Document:

EX-10.2

 Exhibit 10.2 

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

 by and among 

Express, LLC, 
 a
Delaware limited liability company, 
 Express, Inc., 

a Delaware corporation, 

and 
 WH BORROWER, LLC,

 a Delaware limited liability company, 

dated as of 

December 8, 2022 
  

 

 TABLE OF CONTENTS 

 

							
			
	 	 	 	  	Page	 
		
	 Article I CERTAIN DEFINITIONS
	  	 	2	 
			
	 Section 1.01
	 	Certain Definitions	  	 	2	 
		
	 Article II CONTRIBUTIONS; PURCHASE AND SALE
	  	 	11	 
			
	 Section 2.01
	 	Formation of the Company; Pre-Closing Contributions	  	 	11	 
			
	 Section 2.02
	 	Purchase and Sale of Purchased Equity	  	 	11	 
			
	 Section 2.03
	 	Transaction Consideration	  	 	11	 
			
	 Section 2.04
	 	Allocation of Purchase Price	  	 	12	 
			
	 Section 2.05
	 	Withholding Tax	  	 	13	 
		
	 Article III CLOSING
	  	 	13	 
			
	 Section 3.01
	 	Closing	  	 	13	 
			
	 Section 3.02
	 	Closing Deliverables	  	 	14	 
		
	 Article IV REPRESENTATIONS AND WARRANTIES OF THE PARENT GROUP
	  	 	14	 
			
	 Section 4.01
	 	Organization and Authority of Seller; Enforceability	  	 	14	 
			
	 Section 4.02
	 	No Conflicts; Consents	  	 	15	 
			
	 Section 4.03
	 	No Vote Required	  	 	15	 
			
	 Section 4.04
	 	Intellectual Property; Contributed Assets	  	 	16	 
			
	 Section 4.05
	 	Assigned Contracts	  	 	17	 
			
	 Section 4.06
	 	Legal Proceedings	  	 	17	 
			
	 Section 4.07
	 	Solvency	  	 	17	 
			
	 Section 4.08
	 	Ownership of Purchased Equity	  	 	18	 
			
	 Section 4.09
	 	Capitalization of the Company	  	 	18	 
			
	 Section 4.10
	 	Operations of the Company	  	 	18	 
			
	 Section 4.11
	 	Brokers	  	 	18	 
			
	 Section 4.12
	 	Taxes	  	 	18	 
			
	 Section 4.13
	 	Exclusivity of Representations	  	 	18	 
		
	 Article V [RESERVED]
	  	 	18	 
		
	 Article VI REPRESENTATIONS AND WARRANTIES OF WHP
	  	 	19	 
			
	 Section 6.01
	 	Organization and Authority of WHP; Enforceability	  	 	19	 
			
	 Section 6.02
	 	No Conflicts; Consents	  	 	19	 
			
	 Section 6.03
	 	Brokers	  	 	19	 
			
	 Section 6.04
	 	Financing	  	 	19	 
			
	 Section 6.05
	 	Exclusivity of Representations	  	 	20	 

  

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

							
		
	 Article VII COVENANTS
	  	 	20	 
			
	 Section 7.01
	 	Conduct of Business Prior to the Closing	  	 	20	 
			
	 Section 7.02
	 	Access to Information	  	 	21	 
			
	 Section 7.03
	 	No Solicitation of Other Bids	  	 	22	 
			
	 Section 7.04
	 	Notice of Certain Events	  	 	23	 
			
	 Section 7.05
	 	Private Placement	  	 	23	 
			
	 Section 7.06
	 	Confidentiality	  	 	23	 
			
	 Section 7.07
	 	Closing Conditions	  	 	23	 
			
	 Section 7.08
	 	Public Announcements	  	 	24	 
			
	 Section 7.09
	 	Taxes	  	 	24	 
			
	 Section 7.10
	 	Further Assurances	  	 	25	 
			
	 Section 7.11
	 	Regulatory Compliance	  	 	25	 
			
	 Section 7.12
	 	R&W Insurance	  	 	26	 
			
	 Section 7.13
	 	Prepayment of Payoff Credit Facility Indebtedness	  	 	26	 
			
	 Section 7.14
	 	Debt Financing Cooperation.	  	 	27	 
			
	 Section 7.15
	 	Management Agreement	  	 	27	 
			
	 Section 7.16
	 	Formation of Company and Contribution Co	  	 	27	 
			
	 Section 7.17
	 	IP Contribution	  	 	28	 
			
	 Section 7.18
	 	WHP Financing Obligations	  	 	29	 
		
	 Article VIII CONDITIONS TO CLOSING
	  	 	29	 
			
	 Section 8.01
	 	Conditions to Obligations of All Parties	  	 	30	 
			
	 Section 8.02
	 	Conditions to Obligations of WHP	  	 	30	 
			
	 Section 8.03
	 	Conditions to Obligations of the Parent Group	  	 	31	 
		
	 Article IX INDEMNIFICATION
	  	 	31	 
			
	 Section 9.01
	 	Indemnification By Seller	  	 	32	 
			
	 Section 9.02
	 	Indemnification By WHP	  	 	32	 
			
	 Section 9.03
	 	Indemnification Procedures	  	 	33	 
			
	 Section 9.04
	 	Survival	  	 	34	 
			
	 Section 9.05
	 	Limitations on Indemnification	  	 	34	 
			
	 Section 9.06
	 	Tax Treatment of Indemnification Payments	  	 	34	 
			
	 Section 9.07
	 	Effect of Investigation	  	 	34	 
			
	 Section 9.08
	 	No Effect on R&W Insurance Policy	  	 	35	 

  
 -ii- 

 TABLE OF CONTENTS 

(continued) 
  

							
			
	 Section 9.09
	 	Exclusive Remedies	  	 	35	 
		
	 Article X TERMINATION
	  	 	35	 
			
	 Section 10.01
	 	Termination	  	 	35	 
			
	 Section 10.02
	 	Effect of Termination	  	 	36	 
		
	 Article XI MISCELLANEOUS
	  	 	37	 
			
	 Section 11.01
	 	Expenses	  	 	37	 
			
	 Section 11.02
	 	Notices	  	 	38	 
			
	 Section 11.03
	 	Construction	  	 	39	 
			
	 Section 11.04
	 	Severability	  	 	39	 
			
	 Section 11.05
	 	Entire Agreement	  	 	39	 
			
	 Section 11.06
	 	Successors and Assigns	  	 	39	 
			
	 Section 11.07
	 	No Third-Party Beneficiaries	  	 	39	 
			
	 Section 11.08
	 	Amendment and Modification	  	 	39	 
			
	 Section 11.09
	 	Waiver	  	 	40	 
			
	 Section 11.10
	 	Governing Law	  	 	40	 
			
	 Section 11.11
	 	Submission to Jurisdiction	  	 	40	 
			
	 Section 11.12
	 	Waiver of Jury Trial	  	 	40	 
			
	 Section 11.13
	 	Specific Performance	  	 	41	 
			
	 Section 11.14
	 	Counterparts	  	 	41	 

 Exhibits 
  

			
	 Exhibit A
	  	Form of Contribution Agreement
		
	 Exhibit B
	  	Form of Operating Agreement
		
	 Exhibit C
	  	Form of License Agreement

  

  
 -iii- 

 MEMBERSHIP INTEREST PURCHASE AGREEMENT 

This Membership Interest Purchase Agreement (this “Agreement”), dated as of December 8, 2022 (“Effective
Date”), is entered into by and among Express, Inc., a Delaware corporation (“Parent”), Express, LLC, a Delaware limited liability company and wholly owned subsidiary of Parent (“Seller”) and WH Borrower,
LLC, a Delaware limited liability company (“WHP”). WHP, Parent and Seller shall be referred to herein, from time to time, collectively, the “Parties,” and each, a “Party”. 

RECITALS 
 WHEREAS,
Parent and WHP desire to enter into a partnership (the “Partnership”), the purpose of which is to transform Parent from a mono-brand specialty retailer into an omni-channel platform that will develop and grow multiple brands
globally together with WHP; 
 WHEREAS, as of the date hereof, Parent or a Subsidiary thereof is the owner of the Contributed Assets
(as defined herein) and, in furtherance of the establishment of the Partnership, Parent desires to cause the Contributed Assets to be contributed to EXP TOPCO, LLC, a Delaware limited liability company (the “Company”), which,
following the consummation of the transactions contemplated by this Agreement, will be owned 60% by WHP, or a Subsidiary thereof, and 40% together by Seller and Contribution Co; 

WHEREAS, Parent indirectly owns 100% of the issued and outstanding equity interests in each of Seller and a Delaware limited liability
company to be formed following the date hereof (“Contribution Co” and, together with Seller, the “IP Contributors”); 

WHEREAS, promptly following the Effective Date, Parent shall cause the IP Contributors to form the Company, which, upon formation,
shall be owned 100% by Seller; 
 WHEREAS, at least two (2) Business Days prior to the consummation of the transactions
contemplated by this Agreement, and subject to the terms and conditions set forth herein, (a) Seller is the owner of 100% of the Contributed Assets, (b) Seller shall contribute the Contributed Assets owned by Seller to the Company in
exchange for 100% of the limited liability interests of the Company (the “IP Contribution”) and (c) immediately thereafter, Seller shall assign, and Contribution Co shall accept, 1% of the issued and outstanding limited
liability interests of the Company to Contribution Co in accordance with the Contribution Agreement (the “Contribution Agreement”), substantially in the form attached hereto as Exhibit A; 

WHEREAS, subject to the terms and conditions set forth herein, and in furtherance of the establishment of the Partnership, at least two
(2) Business Days following the consummation of the IP Contribution, WHP (directly or indirectly through one of its Subsidiaries) desires to purchase from Seller, and Seller desires to sell to WHP (or a Subsidiary thereof), all of Seller’s
right, title and interest in and to 60% of the Company’s total outstanding limited liability company interests (the “Purchased Equity”) in exchange for the Purchase Price (as defined herein) (the “Membership Interests
Purchase”); 
 WHEREAS, subject to the terms and conditions set forth herein, and immediately upon consummation of the
Membership Interests Purchase, Parent and WHP desire to enter the operating agreement among Seller, Contribution Co, WHP and the Company (the “Operating Agreement”), substantially in the form attached hereto as
Exhibit B, pursuant to which Seller, will own 39% of the limited liability company interests of the Company, Contribution Co will own 1% of the limited liability company interests of the Company, and a Subsidiary of WHP
(the “WHP Member”) will own 60% of the limited liability company interests of the Company; 

 WHEREAS, subject to the terms and conditions set forth herein, and immediately upon
consummation of the Membership Interests Purchase, the Company will grant to Parent a license to the Contributed Assets pursuant to, and as further set forth in, a license agreement between the Company and Parent (the “License
Agreement”), substantially in the form attached hereto as Exhibit C; and 
 WHEREAS, simultaneously with the execution
of this Agreement, Parent and WHP have entered into that certain investment agreement (the “Investment Agreement”), pursuant to which, among other things, WHP will make a private investment in the common stock of Parent, par value
$0.01 per share (“Parent Common Stock”), in accordance with the terms set forth therein and substantially concurrently with the consummation of the Membership Interests Purchase (the “PIPE Investment”). 

NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 
 Article I CERTAIN DEFINITIONS 

Section 1.01 Certain Definitions. As used in this Agreement, the following terms shall have the meanings set forth or as
referenced below: 
 “Accountant” shall have the meaning set forth in Section 2.04(a). 

“Acquisition Proposal” shall have the meaning set forth in Section 7.03. 

“Action” shall have the meaning set forth in Section 4.06. 

“Affiliate” means, as to any Person, any other Person that, directly or indirectly, controls, or is controlled by, or is
under common control with, such Person; provided, however, (i) that the Parent and its Subsidiaries shall not be deemed to be Affiliates of WHP or any of its Affiliates and (ii) “portfolio companies” (as such term is customarily used
in the private equity industry) in which any Person or any of its Affiliates has an investment shall not be deemed an Affiliate of such Person so long as such portfolio company (x) has not been directed by WHP or any of its Affiliates or any
Investor Director (as such term is defined in the Investment Agreement) in carrying out any act prohibited by this Agreement, (y) is not a member of a group (as such term is defined in Sections 13(d)(3) and 13(g)(3) of the Exchange Act) with
either WHP or any of its Affiliates with respect to any securities of Parent, and (z) has not received from WHP or any Affiliate of WHP or any Investor Director, directly or indirectly, any Confidential Information (as such term is defined in
the Confidentiality Agreement). For this purpose, “control” (including, with its correlative meanings, “controlled by” and “under common control with”) shall mean the possession, directly or indirectly, of the power to
direct or cause the direction of management or policies of a Person, whether through the ownership of securities or partnership or other ownership interests, by contract or otherwise and, in any event, without limitation of the previous sentence,
any Person owning more than 50% or more of the voting securities of another Person shall be deemed to control that Person. 
 Any Person
shall be deemed to “beneficially own”, to have “beneficial ownership” of, or to be “beneficially owning” any securities (which securities shall also be deemed “beneficially owned” by such Person) that such
Person is deemed to “beneficially own” within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act; provided that any Person shall be deemed to
beneficially own any securities that such Person has the right to acquire, whether or not such right is exercisable immediately. 

“Agreement” shall have the meaning set forth in the Preamble. 

  
 2 

 “Alternative Debt Commitment Letter” shall have the meaning set forth in
Section 7.18(d). 
 “Alternative Financing” shall have the meaning set forth in Section 7.18(d).

 “Ancillary Documents” means the Operating Agreement, the License Agreement, the Management Agreement and the
Contribution Agreement. 
 “Assigned Contracts” shall have the meaning set forth in Section 4.05. 

“Business Days” means a day (a) other than Saturday or Sunday and (b) on which commercial banks are open for
business in New York, New York. 
 “Claim” shall have the meaning set forth in Section 9.03(a). 

“Claim Notice” shall have the meaning set forth in Section 9.03(a). 

“Closing” shall have the meaning set forth in Section 3.01. 

“Closing Date” shall have the meaning set forth in Section 3.01. 

“Confidentiality Agreement” means the Confidentiality Agreement between Parent and WHP, dated as of August 24, 2022.

 “Contract” means any written or oral legally binding contract, agreement, instrument, commitment or undertaking of any
nature (including leases, licenses, mortgages, notes, guarantees, sublicenses and subcontracts), including all amendments, supplements, exhibits and schedules thereto. 

“Contributed Assets” means the assets contributed to the Company pursuant to the Contribution Agreement. 

“COVID-19” means
SARS-CoV-2 or COVID-19, and any evolutions thereof or related or associate epidemics, pandemic or disease outbreaks. 

“COVID-19 Measures” means any quarantine, “shelter in place,” “stay at
home,” workforce reduction, social distancing, shut down, closure, sequester or any other Law, mandate, directive, guidelines or recommendations by any Governmental Authority in connection with or in response to
COVID-19. 
 “Debt Commitment Letter” means that certain Commitment Letter, dated
as of the date hereof, by and among the Debt Financing Sources and WHP, including the exhibits, schedules, annexes and amendments to such Debt Commitment Letter, as may be amended, restated, amended and restated, supplemented, replaced or otherwise
modified from time to time to the extent not prohibited by this Agreement. 
 “Debt Financing” means the debt financing
contemplated by the Debt Commitment Letter. 
 “Debt Financing Sources” means the financial institutions that have
committed to provide, or otherwise entered into agreements in connection with the Debt Financing (including any Alternative Financing) in connection with the transactions contemplated by this Agreement, including BlackRock Capital Investment
Advisors, LLC pursuant to the Debt Commitment Letter, together with their Affiliates, officers, directors, employees, agents, advisors and representatives and their respective successors and assigns. 

  
 3 

 “Definitive Agreements” shall have the meaning set forth in Section
7.18(a). 
 “Disclosure Schedules” shall have the meaning set forth in Section 2.02. 

“DOJ” shall have the meaning set forth in Section 7.11 

“Effective Date” shall have the meaning set forth in the Preamble. 

“Encumbrance” shall have the meaning set forth in Section 2.01. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 “Federal Securities Laws” means the Exchange Act, the Securities Act and the other U.S. federal securities Laws and the
rules and regulations of the SEC promulgated thereunder. 
 “Fraud” means actual (and not constructive, including claims
based on recklessness) common Law fraud under Delaware Law with respect to the making of an express representation or warranty contained in this Agreement. 

“FTC” shall have the meaning set forth in Section 7.11. 

“Fundamental Representations” shall have the meaning set forth in Section 9.04. 

“GAAP” means United States generally accepted accounting principles as in effect for the applicable period or date. 

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

“HSR Act” means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the rules and regulations
promulgated thereunder. 
 “HSR Form” shall have the meaning set forth in Section 7.11 

“Indemnification Cap” means $235,000,000. 

“Indemnified Party” shall have the meaning set forth in Section 9.03(a). 

“Indemnifying Party” shall have the meaning set forth in Section 9.03(a). 

“Indemnified Taxes” means (i) all Taxes (or the non-payment thereof) of the
Company (including any predecessor thereto), or Taxes for which the Company (or any of its predecessors) is liable, for any Pre-Closing Tax Period, including any “imputed underpayment” within the
meaning of Code Section 6225 (or any similar provision of state, local, or non U.S. law) imposed on the Company (or any of its predecessors) that is attributable to a Pre-Closing Tax Period, (ii) any
and all Taxes of any Person (other than the Company) imposed on the Company (or any predecessor thereto) as a transferee or successor, by contract (other than a contract entered into in the ordinary course of business the primary purpose of which is
not Taxes) or pursuant to any law, rule, or regulation, which Taxes relate to an event or transaction occurring before the Closing, (iii) any and all Taxes resulting from a breach of the representations in Section 4.12 or a breach of the
covenants and agreements contained in Section 7.09, and (iv) any costs or expenses relating to an audit, contest or proceeding related to any of the foregoing clauses (i) through (iii). 

  
 4 

 “Insolvent” shall have the meaning set forth in
Section 4.07. 
 “Intellectual Property” means any and all of the following in any jurisdiction
throughout the world: (a) registered and unregistered trademarks, service marks, trade names, trade dress, corporate names, logos, packaging design, slogans, Internet domain names, rights to social media accounts, and other indicia of source,
origin or quality, including all applications and registrations and the goodwill connected with the use of and symbolized by the foregoing (collectively, “Marks”); (b) copyrights in both published and unpublished works (including
all compilations, databases and computer programs, manuals and other documentation and all derivatives, translations, adaptations and combinations of the above), mask work rights, including all applications and registrations related to the foregoing
(“Copyrights”); (c) rights under applicable trade secret Law in trade secrets and other confidential or proprietary information (including know-how, inventions and invention disclosures
(whether or not patented or patentable and whether or not reduced to practice), ideas, research in progress, process technology, software development methodologies, algorithms, technical information, proprietary business information, customer and
supplier lists, customer and supplier records, pricing and cost information, reports, plans, drawings, blue prints, data, databases, data collections, designs, processes, formulae, schematics, flow charts, models, strategies, prototypes, techniques,
source code, source code documentation, testing procedures, testing results and business, financial, sales and marketing plans) (collectively, “Trade Secrets”); (d) patents, patent applications of any kind and patent rights
(collectively, “Patents”); (e) websites; (f) other intellectual property and related proprietary rights, interests and protections recognized by Law, including rights of publicity and privacy (including all rights to sue and
recover and retain damages, costs and attorneys’ fees for past, present and future infringement and any other rights relating to any of the foregoing); and (g) goodwill and claims of infringement and misappropriation of any and all of the
forgoing against third parties. 
 “Intended Tax Treatment” shall have the meaning set forth in
Section 7.09(e). 
 “Investment Agreement” shall have the meaning set forth in the Recitals. 

“Judgment” means an order, judgment, injunction, ruling, writ or decree of any Governmental Authority. 

“Knowledge” whether or not capitalized, or any similar expression used with respect to Seller, means the actual knowledge of
those individuals listed on Section 1.1 of the Disclosure Schedule. 
 “Law” means all state or
federal laws, common law, statutes, ordinances, codes, rules or regulations. 
 “Liabilities” means any and all debts,
liabilities, costs, guarantees, commitments, assessments, expenses, claims, losses, damages, deficiencies and obligations, whether accrued or fixed, accrued or not accrued, due or to become due, direct or indirect, whenever or however arising
(including whether arising out of any contract, common law or tort based on negligence or strict liability). 
 “License
Agreement” shall have the meaning set forth in the Recitals. 
 “Licenses Out” shall have the meaning set forth in
Section 4.04(a). 

  
 5 

 “Losses” means any awards, fines, fees, suits, actions, causes of action,
judgments, Taxes and awards directly incurred or suffered (and, if applicable, reasonable consultants’ and attorneys’ fees associated therewith) including any such fees and expenses incurred in connection with investigating, defending
against or settling any of the foregoing and the reasonable costs and expenses of enforcing the indemnification rights of the Indemnified Party hereunder. 

