Document:

EX-4.3

 EXHIBIT 4.3 

DATED April 28, 2020 
  

 
 AMENDED AND
RESTATED WARRANT INSTRUMENT 
 APi Group Corporation 

 
  

 

 TABLE OF CONTENTS 

 

							
	 1.
	 	DEFINITIONS AND INTERPRETATION	  	 	1	 
	 2.
	 	CONSTITUTION AND FORM OF WARRANTS	  	 	5	 
	 3.
	 	WARRANT CERTIFICATES	  	 	5	 
	 4.
	 	EXERCISE OF WARRANTS	  	 	6	 
	 5.
	 	UNDERTAKINGS	  	 	9	 
	 6.
	 	ADJUSTMENT OF SUBSCRIPTION RIGHTS	  	 	9	 
	 7.
	 	MANDATORY REDEMPTION	  	 	10	 
	 8.
	 	GENERAL OFFERS AND LIQUIDATION	  	 	10	 
	 9.
	 	TRANSFER AND TITLE	  	 	11	 
	 10.
	 	MEETINGS OF WARRANTHOLDERS	  	 	11	 
	 11.
	 	MODIFICATIONS	  	 	12	 
	 12.
	 	PURCHASE, SURRENDER AND CANCELLATION	  	 	12	 
	 13.
	 	AVAILABILITY OF INSTRUMENT AND NOTICES	  	 	13	 
	 14.
	 	PURCHASE OF ORDINARY SHARES BY THE COMPANY	  	 	13	 
	 15.
	 	ENFORCEMENT	  	 	13	 
	 16.
	 	GOVERNING LAW	  	 	13	 
	 SCHEDULE 1 FORM OF WARRANT CERTIFICATE
	  			
	 SCHEDULE 2 REGISTRATION, TRANSFER AND TRANSMISSION
	  			
	 SCHEDULE 3 CONCERNING THE RIGHTS AGENT; MERGER, CONSOLIDATION OR CHANGE OF RECEIVING
AGENT
	  			

  

 THIS AMENDED AND RESTATED WARRANT INSTRUMENT IS EXECUTED ON APRIL 28, 2020 BY 

APi Group Corporation, a Delaware corporation (together with its successors and assigns, the “Company”). 

BACKGROUND 
  

	(A)	 By a resolution of the board of directors of the Company (the “Board”) passed on
September 19, 2017 the Board authorized the issuance by the Company of up to 125,032,500 Warrants (as defined in the Original Warrant Instrument (as defined below)) on the terms and subject to the conditions set out in the original Warrant
Instrument executed by way of deed poll on October 5, 2017, as supplemented by the Supplement dated September 2, 2019 (the “Original Warrant Instrument”), of which 64,546,077 are outstanding; 

 

	(B)	 As contemplated by the Business Combination Agreement entered into as of September 2, 2019, by and among
the Company, APi Group, Inc., the shareholders of APi Group, Inc., all of which are listed on the signature page thereto, Lee R. Anderson, Sr. and Shareholder Representative Services LLC, as shareholder representative, the Company changed its
jurisdiction of incorporation from the British Virgin Islands to the State of Delaware pursuant to Section 388 of the General Corporation Law of the State of Delaware (the “Domestication”) and, upon the effectiveness of such
Domestication pursuant to the DGCL (as defined below), the Company, as a domesticated Delaware corporation, is, for all purposes of the laws of the State of Delaware, deemed to be the same entity as the Company, as a domesticating British Virgin
Islands company; 

  

	(C)	 In connection with the Domestication, the shares of common stock into which the Ordinary Shares (as defined in
the Original Warrant Instrument) were exchanged and converted pursuant to the Domestication will be listed on the New York Stock Exchange (or any successor national securities exchange, the “NYSE”); 

 

	(D)	 By a resolution of the Board passed immediately following the effectiveness of the Domestication pursuant to
the DGCL (the “Domestication Effective Time”), the Board authorized this Amended and Restated Warrant Instrument, which amends and restates the Original Warrant Instrument, to (i) make clear that from and after the
Domestication Effective Time, references herein to the Company shall be deemed to be to the Company, as a Delaware corporation, (ii) reflect that from and after the Domestication Effective Time, the Company and its securities will be governed
by Delaware law, including the DGCL (rather than the BVI Companies Act, 2004 (as amended)), and the applicable provisions of the certificate of incorporation and bylaws of the Company, (iii) make certain changes in order to comply with
applicable Delaware law and (iv) reference the NYSE (rather than the London Stock Exchange (as defined in the Original Warrant Instrument)), in each case, pursuant to the power and authority granted to the Board by Clause 11.1 of the Original
Warrant Instrument; and 

  

	(E)	 The Company has accordingly determined to execute this Amended and Restated Warrant Instrument (as modified,
supplemented, amended or amended and restated from time to time, this “Instrument”) to set out the rights and interests of the Warrantholders (as defined below) and to incorporate the duties, obligations and immunities of the
Receiving Agent appointed under this Instrument. 

 OPERATIVE PROVISIONS 

 

	1.	 DEFINITIONS AND INTERPRETATION 

 

	1.1	 In this Instrument: 

 “Acquisition” means the initial acquisition by the Company or by any
subsidiary thereof (which may be in the form of a merger, capital stock exchange, asset acquisition, stock purchase, scheme of arrangement, reorganisation or similar business combination) of an interest in an operating company or business as will be
further described in the Prospectus (and, in the context of the Acquisition, references to a company without reference to a business and references to a business without reference to a company shall in both cases be construed to mean both a company
or a business); 
 “Adjustment Percentage” has the meaning given in Clause 6.1; 

“Admission” means admission of the Ordinary Shares and Warrants to the Official List and to trading on the London Stock
Exchange’s main market for listed securities; 
 “Articles” means the certificate of incorporation and bylaws of the
Company, in each case, as amended or amended and restated from time to time; 
 “Average Price” means for any security, as
of any date or relevant period (as applicable): (i) in respect of Ordinary Shares or any other security, the volume weighted average price for such security on the NYSE as reported by Bloomberg through its “Volume at Price” functions;
(ii) if the NYSE is not the principal securities exchange or trading market for that security, the volume weighted average price of that security on the principal securities exchange or trading market on which that security is listed or traded
as reported by Bloomberg through its “Volume at Price” functions; (iii) if the foregoing do not apply, the last closing trade price of that security in the over the counter market on the electronic bulletin board for that security as
reported by Bloomberg; or (iv) if no last closing trade price is reported for that security by Bloomberg, the last closing ask price of that security as reported by Bloomberg. If the Average Price cannot be calculated for that security on that
date on any of the foregoing bases, the Average Price of that security on such date shall be the fair market value as mutually determined by the Company and the Warrantholders representing a majority of the Ordinary Shares outstanding under the
Warrants (acting reasonably); 
 “business day” means any day (excluding a Saturday or a Sunday) on which banks in New York,
New York are open for business; 
 “DGCL” means the General Corporation Law of the State of Delaware (as amended); 

“Directors” means the directors of the Company from time to time; 

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

“Exercise Price” means $11.50 per Ordinary Share (or such adjusted price as may be determined from to time in accordance with
the provisions of Clause 6 (Adjustment of Subscription Rights)), which is the aggregate amount payable for each Minimum Exercise Amount; 

“Extraordinary Resolution” means either: (a) a resolution passed at a meeting of the Warrantholders duly convened and
held and carried by not less than three-fourths of the votes cast; or (b) a resolution consented to in writing by or on behalf of Warrantholders representing not less than three-fourths of the aggregate number of outstanding Warrants in issue
and who then are entitled to receive notice of and vote at a meeting of Warrantholders; 
 “FCA” means the UK Financial
Conduct Authority; 
 “Form of Nomination” means in relation to any Warrant the form of nomination attached to the Warrant
Certificate; 
 “FSMA” means the UK Financial Services and Markets Act 2000, as amended; 

  
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 “Listing Rules” means the listing rules made by the UK Listing Authority
under section 73A of FSMA, as amended from time to time; 
 “London Stock Exchange” means London Stock Exchange plc; 

“Minimum Exercise Amount” means, as of the applicable time of determination, with respect to each exercise of Warrants, the
number of Warrants necessary for a Warrantholder to exercise to receive one whole Ordinary Share upon such exercise as determined by the Board, which number of Warrants shall have a value (as determined by the Board) of not less than the par value
of any such whole Ordinary Share; 
 “Official List” means the official list maintained by the UK Listing Authority; 

“Ordinary Shares” means shares of common stock, par value $0.0001 per share, of the Company, which shall include any
capital shares into which such shares of common stock shall have been changed (including, for the avoidance of doubt, following any continuation, merger, consolidation or similar action) or any share capital resulting from a reclassification of such
shares of common stock; 
 “Person” shall mean any individual, partnership, joint venture, limited liability company, firm,
corporation, unincorporated association or organization, trust or other entity, and shall include any successor (by merger or otherwise) of any such Person. 

“Portion” means, as of the applicable time of determination (as applicable) (i) from and after the date hereof through
the time immediately preceding the first adjustment (if any) under Clause 6, one third (1/3rd), (ii) from and after the time of the first adjustment (if any) under Clause 6 until the next
adjustment thereunder, the product of (x) one third (1/3rd) multiplied by (y) the applicable Adjustment Percentage that is calculated in respect of such first adjustment or
(iii) from and after the time of each successive adjustment (if any) under Clause 6, the product of (x) the fraction then in effect as previously determined pursuant to the immediately preceding clause (ii) or this clause (iii) (as
the case may be) multiplied by (y) the applicable Adjustment Percentage that is calculated in respect of such applicable adjustment, subject to adjustment in accordance with Clause 6.3; 

“Prospectus” means the prospectus published by the Company in connection with Admission on or around October 5, 2017;

 “Receiving Agent” means Computershare Inc., or such other receiving agent as the Registrar may appoint from time to time;

 “Redemption Event” has the meaning given in Clause 7.2; 

“Redemption Notice” means the notice to Warrantholders notifying the occurrence of a Redemption Event to be given pursuant to
Clause 7.3; 
 “Redemption Trigger Price” means $18 (subject to adjustment pursuant to Clause 7.5); 

“Register” means the register of Warrantholders required to be maintained pursuant to Clause 9.1; 

“Registrar” means Computershare Inc., or such other Person or Persons appointed by the Company from time to time to maintain
the Register; 
 “Regulation D” means Regulation D under the Securities Act; 

“Regulation S” means Regulation S under the Securities Act; 

  
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 “Rule 144” has the meaning set forth in Clause 4.13; 

“Rule 144A” means Rule 144A promulgated by the U.S. Securities and Exchange Commission under the Securities Act; 

“Securities Act” means the U.S. Securities Act of 1933, as amended; 

“Subscription Notice” means in relation to any Warrant the notice of subscription attached to the Warrant Certificate; 

“Subscription Period” means, in relation to any Warrant, the period commencing on the date of Admission and ending on the
earlier to occur of (i) 5:00 p.m. (New York, New York time) on the third anniversary of the completion of the Acquisition and (ii) such earlier date as is set forth in this Instrument, provided that if such day is not a Trading Day, the Trading
Day immediately following such day; 
 “Subscription Rights” means the rights to subscribe for Ordinary Shares granted by
the Company to Warrantholders pursuant to this Instrument; 
 “Trading Day” means a day on which the NYSE (or such other
applicable securities exchange or quotation system on which the Ordinary Shares or Warrants are listed) is open for business (other than a day on which the NYSE (or such other applicable securities exchange or quotation system) is scheduled to or
does close prior to its regular weekday closing time); 
 “UK Listing Authority” means the FCA in its capacity as the
competent authority for listing in the UK pursuant to Part VI of FSMA; 
 “U.S. Person” has the meaning given to the term
“U.S. Person” in Regulation S; 
 “Warrant Certificate” means a certificate evidencing a holding of Warrants in
certificated form, such certificate being in or substantially in the form set out in Schedule 1 (Form of Warrant Certificate) to this Instrument; 

“Warrantholder” means in relation to any Warrant, the Person or Persons who is or are then the registered holder or joint
holders of such Warrant in the Register; and 
 “Warrants” means each of the warrants to acquire Ordinary Shares constituted
by this Instrument and all rights conferred by this Instrument. 
  

	1.2	 The Clause headings are inserted for guidance only and shall not affect the meaning or interpretation of any
part of this Instrument. 

  

	1.3	 Reference to Clauses, sub-Clauses and Schedules in this Instrument are
references to the Clauses, sub-Clauses and Schedules of and to this Instrument. 

  

	1.4	 References to any statute or statutory provision include references to that statute or statutory provision as
from time to time amended, extended or re-enacted and to any rules, orders, regulations and delegated legislation made thereunder. 

 

	1.5	 Words importing the singular shall include the plural and vice versa; words importing the masculine shall
include the feminine and neuter and vice versa; words importing Persons shall include bodies corporate and partnerships. 

  

	1.6	 Any register, index, minute book or book of account required to be kept by this Instrument shall be kept, and
inspection thereof shall be allowed and copies shall be supplied, in such form and manner and subject to such precautions as would from time to time be permissible or required if it were a register, index, minute book or book of account required to
be kept by the DGCL and references to such records in the Instrument shall be construed accordingly. 

  
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	1.7	 A Warrant is “outstanding” unless the Subscription Rights attached to such Warrant have been
exercised in full or have lapsed in accordance with the provisions of this Instrument. 

  

	1.8	 Any reference to “writing” or “written” includes any method of reproducing words or text in
a legible and non-transitory form but, for the avoidance of doubt, shall not include e-mail. 

 

	1.9	 References to “$” are to the lawful currency of the United States as at the date of this Instrument.

  

	1.10	 References to times of the day are to that time in New York, New York and references to a day are to a period
of 24 hours running from midnight to midnight. 

  

	1.11	 Any reference to “Company” means the Company as a corporation incorporated under the laws of the
State of Delaware. 

  

	1.12	 References to “shares in the capital of” or “share capital” or similar terms in this
Instrument shall be construed so as to include shares in a corporation incorporated in the State of Delaware. 

  

	2.	 CONSTITUTION AND FORM OF WARRANTS 

 

	2.1	 The Company previously created and constituted, pursuant to a resolution of the Board passed on October 4,
2017, 125,032,500 warrants to subscribe for Ordinary Shares on the terms and subject to the conditions of the Original Warrant Instrument, of which 64,546,077 are outstanding. 

 

	2.2	 Each Warrant confers the right (but not the obligation) on the Warrantholder to subscribe for the applicable
Portion of an Ordinary Share during the Subscription Period on the terms and subject to the conditions set out in this Instrument. 

  

	2.3	 The Company undertakes to comply with the terms and conditions of this Instrument and specifically, but without
limitation, to do all such things and execute all such documents to the extent necessary in order to give effect to the exercise of any Subscription Rights in accordance with this Instrument. 

 

	2.4	 Upon the issue of any Warrant, the Company shall, or shall cause the Registrar to, enter the Person or Persons
to whom the Warrant is issued into the Register in respect of such Warrant. The Warrants registered in a Warrantholder’s name will be held in certificated form and will be evidenced by a Warrant Certificate issued by the Company.

  

	2.5	 The Company shall, upon exercise of all or any of the Warrants in accordance with Clause 4 (Exercise of
Warrants) from time to time during the Subscription Period, including, without limitation, the payment, in full, of the Exercise Price with respect thereto, forthwith issue the number of Ordinary Shares required to be issued in accordance with
the terms of this Instrument. 

  

	2.6	 The Warrants are issued subject to the Articles and otherwise on the terms and conditions of this Instrument,
which are binding upon the Company and each Warrantholder and all Persons claiming through them. 

  

	3.	 WARRANT CERTIFICATES 

 

	3.1	 Every Warrant Certificate shall be in the form or substantially in the form set out in Schedule 1 (Form of
Warrant Certificate) to this Instrument and shall have endorsed thereon a Subscription Notice and Form of Nomination, each in the form or substantially in the form set out in Schedule 1 (Form of Warrant Certificate) to this Instrument.

  
 5 

	3.2	 Every Warrantholder shall be entitled without charge to one Warrant Certificate for the Warrants held by him
save that joint holders shall be entitled to one certificate only in respect of the Warrants held by them jointly which certificate shall be delivered to the holder whose name stands first in the Register in respect of such joint holding. The
Company shall not be bound to register more than four Persons as joint holders of any Warrants. 

  

	3.3	 Where some but not all of the Warrants represented by any Warrant Certificate are transferred or exercised the
Company shall issue, free of charge, to the relevant Warrantholder a new Warrant Certificate in accordance with the other provisions of this Instrument for the balance of the Warrants retained by such Warrantholder. 

 

	3.4	 All Warrant Certificates shall be executed by or on behalf of the Company by such officers of the Company as
the Board may designate, either manually or by facsimile signature. Upon written request by the Company, the Warrant Certificates shall be countersigned, either manually or by facsimile signature, by an authorized signatory of the Receiving Agent,
but it shall not be necessary for the same signatory to countersign all of the Warrant Certificates hereunder. 

  

	3.5	 If a Warrant Certificate is mutilated, defaced, lost, stolen or destroyed, it shall, at the discretion of the
Company, be replaced at the office of the Registrar on payment of such expenses as may reasonably be incurred by the Company in connection therewith and on such terms as to evidence, indemnity and/or security as the Company may reasonably require.
Mutilated or defaced Warrant Certificates must be surrendered before replacements will be issued. 

  

	4.	 EXERCISE OF WARRANTS 

 

	4.1	 Subject to this Clause 4 and the terms and conditions of this Instrument, a Warrantholder may exercise all or
any portion of its Subscription Rights for all or any whole number of Ordinary Shares for which he is entitled to subscribe at any time during the Subscription Period. The exercise of Subscription Rights must be made subject to, and in compliance
with, any laws and regulations then in force and upon payment of any taxes, duties and other governmental charges payable by reason of the exercise (other than taxes and duties imposed on the Company). Each of the Registrar or the Receiving Agent
shall not have any duty or obligation to take any action under any section of this Instrument that requires the payment of taxes and/or charges unless and until it is satisfied that all such payments have been made. 

 

	4.2	 No fractions of an Ordinary Share will be issued to a Warrantholder upon exercise of any Warrants pursuant to
this Instrument. Where a Warrantholder purports to exercise Warrants for an aggregate amount (a “Purported Exercise Amount”) that is not equal to a multiple of the Minimum Exercise Amount, such purported exercise will only be valid
in respect of the amount of Warrants which are equal to the largest multiple of the Minimum Exercise Amount which is less than the Purported Exercise Amount (the “Largest Multiple Amount”), and the number of Warrants equal to the
Purported Exercise Amount less the Largest Multiple Amount shall lapse and be cancelled, and such Warrantholder will have no further Subscription Rights in respect of such Warrants. 

 

	4.3	 In order to exercise Subscription Rights, whether in whole or in part, Warrantholders must deliver or cause to
be delivered the relevant Warrant Certificate(s) to the Receiving Agent at the address of the Receiving Agent designated for such purposes, together with the Subscription Notice properly completed and duly signed, together with a remittance in
cleared funds for the Exercise Price in respect of the whole number of Ordinary Shares being acquired with respect to the Warrants being exercised. Once so delivered, a Subscription Notice shall be irrevocable unless consented to by the Board.

  
 6 

	4.4	 Warrants will be deemed to be exercised on the business day upon which the Receiving Agent (or such other
Person as shall have been notified to Warrantholders in accordance with Clause 13.2) shall have received the relevant documentation and remittance in cleared funds referred to in this Clause 4 (Exercise of Warrants). Subject to Subscription
Rights being validly exercised and value having been received by the Company in respect of the relevant remittance, and subject to Clause 4.6, the Company shall deliver the Ordinary Shares to be issued pursuant to the exercise of Subscription Rights
and enter (or cause to be entered into) the holder of such Ordinary Shares in the Company’s register of shareholders not later than 10 days after the date on which such Subscription Rights are exercised. If an adjustment is made pursuant to
Clause 6 after the exercise date but before the relevant Ordinary Shares have been issued, the Warrantholder will receive such number of Ordinary Shares as it would have received had the exercise taken place following the adjustment taking effect.

  

	4.5	 Subject to Clause 4.6, as soon as practicable following the exercise of Subscription Rights in accordance with
the terms of this Instrument and, in any event, not later than 28 days after the date on which such Subscription Rights are exercised, the Company shall issue (or shall cause to be issued): 

 

	 	4.5.1	 a certificate for the Ordinary Shares in the name of such Warrantholder or such other Person as may be named on
the Form of Nomination set out in the Warrant Certificate (subject to applicable law and to payment of stamp duty, stamp duty reserve tax or any similar tax as may be applicable); and 

 

	 	4.5.2	 in the event of a partial exercise of Subscription Rights by any Warrantholder, a Warrant Certificate in the
name of such Warrantholder in respect of the balance of the Warrants represented by the relevant Warrant Certificate that remain outstanding. 

The certificate for the Ordinary Shares arising on the exercise of Warrants (together with any balancing Warrant Certificate) will be delivered
at the risk of the Person entitled thereto to the address of such Person or (in the case of a joint holding) to that one of them whose name stands first in the Register or relevant Form of Nomination and will be sent by ordinary mail. 

 

	4.6	 At any time when the Ordinary Shares are capable of electronic settlement in uncertificated form, whether on
any securities exchange or quotation system on which the Ordinary Shares are traded or quoted or otherwise, the Ordinary Shares to be issued upon the exercise of Subscription Rights may, at the absolute discretion of the Board and subject to the
adoption by the Board of a resolution or resolutions providing for uncertificated shares to the extent required by the DGCL, be issued in uncertificated form (whether in the form of depositary interests or otherwise) in such manner as the Company
may notify the Warrantholders, the Registrar and the Receiving Agent. 

  

	4.7	 Every Warrant in respect of which Subscription Rights: 

 

	 	4.7.1	 have been exercised in full; or 

 

	 	4.7.2	 have not been exercised (whether in whole or in part) during the Subscription Period, 

shall lapse and be cancelled and Warrantholders will have no further Subscription Rights in respect of such Warrants and such Warrants may not
be re-issued or re-sold. 

  
 7 

	4.8	 Ordinary Shares issued pursuant to the exercise of Warrants in accordance with the terms of this Instrument
shall be issued fully paid and free from any liens, charges or encumbrances and pre-emptive rights but shall not rank for any dividends or other distributions declared, made or paid on the Ordinary Shares for
which the record date is prior to the relevant day on which the Warrants are exercised but, subject thereto, shall rank in full for all dividends and other distributions declared, made or paid on the Ordinary Shares on or after the relevant day on
which the Warrants are exercised and otherwise pari passu in all respects with the Ordinary Shares in issue at that date. 

  

	4.9	 At any time when the Ordinary Shares are listed on the NYSE or any other securities exchange or quotation
system, it is the intention of the Company to apply to the NYSE or relevant authority for any other securities exchange or quotation system, for the Ordinary Shares issued pursuant to any exercise of Warrants to be admitted to the NYSE or such other
securities exchange or quotation system on which the Ordinary Shares are traded or quoted. 

  

	4.10	 The exercise of Subscription Rights by any holder or beneficial owner of Warrants who is a U.S. Person will be
subject to such requirements, conditions, restrictions, limitations and/or prohibitions as the Company may at any time impose, in its absolute discretion, for the purpose of complying with the securities laws of the United States (including, without
limitation, the Securities Act, the Exchange Act, the U.S. Investment Company Act, and any rules or regulations promulgated under such acts). 

  

	4.11	 Intentionally Omitted. 

 

	4.12	 The Registrar, the Receiving Agent and the Company reserve the right to delay taking any action on any
particular instructions from the Warrantholder if any of them considers that it needs to do so to obtain further information from the Warrantholder or to comply with any legal or regulatory requirement binding on it (including the obtaining of
evidence of identity to comply with money laundering regulations), or to investigate any concerns they may have about the validity of or any other matter relating to the instruction. 

 

	4.13	 The Company shall not be obliged to issue and deliver Ordinary Shares pursuant to the exercise of a Warrant
unless: (i) such Ordinary Shares have been registered or qualified or deemed to be exempt under the securities laws of the jurisdiction of state of residence of the Warrantholder; (ii) a registration statement under the Securities Act with
respect to the Ordinary Shares is effective; (iii) the Warrantholder provides the Company with reasonable assurance that such Ordinary Shares can be sold, novated or transferred pursuant to Rule 144 promulgated under the Securities Act (or a
successor rule thereto) (“Rule 144”) or Rule 144A (or any successor rule thereto) and the applicable sale of the Ordinary Shares to be made in reliance on Rule 144 is made in accordance with the terms of Rule 144; or (iv) in
the opinion of legal counsel to the Company, the exercise of the Warrants is exempt from the registration requirements of the Securities Act and such Ordinary Shares are qualified for sale or exempt from qualification under applicable securities
laws of jurisdictions in which the Warrantholder resides. Warrants may not be exercised by, or Ordinary Shares issued or delivered to, any Warrantholder in any state or other jurisdiction in which such exercise or issue and delivery of Ordinary
Shares would be unlawful. 

  

	4.14	 At any time during the Subscription Period, the Board will have the discretion to refuse to accept a notice of
exercise of Subscription Rights to the extent such exercise may affect the Company’s ability to meet the requirements in Listing Rule 14.3.2 (or similar rule of any other securities exchange or quotation system on which the Ordinary Shares or
Warrants are traded or quoted). 

  
 8 

	5.	 UNDERTAKINGS 

Subject to the provisions of Clause 6 and, unless otherwise authorized by an Extraordinary Resolution, while any Subscription Rights remain
outstanding, the Company shall, to the fullest extent permitted by applicable law, at all times maintain all requisite Board and shareholder or other authorizations necessary to enable the issue of Ordinary Shares (free from any pre-emptive rights) pursuant to the exercise of all the Warrants outstanding from time to time. 
  

	6.	 ADJUSTMENT OF SUBSCRIPTION RIGHTS 

 

	6.1	 If the Company, at any time while Subscription Rights are outstanding, (i) issues any Ordinary Shares by
way of dividend or distribution to holders of Ordinary Shares (solely in their capacity as holders of Ordinary Shares), (ii) subdivides (by any share split, recapitalization or otherwise) the number of Ordinary Shares outstanding into a larger
number of Ordinary Shares or (iii) consolidates (by consolidation, combination, reverse share split or otherwise) the number of outstanding Ordinary Shares into a smaller number of Ordinary Shares, then in each such case the Exercise Price
shall be divided by the quotient of (x) the number of Ordinary Shares outstanding immediately after such event divided by (y) number of Ordinary Shares outstanding immediately before such event (the result of such quotient is referred to
herein the “Adjustment Percentage”). Any adjustment made pursuant to sub clause (i) shall become effective immediately after the record date for the determination of shareholders entitled to receive such dividend or
distribution, and any adjustment pursuant to sub clause (ii) or (iii) shall become effective immediately after the effective date of such subdivision or consolidation. Following each adjustment to the Exercise Price pursuant to the
immediately preceding sub clauses (i), (ii) or (iii), the Portion shall also be adjusted in accordance with the definition thereof so that after such adjustment the aggregate Exercise Price payable hereunder shall be the same as the aggregate
Exercise Price in effect immediately prior to such adjustment. 

  

	6.2	 On any adjustment to the Exercise Price pursuant to this Clause 6, the resultant Exercise Price, if not an
integral multiple of one cent, will be rounded to the nearest cent (0.5 cents being rounded upwards); provided, however, that in no event shall the Exercise Price be reduced to below the par value of an Ordinary Share. 

 

	6.3	 If: 

  

	 	(i)	 the Board determines that an adjustment should be made to the Exercise Price and/or the Portion to which each
Warrant relates as a result of one or more events or circumstances not referred to in Clause 6.1; or 

  

	 	(ii)	 an event which gives or may give rise to an adjustment under Clause 6.1 occurs in circumstances such that the
Board, in its absolute discretion, determines that the adjustment provisions of Clause 6.1 need to be operated subject to some modification in order to give a result which is fair and reasonable in all the circumstances, 

then the Board may make any adjustment to the Exercise Price and/or Portion or modification to the operation of Clause 6.1 as it determines in
good faith to be fair and reasonable to take account of the relevant event or circumstance and upon determination the adjustment (if any) will be made and will take effect in accordance with the determination. 

Whenever an adjustment is made or any event affecting the Warrants or their exercisability, the Company shall (i) promptly prepare a
certificate setting forth such adjustment or describing such event, and a brief, reasonably detailed statement of the facts, computation and methodology accounting for such adjustment, and (ii) promptly file with the Receiving Agent and with
each transfer agent for the Ordinary Shares a copy of such certificate. The Receiving Agent shall be fully protected in relying on any such certificate and on any adjustment or statement therein contained and shall have no duty or liability with
respect to and shall not be deemed to have knowledge of any such adjustment or any such event unless and until it shall have received such certificate. 

  
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	7.	 MANDATORY REDEMPTION 

 

	7.1	 Upon the occurrence of the Redemption Event, each Warrant, unless previously exercised or cancelled before the
date set for redemption in accordance with Clause 7.3, will be mandatorily redeemed by the Company for $0.01 per Warrant. 

  

	7.2	 The “Redemption Event” occurs if the Average Price of an Ordinary Share for any ten consecutive
Trading Days is equal to or greater than the Redemption Trigger Price (the “Redemption Event”). 

  

	7.3	 The Company will give Warrantholders notice of the Redemption Event having occurred within 20 days of its
occurrence in accordance with the terms of this Instrument and will redeem all Warrants to be redeemed on the date set by the Redemption Notice, being a date no longer than 30 days following the occurrence of the Redemption Event. Any Warrant which
is exercised before the date set for redemption by the Redemption Notice will not be redeemed. 

  

	7.4	 On the date set for redemption by the Redemption Notice, the Company shall pay to each holder of Warrants to be
redeemed the amount due in respect of such redemption and upon making such payment the relevant Warrant will be cancelled. 

  

	7.5	 If the Board determines that an adjustment should be made to the Redemption Trigger Price as a result of
matters such as any subsequent consolidation or subdivision of the Ordinary Shares or issue of Ordinary Shares to shareholders by way of dividend or distribution, the Board shall determine in good faith as soon as practicable what adjustment (if
any) to the Redemption Trigger Price is fair and reasonable and upon determination the adjustment (if any) will be made and will take effect in accordance with the determination. 

 

	8.	 GENERAL OFFERS AND LIQUIDATION 

 

	8.1	 While any Subscription Rights remain outstanding, if at any time an offer is made to all holders of Ordinary
Shares (or all such holders other than the offeror and/or any company controlled by the offeror and/or Persons acting in concert with the offeror) to acquire all or some of the issued Ordinary Shares and the Company becomes aware on or before the
end of the Subscription Period that as a result of such offer (or as a result of such offer and any other offer made by the offeror) the right to cast a majority of the votes which may ordinarily be cast generally at a meeting of shareholders of the
Company has or will become vested in the offeror and/or such companies or Persons as aforesaid, the Company will give notice to the Warrantholders of such vesting within 14 days of it occurring, and each such Warrantholder will be entitled, at any
time within the period of 30 days immediately following the date of such notice, to exercise his Subscription Rights on the terms on which the same could have been exercised if they had been exercisable and had been exercised on the date of such
notice after which time all Subscription Rights will lapse. If any part of such period falls after the end of the Subscription Period, the end of the Subscription Period will be deemed to be the last business day of that 30 day period.

  

	8.2	 Intentionally Omitted. 

 

	8.3	 If the Company shall be dissolved, all Subscription Rights will lapse on the date of the dissolution.

  
 10 

	9.	 TRANSFER AND TITLE 

 

	9.1	 Warrants shall be transferable individually and in integral multiples by way of novation by an instrument of
transfer in any usual or common form or such other form as may be approved by or on behalf of the Company. The Registrar shall maintain a register of Warrantholders in registered form and the provisions of Schedule 2 (Registration, Transfer and
Transmission) relating to the transfer, transmission and registration of Warrants shall have full effect as if the same had been incorporated in this Instrument. 

 

	9.2	 The Company shall be entitled to appoint such Person or Persons as the Company thinks fit as the Registrar and
to remove any such Person or Persons and make a new appointment in their place. The Company shall forthwith give a notice of any change in the identity or address of the Registrar in accordance with Clause 13.2. 

 

	9.3	 The registered holder of a Warrant shall be treated as its absolute owner for all purposes notwithstanding any
notice of ownership or notice of previous loss or theft or of trust or other interest therein (except as ordered by a court of competent jurisdiction or required by applicable law). The Company and the Receiving Agent shall not (except as stated
above) be bound to recognize any other claim to or interest in any Warrant. 

  

	9.4	 Intentionally Omitted. 

 

	9.5	 Subject to compliance with all applicable laws and regulations then in force, the Company may make arrangements
to enable Warrants to be held in uncertificated form (whether in the form of depositary interests or otherwise) in such manner as the Board may determine from time to time. 

 

	10.	 MEETINGS OF WARRANTHOLDERS 

 

	10.1	 All the provisions of the Articles as to general meetings apply mutatis mutandis to meetings of
Warrantholders as though the Warrants were a class of shares forming part of the capital of the Company, but: 

  

	 	10.1.1	 the necessary quorum is the requisite number of Warrantholders (present in person or by proxy) entitled to
subscribe for two-tenths in number of the Ordinary Shares attributable to such outstanding Warrants; 

  

	 	10.1.2	 every Warrantholder present in person or by proxy at any such meeting is entitled to one vote for each Ordinary
Share for which he is entitled to subscribe; and 

  

	 	10.1.3	 if at any adjourned or postponed meeting a quorum as above defined is not present, the Warrantholder or
Warrantholders then present in person or by proxy are a quorum. 

  

	10.2	 Without prejudice to the generality of the foregoing, the Warrantholders, by way of Extraordinary Resolution,
shall have power to: 

  

	 	10.2.1	 sanction any compromise or arrangement proposed to be made between the Company and the Warrantholders or any of
them; 

  

	 	10.2.2	 sanction any proposal by the Company for modification, abrogation, variation or compromise of, or arrangement
in respect of the rights of the Warrantholders against the Company whether such rights shall arise under this Instrument or otherwise; 

  
 11 

	 	10.2.3	 sanction any proposal by the Company for the exchange or substitution for the Warrants of, or the conversion of
the Warrants into, shares, stock, bonds, debentures, debenture stock, warrants or other obligations or securities of the Company or any other body corporate formed or to be formed; 

 

	 	10.2.4	 assent to any modification of the conditions to which the Warrants are subject and/or the provisions contained
in this Instrument which shall be proposed by the Company; 

  

	 	10.2.5	 authorize any Person to concur in and execute and do all such documents, acts and things as may be necessary to
carry out and give effect to any Extraordinary Resolution; 

  

	 	10.2.6	 discharge or exonerate any Person from any liability in respect of any act or omission for which such Person
may have become responsible under this Instrument; and 

  

	 	10.2.7	 give any authority, direction or sanction which under the provisions of this Instrument is required to be given
by Extraordinary Resolution. 

  

	10.3	 An Extraordinary Resolution consented to in writing may be contained in one document or several documents in
the same form, each signed by or on behalf of one or more Warrantholders. 

  

	11.	 MODIFICATIONS 

 

	11.1	 Any modification to this Instrument and any of the rights attached to the Warrants may be effected only by an
instrument in writing, executed by the Company and expressed to be supplemental to this Instrument and, save in the case of a modification which is of a formal, minor or technical nature or made to correct a manifest error or a modification deemed
necessary or desirable by the Board in its absolute discretion (acting in good faith) and which the Board determines in its absolute discretion (acting in good faith) does not adversely affect the interests of Warrantholders, only if it shall first
have been sanctioned by an Extraordinary Resolution of the Warrantholders. Notwithstanding the foregoing, the Company may lower the Exercise Price (permanently or for limited duration) or extend the duration of the Subscription Period without the
prior sanction, consent or approval of Warrantholders. Upon the delivery of a certificate from an authorized officer of the Company and which states that the proposed modification is in compliance with the terms of this Section 11.1, the
Receiving Agent shall execute such modification. Notwithstanding anything in this Instrument to the contrary, the Receiving Agent shall not be required to execute any modification to this Instrument that it has determined would adversely affect its
own rights, duties, obligations or immunities under this Instrument. No modification to this Instrument shall be effective unless duly executed by the Receiving Agent. 

 

	11.2	 Notice of every modification to this Instrument shall be given by the Company to the Warrantholders in
accordance with Clause 13.2. 

  

	12.	 PURCHASE, SURRENDER AND CANCELLATION 

 

	12.1	 The Company may at any time purchase, from one or more Warrantholders, Warrants, whether:

  

	 	12.1.1	 by tender at any price; or 

 

	 	12.1.2	 on or through the market; or 

 

	 	12.1.3	 by private treaty at any price, 

  
 12 

 or otherwise, on such terms as the Board, in its absolute discretion (acting in good faith)
determines; provided that such purchases are made in accordance with applicable laws and regulations and the rules of any stock exchange or trading platform on which Warrants are listed or traded. 

 

	12.2	 The Company shall accept the surrender (for no consideration) of Warrants at any time. 

 

	12.3	 All Warrants purchased pursuant to Clause 12.1 or surrendered shall be cancelled forthwith and may not be
reissued or sold. 

  

	13.	 AVAILABILITY OF INSTRUMENT AND NOTICES 

 

	13.1	 Every Warrantholder shall be entitled to inspect a copy of this Instrument at the offices of the Receiving
Agent designated for such purposes (which initially shall be or such other Registrar’s agent and address as the Registrar may appoint), during normal business hours, and shall be entitled to receive a copy of this Instrument against payment of
such charges as the Board may impose in its absolute discretion. 

  

	13.2	 Notices to be given pursuant to the provisions of this Instrument shall be given in accordance with paragraph 4
of Schedule 2 (Registration, Transfer and Transmission). 

  

	13.3	 The Company will use reasonable efforts to give written notice to each Warrantholder at least fifteen calendar
days prior to the date on which the Company closes its books or takes a record (A) with respect to any distribution on the Ordinary Shares or (B) for determining rights to vote with respect to any voluntary dissolution or voluntary
liquidation of the Company. 

  

	14.	 PURCHASE OF ORDINARY SHARES BY THE COMPANY 

The Company may at any time purchase Ordinary Shares, or arrange for the purchase of Ordinary Shares on its behalf or by any other member of
its group, and whether by way of tender offer, without requiring, in each case, the consent of Warrantholders for such purchase. 
  

	15.	 ENFORCEMENT 

  

	15.1	 The Company acknowledges and covenants that the benefit of the covenants, obligations and conditions on the
part of or binding upon it contained in this Instrument and the Schedules hereto shall inure to the benefit of each and every Warrantholder and the Registrar and Receiving Agent and each of its successors and assigns. 

 

	15.2	 Each Warrantholder shall be entitled to enforce the said covenants, obligations and conditions against the
Company insofar as such Warrantholder’s Warrant is concerned, without the need to join the beneficiary of any such Warrant or any intervening or other Warrantholder in the proceedings for such enforcement. 

 

	16.	 GOVERNING LAW 

 

	16.1	 This Instrument and the Warrants and any dispute or claim arising out of or in connection with any of them or
their subject matter or formation (including non-contractual disputes or claims) shall be governed by, and construed in accordance with, the laws of the State of Delaware (without regard to conflict of laws
principles), all rights and remedies being governed by said laws. 

  

	16.2	 A state or federal court located within the State of Delaware shall have exclusive jurisdiction to settle any
dispute or claim arising out of or in connection with this Instrument or any Warrant or their subject matter or formation (including non-contractual disputes or claims). 

  
 13 

	17.	 SEVERABILITY 

  

	17.1	 If any term, provision, covenant or restriction of this Instrument is held by a court of competent jurisdiction
or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Instrument shall remain in full force and effect and shall in no way be affected, impaired or invalidated; provided,
however, that if such excluded provision shall affect the rights, immunities, liabilities, duties or obligations of the Receiving Agent, the Receiving Agent shall be entitled to resign immediately upon written notice to the Company.

  

	18.	 FORCE MAJEURE 

 

	18.1	 Notwithstanding anything to the contrary contained herein, the Receiving Agent shall not be liable for any
delays or failures in performance resulting from acts beyond its reasonable control including, without limitation, acts of God, epidemics, pandemics, terrorist acts, shortage of supply, breakdowns or malfunctions, interruptions or malfunctions of
any utilities, communications, or computer facilities, or loss of data due to power failures or mechanical difficulties with information storage or retrieval systems, labor difficulties, war or civil unrest. 

 

	19.	 CONCERNING THE RECEIVING AGENT 

The rights, duties and immunities of the Receiving Agent are set forth on Schedule 3 attached hereto and incorporated herein by reference. The
parties hereto acknowledge and agree that all references to the Receiving Agent shall include Computershare Inc. in its capacity as Registrar, as applicable. 

[Signature Page Follows] 

  
 14 

 IN WITNESS THEREOF this Instrument has been executed by the Company on the date first written above.

  

	
	API GROUP CORPORATION
	
	/s/ Andrea Fike
	Name: Andrea Fike
	Title: Senior Vice President, General Counsel and Secretary

 IN WITNESS THEREOF this Instrument has been executed by Computershare Inc. on the date first written
above. 
  

	
	 COMPUTERSHARE TRUST COMPANY, N.A. and COMPUTERSHARE INC.
  

On behalf of both entities

	
	/s/ Collin Ekeogu
	Name: Collin Ekeogu
	Title: Manager, Corporate Actions

 SCHEDULE 1 

FORM OF WARRANT CERTIFICATE 
 THE
SECURITIES REPRESENTED BY THIS WARRANT CERTIFICATE (INCLUDING THE SECURITIES ISSUABLE UPON THE EXERCISE OF ANY WARRANT) ARE SUBJECT TO THE TERMS AND CONDITIONS SET FORTH IN THE AMENDED AND RESTATED WARRANT INSTRUMENT DATED APRIL 28, 2020,
EXECUTED BY THE COMPANY (AS MODIFIED, SUPPLEMENTED, AMENDED OR AMENDED AND RESTATED FROM TIME TO TIME, THE “WARRANT INSTRUMENT”), WHICH WARRANT INSTRUMENT IS INCORPORATED HEREIN BY REFERENCE. COPIES OF THE WARRANT INSTRUMENT MAY BE
OBTAINED BY THE HOLDER HEREOF AT THE OFFICES OF THE REGISTRAR’S AGENT, WHO INITIALLY IS COMPUTERSHARE INC. WITH OFFICES AT THE ADDRESS BELOW (OR SUCH OTHER REGISTRAR’S AGENT AND ADDRESS AS THE REGISTRAR MAY APPOINT).  
 SEE ANNEX A TO THIS WARRANT CERTIFICATE FOR ADDITIONAL RESTRICTIVE LEGENDS APPLICABLE TO
THIS WARRANT 
  

			
	No. of Certificate:	  	[•]
		
	Number of Warrants:	  	[•]
		
	Date of issue:	  	[•]

 Warrants to subscribe for Ordinary Share(s) in 

APi Group Corporation 
 This is to certify that
[•] 
 of [•] 
 is/are the registered holder(s) of
[•] Warrants in APi Group Corporation (the “Company”) issued pursuant to and in accordance with the terms of the Warrant Instrument (the “Warrant Instrument”) executed by the Company and the Receiving Agent
thereunder. 
 Words and expressions used in this Warrant Certificate, the Subscription Notice and the Form of Nomination incorporated into this Warrant
Certificate by reference shall have the same meanings as in the Warrant Instrument. 
 The registered holder is entitled in respect of every one Warrant
held to subscribe for the applicable Portion of an Ordinary Share during the Subscription Period on the terms and conditions set forth in the Warrant Instrument. At the date of issue of this certificate, the applicable Portion is [one-third] [insert applicable Portion if there has been a prior adjustment] of an Ordinary Share. 
 Warrants are
exercisable only as specified in Clause 4 of the Warrant Instrument. 
 Transfer of any of the Warrants comprised herein will not be registered without
production of this Warrant Certificate. 
 The Warrant Instrument is enforceable severally by each Warrantholder and is available for inspection at the
offices of the Receiving Agent designated for such purposes (which initially shall be at 150 Royal Street, Canton, MA 02021, U.S.) or such other Registrar’s agent and address as the Registrar may appoint, until the end of the Subscription
Period. 

  
 1 

 This Warrant Certificate is subject to all of the terms, provisions and conditions of the Warrant
Instrument, which terms, provisions and conditions are hereby incorporated herein by reference and made a part hereof and to which Warrant Instrument reference is hereby made for a full description of the rights, limitations of rights, obligations,
duties and immunities hereunder of the Company and the holders of the Warrant Certificates. 
  

	
	API GROUP CORPORATION
	
	   

	Name:
	Title:
	COMPUTERSHARE INC.
	
	   

	Name:
	Title:

  
 2 

 ANNEX A 

PRIOR TO INVESTING IN THE SECURITIES OR CONDUCTING ANY TRANSACTIONS IN THE SECURITIES, INVESTORS ARE ADVISED TO CONSULT PROFESSIONAL ADVISERS REGARDING THE
RESTRICTIONS ON TRANSFER SUMMARIZED BELOW AND ANY OTHER RESTRICTIONS. 

 SUBSCRIPTION NOTICE 

In order to exercise all or any of the Warrants represented by this Warrant Certificate, this Warrant Certificate must be submitted with this Subscription
Notice duly completed and signed, together with the payment in cleared funds referred to below, to the Registrar’s Receiving Agent, who is initially Computershare Inc. located at 150 Royal Street, Canton, MA 02021, U.S. (or such other Receiving
Agent and address as the Registrar may appoint). 
  

	To:	 The Board of Directors of APi Group Corporation (the “Company”) 

I/We the undersigned, being the registered holder(s) of the Warrants comprised in this Warrant Certificate (and the several Warrant Certificates (if any)
enclosed with this Subscription Notice) hereby give(s) notice of his/their wish to exercise                      Warrant(s) to subscribe for Ordinary
Share(s) in accordance with the provisions of the Warrant Instrument. 
 I/We enclose payment for
$             in favor of the Company being the aggregate payment of the full subscription price for the total number of such Warrants.* 

* Please contact the Receiving Agent if you wish to pay by way of electronic transfer. 

I/We direct you to deliver the registered Ordinary Share(s) issued pursuant hereto to the Person(s) whose name(s) and address(es) is/are set out in the Form
of Nomination set out below and who has signed the acceptance set out therein or, if none is set out, to me/us in which event I/we agree to accept such shares subject to the Articles. I/We authorize and request the entry of the name(s) of such
Persons in the register of shareholders of the Company in respect thereof. 
 I/We require the delivery of: 

 

	(a)	 certificates in respect of the Ordinary Share(s) to be issued to such Persons; and 

 

	(b)	 a Warrant Certificate in the name(s) of such Persons for any balance of my/our Warrants remaining exercisable,

 at the risk of such Persons to such address as is set out in the Form of Nomination or, if none is set out, to my/our address set out
in the Register of Warrantholders or (in the case of joint holders) to the address of that one whose name stands first in such form of Nomination or (if applicable) Register in respect of the Warrants represented by this Warrant Certificate by
ordinary mail. 
  

					
	Dated	  		  	
			
	Signature(s)        	  	  
	  	
			
		  	  
	  	
			
		  	  
	  	

 GUIDANCE NOTES: 
 Exercise of the
Warrants represented by this Warrant Certificate may be consolidated with the exercise of Warrants represented by other Warrant Certificates by the use of only one Subscription Notice, provided that the other Warrant Certificates are attached to the
Subscription Notice. 
 In the case of joint holdings, all joint holders must sign. 

  
 1 

 FORM OF NOMINATION 

Please insert in BLOCK CAPITALS in the box below the full name(s) of the Person(s) to whom you wish the Ordinary Share(s) arising on the exercise of
your Warrants to be issued and the address to which any certificate for such Ordinary Share(s) together with any balance certificate for Warrants should be sent and the address of the sole or first-named Warrantholder. 

 

	
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 I/We agree to accept all the fully
paid Ordinary Share(s) to be issued to me/us subject to the Articles.
  

Signed                         
                                         
   
  

Dated                         
                                         
     

	 

 If the above box is left blank in the case of Warrants held in certificated form, the Ordinary Share(s) will be issued to the
Warrantholder(s) named in the attached Warrant Certificate and any certificate for such Ordinary Share(s) together with any balance Warrant Certificate will be sent to the registered address of the sole or first-named Warrantholder. 

  
 2 

 SCHEDULE 2 

REGISTRATION, TRANSFER AND TRANSMISSION 
  

	1.	 REGISTRATION AND TITLE 

 

	1.1	 An accurate register of the Warrants (the “Register”) will be kept by the Registrar and there
shall be entered in the Register: 

  

	 	1.1.1	 the names and addresses of the Warrantholders; 

 

	 	1.1.2	 the amount of Warrants held by every registered holder; and 

 

	 	1.1.3	 the date upon which the name of every such registered holder is entered in respect of the Warrants standing in
his name. 

  

	1.2	 Any change of name or address on the part of a Warrantholder shall forthwith be notified to the Registrar at
the office of its agent, who is initially Computershare Inc. with offices at 150 Royal Street, Canton, MA 02021, U.S. (or such other Registrar’s agent and address as the Registrar may appoint), who shall cause the Register to be altered
accordingly. The Register may be closed by the Company for such period or periods and at such times as it may think fit provided that it shall not be closed for more than thirty days in any calendar year. Any transfer made while the Register is so
closed shall, as between the Company and the Person claiming under the transfer (but not otherwise), be considered as made immediately after the reopening of the Register. The Warrantholders or any of them, and any Person duly authorized by any such
holder, shall be permitted at all reasonable times during office hours to inspect the Register and to take copies of or extracts from the same or any part thereof. 

 

	1.3	 The Company, the Registrar and the Receiving Agent shall be entitled to treat the registered holder of any
Warrant as the absolute owner thereof for all purposes notwithstanding any notice of ownership or writing thereon or notice of previous loss or theft or of trust (whether express or implied) or other interest therein (except as ordered by a court of
competent jurisdiction or required by applicable law) and shall not (except as aforesaid) be bound to recognize any equitable or other claim to or interest in such Warrant. 

 

	1.4	 Every Warrantholder will be recognized by the Company as entitled to his Warrants free from any equity, set-off or cross-claim on the part of the Company against the original or any intermediate holder of the Warrants. 

  

	2.	 TRANSFER 

  

	2.1	 Warrants shall be transferable individually and in integral multiples by way of novation by an instrument of
transfer in any usual or common form or such other form as may be approved by or on behalf of the Board. The instrument of transfer of a Warrant shall be duly signed by or on behalf of the transferor and by or on behalf of the transferee. Entry in
the Register of a transferee’s name and/or details of Warrants transferred shall be the Company’s and transferor’s agreement in respect of each novation and upon registration all the rights of the transferor in respect of Warrants
transferred shall cease. In consideration of (inter alia) the transferee agreeing to be registered as the holder of Warrants the Company shall assume such obligations towards the transferee and the transferee shall have such rights in respect
of such Warrants as are set out under the terms of this Instrument. The transferor shall be deemed to remain the holder of the Warrant until the name of the transferee is entered in the Register in respect thereof. The Company shall not be obliged
to give effect to any such instrument which purports to transfer any Warrants in respect of which a Subscription Notice shall have been received. 

  
 1 

	2.2	 The Company, the Registrar and the Receiving Agent may decline to recognize any instrument of transfer unless
such instrument is duly executed properly completed and deposited at the office of the Receiving Agent designated for such purposes (which initially shall be 150 Royal Street, Canton, MA 02021, U.S.) or such other Registrar’s agent and address
as the Registrar may appoint, accompanied by the Warrant Certificate to which it relates and by a signature guarantee, and such other evidence as the Registrar or Receiving Agent may reasonably require to show the right of the transferor to make the
transfer and, if the instrument of transfer is executed by some other Person on behalf of the transferor, the authority of that Person so to do. The Registrar or Receiving Agent may waive production of any Warrant Certificate upon evidence
satisfactory to the Registrar of its loss or destruction or upon execution of an indemnity reasonably satisfactory to the Registrar. All instruments of transfer which are registered may be retained by the Company for so long as it thinks fit
together with the cancelled Warrant Certificates 

  

	2.3	 No fee shall be charged by the Company in respect of the registration of any instrument of transfer or probate
or letters of administration or certificate of marriage or death, or power of attorney or other document relating to or affecting the title to any Warrants or otherwise for making any entry in the Register affecting the title to any Warrants.

  

	2.4	 The registration of a transfer shall be conclusive evidence of the approval by the Company and the Registrar of
the transfer and the Company shall, on registration, issue the transferee with a Warrant Certificate in respect of the Warrants transferred. 

  

	3.	 TRANSMISSION 

  

	3.1	 In the case of the death of a Warrantholder the survivors or survivor where the deceased was a joint holder,
and the executors or administrators of the deceased where he was a sole or only surviving holder, shall be the only Persons recognized by the Company and the Registrar as having any title to his Warrants, but nothing herein contained shall release
the estate of a deceased Warrantholder (whether sole or joint) from any liability in respect of any Warrant solely or jointly held by him. 

  

	3.2	 Subject to any other provision herein contained, any Person becoming entitled to a Warrant in consequence of
the death or bankruptcy of a Warrantholder or otherwise than by transfer may, upon producing such evidence of title as the Company shall reasonably require, and subject as hereinafter provided, be registered himself as holder of the Warrant.

  

	3.3	 Subject to any other provision herein contained, if any Person becoming entitled to a Warrant in consequence of
the death or bankruptcy of a Warrantholder or otherwise than by transfer shall elect to be registered himself, he shall deliver or send to the Company and the Receiving Agent at its office designated for such purposes (which initially shall be 150
Royal Street, Canton, MA 02021, U.S.) or such other Registrar’s agent and address as the Registrar may appoint, a notice in writing signed by him stating that he so elects. All the limitations, restrictions and provisions herein contained
relating to the right to transfer and the registration of transfers of Warrants shall be applicable to any such notice of transfer as aforesaid as if the death or bankruptcy of the Warrantholder had not occurred and the notice of transfer were a
transfer executed by such Warrantholder. 

  

	3.4	 A Person becoming entitled to a Warrant in consequence of the death or bankruptcy of a Warrantholder shall be
entitled to receive and may give good discharge for any monies payable in respect thereof, but shall not be entitled to receive notices of or to attend or vote at meetings of the Warrantholders or, save as aforesaid, to any of the rights or
privileges of a Warrantholder until he shall have become a Warrantholder in respect of the Warrant. 

  
 2 

	4.	 NOTICES 

  

	4.1	 Every Warrantholder shall register with the Company and the Registrar an address to which copies of notices can
be sent. Any notice or document may be given or served by the Company, the Registrar or the Receiving Agent on any Warrantholder either personally or by sending it by mail in a prepaid letter addressed to such Warrantholder at his registered address
as appearing in the register or by facsimile transmission to any facsimile number notified by such Warrantholder to the Company. Any notices given pursuant to the provisions of this Schedule with respect to Warrants standing in the names of joint
holders shall be given to whichever of such Persons is named first in the Register and such notice so given shall be sufficient notice to all the holders of such Warrants. 

 

	4.2	 Notices or demands authorized by this Instrument to be given by the Receiving Agent or Warrant Holder to the
Company shall be sufficiently given if sent in writing by mail prepaid and addressed (until another address is filed in writing with the Receiving Agent) as follows: 

c/o APi Group, Inc. 
 1100 Old
Highway 8 NW 
 New Brighton, MN 55112 
  

	4.3	 Any notice or demand authorized by this Instrument to be given by the Company or by a Warrantholder to the
Receiving Agent shall be sufficiently given if sent in writing by first class mail, prepaid and addressed (until another address is filed in writing with the Company) as follows: 

Computershare Inc. 
 150 Royal
Street 
 Canton, MA 02021 

Attention: Client Services 
  

	4.4	 Proof that an envelope containing a notice was properly addressed, prepaid and mailed shall be conclusive
evidence that the notice was given. A notice shall be deemed to be given at the expiration of forty-eight hours after the envelope containing it was mailed. Any notice given by facsimile transmission shall be deemed to have been served at the time
of transmission by the sender in the absence of an indication of failure of transmission when transmitted. 

  

	4.5	 When a given number of days’ notice or notice extending over any other period is required to be given, the
day of service shall, but the day upon which such notice shall expire shall not, be included in calculating such number of days or other period. The signature to any notice to be given by the Company may be written or printed. 

 

	4.6	 Every Person who by operation of law, transfer or other means whatsoever becomes entitled to a Warrant shall be
bound by any notice in respect of such Warrant which, before his name is entered in the Register, has been duly given to the Person from whom he derives his title. 

