Document:

EX-4.1

 Exhibit 4.1 

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS
PRIVATE OR CONFIDENTIAL. [*****] INDICATES THAT INFORMATION HAS BEEN REDACTED OR OMITTED. 
 REGISTRATION RIGHTS AGREEMENT 

by and among 
 EXPRESS, INC. 

and 
 EACH OF THE INVESTORS LISTED
ON THE SIGNATURE PAGES HERETO 
 Dated as of [•], 2023 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE I	  

	
	Resale Shelf Registration	  

			
	 Section 1.1
	 	Shelf Registration Statement	  	 	1	 
	 Section 1.2
	 	Effectiveness Period	  	 	1	 
	 Section 1.3
	 	Subsequent Shelf Registration Statement	  	 	1	 
	 Section 1.4
	 	Supplements and Amendments	  	 	2	 
	 Section 1.5
	 	Subsequent Holder Notice	  	 	2	 
	 Section 1.6
	 	Piggyback Rights	  	 	2	 
	
	ARTICLE II	  

	
	Additional Provisions Regarding Registration Rights	  

			
	 Section 2.1
	 	Registration Procedures	  	 	3	 
	 Section 2.2
	 	Suspension	  	 	4	 
	 Section 2.3
	 	Expenses of Registration	  	 	4	 
	 Section 2.4
	 	Information by Holders	  	 	5	 
	 Section 2.5
	 	Rule 144 Reporting	  	 	5	 
	 Section 2.6
	 	Holdback Agreement	  	 	6	 
	
	ARTICLE III	  

	
	Indemnification	  

			
	 Section 3.1
	 	Indemnification by Company	  	 	6	 
	 Section 3.2
	 	Indemnification by Holders	  	 	6	 
	 Section 3.3
	 	Notification	  	 	7	 
	 Section 3.4
	 	Contribution	  	 	8	 
	 Section 3.5
	 	Survival	  	 	8	 
	
	ARTICLE IV	  

	
	Transfer and Termination of Registration Rights	  

			
	 Section 4.1
	 	Transfer of Registration Rights	  	 	8	 
	 Section 4.2
	 	Termination of Registration Rights	  	 	8	 
	
	ARTICLE V	  

	
	Miscellaneous	  

	 Section 5.1
	 	Amendments and Waivers	  	 	8	 
	 Section 5.2
	 	Extension of Time, Waiver, Etc.	  	 	8	 
	 Section 5.3
	 	Assignment	  	 	9	 
	 Section 5.4
	 	Counterparts	  	 	9	 
	 Section 5.5
	 	Entire Agreement; No Third Party Beneficiary	  	 	9	 

  
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	 Section 5.6
	 	Governing Law; Jurisdiction	  	 	9	 
	 Section 5.7
	 	Specific Enforcement	  	 	9	 
	 Section 5.8
	 	Waiver of Jury Trial	  	 	10	 
	 Section 5.9
	 	Notices	  	 	10	 
	 Section 5.10
	 	Severability	  	 	11	 
	 Section 5.11
	 	Expenses	  	 	11	 
	 Section 5.12
	 	Interpretation	  	 	11	 

  

  
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 REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is entered into as of [•], 2023, by and among Express, Inc., a
Delaware corporation (the “Company”), and each of the investors listed on the signature pages hereto (collectively, together with their respective successors and assigns, the “Purchasers” and each, a
“Purchaser”). Capitalized terms used but not defined elsewhere herein are defined in Exhibit A. The Purchasers and any other party that may become a party hereto pursuant to Section 4.1 are referred
to collectively as the “Investors” and individually each as an “Investor”. 
 WHEREAS, the Company and the
Purchasers are parties to that certain Investment Agreement, dated as of December 8, 2022 (as amended from time to time, the “Investment Agreement”), pursuant to which the Company is selling to the Purchasers, and the
Purchasers are purchasing from the Company, an aggregate of 5,434,783 shares of the Company’s Common Stock, par value $0.01 per share; 

WHEREAS, as a condition to the obligations of the Company and the Purchasers under the Investment Agreement, the Company and the Purchasers
are entering into this Agreement for the purpose of granting certain registration and other rights to the Investors. 
 NOW, THEREFORE, in
consideration of the mutual covenants and agreements contained in this Agreement, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows: 

ARTICLE I 
 Resale Shelf
Registration 
 Section 1.1 Shelf Registration Statement. 

(a) Subject to the other applicable provisions of this Agreement, the Company shall file by July 1, 2026, a Shelf Registration Statement
containing the Plan of Distribution in substantially the form attached to this Agreement in Exhibit B and covering the resale of all Registrable Securities. The Company shall use its commercially reasonable efforts to cause such Shelf
Registration Statement to become effective under the Securities Act as soon as practicable after such filing. 
 Section 1.2
Effectiveness Period. Once declared effective, the Company shall, subject to the other applicable provisions of this Agreement, use its commercially reasonable efforts to cause the Shelf Registration Statement to be continuously effective and
usable until such time as there are no longer any Registrable Securities (the “Effectiveness Period”). 
 Section 1.3
Subsequent Shelf Registration Statement. If the Shelf Registration Statement ceases to be effective under the Securities Act for any reason at any time during the Effectiveness Period, the Company shall use its commercially reasonable efforts
to, as promptly as is reasonably practicable, cause such Shelf Registration Statement to again become effective under the Securities Act (including obtaining the prompt withdrawal of any order suspending the effectiveness of such Shelf Registration
Statement), and shall use its commercially reasonable efforts to as promptly as is reasonably practicable amend such Shelf Registration Statement in a manner reasonably expected to result in the withdrawal of any order suspending the effectiveness
of such Shelf Registration Statement, or file an additional shelf registration statement (a “Subsequent Shelf Registration Statement”) for an offering to be made on a delayed or continuous basis pursuant to Rule 415 of the
Securities Act registering the resale from time to time by the Holders thereof of all securities that are Registrable Securities as of the time of such filing. If a Subsequent Shelf Registration Statement is filed, the Company shall use its
commercially reasonable efforts to (a) cause such Subsequent Shelf Registration Statement to become effective under the Securities Act as promptly as is reasonably practicable after the filing thereof and (b) keep such Subsequent Shelf
Registration Statement continuously effective and usable until the end of the Effectiveness Period. Any such Subsequent Shelf Registration Statement shall be a Registration Statement on Form S-3 to the extent
that the Company is eligible to use such form. 

  
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 Section 1.4 Supplements and Amendments. The Company shall supplement and amend
any Shelf Registration Statement if required by the Securities Act or the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement. 

Section 1.5 Subsequent Holder Notice. If a Person entitled to the benefits of this Agreement becomes a Holder of Registrable
Securities after a Shelf Registration Statement becomes effective under the Securities Act, the Company shall, as promptly as is reasonably practicable following delivery of written notice to the Company of such Person becoming a Holder and
requesting for its name to be included as a selling securityholder in the prospectus related to the Shelf Registration Statement (a “Subsequent Holder Notice”): 

(a) if required and permitted by applicable law, file with the SEC a supplement to the related prospectus or a post-effective amendment to the
Shelf Registration Statement so that such Holder is named as a selling securityholder in the Shelf Registration Statement and the related prospectus in such a manner as to permit such Holder to deliver a prospectus to purchasers of the Registrable
Securities in accordance with applicable law; provided, however, that the Company shall not be required to file more than one (1) post-effective amendment or a supplement to the related prospectus for such purpose in any thirty-(30)-day period; 
 (b) if, pursuant to Section 1.5(a), the Company shall
have filed a post-effective amendment to the Shelf Registration Statement that is not automatically effective, use its commercially reasonable efforts to cause such post-effective amendment to become effective under the Securities Act as promptly as
is reasonably practicable; and 
 (c) notify such Holder as promptly as is reasonably practicable after the effectiveness under the
Securities Act of any post-effective amendment filed pursuant to Section 1.5(a). 
 Section 1.6 Piggyback
Rights. 
 (a) If the Company proposes to: (a) file a Registration Statement (other than a Registration Statement filed pursuant to
Section 1.1 and Section 1.3) or (b) conduct a registered public offering (or to make an underwritten public offering pursuant to a previously filed registration statement), in either case,
with respect to an offering of Common Stock, whether or not for sale for its own account (other than, in the case of (a) or (b) above, on Form S-4, Form S-8 or any
successor forms thereto, filed to effectuate an exchange offer or any employee benefit or dividend reinvestment plan or filed with respect to debt securities only), then the Company shall give prompt written notice of such filing or offering, which
notice shall be given, to the extent reasonably practicable, no later than ten (10) Business Days prior to the filing or launch date (the “Piggyback Notice”) to the Holders of Registrable Securities. The Piggyback Notice shall
offer such Holders the opportunity to include (or cause to be included) in such Registration Statement or in such underwritten public offering, as the case may be, the number of shares of Registrable Securities as each such Holder may request (each,
a “Piggyback Transaction”). Subject to Section 1.6(b), the Company shall include in each Piggyback Transaction all Registrable Securities with respect to which the Company has received written requests for
inclusion therein (each, a “Piggyback Request”) within five (5) Business Days after the date of the Piggyback Notice but in any event not later than one (1) Business Day prior to the filing date of a Registration Statement
related to the Piggyback Transaction. The Company shall not be required to maintain the effectiveness of such Registration Statement (if other than a Registration Statement filed pursuant to Section 1.1 or
Section 1.3) beyond the earlier of (x) one-hundred eighty (180) days after the effective date thereof and (y) consummation of the distribution by the Holders of the
Registrable Securities included in such Registration Statement. 
 (b) If any of the securities to be registered pursuant to any public
offering giving rise to the rights under this Section 1.6 are to be sold in an underwritten public offering, the Company shall use commercially reasonable efforts to cause the managing underwriter or underwriters of a
proposed underwritten offering to permit Holders of Registrable Securities who have timely submitted a Piggyback Request in connection with such offering to include in such offering all Registrable Securities included in each Holder’s Piggyback
Request on the same terms and subject to the same conditions as any other shares of capital stock, if any, of the Company included in the 

  
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offering. Notwithstanding the foregoing, if the managing underwriter or underwriters of such underwritten offering advise the Company in writing that in its or their good faith opinion the number
of securities exceeds the number of securities which can be sold in such offering in light of market conditions or is such so as to adversely affect the success of such offering, the Company will include in such offering only such number of
securities that can be sold without adversely affecting the marketability of the offering, which securities will be so included in the following order of priority: (i) first, the securities proposed to be sold by the Company for its own account
if such underwritten offering was initially proposed by the Company; (ii) second, the Registrable Securities of the Holders that have requested to participate in such underwritten offering, allocated pro rata among such Holders on the
basis of the Holders’ then-current ownership of Registrable Securities; (iii) third, any other securities of the Company that have been requested to be included in such offering; provided that Holders may, prior to the time at which
the offering price or underwriter’s discount is determined with the managing underwriter or underwriters, withdraw their request to be included in such underwritten public offering pursuant to this Section 1.6. The
Company will have the right to terminate or withdraw any registration initiated by it under this Section 1.6, whether or not any holder of Registrable Securities has elected to include securities in such registration. 

ARTICLE II 
 Additional
Provisions Regarding Registration Rights 
 Section 2.1 Registration Procedures. Subject to the other applicable provisions
of this Agreement, in the case of each registration of Registrable Securities effected by the Company pursuant to Article I, the Company will: 

(a) use commercially reasonable efforts to cause such registration statement to become and remain effective for the period of the distribution
contemplated thereby, in accordance with the applicable provisions of this Agreement; 
 (b) prepare and file with the SEC such amendments
(including post-effective amendments) and supplements to such Registration Statement and the prospectus used in connection with such Registration Statement as may be necessary to keep such Registration Statement effective for the period specified in
paragraph (a) above and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such Registration Statement in accordance with the method of distribution set forth in such Registration
Statement for such period; 
 (c) furnish to any selling Holder copies of the Registration Statement and the prospectus included therein
(including each preliminary prospectus) proposed to be filed and provide such selling Holder a reasonable opportunity to review and comment on such Registration Statement; 

(d) as promptly as is reasonably practicable, notify the selling Holders at any time when a prospectus relating thereto is required to be
delivered under the Securities Act or of the Company’s discovery of the occurrence of any event as a result of which the prospectus included in such Registration Statement, as then in effect, includes an untrue statement of a material fact or
omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading or incomplete in the light of the circumstances then existing, and, subject to Section 2.2, at the
request of any selling Holder, prepare as promptly as is reasonably practicable and furnish to such selling Holder a reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter
delivered to the purchasers of such securities, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading or
incomplete in the light of the circumstances then existing; 
 (e) use commercially reasonable efforts to register and qualify (or exempt
from such registration or qualification) the securities covered by such Registration Statement under such other securities or “blue sky” laws of such jurisdictions within the United States as shall be reasonably requested in writing by any
selling Holder; provided, however, that the Company shall not be required in connection therewith or as a condition thereto to (i) qualify to do business in any jurisdictions where it would not otherwise be required to qualify but
for this subsection or (ii) take any action that would subject it to general service of process in any such jurisdictions; 

  
 3 

 (f) use commercially reasonable efforts to list the Registrable Securities covered by such
Registration Statement with any securities exchange on which the Common Stock is then listed; 
 (g) provide a transfer agent and registrar
for all such Registrable Securities not later than the effective date of such Registration Statement; 
 (h) cooperate with the selling
Holders or agent participating in the disposition of Registrable Securities and their respective counsel in connection with any filings required to be made with FINRA, including the use of commercially reasonable efforts to obtain FINRA’s pre-clearance or pre-approval of the Registration Statement and applicable prospectus upon filing with the SEC; and 

(i) as promptly as is reasonably practicable, notify the selling Holders (i) when the prospectus or any prospectus supplement or
post-effective amendment has been filed and, with respect to such Registration Statement or any post-effective amendment, when the same has become effective, (ii) of any request by the SEC or other federal or state governmental authority for
amendments or supplements to such Registration Statement or related prospectus or to amend or to supplement such prospectus or for additional information, (iii) of the issuance by the SEC of any stop order suspending the effectiveness of such
Registration Statement or the initiation of any proceedings for such purpose, (iv) if at any time the Company has reason to believe that the representations and warranties of the Company contained in any agreement relating to any applicable
offering of the Registrable Securities cease to be true and correct or (v) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable
Securities for sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose. 
 The Holders agree that, upon receipt of any
notice from the Company of the happening of any event of the kind described in Section 2.1(d), 2.1(i)(ii) or 2.1(i)(iii), such Holders shall discontinue disposition of any Registrable Securities covered by
such Registration Statement or the related prospectus until receipt of the copies of the supplemented or amended prospectus, which supplement or amendment shall, subject to the other applicable provisions of this Agreement, be prepared and furnished
as soon as reasonably practicable, or until the Holders are advised in writing by the Company that the use of the applicable prospectus may be resumed, and have received copies of any amended or supplemented prospectus or any additional or
supplemental filings which are incorporated, or deemed to be incorporated, by reference in such prospectus (such period during which disposition is discontinued being an “Interruption Period”) and, if requested by the Company in
writing, the Holders shall use commercially reasonable efforts to return to the Company all copies then in their possession, of the prospectus covering such Registrable Securities at the time of receipt of such request. As soon as practicable after
the Company has determined that the use of the applicable prospectus may be resumed, the Company will notify the Holders thereof. In the event the Company invokes an Interruption Period hereunder and in the reasonable discretion of the Company the
need for the Company to continue the Interruption Period ceases for any reason, the Company shall, as soon as reasonably practicable, provide written notice to the Holders that such Interruption Period is no longer applicable. 

Section 2.2 Suspension. (a) The Company shall be entitled, on one (1) occasion in any
one-hundred eighty-(180)-day period, for a period of time not to exceed sixty (60) days in the aggregate in any twelve-(12)-month period, to (x) suspend the
use of any prospectus and Registration Statement covering any Registrable Securities and (y) require the Holders of Registrable Securities to suspend any offerings or sales of Registrable Securities pursuant to a Registration Statement, if the
Company delivers to the Holders affected thereby a certificate signed by an executive officer certifying that such registration and offering would (i) require the Company to make an Adverse Disclosure or (ii) materially interfere with any
bona fide material financing, acquisition, disposition or similar event involving the Company or any of its subsidiaries then under consideration. Such certificate shall contain a statement of the reasons for such suspension and the
anticipated length of such suspension. The Holders shall keep the information contained in such certificate confidential. 

Section 2.3 Expenses of Registration. Except as expressly provided herein, all out-of-pocket expenses incurred by the Company or any Holder in connection with the performance of or compliance with this Agreement and/or in connection with the filing of the Shelf Registration Statement,
whether or not the same shall become effective, shall be paid by the Company, including, without limitation: (i) all registration and filing fees, and any other fees and expenses associated with filings required to be made with the SEC or
FINRA, (ii) all fees and 

  
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expenses in connection with compliance with any securities or “blue sky” laws, (iii) all printing, duplicating, word processing, messenger, telephone, and delivery expenses
(including expenses of printing certificates for the Registrable Securities in a form eligible for deposit with The Depository Trust Company or other depositary and of printing prospectuses and issuer free writing prospectuses (as such term is
defined in Rule 433 under the Securities Act, an “Issuer Free Writing Prospectus”)), (iv) all fees and disbursements of counsel for the Company and of all independent certified public accountants of the Company, (v) all fees
and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange on which similar securities of the Company are then listed, (vi) all applicable rating agency fees with respect to the Registrable
Securities, (vii) all fees and disbursements of legal counsel for the Company and (viii) all of the Company’s internal expenses (including all salaries and expenses of its officers and employees performing legal or accounting duties).

