Document:

EX-10.32

 Exhibit 10.32 

LIXIANG EDUCATION HOLDING CO., LTD. 

2020 EQUITY INCENTIVE PLAN 

OPTION AGREEMENT 
 THIS
OPTION AGREEMENT (this “Option Agreement”), dated ___________________, by and between Lixiang Education Holding Co., Ltd., an exempted company with limited liability incorporated under the laws of the Cayman Islands (the
“Company”), and __________________________ (the “Participant”) evidences the option (the “Option”) granted by the Company to the Participant as to the number of the Company’s ordinary shares,
par value US$0.0001 per share (the “Ordinary Shares”), first set forth below. 
  

			
	Number of Ordinary Shares: _________	  	Vesting Commencement Date: ___________
	Award Date: __________________	  	Expiration Date: _____________
	Exercise Price per Share: US$________	  	Type of Option (for U.S. residents): Nonqualified Option
	
	Vesting Subject to Section 2 of the Terms (as defined below), one-half (1/2) of the total number of the
Ordinary Shares subject to the Option shall vest on each of the first and second annual anniversaries of the Vesting Commencement Date.

 The Option is granted under the Lixiang Education Holding Co., Ltd. 2020 Equity Incentive Plan (the
“Plan”). The Option and all rights of the Participant under this Option Agreement are subject to the Terms and Conditions of the Option (the “Terms”) and the Option Exercise and Ordinary Share Purchase Agreement
attached to this Option Agreement and to the Plan, all of which are incorporated herein by reference. The Participant agrees to be bound by the terms of the Plan and this Option Agreement (including the Terms). The Participant acknowledges having
read and understood the Plan and this Option Agreement. Unless otherwise expressly provided in other sections of this Option Agreement, provisions of the Plan that confer discretionary authority on the Board or the Administrator do not and shall not
be deemed to create any rights in the Participant unless such rights are expressly set forth herein or are otherwise in the sole discretion of the Board or the Administrator so conferred by appropriate action of the Board or the Administrator under
the Plan after the date hereof. The Option has been granted to the Participant in addition to, and not in lieu of, any other form of compensation otherwise payable or to be paid to the Participant. Capitalized terms are defined in the Plan if not
defined herein. The Participant acknowledges receipt of a copy of the Option Agreement (including the Terms) and the Plan and agrees to maintain in confidence all information provided to him or her in connection with the Option. 

[Signature page follows] 

							
	“PARTICIPANT”	 		 	Lixiang Education Holding Co., Ltd., an exempted company incorporated under the laws of the Cayman Islands
				
	 	 		 	By:	 	 
	Signature	 		 	Its:	 	Authorized Representative
				
	 	 		 		 	
	Print Name	 		 		 	
				
	 	 		 		 	
	Address	 		 		 	
				
	 	 		 		 	
				
	 	 		 		 	
	City, State, Zip Code	 		 		 	

  
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 CONSENT OF SPOUSE 

In consideration of the Company’s execution of this Option Agreement, the undersigned spouse of the Participant agrees to be bound by all
of the terms and provisions hereof and of the Plan. 
  

							
	Signature of Spouse	 		 		 	Date

  
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 TERMS AND CONDITIONS OF OPTION 

1 Vesting; Limits on Exercise. The Option shall vest and become exercisable in percentage installments of the aggregate number of
shares subject to the Option as set forth on the cover page of this Option Agreement. The Option may be exercised only to the extent the Option is vested and exercisable. 

(a) Cumulative Exercisability. To the extent that the Option is vested and exercisable, the Participant has the right to exercise the
Option (to the extent not previously exercised), and such right shall continue, until the expiration or earlier termination of the Option. 

(b) No Fractional Shares. Fractional share interests shall be disregarded, but may be cumulated. 

(c) Minimum Exercise. No fewer than one hundred (100) Ordinary Shares (subject to adjustment under Section 13(a) of the Plan)
may be purchased at any one time, unless the number purchased is the total number at the time exercisable under the Option. 
 (d)
Triggering Event. Except as otherwise provided in Section 13(c) of the Plan regarding a Change in Control or as permitted by the Administrator in accordance with Applicable Law, this Option may not be exercised prior to the occurrence of
a Triggering Event. 
 2 Continuance of Employment/Service Required; No Employment/Service Commitment. The vesting schedule requires
continued employment or service through each applicable vesting date as a condition to the vesting of the applicable installment of the Option and the rights and benefits under this Option Agreement. Employment or service for only a portion of the
vesting period, even if a substantial portion, will not entitle the Participant to any proportionate vesting or avoid or mitigate a termination of rights and benefits upon or following a termination of employment or services as provided in
Section 6 of these Terms or under the Plan. 
 Nothing contained in this Option Agreement or the Plan constitutes a continued
employment or service commitment by the Company or any of its Subsidiaries, affects the Participant’s status, if the Participant is an employee, as an employee at will who is subject to termination without cause, confers upon the Participant
any right to remain employed by or in service to the Company or any Subsidiary, interferes in any way with the right of the Company or any Subsidiary at any time to terminate such employment or service, or affects the right of the Company or any
Subsidiary to increase or decrease the Participant’s other compensation. 
 3 Leaves of Absence. During any leave of absence
approved by the Company, the vesting of the Option will be suspended if the Participant’s leave of absence exceeds thirty (30) days. Vesting in the Option will resume when the Participant returns to service to the Company or its
Subsidiaries. The vesting schedule of the Option will be extended for the length of the suspension. For avoidance of doubt, leave of absence does not include public holidays or annual vacation and sick days allotted to the Participant in accordance
with the terms of the Participant’s employment. 

  
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 4 Method of Exercise of Option. The Option shall be exercisable by the delivery to
the Secretary of the Company (or such other person as the Administrator may require pursuant to such administrative exercise procedures as the Administrator may implement from time to time) of: 

(a) an executed Option Exercise and Ordinary Share Purchase Agreement (stating the number of Ordinary Shares to be purchased pursuant to the
Option) in substantially the form attached hereto as Exhibit A or such other form as the Administrator may require from time to time (the “Exercise Agreement”); 

(b) payment in full for the Exercise Price of the shares to be purchased, in cash or by electronic funds transfer to the Company, or by
certified or cashier’s check payable to the order of the Company (including, in each case, to satisfy a Prepayment Deposit), subject to such specific procedures or directions as the Administrator may establish; 

(c) any written statements or agreements required pursuant to Section 20 of the Plan; and 

(d) satisfaction of the tax withholding provisions of Section 16 of the Plan. 

5 Cashless Exercise and Cash Settlement. 

(a) The Administrator also may, but is not required to, authorize a non-cash payment alternative
specified below at or prior to the time of exercise. In which case, the Exercise Price and/or applicable withholding taxes, to the extent so authorized may be paid in full or in part by delivery to the Company of: 

(i) Ordinary Shares already owned by the Participant, valued at their Fair Market Value on the exercise date; and/or 

(ii) if the Ordinary Shares are then registered under the Exchange Act or a similar statute in a jurisdiction other than the
United States and listed or quoted on a recognized national or international securities exchange, irrevocable instructions to a broker to, upon exercise of the Option, promptly sell a sufficient number of Ordinary Shares acquired upon exercise of
the Option and deliver to the Company the amount necessary to pay the Exercise Price (and, if applicable, the amount of any related tax withholding obligations) or any other consideration received by the Company under a formal broker-assisted (or
other) cashless exercise program adopted by the Company in connection with the Plan; and/or 
 (iii) a promissory note, to
the extent permitted by Applicable Laws; and/or 
 (iv) such other method or manner of payment as the Administrator may
approve, to the extent permitted by Applicable Laws. 
 (b) In addition, the Administrator may permit the exercise of the Option through
either (i) a cash payment to the Participant equal to the excess, if any, of the Fair Market Value of the aggregate number of Ordinary Shares for which the Option may be exercised over the aggregate exercise price thereof or (ii) the
delivery of a number of Ordinary Shares for such portion of the Option which may be exercised calculated by dividing the amount determined pursuant to clause (i) by the Fair Market Value of the Ordinary Shares on the date of exercise. 

  
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 6 Vesting and Exercise upon a Termination of Service. Upon the termination of the
Participant’s status as a Service Provider, for any reason, whether such termination is occasioned by the Participant or by the Company or any of its Subsidiaries (a “Termination of Service”): 

(a) prior to the occurrence of a Triggering Event, this Option (i) will immediately expire to the extent unvested, and (ii) the
Participant shall have the opportunity to deposit with the Company an amount in cash (or cash equivalents such as a check or electronic funds transfer) equal to the Exercise Price per Share for each Share as to which the Option has vested and that
the Participant may wish to purchase in the future. Any such deposit (the “Prepayment Deposit”) must be made within twelve (12) months following Termination of Service due to death or Disability and three (3) months
otherwise, with the Option expiring on the foregoing deadline to the extent the foregoing “Prepayment Condition” is not satisfied. For the avoidance of doubt, the Participant may provide a Prepayment Deposit with respect to only a
portion of the vested Option; provided, however, a Prepayment Deposit may be deposited only with respect to whole Ordinary Shares and the Participant may make only one Prepayment Deposit for the Option. 

The Prepayment Deposit shall be credited to the Participant in the books and records of the Company, but the Company may use such amounts for
any corporate purposes. The Prepayment Deposit shall not bear any interest and shall be returned to the Participant within thirty (30) days of the Participant’s request in writing. Upon any such request, the Option shall immediately expire
and may no longer be exercised as to any of the covered Ordinary Shares. The Participant shall have status as a general unsecured creditor of the Company with respect to the Prepayment Deposit. 

To the extent the Prepayment Condition is satisfied, the Option shall remain outstanding until the earlier of (i) the expiration of the
Triggering Event Exercise Period and (ii) the Expiration Date. Notwithstanding the foregoing, in the event of Termination of Service due to death or Disability of the Participant within the three (3) month period preceding a Triggering
Event, the periods referenced in the Triggering Event Exercise Period shall be extended to twelve (12) months. In the event the Option expires and has not been exercised, the related Prepayment Deposit, if any, shall be promptly returned to the
Participant. 
 (b) Upon the Participant’s Termination of Service on or after the occurrence of a Triggering Event, this Option
(i) will immediately expire to the extent unvested, and (ii) remain outstanding, to the extent vested, for twelve (12) months in the event of Termination of Service due to death or Disability and three (3) months otherwise;
provided, however, that this Option shall terminate earlier upon the Expiration Date or as otherwise provided in the Plan, including pursuant to Section 13 thereof with respect to the dissolution or liquidation of the Company or a
Change in Control. 

  
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 7 Early Termination of Option. The Option, to
the extent not previously exercised, and all other rights in respect thereof, whether vested and exercisable or not, shall terminate and become null and void prior to the Expiration Date in the event of: (a) the termination of the
Participant’s employment or service as provided in Section 6(d) of the Plan and Section 6 of these Terms, or (b) the termination of the Option pursuant to Section 13, 15 or 20 of the Plan. 

8 Non-Transferability and Other Restrictions. The Option and any other rights of the
Participant under this Option Agreement or the Plan are non-transferable and exercisable during the Participant’s lifetime only by the Participant, other than by will or by the laws of descent and
distribution. Any Ordinary Shares issued on exercise of the Option are subject to substantial restrictions on transfer, and are subject to rights of first refusal and other rights in favor of the Company as set forth herein and in the Exercise
Agreement. The Participant will be entitled to any dividends on Ordinary Shares issued upon the exercise of the Option. The Participant hereby authorizes the Administrator or its nominee to hold all such Ordinary Shares for his or her benefit. 