 

	4.7	 If at any time by reason of the suspension or curtailment of mail services the Company is unable effectively to
convene a meeting of the Warrantholders by notices sent through the mail, such a meeting may be convened by a notice advertised in at least two national daily newspapers with appropriate circulations and, where there is a suspension or curtailment
of mail services, within the United States, at least one of which shall be published in New York City, and such notice shall be deemed to have been duly served on all Warrantholders entitled thereto at noon on the day when the advertisement appears.
In any such case the Company shall send confirmatory copies of the notice by mail if prior to the meeting the mailing of notices to addresses again becomes practicable. 

  
 3 

	4.8	 Any Warrantholder present, either personally or by proxy, at any meeting of the Warrantholders shall for all
purposes be deemed to have received due notice of such meeting, and, where required, of the purposes for which such meeting was called. 

  

	4.9	 Any notice or document delivered or sent by mail to or left at the registered address of any Warrantholder or
sent by facsimile transmission to any facsimile number notified by such Warrantholder to the Company in pursuance of this Instrument shall, notwithstanding that such Warrantholder is then dead, bankrupt, of unsound mind or (being a corporation) in
liquidation, and whether or not the Company has notice of the death, bankruptcy, insanity or liquidation of such Warrantholder, be deemed to have been duly served in respect of any Warrant registered in the name of such Warrantholder as sole or
joint holder unless his name has at the time of the service of the notice or document been removed from the Register as the holder of the Warrant, and such service shall for all purposes be deemed a sufficient service of such notice or document on
all Persons interested (whether jointly with or as claiming through or under him) in the Warrant. 

  

	5.	 Payment of Redemption or Other Moneys 

Any redemption amount or other moneys payable to a Warrantholder may be paid by electronic transfer or check sent by mail to the registered
address of the Person entitled or, if two or more Persons are the holders of the Warrant or are jointly entitled to it by reason of the death or bankruptcy of the holder, to the registered address of the one of those Persons who is first named in
the Register or to such Person and to such address as the Person or Persons entitled may in writing direct (and in default of such direction to that one of the Persons jointly so entitled as the Directors shall in their absolute discretion
determine). Every check shall be made payable to the order of the Person or Persons entitled or to such other Person as the Person or Persons entitled may in writing direct and payment of the check shall be a good discharge to the Company. Any joint
holder or other Person jointly entitled to a Warrant as aforesaid may give receipts for any dividend or other moneys payable in respect of the Warrant. Every check is sent at the risk of the Person entitled to the payment. If payment is made by
electronic transfer, the Company is not responsible for amounts lost or delayed in the course of making that payment. 

  
 4 

 SCHEDULE 3 

CONCERNING THE RIGHTS AGENT; MERGER, CONSOLIDATION OR 

CHANGE OF RECEIVING AGENT 
  

	1.	 CONCERNING THE RECEIVING AGENT 

As mutually agreed between the Company and the Receiving Agent, the Company agrees to pay to the Receiving Agent compensation for all services
rendered by it hereunder, and, from time to time, on demand of the Receiving Agent, its reasonable expenses and counsel fees and other disbursements incurred in the preparation, negotiation, delivery, amendment, administration and execution of this
Instrument and the exercise and performance of its duties hereunder. The Company also agrees to indemnify the Receiving Agent (including employees, directors, officers and agents of the Receiving Agent) for, and to hold it harmless against, any
loss, liability, damage, judgment, fine, penalty, claim, demand, settlement or expense (including the reasonable fees and expenses of legal counsel) that may be paid, incurred or suffered by it, or which it may become subject, without gross
negligence, bad faith or wilful misconduct on the part of the Receiving Agent (which gross negligence, bad faith or wilful misconduct must be each as determined by a final, non-appealable judgment of a court
of competent jurisdiction) for any action taken, suffered or omitted to be taken by the Receiving Agent (including employees, directors, officers and agents of the Receiving Agent), for anything done or omitted by the Receiving Agent in connection
with the acceptance, administration, exercise and performance of its duties under this Instrument, including the costs and expenses of defending against any claim of liability in connection herewith. The reasonable costs and expenses incurred in
enforcing this right of indemnification shall be paid by the Company. 
 The Receiving Agent shall be fully authorized and protected and
shall incur no liability for, or in respect of any action taken, suffered or omitted by it in connection with, its acceptance and administration of this Instrument and the exercise and performance of its duties hereunder, in reliance upon any
Warrant Certificate or certificate for other securities of the Company (including in the case of uncertificated securities, by notation in book entry accounts reflecting ownership), instrument of assignment or transfer, power of attorney,
endorsement, affidavit, letter, notice, instruction, direction, consent, certificate, statement, or other paper or document believed by it to be genuine and to be signed, executed and, where necessary, verified or acknowledged, by the proper
Persons, or otherwise upon the advice of counsel. 
 Notwithstanding anything in this Instrument to the contrary, in no event will the
Receiving Agent be liable for special, punitive, indirect, incidental or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Receiving Agent has been advised of the likelihood of such loss or
damage and regardless of the form of action. The Receiving Agent shall not be deemed to have knowledge of any event of which it was supposed to receive notice thereof hereunder, and the Receiving Agent shall be fully protected and shall incur no
liability for failing to take any action in connection therewith, unless and until it has received such notice in writing, and all notices or other instruments required by this Instrument to be delivered to the Receiving Agent must, in order to be
effective, be received by the Receiving Agent as specified in Section 4.3 of Schedule 2. The provisions of this Schedule 3 shall survive the termination of this Instrument, the exercise or expiration of the Warrants and the resignation,
replacement or removal of the Receiving Agent. 
  

	2.	 MERGER OR CONSOLIDATION OR CHANGE OF NAME OF RECEIVING AGENT 

Any Person into which the Receiving Agent or any successor Receiving Agent may be merged or with which it may effect a share exchange, be
consolidated, or otherwise combined, or any Person resulting from any merger, share exchange, consolidation, or combination to which the Receiving Agent or any successor Receiving Agent shall be a party, or any Person succeeding to the stock
transfer or other shareholder services of the Receiving Agent or any successor Receiving Agent, shall be the successor to the Receiving Agent under this Instrument without the execution or filing of any paper or document or any further act on the
part of any of the 

  
 1 

 
parties hereto; provided that such Person would be eligible for appointment as a successor Receiving Agent under the provisions this Schedule 2. The purchase of all or substantially all of the
Receiving Agent’s assets employed in the performance of transfer agent activities shall be deemed a merger or consolidation for purposes of this Section 2.1. In case at the time such successor Receiving Agent shall succeed to the agency
created by this Instrument, any of the Warrant Certificates shall have been countersigned but not delivered, any such successor Receiving Agent may adopt the countersignature of the predecessor Receiving Agent and deliver such Warrant Certificates
so countersigned; and, in case at that time any of the Warrant Certificates shall not have been countersigned, any successor Receiving Agent may countersign such Warrant Certificates either in the name of the predecessor Receiving Agent or in the
name of the successor Receiving Agent; and, in all such cases, such Warrant Certificates shall have the full force provided in the Warrant Certificates and in this Instrument. In case at any time the name of the Receiving Agent shall be changed and
at such time any of the Warrant Certificates shall have been countersigned but not delivered, the Receiving Agent may adopt the countersignature under its prior name and deliver Warrant Certificates so countersigned; and, in case at that time any of
the Warrant Certificates shall not have been countersigned, the Receiving Agent may countersign such Warrant Certificates either in its prior name or in its changed name; and, in all such cases, such Warrant Certificates shall have the full force
provided in the Warrant Certificates and in this Instrument. 
  

	3.	 RIGHTS AND DUTIES OF RECEIVING AGENT 

The Receiving Agent undertakes to perform only the duties and obligations expressly set forth in this Instrument and no implied duties or
obligations shall be read into this Instrument against the Receiving Agent. The Receiving Agent shall perform those duties and obligations upon the following terms and conditions, by all of which the Company and the Warrantholders, by their
acceptance thereof, shall be bound: 
  

	 	3.1.1	 The Receiving Agent may consult with legal counsel selected by it (who may be legal counsel for the Company or
an employee or legal counsel of the Receiving Agent), and the advice or opinion of such counsel shall be full and complete authorization and protection to the Receiving Agent and the Receiving Agent shall incur no liability for or in respect of any
action taken, suffered or omitted to be taken by it in accordance with such advice or opinion. Whenever in the performance of its duties under this Instrument the Receiving Agent shall deem it necessary or desirable that any fact or matter be proved
or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a
certificate signed by any authorized officer of the Company and delivered to the Receiving Agent; and such certificate shall be full and complete authorization and protection to the Receiving Agent and the Receiving Agent shall incur no liability
for or in respect of any action taken, suffered, or omitted to be taken, in each case, in the absence of bad faith, by it under the provisions of this Instrument in reliance upon such a certificate. The Receiving Agent shall have no duty to act
without such a certificate as set forth in this Section 3.1.2. 

  

	 	3.1.2	 The Receiving Agent shall be liable hereunder to the Company and any other Person only for its own gross
negligence, bad faith or wilful misconduct (which gross negligence, bad faith or wilful misconduct must be determined by a final, non-appealable judgment of a court of competent jurisdiction). Any liability of
the Receiving Agent under this Instrument shall be limited to the amount of the annual fees paid (excluding reimbursed charges and expenses) by the Company to the Receiving Agent during the twelve (12) months immediately preceding the event for
which recovery from the Receiving Agent is being sought. The Receiving Agent shall not be liable for or by reason of any of the statements of fact or recitals contained in this Instrument or in the Warrant Certificates (except its countersignature
thereof) or be required to verify the same, but all such statements and recitals are and shall be deemed to have been made by the Company only. 

  
 2 

	 	3.1.3	 The Receiving Agent shall not have any liability or be under any responsibility in respect of the validity of
this Instrument or the execution and delivery hereof (except the due execution hereof by the Receiving Agent) or in respect of the legality or validity or execution of any Warrant Certificate (except its countersignature thereof); nor shall it be
responsible for any breach by the Company of any covenant or failure by the Company to satisfy any condition contained in this Instrument or in any Warrant Certificate; nor shall it be liable or responsible for modification by or order of any court,
tribunal, or governmental authority in connection with the foregoing, any change in the exercisability of the Warrants or any adjustment in the terms of the Warrants (including but not limited to the manner, method or amount thereof) provided for in
this Instrument, or responsible for the manner, method or amount of any such adjustment or the ascertaining of the existence of facts that would require any such change or adjustment (except with respect to the exercise of Warrants evidenced by
Warrant Certificates after receipt of a certificate furnished pursuant to this Instrument describing such change or adjustment upon which the Receiving Agent may rely); nor shall it by any act hereunder be deemed to make any representation or
warranty as to the authorization or reservation of any Ordinary Shares or other securities to be issued pursuant to this Instrument or any Warrant Certificate or as to whether any Ordinary Shares or other securities will, when so issued, be validly
authorized and issued, fully paid and nonassessable. The Company agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered all such further and other acts, instruments and assurances
as may reasonably be required by the Receiving Agent for the carrying out or performing by the Receiving Agent of the provisions of this Instrument. 

  

	 	3.1.4	 The Receiving Agent is hereby authorized and directed to accept written instructions with respect to the
performance of its duties hereunder and certificates delivered pursuant to any provision hereof from any Person reasonably believe by the Receiving Agent to be one of the authorized officers of the Company, and to apply to such officers for advice
or instructions in connection with its duties under this Instrument, and such advice or instructions shall provide full authorization and protection to the Receiving Agent, and it shall not be liable for any action taken or suffered by it in
accordance with the written advice or instructions of any such officer or for any delay in acting while waiting for those instructions. The Receiving Agent shall be fully authorized and protected in relying upon the most recent advice or
instructions received in writing from any such officer. Any application by the Receiving Agent for written instructions from the Company may, at the option of the Receiving Agent, set forth in writing any action proposed to be taken, suffered or
omitted to be taken by the Receiving Agent with respect to its duties and obligations under this Instrument and the date on and/or after which such action shall be taken, suffered or such omission shall be effective. The Receiving Agent and any
stockholder, affiliate, member, director, officer, agent, representative, or employee of the Receiving Agent may buy, sell or deal in any of the Warrants or other securities of the Company or become pecuniarily interested in any transaction in which
the Company may be interested, or contract with or lend money to the Company or otherwise act as fully and freely as though it were not the Receiving Agent under this Instrument. Nothing herein shall preclude the Receiving Agent or any such
stockholder, affiliate, director, member, officer, agent, representative or employee from acting in any other capacity for the Company or for any other Person. 

  
 3 

	 	3.1.5	 The Receiving Agent may execute and exercise any of the rights or powers hereby vested in it or perform any
duty hereunder either itself (through its directors, officers and employees) or by or through its attorneys or agents, and the Receiving Agent shall not be answerable or accountable for any act, omission, default, neglect or misconduct of any such
attorneys or agents or for any loss to the Company, to the holders of the Warrants or any other Person, resulting from any such act, omission, default, neglect or misconduct, absent gross negligence or bad faith in the selection and continued
employment thereof (which gross negligence or bad faith must be determined by a final, non-appealable judgment of a court of competent jurisdiction).No provision of this Instrument shall require the Receiving
Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise any of its rights or powers if it believes that repayment of such funds or adequate indemnification
against such risk or liability is not reasonably assured to it. 

  

	 	3.1.6	 The Receiving Agent shall have no responsibility to the Company, any Warrantholders or any holders of Common
Shares for interest or earnings on any monies held by the Receiving Agent pursuant to this Instrument. 

  

	4.	 CHANGE OF RECEIVING AGENT 

The Receiving Agent or any successor Receiving Agent may resign and be discharged from its duties under this Instrument upon 30 days’
notice in writing mailed to the Company. In the event the transfer agency relationship in effect between the Company and the Receiving Agent terminates, the Receiving Agent will be deemed to have resigned automatically and be discharged from its
duties as Receiving Agent under this Instrument as of the effective date of such termination, and the Company shall be responsible for sending any required notice. The Company may remove the Receiving Agent or any successor Receiving Agent (with or
without cause) upon 30 days’ notice in writing, mailed to the Receiving Agent or successor Receiving Agent, as the case may be, and to each transfer agent of the Ordinary Shares by registered or certified mail, and to the holders of the Warrant
Certificates by first-class mail. If the Receiving Agent shall resign or be removed or shall otherwise become incapable of acting, the Company or the Registrar shall appoint a successor to the Receiving Agent. 

  
 4EX-10.1

 Exhibit 10.1 

[EXECUTION VERSION] 
  

 
  

FIFTH AMENDED AND RESTATED CREDIT AGREEMENT 

Dated as of April 24, 2020 

among 
 FIVE BELOW, INC.,

 as the Borrower 
 The
Guarantors Named Herein 
 WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Agent, L/C Issuer and Swing Line Lender, 

and 
 The Other Lenders Party
Hereto 
 TRUIST BANK 
 as
Syndication Agent 
 and 

WELLS FARGO BANK, NATIONAL ASSOCIATION, and 

PNC CAPITAL MARKETS LLC 
 as

 Joint Lead Arrangers and Bookrunners 
  

 
  

 TABLE OF CONTENTS 

 

							
	Section	  	Page	 
	 ARTICLE I DEFINITIONS AND ACCOUNTING TERMS
	  	 	1	 
			
	 1.01
	 	 Defined Terms
	  	 	1	 
			
	 1.02
	 	 Other Interpretive Provisions
	  	 	57	 
			
	 1.03
	 	 Accounting Terms
	  	 	58	 
			
	 1.04
	 	 Rounding
	  	 	58	 
			
	 1.05
	 	 Times of Day
	  	 	58	 
			
	 1.06
	 	 Letter of Credit Amounts
	  	 	58	 
			
	 1.07
	 	 Divisions
	  	 	58	 
			
	 1.08
	 	 Effect of Benchmark Transition Event
	  	 	59	 
		
	 ARTICLE II THE COMMITMENTS AND CREDIT EXTENSIONS
	  	 	60	 
			
	 2.01
	 	 Committed Loans; Reserves
	  	 	60	 
			
	 2.02
	 	 Borrowings, Conversions and Continuations of Committed Loans
	  	 	60	 
			
	 2.03
	 	 Letters of Credit
	  	 	62	 
			
	 2.04
	 	 Swing Line Loans
	  	 	72	 
			
	 2.05
	 	 Prepayments
	  	 	75	 
			
	 2.06
	 	 Termination or Reduction of Commitments
	  	 	76	 
			
	 2.07
	 	 Repayment of Loans
	  	 	77	 
			
	 2.08
	 	 Interest
	  	 	77	 
			
	 2.09
	 	 Fees
	  	 	78	 
			
	 2.10
	 	 Computation of Interest and Fees
	  	 	78	 
			
	 2.11
	 	 Evidence of Debt
	  	 	79	 
			
	 2.12
	 	 Payments Generally; Agent’s Clawback
	  	 	79	 
			
	 2.13
	 	 Sharing of Payments by Lenders
	  	 	81	 
			
	 2.14
	 	 Settlement Amongst Lenders
	  	 	82	 
			
	 2.15
	 	 Increase in Commitments
	  	 	82	 
		
	 ARTICLE III TAXES, YIELD PROTECTION AND ILLEGALITY
	  	 	84	 
			
	 3.01
	 	 Taxes
	  	 	84	 
			
	 3.02
	 	 Illegality
	  	 	87	 
			
	 3.03
	 	 Inability to Determine Rates
	  	 	87	 
			
	 3.04
	 	 Increased Costs; Reserves on LIBOR Rate Loans
	  	 	87	 
			
	 3.05
	 	 Compensation for Losses
	  	 	89	 
			
	 3.06
	 	 Mitigation Obligations; Replacement of Lenders
	  	 	90	 
			
	 3.07
	 	 Survival
	  	 	90	 

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

							
	Section	  	Page	 
	 ARTICLE IV CONDITIONS PRECEDENT TO CREDIT EXTENSIONS
	  	 	90	 
			
	 4.01
	 	 Conditions of Initial Credit Extension
	  	 	90	 
			
	 4.02
	 	 Conditions to all Credit Extensions
	  	 	93	 
		
	 ARTICLE V REPRESENTATIONS AND WARRANTIES
	  	 	94	 
			
	 5.01
	 	 Existence, Qualification and Power
	  	 	94	 
			
	 5.02
	 	 Authorization; No Contravention
	  	 	94	 
			
	 5.03
	 	 Governmental Authorization; Other Consents
	  	 	95	 
			
	 5.04
	 	 Binding Effect
	  	 	95	 
			
	 5.05
	 	 Financial Statements; No Material Adverse Effect
	  	 	95	 
			
	 5.06
	 	 Litigation
	  	 	96	 
			
	 5.07
	 	 No Default
	  	 	96	 
			
	 5.08
	 	 Ownership of Property; Liens
	  	 	96	 
			
	 5.09
	 	 Environmental Compliance
	  	 	97	 
			
	 5.10
	 	 Insurance
	  	 	97	 
			
	 5.11
	 	 Taxes
	  	 	98	 
			
	 5.12
	 	 ERISA Compliance
	  	 	98	 
			
	 5.13
	 	 Subsidiaries; Equity Interests
	  	 	99	 
			
	 5.14
	 	 Margin Regulations; Investment Company Act;
	  	 	99	 
			
	 5.15
	 	 Disclosure
	  	 	99	 
			
	 5.16
	 	 Compliance with Laws
	  	 	100	 
			
	 5.17
	 	 Intellectual Property; Licenses, Etc
	  	 	100	 
			
	 5.18
	 	 Labor Matters
	  	 	100	 
			
	 5.19
	 	 Security Documents
	  	 	101	 
			
	 5.20
	 	 Solvency
	  	 	101	 
			
	 5.21
	 	 Deposit Accounts; Credit Card Arrangements
	  	 	102	 
			
	 5.22
	 	 Brokers
	  	 	102	 
			
	 5.23
	 	 Customer and Trade Relations
	  	 	102	 
			
	 5.24
	 	 Material Contracts
	  	 	102	 
			
	 5.25
	 	 Casualty
	  	 	102	 

  
 -ii- 

 TABLE OF CONTENTS 

(continued) 
  

							
	Section	 	 	  	Page	 
	 5.26
	 	 OFAC/Sanctions
	  	 	102	 
			
	 5.27
	 	 PATRIOT Act
	  	 	103	 
			
	 5.28
	 	 Covered Entities
	  	 	103	 
		
	 ARTICLE VI AFFIRMATIVE COVENANTS
	  	 	103	 
			
	 6.01
	 	 Financial Statements
	  	 	103	 
			
	 6.02
	 	 Certificates; Other Information
	  	 	104	 
			
	 6.03
	 	 Notices
	  	 	107	 
			
	 6.04
	 	 Payment of Obligations
	  	 	108	 
			
	 6.05
	 	 Preservation of Existence, Etc
	  	 	108	 
			
	 6.06
	 	 Maintenance of Properties
	  	 	108	 
			
	 6.07
	 	 Maintenance of Insurance
	  	 	109	 
			
	 6.08
	 	 Compliance with Laws
	  	 	110	 
			
	 6.09
	 	 Books and Records; Accountants
	  	 	110	 
			
	 6.10
	 	 Inspection Rights
	  	 	110	 
			
	 6.11
	 	 Use of Proceeds
	  	 	111	 
			
	 6.12
	 	 Additional Loan Parties
	  	 	112	 
			
	 6.13
	 	 Cash Management.
	  	 	112	 
			
	 6.14
	 	 Information Regarding the Collateral
	  	 	114	 
			
	 6.15
	 	 Physical Inventories.
	  	 	114	 
			
	 6.16
	 	 Environmental Laws
	  	 	114	 
			
	 6.17
	 	 Further Assurances
	  	 	115	 
			
	 6.18
	 	 Compliance with Terms of Leaseholds
	  	 	115	 
			
	 6.19
	 	 Material Contracts
	  	 	115	 
			
	 6.20
	 	 OFAC; Sanctions
	  	 	116	 
			
	 6.21
	 	 Post-Closing Matters
	  	 	116	 
		
	 ARTICLE VII NEGATIVE COVENANTS
	  	 	116	 
			
	 7.01
	 	 Liens
	  	 	116	 
			
	 7.02
	 	 Investments
	  	 	117	 
			
	 7.03
	 	 Indebtedness; Disqualified Stock
	  	 	117	 
			
	 7.04
	 	 Fundamental Changes
	  	 	117	 
			
	 7.05
	 	 Dispositions
	  	 	117	 

  
 -iii- 

 TABLE OF CONTENTS 

(continued) 
  

							
	Section	 	 	  	Page	 
	 7.06
	 	 Restricted Payments
	  	 	117	 
			
	 7.07
	 	 Prepayments of Indebtedness
	  	 	118	 
			
	 7.08
	 	 Change in Nature of Business
	  	 	118	 
			
	 7.09
	 	 Transactions with Affiliates
	  	 	118	 
			
	 7.10
	 	 Burdensome Agreements
	  	 	119	 
			
	 7.11
	 	 Use of Proceeds
	  	 	119	 
			
	 7.12
	 	 Amendment of Material Documents
	  	 	119	 
			
	 7.13
	 	 Fiscal Year
	  	 	119	 
			
	 7.14
	 	 Deposit Accounts; Credit Card Processors
	  	 	119	 
			
	 7.15
	 	 Financial Covenant
	  	 	120	 
			
	 7.16
	 	 Sale and Leaseback Transactions
	  	 	120	 
		
	 ARTICLE VIII EVENTS OF DEFAULT AND REMEDIES
	  	 	120	 
			
	 8.01
	 	 Events of Default
	  	 	120	 
			
	 8.02
	 	 Remedies Upon Event of Default
	  	 	123	 
			
	 8.03
	 	 Application of Funds
	  	 	124	 
		
	 ARTICLE IX THE AGENT
	  	 	126	 
			
	 9.01
	 	 Appointment and Authority
	  	 	126	 
			
	 9.02
	 	 Rights as a Lender
	  	 	126	 
			
	 9.03
	 	 Exculpatory Provisions
	  	 	126	 
			
	 9.04
	 	 Reliance by Agent
	  	 	127	 
			
	 9.05
	 	 Delegation of Duties
	  	 	128	 
			
	 9.06
	 	 Resignation of Agent
	  	 	128	 
			
	 9.07
	 	 Non-Reliance on Agent and Other Lenders
	  	 	129	 
			
	 9.08
	 	 [Reserved]
	  	 	129	 
			
	 9.09
	 	 Agent May File Proofs of Claim
	  	 	129	 
			
	 9.10
	 	 Collateral and Guaranty Matters
	  	 	130	 
			
	 9.11
	 	 Notice of Transfer
	  	 	130	 
			
	 9.12
	 	 Reports and Financial Statements
	  	 	130	 
			
	 9.13
	 	 Agency for Perfection
	  	 	131	 
			
	 9.14
	 	 Indemnification of Agent
	  	 	132	 
			
	 9.15
	 	 Relation among Lenders
	  	 	132	 
			
	 9.16
	 	 Defaulting Lenders
	  	 	132	 
			
	 9.17
	 	 Secured Cash Management Services and Secured Bank Products
	  	 	135	 

  
 -iv- 

 TABLE OF CONTENTS 

(continued) 
  

							
	Section	 	 	  	Page	 
		
	 ARTICLE X MISCELLANEOUS
	  	 	136	 
			
	 10.01
	 	 Amendments, Etc
	  	 	136	 
			
	 10.02
	 	 Notices; Effectiveness; Electronic Communications
	  	 	138	 
			
	 10.03
	 	 No Waiver; Cumulative Remedies
	  	 	140	 
			
	 10.04
	 	 Expenses; Indemnity; Damage Waiver
	  	 	140	 
			
	 10.05
	 	 Payments Set Aside
	  	 	142	 
			
	 10.06
	 	 Successors and Assigns
	  	 	142	 
			
	 10.07
	 	 Treatment of Certain Information; Confidentiality
	  	 	146	 
			
	 10.08
	 	 Right of Setoff
	  	 	147	 
			
	 10.09
	 	 Interest Rate Limitation
	  	 	147	 
			
	 10.10
	 	 Counterparts; Integration; Effectiveness
	  	 	147	 
			
	 10.11
	 	 Survival
	  	 	148	 
			
	 10.12
	 	 Severability
	  	 	148	 
			
	 10.13
	 	 Replacement of Lenders
	  	 	148	 
			
	 10.14
	 	 Governing Law; Jurisdiction; Etc.
	  	 	149	 
			
	 10.15
	 	 Waiver of Jury Trial
	  	 	150	 
			
	 10.16
	 	 No Advisory or Fiduciary Responsibility
	  	 	150	 
			
	 10.17
	 	 USA PATRIOT Act Notice
	  	 	151	 
			
	 10.18
	 	 Foreign Asset Control Regulations
	  	 	151	 
			
	 10.19
	 	 Time of the Essence
	  	 	152	 
			
	 10.20
	 	 Press Releases
	  	 	152	 
			
	 10.21
	 	 Additional Waivers
	  	 	152	 
			
	 10.22
	 	 No Strict Construction
	  	 	154	 
			
	 10.23
	 	 Attachments
	  	 	154	 
			
	 10.24
	 	 Keepwell
	  	 	154	 
			
	 10.25
	 	 Acknowledgment and Consent to Bail-In of EEA Financial
Institutions
	  	 	155	 
			
	 10.26
	 	 Acknowledgement Regarding Any Supported QFCs
	  	 	155	 

  
 -v- 

 SCHEDULES 
  

			
	 2.01
	  	 Commitments and Applicable Percentages

	 6.02
	  	 Financial and Collateral Reporting

	 10.02
	  	 Agent’s Office; Certain Addresses for Notices

  

			
	 EXHIBITS
	 	
		
		 	 Form of

		
	 A
	 	 LIBOR Rate Loan Notice

	 B
	 	 Swing Line Loan Notice

	 C-1
	 	 Note

	 C-2
	 	 Swing Line Note

	 D
	 	 Compliance Certificate

	 E
	 	 Assignment and Assumption

	 F
	 	 Borrowing Base Certificate

	 G
	 	 Credit Card Notification

  

 FIFTH AMENDED AND RESTATED CREDIT AGREEMENT 

This FIFTH AMENDED AND RESTATED CREDIT AGREEMENT (“Agreement”) is entered into as of April 24, 2020, among 

FIVE BELOW, INC., a Pennsylvania corporation (the “Borrower”), 

1616 HOLDINGS, INC., a Pennsylvania corporation (the “Guarantor”), 

each lender from time to time party hereto (collectively, the “Lenders” and individually, a “Lender”), and 

WELLS FARGO BANK, NATIONAL ASSOCIATION, as Agent, L/C Issuer and Swing Line Lender. 

WHEREAS, the Borrower, Wells Fargo Bank, National Association, as lender, and certain other parties are party to a Fourth Amended and Restated
Loan and Security Agreement, dated as of May 10, 2017 (as amended, restated, amended and restated, supplemented, extended or otherwise modified from time to time prior to the date hereof, the “Existing Credit Agreement”),
pursuant to which the lenders party thereto provided the Borrower with certain financial accommodations; 
 WHEREAS, the Loan Parties have
requested that the Agent and the Lenders enter into this Agreement, to among other things, extend credit to the Borrower pursuant to a revolving credit facility in an initial aggregate principal amount of up to $225,000,000, including the issuance
of Letters of Credit, on the terms and conditions set forth herein; and 
 WHEREAS, this Agreement and the Security Agreement (as defined
below), collectively, amend and restate the Existing Credit Agreement, as provided herein and therein; 
 NOW THEREFORE, in consideration of
the mutual covenants and agreements herein contained, the parties hereto covenant and agree that the Existing Credit Agreement shall be amended and restated in its entirety as follows and as set forth in the Security Agreement (it being agreed that
neither this Agreement nor the Security Agreement shall be deemed to evidence or result in a novation or repayment and reborrowing of the Obligations under, and as defined in, the Existing Credit Agreement): 

ARTICLE I 
 DEFINITIONS
AND ACCOUNTING TERMS 
 1.01    Defined Terms. As used in this Agreement, the following terms shall have the
meanings set forth below: 
 “Acceptable Document of Title” means, with respect to any Inventory, a tangible, negotiable bill of
lading or other Document (as defined in the UCC) that (a) is issued by a common carrier which is not an Affiliate of the Approved Foreign Vendor or any Loan Party which is in actual possession of such Inventory, (b) is issued to the order
of a Loan Party or, if so requested by the Agent, to the order of the Agent, (c) names the Agent as a notify party and bears a 

 
conspicuous notation on its face of the Agent’s security interest therein, (d) is not subject to any Lien (other than in favor of the Agent and Liens and permitted under clauses (a),
(b) and (o) of the definition of Permitted Encumbrances), and (e) is on terms otherwise reasonably acceptable to the Agent. 

“ACH” means automated clearing house transfers. 

“Accommodation Payment” as defined in Section 10.21(d). 

“Account” means “accounts” as defined in the UCC, and also means a right to payment of a monetary obligation, whether or
not earned by performance, (a) for property that has been or is to be sold, leased, licensed, assigned, or otherwise disposed of, (b) for services rendered or to be rendered, (c) for a policy of insurance issued or to be issued,
(d) for a secondary obligation incurred or to be incurred, (e) for energy provided or to be provided, (f) for the use or hire of a vessel under a charter or other contract, (g) arising out of the use of a credit or charge card or
information contained on or for use with the card, or (h) as winnings in a lottery or other game of chance operated or sponsored by a state, governmental unit of a state, or person licensed or authorized to operate the game by a state or
governmental unit of a state. The term “Account” includes health-care-insurance receivables. 
 “Acquisition” means,
with respect to any Person (a) an investment in, or a purchase of, a Controlling interest in the Equity Interests of any other Person, (b) a purchase or other acquisition of all or substantially all of the assets or properties of, another
Person or of any business unit, division or line of business of another Person, (c) any merger or consolidation of such Person with any other Person or other transaction or series of transactions resulting in the acquisition of all or
substantially all of the assets, or of any business unit, division or line of business of another Person, or a Controlling interest in the Equity Interests, of any Person, or (d) any acquisition of all or substantially all store locations of
any Person, in each case in any transaction or group of transactions which are part of a common plan. 
 “Additional Commitment
Lender” shall have the meaning provided in Section 2.15(iii). 
 “Adjustment Date” means the first
day of each Fiscal Quarter, commencing May 3, 2020. 
 “Administrative Questionnaire” means an Administrative Questionnaire
in a form supplied by the Agent. 
 “Affiliate” means, with respect to any Person, (i) 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, (ii) any director, officer, managing member, partner, trustee, or beneficiary of that Person, (iii) any other
Person directly or indirectly holding 10% or more of any class of the Equity Interests of that Person, and (iv) any other Person 10% or more of any class of whose Equity Interests is held directly or indirectly by that Person. 

“Agent” means Wells Fargo in its capacity as administrative agent and collateral agent under any of the Loan Documents, or any
successor thereto. 

  
 2 

 “Agent’s Office” means the Agent’s address and account as set forth on
Schedule 10.02, or such other address or account as the Agent may from time to time notify the Borrower and the Lenders. 

“Agent Parties” shall have the meaning specified in Section 10.02(c). 

“Aggregate Commitments” means the Commitments of all the Lenders. As of the Closing Date, the Aggregate Commitments are
$225,000,000. 
 “Agreement” means this Credit Agreement. 

“Allocable Amount” has the meaning specified in Section 10.21(d). 

“Anti-Corruption Laws” means the FCPA, the U.K. Bribery Act of 2010, as amended, and all other applicable laws and regulations or
ordinances concerning or relating to bribery, money laundering or corruption in any jurisdiction in which any Loan Party or any of its Subsidiaries or Affiliates is located or is doing business. 

“Anti-Money Laundering Laws” means the applicable laws or regulations in any jurisdiction in which any Loan Party or any of its
Subsidiaries or Affiliates is located or is doing business that relates to money laundering, any predicate crime to money laundering, or any financial record keeping and reporting requirements related thereto. 

“Applicable Margin” means: 

(a)    From and after the Closing Date until the first Adjustment Date, the percentages set forth in Level
I of the pricing grid below; and 
 (b)    From and after the first Adjustment Date and on each
Adjustment Date thereafter, the Applicable Margin shall be determined from the following pricing grid based upon Average Daily Availability for the Fiscal Quarter ended immediately preceding such Adjustment Date; provided that if any
Borrowing Base Certificates are at any time restated or otherwise revised (including as a result of an audit) or if the information set forth in any Borrowing Base Certificates otherwise proves to be false or incorrect such that the Applicable
Margin would have been higher than was otherwise in effect during any period, without constituting a waiver of any Default or Event of Default arising as a result thereof, interest due under this Agreement shall be immediately recalculated at such
higher rate for any applicable periods and shall be due and payable on demand. 
  

															
	 Level
	  	 Average Daily

Availability
	  	LIBOR
Margin	 	 	Base Rate
Margin	 	 	Letter of
Credit Fee	 
	 I
	  	350% of the Loan Cap	  	 	2.00	% 	 	 	1.00	% 	 	 	2.00	% 
	 II
	  	<50% of the Loan Cap	  	 	2.25	% 	 	 	1.25	% 	 	 	2.25	% 

 “Applicable Percentage” means with respect to any Lender at any time, the percentage (carried out to
the ninth decimal place) of the Aggregate Commitments represented by such 

  
 3 

 
Lender’s Commitment at such time. If the commitment of each Lender to make Loans and the obligation of the L/C Issuer to make L/C Credit Extensions have been terminated pursuant to
Section 8.02 or if the Aggregate Commitments have expired, then the Applicable Percentage of each Lender shall be determined based on the Applicable Percentage of such Lender most recently in effect, giving effect to any
subsequent assignments. The initial Applicable Percentage of each Lender is set forth opposite the name of such Lender on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable.

 “Appraised Value” means with respect to Eligible Inventory, the appraised orderly liquidation value, net of costs and expenses
to be incurred in connection with any such liquidation, which value is expressed as a percentage of Cost of Eligible Inventory as set forth in the inventory stock ledger of the Borrower, which value shall be determined from time to time by the most
recent appraisal undertaken by an independent appraiser engaged by the Agent. 
 “Approved Foreign Vendor” means a Foreign Vendor
which (a) is located in any country acceptable to the Agent in its Permitted Discretion, (b) has received timely payment or performance of all obligations owed to it by the Loan Parties, (c) has not asserted and has no right to assert
any reclamation, repossession, diversion, stoppage in transit, Lien or title retention rights in respect of such Inventory, and (d), if so requested by the Agent, has entered into and is in full compliance with the terms of a Foreign Vendor
Agreement. 
 “Approved Fund” means any Person (other than a natural person) that is (or will be) engaged in making, purchasing,
holding or otherwise investing in commercial 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, (c) an entity or an
Affiliate of an entity that administers or manages a Lender or (d) the same investment advisor or an advisor under common control with such Lender, Affiliate or advisor, as applicable. 

“Arranger” means each of Wells Fargo and PNC Capital Markets LLC, in their capacities as joint lead arrangers and book managers.

 “Assignee Group” means two or more Eligible Assignees that are Affiliates of one another or two or more Approved Funds managed
by the same investment advisor. 
 “Assignment and Assumption” means an assignment and assumption entered into by a Lender and an
Eligible Assignee (with the consent of any party whose consent is required by Section 10.06(b)), and accepted by the Agent, in substantially the form of Exhibit E or any other form approved by the Agent. 

“Attributable Indebtedness” shall mean, when used with respect to any Sale and Leaseback Transaction by any Loan Party, as at the
time of determination, the present value (discounted at a rate equivalent to such Loan Party’s then-current weighted average cost of funds for borrowed money as at the time of determination, compounded on a semi-annual basis) of the total
obligations of the lessee for rental payments (and substantially similar payments) during the remaining term of the lease included in any such Sale and Leaseback Transaction. 

“Audited Financial Statements” means the audited consolidated balance sheet of the Borrower and its Subsidiaries for the Fiscal Year
ended February 1, 2020, and the related consolidated statements of income or operations, Shareholders’ Equity and cash flows for such Fiscal Year of the Borrower and its Subsidiaries, including the notes thereto. 

  
 4 

 “Availability” means, as of any date of determination thereof by the Agent, the
result, if a positive number, of: 
 (a)    The Loan Cap 

Minus 

(b)    The Total Outstandings. 

“Availability Period” means the period from and including the Closing Date to the earliest of (a) the Maturity Date,
(b) the date of termination of the Aggregate Commitments pursuant to Section 2.06, and (c) the date of termination of the commitment of each Lender to make Loans and of the obligation of the L/C Issuer to make L/C
Credit Extensions pursuant to Section 8.02. 
 “Availability Reserves” means, without duplication of any
other Reserves or items to the extent such items are otherwise addressed or excluded through eligibility criteria, such reserves as the Agent from time to time determines in its Permitted Discretion as being appropriate (a) to reflect the
impediments to the Agent’s ability to realize upon the Collateral, (b) to reflect claims and liabilities that the Agent determines will need to be satisfied in connection with the realization upon the Collateral, (c) to reflect
criteria, events, conditions, contingencies or risks which adversely affect any component of the Borrowing Base, or the assets, business, financial performance or financial condition of any Loan Party, or (d) to reflect that a Default an Event
of Default then exists. Without limiting the generality of the foregoing, Availability Reserves may include, in the Agent’s Permitted Discretion, (but are not limited to) reserves based on: (i) rent; (ii) customs duties, and other costs to
release Inventory which is being imported into the United States; (iii) outstanding Taxes and other governmental charges, including, without limitation, ad valorem, real estate, personal property, sales, claims of the PBGC and other Taxes which
may have priority over the interests of the Agent in the Collateral; (iv) salaries, wages and benefits due to employees of the Borrower, (v) customer credit liabilities consisting of the aggregate remaining value at such time of
(a) outstanding gift certificates and gift cards of the Borrower entitling the holder thereof to use all or a portion of the certificate or gift card to pay all or a portion of the purchase price for any Inventory, (b) outstanding
merchandise credits of the Borrower, and (c) liabilities in connection with frequent shopping programs of the Borrower, (vi) deposits made by customers with respect to the purchase of goods or the performance of services and layaway
obligations of the Borrower, (vii) reserves for reasonably anticipated changes in the Appraised Value of Eligible Inventory between appraisals, (viii) warehousemen’s or bailee’s charges and other Permitted Encumbrances which may
have priority over the interests of the Agent in the Collateral, (ix) amounts due to vendors on account of consigned goods, (x) Cash Management Reserves, (xi) Bank Products Reserves, (xii) royalties payable in respect of licensed
merchandise, and (xiii) for the period commencing April 1, 2020, monthly rental payments that are due but have not been made for each Store that is temporarily closed as a result of the COVID-19
pandemic unless (a) the landlord of such Store has agreed to an abatement of rent payments, deferral of rent payments, payback period for delayed rent payments, or any other similar arrangement (which other similar arrangement is satisfactory
to the Agent in its Permitted Discretion), or (b) it has been 

  
 5 

 
agreed by the landlord, or determined by a court or other authority of competent jurisdiction, that such rental payments for a Store are not owing to landlord for the subject period (due to force
majeure, impossibility, frustration of purpose or any other reason); provided further that all Availability Reserves (including the amount of such Availability Reserves) shall bear a reasonable relationship to the events, conditions or
circumstances that are the basis for each such Availability Reserve. So long as no Event of Default has occurred and is continuing Agent shall provide the Borrower with no less than three (3) Business Days’ prior notice of any intended
imposition of, or increase in, the Availability Reserves (other than increases resulting solely from fluctuations in the amount of the items reserved for) and will be available to consult with the Borrower in connection with the basis for such
imposition or increase of Availability Reserves; provided that (i) no such prior notice shall be required for changes to any Availability Reserves resulting solely by virtue of mathematical calculations of the amount of the Availability
Reserves in accordance with the methodology of calculation previously used and (ii) upon such notice, the Borrower will not be permitted to borrow so as to exceed the Borrowing Base after giving effect to such new or modified Reserves. For the
avoidance of doubt, it is acknowledged and agreed that any Reserves made pursuant to more than one clause above shall be made without duplication. 

“Average Daily Availability” means, for any Fiscal Quarter, an amount equal to the sum of Availability for each day of such Fiscal
Quarter divided by the actual number of days in such Fiscal Quarter, as determined by the Agent, which determination shall be conclusive absent manifest error. 

“Average Monthly Unused Percentage” means, for any Fiscal Month, a percentage equal to (a) the average daily Total Outstandings
during such Fiscal Month, divided by (b) the amount of the Aggregate Commitments. 

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the
applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 

“Bail-In Legislation” means, with respect to any EEA Member Country implementing Article 55
of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation
Schedule. 
 “Bank Products” means any services of facilities provided to any Loan Party by a Lender or any of its Affiliates (but
excluding Cash Management Services) including, without limitation, on account of (a) Swap Contracts, (b) merchant services constituting a line of credit, (c) leasing, (d) Factored Receivables which the Borrower has agreed in writing
are to constitute Bank Products hereunder, (e) supply chain finance services including, without limitation, trade payable services and supplier accounts receivable purchases, in each case, which the Borrower has agreed in writing are to
constitute Bank Products hereunder, and (f) commercial equipment financing and leasing, including vendor finance and chattel paper purchases and syndication. 

“Bank Products Reserves” means such reserves as the Agent from time to time determines in its Permitted Discretion as being
appropriate to reflect the liabilities and obligations of the Loan Parties with respect to Bank Products then provided or outstanding. 

  
 6 

 “Base Rate” means, for any day, a fluctuating rate per annum equal to the highest
of (a) the Federal Funds Rate plus 1⁄2%, (b) the LIBOR Rate (which rate shall be calculated based upon an Interest Period of one month and shall be determined
on a daily basis), plus one percentage point, and (c) the rate of interest announced, from time to time, within Wells Fargo at its principal office in San Francisco as its “prime rate”, with the understanding that the “prime
rate” is one of Wells Fargo’s base rates (not necessarily the lowest of such rates) and serves as the basis upon which effective rates of interest are calculated for those loans making reference thereto and is evidenced by the recording
thereof after its announcement in such internal publications as Wells Fargo may designate (and, if any such announced rate is below zero, then the rate determined pursuant to this clause (c) shall be deemed to be zero). 

“Base Rate Loan” means a Loan that bears interest based on the Base Rate. 

“Benchmark Replacement” means the sum of: (a) the alternate benchmark rate (which may include Term SOFR) that has been selected
by Agent and Borrower giving due consideration to (i) any selection or recommendation of a replacement rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market
convention for determining a rate of interest as a replacement to the LIBOR Rate for United States dollar-denominated syndicated credit facilities and (b) the Benchmark Replacement Adjustment; provided that, if the Benchmark Replacement as so
determined would be less than 0.50%, the Benchmark Replacement shall be deemed to be 0.50% for the purposes of this Agreement. 

“Benchmark Replacement Adjustment” means, with respect to any replacement of the LIBOR Rate with an Unadjusted Benchmark Replacement
for each applicable Interest Period, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by Agent and Borrower giving due consideration to
(i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the LIBOR Rate with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental
Body or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the LIBOR Rate with the applicable Unadjusted Benchmark
Replacement for United States dollar-denominated syndicated credit facilities at such time. 
 “Benchmark Replacement Conforming
Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Base Rate”, the definition of “Interest Period”, timing and frequency
of determining rates and making payments of interest and other administrative matters) that Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by Agent
in a manner substantially consistent with market practice (or, if Agent decides that adoption of any portion of such market practice is not administratively feasible or if Agent determines that no market practice for the administration of the
Benchmark Replacement exists, in such other manner of administration as Agent decides is reasonably necessary in connection with the administration of this Agreement). 

  
 7 

 “Benchmark Replacement Date” means the earlier to occur of the following events
with respect to the LIBOR Rate: 
 (a)    in the case of clause (a) or (b) of the definition of “Benchmark
Transition Event,” the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of the LIBOR Rate permanently or indefinitely ceases to provide the
LIBOR Rate; or 
 (b)    in the case of clause (c) of the definition of “Benchmark Transition Event,” the
date of the public statement or publication of information referenced therein. 
 “Benchmark Transition Event” means the
occurrence of one or more of the following events with respect to the LIBOR Rate: 
 (a)    a public statement or
publication of information by or on behalf of the administrator of the LIBOR Rate announcing that such administrator has ceased or will cease to provide the LIBOR Rate, permanently or indefinitely, provided that, at the time of such statement or
publication, there is no successor administrator that will continue to provide the LIBOR Rate; 
 (b)    a public
statement or publication of information by the regulatory supervisor for the administrator of the LIBOR Rate, the Federal Reserve System of the United States (or any successor), an insolvency official with jurisdiction over the administrator for the
LIBOR Rate, a resolution authority with jurisdiction over the administrator for the LIBOR Rate or a court or an entity with similar insolvency or resolution authority over the administrator for the LIBOR Rate, which states that the administrator of
the LIBOR Rate has ceased or will cease to provide the LIBOR Rate permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the LIBOR Rate; or 

(c)    a public statement or publication of information by the regulatory supervisor for the administrator of the LIBOR
Rate announcing that the LIBOR Rate is no longer representative. 
 “Benchmark Transition Start Date” means (a) in the case
of a Benchmark Transition Event, the earlier of (i) the applicable Benchmark Replacement Date and (ii) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 90th day prior to the
expected date of such event as of such public statement or publication of information (or if the expected date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or publication) and
(b) in the case of an Early Opt-in Election, the date specified by Agent or the Required Lenders, as applicable, by notice to Borrower, Agent (in the case of such notice by the Required Lenders) and the
Lenders. 
 “Benchmark Unavailability Period” means, if a Benchmark Transition Event and its related Benchmark Replacement Date
have occurred with respect to the LIBOR Rate and solely to the extent that the LIBOR Rate has not been replaced with a Benchmark Replacement, the period (x) beginning at the time that such Benchmark Replacement Date has occurred if, at such
time, no Benchmark Replacement has replaced the LIBOR Rate for all purposes hereunder in accordance with Section 1.08 and (y) ending at the time that a Benchmark Replacement has replaced the LIBOR Rate for all purposes
hereunder pursuant to Section 1.08. 
 “Beneficial Ownership Certification” means a certification
regarding beneficial ownership as required by the Beneficial Ownership Regulation. 

  
 8 

 “Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230. 

“Blocked Account” has the meaning provided in Section 6.13(a)(ii). 

“Blocked Account Agreement” means with respect to an account established by a Loan Party, an agreement, in form and substance
reasonably satisfactory to the Agent, establishing control, pursuant to Section 9-104 of the UCC or other applicable section of the UCC, of such account by the Agent and whereby the bank maintaining such
account agrees, upon the occurrence and during the continuance of a Cash Dominion Event, to comply only with the instructions originated by the Agent without the further consent of any Loan Party. 

“Blocked Account Bank” means each bank with whom deposit accounts are maintained in which any funds of any of the Loan Parties from
one or more DDAs are concentrated (which, as of the Closing Date, are identified on Schedule 5.21(a) to the Disclosure Letter), and with whom a Blocked Account Agreement has been, or is required to be, executed in accordance with the terms
hereof. 
 “Borrower” has the meaning specified in the introductory paragraph hereto. 

“Borrower Materials” has the meaning specified in Section 6.02. 

“Borrowing” means a Committed Borrowing or a Swing Line Borrowing, as the context may require. 

“Borrowing Base” means, at any time of calculation, an amount equal to: 

(a)    the face amount of Eligible Credit Card Receivables multiplied by the Credit Card Advance
Rate; 
 plus 

(b)    the Cost of Eligible Inventory, net of Inventory Reserves, multiplied by the product of the
Inventory Advance Rate multiplied by the Appraised Value of Eligible Inventory; 
 minus  

(c)    the then amount of all Availability Reserves; 

provided that, until the date that the Agent has received a reasonably satisfactory Inventory appraisal and commercial finance examination with
respect to the Loan Parties, the Borrowing Base shall be equal to the sum of (i) the face amount of Eligible Credit Card Receivables multiplied by the Credit Card Advance Rate, plus (ii) 50% of the book value of Eligible Inventory, minus
(iii) the then amount of all Availability Reserves; provided, further, that except as otherwise agreed by the Agent, if such Inventory appraisal and commercial finance examination has not commenced within 90 days (which such period may be
extended for an additional 30 days in the Agent’s sole discretion) of the Closing Date, the Borrowing Base shall thereafter be equal to $0. 

  
 9 

 “Borrowing Base Certificate” means a certificate substantially in the form of
Exhibit F hereto (with such changes therein as may be required by the Agent to reflect the components of and reserves against the Borrowing Base as provided for hereunder from time to time), executed and certified as accurate and complete by
a Responsible Officer of the Borrower, which shall include appropriate exhibits, schedules, supporting documentation, and additional reports as reasonably requested by the Agent. 

“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the
Laws of, or are in fact closed in, the state where the Agent’s Office is located and, if such day relates to any LIBOR Rate Loan, means any such day on which dealings in Dollar deposits are conducted by and between banks in the London interbank
market. 
 “Capital Expenditures” means, with respect to any Person for any period, (a) all expenditures made (whether made
in the form of cash or other property) or costs incurred for the acquisition or improvement of fixed or capital assets of such Person (excluding normal replacements and maintenance which are properly charged to current operations), in each case that
are (or should be) set forth as capital expenditures in a Consolidated statement of cash flows of such Person for such period, in each case prepared in accordance with GAAP, and (b) Capital Lease Obligations incurred by a Person during such
period. 
 “Capital Lease Obligations” means, with respect to any Person for any period, 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 finance leases on a balance sheet of
such Person under GAAP and the amount of which obligations shall be the capitalized amount thereof determined in accordance with GAAP. 

“Cash Collateral Account” means a non-interest bearing account established by one or more of
the Loan Parties with Wells Fargo, and in the name of, the Agent (or as the Agent shall otherwise direct) and under the sole and exclusive dominion and control of the Agent, in which deposits are required to be made in accordance with
Section 2.03(k) or 8.02(c). 
 “Cash Collateralize” has the meaning specified in
Section 2.03(k). Derivatives of such term have corresponding meanings. 
 “Cash Dominion Event” means
either (i) the occurrence and continuance of any Event of Default, or (ii) the failure of the Borrower to maintain Availability of at least 15% of the Loan Cap. For purposes of this Agreement, the occurrence of a Cash Dominion Event shall
be deemed continuing at the Agent’s option (i) so long as such Event of Default has not been waived, and/or (ii) if the Cash Dominion Event arises as a result of the Borrower’s failure to achieve Availability as required
hereunder, until Availability has exceeded 15% of the Loan Cap for sixty (60) consecutive calendar days, in which case a Cash Dominion Event shall no longer be deemed to be continuing for purposes of this Agreement; provided that after a
Cash Dominion Event has occurred and been discontinued on two (2) occasions after the Closing Date, any subsequent Cash Dominion Event shall be deemed continuing at the Agent’s option even if an Event of Default is no longer continuing
and/or Availability exceeds the required amount for sixty (60) consecutive 

  
 10 

 
calendar days. The termination of a Cash Dominion Event as provided herein shall in no way limit, waive or delay the occurrence of a subsequent Cash Dominion Event in the event that the
conditions set forth in this definition again arise. 
 “Cash Management Reserves” means such reserves as the Agent, from time to
time, determines in its Permitted Discretion as being appropriate to reflect the reasonably anticipated liabilities and obligations of the Loan Parties with respect to Cash Management Services then provided or outstanding. 

“Cash Management Services” means any cash management services or facilities provided to any Loan Party by a Lender or any of its
Affiliates, including without limitation, Wells Fargo Merchant Services, L.L.C., including, without limitation: (a) ACH transactions, (b) controlled disbursement services, treasury, depository, overdraft, and electronic funds transfer
services, (c) credit or debit cards, (d) any services related to the acceptance and/or processing of payment cards or devices, (e) purchase cards, and (f) print services. 

“Casualty Event” has the meaning set forth in Section 5.25. 

“CERCLA” means the Comprehensive Environmental Response, Compensation, and Liability Act, 42 U.S.C. § 9601 et seq. 

“CERCLIS” means the Comprehensive Environmental Response, Compensation, and Liability Information System maintained by the United
States Environmental Protection Agency. 
 “CFC” means a controlled foreign corporation (as that term is defined in the Code) in
which any Loan Party is a “United States shareholder” within the meaning of Section 951(b) of the Code. 
 “Change in
Law” means the occurrence, after the date of this Agreement, 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, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided
that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all
requests, rules, guidelines or 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 or issued. 

“Change of Control” means an event or series of events by which: 

(a)    any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of
the Securities Exchange Act of 1934, but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan) becomes the
“beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to have
“beneficial ownership” of all securities that such 

  
 11 

 
person or group has the right to acquire, whether such right is exercisable immediately or only after the passage of time (such right, an “option right”)), directly or indirectly, of
25% or more of the Equity Interests of the Borrower entitled to vote for members of the board of directors or equivalent governing body of the Borrower on a fully-diluted basis (and taking into account all such Equity Interests that such
“person” or “group” has the right to acquire pursuant to any option right); 
 (b)
    during any period of 12 consecutive months, a majority of the members of the board of directors or other equivalent governing body of the Borrower cease to be composed of individuals (i) who were members of that board or
equivalent governing body on the first day of such period, (ii) whose election or nomination to that board or equivalent governing body was approved by individuals referred to in clause (i) above constituting at the time of such election
or nomination at least a majority of that board or equivalent governing body or (iii) whose election or nomination to that board or other equivalent governing body was approved by individuals referred to in clauses (i) and (ii) above
constituting at the time of such election or nomination at least a majority of that board or equivalent governing body; or 

(c)    any “change in control” or “sale” or “disposition” or similar event as
defined in any Organizational Document of any Loan Party or in any document governing Material Indebtedness of any Loan Party; or 

(d)    the Borrower fails at any time to own, directly or indirectly, 100% of the Equity Interests of each
other Loan Party free and clear of all Liens (other than the Liens in favor of the Agent), except where such failure is as a result of a transaction permitted by the Loan Documents. 

“Closing Date” means the first date all the conditions precedent in Section 4.01 are satisfied or waived
in accordance with Section 10.01. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Collateral” means any and all “Collateral” as defined in any applicable Security Document and all other property that is
or is intended under the terms of the Security Documents to be subject to Liens in favor of the Agent. 
 “Collateral Access
Agreement” means an agreement reasonably satisfactory in form and substance to the Agent executed by (a) a bailee or other Person in possession of Collateral, and (b) any landlord of Real Estate leased by any Loan Party, pursuant to
which such Person (i) acknowledges the Agent’s Lien on the Collateral, (ii) releases or subordinates such Person’s Liens in the Collateral held by such Person or located on such Real Estate, (iii) provides the Agent with
access to the Collateral held by such bailee or other Person or located in or on such Real Estate, (iv) as to any landlord, provides the Agent with a reasonable time to sell and dispose of the Collateral from such Real Estate, and
(v) makes such other agreements with the Agent as the Agent may reasonably require. 

