Document:

EX-10.15

 Exhibit 10.15 

EXECUTION VERSION 
 TAX
RECEIVABLE AGREEMENT 
 by and among 

HOSTESS BRANDS, INC., 

HOSTESS CDM CO-INVEST, LLC AND EACH SERIES THEREOF, 

CDM HOSTESS CLASS C, LLC AND EACH SERIES THEREOF, 

AP HOSTESS HOLDINGS, L.P. 

and 
 C. DEAN
METROPOULOS 
 Dated as of November 4, 2016 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	 ARTICLE I. DEFINITIONS
	  	 	4	  
			
	 1.1
	  	 Definitions
	  	 	4	  
			
	 1.2
	  	 Terms Generally
	  	 	16	  
		
	 ARTICLE II. DETERMINATION OF CERTAIN REALIZED TAX BENEFIT
	  	 	18	  
			
	 2.1
	  	 Tax Benefit Schedule
	  	 	18	  
			
	 2.2
	  	 Procedure; Amendments
	  	 	19	  
			
	 2.3
	  	 Consistency with Tax Returns
	  	 	19	  
		
	 ARTICLE III. TAX BENEFIT PAYMENTS
	  	 	20	  
			
	 3.1
	  	 Payments
	  	 	20	  
			
	 3.2
	  	 Duplicative Payments
	  	 	21	  
			
	 3.3
	  	 Pro Rata Payments; Coordination of Benefits
	  	 	21	  
			
	 3.4
	  	 No Return of Payments
	  	 	21	  
			
	 3.5
	  	 Stock and Stockholders of the Corporate Taxpayer
	  	 	21	  
			
	 3.6
	  	 Interest Amount Limitation
	  	 	22	  
			
	 3.7
	  	 Day Count Convention
	  	 	22	  
			
	 3.8
	  	 AP Hostess LP Tax Adjustment
	  	 	22	  
		
	 ARTICLE IV. TERMINATION
	  	 	22	  
			
	 4.1
	  	 Early Termination, Change in Control and Breach of Agreement
	  	 	22	  
			
	 4.2
	  	 Early Termination Notice
	  	 	24	  
			
	 4.3
	  	 Payment upon Early Termination
	  	 	24	  
			
	 4.4
	  	 Termination as to CDM
	  	 	24	  
		
	 ARTICLE V. SUBORDINATION AND LATE PAYMENTS
	  	 	25	  
			
	 5.1
	  	 Subordination
	  	 	25	  
			
	 5.2
	  	 Late Payments by the Corporate Taxpayer
	  	 	25	  
			
	 5.3
	  	 Payment Deferral
	  	 	25	  
		
	 ARTICLE VI. CERTAIN COVENANTS
	  	 	26	  
			
	 6.1
	  	 Participation in the Corporate Taxpayer’s and Hostess Holdings’ Tax Matters
	  	 	26	  
			
	 6.2
	  	 Consistency
	  	 	26	  
			
	 6.3
	  	 Cooperation
	  	 	26	  
			
	 6.4
	  	 Future Indebtedness
	  	 	26	  
			
	 6.5
	  	 Tax Protection
	  	 	27	  

  
 i 

							
	 	  	 	  	 	 
		
	ARTICLE VII. MISCELLANEOUS	  	 	27	  
			
	 7.1
	  	 Notices
	  	 	27	  
			
	 7.2
	  	 Counterparts
	  	 	28	  
			
	 7.3
	  	 Entire Agreement; Third Party Beneficiaries
	  	 	28	  
			
	 7.4
	  	 Severability
	  	 	28	  
			
	 7.5
	  	 Successors; Assignment; Amendments; Waivers
	  	 	29	  
			
	 7.6
	  	 Titles and Subtitles
	  	 	29	  
			
	 7.7
	  	 Governing Law
	  	 	29	  
			
	 7.8
	  	 Consent to Jurisdiction; Waiver of Jury Trial
	  	 	29	  
			
	 7.9
	  	 Reconciliation
	  	 	30	  
			
	 7.10
	  	 Withholding
	  	 	31	  
			
	 7.11
	  	 Admission of the Corporate Taxpayer into a Consolidated Group; Transfers of Corporate
Assets
	  	 	31	  
			
	 7.12
	  	 Confidentiality
	  	 	32	  
			
	 7.13
	  	 Change in Law
	  	 	32	  
			
	 7.14
	  	 Independent Nature of Holders’ Rights and Obligations
	  	 	33	  
			
	 7.15
	  	 Hostess Agreements
	  	 	33	  

  

			
	Exhibit A	  	Form of Joinder
		
	Schedule 1	  	Participation Percentages

  
 ii 

 This TAX RECEIVABLE AGREEMENT (this “Agreement”), dated
as of November 4, 2016 and effective upon the consummation of the Contribution and Purchase and the AP Hostess Holdings Merger (each as defined below), is hereby entered into by and among Hostess Brands, Inc. (formerly known as Gores Holdings,
Inc.), a Delaware corporation (the “Corporate Taxpayer”), Hostess CDM Co-Invest, LLC, a Delaware series limited liability company, together with the Hostess Co-Invest Series (as defined below) (“Hostess CDM
Co-Invest”), CDM Hostess Class C, LLC, a Delaware series limited liability company, together with the CDM Hostess Series (as defined below) (“CDM Hostess”, and together with Hostess CDM Co-Invest, the “CDM Entity
Holders”), AP Hostess Holdings, L.P., a Delaware limited partnership (“AP Hostess LP”), C. Dean Metropoulos (“CDM” and together with the CDM Entity Holders, the “CDM Holders”) and any
successors or assignees of the LP Units (as defined below) of the CDM Holders (such transferees, together with the CDM Holders and AP Hostess LP, the “Holders”, and together with the Corporate Taxpayer, the
“Parties”). 
 RECITALS 

WHEREAS, pursuant to the Second Amended and Restated Certificate of Incorporation of the Corporate Taxpayer, dated as of
November 4, 2016, the Corporate Taxpayer shall be authorized to issue, among other things, (a) Class A Common Stock, par value $0.0001 per share (“Class A Common Stock”) and (b) Class B Common Stock, par value $0.0001 per share
(“Class B Common Stock”); 
 WHEREAS, pursuant to the Fourth Amended and Restated Limited Partnership
Agreement of Hostess Holdings, L.P., a Delaware limited partnership (“Hostess Holdings”, and such agreement, the “Hostess Holdings A&R LPA”), the capitalization of Hostess Holdings will be revised to provide for
(a) Class A limited partner partnership units (the “Class A LP Units”) and (b) Class B limited partner partnership units (the “Class B LP Units” and, together with the Class A LP Units, the “LP
Units”); 
 WHEREAS, Hostess CDM Co-Invest owns all of the Class C membership interests in Hostess Holdings GP,
LLC, a Delaware limited liability company (“Hostess GP”, and such interests, the “Class C GP Interests”); 

WHEREAS, Hostess GP is the general partner of Hostess Holdings, L.P., a Delaware limited partnership (“Hostess
Holdings”) and owns all of the general partner partnership interests in Hostess Holdings; 
 WHEREAS, pursuant to
the Master Transaction Agreement, dated as of July 5, 2016, by and among the Corporate Taxpayer, Homer Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of the Corporate Taxpayer (“Merger Sub”), the Holders
(other than CDM) and the other parties thereto (the “Master Transaction Agreement”), AP Hostess LP shall cause AP Hostess Holdings, Inc., a Delaware corporation (“AP Hostess Holdings”) to, and the Corporate Taxpayer
and Merger Sub shall, enter into an agreement and plan of merger pursuant to which (a) Merger Sub will merge with and into AP Hostess Holdings, and AP Hostess Holdings will be the surviving entity (the “Stage One Merger”), and in
connection with the Stage One Merger, (i) AP Hostess LP will cease to own any common stock of AP Hostess Holdings, (ii) AP Hostess LP will receive cash and shares of Class A Common Stock and (iii) 

 
AP Hostess Holdings will become a wholly-owned Subsidiary of the Corporate Taxpayer, and (b) immediately following the Stage One Merger, AP Hostess Holdings will merge with and into the Corporate
Taxpayer, and the Corporate Taxpayer will be the surviving entity (the “Stage Two Merger” and together with the Stage One Merger, the “AP Hostess Holdings Merger”); 

WHEREAS, pursuant to the Master Transaction Agreement, the Corporate Taxpayer and the CDM Entity Holders shall enter into a
Contribution and Purchase Agreement, pursuant to which (a) the Corporate Taxpayer will purchase all of the Class A LP Units owned by Hostess CDM Co-Invest in exchange for cash, (b) the Corporate Taxpayer will purchase all of the Class A LP Units
issued to CDM Hostess pursuant to the Management LLC Merger Agreement (as defined in the Master Transaction Agreement) in exchange for cash and (c) Hostess CDM Co-Invest will (i) contribute all of the Class C GP Interests to the Corporate Taxpayer
in exchange for shares of Class B Common Stock and (ii) direct the Corporate Taxpayer to issue and deliver to CDM Hostess shares of Class B Common Stock (the “Contribution and Purchase”); 

WHEREAS, pursuant to Sections 2.6(e)(i) and 2.6(f) of the Master Transaction Agreement, after the Effective Date, the
Corporate Taxpayer may (a) issue to the CDM Entity Holders additional shares of Class A Common Stock or (b) (i) issue to the CDM Entity Holders additional shares of Class B Common Stock and (ii) cause Hostess Holdings to issue to the CDM Entity
Holders additional Class B LP Units (together, the “2016 Earn Out Interests”, and such issuance, the “2016 Earn Out”); 

WHEREAS, pursuant to Sections 2.6(e)(ii) and 2.6(f) of the Master Transaction Agreement, after the Effective Date, the
Corporate Taxpayer may issue the 2016 Earn Out Interests in the event they are not issued pursuant to the 2016 Earn Out (the “2017 Catch Up Earn Out”); 

WHEREAS, pursuant to Sections 2.6(e)(iii) and 2.6(f) of the Master Transaction Agreement, after the Effective Date, the
Corporate Taxpayer may (a) issue to the CDM Entity Holders additional shares of Class A Common Stock or (b) (i) issue to the CDM Entity Holders additional shares of Class B Common Stock and (ii) cause Hostess Holdings to issue to the CDM Entity
Holders additional Class B LP Units (together, the “2017 Earn Out Interests”, and together with the 2016 Earn Out Interests, the “Earn Out Interests”, and such issuance, the “2017 Earn Out”, and together with the 2016
Earn Out and the 2017 Catch Up Earn Out, the “Earn Out”); 
 WHEREAS, pursuant to the Executive Chairman
Employment Agreement, dated as of July 28, 2016, by and among Hostess Brands, LLC, a Delaware limited liability company (“Hostess Brands”), C. Dean Metropoulos (“CDM”), Hostess Holdings and the Corporate Taxpayer
(the “CDM Employment Agreement”), CDM (i) will receive, as compensation, 2,496,000 Class B LP Units (the “2016 Compensation Units”) and (ii) has the opportunity to receive, as compensation, additional shares of
Class B Common Stock and additional Class B LP Units (together, the “2018 Earn Out Interests”), if certain conditions are met (the “2018 Earn Out”); 

WHEREAS, following the Contribution and Purchase, the AP Hostess Holdings Merger and certain other transactions, (a) the CDM
Holders will hold all of the Class B LP Units and (b) the Corporate Taxpayer will hold (i) all of the membership interests in Hostess GP and (ii) all of the Class A LP Units; 

 WHEREAS, simultaneously with the Contribution and Purchase, in consideration of
the Contribution and Purchase and certain other transactions, the Corporate Taxpayer and the CDM Entity Holders shall, and the Corporate Taxpayer shall cause Hostess GP to cause Hostess Holdings to, enter into an Exchange Agreement (the
“Exchange Agreement”), pursuant to which each CDM Holder will be entitled to exchange its respective Class B Units (including any Earn Out Interests that are issued pursuant to the Earn Out, and any 2016 Compensation Units or 2018
Earn Out Interests) for, at the option of the Corporate Taxpayer, the number of shares of Class A Common Stock specified in the Exchange Agreement or the cash equivalent of such shares of Class A Common Stock, on the terms and conditions set forth
therein (each, a “Post-Transaction Exchange”); 
 WHEREAS, (a) Hostess Holdings is classified as a
partnership for U.S. federal and applicable state and local income tax purposes, (b) the Corporate Taxpayer is classified as a corporation for U.S. federal and applicable state and local income tax purposes and (c) Hostess Brands is classified as a
disregarded entity of Hostess Holdings for U.S. federal and applicable state and local income tax purposes; 
 WHEREAS, it
is intended that (a) the Contribution and Purchase and (b) any future Post-Transaction Exchange will each constitute a taxable sale of the LP Units and the Class C GP Interests (as applicable) pursuant to Section 1001 of the Internal Revenue Code of
1986 (the “Code”); 
 WHEREAS, it is intended that the issuance of the 2016 Compensation Units and the 2018
Earn Out Interests (if any) pursuant to the 2018 Earn Out will constitute compensation to CDM for services provided to Hostess Brands, for U.S. federal and applicable state and local income tax purposes; 

WHEREAS, it is intended that the Stage One Merger and the Stage Two Merger, taken together, shall constitute a tax-free
reorganization under Section 368(a)(1)(A) of the Code; 
 WHEREAS, Hostess Holdings will have in effect an election under
Section 754 of the Code (and any corresponding provisions of state or local Tax Law), for each Taxable Year (as defined below) of Hostess Holdings, which election is intended generally to result in an adjustment under Sections 734(b) and 743(b) of
the Code (including a substituted basis transaction described in Treasury Regulations Section 1.755-1(b)(5)) to the Tax (as defined below) basis of the assets owned by Hostess Holdings (solely with respect to the Corporate Taxpayer) with respect to
each Exchange, by reason of the Exchange and the receipt of certain payments under this Agreement; 
 WHEREAS, the income,
gain, loss, deduction and other Tax items of the Corporate Taxpayer and its wholly owned Subsidiaries (as defined below) may be affected by (a) the Basis Adjustments (as defined below) and (b) the Imputed Interest (as defined below); and 

 WHEREAS, the Parties desire to make certain arrangements with respect to the
effect of the Basis Adjustments and the Imputed Interest on the liability for Taxes of the Corporate Taxpayer. 
 NOW,
THEREFORE, in consideration of the foregoing premises and the respective covenants and agreements contained herein, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound hereby, the Parties agree as follows:

 ARTICLE I. 

DEFINITIONS 

1.1 Definitions. As used in this Agreement, the terms set forth in this ARTICLE I have the following
meanings. 
 “2016 Compensation Units” has the meaning set forth in the Recitals. 

“2016 Earn Out” has the meaning set forth in the Recitals. 

“2016 Earn Out Interests” has the meaning set forth in the Recitals. 

“2017 Catch Up Earn Out” has the meaning set forth in the Recitals. 

“2017 Earn Out” has the meaning set forth in the Recitals. 

“2017 Earn Out Interests” has the meaning set forth in the Recitals 

“2018 Earn Out” has the meaning set forth in the Recitals. 

“2018 Earn Out Interests” has the meaning set forth in the Recitals. 

“Advisory Firm” means any accounting firm or any law firm that, in either case, is nationally recognized as
being expert in tax matters. 
 “Affiliate” means, with respect to any specified Person, (a) any other
Person that directly or indirectly, through one or more intermediaries, Controls, is Controlled by, or is under common Control with, such specified Person, (b) a Member of the Immediate Family of such specified Person, and (c) any investment fund
advised or managed by, or under common control or management with, such specified Person. 
 “Agreed Rate”
means LIBOR plus 100 basis points. 
 “Agreement” has the meaning set forth in the Preamble. 

“Amended Schedule” has the meaning set forth in Section 2.2(b). 

“AP Hostess LP” has the meaning set forth in the Preamble. 

 “AP Hostess LP Tax Adjustment Amount” has the meaning set forth
in Section 3.8. 
 “AP Hostess LP Tax Adjustment Shares” has the meaning set forth in Section
3.8. 
 “AP Hostess Holdings” has the meaning set forth in the Recitals. 

“AP Hostess Holdings Merger” has the meaning set forth in the Recitals. 

“AP Hostess Holdings Merger Agreement” has the meaning set forth in the Recitals. 

“Applicable Asset” means any asset that is, for U.S. federal income tax purposes, (a) depreciable or
amortizable, (b) stock of a corporation or (c) land. 
 “Applicable Tax Basis” means, with respect to a
Reference Asset (or portion thereof), at any time, (a) in respect of a Holder other than CDM, the portion of the Tax basis of such Reference Asset (or portion thereof) that is attributable to Basis Adjustments attributable to TRA Payments made to
such Holder (or its predecessors or successors) as of such time, (b) in respect of CDM (or its predecessors or successors), (i) with respect to the portion of such Reference Asset (or portion thereof) that is attributable to an Exchange of 2016
Compensation Units, the excess (if any) of (A) the Tax basis of such portion (including Basis Adjustments attributable to TRA Payments made to CDM (or its predecessors or successors) in respect of the 2016 Compensation Units) as of such time over
(B) the Unadjusted Tax Basis (2016 Compensation) of such portion as of such time and (ii) with respect to the portion of such Reference Asset (or portion thereof) that is attributable to an Exchange of 2018 Earn Out Interests, the Tax basis of such
portion (including Basis Adjustments attributable to TRA Payments made to CDM (or its predecessors or successors) in respect of the 2018 Earn Out Interests) as of such time. 

“Assumed State and Local Tax Rate” means, with respect to any Taxable Year, the product of (a) the excess of
(i) one hundred percent (100%) over (ii) the highest U.S. federal corporate income tax rate for such Taxable Year multiplied by (b) the sum, with respect to each state and local jurisdiction in which Hostess Holdings files Tax Returns, of the
products of (i) the Corporate Taxpayer’s Tax apportionment rate(s) for such jurisdiction for such Taxable Year multiplied by (ii) the highest corporate Tax rate(s) for such jurisdiction for such Taxable Year. 

“Basis Adjustment” means, in respect of a Holder, the adjustment to the Tax basis of a Reference Asset under
Sections 732, 755 and 1012 of the Code and the Treasury Regulations thereunder (in situations where, as a result of one or more Exchanges, Hostess Holdings becomes an entity that is disregarded as separate from its owner for U.S. federal income tax
purposes) or under Sections 734(b), 743(b) and 755 of the Code and the Treasury Regulations thereunder (including, in the case of the AP Hostess Holdings Merger, a substituted basis transaction described in Treasury Regulations Section
1.755-1(b)(5)) (in situations where, following an Exchange, Hostess Holdings remains in existence as an entity for U.S. federal income tax purposes) and, in each case, comparable provisions of state and local Tax Law, as a result of (a) an Exchange
by such Holder and (b) payments made to such Holder pursuant to this Agreement. For the avoidance of doubt, the amount of any Basis Adjustment resulting from an 

 
Exchange shall be determined without regard to any Pre-Exchange Transfers (and as if any such Pre-Exchange Transfers had not occurred). As required by Section 2.1(a), Hostess Holdings will
ensure that an election under Section 754 of the Code is in effect for each Taxable Year of Hostess Holdings (until Hostess Holdings becomes an entity that is disregarded as separate from its owner for U.S. federal income tax purposes). 

“Board” means the Board of Directors of the Corporate Taxpayer. 

“Business Day” means any day, other than Saturday, Sunday or any other day on which banks located in the
State of New York are authorized or required to close. 
 “Capital Stock” means: 

(a) in the case of a corporation, corporate stock or shares; 

(b) in the case of an association or business entity, any and all shares, interests, participations, rights or other
equivalents (however designated) of corporate stock; 
 (c) in the case of a partnership or limited liability company,
partnership or membership interests (whether general or limited); and 
 (d) any other interest or participation that
confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person. 

“CDM Entity Holders” has the meaning set forth in the Preamble. 

“CDM Holders” has the meaning set forth in the Preamble. 

“CDM Hostess” has the meaning set forth in the Preamble. 