9 Securities Law Compliance. The Participant acknowledges that the Option and the Ordinary Shares underlying the Option have not been
registered under any securities act (including the Securities Act), as each may be amended from time to time. The Participant, by executing this Option Agreement, hereby makes the following representations to the Company and acknowledges that the
Company’s reliance on applicable securities law exemptions from registration and qualification is predicated, in substantial part, upon the accuracy of these representations: 

(a) The Participant is acquiring the Option and, if and when he/she exercises the Option, will acquire the Ordinary Shares solely for the
Participant’s own account, for investment purposes only, and not with a view to or an intent to sell, or to offer for resale in connection with any unregistered distribution, all or any portion of the shares within the meaning of any applicable
securities laws. 
 (b) The Participant has had an opportunity to ask questions and receive answers from the Company regarding the terms and
conditions of the Option and the restrictions imposed on any Ordinary Shares purchased upon exercise of the Option. The Participant has been furnished with, and/or has access to, such information as the Participant considers necessary or appropriate
for deciding whether to exercise the Option and purchase Ordinary Shares. However, in evaluating the merits and risks of an investment in the Ordinary Shares, the Participant has and will rely upon the advice of his/her own legal counsel, tax
advisors, and/or investment advisors. 
 (c) The Participant is aware that the Option may be of no practical value, that any value it may
have depends on its vesting and exercisability as well as an increase in the Fair Market Value of the underlying Ordinary Shares to an amount in excess of the Exercise Price, and that any investment in the equity of a closely held entity such as the
Company is non-marketable, non-transferable and could require capital to be invested for an indefinite period of time, possibly without return, and at substantial risk
of loss. 

  
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 (d) The Participant understands that any Ordinary Shares acquired on exercise of the Option
will be characterized as “restricted securities” under the Securities Act, and that, under such laws and applicable regulations, such securities may be resold without registration under the Securities Act only in certain limited
circumstances, including in accordance with the conditions of Rule 144 promulgated under the Securities Act, as presently in effect, with which the Participant is familiar. 

(e) The Participant has read and understands the restrictions and limitations set forth in the Plan, this Option Agreement (including these
Terms), and the Exercise Agreement, which are imposed on the Option and any Ordinary Shares underlying the Option which may be acquired upon exercise of the Option. 

(f) At no time was an oral representation made to the Participant relating to the Option or the purchase of Ordinary Shares and the
Participant was not presented with or solicited by any promotional meeting or material relating to the Option or the underlying Ordinary Shares. 

10 Lock-Up Agreement. Neither the Participant nor any permitted transferee under the Plan may,
directly or indirectly, offer, sell or transfer or dispose of any of the Ordinary Shares acquired upon exercise of the Option or any interest therein (or agree to do any thereof) (collectively, a “Transfer”) during the period
commencing as of fourteen (14) days prior to and ending one hundred eighty (180) days, or such lesser period of time as the relevant underwriters may permit, after (a) the occurrence of a Qualified IPO or (b) the effective date
of a registration statement for a firm commitment underwritten public offering of the Company’s Securities (a “Public Offering”) of which the Participant has notice. For purposes of this Section 10, the term
“Participant” includes, where the context so requires, any permitted direct or indirect transferee of the Participant. The Participant shall agree and consent to the entry of stop transfer instructions with the Company’s transfer
agent against the Transfer of the Company’s Securities beneficially owned by the Participant and shall confirm the limitations hereunder and under the Exercise Agreement by agreement with and for the benefit of the relevant underwriters by a lock-up agreement or other agreement in customary form. Notwithstanding anything else herein to the contrary, this paragraph shall not be construed so as to prohibit the Participant from participating in a
registration or a public offering of the Ordinary Shares with respect to any shares which the Participant may hold at that time, provided, however, that such participation shall be at the sole discretion of the Board. 

11 Right of First Refusal. The Company shall have a right of first refusal, as set forth below, to purchase the Ordinary Shares
acquired by the Participant upon exercise of the Option before the Ordinary Shares (or any interest therein) can be validly transferred to any other person or entity. For purposes of this Section 11, the term “Participant” includes,
where the context so requires, any permitted direct or indirect transferee of the Participant. 
 (a) Notice of Intent to Sell.
Before there can be a valid Transfer of any Ordinary Shares by the Participant, the Participant shall first give notice in writing to the Company, mailed or delivered in accordance with the notice provisions of Section 16, of his or her
intention to Transfer such Ordinary Shares (the “Option Notice”). 

  
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 The Option Notice shall specify the identity of the proposed transferee, the number of
Ordinary Shares to be sold or transferred to the transferee, the price per Ordinary Share and the terms upon which such holder intends to make such Transfer. If the payment terms for the Ordinary Shares described in the Option Notice differ from
delivery of cash or a check at closing, the Company shall have the option, as set forth herein, of purchasing the Ordinary Shares for cash (or a cash equivalent) at closing in an amount which the Company determines is a fair value equivalent of the
payment described in the Option Notice. The determination of a fair value equivalent shall be made in the Company’s best judgment and such determination shall be mailed or delivered to the Participant (the “Company’s
Notice”) within ten (10) days of the Company’s receipt of the Option Notice. Should the Participant disagree with the Company’s determination of a fair value equivalent, the Participant shall have the right (the
“Retraction Right”) to retract the proposed Transfer to a third party and the offer of Ordinary Shares to the Company pursuant to the Option Notice (such retraction to be made in writing and mailed or delivered in accordance with
the notice provisions of Section 16). If the Participant again proposes to Transfer the Ordinary Shares, the Participant shall again offer such Ordinary Shares to the Company pursuant to the terms of this Section 11 prior to any Transfer.

 (b) Option to Purchase. Subject to the Participant’s Retraction Right, during the
60-day period commencing upon receipt of the Option Notice by the Company (the “Option Period”), the Company shall have an option to purchase any or all of the Ordinary Shares specified in the
Option Notice at the price offered therein or at such alternative price as set forth in the Company’s Notice in accordance with Section 11(a) (the “Right of First Refusal”). 

(c) Purchase of Shares. Not more than thirty (30) days after receipt of the Option Notice, the Company shall give written notice
to the Participant of the number of such Ordinary Shares to be purchased (or, if no Ordinary Shares are to be purchased, stating such fact) by the Company pursuant to the terms of this Section 11 (the “Purchase Notice”).
Purchases pursuant to this Section 11 shall be consummated within thirty (30) days after delivery of the Purchase Notice to the Participant, but in no event later than the expiration of the Option Period. The purchase price shall be paid
at the closing in cash, by check, by cancellation of money purchase indebtedness, or, if the payment terms set forth in the Option Notice differ from payment in cash or by check at closing, in accordance with the payment terms set forth in the
Option Notice (or payment of the amount set forth in the Company’s Notice in cash, by cancellation of money purchase indebtedness, or by check). The purchase price shall be paid against surrender by the Participant of a share certificate
evidencing the number of Ordinary Shares specified in the Option Notice, with duly endorsed share powers. 
 (d) Ability to Sell
Unpurchased Shares. Unless all of the Ordinary Shares referred to in the Option Notice are to be purchased as indicated in the Purchase Notice, the Participant may dispose of any Ordinary Shares referred to in the Option Notice that are not to
be purchased by the Company to the person or persons specified in the Option Notice during a period of twenty (20) days commencing upon the Participant’s receipt of the Purchase Notice; provided, however, that (i) any
such person specified in the Option Notice is not a person listed under Exhibit A hereto, (ii) the Participant shall not Transfer such Ordinary Shares at a lower price or on terms more favorable to the Participant or transferee than
those specified in the Option Notice and (iii) the Participant shall not Transfer such Ordinary Shares to a person other than the person or persons specified in the Option Notice; and, provided, further, that such Transfer is
consistent with the other provisions and limitations of the Plan, this Option Agreement (including these Terms), and the Exercise Agreement. If the Transfer is not consummated within such twenty (20) day period, the Participant shall again
offer such Ordinary Shares to the Company pursuant to the terms of this Section 11 prior to any Transfer to the same or any other person. 

  
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 (e) Assignment. Notwithstanding anything to the contrary, the Company may assign any
or all of its rights under this Section 11 to one or more shareholders of the Company. 
 (f) Termination of Right of First
Refusal. The Company’s Right of First Refusal shall terminate upon the occurrence of a Triggering Event. 
 (g) No Shareholder
Rights Following Repurchase. If the Participant (or any permitted transferee) holds Ordinary Shares as to which the Right of First Refusal has been exercised (in connection with the termination of the Participant’s employment or
otherwise) and the register of members of the Company has been updated to reflect this, the Participant shall be entitled to payment in accordance with the provisions of this Section 11, but (unless otherwise required by Applicable Law)
shall no longer be entitled to participation in the Company or other rights as a shareholder with respect to the shares subject to the repurchase. To the maximum extent permitted by Applicable Law, the Participant’s rights following the
exercise of the Right of First Refusal shall, with respect to the repurchase and the Ordinary Shares covered thereby, be solely the rights that the Participant has as a general creditor of the Company to receive payment of the amount
specified in this Section 11. 
 (h) No Transfer to the Detriment of the Company’s Interests. Notwithstanding anything to
the contrary, the Participant shall not transfer any shares to any person or entity which transfer, in the sole discretion of the Company, will undermine the interests of the Company, including without limitation, any transfer of shares to the
competitors of the Company (it being acknowledged that a list of such competitors shall be determined by the Administrator from time to time). 

12 Withholding of Taxes. To the extent required by Applicable Law, the Company has the authority to deduct or withhold, or require the
Participant to remit to the Company, an amount sufficient to satisfy all applicable federal, state, local and foreign taxes (including the Participant’s tax obligation) required by Applicable Law to be withheld with respect to any taxable event
arising from the grant of the Option. At the Company’s election, the Participant may satisfy his or her tax obligation, in whole or in part, by either: (a) electing to have the Company withhold Ordinary Shares otherwise to be delivered
with a Fair Market Value equal to the tax withholding obligation; (b) surrendering to the Company previously owned Ordinary Shares with a Fair Market Value equal to the tax withholding obligation; (c) allowing the Company to withhold the
amount of the tax withholding obligation from the Participant’s cash compensation; or (d) paying the amount of the tax withholding obligation directly to the Company in cash. If the Administrator determines that the Participant has not
satisfied or performed his or her tax obligations, then the Administrator has the right, but not the obligation, to suspend the vesting of the Option (the “Suspended Period”) commencing upon the Participant’s failure or default
until such time the Participant has fully satisfied or performed such tax obligations. For the avoidance of doubt: (i) the Administrator has discretion in determining whether or not the Participant has satisfied or performed, fully or
otherwise, his or her tax obligations; and (ii) after the vesting suspension is lifted, the time at which the specific number of Ordinary Shares underlying the Option may otherwise vest under the original vesting schedule shall be postponed, in
each case, by the same number of days that elapse during the Suspended Period. 

  
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 13 Voluntary Participation. The Participant’s participation in the Plan is
voluntary. The value of the Option is an extraordinary item of compensation outside the scope of the Participant’s employment contract, if any. As such, the Option is not part of normal or expected compensation for purposes of calculating any
severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pensions or retirement benefits or similar payments unless specifically and otherwise provided. 

14 Discretionary Option. This Option is granted under and governed by the terms and conditions of the Plan. The Participant
acknowledges and agrees that the Plan is discretionary in nature and may be amended, canceled, or terminated by the Administrator, in its sole discretion, at any time. The grant of the Option under the Plan is a
one-time benefit and does not create any contractual or other right to receive an award of Ordinary Shares or benefits in lieu of Ordinary Shares in the future. Future awards of an Option, if any, will be at
the sole discretion of the Administrator, including, but not limited to, the timing of the award, the number of shares and vesting provisions. The Plan has been introduced voluntarily by the Company and in accordance with the provisions of the Plan
may be terminated by the Administrator at any time. By execution of this Option Agreement, the Participant consents to the provisions of the Plan and this Option Agreement. 

15 Adjustments. The Participant hereby acknowledges and confirms that in the event the Company decides to implement any other actions
affecting any of its Ordinary Shares, including share splits, reverse splits, spin-offs, combinations, exchanges or distribution of unusual/nonrecurring large dividends after the date of this Option Agreement, (i) the number of Ordinary Shares
underlying this Option grant may be subject to adjustments in accordance with such actions and (ii) the Administrator shall have the sole discretion to make such adjustments. 

