurred and is continuing
and the Administrative Agent so elects or the Required Lenders so direct, such funds shall be applied ratably first, to pay any fees, indemnities, or expense reimbursements including amounts then due to the Administrative Agent and the
Issuing Bank from any Borrower, second, to pay any fees or expense reimbursements then due to the Lenders from any Borrower, third, to pay interest then due and payable on the Loans ratably, fourth, to prepay principal on the
Loans and unreimbursed LC Disbursements and any other amounts then due and payable with respect to Derivative Obligations and Banking Services Obligations ratably, fifth, to pay an amount to the Administrative Agent equal to one hundred five
percent (105%) of the aggregate undrawn face amount of all outstanding Letters of Credit and the aggregate amount of any unpaid LC Disbursements, to be held as cash collateral for such Obligations and sixth, to the payment of any other
Obligation then due and payable to the Administrative Agent or any Lender by any Borrower. Notwithstanding anything to the contrary contained in this Agreement, unless so directed by the Company, or unless a Default is in existence, none of the
Administrative Agent or any Lender shall apply any payment which it receives to any Eurocurrency Loan or BA Equivalent Loan, except (a) on the expiration date of the Interest Period applicable to any such Eurocurrency Loan or BA Equivalent Loan
or (b) in the event, and only to the extent, that there are no outstanding Canadian Base Rate Loans and, in any event, the Borrowers shall pay the break funding payment required in accordance with Section 2.14. The Administrative
Agent and the Lenders shall have the continuing and exclusive right to apply and reverse and reapply any and all such proceeds and payments to any portion of the Obligations. 

(c) If any Lender shall, by exercising any right of set-off or counterclaim or otherwise, obtain payment in respect of any
principal of or interest on any of its Loans or participations in LC Disbursements resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans and participations in LC Disbursements and accrued interest
thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Loans and participations in LC Disbursements of other Lenders to the extent
necessary so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans and participations in LC Disbursements; provided
that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest,
and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by any Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the
assignment of or sale of a participation in any of its Loans or participations in LC Disbursements to any assignee or participant, other than to MK Holdings or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall
apply). Each Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against such Borrower’s
rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of such Borrower in the amount of such participation. 

(d) Unless the Administrative Agent shall have received notice from the relevant Borrower prior to the date on which any
payment is due to the Administrative Agent for the account of any Lender hereunder that such Borrower will not make such payment, the Administrative Agent may assume that such Borrower has made such payment on such date in accordance herewith and
may, in reliance upon such assumption, distribute to the Lenders or the Issuing Bank, as the case may be, the amount due. In such event, if such Borrower has not in fact made such payment, then each of the Lenders or the Issuing Bank, as the case
may be, severally agrees to repay to the Administrative Agent 

  
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forthwith on demand the amount so distributed to such Lender with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment
to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 

(e) If any Lender shall fail to make any payment required to be made by it pursuant to Sections 2.04(d) or
(e), 2.05(b) or 2.16(c) hereof, then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such
Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid. Until such Lender’s unsatisfied obligations are fully paid, such Lender shall be excluded from any determination of
Required Lenders under this Agreement. 
 (f) If any Lender shall fail to make any payment required to be made by
it pursuant to Section 2.04(d) or (e), 2.05(b), 2.16(d), 2.19(b) or 9.03(c), then the Administrative Agent may, in its discretion and notwithstanding any contrary provision hereof, (i) apply any
amounts thereafter received by the Administrative Agent for the account of such Lender and for the benefit of the Administrative Agent, the Swingline Lender or the Issuing Bank to satisfy such Lender’s obligations under such Sections until all
such unsatisfied obligations are fully paid, and/or (ii) hold any such amounts in a segregated account as cash collateral for, and application to, any future funding obligations of such Lender under such Sections; in the case of each of
(i) and (ii) above, in any order as determined by the Administrative Agent in its discretion. 
 Section 2.17.
Mitigation Obligations; Replacement of Lenders. (a) If any Lender requests compensation under Section 2.13 hereof, or if any Borrower is required to pay any additional amount to any Lender or any Governmental Authority for
the account of any Lender pursuant to Section 2.15 hereof, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder
to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Sections 2.13 or 2.15 hereof, as the case may be, in
the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Company hereby agrees to pay all reasonable out-of-pocket costs and expenses incurred by any
Lender in connection with any such designation or assignment. 
 (b) If any Lender requests compensation under
Section 2.13, or if any Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.15, or if any Lender becomes a Defaulting Lender, or if
any Lender fails to approve any amendment or waiver to this Agreement requiring its consent, which amendment or waiver is approved by the Required Lenders, then the Company may, at their sole expense and effort, upon notice to such Lender and the
Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all its interests, rights and obligations under this Agreement to an
assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Company shall have received the prior written consent of the Administrative Agent to the
extent such consent would be required under Section 9.04(b) for an assignment of Loans and Commitments, which consent shall not unreasonably be withheld or delayed, (ii) such Lender shall have received payment of an amount equal to
the outstanding principal of its Loans and participations in LC Disbursements and Swingline Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal
and accrued interest and fees) or the Borrowers (in the case of all other amounts) and (iii) in the case of any such assignment resulting from a claim for compensation under Section 2.13 or payments required to be made pursuant to
Section 2.15, 

  
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such assignment will result in a reduction in such compensation or payments. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver
by such Lender or otherwise, the circumstances entitling the Company to require such assignment and delegation cease to apply. Each party hereto agrees that an assignment required pursuant to this paragraph may be effected pursuant to an Assignment
and Assumption executed by the Company, the Administrative Agent and the assignee and that the Lender required to make such assignment need not be a party thereto. 
 Section 2.18. Defaulting Lenders. Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so
long as such Lender is a Defaulting Lender: 
 (a) fees shall cease to accrue on the unfunded portion of the
Commitment of such Defaulting Lender pursuant to Section 2.10(a); 
 (b) the Commitment and Exposure
of such Defaulting Lender shall not be included in determining whether the Required Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant to Section 9.02);
provided, that this clause (b) shall not apply to the vote of a Defaulting Lender in the case of an amendment, waiver or other modification requiring the consent of such Lender or each Lender affected thereby; 

(c) if any Swingline Exposure or LC Exposure exists at the time such Lender becomes a Defaulting Lender then: 

(i) all or any part of the Swingline Exposure and LC Exposure of such Defaulting Lender shall be reallocated among the
non-Defaulting Lenders in accordance with their respective Commitments but only to the extent the sum of all non-Defaulting Lenders’ Exposures plus such Defaulting Lender’s Swingline Exposure and LC Exposure does not exceed the
total of all non-Defaulting Lenders’ Commitments; 
 (ii) if the reallocation described in clause
(i) above cannot, or can only partially, be effected, the Company shall within one (1) Business Day following notice by the Administrative Agent (x) first, prepay any Swingline Exposure to the extent such Swingline Exposure cannot be
reallocated and (y) second, cash collateralize for the benefit of the Issuing Bank only the Borrowers’ obligations corresponding to such Defaulting Lender’s LC Exposure (after giving effect to any partial reallocation pursuant to
clause (i) above) in accordance with the procedures set forth in Section 2.04(i) for so long as such LC Exposure is outstanding; 
 (iii) if the Company cash collateralizes any portion of such Defaulting Lender’s LC Exposure pursuant to clause (ii) above, the Company shall not be required to pay any fees to such
Defaulting Lender pursuant to Section 2.10(b) with respect to such Defaulting Lender’s LC Exposure during the period such Defaulting Lender’s LC Exposure is cash collateralized; 

(iv) if the LC Exposure of the non-Defaulting Lenders is reallocated pursuant to clause (i) above, then the
fees payable to the Lenders pursuant to Sections 2.10(a) and (c) shall be adjusted in accordance with such non-Defaulting Lenders’ respective Commitments; or 

  
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 (v) if all or any portion of such Defaulting Lender’s LC Exposure is
neither reallocated nor cash collateralized pursuant to clause (i) or (ii) above, then, without prejudice to any rights or remedies of the Issuing Bank or any other Lender hereunder, all letter of credit fees payable under
Section 2.10(b) with respect to such Defaulting Lender’s LC Exposure shall be payable to the Issuing Bank until and to the extent that such LC Exposure is reallocated and/or cash collateralized; 

(d) so long as such Lender is a Defaulting Lender, the Swingline Lender shall not be required to fund any Swingline Loan
and the Issuing Bank shall not be required to issue, amend or increase any Letter of Credit, unless it is satisfied that the related exposure and the Defaulting Lender’s then outstanding LC Exposure will be 100% covered by the Commitments of
the non-Defaulting Lenders and/or cash collateral will be provided by the Company in accordance with Section 2.18(c), and participating interests in any such newly made Swingline Loan or any newly issued or increased Letter of Credit
shall be allocated among non-Defaulting Lenders in a manner consistent with Section 2.18(c)(i) (and such Defaulting Lender shall not participate therein). 

(e) If (i) a Bankruptcy Event with respect to a Parent of any Lender shall occur following the date hereof and for so
long as such event shall continue or (ii) the Swingline Lender or the Issuing Bank has a good faith belief that any Lender has defaulted in fulfilling its obligations under one or more other agreements in which such Lender commits to extend
credit, the Swingline Lender shall not be required to fund any Swingline Loan and the Issuing Bank shall not be required to issue, amend or increase any Letter of Credit, unless the Swingline Lender or the Issuing Bank, as the case may be, shall
have entered into arrangements with the Company or such Lender, satisfactory to the Swingline Lender or the Issuing Bank, as the case may be, to defease any risk to it in respect of such Lender hereunder. 

(f) In the event that the Administrative Agent, the Company, the Swingline Lender and the Issuing Bank each agrees that a
Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the Swingline Exposure and LC Exposure of the Lenders shall be readjusted to reflect the inclusion of such Lender’s Commitment and on
such date such Lender shall purchase at par such of the Loans of the other Lenders (other than Swingline Loans) as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in accordance with its
Commitment. 
 Section 2.19. Swingline Loans. (a) The Administrative Agent, the Swingline Lender and the
Lenders agree that in order to facilitate the administration of this Agreement and the other Financing Documents, promptly after MK Switzerland delivers a Borrowing Request to JPMEL requesting a Borrowing to be made pursuant to this
Section 2.19(a), and provided that such Borrowing Request is received by JPMEL not later than 9:30 a.m., London time, the Swingline Lender may elect to have the terms of this Section 2.19(a) apply to such Borrowing
Request by advancing, on behalf of the Lenders and in the amount so requested, same day funds to MK Switzerland on the date such Borrowing Request is received to an account of MK Switzerland designated in accordance with Section 2.05
hereof (each such Loan, a “Swingline Loan”), with settlement among the Lenders as to the Swingline Loans to take place on a periodic basis as set forth in Section 2.19(c) hereof. Each Swingline Loan shall be subject to
all the terms and conditions applicable to other Loans funded by the Lenders, except that (i) such Swingline Loan shall accrue interest at a rate determined by reference to the Overnight LIBO Rate and (ii) all payments thereon shall be
payable to the Swingline Lender solely for its own account. In addition, no Swingline Loan shall be made if, after giving effect thereto: 
 (i) the aggregate principal amount of the outstanding Swingline Loans denominated in Alternative Currencies when added to the aggregate principal amount of

  
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all other Exposure denominated in Alternative Currencies under this Agreement would exceed the Alternative Currency Sublimit; or 

(ii) the aggregate principal amount of the outstanding Swingline Loans would exceed the lesser of $15,000,000 and the
Availability at such time. 
 (b) Lender Participations. Upon the making of a Swingline Loan (whether
before or after the occurrence of a Default and regardless of whether a Settlement has been requested with respect to such Swingline Loan), each Lender shall be deemed, without further action by any party hereto, to have unconditionally and
irrevocably purchased from the Swingline Lender or the Administrative Agent, as the case may be, without recourse or warranty, an undivided interest and participation in such Swingline Loan ratably in proportion to its Applicable Percentage. The
Swingline Lender or the Administrative Agent may, at any time, require the Lenders to fund, in the currency in which a Swingline Loan was denominated, their participations in such Swingline Loan. From and after the date, if any, on which any Lender
is required to fund (and has funded) its participation in any Swingline Loan purchased hereunder, the Administrative Agent shall promptly distribute to such Lender, such Lender’s Applicable Percentage of all payments of principal and interest
and all proceeds of Collateral received by the Administrative Agent or the Swingline Lender in respect of such Swingline Loan. 
 (c) Swingline Settlements. The Administrative Agent, on behalf of the Swingline Lender shall request settlement (a “Settlement”) with the Lenders on at least a weekly basis or on
any earlier date that the Administrative Agent elects, by notifying the Lenders of such requested Settlement by facsimile or electronic mail no later than 11:00 a.m., London time on the date of such requested Settlement (the “Settlement
Date”) two (2) Business Days prior to the Settlement Date with regard to Swingline Loans (or on the date of such requested Settlement, if a Default or an Event of Default has occurred and is continuing) (the date of any such request, a
“Settlement Request Date”). Each Lender (other than the Swingline Lender) shall transfer, in the currency in which the applicable Swingline Loan was denominated, the amount of such Lender’s Applicable Percentage of the
outstanding principal amount of such Swingline Loan with respect to which Settlement is requested to the Administrative Agent to an account of the Administrative Agent, as the Administrative Agent may designate, not later than 2:00 p.m., London
time, on such Settlement Date. Settlements may occur during the existence of a Default and whether or not the applicable conditions precedent set forth in Section 4.02 have then been satisfied. Such amounts transferred to the
Administrative Agent shall be applied against the amounts of the applicable Lender’s Swingline Loans and, together with such Lender’s Applicable Percentage of such Swingline Loan, shall (so long as no Event of Default pursuant to clause
(g) or (h) of Article VII shall have occurred and be continuing) constitute Non-Swingline Loans of such Lender (and such Loans shall no longer constitute Swingline Loans). Any such amounts comprising Non-Swingline Loans and transferred to the
Administrative Agent shall be applied against Swingline Loans made pursuant to Section 2.19(a) and (b) shall constitute Loans with an Interest Period of one (1) week. If any such amount referred to in this clause
(c) is not transferred to the Administrative Agent by any applicable Lender on such Settlement Date, the Swingline Lender shall be entitled to recover such amount on demand from such Lender together with interest thereon as specified in
Section 2.05(b). 
 Section 2.20. Expansion Option. The Company may from time to time elect to increase
the Commitments in minimum increments of $10,000,000 so long as, after giving effect thereto, the aggregate amount of such increases does not exceed $30,000,000. The Company may arrange for any such increase to be provided by one or more existing
Lenders (each existing Lender so agreeing to an increase in its Commitment, an “Increasing Lender”), or by one or more new banks, financial institutions or other entities (each such new bank, financial institution or other entity,
an “Augmenting Lender”), to increase their existing Commitments or extend Commitments, as the case may be; provided that (i) each Augmenting Lender, shall be subject to the approval of the Company and the Administrative
Agent (such 

  
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approval not to be unreasonably withheld or delayed) and (ii) (x) in the case of an Increasing Lender, the Company and such Increasing Lender execute an agreement substantially in the
form of Exhibit P hereto, and (y) in the case of an Augmenting Lender, the Company and such Augmenting Lender execute an agreement substantially in the form of Exhibit Q hereto. No consent of any Lender (other than the Lenders
participating in the increase) shall be required for any increase in Commitments pursuant to this Section 2.20. Increases and new Commitments created pursuant to this Section 2.20 shall become effective on the date agreed by
the Company, the Administrative Agent and the relevant Increasing Lenders or Augmenting Lenders, and the Administrative Agent shall notify each Lender thereof. Notwithstanding the foregoing, no increase in the Commitments (or in the Commitment of
any Lender) shall become effective under this paragraph unless, (i) on the proposed date of the effectiveness of such increase, (A) the conditions set forth in paragraphs (a) and (b) of Section 4.02 shall be satisfied
or waived by the Required Lenders and the Administrative Agent shall have received a certificate to that effect dated such date and executed by a Responsible Officer of the Company and (B) the Company shall be in compliance on a Pro Forma Basis
with the covenant contained in Section 6.10 as of the last day of the most recently ended Test Period for which financial statements have been delivered pursuant to Section 5.01(a) or (b) and (ii) the
Administrative Agent shall have received documents consistent with those delivered on the Effective Date as to the corporate power and authority of the Borrowers to borrow hereunder after giving effect to such increase. Any increase in the
Commitments shall be documented as an increase to the Facility and shall be on terms identical to those applicable to the Facility, except with respect to any arrangement, upfront or similar fees that may be agreed to among the Company and the
relevant Increasing Lenders or Augmenting Lenders. On the effective date of any increase in the Commitments being made, (i) each relevant Increasing Lender and Augmenting Lender shall make available to the Administrative Agent such amounts in
immediately available funds as the Administrative Agent shall determine, for the benefit of the other Lenders, as being required in order to cause, after giving effect to such increase and the use of such amounts to make payments to such other
Lenders, each Lender’s portion of the outstanding Loans of all the Lenders to equal its Applicable Percentage of such outstanding Loans after giving effect to such increase in the Commitments, and (ii) the Borrowers shall be deemed to have
repaid and reborrowed all outstanding Loans as of the date of any increase in the Commitments (with such reborrowing to consist of the Types of Loans, with related Interest Periods if applicable, specified in a notice delivered by the applicable
Borrower, or the Company on behalf of the applicable Borrower, in accordance with the requirements of Section 2.03). The deemed payments made pursuant to clause (ii) of the immediately preceding sentence shall be accompanied by
payment of all accrued interest on the amount prepaid and, in respect of each Eurocurrency Loan and BA Equivalent Loan, shall be subject to indemnification by the Borrowers pursuant to the provisions of Section 2.14 if the deemed payment
occurs other than on the last day of the related Interest Periods. The Administrative Agent and the Lenders hereby agree that the minimum borrowing, pro rata borrowing and pro rata payment requirements contained elsewhere in this Agreement shall not
apply to the transactions effected pursuant to the preceding two sentences. Nothing contained in this Section 2.20 shall constitute, or otherwise be deemed to be, a commitment on the part of any Lender to increase its Commitment
hereunder at any time. 
 Section 2.21. Judgment Currency. If for the purposes of obtaining judgment in any court it
is necessary to convert a sum due from any Borrower hereunder in the currency expressed to be payable herein (the “specified currency”) into another currency, the parties hereto agree, to the fullest extent that they may effectively
do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent could purchase the specified currency with such other currency at the Administrative Agent’s main New York City
office on the Business Day preceding that on which final, non-appealable judgment is given. The obligations of each Borrower in respect of any sum due to any Lender or the Administrative Agent hereunder shall, notwithstanding any judgment in a
currency other than the specified currency, be discharged only to the extent that on the Business Day following receipt by such Lender or the Administrative Agent (as the case may be) of any 

  
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sum adjudged to be so due in such other currency such Lender or the Administrative Agent (as the case may be) may in accordance with normal, reasonable banking procedures purchase the specified
currency with such other currency. If the amount of the specified currency so purchased is less than the sum originally due to such Lender or the Administrative Agent, as the case may be, in the specified currency, each Borrower agrees, to the
fullest extent that it may effectively do so, as a separate obligation and notwithstanding any such judgment, to indemnify such Lender or the Administrative Agent, as the case may be, against such loss, and if the amount of the specified currency so
purchased exceeds (a) the sum originally due to any Lender or the Administrative Agent, as the case may be, in the specified currency and (b) any amounts shared with other Lenders as a result of allocations of such excess as a
disproportionate payment to such Lender under Section 2.18, such Lender or the Administrative Agent, as the case may be, agrees to remit such excess to such Borrower. 

Section 2.22. Designation of Foreign Subsidiary Borrowers. On the Effective Date, and subject to the satisfaction of the
applicable conditions in Article IV hereto, each Initial Foreign Subsidiary Borrower shall deliver an executed signature page to this Agreement, whereupon it shall become a Foreign Subsidiary Borrower party to this Agreement until the Company
shall have executed and delivered to the Administrative Agent a Borrowing Subsidiary Termination with respect to any such Subsidiary, whereupon such Subsidiary shall cease to be a Foreign Subsidiary Borrower and a party to this Agreement. The
Company may at any time and from time to time designate any Eligible Foreign Subsidiary as a Foreign Subsidiary Borrower by delivery to the Administrative Agent of a Borrowing Subsidiary Agreement executed by such Subsidiary and the Company and the
satisfaction of the other conditions precedent set forth in Section 4.03, and upon such delivery and satisfaction such Subsidiary shall for all purposes of this Agreement be a Foreign Subsidiary Borrower and a party to this Agreement
until the Company shall have executed and delivered to the Administrative Agent a Borrowing Subsidiary Termination with respect to such Subsidiary, whereupon such Subsidiary shall cease to be a Foreign Subsidiary Borrower and a party to this
Agreement. Notwithstanding the foregoing, no Borrowing Subsidiary Termination will become effective as to any Foreign Subsidiary Borrower at a time when any principal of or interest on any Loan to such Borrower shall be outstanding hereunder,
provided that such Borrowing Subsidiary Termination shall be effective to terminate the right of such Foreign Subsidiary Borrower to make further Borrowings under this Agreement. As soon as practicable upon receipt of a Borrowing Subsidiary
Agreement, the Administrative Agent shall furnish a copy thereof to each Lender. 
 Section 2.23. Interest Act (Canada),
Etc. (a) For the purposes of the Interest Act (Canada) and disclosure thereunder, whenever any interest or any fee to be paid hereunder or in connection herewith by any Canadian Borrower or any Subsidiary Guarantor incorporated or otherwise
organized under the laws of Canada or any province or territory thereof is to be calculated on the basis of a 360-day or 365-day year, the yearly rate of interest to which the rate used in such calculation is equivalent is the rate so used
multiplied by the actual number of days in the calendar year in which the same is to be ascertained and divided by 360 or 365, as applicable. The rates of interest under this Agreement are nominal rates, and not effective rates or yields. The
principle of deemed reinvestment of interest does not apply to any interest calculation under this Agreement. 

(b) If any provision of this Agreement would oblige any Canadian Borrower or any Subsidiary Guarantor incorporated or
otherwise organized under the laws of Canada or any province or territory thereof to make any payment of interest or other amount payable to any Lender in an amount or calculated at a rate which would be prohibited by law or would result in a
receipt by such Lender of “interest” at a “criminal rate” (as such terms are construed under the Criminal Code (Canada)), then, notwithstanding such provision, such amount or rate shall be deemed to have been adjusted with
retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by applicable law or so result in a receipt by such Lender of “interest” at a “criminal rate”, such adjustment to be
effected, to the extent necessary (but only to the extent necessary), as follows: 

  
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 (i) first, by reducing the amount or rate of interest; and 

(ii) thereafter, by reducing any fees, commissions, costs, expenses, premiums and other amounts required to be paid which
would constitute interest for purposes of section 347 of the Criminal Code (Canada). 
 (c) If,
notwithstanding the provisions of Section 2.23(b) and after giving effect to all adjustments contemplated thereby, a Lender shall have reserved an amount in excess of the maximum permitted by Section 2.23(b), then such excess
shall be applied by such Lender in reduction of the principal balance of Loans owing to it. 
 Section 2.24. Financial
Assistance. (a) If and to the extent that a payment in fulfilling the joint and several liabilities under Section 2.08(f) of any Swiss Borrower would, at the time payment is due, under Swiss law and practice (inter alia,
prohibiting capital repayments or restricting profit distributions) not be permitted, in particular if and to the extent that such Swiss Borrower guarantees obligations other than obligations of one of its subsidiaries (i.e. obligations of its
direct or indirect parent companies (up-stream guarantee) or sister companies (cross-stream guarantee)) (such obligations, “Restricted Obligations”), then such obligations and payment amount shall from time to time be limited
to the amount permitted to be paid; provided that such limited amount shall at no time be less than such Swiss Borrower’s profits and reserves available for distribution as dividends (being the balance sheet profits and any reserves
available for this purpose, in each case in accordance with art. 675(2) and art. 671(1) and (2), no. 3, of the Swiss Federal Code of Obligations) at the time or times payment under or pursuant to Section 2.08(f) is requested from
such Swiss Borrower, and further provided that such limitation (as may apply from time to time or not) shall not (generally or definitively) free such Swiss Borrower from payment obligations hereunder in excess thereof, but merely
postpone the payment date therefor until such times as payment is again permitted notwithstanding such limitation. Any and all indemnities and guarantees contained in the Finance Documents including, in particular, Section 2.15(c) shall
be construed in a manner consistent with the provisos herein contained. 
 (b) In respect of Restricted
Obligations, each Swiss Borrower shall: 
 (i) if and to the extent required by applicable law in force at the
relevant time: 
 (A) subject to any applicable double taxation treaty, deduct Swiss anticipatory tax
(Verrechnungssteuer; “Swiss Withholding Tax”) at the rate of 35% (or such other rate as in force from time to time) from any payment made by it in respect of Restricted Obligations; 

(B) pay any such deduction to the Swiss Federal Tax Administration; and 

(C) notify (or ensure that the Company notifies) the Administrative Agent that such a deduction has been made and provide
the Administrative Agent with evidence that such a deduction has been paid to the Swiss Federal Tax Administration, all in accordance with Section 2.15(a); and 

(ii) to the extent such a deduction is made, not be obliged to either gross-up in accordance with
Section 2.15(a) or indemnify the Secured Parties in accordance with Section 2.15(c) in relation to any such payment made by it in respect of Restricted Obligations unless grossing-up is permitted under the laws of Switzerland
then in force. 

  
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 (c) If and to the extent requested by the Administrative Agent and if and to
the extent this is from time to time required under Swiss law (restricting profit distributions), in order to allow the Agents (or the other Secured Parties) to obtain a maximum benefit under the joint and several liabilities under
Section 2.08(f), each Swiss Borrower undertakes to promptly implement all such measures and/or to promptly obtain the fulfillment of all prerequisites allowing it to promptly make the requested payment(s) hereunder from time to time,
including the following: 
 (i) preparation of an up-to-date audited balance sheet of such Swiss Borrower;

 (ii) confirmation of the auditors of such Swiss Borrower that the relevant amount represents the maximum
freely distributable profits; 
 (iii) approval by a quotaholders’ meeting of such Swiss Borrower of the
resulting profit distribution; and 
 (iv) all such other measures necessary or useful to allow such Swiss
Borrower to make the payments agreed hereunder with a minimum of limitations. 
 ARTICLE III 

Representations and Warranties 
 Each of the Loan Parties represents and warrants (with respect only to itself and its Subsidiaries (as applicable)) to the Lenders that: 

Section 3.01. Existence and Power. It is a corporation, limited liability company or other entity organized, validly existing
and in good to standing (to the extent such concept is applicable in its jurisdiction of organization) under the laws of its jurisdiction of organization or, as the case may be, jurisdiction of incorporation, and it has all necessary powers required
to carry on its business as now conducted and, except where the failure to do so could not be reasonably expected to result in a Material Adverse Effect, is qualified to do business in, and is in good standing (to the extent such concept is
applicable in such jurisdiction) in, every jurisdiction where such qualification is required. 
 Section 3.02.
Authorization; No Contravention. The execution, delivery and performance by it of the Financing Documents to which it is a party are within its corporate, limited liability company or other applicable powers, have been duly authorized by all
necessary corporate, limited liability company or other applicable action, require no action by or in respect of, or filing with, any Governmental Authority (except such as have been obtained or made and are in full force and effect and except as
contemplated by the Pledge and Security Agreement and the Foreign Collateral Documents) and do not contravene, or constitute a default under, any provision of applicable law or regulation or of its charter or bylaws or memorandum and articles of
association or other similar organizational documents or of any agreement, judgment, injunction, order, decree or other instrument binding upon each or result in the creation or imposition of any Lien on any of its material assets or those of any of
its Subsidiaries (except the Security Interests). 
 Section 3.03. Binding Effect. This Agreement and the other
Financing Documents to which it is a party constitute its valid and binding agreements, in each case enforceable in accordance with their respective terms, except as the enforceability thereof may be limited by bankruptcy, insolvency,

  
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reorganization or moratorium or other similar laws relating to the enforcement of creditors’ rights generally and by general equitable principles. 

Section 3.04. Financial Information. 
 (a) It has heretofore furnished to the Administrative Agent for the fiscal year ending March 31, 2011, projected consolidated and segmented (wholesale and retail) income statements, balance sheets
and cash flows for MK Holdings and its Subsidiaries, in each case presenting data by month, together with a schedule demonstrating prospective compliance with all financial covenants, all in form reasonably satisfactory to the Lenders in their good
faith judgment, all such projections disclosing all material assumptions made by it in formulating such projections and giving effect to the Transactions. These projections and the projections delivered pursuant to Section 5.01(g) hereof
are based upon reasonable estimates and assumptions, all of which are reasonable in light of the conditions which existed at the time the projections were made, have been prepared on the basis of the assumptions stated therein, and reflect as of the
date such projections were prepared its good faith estimate of the results of operations and other information projected therein, provided that no representation is made that the assumptions will prove to be correct. The Company hereby agrees
to provide to the Administrative Agent on the Effective Date an updated projected consolidated income statement for MK Holdings and its Subsidiaries. 
 (b) Since March 31, 2011, there has been no material adverse change in the business, assets, operations or financial condition of the Loan Parties and their consolidated Subsidiaries, considered as a
whole. 
 Section 3.05. Litigation. Except for the Disclosed Matters, there is no action, suit or proceeding pending
against, or to its knowledge threatened against or affecting, it or any of its Subsidiaries before any arbitrator or any Governmental Authority, that (i) could reasonably be expected, individually or in the aggregate, to result in a Material
Adverse Effect, or (ii) which would in any material respect draw into question the enforceability of any of the Financing Documents, taken as a whole. 
 Section 3.06. Compliance with ERISA; Foreign Pension Plans. 
 (a) No ERISA Event has occurred or is reasonably expected to occur which could reasonably be expected to result in material liability to the Loan Parties or any of their Subsidiaries; none of the Loan
Parties or any of their Subsidiaries has participated in any material respect in any prohibited transaction (within the meaning of Section 406 of ERISA or Section 4975 of the Code) with respect to any Plan which could result in material
liability to the Loan Parties or any of their Subsidiaries. Notwithstanding the foregoing, with respect to Plans that are Multiemployer Plans, the representations and warranties in this section are made to the best knowledge of the Loan Parties.

 (b) The Canadian Pension Plans are duly registered under the ITA and any other applicable laws which require
registration, have been administered in all material respects in accordance with the ITA and such other applicable laws and administrative guidelines, and no event has occurred which could reasonably be expected to cause the loss of such registered
status. The Canadian Benefit Plans and Canadian Pension Plans and, to the knowledge of the Borrowers, Canadian Multiemployer Pension Plans have been administered in all material respects in accordance with their terms, applicable collective
bargaining agreements, and administrative guidelines and applicable law. There are no outstanding disputes, investigations, examinations or other legal proceedings concerning the assets of the Canadian Benefit Plans or the Canadian Pension Plans
that have had or could reasonably be expected to have a Material Adverse Effect. All contributions or premiums required to be made or paid by any Canadian Borrower or any Subsidiary thereof to the Canadian Benefit Plans, the

  
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Canadian Pensions, or the Canadian Multiemployer Pension Plans have been made in accordance in all material respects with the terms of such plans, collective bargaining agreements and all
applicable laws. No Borrower or any Subsidiary has an obligation to any Canadian Multiemployer Pension Plan beyond what is set out in the applicable Collective Agreement, the payment of which could reasonably be expected to have a Material Adverse
Effect. Except to the extent the same could not reasonably be expected to have a Material Adverse Effect, all Canadian Benefit Plans are fully funded or fully insured; for greater certainty no Canadian Benefit Plan that is unfunded of self-insured
has unfunded obligations that could reasonably give rise to a Material Adverse Effect. No Canadian Pension Plan has a deficit that could reasonably be expected to have a Material Adverse Effect. There are no outstanding material liabilities in
connection with any Canadian Pension Plan, Canadian Multiemployer Pension Plan, or Canadian Benefit Plan relating to the employees, former employees or their beneficiaries of any Canadian Borrower, or any Subsidiary thereof that has been terminated,
and each such terminated Canadian Pension Plan, Canadian Multiemployer Pension Plan, or Canadian Benefit Plan (if any) has been terminated in accordance with their terms and applicable law. There are no current pending actions, suits, claims, or
investigations in respect of any Canadian Pension Plan, Canadian Benefit Plan, as to the knowledge of the Borrower, any Canadian Multiemployer Pension Plan that could reasonably be expected to have a Material Adverse Effect. 

(c) Each Foreign Pension Plan is in compliance with all requirements of law applicable thereto and the respective
requirements of the governing documents for such plan except to the extent such non-compliance could not reasonably be expected to result in a Material Adverse Effect. With respect to each Foreign Pension Plan, none of MK Holdings, its Subsidiaries,
or their Affiliates or any of their directors, officers, employees or agents has engaged in a transaction, or other act or omission (including entering into this Agreement and any act done or to be done in connection with this Agreement), that has
subjected, or could reasonably be expected to subject, MK Holdings or any of its Subsidiaries, directly or indirectly, to any penalty (including any tax or civil penalty), fine, claim or other liability (including any liability under a contribution
notice or financial support direction (as those terms are defined in the United Kingdom Pensions Act 2004), or any liability or amount payable under section 75 or 75A of the United Kingdom Pensions Act 1995), that could reasonably be expected,
individually or in the aggregate, to have a Material Adverse Effect and there are no facts or circumstances which may give rise to any such penalty, fine, claim, or other liability. With respect to each Foreign Pension Plan, reserves have been
established in the financial statements furnished to the Lenders in respect of any unfunded liabilities in accordance with applicable law or, where required, in accordance with ordinary accounting practices in the jurisdiction in which such Foreign
Pension Plan is maintained. The aggregate unfunded liabilities, with respect to such Foreign Pension Plans could not reasonably be expected to result in a Material Adverse Effect. There are no actions, suits or claims (other than routine claims for
benefits) pending or threatened against MK Holdings, its Subsidiaries or any of their Affiliates with respect to any Foreign Pension Plan which could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect.

 Section 3.07. Taxes. To the extent applicable, the Loan Parties and their Subsidiaries have filed all United
States Federal income tax returns and all other material tax returns and other similar material statements, forms and reports for taxes (the “Returns”) that are required to be filed by them. The Loan Parties and their Subsidiaries
have paid all taxes stated to be due in such Returns and other material taxes when due, except for taxes, fees or other charges the amount, applicability or validity of which is being contested in good faith by appropriate proceedings and for which
adequate reserves have been provided for on the books of the Loan Parties and their Subsidiaries in accordance with GAAP. The charges, accruals and reserves on the books of the Loan Parties and their Subsidiaries in respect of taxes or other similar
governmental charges, additions to taxes and any penalties and interest thereon are, in the opinion of the Loan Parties, adequate. 

  
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 Section 3.08. Environmental Compliance. (a) Except for Disclosed Matters,

 (i) the Loan Parties and their Subsidiaries have, obtained, or made timely application for, all permits,
certificates, licenses, approvals, registrations and other authorizations (collectively “Permits”) which are required under all applicable Environmental Laws and are necessary for their operations and are in compliance with the
terms and conditions of all such Permits, except where the failure to obtain such Permits or to comply with their terms would not have, individually or in the aggregate, a Material Adverse Effect; 

(ii) no notice, notification, demand, request for information, citation, summons, complaint or order has been issued, no
complaint has been filed, no penalty has been assessed and, to the knowledge of the Loan Parties, no investigation or review is pending, or threatened by any governmental entity or other Person with respect to any (A) alleged violation by the
Loan Parties or any Subsidiary of any Environmental Law, (B) alleged failure by the Loan Parties or any Subsidiary to have any Permits required in connection with the conduct of its business or to comply with the terms and conditions thereof,
(C) any generation, treatment, storage, recycling, transportation or disposal of any Hazardous Materials by any Loan Party or (D) release of Hazardous Materials by any Loan Party, except where such event or events would not have,
individually or in the aggregate, a Material Adverse Effect; 
 (iii) to the knowledge of the Loan Parties, all
oral or written notifications of a release of Hazardous Materials required to be filed under any applicable Environmental Law by or on behalf of the Loan Parties or any Subsidiary have been filed or are in the process of being filed, except where
the failure to file would not have, individually or in the aggregate, a Material Adverse Effect; 
 (iv) no
property now owned by the Loan Parties or any Subsidiary and, to the knowledge of the Loan Parties, no such property previously owned or now or previously leased or any property to which the Loan Party or any Subsidiary has, directly or indirectly,
transported or arranged for the transportation of any Hazardous Materials, is listed or, to the knowledge of the Loan Parties, proposed for listing, on the National Priorities List promulgated pursuant to CERCLA, or CERCLIS (as defined in CERCLA) or
any similar state list or is the subject of federal, state or local enforcement actions or, to the knowledge of the Loan Parties, other investigations which may lead to claims against the Loan Parties or any Subsidiary for clean-up costs, remedial
work, damage to natural resources or personal injury claims, including, but not limited to, claims under CERCLA, except where such listings or investigations would not have, individually or in the aggregate, a Material Adverse Effect; 

(v) there are no Liens under or pursuant to any applicable Environmental Laws on any real property or other assets owned
or leased by the Loan Parties or any Subsidiary, and no government actions have been taken or, to the knowledge of the Loan Parties, are in process which could subject any of such properties or assets to such Liens. 

(b) [Reserved] 
 Section 3.09. Properties. (a) Each of the Loan Parties and their Subsidiaries has good title to, or valid leasehold interests in, all its real and personal property material to its
business, except for 

  
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minor defects in title that do not interfere with its ability to conduct its business as currently conducted or to utilize such properties for their intended purposes. 

(b) Each of the Loan Parties and their Subsidiaries owns, or is licensed to use, all Intellectual Property material to its
business, free and clear of all Liens, claims and encumbrances and licenses, except for Permitted Encumbrances, and such Intellectual Property has not been adjudged invalid or unenforceable, in whole or in part, and each Loan Party and their
Subsidiaries has performed all commercially reasonable acts and has paid all renewal, maintenance, and other fees and taxes required to maintain each and every registration and application of Intellectual Property that is material to its business in
full force and effect, and the use thereof by the Loan Parties and their Subsidiaries does not infringe upon the rights of any other Person, except for any such infringements that, individually or in the aggregate, could not reasonably be expected
to result in a Material Adverse Effect. 
 (c) Schedule 3.09 sets forth the address of each parcel of real
property that is owned or leased by the Loan Parties or any of their Subsidiaries as of the Effective Date other than those properties leased for use as a retail store. 

(d) As of the Effective Date, neither the Loan Parties nor any of their Subsidiaries has received notice of, or has
knowledge of, any pending or contemplated condemnation proceeding affecting any property of any Loan Party or any of their Subsidiaries that, if determined adversely to any of the Loan Parties, would materially impair the value of such property, or
any sale or disposition thereof in lieu of condemnation. 
 Section 3.10. Compliance with Laws and Agreements. Each
of the Loan Parties and their Subsidiaries is in compliance with all laws, regulations and orders of any Governmental Authority applicable to it or its property and all indentures, agreements and other instruments binding upon it or its property,
and each has all material governmental licenses, authorizations, consents and approvals required to carry on its business as now conducted, in each case, except where the failure to do so, individually or in the aggregate, could not reasonably be
expected to result in a Material Adverse Effect. 
 Section 3.11. Investment Company Status. None of the Loan
Parties nor any of their Subsidiaries is required to be registered as an “investment company” as defined in, or is subject to regulation under, the Investment Company Act of 1940. 

Section 3.12. Full Disclosure. All written information furnished by the Loan Parties to the Administrative Agent or any
Lender for purposes of or in connection with this Agreement or any of the Transactions is, taken as whole and in light of the circumstances under which such information is furnished, true and accurate in all material respects on the date as of which
such information is furnished, and true and accurate in all material respects on the date as of which such information is stated or certified. 
 Section 3.13. Security Interest. The Pledge and Security Agreement and the Foreign Collateral Documents create and grant to the Collateral Agent, for its own benefit and for the ratable
benefit of the Secured Parties, a legal, valid and enforceable Lien which, upon the completion of the steps set forth in each case in Section 7(b) of the Pledge and Security Agreement or as otherwise specified in the applicable Foreign
Collateral Document, shall be a first priority perfected (except as permitted pursuant to Section 6.02 hereof) Lien in the Collateral identified therein for which perfection is governed by the UCC or a PPSA (other than in proceeds, to
the extent a security interest therein may be perfected under the UCC or a PPSA only by possession) or achieved by filing with the United States Copyright 

  
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Office, the United States Patent and Trademark Office or the Canadian Intellectual Property Office. Such Collateral is not subject to any other Liens whatsoever, except Liens permitted by
Section 6.02 hereof. 
 Section 3.14. Solvency. (a) (i) The fair value of the assets of the
Loan Parties and their Subsidiaries, taken as a whole, at a fair valuation, exceeds their debts and liabilities, subordinated, contingent or otherwise and (ii) the fair salable value of the business of the Loan Parties and their Subsidiaries,
taken as a whole, is not less than the amount that will be required to be paid on or in respect of the probable liability on the existing debts and other liabilities (including contingent and subordinated liabilities) of the Loan Parties and their
Subsidiaries, taken as a whole, as they become absolute and mature. 
 (b) None of the Loan Parties or any of
their Subsidiaries, taken as a whole, have unreasonably small capital to carry out their business as now conducted and as proposed to be conducted including the capital needs of the Loan Parties and their Subsidiaries, taken as a whole, taking into
account the particular capital requirements of the business conducted by the Loan Parties and their Subsidiaries, and projected capital requirements and capital availability thereof. 

(c) None of the Loan Parties nor any of their Subsidiaries intends to incur debts beyond its ability to pay such debts as
they mature (taking into account the timing and amounts of cash to be received by the Loan Parties or any of their Subsidiaries, and of amounts to be payable on or in respect of debt of the Loan Parties or any of their Subsidiaries). 

(d) None of the Loan Parties or any of their Subsidiaries believes that final judgments against them in actions for money
damages presently pending will be rendered at a time when, or in an amount such that, they will be unable to satisfy any such judgments promptly in accordance with their terms (taking into account the maximum reasonable amount of such judgments in
any such actions and the earliest reasonable time at which such judgments might be rendered). The cash flow of the Loan Parties and their Subsidiaries, taken as a whole, after taking into account all other anticipated uses of the cash of the Loan
Parties and their Subsidiaries, taken as a whole, (including the payments on or in respect of debt referred to in paragraph (c) of this Section), will at all times be sufficient to pay all such judgments promptly in accordance with their terms.

 Section 3.15. Employee Matters. There are no strikes, slowdowns, work stoppages or controversies pending or, to
the knowledge of the Loan Parties, threatened between the Loan Parties and their Subsidiaries and their respective employees, other than employee grievances arising in the ordinary course of business, none of which could reasonably be expected to
have, either individually or in the aggregate, a Material Adverse Effect. 
 Section 3.16. Subsidiaries. As of the
Effective Date, Schedule 3.16 sets forth the name of, and the ownership interest of the Loan Parties in, each Subsidiary and identifies each Subsidiary that is a Material Subsidiary. 

Section 3.17. No Change in Credit Criteria or Collection Policies. There has been no material change in credit criteria or
collection policies concerning Receivables of the Loan Parties and their Subsidiaries since October 31, 2010. 

Section 3.18. Senior Indebtedness. The Loan Parties have no Indebtedness outstanding (other than Indebtedness permitted
pursuant to Section 6.01 hereof) the payment priority of which ranks senior to or pari passu with the Obligations. 
 Section 3.19. Compliance with the Swiss Twenty Non-Bank Rule. 

  
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 (a) Each Swiss Borrower is compliant with the Swiss Twenty Non-Bank Rule;
provided however that no Swiss Borrower shall be in breach of this Section 3.19 if such number of creditors (which are not Swiss Qualifying Banks) is exceeded solely by reason of a breach by one or more Lenders of a
confirmation contained in Section 2.15(j) or a failure by one or more Lenders to comply with their obligations and transfer restrictions in Section 9.04. 

(b) For the purposes of paragraph (a) above, each Swiss Borrower shall assume that the aggregate number of Lenders
which are not Swiss Qualifying Banks is 10 (ten). 
 ARTICLE IV 

Conditions 
 Section 4.01. Effective Date. The amendment and restatement of the Original Agreement and the obligations of the Lenders to make Loans and the Issuing Bank to issue Letters of Credit hereunder
shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 9.02): 
 (a) The Administrative Agent (or its counsel) shall have received from each party hereto either (i) a counterpart of this Agreement signed on behalf of such party or (ii) written evidence
reasonably satisfactory to the Administrative Agent (which may include telecopy or electronic transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement. 

(b) The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent for
the benefit of the Lenders and dated the Effective Date) of each of (i) Paul, Weiss, Rifkind, Wharton & Garrison LLP, U.S. counsel for the Loan Parties, (ii) Heenan Blaikie LLP, Canadian counsel for the Canadian Loan Parties,
(iii) Stewart McKelvey, Nova Scotia counsel for MK Canada, (iv) VanEps Kunneman VanDoorne, Curaçao counsel for the Curaçao Loan Party, (v) Stibbe, Dutch counsel for the Dutch Loan Parties, (vi) Suter Howald
Rechtsanwälte, Swiss counsel for the Swiss Loan Parties, (vii) Harneys, Westwood & Riegels, British Virgin Islands counsel for the BVI Loan Parties, and (vii) Baker & McKenzie LLP, United Kingdom counsel for the
United Kingdom Loan Parties, in each case in form and substance reasonably satisfactory to the Administrative Agent and covering such matters relating to the Borrowers, the Guarantors, the Financing Documents or the Transactions as the
Administrative Agent shall reasonably request. The Loan Parties hereby request such counsel to deliver such opinions. 
 (c) The Administrative Agent shall have received such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing
of the Loan Parties, the authorization of the Transactions and any other legal matters relating to the Loan Parties, the Financing Documents or the Transactions, all in form and substance reasonably satisfactory to the Administrative Agent and its
counsel. 
 (d) The Administrative Agent shall have received a certificate, dated the Effective Date and signed
by a Responsible Officer of the Company, confirming compliance with the conditions set forth in paragraphs (a) and (b) of Section 4.02. 
 (e) The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Effective Date, including reimbursement or payment of all out-of-pocket

  
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expenses required to be reimbursed or paid by the Company hereunder and under any other Financing Document. 

(f) The Administrative Agent (or its counsel) shall have received (i) fully-executed, originals or copies of the
Financing Documents (as shall be more fully described on a related closing checklist), all in form and substance reasonably satisfactory to the Administrative Agent and its counsel and (ii) such documents and instruments (including the initial
Collateral Documents, UCC and PPSA financing statements and related lien searches) as the Administrative Agent or its counsel shall reasonably request (as shall be more fully described on a related closing checklist). 

(g) The Administrative Agent shall have received and determined to be in form and substance satisfactory to them:

 (i) an opening Borrowing Base Certificate reasonably satisfactory to the Administrative Agent; 

(ii) evidence of the compliance by the Company with Section 5.02(b) hereof; 

(iii) the financial statements described in Section 3.04 hereof; 

(iv) a Borrowing Request executed by the Company; and 

(v) a copy of the duly executed Intercreditor Agreement, and all documents ancillary thereto. 

(h) The Administrative Agent shall have received evidence satisfactory to it that the Canadian Facility Letter Agreement
shall have been terminated and cancelled and all indebtedness thereunder shall have been fully repaid (except to the extent being so repaid with the initial Loans and to the extent letters of credit outstanding thereunder are being backed by Letters
of Credit issued on the Effective Date or shipping guarantees outstanding thereunder are being cash collateralized as permitted hereunder and described on Schedule 6.02 and the currency Hedging Contracts set forth on Schedule 6.01 shall
remain outstanding) and any and all Liens thereunder shall have been terminated (other than Liens on such permitted cash collateral). 
 The
Administrative Agent shall notify the Company, the Collateral Agent and the Lenders of the Effective Date, and such notice shall be conclusive and binding. 
 Section 4.02. Each Credit Event. The obligation of any Lender to make a Loan on the occasion of any Borrowing, and of the Issuing Bank to issue, amend, renew or extend any Letter of Credit, is
subject to the satisfaction on such date of the following conditions: 
 (a) The representations and warranties
of the Loan Parties set forth in this Agreement shall be true and correct in all material respects on and as of the date of such Borrowing or the date of issuance, amendment, renewal or extension of such Letter of Credit, as applicable;
provided that any such representations and warranties that by their express terms are made as of a specific date shall have been true and correct in all material respects as of such specific date. 

(b) At the time of and immediately after giving effect to such Borrowing or the issuance, amendment, renewal or extension
of such Letter of Credit, as applicable, no Default shall have occurred and be continuing and the Company shall otherwise be in compliance with the provisions 

  
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of Sections 2.01, 2.04(b) or 2.19(a), as applicable and, without limiting the foregoing, Availability shall not be less than zero. 

Each Borrowing and each issuance, amendment, renewal or extension of a Letter of Credit shall be deemed to constitute a representation and warranty by
each Loan Party on the date thereof as to the matters specified in paragraphs (a) and (b) of this Section. 

Section 4.03. Designation of a Foreign Subsidiary Borrower. The designation of a Foreign Subsidiary Borrower pursuant to
Section 2.22 is subject to the condition precedent that the Company or such proposed Foreign Subsidiary Borrower shall have furnished or caused to be furnished to the Administrative Agent: 

(a) Copies, certified by the Secretary or Assistant Secretary of such Subsidiary, of its Board of Directors’
resolutions (and resolutions of other bodies, if any are deemed necessary by counsel for the Administrative Agent) approving the Borrowing Subsidiary Agreement and any other Financing Documents to which such Subsidiary is becoming a party and such
documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of such Subsidiary; 

(b) An incumbency certificate, executed by the Secretary or Assistant Secretary of such Subsidiary, which shall identify
by name and title and bear the signature of the officers or authorized signatories of such Subsidiary authorized to request Borrowings hereunder and sign the Borrowing Subsidiary Agreement and the other Financing Documents to which such Subsidiary
is becoming a party, upon which certificate the Administrative Agent and the Lenders shall be entitled to rely until informed of any change in writing by the Company or such Subsidiary; 

(c) Opinions of counsel to such Subsidiary, in form and substance reasonably satisfactory to the Administrative Agent and
its counsel, with respect to the laws of its jurisdiction of organization and such other matters as are reasonably requested by counsel to the Administrative Agent and addressed to the Administrative Agent and the Lenders; and 

(d) Any promissory notes requested by any Lender, and any other instruments and documents reasonably requested by the
Administrative Agent. 
 ARTICLE V 
 Affirmative Covenants 
 Until the Commitments have expired or been
terminated and the principal of and interest on each Loan and all fees payable hereunder have been paid in full and all Letters of Credit have expired or been terminated or cash collateralized in accordance with Section 2.04(c) or
(i), and all LC Disbursements have been reimbursed (the “Termination Date”), the Loan Parties covenant and agree with the Lenders that: 
 Section 5.01. Information. The Loan Parties will furnish to the Administrative Agent and each of the Lenders: 

(a) within 120 days after end of each fiscal year, (i) a consolidated and unaudited consolidating balance sheet and
income statement showing the financial position of MK Holdings and its Subsidiaries as of the close of such fiscal year and the results of their operations during such year, 

  
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and (ii) a consolidated and unaudited consolidating statement of shareholders’ equity and statement of cash flow, as of the close of such fiscal year, comparing such financial position
and results of operations to such financial condition and results of operations for the comparable period during the immediately preceding fiscal year, all the foregoing consolidated financial statements to be audited by PricewaterhouseCoopers LLC
or other independent public accountants of recognized national standing selected by the Loan Parties in compliance with applicable SEC rules and regulations (which report shall not contain any going concern or similar qualification or exception as
to scope), as being fairly stated in relation to such audited financial statements taken as a whole and together with management’s discussion and analysis presented to the management of MK Holdings and its Subsidiaries, and all supplements or
amendments thereto; 
 (b) within 65 days after the end of each of the first three fiscal quarters of each fiscal
year of the Company, summaries of current insurance coverage as of the end of such fiscal quarter, trademark and licensing summaries as of the end of such fiscal quarter, unaudited consolidated and segment reporting balance sheets of MK Holdings and
its Subsidiaries as of the end of such fiscal quarter, together with the related consolidated and segment reporting statements of income for such fiscal quarter and for the portion of the Company’s fiscal year ended at the end of such fiscal
quarter and the related consolidated and segment reporting statements of cash flows for the portion of the Company’s fiscal year ended at the end of such fiscal quarter, and in comparative form the corresponding financial information as at the
end of, and for, the corresponding fiscal quarter of the Company’s prior fiscal year and the portion of the Company’s prior fiscal year ended at the end of such corresponding fiscal quarter, in each case certified by a Financial Officer of
MK Holdings as presenting fairly in all material respects the financial position and results of operations and cash flow of MK Holdings and its Subsidiaries in accordance with GAAP (except the absence of footnote disclosure), in each case subject to
normal year-end audit adjustments, and all supplements or amendments thereto; 
 (c) upon the occurrence and
during the continuance of an Event of Default, within 45 days after the end of each calendar month (other than any such month that corresponds to the end of a fiscal quarter or fiscal year of the Company), an unaudited consolidated and segment
reporting balance sheet of MK Holdings and its Subsidiaries as at the end of such month, together with the related unaudited consolidated and segment reporting statement of income for such month and the portion of the Company’s fiscal year
ended at the end of such month and the related consolidated and segment reporting statements of cash flows for the portion of the Company’s fiscal year ended at the end of such month, setting forth in comparative form the corresponding
financial information as at the end of, and for, the corresponding month of the Company’s prior fiscal year and the portion of the Company’s prior fiscal year ended at the end of such corresponding month, in each case certified by a
Financial Officer of MK Holdings as presenting fairly in all material respects the financial position and results of operations and cash flows of MK Holdings and its Subsidiaries as at the date of, and for the periods covered by, such financial
statements, in accordance with GAAP (except for the absence of footnotes), in each case subject to normal year-end audit adjustments; 
 (d) (i) concurrently with any delivery under paragraph (a) or (b) of this Section 5.01 a certificate of the firm or Person referred to therein (x) which certificate shall, in
the case of the certificate of the Financial Officer of MK Holdings, certify that to the best of his or her knowledge no Default has occurred (including calculations demonstrating compliance, as of the dates of the financial statements being
furnished, with the covenants set forth in Sections 6.10 and 6.11 hereof and computations of the Available Amount as of the date of such certificate) and, if such a Default has occurred, specifying the nature and extent thereof and any
corrective action taken or proposed to be taken with respect thereto and (y) which certificate, in the case of the certificate furnished by the independent public accountants in connection with the annual financial statements, may be limited to
accounting matters and disclaim responsibility for legal interpretations, but shall in any event state that 

  
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nothing has come to their attention as of the dates of the financial statements being furnished that has caused such accountants to believe that the Loan Parties and their Subsidiaries have
failed to comply with any of the covenants set forth in Sections 6.10 and 6.11 hereof; provided, however, that any certificate delivered by the independent public accountants in accordance herewith shall be accompanied by
a supplemental certificate confirming the accuracy of the accountants’ certificate (and shall in any event include calculations demonstrating compliance with the covenants set forth in Sections 6.10, and 6.11 hereof) and signed by
a Financial Officer of MK Holdings; 
 (e) within 30 days after the date required for delivery under
(a) above, a management letter prepared by the independent public accountants who reported on the financial statements delivered under (a) above, with respect to the internal audit and financial controls of the Loan Parties and their
Subsidiaries; 
 (f) within 30 days of the end of each fiscal quarter, (x) an aging schedule of Receivables
and reconciliation and accounts payable listing and (y) an executive summary with respect to the Borrowing Base Entities’ top five accounts for which Receivables are more than 90 days past due, comparing the total of such past due
Receivables for the month then ended to the total of past due Receivables for the previous month and the Company’s plan with respect to the collection of such past due Receivables, executed by a Financial Officer; 

(g) by May 15th and updated by November 15th of each year, a summary of a consolidated and segment reporting business plan and financial operation projections
(including with respect to Capital Expenditures) for MK Holdings and its Subsidiaries for such fiscal year (including monthly balance sheets, statements of income and of cash flow) and annual projections through the Maturity Date prepared by
management and in form and detail (including principal assumptions provided separately in writing) substantially consistent with the summaries delivered under the Existing Credit Agreement or otherwise reasonably satisfactory to the Administrative
Agent; 
 (h) within five (5) Business Days after the end of each week, a Borrowing Base Certificate
substantially in the form of Exhibit E hereto executed by a Responsible Officer of the Company; provided, that the first weekly Borrowing Base Certificate delivered following the last day in the any calendar month shall be accompanied
by a current list of inventory locations for all Borrowing Base Entities in form and substance reasonably acceptable to the Agents; 
 (i) within five (5) Business Days after the end of each week, a sales flash report with respect to the Company and its Subsidiaries executed by a Responsible Officer of the Company; provided,
that upon the occurrence and during the continuance of an Event of Default, inventory designations shall be delivered within three (3) Business Days after the end of each week (but in no event later than Wednesday) and all other items required
to be delivered pursuant to this paragraph shall be delivered no later than the close of business on each Business Day as of the previous Business Day; 
 (j) within twenty-five (25) days after the end of each fiscal month, a report prepared by a Responsible Officer of the Company, which report shall list the total amount of MKE’s Receivables,
inventory and cash on hand as of such month end (or forty-five (45) days after the end of any such month that corresponds to the end of the first three (3) fiscal quarters and ninety (90) days after the end of December); 

(k) promptly upon becoming aware thereof, notice to the Administrative Agent of the occurrence of any Default, specifying
the nature and extent thereof and the action (if any) which is proposed to be taken with respect thereto; 

  
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 (l) As soon as possible and, in any event, within ten (10) days after
the Loan Parties, their Subsidiaries or any ERISA Affiliate knows or has reason to know of the occurrence of an ERISA Event. Notwithstanding the foregoing, no statement or notice described in this paragraph shall be required to be provided unless
the event or events to which such statement or notice relate could individually or in the aggregate be expected to result in a liability to the Loan Parties, any Subsidiary thereof or any ERISA Affiliate in excess of $10,000,000; and 

(m) such other information as an Agent or any Lender may reasonably request, including, material financial reports,
financial information submitted to governmental agencies, factoring or other loan documentation and any financial information required to be delivered under paragraph (a) or (b) of this Section as of the Effective Date but no longer
required to be delivered as a result of a change under the Securities Act or the Exchange Act; and 
 (n) The
Loan Parties will deliver to the Administrative Agent (i) within 91 days after the end of each fiscal year of the Company, a certificate dated such date showing the total amount of insurance coverage as of such date, (ii) from time to time
true and complete copies of such insurance policies of the Loan Parties (or, if the Loan Parties do not have such insurance policies in their possession, evidence thereof) relating to such insurance coverage as the Required Lenders through the
Administrative Agent may reasonably request, (iii) within 15 days of receipt of notice from any insurer, a copy of any notice of cancellation or material adverse change in coverage from that existing on the date of this Agreement and
(iv) within 15 days of any cancellation or nonrenewal of coverage by a Loan Party, notice of such cancellation or nonrenewal. 
 Notwithstanding the foregoing, the obligations in paragraphs (a) and (b) of this Section 5.01 may be satisfied with respect to financial information of MK Holdings and its
Subsidiaries by furnishing the Form 10-K or 10-Q (or the equivalent), as applicable, of MK Holdings (or a parent company thereof) filed with the SEC or any national securities exchange to the extent such filed financial information meets the
requirements of paragraphs (a) and (b) of this Section 5.01; provided that (i) to the extent that such information relates to a parent of MK Holdings, such information is accompanied by consolidating information,
which may be unaudited, that explains in reasonable detail the differences between the information relating to such parent, on the one hand, and the information relating to MK Holdings and its Subsidiaries on a standalone basis, on the other hand,
and (ii) to the extent such information is in lieu of information required to be provided under Section 5.01(a), such materials are accompanied by a report of PricewaterhouseCoopers LLC or other independent public accountants of
recognized standing selected by the Loan Parties in compliance with applicable SEC rules and regulations (which report shall not contain any going concern or similar qualification or exception as to scope). 

Documents required to be delivered pursuant to Section 5.01(a), (b) or (g) (to the extent any such
documents are included in materials otherwise filed with the SEC) may be delivered electronically and, if so delivered, shall be deemed to have been delivered on the date (i) on which MK Holdings posts such documents, or provides a link
thereto, on MK Holdings’ website on the Internet at the website address identified by the Company in a notice to the Administrative Agent pursuant to Section 9.01(c)); or (ii) on which such documents are posted on MK
Holdings’ behalf on an Internet or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); provided that:
(i) MK Holdings shall deliver paper copies of such documents to the Administrative Agent upon its reasonable request until a written notice to cease delivering paper copies is given by the Administrative Agent and (ii) MK Holdings shall
notify the Administrative Agent (by telecopier or electronic mail) of the posting of any such documents and, upon its reasonable request, provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such
documents. The Administrative Agent shall have no obligation to request the delivery of or maintain paper copies of the documents referred to above, 

  
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and each Lender shall be solely responsible for timely accessing posted documents and maintaining its copies of such documents. 

Section 5.02. Maintenance of Property; Insurance. (a) Each Loan Party will keep, and will cause each Subsidiary to keep,
in all material respects all property useful and necessary in its business as then conducted in good working order and condition, ordinary wear and tear excepted. Each Loan Party shall keep all Collateral pledged by such Loan Party to the Collateral
Agent in reasonably good repair, working order and operating condition (normal wear and tear excluded), and from time to time make all necessary and proper repairs, renewals, replacements, additions and improvements thereto and as appropriate and
applicable, will otherwise deal with the Collateral in all such ways as are considered customary practice by owners of like property. Each Loan Party shall take all reasonable steps to preserve and protect the Collateral pledged by such Loan Party
to the Collateral Agent. Each Loan Party will promptly notify the Collateral Agent in writing in the event of any material damage to the Collateral from any source whatsoever. In the event that any Loan Party shall fail to preserve the Collateral in
accordance with the requirements of this Section 5.02(a), the Collateral Agent may in its sole discretion, take any steps reasonably necessary to preserve such Collateral, at the expense of such Loan Party. 

(b) Each Loan Party will maintain and cause each of its Subsidiaries to maintain, insurance in such amounts and against
such risks as is customary for companies in the same or similar businesses, in each case with financially sound and reputable insurers. The Collateral Agent (on behalf of the Secured Parties) shall be named as a lender loss payee on all property and
business interruption loss policies relating to any of the Collateral and additional insured on all liability policies covering the Loan Parties (excluding directors’ and officers’ liability insurance, fiduciary liability insurance and any
“key man” life insurance). The Loan Parties shall use commercially reasonable efforts to cause each such property loss policy (to the extent available on commercially reasonable terms) to provide at least 30 days written notice to the
Collateral Agent of cancellation or termination (or 10 days in the case of cancellation or termination for the failure to make payments of premiums). During the occurrence and continuance of an Event of Default, the Net Proceeds of insurance in
respect of the Loan Parties and their assets shall be maintained in a cash collateral account with the Administrative Agent and may be, upon notice to the Loan Parties, setoff and applied to prepay outstanding principal and interest on the Loans.
The Loan Parties will provide the Administrative Agent quarterly summaries of current insurance coverage. 
 Section 5.03.
Compliance with Laws. Each Loan Party will comply, and cause each Subsidiary to comply, with all applicable laws, ordinances, rules, regulations, and requirements of governmental authorities (including Environmental Laws and ERISA and the
rules and regulations thereunder) except where failure to comply would not have a Material Adverse Effect, or where the necessity of compliance therewith is being contested in good faith by appropriate proceedings. 

Section 5.04. Inspection of Property, Books and Records. Each Loan Party will keep, and will cause each Subsidiary to keep,
proper books of record and account reflecting its business and activities; and will permit, and will cause each Subsidiary to permit, upon reasonable prior notice, representatives of any Lender at such Lender’s expense to visit and inspect any
of their respective properties, to examine and make abstracts from any of their respective books and records and to discuss their respective affairs, finances and accounts with their respective officers, senior employees and independent public
accountants, all with the participation of the Company or another Loan Party (unless the Company or the applicable Loan Party otherwise consents) all during normal business hours and as often as may reasonably be desired. At the expense of the Loan
Parties, the Collateral Agent (x) shall have the right to audit (a “Collateral Audit”), upon reasonable prior notice, up to two times each fiscal year (or as often as it may request upon the occurrence and continuance of an
Event of Default), the 

  
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existence, condition and any other aspects of the Collateral that the Collateral Agent shall deem appropriate and to review compliance with the Financing Documents, (y) shall have the right
to retain an inventory appraiser to appraise the inventory Collateral twice (or as often as it may request upon the occurrence and during the continuance of an Event of Default) each fiscal year and (z) shall have the right, together with the
Administrative Agent, to conduct the Specified Audit in addition to any other Collateral Audit. Without limiting the immediately preceding clause (z), the Specified Audit shall be completed no later than December 31, 2011 (or such later date as
may be agreed to by the Agents). 
 Section 5.05. Use of Proceeds. The proceeds of Loans made under this Agreement
will be used for the Loan Parties’ and their Subsidiaries’ working capital needs, to refinance existing Indebtedness on the Effective Date and for general corporate purposes of the Loan Parties and their Subsidiaries. None of such proceeds
will be used, directly or indirectly, for the purpose, whether immediate, incidental or ultimate, of buying or carrying any “margin stock” within the meaning of Regulation U. 

Section 5.06. Environmental Matters. Each Loan Party will promptly give to the Lenders notice in writing of any complaint,
order, citation or notice of violation with respect to, or if the Company becomes aware of, (i) the existence or alleged existence of a violation of any applicable Environmental Law, (ii) any release into the environment, (iii) the
commencement of any cleanup pursuant to or in accordance with any applicable Environmental Law of any Hazardous Materials, (iv) any proceeding pending against the Company for the termination, suspension or non-renewal of any permit required
under any applicable Environmental Law, (v) any property of the Loan Parties or any Subsidiary that is or will be subject to a Lien imposed pursuant to any Environmental Law and (vi) any proposed acquisitions or leasing of property, which,
in each of cases (i) through (vi) above, individually or in the aggregate, would have a Material Adverse Effect. 

Section 5.07. Taxes. Each Loan Party will, and will cause each of its Subsidiaries to, pay and discharge promptly when due
all Taxes imposed upon the Loan Parties and their Subsidiaries or upon their respective income or profits or in respect of their respective properties before the same shall become delinquent or in default, as well as all lawful claims for labor,
materials and supplies or otherwise, which, if unpaid, would give rise to Liens upon such properties or any part thereof; provided, however, that such payment and discharge shall not be required with respect to (i) any such Tax or
claim so long as the validity or amount thereof shall be contested in good faith by appropriate proceedings and the applicable party, shall have set aside on its books reserves with respect thereto as required by GAAP, and such contest operates to
suspend collection of the contested Tax or claims and enforcement of a Lien or (ii) any Tax or claims, the failure to pay and discharge when due which, individually or in the aggregate would not have a Material Adverse Effect. 

Section 5.08. Security Interests. Each Loan Party will at all times take, or permit to be taken, all actions necessary for
the Collateral Agent to maintain the Security Interests as valid and perfected Liens to the extent required by the Financing Documents, subject only to Liens permitted under Section 6.02. 

Section 5.09. Existence; Conduct of Business. Each Loan Party will, and will cause each of its Subsidiaries to, do or cause
to be done all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges, franchises, patents, copyrights, trademarks and trade names material to the conduct of its
business; provided that the foregoing shall not prohibit any merger, consolidation, liquidation, dissolution or Disposition permitted under Section 6.03. 

  
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 Section 5.10. Litigation and Other Notices. Each Loan Party will give the
Administrative Agent prompt written notice upon a Responsible Officer becoming aware of the following: 
 (a) the
issuance against any Loan Party by any court or Governmental Authority of any injunction, order, decision or other restraint prohibiting, or having the effect of prohibiting, the making of the Loans, or invalidating, or having the effect of
invalidating, any provision of this Agreement or the other Financing Documents that would materially adversely affect the Lenders’ ability to enforce any payment obligations hereunder, or the initiation of any litigation or similar proceeding
seeking any such injunction, order, decision or other restraint; 
 (b) the filing or commencement of any action,
suit or proceeding against any Loan Party or any of their Subsidiaries, whether at law or in equity or by or before any arbitrator or Governmental Authority, (i) which is material and is brought by or on behalf of any Governmental Authority, or
in which injunctive or other equitable relief is sought or (ii) as to which it is probable (within the meaning of Statement of Financial Accounting Standards No. 5) that there will be an adverse determination in each case and which, if
adversely determined, would (A) reasonably be expected to result in liability of any Loan Party or a Subsidiary thereof in an aggregate amount of $10,000,000 or more, not reimbursable by insurance, or (B) materially impairs the right of
any Loan Party or a Subsidiary thereof to perform its material obligations under this Agreement, any Note or any other Financing Document to which it is a party; or 

(c) any development in the business or affairs of the Loan Parties or any of their Subsidiaries which has had or which is
likely to have, in the reasonable judgment of the Company, a Material Adverse Effect. 
 Section 5.11. Additional
Grantors and Guarantors; Collateral. 
 (a) Each Loan Party will, and will cause its Subsidiaries to,
promptly inform the Administrative Agent of the creation or acquisition of any direct or indirect Subsidiary (subject to the provisions of Section 6.04) and, if the Administrative Agent so directs in its sole discretion, within twenty
(20) Business Days (or such longer period as the Administrative Agent may agree) after the Administrative Agent gives such direction, 
 (i) cause each (x) direct Domestic Subsidiary of the Company or of any other Domestic Subsidiary of the Company that is a Loan Party and (y) direct or indirect Subsidiary of MK Holdings that is
not the Company or a Subsidiary of the Company, in the case of each of clauses (x) and (y), that is not in existence on the date hereof, to become a party to this Agreement and to execute the Guarantee Agreement and the Pledge and Security
Agreement or other collateral documentation reasonably satisfactory to the Administrative Agent, as a guarantor and a grantor, respectively, in order for such Subsidiary’s owned property (whether real (if owned, with a fair market value in
excess of $5,000,000), personal, tangible, intangible, or mixed) to be subject to first priority, perfected Liens in favor of the Collateral Agent for the benefit of the Secured Parties to secure the Obligations in accordance with the terms and
conditions of the Collateral Documents, subject in any case to Liens permitted by Section 6.02, and cause the direct parent of each such Subsidiary to pledge all of the Equity Interests of such Subsidiary pursuant to the Pledge and
Security Agreement or other collateral documentation reasonably satisfactory to the Administrative Agent (it being understood that such Subsidiary may become a party (A) to this Agreement and to the Guarantee Agreement by executing a supplement
in the form attached to the Guarantee Agreement and (B) to 

  
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the Pledge and Security Agreement by executing and delivering a supplement in the form attached to the Pledge and Security Agreement); and 

(ii) cause the Company or any Loan Party that is a Domestic Subsidiary of the Company, if such Person is the parent of a
first-tier Foreign Subsidiary thereof, to pledge 65% of the Equity Interests of such first-tier Foreign Subsidiary (unless such Foreign Subsidiary is a disregarded entity, as defined in U.S. Treasury Regulations Section 301.7701-2, of such
parent, in which case the parent shall pledge 100% of the Equity Interests of such first-tier Foreign Subsidiary) owned by such parent entity pursuant to the Pledge and Security Agreement. 

(b) If any assets (including any owned (but excluding any leased) real property with a fair market value in excess of
$5,000,000 and improvements thereon) are acquired by a domestic Loan Party or Canadian Loan Party after the Effective Date or the date on which such Person becomes a Loan Party, as the case may be (other than assets constituting Collateral under any
Collateral Document that become subject to the Lien under such Collateral Document upon acquisition thereof), the applicable Loan Party will notify the Administrative Agent thereof, and, if requested by the Administrative Agent, cause such assets to
be subjected to a Lien securing the Obligations, and each Loan Party shall take such actions as shall be necessary or reasonably requested by the Administrative Agent and consistent with the existing Collateral Documents to grant and perfect such
Liens, all at the expense of the Company; provided, that if any such action requires third-party (other than any Loan Party or any Subsidiary) consent or approval, the Company or such Loan Party shall use commercially reasonable efforts to
effect the requested action. 
 (c) The Company shall have the right to request that (i) a Subsidiary that
is already a Loan Party become a Borrowing Base Entity under this Agreement or (ii) a Subsidiary that is not already a Loan Party become a Loan Party and a Borrowing Base Entity under this Agreement. Any such request shall be made in writing to
the Agents, and the Agents shall determine whether to agree to such request. If the Agents shall agree to any such request, such Loan Party shall comply with the requirements of clause (a) above to the extent it has not previously done so, and
shall deliver such other information regarding the Collateral of such Loan Party as the Agents shall reasonably request prior to the effectiveness of such Loan Party’s addition as a Borrowing Base Entity hereunder. 

(d) In connection with the all of the foregoing provisions of this Section 5.11, the applicable Loan Party or
any applicable Subsidiary shall provide such resolutions, certificates and opinions of counsel as shall be reasonably requested by the Administrative Agent. Notwithstanding the foregoing, no Foreign Collateral Documents or any other foreign
law-governed Collateral Documents (in each case other than those governed by the laws of Canada or any province thereof) are required to be delivered hereunder to the extent the Administrative Agent or its counsel determines that such Foreign
Collateral Documents or foreign law-governed Collateral Documents would not provide material credit support for the benefit of the Secured Parties in light of the cost and expense associated therewith. 

Section 5.12. Maintain Operating Accounts. Each Borrowing Base Entity will maintain all of their operating accounts and cash
management arrangements (including the establishment of lockboxes) with the Administrative Agent or other financial institutions reasonably acceptable to the Administrative Agent. Each operating account that is a deposit account that is maintained
by a Loan Party shall satisfy at least one of the following requirements: (i) it shall be subject to a Deposit Account Control Agreement, (ii) it shall be maintained by a Borrowing Base Entity outside of the United States and be subject to
a perfected security interest in favor of the Collateral Agent under the laws of the applicable foreign jurisdiction, (iii) it shall be maintained by a Loan Party that is not a Borrowing Base Entity

  
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outside of the United States and, if requested by the Administrative Agent, such Loan Party shall have used or shall be using its commercially reasonable efforts to subject such deposit account
to a perfected security interest in favor of the Collateral Agent under the laws of the applicable foreign jurisdiction, (iv) it shall be a payroll, benefits, withholding tax, escrow, customs or fiduciary account or a cash collateral account
established in connection with a Lien permitted under Section 6.02 or (v) it shall be a deposit account not described in clause (i) to (iv) above (an “Excluded Deposit Account”); provided that the
aggregate of the balances on deposit in all Excluded Deposit Accounts shall not exceed $5,000,000 at any time. Notwithstanding the foregoing, MK Canada shall not be required to deliver a control agreement subjecting its deposit accounts maintained
with The Bank of Nova Scotia to a perfected security interest in favor of the Collateral Agent under the laws of the province of Nova Scotia until the date that is thirty (30) days after the Effective Date (or such later date as the Agents may
agree in the exercise of their reasonable discretion with respect thereto) and prior to such date, such accounts shall not constitute Excluded Deposit Accounts due to the failure to comply with the immediately preceding clause (ii). 

Section 5.13. Centre of main interests and Establishment. No UK Loan Party or Dutch Loan Party shall, without the prior
written consent of the Administrative Agent, take any action that shall cause its centre of main interests (as that term is used in Article 3(1) of the Regulations) to be situated outside of its jurisdiction of incorporation, or cause it to have an
establishment (as that term is used in Article 2(h) of the Regulations) situated outside of its jurisdiction of incorporation. 

Section 5.14. Compliance with the Swiss Twenty Non-Bank Rule. 

(a) Each Swiss Borrower shall be compliance with the Swiss Twenty Non-Bank Rule; provided, however, that no
Swiss Borrower shall be in breach of this Section 5.14 if such number of creditors (which are not Swiss Qualifying Banks) is exceeded solely by reason of a breach by one or more Lenders of a confirmation contained in
Section 2.15(j) or a failure by one or more Lenders to comply with their obligations and transfer restrictions in Section 9.04. 
 (b) For the purposes of paragraph (a) above, each Swiss Borrower shall assume that the aggregate number of Lenders which are not Swiss Qualifying Banks is 10 (ten). 

Section 5.15. Canadian and Foreign Benefit Plan Notices and Information. Each Loan Party will give the Administrative Agent
prompt written notice upon a Responsible Officer becoming aware of the following: 
 (a) (i) the United Kingdom
Pensions Regulator issuing a financial support direction or a contribution notice (as those terms are defined in the Pensions Act 2004) in relation to any Foreign Pension Plan, (ii) any amount is due to any Foreign Pension Plan pursuant to
Section 75 or 75A of the United Kingdom Pensions Act 1995 and/or (iii) an amount becomes payable under section 75 or 75A of the United Kingdom Pensions Act of 1995, in each case describing such matter or event and the action which the Loan
Parties propose to take with respect thereto; 
 (b) any unremedied event which could reasonably be expected to
give rise to the full termination of, or provide any Governmental Authority, without the consent of any Canadian Borrower or any other Loan Party, or any Subsidiary thereof, with the authority to partially or fully terminate, any Canadian Pension
Plan or Canadian Multiemployer Pension Plan; 
 (c) the failure of any Canadian Borrower or any Subsidiary
thereof to make normal or special payments to any Canadian Pension Plan or Canadian Multiemployer Pension Plan as required by applicable Canadian Law in an aggregate amount for any such plan in excess of $10,000,000, a copy of any notice related
thereto filed under any applicable law, and a statement by a Responsible Officer of 

  
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such Canadian Borrower or such Subsidiary setting forth (A) sufficient information necessary to determine the amount of any corresponding Lien, (B) a summary of the reason(s) for the
failure to make the required payments and (C) the action, if any, to be taken with respect thereto; and 

(d) the receipt by any Canadian Borrower or any Subsidiary thereof of any notice or directive or order from any Canadian
federal or provincial governmental or regulatory authority or other Governmental Authority having jurisdiction over any Canadian Pension Plan regarding an alleged Canadian Pension Plan shortfall, deficiency, insolvency or other matter if such
shortfall, deficiency, insolvency or other matter could reasonably be expected to have a Material Adverse Effect, together with a copy of any such notice, directive or order; and 

(e) upon request, the Borrowers will deliver to the Lenders copies of any filings required under Canadian law to maintain
the registration of any Canadian Pension Plan. 
 ARTICLE VI 

Negative Covenants 
 Until the Termination Date, the Loan Parties covenant and agree with the Lenders that: 
 Section 6.01. Indebtedness. Each Loan Party will not, and will not permit any Subsidiary to, create, incur, assume or permit to exist any Indebtedness, except: 

(a) Indebtedness created under the Financing Documents; 

(b) Indebtedness existing on the date hereof and set forth in Schedule 6.01 and any Permitted Refinancing thereof;

 (c) (i) Indebtedness (including Capital Lease Obligations) of the Loan Parties and their Subsidiaries incurred
to finance the acquisition, construction, repair, replacement or improvement of any fixed or capital assets, and any Indebtedness assumed in connection with the acquisition of any such assets or secured by a Lien on any such assets prior to the
acquisition thereof; provided that such Indebtedness is incurred prior to or within 180 days after such acquisition, construction, repair, replacement or improvement and (ii) any Permitted Refinancing of any Indebtedness set forth in the
immediately preceding clause (i); provided, further, that the aggregate principal amount of Indebtedness that is outstanding in reliance on this paragraph (c) shall not exceed $20,000,000 or the Dollar Equivalent thereof in
aggregate principal amount at any time outstanding; 
 (d) Indebtedness among the Loan Parties and their
Subsidiaries arising as a result of intercompany loans, provided that the rights of any Loan Party, if any, with respect to any such intercompany loan are pledged under the Pledge and Security Agreement or an applicable Foreign Collateral
Document to the extent required by Section 5.11; 
 (e) Guarantees permitted by
Section 6.04 hereof, including any Permitted Refinancings thereof; 
 (f)
[Intentionally omitted]; 
 (g) Indebtedness owing to any insurance company in
connection with the financing of any insurance premiums permitted by such insurance company in the ordinary course of business; 

  
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 (h) [Intentionally omitted]; 

(i) Indebtedness in respect of Derivative Obligations incurred in the ordinary course of business for non-speculative
purposes; 
 (j) Indebtedness (i) of any Person that becomes a Subsidiary after the date hereof, which
Indebtedness is existing at the time such Person becomes a Subsidiary and is not incurred in contemplation of such Person becoming a Subsidiary that is either (A) unsecured or (B) secured only by the assets of such Subsidiary by a Lien
permitted under Section 6.02(c) and, in each case, any Permitted Refinancing thereof, (ii)(other than any seller financing) of a Loan Party or any Subsidiary that is incurred or assumed in connection with any Permitted Acquisition (and
any Permitted Refinancing thereof), which, if secured, is secured only by Liens permitted by Section 6.02(l), and so long as the aggregate principal amount of such Indebtedness outstanding at any time pursuant to this clause
(ii) does not exceed $20,000,000 or the Dollar Equivalent thereof, or (iii) in respect of seller financing incurred in connection with any Permitted Acquisition, provided that any such seller financing shall (w) be unsecured
Indebtedness, (x) not mature prior to the date that is 91 days after the Maturity Date, (y) not have any scheduled principal amortization or payments, repurchase, or redemptions of principal due prior to the date that is 91 days after the
Maturity Date and (z) the aggregate principal amount of such Indebtedness outstanding at any time pursuant to this clause (iii) does not exceed $20,000,000 or the Dollar Equivalent thereof; provided, further, that in the case
of each of clauses (i), (ii) and (iii) of this paragraph (j), (1) the Loan Parties will be in compliance on a Pro Forma Basis with the covenant contained in Section 6.10 as of the last day of the most recently ended Test
Period for which financial statements have been delivered pursuant to Section 5.01(a) or (b) and (2) no Default or Event of Default shall exist or result therefrom; 

(k) Indebtedness of Foreign Subsidiaries that are not Loan Parties in an aggregate principal amount at any time
outstanding not exceeding $20,000,000 or the Dollar Equivalent thereof; 
 (l) Indebtedness constituting deferred
compensation to employees of the Loan Parties and their Subsidiaries incurred in the ordinary course of business; 
 (m) Indebtedness consisting of unsecured promissory notes (i) issued to current or former officers, employees, directors, agents or consultants (or any spouses, former spouses, descendants,
successors, executors, administrators, heirs, legatees or distributees of any of the foregoing) of any Loan Party or any Subsidiary (or any direct or indirect parent of MK Holdings) to finance the purchase or redemption of Equity Interests of MK
Holdings (or any direct or indirect parent thereof) permitted by Section 6.06(d)(i), provided that the aggregate principal amount of Indebtedness permitted by this clause (i) shall not exceed $10,000,000 at any time
outstanding or (ii) issued to John Idol (or any spouse, former spouse, descendant, successor, executor, administrator, heir, legatee or distributee of John Idol) to finance the purchase or redemption of Equity Interests of MK Holdings (or any
direct or indirect parent thereof) permitted by Section 6.06(d)(ii); 
 (n) Indebtedness incurred by
the Loans Parties or any of their Subsidiaries in a Permitted Acquisition, any other Investment or any Disposition permitted hereunder, in each case, to the extent constituting indemnification obligations or obligations in respect of post-closing
adjustments to purchase price (including earnouts), which are either unsecured or secured by customary deposit, holdback or escrow arrangements with respect to the consideration for such transaction; 

(o) Banking Services Obligations and other Indebtedness in respect of netting services, automatic clearinghouse
arrangements, overdraft protections, employee credit card programs 

  
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and other cash management and similar arrangements in the ordinary course of business, and any Guarantees thereof; 

(p) Indebtedness incurred by the Loan Parties or any of their Subsidiaries in respect of letters of credit, bank
guarantees, bankers’ acceptances or similar instruments issued or created in the ordinary course of business in respect of workers’ compensation claims, health, disability or other employee benefits or property, casualty or liability
insurance or self-insurance or other reimbursement-type obligations regarding workers’ compensation claims; 

(q) obligations in respect of performance, bid, appeal and surety bonds and performance and completion guarantees and
similar obligations provided by Loan Parties or any of their Subsidiaries or obligations in respect of letters of credit, bank guarantees or similar instruments related thereto, in each case in the ordinary course of business or consistent with past
practice; 
 (r) Indebtedness consisting of take-or-pay obligations contained in supply arrangements in the
ordinary course of business; and 
 (s) other Indebtedness in an aggregate principal amount at any time
outstanding not exceeding the greater of (i) $10,000,000 or the Dollar Equivalent thereof and (ii) 2.5% of Consolidated Total Assets, determined at the time such Indebtedness is incurred. 

Section 6.02. Liens. Each Loan Party will not, and will not permit any Subsidiary to, create, incur, assume or permit to
exist any Lien on any property or asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable) or rights in respect of any thereof, except: 

(a) Permitted Encumbrances; 
 (b) any Lien on any property or asset of the Loan Parties and their Subsidiaries existing on the date hereof and set forth in Schedule 6.02; provided that (i) such Lien shall not apply
to any other property or asset of the Loan Parties or any of their Subsidiaries (other than proceeds or products thereof) and (ii) such Lien shall secure only those obligations which it secures on the date hereof and extensions, renewals,
refinancings and replacements thereof that do not increase the outstanding principal amount thereof (other than for accrued interest, any applicable premium and reasonable expenses paid in connection with such extension, renewal, refinancing or
replacement) or the interest rate thereon or fees related thereto (except pursuant to the instrument creating such Lien or pricing increases consistent with then applicable market rates) and are on terms not materially more burdensome to such Loan
Party or Subsidiary than those governing the obligations being extended, renewed, refinanced or replaced; provided, further, that if such obligations constitute Indebtedness, any such extension, renewal or replacement shall constitute
Permitted Refinancing Indebtedness; 
 (c) any Lien (i) existing on any property or asset prior to the
acquisition thereof by the Loan Parties or any of their Subsidiaries or (ii) existing on any property or asset of any Person that becomes a Subsidiary after the date hereof prior to the time such Person becomes a Subsidiary; provided
that (A) such Lien is not created in contemplation of or in connection with such acquisition or such Person becoming a Subsidiary, as the case may be, (B) such Lien shall not apply to any other property or assets of any Loan Party or any
Subsidiary (other than proceeds and products of the property or asset subject to such Lien and, in the case of clause (ii), after acquired property of such Subsidiary of the same class or category as the property or asset subject to such Lien) and
(C) any Indebtedness secured thereby is permitted by Section 6.01(j) hereof; 

  
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 (d) Liens on fixed or capital assets acquired, constructed, repaired,
replaced or improved by the Loan Parties or any of their Subsidiaries; provided that (i) such security interests secure Indebtedness permitted by clause (c) of Section 6.01, (ii) such security interests and the
Indebtedness secured thereby are incurred prior to or within 180 days after such acquisition or the completion of such construction, repair, replacement or improvement, (iii) the Indebtedness secured thereby does not exceed 100% of the cost of
acquiring, constructing, repairing, replacing or improving such fixed or capital assets and (iv) such security interests shall not apply to any other property or assets of the Loan Parties or any of their Subsidiaries, provided that
individual financings of equipment or software provided by one lender may be cross-collateralized to other financings of equipment or software provided by such lender; 

(e) Liens created by the Financing Documents in favor of the Collateral Agent for the ratable benefit of the Secured
Parties, so long as such Liens continue in favor of the Collateral Agent; 
 (f) licenses, leases or subleases
permitted hereunder granted to others not interfering in any material respect with the business of any Loan Party or any of its Subsidiaries; 
 (g) Liens on insurance policies and the proceeds thereof securing the financing of premiums permitted by Section 6.01(g); 

(h) Liens on cash advances in favor of the seller of any property to be acquired in a transaction permitted hereunder to
be applied against the purchase price of such acquisition or cash earnest money deposits in connection with any letter of intent or purchase agreement permitted hereunder relating to an Investment permitted hereunder; 

(i) Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods
entered into by a Loan Party or any Subsidiary in the ordinary course of business; 
 (j) Liens consisting of an
agreement to Dispose of any property in a Disposition that is permitted under Section 6.03; 
 (k)
Liens on property of any Foreign Subsidiary that is not a Loan Party at the time such Liens are incurred securing Indebtedness of such Foreign Subsidiary incurred pursuant to Section 6.01(i) or 6.01(k); 

(l) Liens securing Indebtedness incurred to finance a Permitted Acquisition, and any Permitted Refinancing thereof, so
long as (i) such Liens only cover the assets acquired in such Permitted Acquisition and (ii) the Indebtedness secured thereby is permitted under Section 6.01(j)(ii) hereof; 

(m) Liens (i) of a collection bank arising under Section 4-210 of the UCC (or other similar law) on the items in
the course of collection, (ii) attaching to commodity trading accounts or other commodities brokerage accounts in the ordinary course of business and (iii) in favor of a banking or other financing institution arising as a matter of law or
in the ordinary course of business encumbering deposits, other funds or financial assets maintained with such banking or financial institution (including rights of setoff); and 

(n) other Liens, provided that the aggregate amount of obligations secured by Liens in reliance on this paragraph
(n) shall not exceed $2,500,000 at any time. 