“Management Agreement” means that certain management agreement by and between Seller and an affiliate of WHP to be dated as
of the Closing Date, which is to be negotiated in good faith by the parties before the Closing Date. 
 “Material Adverse
Effect” means any change, event, effect, occurrence, development or circumstance that, individually or in the aggregate, has had a material adverse effect on (i) the Contributed Assets or (ii) the business, financial condition or
results of operations of the Parent and its Subsidiaries, taken as a whole; provided that, none of the following, and no changes, events, effects or circumstances arising out of, relating to or resulting from the following (in each case, by itself
or when aggregated) either alone or in combination, will be deemed to be or constitute a Material Adverse Effect or will be taken into account when determining whether a Material Adverse Effect has occurred or would be reasonably expected to occur
(subject to the limitations set forth below): 
  

	 	(i)	 changes in general economic conditions, or changes in conditions in the global, international or regional
economy generally; 

  

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

  

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

  

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

  

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

 

	 	(vi)	 earthquakes, volcanic activity, hurricanes, tsunamis, tornadoes, floods, mudslides, wild fires or other natural
disasters, weather conditions and other natural or man-made force majeure events; 

  

	 	(vii)	 any (A) epidemic, pandemic or disease outbreak (including the
COVID-19 pandemic), human health crises or other force majeure events, in each case, including any worsening thereof, or (B) Law or mandate, directive, pronouncement, guideline or recommendation issued by
a Governmental 

  
 6 

	 	
Authority, the Centers for Disease Control and Prevention, the World Health Organization or industry group providing for business closures, “sheltering-in-place,” curfews or other restrictions that relate to, or arise out of, an epidemic, pandemic or disease outbreak (including the COVID-19
pandemic) or any change in such Law or directive, pronouncement or guideline or interpretation thereof or any material worsening of such conditions (including any COVID-19 Measures); 

 

	 	(viii)	 the negotiation, execution, delivery or performance of this Agreement or the announcement of this Agreement or
the pendency of the Transactions, including the impact thereof on the relationships, contractual or otherwise, of the Company and its Subsidiaries with customers, suppliers, lenders, lessors, business partners, employees, regulators, Governmental
Authorities, or any other Person; 

  

	 	(ix)	 the compliance by any Party with the terms of this Agreement, including any action taken or refrained from
being taken pursuant to or in accordance with this Agreement; 

  

	 	(x)	 any action taken or refrained from being taken, in each case to which the Investor has expressly approved,
consented to or requested in writing following the date of this Agreement; 

  

	 	(xi)	 changes or proposed changes in GAAP or other accounting standards or in any applicable Laws (or the
enforcement, implementation or interpretation of any of the foregoing); 

  

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

 

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

  

	 	(xiv)	  the availability or cost of equity, debt or other financing to the Investor; 

 

	 	(xv)	 any government shutdown or slowdown; 

 

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

  
 7 

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

  

	 	(xviii)	 any breach by the Investor of this Agreement; 

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

“Membership Interests Purchase Transactions” means the transactions contemplated by this Agreement and the Contribution
Agreement. 
 “MGF Security Agreement” means Guaranty and Security Agreement, dated as of January 13, 2021, made by
Parent, Express Topco LLC, a Delaware limited liability company, Express Holdings, LLC, a Delaware limited liability company, Express, LLC, a Delaware limited liability company, the other Guarantors (as defined therein) party thereto, to MGF
Sourcing US, LLC, as collateral agent for its own benefit and for the benefit of the other Secured Parties (as defined therein). 

“Operating Agreement” shall have the meaning set forth in the Recitals. 

“Outside Date” shall have the meaning set forth in Section 10.01(c). 

“Parent” shall have the meaning set forth in the Recitals. 

“Parent Common Stock” shall have the meaning set forth in the Recitals. 

“Parent Credit Facility” means that certain (a) Second Amended and Restated Asset-Based Loan Credit Agreement, dated as
of May 20, 2015 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “ABL Credit Agreement”), by and among Express Holdings, LLC, a Delaware limited liability company (the
“Parent”), Seller, Express Topco LLC, a Delaware limited liability company (“Intermediate Holdings”), Express, LLC, a Delaware limited liability company (the “Borrower”), the Subsidiary Guarantors
(as defined therein) party thereto (the Subsidiary Guarantors, together with the Parent, Holdings, Intermediate Holdings and the Borrower, the “Companies”), the Lenders (as defined therein) party thereto and Wells Fargo Bank,
National Association (“Wells Fargo”) as Administrative Agent and Collateral Agent (each as defined therein), (b) Asset-Based Term Loan Agreement, dated as of January 13, 2021 (as amended, restated, amended and restated,
supplemented or otherwise modified from time to time, the “FILO Credit Agreement”, together with the ABL Credit Agreement, the “Existing Credit Facilities”), by and among the Companies, the Lenders (as defined
therein) party thereto, and Wells Fargo, as Administrative Agent and Collateral Agent (each as defined therein) and (c) any other credit agreement, indenture, notes or other instrument, that replaces or refinances the Existing Credit
Facilities. 
 “Parent Group” means Parent, Seller and, when formed and prior to the consummation of the transactions
contemplated by this Agreement, the Company. 
 “Parent-Related Developments” shall have the meaning set forth in
Section 4.04(b)(vii). 

  
 8 

 “Parties,” or “Party” shall have the meaning set forth in
the Preamble. 
 “Partnership” shall have the meaning set forth in the Recitals. 

“Permitted Encumbrances” means, with respect to any Person, any of the following: (a) liens for Taxes, assessments and
governmental charges or levies either (i) not yet delinquent or (ii) that are being contested in good faith and by appropriate proceedings and for which adequate reserves have been established in the financial statements in accordance with
GAAP; (b) mechanics, carriers’, workmen’s, warehouseman’s, repairmen’s, materialmen’s or other liens or security interests arising or occurring in the ordinary course of business, that are not yet due or that are being
contested in good faith and by appropriate proceedings and for which adequate reserves have been established in the financial statements in accordance with GAAP; (c) any non-exclusive license or covenant
not to sue granted with respect to any Intellectual Property rights; (d) statutory, common Law or contractual liens, or other encumbrances of record securing payments not yet due; (e) Encumbrances created by this Agreement; and
(f) other imperfections of title or Encumbrances, if any, that are not material to the Contributed Assets. 
 “Person”
means an individual, corporation, limited liability company, partnership, joint venture, association, trust, unincorporated organization or any other entity, including a Governmental Authority. 

“PIPE Investment” shall have the meaning set forth in the Recitals. 

“Pre-Closing Tax Period” means any taxable period (or portion thereof) that ends on
or before the Closing Date and the portion through the end of the Closing Date of any Straddle Period. 
 “Purchase Price”
shall have the meaning set forth in Section 2.06. 
 “R&W Insurance Policy” means a
representation and warranty liability insurance policy obtained by WHP or one of its Affiliates on terms and conditions satisfactory to WHP. 

“Representatives” means, with respect to a Person, such Person’s Affiliates and its and such Affiliates respective
directors (or equivalent), officers, managers, employees, members, investment bankers, consultants, and legal, financial, internal and independent accounting and other advisors and representatives. 

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

“Securities Act” means the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 “Seller” shall have the meaning set forth in the Preamble. 

“Seller Indemnitees” shall have the meaning set forth in Section 9.02(a). 

“Seller Member” shall have the meaning set forth in the Recitals. 

“Straddle Period” means any taxable period that includes (but does not end on) the Closing Date. 

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

  
 9 

 “Tax” or “Taxes” means any and all United States federal,
state, local or non-United States taxes, fees, levies, duties, tariffs, imposts, and other similar charges (together with any and all interest, penalties and additions to tax, whether disputed or not) imposed
by any Governmental Authority, including taxes or other charges on or with respect to income, imputed underpayments, franchises, windfall or other profits, gross receipts, property, sales, use, capital stock, payroll, employment, social security,
workers’ compensation, unemployment compensation or net worth; taxes or other charges in the nature of excise, withholding, ad valorem, stamp, transfer, value added or gains taxes; license, registration and documentation fees. 

“Tax Allocation Schedule” shall have the meaning set forth in Section 2.04. 

“Tax Claims” means any Claim arising from (a) a breach of the representations and warranties contained in
Section 4.12, (b) the obligations set forth in Section 9.01(a)(ii) or (c) other Losses in respect of Taxes. 

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

“Third Party” means any Person other than WHP and Parent and each of their respective Subsidiaries and Affiliates. 

“Third-Party IP” shall have the meaning set forth in Section 4.04(b)(iv). 

“Transactions” means the transactions contemplated by this Agreement, the Investment Agreement and the Ancillary Documents,
including, for the avoidance of doubt, the Membership Interests Purchase and the PIPE Investment. 
 “Transfer Taxes” shall
have the meaning set forth in Section 7.09. 
 “WHP” shall have the meaning set forth in the
Preamble. 
 “WHP Indemnitees” shall have the meaning set forth in Section 9.01(a). 

“WHP Material Adverse Effect” means any effect, change, event or occurrence that would prevent or materially delay, interfere
with, hinder or impair (i) the consummation by WHP of any of the Transactions on a timely basis or (ii) the compliance by WHP with its obligations under this Agreement. 

“WHP Member” shall have the meaning set forth in the Recitals. 

“WHP Revolver” shall mean the “Revolving Credit Facility” with commitments of $50,000,000 under and as defined in
that certain Credit Agreement, dated as of February 15, 2022, by and among WH Intermediate, LLC, WHP, Morgan Stanley Senior Funding, Inc., as administrative agent and collateral agent and the L/C issuers and lenders from time to time party
thereto, as in effect on the date hereof. 

  
 10 

 “Willful Breach” means a material breach of this Agreement that is the
consequence of an act or omission by a Party with the actual knowledge that the taking of such act or failure to take such action would be a breach of this Agreement. 

Article II CONTRIBUTIONS; PURCHASE AND SALE 

Section 2.01 Formation of the Company; Pre-Closing Contributions. 

 

	 	(a)	 Promptly following the date hereof, Parent shall cause Seller and Contribution Co to form the Company as a
Delaware limited liability company. At formation, Seller shall be the owner of 100% of the issued and outstanding limited liability company interests of the Company. 

 

	 	(b)	 Prior to the Closing, Seller owns the Contributed Assets set forth on Exhibit A to the Contribution Agreement.

  

	 	(c)	 At least two (2) Business Days prior to the Closing, Seller shall, and shall cause its applicable
Subsidiaries to, consummate the IP Contribution in accordance with, and subject to, the terms and conditions of the Contribution Agreement, such that following the consummation of the IP Contribution, all right, title and interest in and to the
Contributed Assets owned by Seller as of the date hereof shall have been assigned, transferred and conveyed to the Company. 

  

	 	(d)	 Immediately thereafter, Seller shall assign, and Contribution Co shall accept, 1% of the issued and outstanding
limited liability company interests of the Company to Contribution Co. 

 Section 2.02 Purchase and Sale of
Purchased Equity. Subject to the terms and conditions set forth herein, Seller shall sell, transfer, convey and deliver to WHP, and WHP shall purchase, acquire and accept from Seller, all of Seller’s right, title and interest to the
Purchased Equity, free and clear of any charge, claim, community property interest, pledge, condition, equitable interest, lien (statutory or other), option, security interest, mortgage, easement, encroachment, right of way, right of first refusal,
or restriction of any kind, including any restriction on use, voting, transfer, receipt of income or exercise of any other attribute of ownership (each, an “Encumbrance”), other than Permitted Encumbrances. 

Section 2.03 Transaction Consideration. In consideration of the consummation of the Membership Interests Purchase
Transactions, including the sale, conveyance, transfer and delivery of the Purchased Equity by Seller to WHP on the terms set forth in this Agreement, WHP shall pay (or cause to be paid) to Seller (or to Parent, on behalf of Seller) the aggregate
purchase price for the Purchased Equity of $235,000,000 (the “Purchase Price”) at the Closing (as defined below) in cash, by wire transfer of immediately available funds in accordance with the wire transfer instructions to be
provided by Parent to WHP at least one (1) Business Day prior to the Closing Date. Following the Closing, the WHP Member shall hold 60% of the outstanding limited liability company interests of the Company, Seller shall hold 39% of the
outstanding limited liability company interests of the Company and Contribution Co shall own 1% of the outstanding limited liability company interests of the Company. 

Section 2.04 Allocation of Purchase Price. Parent shall prepare and deliver to WHP a schedule allocating the Purchase Price
(plus other relevant items) among the assets of the Company for all tax purposes in accordance with an allocation schedule consistent with Section 755 of the Code, including sufficient detail to permit the Parties to make the computations and
adjustments required under Sections 734(b), 743(b), and 751 and 752 of the Code, (the “Tax Allocation Schedule”) within 120 days following the Closing Date (as defined below). 

  
 11 

	 	(a)	 If within sixty (60) days following receipt of the Tax Allocation Schedule, WHP notifies Parent in writing
that such person disputes any item set forth in the Tax Allocation Statement and the parties are unable to resolve such disputed item within thirty (30) days or such other mutually agreed upon period, the Parties shall refer the disputed item
to a nationally recognized independent accounting firm reasonably acceptable to the Company, Parent, WHP and Seller, or, if such firm is unable or unwilling to act or if such firm has been engaged by any of the parties from or after the date hereof
and is thus no longer “independent”, another nationally recognized independent accounting firm reasonably acceptable to WHP (the “Accountant”), which, acting as an expert and not an arbitrator, shall as promptly as
reasonably practicable resolve such disputed item in accordance with the procedural principles set forth in this Section 2.04. The Tax Allocation Schedule, as mutually agreed upon or otherwise determined by the Accountant, shall be final and
binding upon the Company, Parent, WHP and Seller. 

  

	 	(b)	 WHP shall be entitled to submit (with a copy to the other party) to the Accountant such documents and materials
and to make such presentations and arguments as such party shall deem necessary or appropriate; provided that the parties agree that neither party shall have any ex parte communications with the Accountant. The Accountant (i) shall consider
only disputes with respect to the Tax Allocation Schedule, (ii) shall be bound by the terms of this Agreement and (iii) shall only consider the documents, materials, presentations and arguments made by WHP (i.e., shall not engage in any
independent review). The Accountant shall deliver to the Company, Parent, WHP and Seller, as promptly as practicable, a written report setting forth its resolution of the disputed matter. Such report shall be final and binding upon, and non-appealable by, the parties. 

  

	 	(c)	 The costs and expenses of the Accountant shall be allocated between WHP, on the one hand, and Parent, on the
other hand, in the same proportion that the aggregate amount of the disputed items submitted to the Accountant that is unsuccessfully disputed by each such party (as finally determined by the Accountant) bears to the total amount of such disputed
items so submitted. 

  

	 	(d)	 The Company, WHP, Parent and Seller, including each Party’s Subsidiaries and Affiliates, shall file all
Tax Returns in a manner consistent with the Tax Allocation Schedule, unless otherwise required pursuant to a determination as defined in Section 1313 of the Code. The Parties agree to promptly advise each other regarding the existence of any
Tax audit or administrative or judicial Tax proceeding related to the Tax Allocation Schedule. 

 Section 2.05
Withholding Tax. WHP shall be entitled to deduct and withhold from the Purchase Price all Taxes that each of WHP may be required to deduct and withhold under any applicable Tax Law. All such withheld amounts shall be treated as delivered to
Seller or Parent, as applicable, hereunder. In the event WHP determines that it is required to deduct and withhold from any amounts payable to Seller or Parent, as applicable, pursuant to this Agreement (other than any withholding arising from the
failure of Seller or Parent to deliver an IRS Form W-9), WHP shall use commercially reasonable efforts to provide Seller or Parent, as applicable, with advance written notice describing the amount of and basis
for such deduction and withholding prior to the Closing Date and shall reasonably cooperate in good faith with Seller or Parent, as applicable, to establish any reduction or exemption from such deduction or withholding permitted under applicable
Law. 

  
 12 

 Article III CLOSING 

Section 3.01 Closing. Subject to the terms and conditions of this Agreement, the consummation of the Membership Interests
Purchase Transactions (the “Closing”) shall take place remotely by exchange of documents and signatures (or their electronic counterparts), (a) as promptly as reasonably practicable, but in no event later than the fifth Business Day
after all of the conditions to Closing set forth in ARTICLE VIII are either satisfied or, if permitted by applicable Law, waived (other than conditions which, by their nature, are to be satisfied at the Closing), or (b) at such
other time, date or place as Seller and WHP may mutually agree upon in writing. The date on which the Closing is to occur is herein referred to as the “Closing Date”; provided, however, that in no event shall the Closing
occur prior to the date that is two Business Days after the consummation of the IP Contribution. 
 Section 3.02 Closing
Deliverables. 
  

	 	(a)	 At least two (2) Business Days prior to the Closing, Parent and Seller shall deliver to WHP
(i) evidence of formation of the Company and (ii) the Contribution Agreement, duly executed and delivered by each of Seller, Contribution Co and the Company. 

 

	 	(b)	 At the Closing, Parent shall deliver or cause to be delivered to WHP the following: 

 

	 	(i)	 each applicable Ancillary Document duly executed by the applicable member of the Parent Group; provided,
that delivery of the Management Agreement shall not be a condition to Closing; and 

  

	 	(ii)	 the Payoff Letter; 

  

	 	(iii)	 a certificate of the Secretary or Assistant Secretary (or equivalent officer) of Parent certifying as to
(A) the resolutions of the board of directors of Seller, duly adopted and in effect, which authorize the execution, delivery and performance of this Agreement, the applicable Ancillary Documents and the Membership Interests Purchase
Transactions; and (B) the names and signatures of the officers of Parent authorized to sign this Agreement and the Ancillary Documents to be delivered hereunder. 

 

	 	(c)	 At the Closing, Seller shall deliver or cause to be delivered to WHP the following: 

 

	 	(i)	 the Purchased Equity; 

 

	 	(ii)	 a certificate of the Secretary or Assistant Secretary (or equivalent officer) of Seller certifying as to
(A) the resolutions of the board of managers of Seller, duly adopted and in effect, which authorize the execution, delivery and performance of this Agreement, the Contribution Agreement and the Membership Interests Purchase Transactions; and
(B) the names and signatures of the officers of WHP authorized to sign this Agreement; and 

  

	 	(iii)	 a properly completed Internal Revenue Service form W-9.

  

	 	(d)	 At the Closing, WHP shall deliver or cause to be delivered to Seller the following: 

 

	 	(i)	 the Purchase Price by wire transfer of immediately available funds to an account designated in writing by
Seller to WHP; 

  
 13 

	 	(ii)	 each applicable Ancillary Document duly executed by WHP; provided, that delivery of the Management
Agreement shall not be a condition to Closing; 

  

	 	(iii)	 a certificate of the Secretary or Assistant Secretary (or equivalent officer) of WHP certifying as to
(A) the resolutions of the board of directors of WHP, duly adopted and in effect, which authorize the execution, delivery and performance of this Agreement and the Membership Interests Purchase Transactions; and (B) the names and
signatures of the officers of WHP authorized to sign this Agreement and the Ancillary Documents to be delivered hereunder; and 

  

	 	(iv)	 a properly completed Internal Revenue Service Form W-9.

 Article IV REPRESENTATIONS AND WARRANTIES OF THE PARENT GROUP 

Except as (a) set forth in the Disclosure Schedules (it being acknowledged and agreed that any disclosure or exception set forth in any Section of
subsection of the Disclosure Schedules shall be deemed to apply to any other Section or subsection of the Disclosure Schedules to the extent that the qualification of such disclosure or exception to such other Section or subsection is reasonably
apparent on the face of such disclosure) or (b) disclosed in any report, schedule, form, statement or other document (including exhibits) filed with, or furnished to, the Securities and Exchange Commission (the “SEC”) and
publicly available prior to the date hereof (the “Filed SEC Documents”), other than any risk factor disclosures in any such Filed SEC Document contained in the “Risk Factors” section thereof or any forward-looking
statements within the meaning of the Securities Act or the Exchange Act thereof, each of Parent and Seller represents and warrants to WHP that the statements contained in this ARTICLE IV are true and correct as of the date hereof and as
of the Closing Date (except as otherwise specified). 
 Section 4.01 Organization and Authority of Seller; Enforceability.
Each member of the Parent Group is duly organized or formed, as applicable, validly existing and in good standing (or the equivalent thereof, if applicable, in each case, with respect to the jurisdictions that recognize the concept of good standing
or any equivalent thereof) under the Laws of its jurisdiction of incorporation, formation or organization, as applicable. Each of Parent and Seller has full corporate power and authority to enter into this Agreement and the Ancillary Documents to
which it is a party to be delivered hereunder, to carry out its obligations hereunder and to consummate the Transactions. The execution, delivery and performance by each member of the Parent Group of this Agreement and the Ancillary Documents to be
delivered hereunder to which such member of the Parent Group is a party and the consummation of the Transactions have been duly authorized by all requisite corporate action on the part of the applicable member of the Parent Group. This Agreement and
the Ancillary Documents to be delivered hereunder to which a member of the Parent Group is a party have been duly executed and delivered by such member of the Parent Group, and (assuming due authorization, execution and delivery by WHP), this
Agreement and the Ancillary Documents to be delivered hereunder to which such member of the Parent Group is a party constitute legal, valid and binding obligations of such member of the Parent Group, enforceable against such member of the Parent
Group in accordance with their respective terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium and similar Laws affecting creditors’ rights and remedies generally, and subject to general principles of equity applied
in connection with any enforcement brought in a proceeding at law or in equity (the “Bankruptcy and Equity Exceptions”). 

Section 4.02 No Conflicts; Consents. The execution, delivery and performance by Parent and Seller of this Agreement and the
Ancillary Documents to be delivered hereunder to which Parent or Seller is a party, and the consummation of the Membership Interests Purchase Transactions, do not and will not: (a) violate or conflict with the certificate of incorporation or by-laws of Parent or Seller, as applicable; (b) violate or conflict with any judgment, award, order, decree, statute, Law, ordinance, rule or regulation applicable to

  
 14 

 
Parent or Seller; or (c) conflict with, or result in (with or without notice or lapse of time or both) any violation of, or default under, or give rise to a right of termination,
acceleration or modification of any obligation or loss of any benefit under any Contract or other instrument to which Parent or Seller is a party or to which any of the Contributed Assets are subject; or (d) result in the creation or imposition
of any Encumbrance on the Contributed Assets, except, in each case of the foregoing clauses (b) through (d), as has not had and would not reasonably be expected to have a Material Adverse Effect. Except as has not had and would not reasonably
be expected to have a Material Adverse Effect, no consent, approval, waiver or authorization is required to be obtained by Parent or Seller from any Person (including any Governmental Authority) in connection with the execution, delivery and
performance by Parent of this Agreement and the consummation of the Membership Interests Purchase Transactions, except for any required filings or approvals pursuant to the HSR Act. 

Section 4.03 No Vote Required. No vote or consent of Parent’s shareholders is required to authorize this Agreement, any
Ancillary Document or consummation of any Transaction. 
 Section 4.04 Intellectual Property; Contributed Assets. 