16 Notices. Any notice required or permitted pursuant to this Option Agreement or the Exercise Agreement shall be given in writing and
shall be given either personally or by sending it by an internationally-recognized express courier service, fax, or electronic mail to the following applicable address: (i) if to the Company, at its principal executive office to the attention
of the Secretary, or (ii) if to the Participant, at the Participant’s last address reflected in the Company’s payroll records (or, in each case, at such other address as such party may designate by fifteen (15) days’ advance
written notice to the other parties to this Option Agreement given in accordance with this Section). Where a notice is sent by an internationally-recognized express courier service, service of the notice shall be deemed to be effected by properly
addressing, pre-paying and sending by express service through such service a letter containing the notice, with a confirmation of delivery, and to have been effected at the expiration of three (3) days
after the letter containing the same is sent as aforesaid. Where a notice is sent by fax or electronic mail, service of the notice shall be deemed to be effected by properly addressing, and sending such notice through a transmitting organization,
with a written confirmation of delivery, and to have been effected on the day the same is sent as aforesaid. 

  
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 17 Entire Agreement. This Option Agreement (including these Terms and together with
the form of Exercise Agreement attached hereto) and the Plan together constitute the entire agreement and supersede all prior understandings and agreements, written or oral, of the parties hereto with respect to the subject matter hereof. The Plan,
this Option Agreement and the Exercise Agreement may be amended pursuant to Sections 15 and 20 of the Plan. Such amendment must be in writing and signed by the Company. The Company may, however, unilaterally waive any provision hereof or of the
Exercise Agreement in writing to the extent such waiver does not adversely affect the interests of the Participant hereunder, but no such waiver shall operate as or be construed to be a subsequent waiver of the same provision or a waiver of any
other provision hereof. 
 18 Satisfaction of All Rights to Equity. The Option granted pursuant to this Option Agreement is in
complete satisfaction of any and all rights that the Participant may have (under an employment, consulting, or other written or oral agreement with the Company or any of its Subsidiaries, or otherwise) to receive (1) options or share awards
with respect to the Securities of the Company or any of its Subsidiaries, and/or (2) any other equity or derivative security in or with respect to the Company or any of its Subsidiaries. This Option Agreement supersedes the terms of all prior
understandings and agreements, written or oral, of the parties with respect to such matters. The Participant shall have no further rights or benefits under any prior agreement conveying any right with respect to any security or derivative security
in or with respect to the Company or any of its Subsidiaries. Notwithstanding the foregoing, this Section 18 shall not adversely affect the Participant’s rights under any prior option, restricted share unit or share award agreement under
the Plan (provided such agreement is expressly labeled as an option, restricted share unit or share award agreement under the Plan and is similar in form to this Option Agreement) which has been signed by an authorized officer of the Company. 

19 Governing Law; Construction. This Option Agreement and the Exercise Agreement shall be governed by and construed and enforced in
accordance with Hong Kong laws without regard to conflict of law principles thereunder. The terms of the Option Agreement (including these Terms) and the Exercise Agreement have resulted from the negotiations of the parties and each of the parties
has had an opportunity to obtain and consult with its own counsel. The language of all parts of the Plan, this Option Agreement (including these Terms) and the Exercise Agreement shall in all cases be construed as a whole, according to its fair
meaning, and not strictly for or against either of the parties. 
 20 Limited Rights. Until the Option is exercised and Ordinary
Shares are issued and allotted to the Participant and the Participant is recorded on the Company’s registered of members as holder of such Ordinary Shares, the Participant has no rights as a shareholder of the Company with respect to the Option
as set forth in Section 6(d) of the Plan. The Option does not place any limit on the corporate authority of the Company. 

  
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 21 Arbitration. Any dispute, controversy or claim arising out of or in connection
with or relating to this Option Agreement, or the interpretation, breach, termination or validity hereof, shall be resolved through arbitration. A dispute may be submitted to arbitration upon the request of either party with written notice to the
other party (the “Notice”). The arbitration shall be conducted in Hong Kong Special Administrative Region of the PRC by the Hong Kong International Arbitration Centre (the “Centre”) in accordance with the Hong Kong
International Arbitration Centre Administered Arbitration Rules in force when the Notice of Arbitration is submitted. There shall be a single arbitrator. If the parties do not agree on the nomination of an arbitrator within thirty (30) days
after the delivery of the Notice to the other party, the appointment shall be made by the Centre. The arbitration proceedings shall be conducted in English. 

22 Third Party Rights. Unless as otherwise provided in this Agreement, any person who is not a party to this Agreement has no right
under the Contracts (Rights of Third Parties) Ordinance (Cap. 623) to enforce or enjoy the benefit of any term thereof. 
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Severability. If the arbitrator or a court of competent jurisdiction determines that any portion of this Option Agreement, the Plan, or the Exercise Agreement is in violation of any statute or public policy, then only the portions of this
Option Agreement, the Plan, or the Exercise Agreement, as applicable, which violate such statute or public policy shall be stricken, and all portions of this Option Agreement, the Plan, and the Exercise Agreement which do not violate any statute or
public policy shall continue in full force and effect. Furthermore, it is the parties’ intent that any court order striking any portion of this Option Agreement, the Plan, and/or the Exercise Agreement should modify the stricken terms as
narrowly as possible to give as much effect as possible to the intentions of the parties hereunder. 
 24 PRC Compliance.
Notwithstanding anything to the contrary in this Option Agreement, with respect to any Participant who is a PRC citizen or resident in China, or otherwise, as the Administrator in its sole discretion may determine, who may be deemed as a
“domestic resident” as defined in the Circular No. 37 (and/or such successor circular, the “SAFE Circular”) issued by the State Administration of Foreign Exchange of the People’s Republic of China (the
“PRC”) on July 14, 2014 (a “PRC Participant”) and its implementing rules, the Option shall become exercisable only upon the receipt of written confirmation from the PRC Participant, or counsel to
the Company, in form and substance reasonably satisfactory to the Administrator that 
 (a) (i) such PRC Participant is not subject to the
registration or other compliance requirements of the SAFE Circular, or (ii) such PRC Participant (X) is subject to such registration and compliance requirements of the SAFE Circular and (Y) has fully complied with such registration
and compliance requirements of the SAFE Circular; and 
 (b) the exercise of the Option by the PRC Participant will not violate any
Applicable Laws or regulations of the PRC and will not subject the PRC Participant or the Company to any filing or registration with, or obtain any approval or permit from, any PRC governmental or regulatory authorities (the “PRC
Compliance”) which, as the Administrator may determine in its sole discretion, would be unreasonably burdensome on the Company or is likely to have a material adverse effect on the Company’s business, operations or prospects. 

  
 13 

 The PRC Participant shall have executed a Power of Attorney in substantially the form
attached hereto as Exhibit B (or in such form and substance as may be required by the then Applicable Laws of the PRC and as determined by the Administrator to be reasonably satisfactory to the Company) authorizing the Company (or any
representative designated by the Company) to take such actions and execute such instruments on behalf of such PRC Participant in the event where such PRC Compliance is required, and the PRC Participant agrees to take, or cause to be taken, any
additional actions and execute any additional instruments as may be requested by the Company to ensure such compliance. 
 In addition,
notwithstanding anything else contained herein to the contrary, the Administrator may, at its discretion, limit the method of Option exercise to a cashless method for such PRC Participant for purpose of such PRC Compliance in accordance with
Section 5(b) of these Terms. Such discretion includes and is not limited to the required exchange of proceeds by the Administrator into Renminbi for transmittal to such PRC Participant, deductions for fees associated with the exchange, and
deductions for PRC taxes, as may be necessary to comply with the applicable PRC foreign exchange and tax regulations. 
 25 Personal
Data. The Participant acknowledges and consents to the collection, use, processing and transfer of personal data as described in this paragraph. The Company and the Participant’s employer hold certain personal information, including the
Participant’s name, home address and telephone number, date of birth, national ID card number, social security number or other employee tax identification number, salary, nationality, job title and any shares awarded, canceled, purchased,
vested, unvested or outstanding in the Participant’s favor, for the purpose of managing and administering the Plan (the “Data”). The Company and the Participant’s employer may transfer the Data to any third parties
assisting the Company in the implementation, administration and management of the Plan. These recipients may be located in Singapore, Thailand, Philippines, Vietnam, China or elsewhere. The Participant hereby authorizes these recipients to receive,
possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing the Participant’s participation in the Plan, including any requisite transfer of such Data as may be required
for the administration of the Plan and/or the subsequent holding of Ordinary Shares on the Participant’s behalf to a broker or other third party with whom the Participant may elect to deposit any Ordinary Shares acquired pursuant to the Plan.
The Participant may, at any time, review the Data, require any necessary amendments to it or withdraw the consent herein in writing by contacting the Company; however, withdrawing the consent may affect the Participant’s ability to participate
in the Plan. 

  
 14 

 26 Sections 409A and 457A. Notwithstanding other provisions of the Plan or this
Option Agreement, no Option or any rights therein may be granted, deferred, accelerated, extended, paid out or modified under this Option Agreement in a manner that would result in the imposition of an additional tax under Section 409A or
Section 457A of the Code upon the Participant. In the event that it is reasonably determined by the Board or, if delegated by the Board to the Administrator, by the Administrator that, as a result of Section 409A of the Code, payments or
any other rights in respect of the Option may not be granted at the time contemplated by the terms of the Plan or this Option Agreement, as the case may be, without causing the Participant holding the Option to be subject to taxation under
Section 409A of the Code, including as a result of the fact that the Participant is a “specified employee” under Section 409A of the Code, the Company will make such payment or grant such rights on the first day that would not
result in the Participant incurring any tax liability under Section 409A of the Code. The Company will use commercially reasonable efforts to implement the provisions of this Section 26 in good faith; provided, however, that
neither the Company, the Administrator nor any of the Company’s Employees, Directors or representatives will have any liability to the Participant with respect to this Section 25. 

(Remainder of Page Intentionally Left Blank) 

  
 15 

 EXHIBIT A 

LIXIANG EDUCATION HOLDING CO., LTD. 

2020 EQUITY INCENTIVE PLAN 

OPTION EXERCISE AND ORDINARY SHARE 

PURCHASE AGREEMENT 
 The
undersigned (the “Purchaser”) hereby irrevocably elects to exercise his/her right, evidenced by that certain Option Agreement dated as of ____________________ (the “Exercise Agreement”) under the Lixiang Education
Holding Co., Ltd. 2020 Equity Incentive Plan (the “Plan”), as follows: 
  

	 	•	 	 the Purchaser hereby irrevocably elects to purchase __________________ordinary shares, par value US$0.0001 per
share (the “Shares”), of Lixiang Education Holding Co., Ltd., an exempted company incorporated under the laws of the Cayman Islands (the “Company”), and 

 

	 	•	 	 such purchase shall be at the price of US$__________________ per share, for an aggregate amount of
US$__________________ (subject to applicable withholding taxes pursuant to Section 16 of the Plan). 

 Capitalized
terms are defined in the Plan if not defined herein. 
 1. Delivery of Share Certificate. The Purchaser requests that a certificate
representing the Shares be registered and delivered to:
                                         
                                         
                                         
                                         
                                         
                                         
  
                                        
                                         
                                         
                                         
                                         
                . 
 The Purchaser hereby acknowledges
and confirms that the Shares purchased hereunder may be, at the sole discretion of the Company, issued to and registered under the name of an entity for and on behalf of the Purchaser and designated by the Company. 

In lieu of delivery of certificates and entry in the register of members of the Company representing the Shares purchased hereunder, the
Company may, at the sole discretion, deliver any other consideration under a formal broker-assisted (or other) cashless exercise program adopted by the Company in connection with the Plan. 

2. Investment Representations. The Purchaser acknowledges that the sale of the Shares by the Purchaser is restricted by applicable
securities laws and regulations (for example, Securities and Exchange Commission Rule 701). The Purchaser hereby affirms as made as of the date hereof the representations in Section 9 of the “Terms and Conditions of Option” (which are
attached to and a part of the Option Agreement, the “Terms”) and such representations are incorporated herein by this reference. The Purchaser represents that he/she has no need for liquidity in this investment, has the ability to
bear the economic risk of this investment, and can afford a complete loss of the purchase price for the Shares. 