“CDM Hostess Series” means collectively, CDM Hostess Class C, LLC – Series A, CDM Hostess Class C, LLC
– Series B, CDM Hostess Class C, LLC – Series C, CDM Hostess Class C, LLC – Series D and CDM Hostess Class C, LLC – Series E. 

A “Change in Control” shall be deemed to have occurred upon: 

(a) the sale, lease or transfer, in one or a series of related transactions, of all or substantially all of the Corporate
Taxpayer’s assets (determined on a consolidated basis) to any person or group (as such term is used in Section 13(d)(3) of the Exchange Act) other than to any Subsidiary of the Corporate Taxpayer; provided, that, for clarity and
notwithstanding anything to the contrary, neither the approval of nor consummation of a transaction treated for U.S. federal income tax purposes as a liquidation into the Corporate Taxpayer of its wholly owned Subsidiaries or merger of such entities
into one another or the Corporate Taxpayer will constitute a “Change in Control”; 
 (b) the merger or
consolidation of the Corporate Taxpayer with any other person, other than a merger or consolidation which would result in the Voting Securities of the Corporate Taxpayer outstanding immediately prior thereto continuing to represent (either by

 
remaining outstanding or by being converted into Voting Securities of the surviving entity) at least 50.1% of the total voting power represented by the Voting Securities of the Corporate Taxpayer
or such surviving entity outstanding immediately after such merger or consolidation; 
 (c) the liquidation or dissolution
of the Corporate Taxpayer; or 
 (d) the acquisition, directly or indirectly, by any person or group (as such term is used
in Section 13(d)(3) of the Exchange Act) (other than (i) a trustee or other fiduciary holding securities under an employee benefit plan of the Corporate Taxpayer or (ii) a corporation or other entity owned, directly or indirectly, by the
stockholders of the Corporate Taxpayer in substantially the same proportions as their ownership of stock of the Corporate Taxpayer) of more than 50.1% of the aggregate voting power of the Voting Securities of the Corporate Taxpayer. 

“Class A Common Stock” has the meaning set forth in the Recitals. 

“Class A Common Stock Market Value” means, for any day, the average of the high price and the low price of a
share of Class A Common Stock for such day; provided, that if the Class A Common Stock no longer trades on a securities exchange or automated or electronic quotation system, then a majority of the independent members of the Board shall
determine the fair market value of a share of Class A Common Stock for such day in good faith. 
 “Class A LP
Units” has the meaning set forth in the Recitals. 
 “Class B Common Stock” has the meaning set
forth in the Recitals. 
 “Class B LP Units” has the meaning set forth in the Recitals. 

“Class C GP Interests” has the meaning set forth in the Recitals. 

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

“Contribution and Purchase” has the meaning set forth in the Recitals. 

“Control” means the possession, direct or indirect, of the power to direct or cause the direction of the
management and policies of a Person, whether through ownership of Voting Securities, by contract or otherwise. 

“Corporate Taxpayer” has the meaning set forth in the Preamble. 

“Corporate Taxpayer Group” means any of the Corporate Taxpayer and its Subsidiaries. 

“Corporate Taxpayer Return” means the U.S. federal, state or local Tax Return, as applicable, of the
Corporate Taxpayer or any wholly owned Subsidiary of the Corporate Taxpayer (or any Tax Return filed for a consolidated, affiliated, combined or unitary group of which the Corporate Taxpayer or any wholly owned Subsidiary of the Corporate Taxpayer
is a member) filed with respect to Taxes of any Taxable Year. 

 “Cumulative Net Realized Tax Benefit (Shared)” means, for a
Taxable Year, in respect of a Holder, the cumulative amount of Realized Tax Benefits (Shared) in respect of such Holder for all Taxable Years or portions thereof of (a) the Corporate Taxpayer, (b) its wholly owned Subsidiaries, and (c) without
duplication, Hostess Holdings and its Subsidiaries, up to and including such Taxable Year, net of the cumulative amount of Realized Tax Detriments (Shared) for the same period. The Realized Tax Benefit (Shared) and Realized Tax Detriment
(Shared) in respect of such Holder for each Taxable Year or portion thereof shall be determined based on the most recent Tax Benefit Schedule or Amended Schedule, if any, in existence at the time of such determination. If a Cumulative Net
Realized Tax Benefit (Shared) in respect of such Holder is being calculated with respect to a portion of a Taxable Year, then calculations of the Cumulative Net Realized Tax Benefit (Shared) in respect of such Holder (including determinations
relating to Basis Adjustments and Imputed Interest to the extent applicable) shall be made as if there were an interim closing of the books and the Taxable Year had closed on the relevant date. 

“Cumulative Net Realized Tax Benefit (Not Shared)” means, for a Taxable Year, in respect of a Holder, the
cumulative amount of Realized Tax Benefits (Not Shared) in respect of such Holder for all Taxable Years or portions thereof of (a) the Corporate Taxpayer, (b) its wholly owned Subsidiaries, and (c) without duplication, Hostess Holdings and its
Subsidiaries, up to and including such Taxable Year, net of the cumulative amount of Realized Tax Detriments (Not Shared) for the same period. The Realized Tax Benefit (Not Shared) and Realized Tax Detriment (Not Shared) in respect of such
Holder for each Taxable Year or portion thereof shall be determined based on the most recent Tax Benefit Schedule or Amended Schedule, if any, in existence at the time of such determination. If a Cumulative Net Realized Tax Benefit (Not Shared)
in respect of such Holder is being calculated with respect to a portion of a Taxable Year, then calculations of the Cumulative Net Realized Tax Benefit (Not Shared) in respect of such Holder (including determinations relating to Basis Adjustments
and Imputed Interest to the extent applicable) shall be made as if there were an interim closing of the books and the Taxable Year had closed on the relevant date. 

“Default Rate” means LIBOR plus 500 basis points. 

“Determination” has the meaning ascribed to such term in Section 1313(a) of the Code or similar provisions of
state and local Tax Law, as applicable, or any other event (including the execution of IRS Form 870-AD) that finally and conclusively establishes the amount of any liability for Tax. 

“Early Termination Date” means the date of an Early Termination Notice for purposes of determining the Early
Termination Payment. 
 “Early Termination Effective Date” has the meaning set forth in Section 4.2.

 “Early Termination Notice” has the meaning set forth in Section 4.2. 

“Early Termination Payment” has the meaning set forth in Section 4.3(b). 

“Early Termination Rate” means LIBOR plus 100 basis points. 

“Early Termination Schedule” has the meaning set forth in Section 4.2. 

 “Earn Out” has the meaning set forth in the Recitals. 

“Earn Out Interests” has the meaning set forth in the Recitals. 

“Exchange” means an acquisition or purchase, as determined for U.S. federal income tax purposes (including
pursuant to a “disguised sale of a partnership interest” under Section 707 of the Code), of Interests by the Corporate Taxpayer from a Holder (including a permitted assignee under Section 7.5 who is a party by reason of a joinder)
pursuant to (a) the Contribution and Purchase, (b) a Post-Transaction Exchange or (c) the AP Hostess Holdings Merger. Any reference in this Agreement to Interests “Exchanged” is intended to denote Interests that are the subject
of an Exchange. 
 “Exchange Act” means the Securities Exchange Act of 1934. 

“Exchange Agreement” has the meaning set forth in the Recitals. 

“Expert” has the meaning set forth in Section 7.9. 

“Governmental Entity” means any court, tribunal, arbitrator, authority, agency, commission, legislative body
or official of the United States or any state, or similar governing entity, in the United States or in a foreign jurisdiction. 

“Holders” has the meaning set forth in the Preamble. 

“Holders’ Representative” means Hostess CDM Co-Invest, LLC or its designee; provided, that when
CDM and the CDM Entity Holders (or their assignees) no longer have any rights to TRA Payments, AP Hostess LP or its designee shall be the Holders’ Representative. 

“Hostess GP” has the meaning set forth in the Recitals. 

“Hostess Agreements” means the Hostess Holdings A&R LPA and the Exchange Agreement. 

“Hostess Brands” has the meaning set forth in the Recitals. 

“Hostess CDM Co-Invest” has the meaning set forth in the Preamble. 

“Hostess Co-Invest Series” means, collectively, Hostess CDM Co-Invest, LLC – Series A, Hostess CDM
Co-Invest, LLC – Series B, Hostess CDM Co-Invest, LLC – Series C, Hostess CDM Co-Invest, LLC – Series D, Hostess CDM Co-Invest, LLC – Series E, Hostess CDM Co-Invest, LLC – Series F, Hostess CDM Co-Invest, LLC – Series
G, Hostess CDM Co-Invest, LLC – Series H and Hostess CDM Co-Invest, LLC – Series I. 
 “Hostess
Holdings” has the meaning set forth in the Recitals. 
 “Hostess Holdings A&R LPA” has the
meaning set forth in the Recitals. 
 “Hypothetical Tax Liability (Not Shared)” means, in respect of a
Holder, with respect to any Taxable Year, the liability for Taxes for such Taxable Year or portion thereof of 

 
(a) the Corporate Taxpayer, (b) its wholly owned Subsidiaries and (c) without duplication, Hostess Holdings and its Subsidiaries, but only with respect to the Corporate Taxpayer’s pro rata
shares of the Tax liability of Hostess Holdings and its Subsidiaries for such Taxable Year or portion thereof, in each case calculated using the same methods, elections, conventions and similar practices used in calculating the actual liability for
Taxes of the Corporate Taxpayer and its Subsidiaries on the relevant Corporate Taxpayer Return, but (i) using the Unadjusted Tax Basis (Not Shared) of the Reference Assets in respect of such Holder (which, in the case of an actual or deemed
disposition of a Reference Asset (or portion thereof), shall be the Unadjusted Tax Basis (Not Shared) of such Reference Asset (or portion thereof) as of immediately before such disposition), (ii) excluding any deduction attributable to Imputed
Interest in respect of such Holder for the Taxable Year, (iii) without taking into account the carryover or carryback of any Tax item (or portions thereof) that is attributable to or (without duplication) available for use because of the prior use
of the portion of the Basis Adjustment resulting from payments made to such Holder (or its predecessors or successors) under this Agreement or the Imputed Interest with respect to such Holder and (iv) for purposes of determining the liability for
state and local Taxes for a Taxable Year, the combined tax rate for state and local Taxes shall be the Assumed State and Local Tax Rate for such Taxable Year. If a Hypothetical Tax Liability (Not Shared) is being calculated with respect to a
portion of a Taxable Year, then calculations of the Hypothetical Tax Liability (Not Shared) (including determinations relating to Basis Adjustments and Imputed Interest to the extent applicable) shall be made as if there were an interim closing of
the books of the Corporate Taxpayer and its Subsidiaries and the Taxable Year had closed on the relevant date. For purposes of calculating the Hypothetical Tax Liability (Not Shared), a disposition of an interest in Hostess Holdings shall be
treated as a disposition of the portion of the assets of Hostess Holdings (or its Subsidiaries) to which such interest relates. 

“Hypothetical Tax Liability (Shared)” means with respect to any Taxable Year, the liability for Taxes for
such Taxable Year or portion thereof of (a) the Corporate Taxpayer, (b) its wholly owned Subsidiaries and (c) without duplication, Hostess Holdings and its Subsidiaries, but only with respect to the Corporate Taxpayer’s pro rata shares of the
Tax liability of Hostess Holdings and its Subsidiaries for such Taxable Year or portion thereof, in each case calculated using the same methods, elections, conventions and similar practices used in calculating the actual liability for Taxes of the
Corporate Taxpayer and its Subsidiaries on the relevant Corporate Taxpayer Return, but (i) using the Unadjusted Tax Basis (Shared) of the Reference Assets (which, in the case of an actual or deemed disposition of a Reference Asset (or portion
thereof), shall be the Unadjusted Tax Basis (Shared) of such Reference Asset (or portion thereof) as of immediately before such disposition), (ii) without taking into account the carryover or carryback of any Tax item (or portions thereof) that is
attributable to or (without duplication) available for use because of the prior use of the Basis Adjustment with respect to all Holders (other than the portion of such Basis Adjustment resulting from payments made under this Agreement) and (iii) for
purposes of determining the liability for state and local Taxes for a Taxable Year, the combined tax rate for state and local Taxes shall be the Assumed State and Local Tax Rate for such Taxable Year. If a Hypothetical Tax Liability (Shared) is
being calculated with respect to a portion of a Taxable Year, then calculations of the Hypothetical Tax Liability (Shared) (including determinations relating to Basis Adjustments and Imputed Interest to the extent applicable) shall be made as if
there were an interim closing of the books of the Corporate Taxpayer and its Subsidiaries and the Taxable Year had closed on the relevant date. For purposes of calculating the Hypothetical Tax Liability (Shared), a disposition of an interest in
Hostess Holdings shall be treated as a disposition of the portion of the assets of Hostess Holdings (or its Subsidiaries) to which such interest relates. 

 “Imputed Interest” means, in respect of a Holder, any interest
imputed under Sections 1272, 1274 or 483 or other provision of the Code and any similar provisions of state and local tax Law with respect to the Corporate Taxpayer’s payment obligations in respect of such Holder under this Agreement. 

“Interest” means LP Units and Class C GP Interests. 

“Interest Amount” has the meaning set forth in Section 3.1(b). 

“IRS” means the Internal Revenue Service. 

“Law” means, with respect to any Person, any statute, law (including common law), code, treaty, ordinance,
rule or regulation of any Governmental Entity applicable to such Person as of the date hereof. 
 “LIBOR”
means during any period, an interest rate per annum equal to the one-year LIBOR reported, on the date two days prior to the first day of such period, on the Reuters Screen page “LIBOR01” (or if such screen shall cease to be publicly
available, as reported by any other publicly available source of such market rate) for London interbank offered rates for U.S. dollar deposits for such period. 

“LP Units” has the meaning set forth in the Recitals. 

“Master Transaction Agreement” has the meaning set forth in the Recitals. 

“Maximum Cash Amount” has the meaning set forth in Section 3.8. 

“Maximum Rate” has the meaning set forth in Section 3.6. 

“Member of the Immediate Family” means, with respect to any Person who is an individual, (a) each parent,
spouse (but not including a former spouse or a spouse from whom such Person is legally separated) or child (including those adopted) of such individual and (b) each trust naming only one or more of the Persons listed in clause (a) above as
beneficiaries. 
 “Merger Sub” has the meaning set forth in the Recitals. 

“Nonrecourse Liability” has the meaning set forth in Treasury Regulations Section 1.752-1(a)(2). 

“Net Tax Benefit” has the meaning set forth in Section 3.1(b). 

“Objection Notice” has the meaning set forth in Section 2.2(a). 

“Participation Percentage” means, with respect to a Holder, the number set forth on Schedule 1 next to
such Holder’s name; provided, that (i) with respect to any Tax Benefit Payment attributable to an Exchange by a CDM Entity Holder, the “Participation Percentage” for 

 
such CDM Entity Holder shall be 52.5% and the “Participation Percentage” for each other CDM Entity Holder shall be 0%, (ii) with respect to any Tax Benefit Payment attributable to the
receipt of 2017 Earn Out Interests or the Exchange of 2017 Earn Out Interests, the “Participation Percentage” of the CDM Entity Holder that receives or Exchanges (as applicable) the 2017 Earn Out Interests shall be 100% and the
“Participation Percentage” for each other Holder shall be 0% and (iii) the Corporate Taxpayer shall equitably adjust the Holders’ Participation Percentages from time to time to reflect permitted transfer of rights hereunder and
waivers and elections pursuant to clauses (A) and (B) of Section 4.1(b). 
 “Parties”
has the meaning set forth in the Preamble. 
 “Payment Date” means any date on which a payment is required
to be made pursuant to this Agreement. 
 “Person” means any individual, corporation, firm, partnership,
joint venture, limited liability company, estate, trust, business association, organization, Governmental Entity or other entity. 

“Post-Transaction Exchange” has the meaning set forth in the Recitals. 

“Pre-Exchange Transfer” means, with respect to an Interest, any transfer (including upon the death of a
Holder), (a) that occurs prior to an Exchange of such Interest and (b) to which Section 743(b) of the Code applies; provided, that the issuance of the 2016 Compensation Units to CDM pursuant to the CDM Employment Agreement shall not be
considered a “Pre-Exchange Transfer”. 
 “Realized Tax Benefit (Not Shared)” means, in respect of
a Holder (other than AP Hostess LP or its successor transferees or assignees pursuant to Section 7.5(a), except to the extent that any such Person is a successor transferee or assignee of another Holder pursuant to Section 7.5(a)), for
a Taxable Year (or portion thereof), the excess, if any, of the Hypothetical Tax Liability (Not Shared) in respect of such Holder for such Taxable Year (or portion thereof) over the actual liability for Taxes for such Taxable Year (or portion
thereof) of (a) the Corporate Taxpayer, (b) its wholly owned Subsidiaries, and (c) without duplication, Hostess Holdings and its Subsidiaries, but only with respect to the Corporate Taxpayer and its wholly owned Subsidiaries’ pro rata shares of
the Tax liability of Hostess Holdings and its Subsidiaries for such Taxable Year (or portion thereof). If all or a portion of the actual liability for such Taxes for the Taxable Year arises as a result of an audit by a Taxing Authority of any
Taxable Year, such liability shall not be included in determining the Realized Tax Benefit (Not Shared) in respect of such Holder unless and until there has been a Determination. If an “actual liability” for Taxes is being calculated
with respect to a portion of a Taxable Year, then calculations of such actual liability (including determinations relating to Basis Adjustments and Imputed Interest to the extent applicable) shall be made as if there were an interim closing of the
books of the relevant entity and its Subsidiaries and the Taxable Year had closed on the relevant date. 
 “Realized
Tax Benefit (Shared)” means, in respect of a Holder, for a Taxable Year (or portion thereof), the product of (a) such Holder’s Participation Percentage as of such Taxable Year (or portion thereof) multiplied by (b) the excess, if any,
of the Hypothetical Tax 

 
Liability (Shared) for such Taxable Year (or portion thereof) over the actual liability for Taxes for such Taxable Year (or portion thereof) of (i) the Corporate Taxpayer, (ii) its wholly owned
Subsidiaries, and (iii) without duplication, Hostess Holdings and its Subsidiaries, but only with respect to the Corporate Taxpayer and its wholly owned Subsidiaries’ pro rata shares of the Tax liability of Hostess Holdings and its Subsidiaries
for such Taxable Year (or portion thereof). If all or a portion of the actual liability for such Taxes for the Taxable Year arises as a result of an audit by a Taxing Authority of any Taxable Year, such liability shall not be included in
determining the Realized Tax Benefit (Shared) in respect of such Holder unless and until there has been a Determination. If an “actual liability” for Taxes is being calculated with respect to a portion of a Taxable Year, then
calculations of such actual liability (including determinations relating to Basis Adjustments and Imputed Interest to the extent applicable) shall be made as if there were an interim closing of the books of the relevant entity and its Subsidiaries
and the Taxable Year had closed on the relevant date. 
 “Realized Tax Detriment (Not Shared)” means, in
respect of a Holder (other than AP Hostess LP or its successor transferees or assignees pursuant to Section 7.5(a), except to the extent that any such Person is a successor transferee or assignee of another Holder pursuant to Section
7.5(a)), for a Taxable Year (or portion thereof), the excess, if any, of the actual liability for Taxes for such Taxable Year (or portion thereof) of (a) the Corporate Taxpayer, (b) its wholly owned Subsidiaries, and (c) without duplication,
Hostess Holdings and its Subsidiaries, but only with respect to the Corporate Taxpayer and its wholly owned Subsidiaries’ pro rata shares of the Tax liability of Hostess Holdings and its Subsidiaries for such Taxable Year (or portion thereof)
over the Hypothetical Tax Liability (Not Shared) in respect of such Holder for such Taxable Year (or portion thereof). If all or a portion of the actual liability for such Taxes for the Taxable Year arises as a result of an audit by a Taxing
Authority of any Taxable Year, such liability shall not be included in determining the Realized Tax Detriment (Not Shared) in respect of such Holder unless and until there has been a Determination. If an “actual liability” for Taxes
is being calculated with respect to a portion of a Taxable Year, then calculations of such actual liability (including determinations relating Basis Adjustments and Imputed Interest to the extent applicable) shall be made as if there were an interim
closing of the books of the relevant entity and its Subsidiaries and the Taxable Year had closed on the relevant date. 