 

	 	(a)	 Section 4.04(a) of the Disclosure Schedules contains a complete and accurate list of all
(a) registered and material unregistered Marks included in the Contributed Assets that are owned or purported to be owned by, filed in, issued under the name of or used or held for use by Parent (or a Subsidiary thereof, including Seller and
the Company) in the business of Parent and its Subsidiaries as currently conducted, including, to the extent applicable, the date of filing, issuance or registration, the filing, issuance or registration number and the name of the body where the
filing, issuance or registration was made, and (b) licenses, sublicenses or other agreements under which Parent has granted rights to others in the Contributed Assets outside of the United States (including any of its territories and
possessions and U.S. military bases anywhere in the world) (“Licenses Out”), other than (i) confidentiality and non-disclosure agreements,
(ii) non-exclusive licenses granted in the ordinary course of business, (iii) agreements under which the licenses to Contributed Assets granted in such agreement are (A) merely incidental to the
transaction contemplated, (B) limited to non-commercial uses or (C) limited to identifying the parties’ relationship, including identifying Seller as a “client”, “partner”,
or “sponsor” of another party. In the case of any licenses, sublicenses or other agreements disclosed pursuant to the foregoing clause (b), Section 4.04(a) of the Disclosure Schedules also sets forth whether each such license,
sublicense or other agreement is exclusive or non-exclusive. 

  

	 	(b)	 Except as set forth on Section 4.04(b) of the Disclosure Schedules: 

 

	 	(i)	 as of the date hereof, the Parent Group exclusively owns, and until the consummation of the IP Contribution,
Parent Group shall exclusively own, all right, title and interest in the Contributed Assets that it purports to own and possesses adequate and enforceable rights to use, without payment to a Third Party, all of the Contributed Assets necessary for
the operation of the business of the Parent Group and its Subsidiaries as currently conducted, free and clear of all mortgages, pledges, charges, liens, equities, security interests, or other similar encumbrances, except for Permitted Encumbrances
or any of the foregoing being released or terminated prior to the Closing; 

  

	 	(ii)	 the Contributed Assets owned or purported to be owned by the Parent Group as of the date hereof that have been
the subject of an application filed with, are issued by, or registered with, as applicable, the U.S. Patent and Trademark Office, the U.S. Copyright Office or any similar office or agency anywhere in the world are (A) registered in the name of
Parent (or a Subsidiary thereof, including the IP Contributors and the Company); and (B) have been duly maintained (including the payment of maintenance fees) and are not expired, cancelled or abandoned. The Contributed Assets owned or
purported to be owned by or exclusively licensed to Parent or one of its Subsidiaries is valid and enforceable; 

  
 15 

	 	(iii)	 there are no pending or, to the knowledge of Parent Group, threatened claims against Parent Group alleging that
(A) Parent Group’s use of the Contributed Assets in any of the operation of the business of Parent and its Subsidiaries as currently conducted or in any activity currently conducted by Parent and its Subsidiaries (x) infringes or
violates (or in the past two years prior to the date of this Agreement has infringed or violated) the rights of others in or to any Intellectual Property (“Third-Party IP”) or (y) constitutes a misappropriation of (or in the
past two years prior to the date of this Agreement has constituted a misappropriation of) any subject matter of any Third-Party IP, or (B) any of the Contributed Assets is invalid or unenforceable; 

 

	 	(iv)	 neither Parent Group’s use of the Contributed Assets in the operation of the business of Parent and its
Subsidiaries as currently conducted, nor in any activity currently conducted by Parent or any member of the Parent Group, (A) infringes or violates (or in the past infringed or violated) any Third-Party IP or (B) constitutes a
misappropriation of (or in the past constituted a misappropriation of) any subject matter of any Third-Party IP; 

  

	 	(v)	 no member of the Parent Group has any obligation to compensate any person for the use of any of the Contributed
Assets; there are no settlements, litigations, covenants not to sue, consents, judgments, or orders or similar dispute-related obligations binding on any member of the Parent Group that: (A) restrict the applicable member of the Parent
Group’s rights to use any of the Contributed Assets, (B) restrict the use of the Contributed Assets in the business of Parent and its Subsidiaries as currently conducted, in order to accommodate a Third Party’s Intellectual Property,
or (C) permit third parties to use the Contributed Assets; 

  

	 	(vi)	 all former and current employees, consultants and contractors of Parent Group who have created or developed
while employed or engaged by Parent any Contributed Assets (“Parent-Related Developments”) have executed written instruments with Parent or one of its Subsidiaries that assign to Parent or the applicable Subsidiary all rights, title
and interest (including all Intellectual Property) in and to all Parent-Related Developments, except where ownership of the Parent-Related Developments vested in Parent or a Subsidiary thereof by operation of law; and 

 

	 	(vii)	 to the knowledge of Parent Group, (A) there are no, nor in the past two years prior to the date of this
Agreement has there been any, infringement or violation by any person or entity of any of the Contributed Assets or the Parent Group’s rights therein or thereto and (B) there are no, nor in the past two years prior to the date of this
Agreement has there been any, misappropriation by any person or entity of any of the Contributed Assets. 

Section 4.05 Assigned Contracts. Section 4.05 of the Disclosure Schedules includes each Contract included in the
Contributed Assets that will be assigned to and assumed by the Company effective as of the closing of the IP Contribution (the “Assigned Contracts”). Except as has not been and would not reasonably be expected to be material to the
Parent Group or the Contributed Assets taken as a whole, (a) each Assigned Contract is valid and binding on Parent or its applicable Subsidiary in accordance with its terms and is in full force and effect, subject to the Bankruptcy and Equity
Exceptions, (b) neither any 

  
 16 

 
member of the Parent Group or, to Parent’s knowledge, any other party thereto is in breach of or default under (or is alleged to be in breach of or default under), or has provided or
received any notice of any intention to terminate, any Assigned Contract and (c) no event or circumstance has occurred that, with or without notice or lapse of time or both, would constitute an event of default under any Assigned Contract or
result in a termination thereof or would cause or permit the acceleration or other changes of any right or obligation or the loss of benefit thereunder. Complete and correct copies of each Assigned Contract have been made available to WHP. Except as
has not been and would not reasonably be expected to be material to the Parent Group or the Contributed Assets taken as a whole, there are no disputes pending or threatened under any Assigned Contract.  

Section 4.06 Legal Proceedings. Except as has not been and would not reasonably be expected to be material to the Parent
Group or the Contributed Assets taken as a whole, there is no claim, action, suit, proceeding or governmental investigation (“Action”) of any nature pending or, to Parent’s knowledge, threatened against or by any member of the
Parent Group or any of their respective directors, officers or employees (in their capacities as such or relating to their employment, services or relationship with Parent), that challenges or seeks to prevent, enjoin or otherwise delay the
Membership Interests Purchase Transactions. 
 Section 4.07 Solvency. Each of Parent and Seller is not entering into this
Agreement or consummating the Transactions with the intent of hindering, delaying or defrauding any creditors of Parent. Parent is Solvent as of the date of this Agreement, and, assuming the satisfaction of the conditions set forth in
Section 8.02 and assuming the truth and accuracy of the representations and warranties set forth in Article V, Parent will, after giving effect to the Membership Interests Purchase Transactions, be Solvent. For purposes of this Agreement,
“Solvent” means (a) the present fair saleable value of the assets of Parent or Seller, as applicable, is no less than the total amount that will be required to pay the probable liability of Parent, or Seller, as applicable, on
its debts as they become absolute and matured, including contingent liabilities (such liabilities computed at the amount that, in light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected
to become an actual or matured liability), (b) Parent, or Seller, as applicable, does not intend to, and does not believe that it will, incur debts or liabilities beyond its ability to pay such debts and liabilities as they mature and
(c) Parent, or Seller, as applicable, does not have unreasonably small capital for the operation of the businesses in which it is engaged. As of the date hereof, neither Parent nor Seller has caused, nor has any intention to cause, (i) a
general assignment of all or substantially all of its assets for the benefit of creditors, (ii) the appointment or a custodian, receiver, trustee or other third party or fiduciary of all or substantially all of its assets, (iii) to be
filed or commenced or, to have had filed or commenced against it, any petition for bankruptcy, receivership, dissolution, liquidation, wind-down, or similar filing or commencement of a similar action; (iv) except for the Transactions, a merger,
consolidation, reorganization, restructuring, recapitalization, composition, liquidation or other arrangement with its creditors; or (v) taken any action in furtherance of any of the foregoing. 

Section 4.08 Ownership of Purchased Equity . Effective as of the Closing of the IP Contribution, Seller is the sole
beneficial and record owner of, and has good and marketable title to, all of the Purchased Equity, free and clear of any Encumbrances (other than Permitted Encumbrances and Encumbrances that will be released or terminated as of the Closing Date).
Except for this Agreement and the IP Contribution Agreement, as of the Closing, neither Seller nor the Company has granted any interests or rights to any other Person with respect to any equity interests in the Company or (including, without
limitation, any rights of first refusal, rights of first offer or pre-emptive rights), and there are no Contracts obligating Seller or the Company to grant any such interest or rights to any other Person. As
of immediately prior to the Closing, the Purchased Equity has been duly authorized and validly issued and is fully paid and non-assessable. 

  
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 Section 4.09 Capitalization of the Company. As of immediately following the
IP Contribution and as of the Closing, (i) the Purchased Equity constitutes 60% of the issued and outstanding limited liability company interests in the Company and (ii) Seller is the holder of 39%, and Contribution Co is the holder of 1%,
of the issued and outstanding limited liability company interests in the Company. Other than the Purchased Equity and such limited liability company interests held by Seller and Contribution Co, as of immediately following the IP Contribution and as
of the Closing, there are no other issued and outstanding limited liability company interests in the Company. 
 Section 4.10
Operations of the Company. Between the date of its formation and the Closing, other than, following the consummation of the IP Contribution, (a) owning the Contributed Assets and (b) its rights and obligations under the IP
Contribution Agreement, the Company has not engaged in any activities (other than in connection with the IP Contribution Agreement) and has not incurred any liabilities other than liabilities incidental to its formation. 

Section 4.11 Brokers. Other than Moelis & Company, no broker, finder or investment banker is entitled to any
brokerage, finder’s or other fee or commission in connection with the Membership Interests Purchase Transactions made by or on behalf of Parent or any of its Subsidiaries. 

Section 4.12 Taxes. The Company has timely filed all income and other material Tax Returns that it is required to file under
applicable Law, and all such Tax Returns are true, correct and complete in all material respects. All material Taxes due and payable by the Company, whether or not shown or required to be shown on any Tax Return, have been timely paid to the
appropriate Governmental Authority. There are no liens for material Taxes upon any of the assets of the Company, other than for Taxes not yet due and payable or that may thereafter be paid without penalty. There have been no examinations or audits
of any Tax Returns and there are no ongoing or pending Tax audits by any taxing authority against the Company. The Company is, and has been since the date of its formation, classified as a partnership for U.S. federal income tax purposes. 

Section 4.13 Exclusivity of Representations. The representations and warranties made by the Parent Group in this
ARTICLE IV, the Ancillary Documents to which Parent or a member of the Parent Group is a party and in any certificate required to be delivered pursuant to this Agreement or the Ancillary Documents by any member of the Parent Group are
the exclusive representations and warranties made by Parent, its Subsidiaries or any of its Representatives with respect to Parent and its Subsidiaries (including the members of the Parent Group), including the Contributed Assets. WHP hereby
disclaims any other express or implied representations or warranties with respect to any Member of the Parent Group, their respective Affiliates and Representatives, including the Contributed Assets. It is understood that any other materials made
available to WHP and its Affiliates and Representatives (including any financial projection, forecast, estimate or budget of future results or future financial condition relating to the Parent Group or the Contributed Assets and any oral or written
information presented to WHP or any of its Affiliates or Representatives in the course of their due diligence investigation of the Parent Group or the Contributed Assets, the negotiation of this Agreement or in the course of the transactions
contemplated hereby) do not, directly or indirectly, and shall not be deemed to, directly or indirectly, contain representations or warranties of the Parent Group. 

Article V [RESERVED] 

Article VI REPRESENTATIONS AND WARRANTIES OF WHP 

WHP represents and warrants to Parent and Seller that the statements contained in this Article VI are true and correct as of the date hereof and
as of the Closing Date (except as otherwise specified). 

  
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 Section 6.01 Organization and Authority of WHP; Enforceability. WHP is duly
organized or formed, as applicable, validly existing and in good standing (or the equivalent thereof, if applicable, in each case, with respect to the jurisdictions that recognize the concept of good standing or any equivalent thereof) under the
Laws of the jurisdictions of incorporation, formation or organization, as applicable. WHP has full corporate power and authority to enter into this Agreement and the Ancillary Documents to be delivered hereunder, to carry out its obligations
hereunder and to consummate the Membership Interests Purchase Transactions. The execution, delivery and performance by WHP of this Agreement and the Ancillary Documents to be delivered hereunder and the consummation of the Membership Interests
Purchase Transactions have been duly authorized by all requisite corporate action on the part of WHP. This Agreement and the Ancillary Documents to be delivered hereunder have been duly executed and delivered by WHP, and (assuming due authorization,
execution and delivery by Seller and Parent) this Agreement and the Ancillary Documents to be delivered hereunder constitute legal, valid and binding obligations of WHP enforceable against WHP in accordance with their respective terms, subject to
the Bankruptcy and Equity Exceptions. 
 Section 6.02 No Conflicts; Consents. The execution, delivery and performance by
WHP of this Agreement and the Ancillary Documents to be delivered hereunder, and the consummation of the Membership Interests Purchase Transactions, do not and will not: (a) violate or conflict with the certificate of incorporation, by-laws or other organizational documents of WHP; or (b) violate or conflict with any judgment, award, order, decree, statute, Law, ordinance, rule or regulation applicable to WHP, except, in the case of clause
(b), as has not had and would not reasonably expected to have a WHP Material Adverse Effect. Except as has not had and would not reasonably be expected to have a Material Adverse Effect, no consent, approval, waiver or authorization is required to
be obtained by WHP from any Person (including any Governmental Authority) in connection with the execution, delivery and performance by WHP of this Agreement and the consummation of the Membership Interests Purchase Transactions. 

Section 6.03 Brokers. No broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or
commission in connection with the Membership Interests Purchase Transactions made by or behalf of WHP or any of its Affiliates. 

Section 6.04 Financing. As of the date of this Agreement, WHP has provided to the Sellers true, a correct and complete
executed copy of the Debt Commitment Letter, together with any fee letters, which may be redacted for fee amounts, any “market flex” provisions or other provisions requested by the Debt Financing Sources pursuant to which, and subject to
the terms and conditions of which, the Debt Financing Sources have committed to lend the amounts set forth therein to WHP for the purpose of funding the transactions contemplated by this Agreement and as otherwise set forth therein. As of the date
of this Agreement, the Debt Commitment Letter (x) is a legal, valid and binding obligation of WHP and, to the knowledge of WHP, each other party thereto, in each case, subject to the Bankruptcy and Equity Exceptions, (y) is in full force
and effect, has not been amended, modified, withdrawn, terminated or rescinded in any respect, and (z) no event has occurred which (with or without notice, lapse of time or both) would reasonably be expected to constitute a breach thereunder on
the part of WHP. Assuming the conditions set forth in Section 8.01 and Section 8.02 are satisfied at the Closing, the immediately available funds from the aggregate proceeds of the Debt Financing, when funded in accordance with the terms
of the Debt Commitment Letter on the Closing Date, together with available cash on hand of WHP and immediately available funds from the proceeds of borrowings under the WHP Revolver, will be sufficient for WHP to make the payments required by WHP
hereunder at the Closing, including (x) paying the aggregate Purchase Price required by Section 2.03 at the Closing and (y) paying all related fees and expenses to be paid by WHP in connection with the transactions contemplated
by this Agreement at the Closing (collectively, the “Financing Purposes”). As of the date of this Agreement and assuming the satisfaction of the conditions set forth in Section 8.01 and Section 8.02 are
satisfied at the Closing, WHP does not have any reason to believe that any of the conditions to the Debt Financing would not reasonably be expected to be satisfied 

  
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on a timely basis or that the Debt Financing would not reasonably be expected to be available to WHP on the Closing Date. As of the date of this Agreement, there are no other agreements, side
letters or arrangements relating to the Debt Financing to which WHP or any of its Affiliates is a party that would (i) impair the enforceability of any of the commitments of the Debt Financing, (ii) reduce the aggregate amount of any
portion of the Debt Financing such that the aggregate amount of the Debt Financing would be below the amount required to pay the Financing Purposes, (iii) impose new or additional conditions precedent to the Debt Financing, or
(iv) reasonably be expected to prevent, delay or adversely impair the consummation of the Debt Financing. The non-redacted portion of the Debt Commitment Letter contain all of the conditions precedent to
the obligations of the parties thereunder to make the full amount of the Debt Financing available to WHP on the terms set forth therein. As of the date of this Agreement, WHP is not and, to WHP’s knowledge, no other party to the Debt Commitment
Letter is in breach of any of the terms or conditions set forth in the Debt Commitment Letter and WHP is not aware of any fact, event or other occurrence that makes any of the representations or warranties of WHP in any of the financing commitments
inaccurate in any material respect. As of the date of this Agreement, the Debt Commitment Letter has not been modified, amended or altered and none of the respective commitments thereunder have been terminated, reduced, withdrawn or rescinded in any
respect and, to the knowledge of WHP, no termination, reduction, withdrawal or rescission thereof is contemplated (except as contemplated or as permitted as of the date hereof in the Debt Commitment Letter). 

Section 6.05 Exclusivity of Representations. The representations and warranties made by WHP in this ARTICLE VI
and in any certificate required to be delivered pursuant to this Agreement by WHP, its Affiliates or any of its Representatives are the exclusive representations and warranties made by WHP and its Affiliates and Representatives with respect to the
Membership Interests Purchase Transactions. It is understood that any other materials (including any financial projection, forecast, estimate or budget of future results or future financial condition relating to WHP and any oral or written
information presented to Parent or any of its Affiliates or Representatives in the course of their due diligence investigation of WHP, the negotiation of this Agreement or in the course of the transactions contemplated hereby) made available to
Parent or its Subsidiaries and Affiliates do not, directly or indirectly, and shall not be deemed to, directly or indirectly, contain representations or warranties of WHP. 

Article VII COVENANTS 

Section 7.01 Conduct of Business Prior to the Closing. From the Effective Date until the Closing, except as otherwise
provided in this Agreement or any Ancillary Document, as required by applicable Law, as set forth on Section 7.01 of the Disclosure Schedules or consented to in writing by WHP (which consent shall not be unreasonably withheld,
conditioned or delayed): 
  

	 	(a)	 Parent and Seller shall, and shall cause the Company to (upon its formation), use commercially reasonable
efforts to: 

  

	 	(i)	 preserve and maintain all material permits required for the ownership and use of the Contributed Assets;

  

	 	(ii)	 pay the undisputed debts, Taxes and other obligations of the Company when due; 

 

	 	(iii)	 maintain the Contributed Assets in materially the same condition as they were on the date of this Agreement;
and 

  

	 	(iv)	 perform all of its obligations under all Assigned Contracts in all material respects and comply in all material
respects with all Laws applicable to the ownership and use of the Contributed Assets. 

  
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	 	(b)	 Parent and Seller shall not, and upon its formation, shall cause the Company not to, take or authorize any
action that would cause any of the following to occur with respect to the Contributed Assets or the Company: 

  

	 	(i)	 except as contemplated by this Agreement or the Contribution Agreement, a transfer, assignment, sale, lease or
other disposition or otherwise make subject to an Encumbrance on any of the Contributed Assets, other than any (A) Encumbrances pursuant to the Parent Credit Facility, (B) sale, assignment, lease or other disposition in the ordinary course
of business which would not otherwise be prohibited under the terms of the License Agreement if the License Agreement were in effect as of the Effective Date or (C) Permitted Encumbrances; 

 

	 	(ii)	 amendment, termination or waiver of any rights constituting Contributed Assets in any adverse respect;

  

	 	(iii)	 abandonment or lapse of or failure to maintain in full force and effect any issuance, registration or
application by or with any governmental authority or authorized private registrar in any jurisdiction applicable to any material Contributed Asset; 

  

	 	(iv)	 (A) acceleration, material amendment or material modification to or (B) termination or cancellation of any
Assigned Contract (other than any expiration of any such Assigned Contract in accordance with its terms); 

  

	 	(v)	 commencement or settlement of any claims, actions, arbitrations, disputes or other proceedings that materially
and adversely affect the Contributed Assets or the Company, other than any settlement or compromise where the amount paid or to be paid by the Seller or any of its Subsidiaries is fully covered by insurance coverage or retention amounts maintained
by Parent or any of its Subsidiaries; 

  

	 	(vi)	 adoption of any plan of merger, consolidation, reorganization, liquidation or dissolution or filing of a
petition in bankruptcy under any provisions of federal or state bankruptcy Law or consent to the filing of any bankruptcy petition against it under any similar Law; or 

 

	 	(vii)	 agree, whether in writing or otherwise, to do any of the foregoing. 

Section 7.02 Access to Information. From the Effective Date until earlier of the Closing and the termination of this
Agreement in accordance with Article X, upon the written request of WHP, Parent shall (a) afford WHP and its Representatives reasonable access to and the right to inspect, during normal business hours and in accordance with the
reasonable procedures established by Parent, all of the premises, books and records, contracts and other documents and data related to the Contributed Assets; (b) furnish WHP and its Representatives with such financial, operating and other data
and information to the extent related to the Contributed Assets as WHP or any of its Representatives may reasonably request for purposes of integration planning and the consummation of the transactions contemplated by this Agreement; and
(c) instruct the Representatives of Parent to reasonably cooperate with WHP in its investigation of the Contributed Assets. Any investigation pursuant to this Section 7.02 shall be conducted in such manner as not to interfere
unreasonably with the conduct of the business of Parent and its Subsidiaries. No investigation by WHP or other information received by WHP shall operate as a waiver or otherwise affect any representation, warranty or agreement given or made by
Parent or Seller in this Agreement. Notwithstanding anything to the contrary contained in this Section 7.02, Parent and Seller may withhold any document or information (i) that is subject to the terms of a non-disclosure agreement or similar 

  
 21 

 
undertaking with a Third Party in existence as of the date of this Agreement, (ii) that may constitute privileged attorney-client communications or attorney work product or (iii) if,
upon written advice from outside counsel to Parent, the provision of access to such document or information, as determined by Parent or Seller in good faith, would reasonably be expected to conflict with applicable contracts or Laws;
provided, that in the case of the foregoing clauses (i) through (iv), Parent and Seller, as applicable, shall use commercially reasonable efforts to arrange alternative access to such document or information in a manner without violating
such contracts or Laws and without resulting in a loss of such privilege. 
 Section 7.03 No Solicitation of Other Bids.