 The Purchaser also understands and acknowledges (a) that the Company has no obligation
to register the Shares or file any registration statement under the applicable securities laws, and (b) that the Company may cause the legend set forth below or legends substantially equivalent thereto to be placed upon any certificate(s)
representing ownership of the Shares: 
 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR QUALIFIED OR REGISTERED UNDER STATE SECURITIES OR BLUE SKY LAWS. THESE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO DISTRIBUTION, AND NEITHER THESE SECURITIES NOR ANY INTEREST OR PARTICIPATION THEREIN MAY BE SOLD,
OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED OR DISPOSED OF EXCEPT IN COMPLIANCE WITH THE SECURITIES ACT OF 1933, AS AMENDED, APPLICABLE STATE SECURITIES OR BLUE SKY LAWS AND THE APPLICABLE RULES AND REGULATIONS THEREUNDER. THE
ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND A RIGHT OF FIRST REFUSAL HELD BY THE ISSUER OR
ITS ASSIGNEE(S) AS SET FORTH IN THE OPTION AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH TRANSFER RESTRICTIONS AND RIGHT OF FIRST REFUSAL ARE BINDING
ON TRANSFEREES OF THESE SHARES. 
 3. Limitation on Disposition and Other Restrictions. The Shares are subject to and the
Purchaser hereby agrees to the following terms and conditions of the sale of the Shares to the Purchaser: 
 (a) any transfer of the Shares
must comply with the restrictions on transfer set forth in the Plan, the Terms and all Applicable Laws; 
 (b) the Shares are subject to,
and following any otherwise permitted transfer of the Shares, the Shares shall remain subject to and the transferee shall be bound by, the transfer restrictions set forth in Section 8 of the Terms, the
lock-up provisions set forth in Section 10 of the Terms, the Company’s right of first refusal set forth in Section 11 of the Terms, the share legend requirements of Section 2 of this
Exercise Agreement, the foregoing provisions of this Section 3, and the arbitration provisions of Section 21 of the Terms; and 

(c) as a condition to any otherwise permitted transfer of the Shares, the Company may require the transferee to execute a written agreement,
in a form acceptable to the Administrator, that the transferee acknowledges and agrees to the foregoing terms and restrictions imposed on the Shares. 

 4. Plan and Option Agreement. The Purchaser acknowledges that all of his/her rights
are subject to, and the Purchaser agrees to be bound by, all of the terms and conditions of the Plan and the Option Agreement (including the Terms), both of which are incorporated herein by this reference. If a conflict or inconsistency between the
terms and conditions of this Exercise Agreement and of the Plan or the Option Agreement shall arise, the terms and conditions of the Plan and/or the Option Agreement shall govern. The Purchaser acknowledges receipt of a copy of all documents
referenced herein and acknowledges reading and understanding these documents and having an opportunity to ask any questions that he/she may have had about them. Any controversy or claim arising out of or relating to this Exercise Agreement shall be
submitted to arbitration in accordance with Section 21 of the Terms, and Cayman Islands law shall apply as provided in Section 19 of the Terms. 

5. Entire Agreement. This Exercise Agreement, the Option Agreement (including the Terms), and the Plan together constitute the entire
agreement and supersede all prior understandings and agreements, written or oral, of the parties hereto with respect to the subject matter hereof. The Plan, the Option Agreement and this Exercise Agreement may be amended pursuant to Section 20
of the Plan. Such amendment must be in writing and signed by the Company. The Company may, however, unilaterally waive any provision hereof or of the Option Agreement in writing to the extent such waiver does not adversely affect the interests of
the Purchaser hereunder, but no such waiver shall operate as or be construed to be a subsequent waiver of the same provision or a waiver of any other provision hereof. 
  

							
	“PURCHASER”	 		 	ACCEPTED BY:
			
		 		 	
	Signature	 		 	Lixiang Education Holding Co., Ltd., an exempted company incorporated under the laws of the Cayman Islands
				
		 		 	By:	 	 
		 		 	Its:	 	 
	Print Name	 		 		 	
	  
 Date
	 		 	 (To be completed by the company after the price (including applicable withholding taxes), value (if applicable) and
receipt of funds is verified.)

 EXHIBIT B 

Power of AttorneyEX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

FIRST AMENDMENT TO SEVENTH AMENDED AND RESTATED CREDIT AGREEMENT 

THIS FIRST AMENDMENT TO SEVENTH AMENDED AND RESTATED CREDIT AGREEMENT, dated as of May 11, 2020 (this “Amendment”), is
entered into among WILLIAMS-SONOMA, INC., a Delaware corporation (the “Borrower”), the Guarantors party hereto, the Lenders party hereto, and BANK OF AMERICA, N.A., as administrative agent for
the Lenders (in such capacity, the “Agent”). Capitalized terms used herein and not otherwise defined shall have the meanings ascribed thereto in the Credit Agreement (as defined below). 

RECITALS 
 WHEREAS, the
Borrower, the Lenders and the Agent are parties to that certain Seventh Amended and Restated Credit Agreement, dated as of January 8, 2018 (as amended or modified from time to time, the “Credit Agreement”); and 

WHEREAS, the parties hereto have agreed to amend the Credit Agreement as provided herein. 

NOW, THEREFORE, in consideration of the agreements contained herein, and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 
 AGREEMENT 

1. Amendments – Part One. At such time as this Amendment has become effective in accordance with Section 3 hereof, the
following amendments to the Credit Agreement shall become effective immediately prior to the amendments set forth in Section 2 of this Amendment. 

(a) A new definition of “Extension Amendment” is hereby added to Section 1.1 of the Credit Agreement in the
appropriate alphabetical order to read as follows: 
 “Extension Amendment” has the meaning specified in
Section 2.7(c). 
 (b) Section 2.7 of the Credit Agreement is hereby amended to read as follows:

 Section 2.7 Extension of Maturity Date. 

(a) Not more than 45 days and not less than 30 days prior to each of the first anniversary of the Closing Date and the second
anniversary of the Closing Date, the Borrower may, in each case, request in writing that the Lenders extend the then current Maturity Date of the Revolving Commitments and related Loans for an additional one year (and the Agent shall promptly give
the Lenders notice of any such request); provided, that the applicable Maturity Date may be extended under this Section 2.7 no more than two times in the aggregate. Each Lender shall provide the Agent, not more than
15 days subsequent to any such request by the Borrower (or such other date as the Borrower and the Agent may agree; such date, the “Extension Request Date”), with written notice regarding whether it agrees to extend the then current
Maturity Date (each Lender agreeing to a requested extension being called an “Extending Lender”, and each Lender declining to agree to a requested extension being called a
“Non-Extending Lender”). Each decision by a Lender shall be in its sole discretion and any Lender who fails to give written notice of its decision by the Extension Request Date shall be deemed
a Non-Extending Lender. 

 (b) If all Lenders agree in writing to the extension request by the
Extension Request Date, then the Maturity Date of the Revolving Commitments and related Loans shall be extended to the first anniversary of the Maturity Date therefor then in effect. If Lenders constituting Required Lenders, but not all Lenders,
agree in writing to the extension request by the Extension Request Date, then the Borrower may, on the Extension Request Date, notify the Agent in writing that it wishes to extend such Maturity Date, and such Maturity Date shall, as to the Revolving
Commitments and related Loans of the Extending Lenders, be extended to the first anniversary of the Maturity Date then in effect prior to giving effect to any such extension (such Maturity Date, the “Existing Maturity Date”). The
Borrower shall, on the Existing Maturity Date, pay to the Non-Extending Lenders in effect immediately prior to such extension in immediately available funds the principal of and interest accrued on the portion
of the Revolving Loans hereunder held by the Non-Extending Lenders, as well as all other amounts due and payable to the Non-Extending Lenders (including, without
limitation, any loss, expense or liability incurred by reason of the liquidation or reemployment of deposits or other funds required by the Lender to fund its Libor Loans), on such date. Upon such Existing Maturity Date, (i) the
Revolving Commitments of each such Non-Extending Lender shall terminate, (ii) each such Non-Extending Lender shall cease to be a Lender hereunder and (iii) the
Aggregate Revolving Commitments shall be reduced by an amount equal to the aggregate Revolving Commitments of each such Non-Extending Lender. 

(c) Pursuant to procedures acceptable to the Agent, the Borrower may, at any time, request that all or a portion of any Term
Loan (an “Existing Term Loan Tranche”) be modified to constitute another tranche of Term Loans in order to extend the scheduled final maturity date thereof (any such Term Loans which have been so modified, “Extended Term
Loans”) and to provide for other terms consistent with this Section 2.7. In order to establish any Extended Term Loans, the Borrower shall provide a notice to the Agent (who shall provide a copy of such notice to
each of the Lenders of the applicable Existing Term Loan Tranche) setting forth the proposed terms of the Extended Term Loans to be established, which terms shall be identical to those applicable to the Term Loans of the Existing Term Loan Tranche
from which they are to be modified except (i) (A) the Base Rate Margins and Libor Rate Margins with respect to the Extended Term Loans may be higher or lower than the Base Rate Margins and Libor Rate Margins for the Term Loans of such Existing
Term Loan Tranche and/or (B) additional fees and interest rate floors may be payable to the Lenders providing such Extended Term Loans in addition to or in lieu of any increased Base Rate Margins or Libor Rate Margins contemplated by the
preceding clause (A), in each case, to the extent provided in the applicable Extension Amendment, (ii) any Extended Term Loans may participate on a pro rata basis or a less than pro rata basis (but not greater than a pro rata basis) in any
optional or mandatory prepayments or prepayment of Term Loans hereunder in each case as specified in the applicable Extension Amendment, and (iii) the final maturity date and any scheduled amortization applicable to the Extended Term Loans
shall be set forth in the applicable Extension Amendment and the scheduled amortization (if any) of such Existing Term Loan Tranche shall be adjusted to reflect the amortization schedule (including the principal amounts payable pursuant thereto) in
respect of the Term Loans under such Existing Term Loan Tranche that have been extended as Extended Term Loans as set forth in the applicable Extension Amendment; 

  
 2 

 
provided, however, that the weighted average life to maturity of such Extended Term Loans (as reasonably determined by the Agent) shall be no shorter than the weighted average life to maturity of
the Term Loans of such Existing Term Loan Tranche (as reasonably determined by the Agent). Except as provided above, each Lender holding Extended Term Loans shall be entitled to all the benefits afforded by this Agreement and the other Loan
Documents, and shall, without limiting the foregoing, benefit equally and ratably from the Subsidiary Guaranty. The Borrower shall deliver such legal opinions and authorization documents as reasonably requested by the Agent. No Lender
shall have any obligation to agree to have any of its Term Loans of any Existing Term Loan Tranche modified to constitute Extended Term Loans pursuant to any Term Loan Extension Request. Any Extended Term Loans of any Extension Tranche shall
constitute a separate tranche and class of Term Loans from the Existing Term Loan Tranche from which they were modified and may be designated and identified as such under the Loan Documents. Extended Term Loans shall be established pursuant
to an amendment (an “Extension Amendment”) to this Agreement (which shall be in such form as is reasonably acceptable to the Agent). Such Extension Amendment shall be executed by the Borrower, the Agent, the Required Lenders
and each Lender consenting to such Extended Term Loans. 
 (d) Notwithstanding the foregoing provisions of this
Section 2.7, the Borrower shall have the right, at its own discretion and at its own expense, at any time prior to (i) in the case of any requested extension pursuant to Section 2.7(a), the
Existing Maturity Date to replace, in accordance with the terms of Section 15.25, a Non-Extending Lender with an Eligible Assignee that will agree to the applicable Maturity Date
extension request, and any such replacement Lender shall for all purposes constitute an Extending Lender and (ii) in the case of any requested extension pursuant to Section 2.7(c), the applicable Maturity Date to
replace, in accordance with the terms of Section 15.25, a Lender not agreeing to extend the maturity of its applicable Term Loan with an Eligible Assignee that will agree to the such extension request, and any such
replacement Lender shall for all purposes constitute a Lender. 
 (e) As a condition precedent to any extension pursuant to
this Section 2.7, the Borrower shall deliver to the Agent a certificate of each Loan Party (i) certifying and attaching the resolutions adopted by such Loan Party approving or consenting to such extension and
(ii) in the case of the Borrower, certifying that, before and after giving effect to such extension, (A) the representations and warranties contained in Article 9 and the other Loan Documents are true and correct in all material
respects on and as of the date of effectiveness of such extension, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects as of such
earlier date, and except that for purposes of this Section 2.7, the representations and warranties contained in subsections (a) and (b) of Section 9.2 shall be deemed to
refer to the most recent statements furnished pursuant to subsections (a) and (b), respectively, of Section 10.1, and (B) no Default exists. 