  
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 Section 6.03. Fundamental Changes. (a) Subject to paragraph (c) of
this Section 6.03, each Loan Party will not, and will not permit any Subsidiary to, merge into, amalgamate, wind up or consolidate with any other Person, or permit any other Person to merge into, amalgamate, wind up or consolidate with
any of them, or sell, transfer, lease or otherwise dispose of (in one transaction or in a series of transactions) any of their assets, or the stock or other Equity Interests of any of its Subsidiaries (in each case, whether now owned or hereafter
acquired), or liquidate or dissolve, except that: 
 (i) any Subsidiary may merge into, amalgamate (subject to
providing an acknowledgement or confirmation from the continuing entity and such other documents, including registrations, as may be reasonably required by the Agents), wind up or consolidate with (A) a Borrower in a transaction in which the
continuing or surviving Person is a Borrower, (B) any other Subsidiary, provided that if one of the parties is a Loan Party, the continuing or surviving Person shall be a Loan Party and (C) in the case where such Subsidiary is not a
Loan Party, any other Subsidiary that is not a Loan Party; 
 (ii) any Subsidiary that is not a Borrower may
liquidate or dissolve if the Company’s board of directors determines in good faith that such action is in the best interests of the Loan Parties and their Subsidiaries and is not materially disadvantageous to the Lenders; 

(iii) any Subsidiary that is not a Borrower may make a Disposition of all or substantially all of its assets (upon
voluntary liquidation or otherwise) to another Subsidiary; provided that if the transferor in such a transaction is a Loan Party, then (A) the transferee shall be a Loan Party, (B) to the extent constituting an Investment in a
Subsidiary, such Investment must be a permitted Investment with Section 6.04 or (C) to the extent constituting a Disposition to a Subsidiary, such Disposition is for fair value and any promissory note or other non-cash consideration
received in respect thereof is permitted Indebtedness of a Subsidiary (to the extent constituting Indebtedness) and a permitted Investment in a Subsidiary in accordance with Section 7.01 and Section 6.04, respectively;

 (iv) any Subsidiary that is not a Borrower may merge, consolidate or amalgamate with any other Person in order
to effect an Investment permitted pursuant to Section 6.04; provided that the continuing or surviving Person shall be a Subsidiary, and if the merging, consolidating or amalgamating Subsidiary is a Loan Party, the continuing or
surviving Person shall be a Loan Party; and 
 (v) any Subsidiary that is not a Borrower may effect a merger,
dissolution, liquidation, consolidation or amalgamation in order to effect a Disposition permitted pursuant to Section 6.03(c); provided that if the merging, dissolving, liquidating, consolidating or amalgamating Subsidiary is a
Loan Party, any continuing or surviving Person shall be a Loan Party. 
 (vi) any Subsidiary may change its legal
form and any Domestic Subsidiary may be a party to a merger the sole purpose of which is to reincorporate or reorganize in another jurisdiction in the United States if, in any such case, (x) Holdings reasonably determines in good faith that
such action is in the best interest of Holdings and its Subsidiaries and Holdings reasonably determines that such action is not materially disadvantageous to the Lenders (it being understood that a Subsidiary that is a Loan Party will remain a Loan
Party) and (y) (1) such change in legal form will not adversely affect the validity, perfection or priority of the Collateral Agent’s security interest in the 

  
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Collateral and (2) such Subsidiary has delivered the requisite notice to the Agents under the Pledge and Security Agreement or any Collateral Agreement and taken such steps as are reasonably
necessary or advisable to properly maintain the validity, perfection and priority of the Collateral Agent’s security in interest in the Collateral; 
 provided that, in the case of each of the foregoing clauses (i) through (v), after giving effect to such merger, consolidation, amalgamation, wind up, liquidation or dissolution, no Material
Adverse Effect could reasonably be expected to result therefrom. 
 (b) Each Loan Party will not, and will not
permit any of its Subsidiaries to, (i) engage to any material extent in any business other than businesses of the type conducted by the Loan Parties and their Subsidiaries on the date hereof and businesses reasonably related thereto or
(ii) change its fiscal year as disclosed on Schedule 6.03. 
 (c) Notwithstanding the foregoing
provisions of this Section 6.03, the Loan Parties and their Subsidiaries may make, enter into or permit: 
 (i) purchases and sales of inventory and licensing of Intellectual Property in the ordinary course of business and purchases and sales of Receivables pursuant to the terms of a Permitted Factoring
Arrangement; 
 (ii) Dispositions of (x) inventory, goods held for sale or immaterial assets in the ordinary
course of business and (y) worn out, obsolete, scrap or surplus assets or assets no longer useful in the conduct of the business of the Loan Parties and their Subsidiaries; 

(iii) Capital Expenditures permitted under Section 6.11; 

(iv) liquidations of Permitted Investments and Investments permitted by Section 6.04(h); 

(v) Investments and Guarantees permitted by Section 6.04, Restricted Payments permitted by
Section 6.08 and Liens permitted by Section 6.02; 
 (vi) Dispositions of assets
resulting from a Casualty Event; 
 (vii) Dispositions of Intellectual Property registered, created or otherwise
existing under the laws of a jurisdiction outside the United States to a Wholly Owned Subsidiary of MK Holdings; 

(viii) liquidation or dissolution of any Subsidiary that is not a Loan Party; 

(ix) the lease and sublease of real property in the ordinary course of business if circumstances reasonably warrant such
lease or sublease; 
 (x) Dispositions of assets among Loan Parties and their Subsidiaries in the ordinary course
of business; 
 (xi) subject to additional limitations on amendments or modifications of agreements set forth
herein, the termination, amendment or modification of agreements in the ordinary course of business or that the Company has reasonably determined in good 

  
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faith is in the best interests of the Loan Parties and their Subsidiaries, provided that such terminations, amendments or modifications could not reasonably be expected to result in a
Material Adverse Effect; 
 (xii) any Resale Transactions to Persons other than Affiliates; 

(xiii) Dispositions of property to the extent that (i) such property is exchanged for credit against the purchase
price of similar replacement property or (ii) the proceeds of such Disposition are promptly applied to the purchase price of such replacement property; 
 (xiv) any transfer of property or assets that represents a surrender or waiver of a contract right or a settlement, surrender or release of a contract or tort claim; provided, that such surrender
or waiver could not reasonably be expected to result in a Material Adverse Effect; 
 (xv) dispositions of
Investments in joint ventures to the extent required by, or made pursuant to customary buy/sell arrangements between, the joint venture parties set forth in joint venture agreements and similar binding agreements; 

(xvi) the unwinding of any Hedging Contract; 

(xvii) if required by applicable law, the sale of the Equity Interests of any Foreign Subsidiary to (A) foreign
nationals to the extent required by applicable law or (B) in order to render eligible under applicable law the members of the governing body of such Foreign Subsidiary; 

(xviii) the lapse or abandonment in the ordinary course of business of any immaterial Intellectual Property; and

 (xix) Dispositions of property to Persons other than Loan Parties and their Subsidiaries not otherwise
permitted under this Section 6.03; provided that (A) the aggregate amount of consideration received from Dispositions made in reliance in this clause (xix) shall not exceed $50,000,000 or the Dollar Equivalent thereof
during the term of this Agreement, (B) no Default or Event of Default shall exist at the time of, or would result from, such Disposition and (C) with respect to any Disposition pursuant to this clause (xix) for a purchase price in
excess of $5,000,000, the applicable Loan Party or Subsidiary shall receive not less than 75% of such consideration in the form of cash or Permitted Investments, provided, however, that for purposes of this clause (C), any liabilities of any Loan
Party or any Subsidiary that are assumed by the transferee with respect to the applicable Disposition and for which such Loan Party or such Subsidiary has been validly released by all applicable creditors in writing, shall be deemed to be cash and
(y) any securities received by any Loan Party or any Subsidiary from such transferee that are converted by such Loan Party or such Subsidiary into cash or Permitted Investments within 180 days following the closing of the applicable
Disposition, shall be deemed to be cash; 
 provided, that if Dispositions pursuant to clause (ii), (xii), (xiv) or
(xix) of this Section 6.03(c) are made to a Person that is not a Loan Party or a Subsidiary, such Dispositions shall be for no less than the fair market value of such property at the time of such Disposition; provided,
further, that 

  
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all Dispositions made pursuant to this Section 6.03 shall be subject to the provisions of Section 2.09 hereof. 

Section 6.04. Investments, Loans, Advances, Guarantees and Acquisitions. Each Loan Party will not, and will not permit any of
its Subsidiaries to, purchase, hold or acquire (including pursuant to any merger with any Person) any capital stock, evidences of indebtedness or other securities (including any option, warrant or other right to acquire any of the foregoing) of,
make or permit to exist any loans or advances to, Guarantee (other than pursuant to the Guarantee Agreement) any obligations of, or make or permit to exist any investment or any other interest in, any other Person, or purchase or otherwise acquire
(in one transaction or a series of transactions) any assets of any other Person constituting a business unit (collectively, “Investments”), except: 

(a) Permitted Investments and Investments that were Permitted Investments when made; 

(b) Investments outstanding on the Effective Date and identified in Schedule 6.04, and any renewals, amendments and
replacements thereof that do not increase the amount thereof (other than in respect of capitalized interest and reasonable expenses); 
 (c) indemnities made and security deposits and surety bonds issued in the ordinary course of business; 
 (d) indemnities made in the Financing Documents; 
 (e) Investments
among the Loan Parties and their Wholly Owned Subsidiaries, including Investments in respect of Indebtedness permitted pursuant to Section 6.01(d) hereof; 

(f) Guarantees made in the ordinary course of business; provided that such Guarantees are not of Indebtedness for
borrowed money except to the extent permitted pursuant to Section 6.01 and otherwise could not in the aggregate reasonably be expected to have a Material Adverse Effect; 

(g) advances, loans or extensions of credit by the Loan Parties or any of their Subsidiaries to officers, directors,
employees and agents of the Loan Parties or any of their Subsidiaries (i) in the ordinary course of business for travel, entertainment, relocation or other similar expenses, (ii) in connection with such Person’s purchase of Qualified
Equity Interests of MK Holdings (or any direct or indirect parent thereof) (provided that the amount of such loans and advances made in cash to such Person shall be contributed to MK Holdings in cash as common equity or Qualified Equity
Interests and shall not exceed $10,000,000 in the aggregate at any time outstanding), (iii) in compliance with all applicable laws not to exceed $2,000,000 in the aggregate at any one time outstanding and (iv) relating to indemnification
or reimbursement of such officers, directors, employees and agents in respect of liabilities relating to their service in such capacities; 
 (h) Investments received in connection with the bankruptcy or reorganization of suppliers and customers or in settlement of delinquent obligations of, and other disputes with, customers and supplier
arising in the ordinary course of business; 
 (i) accounts, chattel paper and notes receivable arising from the
sale or lease of goods or the performance of services in the ordinary course of business; 
 (j) Capital
Expenditures and Liens not prohibited by this Agreement; 

  
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 (k) Investments constituting Derivative Obligations permitted by
Section 6.01 hereof; 
 (l) promissory notes and other non-cash consideration that is permitted to be
received in connection with dispositions permitted by Section 6.03; 
 (m) Permitted Acquisitions and
existing Investments of a Person or business acquired in such Permitted Acquisition so long as such Investment was not made in contemplation of such Acquisition; 

(n) Investments (which, if constituting an Acquisition, shall satisfy all requirements of a Permitted Acquisition) to the
extent that payment for such Investments is made solely with Qualified Equity Interests of MK Holdings (or any direct or indirect parent thereof) or the IPO Entity; 

(o) Investments held by a Subsidiary acquired after the Effective Date or of a Person merged into a Loan Party or any
Subsidiary of a Loan Party, in either case, in a transaction permitted by Section 6.03 after the Effective Date to the extent such Investments were not made in contemplation of or in connection with such acquisition, merger or
consolidation and were in existence on the date of such acquisition, merger or consolidation; 
 (p) other
Investments (which, if constituting an Acquisition, shall satisfy all requirements of a Permitted Acquisition) in an aggregate amount at any time outstanding not to exceed $10,000,000 (the amount of any such Investment being deemed to be the cost of
such Investment at the time made or acquired, but giving effect to any deferred purchase price component); 
 (q)
so long as no Default or Event of Default shall have occurred and be continuing or would result therefrom, time other Investments (which, if constituting an Acquisition, shall satisfy all requirements of a Permitted Acquisition) in an aggregate
amount not to exceed the Available Amount at such time; 
 (r) loans and advances to any direct or indirect
parent of MK Holdings in lieu of, and not in excess of the amount (after giving effect to any other loans, advances or Restricted Payments in respect thereof), Restricted Payments to the extent permitted to be made to such direct or indirect parent
in accordance with Section 6.06(d), (e) or (f); and 
 (s) Investments for which
no consideration is provided by any Loan Party or any Subsidiary. 
 For purposes of compliance with this Section 6.04, the amount
of any Investment shall be the amount initially invested, without adjustment for subsequent increases or decreases in the value of such Investment, less any amount paid, repaid, returned, distributed or otherwise received in cash in respect of such
Investment; provided, that the amount of any Acquisition shall be determined in accordance with the parameters established in the definition of Permitted Acquisition. 
 Section 6.05. Prepayment or Modification of Indebtedness; Modification of Operating Documents. (a) Each Loan Party will not, and will not permit any of its Subsidiaries to, directly or
indirectly voluntarily prepay, redeem, purchase or retire any Subordinated Indebtedness in violation of the subordination terms applicable thereto. 
 (b) Each Loan Party will not, and will not permit any of its Subsidiaries to, modify, amend or alter any document evidencing or governing any Indebtedness existing on the date hereof or

  
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providing for any Guarantee or other right in respect thereof (including but not limited to the Wells Factoring Agreement) in a manner which could reasonably be expected to have a Material
Adverse Effect or would otherwise be materially disadvantageous to the Lenders, and shall not modify, amend or alter any subordination provisions contained in any such documents. 

(c) Each Loan Party will not, and will not permit any of its Subsidiaries to, modify, amend or alter their operating
agreements, certificates or articles of incorporation or other organic documents in a manner which could reasonably be expected to have a Material Adverse Effect or would otherwise be materially disadvantageous to the Lenders. 

Section 6.06. Restricted Payments. Each Loan Party will not, and will not permit any of its Subsidiaries to, declare or make,
or agree to pay or make, directly or indirectly, any Restricted Payment, except: 
 (a) each Loan Party and
Subsidiary may declare and pay dividends with respect to its Equity Interests payable solely in additional Qualified Equity Interests of such Person; 
 (b) Loan Parties (other than MK Holdings) and Subsidiaries of the Loan Parties may declare and pay dividends and make other Restricted Payments ratably with respect to their Equity Interests; 

(c) redemptions or repurchases of Equity Interests (i) deemed to occur upon exercise of options or warrants or
similar rights by the delivery of Equity Interests in satisfaction of the exercise price such options or warrants or similar rights or (ii) in consideration of withholding or similar taxes payable by any future, present or former employee,
director, manager or consultant (or any spouses, former spouses, successors, executors, administrators, heirs, legatees or distributees of any of the foregoing); 

(d) the Company or MK Holdings (i) may redeem, acquire, retire or repurchase Equity Interests of MK Holdings (or make
Restricted Payments to allow any direct or indirect parent thereof to redeem, acquire, retire or repurchase its Equity Interests) held by any future, present or former employee, director, consultant or distributor (or any spouses, former spouses,
descendants, successors, executors, administrators, heirs, legatees or distributees of any of the foregoing) of any Loan Party or any Subsidiary (or any direct or indirect parent of MK Holdings) upon the death, disability, retirement or termination
of employment of any such Person or otherwise in accordance with any employee or director equity plan, employee or director stock option plan or any other employee or director benefit plan or any agreement (including any stock subscription or
shareholder agreement) with any employee, director, officer, consultant or distributor of any Loan Party (or any direct or indirect parent thereof); provided, that the aggregate amount paid under this clause (d)(i) shall not exceed
(A) $9,500,000 in connection with the repurchase of stock options in connection with the Equity/Restructuring Transactions and (B) otherwise $7,500,000 in any fiscal year of the Company (with unused amounts in any fiscal year being carried
over to the immediately succeeding fiscal year but not for any other subsequent fiscal year) and (ii) may redeem, acquire, retire or repurchase Equity Interests of MK Holdings (or make Restricted Payments to allow any direct or indirect parent
thereof to redeem, acquire, retire or repurchase its Equity Interests) held by John Idol (or any spouse, former spouse, successor, executor, administrator, heir, legatee or distributee of John Idol) as is required under Section 8(c) of the Idol
Employment Agreement; provided, that (x) no Restricted Payment shall be made pursuant to this clause (d)(ii) unless, after giving effect thereto, the Loan Parties shall be in compliance with the covenant set forth in
Section 6.10 on a Pro Forma Basis as of the end of the most recently completed Test Period for which financial statements have been delivered pursuant to Section 

  
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5.01(a) or (b) and (y) the aggregate amount of all Restricted Payments made pursuant to this clause (d)(ii) shall not exceed $150,000,000 during the term of this
Agreement. 
 (e) so long as no Event of Default exists or would result therefrom, MK Holdings may declare and
pay dividends in an aggregate amount not to exceed $15,000,000 during any fiscal year of the Company; 
 (f) MK
Holdings may make Restricted Payments in cash to a direct parent thereof: 
 (i) the proceeds of which shall be
used by such parent to pay (or to make Restricted Payments to allow any direct or indirect parent of thereof to pay) its operating expenses incurred in the ordinary course of business and other corporate overhead costs and expenses (including
administrative, legal, accounting and similar expenses payable to third parties and fees, franchise and similar taxes and expenses required to maintain its existence and comply with applicable laws) that are reasonable and customary and incurred in
the ordinary course of business and attributable to the ownership and operation of MK Holdings and its Subsidiaries, in an aggregate amount together with the aggregate amount of loans and advances to such parent made pursuant to
Section 6.04(r) in lieu of Restricted Payments permitted by this clause (f)(i) not to exceed (x) $2,000,000 in any fiscal year occurring prior to the year in which an IPO occurs and (y) $4,000,000 in any fiscal year occurring
in the year in which an IPO occurs and in each fiscal year thereafter, plus, in each case, any reasonable and customary indemnification claims made by directors or officers of such parent (or any parent thereof) attributable to the ownership
or operations of MK Holdings and its Subsidiaries; or 
 (ii) the proceeds of which shall be used to pay (or to
make Restricted Payments to allow any direct or indirect parent thereof to pay) fees and expenses related to any unsuccessful equity offering of MK Holdings or of an IPO Entity. 

(g) any Loan Party or any Subsidiary may pay cash in lieu of any fractional Equity Interest in connection with any
dividend, split or combination thereof or any Permitted Acquisition; and 
 (h) so long as no Default or Event of
Default shall have occurred and be continuing or would result therefrom, additional Restricted Payments in an amount not to exceed the Available Amount at the time such Restricted Payment is made. 

Section 6.07. Transactions with Affiliates. Each Loan Party will not, and will not permit any of its Subsidiaries to, sell,
lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates, except: 

(a) at prices and on other financial terms and conditions not less favorable to the Loan Party or such Subsidiary than
could be obtained on an arm’s-length basis from unrelated third parties; 
 (b) transactions between or
among the Loan Parties and their Subsidiaries (or any Person that becomes a Subsidiary as a result of such transaction) permitted or not restricted by the Financing Documents; 

(c) any Restricted Payment permitted by Section 6.06 and Investments permitted by Section 6.04;

  
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 (d) fees and compensation paid (including through the issuance of Equity
Interests in MK Holdings or any direct or indirect parent thereof) and benefits provided to, and customary indemnity and reimbursement provided on behalf of, officers, directors, employees, agents or consultants of the Loan Parties or any of their
Subsidiaries; 
 (e) employment and severance arrangements entered into by the Loan Parties or any of their
Subsidiaries in the ordinary course of business and transactions pursuant to any employee or director equity plan, employee or director stock option plan or any other employee or director benefit plan; provided that any payments made under such
agreements or plans are made in compliance with this Agreement; and 
 (f) any agreement, instrument or
arrangement as in effect on the Effective Date and set forth on Schedule 6.07, and any amendment, supplement or other modification thereto, so long as any such amendment, supplement or modification is not adverse to the Lenders in any
material respect as compared to the terms of the applicable agreement, instrument or arrangement as in effect on the Effective Date. 
 Section 6.08. Restrictive Agreements. Each Loan Party will not, and will not permit any of its Subsidiaries to, directly or indirectly, enter into, incur or permit to exist any agreement or
other arrangement that prohibits, restricts or imposes any condition upon (a) the ability of the Loan Party or any Subsidiary to create, incur or permit to exist any Lien upon any of its property or assets, or (b) the ability of any
Subsidiary to pay dividends or other distributions with respect to any shares of its capital stock or to make or repay loans or advances to the Loan Party or any other Subsidiary or to Guarantee Indebtedness of the Loan Party or any other
Subsidiary; provided that (i) the foregoing clauses (a) and (b) shall not apply to restrictions and conditions imposed by law or by any of the Financing Documents, (ii) the foregoing shall not apply to restrictions and
conditions existing on the date hereof identified on Schedule 6.08 (but shall apply to any amendment, modification, renewal or extension expanding the scope of any such restriction or condition), (iii) the foregoing shall not apply to
customary restrictions and conditions contained in agreements relating to the sale of a Subsidiary or any asset pending such sale, provided such restrictions and conditions apply only to the Subsidiary or asset that is to be sold and such
sale is permitted hereunder, (iv) clause (a) of the foregoing shall not apply to restrictions or conditions imposed by any agreement relating to Liens permitted by this Agreement if such restrictions or conditions apply only to the
property or assets subject to such permitted Lien, (v) clause (a) of the foregoing shall not apply to customary provisions in leases, licenses and other contracts restricting the assignment thereof or subleasing or sublicensing in
connection therewith, (vi) the foregoing shall not apply to (x) restrictions and conditions binding on a Subsidiary at the time such Subsidiary first becomes a Subsidiary, so long as such restrictions or conditions were not entered into
solely in contemplation of such Person becoming a Subsidiary and (y) any amendment, modification or renewal of a restriction permitted by clause (vi)(x) or any agreement evidencing such restriction or condition so long as such amendment,
modification or renewal does not expand the scope of such restriction or condition and (vi) the foregoing shall not apply to customary provisions in joint venture agreements and other similar agreements applicable to joint ventures permitted
under Section 6.04. 
 Section 6.09. [Reserved]. 

Section 6.10. Consolidated Fixed Charge Coverage Ratio. The Loan Parties shall not allow the Consolidated Fixed Charge
Coverage Ratio for any Test Period to be less than 2.00 to 1.00. 
 Section 6.11. Capital Expenditures. The Loan
Parties shall not permit Capital Expenditures net of Tenant Improvements (including Capital Expenditures pursuant to Section 6.01(c) but not including Capital Expenditures made with the Net Proceeds of Casualty Events) for any fiscal
year (or 

  
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partial fiscal year, as applicable) to exceed $110,000,000 (the “Capital Expenditure Allowance”) plus the Available Amount; provided, if, during any fiscal year, Capital
Expenditures (net of Tenant Improvements) are less than the Capital Expenditure Allowance, an amount equal to the lesser of (i) the difference between the Capital Expenditure Allowance and the actual Capital Expenditures (net of Tenant
Improvements) for such fiscal year and (ii) 50% of the Capital Expenditure Allowance (such lesser amount being referred to as the “Excess Capital Expenditure Allowance”) may be carried forward so as to increase the maximum
Capital Expenditure Allowance for the immediately succeeding fiscal year (or partial fiscal year, as applicable) but not for any other subsequent fiscal year (or partial fiscal year, as applicable). It is understood that Capital Expenditures (net of
Tenant Improvements) made in any such succeeding fiscal year (or partial fiscal year, as applicable) (i) shall be applied first to the Excess Capital Expenditure Allowance carried forward, and shall then be applied to the maximum Capital
Expenditure Allowance (net of Tenant Improvements) until such maximum is exhausted and (ii) shall not exceed $125,000,000, including after giving effect to the Excess Capital Expenditure Allowance. The Loan Parties shall list the amount of any
Tenant Improvements made during the applicable period on the certificates delivered by the Loan Parties to the Administrative Agent and the Lenders pursuant to Section 5.01(d) hereof. 

ARTICLE VII 

Events of Default 
 Section 7.01. Events of Default. If any of the following events (“Events of Default”) shall occur: 

(a) any Borrower shall fail to pay any principal of any Loan or any reimbursement obligation in respect of any LC
Disbursement when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise; 
 (b) any Borrower shall fail to pay any interest on any Loan, the Revolving Credit Commitment Fee, or any other fee or any other amount (other than an amount referred to in clause (a) of this
Section 7.01) payable under this Agreement or any other Financing Document, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of three (3) Business Days; 

(c) any representation or warranty made or deemed made by or on behalf of any Borrower or any Guarantor in the Financing
Documents, or in any report, certificate, financial statement or other document furnished pursuant to the Financing Documents, shall prove to have been incorrect in any material respect as of the date when made or deemed made; 

(d) any Borrower shall fail to observe or perform any covenant, condition or agreement contained in
(i) Section 5.04 (with respect to audits), 5.05, 5.09 (with respect to any Borrower’s existence) or 5.10(c) or in Article VI; (ii) Sections 5.01, 5.02, 5.07 and 5.11
hereof, and in each such case under this clause (ii), such failure shall continue unremedied for a period of three (3) Business Days; 
 (e) any Borrower or any Guarantor has failed to observe or perform any covenant, condition or agreement contained in this Agreement (other than those specified in clause (a), (b) or (d) of this
Article) or any other Financing Document, and such failure shall continue unremedied for a period of 30 days after a Responsible Officer of such Borrower or Guarantor shall have become aware thereof; 

  
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 (f) (i) any Loan Party or any of their Subsidiaries shall fail to make any
payment (whether of principal or interest and regardless of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable (after giving effect to any applicable grace period) or (ii) any event or condition
occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables or permits (with all applicable grace periods having expired) the holder or holders of any Material Indebtedness or any trustee or agent on
its or their behalf to cause any Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity, provided that this clause (ii) shall not apply to secured
Indebtedness that becomes due as a result of the sale, transfer or other disposition (including as a result of a casualty or condemnation event) of the property or assets securing such Indebtedness (to the extent such sale, transfer or other
disposition is not prohibited under this Agreement; 
 (g) an involuntary proceeding shall be commenced or an
involuntary petition shall be filed seeking (i) liquidation, reorganization, arrangement, administration or other relief in respect of the Company or any other Loan Party or Material Subsidiary or its debts, or of a substantial part of its
assets, under any Federal, state, provincial or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, administrator, custodian, monitor, sequestrator, liquidator,
conservator or similar official for the Company or any other Loan Party of Material Subsidiary or for a substantial part of its assets, and, in any such case, such proceeding or petition shall be immediately and diligently and continuously contested
and continue undismissed for 90 days or an order or decree approving or ordering any of the foregoing shall be entered; 
 (h) the Company or any other Loan Party or Material Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization, arrangement, administration or
other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or
petition described in clause (g) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, administrator, custodian, monitor, sequestrator, liquidator, conservator or similar official for the Company or any
Subsidiary or Guarantor or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or
(vi) take any action for the purpose of effecting any of the foregoing; 
 (i) one or more judgments for the
payment of money in an aggregate amount in excess of $10,000,000 (to the extent not covered by insurance as to which the insurer has been notified of such judgment and has not denied coverage) shall be rendered against the Company, any other Loan
Party or any Subsidiary or any combination thereof and the same shall remain undischarged for a period of 45 consecutive days during which execution shall not be effectively stayed, or any judgment creditor shall legally attach or levy upon any
assets that are material to the business of the Loan Parties, taken as a whole, to enforce any such judgment; 

(j) an ERISA Event shall have occurred that, in the reasonable opinion of the Required Lenders, when taken together with
all other ERISA Events that have occurred, could reasonably be expected to result in a liability, lien and/or security interest which would have a Material Adverse Effect; 

(k) a Change in Control shall occur; 

(l) any material provision of any Financing Document shall for any reason cease to be, or shall be asserted by any Loan
Party or Subsidiary obligated thereunder not to be, a legal, valid 

  
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and binding obligation of such Loan Party or Subsidiary, including the improper filing by such Loan Party or Subsidiary of an amendment or termination statement relating to a filed financing
statement describing the Collateral, or any Lien on any material portion of the Collateral purported to be created by any of such Financing Documents shall for any reason cease to be, or be asserted by any Loan Party or Subsidiary granting any such
Lien not to be, a valid, first priority perfected Lien (except to the extent otherwise permitted under any of the Financing Documents), except as a result of the Disposition of the applicable Collateral in a transaction permitted under the Financing
Documents; 
 (m) a BVI Insolvency Event shall occur; 

(n) a Swiss Insolvency Event shall occur; 

(o) MK Holdings or any of its Subsidiaries shall have been notified that any of them has, in relation to a Foreign Pension
Plan, incurred a debt or other liability under section 75 or 75A of the United Kingdom Pensions Act 1995, or has been issued with a contribution notice or financial support direction (as those terms are defined in the Pensions Act 2004), or
otherwise is liable to pay any other amount in respect of Foreign Pension Plans which, in any such case, could reasonably be expected to have a Material Adverse Effect; 

(p) a UK Insolvency Event shall occur in respect of any UK Relevant Entity; 

(q) any Canadian Borrower shall fail to make a payment pursuant to a requirement from the Minister of National Revenue for
payment pursuant to Section 224 or any successor section of the ITA or Section 317, or any successor section of the Excise Tax Act (Canada) or any comparable provision of similar legislation shall have been received by the Administrative
Agent or any Lender or any other Person in respect of any Canadian Borrower or otherwise issued in respect of any Canadian Borrower involving an amount in excess of $10,000,000; provided that no Event of Default shall be deemed to have
occurred so long as any such requirement for payment is contested in good faith and by appropriate proceedings promptly initiated and diligently conducted, and a reserve or other appropriate provision, if any, as shall be required by GAAP shall have
been made therefor; or 
 (r) there is (i) a negative change in the funded status of any Canadian Pension
Plan that could reasonably be expected to have a Material Adverse Effect; (ii) an event that could effect the status or registration of a Canadian Pension Plan or a Canadian Benefit Plan or to the knowledge of the Borrowers, a Canadian
Multiemployer Pension Plan, under the ITA that could reasonably be expected have a Material Adverse Effect; (iii) a failure of any responsible Borrower or Subsidiary to satisfy any funding requirement of any Canadian Pension Plan when due if
such failure could reasonably be expected to have a Material Adverse Effect; and, (iv) receipt by a Borrower or Subsidiary of notice of withdrawal liability in respect of a Canadian Multiemployer Pension Plan that could reasonably be expected
to have a Material Adverse Effect. 
 then, and in every such event (other than an event with respect to the Company or any Loan Party or
Material Subsidiary described in clause (g) or (h) of this Article), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Company,
take any one or more of the following actions, at the same or different times: (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately, (ii) declare the Loans then outstanding to be due and payable in whole
(or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and
all fees and other obligations of the Loan Parties accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby

  
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waived by the Loan Parties, (iii) require that the Loan Parties deposit cash collateral to the extent of the LC Exposure; and in case of any event with respect to the Loan Parties or any
Subsidiary described in clause (g) or (h) of this Article, the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Loan
Parties accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Loan Parties. Upon the occurrence and during the continuance of an Event
of Default, the Administrative Agent and/or the Collateral Agent may, and at the request of the Required Lenders shall, exercise any rights and remedies provided to such Agent under the Financing Documents or at law or equity, including all remedies
provided under any applicable Uniform Commercial Code or PPSA. 
 ARTICLE VIII 

The Administrative Agent and the Collateral Agent 
 Each of the Lenders and the Issuing Bank hereby irrevocably appoints the Administrative Agent as its administrative agent and the Collateral Agent as its collateral agent and authorizes the Administrative
Agent and the Collateral Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent and the Collateral Agent by the terms hereof and the other Financing Documents, together with such actions and
powers as are reasonably incidental thereto. 
 Each of the institutions serving as the Administrative Agent and Collateral
Agent hereunder and under the other Financing Documents shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though they were not the Administrative Agent and Collateral Agent and such
institutions and their Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the Loan Parties or any Subsidiary or other Affiliate thereof as if they were not the Administrative Agent and Collateral
Agent hereunder. 
 The Administrative Agent and Collateral Agent shall not have any duties or obligations except those
expressly set forth herein or in the other Financing Documents. Without limiting the generality of the foregoing, (a) the Administrative Agent and Collateral Agent shall not be subject to any fiduciary or other implied duties, regardless of
whether a Default has occurred and is continuing, (b) the Administrative Agent and Collateral Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly
contemplated hereby or thereby that the Administrative Agent and Collateral Agent are required to exercise in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as
provided in Section 9.02 hereof), and (c) except as expressly set forth herein, the Administrative Agent and Collateral Agent shall not have any duty to disclose, and shall not be liable for any failure to disclose, any information
relating to the Loan Parties or any Subsidiaries that is communicated to or obtained by the institutions serving as Administrative Agent and Collateral Agent or any of their Affiliates in any capacity. The Administrative Agent and Collateral Agent
shall not be liable for any action taken or not taken by them with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in
Section 9.02 hereof) or in the absence of their own gross negligence or willful misconduct. The Administrative Agent and Collateral Agent shall be deemed not to have knowledge of any Event of Default unless and until written notice
thereof is given to the Administrative Agent or Collateral Agent (as the case may be) by the Company or a Lender, and neither the Administrative Agent nor Collateral Agent shall be responsible for or have any duty to ascertain or inquire into
(i) any statement, warranty or representation made in or in connection with this Agreement, (ii) the contents of any certificate, report or other document delivered hereunder or in connection herewith, (iii) the performance or
observance of any 

  
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of the covenants, agreements or other terms or conditions set forth herein, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement or any other agreement,
instrument or document, or (v) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent or Collateral Agent (as the case
may be). 
 The Administrative Agent and Collateral Agent shall be entitled to rely upon, and shall not incur any liability for
relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper Person. The Administrative Agent and Collateral Agent also may rely
upon any statement made to them orally or by telephone and believed by them to be made by the proper Person, and shall not incur any liability for relying thereon. The Administrative Agent and Collateral Agent may consult with legal counsel (who may
be counsel for the Company), independent accountants and other experts selected by them, and shall not be liable for any action taken or not taken by them in accordance with the advice of any such counsel, accountants or experts. 

The Administrative Agent and Collateral Agent may perform any and all of their duties and exercise their rights and powers by or through
any one or more sub-agents appointed by them (including either Agent as sub-agent of one another). The Administrative Agent and Collateral Agent and any such sub-agent may perform any and all of their duties and exercise their rights and powers
through their respective Related Parties. The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and Collateral Agent and any such sub-agent, and shall apply to
their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent and Collateral Agent. 
 With respect to the release of Collateral, the Lenders hereby irrevocably authorize and direct the Collateral Agent to release any Lien granted to or held by it upon any property covered by this Agreement
or the other Financing Documents (i) upon termination or expiration of the Commitments, the payment and satisfaction of all obligations arising with respect to the Loans (other than contingent obligations for indemnification), all fees and
expenses reimbursable under the Financing Documents, the expiration or termination of all the Letters of Credit and the reimbursement of all LC Disbursements; (ii) constituting property being sold or disposed of in compliance with the
provisions of the Financing Documents (and the Collateral Agent may rely in good faith conclusively on any certificate stating that the property is being sold or disposed of in compliance with the provisions of the Financing Documents, without
further inquiry); (iii) subject to Section 9.02, if the release of such Lien is approved, authorized or ratified in writing by the Required Lenders (or such greater number of Lenders as may be required by Section 9.02);
or (iv) if the property subject to such Lien is owned by a Guarantor, upon release of such Guarantor from its obligations under its Guaranty pursuant to Section 9.16; provided, however, that (x) the Collateral
Agent shall not be required to execute any release on terms which, in its reasonable opinion, could be expected to subject it to liability or create any material obligation or entail any consequence other than the release of such Liens without
recourse or warranty, and (y) in the case of clause (ii) above, such release shall not in any manner discharge, affect or impair any Liens upon any interests in Collateral retained , including (without limitation) the proceeds of the sale,
all of which shall continue to constitute part of the property covered by the Financing Documents. 
 With respect to perfecting
security interests in Collateral which, in accordance with Article 9 of the Uniform Commercial Code or any comparable provision of a PPSA or any other Lien perfection statute in any applicable jurisdiction, can be perfected by possession or control,
each Lender hereby appoints each other Lender its agent for the purpose of perfecting such interest. Should any Lender (other than the Administrative Agent or the Collateral Agent) obtain possession or control of any such Collateral, such Lender
shall notify the Collateral Agent, and, promptly upon the Collateral Agent’s 

  
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request, shall deliver such Collateral to the Collateral Agent or in accordance with the Collateral Agent’s instructions. Each Lender agrees that it will not have any right individually to
enforce or seek to enforce this Agreement or any other Financing Document or to realize upon any Collateral for the Loans, it being understood and agreed that such rights and remedies may be exercised only by or with the approval of the Agents.

 In the event that a petition seeking relief under Title 11 of the United States Code or any other Federal, state or foreign
bankruptcy, insolvency, liquidation or similar law is filed by or against the Company or any other Person obligated under the Financing Documents, the Administrative Agent is authorized, to the fullest extent permitted by applicable law, to file a
proof of claim on behalf of itself and the Lenders in such proceeding for the total amount of obligations owed by such Person. With respect to any such proof of claim which the Administrative Agent may file, each Lender acknowledges that without
reliance on such proof of claim, such Lender shall make its own evaluation as to whether an individual proof of claim must be filed in respect of such obligations owed to such Lender and, if so, take the steps necessary to prepare and timely file
such individual claim. 
 Subject to the appointment and acceptance of a successor Administrative Agent (with the consent of the
Company, such consent not to be unreasonably withheld, except that no such consent shall be required upon the occurrence and during the continuance of an Event of Default) or successor Collateral Agent (as the case may be) as provided in this
paragraph, the Administrative Agent or Collateral Agent (as the case may be) may resign at any time by notifying the Lenders, the Issuing Bank and the Company, provided that such resignation shall not affect the rights of the Collateral Agent
pursuant to the Parallel Debt and the Collateral Agent shall continue to hold such rights until the effective assignment thereof by the Collateral Agent to a successor agent. Upon any such resignation, the Required Lenders shall have the right, with
the approval of the Company (not to be unreasonably withheld, except that no such approval shall be required upon the occurrence and continuance of an Event of Default), to appoint a successor. If no successor shall have been so appointed by the
Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent or Collateral Agent gives notice of its resignation, then the retiring Administrative Agent or Collateral Agent may, on behalf of the
Lenders and the Issuing Bank with the approval of the Company (not to be unreasonably withheld, except that no such approval shall be required upon the occurrence and continuance of an Event of Default), appoint a successor Administrative Agent or
Collateral Agent (as the case may be) which shall be a bank with an office in New York, New York, or an Affiliate of any such bank with such an office. Upon the acceptance of its appointment as Administrative Agent or Collateral Agent hereunder by a
successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent or Collateral Agent (as the case may be), and the retiring Administrative Agent or Collateral Agent
shall be discharged from its duties and obligations hereunder. The fees payable by the Company to a successor Administrative Agent or Collateral Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Company
and such successor. After the Administrative Agent’s or Collateral Agent’s resignation hereunder, the provisions of this Article and Section 9.03 hereof shall continue in effect for the benefit of such retiring Administrative
Agent or Collateral Agent, their sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while it was acting as Administrative Agent or Collateral Agent. The Collateral Agent will
reasonably cooperate in assigning its rights under the Parallel Debt to any such successor agent and will reasonably cooperate in transferring all rights under any Dutch security document or any Curaçao security document (as the case may be)
to such successor agent. 
 Each Lender acknowledges that it has, independently and without reliance upon the Administrative
Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without
reliance upon the Administrative Agent or any other 

  
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Lender and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this
Agreement, any related agreement or any document furnished hereunder or thereunder. Each Lender acknowledges the potential conflict of interest of each other Lender as a result of Lenders holding disproportionate interests in the Loans, and
expressly consents to and waives any claim based upon such conflict of interest. 
 Foreign Collateral Provisions

 Each Loan Party hereby irrevocably and unconditionally undertakes (such undertaking and the obligations and liabilities
which are a result thereof, hereinafter being referred to as its “Parallel Debt”) to pay to the Collateral Agent an amount equal to, and in the currency of, the aggregate amount payable by it now or in the future to any Lender and/or the
Agents (other than the Collateral Agent) under any Financing Document, other than its Parallel Debt (the “Principal Obligations”) in accordance with the terms and conditions of such Principal Obligations. The Parallel Debt of each
Loan Party shall become due and payable as and when its Principal Obligations become due and payable. An Event of Default in respect of the Principal Obligations shall constitute a default (verzuim) within the meaning of section 3:248
Netherlands Civil Code or section 3:248 Curaçao Civil Code (as the case may be) with respect to the Parallel Debt without any further notice being required. 
 Each party to this Agreement acknowledges that (i) the Parallel Debt of each Loan Party (a) constitutes an undertaking, obligation and liability of such Loan Party to the Collateral Agent (in
its personal capacity and not in its capacity as agent) which is separate and independent from, and without prejudice to, its Principal Obligations and (b) represents the Collateral Agent’s own claim to receive payment of such Parallel
Debt from such Loan Party and (ii) the Collateral created under the Financing Documents governed by Dutch or Curaçao law (as the case may be) to secure the Parallel Debt is granted to the Collateral Agent in its capacity as sole creditor
of the Parallel Debt. 
 Each party to this Agreement agrees that (i) the Parallel Debt of each Loan Party shall be
decreased if and to the extent that such Loan Party’s Principal Obligations have been paid, or in the case of guarantee obligations, discharged, (ii) the Principal Obligations of each Loan Party shall be decreased if and to the extent that
such Loan Party’s Parallel Debt has been paid, or in the case of guarantee obligations, discharged, and (iii) the amount payable under the Parallel Debt of each Loan Party shall at no time exceed the amount payable under such Loan
Party’s Principal Obligations. 
 Any amount received or recovered by the Collateral Agent in respect of a Parallel Debt
(including, but not limited to, enforcement proceeds) shall be applied in accordance with the terms of this Agreement subject to limitations (if any) expressly provided for in any other Financing Document. 

Each Borrower, on its behalf and on behalf of its Subsidiaries, and each Lender, on its behalf and on the behalf of its affiliated
Secured Parties, hereby irrevocably constitute the Collateral Agent as the holder of an irrevocable power of attorney (fondé de pouvoir within the meaning of Article 2692 of the Civil Code of Québec) in order to hold hypothecs
and security granted by each Borrower or any Subsidiary on property pursuant to the laws of the Province of Quebec to secure obligations of any Borrower or any Subsidiary under any bond, debenture or similar title of indebtedness issued by any
Borrower or any Subsidiary in connection with this Agreement, and agree that the Collateral Agent may act as the bondholder and mandatary with respect to any bond, debenture or similar title of indebtedness that may be issued by any Borrower or any
Subsidiary and pledged in favor of the Secured Parties in connection with this Agreement. Notwithstanding the provisions of Section 32 of the An Act respecting the special powers of legal persons (Quebec), Wells Fargo Bank, National Association
(successor by merger to Wells Fargo Trade Capital, LLC), as Collateral Agent, may acquire and be the holder of any 

  
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bond issued by any Borrower or any Subsidiary in connection with this Agreement (i.e., the fondé de pouvoir may acquire and hold the first bond issued under any deed of hypothec by
any Borrower or any Subsidiary). 
 The parties hereto acknowledge and agree for the purposes of taking and ensuring the
continuing validity of German law governed pledges (Pfandrechte) with the creation of parallel debt obligations of the Company and its Subsidiaries as will be further described in a separate German law governed parallel debt undertaking. The
Collateral Agent shall (i) hold such parallel debt undertaking as fiduciary agent (Treuhänder) and (ii) administer and hold as fiduciary agent (Treuhänder) any pledge created under a German law governed Collateral
Document which is created in favor of any Secured Party or transferred to any Secured Party due to its accessory nature (Akzessorietät), in each case in its own name and for the account of the Secured Parties. Each Lender (on behalf of
itself and its affiliated Secured Parties) hereby authorizes the Collateral Agent to enter as its agent in its name and on its behalf into any German law governed Collateral Document, accept as its agent in its name and on its behalf any pledge or
other creation of any accessory security right in relation to this Agreement and to agree to and execute on its behalf as its representative in its name and on its behalf any amendments, supplements and other alterations to any such Collateral
Document and to release on behalf of any such Lender or Secured Party any such Collateral Document and any pledge created under any such Collateral Document in accordance with the provisions herein and/or the provisions in any such Collateral
Document. 
 Each Secured Party (other than the Collateral Agent) appoints the Collateral Agent to act as its agent under and in
connection with the Swiss Collateral Documents. Each Secured Party authorises the Collateral Agent to exercise the rights, powers, authorities and discretions specifically given to the Collateral Agent under or in connection with the Financing
Documents, together with any other incidental rights, powers, authorities and discretions. In particular and with regard to the Swiss Collateral Documents governed by Swiss law, each Secured Party appoints and authorises the Collateral Agent:
(i) to enter into each Swiss Collateral Document that is non accessory (nicht-akzessorisch) in nature (such as a Swiss claims assignment agreement) in its own name, but for the benefit of the other Secured Parties; and (ii) to enter
into each Swiss Collateral Document that is accessory (akzessorisch) in nature (such as the Swiss Quota Pledge Agreement) for itself and for and on behalf of the other Secured Parties as direct representative (direkter Stellvertreter)
and each of the Secured Parties and the Borrowers acknowledge that each Secured Party (including, without limitation, any new Lender) will be a party to such Swiss Collateral Document. Each of the parties to this Agreement agrees that the Collateral
Agent shall have only those duties, obligations and responsibilities expressly specified in this Agreement or in the other Financing Documents (and no others shall be implied). Unless provided to the contrary in any Swiss Collateral Document, each
Secured Party hereby requests the Collateral Agent to acquire and the Collateral Agent declares that it shall hold the security interest granted thereunder, and all other rights, title and interests in, to and under the Financing Documents to which
it is a party and expressed to be a trustee and all proceeds of enforcement under such security interest and of such Financing Documents, in trust for the Secured Parties on the terms contained in this Agreement. To the extent that the trust
relationship as such is not recognised by Swiss law, it shall be interpreted to be (i) a principal agent relationship (Treuhandverhältnis) in the case of each Swiss Collateral Document that is non accessory
(nicht-akzessorisch) in nature (such as a Swiss claims assignment agreement) or (ii) a direct representative relationship (direkte Stellvertretung) in the case of each Swiss Collateral Document that is accessory
(akzessorisch) in nature (such as the Swiss Quota Pledge Agreement). 

  
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 ARTICLE IX 
 Miscellaneous 
 Section 9.01. Notices. (a) Except in the
case of notices and other communications expressly permitted to be given by telephone (and subject to paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight
courier service, mailed by certified or registered mail or sent by telecopy or electronic mail, as follows: 
 (i) if to any Borrower (other than MKE or MK Switzerland), to it at (A) 11 West 42nd Street, New York, New York 10036, Attention of Lee Sporn, Senior Vice President, General Counsel and Secretary
(Telecopy No. 646-354-4834) and (B) 333 Meadowlands Parkway, 4th Floor, Secaucus, NJ 07094, Attention of Joseph B. Parsons, Chief Financial Officer (Telecopy No. 646-354-4969); 

(ii) if to the Administrative Agent, (A) in the case of Borrowings by the Company denominated in
U.S. Dollars, to JPMorgan Chase Bank, N.A., 10 South Dearborn, Chicago, Illinois 60603, Attention of Nikki Gilmore (Telecopy No. (312) 385-7101), (B) in the case of Borrowings denominated in Canadian Dollars, to JPMorgan Chase Bank, N.A.,
10 South Dearborn, Chicago, Illinois 60603, Attention of Nikki Gilmore (Telecopy No. (312) 385-7101) and (C) in the case of Borrowings by any Foreign Subsidiary Borrower or Borrowings denominated in Alternative Currencies (other than
Borrowings denominated in Canadian Dollars), to J.P. Morgan Europe Limited, 125 London Wall, London EC2Y 5AJ, Attention of Loans Agency (Telephone No. 44-207-777-3092) (Telecopy No. 44-207-777-2360) (Email
loan_and_agency_london@jpmorgan.com), and in each case with a copy to JPMorgan Chase Bank, N.A., 270 Park Avenue,
43rd Floor, New York, NY 10017, Attention of James A.
Knight (Telecopy No. (646) 534-3081); 
 (iii) if to the Issuing Bank, to it at JPMorgan Chase Bank, N.A.,
131 South Dearborn, IL1-0236, Chicago, IL 60603, Attention of Katherine Moses (Telecopy No. (312) 233-2266)); 
 (iv) if to the Swingline Lender, to it at to JPMorgan Chase Bank, N.A., 10 South Dearborn, Chicago, Illinois 60603, Attention of Nikki Gilmore (Telecopy No. (312) 385-7101), with a copy to J.P.
Morgan Europe Limited, 125 London Wall, London, EC2Y 5 AJ, Attn: Loans Agency (Telephone No. 44-207-777-3092) (Telecopy No. 44-207-777-2360) (Email loan_and_agency_london@jpmorgan.com); 

(v) if to the Collateral Agent, to Wells Fargo Bank, National Association, 100 Park Avenue, 3rd Floor, New York, New York 10017, Attention of Tania M. Isabella,
Vice President (Telecopy No. 866-592-3409); 
 (vi) if to any other Lender, to it at its address (or
telecopy number) set forth in its Administrative Questionnaire; 
 (vii) if to MKE or MK Switzerland, to it at
c/o Equity Trust Co. N.V., Strawinskylaan 3105, Atrium 7th Floor, 1077 ZX Amsterdam, The Netherlands, Attn: Robert van Heeringen (Telecopy No. 31-(0)20-4064555), with copies to c/o Michael Kors Corporation, 11 West 42nd Street, New York, NY
10036, Attention Lee Sporn (Telecopy No. 646-354-4834); and 

  
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 (viii) if to JPMEL, to J.P. Morgan Europe Limited, 125 London Wall, London,
EC2Y 5 AJ, Attn: Loans Agency (Telephone No. 44-207-777-3092) (Telecopy No. 44-207-777-2360) (Email loan_and_agency_london@jpmorgan.com). 
 (b) Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communications pursuant to procedures approved by the Administrative Agent; provided that
the foregoing shall not apply to notices pursuant to Article II unless otherwise agreed by the Administrative Agent and the applicable Lender. The Administrative Agent or the Company may, in its discretion, agree to accept notices and other
communications to them hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications. 

(c) Any party hereto may change its address, telecopy number or electronic mail address for notices and other
communications hereunder by notice to the other parties hereto. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt when
delivered by hand, courier service or by mail, or in the case of telecopy or electronic mail notice, on the date sent. 

Section 9.02. Waivers; Amendments. (a) No failure or delay by the Administrative Agent, the Issuing Bank or any Lender
in exercising any right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or
further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent, the Collateral Agent, the Issuing Bank and the Lenders hereunder are cumulative and are not exclusive of any rights or
remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by any Borrower therefrom shall in any event be effective unless given in accordance with paragraph (b) of this Section, and then
such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver
of any Event of Default, regardless of whether the Administrative Agent, the Collateral Agent, any Lender or the Issuing Bank may have had notice or knowledge of such Event of Default at the time. 

(b) Neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or
agreements in writing entered into by the Borrowers and the Required Lenders or by the Borrowers and the Administrative Agent with the consent of the Required Lenders; provided that no such agreement shall (i) increase the Commitment of
any Lender without the written consent of such Lender, (ii) reduce the principal amount of any Loan, Note or LC Disbursement or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the written consent of each
Lender directly affected thereby, (iii) postpone the scheduled date of payment of the principal amount of any Loan or LC Disbursement, or any interest thereon, or any fees payable hereunder, or reduce the amount of, waive or excuse any such
payment or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender directly affected thereby, (iv) change Section 2.16(b) or (c) in a manner that would alter the pro rata
sharing of payments required thereby, without the written consent of each Lender, (v) increase any percentage or amount contained in the definition of Borrowing Base or Aggregate Commitment, or release all or a material portion of the
Collateral without the written consent of each Lender (except as otherwise permitted pursuant to the sixth paragraph of Article VIII hereof), (vi) release any Guarantee (other than in accordance with its terms or Section 9.16
hereof) without the written consent of each Lender, (vii) revise or amend Section 2.18 or the definition of “Defaulting Lender”, without the written consent of the Administrative Agent, the Swingline Lender, the Issuing
Bank and the Required Lenders or (viii) change any of the provisions of this Section or the definition of “Required Lenders” or any other provision hereof specifying the 

  
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number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender;
provided further that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent, the Collateral Agent or the Issuing Bank or the Swingline Lender hereunder without the prior written
consent of the Administrative Agent, the Collateral Agent or each of the Issuing Bank or the Swingline Lender, as the case may be. 
 (c) Notwithstanding anything to the contrary herein the Administrative Agent may, with the consent of the Borrowers only, amend, modify or supplement this Agreement or any of the other Financing Documents
to cure any ambiguity, omission, mistake, defect or inconsistency. 
 Section 9.03. Expenses; Indemnity; Damage
Waiver. (a) The Loan Parties shall pay (i) all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent, the Collateral Agent and their respective Affiliates, including the reasonable fees, charges and
disbursements of counsel for the Administrative Agent and the Collateral Agent (provided that such counsel shall be limited to one lead counsel for each of the Agents and one local counsel for both Agents as may be reasonably be deemed
necessary by the Agents in each relevant jurisdiction and, in the case of an actual or reasonably perceived conflict of interest, one additional counsel per affected party, and any other counsel retained with the Company’s consent, such consent
not to be unreasonably withheld or delayed), in connection with the syndication, if any, of the credit facilities provided for herein, the preparation of this Agreement or any amendments, modifications or waivers requested by the Borrowers of the
provisions hereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable and documented out-of-pocket expenses incurred by the Issuing Bank in connection with the issuance, amendment, renewal
or extension of any Letter of Credit or any demand for payment thereunder and (iii) during the continuance of an Event of Default, all reasonable out-of-pocket expenses incurred by the Administrative Agent, the Collateral Agent, the Issuing
Bank or any Lender, including the reasonable fees, charges and disbursements of any counsel for the Administrative Agent, the Collateral Agent, the Issuing Bank or any Lender, in connection with the enforcement or protection of their rights in
connection with this Agreement, including their rights under this Section, or in connection with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or
negotiations in respect of such Loans or Letters of Credit. 
 (b) The Loan Parties shall indemnify the
Administrative Agent, the Issuing Bank and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses,
claims, damages, liabilities and related expenses, including the fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the
execution or delivery of this Agreement or any agreement or instrument contemplated hereby, the performance by the parties hereto of their respective obligations hereunder or the consummation of the Transactions or any other transactions
contemplated hereby, (ii) any Loan or Letter of Credit or the use of the proceeds therefrom (including any refusal by the Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in connection with such
demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by the Company or any of its Subsidiaries, or any
Environmental Liability related in any way to the Company or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any
other theory and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claim, damages, liabilities or related expenses are
attributable to an action brought by one Indemnitee against another Indemnitee or determined by a court of competent 

  
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jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee. 

(c) To the extent that the Loan Parties fail to pay any amount required to be paid by it to the Administrative Agent or
the Issuing Bank under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent or the Issuing Bank, as the case may be, such Lender’s Applicable Percentage (determined as of the time that
the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or
asserted against the Administrative Agent or the Issuing Bank in its capacity as such. 
 (d) To the extent
permitted by applicable law, the Loan Parties shall not assert, and hereby waive, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising
out of, in connection with, or as a result of, this Agreement or any agreement or instrument contemplated hereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof. 

(e) All amounts due under this Section shall be payable promptly after written demand therefor. 

Section 9.04. Successors and Assigns. (a) The provisions of this Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns permitted hereby (including any Affiliate of the Issuing Bank that issues any Letter of Credit), except that (i) other than in accordance with Section 6.03,
the Loan Parties may not assign or otherwise transfer any of their rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Loan Parties without such consent shall be null and
void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the
parties hereto, their respective successors and assigns permitted hereby (including an Affiliate of the Issuing Bank that issues any Letter of Credit) and, to the extent expressly contemplated hereby, the Related Parties of each of the
Administrative Agent, the Collateral Agent, the Issuing Bank and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

(b) (i)  Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more
assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld) of:

 (A) the Company (provided that the Company shall be deemed to have consented to any such assignment
unless it shall object thereto by written notice to the Administrative Agent within five (5) Business Days after having received notice thereof); provided, further, that no consent of the Company shall be required for an
assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of Default has occurred and is continuing, any other assignee; and 
 (B) the Administrative Agent, provided that no consent of the Administrative Agent shall be required for an assignment to an assignee that is a Lender immediately prior to giving effect to such
assignment. 
      (ii) Assignments shall be subject to the following additional conditions:

  
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 (A) except in the case of an assignment to a Lender or an Affiliate of a
Lender or an assignment of the entire remaining amount of the assigning Lender’s Commitment or Loans, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and
Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than, with respect to the Commitments and Loans, $5,000,000, or, in each case, if smaller, the entire remaining amount of the assigning
Lender’s Commitments or Loans, unless the Company and the Administrative Agent otherwise consent, provided that no such consent of the Company shall be required if an Event of Default has occurred and is continuing; 

(B) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s
rights and obligations under this Agreement; 
 (C) the parties to each assignment shall execute and deliver to
the Administrative Agent an Assignment and Assumption substantially in the form of Exhibit A hereto, together with a processing and recordation fee of $5,000; 

(D) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire;

 (E) other than assignments to an existing Lender, assignments shall always be in an amount exceeding
€100,000 (or its equivalent in another currency); and 
 (F) the prior written consent of each Swiss
Borrower, if the assignee is not a Swiss Qualifying Bank (such consent not to be unreasonably withheld or delayed); provided that no Swiss Borrower shall consent to an assignment that would be in violation of the Swiss Non-Banking Rules.

 For the purposes of this Section 9.04(b), the term “Approved Fund” has the following meaning:

 “Approved Fund” means any Person (other than a natural person) that is engaged in making, purchasing,
holding or investing in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity
that administers or manages a Lender. 
 (iii) Subject to acceptance and recording thereof pursuant to paragraph
(b)(iv) of this Section, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights
and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an
Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits and be subject to the obligations of
Sections 2.13, 2.14, 2.15 and 9.03). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 9.04 shall be treated for purposes of this Agreement as a sale
by such 

  
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Lender of a participation in such rights and obligations in accordance with paragraph (c) of this Section. 

(iv) The Administrative Agent, acting for this purpose as an agent of each Borrower, shall maintain at one of its offices
a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount of the Loans and LC Disbursements owing to, each Lender pursuant to
the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, absent manifest error, and the Borrowers, the Administrative Agent, the Issuing Bank and the Lenders shall treat each Person whose
name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Company, the Issuing Bank and any
Lender, at any reasonable time and from time to time upon reasonable prior notice. 
 (v) Upon its receipt of a
duly completed Assignment and Assumption executed by an assigning Lender and an assignee, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee
referred to in paragraph (b) of this Section, any Note or Notes subject to such assignment and any written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and
Assumption and record the information contained therein in the Register; provided that if either the assigning Lender or the assignee shall have failed to make any payment required to be made by it pursuant to Section 2.05(c),
2.06(d) or (e), 2.07(b), 2.18(e) or 9.03(c), the Administrative Agent shall have no obligation to accept such Assignment and Assumption and record the information therein in the Register unless and until such
payment shall have been made in full, together with all accrued interest thereon. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph. Upon notice to the
Borrowers, at the Borrowers’ expense, each Borrower shall execute and deliver to the Administrative Agent in exchange for such surrendered Notes, new Notes to the order of the assignee in an amount equal to the portion of the Commitments
assumed by it pursuant to such Assignment and Assumption and, if the assigning Lender has retained any Commitment hereunder, new Notes to the order of the assigning Lender in an amount equal to the Commitment retained by it hereunder. 

(c) (i) Any Lender may, without the consent of any Borrower, the Administrative Agent, the Collateral Agent or the Issuing
Bank, sell participations to one or more banks or other entities (a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitments and the Loans
owing to it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations,
(C) the Borrowers, the Administrative Agent, the Collateral Agent, the Issuing Bank and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this
Agreement and (D) each Participant shall be a Swiss Qualifying Bank or, if not, the prior written consent of each Swiss Borrower has been obtained (such consent not to be unreasonably withheld or delayed; provided that no Swiss Borrower
shall consent to a participation that would be in violation of the Swiss Non-Banking Rules). Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this
Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such 

  
 114

 
agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in clauses (i) through
(iv) of the first proviso to Section 9.02(b) that affects such Participant. Subject to paragraph (c)(ii) of this Section, each Borrower agrees, to the fullest extent permitted under applicable law, that each Participant shall be
entitled to the benefits of Sections 2.13, 2.14 and 2.15 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section, provided, that such
Participant agrees for the benefit of the Borrowers to be subject to the obligations of Section 2.15. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.08 as though it were a
Lender, provided such Participant agrees to be subject to Section 2.16(c) as though it were a Lender. 
 (ii) A Participant shall not be entitled to receive any greater payment under Section 2.13 or 2.15 than the applicable Lender would have been entitled to receive with respect to the
participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrowers’ prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the
benefits of Section 2.15 unless each Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrowers, to comply with Section 2.15(e) as though it were a Lender
(it being understood that the documentation required under Section 2.15(e) shall be delivered to the participating Lender). Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Company, maintain
a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the obligations under this Agreement (the “Participant Register”);
provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any Participant or any information relating to a Participant’s interest in the
obligations under this Agreement) except to the extent that such disclosure is necessary to establish that such interest is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant
Register shall be conclusive absent manifest error, and such Lender shall treat each person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the
contrary. 
 (d) Any Lender may at any time pledge or assign a security interest in all or any portion of its
rights under this Agreement and the Notes issued to such Lender to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section shall not apply to any such pledge or
assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

 Section 9.05. Survival. All covenants, agreements, representations and warranties made by the Loan Parties herein
and in the certificates or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement and the
making of any Loans and the issuance of any Letters of Credit regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent, the Collateral Agent, the Issuing Bank or any Lender may
have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee
or any other amount payable under this Agreement is outstanding and unpaid (other than contingent obligations for indemnification) or any Letter of Credit is outstanding and so long as the Commitments have not expired or terminated. The provisions
of Sections 2.13, 2.14, 2.15  

  
 115

 
and 9.03 and Article VIII shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the
expiration or termination of the Letters of Credit and the Commitments or the termination of this Agreement or any provision hereof. 
 Section 9.06. Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a single contract. This Agreement, the other Financing Documents and any separate letter agreements with respect to fees payable to the Administrative Agent and the
Collateral Agent constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in
Section 4.01 hereof, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the
signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this
Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement. 
 Section 9.07.
Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting
the validity, legality and enforceability of the remaining provisions hereof, and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 

Section 9.08. Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender and each of its
Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other obligations at
any time owing by such Lender or Affiliate to or for the credit or the account of the Company or any other Loan Party against any and all of the obligations of the Loan Parties now or hereafter existing under this Agreement held by such Lender,
irrespective of whether or not such Lender shall have made any demand under this Agreement and although such obligations may be unmatured. The rights of each Lender under this Section are in addition to other rights and remedies (including other
rights of setoff) which such Lender may have. 
 Section 9.09. GOVERNING LAW; Jurisdiction; Consent to Service of
Process. (a) THIS AGREEMENT, IN ACCORDANCE WITH SECTION 5-1401 OF THE GENERAL OBLIGATION LAW OF THE STATE OF NEW YORK, SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ANY CONFLICTS
OF LAWS PRINCIPLES THEREOF THAT WOULD CALL FOR THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION. 
 (b) Each
of the Loan Parties hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court for
the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby
irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a
final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that the

  
 116

 
Administrative Agent, the Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to this Agreement against any Loan Party or its properties in the courts of any
jurisdiction. 
 (c) Each of the Loan Parties hereby irrevocably and unconditionally waives, to the fullest
extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in paragraph (b) of
this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(d) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in
Section 9.01 hereof. Each Foreign Subsidiary Borrower irrevocably designates and appoints the Company, as its authorized agent, to accept and acknowledge on its behalf, service of any and all process which may be served in any suit,
action or proceeding of the nature referred to in Section 9.09(b) in any federal or New York State court sitting in New York City. The Company hereby represents, warrants and confirms that the Company has agreed to accept such
appointment (and any similar appointment by a Guarantor which is a Foreign Subsidiary). Said designation and appointment shall be irrevocable by each such Foreign Subsidiary Borrower until all Loans, all reimbursement obligations, interest thereon
and all other amounts payable by such Foreign Subsidiary Borrower hereunder and under the other Financing Documents shall have been paid in full in accordance with the provisions hereof and thereof and such Foreign Subsidiary Borrower shall have
been terminated as a Borrower hereunder pursuant to Section 2.22. Each Foreign Subsidiary Borrower hereby consents to process being served in any suit, action or proceeding of the nature referred to in Section 9.09(b) in any
federal or New York State court sitting in New York City by service of process upon the Company as provided in this Section 9.09(d); provided that, to the extent lawful and possible, notice of said service upon such agent shall be
mailed by registered or certified air mail, postage prepaid, return receipt requested, to the Company and (if applicable to) such Foreign Subsidiary Borrower at its address set forth in the Borrowing Subsidiary Agreement to which it is a party or to
any other address of which such Foreign Subsidiary Borrower shall have given written notice to the Administrative Agent (with a copy thereof to the Company). Each Foreign Subsidiary Borrower irrevocably waives, to the fullest extent permitted by
law, all claim of error by reason of any such service in such manner and agrees that such service shall be deemed in every respect effective service of process upon such Foreign Subsidiary Borrower in any such suit, action or proceeding and shall,
to the fullest extent permitted by law, be taken and held to be valid and personal service upon and personal delivery to such Foreign Subsidiary Borrower. To the extent any Foreign Subsidiary Borrower has or hereafter may acquire any immunity from
jurisdiction of any court or from any legal process (whether from service or notice, attachment prior to judgment, attachment in aid of execution of a judgment, execution or otherwise), each Foreign Subsidiary Borrower hereby irrevocably waives such
immunity in respect of its obligations under the Financing Documents. Nothing in this Agreement or any other Financing Document will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

Section 9.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY 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 AGREEMENT, ANY OTHER FINANCING DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY
OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD 

  
 117

 
NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
 Section 9.11. Headings. Article and Section
headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 

Section 9.12. Confidentiality. Each of the Administrative Agent, the Collateral Agent, the Issuing Bank and the Lenders
agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including accountants, rating agencies,
portfolio management servicers, legal counsel and other advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information
confidential), (b) to the extent requested by any regulatory authority, (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party to this Agreement, (e) in
connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement or the enforcement of rights hereunder, (f) subject to an agreement containing provisions substantially the same as those of
this Section, to any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement, (g) with the consent of the Company or (h) to the extent such Information
(A) becomes publicly available other than as a result of a breach of this Section or (B) becomes available to the Administrative Agent, the Collateral Agent, the Issuing Bank or any Lender on a nonconfidential basis from a source other
than the Company. For the purposes of this Section, “Information” means all information received from or on behalf of any Loan Party or any Subsidiary relating to any Loan Party or any Affiliate of a Loan Party or their respective
businesses, other than any such information that is available to the Administrative Agent, the Collateral Agent, the Issuing Bank or any Lender on a nonconfidential basis prior to such disclosure. Should a party be required to disclose Information
pursuant to a subpoena, similar legal process or applicable law or regulations, such party shall, to the extent permitted by applicable law, notify the Company. Any Person required to maintain the confidentiality of Information as provided in this
Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.

 Section 9.13. Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the
interest rate applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively the “Charges”), shall exceed the maximum lawful rate (the
“Maximum Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder, together with all
Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section shall
be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds
Effective Rate to the date of repayment, shall have been received by such Lender. 
 Section 9.14. USA PATRIOT Act.
(a) Each Lender that is subject to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”) hereby notifies each Loan Party that pursuant to the requirements of
the Act, it is required to obtain, 

  
 118

 
verify and record information that identifies such Loan Party, which information includes the name and address of such Loan Party and other information that will allow such Lender to identify
such Loan Party in accordance with the Act. 
 (b) Each Canadian Borrower acknowledges that, pursuant to the
Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada) and other applicable anti-money laundering, anti-terrorist financing, government sanction and “know your client” laws, whether within Canada or elsewhere
(collectively, including any guidelines or orders thereunder, “AML Legislation”), the Lenders and the Administrative Agent may be required to obtain, verify and record information regarding such Canadian Borrower, its directors,
authorized signing officers, direct or indirect shareholders or other Persons in control of such Canadian Borrower, and the transactions contemplated hereby. Each Canadian Borrower shall promptly provide all such information, including supporting
documentation and other evidence, as may be reasonably requested by any Lender or the Administrative Agent, or any prospective assign or participant of a Lender or the Administrative Agent, in order to comply with any applicable AML Legislation,
whether now or hereafter in existence. 
 If the Administrative Agent has ascertained the identity of any Canadian Borrower or
any authorized signatories of any Canadian Borrower for the purposes of applicable AML Legislation, then the Administrative Agent: 
 (i) shall be deemed to have done so as an agent for each Lender, and this Agreement shall constitute a “written agreement” in such regard between each Lender and the Administrative Agent within
the meaning of applicable AML Legislation; and 
 (ii) shall provide to each Lender copies of all information
obtained in such regard without any representation or warranty as to its accuracy or completeness. 
 Notwithstanding the
preceding sentence and except as may otherwise be agreed in writing, each of the Lenders agrees that the Administrative Agent has no obligation to ascertain the identity of any Canadian Borrower or any authorized signatories of any Canadian Borrower
on behalf of any Lender, or to confirm the completeness or accuracy of any information it obtains from any Canadian Borrower or any such authorized signatory in doing so. 
 Section 9.15. Appointment for Perfection. Each Lender hereby appoints each other Lender as its agent for the purpose of perfecting Liens, for the benefit of the Collateral Agent and the
Secured Parties, in assets which, in accordance with Article 9 of the UCC, a PPSA or any other applicable law can be perfected only by possession. Should any Lender (other than the Collateral Agent) obtain possession of any such Collateral, such
Lender shall notify the Collateral Agent thereof, and, promptly upon the Collateral Agent’s request therefor shall deliver such Collateral to the Collateral Agent or otherwise deal with such Collateral in accordance with the Collateral
Agent’s instructions. 
 Section 9.16. Releases of Guarantors. 

(a) Unless an Event of Default shall have occurred and be continuing, a Guarantor shall automatically be released from its
obligations under the Guarantee Agreement upon the consummation of any transaction permitted by this Agreement as a result of which such Guarantor ceases to be a Subsidiary; provided that, if so required by this Agreement, the Required
Lenders shall have consented to such transaction and the terms of such consent shall not have provided otherwise. 
 (b) At such time as the principal and interest on the Loans, all LC Disbursements, the fees, expenses and other amounts payable under the Financing Documents and the other Obligations

  
 119

 
(other than Obligations expressly stated to survive such payment and termination) shall have been paid in full, the Commitments shall have been terminated and no Letters of Credit shall be
outstanding, the Guarantee Agreement and all obligations (other than those expressly stated to survive such termination) of each Guarantor thereunder shall automatically terminate, all without delivery of any instrument or performance of any act by
any Person. 
 (c) Liens on Collateral shall be released to the extent authorized and permitted under Article
VIII hereof and the applicable Collateral Document. 
 (d) In connection with any termination or release
pursuant to this Section, the Collateral Agent shall (and is hereby irrevocably authorized by each Lender to) execute and deliver to any Loan Party, at such Loan Party’s expense, all documents that such Loan Party shall reasonably request to
evidence such termination or release. Any execution and delivery of documents pursuant to this Section shall be without recourse to or warranty by the Collateral Agent. 
 [SIGNATURE PAGES FOLLOW] 

  
 120

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers as of the day and year first above written. 
  

					
	 MICHAEL KORS (USA), INC.,
 as Company and as a Guarantor

		
	By:	 	/s/ Joseph B. Parsons
		 	Name:	 	Joseph B. Parsons
		 	Title:	 	Executive Vice President, Chief Financial Officer and Treasurer
	
	 MICHAEL KORS (EUROPE) B.V.,
 as a Foreign Subsidiary Borrower and as a Guarantor

		
	By:	 	/s/ Joseph B. Parsons
		 	Name:	 	Joseph B. Parsons
		 	Title:	 	Director A
		
	By:	 	/s/ W.H. Kamphuijs
		 	Name:	 	W.H. Kamphuijs
		 	Title:	 	Director B
	
	 MICHAEL KORS (CANADA) CO.,
 as a Foreign Subsidiary Borrower and as a Guarantor

		
	By:	 	/s/ Joseph B. Parsons
		 	Name:	 	Joseph B. Parsons
		 	Title:	 	Chief Financial Officer & Executive Vice President
	
	 MICHAEL KORS (SWITZERLAND) GMBH,
 as a Foreign Subsidiary Borrower and as a Guarantor

		
	By:	 	/s/ John D. Idol
		 	Name:	 	John D. Idol
		 	Title:	 	Managing Officer

 Signature Page to 
 Second Amended and Restated Credit Agreement 
 Michael Kors (USA), Inc. et al

 
					
	 MICHAEL KORS HOLDINGS LIMITED,
 as a Guarantor

		
	By:	 	/s/ Joseph B. Parsons
		 	Name:	 	Joseph B. Parsons
		 	Title:	 	 Executive Vice President & Chief Financial Officer

	
	 MICHAEL KORS CORPORATION,
 as a Guarantor

		
	By:	 	/s/ Joseph B. Parsons
		 	Name:	 	Joseph B. Parsons
		 	Title:	 	 Executive Vice President & Chief Financial Officer

	
	 MICHAEL KORS, L.L.C.,
 as a Guarantor

		
	By:	 	/s/ Joseph B. Parsons
		 	Name:	 	Joseph B. Parsons
		 	Title:	 	 Executive Vice President, Chief Financial Officer & Treasurer

	
	 MICHAEL KORS INTERNATIONAL LIMITED,
 as a Guarantor

		
	By:	 	/s/ Joseph B. Parsons
		 	Name:	 	Joseph B. Parsons
		 	Title:	 	 Executive Vice President & Chief Financial Officer

 Signature Page to 
 Second Amended and Restated Credit Agreement 
 Michael Kors (USA), Inc. et al

 
			
	MICHAEL KORS STORES (CALIFORNIA), INC., as a Guarantor
		
	By:	 	/s/ Joseph B. Parsons
		 	Name: Joseph B. Parsons
		 	 Title: Executive Vice President, Chief Financial
           Officer & Treasurer

	
	 MICHAEL KORS STORES, L.L.C.,
 as a Guarantor

		
	By:	 	/s/ Joseph B. Parsons
		 	Name: Joseph B. Parsons
		 	 Title: Executive Vice President, Chief Financial
           Officer & Treasurer

	
	 MICHAEL KORS RETAIL, INC.,
 as a Guarantor

		
	By:	 	/s/ Joseph B. Parsons
		 	Name: Joseph B. Parsons
		 	 Title: Executive Vice President, Chief Financial
           Officer & Treasurer

	
	 MICHAEL KORS (EUROPE) HOLDING COOPERATIE U.A.,
 as a Guarantor

		
	By:	 	/s/ Joseph B. Parsons
		 	Name: Joseph B. Parsons
		 	Title: Managing Director A
		
	By:	 	/s/ W. H. Kamphuijs
		 	Name: W. H. Kamphuijs
		 	Title: Managing Director B

 Signature Page to 
 Second Amended and Restated Credit Agreement 
 Michael Kors (USA), Inc. et al

 
			
	 MICHAEL KORS (EUROPE) HOLDINGS B.V.,
 as a Guarantor

		
	By:	 	/s/ Joseph B. Parsons
		 	Name: Joseph B. Parsons
		 	Title: Managing Director A

  

			
		
	By:	 	/s/ Izabella M.D. Koeijers
		 	Name: Izabella M.D. Koeijers
		 	Title: Managing Director B

  

			
	 MICHAEL KORS (UK) LIMITED,
 as a Guarantor

		
	By:	 	/s/ John D. Idol
		 	Name: John D. Idol
		 	Title: Director

 Signature Page to 
 Second Amended and Restated Credit Agreement 
 Michael Kors (USA), Inc. et al

 
			
	JPMORGAN CHASE BANK, N.A., individually as a Lender, as the Issuing Bank, as the Swingline Lender and as Administrative Agent
		
	By:	 	/s/ James A. Knight
		 	Name: James A. Knight
		 	Title: Vice President

  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION (successor by merger to WELLS FARGO TRADE CAPITAL, LLC), individually as a Lender and as Collateral Agent
		
	By:	 	/s/ Tania M. Isabella
		 	Name: Tania M. Isabella
		 	Title: Vice President

  

			
	HSBC BANK USA, NATIONAL ASSOCIATION, as a Lender
		
	By:	 	/s/ Grace Lee
		 	Name: Grace Lee
		 	Title: Vice President

 Signature Page to 
 Second Amended and Restated Credit Agreement 
 Michael Kors (USA), Inc. et al

 Schedules to Second Amended and Restated Credit Agreement 

The disclosure of a particular item herein shall not be taken as an admission by any Loan Party that such disclosure is required to be
made under the terms of any representation or warranty set forth in the Agreement. Further, the inclusion of any item hereunder shall not be deemed to be an admission by any Loan Party that such item is material to the condition (financial or
otherwise) of any Loan Party nor shall it be deemed an admission of an obligation or liability to any third party. 
  

 Schedule 1.01A 

EXISTING LETTERS OF CREDIT 
 Standby Letters of Credit 
 Issuer: JPMorgan Chase Bank, N.A. 

Entity: Michael Kors (Canada) Co. 
 Reference
Number: S-950054 
 In Favor of: HSBC Bank Canada 
 Issued: September 14, 2011 
 Expiration Date: December 15, 2011 

Face Amount: $513,466.53 

Trade Letters of Credit 
 [See Attached – all issued by JPMorgan Chase Bank, N.A.] 

																	
	JPM
Reference
Number	  	Product	  	Tenor	  	Correspondent
Party Reference
Number	  	Liab Outstanding
Amount	  	L/C Available
Amount	  	Issue Date	  	Expiry /
Maturity Date	  	Beneficiary Name
	 R1RI-477310
	  	ILC	  	SIGHT	  	F110051	  	$132,048.54	  	132,048.54	  	MAY 13, 2011	  	SEP 25, 2011	  	CHOI AND SHIN’S CO., LTD.
	 R1RI-477337
	  	ILC	  	SIGHT	  	F110063	  	$25,105.57	  	25,105.57	  	MAY 24, 2011	  	SEP 15, 2011	  	HOPE POWER KNITWEAR, LTD
	 R1RI-477502
	  	ILC	  	SIGHT	  	F110076	  	$281,916.13	  	281,916.13	  	JUN 06, 2011	  	SEP 15, 2011	  	TUN YUN TEXTILE CO., LTD.
	 R1RI-477503
	  	ILC	  	SIGHT	  	R110001	  	$190,730.19	  	190,730.19	  	JUL 27, 2011	  	SEP 30, 2011	  	MENG IOK GARMENT FACTORY
	 R1RI-477504
	  	ILC	  	SIGHT	  	R110002	  	$45,225.60	  	45,225.60	  	JUL 27, 2011	  	SEP 30, 2011	  	CARSON GARMENTS FACTORY LTD.
	 R1RI-477595
	  	ILC	  	SIGHT	  	R110003	  	$128,715.51	  	128,715.51	  	JUL 27, 2011	  	SEP 20, 2011	  	VERDE GARMENT MANUFACTURING, LTD.
	 R1RI-477597
	  	ILC	  	SIGHT	  	R110005	  	$30,032.10	  	30,032.10	  	JUL 27, 2011	  	SEP 20, 2011	  	SHENZHEN ZHAOWEN TEXTILE CLOTHING
	 R1RI-477598
	  	ILC	  	SIGHT	  	F110080	  	$2,602.80	  	2,602.80	  	JUN 17, 2011	  	SEP 05, 2011	  	SHENZHEN ZHAOWEN TEXTILE CLOTHING
	 R1RI-477599
	  	ILC	  	SIGHT	  	R110004	  	$131,046.83	  	131,046.83	  	JUL 27, 2011	  	SEP 20, 2011	  	VERDE GARMENT MANUFACTURING, LTD.
	 R1RI-477695
	  	ILC	  	SIGHT	  	F110079	  	$62,112.90	  	62,112.90	  	JUN 13, 2011	  	SEP 20, 2011	  	EUHA INT’L., LTD.
	 R1RI-477696
	  	ILC	  	SIGHT	  	R110006	  	$289,103.55	  	289,103.55	  	JUL 27, 2011	  	SEP 20, 2011	  	EUHA INT’L., LTD.
	 R1RI-477774
	  	ILC	  	SIGHT	  	F110088	  	$49,865.74	  	49,865.74	  	JUN 30, 2011	  	SEP 15, 2011	  	PEOPLE’S GARMENT PUBLIC CO., LTD
	 R1RI-477945
	  	ILC	  	SIGHT	  	F110077	  	$27,894.78	  	27,894.78	  	JUL 13, 2011	  	SEP 20, 2011	  	HONG KONG YING FENG FASHION FTY LTD
	 R1RI-477947
	  	ILC	  	SIGHT	  	H110001	  	$76,418.00	  	76,418.00	  	JUL 27, 2011	  	SEP 20, 2011	  	EUHA INT’L., LTD.
	 R1RI-477949
	  	ILC	  	SIGHT	  	R110007	  	$32,597.21	  	32,597.21	  	AUG 02, 2011	  	OCT 10, 2011	  	HONG KEE INT’L., LTD.
	 R1RI-477985
	  	ILC	  	SIGHT	  	R110008	  	$375,708.69	  	375,708.69	  	JUL 27, 2011	  	SEP 25, 2011	  	ORIENT INT’L. HOLDING SHANGHAI
	 R1RI-477987
	  	ILC	  	SIGHT	  	H110004	  	$411,685.26	  	411,685.26	  	JUL 27, 2011	  	OCT 10, 2011	  	SHENZHEN ZHAOWEN TEXTILE CLOTHING
	 R1RI-477988
	  	ILC	  	SIGHT	  	H110005	  	$21,035.07	  	21,035.07	  	JUL 27, 2011	  	SEP 20, 2011	  	JECHIARNG GARMENT MANUFACTORY CORP.
	 R1RI-477989
	  	ILC	  	SIGHT	  	H110006	  	$14,466.48	  	14,466.48	  	JUL 29, 2011	  	SEP 20, 2011	  	MENG IOK GARMENT FACTORY
	 R1RI-478035
	  	ILC	  	SIGHT	  	H110007	  	$96,066.33	  	96,066.33	  	AUG 08, 2011	  	SEP 30, 2011	  	JIING SHENG KNITTING CO., LTD.
	 R1RI-478036
	  	ILC	  	SIGHT	  	H110008	  	$192,004.47	  	192,004.47	  	JUL 27, 2011	  	OCT 05, 2011	  	TUN YUN TEXTILE CO., LTD.
	 R1RI-478037
	  	ILC	  	SIGHT	  	H110009	  	$32,028.74	  	32,028.74	  	AUG 09, 2011	  	OCT 10, 2011	  	PERF STAR INT’L., LTD.
	 R1RI-478038
	  	ILC	  	SIGHT	  	F110092	  	$37,953.43	  	37,953.43	  	JUL 27, 2011	  	SEP 20, 2011	  	ZHEJIANG JIAXIN SILK CORP., LTD.
	 R1RI-478039
	  	ILC	  	SIGHT	  	F110093	  	$28,889.96	  	28,889.96	  	JUL 27, 2011	  	OCT 10, 2011	  	ZHEJIANG JIAXIN SILK CORP., LTD.
	 R1RI-478106
	  	ILC	  	SIGHT	  	H110012	  	$462,968.43	  	462,968.43	  	JUL 27, 2011	  	OCT 15, 2011	  	CONCEPT CREATOR FASHION, LTD.
	 R1RI-478107
	  	ILC	  	SIGHT	  	H110013	  	$378.12	  	378.12	  	JUL 27, 2011	  	SEP 05, 2011	  	SONLEY GLOVE MFY., LTD
	 R1RI-478109
	  	ILC	  	SIGHT	  	H110014	  	$121,043.69	  	120,099.89	  	AUG 09, 2011	  	NOV 25, 2011	  	ZHEJIANG JIAXIN SILK CORP., LTD.
	 R1RI-478135
	  	ILC	  	SIGHT	  	H110017	  	$169,028.90	  	169,028.90	  	AUG 23, 2011	  	SEP 20, 2011	  	ZHEJIANG JIAXIN SILK CORP., LTD.
	 R1RI-478136
	  	ILC	  	SIGHT	  	H110003	  	$115,156.96	  	115,156.96	  	JUL 28, 2011	  	OCT 25, 2011	  	JIING SHENG KNITTING CO., LTD.
	 R1RI-478137
	  	ILC	  	SIGHT	  	R110009	  	$349,450.50	  	349,450.50	  	AUG 09, 2011	  	OCT 10, 2011	  	CHOI AND SHIN’S CO., LTD.
	 R1RI-478138
	  	ILC	  	SIGHT	  	R110010	  	$253,102.50	  	253,102.50	  	AUG 09, 2011	  	OCT 10, 2011	  	CHOI AND SHIN’S CO., LTD.