  

	 	(a)	 From the Effective Date until the earlier of the Closing and the termination of this Agreement in accordance
with Article X, Parent shall not, and shall not authorize or permit any of its Subsidiaries (including Seller and, upon its formation, the Company) or any of its or their Representatives to, directly or indirectly, knowingly encourage,
solicit, initiate, knowingly facilitate or continue inquiries regarding, or enter into, any Acquisition Proposal; provided, that Parent and its Representatives may respond to any unsolicited inquiry or proposal solely for the purpose of
communicating Parent’s obligation pursuant to this Section 7.03. Following the execution and delivery of this Agreement, Parent shall promptly cease and cause to be terminated, and shall cause its Subsidiaries and all of its and their
Representatives to promptly cease and cause to be terminated, all existing discussions or negotiations with any Persons conducted heretofore with respect to, or that would lead to, an Acquisition Proposal. For purposes hereof, “Acquisition
Proposal” means any inquiry, proposal or offer from any Person (other than WHP) relating to the direct or indirect disposition, whether by sale, merger or otherwise, of (i) more than 15% of the issued and outstanding Parent Common
Stock, (ii) all or any portion of the Contributed Assets (other than assets sold, transferred or otherwise disposed of in the ordinary course of business which would not otherwise be prohibited to be sold, transferred or otherwise disposed of
under the terms of the License Agreement if the License Agreement were in effect as of the Effective Date) or (iii) more than 15% of the assets of Parent and its Subsidiaries, taken as a whole. 

 

	 	(b)	 In addition to the other obligations under this Section 7.03, from the Effective Date until the
earlier of the Closing and the termination of this Agreement in accordance with Article X, Parent shall promptly (and in any event within 48 hours after receipt thereof by Parent) notify WHP orally or in writing of any Acquisition Proposal,
any request for information with respect to any Acquisition Proposal, or any inquiry with respect to or which would reasonably be expected to result in an Acquisition Proposal, the material terms and conditions of such request, Acquisition Proposal
or inquiry, and the identity of the Person making the same. Such notice shall describe (i) the material terms and conditions of such Acquisition Proposal, inquiry, expression of interest, proposal, offer, notice or request and (ii) the
identity of the Person or group making any such Acquisition proposal, inquiry, expression of interest, proposal, offer, notice or request. Parent shall keep WHP reasonably informed of the status and details of, and any material modification to, any
such inquiry, expression of interest, proposal or offer and shall provide to WHP a copy of any material written materials provided to Parent with respect to such inquiry, expression of interest, proposal or offer and any amendments, correspondence
and communications related thereto. 

  
 22 

	 	(c)	 From the date hereof until the earlier of the Closing and the termination of this Agreement in accordance with
Article X, except as required or permitted by this Agreement, neither Parent nor Seller shall, and, upon formation, shall cause the Company not to, enter into any other transaction or series of transactions not in the ordinary course of
business and consistent with past practice, the consummation of which would materially impede, materially interfere with, prevent or materially delay, or would reasonably be expected to impede, interfere with, prevent or delay, the consummation of
the Transactions. Each of Parent and WHP agrees that the rights and remedies for noncompliance with this Section 7.03 shall include having such provision specifically enforced by any court having equity jurisdiction, it being
acknowledged and agreed that any such breach or threatened breach shall cause irreparable injury to Parent or WHP, as applicable, and that money damages would not provide an adequate remedy to Parent or WHP, as applicable. 

Section 7.04 Notice of Certain Events. 
  

	 	(a)	 From the Effective Date until the earlier of the Closing and the termination of this Agreement in accordance
with Article X, Parent shall promptly notify WHP in writing of: 

  

	 	(i)	 any material notice or other material written communication received by Parent from any Person alleging that
the consent of such Person is or may be required in connection with the Transactions; 

  

	 	(ii)	 any material notice or other material written communication received by Parent from any Governmental Authority
to the extent related the Transactions; and 

  

	 	(iii)	 any actions commenced or, to Parent’s knowledge, threatened against, relating to or involving or otherwise
affecting the Contributed Assets that, if pending on the date of this Agreement, would have been required to have been disclosed pursuant to Section 4.06 or that relates to the consummation of the Transactions. 

 

	 	(b)	 WHP’s receipt of information pursuant to this Section 7.04 shall not operate as a waiver or
otherwise affect any representation, warranty or agreement given or made by Parent in this Agreement (including Section 9.01 and Section 10.01(d)) and shall not be deemed to amend or supplement the Disclosure Schedules.

 Section 7.05 Private Placement. Seller intends to transfer the Purchased Equity as provided in this
Agreement pursuant to a “private placement” exemption or exemptions from registration under Section 4(a)(2) of the Securities Act or Regulation D promulgated thereunder and an exemption from qualification under applicable state
securities Laws. WHP acknowledges and agrees (a) that WHP (i) is an “accredited investor” as such term is defined in Rule 501(a) of Regulation D promulgated under Section 4(a)(2) of the Securities Act, (ii) has total
assets in excess of $10 million and (iii) was not formed for the purposes of acquiring the Purchased Equity or the Parent Common Stock and (b) to fully cooperate with Seller and the Company in its efforts to ensure that the Purchased
Equity may be transferred pursuant to such exemptions. 
 Section 7.06 Confidentiality. The parties hereto acknowledge that
WHP and Parent have previously executed the Confidentiality Agreement, which shall continue in full force and effect in accordance with its terms. 

Section 7.07 Closing Conditions. From the Effective Date until the earlier of the Closing and the termination of this
Agreement in accordance with Article X, each Party shall use reasonable best efforts to take such actions as are reasonably necessary to expeditiously satisfy the closing conditions set forth in ARTICLE VIII hereof. 

  
 23 

 Section 7.08 Public Announcements. The communications plan release with
respect to the execution of this Agreement, including all public announcements, Forms 8-K and press releases related thereto, shall be reasonably agreed upon by WHP and Parent. Thereafter, WHP and Parent shall
consult with each other a reasonable amount of time before issuing, and give each other the opportunity to review and comment upon, any press release or other public statements with respect to the Ancillary Documents or the Transactions, and shall
not issue any such press release or make any such public statement prior to such consultation, except as may be required by Governmental Authorities, applicable Law, Judgment, court process rules or regulations of any stock exchange upon which such
party’s or its Subsidiary’s capital stock is traded. The foregoing notwithstanding, a party, its Subsidiaries or their respective Representatives may issue a public announcement or other public disclosures (a) required by applicable
Law, Judgment or court process, (b) required by the rules or regulations of any stock exchange upon which such party’s or its Subsidiary’s capital stock is traded or (c) consistent with any previous public announcement or public
disclosure (including any Current Reports on Form 8-K or Form 8-K/A) made by the parties in accordance with this Section 7.08; provided that, in each case, such
party shall use reasonable best efforts to afford the other party an opportunity to first review the content of the proposed disclosure and provide reasonable comments thereon, except as may be required by Governmental Authorities, applicable Law,
Judgment, court process rules or regulations of any stock exchange upon which such party’s or its Subsidiary’s capital stock is traded. 

Section 7.09 Taxes. 
  

	 	(a)	 Transfer Taxes. All transfer, documentary, sales, use, stamp, registration, value added and other such
taxes and fees (including any penalties and interest) incurred in connection with this Agreement (including any real property transfer tax and any other similar tax) (“Transfer Taxes”) shall be borne and paid 60% by WHP, on the one
hand, and 40% by Seller, on the other hand, when due. The person obligated by applicable law shall, at its own expense, timely file any Tax Return or other document with respect to such Transfer Taxes (and the Parties hereto shall cooperate with
respect thereto as necessary). 

  

	 	(b)	 Section 754 Election and other Tax Elections. The Parties shall cause the Company to
make an election under Code Section 754 for the taxable year of the Company that includes the Closing Date, which election shall not be revoked for such taxable year. Each Party will, upon request, use commercially reasonable efforts to supply
promptly any requested information reasonably necessary to give proper effect to such election and to determine the tax attributes of the Company and the amount of the adjustment under Section 743 of the Code (and the characteristics thereof).
Notwithstanding anything to the contrary in this Agreement, (i) no entity classification election to treat the Company as anything other than a partnership for U.S. federal, state or local tax purposes shall be filed by or with respect to the
Company, and (ii) no election to pay a U.S. state or local “pass-through entity tax” or similar tax shall be made by or with respect to the Company or any Subsidiary thereof, in each case without the prior written consent of Parent.

  

	 	(c)	 Straddle Periods. To the extent it is necessary for purposes of this Agreement to determine the
allocation of Taxes with respect to a Straddle Period, the portion of any such Taxes attributable to the portion of the period ending on the Closing Date shall be (i) in the case of Taxes that are either (A) based upon or related to income
or receipts, or (B) imposed in connection with any sale of property, deemed equal to the amount that would be payable if the Tax period of the Company ended with (and included) the Closing Date; provided that, exemptions, allowances or
deductions that are calculated on an annual basis shall be allocated between the period ending on and including the Closing Date and the period beginning after the Closing Date in proportion to the number of days in each period, and

  
 24 

	 	
(ii) in the case of Taxes that are imposed on a periodic basis with respect to the assets or capital of the Company, deemed to be the amount of such Taxes for the entire Straddle Period,
multiplied by a fraction the numerator of which is the number of calendar days in the portion of the period ending on and including the Closing Date and the denominator of which is the number of calendar days in the entire period. The Parties shall
cause the Company to adopt the interim closing of the books method under Section 706 of the Code (utilizing a calendar day convention) unless otherwise agreed by Parent and WHP. Except as otherwise contemplated by this Agreement, the Parties
shall not cause the Company to take any action in respect of Taxes outside of the ordinary course of business on the Closing Date. 

  

	 	(d)	 Tax Cooperation. WHP, Seller and Parent shall, and shall cause the Company to, cooperate fully, as and
to the extent reasonably requested by the other Party, in connection with the preparation and filing of any Tax Returns, amended Tax Returns or claims for refunds of Taxes relating to the Company and any audit, litigation or other proceeding with
respect to Taxes. Such cooperation shall include the retention and (upon the other Party’s request) the provision of records and information which are reasonably relevant to any such matter and making employees available on a mutually
convenient basis to provide additional information and explanation of any material provided hereunder. Each Party shall provide to the others, within ten (10) Business Days of the receipt thereof, any Tax related communications and notices it
receives which may impact the other Party’s Tax liability or filing responsibilities. Each Party shall retain all Tax Returns, schedules and work papers, and all material records and other documents relating to Tax matters of the Company until
the later of (i) the expiration of the statute of limitations for the Tax periods to which the Tax Returns and other documents relate or (ii) six (6) years following the due date for such Tax Returns. 

 

	 	(e)	 Intended Tax Treatment. The Parties intend that for U.S. federal Income Tax purposes, the purchase and
sale of the Purchased Equity shall be treated as the purchase and sale of partnership interests from Seller to WHP pursuant to a transaction governed by Section 741 of the Code (clauses (a) and (b), the “Intended Tax
Treatment”). No Party shall take a position on any Tax Return or any proceeding with respect to Taxes inconsistent with such treatment, except to the extent otherwise required by a determination within the meaning of Section 1313 of
the Code (or any similar provision of state, local or foreign law). 

 Section 7.10 Further Assurances.
Following the Closing, each of the Parties shall, and shall cause their respective Subsidiaries and Affiliates to, execute and deliver such additional documents, instruments, conveyances and assurances and take such further actions as may be
reasonably required to carry out the provisions hereof and give effect to the Transactions. 
 Section 7.11 Regulatory
Compliance. 
  

	 	(a)	 Subject to the terms and conditions of this Agreement, each of the Parent and WHP shall cooperate with each
other and use (and shall cause its Subsidiaries to use) its reasonable best efforts (unless, with respect to any action, another standard of performance is expressly provided for herein) to promptly (i) take, or cause to be taken, all actions,
and do, or cause to be done, and assist and cooperate with each other in doing, all things necessary, proper or advisable to cause the conditions to Closing to be satisfied as promptly as reasonably practicable and to consummate and make effective,
in the most expeditious manner reasonably practicable, the Transactions, including preparing and filing promptly and fully 

  
 25 

	 	
all documentation to effect all necessary filings, notices, petitions, statements, registrations, submissions of information, applications and other documents, (ii) obtain all approvals,
consents, registrations, waivers, permits, authorizations, orders and other confirmations from any Governmental Authority or third party necessary, proper or advisable to consummate the Transactions, (iii) execute and deliver any additional
instruments necessary to consummate the Transactions and (iv) defend or contest in good faith any Action brought by a third party that could otherwise prevent or impede, interfere with, hinder or delay in any material respect the consummation
of the Transactions. 

  

	 	(b)	 The Parent and WHP agree to make an appropriate filing of a Notification and Report Form (“HSR
Form”) pursuant to the HSR Act with respect to the Transactions (which shall request the early termination of any waiting period applicable to the Transactions under the HSR Act) as promptly as reasonably practicable and in any event no
later than ten (10) Business Days following the date of this Agreement, and to supply as promptly as reasonably practicable any additional information and documentary material that may be requested pursuant to the HSR Act and to promptly take
any and all steps necessary to avoid or eliminate each and every impediment and obtain all consents that may be required pursuant to the HSR Act, so as to enable the parties hereto to consummate the Transactions. Each of Parent and WHP shall use its
reasonable best efforts to (i) cooperate in all respects with the other party in connection with any filing or submission with a Governmental Authority in connection with the Transactions and in connection with any investigation or other
inquiry by or before a Governmental Authority relating to the Transactions, including any proceeding initiated by a private person, (ii) keep the other party informed in all material respects and on a reasonably timely basis of any material
communication received by the Company or the Investor, as the case may be, from or given by the Company or the Investor, as the case may be, to the Federal Trade Commission (“FTC”), the Department of Justice (“DOJ”)
or any other Governmental Authority and of any material communication received or given in connection with any proceeding by a private Person, in each case regarding the Transactions, (iii) subject to applicable Laws relating to the exchange of
information, and to the extent reasonably practicable, consult with the other party with respect to information relating to such party and its respective Subsidiaries, as the case may be, that appears in any filing made with, or written materials
submitted to, any third Person or any Governmental Authority in connection with the Transactions, other than “4(c) and 4(d) documents” as that term is used in the rules and regulations under the HSR Act and other confidential
information contained in the HSR Form, and (iv) to the extent permitted by the FTC, the DOJ or such other applicable Governmental Authority or other Person, give the other party the opportunity to attend and participate in such meetings and
conferences. 

 Section 7.12 R&W Insurance. Upon WHP’s reasonable and written request, Seller
shall use commercially reasonable efforts to cooperate with WHP to obtain and bind, at WHP’s sole expense, the R&W Insurance Policy. WHP shall not cancel, amend or waive any provision under the R&W Insurance Policy in any manner that
adversely affects the Seller Indemnifying Parties or that would allow the insurer thereunder or any other Person to subrogate or otherwise make a claim or bring an Action against any Seller Indemnified Party; provided, that the foregoing will
not limit WHP’s right to pursue a claim in respect of Fraud and provided, further, that the insurer under the R&W Insurance Policy shall be entitled to subrogate against the Seller Indemnifying Parties in the event of Fraud.

 Section 7.13 Prepayment of Payoff Credit Facility Indebtedness.
From the date hereof until the Closing, Parent will, and will cause its representatives to, use its reasonable best efforts to obtain and deliver to WHP at least two (2) Business Day prior to the Closing Date, a draft payoff letter and,
prior to the Closing Date, a duly executed payoff letter (the “Payoff Letter”) in respect of (A) the discharge of all indebtedness for borrowed money listed on Schedule 7.13 of the Disclosure Schedules (“Payoff
Indebtedness”) and (B) upon repayment in full of such Payoff Indebtedness, the release of any liens securing such Payoff Indebtedness in form and substance reasonably satisfactory to WHP. 

  
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 Section 7.14 Debt Financing Cooperation. 

 

	 	(a)	 From the date hereof until the Closing, Parent and Seller will, and will cause their representatives,
affiliates and subsidiaries to, use commercially reasonable efforts to provide to WHP all reasonable cooperation, as may be reasonably requested by WHP in connection with WHP obtaining the Debt Financing or any Alternative Financing in connection
with the transactions contemplated hereby, including (i) reasonable cooperation with any due diligence investigation and evaluation relating to the Company and the Contributed Assets and furnishing WHP and its Debt Financing Sources with such
other pertinent information regarding the Company and the Contributed Assets as is reasonably requested by WHP or the Debt Financing Sources, including information relating to the Company and the Contributed Assets to be included in any schedules
relating to any debt financing, (ii) obtaining releases of existing liens on the Contributed Assets in accordance with Section 8.02(g), and (iii) cooperating in satisfying the conditions precedent set forth in the Debt
Commitment Letter. 

  

	 	(b)	 All non-public or otherwise confidential information regarding the
Company, Seller or Parent obtained by WHP or its representatives pursuant to this Section 7.14 shall be kept confidential in accordance with the Confidentiality Agreement; provided that WHP shall be permitted to disclose
information as necessary and consistent with customary practices in connection with its debt financing subject to customary confidentiality arrangements. 

  

	 	(c)	 WHP will (i) promptly upon request by Parent, reimburse Parent for all reasonable and documented out-of-pocket fees and expenses (including reasonable and documented out-of-pocket
attorneys’ fees) incurred by Parent and its representatives in connection with any cooperation contemplated by this Section 7.14 (excluding amounts that would have been incurred in connection with the Closing regardless of any debt
financing obtained by WHP) and (ii) indemnify, defend and hold harmless Parent and its respective agents, representatives and Affiliates from and against all losses, liabilities or expenses (excluding all internal costs and expenses of Parent,
including any compensation payable to employees of Parent) suffered or incurred by any of them in connection with or arising from any cooperation that Parent provides pursuant to this Section 7.14 (other than information provided in
writing by Parent, the Seller or their respective Affiliates specifically for use in connection therewith or any gross negligence, willful misconduct or fraud by Parent, the Seller or their respective Affiliates). 

Section 7.15 Management Agreement. Prior to the Closing, WHP and Parent shall use commercially reasonable efforts to
negotiate the terms and conditions of the Management Agreement that are reasonably satisfactory to each of WHP and Parent. 

Section 7.16 Formation of Company and Contribution Co. Prior to the Closing, Parent shall take all action necessary and
appropriate to form (i) the Company as a Delaware limited liability company and (ii) Contribution Co as a Delaware limited liability company, in each case, in accordance with all applicable Laws. 

Section 7.17 IP Contribution. Prior to the Closing, Seller shall effectuate the IP Contribution in accordance with the terms
and conditions of the Contribution Agreement and this Agreement. 

  
 27 

 Section 7.18 WHP Financing Obligations. 

 

	 	(a)	 WHP shall use commercially reasonable efforts to take, or cause to be taken, all actions and do, or cause to be
done, as promptly as possible, all things necessary, proper or advisable to arrange and obtain the Debt Financing as promptly as reasonably practicable but in any event prior to the Closing Date. Such efforts include: (i) using its commercially
reasonable efforts to maintain in effect the Debt Commitment Letter, (ii) using its commercially reasonable efforts to satisfy (or obtain the waiver thereof), or cause to be satisfied, on a timely basis all conditions to WHP obtaining the Debt
Financing set forth in the Debt Commitment Letter that are under control of WHP, and comply with its obligations thereunder; (iii) using its commercially reasonable efforts to negotiate and enter into definitive agreements with respect to the
Debt Financing (the “Definitive Agreements”) on terms and conditions contemplated by the Debt Commitment Letter (or on terms no less favorable to the Parent with respect to conditionality and the aggregate amount of the Debt
Financing), subject to any amendments or modifications thereto permitted by this Section 7.18; (iv) using its commercially reasonable efforts to consummate the Debt Financing at or prior to the Closing (subject to the satisfaction of the
conditions set forth in Section 8.01 and Section 8.02), (v) using its commercially reasonable efforts to enforce its rights under the Debt Commitment Letter and (vi) using its commercially reasonable efforts to satisfy
the conditions to borrowing under the WHP Revolver prior to Closing. 

  

	 	(b)	 Unless Parent gives prior written consent, WHP shall: (i) comply in all material respects with the Debt
Commitment Letter and each Definitive Agreement with respect thereto and (ii) not permit any amendment, termination or modification to the Debt Commitment Letter or the fee letter referred to in the Debt Commitment Letter that would reasonably
be expected to: (A) reduce the aggregate amount of the Debt Financing to an amount less than required for the Financing Purposes (including by increasing the amount of fees to be paid or original issue discount as compared to the fees and
original issue discount contemplated by the fee letters on the date of this Agreement), unless any other debt or equity financing is increased by a corresponding amount or from sources otherwise available to fund the Financing Purposes;
(B) impose any new or additional condition to the consummation of the Debt Financing that would reasonably be expected to (1) hinder, delay or prevent the Closing or (2) make the funding of any portion of the Debt Financing necessary
for the Financing Purposes materially less likely to occur on the Closing Date; (C) adversely affects the ability of WHP to enforce its rights against other parties to the Debt Commitment Letter as so amended, replaced, supplemented or
otherwise modified, relative to the ability of WHP to enforce its rights against the other parties to the Debt Commitment Letter as in effect on the date of this Agreement; or (D) otherwise would reasonably be expected to hinder, delay or
prevent the Closing. Notwithstanding the foregoing, WHP shall be permitted to amend or otherwise modify the Debt Commitment Letter or any fee letter to add or replace lenders, lead arrangers, bookrunners, syndication agents or similar Persons as
provided for in the Debt Commitment Letter. WHP shall promptly deliver to Parent copies of any written amendment, modification, waiver or replacement of the Debt Commitment Letter promptly following execution thereof. 