“Realized Tax Detriment (Shared)” means, in respect of a Holder, for a Taxable Year (or portion thereof), the
product of (a) such Holder’s Participation Percentage as of such Taxable Year (or portion thereof) multiplied by (b) the excess, if any, of the actual liability for Taxes for such Taxable Year (or portion thereof) of (i) the Corporate Taxpayer,
(ii) its wholly owned Subsidiaries, and (iii) without duplication, Hostess Holdings and its Subsidiaries, but only with respect to the Corporate Taxpayer and its wholly owned Subsidiaries’ pro rata shares of the Tax liability of Hostess
Holdings and its Subsidiaries for such Taxable Year (or portion thereof) over the Hypothetical Tax Liability (Shared) in respect of such Holder for such Taxable Year (or portion thereof). If all or a portion of the actual liability for such
Taxes for the Taxable Year arises as a result of an audit by a Taxing Authority of any Taxable Year, such liability shall not be included in determining the Realized Tax Detriment (Shared) in respect of such Holder unless and until there has been a
Determination. If an “actual liability” for Taxes is being calculated with respect to a portion of a Taxable Year, then calculations of such actual liability (including determinations relating Basis Adjustments and Imputed Interest to
the extent applicable) shall be made as if there were an interim closing of the books of the relevant entity and its Subsidiaries and the Taxable Year had closed on the relevant date. 

 “Realized Tax Benefit or Detriment” has the meaning set forth in
Section 2.1(a). 
 “Reconciliation Dispute” has the meaning set forth in Section 7.9. 

“Reconciliation Procedures” has the meaning set forth in Section 2.2(a). 

“Reference Asset” means (a) with respect to any Exchange, an Applicable Asset that is held by Hostess
Holdings or by any of its direct or indirect subsidiaries treated as a partnership or disregarded entity for purposes of the applicable Tax, at the time of such Exchange and (b) any Applicable Asset that is “substituted basis property”
under Section 7701(a)(42) of the Code with respect to a Reference Asset. 
 “Schedule” means any of the
following: (i) a Tax Benefit Schedule or (ii) the Early Termination Schedule, and, in each case, any amendments thereto. 

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

“Senior Obligations” has the meaning set forth in Section 5.1. 

“Stage One Merger” has the meaning set forth in the Recitals. 

“Stage Two Merger” has the meaning set forth in the Recitals. 

“Subsidiary” means, with respect to any Person, as of any date of determination, any other Person as to which
such Person, owns, directly or indirectly, or otherwise controls more than fifty percent (50%) of the voting power or other similar interests or the sole general partner interest or managing member or similar interest of such Person. 

“Tax Benefit Payment” has the meaning set forth in Section 3.1(b). 

“Tax Benefit Schedule” has the meaning set forth in Section 2.1(a). 

“Tax Protection Period” means the period commencing on the date hereof and ending at such time as the CDM
Entity Holders have, in the aggregate, disposed of ninety percent (90%) or more of their LP Units held immediately after the consummation of the Contribution and Purchase in one or more taxable transactions. 

“Tax Return” means any return, declaration, election, report or similar statement filed or required to be
filed with a Taxing Authority with respect to Taxes (including any attached schedules), including any information return, claim for refund, declaration of estimated Tax, and amendments of any of the foregoing. 

“Taxable Year” means a “taxable year” (as defined in Section 441(b) of the Code (or comparable
provisions of state or local Tax Law)) of the Corporate Taxpayer or any Subsidiary thereof, ending after the date hereof. 

 “Taxes” means any and all U.S. federal, state and local taxes,
assessments or similar charges that are based on or measured with respect to net income or profits, and any interest related to such Tax. 

“Taxing Authority” means any domestic, federal, national, state, county or municipal or other local
government, any subdivision, agency, commission or authority thereof, or any quasi-governmental body exercising any taxing authority or any other authority exercising Tax regulatory authority. 

“TRA Payment” means a Tax Benefit Payment and an Early Termination Payment. 

“Treasury Regulations” means the final, temporary and (to the extent they can be relied upon) proposed
regulations under the Code promulgated from time to time (including corresponding provisions and succeeding provisions) as in effect for the relevant taxable period. 

“Unadjusted Tax Basis (2016 Compensation)” means, with respect to a Reference Asset (or portion thereof) that
is attributable to an Exchange of 2016 Compensation Units, at any time, the lesser of (a) the Tax basis that such Reference Asset (or portion thereof) would have had at such time if no Basis Adjustments had been made or (b) the Tax basis of such
Reference Asset (or portion thereof). 
 “Unadjusted Tax Basis (Not Shared)” means, in respect of a Holder
(other than AP Hostess LP or its successor transferees or assignees pursuant to Section 7.5(a), except to the extent that any such Person is a successor transferee or assignee of another Holder pursuant to Section 7.5(a)), with respect
to a Reference Asset, at any time, (a) with respect to the portion of such Reference Asset that has been subject to a Basis Adjustment in respect of such Holder (determined without regard to any dilutive or antidilutive effect of any contribution to
or distribution from Hostess Holdings after the date hereof), the excess of (i) the Tax basis of such portion at such time over (ii) the Applicable Tax Basis in respect of such Holder of such portion at such time, and (b) with respect to the
remaining portion of such Reference Asset, the Tax basis of such remaining portion at such time. 
 “Unadjusted Tax
Basis (Shared)” means, with respect to a Reference Asset, at any time, (i) with respect to the portion of such Reference Asset that has been subject to a Basis Adjustment (determined without regard to any dilutive or antidilutive effect of
any contribution to or distribution from Hostess Holdings after the date hereof), the aggregate Applicable Tax Basis in respect of all Holders of such portion at such time plus the aggregate Unadjusted Tax Basis (2016 Compensation) (if any) as of
such time, and (ii) with respect to the remaining portion of such Reference Asset, the Tax basis of such remaining portion at such time. 

“Valuation Assumptions” means, as of an Early Termination Date, the assumptions that (a) in each Taxable Year
ending on or after such Early Termination Date (or with respect to which the Tax Benefit Payment has not been determined and (subject to Sections 3.6 and 5.3) paid), the Corporate Taxpayer and its wholly owned Subsidiaries will
have taxable income sufficient to fully utilize the deductions arising from the Basis Adjustments and the Imputed Interest during such Taxable Year or future Taxable Years in which such deductions 

 
would become available (including, for the avoidance of doubt, Basis Adjustments and Imputed Interest that would result from post-Early Termination Date Tax Benefit Payments that would be paid in
accordance with the Valuation Assumptions), (b) the U.S. federal income tax rates and state and local income tax rates that will be in effect for each such Taxable Year will be those specified for each such Taxable Year by the Code and other Law as
in effect on the Early Termination Date (but taking into account for the applicable Taxable Years adjustments to the tax rates that have been enacted as of the Early Termination Date with a delayed effective date), (c) any loss carryovers generated
by any Basis Adjustment or Imputed Interest and available as of the Early Termination Date will be used by the Corporate Taxpayer on a pro rata basis from the Early Termination Date through the scheduled expiration date of such loss carryovers, (d)
any non-depreciable or non-amortizable Reference Asset will be disposed of on the later of (i) the fifteenth anniversary of the applicable Basis Adjustment or (ii) the Early Termination Date, for an amount sufficient to fully utilize the
Basis Adjustment with respect to such Reference Asset; provided, that in the event of a Change in Control which includes a taxable sale of such Reference Asset (including the sale of equity interests in an entity classified as a partnership
or disregarded entity that directly or indirectly owns such Reference Asset), such Reference Asset shall be deemed disposed of at the time of the Change in Control, (e) if, on the Early Termination Date, the Holder has (or is deemed to have)
Interests that have not been Exchanged, then each such Interest shall be deemed to be Exchanged for the Class A Common Stock Market Value on the Early Termination Date, and the Holder shall be deemed to receive the amount of cash the Holder would
have been entitled to pursuant to this Agreement had the Interest actually been Exchanged on the Early Termination Date, determined using the Valuation Assumptions, (f) the Corporate Taxpayer will make a Tax Benefit Payment one hundred
twenty-five (125) calendar days after the due date (taking into account automatic extensions) of the U.S. federal income Tax Return of the Corporate Taxpayer (or its wholly owned Subsidiaries, as applicable) for each Taxable Year for which a Tax
Benefit Payment would be due, (g) if, on the Early Termination Date, the Earn Out Interests (if any) have not yet been issued pursuant to Earn Out solely because the Early Termination Date occurred prior to the date on which the Earn Out could
potentially be paid under the Master Transaction Agreement, then the maximum number of Earn Out Interests permitted to be issued under the Master Transaction Agreement shall be deemed to be issued on the Early Termination Date immediately before the
deemed Exchange described in clause (e) above and (h) if, on the Early Termination Date, the 2018 Earn Out Interests (if any) have not yet been issued pursuant the 2018 Earn Out solely because the Early Termination Date occurred prior to the
date on which the 2018 Earn Out could potentially be paid under the CDM Employment Agreement, then the maximum number of 2018 Earn Out Interests permitted to be issued under the CDM Employment Agreement shall be deemed to be issued on the Early
Termination Date immediately before the deemed Exchange described in clause (e) above. 
 “Voting
Securities” means any securities of the Corporate Taxpayer which are entitled to vote generally in matters submitted for a vote of the Corporate Taxpayer’s stockholders or generally in the election of the Board. 

1.2 Terms Generally. In this Agreement, unless otherwise specified or where the context otherwise requires: 

(a) the headings of particular provisions of this Agreement are inserted for convenience only and will not be construed as a
part of this Agreement or serve as a limitation or expansion on the scope of any term or provision of this Agreement; 

 (b) words importing any gender shall include other genders; 

(c) words importing the singular only shall include the plural and vice versa; 

(d) the words “include,” “includes” or “including” shall be deemed to be followed by the words
“without limitation”; 
 (e) the words “hereof,” “herein” and “herewith” and words
of similar import shall, unless otherwise stated, be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement; 

(f) references to “Articles,” “Exhibits,” “Sections” or “Schedules” shall be to
Articles, Exhibits, Sections or Schedules of or to this Agreement; 
 (g) references to the “Corporate Taxpayer
Group” are references to members of the Corporate Taxpayer Group individually and collectively; 
 (h) references to
any Person include the successors and permitted assigns of such Person; 
 (i) the use of the words “or,”
“either” and “any” shall not be exclusive; 
 (j) wherever a conflict exists between this Agreement and
any other agreement between the Parties, this Agreement shall control but solely to the extent of such conflict; 
 (k)
references to “$” or “dollars” means the lawful currency of the United States of America; 
 (l)
references to any agreement, contract or schedule, unless otherwise stated, are to such agreement, contract or schedule as amended, modified or supplemented from time to time in accordance with the terms hereof and thereof; 

(m) references to any law, statute, regulation or other government rule is to it as amended, consolidated, replaced,
supplemented or interpreted from time to time and, as applicable, is to corresponding provisions of successor laws, statutes regulations or other government rules; 

(n) the Parties have participated collectively in the negotiation and drafting of this Agreement; accordingly, in the event an
ambiguity or question of intent or interpretation arises, it is the intention of the Parties that this Agreement shall be construed as if drafted collectively by the Parties, and that no presumption or burden of proof shall arise favoring or
disfavoring any Party by virtue of the authorship of any provisions of this Agreement; and 
 (o) references to
“Hostess CDM Co-Invest” and “CDM Hostess” shall also refer to each of the respective series of Hostess CDM Co-Invest, LLC and CDM Hostess Class C, LLC. 

 ARTICLE II. 

DETERMINATION OF CERTAIN REALIZED TAX BENEFIT 

2.1 Tax Benefit Schedule. 

(a) Tax Benefit Schedule. Within ninety (90) calendar days after the due date (taking into account valid extensions) of
the U.S. federal income Tax Return of the Corporate Taxpayer (or its wholly owned Subsidiaries, as applicable) for any Taxable Year in which there is a Realized Tax Benefit (Shared), Realized Tax Benefit (Not Shared), Realized Tax Detriment (Shared)
or Realized Tax Detriment (Not Shared) (collectively, a “Realized Tax Benefit or Detriment”), the Corporate Taxpayer shall provide to the Holders’ Representative a schedule showing in reasonable detail the calculation of the
Realized Tax Benefit or Detriment in respect of each Holder for such Taxable Year and any Tax Benefit Payment in respect of the Holders (a “Tax Benefit Schedule”). The Tax Benefit Schedules provided by the Corporate Taxpayer will
become final as provided in Section 2.2(a) and shall be amended as provided in Section 2.2(b). Notwithstanding anything to the contrary, the Corporate Taxpayer shall cause Hostess GP to cause Hostess Holdings to ensure that an
election under Section 754 of the Code is in effect for each Taxable Year of Hostess Holdings (until Hostess Holdings becomes an entity that is disregarded as separate from its owner for U.S. federal income tax purposes). 

(b) Applicable Principles. Subject to Section 3.3(a), the Realized Tax Benefit or Detriment for each Taxable
Year is intended to measure the decrease or increase in the actual liability for Taxes of the Corporate Taxpayer and its wholly owned Subsidiaries (and Hostess Holdings and its Subsidiaries, as applicable and without duplication) for such Taxable
Year (or portion thereof) attributable to the Basis Adjustments and the Imputed Interest, determined using a “with and without” methodology. For the avoidance of doubt, the actual liability for Taxes of the Corporate Taxpayer and its
wholly owned Subsidiaries (and Hostess Holdings and its Subsidiaries, as applicable and without duplication) will take into account any deduction of Imputed Interest. Carryovers or carrybacks of any Tax item attributable to the Basis Adjustments and
Imputed Interest shall be considered to be subject to the rules of the Code and the Treasury Regulations or the appropriate provisions of U.S. state and local Tax Law, as applicable, governing the use, limitation and expiration of carryovers or
carrybacks of the relevant type. The Parties agree that (i) all Tax Benefit Payments to the Holders (other than amounts accounted for as interest under the Code) with respect to the Tax Basis (other than the Applicable Tax Basis) of the Reference
Assets will be shared among the Holders in proportion to their Participation Percentages, (ii) all Tax Benefit Payments to CDM or the CDM Entity Holders (other than amounts accounted for as interest under the Code) will be treated as subsequent
upward purchase price adjustments that have the effect of creating additional Basis Adjustments in respect of CDM or such CDM Entity Holder to the Reference Assets for the Corporate Taxpayer or its wholly owned Subsidiaries, as applicable, in the
Taxable Year of payment, and (iii) as a result, such additional Basis Adjustments in respect of CDM or such CDM Entity Holder will be incorporated into the calculations with respect to the Taxable Year of payment and future Taxable Years, as
appropriate. 

 2.2 Procedure; Amendments. 

(a) Procedure. Every time the Corporate Taxpayer delivers to the Holders’ Representative an applicable Schedule
under this Agreement, including any Amended Schedule delivered pursuant to Section 2.2(b), including any Early Termination Schedule or amended Early Termination Schedule, the Corporate Taxpayer shall also allow the Holders’
Representative reasonable access, at the Corporate Taxpayer’s sole cost, to the appropriate representatives, as determined by the Corporate Taxpayer, at the Corporate Taxpayer and the Advisory Firm that prepared the relevant Corporate Taxpayer
Returns in connection with a review of such Schedule. Without limiting the application of the preceding sentence, the Corporate Taxpayer shall, upon request, deliver to the Holders’ Representative work papers providing reasonable detail
regarding the computation of such Tax Benefit Schedule. An applicable Tax Benefit Schedule or amendment thereto shall, subject to the final sentence of this Section 2.2(a), become final and binding on the Holders’ Representative and
each Holder and its Affiliates thirty (30) calendar days from the first date on which the Corporate Taxpayer sent the Holders’ Representative the applicable Schedule or amendment thereto unless (i) the Holders’ Representative within thirty
(30) calendar days after the date the Corporate Taxpayer sent such Schedule or amendment thereto provides the Corporate Taxpayer with written notice of a material objection to such Schedule made in good faith and setting forth in reasonable detail
the Holders’ Representative material objection along with a letter from an Advisory Firm supporting such objection, if such objection relates to the application of Tax Law (an “Objection Notice”) or (ii) the Holders’
Representative provides a written waiver of the right to provide any Objection Notice with respect to such Schedule or amendment thereto within the period described in clause (i) above, in which case such Schedule or amendment thereto
becomes binding on the date the waiver is received by the Corporate Taxpayer. If the Corporate Taxpayer and the Holders’ Representative are unable to resolve the issues raised in such Objection Notice within thirty (30) calendar days after
receipt by the Corporate Taxpayer of the Objection Notice, the Corporate Taxpayer and the Holders’ Representative shall employ the reconciliation procedures described in Section 7.9 (the “Reconciliation Procedures”).

(b) Amended Schedule. The applicable Schedule for any Taxable Year shall be amended from time to time by the Corporate
Taxpayer (i) in connection with a Determination affecting such Schedule, (ii) to correct inaccuracies in the Schedule identified after the date the Schedule was provided to the Holders’ Representative, (iii) to comply with an Expert’s
determination under the Reconciliation Procedures applicable to this Agreement, (iv) to reflect a change in the Realized Tax Benefit or Detriment in respect of a Holder for such Taxable Year attributable to a carryback or carryforward of a loss or
other tax item to such Taxable Year, (v) to reflect a change in the Realized Tax Benefit or Detriment in respect of a Holder for such Taxable Year attributable to an amended Tax Return filed for such Taxable Year, or (vi) to take into account
payments made pursuant to this Agreement (any such Schedule, an “Amended Schedule”).
 2.3 Consistency
with Tax Returns. Notwithstanding anything to the contrary herein, all calculations and determinations hereunder, including Basis Adjustments, the Schedules, and the determination of the Realized Tax Benefit or Detriment, shall be made in
accordance with any elections, methodologies or positions taken on the relevant Corporate Taxpayer Returns. 

 ARTICLE III. 

TAX BENEFIT PAYMENTS 

3.1 Payments. 

(a) Payments. Except as provided in Sections 3.6 and 5.3, and subject to Section 3.3,
within five (5) Business Days after all the Tax Benefit Schedules with respect to the Taxable Year delivered to the Holders pursuant to this Agreement become final in accordance with ARTICLE II, the Corporate Taxpayer shall pay or cause to be
paid to each Holder for such Taxable Year such Holder’s Tax Benefit Payment (if any) determined pursuant to Section 3.1(b). Subject to Section 3.8, each such payment shall be made, at the sole discretion of the Corporate Taxpayer,
by wire or Automated Clearing House transfer of immediately available funds to the bank account previously designated by the Holders’ Representative to the Corporate Taxpayer or as otherwise agreed by the Corporate Taxpayer and the
Holders’ Representative. 
 (b) A “Tax Benefit Payment” in respect of a Holder for a Taxable Year
means an aggregate amount, not less than zero, which the Corporate Taxpayer is required to pay or cause to be paid pursuant to Section 3.1, equal to the sum of the Net Tax Benefit and the Interest Amount in respect of such Holder. For the
avoidance of doubt, for Tax purposes, the Interest Amount shall not be treated as interest for U.S. federal and applicable state and local Tax purposes but instead shall be treated as additional consideration for the acquisition of Interests in
Exchanges, unless otherwise required by Law, as reasonably determined by the Corporate Taxpayer. The “Net Tax Benefit” in respect of such Holder for a Taxable Year shall be an amount equal to the excess, if any, of (i) 85% of the
sum of (A) the Cumulative Net Realized Tax Benefit (Shared) in respect of such Holder and (B) the Cumulative Net Realized Tax Benefit (Not Shared) in respect of such Holder, in each case as of the end of such Taxable Year (or portion thereof) over
(ii) the total amount of payments previously made under this Section 3.1 in respect of such Holder (excluding payments of Interest Amounts) provided, that, notwithstanding anything in Section 3.1 to the contrary, unless (x) the
Parties agree otherwise in writing upon the request of a CDM Holder or (y) prior to the effectiveness of a relevant Exchange, a CDM Holder provides timely written notice to the Corporate Taxpayer that it will elect out of the installment method
under Section 453 of the Code with respect to such Exchange, in no event shall the gross Tax Benefit Payments paid to such CDM Holder in respect of any Exchange by such CDM Holder (excluding any such payment characterized as Imputed Interest) exceed
75% of the initial consideration received by such CDM Holder in connection with such Exchange; provided, further, that in no event shall the previous proviso result in the diminution of payments to be made under this Agreement to AP
Hostess Holdings or its successors or assigns (except to the extent that AP Hostess Holdings or any such successor or assign is itself a successor or assign of a CDM Holder). 