 Section 2.4 Information by Holders. The Holder or Holders of Registrable Securities included in any registration shall, and
the Purchasers shall cause such Holder or Holders to, furnish to the Company such information regarding such Holder or Holders and their Affiliates, the Registrable Securities held by them and the distribution proposed by such Holder or Holders and
their Affiliates as the Company or its representatives may reasonably request that is customarily required in a resale shelf registration statement and as shall be required in connection with any registration, qualification or compliance referred to
in this Agreement. It is understood and agreed that the obligations of the Company under Article I are conditioned on the timely provision of the foregoing information by such Holder or Holders and, without limitation of the foregoing, will
be conditioned on compliance by such Holder or Holders with the following: 
 (a) such Holder or Holders will, and will cause their
respective Affiliates to, use commercially reasonable efforts to cooperate with the Company in connection with the preparation of the applicable Registration Statement and prospectus and, for so long as the Company is obligated to keep such
Registration Statement effective, such Holder or Holders will and will cause their respective Affiliates to, provide to the Company, in writing and in a timely manner, for use in such Registration Statement (and expressly identified in writing as
such), all information regarding themselves and their respective Affiliates and such other information as is required by applicable law to enable the Company to prepare or amend such Registration Statement, any related prospectus and any other
documents related to such offering covering the applicable Registrable Securities owned by such Holder or Holders and to maintain the currency and effectiveness thereof; 

(b) during such time as such Holder or Holders and their respective Affiliates may be engaged in a distribution of the Registrable Securities,
such Holder or Holders will, and they will cause their Affiliates to, comply with all laws applicable to such distribution, including Regulation M promulgated under the Exchange Act, and, to the extent required by such laws, will, and will cause
their Affiliates to, among other things (i) not engage in any stabilization activity in connection with the securities of the Company in contravention of such laws; (ii) distribute the Registrable Securities acquired by them solely in the
manner described in the applicable Registration Statement and (iii) if required by applicable law, cause to be furnished to each agent or broker-dealer to or through whom such Registrable Securities may be offered, or to the offeree if an offer
is made directly by such Holder or Holders or their respective Affiliates, such copies of the applicable prospectus (as amended and supplemented to such date) and documents incorporated by reference therein as may be required by such agent,
broker-dealer or offeree; and 
 (c) on receipt of any notice from the Company of the occurrence of any of the events specified in
Section 2.1(d) or clauses (ii) or (iii) of Section 2.1(i), or that otherwise requires the suspension by such Holder or Holders and their respective Affiliates of the offering, sale or
distribution of any of the Registrable Securities owned by such Holder or Holders, such Holders shall, and they shall cause their respective Affiliates to, cease offering, selling or distributing the Registrable Securities owned by such Holder or
Holders until the offering, sale and distribution of the Registrable Securities owned by such Holder or Holders may recommence in accordance with the terms hereof and applicable law. 

Section 2.5 Rule 144 Reporting. With a view to making available the benefits of Rule 144 to the Holders, the Company agrees that,
for so long as a Holder owns Registrable Securities, the Company will use its commercially reasonable efforts to: 
 (a) make and keep
public information available, as those terms are understood and defined in Rule 144, at all times after the date of this Agreement; and 

  
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 (b) so long as a Holder owns any Registrable Securities, furnish to the Holder upon written
request a written statement by the Company as to its compliance with the reporting requirements of the Exchange Act. 
 Section 2.6
Holdback Agreement. If during the Effectiveness Period, the Company shall file a Registration Statement (other than in connection with the registration of securities issuable pursuant to an employee stock option, stock purchase or
similar plan or pursuant to a merger, exchange offer or a transaction of the type specified in Rule 145(a) under the Securities Act) with respect to an underwritten public offering of Common Stock or securities convertible into, or exchangeable or
exercisable for, such securities or otherwise informs the Holders that it intends to conduct such an offering utilizing an effective Registration Statement or pursuant to an underwritten Rule 144A and/or Regulation S offering and provides each
Holder the opportunity to participate in such offering in accordance with and to the extent required by Section 1.6, each Holder shall, if requested by the managing underwriter or underwriters, enter into a customary “lock-up” agreement relating to the sale, offering or distribution of Registrable Securities, in the form reasonably requested by the managing underwriter or underwriters, covering the period commencing on
the date of the prospectus pursuant to which such offering may be made and continuing until up to ninety (90) days from the date of such prospectus; provided that each executive officer and director of the Company also agrees to substantially
similar restrictions. 
 ARTICLE III 

Indemnification 

Section 3.1 Indemnification by Company. To the extent permitted by applicable law, the Company will, with respect to any
Registrable Securities covered by a Registration Statement or prospectus, or as to which registration, qualification or compliance under applicable “blue sky” laws has been effected pursuant to this Agreement, indemnify and hold harmless
each Holder, each Holder’s current and former officers, directors, partners, members, managers, shareholders, accountants, attorneys, agents and employees, and each Person controlling such Holder within the meaning of Section 15 of the
Securities Act and such Holder’s current and former officers, directors, partners, members, managers, shareholders, accountants, attorneys, agents and employees, and each underwriter thereof, if any, and each Person who controls any such
underwriter within the meaning of Section 15 of the Securities Act (collectively, the “Company Indemnified Parties”), from and against any and all expenses, claims, losses, damages, costs (including costs of preparation and
reasonable attorney’s fees and any legal or other fees or expenses actually incurred by such party in connection with any investigation or proceeding), judgments, fines, penalties, charges, amounts paid in settlement and other liabilities,
joint or several, (or actions in respect thereof) (collectively, “Losses”) to the extent arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any Registration Statement,
prospectus, preliminary prospectus, offering circular, “Issuer Free Writing Prospectus” (as such term is defined in Rule 433 under the Securities Act) or other document, in each case related to such Registration Statement, or any amendment
or supplement thereto, or based on any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances in which they were made, not misleading,
or any violation by the Company of the Securities Act, the Exchange Act, any state securities law or any rules or regulations thereunder applicable to the Company and (without limiting the preceding portions of this
Section 3.1), the Company will reimburse each of the Company Indemnified Parties for any reasonable and documented out-of-pocket legal expenses
and any other reasonable and documented out-of-pocket expenses actually incurred in connection with investigating, defending or, subject to the last sentence of this
Section 3.1, settling any such Losses or action, as such expenses are incurred; provided that the Company’s indemnification obligations shall not apply to amounts paid in settlement of any Losses or action if such
settlement is effected without the prior written consent of the Company (which consent shall not be unreasonably withheld, conditioned or delayed), nor shall the Company be liable to a Holder in any such case for any such Losses or action to the
extent that it arises out of or is based upon a violation or alleged violation of any state or federal law (including any claim arising out of or based on any untrue statement or alleged untrue statement or omission or alleged omission in the
Registration Statement or prospectus) which occurs in reliance upon and in conformity with written information regarding such Holder furnished to the Company by such Holder or its authorized representatives expressly for use in connection with such
registration by or on behalf of any Holder. 
 Section 3.2 Indemnification by Holders. To the extent permitted by applicable
law, each Holder will, if Registrable Securities held by such Holder are included in the securities as to which registration or qualification or compliance under applicable “blue sky” laws is being effected, indemnify, severally and not
jointly with any other Holders of Registrable Securities, the Company, each of its representatives, each Person who controls the Company 

  
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or such underwriter within the meaning of Section 15 of the Securities Act (collectively, the “Holder Indemnified Parties”), against all Losses (or actions in respect
thereof) to the extent arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any Registration Statement, prospectus, preliminary prospectus, offering circular, “Issuer Free Writing
Prospectus” or other document prepared by or on behalf of the Company and authorized to be distributed in connection with any registration hereunder, in each case related to such Registration Statement, or any amendment or supplement thereto,
or based on any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances in which they were made, not misleading, and will reimburse each
of the Holder Indemnified Parties for any reasonable and documented out-of-pocket legal expenses and any other reasonable and documented
out-of-pocket expenses actually incurred in connection with investigating, defending or, subject to the last sentence of this Section 3.2,
settling any such Losses or action, as such expenses are incurred, in each case to the extent, but only to the extent, that such untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in such Registration Statement,
prospectus, offering circular, “Issuer Free Writing Prospectus” or other document in reliance upon and in conformity with written information regarding such Holder furnished to the Company by such Holder or its authorized representatives
and stated to be specifically for use therein; provided, however, that in no event shall any indemnity under this Section 3.2 payable by the Purchasers and any Holder exceed an amount equal to the net proceeds received by
such Holder in respect of the Registrable Securities sold pursuant to the Registration Statement. The indemnity agreement contained in this Section 3.2 shall not apply to amounts paid in settlement of any loss, claim,
damage, liability or action if such settlement is effected without the prior written consent of the applicable Holder (which consent shall not be unreasonably withheld, conditioned or delayed). 

Section 3.3 Notification. If any Person shall be entitled to indemnification under this Article III (each, an
“Indemnified Party”), such Indemnified Party shall give prompt notice to the party required to provide indemnification (each, an “Indemnifying Party”) of any claim or of the commencement of any proceeding as to
which indemnity is sought. The Indemnifying Party shall have the right, exercisable by giving written notice to the Indemnified Party as promptly as is reasonably practicable after the receipt of written notice from such Indemnified Party of such
claim or proceeding, to assume, at the Indemnifying Party’s expense, the defense of any such claim or litigation, with counsel reasonably satisfactory to the Indemnified Party and, after notice from the Indemnifying Party to such Indemnified
Party of its election to assume the defense thereof, the Indemnifying Party will not (so long as it shall continue to have the right to defend, contest, litigate and settle the matter in question in accordance with this paragraph) be liable to such
Indemnified Party hereunder for any legal expenses and other expenses subsequently incurred by such Indemnified Party in connection with the defense thereof; provided, however, that an Indemnified Party shall have the right to employ
separate counsel in any such claim or litigation, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party unless the Indemnifying Party shall have failed within a reasonable period of time to assume such defense
and the Indemnified Party is or would reasonably be expected to be materially prejudiced by such delay. The failure of any Indemnified Party to give notice as provided herein shall relieve an Indemnifying Party of its obligations under this
Article III only to the extent that the failure to give such notice is materially prejudicial or harmful to such Indemnifying Party’s ability to defend such action. No Indemnifying Party, in the defense of any such claim or litigation,
shall, except with the prior written consent of each Indemnified Party (which consent shall not be unreasonably withheld, conditioned or delayed), consent to entry of any judgment or enter into any settlement which does not include as an
unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect to such claim or litigation. The indemnity agreements contained in this Article III shall not apply to
amounts paid in settlement of any claim, loss, damage, liability or action if such settlement is effected without the prior written consent of the Indemnifying Party, which consent shall not be unreasonably withheld, conditioned or delayed. The
indemnification set forth in this Article III shall be in addition to any other indemnification rights or agreements that an Indemnified Party may have. An Indemnifying Party who is not entitled to, or elects not to, assume the defense of a
claim will not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such Indemnifying Party with respect to such claim, unless in the reasonable judgment of any Indemnified Party a conflict of interest
may exist between such Indemnified Party and any other Indemnified Parties with respect to such claim. 

  
 7 

 Section 3.4 Contribution. If the indemnification provided for in this Article
III is held by a court of competent jurisdiction to be unavailable to an Indemnified Party, other than pursuant to its terms, with respect to any Losses or action referred to therein, then, subject to the limitations contained in this Article
III, the Indemnifying Party, in lieu of indemnifying such Indemnified Party hereunder, shall contribute to the amount paid or payable by such Indemnified Party as a result of such Losses or action in such proportion as is appropriate to reflect
the relative fault of the Indemnifying Party, on the one hand, and the Indemnified Party, on the other, in connection with the actions, statements or omissions that resulted in such Losses or action, as well as any other relevant equitable
considerations. The relative fault of the Indemnifying Party, on the one hand, and the Indemnified Party, on the other hand, shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged
untrue statement of a material fact or omission or alleged omission to state a material fact, has been made (or omitted) by, or relates to information supplied by such Indemnifying Party or such Indemnified Party, and the parties’ relative
intent, knowledge, access to information and opportunity to correct or prevent any such action, statement or omission. The Company and the Holders agree that it would not be just and equitable if contribution pursuant to this
Section 3.4 was determined solely upon pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding sentence of this
Section 3.4. Notwithstanding the foregoing, the amount any Holder will be obligated to contribute pursuant to this Section 3.4 will be limited to an amount equal to the net proceeds received by
such Holder in respect of the Registrable Securities sold pursuant to the Registration Statement which gives rise to such obligation to contribute. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 

Section 3.5 Survival. The indemnification provided under this Article III shall survive the sale or other transfer of the
Registrable Securities. 
 ARTICLE IV 

Transfer and Termination of Registration Rights 

Section 4.1 Transfer of Registration Rights. Any rights granted to a Holder under this Agreement may be transferred or assigned to
any Investor in connection with a Transfer (as defined in the Investment Agreement) of Common Stock, purchased pursuant to the Investment Agreement, to such Person in a Transfer permitted by and made pursuant to Section 5.06(b)(i) of the
Investment Agreement, except that any rights granted to WHP Borrower, LLC under this Agreement in respect of shares of Common Stock held directly by it as of the date of this Agreement (and acquired otherwise than in connection with the Investment
Agreement) may be transferred or assigned to any Investor at any time to any Person to whom a Transfer could be made under Section 5.06(b)(i) of the Investment Agreement; provided, however, that in the case of any transfer or assignment
made in accordance with this Section 4.1, (i) prior written notice of such transfer and assignment of rights is given to the Company and (ii) such Investor agrees in writing to be bound by, and subject to, this
Agreement as a “Holder” pursuant to a written instrument in form and substance reasonably acceptable to the Company. 

Section 4.2 Termination of Registration Rights. The rights of any particular Holder to cause the Company to register securities
under Article I shall terminate with respect to such Holder upon the date upon which such Holder no longer holds any Registrable Securities. 

ARTICLE V 
 Miscellaneous

 Section 5.1 Amendments and Waivers. Subject to compliance with applicable law, this Agreement may be amended or
supplemented in any and all respects by written agreement of the Company and holders of a Majority of the Registrable Securities then outstanding. 

Section 5.2 Extension of Time, Waiver, Etc.. The parties hereto may, subject to applicable law, (a) extend the time for the
performance of any of the obligations or acts of the other party or (b) waive compliance by the other party with any of the agreements contained herein applicable to such party or, except as otherwise provided herein, waive any of such
party’s conditions. Notwithstanding the foregoing, no failure or delay by the parties hereto in exercising any right hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further
exercise thereof or the exercise of any other right hereunder. Any agreement on the part of a party hereto to any such extension or waiver shall be valid only if set forth in an instrument in writing signed on behalf of such party. 

  
 8 

 Section 5.3 Assignment. Except as provided in
Section 4.1, neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned, in whole or in part, by operation of law or otherwise, by any of the parties hereto without the prior written
consent of the other party hereto. 
 Section 5.4 Counterparts. This Agreement may be executed in one or more counterparts
(including by electronic mail or .pdf), each of which shall be deemed to be an original but all of which taken together shall constitute one and the same agreement, and shall become effective when one or more counterparts have been signed by each of
the parties hereto and delivered to the other parties hereto. 
 Section 5.5 Entire Agreement; No Third Party Beneficiary. This
Agreement, together with the Investment Agreement, constitutes the entire agreement, and supersedes all other prior agreements and understandings, both written and oral, among the parties and their Affiliates, or any of them, with respect to the
subject matter hereof and thereof. No provision of this Agreement shall confer upon any Person other than the parties hereto and their permitted assigns any rights or remedies hereunder. 

Section 5.6 Governing Law; Jurisdiction. 

(a) This Agreement and all claims or causes of action (whether in contract, tort or statute) that may be based upon, arise out of or relate to
this Agreement, or the negotiation, execution or performance of this Agreement (including any claim or cause of action based upon, arising out of or related to any representation or warranty made in or in connection with this Agreement or as an
inducement to enter into this Agreement), shall be governed by, and construed in accordance with, the laws of the State of Delaware applicable to contracts executed in and to be performed entirely within that State, regardless of the laws that might
otherwise govern under any applicable conflict of laws principles. 
 (b) All legal or administrative proceedings, suits, investigations,
arbitrations or actions (“Actions”) arising out of or relating to this Agreement shall be heard and determined in the Chancery Court of the State of Delaware (or, if the Chancery Court of the State of Delaware declines to accept
jurisdiction over any Action, any state or federal court within the State of Delaware) and the parties hereto hereby irrevocably submit to the exclusive jurisdiction and venue of such courts in any such Action and irrevocably waive the defense of an
inconvenient forum or lack of jurisdiction to the maintenance of any such Action. The consents to jurisdiction and venue set forth in this Section 5.6 shall not constitute general consents to service of process in the State
of Delaware and shall have no effect for any purpose except as provided in this paragraph and shall not be deemed to confer rights on any Person other than the parties hereto. Each party hereto agrees that service of process upon such party in any
Action arising out of or relating to this Agreement shall be effective if notice is given by overnight courier at the address set forth in Section 5.9 of this Agreement. The parties hereto agree that a final judgment in any
such Action shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by applicable law; provided, however, that nothing in the foregoing shall restrict any party’s
rights to seek any post-judgment relief regarding, or any appeal from, a final trial court judgment. 
 Section 5.7 Specific
Enforcement. The parties acknowledge and agree that (a) the parties shall be entitled to an injunction or injunctions, specific performance or other equitable relief to enforce specifically the terms and provisions hereof in the courts
described in Section 5.6 without proof of damages or otherwise, this being in addition to any other remedy to which they are entitled under this Agreement and (b) the right of specific enforcement is an integral part
of this Agreement and without that right, neither the Company nor the Purchasers would have entered into this Agreement. The parties hereto agree not to assert that a remedy of specific enforcement is unenforceable, invalid, contrary to law or
inequitable for any reason, and agree not to assert that a remedy of monetary damages would provide an adequate remedy or that the parties otherwise have an adequate remedy at law. The parties hereto acknowledge and agree that any party seeking an
injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement in accordance with this 

  
 9 

 
Section 5.7 shall not be required to provide any bond or other security in connection with any such order or injunction. 

Section 5.8 Waiver of Jury Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS
LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR
INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT AND ANY OF THE AGREEMENTS DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR
ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVER,
(C) IT MAKES SUCH WAIVER VOLUNTARILY AND (D) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS SECTION 5.8. 