 

	 	(c)	 If at any time WHP becomes aware that all or any portion of the Debt Financing will be unavailable for any
reason, WHP will use its commercially reasonable efforts to (i) take, or cause to be taken, all actions to do, or cause to be done, all things necessary to arrange to promptly obtain replacement equity or debt financing (any such replacement
debt financing, the “Alternative Financing”), including from alternative sources, in an amount 

  
 28 

	 	
sufficient, when added to any portion of the Debt Financing that is still available, immediately available funds under the WHP Revolver and available cash on hand of WHP, for the Financing
Purposes, and on terms and conditions no less favorable, taken as a whole, to WHP (as determined by WHP in good faith) than those in the Debt Commitment Letter as in effect on the date of this Agreement and which do not include any conditions to the
consummation of such Alternative Financing that are more onerous than the conditions set forth in the Debt Financing, (ii) promptly notify Parent of such unavailability and (iii) obtain a new financing commitment letter in respect of any
such Alternative Financing (the “Alternative Debt Commitment Letter”). WHP shall deliver to Parent true and complete copies of any commitment letters and any related fee letters (subject, in the case of such fee letters, to
redaction of fee amounts, “market flex” provisions or other provisions requested by the Debt Financing Sources) with respect to any Alternative Financing. For purposes of this Agreement (other than Section 6.04), the term “Debt
Financing” shall be deemed to include any Alternative Financing and the term “Debt Commitment Letter” shall be deemed to include any Alternative Debt Commitment Letter. 

 

	 	(d)	 WHP shall provide Parent with (x) prompt written notice of any material breach, default, termination,
cancellation or repudiation by any party to the Debt Commitment Letter and (y) a copy of any written notice or other written communication from any Debt Financing Source with respect to any actual or alleged (in writing) material breach,
default, termination, cancellation or repudiation by any party to the Debt Commitment Letter or any related fee letter. Upon the request by Parent, WHP shall keep Parent informed on a reasonably current basis in reasonable detail of the status and
of its efforts to arrange the Debt Financing. 

  

	 	(e)	 Notwithstanding any in this Agreement to the contrary, WHP shall not terminate or permanently reduce the WHP
Revolver on or prior to the Closing, unless any other debt or equity financing is increased by a corresponding amount or from sources otherwise available to fund the Financing Purposes with conditions precedent that are no more onerous than the
conditions set forth for WHP Revolver. Notwithstanding any of the foregoing in this Section 7.18, compliance by WHP with this Section 7.18 shall not relieve WHP of its obligations to consummate the transactions contemplated
by this Agreement whether or not the Debt Financing is available. 

 Article VIII CONDITIONS TO CLOSING 

Section 8.01 Conditions to Obligations of All Parties. The respective obligations of each Party to effect the Closing shall
be subject to the satisfaction (or waiver, if permissible under applicable Law) on or prior to the Closing Date of the following conditions: 
  

	 	(a)	 at least two (2) Business Days prior to the Closing Date, the IP Contribution and the other transactions
contemplated by or in connection with the Contribution Agreement, such that, as of immediately prior to the Closing, the Company is the owner of the Contributed Assets (subject to the terms, conditions and limitations set forth in the Contribution
Agreement); 

  

	 	(b)	 the transactions contemplated by the Investment Agreement will be consummated immediately after or
substantially concurrently with the Closing; 

  

	 	(c)	 no Judgment enacted, promulgated, issued, entered, amended or enforced by any Governmental Authority or any
applicable Law (collectively, “Restraints”) shall be in effect enjoining or otherwise prohibiting consummation of the Transactions; and 

  
 29 

	 	(d)	 the waiting period (and any extension thereof) applicable to the consummation of Transactions under the HSR Act
shall have expired or early termination thereof shall have been granted. 

 Section 8.02 Conditions to
Obligations of WHP. The obligations of WHP to effect the Closing shall be subject to the satisfaction (or waiver, if permissible under applicable Law) on or prior to the Closing Date of the following conditions: 

 

	 	(a)	 (i) the Fundamental Representations shall be true and correct in all material respects on and as of the date
hereof and on and as of the Closing Date with the same effect as though made at and as of such date (except those representations and warranties that address matters only as of a specified date, the accuracy of which shall be determined as of that
specified date in all respects) and (ii) all other representations and warranties of Seller contained in this Agreement shall be true and correct (disregarding all qualifications or limitations as to “materiality”, “Material
Adverse Effect” and words of similar import set forth therein) on and as of the date hereof and on and as of the Closing Date with the same effect as though made at and as of such date (except those representations and warranties that address
matters only as of a specified date, the accuracy of which shall be determined as of that specified date in all respects), except, in the case of this clause (ii), where the failure to be true and correct would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect; 

  

	 	(b)	 Each of Parent and Seller shall have complied with or performed in all material respects its obligations
required to be complied with or performed by it pursuant to this Agreement at or prior to the Closing; 

  

	 	(c)	 from the date of this Agreement, there shall not have occurred any Material Adverse Effect;

  

	 	(d)	 WHP shall have received a certificate, dated the Closing Date and signed by a duly authorized officer of
Seller, that each of the conditions set forth in Section 8.02(a) and Section 8.02(b) have been satisfied; 

  

	 	(e)	 WHP shall have received a certificate, dated the Closing Date and signed by a duly authorized officer of
Parent, that each of the conditions set forth in Section 8.02(a) and Section 8.02(b) have been satisfied; and 

  

	 	(f)	 WHP shall have received each applicable Ancillary Document duly executed by the applicable member(s) of the
Parent Group as set forth in Section 3.02(a)(i); provided, that delivery of the Management Agreement shall not be a condition to Closing. 

  

	 	(g)	 WHP shall have received all releases, filings and similar documents necessary to release any and all
Encumbrances solely in respect of the Contributed Assets and secured by the Parent Credit Facility and the MGF Security Agreement, in each case, in form reasonably satisfactory to WHP and the Debt Financing Sources; provided that any such
releases, filings and similar documents may be provided substantially concurrently with the Closing Date. 

Section 8.03 Conditions to Obligations of the Parent Group. The obligations of the Parent Group to consummate the
transactions contemplated by this Agreement shall be subject to the fulfillment or Parent’s waiver (if permissible under applicable Law), at or prior to the Closing, of each of the following conditions: 

  
 30 

	 	(a)	 The representations and warranties of WHP contained herein shall be true and correct in all respects on and as
of the date hereof and on and as of the Closing Date with the same effect as though made at and as of such date (except those representations and warranties that address matters only as of a specified date, the accuracy of which shall be determined
as of that specified date in all respects), except where the failure to be true and correct would not, individually or in the aggregate, reasonably be expected to have a WHP Material Adverse Effect; 

 

	 	(b)	 WHP shall have complied with or performed in all material respects its obligations required to be complied with
or performed by it pursuant to this Agreement at or prior to the Closing; 

  

	 	(c)	 Seller shall have received a certificate, dated the Closing Date and signed by a duly authorized officer of
WHP, that each of the conditions set forth in Section 8.03(a) and Section 8.03(b) have been satisfied; 

  

	 	(d)	 Seller shall have received each applicable Ancillary Document duly executed by WHP, as set forth in
Section 3.02(c)(i); provided, that delivery of the Management Agreement shall not be a condition to Closing; and 

  

	 	(e)	 the consent set forth on Section 8.01(d) of the Disclosure Schedules shall have been obtained.

 Article IX INDEMNIFICATION 

Section 9.01 Indemnification By Seller. 
  

	 	(a)	 Seller shall defend, indemnify and hold harmless WHP, WHP’s Subsidiaries and WHP’s Affiliates and, if
applicable, their respective stockholders, directors, officers and employees (collectively, the “WHP Indemnitees”) from and against all claims, judgments, damages, liabilities, settlements, Losses, costs and expenses, including
settlement costs, costs of investigation and defense, the reasonable, documented and out-of-pocket fees of attorneys, experts and other professionals and disbursements,
whether or not due to a claim by a Third Party, directly or indirectly, arising out of, resulting from or relating to: 

  

	 	(i)	 any Excluded Assets or any Excluded Liabilities (as such terms are defined in the Contribution Agreement);

  

	 	(ii)	 Indemnified Taxes; or 

 

	 	(iii)	 any inaccuracy in or breach of any of the Fundamental Representations. 

 

	 	(b)	 For purposes of calculating or determining the amount of Losses paid, incurred or sustained by a WHP
Indemnitee, there shall be deducted from any Losses an amount equal to any third-party insurance, indemnification or contribution payments actually received by such WHP Indemnitee in respect of such Losses (net of applicable costs of recovery or
collection, retention, deductible, retroactive premium adjustment, reimbursement or other cost related to such insurance, indemnification or contribution arrangement in respect of Losses thereof); provided, however, that no WHP Indemnitee
shall have any obligation to claim, seek or otherwise obtain any such insurance, indemnification or contribution proceeds to which it may be entitled, and the failure of a WHP Indemnitee to seek any such proceeds shall not in any way affect or
modify such WHP Indemnitee’s rights, or the Parent, Seller and each of their respective Subsidiaries and Affiliate’s obligations, under and subject to the terms of this ARTICLE IX. 

  
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 Section 9.02 Indemnification By WHP. 

 

	 	(a)	 WHP shall defend, indemnify and hold harmless Parent, Seller, and each of their respective Subsidiaries and
Affiliates and, if applicable, their respective stockholders, directors, officers and employees (collectively, the “Seller Indemnitees”), from and against all claims, judgments, damages, liabilities, settlements, Losses, costs and
expenses, including settlement costs, costs of investigation and defense, the reasonable, documented and out-of-pocket fees of attorneys, experts and other professionals
and disbursements whether or not due to a claim by a Third Party, directly or indirectly, arising out of, resulting from or relating to any inaccuracy in or breach of any of the representations or warranties of WHP contained in this Agreement.

  

	 	(b)	 For purposes of calculating or determining the amount of Losses paid, incurred or sustained by a Seller
Indemnitee, there shall be deducted from any Losses an amount equal to any third-party insurance, indemnification or contribution payments actually received by such Seller Indemnitee in respect of such Losses (net of applicable costs of recovery or
collection, retention, deductible, retroactive premium adjustment, reimbursement or other cost related to such insurance, indemnification or contribution arrangement in respect of Losses thereof). 

Section 9.03 Indemnification Procedures. 
  

	 	(a)	 If a claim for Losses (a “Claim”) is proposed to be made by a party entitled to
indemnification hereunder (the “Indemnified Party”) against the party from whom indemnification is claimed (the “Indemnifying Party”), the Indemnified Party will give written notice (a “Claim
Notice”) to the Indemnifying Party as soon as practicable after the Indemnified Party becomes aware of any fact, condition or event which may give rise to Losses for which indemnification may be sought under this ARTICLE IX. The
Parties agree that (i) any Claim Notice must be delivered prior to the expiration of the applicable survival period specified in Section 9.04 and (ii) any claims for indemnification for which notice is not delivered prior to
the expiration of the applicable survival period specified in Section 9.04 shall be expressly barred and are hereby waived; provided that if, prior to the expiration of the applicable survival period, an Indemnified Party shall
have notified the Indemnifying Party in accordance with the requirements of this Section 9.03 of a claim for indemnification, such claim shall continue to be subject to indemnification in accordance with this Section 9.03
notwithstanding the expiration of the applicable survival period. 

  

	 	(b)	 If any Person commences any action or proceeding with respect to any matter as to which any of the WHP
Indemnified Parties intends to seek indemnification under Section 9.01, or with respect to any matter as to which any of the Seller Indemnified Parties intends to seek indemnification under Section 9.02, the Indemnified Party
will promptly notify the Indemnifying Party of the existence of such Claim or the commencement of such action or proceeding. The failure of any Indemnified Party to give timely notice hereunder will not affect rights to indemnification hereunder,
except to the extent such failure is materially prejudicial to the rights or obligations of the Indemnifying Party. A Claim Notice will describe in reasonable detail the nature of the Claim and, if reasonably ascertainable at such time, an estimate
of the amount of Losses that have been or may be incurred by the Indemnified Party attributable to such Claim. 

  
 32 

	 	(c)	 In the event that an Indemnified Party becomes aware of a Claim by a Third Party in respect of which such
Indemnified Party believes in good faith that indemnifiable damages that may be sought against an Indemnifying Party pursuant to this ARTICLE IX, such Indemnified Party will have the right in its sole discretion, but not the obligation, to
undertake the defense of such Claim for the account of the Indemnifying Party upon written notice to the Indemnifying Party. If the Indemnified Party does undertake such defense in accordance with the preceding sentence, it shall have the right to
settle such Third Party Claim; provided that such settlement (A) does not involve any equitable relief or finding or admission of any violation of Law or admission of any wrongdoing by any Indemnifying Party and (B) contains a
release of the Indemnifying Party that is reasonably satisfactory to the Indemnifying Party. If the Indemnified Party does not assume such defense in accordance with this Section 9.03(c), then the Indemnifying Party may assume such
defense upon written notice to the Indemnified Party and counsel for the defense shall be selected by the Indemnifying Party (subject to the consent of the Indemnified Party, which consent shall not be unreasonably withheld, conditioned or delayed).
If the Indemnifying Party assumes such defense in accordance with the preceding sentence, it shall have the right to settle such Third Party Claim; provided that such settlement (A) does not involve any equitable relief or finding or
admission of any violation of Law or admission of any wrongdoing by any Indemnified Party and (B) contains a release of the Indemnifying Party that is reasonably satisfactory to the Indemnifying Party. Notwithstanding the foregoing, this
Section 9.03 shall not govern any Tax Claims, which shall be governed solely by Section 8.04 of the Operating Agreement. 

  

	 	(d)	 The party assuming the defense will keep the other party reasonably apprised of the status of the Claim,
liability or expense and any resulting suit, proceeding or enforcement action, and shall furnish such other party with all material documents and information that such other party shall reasonably request and shall use commercially reasonable
efforts consult with such other party prior to acting on major matters, including settlement discussions. Notwithstanding anything herein stated, the party not controlling the defense shall at all times have the right to fully participate in such
defense (at its own expense) directly or through counsel. 

  

	 	(e)	 Any indemnification or reimbursement for Losses owed by an Indemnifying Party to an Indemnified Party hereunder
shall be offset from distributions otherwise payable to such Indemnifying Party pursuant to Section 4.1 of the Operating Agreement. 

Section 9.04 Survival. The representations and warranties of the Company Group and the covenants, agreements and obligations
of Parent and Seller that by their terms contemplate performance prior to the Closing contained in this Agreement or in any certificate required to be delivered pursuant to this Agreement shall terminate at, and will not survive the Closing.
Notwithstanding the foregoing sentence, (a) any Claim arising from Fraud shall survive the Closing until the date that is three years after the Closing Date, (b) any claim arising from a breach of the representations and warranties of the
Company Group contained in Section 4.02(a) and Section 4.03 (the “Fundamental Representations”) shall survive the Closing until the date that is three years after the Closing Date, (c) those covenants
and agreements of Parent, Seller or WHP contained in this Agreement that by their terms contemplate performance at or after the Closing, shall survive the Closing until they are fully performed in accordance with their respective terms, (d) any
Claim arising from the obligations set forth in Section 9.01(a)(i) shall survive indefinitely and (e) any Claim arising from the obligations set forth in Section 9.01(a)(ii) shall survive until the expiration of the
statute of limitations for the Tax periods to which the Indemnified Taxes relate, plus thirty calendar days, it being understood and agreed that any pending claim pursuant to the foregoing clauses (a) through (e) shall survive until such claim
is finally resolved if notice of such claim has been validly delivered to the Person against whom such indemnity may be sought prior to the expiration of the applicable survival period. 

  
 33 

 Section 9.05 Limitations on Indemnification. 

 

	 	(a)	 Notwithstanding the provisions of this ARTICLE IX, in no event shall the aggregate indemnification to be
paid by Seller or Parent under Section 9.01(a) or WHP under Section 9.02 exceed the Indemnification Cap, except in the case of (i) Fraud or (ii) a Claim arising from the obligations set forth in
Section 9.01(a)(i). For the avoidance doubt, Seller’s indemnification compensation or reimbursement obligations for Losses resulting or relating to any Fraud or from the obligations set forth in Section 9.01(a)(i) shall
not be subject to any cap. 

  

	 	(b)	 For purposes of calculating Losses hereunder, any materiality or similar qualifications limiting the scope of
such representations, warranties, covenants or agreements shall be disregarded. 

  

	 	(c)	 None of the WHP Indemnitees and the Seller Indemnitees shall be entitled to recover for the same Loss more than
once under this Article IX or otherwise under this Agreement or any Ancillary Document even if a claim for indemnification or otherwise in respect of such Loss has been made as a result of a breach of more than one covenant, agreement or
representation or warranty contained in this Agreement or any Ancillary Document. 

  

	 	(d)	 Each Party acknowledges the common law duty to mitigate their respective Losses for which it would have the
right to seek indemnification hereunder. 

  

	 	(e)	 In no event shall either Party have any liability under this Article IX for any consequential, special,
incidental, indirect or punitive damages, lost profits or similar items, including loss of revenue, income or profits, damages based on any multiple of revenue or income, diminution of value or loss of business reputation or opportunity relating to
a breach or alleged breach of this Agreement (except, in the case of punitive damages, to the extent awarded to a third party pursuant to a Third Party Claim). 

Section 9.06 Tax Treatment of Indemnification Payments. All indemnification payments made by Seller under this Agreement
shall be treated by the Parties as an adjustment to the Purchase Price for tax purposes, unless otherwise required by Law. 

Section 9.07 Effect of Investigation. WHP’s right to indemnification or other remedy based on the representations,
warranties, covenants and agreements of Parent and Seller contained herein will not be affected by any investigation conducted by WHP with respect to, or any knowledge acquired by WHP at any time, with respect to the accuracy or inaccuracy of or
compliance with, any such representation, warranty, covenant or agreement. 
 Section 9.08 No Effect on R&W Insurance
Policy. Notwithstanding anything to the contrary contained herein, no limitations (including any survival limitations and other limitations set forth in this ARTICLE IX), qualifications or procedures in this Agreement shall be deemed
to limit or modify the ability of WHP to make claims under or recover under the R&W Insurance Policy; it being understood that any matter for which there is coverage available under the R&W Insurance Policy shall be subject to the terms,
conditions and limitations, if any, set forth in the R&W Insurance Policy. 

  
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 Section 9.09 Exclusive Remedies. Following the Closing, except for
(a) claims for Fraud and (b) claims for equitable relief with respect to covenants, agreements or obligations under this Agreement to be performed at or after the Closing, the rights to indemnification, compensation and reimbursement under
this ARTICLE IX and the R&W Insurance Policy shall be the sole and exclusive remedy of the Indemnified Parties against the Indemnifying Parties with respect to the representations, warranties, covenants and agreements set forth in this
Agreement. In addition, without modifying or qualifying in any way the preceding sentence or implying any intent contrary thereto, the IP Contributors or any of their Affiliates or any other Person (other than WHP and its permitted assigns in
respect of the Debt Financing) hereby waive any rights or claims against the Debt Financing Sources and hereby agree that in no event shall the Debt Financing Sources have any liability or obligation to any IP Contributor or any of their Affiliates
or any other Person (other than WHP and its permitted assigns in respect of the Debt Financing) relating to or arising out of this Agreement or the Debt Financing, whether at law or equity, in contract or in tort or otherwise and in no event shall
any IP Contributor or any of their Affiliates or any other Person (other than WHP and its permitted assigns in respect of the Debt Financing) seek or obtain any other damages of any kind against any Financing Source (including consequently, special,
indirect or punitive damages), in each case, relating to or arising out of this Agreement, the Debt Financing, the Debt Commitment Letter or the transactions contemplated hereby or thereby, whether at law or equity, in contract or in tort, or
otherwise; provided that following consummation of the Transactions, nothing in this Section 9.09 shall limit the rights of any of the parties to the Definitive Agreements. 

Article X         TERMINATION 

Section 10.01 Termination. This Agreement may be terminated and the transactions contemplated hereby abandoned at any time
prior to the Closing: 
  

	 	(a)	 by the mutual written consent of Parent and WHP; 

 

	 	(b)	 by either Parent or WHP if the Investment Agreement is validly terminated pursuant to its terms;

  

	 	(c)	 by either Parent or WHP upon written notice to the other, if the Closing should not have occurred on or prior
to April 7, 2023 (the “Outside Date”); provided, that the right to terminate this Agreement under this Section 10.01(c) shall not be available to any party if the breach by such party of its representations and
warranties set forth in this Agreement or the failure of such party to perform any of its obligations under this Agreement has been a principal cause of or resulted in the events specified in this Section 10.01(c); 

 

	 	(d)	 by WHP if Parent or Seller shall have breached any of its representations or warranties or failed to perform
any of its covenants or agreements set forth in this Agreement, which breach or failure to perform (i) would give rise to the failure of a condition set forth in Section 8.02(a) or Section 8.02(b) or (ii) is
incapable of being cured prior to the Outside Date, or if capable of being cured, shall not have been cured within 30 calendar days following receipt by Parent or Seller, as applicable, of written notice of such breach or failure to perform from WHP
stating its intention to terminate this Agreement pursuant to this Section 10.01(d) and the basis for such termination; provided that WHP shall not have the right to terminate this Agreement pursuant to this
Section 10.01(d) if WHP is then in material breach of any of its representations, warranties, covenants or agreements hereunder; or 

  
 35 

	 	(e)	 by Parent if WHP shall have breached any of its representations or warranties or failed to perform any of its
covenants or agreements set forth in this Agreement, which breach or failure to perform (i) would give rise to the failure of a condition set forth in Section 8.03(a) or Section 8.03(b) or (ii) is incapable of being
cured prior to the Outside Date, or if capable of being cured, shall not have been cured within 30 calendar days following receipt by WHP of written notice of such breach or failure to perform from Parent stating its intention to terminate this
Agreement pursuant to this Section 10.01(e) and the basis for such termination; provided that Parent shall not have the right to terminate this Agreement pursuant to this Section 10.01(e) if Parent or Seller is then in
material breach of any of its representations, warranties, covenants or agreements hereunder; or 

  

	 	(f)	 by WHP or Parent if any Restraint enjoining or otherwise prohibiting consummation of the Membership Interests
Purchase Transactions shall be in effect and shall have become final and nonappealable; provided that the Party seeking to terminate this Agreement pursuant to this Section 10.01(f) shall have used the required efforts to cause
the conditions to Closing to be satisfied in accordance with Section 7.11. 