  
 12 

 “Commercial Letter of Credit” means any Letter of Credit issued for the purpose of
providing the primary payment mechanism in connection with the purchase of any materials, goods or services by a Loan Party in the ordinary course of business of such Loan Party. 

“Commercial Letter of Credit Agreement” means the Commercial Letter of Credit Agreement relating to the issuance of a Commercial
Letter of Credit in the form from time to time in use by the L/C Issuer. 
 “Commitment” means, as to each Lender, its obligation
to (a) make Committed Loans to the Borrower pursuant to Section 2.01, (b) purchase participations in L/C Obligations, and (c) purchase participations in Swing Line Loans, in an aggregate principal amount at any
one time outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from
time to time in accordance with this Agreement. 
 “Commitment Increases” has the meaning specified in
Section 2.15(i). 
 “Committed Borrowing” means a borrowing consisting of simultaneous Committed Loans
of the same Type and, in the case of LIBOR Rate Loans, having the same Interest Period made by each of the Lenders pursuant to Section 2.01. 

“Committed Loan” has the meaning specified in Section 2.01. 

“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any
successor statute. 
 “Compliance Certificate” means a certificate substantially in the form of Exhibit D. 

“Concentration Account” has the meaning provided in Section 6.13(d). 

“Consent” means actual consent given by a Lender from whom such consent is sought. 

“Consolidated” means, when used to modify a financial term, test, statement, or report of a Person, the application or preparation
of such term, test, statement or report (as applicable) based upon the consolidation, in accordance with GAAP, of the financial condition or operating results of such Person and its Subsidiaries. 

“Consolidated Cash Balance” means at any time, (a) the aggregate amount of cash and cash equivalents, marketable securities,
treasury bonds and bills, certificates of deposit, investments in money market funds, commercial paper and cash equivalents, in each case, held or owned by (either directly or indirectly), credited to the account of or would otherwise be required to
be reflected as an asset on the balance sheet of the Borrower and its Subsidiaries; provided that this clause (a) shall not include investments expiring on or before March 31, 2021 and set forth on Schedule 1.01 to the Disclosure
Letter, less (b) the sum of (i) any restricted cash or cash equivalents to pay royalty obligations, working interest obligations, suspense payments, severance taxes, payroll, payroll taxes, other taxes, employee wage and benefit payments
and trust and fiduciary obligations or other obligations of the Borrower or any Subsidiary to third parties and for which the Borrower or such Subsidiary has issued checks or has initiated wires or ACH transfers (or, in

  
 13 

 
the Borrower’s discretion, will issue checks or initiate wires or ACH transfers within five (5) business days) in order to pay, (ii) other amounts for which the Borrower or such
Subsidiary has issued checks or has initiated wires or ACH transfers but have not yet been subtracted from the balance in the relevant account of the Borrower or such Subsidiary and (iii) while and to the extent refundable, any cash or cash
equivalents of the Borrower or any Subsidiaries constituting purchase price deposits held in escrow pursuant to a binding and enforceable purchase and sale agreement with a third party containing customary provisions regarding the payment and
refunding of such deposit. 
 “Consolidated EBITDA” means, at any date of determination, an amount equal to Consolidated Net
Income of the Borrower and its Subsidiaries on a Consolidated basis for the most recently completed Measurement Period, plus (a) the following to the extent deducted in calculating such Consolidated Net Income: (i) Consolidated Interest
Charges, (ii) the provision for Federal, state, local and foreign income Taxes, (iii) depreciation and amortization expense and other non-cash charges that were deducted in the calculation of
Consolidated Net Income for such period, (iv) stock based compensation expense (which does not represent a cash item in such period or any future period), mark to market adjustments in respect of derivatives, and write offs, write downs or
other impairment of long lived assets, (v) one-time extraordinary, non-recurring or unusual cash items in an amount not to exceed, together with clause
(vii) below, 10% of Consolidated EBITDA, and related taxes thereon, (vi) one-time transaction fees, costs and expenses incurred in connection with any issuances of Equity Interests, Investments,
Acquisitions, Dispositions, mergers and other reorganizations, or the incurrence, refinancing, or modification of Indebtedness or similar transactions, in each case to the extent permitted hereunder; (vii) costs, charges, accruals, reserves or
expenses attributable to the undertaking and/or implementation of reorganizations, cost savings initiatives, operating expense reductions and similar initiatives in an amount not to exceed, together with clause (v) above, 10% of Consolidated
EBITDA; minus (b) the following to the extent included in calculating such Consolidated Net Income: (i) Federal, state, local and foreign income tax credits and (ii) all non-cash items
increasing Consolidated Net Income (in each case of or by Borrower and its Subsidiaries for such Measurement Period), all as determined on a Consolidated basis in accordance with GAAP. Notwithstanding the foregoing, Consolidated EBITDA in any
Measurement Period shall include the Consolidated EBITDA on a pro forma basis for such Measurement Period of each Person (or business unit, division or group of such Person) that is acquired by a Loan Party during such Measurement Period; provided
that, in respect of an Acquisition, the pro forma information shall include the historical financial results of the acquired Person on a pro forma basis for the most recently completed Measurement Period, and shall assume that the consummation of
such Acquisition accrued on the first day of such Measurement Period. 
 “Consolidated Fixed Charge Coverage Ratio” means, at any
date of determination, the ratio of (a) (i) Consolidated EBITDA for such period minus (ii) Non-Financed Capital Expenditures made during such period minus (iii) the aggregate amount of Federal,
state, local and foreign income taxes paid in cash during such period to (b) the sum of (i) Debt Service Charges plus (ii) the aggregate amount of all Restricted Payments, in each case, of or by the Borrower and its Subsidiaries for
the most recently completed Measurement Period, all as determined on a Consolidated basis in accordance with GAAP. 

  
 14 

 “Consolidated Interest Charges” means, for any Measurement Period, the sum of
(a) all interest, premium payments, debt discount, fees, charges and related expenses in connection with borrowed money (including capitalized interest) or in connection with the deferred purchase price of assets, in each case to the extent
treated as interest in accordance with GAAP, including, without limitation, all commissions, discounts and other fees and charges owed with respect to letters of credit and bankers’ acceptance financing and net costs under Swap Contracts, but
excluding any non-cash or deferred interest financing costs, (b) all interest paid or payable with respect to discontinued operations and (c) the portion of rent expense with respect to such period
under Capital Lease Obligations that is treated as interest in accordance with GAAP, in each case of or by the Borrower and its Subsidiaries for the most recently completed Measurement Period, all as determined on a Consolidated basis in accordance
with GAAP. 
 “Consolidated Net Income” means, as of any date of determination, the net income of the Borrower and its
Subsidiaries for the most recently completed Measurement Period, all as determined on a Consolidated basis in accordance with GAAP, provided, however, that there shall be excluded therefrom (a) extraordinary gains and extraordinary losses for
such Measurement Period, (b) the income (or loss) of such Person during such Measurement Period in which any other Person has a joint interest, except to the extent of the amount of cash dividends or other distributions actually paid in cash to
such Person during such period, (c) the income (or loss) of such Person during such Measurement Period and accrued prior to the date it becomes a Subsidiary of a Person or any of such Person’s Subsidiaries or is merged into or consolidated
with a Person or any of its Subsidiaries or that Person’s assets are acquired by such Person or any of its Subsidiaries, and (d) the income of any direct or indirect Subsidiary of a Person to the extent that the declaration or payment of
dividends or similar distributions by that Subsidiary of that income is not at the time permitted by operation of the terms of its Organization Documents or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation
applicable to that Subsidiary, except that the Borrower’s equity in any net loss of any such Subsidiary for such Measurement Period shall be included in determining Consolidated Net Income. 

“Contractual Obligation” means, as to any Person, any provision of any agreement, instrument or other undertaking to which such
Person is a party or by which it or any of its property is bound. 
 “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. 
 “Cost” means the lower of cost or market value of Inventory, based upon the Borrower’s accounting practices,
known to the Agent, which practices are in effect on the Closing Date as such calculated cost is determined from invoices received by the Borrower, the Borrower’s purchase journals or the Borrower’s stock ledger. 

“Credit Card Advance Rate” means 90%. 

“Credit Card Agreements” has the meaning set forth in Section 5.21(b). 

  
 15 

 “Credit Card Issuer” shall mean any person (other than a Borrower or other Loan
Party) who issues or whose members issue credit cards, including, without limitation, MasterCard or VISA bank credit cards or other bank credit cards issued through MasterCard International, Inc., Visa, U.S.A., Inc. or Visa International and
American Express, Discover, Diners Club, Carte Blanche and other non-bank credit cards, including, without limitation, credit cards issued by or through American Express Travel Related Services Company, Inc.,
and Novus Services, Inc. and other issuers approved by the Agent. 
 “Credit Card Notifications” has the meaning provided in
Section 6.13(a)(i). 
 “Credit Card Processor” shall mean any servicing or processing agent or any
factor or financial intermediary who facilitates, services, processes or manages the credit authorization, billing transfer and/or payment procedures with respect to the Borrower’s sales transactions involving credit card or debit card
purchases by customers using credit cards or debit cards issued by any Credit Card Issuer. 
 “Credit Card Receivables” means each
“payment intangible” (as defined in the UCC) together with all income, payments and proceeds thereof, owed by a Credit Card Issuer or Credit Card Processor to a Loan Party resulting from charges by a customer of a Loan Party on credit or
debit cards issued by such Credit Card Issuer in connection with the sale of goods by a Loan Party, or services performed by a Loan Party, in each case in the ordinary course of its business. 

“Credit Extensions” mean each of the following: (a) a Borrowing and (b) an L/C Credit Extension. 

“Credit Party” or “Credit Parties” means (a) individually, (i) each Lender and its Affiliates, (ii) the Agent,
(iii) each L/C Issuer, (iv) the Arrangers, (v) each beneficiary of each indemnification obligation undertaken by any Loan Party under any Loan Document, (vi) any other Person to whom Obligations under this Agreement and other
Loan Documents are owing, and (vii) the successors and assigns of each of the foregoing, and (b) collectively, all of the foregoing. 

“Credit Party Expenses” means, without limitation, (a) all reasonable and documented out-of-pocket expenses incurred by the Agent and its Affiliates in connection with this Agreement and the other Loan Documents, including without limitation (i) the reasonable and documented out-of-pocket fees, charges and disbursements of (A) counsel for the Agent, (B) outside consultants for the Agent, (C) appraisers, (D) commercial finance
examinations, and (E) all such reasonable and documented out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of the
Obligations, (ii) in connection with (A) the syndication of the credit facilities provided for herein, (B) the preparation, negotiation, administration, management, execution and delivery of this Agreement and the other Loan Documents
or any amendments, modifications or waivers of the provisions thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (C) the enforcement or protection of their rights in connection with this Agreement or the
Loan Documents or efforts to preserve, protect, collect, or enforce the Collateral, or (D) any workout, restructuring or negotiations in respect of any Obligations, and (iii) all customary fees and charges (as adjusted from time to time)
of the Agents with respect to the disbursement of funds (or the receipt of funds) to or for the account of Borrower (whether by wire transfer or otherwise), together with any reasonable and documented
out-of-

  
 16 

 
pocket costs and expenses incurred in connection therewith, and (b) with respect to the L/C Issuer, and its Affiliates, all reasonable out-of-pocket expenses incurred in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder; and (c) all reasonable and documented out-of-pocket expenses incurred by the Credit Parties who are not the Agent, the L/C Issuer or any Affiliate of any of them, after the occurrence and during the continuance of
an Event of Default, provided that such Credit Parties shall be entitled to reimbursement for no more than one counsel representing all such Credit Parties (absent a conflict of interest in which case the Credit Parties may engage and be reimbursed
for additional counsel). 
 “Customs Broker/Carrier Agreement” means an agreement in form and substance reasonably satisfactory to
the Agent among the Borrower, a customs broker, freight forwarder, consolidator or carrier, and the Agent, in which the customs broker, freight forwarder, consolidator or carrier acknowledges that it has control over and holds the documents
evidencing ownership of the subject Inventory for the benefit of the Agent and agrees, upon notice from the Agent, to hold and dispose of the subject Inventory solely as directed by the Agent. 

“DDA” means each checking, savings or other demand deposit account maintained by any of the Loan Parties. All funds in each DDA
(other than any Excluded Account) shall be conclusively presumed to be Collateral and proceeds of Collateral and the Agent and the Lenders shall have no duty to inquire as to the source of the amounts on deposit in any such DDA. 

“Debt Service Charges” means for any Measurement Period, the sum of (a) Consolidated Interest Charges required to be paid for
such Measurement Period, plus (b) principal payments required to be made on account of Indebtedness (excluding the Obligations and any Synthetic Lease Obligations but including, without limitation, Capital Lease Obligations) for such
Measurement Period, in each case determined on a Consolidated basis in accordance with GAAP. 
 “Debtor Relief Laws” means the
Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United
States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally. 
 “Default”
means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time, or both, would be an Event of Default. 

“Default Rate” means (a) when used with respect to Obligations other than Letter of Credit Fees, an interest rate equal to
(i) the Base Rate plus (ii) the Applicable Margin, if any, applicable to Base Rate Loans, plus (iii) 2% per annum; provided, however, that with respect to a LIBOR Rate Loan, the Default Rate shall be an interest rate equal to the interest
rate (including any Applicable Margin) otherwise applicable to such Loan plus 2% per annum, and (b) when used with respect to Letter of Credit Fees, a rate equal to the Applicable Margin for Standby Letters of Credit or Commercial Letters of
Credit, as applicable, plus 2% per annum. 
 “Defaulting Lender” means any Lender that (a) has failed to (i) fund all or
any portion of its Loans within two Business Days of the date such Loans were required to be funded hereunder, or (ii) pay to Agent, L/C Issuer, or any other Lender any other amount required to be paid by it

  
 17 

 
hereunder (including in respect of its participation in Letters of Credit) within two Business Days of the date when due, (b) has notified the Borrower, Agent or L/C Issuer in writing that
it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect, (c) has failed, within three Business Days after written request by Agent or Borrower, to confirm in writing to Agent and
Borrower that it will comply with its prospective funding obligations hereunder (provided, that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by Agent and
Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of any proceeding under any Debtor Relief Laws, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator,
assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a
capacity, or (iii) become the subject of a Bail-in Action; provided, that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that
Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender 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 Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by Agent that a
Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender upon delivery of written notice of such
determination to Borrower, L/C Issuer, and each Lender. 
 “Defaulting Lender Rate” means (a) for the first three
(3) days from and after the date the relevant payment is due, the Base Rate, and (b) thereafter, the interest rate then applicable to Committed Loans that are Base Rate Loans (inclusive of the Applicable Margin applicable thereto). 

“Disclosure Letter” means that certain disclosure letter, dated as of the date hereof, by the Loan Parties in favor of Agent. 

“Disposition” or “Dispose” means the sale, transfer, license, lease or other disposition (including any Sale and Leaseback
Transaction) and any sale, transfer, license or other disposition of (whether in one transaction or in a series of transactions) of any property (including, without limitation, any Equity Interests other than Equity Interests of the Borrower) by any
Person (or the granting of any option or other right to do any of the foregoing), including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated
therewith. 
 “Disqualified Stock” means any Equity Interest that, by its terms (or by the terms of any security into which it is
convertible, or for which it is exchangeable, in each case at the option of the holder thereof), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the
option of the holder thereof, in whole or in part, on or prior to the date that is ninety-one (91) days after the date on which the Loans mature; provided, however, that (i) only the
portion of such Equity Interests which so matures or is mandatorily redeemable, is so convertible or exchangeable or is so redeemable at the option of the holder thereof prior to such date shall be deemed to be Disqualified Stock and (ii)

  
 18 

 
with respect to any Equity Interests issued to any employee or to any plan for the benefit of employees of the Borrower or its Subsidiaries or by any such plan to such employees, such Equity
Interest shall not constitute Disqualified Stock solely because it may be required to be repurchased by the Borrower or one of its Subsidiaries in order to satisfy applicable statutory or regulatory obligations or as a result of such employee’s
termination, resignation, death or disability and if any class of Equity Interest of such Person that by its terms authorizes such Person to satisfy its obligations thereunder by delivery of an Equity Interest that is not Disqualified Stock, such
Equity Interests shall not be deemed to be Disqualified Stock. Notwithstanding the preceding sentence, any Equity Interest that would constitute Disqualified Stock solely because the holders thereof have the right to require a Loan Party to
repurchase such Equity Interest upon the occurrence of a change of control or an asset sale shall not constitute Disqualified Stock. The amount of Disqualified Stock deemed to be outstanding at any time for purposes of this Agreement will be the
maximum amount that the Borrower and its Subsidiaries may become obligated to pay upon maturity of, or pursuant to any mandatory redemption provisions of, such Disqualified Stock or portion thereof, plus accrued dividends. 

“Dollars” and “$” mean lawful money of the United States. 

“Drawing Document” means any Letter of Credit or other document presented for purposes of drawing under any Letter of Credit,
including by electronic transmission such as SWIFT, electronic mail, facsimile or computer generated communication. 
 “Early Opt-in Election” means the occurrence of: 
 (a) (i) a determination by Agent or (ii) a
notification by the Required Lenders to Agent (with a copy to Borrower) that the Required Lenders have determined that United States dollar-denominated syndicated credit facilities being executed at such time, or that include language similar to
that contained in Section 1.08 are being executed or amended, as applicable, to incorporate or adopt a new benchmark interest rate to replace the LIBOR Rate, and 

(b) (i) the election by Agent or (ii) the election by the Required Lenders to declare that an Early
Opt-in Election has occurred and the provision, as applicable, by Agent of written notice of such election to Borrower and the Lenders or by the Required Lenders of written notice of such election to Agent.

 “EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country
which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution
established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 

“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway. 

“EEA Resolution Authority” means any public administrative authority or any person entrusted with public administrative authority of
any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

  
 19 

 “Eligible Assignee” means (a) a Credit Party or any of its Affiliates;
(b) a bank, insurance company, or company engaged in the business of making commercial loans, which Person, together with its Affiliates, has a combined capital and surplus in excess of $250,000,000; (c) an Approved Fund; (d) any Person to
whom a Credit Party assigns its rights and obligations under this Agreement as part of an assignment and transfer of such Credit Party’s rights in and to a material portion of such Credit Party’s portfolio of asset based credit facilities,
and (e) any other Person (other than a natural person) approved by (i) the Agent, and (ii) unless an Event of Default has occurred and is continuing, the Borrower (each such approval not to be unreasonably withheld or delayed);
provided that notwithstanding the foregoing, “Eligible Assignee” shall not include a Loan Party or any of the Loan Parties’ Affiliates or Subsidiaries. 

“Eligible Credit Card Receivables” means at the time of any determination thereof, each Credit Card Receivable that satisfies the
following criteria at the time of creation and continues to meet the same at the time of such determination, as determined by the Agent in its Permitted Discretion: such Credit Card Receivable (i) has been earned by performance and represents
the bona fide amounts due to a Loan Party from a Credit Card Issuer or Credit Card Processor, and in each case originated in the ordinary course of business of such Loan Party, and (ii) in each case is acceptable to the Agent in its Permitted
Discretion, and is not ineligible for inclusion in the calculation of the Borrowing Base pursuant to any of clauses (a) through (i) below. Without limiting the foregoing, to qualify as an Eligible Credit Card Receivable, such Credit Card
Receivable shall indicate no Person other than a Loan Party as payee or remittance party. In determining the amount to be so included, the face amount of a Credit Card Receivable shall be reduced by, without duplication, to the extent not reflected
in such face amount, (i) the amount of all accrued and actual discounts, claims, credits or credits pending, promotional program allowances, price adjustments, finance charges or other allowances (including any amount that a Loan Party may be
obligated to rebate to a customer, a Credit Card Issuer or Credit Card Processor pursuant to the terms of any agreement or understanding (written or oral)) and (ii) the aggregate amount of all cash received in respect of such Credit Card
Receivable but not yet applied by the Loan Parties to reduce the amount of such Credit Card Receivable. Except as otherwise agreed by the Agent in its Permitted Discretion, any Credit Card Receivable included within any of the following categories
shall not constitute an Eligible Credit Card Receivable: 
 (a)    Credit Card Receivables which do not
constitute a “payment intangible” (as defined in the UCC); 
 (b)    Credit Card Receivables
that have been outstanding for more than five (5) Business Days from the date of sale; 

(c)    Credit Card Receivables (i) that are not subject to a perfected first priority security
interest in favor of the Agent, or (ii) with respect to which a Loan Party does not have good, valid and marketable title thereto, free and clear of any Lien (other than Liens granted to the Agent pursuant to the Security Documents); 

(d)    Credit Card Receivables which are disputed, are with recourse, or with respect to which a claim,
counterclaim, offset or chargeback has been asserted (to the extent of such claim, counterclaim, offset or chargeback); 

  
 20 

 (e)    Credit Card Receivables as to which the Credit
Card Issuer or Credit Card Processor has the right under certain circumstances to require a Loan Party to repurchase the Credit Card Receivables from such Credit Card Issuer or Credit Card Processor; 

(f)    Credit Card Receivables due from a Credit Card Issuer or Credit Card Processor which is the subject
of any bankruptcy or insolvency proceedings; 
 (g)    Credit Card Receivables which are not a valid,
legally enforceable obligation of the applicable Credit Card Issuer or Credit Card Processor with respect thereto; 

(h)    Credit Card Receivables which do not conform to all representations, warranties or other provisions
in the Loan Documents relating to Credit Card Receivables; or 
 (i)    Credit Card Receivables which the
Agent determines in its Permitted Discretion to be uncertain of collection or which do not meet such other reasonable eligibility criteria for Credit Card Receivables as the Agent may determine. 

“Eligible In-Transit Inventory” means, as of any date of determination thereof, without
duplication of other Eligible Inventory, In-Transit Inventory: 

(a)    which has been shipped from a foreign location for receipt by a Loan Party, but which has not yet
been delivered to such Loan Party, which In-Transit Inventory has been in transit for sixty (60) days or less from the date of shipment of such Inventory; 

(b)    for which the purchase order is in the name of a Loan Party and title and risk of loss has passed to
such Loan Party; 
 (c)    for which an Acceptable Document of Title has been issued, and in each case as
to which the Agent has control (as defined in the UCC) over the documents of title which evidence ownership of the subject Inventory (such as, if requested by the Agent, by the delivery of a Customs Broker/Carrier Agreement); 

(d)    which is insured in accordance with the terms of this Agreement to the reasonable satisfaction of
the Agent (including, without limitation, marine cargo insurance); 
 (e)    the Foreign Vendor with
respect to such In-Transit Inventory is an Approved Foreign Vendor; 

(f)    for which payment of the purchase price has been made by the Borrower or the purchase price is
supported by a Commercial Letter of Credit; and 
 (g)    which otherwise would constitute Eligible
Inventory; 
 provided that the Agent may, in its Permitted Discretion, exclude any particular Inventory from the
definition of “Eligible In-Transit Inventory” in the event the Agent 

  
 21 

 
determines that such Inventory is subject to any Person’s right of reclamation, repudiation, stoppage in transit or any event has occurred or is reasonably anticipated by the Agent to arise
which may otherwise adversely impact the ability of the Agent to realize upon such Inventory. 
 “Eligible Inventory” means, as of
the date of determination thereof, without duplication, (i) Eligible In-Transit Inventory in an amount not to exceed 10% of the amount of all Eligible Inventory and (ii) items of Inventory of a Loan
Party that are finished goods, merchantable and readily saleable to the public in the ordinary course of the Loan Party’s business and deemed by the Agent in its Permitted Discretion to be eligible for inclusion in the calculation of the
Borrowing Base, in each case that, except as otherwise agreed by the Agent, (A) complies with each of the representations and warranties respecting Inventory made by the Loan Parties in the Loan Documents, and (B) is not excluded as
ineligible by virtue of one or more of the criteria set forth below as determined by the Agent in its Permitted Discretion. Except as otherwise agreed by the Agent, in its Permitted Discretion, the following items of Inventory shall not be included
in Eligible Inventory: 
 (a)    Inventory that is not solely owned by a Loan Party or a Loan Party does
not have good and valid title thereto; 
 (b)    Inventory that is leased by or is on consignment to a
Loan Party or which is consigned by a Loan Party to a Person which is not a Loan Party; 

(c)    Inventory (other than Eligible In-Transit Inventory) that is
not located in the United States of America (excluding territories or possessions of the United States); 

(d)    Inventory that is not located at a location that is owned or leased by a Loan Party, except
(i) Inventory in transit between such owned or leased locations or locations which meet the criteria set forth in clause (ii) below (it being understood, for purposes of this clause (d), that any Inventory stored at a hub or terminal
utilized by a common carrier, trucking service or other transportation provider (x) for less than fourteen (14) Business Days or (y) after the date that is one hundred twenty (120) days following the Closing Date, for which a
Collateral Access Agreement has been delivered to the Agent shall be deemed in-transit) or (ii) to the extent that the Loan Parties have furnished the Agent with (A) any UCC financing statements or
other documents that the Agent may determine to be necessary to perfect its security interest in such Inventory at such location, and (B) a Collateral Access Agreement executed by the Person owning any such location on terms reasonably
acceptable to the Agent; 
 (e)     Inventory that is located in a distribution center or warehouse
leased by a Loan Party unless (x) following the date that is sixty days after the Closing Date, the applicable lessor has delivered to the Agent a Collateral Access Agreement or (y) for which the Agent has established an Availability
Reserve in respect of rent for such location; 
 (f)    Inventory that is comprised of goods which
(i) are damaged, defective, “seconds,” or otherwise unmerchantable, (ii) are to be returned to the vendor, (iii) are obsolete or slow moving, or custom items, work in process, raw materials, or that constitute

  
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samples, spare parts, promotional, marketing, labels, bags and other packaging and shipping materials or supplies used or consumed in a Loan Party’s business, (iv) are seasonal in
nature and which have been packed away for sale in the subsequent season and exceed five percent (5%) of the Loan Parties’ Inventory, (v) not in compliance with all standards imposed by any Governmental Authority having regulatory
authority over such Inventory, its use or sale, or (vi) are bill and hold goods; 
 (g)    Inventory
that is not subject to a perfected first priority security interest (subject to Permitted Encumbrances that have priority by operation of Law) in favor of the Agent; 

(h)    Inventory that is not insured in compliance with the provisions of
Section 5.10 hereof; 
 (i)    Inventory that has been sold but not yet
delivered or as to which a Loan Party has accepted a deposit; 
 (j)    Inventory that is subject to any
licensing, patent, royalty, trademark, trade name or copyright agreement with any third party from which any Loan Party or any of its Subsidiaries has received notice of a dispute in respect of any such agreement; or 

(k)    Inventory in excess of $20,000,000 acquired in a Permitted Acquisition or which is not of the type
usually sold in the ordinary course of the Borrower’s business, unless and until the Agent has completed or received (A) an appraisal of such Inventory from appraisers reasonably satisfactory to the Agent and establishes an Inventory
Advance Rate and Inventory Reserves (if applicable) therefor, and otherwise agrees that such Inventory shall be deemed Eligible Inventory, and (B) such other due diligence as the Agent may reasonably require, all of the results of the foregoing
to be reasonably satisfactory to the Agent; provided that such Inventory shall be deemed to constitute Eligible Inventory for a period of 45 days after the date of its acquisition notwithstanding that the Agent has not completed such due diligence
as long as such Inventory is of the type usually sold in the ordinary course of the Borrower’s business and would otherwise constitute Eligible Inventory. 

“Environmental Laws” means any and all Federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments,
orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment or the release of any materials into the environment, including those related to
hazardous substances or wastes, air emissions and discharges to waste or public systems. 
 “Environmental Liability” means any
liability, obligation, damage, loss, claim, action, suit, judgment, order, fine, penalty, fee, expense, or cost, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of
the Borrower, any other Loan Party or any of their respective Subsidiaries directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or
disposal or presence 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. 

  
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 “Equipment” has the meaning set forth in the UCC. 

“Equity Interests” means, with respect to any Person, all of the shares of capital stock of (or other ownership or profit interests
in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such Person, all of the securities convertible into or
exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or such other interests), and all of the other
ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are outstanding on any date of
determination. 
 “ERISA” means the Employee Retirement Income Security Act of 1974. 

“ERISA Affiliate” means any trade or business (whether or not incorporated) under common control with any Loan Party within the
meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 and 4971 of the Code). 

“ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) a withdrawal by any Loan Party or any ERISA
Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under
Section 4062(e) of ERISA; (c) a complete or partial withdrawal by any Loan Party or any ERISA Affiliate from a Multiemployer Plan or notification to the Borrower or any ERISA Affiliate that a Multiemployer Plan is in reorganization;
(d) the filing of a notice of intent to terminate, the treatment of a plan amendment as a termination of a Pension Plan or a Multiemployer Plan under Sections 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a
Pension Plan or Multiemployer Plan; (e) an event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan or Multiemployer Plan; (f) the
imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the Borrower or any ERISA Affiliate; or (g) the determination that any Pension Plan is considered to
be an “at-risk” plan, or that any Multiemployer Plan is considered to be in “endangered” or “critical” status within the meaning of Sections 430, 431 and 432 of the Code or
Sections 303, 304 or 305 of ERISA. 
 “EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. 

“Event of Default” has the meaning specified in Section 8.01. An Event of Default shall be deemed to be
continuing unless and until that Event of Default has been duly waived as provided in Section 10.03 hereof. 

“Excluded Account(s)” shall have the meaning set forth in the Security Agreement. 

  
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 “Excluded Subsidiary” means (a) any Subsidiary that is not directly or
indirectly a wholly owned Subsidiary of the Borrower, (b) Subsidiaries designated in writing by the Borrower to the Agent from time to time, provided that (x) the total assets or annual revenue of any such Subsidiary, individually,
are not in excess of two percent (2%) of the consolidated total assets or consolidated gross revenues of the Borrower and its Subsidiaries and (y) the total assets or annual revenues of all such Subsidiaries, in the aggregate, are not in excess
of five percent (5%) of the consolidated total assets or consolidated gross revenues of the Borrower and its Subsidiaries, (c) any Subsidiary acquired following the Closing Date that is prohibited by applicable Law or contractual obligations
that are in existence at the time of acquisition and not entered into in contemplation thereof from guaranteeing the Obligations or if guaranteeing the Obligation would require governmental (including regulatory) consent, approval, license or
authorization (unless such consent, approval license or authorization has been obtained following Agent’s request therefor), (d) any CFC, (e) any
non-for-profit Subsidiaries, (f) any special purpose securitization vehicle or a captive insurance subsidiary, and (g) any other Subsidiary with respect to
which, in the reasonable judgment of the Agent, in consultation with the Borrower, the burden or cost or other consequences (including any material adverse tax consequences) of providing a Guarantee shall be excessive in view of the benefits to be
obtained by the Lenders therefrom. 
 “Excluded Swap Obligation” means, with respect to any Loan Party, any Swap Obligation if,
and to the extent that, all or a portion of the Guarantee of such Loan Party of, or the grant by such Loan Party of a security interest to secure, such Swap Obligation (or any Guarantee thereof) is or becomes illegal under the Commodity Exchange Act
or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Loan Party’s failure for any reason to constitute an “eligible contract
participant” as defined in the Commodity Exchange Act and the regulations thereunder at the time the Guarantee of such Loan Party or the grant of such security interest becomes effective with respect to such Swap Obligation. If a Swap
Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Guarantee or security interest is or becomes illegal. 

“Excluded Taxes” means, with respect to the Agent, any Lender, the L/C Issuer or any other recipient of any payment to be made by or
on account of any obligation of the Loan Parties hereunder, (a) taxes imposed on or measured by its overall net income (however denominated), and franchise taxes imposed on it (in lieu of net income taxes), by the jurisdiction (or any political
subdivision thereof) under the laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable Lending Office is located, (b) any branch profits taxes imposed by the
United States or any similar tax imposed by any other jurisdiction in which any Loan Party is located, (c) in the case of a Foreign Lender (other than an assignee pursuant to a request by the Borrower under
Section 10.13), any withholding tax that is imposed on amounts payable to such Foreign Lender at the time such Foreign Lender becomes a party hereto (or designates a new Lending Office) or is attributable to such Foreign
Lender’s failure or inability (other than as a result of a Change in Law) to comply with Section 3.01(e), except to the extent that such Foreign Lender (or its assignor, if any) was entitled, at the time of designation
of a new Lending Office (or assignment), to receive additional amounts from the Loan Parties with respect to such withholding tax pursuant to Section 3.01(a), (d) any U.S. federal, state or local backup withholding tax, and
(e) any U.S. federal withholding tax imposed under FATCA. 

  
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 “Executive Order” has the meaning set forth in
Section 10.18. 
 “Existing Credit Agreement” has the meaning set forth in the introductory paragraphs
hereto. 
 “Existing Letters of Credit” means the letters of credit pursuant to the Existing Credit Agreement, as identified on
Schedule 2.03. 
 “Facility Guaranty” means the Facility Guaranty made by the Guarantors in favor of the Agent and the other
Credit Parties, in form reasonably satisfactory to the Agent, as the same now exists or may hereafter be amended, modified, supplemented, renewed, restated or replaced. 

“Factored Receivables” means any Accounts originally owed or owing by a Loan Party to another Person which have been purchased by or
factored with Wells Fargo or any of its Affiliates pursuant to a factoring arrangement or otherwise with the Person that sold the goods or rendered the services to the Loan Party which gave rise to such Account. 

“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is
substantively comparable and not materially more onerous to comply with), and (a) any current or future regulations or official interpretations thereof, (b) any agreements entered into pursuant to Section 1471(b)(1) of the Code, and
(c) any fiscal or regulatory legislation rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code. 

“FCPA” means the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder. 

“Federal Funds Rate” means, for any period, a fluctuating interest rate per annum equal to, for each day during such period, the
weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System, 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 which is a Business Day, the average of the quotations for such day on such transactions received by Agent from three Federal funds brokers of recognized standing selected by it (and, if any such rate is below zero, then the rate determined
pursuant to this definition shall be deemed to be zero). 
 “Federal Reserve Bank of New York’s Website” means the website of
the Federal Reserve Bank of New York at http://www.newyorkfed.org, or any successor source. 
 “Fee Letter” means (i) the
letter agreement, dated April 2, 2020, among the Borrower, the Agent and Wells Fargo, as an Arranger and (ii) the letter agreement, dated on or around April 23, 2020, among the Borrower and PNC Capital Markets LLC, as an Arranger.

 “Fiscal Month” means each fiscal month in accordance with the fiscal accounting calendar of the Loan Parties. 

  
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 “Fiscal Quarter” means each period of thirteen or fourteen weeks ending on or
about April 30, July 31, October 31 and January 31 in accordance with the fiscal accounting calendar of the Loan Parties. 

“Fiscal Year” means the 52/53 week period ending the Saturday closest to January 31 of the following year. 

“Foreign Asset Control Regulations” has the meaning set forth in Section 10.18. 

“Foreign Lender” means any Lender that is organized under the laws of a jurisdiction other than that in which the Borrower is
resident for tax purposes. For purposes of this definition, the United States, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction. 

“Foreign Vendor” means a Person that sells In-Transit Inventory to a Loan Party. 

“Foreign Vendor Agreement” means an agreement between a Foreign Vendor and the Agent in form and substance reasonably satisfactory
to the Agent and pursuant to which, among other things, the parties shall agree upon their relative rights with respect to In-Transit Inventory of a Loan Party purchased from such Foreign Vendor. 

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

“GAAP” means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the
Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or such other principles as may be approved by a significant segment of the
accounting profession in the United States, that are applicable to the circumstances as of the date of determination, consistently applied. 

“Governmental Authority” means the government of the United States or any other nation, or of any political subdivision thereof,
whether state 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” means, as
to any Person, (a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the “primary
obligor”) in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other
obligation, (ii) to purchase or lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness or other obligation of the payment or performance of such Indebtedness or other obligation,
(iii) to maintain working capital, equity capital or any other financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation,
or (iv) entered into for the purpose of assuring in any other manner the obligee in 

  
 27 

 
respect of such Indebtedness or other obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on
any assets of such Person securing any Indebtedness or other obligation of any other Person, whether or not such Indebtedness or other obligation is assumed by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to
obtain any such Lien). 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 determined by the guaranteeing Person in good faith. The term “Guarantee” as a verb has a corresponding meaning. 

“Guarantor” has the meaning specified in the introductory paragraph hereto and includes each other Subsidiary of the Borrower that
shall be required to execute and deliver a Facility Guaranty pursuant to Section 6.12. 
 “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. 

“Increase Effective Date” shall have the meaning provided therefor in Section 2.15(iv). 

“Indebtedness” means, as to any Person at a particular time, without duplication, all of the following, whether or not included as
indebtedness or liabilities in accordance with GAAP: 
 (a)    all obligations of such Person for
borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments; 

(b)    the maximum amount of all direct or contingent obligations of such Person arising under letters of
credit (including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments; 

(c)    net obligations of such Person under any Swap Contract; 

(d)    all obligations of such Person to pay the deferred purchase price of property or services (other
than trade accounts payable in the ordinary course of business and, in each case, not past due for more than 60 days after the date on which such trade account payable was created); 

(e)    indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned or being
purchased by such Person (including indebtedness arising under conditional sales or other title retention agreements), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse; 

(f)    All Indebtedness of such Person (i) in respect of any Capital Lease Obligations of any Person,
the capitalized amount thereof that would appear on a balance 

  
 28 

 
sheet of such Person prepared as of such date in accordance with GAAP, and (ii) in respect of any Synthetic Lease Obligations, the capitalized amount of the remaining lease or similar
payments under the relevant lease or other applicable agreement or instrument that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease, agreement or instrument were accounted for as a finance
lease; 
 (g)    all obligations of such Person to purchase, redeem, retire, defease or otherwise make
any payment in respect of any Equity Interest in such Person or any other Person (including, without limitation, Disqualified Stock), or any warrant, right or option to acquire such Equity Interest, valued, in the case of a redeemable preferred
interest, at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends (but excluding any payments made with respect to the withholding due upon the grant, vesting or exercise of any Equity Interest granted
to a service provider of the Borrower or any of its Affiliates); and 
 (h)    all Guarantees of such
Person in respect of any of the foregoing. 
 For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any
partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly made non-recourse to such Person. The amount of any net obligation under any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of such date. 

“Indemnified Taxes” means, (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by, or on
account of any obligation of, any Loan Party under any Loan Document, and (b) to the extent not otherwise described in the foregoing clause (a), Other Taxes. 

“Indemnitees” has the meaning specified in Section 10.04(b). 

“Information” has the meaning specified in Section 10.07. 

“Intellectual Property” means all present and future: trade secrets, know-how and other
proprietary information; trademarks, trademark applications, internet domain names, service marks, trade dress, trade names, business names, designs, logos, slogans (and all translations, adaptations, derivations and combinations of the foregoing)
indicia and other source and/or business identifiers, and all registrations or applications for registrations which have heretofore been or may hereafter be issued thereon throughout the world; copyrights and copyright applications; (including
copyrights for computer programs) and all tangible and intangible property embodying the copyrights, unpatented inventions (whether or not patentable); patents and patent applications; industrial design applications and registered industrial
designs; license agreements related to any of the foregoing and income therefrom; books, customer lists, records, writings, computer tapes or disks, flow diagrams, specification sheets, computer software, source codes, object codes, executable code,
data, databases and other physical manifestations, embodiments or incorporations of any of the foregoing; all other intellectual property; and all common law and other rights throughout the world in and to all of the foregoing. 

  
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 “Intellectual Property Security Agreement” means the Intellectual Property
Security Agreement dated as of the Closing Date among the Loan Parties and the Agent, granting a Lien in the Intellectual Property and certain other assets of the Loan Parties, as the same now exists or may hereafter be amended, modified,
supplemented, renewed, restated or replaced. 
 “Intercompany Note” means that certain Amended and Restated Intercompany Note,
dated as of the date hereof, by and among the Borrower and certain of its Subsidiaries from time to time party thereto. 
 “Interest
Payment Date” means, (a) as to any LIBOR Rate Loan, the last day of each Interest Period applicable to such Loan and the Maturity Date; provided, however, that if any Interest Period for a LIBOR Rate Loan exceeds three months, the
respective dates that fall every three months after the beginning of such Interest Period shall also be Interest Payment Dates; and (b) as to any Base Rate Loan (including a Swing Line Loan), the first day after the end of each month and the
Maturity Date. 
 “Interest Period” means, as to each LIBOR Rate Loan, the period commencing on the date such LIBOR Rate Loan is
disbursed or converted to or continued as a LIBOR Rate Loan and ending on the date seven days, or one, two, three or six months thereafter, as selected by the Borrower in its LIBOR Rate Loan Notice or such other period that is twelve months or less
requested by the Borrower and Consented to by all the Lenders; provided that: 
 (i)    any Interest
Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding
Business Day; 
 (ii)    any Interest Period that begins on the last Business Day of a calendar month (or
on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and 

(iii)    no Interest Period shall extend beyond the Maturity Date. 

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. 
 “In-Transit Inventory” means
Inventory of a Loan Party which is in the possession of a common carrier and is in transit from a Foreign Vendor of a Loan Party from a location outside of the continental United States to a location of a Loan Party that is within the continental
United States. 
 “Internal Control Event” means a material weakness in, or fraud that involves management or other employees who
have a significant role in, the Borrower’s and/or its Subsidiaries’ internal controls over financial reporting, in each case as described in the Securities Laws. 

  
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 “Inventory” has the meaning given that term in the UCC, and shall also include,
without limitation, all: (a) goods which (i) are leased by a Person as lessor, (ii) are held by a Person for sale or lease or to be furnished under a contract of service, (iii) are furnished by a Person under a contract of
service, or (iv) consist of raw materials, work in process, or materials used or consumed in a business; (b) goods of said description in transit; (c) goods of said description which are returned, repossessed or rejected; and
(d) packaging, advertising, and shipping materials related to any of the foregoing. 
 “Inventory Advance Rate” means 90%.

 “Inventory Reserves” means such reserves as may be established from time to time by the Agent in its Permitted Discretion with
respect to the determination of the salability, at retail, of the Eligible Inventory, which reflect such other factors as affect the market value of the Eligible Inventory or which reflect claims and liabilities that the Agent determines will need
to be satisfied in connection with the realization upon the Inventory. Without limiting the generality of the foregoing, Inventory Reserves may, in the Agent’s Permitted Discretion, include (but are not limited to) reserves based on: 

(a)    Obsolescence; 

(b)    Seasonality; 

(c)    Shrink; 

(d)    Imbalance; 

(e)    Change in Inventory character; 

(f)    Change in Inventory composition; 

(g)    Change in Inventory mix; 

(h)    Markdowns (both permanent and point of sale); 

(i)    Retail markons and markups inconsistent with prior period practice and performance, industry
standards, current business plans or advertising calendar and planned advertising events; and 
 (j)    Out-of-date and/or expired Inventory 

provided further that (x) all Inventory Reserves (including the amount of such Inventory Reserves) shall bear a reasonable
relationship to the events, conditions or circumstances that are the basis for each such Inventory Reserve. So long as no Event of Default has occurred and is continuing Agent shall provide the Borrower with no less than three (3) Business
Days’ prior notice of any intended imposition of, or increase in, the Inventory Reserves (other than increases resulting solely from fluctuations in the amount of the items reserved for) and will be available to consult with the Borrower in
connection with the basis for such imposition or increase of Inventory Reserves; provided that (i) no such prior 

  
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notice shall be required for changes to any Inventory Reserves resulting solely by virtue of mathematical calculations of the amount of the Inventory Reserves in accordance with the methodology
of calculation previously used and (ii) upon such notice, the Borrower will not be permitted to borrow so as to exceed the Borrowing Base after giving effect to such new or modified Reserves. For the avoidance of doubt, it is acknowledged and
agreed that any Reserves made pursuant to more than one clause above shall be made without duplication. 
 “Investment” means, as
to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase or other acquisition of Equity Interests of another Person, (b) a loan, advance or capital contribution to, Guarantee or
assumption of Indebtedness of, or purchase or other acquisition of any other Indebtedness or Equity Interest in, another Person, (c) any Acquisition, or (d) the purchase, acquisition or investment of or in any stocks, bonds, mutual funds,
notes, debentures or other securities, or any deposit account, certificate of deposit or other investment of any kind. For purposes of covenant compliance, the amount of any Investment shall be the amount actually invested, without adjustment for
subsequent increases or decreases in the value of such Investment. 
 “Investment and RP Conditions” means, as of any date of
determination, that (i) the Outstanding Amount of Loans is zero dollars and has been zero dollars for at least thirty (30) days prior to such date and (ii) the Borrower has delivered to the Agent on such date pro forma projections in
form and substance satisfactory to the Agent demonstrating that the Outstanding Amount of Loans is reasonably anticipated to continue to be zero dollars for at least six months following such date. 

“IRS” means the United States Internal Revenue Service. 

“ISP” means, with respect to any Letter of Credit, the International Standby Practices 1998 (International Chamber of Commerce
Publication No. 590) and any version or revision thereof accepted by the L/C Issuer for use. 
 “Issuer Documents” means with
respect to any Letter of Credit, the Letter Credit Application, the Standby Letter of Credit Agreement or Commercial Letter of Credit Agreement, as applicable, and any other document, agreement and instrument entered into by the L/C Issuer and the
Borrower (or any Subsidiary) or in favor of the L/C Issuer and relating to any such Letter of Credit. 
 “Joinder” means an
agreement, in form reasonably satisfactory to the Agent pursuant to which, among other things, a Person becomes a party to, and bound by the terms of, this Agreement and/or the other Loan Documents in the same capacity and to the same extent as
either a Borrower or a Guarantor, as the Agent may reasonably determine. 
 “Laws” means each international, foreign, Federal,
state and local statute, treaty, rule, guideline, regulation, ordinance, code and administrative or judicial precedent or authority, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement,
interpretation or administration thereof, and each applicable administrative order, directed duty, request, license, authorization and permit of, and agreement with, any Governmental Authority, in each case whether or not having the force of law.

  
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 “L/C Credit Extension” means, with respect to any Letter of Credit, the issuance
thereof or extension of the expiry date thereof, or the increase of the amount thereof, or the renewal thereof. 
 “L/C Issuer”
means (a) Wells Fargo in its capacity as issuer of Letters of Credit hereunder, including with respect to the Existing Letters of Credit. The L/C Issuer may, in its discretion, arrange for one or more Letters of Credit to be issued by
Affiliates of the L/C Issuer and/or for such Affiliate to act as an advising, transferring, confirming and/or nominated bank in connection with the issuance or administration of any such Letter of Credit, in which case the term “L/C
Issuer” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate. 
 “L/C Obligations”
means, as at any date of determination, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit, plus (b) the aggregate amount of outstanding reimbursement obligations with respect to Letters of Credit which
remain unreimbursed or which have not been paid through a Loan. For purposes of computing the amounts available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with
Section 1.06. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of any Rule under the ISP
or any article of the UCP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn. 

“Lease” means any agreement, whether written or oral, no matter how styled or structured, pursuant to which a Loan Party is entitled
to the use or occupancy of any space in a structure, land, improvements or premises for any period of time. 
 “Lender” has the
meaning specified in the introductory paragraph hereto and, as the context requires, includes the Swing Line Lender. 
 “Lending
Office” means, as to any Lender, the office or offices of such Lender described as such in such Lender’s Administrative Questionnaire, or such other office or offices as a Lender may from time to time notify the Borrower and the Agent.

 “Letter of Credit” means each Standby Letter of Credit and each Commercial Letter of Credit issued hereunder and shall include
the Existing Letters of Credit. 
 “Letter of Credit Application” means an application for the issuance or amendment of a Letter
of Credit in the form from time to time in use by the L/C Issuer. 
 “Letter of Credit Disbursement” means a payment made by the
L/C Issuer pursuant to a Letter of Credit. 
 “Letter of Credit Expiration Date” means the day that is seven days prior to the
Maturity Date then in effect (or, if such day is not a Business Day, the next preceding Business Day). 
 “Letter of Credit Fee”
has the meaning specified in Section 2.03(l). 

  
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 “Letter of Credit Indemnified Costs” has the meaning specified in
Section 2.03(f). 
 “Letter of Credit Related Person” has the meaning specified in
Section 2.03(f). 
 “Letter of Credit Sublimit” means an amount equal to $20,000,000. The Letter of
Credit Sublimit is part of, and not in addition to, the Aggregate Commitments. A permanent reduction of the Aggregate Commitments shall not require a corresponding pro rata reduction in the Letter of Credit Sublimit; provided, however, that if the
Aggregate Commitments are reduced to an amount less than the Letter of Credit Sublimit, then the Letter of Credit Sublimit shall be reduced to an amount equal to (or, at Borrower’s option, less than) the Aggregate Commitments. 

“LIBOR Borrowing” means a Borrowing comprised of LIBOR Rate Loans. 

“LIBOR Rate” means for any Interest Period with respect to a LIBOR Rate Loan, the greater of (a) 0.50% per annum and (b) the
rate per annum as published by ICE Benchmark Administration Limited (or any successor page or other commercially available source as the Agent may designate from time to time) as of 11:00 a.m., London time, two Business Days prior to the
commencement of the requested Interest Period, for a term, and in an amount, comparable to the Interest Period and the amount of the LIBOR Rate Loan requested (whether as an initial LIBOR Rate Loan or as a continuation of a LIBOR Rate Loan or as a
conversion of a Base Rate Loan to a LIBOR Rate Loan) by Borrower in accordance with this Agreement (and, if any such published rate is below zero, then the rate determined pursuant to this clause (b) shall be deemed to be zero). Each
determination of the LIBOR Rate shall be made by the Agent and shall be conclusive in the absence of manifest error. 
 “LIBOR Rate
Loan” means a Committed Loan that bears interest at a rate based on the LIBOR Rate. 
 “LIBOR Rate Loan Notice” means a
notice for a LIBOR Borrowing or continuation pursuant to Section 2.02(b), which shall be substantially in the form of Exhibit A. 

“Lien” means (a) any mortgage, deed of trust, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien
(statutory or other), charge, or preference, priority or other security interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever (including any conditional sale, Capital Lease Obligation, Synthetic
Lease Obligation, or other title retention agreement, any easement, right of way or other encumbrance on title to real property, and any financing lease having substantially the same economic effect as any of the foregoing) and (b) in the case
of securities, any purchase option, call or similar right of a third party with respect to such securities. 
 “Liquidation” means
the exercise by the Agent of those rights and remedies accorded to the Agent under the Loan Documents and applicable Law as a creditor of the Loan Parties with respect to the realization on the Collateral, including (after the occurrence and during
the continuation of an Event of Default) the conduct by the Loan Parties acting with the consent of the Agent, of any public, private or “going out of business”, “store closing”, or other similarly themed sale or other
disposition of the Collateral for the purpose of liquidating the Collateral. Derivations of the word “Liquidation” (such as “Liquidate”) are used with like meaning in this Agreement. 

  
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 “Loan” means an extension of credit by a Lender to the Borrower under Article
II in the form of a Committed Loan or a Swing Line Loan. 
 “Loan Account” has the meaning assigned to such term in
Section 2.11(a). 
 “Loan Cap” means, at any time of determination, the lesser of (a) the Aggregate
Commitments or (b) the Borrowing Base as determined based on the most recently delivered Borrowing Base Certificate, subject to any adjustments by Agent in its Permitted Discretion in accordance with the terms of this Agreement. 

“Loan Documents” means this Agreement, the Disclosure Letter, each Note, each Issuer Document, the Fee Letters, all Borrowing Base
Certificates, the Blocked Account Agreements, the Credit Card Notifications, the Security Documents, the Facility Guaranty, each Request for Credit Extension, and any other instrument or agreement now or hereafter executed and delivered in
connection herewith, or in connection with any transaction arising out of any Cash Management Services and Bank Products provided by the Agent or any of its Affiliates, each as amended and in effect from time to time. 

“Loan Parties” means, collectively, the Borrower and each Guarantor. 

“London Business Day” means a day on which commercial banks are open for general business (including dealings in foreign exchange
and foreign currency deposits) in London, England. 
 “Material Adverse Effect” means (a) a material adverse change in, or a
material adverse effect upon, the operations, business, properties, liabilities (actual or contingent), condition (financial or otherwise) of the Loan Parties and their Subsidiaries taken as a whole; (b) a material impairment of the ability of
the Loan Parties to perform their obligations under any Loan Document to which they are a party; or (c) a material impairment of the rights and remedies of the Agent or any Lender under any Loan Document or a material adverse effect upon the
legality, validity, binding effect or enforceability against any Loan Party of any Loan Document to which it is a party. In determining whether any individual event would result in a Material Adverse Effect, notwithstanding that such event in and of
itself does not have such effect, a Material Adverse Effect shall be deemed to have occurred if the cumulative effect of such event and all other then existing events would result in a Material Adverse Effect. 

“Material Contract” means any contract or other arrangement (other than the Loan Documents), whether written or oral, to which any
Loan Party is a party as to which the breach, nonperformance, cancellation or failure to renew by any party thereto would reasonably be expected to have a Material Adverse Effect. 

“Material Indebtedness” means Indebtedness (other than the Obligations) of the Loan Parties in an aggregate principal amount
exceeding $25,000,000. For purposes of determining the amount of Material Indebtedness at any time, (a) the amount of the obligations in respect of any Swap Contract at such time shall be calculated at the Swap Termination Value thereof,
(b) undrawn committed or available amounts shall be included, and (c) all amounts owing to all creditors under any combined or syndicated credit arrangement shall be included. 

  
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 “Maturity Date” means April 24, 2023. 

“Maximum Rate” has the meaning provided therefor in Section 10.09. 

“Measurement Period” means, at any date of determination, the most recently completed four Fiscal Quarters of the Borrower. 

“Moody’s” means Moody’s Investors Service, Inc. and any successor thereto. 

“Multiemployer Plan” means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which the
Borrower or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding five plan years, has made or been obligated to make contributions. 

“Non-Consenting Lender” has the meaning provided therefor in
Section 10.01. 
 “Non-Defaulting Lender” means each Lender
other than a Defaulting Lender. 
 “Non-Financed Capital Expenditures” means, for any
period, all Capital Expenditures made during such period that have not been funded with the proceeds of purchase money financing (including, without limitations, finance leases) other than the proceeds of Loans. 

“Note” means (a) a promissory note made by the Borrower in favor of a Lender evidencing Committed Loans made by such Lender,
substantially in the form of Exhibit C-1, and (b) the Swing Line Note, as each may be amended, supplemented or modified from time to time. 

“NPL” means the National Priorities List under CERCLA. 

“Obligations” means (a) all advances to, and debts (including principal, interest, fees, costs, and expenses), liabilities,
obligations, covenants, indemnities, and duties of, any Loan Party arising under any Loan Document or otherwise with respect to any Loan or Letter of Credit (including payments in respect of reimbursement of disbursements, interest thereon and
obligations to provide cash collateral therefor), whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest, fees, costs, expenses and
indemnities that accrue after the commencement by or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest, fees,
costs, expenses and indemnities are allowed claims in such proceeding, and (b) any Other Liabilities; provided that the Obligations shall not include any Excluded Swap Obligations. 

“OFAC” means The Office of Foreign Assets Control of the U.S. Department of the Treasury. 

“Organization Documents” means, (a) with respect to any corporation, the certificate or articles of incorporation and the
bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of formation or
organization and operating agreement; (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or 

  
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other applicable agreement of formation or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the
applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or organization of such entity, and (d) in each case, all shareholder or other equity holder
agreements, voting trusts and similar arrangements to which such Person is a party or which is applicable to its Equity Interests and all other arrangements relating to the Control or management of such Person. 

“Other Liabilities” means (a) any obligation on account of (i) any Cash Management Services furnished to any of the Loan
Parties or any of their Subsidiaries and/or (ii) any transaction with the Agent, any Lender, or any of their respective Affiliates, which arises out of any Bank Product entered into with any Loan Party and any such Person, as each may be
amended from time to time. 
 “Other Taxes” means 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 under any other Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Loan Document. 