Section 5.9 Notices. All notices, requests and other communications to any party hereunder shall be in writing and shall be deemed
given if delivered personally, emailed (which is confirmed, including automated return receipt) or sent by overnight courier (providing proof of delivery) to the parties at the following addresses: 

(a) If to the Company, to it at: 

Express, Inc. 
 1 Express Drive

 Columbus, OH 43230 

Attention: [*****] 
 Email:
[*****] 
 with a copy (which shall not constitute notice) to: 

Kirkland & Ellis LLP 

601 Lexington Avenue 
 New York,
NY 10022 
 and 

Kirkland & Ellis LLP 

300 North LaSalle 
 Chicago, IL
60654 
 Attention: Eric Schiele, P.C. 

Rachael Coffey, P.C. 
 Robert M.
Hayward, P.C. 
 Alexander M. Schwartz 

Email:      eric.schiele@kirkland.com 

rachael.coffey@kirkland.com 

robert.hayward@kirkland.com 

alexander.schwartz@kirkland.com 

(b) If to the Purchasers, to: 

  
 10 

 WH Borrower, LLC 

c/o WHP Global 
 530 Fifth Avenue,
12th Floor 
 New York, New York 10036 

E-mail: [*****] 

Attention: [*****] 
 with a copy
(which shall not constitute notice) to: 
 Goodwin Procter LLP 

100 Northern Avenue 

Boston, MA 02210 

United States 
 Attention: Joshua
Zachariah 
 R. Kirkie Maswoswe 

Sean M. Donahue 

Email:      JZachariah@goodwinlaw.com 

KMaswoswe@goodwinlaw.com 

SDonahue@goodwinlaw.com 
 or such other address
or email address as such party may hereafter specify by like notice to the other parties hereto. 
 If to any other Holder of Registrable Securities, to
both the e-mail and physical address of such other Holder as shown in the stock record book of the Company. Each Holder shall provide the Company with an updated
e-mail address or physical address if such address changes by notice to the Company. The e-mail address and physical address shown on the stock record books of the
Company shall be presumed to be current for purposes of giving any notice under this Agreement. 
 All such notices, requests and other communications shall
be deemed received on the date of actual receipt by the recipient thereof if received prior to 5:00 p.m. local time in the place of receipt and such day is a Business Day in the place of receipt. Otherwise, any such notice, request or communication
shall be deemed not to have been received until the next succeeding Business Day in the place of receipt. 
 Section 5.10
Severability. If any term, condition or other provision of this Agreement is determined by a court of competent jurisdiction to be invalid, illegal or incapable of being enforced by any rule of law or public policy, all other terms,
provisions and conditions of this Agreement shall nevertheless remain in full force and effect. Upon such determination that any term, condition or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall
negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible to the fullest extent permitted by applicable law. 

Section 5.11 Expenses. Except as provided in Section 2.3, all costs and expenses, including fees and
disbursements of counsel, financial advisors and accountants, incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the party incurring such costs and expenses. 

Section 5.12 Interpretation. The rules of interpretation set forth in Section 8.12 of the Investment
Agreement shall apply to this Agreement, mutatis mutandis. 
 [Signature pages follow] 

  
 11 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the
date first above written. 
  

			
	COMPANY:
	
	EXPRESS, INC.
		
	By:	 	  

		 	Name: [•]
		 	Title: [•]

 SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT 

 
			
	WHP BORROWER, LLC
		
	By:	 	  

		 	Name:
		 	Title:

 SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT 

 EXHIBIT A 

DEFINED TERMS 
 1.
The following capitalized terms have the meanings indicated: 
 “Adverse Disclosure” means public disclosure of material non-public information that, in the good faith judgment of the Company: (i) would be required to be made in any Registration Statement filed with the SEC by the Company so that such Registration Statement would
not be materially misleading; (ii) would not be required to be made at such time but for the filing, effectiveness or continued use of such Registration Statement; and (iii) the Company has a bona fide business purpose for not disclosing
publicly. 
 “Affiliates” shall have the meaning given to such term in the Investment Agreement. 

“Business Day” shall have the meaning given to such term in the Investment Agreement. 

“Common Stock” means all shares currently or hereafter existing of the Company’s common stock, par value $0.01 per
share. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and any successor statute thereto, and the
rules and regulations of the SEC promulgated thereunder. 
 “FINRA” means the Financial Industry Regulatory Authority, Inc.

 “Holder” means any Investor holding Registrable Securities. 

“Majority” means, with respect to Registrable Securities, a mathematical majority of the shares of Common Stock constituting
Registrable Securities outstanding as of such date. 
 “Person” means any individual, corporation, limited liability
company, partnership, joint venture, association, trust, unincorporated organization or any other entity, including a governmental authority. 

“register”, “registered” and “registration” refer to a registration effected by preparing
and filing a Registration Statement in compliance with the Securities Act, and the declaration or ordering of the effectiveness of such Registration Statement or the automatic effectiveness of such Registration Statement, as applicable. 

“Registrable Securities” means, as of any date of determination, (a) any shares of Common Stock hereafter acquired by
any Investor issued pursuant to the Investment Agreement (whether or not subsequently transferred to any Investor), and any other securities issued or issuable with respect to any such shares of Common Stock by way of share split, share dividend,
distribution, recapitalization, merger, exchange, replacement, reorganization, consolidation or similar event or otherwise, and (b) 5,434,783 shares of Common Stock held directly by WHP Borrower, LLC as of the date of this Agreement. As to any
particular Registrable Securities, once issued, such securities shall cease to be Registrable Securities when (i) such securities are sold or otherwise transferred pursuant to an effective Registration Statement under the Securities Act,
(ii) such securities shall have ceased to be outstanding, (iii) such securities have been transferred in a transaction in which the Holder’s rights under this Agreement are not assigned to the transferee of the securities or
(iv) such securities are resold in a broker’s transaction under Rule 144 of the Securities Act. 
 “Registration
Statement” means any Registration Statement of the Company under the Securities Act which permits the public offering of any of the Registrable Securities pursuant to the provisions of this Agreement, including any prospectus, prospectus
supplement, amendments and supplements to such Registration Statement, including post-effective amendments, all exhibits and all material incorporated by reference or deemed to be incorporated by reference therein. 

“Rule 144” means Rule 144 promulgated under the Securities Act and any successor provision. 

  
 A-1 

 “SEC” means the U.S. Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended, and any successor statute thereto, and the rules and
regulations of the SEC promulgated thereunder. 
 “Shelf Registration Statement” means a Registration Statement filed with
the SEC on either (a) Form S-3 (or any successor form or appropriate form under the Securities Act) or (b) if the Company is not permitted to file a Registration Statement on Form S-3, a Registration Statement on Form S-1 (or any successor form or other appropriate form under the Securities Act), in each case for an offering to be made on a continuous
basis pursuant to Rule 415 under the Securities Act covering the Registrable Securities, as applicable. 
 2. The following terms are
defined in the Sections of the Agreement indicated: 
 INDEX OF TERMS 

 

			
	 Term
	  	 Section

	Actions	  	Section 5.6(b)
	Agreement	  	Preamble
	Common Stock	  	Recitals
	Company	  	Preamble
	Company Indemnified Parties	  	Section 3.1
	Effectiveness Period	  	Section 1.2
	Holder Indemnified Parties	  	Section 3.2
	Indemnified Party	  	Section 3.3
	Indemnifying Party	  	Section 3.3
	Interruption Period	  	Section 2.1(i)
	Investment Agreement	  	Recitals
	Investor	  	Preamble
	Investors	  	Preamble
	Issuer Free Writing Prospectus	  	Section 2.3
	Losses	  	Section 3.1
	Piggyback Notice	  	Section 1.6(a)
	Piggyback Transaction	  	Section 1.6(a)
	Piggyback Request	  	Section 1.6(a)
	Purchasers	  	Preamble
	Registration Expenses	  	Section 2.3
	Subsequent Holder Notice	  	Section 1.5
	Subsequent Shelf Registration Statement	  	Section 1.3

  
 A-2 

 EXHIBIT B 

PLAN OF DISTRIBUTION 

[Intentionally Omitted] 

  
 A-3EX-10.1

 Exhibit 10.1 

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS
PRIVATE OR CONFIDENTIAL. [*****] INDICATES THAT INFORMATION HAS BEEN REDACTED OR OMITTED. 
  

 
  

INVESTMENT AGREEMENT 
 by and
between 
 EXPRESS, INC. 
 and

 WH BORROWER, LLC 
 Dated as
of December 8, 2022 
  
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	 Article I
	  

	
	 Definitions
	  

			
	 Section 1.01
	 	Definitions	  	 	1	 
	
	 Article II
	  

	
	 Purchase and Sale
	  

			
	 Section 2.01
	 	Purchase and Sale	  	 	9	 
	 Section 2.02
	 	Closing	  	 	9	 
	 Section 2.03
	 	Adjustments	  	 	10	 
	
	 Article III
	  

	
	 Representations and Warranties of the
Company
	  

			
	 Section 3.01
	 	Organization; Standing	  	 	10	 
	 Section 3.02
	 	Capitalization	  	 	11	 
	 Section 3.03
	 	Authority; Noncontravention	  	 	12	 
	 Section 3.04
	 	Governmental Approvals	  	 	13	 
	 Section 3.05
	 	Company SEC Documents; Undisclosed Liabilities	  	 	13	 
	 Section 3.06
	 	Absence of Certain Changes	  	 	14	 
	 Section 3.07
	 	Legal Proceedings	  	 	14	 
	 Section 3.08
	 	Compliance with Laws; Permits	  	 	14	 
	 Section 3.09
	 	Tax Matters	  	 	14	 
	 Section 3.10
	 	No Rights Agreement; Anti-Takeover Provisions	  	 	15	 
	 Section 3.11
	 	Brokers and Other Advisors	  	 	15	 
	 Section 3.12
	 	Sale of Securities	  	 	15	 
	 Section 3.13
	 	Listing and Maintenance Requirements	  	 	15	 
	 Section 3.14
	 	No Other Representations or Warranties	  	 	15	 
	
	 Article IV
	  

	
	 Representations and Warranties of the
Investor
	  

			
	 Section 4.01
	 	Organization; Standing	  	 	16	 
	 Section 4.02
	 	Authority; Noncontravention	  	 	16	 
	 Section 4.03
	 	Governmental Approvals	  	 	17	 
	 Section 4.04
	 	Sufficiency of Funds	  	 	17	 
	 Section 4.05
	 	Ownership of Company Stock	  	 	17	 
	 Section 4.06
	 	Brokers and Other Advisors	  	 	17	 
	 Section 4.07
	 	Non-Reliance on Company Estimates, Projections, Forecasts, Forward-Looking Statements and Business Plans	  	 	17	 
	 Section 4.08
	 	No Other Investor Representations or Warranties	  	 	18	 
	 Section 4.09
	 	Purchase for Investment	  	 	18	 
	 Section 4.10
	 	No Other Company Representations or Warranties	  	 	18	 

  
 i 

							
	 Article V
	  

	
	 Additional Agreements
	  

	 Section 5.01
	 	 Negative Covenants
	  	 	19	 
	 Section 5.02
	 	 Reasonable Best Efforts; Filings
	  	 	20	 
	 Section 5.03
	 	 Public Disclosure
	  	 	21	 
	 Section 5.04
	 	 Confidentiality
	  	 	21	 
	 Section 5.05
	 	 Standstill
	  	 	22	 
	 Section 5.06
	 	 Transfer Restrictions
	  	 	24	 
	 Section 5.07
	 	 Legend
	  	 	25	 
	 Section 5.08
	 	 Election of Directors
	  	 	26	 
	 Section 5.09
	 	 Voting
	  	 	28	 
	 Section 5.10
	 	 Tax Matters
	  	 	29	 
	 Section 5.11
	 	 Information Rights
	  	 	29	 
	 Section 5.12
	 	 Investor Consent Rights
	  	 	29	 
	 Section 5.13
	 	 Use of Proceeds
	  	 	30	 
	 Article VI
	  

	
	 Conditions to Closing
	  

			
	 Section 6.01
	 	 Conditions to the Obligations of the Company and the Investor
	  	 	30	 
	 Section 6.02
	 	 Conditions to the Obligations of the Company
	  	 	30	 
	 Section 6.03
	 	 Conditions to the Obligations of the Investor
	  	 	31	 
	
	 Article VII
	  

	
	 Termination; Survival
	  

			
	 Section 7.01
	 	 Termination
	  	 	32	 
	 Section 7.02
	 	 Effect of Termination
	  	 	33	 
	 Section 7.03
	 	 Survival
	  	 	33	 
	
	 Article VIII
	  

	
	 Miscellaneous
	  

			
	 Section 8.01
	 	 Amendments; Waivers
	  	 	33	 
	 Section 8.02
	 	 Extension of Time, Waiver, Etc
	  	 	33	 
	 Section 8.03
	 	 Assignment
	  	 	33	 
	 Section 8.04
	 	 Counterparts
	  	 	34	 
	 Section 8.05
	 	 Entire Agreement; No Third-Party Beneficiaries
	  	 	34	 
	 Section 8.06
	 	 Governing Law; Jurisdiction
	  	 	34	 
	 Section 8.07
	 	 Specific Enforcement
	  	 	34	 
	 Section 8.08
	 	 WAIVER OF JURY TRIAL
	  	 	35	 
	 Section 8.09
	 	 Notices
	  	 	35	 
	 Section 8.10
	 	 Severability
	  	 	36	 
	 Section 8.11
	 	 Expenses
	  	 	37	 
	 Section 8.12
	 	 Interpretation
	  	 	37	 
	 Section 8.13
	 	 Acknowledgment of Securities Laws
	  	 	38	 

  
 ii 

 ANNEXES 
  

					
	Annex I	  	–  	  	Form of Registration Rights Agreement
	Annex II	  	–  	  	Form of License Agreement
	Annex III	  	–  	  	Form of IPCo Partnership Agreement
	Annex IV	  	–  	  	Form of Resignation Letter

  

  
 iii 

 INVESTMENT AGREEMENT, dated as of December 8, 2022 (this “Agreement”),
by and between Express, Inc., a Delaware corporation (the “Company”), and WH Borrower, LLC, a Delaware limited liability company (the “Investor”). 

WHEREAS, the Company desires to issue, sell and deliver to the Investor (or a wholly-owned Subsidiary of Investor), and the Investor desires
to purchase and acquire from the Company (directly or through a wholly-owned Subsidiary of Investor), pursuant to the terms and conditions set forth in this Agreement, an aggregate of 5,434,783 shares of the Company’s Common Stock, par value
$0.01 per share (the “Common Stock”); and 
 WHEREAS, concurrently with the execution and delivery of this Agreement, the
Company and the Investor are entering into that certain Membership Interest Purchase Agreement (the “Purchase Agreement”), pursuant to which Investor has agreed to acquire (directly or indirectly through a wholly-owned Subsidiary of
Investor) 60% of the equity interests of IPCo. 
 NOW, THEREFORE, in consideration of the mutual covenants, representations, warranties and
agreements contained in this Agreement, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.01 Definitions. (a) As used in this Agreement (including the recitals hereto), the following terms shall
have the following meanings: 
 “50% Beneficial Ownership Requirement” means that the Investor Parties continue to
beneficially own at all times at least 50% of the number of shares of Common Stock beneficially owned by the Investor Parties as of the Closing. 

“Affiliate” means, as to any Person, any other Person that, directly or indirectly, controls, or is controlled by, or is
under common control with, such Person; provided, however, (i) that the Company and its Subsidiaries shall not be deemed to be Affiliates of the Investor or any of its Affiliates and (ii) “portfolio companies” (as such
term is customarily used in the private equity industry) in which any Person or any of its Affiliates has an investment shall not be deemed an Affiliate of such Person so long as such portfolio company (x) has not been directed by the Investor
or any of its Affiliates or any Investor Director in carrying out any act prohibited by this Agreement, (y) is not a member of a group (as such term is defined in Sections 13(d)(3) and 13(g)(3) of the Exchange Act) with either the Investor or
any of its Affiliates with respect to any securities of the Company, and (z) has not received from the Investor or any Affiliate of the Investor or any Investor Director, directly or indirectly, any Confidential Information. For this purpose,
“control” (including, with its correlative meanings, “controlled by” and “under common control with”) shall mean the possession, directly or indirectly, of the power to direct or cause the
direction of management or policies of a Person, whether through the ownership of securities or partnership or other ownership interests, by contract or otherwise and, in any event, without limitation of the previous sentence, any Person owning more
than 50% or more of the voting securities of another Person shall be deemed to control that Person. 
  

 Any Person shall be deemed to “beneficially own”, to have
“beneficial ownership” of, or to be “beneficially owning” any securities (which securities shall also be deemed “beneficially owned” by such Person) that such Person is deemed to “beneficially
own” within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act; provided that any Person shall be deemed to beneficially own any securities that
such Person has the right to acquire, whether or not such right is exercisable immediately. 
 “Board” means the Board of
Directors of the Company. 
 “Business Day” means any day except a Saturday, a Sunday or other day on which the SEC or
banks in the City of New York are authorized or required by Law to be closed. 
 “Company Charter Documents” means the
Company’s certificate of incorporation and bylaws, each as amended to the date of this Agreement. 
 “Company Credit
Facility” means that certain (a) Second Amended and Restated Asset-Based Loan Credit Agreement, dated as of May 20, 2015 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “ABL
Credit Agreement”), by and among Express Holdings, LLC, a Delaware limited liability company ( “Parent”), the Company, Express Topco LLC, a Delaware limited liability company (“Intermediate Holdings”),
Express, LLC, a Delaware limited liability company (the “Borrower”), the Subsidiary Guarantors (as defined therein) party thereto (the Subsidiary Guarantors, together with Parent, Holdings, Intermediate Holdings and the Borrower,
the “Companies”), the Lenders (as defined therein) party thereto and Wells Fargo Bank, National Association (“Wells Fargo”) as Administrative Agent and Collateral Agent (each as defined therein) and
(b) Asset-Based Term Loan Agreement, dated as of January 13, 2021 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “FILO Credit Agreement”), by and among the Companies,
the Lenders (as defined therein) party thereto, and Wells Fargo, as Administrative Agent and Collateral Agent (each as defined therein). 

“Company Plan” means each plan, program, policy, agreement or other arrangement covering current or former employees,
directors or consultants, that is (i) an employee welfare plan within the meaning of Section 3(1) of ERISA, (ii) an employee pension benefit plan within the meaning of Section 3(2) of ERISA, other than any plan which is a
“multiemployer plan” (as defined in Section 4001(a)(3) of ERISA), (iii) a stock option, stock purchase, stock appreciation right or other stock-based agreement, program or plan, (iv) an individual employment, consulting,
severance, retention or other similar agreement or (v) a bonus, incentive, deferred compensation, profit-sharing, retirement, post-retirement, vacation, severance or termination pay, benefit or fringe-benefit plan, program, policy, agreement or
other arrangement, in each case that is sponsored, maintained or contributed to by the Company or any of its Subsidiaries or to which the Company or any of its Subsidiaries contributes or is obligated to contribute to or has or may have any
liability, other than any plan, program, policy, agreement or arrangement mandated by applicable Law. 
 “Company PSU”
means a restricted stock unit of the Company subject to both time-based and performance-based vesting conditions. 

  
 2 

 “Company RSU” means a restricted stock unit of the Company subject solely
to time-based vesting conditions. 
 “Company Stock Option” means an option to purchase shares of Common Stock. 