 Section 10.02
Effect of Termination. 
  

	 	(a)	 In the event of the termination of this Agreement as provided in Section 10.01, written notice
thereof shall be given to the other party, specifying the provision hereof pursuant to which such termination is made, and this Agreement shall forthwith become null and void (other than Section 7.06, this Section 10.02 and
ARTICLE XI, all of which shall survive termination of this Agreement), and there shall be no liability on the part of the any Party or their respective directors, officers and Affiliates, except that no such termination shall relieve any
Party from liability for damages to another party resulting from Willful Breach or from Fraud. 

  

	 	(b)	 In the event that Parent or WHP terminates this Agreement pursuant to Section 10.01(c) and at the
time of such termination, all conditions to the Closing have been satisfied (or in the case of conditions which, by their nature, are to be satisfied at the Closing, shall be capable of being satisfied at the Closing) or waived, except for the
conditions set forth in Section 8.03(e) then Parent shall pay to WHP (or its designee) an amount equal to $12,500,000 (the “Termination Fee”) by wire transfer, within three (3) Business Day after the date of the
termination of the Agreement. Each of the parties hereto acknowledges and agrees that (i) the agreements contained in this Section 10.02(b) are an integral part of the Agreement and the Transactions and that, without these agreements, the
parties hereto would not enter into this Agreement and (ii) in light of the difficulty of accurately determining actual losses or damages with respect to the foregoing, the parties hereto acknowledge that the Termination Fee, in the
circumstances in which such fee becomes payable, constitutes a reasonable estimate of the Losses that will be suffered by reason of any such termination of this Agreement and constitutes liquidated damages and is not a penalty. For the avoidance of
doubt, the parties hereto acknowledge and agree that in no event shall the Company be required to pay the Termination Fee on more than one occasion. Except in the event of Fraud, WHP’s right to receive the Termination Fee pursuant to and in
accordance with Section 8.2(b), if any, shall be the sole and exclusive remedies of WHP and its former, current or future Affiliates and any of the foregoing’s respective former, current or future, direct or indirect, officers,
directors, employees, Affiliates, shareholders, equity holders, managers, members, partners, agents, attorneys, advisors, financing sources or other Representatives or any of the foregoing’s respective successors or assigns pursuant to this
Agreement and the transactions contemplated hereby, including for any loss or monetary damages suffered as a result of any breach of any covenant or agreement in this Agreement or the failure of the transactions contemplated by this Agreement to be
consummated. 

  
 36 

 Article XI         MISCELLANEOUS 

Section 11.01 Expenses. All costs and expenses incurred in connection with this Agreement and the Transactions shall be paid by the Party incurring
such costs and expenses; provided that (a) all fees paid in respect of all applications, filings or notices with respect to the transfer of the Contributed Assets (including pursuant to the Contribution Agreement) shall be borne 50% by
WHP and 50% by Parent and (b) all filing fees paid in respect of the filings under the HSR Act shall be borne 50% by Parent and 50% by WHP. For the avoidance of doubt, WHP shall pay all fees, costs and expenses in connection with the R&W
Insurance Policy. 
 Section 11.02 Notices. All notices, requests and other communications to any party hereunder shall
be in writing and shall be deemed given if delivered personally, emailed (which is confirmed) or sent by overnight courier (providing proof of delivery) to the parties at the following addresses: 

 

			
	If to Parent:	  	 One Express Drive
 Columbus, OH 43230

Attention: [*****]
 Email: [*****]

		
	with a copy to:	  	 Kirkland & Ellis LLP
 601 Lexington
Avenue
 New York, New York 10022
 E-mail: eric.schiele@kirkland.com;
 rachael.coffey@kirkland.com

Attention:Eric L. Schiele;
 Rachael G. Coffey

		
	If to Seller:	  	 One Express Drive
 Columbus, OH 43230

Attention: [*****]
 Email: [*****]

		
	with a copy to:	  	 Kirkland & Ellis LLP
 601 Lexington
Avenue
 New York, New York 10022
 E-mail: eric.schiele@kirkland.com;
 rachael.coffey@kirkland.com

Attention:Eric L. Schiele;
 Rachael G. Coffey

		
	If to WHP:	  	 WH Borrower, LLC
 c/o WHP Global

530 Fifth Avenue, 12th Floor

New York, New York 10036

E-mail: [*****]

Attention: [*****]

  
 37 

			
	with a copy to:	  	 Goodwin Procter LLP
 100 Northern Avenue

Boston, MA 02210
 E-mail:
jzachariah@goodwinlaw.com;
 kmaswoswe@goodwinlaw.com

Attention: Joshua M. Zachariah;
 R. Kirkie Maswoswe

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

Section 11.03 Construction. 
  

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

  
 38 

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

 Section 11.04 Severability. If any term, condition or
other provision of this Agreement is determined by a court of competent jurisdiction to be invalid, illegal or incapable of being enforced by any rule of Law or public policy, all other terms, provisions and conditions of this Agreement shall
nevertheless remain in full force and effect. Upon such determination that any term, condition or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to
effect the original intent of the parties as closely as possible to the fullest extent permitted by applicable Law. 

Section 11.05 Entire Agreement. This Agreement, including the Disclosure Schedule, together with the other Ancillary
Documents constitutes the entire agreement, and supersedes all other prior agreements and understandings, both written and oral, among the parties and their Affiliates, or any of them, with respect to the subject matter hereof and thereof. 

Section 11.06 Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the Parties and
their respective successors and permitted assigns. No Party may assign its rights or obligations hereunder without the prior written consent of the other Parties and in the event of such assignment, the assignee shall agree in writing to be bound by
the provisions of this Agreement, including the rights, interests and obligations so assigned. No assignment shall relieve the assigning Party of any of its obligations hereunder unless and until such obligations have been performed or satisfied.
Notwithstanding anything herein to the contrary, WHP, Parent or the Company may collaterally assign any or all of its rights and interests hereunder to any provider of debt financing. 

Section 11.07 No Third-Party Beneficiaries. Except as provided in Article IX, no provision of this Agreement shall confer
upon any Person other than the parties hereto and their permitted assigns any rights or remedies hereunder. Without limiting the generality of the foregoing, the parties expressly confirm their agreement that any Financing Source shall be entitled
to rely on and enforce the provisions of Sections 9.09, 11.06, 11.07, 11.08, 11.10, 11.11 and 11.12. 
 Section 11.08 Amendment
and Modification. Subject to compliance with applicable Law, this Agreement may be amended or supplemented in any and all respects by written agreement of the parties hereto. Notwithstanding anything to the contrary, Sections 9.09, 11.06, 11.07,
11.08, 11.10, 11.11 and 11.12, (and any other provision of this Agreement to the extent an amendment, supplement, waiver or other modification of such provision would modify the substance of such sections) may not be amended, supplemented, waived or
otherwise modified in any manner that impacts or is otherwise adverse in any respect to the Debt Financing Sources without the Debt Financing Sources’ prior written consent. 

Section 11.09 Waiver. WHP and Parent may, subject to applicable Law, (a) waive any inaccuracies in the representations
and warranties of the other party contained herein or in any document delivered pursuant hereto, (b) extend the time for the performance of any of the obligations or acts of the other party or (c) waive compliance by the other party with
any of the agreements contained herein applicable to such party or, except as otherwise provided herein, waive any of such party’s conditions. Notwithstanding the foregoing, no failure or delay by the WHP or Parent in exercising any right
hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right hereunder. Any agreement on the part of a party hereto to any such
extension or waiver shall be valid only if set forth in an instrument in writing signed on behalf of such party. 

  
 39 

 Section 11.10 Governing Law. This Agreement, and all claims or causes of
action (whether in contract, tort or statute) that may be based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement (including any claim or cause of action based upon, arising out of or
related to any representation or warranty made in or in connection with this Agreement or as an inducement to enter into this Agreement), shall be governed by, and construed in accordance with, the laws of the State of Delaware applicable to
contracts executed in and to be performed entirely within that State, regardless of the laws that might otherwise govern under any applicable conflict of Laws principles. Notwithstanding the foregoing, each of the parties hereto agrees that, except
as specifically set forth in the Debt Commitment Letter, all claims or causes of action (whether at law, in equity, in contract, in tort or otherwise) against any of the sources of the Debt Financing in any way relating to the Debt Commitment Letter
or the performance thereof or the financings contemplated thereby, shall be exclusively governed by, and construed in accordance with, the internal laws of the State of New York, without giving effect to principles or rules or conflict of laws to
the extent such principles or rules would require or permit the application of laws of another jurisdiction. 
 Section 11.11
Submission to Jurisdiction. All Actions arising out of or relating to this Agreement shall be heard and determined in the Chancery Court of the State of Delaware (or, if the Chancery Court of the State of Delaware declines to accept
jurisdiction over any Action, any state or federal court within the State of Delaware) and the parties hereto hereby irrevocably submit to the exclusive jurisdiction and venue of such courts in any such Action and irrevocably waive the defense of an
inconvenient forum or lack of jurisdiction to the maintenance of any such Action. The consents to jurisdiction and venue set forth in this Section 11.11 shall not constitute general consents to service of process in the State of Delaware
and shall have no effect for any purpose except as provided in this paragraph and shall not be deemed to confer rights on any Person other than the parties hereto. Each party hereto agrees that service of process upon such party in any Action
arising out of or relating to this Agreement shall be effective if notice is given by overnight courier at the address set forth in Section 11.02 of this Agreement. The parties hereto agree that a final judgment in any such Action shall
be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by applicable Law; provided, however, that nothing in the foregoing shall restrict any party’s rights to seek any post-judgment
relief regarding, or any appeal from, a final trial court judgment. Notwithstanding the foregoing, each of the parties hereto hereby agrees that it will not bring or support any action, cause of action, claim, cross-claim or third-party claim of any
kind or description, whether in law or in equity, whether in contract or in tort or otherwise, against the Debt Financing Sources in any way relating to this Agreement, the Debt Commitment Letter, or any of the transactions contemplated hereby or
thereby, including, without limitation, any dispute arising out of or relating in any way to the Debt Financing or the performance thereof, in any forum other than the Supreme Court of the State of New York, County of New York, or, if under
applicable law exclusive jurisdiction is vested in the federal courts, the United States District Court for the Southern District of New York (and the appellate courts thereof), and that the provisions of Section 11.12 relating to the waiver of
jury trial shall apply to any such action, cause of action, claim, cross-claim or third-party claim. 
 Section 11.12 Waiver of
Jury Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT, THE DEBT COMMITMENT LETTER AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY (INCLUDING ANY SUCH CONTROVERSY INVOLVING ANY FINANCING
SOURCE) IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION
DIRECTLY 

  
 40 

 
OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE DEBT COMMITMENT LETTER AND ANY OF THE AGREEMENTS DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR
THEREBY (INCLUDING ANY SUCH PROCEEDING AGAINST ANY FINANCING SOURCE). EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD
NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVER, (C) IT MAKES SUCH WAIVER VOLUNTARILY AND (D) IT HAS BEEN INDUCED TO ENTER INTO THIS
AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS SECTION 11.12. 
 Section 11.13 Specific
Performance. The parties hereto agree that irreparable damage for which monetary relief, even if available, would not be an adequate remedy, would occur in the event that any provision of this Agreement is not performed in accordance with its
specific terms or is otherwise breached, including if the parties hereto fail to take any action required of them hereunder to cause the Closing to occur, and that time is of the essence. The parties acknowledge and agree that (a) the parties
shall be entitled to an injunction or injunctions, specific performance or other equitable relief to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof (including, for the avoidance of doubt, the right of
the Parent to cause the Membership Interest Purchase Transactions to be consummated on the terms and subject to the conditions set forth in this Agreement) in the courts described in Section 11.11 without proof of damages or otherwise,
this being in addition to any other remedy to which they are entitled under this Agreement and (b) the right of specific enforcement is an integral part of the Membership Interest Purchase Transactions and without that right, neither Parent nor
WHP would have entered into this Agreement. The parties hereto agree not to assert that a remedy of specific enforcement is unenforceable, invalid, contrary to Law or inequitable for any reason, and agree not to assert that a remedy of monetary
damages would provide an adequate remedy or that the parties otherwise have an adequate remedy at law. The parties hereto acknowledge and agree that any party seeking an injunction or injunctions to prevent breaches of this Agreement and to enforce
specifically the terms and provisions of this Agreement in accordance with this Section 11.13 shall not be required to provide any bond or other security in connection with any such order or injunction. 

Section 11.14 Counterparts. This Agreement and the Ancillary Documents may be executed in one or more counterparts (including
by facsimile and electronic mail), each of which shall be deemed to be an original but all of which taken together shall constitute one and the same agreement, and shall become effective when one or more counterparts have been signed by each of the
parties hereto (including by electronic signature) and delivered to the other parties hereto (including electronically, e.g., in PDF format). 

[SIGNATURE PAGE FOLLOWS] 
  

  
 41 

 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed as
of the Effective Date by their duly authorized officers. 
  

	
	PARENT:
	
	EXPRESS, INC., a Delaware corporation
	
	By: /s/ Timothy
Baxter                                        
    
	Name: Timothy Baxter
	Title: Chief Executive Officer
	
	SELLER:
	
	EXPRESS, LLC, a Delaware limited liability company
	
	By: /s/ Timothy
Baxter                                        
    
	Name: Timothy Baxter
	Title: Chief Executive Officer
	
	WHP:
	
	WH BORROWER, LLC, a Delaware limited liability company
	
	By: /s/ Yehuda
Shmidman                                        

	Name: Yehuda Shmidman
	Title: Chief Executive Officer

 [Signature Page to Membership Interest Purchase Agreement] 

 Exhibit A 

Form of Contribution Agreement 

[Intentionally Omitted] 

 EXHIBIT B 

Form of Operating Agreement 

[Intentionally Omitted] 

 EXHIBIT C 

Form of License Assignment 

[Intentionally Omitted]EX-10.3

 Exhibit 10.3 

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

 
  

 
  

EX TOPCO, LLC 
 AMENDED
AND RESTATED 
 LIMITED LIABILITY COMPANY AGREEMENT 

Dated [•], 2023 
 THE MEMBERSHIP
INTERESTS ISSUED PURSUANT TO THIS AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY OTHER APPLICABLE SECURITIES LAWS. SUCH INTERESTS MAY NOT BE
SOLD, ASSIGNED, PLEDGED OR OTHERWISE DISPOSED OF AT ANY TIME WITHOUT EFFECTIVE REGISTRATION UNDER SUCH ACT AND LAWS OR EXEMPTION THEREFROM AND COMPLIANCE WITH THE OTHER SUBSTANTIAL RESTRICTIONS ON TRANSFERABILITY SET FORTH HEREIN. 

SUCH MEMBERSHIP INTERESTS ARE ALSO SUBJECT TO THE ADDITIONAL RESTRICTIONS ON TRANSFER SET FORTH IN THIS AGREEMENT. 

 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	2	 
			
	 Section 1.1
	 	Definitions	  	 	2	 
	 Section 1.2
	 	Interpretative Matters	  	 	14	 
		
	 ARTICLE II ORGANIZATIONAL MATTERS
	  	 	16	 
			
	 Section 2.1
	 	Formation of the Company	  	 	16	 
	 Section 2.2
	 	Name	  	 	16	 
	 Section 2.3
	 	Powers; Purposes	  	 	16	 
	 Section 2.4
	 	Principal Location; Registered Office	  	 	16	 
	 Section 2.5
	 	Term	  	 	16	 
	 Section 2.6
	 	Foreign Qualification	  	 	16	 
	 Section 2.7
	 	Title to Assets	  	 	17	 
	 Section 2.8
	 	Partnership Status	  	 	17	 
	 Section 2.9
	 	Schedules	  	 	17	 
		
	 ARTICLE III ADMISSION OF MEMBERS; CAPITAL CONTRIBUTIONS; CAPITAL
ACCOUNTS
	  	 	17	 
			
	 Section 3.1
	 	Capitalization	  	 	17	 
	 Section 3.2
	 	Admission of Members; Additional Members	  	 	18	 
	 Section 3.3
	 	Capital Accounts	  	 	19	 
	 Section 3.4
	 	Negative Capital Accounts	  	 	19	 
	 Section 3.5
	 	No Withdrawal	  	 	19	 
	 Section 3.6
	 	Loans From Members	  	 	19	 
	 Section 3.7
	 	No Right of Partition	  	 	19	 
	 Section 3.8
	 	Transfers of Units	  	 	20	 
	 Section 3.9
	 	Non-Certification of Units; Legend; Units Are Securities	  	 	20	 
		
	 ARTICLE IV DISTRIBUTIONS
	  	 	20	 
			
	 Section 4.1
	 	Distributions	  	 	20	 
	 Section 4.2
	 	Successors	  	 	20	 
	 Section 4.3
	 	Distributions In-Kind	  	 	20	 
		
	 ARTICLE V ALLOCATIONS
	  	 	21	 
			
	 Section 5.1
	 	Allocations	  	 	21	 
	 Section 5.2
	 	Special Allocations	  	 	21	 
	 Section 5.3
	 	Tax Allocations	  	 	23	 
	 Section 5.4
	 	Members’ Tax Reporting	  	 	23	 
	 Section 5.5
	 	Withholding, Indemnification and Reimbursement for Payments on Behalf of a Member	  	 	23	 

  
 i 

							
	 ARTICLE VI MEMBERS
	  	 	24	 
			
	 Section 6.1
	 	Lack of Authority of Individual Members	  	 	24	 
	 Section 6.2
	 	No Right of Partition	  	 	25	 
	 Section 6.3
	 	Members Right to Act	  	 	25	 
	 Section 6.4
	 	Liability of Members	  	 	26	 
		
	 ARTICLE VII MANAGEMENT OF THE COMPANY
	  	 	26	 
			
	 Section 7.1
	 	Authority of the Board	  	 	26	 
	 Section 7.2
	 	Composition of the Board	  	 	26	 
	 Section 7.3
	 	Meetings; Quorum; Notice; Written Consent	  	 	27	 
	 Section 7.4
	 	Performance of Duties; Liability of Managers and Officers	  	 	29	 
	 Section 7.5
	 	Indemnification	  	 	30	 
	 Section 7.6
	 	Protective Provisions	  	 	32	 
	 Section 7.7
	 	WHP Transactions	  	 	34	 
	 Section 7.8
	 	Officers	  	 	34	 
	 Section 7.9
	 	Right of First Offer	  	 	35	 
	 Section 7.10
	 	Annual Budget	  	 	36	 
	 Section 7.11
	 	Exclusivity	  	 	37	 
	 Section 7.12
	 	FCPA and Sanctions	  	 	37	 
		
	 ARTICLE VIII TAX MATTERS
	  	 	37	 
			
	 Section 8.1
	 	Designation of the Partnership Representative	  	 	37	 
	 Section 8.2
	 	Preparation of Tax Returns	  	 	38	 
	 Section 8.3
	 	Tax Election	  	 	38	 
	 Section 8.4
	 	Tax Controversies	  	 	39	 
		
	 ARTICLE IX TRANSFER OF EQUITY SECURITIES; SUBSTITUTE MEMBERS
	  	 	39	 
			
	 Section 9.1
	 	Restrictions on Transfers.	  	 	39	 
	 Section 9.2
	 	Substitute Member	  	 	40	 
	 Section 9.3
	 	Effect of Transfer	  	 	40	 
	 Section 9.4
	 	Transfer Fees and Expenses	  	 	40	 
	 Section 9.5
	 	Closing Date of Transfers	  	 	40	 
	 Section 9.6
	 	Effect of Death or Incapacity	  	 	40	 
	 Section 9.7
	 	Board Consent to Transfer	  	 	40	 
	 Section 9.8
	 	Put / Call Option	  	 	40	 
		
	 ARTICLE X INTELLECTUAL PROPERTY MATTERS
	  	 	41	 
			
	 Section 10.1
	 	Use of Company IP in the US	  	 	41	 
	 Section 10.2
	 	Use of Company IP Outside the US and Authorized Uses of Company IP	  	 	41	 
	 Section 10.3
	 	Protection, Enforcement and Defense of Company IP	  	 	42	 
		
	 ARTICLE XI WINDING UP, DISSOLUTION AND LIQUIDATION
	  	 	42	 
			
	 Section 11.1
	 	Dissolution	  	 	42	 
	 Section 11.2
	 	Liquidation and Termination	  	 	43	 
	 Section 11.3
	 	Complete Distribution	  	 	43	 
	 Section 11.4
	 	Final Dissolution	  	 	44	 

  
 ii 

							
	 Section 11.5
	 	Reasonable Time for Winding Up	  	 	44	 
	 Section 11.6
	 	Return of Capital	  	 	44	 
	 Section 11.7
	 	HSR Act	  	 	44	 
	 Section 11.8
	 	Distribution of Equity Securities of Subsidiaries	  	 	44	 
	 Section 11.9
	 	Termination	  	 	44	 
		
	 ARTICLE XII GENERAL PROVISIONS
	  	 	44	 
			
	 Section 12.1
	 	Books and Records	  	 	44	 
	 Section 12.2
	 	Amendment	  	 	45	 
	 Section 12.3
	 	Remedies	  	 	45	 
	 Section 12.4
	 	Successors and Assigns	  	 	45	 
	 Section 12.5
	 	Severability	  	 	45	 
	 Section 12.6
	 	Counterparts	  	 	46	 
	 Section 12.7
	 	Applicable Law	  	 	46	 
	 Section 12.8
	 	Addresses and Notices	  	 	46	 
	 Section 12.9
	 	Creditors	  	 	46	 
	 Section 12.10
	 	Waiver	  	 	47	 
	 Section 12.11
	 	Waiver of Jury Trial	  	 	47	 
	 Section 12.12
	 	Further Action	  	 	47	 
	 Section 12.13
	 	Entire Agreement	  	 	47	 
	 Section 12.14
	 	Delivery by Email	  	 	47	 
	 Section 12.15
	 	Survival	  	 	48	 
	 Section 12.16
	 	Information.	  	 	48	 

  
 iii 

 SCHEDULES AND EXHIBITS 

Schedule of Units 
 Schedule of Members 

Contribution Schedule 
 Exhibit A – Closing Capital
Contributions and Capital Accounts 
 Exhibit B – Initial Budget 

  
 iv 

 AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 

OF 
 EX TOPCO, LLC

 This AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (this “Agreement”) of EX TOPCO, LLC, a Delaware
limited liability company (the “Company”), is entered into on [•], 2023 (the “Closing Date”), pursuant to the Delaware Limited Liability Company Act, Delaware Code Ann. Title 6,
§§18-101, et seq. (the “Delaware Act”), by and among the Company, EXWHP, LLC, a Delaware limited liability company (“EXWHP”), [[•],a [•],]and Express Inc.,
a Delaware Corporation (“Express”). Capitalized terms used herein shall have the respective meanings ascribed to such terms in Article I. 