(c) The “Interest Amount” in respect of such Holder for a Taxable Year (or portion thereof) shall equal the
interest on the Net Tax Benefit in respect of such Holder with 

 
respect to such Taxable Year (or portion thereof) calculated at the Agreed Rate compounded annually from the due date (without extensions) for filing the U.S. federal income Tax Return of the
Corporate Taxpayer for such Taxable Year until the Payment Date. The Net Tax Benefit and the Interest Amount shall be determined separately with respect to each separate Exchange on an individual basis by reference to the resulting Basis Adjustment
to the Corporate Taxpayer. 
 3.2 Duplicative Payments. It is intended that the provisions of this Agreement will not
result in a duplicative payment of any amount (including interest) required under this Agreement. It is also intended that the provisions of this Agreement, subject to ARTICLE IV and Section 7.13, will result in 85% of the
Cumulative Net Realized Tax Benefit (Shared) and Cumulative Net Realized Tax Benefit (Not Shared) (but calculated by taking into account all Exchanges by all Holders as of any time) as of any determination date being paid to the Holders pursuant to
this Agreement. The provisions of this Agreement shall be construed in the appropriate manner to ensure such intentions are realized. For the avoidance of doubt, interest shall not accrue under more than one provision of this Agreement for any
specific period of time. 
 3.3 Pro Rata Payments; Coordination of Benefits. 

(a) Notwithstanding anything in Section 3.1 to the contrary, to the extent that the aggregate tax benefit of the
Corporate Taxpayer’s, and/or its wholly owned Subsidiaries’, as applicable, deductions within Net Tax Benefit (including the Basis Adjustments and Imputed Interest under this Agreement) is limited in a particular Taxable Year because the
Corporate Taxpayer and/or its wholly owned Subsidiaries, as applicable, does or do not have sufficient taxable income or other limitations to utilize the tax benefits within Net Tax Benefit (including the Basis Adjustments or Imputed Interest), the
Net Tax Benefit shall be allocated among all Holders eligible for payments hereunder in proportion to the respective amounts of Net Tax Benefit that would have been allocated to each such party if the Corporate Taxpayer and, as applicable, its
wholly owned Subsidiaries, had sufficient taxable income so that there were no such limitation (or such other limitations did not apply). 

(b) After taking into account Section 3.3(a), if the Corporate Taxpayer defers a Tax Benefit Payment in respect of a
particular Taxable Year pursuant to Section 5.3, then the Parties agree that no Tax Benefit Payment shall be made in respect of any Taxable Year until all Tax Benefit Payments in respect of prior Taxable Years have been made in full. If,
as a result of the deferral described in the foregoing sentence, the Tax Benefit Payments are to be partially but not fully satisfied with respect to a Taxable Year, such Tax Benefit Payments shall be made in the same proportion as the Tax Benefit
Payments that would have been paid to the Holders if the Corporate Taxpayer were to satisfy its obligation in full. 
 3.4
No Return of Payments. Notwithstanding anything to the contrary in this Agreement, the Holders shall not be required to return any previously made TRA Payment or any other payment hereunder. 

3.5 Stock and Stockholders of the Corporate Taxpayer. TRA Payments and any other payments hereunder are not conditioned
on the Holders holding any stock of the Corporate Taxpayer (or any successor thereto). 

 3.6 Interest Amount Limitation. Notwithstanding anything herein to the
contrary, if at any time the applicable Agreed Rate or Default Rate shall exceed the maximum lawful interest rate that may be contracted for, charged, taken, received or reserved in accordance with applicable Law (the “Maximum
Rate”), the Agreed Rate and Default Rate (as applicable) shall be limited to the Maximum Rate; provided, that any amounts unpaid as a result of such limitation (other than with respect to an Early Termination Payment) shall be paid
(together with interest calculated at the Agreed Rate or the Default Rate (as applicable) with respect to the period such amounts remained unpaid) on subsequent payment dates to the extent not exceeding the legal limitation. 

3.7 Day Count Convention. All computations using the Agreed Rate, Default Rate or Termination Rate shall use the
“Actual/360” day count convention. 
 3.8 AP Hostess LP Tax Adjustment. Notwithstanding anything to the
contrary in this Agreement, in the event that any payment of cash under this Agreement or the Master Transaction Agreement to AP Hostess LP or its successors or assignees would cause the cumulative amount treated as paid in cash for U.S. federal
income tax purposes to AP Hostess LP or its successors or assignees pursuant to this Agreement and the Master Transaction Agreement to exceed 60% of an amount equal to (a) the fair market value of shares of Class A Common Stock to be issued to AP
Hostess LP or its successors or assignees (determined by using the average of the high and low trading price on the date that AP Hostess LP became entitled to such payment), plus (b) the cumulative amount of cash paid to AP Hostess LP or its
successors or assignees pursuant to this Agreement and the Master Transaction Agreement (the “Maximum Cash Amount”), then such excess cash amount (the “AP Hostess LP Tax Adjustment Amount”) shall instead be paid to
AP Hostess LP or its successors or assignees in the form of a number of shares of Class A Common Stock equal to (i) the AP Hostess LP Tax Adjustment Amount divided by (ii) the Class A Common Stock Market Value, excluding the fair market value (as
determined above) of shares of Class A Common Stock to be issued to AP Hostess LP or its successors or assignees on account of the Earn Out Interests that are deemed to be on account of interest for U.S. federal income tax purposes (the “AP
Hostess LP Tax Adjustment Shares”); provided, that such excess cash amount shall be further adjusted so as to not exceed the Maximum Cash Amount taking into account the Class A Common Stock Market Value on the date that AP Hostess LP
or its successors or assignees became entitled to such AP Hostess LP Tax Adjustment Shares. 
 ARTICLE IV. 

TERMINATION 

4.1 Early Termination, Change in Control and Breach of Agreement. 

(a) The Corporate Taxpayer may, with the prior written consent of a majority of the disinterested members of the Board,
terminate this Agreement with respect to all amounts payable to all of the Holders (including, for the avoidance of doubt, any transferee pursuant to Section 7.5(a)) at any time by paying or causing to be paid to such Holders an Early
Termination Payment; provided, however, that this Agreement shall terminate with respect to any such Holder only upon the payment of such Early Termination Payment to such 

 
Holder; provided, further, that the Corporate Taxpayer may withdraw any notice to execute its termination rights under this Section 4.1(a) prior to the time at which any
Early Termination Payment has been paid. Upon payment of an Early Termination Payment to a Holder, the Corporate Taxpayer shall not have any further payment obligations in respect of such Holder under this Agreement, other than for any Tax Benefit
Payment (i) agreed to by the Corporate Taxpayer and such Holder as due and payable but unpaid as of the Early Termination Date, (ii) that is the subject of an Objection Notice, which will be payable in accordance with resolution of the issues
identified in such Objection Notice pursuant to this Agreement, and (iii) due for the Taxable Year ending with or including the Early Termination Date (except to the extent that the amounts described in clauses (i), (ii) and
(iii) above are included in the calculation of the Early Termination Payment). If an Exchange occurs with respect to Interests with respect to which the Corporate Taxpayer has previously paid or cause to be paid to the applicable Holder
an Early Termination Payment, the Corporate Taxpayer shall have no obligations under this Agreement with respect to such Exchange. 

(b) In the event that there occurs a Change in Control or the Corporate Taxpayer materially breaches any of its material
obligations under this Agreement, whether as a result of failure to make any payment when due, failure to honor any other material obligation required hereunder or by operation of Law as a result of the rejection of this Agreement in a case
commenced under the Bankruptcy Code or otherwise, then all obligations hereunder shall be accelerated, and such obligations shall be calculated as if an Early Termination Notice had been delivered on the date of such Change in Control or breach, as
applicable, to each Holder and shall include (i) each Early Termination Payment calculated as if an Early Termination Notice had been delivered on the date of such Change in Control or breach (and the Corporate Taxpayer shall provide each Holder
with an Early Termination Schedule, which shall become final in accordance with the procedures set forth in Section 4.2), (ii) any Tax Benefit Payment agreed to by the Corporate Taxpayer and any Holder as due and payable but unpaid as of the
date of such Change in Control or breach, as applicable, (iii) any Tax Benefit Payment that is the subject of an Objection Notice, which will be payable in accordance with resolution of the issues identified in such Objection Notice pursuant to this
Agreement, and (iv) any Tax Benefit Payment due for the Taxable Year ending with or including the date of such Change in Control or breach, as applicable (except to the extent that the amounts described in clauses (ii), (iii) and
(iv) above are included in the calculation of the amount described in clause (i) above). Notwithstanding the foregoing, (A) in the event of a Change in Control, each Holder may waive the acceleration of payments with respect to such
Holder hereunder pursuant to this Section 4.1(b), in which case, for each Taxable Year ending on or after the date of the Change in Control, all TRA Payments in respect of such Holder shall be calculated by applying clauses (a) and
(b) of the definition of “Valuation Assumptions,” substituting in each case the term “the date of the Change of Control” for “the Early Termination Date”, and (B) in the event that the Corporate Taxpayer
materially breaches this Agreement, each Holder shall be entitled to elect to receive the amounts set forth in clauses (i), (ii), (iii) and (iv) above or to seek specific performance of the terms hereof. The Parties agree
that it will not be considered to be a material breach of a material obligation under this Agreement to make a payment due pursuant to this Agreement within thirty (30) calendar days of the date such payment is due (for the avoidance of doubt,
taking into account Sections 3.6, 5.2 and 5.3). 

 4.2 Early Termination Notice. If the Corporate Taxpayer chooses to
exercise its right of early termination under Section 4.1, the Corporate Taxpayer shall deliver to the Holders’ Representative notice of such intention to exercise such right (“Early Termination Notice”) and a schedule
(the “Early Termination Schedule”) specifying the Corporate Taxpayer’s intention to exercise such right and showing in reasonable detail the calculation of the Early Termination Payment for each Holder. The Early
Termination Schedule will become final and binding with respect to the Holders’ Representative and each Holder and its Affiliates thirty (30) calendar days from the first date on which the Corporate Taxpayer sent the Holders’
Representative such Early Termination Schedule unless (a) the Holders’ Representative within thirty (30) calendar days after the date the Corporate Taxpayer sent such Schedule or amendment thereto provides the Corporate Taxpayer with an
Objection Notice with respect to such Early Termination Schedule or (b) the Holders’ Representative provides a written waiver of the right to provide any Objection Notice with respect to such Schedule or amendment thereto within the period
described in clause (a) above, in which case such Schedule or amendment thereto becomes binding on the date the waiver is received by the Corporate Taxpayer. If the Corporate Taxpayer and the Holders’ Representative, for any reason, are
unable to resolve the issues raised in such Objection Notice within thirty (30) calendar days after receipt by the Corporate Taxpayer of the Objection Notice, the Corporate Taxpayer and the Holders’ Representative shall employ the
Reconciliation Procedures. The date on which every Early Termination Schedule under this Agreement becomes final with respect to all Holders in accordance with this Section 4.2 shall be the “Early Termination Effective Date”.

 4.3 Payment upon Early Termination. 

(a) Within five (5) Business Days after the Early Termination Effective Date, the Corporate Taxpayer shall pay or cause to be
paid to each Holder an amount equal to its Early Termination Payment. Subject to Section 3.8, such payment shall be made, at the sole discretion of the Corporate Taxpayer, by wire or Automated Clearing House transfer of immediately available
funds to a bank account or accounts designated by the Holder or as otherwise agreed by the Corporate Taxpayer and the Holder. 

(b) An “Early Termination Payment” in respect of a Holder shall equal the net present value, discounted at
the Early Termination Rate as of the Early Termination Date, of all Tax Benefit Payments that would be required to be paid by the Corporate Taxpayer to such Holder under Section 3.1(a) beginning from the Early Termination Date and assuming
that the Valuation Assumptions are applied. 
 4.4 Termination as to CDM. If CDM ceases to be entitled to receive any
2018 Earn Out Interests pursuant to the 2018 Earn Out (and he has not received any 2018 Earn Out Interests pursuant to the 2018 Earn Out), then this Agreement shall automatically terminate as to CDM with respect to his 2018 Earn Out Interests;
provided, that for the avoidance of doubt, this Section 4.4 shall not affect CDM’s entitlement hereunder in respect of his 2016 Compensation Units, as a successor transferee or assignee of LP Units of another Holder or as a
successor transferee or assignee of another Holder pursuant to Section 7.5(a). 

 ARTICLE V. 

SUBORDINATION AND LATE PAYMENTS 

5.1 Subordination. Notwithstanding any other provision of this Agreement to the contrary, any TRA Payment (or
portion thereof) required to be made to a Holder under this Agreement shall rank subordinate and junior in right of payment to any principal, interest (including interest which accrues after the commencement of any case or proceeding in bankruptcy,
or the reorganization of the Corporate Taxpayer or any Subsidiary thereof), fees, premiums, charges, expenses, attorneys’ fees or other obligations in respect of indebtedness for borrowed money of the Corporate Taxpayer (and its wholly-owned
Subsidiaries, if applicable) (“Senior Obligations”) and shall rank pari passu with all current or future unsecured obligations of Corporate Taxpayer (and its wholly-owned Subsidiaries, as applicable) that are not Senior Obligations.

 5.2 Late Payments by the Corporate Taxpayer. The amount of all or any portion of any TRA Payment not made to
the Holders when due under the terms of this Agreement (taking into account any deferral under Section 5.3) shall be payable together with any interest thereon, computed at the Default Rate and commencing from the date on which such TRA
Payment was due and payable. 
 5.3 Payment Deferral. 

(a) Notwithstanding anything to the contrary provided herein, to the extent that, at the time any TRA Payment becomes due and
payable hereunder, (i) the Corporate Taxpayer Group is not permitted, pursuant to the terms of any outstanding or committed indebtedness for borrowed money to make such TRA Payment, or if, after making such TRA Payment, the Corporate Taxpayer
Group would be in breach or default under the terms of any such indebtedness, or (ii) (A) the Corporate Taxpayer does not have the cash on hand to make such TRA Payment, and (B) the Corporate Taxpayer is not able to obtain cash from
the Corporate Taxpayer Group to fund such TRA Payment because (1) the Corporate Taxpayer Group is not permitted, pursuant to the terms of any such indebtedness, to make tax distributions or similar payments to the Corporate Taxpayer to allow it
to make such TRA Payment, or if, after making such TRA Payment, the Corporate Taxpayer Group would be in breach or default under the terms of any such indebtedness or (2) the applicable member of the Corporate Taxpayer Group does not have the
cash on hand to make the payment described in clause (1) above, then, in each case, upon prior notice to the Holders’ Representative, the Corporate Taxpayer shall be permitted to defer such TRA Payment until the condition described
in clauses (i) or (ii) above is no longer applicable. 
 (b) If the Corporate Taxpayer defers any TRA
Payment (or portion thereof) pursuant to Section 5.3(a), such deferred amount shall accrue interest at the Agreed Rate, from the date that such amounts originally became due and owing pursuant to the terms hereof to the Payment Date,
compounded annually, and such deferred amounts shall not be treated as late payments or as a breach of any obligation under this Agreement. 

 ARTICLE VI. 

CERTAIN COVENANTS 

6.1 Participation in the Corporate Taxpayer’s and Hostess Holdings’ Tax
Matters. Except as otherwise provided herein or in the Hostess Agreements, the Corporate Taxpayer shall have full responsibility for, and sole discretion over, all Tax matters concerning the Corporate Taxpayer, Hostess Holdings and their
respective Subsidiaries, including the preparation, filing or amending of any Tax Return and defending, contesting or settling any issue pertaining to Taxes. Notwithstanding the foregoing, the Corporate Taxpayer shall notify the Holders’
Representative of, and keep the Holders’ Representative reasonably informed with respect to, the portion of any audit of the Corporate Taxpayer and Hostess Holdings by a Taxing Authority the outcome of which is reasonably expected to affect the
rights and obligations of the Holders and their Affiliates under this Agreement, and shall provide to the Holders’ Representative reasonable opportunity to provide information and other input to the Corporate Taxpayer, Hostess Holdings and
their respective advisors concerning the conduct of any such portion of such audit; provided, however, that the Corporate Taxpayer shall not (and shall cause Hostess Holdings not to) take any action that is inconsistent with any
provision of the Hostess Agreements. 
 6.2 Consistency. The Corporate Taxpayer and each Holder agree to report
and cause to be reported for all purposes, including federal, state and local Tax purposes, all Tax-related items (including the Basis Adjustments and each Tax Benefit Payment and any Imputed Interest) in a manner consistent with that specified by
the Corporate Taxpayer in any Schedule provided by or on behalf of the Corporate Taxpayer under this Agreement unless otherwise required by Law based on written advice of an Advisory Firm.

6.3 Cooperation. Each Holder shall (a) furnish to the Corporate Taxpayer in a timely manner such information,
documents and other materials as the Corporate Taxpayer may reasonably request for purposes of making any determination or computation necessary or appropriate under this Agreement, preparing any Tax Return, complying with any Tax Law, or contesting
or defending any audit, examination or controversy with any Taxing Authority or other governmental authority, (b) make itself available to the Corporate Taxpayer and its representatives to provide explanations of documents and materials and
such other information as the Corporate Taxpayer or its representatives may reasonably request in connection with any of the matters described in clause (a) above, and (c) reasonably cooperate in connection with any such matter, and the
Corporate Taxpayer shall reimburse the Holders for any reasonable third-party costs and expenses incurred pursuant to this Section 6.3. 

6.4 Future Indebtedness. If the Corporate Taxpayer Group incur any indebtedness after the date hereof, the
Corporate Taxpayer shall, and shall cause each other member of the Corporate Taxpayer Group to, use commercially reasonable efforts to ensure that such indebtedness does not prohibit, at any time in which no default or event of default thereunder
has occurred and is continuing: (a) in the case of the Corporate Taxpayer, TRA Payments to be made in full when due, and (b) in the case of any other member of the Corporate Taxpayer Group, payments to be made directly or indirectly to the
Corporate Taxpayer to enable the Corporate Taxpayer to make TRA Payments in full when due on terms and conditions at least as favorable to the Corporate Taxpayer as those as are then market (in the good faith determination of the Corporate Taxpayer)
for indebtedness of such type. The Holders’ Representative may, in its sole discretion, waive the requirements of this Section 9.4, in whole or in part. 

 6.5 Tax Protection. During the Tax Protection Period, the Corporate
Taxpayer shall, and shall cause Hostess Holdings and its Subsidiaries to, use commercially reasonable efforts to ensure that any indebtedness of Hostess Holdings or any Subsidiary (other than any indebtedness that is held or guaranteed by a CDM
Entity Holder) constitutes a Nonrecourse Liability. 
 ARTICLE VII. 

MISCELLANEOUS 

7.1 Notices. Any notice, request, demand, waiver, consent, approval or other communication that is required or
permitted hereunder shall be in writing and shall be deemed given: (a) on the date established by the sender as having been delivered personally, (b) on the date delivered by a private courier as established by the sender by evidence
obtained from the courier, (c) on the date sent by facsimile, with confirmation of transmission, or (d) on the fifth Business Day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid. Such
communications, to be valid, must be addressed as follows: 
  

			
	 If to the Corporate Taxpayer, to:

	
	 Hostess Brands, Inc.