“Company Stock Plans” means the Second Amended and Restated Company 2010 Incentive Compensation Plan and the Second
Amended and Restated Company 2018 Incentive Compensation Plan. 
 “Confidentiality Agreement” means the Confidentiality
Agreement between Company and WHP Investments, LLC (“WHP”), dated as of August 24, 2022. 
 “COVID-19” means SARS-CoV-2 or COVID-19, and any evolutions thereof or related or
associate epidemics, pandemic or disease outbreaks. 
 “COVID-19 Measures” means
any quarantine, “shelter in place,” “stay at home,” workforce reduction, social distancing, shut down, closure, sequester or any other Law, mandate, directive, guidelines or recommendations by any Governmental Authority in
connection with or in response to COVID-19. 
 “DGCL” means the Delaware General
Corporation Law. 
 “ERISA” means the Employee Retirement Income Security Act of 1974. 

“Exchange Act” means the Securities Exchange Act of 1934. 

“Fall-Away of Investor Board Rights” means the earliest to occur of (i) the first day on which the 50% Beneficial
Ownership Requirement is not satisfied or (ii) solely for purposes of and as used in Section 5.08 or in any resignation letter in the form attached as Annex III, the occurrence of a material breach of
Section 5.05, Section 5.06 or Section 5.09 by the Investor Parties of their obligations under this Agreement which remains uncured for a period of five days following
receipt by the Investor of written notice of such breach from the Company, provided that no cure period shall apply if such breach is of a nature which cannot be cured. 

“Financial Information” means the financial information made available to Investor. 

“GAAP” means generally accepted accounting principles in the United States, consistently applied. 

“Governmental Authority” means any government, court, regulatory or administrative agency, arbitrator (public or private),
commission or authority or other legislative, executive or judicial governmental entity (in each case including any self-regulatory organization), whether federal, state or local, domestic, foreign or multinational. 

“HSR Act” means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the rules and regulations
promulgated thereunder. 

  
 3 

 “Investor Designee” means an individual designated in writing by the
Investor and reasonably acceptable to the Board (and the Compensation and Governance Committee of the Board) to be nominated by the Company for election to the Board pursuant to Section 5.08(c) or elected to the Board
pursuant to Section 5.08(a) or 5.08(d), as applicable, and following reasonable satisfaction by such individual of customary background checks. 

“Investor Director” means a member of the Board who was elected to the Board pursuant to
Section 5.08(a), 5.08(c) or 5.08(d) as an Investor Designee. 
 “Investor Material Adverse
Effect” means any effect, change, event or occurrence that would prevent or materially delay, materially interfere with, materially hinder or materially impair (i) the consummation by the Investor of any of the Stock Purchase
Transactions on a timely basis or (ii) the compliance by the Investor with its obligations under this Agreement. 
 “Investor
Parties” means the Investor and each Affiliate of the Investor to whom shares of Common Stock are transferred pursuant to Section 5.06(b)(i). 

“IPCo Partnership Agreement” means that certain Amended and Restated Limited Liability Company Agreement to be entered into
by IPCo, the Company and the Investor, the form of which is set forth as Annex III hereto. 
 “License Agreement”
means that certain License Agreement to be entered into by the Company and the Investor, the form of which is set forth as Annex II hereto. 

“Material Adverse Effect” means any change, event, effect, occurrence, development or circumstance that, individually or in
the aggregate, has had a material adverse effect on the business, financial condition or results of operations of the Company and its Subsidiaries, taken as a whole; provided that, none of the following, and no changes, events, effects or
circumstances arising out of, relating to or resulting from the following (in each case, by itself or when aggregated) either alone or in combination, will be deemed to be or constitute a Material Adverse Effect or will be taken into account when
determining whether a Material Adverse Effect has occurred or would be reasonably expected to occur (subject to the limitations set forth below): 

(i) changes in general economic conditions, or changes in conditions in the global, international or regional economy
generally; 
 (ii) changes in conditions in the financial markets, credit markets or capital markets, including
(A) changes in interest rates or credit ratings; (B) changes in monetary policy or exchange rates for the currencies of any country; (C) inflation; or (D) any suspension of trading in securities (whether equity, debt, derivative
or hybrid securities) generally on any securities exchange or over-the-counter market; 

(iii) changes in conditions in the industries in which the Company and its Subsidiaries conduct business (including supply
chain delays and increases in raw material prices); 

  
 4 

 (iv) changes in regulatory, legislative or political conditions (including
civil unrest, protests and public demonstrations (in each case, whether or not violent), any government responses thereto (e.g., curfews) and any escalation or worsening thereof); 

(v) any geopolitical conditions, outbreak of hostilities, acts of war (whether or not declared), sabotage, cyber-attack
(including by means of cyber-intrusion or other cyber-security breach), terrorism or military actions (including any escalation or general worsening of, or any Law or sanction, mandate, directive, pronouncement, guideline or recommendation issued by
a Governmental Authority in response to, any such hostilities, acts of war, sabotage, cyberterrorism, terrorism or military actions); 

(vi) earthquakes, volcanic activity, hurricanes, tsunamis, tornadoes, floods, mudslides, wild fires or other natural disasters,
weather conditions and other natural or man-made force majeure events; 
 (vii) any
(A) epidemic, pandemic or disease outbreak (including the COVID-19 pandemic), human health crises or other force majeure events, in each case, including any worsening thereof, or (B) Law or mandate,
directive, pronouncement, guideline or recommendation issued by a Governmental Authority, the Centers for Disease Control and Prevention, the World Health Organization or industry group providing for business closures,
“sheltering-in-place,” curfews or other restrictions that relate to, or arise out of, an epidemic, pandemic or disease outbreak (including the COVID-19 pandemic) or any change in such Law or directive, pronouncement or guideline or interpretation thereof or any material worsening of such conditions (including any
COVID-19 Measures); 
 (viii) the negotiation, execution, delivery or performance of
this Agreement or the announcement of this Agreement or the pendency of the Transactions, including the impact thereof on the relationships, contractual or otherwise, of the Company and its Subsidiaries with customers, suppliers, lenders, lessors,
business partners, employees, regulators, Governmental Authorities, or any other Person; 
 (ix) the compliance by any Party
with the terms of this Agreement, including any action taken or refrained from being taken pursuant to or in accordance with this Agreement; 

(x) any action taken or refrained from being taken, in each case to which the Investor has expressly approved, consented to or
requested in writing following the date of this Agreement; 
 (xi) changes or proposed changes in GAAP or other accounting
standards or in any applicable Laws (or the enforcement, implementation or interpretation of any of the foregoing); 

  
 5 

 (xii) changes in the price or trading volume of the Common Stock, in and of
itself (it being understood that the underlying cause of such change may be taken into consideration when determining whether a Material Adverse Effect has occurred, unless otherwise contemplated by the exceptions to this definition); 

(xiii) any failure, in and of itself, by the Company and its Subsidiaries to meet (A) any internal or public estimates or
expectations of the Company’s revenue, earnings or other financial performance or results of operations for any period; or (B) any budgets, plans, projections or forecasts of its revenues, earnings or other financial performance or results
of operations (it being understood that the underlying cause of any such failure described in the foregoing clauses (A) or (B) may be taken into consideration when determining whether a Material Adverse Effect has occurred, unless
otherwise contemplated by the exceptions to this definition); 
 (xiv) the availability or cost of equity, debt or other
financing to the Investor; 
 (xv) any government shutdown or slowdown; 

(xvi) any Action commenced or threatened against a party hereto or any of its Subsidiaries or Affiliates (or their respective
directors, members, managers, partners or officers) or otherwise relating to, involving or affecting such party or any of its Subsidiaries or Affiliates, in each case in connection with, arising from or otherwise relating to the Transactions, other
than any Action that is (A) solely among all or some of the parties hereto and (B) related to this Agreement; 

(xvii) the identity of, or any facts or circumstances relating to, the Investor or its Affiliates, the respective financing
sources of or investors in the foregoing; and 
 (xviii) any breach by the Investor of this Agreement; 

except, in each case of clauses (i), (ii), (iii), (iv), (v), (vi), (vii), (xi) and (xv) (excluding any change, event, effect or circumstance
arising from or related to COVID-19 or COVID-19 Measures), to the extent (and only to the extent) that such change, event, effect or circumstance has had a
disproportionate adverse effect on the Company and its Subsidiaries relative to other similarly situated companies operating in the same industries (and conducting operations in the same geographic locations) in which the Company and its
Subsidiaries conduct business, in which case only the incremental disproportionate adverse impact may be taken into account in determining whether a Material Adverse Effect has occurred. 

“NYSE” means the New York Stock Exchange. 

“Person” means an individual, corporation, limited liability company, partnership, joint venture, association, trust,
unincorporated organization or any other entity, including a Governmental Authority. 

  
 6 

 “Prohibited Transferee” means, as of any date, (a) the Persons set
forth on Section 1.02 of the Company Disclosure Letter and the Persons that are actually known by the Investor to be Affiliates thereof, (b) any Person identified on the “SharkWatch 50” list most recently
available as of such date (or, if “SharkWatch 50” is no longer available, then the prevailing comparable list as reasonably determined by the Company) and the Persons that are actually known by the Investor to be Affiliates thereof and
(c) any Person who has, directly or indirectly, prior to such date whether individually or as a member of a group, and in each case with respect to the Company, any of its Subsidiaries or any of its or their equity securities, (i) publicly
made, engaged in or been a participant (as defined in Instruction 3 to Item 4 of Schedule 14A under the Exchange Act) in any “solicitation” of “proxies” (as such terms are defined in Regulation 14A as promulgated by the SEC) to
vote any equity securities of the Company not approved by the Board, (ii) publicly called, or publicly sought to call, a meeting of the stockholders of the Company or publicly initiated any stockholder proposal for action by stockholders of the
Company, in each case, not approved by the Board, (iii) commenced a “tender offer” (as such term is used in Regulation 14D under the Exchange Act) to acquire the equity securities of the Company that was not approved (at the time of
commencement) by the Board in a Schedule 14D-9 filed under Regulation 14D under the Exchange Act or (iv) otherwise acted, either publicly or to the knowledge of the Investor, alone or in concert with
others, to seek to control or substantially influence the Board or stockholders of the Company. 
 “Registration Rights
Agreement” means that certain Registration Rights Agreement to be entered into by the Company and the Investor, the form of which is set forth as Annex I hereto. 

“Representatives” means, with respect to any Person, its officers, directors, employees, consultants, agents, financial
advisors, investment bankers, attorneys, accountants, other advisors, Affiliates and other representatives. 
 “SEC” means
the Securities and Exchange Commission. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and
regulations promulgated thereunder. 
 “Significant Subsidiaries” means Express, LLC and Express Fashion Operations, LLC.

 “Stock Purchase Transactions” means the Purchase and the other transactions contemplated by this Agreement and the other
Stock Purchase Transaction Documents. 
 “Stock Purchase Transaction Documents” means this Agreement and the Registration
Rights Agreement and all other documents, certificates or agreements executed in connection with the transactions contemplated by this Agreement or the Registration Rights Agreement. 

“Subsidiary”, when used with respect to any Person, means any corporation, limited liability company, partnership,
association, trust or other entity of which (x) securities or other ownership interests representing more than 50% of the ordinary voting power (or, in the case of a partnership, more than 50% of the general partnership interests) or
(y) sufficient voting rights to elect at least a majority of the board of directors or other governing body are, as of such date, owned by such Person or one or more Subsidiaries of such Person or by such Person and one or more Subsidiaries of
such Person. 

  
 7 

 “Tax” means any and all United States federal, state, local or non-United States taxes, fees, levies, duties, tariffs, imposts, and other similar charges (together with any and all interest, penalties and additions to tax) imposed by any Governmental Authority, including taxes
or other charges on or with respect to income, franchises, windfall or other profits, gross receipts, property, sales, use, capital stock, payroll, employment, social security, workers’ compensation, unemployment compensation or net worth;
taxes or other charges in the nature of excise, withholding, ad valorem, stamp, transfer, value added or gains taxes; license, registration and documentation fees. 

“Tax Return” means returns, reports, claims for refund, declarations of estimated Taxes and information statements, including
any schedule or attachment thereto or any amendment thereof, with respect to Taxes filed or required to be filed with any Governmental Authority, including consolidated, combined and unitary tax returns. 

“Transaction Consideration” means the aggregate of the proceeds paid to the Company from (i) the issuance and sale of
the Acquired Shares and (ii) the Purchase Price (as such term is defined in the Purchase Agreement). 
 “Transaction
Documents” means this Agreement, the Purchase Agreement, the IPCo Partnership Agreement, the License Agreement, the Registration Rights Agreement and all other documents, certificates or agreements executed in connection with the
transactions contemplated by this Agreement, the Purchase Agreement, the IPCo Partnership Agreement, the License Agreement or the Registration Rights Agreement. 

“Transactions” means the Purchase and the other transactions contemplated by this Agreement and the other Transaction
Documents. 
 “Transfer” (or “Transferred”) by any Person means, directly or indirectly, to sell,
transfer, assign, pledge, encumber, hypothecate or otherwise dispose of or transfer (by the operation of law or otherwise), either voluntarily or involuntarily, or to enter into any contract, option or other arrangement, agreement or understanding
with respect to the sale, transfer, assignment, pledge, encumbrance, hypothecation or other disposition or transfer (by the operation of law or otherwise), of any interest; provided, however, that, notwithstanding anything to the
contrary in this Agreement, a Transfer shall not include the redemption or other acquisition of Common Stock by the Company. 
 (b) In
addition to the terms defined in Section 1.01(a), the following terms have the meanings assigned thereto in the Sections set forth below: 
  

			
	 Term
	  	Section
	 Acquired Shares
	  	2.01
	 Action
	  	3.07
	 Agreement
	  	Preamble
	 Balance Sheet Date
	  	3.05(b)
	 Bankruptcy and Equity Exception
	  	3.03(a)
	 Capitalization Date
	  	3.02(a)
	 Closing
	  	2.02(a)

  
 8 

			
	 Term
	  	Section
	 Closing Date
	  	2.02(a)
	 Common Stock
	  	Recitals
	 Company
	  	Preamble
	 Company Disclosure Letter
	  	Article III
	 Company Preferred Stock
	  	3.02(a)
	 Company SEC Documents
	  	3.05(a)
	 Company Securities
	  	3.02(b)
	 Confidential Information
	  	5.04
	 Contract
	  	3.03(b)
	 DOJ
	  	5.02(c)
	 Filed SEC Documents
	  	Article III
	 FTC
	  	5.02(c)
	 Initial Investor Director Designee
	  	5.08(a)
	 Investor
	  	Preamble
	 IRS
	  	5.10(a)
	 Judgments
	  	3.07
	 Laws
	  	3.08
	 Per Share Purchase Price
	  	2.01
	 Permits
	  	3.08
	 Prohibited Stock
	  	5.06(a)
	 Purchase
	  	2.01
	 Purchase Price
	  	2.01
	 Restraints
	  	6.01(a)
	 Termination Date
	  	7.01(b)

 ARTICLE II 

PURCHASE AND SALE 

Section 2.01 Purchase and Sale. On the terms of this Agreement and subject to the satisfaction (or, to the extent permitted by
applicable Law, waiver by the party entitled to the benefit thereof) of the conditions set forth in Article VI, at the Closing, the Investor shall purchase and acquire from the Company, and the Company shall issue, sell and deliver to the
Investor, 5,434,783 shares of Common Stock (the “Acquired Shares”), for a purchase price per share equal to $4.60 (the “Per Share Purchase Price”) and an aggregate purchase price of $25,000,000 (such aggregate
purchase price, the “Purchase Price”). The purchase and sale of the Acquired Shares pursuant to this Section 2.01 is referred to as the “Purchase”. 

Section 2.02 Closing. (a) On the terms of this Agreement, the closing of the Purchase (the “Closing”) shall
occur at 10:00 a.m. (New York City time) on the fifth Business Day after all of the conditions to the Closing set forth in Article VI of this Agreement have been satisfied or, to the extent permitted by applicable Law, waived by the
party entitled to the benefit thereof (other than those conditions that by their nature are to be satisfied at the Closing, but subject to the satisfaction or waiver of those conditions at such time) either (i) remotely via telephone, video
conference or email, (ii) at the offices of Kirkland & Ellis LLP, 601 Lexington Avenue, New York, New York 10022, or (iii) at such other place, time or date as shall be agreed between the Company and the Investor in writing (the
date on which the Closing occurs, the “Closing Date”). 

  
 9 

 (b) At the Closing: 

(i) the Company shall deliver to the Investor (1) the Acquired Shares and (2) the Registration Rights Agreement, duly
executed by the Company; and 
 (ii) the Investor shall (1) pay the Purchase Price to the Company, by wire transfer in
immediately available U.S. federal funds, to the account designated by the Company in writing not less than two Business Days prior to the Closing, (2) deliver to the Company the Registration Rights Agreement, duly executed by the Investor and
(3) deliver to the Company a resignation letter in the form attached as Annex IV hereto, duly executed by the Initial Investor Director Designee. 

Section 2.03 Adjustments. If, during the period between the date of this Agreement and the Closing, any change in the outstanding
shares of capital stock of the Company shall occur as a result of any stock split (including reverse stock split), combination or exchange, the number of Acquired Shares and the Per Share Purchase Price shall be equitably adjusted to eliminate the
effect of such event on the number of Acquired Shares and the Per Share Purchase Price. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY 

The Company represents and warrants to the Investor as of the date hereof and as of the Closing (except to the extent made only as of a
specified date, in which case such representation and warranty is made as of such date) that, except as (A) set forth in the confidential disclosure letter delivered by the Company to the Investor prior to the execution of this Agreement (the
“Company Disclosure Letter”) (it being understood that any information, item or matter set forth on one section or subsection of the Company Disclosure Letter shall be deemed disclosure with respect to, and shall be deemed to apply
to and qualify, the section or subsection of this Agreement to which it corresponds in number and each other section or subsection of this Agreement to the extent that it is reasonably apparent on its face that such information, item or matter is
relevant to such other section or subsection) or (B) disclosed in any report, schedule, form, statement or other document (including exhibits) filed with, or furnished to, the SEC and publicly available after March 25, 2021 and prior to
the date hereof (the “Filed SEC Documents”), other than any risk factor disclosures in any such Filed SEC Document contained in the “Risk Factors” section thereof or any forward-looking statements within the meaning of the
Securities Act or the Exchange Act thereof: 
 Section 3.01 Organization; Standing. (a) The Company is a corporation
duly organized and validly existing and in good standing under the Laws of the State of Delaware. 