(f) Conflicting Provisions. This Section shall supersede any provisions in Section 5.7 or
15.10 to the contrary. 
 2. Amendments – Part Two. At such time as this Amendment shall become effective in accordance
with Section 3 hereof, the following amendments to the Credit Agreement shall become effective immediately after the amendments set forth in Section 1 of this Amendment have become effective. 

  
 3 

 (a) The following definitions appearing in Section 1.1 of the Credit
Agreement are hereby amended to read as follows: 
 “Bail-In Action”
means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution. 

“Bail-In Legislation” means, (a) 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, rule, regulation or requirement for such EEA Member Country from time to time which is described in
the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule
applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings). 

“Base Rate” means for any day a fluctuating rate per annum equal to the highest of (a) the Federal Funds
Rate plus one-half of one percent (0.50%), (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime rate,” and (c) the Libor Base
Rate plus 1.00%, subject to the interest rate floors set forth therein. The “prime rate” is a rate set by Bank of America based upon various factors including Bank of America’s costs and desired return, general economic conditions and
other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such prime rate announced by Bank of America shall take effect at the opening of business on the day
specified in the public announcement of such change. If the Base Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement. 

“Capital Stock” means corporate stock and any and all shares, partnership interests, limited liability company
interests, membership interests, equity interests, participations, rights, securities or other equivalent evidences (however designated) of ownership or any options, warrants, voting trust certificates or other instruments evidencing an ownership
interest or a right to acquire an ownership interest in a Person (however designated) issued by any entity (whether a corporation, partnership, limited liability company or other type of entity), provided, that in no event shall the term
“Capital Stock” include Convertible Debt, or other debt securities that are or by their terms may be convertible or exchangeable into or for Capital Stock, or Warrant Transactions, in each case, prior to settlement of conversion, exchange
or exercise, as applicable. 
 “Federal Funds Rate” means, for any day, the rate per annum calculated by the
Federal Reserve Bank of New York based on such day’s federal funds transactions by depository institutions (as determined in such manner as the Federal Reserve Bank of New York shall set forth on its public website from time to time) and
published on the next succeeding Business Day by the Federal Reserve Bank of New York as the federal funds effective rate; provided that if the Federal Funds Rate as so determined would be less than zero, such rate shall be deemed to be zero for the
purposes of this Agreement. 

  
 4 

 “Hedge Agreement” means any agreement, device or
arrangement designed to protect a Person from the fluctuations of interest rates, exchange rates or forward rates applicable to its assets, liabilities or exchange transactions, including, but not limited to,
dollar-denominated or cross-currency interest rate exchange agreements, forward currency exchange agreements, interest rate cap, swap or collar protection agreements,
forward rate currency or interest rate options and commodity hedging, as the same may be amended or modified and in effect from time to time, and any cancellation, buy-back, reversal, termination or assignment
of any of the foregoing. Notwithstanding anything to the contrary in the foregoing, neither any Bond Hedge Transaction nor any Warrant Transaction shall be a Hedge Agreement. 

“Libor Base Rate” means 

(a) with respect to any Credit Extension: 

(i) denominated in a Libor Quoted Currency, the rate per annum equal to the London Interbank Offered Rate as administered by
ICE Benchmark Administration (or any other Person that takes over the administration of such rate for such LIBOR Quoted Currency for a period equal in length to such Interest Period) (“Libor”), as published on the applicable
Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by the Agent from time to time) at or about 11:00 a.m. (London time), two (2) Business Days prior to the commencement of such
Interest Period, for deposits in the relevant currency (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period; or 

(ii) denominated in any Non-Libor Quoted Currency, the rate per annum as designated
with respect to such Alternative Currency at the time such Alternative Currency is approved by the Agent and the Lenders pursuant to Section 1.6; and 

(b) for any rate calculation with respect to a Base Rate Loan on any date, the rate per annum equal to Libor, at or about
11:00 a.m., London time determined two Business Days prior to such date for U.S. Dollar deposits with a term of one month commencing that day; 

provided that (i) to the extent a comparable or successor rate is approved by the Agent in connection with any rate set forth in
this definition, the approved rate shall be applied in a manner consistent with market practice; provided, further that to the extent such market practice is not administratively feasible for the Agent, such approved rate shall be
applied in a manner as otherwise reasonably determined by the Agent and (ii) (A) in the case of the Term A Loan, if the Libor Rate shall be less than 0.0%, such rate shall be deemed 0.0% for purposes of this Agreement and (B) in the case
of Revolving Loans and the Term A-1 Loan, if the Libor Rate shall be less than 0.75%, such rate shall be deemed 0.75% for purposes of this Agreement. 

“Loan” means a Revolving Loan, a Swingline Loan or a Term Loan and shall include, as the context requires, any
Incremental Facility Loan. 

  
 5 

 “Maturity Date” means (a) with respect to Revolving
Loans, Swingline Loans and the Revolving Commitments, January 8, 2023; provided, however, with respect to Lenders that have extended such maturity pursuant to Section 2.7, then such Maturity Date for such
Lenders shall be such extended maturity date as determined pursuant to such Section; (b) with respect to the Term A Loan, January 8, 2021; and (c) with respect to the Term A-1 Loan,
January 8, 2022, provided, however, in each case, if such date is not a Business Day, the applicable Maturity Date shall be the next preceding Business Day. 

“Term Loan” means the Term A Loan, the Term A-1 Loan and any
Incremental Term Loan. 
 “Term A Loan” has the meaning specified in
Section 2.1(c). As of the First Amendment Effective Date, 100% of the outstanding Term A Loan has been converted into the outstanding Term A-1 Loan. 

“Write-Down and Conversion Powers” means, (a) 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, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to
cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person
or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that
Bail-In Legislation that are related to or ancillary to any of those powers. 
 (b)
The following new definitions are hereby added to Section 1.1 of the Credit Agreement in the appropriate alphabetical order to read as follows: 

“Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial
Institution. 
 “Applicable Currency” means US Dollars or any Alternative Currency that bears interest at a
rate based on an Applicable Reference Rate, as applicable. 
 “Applicable Reference Rate” means, for any
Libor Loan denominated in any Libor Quoted Currency, Libor and for any Libor Loan denominated in any Non-Libor Quoted Currency, the benchmark rate designated with respect to such currency by the Agent from
time to time, as applicable. 
 “BAS” means BofA Securities, Inc. 

“Beneficial Ownership Certification” means a certification regarding beneficial ownership required by the
Beneficial Ownership Regulation. 
 “Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230. 

  
 6 

 “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. 

“Bond Hedge Transactions” means any call or capped call option (or substantively equivalent derivative
transaction) relating to the Borrower’s common stock (or other securities or property following a merger event, reclassification or other change of the common stock of the Borrower) purchased by the Borrower in connection with the issuance of
any Convertible Debt and settled in common stock of the Borrower (or such other securities or property), cash or a combination thereof (such amount of cash determined by reference to the price of the Borrower’s common stock or such other
securities or property), and cash in lieu of fractional shares of common stock of the Borrower; provided that the other terms, conditions and covenants of each such transaction shall be such as are customary for transactions of such type (as
determined by the board of directors of the Borrower, or a committee thereof, in good faith). 
 “Convertible
Debt” means, any Debt of the Borrower that is convertible into, or exchangeable for, common stock in the Borrower (or other securities and/or property that such Debt is convertible or exchangeable into in accordance with the terms thereof),
cash (such amount of cash determined by reference to the price of such common stock, or such other securities and/or property), or any combination of any of the foregoing, and cash in lieu of fractional shares of common stock. 

“Covenant Restriction Period” means the period commencing on the First Amendment Effective Date and ending on
the earlier of (a) the date the Borrower delivers a Compliance Certificate for the Fiscal Quarter ending on or about October 31, 2021 which demonstrates that the Leverage Ratio for such Fiscal Quarter did not exceed 3.50 to 1.0 and
(b) the date on which the Borrower has requested to the Agent, in writing, that the Covenant Restriction Period terminate; provided that at such time, (i) no Default exists, and (ii) the Borrower has delivered a
Compliance Certificate for the most recently-ended Fiscal Quarter ending on or about July 31, 2020 or later which demonstrates that the Leverage Ratio for such Fiscal Quarter did not exceed 3.50 to 1.0. 

“Covered Entity” means any of the following: (a) a “covered entity” as that term is defined in,
and interpreted in accordance with, 12 C.F.R. § 252.82(b); (b) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (c) a “covered FSI” as that term is defined
in, and interpreted in accordance with, 12 C.F.R. § 382.2(b). 
 “Covered Party” has the meaning
specified in Section 15.33. 
 “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. 

“First Amendment Effective Date” means May 11, 2020. 

“Interest and Rent Coverage Ratio” means, as of any period end and determined on a consolidated basis for the
Borrower and its Subsidiaries, the ratio of (a) EBITDAR to (b) the sum of (i) Interest Expense for such period plus (ii) rent expense for any real Property for such period. 

  
 7 

 “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). 
 “QFC Credit
Support” has the meaning specified in Section 15.33. 
 “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 for the purpose of
recommending a benchmark rate to replace Libor in loan agreements similar to this Agreement. 
 “Resolution
Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority. 

“Screen Rate” means the Applicable Reference Rate quote for an Applicable Currency on the applicable screen
page the Agent designates to determine such Applicable Reference Rate for such Applicable Currency (or such other commercially available source providing such quotations for such Applicable Currency as may be designated by the Agent from time to
time). 
 “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 (or any successor source) and, in each case, that has been selected or
recommended by the Relevant Governmental Body. 
 “SOFR-Based Rate” means SOFR or Term SOFR. 

“Successor Rate Conforming Changes” means, with respect to any Successor Rate for an Applicable Currency, any
conforming changes to the definition of Base Rate, the definition of Interest Period, the timing and frequency of determining rates and making payments of interest and other technical, administrative or operational matters as may be appropriate, in
the discretion of the Agent, to reflect the adoption and implementation of such Successor Rate and to permit the administration thereof by the Agent in a manner substantially consistent with market practice for such Applicable Currency (or, if the
Agent determines that adoption of any portion of such market practice for such Applicable Currency is not administratively feasible or that no market practice for the administration of such Successor Rate for such Applicable Currency exists, in such
other manner of administration as the Agent determines is reasonably necessary in connection with the administration of this Agreement). 

“Supported QFC” has the meaning specified in Section 15.33. 

“Term A-1 Loan” means that portion of the Term A Loan the Maturity
Date of which has been extended to January 8, 2022 on the First Amendment Effective Date. From and after the First Amendment Effective Date, the Term A-1 Loan will be a separate class and tranche of Term
Loans. The aggregate principal amount of the Term A-1 Loan on the First Amendment Effective Date is $300,000,000. 

  
 8 

 “Term SOFR” means the forward-looking term rate for any
period that is approximately (as determined by the Agent) as long as any of the Interest Period options set forth in the definition of “Interest Period” and that is based on SOFR and that has been selected or recommended by the Relevant
Governmental Body, in each case as published on an information service as selected by the Agent from time to time in its reasonable discretion. 

“UK Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as
amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person subject to IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which
includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms. 

“UK Resolution Authority” means the Bank of England or any other public administrative authority having
responsibility for the resolution of any UK Financial Institution. 
 “U.S. Special Resolution Regimes” has
the meaning specified in Section 15.33. 
 “Warrant Transaction” means any call
option, warrant or right to purchase (or substantively equivalent derivative transaction) relating to the Borrower’s common stock (or other securities or property following a merger event, reclassification or other change of the common stock of
the Borrower) sold by the Borrower substantially concurrently with any purchase by the Borrower of a Bond Hedge Transaction and settled in common stock of the Borrower (or such other securities or property), cash or a combination thereof (such
amount of cash determined by reference to the price of the Borrower’s common stock or such other securities or property), and cash in lieu of fractional shares of common stock of the Borrower; provided that the terms, conditions and
covenants of each such transaction shall be such as are customary for transactions of such type (as determined by the board of directors of the Borrower, or a committee thereof, in good faith). 