1 E. Armour Boulevard
 Kansas
City, Missouri 64111

	 Attention:
	  	 William Toler

	 Telephone:
	  	 (513) 874-8741

	 Email:
	  	 btoler@hostessbrands.com

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

Weil, Gotshal & Manges LLP 

201 Redwood Shores Parkway 

Redwood Shores, California 94065 

			
	 Attention:
	  	 Kyle C. Krpata

		  	 James R. Griffin

	 Fax:
	  	 (650) 802-3100

 If to a CDM Holder: 

C. Dean Metropoulos 

200 Greenwich Avenue 

Greenwich, Connecticut 06830 

			
	 Fax:
	  	 (203) 629-6660

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

Paul, Weiss, Rifkind, Wharton & Garrison LLP 

1285 Avenue of the Americas 

New York, New York 10019 

			
	 Attention:
	  	 Edward T. Ackerman

	 Fax:
	  	 (212) 757-3390

 If to AP Hostess LP: 

AP Hostess Holdings, L.P. 

9 West 57th Street 

43rd Floor 

New York, New York 10019 

			
	 Attention:
	  	 Laurie Medley

	 Fax:
	  	 (646) 607-0528

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

Morgan, Lewis & Bockius LLP 

101 Park Avenue 

New York, New York 10178 

			
	 Attention:
	  	 Robert G. Robison

		  	 Andrew L. Milano

	 Fax:
	  	 (212) 309-6001

 Any Party may change its address, fax number or e-mail by giving the other Party written
notice of its new address or fax number in the manner set forth above. 
 7.2 Counterparts. This Agreement may
be executed in counterparts, and any Party hereto may execute any such counterpart, each of which when executed and delivered shall be deemed to be an original and all of which counterparts taken together shall constitute but one and the same
instrument. This Agreement shall become effective when each party shall have received a counterpart of such document signed by the other parties. The Parties agree that the delivery of this Agreement may be effected by means of an exchange of
facsimile or electronically transmitted signatures. 
 7.3 Entire Agreement; Third Party Beneficiaries. This
Agreement constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, between the Parties with respect to the subject matter hereof. This Agreement shall be binding upon and inure solely to the
benefit of each party hereto and their respective successors and permitted assigns, and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any nature whatsoever under
or by reason of this Agreement. 
 7.4 Severability. If any provision of this Agreement is held to be illegal,
invalid or unenforceable under any present or future Law (a) such provision will be fully severable, (b) this Agreement will be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part
hereof, (c) the remaining provisions of this Agreement will remain in 

 
full force and effect and will not be affected by the illegal, invalid or unenforceable provision or by its severance herefrom and (d) in lieu of such illegal, invalid or unenforceable
provision, there will be added automatically as a part of this Agreement a legal, valid and enforceable provision as similar in terms of such illegal, invalid or unenforceable provision as may be possible. 

7.5 Successors; Assignment; Amendments; Waivers. 

(a) A Holder is permitted to transfer any of its rights only upon execution and delivery by the transferee of a joinder to
this Agreement, in form and substance substantially similar to Exhibit A to this Agreement, in which the transferee agrees to become a “Holder” for all purposes of this Agreement, except as otherwise provided in such joinder. 

(b) No provision of this Agreement may be amended unless such amendment is approved in writing by the Corporate Taxpayer and
the Holders. No provision of this Agreement may be waived unless such waiver is in writing and signed by the party against whom the waiver is to be effective. 

(c) All of the terms and provisions of this Agreement shall be binding upon, shall inure to the benefit of and shall be
enforceable by the Parties and their respective successors, permitted assigns, heirs, executors, administrators and legal representatives. The Corporate Taxpayer shall require and cause any direct or indirect successor (whether by purchase, merger,
consolidation or otherwise) to all or substantially all of the business or assets of the Corporate Taxpayer, by written agreement, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Corporate
Taxpayer would be required to perform if no such succession had taken place (except to the extent expressly provided by this Agreement and provided that, for the avoidance of doubt, if a Change in Control has occurred and an Early Termination
Payment is required to be made then the Corporate Taxpayer’s payment obligations shall be determined taking into account the provisions of ARTICLE IV). 

7.6 Titles and Subtitles. The titles of the sections and subsections of this Agreement are for convenience of
reference only and are not to be considered in construing this Agreement. 
 7.7 Governing Law. This Agreement
shall be governed by and interpreted and enforced in accordance with the Laws of the State of Delaware, without giving effect to any choice of Law or conflict of Laws rules or provisions (whether of the State of Delaware or any other jurisdiction)
that would cause the application of the Laws of any jurisdiction other than the State of Delaware. 
 7.8 Consent to
Jurisdiction; Waiver of Jury Trial. Each Party irrevocably submits to the exclusive jurisdiction of the Court of Chancery of the State of Delaware (unless the Federal courts have exclusive jurisdiction over the matter, in which case the
United States District Court for the District of Delaware, or the Court of Chancery of the State of Delaware does not have jurisdiction, in which case the Superior Court of the State of Delaware) for the purposes of any legal proceeding arising out
of this Agreement, and agrees to commence any such legal proceeding only in such courts. Each Party further agrees that service of any process, summons, notice or document by United States registered mail to such Party’s respective address
set forth 

 
herein shall be effective service of process for any such legal proceeding. Each Party irrevocably and unconditionally waives any objection to the laying of venue of any legal proceeding out of
this Agreement in such courts, and hereby irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such legal proceeding brought in any such court has been brought in an inconvenient forum. EACH PARTY HEREBY
IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING OR COUNTERCLAIM (WHETHER AT LAW, IN EQUITY, BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE ACTIONS OF SUCH PARTY IN THE NEGOTIATION,
ADMINISTRATION, PERFORMANCE AND ENFORCEMENT HEREOF. 
 7.9 Reconciliation. In the event that the Corporate
Taxpayer and the Holders’ Representative are unable to resolve a disagreement with respect to the matters governed by ARTICLE II or ARTICLE IV within the relevant period designated in this Agreement (“Reconciliation
Dispute”), the Reconciliation Dispute shall be submitted for determination to a nationally recognized expert (the “Expert”) in the particular area of disagreement mutually acceptable to such Parties. The Expert shall be a
partner or principal in a nationally recognized accounting or law firm, and (unless the Corporate Taxpayer and the Holders’ Representative agree otherwise), the Expert shall not, and the firm that employs the Expert shall not, have any material
relationship with the Corporate Taxpayer or the Holders’ Representative or their Affiliates or other actual or potential conflict of interest. If the Parties are unable to agree on an Expert within fifteen (15) calendar days of the
end of the thirty (30) calendar-day period set forth in Sections 2.1 or 4.2, the Expert shall be appointed by the International Chamber of Commerce Centre for Expertise. The Expert shall resolve any matter relating to
the Early Termination Schedule or an amendment thereto within thirty (30) calendar days and shall resolve any matter relating to a Tax Benefit Schedule or an amendment thereto within fifteen (15) calendar days or, in each case, as soon
thereafter as is reasonably practicable, in each case after the matter has been submitted to the Expert for resolution. If the matter is not resolved before any payment that is the subject of a disagreement would be due (in the absence of such
disagreement), the undisputed amount shall be paid on the date prescribed by this Agreement, subject to adjustment upon resolution. For the avoidance of doubt, this Section 7.9 shall not restrict the ability of the Corporate
Taxpayer or its Affiliates to determine when or whether to file or amend any Tax Return. The costs and expenses relating to the engagement of such Expert or amending any Tax Return shall be borne equally by the Corporate Taxpayer and the Holders (on
a pro rata basis based on relative proportion of all Early Termination Payments under this Agreement, measured by present value of payments due under this Agreement, using the present value calculation and assumptions described under
Section 4.3(b) assuming for such purpose the Early Termination Date is the date the Reconciliation Dispute is resolved) participating in the Reconciliation Dispute. The Corporate Taxpayer may withhold payments under this Agreement to
collect amounts due under the preceding sentence. Any dispute as to whether a dispute is a Reconciliation Dispute within the meaning of this Section 7.9 shall be decided by the Expert. The Expert shall finally determine any
Reconciliation Dispute and the determinations of the Expert pursuant to this Section 7.9 shall be binding on the Corporate Taxpayer and the Holders’ Representative and/or its Affiliates, as applicable, participating in the
Reconciliation Dispute and may be entered and enforced in any court having jurisdiction. 

 7.10 Withholding. The Corporate Taxpayer shall be entitled to deduct
and withhold or cause to be deducted and withheld from any payment payable pursuant to this Agreement such amounts as the Corporate Taxpayer determines in good faith it is required to deduct and withhold with respect to the making of such payment
under the Code or any provision of state, local or foreign tax Law, provided, that, (a) the Corporate Taxpayer shall use commercially reasonable efforts to notify any applicable Holder of its intent to withhold at least ten
(10) Business Days prior to withholding such amounts and (b) except with respect to any withholding obligation resulting from any change in Law arising on or after the date hereof, the Corporate Taxpayer shall not withhold on account of
U.S. federal income Taxes with respect to an applicable Holder that provides (i) a properly prepared and executed certificate of non-foreign status under Treasury Regulations Section 1.1445-2(b)(2) and (ii) an IRS Form W-9 claiming a
complete exemption from backup withholding. 
 To the extent that amounts are so withheld and paid over to the appropriate Taxing Authority
by the Corporate Taxpayer, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to such Holder. 

7.11 Admission of the Corporate Taxpayer into a Consolidated Group; Transfers of Corporate Assets. 

(a) If the Corporate Taxpayer and its wholly owned Subsidiaries are or become members of a combined, consolidated, affiliated
or unitary group that files a consolidated, combined or unitary income tax return pursuant to Sections 1501 et seq. of the Code or any corresponding provisions of state or local Law, then: (i) the provisions of this Agreement shall
be applied with respect to the relevant group as a whole; and (ii) TRA Payments, Net Tax Benefit, Cumulative Net Realized Tax Benefit (Shared), Cumulative Net Realized Tax Benefit (Not Shared), Realized Tax Benefit or Detriment and other
applicable items hereunder shall be computed with reference to the consolidated (or combined or unitary, where applicable) taxable income, gain, loss, deduction and attributes of the relevant group as a whole. 

(b) If any entity that is or may be obligated to make a TRA Payment, or any entity any portion of the income of which is
included in the income of the Corporate Taxpayer’s consolidated, combined, affiliated or unitary group, directly or indirectly transfers (as determined for U.S. federal income tax purposes) one or more assets to a Person classified as a
corporation for U.S. income tax purposes with which such entity does not file a consolidated income tax return pursuant to Section 1501 et seq. of the Code (or, for purposes of calculations relating to state or local taxes, a
consolidated, combined or unitary income tax return under applicable state or local Law), such entity, for purposes of calculating the amount of any TRA Payment (e.g., calculating the gross income of the entity and, if applicable,
determining the Realized Tax Benefit (Shared) or the Realized Tax Benefit (Not Shared) of such entity) due hereunder, shall be treated as having disposed of such asset in a fully taxable transaction on the date of such transfer. The consideration
deemed to be received by such entity shall be equal to the fair market value of the transferred asset, increased by the amount of debt that would increase the transferor’s “amount realized” for U.S. federal income tax purposes in
connection with such transfer, in the case of a contribution of an encumbered asset (including an interest in an entity classified for U.S. federal income tax purposes as a 

 
partnership which has debt outstanding). For the avoidance of doubt, a transaction treated for U.S. federal income tax purposes as a liquidation into the Corporate Taxpayer of one or more of
its wholly owned Subsidiaries or merger of one or more of such entities into one another or the Corporate Taxpayer will not cause any such Persons to be treated as having disposed of any of its assets for purposes of this
Section 7.11(b). In the event there occurs a transaction described in the preceding sentence, the Tax Benefit Payments and any other amounts due under this Agreement shall be calculated without regard to such transaction. 

7.12 Confidentiality. Each Holder and each of its assignees acknowledge and agree that the information of the
Corporate Taxpayer is confidential and agrees that, until the date that is three (3) years after the termination of this Agreement in respect of such Holder (or assignee), such Holder (or assignee) shall keep and retain in the strictest
confidence and not disclose to any Person any confidential matters acquired pursuant to this Agreement of the Corporate Taxpayer and its Affiliates and successors, learned by the Holder heretofore or hereafter, except in the course of performing any
duties as necessary for the Corporate Taxpayer and its Affiliates, as required by Law or legal process or to enforce the terms of this Agreement. This Section 7.12 shall not apply to (a) any information that has been made publicly
available by the Corporate Taxpayer or any of its Affiliates, becomes public knowledge (except as a result of an act of the Holder in violation of this Agreement) or is generally known to the business community, (b) any information
independently determined by a Holder or provided to a Holder by a third party on a non-confidential basis and (c) the disclosure of information to the extent necessary for the Holder to prepare and file its Tax Returns, to respond to any
inquiries regarding the same from any Taxing Authority or to prosecute or defend any action, proceeding or audit by any Taxing Authority with respect to such Tax Returns. Notwithstanding anything to the contrary herein or in any other
agreement, the Holders and each of their assignees (and each employee, representative or other agent of the Holders or their assignees, as applicable) may disclose to any and all Persons, without limitation of any kind, the tax treatment and tax
structure and any related tax strategies of or relating to the Corporate Taxpayer and its Affiliates, the Holder or its assignee, and any of their transactions or agreements, and all materials of any kind (including opinions or other tax analyses)
that are provided to the Holder or its assignee relating to such tax treatment and tax structure and any related tax strategies. 

If a Holder or an assignee commits a breach, or threatens to commit a breach, of any of the provisions of this
Section 7.12, the Corporate Taxpayer and its Affiliates shall have the right and remedy to have the provisions of this Section 7.12 specifically enforced by injunctive relief or otherwise by any court of competent
jurisdiction without the need to post any bond or other security, it being acknowledged and agreed that any such breach or threatened breach shall cause irreparable injury to the Corporate Taxpayer or its Affiliates and the accounts and funds
managed by the Corporate Taxpayer and that money damages alone shall not provide an adequate remedy to such Persons. Such rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available at law or in
equity. 
 7.13 Change in Law. Notwithstanding anything herein to the contrary, if, in connection with an actual
or proposed change in Law, a Holder reasonably believes that the existence of this Agreement could cause income (other than income arising from receipt of a payment under this Agreement) recognized by such Holder (or its direct or indirect owners)
to be treated as ordinary income rather than capital gain (or otherwise taxed at ordinary income rates) 

 
for U.S. federal income tax purposes or could have other material adverse tax consequences to such Holder (or its direct or indirect owners), then at the election of such Holder and the receipt
by such Holder of the written consent of the Corporate Taxpayer (such consent not to be unreasonably withheld, conditioned or delayed) and to the extent specified by such Holder, this Agreement shall cease to have further effect with respect to such
Holder. 
 7.14 Independent Nature of Holders’ Rights and Obligations. The rights and
obligations of each Holder are independent of the rights and obligations of any other Holder. No Holder shall be responsible in any way for the performance of the obligations of any other Holder, nor shall any Holder have the right to enforce the
rights or obligations of any other Holder. The obligations of each Holder are solely for the benefit of, and shall be enforceable solely by, the Corporate Taxpayer. The decision of each Holder to enter into this Agreement has been made by such
Holder independently of any other Holder. Nothing contained herein or in any other agreement or document delivered at any closing (other than the Hostess Holdings A&R LPA and any joinder thereto), and no action taken by any Holder pursuant
hereto or thereto, shall be deemed to constitute the Holders as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Holders are in any way acting in concert or as a group with respect to such
rights or obligations or the transactions contemplated hereby, and the Corporate Taxpayer acknowledges that the Holders are not acting in concert or as a group and will not assert any such claim with respect to such rights or obligations or the
transactions contemplated hereby. 
 7.15 Hostess Agreements. This Agreement shall be treated as part of the
Hostess Agreements as described in Section 761(c) of the Code and Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations. 

[Signature page follows] 

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

					
	 CORPORATE TAXPAYER:

	
	 Hostess Brands, Inc.

		
	 By:
	 	 /s/ Mark Stone

		 	 Name:
	 	 Mark Stone

		 	 Title:
	 	 Chief Executive Officer

 [Signature Page to Tax Receivable Agreement] 

 
					
	 HOLDERS:

	
	 Hostess CDM Co-Invest, LLC

		
	 By:
	 	 /s/ C. Dean Metropoulos

		 	 Name:
	 	 C. Dean Metropoulos

		 	 Title:
	 	 Managing Member

	
	 Hostess CDM Co-Invest, LLC – Series A

		
	 By:
	 	 /s/ C. Dean Metropoulos

		 	 Name:
	 	 C. Dean Metropoulos

		 	 Title:
	 	 Managing Member

	
	 Hostess CDM Co-Invest, LLC – Series B

		
	 By:
	 	 /s/ C. Dean Metropoulos

		 	 Name:
	 	 C. Dean Metropoulos

		 	 Title:
	 	 Managing Member

	
	 Hostess CDM Co-Invest, LLC – Series C

		
	 By:
	 	 /s/ C. Dean Metropoulos

		 	 Name:
	 	 C. Dean Metropoulos

		 	 Title:
	 	 Managing Member

	
	 Hostess CDM Co-Invest, LLC – Series D

		
	 By:
	 	 /s/ C. Dean Metropoulos

		 	 Name:
	 	 C. Dean Metropoulos

		 	 Title:
	 	 Managing Member

	
	 Hostess CDM Co-Invest, LLC – Series E

		
	 By:
	 	 /s/ C. Dean Metropoulos

		 	 Name:
	 	 C. Dean Metropoulos

		 	 Title:
	 	 Managing Member

 
					
	 Hostess CDM Co-Invest, LLC – Series F

		
	 By:
	 	 /s/ C. Dean Metropoulos

		 	 Name:
	 	 C. Dean Metropoulos

		 	 Title:
	 	 Managing Member

	
	 Hostess CDM Co-Invest, LLC – Series G

		
	 By:
	 	 /s/ C. Dean Metropoulos

		 	 Name:
	 	 C. Dean Metropoulos

		 	 Title:
	 	 Managing Member

	
	 Hostess CDM Co-Invest, LLC – Series H

		
	 By:
	 	 /s/ C. Dean Metropoulos

		 	 Name:
	 	 C. Dean Metropoulos

		 	 Title:
	 	 Managing Member

	
	 Hostess CDM Co-Invest, LLC – Series I

		
	 By:
	 	 /s/ C. Dean Metropoulos

		 	 Name:
	 	 C. Dean Metropoulos

		 	 Title:
	 	 Managing Member

	
	 CDM Hostess Class C, LLC

		
	 By:
	 	 /s/ C. Dean Metropoulos

		 	 Name:
	 	 C. Dean Metopoulos

		 	 Title:
	 	 Managing Member

	
	 CDM Hostess Class C, LLC – Series A

		
	 By:
	 	 /s/ C. Dean Metropoulos

		 	 Name:
	 	 C. Dean Metropoulos

		 	 Title:
	 	 Managing Member

 
					
	 CDM Hostess Class C, LLC – Series B

		
	 By:
	 	 /s/ C. Dean Metropoulos

		 	 Name:
	 	 C. Dean Metropoulos

		 	 Title:
	 	 Managing Member

	
	 CDM Hostess Class C, LLC – Series C

		
	 By:
	 	 /s/ C. Dean Metropoulos

		 	 Name:
	 	 C. Dean Metropoulos

		 	 Title:
	 	 Managing Member

	
	 CDM Hostess Class C, LLC – Series D

		
	 By:
	 	 /s/ C. Dean Metropoulos

		 	 Name:
	 	 C. Dean Metropoulos

		 	 Title:
	 	 Managing Member

	
	 CDM Hostess Class C, LLC – Series E

		
	 By:
	 	 /s/ C. Dean Metropoulos

		 	 Name:
	 	 C. Dean Metropoulos

		 	 Title:
	 	 Managing Member

 
					
	 AP Hostess Holdings, L.P.