  
 10 

 (b) Each Significant Subsidiary is a corporation or limited liability company, as
applicable, duly organized and validly existing and in good standing under the Laws of the State of Delaware. The Company and each of the Significant Subsidiaries has all requisite corporate power and corporate authority necessary to carry on its
business as it is now being conducted, except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect or would prevent or materially delay, materially interfere with, materially hinder or materially
impair the ability of the Company or its Subsidiaries to consummate the Transactions or to perform its obligations under any of the Transaction Documents. The Company and each of the Significant Subsidiaries is duly licensed or qualified to do
business and is in good standing (where such concept is recognized under applicable Law) in each jurisdiction in which the nature of the business conducted by it or the character or location of the properties and assets owned or leased by it makes
such licensing or qualification necessary, except where the failure to be so licensed, qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. True and complete copies of
the Company Charter Documents are included in the Filed SEC Documents. 
 (c) Each of the Company’s Subsidiaries (other than the
Significant Subsidiaries) is duly organized, validly existing and in good standing (where such concept is recognized under applicable Law) under the Laws of the jurisdiction of its organization, except where the failure to be so organized, existing
and in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect or would prevent or materially delay, materially interfere with, materially hinder or materially impair the ability of the
Company or its Subsidiaries to consummate the Transactions or to perform its obligations under any of the Transaction Documents. 

Section 3.02 Capitalization. (a) The authorized capital stock of the Company consists of 500,000,000 shares of Common Stock
and 10,000,000 shares of preferred stock, par value $0.01 per share (“Company Preferred Stock”). At the close of business on December 5, 2022 (the “Capitalization Date”), (i) 68,306,959 shares of Common Stock
were issued and outstanding, (ii) 2,851,026 shares of Common Stock were reserved and available for issuance pursuant to the Company Stock Plans, (iii) 2,856,672 shares of Common Stock were subject to outstanding Company Stock Options,
(iv) 1,899,454 Company RSUs were outstanding pursuant to which a maximum of 1,899,454 shares of Common Stock could be issued, (v) 3,241,415 Company PSUs were outstanding pursuant to which a maximum of 6,482,830 shares of Common Stock could be
issued (assuming maximum achievement of all applicable performance conditions), and (vi) no shares of Company Preferred Stock were issued or outstanding.

(b) Except as described in this Section 3.02, as of the Capitalization Date, there were (i) no outstanding
shares of capital stock of, or other equity or voting interests in, the Company, (ii) no outstanding securities of the Company convertible into or exchangeable for shares of capital stock of, or other equity or voting interests in, the Company,
(iii) no outstanding options, warrants, rights or other commitments or agreements to acquire from the Company, or that obligate the Company to issue, any capital stock of, or other equity or voting interests in, or any securities convertible
into or exchangeable for shares of capital stock of, or other equity or voting interests in, the Company other than obligations under the Company Plans in the ordinary course of business, (iv) no obligations of the Company to grant, extend or
enter into any subscription, warrant, right, convertible or exchangeable security or other similar agreement or commitment relating to any capital stock of, or other equity or voting interests in, the Company (the items in clauses (i), (ii), (iii)
and (iv) being referred to collectively as “Company Securities”) and (v) no other obligations by the Company or any of its Subsidiaries to make any payments based on the price or value of any Company Securities. There are
no outstanding agreements of 

  
 11 

 
any kind which obligate the Company or any of its Subsidiaries to repurchase, redeem or otherwise acquire any Company Securities (other than pursuant to the cashless exercise of Company Stock
Options or the forfeiture or withholding of Taxes with respect to Company Stock Options, Company RSUs or Company PSUs), or obligate the Company to grant, extend or enter into any such agreements relating to any Company Securities, including any
agreements granting any preemptive rights, subscription rights, anti-dilutive rights, rights of first refusal or similar rights with respect to any Company Securities. None of the Company or any Subsidiary of the Company is a party to any
stockholders’ agreement, voting trust agreement, registration rights agreement or other similar agreement or understanding relating to any Company Securities or any other agreement relating to the disposition, voting or dividends with respect
to any Company Securities. All outstanding shares of Common Stock have been duly authorized and validly issued and are fully paid, nonassessable and free of preemptive rights. The Acquired Shares will be, when issued, duly authorized and validly
issued, fully paid and nonassessable and issued in compliance with all applicable federal and state securities laws. 
 Section 3.03
Authority; Noncontravention. (a) The Company has all necessary corporate power and corporate authority to execute and deliver this Agreement and the other Stock Purchase Transaction Documents to which it is a party and to perform
its obligations hereunder and thereunder and to consummate the Stock Purchase Transactions. The execution, delivery and performance by the Company of this Agreement and the other Stock Purchase Transaction Documents to which it is a party, and the
consummation by it of the Stock Purchase Transactions, have been duly authorized and approved by the Board and no other corporate action on the part of the Company is necessary to authorize the execution, delivery and performance by the Company of
this Agreement and the other Stock Purchase Transaction Documents to which it is a party and the consummation by it of the Stock Purchase Transactions. This Agreement has been duly executed and delivered by the Company and, assuming due
authorization, execution and delivery hereof by the Investor, constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except that such enforceability (i) may be limited by
bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other similar Laws of general application affecting or relating to the enforcement of creditors’ rights generally and (ii) is subject to general principles of
equity, whether considered in a proceeding at law or in equity (the “Bankruptcy and Equity Exception”). 
 (b) Neither the
execution and delivery of this Agreement or the other Stock Purchase Transaction Documents to which the Company is a party by the Company, nor the consummation by the Company of the Stock Purchase Transactions, nor performance or compliance by the
Company with any of the terms or provisions hereof or thereof, will (i) conflict with or violate any provision of (A) the Company Charter Documents or (B) the similar organizational documents of any of the Company’s Subsidiaries
or (ii) assuming that the authorizations, consents and approvals referred to in Section 3.04 are obtained prior to the Closing Date and the filings referred to in Section 3.04 are made and any
waiting periods thereunder have terminated or expired prior to the Closing Date, (x) violate any Law or Judgment applicable to the Company or any of its Subsidiaries or (y) violate or constitute a default (or constitute an event which,
with notice or lapse of time or both, would violate or constitute a default) under any of the terms or provisions of any loan or credit agreement, indenture, debenture, note, bond, mortgage, deed of trust, lease, sublease, license, contract or other
agreement (each, a “Contract”) to which the Company or any of its Subsidiaries is a party or accelerate the Company’s or, if applicable, 

  
 12 

 
any of its Subsidiaries’ obligations under any such Contract, except, in the case of clause (ii), as would not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect or prevent or materially delay, materially interfere with, materially hinder or materially impair the ability of the Company or its Subsidiaries to consummate the Transactions or to perform its obligations under any of the Transaction
Documents. 
 Section 3.04 Governmental Approvals. Except for (a) filings required under, and compliance with other applicable
requirements of the HSR Act, (b) filings required by the SEC under the Securities Act and Exchange Act, (c) compliance with the rules and regulations of NYSE and (d) compliance with any applicable state securities or blue sky laws, no
consent or approval of, or filing, license, permit or authorization, declaration or registration with, any Governmental Authority is necessary for the execution and delivery of this Agreement and the other Stock Purchase Transaction Documents by the
Company to which it is a party, the performance by the Company of its obligations hereunder and thereunder and the consummation by the Company of the Stock Purchase Transactions, other than such other consents, approvals, filings, licenses, permits
or authorizations, declarations or registrations that, if not obtained, made or given, would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect or prevent or materially delay, materially interfere with,
materially hinder or materially impair the ability of the Company or its Subsidiaries to consummate the Transactions or to perform its obligations under any of the Transaction Documents. 

Section 3.05 Company SEC Documents; Undisclosed Liabilities. (a) The Company has filed with the SEC all reports and material
schedules, forms, statements and other documents required to be filed by the Company with the SEC pursuant to the Exchange Act since March 25, 2021 (collectively, the “Company SEC Documents”). As of their respective SEC filing
dates, the Company SEC Documents complied as to form in all material respects with the requirements of the Exchange Act applicable to such Company SEC Documents, and none of the Company SEC Documents as of such respective dates (or, if amended prior
to the date hereof, the date of the filing of such amendment, with respect to the disclosures that are amended) contained any untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements therein,
in light of the circumstances under which they were made, not misleading. 
 (b) The consolidated financial statements of the Company
(including all related notes or schedules) included or incorporated by reference in the Company SEC Documents (the “Financial Statements”) complied as to form, as of their respective dates of filing with the SEC, in all material
respects with the published rules and regulations of the SEC with respect thereto, have been prepared in all material respects in accordance with GAAP (except, in the case of unaudited quarterly statements, as permitted by Form 10-Q of the SEC or other rules and regulations of the SEC and except as otherwise noted in the Company’s publicly filed correspondence with the SEC) applied on a consistent basis during the periods involved
(except (i) as may be indicated in the notes thereto or (ii) as permitted by Regulation S-X) and fairly present in all material respects the consolidated financial position of the Company and
its consolidated Subsidiaries as of the dates thereof and the consolidated results of their operations and cash flows and equity for the periods shown (subject, in the case of unaudited quarterly financial statements, to normal year-end adjustments). The Financial Information and Financial Statements have been prepared from the books and records of the Company and its consolidated Subsidiaries. 

  
 13 

 (c) Neither the Company nor any of its Subsidiaries has any liabilities of any nature
(whether accrued, absolute, contingent or otherwise) that would be required under GAAP, as in effect on the date hereof, to be reflected on a consolidated balance sheet of the Company (including the notes thereto) except liabilities
(i) reflected or reserved against in the balance sheet (or the notes thereto) of the Company and its Subsidiaries as of January 29, 2022 (the “Balance Sheet Date”) included in the Filed SEC Documents, (ii) incurred
after the Balance Sheet Date in the ordinary course of business, (iii) as contemplated by this Agreement or otherwise incurred in connection with the Stock Purchase Transactions, (iv) as relate to Taxes, (v) that have been discharged
or paid prior to the date of this Agreement or (vi) as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

Section 3.06 Absence of Certain Changes. Since January 29, 2022 through the date of this Agreement there has not been
any Material Adverse Effect. 
 Section 3.07 Legal Proceedings. Except as would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect or prevent or materially delay, materially interfere with, materially hinder or materially impair the ability of the Company or its Subsidiaries to consummate the Transactions or to perform
its obligations under any of the Transaction Documents, as of the date of this Agreement, there is no (a) pending or threatened legal or administrative proceeding, suit, investigation, arbitration or action (an “Action”)
against the Company or any of its Subsidiaries or (b) outstanding order, judgment, injunction, ruling, writ or decree of any Governmental Authority (“Judgments”) imposed upon the Company or any of its Subsidiaries, in each
case, by or before any Governmental Authority. 
 Section 3.08 Compliance with Laws; Permits. The Company and each of its
Subsidiaries are in compliance with all state or federal laws, common law, statutes, ordinances, codes, rules or regulations (“Laws”) or Judgments, applicable to the Company or any of its Subsidiaries, except as would not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company and each of its Subsidiaries hold all licenses, franchises, permits, certificates, approvals and authorizations from Governmental Authorities
(“Permits”) necessary for the lawful conduct of their respective businesses, except where the failure to hold the same would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

Section 3.09 Tax Matters. The Company and each of its Subsidiaries has prepared (or caused to be prepared) and timely filed
(taking into account valid extensions of time within which to file) all income and other material Tax Returns required to be filed by any of them, and all such filed Tax Returns (taking into account all amendments thereto) are true, complete and
accurate in all material respects and all Taxes owed by the Company and each of its Subsidiaries that are due (whether or not shown on any Tax Return) have been timely paid or have been adequately reserved against in accordance with GAAP. There
have been no examinations or audits of any Tax Returns or reports by any applicable federal, state, local or foreign governmental agency. There is no proposed deficiency, audit, action, suit or other proceeding with respect to Taxes pending or
threatened in writing. There is no Tax lien, whether imposed by any Governmental Authority, outstanding against the assets, properties or business of the Company, except for liens for Taxes not yet due and payable as may accrue in the ordinary
course of business. The Company has withheld or collected from each payment to each of its employees, contractors or any other third party or Person the amount of all Taxes required to be withheld or collected therefore and has paid the same to the
proper Governmental Authority. 

  
 14 

 Section 3.10 No Rights Agreement; Anti-Takeover Provisions. As of the date
hereof, except as set forth in Article ELEVEN of the Company’s certificate of incorporation, the Company is not party to a stockholder rights agreement, “poison pill” or similar anti-takeover agreement or plan. 

Section 3.11 Brokers and Other Advisors. Except for Moelis & Company, the fees and expenses of which will
be paid by the Company, no broker, investment banker, financial advisor or other Person is entitled to any broker’s, finder’s, financial advisor’s or other similar fee or commission, or the reimbursement of expenses in connection
therewith, in connection with the Stock Purchase Transactions based upon arrangements made by or on behalf of the Company or any of its Subsidiaries. 

Section 3.12 Sale of Securities. Assuming the accuracy of the representations and warranties set forth in
Section 4.09, the sale of the Acquired Shares pursuant to this Agreement is exempt from the registration requirements of the Securities Act. Without limiting the foregoing, neither the Company nor any other Person
authorized by the Company to act on its behalf, has engaged in a general solicitation or general advertising (within the meaning of Regulation D of the Securities Act) of investors with respect to offers or sales of the Common Stock, and neither the
Company nor any Person acting on its behalf has made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause the offering or issuance of the Acquired Shares under this Agreement to be
integrated with prior offerings by the Company for purposes of the Securities Act that would result in Regulation D or any other applicable exemption from registration under the Securities Act to not be available, nor will the Company take any
action or steps that would cause the offering or issuance of the Acquired Shares under this Agreement to be integrated with other offerings by the Company. 

Section 3.13 Listing and Maintenance Requirements. The Common Stock is registered pursuant to Section 12(b) of the Exchange
Act and listed on NYSE, and the Company has taken no action designed to or which is reasonably likely to have the effect of, terminating the registration of the Common Stock under the Exchange Act or delisting the Common Stock from NYSE, nor has the
Company received as of the date of this Agreement any notification that the SEC or NYSE is contemplating terminating such registration or listing. 

Section 3.14 No Other Representations or Warranties. Except for the representations and warranties made by the Company in this
Article III or expressly set forth in any other Transaction Document, neither the Company nor any other Person acting on its behalf makes any other express or implied representation or warranty with respect to the Common Stock, the Company or
any of its Subsidiaries or their respective businesses, operations, properties, assets, liabilities, condition (financial or otherwise) or prospects, notwithstanding the delivery or disclosure to the Investor or any of its Representatives of any
documentation, forecasts or other information with respect to any one or more of the foregoing, and the Investor acknowledges the foregoing. In particular, and without limiting the generality of the foregoing, except for the representations and
warranties made by the Company in this Article III or expressly set forth in any other Stock Purchase Transaction Document, neither the Company nor any other Person makes or has made any express or implied

  
 15 

 
representation or warranty to the Investor or any of its Representatives with respect to (a) any financial projection, forecast, estimate, budget or prospect information relating to the
Company, any of its Subsidiaries or their respective businesses or (b) any oral or written information presented to the Investor or any of its Representatives in the course of its due diligence investigation of the Company, the negotiation of
this Agreement, any other Stock Purchase Transaction Document or the course of the Stock Purchase Transactions or any other Stock Purchase Transactions or potential transactions involving the Company and the Investor. 

ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF THE INVESTOR 

The Investor represents and warrants to the Company, as of the date hereof and as of each Closing Date: 

Section 4.01 Organization; Standing. The Investor is a limited liability company duly organized and validly existing and in good
standing under the Laws of the State of Delaware. The Investor has all requisite corporate power and corporate authority necessary to carry on its business as it is now being conducted and is duly licensed or qualified to do business and is in good
standing (where such concept is recognized under applicable Law) in each jurisdiction in which the nature of the business conducted by it or the character or location of the properties and assets owned or leased by it makes such licensing or
qualification necessary, except where the failure to be so licensed, qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have an Investor Material Adverse Effect. 

Section 4.02 Authority; Noncontravention. (a) The Investor has all necessary corporate power and corporate authority to
execute and deliver this Agreement and the other Stock Purchase Transaction Documents to which it is a party, to perform its obligations hereunder and thereunder and to consummate the Stock Purchase Transactions. The execution, delivery and
performance by the Investor of this Agreement and the other Stock Purchase Transaction Documents to which it is a party and the consummation by the Investor of the Stock Purchase Transactions have been duly authorized and approved and no other
corporate action on the part of the Investor or any of its stockholders, partners, members or other equity owners, as the case may be, is necessary to authorize the execution, delivery and performance by the Investor of this Agreement and the other
Stock Purchase Transaction Documents to which it is a party and the consummation by the Investor of the Stock Purchase Transactions. This Agreement has been duly executed and delivered by the Investor and, assuming due authorization, execution and
delivery hereof by the Company, constitutes a legal, valid and binding obligation of the Investor, enforceable against it in accordance with its terms, subject to the Bankruptcy and Equity Exception. 

(b) Neither the execution and delivery of this Agreement or the other Stock Purchase Transaction Documents to which it is party by the
Investor, nor the consummation by the Investor of the Stock Purchase Transactions, nor performance or compliance by the Investor with any of the terms or provisions hereof or thereof, will (i) conflict with or violate any provision of the
certificate or articles of incorporation, bylaws or other comparable charter or organizational documents of the Investor or (ii) assuming that the authorizations, consents and approvals referred to in Section 4.03 are
obtained prior to the Closing Date and the filings referred to in Section 4.03 

  
 16 

 
are made and any waiting periods with respect to such filings have terminated or expired prior to the Closing Date, (x) violate any Law or Judgment applicable to the Investor or any of its
Subsidiaries or (y) violate or constitute a default (or constitute an event which, with notice or lapse of time or both, would violate or constitute a default) under any of the terms, conditions or provisions of any Contract to which the
Investor or any of its Subsidiaries is a party or accelerate the Investor’s or any of its Subsidiaries’, if applicable, obligations under any such Contract, except, in the case of clause (ii), as would not, individually or in the
aggregate, reasonably be expected to have an Investor Material Adverse Effect. 
 Section 4.03 Governmental Approvals.
Except for filings required under, and compliance with other applicable requirements of, the HSR Act, no consent or approval of, or filing, license, permit or authorization, declaration or registration with, any Governmental Authority is necessary
for the execution and delivery of this Agreement and the other Stock Purchase Transaction Documents by the Investor, the performance by the Investor of its obligations hereunder and thereunder and the consummation by the Investor of the Stock
Purchase Transactions, other than such other consents, approvals, filings, licenses, permits, authorizations, declarations or registrations that, if not obtained, made or given, would not, individually or in the aggregate, reasonably be expected to
have an Investor Material Adverse Effect. 
 Section 4.04 Sufficiency of Funds. After giving effect to the transactions
contemplated by the Purchase Agreement on the Closing Date and the payments made by Investor thereunder on the Closing Date (including the application of all of the proceeds of the Debt Financing (as defined in the Purchase Agreement) to
the Purchase Price (as defined in the Purchase Agreement) under the Purchase Agreement), Investor shall have sufficient cash funds immediately available to consummate the Stock Purchase Transactions and pay the Purchase Price required hereunder.