(c) The words “one week or” appearing in the definition of “Interest Period” in Section 1.1 of the
Credit Agreement are hereby deleted. 
 (d) The definitions of “Libor Screen Rate” and “Libor Successor Rate
Conforming Changes” appearing in Section 1.1 of the Credit Agreement are hereby deleted. 
 (e) The definition of
“MLPFS” appearing in Section 1.1 of the Credit Agreement is hereby deleted, and all references to “MLPFS” appearing in the Credit Agreement are amended and substituted with references to “BAS”. 

(f) Section 1.2 of the Credit Agreement is hereby amended by adding the following new clause (f) to read as follows: 

(f) Any reference herein to a merger, consolidation, amalgamation, assignment, sale, disposition or transfer, or similar term,
shall be deemed to apply to a division of or by a limited liability company, or an allocation of assets to a series of a limited liability company (or the unwinding of such a division or allocation), as if it were a merger, consolidation,
amalgamation, assignment, sale, disposition or transfer, or similar term, as applicable, to, of or with a separate Person. Any division of a limited liability company shall constitute a separate Person hereunder (and each division of any limited
liability company that is a Subsidiary, joint venture or any other like term shall also constitute such a Person). 

  
 9 

 (g) Section 2.3 of the Credit Agreement is hereby amended to read as
follows: 
 Section 2.3 Repayment of Loans. The Borrower shall pay (a) to
the Agent, for the account of the Lenders, (i) the prepayments of Loans required pursuant to Section 5.4(a) and (ii) the outstanding principal amount of the Revolving Loans and Term Loans, including any
Incremental Facility Loans, on the applicable Maturity Date and (b) to the Swingline Lender, the outstanding principal amount of the Swingline Loans on the applicable Maturity Date (or such other times as required by this Agreement). 

(h) Section 3.9 of the Credit Agreement is hereby amended to read as follows: 

Section 3.9 Letter of Credit Fees. The Borrower shall pay to the Agent for the
account of each Lender in accordance with its Commitment Percentage, in US Dollars, a Letter of Credit fee for each Letter of Credit equal to (x) in the case of each Standby Letter of Credit, the Libor Rate Margin applicable to Revolving Loans
times the US Dollar Equivalent of the daily amount available to be drawn under such Letter of Credit and (y) in the case of each Commercial Letter of Credit, 50% of the Libor Rate Margin applicable to Revolving Loans times
the US Dollar Equivalent daily amount available to be drawn under such Letter of Credit; provided that, while any Event of Default exists, upon the request of the Required Lenders, the rate per annum for Letter of Credit fees
shall be increased by 2%). Such letter of credit fees shall be computed on a quarterly basis in arrears. Such letter of credit fees shall be due and payable (i) on each Quarterly Payment Date, commencing with the first such date to occur after
the issuance of such Letter of Credit, (ii) on the Maturity Date and (iii) thereafter on demand. If there is any change in the Libor Rate Margin during any quarter, the daily amount available to be drawn under each Letter of Credit shall
be computed and multiplied by the Libor Rate Margin separately for each period during such quarter that such Applicable Rate was in effect. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of
such Letter of Credit shall be determined in accordance with Section 1.8. 
 (i) Section 4.2 of the
Credit Agreement is hereby amended to read as follows: 
 Section 4.2 Determinations of
Margins and Facility Fee Rate. From the First Amendment Effective Date to the first Margin Adjustment Date occurring thereafter, the margins identified in Section 4.1 shall be as follows: (a) the margin of
interest payable with respect to Base Rate Loans (the “Base Rate Margin”) shall be 0.775% in respect of Revolving Loans and Swingline Loans, 1.00% in respect of the Term A Loan and 1.25% in respect of the Term A-1 Loan; and (b) the margin of interest payable with respect to Libor Loans (the “Libor Rate Margin”) shall be 1.775% in respect of Revolving Loans, 2.00% in respect of the Term A Loan and
2.25% in respect of the Term A-1 Loan. From the First Amendment Effective Date until the first Margin Adjustment Date thereafter, the percentage used to determine fees payable under
Section 4.6 (the “Facility Fee Rate”) shall be 0.225%. Upon delivery of the Compliance Certificate required pursuant to Section 10.1(c) after the end of each Fiscal Quarter
commencing with such certificate delivered for the Fiscal Quarter ending on or about July 31, 2020, the Facility Fee Rate, the Base Rate Margin and the Libor Rate Margin shall automatically be adjusted to the fee or rate, as applicable,
corresponding to the 

  
 10 

 
Leverage Ratio (determined for the preceding twelve (12) Fiscal Periods then ending) of the Borrower set forth in the following table, such automatic adjustment to take effect as of the
first day of the calendar month following the date on which such Compliance Certificate is delivered (the “Margin Adjustment Date”). 
  

																																	
	 LEVERAGE
 RATIO
	  	PRICING
LEVEL	 	  	FACILITY
FEE RATE	 	 	LIBOR RATE
MARGIN
(REVOLVING
LOANS)	 	 	BASE RATE
MARGIN
(REVOLVING
LOANS AND
SWINGLINE
LOANS)	 	 	LIBOR RATE
MARGIN
(TERM A
LOAN)	 	 	BASE RATE
MARGIN
(TERM A
LOAN)	 	 	LIBOR
RATE
MARGIN
(TERM
A-1
LOAN)	 	 	BASE
RATE
MARGIN
(TERM
A-1
LOAN)	 
	 Greater than or equal to 4.00 to 1.00
	  	 	1	 	  	 	0.225	% 	 	 	1.775	% 	 	 	0.775	% 	 	 	2.00	% 	 	 	1.00	% 	 	 	2.500	% 	 	 	1.500	% 
	 Greater than or equal to 3.00 to 1.00 but less than 4.00 to 1.00
	  	 	2	 	  	 	0.225	% 	 	 	1.775	% 	 	 	0.775	% 	 	 	2.00	% 	 	 	1.00	% 	 	 	2.250	% 	 	 	1.250	% 
	 Greater than or equal to 2.50 to 1.00 but less than 3.00 to 1.00
	  	 	3	 	  	 	0.175	% 	 	 	1.325	% 	 	 	0.325	% 	 	 	1.50	% 	 	 	0.50	% 	 	 	2.000	% 	 	 	1.000	% 
	 Greater than or equal to 2.00 to 1.00 but less than 2.50 to 1.00
	  	 	4	 	  	 	0.150	% 	 	 	1.100	% 	 	 	0.100	% 	 	 	1.25	% 	 	 	0.25	% 	 	 	2.000	% 	 	 	1.000	% 
	 Greater than or equal to 1.50 to 1.00 but less than 2.00 to 1.00
	  	 	5	 	  	 	0.100	% 	 	 	1.025	% 	 	 	0.025	% 	 	 	1.125	% 	 	 	0.125	% 	 	 	1.750	% 	 	 	0.750	% 
	 Less than 1.50 to 1.00
	  	 	6	 	  	 	0.090	% 	 	 	0.910	% 	 	 	0.000	% 	 	 	1.00	% 	 	 	0.000	% 	 	 	1.750	% 	 	 	0.750	% 

 If the Borrower fails to deliver such Compliance Certificate with respect to any Fiscal Quarter
which sets forth the Leverage Ratio within the period of time required by Section 10.1(c): the Libor Rate Margin (for Interest Periods commencing after the applicable Margin Adjustment Date), the Base Rate Margin and the
Facility Fee Rate shall each automatically be adjusted to the highest pricing level in the preceding table per annum. The automatic adjustments provided for in the preceding sentence shall take effect as of the date on which the referenced
Compliance Certificate is due and shall remain in effect until otherwise adjusted on the date such Compliance Certificate is actually received in accordance herewith. 

In addition, during the period commencing on the First Amendment Effective Date through last day of the Fiscal Quarter ending
on or about October 31, 2021, upon the receipt of a Compliance Certificate for any Fiscal Quarter period which demonstrates that the Leverage Ratio exceeded 3.50 to 1.0, the Base Rate Margin and Libor Rate Margin applicable to Revolving Loans,
Swingline Loans and Letter of Credit Fees shall be temporarily increased by 0.50% per annum until delivery of a Compliance Certificate for a subsequent Fiscal Quarter period which demonstrates that the Leverage Ratio did not exceed 3.50 to 1.0 for
such period. 

  
 11 

 (j) The grid appearing in Section 5.3 of the Credit Agreement is hereby
amended to read as follows: 
  

			
	 Notice
	  	Number of Business
Days Prior
		
	Borrowing and prepayment of Swingline Loans	  	0
		
	Borrowing of Revolving Loans, the Term A Loan or Incremental Term Loans as Base Rate Loans	  	1
		
	Borrowing of Revolving Loans, the Term A Loan or Incremental Term Loans as Libor Loans denominated in US Dollars	  	3
		
	Conversions or Continuations of Revolving Loans, the Term A Loan, the Term A-1 Loan or Incremental Term Loans denominated in US Dollars and termination or reduction of Commitments	  	3
		
	Borrowing, Conversions or Continuations of Revolving Loans in Alternative Currencies (other than a Special Notice Currency)	  	4
		
	Borrowing, Conversions or Continuations of Revolving Loans in a Special Notice Currency	  	5
		
	Prepayment of Revolving Loans, the Term A Loan, the Term A-1 Loan or Incremental Term Loans which are Base Rate Loans	  	1
		
	Prepayment of Revolving Loans, the Term A Loan, the Term A-1 Loan or Incremental Term Loans which are Libor Loans denominated in US Dollars	  	3
		
	Prepayment of Revolving Loans which are Libor Loans denominated in an Alternative Currency (other than a Special Notice Currency)	  	4
		
	Prepayment of Revolving Loans which are Libor Loans denominated in a Special Notice Currency	  	5
		
	Terminations or reductions of Commitments	  	3

 (k) Section 6.7 of the Credit Agreement is hereby amended to read as follows: 

Section 6.7 Successor Libor. 

Notwithstanding anything to the contrary in this Agreement or any other Loan Documents (including
Section 15.10 hereof), if the Agent determines (which determination shall be conclusive absent manifest error), or the Borrower or Required Lenders notify the Agent (with, in the case of the Required Lenders, a copy to
Borrower) that the Borrower or Required Lenders (as applicable) have determined, that: 
 (i) adequate and reasonable means
do not exist for ascertaining the Applicable Reference Rate for an Applicable Currency for any requested Interest Period, including, without limitation, because the Screen Rate for such Applicable Currency is not available or published on a current
basis and such circumstances are unlikely to be temporary; or 
 (ii) the administrator of the Screen Rate for an Applicable
Currency or a Governmental Authority having or purporting to have jurisdiction over the Agent has made a public statement identifying a specific date after which (x) the Applicable Reference Rate for an Applicable Currency or the Screen Rate
for an Applicable Currency shall no longer be made available, or used for determining the interest rate of loans denominated in such Applicable Currency or (y) the administrator of the Screen Rate for an Applicable Currency will be insolvent,
provided that, in each case, at the time of such statement, there is no successor administrator that is satisfactory to the Agent, that will continue to provide the Applicable Reference Rate for an Applicable Currency after such
specific date (such specific date, the “Scheduled Unavailability Date”), or 

  
 12 

 (iii) syndicated loans currently being executed, or that include language
similar to that contained in this Section, are being executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace the Applicable Reference Rate for an Applicable Currency, 

then, reasonably promptly after such determination by the Agent or receipt by the Agent of such notice, as applicable, the
Agent and the Borrower may amend this Agreement solely for the purpose of replacing the Applicable Reference Rate for the Applicable Currency in accordance with this Section 6.7 with (x) in the case of US Dollars, one
or more SOFR-Based Rates or (y) another alternate benchmark rate giving due consideration to any evolving or then existing convention for similar syndicated credit facilities syndicated in the United States and denominated in the Applicable
Currency for such alternative benchmarks and, in each case, including any mathematical or other adjustments to such benchmark giving due consideration to any evolving or then existing convention for similar syndicated credit facilities syndicated in
the United States and denominated in the Applicable Currency for such benchmarks, each of which adjustments or methods for calculating such adjustments shall be published on one or more information services as selected by the Agent from time to time
in its reasonable discretion and may be periodically updated (each, an “Adjustment;” and any such proposed rate, a “Successor Rate”), and any such amendment shall become effective at 5:00 p.m. on the fifth Business
Day after the Agent shall have posted such proposed amendment to all Lenders and the Borrower unless, prior to such time, Lenders comprising the Required Lenders have delivered to the Agent written notice that such Required Lenders (A) in the
case of an amendment to replace the Applicable Reference Rate with respect to Libor Loans denominated in US Dollars with a rate described in clause (x), object to any Adjustment; or (B) in the case of an amendment to replace the Applicable
Reference Rate with respect to Libor Rate Loans denominated in the Applicable Currency with a rate described in clause (y), object to such amendment; provided that for the avoidance of doubt, in the case of clause (A), the Required Lenders
shall not be entitled to object to any SOFR-Based Rate contained in any such amendment. Such Successor Rate for the Applicable Currency shall be applied in a manner consistent with market practice; provided that to the extent such market
practice is not administratively feasible for the Agent, such Successor Rate for such Applicable Currency shall be applied in a manner as otherwise reasonably determined by the Agent. 