																	
	 R1RI-478139
	  	ILC	  	SIGHT	  	R110011	  	$117,753.30	  	117,753.30	  	JUL 29, 2011	  	SEP 30, 2011	  	CHOI AND SHIN’S CO., LTD.
	 R1RI-478210
	  	ILC	  	SIGHT	  	H110015	  	$1,067,131.33	  	1,067,131.33	  	AUG 05, 2011	  	DEC 20, 2011	  	CHOI AND SHIN’S CO., LTD.
	 R1RI-478212
	  	ILC	  	SIGHT	  	H110020	  	$40,658.47	  	40,658.47	  	JUL 29, 2011	  	SEP 20, 2011	  	ZHEJIANG JIAXIN SILK CORP., LTD.
	 R1RI-478213
	  	ILC	  	SIGHT	  	H110021	  	$197,325.03	  	197,325.03	  	JUL 29, 2011	  	OCT 05, 2011	  	WELL START FASHION CO., LTD.
	 R1RI-478214
	  	ILC	  	SIGHT	  	H110022	  	$15,745.75	  	15,745.75	  	AUG 16, 2011	  	SEP 25, 2011	  	ZHEJIANG SEVEN FORTUNE GROUP
	 R1RI-478215
	  	ILC	  	SIGHT	  	H110023	  	$23,022.09	  	23,022.09	  	AUG 05, 2011	  	SEP 20, 2011	  	SUNBOARD INT’L., LTD.
	 R1RI-478216
	  	ILC	  	SIGHT	  	H110024	  	$129,165.77	  	129,165.77	  	AUG 05, 2011	  	OCT 05, 2011	  	HONG KONG YING FENG FASHION FTY LTD
	 R1RI-478217
	  	ILC	  	SIGHT	  	H110029	  	$289,668.70	  	289,668.70	  	AUG 05, 2011	  	OCT 25, 2011	  	ZHEJIANG JIAXIN SILK CORP., LTD.
	 R1RI-478218
	  	ILC	  	SIGHT	  	H110032	  	$74,676.00	  	74,676.00	  	AUG 05, 2011	  	OCT 20, 2011	  	TAINAN ENTERPRISES CO., LTD.
	 R1RI-478219
	  	ILC	  	SIGHT	  	R110012	  	$54,266.00	  	54,266.00	  	AUG 05, 2011	  	SEP 30, 2011	  	SUNBOARD INT’L., LTD.
	 R1RI-478225
	  	ILC	  	SIGHT	  	R110013	  	$67,973.66	  	67,973.66	  	AUG 19, 2011	  	OCT 05, 2011	  	LEE FU GARMENT FACTORY, LTD.
	 R1RI-478226
	  	ILC	  	SIGHT	  	R110014	  	$157,220.81	  	157,220.81	  	AUG 05, 2011	  	OCT 05, 2011	  	SONLEY GLOVE MFY., LTD.
	 R1RI-478227
	  	ILC	  	SIGHT	  	R110015	  	$147,445.62	  	147,445.62	  	AUG 05, 2011	  	SEP 20, 2011	  	TWINCITY (CHINA) LTD.
	 R1RI-478228
	  	ILC	  	SIGHT	  	R110016	  	$373,405.46	  	373,405.46	  	AUG 05, 2011	  	SEP 20, 2011	  	VERDE GARMENT MANUFACTURING, LTD.
	 R1RI-478229
	  	ILC	  	SIGHT	  	R110017	  	$437,693.68	  	437,693.68	  	AUG 05, 2011	  	NOV 10, 2011	  	VERDE GARMENT MANUFACTURING, LTD.
	 R1RI-478285
	  	ILC	  	SIGHT	  	R110018	  	$263,805.86	  	263,805.86	  	AUG 08, 2011	  	OCT 05, 2011	  	GREATWIND INT’L., LTD.
	 R1RI-478286
	  	ILC	  	SIGHT	  	H110011	  	$545,174.69	  	545,174.69	  	AUG 16, 2011	  	NOV 05, 2011	  	CHOI AND SHIN’S CO., LTD.
	 R1RI-478287
	  	ILC	  	SIGHT	  	H110018	  	$638,556.67	  	638,556.67	  	AUG 08, 2011	  	OCT 20, 2011	  	TUN YUN TEXTILE CO., LTD.
	 R1RI-478288
	  	ILC	  	SIGHT	  	H110019	  	$75,845.35	  	75,845.35	  	AUG 08, 2011	  	SEP 20, 2011	  	SUNBOARD INT’L., LTD.
	 R1RI-478289
	  	ILC	  	SIGHT	  	H110031	  	$12,896.25	  	12,896.25	  	AUG 08, 2011	  	OCT 10, 2011	  	SHANGHAI SILK GROUP CO., LTD.
	 R1RI-478290
	  	ILC	  	SIGHT	  	H110028	  	$461,153.66	  	461,153.66	  	AUG 08, 2011	  	OCT 20, 2011	  	WELL START FASHION CO., LTD.
	 R1RI-478291
	  	ILC	  	SIGHT	  	H110030	  	$148,335.56	  	148,335.56	  	AUG 08, 2011	  	OCT 25, 2011	  	TWINCITY (CHINA) LTD.
	 R1RI-478292
	  	ILC	  	SIGHT	  	H110026	  	$171,049.05	  	171,049.05	  	AUG 10, 2011	  	SEP 30, 2011	  	IVORY CO., LTD.
	 R1RI-478293
	  	ILC	  	SIGHT	  	H110027	  	$286,969.20	  	286,969.20	  	AUG 11, 2011	  	SEP 15, 2011	  	SG CORPORATION
	 R1RI-478294
	  	ILC	  	SIGHT	  	H110043	  	$38,440.50	  	38,440.50	  	AUG 08, 2011	  	SEP 20, 2011	  	HONG KONG YING FENG FASHION FTY LTD
	 R1RI-478305
	  	ILC	  	SIGHT	  	H110025	  	$161,699.16	  	161,699.16	  	AUG 16, 2011	  	NOV 05, 2011	  	DOKO HONG KONG, LTD., ROOM 1601-06
	 R1RI-478306
	  	ILC	  	SIGHT	  	H110033	  	$107,799.54	  	107,799.54	  	AUG 10, 2011	  	NOV 10, 2011	  	MENG IOK GARMENT FACTORY
	 R1RI-478307
	  	ILC	  	SIGHT	  	H110034	  	$654,219.64	  	501,626.49	  	AUG 12, 2011	  	NOV 10, 2011	  	SHENZHEN ZHAOWEN TEXTILE CLOTHING
	 R1RI-478308
	  	ILC	  	SIGHT	  	H110035	  	$653,638.82	  	653,638.82	  	AUG 10, 2011	  	SEP 20, 2011	  	SHENZHEN ZHAOWEN TEXTILE CLOTHING
	 R1RI-478309
	  	ILC	  	SIGHT	  	H110036	  	$197,404.89	  	197,404.89	  	AUG 10, 2011	  	OCT 20, 2011	  	PERF STAR INT’L., LTD.
	 R1RI-478315
	  	ILC	  	SIGHT	  	H110038	  	$368,897.03	  	368,897.03	  	AUG 10, 2011	  	NOV 10, 2011	  	TAINAN ENTERPRISES CO., LTD.
	 R1RI-478316
	  	ILC	  	SIGHT	  	H11039	  	$70,024.50	  	70,024.50	  	AUG 31, 2011	  	NOV 05, 2011	  	HOPE POWER KNITWEAR, LTD.
	 R1RI-478317
	  	ILC	  	SIGHT	  	H110040	  	$325,642.63	  	325,642.63	  	AUG 10, 2011	  	OCT 05, 2011	  	HOPE POWER KNITWEAR, LTD.
	 R1RI-478318
	  	ILC	  	SIGHT	  	H110041	  	$356,341.76	  	356,341.76	  	AUG 10, 2011	  	OCT 20, 2011	  	HOPE POWER KNITWEAR, LTD.
	 R1RI-478319
	  	ILC	  	SIGHT	  	H110037	  	$20,412.00	  	20,412.00	  	AUG 09, 2011	  	OCT 05, 2011	  	JECHIARNG GARMENT MANUFACTORY CORP.
	 R1RI-478350
	  	ILC	  	SIGHT	  	F110095	  	$56,358.75	  	56,358.75	  	AUG 24, 2011	  	OCT 20, 2011	  	TWINCITY (CHINA) LTD.
	 R1RI-478351
	  	ILC	  	SIGHT	  	H110010	  	$1,300,367.33	  	1,300,367.33	  	AUG 11, 2011	  	NOV 20, 2011	  	CHOI AND SHIN’S CO., LTD.
	 R1RI-478352
	  	ILC	  	SIGHT	  	H110045	  	$38,365.95	  	38,365.95	  	AUG 11, 2011	  	SEP 20, 2011	  	GREATWIND INT’L., LTD.
	 R1RI-478353
	  	ILC	  	SIGHT	  	R110020	  	$139,482.24	  	139,482.24	  	AUG 19, 2011	  	NOV 05, 2011	  	PEOPLE’S GARMENT PUBLIC CO., LTD.
	 R1RI-478354
	  	ILC	  	SIGHT	  	H110047	  	$1,025,095.49	  	1,025,095.49	  	AUG 17, 2011	  	OCT 20, 2011	  	HONG KONG YING FENG FASHION FTY LTD

																	
	 R1RI-478395
	  	ILC	  	SIGHT	  	H110048	  	$142,173.81	  	142,173.81	  	SEP 09, 2011	  	NOV 10, 2011	  	WELL START FASHION CO., LTD.
	 R1RI-478396
	  	ILC	  	SIGHT	  	H110042	  	$547,985.78	  	547,985.78	  	AUG 17, 2011	  	NOV 05, 2011	  	ZHEJIANG JIAXIN SILK CORP., LTD.
	 R1RI-478397
	  	ILC	  	SIGHT	  	H110044	  	$874,662.88	  	874,662.88	  	AUG 18, 2011	  	NOV 20, 2011	  	CHOI AND SHIN’S CO., LTD.
	 R1RI-478398
	  	ILC	  	SIGHT	  	H110046	  	$670,501.31	  	670,501.31	  	AUG 19, 2011	  	NOV 25, 2011	  	GREATWIND INT’L., LTD.
	 R1RI-478399
	  	ILC	  	SIGHT	  	H110049	  	$26,586.00	  	26,586.00	  	SEP 14, 2011	  	NOV 30, 2011	  	TUN YUN TEXTILE CO., LTD.
	 R1RI-478440
	  	ILC	  	SIGHT	  	H110050	  	$25,302.38	  	25,302.38	  	SEP 09, 2011	  	NOV 10, 2011	  	MENG IOK GARMENT FACTORY
	 R1RI-478441
	  	ILC	  	SIGHT	  	H110051	  	$162,593.55	  	162,593.55	  	SEP 01, 2011	  	NOV 15, 2011	  	EUHA INT’L., LTD.
	 R1RI-478442
	  	ILC	  	SIGHT	  	H110052	  	$119,700.00	  	119,700.00	  	SEP 09, 2011	  	NOV 10, 2011	  	SHENZHEN ZHAOWEN TEXTILE CLOTHING
	 R1RI-478444
	  	ILC	  	SIGHT	  	H110055	  	$648,423.53	  	648,423.53	  	AUG 24, 2011	  	NOV 30, 2011	  	TUN YUN TEXTILE CO., LTD.
	 R1RI-478450
	  	ILC	  	SIGHT	  	H110060	  	$119,747.13	  	119,747.13	  	AUG 31, 2011	  	OCT 20, 2011	  	HONG KONG YING FENG FASHION FTY LTD
	 R1RI-478451
	  	ILC	  	SIGHT	  	H110056	  	$15,589.35	  	15,589.35	  	SEP 01, 2011	  	NOV 05, 2011	  	CONCEPT CREATOR FASHION, LTD.
	 R1RI-478452
	  	ILC	  	SIGHT	  	H110057	  	$30,520.14	  	30,520.14	  	SEP 09, 2011	  	NOV 10, 2011	  	SUNBOARD INT’L., LTD.
	 R1RI-478453
	  	ILC	  	SIGHT	  	H110058	  	$92,769.08	  	92,769.08	  	SEP 09, 2011	  	NOV 10, 2011	  	WELL START FASHION CO., LTD.
	 R1RI-478454
	  	ILC	  	SIGHT	  	H110059	  	$48,730.71	  	48,730.71	  	SEP 09, 2011	  	NOV 15, 2011	  	ZHEJIANG JIAXIN SILK CORP., LTD.
	 R1RI-478455
	  	ILC	  	SIGHT	  	H110054	  	$1,076,375.87	  	1,076,375.87	  	AUG 24, 2011	  	NOV 30, 2011	  	PERF STAR INT’L., LTD.
	 R1RI-478456
	  	ILC	  	SIGHT	  	R110021	  	$194,563.30	  	194,563.30	  	AUG 31, 2011	  	OCT 30, 2011	  	HOPE POWER KNITWEAR, LTD.
	 R1RI-478457
	  	ILC	  	SIGHT	  	H110053	  	$189,416.33	  	189,416.33	  	SEP 01, 2011	  	DEC 05, 2011	  	JIING SHENG KNITTING CO., LTD.
	 R1RI-478458
	  	ILC	  	SIGHT	  	H110061	  	$430,167.87	  	430,167.87	  	AUG 31, 2011	  	NOV 15, 2011	  	SUNBOARD INT’L., LTD.
	 R1RI-478459
	  	ILC	  	SIGHT	  	S120001	  	$85,004.75	  	85,004.75	  	SEP 09, 2011	  	DEC 10, 2011	  	EUHA INT’L., LTD.
	 R1RI-478597
	  	ILC	  	SIGHT	  	H110062	  	$569,771.01	  	569,771.01	  	SEP 12, 2011	  	NOV 10, 2011	  	HOPE POWER KNITWEAR, LTD.
	 R1RI-478598
	  	ILC	  	SIGHT	  	F110097	  	$27,121.50	  	27,121.50	  	SEP 14, 2011	  	OCT 25, 2011	  	SUNBOARD INT’L., LTD.
	 CPCS-776627
	  	NLC	  	SIGHT	  		  	$117,500.00	  	117,500.00	  	OCT 21, 2009	  	JAN 31, 2012	  	CELINE, INC. C/O LVMH MOET
	 CPCS-838991
	  	NLC	  	SIGHT	  		  	$131,250.00	  	131,250.00	  	MAY 17, 2010	  	AUG 01, 2012	  	382/384 PERRY RETAIL, LLC
	 CPCS-842785
	  	NLC	  	SIGHT	  		  	$503,300.00	  	350,000.00	  	JUL 12, 2010	  	DEC 15, 2011	  	BNP PARIBAS
	 CPCS-852928
	  	NLC	  	SIGHT	  		  	$1,500,000.00	  	1,500,000.00	  	SEP 10, 2010	  	AUG 31, 2012	  	BOND SAFEGUARD INSURANCE COMPANY
	 CPCS-870086
	  	NLC	  	SIGHT	  		  	$140,625.00	  	140,625.00	  	SEP 20, 2010	  	SEP 01, 2012	  	DEZER PROPERTIES 133 LLC
	 CPCS-881252
	  	NLC	  	SIGHT	  		  	$500,000.00	  	500,000.00	  	OCT 06, 2010	  	OCT 31, 2011	  	360 N. RODEO DRIVE
	 CPCS-892391
	  	NLC	  	SIGHT	  		  	$250,000.00	  	250,000.00	  	JAN 07, 2011	  	DEC 31, 2011	  	THE ROBERT ALLEN GROUP, INC.
	 CPCS-897730
	  	NLC	  	SIGHT	  		  	$1,000,000.00	  	1,000,000.00	  	JAN 18, 2011	  	DEC 31, 2011	  	RCPI LANDMARK PROPERTIES, L.L.C.
	 CPCS-917287
	  	NLC	  	SIGHT	  		  	$414,625.02	  	414,625.02	  	APR 15, 2011	  	SEP 30, 2012	  	SPUSV5 ONE MEADOWLANDS, LP
	 CPCS-918590
	  	NLC	  	SIGHT	  		  	$108,000.00	  	108,000.00	  	MAR 07, 2011	  	FEB 28, 2012	  	WHIP HOLDINGS, LLC
	 CPCS-943773
	  	NLC	  	SIGHT	  		  	$420,000.00	  	420,000.00	  	JUL 12, 2011	  	JUL 31, 2012	  	667 MADISON AVENUE SPE, INC.
	 T-712985
	  	NLC	  	SIGHT	  	L040003	  	$2,156,328.00	  	2,156,328.00	  	JUL 21, 2004	  	JUN 30, 2012	  	11 WEST REALTY INVESTORS, L.L.C.
	 TPTS-351497
	  	NLC	  	SIGHT	  		  	$90,949.68	  	90,949.68	  	AUG 03, 2007	  	OCT 01, 2012	  	VALHAR CHEMICAL CORPORATION
	 TPTS-379118
	  	NLC	  	SIGHT	  		  	$365,475.00	  	365,475.00	  	AUG 16, 2007	  	AUG 20, 2012	  	URBAN WILDLIFE
	 TPTS-722335
	  	NLC	  	SIGHT	  		  	$1,900,000.00	  	1,900,000.00	  	APR 21, 2009	  	APR 30, 2012	  	BOND SAFEGUARD INSURANCE COMPANY
	 TPTS-738063
	  	NLC	  	SIGHT	  		  	$313,246.98	  	313,246.98	  	FEB 20, 2009	  	JUN 28, 2012	  	MARTHA STEWART LIVING OMNIMEDIA,
	 CPCS-739698
	  	NLC	  	SIGHT	  		  	$414,144.00	  	288,000.00	  	APR 30, 2009	  	APR 15, 2012	  	UNICREDITO ITALIANO SPA
	 RJII-932051
	  	ILC	  	SIGHT	  	PART IN
COMMERCIAL	  	$6,028.64	  	83,128.81	  	APR 28, 2011	  	JUL 31, 2012	  	PART IN
	 4L4I-739451
	  		  	SIGHT	  		  		  	$12,057.28	  		  	7-Nov-11	  	
	 I-478399
	  		  	SIGHT	  		  		  	$26,586.00	  	14-Sep-11	  	30-Nov-11	  	
	 I-478598
	  		  	SIGHT	  		  		  	$27,121.50	  	14-Sep-11	  	25-Oct-11	  	
	 I-478599
	  		  	SIGHT	  		  		  	$582,042.63	  	14-Sep-11	  	30-Nov-11	  	

 Schedule 1.01B 

FOREIGN SUBSIDIARY RESPONSIBLE OFFICERS 
 Michael Kors (Europe) B.V. 
 John D. Idol – Director A 

Joseph B. Parsons – Director A 
 and any
other Director A 
 Michael Kors (Switzerland) GmbH 
 John D. Idol – Managing Officer 
 Nicholas Crespin – Managing Officer 

Cedric Wilmotte – Managing Officer 
 and any
other Managing Officer 
 Michael Kors (Canada) Co. 
 John D. Idol – Chief Executive Officer 
 Joseph B. Parsons – Chief Financial Officer and
Executive Vice President 
 Lee Sporn – Senior Vice President, General Counsel and Secretary 

Rosina Silla – Vice President of Finance and Operations 
 and any other person holding any of the foregoing offices 

 SCHEDULE 2.01 
 COMMITMENTS 
  

			
	 Lender
	 	 Commitment

	 JPMorgan Chase Bank, N.A.
	 	$40,000,000
	 Wells Fargo Bank, National Association
	 	$35,000,000
	 HSBC Bank USA, National Association
	 	$25,000,000
	 TOTAL
	 	$100,000,000

 Schedule 3.05 
 DISCLOSED MATTERS AS TO LITIGATION 
 None. 

 Schedule 3.08 
 DISCLOSED MATTERS AS TO ENVIRONMENTAL COMPLIANCE 
 None. 

 Schedule 3.09B 

OTHER LEASED AND OWNED PROPERTY 
  

							
	 Address
	 	 Owned/Leased
	 	Legal Entity	 	 Occupancy

				
	 865 Market Street, #

SLL220, San Francisco,

CA 94103
	 	Leased	 	Michael Kors
 Stores
(California)
 Inc.
	 	Retail Store Storage
				
	 1689 Arden Way, Space #

Tcfb27a, Sacramento, CA

95815 (Arden Fair)
	 	Leased	 	Michael Kors
 Stores
(California)
 Inc.
	 	Retail Store Storage
				
	 3424 Simpson St. ,

QUEH3G253
	 	Leased	 	Michael Kors
 (Canada)
Co.
	 	 Offices/Show

Rooms

				
	 460 Richmond Street

Suite 300 – Toronto M5V

1Y1
	 	Leased	 	Michael Kors
 (Canada)
Co.
	 	 Offices/Show

Rooms

				
	 9600 Meilleur St – #650

Montreal, QUEH2N 2E3
	 	Leased	 	Michael Kors
 (Canada)
Co.
	 	Warehouse
				
	 TNT FASHION GROUP

BV Eekboerstraat 25

7575 AV Oldenzaal The

Netherlands
	 	Leased	 	Michael Kors
 (Europe)
B.V
	 	 European 3PL

Warehouse

				
	 Theatiner Strasse 36

D-80333 Munich
	 	Leased	 	Michael Kors
 (Germany)
Gmbh
	 	 German Retail
 Store
and
 Showroom

				
	 Storage Casaforte, Via

Alassio, 10, 20156,

Milano
	 	Leased	 	Michael Kors
 Italy
S.R.L
	 	 Milan Storage

Space

				
	 Corso Venezia 46

20121 Milano
	 	Leased	 	Michael Kors
 Italy
S.R.L
	 	Showroom
				
	 1-15-5 Jingumae Shibuya-

Ku, Tokyo Japan
	 	Leased	 	Michael Kors
 Japan
K.K.
	 	 Office and

Showroom

				
	 4-3-1 Rinkaicyo

Edogawa-Ku, Tokyo

Japan
	 	N/A	 	Michael Kors
 Japan
K.K.
	 	 Third Party

Warehouse

				
	 5 Woodfield Mall,

Schaumburg, IL 60173

Unit E-331
	 	Leased	 	Michael Kors
 Retail
Inc.
	 	Retail Store Storage

							
	 Address
	  	 Owned/Leased
	  	Legal Entity	  	Occupancy
				
	 1100 South Hayes St.,

Arlington, VA 22202 Unit

SD-18
	  	Leased	  	Michael Kors
 Retail
Inc.
	  	Retail Store Storage
				
	 250 SW 136th Ave,

Davies Florida Units 564

& 570
	  	Leased	  	Michael Kors
 Retail
Inc.
	  	Retail Store Storage
				
	 94-796 Lumaina St.

#Storage Waipahu, HI

96797
	  	Leased	  	Michael Kors
 Retail
Inc.
	  	Retail Store Storage
				
	 7465 Dean Martin Drive,

Suite 103 Las Vegas, NV

89139 (Store 824)
	  	Leased	  	Michael Kors
 Retail
Inc.
	  	Retail Store Storage
				
	 11401 N.W. 12th Street,

Space # 618 Cage 12,

Miami, FL 33172
	  	Leased	  	Michael Kors
 Retail
Inc.
	  	Retail Store Storage
				
	 7014-590 East Camelback

Road, Space Std42-C,

Scottsdale, AZ 85251
	  	Leased	  	Michael Kors
 Retail
Inc.
	  	Retail Store Storage
				
	 3355 Las Vegas Blvd So.,

Space 2879; Las Vegas,

NV 89109
	  	Leased	  	Michael Kors
 Retail
Inc.
	  	Retail Store Storage
				
	 2223 North West Shore

Blvd., #2537B, Tampa,

FL 33607
	  	Leased	  	Michael Kors
 Retail
Inc.
	  	Retail Store Storage
				
	 9700 Collins Avenue, #

B14, Bal Harbour, FL

33154
	  	Leased	  	Michael Kors
 Retail
Inc.
	  	Retail Store Storage
				
	 1961 Chair Bridge Road #

Storage, Mclean, VA

22102 (Tyson Corners

Center)
	  	Leased	  	Michael Kors
 Retail
Inc.
	  	Retail Store Storage
				
	 27500 Novi Road, # E224,

Novi, MI 48377 (Twelve

Oaks, Novi, MI)
	  	Leased	  	Michael Kors
 Retail
Inc.
	  	Retail Store Storage
				
	 1737G International Drive

# B2, Mclean VA. 22102

(Tyson’s Galleria)
	  	Leased	  	Michael Kors
 Retail
Inc.
	  	Retail Store Storage
				
	 100 Oakbrook Center #

W035, Oak Brook, IL

60523 (Oakbrook -564)
	  	Leased	  	Michael Kors
 Retail
Inc.
	  	Retail Store Storage
				
	 7101 Democracy

Blvd.,Space S1266,

Bethesda, MD, 20817
	  	Leased	  	Michael Kors
 Retail
Inc.
	  	Retail Store Storage

							
	 Address
	  	 Owned/Leased
	  	Legal Entity	  	Occupancy
				
	 (Montgomery Mall #568)
	  		  		  	
				
	 132 Christiana, Space

1840, Newark, DE 19702

(Christiana Mall)
	  	Leased	  	Michael Kors
 Retail
Inc.
	  	Retail Store Storage
				
	 600 Pine Street Space

390 Seattle WA 98101 (

Pacific Place)
	  	Leased	  	Michael Kors
 Retail
Inc.
	  	Retail Store Storage
				
	 Alfonso XII 38 1o

Izquierda 28014 Madrid

Spain
	  	Leased	  	Michael Kors
 Spain
S.L
	  	Showroom
				
	 530 7th Avenue

27th Floor
 New York NY
	  	Leased	  	Michael Kors
 Stores
LLC
	  	Sublease To
 Signature Apparel

				
	 37 Elkay Drive, Chester

NY 10918 (Woodbury

Storage)
	  	Leased	  	Michael Kors
 Stores
LLC
	  	Retail Storage
				
	 313 Smith Haven Mall,

Lake Grove NY 11755

(UPSTAIR CAGE # 2)
	  	Leased	  	Michael Kors
 Stores
LLC
	  	Retail Store Storage
				
	 Strada Regina 42 – 6934

Bioggio Switzerland
	  	Leased	  	Michael Kors

(Switzerland)

Gmbh
	  	European Office
				
	 301 Penhorn Plaza

Secaucus NJ
	  	Leased	  	Michael Kors
 (USA)
Inc.
	  	Leased Warehouse
 Space

				
	 11 West 42nd Street, 20,

21, 23 & 25 Floor New

York , NY 10036
	  	Leased	  	Michael Kors
 (USA)
Inc.
	  	Office, Showroom
				
	 333 Meadowlands Pkwy,

3, 4 & 5th Floor,

Secaucus, NY 07094
	  	Leased	  	Michael Kors
 (USA)
Inc.
	  	Office Space
				
	 201 West Carob Street,

Compton, CA 90220

(Womens RTW)
	  	Leased	  	Michael Kors
 (USA)
Inc.
	  	Warehouse Space
				
	 255 West Carob Street,

Compton, CA 90220

(Lifestyle/Outlet/Cutups)
	  	Leased	  	Michael Kors
 (USA)
Inc.
	  	Warehouse Space
				
	 1600 S. Anderson,

Compton California

90220 (Shoes & Access)
	  	Leased	  	Michael Kors
 (USA)
Inc.
	  	Warehouse Space

							
	 Address
	  	 Owned/Leased
	  	Legal Entity	  	Occupancy
				
	 One Meadowlands Place

East Rutherford, NJ 07073
	  	Leased	  	Michael Kors
 (USA)
Inc.
	  	Corporate Office

 Schedule 3.16 
 SUBSIDIARIES 
  

							
	 Owner
	  	 Subsidiary
	  	 Jurisdiction
	  	 Interest

				
	 Michael Kors Holdings

Limited
	  	Michael Kors Corporation	  	British Virgin Islands	  	100%
				
	 Michael Kors Corporation
	  	Michael Kors (USA), Inc. (M)	  	Delaware	  	100%
				
		  	 Michael Kors International

Limited
	  	British Virgin Islands	  	100%
				
		  	 Michael Kors (Europe) Holdings

B.V.
	  	Curacao	  	100%
				
	 Michael Kors (USA), Inc.
	  	Michael Kors, L.L.C.	  	Delaware	  	100%
				
		  	 Michael Kors Stores

(California), Inc.
	  	Delaware	  	100%
				
		  	Michael Kors Retail, Inc.	  	Delaware	  	100%
				
	 Michael Kors, L.L.C.
	  	Michael Kors Stores, L.L.C.	  	New York	  	100%
				
	 Michael Kors (Europe) Holdings B.V.
	  	Michael Kors (Europe) Holding Cooperatie U.A.	  	Netherlands	  	99%
				
	 Michael Kors International Limited
	  	Michael Kors (Europe) Holding Cooperatie U.A.	  	Netherlands	  	1%
				
	 Michael Kors (Europe) Holding

Cooperatie U.A.
	  	 Michael Kors do Brasil

Participacoes Ltda
	  	Brazil	  	1%
				
		  	Michael Kors (Europe) B.V. (M)	  	Netherlands	  	100%
				
	 Michael Kors (Europe) B.V.
	  	Michael Kors (UK) Limited (M)	  	England and Wales	  	100%
				
		  	 Michael Kors (Switzerland)

GmbH (M)
	  	Switzerland	  	100%
				
		  	Michael Kors Japan K.K.	  	Japan	  	100%
				
		  	Michael Kors Spain, S.L.	  	Spain	  	100%

							
				
		  	 Michael Kors Italy S.R.L. Con

Socio Unico
	  	Italy	  	100%
				
		  	Michael Kors (Austria), GmbH	  	Austria	  	100%
				
		  	Michael Kors (Canada) Co. (M)	  	Nova Scotia	  	100%
				
		  	 Michael Kors do Brasil

Participacoes Ltda
	  	Brazil	  	99%
				
	 Michael Kors (UK)

Limited
	  	Michael Kors (France) SAS	  	France	  	100%
				
		  	Michael Kors (Germany) GmbH	  	Germany	  	100%

  

	(M):	Denotes Material Subsidiaries 

 Schedule 6.01 
 EXISTING INDEBTEDNESS 
  

	 	1.	The following letters of credit issued by HSBC Bank Canada for the account of Michael Kors (Canada) Co.: 

 

											
	Reference	  	Limit	  	Start	  	Due	  	CCY	  	LCY Amount
	 DC HMN114265
	  	IMP 01	  	15JUL11	  	16SEP11	  	USD	  	6,409.57-
	 DC HMN114511
	  	IMP 01	  	27JUL11	  	14OCT11	  	USD	  	11,983.99-
	 DC HMN114762
	  	IMP 01	  	09AUG11	  	07NOV11	  	USD	  	64,444.52-
	 DC HMN114821
	  	IMP 01	  	11AUG11	  	07NOV11	  	USD	  	14,167.31-
	 DC HMN114822
	  	IMP 01	  	11AUG11	  	04NOV11	  	USD	  	13,540.62-
	 DC HMN114863
	  	IMP 01	  	15AUG11	  	19SEP11	  	USD	  	29,362.52-
	 DC HMN114915
	  	IMP 01	  	18AUG11	  	14OCT11	  	USD	  	20,854.08-
	 DC HMN114917
	  	IMP 01	  	16AUG11	  	04NOV11	  	USD	  	61,729.58-
	 DC HMN114928
	  	IMP 01	  	17AUG11	  	14OCT11	  	USD	  	11,983.99-
	 DC HMN114930
	  	IMP 01	  	17AUG11	  	07NOV11	  	USD	  	43,404.90-
	 DC HMN114981
	  	IMP 01	  	18AUG11	  	03OCT11	  	USD	  	19,857.60-
	 DC HMN114982
	  	IMP 01	  	18AUG11	  	21OCT11	  	USD	  	131,686.90-
	 DC HMN115285
	  	IMP 01	  	01SEP11	  	10OCT11	  	USD	  	28,728.13-
	 DC HMN115286
	  	IMP 01	  	01SEP11	  	17OCT11	  	USD	  	19,031.89-
	 DC HMN115334
	  	IMP 01	  	06SEP11	  	14NOV11	  	USD	  	36,280.93-

  

	 	2.	The following shipping guarantees issued by HSBC Bank Canada for the account of Michael Kors (Canada) Co.: 

 

									
	Reference	  	Limit	  	Start	  	CCY	  	LCY Amount
	 SGTHMN110626
	  	IMP 01	  	27JUN11	  	USD	  	12,455.31-
	 SGTHMN110639
	  	IMP 01	  	30JUN11	  	USD	  	7,880.43-
	 SGTHMN110654
	  	IMP 01	  	12JUL11	  	USD	  	3,790.02-
	 SGTHMN110664
	  	IMP 01	  	13JUL11	  	USD	  	1,618.13-
	 SGTHMN110675
	  	IMP 01	  	14JUL11	  	USD	  	3,299.51-
	 SGTHMN110721
	  	IMP 01	  	22JUL11	  	USD	  	10,529.79-
	 SGTHMN110849
	  	IMP 01	  	17AUG11	  	USD	  	11,524.38-
	 SGTHMN110882
	  	IMP 01	  	24AUG11	  	USD	  	17,218.05-

  

	 	3.	The following currency forward contracts issued by HSBC Bank Canada for the account of Michael Kors (Canada) Co.: 

 As of 9-12-11 
  

																	
	 Transaction

reference
	  	Product type	  	Deal date
(dd-Mmm-yyyy)	  	 Value date

(dd-Mmm-yyyy)
	  	Buy
CCY	  	Buy amount	  	Sell
CCY	  	Sell amount	  	Exchange rate
	OFD110100008	  	Option Forward	  	10-Jan-2011	  	01-Sep-2011	  	USD	  	250,000.00	  	CAD	  	252,200.00	  	1.008800000
	    Start date: 01-Sep-2011    End date: 30-Sep-2011 Balance: USD 250,000.00	  		  		  		  	
									
	OFD110889936	  	Option Forward	  	29-Mar-2011	  	01-Dec-2011	  	USD	  	250,000.00	  	CAD	  	247,627.25	  	0.990509000
	    Start date: 01-Dec-2011    End date: 30-Dec-2011 Balance: USD 250,000.00	  		  		  		  	
									
	OFD110889938	  	Option Forward	  	29-Mar-2011	  	01-Nov-2011	  	USD	  	250,000.00	  	CAD	  	247,375.00	  	0.989500000
	    Start date: 01-Nov-2011    End date: 30-Nov-2011 Balance: USD 250,000.00	  		  		  		  	
									
	OFD110889939	  	Option Forward	  	29-Mar-2011	  	03-Oct-2011	  	USD	  	250,000.00	  	CAD	  	247,125.00	  	0.988500000
	    Start date: 03-Oct-2011    End date: 31-Oct-2011 Balance: USD 250,000.00	  		  		  		  	
									
	OFD110889940	  	Option Forward	  	29-Mar-2011	  	01-Sep-2011	  	USD	  	250,000.00	  	CAD	  	246,875.00	  	0.987500000
	    Start date: 01-Sep-2011    End date: 30-Sep-2011 Balance: USD 250,000.00	  		  		  		  	

 Schedule 6.02 
 EXISTING LIENS 
  

	1.	Pursuant to terms of the Amended and Restated Employment Agreement, dated as of July 7, 2011, by and between Michael Kors (USA), Inc., Michael Kors Holdings
Limited, Michael Kors, and, solely for purposes of Section 10(d) thereof, Sportswear Holdings Limited (the “Employment Agreement”), the consent of Michael Kors is required to, among other things, sell, license, lease or convey any
interest in the Marks (as defined in the Employment Agreement) and create, incur, assume or suffer to exist any indebtedness in connection with which a lien is created on any Mark (as defined in the Employment Agreement) or interest in the Marks.

  

	2.	NYC tax warrant lien in respect of NYC Department of Finance, as creditor and Michael Kors Inc., as debtor in the amount of $435.84 dated as of January 3, 1994.

  

	3.	$70,000 cash collateral deposited in HSBC Bank Canada cash collateral account, account number 001-199250-071, to secure the obligations of Michael Kors (Canada) Co. in
respect of the shipping guarantees set forth as item 2 on Schedule 6.01, as such cash collateral may be increased to support additional shipping guarantees issued by HSBC Bank Canada in respect of the letters of credit issued by HSBC Bank Canada and
set forth as item 1 on Schedule 6.01. 

 Schedule 6.03 
 FISCAL YEAR END 
 The fiscal year of each of the Loan Parties ends on the Saturday occurring
closest to March 31 of each year. 

 Schedule 6.04 
 EXISTING INVESTMENTS 
  

	1.	Investments in Subsidiaries set forth on Schedule 3.16. 

 Schedule 6.07 
 TRANSACTION WITH AFFILIATES 
  

	1.	Subscription Agreement dated as of July 7, 2011 among MK Holdings, the persons listed on Schedule I thereto and the investors named on the signature pages thereof.

  

	2.	Shareholders Agreement dated as of July 7, 2011 among MK Holdings and the shareholders of MK Holdings named therein. 

 

	3.	Voting and Lock-up Agreement dated as of July 7, 2011 among MK Holdings and the persons listed on Schedule I thereto under the heading “ Existing
Shareholders”. 

  

	4.	Restructuring Agreement dated as of July 7, 2011 among MK Holdings and the direct and indirect equityholders of MK Holdings party thereto.

 Schedule 6.08 
 EXISTING RESTRICTIONS 
  

	1.	Restrictions under the Wells Fargo Factoring Agreement and related agreements. 

 

	2.	See item 1 set forth on Schedule 6.02. 

 EXHIBIT A 
 EXHIBIT A 
 FORM OF ASSIGNMENT AND ASSUMPTION 

This Assignment and Assumption (this “Assignment and Assumption”) is dated as of the Effective Date set forth below and
is entered into by and between [Insert name of Assignor] (the “Assignor”) and [Insert name of Assignee] (the “Assignee”). Capitalized terms used but not defined herein shall have the meanings given to them in the
Second Amended and Restated Credit Agreement identified below (as amended, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached
hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full. 
 For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to and in accordance
with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of the Assignor’s rights and obligations in its capacity as a Lender under the
Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and obligations of the Assignor under the respective
facilities identified below (including any letters of credit, guarantees, and swingline loans included in such facilities) and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other
right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions
governed thereby or in any way based on or related to any of the foregoing, including contract claims, tort claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause
(i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as the “Assigned Interest”). Such sale and assignment is without recourse to the
Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by the Assignor. 
  

	1.	Assignor: _________________ 

  

	2.	Assignee: ___________________ 

  

	  	[and is an Affiliate of [identify
Lender]1] 

 

	3.	Borrowers: Michael Kors (USA), Inc., Michael Kors (Europe) B.V., Michael Kors (Canada) Co., Michael Kors (Switzerland) GmbH and the other Foreign Subsidiary Borrowers
from time to time party thereto 

  

	4.	Administrative Agent: JPMorgan Chase Bank, N.A., as the administrative agent under the Credit Agreement 

 

	5.	Collateral Agent: Wells Fargo Bank, National Association (successor by merger to Wells Fargo Trade Capital, LLC), as collateral agent under the Credit Agreement

  

	6.	Credit Agreement: The up to $100,000,000 Second Amended and Restated Credit Agreement dated as of September 15, 2011 among Michael Kors (USA), Inc., the Foreign
Subsidiary Borrowers from time to time parties thereto, the Guarantors parties thereto, the Lenders parties thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, and Wells Fargo Bank, National Association (successor by merger to Wells Fargo

  

	1 	Select as applicable. 

	 	
Trade Capital, LLC), as Collateral Agent, as amended. 

  

	7.	Assigned Interest: 

  

									
	 Aggregate Amount of

Commitment/Loans for all Lenders
	  	Amount of 
Commitment/Loans
Assigned	 	  	Percentage Assigned of
Commitment/Loans2	 
	 $
	  	$	 	  	  	 	%	  
	 $
	  	$	 	  	  	 	%	  
	 $
	  	$	 	  	  	 	%	  

 Effective Date: _________ ___, 201__ [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF
RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 
 The terms set forth in this Assignment and Assumption are hereby agreed to: 

 

	2 	 Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder. 

 
			
	 ASSIGNOR 
  

[NAME OF ASSIGNOR]

		
	By:	 	 
	Name:	 	
	Title:	 	

  

			
	 ASSIGNEE 
  

[NAME OF ASSIGNEE]

		
	By:	 	 
	Name:	 	
	Title:	 	

  

			
	 Consented to and Accepted:
  

JPMORGAN CHASE BANK, N.A., as
 Administrative
Agent

		
	By:	 	 
	Name:	 	
	Title:	 	

  

			
	MICHAEL KORS (USA), INC., as Company
		
	By:	 	 
	Name:	 	
	Title:	 	

  

			
	[SWISS BORROWER] [as applicable]
		
	By:	 	 
	Name:	 	
	Title:	 	

 ANNEX 1 
 STANDARD TERMS AND CONDITIONS FOR 
 ASSIGNMENT AND ASSUMPTION

 1. Representations and Warranties. 
 1.1 Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any
lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby; and
(b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other Financing Document, (ii) the execution, legality, validity,
enforceability, genuineness, sufficiency or value of the Financing Documents or any collateral thereunder, (iii) the financial condition of the Company, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any
Financing Document or (iv) the performance or observance by the Company, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Financing Document. 

1.2 Assignee. The Assignee (a) represents and warrants that (i) it is a Swiss [Non-] Qualifying Bank, (ii) it has
full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (iii) it satisfies the
requirements, if any, specified in the Credit Agreement that are required to be satisfied by it in order to acquire the Assigned Interest and become a Lender, (iv) from and after the Effective Date, it shall be bound by the provisions of the
Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (v) it has received a copy of the Credit Agreement, together with copies of the most recent financial
statements delivered pursuant to Section 5.01 thereof, as applicable, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to
purchase the Assigned Interest on the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or any other Lender, and (vi) if it is a Lender not organized under the laws of the
United States of America or a state thereof, attached to the Assignment and Assumption is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; and
(b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own
credit decisions in taking or not taking action under the Financing Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Financing Documents are required to be performed by it as a
Lender. 
 2. Payments. From and after the Effective Date, the Administrative Agent shall make all payments in respect of
the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to the Assignee for amounts which have accrued from and after the
Effective Date. 
 3. General Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit
of, the parties hereto and their respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a signature page
of this Assignment and Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and 

  
 A-4

 
Assumption. This Assignment and Assumption shall be governed by, and construed in accordance with, the law of the State of New York (without regard to the conflict of laws principles thereof).

  
 A-5

 EXHIBIT B 
 [RESERVED] 

  
 B-1

 EXHIBIT C 
 FORM OF PROMISSORY NOTE 
  

					
	$_________.00	 		 	 New York, New York
 _________, 20___

 FOR VALUE RECEIVED, the undersigned, Michael Kors (USA), Inc., a Delaware corporation, Michael Kors
(Europe) B.V., a Dutch private limited liability company with its corporate seat in Amsterdam, The Netherlands, Michael Kors (Canada) Co., an unlimited liability corporation incorporated under the laws of the Province of Nova Scotia and Michael Kors
(Switzerland) GmbH, a limited liability company organized under the laws of Switzerland (collectively, the “Borrowers”), hereby promise, on a joint and several basis (subject to Section 2.24 of the Credit Agreement), to
pay to the order of                      (the “Lender”), at
                    , New York, New York
                    , on the Maturity Date, as defined in the Second Amended and Restated Credit Agreement, dated as of September 15,
2011, among the Borrowers, the other Foreign Subsidiary Borrowers from time to time parties thereto, the Guarantors parties thereto, the Lender and the other lenders from time to time parties thereto, JPMorgan Chase Bank, N.A., as Administrative
Agent, and Wells Fargo Bank, National Association (successor by merger to Wells Fargo Trade Capital, LLC), as Collateral Agent (as the same may be amended, modified or supplemented from time to time in accordance with its terms, the “Credit
Agreement”), or earlier as provided for in the Credit Agreement, the lesser of the sum of [                    ] DOLLARS
($                .00) or the Lender’s ratable share of the aggregate unpaid principal amount of all Loans (as defined in the Credit Agreement) made to the
Borrowers pursuant to the terms of the Credit Agreement, in lawful money of the United States of America in immediately available funds, and to pay interest from the date thereof on the principal amount hereof from time to time outstanding, in like
funds, at said office, at a rate or rates per annum and, in each case, payable on such dates as determined pursuant to the terms of the Credit Agreement. 
 Each Borrower promises to pay, on a joint and several basis (subject to Section 2.24 of the Credit Agreement), interest, on demand, on any overdue principal and fees and, to the extent
permitted by law, overdue interest from their due dates at a rate or rates determined as set forth in the Credit Agreement. 

Except as provided in the Credit Agreement, each Borrower hereby waives diligence, presentment, demand, protest and notice of any kind
whatsoever. The non-exercise by the holder of this Promissory Note of any of its rights hereunder in any particular instance shall not constitute a waiver thereof in that or any subsequent instance. 

All Loans evidenced by this Promissory Note and all payments and prepayments of the principal hereof and interest hereon and the
respective dates thereof shall be endorsed by the holder hereof on the schedule attached hereto and made a part hereof, or on a continuation thereof which shall be attached hereto and made a part hereof, or otherwise recorded by such holder in its
internal records; provided, however, that the failure of the holder hereof to make such a notation or any error in such a notation shall not in any manner affect the obligation of the Borrowers to make payments of principal and
interest in accordance with the terms of this Promissory Note and the Credit Agreement. 
 This Promissory Note is one of the
notes referred to in Section 2.08(e) of the Credit Agreement (and is secured by the Collateral referred to in the Credit Agreement), which among other 

  
 C-1

 
things, contains provisions for the acceleration of the maturity hereof upon the happening of certain events, for optional and mandatory prepayment of the principal hereof prior to the maturity
hereof and for the amendment or waiver of certain provisions of the Credit Agreement, all upon the terms and conditions therein specified. 
 THIS PROMISSORY NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ANY CONFLICTS OF LAWS PRINCIPLES THEREOF THAT WOULD CALL FOR THE
APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA. 
  

					
	MICHAEL KORS (USA), INC.
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

  

					
	MICHAEL KORS (EUROPE) B.V.
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

  

					
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

  

					
	MICHAEL KORS (CANADA), CO.
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

  

					
	MICHAEL KORS (SWITZERLAND) GMBH
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

  
 C-2

 SCHEDULE OF BORROWINGS 

This Promissory Note evidences Loans made under the within-described Second Amended and Restated Credit Agreement to the Borrowers, on
the dates, in the principal amounts and bearing interest at the rates set forth below, and subject to the payments and prepayments of principal set forth below: 
  

									
	 Date Made
	  	Principal
Amount of Loan	  	Amount Paid
or Prepaid	  	Unpaid Principal
Amount	  	Notation
Made by

  
 C-3

 EXHIBIT D 
 FORM OF BORROWING REQUEST 

                    , 20__

 JPMorgan Chase Bank, N.A., as Administrative Agent 
 270 Park Avenue, 43rd Floor 
 New York, NY 10017 
 Attention: James T. Knight, Vice President (Telecopy No. (646) 534-3081) 
 Ladies and
Gentlemen: 
 The undersigned, Michael Kors (USA), Inc., a Delaware corporation (the “Company”), refers to that
certain Second Amended and Restated Credit Agreement, dated as of September 15, 2011, among the Company, the Foreign Subsidiary Borrowers from time to time parties thereto, the Guarantors parties thereto, the Lenders and the other lenders from
time to time parties thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, and Wells Fargo Bank, National Association (successor by merger to Wells Fargo Trade Capital, LLC), as Collateral Agent (such Second Amended and Restated Credit
Agreement, as it may be amended, supplemented, restated or otherwise modified from time to time, the “Credit Agreement”; capitalized terms used herein and not defined shall have the meanings assigned to them in the Credit
Agreement). Pursuant to Section 2.01 of the Credit Agreement, the Company hereby requests a Loan under the Credit Agreement and in that connection sets forth below the information relating to such Loan (the “Proposed
Loan”), as required by Section              of the Credit Agreement: 
  

	1.	The Borrower is                     .

  

	2.	The date of the Proposed Loan is                     ,
            . 

  

	3.	The aggregate amount and Agreed Currency of the Proposed Loan is
                    . 

  

	4.	The type of Proposed Loan will be [a Eurocurrency Loan] [a Base Rate Loan][a Canadian Base Rate Loan][a BA Equivalent Loan]. 

 

	5.	[With regard to the Eurocurrency Loan, the length of the initial Interest Period shall be
             months.] 

 The undersigned hereby
certifies that the following statements are true on the date hereof and will be true on the date of the Proposed Loan: 

  
 D-1

 The representations and warranties contained in each Financing Document and
certificate or other writing delivered to the Lenders prior to, on or after the Effective Date and on or prior to the date for the Proposed Loan are correct on and as of the date hereof in all material respects as though made on and as of the date
hereof, except to the extent that such representations and warranties expressly relate to an earlier date in which case they shall have been true and correct as of such earlier date; and 

No Default has occurred and is continuing or would result from the making of the Proposed Loan and the Company shall
otherwise be in compliance with the provisions of Sections 2.01, 2.04(b) or 2.19(a), as applicable and, without limiting the foregoing, Availability shall not be less than zero as of the date hereof. 

 

			
	 Very truly yours, 

 

[                        
]

		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 D-2

 EXHIBIT E 
 FORM OF BORROWING BASE CERTIFICATE 
 [ATTACHED] 

The attached form of Borrowing Base Certificate may be modified to provide such additional detail as the Agents may reasonably request. 

  
 E-1

 Michael Kors (USA), Inc. 

Borrowing Base Calculation 

For the week ending: 09.03.11 
  

													
	 	  	 	  	 	  	Amount	 	 	Totals	 
	 A.
	  	Eligible Receivables Amount without duplication:	  		  				 			
		  	Factored Receivable net of any amounts owing to factors, for which the factor has not advanced cash, funded the purchase price or otherwise made payment, and net of sales, excise
or similar taxes	  		  	 	96,159	  	 			
		  	Credit Support Receivable, net of sales, excise or similar taxes	  		  	 	0	  	 			
		  	House Receivable, net of sales, excise or similar taxes	  		  	 	12,999	  	 			
		  	Macy’s Receivable, net of sales, excise or similar taxes	  		  	 	0	  	 			
		  	Royalty Receivable, net of sales, excise or similar taxes	  		  	 	2,744	  	 			
		  		  		  	  
	  
	 	 			
		  	 Sub Total
	  		  	 	111,902	  	 			
		  	Less:	  		  				 			
		  	1) Receivables subject to any Lien (other than Permitted Encumbrances)	  		  	 	0	  	 			
		  	2) Receivables for which (i) more than 90 days have elapsed since the date of the original invoice therefor or (ii) more than 60 days have elapsed since the original due
date	  		  	 	0	  	 			
		  	3) Receivables of a single Customer for which payments due on more than 50% of all Receivables from such Customer are (i) more than 90 days past the original invoice therefor and
(ii) more than 60 days past the original due date (without duplication of item (3) above)	  		  	 	0	  	 			
		  	4) Receivables owing by a Customer which is not solvent or is subject to any bankruptcy or insolvency proceeding of any kind, unless such account debtor is classified as a debtor
in possession	  		  	 	0	  	 			
		  	5) Receivables of Customers that are not a U.S. or Canadian person and are located outside of the U.S., Puerto Rico or Canada, unless they are either Factored or Credit Support
Receivables	  		  				 			
		  	6) Receivables not denominated in U.S. or Canadian dollars (unless subject to a currency swap or hedge) or not payable in the U.S. or Canada or, if in Euros, is either a Factored
or Credit Support Receivable	  		  	 	0	  	 			
		  	7) Receivables for which the Borrowing Base Entity received payment but has not applied such payment	  		  	 	0	  	 			
		  	8) Other (see Credit Agreement)	  		  	 	0	  	 			
		  		  		  	  
	  
	 	 			
		  	Eligible Receivables (Receivables less sum of numbers 1 through 8):	  		  	 	111,902	  	 			
		  	Less Dilution Reserve	  		  	 	7,231	(a) 	 			
		  	Less House Receivables in excess of $10 MM	  		  	 	2,999	  	 			
		  	Less non-Factored receivables of a single Customer in excess of 20% of Eligible Receivables	  		  	 	0	  	 			
		  		  		  	  
	  
	 	 			
		  	Total Eligible Receivables	  		  	 	101,672	  	 			
	 (i)
	  	Advanced Receivables	  	80.0%	  				 	 	81,338	  

  

	(a)	Markdown Allowance issued and outstanding to date $ 16,533 and total dilution issued and outstanding is $19,116 

													
	 B.
	  	Eligible Inventory Amount:	  		  				 			
		  	Inventory value (lower of cost or FMV) of all finished goods inventory of the Borrower and its Subsidiaries other than inventory which is In Transit	  		  	 	101,277	  	 			
		  	Inventory value (lower of cost or FMV) of all finished goods inventory of the Borrower and its Subsidiaries which is In Transit and supported by a Letter of Credit	  		  	 	22,952	  	 			
		  	Inventory value (lower of cost or FMV) of all finished goods inventory of the Borrower and its Subsidiaries which has been paid for and is in-transit.	  		  	 	3,639	  	 			
		  		  		  	  
	  
	 	 			
		  	 Sub Total
	  		  	 	127,868	  	 			
		  	Less:	  		  				 			
		  	1) Inventory subject to a Lien (other than a Permitted Encumbrance) or as to which perfection of the security interest therein would not be governed by the UCC or
PPSA	  		  	 	0	  	 			
		  	2) Inventory not located at a location listed on Schedule A to the Pledge and Security Agreement (other than inventory that is (i) In Transit and is supported by a Letter of
Credit or (ii) in transit to a warehouse or retail store location	  		  	 	0	  	 			
		  	3) Inventory that is obsolete, slow-moving or unmerchantable, or is not saleable at prices approximating at least cost	  		  	 	0	  	 			
		  	4) Inventory that is placed on consignment	  		  	 	0	  	 			
		  	5) Inventory located at a property leased or owned by a third party without necessary landlord’s or processor’s waiver (unless waiver requirement does not apply to
location, or location is covered by an appropriate rent reserve)	  		  	 	0	  	 			
		  	6) Other (see Credit Agreement)	  		  	 	0	  	 			
		  		  		  	  
	  
	 	 			
		  	Eligible Inventory (total inventory less sum of numbers 1 through 6):	  		  	 	127,868	(b) 	 			
	 (ii) (iii)
	  	Advanced Inventory	  	60.0%	  				 	 	76,721	  
	 (iv)
	  	Value of Michael Kors Trademark	  		  	 	30,000	  	 	 	30,000	  
		  	Borrowing Base	  		  				 	 	188,059	  
		  		  		  				 	  
	  
	 
		  	Lower of (i) Borrowing Base and (ii) total Commitments	  		  				 	 	100,000	  
		  		  		  				 	  
	  
	 
	 C.
	  	Less Trade Letter of Credit obligations outstanding	  		  	 	22,952	  	 			
		  	Less Stand-by Letter of Credit obligations outstanding	  		  	 	10,725	  	 			
		  	Less Loans outstanding	  		  	 	20,890	  	 			
		  	Less Availability Reserves (if any, including any rent reserves per item B5 above)	  		  	 	468	  	 			
		  		  		  	  
	  
	 	 			
		  	 Subtotal
	  		  	 	55,036	  	 			
		  	Availability	  		  				 	 	44,964	  
		  		  		  				 	  
	  
	 
	 D.
	  	 (b) Gross inventory value is $133,332
	  		  				 			

 EXHIBIT F 
 FORM OF SECOND AMENDED AND RESTATED GUARANTEE AGREEMENT 
 [ATTACHED]

  
 F-1

 EXECUTION COPY 
 SECOND AMENDED AND RESTATED GUARANTEE AGREEMENT 
 This Second Amended and
Restated Guarantee Agreement (this “Guarantee”), dated as of September 15, 2011, is made by MICHAEL KORS (USA), INC., a Delaware corporation (the “Company”), MICHAEL KORS (EUROPE) B.V., a Dutch private limited
liability company with its corporate seat in Amsterdam, The Netherlands (“MKE”), MICHAEL KORS (CANADA) CO., an unlimited liability corporation incorporated under the laws of the Province of Nova Scotia (“MK
Canada”), MICHAEL KORS (SWITZERLAND) GMBH, a company organized under the laws of Switzerland (“MK Switzerland” and, collectively with the Company, MKE and MK Canada, the “Borrowers”), MICHAEL KORS HOLDINGS
LIMITED, a British Virgin Islands company (“MK Holdings”), MICHAEL KORS CORPORATION, a British Virgin Islands company (“MKC”), MICHAEL KORS, L.L.C., a Delaware limited liability company (“MK
Licensing”), MICHAEL KORS INTERNATIONAL LIMITED, a British Virgin Islands company (“MK International”), MICHAEL KORS STORES (CALIFORNIA), INC., a Delaware corporation (“MK Stores California”), MICHAEL KORS
STORES, L.L.C., a New York limited liability company (“MK Stores NY”), MICHAEL KORS RETAIL, INC., a Delaware corporation (“MK Retail”), MICHAEL KORS (EUROPE) HOLDING COOPERATIE U.A., a co-operative with excluded
liability (coöperatie met uitgesloten aansprakelijkheid) organized and existing under the laws of the Netherlands (“MKE Cooperatie”), MICHAEL KORS (EUROPE) HOLDINGS B.V., a private limited liability company incorporated
under the laws of Curaçao (“MKE Holdings”) and MICHAEL KORS (UK) LIMITED, a private limited company incorporated under the laws of England and Wales with registered number 6481234 (“MK UK” and,
together with the Borrowers, MK Holdings, MKC, MK Licensing, MK International, MK Stores California, MK Stores NY, MK Retail, MKE Cooperatie, MKE Holdings and any other guarantors made parties hereto pursuant to a supplement in the form of
Annex I hereto, the “Guarantors” and each, individually, a “Guarantor”), in favor of the financial institutions (the “Lenders”) party from time to time to the Second Amended and Restated Credit
Agreement referred to below, JPMORGAN CHASE BANK, N.A., a New York banking corporation, as Administrative Agent (the “Administrative Agent”) for the Lenders, and WELLS FARGO BANK, NATIONAL ASSOCIATION (successor by merger to Wells
Fargo Trade Capital, LLC), as Collateral Agent for the Lenders and the other “Secured Parties” referred to in the Credit Agreement (the “Collateral Agent” and, together with the Administrative Agent, the
“Agents”). 
 Recitals 
 A. The Borrowers, the other Foreign Subsidiary Borrowers party thereto from time to time, the other Guarantors, the Lenders and the Agents have entered into a Second Amended and Restated Credit Agreement
dated as of September 15, 2011 (said Agreement, as it may be amended, restated or otherwise modified from time to time, herein called the “Credit Agreement”). Terms defined in the Credit Agreement and not otherwise defined
herein have the same respective meanings when used herein, and the rules of interpretation set forth in Section 1.03 of the Credit Agreement are incorporated herein by reference. 

B. In connection with the “Original Agreement” (as defined in the Credit Agreement), certain of the Guarantors executed and
delivered an Amended and Restated Guarantee Agreement in favor of the Agents and the Lenders party to the Original Agreement, dated as of August 30, 2007 (as amended, supplemented or otherwise modified prior to the date hereof, the
“Original Guarantee”), which in turn amended and restated a Guarantee Agreement dated as of March 31, 2004. 
 C. The parties hereto desire to enter into this Guarantee in order to amend and restate the Original Guarantee in its entirety. 

 D. The Guarantors have business relationships with the Borrowers that cause them to have a
substantial economic interest in the continuing health of the business, condition (financial and otherwise), operations, performance, properties and prospects of the Borrowers. It is a condition precedent to the extension of credit by the Lenders
under the Credit Agreement that the Guarantors execute and deliver this Guarantee. Accordingly, the Guarantors hereby agree as set forth below. 
 Section 1. Guarantee. 
 (a) The Guarantors hereby absolutely and
unconditionally guarantee the punctual payment when due, whether at stated maturity, by acceleration or otherwise, of all Obligations of the Borrowers now or hereafter existing under the Credit Agreement and the other Financing Documents, including
any extensions, modifications, substitutions, amendments and renewals thereof, whether for principal (including reimbursement for amounts drawn under Letters of Credit), interest, fees, expenses, indemnification or otherwise, and all Derivative
Obligations and Banking Services Obligations of the Guarantors and their Subsidiaries owing to one or more Lenders or their respective Affiliates (the “Guaranteed Obligations”). Each of the Guarantors hereby agrees that this
Guarantee is an absolute, irrevocable and unconditional guaranty of payment and is not a guaranty of collection. 
 (b) The
Guarantors agree to pay, in addition, any and all expenses (including reasonable counsel fees and expenses) incurred by the Agents or the Lenders in enforcing any rights under this Guarantee. 

(c) Without limiting the generality of the foregoing, this Guarantee guarantees, to the extent provided herein, the payment of all amounts
that constitute part of the Guaranteed Obligations and would be owed by the Borrowers to the Agents or any of the Secured Parties under any Financing Document or pursuant to any Derivative Obligations or Banking Services Obligations including those
that are unenforceable or not allowable against the Borrowers due to the existence of a bankruptcy, reorganization or similar proceeding involving the Borrowers. 
 (d) The obligations of the Guarantors under this Guarantee are independent of the Guaranteed Obligations, and a separate action may be brought and prosecuted against the Guarantors to enforce this
Guarantee up to the full amount of the Guaranteed Obligations, irrespective of whether any action is brought against the Borrowers or any other Guarantors or whether the Borrowers or any other Guarantors are joined in any such action or actions, and
without proceeding against any other Guarantors, against any security for the Guaranteed Obligations or under any other guaranty covering all or any portion of the Guaranteed Obligations. 

(e) It is the intention of the Guarantors, the Secured Parties and the Agents that the amount of the Guaranteed Obligations guaranteed by
the Guarantors shall be in, but not in excess of, the maximum amount permitted by fraudulent-conveyance, fraudulent-transfer and similar laws applicable to the Guarantors. Accordingly, notwithstanding anything to the contrary contained in this
Guarantee or in any other agreement or instrument executed in connection with the payment of any of the Guaranteed Obligations, the amount of the Guaranteed Obligations guaranteed by the Guarantors under this Guarantee shall be limited to an
aggregate amount equal to the largest amount that would not render the Guarantors’ obligations hereunder subject to avoidance under the Bankruptcy Code or any other applicable law (after giving effect to the right of contribution established in
Section 4 below and the right of subrogation established in Section 5 below). 
 (f) If at any time any payment of the
principal of or interest on any Loan, Guaranteed Obligation or any other amount payable by the Borrower or any other party under the Credit Agreement, any Hedging Contract, any Banking Services Agreement or any other Financing

  
 2 

 
Document is rescinded or must be otherwise restored or returned upon the insolvency, bankruptcy or reorganization of the Borrower or otherwise, each of the Guarantors’ obligations hereunder
with respect to such payment shall be reinstated as though such payment had been due but not made at such time. 
 (g) The
parties hereto acknowledge and agree that each of the Guaranteed Obligations shall be due and payable in the same currency as such Guaranteed Obligation is denominated, but if currency control or exchange regulations are imposed in the country which
issues such currency with the result that such currency (the “Original Currency”) no longer exists or the relevant Guarantor is not able to make payment in such Original Currency, then all payments to be made by such Guarantor
hereunder in such currency shall instead be made when due in U.S. Dollars in an amount equal to the Dollar Amount (as of the date of payment) of such payment due, it being the intention of the parties hereto that each Guarantor takes all risks of
the imposition of any such currency control or exchange regulations. 
 Section 2. Guarantee Absolute. The
Guarantors guarantee that the Guaranteed Obligations will be paid strictly in accordance with the terms of the Credit Agreement and the other Financing Documents or any Hedging Contract or Banking Services Agreement, regardless of any law, rule or
regulation now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of the Agents or any of the Secured Parties with respect thereto. The liability of the Guarantors under this Guarantee shall be absolute and
unconditional, irrespective of the following: 
 (a) any lack of validity or enforceability of, or any release or discharge of
the Borrowers from liability under, the Credit Agreement or any other Financing Document or any Hedging Contract or Banking Services Agreement; 
 (b) any change in the time, manner or place of payment of, or in any other term of, any or all of the Guaranteed Obligations; or any other amendment or waiver of, or any consent to departure from, the
Credit Agreement or any other Financing Document or any Hedging Contract or Banking Services Agreement, including any increase in the Guaranteed Obligations resulting from the extension of additional credit to the Borrowers; 

(c) any taking, subordination, compromise, exchange, release, nonperfection or liquidation of any collateral, or any release, amendment or
waiver of, or consent to departure from, any other guaranty, for any or all of the Guaranteed Obligations; 
 (d) any exercise or
nonexercise by an Agent or any Secured Party of any right or privilege under this Guarantee or any of the other Financing Documents or any Hedging Contract or Banking Services Agreement; 

(e) any bankruptcy, insolvency, reorganization, composition, adjustment, dissolution, liquidation or other like proceeding relating to any
Borrower or any Guarantor; or any action taken with respect to this Guarantee by any trustee, receiver or court in any such proceeding, whether or not any Guarantor has had notice or knowledge of any of the foregoing; 

(f) any borrowing or grant of a security interest by a Borrower, as debtor-in-possession, under Section 364 of the Bankruptcy Code;

 (g) the disallowance, under Section 502 of the Bankruptcy Code, of all or any portion of the claims of the Secured
Parties or the Administrative Agent for repayment of all or any part of the Guaranteed Obligations; 

  
 3 

 (h) any assignment or other transfer, in whole or in part, of this Guarantee or any of the
other Financing Documents or any Hedging Contract or Banking Services Agreement; 
 (i) any acceptance of partial performance of
the Guaranteed Obligations; 
 (j) any consent to the transfer of, or any bid or purchase at sale of, any collateral for the
Guaranteed Obligations (other than payment of the Guaranteed Obligations); 
 (k) any manner of application of collateral, or
proceeds thereof, to any or all of the Guaranteed Obligations; or any manner of sale or other disposition of any collateral or any other assets of any Borrower; 
 (l) any change, restructuring or termination of the corporate structure or existence of any Borrower or any Guarantor; or 
 (m) any other circumstance (including any statute of limitations) that might otherwise constitute a defense available to, or a discharge of, the Borrowers or any Guarantors of the Guaranteed Obligations
(other than payment of the Guaranteed Obligations). 
 This Guarantee shall continue to be effective or be reinstated, as the case may be, if at
any time any payment of any of the Guaranteed Obligations is rescinded or must otherwise be returned by the Agents, any Secured Party or any other Person upon the insolvency, bankruptcy or reorganization of any Borrower, any Guarantor or otherwise,
all as though such payment had not been made. 
 Section 3. Waivers. 

(a) The Guarantors irrevocably waive the following, to the extent permitted by applicable law: 

(i) promptness, diligence, notice of acceptance, demand of payment, presentation and any other notice with respect to any
of the Guaranteed Obligations or this Guarantee; 
 (ii) any requirement that the Agents, any Secured Party or
any other Person protect, secure, perfect or insure any Lien or any property subject thereto or exhaust any right or assert any remedy or take any action against any Borrower, any other Person or any collateral; 

(iii) any duty on the part of the Agents or any Secured Party to disclose to the Guarantors any matter, fact or thing
relating to the business, operation or condition of any Borrower or its assets now known or hereafter known by the Agents or such Secured Party; 
 (iv) any default, failure or delay, willful or otherwise, in the performance of the Guaranteed Obligations; 
 (v) any defense based upon any legal disability or other defense of any Borrower, or by reason of the cessation or limitation of the liability of such Borrower from any cause (other than full payment of
all Guaranteed Obligations), 

  
 4 

 
including, but not limited to, failure of consideration, breach of warranty, statute of frauds, statute of limitations, accord and satisfaction, and usury; 

(vi) any defense based upon any legal disability or other defense of any other Guarantor or other Person; 

(vii) any defense based upon any statute or rule of law which provides that the obligation of a surety must be neither
larger in amount nor in any other respects more burdensome than that of a principal; 
 (viii) any defense based
on legal prohibition of the Agents’ or any Secured Party’s acceleration of the maturity of the Guaranteed Obligations during the occurrence of an Event of Default or any other legal prohibition on enforcement of any other right or remedy
of the Secured Parties with respect to the Guaranteed Obligations and the security therefor; and 
 (ix) the
benefits of any statute of limitation affecting the liability of the Guarantors hereunder or the enforcement hereof. 
 (b) Without limiting the generality of any other provision of this Guarantee, the Guarantors waive all rights and defenses arising out of an election of remedies by the Agents or any Secured Party.

 Section 4. Right of Contribution. 

(a) To the extent that any Guarantor shall make a payment under this Guarantee (a “Guarantor Payment”)
which, taking into account all other Guarantor Payments then previously or concurrently made by any other Guarantor, exceeds the amount which otherwise would have been paid by or attributable to such Guarantor if each Guarantor had paid the
aggregate Guaranteed Obligations satisfied by such Guarantor Payment in the same proportion as such Guarantor’s “Allocable Amount” (as defined below) (as determined immediately prior to such Guarantor Payment) bore to the aggregate
Allocable Amounts of each of the Guarantors as determined immediately prior to the making of such Guarantor Payment, then, following the “Guarantee Termination Date” (as defined in Section 10 below), such Guarantor shall be
entitled to receive contribution and indemnification payments from, and be reimbursed by, each other Guarantor for the amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately prior to such
Guarantor Payment. 
 (b ) As of any date of determination, the “Allocable Amount” of any
Guarantor shall be equal to the excess of the fair saleable value of the property of such Guarantor over the total liabilities of such Guarantor (including the maximum amount reasonably expected to become due in respect of contingent liabilities,
calculated, without duplication, assuming each other Guarantor that is also liable for such contingent liability pays its ratable share thereof), giving effect to all payments made by other Guarantors as of such date in a manner to maximize the
amount of such contributions. 
 (c) This Section 4 is intended only to define the relative rights of
the Guarantors, and nothing set forth in this Section 4 is intended to or shall impair the obligations of the Guarantors, jointly and severally, to pay any amounts as and when the same shall become due and payable in accordance with the
terms of this Guarantee. 

  
 5 

 (d) The parties hereto acknowledge that the rights of contribution and indemnification
hereunder shall constitute assets of the Guarantor or Guarantors to which such contribution and indemnification is owing. 
 (e)
The rights of the indemnifying Guarantors against other Guarantors under this Section 4 shall be exercisable following the Guarantee Termination Date. 
 (f) Each Guarantor’s right of contribution shall be subject to the terms and conditions of Section 5 below. The provisions of this Section 4 shall in no respect limit the obligations and
liabilities of any Guarantor to the Secured Parties, and each Guarantor shall remain liable to the Secured Parties for the full amount guaranteed by such Guarantor hereunder. 
 Section 5. Waiver of Subrogation and Contribution. Each Guarantor hereby irrevocably waives, until the Guarantee Termination Date has occurred, any claims and other rights that it now has or
may hereafter acquire against the Borrowers or the other Guarantors that arise from the existence, payment, performance or enforcement of the Guarantor’s obligations under this Guarantee or any other Financing Document or any Hedging Contract
or Banking Services Agreement, including any right of subrogation, reimbursement, exoneration, contribution or indemnification and any right to participate in any claim or remedy of the Agents or any Secured Party against the Borrowers, the other
Guarantors or any collateral that the Agents or any Secured Party now has or hereafter acquires, whether or not such claim, remedy or right arises in equity or under contract, statute or common law, including the right to take or receive from the
Borrowers, directly or indirectly, in cash or other property, by setoff or in any other manner, payment or security on account of any such claim or other right. If any amount is paid to the Guarantors in violation of the preceding sentence and the
Guarantee Termination Date has not occurred, such amount shall be deemed to have been paid to the Guarantors for the benefit of, and held in trust for the benefit of, the Agents and the Secured Parties and shall be forthwith paid to the Collateral
Agent for the benefit of the Secured Parties to be credited and applied upon the Guaranteed Obligations, whether matured or unmatured, in accordance with the terms of the other Financing Documents. The Guarantors acknowledge that they will receive
direct and indirect benefits from the financing arrangements contemplated by the Credit Agreement and that the waiver set forth in this Section 5 is knowingly made in contemplation of such benefits. 

Section 6. Amendments, Etc. Except as provided in Section 16 below, no amendment or waiver of any provision of this
Guarantee or consent to any departure by the Guarantors therefrom shall in any event be effective unless the same is in writing and signed by the Agents, and then such waiver or consent shall be effective only in the specific instance and for the
specific purpose for which given. 
 Section 7. Addresses for Notices. All notices and other communications provided
for hereunder shall be in writing (including communication by telecopier) and shall be mailed, telecopied or delivered to the Guarantors or the Agents, as the case may be, at the address therefor (or, in the case of the Guarantors, for Michael Kors
(USA), Inc.) set forth in the Credit Agreement or at such other address as may be designated by any such party in a written notice to the other parties complying with the terms of this section. All such notices and other communications shall be
effective as provided in the Credit Agreement. Delivery by telecopier of an executed counterpart of any amendment or waiver of, or consent to departure from, any provision of this Guarantee shall be effective as delivery of an originally executed
counterpart thereof. 
 Section 8. No Waiver; Remedies. No failure on the part of the Agents or any Secured Party to
exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof, and no single or partial exercise of any right hereunder shall preclude any other or further exercise

  
 6 

 
thereof or the exercise of any other right. The remedies provided herein are cumulative and not exclusive of any remedies provided by law. 

Section 9. Right of Setoff. Upon the occurrence and during the continuation of any Event of Default, each Lender, Agent and
Issuing Bank is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness
at any time owing by such Lender, Agent or Issuing Bank to or for the credit or the account of the Guarantors against any and all of the obligations of the Guarantors now or hereafter existing under this Guarantee, irrespective of whether such
Lender, Agent or Issuing Bank has made any demand under this Guarantee and although such obligations may be contingent and unmatured. Each Lender, Agent and Issuing Bank agrees to notify the Guarantors promptly after any such setoff and application
made by such Lender, Agent or Issuing Bank; provided, however, that the failure to give such notice shall not affect the validity of such setoff and application. The rights of each Lender, Agent and Issuing Bank under this section are
in addition to other rights and remedies (including other rights of setoff) that such Lender, Agent or Issuing Bank may have. 

Section 10. Continuing Guarantee. This Guarantee is a continuing guaranty and shall (a) remain in full force and effect
until the date of payment in full in cash of the Guaranteed Obligations and all other amounts payable under this Guarantee (in each case, other than (x) Derivative Obligations as to which arrangements satisfactory to the Agents shall have been
made, (y) Cash Management Obligations as to which arrangements satisfactory to the Agents shall have been made and (z) contingent obligations for indemnification) and expiration or termination of the Commitments and all Letters of Credit
or, in the case of Letters of Credit, cash collateralization thereof in accordance with the Credit Agreement (such date, the “Guarantee Termination Date”), (b) be binding upon the Guarantors and their successors and assigns and
(c) inure to the benefit of and be enforceable by the Agents, the Secured Parties and their respective successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), any Lender may assign or otherwise
transfer any or all of its rights and obligations under the Financing Documents to any other Person, and such other Person shall thereupon become vested with all of the rights in respect thereof granted to such Lender herein or otherwise, subject,
however, to the provisions of Article VIII (concerning the Agents) and Section 9.04 of the Credit Agreement. 

Section 11. GOVERNING LAW. THIS AGREEMENT, IN ACCORDANCE WITH SECTION 5-1401 OF THE GENERAL OBLIGATION LAW OF THE STATE OF
NEW YORK, SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ANY CONFLICTS OF LAWS PRINCIPLES THEREOF THAT WOULD CALL FOR THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION. 

Section 12. Headings. The section and subsection headings used herein have been inserted for convenience of reference only
and do not constitute matters to be considered in interpreting this Guarantee. 
 Section 13. Execution in
Counterparts. This Guarantee may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall
constitute one and the same agreement. Delivery by telecopier of an executed counterpart of a signature page to this Guarantee shall be effective as delivery of an originally executed counterpart of this Guarantee. 

Section 14. WAIVER OF JURY TRIAL. IN CONNECTION WITH ANY ACTION OR PROCEEDING, WHETHER BROUGHT IN STATE OR FEDERAL COURT, THE
GUARANTORS, THE SECURED PARTIES AND THE AGENTS HEREBY EXPRESSLY, INTENTIONALLY AND 

  
 7 

 
IRREVOCABLY WAIVE ANY RIGHT THEY MAY OTHERWISE HAVE TO TRIAL BY JURY OF ANY CLAIM. 
 Section 15. Subordination of Intercompany Indebtedness. Each Guarantor agrees that any and all claims of such Guarantor against any other Guarantor with respect to any “Intercompany
Indebtedness” (as hereinafter defined) or against any endorser, obligor or any other guarantor of all or any part of the Guaranteed Obligations (each an “Obligor”), or against any of its properties shall be subordinate and
subject in right of payment to the prior payment, in full and in cash, of all Guaranteed Obligations, provided that, and not in contravention of the foregoing, so long as no Event of Default has occurred and is continuing, such Guarantor may make
loans to and receive payments with respect to such Intercompany Indebtedness from each such Obligor to the extent not prohibited by the terms of the Financing Documents. Notwithstanding any right of any Guarantor to ask, demand, sue for, take or
receive any payment from any Obligor, all rights, liens and security interests of such Guarantor, whether now or hereafter arising and howsoever existing, in any assets of any other Obligor shall be and are subordinated to the rights of the Secured
Parties and the Agents in those assets. No Guarantor shall have any right to possession of any such asset or to foreclose upon any such asset, whether by judicial action or otherwise, unless and until this Guarantee has terminated in accordance with
Section 10 hereof. If all or any part of the assets of any Obligor, or the proceeds thereof, are subject to any distribution, division or application to the creditors of such Obligor, whether partial or complete, voluntary or
involuntary, and whether by reason of liquidation, bankruptcy, arrangement, receivership, assignment for the benefit of creditors or any other action or proceeding, or if the business of any such Obligor is dissolved or if substantially all of the
assets of any such Obligor are sold, then, and in any such event (such events being herein referred to as an “Insolvency Event”), any payment or distribution of any kind or character, either in cash, securities or other property,
which shall be payable or deliverable upon or with respect to any indebtedness of any Obligor to any Guarantor (“Intercompany Indebtedness”) shall be paid or delivered directly to the Administrative Agent for application on any of
the Guaranteed Obligations, due or to become due, until the Guarantee Termination Date shall have occurred; provided, that notwithstanding anything in the foregoing to the contrary, indebtedness in respect of the promissory notes set forth on
Schedule A hereto shall not constitute Intercompany Indebtedness for purposes of this Section 15 and shall not be subject to the provisions of this Section 15. Should any payment, distribution, security or instrument or proceeds
thereof be received by the applicable Guarantor upon or with respect to the Intercompany Indebtedness after any Insolvency Event and prior to the Guarantee Termination Date, such Guarantor shall receive and hold the same in trust, as trustee, for
the benefit of the Secured Parties and shall forthwith deliver the same to the Administrative Agent, for the benefit of the Secured Parties, in precisely the form received (except for the endorsement or assignment of the Guarantor where necessary),
for application to any of the Guaranteed Obligations, due or not due, and, until so delivered, the same shall be held in trust by the Guarantor as the property of the Secured Parties. If any such Guarantor fails to make any such endorsement or
assignment to the Administrative Agent, the Administrative Agent or any of its officers or employees is irrevocably authorized to make the same. Each Guarantor agrees that until the termination of this Guarantee in accordance with
Section 10, no Guarantor will assign or transfer to any Person (other than the Administrative Agent or another Guarantor) any claim any such Guarantor has or may have against any Obligor. 

Section 16. Supplemental Guarantors. Pursuant to Section 5.11 of the Credit Agreement, additional Subsidiaries shall
become obligated as Guarantors hereunder (each as fully as though an original signatory hereto) by executing and delivering to the Administrative Agent a supplemental guaranty in the form of Annex I attached hereto (with blanks appropriately
filled in and any other modifications as shall be acceptable to the Administrative Agent), together with such additional supporting documentation required pursuant to Section 5.11 of the Credit Agreement. 

  
 8 

 Section 17. Judgment Currency. For the purposes of obtaining judgment in any
court it is necessary to convert a sum due from any Guarantor hereunder in the currency expressed to be payable herein (the “Specified Currency”) into another currency, the parties hereto agree, to the fullest extent that they may
effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent could purchase the Specified Currency with such other currency at the Administrative Agent’s main New
York City office on the Business Day preceding that on which final, non-appealable judgment is given. The obligations of each Guarantor in respect of any sum due hereunder shall, notwithstanding any judgment in a currency other than the Specified
Currency, be discharged only to the extent that on the Business Day following receipt by any Secured Party (including the Administrative Agent), as the case may be, of any sum adjudged to be so due in such other currency such Secured Party
(including the Administrative Agent), as the case may be, may in accordance with normal, reasonable banking procedures purchase the Specified Currency with such other currency. If the amount of the Specified Currency so purchased is less than the
sum originally due to such Secured Party (including the Administrative Agent), as the case may be, in the Specified Currency, each Guarantor agrees, to the fullest extent that it may effectively do so, as a separate obligation and notwithstanding
any such judgment, to indemnify such Secured Party (including the Administrative Agent), as the case may be, against such loss, and if the amount of the Specified Currency so purchased exceeds (a) the sum originally due to any Secured Party
(including the Administrative Agent), as the case may be, in the Specified Currency and (b) amounts shared with other Secured Parties as a result of allocations of such excess as a disproportionate payment to such other Secured Party under
Section 2.18 of the Credit Agreement, such Secured Party (including the Administrative Agent), as the case may be, agrees, by accepting the benefits hereof, to remit such excess to such Guarantor. 

Section 18. Financial Assistance. 
 (a) If and to the extent that a payment in fulfilling the guarantee obligations under this Guarantee of MK Switzerland or any other Guarantor organized under the laws of Switzerland (collectively with MK
Switzerland, the “Swiss Guarantors”) would, at the time payment is due, under Swiss law and practice (inter alia, prohibiting capital repayments or restricting profit distributions) not be permitted, in particular if and to the
extent that such Swiss Guarantor guarantees obligations other than obligations of one of its subsidiaries (i.e. obligations of its direct or indirect parent companies (up-stream guarantee) or sister companies (cross-stream guarantee)) (such
obligations, “Restricted Obligations”), then such obligations and payment amount shall from time to time be limited to the amount permitted to be paid; provided that such limited amount shall at no time be less than such
Swiss Guarantor’s profits and reserves available for distribution as dividends (being the balance sheet profits and any reserves available for this purpose, in each case in accordance with art. 675(2) and art. 671(1) and (2), no. 3, of the
Swiss Federal Code of Obligations) at the time or times payment under or pursuant to this Guarantee is requested from such Swiss Guarantor, and further provided that such limitation (as may apply from time to time or not) shall not (generally or
definitively) free such Swiss Guarantor from payment obligations hereunder in excess thereof, but merely postpone the payment date therefor until such times as payment is again permitted notwithstanding such limitation. Any and all indemnities and
guarantees contained in the Finance Documents including, in particular, Section 2.15(c) of the Credit Agreement shall be construed in a manner consistent with the provisos herein contained. 

(b) In respect of Restricted Obligations, each Swiss Guarantor shall: 

(i) if and to the extent required by applicable law in force at the relevant time: 

 

	 	A.	 subject to any applicable double taxation treaty, deduct Swiss anticipatory tax (Verrechnungssteuer; “Swiss Withholding Tax”)
at the rate of 35% (or 

  
 9 

	 	
such other rate as in force from time to time) from any payment made by it in respect of Restricted Obligations; 

 

	 	B.	pay any such deduction to the Swiss Federal Tax Administration; and 

  

	 	C.	notify (or ensure that the Company notifies) the Administrative Agent that such a deduction has been made and provide the Administrative Agent with evidence that such a
deduction has been paid to the Swiss Federal Tax Administration, all in accordance with Section 2.15(a) of the Credit Agreement; and 

 (ii) to the extent such a deduction is made, not be obliged to either gross-up in accordance with Section 2.15(a) of the Credit Agreement or indemnify the Secured Parties in accordance with
Section 2.15(c) of the Credit Agreement in relation to any such payment made by it in respect of Restricted Obligations unless grossing-up is permitted under the laws of Switzerland then in force. 

(c) If and to the extent requested by the Administrative Agent and if and to the extent this is from time to time required
under Swiss law (restricting profit distributions), in order to allow the Agents (or the other Secured Parties) to obtain a maximum benefit under the guarantee obligations of this Guarantee, each Swiss Guarantor undertakes to promptly implement all
such measures and/or to promptly obtain the fulfilment of all prerequisites allowing it to promptly make the requested payment(s) hereunder from time to time, including the following: 

 

	 	(i)	preparation of an up-to-date audited balance sheet of such Swiss Guarantor; 

 

	 	(ii)	confirmation of the auditors of such Swiss Guarantor that the relevant amount represents the maximum freely distributable profits; 

 

	 	(iii)	approval by a quotaholders’ meeting of such Swiss Guarantor of the resulting profit distribution; and 

 

	 	(iv)	all such other measures necessary or useful to allow such Swiss Guarantor to make the payments agreed hereunder with a minimum of limitations. 

Section 19. Amendment and Restatement; No Novation of Original Guarantee. This Guarantee amends and restates in its entirety
the Original Guarantee and this Guarantee is in no way intended to constitute a novation of any obligations owed by the Guarantors to the Agents or the other Secured Parties under the Original Guarantee, all of which are hereby reaffirmed, ratified
and confirmed. 

  
 10 

 IN WITNESS WHEREOF, the undersigned have executed this Guarantee as of the date first
written above. 
  

									
	MICHAEL KORS (USA), INC.	 		 	MICHAEL KORS (EUROPE) B.V.
					
	By:	 	 	 		 	By:	 	 
	Name:	 		 		 	Name:	 	
	Title:	 		 		 	Title:	 	
					
		 		 		 	By:	 	 
		 		 		 	Name:	 	
		 		 		 	Title:	 	
			
	MICHAEL KORS (CANADA) CO.	 		 	MICHAEL KORS (SWITZERLAND) GMBH
					
	By:	 	 	 		 	By:	 	 
	Name:	 		 		 	Name:	 	
	Title:	 		 		 	Title:	 	
			
	MICHAEL KORS HOLDINGS LIMITED	 		 	MICHAEL KORS CORPORATION
					
	By:	 	 	 		 	By:	 	 
	Name:	 		 		 	Name:	 	
	Title:	 		 		 	Title:	 	
			
	MICHAEL KORS, L.L.C.	 		 	MICHAEL KORS INTERNATIONAL LIMITED
					
	By:	 	 	 		 	By:	 	 
	Name:	 		 		 	Name:	 	
	Title:	 		 		 	Title:	 	

 Signature Page to Second Amended and Restated Guarantee Agreement 

  

									
	MICHAEL KORS STORES (CALIFORNIA), INC.	 		 	MICHAEL KORS STORES, L.L.C.
					