 Section 4.05 Ownership of Company Stock. Neither the Investor nor any of its Affiliates owns any capital stock or other
securities of the Company. 
 Section 4.06 Brokers and Other Advisors. No broker, investment banker, financial advisor or other
Person is entitled to any broker’s, finder’s, financial advisor’s or other similar fee or commission, or the reimbursement of expenses in connection therewith, in connection with the Stock Purchase Transactions based upon arrangements
made by or on behalf of the Investor or any of its Subsidiaries, except for Persons, if any, whose fees and expenses will be paid by the Investor. 

Section 4.07 Non-Reliance on Company Estimates, Projections, Forecasts, Forward-Looking
Statements and Business Plans. In connection with the due diligence investigation of the Company by the Investor and its Representatives, the Investor and its Representatives have received and may continue to receive from the Company and its
Representatives certain estimates, projections, forecasts and other forward-looking information, as well as certain business plan information, regarding the Company and its Subsidiaries and their respective businesses and operations. The Investor
hereby acknowledges that there are uncertainties inherent in attempting to make such estimates, projections, forecasts and other forward-looking statements, as well as in such business plans, with which the Investor is familiar, that the Investor is
taking full responsibility for making its own evaluation of the adequacy and accuracy of all estimates, projections, forecasts and other forward-looking information, as well as such business plans, so furnished to the Investor (including the
reasonableness of the assumptions underlying such 

  
 17 

 
estimates, projections, forecasts, forward-looking information or business plans), and that the Investor has not relied on such information (except for the representations and warranties made by
the Company in Article III of this Agreement or expressly set forth in any other Stock Purchase Transaction Document) and will have no claim against the Company or any of its Subsidiaries, or any of their respective Representatives, with
respect thereto. 
 Section 4.08 No Other Investor Representations or Warranties. Except for the representations
and warranties made by the Investor in this Article IV or expressly set forth in any other Transaction Document, neither the Investor nor any other Person acting on its behalf makes any other express or implied representation or warranty with
respect to the Investor, notwithstanding the delivery or disclosure to the Company or its Affiliates or any of their respective Representatives of any documentation or other information with respect to the foregoing. 

Section 4.09 Purchase for Investment. The Investor acknowledges that the Acquired Shares have not been registered under the
Securities Act or under any state or other applicable securities laws. The Investor (a) acknowledges that it is acquiring the Acquired Shares pursuant to an exemption from registration under the Securities Act solely for investment and not with
a view to the distribution of the Acquired Shares, (b) will not sell, transfer, or otherwise dispose of any of the Acquired Shares, except in compliance with this Agreement and the registration requirements or exemption provisions of the
Securities Act and any other applicable securities Laws, (c) has such knowledge and experience in financial and business matters and in investments of this type that it is capable of evaluating the merits and risks of its investment in the
Acquired Shares and of making an informed investment decision, (d) is an “accredited investor” (as that term is defined by Rule 501 of the Securities Act), (e) is a “qualified institutional buyer” (as that term is defined in
Rule 144A of the Securities Act) and (f) (1) has been furnished with or has had full access to all the information that it considers necessary or appropriate to make an informed investment decision with respect to the Acquired Shares,
(2) has had an opportunity to discuss with the Company and its Representatives the intended business and financial affairs of the Company and to obtain information necessary to verify any information furnished to it or to which it had access
and (3) can bear the economic risk of (i) an investment in the Acquired Shares and (ii) a total loss in respect of such investment. 

Section 4.10 No Other Company Representations or Warranties. Except for the representations and warranties expressly
set forth in Article III or any other Stock Purchase Transaction Document, the Investor hereby acknowledges that neither the Company nor any other Person acting on its behalf, (a) has made or is making any other express or implied
representation or warranty with respect to the Company or any of its Subsidiaries or their respective businesses, operations, assets, liabilities, condition (financial or otherwise) or prospects, including with respect to any information provided or
made available to the Investor or any of its Representatives or any information developed by the Investor or any of its Representatives or (b) will have or be subject to any liability or indemnification obligation to the Investor resulting from
the delivery, dissemination or any other distribution to the Investor or any of its Representatives, or the use by the Investor or any of its Representatives, of any information, documents, estimates, projections, forecasts or other forward-looking
information, business plans or other material developed by or provided or made available to the Investor or any of its Representatives, including in due diligence materials, “data rooms” or management presentations (formal or informal), in
anticipation or 

  
 18 

 
contemplation of any of the Stock Purchase Transactions or any other transactions or potential transactions involving the Company and the Investor. The Investor, on behalf of itself and on behalf
of its Affiliates, expressly waives any such claim relating to the foregoing matters. The Investor hereby acknowledges (for itself and on behalf of its Affiliates and Representatives) that it has conducted, to its satisfaction, its own independent
investigation of the business, operations, assets and financial condition of the Company and its Subsidiaries and, in making its determination to proceed with the Stock Purchase Transactions, the Investor and its Affiliates and Representatives have
relied on the results of their own independent investigation. 
 ARTICLE V 

ADDITIONAL AGREEMENTS 

Section 5.01 Negative Covenants. Except as required by applicable Law, Judgment or to comply with any notice from a Governmental
Authority, as contemplated, required or permitted by this Agreement or as described in Section 5.01 of the Company Disclosure Letter, during the period from the date of this Agreement until the Closing Date (or such earlier
date on which this Agreement may be terminated pursuant to Section 7.01), unless the Investor otherwise consents in writing (such consent not to be unreasonably withheld, delayed or conditioned), the Company shall not: 

(a) other than the authorization and issuance of the Acquired Shares and the consummation of the other Transactions, issue, sell or grant any
shares of its capital stock or other equity or voting interests, or any securities or rights convertible into, exchangeable or exercisable for, or evidencing the right to subscribe for any shares of its capital stock or other equity or voting
interests, or any rights, warrants or options to purchase any shares of its capital stock or other equity or voting interests; provided, that the Company may issue or grant shares of Common Stock or other securities in the ordinary course of
business under Company Plans in effect on the date of this Agreement or pursuant to equity awards or obligations outstanding on the date of this Agreement or granted after the date of this Agreement not in violation of this Agreement; 

(b) redeem, purchase or otherwise acquire any of its outstanding shares of capital stock or other equity or voting interests, or any rights,
warrants or options to acquire any shares of its capital stock or other equity or voting interests (other than pursuant to the cashless exercise of Company Stock Options or the forfeiture or withholding of Taxes with respect to Company Stock Options
Company RSUs or Company PSUs); 
 (c) split, combine, subdivide, recapitalize, reclassify or make like changes to any shares of its capital
stock or other equity or voting interests; 
 (d) make any investments in a third party; 

(e) establish a record date for, declare, set aside for payment or pay any dividend, make any payment on, or make any other distribution in
respect of, any shares of its or any Subsidiary’s capital stock or other equity or voting interests; or 
 (f) incur any indebtedness
for borrowed money, other than indebtedness permitted under the ABL Credit Agreement (including any revolving credit borrowings thereunder) in an aggregate principal amount not to exceed $190 million, excluding any letters of credit issued
under the ABL Credit Agreement at any time. 

  
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 Section 5.02 Reasonable Best Efforts; Filings. (a) Subject to the terms and
conditions of this Agreement, each of the Company and the Investor shall cooperate with each other and use (and shall cause its Subsidiaries to use) its reasonable best efforts (unless, with respect to any action, another standard of performance is
expressly provided for herein) to promptly (i) take, or cause to be taken, all actions, and do, or cause to be done, and assist and cooperate with each other in doing, all things necessary, proper or advisable to cause the conditions to Closing
to be satisfied as promptly as reasonably practicable and to consummate and make effective, in the most expeditious manner reasonably practicable, the Transactions, including preparing and filing promptly and fully all documentation to effect all
necessary filings, notices, petitions, statements, registrations, submissions of information, applications and other documents, (ii) obtain all approvals, consents, registrations, waivers, permits, authorizations, orders and other confirmations
from any Governmental Authority or third party necessary, proper or advisable to consummate the Transactions, (iii) execute and deliver any additional instruments necessary to consummate the Transactions and (iv) defend or contest in good
faith any Action brought by a third party that could otherwise prevent or impede, interfere with, hinder or delay in any material respect the consummation of the Transactions. 

(b) The Company and the Investor agree to make an appropriate filing of a Notification and Report Form (“HSR Form”) pursuant
to the HSR Act with respect to the Transactions (which shall request the early termination of any waiting period applicable to the Transactions under the HSR Act) as promptly as reasonably practicable and in any event no later than ten
(10) Business Days following the date of this Agreement, and to supply as promptly as reasonably practicable any additional information and documentary material that may be requested pursuant to the HSR Act and to promptly take any and all
steps necessary to avoid or eliminate each and every impediment and obtain all consents that may be required pursuant to the HSR Act, so as to enable the parties hereto to consummate the Transactions. 

(c) Each of the Company and the Investor shall use its reasonable best efforts to (i) cooperate in all respects with the other party in
connection with any filing or submission with a Governmental Authority in connection with the Transactions and in connection with any investigation or other inquiry by or before a Governmental Authority relating to the Transactions, including any
proceeding initiated by a private person, (ii) keep the other party informed in all material respects and on a reasonably timely basis of any material communication received by the Company or the Investor, as the case may be, from or given by
the Company or the Investor, as the case may be, to the Federal Trade Commission (“FTC”), the Department of Justice (“DOJ”) or any other Governmental Authority and of any material communication received or given in
connection with any proceeding by a private Person, in each case regarding the Transactions, (iii) subject to applicable Laws relating to the exchange of information, and to the extent reasonably practicable, consult with the other party with
respect to information relating to such party and its respective Subsidiaries, as the case may be, that appears in any filing made with, or written materials submitted to, any third Person or any Governmental Authority in connection with the
Transactions, other than “4(c) and 4(d) documents” as that term is used in the rules and regulations under the HSR Act and other confidential information contained in the HSR Form, and (iv) to the extent permitted by the FTC, the
DOJ or such other applicable Governmental Authority or other Person, give the other party the opportunity to attend and participate in such meetings and conferences. 

  
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 Section 5.03 Public Disclosure. The communications plan release with respect to
the execution of this Agreement, including all public announcements, Forms 8-K and press releases related thereto, shall be reasonably agreed upon by the Investor and the Company. Thereafter, the Investor and
the Company shall consult with each other a reasonable amount of time before issuing, and give each other the opportunity to review and comment upon, any press release or other public statements with respect to the Transaction Documents or the
Transactions, and shall not issue any such press release or make any such public statement prior to such consultation, except as may be required by Governmental Authorities, applicable Law, Judgment, court process rules or regulations of any stock
exchange upon which such party’s or its Subsidiary’s capital stock is traded. The foregoing notwithstanding, a party, its Subsidiaries or their respective Representatives may issue a public announcement or other public disclosures
(a) required by applicable Law, Judgment or court process, (b) required by the rules or regulations of any stock exchange upon which such party’s or its Subsidiary’s capital stock is traded or (c) consistent with any
previous public announcement or public disclosure (including any Current Reports on Form 8-K or Form 8-K/A) made by the parties in accordance with this
Section 5.03; provided that, in each case, such party shall use reasonable best efforts to afford the other party an opportunity to first review the content of the proposed disclosure and provide reasonable comments
thereon, except as may be required by Governmental Authorities, applicable Law, Judgment, court process rules or regulations of any stock exchange upon which such party’s or its Subsidiary’s capital stock is traded. 

Section 5.04 Confidentiality. 

(a) The Investor and the Company acknowledge that the Company and WHP have previously executed the Confidentiality Agreement, which shall
continue in full force and effect in accordance with its terms. 
 (b) Following the Closing, the Investor will, and will cause its
controlled Affiliates and the Investor Recipients and its and their respective Representatives to, keep confidential any information (including oral, written and electronic information) concerning the Company or its Subsidiaries and furnished to the
Investor, its controlled Affiliates, the Investor Recipients or their respective Representatives by the Company or any of its Representatives in connection with the terms of this Agreement (collectively referred to as the “Confidential
Information”) and to use the Confidential Information solely for the purposes of monitoring, administering or managing the Investor’s investment in the Company made pursuant to this Agreement; provided that the Confidential Information
shall not include information that (i) was or becomes available to the public other than as a result of a disclosure by the Investor, any of its controlled Affiliates, the Investor Recipients or any of their respective Representatives in
violation of this Section 5.04, (ii) was or becomes available to the Investor, any of its controlled Affiliates, the Investor Recipients or any of their respective Representatives from a source other than the Company or its
Representatives, provided that Investor does not know such source is disclosing such information in violation of an obligation of confidentiality (whether by agreement or otherwise) to the Company, (iii) at the time of disclosure is already in
the possession of the Investor, its controlled Affiliates, the Investor Recipients or their respective Representatives, 

  
 21 

 
provided that Investor does not know such information is subject to an obligation of confidentiality to the Company, or (iv) was independently developed or conceived by the Investor, its
controlled Affiliates, the Investor Recipients or their respective Representatives without reference to, incorporation of, or other use of any Confidential Information. The Investor agrees, on behalf of itself and its Affiliates and its and their
respective Representatives, that Confidential Information may be disclosed solely (A) to the Investor’s controlled Affiliates and its and their respective Representatives on a
need-to-know basis, (B) to any partner, member, manager or related investment fund of the Investor and its controlled Affiliates (the “Investor
Recipients”) in the ordinary course of business (provided that the recipients of such confidential information are directed to abide by the confidentiality and non-disclosure obligations
contained herein and in the Confidentiality Agreement) or (C) in the event that the Investor, any of its Affiliates, any Investor Recipient or any of its or their respective Representatives are requested or required by Governmental Authorities,
applicable Law, Judgment, stock exchange rule or other applicable judicial or governmental process (including by deposition, interrogatory, request for documents, subpoena, civil investigative demand or similar process) to disclose any Confidential
Information, in each of which instances the Investor, its Affiliates and its and their respective Representatives, as the case may be, shall provide notice to the Company sufficiently in advance of any such disclosure so that the Company will have a
reasonable opportunity to timely seek to limit, condition or quash such disclosure. 
 Section 5.05 Standstill. Except as
otherwise expressly permitted in this Agreement, the Investor agrees that until the later of (i) the Fall-Away of Investor Board Rights and (ii) the 12-month anniversary of the Closing Date, without
the prior written approval of the Board, the Investor will not, directly or indirectly, and will cause its Affiliates not to: 
 (a)
acquire, offer or seek to acquire, agree to acquire or make a proposal to acquire, by purchase or otherwise, any securities or direct or indirect rights to acquire any securities of the Company or any of its Affiliates, any securities convertible
into or exchangeable for any such securities, any options or other derivative securities or contracts or instruments in any way related to the price of shares of Common Stock or any assets or property of the Company or any Subsidiary of the Company
(but in any case excluding any issuance by the Company of shares of Common Stock or options, warrants or other rights to acquire Common Stock (or the exercise thereof) (x) pursuant to any stock dividend or distribution, stock split or other
recapitalization or reclassification of the Common Stock or pursuant to any shareholder rights plan or similar plan or (y) to the Investor Director as compensation for his or her membership on the Board); provided that this clause
(a) shall not limit the Investor or its Affiliates from acquiring, offering or seeking to acquire, agreeing to acquire or making a proposal to acquire Common Stock to the extent that, upon consummation of any such transaction, the Investor and
its Affiliates would beneficially own Common Stock in an amount not exceeding 15.0% of the then outstanding Common Stock of the Company that does not otherwise violate this Section 5.05; 

(b) make or knowingly encourage or participate in any “solicitation” of “proxies” (whether or not relating to the election
or removal of directors), as such terms are used in the rules of the SEC, to vote, or knowingly seek to advise or influence any Person with respect to voting of, any voting securities of the Company or any of its Subsidiaries, or call or seek to
call a meeting of the Company’s stockholders or initiate any stockholder proposal for action by the Company’s stockholders, or seek election to or to place a representative on the Board (other than the Investor Director pursuant to the
terms of this Agreement) or seek the removal of any director from the Board; 

  
 22 

 (c) demand a copy of the stock ledger list of stockholders or any other books and records of
the Company or any of its Subsidiaries; 
 (d) make any announcement with respect to, or offer, seek, propose or indicate an interest in (in
each case with or without conditions), any merger, consolidation, business combination, tender or exchange offer, recapitalization, reorganization or purchase of a material portion of the assets, properties or securities of the Company or any
Subsidiary of the Company, or any other extraordinary transaction involving the Company or any Subsidiary of the Company or any of their respective securities, or enter into any discussions, negotiations, arrangements, understandings or agreements
(whether written or oral) with any other Person regarding any of the foregoing; 
 (e) otherwise act, alone or in concert with others, to
seek to control or influence, in any manner, the management, Board or policies of the Company or any of its Subsidiaries; 
 (f) initiate,
solicit, assist or join as a party any Action against the Company, its Subsidiaries or any of its Affiliates (including derivative Actions) other than to enforce the provisions of this Agreement or any of the other Transaction Agreements; 

(g) increase its beneficial ownership of the Common Stock to more than 15%; 

(h) take any action that would require the Company or any of its Subsidiaries to make a public announcement regarding the possibility of a
transaction or any of the events described in this Section 5.05; 
 (i) enter into any discussions, negotiations,
arrangements, understandings or agreements with any third party (including, without limitation, security holders of the Company) with respect to any of the matters that are the subject of this Section 5.05, including, without limitation,
forming, joining or participating in a “group” (as defined in Sections 13(d)(3) and 13(g)(3) of the Exchange Act) with any third party with respect to any securities of the Company or otherwise in connection with any of the matters that
are the subject of this Section 5.05; 
 (j) request the Company or any of its Representatives, directly or indirectly, to amend or
waive any provision of this Section 5.05, provided that this clause shall not prohibit the Investor Parties from making a confidential request to the Company seeking an amendment or waiver of the provisions of this
Section 5.05, which the Company may accept or reject in its sole discretion, so long as any such request is made in a manner that does not require public disclosure thereof by any Person; 