	
	 By: AP Hostess Holdings GP, LLC, its general partner

		
	 By:
	 	 /s/ Andrew Jhawar

		 	 Name:
	 	 Andrew Jhawar

		 	 Title:
	 	 Vice President

 
			
	 C. Dean Metropoulos

		
	 By:
	 	 /s/ C. Dean Metropoulos

 EXHIBIT A 

Form of Joinder to the Tax Receivable Agreement 

This JOINDER (this “Joinder”) to the Tax Receivable Agreement (as defined below), dated as of [●], by
and among Hostess Brands, Inc., a Delaware corporation (the “Corporate Taxpayer”), and [●] (the “Permitted Transferee”). 

WHEREAS, on [●], the Permitted Transferee acquired (the “Acquisition”) from [●] (the
“Transferor”) the right to receive any and all payments that may become due and payable to the Transferor under the Tax Receivable Agreement (as defined below) with respect to Interests that have been Exchanged or may in the future
be Exchanged (the “Applicable Interests”); and WHEREAS, the Transferor, in connection with the Acquisition, has required the Permitted Transferee to execute and deliver this Joinder pursuant to Section 7.5 of the Tax Receivable
Agreement, dated as of November 4, 2016, by and between the Corporate Taxpayer, the Holders (as defined therein) (the “Tax Receivable Agreement”). 

NOW, THEREFORE, in consideration of the foregoing and the respective covenants and agreements set forth herein and for other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the Permitted Transferee hereby agrees as follows: 

Section 1.1. Definitions. To the extent capitalized words used in this Joinder are not defined in this Joinder,
such words have the respective meanings set forth in the Tax Receivable Agreement. 
 Section 1.2. Joinder. The
Permitted Transferee hereby acknowledges and agrees to become a “Holder” (as defined in the Tax Receivable Agreement) for all purposes of the Tax Receivable Agreement with respect to the Applicable Interests. 

Section 1.3. Notice. Any notice, request, consent, claim, demand, approval, waiver or other communication
hereunder to the Permitted Transferee shall be delivered or sent to the Permitted Transferee at the address set forth on the signature page hereto in accordance with Section 7.1 of the Tax Receivable Agreement. 

Section 1.4. Governing Law. This Joinder shall be governed by and interpreted and enforced in accordance with the
Laws of the State of Delaware, without giving effect to any choice of Law or conflict of Laws rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the application of the Laws of any jurisdiction other
than the State of Delaware. 
 [Signature page follows] 

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

			
	 CORPORATE TAXPAYER:

	
	 Hostess Brands, Inc.

		
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	 PERMITTED TRANSFEREE:

	
	 [●]

		
	 By:
	 	  

		 	 Name:

		 	 Title:

 [Signature Page to Joinder to Tax Receivable Agreement] 

 SCHEDULE 1 

Participation Percentages 
  

					
	 Holder
	  	Participation Percentage	 
	 Hostess CDM Co-Invest, LLC – Series A
	  	 	7.5792900000	% 
	 Hostess CDM Co-Invest, LLC – Series B
	  	 	16.8678926471	% 
	 Hostess CDM Co-Invest, LLC – Series C
	  	 	16.8678926471	% 
	 Hostess CDM Co-Invest, LLC – Series D
	  	 	2.2490523529	% 
	 Hostess CDM Co-Invest, LLC – Series E
	  	 	2.2490523529	% 
	 Hostess CDM Co-Invest, LLC – Series F
	  	 	0.5622575000	% 
	 Hostess CDM Co-Invest, LLC – Series G
	  	 	0.5622575000	% 
	 Hostess CDM Co-Invest, LLC – Series H
	  	 	0.2811525000	% 
	 Hostess CDM Co-Invest, LLC – Series I
	  	 	0.2811525000	% 
	 CDM Hostess Class C, LLC – Series A
	  	 	3.8000000000	% 
	 CDM Hostess Class C, LLC – Series B
	  	 	0.2000000000	% 
	 CDM Hostess Class C, LLC – Series C
	  	 	0.2000000000	% 
	 CDM Hostess Class C, LLC – Series D
	  	 	0.5000000000	% 
	 CDM Hostess Class C, LLC – Series E
	  	 	0.3000000000	% 
	 AP Hostess LP
	  	 	47.5000000000	% 
	 CDM
	  	 	0.00	%EX-10.19

 Exhibit 10.19 

EXECUTION COPY 
 EXCHANGE
AGREEMENT 
 This EXCHANGE AGREEMENT (this “Agreement”), dated as of November 4, 2016, is by and among
Hostess Brands, Inc. (formerly known as Gores Holdings, Inc.), a Delaware corporation (the “Company”), Hostess Holdings, L.P., a Delaware limited partnership (“Holdings”), Hostess CDM Co-Invest, LLC, a Delaware
series limited liability company, together with the Hostess Co-Invest Series (as defined herein) (“Hostess Co-Invest”), CDM Hostess Class C, LLC, a Delaware series limited liability company, together with the CDM Hostess Series (as
defined herein) (“CDM Hostess”), C. Dean Metropoulos (“Metropoulos”), and such other holders of Class B Units from time to time party hereto. 

WHEREAS, the Company, Hostess CDM Co-Invest, LLC, CDM Hostess Class C, LLC and certain other parties thereto have entered into
that certain Management Transaction Agreement, dated as of July 5, 2016 (the “Master Agreement”), pursuant to which, among other things, the parties have agreed to enter into this agreement and effect the transactions contemplated
herein; 
 WHEREAS, the Company, Holdings, Hostess Brands, LLC and Metropoulos are parties to that certain Executive
Chairman Employment Agreement, dated as of July 28, 2016, pursuant to which, among other things, Metropoulos has been issued Class B Units and shares of Class B Common Stock; and 

WHEREAS, the parties hereto desire to provide for the exchange from time to time of Class B Units, and the surrender of shares
of Class B Common Stock for cancellation, for cash or for shares of Class A Common Stock on the terms and subject to the conditions set forth herein. 

NOW, THEREFORE, in consideration of the mutual covenants and undertakings contained herein and for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I 

SECTION 1.1 Definitions. 

The following definitions shall for all purposes, unless the context otherwise clearly indicates, apply to the capitalized
terms used in this Agreement. 
 “Acquirer” means the acquirer or surviving entity (which, for the sake of
clarity, may be Holdings or the Company) in a Change of Control. 
 “Agreement” has the meaning set forth
in the preamble hereto. 
 “Board of Directors” means the Board of Directors of the Company. 

“Business Day” means any day, other than Saturday, Sunday or any other day on which banks located in the
State of New York are authorized or required to close. 

 “Cash Exchange Payment” means an amount in immediately available
funds in U.S. dollars equal to the product of (a) the number of Class B Units Exchanged, multiplied by (b) the then-applicable Exchange Rate multiplied by (c) the average of the daily VWAP of a share of Class A Common Stock for the 10
Trading Days immediately prior to the date of delivery of the relevant Exchange Notice. 
 “CDM Hostess”
has the meaning set forth in the preamble hereto. 
 “CDM Hostess Series” means, collectively, CDM Hostess
Class C, LLC – Series A, CDM Hostess Class C, LLC – Series B, CDM Hostess Class C, LLC – Series C, CDM Hostess Class C, LLC – Series D and CDM Hostess Class C, LLC – Series E. 

“Certificate” means the certificate of incorporation of the Company, as the same may be amended or amended
and restated from time to time in accordance with its terms. 
 “Change of Control” has the meaning given
to the term “Change in Control” in the Tax Receivable Agreement. 
 “Change of Control Exchange”
has the meaning set forth in Section 2.1(e). 
 “Change of Control Exchange Time” has the meaning
set forth in Section 2.1(e). 
 “Class A Common Stock” means the Class A common stock, par value
$0.0001 per share, of the Company. 
 “Class B Common Stock” means the Class B common stock, par value
$0.0001 per share, of the Company. 
 “Class A Unit” means (a) a Class A Unit of Holdings, or (b) the
common stock or other equity securities for which a Class A Unit has been converted or exchanged of a successor corporation or entity. 

“Class B Unit” means (a) a Class B Unit of Holdings, or (b) the common stock or other equity securities for
which a Class B Unit has been converted or exchanged of a successor corporation or entity. 
 “Combination”
means any combination of stock or units, as the case may be, by reverse split, reclassification, recapitalization, reorganization or otherwise. 

“Company” has the meaning set forth in the preamble hereto. 

“Date of Exchange” means with respect to an Exchange pursuant to Section 2.1(a), but subject to
Section 2.1(c), the date identified in the respective Exchange Notice (which may be the date on which the Exchange Notice is delivered to Holdings). 

“Exchange” means an exchange of Class B Units (together with the cancellation of shares of Class B Common
Stock) for cash or shares of Class A Common Stock. 

  
 2 

 “Exchange Act” means the Securities Exchange Act of 1934, as
amended. 
 “Exchange Notice” means a written election of Exchange substantially in the form of Exhibit
A, duly executed by the exchanging Holdings Unitholder or such Holdings Unitholder’s duly authorized attorney. 

“Exchange Rate” means the number of shares of Class A Common Stock for which one Class B Unit is entitled to
be Exchanged. On the date of this Agreement, the Exchange Rate shall be one, subject to adjustment pursuant to Section 2.4 of this Agreement. 

“General Partner” means Hostess Holdings GP, LLC or any Person who becomes an additional, successor or
substitute general partner of Holdings pursuant to the LP Agreement. 
 “Governmental Entity” means any
court, tribunal, arbitrator, authority, agency, commission, legislative body or official of the United States or any state, or similar governing entity, in the United States or in a foreign jurisdiction. 

“Holdings” has the meaning set forth in the preamble hereto. 

“Holdings Unitholder” means each of the Hostess Co-Invest Series, the CDM Hostess Series, Metropoulos and any
Person that executes a joinder as set forth in Section 3.4 of this Agreement. 
 “Hostess Co-Invest”
has the meaning set forth in the preamble hereto. 
 “Hostess Co-Invest Series” means, collectively,
Hostess CDM Co-Invest, LLC – Series A, Hostess CDM Co-Invest, LLC – Series B, Hostess CDM Co-Invest, LLC – Series C, Hostess CDM Co-Invest, LLC – Series D, Hostess CDM Co-Invest, LLC – Series E, Hostess CDM Co-Invest, LLC
– Series F, Hostess CDM Co-Invest, LLC – Series G, Hostess CDM Co-Invest, LLC – Series H and Hostess CDM Co-Invest, LLC – Series I. 

“Legal Proceeding: means any action, suit, hearing, claim, lawsuit, litigation, investigation, arbitration or
proceeding (in each case, whether civil, criminal or administrative or at law or in equity) by or before a Governmental Entity. 

“Lien” means with respect to any property or asset, any lien, mortgage, pledge, charge, security interest or
other encumbrance in respect of such property or asset. 
 “LP Agreement” means the Fourth Amended and
Restated Limited Partnership Agreement of Holdings, by and among the Company, Holdings, each of the Hostess Co-Invest Series, each of the CDM Hostess Series, Metropoulos and certain other parties thereto, dated the date hereof, as such agreement may
be amended from time to time in accordance with its terms. 
 “LP Units” means the Class A Units and the
Class B Units. 
 “Master Agreement” has the meaning set forth in the recitals hereto. 

  
 3 

 “Metropoulos” has the meaning set forth in the preamble hereto.

 “Permitted Transferee” has the meaning set forth in Section 3.4. 

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

“Registration Rights Agreement” means the Amended and Restated Registration Rights and Lock-Up Agreement, by
and among the Company, Hostess Co-Invest, CDM Hostess, Metropoulos and certain other parties thereto, dated as of the date hereof, as such agreement may be amended from time to time in accordance with its terms. 

“Subdivision” means any subdivision of stock or units, as the case may be, by any split, dividend,
distribution, reclassification, recapitalization, reorganization or otherwise. 
 “Tax Receivable
Agreement” means the Tax Receivable Agreement, dated as of the date hereof, by and among the Company, Holdings and the other parties thereto, as such agreement may be amended or supplemented from time to time in accordance with its terms.

 “Trading Day” means a day on which the NASDAQ Capital Market or such other principal United States
securities exchange on which the shares of Class A Common Stock are listed or admitted to trading is open for the transaction of business (unless such trading shall have been suspended for the entire day), or if the shares of Class A Common Stock
are not listed or admitted to trading on such an exchange, on the automated quotation system on which the shares of Class A Common Stock are then authorized for quotation. 

“VWAP” means the daily per share volume-weighted average price of the Class A Common Stock on the principal
U.S. securities exchange or automated or electronic quotation system on which Class A Common Stock trades, as displayed under the heading Bloomberg VWAP on the Bloomberg page designated for the Class A Common Stock (or its equivalent successor if
such page is not available) in respect of the period from the open of trading on such day until the close of trading on such day (or if such volume-weighted average price is unavailable, (a) the per share volume-weighted average price of such Class
A Common Stock on such day (determined without regard to afterhours trading or any other trading outside the regular trading session or trading hours), or (b) if such determination is not feasible, the market price per share of Class A Common Stock,
in either case as determined by a nationally recognized independent investment banking firm retained in good faith for this purpose by the Company).

SECTION 1.2 Other Definitional and Interpretative Provisions. The words “hereof”,
“herein” and “hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The captions herein are included for convenience of
reference only and shall be ignored in the construction or interpretation hereof. References to Articles and Sections are to Articles and Sections of this Agreement unless otherwise specified. Any singular term in this Agreement shall be deemed to
include the plural, and any plural term the singular. Whenever the words “include”, “includes” or 

  
 4 

 
“including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation”, whether or not they are in fact followed by those words or words
of like import. “Writing”, “written” and comparable terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible form. References to any statute shall be deemed to refer to
such statute as amended from time to time and to any rules or regulations promulgated thereunder. The word “or” shall be disjunctive but not exclusive. References to any agreement or contract are to that agreement or contract as
amended, modified or supplemented from time to time in accordance with the terms hereof and thereof. References to any Person include the successors and permitted assigns of that Person. References from or through any date mean, unless otherwise
specified, from and including or through and including, respectively. References to “law”, “laws” or to a particular statute or law shall be deemed also to include any applicable law. Except to the extent otherwise expressly
provided herein, all references to any Holdings Unitholder shall be deemed to refer solely to such Person in its capacity as such Holdings Unitholder and not in any other capacity. For the avoidance of doubt, any reference to “Hostess
Co-Invest” and “CDM Hostess” shall also refer to each of the respective series of Hostess CDM Co-Invest, LLC and CDM Hostess Class C, LLC. 

SECTION 1.3 Construction. The parties have participated jointly in negotiating and drafting this
Agreement. If an ambiguity or a question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue
of the authorship of any provision of this Agreement. 
 ARTICLE II 

SECTION 2.1 Exchange of Class B Units.  

(a) Upon the terms and subject to the conditions of this Agreement, each Holdings Unitholder shall be entitled at any time and
from time to time to effect an Exchange. In the event a Holdings Unitholder wishes to effect an Exchange, such Holdings Unitholder shall (i) deliver to Holdings and the Company an Exchange Notice and (ii) surrender or, in the absence of such
surrender, be deemed to have surrendered, Class B Units to Holdings (and surrender for cancellation one or more stock certificates (if certificated) or instructions and stock powers (if uncertificated)) representing a corresponding number of shares
of Class B Common Stock) (in each case, free and clear of all Liens), in each case, to Holdings’ and the Company’s addresses set forth in Section 3.5(b). In consideration for such surrender, the exchanging Holdings Unitholder shall
be entitled to, at the option of the Company (acting by a majority of the disinterested members of the Board of Directors), either (A) a Cash Exchange Payment by Holdings in accordance with the instructions provided in the Exchange Notice, in which
event such exchanged Class B Units and such shares of Class B Common Stock automatically shall be deemed cancelled concomitant with such payment, without any action on the part of any Person, including the Company or Holdings, or (B) the issuance by
the Company to such Holdings Unitholder of a number of shares of Class A Common Stock equal to (I) the number of Class B Units exchanged multiplied by (II) the Exchange Rate, in which event such exchanged Class B Units automatically shall be
converted into a corresponding number of Class A Units (and the 

  
 5 

 
Class B Units so converted shall thereby cease to exist), and concomitantly with any such issuance, any exchanged Class B Common Stock automatically shall be deemed cancelled, without any action
on the part of any Person, including the Company or Holdings). Each such Exchange shall to the extent permitted by law be treated for U.S. income tax reporting purposes as a taxable exchange of the Holdings Unitholder’s Class B Units for Class
A Common Stock or a Cash Exchange Payment, as applicable, and corresponding payments under the Tax Receivable Agreement. 

(b) Following the delivery of the Exchange Notice, the Company shall deliver or cause to be delivered (i) the Cash Exchange
Payment in accordance with Section 2.1(a) as promptly as practicable (but not later than five Business Days) after the Exchange Date or (ii) if the Company elects to issue Class A Common Stock, the number of shares of Class A Common Stock
deliverable upon such Exchange as promptly as practicable after the Exchange Date (but not later than the close of business on the Business Day immediately following the Exchange Date), at the offices of the then-acting registrar and transfer agent
of the Class A Common Stock (or, if there is no then-acting registrar and transfer agent of the Class A Common Stock, at the principal executive offices of the Company), registered in the name of the relevant exchanging Holdings Unitholder (or in
such other name as is requested in writing by the Holdings Unitholder), in certificated or uncertificated form, as may be requested by the exchanging Holdings Unitholder; provided, that to the extent the Class A Common Stock is settled
through the facilities of The Depository Trust Company, upon the written instruction of the exchanging Holdings Unitholder set forth in the Exchange Notice, the Company shall use its reasonable best efforts to deliver the shares of Class A Common
Stock deliverable to such exchanging Holdings Unitholder in the Exchange through the facilities of The Depository Trust Company, to the account of the participant of The Depository Trust Company designated by such exchanging Holdings Unitholder by
no later than the close of business on the Business Day immediately following the Exchange Date. An Exchange pursuant to this Section 2.1 of Class B Units, and the cancellation of shares of Class B Common Stock, for Class A Common Stock
will be deemed to have been effected immediately prior to the close of business on the Date of Exchange whether or not the applicable Cash Exchange Payment or shares of Class A Common Stock have been delivered to the exchanging Holdings Unitholder
at such time, and if the Company does not elect a Cash Exchange Payment, the Holdings Unitholder will be treated as a holder of record of Class A Common Stock as of the close of business on such Date of Exchange.

(c) An Exchange Notice from a Holdings Unitholder may specify that the Exchange is to be (i) contingent (including as to the
timing) upon the consummation of a purchase by another Person of shares of Class A Common Stock into which the Class B Units are exchangeable and/or (ii) effective upon a specified future date. In such case, a Holdings Unitholder may withdraw or
amend an Exchange Notice, in whole or in part, at any time prior to the effectiveness of the Exchange by delivery of a written notice of withdrawal to the Company and Holdings specifying (A) the number of withdrawn Class B Units, (B) the
number of Class B Units as to which the Exchange Notice remains in effect, if any, and (C) if the Holdings Unitholder so determines, revised timing of the Exchange or any other new or revised information permitted in the Exchange Notice. 