“Outstanding Amount” means (i) with respect to Committed Loans and Swing Line Loans on any date, the aggregate outstanding
principal amount thereof after giving effect to any borrowings and prepayments or repayments of Committed Loans and Swing Line Loans, as the case may be, occurring on such date; and (ii) with respect to any L/C Obligations on any date, the
amount of such L/C Obligations on such date after giving effect to any L/C Credit Extension occurring on such date and any other changes in the aggregate amount of the L/C Obligations as of such date. 

“Overadvance” means a Credit Extension to the extent that, immediately after its having been made, Availability is less than zero.

 “Participant” has the meaning specified in Section 10.06(d). 

“Payment Conditions” means, at the time of determination with respect to any specified transaction or payment, that (a) no
Default or Event of Default then exists or would arise as a result of entering into such transaction or the making of such payment, (b) before and after giving effect to such transaction or payment, Availability is greater than 15% of the Loan
Cap, and (c) after giving effect to such transaction or payment, the Consolidated Fixed Charge Coverage Ratio, for the most recent Measurement Period immediately preceding the date of such transaction or payment for which the Agent has received
financial statements shall be equal to or greater than 1.00:1.00 after giving pro forma effect to such transaction or payment as if such transaction had been entered into or such payment had been made as of the first day of such Measurement Period.
Prior to undertaking any transaction or payment which is subject to the Payment Conditions, the Loan Parties shall deliver to the Agent (i) an updated Borrowing Base Certificate giving effect to the payment or transaction and (ii) evidence
of satisfaction of the condition contained in clause (c) above on a basis (including, without limitation, giving due consideration to results for prior periods) reasonably satisfactory to the Agent. 

  
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 “PBGC” means the Pension Benefit Guaranty Corporation. 

“PCAOB” means the Public Company Accounting Oversight Board. 

“Pension Plan” means any “employee pension benefit plan” (as such term is defined in Section 3(2) of ERISA), other
than a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by the Borrower or any ERISA Affiliate or to which the Borrower or any ERISA Affiliate contributes or has an obligation to contribute, or in the case of a
multiple employer or other plan described in Section 4064(a) of ERISA, has made contributions at any time during the immediately preceding five plan years. 

“Permitted Acquisition” means an Acquisition in which all of the following conditions are satisfied: 

(a)    No Event of Default then exists or would arise from the consummation of such Acquisition; 

(b)    Such Acquisition shall have been approved by the Board of Directors of the Person (or similar
governing body if such Person is not a corporation) which is the subject of such Acquisition and such Person shall not have announced that it will oppose such Acquisition or shall not have commenced any action which alleges that such Acquisition
shall violate applicable Law; 
 (c)    If the aggregate consideration for such Acquisition exceeds an
amount equal to $25,000,000, the Borrower shall have furnished the Agent with ten (10) days’ prior written notice of such intended Acquisition and shall have furnished the Agent with a current draft of the acquisition documents (and final
copies thereof as and when executed), financial statements of the Person which is the subject of such Acquisition (to the extent available), a summary of any due diligence undertaken by the Loan Parties in connection with such Acquisition if
requested by the Agent, pro forma projected financial statements for the twelve (12) month period following such Acquisition after giving effect to such Acquisition (including balance sheets, cash flows and income statements by month on a
Consolidated basis with all Loan Parties), and such other information as the Agent may reasonably require, all of which shall be reasonably satisfactory to the Agent; 

(d)    If Loans will be used to fund any part of the Acquisition, if the aggregate consideration for such
Acquisition exceeds $25,000,000, either (i) the legal structure of the Acquisition shall be acceptable to the Agent in its reasonable discretion, or (ii) the Loan Parties shall have provided the Agent with a favorable solvency opinion from
an unaffiliated third party valuation firm reasonably satisfactory to the Agent; 
 (e)    After giving
effect to the Acquisition, if the Acquisition is an Acquisition of the Equity Interests, a Loan Party shall acquire and own, directly or indirectly, a majority of the Equity Interests in the Person being acquired and shall Control a majority of any
voting interests or shall otherwise Control the governance of the Person being acquired; 
 (f)    Any
assets acquired shall be utilized in, and if the Acquisition involves a merger, consolidation or Acquisition of Equity Interests, the Person which is the subject of such Acquisition shall be engaged in, a business otherwise permitted to be engaged
in by a Borrower under this Agreement; 

  
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 (g)    If the Person which is the subject of such
Acquisition will be maintained as a Subsidiary of a Loan Party (other than an Excluded Subsidiary), or if the assets acquired in an acquisition will be transferred to a Subsidiary which is not then a Loan Party, within 60 days of the closing date of
such Acquisition (or such later date as Agent may agree), such Subsidiary shall be joined as a “Borrower” hereunder or as a Guarantor, as the Agent shall reasonably determine, and the Agent shall receive a first priority security interest
(subject to Permitted Encumbrances that have priority by operation of Law) in such Subsidiary’s Equity Interests, Inventory, Accounts and other property of the same nature as constitutes collateral under the Security Documents; and 

(i)    Either the Payment Conditions or the Investment and RP Conditions shall be satisfied as of the
closing date of such Acquisition. 
 “Permitted Discretion” means a determination made in good faith and in the exercise of
reasonable (from the perspective of a secured asset-based lender) business judgment. 
 “Permitted Disposition” means any of the
following: 
 (a)    Dispositions of inventory in the ordinary course of business; 

(b)    sales or other Dispositions by any Loan Party of assets in connection with the closing or sale of a
Store location of any Loan Party in the ordinary course of any Loan Party’s business which consist of bulk sales or other Dispositions of the Inventory, leasehold interests in the premises of such Store, the Equipment and fixtures located at
such premises and the books and records relating exclusively and directly to the operations of such Store; provided, that, as to each and all such sales and closings, (A) on the date of, and after giving effect to, any such closing or sale, the
aggregate number of Store locations closed or sold by Borrower in any Fiscal Year minus the number of Stores opened by Borrower in such Fiscal Year, shall not exceed an amount equal to ten percent (10%) of the number of retail store locations of
Borrower as of the end of the immediately preceding Fiscal Year, (B) Agent shall have received not less than ten (10) Business Days prior written notice of such sale or closing, which notice shall set forth in reasonable detail
satisfactory to Agent, the parties to such sale or other disposition, the assets to be sold or otherwise disposed of, the purchase price and the manner of payment thereof and such other information with respect thereto as Agent may reasonably
request, (C) after giving effect thereto, no Event of Default shall exist or have occurred and be continuing, and (D) such sale shall be on commercially reasonable prices and terms in a bona fide arm’s length transaction. 

(c)    non-exclusive licenses of Intellectual Property of a Loan
Party or any of its Subsidiaries in the ordinary course of business; 
 (d)    licenses for the conduct
of licensed departments within the Loan Parties’ Stores in the ordinary course of business; 

  
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 (e)    Dispositions of Equipment in the ordinary course
of business that is substantially worn, damaged, obsolete or, in the judgment of a Loan Party, no longer useful or necessary in its business or that of any Subsidiary; 

(f)    sales, transfers and Dispositions among the Loan Parties or by any Subsidiary to a Loan Party; 

(g)    sales, transfers and Dispositions by any Subsidiary which is not a Loan Party to another Subsidiary
that is not a Loan Party; 
 (h)    Sale and Leaseback Transactions to the extent otherwise permitted by
Section 7.16; 
 (i)    the issuance and sale by Borrower of Equity Interests of Borrower after the
date hereof; provided, that, after giving effect thereto, no Change of Control shall exist or have occurred; 
 (j) the
issuance of Equity Interests of Borrower consisting of common stock pursuant to a stock option or stock grant or similar equity plan or 401(k) plans of Borrower and/or its Affiliates for the benefit of their respective employees, directors, officers
and consultants, provided, that, in no event shall Borrower be required to issue, or shall Borrower issue, Equity Interests pursuant to such stock plans or 401(k) plans which would result in a Change of Control or other Event of Default, 

(k)    the abandonment, sale or other disposition of Intellectual Property that is, in the reasonable good
faith judgment of the Borrower, no longer economically practicable to maintain or useful in the conduct of the business of the Borrower and its Subsidiaries; 

(l)    other sales or dispositions; provided that (i) the aggregate consideration received in
respect of all such sales and other dispositions pursuant to this clause (l) shall not exceed $10,000,000 in any period of twelve (12) consecutive months, (ii) such sales or other dispositions are made for fair market value and on an arm’s-length commercial basis, and (iii) at least 75% of the consideration payable in respect of such sales or other dispositions is in the form of cash or cash equivalents; 

(m)    leases, subleases, licenses or sublicenses of real or personal property in the ordinary course of
business so long as no such lease, sublease, license or sublicense adversely affects the Agent’s security interest in the asset or property subject thereto in any material respect; 

(n)    any Permitted Investments; 

(o)    any Disposition that constitutes a Casualty Event; 

(p)    any sale or other Disposition of accounts receivable arising in the ordinary course of business in
connection with the collection or compromise thereof and not as part of any financing transaction; and 

  
 40 

 (q)    any sale or other Disposition of a distribution
center. 
 provided if any such Disposition includes the Disposition of Intellectual Property used or useful in connection
with the Collateral, the purchaser, assignee or other transferee thereof shall agree in writing to be bound by a non-exclusive royalty-free worldwide license of such Intellectual Property in favor of the Agent
for use in connection with the exercise of the rights and remedies of the Credit Parties, which license shall be in form and substance reasonably satisfactory to the Agent, and provided further that in the case of a Disposition of
Intellectual Property by the Loan Parties or any Subsidiary to a third party, the transferee thereof shall be required to provide such a license only to the extent to which the applicable license gives it a right to do so. 

“Permitted Encumbrances” means: 

(a)    Liens imposed by law for Taxes that are not yet due or are being contested in compliance with
Section 6.04; 
 (b)    carriers’, warehousemen’s, mechanics’,
materialmen’s, repairmen’s and other like Liens imposed by applicable Law, arising in the ordinary course of business and securing obligations that are not overdue or are being contested in compliance with
Section 6.04; 
 (c)    pledges and deposits made in the ordinary course of
business in compliance with workers’ compensation, unemployment insurance and other social security laws or regulations, other than any Lien imposed by ERISA; 

(d)    deposits to secure the performance of bids, trade contracts and leases (other than Indebtedness),
statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business; 

(e)    Liens in respect of judgments that would not constitute an Event of Default hereunder; 

(f)    easements, covenants, conditions, restrictions, building code laws, zoning restrictions, rights-of-way and similar encumbrances on real property 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 a Loan Party and such other minor title defects or survey matters that are disclosed by current surveys that, in each case,
do not materially interfere with the current use of the real property; 
 (g)    Liens existing on the
Closing Date and listed on Schedule 7.01 to the Disclosure Letter and any Permitted Refinancings thereof; 

(h)    (i) purchase money security interests in Equipment (including any embedded software or related
assets) and proceeds thereof (including finance leases to secure Indebtedness permitted under clause (c) of the definition of “Permitted Indebtedness”) and (ii) purchase money security interests (including finance leases) in the

  
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distribution center (or any of its constituent parts), as applicable, or proceeds thereof to secure Indebtedness permitted under clause (c) of the definition of “Permitted
Indebtedness”, in each case so long as such security interests are limited to the assets acquired with such Indebtedness, or proceeds thereof and the Indebtedness secured thereby does not exceed the cost of the assets so acquired; 

(i)    Liens in favor of the Agent; 

(j)    statutory Liens of landlords and lessors in respect of rent which are not overdue or are being
contested in good faith by appropriate proceedings diligently pursued and available to Borrower and such Subsidiary and with respect to which adequate reserves have been set aside on its books to the extent required by GAAP; 

(k)    possessory Liens in favor of brokers and dealers arising in connection with the acquisition or
disposition of Investments owned as of the Closing Date and Permitted Investments, provided that such liens (a) attach only to such Investments and (b) secure only obligations incurred in the ordinary course and arising in
connection with the acquisition or disposition of such Investments and not any obligation in connection with margin financing; 

(l)    Liens arising solely by virtue of any statutory or common law provisions relating to banker’s
liens, liens in favor of securities intermediaries, rights of setoff or similar rights and remedies as to deposit accounts or securities accounts or other funds maintained with depository institutions or securities intermediaries; 

(m)    Liens arising from precautionary UCC filings regarding “true” operating leases or, to the
extent permitted under the Loan Documents, the consignment of goods to a Loan Party; 
 (n)    voluntary
Liens on property (other than property of the type included in the Borrowing Base) in existence at the time such property is acquired pursuant to a Permitted Acquisition or on such property of a Subsidiary of a Loan Party in existence at the time
such Subsidiary is acquired pursuant to a Permitted Acquisition; provided, that such Liens are not incurred in connection with or in anticipation of such Permitted Acquisition and do not attach to any other assets of any Loan Party or any
Subsidiary; 
 (o)    Liens in favor of customs and revenues authorities imposed by applicable Law
arising in the ordinary course of business in connection with the importation of goods solely to the extent the following conditions are satisfied: (A) such Liens secure obligations that are being contested in good faith by appropriate
proceedings, (B) the applicable Loan Party or Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (C) such contest effectively suspends collection of the contested obligation and
enforcement of any Lien securing such obligation; 
 (p)    liens or rights of setoff against credit
balances of Borrower or any of its Subsidiaries with Credit Card Issuers or Credit Card Processors or amounts owing by such Credit Card Issuers or Credit Card Processors to Borrower or such Subsidiary in the ordinary course of business, but not
liens on or rights of setoff against any other property 

  
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or assets of Borrower or such Subsidiary, pursuant to the Credit Card Agreements (as in effect on the date hereof) to secure the obligations of Borrower or such Subsidiary to the Credit Card
Issuers or Credit Card Processors as a result of fees and chargebacks; and 
 (q)    liens on property
rented to, or leased by, the Borrower or any of its Subsidiaries pursuant to a Sale and Leaseback Transaction and proceeds thereof; provided that (i) such Sale and Leaseback Transaction is permitted by Section 7.16, (ii) such liens do not
encumber any other property of the Borrower or any of its Subsidiaries, and (iii) such Liens secure only the Attributable Indebtedness incurred in connection with such Sale and Leaseback Transaction; 

“Permitted Indebtedness” means each of the following as long as no Default or Event of Default exists or would arise from the
incurrence thereof: 
 (a)    Indebtedness outstanding on the Closing Date and listed on Schedule 7.03 to
the Disclosure Letter and any Permitted Refinancing thereof; 
 (b)    (i) Indebtedness of any Loan Party
to any other Loan Party, (ii) Indebtedness of any Subsidiaries that are not Loan Parties to any other Subsidiaries that are not Loan Parties, and (iii) so long as no Default or Event of Default has occurred and is continuing or would
result from such Indebtedness and either the Payment Conditions or the Investment and RP Conditions are satisfied, Indebtedness of wholly-owned Subsidiaries that are not Loan Parties to any Loan Parties; 

(c)    (i) Indebtedness (including finance leases) incurred after the date hereof to finance fixed or
capital assets (including Equity Interests of any person owning the applicable fixed or capital assets) in an aggregate amount not to exceed (i) $25,000,000 at any time outstanding with respect to purchase money Indebtedness and finance leases
related to assets other than one or more of the Borrower’s distribution centers and (ii) $50,000,000 with respect to purchase money Indebtedness and finance leases related to one of the Borrower’s distribution centers; provided, however,
that, in the case of purchase money Indebtedness, (A) such Indebtedness is incurred within ninety (90) days after such acquisition, installation, construction or improvement of such fixed or capital assets (including Equity Interests of
any person owning the applicable fixed or capital assets) by such person and (B) the amount of such Indebtedness does not exceed 100% of the cost of such acquisition, installation, construction or improvement, as the case may be; 

(d)    obligations (contingent or otherwise) of any Loan Party or any Subsidiary thereof existing or
arising under any Swap Contract, provided that such obligations are (or were) entered into by such Person in the ordinary course of business for the purpose of directly mitigating risks associated with fluctuations in interest rates or
foreign exchange rates, and not for purposes of speculation or taking a “market view”; 

(e)    contingent liabilities under surety bonds or similar instruments incurred in the ordinary course of
business in connection with the construction or improvement of Stores; 

  
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 (f)    Indebtedness with respect to the deferred
purchase price for any Permitted Acquisition, provided that such Indebtedness does not require the payment in cash of principal (other than in respect of working capital adjustments) prior to the Maturity Date, has a maturity which
extends beyond the Maturity Date, and is subordinated to the Obligations on terms reasonably acceptable to the Agent; 

(g)    Indebtedness of any Person that becomes a Subsidiary of a Loan Party in a Permitted Acquisition,
which Indebtedness is existing at the time such Person becomes a Subsidiary of a Loan Party (other than Indebtedness incurred solely in contemplation of such Person’s becoming a Subsidiary of a Loan Party); 

(h)    the Obligations; 

(i)    Indebtedness of any Subsidiary that is a non-Loan Party in
an aggregate outstanding principal amount not to exceed $5,000,000 at any time outstanding for all such non-Loan Parties; provided that such Indebtedness is not directly or indirectly recourse to the Borrower
or any of its Subsidiaries or of their respective assets, other than to such non-Loan Party; 

(j)    Indebtedness representing deferred compensation to employees of the Borrower or any of its
Subsidiaries incurred in the ordinary course of business; 
 (k)    Indebtedness arising from the
honoring by a bank or other financial institution of a check, draft or similar instrument inadvertently (except in the case of daylight overdrafts) drawn against insufficient funds in the ordinary course of business; provided, however, that such
Indebtedness is extinguished within five (5) Business Days of incurrence; 
 (l)    Indebtedness
arising in connection with endorsement of instruments for deposit in the ordinary course of business; 

(m)    outstanding and unpaid trade payables incurred in the ordinary course of business of Borrower or any
of its Subsidiaries; 
 (n)    cash management obligations and other Indebtedness incurred in the
ordinary course of business in respect of netting services and similar arrangements in each case in connection with cash management and deposit accounts; 

(o)    all premiums (if any), interest (including post-petition interest), fees, expenses, charges and
additional or contingent interest (other than pay-in-kind interest) on obligations described in clauses (a) through (l) of this definition; 

(p)    Indebtedness arising from Permitted Investments; 

(q)    Guarantees by any Loan Party or any Subsidiary thereof of Indebtedness of any other Loan Party or
any Subsidiary thereof, provided that such Indebtedness is otherwise permitted by this definition; 

  
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 (r)    Indebtedness in respect of Sale and Leaseback
Transactions to the extent otherwise permitted by Section 7.16; and 
 (r)    Indebtedness not
otherwise specifically described herein in an aggregate principal amount not to exceed $25,000,000 at any time outstanding. 

“Permitted Investments” means each of the following as long as no Default or Event of Default exists or would arise from the making
of such Investment: 
 (a)    readily marketable obligations issued or directly and fully guaranteed or
insured by the United States of America or any agency or instrumentality thereof having maturities of not more than 360 days from the date of acquisition thereof; provided that the full faith and credit of the United States of America is
pledged in support thereof; 
 (b)    commercial paper issued by any Person organized under the laws of
any state of the United States of America and rated at least “Prime-1” (or the then equivalent grade) by Moody’s or at least “A-1” (or the then
equivalent grade) by S&P, in each case with maturities of not more than 180 days from the date of acquisition thereof; 

(c)    time deposits with, or insured certificates of deposit or bankers’ acceptances of, any
commercial bank that (i) (A) is a Lender or (B) is organized under the laws of the United States of America, any state thereof or the District of Columbia or is the principal banking subsidiary of a bank holding company organized under the
laws of the United States of America, any state thereof or the District of Columbia, and is a member of the Federal Reserve System, (ii) issues (or the parent of which issues) commercial paper rated as described in clause (b) of this
definition and (iii) has combined capital and surplus of at least $1,000,000,000, in each case with maturities of not more than 180 days from the date of acquisition thereof; 

(d)    Fully collateralized repurchase agreements with a term of not more than thirty (30) days for
securities described in clause (a) above (without regard to the limitation on maturity contained in such clause) and entered into with a financial institution satisfying the criteria described in clause (c) above or with any primary dealer
and having a market value at the time that such repurchase agreement is entered into of not less than 100% of the repurchase obligation of such counterparty entity with whom such repurchase agreement has been entered into; 

(e)    Investments, classified in accordance with GAAP as current assets of the Loan Parties, in any money
market fund that has the highest rating obtainable from either Moody’s or S&P; 

(f)    Investments by Borrower consistent with Borrower’s investment policy as in effect as of the
date hereof, or as approved by the Agent from time to time; 
 (g)     Investments existing on the
Closing Date, and set forth on Schedule 7.02 to the Disclosure Letter, but not any increase in the amount thereof or any other modification of the terms thereof; 

  
 45 

 (h)    (i) Investments by any Loan Party and its
Subsidiaries in their respective Subsidiaries outstanding on the Closing Date, (ii) additional Investments by any Loan Party and its Subsidiaries in Loan Parties, (iii) additional Investments by Subsidiaries of the Loan Parties that are
not Loan Parties in other Subsidiaries that are not Loan Parties and (iv) so long as no Default or Event of Default has occurred and is continuing or would result from such Investment and the Payment Conditions are satisfied, additional
Investments by the Loan Parties in wholly-owned Subsidiaries that are not Loan Parties; provided that to the extent such Investment includes Intellectual Property material and necessary for the operation of the assets of the Loan Parties and
their Subsidiaries, taken as a whole, which constitute Collateral, such Intellectual Property shall be subject to a non-exclusive royalty-free worldwide license in favor of the Agents for the purpose of the
Agents’ exercise of rights and remedies under this Agreement in connection with the Collateral; 

(i)    Investments consisting of extensions of credit in the nature of accounts receivable or notes
receivable arising from the grant of trade credit in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent reasonably necessary in order to
prevent or limit loss; 
 (j)    Guarantees constituting Permitted Indebtedness; 

(k)    Investments by any Loan Party in Swap Contracts entered into in the ordinary course of business and
for bona fide business (and not speculative purposes) to protect against fluctuations in interest rates in respect of the Obligations; 

(l)    Investments received in connection with the bankruptcy or reorganization of, or settlement of
delinquent accounts and disputes with, customers and suppliers, in each case in the ordinary course of business; 

(m)    advances to officers, directors and employees of the Loan Parties and Subsidiaries in the ordinary
course of business (i) with respect to advances incident to hiring or relocation expenses, in the aggregate for all such directors, employees or officers, not to exceed $500,000 at any time outstanding and (ii) with respect to all other
advances (including, without limitation) for travel, entertainment, and analogous ordinary business purposes, in the aggregate for all such directors, employees or officers, not to exceed $250,000 at any time outstanding; 

(n)    Investments constituting Permitted Acquisitions; 

(o)    Capital contributions made by any Loan Party to another Loan Party; 

(p)    Investments in securities of trade creditors or customers in the ordinary course of business that
are received in settlement of bona fide disputes or pursuant to any plan of reorganization or liquidation or similar arrangement upon the bankruptcy or insolvency of such trade creditors or customers; 

  
 46 

 (q)    so long as no Default or Event of Default then
exists or would result therefrom, the Borrower and its Subsidiaries may make Investments that are made in exchange for the substantially concurrent sale of Equity Interests of the Borrower permitted to be issued by it hereunder; 

(r)    promissory notes or other obligations of directors, officers or other employees of the Borrower or
any of its Subsidiaries in connection with such directors’, officers’ or employees’ purchase of Equity Interests of the Borrower or any direct or indirect parent thereof, so long as no cash is advanced by the Borrower or any of its
Subsidiaries in connection with such Investment; 
 (s)    Investments that may arise as a result of the
consummation of Sale and Leaseback Transactions permitted under Section 7.16; 
 (t)    so long as
no Default or Event of Default then exists or would result therefrom, the Borrower and its Subsidiaries may make Investments that are made in exchange for the substantially concurrent sale of Equity Interests of the Borrower permitted to be issued
by it hereunder; 
 (u)    Investments of any person that becomes a Subsidiary on or after the Closing
Date in an aggregate amount for all such Subsidiaries not to exceed $15,000,000 on the date such person becomes a Subsidiary; provided that (i) such Investments exist at the time such person is acquired, (ii) such Investments are not made
in anticipation or contemplation of such person becoming a Subsidiary, and (iii) such Investments are not directly or indirectly recourse to the Borrower or any of its Subsidiaries or any of their respective assets, other than to the person
that becomes a Subsidiary; 
 (v)    Guarantees of obligations of the Borrower or any Subsidiary that do
not constitute Indebtedness; 
 (w)    Investments in Affiliates of the Borrower as of the Closing Date
(x) not exceeding $10,000,000 made within 60 days of the Closing Date and (y) an additional amount which, taken together with the amount invested pursuant to clause (x) of this paragraph shall not exceed $20,000,000 in the aggregate,
so long as on the date of such Investment, the Payment Conditions are met, in each case, provided that the amount of such Investment shall be the cost thereof when made, notwithstanding any subsequent change in value; 

(x)    Investments not exceeding $100,000,000 in the aggregate so long as on the date of such Investment,
the Payment Conditions are met, provided that the amount of such Investment shall be the cost thereof when made, notwithstanding any subsequent change in value; 

(y)    other Investments not otherwise specifically described herein and not exceeding $15,000,000 in the
aggregate at any time outstanding; and 
 (x)    so long as the Investment and RP Conditions are
satisfied, any Investments. 

  
 47 

 provided, however, that notwithstanding the foregoing, after the occurrence and during the
continuance of a Cash Dominion Event, no such Investments specified in clauses (a) through (f), and clauses (w) through (y) shall be permitted unless (i) either (A) no Loans, or Letters of Credit that have not been Cash Collateralized
to the extent required to be Cash Collateralized, are then outstanding, or (B) the Investment is a temporary Investment pending expiration of an Interest Period for a LIBOR Rate Loan, the proceeds of which Investment will be applied to the
Obligations after the expiration of such Interest Period, and (ii) such Investments shall be pledged to the Agent as additional collateral for the Obligations pursuant to such agreements as may be reasonably required by the Agent. 

“Permitted Overadvance” means an Overadvance made by the Agent, in its reasonable discretion, which: 

(a)    Is made to maintain, protect or preserve the Collateral and/or the Credit Parties’ rights under
the Loan Documents or which is otherwise for the benefit of the Credit Parties; or 
 (b)    Is made to
enhance the likelihood of, or to maximize the amount of, repayment of any Obligation; 
 (c)    Is made
to pay any other amount chargeable to any Loan Party hereunder; and 
 (d)    Together with all other
Permitted Overadvances then outstanding, shall not (i) exceed 10.0 percent (10%) of the Borrowing Base at any time or (ii) unless a Liquidation is occurring, remain outstanding for more than forty-five (45) consecutive Business
Days, unless in each case, the Required Lenders otherwise agree. 
 provided however, that the foregoing shall not (i) modify or abrogate
any of the provisions of Section 2.03 regarding the Lenders’ obligations with respect to Letters of Credit or Section 2.04 regarding the Lenders’ obligations with respect to Swing Line
Loans, or (ii) result in any claim or liability against the Agent (regardless of the amount of any Overadvance) for Unintentional Overadvances and such Unintentional Overadvances shall not reduce the amount of Permitted Overadvances allowed
hereunder, and further provided that in no event shall the Agent make an Overadvance, if after giving effect thereto, the principal amount of the Credit Extensions would exceed the Aggregate Commitments (as in effect prior to any termination
of the Commitments pursuant to Section 2.06 or Section 8.02 hereof). 
 “Permitted
Refinancing” means, with respect to any Person, any Indebtedness issued in exchange for, or the net proceeds of which are used to extend, refinance, renew, replace, defease or refund (collectively, to “Refinance”), the
Indebtedness being Refinanced (or previous refinancings thereof constituting a Permitted Refinancing); provided, that (a) the principal amount (or accreted value, if applicable) of such Permitted Refinancing does not exceed the principal
amount (or accreted value, if applicable) of the Indebtedness so Refinanced (plus unpaid accrued interest and premiums thereon and underwriting discounts, defeasance costs, fees, commissions and expenses), (b) the weighted average life to maturity
of such Permitted Refinancing is greater than or equal to the weighted average life to maturity of the Indebtedness being Refinanced (c) 

  
 48 

 
such Permitted Refinancing shall not require any scheduled principal payments due prior to the Maturity Date, (d) if the Indebtedness being Refinanced is subordinated in right of payment to
the Obligations under this Agreement, such Permitted Refinancing shall be subordinated in right of payment to such Obligations on terms at least as favorable to the Credit Parties as those contained in the documentation governing the Indebtedness
being Refinanced (e) no Permitted Refinancing shall have direct or indirect obligors who were not also obligors of the Indebtedness being Refinanced, or greater guarantees or security, than the Indebtedness being Refinanced, (f) such
Permitted Refinancing shall be otherwise on terms not materially less favorable to the Credit Parties than those contained in the documentation governing the Indebtedness being Refinanced, including, without limitation, with respect to financial and
other covenants and events of default, (g) the interest rate applicable to any such Permitted Refinancing shall not exceed the then applicable market interest rate, and (h) at the time thereof, no Event of Default shall have occurred and
be continuing. 
 “Person” means any natural person, corporation, limited liability company, trust, joint venture, association,
company, partnership, limited partnership, Governmental Authority or other entity. 
 “Plan” means any “employee benefit
plan” (as such term is defined in Section 3(3) of ERISA) established by any Loan Party or, with respect to any such plan that is subject to Section 412 of the Code or Title IV of ERISA, any ERISA Affiliate, other than a Multiemployer
Plan. 
 “Platform” has the meaning specified in Section 6.02. 

“Portal” has the meaning specified in Section 2.02. 

“Public Lender” has the meaning specified in Section 6.02. 

“Qualified ECP Guarantor” means, in respect of any Swap Obligation, each Loan Party that has total assets exceeding $10,000,000 at
the time the relevant Guarantee or grant of the relevant security interest becomes effective with respect to such Swap Obligation or such other person as constitutes an “eligible contract participant” under the Commodity Exchange Act or
any regulations promulgated thereunder and can cause another person to qualify as an “eligible contract participant” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 

“Real Estate” means all Leases and all land, together with the buildings, structures, parking areas, and other improvements thereon,
now or hereafter owned by any Loan Party, including all easements, rights-of-way, and similar rights relating thereto and all leases, tenancies, and occupancies thereof.

 “Register” has the meaning specified in Section 10.06(c). 

“Registered Public Accounting Firm” has the meaning specified by the Securities Laws and shall be independent of the Borrower and
its Subsidiaries as prescribed by the Securities Laws. 

  
 49 

 “Related Parties” means, with respect to any Person, such Person’s Affiliates
and the partners, directors, officers, employees, agents and advisors of such Person and of such Person’s Affiliates. 
 “Relevant
Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.

 “Reportable Event” means any of the events set forth in Section 4043(c) of ERISA, other than events for which the 30 day
notice period has been waived. 
 “Reports” has the meaning provided in Section 9.12(b). 

“Request for Credit Extension” means (a) with respect to a Committed Borrowing, conversion or continuation of Committed Loans,
an electronic notice via the Portal or LIBOR Rate Loan Notice, (b) with respect to an L/C Credit Extension, a Letter of Credit Application and, if required by the L/C Issuer, a Standby Letter of Credit Agreement or Commercial Letter of Credit
Agreement, as applicable, and (c) with respect to a Swing Line Loan, a Swing Line Loan Notice. 
 “Required Lenders” means,
as of any date of determination, at least two Lenders that are not Affiliates (or one (1) Lender to the extent that there is only one (1) Lender) holding more than 50% of the Aggregate Commitments or, if the commitment of each Lender to
make Loans and the obligation of the L/C Issuer to make L/C Credit Extensions have been terminated pursuant to Section 8.02, Lenders holding in the aggregate more than 50% of the Total Outstandings (with the aggregate
amount of each Lender’s risk participation and funded participation in L/C Obligations and Swing Line Loans being deemed “held” by such Lender for purposes of this definition); provided that the Commitment of, and the portion of the
Total Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders. 

“Reserves” means all Inventory Reserves and Availability Reserves. 

“Responsible Officer” means the chief executive officer, president, chief financial officer, treasurer, assistant treasurer or
secretary of a Loan Party or any of the other individuals designated in writing to the Agent by an existing Responsible Officer of a Loan Party as an authorized signatory of any certificate or other document to be delivered hereunder, including,
with respect to the Portal, any person authorized and authenticated through the Portal in accordance with the Agent’s procedures for such authentication. Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party
shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party.

 “Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to
any capital stock or other Equity Interest of any Person or any of its Subsidiaries, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement,
defeasance, acquisition, cancellation or termination of any such capital stock or other Equity Interest, or on account of any return of capital to such Person’s stockholders, partners or members (or the

  
 50 

 
equivalent of any thereof), or any option, warrant or other right to acquire any such dividend or other distribution or payment. Without limiting the foregoing, “Restricted Payments”
with respect to any Person shall also include all payments made by such Person with any proceeds of a dissolution or liquidation of such Person. 

“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. and any successor
thereto. 
 “Sale and Leaseback Transactions” shall have the meaning set forth in Section 7.16. 

“Sanctioned Entity” means (a) a country or a government of a country, (b) an agency of the government of a country,
(c) an organization directly or indirectly controlled by a country or its government, or (d) a Person resident in or determined to be resident in a country, in each case of clauses (a) through (d) that is a target of Sanctions,
including a target of any country sanctions program administered and enforced by OFAC. 
 “Sanctioned Person” means, at any time
(a) any Person named on the list of Specially Designated Nationals and Blocked Persons maintained by OFAC, OFAC’s consolidated Non-SDN list or any other Sanctions-related list maintained by any
Governmental Authority, (b) a Person or legal entity that is a target of Sanctions, (c) any Person operating, organized or resident in a Sanctioned Entity, or (d) any Person directly or indirectly owned or controlled (individually or
in the aggregate) by or acting on behalf of any such Person or Persons described in clauses (a) through (c) above. 

“Sanctions” means individually and collectively, respectively, any and all economic sanctions, trade sanctions, financial sanctions,
sectoral sanctions, secondary sanctions, trade embargoes anti-terrorism laws and other sanctions laws, regulations or embargoes, including those imposed, administered or enforced from time to time by: (a) the United States of America, including
those administered by OFAC, the U.S. Department of State, the U.S. Department of Commerce, or through any existing or future executive order, (b) the United Nations Security Council, (c) the European Union or any European Union member
state, (d) Her Majesty’s Treasury of the United Kingdom, or (e) any other Governmental Authority with jurisdiction over any Lender or any Loan Party or any of their respective Subsidiaries or Affiliates. 

“Sarbanes-Oxley” means the Sarbanes-Oxley Act of 2002. 

“SEC” means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions. 

“Secured Bank Products” means, as of any date of determination by the Agent, any Bank Product that is the subject of any document,
instrument or agreement entered into by any Loan Party or any Subsidiary and any Lender or Affiliate of a Lender that such Lender (other than Wells Fargo) or Affiliate of such Lender has designated as a “Secured Bank Product” in a notice
delivered to the Agent and signed by such Lender or Affiliate of such Lender and the Borrower, together with such supporting documentation as the Agent may request. 

“Secured Cash Management Services” means, as of any date of determination by the Agent, any Cash Management Service that is the
subject of any document, instrument or agreement 

  
 51 

 
entered into by any Loan Party or any Subsidiary and any Lender or Affiliate of a Lender that such Lender (other than Wells Fargo) or Affiliate of such Lender has designated as a “Secured
Cash Management Service” in a notice delivered to the Agent and signed by such Lender or Affiliate of such Lender and the Borrower, together with such supporting documentation as the Agent may request. 

“Securities Laws” means the Securities Act of 1933, the Securities Exchange Act of 1934, Sarbanes-Oxley, and the applicable
accounting and auditing principles, rules, standards and practices promulgated, approved or incorporated by the SEC or the PCAOB. 

“Security Agreement” means the Security Agreement dated as of the Closing Date among the Loan Parties and the Agent, as the same now
exists or may hereafter be amended, modified, supplemented, renewed, restated or replaced. 
 “Security Documents” means the
Security Agreement, the Intellectual Property Security Agreement, the Blocked Account Agreements, the Credit Card Notifications, and each other security agreement or other instrument or document executed and delivered to the Agent pursuant to this
Agreement or any other Loan Document granting a Lien to secure any of the Obligations. 
 “Settlement Date” has the meaning
provided in Section 2.14(a). 
 “Shareholders’ Equity” means, as of any date of determination,
consolidated shareholders’ equity of the Borrower and its Subsidiaries as of that date determined in accordance with GAAP. 

“Shrink” means Inventory which has been lost, misplaced, stolen, or is otherwise unaccounted for. 

“SOFR” with respect to any day means the secured overnight financing rate published for such day by the Federal Reserve Bank of New
York, as the administrator of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York’s Website. 

“Solvent” and “Solvency” means, with respect to any Person as of any date of determination, that (a) at fair
valuations, the sum of such Person’s debts (including contingent liabilities) is less than all of such Person’s assets, (b) such Person is not engaged or about to engage in a business or transaction for which the remaining assets of
such Person are unreasonably small in relation to the business or transaction or for which the property remaining with such Person is an unreasonably small capital, and (c) such Person has not incurred and does not intend to incur, or
reasonably believe that it will incur, debts beyond its ability to pay such debts as they become due (whether at maturity or otherwise), and (d) such Person is “solvent” or not “insolvent”, as applicable within the meaning
given those terms and similar terms under applicable laws relating to fraudulent transfers and conveyances. For purposes of this definition, the amount of any contingent liability at any time shall be computed as the amount that, in light of all of
the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability (irrespective of whether such contingent liabilities meet the criteria for accrual under Statement of
Financial Accounting Standard No. 5). 
 “Standard Letter of Credit Practice” means, for the L/C Issuer, any domestic or
foreign Law or letter of credit practices applicable in the city in which the L/C Issuer issued the applicable 

  
 52 

 
Letter of Credit or, for its branch or correspondent, such Laws and practices applicable in the city in which it has advised, confirmed or negotiated such Letter of Credit, as the case may be, in
each case, (a) which letter of credit practices are of banks that regularly issue letters of credit in the particular city, and (b) which laws or letter of credit practices are required or permitted under ISP or UCP, as chosen in the
applicable Letter of Credit. 
 “Standby Letter of Credit” means any Letter of Credit that is not a Commercial Letter of Credit
and that (a) is used in lieu or in support of performance guaranties or performance, surety or similar bonds (excluding appeal bonds) arising in the ordinary course of business, (b) is used in lieu or in support of stay or appeal bonds,
(c) supports the payment of insurance premiums for reasonably necessary casualty insurance carried by any of the Loan Parties, or (d) supports payment or performance for identified purchases or exchanges of products or services in the
ordinary course of business. 
 “Standby Letter of Credit Agreement” means the Standby Letter of Credit Agreement relating to the
issuance of a Standby Letter of Credit in the form from time to time in use by the L/C Issuer. 
 “Stated Amount” means at any
time the maximum amount for which a Letter of Credit may be honored. 
 “Stepdown Date” means the first date occurring after both
(i) the date that 75% of the number of Stores as of the Closing Date have reopened (the “Store Reopening Date”) and (ii) the date that is not less than six (6) months following the Store Reopening Date that the Consolidated
Fixed Charge Coverage Ratio is equal to at least 1.00 to 1.00, provided that for the purpose of calculating the Consolidated Fixed Charge Coverage Ratio to determine the Stepdown Date, (x) if fewer than four consecutive Fiscal Quarters
of the Borrower have been completed since the Store Reopening Date, the Agent shall use the Fiscal Quarters of the Borrower that have been completed since the Store Reopening Date as the Measurement Period to calculate the Consolidated Fixed Charge
Coverage Ratio on a pro forma basis and (y) Capital Expenditures (but in any event in an amount not to exceed 10% of all Capital Expenditures for the applicable Measurement Period) related to new Stores shall be excluded from such calculation.

 “Store” means any retail store (which may include any real property, fixtures, equipment, inventory and other property related
thereto) operated, or to be operated, by any Loan Party. 
 “Store Reopening Date” has the meaning specified in the definition of
“Stepdown Date.” 
 “Subordinated Indebtedness” means Indebtedness which is expressly subordinated in right of payment
to the prior payment in full of the Obligations and which is in form and on terms approved in writing by the Agent. 
 “Subordination
Provisions” has the meaning specified in Section 8.01(q). 
 “Subsidiary” of a Person means a
corporation, partnership, joint venture, limited liability company or other business entity of which a majority of the Equity Interests having ordinary voting power for the election of directors or other governing body are at the time beneficially
owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise specified, all references herein to a “Subsidiary” or to
“Subsidiaries” shall refer to a Subsidiary or Subsidiaries of a Loan Party. 

  
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 “Supermajority Lenders” means, as of any date of determination, at least two
Lenders that are not Affiliates (or one (1) Lender to the extent that there is only one (1) Lender) holding more than 66-2/3% of the Aggregate Commitments or, if the commitment of each Lender to make
Loans and the obligation of the L/C Issuer to make L/C Credit Extensions have been terminated pursuant to Section 8.02, Lenders holding in the aggregate more than 66-2/3% of the Total
Outstandings (with the aggregate amount of each Lender’s risk participation and funded participation in L/C Obligations and Swing Line Loans being deemed “held” by such Lender for purposes of this definition); provided that the
Commitment of, and the portion of the Total Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Supermajority Lenders. 

“Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate
transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions,
interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar
transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions of any
kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master
Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement. 

“Swap Obligation” means, with respect to any Loan Party, any obligation to pay or perform under any agreement, contract or
transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act. 
 “Swap
Termination Value” means, in respect of any one or more Swap Contracts, after taking into account the effect of any legally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap
Contracts have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined based upon one or more mid-market or other readily available quotations
provided by any recognized dealer in such Swap Contracts (which may include a Lender or any Affiliate of a Lender). 
 “Swing Line
Borrowing” means a borrowing of a Swing Line Loan pursuant to Section 2.04. 
 “Swing Line Lender”
means Wells Fargo, in its capacity as provider of Swing Line Loans, or any successor swing line lender hereunder. 

  
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 “Swing Line Loan” has the meaning specified in
Section 2.04(a). 
 “Swing Line Loan Notice” means a notice of a Swing Line Borrowing pursuant to
Section 2.04(b), which, if in writing, shall be substantially in the form of Exhibit B. 
 “Swing Line
Note” means the promissory note of the Borrower substantially in the form of Exhibit C-2, payable to the order of the Swing Line Lender, evidencing the Swing Line Loans made by the Swing Line
Lender. 
 “Swing Line Sublimit” means an amount equal to the lesser of (a) $20,000,000 and (b) the Aggregate Commitments.
The Swing Line Sublimit is part of, and not in addition to, the Aggregate Commitments. 
 “Synthetic Lease Obligation” means the
monetary obligation of a Person under (a) a so-called synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or possession of
property (including sale and leaseback transactions), in each case, creating obligations that do not appear on the balance sheet of such Person but which, upon the application of any Debtor Relief Laws to such Person, would be characterized as the
indebtedness of such Person (without regard to accounting treatment). 
 “Taxes” means all present or future taxes, levies,
imposts, duties, deductions, withholdings, assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Term SOFR” means the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental
Body. 
 “Termination Date” means the earliest to occur of (i) the Maturity Date, (ii) the date on which the maturity of
the Obligations is accelerated (or deemed accelerated) and the Commitments are irrevocably terminated (or deemed terminated) in accordance with Article VII, or (iii) the termination of the Commitments in accordance with the provisions of
Section 2.06(a) hereof. 
 “Total Outstandings” means the aggregate Outstanding Amount of all Loans and
all L/C Obligations. 
 “Trading with the Enemy Act” has the meaning set forth in Section 10.18. 

“Type” means, with respect to a Committed Loan, its character as a Base Rate Loan or a LIBOR Rate Loan. 

“UCC” or “Uniform Commercial Code” means the Uniform Commercial Code as in effect from time to time in the State of New
York; provided, however, that if a term is defined in Article 9 of the Uniform Commercial Code differently than in another Article thereof, the term shall have the meaning set forth in Article 9; provided further that, if by reason of mandatory
provisions of law, perfection, or the effect of perfection or non-perfection, of a security interest in any Collateral or the availability of any remedy hereunder is governed by the Uniform Commercial Code as
in effect in a jurisdiction other than the State of New York, “Uniform Commercial Code” means the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions hereof relating to such perfection or effect
of perfection or non-perfection or availability of such remedy, as the case may be. 

  
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 “UCP” means, with respect to any Letter of Credit, the Uniform Customs and
Practice for Documentary Credits 2007 Revision, International Chamber of Commerce Publication No. 600 and any version or revision thereof accepted by the L/C Issuer for use. 

“UFCA” has the meaning specified in Section 10.21(d). 

“UFTA” has the meaning specified in Section 10.21(d). 

“Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment. 

“Unfunded Pension Liability” means the excess of a Pension Plan’s benefit liabilities under Section 4001(a)(16) of ERISA,
over the current value of that Pension Plan’s assets, determined in accordance with the assumptions used for funding the Pension Plan pursuant to Section 412 of the Code for the applicable plan year. 

“Unintentional Overadvance” means an Overadvance which, to the Agent’s knowledge, did not constitute an Overadvance when made
but which has become an Overadvance resulting from changed circumstances beyond the control of the Credit Parties, including, without limitation, a reduction in the Appraised Value of property or assets included in the Borrowing Base, increase in
Reserves or misrepresentation by the Loan Parties. 
 “United States” and “U.S.” mean the United States of America. 

“Weekly Borrowing Base Delivery Event” means either (i) the occurrence and continuance of any Event of Default, or
(ii) the failure of the Borrower to maintain Availability at least equal to seventeen and one-half percent (17.5%) of the Loan Cap. For purposes of this Agreement, the occurrence of a Weekly Borrowing
Base Delivery Event shall be deemed continuing at the Agent’s option (i) so long as such Event of Default has not been waived, and/or (ii) if the Weekly Borrowing Base Delivery Event arises as a result of the Borrower’s failure
to achieve Availability as required hereunder, until Availability has exceeded seventeen and one-half percent (17.5%) of the Loan Cap for forty-five (45) consecutive calendar days, in which case a Weekly
Borrowing Base Delivery Event shall no longer be deemed to be continuing for purposes of this Agreement. The termination of a Weekly Borrowing Base Delivery Event as provided herein shall in no way limit, waive or delay the occurrence of a
subsequent Weekly Borrowing Base Delivery Event in the event that the conditions set forth in this definition again arise. 
 “Wells
Fargo” means Wells Fargo Bank, National Association and its successors. 
 “Write-Down and Conversion Powers” means, with
respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which
write-down and conversion powers are described in the EU Bail-In Legislation Schedule. 

  
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 1.02    Other Interpretive Provisions. With reference to this
Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document: 

(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.” Unless the context requires otherwise, (i) any definition of or
reference to any agreement, instrument or other document (including any Organization Document) shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject
to any restrictions on such amendments, supplements or modifications set forth herein or in any other Loan Document), (ii) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (iii) the
words “herein,” “hereof” and “hereunder,” and words of similar import when used in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular
provision thereof, (iv) all references in a Loan Document to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, the Loan Document in which such references appear,
(v) any reference to any law shall include all statutory and regulatory provisions consolidating, amending replacing or interpreting such law and any reference to any law or regulation shall, unless otherwise specified, refer to such law or
regulation as amended, modified or supplemented from time to time, and (vi) 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)    In
the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including;” the words “to” and “until” each mean “to but
excluding;” and the word “through” means “to and including.” 

(c)    Section headings herein and in the other Loan Documents are included for convenience of reference
only and shall not affect the interpretation of this Agreement or any other Loan Document. 
 (d)    Any
reference herein or in any other Loan Document to the satisfaction, repayment, or payment in full of the Obligations shall mean the repayment in Dollars in full in cash or immediately available funds (or, in the case of contingent reimbursement
obligations with respect to Letters of Credit and Bank Products (other than Swap Contracts) and any other contingent Obligation, including indemnification obligations, providing Cash Collateralization) or other collateral as may be requested by the
Agent of all of the Obligations (including the payment of any termination amount then applicable (or which would or could become applicable as a result of the repayment of the other Obligations) under Swap Contracts) other than (i) unasserted
contingent indemnification Obligations, (ii) any Obligations relating to Bank Products (other than Swap Contracts) that, at such time, are allowed by the applicable Bank Product provider to remain outstanding without being required to be repaid
or Cash Collateralized or other collateral as may be requested 

  
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by the Agent, and (iii) any Obligations relating to Swap Contracts that, at such time, are allowed by the applicable provider of such Swap Contracts to remain outstanding without being
required to be repaid. 
 1.03    Accounting Terms 

(a)    Generally. All accounting terms not specifically or completely defined herein shall be
construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP applied on a consistent basis, as in
effect from time to time, applied in a manner consistent with that used in preparing the Audited Financial Statements, except as otherwise specifically prescribed herein. 

(b)    Changes in GAAP. If at any time any change in GAAP would affect the computation of any
financial ratio or requirement set forth in any Loan Document, and either the Borrower or the Required Lenders shall so request, the Agent, the Lenders and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the
original intent thereof in light of such change in GAAP (subject to the approval of the Required Lenders); provided that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior
to such change therein and (ii) the Borrower shall provide to the Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between
calculations of such ratio or requirement made before and after giving effect to such change in GAAP. 

1.04    Rounding. Any financial ratios required to be maintained by the Borrower pursuant to this Agreement shall
be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number). 
 1.05    Times of Day. Unless
otherwise specified, all references herein to times of day shall be references to Eastern time (daylight or standard, as applicable). 

1.06    Letter of Credit Amounts. Unless otherwise specified, all references herein to the amount of a Letter of
Credit at any time shall be deemed to be the Stated Amount of such Letter of Credit in effect at such time; provided, however, that with respect to any Letter of Credit that, by its terms of any Issuer Documents related thereto, provides for one or
more automatic increases in the Stated Amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum Stated Amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum Stated Amount
is in effect at such time. 
 1.07    Divisions. For all purposes under the Loan Documents, in connection with
any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different
Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its
existence by the holders of its Equity Interests at such time. 

  
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 1.08    Effect of Benchmark Transition Event. 

(a)    Benchmark Replacement. Notwithstanding anything to the contrary herein or in any other Loan
Document, upon the occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, Agent and Borrower may amend this Agreement to replace the LIBOR Rate with a Benchmark Replacement. Any
such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. on the fifth (5th) Business Day after Agent has posted such proposed amendment to all Lenders and Borrower so long as Agent has not received, by such
time, written notice of objection to such amendment from Lenders comprising the Required Lenders. Any such amendment with respect to an Early Opt-in Election will become effective on the date that Lenders
comprising the Required Lenders have delivered to Agent written notice that such Required Lenders accept such amendment. No replacement of the LIBOR Rate with a Benchmark Replacement pursuant to this Section 1.08 will occur
prior to the applicable Benchmark Transition Start Date. 
 (b)    Benchmark Replacement Conforming
Changes. In connection with the implementation of a Benchmark Replacement, Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan
Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement. 

(c)    Notices; Standards for Decisions and Determinations. Agent will promptly notify Borrower and
the Lenders of (1) any occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date and Benchmark Transition Start Date, (2) the
implementation of any Benchmark Replacement, (3) the effectiveness of any Benchmark Replacement Conforming Changes and (4) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that
may be made by Agent or Lenders pursuant to this Section 1.08 including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an
event, circumstance or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party hereto, except, in
each case, as expressly required pursuant to this Section 1.08. 

(d)    Benchmark Unavailability Period. Upon Borrower’s receipt of notice of the commencement
of a Benchmark Unavailability Period, Borrower may revoke any request for a LIBOR Borrowing of, conversion to or continuation of LIBOR Rate Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that,
Borrower will be deemed to have converted any such request into a request for a Borrowing of or conversion to Base Rate Loans. During any Benchmark Unavailability Period, the component of Base Rate based upon the LIBOR Rate will not be used in any
determination of the Base Rate. 

  
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 ARTICLE II 

THE COMMITMENTS AND CREDIT EXTENSIONS 

2.01    Committed Loans; Reserves. (a) Subject to the terms and conditions set forth herein, each Lender
severally agrees to make loans (each such loan, a “Committed Loan”) to the Borrower from time to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed at any time outstanding the lesser of
(x) the amount of such Lender’s Commitment, or (y) such Lender’s Applicable Percentage of the Borrowing Base; subject in each case to the following limitations: 

(i)    after giving effect to any Committed Borrowing, the Total Outstandings shall not exceed the Loan
Cap, 
 (ii)    after giving effect to any Committed Borrowing, the aggregate Outstanding Amount of the
Committed Loans of any Lender, plus such Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such
Lender’s Commitment, 
 (iii)    The Outstanding Amount of all L/C Obligations shall not at any time
exceed the Letter of Credit Sublimit 
 Within the limits of each Lender’s Commitment, and subject to the other terms and conditions hereof, the
Borrower may borrow under this Section 2.01, prepay under Section 2.05, and reborrow under this Section 2.01. Committed Loans may be Base Rate Loans or LIBOR Rate Loans,
as further provided herein. 
 (b)    The Inventory Reserves and Availability Reserves as of the Closing
Date are set forth in the Borrowing Base Certificate delivered pursuant to Section 4.01(c) hereof. 

(c)    The Agent shall have the right, at any time and from time to time after the Closing Date in its
Permitted Discretion to establish, modify or eliminate Reserves. 
 2.02    Borrowings, Conversions and Continuations
of Committed Loans. 
 (a)    Committed Loans (other than Swing Line Loans) shall be either Base Rate
Loans or LIBOR Rate Loans as the Borrower may request subject to and in accordance with this Section 2.02. All Swing Line Loans shall be only Base Rate Loans. Subject to the other provisions of this
Section 2.02, Committed Borrowings of more than one Type may be incurred at the same time. 

(b)    Each request for a Committed Borrowing consisting of a Base Rate Loan shall be made by electronic
request of the Borrower through Agent’s Commercial Electronic Office Portal or through such other electronic portal provided by Agent (the “Portal”), which must be received by the Agent not later than 2:00 p.m. on the requested date
of any Borrowing of Base Rate Loans. The Borrower hereby acknowledges and agrees that any request made through the Portal shall be deemed made by a Responsible Officer of the Borrower. Each request for a Committed Borrowing consisting of a LIBOR
Rate 

  
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Loan shall be made pursuant to the Borrower’s submission of a LIBOR Rate Loan Notice, which must be received by the Agent not later than 11:00 a.m. one (1) Business Day prior to the
requested date of any Borrowing or continuation of LIBOR Rate Loans. Each LIBOR Rate Loan Notice shall specify (i) the requested date of the Borrowing or continuation, as the case may be (which shall be a Business Day), (ii) the principal
amount of LIBOR Rate Loans to be borrowed or continued (which shall be in a principal amount of $1,000,000 or a whole multiple of $250,000 in excess thereof), and (iii) the duration of the Interest Period with respect thereto. If the Borrower
fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month. On the requested date of any LIBOR Rate Loan, (i) in the event that Base Rate Loans are outstanding in an amount equal to or greater than
the requested LIBOR Rate Loan, all or a portion of such Base Rate Loans shall be automatically converted to a LIBOR Rate Loan in the amount requested by the Borrower, and (ii) if Base Rate Loans are not outstanding in an amount at least equal
to the requested LIBOR Rate Loan, the Borrower shall make an electronic request via the Portal for additional Base Rate Loans in an such amount, when taken with the outstanding Base Rate Loans (which shall be converted automatically at such time),
as is necessary to satisfy the requested LIBOR Rate Loan. If the Borrower fails to make such additional request via the Portal as required pursuant to clause (ii) of the foregoing sentence, then the Borrower shall be responsible for all amounts
due pursuant to Section 3.05 hereof arising on account of such failure. If the Borrower fails to give a timely notice with respect to any continuation of a LIBOR Rate Loan, then the applicable Committed Loans shall be
converted to Base Rate Loans, effective as of the last day of the Interest Period then in effect with respect to the applicable LIBOR Rate Loans. 

(c)    The Agent shall promptly notify each Lender of the amount of its Applicable Percentage of the
applicable Committed Loans, and if no timely notice of a conversion or continuation is provided by the Borrower, the Agent shall notify each Lender of the details of any automatic conversion to Base Rate Loans described in
Section 2.02(b). In the case of a Committed Borrowing, each Lender shall make the amount of its Committed Loan available to the Agent in immediately available funds at the Agent’s Office not later than 1:00 p.m. on the
Business Day specified in the applicable notice. Upon satisfaction of the applicable conditions set forth in Section 4.02 (and, if such Borrowing is the initial Credit Extension, Section 4.01), the
Agent shall use reasonable efforts to make all funds so received available to the Borrower in like funds by no later than 4:00 p.m. on the day of receipt by the Agent either by (i) crediting the account of the Borrower on the books of Wells
Fargo with the amount of such funds or (ii) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably acceptable to) the Agent by the Borrower. 