(k) contest the validity of this Section 5.05 or make, initiate, take or participate in any demand, Action (legal or
otherwise) or proposal to amend, waive or terminate any provision of this Section 5.05; 
 (l) advise, assist,
knowingly encourage or direct any Person in connection with or with respect to, or to advise, assist, knowingly encourage or direct any other Person in connection with or with respect to, any of the activities set forth in clauses (a) through
(k) of this sentence or propose any of such activities to any other person; or 

  
 23 

 (m) make any public proposal or statement of inquiry or publicly disclose any intention,
plan or arrangement inconsistent with any of the foregoing (provided that the Investor shall be permitted to file an amendment to the Investor’s Schedule 13D solely to reflect an acquisition or a disposition of beneficial ownership of the
Common Stock that does not otherwise violate this Section 5.05 or as otherwise required by Law); 
 provided,
however, that nothing in this Section 5.05 will limit (1) the Investor Parties’ ability to vote (subject to Section 5.09) or Transfer (subject to
Section 5.06) its Common Stock if not otherwise expressly prohibited by this Section 5.09, (2) the ability of any Investor Director to vote in his or her capacity as a member of the Board or
otherwise exercise its fiduciary duties in his or her capacity as a member of the Board, (3) any Investor Party from taking action necessary to comply with its obligations under the Transaction Documents or (4) the Investor Parties’
ability to submit a proposal to the Board that would otherwise be prohibited by this Section 5.05 if any such proposal is submitted to the Board on a strictly confidential basis and would not require, or reasonably be
expected to require, the Investor, the Company or any of their respective Affiliates to make a public announcement or public filing. In addition, the Investor’s obligations under this Section 5.05 shall terminate
immediately (and without further action by any party hereto) if the Company or its Subsidiaries make an assignment for the benefit of creditors or commence any proceeding under any bankruptcy law or any bankruptcy proceeding is commenced against the
Company or its Subsidiaries. 
 Section 5.06 Transfer Restrictions. (a) Except as otherwise permitted in this Agreement,
until July 1, 2026, the Investor Parties will not (i) Transfer any shares of Common Stock beneficially owned by the Investor Parties (the “Prohibited Stock”) or (ii) make any short sale of, grant any option for the
purchase of, or enter into any hedging or similar transaction with the same economic effect as a short sale of or the purpose of which is to offset the loss which results from a decline in the market price of, any shares of Prohibited Stock, or
otherwise establish or increase, directly or indirectly, a put equivalent position, as defined in Rule 16a-1(h) under the Exchange Act, with respect to any of the Prohibited Stock or any other capital stock of
the Company; provided, however, that nothing in this Section 5.06 shall prevent or restrict (i) the direct or indirect Transfer of Prohibited Stock or (ii) the pledge or encumbrance of any interest
in Prohibited Stock under any credit facility or replacement credit facility of the Investor or its Affiliates. 
 (b) Notwithstanding
Section 5.06(a), the Investor Parties shall be permitted to Transfer any portion or all of their Prohibited Stock at any time under the following circumstances: 

(i) Transfers to any Affiliates of the Investor, but only if the transferee agrees in writing prior to such Transfer for the
express benefit of the Company (in form and substance reasonably satisfactory to the Company and with a copy thereof to be furnished to the Company) to be bound by the terms of this Agreement and if the transferee and the transferor agree for the
express benefit of the Company that the transferee shall Transfer the Prohibited Stock so Transferred back to the transferor at or before such time as the transferee ceases to be an Affiliate of the transferor; 

  
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 (ii) Transfers pursuant to a merger, tender offer or exchange offer or other
business combination or acquisition of all or substantially all of the assets or similar transaction or any change of control transaction involving the Company or any Subsidiary that, in each case, is approved by the Board; 

(iii) Transfers pursuant to a tender offer or exchange offer by a third party that is approved by the Board and is for more
than fifty percent (50%) of the voting power of all of the Company’s then-outstanding common equity; and 
 (iv)
Transfers approved in writing by the Board. 
 (c) Notwithstanding Sections 5.06(a) and (b), the Investor Parties and their
respective Affiliates will not at any time (without the prior written consent of the Board) Transfer any Prohibited Stock to a Prohibited Transferee. 

(d) Notwithstanding Sections 5.06(a) and (b), the Investor Parties will not at any time, directly or indirectly, tender any
shares of Prohibited Stock into any “tender offer” (as defined in Regulation 14D under the Exchange Act) to acquire the equity securities of the Company that has not been approved by the Board. 

(e) Any attempted Transfer in violation of this Section 5.06 shall be null and void ab initio and the Company
shall not in any way give effect to such impermissible Transfer. 
 Section 5.07 Legend. (a) All certificates or other
instruments representing the Acquired Shares will bear a legend substantially to the following effect: 
 THE SECURITIES REPRESENTED BY THIS
INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT RELATING THERETO IS IN EFFECT UNDER
SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR SUCH LAWS. 
 THE SECURITIES
REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO TRANSFER AND OTHER RESTRICTIONS SET FORTH IN AN INVESTMENT AGREEMENT, DATED AS OF DECEMBER 8, 2022, COPIES OF WHICH ARE ON FILE WITH THE SECRETARY OF THE ISSUER. 

(b) Upon request of the applicable Investor Party, upon receipt by the Company of an opinion of counsel reasonably satisfactory to the Company
to the effect that such legend is no longer required under the Securities Act and applicable state securities laws, the Company shall promptly cause the first paragraph of the legend to be removed from any certificate for any Prohibited Stock to be
Transferred in accordance with the terms of this Agreement and the second paragraph of the legend shall be removed upon the expiration of such transfer and other restrictions set forth in this Agreement (and, for the avoidance of doubt, immediately
prior to any termination of this Agreement) or upon the Transfer in accordance with the terms of this Agreement to any Person that is not subject to the transfer and other restrictions set forth in this Agreement. 

  
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 Section 5.08 Election of Directors. (a) Effective as of the Closing, the
Board will increase the size of the Board to 11 members and the Board shall elect Yehuda Shmidman (such individual, the “Initial Investor Director Designee”) to the Board. 

(b) Upon the occurrence of the Fall-Away of Investor Board Rights, the Investor Director shall immediately resign, and the Investor Parties
shall cause the Investor Director immediately to resign, from the Board effective as of the date of the Fall-Away of Investor Board Rights, and the Investor Parties shall no longer have any rights under this Section 5.08,
including, for the avoidance of doubt, any designation or nomination rights under Section 5.08(c). 
 (c) Until
the occurrence of the Fall-Away of Investor Board Rights, at any annual meeting of the Company’s stockholders at which the term of the Investor Director shall expire, the Investor shall have the right to designate one Investor Director, which
Investor Director shall be nominated by the Board for election at such annual meeting. The Company shall include the Investor Designee designated by the Investor in accordance with this Section 5.08(c) in the Company’s
slate of nominees for the applicable annual meeting of the Company’s stockholders and shall recommend that the Company’s stockholders vote in favor of such Investor Designee and shall support the Investor Designee in a manner substantially
no less favorable than the manner in which the Company supports its other non-executive nominees in the aggregate. 

(d) In the event of the death, disability, resignation or removal of the Investor Director as a member of the Board (other than resignation
pursuant to Section 5.08(b)), the Investor may designate an Investor Designee to replace such Investor Director and, subject to Section 5.08(e), the Company shall cause such Investor Designee to
fill such resulting vacancy within five Business Days of such designation by the Investor. 
 (e) The Company’s obligations to have any
Investor Designee elected to the Board or nominate any Investor Designee for election as a director at any meeting of the Company’s stockholders pursuant to this Section 5.08, as applicable, shall in each case be
subject to (A) such Investor Designee’s satisfaction of all requirements regarding service as a director of the Company under applicable Law and stock exchange rules regarding service as a director of the Company and all other criteria and
qualifications for service as a director applicable to all directors of the Company and (B) otherwise being reasonably acceptable to the Compensation and Governance Committee of the Board. The Investor Parties will cause each Investor Designee
to make himself or herself reasonably available for interviews and to consent to such reference and background checks as the Board may reasonably request to determine the Investor’s Nominee’s eligibility and qualification to serve as a
director of the Company. No Investor Designee shall be eligible to serve on the Board if he or she has been involved in any of the events enumerated under Item 2(d) of Schedule 13D under the Exchange Act or Item 401(f) of Regulation S-K or is subject to any Judgment prohibiting service as a director of any public company. As a condition to any Investor Designee’s election to the Board or nomination for election as a director of the Company
at any meeting of the Company’s stockholders, the Investor Parties and the Investor Designee must provide to the Company: 

  
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 (i) all information reasonably requested by the Company that is required to
be or is customarily disclosed for directors, candidates for directors and their respective Affiliates and Representatives in a proxy statement or other filings in accordance with applicable Law, any stock exchange rules or listing standards or the
Company Charter Documents or corporate governance guidelines, in each case, relating to the Investor Designee’s election as a director of the Company or the Company’s operations in the ordinary course of business; 

(ii) all information reasonably requested by the Company in connection with assessing eligibility, independence and other
criteria applicable to directors or satisfying compliance and legal or regulatory obligations, in each case, relating to the Investor Designee’s nomination or election, as applicable, as a director of the Company or the Company’s
operations in the ordinary course of business; 
 (iii) an undertaking in writing by the Investor Designee: 

(A) to be subject to, bound by and duly comply with applicable Law, the Company Charter Documents, the policies, procedures,
processes, codes, rules, standards and guidelines applicable to all Board members or members of any committee of which such Investor Designee may be a member, including the Company’s Code of Conduct, insider trading policy and all other Company
policies and guidelines applicable generally to directors serving on the Board with respect to trading in the Company’s securities; 

(B) to keep confidential all information about the Company and its Affiliates of which he or she becomes aware in his or her
capacity as a member of the Board; provided that the Investor Designee may communicate information about the Company and its Affiliates to the Investor or its Affiliates solely for the purposes of monitoring, administering or managing the
Investor’s investment in the Company made pursuant to this Agreement; provided, that the Investor acknowledges and agrees that (x) it is aware (and that the recipients of such information will be advised by the Investor) that such
information may contain material non-public information regarding the Company and its Affiliates and that the United States securities Laws prohibit any Persons who have such material, non-public information from purchasing or selling securities of the the Company on the basis of such information or from communicating such information to any person under circumstances in which it is reasonably
foreseeable that such person is likely to purchase or sell such securities on the basis of such information and (y) it shall not (and it shall cause the recipients of such information to not), directly or indirectly, use, or allow any third
party to use, any such information in violation of any United States Laws or, other than the Transactions, in connection with the purchase or sale of securities, properties or indebtedness; and 

  
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 (C) to recuse himself or herself from any deliberations or discussion of
the Board or any committee thereof (i) regarding any Transaction Document, the Transactions or any matters relating thereto or any transactions with or matters relating to the Investor or any Investor Affiliate and (ii) that, in the
Board’s sole judgment, would reasonably be likely to (A) result in a conflict of interest, (B) adversely affect the attorney-client privilege between the Company and its counsel, or (C) result in a violation of applicable Law;
and 
 (iv) a written irrevocable resignation substantially in the form attached hereto as Annex III. 

(f) The Company shall be permitted to withhold any information and to exclude the Investor Directors from any meeting or portion thereof with
respect to information and meetings involving items to which Section 5.08(e)(iii)(C) is applicable. 
 (g) The
Company shall provide the Investor Director with the same director benefits as other non-employee members of the Board, including (i) compensation for such director’s service as a director and
reimbursement of such director’s expenses on the same basis as all other non-employee directors of the Company; (ii) equity-based compensation grants and other benefits, if any, on the same basis as
all other non-employee directors of Company; and (iii) the same rights of indemnification and directors’ and officers’ liability insurance coverage as the other
non-employee directors of the Company as such rights may exist from time to time. 

Section 5.09 Voting. Until the Fall-Away of Investor Board Rights: 

(a) at each meeting of the stockholders of the Company and at every postponement or adjournment thereof, the Investor shall, and shall cause
the Investor Parties to, take such action as may be required so that all of the shares of Common Stock beneficially owned, directly or indirectly, by the Investor Parties are voted in the same manner as recommended by the Board to the other holders
of Common Stock (including with respect to director elections); provided, that no Investor Party shall be under any obligation to vote in the same manner as recommended by the Board or in any other manner, other than in its sole discretion,
with respect to the approval (or non-approval) or adoption (or non-adoption) of, or other proposal directly related to, any merger or other business combination
involving the Company, the sale of all or substantially all of the assets of the Company and its Subsidiaries or any other change of control transaction involving the Company; provided, further, that in the event that any proposal
submitted by a stockholder is subject to a vote of the Company’s stockholders, the Investor shall not, and shall cause the Investor Parties not to, publicly comment on such proposal or otherwise discuss such proposal with any stockholder other
than the Investor Parties or their Affiliates; and 
 (b) the Investor shall, and shall (to the extent necessary to comply with this
Section 5.09) cause the Investor Parties to, be present, in person or by proxy, at all meetings of the stockholders of the Company so that all shares of Common Stock beneficially owned by the Investor or the Investor
Parties may be counted for the purposes of determining the presence of a quorum and voted in accordance with Section 5.09(a) at such meetings (including at any adjournments or postponements thereof). 

  
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 Section 5.10 Tax Matters. (a) The Company and any applicable withholding
agent shall be entitled to deduct and withhold from any amounts otherwise payable with respect to the Acquired Shares to the extent required by applicable Law. Any amounts that are so withheld shall be timely paid over to the appropriate tax
authority and shall be treated for all purposes of the applicable Transaction Documents and Company Charter Documents as having been paid to the Person in respect of which such deduction and withholding was made. Prior to the date of any such
payment and at such other times as may be requested in writing by the Company, the Investor (or any transferee) shall deliver to the Company or its paying agent a duly executed, valid, accurate and properly completed Internal Revenue Service
(“IRS”) Form W-9 or an appropriate IRS Form W-8, as applicable, along with any other documentation requested by the Company in writing reasonably
necessary to comply with its Tax reporting obligations under applicable Law. 
 (b) The Company shall pay any and all documentary, stamp and
similar issue or transfer Tax due on the issuance of the Acquired Shares to the Investor. 
 (c) On or prior to the Closing, the Company
shall deliver to Investor an IRS Form W-9, duly and validly executed by the Company. 

Section 5.11 Information Rights. Following the Closing and prior to the Fall-Away of Investor Board Rights, and subject to
Section 5.05(c), in order to facilitate the Investor’s compliance with legal and regulatory requirements applicable to the beneficial ownership by the Investor and its Affiliates of equity securities of the Company and
oversight of the Investor’s investment in the Company, the Company agrees to provide the Investor with (a) reasonable access, to the extent reasonably requested by the Investor, to the offices and the properties of the Company and its
Subsidiaries, including its and their books and records, subject to Section 5.05(c), and to discuss its and their affairs, finances and accounts with its and their officers, all upon reasonable notice and at such reasonable
times and as often as the Investor may reasonably request; provided, that any investigation pursuant to this Section 5.11 shall be conducted in a manner as not to interfere unreasonably with the conduct of the
business of the Company and its Subsidiaries, and (b) copies of all material, substantive materials provided to the Board at substantially the same time as provided to the directors of the Company; provided, that neither the Company nor
any of its Subsidiaries shall be obligated to provide such access or materials if the Company determines, in its reasonable judgment, that doing so could (i) result in the disclosure of trade secrets or competitively sensitive information to
third parties, (ii) violate applicable Law, an applicable Judgment or a Contract or obligation of confidentiality owing to a third party, (iii) jeopardize the protection of an attorney-client privilege, attorney work product protection or
other similar legal privilege or (iv) be adverse to the interests of the Company or any of its Subsidiaries in any pending or threatened Action involving the Company and the Investor. In addition, notwithstanding anything to the contrary
contained herein, neither the Company nor any of its Subsidiaries will provide any information or material that relate to, contain or reflect any analyses, studies, notes, memoranda and other information related to or prepared in connection with any
Transaction Document, the Transactions or any matters relating thereto or any transactions with or matters relating to the Investor or any of Investor’s Affiliates. 

Section 5.12 Investor Consent Rights. Following the Closing and prior to the Fall-Away of Investor Board Rights, unless the
Investor has otherwise consented to in writing, the Company shall not: 

  
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 (a) amend the Company Charter Documents in a manner that would disproportionately and
adversely affect any Investor Party; or 
 (b) authorize or issue any class or series of capital stock that ranks senior to the Common Stock
and has preference or priority over the Common Stock as to dividend rights, rights of redemption or rights on the distribution of assets on any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company. 

Section 5.13 Use of Proceeds. The Company shall use the proceeds from the Transaction Consideration to (a) repay the Company
Credit Facility in full, (b) fund to IPCo the guaranteed minimum royalties associated with the first year of the term of the License Agreement, in accordance with its terms, (c) pay any costs, fees and expenses incurred in connection with
the Transactions, (d) pay the estimated or final Tax liabilities associated with the Transactions and (e) fund general corporate purposes of the Company. 