  
 6 

 (d) In connection with a Change of Control, and subject to any approval of the
Change of Control by the holders of Class A Common Stock and Class B Common Stock required under the Certificate or applicable Law (which approval has been granted by a vote or consent of the stockholders of the Company), the Company shall have the
right to require each Holdings Unitholder to Exchange some or all Class B Units beneficially owned by such Holdings Unitholder (and a corresponding number of shares of Class B Common Stock) (in each case, free and clear of all Liens), in
consideration for the issuance by the Company to such Holdings Unitholder of a number of shares of Class A Common Stock equal to the number of Class B Units surrendered multiplied by the Exchange Rate (a “Change of Control
Exchange”), such Change of Control Exchange to be effected by the surrender of such Class B Units to the Company (and surrender for cancellation one or more stock certificates (if certificated) or instructions and stock powers (if
uncertificated)) and the subsequent automatic conversion of such exchanged Class B Units into an equal number of Class A Units (whereupon, the Class B Units so converted shall cease to exist and concomitantly with any such issuance, any exchanged
Class B Common Stock automatically shall be deemed cancelled without any action on the part of any Person, including the Company or Holdings); provided, that if the Company requires the Holdings Unitholders to Exchange less than all of their
outstanding Class B Units (and to surrender a corresponding number of shares of Class B Common Stock for cancellation), each Holdings Unitholder’s participation in the Change of Control Exchange shall be reduced pro rata. Any Change
of Control Exchange shall be effective immediately prior to the consummation of the Change of Control (and, for the avoidance of doubt, shall not be effective if such Change of Control is not consummated) (the “Change of Control Exchange
Time”) and the Holdings Unitholder will be treated as a holder of record of Class A Common Stock as of the Change of Control Exchange Time. For the avoidance of doubt, (i) any Class B Units and a corresponding number of shares of Class
B Common Stock held by a Holdings Unitholder that are not Exchanged or cancelled, as applicable, pursuant to a Change of Control Exchange may be Exchanged by such Holdings Unitholder pursuant to Section 2.1(a) subject to, and in
accordance with, the terms thereof and (ii) notwithstanding anything to the contrary herein, the Company shall not be entitled to make a Cash Exchange Payment in the case of a Change of Control Exchange.

(e) To effect the delivery of such shares of Class A Common Stock, the Company shall: (i) deliver or cause to be delivered at
the offices of the then-acting registrar and transfer agent of the Class A Common Stock (or, if there is no then-acting registrar and transfer agent of the Class A Common Stock, at the principal executive offices of the Company) such number of
shares of Class A Common Stock, registered in the name of the relevant Holdings Unitholder (or in such other name as is requested in writing by such Holdings Unitholder), in certificated or uncertificated form, as may be requested by such Holdings
Unitholder, or (ii) if the Class A Common Stock is settled through the facilities of The Depository Trust Company, upon the written instruction of such Holdings Unitholder, use its reasonable best efforts to deliver the shares of Class A Common
Stock through the facilities of The Depository Trust Company, to the account of the participant of The Depository Trust Company designated by such Holdings Unitholder.

(f) The Company shall provide written notice of an expected Change of Control to all Holdings Unitholders within the earlier
of (i) five (5) days following the execution of the 

  
 7 

 
agreement with respect to such Change of Control and (ii) ten (10) days before the proposed date upon which the contemplated Change of Control is to be effected, indicating in such notice such
information as may reasonably describe the Change of Control transaction, subject to applicable law, including the date of execution of such agreement or such proposed effective date, as applicable, the amount and types of consideration to be paid
for LP Units or shares of Class A Common Stock, as applicable, in the Change of Control (which consideration shall be identical whether paid for LP Units or shares of Class A Common Stock, any election with respect to types of consideration that a
holder of LP Units or shares of Class A Common Stock, as applicable, shall be entitled to make in connection with the Change of Control, the percentage of total Class B Units or shares of Class A Common Stock, as applicable, to be transferred to the
Acquirer by all stockholders in the Change of Control, and the number of Class B Units held by each Holdings Unitholder that the Company intends to require be Exchanged for shares of Class A Common Stock in connection with the Change of
Control. The Company shall update such notice from time to time to reflect any material changes to such notice. The Company may satisfy any such notice and update requirements described in the preceding two sentences by providing such
information on Form 8-K, Schedule TO, Schedule 14D-9 or similar form filed with the SEC. 
 (g) Immediately upon the
Exchange of any Class B Unit pursuant to this Section 2.1, an equal number of outstanding shares of Class B Common Stock beneficially owned by the exchanging Holdings Unitholder automatically shall be deemed cancelled
without any action on the part of any Person, including the Company. Any such cancelled shares of Class B Common Stock shall no longer be outstanding, and all rights with respect to such shares shall automatically cease and terminate. 

(h) The Company, Holdings and each Holdings Unitholder shall bear its own expenses in connection with the consummation of any
Exchange, whether or not any such Exchange is ultimately consummated, except that Holdings shall bear any transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or arising by reason of, any Exchange; provided,
however, that if any shares of Class A Common Stock are to be delivered in a name other than that of the Holdings Unitholder that requested the Exchange (or The Depository Trust Company or its nominee for the account of a participant of The
Depository Trust Company that will hold the shares for the account of such Holdings Unitholder), then such Holdings Unitholder or the Person in whose name such shares are to be delivered shall pay to the Company the amount of any transfer taxes,
stamp taxes or duties, or other similar taxes in connection with, or arising by reason of, such Exchange or shall establish to the reasonable satisfaction of the Company that such tax has been paid or is not payable. For the avoidance of doubt,
each exchanging Holdings Unitholder shall bear any and all income or gains taxes imposed on gain realized by such exchanging Holdings Unitholder as a result of any such Exchange. 

SECTION 2.2 Common Stock to be Issued. 

(a) In connection with any Exchange, the Company reserves the right to provide shares of Class A Common Stock that are
registered pursuant to the Securities Act, unregistered shares of Class A Common Stock or any combination thereof, as it may determine in its sole discretion, it being understood that all such unregistered shares of Class A Common Stock shall

  
 8 

 
be entitled to the registration rights set forth in the Registration Rights Agreement; provided, such holders thereof shall have agreed to join the Registration Rights Agreement as parties
thereto. 
 (b) The Company shall at all times reserve and keep available out of its authorized but unissued Class A
Common Stock, solely for the purpose of issuances upon any Exchange, such number of shares of Class A Common Stock as shall from time to time be sufficient to effect the Exchange of all Class B Units of Holdings that may be outstanding from time to
time. The Company shall at all times reserve and keep available out of its authorized but unissued Class B Common Stock, such number of shares of Class B Common Stock as shall from time to time be sufficient for purposes of satisfying the
Exchange Agreement. The Company shall take any and all actions necessary or desirable to give effect to the foregoing. 

(c) Prior to the effective Date of any Exchange effected pursuant to this Agreement, the Company shall take all such steps as
may be required to cause to qualify for exemption under Rule 16b-3(d) or (e), as applicable, under the Exchange Act, and to be exempt for purposes of Section 16(b) under the Exchange Act, any acquisitions
from, or dispositions to, the Company of equity securities of the Company (including derivative securities with respect thereto) and any securities that may be deemed to be equity securities or derivative securities of the Company for such purposes
that result from the transactions contemplated by this Agreement, by each officer or director of the Company, including any director by deputization. The authorizing resolutions shall be approved by either the Company’s board of directors or a
committee composed solely of two or more Non-Employee Directors (as defined in Rule 16b-3) of the Company (with the authorizing resolutions specifying the name of each such director whose acquisition or disposition of securities is to be exempted
and the number of securities that may be acquired and disposed of by each such Person pursuant to this Agreement.
 (d) Any
Class A Common Stock or Class B Common Stock to be issued by the Company in accordance with this Agreement shall be validly issued, fully paid and non-assessable. 

SECTION 2.3 Capital Structure of the Company and Holdings. 

(a) The Company shall, and shall cause the General Partner to cause Holdings to, take all actions necessary so that, at all
times for as long as this Agreement is in effect: (i) each Class B Unit has the same economic rights as each Class A Unit; (ii) the number of Class A Units outstanding equals the number of shares of Class A Common Stock outstanding; and (iii) one
Class B Unit is exchangeable for one share of Class A Common Stock pursuant to this Agreement. 
 (b) Upon the issuance by
the Company of any shares of Class A Common Stock other than pursuant to an Exchange (including any issuance in connection with a business acquisition by the Company or its direct or indirect subsidiaries, an equity incentive program or upon the
conversion, exercise (including cashless exercise) or exchange of any security or other instrument convertible into or exercisable or exchangeable for shares of Class A Common Stock), the Company shall contribute the proceeds of such issuance (net
of any selling or underwriting discounts or commissions or other expenses) to Holdings in exchange for a number of newly issued Class A Units equal to the number of shares of Class A Common Stock issued. 

  
 9 

 (c) At any time that Holdings issues a Class B Unit, the Company shall issue a
share of Class B Common Stock to the recipient of such Class B Unit. Upon the conversion or cancellation of any Class B Unit pursuant to this Agreement or the LP Agreement, the corresponding share of Class B Common Stock automatically shall be
cancelled without any action on the part of any Person, including the Company. The Company may only issue shares of Class B Common Stock to Hostess Co-Invest, CDM Hostess, Metropoulos and their respective Permitted Transferees. Holdings may only
issue Class B Units to Hostess Co-Invest, CDM Hostess, Metropoulos and their respective Permitted Transferees. A Holdings Unitholder may only transfer shares of Class B Common Stock to a Person if (i) such Person is a Permitted Transferee of such
Holdings Unitholder and (ii) an equal number of Class B Units are simultaneously transferred to the transferee. A Holdings Unitholder may only transfer Class B Units to a Person if (A) such Person is a Permitted Transferee of such Holdings
Unitholder and (B) an equal number of shares of Class B Common Stock are simultaneously transferred to the transferee.
 (d)
If the Company redeems, repurchases or otherwise acquires any shares of its Class A Common Stock for cash (including a redemption, repurchase or acquisition of restricted shares of Class A Common Stock for nominal or no value), Holdings shall,
coincident with such redemption, repurchase or acquisition, redeem or repurchase an identical number of Class A Units held by the Company upon the same terms, including the same price, as the terms of the redemption, repurchase or acquisition of the
Class A Common Stock. 
 (e) The Company shall not in any manner effect any Subdivision or Combination of Class A Common
Stock unless Holdings simultaneously effects a Subdivision or Combination, as the case may be, of LP Units with an identical ratio as the Subdivision or Combination of Class A Common Stock. Holdings shall not in any manner effect any
Subdivision or Combination of LP Units unless the Company simultaneously effects a Subdivision or Combination, as the case may be, of Class A Common Stock and Class B Common Stock with an identical ratio as the Subdivision or Combination of LP
Units. 
 (f) The Company shall not issue, and shall not agree to issue (including pursuant to any security or other
instrument convertible into or exercisable or exchangeable for) any class of equity securities other than its Class A Common Stock, Class B Common Stock or one or more series of Preferred Stock that the Company may determine to issue from time to
time in accordance with, and subject to the limitations contained in, the Certificate and this Section 2.3(f). The Company shall not issue any shares of Preferred Stock unless (i) Holdings issues or agrees to issue, as the
case may be, to the Company a number of units, with designations, preferences and other rights and terms that are substantially the same as such shares of Preferred Stock, equal to the number of such shares of Preferred Stock issued by the Company,
and (ii) the Company transfers to Holdings the proceeds (net of any selling or underwriting discounts or commissions and other expenses) of the issuance of such Preferred Stock (and agrees to transfer to Holdings any amounts paid by the holders of
securities or instruments exercisable or exchangeable therefor upon their exercise or exchange, if applicable, net of expenses). 

  
 10 

 (g) For as long as this Agreement is in effect: (i) Holdings shall not, and the
Company shall cause the General Partner to cause Holdings not to, at any time, issue LP Units except as required by this Agreement; (ii) Holdings shall not, and the Company shall cause the General Partner to cause Holdings not to, at any time, issue
LP Units to any Person other than the Company, Hostess Co-Invest, CDM Hostess, Metropoulos and their respective Permitted Transferees; and (iii) the Company shall not transfer any Class A Units except in connection with a Change of Control. 

(h) If the Company makes a dividend or other distribution of Company stock on its Class A Common Stock, Holdings shall make a
dividend or other distribution to the Holdings Unitholders holding Class B Units of an equivalent number of units of Holdings with designations, preferences and other rights and terms that are substantially the same as such distributed stock. 

(i) If the Company makes a cash dividend on the Class A Common Stock not funded by a matching pro rata dividend by Holdings on
the LP Units, then each Holdings Unitholder holding Class B Units shall, at its option either (i) be issued that number of Class B Units equal to its pro rata share of the value of such cash dividend as if such cash dividend had been paid to all
holders of LP Units or (ii) be entitled to receive from Holdings a pro rata cash amount equal to what such Holdings Unitholders would have received in connection with such dividend assuming that such Holdings Unitholder held shares of Class A Common
Stock on an fully as-converted basis (regardless, for these purposes, of any limitations on Exchanges otherwise set forth herein); provided, that no Class B Units shall be issued or issuable and no cash paid to such Holdings Unitholders under
this Section 2.3(i) to the extent that such cash dividend is funded with excess cash held by the Company that was accumulated because tax distributions made by Holdings to the Company exceed the Company’s actual tax liabilities. 

(j) If the Company makes a distribution of property other than cash or Company stock on the Class A Common Stock that the
Company has not received through a matching pro rata distribution of such property on LP Units by Holdings, then each Holdings Unitholder holding Class B Units shall be issued that number of Class B Units equal to its pro rata share of the aggregate
value of such property as if such property had been paid to all holders of LP Units. 
 (k) For the avoidance of doubt, no
Exchange will impair the right of an exchanging Holdings Unitholder to receive any distribution for periods ending on or prior to the Date of Exchange for such Exchange (but for which payment had not yet been made with respect to the Class B Units
in question at the time the Exchange is consummated); provided that, for purposes of this Section 2.3(k), the exchanging Holdings Unitholder’s right to receive its pro rata portion of any distribution by Holdings in respect of
such periods shall not be deemed impaired to the extent that Holdings has not paid the Company its pro rata portion of such distribution prior to the consummation of the applicable Exchange. 

  
 11 

 SECTION 2.4 Adjustment. Without limiting anything set
forth in Section 2.3: 
 (a) In the event there is any (i) Subdivision or Combination of the shares of Class B Common
Stock or Class B Units that is not accompanied by an equivalent subdivision or combination of the Class A Common Stock; or (ii) Subdivision or Combination of the Class A Common Stock that is not accompanied by an equivalent subdivision or
combination of the shares of Class B Common Stock and Class B Units, the Exchange Rate shall be adjusted accordingly.
 (b)
If there is any reclassification, reorganization, recapitalization or other similar transaction in which the Class A Common Stock is converted or changed into another security, securities or other property, then upon any subsequent Exchange, an
exchanging Holdings Unitholder shall be entitled to receive the amount of such security, securities or other property that such exchanging Holdings Unitholder would have received if such Exchange had occurred immediately prior to the effective date
of such reclassification, reorganization, recapitalization or other similar transaction, taking into account any adjustment as a result of any Subdivision or Combination of such security, securities or other property that occurs after the effective
time of such reclassification, reorganization, recapitalization or other similar transaction. For the avoidance of doubt, if there is any reclassification, reorganization, recapitalization or other similar transaction in which the Class A
Common Stock is converted or changed into another security, securities or other property, this Section 2.4(b) shall continue to be applicable, mutatis mutandis, with respect to such security or other property.

(c) This Agreement shall apply to the Class B Units and shares of Class B Common Stock held by the Holdings Unitholder and
their Permitted Transferees as of the date hereof, as well as any Class B Units and shares of Class B Common Stock hereafter acquired by a Holdings Unitholder or its Permitted Transferees. This Agreement shall apply to, mutatis mutandis,
and all references to “Class B Units” or “Class B Common Stock” shall be deemed to include, any security, securities or other property of the Company or Holdings which may be issued in respect of, in exchange for or in
substitution of shares of Class B Common Stock or Class B Units, as applicable, by reason of any distribution or dividend, split, reverse split, combination, reclassification, reorganization, recapitalization, merger, exchange (other than an
Exchange) or other transaction. 
 ARTICLE III 

SECTION 3.1 Representations and Warranties of the Company. The Company represents and warrants that (a) it is a
corporation duly incorporated and is validly existing under the laws of the State of Delaware, (b) it has all requisite corporate power and authority to enter into and perform this Agreement and to consummate the transactions contemplated hereby,
including the issuance of Class A Common Stock in accordance with the terms hereof, (c) the execution and delivery of this Agreement by the Company and the consummation by it of the transactions contemplated hereby (including the issuance of the
Class A Common Stock) have been duly authorized by all necessary corporate action on the part of the Company, (d) this Agreement constitutes a legal, valid and binding obligation of the Company enforceable against the Company in accordance with its
terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or 

  
 12 

 
similar laws relating to or limiting creditors’ rights generally, and (e) the execution, delivery and performance of this Agreement by the Company and the consummation by the Company of the
transactions contemplated hereby will not (i) result in a violation of the Certificate or the Bylaws of the Company, (ii) conflict with, result in a breach or violation of, or constitute a default (or an event which with notice or lapse of time or
both would become a default) under, or give rise to any rights of termination, suspension, amendment, acceleration or cancellation, under any agreement, contract, commitment, instrument, undertaking, lease, note, mortgage, indenture, license or
arrangement, whether written or oral, to which the Company is a party or by which any property or asset of the Company is bound or affected, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree applicable to the
Company or by which any property or asset of the Company is bound or affected. 
 SECTION 3.2 Representations and
Warranties of Holdings. Holdings represents and warrants that (a) it is a limited partnership duly formed and is validly existing under the laws of the State of Delaware, (b) it has all requisite power and authority to enter into and
perform this Agreement and to consummate the transactions contemplated hereby in accordance with the terms hereof, (c) the execution and delivery of this Agreement by Holdings and the consummation by it of the transactions contemplated hereby have
been duly authorized by all necessary partnership action on the part of Holdings, (d) this Agreement constitutes a legal, valid and binding obligation of Holdings enforceable against Holdings in accordance with its terms, except as enforcement may
be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally and (e) the execution, delivery and performance of this Agreement by Holdings and
the consummation by Holdings of the transactions contemplated hereby will not (i) result in a violation of the LP Agreement, (ii) conflict with, result in a breach or violation of, or constitute a default (or an event which with notice or lapse of
time or both would become a default) under, or give rise to any rights of termination, suspension, amendment, acceleration or cancellation, under any agreement, contract, commitment, instrument, undertaking, lease, note, mortgage, indenture, license
or arrangement, whether written or oral, to which Holdings is a party or by which any property or asset of Holdings is bound or affected, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree applicable to Holdings
or by which any property or asset of Holdings is bound or affected. 
 SECTION 3.3 Representations and Warranties of
the Holdings Unitholders. Each Holdings Unitholder, severally and not jointly, represents and warrants that (a) if such Holdings Unitholder is not a natural person, it is duly formed and validly existing under the laws of the state of
its formation, (b) it has all requisite power and authority (or, in the case of any Holdings Unitholder that is a natural person, the legal capacity) to enter into and perform this Agreement and to consummate the transactions contemplated hereby,
(c) the execution and delivery of this Agreement by it and consummation of the transactions contemplated hereby have been duly authorized by all necessary entity or other action on the part of such Holdings Unitholder, (d) this Agreement constitutes
a legal, valid and binding obligation of such Holdings Unitholder enforceable against it in accordance with its terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or similar
laws relating to or limiting creditors’ rights generally, and (e) the execution, delivery and performance of this Agreement by such Holdings Unitholder and the consummation by such 

  
 13 

 
Holdings Unitholder of the transactions contemplated hereby will not (i) if such Holdings Unitholder is not a natural person, result in a violation of the certificate of incorporation and bylaws
or other organizational documents of such Holdings Unitholder, (ii) conflict with, result in a breach or violation of, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give rise to any
rights of termination, suspension, amendment, acceleration or cancellation, under any agreement, contract, commitment, instrument, undertaking, lease, note, mortgage, indenture, license or arrangement, whether written or oral, to which such Holdings
Unitholder is a party or by which any property or asset of such Holdings Unitholder is bound or affected, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree applicable to such Holdings Unitholder or by which any
property or asset of such Holdings Unitholder is bound or affected. 
 SECTION 3.4 Additional Holdings
Unitholders. To the extent a Holdings Unitholder validly transfers any or all of such Class B Units (together with the corresponding number of shares of Class B Common Stock) to another Person in a transaction in accordance with, and
not in contravention of, the LP Agreement or the Registration Rights Agreement, then such transferee (each, a “Permitted Transferee”) shall execute and deliver a joinder to this Agreement, substantially in the form of Exhibit
B hereto, whereupon such Permitted Transferee shall become a Holdings Unitholder hereunder. To the extent Holdings issues Class B Units in the future (other than to the Company), then the holder of such Class B Units shall have the right to
execute and deliver a joinder to this Agreement, substantially in the form of Exhibit B hereto, whereupon such holder shall become a Holdings Unitholder hereunder. 