(d)    The Agent, without the request of the Borrower, may advance any interest, fee, service charge
(including direct wire fees), Credit Party Expenses, or other payment to which any Credit Party is entitled from the Loan Parties pursuant hereto or any other Loan Document and may charge the same to the Loan Account notwithstanding that an
Overadvance may result thereby. The Agent shall advise the Borrower of any such advance or charge promptly after the making thereof. Such action on the part of the Agent shall not constitute a waiver of the Agent’s rights and the
Borrower’s obligations under Section 2.05(c). Any amount which is added to the principal balance of the Loan Account as provided in this Section 2.02(d) shall bear interest at the interest
rate then and thereafter applicable to Base Rate Loans. 

  
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 (e)    Except as otherwise provided herein, a LIBOR Rate
Loan may be continued or converted only on the last day of an Interest Period for such LIBOR Rate Loan. During the existence of a Default or an Event of Default, no Loans may be requested as, converted to or continued as LIBOR Rate Loans without the
Consent of the Required Lenders. 
 (f)    The Agent shall promptly notify the Borrower and the Lenders
of the interest rate applicable to any Interest Period for LIBOR Rate Loans upon determination of such interest rate. At any time that Base Rate Loans are outstanding, the Agent shall notify the Borrower and the Lenders of any change in Wells
Fargo’s prime rate used in determining the Base Rate promptly following the public announcement of such change. 

(g)    After giving effect to all Committed Borrowings, all conversions of Committed Loans from one Type to
the other, and all continuations of Committed Loans as the same Type, there shall not be more than five Interest Periods in effect with respect to LIBOR Rate Loans. 

(h)    The Agent, the Lenders, the Swing Line Lender and the L/C Issuer shall have no obligation to make
any Loan or to provide any Letter of Credit if an Overadvance would result. The Agent may, in its reasonable discretion, make Permitted Overadvances without the consent of the Borrower, the Lenders, the Swing Line Lender and the L/C Issuer and the
Borrower and each Lender and L/C Issuer shall be bound thereby. Any Permitted Overadvance may constitute a Swing Line Loan. A Permitted Overadvance is for the account of the Borrower and shall constitute a Base Rate Loan and an Obligation and shall
be repaid by the Borrower in accordance with the provisions of Section 2.05(c). The making of any such Permitted Overadvance on any one occasion shall not obligate the Agent or any Lender to make or permit any Permitted
Overadvance on any other occasion or to permit such Permitted Overadvances to remain outstanding. The making by the Agent of a Permitted Overadvance shall not modify or abrogate any of the provisions of Section 2.03
regarding the Lenders’ obligations to purchase participations with respect to Letter of Credits or of Section 2.04 regarding the Lenders’ obligations to purchase participations with respect to Swing Line Loans.
The Agent shall have no liability for, and no Loan Party or Credit Party shall have the right to, or shall, bring any claim of any kind whatsoever against the Agent with respect to Unintentional Overadvances regardless of the amount of any such
Overadvance(s). 
 2.03    Letters of Credit. 

(a)    Subject to the terms and conditions of this Agreement, upon the request of the Borrower made in
accordance herewith, and prior to the Maturity Date, the L/C Issuer agrees to issue a requested Letter of Credit for the account of the Loan Parties. By submitting a request to the L/C Issuer for the issuance of a Letter of Credit, the Borrower
shall be deemed to have requested that the L/C Issuer issue the requested Letter of Credit. Each request for the issuance of a Letter of Credit, or the amendment, renewal, or extension of any outstanding Letter of Credit, shall be
(i) irrevocable and be made in writing pursuant 

  
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to a Letter of Credit Application by a Responsible Officer, (ii) delivered to the L/C Issuer and the Agent via telefacsimile or other electronic method of transmission reasonably acceptable
to the L/C Issuer not later than 11:00 a.m. at least two Business Days (or such other date and time as the Agent and the L/C Issuer may agree in a particular instance in their sole discretion) prior to the requested date of issuance, amendment,
renewal, or extension, and (iii) subject to the L/C Issuer’s authentication procedures with results satisfactory to the L/C Issuer. Each such request shall be in form and substance reasonably satisfactory to the Agent and the L/C Issuer
and (i) shall specify (A) the amount of such Letter of Credit, (B) the date of issuance, amendment, renewal, or extension of such Letter of Credit, (C) the proposed expiration date of such Letter of Credit, (D) the name and
address of the beneficiary of the Letter of Credit, and (E) such other information (including, the conditions to drawing, and, in the case of an amendment, renewal, or extension, identification of the Letter of Credit to be so amended, renewed,
or extended) as shall be necessary to prepare, amend, renew, or extend such Letter of Credit, and (ii) shall be accompanied by such Issuer Documents as the Agent or the L/C Issuer may request or require, to the extent that such requests or
requirements are consistent with the Issuer Documents that the L/C Issuer generally requests for Letters of Credit in similar circumstances. The Agent’s records of the content of any such request will be conclusive. 

(b)    The L/C Issuer shall have no obligation to issue a Letter of Credit if, after giving effect to the
requested issuance, (i) the Total Outstandings would exceed Loan Cap, (ii) the aggregate Outstanding Amount of the Committed Loans of any Lender, plus such Lender’s Applicable Percentage of the Outstanding Amount of all L/C
Obligations, plus such Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans would exceed such Lender’s Commitment, or (iii) the Outstanding Amount of the L/C Obligations would exceed the Letter of
Credit Sublimit; 
 (c)    In the event there is a Defaulting Lender as of the date of any request for
the issuance of a Letter of Credit, the L/C Issuer shall not be required to issue or arrange for such Letter of Credit to the extent (i) the Defaulting Lender’s participation with respect to such Letter of Credit may not be reallocated
pursuant to Section 9.16(b), or (ii) the L/C Issuer has not otherwise entered into arrangements reasonably satisfactory to it and the Borrower to eliminate the L/C Issuer’s risk with respect to the participation
in such Letter of Credit of the Defaulting Lender, which arrangements may include the Borrower cash collateralizing such Defaulting Lender’s participation with respect to such Letter of Credit in accordance with
Section 9.16(b). Additionally, the L/C Issuer shall have no obligation to issue and/or extend a Letter of Credit if (A) any order, judgment, or decree of any Governmental Authority or arbitrator shall, by its terms,
purport to enjoin or restrain the L/C Issuer from issuing such Letter of Credit, or any Law applicable to the L/C Issuer or any request or directive (whether or not having the force of Law) from any Governmental Authority with jurisdiction over the
L/C Issuer shall prohibit or request that the L/C Issuer refrain from the issuance of letters of credit generally or such Letter of Credit in particular, or (B) the issuance of such Letter of Credit would violate one or more policies of the L/C
Issuer applicable to letters of credit generally, or (C) if the expiry date of such requested Letter of Credit would occur after the Letter of Credit Expiration Date, unless either such Letter of Credit is Cash Collateralized on or prior to the
date of issuance of such Letter of Credit (or such later date as to which the Agent may agree) or all the Lenders have approved such expiry date. 

  
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 (d)    Any L/C Issuer (other than Wells Fargo or any of
its Affiliates) shall notify the Agent in writing no later than the Business Day prior to the Business Day on which such L/C Issuer issues any Letter of Credit. In addition, each L/C Issuer (other than Wells Fargo or any of its Affiliates) shall, on
the first Business Day of each week, submit to Agent a report detailing the daily undrawn amount of each Letter of Credit issued by such L/C Issuer during the prior calendar week. The Borrower and the Credit Parties hereby acknowledge and agree that
all Existing Letters of Credit shall constitute Letters of Credit under this Agreement on and after the Closing Date with the same effect as if such Existing Letters of Credit were issued by L/C Issuer at the request of the Borrower on the Closing
Date. Each Letter of Credit shall be in form and substance reasonably acceptable to the L/C Issuer, including the requirement that the amounts payable thereunder must be payable in Dollars. If the L/C Issuer makes a payment under a Letter of Credit,
the Borrower shall pay to Agent an amount equal to the applicable Letter of Credit Disbursement on the Business Day such Letter of Credit Disbursement is made and, in the absence of such payment, the amount of the Letter of Credit Disbursement
immediately and automatically shall be deemed to be a Committed Loan hereunder (notwithstanding any failure to satisfy any condition precedent set forth in Section 4.02 hereof) and, initially, shall bear interest at the
rate then applicable to Committed Loans that are Base Rate Loans. If a Letter of Credit Disbursement is deemed to be a Committed Loan hereunder, the Borrower’s obligation to pay the amount of such Letter of Credit Disbursement to the L/C Issuer
shall be automatically converted into an obligation to pay the resulting Committed Loan. Promptly following receipt by the Agent of any payment from the Borrower pursuant to this paragraph, the Agent shall distribute such payment to the L/C Issuer
or, to the extent that the Lenders have made payments pursuant to Section 2.03(e) to reimburse the L/C Issuer, then to such Lenders and the L/C Issuer as their interests may appear. 

(e)    Promptly following receipt of a notice of a Letter of Credit Disbursement pursuant to
Section 2.03(d), each Lender agrees to fund its Applicable Percentage of any Committed Loan deemed made pursuant to Section 2.03(d) on the same terms and conditions as if the Borrower had requested
the amount thereof as a Committed Loan and the Agent shall promptly pay to the L/C Issuer the amounts so received by it from the Lenders. By the issuance of a Letter of Credit (or an amendment, renewal, or extension of a Letter of Credit) and
without any further action on the part of the L/C Issuer or the Lenders, the L/C Issuer shall be deemed to have granted to each Lender, and each Lender shall be deemed to have purchased, a participation in each Letter of Credit issued by the L/C
Issuer, in an amount equal to its Applicable Percentage of such Letter of Credit, and each such Lender agrees to pay to the Agent, for the account of the L/C Issuer, such Lender’s Applicable Percentage of any Letter of Credit Disbursement made
by the L/C Issuer under the applicable Letter of Credit. In consideration and in furtherance of the foregoing, each Lender hereby absolutely and unconditionally agrees to pay to the Agent, for the account of the L/C Issuer, such Lender’s
Applicable Percentage of each Letter of Credit Disbursement made by the L/C Issuer and not reimbursed by Borrower on the date due as provided in Section 2.03(d), or of any reimbursement payment that is required to be
refunded (or that the Agent or the L/C Issuer elects, based upon the advice of counsel, to 

  
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refund) to the Borrower for any reason. Each Lender acknowledges and agrees that its obligation to deliver to the Agent, for the account of the L/C Issuer, an amount equal to its respective
Applicable Percentage of each Letter of Credit Disbursement pursuant to this Section 2.03(e) shall be absolute and unconditional and such remittance shall be made notwithstanding the occurrence or continuation of a Default
or Event of Default or the failure to satisfy any condition set forth in Section 4.02 hereof. If any such Lender fails to make available to the Agent the amount of such Lender’s Applicable Percentage of a Letter of
Credit Disbursement as provided in this Section, such Lender shall be deemed to be a Defaulting Lender and the Agent (for the account of the L/C Issuer) shall be entitled to recover such amount on demand from such Lender together with interest
thereon at the Defaulting Lender Rate until paid in full. 
 (f)    Each Borrower agrees to indemnify,
defend and hold harmless each Credit Party (including the L/C Issuer and its branches, Affiliates, and correspondents) and each such Person’s respective directors, officers, employees, attorneys and agents (each, including the L/C Issuer, a
“Letter of Credit Related Person”) (to the fullest extent permitted by Law) from and against any and all claims, demands, suits, actions, investigations, proceedings, liabilities, fines, costs, penalties, and damages, and all reasonable
fees and disbursements of attorneys, experts, or consultants and all other costs and expenses actually incurred in connection therewith or in connection with the enforcement of this indemnification (as and when they are incurred and irrespective of
whether suit is brought), which may be incurred by or awarded against any such Letter of Credit Related Person (other than Taxes, which shall be governed by Section 3.01) (the “Letter of Credit Indemnified
Costs”), and which arise out of or in connection with, or as a result of: 
 (i)    any Letter of
Credit or any pre-advice of its issuance; 
 (ii)    any
transfer, sale, delivery, surrender or endorsement (or lack thereof) of any Drawing Document at any time(s) held by any such Letter of Credit Related Person in connection with any Letter of Credit; 

(iii)    any action or proceeding arising out of, or in connection with, any Letter of Credit (whether
administrative, judicial or in connection with arbitration), including any action or proceeding to compel or restrain any presentation or payment under any Letter of Credit, or for the wrongful dishonor of, or honoring a presentation under, any
Letter of Credit; 
 (iv)    any independent undertakings issued by the beneficiary of any Letter of
Credit; 
 (v)    any unauthorized instruction or request made to the L/C Issuer in connection with any
Letter of Credit or requested Letter of Credit, or any error, omission, interruption or delay in such instruction or request, whether transmitted by mail, courier, electronic transmission, SWIFT, or any other telecommunication including
communications through a correspondent; 

  
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 (vi)    an adviser, confirmer or other nominated person
seeking to be reimbursed, indemnified or compensated; 
 (vii)    any third party seeking to enforce the
rights of an applicant, beneficiary, nominated person, transferee, assignee of Letter of Credit proceeds or holder of an instrument or document; 

(viii)    the fraud, forgery or illegal action of parties other than the Letter of Credit Related Person;

 (ix)    any prohibition on payment or delay in payment of any amount payable by the L/C Issuer to a
beneficiary or transferee beneficiary of a Letter of Credit arising out of Anti-Corruption Laws, Anti-Money Laundering Laws, or Sanctions; 

(x)    the L/C Issuer’s performance of the obligations of a confirming institution or entity that
wrongfully dishonors a confirmation; 
 (xi)    any foreign language translation provided to the L/C
Issuer in connection with any Letter of Credit; 
 (xii)    any foreign law or usage as it relates to the
L/C Issuer’s issuance of a Letter of Credit in support of a foreign guaranty including without limitation the expiration of such guaranty after the related Letter of Credit expiration date and any resulting drawing paid by the L/C Issuer in
connection therewith; or 
 (xiii)    the acts or omissions, whether rightful or wrongful, of any present
or future de jure or de facto governmental or regulatory authority or cause or event beyond the control of the Letter of Credit Related Person; 

provided, however, that such indemnity shall not be available to any Letter of Credit Related Person claiming indemnification
under clauses (i) through (x) above to the extent that such Letter of Credit Indemnified Costs may be finally determined in a final, non-appealable judgment of a court of competent jurisdiction to have
resulted directly from the gross negligence or willful misconduct of the Letter of Credit Related Person claiming indemnity. The Borrower hereby agrees to pay the Letter of Credit Related Person claiming indemnity on demand from time to time all
amounts owing under this Section 2.03(f). If and to the extent that the obligations of the Borrower under this Section 2.03(f) are unenforceable for any reason, the Borrower agrees to make the
maximum contribution to the Letter of Credit Indemnified Costs permissible under applicable Law. This indemnification provision shall survive termination of this Agreement and all Letters of Credit. 

(g)    The liability of the L/C Issuer (or any other Letter of Credit Related Person) under, in connection
with or arising out of any Letter of Credit (or pre-advice), regardless of the form or legal grounds of the action or proceeding, shall be limited to direct damages suffered by the Borrower that are caused
directly by the L/C Issuer’s gross negligence or willful misconduct in (i) honoring a presentation under a Letter of Credit that on its face does not at least substantially comply with the terms and conditions of such Letter of Credit,

  
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(ii) failing to honor a presentation under a Letter of Credit that strictly complies with the terms and conditions of such Letter of Credit or (iii) retaining Drawing Documents presented
under a Letter of Credit. The Borrower’s aggregate remedies against the L/C Issuer and any Letter of Credit Related Person for wrongfully honoring a presentation under any Letter of Credit or wrongfully retaining honored Drawing Documents shall
in no event exceed the aggregate amount paid by the Borrower to the L/C Issuer in respect of the honored presentation in connection with such Letter of Credit under Section 2.03(d), plus interest at the rate then applicable
to Base Rate Loans hereunder. The Borrower shall take action to avoid and mitigate the amount of any damages claimed against the L/C Issuer or any other Letter of Credit Related Person, including by enforcing its rights against the beneficiaries of
the Letters of Credit. Any claim by the Borrower under or in connection with any Letter of Credit shall be reduced by an amount equal to the sum of (x) the amount (if any) saved by the Borrower as a result of the breach or alleged wrongful
conduct complained of; and (y) the amount (if any) of the loss that would have been avoided had the Borrower taken all reasonable steps to mitigate any loss, and in case of a claim of wrongful dishonor, by specifically and timely authorizing
the L/C Issuer to effect a cure. 
 (h)    The Borrower shall be responsible for the final text of the
Letter of Credit as issued by the L/C Issuer, irrespective of any assistance the L/C Issuer may provide such as drafting or recommending text or by the L/C Issuer’s use or refusal to use text submitted by the Borrower. The Borrower understand
that the final form of any Letter of Credit may be subject to such revisions and changes as are deemed necessary or appropriate by the L/C Issuer, and Borrower hereby consent to such revisions and changes not materially different from the
application executed in connection therewith. The Borrower is solely responsible for the suitability of the Letter of Credit for the Borrower’s purposes. If the Borrower requests that the L/C Issuer issue a Letter of Credit for an affiliated or
unaffiliated third party (an “Account Party”), (i) such Account Party shall have no rights against the L/C Issuer; (ii) the Borrower shall be responsible for the application and obligations under this Agreement; and
(iii) communications (including notices) related to the respective Letter of Credit shall be among the L/C Issuer and the Borrower. The Borrower will examine the copy of the Letter of Credit and any other documents sent by the L/C Issuer in
connection therewith and shall promptly notify the L/C Issuer (not later than three (3) Business Days following the Borrower’s receipt of documents from the L/C Issuer) of any non-compliance with the
Borrower’s instructions and of any discrepancy in any document under any presentment or other irregularity. The Borrower understands and agree that the L/C Issuer is not required to extend the expiration date of any Letter of Credit for any
reason. With respect to any Letter of Credit containing an “automatic amendment” to extend the expiration date of such Letter of Credit, the L/C Issuer, in its sole and absolute discretion, may give notice of nonrenewal of such Letter of
Credit and, if the Borrower does not at any time want the then current expiration date of such Letter of Credit to be extended, the Borrower will so notify the Agent and the L/C Issuer at least 30 calendar days before the L/C Issuer is required to
notify the beneficiary of such Letter of Credit or any advising bank of such non-extension pursuant to the terms of such Letter of Credit. 

(i)    The Borrower’s reimbursement and payment obligations under this
Section 2.03 are absolute, unconditional and irrevocable and shall be performed strictly in 

  
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accordance with the terms of this Agreement under any and all circumstances whatsoever, including: 

(i)    any lack of validity, enforceability or legal effect of any Letter of Credit, any Issuer Document,
this Agreement or any Loan Document, or any term or provision therein or herein; 
 (ii)    payment
against presentation of any draft, demand or claim for payment under any Drawing Document that does not comply in whole or in part with the terms of the applicable Letter of Credit or which proves to be fraudulent, forged or invalid in any respect
or any statement therein being untrue or inaccurate in any respect, or which is signed, issued or presented by a Person or a transferee of such Person purporting to be a successor or transferee of the beneficiary of such Letter of Credit; 

(iii)    the L/C Issuer or any of its branches or Affiliates being the beneficiary of any Letter of Credit;

 (iv)    the L/C Issuer or any correspondent honoring a drawing against a Drawing Document up to the
amount available under any Letter of Credit even if such Drawing Document claims an amount in excess of the amount available under the Letter of Credit; 

(v)    the existence of any claim, set-off, defense or other right
that the Borrower or any of its Subsidiaries may have at any time against any beneficiary or transferee beneficiary, any assignee of proceeds, the L/C Issuer or any other Person; 

(vi)    the L/C Issuer or any correspondent honoring a drawing upon receipt of an electronic presentation
under a Letter of Credit requiring the same, regardless of whether the original Drawing Documents arrive at the L/C Issuer’s counters or are different from the electronic presentation; 

(vii)    any other event, circumstance or conduct whatsoever, whether or not similar to any of the
foregoing that might, but for this Section 2.03(i), constitute a legal or equitable defense to or discharge of, or provide a right of set-off against, the Borrower’s or any of
its Subsidiaries’ reimbursement and other payment obligations and liabilities, arising under, or in connection with, any Letter of Credit, whether against the L/C Issuer, the beneficiary or any other Person; or 

(viii)    the fact that any Default or Event of Default shall have occurred and be continuing; 

provided, however, that subject to Section 2.03(g) above, the foregoing shall not release the L/C
Issuer from such liability to the Borrower as may be finally determined in a final, non-appealable judgment of a court of competent jurisdiction against the L/C Issuer following reimbursement or payment of the
obligations and liabilities, including reimbursement and other payment obligations, of the Borrower to the L/C Issuer arising under, or in connection with, this Section 2.03 or any Letter of Credit. 

  
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 (j)    Without limiting any other provision of this
Agreement, the L/C Issuer and each other Letter of Credit Related Person (if applicable) shall not be responsible to the Borrower for, and the L/C Issuer’s rights and remedies against the Borrower and the obligation of the Borrower to reimburse
the L/C Issuer for each drawing under each Letter of Credit shall not be impaired by: 
 (i)    honor of
a presentation under any Letter of Credit that on its face substantially complies with the terms and conditions of such Letter of Credit, even if the Letter of Credit requires strict compliance by the beneficiary; 

(ii)    honor of a presentation of any Drawing Document that appears on its face to have been signed,
presented or issued (A) by any purported successor or transferee of any beneficiary or other Person required to sign, present or issue such Drawing Document or (B) under a new name of the beneficiary; 

(iii)    acceptance as a draft of any written or electronic demand or request for payment under a Letter of
Credit, even if nonnegotiable or not in the form of a draft or notwithstanding any requirement that such draft, demand or request bear any or adequate reference to the Letter of 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 Drawing Document (other than the L/C Issuer’s determination that such Drawing Document appears on its face substantially to comply with the terms and conditions of the Letter of Credit); 

(v)    acting upon any instruction or request relative to a Letter of Credit or requested Letter of Credit
that the L/C Issuer in good faith believes to have been given by a Person authorized to give such instruction or request; 

(vi)    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 or any delay in giving or failing to give notice to the Borrower; 

(vii)    any acts, omissions or fraud by, or the insolvency of, any beneficiary, any nominated person or
entity or any other Person or any breach of contract between any beneficiary and the Borrower or any of the parties to the underlying transaction to which the Letter of Credit relates; 

(viii)    assertion or waiver of any provision of the ISP or UCP that 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; 

  
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 (ix)    payment to any presenting bank (designated or
permitted by the terms of the applicable Letter of Credit) claiming that it rightfully honored or is entitled to reimbursement or indemnity under Standard Letter of Credit Practice applicable to it; 

(x)    acting or failing to act as required or permitted under Standard Letter of Credit Practice
applicable to where the L/C Issuer has issued, confirmed, advised or negotiated such Letter of Credit, as the case may be; 

(xi)    honor of a presentation after the expiration date of any Letter of Credit notwithstanding that a
presentation was made prior to such expiration date and dishonored by the L/C Issuer if subsequently the L/C Issuer or any court or other finder of fact determines such presentation should have been honored; 

(xii)    dishonor of any presentation that does not strictly comply or that is fraudulent, forged or
otherwise not entitled to honor; or 
 (xiii)    honor of a presentation that is subsequently determined
by the L/C Issuer to have been made in violation of international, federal, state or local restrictions on the transaction of business with certain prohibited Persons. 

(k)    Upon the request of the Agent, (i) if the L/C Issuer has honored any full or partial drawing
request under any Letter of Credit and such drawing has resulted in an L/C Obligation that remains outstanding, or (ii) if, as of the Letter of Credit Expiration Date, any L/C Obligation for any reason remains outstanding, the Borrower shall,
in each case, immediately Cash Collateralize the then Outstanding Amount of all L/C Obligations. Sections 2.05 and 8.02(c) set forth certain additional requirements to deliver Cash Collateral hereunder. For purposes of this
Section 2.03, Section 2.05 and Section 8.02(c), “Cash Collateralize” means to pledge and deposit with or deliver to the Agent, for the benefit of the L/C
Issuer and the Lenders, as collateral for the L/C Obligations, cash or deposit account balances in an amount equal to 105% of the Outstanding Amount of all L/C Obligations (other than L/C Obligations with respect to Letters of Credit denominated in
a currency other than Dollars, which L/C Obligations shall be Cash Collateralized in an amount equal to 107.5% of the Outstanding Amount of such L/C Obligations), pursuant to documentation in form and substance reasonably satisfactory to the Agent
and the L/C Issuer (which documents are hereby Consented to by the Lenders). The Borrower hereby grants to the Agent a security interest in all such cash, deposit accounts and all balances therein and all proceeds of the foregoing. Cash Collateral
shall be maintained in blocked, non-interest bearing deposit accounts at Wells Fargo. If at any time the Agent determines that any funds held as Cash Collateral are subject to any right or claim of any Person
other than the Agent or that the total amount of such funds is less than the aggregate Outstanding Amount of all L/C Obligations, the Borrower will, forthwith upon demand by the Agent, pay to the Agent, as additional funds to be deposited as Cash
Collateral, an amount equal to the excess of (x) such aggregate Outstanding Amount over (y) the total amount of funds, if any, then held as Cash Collateral that the Agent determines to be free and clear of any such right and claim. Upon
the drawing of any Letter of Credit for which funds are on deposit as Cash Collateral, such funds shall be applied, to the extent permitted under applicable Laws, to reimburse the L/C Issuer and, to the extent not so applied, shall thereafter be
applied to satisfy other Obligations. 

  
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 (l)    The Borrower shall pay to the Agent for the
account of each Lender in accordance with its Applicable Percentage a Letter of Credit fee (the “Letter of Credit Fee”) for each Letter of Credit equal to the Applicable Margin times the daily Stated Amount under each such Letter of
Credit (whether or not such maximum amount is then in effect under such Letter of Credit). For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of the Letter of Credit shall be determined in
accordance with Section 1.06. Letter of Credit Fees shall be (i) due and payable on the first day after the end of each month commencing with the first such date to occur after the issuance of such Letter of Credit,
and after the Letter of Credit Expiration Date, on demand, and (ii) computed on a monthly basis in arrears. Notwithstanding anything to the contrary contained herein, while any Event of Default exists, all Letter of Credit Fees shall accrue at
the Default Rate as provided in Section 2.08(b) hereof. 
 (m)    In addition
to the Letter of Credit Fees as set forth in Section 2.03(l) above, the Borrower shall pay immediately upon demand to the Agent for the account of the L/C Issuer as non-refundable
fees, commissions, and charges (it being acknowledged and agreed that any charging of such fees, commissions, and charges to the Loan Account pursuant to the provisions of Section 2.02(d) shall be deemed to constitute a
demand for payment thereof for the purposes of this Section 2.03(m)): (i) a fronting fee which shall be imposed by the L/C Issuer equal to 0.125% per annum times the average amount of the L/C Obligations during the
immediately preceding month, plus (ii) any and all other customary commissions, fees and charges then in effect imposed by, and any and all expenses incurred by, the L/C Issuer, or by any adviser, confirming institution or entity
or other nominated person, relating to Letters of Credit, at the time of issuance of any Letter of Credit and upon the occurrence of any other activity with respect to any Letter of Credit (including transfers, assignments of proceeds, amendments,
drawings, renewals or cancellations). 
 (n)    Unless otherwise expressly agreed by the L/C Issuer and
the Borrower when a Letter of Credit is issued (including any such agreement applicable to an Existing Letter of Credit), (i) the rules of the ISP shall apply to each Standby Letter of Credit, and (ii) the rules of the UCP shall apply to each
Commercial Letter of Credit. 
 (o)    The L/C Issuer shall be deemed to have acted with due diligence
and reasonable care if the L/C Issuer’s conduct is in accordance with Standard Letter of Credit Practice or in accordance with this Agreement. 

(p)    The L/C Issuer shall act on behalf of the Lenders with respect to any Letters of Credit issued by it
and the documents associated therewith, and the L/C Issuer shall have all of the benefits and immunities (A) provided to the Agent in Article IX with respect to any acts taken or omissions suffered by the L/C Issuer in connection with
Letters of Credit issued by it or proposed to be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term “Agent” as used in Article IX included the L/C Issuer with respect to such acts or
omissions, and (B) as additionally provided herein with respect to the L/C Issuer. 

  
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 (q)    In the event of a direct conflict between the
provisions of this Section 2.03 and any provision contained in any Issuer Document, it is the intention of the parties hereto that such provisions be read together and construed, to the fullest extent possible, to be in
concert with each other. In the event of any actual, irreconcilable conflict that cannot be resolved as aforesaid, the terms and provisions of this Section 2.03 shall control and govern. 

(r)    The provisions of this Section 2.03 shall survive the termination of this
Agreement and the repayment in full of the Obligations with respect to any Letters of Credit that remain outstanding. 

(s)    At the Borrower’s costs and expense, the Borrower shall execute and deliver to the L/C Issuer
such additional certificates, instruments and/or documents and take such additional action as may be reasonably requested by the L/C Issuer to enable the L/C Issuer to issue any Letter of Credit pursuant to this Agreement and related Issuer
Document, to protect, exercise and/or enforce the L/C Issuer’s rights and interests under this Agreement or to give effect to the terms and provisions of this Agreement or any Issuer Document. Each Borrower irrevocably appoints the L/C Issuer
as its attorney-in-fact and authorizes the L/C Issuer, without notice to the Borrower, to execute and deliver ancillary documents and letters customary in the letter of
credit business that may include but are not limited to advisements, indemnities, checks, bills of exchange and issuance documents. The power of attorney granted by the Borrower is limited solely to such actions related to the issuance, confirmation
or amendment of any Letter of Credit and to ancillary documents or letters customary in the letter of credit business. This appointment is coupled with an interest. 

2.04    Swing Line Loans. 

(a)    The Swing Line. Subject to the terms and conditions set forth herein, the Swing Line Lender
may, in reliance upon the agreements of the other Lenders set forth in this Section 2.04, make loans (each such loan, a “Swing Line Loan”) to the Borrower from time to time on any Business Day during the
Availability Period in an aggregate amount not to exceed at any time outstanding the amount of the Swing Line Sublimit, notwithstanding the fact that such Swing Line Loans, when aggregated with the Applicable Percentage of the Outstanding Amount of
Committed Loans and L/C Obligations of the Lender acting as Swing Line Lender, may exceed the amount of such Lender’s Commitment; provided, however, that after giving effect to any Swing Line Loan, (i) the Total Outstandings
shall not exceed Loan Cap, and (ii) the aggregate Outstanding Amount of the Committed Loans of any Lender at such time, plus such Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations at such time, plus such
Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans at such time shall not exceed such Lender’s Commitment, and provided, further, that the Borrower shall not use the proceeds of any Swing Line
Loan to refinance any outstanding Swing Line Loan. Within the foregoing limits, and subject to the other terms and 

  
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conditions hereof, the Borrower may borrow under this Section 2.04, prepay under Section 2.05, and reborrow under this
Section 2.04. Each Swing Line Loan shall bear interest only at the rate applicable to Base Rate Loans. Immediately upon the making of a Swing Line Loan, each Lender shall be deemed to, and hereby irrevocably and
unconditionally agrees to, purchase from the Swing Line Lender a risk participation in such Swing Line Loan in an amount equal to the product of such Lender’s Applicable Percentage times the amount of such Swing Line Loan. The Swing Line
Lender shall have all of the benefits and immunities (A) provided to the Agent in Article IX with respect to any acts taken or omissions suffered by the Swing Line Lender in connection with Swing Line Loans made by it or proposed to be
made by it as if the term “Agent” as used in Article IX included the Swing Line Lender with respect to such acts or omissions, and (B) as additionally provided herein with respect to the Swing Line Lender. 

(b)    Borrowing Procedures. Each Swing Line Borrowing shall be made upon the Borrower’s
irrevocable notice to the Swing Line Lender and the Agent, which may be given by telephone. Each such notice must be received by the Swing Line Lender and the Agent not later than 1:00 p.m. on the requested borrowing date, and shall specify
(i) the amount to be borrowed, which shall be a minimum of $100,000, and (ii) the requested borrowing date, which shall be a Business Day. Each such telephonic notice must be confirmed promptly by delivery to the Swing Line Lender and the
Agent of a written Swing Line Loan Notice, appropriately completed and signed by a Responsible Officer of the Borrower. Promptly after receipt by the Swing Line Lender of any telephonic Swing Line Loan Notice, the Swing Line Lender will confirm with
the Agent (by telephone or in writing) that the Agent has also received such Swing Line Loan Notice and, if not, the Swing Line Lender will notify the Agent (by telephone or in writing) of the contents thereof. Unless the Swing Line Lender has
received notice (by telephone or in writing) from the Agent at the request of the Required Lenders prior to 2:00 p.m. on the date of the proposed Swing Line Borrowing (A) directing the Swing Line Lender not to make such Swing Line Loan as a
result of the limitations set forth in the proviso to the first sentence of Section 2.04(a), or (B) that one or more of the applicable conditions specified in Article IV is not then satisfied, then, subject to
the terms and conditions hereof, the Swing Line Lender may, not later than 3:00 p.m. on the borrowing date specified in such Swing Line Loan Notice, make the amount of its Swing Line Loan available to the Borrower at its office by crediting the
account of the Borrower on the books of the Swing Line Lender in immediately available funds. 

(c)    Refinancing of Swing Line Loans. 

(i)    The Swing Line Lender at any time in its sole and absolute discretion may request, on behalf of the
Borrower (which hereby irrevocably authorize the Swing Line Lender to so request on their behalf), that each Lender make a Base Rate Loan in an amount equal to such Lender’s Applicable Percentage of the amount of Swing Line Loans then
outstanding. Such request shall be made in accordance with the requirements of Section 2.02, without regard to the minimum and multiples specified therein for the principal amount of Base Rate Loans, but subject to the
unutilized portion of the Loan Cap and the conditions set forth in Section 4.02. Each Lender shall make an amount equal to its Applicable 

  
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Percentage of the amount of such outstanding Swing Line Loan available to the Agent in immediately available funds for the account of the Swing Line Lender at the Agent’s Office not later
than 1:00 p.m. on the day specified by the Swing Line Lender, whereupon, subject to Section 2.04(c)(ii), each Lender that so makes funds available shall be deemed to have made a Base Rate Loan to the Borrower in such
amount. The Agent shall remit the funds so received to the Swing Line Lender. 
 (ii)    If for any
reason any Swing Line Loan cannot be refinanced by such a Committed Borrowing in accordance with Section 2.04(c)(i), the request for Base Rate Loans submitted by the Swing Line Lender as set forth herein shall be deemed to
be a request by the Swing Line Lender that each of the Lenders fund its risk participation in the relevant Swing Line Loan and each Lender’s payment to the Agent for the account of the Swing Line Lender pursuant to
Section 2.04(c)(i) shall be deemed payment in respect of such participation. 

(iii)    If any Lender fails to make available to the Agent for the account of the Swing Line Lender any
amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c) by the time specified in Section 2.04(c)(i), the Swing Line Lender shall be entitled to
recover from such Lender (acting through the Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the Swing Line Lender at a rate per
annum equal to the greater of the Federal Funds Rate and a rate determined by the Swing Line Lender in accordance with banking industry rules on interbank compensation plus any administrative, processing or similar fees customarily charged by the
Swing Line Lender in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Committed Loan included in the relevant Committed Borrowing or funded
participation in the relevant Swing Line Loan, as the case may be. A certificate of the Swing Line Lender submitted to any Lender (through the Agent) with respect to any amounts owing under this clause (iii) shall be conclusive absent manifest
error. 
 (iv)    Each Lender’s obligation to make Committed Loans or to purchase and fund risk
participations in Swing Line Loans pursuant to this Section 2.04(c) shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or
other right which such Lender may have against the Swing Line Lender, the Borrower or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default or an Event of Default, or (C) any other occurrence, event or
condition, whether or not similar to any of the foregoing; provided, however, that each Lender’s obligation to make Committed Loans pursuant to this Section 2.04(c) is subject to the conditions set forth
in Section 4.02. No such funding of risk participations shall relieve or otherwise impair the obligation of the Borrower to repay Swing Line Loans, together with interest as provided herein. 

  
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 (d)    Repayment of Participations. 

(i)    At any time after any Lender has purchased and funded a risk participation in a Swing Line Loan, if
the Swing Line Lender receives any payment on account of such Swing Line Loan, the Swing Line Lender will distribute to such Lender its Applicable Percentage of such payment (appropriately adjusted, in the case of interest payments, to reflect the
period of time during which such Lender’s risk participation was funded) in the same funds as those received by the Swing Line Lender. 

(ii)    If any payment received by the Swing Line Lender in respect of principal or interest on any Swing
Line Loan is required to be returned by the Swing Line Lender under any of the circumstances described in Section 10.05 (including pursuant to any settlement entered into by the Swing Line Lender in its discretion), each
Lender shall pay to the Swing Line Lender its Applicable Percentage thereof on demand of the Agent, plus interest thereon from the date of such demand to the date such amount is returned, at a rate per annum equal to the Federal Funds Rate. The
Agent will make such demand upon the request of the Swing Line Lender. The obligations of the Lenders under this clause shall survive the payment in full of the Obligations and the termination of this Agreement. 

(e)    Interest for Account of Swing Line Lender. The Swing Line Lender shall be responsible for
invoicing the Borrower for interest on the Swing Line Loans. Until each Lender funds its Base Rate Loan or risk participation pursuant to this Section 2.04 to refinance such Lender’s Applicable Percentage of any Swing
Line Loan, interest in respect of such Applicable Percentage shall be solely for the account of the Swing Line Lender. 

(f)    Payments Directly to Swing Line Lender. The Borrower shall make all payments of principal and
interest in respect of the Swing Line Loans directly to the Swing Line Lender. 
 2.05    Prepayments. 

(a)    The Borrower may, upon irrevocable notice from the Borrower to the Agent, at any time or from time
to time voluntarily prepay Committed Loans in whole or in part without premium or penalty; provided that (i) such notice must be received by the Agent not later than 11:00 a.m. (A) three Business Days prior to any date of prepayment
of LIBOR Rate Loans and (B) on the date of prepayment of Base Rate Loans; (ii) any prepayment of LIBOR Rate Loans shall be in a principal amount of $1,000,000 or a whole multiple of $250,000 in excess thereof; and (iii) unless a Cash
Dominion Event has occurred and is continuing, any prepayment of Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof or, in each case, if less, the entire principal amount thereof then
outstanding. Each such notice shall specify the date and amount of such prepayment and the Type(s) of Loans to be prepaid and, if LIBOR Rate Loans, the Interest Period(s) of such Loans. The Agent will promptly notify each Lender of its receipt of
each such notice, and of the amount of such Lender’s Applicable Percentage of such prepayment. If such notice is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and
payable on the date specified therein. Any prepayment of a LIBOR Rate 

  
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Loan shall be accompanied by all accrued interest on the amount prepaid, together with any additional amounts required pursuant to Section 3.05. Each such prepayment
shall be applied to the Committed Loans of the Lenders in accordance with their respective Applicable Percentages. 

(b)    The Borrower may, upon irrevocable notice from the Borrower to the Swing Line Lender (with a copy to
the Agent), at any time or from time to time, voluntarily prepay Swing Line Loans in whole or in part without premium or penalty; provided that (i) such notice must be received by the Swing Line Lender and the Agent not later than 1:00
p.m. on the date of the prepayment, and (ii) any such prepayment shall be in a minimum principal amount of $100,000. Each such notice shall specify the date and amount of such prepayment. If such notice is given by the Borrower, the Borrower
shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein. 

(c)    If for any reason the Total Outstandings at any time exceed the Loan Cap as then in effect, the
Borrower shall immediately prepay Loans, Swing Line Loans and/or Cash Collateralize the L/C Obligations in an aggregate amount equal to such excess; provided, however, that the Borrower shall not be required to Cash Collateralize the
L/C Obligations pursuant to this Section 2.05(c) unless after the prepayment in full of the Loans the Total Outstandings exceed the Loan Cap as then in effect. 

(d)    After the occurrence and during the continuance of a Cash Dominion Event, the Borrower shall prepay
the Loans and Cash Collateralize the L/C Obligations with the proceeds and collections received by the Loan Parties to the extent so required under the provisions of Section 6.13 hereof. 

(e)    Prepayments made pursuant to Section 2.05(c) and (d) above,
first, shall be applied to the Swing Line Loans, second, shall be applied ratably to the outstanding Committed Loans, third, shall be used to Cash Collateralize the remaining L/C Obligations; and, fourth, the amount
remaining, if any, after the prepayment in full of all Swing Line Loans and Committed Loans outstanding at such time and the Cash Collateralization of the remaining L/C Obligations in full may be retained by the Borrower for use in the ordinary
course of its business. Upon the drawing of any Letter of Credit that has been Cash Collateralized, the funds held as Cash Collateral shall be applied (without any further action by or notice to or from the Borrower or any other Loan Party) to
reimburse the L/C Issuer or the Lenders, as applicable. 
 2.06    Termination or Reduction of Commitments 

(a)    The Borrower may, upon irrevocable notice from the Borrower to the Agent, terminate the Aggregate
Commitments, the Letter of Credit Sublimit or the Swing Line Sublimit or from time to time permanently reduce the Aggregate Commitments, the Letter of Credit Sublimit or the Swing Line Sublimit; provided that (i) any such notice shall be
received by the Agent not later than 11:00 a.m. five Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $10,000,000 or any whole multiple of $250,000 in excess
thereof, (iii) the Borrower shall 

  
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not terminate or reduce (A) the Aggregate Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Outstandings would exceed the Aggregate
Commitments, (B) the Letter of Credit Sublimit if, after giving effect thereto, the Outstanding Amount of L/C Obligations not fully Cash Collateralized hereunder would exceed the Letter of Credit Sublimit, and (C) the Swing Line Sublimit
if, after giving effect thereto, and to any concurrent payments hereunder, the Outstanding Amount of Swing Line Loans hereunder would exceed the Swing Line Sublimit. 

(b)    If, after giving effect to any reduction of the Aggregate Commitments, the Letter of Credit Sublimit
or the Swing Line Sublimit exceeds the amount of the Aggregate Commitments, such Letter of Credit Sublimit or Swing Line Sublimit shall be automatically reduced by the amount of such excess. 

(c)    The Agent will promptly notify the Lenders of any termination or reduction of the Letter of Credit
Sublimit, Swing Line Sublimit or the Aggregate Commitments under this Section 2.06. Upon any reduction of the Aggregate Commitments, the Commitment of each Lender shall be reduced by such Lender’s Applicable Percentage
of such reduction amount. All fees (including, without limitation, unused line fees, and Letter of Credit Fees) and interest in respect of the Aggregate Commitments accrued until the effective date of any termination of the Aggregate Commitments
shall be paid on the effective date of such termination. 
 2.07    Repayment of Loans. 

(a)    If, as of the final Business Day of each weekly period starting from the first complete calendar
week after the Closing Date (for the avoidance of doubt, with the first such final Business Day being May 1, 2020), (A) the Outstanding Amount of all Loans is greater than $50,000,000 and (B) the Consolidated Cash Balance exceeds
$50,000,000 as of the end of such applicable Business Day, then the Borrower shall, on the next Business Day thereafter, prepay the Loans in an aggregate principal amount equal to such excess set forth in this clause (B). 

(b)    The Borrower shall repay to the Lenders on the Termination Date the aggregate principal amount of
Committed Loans outstanding on such date. 
 (c)    To the extent not previously paid, the Borrower shall
repay the outstanding balance of the Swing Line Loans on the Termination Date. 
 2.08    Interest. 

(a)    Subject to the provisions of Section 2.08(b) below, (i) each LIBOR
Rate Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the LIBOR Rate for such Interest Period plus the Applicable Margin; (ii) each Base Rate Loan shall bear
interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Margin; and (iii) each Swing Line Loan shall bear interest on the outstanding
principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Margin. 

  
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(b)        (i)     If any amount payable under any Loan Document is
not paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate
to the fullest extent permitted by applicable Laws. 
 (ii)    If any other Event of Default exists, then
the Agent may, and upon the request of the Required Lenders shall, notify the Borrower that all outstanding Obligations shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate and thereafter
such Obligations shall bear interest at the Default Rate to the fullest extent permitted by applicable Laws. 

(iii)    Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be
due and payable upon demand. 
 (c)    Interest on each Loan shall be due and payable in arrears on each
Interest Payment Date applicable thereto and at such other times as may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any
proceeding under any Debtor Relief Law. 
 2.09    Fees. In addition to certain fees described in subsections
(l) and (m) of Section 2.03: 
 (a)    Unused Line Fee. The
Borrower shall pay to the Agent for the account of each Lender in accordance with its Applicable Percentage, on the first day after the end of each fiscal month, commencing on May 4, 2020, and on the last day of the Availability Period, an
unused line fee on the actual daily amount by which the Aggregate Commitments exceed the Total Outstandings equal to (a) 0.375% per annum times the actual daily amount by which the Aggregate Commitments exceed the Total Outstandings during any month
(or portion thereof) when the Average Monthly Unused Percentage is greater than or equal to fifty percent (50%) and (b) 0.50% per annum times the actual daily amount by which the Aggregate Commitments exceed the Total Outstandings during any month
(or portion thereof) when the Average Monthly Unused Percentage is less than fifty percent (50%).    The unused line fee shall accrue at all times during the Availability Period, including at any time during which one or more of
the conditions in Article IV is not met. 
 (b)    Other Fees. The Borrower shall pay to
the Arrangers and the Agent, as applicable, for their own respective accounts fees in the amounts and at the times specified in the Fee Letters. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever. 

2.10    Computation of Interest and Fees. All computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed. Interest shall accrue on each outstanding Loan beginning, and including the day, such Loan is made and until (but not including) the day on which such Loan (or such portion
thereof) is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.12(a), bear interest for one day. Each determination by the Agent of an interest rate or fee
hereunder shall be conclusive and binding for all purposes, absent manifest error. 

  
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 2.11    Evidence of Debt. 

(a)    The Credit Extensions made by each Lender shall be evidenced by one or more accounts or records
maintained by the Agent (the “Loan Account”) in the ordinary course of business. In addition, each Lender may record in such Lender’s internal records, an appropriate notation evidencing the date and amount of each Loan from
such Lender, each payment and prepayment of principal of any such Loan, and each payment of interest, fees and other amounts due in connection with the Obligations due to such Lender. The accounts or records maintained by the Agent and each Lender
shall be conclusive absent manifest error of the amount of the Credit Extensions made by the Lenders to the Borrower and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise
affect the obligation of the Borrower hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Agent in respect of
such matters, the accounts and records of the Agent shall control in the absence of manifest error. Upon the request of any Lender made through the Agent, the Borrower shall execute and deliver to such Lender (through the Agent) a Note, which shall
evidence such Lender’s Loans in addition to such accounts or records. Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount and maturity of its Loans and payments with respect thereto. Upon
receipt of an affidavit of a Lender as to the loss, theft, destruction or mutilation of such Lender’s Note and upon cancellation of such Note, the Borrower will issue, in lieu thereof, a replacement Note in favor of such Lender, in the same
principal amount thereof and otherwise of like tenor. 
 (b)    In addition to the accounts and records
referred to in Section 2.11(a), each Lender and the Agent shall maintain in accordance with its usual practice accounts or records evidencing the purchases and sales by such Lender of participations in Letters of Credit and
Swing Line Loans. In the event of any conflict between the accounts and records maintained by the Agent and the accounts and records of any Lender in respect of such matters, the accounts and records of the Agent shall control in the absence of
manifest error. 
 2.12    Payments Generally; Agent’s Clawback. 

(a)    General. All payments to be made by the Borrower shall be made without condition or deduction
for any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments by the Borrower hereunder shall be made to the Agent, for the account of the respective Lenders to which such payment is owed, at the
Agent’s Office in Dollars and in immediately available funds not later than 2:00 p.m. on the date specified herein. Subject to Section 2.14 hereof, the Agent will promptly distribute to each Lender its Applicable
Percentage (or other applicable share as provided herein) of such payment in like funds as received by wire transfer to such Lender’s Lending Office. All payments received by the Agent after 2:00 p.m., at the option of the Agent, shall be
deemed received on the next succeeding Business Day and any 

  
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applicable interest or fee shall continue to accrue. If any payment to be made by the Borrower shall come due on a day other than a Business Day, payment shall be made on the next following
Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be. 

(b)        (i)     Funding by Lenders; Presumption by Agent. Unless
the Agent shall have received notice from a Lender prior to the proposed date of any Borrowing of LIBOR Rate Loans (or in the case of any Borrowing of Base Rate Loans, prior to 12:00 noon on the date of such Borrowing) that such Lender will not make
available to the Agent such Lender’s share of such Borrowing, the Agent may assume that such Lender has made such share available on such date in accordance with Section 2.02 (or in the case of a Borrowing of Base Rate
Loans, that such Lender has made such share available in accordance with and at the time required by Section 2.02) and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such
event, if a Lender has not in fact made its share of the applicable Committed Borrowing available to the Agent, then the applicable Lender and the Borrower severally agree to pay to the Agent forthwith on demand such corresponding amount in
immediately available funds with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Agent, at (A) in the case of a payment to be made by such
Lender, the greater of the Federal Funds Rate and a rate determined by the Agent in accordance with banking industry rules on interbank compensation plus any administrative processing or similar fees customarily charged by the Agent in connection
with the foregoing, and (B) in the case of a payment to be made by the Borrower, the interest rate applicable to Base Rate Loans. If the Borrower and such Lender shall pay such interest to the Agent for the same or an overlapping period, the
Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If such Lender pays its share of the applicable Committed Borrowing to the Agent, then the amount so paid shall constitute such
Lender’s Committed Loan included in such Committed Borrowing. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the Agent. 

(ii)    Payments by Borrower; Presumptions by Agent. Unless the Agent shall have received notice
from the Borrower prior to the time at which any payment is due to the Agent for the account of the Lenders or the L/C Issuer hereunder that the Borrower will not make such payment, the Agent may assume that the Borrower has made such payment on
such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the L/C Issuer, as the case may be, the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders
or the L/C Issuer, as the case may be, severally agrees to repay to the Agent forthwith on demand the amount so distributed to such Lender or the L/C Issuer, in immediately available funds 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 Agent, at the greater of the Federal Funds Rate and a rate determined by the Agent in accordance with banking industry rules on interbank compensation. 

  
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 A notice of the Agent to any Lender or the Borrower with respect to any amount owing under
this subsection (b) shall be conclusive, absent manifest error. 
 (c)    Failure to
Satisfy Conditions Precedent. If any Lender makes available to the Agent funds for any Loan to be made by such Lender as provided in the foregoing provisions of this Article II, and such funds are not made available to the Borrower by the
Agent because the conditions to the applicable Credit Extension set forth in Article IV are not satisfied or waived in accordance with the terms hereof (subject to the provisions of the last paragraph of Section 4.02
hereof), the Agent shall return such funds (in like funds as received from such Lender) to such Lender, without interest. 

(d)    Obligations of Lenders Several. The obligations of the Lenders hereunder to make Committed
Loans, to fund participations in Letters of Credit and Swing Line Loans and to make payments hereunder are several and not joint. The failure of any Lender to make any Committed Loan, to fund any such participation or to make any payment hereunder
on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its Committed Loan, to purchase its
participation or to make its payment hereunder. 
 (e)    Funding Source. Nothing herein shall be
deemed to obligate any Lender to obtain the funds for any Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner. 

2.13    Sharing of Payments by Lenders. If any Credit Party shall, by exercising any right of setoff or
counterclaim or otherwise, obtain payment in respect of any principal of, interest on, or other amounts with respect to, any of the Obligations resulting in such Lender’s receiving payment of a proportion of the aggregate amount of such
Obligations greater than its pro rata share thereof as provided herein (including as in contravention of the priorities of payment set forth in Section 8.03), then the Credit Party receiving such greater
proportion shall (a) notify the Agent of such fact, and (b) purchase (for cash at face value) participations in the Obligations of the other Credit Parties, or make such other adjustments as shall be equitable, so that the benefit of all
such payments shall be shared by the Credit Parties ratably and in the priorities set forth in Section 8.03, provided that: 

(i)    if any such participations or subparticipations are purchased and all or any portion of the payment
giving rise thereto is recovered, such participations or subparticipations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and 

(ii)    the provisions of this Section shall not be construed to apply to (x) any payment made by the
Loan Parties pursuant to and in accordance with the express terms of this Agreement or (y) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Committed Loans or subparticipations in
L/C Obligations or Swing Line Loans to any assignee or participant, other than to the Borrower or any Subsidiary thereof (as to which the provisions of this Section shall apply). 

  
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 Each Loan Party 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 Loan Party rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct
creditor of such Loan Party in the amount of such participation. 
 2.14    Settlement Amongst Lenders 

(a)    The amount of each Lender’s Applicable Percentage of outstanding Loans (including outstanding
Swing Line Loans), shall be computed weekly (or more frequently in the Agent’s discretion) and shall be adjusted upward or downward based on all Loans (including Swing Line Loans) and repayments of Loans (including Swing Line Loans) received by
the Agent as of 3:00 p.m. on the first Business Day (such date, the “Settlement Date”) following the end of the period specified by the Agent. 

(b)    The Agent shall deliver to each of the Lenders promptly after a Settlement Date a summary statement
of the amount of outstanding Committed Loans and Swing Line Loans for the period and the amount of repayments received for the period. As reflected on the summary statement, (i) the Agent shall transfer to each Lender its Applicable Percentage
of repayments, and (ii) each Lender shall transfer to the Agent (as provided below) or the Agent shall transfer to each Lender, such amounts as are necessary to insure that, after giving effect to all such transfers, the amount of Committed
Loans made by each Lender shall be equal to such Lender’s Applicable Percentage of all Committed Loans outstanding as of such Settlement Date. If the summary statement requires transfers to be made to the Agent by the Lenders and is received
prior to 1:00 p.m. on a Business Day, such transfers shall be made in immediately available funds no later than 3:00 p.m. that day; and, if received after 1:00 p.m., then no later than 3:00 p.m. on the next Business Day. The obligation of each
Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Agent. If and to the extent any Lender shall not have so made its transfer to the Agent, such Lender agrees to pay to the Agent, forthwith on
demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Agent in accordance with banking industry
rules on interbank compensation plus any administrative, processing, or similar fees customarily charged by the Agent in connection with the foregoing. 

2.15    Increase in Commitments. 

(i)    Request for Increase. Provided no Default or Event of Default then exists or would arise
therefrom, upon notice to the Agent (which shall promptly notify the Lenders), the Borrower may from time to time request an increase in the Aggregate Commitments by an amount (for all such requests) not exceeding $150,000,000 (the
“Commitment Increases”); provided that (i) any such request for an increase shall be in a minimum amount of $25,000,000, (ii) the Borrower may 

  
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make a maximum of six such requests, and (iii) the amount of the Aggregate Commitments, as the same may be increased pursuant to this Section 2.15, shall not exceed
$375,000,000 at any time. At the time of sending such notice, the Borrower (in consultation with the Agent) shall specify the time period within which each Lender is requested to respond (which shall in no event be less than ten Business Days from
the date of delivery of such notice to the Lenders). 
 (ii)    Lender Elections to Increase. Each
Lender shall notify the Agent within such time period whether or not it agrees to increase its Commitment and, if so, whether by an amount equal to, greater than, or less than its Applicable Percentage of such requested increase. Any Lender not
responding within such time period shall be deemed to have declined to increase its Commitment. 

(iii)    Notification by Agent; Additional Lenders. The Agent shall notify the Borrower and each
Lender of the Lenders’ responses to each request made hereunder. To achieve the full amount of a requested increase and subject to the approval of the Agent, the L/C Issuer and the Swing Line Lender (which approvals shall not be unreasonably
withheld), to the extent that the existing Lenders decline to increase their Commitments, or decline to increase their Commitments to the amount requested by the Borrower, the Agent, in consultation with the Borrower, will use its reasonable efforts
to arrange for other Eligible Assignees to become a Lender hereunder and to issue commitments in an amount equal to the amount of the increase in the Aggregate Commitments requested by the Borrower and not accepted by the existing Lenders (and the
Borrower may also invite additional Eligible Assignees to become Lenders) (each, an “Additional Commitment Lender”), provided, however, that without the consent of the Agent, at no time shall the Commitment of any Additional
Commitment Lender be less than $25,000,000.
 (iv)    Effective Date and Allocations. If the
Aggregate Commitments are increased in accordance with this Section, the Agent, in consultation with the Borrower, shall determine the effective date (the “Increase Effective Date”) and the final allocation of such increase. The
Agent shall promptly notify the Borrower and the Lenders of the final allocation of such increase and the Increase Effective Date and on the Increase Effective Date (i) the Aggregate Commitments under, and for all purposes of, this Agreement
shall be increased by the aggregate amount of such Commitment Increases, and (ii) Schedule 2.01 shall be deemed modified, without further action, to reflect the revised Commitments and Applicable Percentages of the Lenders. 