ARTICLE VI 
 CONDITIONS
TO CLOSING 
 Section 6.01 Conditions to the Obligations of the Company and the Investor. The respective obligations of each
of the Company and the Investor to effect the Closing shall be subject to the satisfaction (or waiver by the Company and the Investor, if permissible under applicable Law) on or prior to the Closing Date of the following conditions: 

(a) the transactions contemplated by the Purchase Agreement shall have been consummated immediately prior to, or will be consummated
substantially concurrently with, the Closing; 
 (b) no Judgment enacted, promulgated, issued, entered, amended or enforced by any
Governmental Authority (collectively, “Restraints”) shall be in effect enjoining or otherwise prohibiting consummation of the Transactions; and 

(c) the waiting period (and any extension thereof) applicable to the consummation of Transactions under the HSR Act shall have expired or
early termination thereof shall have been granted. 
 Section 6.02 Conditions to the Obligations of the Company. The obligations
of the Company to effect the Closing shall be further subject to the satisfaction (or waiver by the Company, if permissible under applicable Law) on or prior to the Closing Date of the following conditions: 

(a) the representations and warranties of the Investor set forth in (i) Article IV of this Agreement, other than the first
sentence of Section 4.01 and Section 4.02(a), shall be true and correct (disregarding all qualifications or limitations as to “materiality”, “Material Adverse Effect” and words
of similar import set forth therein) as of the date hereof and as of the Closing Date with the same effect as though made as of the Closing Date (except to the extent expressly made as of an earlier date, in which case as of such earlier date),
except, in the case of this clause (i), where the failure to be true and correct would not, individually or in the aggregate, reasonably be expected to have an Investor Material Adverse Effect and (ii) set forth in the first sentence of
Section 4.01 and Section 4.02(a) shall be true and correct in all respects as of the date hereof and as of the Closing Date with the same effect as though made as of the Closing Date, other than
any de minimis inaccuracies; 

  
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 (b) the Investor shall have complied with or performed in all material respects its
obligations required to be complied with or performed by it pursuant to this Agreement at or prior to the Closing; and 
 (c) the Company
shall have received a certificate, signed on behalf of the Investor by an executive officer thereof, certifying that the conditions set forth in Section 6.02(a) and Section 6.02(b) have been
satisfied. 
 Section 6.03 Conditions to the Obligations of the Investor. The obligations of the Investor to effect the Closing
shall be further subject to the satisfaction (or waiver by the Investor, if permissible under applicable Law) on or prior to the Closing Date of the following conditions: 

(a) the representations and warranties of the Company (i) set forth in Sections 3.02, 3.11 and 3.12 shall be
true and correct in all material respects as of the date hereof and as of the Closing Date with the same effect as though made as of the Closing Date (except to the extent expressly made as of an earlier date, in which case as of such earlier date),
(ii) set forth in Section 3.06 and 3.10 shall be true and correct as of the date hereof and as of the Closing Date with the same effect as though made as of the Closing Date, (iii) set forth in
Section 3.01(a) and Section 3.03(a), shall be true and correct in all respects as of the date hereof and as of the Closing Date with the same effect as though made as of the Closing Date, other than any de minimis
inaccuracies, and (iv) set forth in Article III of this Agreement, other than in Section 3.01(a), 3.02, 3.03(a), 3.06, 3.10, 3.11 and 3.12, shall be true and correct
(disregarding all qualifications or limitations as to “materiality”, “Material Adverse Effect” and words of similar import set forth therein) as of the date hereof and as of the Closing Date with the same effect as though made as
of the Closing Date (except to the extent expressly made as of an earlier date, in which case as of such earlier date), except, in the case of this clause (iv), where the failure to be true and correct would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect; 
 (b) the Company shall have complied with or performed in all material respects
its obligations required to be complied with or performed by it pursuant to this Agreement at or prior to the Closing; 
 (c) the Investor
shall have received a certificate, signed on behalf of the Company by an executive officer thereof, certifying that the conditions set forth in Section 6.03(a) and Section 6.03(b) have been
satisfied; and 
 (d) the Board shall have taken all actions necessary and appropriate to cause to be elected to the Board, effective
immediately upon the Closing, the Initial Investor Director Designee. 

  
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 ARTICLE VII 

TERMINATION; SURVIVAL 

Section 7.01 Termination. This Agreement may be terminated and the Stock Purchase Transactions abandoned at any time prior to the
Closing: 
 (a) by the mutual written consent of the Company and the Investor; 

(b) by either the Company or the Investor if the Purchase Agreement is validly terminated pursuant to its terms. 

(c) by either the Company or the Investor upon written notice to the other, if the Closing should not have occurred on or prior to
April 7, 2023 (the “Termination Date”); provided that the right to terminate this Agreement under this Section 7.01(c) shall not be available to any party if the breach by such party of its
representations and warranties set forth in this Agreement or the failure of such party to perform any of its obligations under this Agreement has been a principal cause of or resulted in the events specified in this
Section 7.01(c); 
 (d) by either the Company or the Investor if any Restraint enjoining or otherwise prohibiting
consummation of the Stock Purchase Transactions shall be in effect and shall have become final and nonappealable; provided that the party seeking to terminate this Agreement pursuant to this Section 7.01(d) shall
have used the required efforts to cause the conditions to Closing to be satisfied in accordance with Section 5.02; 

(e) by the Investor if the Company shall have breached any of its representations or warranties or failed to perform any of its covenants or
agreements set forth in this Agreement, which breach or failure to perform (i) would give rise to the failure of a condition set forth in Section 6.03(a) or Section 6.03(b) and (ii) is
incapable of being cured prior to the Termination Date, or if capable of being cured, shall not have been cured within 30 calendar days following receipt by the Company of written notice of such breach or failure to perform from the Investor
stating the Investor’s intention to terminate this Agreement pursuant to this Section 7.01(e) and the basis for such termination; provided that the Investor shall not have the right to terminate this Agreement
pursuant to this Section 7.01(e) if the Investor is then in material breach of any of its representations, warranties, covenants or agreements hereunder which breach would give rise to the failure of a condition set forth
in Section 6.02(a) or Section 6.02(b); or 
 (f) by the Company if the Investor shall
have breached any of its representations or warranties or failed to perform any of its covenants or agreements set forth in this Agreement, which breach or failure to perform (i) would give rise to the failure of a condition set forth in
Section 6.02(a) or Section 6.02(b) and (ii) is incapable of being cured prior to the Termination Date, or if capable of being cured, shall not have been cured within 30 calendar days
following receipt by the Investor of written notice of such breach or failure to perform from the Company stating the Company’s intention to terminate this Agreement pursuant to this Section 7.01(f) and the basis for
such termination; provided that the Company shall not have the right to terminate this Agreement pursuant to this Section 7.01(f) if the Company is then in material breach of any of its representations, warranties,
covenants or agreements hereunder which breach would give rise to the failure of a condition set forth in Section 6.02(a) or Section 6.02(b). 

  
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 Section 7.02 Effect of Termination. In the event of the termination of this
Agreement as provided in Section 7.01, written notice thereof shall be given to the other party, specifying the provision hereof pursuant to which such termination is made, and this Agreement shall forthwith become null and
void (other than Section 5.04, this Section 7.02 and Article VIII, all of which shall survive termination of this Agreement), and there shall be no liability on the part of the Investor or
the Company or their respective directors, officers and Affiliates in connection with this Agreement, except that no such termination shall relieve any party from liability for damages to another party resulting from a knowing or intentional
breach of this Agreement or from fraud. 
 Section 7.03 Survival. The representations and warranties of the parties set forth in
this Agreement and in any document delivered in connection herewith shall not survive the Closing. All of the covenants or other agreements of the parties contained in this Agreement shall survive until fully performed or fulfilled, unless and to
the extent that non-compliance with such covenants or agreements is waived in writing by the party entitled to such performance. Notwithstanding any other provision of this Agreement, no party shall have any
liability to the other in excess of the Purchase Price, and no party shall be liable for any special, speculative, consequential or punitive damages with respect to this Agreement. 

ARTICLE VIII 

MISCELLANEOUS 

Section 8.01 Amendments; Waivers. Subject to compliance with applicable Law, this Agreement may be amended or supplemented in any
and all respects by written agreement of the parties hereto. 
 Section 8.02 Extension of Time, Waiver, Etc. The Company
and the Investor may, subject to applicable Law, (a) waive any inaccuracies in the representations and warranties of the other party contained herein or in any document delivered pursuant hereto, (b) extend the time for the performance of
any of the obligations or acts of the other party or (c) waive compliance by the other party with any of the agreements contained herein applicable to such party or, except as otherwise provided herein, waive any of such party’s
conditions. Notwithstanding the foregoing, no failure or delay by the Company or the Investor in exercising any right hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise
thereof or the exercise of any other right hereunder. Any agreement on the part of a party hereto to any such extension or waiver shall be valid only if set forth in an instrument in writing signed on behalf of such party. 

Section 8.03 Assignment. Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned, in
whole or in part, by operation of Law or otherwise, by any of the parties hereto without the prior written consent of the other party hereto; provided, however, that (a) the Investor or any Investor Party may assign its rights, interests and
obligations under this Agreement, in whole or in part, to one or more Investor Parties and (b) in the event of such assignment, the assignee shall agree in writing to be bound by the provisions of this Agreement, including the rights, interests
and obligations so assigned; provided, that no such assignment will relieve the Investor of its obligations hereunder unless and until such obligations have been performed or satisfied. 

  
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 Section 8.04 Counterparts. This Agreement and any other Stock Purchase
Transaction Documents may be executed in one or more counterparts (including by facsimile and electronic mail), each of which shall be deemed to be an original but all of which taken together shall constitute one and the same agreement, and shall
become effective when one or more counterparts have been signed by each of the parties hereto (including by electronic signature) and delivered to the other parties hereto (including electronically, e.g., in PDF format). 

Section 8.05 Entire Agreement; No Third-Party Beneficiaries. This Agreement, including the Company Disclosure Letter, together
with the other Stock Purchase Transaction Documents constitutes the entire agreement, and supersedes all other prior agreements and understandings, both written and oral, among the parties and their Affiliates, or any of them, with respect to the
subject matter hereof and thereof. Except as provided in Section 5.08(g), no provision of this Agreement shall confer upon any Person other than the parties hereto and their permitted assigns any rights or remedies
hereunder. 
 Section 8.06 Governing Law; Jurisdiction. (a) This Agreement, and all claims or causes of action (whether in
contract, tort or statute) that may be based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement (including any claim or cause of action based upon, arising out of or related to any
representation or warranty made in or in connection with this Agreement or as an inducement to enter into this Agreement), shall be governed by, and construed in accordance with, the laws of the State of Delaware applicable to contracts executed in
and to be performed entirely within that State, regardless of the laws that might otherwise govern under any applicable conflict of Laws principles. 

(b) All Actions arising out of or relating to this Agreement shall be heard and determined in the Chancery Court of the State of Delaware (or,
if the Chancery Court of the State of Delaware declines to accept jurisdiction over any Action, any state or federal court within the State of Delaware) and the parties hereto hereby irrevocably submit to the exclusive jurisdiction and venue of such
courts in any such Action and irrevocably waive the defense of an inconvenient forum or lack of jurisdiction to the maintenance of any such Action. The consents to jurisdiction and venue set forth in this Section 8.06 shall
not constitute general consents to service of process in the State of Delaware and shall have no effect for any purpose except as provided in this paragraph and shall not be deemed to confer rights on any Person other than the parties hereto. Each
party hereto agrees that service of process upon such party in any Action arising out of or relating to this Agreement shall be effective if notice is given by overnight courier at the address set forth in Section 8.09 of
this Agreement. The parties hereto agree that a final judgment in any such Action shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by applicable Law; provided,
however, that nothing in the foregoing shall restrict any party’s rights to seek any post-judgment relief regarding, or any appeal from, a final trial court judgment. 

Section 8.07 Specific Enforcement. The parties hereto agree that irreparable damage for which monetary relief, even if available,
would not be an adequate remedy, would occur in the event that any provision of this Agreement is not performed in accordance with its specific terms or is otherwise breached, including if the parties hereto fail to take any action required of them
hereunder to cause the Closing to occur, and that time is of the essence. The parties acknowledge and agree that (a) the parties shall be entitled to an injunction or injunctions, specific performance

  
 34 

 
or other equitable relief to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof (including, for the avoidance of doubt, the right of the Company to
cause the Purchase to be consummated on the terms and subject to the conditions set forth in this Agreement) in the courts described in Section 8.06 without proof of damages or otherwise, this being in addition to any other
remedy to which they are entitled under this Agreement and (b) the right of specific enforcement is an integral part of the Stock Purchase Transactions and without that right, neither the Company nor the Investor would have entered into this
Agreement. The parties hereto agree not to assert that a remedy of specific enforcement is unenforceable, invalid, contrary to Law or inequitable for any reason, and agree not to assert that a remedy of monetary damages would provide an adequate
remedy or that the parties otherwise have an adequate remedy at law. The parties hereto acknowledge and agree that any party seeking an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and
provisions of this Agreement in accordance with this Section 8.07 shall not be required to provide any bond or other security in connection with any such order or injunction. 

Section 8.08 WAIVER OF JURY TRIAL. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS
LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR
INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT AND ANY OF THE AGREEMENTS DELIVERED IN CONNECTION HEREWITH OR THE STOCK PURCHASE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) IT UNDERSTANDS AND HAS CONSIDERED THE
IMPLICATIONS OF SUCH WAIVER, (C) IT MAKES SUCH WAIVER VOLUNTARILY AND (D) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS SECTION 8.08. 

Section 8.09 Notices. All notices, requests and other communications to any party hereunder shall be in writing and shall be
deemed given if delivered personally, emailed (which is confirmed) or sent by overnight courier (providing proof of delivery) to the parties at the following addresses: 
  

	 	(a)	 If to the Company, to it at: 

One Express Drive 
 Columbus, OH
43230 
 Attention: [*****] 

Email: [*****] 
 with a copy
(which shall not constitute notice) to: 

  
 35 

 Kirkland & Ellis LLP 

601 Lexington Avenue 
 New York,
NY 10022 

	 	Attention:	 Eric Schiele, P.C. 

	 	    	 Rachael Coffey, P.C. 

	 	Email:	 eric.schiele@kirkland.com 

	 	    	 rachael.coffey@kirkland.com 

 

	 	(b)	 If to the Investor or any Investor Party, to the Investor at: 

WH Borrower, LLC 
 c/o WHP
Global 
 530 Fifth Avenue, 12th Floor 

New York, New York 10036 
 E-mail: [*****] 
 Attention: [*****] 

with a copy (which shall not constitute notice) to: 

Goodwin Procter LLP 
 100
Northern Avenue 
 Boston, MA 02210 

United States 

	 	Attention:	 Joshua M. Zachariah 

	 	    	 R. Kirkie Maswoswe 

	 	    	 Sean M. Donahue 

  

	 	Email:	 jzachariah@goodwinlaw.com 

	 	    	 kmaswoswe@goodwinlaw.com 

	 	    	 sdonahue@goodwinlaw.com 

or such other address or email address as such party may hereafter specify by like notice to the other party hereto. All such notices, requests and other
communications shall be deemed received on the date of actual receipt by the recipient thereof if received prior to 5:00 p.m. local time in the place of receipt and such day is a Business Day in the place of receipt. Otherwise, any such notice,
request or communication shall be deemed not to have been received until the next succeeding Business Day in the place of receipt. 

Section 8.10 Severability. If any term, condition or other provision of this Agreement is determined by a court of competent
jurisdiction to be invalid, illegal or incapable of being enforced by any rule of Law or public policy, all other terms, provisions and conditions of this Agreement shall nevertheless remain in full force and effect. Upon such determination that any
term, condition or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible to the fullest
extent permitted by applicable Law. 

  
 36 

 Section 8.11 Expenses. Except as otherwise expressly provided herein, all costs
and expenses, including fees and disbursements of counsel, financial advisors and accountants, incurred in connection with this Agreement and the Stock Purchase Transactions shall be paid by the party incurring such costs and expenses, whether or
not the Closing shall have occurred. 
 Section 8.12 Interpretation. (a) When a reference is made in this Agreement to an
Article, a Section, Exhibit or Schedule, such reference shall be to an Article of, a Section of, or an Exhibit or Schedule to, this Agreement unless otherwise indicated. The table of contents and headings contained in this Agreement are for
reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Whenever the words “include”, “includes” or “including” are used in this Agreement, they shall be deemed to be
followed by the words “without limitation”. The words “hereof”, “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any
particular provision of this Agreement. The words “date hereof” when used in this Agreement shall refer to the date of this Agreement. The terms “or”, “any” and “either” are not exclusive. The word
“extent” in the phrase “to the extent” shall mean the degree to which a subject or other thing extends, and such phrase shall not mean simply “if”. The word “will” shall be construed to have the same meaning
and effect as the word “shall”. The words “made available to the Investor” and words of similar import refer to documents (A) posted to the datasite for Project Wardrobe by or on behalf of the Company or (B) delivered
in Person or electronically to the Investor or its respective Representatives. All accounting terms used and not defined herein shall have the respective meanings given to them under GAAP. All terms defined in this Agreement shall have the defined
meanings when used in any document made or delivered pursuant hereto unless otherwise defined therein. The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well
as to the feminine and neuter genders of such term. In the event that the Common Stock is listed on a national securities exchange other than NYSE, all references herein to NYSE shall be deemed to be references to such other national securities
exchange. Any agreement or instrument defined or referred to herein or in any agreement or instrument that is referred to herein means such agreement or instrument as from time to time amended, modified or supplemented, including by waiver or
consent and references to all attachments thereto and instruments incorporated therein. References to any Law shall be deemed to refer to such Law as amended from time to time and to any rules or regulations promulgated thereunder. Unless otherwise
specifically indicated, all references to “dollars” or “$” shall refer to the lawful money of the United States. References to a Person are also to its permitted assigns and successors. All references to “days” shall be
to calendar days unless otherwise indicated as a “Business Day.” When calculating the period of time between which, within which or following which any act is to be done or step taken pursuant to this Agreement, the date that is the
reference date in calculating such period shall be excluded (unless, otherwise required by Law, if the last day of such period is not a Business Day, the period in question shall end on the next succeeding Business Day). 

(b) The parties hereto have participated jointly in the negotiation and drafting of this Agreement and, in the event an ambiguity or question
of intent or interpretation arises, this Agreement shall be construed as jointly drafted by the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party hereto by virtue of the authorship of any provision of
this Agreement. 

  
 37 

 Section 8.13 Acknowledgment of Securities Laws. The Investor hereby acknowledges
that it is aware, and that it will advise its Affiliates and Representatives who are provided material non-public information concerning the Company or its securities, that the United States securities laws
prohibit any Person who has received from an issuer material, non-public information from purchasing or selling securities of such issuer or from communication of such information to any other Person under
circumstances in which it is reasonably foreseeable that such Person is likely to purchase or sell such securities. 
 [Remainder of page
intentionally left blank] 
  

  
 38 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered as of the date first above written. 
  

			
	
	EXPRESS, INC.
		
	By:	 	 /s/ Timothy Baxter

		 	Name: Timothy Baxter
		 	Title: Chief Executive Officer
	
	WH BORROWER, LLC
		
	By:	 	 /s/ Yehuda Shmidman

		 	Name: Yehuda Shmidman
		 	Title: Chief Executive Officer

 [Signature Page to Investment Agreement] 

 ANNEX I 

FORM OF REGISTRATION RIGHTS AGREEMENT 

[Intentionally Omitted] 

 ANNEX II 

FORM OF LICENSE AGREEMENT 

[Intentionally Omitted] 

 ANNEX III 

FORM OF IPCO PARTNERSHIP AGREEMENT 

[Intentionally Omitted] 

 ANNEX IV 

FORM OF RESIGNATION LETTER 

[Intentionally Omitted]

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