SECTION 3.5 Addresses and Notices. Any notice, request, demand, waiver, consent, approval or other
communication that is required or permitted hereunder shall be in writing and shall be deemed given: (a) on the date established by the sender as having been delivered personally, (b) on the date delivered by a private courier as established by
the sender by evidence obtained from the courier, (c) on the date sent by facsimile or e-mail, with confirmation of transmission, or (d) on the third Business Day after the date mailed, by certified or registered mail, return receipt requested,
postage prepaid. Such communications, to be valid, must be addressed as follows: 
 (a) If to the Company, to: 

 

			
	 Hostess Brands, Inc.

	 1 E. Armour Boulevard

	 Kansas City, Missouri 64111

	 Attention:
	  	 William Toler

	 Telephone:
	  	 (513) 874-8741

	 Email:
	  	 btoler@hostessbrands.com

  
 14 

			
	
	 with a copy to:

	
	 Weil Gotshal & Manges, LLP

201 Redwood Shores Parkway

Redwood Shores, California 94065

	 Telephone:
	  	 (650) 802-3093

	 Facsimile:
	  	 (650) 802-3100

	 Email:
	  	 kyle.krpata@weil.com

		  	 james.griffin@weil.com

	 Attention:
	  	 Kyle Krpata

		  	 James R. Griffin

 (b) If to Holdings, to: 

 

			
	 Hostess Holdings, L.P.

1 E. Armour Boulevard
 Kansas
City, Missouri

	 Attention:
	  	 Jolyn Sebree

	 Facsimile:
	  	 (816) 701-4739

	 Email:
	  	 jsebree@hostessbrands.com

	
	 with a copy to:

	
	 Morgan, Lewis & Bockius LLP

101 Park Avenue
 New York, New
York 10178

	 Fax:    (212) 309-6001

	 Attention:
	  	 Robert G. Robison

		  	 Andrew L. Milano

 (c) If to any Holdings Unitholder, to the address and other contact information set forth in
the records of Holdings from time to time. 
 The Company or Holdings may designate, by notice to all of the Holdings Unitholders,
substitute addresses or addressees for notices; thereafter, notices are to be directed to those substitute addresses or addressees. Holdings Unitholders may designate, by notice to the Company and Holdings, substitute addresses or addressees for
notices; thereafter, notices are to be directed to those substitute addresses or addressees. 
 SECTION 3.6 Further
Assurances. The parties shall execute, deliver, acknowledge and file such further agreements and instruments and take such other actions as may be reasonably necessary from time to time to make effective this Agreement and the
transactions contemplated herein. 
 SECTION 3.7 Termination. This Agreement shall terminate and
be of no further force or effect when no Class B Units remain outstanding. 

  
 15 

 SECTION 3.8 No Third Party Beneficiaries. This Agreement will
not confer any rights or remedies upon any Person other than the parties hereto and their respective successors and permitted assigns (including any Permitted Transferees that have executed a joinder to this Agreement). 

SECTION 3.9 Severability. If any provision of this Agreement is held to be illegal, invalid or
unenforceable under any present or future Law (a) such provision will be fully severable, (b) this Agreement will be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part hereof, (c) the remaining
provisions of this Agreement will remain in full force and effect and will not be affected by the illegal, invalid or unenforceable provision or by its severance herefrom and (d) in lieu of such illegal, invalid or unenforceable provision, there
will be added automatically as a part of this Agreement a legal, valid and enforceable provision as similar in terms of such illegal, invalid or unenforceable provision as may be possible. 

SECTION 3.10 Amendment; Waivers. This Agreement may not be amended, supplemented or modified except by an
instrument in writing signed on behalf of the Company, Holdings, the holders of a majority of the then outstanding Class B Units, and for so long as any of them holds any Class B Units, Hostess CDM Co-Invest, LLC (on behalf of the Hostess Co-Invest
Series), CDM Hostess Class C, LLC (on behalf of the CDM Hostess Series) and Metropoulos. Any term or condition of this Agreement may be waived at any time by the Party that is entitled to the benefit thereof, but no such waiver shall be
effective, unless set forth in a written instrument duly executed by or on behalf of the party waiving such term or condition. No waiver by any party hereto of any term or condition of this Agreement, in any one or more instances, shall be
deemed to be or construed as a waiver of the same or any other term or condition of this Agreement on any future occasion. 

SECTION 3.11 Consent to Jurisdiction. Each party hereto irrevocably submits to the exclusive jurisdiction
of the Court of Chancery of the State of Delaware (unless the Federal courts have exclusive jurisdiction over the matter, in which case the United Stated District for the District of Delaware) for the purposes of any Legal Proceeding arising out of
this Agreement, the or the transactions contemplated hereby, and agrees to commence any such Legal Proceeding only in such courts. Each party hereto further agrees that service of any process, summons, notice or document by United States
registered mail to such party’s respective address set forth herein shall be effective service of process for any such Legal Proceeding. Each party hereto irrevocably and unconditionally waives any objection to the laying of venue of any
action, suit, hearing, claim, lawsuit, litigation, investigation, arbitration or proceeding out of this Agreement or the transactions contemplated hereby in such courts, and hereby irrevocably and unconditionally waives and agrees not to plead or
claim in any such court that any such Legal Proceeding brought in any such court has been brought in an inconvenient forum. EACH PARTY HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING OR COUNTERCLAIM (WHETHER AT LAW,
IN EQUITY, BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREBY OR THE ACTIONS OF SUCH PARTY IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT HEREOF OR THEREOF. 

  
 16 

 SECTION 3.12 Tax Treatment. For purposes of the Code and the
Treasury Regulations promulgated thereunder, this Agreement shall be treated as part of the LLC Agreement of Holdings as described in Section 761(c) of the Code and Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations
promulgated thereunder. An Exchange under this Agreement is intended to constitute a taxable sale pursuant to Section 1001 of the Code. 

SECTION 3.13 Specific Performance. Each party hereto acknowledges that the remedies at law of the other
parties for a breach or threatened breach of this Agreement would be inadequate and, in recognition of this fact, any party to this Agreement, without posting any bond or furnishing other security, and in addition to all other remedies that may be
available, shall be entitled to equitable relief in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other equitable remedy that may then be available and no party shall oppose the granting
of such relief on the basis that money damages would be sufficient. 
 SECTION 3.14 Governing Law. This
Agreement shall be governed by and interpreted and enforced in accordance with the Laws of the State of Delaware, without giving effect to any choice of Law or conflict of Laws rules or provisions (whether of the State of Delaware or any other
jurisdiction) that would cause the application of the Laws of any jurisdiction other than the State of Delaware. 

SECTION 3.15 Counterparts. This Agreement may be executed and delivered (including by facsimile
transmission or by e-mail delivery of a “.pdf” format data file) in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed and delivered shall be deemed to be an original but all
of which taken together shall constitute one and the same agreement. Copies of executed counterparts transmitted by telecopy, by e-mail delivery of a “.pdf” format data file or other electronic transmission service shall be considered
original executed counterparts for purposes of this Section 3.15. 
 [Signature Pages Follow] 

  
 17 

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

					
	 COMPANY

	
	 HOSTESS BRANDS, INC.

		
	 By:
	 	 /s/ Mark Stone

		 	 Name:
	 	 Mark Stone

		 	 Title:
	 	 Chief Executive Officer

  

[SIGNATURE PAGE TO EXCHANGE AGREEMENT] 

 
					
	 HOSTESS HOLDINGS

	
	 HOSTESS HOLDINGS, L.P.

		
	 By:
	 	 Hostess Holdings GP, LLC, its general partner

		
	 By:
	 	 /s/ Michael J. Cramer

		 	 Name:
	 	 Michael J. Cramer

		 	 Title:
	 	 Authorized Person

  

[SIGNATURE PAGE TO EXCHANGE AGREEMENT] 

 
					
	 HOSTESS CO-INVEST

	
	 HOSTESS CDM CO-INVEST, LLC

		
	 By:
	 	 /s/ C. Dean Metropoulos

		 	 Name:
	 	 C. Dean Metropoulos

		 	 Title:
	 	 Managing Member

	
	 HOSTESS CDM CO-INVEST, LLC – SERIES A

		
	 By:
	 	 /s/ C. Dean Metropoulos

	 Name:
	 	 C. Dean Metropoulos

	 Title:
	 	 Managing Member

	
	 HOSTESS CDM CO-INVEST, LLC – SERIES B

		
	 By:
	 	 /s/ C. Dean Metropoulos

	 Name:
	 	 C. Dean Metropoulos

	 Title:
	 	 Managing Member

	
	 HOSTESS CDM CO-INVEST, LLC – SERIES C

		
	 By:
	 	 /s/ C. Dean Metropoulos

	 Name:
	 	 C. Dean Metropoulos

	 Title:
	 	 Managing Member

	
	 HOSTESS CDM CO-INVEST, LLC – SERIES D

		
	 By:
	 	 /s/ C. Dean Metropoulos

	 Name:
	 	 C. Dean Metropoulos

	 Title:
	 	 Managing Member

  

[SIGNATURE PAGE TO EXCHANGE AGREEMENT] 

 
			
	 HOSTESS CDM CO-INVEST, LLC – SERIES E

		
	 By:
	 	 /s/ C. Dean Metropoulos

	 Name:
	 	 C. Dean Metropoulos

	 Title:
	 	 Managing Member

	
	 HOSTESS CDM CO-INVEST, LLC – SERIES F

		
	 By:
	 	 /s/ C. Dean Metropoulos

	 Name:
	 	 C. Dean Metropoulos

	 Title:
	 	 Managing Member

	
	 HOSTESS CDM CO-INVEST, LLC – SERIES G

		
	 By:
	 	 /s/ C. Dean Metropoulos

	 Name:
	 	 C. Dean Metropoulos

	 Title:
	 	 Managing Member

	
	 HOSTESS CDM CO-INVEST, LLC – SERIES H

		
	 By:
	 	 /s/ C. Dean Metropoulos

	 Name:
	 	 C. Dean Metropoulos

	 Title:
	 	 Managing Member

	
	 HOSTESS CDM CO-INVEST, LLC – SERIES I

		
	 By:
	 	 /s/ C. Dean Metropoulos

	 Name:
	 	 C. Dean Metropoulos

	 Title:
	 	 Managing Member

  

[SIGNATURE PAGE TO EXCHANGE AGREEMENT] 

 
			
	 CDM HOSTESS

	
	 CDM HOSTESS CLASS C, LLC

		
	 By:
	 	 /s/ C. Dean Metropoulos

	 Name:
	 	 C. Dean Metropoulos

	 Title:
	 	 Managing Member

	
	 CDM HOSTESS CLASS C, LLC – SERIES A

		
	 By:
	 	 /s/ C. Dean Metropoulos

	 Name:
	 	 C. Dean Metropoulos

	 Title:
	 	 Managing Member

	
	 CDM HOSTESS CLASS C, LLC – SERIES B

		
	 By:
	 	 /s/ C. Dean Metropoulos

	 Name:
	 	 C. Dean Metropoulos

	 Title:
	 	 Managing Member

	
	 CDM HOSTESS CLASS C, LLC – SERIES C

		
	 By:
	 	 /s/ C. Dean Metropoulos

	 Name:
	 	 C. Dean Metropoulos

	 Title:
	 	 Managing Member

	
	 CDM HOSTESS CLASS C, LLC – SERIES D

		
	 By:
	 	 /s/ C. Dean Metropoulos

	 Name:
	 	 C. Dean Metropoulos

	 Title:
	 	 Managing Member

  

[SIGNATURE PAGE TO EXCHANGE AGREEMENT] 

 
			
	 CDM HOSTESS CLASS C, LLC – SERIES E

		
	 By:
	 	 /s/ C. Dean Metropoulos

	 Name:
	 	 C. Dean Metropoulos

	 Title:
	 	 Managing Member

  

	
	 METROPOULOS

	
	 C. DEAN METROPOULOS

	
	 /s/ C. Dean Metropoulos

  

[SIGNATURE PAGE TO EXCHANGE AGREEMENT] 

 EXHIBIT A 

FORM OF 
 ELECTION OF EXCHANGE 

Hostess Holdings, L.P. 
 [Address
1] 
 [Address 2] 

Attention:        [●] 

Reference is hereby made to the Exchange Agreement, dated as of [●], 2016 (as amended from time to time in accordance
with its terms, the “Exchange Agreement”), by and among Hostess Brands, Inc. (formerly known as Gores Holdings, Inc.), Hostess Holdings, L.P., Hostess CDM Co-Invest, LLC, Hostess CDM Co-Invest, LLC – Series A, Hostess CDM
Co-Invest, LLC – Series B, Hostess CDM Co-Invest, LLC – Series C, Hostess CDM Co-Invest, LLC – Series D, Hostess CDM Co-Invest, LLC – Series E, Hostess CDM Co-Invest, LLC – Series F, Hostess CDM Co-Invest, LLC – Series
G, Hostess CDM Co-Invest, LLC – Series H, Hostess CDM Co-Invest, LLC – Series I, CDM Hostess Class C, LLC, CDM Hostess Class C, LLC – Series A, CDM Hostess Class C, LLC – Series B, CDM Hostess Class C, LLC – Series C, CDM
Hostess Class C, LLC – Series D, CDM Hostess Class C, LLC – Series E, C. Dean Metropoulos and such other holders of Class B Units from time to time party thereto. Capitalized terms used but not defined herein shall have the meanings
given to them in the Exchange Agreement. 
 Effective as of the Date of Exchange set forth below, the undersigned Holdings
Unitholder hereby transfers to Holdings the number of Class B Units set forth below in Exchange for shares of Class A Common Stock to be issued in its name as set forth below, or, at the option of the Company, for a Cash Exchange Payment to the
account set forth below, in each case in accordance with the Exchange Agreement. The undersigned hereby acknowledges that the Exchange of Class B Units shall include the automatic cancellation of an equal number of outstanding shares of Class B
Common Stock beneficially owned by the undersigned.
  

			
	 Legal Name of Holdings Unitholder:
	 	
 

			
		
	 Address:
	 	
 

			
		
	
Number of Class B Units to be Exchanged:
	 	  

		
	 Date of Exchange:
	 	  

		
	 Cash Exchange Payment instructions:
	 	  

		
		 	  

 If the Holdings Unitholder desires the shares of Class A Common Stock be settled through the
facilities of The Depositary Trust Company (“DTC”), please indicate the account of the DTC participant below. 

  
 A-1 

 If the Holdings Unitholder desires the shares of Class A Common Stock be settled
through the delivery of certificates to the Holdings Unitholder or its designee, please indicate the following: 
 Legal
Name for Certificates: 
 Address for Delivery of Certificates: 

The undersigned hereby represents and warrants that (i) the undersigned has all requisite power and authority (or, in case the
undersigned is a natural person, the legal capacity) to execute and deliver this Election of Exchange and to perform the undersigned’s obligations hereunder; (ii) this Election of Exchange has been duly executed and delivered by the
undersigned and is the legal, valid and binding obligation of the undersigned enforceable against it in accordance with the terms thereof or hereof, as the case may be, subject to applicable bankruptcy, insolvency and similar laws affecting
creditors’ rights generally and the availability of equitable remedies; (iii) the undersigned has good and marketable title to its Class B Units and shares of Class B Common Stock that are subject to this Election of Exchange, and such Class B
Units and shares of Class B Common Stock are being transferred to Holdings free and clear of any Lien; and (iv) no consent, approval, authorization, order, registration or qualification of, or any notice to or filing with, any third party or any
court or governmental agency or body having jurisdiction over the undersigned or the Class B Units or shares of Class B Common Stock subject to this Election of Exchange is required to be obtained or made by the undersigned for the transfer of such
Class B Units or shares of Class B Common Stock. 
 The undersigned hereby irrevocably constitutes and appoints any officer
of the Company or Holdings, as applicable, as the attorney of the undersigned, with full power of substitution and resubstitution in the premises, solely to do any and all things and to take any and all actions necessary to effect the Exchange
elected hereby, including to transfer to Holdings or the Company the Class B Units and the shares of Class B Common Stock subject to this Election of Exchange and to deliver to the undersigned the cash or the shares of Class A Common Stock to be
delivered in Exchange therefor. 

  
 A-2 

 IN WITNESS WHEREOF the undersigned, by authority duly given, has caused this
Election of Exchange to be executed and delivered by the undersigned or by its duly authorized attorney. 
  

			
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 A-3 

 EXHIBIT B 

[FORM OF] 
 JOINDER AGREEMENT 

This Joinder Agreement (“Joinder Agreement”) is a joinder to the Exchange Agreement, dated as of [●],
2016 (the “Agreement”), by and among Hostess Brands Inc., (formerly known as Gores Holdings, Inc., the “Company”), Hostess Holdings, L.P. (“Holdings”), Hostess CDM Co-Invest, LLC, Hostess CDM
Co-Invest, LLC – Series A, Hostess CDM Co-Invest, LLC – Series B, Hostess CDM Co-Invest, LLC – Series C, Hostess CDM Co-Invest, LLC – Series D, Hostess CDM Co-Invest, LLC – Series E, Hostess CDM Co-Invest, LLC – Series
F, Hostess CDM Co-Invest, LLC – Series G, Hostess CDM Co-Invest, LLC – Series H, Hostess CDM Co-Invest, LLC – Series I, CDM Hostess Class C, LLC, CDM Hostess Class C, LLC – Series A, CDM Hostess Class C, LLC – Series B, CDM
Hostess Class C, LLC – Series C, CDM Hostess Class C, LLC – Series D, CDM Hostess Class C, LLC – Series E, C. Dean Metropoulos and such other holders of Class B Units from time to time party thereto. Capitalized terms used but
not defined in this Joinder Agreement shall have the meanings given to them in the Agreement. This Joinder Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware. In the event of any conflict
between this Joinder Agreement and the Agreement, the terms of this Joinder Agreement shall control. 
 The undersigned
hereby joins and enters into the Agreement having acquired Class B Units. By signing and returning this Joinder Agreement to the Company and Holdings, the undersigned (i) accepts and agrees to be bound by and subject to all of the terms
and conditions of and agreements of a Holdings Unitholder in the Agreement, with all attendant rights, duties and obligations of a Holdings Unitholder thereunder and (ii) makes, as of the date hereof, each of the representations and warranties of a
Holdings Unitholder in Section 3.3 of the Agreement as fully as if such representations and warranties were set forth herein. The parties to the Agreement shall treat the execution and delivery hereof by the undersigned as the execution and
delivery of the Agreement by the undersigned and, upon receipt of this Joinder Agreement by the Company and Holdings, the signature of the undersigned set forth below shall constitute a counterpart signature to the signature page of the Agreement.

  

							
	 Name:
	 	  
	  	

							
			
	 Address for Notices:
	 		 	 With copies to:

			
	  
	 		 	  

			
	  
	 		 	  

			
	  
	 		 	  

			
	  
	 		 	  

				
	 Attention:
	 	  
	 		 	  

  
 B-1 

 IN WITNESS WHEREOF the undersigned, by authority duly given, has caused this
Joinder Agreement to be executed and delivered by the undersigned or by its duly authorized attorney. 
  

			
	 By:
	 	  

		 	 Name:

		 	 Title:

 Acknowledged as of             
    , 20    : 
  

			
	 HOSTESS BRANDS, INC.

		
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	 [HOLDINGS UNITHOLDER]

		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 B-2

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