If no Successor Rate has been determined for the Applicable Currency and the circumstances under clause (i) above exist or
the Scheduled Unavailability Date has occurred (as applicable), the Agent will promptly so notify the Borrower and each Lender. Thereafter, (x) the obligation of the Lenders to make or maintain Libor Loans in each such Applicable Currency
shall be suspended, (to the extent of the affected Libor Loans or Interest Periods), and (y) the Libor Base Rate component shall no longer be utilized in determining the Base Rate. Upon receipt of such notice, (i) the Borrower may
revoke any pending request for a borrowing of, Conversion to or Continuation of Libor Loans in each such affected Applicable Currency (to the extent of the affected Libor Loans or Interest Periods) or, failing that, will be deemed to have converted
each such request into a request for a borrowing of Base Rate Loans denominated in US Dollars in the US Dollar Equivalent of the amount specified therein and (ii) (A) any outstanding affected Libor Loans denominated in US Dollars will be
deemed to have been Converted into Base Rate Loans at the end of the applicable Interest Period and (B) any outstanding affected Libor Loans denominated in an Alternative Currency shall be prepaid at the end of the applicable Interest Period in
full. 

  
 13 

 Notwithstanding anything else herein, any definition of Successor Rate for
any currency shall provide that in no event shall such Successor Rate be less than (i) in the case of the Term A Loan, 0.0% for purposes of this Agreement and (ii) in the case of Revolving Loans and the Term
A-1 Loan, 0.75% for purposes of this Agreement. 
 In connection with the
implementation of a Successor Rate for any currency, the Agent will have the right to make Successor Rate Conforming Changes with respect to such currency from time to time and, notwithstanding anything to the contrary herein or in any other Loan
Document, any amendments implementing such Successor Rate Conforming Changes will become effective without any further action or consent of any other party to this Agreement; provided that, with respect to any such amendment effected, the
Agent shall post each such amendment implementing such Successor Conforming Changes for the Applicable Currency to the Lenders reasonably promptly after such amendment becomes effective. 

(l) Section 8.2(a) of the Credit Agreement is hereby amended to read as follows: 

(a) No Default. No Default shall have occurred and be continuing, or would result from such Loan or L/C Credit
Extension, and with respect to any Loan or L/C Credit Extension made during the Covenant Restriction Period, the Borrower shall be in pro forma compliance with Article 12 as of the date of and after giving effect to such Loan or L/C Credit
Extension; 
 (m) Section 9.23 of the Credit Agreement is hereby amended to read as follows: 

Section 9.23 Affected Financial Institution. No Loan Party is an Affected
Financial Institution. 
 (n) Section 10.1(i) of the Credit Agreement is hereby amended to read as follows: 

(i) General Information; Beneficial Ownership. Promptly, (i) information and documentation reasonably requested by
the Agent or any Lender for purposes of compliance with applicable “know your customer” requirements, the Beneficial Ownership Regulation or other applicable anti-money laundering laws and (ii) such other information concerning the
Borrower or any Subsidiary of the Borrower as the Agent or any Lender may from time to time reasonably request. 
 (o)
Section 11.1(i) of the Credit Agreement is hereby amended to read as follows: 
 (i) (A) unsecured Debt arising under,
created by and consisting of Treasury Management Agreements or Hedge Agreements, provided, (i) such Hedge Agreements shall have been entered into for the purpose of hedging actual risk and not for speculative purposes and (ii) that
each counterparty to such Hedge Agreement shall be a Lender (or an Affiliate thereof) or shall be rated at least AA- by Standard and Poor’s Rating Service or Aa3 by Moody’s Investors Service, Inc.,
and (B) unsecured Debt arising under Bond Hedge Transactions; 

  
 14 

 (p) Section 11.1(n) of the Credit Agreement is hereby amended to read as follows: 

(n) in addition to the Debt described in the foregoing clauses (a) through (l), other Debt of Subsidiaries
of the Borrower that are not Guarantors which does not exceed (1) during the Covenant Restriction Period, $60,000,000 and (2) thereafter, 10 percent (10.0%) of the Borrower’s Tangible Net Worth in aggregate principal amount at
any time outstanding; provided that to the extent such Debt is secured, such Liens are permitted by Section 11.2(n). 

(q) Section 11.2(n) of the Credit Agreement is hereby amended to read as follows: 

(n) Liens securing Debt in an aggregate principal amount outstanding at any time not exceeding (1) during the Covenant
Restriction Period, $30,000,000 and (2) thereafter, the greater of (x) $60,000,000 and (y) 5% of the Borrower’s Tangible Net Worth. 

(r) Section 11.3(c) of the Credit Agreement is hereby amended to read as follows: 

(c) subsequent to the end of the Covenant Restriction Period, the Borrower or any Wholly-Owned Subsidiary may make Permitted
Acquisitions; and 
 (s) Section 11.4 of the Credit Agreement is hereby amended to read as follows: 

Section 11.4 Stock Repurchases. 

During the Covenant Restriction Period, the Borrower will not, nor will it permit any Subsidiary of the Borrower to repurchase
any shares of its Capital Stock except: 
 (a) the Borrower may acquire its Capital Stock as the purchase price for, or
otherwise in connection with (including for purposes of satisfying a tax obligation), the exercise or vesting of an equity award issued under an equity compensation plan or pursuant to any stock option issued by the Borrower; and 

(b) the issuance of, entry into (including any payments of premiums in connection therewith), performance of obligations under
(including any payments of interest), and conversion, exercise, repurchase, redemption, settlement or early termination or cancellation of (whether in whole or in part and including by netting or set-off) (in
each case, whether in cash, common stock of the Borrower or, following a merger event or other change of the common stock of the Borrower, other securities or property), or the satisfaction of any condition that would permit or require any of the
foregoing, any Convertible Debt, any Bond Hedge Transaction and any Warrant Transaction, in each case, shall not be deemed to be a repurchase of Capital Stock prohibited by this Section 11.4. 

(t) Clause (h) appearing in Section 11.8 of the Credit Agreement is hereby amended to read as follows: 

(h) sales or other dispositions of assets in any Fiscal Year where the net book value of the assets disposed of does not
exceed: (1) during the Covenant Restriction Period, $25,000,000 in the aggregate and (2) thereafter, the greater of (x) $125,000,000 and (y) 15% of the Borrower’s Tangible Net Worth as of the last day of the immediately preceding
Fiscal Year. 

  
 15 

 (u) The following sentence is hereby added to the end of Section 11.8
of the Credit Agreement to read as follows: 
 For the avoidance of doubt, none of (a) the sale of any Convertible Debt,
(b) the sale of any Warrant Transaction, (c) the purchase of any Bond Hedge Transaction, nor (d) the performance by Borrower of its obligations under any Convertible Debt, any Warrant Transaction or any Bond Hedge Transaction, shall
constitute a sale or disposition of assets for purposes of this Section 11.8. 
 (v) Clause
(6) appearing in Section 11.10 of the Credit Agreement is hereby amended to read as follows: 
 (6) restrictions
imposed by the Loan Documents (and, for the avoidance of doubt, any agreements in favor of a Lender that incorporate by reference any of the covenants in Article 11 or Article 12 of this Agreement, so long as such agreements are
otherwise permitted by the terms of this Agreement) and restrictions imposed by Debt incurred pursuant to Section 11.1(m) so long as such restrictions are not materially more onerous on the Borrower and its Subsidiaries
than the restrictions imposed by the Loan Documents. 
 (w) Article 12 of the Credit Agreement is hereby amended to read as
follows: 
 FINANCIAL COVENANT 

The Borrower covenants and agrees that, as long as the Obligations or any part thereof are outstanding (other than contingent
Obligations under Sections 15.1 and 15.2 for which no claims have been asserted and obligations in respect of Hedge Agreements and Treasury Management Agreements) or any Lender has any Commitment hereunder or any Letter of Credit shall
remain outstanding (unless such Letter of Credit is Cash Collateralized in full): 
 (a) prior to the termination of the
Covenant Restriction Period, the Borrower shall not permit the Leverage Ratio calculated as of the end of any Fiscal Quarter, for the preceding twelve (12) Fiscal Periods then ending, to exceed (i) 3.50 to 1.0 with respect to the Fiscal Quarter
ending April 30, 2020, (ii) 4.25 to 1.0 with respect to the Fiscal Quarter ending July 31, 2020, (iii) 5.50 to 1.0 with respect to the Fiscal Quarter ending October 30, 2020, (iv) 5.90 to 1.0 with respect to the Fiscal Quarter ending
January 31, 2021, (v) 5.00 to 1.0 with respect to the Fiscal Quarter ending April 30, 2021, (f) 4.25 to 1.0 with respect to the Fiscal Quarter ending July 31, 2021 and (vi) 3.50 to 1.0 with respect to each Fiscal Quarter ending
thereafter; 
 (b) upon and after the termination of the Covenant Restriction Period, the Borrower shall not permit the
Leverage Ratio calculated as of the end of any Fiscal Quarter, for the preceding twelve (12) Fiscal Periods then ending, to exceed 3.50 to 1.0; and 

  
 16 

 (c) the Borrower shall not permit the Interest and Rent Coverage Ratio
calculated as of the end of any Fiscal Quarter, for the preceding twelve (12) Fiscal Periods then ending, to be less than 1.25 to 1.0. 

(x) Section 13.1(i) of the Credit Agreement is hereby amended to read as follows: 

(i)(i) the Borrower or any Subsidiary of the Borrower shall fail to pay when due any principal of or interest on any Debt
(other than the Obligations) beyond the period of grace (if any) if the aggregate principal amount (including undrawn committed or available amounts and including amounts owing to all creditors under any combined or syndicated credit arrangement) of
the affected Debt equals or exceeds $50,000,000, or the maturity of any such Debt shall have been accelerated or shall have been required to be prepaid prior to the stated maturity thereof, or any event shall have occurred with respect to any Debt
in the aggregate principal amount equal to or in excess of $50,000,000 that permits the holder or holders of such Debt or any Person acting on behalf of such holder or holders to accelerate the maturity thereof or require any prepayment (other than
the right to require any prepayment pursuant to (x) a regularly scheduled option to require the Borrower or any Subsidiary to repurchase or prepay such Debt or (y) any redemption, repurchase or prepayment voluntarily initiated by the
Borrower or any Subsidiary) thereof; provided that (1) any prepayment, redemption or conversion of any Convertible Debt in accordance with its terms (except as the result of any default or event of default by the Borrower or Subsidiary
thereunder or a “change of control”, “fundamental change” or similar occurrence thereunder) shall not be an Event of Default pursuant to this Section 13.1(i) and (2) no early payment requirement or
unwinding or termination with respect to any Hedge Agreement shall, in and of itself, constitute an Event of Default under this Section 13.1(i) unless there occurs under any related Hedge Agreement an Early Termination Date
(as defined in such Hedge Agreement) resulting from (A) any event of default under such Hedge Agreement as to which the Borrower or any Subsidiary of the Borrower is the Defaulting Party (as defined in such Swap Contract) or (B) any
Termination Event (as so defined) under such Hedge Agreement as to which the Borrower or any Subsidiary of the Borrower is an Affected Party (as so defined); or (ii) there occurs under any Bond Hedge Transactions or Warrant Transactions an
Early Termination Date (as defined therein) resulting from any event of default thereunder as to which the Borrower or any of its Subsidiaries is the Defaulting Party (as defined therein) and the termination value (determined on a net basis) owed by
the Borrower or Subsidiary as a result thereof, taken together, is greater than $50,000,000; 
 (y) Section 15.31 of the
Credit Agreement is hereby amended to read as follows: 
 Section 15.31 Acknowledgement and Consent to Bail-In of Affected 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 Lender that is an Affected 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 the applicable Resolution 

  
 17 

 
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 the applicable Resolution Authority to any
such liabilities arising hereunder which may be payable to it by any Lender that is an Affected 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 Affected Financial Institution, its
parent entity, 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 the applicable Resolution Authority. 