	By:	 	 	 		 	By:	 	 
	Name:	 		 		 	Name:	 	
	Title:	 		 		 	Title:	 	
			
	MICHAEL KORS RETAIL, INC.	 		 	MICHAEL KORS (EUROPE) HOLDING COOPERATIE U.A.
					
	By:	 	 	 		 	By:	 	 
	Name:	 		 		 	Name:	 	
	Title:	 		 		 	Title:	 	
					
		 		 		 	By:	 	 
		 		 		 	Name:	 	
		 		 		 	Title:	 	
			
	MICHAEL KORS (EUROPE) HOLDINGS B.V.	 		 	MICHAEL KORS (UK) LIMITED
					
	By:	 	 	 		 	By:	 	 
	Name:	 		 		 	Name:	 	
	Title:	 		 		 	Title:	 	
					
	By:	 	 	 		 		 	
	Name:	 		 		 		 	
	Title:	 		 		 		 	

 Signature Page to Second Amended and Restated Guarantee Agreement 

  

 SCHEDULE A 

SPECIFIED INTERCOMPANY NOTES 

1. Promissory Note dated as of January 29, 2003 issued by Michael Kors (USA), Inc. in favor of Michael Kors (Switzerland) GmbH (as assignee of
Michael Kors Corporation) in the principal amount of $20,000,000. 
 2. Promissory Note dated as of June 10, 2004 issued by Michael Kors
(USA), Inc. in favor of Michael Kors (Switzerland) GmbH (as assignee of Michael Kors Corporation) in the principal amount of $10,000,000. 
 3.
Promissory Note dated as of July 12, 2004 issued by Michael Kors (USA), Inc. in favor of Michael Kors (Switzerland) GmbH (as assignee of Michael Kors Corporation) in the principal amount of $10,000,000. 

4. Promissory Note dated as of December 10, 2004 issued by Michael Kors (USA), Inc. in favor of Michael Kors (Switzerland) GmbH (as assignee of
Michael Kors Corporation) in the principal amount of $10,000,000. 
 5. Promissory Note dated as of June 7, 2005 issued by Michael Kors
(USA), Inc. in favor of Michael Kors (Switzerland) GmbH (as assignee of Michael Kors Corporation) in the principal amount of $15,000,000. 
 6.
Promissory Note dated as of October 21, 2005 issued by Michael Kors (USA), Inc. in favor of Michael Kors (Switzerland) GmbH (as assignee of Michael Kors Corporation) in the principal amount of $5,000,000. 

 ANNEX I TO SECOND AMENDED AND RESTATED GUARANTEE AGREEMENT 

Reference is hereby made to (i) the Second Amended and Restated Guarantee Agreement (as the same may be amended, restated,
supplemented or otherwise modified from time to time, the “Guarantee”), dated as of September 15, 2011, made by and among MICHAEL KORS (USA), INC., a Delaware corporation (the “Company”), MICHAEL KORS (EUROPE)
B.V., a Dutch private limited liability company with its corporate seat in Amsterdam, The Netherlands (“MKE”), MICHAEL KORS (CANADA) CO., an unlimited liability corporation incorporated under the laws of the Province of Nova Scotia
(“MK Canada”), MICHAEL KORS (SWITZERLAND) GMBH, a company organized under the laws of Switzerland (“MK Switzerland” and, collectively with the Company, MKE and MK Canada, the “Borrowers”), MICHAEL
KORS HOLDINGS LIMITED, a British Virgin Islands company (“MK Holdings”), MICHAEL KORS CORPORATION, a British Virgin Islands company (“MKC”), MICHAEL KORS, L.L.C., a Delaware limited liability company (“MK
Licensing”), MICHAEL KORS INTERNATIONAL LIMITED, a British Virgin Islands company (“MK International”), MICHAEL KORS STORES (CALIFORNIA), INC., a Delaware corporation (“MK Stores California”), MICHAEL KORS
STORES, L.L.C., a New York limited liability company (“MK Stores NY”), MICHAEL KORS RETAIL, INC., a Delaware corporation (“MK Retail”), MICHAEL KORS (EUROPE) HOLDING COOPERATIE U.A., a co-operative with
excluded liability (coöperatie met uitgesloten aansprakelijkheid) organized and existing under the laws of the Netherlands (“MKE Cooperatie”), MICHAEL KORS (EUROPE) HOLDINGS B.V., a private limited liability company
incorporated under the laws of Curaçao (“MKE Holdings”) and MICHAEL KORS (UK) LIMITED, a private limited company incorporated under the laws of England and Wales with registered number 6481234 (“MK UK”
and, together with the Borrowers, MK Holdings, MKC, MK Licensing, MK International, MK Stores California, MK Stores NY, MK Retail, MKE Cooperatie, MKE Holdings and any other guarantors made parties hereto pursuant to a supplement in the form of
Annex I hereto, the “Guarantors” and each, individually, a “Guarantor”), in favor of the financial institutions (the “Lenders”) party from time to time to the Credit Agreement (defined below),
JPMORGAN CHASE BANK, N.A., a New York banking corporation, as Administrative Agent (the “Administrative Agent”) for the Lenders, and WELLS FARGO BANK, NATIONAL ASSOCIATION (successor by merger to Wells Fargo Trade Capital, LLC), as
Collateral Agent for the “Secured Parties” referred to in the Guarantee (the “Collateral Agent” and, together with the Administrative Agent, the “Agents”) and (ii) the Second Amended and Restated
Credit Agreement (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), dated as of September 15, 2011, made by and among the Guarantors (including in their
capacities as Borrowers, to the extent applicable), the Lenders from time to time party thereto and the Agents. Each capitalized term used herein and not defined herein shall have the meaning given to it in the Guarantee. 

By its execution below, the undersigned, [NAME OF NEW GUARANTOR], a
[                                ] [corporation] [partnership] [limited liability
company], agrees to become, and does hereby become, (i) a Guarantor under the Guarantee and (ii) a Guarantor and a Loan Party [and a [BVI][Canadian][Netherlands][UK] Loan Party][and a Swiss Subsidiary] under the Credit Agreement, and
agrees to be bound by such Guarantee and Credit Agreement as if originally a party thereto. Without limiting the foregoing, the undersigned hereby absolutely and unconditionally guarantees the punctual payment when due, whether at stated maturity,
by acceleration or otherwise, of all Guaranteed
Obligations.1 The undersigned agrees that the Guarantee is
an absolute, irrevocable and unconditional guaranty of payment and is not a guaranty of collection. By its execution below, the undersigned represents and warrants as to itself that all of the representations and warranties contained in
Article III of the Credit 
  

	1 	Jurisdiction-specific limitations to be inserted. 

 Agreement made with respect to itself are true and correct in material all respects as of
the date hereof. 
 IN WITNESS WHEREOF, [NAME OF NEW GUARANTOR], a [corporation] [partnership] [limited liability company] has
executed and delivered this Annex I counterpart to the Guarantee as of this              day of
                    , 20    . 

 

			
	[NAME OF NEW GUARANTOR]
		
	By:	 	 
	Name:	 	
	Title:	 	

  
 2 

 EXHIBIT G 
 FORM OF AMENDED AND RESTATED PLEDGE AND SECURITY AGREEMENT 
 [ATTACHED]

  
 G-1

 EXECUTION COPY 
 AMENDED AND RESTATED PLEDGE AND SECURITY AGREEMENT 
 This AMENDED AND
RESTATED PLEDGE AND SECURITY AGREEMENT (this “Agreement”) is dated as of September 15, 2011 and made by MICHAEL KORS (USA), INC., a Delaware corporation (the “Company”), MICHAEL KORS HOLDINGS LIMITED, a British
Virgin Islands company (“MK Holdings”), MICHAEL KORS CORPORATION, a British Virgin Islands company (“MKC”), MICHAEL KORS, L.L.C., a Delaware limited liability company (“MK Licensing”), MICHAEL KORS
INTERNATIONAL LIMITED, a British Virgin Islands company (“MK International”), MICHAEL KORS STORES (CALIFORNIA), INC., a Delaware corporation (“MK Stores California”), MICHAEL KORS STORES, L.L.C., a New York limited
liability company (“MK Stores”) and MICHAEL KORS RETAIL, INC., a Delaware corporation (“MK Retail”), and any other grantors made parties hereto pursuant to a supplement in the form of Annex I hereto (collectively,
the “Grantors”), in favor of JPMORGAN CHASE BANK, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”) for the Lenders (as defined in the Second Amended and Restated Credit Agreement referred
to below, the “Lenders”) and WELLS FARGO BANK, NATIONAL ASSOCIATION (successor by merger to Wells Fargo Trade Capital, LLC), as collateral agent for the Lenders and the other “Secured Parties” referred to in the Credit
Agreement (in such capacity, the “Collateral Agent” and, together with the Administrative Agent, the “Agents”). 
 Recitals 
 The Agents, the Foreign Subsidiary Borrowers from time to time
party thereto, the Grantors and the Lenders have entered into a Second Amended and Restated Credit Agreement, dated as of September 15, 2011 (said Agreement, as it may be amended, modified or restated from time to time, the “Credit
Agreement”), with the Grantors. 
 In connection with the “Original Agreement” (as defined in the Credit
Agreement), (i) the Company entered into an Amended and Restated Borrower Pledge and Security Agreement, dated as of August 30, 2007 , which in turn amended and restated a Borrower Pledge and Security Agreement, dated March 31, 2004,
and (ii) each of MKC, MK Licensing, MK International, MK Stores California, MK Stores and MK Retail entered into separate Amended and Restated Pledge and Security Agreements, each dated as of August 30, 2007, each of which in turn amended
and restated a Guarantor Pledge and Security Agreement, dated as of March 31, 2004 (each such agreement, as amended, supplemented or otherwise modified prior to the date hereof, and all such agreements being referred to collectively as the
“Original Security Agreements”). The parties hereto desire to enter into this Agreement in order to collectively amend and restate the Original Security Agreements in their entirety. 

It is a condition precedent to the extension of credit by the Lenders under the Credit Agreement that the Grantors shall have executed
and delivered this Agreement. 
 Terms defined in the Credit Agreement and not otherwise defined herein have the same respective
meanings when used herein, and the rules of interpretation set forth in Section 1.03 of the Credit Agreement are incorporated herein by reference. 
 Agreement 
 NOW, THEREFORE, in order to induce the Lenders to enter into
the Credit Agreement and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each Grantor hereby represents, warrants, covenants, agrees, assigns and grants as follows: 

  
 1 

 SECTION 1. Definitions. Unless the context otherwise requires, terms defined in the
Uniform Commercial Code of the State of New York or any other state the laws of which are required as a result thereof to be applied in connection with the attachments, perfection or priority of, or remedies with respect to, the Lien on the
Collateral created hereby (the “Uniform Commercial Code”) and not otherwise defined in this Agreement or in the Credit Agreement shall have the meanings defined for those terms in the Uniform Commercial Code. In addition, the
following terms shall have the meanings respectively set forth after each: 
 “Collateral”: all present and
future right, title and interest of any Grantor in or to any personal property or assets whatsoever, whether now owned or existing or hereafter arising or acquired and wheresoever located, and all rights and powers of any Grantor to transfer any
interest in or to any personal property or assets whatsoever, including any and all of the following personal property: 
 (a)
Intellectual Property, including registrations and applications for any of the foregoing in the United States Patent and Trademark Office, United States Copyright Office or in any other office or with any other official anywhere in the world or
which are used in the United States or any state, territory or possession thereof, or in any other place, nation or jurisdiction anywhere in the world, including, without limitation, the Intellectual Property registrations and applications listed on
Schedule F, attached hereto and made a part hereof, and (i) all renewals thereof, (ii) all income, royalties, license fees, damages and payments now and hereafter due and/or payable with respect thereto, including, without
limitation, payments under all licenses entered into in connection therewith and damages and payments for past or future infringements thereof, (iii) the right to sue for past, present and future infringements, dilution, misappropriation, or
other violation or impairment thereof, including the right to receive all proceeds thereof, and (iv) all rights corresponding thereto throughout the world; provided, however, that the Collateral shall not include any “intent-to-use”
based application for a trademark or service mark until such time that a statement of use has been filed with the United States Patent and Trademark Office for such application; 

(b) license agreements with any other party in connection with any Intellectual Property or such other party’s Intellectual Property
applications, whether the applicable Grantor is a licensor or licensee under any such license agreement, including, but not limited to, the license agreements listed on Schedule G attached hereto and made a part hereof, and the right to
prepare for sale, sell and advertise for sale, all of the inventory now or hereafter owned by any Grantor and now or hereafter covered by such license agreements (all of the foregoing being hereinafter referred to collectively as the
“Licenses”); 
 (c) the goodwill of any Grantor’s business connected with and symbolized by the trademarks
or service marks owned by such Grantor; 
 (d) All present and future accounts, accounts receivable, agreements, guaranties,
contracts, leases, licenses, contract rights, and other rights to payment (collectively, the “Accounts”), together with all instruments, documents, chattel paper, security agreements, guaranties, undertakings, surety bonds,
insurance policies, notes and drafts, all other supporting obligations and all forms of obligations owing to any Grantor or in which any Grantor may have any interest, however created or arising; 

(e) All present and future general intangibles, payment intangibles, letters of credit, letter of credit rights and other rights to
payment, all tax refunds of every kind and nature to which any Grantor now or hereafter may become entitled, however arising, all other refunds, and all deposits, goodwill, choses in action, trade secrets, computer programs, software, customer
lists, licenses, technology, processes, proprietary information, insurance proceeds and warranties; 

  
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 (f) All present and future (i) demand, time, savings, passbook, deposit and like
accounts (general or special), (ii) security entitlements, securities accounts, commodity accounts, investment and/or brokerage accounts and (iii) other investment property and all dividends, distributions (in cash or in kind) or
liquidation payments with respect thereto (collectively, the “Deposit Accounts”) in which any Grantor has any interest which are maintained with any bank, savings and loan association, credit union, securities company or like
organization, including each account listed on Schedule C attached hereto and made a part hereof, and all money, cash and cash equivalents, investment property, dividends or distributions of any Grantor, whether or not deposited in any
Deposit Account; 
 (g) All present and future books and records, including books of account and ledgers of every kind and
nature, all electronically recorded data relating to any Grantor or the business thereof, all receptacles and containers for such records, and all files and correspondence; 
 (h) All present and future goods, including all equipment, machinery, spare parts, tools, molds, dies, furniture, furnishings, fixtures, trade fixtures, motor vehicles and all other goods used in
connection with or in the conduct of any Grantor’s business (collectively, the “Equipment”); 
 (i) All
present and future inventory and merchandise, including all present and future goods held for sale or lease or to be furnished under a contract of service, all recorded media, all raw materials, work in process and finished goods, all packing
materials, supplies and containers relating to or used in connection with any of the foregoing, and all bills of lading, warehouse receipts and documents of title relating to any of the foregoing (collectively, the “Inventory”);

 (j) All commercial tort claims, including those specifically described on Schedule H hereto; 

(k) All present and future accessions, appurtenances, components, repairs, repair parts, spare parts, replacements, substitutions,
additions, issue and/or improvements to or of or with respect to any of the foregoing; 
 (l) All rights, remedies, powers and/or
privileges of any Grantor with respect to any of the foregoing; 
 (m) Any and all proceeds and products of the foregoing,
including all money, accounts, general intangibles, Deposit Accounts, documents, instruments, letter-of-credit rights, investment property, chattel paper, goods, insurance proceeds and any other tangible or intangible property received upon the sale
or disposition of any of the foregoing; and 
 (n) to the extent not included in the foregoing, all other accounts, general
intangibles, instruments, investment property, documents, chattel paper, goods, moneys, letters of credit, letter of credit rights, certificates of deposit, deposit accounts, commercial tort claims, oil, gas and minerals, and all other property and
interests in property of each Grantor, whether tangible or intangible; 
 provided, however, that notwithstanding
any of the other provisions set forth in this Agreement, this Agreement shall not constitute a grant of a security interest in, and “Collateral” shall not include, (a) any property to the extent that a grant of a security interest
therein (i) is prohibited by any applicable law, rule or regulation or determination of any Governmental Authority binding upon any Grantor or its properties, (ii) requires the consent of any Governmental Authority not obtained or
(iii) is prohibited by, or constitutes a breach or default under, or results in the termination of or requires any consent not obtained under, any contract, license, agreement, instrument or other document evidencing or governing such property
or, in the case of any investment property or other equity interest, any applicable 

  
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shareholder or similar agreement (to the extent such contract, license, agreement, instrument, or other document, or shareholder or similar agreement, is otherwise permitted under, or not
prohibited by, the Credit Agreement), except to the extent that such law, rule or regulation or determination, or the term in such contract, license, agreement, instrument or other documents, or shareholder or similar agreement providing for such
prohibition, breach, default or termination or requiring such consent is ineffective under applicable law or (b) any voting stock or similar equity interest of any direct Foreign Subsidiary of any Grantor that is a Domestic Subsidiary of MK
Holdings in excess of 65% of the total outstanding voting stock or other similar equity interest of such Subsidiary. 

“Deposit Account Control Agreement”: a control agreement, restricted-account agreement or similar agreement or document,
in each case in form and substance reasonably satisfactory to the Administrative Agent and entered into for the purpose of perfecting a security interest in one or more Deposit Accounts of the Grantors that are deposit accounts, securities accounts
or commodities accounts. 
 SECTION 2. Creation of Security Interest; Reaffirmation; Amendment and Restatement. Each of
the Grantors hereby assigns and pledges to the Collateral Agent, for the ratable benefit of each Secured Party, and grants to the Collateral Agent, for the ratable benefit of each Secured Party, a security interest in and to, all right, title and
interest of such Grantor in and to all presently existing and hereafter acquired Collateral. Without limiting the foregoing, each Grantor party to an Original Security Agreement reaffirms the assignments, pledges and grants of any and all security
interests made under the terms and conditions of such Original Security Agreement as of the earliest date such security interest was granted and agrees that such assignments, pledges and security interests (including, without limitation, any filings
made in connection therewith) remain in full force and effect and are hereby ratified, reaffirmed and confirmed in order to secure the prompt and complete payment and performance of the Obligations, with the same force, effect and priority in effect
both immediately prior to and after entering into this Agreement. Each Grantor acknowledges and agrees with the Agents that the Original Security Agreements are amended and restated collectively and in their entirety pursuant to the terms hereof;
provided, that this Agreement is in no way intended to constitute a novation of any obligations owed by the Grantors to the Agents or the other Secured Parties under the Original Security Agreements, all of which are hereby reaffirmed, ratified and
confirmed. 
 SECTION 3. Security for Obligations. This Agreement and the assignments and pledges made and reaffirmed,
and security interests granted and reaffirmed herein secure the prompt payment, in full in cash, and full performance of all “Obligations” as defined in the Credit Agreement, including obligations of the Borrowers and the Guarantors to any
or all of the Lenders and/or the Agents now or hereafter existing under any Financing Document, whether for principal, interest, fees, expenses or otherwise, including all obligations of the Borrowers and the Guarantors now or hereafter existing
under this Agreement and all interest that accrues (whether or not allowed) at the then applicable rate (including interest at the default rate described in Section 2.11(c) of the Credit Agreement) specified in the Credit Agreement on all or
any part of any of such obligations after the filing of any petition or pleading against the Borrowers or the Guarantors for a proceeding under any bankruptcy or related law, together with all Derivative Obligations and Banking Services Obligations
of the Loan Parties and their Subsidiaries owing to one or more Lenders or their respective Affiliates. 
 SECTION 4. Further
Assurances. (a) At any time and from time to time at the request of either Agent, each Grantor shall execute and deliver to the Agents, at such Grantor’s expense, all such financing statements and other instruments, certificates and
documents in form and substance reasonably satisfactory to the Agents, and perform all such other acts as shall be necessary or reasonably desirable to fully perfect or protect or maintain, when filed, recorded, delivered or performed, the Secured
Parties’ security interests granted pursuant to this Agreement or to enable the Secured Parties to exercise and enforce their rights and remedies hereunder with respect to any Collateral. Without limiting the

  
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generality of the foregoing, each Grantor: (i) shall, at the reasonable request of either Agent, mark conspicuously each document included in the Inventory and each other contract relating
to the accounts included in the Accounts (excluding invoices), and all chattel paper, instruments and other documents and each of its records pertaining to the Collateral, with a legend, in form and substance reasonably satisfactory to the Agents,
indicating that such document, contract, chattel paper, instrument or Collateral is subject to the security interest granted hereby, provided that such Grantor shall be required to so mark each such document, contract, chattel paper, instrument and
record only to the extent that the same is in such Grantor’s possession; (ii) shall, at the request of either Agent, if any Collateral shall constitute or be evidenced by a promissory note or other instrument in a principal amount in
excess of $1,000,000, deliver and pledge to the Collateral Agent, for the ratable benefit of the Secured Parties, such note or other instrument duly endorsed and accompanied by duly executed undated instruments of transfer or assignment, all in form
and substance reasonably satisfactory to the Agents; (iii) hereby authorizes the filing of such financing or continuation statements, or amendments thereto, and such other instruments or notices, as may be necessary or reasonably desirable, or
as either Agent may reasonably request, in order to perfect and preserve, with the required priority, the security interests granted, or purported to be granted hereby; (iv) shall, at the request of either Agent but subject to the requirements
of Section 5.12 of the Credit Agreement, (A) use commercially reasonably efforts to cause Deposit Account Control Agreements to be executed by all parties necessary to establish “control” as defined in the Uniform Commercial Code
in favor of the Collateral Agent with respect to all Deposit Accounts that are deposit accounts (other than Excluded Deposit Accounts), securities accounts or commodities accounts located in the United States designated by either Agent and
(B) with respect to Deposit Accounts that are deposit accounts (other than Excluded Deposit Accounts), securities accounts or commodities accounts located outside of the United States, use commercially reasonable efforts to grant the Collateral
Agent a perfected security interest in such accounts under the laws of the jurisdiction governing such accounts in a manner that is reasonably satisfactory to the Agents; and (v) shall, in the case of leased locations where inventory is located
other than leased retail stores and self-storage facilities at which the inventory has an aggregate value less than $1,000,000, use commercially reasonable efforts to obtain Inventory Consents from the applicable third party and, in the case of any
owned locations, comply with Section 5.11(b) of the Credit Agreement. 
 (b) At any time and from time to time, the
Collateral Agent shall be entitled to file and/or record any or all such financing statements (including amendments thereto and continuations thereof), instruments and documents held by it, and any or all such further financing statements (including
amendments thereto and continuations thereof), documents and instruments, relative to the Collateral or any part thereof in each instance, and to take all such other actions as the Collateral Agent may reasonably deem appropriate to perfect and to
maintain perfected the security interests granted herein. Such financing statements may describe the Collateral in the same manner as described herein or may contain an indication or description of collateral that describes such property in any
other manner as the Collateral Agent may determine, in its sole discretion, is necessary, advisable or prudent to ensure that the perfection of the security interest in the Collateral granted to the Collateral Agent herein, including, without
limitation, describing such property as “all assets of the debtor whether now owned or hereafter acquired and wheresoever located, including all accessions thereto and proceeds thereof.” 

(c) Each Grantor hereby authorizes the Collateral Agent to file one or more financing or continuation statements, and amendments thereto,
relative to all or any part of the Collateral without the signature of such Grantor where permitted by law. A carbon, photographic or other reproduction of this Agreement or any financing statement covering the Collateral or any part thereof shall
be sufficient as a financing statement where permitted by law. 

  
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 (d) Each Grantor shall furnish to the Agents from time to time statements and schedules
further identifying and describing the Collateral and such other reports in connection with the Collateral as any Agent may reasonably request. 
 (e) Upon any Grantor’s obtaining any rights or interests in any tangible chattel paper or electronic chattel paper in an aggregate amount in excess of $1,000,000, such Grantor shall, in addition to
all other acts required to be performed in respect thereof pursuant to this Agreement, promptly notify the Agents of such rights or interests. 
 SECTION 5. New Intellectual Property. Each Grantor represents and warrants that the Intellectual Property and Licenses listed on Schedules F and G constitute all of the significant
Intellectual Property (for which registrations have been issued and/or applications have been filed by the Grantors as of the date hereof) and material license agreements relating to Intellectual Property entered into by the Grantors as of the date
hereof. If, before the Agreement Termination Date (as defined in Section 20 below), any Grantor shall, after the date hereof, (i) obtain rights to any new Intellectual Property for which registrations have been issued and/or applications
for registration and/or issuance have been filed or (ii) enter into any new Intellectual Property license agreements, the provisions of this Agreement shall automatically apply thereto, and such Grantor shall give to the Agents written notice
thereof (provided, that, with respect to Intellectual Property license agreements such Grantor shall provide such notice of material Intellectual Property license agreements) in accordance with Section 8(j). Each Grantor hereby authorizes the
Administrative Agent to modify this Agreement by amending Schedules F and G to include all such Intellectual Property and license agreements. 
 SECTION 6. Restrictions on Future Agreements. Each Grantor agrees that until the Agreement Termination Date, such Grantor will not, without the Administrative Agent’s prior written consent,
abandon any Intellectual Property, except as would not have a Material Adverse Effect, or enter into any agreement, including, without limitation, any license agreement (other than as necessary to maintain or protect any Intellectual Property),
which is inconsistent with such Grantor’s obligations under this Agreement, and each Grantor further agrees that it will not take any action, or permit any action to be taken by any other Persons to the extent that such Persons are subject to
its control, including licensees, or fail to take any action, which would affect the validity, priority, perfection or enforcement of the rights transferred to the Agents, or any one of them, under this Agreement, and any such agreement or action if
it shall take place shall be null and void and of no effect whatsoever. 
 SECTION 7. Grantors’ Representations and
Warranties. Each Grantor represents and warrants (and, to the extent applicable, covenants) as follows: 
 (a) (i) The
locations listed in Part I of Schedule A attached hereto and made a part hereof constitute all locations, by street address, at which Equipment is located as of the date of this Agreement; and the locations referred to in Part II of
Schedule A attached hereto constitute all locations, by street address, at which Inventory is located as of the date of this Agreement; (ii) the chief executive office of such Grantor is located as of the date of this Agreement (and has
been located for the past five (5) years) at the address set forth for such Grantor on Schedule B attached hereto and made a part hereof; (iii) all records concerning any Account and all originals of all contracts and other writings
which evidence any Account are located as of the date of this Agreement at the addresses listed on Schedule B attached hereto; (iv) such Grantor’s exact legal name (as it appears in such Grantor’s organizational documents, as
amended, as filed with such Grantor’s jurisdiction of organization), and the place of formation of such Grantor, are, as of the date of this Agreement, (and have been for the past five (5) years) as set forth in Schedule E attached
hereto; (v) each trade name or other fictitious name under which such Grantor conducts business, or has conducted business in the 12-month period preceding the 

  
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Effective Date, is set forth on Schedule E attached hereto; and (vi) such Grantor’s state organizational identification number, if any, as of the date of this Agreement, is set
forth on Schedule E attached hereto. 
 (b) Such Grantor is the legal and beneficial owner of the Collateral owned by it
free and clear of all Liens except for Liens permitted by Section 6.02 of the Credit Agreement. Such Grantor has the power, authority and legal right to grant the security interest in the Collateral owned by it and purported to be granted
hereby, and to execute, deliver and perform this Agreement. The pledge of the Collateral owned by it pursuant to this Agreement creates a valid security interest in such Collateral. Upon (i) the filing of appropriate financing statements in the
filing offices set forth on Schedule E attached hereto, (ii) the making of appropriate filings with the United State Copyright Office and the United State Patent and Trademark Office, (iii) with respect to any Letter of Credit
rights, obtaining the consent to the assignment of the proceeds of the relevant Letter of Credit by the issuer or any nominated person in respect thereof, except to the extent that such Letter of Credit right is a supporting obligation,
(iv) the Secured Parties’ taking possession of all money of such Grantor, and (v) the execution of Deposit Account Control Agreements, the Secured Parties will have a first-priority (except for any Liens or security interests
permitted under Section 6.02 of the Credit Agreement) perfected security interest in the Collateral owned by such Grantor for which perfection is governed by the UCC (other than in proceeds, to the extent such a security interest may be
perfected under the UCC only by possession) or achieved by filing with the United States Copyright Office or the United States Patent and Trademark Office. 
 (c) No authorization, approval or other action by, and no notice to or filing with, any Governmental Authority (other than such authorizations, approvals and other actions as have already been taken and
are in full force and effect, the filings described in Section 5(b) above and compliance with the applicable perfection requirements, if any, of the laws of foreign jurisdictions) are required (i) for the pledge of the Collateral owned by
it or the grant of the security interest in the Collateral owned by it by such Grantor hereby or for the execution, delivery or performance of this Agreement by such Grantor, or (ii) for the exercise by the Collateral Agent of the rights or
remedies in respect of the Collateral hereunder. 
 (d) Schedule C attached hereto and made a part hereof sets forth all
of such Grantor’s Deposit Accounts and all letters of credit issued for the benefit of the Grantors as of the date of this Agreement. Such Grantor has no chattel paper or electronic chattel paper as of the date of this Agreement. 

(e) Schedule D attached hereto and made a part hereof sets forth all of such Grantor’s stock or other equity interests in its
Subsidiaries and other investment property constituting Collateral (other than Deposit Accounts) and instruments as of the date of this Agreement. 
 (f) Schedule G sets forth a list of (i) all material license agreements to which the Grantors and any of their Subsidiaries are a party as a licensor and (ii) all material trademark
license agreements and other material license agreements to which the Grantors or any Subsidiaries are a party as licensee, in each case as of the Effective Date. 
 (g) Schedule H attached hereto and made a part hereof sets forth in reasonable detail all of such Grantor’s commercial tort claims as of the date of this Agreement with respect to which such
Grantor is claiming monetary damages of $1,000,000 or more and the aggregate amount of monetary damages claimed with respect to the commercial tort claims of all Grantors as of the date of this Agreement that are not set forth on Schedule H
hereto does not exceed $5,000,000. 
 (h) Since the date of this Agreement, such Grantor has not made an assignment, transfer or
agreement with respect to Intellectual Property in conflict with the provisions hereof or 

  
 7 

 
constituting a present or future assignment, transfer, or encumbrance on any of the Collateral other than as permitted under the Financing Documents. 

(i) So long as the Agreement Termination Date has not occurred, it will not execute any effective security agreement or authorize the
filing of any financing statement or similar instrument covering the Collateral except as otherwise contemplated or permitted hereby or by the Credit Agreement and the other Financing Documents. 

(j) To the best of such Grantor’s knowledge and belief following diligent inquiry, no infringement or unauthorized use presently is
being made of any of the Intellectual Property or Licenses which has or may reasonably be expected to have, alone or in the aggregate, a Material Adverse Effect. 
 (k) Such Grantor will not sell, assign or otherwise transfer any of its right, title or interest in any of the Intellectual Property except as permitted by the Credit Agreement. 

SECTION 8. Grantors’ Covenants. In addition to the other covenants and agreements set forth herein and in the other Financing
Documents, and except as otherwise expressly set forth in the Credit Agreement, each Grantor covenants and agrees as follows: 

(a) Such Grantor will pay, prior to delinquency, all taxes, governmental charges, Liens and assessments against the Collateral owned by
it, except those with respect to which the amount or validity is being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided on the books of such Grantor. 

(b) The Collateral will not be used in violation in any material respect of any law, regulation or ordinance applicable to such Grantor,
nor used in any way that will void or impair any insurance required to be carried in connection therewith. 
 (c) Such Grantor
will keep the Collateral owned by it in reasonably good repair, working order and operating condition (normal wear and tear excluded), and from time to time make all necessary and proper repairs, renewals, replacements, additions and improvements
thereto and, as appropriate and applicable, will otherwise deal with the Collateral in all such ways as are considered customary practice by owners of like property. 
 (d) Such Grantor will take all reasonable steps to preserve and protect the Collateral. 
 (e) Such Grantor will maintain all insurance coverage required pursuant to the Financing Documents. 
 (f) Such Grantor will promptly notify the Agents in writing in the event of any material damage to the Collateral from any source whatsoever. 

(g) Such Grantor will not (i) move its principal place of business or chief executive office, (ii) create any chattel paper in
an amount in excess of $1,000,000 without promptly placing a legend on the chattel paper reasonably acceptable to the Collateral Agent indicating the Secured Parties’ security interest therein or (iii) change its legal name, its place of
incorporation, formation or organization (as applicable) or its state organizational identification number, from those specified in the preamble to this Agreement and Schedule E, except in each case described above upon not less than 10
days’ prior written notice to the Agents and such Grantor’s prior compliance with all applicable requirements of Section 4 hereof necessary or reasonably desirable to perfect the Collateral Agent’s security interest hereunder for
the benefit of the Secured Parties. 

  
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 (h) Such Grantor will give the Agents prompt notice after it acquires any Letter of Credit
in an amount in excess of $1,000,000 issued for the benefit of such Grantor. 
 (i) Such Grantor will give the Agents notice of
any “intent-to-use” filing which is delivered to or made with the United States Patent and Trademark Office regarding a trademark or service mark no less frequently than quarterly. 

(j) Commencing with the fiscal quarter ending on or about December 31, 2011, the Borrower will provide to the Agents, concurrently
with the delivery of the certificate of a Financial Officer of the Borrower as required by Section 5.01(d) of the Credit Agreement, updated versions of the Schedules to this Agreement (provided that if there have been no changes to any such
Schedules since the previous updating thereof required hereby, the Borrower shall indicate that there has been “no change” to the applicable Schedule(s)). Nothing in this Section 8(j) shall limit the obligation of any Grantor to
provide earlier notice of the information set forth in such Schedule to the extent required by the terms of this Agreement or any other Loan Document. 
 (k) Forthwith following execution of this Agreement, each Grantor incorporated in the British Virgin Islands (including MK Holdings, MKC and MK International) (each a “BVI Grantor”)
shall: 
 (i) until the full and final unconditional discharge and release of the security granted or otherwise
constituted pursuant to this Agreement (the “Discharge Date”), keep and maintain a register of charges (the “Register of Charges”), at such BVI Grantor’s registered office (the “Registered
Office”) in the British Virgin Islands (the “BVI”), in accordance with Section 162(1) of the BVI Business Companies Act, 2004 (the “BVI Business Companies Act”); 

(ii) until the Discharge Date, enter into the Register of Charges (and maintain therein) appropriate particulars of the
security granted or otherwise constituted by this Agreement and any other security granted or otherwise constituted by such BVI Grantor in favour of the Collateral Agent (collectively the “Security”) (which particulars shall include
all particulars required to be kept in such Register of Charges pursuant to the provisions of Section 162(1) of the BVI Business Companies Act), such particulars to be in form and substance reasonably satisfactory to the Collateral Agent;

 (iii) provide a copy of the Register of Charges (containing all such particulars as referred to foregoing) to
the Agents (such copy of the Register of Charges being certified, by a Director of such BVI Grantor, as a “true, accurate and complete copy of the original”); and 

(iv) register, or cause to be registered, in accordance with Section 163 of the BVI Business Companies Act,
appropriate particulars of the Security with the Registrar of Corporate Affairs (the “Registrar”) in the BVI (such particulars to be in form and substance satisfactory to the Collateral Agent), and such BVI Grantor shall cause such
registration to be maintained until the Discharge Date, 
 and such BVI Grantor shall forthwith, following such registration in accordance with
Section 163 of the BVI Business Companies Act as referred to foregoing, provide a copy of the certificate of registration (as issued by the Registrar pursuant to Section 163(4)(b) of the BVI Business Companies Act) for the Security to the
Agents (such copy of the certificate of registration being certified, by a Director of such BVI Grantor, as a “true, accurate and complete copy of the original”). 

  
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 SECTION 9. Collateral Agent’s Rights Regarding Collateral. At any time and from
time to time, the Collateral Agent (for the benefit of the Secured Parties) may, to the extent necessary or desirable to protect the security hereunder, but the Collateral Agent shall not be obligated to: (a) visit and inspect any
Grantor’s properties and examine and make abstracts from any of its books and records and discuss the affairs, finances, accounts and such books and records of such Grantor and its Subsidiaries with officers and senior employees of such Grantor
and its Subsidiaries and with its accountants, in each case to the extent permitted and otherwise in accordance with Section 5.04 of the Credit Agreement or (b) if an Event of Default has occurred and is continuing, at the expense of the
Grantors, perform any obligation of the Grantors under this Agreement. At any time and from time to time after an Event of Default has occurred and is continuing, at the expense of the Grantors, the Collateral Agent (for the benefit of the Secured
Parties) may, to the extent necessary or reasonably desirable to protect the security hereunder, but the Collateral Agent shall not be obligated to: (i) notify obligors on the Collateral that the Collateral has been assigned as security to the
Collateral Agent for the benefit of the Secured Parties; (ii) at any time and from time to time request from obligors on the Collateral, in the name of the Grantors or in the name of the Secured Parties, information concerning the Collateral
and the amounts owing thereon; and (iii) direct obligors under the contracts or other Accounts included in the Collateral to which any Grantor is party to direct their performance to the Collateral Agent or the Administrative Agent. Any such
direction letter referred to in clause (iii) of the immediately preceding sentence shall be in the form attached to the Credit Agreement as Exhibit K or shall be in such other form reasonably acceptable to the Collateral Agent. Each Grantor
shall keep proper books and records and accounts in which full, true and correct entries in conformity with GAAP and all applicable laws, rules and regulations shall be made of all material dealings and transactions pertaining to the Collateral. To
the extent provided in Section 5.04 of the Credit Agreement, the Collateral Agent shall at all reasonable times on reasonable notice have full access to and the right to audit any and all of the Grantors’ books and records pertaining to
the Collateral, and to confirm and verify the value of the Collateral. No Secured Party shall be under any duty or obligation whatsoever to take any action to preserve any rights of or against any prior or other parties in connection with the
Collateral, to exercise any voting rights or managerial rights with respect to any Collateral or to make or give any presentments for payment, demands for performance, notices of non-performance, protests, notices of protest, notices of dishonor or
notices of any other nature whatsoever in connection with the Collateral or the Obligations. Subject to the Collateral Agent’s obligation to exercise reasonable care with respect to any Collateral in its possession, custody or control as set
forth in Section 9 hereof, no Secured Party shall be under any duty or obligation whatsoever to take any action to protect or preserve the Collateral or any rights of the Grantors therein, or to make collections or enforce payment thereon, or
to participate in any foreclosure or other proceeding in connection therewith. Nothing contained herein or in any consent by the Collateral Agent shall constitute an assumption by the Secured Parties of any obligations of any Grantor under the
contracts assigned hereunder unless the Collateral Agent shall have given written notice to the counterparty to such assigned contract of the Secured Parties’ intention to assume such contract. Such Grantor shall continue to be liable for
performance of its obligations under such contracts. 
 SECTION 10. Collections on Collateral. Except as provided to the
contrary in the Credit Agreement, each Grantor shall have the right to use and to continue to make collections on and receive dividends and other proceeds from all of the Collateral in the ordinary course of business so long as no Event of Default
shall have occurred and be continuing. Upon the occurrence and during the continuance of an Event of Default, at the option of the Administrative Agent, each Grantor’s right to make collections on and receive dividends and other proceeds of the
Collateral and to use or dispose of such collections and proceeds shall terminate, and any and all dividends, proceeds and collections, including all partial or total prepayments, then held or thereafter received on or on account of the Collateral
will be held or received by such Grantor in trust for the Secured Parties and promptly delivered in kind to the Collateral Agent (duly endorsed to the Collateral Agent, if required), to be applied to the Obligations or held as Collateral, as the
Collateral Agent shall elect. Upon the occurrence and during the continuance of an 

  
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Event of Default, the Collateral Agent shall at its election have the right at all times to receive, receipt for, endorse, assign, deposit and deliver, in the name of the Administrative Agent,
the Collateral Agent or the Lenders or in the name of the Grantors, any and all checks, notes, drafts and other instruments for the payment of money constituting proceeds of or otherwise relating to the Collateral; and each Grantor hereby authorizes
the Collateral Agent to affix, by facsimile signature or otherwise, the general or special endorsement of such Grantor, in such manner as the Collateral Agent shall deem advisable, to any such instrument in the event the same has been delivered to
or obtained by the Collateral Agent without appropriate endorsement, and the Collateral Agent and any collecting bank are hereby authorized to consider such endorsement to be a sufficient, valid and effective endorsement by such Grantor, to the same
extent as though it were manually executed by the duly authorized representative of such Grantor, regardless of by whom or under what circumstances or by what authority such endorsement actually is affixed, without duty of inquiry or responsibility
as to such matters, and each Grantor hereby expressly waives demand, presentment, protest and notice of protest or dishonor and all other notices of every kind and nature with respect to any such instrument. 

SECTION 11. Possession of Collateral by the Collateral Agent. All the Collateral now, heretofore or hereafter delivered to the
Collateral Agent shall be held by the Collateral Agent in its possession, custody and control. Any or all of the Collateral delivered to the Collateral Agent constituting cash or cash equivalents shall, prior to the occurrence of any Event of
Default, be held in an interest-bearing account with the Administrative Agent, and shall be, upon request of any Grantor, invested in investments permitted by Section 6.04 of the Credit Agreement. Nothing herein shall obligate the Collateral
Agent to obtain any particular return thereon. Upon the occurrence and during the continuance of an Event of Default, whenever any of the Collateral is in the Collateral Agent’s possession, custody or control, the Collateral Agent may use,
operate and consume the Collateral, whether for the purpose of preserving and/or protecting the Collateral, or for the purpose of performing any of the Grantors’ obligations with respect thereto, or otherwise, and, subject to the terms of
Section 2.16 of the Credit Agreement, any or all of the Collateral delivered to the Collateral Agent constituting cash or cash equivalents shall be applied by the Collateral Agent to payment of the Obligations to the extent permitted by the
terms of the Credit Agreement or otherwise held as Collateral as the Collateral Agent shall elect. The Collateral Agent may at any time deliver or redeliver the Collateral or any part thereof to any Grantor, and the receipt of any of the same by
such Grantor shall be complete and full acquittance for the Collateral so delivered, and the Collateral Agent thereafter shall be discharged from any liability or responsibility arising after such delivery to such Grantor. So long as the Collateral
Agent exercises reasonable care with respect to any Collateral in its possession, custody or control, neither the Collateral Agent nor the any other Secured Party shall have any liability for any loss of or damage to any Collateral, and in no event
shall the Collateral Agent or the Secured Parties have liability for any diminution in value of Collateral occasioned by economic or market conditions or events, absent the gross negligence or willful misconduct of the Collateral Agent or any of the
Secured Parties. The Collateral Agent shall be deemed to have exercised reasonable care within the meaning of the preceding sentence if the Collateral in the possession, custody or control of the Collateral Agent is accorded treatment substantially
equal to that which the Collateral Agent accords similar property for its own account, it being understood that neither the Collateral Agent nor the Secured Parties shall have any responsibility for (i) ascertaining or taking action with
respect to calls, conversions, exchanges, maturities, tenders or other matters relating to any Collateral, whether or not either of the Collateral Agent or any Secured Party has or is deemed to have knowledge of such matters, or (ii) taking any
necessary steps to preserve rights against any Person with respect to any Collateral. 
 SECTION 12. Remedies.

 (a) Rights Upon Event of Default. Upon the occurrence and during the continuance of an Event of Default, the Grantors
shall be in default hereunder and the Collateral Agent for the benefit 

  
 11 

 
of the Secured Parties shall have, in any jurisdiction where enforcement is sought, in addition to all other rights and remedies that the Collateral Agent on behalf of the Secured Parties may
have under this Agreement and under applicable laws or in equity, all rights and remedies of a secured party under the Uniform Commercial Code as enacted in any such jurisdiction in effect at that time, and in addition the following rights and
remedies, all of which may be exercised with or without further notice to the Grantors except such notice as may be specifically required by applicable law: (i) to foreclose the Liens and security interests created hereunder or under any other
Financing Document by any available judicial procedure or without judicial process; (ii) to enter any premises where any Collateral may be located for the purpose of securing, protecting, inventorying, appraising, inspecting, repairing,
preserving, storing, preparing, processing, taking possession of or removing the same; (iii) to sell, assign, lease or otherwise dispose of any Collateral or any part thereof, either at public or private sale or at any broker’s board, in
lot or in bulk, for cash, on credit or otherwise, with or without representations or warranties and upon such terms as shall be commercially reasonable; (iv) to notify obligors on the Collateral that the Collateral has been assigned to the
Collateral Agent for the benefit of the Secured Parties and that all payments thereon, or performance with respect thereto, are to be made directly and exclusively to the Collateral Agent for the account of the Secured Parties; (v) to collect
by legal proceedings or otherwise all dividends, distributions, interest, principal or other sums now or hereafter payable upon or on account of the Collateral; (vi) to enter into any extension, reorganization, disposition, merger or
consolidation agreement, or any other agreement relating to or affecting the Collateral, and in connection therewith the Collateral Agent may deposit or surrender control of the Collateral and/or accept other property in exchange for the Collateral
as the Collateral Agent reasonably deems appropriate and is commercially reasonable; (vii) to settle, compromise or release, on terms acceptable to the Collateral Agent, in whole or in part, any amounts owing on the Collateral and/or any
disputes with respect thereto; (viii) to extend the time of payment, make allowances and adjustments and issue credits in connection with the Collateral in the name of the Collateral Agent for the benefit of the Secured Parties or in the name
of the Grantors; (ix) to enforce payment and prosecute any action or proceeding with respect to any or all of the Collateral and take or bring, in the name of the Secured Parties or in the name of the Grantors, any and all steps, actions, suits
or proceedings deemed necessary or reasonably desirable by the Collateral Agent to effect collection of or to realize upon the Collateral, including any judicial or nonjudicial foreclosure thereof or thereon, and each Grantor specifically consent to
any nonjudicial foreclosure of any or all of the Collateral or any other action taken by the Secured Parties which may release any obligor from personal liability on any of the Collateral, and each Grantor waives, to the extent permitted by
applicable law, any right to receive notice of any public or private judicial or nonjudicial sale or foreclosure of any security or any of the Collateral, and any money or other property received by the Collateral Agent in exchange for or on account
of the Collateral, whether representing collections or proceeds of Collateral, and whether resulting from voluntary payments or foreclosure proceedings or other legal action taken by the Collateral Agent or any Grantor may be applied by the
Collateral Agent, without notice to any Grantor, to the Obligations in such order and manner as the Collateral Agent in its sole discretion shall determine; (x) to insure, protect and preserve the Collateral; (xi) to exercise all rights,
remedies, powers or privileges provided under any of the Financing Documents; (xii) to remove, from any premises where the same may be located, the Collateral and any and all documents, instruments, files and records, and any receptacles and
cabinets containing the same, relating to the Collateral, and the Collateral Agent may, at the cost and expense of the Grantors, use such of their supplies, equipment, facilities and space at its places of business as may be necessary or appropriate
to properly administer, process, store, control, prepare for sale or disposition and/or sell or dispose of the Collateral or to properly administer and control the handling of collections and realizations thereon, and the Collateral Agent shall be
deemed to have a rent-free tenancy of any premises of any Grantor for such purposes and for such periods of time as reasonably required by the Collateral Agent; (xiii) concurrently with written notice to the applicable Grantor, transfer and
register in its name or in the name of its nominee the whole or any part of the Collateral consisting of instruments, securities or other investment property of such Grantor, to exchange certificates or instruments representing or evidencing such
Collateral for certificates or instruments of smaller or larger 

  
 12 

 
denominations and exercise the voting and all other rights as a holder with respect thereto; and (xiv) to give notice of sole control or any other instruction under any Deposit Account
Control Agreement or and take any action therein with respect to such Collateral. Each Grantor will, at the Collateral Agent’s request, assemble the Collateral and make it available to the Collateral Agent at places which the Collateral Agent
may designate, whether at the premises of such Grantor or elsewhere, and will make available to the Collateral Agent, free of cost, all premises, equipment and facilities of such Grantor for the purpose of the Collateral Agent’s taking
possession of the Collateral or storing the same or removing or putting the Collateral in salable form or selling or disposing of the same. 
 (b) Possession by the Collateral Agent. Upon the occurrence and during the continuance of an Event of Default, the Collateral Agent also shall have the right, without notice or demand, either in
person, by the Collateral Agent or by a receiver to be appointed by a court in accordance with the provisions of applicable law (and each Grantor hereby expressly consents, to the fullest extent permitted by applicable law, upon the occurrence and
during the continuance of an Event of Default to the appointment of such a receiver), and, to the extent permitted by applicable law, without regard to the adequacy of any security for the Obligations, to take possession of the Collateral or any
part thereof and to collect and receive the rents, issues, profits, income and proceeds thereof. The taking possession of the Collateral by the Collateral Agent shall not cure or waive any Event of Default or notice thereof or invalidate any act
done pursuant to such notice. The rights, remedies and powers of any receiver appointed by a court shall be as ordered by said court. 
 (c) Sale of Collateral. Any public or private sale or other disposition of the Collateral may be held at any office of the Collateral Agent, or at any Grantor’s place of business, or at any
other place permitted by applicable law, and without the necessity of the Collateral’s being within the view of prospective purchasers. The Collateral Agent may direct the order and manner of sale of the Collateral, or portions thereof, as it
in its sole and absolute discretion may determine provided such sale is commercially reasonable, and each Grantor expressly waives, to the extent permitted by applicable law, any right to direct the order and manner of sale of any Collateral. The
Secured Parties or any Person acting on the Secured Parties’ behalf may bid and purchase at any such sale or other disposition. In addition to the other rights of the Collateral Agent and the Secured Parties hereunder, each Grantor hereby
grants to the Collateral Agent, the Administrative Agent and the Secured Parties a license or other right to use, without charge, but only after the occurrence and during the continuance of an Event of Default, such Grantor’s labels,
copyrights, patents, rights of use of any name, trade names, trademarks and advertising matter, or any property of a similar nature, in advertising for sale and selling any Collateral. 

(d) Notice of Sale. Unless the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold
on a recognized market, the Collateral Agent will give each Grantor reasonable notice of the time and place of any public sale thereof or of the time on or after which any private sale thereof is to be made. The requirement of reasonable notice
conclusively shall be met if such notice is mailed, certified mail, postage prepaid, to such Grantor at its address set forth on the signature pages hereto or delivered or otherwise sent to such Grantor, at least ten (10) Business Days before
the date of the sale. Each Grantor expressly waives, to the fullest extent permitted by applicable law, any right to receive notice of any public or private sale of any Collateral or other security for the Obligations except as expressly provided
for in this paragraph. The Collateral Agent shall not be obligated to make any sale of the Collateral if it shall determine not to do so regardless of the fact that notice of sale of the Collateral may have been given. The Collateral Agent may,
without notice or publication, except as required by applicable law, adjourn the sale from time to time by announcement at the time and place fixed for sale; and such sale may, without further notice (except as required by applicable law), be made
at the time and place to which the same was so adjourned. 

  
 13 

 (e) Title of Purchasers. Upon consummation of any sale of Collateral hereunder, the
Collateral Agent on behalf of the Secured Parties shall have the right to assign, transfer and deliver to the purchaser or purchasers thereof the Collateral so sold. Each such purchaser at any such sale shall hold the Collateral so sold absolutely
free from any claim or right upon the part of any Grantor or any other Person claiming through such Grantor, and each Grantor hereby waives (to the extent permitted by applicable laws) all rights of redemption, stay and appraisal which it now has or
may at any time in the future have under any rule of law or statute now existing or hereafter enacted. If the sale of all or any part of the Collateral is made on credit or for future delivery, the Collateral Agent shall not be required to apply any
portion of the sale price to the Obligations until such amount actually is received by the Collateral Agent, and any Collateral so sold may be retained by the Collateral Agent until the sale price is paid in full by the purchaser or purchasers
thereof. The Secured Parties shall not incur any liability in case any such purchaser or purchasers shall fail to pay for the Collateral so sold, and, in case of any such failure, the Collateral may be sold again. 

(f) Disposition of Proceeds of Sale. The proceeds resulting from the collection, liquidation, sale or other disposition of the
Collateral shall be applied in the manner set forth in Section 2.16(b) of the Credit Agreement. 
 (g) Certain
Waivers. To the extent permitted by applicable law, each Grantor waives all claims, damages and demands against the Agents and the Secured Parties arising out of the repossession, retention or sale of the Collateral, or any part or parts
thereof, except to the extent any such claims, damages and awards arise out of the gross negligence or willful misconduct of the Agents or the Secured Parties. 
 (h) Remedies Cumulative. The rights and remedies provided under this Agreement are cumulative and may be exercised singly or concurrently, and are not exclusive of any other rights and remedies
provided by law or equity. 
 (i) Deficiency. If the proceeds of sale, collection or other realization of or upon the
Collateral pursuant to this Section 10 are insufficient to cover the costs and expenses of such realization and the payment in full of the Obligations, the Grantors shall remain liable for any deficiency. 

SECTION 13. Collateral Agent Appointed Attorney-in-Fact. Each Grantor hereby irrevocably appoints the Collateral Agent as such
Grantor’s proxy and attorney-in-fact, effective upon and during the continuance of an Event of Default, with full authority in the place and stead of such Grantor, and in the name of such Grantor, or otherwise, from time to time, in the
Collateral Agent’s sole and absolute discretion to do any of the following acts or things: (a) to do all acts and things and to execute all documents necessary or reasonably desirable to perfect and continue perfected the security
interests created by this Agreement and to preserve, maintain and protect the Collateral; (b) to do any and every act which such Grantor is obligated to do under this Agreement; (c) to prepare, sign, file and record, in such Grantor’s
name, any financing statement covering the Collateral; (d) to endorse and transfer the Collateral upon foreclosure by the Collateral Agent; and (e) to vote any of the pledged Collateral and to exercise all other rights, powers, privileges
and remedies to which a holder of such Collateral would be entitled (including giving or withholding written consents of shareholders, calling special meetings of shareholders and voting at such meetings); provided, however, that the Collateral
Agent shall be under no obligation whatsoever to take any of the foregoing actions, and neither the Collateral Agent nor the Secured Parties shall have any liability or responsibility for any act or omission (other than the Collateral Agent’s
or the Secured Parties’ own gross negligence or willful misconduct) taken with respect thereto. The above appointment of the Collateral Agent as the attorney-in-fact for each BVI Grantor is made by way of further security for the prompt payment
in full in cash, and full performance of all the Obligations 

  
 14 

 
and in order to more fully secure the performance of each BVI Grantor’s obligations under this Agreement and in further consideration of the payment by the Collateral Agent to each BVI
Grantor of $1.00 (one U.S. Dollar) (the receipt and sufficiency of which is hereby acknowledged). 
 SECTION 14. Costs and
Expenses. Each Grantor agrees to pay to the Agents all reasonable out-of-pocket costs and expenses (including reasonable attorneys’ fees and disbursements) (a) of the Agents and the Lenders incurred thereby in the enforcement or
attempted enforcement of this Agreement, whether or not an action is filed in connection therewith, and (b) of the Agents incurred thereby in connection with any waiver or amendment of any term or provision hereof. All reasonable out-of-pocket
advances, charges, costs and expenses, including reasonable attorneys’ fees and disbursements, incurred or paid by the Agents and/or the Lenders in exercising any right, privilege, power or remedy conferred by this Agreement (including the
right to perform any Obligation of such Grantor), or in the enforcement or attempted enforcement thereof, shall be secured hereby and shall become a part of the Obligations and shall be due and payable to the Agents and/or the Lenders, as
applicable, by such Grantor on demand therefor. 
 SECTION 15. Transfers and Other Liens. Each Grantor agrees that,
except as permitted under the Credit Agreement or any other Financing Document, it will not (i) sell, assign, exchange, transfer or otherwise dispose of, or contract to sell, assign, exchange, transfer or otherwise dispose of, or grant any
option with respect to, any of the Collateral, or (ii) create or permit to exist any Lien upon or with respect to any of the Collateral, except for Liens in favor of the Collateral Agent for the benefit of the Secured Parties. 

SECTION 16. Understandings with Respect to Waivers and Consents. Each Grantor warrants and agrees that each of the waivers and
consents set forth herein is made with full knowledge of its significance and consequences, with the understanding that events giving rise to any defense or right waived may diminish, destroy or otherwise adversely affect rights which such Grantor
otherwise may have against the Secured Parties or others, or against any Collateral. If any of the waivers or consents herein are determined to be unenforceable under applicable law, such waivers and consents shall be effective to the maximum extent
permitted by law. 
 SECTION 17. Indemnity. Each Grantor agrees to indemnify the Collateral Agent, the Administrative
Agent and the other Secured Parties from and against any and all claims, losses and liabilities growing out of or resulting from this Agreement (including enforcement of this Agreement), except to the extent, as to any such indemnified Person, such
claims, losses or liabilities result from such Person’s gross negligence or willful misconduct as determined by a court or competent jurisdiction by a final and nonappealable judgment. 

SECTION 18. Amendments, Etc. Except as provided in Section 24 below, no amendment or waiver of any provision of this
Agreement nor consent to any departure by any Grantor herefrom (other than supplements to the Schedules hereto in accordance with the terms of this Agreement) shall in any event be effective unless the same shall be in writing and executed by the
Agents, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. 
 SECTION 19. Notices. All notices and other communications provided for hereunder shall be given in the manner, and to the respective addresses, set forth in Section 9.01 of the Credit
Agreement. 
 SECTION 20. Continuing Security Interest; Successors and Assigns. This Agreement shall create a continuing
security interest in the Collateral and shall (a) remain in full force and effect until the date upon which the following occurs: payment in full in cash of the Obligations and all other amounts payable under this Agreement (in each case, other
than (x) Derivative Obligations as to which 

  
 15 

 
arrangements satisfactory to the Agents shall have been made, (y) Cash Management Obligations as to which arrangements satisfactory to the Agents shall have been made and (z) contingent
obligations for indemnification) and expiration or termination of the Commitments and all Letters of Credit or, in the case of Letters of Credit, cash collateralization thereof in accordance with the Credit Agreement (such date, the
“Agreement Termination Date”) , (b) be binding upon the Grantors, their successors and assigns and (c) inure, together with the rights and remedies of the Collateral Agent and Administrative Agent hereunder, to the benefit
of the Secured Parties, any successor Collateral Agent or Administrative Agent, subject to the terms and conditions of the Credit Agreement. Subject to the terms of the Credit Agreement, any Lender may assign or otherwise transfer any Loans,
Commitments, participations in Letters of Credit, or any rights in Collateral held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to such Collateral Agent,
Administrative Agent or Lender herein or otherwise. Nothing set forth herein or in any other Financing Document is intended or shall be construed to give to any other party any right, remedy or claim under, to or in respect of this Agreement or any
other Financing Document or any Collateral. The Grantors’ successors and assigns shall include, without limitation, a receiver, trustee or debtor-in-possession thereof or therefor, provided that, none of the rights or obligations of the
Grantors hereunder may be assigned or otherwise transferred without the prior written consent of the Agents. 
 SECTION 21.
Release of Grantors. (a) This Agreement and all obligations of the Grantors hereunder and all security interests granted hereby shall be released and terminated on the Agreement Termination Date. Upon the occurrence of the Agreement
Termination Date and such release and termination of the security interest hereunder, all rights in and to the Collateral pledged or assigned by any Grantor hereunder shall automatically revert to such Grantor, and the Collateral Agent and the
Secured Parties shall return any pledged Collateral in their possession to such Grantor, or to the Person or Persons legally entitled thereto, and shall endorse, execute, deliver, record and file all instruments and documents, and do all other acts
and things, reasonably required for the return of the Collateral to such Grantor, or to the Person or Persons legally entitled thereto, and to evidence or document the release of the interests of the Secured Parties arising under this Agreement, all
as reasonably requested by, and at the sole expense of, such Grantor. 
 (b) The Collateral Agent agrees that if an asset
Disposition permitted under the Credit Agreement occurs (other than a disposition from a Grantor to another Grantor), the Collateral Agent shall release the Collateral that is the subject of such asset Disposition to the Grantor that owns it free
and clear of the Lien and security interest under this Agreement; provided that so long as the Agreement Termination Date has not occurred, the Collateral Agent shall have no obligation to make such release until arrangements reasonably
satisfactory to it have been made for delivery to it of any Net Proceeds of any asset disposition to the extent required to be used to prepay the Loans pursuant to Section 2.09 of the Credit Agreement. 

SECTION 22. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE
LAW OF THE STATE OF NEW YORK. 
 SECTION 23. Copies of Certificates Etc. Whenever any Grantor is required to deliver
notices, certificates, opinions, statements or other information hereunder to the Collateral Agent or the Administrative Agent for further delivery to any Lender, it shall do so in such number of copies as the Collateral Agent or the Administrative
Agent shall reasonably specify. 
 SECTION 24. Supplemental Grantors. Pursuant to Section 5.11 of the Credit
Agreement, additional Subsidiaries shall become Grantors hereunder (each as fully as though an original signatory hereto) by executing and delivering to the Administrative Agent a supplement in the form of Annex I

  
 16 

 
attached hereto (with blanks appropriately filled in and any other modifications as shall be acceptable to the Administrative Agent). together with such additional supporting documentation
required pursuant to Section 5.11 of the Credit Agreement. 

  
 17 

 IN WITNESS WHEREOF, each Grantor has executed this Agreement by its duly authorized
representative as of the date first written above. 
  

			
	     GRANTOR
	
	MICHAEL KORS (USA), INC.
		
	By:	 	 
	Name:	 	
	Title:	 	
	
	MICHAEL KORS, L.L.C.
		
	By:	 	 
	Name:	 	
	Title:	 	
	
	MICHAEL KORS STORES (CALIFORNIA), INC.
		
	By:	 	 
	Name:	 	
	Title:	 	
	
	MICHAEL KORS STORES, L.L.C.
		
	By:	 	 
	Name:	 	
	Title:	 	
	
	MICHAEL KORS RETAIL, INC.
		
	By:	 	 
	Name:	 	
	Title:	 	

 Signature Page to Amended and Restated Pledge and Security Agreement 

									
	Executed and delivered as a Deed            )	 		 	
			
	by                            
                        )	 		 	
	MICHAEL KORS HOLDINGS LIMITED            )	 		 	
	in the presence
of:                          )	 		 	
	                            
                            )	 		 	Per:	 	 
	                            
                            )	 		 	Title:	 	Duly Authorised Director/Attorney-In-Fact
		 		 		 	Name:	 	

			
	 
	Witness’s Signature
		
	(Name)	 	......................
		
	(Address)	 	......................
		
	(Occupation)	 	......................
	
	 (Note: The above details are to be completed
 in the witness’s own handwriting.)

 Signature Page to Amended and Restated Pledge and Security Agreement 

									
	Executed and delivered as a Deed            )	 		 	
			
	by                            
                        )	 		 	
	MICHAEL KORS CORPORATION            )	 		 	
	in the presence
of:                          )	 		 	
	                            
                            )	 		 	Per:	 	 
	                            
                            )	 		 	Title:	 	Duly Authorised Director/Attorney-In-Fact
		 		 		 	Name:	 	

			
	 
	Witness’s Signature
		
	(Name)	 	......................
		
	(Address)	 	......................
		
	(Occupation)	 	......................
	
	 (Note: The above details are to be completed
 in the witness’s own handwriting.)

 Signature Page to Amended and Restated Pledge and Security Agreement 

									
	Executed and delivered as a Deed            )	 		 	
			
	by                            
                        )	 		 	
	MICHAEL KORS INTERNATIONAL LIMITED            )	 	
	in the presence
of:                          )	 		 	
	                            
                            )	 		 	Per:	 	 
	                            
                            )	 		 	Title:	 	Duly Authorised Director/Attorney-In-Fact
		 		 		 	Name:	 	

			
	 
	Witness’s Signature
		
	(Name)	 	......................
		
	(Address)	 	......................
		
	(Occupation)	 	......................
	
	 (Note: The above details are to be completed
 in the witness’s own handwriting.)

 Signature Page to Amended and Restated Pledge and Security Agreement 

 SCHEDULE A 
 Locations of Equipment and Inventory 
 Part I. Locations of Equipment, by street
address 
 Part II. Locations of Inventory, by street address, as of date hereof. 

See the following contractor and facility list 

  
 G - 19

											
	RAW MATERIALS	  	FINISHED
GOODS
	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 

  
 G - 20

 DOMESTIC CONTRACTOR LIST 
 CONTRACTOR 

			
	 	
	 	  	 
	 	
	 	  	 
	 	
	 	  	 
	 	
	 	  	 
	 	
	 	  	 
	 	
	 	  	 
	 	
	 	  	 
	 	
	 	  	 
	 	
	 	  	 
	 	
	 	  	 

  
 G - 21

 SCHEDULE B 
 LOCATIONS OF BOOKS AND RECORDS 
  

	1.	Chief Executive Office 

  

	2.	Location of Account Records and Chattel Paper 

  
 G - 22

 SCHEDULE C 
 DEPOSIT ACCOUNTS AND LETTERS OF CREDIT 
  

	1.	Deposit Accounts 

  

			
	 Name and Address of
 Institution Holding Account
	  	 Account No.

 

	2.	Letters of Credit Issued for Benefit of Grantors 

  
 G -23

 SCHEDULE D 
 PLEDGED STOCK AND OTHER INVESTMENT PROPERTY 
 AND INSTRUMENTS

 [Name of Subsidiary] Certificates No. [            ]
[            ] Shares 

  
 G- 24

 SCHEDULE E 
 LEGAL AND OTHER NAMES, UCC FILING OFFICE AND STATE ORGANIZATIONAL 

IDENTIFICATION NUMBER 
  

	1.	Legal Names 

  

	2.	Trade Names and Fictitious Names 

  

	3.	Filing Office 

  

	4.	State Organizational Identification Number 

  
 G - 25

 SCHEDULE F 
 INTELLECTUAL PROPERTY 

  
 G - 26

 SCHEDULE G 
 MATERIAL LICENSE AGREEMENTS 

  
 27 

 SCHEDULE H 
 COMMERCIAL TORT CLAIMS 

  
 28 

 ANNEX I 
 to 
 AMENDED AND RESTATED PLEDGE AND SECURITY AGREEMENT 

Reference is hereby made to the Pledge and Security Agreement (as amended, restated, supplemented or otherwise modified from time to
time, the “Agreement”), dated as of September 15, 2011, made by MICHAEL KORS (USA), INC., a Delaware corporation (the “Company”), MICHAEL KORS HOLDINGS LIMITED, a British Virgin Islands company, MICHAEL KORS
CORPORATION, a British Virgin Islands company, MICHAEL KORS, L.L.C., a Delaware limited liability company, MICHAEL KORS INTERNATIONAL LIMITED, a British Virgin Islands company, MICHAEL KORS STORES (CALIFORNIA), INC., a Delaware corporation, MICHAEL
KORS STORES, L.L.C., a New York limited liability company and MICHAEL KORS RETAIL, INC., a Delaware corporation, and any other grantors made parties hereto pursuant to a supplement in the form of Annex I thereto, including the undersigned
(collectively, the “Grantors”), in favor of JPMORGAN CHASE BANK, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”) for the Lenders (as defined in the Second Amended and Restated Credit
Agreement referred to below, the “Lenders”) and WELLS FARGO BANK, NATIONAL ASSOCIATION (successor by merger to Wells Fargo Trade Capital, LLC), as collateral agent for the Lenders and the other “Secured Parties” referred
to in the Credit Agreement (in such capacity, the “Collateral Agent” and, together with the Administrative Agent, the “Agents”)]. Capitalized terms used herein and not defined herein shall have the meanings given to
them in the Agreement. 
 By its execution below, the undersigned, [NAME OF NEW GRANTOR], a
[            ] [corporation/limited liability company/limited partnership] (the “New Grantor”) agrees to become, and does hereby become, a Grantor under the
Agreement and agrees to be bound by the Agreement as if originally a party thereto. The New Grantor hereby collaterally assigns and pledges to the Administrative Agent for the benefit of the Secured Parties, and grants to the Administrative Agent
for the benefit of the Secured Parties, a security interest in all of the New Grantor’s right, title and interest in and to the Collateral, whether now owned or hereafter acquired, to secure the prompt and complete payment and performance of
the Obligations. 
 By its execution below, the New Grantor represents and warrants as to itself that all of the representations
and warranties contained in the Agreement as they relate to the undersigned are true and correct in all material respects as of the date hereof (with any references to the date of the Agreement being deemed to mean the date hereof). The New Grantor
represents and warrants that the supplements to the Exhibits to the Agreement attached hereto are true and correct in all material respects and that such supplements set forth all information required to be scheduled under the Agreement with respect
to the New Grantor. The New Grantor shall take all steps necessary and required under the Agreement to perfect, in favor of the Administrative Agent, a first-priority security interest in and lien against the New Grantor’s Collateral.

 THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK. 

  
 29 

 IN WITNESS WHEREOF, the New Grantor has executed and delivered this Security Agreement
Supplement as of this              day of             , 20    . 

 

			
	[NAME OF NEW GRANTOR]
		
	By:	 	 
	Title:	 	 

  
 30 

 EXHIBIT H 
 [RESERVED] 

  
 H-1

 EXHIBIT I 
 [RESERVED] 

  
 I-18

 EXHIBIT J 
 [RESERVED] 

  
 J-1

 EXHIBIT K 
 FORM OF TRI-PARTY NOTIFICATION 
 [Date] 

[ADDRESS OF THIRD PARTY] 
 Attention:
[                        ] 
  

	 	Re:	Notice of Security Interest 

 Dear
                    : 
 We refer to the (i) Second Amended and Restated Credit Agreement, dated as of September 15, 2011 (the “Credit Agreement”), among MICHAEL KORS (USA), INC., a Delaware
corporation, (the “Company”) as borrower, the Foreign Subsidiary Borrowers from time to time party thereto, the Guarantors party thereto, the Lenders party thereto, JPMORGAN CHASE BANK, N.A., as Administrative Agent (the
“Administrative Agent”), and WELLS FARGO BANK, NATIONAL ASSOCIATION (successor by merger to Wells Fargo Trade Capital, LLC), as Collateral Agent (the “Collateral Agent”) and (ii) the Amended and Restated Pledge
and Security Agreement, dated as of September 15, 2011, among the Company, the other Guarantors, the Lenders, the Administrative Agent and the Collateral Agent (the “Pledge and Security Agreement”). Terms defined in the Credit
Agreement or the Pledge and Security Agreement (as applicable) are used herein with the same meanings. 
 NOTICE IS HEREBY GIVEN
that, pursuant to the Credit Agreement and the Pledge and Security Agreement, the Company and the other Loan Parties (collectively, the “Borrower”) have granted to the Lenders a security interest in the Collateral, including a
security interest in any and all amounts owed by you to the Borrower. The Company’s records reflect that you are currently depositing funds owing to the Borrower in
                    , Account
#                    . This notice also will serve to confirm that this account is the correct account into which such payments should be
deposited. 
  

			
	 Sincerely,

	
	MICHAEL KORS (USA), INC.
		
	By:	 	 
		 	Name:
		 	Title:
	
	MICHAEL KORS (CANADA) CO.
		
	By:	 	 
		 	Name:
		 	Title:

  
 K-1

 
			
	MICHAEL KORS (EUROPE) B.V.
		
	By:	 	 
		 	Name:
		 	Title:
		
	By:	 	 
		 	Name:
		 	Title:
	
	MICHAEL KORS (SWITZERLAND) GMBH
		
	By:	 	 
		 	Name:
		 	Title:
	
	MICHAEL KORS HOLDINGS LIMITED
		
	By:	 	 
		 	Name:
		 	Title:
	
	MICHAEL KORS CORPORATION
		
	By:	 	 
		 	Name:
		 	Title:
	
	MICHAEL KORS, L.L.C.
		
	By:	 	 
		 	Name:
		 	Title:

  
 K-2

 
			
	MICHAEL KORS INTERNATIONAL LIMITED
		
	By:	 	 
		 	Name:
		 	Title:
	
	MICHAEL KORS STORES (CALIFORNIA), INC.
		
	By:	 	 
		 	Name:
		 	Title:
	
	MICHAEL KORS STORES, L.L.C.
		
	By:	 	 
		 	Name:
		 	Title:
	
	MICHAEL KORS RETAIL, INC.
		
	By:	 	 
		 	Name:
		 	Title:
	
	 MICHAEL KORS (EUROPE) HOLDING
COOPERATIE U.A.

		
	By:	 	 
		 	Name:
		 	Title:
		
	By:	 	 
		 	Name:
		 	Title:

  
 K-3

 
			
	MICHAEL KORS (EUROPE) HOLDINGS B.V.
		
	By:	 	 
		 	Name:
		 	Title:
		
	By:	 	 
		 	Name:
		 	Title:
	
	MICHAEL KORS (UK) LIMITED
		
	By:	 	 
		 	Name:
		 	Title:

  
 K-4

 EXHIBIT L 
 EXHIBIT L-1 
 FORM OF U.S. TAX CERTIFICATE 

(For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Second Amended and Restated Credit Agreement, dated as of September 15, 2011 (the “Credit
Agreement”), among MICHAEL KORS (USA), INC., a Delaware corporation, (the “Company”), the Foreign Subsidiary Borrowers party thereto from time to time, the Guarantors party thereto, the Lenders party thereto, JPMORGAN CHASE
BANK, N.A., as Administrative Agent (the “Administrative Agent”), and WELLS FARGO BANK, NATIONAL ASSOCIATION (successor by merger to Wells Fargo Trade Capital, LLC), as Collateral Agent. 

Pursuant to the provisions of Section 2.15 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole
record and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it
is not a ten percent shareholder of any Borrower within the meaning of Section 871(h)(3)(B) of the Code, (iv) it is not a controlled foreign corporation related to any Borrower as described in Section 881(c)(3)(C) of the Code and
(v) the interest payments in question are not effectively connected with the undersigned’s conduct of a U.S. trade or business. 
 The undersigned has furnished the Administrative Agent and the Borrowers with a certificate of its non-U.S. person status on IRS Form W-8BEN. By executing this certificate, the undersigned agrees that
(1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrowers and the Administrative Agent and (2) the undersigned shall have at all times furnished the Borrowers and the Administrative
Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the
Credit Agreement. 
  

			
	[NAME OF LENDER]
		
	By:	 	 
	Name:	 	
	Title:	 	

 Date:                 
    , 20[    ] 

  
 L-1-1

 EXHIBIT L-2 
 FORM OF U.S. TAX CERTIFICATE 
 (For Foreign Lenders That Are Partnerships For U.S.
Federal Income Tax Purposes) 
 Reference is hereby made to the Second Amended and Restated Credit Agreement, dated as of
September 15, 2011 (the “Credit Agreement”), among MICHAEL KORS (USA), INC., a Delaware corporation, (the “Company”), the Foreign Subsidiary Borrowers party thereto from time to time, the Guarantors party
thereto, the Lenders party thereto, JPMORGAN CHASE BANK, N.A., as Administrative Agent (the “Administrative Agent”), and WELLS FARGO BANK, NATIONAL ASSOCIATION (successor by merger to Wells Fargo Trade Capital, LLC), as Collateral
Agent. 
 Pursuant to the provisions of Section 2.15 of the Credit Agreement, the undersigned hereby certifies that
(i) it is the sole record owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its partners/members are the sole beneficial owners of such Loan(s) (as well as any
Note(s) evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit Agreement, neither the undersigned nor any of its partners/members is a bank extending credit pursuant to a loan agreement entered into in
the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its partners/members is a ten percent shareholder of any Borrower within the meaning of Section 871(h)(3)(B) of the
Code, (v) none of its partners/members is a controlled foreign corporation related to any Borrower as described in Section 881(c)(3)(C) of the Code, and (vi) the interest payments in question are not effectively connected with the
undersigned’s or its partners/members’ conduct of a U.S. trade or business. 
 The undersigned has furnished the
Administrative Agent and the Borrowers with IRS Form W-8IMY accompanied by an IRS Form W-8BEN from each of its partners/members claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the
information provided on this certificate changes, the undersigned shall promptly so inform the Borrowers and the Administrative Agent and (2) the undersigned shall have at all times furnished the Borrowers and the Administrative Agent with a
properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the
Credit Agreement. 
  

			
	[NAME OF LENDER]
		
	By:	 	 
	Name:	 	
	Title:	 	

 Date:                 
    , 20[    ] 

  
 L-2-1

 EXHIBIT L-3 
 FORM OF U.S. TAX CERTIFICATE 
 (For Foreign Participants That Are Not Partnerships
For U.S. Federal Income Tax Purposes) 
 Reference is hereby made to the Second Amended and Restated Credit Agreement, dated as
of September 15, 2011 (the “Credit Agreement”), among MICHAEL KORS (USA), INC., a Delaware corporation, (the “Company”), the Foreign Subsidiary Borrowers party thereto from time to time, the Guarantors party
thereto, the Lenders party thereto, JPMORGAN CHASE BANK, N.A., as Administrative Agent (the “Administrative Agent”), and WELLS FARGO BANK, NATIONAL ASSOCIATION (successor by merger to Wells Fargo Trade Capital, LLC), as Collateral
Agent. 
 Pursuant to the provisions of Section 2.15 of the Credit Agreement, the undersigned hereby certifies that
(i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent
shareholder of any Borrower within the meaning of Section 871(h)(3)(B) of the Code, (iv) it is not a controlled foreign corporation related to any Borrower as described in Section 881(c)(3)(C) of the Code, and (v) the interest
payments in question are not effectively connected with the undersigned’s conduct of a U.S. trade or business. 
 The
undersigned has furnished its participating Lender with a certificate of its non- U.S. person status on IRS Form W-8BEN. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the
undersigned shall promptly so inform such Lender in writing and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is
to be made to the undersigned, or in either of the two calendar years preceding such payments. 
 Unless otherwise defined
herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
  

			
	[NAME OF LENDER]
		
	By:	 	 
	Name:	 	
	Title:	 	

 Date:                 
    , 20[    ] 

  
 L-3-1

 EXHIBIT L-4 
 FORM OF U.S. TAX CERTIFICATE 
 (For Foreign Participants That Are Partnerships For
U.S. Federal Income Tax Purposes) 
 Reference is hereby made to the Second Amended and Restated Credit Agreement, dated as of
September 15, 2011 (the “Credit Agreement”), among MICHAEL KORS (USA), INC., a Delaware corporation, (the “Company”), the Foreign Subsidiary Borrowers party thereto from time to time, the Guarantors party
thereto, the Lenders party thereto, JPMORGAN CHASE BANK, N.A., as Administrative Agent (the “Administrative Agent”), and WELLS FARGO BANK, NATIONAL ASSOCIATION (successor by merger to Wells Fargo Trade Capital, LLC), as Collateral
Agent. 
 Pursuant to the provisions of Section 2.15 of the Credit Agreement, the undersigned hereby certifies that
(i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its partners/members are the sole beneficial owners of such participation, (iii) with respect such participation, neither
the undersigned nor any of its partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its
partners/members is a ten percent shareholder of any Borrower within the meaning of Section 871(h)(3)(B) of the Code, (v) none of its partners/members is a controlled foreign corporation related to any Borrower as described in
Section 881(c)(3)(C) of the Code, and (vi) the interest payments in question are not effectively connected with the undersigned’s or its partners/members’ conduct of a U.S. trade or business. 

The undersigned has furnished its participating Lender with IRS Form W-8IMY accompanied by an IRS Form W-8BEN from each of its
partners/members claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender and
(2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar
years preceding such payments. 
 Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall
have the meanings given to them in the Credit Agreement. 
  

			
	[NAME OF PARTICIPANT]
		
	By:	 	 
	Name:	 	
	Title:	 	

 Date:                 
    , 20[    ] 

  
 L-4-1

 EXHIBIT M 
 JPMORGAN CONTINUING AGREEMENT FOR COMMERCIAL AND STANDBY 
 LETTERS OF
CREDIT 
 [ATTACHED] 

  
 M-1

  
 J.P.Morgan 
  
  

CONTINUING AGREEMENT FOR 
 COMMERCIAL & STANDBY LETTERS OF CREDIT BETWEEN 
 MICAHEL KORS
(USA) INC., AND JPMORGAN CHASE BANK, N.A. 
 To induce JPMorgan Chase Bank, N.A. and/or any of its domestic or foreign subsidiaries or
affiliates (individually and collectively, “Bank”), in its sole discretion, to issue for the account of the Applicant or for the account of the Account Party named in the Application, one or more standby or commercial letters of
credit or other independent undertakings, from time to time at the request of the undersigned (individually and collectively, “Applicant”; jointly and severally, if more than one), Applicant agrees as to each letter of credit or
undertaking (together with any replacements, extensions or modifications, a “Credit”, collectively, “Credits”) as follows. 
 All Credits issued pursuant to this Continuing Agreement (the “Agreement”) are issued under and pursuant to the terms, provisions and covenants of the Amended and Restated Credit
Agreement (as amended, extended, restated or otherwise modified from time to time, the “Credit Agreement”) dated as of August 31, 2007 among the Lenders party thereto, and JPMorgan Chase Bank, N.A. as Administrative Agent.
Capitalized terms used herein and not otherwise defined have the meaning assigned to them in the Credit Agreement. All references made herein to Sections shall be construed to refer to Sections of the Credit Agreement. 

The provisions relating to letters of credit set forth in the Credit Agreement, including without limitation, rights and remedies of the Bank as issuing
bank and lender shall apply to the Credit(s) and will be secured by Collateral (if any), described in the Credit Agreement and other loan documents as such terms are defined in the Credit Agreement. In the event of any inconsistency between the
terms and conditions of the Credit Agreement and the terms and conditions of this Agreement, the terms and conditions of the Credit Agreement shall control, except that provisions relating to indemnification and limitation of the Bank’s
liability as set forth in this Agreement shall also apply. 
 1. Definitions: The following terms shall have the meanings set forth below:

 “Application” means each request to issue a Credit. 
 “Costs” means any and all claims, suits, judgments, costs, losses, fines, penalties, damages, liabilities, and expenses, including reasonable and documented expert witness fees and legal
fees, charges and disbursements of any counsel for any Indemnified Person. 
 “Drawing Document” means any document presented
for purposes of drawing under a Credit. 
 “Good Faith” means honesty in fact in the conduct of the transaction concerned.

 “Instructions” means inquiries, communications and instructions (whether oral, telephonic, written, telegraphic, facsimile,
electronic or other) regarding a Credit; each Application and this Agreement are each referred to herein as “Instructions” (and the term “Application” is subsumed within the term “Instruction”). 

“ISP” means International Standby Practices 1998 (International Chamber of Commerce Publication No. 590) and any subsequent
revision thereof adhered to by Bank on the date such Credit is issued. 
 “LOI’s” means steamship guarantees, releases or
letters of indemnity in favor of a carrier issued by Bank upon Instruction of Applicant. 
 “Obligations” means all obligations
and liabilities of Applicant to Bank in respect of any and all Credits and LOI’s issued hereunder (if any) and under this Agreement, whether matured or unmatured, absolute or contingent, now existing or hereafter incurred. 

“Property” means all property of any kind whatsoever (now existing or hereafter acquired) including, without limitation, 

 
any and all right, title and interest of Applicant in any goods, equipment, inventory, money, documents, letters of credit, warehouse receipts, instruments, securities, security entitlements,
financial assets, investment property, precious and base metals, chattel paper, electronic chattel paper, accounts, commercial tort claims, deposit accounts, general intangibles (including any claims for breach of contract, breach of warranty claims
and any insurance policies and proceeds), letter of credit rights, choses in action and the proceeds of any and all thereof (including any and all of the aforesaid referred to in any Credit or the Drawing Documents relating thereto). 

“Released Merchandise” means all Property referred to in or relating to the applicable Credit, released (including pursuant to a
forwarders cargo receipt or by any other means whatsoever) or consigned to Applicant or any Person designated by Applicant in connection with such Credit or a LOI. 
 “Standard Letter of Credit Practice” means, for Bank, any domestic or foreign law or letter of credit practices applicable in the city in which Bank issued the applicable Credit or for
its branch or correspondent, such laws and practices applicable in the city in which it has advised, confirmed or negotiated such Credit, as the case may be. Such practices shall be (i) of banks that regularly issue Credits in the particular
city and (ii) required or permitted under the UCP or the ISP, as chosen in the applicable Credit. 
 “UCP” means Uniform
Customs and Practice for Documentary Credits, International Chamber of Commerce Publication No. 500 or No. 600, as applicable to any Credit and any subsequent revision thereof adhered to by Bank on the date such Credit is issued. If a
Credit subject to UCP does not specify which revision is applicable, the Credit shall be subject to Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce Publication No. 600. 

“UN Convention” means the United Nations Convention on Independent Guarantees and Standby Letters of Credit. 