RECITALS: 

WHEREAS, Express, the Company and WH Borrower, LLC, a Delaware limited liability company (“WHP”), entered into that
certain Membership Interest Purchase Agreement on December [8], 2022 (the “Purchase Agreement”); 
 WHEREAS,
Express and WHP entered into that certain PIPE Investment Agreement (the “Investment Agreement”) on December [8], 2022; 

WHEREAS, the Company was formed on [•]as a Delaware limited liability company pursuant to and in accordance with the Delaware Act,
as the same may be further amended, supplemented or otherwise modified from time to time, and was initially governed by the Limited Liability Company Agreement of the Company, dated December [•], 2022 (the “Original
Agreement”); 
 WHEREAS, Express and [•], entered into that certain Contribution Agreement (the
“Contribution Agreement”) on [•], 2023; and 
 WHEREAS, the members under the Original Agreement desire
to amend and restate in its entirety the Original Agreement on the terms and conditions contained herein and to enter into this Company Agreement with the additional members that are parties hereto. 

NOW, THEREFORE, in consideration of the mutual promises and covenants made herein and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the undersigned, intending to be legally bound, hereby agree as follows: 

 ARTICLE I 

DEFINITIONS 

Section 1.1 Definitions. Unless the context otherwise requires, the following terms shall have the following meanings for purposes
of this Agreement: 
 “1934 Act” means the United States Securities Exchange Act of 1934 and applicable rules and
regulations thereunder. Any reference herein to a specific section, rule or regulation of the 1934 Act shall be deemed to include any corresponding provisions of future law. 

“Action” means any claim, charge, demand, action, cause of action, inquiry, audit, suit, arbitration, indictment, litigation,
hearing or other proceeding (whether civil, criminal, administrative, judicial or investigative, whether formal or informal, whether public or private). 

“Additional Member” means any Person that has been admitted to the Company as a Member after the Closing Date pursuant to
Section 3.2(b) by virtue of having received its Membership Interest from the Company and not from any other Member or assignee of any Units. 

“Adjusted Capital Account Deficit” means, with respect to any Member’s Capital Account as of the end of any taxable
year, the amount by which the balance in such Capital Account is less than zero. For this purpose, such Capital Account balance shall be (i) reduced for any items described in Regulations
Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6), and (ii) increased for any amount such Member is obligated to contribute or is treated as being obligated to contribute to the Company pursuant to
Regulations Sections 1.704-1(b)(2)(ii)(c) (relating to partner liabilities to a partnership) or 1.704-2(g)(1) and 1.704-2(i)(5)
(relating to minimum gain). 
 “Affiliate” when used with reference to another Person means any Person, directly or
indirectly, through one or more intermediaries, controlling, controlled by, or under common control with, such other Person. 

“Agreement” has the meaning set forth in the recitals. 

“Bankruptcy” means, with respect to any Person, the occurrence of any of the following events: (a) the filing of an
application by such Person for, or a consent to, the appointment of a trustee or custodian of such Person’s assets; (b) the filing by such Person of a voluntary petition in Bankruptcy or the seeking of relief under Title 11 of the United
States Code, as now constituted or hereafter amended, or the filing of a pleading in any court of record admitting in writing such Person’s inability to generally pay its debts as they become due; (c) the failure of such Person to pay its
debts as such debts become due; (d) the making by such Person of a general assignment for the benefit of creditors; (e) the filing by such Person of an answer admitting the material allegations of, or such Person’s consenting to, or
defaulting in answering, a Bankruptcy petition filed against him in any Bankruptcy proceeding or petition seeking relief under Title 11 of the United States Code, as now constituted or as hereafter amended; or (f) the entry of an order,
judgment or decree by any court of competent jurisdiction adjudicating such Person as bankrupt or insolvent or for relief in respect of such Person or appointing a trustee or custodian of such Person’s assets and the continuance of such order,
judgment or decree unstayed and in effect for a period of 60 consecutive calendar days. 
 “Board” means, as of any date,
the then-current board of managers of the Company, which shall have the power and authority described in this Agreement. 
 “Board
Deadlock” means, with respect to any matter brought before the Board for a vote, a situation pursuant to which a quorum of the Board (as determined pursuant to Section 7.3) consists of two (2) WHP Holders and
two (2) Express Holders, and the WHP Holders and the Express Holders fail to approve such matter pursuant to the second sentence of Section 7.3(b). 

  
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 “Business Day” means any calendar day other than a Saturday, Sunday or
other day on which commercial banks in New York, New York are authorized or required to close. 
 “Capital Account” has the
meaning set forth in Section 3.3(a). 
 “Capital Contributions” means any cash, cash equivalents
or, at the consent of the Board the Fair Market Value of other property that a Member contributes to the Company with respect to any Unit or other Equity Securities issued pursuant to Section 3.1(a) (net of liabilities
assumed by the Company or to which such property is subject). 
 “Certificate of Formation” means the certificate of
formation of the Company filed with the State of Delaware on [•]. 
 “Class A Units” has the
meaning set forth in Section 3.1(a). 
 “Closing” means the closing of the transactions
contemplated by the Purchase Agreement. 
 “Closing Date” has the meaning set forth in the preamble hereto. 

“Code” means the United States Internal Revenue Code of 1986. 

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

“Company IP” means any and all (a) Contributed Assets and (b) other Intellectual Property owned or controlled by
the Company as of the Closing Date or any time thereafter. 
 “Company IP Licensee” means any Person directly or indirectly
authorized or permitted by the Company to use any of the Company IP, whether by license grant or other permission, or to which the Company directly or indirectly grants any right or interest in or to any Company IP; provided that Company IP Licensee
shall exclude any member of the Express Group. 
 “Company Minimum Gain” has the meaning set forth for the term
“partnership minimum gain” in Regulations Section 1.704-2(d). 

“Company Sale” means the consummation of a transaction, whether in a single transaction or in a series of related
transactions, that results in (a) the sale or other disposition (in one transaction or a series of related transactions) of all or substantially all of the assets of the Company to any Person (or group of Persons acting in concert) or
(b) a merger of the Company, recapitalization of the Company or other sale (in one transaction or a series of related transactions) of equity interests or voting power of the Company to a Person (or group of Persons acting in concert), in each
case, that results in any Person (or group of Persons acting in concert) beneficially owning more than 50% of the equity interests or voting power of the Company (or any resulting entity (or ultimate parent thereof) after such transaction), in each
case, other than a Transfer of Equity Securities of the Company by the WHP Holder in accordance with Section 9.1(b) or by the Express Holder in accordance with Section 9.1(b). 

  
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 “Contributed Assets” has the meaning set forth in the Contribution
Agreement. 
 “Contribution Agreement” has the meaning set forth in the preamble. 

“Contribution Schedule” has the meaning set forth in Section 3.2(a). 

“Control” means, the possession, directly or indirectly, of the power to direct or cause the direction of management or
policies of a Person, whether through the ownership of securities or partnership or other ownership interests, by contract or otherwise and, in any event, without limitation of the previous sentence, any Person owning more than 50% or more of the
voting securities of another Person shall be deemed to control that Person. 
 “Convertible Debt Securities” means, as
applicable, any debt securities directly or indirectly convertible into, or exchangeable for, any capital stock, Company or membership interests in the Company or any of its Subsidiaries. 

“Covered Person” has the meaning set forth in Section 7.5(g). 

“Delaware Act” has the meaning set forth in the preamble. 

“Depreciation” has the meaning set forth in the definition of “Net Income” or “Net Loss” under paragraph
(e) therein. 
 “Distribution” means each distribution after the Closing Date made by the Company to a Member, whether
in cash, property or securities of the Company. 
 “EBITDA” means for any applicable period, the revenues earned by
the Company over the applicable period less the operating expenses incurred by the Company over the same applicable period, and calculated in a manner consistent with the Initial Budget. 

For the avoidance of doubt, the calculation of EBITDA shall not subtract the following items: 

(a) Interest expense (net of interest income); 

(b) Income taxes and other tax related expenses; 

(c) Depreciation & amortization; 

(d) Impairment and other asset write-offs; 

(e) Non-cash equity compensation; 

(f) Gain or loss on the sale of assets; 

(g) Amount of any non-controlling or minority interest charges; 

(h) Fees, expenses, gains, and losses associated with litigation outside of the ordinary course; 

  
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 (i) Gains and losses related to hedging instruments or foreign currency translation; and

 (j) Other non-cash items. 

“EBITDA Margin” means the amount of the Company’s EBITDA as a percentage of the Company’s revenue, in each case,
during the applicable period of calculation. 
 “Economic Interest” means the right to allocations of items of income,
gain, loss, deduction, credit or similar items and the right to Distributions of cash and other property as provided in Article IV and Article XI of this Agreement and the Delaware Act, but shall not include any right to participate in
the management or affairs of the Company, including the right to vote in the election of the Managers, vote on, consent to or otherwise participate in any decision of the Members, or any right to receive information concerning the business and
affairs of the Company, in each case, except as expressly otherwise provided in this Agreement or required by the Delaware Act. 

“Equity Securities” means, as applicable, (a) any capital stock, partnership or membership interests or other share
capital; (b) any equity securities directly or indirectly convertible into or exchangeable for any capital stock, partnership or membership interests or other share capital or containing any profit participation features; (c) any rights or
options directly or indirectly to subscribe for or to purchase any capital stock, partnership or membership interests, other share capital or securities containing any profit participation features or to subscribe for or to purchase any securities
directly or indirectly convertible into or exchangeable for any capital stock, partnership or membership interests, other share capital or securities containing any profit participation features (including any Convertible Debt Securities); (d) any
share appreciation rights, phantom share rights or other similar rights; or (e) any Equity Securities issued or issuable with respect to the securities referred to in clauses (a) through (d) above in connection with a Public Offering,
combination of shares, recapitalization, merger, consolidation or other reorganization. 
 “Excess Cash” means cash held by
the Company, directly or indirectly, in excess of the Minimum Cash Reserve. 
 “Express” has the meaning set forth in the
recitals. 
 “Express Change of Control” means any transaction or series of transactions pursuant to which any Person, or
group of related Persons in the aggregate, acquires or becomes the beneficial owner of, directly or indirectly, (a) more than 50% of the outstanding common stock of Express, whether by merger, liquidation, consolidation, reorganization,
combination, sale, tender or exchange offer or otherwise or (b) all or substantially all of Express’s assets, determined on a consolidated basis. 

“Express Group” means Express and its Subsidiaries. 

“Express Holder” means (i) the Express Initial Holder and (ii) any Permitted Transferee of the Express Initial
Holder that becomes party hereto or any of their respective successors. 
 “Express Initial Holder” means Express. 

  
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 “Express Managers” has the meaning set forth in
Section 7.2(a)(ii). 
 “Fair Market Value” means, with respect to any asset or securities, the
fair market value for such assets or securities as between a willing buyer and a willing seller in an arm’s length transaction occurring on the date of valuation, taking into account all relevant factors determinative of value, as reasonably
determined by the Board in good faith. 
 “federal” means the federal government of the United States. 

“Fiscal Quarters” means the fiscal quarters of the Company and its Subsidiaries. 

“Fiscal Year” means the fiscal year of the Company and its Subsidiaries, ending on December 31 of each calendar year.

 “Governmental Entity” means any multinational, national, federal, territorial, state or local, whether foreign or
domestic, governmental entity, quasi-governmental entity, court, tribunal, judicial or arbitral body, commission, board, bureau, agency or instrumentality, or any regulatory, administrative or other department, agency, or any political or other
subdivision, department or branch of any of the foregoing., in each case, having jurisdiction over the Company or any of its Subsidiaries or any of the property or other assets of the Company or any of its Subsidiaries. 

“Gross Asset Value” means, with respect to any asset, the asset’s adjusted basis for federal income tax purposes, except
as follows: 
 (a) the initial Gross Asset Value of any asset contributed by a Member to the Company shall be the gross Fair Market Value of
such asset on the date of the contribution; 
 (b) the Gross Asset Values of all Company assets may be adjusted to equal their respective
gross Fair Market Values as of the following times: 
 (i) in the discretion of the Board, the acquisition of an additional
interest in the Company after the Closing Date by a new or existing Member in exchange for more than a de minimis Capital Contribution; 

(ii) in the discretion of the Board, the grant of an interest in the Company (other than a de minimis interest) as
consideration for the provision of services to or for the benefit of the Company by an existing or a new Member acting in a “partner capacity,” or in anticipation of becoming a “partner” (in each case within the meaning of
Regulations Section 1.704-1(b)(2)(iv)(f)(5)(iii)); 
 (iii) in the discretion of
the Board, the Distribution by the Company to a Member of more than a de minimis amount of Company property as consideration for an interest in the Company; 

(iv) the liquidation of the Company within the meaning of Regulations
Section 1.704-1(b)(2)(ii)(g); and 

  
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 (v) such other times as the Board shall reasonably determine to be necessary
or advisable in order to comply with Regulations promulgated under Subchapter K of Chapter 1 of the Code. 
 (c) the Gross Asset Value of
any Company asset distributed to a Member shall be adjusted immediately prior to such distribution to equal the gross Fair Market Value of such asset on the date of Distribution; 

(d) the Gross Asset Values of Company assets shall be increased (or decreased) to reflect any adjustments to the adjusted basis of such assets
pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Regulations
Section 1.704-1(b)(2)(iv)(m); provided, however, that Gross Asset Values shall not be adjusted pursuant to this subparagraph (d) to the extent that the Board reasonably determines that
an adjustment pursuant to subparagraph (b) of this definition of Gross Asset Value is necessary or appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this subparagraph (d); and 

(e) with respect to any asset that has a Gross Asset Value that differs from its adjusted tax basis, Gross Asset Value shall be adjusted by
the amount of Depreciation rather than any other depreciation, amortization or other cost recovery method. 
 “Holder
Indemnitors” has the meaning set forth in Section 7.5(h). 
 “HSR Act” has the meaning
set forth in Section 11.7. 
 “Income” means individual items of Company income and gain
determined in accordance with the definitions of Net Income and Net Loss. 
 “Initial Budget” has the meaning set forth in
Section 7.10. 
 “Initial Public Offering” means a Public Offering and sale of Equity Securities of the Company or any
successor thereof pursuant to an effective registration statement under the Securities Act or other applicable foreign securities regulations if immediately thereafter the Company or any successor thereof has publicly held securities listed on a
national securities exchange. 
 “Intellectual Property” means all Intellectual property and proprietary rights and rights
in confidential information of every kind and description throughout the world, including: (a) patents and applications therefor, invention disclosures and all related continuations, continuations-in-part, divisionals, reissues, re-examinations, substitutions and extensions thereof; (b) fictional business names, corporate names, trade names,
logos, slogans, trade dress rights, registered and unregistered trademarks and service marks, Internet domain names, social media accounts, other sources of origin and applications for any of the foregoing, together with all appurtenant goodwill,
along with renewals thereof; (c) copyrights and copyrightable subject matter, whether or not registered or published, and registrations, recordations and applications for registration therefor (including copyrights in computer software) and
reversions, extensions and renewals thereof; (d) rights in computer programs (whether in source code, object code, or other form), algorithms, databases, compilations and data; (e) rights of publicity; (f) moral rights and rights of
attribution and integrity; and (g) trade secrets. 

  
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 “Investment Agreement” has the meaning set forth in the recitals. 

“Law” means any foreign or domestic, national, federal, territorial, state or local law (including common law), statute,
treaty, regulation, ordinance, rule, order, or permit, in each case having the force and effect of law, or any similar form of decision or approval of, or determination by, or any binding interpretation or administration of any of the foregoing by,
issued, enacted, adopted, promulgated, implemented or otherwise put in effect by or under the authority of any Governmental Entity. 

“License Agreement” means that certain License Agreement, effective as of the date hereof, by and between Express and the
Company. 
 “Loss” means individual items of Company loss and deduction determined in accordance with the definitions of
Net Income and Net Loss. 
 “Management Agreement” means that certain Management Agreement, dated as of the date hereof, by
and between EXWHP (or one of its Affiliates) and the Company. 
 “Manager” means a current member of the Board, who, for
purposes of the Delaware Act, shall be deemed a “manager” as defined in the Delaware Act but who shall be subject to the rights and obligations set forth in this Agreement and, to the extent not inconsistent with the rights and obligations
set forth in this Agreement, to the rights and obligations set forth in the Delaware Act. 
 “Member” means a Member
identified on the Schedule of Members as of the Closing Date, or an Additional Member or a Substituted Member who is admitted as a Member in accordance with the terms of this Agreement and applicable Law for so long as such Person continues
to hold an Economic Interest in any of the Units. 
 “Member Minimum Gain” means minimum gain attributable to Member
Nonrecourse Debt determined in accordance with Regulations Section 1.704-2(i). 

“Member Nonrecourse Debt” has the meaning set forth for the term “partner nonrecourse debt” in Regulations Section 1.704-2(b)(4). 
 “Membership Interest” means, with respect to each Member,
such Member’s Economic Interest and rights as a Member. 
 “Minimum Cash Reserve” means $10,000,000. 

“Net Income” or “Net Loss” means, for each Fiscal Year or other period, an amount equal to the
Company’s taxable income or loss for such Fiscal Year or other period, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to Code
Section 703(a)(1) shall be included in such taxable income or loss), with the following adjustments: 

  
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 (a) any income of the Company that is exempt from federal income tax and not otherwise taken
into account in computing Net Income or Net Loss pursuant to this definition of Net Income or Net Loss shall be added to such taxable income or loss; 

(b) any expenditures of the Company described in Code Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures
pursuant to Regulations Section 1.704- 1(b)(2)(iv)(i), and not otherwise taken into account in computing Net Income or Net Loss pursuant to this definition of Net Income or Net Loss shall be subtracted
from such taxable income or loss; 
 (c) in the event the Gross Asset Value of any Company asset is adjusted pursuant to subparagraph
(b) or (c) of the definition of Gross Asset Value, the amount of such adjustment shall be taken into account as gain (if the adjustment increases the Gross Asset Value of the asset) or loss (if the adjustment decreases the Gross Asset Value of
the asset) from the disposition of such asset for purposes of computing Net Income or Net Loss; 
 (d) gain or loss resulting from any
disposition of property with respect to which gain or loss is recognized for federal income tax purposes shall be computed by reference to the Gross Asset Value of the property disposed of, notwithstanding that the adjusted tax basis of such
property differs from its Gross Asset Value; 
 (e) in lieu of the depreciation, amortization and other cost recovery deductions taken into
account in computing such taxable income or loss, with respect to a Company asset having a Gross Asset Value that differs from its adjusted basis for tax purposes, “Depreciation” with respect to such asset shall be computed by reference to
the asset’s Gross Asset Value in accordance with Regulation Section 1.704-1(b)(2)(iv)(g); and 

(f) to the extent an adjustment to the adjusted tax basis of any Company asset pursuant to Code Section 734(b) or 743(b) is required
pursuant to Regulations Section 1.704- 1(b)(2)(iv)(m) to be taken into account in determining Capital Accounts as a result of a Distribution other than in liquidation of a Member’s interest in the
Company, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases the basis of the asset) from the disposition of the asset and shall be taken into
account for purposes of computing Net Income or Net Loss. 
 “Officers” has the meaning set forth in
Section 7.8(a). 
 “Original Agreement” has the meaning set forth in the recitals. 

“Partnership Representative” has the meaning set forth in Section 8.1. 

“Partnership Tax Audit Rules” means Sections 6221 through 6241 of the Code, as amended by the Bipartisan Budget Act of 2015,
together with any Regulations or other guidance issued thereunder, successor provisions and any similar provisions of state, local or any other applicable tax laws. 

“Passed ROFO Opportunity Cutoff Date” means the date that is eighteen (18) months following the Passed ROFO Opportunity
Start Date. 

  
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 “Passed ROFO Opportunity Start Date” means (a) if the ROFO
Counterparty provides written notice to the ROFO Party that it declines the opportunity to jointly pursue such ROFO Opportunity, the date of receipt of such notice, or (b) within thirty (30) days following its receipt of the ROFO Notice if
either (x) the ROFO Counterparty fails to inform the ROFO Party that the ROFO Counterparty desires to jointly pursue the ROFO Opportunity with the ROFO Party or (y) if the ROFO Party and the ROFO Counterparty, after using commercially
reasonable efforts to negotiate, fail to enter into a non-binding term sheet on the materials terms and conditions of their joint proposal with respect to such ROFO Opportunity within such thirty (30) day
period and the ROFO Party delivers written notice to the ROFO Counterparty that the ROFO Party has made a good faith determination that the parties will not reach an agreement on the terms and conditions of the ROFO Opportunity. 