(b)    Conditions to Effectiveness of Commitment Increase. As a condition precedent to such
Commitment Increase, (i) the Borrower shall deliver to the Agent a certificate of each Loan Party dated as of the Increase Effective Date (in sufficient copies for each Lender) signed by a Responsible Officer of such Loan Party
(A) certifying and attaching the resolutions adopted by such Loan Party approving or consenting to such Commitment Increase, and (B) in the case of the Borrower, certifying that, before and after giving effect to such Commitment Increase,
(1) the representations and warranties contained in Article V and the other Loan Documents are true and correct on and as of the 

  
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Increase Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date, and
except that for purposes of this Section 2.15, the representations and warranties contained in subsections (a) and (b) of Section 5.05 shall be deemed to refer to the most recent
statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01, and (2) no Default or Event of Default exists or would arise therefrom, (ii) the Borrower, the Agent, and any
Additional Commitment Lender shall have executed and delivered a Joinder to the Loan Documents in such form as the Agent shall reasonably require; (iii) the Borrower shall have paid such fees and other compensation to the Additional Commitment
Lenders as the Borrower and such Additional Commitment Lenders shall agree; (iv) the Borrower shall have paid such arrangement fees to the Agent as the Borrower and the Agent may agree; (v) if requested by the Agent, the Borrower shall
deliver to the Agent and the Lenders an opinion or opinions, in form and substance reasonably satisfactory to the Agent, from counsel to the Borrower reasonably satisfactory to the Agent and dated such date; (vi) the Borrower and the Additional
Commitment Lender shall have delivered such other instruments, documents and agreements as the Agent may reasonably have requested; and (vii) no Default or Event of Default exists. The Borrower shall prepay any Committed Loans outstanding on
the Increase Effective Date (and pay any additional amounts required pursuant to Section 2.05) to the extent necessary to keep the outstanding Committed Loans ratable with any revised Applicable Percentages arising from any
nonratable increase in the Commitments under this Section. 
 (c)    Conflicting Provisions. This
Section shall supersede any provisions in Sections 2.13 or 10.01 to the contrary. 
 ARTICLE III 

TAXES, YIELD PROTECTION AND ILLEGALITY 

3.01    Taxes. 

(a)    Payments Free of Taxes. Any and all payments by or on account of any obligation of the
Borrower hereunder or under any other Loan Document shall be made free and clear of and without reduction or withholding for any Indemnified Taxes or Other Taxes, provided that if the Borrower shall be required by applicable law to deduct any
Indemnified Taxes (including any Other Taxes) from such payments, then (i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this
Section) the Agent, Lender or L/C Issuer, as the case may be, receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Borrower shall make such deductions and (iii) the Borrower shall timely pay
the full amount deducted to the relevant Governmental Authority in accordance with applicable law. 

(b)    Payment of Other Taxes by the Borrower. Without limiting the provisions of subsection
(a) above, the Borrower shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law. 

  
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 (c)    Indemnification by the Loan Parties. The
Loan Parties shall indemnify the Agent, each Lender and the L/C Issuer, within 10 days after demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or
attributable to amounts payable under this Section) paid by the Agent, such Lender or the L/C Issuer, as the case may be, 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 Borrower by a Lender or the L/C Issuer (with a copy to the
Agent), or by the Agent on its own behalf or on behalf of the Agent, a Lender or the L/C Issuer, shall be conclusive absent manifest error. 

(d)    Evidence of Payments. As soon as practicable after any payment of Indemnified Taxes or Other
Taxes by the Borrower to a Governmental Authority, the Borrower shall deliver to the 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 Agent. 
 (e)    Status of Lenders.
Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction in which the Borrower is resident for tax purposes, or any treaty to which such jurisdiction is a party, with respect to
payments hereunder or under any other Loan Document shall deliver to the Borrower (with a copy to the Agent), at the time or times prescribed by applicable law or reasonably requested by the Borrower or the Agent, such properly completed and
executed documentation prescribed by applicable law as will permit such payments to be made without withholding or at a reduced rate of withholding. Such delivery shall be provided on the Closing Date and on or before such documentation expires or
becomes obsolete or after the occurrence of an event requiring a change in the documentation most recently delivered. In addition, any Lender, if requested by the Borrower or the Agent, shall deliver such other documentation prescribed by applicable
law or reasonably requested by the Borrower or the Agent as will enable the Borrower or the Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. 

Without limiting the generality of the foregoing, in the event that the Borrower is resident for tax purposes in the United States, any
Foreign Lender shall deliver to the Borrower and the Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter
upon the request of the Borrower or the Agent, but only if such Foreign Lender is legally entitled to do so), whichever of the following is applicable: 

(i)    duly completed copies of Internal Revenue Service Form
W-8BEN or W8BEN-E, as applicable, claiming eligibility for benefits of an income tax treaty to which the United States is a party, 

(ii)    duly completed copies of Internal Revenue Service Form
W-8ECI, 

  
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 (iii)    in the case of a Foreign Lender claiming the
benefits of the exemption for portfolio interest under section 881(c) of the Code, (x) a certificate to the effect that such Foreign Lender is not (A) a “bank” within the meaning of section 881(c)(3)(A) of the Code, (B) a
“10 percent shareholder” of the Borrower within the meaning of section 881(c)(3)(B) of the Code, or (C) a “controlled foreign corporation” described in section 881(c)(3)(C) of the Code and (y) duly completed copies
of Internal Revenue Service Form W-8BEN or W8BEN-E, as applicable, or 

(iv)    any other form prescribed by applicable law as a basis for claiming exemption from or a reduction
in United States Federal withholding tax duly completed together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower to determine the withholding or deduction required to be made. 

(f)    FATCA. If a payment made to a Lender under any Loan Document would be subject to U.S. federal
income 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 IRC, as applicable), such Lender shall deliver to
Agent (or, in the case of a Participant, to the Lender granting the participation only) at the time or times prescribed by law and at such time or times reasonably requested by Agent (or, in the case of a Participant, the Lender granting the
participation) such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the IRC) and such additional documentation reasonably requested by Agent (or, in the case of a Participant, the Lender
granting the participation) as may be necessary for Agent or Borrower to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct
and withhold from such payment. Solely for purposes of this subsection (f) “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 

(g)    Treatment of Certain Refunds. If the Agent, any Lender or the L/C Issuer determines, in its
reasonable discretion, that it has received a refund of any Taxes or Other Taxes as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid additional amounts pursuant to this Section, it shall pay to the
Borrower an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by the Borrower under this Section with respect to the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of the Agent, such Lender or the L/C Issuer, as the case may be, and without interest (other than any interest paid by the relevant Governmental
Authority with respect to such refund), provided that the Borrower, upon the request of the Agent, such Lender or the L/C Issuer, agree to repay the amount paid over to the Borrower (plus any penalties, interest or other charges imposed by
the relevant Governmental Authority) to the Agent, such Lender or the L/C Issuer in the event the Agent, such Lender or the L/C Issuer is required to repay such refund to such Governmental Authority. This subsection shall not be construed to require
the Agent, any Lender or the L/C Issuer to make available its tax returns (or any other information relating to its taxes that it deems confidential) to the Borrower or any other Person. 

  
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 3.02    Illegality. If any Lender determines that any Law has
made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable Lending Office to make, maintain or fund LIBOR Rate Loans, or to determine or charge interest rates based upon the LIBOR Rate, or
any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars in the London interbank market, then, on notice thereof by such Lender to the Borrower through the
Agent, any obligation of such Lender to make or continue LIBOR Rate Loans or to convert Base Rate Loans to LIBOR Rate Loans shall be suspended until such Lender notifies the Agent and the Borrower that the circumstances giving rise to such
determination no longer exist. Upon receipt of such notice, the Borrower shall, upon demand from such Lender (with a copy to the Agent), prepay or, if applicable, convert all LIBOR Rate Loans of such Lender to Base Rate Loans, either on the last day
of the Interest Period therefor, if such Lender may lawfully continue to maintain such LIBOR Rate Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such LIBOR Rate Loans. Upon any such prepayment or conversion,
the Borrower shall also pay accrued interest on the amount so prepaid or converted. 
 3.03    Inability to Determine
Rates. If the Required Lenders determine that for any reason in connection with any request for a LIBOR Rate Loan or a conversion to or continuation thereof that (a) Dollar deposits are not being offered to banks in the London interbank
market for the applicable amount and Interest Period of such LIBOR Rate Loan, (b) adequate and reasonable means do not exist for determining the LIBOR Rate for any requested Interest Period with respect to a proposed LIBOR Rate Loan, or
(c) the LIBOR Rate for any requested Interest Period with respect to a proposed LIBOR Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan, the Agent will promptly so notify the Borrower and each
Lender. Thereafter, the obligation of the Lenders to make or maintain LIBOR Rate Loans shall be suspended until the Agent (upon the instruction of the Required Lenders) revokes such notice. Upon receipt of such notice, the Borrower may revoke any
pending request for a Borrowing of, conversion to or continuation of LIBOR Rate Loans or, failing that, will be deemed to have converted such request into a request for a Committed Borrowing of Base Rate Loans in the amount specified therein. 

3.04    Increased Costs; Reserves on LIBOR Rate Loans. 

(a)    Increased Costs Generally. If any Change in Law shall: 

(i)    impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or
similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement reflected in the LIBOR Rate) or the L/C Issuer; 

(ii)    subject any Lender or the L/C Issuer to any tax of any kind whatsoever with respect to this
Agreement, any Letter of Credit, any participation in a Letter of Credit or any LIBOR Rate Loan made by it, or change the basis of 

  
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taxation of payments to such Lender or the L/C Issuer in respect thereof (except for Indemnified Taxes or Other Taxes covered by Section 3.01 and the imposition of, or
any change in the rate of, any Excluded Tax payable by such Lender or the L/C Issuer); or 

(iii)    impose on any Lender or the L/C Issuer or the London interbank market any other condition, cost or
expense affecting this Agreement or LIBOR Rate Loans made by such Lender or any Letter of Credit or participation therein; 
 and the result of any of the
foregoing shall be to increase the cost to such Lender of making or maintaining any LIBOR Rate Loan (or of maintaining its obligation to make any such Loan), or to increase the cost to such Lender or the L/C Issuer of participating in, issuing or
maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender or the L/C Issuer hereunder (whether of principal,
interest or any other amount) then, upon request of such Lender or the L/C Issuer, the Borrower will pay to such Lender or the L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or the L/C Issuer, as the
case may be, for such additional costs incurred or reduction suffered. 
 (b)    Capital
Requirements. If any Lender or the L/C Issuer determines that any Change in Law affecting such Lender or the L/C Issuer or any Lending Office of such Lender or such Lender’s or the L/C Issuer’s holding company, if any, regarding
capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s or the L/C Issuer’s capital or on the capital of such Lender’s or the L/C Issuer’s holding company, if any, as a
consequence of this Agreement, the Commitments of such Lender or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by the L/C Issuer, to a level below that which such Lender or the L/C
Issuer or such Lender’s or the L/C Issuer’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or the L/C Issuer’s policies and the policies of such Lender’s or the L/C
Issuer’s holding company with respect to capital adequacy), then from time to time the Borrower will pay to such Lender or the L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or the L/C Issuer or
such Lender’s or the L/C Issuer’s holding company for any such reduction suffered. 

(c)    Certificates for Reimbursement. A certificate of a Lender or the L/C Issuer setting forth the
amount or amounts necessary to compensate such Lender or the L/C Issuer or its holding company, as the case may be, as specified in subsection (a) or (b) of this Section and delivered to the Borrower shall be conclusive absent
manifest error. The Borrower shall pay such Lender or the L/C Issuer, as the case may be, the amount shown as due on any such certificate within 10 days after receipt thereof. 

(d)    Delay in Requests. Failure or delay on the part of any Lender or the L/C Issuer to demand
compensation pursuant to the foregoing provisions of this Section shall not constitute a waiver of such Lender’s or the L/C Issuer’s right to demand such compensation, provided that the Borrower shall not be required to compensate a
Lender or the L/C Issuer pursuant to the foregoing provisions of this Section for any increased costs 

  
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incurred or reductions suffered more than nine months prior to the date that such Lender or the L/C Issuer, as the case may be, notifies the Borrower of the Change in Law giving rise to such
increased costs or reductions and of such Lender’s or the L/C Issuer’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine-month period
referred to above shall be extended to include the period of retroactive effect thereof). 

(e)    Reserves on LIBOR Rate Loans. The Borrower shall pay to each Lender, as long as such Lender
shall be required to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits (currently known as “Eurocurrency liabilities”), additional interest on the unpaid principal amount of
each LIBOR Rate Loan equal to the actual costs of such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive), which shall be due and payable on each date on which
interest is payable on such Loan, provided the Borrower shall have received at least 10 days’ prior notice (with a copy to the Agent) of such additional interest from such Lender. If a Lender fails to give notice 10 days prior to the
relevant Interest Payment Date, such additional interest shall be due and payable 10 days from receipt of such notice. 

3.05    Compensation for Losses. Upon demand of any Lender (with a copy to the Agent) from time to time, the
Borrower shall promptly compensate such Lender for and hold such Lender harmless from any loss, cost or expense incurred by it as a result of: 

(a)    any continuation, conversion, payment or prepayment of any Loan other than a Base Rate Loan on a day
other than the last day of the Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise); 

(b)    any failure by the Borrower (for a reason other than the failure of such Lender to make a Loan) to
prepay, borrow, continue or convert any Loan other than a Base Rate Loan on the date or in the amount notified by the Borrower; or 

(c)    any assignment of a LIBOR Rate Loan on a day other than the last day of the Interest Period therefor
as a result of a request by the Borrower pursuant to Section 10.13; 

(d)    including any loss of anticipated profits and any loss or expense arising from the liquidation or
reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained. The Borrower shall also pay any customary administrative fees charged by such Lender in connection with
the foregoing. 
 For purposes of calculating amounts payable by the Borrower to the Lenders under this
Section 3.05, each Lender shall be deemed to have funded each LIBOR Rate Loan made by it at the LIBOR Rate for such Loan by a matching deposit or other borrowing in the London interbank market for a comparable amount and
for a comparable period, whether or not such LIBOR Rate Loan was in fact so funded. 

  
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 3.06    Mitigation Obligations; Replacement of Lenders. 

(a)    Designation of a Different Lending Office. If any Lender requests compensation under
Section 3.04, or the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, or if any Lender gives a
notice pursuant to Section 3.02, 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 Section 3.01 or 3.04, as the case may be, in
the future, or eliminate the need for the notice pursuant to Section 3.02, as applicable, and (ii) in each case, would not subject such Lender to any unreimbursed cost or expense and would not otherwise be
disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 

(b)    Replacement of Lenders. If any Lender requests compensation under
Section 3.04, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, the Borrower may
replace such Lender in accordance with Section 10.13. 
 3.07    Survival. All of the
Borrower’s obligations under this Article III shall survive termination of the Aggregate Commitments and repayment of all other Obligations hereunder. 

ARTICLE IV 
 CONDITIONS
PRECEDENT TO CREDIT EXTENSIONS 
 4.01    Conditions of Initial Credit Extension. The obligation of the L/C
Issuer and each Lender to make any Credit Extension hereunder on the Closing Date is subject to satisfaction of the following conditions precedent: 

(a)    The Agent’s receipt of the following, each of which shall be originals, telecopies or other
electronic image scan transmission (e.g., “pdf” or “tif ” via e-mail) (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer of the
signing Loan Party or the Lenders, as applicable, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance satisfactory to the Agent: 

(i)    executed counterparts of this Agreement sufficient in number for distribution to the Agent, each
Lender and the Borrower; 
 (ii)    a Note executed by the Borrower in favor of each Lender requesting a
Note; 
 (iii)    such certificates of resolutions or other action, incumbency certificates and/or other
certificates of Responsible Officers of each Loan Party as the Agent may reasonably require evidencing (A) the authority of each Loan Party to enter into this Agreement and the other Loan Documents to which such Loan Party is a party or is to
become a party and (B) the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which such Loan Party is a party or is
to become a party; 

  
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 (iv)    copies of each Loan Party’s Organization
Documents and such other documents and certifications as the Agent may reasonably require to evidence that each Loan Party is duly organized or formed, and that each Loan Party is validly existing, in good standing and qualified to engage in
business in each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification, except to the extent that failure to so qualify in such jurisdiction would not reasonably be expected to
have a Material Adverse Effect; 
 (v)    a favorable opinion of Pepper Hamilton LLP, counsel to the Loan
Parties, addressed to the Agent and each Lender, as to such matters concerning the Loan Parties and the Loan Documents as the Agent may reasonably request; 

(vi)    a certificate signed by a Responsible Officer of the Borrower certifying (A) that the
conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since April 2, 2020 that has had or would be reasonably expected to have, either individually or in
the aggregate, a Material Adverse Effect, (C) to the Solvency of the Loan Parties as of the Closing Date after giving effect to the transactions contemplated hereby, and (D) either that (1) no consents, licenses or approvals are
required in connection with the execution, delivery and performance by such Loan Party and the validity against such Loan Party of the Loan Documents to which it is a party, or (2) that all such consents, licenses and approvals have been
obtained and are in full force and effect; 
 (vii)    evidence that all insurance required to be
maintained pursuant to the Loan Documents and, subject to Section 6.21, all endorsements in favor of the Agent required under the Loan Documents have been obtained and are in effect; 

(viii)    the Security Documents and certificates evidencing any stock being pledged thereunder, together
with undated stock powers executed in blank, each duly executed by the applicable Loan Parties; 

(ix)    the Facility Guaranty; 

(x)    all other Loan Documents, each duly executed by the applicable Loan Parties; 

(xi)    results of searches or other evidence reasonably satisfactory to the Agent (in each case dated as
of a date reasonably satisfactory to the Agent) indicating the absence of Liens on the assets of the Loan Parties, except for Permitted Encumbrances and Liens for which termination statements and releases, satisfactions and discharges of any
mortgages, and releases or subordination agreements reasonably satisfactory to the Agent are being tendered concurrently with such extension of credit or other arrangements reasonably satisfactory to the Agent for the delivery of such termination
statements and releases, satisfactions and discharges have been made; 

  
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 (xii)    all documents and instruments, including
Uniform Commercial Code financing statements, required by law or reasonably requested by the Agent to be filed, registered or recorded to create or perfect the first priority Liens (subject to Permitted Encumbrances that have priority by operation
of Law) intended to be created under the Loan Documents and all such documents and instruments shall have been so filed, registered or recorded to the satisfaction of the Agent; and 

(xiii)    such other assurances, certificates, documents, consents or opinions as the Agent reasonably may
require. 
 (b)    After giving effect to (i) any Loans outstanding or made hereunder on the Closing
Date, (ii) any charges to the Loan Account made on the Closing Date and (iii) all Letters of Credit issued or outstanding on the Closing Date, Availability shall be not less than $80,000,000. 

(c)    The Agent shall have received a Borrowing Base Certificate dated the Closing Date, relating to the
Fiscal Month ended on April 4, 2020, and executed by a Responsible Officer of the Borrower. 

(d)    The Agent shall be reasonably satisfied that any financial statements delivered to it fairly present
the business and financial condition of the Loan Parties and that there has been no Material Adverse Effect since April 2, 2020. 

(e)    The Agent shall have received and be satisfied with (i) a detailed forecast for the period
commencing on the Closing Date and ending with the end of the current Fiscal Year, which shall include an Availability model, Consolidated income statement, balance sheet, and statement of cash flow, by month, each prepared in conformity with GAAP
and consistent with the Loan Parties’ then current practices and (b) such other information (financial or otherwise) reasonably requested by the Agent. 

(f)    There shall not be pending any litigation or other proceeding, the result of which, either
individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect. 

(g)    There shall not have occurred any default of any Material Contract of any Loan Party. 

(h)    The consummation of the transactions contemplated hereby shall not violate any applicable Law or any
Organization Document. 
 (i)    All fees and expenses required to be paid to the Agent or the Arrangers
on or before the Closing Date shall have been paid in full, all fees and expenses required to be paid to the Lenders on or before the Closing Date shall have been paid in full, and all fees and expenses required to be paid to the lenders under the
Existing Credit Agreement shall have been paid in full. 
 (j)    The Borrower shall have paid all fees,
charges and disbursements of counsel to the Agent to the extent invoiced prior to or on the Closing Date, plus such additional 

  
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amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the Closing Date
(provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Agent). 

(k)    The Agent and the Lenders shall have received all documentation and other information required by
regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation the USA PATRIOT Act in each case, the results of which are satisfactory to the Agent, and with
respect to any Loan Party that qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, a Beneficial Ownership Certification in relation to such Loan Party, which such Beneficial Ownership Certification shall be
complete and accurate in all respects. 
 (l)    No material changes in governmental regulations or
policies affecting any Loan Party or any Credit Party shall have occurred prior to the Closing Date. 
 Without limiting the generality of the provisions of
Section 9.04, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have Consented to, approved or
accepted or to be satisfied with, each document or other matter required thereunder to be Consented to or approved by or acceptable or satisfactory to a Lender unless the Agent shall have received notice from such Lender prior to the proposed
Closing Date specifying its objection thereto. 
 4.02    Conditions to all Credit Extensions. The obligation of
each Lender to honor any Request for Credit Extension (other than a LIBOR Rate Loan Notice requesting only a continuation of LIBOR Rate Loans) and each L/C Issuer to issue each Letter of Credit is subject to the following conditions precedent: 

(a)    The representations and warranties of each Loan Party contained in
Article V or in any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct in all material respects on and as of the date of
such Credit Extension, except (i) to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date, (ii) in the case of any representation
and warranty qualified by materiality, they shall be true and correct in all respects, and (iii) for purposes of this Section 4.02, the representations and warranties contained in subsections (a) and (b) of
Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01; 

(b)    No Default or Event of Default shall exist, or would result from such proposed Credit Extension or
from the application of the proceeds thereof; 
 (c)    The Agent and, if applicable, the L/C Issuer or
the Swing Line Lender shall have received a Request for Credit Extension or an updated Borrowing Base Certificate, as applicable, in accordance with the requirements hereof; 

(d)    No Overadvance shall result from such Credit Extension; and 

  
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 (e)    After giving effect to the requested Borrowing,
in the event that the Outstanding Amount of all Loans hereunder would exceed $50,000,000, the Consolidated Cash Balance of the Borrower shall not exceed $50,000,000. 

Each Request for Credit Extension (other than a LIBOR Rate Loan Notice requesting only a continuation of LIBOR Rate Loans) submitted by the Borrower shall be
deemed to be a representation and warranty by the Borrower that the conditions specified in Sections 4.02(a) and (b) have been satisfied on and as of the date of the applicable Credit Extension. The conditions set forth in this
Section 4.02 are for the sole benefit of the Credit Parties but until the Required Lenders otherwise direct the Agent to cease making Loans and issuing Letters of Credit, the Lenders will fund their Applicable Percentage of
all Loans and participate in all Swing Line Loans and Letters of Credit whenever made or issued, which are requested by the Borrower and which, notwithstanding the failure of the Loan Parties to comply with the provisions of this
Article IV, agreed to by the Agent, provided, however, the making of any such Loans or the issuance of any Letters of Credit shall not be deemed a modification or waiver by any Credit Party of the provisions of this
Article IV on any future occasion or a waiver of any rights or the Credit Parties as a result of any such failure to comply. 

ARTICLE V 

REPRESENTATIONS AND WARRANTIES 

To induce the Credit Parties to enter into this Agreement and to make Loans and to issue Letters of Credit hereunder, each Loan Party
represents and warrants to the Agent and the other Credit Parties that: 
 5.01    Existence, Qualification and
Power. Each Loan Party and each Subsidiary thereof (a) is a corporation, limited liability company, partnership or limited partnership, duly incorporated, organized or formed, validly existing and, where applicable, in good standing under
the Laws of the jurisdiction of its incorporation, organization, or formation (b) has all requisite power and authority and all requisite governmental licenses, permits, authorizations, consents and approvals to (i) own or lease its assets
and carry on its business and (ii) execute, deliver and perform its obligations under the Loan Documents to which it is a party, and (c) is duly qualified and is licensed and, where applicable, in good standing under the Laws of each
jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification or license; except in each case referred to in clause (b)(i) or (c), to the extent that failure to do so would not
reasonably be expected to have a Material Adverse Effect. Schedule 5.01 to the Disclosure Letter sets forth, as of the Closing Date, each Loan Party’s name as it appears in official filings in its state of incorporation or organization,
its state of incorporation or organization, organization type, organization number, if any, issued by its state of incorporation or organization, and its federal employer identification number. 

5.02    Authorization; No Contravention. The execution, delivery and performance by each Loan Party of each Loan
Document to which such Person is or is to be a party, has been duly authorized by all necessary corporate or other organizational action, and does not and will not (a) contravene the terms of any of such Person’s Organization Documents;
(b) conflict with or result in any breach, termination, or contravention of, or constitute a default under, or require any payment to be made under (i) any Material Contract or any Material Indebtedness to which such

  
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Person is a party or affecting such Person or the properties of such Person or any of its Subsidiaries or (ii) any order, injunction, writ or decree of any Governmental Authority or any
arbitral award to which such Person or its property is subject; (c) result in or require the creation of any Lien upon any asset of any Loan Party (other than Liens in favor of the Agent under the Security Documents); or (d) violate any
Law except where such violation would not reasonably be expected to have a Material Adverse Effect. 

5.03    Governmental Authorization; Other Consents. No approval, consent, exemption, authorization, or other action
by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by, or enforcement against, any Loan Party of this Agreement or any other Loan
Document, except for (a) the perfection or maintenance of the Liens created under the Security Documents (including the first priority nature thereof, subject to Permitted Encumbrances that have priority by operation of Law) or (b) such as
have been obtained or made and are in full force and effect. 
 5.04    Binding Effect. This Agreement has been,
and each other Loan Document, when delivered, will have been, duly executed and delivered by each Loan Party that is party thereto. This Agreement constitutes, and each other Loan Document when so delivered will constitute, a legal, valid and
binding obligation of such Loan Party, enforceable against each Loan Party that is party thereto in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights
generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 

5.05    Financial Statements; No Material Adverse Effect. 

(a)    The Audited Financial Statements (i) were prepared in accordance with GAAP consistently applied
throughout the period covered thereby, except as otherwise expressly noted therein; (ii) fairly present the financial condition of the Borrower and its Subsidiaries as of the date thereof and their results of operations for the period covered
thereby in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; and (iii) show all Material Indebtedness and other liabilities, direct or contingent, of the Borrower and
its Subsidiaries as of the date thereof, including liabilities for taxes, material commitments and Indebtedness. 

(b)    Since April 2, 2020, there has been no event or circumstance, either individually or in the
aggregate, that has had or would reasonably be expected to have a Material Adverse Effect. 
 (c)    To
the best knowledge of the Borrower, no Internal Control Event exists or has occurred since the date of the Audited Financial Statements that has resulted in or would reasonably be expected to result in a misstatement in any material respect,
(i) in any financial information delivered or to be delivered to the Agent or the Lenders, (ii) of the Borrowing Base, (iii) of covenant compliance calculations provided hereunder or (iv) of the assets, liabilities, financial
condition or results of operations of the Borrower and its Subsidiaries on a Consolidated basis. 

  
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 (e)    The Consolidated forecasted balance sheet and
statements of income and cash flows of the Borrower and its Subsidiaries delivered pursuant to Section 6.01(d) were prepared in good faith on the basis of the assumptions stated therein, which assumptions were fair in light
of the conditions existing at the time of delivery of such forecasts, and represented, at the time of delivery, the Loan Parties’ best estimate of its future financial performance. 

5.06    Litigation. There are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of
the Loan Parties, threatened or contemplated, at law, in equity, in arbitration or before any Governmental Authority, by or against any Loan Party or any of its Subsidiaries or against any of its properties or revenues that (a) purport to
affect or pertain to this Agreement or any other Loan Document, or any of the transactions contemplated hereby, or (b) except as specifically disclosed in Schedule 5.06 to the Disclosure Letter, either individually or in the aggregate,
would reasonably be expected to have a Material Adverse Effect, and since the Closing Date, there has been no adverse change in the status of the matters described on Schedule 5.06 to the Disclosure Letter, or financial effect on any Loan
Party or any Subsidiary thereof, that would reasonably be expected to have a Material Adverse Effect. 
 5.07    No
Default. No Loan Party or any Subsidiary is in default under or with respect to any Material Indebtedness. No Default or Event of Default has occurred and is continuing or would result from the consummation of the transactions contemplated by
this Agreement or any other Loan Document. 
 5.08    Ownership of Property; Liens 

(a)    Each of the Loan Parties and each Subsidiary thereof has good record and marketable title in fee
simple to or valid leasehold interests in, all Real Estate necessary or used in the ordinary conduct of its business, except for such defects in title as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect. Each of the Loan Parties and each Subsidiary has good and marketable title to, valid leasehold interests in, or valid licenses to use all personal property and assets material to the ordinary conduct of its business. 

(b)    Schedule 5.08(b)(1) to the Disclosure Letter sets forth the address (including street
address, county and state) of all Real Estate that is owned by the Loan Parties and each of their Subsidiaries, together with a list of the holders of any mortgage or other Lien thereon as of the Closing Date. Each Loan Party and each of its
Subsidiaries has good, marketable and insurable fee simple title to the Real Estate owned by such Loan Party or such Subsidiary, free and clear of all Liens, other than Permitted Encumbrances. Schedule 5.08(b)(2) to the Disclosure Letter sets
forth, as of the Closing Date, the address (including street address, county and state) of all Leases of the Loan Parties, together with a list of the lessor and its contact information with respect to each such Lease. Each of such Leases is in full
force and effect and the Loan Parties are not in default of the terms thereof. 

  
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 5.09    Environmental Compliance 

(a)    Except as specifically disclosed in Schedule 5.09 to the Disclosure Letter, no Loan Party or
any Subsidiary thereof (i) has failed to comply in any material respect with any Environmental Law or to obtain, maintain or comply in any material respect with any permit, license or other approval required under any Environmental Law,
(ii) has become subject to any Environmental Liability, (iii) has received notice of any claim with respect to any Environmental Liability or (iv) knows of any basis for any Environmental Liability, except, in each case, as would not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(b)    Except as otherwise set forth in Schedule 5.09 to the Disclosure Letter, none of the
properties currently or, to the knowledge of any Loan Party or Subsidiary thereof, formerly owned or operated by any Loan Party or any Subsidiary thereof is listed or proposed for listing on the NPL or on the CERCLIS or any analogous foreign, state
or local list or is adjacent to any such property; there are no and never have been any underground or above-ground storage tanks or any surface impoundments, septic tanks, pits, sumps or lagoons in which Hazardous Materials are being or have been
treated, stored or disposed on any property currently owned or operated by any Loan Party or any Subsidiary thereof or, to the best of the knowledge of the Loan Parties, on any property formerly owned or operated by any Loan Party or Subsidiary
thereof; there is no asbestos or asbestos-containing material in violation of Environmental Law or that would reasonably be expected to be required to be removed or remediated on any property currently owned or operated by any Loan Party or
Subsidiary thereof; and Hazardous Materials have not been released, discharged or disposed of on any property currently or, to the knowledge of any Loan Party or Subsidiary thereof, formerly owned or operated by any Loan Party or any Subsidiary
thereof. For the avoidance of doubt, no Loan Party nor any Subsidiary thereof, has undertaken any investigation of any kind with respect current conditions at, or status of any formerly owned property. 

(c)    Except as otherwise set forth on Schedule 5.09 to the Disclosure Letter, no Loan Party or any
Subsidiary thereof is undertaking, and no Loan Party or any Subsidiary thereof has completed, either individually or together with other potentially responsible parties, any investigation or assessment or remedial or response action relating to any
actual or threatened release, discharge or disposal of Hazardous Materials at any site, location or operation, either voluntarily or pursuant to the order of any Governmental Authority or the requirements of any Environmental Law; and all Hazardous
Materials generated, used, treated, handled or stored at, or transported to or from, any property currently or formerly owned or operated by any Loan Party or any Subsidiary thereof have been disposed of in a manner not reasonably expected to result
in material liability to any Loan Party or any Subsidiary thereof. 
 5.10    Insurance. The properties of the
Loan Parties and their Subsidiaries are insured with financially sound and reputable insurance companies which are not Affiliates of the Loan Parties, in such amounts, with such deductibles and covering such risks (including, without limitation,
workmen’s compensation, public liability, business interruption and property damage insurance) as are customarily carried by companies engaged in similar businesses and owning 

  
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similar properties in localities where the Loan Parties or the applicable Subsidiary operates. Schedule 5.10 to the Disclosure Letter sets forth a description of all insurance maintained
by or on behalf of the Loan Parties and their Subsidiaries as of the Closing Date. Each insurance policy listed on Schedule 5.10 to the Disclosure Letter is in full force and effect and all premiums in respect thereof that are due and payable
have been paid. 
 5.11    Taxes. The Loan Parties and their Subsidiaries have filed all Federal, state and other
material tax returns and reports required to be filed, and have paid all Federal, state and other material taxes, assessments, fees and other governmental charges levied or imposed upon them or their properties, income or assets otherwise due and
payable, except those which are being contested in good faith by appropriate proceedings being diligently conducted, for which adequate reserves have been provided in accordance with GAAP, as to which Taxes no Lien has been filed and which contest
effectively suspends the collection of the contested obligation and the enforcement of any Lien securing such obligation. There is no proposed tax assessment against any Loan Party or any Subsidiary that would, if made, be reasonably expected to
have a Material Adverse Effect. No Loan Party or any Subsidiary thereof is a party to any tax sharing agreement. 

5.12    ERISA Compliance. 

(a)    The Borrower, each of its ERISA Affiliates, and each Pension Plan is in compliance in all material
respects with the applicable provisions of ERISA, the Code and other Federal or state Laws. Each Plan that is intended to qualify under Section 401(a) of the Code has received a favorable determination letter or opinion letter from the IRS or
an application for such a letter is currently being processed by the IRS with respect thereto and, to the best knowledge of the Borrower, nothing has occurred which would prevent, or cause the loss of, such qualification. The Loan Parties and each
ERISA Affiliate have made all required contributions to each Pension Plan subject to Sections 412 or 430 of the Code and to each Multiemployer Plan, and no application for a funding waiver or an extension of any amortization period pursuant to
Sections 412 or 430 of the Code has been made with respect to any such Plan. No Lien imposed under the Code or ERISA exists or is likely to arise on account of any Pension Plan or Multiemployer Plan. 

(b)    There are no pending or, to the best knowledge of the Borrower, threatened claims, actions or
lawsuits, or action by any Governmental Authority, with respect to any Plan that would reasonably be expected to have a Material Adverse Effect. There has been no prohibited transaction or violation of the fiduciary responsibility rules with respect
to any Pension Plan that has resulted or would reasonably be expected to result in a Material Adverse Effect. 

(c)    (i) No ERISA Event has occurred or is reasonably expected to occur; (ii) no Pension Plan has
any Unfunded Pension Liability; (iii) neither any Loan Party nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability under Title IV of ERISA with respect to any Pension Plan (other than premiums due and not
delinquent under Section 4007 of ERISA); (iv) neither any Loan Party nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability (and no event has occurred which, with the giving of notice under Section 4219 of
ERISA, would result in such liability) under Sections 4201 or 4243 of ERISA with respect to a Multiemployer Plan; and (v) neither any Loan Party nor any ERISA Affiliate has engaged in a transaction that could be subject to Sections 4069 or
4212(c) of ERISA. 

  
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 5.13    Subsidiaries; Equity Interests. 

The Loan Parties have no Subsidiaries other than those specifically disclosed in Part (a) of Schedule 5.13 to the Disclosure
Letter, which Schedule sets forth the legal name, jurisdiction of incorporation or formation and authorized Equity Interests of each such Subsidiary. All of the outstanding Equity Interests in such Subsidiaries have been validly issued, are fully
paid and non-assessable and are owned by a Loan Party (or a Subsidiary of a Loan Party) in the amounts specified on Part (a) of Schedule 5.13 free and clear of all Liens except for those created
under the Security Documents and Permitted Encumbrances arising by operation of Law. Except as set forth in Schedule 5.13 to the Disclosure Letter, there are no outstanding rights to purchase any Equity Interests in any Subsidiary. The Loan
Parties have no equity investments in any other corporation or entity other than those specifically disclosed in Part (b) of Schedule 5.13 to the Disclosure Letter. All of the outstanding Equity Interests in the Loan Parties have been
validly issued, and are fully paid and non-assessable and are owned in the amounts specified on Part (c) of Schedule 5.13 to the Disclosure Letter free and clear of all Liens except for those
created under the Security Documents and Permitted Encumbrances arising by operation of Law. The copies of the Organization Documents of each Loan Party and each amendment thereto provided pursuant to Section 4.01 are true
and correct copies of each such document, each of which is valid and in full force and effect. 
 5.14    Margin
Regulations; Investment Company Act; 
 (a)    No Loan Party is engaged or will be engaged,
principally or as one of its important activities, in the business of purchasing or carrying margin stock (within the meaning of Regulation U issued by the FRB), or extending credit for the purpose of purchasing or carrying margin stock. None of the
proceeds of the Credit Extensions shall be used directly or indirectly for the purpose of purchasing or carrying any margin stock, for the purpose of reducing or retiring any Indebtedness that was originally incurred to purchase or carry any margin
stock or for any other purpose that might cause any of the Credit Extensions to be considered a “purpose credit” within the meaning of Regulations T, U, or X issued by the FRB. 

(b)    None of the Loan Parties, any Person Controlling any Loan Party, or any Subsidiary is or is required
to be registered as an “investment company” under the Investment Company Act of 1940. 

5.15    Disclosure. As of the Closing Date, each Loan Party has disclosed to the Agent and the Lenders all
agreements, instruments and corporate or other restrictions to which it or any of its Subsidiaries is subject, and all other matters known to it, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse
Effect. No report, financial statement, certificate or other information furnished (whether in writing or orally) by or on behalf of any Loan Party to the Agent or any Lender in connection with the transactions contemplated hereby and the
negotiation of this Agreement or delivered hereunder or under any other Loan Document (in each case, as modified or supplemented by other information so furnished) contains any material 

  
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misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided
that, with respect to projected financial information, the Loan Parties represent only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time. As of the Closing Date, the information included in
the Beneficial Ownership Certification is true and correct in all respects. 
 5.16    Compliance with Laws. Each
of the Loan Parties and each Subsidiary is in compliance (A) in all material respects with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its properties, except in such instances in which
(i) such requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted or (ii) the failure to comply therewith, either individually or in the aggregate, would not
reasonably be expected to have a Material Adverse Effect and (B) with Section 10.17 and 10.18. 

5.17    Intellectual Property; Licenses, Etc. The Loan Parties and their Subsidiaries own, or possess the right to
use, all of the Intellectual Property necessary for the operation of their respective businesses, without conflict with the rights of any other Person. To the best knowledge of the Borrower, no slogan or other advertising device, product, process,
method, substance, part or other material now employed, or now contemplated to be employed, by any Loan Party or any Subsidiary infringes upon any rights held by any other Person. Except as specifically disclosed in Schedule 5.17 to the
Disclosure Letter, no claim or litigation regarding any of the foregoing is pending or, to the best knowledge of the Borrower, threatened, which, either individually or in the aggregate, would reasonably be expected to have a Material Adverse
Effect. 
 5.18    Labor Matters. 

As of the Closing Date, there are no strikes, lockouts, slowdowns or other material labor disputes against any Loan Party or any Subsidiary
thereof pending or, to the knowledge of any Loan Party, threatened. The hours worked by and payments made to employees of the Loan Parties comply with the Fair Labor Standards Act and any other applicable federal, state, local or foreign Law dealing
with such matters. No Loan Party or any of its Subsidiaries has incurred any liability or obligation under the Worker Adjustment and Retraining Act or similar state Law. All payments due from any Loan Party and its Subsidiaries, or for which any
claim may be made against any Loan Party or any of its Subsidiaries, on account of wages and employee health and welfare insurance and other benefits, have been paid or properly accrued in accordance with GAAP as a liability on the books of such
Loan Party. Except as set forth on Schedule 5.18 to the Disclosure Letter, no Loan Party or any Subsidiary is a party to or bound by any collective bargaining agreement, management agreement, employment agreement, bonus, restricted stock,
stock option, or stock appreciation plan or agreement or any similar plan, agreement or arrangement. There are no representation proceedings pending or, to any Loan Party’s knowledge, threatened to be filed with the National Labor Relations
Board, and no labor organization or group of employees of any Loan Party or any Subsidiary has made a pending demand for recognition. There are no complaints, unfair labor practice charges, grievances, arbitrations, unfair employment practices
charges or any other claims or complaints against any Loan Party or any Subsidiary pending or, to the knowledge of any Loan Party, threatened to be filed with any Governmental Authority or arbitrator based on, arising out of, in connection with, or
otherwise relating to the employment or 

  
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termination of employment of any employee of any Loan Party or any of its Subsidiaries. The consummation of the transactions contemplated by the Loan Documents will not give rise to any right of
termination or right of renegotiation on the part of any union under any collective bargaining agreement to which any Loan Party or any of its Subsidiaries is bound. 

5.19    Security Documents. 

(a)    The Security Agreement creates in favor of the Agent, for the benefit of the Credit Parties referred
to therein, a legal, valid, continuing and enforceable security interest in the Collateral (as defined in the Security Agreement), the enforceability of which is subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws
affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. The financing statements, releases and other filings are in appropriate form and have been
or will be filed in the offices specified in Schedule II of the Security Agreement. Upon such filings and/or the obtaining of “control,” (as defined in the UCC) the Agent will have a perfected Lien on, and security interest in, to and
under all right, title and interest of the grantors thereunder in all Collateral that may be perfected by filing, recording or registering a financing statement or analogous document (including without limitation the proceeds of such Collateral
subject to the limitations relating to such proceeds in the UCC) or by obtaining control, under the UCC (in effect on the date this representation is made) in each case prior and superior in right to any other Person. 

(b)    When the Security Agreement (or a short form thereof) is filed in the United States Patent and
Trademark Office and the United States Copyright Office and when financing statements, releases and other filings in appropriate form are filed in the offices specified in Schedule II of the Security Agreement, the Agent shall have a fully perfected
Lien on, and security interest in, all right, title and interest of the applicable Loan Parties in the Intellectual Property (as defined in the Security Agreement) in which a security interest may be perfected by filing, recording or registering a
security agreement, financing statement or analogous document in the United States Patent and Trademark Office or the United States Copyright Office, as applicable, in each case prior and superior in right to any other Person (it being understood
that subsequent recordings in the United States Patent and Trademark Office and the United States Copyright Office may be necessary to perfect a Lien on registered trademarks, trademark applications and copyrights acquired by the Loan Parties after
the Closing Date). 
 5.20    Solvency 

After giving effect to the transactions contemplated by this Agreement, and before and after giving effect to each Credit Extension, the Loan
Parties, on a Consolidated basis, are Solvent. No transfer of property has been or will be made by any Loan Party and no obligation has been or will be incurred by any Loan Party in connection with the transactions contemplated by this Agreement or
the other Loan Documents with the intent to hinder, delay, or defraud either present or future creditors of any Loan Party. 

  
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 5.21    Deposit Accounts; Credit Card Arrangements. 

(a)    Schedule 5.21(a) to the Disclosure Letter annexes a list of all DDAs maintained by the Loan
Parties as of the Closing Date, which Schedule includes, with respect to each DDA (i) the name and address of the depository; (ii) the account number(s) maintained with such depository; (iii) a contact person at such depository,
(iv) the identification of each Blocked Account Bank and (v) the identification of all such DDAs that are not required to be subject to a Blocked Account Agreement. 

(b)    Schedule 5.21(b) to the Disclosure Letter annexes a list describing all arrangements as of
the Closing Date to which any Loan Party is a party with respect to the processing and/or payment to such Loan Party of the proceeds of any credit card charges and debit card charges for sales made by such Loan Party (the “Credit Card
Agreements”). 
 5.22    Brokers. No broker or finder brought about the obtaining, making or closing of
the Loans or transactions contemplated by the Loan Documents, and no Loan Party or Affiliate thereof has any obligation to any Person in respect of any finder’s or brokerage fees in connection therewith. 

5.23    Customer and Trade Relations. There exists no actual or, to the knowledge of any Loan Party, threatened,
termination or cancellation of, or any material adverse modification or change in the business relationship of any Loan Party with any supplier material to its operations that would reasonably be expected to have a Material Adverse Effect. 

5.24    Material Contracts. Schedule 5.24 to the Disclosure Letter sets forth all Material Contracts to
which any Loan Party is a party or is bound as of the Closing Date. The Loan Parties have delivered true, correct and complete copies of such Material Contracts to the Agent on or before the Closing Date. The Loan Parties are not in breach or in
default in any material respect of or under any Material Contract and have not received any notice of the intention of any other party thereto to terminate any Material Contract. 

5.25    Casualty. Neither the businesses nor the properties of any Loan Party or any of its Subsidiaries are
affected by any fire, explosion, accident, strike, lockout or other labor dispute, drought, storm, hail, earthquake, embargo, act of God or of the public enemy or other casualty (each, a “Casualty Event”) (whether or not covered by
insurance) that, either individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect. 

5.26    OFAC/Sanctions. 

No Loan Party nor any of its Subsidiaries is in violation of any Sanctions. No Loan Party nor any of its Subsidiaries nor, to the knowledge of
such Loan Party, any director, officer, employee, agent or Affiliate of such Loan Party or such Subsidiary (a) is a Sanctioned Person or a Sanctioned Entity, (b) has any assets located in Sanctioned Entities, or (c) derives revenues
from investments in, or transactions with Sanctioned Persons or Sanctioned Entities. Each of the Loan Parties and its Subsidiaries has implemented and maintains in effect policies and procedures designed to ensure compliance by the Loan Parties and
their Subsidiaries and their respective directors, officers, employees, agents and Affiliates with all Sanctions, Anti-Corruption Laws and Anti-Money Laundering Laws. Each of the Loan Parties and its Subsidiaries, and to the knowledge of each such
Loan Party, each director, officer, employee, agent and Affiliate of each such Loan 

  
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Party and each such Subsidiary, is in compliance with all Sanctions, Anti-Corruption Laws and Anti-Money Laundering Laws in all material respects. No proceeds of any loan made or Letter of Credit
issued hereunder will be used to fund any operations in, finance any investments or activities in, or make any payments to, a Sanctioned Person or a Sanctioned Entity, or otherwise used in any manner that would result in a violation of any
applicable Sanctions, Anti-Corruption Laws or Anti-Money Laundering Laws by any Person (including any Credit Party or other individual or entity participating in any transaction). 

5.27    PATRIOT Act. 

To the extent applicable, each Loan Party is in compliance, in all material respects, with the (a) Trading with the Enemy Act, as amended,
and each of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto, and (b) Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA Patriot Act of 2001, as amended) (the “Patriot Act”). 

5.28    Covered Entities. The Borrower is not a Covered Entity. 

ARTICLE VI 
 AFFIRMATIVE
COVENANTS 
 So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation hereunder shall remain unpaid or
unsatisfied (other than contingent indemnification obligations for which a claim has not been asserted), or any Letter of Credit shall remain outstanding, the Loan Parties shall, and shall (except in the case of the covenants set forth in
Sections 6.01, 6.02, and 6.03) cause each Subsidiary to: 
 6.01    Financial Statements.
Deliver to the Agent, in form and detail reasonably satisfactory to the Agent: 
 (a)    as soon as
available, but in any event within 90 days after the end of each Fiscal Year of the Borrower, commencing with the Fiscal Year ending February 1, 2020 (or, so long as the Borrower shall be subject to periodic reporting obligations under the
Securities Exchange Act of 1934, by the date that the Annual Report on Form 10-K of the Borrower for such fiscal year would be required to be filed under the rules and regulations of the SEC, giving effect to
any automatic extension available thereunder for the filing of such form), a Consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such Fiscal Year, and the related consolidated statements of income or operations,
Shareholders’ Equity and cash flows for such Fiscal Year, setting forth in each case in comparative form the figures for the previous Fiscal Year, all in reasonable detail and prepared in accordance with GAAP, such consolidated statements to be
audited and accompanied by (i) a report and unqualified opinion of a Registered Public Accounting Firm of nationally recognized standing reasonably acceptable to the Agent, which report and opinion shall be prepared in accordance with generally
accepted auditing standards and shall not be subject to any “going concern” or like qualification or exception or any qualification or exception as to the scope of such audit and (ii) an opinion of such

  
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Registered Public Accounting Firm independently assessing Loan Parties’ internal controls over financial reporting in accordance with Item 308 of SEC Regulation S-K, PCAOB Auditing Standard No. 2, and Section 404 of Sarbanes-Oxley expressing a conclusion that contains no statement that there is a material weakness in such internal controls, except for such
material weaknesses as to which the Required Lenders do not object; 
 (b)    as soon as available, but
in any event within 45 days after the end of each Fiscal Quarter of each Fiscal Year of the Borrower (commencing with the Fiscal Quarter ended April 30, 2020) (or, so long as the Borrower shall be subject to periodic reporting obligations under
the Securities Exchange Act of 1934, by the date that the Quarterly Report on Form 10-Q of the Borrower for such fiscal quarter would be required to be filed under the rules and regulations of the SEC, giving
effect to any automatic extension available thereunder for the filing of such form), a Consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such Fiscal Quarter, and the related consolidated statements of income or
operations, Shareholders’ Equity and cash flows for such Fiscal Quarter and for the portion of the Borrower’s Fiscal Year then ended, setting forth in each case in comparative form the figures for (A) such period set forth in the
projections delivered pursuant to Section 6.01(d) hereof, (B) the corresponding Fiscal Quarter of the previous Fiscal Year and (C) the corresponding portion of the previous Fiscal Year, all in reasonable detail,
such Consolidated statements to be certified by a Responsible Officer of the Borrower as fairly presenting the financial condition, results of operations, Shareholders’ Equity and cash flows of the Borrower and its Subsidiaries as of the end of
such Fiscal Quarter in accordance with GAAP, subject only to normal year-end audit adjustments and the absence of footnotes; 

(c)    [reserved]; 

(d)    as soon as available, but in any event no more than 60 days after the end of each Fiscal Year of the
Borrower, forecasts prepared by management of the Borrower, in form reasonably satisfactory to the Agent, of consolidated balance sheets and statements of income or operations and cash flows of the Borrower and its Subsidiaries on a monthly basis
for the immediately following Fiscal Year (including the Fiscal Year in which the Maturity Date occurs), and as soon as available, any significant revisions to such forecast with respect to such Fiscal Year. 

6.02    Certificates; Other Information. Deliver to the Agent, in form and detail reasonably satisfactory to the
Agent: 
 (a)    concurrently with the delivery of the financial statements referred to in Sections
6.01(a) and (b), a duly completed Compliance Certificate signed by a Responsible Officer of the Borrower, and in the event of any change in generally accepted accounting principles used in the preparation of such financial statements, the
Borrower shall also provide: (i) a statement of reconciliation conforming such financial statements to GAAP and (ii) a copy of management’s discussion and analysis with respect to such financial statements; 

  
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 (b)    on the 15th day of each Fiscal Month (or, if such
day is not a Business Day, on the next succeeding Business Day), a Borrowing Base Certificate showing the Borrowing Base as of the close of business as of the last day of the immediately preceding Fiscal Month (provided that the Appraised
Value applied to the Eligible Inventory set forth in each Borrowing Base Certificate shall be the Appraised Value set forth in the most recent appraisal obtained by the Agent pursuant to Section 6.10 hereof for the
applicable month to which such Borrowing Base Certificate relates), each Borrowing Base Certificate to be certified as complete and correct by a Responsible Officer of the Borrower; provided that at any time that a Weekly Borrowing Base
Delivery Event has occurred and is continuing, at the election of the Agent, such Borrowing Base Certificate shall be delivered on Wednesday of each week (or, if such Wednesday is not a Business Day, on the next succeeding Business Day), as of the
close of business on the Saturday of the immediately preceding week. 
 (c)    promptly upon receipt,
copies of any detailed audit reports, management letters or recommendations submitted to the board of directors (or the audit committee of the board of directors) of any Loan Party by its Registered Public Accounting Firm in connection with the
accounts or books of the Loan Parties or any Subsidiary, or any audit of any of them, including, without limitation, specifying any Internal Control Event; 

(d)    promptly after the same are available, copies of each annual report, proxy or financial statement or
other report or communication sent to the stockholders of the Loan Parties, and copies of all annual, regular, periodic and special reports and registration statements which any Loan Party may file or be required to file with the SEC under
Section 13 or 15(d) of the Securities Exchange Act of 1934 or with any national securities exchange, and in any case not otherwise required to be delivered to the Agent pursuant hereto; 

(e)    The financial and collateral reports described on Schedule 6.02, at the times set forth in
such Schedule; 
 (f)    promptly after the furnishing thereof, copies of any material statement or
report furnished to any holder of debt securities of any Loan Party or any Subsidiary thereof pursuant to the terms of any indenture, loan or credit or similar agreement and not otherwise required to be furnished to the Lenders pursuant to
Section 6.01 or any other clause of this Section 6.02; 

(g)    as soon as available, but in any event within 60 days after the end of each Fiscal Year of the Loan
Parties, a report summarizing the insurance coverage (specifying type, amount and carrier) in effect for each Loan Party and its Subsidiaries and containing such additional information as the Agent, or any Lender through the Agent, may reasonably
specify; 
 (h)    promptly after the Agent’s request therefor, copies of all Material Contracts and
documents evidencing Material Indebtedness; 

  
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 (i)    promptly, and in any event within five Business
Days after receipt thereof by any Loan Party or any Subsidiary thereof, copies of each notice or other correspondence received from any Governmental Authority (including, without limitation, the SEC (or comparable agency in any applicable non-U.S. jurisdiction)) concerning any proceeding with, or investigation or possible investigation or other inquiry by such Governmental Authority regarding financial or other operational results of any Loan Party
or any Subsidiary thereof or any other matter which, if adversely determined, would reasonably expected to have a Material Adverse Effect; and 

(j)    promptly, such additional information regarding the business affairs, financial condition or
operations of any Loan Party or any Subsidiary, or compliance with the terms of the Loan Documents, as the Agent or any Lender may from time to time reasonably request. 

Documents required to be delivered pursuant to Section 6.01(a) or (b) or Section 6.02(c) (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 the Borrower posts such documents, or
provides a link thereto on the Borrower’s website on the Internet at the website address listed on Schedule 10.02; (ii) on which such documents are posted on the Borrower’s behalf on an Internet or intranet website, if any, to which
each Lender and the Agent have access (whether a commercial, third-party website or whether sponsored by the Agent) or shall be available on the website of the SEC at http://www.sec.gov. Notwithstanding anything contained herein, in every instance
the Borrower shall be required to provide paper copies of the Compliance Certificates required by Section 6.02(a) to the Agent. The Agent shall have no obligation to request the delivery or to maintain copies of the
documents referred to above, and in any event shall have no responsibility to monitor compliance by the Loan Parties with any such request for delivery, and each Lender shall be solely responsible for maintaining its copies of such documents. 