2. Applications/Instructions. Each Application shall be irrevocable and in such form as Bank shall from time to time require or agree to accept
(including any type of electronic form or means of communication). Bank’s records of the content of any Instruction shall be conclusive absent manifest error. Bank may transmit a Credit and any amendment thereto by S.W.I.F.T. message and
thereby bind Applicant directly and as indemnitor to the S.W.I.F.T. rules, including rules obligating Applicant or Bank to pay charges. Terms regarding LOI’s are set forth on Annex I. 
 3. Amendment; Waiver. Bank shall not be deemed to have amended or modified any term hereof, or waived any of its rights unless Bank consents in writing to such amendment, modification or waiver. No
such waiver, unless expressly stated therein, shall be effective as to any transaction which occurs subsequent to such waiver, nor as to any continuance of a breach after such waiver. Bank’s consent to any amendment, waiver, or modification
does not mean that Bank shall consent or has consented to any other or subsequent Instruction to amend, modify, or waive a term of this Agreement or any Credit. 
 4. Indemnification; Limitation of Liability. (a) Without limiting any other provisions of this Agreement or the Credit Agreement, Bank and each other Indemnitee (as defined in the
Credit Agreement), shall not be responsible to Applicant for, and Bank’s rights and remedies against Applicant and Applicant’s obligation to reimburse the Bank under the Credit Agreement shall not be impaired by: (i) honor of a
presentation under any Credit which on its face substantially complies with the terms of such Credit; (ii) honor of a presentation of any Drawing Documents which appear on their face to have been signed, presented or issued (X) by any
purported successor or transferee of any beneficiary or other party required to sign, present or issue the Drawing Documents or (Y) under a new name of the beneficiary; (iii) acceptance as a draft of any written or electronic demand or
request for payment under a Credit, even if nonnegotiable or not in the form of a draft, and may disregard any requirement that such draft, demand or request bear any or adequate reference to the Credit; (iv) the identity or authority of any
presenter or signer of any Drawing Document or the form, accuracy, genuineness, or legal effect of any presentation under any Credit or of any Drawing Documents; (v) disregard of any non-documentary conditions stated in any Credit;
(vi) acting upon any Instruction which it, in Good Faith, believes to have been given by a Person or entity authorized to give such Instruction; (vii) any errors, omissions, interruptions or delays in transmission or delivery of any
message, advice or document (regardless of how sent or transmitted) or for errors in interpretation of technical terms or in translation; (viii) any delay in giving or failing to give any notice; (ix) any acts, omissions or fraud by, or
the solvency of, any beneficiary, any nominated Person or any other Person; (x) any breach of contract between the beneficiary and Applicant or any of the parties to the underlying transaction; (xi) assertion or waiver of any provision of
the UCP or ISP which primarily benefits an issuer of a letter of credit, including, any requirement that any Drawing Document be presented to it at a particular hour or place; (xii) payment to any paying or negotiating bank (designated or
permitted by the terms of the applicable Credit) claiming that it rightfully honored or is entitled to reimbursement or indemnity under the Standard Letter of Credit Practice applicable to it; (xiii) dishonor of any presentation upon or during
any Event of Default or for which Applicant is unable or unwilling to reimburse or indemnify Bank (provided that Applicant acknowledges that if Bank shall later be required to honor the presentation, Applicant shall

  

 
be liable therefore in accordance with Section 2.04(f) of the Credit Agreement); or (xiv) acting or failing to act as required or permitted under Standard Letter of Credit Practice
applicable to where it has issued, confirmed, advised or negotiated such Credit, as the case may be. 
 (b) Without limiting
Section 9.03(b) of the Credit Agreement, such Section 9.03(b) shall apply to the Bank and each related Indemnitee notwithstanding the occurrence of any of the events specified in clause (a) of this Section 4 subject to the
proviso set forth in such Section 9.03(b). 
 (c) If a Credit is to be governed by a law other than that of the State of New York,
Bank shall not be liable for any Costs resulting from any act or omission by Bank in accord with the UCP or the ISP, as applicable, and Applicant shall indemnify Bank for all such Costs. 
 5. Foreign Currency. If the amount drawn under any Credit is in non-United States currency (“foreign currency”), Applicant shall pay the Bank for each Credit the amount of each
drawing paid by Bank under the Credit, on demand, the United States dollar equivalent of the amount computed at Bank’s selling rate, as of the date of Applicant’s payment, for cable transfers of such foreign currency to the place of
payment; provided, further, that if, for any reason, Bank has no selling rate for cable transfers of that currency to such place on the payment date, Applicant shall pay Bank an amount in United States currency equivalent to
Bank’s actual cost of settlement of its obligation. 
 6. Compliance with Laws. Applicant will comply with all foreign and domestic
laws, rules and regulations (including the USA Patriot Act, foreign exchange control regulations, foreign asset control regulations and other trade-related regulations) now or hereafter applicable to each Credit, the transactions underlying such
Credit or Applicant’s execution, delivery and performance of this Agreement. 
 7. Representations and Warranties. Applicant hereby
represents and warrants that this Agreement constitutes the legal, valid and binding obligation of Applicant enforceable against it in accordance with its terms and makes each of the representations and warranties set forth in the Credit Agreement
as of the date of this Agreement (and with each request for the issuance of a Credit represents and warrants the same as of the date of the request). 
 8. Assertion of Rights. To the extent Bank honors a presentation for which Bank remains unpaid, Bank may assert rights of Applicant and Applicant shall cooperate with Bank in its assertion of
Applicant’s rights, if any, against the beneficiary, the beneficiary’s rights against Applicant and any other rights that Bank may have by subordination, subrogation, reimbursement, indemnity or assignment. 

9. Electronic Transmissions. Bank is authorized to accept and process any Application and any amendments, transfers, assignments of proceeds,
Instructions, consents, waivers and all documents relating to the Credit or the Application which are sent to Bank by electronic transmission, including SWIFT, electronic mail, telex, telecopy, telefax, courier, mail or other computer generated
telecommunications and such electronic communication shall have the same legal effect as if written and shall be binding upon and enforceable against the Applicant. Bank may, but shall not be obligated to, require authentication of such electronic
transmission or that Bank receives original documents prior to acting on such electronic transmission. If it is a condition of the Credit that payment may be made upon receipt by Bank of an electronic transmission advising negotiation, Applicant
hereby agrees to reimburse Bank on demand for the amount indicated in such electronic transmission advice, and further agrees to hold Bank harmless if the documents fail to arrive, or if, upon the arrival of the documents, Bank should determine that
the documents do not comply with the terms and conditions of the Credit. 
 10. COMMERCIAL CREDITS 

Acceptance of Drawing Documents; No Waiver. Applicant’s acceptance or retention of a Drawing Document presented under or in connection with
any Credit (whether or not the document is genuine) or of any Released Merchandise shall ratify Bank’s honor of the presentation and preclude Applicant from raising a defense, set-off or claim with respect to Bank’s honor of such Credit.
Bank shall not be required to seek any waiver of discrepancies from Applicant or to grant any waiver of discrepancies which Applicant approves or requests. 
 Possession of Drawing Documents. If Bank shall agree to honor (accept) Drawing Documents under a Credit on a time draft or deferred payment basis, Applicant shall not take possession of the Drawing
Documents or the underlying Property except for the purpose of loading, unloading, storing, shipping, transshipping, manufacturing, processing or otherwise dealing with such Property in a manner preliminary to its sale or exchange. An Instruction to
release any such Drawing Document or Property shall be deemed a representation by Applicant to Bank that Applicant seeks such release for one of 

  

 
said purposes. In each such case, Applicant immediately shall apply the sale proceeds of such Property to the Obligations relating to the applicable Credit. 

Absence of Written Instructions. In the absence of written instructions to the contrary, the Applicant agrees that (a) if the Credit
authorizes drawings and/or shipments in installments and any installment is not drawn and/or shipped within the period allowed for that installment but the Applicant waives such discrepancy, the Bank is authorized to honor any subsequent
installments so long as documents for such installments are presented within the period allowed for such installments; and (b) each negotiation Credit shall expire at the counters of the nominated person even if notice of the presentation or
any documents contained in the presentation is not received by the Bank until after the expiry date of the Credit or any installment thereof. 

Release of Documents or Claiming of Goods from the Carrier. In the event Bank, upon Applicant’s request, agrees to deliver to Applicant, a
customs broker or any other person designated by the Applicant, any of the documents of title relating to the Credit, prior to having received payment in full of all the Obligations, Applicant agrees to obtain possession of any goods represented by
such documents within twenty-one days after the date of delivery of such documents, and if Applicant fails to do so, Applicant agrees to return such documents or to have them returned to Bank prior to the expiration of the twenty-one day period.
Applicant further agrees to execute and deliver to Bank receipts for such documents and the goods represented thereby identifying and describing such documents and goods. If Applicant claims from the carrier any goods identified in the shipping
documents required under the Credit, (by virtue of a steamship release, air release, letter of indemnity or any other means), with or without the assistance of Bank, and such goods have been released to Applicant or a customs broker or agent acting
on Applicant’s behalf, the Applicant hereby authorizes Bank to immediately, and without further inquiry and consideration, debit any account of Applicant in an amount equal to the fair market value of such goods, that have been released,
together with any out-of-pocket charges or expenses owing to the Bank. 
 11. STAND BY CREDIT(S) 

Installments. If the Credit is issued subject to UCP 500 or 600, unless otherwise agreed, in the event that any installment of the Credit is not
drawn within the period allowed for that installment, the Credit may continue to be available for any subsequent installments in the sole discretion of the Bank, notwithstanding Article 41 of UCP 500 or Article 32 of UCP 600. 

Auto Extend Notice. If the Credit provides for automatic extension without amendment, Applicant agrees that it will notify Bank in writing at
least sixty (60) days prior to the last day specified in the Credit by which Bank must give notice of nonextension as to whether or not it wishes the Credit to be extended. Any decision to extend or not extend the Credit shall be in Bank’s
sole discretion and judgment. Applicant hereby acknowledges that in the event Bank notifies the beneficiary of the Credit that it has elected not to extend the Credit and the beneficiary draws on the Credit after receiving the notice of
non-extension, Applicant acknowledges and agrees that Applicant shall have no claim or cause of action against Bank or defense against payment under the agreement for Bank’s discretionary decision to extend or not extend the Credit. 

Pending Expiry Notice. If a Credit’s terms and conditions provide that Bank give beneficiary a notice of pending expiration, Applicant agrees
that it will notify Bank in writing at least sixty (60) days prior to the last day specified in the Credit by which Bank must give such notice of the pending expiration date. In the event Applicant fails to so notify Bank and the Credit is
extended, Applicant’s Obligations under this Agreement shall continue in effect and be binding on Applicant with regard to the Credit as so extended. 
 12. Waiver of Defense; Joint and Several Liability. Applicant waives any defense whatsoever which might constitute a defense available to, or discharge of, a surety or a guarantor. If more than one
Person signs this Agreement or an Application hereunder, each of them shall be jointly and severally liable hereunder and thereunder and all the terms and provisions regarding liabilities, obligations and Property of such Persons shall apply to any
liabilities, obligations and Property of any and all of them. 
 13. Continuing Agreement. This Agreement is a continuing agreement and
may not be terminated by Applicant except upon (i) thirty (30) days’ prior written notice of such termination by Applicant to Bank at the address of Bank set forth on the most recent Credit issued hereunder, (ii) payment of all
Obligations and (iii) the expiration or cancellation of all Credits issued hereunder. Notwithstanding the foregoing sentence, if a Credit is issued in favor of a sovereign or commercial entity, which is to issue a guarantee or undertaking on
Applicant’s behalf in connection therewith, or is issued as support for such a guarantee, the Applicant shall remain liable with respect to such Credit until Bank is fully released in writing by such entity. 

  

 14. Commencement of Action. Any action or proceeding in respect of any matter arising under or in
connection with Credits, the Applications or this Agreement must be brought by Applicant against the Bank within the time period specified in Section 5-115 of the Uniform Commercial Code. 

15. Jurisdiction; Waiver of Jury Trial; Applicable Law. Applicant agrees to be bound by the provisions in the Credit Agreement relating to
jurisdiction, venue, and waiver of jury trial and that such provisions shall also apply to this Agreement. This Agreement shall be construed in accordance with and governed by the law of the State of New York. 

16. No Third Party Benefits; Successor; Integration; Delivery by Facsimile; Notices. This Agreement shall be binding upon and inure to the benefit
of Bank and Applicant and their respective successors and permitted assigns. This Agreement shall not confer any right or benefit upon any Person other than the parties to this Agreement, the Indemnified Persons and their respective successors and
permitted assigns. Applicant may not assign this Agreement without the prior written consent of Bank. This Agreement may be signed and delivered by facsimile transmission. Notices to Bank shall be sent to the address of Bank as set forth on the
Credit and shall be delivered by hand, overnight courier or certified mail, return receipt requested. Notices to Applicant shall be sent to the address set forth below the signature line hereto. THIS AGREEMENT AND THE CREDIT AGREEMENT CONSTITUTE
THE ENTIRE CONTRACT AND FINAL AGREEMENT AMONG THE PARTIES RELATING TO THE SUBJECT MATTER AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. 

17. Survival. The provisions of Sections 4, 13, and 15 shall survive and remain in full force and effect regardless of the consummation of any
transactions contemplated hereby, the reimbursement or repayment of any drawings or Obligations, the expiration or termination of the Credits or LOIs or the termination of this Agreement or any provision hereof. 

  

 THE UNDERSIGNED HEREBY AGREES TO ALL THE TERMS AND CONDITIONS SET FORTH HEREIN, ALL OF WHICH HAVE BEEN READ
AND UNDERSTOOD BY THE UNDERSIGNED. 
  

	
	Michael Kors (USA) Inc.
	(Applicant/Obligor)
	
	/s/ Laura Lentini
	(Authorized Signature)
	
	SVP+ Controller
	(Title)
	
	201-453-5069
	(Phone)
	
	201-453-5569
	(Fax)
	
	 10/26/10

	(Date)

 THE FOLLOWING IS TO BE EXECUTED IF THE CREDIT IS TO BE ISSUED FOR THE ACCOUNT OF A PERSON OTHER THAN THE PERSON
SIGNING ABOVE: 
 AUTHORIZATION AND AGREEMENT OF ADDITIONAL PARTY NAMED AS ACCOUNT PARTY 

To: THE ISSUER OF THE CREDIT 
 We join in the
above Agreement, naming us as Account Party, for the issuance of the Credit and, in consideration thereof, we irrevocably agree (i) that the above Applicant has sole right to give instructions and make agreements with respect to this Agreement
and the Credit, and the disposition of documents, and we have no right or claim against you, any of your affiliates or subsidiaries, or any correspondent in respect of any matter arising in connection with any of the foregoing and (ii) to be
bound by the Agreement and all obligations of the Applicant thereunder as if we were a party thereto. The Applicant is authorized to assign or transfer to you all or any part of any security held by the Applicant for our obligations arising in
connection with this transaction and, upon any such assignment or transfer, you shall be vested with all powers and rights in respect of the security transferred or assigned to you and you may enforce your rights under this Agreement against us or
our Property in accordance with the terms hereof. 

	
	  
	(Account Party)
	
	  
	(Authorized Signature)
	
	  
	(Title)
	
	  
	(Phone)
	
	  
	(Fax)
	
	  
	(Date)

  

 THE UNDERSIGNED HEREBY AGREES TO ALL THE TERMS AND CONDITIONS SET FORTH HEREIN, ALL OF WHICH HAVE BEEN READ
AND UNDERSTOOD BY THE UNDERSIGNED. 
  

	
	Michael Kors (USA) Inc.
	(Applicant/Obligor)
	
	/s/ Laura Lentini
	(Authorized Signature)
	
	SVP+ Controller
	(Title)
	
	201-453-5069
	(Phone)
	
	201-453-5569
	(Fax)
	
	 10/26/10

	(Date)

 THE FOLLOWING IS TO BE EXECUTED IF THE CREDIT IS TO BE ISSUED FOR THE ACCOUNT OF A PERSON OTHER THAN THE PERSON
SIGNING ABOVE: 
 AUTHORIZATION AND AGREEMENT OF ADDITIONAL PARTY NAMED AS ACCOUNT PARTY 

To: THE ISSUER OF THE CREDIT 
 We join in the
above Agreement, naming us as Account Party, for the issuance of the Credit and, in consideration thereof, we irrevocably agree (i) that the above Applicant has sole right to give instructions and make agreements with respect to this Agreement
and the Credit, and the disposition of documents, and we have no right or claim against you, any of your affiliates or subsidiaries, or any correspondent in respect of any matter arising in connection with any of the foregoing and (ii) to be
bound by the Agreement and all obligations of the Applicant thereunder as if we were a party thereto. The Applicant is authorized to assign or transfer to you all or any part of any security held by the Applicant for our obligations arising in
connection with this transaction and, upon any such assignment or transfer, you shall be vested with all powers and rights in respect of the security transferred or assigned to you and you may enforce your rights under this Agreement against us or
our Property in accordance with the terms hereof. 

	
	  
	(Account Party)
	
	  
	(Authorized Signature)
	
	  
	(Title)
	
	  
	(Phone)
	
	  
	(Fax)
	
	  
	(Date)

  

 Appendix A 
 To the Continuing Agreement for Commercial & Standby Letters of Credit 
 (To be completed by Account Party/Applicant/Correspondent Bank) 
 This Appendix will remain in
effect until further notice in writing is received by the JPMorgan Chase Bank, N.A. from the Account Party/Applicant/Correspondent Bank. Changes to this Appendix require a new Appendix A to be executed and delivered to JPMorgan Chase Bank, N.A.

  

	A)	In the event JPMorgan Chase Bank, N.A. issues or amends a Commercial or a Standby Letter of Credit (“Credit”), any one of the following individual(s) shall be
authorized to sign on the behalf of: 

 Michael Kors (USA) Inc. 

 
 (Print Name of Account
Party/Applicant/Correspondent Bank) 
  

							
	 Joseph B. Parsons
	  	 EVP + CFO
	  	   /s/ Joseph B. Parsons
	  	 10/26/10

	(Printed Name)	  	(Title)	  	  (Authorized Signature)	  	(Date)
				
	 Laura Lentini
	  	 SVP + Controller
	  	   /s/ Laura Lentini
	  	 10/26/10

	(Printed Name)	  	(Title)	  	  (Authorized Signature)	  	(Date)

  

	B)	In regards to any “Credit”, JPMorgan Chase Bank, N.A. may accept and rely on instructions including without limitation, (a) waiving of discrepancies,
(b) mailings/returning shipping documents, (c) changing Credit terms and conditions prior to issuance, and amendments to Credits which do not extend, increase or change the tenor of the draft(s) transmitted by the following authorized
representatives of: 

 Michael Kors (USA) Inc. 

 
 (Print Name of Account
Party/Applicant/Correspondent Bank) 
  

							
	 Joseph B. Parsons
	  	 EVP + CFO
	  	   /s/ Joseph B. Parsons
	  	 10/26/10

	(Printed Name)	  	(Title)	  	  (Authorized Signature)	  	(Date)
				
	 Laura Lentini
	  	 SVP + Controller
	  	   /s/ Laura Lentini
	  	 10/26/10

	(Printed Name)	  	(Title)	  	  (Authorized Signature)	  	(Date)
				
	 Herb Lang
	  	 Accounts Payable Manager
	  	  
	  	 10/26/10

	(Printed Name)	  	(Title)	  	  (Authorized Signature)	  	(Date)

  

	C)	Signature Verification (To be completed by “Bank”): 

 The above individual(s) is/are authorized to execute and sign applications, amendments and instructions on behalf of the Account Party/Applicant/Correspondent Bank. 

 

							
	  
	  	  
	  	  
	  	  

	 (Print Relationship Manager “RM” Name)
	  	(“RM” Title)	  	  (“RM” Authorized Signature)	  	(Date)

  

 Appendix A 
 To the Continuing Agreement for Commercial & Standby Letters of Credit 
 (To be completed by Account Party/Applicant/Correspondent Bank) 
 This Appendix will remain in
effect until further notice in writing is received by the JPMorgan Chase Bank, N.A. from the Account Party/Applicant/Correspondent Bank. Changes to this Appendix require a new Appendix A to be executed and delivered to JPMorgan Chase Bank, N.A.

  

	A)	In the event JPMorgan Chase Bank, N.A. issues or amends a Commercial or a Standby Letter of Credit (“Credit”), any one of the following individual(s) shall be
authorized to sign on the behalf of: 

 Michael Kors (USA) Inc. 

 
 (Print Name of Account
Party/Applicant/Correspondent Bank) 
  

							
	 Joseph B. Parsons
	  	 EVP + CFO
	  	   /s/ Joseph B. Parsons
	  	 10/26/10

	(Printed Name)	  	(Title)	  	  (Authorized Signature)	  	(Date)
				
	 Laura Lentini
	  	 SVP + Controller
	  	   /s/ Laura Lentini
	  	 10/26/10

	(Printed Name)	  	(Title)	  	  (Authorized Signature)	  	(Date)

  

	B)	In regards to any “Credit”, JPMorgan Chase Bank, N.A. may accept and rely on instructions including without limitation, (a) waiving of discrepancies,
(b) mailings/returning shipping documents, (c) changing Credit terms and conditions prior to issuance, and amendments to Credits which do not extend, increase or change the tenor of the draft(s) transmitted by the following authorized
representatives of: 

 Michael Kors (USA) Inc. 

 
 (Print Name of Account
Party/Applicant/Correspondent Bank) 
  

							
	 Joseph B. Parsons
	  	 EVP + CFO
	  	   /s/ Joseph B. Parsons
	  	 10/26/10

	(Printed Name)	  	(Title)	  	  (Authorized Signature)	  	(Date)
				
	 Laura Lentini
	  	 SVP + Controller
	  	   /s/ Laura Lentini
	  	 10/26/10

	(Printed Name)	  	(Title)	  	  (Authorized Signature)	  	(Date)
				
	 Herb Lang
	  	 Accounts Payable Manager
	  	  
	  	 10/26/10

	(Printed Name)	  	(Title)	  	  (Authorized Signature)	  	(Date)

  

	C)	Signature Verification (To be completed by “Bank”): The above individual(s) is/are authorized to execute and sign applications, amendments and
instructions on behalf of the Account Party/Applicant/Correspondent Bank. 

  

							
	 Lilwatie Wong (4058017)
	  	  
	  	   /s/ Lilwatie Wong
	  	  

	 (Print Relationship Manager “RM” Name)
	  	(“RM” Title)	  	  (“RM” Authorized Signature)	  	(Date)

  

 ANNEX I TO AGREEMENT FOR COMMERCIAL LETTERS OF CREDIT ISSUED BY 

JPMORGAN CHASE BANK, N.A. 

If Bank issues a LOI or endorses a bill of lading at the Instruction of Applicant or otherwise pursuant hereto, Applicant agrees as follows: 

Except as otherwise set forth in this Annex I or expressly set forth elsewhere in this Agreement, LOI’s shall be deemed issued by Bank subject to
the same terms and conditions set forth herein for Credits, including, without limitation, payment obligations, indemnification provisions and limitations of liability benefiting Bank and other Indemnified Persons. Applicant shall be liable for
payments made under any LOI on demand and otherwise subject to Section 2.04(f) of the Credit Agreement. Bank shall have the right in its sole discretion and without notice to or approval of Applicant, to pay, settle or adjust any claim or
demand made against or upon Bank in connection therewith without inquiry or determination, on Bank’s part, of the circumstances, merits or validity of any claim or demand. Applicant shall take whatever steps are necessary to obtain the shipping
documents concerning the Released Merchandise. Upon Applicant’s receipt of such shipping documents, Applicant shall deliver them to the carrier, duly endorsed by all parties whose endorsement is required by the carrier, and obtain from the
carrier and deliver to Bank, the LOI and a release of Bank’s liability to the carrier. Bank may make payments against any drawing under the Credit related to an LOI, whether or not the drawing shall comply with the terms and conditions of such
Credit, without any liability whatsoever to Bank. Applicant expressly acknowledges that Applicant may be required to reimburse Bank for payments made by Bank under both the LOI and such Credit with respect to the same Released Merchandise. Applicant
shall account by delivering to Bank, immediately upon the receipt thereof by Applicant, the proceeds of the sale of the Released Merchandise or the documents related thereto in whatever form received (with Applicant’s endorsement where
necessary) to be applied by Bank to the payment of any drawing under the Credit. If any proceeds shall be notes, accounts, acceptances, or in any form other than cash, they shall not be applied by Bank until paid in cash. Bank shall have the option
at any time to sell or discount these items and so apply the net proceeds, conditionally upon final payment of these items. Applicant shall pay all charges in connection with the Released Merchandise and shall at all times hold it separate and apart
from the Property of Applicant and shall definitively show such separation in all its records and entries. Applicant shall at all times keep the Released Merchandise fully insured at Applicant’s expense in favor of, and to the satisfaction of,
Bank against loss by fire, theft, and any other risk to which it may be subject. Applicant shall deposit the insurance policies with Bank upon its demand. If for any reason any of such policies fail to provide for payment of the loss thereunder to
Bank as its interest may appear, Applicant hereby (1) assigns and makes the loss payable under any of such policies payable to Bank as its interest may appear, (2) assigns to Bank all of the avails and proceeds of any and all of such
policies, and (3) agrees to accept such avails and proceeds in trust for Bank and to forthwith deliver the same to Bank in the exact form received (with the endorsement of Applicant where necessary). Bank shall have no responsibility for the
existence, quantity, quality, condition, value or delivery of any Released Merchandise or the correctness, validity or genuineness of the documents purporting to represent Released Merchandise. 

 EXHIBIT N 
 [RESERVED] 

  
 N-9

 EXHIBIT O 
 RESERVE COSTS 
  

	1.	The Mandatory Costs Rate is an addition to the interest rate to compensate Lenders for the cost of compliance with (a) the requirements of the Bank of England
and/or the Financial Services Authority (or, in either case, any other authority which replaces all or any of its functions) or (b) the requirements of the European Central Bank. 

 

	2.	On the first day of each Interest Period (or as soon as possible thereafter) the Administrative Agent shall calculate, as a percentage rate, a rate (the
“Additional Cost Rate”) for each Lender, in accordance with the paragraphs set out below. The Mandatory Costs Rate will be calculated by the Administrative Agent as a weighted average of the Lenders’ Additional Cost Rates (weighted in
proportion to the percentage participation of each Lender in the relevant Loan) and will be expressed as a percentage rate per annum. 

  

	3.	The Additional Cost Rate for any Lender lending from an office of such Lender in a Participating Member State will be the percentage notified by that Lender to the
Administrative Agent. This percentage will be certified by that Lender in its notice to the Administrative Agent to be its reasonable determination of the cost (expressed as a percentage of that Lender’s participation in all applicable Loans
made from that lending office) of complying with the minimum reserve requirements of the European Central Bank in respect of loans made from that lending office. 

 

	4.	The Additional Cost Rate for any Lender lending from a lending office in the United Kingdom will be calculated by the Administrative Agent as follows:

  

	 	(a)	in relation to a Loan in Pounds Sterling: 

  

			
	AB + C(B – D) + E x 0.01	 	per cent. per annum
	100 – (A + C)	 

  

	 	(b)	in relation to a Loan in any currency other than Pounds Sterling: 

  

			
	E x 0.01	 	percent per annum
	300	 

 Where: 
  

	 	A.	is the percentage of Eligible Liabilities (assuming these to be in excess of any stated minimum) which that Lender is from time to time required to maintain as an
interest free cash ratio deposit with the Bank of England to comply with cash ratio requirements. 

  

	 	B.	is the percentage rate of interest (excluding the applicable interest rate margin under Section 2.11(a) (shown as a number of bps in the definition of Applicable
Rate) and the Mandatory Costs Rate and, if the Loan is due and unpaid, the additional rate of interest specified in Section 2.11(c)) payable for the relevant Interest Period on the Loan. 

 

	 	C.	is the percentage (if any) of Eligible Liabilities which that Lender is required from time to time to maintain as interest bearing Special Deposits with the Bank of
England. 

  
 O-1

	 	D.	is the percentage rate per annum payable by the Bank of England to the Administrative Agent on interest bearing Special Deposits. 

 

	 	E.	is designed to compensate Lenders for amounts payable under the Fees Rules and is the most recent rate of charge payable by the Administrative Agent to the Financial
Services Authority pursuant to the Fee Rules in respect of the relevant financial year of the Financial Services Authority and expressed in Pounds Sterling per £1,000,000. 

 

	5.	For the purposes of this Exhibit: 

  

	 	(a)	“Eligible Liabilities” and “Special Deposits” have the meanings given to them from time to time under or pursuant to the Bank of England Act 1998 or
(as may be appropriate) by the Bank of England; 

  

	 	(b)	“Fees Rules” means the rules on periodic fees contained in the FSA Supervision Manual or such other law or regulation as may be in force from time to time in
respect of the payment of fees for the acceptance of deposits; 

  

	 	(c)	“Fee Tariffs” means the fee tariffs specified in the Fees Rules under the activity group A.1 Deposit acceptors (ignoring any minimum fee or zero rated fee
required pursuant to the Fees Rules but taking into account any applicable discount rate); 

  

	 	(d)	“Participating Member State” means any member state of the European Communities that adopts or has adopted the Euro as its lawful currency in accordance with
legislation of the European Community relating to Economic and Monetary Union. 

  

	 	(e)	“Tariff Base” has the meaning given to it in, and will be calculated in accordance with, the Fees Rules. 

 

	6.	In application of the above formulae, A, B, C and D will be included in the formulae as percentages (i.e., 5 percent will be included in the formula as 5 and not as
0.05). A negative result obtained by subtracting D from B shall be taken as zero. The resulting figures shall be rounded to four decimal places. 

  

	7.	Each Lender shall supply any information required by the Administrative Agent for the purpose of calculating its Additional Cost Rate. In particular, but without
limitation, each Lender shall supply the following information on or prior to the date on which it becomes a Lender: 

  

	 	(a)	the jurisdiction of its lending office; and 

  

	 	(b)	any other information that the Administrative Agent may reasonably require for such purpose. 

Each Lender shall promptly notify the Administrative Agent of any change to the information provided by it pursuant to this paragraph.

  

	8.	 The percentages of each Lender for the purpose of A and C above shall be determined by the Administrative Agent based upon the information supplied to
it pursuant to paragraph 7 above and on the assumption that, unless a Lender notifies the Administrative Agent to the contrary, each Lender’s obligations in relation to cash ratio deposits and Special Deposits are the same as

  
 O-2

	 	
those of a typical bank from its jurisdiction of incorporation with a lending office in the same jurisdiction as its lending office. 

 

	9.	The Administrative Agent shall have no liability to any person if such determination results in an Additional Cost Rate which over or under compensates any Lender and
shall be entitled to assume that the information provided by any Lender pursuant to paragraphs 3 and 7 above is true and correct in all respects. 

  

	10.	The Administrative Agent shall distribute the additional amounts received as a result of the Mandatory Costs Rate to the Lenders on the basis of the Additional Cost
Rate for each Lender based on the information provided by each Lender pursuant to paragraphs 3 and 7 above. 

  

	11.	Any determination by the Administrative Agent pursuant to this Exhibit in relation to a formula, the Mandatory Costs Rate, an Additional Cost Rate or any amount payable
to a Lender shall, in the absence of manifest error, be conclusive and binding on all parties hereto. 

  

	12.	The Administrative Agent may from time to time, after consultation with the Company and the Lenders, determine and notify to all parties hereto any amendments which are
required to be made to this Exhibit in order to comply with any change in law, regulation or any requirements from time to time imposed by the Bank of England, the Financial Services Authority or the European Central Bank (or, in any case, any other
authority which replaces all or any of its functions) and any such determination shall, in the absence of manifest error, be conclusive and binding on all parties hereto. 

 

	13.	Capitalized terms used but not defined herein have the meanings ascribed to them in that certain Second Amended and Restated Credit Agreement, dated as of
September 15, 2011, by and among MICHAEL KORS (USA), INC., a Delaware corporation, as a borrower, the Foreign Subsidiary Borrowers from time to time party thereto, MICHAEL KORS HOLDINGS LIMITED, a British Virgin Islands company, MICHAEL KORS
CORPORATION, a British Virgin Islands company, MICHAEL KORS, L.L.C., a Delaware limited liability company, MICHAEL KORS INTERNATIONAL LIMITED, a British Virgin Islands company, MICHAEL KORS STORES (CALIFORNIA), INC., a Delaware corporation, MICHAEL
KORS STORES, L.L.C., a New York limited liability company, MICHAEL KORS RETAIL, INC., a Delaware corporation, MICHAEL KORS (EUROPE) HOLDING COOPERATIE U.A., a co-operative with excluded liability (coöperatie met uitgesloten
aansprakelijkheid) organized and existing under the laws of the Netherlands, MICHAEL KORS (EUROPE) HOLDINGS B.V., a private limited liability company incorporated under the laws of Curaçao, and MICHAEL KORS (UK) LIMITED, a private limited
company incorporated under the laws of England and Wales with registered number 6481234, as Guarantors, the Lenders party thereto, JPMORGAN CHASE BANK, N.A., as Administrative Agent and WELLS FARGO BANK, NATIONAL ASSOCIATION (successor by merger to
Wells Fargo Trade Capital, LLC), as Collateral Agent, as amended. 

  
 O-3

 EXHIBIT P 
 FORM OF INCREASING LENDER SUPPLEMENT 
 INCREASING LENDER SUPPLEMENT, dated
                    , 20         (this “Supplement”), by and among each of the
signatories hereto, to the Second Amended and Restated Credit Agreement, dated as of September 15, 2011 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Michael Kors
(USA), Inc. (the “Company”), the Foreign Subsidiary Borrowers from time to time party thereto, the Guarantors party thereto, the Lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the
“Administrative Agent”) and Wells Fargo Bank, National Association (successor by merger to Wells Fargo Trade Capital, LLC), as collateral agent. 
 W I T N E S S E T H 
 WHEREAS, pursuant to Section 2.20 of the Credit
Agreement, the Company has the right, subject to the terms and conditions thereof, to effectuate from time to time an increase in the Aggregate Commitment under the Credit Agreement by requesting one or more Lenders to increase the amount of its
Commitment; 
 WHEREAS, the Company has given notice to the Administrative Agent of its intention to increase the Aggregate
Commitment pursuant to such Section 2.20; and 
 WHEREAS, pursuant to Section 2.20 of the Credit
Agreement, the undersigned Increasing Lender now desires to increase the amount of its Commitment under the Credit Agreement by executing and delivering to the Company and the Administrative Agent this Supplement; 

NOW, THEREFORE, each of the parties hereto hereby agrees as follows: 

1. The undersigned Increasing Lender agrees, subject to the terms and conditions of the Credit Agreement, that on the date of this
Supplement it shall have its Commitment increased by $[            ], thereby making the aggregate amount of its total Commitments equal to
$[            ]. 
 2. The Company hereby represents and
warrants that no Default or Event of Default has occurred and is continuing on and as of the date hereof. 
 3. Terms defined in
the Credit Agreement shall have their defined meanings when used herein. 
 4. This Supplement shall be governed by, and
construed in accordance with, the laws of the State of New York. 
 5. This Supplement may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same document. 

  
 P-1

 IN WITNESS WHEREOF, each of the undersigned has caused this Supplement to be executed and
delivered by a duly authorized officer on the date first above written. 
  

			
	[INSERT NAME OF INCREASING LENDER]
		
	By:	 	 
	Name:	 	
	Title:	 	

 Accepted and agreed to as of the date first written above: 

 

			
	MICHAEL KORS (USA), INC.
		
	By:	 	 
	Name:	 	
	Title:	 	

 Acknowledged as of the date first written above: 

 

			
	 JPMORGAN CHASE BANK, N.A.
 as Administrative Agent

		
	By:	 	 
	Name:	 	
	Title:	 	

  
 P-2

 EXHIBIT Q 
 FORM OF AUGMENTING LENDER SUPPLEMENT 
 AUGMENTING LENDER SUPPLEMENT, dated
                    , 20         (this “Supplement”), to the Second Amended
and Restated Credit Agreement, dated as of September 15, 2011 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Michael Kors (USA), Inc. (the
“Company”), the Foreign Subsidiary Borrowers from time to time party thereto, the Guarantors party thereto, the Lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative
Agent”) and Wells Fargo Bank, National Association (successor by merger to Wells Fargo Trade Capital, LLC), as collateral agent (in such capacity, the “Collateral Agent”). 

1. W I T N E S S E T H 
 WHEREAS, the Credit Agreement provides in Section 2.20 thereof that any bank, financial institution or other entity may extend Commitments under the Credit Agreement subject to the approval of
the Company and the Administrative Agent, by executing and delivering to the Company and the Administrative Agent a supplement to the Credit Agreement in substantially the form of this Supplement; and 

WHEREAS, the undersigned Augmenting Lender was not an original party to the Credit Agreement but now desires to become a party thereto;

 NOW, THEREFORE, each of the parties hereto hereby agrees as follows: 

1. The undersigned Augmenting Lender agrees to be bound by the provisions of the Credit Agreement and agrees that it shall, on the date
of this Supplement, become a Lender for all purposes of the Credit Agreement to the same extent as if originally a party thereto, with a Commitment with respect to Loans of
$[            ]. 
 2. The undersigned Augmenting Lender
(a) represents and warrants that it is legally authorized to enter into this Supplement; (b) confirms that it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to
Section 5.01 thereof, as applicable, and has reviewed such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Supplement; (c) agrees that it will,
independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under
the Credit Agreement or any other instrument or document furnished pursuant hereto or thereto; (d) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers and discretion under the
Credit Agreement or any other instrument or document furnished pursuant hereto or thereto as are delegated to the Administrative Agent by the terms thereof, together with such powers as are incidental thereto; and (e) agrees that it will be
bound by the provisions of the Credit Agreement and will perform in accordance with its terms all the obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender. 

3. The undersigned’s address for notices for the purposes of the Credit Agreement is as follows: 

[            ] 

  
 Q-1

 4. The Company hereby represents and warrants that no Default or Event of Default has
occurred and is continuing on and as of the date hereof. 
 5. Terms defined in the Credit Agreement shall have their defined
meanings when used herein. 
 6. This Supplement shall be governed by, and construed in accordance with, the laws of the State
of New York. 
 7. This Supplement may be executed in any number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same document. 
 2. [remainder of this page intentionally left blank] 

  
 Q-2

 IN WITNESS WHEREOF, each of the undersigned has caused this Supplement to be executed and
delivered by a duly authorized officer on the date first above written. 
  

			
	[INSERT NAME OF AUGMENTING LENDER]
		
	By:	 	 
	Name:	 	
	Title:	 	

 Accepted and agreed to as of the date first written above: 

 

			
	MICHAEL KORS (USA), INC.
		
	By:	 	 
	Name:	 	
	Title:	 	

 Acknowledged as of the date first written above: 

 

			
	 JPMORGAN CHASE BANK, N.A.
 as Administrative Agent

		
	By:	 	 
	Name:	 	
	Title:	 	

  
 Q-3

 EXHIBIT R 
 [FORM OF] 
 BORROWING SUBSIDIARY AGREEMENT 

BORROWING SUBSIDIARY AGREEMENT dated as of [            ], among
Michael Kors (USA), Inc., a Delaware corporation (the “Company”), [Name of Foreign Subsidiary Borrower], a [            ] (the “New Borrowing
Subsidiary”), and JPMorgan Chase Bank, N.A. as Administrative Agent (the “Administrative Agent”). 

Reference is hereby made to the Second Amended and Restated Credit Agreement dated as of September 15, 2011 (as amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Company, the Foreign Subsidiary Borrowers from time to time party thereto, the Guarantors party thereto, the Lenders from time to time party
thereto, JPMorgan Chase Bank, N.A. as Administrative Agent and Wells Fargo Bank, National Association (successor by merger to Wells Fargo Trade Capital, LLC), as Collateral Agent. Capitalized terms used herein but not otherwise defined herein shall
have the meanings assigned to such terms in the Credit Agreement. Under the Credit Agreement, the Lenders have agreed, upon the terms and subject to the conditions therein set forth, to make Loans to certain Foreign Subsidiary Borrowers
(collectively with the Company, the “Borrowers”), and the Company and the New Borrowing Subsidiary desire that the New Borrowing Subsidiary become a Foreign Subsidiary Borrower. In addition, the New Borrowing Subsidiary hereby
authorizes the Company to act on its behalf as and to the extent provided for in Article II of the Credit Agreement. [Notwithstanding the preceding sentence, the New Borrowing Subsidiary hereby designates the following officers as being
authorized to request Borrowings under the Credit Agreement on behalf of the New Subsidiary Borrower and sign this Borrowing Subsidiary Agreement and the other Loan Documents to which the New Borrowing Subsidiary is, or may from time to time become,
a party: [            ].] 
 Each of the
Company and the New Borrowing Subsidiary represents and warrants that the representations and warranties of the Company in the Credit Agreement relating to the New Borrowing Subsidiary and this Agreement are true and correct on and as of the date
hereof, other than representations given as of a particular date, in which case they shall be true and correct as of that date. [The Company and the New Borrowing Subsidiary further represent and warrant that the execution, delivery
and performance by the New Borrowing Subsidiary of the transactions contemplated under this Agreement and the use of any of the proceeds raised in connection with this Agreement will not contravene or conflict with, or otherwise constitute unlawful
financial assistance under, Sections 677 to 683 (inclusive) of the United Kingdom Companies Act 2006 of England and Wales (as amended).]3[INSERT OTHER PROVISIONS REASONABLY REQUESTED BY ADMINISTRATIVE AGENT OR ITS COUNSELS] Upon execution of this Agreement
by each of the Company, the New Borrowing Subsidiary and the Administrative Agent, the New Borrowing Subsidiary shall be a party to the Credit Agreement and shall constitute a “Foreign Subsidiary Borrower” for all purposes thereof, and the
New Borrowing Subsidiary hereby agrees to be bound by all provisions of the Credit Agreement. 
 This Agreement shall be
governed by and construed in accordance with the laws of the State of New York. 
 [Signature Page Follows] 

 

	3 	 To be included only if a New Borrowing Subsidiary will be a Borrower organized under the laws of England and Wales. 

  
 R-1

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their authorized officers as of the date first appearing above. 
  

			
	MICHAEL KORS (USA), INC.
		
	By:	 	 
		 	Name:
		 	Title:
	
	[NAME OF NEW BORROWING SUBSIDIARY]
		
	By:	 	 
		 	Name:
		 	Title:
	
	JPMORGAN CHASE BANK, N.A., as Administrative Agent
		
	By:	 	 
		 	Name:
		 	Title:

  
 R-2

 EXHIBIT S 
 [FORM OF] 
 BORROWING SUBSIDIARY TERMINATION 

JPMorgan Chase Bank, N.A. 
 as Administrative
Agent 
 for the Lenders referred to below 
 270 Park Avenue, 43rd Floor 
 New York, NY 10017 
 Attention: James T. Knight, Vice President (Telecopy No. (646) 534-3081) 

[Date] 
 Ladies and Gentlemen:

 The undersigned, Michael Kors (USA), Inc. (the “Company”), refers to the Second Amended and Restated Credit
Agreement dated as of September 15, 2011 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Company, the Foreign Subsidiary Borrowers from time to time party thereto,
the Guarantors party thereto, the Lenders party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent and Wells Fargo Bank, National Association (successor by merger to Wells Fargo Trade Capital, LLC), as Collateral Agent. Capitalized terms
used and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement. 
 The Company
hereby terminates the status of [            ] (the “Terminated Borrowing Subsidiary”) as a Foreign Subsidiary Borrower under the Credit Agreement. [The Company
represents and warrants that no Loans made to the Terminated Borrowing Subsidiary are outstanding as of the date hereof and that all amounts payable by the Terminated Borrowing Subsidiary in respect of interest and/or fees (and, to the extent
notified by the Administrative Agent or any Lender, any other amounts payable under the Credit Agreement) pursuant to the Credit Agreement have been paid in full on or prior to the date hereof.] [The Company acknowledges that the Terminated
Borrowing Subsidiary shall continue to be a Borrower until such time as all Loans made to the Terminated Borrowing Subsidiary shall have been prepaid and all amounts payable by the Terminated Borrowing Subsidiary in respect of interest and/or fees
(and, to the extent notified by the Administrative Agent or any Lender, any other amounts payable under the Credit Agreement) pursuant to the Credit Agreement shall have been paid in full, provided that the Terminated Borrowing Subsidiary
shall not have the right to make further Borrowings under the Credit Agreement.] 
 [Signature Page Follows] 

  
 S-1

 (b) This instrument shall be construed in accordance with and governed by
the laws of the State of New York. 
  

			
	Very truly yours,
	
	MICHAEL KORS (USA), INC.
		
	By:	 	 
		 	Name:
		 	Title:

 Copy to: JPMorgan Chase Bank, N.A. 
                 [                 
   ] 

                [         
           ] 

  
 S-2Subscription Agreement

 Exhibit 10.1 
 EXECUTION COPY 
 SUBSCRIPTION AGREEMENT 

SUBSCRIPTION AGREEMENT (this “Agreement”), dated as of July 7, 2011, among Michael Kors Holdings Limited, a
company incorporated under the laws of the British Virgin Islands (the “Company”), the persons listed on Schedule I hereto (the “Sellers”), and the investors named on the signature pages hereto (individually, a
“Buyer” and collectively, the “Buyers”). 
 WHEREAS: 

A. The Company and the Sellers, collectively, wish to sell to each Buyer, and each such Buyer wishes to purchase, upon the terms and
conditions set forth in this Agreement, the number of preference shares, no par value, of the Company (the “Preference Shares”) set forth below such Buyer’s signature on the signature pages hereto (such sales and purchases
being referred to herein as the “Offering”). 
 B. The Company, the Sellers and the Buyers intend to make such
offer and sale in reliance upon one or more exemptions from registration pursuant to the Securities Act of 1933, as amended (the “Securities Act”), and the rules and regulations as promulgated by the U.S. Securities and Exchange
Commission (the “SEC”) under the Securities Act. 
 C. In connection with the transactions contemplated by the
Offering, the Company, the Sellers and the Buyers will execute and deliver the Shareholders Agreement, in the form attached as Exhibit A hereto (the “Shareholders Agreement”). 

NOW, THEREFORE, the Company, the Sellers and each Buyer hereby agree as follows: 

1. PURCHASE AND SALE OF THE PREFERENCE SHARES. 
 (a) Purchase and Sale of the Preference Shares. 
 (i) In reliance upon the
Buyers’ representations and warranties contained in Section 2 hereof and subject to the satisfaction (or waiver) of the conditions set forth in Section 6 below, at the closing of the Offering (the “Closing”), the
Company and the Sellers, collectively, shall sell, transfer and deliver, free and clear of liens and encumbrances (other than those set forth in the Shareholders Agreement or the Company’s Memorandum and Articles of Association and those
resulting from any action or inaction of a Buyer), to each Buyer the number of Preference Shares set forth below such Buyer’s signature on the signature pages hereto. The aggregate number of Preference Shares to be issued and sold by the
Company shall be 217,137 and the aggregate number of Preference Shares to be sold by each Seller shall be set forth opposite such Seller’s name on Schedule I hereto. The specific number of Preference Shares to be sold by the Company and the
Sellers to each Buyer shall be proportionate to the aggregate number of shares to be sold by the Company and the Sellers (with appropriate rounding adjustments to be determined by the Company). 

(ii) In reliance upon the representations and warranties of the Company contained in Section 3 hereof and the Sellers contained in
Section 4 hereof, and subject 

 
to the satisfaction (or waiver) of the conditions set forth in Section 7 below, at the Closing, each Buyer severally, but not jointly, shall purchase the Preference Shares to be purchased by
such Buyer from the Company and the Sellers, on a pro-rata basis, as set forth below such Buyer’s signature on the signature pages hereto. 
 (iii) Closing. The Closing shall occur on (i) July 11, 2011 or (ii) if the conditions set forth in Sections 6 and 7 have not been satisfied or waived by such date, one
(1) business day following the satisfaction (or waiver) of such conditions (the “Closing Date”), at the New York, New York offices of Paul, Weiss, Rifkind, Wharton & Garrison LLP, or on such other date or at such other
location as the Company, the Sellers and the Buyers shall mutually agree. 
 (iv) Purchase Price. The purchase price for
the Preference Shares to be purchased by the Buyers at the Closing shall be $46.053860 per Preference Share (the “Per Share Purchase Price”), and the aggregate purchase price for all Preference Shares being purchased by any specific
Buyer shall be the product obtained by multiplying the Per Share Purchase Price by the total number of Preference Shares being purchased by such Buyer, which aggregate purchase price for such Buyer being as set forth below such Buyer’s
signature on the signature pages hereto (the “Buyer’s Purchase Price”). 
 (b) Closing Mechanics.

 (i) (A) Subject to Section 1(b)(i)(B), at the Closing the Company and the Sellers, as applicable, shall deliver to each
Buyer one or more share certificates evidencing the Preference Shares being purchased by such Buyer hereunder, in each case against delivery by such Buyer of the Buyer’s Purchase Price therefor. 

(B) The Company shall deliver to the Buyers on Schedule II hereto executed share certificates in the names and amounts set forth below
such Buyers’ signature on the signature pages hereto at least three (3) business days prior to the Closing. To the extent this Agreement is terminated pursuant to Section 8 or the Closing does not occur for any reason, (i) the
Shares represented by such share certificates shall be deemed cancelled automatically without any action on the part of any Person and (ii) each such Buyer shall promptly return (in any event no later than two (2) business days) such share
certificates to the Company. For the avoidance of doubt, the Shares represented by such share certificates are being delivered to such Buyers in advance of the Closing for such Buyers’ internal compliance requirements only and such Shares shall
neither be deemed delivered to, nor and owned by, such Buyers unless and until the occurrence of the Closing in accordance with Section 1(a)(iii). At the Closing, such Shares shall be deemed delivered against delivery by each such Buyer of the
Buyer’s Purchase Price therefor. 
 (ii) At the Closing, each Buyer shall deliver to JPMorgan Chase Bank, N.A. (the
“Paying Agent”) such Buyer’s Purchase Price paid by such Buyer by wire transfer of immediately available U.S. funds to a bank account designated in writing by the Company at least two (2) business days prior to the Closing
Date, which funds will be allocated and delivered to the Company and the Sellers in consideration of the Preference Shares being purchased by each such Buyer. The Company and each Seller hereby acknowledge that upon the completion of such wire
transfers, no Buyer shall have any further liability with respect to such payment or the delivery thereof to the Company and the Sellers. 

  
 -2-

 (iii) The Company shall deliver evidence to the Buyers that the Amended and Restated
Memorandum and Articles of Association of the Company, in the form attached as Exhibit B hereto (the “Company’s Memorandum and Articles of Association”), has been filed with the Registrar of Corporate Affairs of the
British Virgin Islands and has become effective on or prior to the Closing. 
 2. BUYERS’ REPRESENTATIONS AND
WARRANTIES. 
 Each Buyer, severally, and not jointly or jointly and severally, as to itself represents and warrants to the
Company and the Sellers that: 
 (a) Organization and Good Standing. If such Buyer is an entity, such Buyer is a
corporation, partnership, limited liability company or other legal entity duly incorporated or organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization. 

(b) Authorization and Power. Such Buyer (if such Buyer is an entity) has the requisite power and authority to enter into and
perform and such Buyer (if such Buyer is a natural person) has the capacity to enter into and perform its obligations under this Agreement and the Shareholders Agreement and each other agreement contemplated by this Agreement to which such Buyer is
a party or to be executed by such Buyer in connection with the transactions contemplated by this Agreement (together with the Shareholders Agreement and the Restructuring Agreement (as defined herein), the “Ancillary Documents”),
and to purchase the Preference Shares (and the ordinary shares, no par value, of the Company (the “Ordinary Shares”) into which such Preference Shares may be converted) being sold to it hereunder. If such Buyer is an entity, the
execution, delivery and performance of this Agreement and the Ancillary Documents by such Buyer and the consummation by such Buyer of the transactions contemplated hereby and thereby have been duly authorized and approved by all necessary corporate
or partnership action, and no further consent or authorization of such Buyer, as the case may be, is required. This Agreement has been (and the Ancillary Documents will be at or prior to Closing) duly executed and delivered by such Buyer and,
assuming due execution by each other party thereto, constitutes, or shall constitute when executed and delivered, valid and binding obligations of such Buyer enforceable against such Buyer in accordance with its terms except as such enforceability
may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies and
except as rights to indemnification and contribution under the Shareholders Agreement may be limited by applicable law. 
 (c)
No Public Sale or Distribution. Such Buyer is acquiring the Preference Shares (and the Ordinary Shares into which such Preference Shares may be converted) for its own account and not with a view towards, or for resale in connection with, the
public sale or distribution thereof; provided, however, that by making the representations herein, such Buyer reserves the right to dispose of the Preference Shares (and the Ordinary Shares into which such

  
 -3-

 
Preference Shares may be converted) at any time in accordance with or pursuant to a registration statement or an exemption under the Securities Act and pursuant to the applicable terms of this
Agreement and the Shareholders Agreement. Such Buyer is acquiring the Preference Shares (and the Ordinary Shares into which such Preference Shares may be converted) hereunder in the ordinary course of its business. Such Buyer does not presently have
any agreement or understanding, directly or indirectly, with any Person to distribute any of the Preference Shares (and the Ordinary Shares into which such Preference Shares may be converted). As used in this Agreement, “Person”
means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization and a government or any department or agency thereof. 

(d) Accredited Investor Status. Such Buyer is under the Securities Act an “accredited investor” within the meaning of
Rule 501(a) of Regulation D. Such Buyer (other than MKFF Investors, LLC, a Delaware limited liability company) is not an entity formed for the sole purpose of acquiring the Preference Shares (and the Ordinary Shares into which such Preference Shares
may be converted). 
 (e) Reliance on Exemptions. Such Buyer understands that the Preference Shares (and the Ordinary
Shares into which such Preference Shares may be converted) are being offered and sold to it in reliance on exemptions from the registration requirements of U.S. federal and state securities laws and that the Company and the Sellers are relying in
part upon the truth and accuracy of such Buyer’s representations and warranties and the compliance by such Buyer of such Buyer’s agreements set forth herein in order to determine the availability of such exemptions and the eligibility of
such Buyer to acquire the Preference Shares from the Company and the Sellers. 
 (f) Information and Exculpation.

 (i) Such Buyer and its advisors, if any, have been furnished with all materials relating to the business, properties,
finances, prospects and operations of the Company and all other materials relating to the offer and sale of the Preference Shares (and the Ordinary Shares into which such Preference Shares may be converted) that have been requested by such Buyer as
it has deemed necessary or appropriate to conduct its due diligence investigation. Such Buyer has sufficient knowledge and experience in investing in the securities of companies similar to the Company so as to be able to evaluate the risks and
merits of its investment in the Company. Such Buyer and its advisors, if any, have been afforded the opportunity to ask questions of the Company and the Sellers. Such Buyer understands and acknowledges that (A) its investment in the Preference
Shares (and the Ordinary Shares into which such Preference Shares may be converted) involves a high degree of risk, (B) it may be required to bear the financial risks of an investment in the Preference Shares (and the Ordinary Shares into which
such Preference Shares may be converted) for an indefinite period of time and (C) prior to making an investment in the Preference Shares (and the Ordinary Shares into which such Preference Shares may be converted), such Buyer has concluded that
it is able to bear those risks for an indefinite period. Such Buyer has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision with respect to its acquisition of the Preference Shares (and
the Ordinary Shares into which such Preference Shares may be converted). 

  
 -4-

 (ii) Such Buyer acknowledges that it is purchasing the Preference Shares (and the Ordinary
Shares into which such Preference Shares may be converted) based on the results of its own due diligence investigation of the Company, including the representations and warranties being made by the Company and the Sellers in this Agreement, and that
such Buyer and its advisors, if any, have had access to and opportunity to review all materials, documents and information made available to the Buyers on the Company’s electronic datasite (all such documents, materials and other information
made available on the Company’s electronic datasite, as amended, modified or supplemented to the date of this Agreement, the “Datasite Materials”). 
 (iii) Such Buyer acknowledges that Morgan Stanley & Co. LLC (in its capacity as the sole placement agent of the Preference Shares in the Offering, the “Agent”) and its respective
directors, officers, employees, representatives and controlling Persons have no responsibility for making any independent investigation of the information contained in the Datasite Materials, any publicly available information or any other documents
or information made available to the Buyers by the Company. 
 (g) No Governmental Review. Such Buyer understands that no
U.S. federal or state agency or any other government or governmental agency has passed on or made any recommendation or endorsement of the Preference Shares (and the Ordinary Shares into which such Preference Shares may be converted) or the fairness
or suitability of an investment in the Preference Shares (and the Ordinary Shares into which such Preference Shares may be converted) or has passed upon or endorsed the merits of the offering of the Preference Shares (and the Ordinary Shares into
which such Preference Shares may be converted) or an investment therein. 
 (h) Transfer or Resale. Subject to the terms
of the Shareholders Agreement, such Buyer understands that: (i) neither the offer nor sale of the Preference Shares (and the Ordinary Shares into which such Preference Shares may be converted) have been and, except as provided for in the
Shareholders Agreement, will not be registered under the Securities Act or any state securities laws, and the Preference Shares (and the Ordinary Shares into which such Preference Shares may be converted) may not be offered for sale, sold, assigned
or transferred unless (x) the offer and sale thereof shall have been registered under the Securities Act, (y) the offer and sale thereof is permitted pursuant to an exemption from such registration, or (z) the Preference Shares (and
the Ordinary Shares into which such Preference Shares may be converted) are sold to the Company or any Subsidiary (as defined herein) thereof; and (ii) none of the Company, the Sellers nor any other Person is under any obligation to register
the offer or sale of the Preference Shares (and the Ordinary Shares into which such Preference Shares may be converted) under the Securities Act or any state securities laws or to comply with the terms and conditions of any exemption thereunder.

 (i) Legends. Such Buyer understands that until such time as the same is no longer required under applicable
requirements of the Securities Act and applicable state securities laws and the terms of the Shareholders Agreement, the certificates evidencing the Preference Shares (and the Ordinary Shares into which such Preference Shares may be converted), and
all certificates or other instruments issued in exchange therefor or in substitution thereof, or if held in book-entry form through a direct registration system as the case may be, the 

  
 -5-

 
Preference Shares (and the Ordinary Shares into which such Preference Shares may be converted) in such form, shall bear a legend on the face thereof in the form set forth in the Shareholders
Agreement referencing the restrictions on the transferability of the Preference Shares (and the Ordinary Shares into which such Preference Shares may be converted), and the Company shall make a notation on its records and give instructions to the
Company’s transfer agent for the Preference Shares (and the Ordinary Shares into which such Preference Shares may be converted), to the extent the Company shall have retained the services of a transfer agent for the Preference Shares (and the
Ordinary Shares into which such Preference Shares may be converted), in order to implement the restrictions on transfer set forth and described herein and therein. 
 (j) No Conflicts. Assuming the accuracy of the representations and warranties in Sections 3 and 4, the execution, delivery and performance by such Buyer of this Agreement and the consummation by
such Buyer of the transactions contemplated hereby will not (i) result in a violation of the organizational documents of such Buyer (if such Buyer is an entity) or (ii) conflict with, or constitute a default (or an event which with notice
or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which such Buyer is a party, or (iii) result in a
violation of any law, rule, regulation, order, judgment or decree (including federal and state securities laws) applicable to such Buyer, except in the case of clauses (ii) and (iii) above, for such conflicts, defaults, rights or
violations as would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the ability of such Buyer to perform its obligations hereunder. 

(k) Consents. Assuming the accuracy of the representations and warranties in Sections 3 and 4, such Buyer is not required to
obtain any consent, authorization or order of, or make any filing or registration with, any court, governmental agency or any regulatory or self-regulatory agency or any other Person in order for it to execute, deliver or perform any of its
obligations under or contemplated by this Agreement and the Shareholders Agreement (other than (i) any consent, authorization or order that has been duly obtained as of the date hereof and (ii) any filing or registration that has been made
as of the date hereof). 
 (l) Residency. Such Buyer is a resident of that jurisdiction specified below its signature on
the signature pages hereto. 
 (m) No General Solicitation or Advertising. Such Buyer acknowledges that the Preference
Shares (and the Ordinary Shares into which such Preference Shares may be converted) were not offered to such Buyer by means of any form of general or public solicitation or general advertising, or publicly disseminated advertisements or sales
literature, including (i) any advertisement, article, notice or other communication published in any newspaper, magazine, website, or similar media, or broadcast over television or radio, or (ii) any seminar or meeting to which such Buyer
was invited by any of the foregoing means of communications. 
 (n) Brokers. No Person will have, as a result of the
transactions contemplated by this Agreement, any valid right, interest or claim against or upon the Company, the Sellers or any Subsidiary therefore for any commission, fee or other compensation pursuant to any agreement, arrangement or
understanding entered into by or on behalf of such Buyer. 

  
 -6-

 (o) Filings. If required by applicable securities legislation, regulatory policy or
order, or if required or requested by any securities commission, stock exchange or other regulatory authority, at the request of and at the sole expense of the Company, such Buyer shall reasonably assist the Company in filing reports,
questionnaires, undertakings and other documents with respect to the offer and sale of the Preference Shares (and the Ordinary Shares into which such Preference Shares may be converted). 

(p) Ontario Securities Law Matters. (For Ontario Teachers’ Pension Plan Board only) 

(i) Such Buyer has not received or been provided with, nor has it requested, nor does it have any need to receive, any offering
memorandum, any prospectus, sales or advertising literature, or any other document (other than all of the materials contained in the Datasite Materials) describing or purporting to describe the business and affairs of the Company which has been
prepared for delivery to, and review by, such Buyer in order to assist it in making an investment decision in respect of the Preference Shares (and the Ordinary Shares into which such Preference Shares may be converted). 

(ii) Such Buyer has been notified by the Company: 
 (1) that the Company may be required to provide certain personal information (“personal information”) pertaining to such Buyer as required to be disclosed in Schedule I of Form 45-106F1
under National Instrument 45-106 Prospectus and Registration Exemptions (“NI 45-106”) (including its name, address, telephone number and the number and value of any Preference Shares), which Form 45-106F1 may be required to be
filed by the Company under NI 45-106; 
 (2) that such personal information may be delivered to the Ontario Securities
Commission (the “OSC”) in accordance with NI 45-106; 
 (3) that such personal information is collected
indirectly by the OSC under the authority granted to it under the securities legislation of Ontario; 
 (4) that such personal
information is collected for the purposes of the administration and enforcement of the securities legislation of Ontario; and 

(5) that the public official in Ontario who can answer questions about the OSC’s indirect collection of such personal information
is the Administrative Support Clerk at the OSC, Suite 1903, Box 55, 20 Queen Street West, Toronto, Ontario M5H 3S8, Telephone: (416) 593-3684. 
 (iii) Such Buyer has authorized the indirect collection of the personal information by the OSC. 
 3. REPRESENTATIONS AND WARRANTIES OF THE COMPANY. 
 Except as set forth in
the corresponding sections of the disclosure letter delivered by the Company to the Buyers prior to the execution of this Agreement (the “Company  

  
 -7-

 
Disclosure Letter”), it being agreed that disclosure of any item in any section of the Company Disclosure Letter (whether or not an explicit cross reference appears) shall be deemed
to be disclosure with respect to any other section to which the relevance of such item is reasonably apparent, the Company hereby represents and warrants to each of the Buyers as follows: 

(a) Organization and Qualification. The Company is duly incorporated and validly existing as a company in good standing under the
laws of the British Virgin Islands and has the requisite power and authority to own its properties and assets and to carry on its business as now being conducted. Each of the Company and its Subsidiaries is duly qualified as a foreign corporation to
do business and is in good standing in every jurisdiction in which its ownership of property or the nature of the business conducted by it makes such qualification necessary, except to the extent that the failure to be so qualified or be in good
standing would not reasonably be expected to result in a Material Adverse Effect. As used in this Agreement, “Material Adverse Effect” means any material adverse effect, individually or in the aggregate, (i) on the business,
assets, results of operations, or financial condition of the Company and its Subsidiaries taken as a whole, or (ii) on the transactions contemplated by this Agreement, the Shareholders Agreement and by the agreements and instruments to be
entered into in connection herewith, or (iii) on the authority or ability of the Company and the Sellers to perform their respective obligations under this Agreement. As used in this Agreement, “Subsidiary” of a Person means
any and all corporations, partnerships, limited liability companies and other entities, whether incorporated or unincorporated, with respect to which such Person, directly or indirectly, owns a majority of the equity interests or securities having
the power to elect a majority of the board of directors or similar body governing the affairs of such entity. 
 (b)
Subsidiaries. Each of the Company’s Subsidiaries is a corporation, partnership, limited liability company or other legal entity duly incorporated or organized, validly existing and in good standing under the laws of the jurisdiction of
its incorporation or organization, except to the extent that the failure to be so qualified or be in good standing would not reasonably be expected to result in a Material Adverse Effect. 

(c) Authorization; Enforcement; Validity. The Company has the requisite corporate power and authority to enter into and perform
its obligations under this Agreement and the Ancillary Documents. The execution and delivery of this Agreement, and each of the Ancillary Documents, by the Company and the consummation by the Company of the transactions contemplated hereby and
thereby, including, without limitation, the issuance and sale of the Preference Shares (and the Ordinary Shares into which such Preference Shares may be converted) by the Company, has been duly authorized and approved by all necessary corporate
action on the part of the Company and no further consent or authorization of the Company, as the case may be, is required. This Agreement has been, and each of the Ancillary Documents will be at or prior to the Closing, duly executed and delivered
by the Company and constitutes, or shall constitute when executed and delivered, the legal, valid and binding obligations of the Company, enforceable against it in accordance with their respective terms, except as such enforceability may be limited
by general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies, and except as
rights to indemnification and contribution under the Shareholders Agreement may be limited under applicable law. 

  
 -8-

 (d) Issuance and Sale of the Preference Shares. 

(i) The Preference Shares (including the Preference Shares to be sold by the Sellers) outstanding prior to the issuance of the
Preference Shares to be sold by the Company hereunder have been duly authorized and are validly issued, fully paid and non-assessable. The Preference Shares to be sold by the Company have been duly authorized and, when issued and delivered in
accordance with the terms of this Agreement, will be validly issued, fully paid and non-assessable, free and clear of all liens and encumbrances (other than those set forth in the Shareholders Agreement or the Company’s Memorandum and Articles
of Association and those resulting from any action or inaction of a Buyer), and the issuance of such Preference Shares will not be subject to any preemptive or similar rights (other than those set forth in the Shareholders Agreement or the
Company’s Memorandum and Articles of Association and those resulting from any action or inaction of a Buyer). Prior to the Closing Date, the Ordinary Shares will have been duly authorized and adequately reserved in contemplation of the
conversion of the Preference Shares and, when issued and delivered in accordance with the terms of the Company’s Memorandum and Articles of Association, will be validly issued, fully paid and non-assessable, free and clear of all liens and
encumbrances (other than those set forth in the Shareholders Agreement or the Company’s Memorandum and Articles of Association and those resulting from any action or inaction of a Buyer), and the issuance of such Ordinary Shares will not be
subject to any preemptive or similar rights (other than those set forth in the Shareholders Agreement or the Company’s Memorandum and Articles of Association and those resulting from any action or inaction of a Buyer). 

(ii) After giving pro forma effect to the Restructuring (as defined below) and the Offering, there are no obligations, contingent or
otherwise, of the Company or any of its Subsidiaries to (A) repurchase, redeem or otherwise acquire (except upon conversion) any Preference Shares or Ordinary Shares or the capital stock or other equity interests of the Company or any of its
Subsidiaries, or (B) make any material investment in (in the form of a loan, capital contribution or otherwise), or provide any guarantee with respect to the obligations of, any Person other than any investment or guarantee between or among the
Company and its Subsidiaries. There are no bonds, debentures, notes or other indebtedness of the Company or any of its Subsidiaries having the right to vote or consent (or, convertible into, or exchangeable for, securities having the right to vote
or consent) on any matter on which stockholders (or other equity holders) of the Company or any of its Subsidiaries may vote. 

(e) No Conflicts. Assuming the accuracy of the representations and warranties contained in Sections 2 and 4 hereof and the
Buyers’ compliance with their agreements contained in the Shareholders Agreement, the execution, delivery and performance of this Agreement by the Company and the consummation by the Company of the transactions contemplated hereby (including,
without limitation, the sale of the Preference Shares (and the Ordinary Shares into which such Preference Shares may be converted)) and the execution, delivery and performance of the Ancillary Documents by the Company will not (i) result in a
violation of any certificate of incorporation, certificate of formation, any certificate of designations, bylaws (as applicable) or other constituent documents of the Company or any of its Subsidiaries, (ii) conflict with, or constitute a
default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the

  
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Company or any of its Subsidiaries is a party, or (iii) result in a violation of any applicable law, rule, regulation, order, judgment or decree (including federal and state securities laws
and regulations) to which the Company or any of its Subsidiaries or by which any property or asset of the Company or any of its Subsidiaries is bound or affected, except in the case of clauses (ii) and (iii), such as would not reasonably be
expected to result in a Material Adverse Effect. 
 (f) Consents. Assuming the accuracy of the representations and
warranties contained in Sections 2 and 4 hereof and the Buyers’ compliance with their agreements contained in the Shareholders Agreement, the Company is not required to obtain any consent, authorization or order of, or make any filing or
registration with, any court, governmental agency or any regulatory or self-regulatory agency or any other Person in order for it to execute, deliver or perform any of its obligations under or contemplated by this Agreement and the Ancillary
Documents (other than (i) any consent, authorization or order that has been duly obtained as of the date hereof, (ii) any filing or registration that has been made as of the date hereof, (iii) any filings which may be required to be
made after the date hereof by the Company with any U.S. federal or state agency or administrator (including the SEC), each of which shall be duly made as and when required and (iv) the filing of the Company’s Memorandum and Articles of
Association with the Registrar of Corporate Affairs of the British Virgin Islands). 
 (g) No General Solicitation;
Agent’s Fees. None of the Company, any of its Subsidiaries, or to the knowledge of the Company, any of its affiliates, or any Person acting on its behalf, has engaged in any form of general solicitation or general advertising (within the
meaning of Regulation D) in connection with the offer or sale of the Preference Shares. The Company acknowledges that it has engaged the Agent as the sole placement agent in connection with the sale of the Preference Shares (and the Ordinary Shares
into which such Preference Shares may be converted) by the Company and the Sellers in the Offering. Other than the Agent and its affiliates, none of the Company or any of its Subsidiaries has engaged any other placement agent, broker, finder,
investment banker, financial advisor or similar Person in connection with the sale of the Preference Shares (and the Ordinary Shares into which such Preference Shares may be converted), and no Person (other than the Agent) is entitled to any agent,
financial advisory, finder’s or other fee arising from this transaction as a result of any agreement, arrangement or understanding entered into by or on behalf of the Company. As used in this Agreement, the phrase “knowledge of the
Company” means the actual knowledge of John Idol, Joe Parsons and Lee Sporn. 
 (h) No Integrated Offering. None
of the Company, any of its Subsidiaries, any of its affiliates, or any Person acting on its behalf, including the Agent and its affiliates, has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any
security, under circumstances that would require registration of the offer or sale of the Preference Shares (and the Ordinary Shares into which such Preference Shares may be converted) under the Securities Act, whether through integration with prior
offerings or otherwise. 
 (i) Historical Financial Statements. The Company has furnished or made available to the Buyers
in the Datasite Materials a true, correct and complete copy of the audited consolidated balance sheets of the Company and its Subsdiaries, and the related consolidated statements of income, cash flows, and stockholders’ equity for the fiscal
years ended April 2, 2011 and April 3, 2010 (the “Financial Statements”), together with the notes thereto. The 

  
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Financial Statements (x) were prepared based on the books and records of the Company and its Subsidiaries (except as may be indicated in the notes thereto), (y) were prepared in
conformity with U.S. generally accepted accounting principles consistently applied (“GAAP”) throughout the periods indicated (except as may be indicated in the notes thereto) and (z) fairly present, in all material respects,
the financial condition, assets and liabilities, results of operations, cash flows, and changes in stockholders’ equity, on a consolidated basis, of the Company and its Subsidiaries as at the respective dates, and for the periods, indicated
therein. 
 (j) Absence of Certain Changes. Since April 2, 2011, (x) the Company and its Subsidiaries have
conducted their respective businesses only in the ordinary course of business, consistent with past practice, and (y) no event, circumstance or change has occurred that has caused or evidences, or would reasonably be expected to result in,
either in any case or in the aggregate, a Material Adverse Effect. 
 (k) Capitalization. After giving pro forma
effect to (i) the consummation of the restructuring transactions (the “Restructuring”) to occur pursuant to the terms of the Restructuring Agreement, the form of which is attached as Exhibit C hereto (the
“Restructuring Agreement”), (ii) the purchase by each Buyer of the Preference Shares contemplated by this Agreement and (iii) all post-Closing repurchases of options to acquire shares of the Company (“Company
Options”), there will be no outstanding (x) equity interests or other equity securities of the Company, (y) securities of the Company convertible into or exchangeable or exercisable for equity interests or other equity securities
of the Company or (z) options, warrants, preemptive rights (other than those set forth in the Shareholders Agreement and the Company’s Memorandum and Articles), stock appreciation, phantom stock or profit participation rights with respect
to, or other rights to acquire from the Company or any of its Subsidiaries, or other obligations, contingent or otherwise, of the Company or any of its Subsidiaries to issue, sell or transfer any equity interests or other securities or securities
convertible into or exchangeable for equity interests or other equity securities of the Company or any of its Subsidiaries or evidencing the right to subscribe for equity securities of the Company or any of its Subsidiaries. After giving pro forma
effect to the events described in clauses (i), (ii) and (iii) above, the capitalization of the Company shall be as set forth on Section 3(k) of the Company Disclosure Letter. The aggregate exercise proceeds of all outstanding Company
Options as of the date of this Agreement is $59,082,536. 
 (l) Material Contracts. Except as would not reasonably be
expected to result in a Material Adverse Effect, (i) each of the material contracts of the Company and/or its Subsidiaries are in full force and effect and are the legal, valid and binding obligation of the Company or any Subsidiary of the
Company which is a party thereto, and, to the knowledge of the Company, of the other parties thereto, enforceable against each of them in accordance with its terms and, upon consummation of the transactions contemplated by this Agreement, shall
continue in full force and effect without penalty or other adverse consequence, (ii) neither the Company nor any Subsidiary of the Company is in default under any such material contract, nor, to the knowledge of the Company, is any other party
to any material contract in breach of or default thereunder, (iii) no event has occurred that with the lapse of time or the giving of notice or both would constitute a breach or default on the Company, any Subsidiary of the Company or, to the
knowledge of the Company, any other party thereunder, (iv) none of the Company, any Subsidiary or, to the knowledge of the Company, any other party to any such material contracts has exercised any termination rights with respect thereto and
(v) no party has given written notice of any significant dispute with respect to any material contract. 

  
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 (m) Absence of Litigation. Except as would not reasonably be expected to result in a
Material Adverse Effect, (i) there are no legal proceedings pending or, to the knowledge of the Company, threatened against the Company or any of its Subsidiaries and (ii) to the Company’s knowledge, neither the Company nor any of its
Subsidiaries is a party to or subject to the provisions of any judgment, order, writ, injunction, decree or award of any governmental authority seeking to affect the legality, validity or enforceability of this Agreement or the Ancillary Documents
or the consummation of the transactions contemplated hereby or thereby. 
 (n) No Undisclosed Liabilities. The Company
and its Subsidiaries have no liability, obligation, interest, tax, penalty, fine, demand, judgment, cost or expense, whether known or unknown, determined or determinable, accrued or unaccrued, absolute or contingent, or incurred or consequential
(“Liabilities”) that are required to be reflected in, reserved against, or otherwise described in a balance sheet (or the notes thereto) in accordance with GAAP except (i) those Liabilities provided for or reserved against in
the Financial Statements, (ii) Liabilities arising in the ordinary course of business consistent with past practice since April 2, 2011, which are not individually or in the aggregate material, (iii) Liabilities under this Agreement
or (iv) Liabilities that would not reasonably be expected to result in a Material Adverse Effect. 
 (o) Affiliate
Transactions. No officer, director or shareholder owning (directly or indirectly) in excess of 5% of capital stock of the Company or any of its Subsidiaries or any Affiliate of such officer, director or shareholder (any such person, a
“Related Person”) (i) owes any material amount to the Company or any of its Subsidiaries nor does the Company or any of its Subsidiaries owe any material amount (other than salaries, employee benefits and other transactions
pursuant to any Company benefit plan and any employment agreements, in each case in the ordinary course of business), or has it committed to make any loan or extend or guarantee credit to or for the benefit of, any Related Person, (ii) has any
material claim or cause of action or any action or suit against the Company or any of its Subsidiaries, (iii) to the knowledge of the Company, has any direct or indirect material ownership interest in, or is an officer, director, employee,
consultant, or agent of, any Person that has a material business relationship with the Company (or any of its Subsidiaries) or that directly and substantially competes with the Company or any of its Subsidiaries (other than passive investments
therein), or (iv) owns, directly or indirectly, in whole or in part, any real property, leasehold interests, or other property or any Permits, the use of which is necessary and material for the conduct of the business of the Company or its
Subsidiaries as currently conducted and as proposed to be conducted. Other than any ordinary course employment agreements with the Company or any of its Subsidiaries to which such Related Person is a party, no Related Person has any material direct
or indirect interest in any contract to which the Company or its Subsidiaries is a party or by which it is bound. 
 (p)
Insurance. The Company and its Subsidiaries are covered by valid and currently effective insurance policies and all premiums payable under such policies have been duly paid to date, except as would not reasonably be expected to result in a
Material Adverse Effect. All material fire and casualty, general liability, business interruption, product liability, 

  
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and sprinkler and water damage insurance policies maintained by the Company or its Subsidiaries provide adequate coverage for all normal risks incident to the business of the Company and its
properties and assets except for such failures to maintain such insurance policies that would not reasonably be expected to result in a Material Adverse Effect. There are no pending claims against any such insurance policy as to which the insurers
have denied liability, except as would not reasonably be expected to result in a Material Adverse Effect. 
 (q) Employee
Relations. 
 (i) Neither the Company nor any of its Subsidiaries is a party to any labor or collective bargaining contract
that pertains to employees of the Company or any of its Subsidiaries. 
 (ii) Except as would not reasonably be expected to
result in a Material Adverse Effect and except as contemplated by the Restructuring Agreement, there is (a) no strike or work stoppage in existence or threatened involving the Company or its Subsidiaries and (b) no union representation
question existing with respect to the employees of the Company or its Subsidiaries and, to the knowledge of the Company, no union organization activity that is taking place. 
 (iii) Neither the Company nor any Subsidiary was or is required to consult with a “workers council” or similar body in connection with the execution of this Agreement or the Ancillary Documents
or the performance of its obligations hereunder or thereunder. 
 (iv) Except as would not reasonably be expected to result in
a Material Adverse Effect, neither the execution and delivery of this Agreement nor the consummation of the transactions contemplated hereby will (either alone or upon the occurrence of any additional or subsequent events): (A) result in any
payment becoming due from the Company or a Subsidiary to any current or former employee, officer or director of the Company, (B) increase any benefits otherwise payable under any Company benefit plan, (C) result in the acceleration of the
time of payment or vesting of any such benefits under any Company benefit plan or (C) require any contributions or payments to fund any obligations under any Company benefit plan. 

(r) Title. The Company and its Subsidiaries have good title to, or in the case of property held under lease, a valid right to use,
all of the assets (real and personal, tangible and intangible) that are included on the balance sheet included in the most recent Financial Statements, in each case free and clear of all liens, encumbrances and defects other than liens permitted
under the Company’s Credit Agreement, except for any such assets which have been sold or otherwise disposed of in the ordinary course of business, consistent with past practice, since April 2, 2011, or where the failure to have such good
title would not reasonably be expected to result in a Material Adverse Effect. Each material lease or sublease of real property to which the Company or any of its Subsidiaries is a party or by which it is bound is a valid and binding agreement of
the Company or its Subsidiary, as the case may be, and enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium and other laws affecting generally the enforcement of creditors’ rights
and subject to general principles of equity, except such as would not reasonably be expected to result in a 

  
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Material Adverse Effect. As used in this Agreement, “Company’s Credit Agreement” means the Amended and Restated Credit Agreement dated as of August 30, 2007 among
Michael Kors (USA), Inc. and Michael Kors (Europe) B.V., as borrowers, certain of their affiliates, as guarantors, the lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent, and Wells Fargo Trade Capital, LLC, as collateral
agent, as amended. 
 (s) Permits. The Company and each of its Subsidiaries owns, holds, possesses, or lawfully uses in
its business all approvals, authorizations, certifications, franchises, licenses, permits, and similar authorities (“Permits”) that are necessary for the conduct of their business as currently conducted or the ownership and use of
their assets or properties, in compliance with all laws, except for those Permits the failure to obtain or loss of which would not reasonably be expected to have a Material Adverse Effect. All such Permits, to the knowledge of the Company, are
renewable by their respective terms in the ordinary course of business without the need to comply with any special qualification procedures or to pay any amounts other than routine filing fee, except for those Permits the failure of which to be
renewable would not reasonably be expected to have a Material Adverse Effect. 
 (t) Intellectual Property Rights.
(i) The Company and each of its Subsidiaries exclusively own, free and clear of all liens, claims or encumbrances other than liens permitted under the Company’s Credit Agreement, or have the right to use pursuant to a valid and enforceable
written license (other than commercial off-the-shelf computer software licenses), all Intellectual Property that is necessary in the conduct of their businesses as presently conducted and proposed to be conducted; (ii) all Intellectual Property
owned by the Company or any Company’s Subsidiary, is valid, subsisting and enforceable and all necessary registration, maintenance, renewal, and other relevant filing fees due through the date hereof in connection therewith have been timely
paid and all necessary documents and certificates in connection therewith have been timely filed with the relevant patent, trademark, copyright, domain name, or other authorities in the United States or foreign jurisdictions, as the case may be, for
the purposes of maintaining such Intellectual Property in full force and effect; (iii) the operation of the business of the Company and its Subsidiaries, do not infringe or misappropriate any Intellectual Property rights or other rights of
other Persons, and the Company is not aware of any facts which indicate a likelihood of any of the foregoing and (iv) to the knowledge of the Company, no third party is currently infringing or misappropriating any of the Company’s or any
of its Subsidiaries’ Intellectual Property rights except, in the case of each of clauses (i), (ii), (iii) and (iv), as would not reasonably be expected to result in a Material Adverse Effect. As used in this Agreement, the term
“Intellectual Property” means all right, title and interest in or relating to intellectual property, whether protected, created or arising under the laws of the United States or any other jurisdiction, including: (A) all
patents and applications therefor, including all continuations, divisionals, and continuations-in-part thereof and patents issuing thereon, along with all reissues, reexaminations and extensions thereof; (B) all trademarks, service marks, trade
names, service names, brand names, trade dress rights, logos, corporate names, trade styles, logos and other source or business identifiers and general intangibles of a like nature, together with the goodwill associated with any of the foregoing,
along with all applications, registrations, renewals and extensions thereof; (C) all internet domain names; (D) all copyrights and all mask work, database and design rights, whether or not registered or published, all registrations and
recordations thereof and all applications in connection therewith, along with all reversions, extensions and renewals thereof; and (E) trade secrets, confidential and proprietary information and know-how. 

  
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 (u) Environmental Laws. The Company and its Subsidiaries (i) are and have been
since March 31, 2008 in compliance with any and all applicable Environmental Laws (as hereinafter defined), (ii) have obtained, maintained and complied with all certificates, permits, authorities, licenses or other approvals (collectively,
“Permits”) required of them under applicable Environmental Laws to conduct their respective businesses as currently conducted and (iii) are in compliance with all terms and conditions of any such Permit, (iv) are not
subject to any pending or, to the knowledge of the Company, threatened claim, controversy or dispute arising under or related to Environmental Laws and (v) have not caused and have not assumed by contract or otherwise responsibility or
liability for the release of any Hazardous Materials at concentrations in excess of those allowed for under applicable Environmental Laws, except in the case of each of clauses (i), (ii), (iii), (iv) and (v) as would not reasonably be
expected to result in a Material Adverse Effect. As used in this Agreement, the term “Environmental Laws” means all federal, state, local or foreign laws relating to pollution or protection of human health, natural resources or the
environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata), including, without limitation, laws relating to emissions, discharges, releases or threatened releases of chemicals, pollutants,
contaminants, or toxic or hazardous substances or wastes (collectively, “Hazardous Materials”) into the environment, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or
handling of Hazardous Materials, as well as all authorizations, codes, decrees, demands or demand letters, injunctions, judgments, licenses, notices or notice letters, orders, Permits, plans or regulations issued, entered, promulgated or approved
thereunder. 
 (v) Taxes. 
 (i) (A) All tax returns required to be filed by or with respect to the Company or any of its Subsidiaries have been timely filed (taking into account all applicable extensions), and all such tax returns
are true, complete and correct in all respects and (B) the Company and its Subsidiaries have fully and timely paid (or have had paid on their behalf) all taxes due and owing (whether or not shown on any of the tax returns referred to in the
preceding sentence), except, in the case of each clause (i)(A) or (i)(B), as would not reasonably be expected to result in a Material Adverse Effect. 
 (ii) All deficiencies of taxes asserted or assessed in writing against the Company or any of its Subsidiaries have been fully and timely paid, settled or properly reflected in the most recent financial
statements made available to the Buyers, except such as would not reasonably be expected to result in a Material Adverse Effect. 
 (iii) The Company is properly treated as an association taxable as a corporation for federal income tax purposes. The Company has no plan to make an election to be treated as a partnership for federal
income tax purposes. 
 (iv) Neither the Company nor any of its Subsidiaries have incurred or will incur any material tax
liability as a result of the Restructuring. 
 (v) Except as set forth on Section 3(v)(v) of the Company Disclosure
Letter, within the prior eighteen (18) month period, neither the Company nor a predecessor to the Company has made a distribution of cash or property with respect to the Company’s outstanding stock. 

  
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 (vi) Neither the Company nor any Subsidiary has ever been treated by the Internal Revenue
Service as a controlled foreign corporation (a “CFC”), as defined in the Code, and neither the Company nor any Subsidiary has ever been treated by the Internal Revenue Service as “passive foreign investment company”
(“PFIC”) within the meaning of Section 1297 of the Code. The Company hereby represents, warrants and acknowledges that it has no plan to (and it has not engaged in any transactions to) acquire, directly or indirectly, any of
the intellectual property held directly or indirectly by a United States Subsidiary. 
 (vii) Except as set forth in
Section 3(v)(vii) of the Company Disclosure Letter, (A) neither the Company nor any Subsidiary has been advised (i) that any material returns, federal, state or other, have been or are being audited as of the Closing, (ii) of any
material deficiency in assessment or proposed judgment to its federal, state or other material taxes or (iii) by any jurisdiction where the Company does not file tax returns that the Company is or may be subject to taxation in respect of
material amounts in such jurisdiction, (B) the Company has no knowledge of any material liability of any material tax to be imposed upon its properties or assets as of the Closing that is not adequately provided for in the Financial Statements
and (C) neither the Company nor any Subsidiary has entered into a material written agreement with a taxing authority, including, but not limited to a closing agreement, advance pricing agreement, or gain recognition agreement. 

(viii) The Company has no current plan or intention to make a distribution or payment with respect to (a) outstanding stock (as
defined in Treasury regulation section 1.305-3) or (b) stock or other instruments deemed to be treated as “outstanding stock” as defined in Treasury regulation section 1.305-3, other than Ordinary Shares (to the extent clause 11(a) of
the Company’s Memorandum and Articles is applicable to such distribution), Preference Shares or the Company’s compensatory options, that could result in a “disproportionate distribution” within the meaning of section 305(b)(2) of
the Internal Revenue Code of 1986, as amended, to a holder of the Preference Shares. 
 (w) Investment Company Status.
The Company is not an “investment company” as such term is defined in the Investment Company Act of 1940, as amended. 