(z) A new Section 15.33 is hereby added to the Credit Agreement to read as follows: 

Section 15.33 Acknowledgement Regarding Any Supported QFC’s. 

To the extent that the Loan Documents provide support, through a guarantee or otherwise, for any Hedge Agreement 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
California and/or of the United States or any other state of the United States), 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 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. 

(aa) Schedule 2.1 to the Credit Agreement is hereby deleted and replaced with Schedule 2.1 attached hereto. 

  
 18 

 (bb) A new Section 26 is hereby added to the Subsidiary Guaranty to
read as follows: 
 26. The provisions of Section 15.33 of the Credit Agreement are hereby incorporated into this
Guaranty by reference, mutatis mutandis 
 3. Effectiveness; Conditions Precedent. This Amendment shall become effective upon
satisfaction of the following conditions precedent: 
 (a) Execution of Counterparts of Amendment. The Agent shall
have received counterparts of this Amendment, which collectively shall have been duly executed on behalf of the Borrower, each of the Guarantors, the Agent, the Required Lenders and each Lender that is agreeing to extend the Maturity Date of its
Term A Loan. 
 (b) Opinions of Counsel. The Agent shall have received satisfactory opinions of legal counsel to the
Borrower and the Guarantors as to such matters as the Agent may request. 
 (c) Organization Documents, Resolutions,
Etc. The Agent shall have received the following, in form and substance satisfactory to the Agent, for each of the Borrower and the Guarantors: 

(i) the certificate of incorporation, certificate of formation, certificate of limited partnership or other similar document
certified by the Secretary of State of the state of its incorporation, formation or organization and dated a current date (or, in lieu thereof, a certification from the Secretary of such Person that such document has not changed from a certified
copy thereof previously delivered to the Agent); 
 (ii) the bylaws, operating agreement, partnership agreement or similar
agreement certified by its Secretary or an Assistant Secretary (or, in lieu thereof, a certification from the Secretary of such Person that such document has not changed from a certified copy thereof previously delivered to the Agent); 

(iii) resolutions of its board of directors (or similar governing body) certified by its Secretary or an Assistant Secretary
which authorize its execution, delivery and performance of this Amendment; 
 (iv) a certificate of incumbency certified by
the Secretary or an Assistant Secretary certifying the names of its officers who are authorized to sign this Amendment (including the certificates contemplated herein) together with specimen signatures of each such officer; and 

(v) certificates (dated within thirty (30) days of the Closing Date) of the appropriate Governmental Authorities of the
state of incorporation, formation or organization as to its existence and, to the extent applicable, good standing. 
 (d)
Fees. The Borrower shall have paid (i) to the Agent, for the account of each Lender, all agreed upfront fees due and payable to such Lender on the date hereof and (ii) to the Agent and the Arranger, all fees due and payable to the
Agent and the Arranger on the date hereof. 
 4. Expenses. The Borrower agrees to reimburse the Agent for all reasonable out-of-pocket costs and expenses of the Agent in connection with the preparation, execution and delivery of this Amendment, including without limitation the reasonable fees
and expenses of Moore & Van Allen PLLC. 

  
 19 

 5. Ratification of Credit Agreement. The Borrower and each Guarantor acknowledges and
consents to the terms set forth herein and agrees that this Amendment does not impair, reduce or limit any of its obligations under the Loan Documents, as amended hereby. This Amendment is a Loan Document. 

6. Authority/Enforceability. The Borrower and each Guarantor represents and warrants as follows: 

(a) It has taken all necessary action to authorize the execution, delivery and performance of this Amendment. 

(b) This Amendment has been duly executed and delivered by such Person and constitutes its legal, valid and binding
obligations, enforceable in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to the enforcement of creditors’ rights and general principles of equity. 

(c) No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental
Authority or any other Person is necessary or required in connection with the execution, delivery or performance by such Person of this Amendment. 

(d) The execution and delivery of this Amendment does not (i) contravene the terms of its articles of incorporation,
bylaws or other organizational documents (as applicable) or (ii) violate any applicable law, rule or regulation. 
 7.
Representations and Warranties of the Borrower. The Borrower represents and warrants to the Lenders that after giving effect to this Amendment (a) the representations and warranties set forth in Article 9 of the Credit Agreement are
true and correct in all material respects as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such
earlier date, and (b) no event has occurred and is continuing which constitutes a Default. 
 8. Counterparts/Telecopy.
This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall constitute one and the same instrument. Delivery of executed counterparts of this Amendment by
telecopy or other secure electronic format (.pdf) shall be effective as an original. 
 9. GOVERNING LAW. THIS AMENDMENT SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF CALIFORNIA APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE; PROVIDED THAT THE AGENT AND EACH LENDER SHALL RETAIN ALL RIGHTS ARISING UNDER
FEDERAL LAW. 
 10. Successors and Assigns. This Amendment shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and assigns. 
 11. Headings. The headings of the sections hereof are provided for convenience only and
shall not in any way affect the meaning or construction of any provision of this Amendment. 
 12. Severability. If any provision of
this Amendment is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Amendment shall not be affected or impaired thereby and (b) the parties shall endeavor in
good faith negotiations to 

  
 20 

 
replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions.
The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

[remainder of page intentionally left blank] 

  
 21 

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

			
	 WILLIAMS-SONOMA, INC.,

a Delaware corporation

		
	By:	 	/s/ Julie P. Whalen
	Name: Julie P. Whalen
	Title:   Chief Financial Officer

 GUARANTORS: 
  

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

  
 WILLIAMS-SONOMA, INC. 

FIRST AMENDMENT TO SEVENTH AMENDED AND RESTATED CREDIT AGREEMENT 

 AGENT: 
  

			
	 BANK OF AMERICA, N.A.,
 as
Agent

		
	By:	 	/s/ Liliana Claar
	Name: Liliana Claar
	Title:   Vice President

  
 WILLIAMS-SONOMA, INC. 

FIRST AMENDMENT TO SEVENTH AMENDED AND RESTATED CREDIT AGREEMENT 

 LENDERS: 
  

			
	 BANK OF AMERICA, N.A.,
 as a Lender,
L/C Issuer and Swing Line Lender

		
	By:	 	/s/ Anthony Hoye
	Name: Anthony Hoye
	Title:   Director

  
 WILLIAMS-SONOMA, INC. 

FIRST AMENDMENT TO SEVENTH AMENDED AND RESTATED CREDIT AGREEMENT 

 
			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as a Lender

		
	By:	 	/s/ Carl Hinrichs
	Name: Carl Hinrichs
	Title:   Director

  
 WILLIAMS-SONOMA, INC. 

FIRST AMENDMENT TO SEVENTH AMENDED AND RESTATED CREDIT AGREEMENT 

 
			
	U.S. BANK NATIONAL ASSOCIATION,
as a Lender
		
	By:	 	/s/ Frances W. Josephic
	Name: Frances W. Josephic
	Title:   Senior Vice President

  
 WILLIAMS-SONOMA, INC. 

FIRST AMENDMENT TO SEVENTH AMENDED AND RESTATED CREDIT AGREEMENT 

 
			
	JPMORGAN CHASE BANK, N.A.,
as a Lender
		
	By:	 	/s/ Marshall Trenckmann
	Name: Marshall Trenckmann
	Title:   Executive Director

  
 WILLIAMS-SONOMA, INC. 

FIRST AMENDMENT TO SEVENTH AMENDED AND RESTATED CREDIT AGREEMENT 

 
			
	 MUFG BANK, LTD. (f/k/a THE BANK OF

TOKYO-MITSUBISHI UFJ, LTD.).,
as a Lender

		
	By:	 	/s/ Henry Schwarz
	Name: Henry Schwarz
	Title:   Authorized Signatory

  
 WILLIAMS-SONOMA, INC. 

FIRST AMENDMENT TO SEVENTH AMENDED AND RESTATED CREDIT AGREEMENT 

 
			
	 KEYBANK NATIONAL ASSOCIATION,
 as a
Lender

		
	By:	 	/s/ Marianne T. Meil
	Name: Marianne T. Meil
	Title:   Senior Vice President

  
 WILLIAMS-SONOMA, INC. 

FIRST AMENDMENT TO SEVENTH AMENDED AND RESTATED CREDIT AGREEMENT 

 
			
	 HSBC BANK USA, NATIONAL ASSOCIATION,

as a Lender

		
	By:	 	/s/ Jaime Mariano
	Name: Jaime Mariano
	Title:   Senior Vice President #21440

  
 WILLIAMS-SONOMA, INC. 

FIRST AMENDMENT TO SEVENTH AMENDED AND RESTATED CREDIT AGREEMENT 

 
			
	 FIFTH THIRD BANK, NATIONAL ASSOCIATION

as a Lender

		
	By:	 	/s/ Miranda C. Stokes
	Name: Miranda C. Stokes
	Title:   Managing Director & SVP

  
 WILLIAMS-SONOMA, INC. 

FIRST AMENDMENT TO SEVENTH AMENDED AND RESTATED CREDIT AGREEMENT 

 
			
	 THE BANK OF NOVA SCOTIA,
 as a
Lender

		
	By:	 	/s/ Catherine Jones
	Name: Catherine Jones
	Title:   Managing Director

  
 WILLIAMS-SONOMA, INC. 

FIRST AMENDMENT TO SEVENTH AMENDED AND RESTATED CREDIT AGREEMENT 

 SCHEDULE 2.1 

Commitments and Commitment Percentages 
  

																									
	 Lender
	  	Revolving
Commitment	 	  	Applicable
Percentage of
Revolving
Commitment	 	 	Term A Loan
Outstanding	 	  	Applicable
Percentage of Term
A Loan	 	  	Term A-1 Loan
Outstanding	 	  	Applicable
Percentage of
Term A-1 Loan	 
		  	$	80,000,000.00	 	  	 	16.000000000	% 	 	 	—  	 	  	 	—  	 	  	$	47,500,000.00	 	  	 	15.833333333	% 
		  	$	80,000,000.00	 	  	 	16.000000000	% 	 	 	—  	 	  	 	—  	 	  	$	47,500,000.00	 	  	 	15.833333333	% 
		  	$	60,000,000.00	 	  	 	12.000000000	% 	 	 	—  	 	  	 	—  	 	  	$	35,000,000.00	 	  	 	11.666666667	% 
		  	$	60,000,000.00	 	  	 	12.000000000	% 	 	 	—  	 	  	 	—  	 	  	$	35,000,000.00	 	  	 	11.666666667	% 
		  	$	60,000,000.00	 	  	 	12.000000000	% 	 	 	—  	 	  	 	—  	 	  	$	35,000,000.00	 	  	 	11.666666667	% 
		  	$	40,000,000.00	 	  	 	8.000000000	% 	 	 	—  	 	  	 	—  	 	  	$	25,000,000.00	 	  	 	8.333333333	% 
		  	$	40,000,000.00	 	  	 	8.000000000	% 	 	 	—  	 	  	 	—  	 	  	$	25,000,000.00	 	  	 	8.333333333	% 
		  	$	40,000,000.00	 	  	 	8.000000000	% 	 	 	—  	 	  	 	—  	 	  	$	25,000,000.00	 	  	 	8.333333333	% 
		  	$	40,000,000.00	 	  	 	8.000000000	% 	 	 	—  	 	  	 	—  	 	  	$	25,000,000.00	 	  	 	8.333333333	% 
		  	  
	  
	 	  	  
	  
	 	 	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 TOTAL
	  	$	500,000,000.00	 	  	 	100.000000000	% 	 	 	—  	 	  	 	—  	 	  	$	300,000,000.00	 	  	 	100.000000000	%

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00313-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00313-of-00352.parquet"}]]