Each Loan Party agrees that Agent may make materials or information provided by or on behalf of Borrower hereunder (the “Borrower
Materials”) available to the Lenders by posting the Communications on IntraLinks, SyndTrak or a substantially similar secure electronic transmission system (the “Platform”). The Platform is provided “as is” and
“as available.” Agent does not warrant the accuracy or completeness of the Borrower Materials, or the adequacy of the Platform and expressly disclaim liability for errors or omissions in the communications. No warranty of any kind,
express, implied or statutory, including, without limitation, any warranty of merchantability, fitness for a particular purpose, non-infringement of third party rights or freedom from viruses or other code
defects, is made by Agent in connection with the Borrower Materials or the Platform. In no event shall Agent or any of the Agent Parties have any liability to the Loan Parties, any Lender or any other person for damages of any kind, including direct
or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out of any Loan Party’s or Agent’s transmission of communications through the Internet, except to the extent the
liability of such person is found in a final non-appealable judgment by a court of competent jurisdiction to have resulted from such person’s gross negligence or willful misconduct. Each Loan Party
further agrees that certain of the Lenders may be “public-side” Lenders (i.e., Lenders that do not wish to receive material non-public information with respect to the Loan Parties or their
securities) (each, a “Public Lender”). The Loan Parties shall 

  
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be deemed to have authorized Agent and its Affiliates and the Lenders to treat Borrower Materials marked “PUBLIC” or otherwise at any time filed with the SEC as not containing any
material non-public information with respect to the Loan Parties or their securities for purposes of United States federal and state securities laws. All Borrower Materials marked “PUBLIC” are
permitted to be made available through a portion of the Platform designated as “Public Investor” (or another similar term). Agent and its Affiliates and the Lenders shall be entitled to treat the Borrower Materials that are not marked
“PUBLIC” or that are not at any time filed with the SEC as being suitable only for posting on a portion of the Platform not marked as “Public Investor” (or such other similar term). 

6.03    Notices. Promptly notify the Agent: 

(a)    of the occurrence of any Default or Event of Default; 

(b)    of any matter that has resulted or would reasonably be expected to result in a Material Adverse
Effect; 
 (c)    of any breach or non-performance of, or any
default under, a Material Contract or with respect to Material Indebtedness of any Loan Party or any Subsidiary thereof; 

(d)    of any dispute, litigation, investigation, proceeding or suspension between any Loan Party or any
Subsidiary thereof and any Governmental Authority or the commencement of, or any material development in, any litigation or proceeding affecting any Loan Party or any Subsidiary thereof, including pursuant to any applicable Environmental Laws, in
each case, which would reasonably be expected to have a Material Adverse Effect; 
 (e)    of the
occurrence of any ERISA Event; 
 (f)    of any material change in accounting policies or financial
reporting practices by any Loan Party or any Subsidiary thereof; 
 (g)    of any change in any Loan
Party’s senior executive officers; 
 (h)    of the discharge by any Loan Party of its present
Registered Public Accounting Firm or any withdrawal or resignation by such Registered Public Accounting Firm; 

(i)    of any collective bargaining agreement or other labor contract to which a Loan Party becomes a
party, or the application for the certification of a collective bargaining agent; 
 (j)    of the filing
of any Lien for unpaid Taxes against any Loan Party; 
 (k)    of any casualty or other insured damage to
any material portion of the Collateral or the commencement of any action or proceeding for the taking of any interest in a material portion of the Collateral under power of eminent domain or by condemnation or similar proceeding or if any material
portion of the Collateral is damaged or destroyed; 

  
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 (l)    of any transaction of the nature contained in
ARTICLE VII hereof; and 
 (m)    of any failure by any Loan Party to pay rent or such other
amounts due at (i) any distribution centers or warehouses or any of a Loan Party’s locations if such failure continues for more than fifteen (15) days following the day on which such rent first came due and such failure would be
reasonably likely to result in a Material Adverse Effect. 
 Each notice pursuant to this Section shall be accompanied by a statement of a Responsible
Officer of the Borrower setting forth details of the occurrence referred to therein and stating what action the Borrower has taken and proposes to take with respect thereto. Each notice pursuant to Section 6.03(a) shall
describe with particularity any and all provisions of this Agreement and any other Loan Document that have been breached. 

6.04    Payment of Obligations. Pay and discharge as the same shall become due and payable, (a) all
material tax liabilities, assessments and governmental charges or levies upon it or its properties or assets, (b) all lawful claims (including, without limitation, claims of landlords, warehousemen, customs brokers, freight forwarders,
consolidators and carriers) which, if unpaid, would by law become a Lien upon its property, and (c) all material Indebtedness, as and when due and payable, but subject to any subordination provisions contained in any instrument or agreement
evidencing such Indebtedness, except, in each case, where (x) (i) the validity or amount thereof is being contested in good faith by appropriate proceedings, (ii) such Loan Party has set aside on its books adequate reserves with respect
thereto in accordance with GAAP, (iii) such contest effectively suspends collection of the contested obligation and enforcement of any Lien securing such obligation, and (iv) no Lien has been filed with respect thereto or (y) the
failure to make payment pending such contest would not reasonably be expected to result in a Material Adverse Effect. Nothing contained herein shall be deemed to limit the rights of the Agent with respect to determining Reserves pursuant to this
Agreement. 
 6.05    Preservation of Existence, Etc. 

(a)    Preserve, renew and maintain in full force and effect its legal existence and good standing under
the Laws of the jurisdiction of its organization or formation except in a transaction permitted by Section 7.04 or 7.05; (b) take all reasonable action to maintain all rights, privileges, permits, licenses and
franchises necessary or desirable in the normal conduct of its business, except to the extent that failure to do so would not reasonably be expected to have a Material Adverse Effect; and (c) preserve or renew all of its Intellectual Property,
except to the extent such Intellectual Property is no longer used or useful in the conduct of the business of the Loan Parties. 

6.06    Maintenance of Properties 

(a)    Maintain, preserve and protect all of its material properties and equipment necessary in the
operation of its business in good working order and condition, ordinary wear and tear excepted; and (b) make all necessary repairs thereto and renewals and replacements thereof except where the failure to do so would not reasonably be expected
to have a Material Adverse Effect. 

  
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 6.07    Maintenance of Insurance. 

(a)    Maintain with financially sound and reputable insurance companies not Affiliates of the Loan
Parties, insurance with respect to its properties and business against loss or damage of the kinds customarily insured against by Persons engaged in the same or similar business and operating in the same or similar locations or as is required by
applicable Law, of such types and in such amounts as are customarily carried under similar circumstances by such other Persons and as are reasonably acceptable to the Agent. 

(b)    Cause fire and extended coverage policies maintained with respect to any Collateral to be endorsed
or otherwise amended to include (i) a lenders’ loss payable clause regarding personal property, in form and substance reasonably satisfactory to the Agent, which endorsements or amendments shall provide that the insurer shall pay all
proceeds otherwise payable to the Loan Parties under the policies directly to the Agent, (ii) a provision to the effect that none of the Loan Parties, Credit Parties or any other Person shall be a
co-insurer and (iii) such other provisions as the Agent may reasonably require from time to time to protect the interests of the Credit Parties. 

(c)    Cause commercial general liability policies to be endorsed to name the Agent as an additional
insured. 
 (d)    Cause business interruption policies to name the Agent as a lenders’ loss payee
and to be endorsed or amended to include (i) a provision that, from and after the Closing Date, the insurer shall pay all proceeds otherwise payable to the Loan Parties under the policies directly to the Agent, (ii) a provision to the
effect that none of the Loan Parties, the Agent, the Agent or any other party shall be a co insurer and (iii) such other provisions as the Agent may reasonably require from time to time to protect the interests of the Credit Parties. 

(e)    Cause each such policy referred to in this Section 6.07 to also provide
that it shall not be canceled (i) by reason of nonpayment of premium except upon not less than ten (10) days’ prior written notice thereof by the insurer to the Agent or (ii) for any other reason except upon not less than thirty
(30) days’ prior written notice thereof by the insurer to the Agent. 
 (f)    Deliver to the
Agent, prior to the cancellation, modification or non-renewal of any such policy of insurance, a copy of a renewal or replacement policy (or other evidence of renewal of a policy previously delivered to the
Agent, including an insurance binder) together with evidence reasonably satisfactory to the Agent of payment of the premium therefor. 

(g)    Maintain for themselves and their Subsidiaries, a Directors and Officers insurance policy, and a
“Blanket Crime” policy including employee dishonesty, forgery or alteration, theft, disappearance and destruction, robbery and safe burglary, property, and computer fraud coverage with responsible companies in such amounts as are
customarily carried by business entities engaged in similar businesses similarly situated, and will upon request by the Agent furnish the Agent certificates evidencing renewal of each such policy. 

  
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 (h)    Permit any representatives that are designated by
the Agent to inspect the insurance policies maintained by or on behalf of the Loan Parties and to inspect books and records related thereto and any properties covered thereby. 

None of the Credit Parties, or their agents or employees shall be liable for any loss or damage insured by the insurance policies required to
be maintained under this Section 6.07. Each Loan Party shall look solely to its insurance companies or any other parties other than the Credit Parties for the recovery of such loss or damage and such insurance companies
shall have no rights of subrogation against any Credit Party or its agents or employees. If, however, the insurance policies do not provide waiver of subrogation rights against such parties, as required above, then the Loan Parties hereby agree, to
the extent permitted by law, to waive their right of recovery, if any, against the Credit Parties and their agents and employees. The designation of any form, type or amount of insurance coverage by any Credit Party under this
Section 6.07 shall in no event be deemed a representation, warranty or advice by such Credit Party that such insurance is adequate for the purposes of the business of the Loan Parties or the protection of their properties.

 6.08    Compliance with Laws. Comply (a) in all material respects with the requirements of all
Laws and all orders, writs, injunctions and decrees applicable to it or to its business or property, except in such instances in which the failure to comply therewith would not reasonably be expected to have a Material Adverse Effect, and
(b) with Sections 10.17 and 10.18. 
 6.09    Books and Records; Accountants 

(a)    Maintain proper books of record and account, in which full, true and correct entries in conformity
with GAAP consistently applied shall be made of all financial transactions and matters involving the assets and business of the Loan Parties or such Subsidiary, as the case may be; and (ii) maintain such books of record and account in material
conformity with all applicable requirements of any Governmental Authority having regulatory jurisdiction over the Loan Parties or such Subsidiary, as the case may be. 

(b)    at all times retain a Registered Public Accounting Firm which is reasonably satisfactory to the
Agent and shall instruct such Registered Public Accounting Firm to cooperate with, and be available to, the Agent or its representatives to discuss the Loan Parties’ financial performance, financial condition, operating results, controls, and
such other matters, within the scope of the retention of such Registered Public Accounting Firm, as may be raised by the Agent. 

6.10    Inspection Rights 

(a)    Permit representatives and independent contractors of the Agent to visit and inspect any of its
properties, to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts 

  
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with its directors, officers, and Registered Public Accounting Firm, and permit the Agent or professionals (including investment bankers, consultants, accountants, and lawyers) retained by the
Agent to conduct evaluations of the Loan Parties’ business plan, forecasts and cash flows during normal business hours, upon reasonable advance notice to the Borrower, all at the expense of the Loan Parties; provided, however,
that, unless an Event of Default shall have occurred or be continuing, such visits and inspections shall be limited to one such visit and inspection per calendar year conducted by the Agent (or any of its representatives or independent contractors)
on behalf of the Lenders. 
 (b)    Upon the request of the Agent after reasonable prior notice, permit
the Agent or professionals (including investment bankers, consultants, accountants, and lawyers) retained by the Agent to conduct commercial finance examinations and other evaluations, including, without limitation, of (i) the Borrower’s
practices in the computation of the Borrowing Base and (ii) the assets included in the Borrowing Base and related financial information such as, but not limited to, sales, gross margins, payables, accruals and reserves, provided, that,
so long as no Default or Event of Default exists, the Agent may, in its discretion, undertake (i) no more than one (1) such commercial finance examination within ninety (90) days (which period may be extended by the Agent in its sole
discretion) following the Closing Date, and (ii) thereafter, no more than one (1) commercial finance examination in any consecutive twelve (12) month period following the Closing Date, in each case at the Loan Parties’ expense.
Notwithstanding the foregoing, the Agent may cause additional commercial finance examinations to be undertaken (i) as it in its discretion deems necessary or appropriate, at its own expense or, (ii) if required by Law or if a Default or
Event of Default shall have occurred and be continuing, at the expense of the Loan Parties and without advance notice. 

(c)    Upon the request of the Agent after reasonable prior notice, permit the Agent or professionals
(including appraisers) retained by the Agent to conduct appraisals of the Collateral, including, without limitation, the assets included in the Borrowing Base, provided that, so long as no Default or Event of Default exists, the Agent may, in its
discretion, undertake (i) no more than one (1) inventory appraisal within ninety (90) days (which period may be extended by the Agent in its sole discretion) following the Closing Date at the Loan Parties’ expense, and
(ii) thereafter, no more than one (1) inventory appraisal in any consecutive twelve (12) month period following the Closing Date at the Loan Parties’ expense and no more than two (2) inventory appraisals in any consecutive
twelve (12) month period following the Closing Date at the Loan Parties’ expense when Availability is less than 20% of the Loan Cap. Notwithstanding the foregoing, the Agent may cause additional appraisals to be undertaken (i) as it
in its discretion deems necessary or appropriate, at its own expense or, (ii) if required by Law or if a Default or Event of Default shall have occurred and be continuing, at the expense of the Loan Parties and without advance notice. 

6.11    Use of Proceeds. Use the proceeds of the Credit Extensions (a) to finance the acquisition of
working capital assets of the Borrower, including the purchase of inventory and equipment, in each case in the ordinary course of business, (b) to finance Capital Expenditures of the Borrower, (c) for general corporate purposes of the Loan
Parties, (d) to pay fees and expenses in connection with the transactions contemplated by this Agreement, and (e) for other lawful corporate purposes, in each case to the extent expressly permitted under applicable Law and the Loan
Documents. 

  
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 6.12    Additional Loan Parties. Notify the Agent at the
time that any Person becomes a Subsidiary and, promptly thereafter (and in any event within thirty (30) days), cause any such Person (a) which is not an Excluded Subsidiary, to (i) become a Loan Party by executing and delivering to
the Agent a Joinder to this Agreement or a Joinder to the Facility Guaranty or such other documents as the Agent shall deem appropriate for such purpose, (ii) grant a Lien to the Agent on such Person’s assets of the same type that
constitute Collateral to secure the Obligations, and (iii) deliver to the Agent documents of the types referred to in clauses (iii) and (iv) of Section 4.01(a) and favorable opinions of counsel to
such Person (which shall cover, among other things, the legality, validity, binding effect and enforceability of the documentation referred to in this clause (a)), and (b) if any Equity Interests or Indebtedness of such Person are
owned by or on behalf of any Loan Party, to pledge such Equity Interests and promissory notes evidencing such Indebtedness (except that, if such Subsidiary is a CFC that is not joined as a Loan Party, the Equity Interests of such Subsidiary to be
pledged may be limited to 65% of the outstanding voting Equity Interests of such Subsidiary and 100% of the non-voting Equity Interests of such Subsidiary and such time period may be extended based on local
law or practice), in each case in form, content and scope reasonably satisfactory to the Agent. In no event shall compliance with this Section 6.12 waive or be deemed a waiver or Consent to any transaction giving rise to
the need to comply with this Section 6.12 if such transaction was not otherwise expressly permitted by this Agreement or constitute or be deemed to constitute, with respect to any Subsidiary, an approval of such Person as a
Borrower or permit the inclusion of any acquired assets in the computation of the Borrowing Base. 

6.13    Cash Management. 

(a)    (i) On or prior to the Closing Date, deliver to the Agent copies of notifications (each, a
“Credit Card Notification”) substantially in the form attached hereto as Exhibit G which have been executed on behalf of such Loan Party and delivered to such Loan Party’s Credit Card Issuers and Credit Card Processors
listed on Schedule 5.21(b) to the Disclosure Letter, and (ii) unless previously delivered on or prior to the Closing Date, by the date set forth in Section 6.21, use commercially reasonable efforts to enter into a Blocked Account
Agreement reasonably satisfactory in form and substance to the Agent with each Blocked Account Bank (collectively, the “Blocked Accounts”). 

(b)    [Reserved]. 

(c)    The Loan Parties shall ACH or wire transfer no less frequently than (x) twice per week during
the calendar months of November and December and (y) weekly during all other calendar months (and whether or not there are then any outstanding Obligations) to a Blocked Account all amounts on deposit in each DDA (net of any minimum balance,
not to exceed $2,500.00, as may be required to be kept in the subject DDA by the depository institution at which such DDA is maintained) and all payments due from all Credit Card Issuers and Credit Card Processors. 

  
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 (d)    Each Blocked Account Agreement shall require,
upon notice from Agent which notice shall be delivered only after the occurrence and during the continuance of a Cash Dominion Event, the ACH or wire transfer no less frequently than daily (and whether or not there are then any outstanding
Obligations) (net of any minimum balance, not to exceed $2,500.00, as may be required to be kept in the subject DDA by the depository institution at which such DDA is maintained) to the concentration account maintained by the Agent at Wells Fargo
(the “Concentration Account”), of all cash receipts and collections received by each Loan Party from all sources, including, without limitation, the following: 

(i)    all available cash receipts from the sale of Inventory and other assets (whether or not constituting
Collateral); 
 (ii)    all proceeds of collections of Accounts; 

(iii)    all cash payments received by a Loan Party from any Person or from any source or on account of any
Disposition or other transaction or event; 
 (iv)    the then contents of each DDA (net of any minimum
balance, not to exceed $2,500.00, as may be required to be kept in the subject DDA by the depository institution at which such DDA is maintained); 

(v)    the then entire ledger balance of each Blocked Account (net of any minimum balance, not to exceed
$2,500.00, as may be required to be kept in the subject Blocked Account by the Blocked Account Bank); and 

(vi)    the proceeds of all credit card charges. 

(e)    The Concentration Account shall at all times be under the sole dominion and control of the Agent.
The Loan Parties hereby acknowledge and agree that (i) the Loan Parties have no right of withdrawal from the Concentration Account, (ii) the funds on deposit in the Concentration Account shall at all times be collateral security for all of
the Obligations and (iii) the funds on deposit in the Concentration Account shall be applied to the Obligations as provided in this Agreement. In the event that, notwithstanding the provisions of this Section 6.13, any
Loan Party receives or otherwise has dominion and control of any such cash receipts or collections, such receipts and collections shall be held in trust by such Loan Party for the Agent, shall not be commingled with any of such Loan Party’s
other funds or deposited in any account of such Loan Party and shall, not later than the Business Day after receipt thereof, be deposited into the Concentration Account or dealt with in such other fashion as such Loan Party may be instructed by the
Agent. 
 (f)    Upon the request of the Agent, the Loan Parties shall cause bank statements and/or other
reports to be delivered to the Agent not less often than monthly, accurately setting forth all amounts deposited in each Blocked Account to ensure the proper transfer of funds as set forth above. 

  
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 6.14    Information Regarding the Collateral. 

Furnish to the Agent at least thirty (30) days prior written notice of any change in: (i) any Loan Party’s name or in any trade
name used to identify it in the conduct of its business or in the ownership of its properties; (ii) the location of any Loan Party’s chief executive office, its principal place of business, any office in which it maintains books or records
(to the extent such books and records are not duplicates) relating to Collateral owned by it or any office or facility at which Collateral owned by it is located (including the establishment of any such new office or facility); (iii) any Loan
Party’s organizational structure or jurisdiction of incorporation or formation; or (iv) any Loan Party’s Federal Taxpayer Identification Number or organizational identification number assigned to it by its state of organization. The
Loan Parties agree not to effect or permit any change referred to in the preceding sentence unless all filings have been made under the UCC or otherwise that are required in order for the Agent to continue at all times following such change to have
a valid, legal and perfected first priority security interest (subject to Permitted Encumbrances that have priority by operation of Law) in all the Collateral for its own benefit and the benefit of the other Credit Parties. 

6.15    Physical Inventories. 

(a)    Cause not less than one (1) physical inventory to be undertaken, at the expense of the Loan
Parties, in each twelve (12) month period, consistent with past practices, conducted by such inventory takers as are reasonably satisfactory to the Agent and following such methodology as is consistent with the methodology used in the
immediately preceding inventory or as otherwise may be reasonably satisfactory to the Agent (it being agreed that use of cycle counts shall be permitted). The Agent, at the expense of the Loan Parties, may participate in and/or observe each
scheduled physical count of Inventory which is undertaken on behalf of any Loan Party, it being understood that the Agent shall provide at least thirty (30) days’ prior notice to such Loan Party if Agent wishes to so participate or
observe. The Borrower, within ninety (90) days following the completion of such inventory, shall provide the Agent with a reconciliation of the results of such inventory (as well as of any other physical inventory or cycle counts undertaken by
a Loan Party) and shall post such results to the Loan Parties’ stock ledgers and general ledgers, as applicable. 

(b)    Permit the Agent, in its discretion, if any Event of Default exists, to cause additional such
inventories to be taken as the Agent determines (each, at the expense of the Loan Parties). 

6.16    Environmental Laws. 

(a)    Conduct its operations and keep and maintain its Real Estate in material compliance with all
Environmental Laws; (b) obtain and renew all environmental permits necessary for its operations and properties; and (c) implement any and all investigation, remediation, removal and response actions that are required to comply in all
material respects with Environmental Laws pertaining to the presence, generation, treatment, storage, use, disposal, transportation or release of any Hazardous Materials on, at, in, under, above, to, from or about any of its Real Estate,
provided, however, that neither a Loan Party nor any of its Subsidiaries shall be required to undertake any such cleanup, removal, remedial or other action to the extent that its obligation to do so is being contested in good faith and
by proper proceedings and adequate reserves have been set aside and are being maintained by the Loan Parties with respect to such circumstances in accordance with GAAP. 

  
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 6.17    Further Assurances. 

(a)    Execute any and all further documents, financing statements, agreements and instruments, and take
all such further actions (including the filing and recording of financing statements and other documents), that may be required under any applicable Law, or which the Agent may reasonably request, to effectuate the transactions contemplated by the
Loan Documents or to grant, preserve, protect or perfect the Liens created or intended to be created by the Security Documents or the validity or priority of any such Lien, all at the expense of the Loan Parties. The Loan Parties also agree to
provide to the Agent, from time to time upon request, evidence satisfactory to the Agent as to the perfection and priority of the Liens created or intended to be created by the Security Documents. 

(b)    If any material assets are acquired by any Loan Party after the Closing Date (other than assets
constituting Collateral under the Security Documents that become subject to the perfected first-priority Lien under the Security Documents upon acquisition thereof), notify the Agent thereof, and the Loan Parties will cause such assets to be
subjected to a Lien securing the Obligations and will take such actions as shall be necessary or shall be reasonably requested by the Agent to grant and perfect such Liens, including actions described in paragraph (a) of this
Section 6.17, all at the expense of the Loan Parties. In no event shall compliance with this Section 6.17(b) waive or be deemed a waiver or Consent to any transaction giving rise to the need to
comply with this Section 6.17(b) if such transaction was not otherwise expressly permitted by this Agreement or constitute or be deemed to constitute Consent to the inclusion of any acquired assets in the computation of the
Borrowing Base. 
 6.18    Compliance with Terms of Leaseholds. 

Except as would not reasonably be expected to have a Material Adverse Effect, (a) make all payments and otherwise perform all obligations
in respect of all Leases to which any Loan Party or any of its Subsidiaries is a party, keep such Leases in full force and effect, (b) not allow such Leases to lapse or be terminated or any rights to renew such Leases to be forfeited or
cancelled, (c) notify the Agent of any default by any party with respect to such Leases and cooperate with the Agent in all respects to cure any such default, and (d) cause each of its Subsidiaries to do the foregoing. 

6.19    Material Contracts. (a) Perform and observe in all material respects the terms and provisions
of each Material Contract to be performed or observed by it, (b) maintain each such Material Contract in full force and effect unless the Borrower determines in its prudent business judgment that such maintenance is no longer desirable,
(c) take commercially reasonable efforts, in its prudent business judgment, to enforce each such Material Contract in accordance with its terms, (d) upon reasonable request of the Agent, during the existence of an Event of Default, make to
each other party to each such Material Contract such demands and requests for information and reports or for action as any Loan Party or any of its Subsidiaries is entitled to make under such Material Contract, and (e) cause each of its
Subsidiaries to do the foregoing. 

  
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 6.20    OFAC; Sanctions. 

Each Loan Party will, and will cause each of its Subsidiaries to comply in all material respects with all applicable Sanctions, Anti-Corruption
Laws and Anti-Money Laundering Laws. Each of the Loan Parties and its Subsidiaries shall implement and maintain in effect policies and procedures designed to ensure compliance by the Loan Parties and their Subsidiaries and their respective
directors, officers, employees, agents and Affiliates with all Sanctions, Anti-Corruption Laws and Anti-Money Laundering Laws. Each of the Loan Parties shall and shall cause their respective Subsidiaries to comply with all Sanctions, Anti-Corruption
Laws and Anti-Money Laundering Laws. 
 6.21    Post-Closing Matters. Each Loan Party will take the
following actions within the time periods set forth below (or such longer period as the Agent may agree in its sole discretion): 

(a)    on or before the date that is 120 days following the Closing Date, deliver to the Agent the Blocked
Account Agreements required under Section 6.13(a); 
 (b)    on or before the
date that is 60 days following the Closing Date, deliver to the Agent all certificates, agreements or instruments required to be delivered under Section 3.1 of the Security Agreement and the original Intercompany Note and allonge thereto; 

(c)    on or before the date that is 30 days following the Closing Date, deliver to the Agent all
endorsements and insurance certificates required to be obtained by the Loan Parties pursuant to Section 6.07; and 

(d)    on or before the date that is 120 days following the Closing Date, deliver to the Agent all
Securities Account Control Agreements (as defined in the Security Agreement) required to be delivered under Section 3.4(b) of the Security Agreement. 

ARTICLE VII 
 NEGATIVE
COVENANTS 
 So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation hereunder shall remain unpaid or
unsatisfied, or any Letter of Credit shall remain outstanding (other than contingent indemnification obligations for which a claim has not been asserted), no Loan Party shall, nor shall it permit any Subsidiary to, directly or indirectly: 

7.01    Liens. Create, incur, assume or suffer to exist any Lien upon any of its property, assets or
revenues, whether now owned or hereafter acquired or sign or file or suffer to exist under the UCC or any similar Law or statute of any jurisdiction a financing statement that names any Loan Party or any Subsidiary thereof as debtor; sign or suffer
to exist any security agreement authorizing any Person thereunder to file such financing statement; sell any of its property or assets subject to an understanding or agreement (contingent or otherwise) to repurchase such property or assets with
recourse to it or any of its Subsidiaries; or assign or otherwise transfer any accounts or other rights to receive income, other than, as to all of the above, Permitted Encumbrances. 

  
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 7.02    Investments. Make any Investments, except
Permitted Investments. 
 7.03    Indebtedness; Disqualified Stock. 

(a)    Create, incur, assume, guarantee, suffer to exist or otherwise become or remain liable with respect
to, any Indebtedness, except Permitted Indebtedness or (b) issue Disqualified Stock. 

7.04    Fundamental Changes. Merge, divide, dissolve, liquidate, consolidate with or into another Person,
(or agree to do any of the foregoing), except that, so long as no Default or Event of Default shall have occurred and be continuing prior to or immediately after giving effect to any action described below or would result therefrom: 

(a)    any Subsidiary which is not a Loan Party may merge with (i) a Loan Party, provided that the
Loan Party shall be the continuing or surviving Person or the surviving Person shall join as a Loan Party in accordance with Section 6.12, or (ii) any one or more other Subsidiaries which are not Loan Parties, provided that when any
wholly-owned Subsidiary is merging with another Subsidiary that is not wholly-owned, the wholly-owned Subsidiary shall be the continuing or surviving Person; 

(b)    any Subsidiary which is a Loan Party may merge into any Subsidiary which is a Loan Party or into the
Borrower, provided that in any merger involving the Borrower, the Borrower shall be the continuing or surviving Person; 

(c)    in connection with a Permitted Acquisition, any Subsidiary of a Loan Party may merge with or into or
consolidate with any other Person or permit any other Person to merge with or into or consolidate with it; provided that the Person surviving such merger shall be a wholly-owned Subsidiary of a Loan Party and such Person shall become a Loan
Party in accordance with the provisions of Section 6.12 hereof; 
 (d)    any
CFC that is not a Loan Party may merge into any CFC that is not a Loan Party; and 
 (e)    any
Subsidiary (other than Borrower) may liquidate or dissolve if the Borrower determines in good faith that such liquidation is in the best interests of the Borrower and would not have a Material Adverse Effect; provided that, prior to such liquidation
or dissolution, such Subsidiary shall transfer all of its assets of the type included in the Borrowing Base to a Loan Party. 

7.05    Dispositions. Make any Disposition, except Permitted Dispositions. 

7.06    Restricted Payments. Declare or make, directly or indirectly, any Restricted Payment, or incur any
obligation (contingent or otherwise) to do so, except that, so long as no Default or Event of Default shall have occurred and be continuing prior to or immediately after giving effect to any action described below or would result therefrom: 

(a)    The Loan Parties and each Subsidiary may make Restricted Payments to any other Loan Party or
Subsidiary; 

  
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 (b)    the Loan Parties and each Subsidiary may declare
and make dividend payments or other distributions payable solely in the common stock or other common Equity Interests of such Person; 

(c)    if either the Payment Conditions or Investment and RP Conditions are satisfied, the Loan Parties and
each Subsidiary may purchase, redeem or otherwise acquire Equity Interests issued by it; 
 (d)    if
either the Payment Conditions or Investment and RP Conditions are satisfied, the Borrower may declare or pay cash dividends to its stockholders; and 

(e)    any non-wholly owned Subsidiaries of Borrower that are not
Loan Parties may declare and make dividend payments or other distributions to their respective stockholders. 

7.07    Prepayments of Indebtedness. Prepay, redeem, purchase, defease or otherwise satisfy prior to the
scheduled maturity thereof in any manner any Indebtedness, or make any payment in violation of any subordination terms of any Subordinated Indebtedness, except (a) as long as no Default or Event of Default then exists, regularly scheduled or
mandatory repayments, repurchases, redemptions or defeasances of (i) Permitted Indebtedness (other than Subordinated Indebtedness), and (ii) Subordinated Indebtedness in accordance with the subordination terms thereof or the applicable
subordination agreement relating thereto, (b) voluntary prepayments, repurchases, redemptions or defeasances of (i) Permitted Indebtedness (but excluding on account of any Subordinated Indebtedness) as long as the either Payment Conditions
or Investment and RP Conditions are satisfied, and (ii) Subordinated Indebtedness in accordance with the subordination terms thereof or the applicable subordination agreement relating thereto, and as long as the either Payment Conditions or
Investment and RP Conditions are satisfied, (c) Permitted Refinancings of any such Indebtedness, or (d) as long as no Default or Event of Default or Cash Dominion Event then exists and is continuing, such prepayments, redemptions,
repurchases or defeasements of Indebtedness made substantially simultaneously with proceeds of Equity Interests issued by Borrower. 

7.08    Change in Nature of Business. Engage in any line of business substantially different from the
business conducted by the Loan Parties and their Subsidiaries on the Closing Date or any business related, incidental or ancillary thereto. 

7.09    Transactions with Affiliates. Enter into, renew, extend or be a party to any transaction of any kind
with any Affiliate of any Loan Party, whether or not in the ordinary course of business, other than on fair and reasonable terms substantially as favorable to the Loan Parties or such Subsidiary as would be obtainable by the Loan Parties or such
Subsidiary at the time in a comparable arm’s length transaction with a Person other than an Affiliate, provided that the foregoing restriction shall not apply to (a) a transaction between or among the Loan Parties, (b) transactions
described on Schedule 7.09 to the Disclosure Letter, (c) advances for commissions, travel and other similar purposes in the ordinary course of business to directors, officers and employees, (d) the issuance of Equity Interests in the
Borrower to any officer, director, employee or consultant of the Borrower or any of its Subsidiaries, (e) the payment of reasonable fees and out-of-pocket costs to
directors, and compensation and employee benefit arrangements paid to, 

  
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and indemnities provided for the benefit of, directors, officers or employees of the Borrower or any of its Subsidiaries, and (f) any issuances of securities of the Borrower (other than
Disqualified Stock and other Equity Interests not permitted hereunder) or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of, employment agreements, stock options and stock ownership plans (in each case
in respect of Equity Interests in the Borrower) of the Borrower or any of its Subsidiaries. 

7.10    Burdensome Agreements. Enter into or permit to exist any Contractual Obligation (other than this
Agreement or any other Loan Document) that (a) limits the ability (i) of any Subsidiary to make Restricted Payments or other distributions to any Loan Party or to otherwise transfer property to or invest in a Loan Party, (ii) of any
Subsidiary to Guarantee the Obligations, (iii) of any Subsidiary to make or repay loans to a Loan Party, or (iv) of the Loan Parties or any Subsidiary to create, incur, assume or suffer to exist Liens on property of such Person in favor of
the Agent; provided, however, that this clause (iv) shall not prohibit any negative pledge incurred or provided in favor of any holder of Indebtedness permitted under clauses (c) of the definition of Permitted Indebtedness
solely to the extent any such negative pledge relates to the property financed by or the subject of such Indebtedness; or (b) requires the grant of a Lien to secure an obligation of such Person if a Lien is granted to secure another obligation
of such Person. 
 7.11    Use of Proceeds. Use the proceeds of any Credit Extension, whether directly or
indirectly, and whether immediately, incidentally or ultimately, (a) to purchase or carry margin stock (within the meaning of Regulation U of the FRB) or to extend credit to others for the purpose of purchasing or carrying margin stock or to
refund Indebtedness originally incurred for such purpose; (b) to make any payments to a Sanctioned Entity or a Sanctioned Person, to finance any investments in a Sanctioned Entity or a Sanctioned Person, to fund any operations of a Sanctioned
Entity or a Sanctioned Person, or in any other manner that would result in a violation of Sanctions by any Person; or (c) for purposes other than those permitted under this Agreement. 

7.12    Amendment of Material Documents. 

Amend, modify or waive any of a Loan Party’s rights under (a) its Organization Documents in a manner materially adverse to the Credit
Parties, or (b) any Material Contract or Material Indebtedness (other than on account of any refinancing thereof otherwise permitted hereunder), in each case to the extent that such amendment, modification or waiver would result in a Default or
Event of Default under any of the Loan Documents, would be materially adverse to the Credit Parties or otherwise would be reasonably likely to have a Material Adverse Effect. 

7.13    Fiscal Year. 

Change the Fiscal Year of any Loan Party, or the accounting policies or reporting practices of the Loan Parties, except as required by GAAP.

 7.14    Deposit Accounts; Credit Card Processors. 

Open new DDAs or Blocked Accounts unless the Loan Parties shall have delivered to the Agent appropriate Blocked Account Agreements consistent
with the provisions of Section 6.13 and otherwise reasonably satisfactory to the Agent. No Loan Party shall maintain any bank accounts or enter into any agreements with Credit Card Issuers or Credit Card Processors other
than the ones expressly contemplated herein or in Section 6.13 hereof. 

  
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 7.15    Financial Covenant. Permit Availability to be
(x) at any time prior to the Stepdown Date, less than 15% of the Loan Cap, and (y) at any time after the Stepdown Date, less than 10% of the Loan Cap. 

7.16    Sale and Leaseback Transactions. Borrower and its Subsidiaries shall not enter into any arrangement,
directly or indirectly, with any person whereby it shall sell or transfer any property used or useful in its business, whether now owned or hereafter acquired, and thereafter rent or lease such property or other property which it intends to use for
substantially the same purpose or purposes as the property being sold or transferred (a “Sale and Leaseback Transaction”) unless (a) the sale of such property is entered into in the ordinary course of business and is made for cash
consideration in an amount not less than the fair market value of such property, (b) the Sale and Leaseback Transaction is permitted by Section 7.05 and is consummated within sixty (60) days after the date on which such property is
sold or transferred, (c) any Liens arising in connection with its use of the property are permitted by clause (q) of the definition of Permitted Encumbrances, (d) the Sale and Leaseback Transaction would be permitted under
Section 7.03, assuming the Attributable Indebtedness with respect to the Sale and Leaseback Transaction constituted Indebtedness under Section 7.03 and (e) the Attributable Indebtedness incurred with respect to such Sale and Leaseback
Transactions shall not exceed (i) for any property other than one of the Borrower’s distribution centers, $25,000,000 for such Sale and Leaseback Transactions in the aggregate in any period of twelve (12) consecutive months and
(ii) for one of the Borrower’s distribution centers, $200,000,000. 
 ARTICLE VIII 

EVENTS OF DEFAULT AND REMEDIES 

8.01    Events of Default. Any of the following shall constitute an Event of Default: 

(a)    Non-Payment. The Borrower or any other Loan Party
fails to pay when and as required to be paid herein, (i) any amount of principal of any Loan or any L/C Obligation, or deposit any funds as Cash Collateral in respect of L/C Obligations, or (ii) any interest on any Loan or on any L/C
Obligation, or any fee due hereunder, or (iii) any other amount payable hereunder or under any other Loan Document; or 

(b)    Specific Covenants. (i) Any Loan Party fails to perform or observe any term, covenant or
agreement contained in any of Section 6.01, 6.02, 6.03, 6.05 (solely with respect to the existence of the Borrower), 6.07, 6.10, 6.11, 6.12, 6.13, 6.14,
6.21 or Article VII; or 
 (c)    Other Defaults. Any Loan Party fails to perform or
observe any other covenant or agreement (not specified in subsection (a) or (b) above) contained in any Loan Document on its part to be performed or observed and such failure continues for 30 days; or 

(d)    Representations and Warranties. Any representation, warranty, certification or statement of
fact made or deemed made by or on behalf of the Borrower or any other 

  
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Loan Party herein, in any other Loan Document, or in any document delivered in connection herewith or therewith (including, without limitation, any Borrowing Base Certificate), or in completing
any request for a Borrowing via the Portal, shall be incorrect or misleading in any material respect when made or deemed made; or 

(e)    Cross-Default. (i) Any Loan Party or any Subsidiary thereof (A) fails to make any
payment when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) in respect of any Material Indebtedness (including undrawn committed or available amounts and including amounts owing to all creditors under
any combined or syndicated credit arrangement), or (B) fails to observe or perform any other agreement or condition relating to any such Material Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto,
or any other event occurs, the effect of which default or other event is to cause, or to permit the holder or holders of such Material Indebtedness or the beneficiary or beneficiaries of any Guarantee thereof (or a trustee or agent on behalf of such
holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice if required, such Indebtedness to be demanded or to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to
repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity, or such Guarantee to become payable or cash collateral in respect thereof to be demanded; or (ii) there occurs under any Swap Contract an Early
Termination Date (as defined in such Swap Contract) resulting from (A) any event of default under such Swap Contract as to which a Loan Party or any Subsidiary thereof is the Defaulting Party (as defined in such Swap Contract) or (B) any
Termination Event (as so defined) under such Swap Contract as to which a Loan Party or any Subsidiary thereof is an Affected Party (as so defined) and, in either event, the Swap Termination Value owed by the Loan Party or such Subsidiary as a result
thereof is greater than $25,000,000; or 
 (f)    Insolvency Proceedings, Etc. Any Loan Party or
any of its Subsidiaries institutes, consents to the institution of or declares its intention to institute any proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment
of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all or any material part of its property; or a proceeding shall be commenced or a petition filed, without the application or consent of such
Person, seeking or requesting the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed and the appointment continues undischarged, undismissed or unstayed for 30 calendar days or an
order or decree approving or ordering any of the foregoing shall be entered; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material part of its property is instituted without the consent of such Person
and continues undismissed or unstayed for 60 calendar days, or an order for relief is entered in any such proceeding; or 

(g)    Inability to Pay Debts; Attachment. (i) Any Loan Party or any Subsidiary thereof becomes
unable or admits in writing its inability or fails generally to pay its debts as they become due in the ordinary course of business, or (ii) any writ or warrant of attachment or execution or similar process is issued or levied against all or
any material part of the property of any such Person and is not released, vacated or fully bonded within 10 days after its issuance or levy; or 

  
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 (h)    Judgments. There is entered against any
Loan Party or any Subsidiary thereof (i) one or more judgments or orders for the payment of money in an aggregate amount (as to all such judgments and orders) exceeding $25,000,000 (to the extent not covered by independent third-party insurance
as to which the insurer is rated at least “A” by A.M. Best Company, has been notified of the potential claim and does not dispute coverage), or (ii) any one or more non-monetary judgments that
have, or would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect and, in either case, (A) enforcement proceedings are commenced by any creditor upon such judgment or order, or (B) there is a period
of 30 consecutive days during which a stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise, is not in effect; or 

(i)    ERISA. (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan
which has resulted or would reasonably be expected to result in liability of any Loan Party under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in excess of $25,000,000 or which would reasonably likely
result in a Material Adverse Effect, or (ii) a Loan Party or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under
Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount in excess of $25,000,000 or which would reasonably likely result in a Material Adverse Effect; or 

(j)    Invalidity of Loan Documents. (i) Any provision of any Loan Document, at any time after
its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect; or any Loan Party, any Subsidiary thereof or any
Governmental Authority contests in any manner the validity or enforceability of any provision of any Loan Document; or any Loan Party denies that it has any or further liability or obligation under any provision of any Loan Document, or purports to
revoke, terminate or rescind any provision of any Loan Document or seeks to avoid, limit or otherwise adversely affect any Lien purported to be created under any Security Document; or (ii) any Lien purported to be created under any Security
Document shall cease to be, or shall be asserted by any Loan Party, any Subsidiary thereof or any Governmental Authority not to be, a valid and perfected Lien on any Collateral, with the priority required by the applicable Security Document; or 

(k)    Change of Control. There occurs any Change of Control; or 

(l)    Cessation of Business. Except as otherwise expressly permitted hereunder, any Loan Party
shall take any action, or shall make a determination, whether or not yet formally approved by any Loan Party’s management or board of directors, to (i) suspend the operation of all or a material portion of its business in the ordinary
course, (ii) suspend the payment of any material obligations in the ordinary course or suspend the performance under material contracts in the ordinary course, (iii) solicit proposals for the liquidation of,

  
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or undertake to liquidate, all or a material portion of its assets or Store locations, or (iv) solicit proposals for the employment of, or employ, an agent or other third party to conduct a
program of closings, liquidations, or “Going-Out-Of-Business” sales of any material portion of its business; or 

(m)    Loss of Collateral. There occurs any uninsured loss to any material portion of the
Collateral; or 
 (n)    Breach of Contractual Obligation. Any Loan Party or any Subsidiary
thereof fails to make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) in respect of any Material Contract or fails to observe or perform any other agreement or condition relating to any
such Material Contract or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event occurs, the effect of which default or other event is to cause, or to permit the counterparty to such Material Contract
to terminate such Material Contract; or 
 (o)    Indictment. The indictment or institution of any
legal process or proceeding against, any Loan Party or any Subsidiary thereof, under any federal, state, municipal, and other criminal statute, rule, regulation, order, or other requirement having the force of law for a felony; or 

(p)    Guaranty. The termination or attempted termination of any Facility Guaranty except as
expressly permitted hereunder or under any other Loan Document; or 
 (q)    Subordination.
(i) The subordination provisions of the documents evidencing or governing any Subordinated Indebtedness (any such provisions being referred to as the “Subordination Provisions”) shall, in whole or in part, terminate, cease to be
effective or cease to be legally valid, binding and enforceable against any holder of the applicable Indebtedness; or (ii) the Borrower or any other Loan Party shall, directly or indirectly, disavow or contest in any manner (A) the
effectiveness, validity or enforceability of any of the Subordination Provisions, (B) that the Subordination Provisions exist for the benefit of the Credit Parties, or (C) that all payments of principal of or premium and interest on the
applicable Subordinated Indebtedness, or realized from the liquidation of any property of any Loan Party, shall be subject to any of the Subordination Provisions. 

8.02    Remedies Upon Event of Default. If any Event of Default occurs and is continuing, the Agent may, or,
at the request of the Required Lenders shall, take any or all of the following actions: 
 (a)    declare
the Commitments of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions to be terminated, whereupon such Commitments and obligation shall be terminated; 

(b)    declare the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid
thereon, and all other Obligations (other than Obligations under any Swap Contract) to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Loan Parties;

  
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 (c)    require that the Loan Parties Cash Collateralize
the L/C Obligations; and 
 (d)    whether or not the maturity of the Obligations shall have been
accelerated pursuant hereto, proceed to protect, enforce and exercise all rights and remedies of the Credit Parties under this Agreement, any of the other Loan Documents or applicable Law, including, but not limited to, by suit in equity, action at
law or other appropriate proceeding, whether for the specific performance of any covenant or agreement contained in this Agreement and the other Loan Documents or any instrument pursuant to which the Obligations are evidenced, and, if such amount
shall have become due, by declaration or otherwise, proceed to enforce the payment thereof or any other legal or equitable right of the Credit Parties; 

provided, however, that upon the occurrence of any Event of Default with respect to any Loan Party or any Subsidiary thereof under
Section 8.01(f), the obligation of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions shall automatically terminate, the unpaid principal amount of all outstanding Loans and all
interest and other amounts as aforesaid shall automatically become due and payable, and the obligation of the Loan Parties to Cash Collateralize the L/C Obligations as aforesaid shall automatically become effective, in each case without further act
of the Agent or any Lender. 
 No remedy herein is intended to be exclusive of any other remedy and each and every remedy shall be
cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing at law or in equity or by statute or any other provision of Law. 

Each of the Lenders agrees that it shall not, unless specifically requested to do so in writing by Agent, take or cause to be taken any
action, including, the commencement of any legal or equitable proceedings to enforce any Loan Document against any Loan Party or to foreclose any Lien on, or otherwise enforce any security interest in, or other rights to, any of the Collateral. 

8.03    Application of Funds. After the exercise of remedies provided for in
Section 8.02 (or after the Loans have automatically become immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth in the proviso to
Section 8.02), any amounts received on account of the Obligations shall be applied by the Agent in the following order: 

First, to payment of that portion of the Obligations (excluding the Other Liabilities) constituting fees, indemnities,
Credit Party Expenses and other amounts (including fees, charges and disbursements of counsel to the Agent and amounts payable under Article III) payable to the Agent; 

Second, to payment of that portion of the Obligations (excluding the Other Liabilities) constituting indemnities, Credit
Party Expenses, and other amounts (other than principal, interest and fees) payable to the Lenders and the L/C Issuer (including fees, charges and disbursements of counsel to the respective Lenders and the L/C Issuer and amounts payable under
Article III), ratably among them in proportion to the amounts described in this clause Second payable to them; 

  
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 Third, to the extent not previously reimbursed by the Lenders, to
payment to the Agent of that portion of the Obligations constituting principal and accrued and unpaid interest on any Permitted Overadvances; 

Fourth, to the extent that Swing Line Loans have not been refinanced by a Committed Loan, payment to the Swing Line
Lender of that portion of the Obligations constituting accrued and unpaid interest on the Swing Line Loans; 
 Fifth,
to payment of that portion of the Obligations constituting accrued and unpaid interest on the Committed Loans and other Obligations, and fees (including Letter of Credit Fees), ratably among the Lenders and the L/C Issuer in proportion to the
respective amounts described in this clause Fifth payable to them; 
 Sixth, to the extent that Swing Line
Loans have not been refinanced by a Committed Loan, to payment to the Swing Line Lender of that portion of the Obligations constituting unpaid principal of the Swing Line Loans; 

Seventh, to payment of that portion of the Obligations constituting unpaid principal of the Committed Loans, ratably
among the Lenders in proportion to the respective amounts described in this clause Seventh held by them; 

Eighth, to the Agent for the account of the L/C Issuer, to Cash Collateralize that portion of L/C Obligations comprised
of the aggregate undrawn amount of Letters of Credit; 
 Ninth, to payment of all other Obligations (including without
limitation the cash collateralization of unliquidated indemnification obligations, but excluding any Other Liabilities), ratably among the Credit Parties in proportion to the respective amounts described in this clause Ninth held by them;

 Tenth, to payment of that portion of the Obligations arising from Secured Cash Management Services for which a Cash
Management Reserve has been implemented and is in effect, ratably among the Credit Parties in proportion to the respective amounts described in this clause Tenth held by them; 

Eleventh, to payment of all other Obligations arising from Secured Bank Products for which a Bank Product Reserve has
been implemented and is in effect, ratably among the Credit Parties in proportion to the respective amounts described in this clause Eleventh held by them; 

Twelfth, to payment of all other Obligations arising from Cash Management Services not paid pursuant to clause
Tenth above; 
 Thirteenth, to payment of all other Obligations arising from Secured Bank Products not paid
pursuant to clause Eleventh above; and 

  
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 Last, the balance, if any, after all of the Obligations have been
indefeasibly paid in full, to the Loan Parties or as otherwise required by Law. 
 Subject to Section 2.03(c), amounts used to
Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Eighth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after
all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Obligations, if any, in the order set forth above. 

ARTICLE IX 
 THE AGENT

 9.01    Appointment and Authority. Each of the Lenders (including in its capacities as a potential
provider of Cash Management Services and/or Bank Products) and the Swing Line Lender hereby irrevocably appoints Wells Fargo to act on its behalf as the Agent hereunder and under the other Loan Documents (other than the Swap Contracts) and
authorizes the Agent to take such actions on its behalf and to exercise such powers as are delegated to the Agent by the terms hereof or thereof (including, without limitation, acquiring, holding and enforcing any and all Liens on Collateral granted
by any of the Loan Parties to secure any of the Obligations), together with such actions and powers as are reasonably incidental thereto. The provisions of this Article are solely for the benefit of the Agent, the Lenders and the L/C Issuer, and no
Loan Party or any Subsidiary thereof shall have rights as a third party beneficiary of any of such provisions. 

9.02    Rights as a Lender. The Person serving as the Agent hereunder 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 Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires,
include the Person serving as the Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and generally engage in any kind
of business with the Loan Parties or any Subsidiary or other Affiliate thereof as if such Person were not the hereunder and without any duty to account therefor to the Lenders. 

9.03    Exculpatory Provisions. The Agent shall not have any duties or obligations except those expressly
set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, the Agent: 

(a)    shall not be subject to any fiduciary or other implied duties, regardless of whether a Default or an
Event of Default has occurred and is continuing; 
 (b)    shall not have any duty to take any
discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Agent is required to exercise as directed in writing by the Required Lenders (or
such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents), provided that the Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose
the Agent to liability or that is contrary to any Loan Document or applicable law; and 

  
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 (c)    shall not, except as expressly set forth herein
and in the other Loan Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Loan Parties or any of its Affiliates that is communicated to or obtained by the Person serving as the
Agent or any of its Affiliates in any capacity. 
 The Agent shall not be liable for any action taken or not taken by it (i) with the
Consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Agent shall believe in good faith shall be necessary, under the circumstances as provided in Sections 10.01
and 8.02) or (ii) in the absence of its own gross negligence or willful misconduct as determined by a final and non-appealable judgment of a court of competent jurisdiction. 

The Agent shall not be deemed to have knowledge of any Default or Event of Default unless and until notice describing such Default or Event of
Default is given to the Agent by the Loan Parties, a Lender or the L/C Issuer. Upon the occurrence of a Default or Event of Default, the Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed by
the Required Lenders. Unless and until the Agent shall have received such direction, the Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to any such Default or Event of Default as it shall
deem advisable in the best interest of the Credit Parties. In no event shall the Agent be required to comply with any such directions to the extent that the Agent believes that its compliance with such directions would be unlawful. 

The Agent shall not 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 or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or
observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default or Event of Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any
other Loan Document or any other agreement, instrument or document or the creation, perfection or priority of any Lien purported to be created by the Security Documents, (v) the value or the sufficiency of any Collateral, or (vi) 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 Agent. 

9.04    Reliance by Agent. 

The 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 (including, but not limited to, any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise
authenticated by the proper Person. The Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining
compliance with any condition hereunder to the making of a Loan, or the issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the L/C Issuer, the Agent may presume that such condition is satisfactory
to such Lender or the L/C Issuer unless the Agent shall have received written notice 

  
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to the contrary from such Lender or the L/C Issuer prior to the making of such Loan or the issuance of such Letter of Credit. The Agent may consult with legal counsel (who may be counsel for any
Loan Party), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 

9.05    Delegation of Duties. The Agent may perform any and all of its duties and exercise its rights and
powers hereunder or under any other Loan Document by or through any one or more sub agents appointed by the Agent. The Agent and any such sub agent may perform any and all of its duties and exercise its rights and powers by or through their
respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub agent and to the Related Parties of the 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 the Agent. 

9.06    Resignation of Agent. The Agent may at any time give written notice of its resignation to the
Lenders and the Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with the Borrower, to appoint a successor, which shall be a bank with an office in the United States, or an
Affiliate of any such bank with an office in the United States. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Agent gives notice of its
resignation, then the retiring Agent may on behalf of the Lenders and the L/C Issuer, appoint a successor Agent meeting the qualifications set forth above; provided that if the Agent shall notify the Borrower and the Lenders that no qualifying
Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice and (1) the retiring Agent shall be discharged from its duties and obligations hereunder and under the other Loan
Documents (except that in the case of any Collateral held by the Agent on behalf of the Lenders or the L/C Issuer under any of the Loan Documents, the retiring Agent shall continue to hold such collateral security until such time as a successor
Agent is appointed) and (2) all payments, communications and determinations provided to be made by, to or through the Agent shall instead be made by or to each Lender and the L/C Issuer directly, until such time as the Required Lenders
appoint a successor Agent as provided for above in this Section. Upon the acceptance of a successor’s appointment as Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the
retiring (or retired) Agent, and the retiring Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this Section). The fees payable by
the Borrower to a successor Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the retiring Agent’s resignation hereunder and under the other Loan Documents, the
provisions of this Article and Section 10.04 shall continue in effect for the benefit of such retiring Agent, its sub agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any
of them while the retiring Agent was acting as Agent hereunder. 
 Any resignation by Wells Fargo as Agent pursuant to this Section shall
also constitute its resignation as Swing Line Lender and the resignation of Wells Fargo as L/C Issuer. Upon the acceptance of a successor’s appointment as Agent hereunder, (a) such successor shall succeed to and become vested with all of
the rights, powers, privileges and duties of the retiring L/C Issuer and Swing Line Lender, (b) the retiring L/C Issuer and Swing Line Lender shall be discharged 

  
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from all of their respective duties and obligations hereunder or under the other Loan Documents, and (c) the successor L/C Issuer shall issue letters of credit in substitution for the
Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to the retiring L/C Issuer to effectively assume the obligations of the retiring L/C Issuer with respect to such Letters of Credit. 

9.07    Non-Reliance on Agent and Other Lenders. Each Lender and the
L/C Issuer acknowledges that it has, independently and without reliance upon the Agent or any other Lender or any of their Related Parties 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 and the L/C Issuer also acknowledges that it will, independently and without reliance upon the Agent or any other Lender or any of their Related Parties 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 other Loan Document or any related agreement or any document furnished hereunder or thereunder.
Except as provided in Section 9.12, the Agent shall not have any duty or responsibility to provide any Credit Party with any other credit or other information concerning the affairs, financial condition or business of any
Loan Party that may come into the possession of the Agent. 
 9.08    [Reserved]. 

9.09    Agent May File Proofs of Claim. In case of the pendency of any proceeding under any Debtor Relief
Law or any other judicial proceeding relative to any Loan Party, the Agent (irrespective of whether the principal of any Loan or L/C Obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of
whether the Agent shall have made any demand on the Loan Parties) shall be entitled and empowered, by intervention in such proceeding or otherwise. 

(a)    to file and prove a claim for the whole amount of the principal and interest owing and unpaid in
respect of the Loans, L/C Obligations and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the L/C Issuer, the Agent and the other Credit
Parties (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders, the L/C Issuer, the Agent, such Credit Parties and their respective agents and counsel and all other amounts due the Lenders, the L/C
Issuer the Agent and such Credit Parties under Sections 2.03(i), 2.03(j), 2.03(k), 2.03(l) and 2.03(m), as applicable, 2.09 and 10.04) allowed in such judicial proceeding; and 

(b)    to collect and receive any monies or other property payable or deliverable on any such claims and to
distribute the same; 
 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding
is hereby authorized by each Lender and the L/C Issuer to make such payments to the Agent and, if the Agent shall consent to the making of such payments directly to the Lenders and the L/C Issuer, to pay to the Agent any amount due for the
reasonable compensation, expenses, disbursements and advances of the Agent and its agents and counsel, and any other amounts due the Agent under Sections 2.09 and 10.04. 