(x) ERISA Compliance. The Company, each of its Subsidiaries and each of their respective ERISA Affiliates (i) are in
compliance with all applicable provisions and requirements of ERISA and the Internal Revenue Code of 1986, as amended, and the regulations and published interpretations thereunder with respect to each Employee Benefit Plan and (ii) have
performed all their obligations under each Employee Benefit Plan, except, in the case of each clause (i) or (ii), as would not reasonably be expected to result in a Material Adverse Effect. As used in this Agreement, the term “Employee
Benefit Plan” means any “employee benefit plan” as defined in Section 3(3) of ERISA (other than a “multiemployer plan”) which is or, within the last six years, was sponsored, maintained or contributed to by, or
required to be contributed by, the Company, any of its Subsidiaries or, solely with respect to any Employee Benefit Plan covered under Title IV of ERISA, any of their respective ERISA Affiliates. As used in this Agreement, the term
“ERISA” means the Employee Retirement Income Security Act of 

  
 -16-

 
1974, as amended from time to time, and any successor thereto. Each Employee Benefit Plan which is intended to qualify under Section 401(a) of the Internal Revenue Code of 1986, as amended,
has received a favorable determination letter from the Internal Revenue Service indicating that such Employee Benefit Plan is so qualified and nothing has occurred subsequent to the issuance of such determination letter which would cause such
Employee Benefit Plan to lose its qualified status. As used in this Agreement, “ERISA Affiliate” means, with respect to any entity, any trade or business, whether or not incorporated, that together with such entity and its
Subsidiaries would be deemed a “single employer” within the meaning of Section 4001 of ERISA. 
 (y) Foreign
Corrupt Practices and International Trade Sanctions. None of the Company, any Subsidiary, any of their respective directors, executive officers, and, to the knowledge of the Company, agents, employees or any other persons acting on their behalf
(i) has made or provided, or caused to be made or provided, directly or indirectly, any payment or thing of value to a foreign official, foreign political party, candidate for office or any other person knowing that the person shall pay or
offer to pay the foreign official, party or candidate, for the purpose of influencing a decision, inducing an official to violate their lawful duty, securing any improper advantage, or inducing a foreign official to use their influence to affect a
governmental decision, (ii) has paid, accepted or received any unlawful contributions, payments, expenditures or gifts or (iii) has violated or operated in noncompliance with any export restrictions, money laundering law, anti-terrorism
law or regulation, anti-boycott regulations or embargo regulations. 
 (z) Shell Company. The Company is not a shell
company as such term is defined in Rule 12(b)(2) under the Securities Act of 1934, as amended and the rules and regulations of the SEC thereunder. 
 (aa) No Registration. Assuming the accuracy of the representations and warranties contained in Sections 2 and 4 hereof and the Buyers’ compliance with their agreements contained in the
Shareholders Agreement, it is not necessary in connection with the offer, sale and delivery of the Preference Shares (and the Ordinary Shares into which such Preference Shares may be converted) in the manner contemplated by this Agreement to
register the offer or sale of any of the Preference Shares (and the Ordinary Shares into which such Preference Shares may be converted) under the Securities Act. 
 (bb) No Side Letters. After giving effect to the Restructuring, as of the Closing Date the Company will not be a party to any agreement with any of the Sellers or any of their respective affiliates
relating to the Preference Shares or Ordinary Shares or to the governance of the Company and its Subsidiaries. 
 4.
REPRESENTATIONS AND WARRANTIES OF THE SELLERS. 
 Each Seller, severally, and not jointly or jointly and severally, as to
itself represents and warrants to the Buyers that: 
 (a) Organization and Good Standing. If such Seller is an entity,
such Seller is a corporation, partnership or limited liability company duly incorporated or organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization. 

  
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 (b) Authorization and Power. Such Seller (if such Seller is an entity) has the
requisite power and authority to enter into and perform under this Agreement and the Ancillary Documents to which it is a party, such Seller (if such Seller is a natural person) has the capacity to enter into and perform its obligations under this
Agreement and such Ancillary Documents and to sell the Preference Shares being sold by it hereunder. If such Seller is an entity, the execution, delivery and performance of this Agreement and such Ancillary Documents by such Seller and the
consummation by such Seller of the transactions contemplated hereby and thereby have been duly authorized by all necessary corporate or partnership action, and no further consent or authorization of such Seller, as the case may be, is required. This
Agreement has been, and each of the Ancillary Documents to which such Seller is party will be at or prior to the Closing, duly and validly executed and delivered by such Seller and constitutes, or shall constitute when executed and delivered, valid
and binding obligations of such Seller enforceable against such Seller in accordance with their respective terms except as such enforceability may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization,
moratorium, liquidation or similar laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies and except as rights to indemnification and contribution under the Shareholders Agreement may be limited
under applicable law. 
 (c) Title. Such Seller has valid title to the Preference Shares to be sold by such Seller free
and clear of all security interests, claims, liens, equities or other encumbrances (other than those set forth in the Shareholders Agreement or the Company’s Memorandum and Articles of Association and those resulting from any action or inaction
of a Buyer) and the legal right and power, and all authorization and approval required by law, to enter into this Agreement and to sell, transfer and deliver the Preference Shares to be sold by such Seller. Upon delivery to the Buyers at the Closing
of share certificates evidencing the Preference Shares being sold by such Seller, good and valid title to such Preference Shares will pass to the Buyers, free and clear of any security interests, claims, liens, equities or other encumbrances (other
than those set forth in the Shareholders Agreement or the Company’s Memorandum and Articles of Association and those resulting from any action or inaction of a Buyer). 
 (d) No Conflicts. Assuming the accuracy of the representations and warranties in Sections 2 and 3, the execution, delivery and performance by such Seller of this Agreement and the consummation by
such Seller of the transactions contemplated hereby will not (i) result in a violation of the organizational documents of such Seller (if such Seller is an entity), (ii) conflict with, or constitute a default (or an event which with notice
or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which such Seller is a party, or (iii) result in a
violation of any law, rule, regulation, order, judgment or decree (including federal and state securities laws) applicable to such Seller, except, in the case of clauses (ii) and (iii) above, for such conflicts, defaults, rights or
violations as would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the ability of such Seller to perform its obligations hereunder. 

  
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 (e) Consents. Assuming the accuracy of the representations and warranties in Sections
2 and 3, such Seller is not required to obtain any consent, authorization or order of, or make any filing or registration with, any court, governmental agency or any regulatory or self-regulatory agency or any other Person in order for it to
execute, deliver or perform any of its obligations under or contemplated by this Agreement and the Shareholders Agreement (other than (i) any consent, authorization or order that has been duly obtained as of the date hereof and (ii) any
filing or registration that has been made as of the date hereof). 
 (f) No General Solicitation; Agent’s Fees. Such
Seller has not (and if the Seller is an entity, none of its Subsidiaries have), and to the knowledge of such Seller, no affiliates of such Seller or any Person acting on its behalf, has engaged in any form of general solicitation or general
advertising (within the meaning of Regulation D) in connection with the offer or sale of the Preference Shares (and the Ordinary Shares into which such Preference Shares may be converted). Such Seller acknowledges that the Company has engaged the
Agent in connection with the sale of Preference Shares by the Company and the Sellers. Other than the Agent and its affiliates, such Seller has not engaged any other placement agent, broker, finder, investment banker, financial advisor, or similar
Person in connection with the sale of the Preference Shares, and no Person (other than the Agent) is entitled to any agent, financial advisory, finder’s or other fee arising from this transaction as a result of any agreement, arrangement or
understanding entered into by or on behalf of such Seller. Each Seller hereby covenants to indemnify and hold harmless, severally and not jointly, the Buyers in connection with any such fees in respect of such Seller. For the purposes of this
Section 4(f), the terms “Subsidiary”, “affiliates” and “Person” shall exclude the Company and its Subsidiaries. 
 (g) No Integrated Offering. Such Seller has not (and if the Seller is an entity, none of its Subsidiaries have), and no affiliates of such Seller or any Person acting on its behalf, including the
Agent and its affiliates, has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would require registration of the offer or sale of the Preference Shares (and the
Ordinary Shares into which such Preference Shares may be converted) under the Securities Act, whether through integration with prior offerings or otherwise. For the purposes of this Section 4(g), the terms “Subsidiary,”
“affiliates” and “Person” shall exclude the Company and its Subsidiaries. 
 (h) No Side Letters.
After giving effect to the Restructuring and as of the Closing Date, except for (i) this Agreement, (ii) the Voting Agreement, (iii) the Ancillary Documents, (iv) the Amended and Restated Employment Agreement, by and among
Michael Kors (USA), Inc., the Company, Michael D. Kors and Sportswear Holdings Limited and (v) the Amended and Restated Employment Agreement, by and among Michael Kors (USA), Inc., the Company, John D. Idol and Sportswear Holdings Limited, such
Seller will not be a party to any agreement with any other Seller or their respective affiliates relating to the Preference Shares or Ordinary Shares or to the governance of the Company and its Subsidiaries. 

5. COVENANTS. 
 (a) Certain Fees and Expenses. The Company shall pay all transfer agent fees, stamp or transfer taxes and other taxes (not including income or similar taxes) and duties levied in connection with
the sale and issuance of the Preference Shares to be sold by the 

  
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Company and each Seller. Except as otherwise expressly set forth in this Agreement or as otherwise agreed between the Company and the Sellers, each party to this Agreement shall bear its own fees
and expenses in connection with the sale of the Preference Shares to the Buyers (including, without limitation, each party’s legal, accounting and other expenses). 
 (b) General Solicitation. Prior to the Closing Date, none of the Company, the Sellers or any of their respective affiliates (as defined in Rule 501(b) under the Securities Act) or any Person acting
on behalf of the Company, the Sellers or such affiliate will solicit any offer to buy or offer or sell the Preference Shares (and the Ordinary Shares into which such Preference Shares may be converted) by means of any form of general solicitation or
general advertising within the meaning of Regulation D, including: (i) any advertisement, article, notice or other communication published in any newspaper, magazine or similar medium or on the Internet or broadcast over television or radio;
and (ii) any seminar or meeting whose attendees have been invited by any general solicitation or general advertising. 

(c) Integration. None of the Company, the Sellers or any of their respective affiliates (as defined in Rule 501(b) under the
Securities Act) or any Person acting on behalf of the Company, the Sellers or such affiliate shall sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in the Securities Act) which will be
integrated with the sale of the Preference Shares (and the Ordinary Shares into which such Preference Shares may be converted) in a manner which would require the registration under the Securities Act of the Preference Shares (and the Ordinary
Shares into which such Preference Shares may be converted), and the Company and the Sellers shall take all action that is appropriate or necessary to ensure that the Company’s offerings of other securities will not be integrated with the
Offering for purposes of the Securities Act. 
 (d) Regulatory Filings. The Sellers, the Company and the Buyers shall use
their respective commercially reasonable efforts to obtain the authorizations, consents, orders and approvals necessary for their execution and delivery of, and the performance of their obligations pursuant to, this Agreement. The parties hereto
shall coordinate and cooperate with one another in exchanging and providing such information to each other and in making the filings and requests referred to in this Section 5(d). The parties hereto shall use commercially reasonable efforts to
supply such reasonable assistance as may be reasonably requested by any other party hereto in connection with the foregoing. 

(e) Public Announcement. The content and timing of any press release or other public statement in respect of the transactions
contemplated hereby will be mutually agreed upon by the Company and the Buyers purchasing more than 50% of the Preference Shares under this Agreement, except (i) as may be required by applicable law, regulation or legal process, (ii) in
connection with any Public Offering (as such term is defined in the Shareholders Agreement), (iii) upon the request or demand of any regulatory authority (including a self-regulatory authority) having jurisdiction over a party or as may be
required by the rules, regulations, schedules and forms of any securities regulatory authorities or the SEC in connection with any filings made with such authorities or the SEC, as applicable; provided, however, that in the case of
clause (iii) the parties hereto will give prior notice to the other parties of the content and timing of any such press release or other public statement. For the avoidance of doubt, except as described in this Section 5(e), the Company
shall not refer to any Buyer by name or use such 

  
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Buyer’s trademarks in any public statement without the express written consent of such Buyer. Notwithstanding the foregoing, nothing in this Section 5(e) shall prohibit or restrict a
Buyer, a Seller or the Company from disclosing the existence of the transactions contemplated by this Agreement to their affiliates (provided that such disclosure shall be made only on a confidential and need-to-know basis). 

(f) Option Repurchases. As promptly as practicable following the Closing, the Company shall effect the repurchases of Company
Options as set forth on Section 3(k) of the Company Disclosure Letter. 
 (g) Conduct of the Business Pending the
Closing. 
 (i) Except with the prior written consent of the Buyers purchasing more than 50% of the Preference Shares under
this Agreement (such consent not to be unreasonably withheld) and except as contemplated by the Restructuring Agreement, between the date hereof and the earlier of (A) the Closing or (B) the date, if any, on which this Agreement is
terminated pursuant to Section 8 (the “Interim Period”), the Company shall conduct the business of the Company and its Subsidiaries only in the ordinary course of business, consistent with past practice. 

(ii) Without limiting the generality of the foregoing, except as expressly permitted by this Agreement (including, without limitation,
Section 5(g)(i)) or as required by applicable law, during the Interim Period, the Company shall not (and shall cause its Subsidiaries not to) without the prior written consent of the Buyers purchasing more than 50% of the Preference Shares
under this Agreement (such consent not to be unreasonably withheld): 
 (1) issue, sell, transfer, grant, dispose of, pledge or
otherwise encumber any shares of its, capital stock, voting securities or other equity interests, or any securities or rights convertible into, exchangeable or exercisable for, or evidencing the right to subscribe for any shares of its capital
stock, voting securities or equity interests (other than the granting to any person any Company Option in the ordinary course of business); 
 (2) declare, set aside or pay any dividend or other distribution in respect of any share of capital stock of the Company, other than dividends and distributions by wholly-owned Subsidiaries of the
Company; 
 (3) issue, create, incur, assume, guaranty, endorse or otherwise become liable or responsible with respect to
(whether directly, contingently, or otherwise), any indebtedness other than any indebtedness incurred in the ordinary course of business, consistent with past practice); or 
 (4) enter into any formal contract or agreement to license or transfer any of its or its Subsidiaries’ Intellectual Property to any Person relating to China (including without limitation Hong Kong,
Macau or Taiwan), the equity interests of which are owned, directly or indirectly, by any of the Sellers or any affiliate of the Company (such person, “Far East Holdings”) unless any such contract or agreement that is entered into
has substantially the same terms and conditions as those set forth in the term sheets attached as Exhibit D hereto. No Seller shall, directly or indirectly, enter into any agreement or transaction with the Company or its Subsidiaries which is
prohibited under this Section 5(g)(ii)(4). 

  
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 (h) Notification. From the date hereof through the Closing Date, the Company will
notify each Buyer of any change, circumstance, condition, development, effect, event, fact, or result in respect of the business, operations, financial condition, results of operations, assets or liabilities of the Company or its Subsidiaries that,
individually or in the aggregate, has resulted in or would reasonably be expected to have a Material Adverse Effect. 
 (i)
All Reasonable Efforts. Subject to the terms and conditions hereof, each of the parties hereto shall use all reasonable efforts to take, or cause to be taken, all action, and do, or cause to be done, as promptly as practicable, all things
necessary, proper, or advisable under applicable law to consummate and make effective as promptly as practicable the transactions contemplated hereby, including, with respect to the Company and the Sellers, the Restructuring. 

(j) Additional Subscriptions. To the extent, at the Closing Date, the aggregate gross proceeds received from the Offering by the
Company and the Sellers does not reach $500,000,000, the Company and the Sellers shall have until the date which is six (6) months following the Closing Date to sell additional Preference Shares to any new subscribers (the “New
Subscribers”), so long as the aggregate gross proceeds received from the New Subscribers, together with the aggregate gross proceeds received from the Buyers at the Closing, does not exceed $500,000,000; provided, that the New
Subscribers shall (i) execute and deliver a joinder to this Agreement reasonably satisfactory to the Buyers purchasing more than 50% of the Preference Shares under this Agreement, and (ii) execute and deliver a joinder to the Shareholders
Agreement at the closing of such subsequent offering. 
 (k) Far East Offering. As soon as practicable after the Closing,
the Sellers shall cause Far East Holdings to deliver a written offer to invest in Far East Holdings to each Buyer (or group of Buyers that are Affiliates) whose Buyer’s Purchase Price hereunder equals or exceeds $75,000,000. The Sellers shall
cause Far East Holdings to keep such offer open for 30 days after the Closing Date (or, if sooner, until such time as all such Buyers have given written notice to Far East Holdings of their acceptance or rejection of such offer), shall cause
Far East Holdings to use commercially reasonable efforts to close the transactions contemplated by such offer within 45 days after the Closing Date and shall cause the terms of such investment to be substantially the same as the terms set forth
in the term sheet attached as Exhibit E hereto. 
 6. CONDITIONS TO THE COMPANY’S AND THE SELLERS’
OBLIGATION TO SELL. 
 The obligations of the Company and the Sellers hereunder are subject to the satisfaction, at or
before the Closing Date, of each of the following conditions; provided, that these conditions are for the sole benefit of the Company and the Sellers and may be waived by the Company and all of the Sellers at any time in their sole discretion
by providing each Buyer with prior written notice thereof: 
 (a) No injunction, restraining order or order of any nature by a
governmental authority shall have been issued as of the Closing Date that would prevent or materially interfere with the consummation of the Offering or any of the transactions contemplated hereby; and no stop order suspending the qualification or
exemption from qualification of any of the Preference Shares (and the Ordinary Shares into which such Preference Shares may be converted) in any jurisdiction shall have been issued and no proceeding for that purpose shall have been commenced or be
pending as of the Closing Date. 

  
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 (b) Each Buyer shall have executed this Agreement and delivered the same to the Company and
Sellers. 
 (c) Each Buyer shall have executed the Shareholders Agreement and delivered same to the Company. 

(d) The Company shall have completed the Restructuring in accordance with the terms of the Restructuring Agreement (other than those
actions that by their terms are to take place after the Closing in accordance with the terms of the Restructuring Agreement). 

(e) The Voting and Lock-Up Agreement, in the form attached as Exhibit F hereto (the “Voting Agreement”), shall
have been executed and delivered by the Sellers. 
 (f) The representations and warranties of the Buyers shall be true and
correct in all material respects (except for those representations and warranties that are qualified by materiality or material adverse effect, which shall be true and correct in all respects) as of the date hereof (except for representations and
warranties that speak as of a specific date, which shall be true and correct as of such specified date), and the Buyers shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required by
this Agreement to be performed, satisfied or complied with by the Buyers at or prior to the Closing Date. 
 7. CONDITIONS TO
EACH BUYER’S OBLIGATION TO PURCHASE. 
 The obligation of each Buyer hereunder to purchase the Preference Shares at the
Closing is subject to the satisfaction, at or before the Closing Date, of each of the following conditions; provided, that these conditions are for each Buyer’s sole benefit and may be waived by such Buyer at any time in its sole
discretion by providing the Company and the Sellers with prior written notice thereof; provided, further, that the obligation of any Buyer to purchase Preference Shares at the Closing shall not be conditioned upon any other Buyer
purchasing Preference Shares at the Closing: 
 (a) No injunction, restraining order or order of any nature by a governmental
authority shall have been issued as of the Closing Date that would prevent or materially interfere with the consummation of the Offering or any of the transactions contemplated hereby; and no stop order suspending the qualification or exemption from
qualification of any of the Preference Shares (and the Ordinary Shares into which such Preference Shares may be converted) in any jurisdiction shall have been issued and no proceeding for that purpose shall have been commenced or be pending as of
the Closing Date. 

  
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 (b) This Agreement shall have been executed and delivered by the Company and each of the
Sellers, and each Buyer shall have received a copy of this Agreement executed by the Company and each of the Sellers. 
 (c) The
Shareholders Agreement shall have been executed and delivered by the Company and each of the Sellers, and each Buyer shall have received a copy of the Shareholders Agreement executed by the Company and each of the Sellers. 

(d) The Company shall have completed the Restructuring in accordance with the terms of the Restructuring Agreement (other than those
actions that by their terms are to take place after the Closing in accordance with the terms of the Restructuring Agreement). 

(e) The Buyers shall have received on the Closing Date: 
 (i) a certificate, dated the Closing Date, executed by the Secretary of the Company, certifying and, if applicable, having attached thereto (x) the resolutions consistent with Section 3(c) as
adopted by the Company’s Board of Directors, (y) the Company’s Memorandum & Articles of Association, each as in effect at the Closing and (z) to the effect that the condition set forth in Section 7(d) has been
satisfied; 
 (ii) the opinion of Paul, Weiss, Rifkind, Wharton & Garrison LLP, counsel to the Company, dated the
Closing Date, substantially in the form of Exhibit G attached hereto; and 
 (iii) the opinion of British Virgin Island
counsel to the Company, dated the Closing Date, substantially in the form of Exhibit H attached hereto. 
 (f) The
representations and warranties of the Company shall be true and correct in all material respects (except for those representations and warranties that are qualified by materiality or Material Adverse Effect, which shall be true and correct in all
respects) as of the date hereof and, to the extent that the Closing shall not have occurred prior to July 13, 2011, as of the date of the Closing (except for representations and warranties that speak as of a specific date, which shall be true
and correct as of such specified date), and the Company and the Sellers shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required by this Agreement to be performed, satisfied or
complied with by them at or prior to the Closing Date. 
 (g) The representations and warranties of the Sellers shall be true
and correct in all material respects (except for those representations and warranties that are qualified by materiality or Material Adverse Effect, which shall be true and correct in all respects) as of the date hereof and as of Closing (except for
representations and warranties that speak as of a specified date, which shall be true and correct as of such specified date). 

(h) Since April 2, 2011, there shall not have occurred any event, circumstance, condition, fact or other matter that has had or
could reasonably be expected to have a Material Adverse Effect; provided, however, that if the Closing shall occur prior to July 13, 2011, the condition set forth in this Section 7(h) shall be deemed satisfied.

  
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 8. TERMINATION. 

This Agreement may be terminated and the transactions contemplated hereby abandoned at any time prior to the Closing Date by either
(i) the Company, (ii) Sellers holding in the aggregate greater than 50% of the Preference Shares to be sold by the Sellers under this Agreement, or (iii) Buyers purchasing more than 50% of the Preference Shares to be purchased by the
Buyers under this Agreement, by delivery of written notice to the other parties hereto of such termination and abandonment, if the Closing shall not have been consummated thirty (30) days from the date hereof (the “Walk-Away
Date”), provided, however, that the right to terminate this Agreement under this Section 8 shall not be available to a party or parties if the failure of the transactions to have been consummated on or before the
Walk-Away Date was primarily due to the failure of such party or parties to perform any of its or their obligations under this Agreement. 
 9. INDEMNIFICATION. 
 (a) Indemnification. 

(i) Indemnification by the Company. Upon the terms and subject to the conditions of this Section 9, from and after the
Closing Date, the Company hereby covenants and agrees to indemnify each Buyer from, and hold such Buyer harmless against, any and all losses, claims, liabilities, obligations, deficiencies, demands, judgments, damages (including any diminution in
value), interest, fines, penalties, claims, suits, actions, causes of action, assessments, awards and costs of any kind or nature whatsoever, whether or not related to a Third Party Claim (as defined herein) (collectively, “Losses”)
that may be incurred by such Buyer or asserted against or involve such Buyer as a result of any breach of any of the representations and warranties of the Company set forth in Section 3. The calculation of any Losses to any Buyer pursuant to
the previous sentence shall directly take into account the fact that such Losses are being paid by the Company and such Buyer has an equity ownership in the Company, by including an additional amount (the “Gross-Up Amount”) equal to
(A) the amount of such Losses to be paid by the Company, multiplied by (B) a fraction, the numerator of which is the total number of Ordinary Shares then held by such Buyer (assuming the conversion of all Preference Shares into
Ordinary Shares) and the denominator is the excess of (x) the total number of Ordinary Shares then outstanding (assuming the conversion of all Preference Shares into Ordinary Shares) over (y) the total number of Ordinary Shares then held
by such Buyer (assuming the conversion of all Preference Shares into Ordinary Shares). 
 (ii) Indemnification by the
Sellers. Upon the terms and subject to the conditions of this Section 9, from and after the Closing Date, each Seller, on a several and not joint and several basis, hereby covenants and agrees to indemnify each Buyer from, and hold each of
them harmless against, any and all Losses that may be incurred by such Buyer or asserted against or involve such Buyer as a result of any breach of any of the representations and warranties of such Seller set forth in Section 4. 

(iii) Indemnification by the Buyers. Upon the terms and subject to the conditions of this Section 9, from and after the
Closing Date, each Buyer, on a several and not joint and several basis, hereby covenants and agrees to indemnify the Company and each Seller 

  
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from, and hold each of them harmless against, any and all Losses that may be incurred by any of them or asserted against or involve any of them as a result of any breach of any of the
representations and warranties of such Buyer set forth in Section 2. 
 (iv) For purposes of this Section 9, any
qualification of the representations and warranties (other than the representations and warranties contained in clause (y) of Section 3(j)) by reference to materiality or Material Adverse Effect relating to the matters stated therein, or
words of similar effect, shall be disregarded in determining any breach thereof or inaccuracy therein and the amount of any Losses arising therefrom. Any Losses payable pursuant to this Section 9 shall be paid exclusively in cash. 

(b) Indemnification Procedures. 
 (i) Any Person that may be entitled to be indemnified under this Section 9 (the “Indemnified Party”) shall promptly, and in any event within thirty (30) days, notify the party
or parties liable for such indemnification (the “Indemnifying Party”) in writing of any pending or threatened claim that the Indemnified Party has determined has given or would reasonably be expected to give rise to a right of
indemnification under this Section 9 (a “Claim”) (including a pending or threatened Claim (in either case, in writing) asserted by a third party against the Indemnified Party, such claim being a “Third Party
Claim”), describing in reasonable detail the facts and circumstances with respect to the subject matter of such Claim, including the amount of such Claim and the representation or warranty alleged to have been breached or inaccurate (such
notice, a “Claim Notice”); provided, however, that the failure to provide such Claim Notice shall not release the Indemnifying Party from any of its obligations under this Section 9 except to the extent the
Indemnifying Party is prejudiced by such failure, it being agreed that notices for Claims in respect of a breach of a representation or warranty must be delivered prior to the expiration of any applicable survival period specified in
Section 9(c)(i) for such representation or warranty. 
 (ii) Upon receipt of a notice of a Third Party Claim for
indemnification from an Indemnified Party pursuant to Section 9(b)(i), the Indemnifying Party shall be entitled, by notice to the Indemnified Party delivered within thirty (30) days of the receipt of notice of such Third Party Claim, to
assume the defense and control of such Third Party Claim; provided, that the Indemnifying Party shall allow the Indemnified Party a reasonable opportunity to participate in the defense of such Third Party Claim with its own counsel and at the
Indemnified Party’s own expense. The Indemnified Party may take any actions reasonably necessary to avoid material prejudice to defend such Third Party Claim prior to the time that it receives notice from the Indemnifying Party as contemplated
by the preceding sentence. If the Indemnifying Party does not assume the defense and control of any Third Party Claim pursuant to this Section 9(b)(ii), the Indemnified Party shall be entitled to control such defense and the Indemnifying Party
shall pay (in addition to any other Losses) the reasonable and documented out of pocket fees and expenses of one (1) legal counsel to the Indemnified Party incurred by the Indemnified Party in connection therewith, which fees and expenses shall
not be considered “Losses” for purposes of this Agreement. The Indemnifying Party may nonetheless participate in the defense of such Third Party Claim with its own counsel and at the Indemnifying Party’s own expense. 

  
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 (iii) Each Indemnified Party shall, and shall cause each of its affiliates and
representatives to, reasonably cooperate with the Indemnifying Party in the defense of any Third Party Claim, including by furnishing books and records, personnel and witnesses, as appropriate for any defense of such Third Party Claim, in each case
at no cost to the Indemnifying Party. If the Indemnifying Party shall have assumed the defense and control of a Third Party Claim, it shall be authorized to consent to a settlement of, or the entry of any judgment arising from, any Third Party
Claim, in its sole discretion and without the consent of any Indemnified Party; provided, that such settlement or judgment does not involve any injunctive relief or finding or admission of any violation of any law or admission of any
wrongdoing by the Indemnified Party and the Indemnifying Party shall (A) pay or cause to be paid all amounts in such settlement or judgment, (B) not encumber any of the assets of any Indemnified Party or the Company, or any of its
Subsidiaries or agree to any restriction or condition that would apply to or adversely affect any Indemnified Party or the Company, or any of its Subsidiaries or the conduct of any Indemnified Party’s or the Company’s, or any of its
Subsidiaries’ respective businesses and (C) obtain, as a condition of any settlement or other resolution, a complete, unconditional and irrevocable release of any Indemnified Party potentially affected by such Third Party Claim. The
Indemnified Party shall not consent to the entry of any judgment or enter into any settlement or compromise with respect to a Third Party Claim without the prior written consent of the Indemnifying Party. 

(iv) The Indemnifying Party may, within 30 days after receipt by the Indemnifying Party of a Claim Notice not involving a Third Party
Claim, deliver to the Indemnified Party a written response disputing such Claim. If no such written response is received by the Indemnified Party within such 30-day period, then such claim for indemnification shall be conclusive against the
Indemnifying Party. If the Indemnifying Party in such written response contests the payment of the Claim, then the Indemnifying Party and the Indemnified Party shall use good faith efforts to arrive at a mutually acceptable resolution of such
dispute within the next 30 days. If a mutually acceptable resolution cannot be reached between the Indemnified Party and the Indemnifying Party within such 30-day period, then the Indemnified Party and the Indemnifying Party may thereupon proceed to
pursue any and all available remedies at law. 
 (c) Survival; Limitations on Liability. 

(i) Survival. Unless this Agreement is terminated under Section 8, the representations and warranties of the Buyers, the
Company and the Sellers contained in Sections 2, 3 and 4 shall survive the Closing until the later of (x) eighteen (18) months following the Closing Date and (y) thirty (30) days following the delivery of the audited consolidated
financial statements of the Company and its Subsidiaries for the fiscal year ended April 2, 2012; provided, that (A) the representations and warranties of the Company set forth in Section 3(a), 3(b), 3(c), 3(d) and 3(k) (the
“Company Fundamental Representations”), (B) the representations and warranties of the Sellers in Section 4(a), 4(b) and 4(c) (the “Seller Fundamental Representations”) and (C) the representations and
warranties of the Buyers in Section 2(a), 2(b), 2(c) and 2(d) (the “Buyer Fundamental Representations”) shall, in each case, survive the Closing until the expiration of the applicable statute of limitations. The Company and
each Buyer and Seller shall be responsible only for its own representations and warranties hereunder. With respect to any claim for a breach of a representation or warranty of the Company in 

  
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Section 3 (including any claim by any Buyer alleging a diminution of the value of the Company), the parties hereto agree that all relevant factors should be considered by a court of
competent jurisdiction, including, without limitation, the ownership percentage interest of the Buyers in the Company, in determining the amount of losses or damages from such breach. In addition, the Company and the Sellers acknowledge that
(i) the Buyers are purchasing $500,000,000 of Preference Shares, (ii) the Company is only directly receiving approximately $10,000,000 of the aggregate purchase price hereunder, (iii) the Sellers are receiving approximately
$490,000,000 of the aggregate purchase price hereunder, (iv) the losses or damages to the Buyers from a breach of a representation or warranty of the Company in Section 3 herein could be in excess of $10,000,000 and (v) each Seller
would indirectly bear its pro rata portion of any amount that the Company pays to the Buyers due to such Seller’s ownership interest in the Company solely as a result of the possible decline in the value of such Seller’s ownership interest
in the Company in the event that the Company must pay such losses or damages. 
 (ii) Cap. Except for indemnifiable
Losses in respect of any inaccuracy in or breach of a Company Fundamental Representation, the maximum aggregate amount of indemnifiable Losses payable by the Company under Section 9(a)(i) to the Buyers in respect of all Claims made thereunder
(including the Gross-Up Amount) shall not exceed 50% of the aggregate purchase price paid by the Buyers for the Preference Shares in the Offering. Except for indemnifiable Losses in respect of any inaccuracy in or breach of a Seller Fundamental
Representation, the maximum aggregate amount of indemnifiable Losses payable by any Seller under Section 9(a)(ii) to the Buyers in respect of all Claims made thereunder shall not exceed fifty percent (50%) of the aggregate net proceeds
received by such Seller under this Agreement. Except for indemnifiable Losses in respect of any inaccuracy in or breach of a Buyer Fundamental Representation, the maximum aggregate amount of indemnifiable Losses payable by any Buyer under
Section 9(a)(iii) to the Company and the Sellers in respect of all Claims made thereunder shall not exceed fifty percent (50%) of such Buyer’s Purchase Price. 
 (iii) Deductible. Excluding any right to indemnification for Losses claimed under Section 9(a)(i) for a breach by the Company of Section 3(d) or 3(k), no Buyer shall be entitled to
indemnification for Losses claimed under Section 9(a)(i) unless and until the aggregate amount of such Losses of each such Buyer in respect of such Claims exceeds 1% of such Buyer’s investment amount (the “Company
Deductible”), and, in such case, the Company’s liability shall only be for the amount of such Buyer’s losses in excess of the Company Deductible. Excluding any right to indemnification for Losses claimed under
Section 9(a)(ii) for a breach by a Seller of Section 4(d), no Buyer shall be entitled to indemnification for Losses claimed under Section 9(a)(ii) unless and until the aggregate amount of such Losses of each such Buyer in respect of
such Claims exceeds 1% of such Buyer’s investment amount (the “Seller Deductible”), and, in such case, such Seller’s liability shall only be for the amount of such Buyer’s losses in excess of the Buyer Deductible.
Neither the Company nor any Seller shall be entitled to indemnification for Losses claimed under Section 9(a)(iii) unless and until the aggregate amount of such Losses of the Company or any Seller in respect of such Claims exceeds 1% of such
Buyer’s investment amount (the “Buyer Deductible”), and, in such case, any such Buyer’s liability shall only be for the amount of the Company or any such Seller’s losses in excess of the Buyer Deductible. Each Buyer
also agrees that if such Buyer intends to bring a claim for a breach of any representation or covenant in this Agreement then such Buyer 

  
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shall provide written notice to each other Buyer and shall give each other Buyer until the earlier of (A) the expiration of the survival period to bring a claim against the Company or the
Sellers or (B) ten (10) business days after delivery of such notice, to make an election in writing to participate in such claim. 
 (iv) Other Limitations. Notwithstanding anything to the contrary in this Agreement, (A) no Indemnified Party shall make an indemnification claim hereunder for Losses for which written notice
of the underlying claim was not duly delivered to the Indemnifying Party within the applicable time limitation set forth in Section 9(b)(i), (B) an Indemnified Party shall only be entitled to indemnification for Losses that are
quantifiable and (C) in no event shall any Indemnifying Party have any liability to an Indemnified Party for any punitive, indirect or consequential damages (to the extent such consequential damages are not reasonably foreseeable on the date
hereof to result from the breach in question), or damages measured based on loss of business opportunity or reputation (unless such damages are paid in a Third Party Claim) other than an equitable claim for an injunction or specific performance.
After the Closing, the rights of the Indemnified Parties under this Section 9 shall be the sole and exclusive remedies of the Indemnified Parties with respect to Claims under this Agreement. 

(d) Mitigation. 
 (i) Each Indemnified Party shall use commercially reasonable efforts to mitigate any Losses after becoming aware of any event which could reasonably be expected to give rise to any Losses that are
indemnifiable hereunder. The amount of any Losses for which indemnification is provided under this Section 9 shall be (A) calculated net of any tax benefit actually realized in the year of such Loss by any Indemnified Party by reason of
such Loss and (B) reduced by any amounts actually recovered by any Indemnified Party under any (x) indemnification or other recovery under any contract, agreement or arrangement between any Indemnified Party and any third Person and
(y) insurance policies with respect to such indemnification claim (each source named in clauses (x) and (y) of this Section 9(e)(i), a “Collateral Source”)). An Indemnified Party shall pursue any claims against
all Collateral Sources; provided, that such Indemnified Party shall nevertheless be entitled to bring a claim for indemnification under this Section 9 in respect of such Losses. 

(ii) If an Indemnified Party has received the payment required under this Section 9 from an Indemnifying Party in respect of any
Losses and later receives proceeds from insurance or other payments from a Collateral Source in respect of the same Losses, then such Indemnified Party shall hold such proceeds or other similar amounts in trust for the benefit of the Indemnifying
Party and shall pay to such Indemnifying Party, within 30 days after receipt, an amount equal to the excess of (A) the amount previously received by such Indemnified Party under this Section 9, plus the amount of the insurance
payments or other recoveries from such Collateral Source actually received by such Indemnified Party (net of any expenses reasonably incurred by the Indemnified Party in collecting such amounts, including any deductible amounts, reasonable and
documented attorney’s fees and increase in insurance premiums), over (B) the amount of Losses with respect to such claim which such Indemnified Party incurred, regardless of whether such Indemnified Party has become entitled to receive an
indemnity payment under this Section 9. Notwithstanding any other provisions of this Agreement, it is the intention of the parties hereto that no Collateral Source shall be (x) entitled to a benefit it would not be entitled to receive in
the absence of the foregoing indemnification provisions, or (y) relieved of the responsibility to pay any claims for which it is obligated. 

  
 -29-

 10. MISCELLANEOUS. 

(a) Governing Law. This Agreement and any claim, controversy or dispute arising under or related thereto, the relationship of the
parties, and/or the interpretation and enforcement of the rights and duties of the parties, whether arising in law or in equity, in contract, tort or otherwise, shall be governed by, and construed and interpreted in accordance with, the laws of the
State of New York without regard to its rules regarding conflicts of law to the extent that the application of the laws of another jurisdiction would be required thereby. 
 (b) Submission to Jurisdiction; Service. Each party to this Agreement (i) irrevocably and unconditionally submits to the personal jurisdiction of the federal courts of the United States
District Court for the Southern District of New York or any New York State Court sitting in New York City, (ii) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such
court, (iii) agrees that any actions or proceedings arising in connection with this Agreement or the transactions contemplated by this Agreement shall be brought, tried and determined only in such courts, (iv) waives any claim of improper
venue or any claim that those courts are an inconvenient forum and (v) agrees that it will not bring any action relating to this Agreement or the transactions contemplated by this Agreement in any court other than the aforesaid courts. The
parties to this Agreement agree that mailing of process or other papers in connection with any such action or proceeding in the manner provided in Section 10(h) or in such other manner as may be permitted by applicable law, shall be valid and
sufficient service thereof. 
 (c) Waiver of Jury Trial. Each party acknowledges and agrees that any controversy which
may arise under this Agreement is likely to involve complicated and difficult issues and, therefore, each such party irrevocably and unconditionally waives any right it may have to a trial by jury in respect of any legal action directly or
indirectly arising out of or relating to this Agreement or the transactions contemplated by this Agreement. Each party to this Agreement certifies and acknowledges that (i) no other party to this Agreement or any of its representatives have
represented, expressly or otherwise, that such other party would not seek to enforce the foregoing waiver in the event of a legal action, (ii) such party has considered and understands the implications of this waiver, (iii) such party
makes this waiver voluntarily and (iv) such party has been induced to enter into this Agreement by, among other things, the mutual waivers and certifications in this Section 10(c). 

(d) Counterparts. This Agreement may be executed in two or more identical counterparts or by signatures in PDF format transmitted
electronically, all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other parties; provided, that a facsimile or PDF signature shall be
considered due execution and shall be binding upon the signatory thereto with the same force and effect as if the signature were an original, not a facsimile or PDF signature transmitted electronically. 

  
 -30-

 (e) Headings. The headings of this Agreement are for convenience of reference and
shall not form part of, or affect the interpretation of, this Agreement. 
 (f) Severability. If any provision of this
Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability of any
provision of this Agreement in any other jurisdiction. 
 (g) Entire Agreement; Amendments. This Agreement and the
Shareholders Agreement supersede all other prior oral or written agreements between the Buyers, the Company, the Sellers, their affiliates and Persons acting on their behalf with respect to the matters discussed herein, and this Agreement, the
Shareholders Agreement and the instruments referenced herein and therein contain the entire understanding of the parties with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, none of the
Company, the Sellers, or any Buyer makes any representation, warranty, covenant or undertaking with respect to such matters. No provision of this Agreement may be amended other than by an instrument in writing signed by the Company, the Sellers and
the Buyers. No provision hereof may be waived other than by an instrument in writing signed by the party against whom enforcement is sought. 
 (h) Notices. Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must be in writing and will be deemed to have been delivered:
(i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile (provided, that confirmation of transmission is mechanically or electronically generated and kept on file by the sending party); or
(iii) one (1) business day after deposit with an overnight courier service, in each case properly addressed to the party to receive the same. The addresses, and facsimile numbers for such communications shall be: 

if to the Company: 
 Michael Kors Holdings Limited 
 c/o Michael Kors (USA), Inc. 

11 West 42nd Street, 21st Floor 
 New York, New York 10036 
 Attention: John Idol 

Fax: 646-354-4826 
 with a copy (which shall not constitute notice hereunder) to: 
 Paul, Weiss,
Rifkind, Wharton & Garrison LLP 
 1285 Avenue of the Americas 

New York, NY 10019-6064 
 Attention: John C. Kennedy 
 Fax: 212-757-3990 

  
 -31-

 if to the Sellers: 

if to SHL Fashion Limited and SHL – Kors Limited to: 
 c/o Michael Kors (USA), Inc. 
 11 West 42nd Street, 21st Floor 

New York, NY 10036 
 Fax No: (646) 354-4826 
 Attention: John Idol 

with a copy (which shall not constitute notice hereunder) to: 
 SHL Investment Group (USA), Inc. 
 11 West 42nd Street, 21st Floor 

New York, NY 10036 
 Fax No: (646) 354-4842 
 Attention: Gary I. Sheff 

if to Michael Kors to: 
 Mr. Michael Kors 
 65 West 13th Street, #11D 

New York, NY 10011 
 with a copy (which shall not constitute notice hereunder) to: 
 Patterson Belknap
Webb & Tyler LLP 
 1133 Avenue of the Americas 

New York, NY 10036-6731 
 Fax No: (212) 336-2222 
 Attention: Peter Schaeffer 

if to Sportswear Holdings Limited to: 
 c/o Sportswear Holdings Limited 
 12/F, Novel Industrial Building 

850-870 Lai Chi Kok Road 
 Cheung Sha Wan, Kowloon, Hong Kong 
 Fax No: +852-2310-1841 

Attention: Oliver Chu 
 with a copy (which shall not constitute notice hereunder) to: 
 SHL Investment
Group (USA), Inc. 
 11 West 42nd Street, 21st Floor 
 New York, NY 10036 
 Fax No: (646) 354-4842 

Attention: Gary I. Sheff 

  
 -32-

 if to Littlestone to: 

c/o Zenobia Management S.A. 
 Grand Rue 114 
 P.O. Box 1459 

1820 Montreux, Switzerland 
 Fax No: + 41-21-966-5249 
 Attention: Farouk Abdullah 

if to Northcroft Trading Inc. to: 
 2 Bd Georges - Favon 
 CH-1204 Geneva 

Switzerland 

Fax No: + 41-22-781-4711 
 Attention: Arturo Fasana 
 if to Vax Trading, Inc. to: 

c/o MAO Financial Services S.A. 
 1, rue Etienne-Dumont 
 1204 Geneva, Switzerland 

Fax No: + 41-22-818-6168 
 Attention: Michel Clemence 
 if to OB Kors LLC to: 

c/o Orca Bay Capital Corp. 
 1301 First Avenue, Suite 200 
 Seattle, WA 98101 

Fax No: (206) 689-2404 
 Attention: Bryon Madsen 
 if to John Idol to: 

Mr. John D. Idol 
 225 Elderfields Road 
 Manhasset, NY 11030 

Fax No: (516) 365-6872 
 if to the John Muse, Muse Children’s GS Trust, Muse Family Enterprises and JRM Interim Investors, LP to: 
 c/o Hicks, Muse, Tate & Furst Incorporated 
 200 Crescent Court, Suite
600 
 Dallas, TX 75201 
 Fax No: (214) 740-7313 
 Attention: Linda Ehlers 

  
 -33-

 if to a Buyer, to its address or facsimile number set forth below such Buyer’s
signature on the signature pages hereto (with a copy, which shall not constitute notice hereunder, to such Buyer’s representatives set forth below such Buyer’s signature on the signature pages hereto); 

or to such other address and/or facsimile number and/or to the attention of such other Person as the recipient party has specified by written notice
given to each other party five (5) days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient of such notice, consent, waiver or other communication, (B) mechanically or electronically
generated by the sender’s facsimile machine containing the time, date, recipient facsimile number and an image of the first page of such transmission or (C) provided by an overnight courier service shall be rebuttable evidence of personal
service, receipt by facsimile or receipt from an overnight courier service in accordance with clause (i), (ii) or (iii) above, respectively. 
 (i) Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and assigns; provided, that no party shall assign any
of its rights or obligations hereunder without the prior written consent of the other parties hereto. 
 (j) No Third Party
Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except that the
Agent may rely upon the representations and warranties contained in Sections 2, 3 and 4 hereof. 
 (k) No Recourse.
Notwithstanding any provision of this Agreement to the contrary, each party hereto agrees that neither it nor any person acting on its or their behalf may assert any claim or cause of action against any officer, director, stockholder, controlling
person, manager, member, partner, employer, agent, representative, or affiliate of any other party or such party’s officers, directors, stockholders, controlling persons, managers, members, partners, employees, agents, or representatives in
connection with, arising out of, or relating to this Agreement, the Ancillary Documents, or the transactions contemplated hereby or thereby. Notwithstanding the foregoing, nothing in this Section 10(k) shall be construed to alter or affect the
rights of any party hereto against any other party hereto arising out of this Agreement, the Ancillary Documents, or the transactions contemplated hereby or thereby. 
 (l) Further Assurances. From the date hereof until the earlier of the Closing or the termination of this Agreement pursuant to Section 8, each party shall do and perform, or cause to be done
and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as any other party may reasonably request in order to carry out the intent and accomplish the purposes
of this Agreement and the consummation of the transactions contemplated by this Agreement. Each party shall, on or prior to the Closing Date, use its commercially reasonable efforts to fulfill or obtain the fulfillment of the conditions precedent to
the consummation of the transactions contemplated hereby, including the execution and delivery of any agreements, certificates, instruments or documents that are reasonably required for the consummation of the transactions contemplated by this
Agreement. 

  
 -34-

 (m) No Strict Construction. The language used in this Agreement will be deemed to be
the language chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against any party. 
 (n) Independent Nature of Obligations and Rights of the Parties. The obligations of each party to this Agreement is several and not joint with the obligations of any other party to this Agreement,
and no party to this Agreement shall be responsible in any way for the performance of the obligations of any other party to this Agreement. Notwithstanding anything to the contrary herein, no action taken by any party to this Agreement pursuant
hereto or any other action taken in connection with the transaction hereby, shall be deemed to constitute the Buyers collectively, the Sellers collectively or the Sellers and the Company together as a partnership, an association, a joint venture or
any other kind of entity, or create a presumption that such parties are in any way acting in concert or as a group, and each party to this Agreement acknowledges the foregoing and agrees not to assert any such claim with respect to such obligations
or the transactions contemplated by this Agreement. Each party to this Agreement acknowledges and confirms that it has independently participated in the negotiation of the transaction contemplated hereby with the advice of its own counsel and
advisors. Each party to this Agreement shall be entitled to independently protect and enforce its rights, including, without limitation, the rights arising out of this Agreement, and it shall not be necessary for any other party to this Agreement to
be joined as an additional party in any proceeding for such purpose. Notwithstanding the foregoing, nothing in this Section 10(n) shall be construed to alter or affect the closing condition set forth in Section 6(a) hereof. 

[Signature Pages Follow] 

  
 -35-

 IN WITNESS WHEREOF, the Buyers, the Company and the Sellers have caused its
respective signature page to this Subscription Agreement to be duly executed as of the date first written above. 
  

			
	MICHAEL KORS HOLDINGS LIMITED
		
	By:	 	 /s/ John D. Idol

		 	Name:
		 	Title:

 Signature Page to Subscription Agreement 

 
			
	SPORTSWEAR HOLDINGS LIMITED
		
	By:	 	 /s/ Silas K. F. Chou

		 	Name: Silas K. F. Chou
		 	Title: Director

 [Signature Page to Subscription Agreement] 

 
	
	 /s/ Michael Kors

	MICHAEL KORS

 [Signature Page to Subscription Agreement] 

 
	
	 /s/ John D. Idol

	JOHN IDOL

 [Signature Page to Subscription Agreement] 

 
			
	LITTLESTONE
		
	By:	 	 /s/ John Pickles

		 	Name: John Pickles
		 	Title: Director

 [Signature Page to Subscription Agreement] 

 
			
	NORTHCROFT TRADING INC.
		
	By:	 	 /s/ Arturo Fasana

		 	Name: Arturo Fasana
		 	Title: President

 [Signature Page to Subscription Agreement] 

 
			
	VAX TRADING, INC.
		
	By:	 	 /s/ Dominique Warluzel

		 	Name: Dominique Warluzel
		 	Title: Director

 [Signature Page to Subscription Agreement] 

 
					
	OB KORS LLC
		
	By:	 	 /s/ Bryon R. Madsen

		 	Name:	 	Bryon R. Madsen
		 	Title:	 	Vice-President Orca Bay Capital Corporation, its Manager

 [Signature Page to Subscription Agreement] 

 
	
	 /s/ John R. Muse

	JOHN MUSE

 [Signature Page to Subscription Agreement] 

 
			
	MUSE CHILDREN’S GS TRUST
		
	By:	 	 /s/ Linda L. Ehlers

		 	Name: Linda L. Ehlers
		 	Title: Co-Trustee

 [Signature Page to Subscription Agreement] 

 
					
	JRM INTERIM INVESTORS, LP
		
	By:	 	 /s/ John R. Muse

		 	Name:	 	John R. Muse
		 	Title:	 	President of JRM Management Company, LLC, its GP

 [Signature Page to Subscription Agreement] 

 
					
	MUSE FAMILY ENTERPRISES
		
	By:	 	 /s/ John R. Muse

		 	Name:	 	John R. Muse
		 	Title:	 	President of JRM Management Company, LLC, its GP

 [Signature Page to Subscription Agreement] 

 
			
	MKFF INVESTORS LLC
		
	By:	 	 /s/ Joel J. Horowitz

		 	Name:
		 	Title:

  

							
	No. of Preferred Shares Being Purchased:	  	 944,536
	  	
	Buyer’s Purchase Price:	  	 $43,499,989.25
	  	
	Jurisdiction of Residency:	  	  
	  	
		
	Notice to be sent to:	  	
		 	 525 Highway 50
	  	
		 	 P.O. Box 10358
	  	
		 	 Zephyr Cove, NV 89448
	  	
			
	Attention:	 	  
	  	
	Facsimile no.:	 	  
	  	
		
	with a copy (which shall not constitute notice hereunder) to:	  	
	  
	  	
	  
	  	
	  
	  	
			
	Attention:	 	  
	  	
	Facsimile no.:	 	  
	  	

 [Signature Page to Subscription Agreement] 

 
			
	FEINBERG FAMILY TRUST
		
	By:	 	 /s/ Jeffrey Feinberg

		 	Name: Jeffrey Feinburg
		 	Title: Trustee
		
	By:	 	 /s/ Stacey Feinberg

		 	Name: Stacey Feinberg
		 	Title: Trustee

							
	No. of Preferred Shares Being Purchased:	  	 108568
	  	
	Buyer’s Purchase Price:	  	 $4,999,975.47
	  	
	Jurisdiction of Residency:	  	 CA, USA
	  	
		
	Notice to be sent to:	  	
		 	 25220 Walker Road
	  	
		 	 Hidden Hills, CA 91302
	  	
		 	  
	  	
			
	Attention:	 	 Jeffrey Feinberg
	  	
	Facsimile no.:	 	 818-914-6159
	  	
		
	with a copy (which shall not constitute notice hereunder) to:	  	
	  
	  	
	  
	  	
	  
	  	
			
	Attention:	 	  
	  	
	Facsimile no.:	 	  
	  	

 [Signature Page to Subscription Agreement] 

 
			
	JEFFREY L. FEINBERG FAMILY TRUST
		
	By:	 	 /s/ Terence Ankner

		 	Name: Terence Ankner
		 	Title: Trustee

  

							
	No. of Preferred Shares Being Purchased:	  	 21714
	  	
	Buyer’s Purchase Price:	  	 $1,000,013.52
	  	
	Jurisdiction of Residency:	  	  
	  	
		
	Notice to be sent to:	  	
		 	 Terence K. Ankner, Trustee
	  	
		 	 Partridge Ankner + Horstmann, LLP
	  	
		 	 200 Berkeley Street, 16th Floor
	  	
		 	 Boston, MA 02116
	  	
			
	Attention:	 	  
	  	
	Facsimile no.:	 	 617-859-9998
	  	
		
	with a copy (which shall not constitute notice hereunder) to:	  	
	  
 Jeffrey L.
Feinberg
	  	
	 25220 Walker Rd.
	  	
	 Hidden Hills, CA 91302
	  	
			
	Attention:	 	  
	  	
	Facsimile no.:	 	  
	  	

 [Signature Page to Subscription Agreement] 

 
			
	KEC HOLDINGS LLC
		
	By:	 	 /s/ Jeffrey Citron

		 	Name: Jeffrey Citron
		 	Title: Managing Member

  

							
	No. of Preferred Shares Being Purchased:	  	 130282
	  	
	Buyer’s Purchase Price:	  	 $5,999,988.99
	  	
	Jurisdiction of Residency:	  	 NJ
	  	
		
	Notice to be sent to:	  	
		 	 KEC Holdings LLC
	  	
		 	 2317 Route 34, Suite 2B
	  	
		 	 Manasquan, NJ 08736
	  	
			
	Attention:	 	 Jeffrey Citron
	  	
	Facsimile no.:	 	 732 8170292
	  	
		
	with a copy (which shall not constitute notice hereunder) to:	  	
	  
 Morgan Stanley Smith
Barney
	  	
	 100 Tower Bridge, 100Front St. Suite 600
	  	
	 West Conshohocken, PA 19428
	  	
			
	Attention:	 	 Anthony J DiValerialr
	  	
	Facsimile no.:	 	 610-260-7056
	  	

 [Signature Page to Subscription Agreement] 

 
			
	POWERS TRUST
	By:	 	 /s/ William C. Powers

		 	Name: William C. Powers
		 	Title: Trustee
		
	By:	 	 /s/ Carolyn C. Powers

		 	Name: Carolyn C Powers
		 	Title: Trustee

  

											
	 No. of Preferred Shares
 Being Purchased:
	  	 108568
	  		  		  	
	Buyer’s Purchase Price:	  	 $4,999,975.47
	  		  		  	
	Jurisdiction of Residency:	  	 CA, USA
	  		  		  	
				
	Notice to be sent to:	  		  	Shares Delivered TO:	  	
		 	 Home: 2012 The Strand
	  		  	Morgan Stanley PWM	  	
		 	 Manhattan Beach, CA 90266

emails: wcp@thestrandpartners.com
	  		  	 522 Fifth Avenue, 10th Fl
 New York, NY 10036
	  	
		 	
             ccpowers@beachpowers.com
	  		  	Attn: James Roddy	  	
					
	Attention:	 	  
	  		  	FFC acct #: 04-h0kr2-Powers Trust	  	
	Facsimile no.:	 	  
	  		  		  	
		
	with a copy (which shall not constitute notice hereunder) to:	  	
				
	 Interested Party: Alan Markle
	  		  	Interested Party:	  	
	 101 Larkspur Landing Circle, Ste 200
	  		  	ICG Advisors, LLC	  	
	 Larkspur, CA 94939
	  		  	11111 Santa Monica Blvd., Suite 2100
	
          amarkle@wmshb.com
	  		  	Los Angeles, CA 90025	  	
					
	Attention:	 	 415-925-1120 x103
	  		  	 Attn: Jeremy Chused

jchused@legaladvisors.com
	  	
	Facsimile no.:	 	  
	  		  	Ph: 424-270-8909	  	

 [Signature Page to Subscription Agreement] 

 
			
	FLAT PLUS LLC
		
	By:	 	 /s/ Virginia Gilder

		 	Name: Virginia Gilder
		 	Title: Manager

  

							
	No. of Preferred Shares Being Purchased:	  	 97712
	  	
	Buyer’s Purchase Price:	  	 $4,500,014.77
	  	
	Jurisdiction of Residency:	  	 WA
	  	
		
	Notice to be sent to:	  	
		 	 MSSB
	  	
		 	 399 Park Avenue, 12th Floor
	  	
		 	 NY, NY 10022
	  	
			
	Attention:	 	 Mark Miller
	  	
	Facsimile no.:	 	 212-893-6301
	  	
		
	with a copy (which shall not constitute notice hereunder) to:	  	
		
	 Gilder Office PW Graith
	  	
	 1836 Westlake N. Ste 302
	  	
	 Seattle, WA 98109
	  	
			
	Attention:	 	 V. Gilder
	  	
	Facsimile no.:	 	 206.283.0616
	  	

 [Signature Page to Subscription Agreement] 

 
			
	FIDELITY SECURITIES FUND: FIDELITY BLUE CHIP GROWTH FUND
		
	By:	 	 /s/ Jeffrey Christian
 Name:
 Title:

  

							
	No. of Preferred Shares Being Purchased:	  	 325,704
	  	
	Buyer’s Purchase Price:	  	 $14,999,926.42
	  	
	Jurisdiction of Residency:	  	  
	  	
		
	Notice to be sent to:	  	
		 	 CITIBANK NA
	  	
		 	 399 Park Avenue, Level B Vault
	  	
		 	 New York, NY 10022
	  	
			
	Attention:	 	  
	  	
	Facsimile no.:	 	  
	  	
	 Reference

Internal
	 		  	
	 Account no.:
	 	 849453
	  	
		
	with a copy (which shall not constitute notice hereunder) to:	  	
	  
	  	
	  
	  	
	  
	  	
			
	Attention:	 	  
	  	
	Facsimile no.:	 	  
	  	

 [Signature Page to Subscription Agreement] 

 
			
	 FIDELITY FINANCIAL TRUST:
 FIDELITY INDEPENDENCE FUND

		
	By:	 	 /s/ Jeffrey Christian

		 	Name:
		 	Title:

  

							
	No. of Preference Shares Being Purchased:	  	 184,570
	  	
	Buyer’s Purchase Price:	  	 $8,500,160.94
	  	
	Jurisdiction of Residency:	  	  
	  	
		
	Notice to be sent to:	  	
		 	
The Northern Trust Company of New York
	  	
		 	 Harborside Financial Center 10
	  	
		 	 Suite 1401
	  	
		 	 3 Second Street
	  	
		 	 Jersey City, NJ 07311
	  	
			
	Attention:	 	  
	  	
	Facsimile no.:	 	  
	  	
	 a/c no.:
	 	 26-68301
	  	
		
	with a copy (which shall not constitute notice hereunder) to:	  	
	  
	  	
	  
	  	
			
	Attention:	 	  
	  	
	Facsimile no.:	 	  
	  	

 [Signature Page to Subscription Agreement] 

 
			
	VARIABLE INSURANCE PRODUCTS FUNDS V: ASSET MANAGER: GROWTH PORTFOLIO
		
	By:	 	 /s/ Jeffrey Christian

		 	Name:
		 	Title:

  

							
	No. of Preference Shares Being Purchased:	  	 5,430
	  	
	Buyer’s Purchase Price:	  	 $250,072.46
	  	
	Jurisdiction of Residency:	  	  
	  	
		
	Notice to be sent to:	  	
		 	 JP Morgan Chase Bank, N.A.
	  	
		 	 4 Chase Metrotech Center
	  	
		 	 1st Floor, Window 5

Brooklyn, NY 11245-0001
	  	
			
	Attention:	 	 Physical Receive Department
	  	
	Facsimile no.:	 	  
	  	
	 Internal a/c no.:
	 	 P87356
	  	
		
	with a copy (which shall not constitute notice hereunder) to:	  	
		
	  
	  	
	  
	  	
	  
	  	
	  
	  	
			
	Attention:	 	  
	  	
	Facsimile no.:	 	  
	  	

 [Signature Page to Subscription Agreement] 

 
			
	VARIABLE INSURANCE PRODUCTS FUNDS V: ASSET MANAGER PORTFOLIO
		
	By:	 	 /s/ Jeffrey Christian

		 	Name:
		 	Title:

  

							
	No. of Preference Shares Being Purchased:	  	 27,140
	  	
	Buyer’s Purchase Price:	  	 $1,249,901.76
	  	
	Jurisdiction of Residency:	  	  
	  	
		
	Notice to be sent to:	  	
		 	 JP Morgan Chase Bank, N.A.
	  	
		 	 4 Chase Metrotech Center
	  	
		 	 1st Floor, Window 5

Brooklyn, NY 11245-0001
	  	
			
	Attention:	 	 Physical Receive Department
	  	
	Facsimile no.:	 	  
	  	
	 Internal a/c no.:
	 	 P87360
	  	
		
	with a copy (which shall not constitute notice hereunder) to:	  	
	  
	  	
	  
	  	
	  
	  	
			
	Attention:	 	  
	  	
	Facsimile no.:	 	  
	  	

 [Signature Page to Subscription Agreement] 

 
			
	 FIDELITY PURITAN TRUST:
 FIDELITY PURITAN FUND

		
	By:	 	 /s/ Jeffrey Christian

		 	Name:
		 	Title:

  

							
	No. of Preference Shares Being Purchased:	  	 651,410
	  	
	Buyer’s Purchase Price:	  	 $29,999,944.94
	  	
	Jurisdiction of Residency:	  	  
	  	
		
	Notice to be sent to:	  	
		 	 JP Morgan Chase Bank, N.A.
	  	
		 	 4 Chase Metrotech Center
	  	
		 	 1st Floor, Window 5

Brooklyn, NY 11245-0001
	  	
			
	Attention:	 	 Physical Receive Department
	  	
	Facsimile no.:	 	  
	  	
	 a/c no.:
	 	 P 87887
	  	
		
	with a copy (which shall not constitute notice hereunder) to:	  	
	  
	  	
	  
	  	
	  
	  	
			
	Attention:	 	  
	  	
	Facsimile no.:	 	  
	  	

 [Signature Page to Subscription Agreement] 

 
			
	FIDELITY MT. VERNON STREET
	 TRUST: FIDELITY GROWTH
 COMPANY FUND

	By:	 	 /s/ Jeffrey Christian

		 	Name:
		 	Title:

  

							
	 No. of Preference Shares Being
 Purchased:
	  	 434,274
	  	
	Buyer’s Purchase Price:	  	 $19,999,994.00
	  	
	Jurisdiction of Residency:	  	  
	  	
		
	Notice to be sent to:	  	
		 	 CITIBANK NA
	  	
		 	 399 Park Avenue, Level B Vault
	  	
		 	 New York, NY 10022
	  	
			
	Attention:	 	  
	  	
	Facsimile no.:	 	  
	  	
		
	 Reference

Internal
	  	
	Account no.:	 	 206681
	  	
		
	 with a copy (which shall not constitute notice hereunder) to:

 
	  	
	  
	  	
	  
	  	
			
	Attention:	 	  
	  	
	Facsimile no.:	 	  
	  	

 [Signature Page to Subscription Agreement] 

					
		  	T. ROWE PRICE ASSOCIATES, INC.
		  	As Investment Adviser to and on behalf of the Participating Funds and Accounts on Attachment A:
		  	    T. Rowe Price Mid-Cap Growth Fund, Inc.
		  	    T. Rowe Price Institutional Mid-Cap Equity Growth Fund
		  	    T. Rowe Price Mid-Cap Growth Portfolio
		  	    T. Rowe Price U.S. Equities Trust
		  	    Maxim Series Fund, Inc. – Maxim / T. Rowe Price MidCap
		  	    Growth Portfolio
		  	    TD Mutual Funds – TD U.S. Mid-Cap Growth Fund
		  	    MassMutual Select Funds –MassMutual Select Mid Cap Growth
    Equity II
Fund
		  	    MML Series Investment Fund – MML Mid Cap Growth Fund
		  	    State of California – Savings Plus Program
		  	    Met Investors Series Trust – T. Rowe Price Mid Cap Growth Portfolio
		  	    JNL Series Trust – JNL / T. Rowe Price Mid-Cap Growth Fund
			
		  	    By:	  	 /s/ Brian W. H. Berghuis

			
		  	    Name:	  	 Brian W. H. Berghuis

			
		  	    Title:	  	 Vice President

		
		  	    Notice to be sent to:
		  	     T. Rowe Price Associates, Inc.
     100 East Pratt Street
     Baltimore, Maryland
21202

		  	     Attn: Andrew Baek, Vice President and Senior Legal Counsel

    Phone: 410-345-2090

    Fax: 410-345-6575

		  	    E-mail: andrew_baek@troweprice.com
		
		  	    Jurisdiction of Residency:
		  	    T. Rowe Price Associates, Inc.: Maryland

 [Signature Page to Subscription Agreement] 

 
			
	T. ROWE PRICE ASSOCIATES, INC.
	 As Investment Adviser to and on behalf of the
 Participating Funds and Accounts on Attachment A:

	    T. Rowe Price New Horizons Fund, Inc.
	    T. Rowe Price New Horizons Trust
	    T. Rowe Price U.S. Equities Trust
		
	By:	 	 /s/ David Wagner

		
	Name:	 	 David Wagner

		
	Title:	 	 Vice President

	
	Notice to be sent to:
	 T. Rowe Price Associates, Inc.
 100 East Pratt Street
 Baltimore, Maryland 21202

	 Attn: Andrew Baek, Vice President and Senior Legal Counsel
 Phone: 410-345-2090
 Fax: 410-345-6575

	E-mail: andrew_baek@troweprice.com
	
	Jurisdiction of Residency:
	T. Rowe Price Associates, Inc.: Maryland

 [Signature Page to Subscription Agreement] 

					
		  	T. ROWE PRICE ASSOCIATES, INC.
		  	As Investment Adviser to and on behalf of the Participating Funds and Accounts on Attachment A:
		  	    T. Rowe Price Diversified Mid-Cap Growth Fund, Inc.
		  	    The Bunting Family III, LLC
		  	    Seasons Series Trust – Mid-Cap Growth Portfolio
		  	    The Bunting Family VI Socially Responsible LLC
		  	 Lincoln Variable Insurance Products Trust – LVIP T. Rowe Price Structured Mid Cap Growth Portfolio

		  	    ING Partners, Inc. – ING T. Rowe Price Diversified Mid Cap
		  	    Growth Portfolio
		  	    T. Rowe Price Tax-Efficient Equity Fund
			
		  	    By:	  	 /s/ Donald Peters

			
		  	    Name:	  	 Donald Peters

			
		  	    Title:	  	 Vice President

		
		  	    Notice to be sent to:
		  	     T. Rowe Price Associates, Inc.
     100 East Pratt Street
     Baltimore, Maryland
21202

		  	     Attn: Andrew Baek, Vice President and Senior Legal Counsel

    Phone: 410-345-2090

    Fax: 410-345-6575

		  	    E-mail: andrew_baek@troweprice.com
		
		  	    Jurisdiction of Residency:
		  	    T. Rowe Price Associates, Inc.: Maryland

 T. ROWE PRICE ASSOCIATES, INC. – SCHEDULE “A” – MICHAEL KORS
HOLDINGS LIMITED 
  

			
	REGISTER SHARES IN NOMINEE NAME.	  	                             
               $ 46.053860 Cost/Share

  

															
	 TRPA

Internal
 Account Number
	 	 Fund Name
	 	 Federal

Tax ID #
	 	 Registration Name
(if

Different) - Shares

will be Registered
in
 Nominee Name
	 	 Nominee

Tax ID #
	 	 No. of

Shares
	 	 Cost
	 	
Physical Delivery Instructions

	 7057
	 	T. Rowe Price Mid-Cap Growth Fund, Inc.	 	52-1784828	 	BARNACLESAIL & CO.	 	04-3145823	 	1,109,739	 	$51,107,764.54	 	 State Street Bank
 New York
Settlements
 DTC/NY Window
 55 Water
Street
 New York, NY 10041
 Attn:
Robert Mendez
 Account: State Street

Fund - T. Rowe Price Mid-Cap Growth Fund
 Fund
#7057

	 70F5
	 	T. Rowe Price Institutional Mid-Cap Equity Growth Fund	 	52-1977811	 	WEATHERBOARD & CO.	 	04-2944982	 	111,400	 	$5,130,400.00	 	 State Street Bank
 New York
Settlements
 DTC/NY Window
 55 Water
Street
 New York, NY 10041
 Attn:
Robert Mendez
 Account: State Street

Fund - T. Rowe Price Institutional Mid-Cap Equity Growth Fund
 Fund #70F5

 T. ROWE PRICE ASSOCIATES, INC. – SCHEDULE “A” – MICHAEL KORS
HOLDINGS LIMITED 
  

			
	REGISTER SHARES IN NOMINEE NAME.	  	                             
               $ 46.053860 Cost/Share

  

															
	 TRPA

Internal
 Account Number
	 	 Fund Name
	 	 Federal

Tax ID #
	 	 Registration Name (if

Different) - Shares

will be Registered in
 Nominee Name
	 	 Nominee

Tax ID #
	 	 No. of

Shares
	 	 Cost
	 	 Physical Delivery Instructions

	 70F9
	 	T. Rowe Price Mid-Cap Growth Portfolio	 	52-2004815	 	STERNMATE & CO.	 	04-3135443	 	19,982	 	$ 920,248.23	 	 State Street Bank
 New York
Settlements
 DTC/NY Window
 55 Water
Street
 New York, NY 10041
 Attn:
Robert Mendez
 Account: State Street

Fund - T. Rowe Price Mid-Cap Growth Portfolio

Fund #70F9

	 7GX4
	 	T. Rowe Price U.S. Equities Trust	 	35-6785642	 	ICECOLD & CO.	 	04-3475446	 	3,550	 	$ 163,491.20	 	 State Street Bank
 New York
Settlements
 DTC/NY Window
 55 Water
Street
 New York, NY 10041
 Attn:
Robert Mendez
 Account: State Street

Fund - T. Rowe Price US Equities Trust - Mid-Cap Growth
 Fund #70X4

 T. ROWE PRICE ASSOCIATES, INC. – SCHEDULE “A” – MICHAEL KORS
HOLDINGS LIMITED 
  

			
	REGISTER SHARES IN NOMINEE NAME.	  	$ 46.053860 Cost/Share

  

																	
	 TRPA

Internal
 Account

Number
	  	 Fund Name
	  	Federal
Tax ID #	  	Registration Name (if
Different) - Shares
will be Registered in
Nominee Name	  	Nominee
Tax ID #	  	No. of
Shares	  	Cost	 	  	 Physical Delivery Instructions

	3489	  	JNL Series Trust - JNL/T. Rowe Price Mid-Cap Growth Fund	  	38-3230005	  	CUDD & CO.	  	13-6022143	  	90,853	  	$	4,184,131.34	  	  	 JP Morgan Chase Bank, NA
 4
Chase Metrotech Center - 3rd Floor
 Brooklyn, NY 11245-0001
 Attn: Physical Receive Department
 Account Name - JNL/T. Rowe Price Mid-Cap Growth Fund

Reference A/C #P04347

								
	3669	  	Maxim Series Fund, Inc. - Maxim/T. Rowe Price MidCap Growth Portfolio	  	84-1397090	  	HARE & CO.	  	13-6062916	  	32,659	  	$	1,504,073.01	  	  	 Bank of New York
 1 Wall
Street
 3rd Floor, Window A
 New York,
NY 10286
 Fund - Maxim T. Rowe Price MidCap Growth Portfolio
 Fund #234253
 Attn: Nathan Noble

								
	3385	  	TD Mutual Funds - TD U.S. Mid-Cap Growth Fund	  	889141297RP0032	  	MAC & CO.	  	25-1536944	  	22,621	  	$	1,041,784.37	  	  	 Mellon Securities Trust Co. One Wall Street
 3rd Floor- Receive Window C New York, NY 10286
 Reference: TD U.S. Mid-Cap Growth Fund

Fund #TDKF1124002

 T. ROWE PRICE ASSOCIATES, INC. – SCHEDULE “A” – MICHAEL KORS
HOLDINGS LIMITED 
  

			
	REGISTER SHARES IN NOMINEE NAME.	  	$ 46.053860 Cost/Share

  

																	
	 TRPA

Internal
 Account

Number
	  	 Fund Name
	  	Federal
Tax ID #	  	Registration Name (if
Different) - Shares
will be Registered in
Nominee Name	  	Nominee
Tax ID #	  	No. of
Shares	  	Cost	 	  	 Physical Delivery Instructions

	3953	  	MassMutual Select Funds, Inc. - MassMutual Select Mid Cap Growth Equity II Fund	  	04-3512596	  	AURORA & CO.	  	04-2990390	  	73,248	  	$	3,373,353.14	  	  	 State Street Bank
 New York
Settlements
 DTC/NY Window
 55 Water
Street
 New York, NY 10041
 Attn:
Robert Mendez
 Account: State Street

Fund - MassMutual Select Mid-Cap Growth Equity II Fund
 Fund #ITHU

								
	4703	  	MML Series Investment Fund - MML Mid Cap Growth Fund	  	05-0633806	  	AURORA & CO.	  	04-2990390	  	19,678	  	$	906,247.86	  	  	 State Street Bank
 New York
Settlements
 DTC/NY Window
 55 Water
Street
 New York, NY 10041
 Attn:
Robert Mendez
 Account: State Street

Fund - MML Mid Cap Growth Fund
 Fund
#ITIV

 T. ROWE PRICE ASSOCIATES, INC. – SCHEDULE “A” – MICHAEL KORS
HOLDINGS LIMITED 
  

					
	 REGISTER SHARES IN NOMINEE NAME.
	  	$	 46.053860 Cost/Share	  

  

																							
	 TRPA
Internal
Account
Number
	 	 Fund Name
	 	Federal Tax ID #	 	 	Registration Name
(if Different) -
Shares will be
Registered in
Nominee Name	 	Nominee Tax ID #	 	 	No. of
Shares	 	 	Cost	 	 	 Physical Delivery Instructions

	4768	 	State of California - Savings Plus Program	 	 	05-0625533	  	 	KANE & CO.	 	 	13-6022144	  	 	 	15,950	  	 	$	 734,559.07	  	 	 JP Morgan Chase Bank, NA 4 Chase Metrotech Center - 3rd Floor
 Brooklyn, NY 11245-0001 Attn: Physical Receive Department
 Account Name - State of California
Mid-Cap Growth
 Reference A/C #P62775

	4214	 	Met Investors Series Trust - T. Rowe Price Mid Cap Growth Portfolio	 	 	06-1606052	  	 	FROZENCREW
& CO.	 	 	06-1606052	  	 	 	86,647	  	 	$	 3,990,428.81	  	 	 State Street Bank
 New York
Settlements
 DTC/NY Window
 55 Water
Street
 New York, NY 10041
 Attn:
Robert Mendez
 Account: State Street

Fund - Metropolitan Series Fund - TRP Mid Cap Growth Portfolio
 Fund #C7L7

 T. ROWE PRICE ASSOCIATES, INC. – SCHEDULE “A” – MICHAEL KORS
HOLDINGS LIMITED 
  

					
	 REGISTER SHARES IN NOMINEE NAME.
	  	$	 46.053860 Cost/Share	  

  

																							
	 TRPA
Internal
Account
Number
	 	 Fund Name
	 	Federal Tax ID #	 	 	Registration Name
(if Different) -
Shares will be
Registered in
Nominee Name	 	Nominee Tax ID #	 	 	No. of
Shares	 	 	Cost	 	 	 Physical Delivery Instructions

	7001	 	T. Rowe Price New Horizons Fund, Inc.	 	 	52-0791372	  	 	BRIDGE
& CO.	 	 	04-6184478	  	 	 	474,811	  	 	$	21,866,879.32	  	 	 State Street Bank
 New York
Settlements
 DTC/NY Window
 55 Water
Street
 New York, NY 10041
 Attn:
Robert Mendez
 Account: State Street

Fund - T. Rowe Price New Horizons Fund
 Fund
#7001

	4679	 	T. Rowe Price New Horizons Trust	 	 	52-6559833	  	 	HARE
& CO.	 	 	13-6062916	  	 	 	37,562	  	 	$	 1,729,875.09	  	 	 Bank of New York
 1 Wall
Street
 3rd Floor, Window A
 New York,
NY 10286
 Fund - T. Rowe Price New Horizons Trust
 Fund #365341
 Attn: Nathan Noble

 T. ROWE PRICE ASSOCIATES, INC. – SCHEDULE “A” – MICHAEL KORS
HOLDINGS LIMITED 
  

					
	REGISTER SHARES IN NOMINEE NAME.	  	 	$ 46.053860 Cost/Share	  

  

																									
	 TRPA
Internal
Account
Number
	 	 Fund Name
	 	Federal Tax
ID #	 	 	Registration Name
(if Different) - Shares
will
be Registered in
Nominee Name	 	 	Nominee Tax
ID #	 	 	No. of
Shares	 	 	Cost	 	 	 Physical Delivery Instructions

	7JX4	 	T. Rowe Price U.S. Equities Trust	 	 	35-6785642	  	 	 	ICECOLD & CO.	  	 	 	04-3475446	  	 	 	1,234	  	 	$	 56,830.46	  	 	 State Street Bank
 New York
Settlements
 DTC/NY Window
 55 Water
Street
 New York, NY 10041
 Attn:
Robert Mendez
 Account: State Street

Fund - T. Rowe Price US Equities Trust - Small Cap Growth
 Fund #70X4

								
	70Q7	 	T. Rowe Price Diversified Mid-Cap Growth Fund, Inc.	 	 	42-1615933	  	 	 	CANAL LOCK & CO.	  	 	 	04-3431015	  	 	 	9,161	  	 	$	 421,899.41	  	 	 State Street Bank
 New York
Settlements
 DTC/NY Window
 55 Water
Street
 New York, NY 10041
 Attn:
Robert Mendez
 Account: State Street

Fund - T. Rowe Price Diversified Mid-Cap Growth Fund
 Fund #70Q7

 T. ROWE PRICE ASSOCIATES, INC. – SCHEDULE “A” – MICHAEL KORS
HOLDINGS LIMITED 
  

					
	 REGISTER SHARES IN NOMINEE NAME.
	  	$	 46.053860 Cost/Share	  

  

																							
	 TRPA

Internal
 Account

Number
	 	 Fund Name
	 	Federal Tax
ID #	 	 	Registration Name
(if Different) - Shares
will be
Registered in
Nominee Name	 	Nominee Tax
ID #	 	 	No. of
Shares	 	 	Cost	 	 	 Physical Delivery Instructions

	3665	 	THE BUNTING FAMILY III, LLC	 	 	52-2042575	  	 	BOOTH & CO.	 	 	36-6033750	  	 	 	6,934	  	 	$	 319,337.47	  	 	 The Northern Trust Company of New York
 Harborside Financial Center 10 - Suite 1401
 3 Second Street

Jersey City, NJ 07311
 Attn: Jose Mero

Account Name - LLC III Fund #26-16594

								
	3833	 	Seasons Series Trust - Mid-Cap Growth Portfolio	 	 	95-4714427	  	 	MARKERLIGHT
& CO.	 	 	04-3431229	  	 	 	1,420	  	 	$	 65,396.48	  	 	 State Street Bank
 New York
Settlements
 DTC/NY Window
 55 Water
Street
 New York, NY 10041
 Attn:
Robert Mendez
 Account: State Street

Fund - Seasons Series Trust - Mid-Cap Growth Portfolio
 Fund #JUTF

								
	4094	 	THE BUNTING FAMILY VI SOCIALLY RESPONSIBLE LLC	 	 	52-2360704	  	 	BOOTH & CO.	 	 	36-6033750	  	 	 	484	  	 	$	 22,290.07	  	 	 The Northern Trust Company of New York
 Harborside Financial Center 10 - Suite 1401
 3 Second Street

Jersey City, NJ 07311
 Attn: Jose Mero

Account Name - LLC VI Fund #26-16679

 T. ROWE PRICE ASSOCIATES, INC. – SCHEDULE “A” – MICHAEL KORS
HOLDINGS LIMITED 
  

					
	REGISTER SHARES IN NOMINEE NAME.	  	$	 46.053860 Cost/Share	  

  

																							
	 TRPA

Internal
 Account

Number
	 	 Fund Name
	 	Federal Tax
ID #	 	 	Registration Name
(if Different) - Shares
will be
Registered in
Nominee Name	 	Nominee Tax
ID #	 	 	No. of
Shares	 	 	Cost	 	 	 Physical Delivery Instructions

	4325	 	 Lincoln Variable Insurance Products Trust - LVIP T. Rowe Price Structured Mid Cap

Growth Portfolio
	 	 	52-1835648	  	 	MAC & CO.	 	 	25-1536944	  	 	 	15,174	  	 	$	 698,821.27	  	 	 Mellon Securities Trust Co.

One Wall Street
 3rd Floor- Receive Window
C
 New York, NY 10286
 Reference: LVIP
T. Rowe Price Growth Stock Fund
 Account #LNMF5340002

								
	4423	 	ING Partners, Inc. - ING T. Rowe Price Diversified Mid Cap Growth Portfolio	 	 	52-2354156	  	 	HARE & CO.	 	 	13-6062916	  	 	 	37,163	  	 	$	 1,711,499.60	  	 	 Bank of New York
 1 Wall
Street
 3rd Floor, Window A New York, NY 10286
 Fund - ING T. Rowe Price Diversified Mid Cap Growth Portfolio
 Fund #464534

Attn: Nathan Noble

								
	70J4	 	T. ROWE PRICE TAX-EFFICIENT EQUITY FUND	 	 	52-2294523	  	 	HORIZONBASS
& CO.	 	 	04-3539793	  	 	 	1,101	  	 	$	 50,705.30	  	 	 State Street Bank
 New York
Settlements
 DTC/NY Window
 55 Water
Street
 New York, NY 10041
 Attn:
Robert Mendez
 Account: State Street

Fund - T. Rowe Price Tax Efficient Equity Fund - Smaller Company Growth
 Fund #70J4

 T. ROWE PRICE ASSOCIATES, INC. – SCHEDULE “A” – MICHAEL KORS
HOLDINGS LIMITED 
  

					
	REGISTER SHARES IN NOMINEE NAME.	  	$	 46.053860 Cost/Share	  

  

															
	 TRPA

Internal
 Account

Number
	 	 Fund Name
	 	Federal
Tax ID
#	 	Registration Name
(if Different) -
Shares will
be
Registered in
Nominee Name	 	Nominee
Tax ID
#	 	No. of
Shares	 	Cost	 	 Physical Delivery Instructions

		 		 		 		 		 	2,171,371	 	$100,000,016.04	 	

 
			
	BROOKSIDE CAPITAL PARTNERS FUND, L.P.
		
	 By:
	 	 /s/ Dennis Goldstein

		 	Name: Dennis Goldstein
		 	Title: Managing Director

  

							
	No. of Preference Shares Being Purchased:	  	 2,171,371
	  	
	Buyer’s Purchase Price:	  	 $100,000,016.04
	  	
	Jurisdiction of Residency:	  	 Massachusetts
	  	
		
	Notice to be sent to:	  	
		 	 c/o Bain Capital, LLC
	  	
		 	 111 Huntington Avenue
	  	
		 	 Boston, MA 02199
	  	
			
	Attention:	 	 Legal Department
	  	
	Facsimile no.:	 	 (617) 652-3247
	  	
		
	with a copy (which shall not constitute notice hereunder) to:	  	
		
	 Ropes & Gray LLP
	  	
	 Prudential Tower, 800 Boylston St.
	  	
	 Boston, MA 02119
	  	
			
	Attention:	 	 Joel F. Freedman
	  	
	Facsimile no.:	 	 (617) 235-0375
	  	

 [Signature Page to Subscription Agreement] 

 
			
	ONTARIO TEACHERS’ PENSION PLAN BOARD
		
	By:	 	 /s/ William Royan

		 	Name: William Royan
		 	Title: Vice President

  

							
	No. of Preference Shares Being Purchased:	  	 3,474,193
	  	
	Buyer’s Purchase Price:	  	 $159,999,998.03
	  	
	Jurisdiction of Residency:	  	 Ontario, Canada
	  	
		
	Notice to be sent to:	  	
		 	 Ontario Teachers’ Pension Plan Board
	  	
		 	 5650 Yonge Street
	  	
		 	 Toronto, Ontario M2M 4H5, Canada
	  	
			
	Attention:	 	 Legal Department
	  	
	Facsimile no.:	 	 416-730-3771
	  	
		
	with a copy (which shall not constitute notice hereunder) to:	  	
		
	 Public Equities Department
	  	
	 Ontario Teachers’ Pension Plan Board
	  	
	 5650 Yonge Street
	  	
	 Toronto, Ontario M2M 4H5, Canada
	  	
			
	Attention:	 	 William Royan /
 Theresa Tam
	  	
	Facsimile no.:	 	 416-730-5143
	  	

 [Signature Page to Subscription Agreement] 

 SCHEDULE I 

 

					
	 Sellers
	  	 Preference Shares
	 
		
	 Sportswear Holdings Limited
	  	 	7,388,891	  
	 Littlestone
	  	 	225,897	  
	 Northcroft Trading Inc.
	  	 	338,845	  
	 Vax Trading, Inc.
	  	 	225,897	  
	 OB Kors LLC
	  	 	451,794	  
	 John Idol
	  	 	630,565	  
	 John Muse
	  	 	45,179	  
	 Muse Children’s GS Trust
	  	 	22,590	  
	 Muse Family Enterprises
	  	 	22,590	  
	 JRM Interim Investors, LP
	  	 	22,590	  
	 Michael Kors
	  	 	1,264,878	  
	 Total
	  	 	10,639,716	  

 SCHEDULE II 
 Fidelity Securities Fund: Fidelity Blue Chip Growth Fund 
 Fidelity Financial Trust: Fidelity
Independence Fund 
 Variable Insurance Products Fund V: Asset Manager: Growth Portfolio 
 Variable Insurance Products Fund V: Asset Manager Portfolio 
 Fidelity Puritan Trust: Fidelity
Puritan Fund 
 Fidelity Mt. Vernon Street Trust: Fidelity Growth Company Fund 

 EXHIBIT A 
 FORM OF SHAREHOLDERS AGREEMENT 
 (See fully executed agreement attached as
Exhibit 10.2 to the Registration Statement on 
 Form F-1 filed by Michael Kors Holdings Limited.) 

 EXHIBIT B 
 FORM OF THE COMPANY’S MEMORANDUM AND ARTICLES OF ASSOCIATION 

(See attached.) 

 BC No. 524407 
 TERRITORY OF THE BRITISH VIRGIN ISLANDS 
 THE BVI BUSINESS COMPANIES ACT

 (NO. 16 OF 2004) 
  

MEMORANDUM AND ARTICLES 
 OF ASSOCIATION 
 OF 

MICHAEL KORS HOLDINGS LIMITED 
  

Incorporated the 13th day of December, 2002 
 under the International Business Companies Act 
 (CAP. 291)

 Amended and Restated on the 7th day of July, 2011 

 
 INCORPORATED IN THE BRITISH VIRGIN ISLANDS 

 TERRITORY OF THE BRITISH VIRGIN ISLANDS 

THE BVI BUSINESS COMPANIES ACT 
 (NO. 16 OF 2004) 
 MEMORANDUM OF ASSOCIATION 

OF 

MICHAEL KORS HOLDINGS LIMITED 
 NAME 
  

	1.	The Name of the Company is Michael Kors Holdings Limited. 

 REGISTERED OFFICE 
  

	2.	The registered office of the Company will be located at the offices of Offshore Incorporations Limited, P.O. Box 957, Offshore Incorporations Centre, Road Town,
Tortola, British Virgin Islands. 

 REGISTERED AGENT 

 

	3.	The registered agent of the Company will be Offshore Incorporations Limited of P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands.

 GENERAL OBJECTS AND POWERS 
  

							
	4.	  	 	(i)	  	 	Subject to the following provisions of this Memorandum, the objects for which the Company is established are unrestricted and the Company shall have full power and authority to
carry out any object not prohibited by the Act or any other Law of the British Virgin Islands.
			
		  	 	(ii	) 	 	Without limiting the foregoing, the powers of the Company include the power to do the following:

  

	 	(a)	grant options over unissued shares in the Company and treasury shares; 

  

	 	(b)	issue securities that are convertible into shares; 

  

	 	(c)	give financial assistance to any person in connection with the acquisition of the Company’s own shares; 

	 	(d)	issue debt obligations of every kind and grant options, warrants and rights to acquire debt obligations; 

 

	 	(e)	guarantee a liability or obligation of any person and secure any of its obligations by mortgage, pledge or other charge, of any of its assets for that purpose; and

  

	 	(f)	protect the assets of the Company for the benefit of the Company, its creditors and its members and, at the discretion of the directors, for any person having a direct
or indirect interest in the Company. 

 EXCLUSIONS 

 

					
	5.	  	(i)	  	The Company may not

  

	 	(a)	carry on business with persons resident in the British Virgin Islands; 

  

	 	(b)	own an interest in real property situate in the British Virgin Islands, other than a lease referred to in paragraph 5(ii)(e) of subclause 5(ii);

  

	 	(c)	carry on banking or trust business, unless it is licensed to do so under the Banks and Trust Companies Act, 1990; 

 

	 	(d)	carry on business as an insurance or re-insurance company, insurance agent or insurance broker, unless it is licensed under an enactment authorising it to carry on that
business; 

  

	 	(e)	carry on business of company management, unless it is licensed under the Company Management Act, 1990; or 

 

	 	(f)	carry on the business of providing the registered office or the registered agent for companies incorporated in the British Virgin Islands. 

 

	 	(ii)	For purposes of paragraph 5(i)(a) of subclause 5(i), the Company shall not be treated as carrying on business with persons resident in the British Virgin Islands if

  

	 	(a)	it makes or maintains deposits with a person carrying on banking business within the British Virgin Islands; 

 

	 	(b)	it makes or maintains professional contact with solicitors, barristers, accountants, bookkeepers, trust companies, 

  
 3 

	 	
administration companies, investment advisers or other similar persons carrying on business within the British Virgin Islands; 

 

	 	(c)	it prepares or maintains books and records within the British Virgin Islands; 

 

	 	(d)	it holds, within the British Virgin Islands, meetings of its directors or members; 

 

	 	(e)	it holds a lease of property for use as an office from which to communicate with members or where books and records of the Company are prepared or maintained;

  

	 	(f)	it holds shares, debt obligations or other securities in a company incorporated under the International Business Companies Act or under the Companies Act; or

  

	 	(g)	shares, debt obligations or other securities in the Company are owned by any person resident in the British Virgin Islands or by any company incorporated under the
International Business Companies Act or under the Companies Act. 

 LIMITATION OF LIABILITY 

 

	6.	The Company is a company limited by shares. The liability of each member is limited to: 

 

	 	(a)	the amount from time to time unpaid on that member’s shares; 

  

	 	(b)	any liability expressly provided for in the Memorandum or the Articles; and 

 

	 	(c)	any liability to repay a distribution pursuant to section 58(1) of the Act. 

 CURRENCY 
  

	7.	Shares in the Company shall be issued in the currency of the United States of America. 

 AUTHORISED CAPITAL 
  

	8.	The Company shall have no authorised capital. 

  
 4 

 CLASSES, NUMBER AND PAR VALUE OF SHARES 

 

	9.	The Company is authorised to issue a maximum of 160,856,853 shares comprised of the following two classes of shares of one series each as follows:

  

	 	(a)	10,856,853 preference shares of no par value each (the “Preference Shares”); and 

 

	 	(b)	150,000,000 ordinary shares of no par value each (the “Ordinary Shares”). 

 DESIGNATIONS, POWERS, PREFERENCES, ETC. OF PREFERENCE SHARES 
  

	10.	Ranking. The Preference Shares shall, with respect to dividend rights, rights on other distributions and rights upon liquidation, winding up or dissolution, rank
(a) senior to the Ordinary Shares and any other class or series of ordinary, preference or other shares or Equity Securities of the Company now or hereafter authorized (such Equity Securities, “Junior Securities”) and
(b) junior to any indebtedness now or hereafter incurred by the Company. 

  

	11.	Dividends. 

  

	 	(a)	Subject to clause 11(c) below, if the Company declares and pays any dividends on the Ordinary Shares, then, in that event, holders of Preference Shares shall be
entitled to share in such dividends on a pro rata basis, as if their Preference Shares had been converted into Ordinary Shares pursuant to clause 13 below immediately prior to the record date for determining the holders of Ordinary Shares eligible
to receive such dividends. 

  

	 	(b)	 If the Company does not consummate a Qualified IPO within 18 months after the Closing (“IPO Dividend Date”), the Board of Directors
shall (subject to the Company’s compliance with the provisions of the Act and the Articles) declare and the holders of Preference Shares shall receive, in addition to the dividends described in clause 11 (a), dividends at an annual rate equal
to 10% of the Accreted Value, calculated on the basis of a 360-day year, consisting of twelve 30-day months, which shall accrue on a daily basis from the IPO Dividend Date, whether or not declared by the Board of Directors, and shall be payable
quarterly in arrears on March 31, June 30, September 30 and December 31 of each year (unless any such day is not a Business Day, in which event such dividends shall be payable on the next succeeding Business Day,
without accrual to the actual payment date) (each such date, a “Dividend Payment Date”). Unless otherwise specified in a resolution of directors, accrued and unpaid dividends shall compound and be added to the Accreted Value in
effect immediately prior to each Dividend Payment Date; provided, that, in lieu 

  
 5 

	 	
thereof, such accrued and unpaid dividends may (i) be paid to the holders of Preference Shares in cash or (ii) be paid in cash or compound and be added to the Accreted Value in any
combination thereof, in each case as specified in a resolution of directors. 

  

	 	(c)	The Company shall not declare or pay any dividends on, or make any other distributions with respect to or redeem, purchase or otherwise acquire for consideration, any
Junior Securities unless and until (i) all accrued and unpaid dividends on the Preference Shares have been paid in full and (ii) prior to the IPO Dividend Date, the affirmative vote or written consent of the holders of a majority of the
then outstanding Preference Shares, voting as a separate class, shall have been received; provided, however, that the foregoing limitation shall not apply to any: 

 

	 	(i)	redemption, purchase or other acquisition of Junior Securities in connection with any put or call post-termination rights in any employment contract, benefit plan or
other similar arrangement with one or more employees, officers, directors or consultants of the Company or any of its subsidiaries; 

  

	 	(ii)	exchange, redemption, reclassification or conversion of any class or series of Junior Securities for any class or series of Junior Securities; or

  

	 	(iii)	purchase of fractional interests in any Junior Securities under the conversion or exchange provisions of such Junior Securities or the security being converted or
exchanged, or in connection with any combination or reclassification of Junior Securities. 

  

	12.	Liquidation Event and Company Sale. 

  

	 	(a)	 Liquidation. Upon any voluntary or involuntary liquidation, dissolution or winding up of the Company (each, a “Liquidation
Event”), after satisfaction of all liabilities and obligations to creditors of the Company and before any distribution or payment shall be made to holders of any Junior Securities, each holder of Preference Shares shall be entitled to
receive, out of the assets of the Company or proceeds thereof (whether capital or surplus) legally available therefor, an amount per Preference Share in cash equal to the greater of (i) the sum of (x) the Accreted Value, plus (y) any
unpaid dividends on such Preference Share that have accrued since the last Dividend Payment Date through the date of such Liquidation Event or (ii) the aggregate amount payable in such Liquidation Event with respect to the number of Ordinary
Shares into which such Preference Share is convertible immediately prior to such Liquidation Event (assuming the conversion of all such Preference Shares in accordance with clause 13) (the greater of subclause (i) or subclause (ii), the
“Liquidation Preference”). Holders of Preference Shares shall not be entitled to any 

  
 6 

	 	
other amounts from the Company after they have received the full amounts provided for in this clause 12(a) and will have no right or claim to any of the Company’s remaining assets. If the
assets of the Company or proceeds thereof are not sufficient to pay in full the Liquidation Preference payable on the Preference Shares, then such assets, or the proceeds thereof, shall be paid pro rata in accordance with the full respective amounts
which would be payable on the Preference Shares if all amounts payable thereon were paid in full. 

  

	 	(b)	Company Sale. No Company Sale shall be consummated unless, prior to any distribution or payment being made to holders of any Junior Securities, each holder of
Preference Shares shall be entitled to receive an amount per Preference Share equal to the greater of (i) the sum of (x) the Accreted Value of such Preference Share plus (y) any unpaid dividends on such Preference Share that
have accrued since the last Dividend Payment Date through the date of such Company Sale or (ii) the aggregate amount of consideration payable in such Company Sale with respect to the number of Ordinary Shares into which such Preference Share is
convertible immediately prior to such Company Sale (assuming the conversion of all such Preference Shares in accordance with clause 13) (the greater of subclause (i) or subclause (ii), the “Sale Payment”). The Sale Payment
shall be paid in the same form of consideration and proportion (i.e., in cash and/or other consideration) paid in such Company Sale on the closing date of such Company Sale; provided, however, if such Company Sale is entered into prior
to the three year anniversary of the Closing, then the consideration payable to each holder of Preference Shares shall be payable either (i) solely in cash or Liquid Securities, or (ii) solely to the extent holders of Ordinary Shares are
receiving securities, other than Liquid Securities in such Company Sale, then each holder of Preference Shares shall have the option of receiving non-Liquid Securities of either the same class received by holders of Ordinary Shares or in the form of
Acceptable Securities. The value of any non-cash consideration to be delivered to the holders of Preference Shares in a Company Sale shall be the fair market value of such non-cash consideration (as determined by an independent appraiser selected in
good faith by the Board of Directors). Upon receipt of the full amounts provided for in this clause 12(b), the Preference Shares shall be automatically cancelled and the holders of Preference Shares shall not be entitled to any other amounts. If the
assets of the Company or proceeds thereof are not sufficient to pay in full the aggregate Sale Payment payable on the Preference Shares, then such assets, or the proceeds thereof, shall be paid pro rata in accordance with the full respective amounts
which would be payable on the Preference Shares if all amounts payable thereon were paid in full. 

  

	 	(c)	 Notice. Written notice of a Liquidation Event or a Company Sale stating a payment or payments and the place where such payment or payments shall

  
 7 

	 	
be payable shall be mailed not less than ten (10) days prior to the earliest payment date stated therein to each holder of Preference Shares at such holder’s address as it appears on
the transfer books of the Company. 

  

	13.	Conversion. 

  

	 	(a)	 Optional Conversion. Each holder of Preference Shares shall have the right, at its option, at any time and from time to time, to convert,
subject to the terms and provisions of this clause 13, any or all of such holder’s Preference Shares into such number of fully paid and non-assessable Ordinary Shares as is equal to the product of (i) the number of Preference Shares being
so converted, multiplied by (ii) the quotient of (x) the Accreted Value, divided by (y) the Preference Share Issue Amount, subject to adjustment as provided in clause 13(f) below (such price in subclause (y), the
“Conversion Price” and such quotient in subclause (ii), the “Conversion Ratio”). At the option of the Company, any accrued and unpaid dividends as of the date of conversion in respect of the Preference Shares being
converted shall (i) be added to the Accreted Value, (ii) be paid in cash to the holder of such Preference Shares or (iii) be paid in cash or added to the Accreted Value in any combination thereof. For the avoidance of doubt, for
purposes of calculating the Conversion Ratio, the Accreted Value of the Preference Shares that are being converted shall include the amount of any dividends which have been accreted, compounded and added to the Preference Share Issue Amount pursuant
to clause (b) of the definition of “Accreted Value” through the last Dividend Payment Date. Such conversion right shall be exercised by the surrender of certificate(s) evidencing the Preference Shares to be converted to the Company at
any time during usual business hours at its principal place of business (or such other office or agency of the Company as the Company may designate by notice in writing to the holders of Preference Shares), accompanied by written notice that the
holder elects to convert such Preference Shares and specifying the name or names (with address) in which a certificate or certificates for Ordinary Shares are to be issued and (if so required by the Company) by a written instrument or instruments of
transfer in form reasonably satisfactory to the Company duly executed by the holder or its duly authorized legal representative and transfer tax stamps or funds therefor, if required pursuant to clause 13(1) below. All certificates evidencing
Preference Shares surrendered for conversion shall be delivered to the Company for cancellation and cancelled by it. As promptly as practicable after the surrender of any Preference Shares, the Company shall (subject to compliance with the
applicable provisions of federal and state securities Laws) deliver to the holder of such Preference Shares so surrendered, certificate(s) evidencing the number of fully paid and non-assessable Ordinary Shares into which such Preference Shares are
entitled to be converted. Upon registration in the register of members of the Company (which shall be subject to surrender of such share 

  
 8 

	 	
certificates) to reflect the conversion, the person in whose name any certificate(s) for Ordinary Shares shall be issuable upon such conversion shall be the holder of record of such Ordinary
Shares on such date, notwithstanding that the certificates evidencing such Ordinary Shares shall not then be actually delivered to such person. 

  

	 	(b)	Automatic Conversion. 

  

	 	(i)	Upon the earlier of (x) immediately prior to the consummation of a Qualified IPO and (y) the receipt of the approval of the holders of 66 2/3% of the then
outstanding Preference Shares (each an (“Automatic Conversion Date”), all of the Preference Shares shall be automatically converted into the number of fully paid and non-assessable Ordinary Shares equal to the product of (1) the
number of Preference Shares being converted, multiplied by (2) the Conversion Ratio calculated as of the date of such automatic conversion and the register of members of the Company shall be updated to reflect the conversion. At the
option of the Company, any accrued and unpaid dividends as of the Automatic Conversion Date in respect to the Preference Shares being converted shall (i) be added to the Accreted Value, (ii) be paid in cash to the holder of such Preference
Shares or (iii) be paid in cash or added to the Accreted Value in any combination thereof. For the avoidance of doubt, for purposes of calculating the Conversion Ratio in connection with any automatic conversion, the Accreted Value of the
Preference Shares that are being converted shall include the amount of any dividends which have been accreted, compounded and added to the Preference Share Issue Amount pursuant to clause (b) of the definition of “Accreted Value”
through the last Dividend Payment Date. 

  

	 	(ii)	 Immediately upon conversion as provided in clause 13(b)(i), each holder of Preference Shares shall be registered in the Company’s register of
members as the holder of record of the Ordinary Shares issuable upon conversion of such holder’s Preference Shares, notwithstanding that certificates evidencing the Ordinary Shares shall not then actually be delivered to such person. Upon
written notice and instructions from the Company, each holder of Preference Shares so converted shall promptly surrender to the Company at its principal place of business (or at such other office or agency of the Company as the Company may designate
by such notice to the holders of Preference Shares) certificates representing the Preference Shares so converted. As promptly as practicable after such conversion, the Company shall deliver to the holder of such Preference Shares so surrendered,
certificate(s) evidencing 

  
 9 

	 	
the number of fully paid and non-assessable Ordinary Shares into which such Preference Shares are entitled to be converted. 

 

	 	(c)	Conversion mechanics. 

  

	 	(i)	All conversions of Preference Shares to Ordinary Shares pursuant to this clause 13 shall be effected by the Company by way of repurchase by the Company of the
Preference Shares in consideration for the simultaneous issue of Ordinary Shares, credited as fully paid. 

  

	 	(ii)	Any conversion of Preference Shares to Ordinary Shares pursuant to this clause 13 shall be deemed to be effected (a) in the event of a voluntary conversion
pursuant to clause 13(a), at the time that the registrar of the Company registers the conversion in the Company’s register of members following written notice of the conversion having been provided to the registrar of the Company and
(b) in the event of an automatic conversion of all of Preference pursuant to clause 13(b), at the time that the registrar of the Company registers the conversion in the Company’s register of members which time shall be the Automatic
Conversion Date. 

  

	 	(d)	Termination of Rights. On the date of an optional conversion pursuant to clause 13(a) or of an automatic conversion pursuant to clause 13(b)(i), all rights with
respect to the Preference Shares so converted, including the rights, if any, to receive notices and vote, shall terminate, except only the rights of holders thereof to (i) receive certificates for the number of Ordinary Shares into which such
Preference Shares have been converted, and (ii) exercise the rights to which they are entitled as holders of Ordinary Shares. No holder of Preference Shares whose Preference Shares have been converted pursuant to clause 13(a) or clause 13(b)(i)
shall be entitled to any further accrual of dividends in respect of such converted Preference Shares. 

  

	 	(e)	No Fractional Shares. No fractional shares or securities representing fractional Ordinary Shares shall be issued upon conversion of the Preference Shares. Any
fractional interest in Ordinary Shares resulting from conversion of the Preference Shares shall be paid in cash (computed to the nearest cent) equal to such fraction multiplied by the fair market value per Ordinary Share as determined by the Board
of Directors in good faith. If more than one certificate evidencing Preference Shares is surrendered for conversion at one time by the same holder, the number of full Ordinary Shares issuable upon conversion thereof shall be computed on the basis of
the aggregate number of the Preference Shares so surrendered for conversion. 

  
 10 

	 	(f)	Antidilution Adjustments. The Conversion Price and the Conversion Ratio shall be subject to adjustment as follows: 

 

	 	(i)	Division or Combination of Ordinary Shares. In the event that the Company shall at any time or from time to time, prior to conversion of Preference Shares effect
a division or combination of shares in respect of the outstanding Ordinary Shares, then, and in each such case, the Conversion Price and/or the Conversion Ratio in effect immediately prior to such event shall be adjusted (and any other appropriate
actions shall be taken by the Company) so that the holder of any Preference Share thereafter surrendered for conversion shall be entitled to receive the number of Ordinary Shares that such holder would have owned or would have been entitled to
receive upon or by reason of any of the events described above, had such Preference Share been converted immediately prior to the occurrence of such event. An adjustment made pursuant to this clause 13(f)(i) shall become effective retroactively to
the close of business on the day upon which such corporate action becomes effective. No adjustments shall be made under this Section 13(f) in respect of any dividends (or any other distribution) paid in accordance with clause 11.

  

	 	(ii)	Certain Dilutive Issuances of Ordinary Shares or Ordinary Share Equivalents. 

 

	 	(w)	 If the Company shall at any time or from time to time prior to conversion of Preference Shares, issue or sell any Ordinary Shares or any security or
obligation which is by its terms, directly or indirectly, convertible, exchangeable or exercisable into or for Ordinary Shares and any option, warrant or other subscription or purchase right with respect to Ordinary Shares or such security or
obligation (“Ordinary Share Equivalents”) at a price per Ordinary Share (the “New Issue Price”) that is less than the Conversion Price as of the record date or Issue Date (as defined below), as the case may be (the
“Relevant Date”) (treating the New Issue Price, in the case of the issuance of any Ordinary Share Equivalent, as equal to (A) the sum of the price for such Ordinary Share Equivalent plus any additional consideration payable
(without regard to any anti-dilution adjustments) upon the conversion, exchange or exercise of such Ordinary Share Equivalent, divided by (B) the number of Ordinary Shares initially underlying such Ordinary Share Equivalent) (other than
(1) issuances or sales of Ordinary Shares for which an adjustment is made in connection with a division or combination or 

  
 11 

	 	
reclassification of Ordinary Shares pursuant to clause 13(f)(i) and (2) issuances in connection with an Excluded Transaction), then, and in each such case, the Conversion Price then
in effect shall be adjusted by multiplying the Conversion Price in effect on the day immediately prior to the Relevant Date by a fraction (i) the numerator of which shall be the sum of (1) the number of outstanding Ordinary Shares
(assuming the conversion, exchange and exercise of all Ordinary Share Equivalents) on the Relevant Date, plus (2) the number of Ordinary Shares which the aggregate consideration received by the Company for the total number of such additional
Ordinary Shares so issued would purchase at the Conversion Price on the Relevant Date (or, in the case of Ordinary Share Equivalents, the number of Ordinary Shares which the aggregate consideration received by the Company upon the issuance of such
Ordinary Share Equivalents and receivable by the Company upon the conversion, exchange or exercise of such Ordinary Share Equivalents would purchase at the Conversion Price on the Relevant Date) and (ii) the denominator of which shall be the
sum of the number of outstanding Ordinary Shares (assuming the conversion, exchange and exercise of all Ordinary Share Equivalents) on the Relevant Date, plus the number of additional Ordinary Shares issued or to be issued (or, in the case of
Ordinary Share Equivalents, the maximum number of Ordinary Shares into which such Ordinary Share Equivalents initially may convert, exchange or be exercised). 

 

	 	(x)	Such adjustment shall be made whenever such Ordinary Shares or Ordinary Share Equivalents are issued, and shall become effective retroactively (A) in the case of
an issuance to the members, as such, to a date immediately following the close of business on the record date for the determination of members entitled to receive such Ordinary Shares or Ordinary Share Equivalents and (B) in all other cases, on
the date of such issuance (the “Issue Date”); provided, however, that the determination as to whether an adjustment is required to be made pursuant to this clause 13(f)(ii) shall only be made upon the issuance of such
Ordinary Shares or Ordinary Share Equivalents, and not upon the issuance of any security into which the Ordinary Share Equivalents convert, exchange or may be exercised. 

  
 12 

	 	(y)	In case at any time any Ordinary Shares or Ordinary Share Equivalents shall be issued or sold for cash, the consideration received therefor shall be deemed to be the
amount received by the Company therefor, without deduction therefrom of any expenses incurred or any underwriting commissions or concessions or discounts paid or allowed by the Company in connection therewith. In case any Ordinary Shares or Ordinary
Share Equivalents shall be issued or sold for a consideration other than cash, the amount of the consideration other than cash received by the Company shall be deemed to be the fair market value of such consideration, without deduction therefrom of
any expenses incurred or any placement agent fees, any underwriting commissions or concessions or discounts paid or allowed by the Company in connection therewith, as determined in good faith by the Board of Directors. 

 

	 	(z)	If any Ordinary Share Equivalents (or any portions thereof) which shall have given rise to an adjustment pursuant to this clause 13(f)(ii) shall have expired or
terminated without the exercise thereof and/or if by reason of the terms of such Ordinary Share Equivalents there shall have been an increase or increases, with the passage of time or otherwise, in the price payable upon the exercise or conversion
thereof, then the Conversion Price hereunder shall be readjusted (but to no greater extent than originally adjusted) in order to (A) eliminate from the computation any additional Ordinary Shares corresponding to such Ordinary Share Equivalents
as shall have expired or terminated, (B) treat the additional Ordinary Shares, if any, actually issued or issuable pursuant to the previous exercise of such Ordinary Share Equivalents as having been issued for the consideration actually
received and receivable therefor and (C) treat any of such Ordinary Share Equivalents which remain outstanding as being subject to exercise or conversion on the basis of such exercise or conversion price as shall be in effect at the time.

  

	 	(iii)	 Other Changes. In case the Company at any time or from time to time, prior to the conversion of Preference Shares, shall take any action
affecting the Ordinary Shares similar to or having an effect similar to any of the actions described in any of clauses 13(f)(i) or (ii) above or clause 13(i) below (but not including any action described in any such clause) and the Board of
Directors in good faith determines that it would be equitable in the circumstances to adjust the Conversion Price or the Conversion Ratio as a result of 

  
 13 

	 	
such action, then, and in each such case, the Conversion Price or the Conversion Ratio (as applicable) shall be adjusted in such manner and at such time as the Board of Directors in good faith
determines would be equitable in the circumstances (such determination to be evidenced in a resolution, a certified copy of which shall be mailed to the holders of Preference Shares). 

 

	 	(iv)	No Adjustment. Notwithstanding anything herein to the contrary, no adjustment under this clause 13(f) need be made to the Conversion Price or the Conversion
Ratio if the Company receives written notice from holders of a majority of the then outstanding Preference Shares that no such adjustment is required. 

  

	 	(g)	Abandonment. If the Company shall take a record of the holders of Ordinary Shares for the purpose of entitling them to receive a dividend or other distribution,
and shall thereafter and before the distribution to such holders legally abandon its plan to pay or deliver such dividend or distribution, then no adjustment in the Conversion Price or the Conversion Ratio shall be required by reason of the taking
of such record. 

  

	 	(h)	Certificate as to Adjustments. Upon any adjustment in the Conversion Price or the Conversion Ratio, the Company shall within a reasonable period (not to exceed
twenty (20) Business Days) following any of the foregoing transactions deliver to each holder of Preference Shares a certificate, signed by the Chief Financial Officer of the Company, setting forth in reasonable detail the event requiring the
adjustment and the method by which such adjustment was calculated and specifying the increased or decreased Conversion Price or Conversion Ratio then in effect following such adjustment. 

 

	 	(i)	 Reorganization; Reclassification. In case of any merger or consolidation of the Company (other than a Company Sale) or any capital
reorganization, reclassification or other change of outstanding Ordinary Shares (other than (i) a change in par value, or from par value to no par value, or from no par value to par value or (ii) a transaction for which an adjustment is
made in connection with clause 13(f)(i) or clause 13(f)(ii)) in each case as a result of which the Ordinary Shares would be converted into, or exchanged for, stock, other securities, other property or assets (each, a “Transaction”),
then, at the effective time of the Transaction, the right to convert each Preference Share shall be changed into a right to convert such Preference Share into the kind and amount of shares of stock, other securities or other property or assets that
a holder of Preference Shares would have received in respect of the Ordinary Shares issuable upon conversion of such Preference Shares immediately prior to such Transaction. In the event that holders of Ordinary Shares have the opportunity to elect
the form of consideration to be received in the 

  
 14 

	 	
Transaction, the Company shall make adequate provision whereby the holders of Preference Shares shall have a reasonable opportunity to determine the form of consideration into which all of the
Preference Shares, treated as a single class, shall be convertible from and after the effective date of the Transaction. 

  

	 	(j)	Notices. In the event (i) that the Company authorizes the granting to the holders of Ordinary Shares rights or warrants to subscribe for or purchase any
shares of Equity Securities of any class or of any other rights or warrants, (ii) of any Transaction, or (iii) of a Qualified IPO or a Company Sale, then the Company shall mail to each holder of Preference Shares at such holder’s
address as it appears on the transfer books of the Company, as promptly as possible but in any event at least ten (10) Business Days prior to the applicable date hereinafter specified, a notice stating (A) the date on which a record is to
be taken for the purpose of such dividend, distribution or granting of rights or warrants or, if a record is not to be taken, the date as of which the holders of Ordinary Shares of record to be entitled to such dividend, distribution or granting of
rights or warrants are to be determined, or (B) the date on which such Transaction, Qualified IPO or Company Sale is expected to become effective and, if applicable, the date as of which it is expected that holders of Ordinary Shares of record
shall be entitled to exchange their Ordinary Shares for shares of stock or other securities or property or cash deliverable upon such Transaction, Qualified IPO or Company Sale. 

 

	 	(k)	Reservation of Ordinary Shares. The Company shall at all times reserve and keep available for issuance upon the conversion of Preference Shares, such number of
its authorized but unissued Ordinary Shares as will from time to time be sufficient to permit the conversion of all outstanding Preference Shares, and shall take all action to increase the authorized number of Ordinary Shares if at any time there
shall be insufficient authorized but unissued Ordinary Shares to permit such reservation or to permit the conversion of all outstanding Preference Shares; provided, that the holders of Preference Shares vote such Preference Shares in favor of
any such action that requires a vote of members. 

  

	 	(1)	 No Conversion Tax or Charge. The issuance or delivery of certificates for Ordinary Shares upon the conversion of Preference Shares shall be made
without charge to the converting holder of Preference Shares for such certificates or for any tax in respect of the issuance or delivery of such certificates or the securities evidenced thereby, and such certificates shall be issued or delivered in
the respective names of, or (subject to compliance with the applicable provisions of applicable securities Laws) in such names as may be directed by, the holders of the Preference Shares converted; provided, however, that the Company
shall not be required to pay any tax which may be payable in respect of any transfer involved in 

  
 15 

	 	
the issuance and delivery of any such certificate in a name other than that of the holder of the Preference Shares converted, and the Company shall not be required to issue or deliver such
certificate unless or until the person or persons requesting the issuance or delivery thereof shall have paid to the Company the amount of such tax or shall have established to the reasonable satisfaction of the Company that such tax has been paid.

  

	14.	Redemption. Subject to this Memorandum of Association and the Articles of Association, the Preference Shares shall, only with the consent of the holder thereof,
be subject to redemption, purchase or acquisition by the Company for fair value. 

  

	15.	Voting Rights. In addition to the voting rights to which the holders of Preference Shares are entitled under or granted by Law, each holder of Preference Shares
shall be entitled to notice of any members’ meeting in accordance with this Memorandum of Association and the Articles of Association and shall be entitled to vote, on all matters with respect to which the issued and outstanding Ordinary Shares
may be voted, the number of votes equal to the number of Ordinary Shares into which such holder’s Preference Shares could be converted on the record date for determination of the holders of Ordinary Shares entitled to vote on such matters, or,
if no such record date is established, on the date such vote is taken or any written consent of holders of Ordinary Shares is solicited, such votes to be counted together with all other shares of the Company having general voting power and not
counted separately as a class. 

  

	16.	Springing Board Seat. If a Qualified IPO is not consummated on or prior to March 31, 2012, the holders of Preference Shares, as a class, shall have the
right to designate, by approval of holders of a majority of the outstanding Ordinary Shares held by such holders of Preference Shares (assuming all Preference Shares are converted into Ordinary Shares), one member of the Board of Directors (or
similar body, including any committee that acts on behalf of the Board pursuant to an express delegation of the Board of Director’s powers) until immediately prior to the consummation of a Qualified IPO; provided that if the holders of
Preference Shares, as a class, are unable to attain the approval of a majority of the outstanding Ordinary Shares held by the holders of Preference Shares (assuming all Preference Shares are converted into Ordinary Shares) to designate such member
to the Board of Directors (or similar body, including any executive committee that acts on behalf of the Board of Directors pursuant to an express or implied delegation of the Board of Directors’ powers), then within 14 days of March 31,
2012, the holder of the largest number of Preference Shares shall have the right in its sole discretion to designate such member to the Board of Directors on behalf of the holders of Preference Shares. 

  
 16 

 DESIGNATIONS, POWERS, PREFERENCES, ETC. OF ORDINARY SHARES 

 

	17.	Dividends. Subject to this Memorandum of Association, the articles of association annexed hereto (the “Articles of Association”), including
clauses 10 and 11 herein, and the prior rights of holders of classes of Equity Securities of the Company having prior rights as to dividends, the holders of Ordinary Shares shall be entitled to receive, when and as declared by the Board of
Directors, out of any assets of the Company legally available therefor, such dividends as may be declared from time to time by the Board of Directors. 

  

	18.	Liquidation. Subject to this Memorandum of Association and the Articles of Association, including clause 12(a) herein, and the prior rights of holders of classes
of Equity Securities of the Company having prior rights as to a Liquidation Event, upon the occurrence of a Liquidation Event each holder of Ordinary Shares shall be entitled to receive a distribution in respect of its Ordinary Shares from the
remaining assets of the Company or the proceeds of such Liquidation Event (whether capital or surplus) legally available for distribution, in an amount equal to the aggregate amount of such assets or proceeds available for distribution to all
holders of Ordinary Shares, multiplied by the quotient of (i) the number of Ordinary Shares held by such holder as of such time, divided by (ii) the total number of Ordinary Shares issued and outstanding as of such time.

  

	19.	Redemption. Subject to this Memorandum of Association and the Articles of Association, Ordinary Shares shall, only with the consent of the holder thereof, be
subject to redemption, purchase or acquisition by the Company for fair value. 

  

	20.	Voting Rights. 

  

	 	(a)	Each holder of Ordinary Shares shall be entitled to notice of any members’ meeting and shall be entitled to vote upon such matters and in such manner as provided
in this Memorandum of Association and the Articles of Association. 

  

	 	(b)	Subject to clause 16 above, the holders of Ordinary Shares shall at all other times vote together as one class with the holders of Preference Shares on all matters
submitted to a vote or for the written consent of the members. Members holding Ordinary Shares that were not previously converted from Preference Shares to such Ordinary Shares in accordance with the conversion rights of this Memorandum shall not
have a right to vote in relation to the matters referred to in clause 16 above. 

  

	 	(c)	Each holder of Ordinary Shares shall be entitled to one (1) vote for each Ordinary Share held as of the applicable date on any matter that is submitted to a vote
or for the written consent of the members. 

  
 17 

	 	(e)	Equal Status. Ordinary Shares shall have the same rights and privileges and rank equally, share ratably and be identical in all respects to all matters.

 REGISTERED SHARES 
  

	21.	Shares may be issued as registered shares only. 

  

	22.	Registered shares shall not be exchanged for bearer shares. 

  

	23.	The issue of shares is subject to the Preemptive Rights Restrictions (as set out in the Schedule to this Memorandum entitled “Preemptive Rights”, and which
forms part of this Memorandum). 

 TRANSFER OF REGISTERED SHARES 

 

	24.	Registered shares in the Company may be transferred subject to the Share Transfer Restrictions and the provisions relating to the transfer of shares set forth in the
Articles of Association. 

 AMENDMENT OF MEMORANDUM AND ARTICLES OF ASSOCIATION 

 

	25.	Subject to the Consent Rights Matters of the Articles of Association, the Company may amend its Memorandum of Association and Articles of Association by a resolution of
members or by a resolution of directors. 

 DEFINITIONS 

 

	26.	Words used in this Memorandum of Association and not defined herein shall have the respective meanings ascribed to them in the Articles of Association.

 [remainder of page left intentionally blank] 

  
 18 

 We, Offshore Incorporations Limited, of P.O. Box 957, Offshore Incorporations Centre,
Road Town, Tortola, British Virgin Islands for the purpose of incorporating an International Business Company under the laws of the British Virgin Islands hereby subscribe our name to this Memorandum of Association the 1st day of July, 2002. 

 

					
		  	SUBSCRIBER	  	Offshore Incorporations Limited
			
		  		  	 (Sd.) E.T. POWELL

Authorised Signatory

			
		  		  	
		  	in the presence of: WITNESS	  	
		  		  	 (Sd.) Fandy Tsoi
 9/F
Ruttonjee House
 11 Duddell Street, Central
 Hong Kong
 Production Supervisor

 SCHEDULE 
 Article I 
 Preemptive Rights 

 

	1.	Preemptive Rights 

  

	 	(a)	If the Company or any of its subsidiaries proposes to issue, offer, sell or otherwise Transfer to any person (i) Equity Securities in the Company or such
subsidiary, or (ii) any rights to subscribe for or purchase pursuant to any option or otherwise any Equity Securities of the Company or any of its subsidiaries, in each case except as provided in Section 2 (each, a “New
Issuance”), or enter into any contracts relating to a New Issuance, the Company shall provide written notice to each member of such proposed New Issuance at least fifteen (15) Business Days in advance of the anticipated issuance date
(the “New Issuance Notice”), which shall set forth the identity of the proposed purchaser, the number of Equity Securities proposed to be offered (the “Offered Securities”), the cash purchase price per security (the
“Offering Price”), the anticipated issuance date and the other material terms and conditions of such New Issuance. Each member shall have the right to purchase for cash up to its Pro Rata Share of the Offered Securities (which, in
the case of a New Issuance by a subsidiary of the Company shall be determined on a look-through basis, based on its indirect percentage of the outstanding common shares of such subsidiary), at the price per security and otherwise on the same terms
and conditions as such New Issuance. 

  

	 	(b)	A member may elect to exercise its preemptive rights with respect to such New Issuance by delivering an irrevocable written notice (a “Section 1
Notice”) to the Company within ten (10) Business Days after the date the New Issuance Notice is delivered, setting forth the maximum percentage of the Offered Securities that such member desires to hold following the consummation of
the New Issuance. If a member does not deliver a Section 1 Notice in accordance with this Section 1, then such member shall be deemed to have elected not to exercise its preemptive rights with respect to such New Issuance. For purposes of
this Article I, an exercising member may allocate its portion of the Offered Securities among one or more of its Affiliates at the discretion of such exercising member. 

 

	 	(c)	 At least three (3) Business Days prior to the consummation of any New Issuance, the Company shall provide written notice to each electing member,
which shall set forth the actual issuance date (determined in accordance with the following sentence) and such electing member’s Pro Rata Share or such lesser percentage set forth in such member’s Section 1 Notice. For purposes of
clarity, if the Company or any of its Subsidiaries consummates such New Issuance and the total number of Offered 

	 	
Securities to be sold is less than the number set forth in the New Issuance Notice, then each electing member shall purchase such electing member’s Pro Rata Share or such lesser percentage
set forth in such member’s Section 1 Notice based on such reduced number of Offered Securities. Any New Issuance shall be consummated on the later of (a) the proposed issuance date for such New Issuance set forth in the New Issuance
Notice and (b)the fifth (5th) Business Day following the date on which all regulatory and governmental licenses, registrations, approvals and consents required for the New Issuance are received and all applicable waiting periods have expired or
been waived or terminated (provided, however, that the Company and the electing members shall each use their commercially reasonable efforts to obtain such licenses, registrations, approvals or consents). If any of the members fails to
exercise its preemptive rights under this Section 1 or elects to exercise such rights with respect to less than such member’s full Pro Rata Share (the difference between such member’s Pro Rata Share and the number of Offered
Securities for which such member exercised its preemptive rights under this Section 1, the “Excess Shares”), any participating member electing to exercise its rights with respect to its full Pro Rata Share (a “Fully
Participating Member”) shall be entitled to purchase from the Company an additional number of Offered Securities up to the aggregate number of Excess Shares, provided that such Fully Participating Member shall only be entitled to
purchase up to that number of Excess Shares equal to the lesser of (i) the number of Excess Shares it has elected to purchase and (ii) the number of Excess Shares equal to the product of (A) the number of Excess Shares and
(B) the quotient obtained by dividing (1) the total number of Ordinary Shares then owned by such Fully Participating Member by (2) the total number of Ordinary Shares then owned by all Fully Participating Members exercising their
rights pursuant to this sentence (assuming the conversion of all Preference Shares held by the Fully Participating Members into Ordinary Shares in each of clauses (1) and (2) above). 

 

	 	(d)	 If the members do not elect to purchase all of the Offered Securities in accordance with this Section 1, then the Company may, within 90 days from
the date of delivery of the New Issuance Notice, offer, sell or otherwise Transfer any remaining portion of the Offered Securities to any Person or Persons at a price or prices equal to or greater than the Offering Price and on other terms and
conditions not more favorable in the aggregate to the other purchasers than those set forth in the New Issuance Notice. If more than 90 days elapse from the date of delivery of the New Issuance Notice without the consummation of such Transfer of the
remaining portion of the Offered Securities, the Company’s right to consummate such Transfer shall expire and the Company shall be required to comply with the procedures set forth in this Section 1 prior to offering, selling or otherwise
transferring to any Person the Offered Securities. The election by a member not to exercise its preemptive rights under this 

  
 21 

	 	
Section 1 in any one instance shall not affect its right (other than in respect of a reduction in its Pro Rata Share) as to any future New Issuances under this Section 1.

  

	 	(e)	Any New Issuance without first giving the members the rights described in this Section 1 shall be void ab initio and of no force and effect. The preemptive rights
of a member hereunder may not be transferred, sold, assigned or otherwise disposed of, except to a Permitted Transferee of such member, and any purported disposition in violation hereof shall be void and of no force or effect.

  

	 	(f)	There shall be no liability on the part of the Company, the Board of Directors or any member if a New Issuance is not consummated for whatever reason. For the avoidance
of doubt, the determination of whether to effect a New Issuance shall be in the sole and absolute discretion of the Board of Directors. 

  

	 	(g)	Notwithstanding anything to the contrary contained herein, the preemptive rights of the members under this Section 1 shall be deemed satisfied with respect to any
issuance of Offered Securities if within thirty (30) days following the sale of any Offered Securities by the Company to one or more Persons who are not, in each case, a holder of at least 3% of the outstanding Ordinary Shares (assuming the
conversion of all Preference Shares into Ordinary Shares) or an Affiliate of such holder (each, an “Initial Purchaser”), the Company offers to sell to each member on the same terms (including the price per share) as the Initial
Purchasers purchased such Offered Securities the number of Offered Securities which each member (other than any Initial Purchasers) would have been entitled to purchase with respect to such issuance of Offered Securities pursuant to
Section 1(a). 

  

	2.	Exempt Issuances 

 The
provisions of Section 1 shall not apply to issuances of securities: 
  

	 	(a)	in connection with the Restructuring; 

  

	 	(b)	pursuant to the Subscription Agreement in connection with the Offering or any offering of Preference Shares pursuant to Section 5(j) of the Subscription Agreement;

  

	 	(c)	pursuant to the exercise of any member’s preemptive rights under Section 1; 

 

	 	(d)	to officers, employees or directors of, or individuals who are consultants to, the Company or its subsidiaries pursuant to any compensation arrangement adopted from
time to time, profit sharing, option or other equity incentive plans (including any employee share ownership plan) 

  
 22 

	 	
approved by the Board of Directors and Equity Securities issued upon exercise of such options or rights or otherwise issued pursuant to such plans, provided that such issuance shall not exceed
(i) the number of shares for which options may be granted under the Amended and Restated Michael Kors (USA), Inc. Stock Option Plan plus (ii) 2,500,000 shares (in each case, as appropriately adjusted from time to time for any share
split, reclassification, subdivision or recapitalization or any share dividend, or any corporate restructuring or reorganization), in the aggregate; 

  

	 	(e)	to third-party service providers or other third-party business partners who are not Affiliates of the Company or any member holding at least 3% of the outstanding
Ordinary Shares (assuming the conversion of all Preference Shares into Ordinary Shares), in each case, for bona fide commercial purposes and on an arm’s length basis, provided that such issuance shall not exceed 2,500,000 shares (in each
case, as appropriately adjusted from time to time for any share split, reclassification, subdivision or recapitalization or any share dividend, or corporate restructuring or reorganization) in the aggregate; 

 

	 	(f)	as consideration for the acquisition of another person who is not an Affiliate of the Company or any member holding at least 3% of the outstanding Ordinary Shares
(assuming the conversion of all Preference Shares into Ordinary Shares), by the Company by consolidation, merger, purchase of all or substantially all of the assets or other reorganization in which the Company acquires one or more divisions or lines
of business or all or substantially all of the assets of such other person or 50% or more of the voting power or equity ownership of such other person; 

  

	 	(g)	(i) pursuant to a Public Offering or (ii) in connection with any debt financing by the Company or any of its Subsidiaries with a person who is not an
Affiliate of the Company or any member holding at least 3% of the outstanding Ordinary Shares (assuming the conversion of all Preference Shares into Ordinary Shares); 

 

	 	(h)	in connection with the conversion, exchange or exercise of any Equity Securities (including, for the avoidance of doubt, the conversion of Preference Shares into
Ordinary Shares) in accordance with their applicable terms (it being understood that nothing in this clause (h) shall affect the applicability of this Article I to the issuance of any such Equity Securities); 

 

	 	(i)	in connection with any share split, reclassification, subdivision or recapitalization or any share dividend, or any corporate restructuring or reorganization, in each
case approved by the Board of Directors, and whereby such securities are distributable on a pro rata basis to all members; or 

  
 23 

	 	(j)	by a subsidiary of the Company to the Company or a wholly owned direct or indirect subsidiary of the Company; 

provided, that in no event shall the total number of shares issued pursuant to clause (d)(ii), (e), (f) and (g) above exceed 5,000,000
shares (as appropriately adjusted from time to time for any share split, reclassification, subdivision or recapitalization or any share dividend, or any corporate restructuring or reorganization), in the aggregate). 

  
 24 

 Article II 

Transfer 
  

	1.	General Restrictions. Except as otherwise permitted in this Article II, prior to the earlier of (a) the consummation of an IPO, (b) the consummation of
a Company Sale, (c) a liquidation, winding-up or dissolution of the Company and (d) the third (3rd) anniversary of the Closing, no member shall Transfer all or any portion of its shares, or rights with respect to its shares; it being
understood that any such Transfer not in accordance with this Section 1 or the remainder of this Article II will be deemed to constitute a Transfer by such member in violation of this Article II, shall be void ab initio and the Company
shall not recognize any such Transfer. This Article II shall not apply to any shares sold pursuant to the Subscription Agreement in connection with the Offering. 

 

	2.	Permitted Transfers. Subject to Section 3, the provisions of Section 1 shall not apply to the following Transfers of shares by a member (each of which
shall be deemed to constitute a “Permitted Transfer,” and each Transferee of a Permitted Transfer of shares under clause (a) through (g) are referred to herein as a “Permitted Transferee”):

  

	 	(a)	any Transfer of shares by a member to an Affiliate of such member (provided, that such Affiliate remains an Affiliate of the transferring member immediately
after such Transfer and such transferring member remains, jointly and severally with the Affiliate Transferee, responsible for any and all obligations and liabilities under this Article II); 

 

	 	(b)	in the case of a member who is an individual, any Transfer of shares by such member to (i) the spouse or children (whether lineal or adopted) of such member (each,
a “Family Member”) or (ii) any trust or similar estate planning entity established for the sole benefit of a Family Member (a “Permitted Trust”) (provided, however, that each such Permitted Trust
shall provide that all of the beneficial interests therein are held by a Family Member and that the voting, managerial and operational control of such Permitted Trust remains solely with such member who establishes the Permitted Trust until the
death or incapacity of such member); 

  

	 	(c)	any Transfer of shares by a member who is a senior executive of the Company or any of its Subsidiaries (or by such member’s estate or applicable beneficiary in the
event of such member’s death) to (i) the Company or any of its Subsidiaries (ii) any of the Existing Members, their respective Affiliates or, with respect to any Existing Member who is an individual, such Existing Member’s Family
Members or Permitted Trusts, or (iii) any third party, in each case pursuant to post-termination rights set forth in such senior executive’s employment contract with the Company or any of its Subsidiaries, as applicable (an
“Executive Transfer”); 

	 	(d)	any Transfer of shares by a member in connection with any tender or exchange offer, merger, consolidation, amalgamation, recapitalization or other form of business
combination involving the Company that is available on the same terms to all holders of Ordinary Shares (including all Ordinary Shares issuable upon conversion of the Preference Shares) and approved by the Board of Directors;

  

	 	(e)	any Transfer of shares by a member consented to by the Board of Directors, if any, which consent shall be granted or withheld in the Board of Directors’ sole
discretion; provided, that such Transfers shall be subject to rights of first offer in favor of the Company and the other members consistent with the procedures set forth in Section 5 (Rights of First Offer) and Tag-Along Rights
in favor of the New Members consistent with the procedures set forth in Section 6 (Tag-Along Rights); provided, further, that neither Michael Kors (for purposes of this Section 2(e) only, Michael Kors shall be deemed
to include any Permitted Transferee of Michael Kors under Section 2(a) and (b)) nor John Idol (for purposes of this Section 2(e) only, John Idol shall be deemed to include any Permitted Transferee of John Idol under Section 2(a) and
(b)) shall effect any Transfers under this Section 2(e) if such Transfer (together with all other Transfers made by such person under this Section 2(e)) results in Michael Kors or John Idol, as the case may be, holding less than 80% of the
shares held by such person on the date of the Shareholders Agreement on a fully diluted basis (assuming the exercise of all stock options); provided, further, that nothing contained in this Section 2(e) shall prohibit Michael Kors
or John Idol from participating in a Tag-Along Sale or Drag-Along Sale in accordance with the provisions of (i) Section 6 (Tag-Along Rights) and (ii) Section 7 (Drag-Along Rights); 

 

	 	(f)	any Transfer of shares by a member subject to, or in accordance with, the provisions of (i) Section 6 (Tag-Along Rights) or (ii) Section 7
(Drag-Along Rights); 

  

	 	(g)	any Transfer of Shares by a member in the IPO; 

  

	 	(h)	any Transfer of Shares by an member pursuant to Section 5(j) of the Subscription Agreement; or 

 

	 	(i)	 any Transfer of shares by a New Member that purchased at least 1,628,528 Preference Shares in the Offering if (i) such Transfer is made to a
mutual fund, pension plan or other passive institutional investor which, to the knowledge of such New Member, typically makes investments in persons in the ordinary course of business for investment purposes only and not with the purpose or effect
of changing or influencing the control of such person, (ii) such Transfer (A) does not cause the Company to become a reporting company under the Exchange Act and (B) does not increase the number of record and beneficial owners of
shares to be more than 150 

  
 26 

	 	
persons as a result of such Transfer, (iii) as a result of such Transfer, no person would have (together with its Affiliates) beneficial or record ownership of 50% or more of the outstanding
Preference Shares or more than 50% of the Ordinary Shares for which the Preference Shares may be converted (other than to the extent such Transfer is made to person that is a member on the date of the Shareholders Agreement) and (iv) such
Transfer is subject to the rights of first offer in favor of the Company and the other members consistent with the procedures set forth in Section 5 (Rights of First Offer); it being understood that notwithstanding anything
contained in Section 5.3 of the Shareholders Agreement to the contrary, any Transfer made pursuant to this Section 2(i) shall not Transfer any board observer rights but shall instead Transfer the right, to the extent the transferee meets
the requirements of the first sentence of Section 5.3(b) of the Shareholders Agreement, to receive copies of all materials and information provided to the members of the Board of Directors (whether in connection with a meeting, an action by
written consent or otherwise), including an annual budget and business plan and any multi-year budget or business plan. Shares purchased in the Offering by New Members that are Advised Accounts and have a common or Affiliated investment adviser
shall be aggregated for purposes of determining whether such New Member has met the threshold regarding Preference Shares purchased in the Offering. 

  

	3.	Conditions to Transfers. In addition to all other terms and conditions contained in this Article II and the Shareholders Agreement, no Transfers (including, for
the avoidance of doubt, any Transfers made after the third (3rd) anniversary of the Closing) shall be completed or effective for any purpose unless the following conditions are satisfied: 

 

	 	(a)	prior thereto: 

  

	 	(i)	the Transferor shall have provided to the Company, (x) at least ten (10) Business Days’ prior notice of such Transfer, (y) a certificate of the
Transferor, delivered with such notice, containing a statement that such Transfer is permitted under this Article II, and (z) such other information and documents as may be reasonably requested by the Company in order for it to determine
whether such Transfer is permitted under this Article II; 

  

	 	(ii)	 the Transferee shall have executed and delivered to the Company a written undertaking substantially in the form required under the Shareholders
Agreement, pursuant to which such Transferee agrees (x) to be bound by the terms and conditions of the Shareholders Agreement and (y) that the shares acquired by it shall be subject to the terms of the Shareholders Agreement, and the
Transferee shall furnish copies of all share certificates effecting the Transfer and 

  
 27 

	 	
such other certificates, instruments and documents as the Company may request; and 

  

	 	(iii)	all necessary third party consents to the Transfer shall have been obtained; 

 

	 	(b)	such Transferee is not a competitor of the Company and its subsidiaries, as determined in the reasonable discretion of the Board of Directors; provided that any
private equity fund or other financial investor shall not be deemed to be a competitor of the Company; 

  

	 	(c)	such Transfer would not violate the Securities Act or any state securities or “blue sky” Laws applicable to the Company or the shares to be Transferred;

  

	 	(d)	such Transfer shall not impose liability or reporting obligations on the Company or any member in any jurisdiction, whether domestic or foreign, or result in the
Company or any member becoming subject to the jurisdiction of any Governmental Authority anywhere, other than the Governmental Authorities to which the Company is then subject to such liability, reporting obligation or jurisdiction; and

  

	 	(e)	such Transfer shall not, in the Board of Directors’ sole discretion, have the effect of requiring the Company to, upon the consummation of such Transfer, register
the shares under Section 12(g) of the Exchange Act; 

 provided, however, that the provisions
of (i) Section 3(a) through Section 3(e) shall not apply to a Transfer in connection with a Company Sale, in the IPO or in connection with the liquidation, winding-up or dissolution of the Company and (ii) Section 3(b) shall
not apply to an Executive Transfer or a Transfer subject to, or in accordance with, Section 6 (Tag-Along Rights) or Section 7 (Drag-Along Rights). 

 

	4.	Effect of Permitted Transfer. Subject to the terms of this Article II and the Shareholders Agreement (including Section 4.1(c) of the Shareholders
Agreement), a Permitted Transferee of a member shall be substituted for and shall enjoy the same rights and be subject to the same obligations as the transferring member hereunder with respect to the shares Transferred to such Permitted Transferee.

  

	5	Right of First Offer. 

  

	 	(a)	 In the event that any member wishes to Transfer after the third (3rd) anniversary of the Closing or a New Member wishes to Transfer in accordance
with Section 2(i) (such member or New Member, a “Transferor”), in one transaction or a series of related transactions, shares to any person, such Transferor, prior to any such Transfer, shall deliver to the Company and the
non-Transferring members (collectively, the “ROFO 

  
 28 

	 	
Recipients”) written notice (the “Offer Notice”) stating (i) such Transferor’s intention to effect such a Transfer; (ii) the number of shares proposed
to be transferred by the Transferor (the “Transferred Shares”); and (iii) the material terms and conditions of such sale (including the per share purchase price (the “Offer Price”)); and (iv) the proposed
effective date of the sale. The failure to provide an Offer Notice shall not relieve such Transferor’s obligations and shall not limit the rights of the Company and the non-Transferring shareholders under this Section 5.

  

	 	(b)	For a period often (10) Business Days (the “Initial Exercise Period”) after the last date on which the Offer Notice is deemed to have been
delivered to the Company and the non-Transferring members, the Company shall have the right to purchase up to all of the Transferred Shares on the same terms and conditions as specified in the Offer Notice and as set forth in this Section 5. In
order to exercise its right hereunder, the Company must deliver written notice to such Transferor within the Initial Exercise Period. 

  

	 	(c)	Subject to the limitations of this Section 5(c), if the Company declines to purchase all of the Transferred Shares, then the non-Transferring members shall have
the right on a pro-rata basis (assuming the conversion of all Preference Shares) to elect to purchase, during the Initial Exercise Period, up to all of the Transferred Shares after giving effect to those Transferred Shares elected to be purchased by
the Company (the “Remaining ROFO Shares”), on the same terms and conditions as specified in the Offer Notice and as set forth in this Section 5. In order to exercise its rights hereunder, such non-Transferring member must
provide written notice delivered to the Transferor within the Initial Exercise Period. To the extent the aggregate number of shares that the non-Transferring members desire to purchase (as evidenced in the written notices delivered to such
Transferor) exceeds the Remaining ROFO Shares, each non-Transferring member so exercising shall be entitled to purchase the lesser of (x) the number of Remaining ROFO Shares it so elected to purchase and (y) its pro rata share of the
Remaining ROFO Shares, which shall be equal to that number of the Remaining ROFO Shares equal to the product obtained by multiplying (x) the number of Remaining ROFO Shares by (y) a fraction, (i) the numerator of which shall be the
number of Ordinary Shares held by such non-Transferring member on the date of the Offer Notice and (ii) the denominator of which shall be the number of Ordinary Shares held on the date of the Offer Notice by the non-Transferring member
exercising their rights to purchase under this Section 5 (assuming the conversion of all Preference Shares into Ordinary Shares in each of the numerator and the denominator). 

 

	 	(d)	 Upon the earlier to occur of (i) the expiration of the Initial Exercise Period or (ii) the time when such Transferor has received written
confirmation from the Company or all of the non-Transferring members (if the Company is not purchasing all of the Transferred Shares) regarding its 

  
 29 

	 	
exercise of its right of first offer, the Company and the non-Transferring Members shall be deemed to have made its election with respect to the Transferred Shares. If the Company and/or the
non-Transferring members, after following the procedures set forth in Section 5(b) and Section 5(c), elected to acquire all of the Transferred Shares, then within five (5) days after the expiration of the Initial Exercise Period, such
Transferor shall give written notice to the Company and each non-Transferring member specifying the number of Transferred Shares that will be purchased by the Company pursuant to Section 5(b) and, if applicable, the number of Transferred Shares
that will be purchased by each non-Transferring members pursuant to Section 5(c) (the “ROFO Confirmation Notice”). For purposes of clarity, if the Company and/or the non-Transferring members did not elect to acquire all of the
Transferred Shares, then the Company and the non-Transferring members shall not have any right to purchase any Transferred Shares pursuant to this Section 5 and the Transferor shall be free to sell all Transferred Shares to a third party that
otherwise meets the requirements of this Article II (including, if applicable, Section 2(i)). 

  

	 	(e)	The purchase price for the Transferred Shares to be purchased by the Company and/or by the non-Transferring members exercising its rights of first offer under this
Section 5 will be the Offer Price, in cash, and will be payable as set forth in Section 5(f). 

  

	 	(f)	The Company and the non-Transferring members exercising their rights of first offer under this Section 5 shall effect the purchase of all of the Transferred
Shares, including the payment of the purchase price, within twenty (20) Business Days after the delivery of the ROFO Confirmation Notice (the “Right of First Offer Closing”). Payment of the purchase price will be made, at the
option of the Transferor, (i) in cash (by check), (ii) by wire transfer or (iii) by cancellation of all or a portion of any outstanding indebtedness of such Transferor to the Company or the non-Transferring members, as the case may
be, or (iv) by any combination of the foregoing. At such Right of First Offer Closing, such Transferor shall deliver to either the Company or, if the Company does not elect to purchase all of the Transferred Shares pursuant to
Section 5(b), each non-Transferring member exercising its right of first offer, one or more certificates, properly endorsed for transfer, representing such Transferred Shares so purchased. 

 

	 	(g)	This Section Sshall not apply to (i) clauses (a), (b), (c), (d), (f), (g) and (h) of Section 2 (Permitted Transfers) or
(ii) Transfers in connection with (A) the consummation of a Company Sale or (B) a liquidation, winding-up or dissolution of the Company. 

  
 30 

	6.	Tag-Along Rights. 

  

	 	(a)	In the event that any of the Existing Members, individually or as a group (the “Selling Members”), shall Transfer, in one transaction or a series of
related transactions, any of its or their Ordinary Shares (a “Tag-Along Sale”) to any Person (a “Proposed Purchaser”), each other member (each, a “Tagging Member”) shall have the right and option
(“Tag-Along Rights”), but not the obligation, to Transfer up to the Requisite Percentage (as defined below) of its Ordinary Shares in such Tag-Along Sale, on the terms and conditions set forth in this Section 6. For the
avoidance of doubt, members may only exercise their Tag-Along Rights under this Section 6 in respect of Ordinary Shares (and not any other securities convertible into or exchangeable or exercisable for Ordinary Shares, including any Preference
Shares). Upon the consummation of any Tag-Along Sale which, individually or together with all other related Tag-Along Sales involving a single purchaser or group of purchasers, constitutes a Company Sale, before any distribution or payment shall be
made to any Selling Members in connection with such Tag-Along Sale, each Tagging Member holding Preference Shares shall be entitled to receive the Sale Payment for each of its Preference Share being sold or converted in connection with such
Tag-Along Sale in accordance with the Memorandum. 

  

	 	(b)	The Selling Members shall notify the Tagging Members in writing of any proposed Tag-Along Sale at least twenty (20) days prior to the anticipated closing date for
such proposed Tag-Along Sale (a “Tag-Along Notice”). Any such Tag-Along Notice delivered to the Tagging Members in connection with a proposed Tag-Along Sale shall set forth: (i) the number of Ordinary Shares the Selling Members
are selling in connection with such Tag-Along Sale (the “Offered Tag-Along Sale Shares”), (ii) the name and address of the Proposed Purchaser in such Tag-Along Sale, (iii) the material terms and conditions of such proposed
Tag-Along Sale (including the per Ordinary Share purchase price and description of any proposed purchase price adjustments) and (iv) the proposed effective date of the proposed Tag-Along Sale. 

 

	 	(c)	 Each Tagging Member shall have the right to include in the Tag-Along Sale and the Selling Member shall cause the inclusion in the Tag-Along Sale, upon
the terms set forth in the Tag-Along Notice, up to that number of Ordinary Shares equal to a percentage of the total number of Ordinary Shares proposed to be sold by the Selling Members determined by dividing (A) the total number of Ordinary
Shares then owned by such Tagging Member by (B) the sum of (x) the total number of Ordinary Shares then owned by all Tagging Members exercising their rights pursuant to this Section 6 and (y) the total number of Ordinary Shares
owned by the Selling Members (assuming the conversion of all Preference Shares held by the Tagging Members and the Selling Members into 

  
 31 

	 	
Ordinary Shares in each of clauses (x) and (y)) (the “Requisite Percentage”); provided, that if such calculation yields a fraction of an Ordinary Share, such fraction
shall be rounded up to the nearest whole Ordinary Share if such fraction is equal to or greater than 0.5 and rounded down to the nearest whole Ordinary Share if such fraction is less than 0.5. The Tagging Members may exercise the Tag-Along Rights in
connection with a Tag-Along Sale described in a Tag-Along Notice by delivery of a written notice to the Selling Members within ten (10) days following receipt of a Tag-Along Notice from such Selling Members. Each Tagging Member shall be deemed
to have waived its Tag-Along Rights if it fails to give notice within the prescribed time period. 

  

	 	(d)	In the event that any Tagging Member does not exercise its Tag-Along Rights or elects to exercise its Tag-Along Rights with respect to less than all of its Requisite
Percentage (such remaining securities, the “Non-Electing Shares”), each other Tagging Member who has elected to exercise its Tag-Along Rights in full, may elect to sell (in addition to its Requisite Percentage of the number of
Ordinary Shares proposed to be sold by the Selling Members) up to the total number of Non-Electing Shares, provided that such Tagging Member shall only be entitled to sell up to that number of Non-Electing Shares equal to the lesser of
(i) the number of Non-Electing Shares it has elected to sell and (ii) its pro rata share of Non-Electing Shares, which shall equal to that number of Non-Electing Shares equal to the product of (A) the number of Non-Electing Shares and
(B) the quotient obtained by dividing (1) the total number of Ordinary Shares then owned by such Tagging Member by (2) the sum of (x) the total number of Ordinary Shares then owned by all Tagging Members exercising their rights
pursuant to this Section 6(d) (excluding the Non-Electing Shares) and (y) the total number of Ordinary Shares owned by the Selling Members (assuming the conversion of all Preference Shares held by the Tagging Members and the Selling
Members into Ordinary Shares in each of clauses (x) and (y)). The Selling Members shall attempt to obtain inclusion in the Tag-Along Sale of the entire number of shares which the Selling Members and the Tagging Members electing to exercise
Tag-Along Rights desire to have included in the Tag-Along Sale. In the event the Selling Members shall be unable to obtain the inclusion of such entire number of shares in such Tag-Along Sale, the number of shares to be sold in the Tag-Along Sale by
each Selling Member and each Tagging Member electing to exercise Tag-Along Rights shall be reduced on a pro rata basis according to the proportion which the number of shares which each such party desires to have included in the sale bears to the
total number of shares desired by all such parties to have included in the sale, and the Transfer to the Proposed Purchaser will otherwise proceed in accordance with the terms of this Section 6 and the Tag-Along Notice.

  
 32 

	 	(e)	In the event that the Tagging Members shall elect to exercise Tag-Along Rights in connection with a proposed Tag-Along Sale, the Tagging Members shall take, or cause to
be taken, all commercially reasonable action, and do, or cause to be done, all things commercially reasonable to consummate and make effective such Tag-Along Sale, including executing any purchase agreement or other certificates, instruments and
other agreement required to consummate the proposed Transfer to the Proposed Purchaser and using commercially reasonable efforts to obtain all necessary consents from third parties and take such other actions as may be necessary to effectuate the
intent of the foregoing so long as such Selling Members execute the same agreements and other documents on the same terms, provided that: 

  

	 	(i)	a Tagging Member shall not be required to provide representations, warranties, covenants, or agreements other than those individual representations, warranties
covenants, or agreements (so long as such Selling Members agree to do the same) related to such Tagging Member’s (A) ownership of and title to the shares it is transferring in such Tag-Along Sale, (B) organization, (C) authority
to enter in the Tag-Along Sale and (D) conflicts and consents related to such Tag-Along Sale; 

  

	 	(ii)	any indemnity given by the Selling Members to the purchaser in connection with such Tag-Along Sale applicable to liabilities not specific to the Selling Members shall
be apportioned among the Selling Members and the Tagging Members according to the consideration received by each Selling Member and Tagging Member and shall not exceed the lesser of (A) such Selling Member’s or Tagging Member’s (as
the case may be) pro rata portion of any such liability, to be determined in accordance with such Selling Member’s or Tagging Member’s (as the case may be) portion of the total value for his, her or its Ordinary Shares included in such
Tag-Along Sale or (B) such Selling Member’s or Tagging Member’s (as the case may be) proceeds from the Tag-Along Sale; 

  

	 	(iii)	other than a customary confidentiality covenant, a Tagging Member shall not be obligated to enter into any non-compete, non-solicit or other post-closing covenant that
restricts its activities in any way; and 

  

	 	(iv)	a Tagging Member shall not be responsible for breaches of representations, warranties, covenants, or agreements made by any other seller in such Tag-Along Sale with
respect to such other seller. 

  
 33 

	 	Subject to clauses (i) through (iv) above, at the closing of any Tag-Along Sale, the Tagging Members shall deliver to the Proposed Purchaser (A) such
instruments of transfer as shall be reasonably requested by the Proposed Purchaser with respect to the Ordinary Shares to be Transferred, against receipt of the purchase price therefor (so long as such Selling Members agree to do the same) and
(B) such members’ Ordinary Shares, free and clear of any liens (so long as such Selling Members agree to do the same). At the closing of any proposed Tag-Along Sale, the Proposed Purchaser shall deliver payment (in full in immediately
available funds) for the Ordinary Shares purchased by such Proposed Purchaser. 

  

	 	(f)	In connection with any Tag-Along Sale, the Tagging Members shall receive for the sale of their Ordinary Shares a pro rata portion of the aggregate consideration
paid by the Proposed Purchaser. 

  

	 	(g)	There shall be no liability on the part of the Board of Directors, the Selling Members or the Company to the Tagging Members or any of their respective Affiliates if
any Tag-Along Sale is not consummated for whatever reason. For the avoidance of doubt, the determination of whether to effect a Tag-Along Sale shall be in the sole and absolute discretion of the Selling Members. 

 

	 	(h)	This Section 6 shall not apply to Transfers (i) permitted by clauses (a), (b), (c), (d), (g), (h) and (i) of Section 20, (ii) in
connection with a liquidation, winding-up or dissolution of the Company, (iii) pursuant to, or consequent upon, the exercise of the right of first offer set forth in Section 5 or (iv) pursuant to, or consequent upon, the exercise of
the drag-along rights set forth in Section 7. 

  

	7.	Drag-Along Rights. 

  

	 	(a)	If at any time any Existing Member or group of Existing Members holding at least a majority of the outstanding Ordinary Shares (assuming the conversion of all
Preference Shares into Ordinary Shares) (collectively, the “Dragging Members”) determine to Transfer or cause to be Transferred, in any single arm’s-length transaction or series of related arm’s-length transactions,
Ordinary Shares representing all of the then-issued and outstanding Ordinary Shares (assuming the conversion of all Preference Shares into Ordinary Shares) then held by the Existing Members to one or more Persons who are unaffiliated bona
fide third-party purchasers (a “Drag-Along Sale”), then the Dragging Members may elect to require all other Members (the “Dragged Members”) to, and the Dragged Members shall, (i) if such Drag-Along Sale is
structured as sale of Ordinary Shares, Transfer, or caused to be Transferred, to such Person, concurrently with the Drag-Along Sale, Preference Shares or Ordinary Shares representing all of the Ordinary Shares 

  
 34 

	 	
then held by the Dragged Members (in the case of Preference Shares, assuming the conversion of all Preference Shares into Ordinary Shares) or (ii) if such Transfer is structured as a merger,
consolidation or sale of all or substantially all of the assets of the Company, to vote in favor thereof, and otherwise to consent to and raise no objection to such Drag-Along Sale, and the Dragged Members shall waive dissenters’ rights,
appraisal rights or similar rights, if any, which the Dragged Members may have in connection therewith; provided that upon the consummation of any Drag-Along Sale, (y) before any distribution or payment shall be made to any Dragging
Members in connection with such Drag-Along Sale, each Dragged Member that holds Preference Shares shall be entitled to receive the Sale Payment, for each Preference Share it holds that is to be Transferred in such Drag-Along Sale in accordance with
the Memorandum and (z) if such Drag-Along Sale is entered into prior to the three year anniversary of the Closing, then the consideration payable to each Dragged Member that holds Preference Shares shall be payable either (i) solely in
cash or Liquid Securities, or (ii) solely to the extent holders of Ordinary Shares are receiving securities, other than Liquid Securities, in such Drag-Along Sale, then each holder of Preference Shares shall have the option of receiving
non-Liquid Securities of either the same class received by holders of Ordinary Shares or in the form of Acceptable Securities. For greater certainty, under no circumstances shall any Affiliate of the Company be considered an unaffiliated bona
fide third-party purchaser for purposes of this Section 7. 

  

	 	(b)	The Dragging Members may exercise their drag-along rights pursuant hereto by delivering to each Dragged Member and the Company, at least twenty (20) days in
advance of the anticipated closing date for the Drag-Along Sale, a written notice (the “Drag Notice”), which shall set forth (i) the number of Ordinary Shares the Dragging Members proposed to be sold in such Drag-Along Sale,
(ii) the name and address of the proposed Transferee in such Drag-Along Sale, (iii) the material terms and conditions of such proposed Drag-Along Sale (including the per Ordinary Share purchase price or a reasonable estimate of the maximum
and minimum per Ordinary Share purchase price) and (iv) the proposed effective date of the proposed Drag-Along Sale. The Drag Notice shall also specify the number of Ordinary Shares required to be Transferred by the Dragged Member.

  

	 	(c)	 Prior to or in connection with the closing of any such proposed Drag-Along Sale, each Dragged Member shall take, or cause to be taken, all commercially
reasonable actions, and do, or cause to be done, all things commercially reasonable or advisable to consummate or make effective such Drag-Along Sale, including (i) together with the proposed purchaser

  
 35 

	 	
or purchasers, execute any purchase agreement or other certificates, instruments and other agreement required to consummate and make effective such proposed Drag-Along Sale and (ii) using
commercially reasonable efforts to obtain all necessary consents from third parties and take such other actions as may be necessary to effectuate the intent of the foregoing so long as such Dragging Members execute the same agreements and other
documents on the same terms; provided that: 

  

	 	(i)	a Dragged Member shall not be required to provide representations, warranties, covenants, or agreements other than those individual representations, warranties
covenants, or agreements (so long as such Dragging Members agree to do the same) related to such Dragged Member’s (A) ownership of and title to the shares it is transferring in such Drag-Along Sale, (B) organization,
(C) authority to enter in the Drag-Along Sale and (D) conflicts and consents related to such Drag-Along Sale; 

  

	 	(ii)	any indemnity given by the Dragging Members to the purchaser in connection with such Drag-Along Sale applicable to liabilities not specific to the Dragging Members
shall be apportioned among the Dragging Members and Dragged Members (as the case may be) according to the consideration received by each Dragging Member and Dragged Member and shall not exceed the lesser of (A) such Dragging Member’s or
Dragged Member’s (as the case may be) pro rata portion of any such liability, to be determined in accordance with such Dragging Member’s or Dragged Member’s (as the case may be) portion of the total value for his, her or its shares
included in such Drag-Along Sale or (B) such Dragging Member’s or Dragged Member’s (as the case may be) proceeds from the Drag-Along Sale; 

  

	 	(iii)	other than a customary confidentiality covenant, a Dragged Member shall not be obligated to enter into any non-compete, non-solicit or other post-closing covenant that
restricts its activities in any way; and 

  

	 	(iv)	a Dragged Member shall not be responsible for breaches of representations, warranties, covenants, or agreements made by any other seller in such Drag-Along Sale with
respect to such other seller. 

 Subject to clauses (i) through (iv) above, at the closing of any such
proposed Drag-Along Sale, the Dragged Members shall deliver to the proposed purchaser or purchasers (x) such certificates and other instruments of transfer as shall be reasonably requested by the proposed purchaser or purchasers with respect to
the Ordinary Shares to be Transferred, against receipt of the purchase price therefor in such Drag-

  
 36 

	 	
Along Sale (so long as such Dragging Members agree to do the same) and (y) the Dragged Member’s Preference Shares or Ordinary Shares, free and clear of any liens (so long as such
Dragging Members agree to do the same). At the closing of any proposed Drag-Along Sale, the proposed purchaser or purchasers shall deliver payment (in full in immediately available funds) for the shares purchased by such proposed purchaser or
purchasers. 

  

	 	(d)	In the event that the Drag-Along Sale is effectuated through a business combination (whether by way of merger, recapitalization or otherwise) or asset sale, the members
shall use their commercially reasonable efforts to take, or cause to be taken, all commercially reasonable action, and to do, or cause to be done, all things commercially reasonable or advisable to consummate and make effective the business
combination. 

  

	 	(e)	There shall be no liability on the part of the Dragging Members, the Board of Directors or the Company to the Dragged Members or any of their respective Affiliates if
any Drag-Along Sale is not consummated for whatever reason. For the avoidance of doubt, the determination of whether to effect a Drag-Along Sale shall be in the sole and absolute discretion of the Dragging Members. 

 

	 	(f)	If more than 90 days elapse from the date of delivery of the Drag Notice without the consummation of such Drag-Along Sale, the members shall be released from their
obligations with respect to such Drag-Along Sale and the provisions of this Section 7 shall again apply to any future Transfers that otherwise come within its terms. 

 

	8.	Supplemental Transfer Provisions. 

  

	 	(a)	Notwithstanding any other provision of this Memorandum or the Articles, no Existing Member shall Transfer any Shares in a Permitted Transfer that constitutes a
Tag-Along Sale unless such Transfer is first consented to in writing, or initiated or otherwise participated in, by the Majority Existing Members. 

  

	 	(b)	Notwithstanding any other provision of this Memorandum or the Articles, in addition to the Transfer terms and conditions set forth in this Memorandum or the Articles,
except for a Transfer in connection with the sale of Preference Shares in the Offering, a Company Sale or in the IPO, no Transfers of Shares by an Existing Member shall be completed or effective for any purpose unless the Transferee shall have
executed and delivered to the Company a written undertaking substantially in the form attached to the Voting and Lock-Up Agreement, pursuant to which such Transferee agrees (x) to be bound by the terms and conditions of the Voting and Lock-Up
Agreement and (y) that the Shares acquired by it shall be subject to the terms of the Voting and Lock-Up Agreement. 

  
 37 

	 	(c)	 The provisions of this Section 8 shall terminate upon the earlier of (i) the date on which the IPO is consummated, (ii) the consummation
of a Company Sale, (iii) a liquidation, winding-up or dissolution of the Company and (iv) the third
(3rd) anniversary of the Closing (provided,
that the provisions of Section 8(b) shall continue to apply to Transfers permitted by virtue of this subclause (iv)). 

  
 38 

 TERRITORY OF THE BRITISH VIRGIN ISLANDS 

THE BVI BUSINESS COMPANIES ACT 
 (NO. 16 OF 2004) 
 ARTICLES OF ASSOCIATION 

OF 

MICHAEL KORS HOLDINGS LIMITED 
 PRELIMINARY 
  

	1.	In these Articles, if not inconsistent with the subject or context, the words and expressions standing in the first column of the following table shall bear the
meanings set opposite them respectively in the second column thereof. 

  

			
	 Words
	  	Meaning
		
	 Acceptable Securities
	  	Any preference or preferred securities of any person that have the substantially similar economic and legal characteristics as the Preference Shares (including lock-up
provisions, liquidity and registration rights and other shareholder rights and obligations as nearly equivalent as may be practicable to the lock-up, liquidity and registration rights and obligations provided for in the Shareholders Agreement and
the Memorandum).
		
	 Accreted Value
	  	As of any date, with respect to each Preference Share, (a) the Preference Share Issue Amount, plus (b) the amount of dividends which have accreted, compounded and been
added thereto to such date.
		
	 Act
	  	The BVI Business Companies Act, 2004 (as amended).

			
	 Advised Account
	  	Any New Member (or Affiliate of any New Member) for whom T. Rowe Price Associates, Inc. or Fidelity Investments, Inc. is the investment adviser.
		
	 Affiliate
	  	With respect to any person, another person that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such
first person, where “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management policies of a person, whether through the ownership of voting securities, by contract, as trustee
or executor or otherwise. Advised Accounts that share the same investment adviser (or affiliated investment adviser) shall be deemed to be Affiliates.
		
	 Board of Directors
	  	The Board of Directors of the Company.
		
	 Business Day
	  	Any day, except a Saturday, Sunday or day on which banking institutions are legally authorized to close in New York City or in the British Virgin Islands.
		
	 capital
	  	 The sum of the aggregate par value of all outstanding shares with par value of the Company and shares with par value held by the
Company as treasury shares plus
  

(a)    the aggregate of the amounts designated as capital of all outstanding shares without
par value of the Company and shares without par value held by the Company as treasury shares, and

  
 2 

			
		  	 (b)    the amounts as are from time to time transferred from surplus to capital by a resolution of
directors.

		
	 Closing
	  	The closing of the Offering.
		
	 Company Sale
	  	 (a) Any sale or Transfer, in one or more related transactions, of the Company whether by sale or other Transfer of shares, merger,
consolidation, amalgamation, recapitalization or equity sale (including a sale of securities by the Company other than in the IPO), which has the effect of the direct or indirect acquisition of the Majority Voting Power in the Company from the
member or members who directly or indirectly held such Majority Voting Power immediately prior to such sale; provided, that, for avoidance of doubt, a transaction that results in the member or members who held such Majority Voting Power
immediately prior to such sale continuing to directly or indirectly hold (either by remaining outstanding or by being converted into voting Equity Securities of the successor or surviving entity) the Majority Voting Power of the Company or
comparable voting Equity Securities of the surviving or successor entity outstanding immediately after such transaction shall not constitute a Company Sale; or
  

(b) any sale or Transfer, other than to the Company or any wholly-owned subsidiary of the Company, directly or indirectly, in one or more related
transactions, of all or substantially all of the consolidated assets of the Company and its subsidiaries (which

  
 3 

			
		  	 may include, for the avoidance of doubt, the sale or issuance of Equity Securities of one or more subsidiaries of the Company);
provided, that, for avoidance of doubt, a transaction that results in (A) the member or members who held such Majority Voting Power of the Company immediately prior to such sale continuing to directly or indirectly hold the Majority Voting
Power of the person that acquires such assets immediately after such transaction and (B) the holders of Preference Shares immediately prior to such sale acquiring Acceptable Securities of the person that acquires such assets immediately after such
transaction shall not constitute a Company Sale.
  
 Notwithstanding the
foregoing, an IPO or any broadly disseminated Public Offering of Equity Securities of the Company or any of its subsidiaries shall not constitute a Company Sale.

		
	 Consent Rights Matters
	  	The matters set out in Regulation 93 of these Articles of Association that require the consent of the holders Preference Shares as further set out therein.
		
	 Equity Securities
	  	With respect to any entity, all forms of equity securities in such entity or any successor of such entity (however designated, whether voting or non-voting), all securities
convertible into or exchangeable or exercisable for such equity securities, and all warrants, options or other rights to purchase or acquire from such entity or any successor of such entity, such equity securities, or securities convertible into
or

  
 4 

			
		  	exchangeable or exercisable for such equity securities, including, with respect to the Company, the Ordinary Shares and any Share Equivalents (including the Preference
Shares).
		
	 Exchange Act
	  	The United States Securities Exchange Act of 1934, as amended from time to time.
		
	 Excluded Transaction
	  	Any issuance of Ordinary Shares (a) pursuant to any stock option, stock purchase or similar plan or arrangement for the benefit of employees, officers, directors or consultants
of the Company or its subsidiaries; (b) issued as consideration in connection with a bona fide acquisition, merger or consolidation by the Company to an unaffiliated third party provided such acquisition, merger or consolidation has been approved by
the Board of Directors; (c) issued in connection with licensing, marketing or distribution arrangements or similar strategic transactions approved by the Board of Directors to an unaffiliated third party; (d) upon conversion of the Preference
Shares; (e) as a dividend on Preference Shares; or (f) pursuant to an IPO or any other broadly disseminated public offering of Equity Securities of the Company.
		
	 Existing Member
	  	A member as of the date of the Subscription Agreement and its Permitted Transferees (as defined in the Memorandum), excluding New Members.
		
	 Governmental Authority
	  	Any federal, national, state, foreign, provincial, local or other government or any governmental, regulatory,

  
 5 

			
		  	administrative or self-regulatory authority, agency, bureau, board, commission, court, judicial or arbitral body, department, political subdivision, tribunal or other
instrumentality thereof.
		
	 IPO
	  	The first Public Offering of Shares in a firm commitment underwriting in (i) the United States or (ii) the United Kingdom with a listing on the London Stock Exchange, in Hong
Kong on the Hong Kong Stock Exchange or any other country with a listing on an internationally recognized stock exchange (any such international exchange together with any stock exchange in the United States, an “Approved Exchange”)
recommended by the lead managing underwriter or underwriters and approved by the Board of Directors.
		
	 Law
	  	Any statute or law (including common law), constitution, code, ordinance, rule, treaty or regulation and any Order.
		
	 Liquid Securities
	  	In the case of equity securities, that are of a class listed on one or more Approved Exchanges and that are immediately salable without contractual or legal restrictions on
transfer (it being agreed that such securities shall not be deemed to be subject to legal restrictions if such securities are (A) immediately salable pursuant to Rule 144 (or applicable non U.S. equivalent to Rule 144) without volume
limitations or (B) entitled to the benefits of a shelf registration or other registration rights that are immediately exercisable).

  
 6 

			
	 Majority Existing Member
	  	The Existing Member or Existing Members holding greater than fifty percent (50%) of the issued and outstanding Ordinary Shares (assuming for this purpose, the conversion of all
Preference Shares held by the Existing Members into Ordinary Shares) held by all of the Existing Members at the time of the relevant meeting or consent.
		
	 Majority Voting Power
	  	With respect to any person, either (a) the power to elect or direct the election of a majority of the board of directors or other similar body of such person or the power to
control such person by contract or as the managing member or general partner (or other equivalent status) of such person, or (b) ownership of Equity Securities representing a majority of the voting interests of such person.
		
	 member
	  	A person who holds shares in the Company and whose name is entered in the Company’s register of members as the registered holder of such shares.
		
	 Memorandum
	  	The Memorandum of Association of the Company as originally framed or as from time to time amended, and including the Share Transfer Restrictions and the Preemptive
Rights.
		
	 New Member
	  	A member who acquired its shares under the Subscription Agreement.
		
	 Offering
	  	The offering and sale of Preference Shares by the Company and certain members pursuant to the Subscription Agreement.
		
	 Order
	  	Any award, injunction, judgment, decree, order, ruling, subpoena,

  
 7 

			
		
		  	assessment, writ or verdict or other decision issued, promulgated or entered by or with any Governmental Authority of competent jurisdiction.
		
	 person
	  	An association, a corporation, an individual, a partnership, a limited liability company, a trust or any other entity or organization, including a Governmental
Authority.
		
	 Preemptive Rights
	  	The preemptive rights set out in Article I of the Schedule to the Memorandum entitled “Preemptive Rights”.
		
	 Preference Share Issue Amount
	  	With respect to any Preference Share, US$46.0539.
		
	 Pro Rata Share
	  	With respect to any member, a percentage interest (expressed as a percentage) that results from dividing (a) the number of Ordinary Shares held by such member by (b) the
aggregate number of Ordinary Shares held by all members electing to participate in the purchase of Offered Securities pursuant to Article I, Section 1 of the Schedule to the Memorandum (assuming the conversion of all Preference Shares held by such
member or members into Ordinary Shares in each of (a) and (b) above).
		
	 Public Offering
	  	A public offering of Ordinary Shares pursuant to an effective registration statement (other than on Form F-4, Form S-4, Form S-8 or any successor forms) filed by the Company
under the Securities Act or any equivalent foreign securities Laws.
		
	 Qualified IPO
	  	An IPO for which the aggregate gross cash proceeds to be received by the Company and the selling

  
 8 

			
		  	members of Ordinary Shares in such offering ((or series of related offerings) without deducting underwriter discounts, expenses and commissions) are at least US$250,000,000 or
the equivalent in a foreign currency if the Qualified IPO is not in the United States.
		
	 resolution of directors
	  	 (a)    A resolution approved at a duly convened and constituted meeting
of directors of the Company or of a committee of directors of the Company by the affirmative vote of a simple majority of the directors present at the meeting who voted and did not abstain; or

 
 (b)    a resolution
consented to in writing by all directors or of all members of the committee, as the case may be;
  
 except that where a director is given more than one vote, he shall be counted by the number of votes he casts for the purpose of establishing a majority.

		
	 resolution of members
	  	 (a)    A resolution approved at a duly convened and constituted meeting
of the members of the Company by the affirmative vote of
  
 (i)     a simple majority of the votes of the shares entitled to vote thereon which were present at the meeting and were voted and not abstained, or

  
 9 

			
		  	 (ii)    a simple majority of the votes of each class or series of shares
which were present at the meeting and entitled to vote thereon as a class or series and were voted and not abstained and of a simple majority of the votes of the remaining shares entitled to vote thereon which were present at the meeting and were
voted and not abstained; or
  

(b)    a resolution consented to in writing by

 
 (i)     an
absolute majority of the votes of shares entitled to vote thereon, or
  
 (ii)    an absolute majority of the votes of each class or series of shares entitled to vote thereon as a class or series and of an absolute majority of the votes of the remaining
shares entitled to vote thereon.

		
	 Restructuring
	  	The restructuring of the Company and the related transactions contemplated by the Restructuring Agreement.
		
	 Restructuring Agreement
	  	The Restructuring Agreement, dated as of July 7, 2011, among the Company, the members named

  
 10 

			
		  	therein, SHL Fashion Limited, a British Virgin Islands limited company, SHL-Kors Limited, a British Virgin Islands limited company, Michael Kors Far East Holdings Limited, a
British Virgin Islands limited company and Michael Kors (USA), Inc., a Delaware corporation.
		
	 securities
	  	Shares and debt obligations of every kind, and options, warrants and rights to acquire shares, or debt obligations.
		
	 Securities Act
	  	The United States Securities Act of 1933, as amended from time to time.
		
	 Shareholders Agreement
	  	The Shareholders Agreement, dated as of Closing, among the Company and the members named therein.
		
	 shares
	  	Collectively, Equity Securities of the Company, including the Ordinary Shares and the Preference Shares.
		
	 Share Equivalents
	  	Any securities convertible into or exchangeable or exercisable for Ordinary Shares, and any warrants, options or other rights to purchase or acquire Ordinary Shares or securities
convertible into or exchangeable or exercisable for Ordinary Shares.
		