  
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 Nothing contained herein shall be deemed to authorize the Agent to authorize or consent to
or accept or adopt on behalf of any Lender or the L/C Issuer any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or the L/C Issuer or to authorize the Agent to vote in respect of
the claim of any Lender or the L/C Issuer in any such proceeding. 
 9.10    Collateral and Guaranty
Matters. The Credit Parties (including, as applicable, in their capacities as potential providers of Bank Products and/or Cash Management Services) irrevocably authorize the Agent, at its option and in its discretion, 

(a)    to release any Lien on any property granted to or held by the Agent under any Loan Document
(i) upon termination of the Aggregate Commitments and payment in full of all Obligations (other than contingent indemnification obligations for which no claim has been asserted) and the expiration, termination or Cash Collateralization of all
Letters of Credit, (ii) that is sold or to be sold as part of or in connection with any sale permitted hereunder or under any other Loan Document, or (iii) if approved, authorized or ratified in writing by the Applicable Lenders in
accordance with Section 10.01; 
 (b)    to subordinate any Lien on Collateral
other than Inventory, Accounts, Credit Card Receivables, DDAs and securities accounts to the holder of any Lien permitted by clause (h) of the definition of Permitted Encumbrances to secure Indebtedness permitted pursuant to clause (c) of
the definition of Permitted Indebtedness; and 
 (c)    to release any Guarantor from its obligations
under the Facility Guaranty if such Person ceases to be a Subsidiary as a result of a transaction permitted hereunder. 
 Upon request by the Agent at any
time, the Applicable Lenders will confirm in writing the Agent’s authority to release or subordinate its interest in particular types or items of property, or to release any Guarantor from its obligations under the Facility Guaranty pursuant to
this Section 9.10. In each case as specified in this Section 9.10, the Agent will, at the Loan Parties’ expense, execute and deliver to the applicable Loan Party such documents as such Loan
Party may reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted under the Security Documents or to subordinate its interest in such item, or to release such Guarantor from its
obligations under the Facility Guaranty, in each case in accordance with the terms of the Loan Documents and this Section 9.10. 

9.11    Notice of Transfer. 

The Agent may deem and treat a Lender party to this Agreement as the owner of such Lender’s portion of the Obligations for all purposes,
unless and until, and except to the extent, an Assignment and Acceptance shall have become effective as set forth in Section 10.06. 

9.12    Reports and Financial Statements. 

By signing this Agreement, each Lender: 

(a)    agrees to furnish the Agent (x) after the incurrence thereof (and thereafter at such frequency
as the Agent may reasonably request), with a summary of all Secured 

  
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Bank Products and Secured Cash Management Services due or to become due to such Lender or its Affiliates and (y) after the occurrence and during the continuance of a Cash Dominion Event (and
thereafter at such frequency as the Agent may reasonably request) with a summary of all Other Liabilities due or to become due to such Lender. In connection with any distributions to be made hereunder, the Agent shall be entitled to assume that no
amounts are due to any Lender on account of any Secured Bank Products, Secured Cash Management Services, and Other Liabilities unless the Agent has received written notice thereof from such Lender; 

(b)    is deemed to have requested that the Agent furnish such Lender, promptly after they become
available, copies of all Borrowing Base Certificates and financial statements required to be delivered by the Borrower hereunder and all commercial finance examinations and appraisals of the Collateral received by the Agent (collectively, the
“Reports”); 
 (c)    expressly agrees and acknowledges that the Agent makes no
representation or warranty as to the accuracy of the Reports, and shall not be liable for any information contained in any Report; 

(d)    expressly agrees and acknowledges that the Reports are not comprehensive audits or examinations,
that the Agent or any other party performing any audit or examination will inspect only specific information regarding the Loan Parties and will rely significantly upon the Loan Parties’ books and records, as well as on representations of the
Loan Parties’ personnel; 
 (e)    agrees to keep all Reports confidential in accordance with the
provisions of Section 10.07 hereof; and 
 (f)    without limiting the
generality of any other indemnification provision contained in this Agreement, agrees: (i) to hold the Agent and any such other Lender preparing a Report harmless from any action the indemnifying Lender may take or conclusion the indemnifying
Lender may reach or draw from any Report in connection with any Credit Extensions that the indemnifying Lender has made or may make to the Borrower, or the indemnifying Lender’s participation in, or the indemnifying Lender’s purchase of, a
Loan or Loans; and (ii) to pay and protect, and indemnify, defend, and hold the Agent and any such other Lender preparing a Report harmless from and against, the claims, actions, proceedings, damages, costs, expenses, and other amounts
(including attorney costs) incurred by the Agent and any such other Lender preparing a Report as the direct or indirect result of any third parties who might obtain all or part of any Report through the indemnifying Lender. 

9.13    Agency for Perfection. 

Each Lender hereby appoints each other Lender as agent for the purpose of perfecting Liens for the benefit of the Agent and the Lenders, in
assets which, in accordance with Article 9 of the UCC or any other applicable Law of the United States can be perfected only by possession. Should any Lender (other than the Agent) obtain possession of any such Collateral, such Lender shall notify
the Agent thereof, and, promptly upon the Agent’s request therefor shall deliver such Collateral to the Agent or otherwise deal with such Collateral in accordance with the Agent’s instructions. 

  
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 9.14    Indemnification of Agent. Without limiting the
obligations of the Loan Parties hereunder, the Lenders hereby agree to indemnify the Agent, the L/C Issuer and any Related Party, as the case may be, ratably according to their Applicable Percentages, from and against any and all liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever that may be imposed on, incurred by, or asserted against the Agent, the L/C Issuer and their Related Parties in any
way relating to or arising out of this Agreement or any other Loan Document or any action taken or omitted to be taken by the Agent, the L/C Issuer and their Related Parties in connection therewith; provided, that no Lender shall be liable
for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from the Agent’s, the L/C Issuer’s and their Related Parties’ gross negligence or
willful misconduct as determined by a final and nonappealable judgment of a court of competent jurisdiction. 

9.15    Relation among Lenders. The Lenders are not partners or
co-venturers, and no Lender shall be liable for the acts or omissions of, or (except as otherwise set forth herein in case of the Agent) authorized to act for, any other Lender. 

9.16    Defaulting Lenders. 

(a)    Notwithstanding the provisions of Section 2.14 hereof, the Agent shall not
be obligated to transfer to a Defaulting Lender any payments made by the Borrower to the Agent for the Defaulting Lender’s benefit or any proceeds of Collateral that would otherwise be remitted hereunder to the Defaulting Lender, and, in the
absence of such transfer to the Defaulting Lender, the Agent shall transfer any such payments (i) first, to the Swing Line Lender to the extent of any Swing Line Loans that were made by the Swing Line Lender and that were required to be, but
were not, paid by the Defaulting Lender, (ii) second, to the L/C Issuer, to the extent of the portion of a Letter of Credit Disbursement that was required to be, but was not, paid by the Defaulting Lender, (iii) third, to each Non-Defaulting Lender ratably in accordance with their Commitments (but, in each case, only to the extent that such Defaulting Lender’s portion of a Loan (or other funding obligation) was funded by such other Non-Defaulting Lender), (iv) to the Cash Collateral Account, the proceeds of which shall be retained by the Agent and may be made available to be re-advanced to or for the
benefit of the Borrower (upon the request of the Borrower and subject to the conditions set forth in Section 4.02) as if such Defaulting Lender had made its portion of the Loans (or other funding obligations) hereunder, and
(v) from and after the date on which all other Obligations have been paid in full, to such Defaulting Lender. Subject to the foregoing, the Agent may hold and, in its discretion, re-lend to the Borrower
for the account of such Defaulting Lender the amount of all such payments received and retained by the Agent for the account of such Defaulting Lender. Solely for the purposes of voting or consenting to matters with respect to the Loan Documents
(including the calculation of Applicable Percentages in connection therewith) and for the purpose of calculating the fee payable under Section 2.09(a), such Defaulting Lender shall be deemed not to be a “Lender”
and such Lender’s Commitment shall be deemed to be zero; provided, 

  
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that the foregoing shall not apply to any of the matters governed by Section 10.01(a) through (c). The provisions of this Section 9.16
shall remain effective with respect to such Defaulting Lender until the earlier of (y) the date on which all of the Non-Defaulting Lenders, the Agent, the L/C Issuer, and the Borrower shall have waived,
in writing, the application of this Section 9.16 to such Defaulting Lender, or (z) the date on which such Defaulting Lender pays to the Agent all amounts owing by such Defaulting Lender in respect of the amounts that
it was obligated to fund hereunder, and, if requested by the Agent, provides adequate assurance of its ability to perform its future obligations hereunder (on which earlier date, so long as no Event of Default has occurred and is continuing, any
remaining cash collateral held by the Agent pursuant to Section 9.16(b) shall be released to the Borrower). The operation of this Section 9.16 shall not be construed to increase or otherwise affect
the Commitment of any Lender, to relieve or excuse the performance by such Defaulting Lender or any other Lender of its duties and obligations hereunder, or to relieve or excuse the performance by the Borrower of its duties and obligations hereunder
to the Agent, the L/C Issuer, the Swing Line Lender, or to the Lenders other than such Defaulting Lender. Any failure by a Defaulting Lender to fund amounts that it was obligated to fund hereunder shall constitute a material breach by such
Defaulting Lender of this Agreement and shall entitle the Borrower, at its option, upon written notice to the Agent, to arrange for a substitute Lender to assume the Commitment of such Defaulting Lender, such substitute Lender to be reasonably
acceptable to the Agent. In connection with the arrangement of such a substitute Lender, the Defaulting Lender shall have no right to refuse to be replaced hereunder, and agrees to execute and deliver a completed form of Assignment and Assumption in
favor of the substitute Lender (and agrees that it shall be deemed to have executed and delivered such document if it fails to do so) subject only to being paid its share of the outstanding Obligations (other than any Other Liabilities, but
including (1) all interest, fees (except any unused line fees or Letter of Credit Fees not due to such Defaulting Lender in accordance with the terms of this Agreement), and other amounts that may be due and payable in respect thereof, and
(2) an assumption of its Applicable Percentage of its participation in the Letters of Credit); provided, that any such assumption of the Commitment of such Defaulting Lender shall not be deemed to constitute a waiver of any of the Credit
Parties’ or the Loan Parties’ rights or remedies against any such Defaulting Lender arising out of or in relation to such failure to fund. In the event of a direct conflict between the priority provisions of this
Section 9.16 and any other provision contained in this Agreement or any other Loan Document, it is the intention of the parties hereto that such provisions be read together and construed, to the fullest extent possible, to
be in concert with each other. In the event of any actual, irreconcilable conflict that cannot be resolved as aforesaid, the terms and provisions of this Section 9.16 shall control and govern. 

(b)    If any Swing Line Loan or Letter of Credit is outstanding at the time that a Lender becomes a
Defaulting Lender then: 
 (i)    such Defaulting Lender’s participation interest in any Swing Line
Loan or Letter of Credit shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Applicable Percentages but only to the extent (x) the Outstanding Amount sum of all Non-Defaulting Lenders’ Credit Extensions after giving effect to such reallocation does not exceed the total of all Non-Defaulting Lenders’ Commitments and
(y) the conditions set forth in Section 4.02 are satisfied at such time; 

  
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 (ii)    if the reallocation described in clause (b)(i)
above cannot, or can only partially, be effected, the Borrower shall within one Business Day following notice by the Agent (x) first, prepay such Defaulting Lender’s participation in any outstanding Swing Line Loans (after giving effect to
any partial reallocation pursuant to clause (b)(i) above) and (y) second, cash collateralize such Defaulting Lender’s participation in Letters of Credit (after giving effect to any partial reallocation pursuant to clause (b)(i) above),
pursuant to a cash collateral agreement to be entered into in form and substance reasonably satisfactory to the Agent, for so long as such L/C Obligations are outstanding; provided, that the Borrower shall not be obligated to cash
collateralize any Defaulting Lender’s participations in Letters of Credit if such Defaulting Lender is also the L/C Issuer; 

(iii)    if the Borrower cash collateralizes any portion of such Defaulting Lender’s participation in
L/C Obligations pursuant to this Section 9.16(b), the Borrower shall not be required to pay any Letter of Credit Fees to the Agent for the account of such Defaulting Lender pursuant to Section 2.03
with respect to such cash collateralized portion of such Defaulting Lender’s participation in Letters of Credit during the period such participation is cash collateralized; 

(iv)    to the extent the participation by any Non-Defaulting
Lender in the Letters of Credit is reallocated pursuant to this Section 9.16(b), then the Letter of Credit Fees payable to the Non-Defaulting Lenders pursuant to
Section 2.03 shall be adjusted in accordance with such reallocation; 

(v)    to the extent any Defaulting Lender’s participation in Letters of Credit is neither cash
collateralized nor reallocated pursuant to this Section 9.16(b), then, without prejudice to any rights or remedies of the L/C Issuer or any Lender hereunder, all Letter of Credit Fees that would have otherwise been payable
to such Defaulting Lender under Section 2.03 with respect to such portion of such participation shall instead be payable to the L/C Issuer until such portion of such Defaulting Lender’s participation is cash
collateralized or reallocated; 
 (vi)    so long as any Lender is a Defaulting Lender, the Swing Line
Lender shall not be required to make any Swing Line Loan and the L/C Issuer shall not be required to issue, amend, or increase any Letter of Credit, in each case, to the extent (x) the Defaulting Lender’s Applicable Percentage of such
Swing Line Loans or Letter of Credit cannot be reallocated pursuant to this Section 9.16(b) or (y) the Swing Line Lender or the L/C Issuer, as applicable, has not otherwise entered into arrangements reasonably
satisfactory to the Swing Line Lender or the L/C Issuer, as applicable, and the Borrower to eliminate the Swing Line Lender’s or L/C Issuer’s risk with respect to the Defaulting Lender’s participation in Swing Line Loans or Letters of
Credit; and 

  
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 (vii)    The Agent may release any cash collateral
provided by the Borrower pursuant to this Section 9.16(b) to the L/C Issuer and the L/C Issuer may apply any such cash collateral to the payment of such Defaulting Lender’s Applicable Percentage of any Letter of Credit
Disbursement that is not reimbursed by the Borrower pursuant to Section 2.03. Subject to Section 10.25, no reallocation hereunder shall constitute a waiver or release of any claim of any party
hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such
Non-Defaulting Lender’s increased exposure following such reallocation. 

9.17    Secured Cash Management Services and Secured Bank Products. 

(a)    Except as otherwise expressly set forth herein or in any Facility Guaranty or any Security Document,
no provider of Cash Management Services or Bank Products that obtains the benefits of Section 8.03, any Guaranty or any Collateral by virtue of the provisions hereof or of any Guaranty or any Security Document shall have any right to notice of
any action or to consent to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) other than in its capacity as a Lender and, in
such case, only to the extent expressly provided in the Loan Documents. 
 (b)    Each Credit Party
hereby agrees that the benefit of the provisions of the Loan Documents directly relating to the Collateral or any Lien granted thereunder shall extend to and be available to any Credit Party that is not the Agent, a Lender or an L/C Issuer party
hereto as long as, by accepting such benefits, such Credit Party agrees, as among the Agent and all other Credit Parties, that such Credit Party is bound by (and, if requested by the Agent, shall confirm such agreement in a writing in form and
substance reasonably acceptable to the Agent) this Article IX and Sections 3.01, 9.14, 10.08, 10.07, 10.09 and 10.16, and the decisions and actions of the Agent and the Required Lenders (or, where expressly required by the terms of this Agreement, a
greater proportion of the Lenders or other parties hereto as required herein) to the same extent a Lender is bound; provided, however, that, notwithstanding the foregoing clause (ii), (x) such Credit Party shall be bound by the provisions of
Section 10.04 only to the extent of liabilities, reimbursement obligations, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses, or disbursements with respect to or otherwise relating to the Liens and Collateral
held for the benefit of such Credit Party, in which case the obligations of such Credit Party thereunder shall not be limited by any concept of pro rata share or similar concept, (y) each of the Agent, the Lenders and the L/C Issuer party
hereto shall be entitled to act at its sole discretion, without regard to the interest of such Credit Party, regardless of whether any Obligation to such Credit Party thereafter remains outstanding, is deprived of the benefit of the Collateral,
becomes unsecured or is otherwise affected or put in jeopardy thereby, and without any duty or liability to such Credit Party or any such Obligation and (z) such Credit Party shall not have any right to be notified of, consent to, direct,
require or be heard with respect to, any action taken or omitted in respect of the Collateral or under any Loan Document. 

  
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 ARTICLE X 

MISCELLANEOUS 

10.01    Amendments, Etc. No amendment or waiver of any provision of this Agreement or any other Loan
Document (other than Swap Contracts), and no Consent to any departure by any Loan Party therefrom, shall be effective unless in writing signed by the Agent, with the Consent of the Required Lenders, and the Borrower or the applicable Loan Party, as
the case may be, and acknowledged by the Agent, and each such waiver or Consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that no such amendment, waiver or consent shall: 

(a)    increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to
Section 8.02) without the written Consent of such Lender; 
 (b)    as to any
Lender, postpone any date fixed by this Agreement or any other Loan Document for (i) any scheduled payment (including the Maturity Date) or mandatory prepayment of principal, interest, fees or other amounts due hereunder or under any of the
other Loan Documents without the written Consent of such Lender entitled to such payment, or (ii) any scheduled or mandatory reduction or termination of the Aggregate Commitments hereunder or under any other Loan Document without the written
Consent of such Lender; 
 (c)    as to any Lender, reduce the principal of, or the rate of interest
specified herein on, any Loan held by such Lender, or (subject to clause (iv) of the second proviso to this Section 10.01) any fees or other amounts payable hereunder or under any other Loan Document to or for the
account of such Lender without the written Consent of each Lender entitled to such amount; provided, however, that only the Consent of the Required Lenders shall be necessary (i) to amend the definition of “Default Rate”
or to waive any obligation of the Borrower to pay interest or Letter of Credit Fees at the Default Rate or (ii) to amend any financial covenant hereunder (or any defined term used therein) even if the effect of such amendment would be to reduce
the rate of interest on any Loan or to reduce any fee payable hereunder; 
 (d)    as to any Lender,
change Section 2.13 or Section 8.03 in a manner that would alter the pro rata sharing of payments required thereby without the written Consent of such Lender; 

(e)    change any provision of this Section or the definition of “Required Lenders” or
“Supermajority Lenders” or any other provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent hereunder, without the
written Consent of each Lender; 
 (f)    except as expressly permitted hereunder or under any other Loan
Document, release, or limit the liability of, any Loan Party without the written Consent of each Lender; 

  
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 (g)    except for Permitted Dispositions, release all or
substantially all of the Collateral from the Liens of the Security Documents without the written Consent of each Lender; 

(h)    change the definition of the term “Borrowing Base” or any component definition thereof
(other than “Credit Card Advance Rate” or “Inventory Advance Rate”) if as a result thereof the amounts available to be borrowed by the Borrower would be increased without the written Consent of the Supermajority Lenders,
provided that the foregoing shall not limit the Permitted Discretion of the Agent to change, establish or eliminate any Reserves; 

(i)    change the definition of the term “Credit Card Advance Rate” or “Inventory Advance
Rate” if as a result thereof the amounts available to be borrowed by the Borrower would be increased without the written Consent of each Lender; 

(j)    modify the definition of Permitted Overadvance so as to increase the amount thereof or, except as
provided in such definition, the time period for which a Permitted Overadvance may remain outstanding without the written Consent of each Lender; and 

(k)    except as expressly permitted herein or in any other Loan Document, subordinate the Obligations
hereunder or the Liens granted hereunder or under the other Loan Documents, to any other Indebtedness or Lien, as the case may be without the written Consent of each Lender; 

and, provided further, that (i) no amendment, waiver or Consent shall, unless in writing and signed by the L/C Issuer in addition to the
Lenders required above, affect the rights or duties of the L/C Issuer under this Agreement or any Issuer Document relating to any Letter of Credit issued or to be issued by it; (ii) no amendment, waiver or Consent shall, unless in writing and
signed by the Swing Line Lender in addition to the Lenders required above, affect the rights or duties of the Swing Line Lender under this Agreement; (iii) no amendment, waiver or Consent shall, unless in writing and signed by the Agent in
addition to the Lenders required above, affect the rights or duties of the Agent under this Agreement or any other Loan Document; and (iv) each Fee Letter may be amended, or rights or privileges thereunder waived, in a writing executed only by
the parties thereto. 
 Notwithstanding the foregoing, the Agent and the Loan Parties may amend, modify or supplement this Agreement or any other Loan
Document to cure any ambiguity, error, omission, defect or inconsistency or any necessary or desirable administrative or technical change without any further action or consent of any other party to any Loan Document, so long as such amendment,
modification or supplement does not materially and adversely affect the rights of any Lender. 
 Notwithstanding anything to the contrary in
this Agreement or any other Loan Document, no provider or holder of any Bank Products or Cash Management Services shall have any voting or approval rights hereunder (or be deemed a Lender) solely by virtue of its status as the provider or holder of
such agreements or products or the Obligations owing thereunder, nor shall the consent of any such provider or holder be required (other than in their capacities as Lenders, to the extent applicable) for any matter hereunder or under any of the
other Loan Documents, including as to any matter relating to the Collateral or the release of Collateral or any Loan Party. 

  
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 If any Lender does not Consent (a
“Non-Consenting Lender”) to a proposed amendment, waiver, consent or release with respect to any Loan Document that requires the Consent of each Lender and that has been approved by the
Required Lenders, the Borrower may replace such Non-Consenting Lender in accordance with Section 10.13; provided that such amendment, waiver, consent or release can be effected
as a result of the assignment contemplated by such Section (together with all other such assignments required by the Borrower to be made pursuant to this paragraph). 

10.02    Notices; Effectiveness; Electronic Communications. 

(a)    Notices Generally. Except as provided in subsection (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 electronic transmission as follows: (i) if to the Loan Parties, the Agent, the
L/C Issuer or the Swing Line Lender, to the address, telecopier number, and/or electronic mail address specified for such Person on Schedule 10.02; and (ii) if to any other Lender, to the address, telecopier number, or electronic mail address
specified in its Administrative Questionnaire. 
 Notices sent by hand or overnight courier service, or mailed by certified or registered
mail, shall be deemed to have been given when received; notices sent by telecopier shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the
opening of business on the next Business Day for the recipient). Notices delivered through electronic communications to the extent provided in subsection (b) below, shall be effective as provided in such subsection (b). 

(b)    Electronic Communications. Notices and other communications to the Loan Parties, the Lenders
and the L/C Issuer hereunder may be delivered or furnished by electronic communication (including e mail and Internet or intranet websites) pursuant to procedures approved by the Agent, provided that the foregoing shall not apply to notices
to any Lender or the L/C Issuer pursuant to Article II if such Lender or the L/C Issuer, as applicable, has notified the Agent that it is incapable of receiving notices under such Article by electronic communication. The Agent may, in its
discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular notices or communications.

 Unless the Agent otherwise prescribes, (i) notices and other communications sent to an e-mail
address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or
other written acknowledgement), provided that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next
Business Day for the recipient, and (ii) notices or communications posted to an Internet or 

  
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intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause
(i) of notification that such notice or communication is available and identifying the website address therefor. 

(c)    The Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE
AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND,
EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY
AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to any Loan Party, any Lender, the L/C Issuer or
any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the Loan Parties’ or the Agent’s transmission of Borrower Materials through the Internet, except to
the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by a final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Agent Party;
provided, however, that in no event shall any Agent Party have any liability to any Loan Party, any Lender, the L/C Issuer or any other Person for indirect, special, incidental, consequential or punitive damages (as opposed to direct
or actual damages). 
 (d)    Change of Address, Etc. Each of the Loan Parties, the Agent, the L/C
Issuer and the Swing Line Lender may change its address or telecopier for notices and other communications hereunder, or, solely with respect to communications, may change its telephone number, by notice to the other parties hereto. Each other
Lender may change its address or telecopier number for notices and other communications hereunder by notice to the Borrower, the Agent, the L/C Issuer and the Swing Line Lender. In addition, each Lender agrees to notify the Agent from time to time
to ensure that the Agent has on record (i) an effective address, contact name, telephone number, telecopier number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for
such Lender. 
 (e)    Reliance by Agent, L/C Issuer and Lenders. The Agent, the L/C Issuer and
the Lenders shall be entitled to rely and act upon any notices (including, without limitation, all Requests for Credit Extensions) purportedly given by or on behalf of the Loan Parties even if (i) such notices were not made in a manner
specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. The Loan Parties shall indemnify
the Agent, the L/C Issuer, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of the Loan Parties
(including, without limitation, pursuant to any Requests for Credit Extensions). All telephonic communications with the Agent may be recorded by the Agent, and each of the parties hereto hereby consents to such recording. 

  
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 10.03    No Waiver; Cumulative Remedies. No failure by any
Credit Party to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder
or under any other Loan Document preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges provided herein and in the other Loan Documents are
cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. 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 Default
or Event of Default, regardless of whether any Credit Party may have had notice or knowledge of such Default or Event of Default at the time. 

10.04    Expenses; Indemnity; Damage Waiver. 

(a)    Costs and Expenses. The Borrower shall pay all Credit Party Expenses. 

(b)    Indemnification by the Loan Parties. The Loan Parties shall indemnify the Agent (and any sub-agent thereof), each other Credit Party, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless (on an
after tax basis) from, any and all losses, claims, causes of action, damages, liabilities, settlement payments, costs, and related expenses (including the reasonable and documented
out-of-pocket fees, charges and disbursements of any counsel for any Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee by any third party or by
the Borrower or any other Loan Party arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance
by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby, or, in the case of the Agent (and any sub-agents thereof)
and their Related Parties only, the administration of this Agreement and the other Loan Documents, (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the L/C Issuer 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, any bank advising or confirming a Letter of Credit or any other nominated person with
respect to a Letter of Credit seeking to be reimbursed or indemnified or compensated, and any third party seeking to enforce the rights of a Borrower, beneficiary, nominated person, transferee, assignee of Letter of Credit proceeds, or holder of an
instrument or document related to any Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by any Loan Party or any of its Subsidiaries, or any Environmental Liability
related in any way to any Loan Party or any of its Subsidiaries, (iv) any claims of, or amounts paid by any Credit Party to, a Blocked Account Bank or other Person which has entered into a control agreement with any Credit Party hereunder, or
(v) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower or any other Loan Party or
any of the Loan 

  
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Parties’ directors, shareholders or creditors, and regardless of whether any Indemnitee is a party thereto, in all cases, whether or not caused by or arising, in whole or in part, out of the
comparative, contributory or sole negligence of the Indemnitee; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a
court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or (y) result from a claim brought by a Borrower or any other Loan Party against an
Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if the Borrower or such Loan Party has obtained a final and nonappealable judgment in its favor on such claim as determined by a
court of competent jurisdiction. 
 (c)    Reimbursement by Lenders. Without limiting their
obligations under Section 9.14 hereof, to the extent that the Loan Parties for any reason fail to indefeasibly pay any amount required under subsection (a) or (b) of this Section to be paid by it, each Lender severally
agrees to pay to the Agent (or any such sub-agent), the L/C Issuer or such Related Party, 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 Agent
(or any such sub-agent) or the L/C Issuer in its capacity as such, or against any Related Party of any of the foregoing acting for the Agent (or any such sub-agent) or
L/C Issuer in connection with such capacity. The obligations of the Lenders under this subsection (c) are subject to the provisions of Section 2.12(d). 

(d)    Waiver of Consequential Damages, Etc. To the fullest 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, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof. No Indemnitee shall be
liable for any damages arising from the use by unintended recipients of any information or other materials distributed to such unintended recipients by such Indemnitee through telecommunications, electronic or other information transmission systems
in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby other than for direct or actual damages resulting from the gross negligence or willful misconduct of such Indemnitee as determined by a
final and nonappealable judgment of a court of competent jurisdiction. 
 (e)    Payments. All
amounts due under this Section shall be payable on demand therefor. 
 (f)    Survival. The
agreements in this Section shall survive the resignation of the Agent and the L/C Issuer, the assignment of any Commitment or Loan by any Lender, the replacement of any Lender, the termination of the Aggregate Commitments and the repayment,
satisfaction or discharge of all the other Obligations. 

  
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 10.05    Payments Set Aside. To the extent that any
payment by or on behalf of the Loan Parties is made to any Credit Party, or any Credit Party exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or
preferential, set aside or required (including pursuant to any settlement entered into by such Credit Party in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or
otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred,
and (b) each Lender and the L/C Issuer severally agrees to pay to the Agent upon demand its Applicable Percentage (without duplication) of any amount so recovered from or repaid by the Agent, plus interest thereon from the date of such demand
to the date such payment is made at a rate per annum equal to the Federal Funds Rate from time to time in effect. The obligations of the Lenders and the L/C Issuer under clause (b) of the preceding sentence shall survive the payment in full of
the Obligations and the termination of this Agreement. 
 10.06    Successors and Assigns. 

(a)    Successors and Assigns Generally. 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, except that no Loan Party may assign or otherwise transfer any of its rights or obligations hereunder or under any other Loan Document without
the prior written Consent of the Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an Eligible Assignee in accordance with the provisions of
Section 10.06(b), (ii) by way of participation in accordance with the provisions of Section 10.06(d), or (iii) by way of pledge or assignment of a security interest subject to the restrictions
of Section 10.06(f) (and any other attempted assignment or transfer by any party hereto shall be null and void). 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, Participants to the extent provided in subsection (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Credit Parties)
any legal or equitable right, remedy or claim under or by reason of this Agreement. 

(b)    Assignments by Lenders. Any Lender may at any time assign to one or more Eligible Assignees
all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment(s) and the Loans (including for purposes of this Section 10.06(b), participations in L/C Obligations and in
Swing Line Loans) at the time owing to it); provided that any such assignment shall be subject to the following conditions: 

(i)    Minimum Amounts 

(A)    in the case of an assignment of the entire remaining amount of the assigning Lender’s
Commitment and the Loans at the time owing to it or in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund with respect to a Lender, no minimum amount need be assigned; and 

  
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 (B)    in any case not described in subsection
(b)(i)(A) of this Section, the aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the 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 Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date,
shall not be less than $10,000,000 unless each of the Agent and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed and shall be deemed given
if the Borrower has not responded to a request for such consent within seven (7) Business Days); provided, however, that concurrent assignments to members of an Assignee Group and concurrent assignments from members of an Assignee
Group to a single Eligible Assignee (or to an Eligible Assignee and members of its Assignee Group) will be treated as a single assignment for purposes of determining whether such minimum amount has been met; 

(ii)    Proportionate Amounts. 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 with respect to the Loans or the Commitment assigned, except that this clause (ii) shall not apply to the Swing Line Lender’s rights and
obligations in respect of Swing Line Loans; 
 (iii)    Required Consents. No consent shall be
required for any assignment except to the extent required by subsection (b)(i)(B) of this Section and, in addition: 

(A)    the consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be
required unless (1) an Event of Default has occurred and is continuing at the time of such assignment or (2) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; and 

(B)    the consent of the Agent (such consent not to be unreasonably withheld or delayed) shall be
required for assignments in respect of any Commitment if such assignment is to a Person that is not a Lender, an Affiliate of such Lender or an Approved Fund with respect to such Lender; and 

(C)    the consent of the L/C Issuer (such consent not to be unreasonably withheld or delayed) shall be
required for any assignment that increases the obligation of the assignee to participate in exposure under one or more Letters of Credit (whether or not then outstanding); and 

  
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 (D)    the consent of the Swing Line Lender (such
consent not to be unreasonably withheld or delayed) shall be required for any assignment in respect of the assignment of any Commitment. 

(iv)    Assignment and Assumption. The parties to each assignment shall execute and deliver to the
Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500, provided, however, that the Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any
assignment. The assignee, if it shall not be a Lender, shall deliver to the Agent an Administrative Questionnaire. 
 Subject to acceptance
and recording thereof by the Agent pursuant to subsection (c) of this Section, from and after the effective date specified in each Assignment and Assumption, the Eligible Assignee thereunder shall be a party to this Agreement 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 of Sections 3.01, 3.04, 3.05, and 10.04 with respect to facts and circumstances occurring prior to the effective date of such assignment. Upon request, the Borrower (at its expense)
shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection shall be treated for purposes of this Agreement as a sale by such
Lender of a participation in such rights and obligations in accordance with Section 10.06(d). 

(c)    Register. The Agent, acting solely for this purpose as an agent of the Borrower, shall
maintain at the Agent’s Office 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 Commitments of, and principal amounts of the Loans and L/C Obligations
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 Loan Parties, the Agent and the Lenders may 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 Borrower and any Lender at
any reasonable time and from time to time upon reasonable prior notice. 
 (d)    Participations.
Any Lender may at any time, without the consent of, or notice to, the Loan Parties or the Agent, sell participations to any Person (other than a natural person or the Loan Parties or any of the Loan Parties’ Affiliates or Subsidiaries) (each, a
“Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans (including such Lender’s participations in L/C Obligations
and/or Swing Line Loans) owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of
such obligations and (iii) the Loan Parties, the Agent, the Lenders and the 

  
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L/C Issuer shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any Participant shall agree in writing to
comply with all confidentiality obligations set forth in Section 10.07 as if such Participant was a Lender hereunder. 

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 agreement or instrument may provide that such Lender will not, without the consent of the
Participant, agree to any amendment, waiver or other modification described in the first proviso to Section 10.01 that affects such Participant. Subject to subsection (e) of this Section, the Loan Parties agree that
each Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 10.06(b). To
the extent permitted by law, each Participant also shall be entitled to the benefits of Section 10.08 as though it were a Lender, provided such Participant agrees to be subject to Section 2.13 as
though it were a Lender. 
 (e)    Limitations upon Participant Rights. A Participant shall not be
entitled to receive any greater payment under Section 3.01 or 3.04 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 Borrower’s 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 3.01 unless the Borrower is notified
of the participation sold to such Participant and such Participant agrees, for the benefit of the Loan Parties, to comply with Section 3.01(e) as though it were a Lender. 

(f)    Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or
any portion of its rights under this Agreement (including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or
assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

(g)    Electronic Execution of Assignments. The words “execution,” “signed,”
“signature,” and words of like import in any Assignment and Assumption shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or
enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National
Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 

(h)    Resignation as L/C Issuer or Swing Line Lender after Assignment. Notwithstanding anything to
the contrary contained herein, if at any time Wells Fargo assigns all of its Commitment and Loans pursuant to subsection (b) above, Wells Fargo may, (i) upon 30 days’ notice to the Borrower and the Lenders, resign as L/C Issuer and/or

  
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(ii) upon 30 days’ notice to the Borrower, Wells Fargo may resign as Swing Line Lender. In the event of any such resignation as L/C Issuer or Swing Line Lender, the Borrower shall be
entitled to appoint from among the Lenders a successor L/C Issuer or Swing Line Lender hereunder; provided, however, that no failure by the Borrower to appoint any such successor shall affect the resignation of Wells Fargo as L/C Issuer or Swing
Line Lender, as the case may be. If Wells Fargo resigns as L/C Issuer, it shall retain all the rights, powers, privileges and duties of the L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of its
resignation as L/C Issuer and all L/C Obligations with respect thereto (including the right to require the Lenders to make Base Rate Loans pursuant to Section 2.03(c)). If Wells Fargo resigns as Swing Line Lender, it shall
retain all the rights of the Swing Line Lender provided for hereunder with respect to Swing Line Loans made by it and outstanding as of the effective date of such resignation, including the right to require the Lenders to make Base Rate Loans or
fund risk participations in outstanding Swing Line Loans pursuant to Section 2.04(c). Upon the appointment of a successor L/C Issuer and/or Swing Line Lender, (a) such successor shall succeed to and become vested with
all of the rights, powers, privileges and duties of the retiring L/C Issuer or Swing Line Lender, as the case may be, and (b) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding
at the time of such succession or make other arrangements satisfactory to Wells Fargo to effectively assume the obligations of Wells Fargo with respect to such Letters of Credit. 

10.07    Treatment of Certain Information; Confidentiality. Each of the Credit Parties agrees to maintain
the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective partners, directors, officers, employees, agents, funding sources,
attorneys, advisors and representatives (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 purporting to have jurisdiction over it (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable Laws or regulations or by
any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan
Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or
Participant in, any of its rights or obligations under this Agreement or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to any Loan Party and its obligations, (g) with the
consent of the Borrower or (h) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes available to any Credit Party or any of their respective Affiliates on a non-confidential basis from a source other than the Loan Parties. 
 For purposes of this Section,
“Information” means all information received from the Loan Parties or any Subsidiary thereof relating to the Loan Parties or any Subsidiary thereof or their respective businesses, other than any such information that is available to any
Credit Party on a non-confidential basis prior to disclosure by the Loan Parties or any Subsidiary thereof, provided that, in the case of information received from any Loan Party or any Subsidiary after the
Closing Date, such information is clearly identified at the time of delivery as confidential. Any Person 

  
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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. 
 Each of the
Credit Parties acknowledges that (a) the Information may include material non-public information concerning the Loan Parties or a Subsidiary, as the case may be, (b) it has developed compliance
procedures regarding the use of material non-public information and (c) it will handle such material non-public information in accordance with applicable Law,
including Federal and state securities Laws. 
 10.08    Right of Setoff. If an Event of Default shall
have occurred and be continuing or if any Lender shall have been served with a trustee process or similar attachment relating to property of a Loan Party, each Lender, the L/C Issuer and each of their respective Affiliates is hereby authorized at
any time and from time to time, after obtaining the prior written consent of the Agent or the Required Lenders, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand,
provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender, the L/C Issuer or any such Affiliate to or for the credit or the account of the Borrower or any other Loan
Party against any and all of the Obligations now or hereafter existing under this Agreement or any other Loan Document to such Lender or the L/C Issuer, regardless of the adequacy of the Collateral, and irrespective of whether or not such Lender or
the L/C Issuer shall have made any demand under this Agreement or any other Loan Document and although such obligations of the Borrower or such Loan Party may be contingent or unmatured or are owed to a branch or office of such Lender or the L/C
Issuer different from the branch or office holding such deposit or obligated on such indebtedness. The rights of each Lender, the L/C Issuer and their respective Affiliates under this Section are in addition to other rights and remedies (including
other rights of setoff) that such Lender, the L/C Issuer or their respective Affiliates may have. Each Lender and the L/C Issuer agrees to notify the Borrower and the Agent promptly after any such setoff and application, provided that the failure to
give such notice shall not affect the validity of such setoff and application. 
 10.09    Interest Rate
Limitation. Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious
interest permitted by applicable Law (the “Maximum Rate”). If the Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it
exceeds such unpaid principal, refunded to the Borrower. In determining whether the interest contracted for, charged, or received by the Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law,
(a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal
parts the total amount of interest throughout the contemplated term of the Obligations hereunder. 

10.10    Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by
different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This 

  
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Agreement and the other Loan Documents 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, this Agreement shall become effective when it shall have been executed by the Agent and when the Agent shall have received
counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this Agreement by telecopy, pdf or other electronic transmission shall be as effective
as delivery of a manually executed counterpart of this Agreement. Each party agrees that the electronic signatures, whether digital or encrypted, of the parties included in this Agreement are intended to authenticate this writing and to have the
same force and effect as manual signatures. Electronic signature means any electronic sound, symbol, or process attached to or logically associated with a record and executed and adopted by a party with the intent to sign such record pursuant to the
New York Electronic Signatures and Records Act (N.Y. State Tech. §§ 301-309) as amended from time to time or as provided under the Uniform Commercial Code as adopted by the State of New York. 

10.11    Survival. All representations and warranties made hereunder and in any other Loan Document or other
document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by the Credit Parties, regardless
of any investigation made by any Credit Party or on their behalf and notwithstanding that any Credit Party may have had notice or knowledge of any Default or Event of Default at the time of any Credit Extension, and shall continue in full force and
effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or any Letter of Credit shall remain outstanding. Further, the provisions of Sections 3.01, 3.04, 3.05 and 10.04 and
Article IX shall survive and remain in full force and effect regardless of the repayment of the Obligations, the expiration or termination of the Letters of Credit and the Commitments or the termination of this Agreement or any provision
hereof. In connection with the termination of this Agreement and the release and termination of the security interests in the Collateral, the Agent may require such indemnities and collateral security as they shall reasonably deem necessary or
appropriate to protect the Credit Parties against (x) loss on account of credits previously applied to the Obligations that may subsequently be reversed or revoked, (y) any obligations that may thereafter arise with respect to the Other
Liabilities and (z) any Obligations that may thereafter arise under Section 10.04. 

10.12    Severability. If any provision of this Agreement or the other Loan Documents is held to be illegal,
invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith
negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a
particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

10.13    Replacement of Lenders. If any Lender requests compensation under
Section 3.04, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, or if any Lender is a
Defaulting Lender or a Non-Consenting Lender, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Agent, require such Lender to assign and delegate,

  
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without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 10.06), all of its interests, rights and obligations
under this Agreement and the related Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that: 

(a)    the Borrower shall have paid to the Agent the assignment fee specified in
Section 10.06(b); 
 (b)    such Lender shall have received payment of an
amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 3.05) from
the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts); 

(c)    in the case of any such assignment resulting from a claim for compensation under
Section 3.04 or payments required to be made pursuant to Section 3.01, such assignment will result in a reduction in such compensation or payments thereafter; and 

(d)    such assignment does not conflict with applicable Laws. 

A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the
circumstances entitling the Borrower to require such assignment and delegation cease to apply. 
 10.14    Governing
Law; Jurisdiction; Etc. 
 (a)    GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 (b)    SUBMISSION TO
JURISDICTION. EACH LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF 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 ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE LOAN
PARTIES HERETO 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 COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT.
EACH OF THE LOAN 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 OR
IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT ANY CREDIT PARTY MAY 

  
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OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST ANY LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 

(c)    WAIVER OF VENUE. EACH LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH
(B) OF THIS SECTION. EACH OF THE LOAN PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT. 

(d)    SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE
MANNER PROVIDED FOR NOTICES IN SECTION 10.02. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. 

(e)    ACTIONS COMMENCED BY LOAN PARTIES. EACH LOAN PARTY AGREES THAT ANY ACTION COMMENCED BY ANY
LOAN PARTY ASSERTING ANY CLAIM OR COUNTERCLAIM ARISING UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT SHALL BE BROUGHT SOLELY IN A COURT OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY OR ANY FEDERAL COURT SITTING THEREIN
AS THE AGENT MAY ELECT IN ITS DISCRETION AND CONSENTS TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS WITH RESPECT TO ANY SUCH ACTION. 

10.15    Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN 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 PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD 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 AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 10.16    No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction
contemplated hereby, the Loan Parties each acknowledge and agree that: (i) the credit facility provided for hereunder and any related arranging or other services in connection therewith 

  
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(including in connection with any amendment, waiver or other modification hereof or of any other Loan Document) are an arm’s-length commercial
transaction between the Loan Parties, on the one hand, and the Credit Parties, on the other hand, and each of the Loan Parties is capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions
contemplated hereby and by the other Loan Documents (including any amendment, waiver or other modification hereof or thereof); (ii) in connection with the process leading to such transaction, the each Credit Party is and has been acting solely as a
principal and is not the financial advisor, agent or fiduciary, for the Loan Parties or any of their respective Affiliates, stockholders, creditors or employees or any other Person; (iii) none of the Credit Parties has assumed or will assume an
advisory, agency or fiduciary responsibility in favor of the Loan Parties with respect to any of the transactions contemplated hereby or the process leading thereto, including with respect to any amendment, waiver or other modification hereof or of
any other Loan Document (irrespective of whether any of the Credit Parties has advised or is currently advising any Loan Party or any of its Affiliates on other matters) and none of the Credit Parties has any obligation to any Loan Party or any of
its Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; (iv) the Credit Parties and their respective Affiliates may be engaged in a broad range of
transactions that involve interests that differ from those of the Loan Parties and their respective Affiliates, and none of the Credit Parties has any obligation to disclose any of such interests by virtue of any advisory, agency or fiduciary
relationship; and (v) the Credit Parties have not provided and will not provide any legal, accounting, regulatory or tax advice with respect to any of the transactions contemplated hereby (including any amendment, waiver or other modification
hereof or of any other Loan Document) and each of the Loan Parties has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate. Each of the Loan Parties hereby waives and releases, to the fullest
extent permitted by law, any claims that it may have against each of the Credit Parties with respect to any breach or alleged breach of agency or fiduciary duty. 

10.17    USA PATRIOT Act Notice. Each Lender that is subject to the requirements of the Patriot Act hereby
notifies the Loan Parties that pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies each Loan Party, which information includes the name and address of each Loan Party and other
information that will allow such Lender to identify each Loan Party in accordance with the Patriot Act. In addition, Agent and each Lender shall have the right to periodically conduct due diligence on all Loan Parties, their senior management and
key principals and legal and beneficial owners. Each Loan Party agrees to cooperate in respect of the conduct of such due diligence and further agrees that the reasonable costs and charges for any such due diligence by Agent shall constitute Credit
Party Expenses hereunder and be for the account of Borrower. 
 10.18    Foreign Asset Control
Regulations. Neither of the advance of the Loans nor the use of the proceeds of any thereof will violate the Trading With the Enemy Act (50 U.S.C. § 1 et seq., as amended) (the “Trading With the Enemy Act”) or any of the
foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) (the “Foreign Assets Control Regulations”) or any enabling legislation or executive order relating thereto
(which for the avoidance of doubt shall include, but shall not be limited to (a) Executive Order 13224 of September 21, 2001 Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism
(66 Fed. Reg. 49079 (2001)) (the “Executive Order”) and (b) the Uniting and Strengthening America by Providing Appropriate 

  
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Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Public Law 107-56)). Furthermore, none of the Borrower or its Affiliates (a) is or
will become a “blocked person” as described in the Executive Order, the Trading With the Enemy Act or the Foreign Assets Control Regulations or (b) engages or will engage in any dealings or transactions, or be otherwise associated,
with any such “blocked person” or in any manner violative of any such order. 
 10.19    Time of the
Essence. Time is of the essence of the Loan Documents. 
 10.20    Press Releases. 

(a)    Each Credit Party executing this Agreement agrees that neither it nor its Affiliates will in the
future issue any press releases or other public disclosure using the name of the Agent or its Affiliates or referring to this Agreement or the other Loan Documents without at least two (2) Business Days’ prior notice to the Agent and
without the prior written consent of the Agent unless (and only to the extent that) such Credit Party or Affiliate is required to do so under applicable Law and then, in any event, such Credit Party or Affiliate will consult with the Agent before
issuing such press release or other public disclosure. 
 (b)    Each Loan Party consents to the
publication by the Agent, any Lender or their respective representatives of advertising material, including any “tombstone,” press release or comparable advertising, on its website or in other marketing materials of Agent, relating to the
financing transactions contemplated by this Agreement using any Loan Party’s name, product photographs, logo, trademark or other insignia. The Agent or such Lender shall provide a draft reasonably in advance of any advertising material,
“tomb stone” or press release to the Borrower for review and comment prior to the publication thereof. The Agent reserves the right to provide to industry trade organizations and loan syndication and pricing reporting services information
necessary and customary for inclusion in league table measurements. 
 10.21    Additional Waivers. 

(a)    The Obligations are the joint and several obligation of each Loan Party. To the fullest extent
permitted by applicable law, the obligations of each Loan Party shall not be affected by (i) the failure of any Credit Party to assert any claim or demand or to enforce or exercise any right or remedy against any other Loan Party under the
provisions of this Agreement, any other Loan Document or otherwise, (ii) any rescission, waiver, amendment or modification of, or any release from any of the terms or provisions of, this Agreement or any other Loan Document, or (iii) the
failure to perfect any security interest in, or the release of, any of the Collateral or other security held by or on behalf of the Agent or any other Credit Party. 

(b)    The obligations of each Loan Party shall not be subject to any reduction, limitation, impairment or
termination for any reason (other than the indefeasible payment in full in cash of the Obligations after the termination of the Commitments), including any claim of waiver, release, surrender, alteration or compromise of any of the Obligations, and
shall not be subject to any defense or setoff, counterclaim, recoupment or termination 

  
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whatsoever by reason of the invalidity, illegality or unenforceability of any of the Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of each Loan Party
hereunder shall not be discharged or impaired or otherwise affected by the failure of the Agent or any other Credit Party to assert any claim or demand or to enforce any remedy under this Agreement, any other Loan Document or any other agreement, by
any waiver or modification of any provision of any thereof, any default, failure or delay, willful or otherwise, in the performance of any of the Obligations, or by any other act or omission that may or might in any manner or to any extent vary the
risk of any Loan Party or that would otherwise operate as a discharge of any Loan Party as a matter of law or equity (other than the indefeasible payment in full in cash of all the Obligations after the termination of the Commitments). 

(c)    To the fullest extent permitted by applicable Law, each Loan Party waives any defense based on or
arising out of any defense of any other Loan Party or the unenforceability of the Obligations or any part thereof from any cause, or the cessation from any cause of the liability of any other Loan Party, other than the indefeasible payment in full
in cash of all the Obligations and the termination of the Commitments. The Agent and the other Credit Parties may, at their election, foreclose on any security held by one or more of them by one or more judicial or
non-judicial sales, accept an assignment of any such security in lieu of foreclosure, compromise or adjust any part of the Obligations, make any other accommodation with any other Loan Party, or exercise any
other right or remedy available to them against any other Loan Party, without affecting or impairing in any way the liability of any Loan Party hereunder except to the extent that all the Obligations have been indefeasibly paid in full in cash and
the Commitments have been terminated. Each Loan Party waives any defense arising out of any such election even though such election operates, pursuant to applicable Law, to impair or to extinguish any right of reimbursement or subrogation or other
right or remedy of such Loan Party against any other Loan Party, as the case may be, or any security. 

(d)    Each Borrower is obligated to repay the Obligations as joint and several obligors under this
Agreement. Upon payment by any Loan Party of any Obligations, all rights of such Loan Party against any other Loan Party arising as a result thereof by way of right of subrogation, contribution, reimbursement, indemnity or otherwise shall in all
respects be subordinate and junior in right of payment to the prior indefeasible payment in full in cash of all the Obligations and the termination of the Commitments. In addition, any indebtedness of any Loan Party now or hereafter held by any
other Loan Party is hereby subordinated in right of payment to the prior indefeasible payment in full of the Obligations and no Loan Party will demand, sue for or otherwise attempt to collect any such indebtedness. If any amount shall erroneously be
paid to any Loan Party on account of (i) such subrogation, contribution, reimbursement, indemnity or similar right or (ii) any such indebtedness of any Loan Party, such amount shall be held in trust for the benefit of the Credit Parties
and shall forthwith be paid to the Agent to be credited against the payment of the Obligations, whether matured or unmatured, in accordance with the terms of this Agreement and the other Loan Documents. Subject to the foregoing, to the extent that
any Borrower shall, under this Agreement as a joint and several obligor, repay any of the Obligations constituting Loans made to another Borrower hereunder or other Obligations incurred directly and primarily by any other Borrower (an
“Accommodation Payment”), 

  
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then the Borrower making such Accommodation Payment shall be entitled to contribution and indemnification from, and be reimbursed by, each of the other Borrowers in an amount, for each of such
other Borrower, equal to a fraction of such Accommodation Payment, the numerator of which fraction is such other Borrower’s Allocable Amount and the denominator of which is the sum of the Allocable Amounts of all of the Borrowers. As of any
date of determination, the “Allocable Amount” of each Borrower shall be equal to the maximum amount of liability for Accommodation Payments which could be asserted against such Borrower hereunder without (a) rendering such
Borrower “insolvent” within the meaning of Section 101 (32) of the Bankruptcy Code, Section 2 of the Uniform Fraudulent Transfer Act (“UFTA”) or Section 2 of the Uniform Fraudulent Conveyance Act
(“UFCA”), (b) leaving such Borrower with unreasonably small capital or assets, within the meaning of Section 548 of the Bankruptcy Code, Section 4 of the UFTA, or Section 5 of the UFCA, or (c) leaving such
Borrower unable to pay its debts as they become due within the meaning of Section 548 of the Bankruptcy Code or Section 4 of the UFTA, or Section 5 of the UFCA. 

10.22    No Strict Construction. 

The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent
or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of this
Agreement. 
 10.23    Attachments. 

The exhibits, schedules and annexes attached to this Agreement are incorporated herein and shall be considered a part of this Agreement for the
purposes stated herein, except that in the event of any conflict between any of the provisions of such exhibits and the provisions of this Agreement, the provisions of this Agreement shall prevail. 

10.24    Keepwell. 

Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such funds or other
support as may be needed from time to time by each other Loan Party to honor all of its obligations under the Facility Guaranty in respect of Swap Obligations (provided, however, that each Qualified ECP Guarantor shall only be liable under this
Section 10.24 for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 10.24, or otherwise under the Facility Guaranty, voidable
under applicable Law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations of each Qualified ECP Guarantor under this Section shall remain in full force and effect until payment in full of the
Obligations. Each Qualified ECP Guarantor intends that this Section 10.24 constitute, and this Section 10.24 shall be deemed to constitute, a “keepwell, support, or other agreement” for
the benefit of each other Loan Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 

  
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 10.25    Acknowledgment and Consent to Bail-In of EEA Financial Institutions. 
 Notwithstanding anything to the contrary in any Loan Document
or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be
subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

(a)    the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such
liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 

(b)    the effects of any Bail-In Action on any such liability,
including, if applicable: 
 (i)    a reduction in full or in part or cancellation of any such liability;

 (ii)    a conversion of all, or a portion of, such liability into shares or other instruments of
ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights
with respect to any such liability under this Agreement or any other Loan Document; or 
 (iii)    the
variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority. 

10.26    Acknowledgement Regarding Any Supported QFCs. To the extent that the Loan Documents provide
support, through a guarantee or otherwise, for Swap Contracts or any other agreement or instrument that is a QFC (such support, “QFC Credit Support” and each such QFC a “Supported QFC”), the parties acknowledge and agree as
follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations
promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be
stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States): 

(a)    In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”)
becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and
any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC
Credit Support (and any such interest, obligation and rights in property) were governed by 

  
 155 

 
the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special
Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such
Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is
understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support. 

(b)    As used in this Section 10.26, the following terms have the following
meanings: 
 (c)    “BHC Act Affiliate” of a party means an “affiliate” (as such term
is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party. 

(d)    “Covered Entity” means any of the following: 

(i)    a “covered entity” as that term is defined in, and interpreted in accordance with, 12
C.F.R. § 252.82(b); 
 (ii)    a “covered bank” as that term is defined in, and
interpreted in accordance with, 12 C.F.R. § 47.3(b); or 
 (iii)    a “covered FSI” as
that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b). 

(e)    “Default Right” has the meaning assigned to that term in, and shall be interpreted in
accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. 
 (f)    “QFC”
has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. § 5390(c)(8)(D). 

[Signature pages follow] 

  
 156 

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

					
	 BORROWER:
  

	 FIVE BELOW, INC.
  

	By:	 	 /s/ Ronald J. Masciantonio

		 	Name:	 	Ronald J. Masciantonio
		 	Title:	 	Senior Vice President, General Counsel and Secretary
	  
 GUARANTOR:

 

	 1616 HOLDINGS, INC.
  

	By:	 	 /s/ Ronald J. Masciantonio

		 	Name:	 	Ronald J. Masciantonio
		 	Title:	 	Secretary

  
 [Signature Page –
Fifth A&R Credit Agreement (Five Below)] 

 
					
	 AGENT:
  

	 WELLS FARGO BANK, NATIONAL ASSOCIATION, as Agent

 

	By:	 	 /s/ Peter Foley

		 	Name:	 	Peter Foley
		 	Title:	 	Director

  
 [Signature Page –
Fifth A&R Credit Agreement (Five Below)] 

 
					
	 LENDERS:
  

	 WELLS FARGO BANK, NATIONAL ASSOCIATION as L/C Issuer, as a Lender and Swing Line Lender

 

	By:	 	 /s/ Peter Foley

		 	Name:	 	Peter Foley
		 	Title:	 	Director

  
 [Signature Page –
Fifth A&R Credit Agreement (Five Below)] 

 
					
	 PNC BANK, NATIONAL ASSOCIATION,
as a Lender

 

	By:	 	 /s/ Robert Orzechowski

		 	Name:	 	Robert Orzechowski
		 	Title:	 	Senior Vice President
	  
 TRUIST BANK, as a Lender

 

	By:	 	 /s/ Mark Bohntinsky

		 	Name:	 	Mark Bohntinsky
		 	Title:	 	Managing Director
	  
 TD BANK, N.A., as a Lender

 

	By:	 	 /s/ Virginia J. Pulverenti

		 	Name:	 	Virginia J. Pulverenti
		 	Title:	 	Vice President

  
 [Signature Page –
Fifth A&R Credit Agreement (Five Below)]

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