	 Share Transfer Restrictions
	  	The share transfer restrictions set out in Article II of the Schedule to the Memorandum entitled “Transfer”.
		
	 Springing Board Seat
	  	The member of the Board of Directors designated by the holders of Preference Shares, as a class, to the extent that a Qualified IPO is not consummated on or prior to
March 31, 2012.

  
 11 

			
	 Subscription Agreement
	  	The Subscription Agreement, dated as of Closing, among the Company and the members named therein.
		
	 subsidiary
	  	With respect to any specified person, (a) any corporation or company more than 50% of whose voting or capital stock is, as of the time in question, directly or indirectly owned
by such person and (b) any partnership, joint venture, association, or other entity in which such person, directly or indirectly, owns more than 50% of the equity or economic interest thereof or has the power to elect or direct the election of more
than 50% of the members of the governing body of such entity.
		
	 surplus
	  	The excess, if any, at the time of the determination of the total assets of the Company over the aggregate of its total liabilities, as shown in its books of account, plus the
Company’s capital.
		
	 the Seal
	  	Any Seal which has been duly adopted as the Seal of the Company.
		
	 these Articles
	  	The Articles of Association as originally framed or as from time to time amended.
		
	 Transaction Documents
	  	Collectively, the Shareholders Agreement, the Subscription Agreement and any other agreements entered into by the Company with the holders of Preference Shares in connection with
the Offering.
		
	 Transfer
	  	Any transfer, sale, assignment, pledge, hypothecation or other disposition of any shares, whether directly or indirectly (including by merger or sale of equity in any direct or
indirect holding company, all or

  
 12 

			
		  	substantially all of whose assets consist of shares), irrespective of whether any of the foregoing are effected voluntarily, involuntarily, by operation of Law, pursuant to
judicial process or otherwise, or whether inter vivos or upon death; provided, however, that any pledge, hypothecation or grant of any security interest to an institutional lender in which the member of such shares retains the power to vote such
shares shall not constitute a Transfer; provided, further, that any foreclosure or other realization upon such pledge, hypothecation or security interest by the creditor with respect thereto shall constitute a Transfer and shall be subject to the
Share Transfer Restrictions and the provisions of the Shareholders Agreement. When used as a verb, “Transfer” and “Transferred” shall have the correlative meaning. In addition, “Transferee” shall have the correlative
meaning.
		
	 treasury shares
	  	Shares in the Company that were previously issued but were repurchased, redeemed or otherwise acquired by the Company and not cancelled.
		
	 Voting and Lock-Up Agreement
	  	The Voting and Lock-Up Agreement, dated as of July 7, 2011, by and among the Company and the persons listed on Schedule I thereto under the heading “Existing
Shareholders”, as it may be amended from time to time.

  

	2.	“Written” or any term of like import includes words typewritten, printed, painted, engraved, lithographed, photographed or represented or reproduced by any
mode of reproducing words in a visible form, including telex, facsimile, telegram, cable or other form of writing produced by electronic communication. 

  
 13 

	3.	Save as aforesaid any words or expressions defined in the Act shall bear the same meaning in these Articles. 

 

	4.	Whenever the singular or plural number, or the masculine, feminine or neuter gender is used in these Articles, it shall equally, where the context admits, include the
others. 

  

	5.	A reference in these Articles to voting in relation to shares shall be construed as a reference to voting by members holding the shares except that it is the votes
allocated to the shares that shall be counted and not the number of members who actually voted and a reference to shares being present at a meeting shall be given a corresponding construction. 

 

	6.	A reference to money in these Articles is, unless otherwise stated, a reference to the currency in which shares in the Company shall be issued according to the
provisions of the Memorandum. 

  

	6A.	A reference to a provision of Law is a reference to that provision as extended, applied, amended or re-enacted and includes any subordinate legislation.

  

	6B.	A reference to an agreement is a reference to that agreement as amended. 

 REGISTERED SHARES 
  

	7.	Every member holding registered shares in the Company shall be entitled to a certificate signed by a director or officer of the Company, or any other person authorized
by resolution of directors, or under the Seal specifying the share or shares held by him and the signature of the director, officer or authorized person and the Seal may be facsimiles. 

 

	8.	Any member receiving a share certificate for registered shares shall indemnify and hold the Company and its Board of Directors and officers harmless from any loss or
liability which it or they may incur by reason of any wrongful or fraudulent use or representation made by any person by virtue of the possession thereof. If a share certificate for registered shares is worn out or lost it may be renewed on
production of the worn out certificate or on satisfactory proof of its loss together with such indemnity as may be required by a resolution of directors. 

  

	9.	If several persons are registered as joint holders of any shares, any one of such persons may give an effectual receipt for any dividend payable in respect of such
shares. 

 SHARES, CAPITAL AND SURPLUS 

 

	10.	Subject to the provisions of these Articles, the Memorandum (which includes the Preemptive Rights) and any resolution of members, the unissued shares of the

  
 14 

 Company shall be at the disposal of the Board of Directors who may, without limiting or
affecting any rights previously conferred on the holders of any existing shares or class or series of shares offer, allot, grant options over or otherwise dispose of shares to such persons, at such times and upon such terms and conditions as the
Company may by resolution of directors determine. 
  

	11.	No share in the Company may be issued until the consideration in respect thereof is fully paid, and when issued the share is for all purposes fully paid and
non-assessable save that a share issued for a promissory note or other written obligation for payment of a debt may be issued subject to forfeiture in the manner prescribed in these Articles. 

 

	12.	Shares in the Company shall be issued for money, services rendered, personal property, an estate in real property, a promissory note or other binding obligation to
contribute money or property or any combination of the foregoing as shall be determined by a resolution of directors. 

  

	13.	Shares in the Company may be issued for such amount of consideration as the Board of Directors may from time to time by resolution of directors determine, except that
in the case of shares with par value, the amount shall not be less than the par value, and in the absence of fraud the decision of the Board of Directors as to the value of the consideration received by the Company in respect of the issue is
conclusive unless a question of Law is involved. The consideration in respect of the shares constitutes capital to the extent of the par value and the excess constitutes surplus. 

 

	14.	A share issued by the Company upon conversion of, or in exchange for, another share or a debt obligation or other security in the Company, shall be treated for all
purposes as having been issued for money equal to the consideration received or deemed to have been received by the Company in respect of the other share, debt obligation or security. 

 

	15.	Treasury shares may be disposed of by the Company on such terms and conditions (not otherwise inconsistent with these Articles) as the Company may by resolution of
directors determine. 

  

	16.	The Company may issue fractions of a share and a fractional share shall have the same corresponding fractional liabilities, limitations, preferences, privileges,
qualifications, restrictions, rights and other attributes of a whole share of the same class or series of shares. 

  

	17.	 Upon the issue by the Company of a share without par value, the consideration in respect of the share constitutes capital to the extent designated by
the Board of Directors and the excess constitutes surplus, except that the Board of Directors must designate as capital an amount of the consideration that is at least equal to

  
 15 

 
the amount that the share is entitled to as a preference, if any, in the assets of the Company upon liquidation of the Company. 

 

	18.	The Company may purchase, redeem or otherwise acquire and hold its own shares but only out of surplus or in exchange for newly issued shares of equal value.

  

	19.	Subject to provisions to the contrary in the Memorandum or these Articles, the Company may not purchase, redeem or otherwise acquire its own shares without the consent
of members whose shares are to be purchased, redeemed or otherwise acquired. 

  

	20.	No purchase, redemption or other acquisition of shares shall be made unless the Board of Directors determines by resolution of directors that immediately after the
purchase, redemption or other acquisition Company will be able to satisfy its liabilities as they become due in the ordinary course of its business and the realisable value of the assets of the Company will not be less than the sum of its total
liabilities, other than deferred taxes, as shown in the books of account, and its capital and, in the absence of fraud, the decision of the Board of Directors as to the realisable value of the assets of the Company is conclusive, unless a question
of Law is involved. 

  

	21.	A determination by the Board of Directors under the preceding Regulation is not required where shares are purchased, redeemed or otherwise acquired

  

	 	(a)	pursuant to a right of a member to have his shares redeemed or to have his shares exchanged for money or other property of the Company; 

 

	 	(b)	by virtue of a transfer of capital pursuant to Regulation 49; 

  

	 	(c)	by virtue of the provisions of the Act; or 

  

	 	(d)	pursuant to an order of the Court. 

  

	22.	Shares that the Company purchases, redeems or otherwise acquires pursuant to the preceding Regulation may be cancelled or held as treasury shares except to the extent
that such shares are in excess of 80 percent of the issued shares of the Company in which case they shall be cancelled but they shall be available for reissue. 

 

	23.	Where shares in the Company are held by the Company as treasury shares or are held by another company of which the Company holds, directly or indirectly, shares having
more than 50 percent of the votes in the election of directors of the other company, such shares of the Company are not entitled to vote or to have dividends paid thereon and shall not be treated as outstanding for any purpose except for purposes of
determining the capital of the Company. 

  
 16 

	24.	The Company may purchase, redeem or otherwise acquire its shares at a price lower than the fair value if permitted by, and then only in accordance with, the terms of

  

	 	(a)	the Memorandum or these Articles; or 

  

	 	(b)	a written agreement for the subscription for the shares to be purchased, redeemed or otherwise acquired. 

 

	25.	The Company may by a resolution of directors include in the computation of surplus for any purpose the unrealised appreciation of the assets of the Company, and, in the
absence of fraud, the decision of the Board of Directors as to the value of the assets is conclusive, unless a question of Law is involved. 

 MORTGAGES AND CHARGES OF REGISTERED SHARES 
  

	26.	Members may mortgage or charge their registered shares in the Company and upon satisfactory evidence thereof the Company shall give effect to the terms of any valid
mortgage or charge except insofar as it may conflict with any requirements herein contained for consent to the transfer of shares. 

  

	27.	In the case of the mortgage or charge of registered shares there may be entered in the share register of the Company at the request of the registered holder of such
shares 

  

	 	(a)	a statement that the shares are mortgaged or charged; 

  

	 	(b)	the name of the mortgagee or chargee; and 

  

	 	(c)	the date on which the aforesaid particulars are entered in the share register. 

 

	28.	Where particulars of a mortgage or charge are registered, such particulars shall be cancelled 

 

	 	(a)	with the consent of the named mortgagee or chargee or anyone authorised to act on his behalf; or 

 

	 	(b)	upon evidence satisfactory to the Board of Directors of the discharge of the liability secured by the mortgage or charge and the issue of such indemnities as the Board
of Directors shall consider necessary or desirable. 

  

	29.	Whilst particulars of a mortgage or charge are registered, no transfer of any share comprised therein shall be effected without the written consent of the named
mortgagee or chargee or anyone authorised to act on his behalf. 

  
 17 

 FORFEITURE 

 

	30.	When shares issued for a promissory note or other written obligation for payment of a debt have been issued subject to forfeiture, the provisions set forth in the
following four regulations shall apply. 

  

	31.	Written notice specifying a date for payment to be made and the shares in respect of which payment is to be made shall be served on the member who defaults in making
payment pursuant to a promissory note or other written obligations to pay a debt. 

  

	32.	The written notice specifying a date for payment shall 

  

	 	(a)	name a further date not earlier than the expiration of 14 days from the date of service of the notice on or before which payment required by the notice is to be made;
and 

  

	 	(b)	contain a statement that in the event of non-payment at or before the time named in the notice the shares, or any of them, in respect of which payment is not made will
be liable to be forfeited. 

  

	33.	Where a written notice has been issued and the requirements have not been complied with within the prescribed time, the Board of Directors may at any time before tender
of payment forfeit and cancel the shares to which the notice relates. 

  

	34.	The Company is under no obligation to refund any monies to the member whose shares have been forfeited and cancelled pursuant to these provisions. Upon forfeiture and
cancellation of the shares the member is discharged from any further obligation to the Company with respect to the shares forfeited and cancelled. 

 LIEN 
  

	35.	 The Company shall have a first and paramount lien on every share issued for a promissory note or for any other binding obligation to contribute money
or property or any combination thereof to the Company, and the Company shall also have a first and paramount lien on every share standing registered in the name of a member, whether singly or jointly with any other person or persons, for all the
debts and liabilities of such member or his estate to the Company, whether the same shall have been incurred before or after notice to the Company of any interest of any person other than such member, and whether the time for the payment or
discharge of the same shall have actually arrived or not, and notwithstanding that the same are joint debts or liabilities of such member or his estate and any other person, whether a member of the Company or not. The Company’s lien on a share
shall extend to all dividends payable thereon. The Board of Directors may at any time either generally, or in any particular case, 

  
 18 

	 	
waive any lien that has arisen or declare any share to be wholly or in part exempt from the provisions of this Regulation. 

 

	36.	In the absence of express provisions regarding sale in the promissory note or other binding obligation to contribute money or property, the Company may sell, in such
manner as the Board of Directors may by resolution of directors determine, any share on which the Company has a lien, but no sale shall be made unless some sum in respect of which the lien exists is presently payable nor until the expiration of
twenty one days after a notice in writing, stating and demanding payment of the sum presently payable and giving notice of the intention to sell in default of such payment, has been served on the holder for the time being of the share.

  

	37.	The net proceeds of the sale by the Company of any shares on which it has a lien shall be applied in or towards payment of discharge of the promissory note or other
binding obligation to contribute money or property or any combination thereof in respect of which the lien exists so far as the same is presently payable and any residue shall (subject to a like lien for debts or liabilities not presently payable as
existed upon the share prior to the sale) be paid to the holder of the share immediately before such sale. For giving effect to any such sale the Board of Directors may authorise some person to transfer the share sold to the purchaser thereof. The
purchaser shall be registered as the holder of the share and he shall not be bound to see to the application of the purchase money, nor shall his title to the share be affected by any irregularity or invalidity in the proceedings in reference to the
sale. 

 TRANSFER OF SHARES 

 

	38.	Subject to any limitations in these Articles and the Memorandum, registered shares in the Company may be transferred by a written instrument of transfer signed by the
transferor and containing the name and address of the transferee, but in the absence of such written instrument of transfer the Board of Directors may accept such evidence of a transfer of shares as they consider appropriate.

  

	39.	The Company shall not be required to treat a transferee of a registered share in the Company as a member until the transferee’s name has been entered in the share
register. 

  

	40.	 Subject to any limitations in these Articles, the Memorandum, the Shareholders Agreement and the Voting and Lock-up Agreement, the Company must on the
application of the transferor or transferee of a registered share in the Company enter in the share register the name of the transferee of the share save that the registration of transfers may be suspended and the share register closed at such times
and for such periods as the Company may from time to time by resolution of directors determine provided always that such registration shall not be 

  
 19 

	 	
suspended and the share register closed for more than 60 days in any period of 12 months. 

 TRANSMISSION OF SHARES 
  

	41.	The executor or administrator of a deceased member, the guardian of an incompetent member or the trustee of a bankrupt member shall be the only person recognised by the
Company as having any title to his share but they shall not be entitled to exercise any rights as a member of the Company until they have proceeded as set forth in the next following three regulations. 

 

	42.	The production to the Company of any document which is evidence of probate of the will, or letters of administration of the estate, or confirmation as executor, of a
deceased member or of the appointment of a guardian of an incompetent member or the trustee of a bankrupt member may be accepted by the Company even if the deceased, incompetent or bankrupt member is domiciled outside the British Virgin Islands if
the document evidencing the grant of probate or letters of administration, confirmation as executor, appointment as guardian or trustee in bankruptcy is issued by a foreign court which had competent jurisdiction in the matter. For the purpose of
establishing whether or not a foreign court had competent jurisdiction in such a matter the Board of Directors may obtain appropriate legal advice. The Board of Directors may also require an indemnity to be given by the executor, administrator,
guardian or trustee in bankruptcy. 

  

	43.	Any person becoming entitled by operation of Law or otherwise to a share or shares in consequence of the death, incompetence or bankruptcy of any member may be
registered as a member upon such evidence being produced as may reasonably be required by the Board of Directors. An application by any such person to be registered as a member shall for all purposes be deemed to be a transfer of shares of the
deceased, incompetent or bankrupt member and the Board of Directors shall treat it as such. 

  

	44.	Any person who has become entitled to a share or shares in consequence of the death, incompetence or bankruptcy of any member may, instead of being registered himself,
request in writing that some person to be named by him be registered as the transferee of such share or shares and such request shall likewise be treated as if it were a transfer. 

 

	45.	What amounts to incompetence on the part of a person is a matter to be determined by the court having regard to all the relevant evidence and the circumstances of the
case. 

 REDUCTION OR INCREASE IN MAXIMUM AUTHORISED NUMBER OF SHARES OR CAPITAL 

  
 20 

	46.	Subject to any limitations in these Articles or the Memorandum, the Company may by a resolution of directors amend the Memorandum to increase or reduce its maximum
authorised number of shares and in connection therewith the Company may in respect of any unissued shares increase or reduce the number of such shares, increase or reduce the par value of any such shares or effect any combination of the foregoing.

  

	47.	The Company may amend the Memorandum to 

  

	 	(a)	divide the shares, including issued shares, of a class or series into a larger number of shares of the same class or series; or 

 

	 	(b)	combine the shares, including issued shares, of a class or series into a smaller number of shares of the same class or series, 

 

	    	provided, however, that where shares are divided or combined under (a) or (b) of this Regulation, the aggregate par value of the new shares must be equal to
the aggregate par value of the original shares. 

  

	48.	The capital of the Company may by a resolution of directors be increased by transferring an amount of the surplus of the Company to capital. 

 

	49.	Subject to the provisions of the two next succeeding Regulations, the capital of the Company may by resolution of directors be reduced by transferring an amount of the
capital of the Company to surplus. 

  

	50.	No reduction of capital shall be effected that reduces the capital of the Company to an amount that immediately after the reduction is less than the aggregate par value
of all outstanding shares with par value and all shares with par value held by the Company as treasury shares and the aggregate of the amounts designated as capital of all outstanding shares without par value and all shares without par value held by
the Company as treasury shares that are entitled to a preference, if any, in the assets of the Company upon liquidation of the Company. 

  

	51.	No reduction of capital shall be effected unless the Board of Directors determine that immediately after the reduction the Company will be able to satisfy its
liabilities as they become due in the ordinary course of its business and that the realisable assets of the Company will not be less than its total liabilities, other than deferred taxes, as shown in the books of the Company and its remaining
capital, and, in the absence of fraud, the decision of the Board of Directors as to the realisable value of the assets of the Company is conclusive, unless a question of Law is involved. 

MEETINGS AND CONSENTS OF MEMBERS 

  
 21 

	52.	The Board of Directors may convene meetings of the members of the Company at such times and in such manner and places within or outside the British Virgin Islands as
the Board of Directors consider necessary or desirable. 

  

	53.	Upon the written request of members holding 10 percent or more of the outstanding Ordinary Shares (including any Ordinary Shares issuable upon conversion of the
Preference Shares) the Board of Directors shall convene a meeting of members. 

  

	54.	The Board of Directors shall give not less than 7 days notice of meetings of members to those persons whose names on the date the notice is given appear as members in
the share register of the Company and are entitled to vote at the meeting. 

  

	55.	The Board of Directors may fix the date notice is given of a meeting of members as the record date for determining those shares that are entitled to vote at the
meeting. 

  

	56.	A meeting of members may be called on short notice: 

  

	 	(a)	if members holding not less than 90 percent of the total number of shares entitled to vote on all matters to be considered at the meeting, or 90 percent of the votes of
each class or series of shares where members are entitled to vote thereon as a class or series together with not less than a 90 percent majority of the remaining votes, have agreed to short notice of the meeting, or 

 

	 	(b)	if all members holding shares entitled to vote on all or any matters to be considered at the meeting have waived notice of the meeting and for this purpose presence at
the meeting shall be deemed to constitute waiver. 

  

	57.	The inadvertent failure of the Board of Directors to give notice of a meeting to a member or the fact that a member has not received a notice that has been properly
given, shall not invalidate the meeting. 

  

	58.	A member may be represented at a meeting of members by a proxy who may speak and vote on behalf of the member. 

 

	59.	The instrument appointing a proxy shall be produced at the place appointed for the meeting before the time for holding the meeting at which the person named in such
instrument proposes to vote. 

  

	60.	An instrument appointing a proxy shall be in substantially the following form or such other form as the Chairman of the meeting shall accept as properly evidencing the
wishes of the member appointing the proxy. 

  
 22 

 (Name of Company) 

I/We
                     being a member of the above Company with
                     shares HEREBY APPOINT
                     of                      or
failing him                      of
                     to be my/our proxy to vote for me/us at the meeting of members to be held on the
                     day of                     
and at any adjournment thereof. 
 (Any restrictions on voting to be inserted here.) 

Signed this                      day
of                      
  

			
		
	 	 	  
		 	Member

  

	61.	The following shall apply in respect of joint ownership of shares: 

  

	 	(a)	if two or more persons hold shares jointly each of them may be present in person or by proxy at a meeting of members and may speak as a member;

  

	 	(b)	if only one of the joint owners is present in person or by proxy he may vote on behalf of all joint owners; and 

 

	 	(c)	if two or more of the joint owners are present in person or by proxy they must vote as one. 

 

	62.	A member shall be deemed to be present at a meeting of members if he participates by telephone or other electronic means and all members participating in the meeting
are able to hear each other. 

  

	63.	A meeting of members is duly constituted if, at the commencement of the meeting, there are present in person or by proxy not less than 50 percent of the votes of the
shares or class or series of shares (assuming in the case of Ordinary Shares, any Ordinary Shares issuable upon conversion of the Preference Shares) entitled to vote on resolutions of members to be considered at the meeting. If a quorum be present,
notwithstanding the fact that such quorum may be represented by only one person then such person may resolve any matter and a certificate signed by such person accompanied where such person be a proxy by a copy of the proxy form shall constitute a
valid resolution of members. 

  

	64.	 If within two hours from the time appointed for the meeting a quorum is not present, the meeting, if convened upon the requisition of members, shall be
dissolved; in any other case it shall stand adjourned to the next business day at the same time and place or to such other time and place as the Board of Directors may determine, and if at the adjourned meeting there are present within one hour from

  
 23 

	 	
the time appointed for the meeting in person or by proxy not less than one third of the votes of the shares or each class or series of shares entitled to vote on the resolutions to be considered
by the meeting, those present shall constitute a quorum but otherwise the meeting shall be dissolved. 

  

	65.	At every meeting of members, the Chairman of the Board of Directors shall preside as Chairman of the meeting. If there is no Chairman of the Board of Directors or if
the Chairman of the Board of Directors is not present at the meeting, the members present shall choose someone of their number to be the Chairman. If the members are unable to choose a Chairman for any reason, then the person representing the
greatest number of voting shares present in person or by prescribed form of proxy at the meeting shall preside as Chairman failing which the oldest individual member or representative of a member present shall take the chair.

  

	66.	The Chairman may, with the consent of the meeting, adjourn any meeting from time to time, and from place to place, but no business shall be transacted at any adjourned
meeting other than the business left unfinished at the meeting from which the adjournment took place. 

  

	67.	At any meeting of the members the Chairman shall be responsible for deciding in such manner as he shall consider appropriate whether any resolution has been carried or
not and the result of his decision shall be announced to the meeting and recorded in the minutes thereof. If the Chairman shall have any doubt as to the outcome of any resolution put to the vote, he shall cause a poll to be taken of all votes cast
upon such resolution, but if the Chairman shall fail to take a poll then any member present in person or by proxy who disputes the announcement by the Chairman of the result of any vote may immediately following such announcement demand that a poll
be taken and the Chairman shall thereupon cause a poll to be taken. If a poll is taken at any meeting the result thereof shall be duly recorded in the minutes of that meeting by the Chairman. 

 

	68.	Any person other than an individual shall be regarded as one member and subject to the specific provisions hereinafter contained for the appointment of representatives
of such persons the right of any individual to speak for or represent such member shall be determined by the Law of the jurisdiction where, and by the documents by which, the person is constituted or derives its existence. In case of doubt, the
Board of Directors may in good faith seek legal advice from any qualified person and unless and until a court of competent jurisdiction shall otherwise rule, the Board of Directors may rely and act upon such advice without incurring any liability to
any member. 

  

	69.	 Any person other than an individual which is a member of the Company may by resolution of its Board of Directors or other governing body authorise such
person as it thinks fit to act as its representative at any meeting of the Company or of any class of members of the Company, and the person so authorised shall be entitled 

  
 24 

	 	
to exercise the same power on behalf of the person which he represents as that person could exercise if it were an individual member of the Company. 

 

	70.	The Chairman of any meeting at which a vote is cast by proxy or on behalf of any person other than an individual may call for a notarially certified copy of such proxy
or authority which shall be produced within 7 days of being so requested or the votes cast by such proxy or on behalf of such person shall be disregarded. 

 

	71.	Directors of the Company may attend and speak at any meeting of members of the Company and at any separate meeting of the holders of any class or series of shares in
the Company. 

  

	72.	An action that may be taken by the members at a meeting may also be taken by a resolution of members consented to in writing or by telex, telegram, cable, facsimile or
other written electronic communication, without the need for any notice, but if any resolution of members is adopted otherwise than by the unanimous written consent of all members, a copy of such resolution shall forthwith be sent to all members not
consenting to such resolution. The consent may be in the form of counterparts, each counterpart being signed by one or more members. 

  

	73.	Except as otherwise described in the Memorandum, each holder of Preference Shares shall have the right to vote its Preference Shares in the manner described therein
(and not as a separate class or series) together with the members at all meetings of the members. 

 DIRECTORS

  

	74.	The first directors of the Company shall be appointed by the subscribers to the Memorandum; and thereafter, the directors, including the Springing Board Seat, shall be
elected by the members for such term as the members determine in the resolution of members approving such appointment. 

  

	75.	The minimum number of directors shall be one and the maximum number shall be 12. 

 

	76.	Each director shall hold office for the term, if any, fixed by resolution of members or until his earlier death, resignation or removal; provided that the Springing
Board Seat shall serve for the period provided herein. 

  

	77.	Other than with respect to the Springing Board Seat, a director may be removed from office, with or without cause, by a resolution of members or, with cause, by a
resolution of directors. 

  
 25 

	78.	A director may resign his office by giving written notice of his resignation to the Company and the resignation shall have effect from the date the notice is received
by the Company or from such later date as may be specified in the notice. 

  

	79.	Notwithstanding Regulation 74 above, the Board of Directors may at any time appoint any person to be a director either to fill a vacancy or as an addition to the
existing directors; provided, however, that the holders of Preference Shares, as a class, by approval of holders of a majority of the outstanding Ordinary Shares held by such holders of Preference Shares (assuming all Preference Shares are
converted into Ordinary Shares) shall have the right to designate the replacement for the Springing Board Seat to fill any such vacancy. A vacancy occurs through the death, resignation or removal of a director but a vacancy or vacancies shall not be
deemed to exist where one or more directors shall resign after having appointed his or their successor or successors. The director in respect of the Springing Board Seat shall resign immediately prior to, and conditioned upon, the consummation of a
Qualified IPO; provided that in the event such director does not so resign, such director may be immediately removed by a resolution of directors or a resolution of members. 

 

	80.	The Company may determine by resolution of directors to keep a register of the Board of Directors containing 

 

	 	(a)	the names and addresses of the persons who are directors of the Company; 

  

	 	(b)	the date on which each person whose name is entered in the register was appointed as a director of the Company; and 

 

	 	(c)	the date on which each person named as a director ceased to be a director of the Company. 

 

	81.	If the Board of Directors determines to maintain a register of directors, a copy thereof shall be kept at the registered office of the Company and the Company may
determine by resolution of directors to register a copy of the register with the Registrar of Companies. 

  

	82.	With the prior or subsequent approval by a resolution of members, the Board of Directors may, by a resolution of directors, fix the emoluments of the Board of Directors
with respect to services to be rendered in any capacity to the Company. 

  

	83.	A director shall not require a share qualification, and may be an individual or a company. 

POWERS OF DIRECTORS 
  

	84.	 The business and affairs of the Company shall be managed by the directors who may pay all expenses incurred preliminary to and in connection with the

  
 26 

	 	
formation and registration of the Company and may exercise all such powers of the Company as are not by the Act or by the Memorandum or these Articles required to be exercised by the members of
the Company, subject to any delegation of such powers as may be authorised by these Articles and to such requirements as may be prescribed by a resolution of members; but no requirement made by a resolution of members shall prevail if it be
inconsistent with these Articles nor shall such requirement invalidate any prior act of the Board of Directors which would have been valid if such requirement had not been made. 

 

	85.	The Board of Directors may, by a resolution of directors, appoint any person, including a person who is a director, to be an officer or agent of the Company. The
resolution of directors appointing an agent may authorise the agent to appoint one or more substitutes or delegates to exercise some or all of the powers conferred on the agent by the Company. 

 

	86.	Every officer or agent of the Company has such powers and authority of the Board of Directors, including the power and authority to affix the Seal, as are set forth in
these Articles or in the resolution of directors appointing the officer or agent, except that no officer or agent has any power or authority with respect to the matters requiring a resolution of directors under the Act. 

 

	87.	Any director which is a body corporate may appoint any person its duly authorised representative for the purpose of representing it at meetings of the Board of
Directors or with respect to unanimous written consents. 

  

	88.	The continuing directors may act notwithstanding any vacancy in their body, save that if their number is reduced to their knowledge below the number fixed by or
pursuant to these Articles as the necessary quorum for a meeting of the Board of Directors, the continuing directors or director may act only for the purpose of appointing directors to fill any vacancy that has arisen or summoning a meeting of
members. 

  

	89.	The Board of Directors may by resolution of directors exercise all the powers of the Company to borrow money and to mortgage or charge its undertakings and property or
any part thereof, to issue debentures, debenture stock and other securities whenever money is borrowed or as security for any debt, liability or obligation of the Company or of any third party. 

 

	90.	All cheques, promissory notes, drafts, bills of exchange and other negotiable instruments and all receipts for monies paid to the Company, shall be signed, drawn,
accepted, endorsed or otherwise executed, as the case may be, in such manner as shall from time to time be determined by resolution of directors. 

  

	91.	 The Company may determine by resolution of directors to maintain at its registered office a register of mortgages, charges and other encumbrances in

  
 27 

	 	
which there shall be entered the following particulars regarding each mortgage, charge and other encumbrance: 

 

	 	(a)	the sum secured; 

  

	 	(b)	the assets secured; 

  

	 	(c)	the name and address of the mortgagee, chargee or other encumbrancer; 

  

	 	(d)	the date of creation of the mortgage, charge or other encumbrance; and 

  

	 	(e)	the date on which the particulars specified above in respect of the mortgage, charge or other encumbrance are entered in the register. 

 

	92.	The Company may further determine by a resolution of directors to register a copy of the register of mortgages, charges or other encumbrances with the Registrar of
Companies. 

  

	93.	Consent Rights Matters 

  

	    	The Company shall not, and shall cause each of its subsidiaries and each of its and its subsidiaries’ respective directors, officers, committee members,
committees, employees, agents or delegates not to, without the affirmative vote or written consent of the holders of a majority of the then outstanding Preference Shares, voting as a separate class: 

 

	 	(a)	enter into any material transaction involving the Company or any subsidiary of the Company, on the one hand, and any Affiliate of the Company, on the other hand, or
make or enter into any agreement, arrangement, commitment or understanding to do or cause to be done any of the foregoing, unless such transaction is to be consummated on terms and conditions no less favorable to the Company or its subsidiary (as
applicable) than could be obtained in a transaction effected with an unaffiliated third party on an arm’s-length basis by the Company or its subsidiary (as applicable) as determined by a majority of the non-interested members of the Board of
Directors in their reasonable discretion; provided, however, that this clause 93(a) shall not apply to any: 

  

	 	(i)	transactions between or among the Company and any of its wholly-owned subsidiaries (or among its wholly-owned subsidiaries); 

 

	 	(ii)	 payment of reasonable and customary compensation (including the issuance of Equity Securities) to, provisions of awards and benefits under employee
benefit plans, stock option plans and other similar arrangements to, and 

  
 28 

	 	
indemnities provided for the benefit of, current, former and future officers, directors, employees or consultants of the Company or any of its wholly-owned subsidiaries and the entry into any
agreement or arrangement relating to the foregoing; 

  

	 	(iii)	agreement, instrument or arrangement as in effect as of the Closing (which shall be deemed to include any license agreement to be entered into by the Company and
Michael Kors Far East Holdings Limited (or any Affiliate thereof) provided that such license agreement is entered into substantially upon the terms set forth in the Subscription Agreement), or any transaction contemplated thereby, or any amendment,
modification or replacement thereof specifically provided for therein (so long as any such amendment, modification or replacement is not materially more adverse to the Company when taken as a whole as compared to the applicable agreement or
arrangement as in effect on the Closing); and 

  

	 	(iv)	restructuring or reorganization of the Company, its Affiliates (including any of its direct or indirect parent companies) or any of its subsidiaries in connection with
an IPO so long as any such restructuring or reorganization of the Company is not adverse to the Preference Shares in any way and does not cause adverse tax or other structuring consequences to the holders of Preference Shares;

 The Company shall provide each holder of Preference Shares with written notice (which notice will include a
summary of terms) ten days prior to it or its subsidiary taking any action that requires the affirmative vote or written consent of the holders of a majority of the then outstanding Preference Shares, voting as a separate class, under clause
(a) of this Article 93; or 
  

	 	(b)	 amend, supplement or restate, by any means, including amendment, reclassification, merger, consolidation, reorganization or otherwise (other than in
connection with a Drag-Along Sale), (i) any provision of the Memorandum or the Articles in a manner that (x) alters or changes the rights, preferences or privileges of the Preference Shares, or (y) otherwise materially and
disproportionately adversely affects the holders of Preference Shares or (ii) any other organizational documents of the Company and its subsidiaries, or any Transaction Document in a manner that is materially adverse to any rights, preferences,
privileges or obligations of the holders of Preference Shares (and notwithstanding that such impact may be the same to all other members and/or their shares in the Company), except, in each case, for any such amendment, supplement

  
 29 

	 	
or restatement (A) to correct any typographical or similar ministerial errors, (B) necessary or appropriate to effect a restructuring or reorganization of, or take other necessary and
appropriate actions with respect to, the Company, its Affiliates (including any of its direct or indirect parent companies) or any of its subsidiaries in connection with an IPO, (C) to provide for anti-^controlled foreign corporation”
restrictions or similar language in such organizational documents of the Company or its subsidiaries, (D) to create, authorize and/or issue Junior Securities or (E) to comply with any applicable Law or to protect the limited liability of
the Company and its members. 

 PROCEEDINGS OF DIRECTORS 

 

	94.	The Board of Directors of the Company or any committee thereof may meet at such times and in such manner and places within or outside the British Virgin Islands as the
Board of Directors may determine to be necessary or desirable. 

  

	95.	A director shall be deemed to be present at a meeting of the Board of Directors if he participates by telephone or other electronic means and all directors
participating in the meeting are able to hear each other. 

  

	96.	A director shall be given not less than 3 days notice of meetings of the Board of Directors, but a meeting of the Board of Directors held without 3 days notice having
been given to all directors shall be valid if all the directors entitled to vote at the meeting who do not attend, waive notice of the meeting and for this purpose, the presence of a director at a meeting shall constitute waiver on his part.

  

	97.	A director may by a written instrument appoint an alternate who need not be a director and an alternate is entitled to attend meetings in the absence of the director
who appointed him and to vote or consent in place of the director. 

  

	98.	A meeting of the Board of Directors is duly constituted for all purposes if at the commencement of the meeting there are present in person or by alternate not less than
one half of the total number of directors, unless there are only 2 directors in which case the quorum shall be 2. 

  

	99.	If the Company shall have only one director the provisions herein contained for meetings of the Board of Directors shall not apply but such sole director shall have
full power to represent and act for the Company in all matters as are not by the Act or the Memorandum or these Articles required to be exercised by the members of the Company and in lieu of minutes of a meeting shall record in writing and sign a
note or memorandum of all matters requiring a resolution of directors. Such a note or memorandum shall constitute sufficient evidence of such resolution for all purposes. 

  
 30 

	100.	At every meeting of the Board of Directors the Chairman of the Board of Directors shall preside as Chairman of the meeting. If there is no Chairman of the Board of
Directors or if the Chairman of the Board of Directors is not present at the meeting the Vice Chairman of the Board of Directors shall preside. If there is no Vice Chairman of the Board of Directors or if the Vice Chairman of the Board of Directors
is not present at the meeting the directors present shall choose someone of their number to be Chairman of the meeting. 

  

	101.	An action that may be taken by the Board of Directors or a committee of the Board of Directors at a meeting may also be taken by a resolution of directors or a
committee of the Board of Directors consented to in writing or by telex, telegram, cable, facsimile or other written electronic communication by all directors or all members of the committee as the case may be, without the need for any notice. The
consent may be in the form of counterparts, each counterpart being signed by one or more directors. 

  

	102.	The Board of Directors shall cause the following corporate records to be kept: 

 

	 	(a)	minutes of all meetings of the Board of Directors, members, committee of the Board of Directors, committees of officers and committees of members;

  

	 	(b)	copies of all resolutions consented to by the Board of Directors, members, committees of the Board of Directors, committees of officers and committees of members; and

  

	 	(c)	such other accounts and records as the Board of Directors by resolution of directors consider necessary or desirable in order to reflect the financial position of the
Company. 

  

	103.	The books, records and minutes shall be kept at the registered office of the Company, its principal place of business or at such other place as the Board of Directors
determines. 

  

	104.	The Board of Directors may, by resolution of directors, designate one or more committees, each consisting of one or more directors. 

 

	105.	Each committee of the Board of Directors has such powers and authorities of the Board of Directors, including the power and authority to affix the Seal, as are set
forth in the resolution of directors establishing the committee, except that no committee has any power or authority to amend the Memorandum or these Articles, to appoint the Board of Directors or fix their emoluments, or to appoint officers or
agents of the Company. 

  

	106.	 The meetings and proceedings of each committee of the Board of Directors consisting of 2 or more directors shall be governed mutatis mutandis by the

  
 31 

	 	
provisions of these Articles regulating the proceedings of the Board of Directors so far as the same are not superseded by any provisions in the resolution establishing the committee.

 OFFICERS 
  

	107.	The Company may by resolution of directors appoint officers of the Company at such times as shall be considered necessary or expedient. Such officers may consist of a
Chairman of the Board of Directors, a Vice Chairman of the Board of Directors, a President and one or more Vice Presidents, Secretaries and Treasurers and such other officers as may from time to time be deemed desirable. Any number of offices may be
held by the same person. 

  

	108.	The officers shall perform such duties as shall be prescribed at the time of their appointment subject to any modification in such duties as may be prescribed
thereafter by resolution of directors or resolution of members, but in the absence of any specific allocation of duties it shall be the responsibility of the Chairman of the Board of Directors to preside at meetings of the Board of Directors and
members, the Vice Chairman to act in the absence of the Chairman, the President to manage the day to day affairs of the Company, the Vice Presidents to act in order of seniority in the absence of the President but otherwise to perform such duties as
may be delegated to them by the President, the Secretaries to maintain the share register, minute books and records (other than financial records) of the Company and to ensure compliance with all procedural requirements imposed on the Company by
applicable Law, and the Treasurer to be responsible for the financial affairs of the Company. 

  

	109.	The emoluments of all officers shall be fixed by resolution of directors. 

 

	110.	The officers of the Company shall hold office until their successors are duly elected and qualified, but any officer elected or appointed by the Board of Directors may
be removed at any time, with or without cause, by resolution of directors. Any vacancy occurring in any office of the Company may be filled by resolution of directors. 

CONFLICT OF INTERESTS 
  

	111.	 No agreement or transaction between the Company and one or more of its directors or any person in which any director has a financial interest or to
whom any director is related, including as a director of that other person, is void or voidable for this reason only or by reason only that the director is present at the meeting of the Board of Directors or at the meeting of the committee of the
Board of Directors that approves the agreement or transaction or that the vote or consent of the director is counted for that purpose if the material facts of the interest of each director in the agreement or transaction and his interest in or
relationship to 

  
 32 

	 	
any other party to the agreement or transaction are disclosed in good faith or are known by the other directors. 

 

	112.	A director who has an interest in any particular business to be considered at a meeting of the Board of Directors or members may be counted for purposes of determining
whether the meeting is duly constituted. 

 INDEMNIFICATION 

 

	113.	Subject to the limitations hereinafter provided the Company may indemnify against all expenses, including legal fees, and against all judgments, fines and amounts paid
in settlement and reasonably incurred in connection with legal, administrative or investigative proceedings any person who 

  

	 	(a)	is or was a party or is threatened to be made a party to any threatened, pending or completed proceedings, whether civil, criminal, administrative or investigative, by
reason of the fact that the person is or was a director, an officer or a liquidator of the Company; or 

  

	 	(b)	is or was, at the request of the Company, serving as a director, officer or liquidator of, or in any other capacity is or was acting for, another company or a
partnership, joint venture, trust or other enterprise. 

  

	114.	The Company may only indemnify a person if the person acted honestly and in good faith with a view to the best interests of the Company and, in the case of criminal
proceedings, the person had no reasonable cause to believe that his conduct was unlawful. 

  

	115.	The decision of the Board of Directors as to whether the person acted honestly and in good faith and with a view to the best interests of the Company and as to whether
the person had no reasonable cause to believe that his conduct was unlawful, is in the absence of fraud, sufficient for the purposes of these Articles, unless a question of Law is involved. 

 

	116.	The termination of any proceedings by any judgment, order, settlement, conviction or the entering of a nolle prosequi does not, by itself, create a presumption that the
person did not act honestly and in good faith and with a view to the best interests of the Company or that the person had reasonable cause to believe that his conduct was unlawful. 

 

	117.	If a person to be indemnified has been successful in defence of any proceedings referred to above the person is entitled to be indemnified against all expenses,
including legal fees, and against all judgments, fines and amount paid in settlement and reasonably incurred by the person in connection with the proceedings. 

  
 33 

	118.	The Company may purchase and maintain insurance in relation to any person who is or was a director, an officer or a liquidator of the Company, or who at the request of
the Company is or was serving as a director, an officer or a liquidator of, or in any other capacity is or was acting for, another company or a partnership, joint venture, trust or other enterprise, against any liability asserted against the person
and incurred by the person in that capacity, whether or not the Company has or would have had the power to indemnify the person against the liability as provided in these Articles. 

SEAL 
  

	119.	The Company may have more than one Seal and references herein to the Seal shall be references to every Seal which shall have been duly adopted by resolution of
directors. The Board of Directors shall provide for the safe custody of the Seal and for an imprint thereof to be kept at the Registered Office. Except as otherwise expressly provided herein the Seal when affixed to any written instrument shall be
witnessed and attested to by the signature of a director or any other person so authorised from time to time by resolution of directors. Such authorisation may be before or after the seal is affixed may be general or specific and may refer to any
number of sealings. The Board of Directors may provide for a facsimile of the Seal and of the signature of any director or authorised person which may be reproduced by printing or other means on any instrument and it shall have the same force and
validity as if the Seal had been affixed to such instrument and the same had been signed as hereinbefore described. 

 DIVIDENDS 
  

	120.	The Company may by a resolution of directors declare and pay dividends in money, shares, or other property but dividends shall only be declared and paid out of surplus.
In the event that dividends are paid in specie the Board of Directors shall have responsibility for establishing and recording in the resolution of directors authorising the dividends, a fair and proper value for the assets to be so distributed.

  

	121.	The Board of Directors may from time to time pay to the members such interim dividends as appear to the Board of Directors to be justified by the profits of the
Company. 

  

	122.	The Board of Directors may, before declaring any dividend, set aside out of the profits of the Company such sum as they think proper as a reserve fund, and may invest
the sum so set apart as a reserve fund upon such securities as they may select. 

  

	123.	 No dividend shall be declared and paid unless the Board of Directors determine that immediately after the payment of the dividend the Company will be
able to satisfy its liabilities as they become due in the ordinary course of its business and 

  
 34 

	 	
the realisable value of the assets of the Company will not be less than the sum of its total liabilities, other than deferred taxes, as shown in its books of account, and its capital. In the
absence of fraud, the decision of the Board of Directors as to the realisable value of the assets of the Company is conclusive, unless a question of Law is involved. 

 

	124.	Notice of any dividend that may have been declared shall be given to each member in manner hereinafter mentioned and all dividends unclaimed for 3 years after having
been declared may be forfeited by resolution of directors for the benefit of the Company. 

  

	125.	No dividend shall bear interest as against the Company and no dividend shall be paid on treasury shares or shares held by another company of which the Company holds
directly or indirectly, shares having more than 50 percent of the vote in electing directors. 

  

	126.	A share issued as a dividend by the Company shall be treated for all purposes as having been issued for money equal to the surplus that is transferred to capital upon
the issue of the share. 

  

	127.	In the case of a dividend of authorised but unissued shares with par value, an amount equal to the aggregate par value of the shares shall be transferred from surplus
to capital at the time of the distribution. 

  

	128.	In the case of a dividend of authorised but unissued shares without par value, the amount designated by the Board of Directors shall be transferred from surplus to
capital at the time of the distribution, except that the Board of Directors must designate as capital an amount that is at least equal to the amount that the shares are entitled to as a preference, if any, in the assets of the Company upon
liquidation of the Company. 

  

	129.	A division of the issued and outstanding shares of a class or series of shares into a larger number of shares of the same class or series having a proportionately
smaller par value does not constitute a dividend of shares. 

 ACCOUNTS AND AUDIT 

 

	130.	The Company may by resolution of members call for the Board of Directors to prepare periodically a profit and loss account and a balance sheet. The profit and loss
account and balance sheet shall be drawn up so as to give respectively a true and fair view of the profit or loss of the Company for the financial period and a true and fair view of the state of affairs of the Company as at the end of the financial
period. 

  

	131.	The Company may by resolution of members call for the accounts to be examined by auditors. 

  
 35 

	132.	The first auditors shall be appointed by resolution of directors, subsequent auditors shall be appointed by a resolution of members. 

 

	133.	The auditors may be members of the Company but no director or other officer shall be eligible to be an auditor of the Company during his continuance in office.

  

	134.	The remuneration of the auditors of the Company 

  

	 	(a)	in the case of auditors appointed by the Board of Directors, may be fixed by resolution of directors; 

 

	 	(b)	subject to the foregoing, shall be fixed by resolution of members or in such manner as the Company may by resolution of members determine. 

 

	135.	The auditors shall examine each profit and loss account and balance sheet required to be served on every member of the Company or laid before a meeting of the members
of the Company and shall state in a written report whether or not 

  

	 	(a)	in their opinion the profit and loss account and balance sheet give a true and fair view respectively of the profit or loss for the period covered by the accounts, and
of the state of affairs of the Company at the end of that period, and 

  

	 	(b)	all the information and explanations required by the auditors have been obtained. 

 

	136.	The report of the auditors shall be annexed to the accounts and shall be read at the meeting of members at which the accounts are laid before the Company or shall be
served on the members. 

  

	137.	Every auditor of the Company shall have a right of access at all times to the books of account and vouchers of the Company, and shall be entitled to require from the
directors and officers of the Company such information and explanations as he thinks necessary for the performance of the duties of the auditors. 

  

	138.	The auditors of the Company shall be entitled to receive notice of, and to attend any meetings of members of the Company as which the Company’s profit and loss
account and balance sheet are to be presented. 

 NOTICES 

 

	139.	Any notice, information or written statement to be given by the Company to members may be served in the case of members holding registered shares in any way by which it
can reasonably be expected to reach each member or by mail addressed to each member at the address shown in the share register. 

  
 36 

	140.	Any summons, notice, order, document, process, information or written statement to be served on the Company may be served by leaving it, or by sending it by registered
mail addressed to the Company, at its registered office, or by leaving it with, or by sending it by registered mail to, the registered agent of the Company. 

 

	141.	Service of any summons, notice, order, document, process, information or written statement to be served on the Company may be proved by showing that the summons,
notice, order, document, process, information or written statement was delivered to the registered office or the registered agent of the Company or that it was mailed in such time as to admit to its being delivered to the registered office or the
registered agent of the Company in the normal course of delivery within the period prescribed for service and was correctly addressed and the postage was prepaid. 

PENSION AND SUPERANNUATION FUNDS 
  

	142.	The Board of Directors may establish and maintain or procure the establishment and maintenance of any non-contributory or contributory pension or superannuation funds
for the benefit of, and give or procure the giving of donations, gratuities, pensions, allowances or emoluments to any persons who are or were at any time in the employment or service of the Company or any company which is a subsidiary of the
Company or is allied to or associated with the Company or with any such subsidiary, or who are or were at any time directors or officers of the Company or of any such other company as aforesaid or who hold or held any salaried employment or office
in the Company or such other company, or any persons in whose welfare the Company or any such other company as aforesaid is or has been at any time interested, and to the wives, widows, families and dependents of any such person, and may make
payments for or towards the insurance of any such persons as aforesaid, and may do any of the matters aforesaid either alone or in conjunction with any such other company as aforesaid. Subject always to the proposal being approved by resolution of
members, a director holding any such employment, or office shall be entitled to participate in and retain for his own benefit any such donation, gratuity, pension allowance or emolument. 

ARBITRATION 
  

	143.	 Whenever any difference arises between the Company on the one hand and any of the members or their executors, administrators or assigns on the other
hand, touching the true intent and construction or the incidence or consequences of the Memorandum, these Articles or of the Act, touching anything done or executed, omitted or suffered in pursuance of the Act or touching any breach or alleged
breach or otherwise relating to the premises or to these Articles, the Memorandum, or to any Act or Ordinance affecting the Company or to any of the affairs of the Company such difference shall, unless the parties agree to refer the

  
 37 

	 	
same to a single arbitrator, be referred to 2 arbitrators one to be chosen by each of the parties to the difference and the arbitrators shall before entering on the reference appoint an umpire.

  

	144.	If either party to the reference makes default in appointing an arbitrator either originally or by way of substitution (in the event that an appointed arbitrator shall
die, be incapable of acting or refuse to act) for 10 days after the other party has given him notice to appoint the same, such other party may appoint an arbitrator to act in the place of the arbitrator of the defaulting party.

 VOLUNTARY WINDING UP AND DISSOLUTION 

 

	145.	The Company may voluntarily commence to wind up and dissolve by a resolution of members but if the Company has never issued shares it may voluntarily commence to wind
up and dissolve by resolution of directors. 

 CONTINUATION 

 

	146.	The Company may by resolution of members or by a resolution passed unanimously by all directors of the Company continue as a company incorporated under the Laws of a
jurisdiction outside the British Virgin Islands in the manner provided under those Laws. 

 [remainder of page left
intentionally blank] 

  
 38 

 We, Offshore Incorporations Limited, of P.O. Box 957, Offshore Incorporations Centre,
Road Town, Tortola, British Virgin Islands for the purpose of incorporating an International Business Company under the laws of the British Virgin Islands hereby subscribe our name to these Articles of Association the 1st day of July, 2002. 

 

					
		  	SUBSCRIBER	  	 Offshore Incorporations Limited
 E. T. POWELL

			
		  		  	 (Sd.) E.T. POWELL

Authorised Signatory

			
		  		  	
		  	in the presence of: WITNESS	  	 FANDY TSOI

			
		  		  	 (Sd.) Fandy Tsoi
 9/F
Ruttonjee House
 11 Duddell Street, Central
 Hong Kong
 Production Supervisor

  
 39 

 EXHIBIT C 
 FORM OF RESTRUCTURING AGREEMENT 
 (See fully executed agreement attached as
Exhibit 2.1 to the Registration Statement on 
 Form F-1 filed by Michael Kors Holdings Limited.) 

 EXHIBIT D 
 TERM SHEETS FOR FAR EAST HOLDINGS LICENSE AGREEMENT 
 (See fully executed
agreement attached as Exhibit 10.6 to the Registration Statement on 
 Form F-1 filed by Michael Kors Holdings Limited.)

 EXHIBIT E 
 TERM SHEET FOR FAR EAST HOLDINGS INVESTMENT 
 (See attached.)

 MICHAEL KORS FAR EAST
HOLDINGS LIMITED 
 SUMMARY OF PROPOSED
TERMS 
  

					
	 	Issuer:	  	  	Michael Kors Far East Holdings Limited, a company organized under the laws of the British Virgin Islands (the “Company”).
		
	 	Investors:	  	  	Any or all of Brookside Capital, Fidelity Investments, Ontario Teachers Pension Plan and T.Rowe Price (the “Investors”).
		
	 	Securities Offered:	  	  	Ordinary Shares and Preference Shares of the Company (the “Shares”), which shall represent the only classes of securities issued and outstanding by the
Company.
		
	 
  
	Aggregate Offering

Amount:
	  
   
	  	Up to $5.4 million aggregate amount of Ordinary Shares and Preference Shares (the “Offered Shares”), all of which will be offered by the Company. The Offered Shares
shall represent the same ownership percentage of the Company on a fully diluted basis (after giving effect to the issuance of the Offered Shares, but excluding equity participation of local management in the Company or any of its subsidiaries) as
the Investors are collectively purchasing in Michael Kors Holdings Limited (“MKHL”) on a fully diluted basis. Each Investor may purchase its pro rata share of the Offered Shares based on its investment in MKHL relative to the other
Investors. The Investors purchasing Offered Shares are referred to herein as “Purchasing Investors.” Following the offering, all holders will own Preference Shares with a preference equal to (i) their total investment amount less
(ii) $1 for each Ordinary Share being
purchased.1
		
	 	Preference Shares:	  	  	Following completion of the offering, each shareholder of the Company will hold Ordinary Shares and Preference Shares having an aggregate liquidation preference of $6.37 million
plus the amount of the investment hereunder. The Preference Shares do not pay dividends, are non-convertible and have no voting rights, but are redeemable at the option of the holder upon certain liquidity events of the Company.
		
	 
  
	Implied Valuation for

Ordinary Shares:
	  
   
	  	$26 million pre-money.
		
	 	Use of Proceeds:	  	  	The Company intends to use the net proceeds to be received by the Company for general corporate purposes.
		
	 	Future Funding:	  	  	If requested by the Company’s board of directors to fund the operations and expansion of the Company’s business, the Purchasing Investors and the Company’s existing
shareholders (the “Existing Shareholders”) (other than Messrs. Kors and Idol) agree to fund up to an additional $40 million on a pro rata basis (“Shareholder Funding”). The Shareholder Funding shall be
effected through the sale and issuance of additional Preference Shares. At the discretion of the board of directors, either in addition to or

 

	1 	 600 Ordinary Shares are currently issued and outstanding. 

			
		  	in lieu of any Shareholder Funding, the Company or any of its subsidiaries may also secure from time to time debt or equity funding from the Existing Shareholders and Purchasing
Investors and/or any third parties. The Shareholder Funding and any other equity funding or debt funding involving the Existing Shareholders and/or their affiliates shall be subject to the preemptive rights described below.
		
	Dividends:	  	All holders of Shares will receive dividends on a pari passu basis in accordance with the number of Ordinary Shares held. The Company generally intends to retain future
earnings, if any, for use in the operations and expansion of the Company’s business. As a result, the Company does not anticipate paying regular cash dividends in the foreseeable future.
		
	Voting Rights:	  	Each holder of Ordinary Shares will be entitled to one vote per share on all matters to be voted on by shareholders generally, including the election of directors.
		
	Shareholder Rights:	  	Purchasing Investor and Existing Shareholder rights and obligations will be as set forth in the existing Share Purchase and Shareholders Agreement (the “Existing Shareholders
Agreement”) including the registration rights, preemptive rights, information rights and tag along rights as set forth therein. The Purchasing Investors and Existing Shareholders will be subject to drag along rights substantially similar to
those provided for in the MKHL transaction documents (other than provisions relating to the allocation of consideration based on preferences).
		
	Transfer Rights:	  	Purchasing Investors and Existing Shareholders shall be subject to transfer restrictions (including, without limitation, the right of first negotiation) as set forth in the Existing
Shareholders Agreement. In addition, each Existing Shareholder and Purchasing Investor will agree to be bound by the terms of the right of first refusal in favor of Michael Kors, LLC, as described in the term sheets for Far East licenses attached as
exhibits to the Subscription Agreement for the MKHL transaction.
		
	Information Rights:	  	Prior to an IPO, consolidated annual financial statements of the Company and its subsidiaries, as well as a quarterly management letter, will be provided to the Purchasing Investors
and the Existing Shareholders.
		
	Consent Rights	  	Amendment of the A&R Shareholders Agreement (as defined below) will be as currently provided in the Existing Shareholders Agreement. The consent of the Purchasing Investors
holding a majority of the outstanding Offered Shares shall be required prior to the amendment of the organizational documents, any other transaction agreement or any other similar documents, in each case of the Company or any of its subsidiaries,
that materially adversely affects the rights of the Purchasing Investors.
		
		  	The consent of the Purchasing Investors holding a majority of the outstanding Offered Shares shall be required prior the Company entering

			
		  	into any affiliate transactions not on arms-length terms (in a manner substantially similar to that provided for in the MKHL transaction documents).
		
	A&R Shareholders Agreement:	  	The Company, the Purchasing Investors and the Existing Shareholders will enter into an Amended and Restated Share Purchase and Shareholders Agreement (the “A&R
Shareholders Agreement”), which will contain provisions that reflect the information and shareholders rights provisions outlined in this term sheet and otherwise as now in effect with Purchasing Investors and Existing Shareholders being
treated the same.
		
	Terms of the Offering:	  	The offering will terminate upon the sale of all of the Offered Shares or such lesser amount of Shares as the Investors elect to purchase.
		
		  	In order to subscribe for and purchase the Shares, each prospective investor must deliver to the Company a completed A&R Shareholders Agreement (except as otherwise provided
herein, with terms substantially similar to that provided for in the Shareholders Agreement).
		
	Governing Law:	  	The A&R Shareholders Agreement will be governed by the laws of the State of New York.
		
	Non-Binding Term Sheet:	  	The information contained in this term sheet is intended for discussion purposes only and does not contain an exhaustive list of all principal terms of the offering, and nothing
contained herein creates any liability or any obligation on the part of the Company, the Purchasing Investors or the Existing Shareholders. Any agreement between the parties will become binding at such time, if any, as the transaction documents,
satisfactory in form and substance to the parties, are executed and delivered by the parties and accepted by the Company.

 Agreed and accepted this      day of July, 2011. 

 

					
	MICHAEL KORS FAR EAST HOLDINGS LIMITED	 		 	BROOKSIDE CAPITAL PARTNERS FUND L.P.
			
	  
	 		 	  

	By:	 		 	By:
	Name:	 		 	Name:
			
	FIDELITY	 		 	T.ROWE PRICE
			
	  
	 		 	  

	By:	 		 	By:
	Name:	 		 	Name:
			
	OTPP	 		 	
			
	  
	 		 	
	By:	 		 	
	Name:	 		 	

 EXHIBIT F 
 FORM OF VOTING AND LOCK-UP AGREEMENT 
 (See fully executed agreement
attached as Exhibit 10.3 to the Registration Statement on 
 Form F-1 filed by Michael Kors Holdings Limited.) 

 EXHIBIT G 
 FORM OF COMPANY COUNSEL OPINION 
 (See attached.) 

 212-373-3000 
 212-757-3990 
 July 11, 2011 

INVESTORS LISTED ON 
 SCHEDULE A HERETO 
 Michael Kors Holdings Limited

 Offering and Sale of Preference Shares 
 Ladies and Gentlemen: 
 We have acted as counsel to Michael Kors Holdings Limited
(the “Company”), in connection with the Subscription Agreement, dated as of July 7, 2011 (the “Agreement”), by and among the Company, the persons listed on Schedule I thereto (the “Sellers”)
and the investors listed on Schedule A hereto (individually, an “Investor” and collectively, the “Investors”), relating to the offer and the sale by the Company and

  

IRS Circular 230 disclosure: To ensure compliance with requirements imposed by the IRS, we
inform you that any U.S. federal tax advice contained in this document is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or
recommending to another party any transaction or matter that is contained in this document. 
  

 
the Sellers of an aggregate of 10,856,853 preference shares, no par value, of the Company (collectively, the “Offered Securities”) to the Investors. This opinion is delivered to
you pursuant to Section 7(g)(ii) of the Agreement. Terms used but not defined herein have the meaning assigned to them in the Agreement. 
 In connection with furnishing this opinion, we have examined originals, or copies certified or otherwise identified to our satisfaction, of the following documents: 

 

	 	1.	the Agreement; and 

  

	 	2.	such other certificates, agreements or documents as we deemed relevant and necessary as a basis for the opinions and beliefs expressed below. 

In our examination of the documents referred to above, we have assumed, without independent investigation, (i) the genuineness of
all signatures, (ii) the authenticity of all documents submitted to us as originals, (iii) the conformity to original documents of all such documents submitted to us as certified, photostatic, reproduced or conformed copies of valid
existing agreements or other documents, (iv) the legal capacity of all individuals (including any Sellers who are individuals) who have executed any of such documents, (v) the due authorization, execution and delivery of the Offered
Securities and any documents by the Company and the Sellers, as applicable, (vi) the due authorization, execution and delivery of all such documents by, and the enforceability of all such documents against, all of the parties to such documents
and (vii) that each of the Company and each Seller that is not an individual is validly existing under the laws of its jurisdiction of organization. We have also assumed (a) the accuracy of the representations and warranties of the
Investors contained in Section 2 of the Agreement 

  
 2 

 
and each Investor’s compliance with its respective covenants and agreements contained in the Agreement, (b) the accuracy of the representations and warranties of the Company contained
in Sections 3(g) and 3(h) of the Agreement and the Company’s compliance with its respective covenants and agreements contained in the Agreement and (c) the accuracy of the representations and warranties of the Sellers contained in Sections
4(f) and 4(g) of the Agreement and each Seller’s compliance with its respective covenants and agreements contained in the Agreement. We have also relied upon oral and written statements of officers and representatives of the Company and the
factual matters contained in the representations and warranties of the Company and Sellers made in the documents. 
 Based upon
the above and subject to the stated assumptions, exceptions and qualifications, we are of the opinion that it is not necessary in connection with the offer, sale and delivery of the Offered Securities in the manner contemplated by the Agreement to
register the offer or sale of any of the Offered Securities under the Securities Act. 
 We express no opinion as to
(i) the availability of the safe harbor for offers and sales of the Offered Securities provided by Regulation S under the Securities Act or (ii) any subsequent resale of the Offered Securities. 

Our opinions expressed above are limited to the federal laws of the United States of America. No opinion is expressed in this letter with
respect to the requirements of, or compliance with, any state securities laws or blue sky laws. Our opinions are 

  
 3 

 
rendered only with respect to the laws, and the rules, regulations and orders under them, which are currently in effect. 
 This letter is furnished by us solely for your benefit in connection with the transactions referred to in the Agreement and may not be used, circulated to, or relied upon by any other person. 

Very truly yours, 
 PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP 

  
 4 

 Schedule A 

The Investors 

Brookside Capital Partners Fund, L.P. 
 Feinberg
Family Trust 
 Fidelity Financial Trust: Fidelity Independence Fund 
 Fidelity Mt. Vernon Street Trust: Fidelity Growth Company Fund 
 Fidelity Puritan Trust: Fidelity
Puritan Fund 
 Fidelity Securities Fund: Fidelity Blue Chip Growth Fund 
 Flat Plus LLC 
 ING Partners, Inc. - ING T. Rowe Price Diversified Mid Cap Growth Portfolio

 Jeffrey L. Feinberg Family Trust 

JNL Series Trust - JNL/T. Rowe Price Mid-Cap Growth Fund 
 KEC Holdings LLC 
 Lincoln Variable Insurance Products Trust - LVIP T. Rowe Price Structured Mid
Cap Growth Portfolio 
 MassMutual Select Funds, Inc. - MassMutual Select Mid Cap Growth Equity II Fund 

Maxim Series Fund, Inc. - Maxim/T. Rowe Price MidCap Growth Portfolio 
 Met Investors Series Trust - T. Rowe Price Mid Cap Growth Portfolio 
 MKFF Investors LLC

 MML Series Investment Fund - MML Mid Cap Growth Fund 
 Ontario Teachers’ Pension Plan Board 
 Powers Trust 

Seasons Series Trust - Mid-Cap Growth Portfolio 

State of California - Savings Plus Program 
 T.
Rowe Price Diversified Mid-Cap Growth Fund, Inc. 
 T. Rowe Price Institutional Mid-Cap Equity Growth Fund 

T. Rowe Price Mid-Cap Growth Fund, Inc. 
 T. Rowe
Price Mid-Cap Growth Portfolio 
 T. Rowe Price New Horizons Fund, Inc. 
 T. Rowe Price New Horizons Trust 
 T. ROWE PRICE TAX-EFFICIENT EQUITY FUND 

T. Rowe Price U.S. Equities Trust 
 T. Rowe Price
U.S. Equities Trust 
 TD Mutual Funds - TD U.S. Mid-Cap Growth Fund 
 THE BUNTING FAMILY III, LLC 
 THE BUNTING FAMILY VI SOCIALLY RESPONSIBLE LLC 

Variable Insurance Products Fund V: Asset Manager Portfolio 
 Variable Insurance Products Fund V: Asset Manager: Growth Portfolio 

  
 5 

 EXHIBIT H 
 FORM OF BRITISH VIRGIN ISLAND COUNSEL OPINION 
 (See attached.) 

			
	 

	  	 Harney Westwood & Riegels

Craigmuir Chambers

PO Box 71, Road Town

Tortola VG1110, British Virgin Islands

Tel: +1 284 494 2233

Fax: +1 284 494 3547

www.harneys.com

		
	11 July 2011	  	Your Ref
		
		  	Our Ref         034980.0004/JAD
		
	BY E-MAIL	  	Doc ID          ~ 0619830

 The Buyers (as listed in the schedule A of this opinion) 
 Dear Sirs 
 Michael Kors Holdings Limited, Company No. 524407 (the “Company”)

  

	1.	We are lawyers qualified to practise in the British Virgin Islands and have been asked to advise in connection with: 

 

	 	(a)	a restructuring agreement dated 7 July 2011 entered into by and among (i) the Company, (ii) SHL-Kors Limited, a British Virgin Islands limited company
(“SHLK”), (iii) Michael Kors (“MK”), (iv) SHL Fashion Limited (“SHLF”), (v) Michael Kors (USA), Inc. (“Kors (USA)”), (vi) Michael Kors Far East Holdings Limited
(“Far East Holdings”), (vii) Sportswear Holdings Limited (“Sportswear Holdings”), (viii) Littlestone, (“Littlestone”), (ix) Northcroft Trading Inc., (“Northcroft”),
(x) Vax Trading, Inc. (“Vax”), (xi) OB Kors LLC (“OB Kors”), (xii) John Idol (“Idol”), (xiii) John Muse (“Muse”), (xiv) Muse Children’s GS Trust
(“Muse Trust”), (xv) JRM Interim Investors, LP (“JRM”), and (xvi) Muse Family Enterprises (“Muse Enterprises”), which sets out the steps to be taken in connection with the restructuring of
the Company (the “Restructuring”), including but not limited to the amendment of the Company’s memorandum and articles of association and the merger of the Company with SHLF and SHLK (the “Restructuring
Agreement”); 

  

	 	(b)	a subscription agreement dated 7 July 2011 entered into between (i) the Company, (ii) the Existing Shareholders and (iii) the
“Buyers” being the persons listed in the schedule A of this opinion (the “Subscription Agreement”); 

  

	 	(c)	a voting and lock-up agreement dated 11 July 2011 entered into between (i) the Company and (ii) the “Existing Shareholders” being
persons listed in schedule I thereto (the “Voting Agreement”); and 

  

	 	(d)	a shareholders agreement dated 11 July 2011 entered into between (i) the Company (ii) the Existing Shareholders and (iii) the Buyers (the
“Shareholders Agreement”); 

 (collectively, the “Documents”). 

A list of partners is available for inspection at our offices. 
 British Virgin Islands | Cayman Islands | Cyprus | London | Hong Kong 

 This opinion is given pursuant to clause 7(e)(iii) of the Subscription Agreement.
Capitalised terms defined in the Subscription Agreement have the same meaning in this opinion unless otherwise defined in this opinion. 
  

	2.	For the purpose of this opinion, we have examined the following documents and records: 

 

	 	(a)	copies of the executed Documents; 

  

	 	(b)	a copy of the Memorandum and Articles of Association and Certificate of Incorporation of the Company obtained from the British Virgin Islands Registry of Corporate
Affairs on 11 July 2011; 

  

	 	(c)	a copy of the unanimous written resolutions of the directors of the Company dated 7 July 2011 approving the Company’s entry into, and authorising the
execution and delivery by the Company of the Documents (the “Board Resolutions”); and 

  

	 	(d)	information revealed by our searches of: 

  

	 	(i)	the records and information certified by Offshore Incorporations Limited, the registered agent of the Company, on 11 July 2011 of the statutory documents and
records maintained by the Company at its registered office; 

  

	 	(ii)	the public records of the Company on file and available for inspection at the Registry of Corporate Affairs, Road Town, Tortola, British Virgin Islands on 11 July
2011; and 

  

	 	(iii)	the records of proceedings on file with, and available for inspection on 11 July 2011 at the High Court of Justice, British Virgin Islands,

 (the “Searches”). 

The above are the only documents or records we have examined and the only enquiries we have carried out. In particular we have made no
enquiries as to matters of fact other than the Searches. 
  

	3.	For the purposes of this opinion we have assumed without further enquiry: 

  

	 	(a)	the authenticity of all documents submitted to us as originals, the conformity with the originals of all documents submitted to us as copies and the authenticity of
such originals, and the genuineness of all signatures and seals; 

  

	 	(b)	the accuracy and completeness of all corporate minutes, resolutions, certificates, documents and records which we have seen, and the accuracy of any and all
representations of fact expressed in or implied thereby; 

  

	 	(c)	that there are no other resolutions, agreements, documents or arrangements which affect the Documents and the transactions contemplated thereby;

  

	 	(d)	that the information indicated by the Searches is complete and remains true and correct; 

  
 2 

	 	(e)	that the Documents constitute valid, legally binding and enforceable obligations of the Company under the laws of the State of New York in the United States of America
(“New York”) by which law they are expressed to be governed; that the Documents have been duly executed in accordance with the laws of New York and any other applicable foreign laws; and that no matters arising under any foreign law
will affect the views expressed in this opinion; 

  

	 	(f)	that no director of the Company has a financial interest in or other relationship to a party to the transaction contemplated by the Documents except as expressly
disclosed in the Board Resolutions, and that the directors are properly exercising their powers in good faith; 

  

	 	(g)	that the Board Resolutions remain in full force and effect; and 

  

	 	(h)	that the Company does not own, directly or indirectly, any land in the British Virgin Islands. 

 

	4.	Based on the foregoing, and subject to the qualifications expressed below, our opinion is as follows: 

 

	 	(a)	Existence and Good Standing. The Company is a company duly registered with limited liability for an unlimited duration under the BVI Business Companies Act,
2004, and is validly existing and in good standing under the laws of the British Virgin Islands. It is a separate legal entity and is subject to suit in its own name. 

 

	 	(b)	Capacity and Power. The Company has full capacity to enter into and perform its obligations under the Documents and the Company has taken all necessary action to
authorise its entry into the Documents and the exercise of its rights and the performance of its obligations under the Documents. 

  

	 	(c)	Due Execution. The Documents have been duly executed for and on behalf of the Company. 

 

	 	(d)	Valid and Binding. The Documents will be treated by the courts of the British Virgin Islands as the legally binding, valid and enforceable obligations of the
Company. 

  

	 	(e)	Consents. No consents or authorisations of any government or official authorities of or in the British Virgin Islands are necessary for the entry into and
performance by the Company of its obligations and the exercise of its rights pursuant to the Documentsor enforcement of the Documents against the Company. 

  

	 	(f)	Non-conflict. The execution and delivery of the Documents by the Company and the performance by the Company of its obligations and the exercise of any of its
rights pursuant to the Documents do not and will not conflict with: 

  

	 	(i)	any law or regulation of the British Virgin Islands; or 

  

	 	(ii)	the Memorandum and Articles of Association of the Company. 

  
 3 

	 	(g)	Stamp Duty. No stamp duties or similar documentary taxes imposed by or in the British Virgin Islands are payable in respect of the Documents.

  

	 	(h)	Interest. There is no applicable usury or interest limitation law in the British Virgin Islands which would restrict the recovery of payments or the performance
by the Company of its obligations under the Documents. 

  

	 	(i)	Withholding. The Company will not be required by any laws of the British Virgin Islands to make any deduction or withholding from any payment it may make under
the Documents. 

  

	 	(j)	Exchange Controls. There are no government controls or exchange controls in relation to the observance by the Company of its obligations under the Documents.

  

	 	(k)	Judgment Currency. Any monetary judgment in a court of the British Virgin Islands in respect of a claim brought in connection with the Documents is likely to be
expressed in the currency in which such claim is made, since such courts have power to grant a monetary judgment expressed otherwise than in the currency of the British Virgin Islands, but they may not necessarily do so. 

 

	 	(l)	Enforcement of Judgments. There is no statutory registration regime in the British Virgin Islands for judgments of the courts of New York (the
“Courts”). However, any final and conclusive monetary judgment for a definite sum obtained against the Company in the Courts in respect of the Documents would be treated by the courts of the British Virgin Islands as a cause of
action in itself and sued upon as a debt at common law so that no retrial of the issues would be necessary provided that: 

  

	 	(i)	the Courts had jurisdiction in the matter and the Company either submitted to such jurisdiction or was resident or carrying on business within such jurisdiction and was
duly served with process; 

  

	 	(ii)	the judgment given by the Courts was not in respect of penalties, taxes, fines or similar fiscal or revenue obligations; 

 

	 	(iii)	the judgment was not procured by fraud; 

  

	 	(iv)	recognition or enforcement of the judgment in the British Virgin Islands would not be contrary to public policy; and 

 

	 	(v)	the proceedings pursuant to which judgment was obtained were not contrary to natural justice. 

 

	 	(m)	Sovereign Immunity. The Company is not entitled to claim immunity from suit or enforcement of a judgment on the ground of sovereignty or otherwise in the courts
of the British Virgin Islands in respect of proceedings against it in relation to the Documents and the execution of the Documents and performance of its obligations under the Documents by the Company constitute private and commercial acts.

  
 4 

	 	(n)	Adverse Consequences. Under the laws of the British Virgin Islands, the Buyers will not be deemed to be resident, domiciled or carrying on any commercial
activity in the British Virgin Islands or subject to any tax in the British Virgin Islands by reason only of the execution, and performance of the Documents nor is it necessary for the execution, performance and enforcement of the Documents that the
Buyers be authorised or qualified to carry on business in the British Virgin Islands. 

  

	 	(o)	Choice of Law and Jurisdiction. The choice of the law of New York as the proper law of the Documents would be upheld as a valid choice of law by the courts of
the British Virgin Islands and applied by such courts in proceedings in relation to the Documents as the proper law thereof and the submission by the Company to the jurisdiction of the courts of New York and the nomination by the Company of an agent
in New York to accept service of process in respect of proceedings before such courts are valid. 

  

	 	(p)	The Restructuring. The Restructuring has been carried out and completed in compliance with the laws of the British Virgin Islands. 

 

	 	(q)	Shares. Based solely on the Company’s Memorandum and Articles of Association: 

 

	 	(i)	the Company is authorised to issue a maximum of 160,856,853 shares divided into: 

 

	 	(A)	10,856,853 preference shares of no par value each (“Preference Shares”); and 

 

	 	(B)	150,000,000 ordinary shares of no par value each (“Ordinary Shares”); 

 

	 	(ii)	shares in the Company shall be issued in the currency of the United States of America; and 

 

	 	(iii)	subject to the restrictions on transfer contained in the Memorandum and Articles of Association, registered shares are transferred pursuant to an instrument in writing
signed by the transferor and containing the name and address of the transferee. 

  

	 	(r)	Authority to Issue Shares. The directors of the Company are duly empowered under the Company’s Memorandum and Articles of Association to issue shares as
registered shares only. 

  

	 	(s)	Issued Shares. Based solely on the Company’s register of members as annexed to the Registered Agent’s Certificate (the “Register of
Members”), as at the date of this opinion, the Company has issued: 

  

	 	(i)	10,639,716 Preference Shares with no par value per share; and 

  

	 	(ii)	38,719,484 Ordinary Shares with no par value per share, 

 the number and classes of shares held by each Shareholder is as set out in Schedule B of this opinion. 

  
 5 

	 	(t)	Title to Shares. The entry of the name of a person in the Register of Members as a holder of a registered share in the Company is prima facie evidence that legal
title in such share vests in that person. 

  

	 	(u)	Entitlements of Shareholders. The Company may treat the holder of a registered share in the Company as the only person entitled to: 

 

	 	(i)	exercise any voting rights attaching to the share; 

  

	 	(ii)	receive notices; 

  

	 	(iii)	receive a distribution in respect of the share; and 

  

	 	(d)	exercise other rights and powers attaching to the share. 

  

	 	(v)	Security Interests. Nothing in the documents or records that we have examined indicates that the shares issued in the Company are subject to any security
interests in favour of any party other than a first and paramount lien in favour of the Company itself arising under the memorandum and articles of association. However, there is no applicable registration regime in the British Virgin Islands for
security over shares in British Virgin Islands companies where the shareholder is not itself a British Virgin Islands entity; accordingly, this should not be taken to establish conclusively that no security interests have been created over the
Shares. 

  

	 	(w)	Issue of Shares. The shares to be issued by the Company under the Subscription Agreement have been duly authorised, and when the name of the subscriber is
entered in the Register of Members against payment therefore in accordance with the terms of the Subscription Agreement, will have been validly issued, will be fully paid and non-assessable (which term when used herein means that no further sums are
required to be paid by the holders thereof in connection with the issue of the shares), and will not be subject to any liens under British Virgin Islands law or the Memorandum and Articles of Association. 

 

	 	(x)	Transferred Shares. Each of the Sellers is the registered holder of the shares to be transferred by him or it under the Subscription Agreement (the
“Transferred Shares”). The Transferred Shares were validly issued to the Sellers under the Restructuring and are validly issued, fully paid and non-assessable. The transfer of a registered share in the Company is effective when the
name of the transferee is entered in the Register of Members. 

  

	 	(y)	Registrations. It is not necessary in order to ensure the legality, validity, enforceability or admissibility in evidence in proceedings of the obligations of
the Company or the rights of the Buyers under the Documents that they or any other document be notarised, filed, registered or recorded in the British Virgin Islands except that under British Virgin Islands law, the Company is not required to treat
a person as a shareholder of the Company until the person has been entered in the Register of Members. The original Register of Members or a copy thereof must be kept at the registered office of the Company. If the copy of the Register of Members is
kept at the registered office, it must be updated within 15 days of any change. 

  
 6 

	 	(z)	Pari Passu Obligations. The obligations of the Company under the Documents constitute direct obligations that rank at least pari passu with all its other
unsecured obligations. 

  

	 	(aa)	High Court Searches. No court proceedings pending against the Company are indicated by our searches of the British Virgin Islands High Court Registry referred to
at paragraph 2(d)(iii). 

  

	 	(bb)	Registry Searches. On the basis of our searches of the British Virgin Islands Registry of Corporate Affairs and the British Virgin Islands High Court Registry
referred to at paragraphs 2(d)(ii) and (iii) respectively, no currently valid order or resolution for liquidation of the Company and no current notice of appointment of a receiver over the Company or any of its assets appears on the records
maintained in respect of the Company at the Registry of Corporate Affairs, but it should be noted that failure to file notice of appointment of a receiver does not invalidate the receivership but merely gives rise to penalties on the part of the
receiver. 

  

	 	(cc)	Registered Office. In addition to contractual modes of service, service of process in the British Virgin Islands on the Company may be effected by leaving at the
Registered Office of the Company the relevant document to be served. On the basis of our search of the British Virgin Islands Registry of Corporate Affairs referred to at paragraph 2(d)(ii) the registered office of the Company is at Offshore
Incorporations Centre, P.O. Box 957, Road Town, Tortola, British Virgin Islands. 

  

	5.	This opinion is confined to the matters expressly opined on herein and given on the basis of the laws of the British Virgin Islands as they are in force and applied by
the British Virgin Islands courts at the date of this opinion. We have made no investigation of, and express no opinion on, the laws of any other jurisdiction. We express no opinion as to matters of fact. Except as specifically stated herein, we
make no comment with respect to any representations and warranties which may be made by or with respect to the Company in the Documents. We express no opinion with respect to the commercial terms of the transactions the subject of this opinion.

  

	6.	The opinions set out above are subject to the following qualifications: 

  

	 	(a)	The term “enforceable” as used above means that the obligations assumed by the Company under the relevant instrument are of a type which the courts of the
British Virgin Islands enforce. It does not mean that those obligations will necessarily be enforced in all circumstances in accordance with their terms. In particular: 

 

	 	(i)	rights and obligations may be limited by bankruptcy, insolvency, liquidation, arrangement and other similar laws of the British Virgin Islands of general application
affecting the rights of creditors; 

  

	 	(ii)	claims under the Documents may become barred under the laws relating to limitation of actions in the British Virgin Islands or may be or become subject to defences of
set-off or counterclaim; 

  

	 	(iii)	 equitable remedies such as injunctions and orders for specific performance are discretionary and will not normally be available where damages are
considered 

  
 7 

	 	
an adequate remedy and equitable rights may be defeated by a bona fide purchaser for value without notice; 

 

	 	(iv)	where obligations are to be performed in a jurisdiction outside the British Virgin Islands they may not be enforceable under the laws of the British Virgin Islands to
the extent that such performance would be contrary to the laws of that jurisdiction or contrary to mandatory laws or public policy of that jurisdiction; 

  

	 	(v)	strict legal rights may be qualified by doctrines of good faith and fair dealing—for example a certificate or calculation as to any matter might be held by a
British Virgin Islands court not to be conclusive if it could be shown to have an unreasonable or arbitrary basis, or in the event of manifest error; 

  

	 	(vi)	enforcement may be prevented by reason of fraud, misrepresentation, public policy or mistake or limited by the doctrine of frustration of contracts;

  

	 	(vii)	provisions, for example, for the payment of additional interest in certain circumstances, may be unenforceable to the extent a court of the British Virgin Islands
determines such a provision to be a penalty; 

  

	 	(viii)	enforcement may be limited by the principle of forum non conveniens or analogous principles; and 

 

	 	(ix)	an agreement made by a person in the course of carrying on unauthorised financial services business is unenforceable against the other party to the agreement under
section 50F of the Financial Services Commission Act, 2001. 

  

	 	(b)	Upon being appointed, a liquidator must file notice of their appointment within 14 days at the Registry of Corporate Affairs; and accordingly, it is possible that our
Searches may not reveal the appointment of a liquidator if the notice has not yet been filed at the relevant time. 

  

	 	(c)	Amendments to the Memorandum and Articles of Association of a company are normally effective from the date of registration with the Registry of Corporate Affairs.
However, it is possible for a British Virgin Islands court to order that they be treated as being effective from an earlier date, and searches would not reveal the amendments until the court order was subsequently filed. 

 

	 	(d)	The courts in the British Virgin Islands will determine in their discretion whether or not an illegal or unenforceable provision may be severed.

  

	 	(e)	The courts of the British Virgin Islands may refuse to give effect to a provision in respect of the cost of unsuccessful litigation brought before those courts or where
the courts themselves have made an order for costs. 

  

	 	(f)	In certain circumstances provisions in the Documents that (i) the election of a particular remedy does not preclude recourse to one or more others, or
(ii) delay or failure to exercise a right or remedy will not operate as a waiver of any such right or remedy, may not be enforceable. 

  
 8 

	 	(g)	We express no opinion in respect of the enforceability of any provision in the Documents which purports to fetter the statutory powers of the Company.

  

	 	(h)	We express no opinion in relation to provisions making reference to foreign statutes in the Documents. 

 

	 	(i)	The rights and obligations of a party to the Documents may be subject to restrictions if it or another party has been made subject to United Nations or European Union
sanctions as implemented under the laws of the British Virgin Islands. We have not conducted any investigations in this respect, and we express no opinion in relation thereto. 

 

	7.	This opinion is rendered for the benefit of the Buyers and the benefit of their legal counsel (in that capacity only) in connection with the transactions contemplated
by the Documents only. It may not be disclosed to or relied on by any other party or for any other purpose. 

 Yours faithfully

 HARNEY WESTWOOD & RIEGELS 

  
 9 

 SCHDEULE A 

LIST OF BUYERS 

Brookside Capital Partners Fund, L.P. 
 Feinberg
Family Trust 
 Fidelity Financial Trust: Fidelity Independence Fund 
 Fidelity Mt. Vernon Street Trust: Fidelity Growth Company Fund 
 Fidelity Puritan Trust: Fidelity
Puritan Fund 
 Fidelity Securities Fund: Fidelity Blue Chip Growth Fund 
 Flat Plus LLC 
 ING Partners, Inc.—ING T. Rowe Price Diversified Mid Cap Growth Portfolio

 Jeffrey L. Feinberg Family Trust 

JNL Series Trust—JNL/T. Rowe Price Mid-Cap Growth Fund 
 KEC Holdings LLC 
 Lincoln Variable Insurance Products Trust—LVIP T. Rowe Price Structured Mid
Cap Growth Portfolio 
 MassMutual Select Funds, Inc.—MassMutual Select Mid Cap Growth Equity II Fund 

Maxim Series Fund, Inc.—Maxim/T. Rowe Price MidCap Growth Portfolio 
 Met Investors Series Trust—T. Rowe Price Mid Cap Growth Portfolio 
 MKFF Investors LLC

 MML Series Investment Fund—MML Mid Cap Growth Fund 
 Ontario Teachers’ Pension Plan Board 
 Powers Trust 

Seasons Series Trust—Mid-Cap Growth Portfolio 
 State of California—Savings Plus Program 
 T. Rowe Price Diversified Mid-Cap Growth Fund, Inc.

 T. Rowe Price Institutional Mid-Cap Equity Growth Fund 
 T. Rowe Price Mid-Cap Growth Fund, Inc. 
 T. Rowe Price Mid-Cap Growth Portfolio 

T. Rowe Price New Horizons Fund, Inc. 
 T. Rowe
Price New Horizons Trust 
 T. ROWE PRICE TAX-EFFICIENT EQUITY FUND 
 T. Rowe Price U.S. Equities Trust 
 T. Rowe Price U.S. Equities Trust 

TD Mutual Funds—TD U.S. Mid-Cap Growth Fund 

THE BUNTING FAMILY III, LLC 
 THE BUNTING FAMILY
VI SOCIALLY RESPONSIBLE LLC 
 Variable Insurance Products Fund V: Asset Manager Portfolio 

Variable Insurance Products Fund V: Asset Manager: Growth Portfolio 
 A list of partners is available for inspection at our offices. 
 British Virgin
Islands | Cayman Islands | Cyprus | London | Hong Kong 

 SCHDEULE B 

REGISTER OF MEMBERS 
 A list of partners is available for inspection at our offices. 
 British Virgin
Islands | Cayman Islands | Cyprus | London | Hong Kong

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