“Permitted Transferee” means (i) with respect to the WHP Initial Holder (or any other member of the WHP Group), any
other member of the WHP Group (other than Affiliates of the WHP Initial Holder who are limited partners or portfolio companies of such Person or its Affiliates) and (ii) with respect to the Express Initial Holder (or any other member of the
Express Group), any other member of the Express Group. 
 “Person” means an individual, a partnership (including a limited
partnership), a corporation, a limited liability company, an exempted company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization, association or other entity or a Governmental Entity. 

“Prohibited Transfer” means any Transfer of any Unit or other Equity Securities of the Company by a Member to a Person which
(i) may not be effected without registering the securities involved under the Securities Act, (ii) would result in the assets of the Company constituting “Plan Assets” as such term is defined in the Department of Labor
regulations promulgated under the Employee Retirement Income Security Act of 1974, as amended, (iii) would cause the Company to be controlled by or be under common control with an “investment company” for purposes of the Investment
Company Act of 1940, as amended or to register as an investment company under such Act, (iv) would require any securities of the Company to be registered under the 1934 Act, (v) would cause the Company to be a publicly traded partnership
within the meaning of Code Section 7704(d) (and the Regulations promulgated thereunder), (vi) would cause the Company to have more than 100 partners (within the meaning of Regulations
Section 1.7704-1(h), including the look-through rule in Regulations Section 1.7704-1(h)(3)), (vii) would subject the Company to a withholding obligation under
Code Section 1446(f), (viii) would occur after the commencement of a Bankruptcy or (ix) is in violation of this Agreement. 

“Public Offering” means the sale in an underwritten public offering of the Company’s Equity Securities (or Equity
Securities of any Subsidiary or successor) pursuant to an effective registration statement or similar document filed under the Securities Act or applicable foreign securities regulations. 

“Purchase Agreement” has the meaning set forth in the recitals. 

“Put / Call Counterparty” has the meaning set forth in Section 9.9 

  
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 “Put / Call Party” has the meaning set forth in
Section 9.9 
 “Put / Call Proposal” has the meaning set forth in
Section 9.9 
 “Quarterly Distribution” has the meaning set forth in 0. 

“Registration Rights Agreement” means that certain Registration Rights Agreement, dated as of the date hereof, by and between
Express and the WHP Initial Holder. 
 “Regulations” means the regulations, including temporary regulations, promulgated by
the United States Treasury Department under the Code, as such regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 

“Regulatory Allocations” has the meaning set forth in Section 5.2(e). 

“Retail Opportunity” means respect to any apparel, loungewear, athletic or activewear, intimates, outerwear, footwear, beauty
or home goods brand in the United States with a significant direct-to-consumer channel (physical store or owned eCommerce) of at least $100 million in annual sales.

 “ROFO” has the meaning set forth in Section 7.9(a). 

“ROFO Counterparty” has the meaning set forth in Section 7.9(a). 

“ROFO Notice” has the meaning set forth in Section 7.9(a). 

“ROFO Opportunity” has the meaning set forth in Section 7.9(a). 

“ROFO Party” has the meaning set forth in Section 7.9(a). 

“ROFO Termination Election” has the meaning set forth in Section 7.9(c). 

“Sanctioned Person” means any Person that is the subject or target of sanctions or restrictions under Trade Controls,
including: (a) any Person listed on any applicable U.S. or non-U.S. sanctions- or export-related restricted party list, including the U.S. Department of the Treasury Office of Foreign Assets
Control’s (“OFAC”) Specially Designated Nationals and Blocked Persons List; or (b) any entity that is, in the aggregate, 50 percent or greater owned, directly or indirectly, or otherwise controlled by a Person or
Persons described in clause (a). 
 “Schedule of Members” has the meaning set forth in
Section 3.2(a). 
 “Schedule of Units” has the meaning set forth in
Section 3.2(a). 
 “Securities Act” means the United States Securities Act of 1933 and applicable
rules and regulations thereunder. Any reference herein to a specific section, rule or regulation of the Securities Act shall be deemed to include any corresponding provisions of future law. 

“state” means any state within the United States or the District of Columbia. 

  
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 “Subsidiary” means, with respect to any Person, any corporation, limited
liability company, partnership, association or business entity of which (a) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of
directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (b) if a limited liability company,
partnership, association or other business entity (other than a corporation), a majority of partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by any Person or one or more Subsidiaries
of that Person or a combination thereof. For purposes hereof, a Person or Persons shall be deemed to have a majority ownership interest in a limited liability company, partnership, association or other business entity (other than a corporation) if
such Person or Persons shall be allocated a majority of limited liability company, partnership, association or other business entity gains or losses or shall be or control any managing member, general partner or analogous controlling Person of such
limited liability company, partnership, association or other business entity. For purposes hereof, references to a “Subsidiary” of any Person shall be given effect only at such times that such Person has one or more Subsidiaries and,
unless otherwise indicated, the term “Subsidiary” refers to a Subsidiary of the Company. 
 “Substituted Member”
means any Person that has been admitted to the Company as a Member pursuant to Section 9.2 by virtue of such Person’s (a) receiving all or a portion of a Membership Interest from a Member or its assignee (and not
from the Company) and (b) having complied with the requirements of Section 9.2. 
 “Successor in
Interest” means any (a) trustee, custodian, receiver or other Person acting in any Bankruptcy or reorganization proceeding with respect to, (b) assignee for the benefit of the creditors of, (c) trustee or receiver, or current
or former officer, director or partner, or other fiduciary acting for or with respect to the dissolution, liquidation or termination of, or (d) other Transferee, executor, administrator, committee, legal representative or other successor or
assign of, any Member, whether by operation of law or otherwise (including any Person acquiring (whether by merger, consolidation, sale, exchange or otherwise) all or substantially all of the assets or Equity Securities of the Company and its
Subsidiaries). 
 “Third Party” means any Person other than the Company or its Subsidiaries. 

“Trade Controls” means all U.S. and non-U.S. Laws relating to (a) economic,
trade, and financial sanctions, including those administered and enforced by OFAC, the U.S. Department of State, and the United Nations, (b) export, import, reexport, transfer, and retransfer controls, including those administered and enforced
by the U.S. Department of Commerce Bureau of Industry and Security, U.S. Customs and Border Protection, and the United Nations, (c) antiboycott requirements, and (d) the prevention of money laundering. 

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

  
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 “Transactions” means the transactions contemplated by the Transaction
Documents. 
 “Transfer” means any direct or indirect sale, transfer, assignment, offer, pledge, charge, mortgage,
exchange, hypothecation, grant of participation interest in, grant of a security interest or other direct or indirect disposition or encumbrance of legal title to or any beneficial interest in Equity Securities (all of the foregoing, whether with or
without consideration, whether voluntarily or involuntarily or by operation of law). The terms “Transferee,” “Transferor,” “Transferred,” “Transferring” and other forms of the word “Transfer” shall
have the correlative meanings. Notwithstanding the foregoing, any pledging of Units by the WHP Holder or the Express Holder to any lenders for its debt financing purposes shall not be deemed to be a Transfer for purposes of this Agreement. 

“Unit” has the meaning set forth in Section 3.1(a). 

“US” means the United States, including its territories and possessions, and its military bases anywhere in the world. 

“use” (or any of its correlative terms, including “using”) means, with respect to any Company IP or any
other Intellectual Property, the use, exploitation, or commercialization of, or exercise of any rights under, any such Company IP or other Intellectual Property. 

“WHP” has the meaning set forth in the recitals. 

“WHP Change of Control” means any transaction or series of transactions pursuant to which any Person, or group of related
Persons in the aggregate, acquires or becomes the beneficial owner of, directly or indirectly, (a) more than 50% of the outstanding equity securities of WHP, whether by merger, liquidation, consolidation, reorganization, combination, sale,
tender or exchange offer or otherwise or (b) all or substantially all of the assets of WHP, determined on a consolidated basis. 

“WHP Group” means WHP and its Controlled Affiliates. 

“WHP Holder” means (a) the WHP Initial Holder and (b) any Permitted Transferee of the WHP Initial Holder that
becomes party hereto or any of their respective successors. 
 “WHP Initial Holder” means EXWHP. 

“WHP Managers” has the meaning set forth in Section 7.2(a)(i). 

“WHP Transaction” means any transaction, agreement or arrangement (including any termination of, or amendment or modification
of the terms of, any transaction, agreement or arrangement) between (a) the Company or any of its Subsidiaries, on the one hand, and (b) WHP or any of its Affiliates, on the other hand; provided, that (i) the Management
Agreement, but not any amendments, modifications or waivers of the Management Agreement, shall be deemed to have been approved by the Managers holding a majority of the votes of all Managers then serving on the Board and (ii) the following
transactions shall not be considered WHP Transactions: 

  
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 (a) any exercise, assignment or transfer of any rights granted, or any transaction
otherwise subject to limitations, restrictions, procedures or other provisions, as applicable, as described in any of the Transaction Documents (including (i) any right to appoint, elect, remove, designate, or vote for, any member of the Board
or of the board of directors or board of managers of any of the Company’s Subsidiaries, or any committee of the Company or any of its Subsidiaries, (ii) the issuance or transfer of any Units in compliance with the requirements, as
applicable, of this Agreement and (iii) any exercise of rights pursuant to the Registration Rights Agreement). Any such rights will be subject to the limitations, restrictions, procedures or other provisions in such Transaction Document; 

(b) if approved by the Board, the payment of reasonable and customary compensation and fees to any member of the Board or of the board of
directors or board of managers of any of the Company’s Subsidiaries who is not an employee, officer, director, individual service provider or Affiliate of WHP; 

(c) the reimbursement of reasonable and documented
out-of-pocket expenses of members of the Board or of the board of directors or board of managers of any of the Company’s Subsidiaries incurred in connection with
their respective duties on any such board; 
 (d) the extension of any rights under any directors and officers insurance policy of the
Company or its Subsidiaries to any member of the Board or Officer or any member of the board of directors or board of managers of, or any officer of, any of the Company’s Subsidiaries on substantially similar terms to those provided to all
other members of such governing bodies or officers, as applicable; 
 (e) any transactions expressly permitted by the License Agreement;
and 
 (f) the provision of customary exculpation, indemnification and advancement of expenses with respect to indemnification to
representatives of WHP and its Affiliates pursuant to Section 7.5 or any similar provision of any of the Subsidiaries’ governing documents. 

Section 1.2 Interpretative Matters. 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”; 

  
 14 

 (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 any Person include the successors and permitted assigns of such Person;

 (h) the use of the words “or,” “either” and “any” shall not be exclusive; 

(i) wherever a conflict exists between this Agreement and any other agreement, this Agreement shall control but solely to the extent of such
conflict; 
 (j) references to “$” or “dollars” means the lawful currency of the United States of America; 

(k) the word “extent” in the phrase “to the extent” shall mean the degree to which a subject or other thing extends, and
such phrase shall not mean simply “if”; 
 (l) references to “written” or “in writing” include in
electronic form; 
 (m) provisions shall apply, when appropriate, to successive events and transactions; 

(n) any reference to “days” means calendar days unless Business Days are expressly specified; 

(o) when calculating the period of time before which, within which or following which any act is to be done or step taken pursuant to this
Agreement, the date that is the reference date in calculating such period shall be excluded and if the day at the end of the period is not a Business Day, then the period shall end on the close of the next immediately following Business Day; 

(p) references to any agreement, contract or schedule or law, unless otherwise stated, are to such agreement, contract or schedule or law as
amended, modified or supplemented from time to time in accordance with the terms hereof and thereof; and 
 (q) the parties hereto have
participated jointly in the negotiation and drafting of this Agreement; accordingly, in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no
presumption or burden of proof shall arise favoring or disfavoring any party hereto by virtue of the authorship of any provisions of this Agreement. 

  
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 ARTICLE II 

ORGANIZATIONAL MATTERS 

Section 2.1 Formation of the Company. The Company was formed on December [•], 2022 as a Delaware limited liability
company under the Delaware Act. Effective upon the execution of this Agreement, the rights and liabilities of the Members shall be determined pursuant to the Delaware Act and this Agreement; provided, that to the extent of any inconsistency
between this Agreement and waivable or non-mandatory provisions of the Delaware Act, then this Agreement shall govern. 

Section 2.2 Name. The name of the Company shall be EXP Topco, LLC or such other name or names as the Board may designate from time
to time. 
 Section 2.3 Powers; Purposes. 

(a) General Powers. The Company shall have all of the powers of a Delaware limited Company, including the power to engage in any
lawful act or activity for which the Company may be organized under the Delaware Act. 
 (b) Purposes. The nature of the business or
purposes to be conducted or promoted by the Company is to, directly or indirectly, acquire, own and manage the Company IP. The Company may engage in any and all activities necessary, desirable or incidental to the accomplishment of the foregoing.

 Section 2.4 Principal Location; Registered Office. The Company’s registered office is [•]. The principal office of
the Company shall be located at such place (whether inside or outside the State of Delaware) as the Board may from time to time designate. The Company may have such other offices (whether inside or outside the State of Delaware) in the United States
or any other country as the Board may from time to time designate. The registered office and registered agent of the Company in the State of Delaware shall be the office of the initial registered office and registered agent set forth in the
Certificate of Formation or such other office as the Board may from time to time designate. The Board may change the registered office or registered agent from time to time by (a) filing the address of the new registered office or the name of
the new registered agent with the Delaware Secretary of State pursuant to the Delaware Act and (b) giving notice of such change to each of the Members. 

Section 2.5 Term. The term of the Company commenced upon the filing of the Certificate of Formation in accordance with the
Delaware Act and shall continue in existence until termination and dissolution of the Company in accordance with the provisions of Article XI. 

Section 2.6 Foreign Qualification. Subject to the limitations set forth herein regarding situations in which the approval of the
Members is required by the terms of this Agreement, (a) the Board shall cause the Company to be qualified or registered under foreign entity related statutes or assumed or fictitious name statutes or similar Laws in any jurisdiction in which
the Company owns property or transacts business to the extent such qualification or registration is necessary or advisable in order to protect the limited liability of the Members or to permit the Company lawfully to own property or engage in
business and (b) in connection with the immediately foregoing, any officer appointed pursuant to Section 7.8 may execute, deliver and file any certificates (and any amendment or restatement thereof) necessary for the Company
to qualify to do business in a jurisdiction in which the Company is permitted to conduct business pursuant to this Agreement. 

  
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 Section 2.7 Title to Assets. Title to Company assets shall be in the name of the
Company. The Members shall not have any interest in any specific assets of the Company. The interest of the Members in the Company is personal property. 

Section 2.8 Partnership Status. The Members intend that the Company not be a joint venture, and that no Member be a joint venturer
of any other Member by virtue of this Agreement for any purpose, that this Agreement is personal to each of them and shall be treated as a personal service contract for all purposes, including in connection with a Bankruptcy proceeding and neither
this Agreement nor any other document entered into by the Members relating to the subject matter hereof shall be construed to suggest otherwise. The Members intend that the Company shall be treated as a partnership for federal, state, and local
income tax purposes, and each Member and the Company shall file all tax returns and shall otherwise take all tax and financial reporting positions and actions in a manner consistent with such treatment. 

Section 2.9 Schedules. 

(a) The Board shall keep or cause to be kept the Schedule of Members in accordance with Section 3.2(a). 

(b) The Board shall also keep or cause to be kept the Contribution Schedule in accordance with Section 3.2(a). 

ARTICLE III 

ADMISSION OF MEMBERS; CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS 

Section 3.1 Capitalization. 

(a) Units: Initial Capitalization. Each Member’s interest in the Company, including such Member’s Economic Interest shall be
represented by units of membership interests (each a “Unit”). The Company shall initially have one (1) authorized type of Units: Class A Units (the “Class A Units”). The aggregate number
of Class A Units authorized for issuance shall be [500,000,000], all of which shall be voting Class A Units (as adjusted for any Unit dividend, Unit split, reverse Unit split or other proportional subdivision or combination of the
Class A Units). The Company has issued as of the Closing Date 10,000,000 Class A Units to those Persons set forth on the Schedule of Members. The ownership by a Member of Units shall invest such Member with the Economic Interest
therein (except to the extent Transferred to an assignee as permitted by this Agreement) and the governance rights set forth in this Agreement. For purposes of this Agreement, Units held by the Company or any of its Subsidiaries shall be deemed not
to be outstanding. The Company may issue fractional Units, and all Units shall be rounded to the fourth decimal place. 

  
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 (b) Issuance of Additional Units. Subject to the provisions of
Section 7.6 and Section 12.2, the Board shall have the right to cause the Company to issue at any time after the Closing Date, and for such amount and form of consideration as the Board may
determine, additional Units (of existing classes or new classes) or other Equity Securities of the Company (including creating other classes or series thereof having such powers, designations, preferences and rights as may be determined by the
Board), and in connection therewith, and, subject to the provisions of Section 7.6 and Section 12.2, the Board shall have the power to make amendments to this Agreement as the Board in its
discretion deems necessary or appropriate to give effect to such additional issuance. 
 (c) Recapitalization or Exchange of Units.
Any recapitalization or exchange of Units (by Unit split or otherwise) or combination (by reverse Unit split or otherwise) of any particular class or series of outstanding Units shall be made contemporaneously to all classes and series of
outstanding Units. 
 Section 3.2 Admission of Members; Additional Members. 

(a) Schedule of Units; Schedule of Members. The Company shall maintain and keep at its principal location (i) a “Schedule
of Units” on which it shall set forth the aggregate number of Units of each class and the aggregate amount of cash Capital Contributions that have been made by each Member and the Fair Market Value of any property other than cash
contributed by each Member with respect to the Units (including, if applicable, a description and the amount of any liability assumed by the Company or to which contributed property is subject), and (ii) a register of Membership interests (the
“Schedule of Members”) in which the Board may record such particulars relating to each Member (and previous Member) as it may deem appropriate on which it shall set forth the names and address of each Member, the date upon which
such Person became a Member and (if applicable), the date upon which such Person ceased to be a Member. The Company shall also maintain a schedule setting forth the name and address of each Member, the number of Units of each class owned by such
Member and the amount and date of the Capital Contributions that have been made by such Member with respect to such Member’s Units and the amount and date of any repayment representing a return of the whole or any part of the contribution of
any Member (the “Contribution Schedule”). A Member shall automatically cease to be a Member upon Transfer of all of such Member’s Units in accordance with this Agreement and the transferee shall not become a Member until
admitted in accordance with the terms of this Agreement. 
 (b) Additional Members. Subject to the provisions of
Section 7.6 and Section 12.2, in connection with a Transfer or issuance of Units in accordance with the terms of this Agreement, the Board shall have the right to admit Additional Members. A Person
may be admitted to the Company as an Additional Member upon furnishing to the Board (i) a joinder agreement, in form satisfactory to the Board, pursuant to which such Person agrees to be bound by all the terms and conditions of this Agreement,
and (ii) such other documents or instruments as may be necessary or appropriate to effect such Person’s admission as a Member (including entering into an investor representation agreement or such other documents as the Board may deem
appropriate). Such admission shall become effective on the date on which the Board determines that such conditions have been satisfied and when any such admission is shown on the books and records of the Company. Upon the admission of an Additional
Member, the Schedule of Members, Schedule of Units and the Contribution Schedule shall each be amended to reflect the name, address and Units and other interests in the Company of such Additional Member. 

  
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 Section 3.3 Capital Accounts. 

(a) The Company shall maintain a separate capital account for each Member according to the rules of Regulations Section 1.704-1(b)(2)(iv) (each a “Capital Account”). The Capital Account of each Member shall be credited initially with an amount equal to such Member’s cash contributions and the
initial Gross Asset Value of any property contributed to the Company by the Member (net of any liabilities securing such contributed property that the Company is considered to assume or take subject to) as of the Closing Date. The Capital Account of
each Member as of immediately after the Closing is shown on Exhibit C. 
 (b) The Capital Account of each Member shall (i) be
credited with all Income allocated to such Member pursuant to Section 5.1 and Section 5.2, and with the amount equal to such Member’s cash contributions and the initial Gross Asset Value of
any property contributed to the Company by the Member (net of any liabilities securing such contributed property that the Company is considered to assume or take subject to) following the Closing Date, and (ii) be debited with all Loss
allocated to such Member pursuant to Section 5.1 and Section 5.2, and with the amount of cash and the Gross Asset Value of any property (net of liabilities assumed by such Member and liabilities to
which such property is subject) distributed by the Company to such Member. 
 (c) The Company may, upon the occurrence of the events
specified in the definition of “Gross Asset Value”, increase or decrease the Capital Accounts of the Member in accordance with the Regulations to reflect a revaluation of Company property. 

Section 3.4 Negative Capital Accounts; No Additional Required Capital Contributions. No Member shall be required to pay to
any other Member or the Company any deficit or negative balance that may exist from time to time in such Member’s Capital Account (including upon and after the winding up and dissolution of the Company). No Member shall be required to make any
additional Capital Contributions to the Company for any reason. 
 Section 3.5 No Withdrawal. No Member shall be entitled to
withdraw any part of such Member’s Capital Contributions or Capital Account or to receive any Distribution from the Company, except as expressly provided herein. 

Section 3.6 Loans From Members. Loans by Member to the Company shall not be considered Capital Contributions.
If any Member shall loan funds to the Company in accordance with the terms of this Agreement (including Section 7.6), then the making of such loans shall not result in any increase in the Capital Account balance of such
Member. The amount of any such loans shall be a debt of the Company to such Member and shall be payable or collectible in accordance with the terms and conditions upon which such loans are made. 

Section 3.7 No Right of Partition. No Member shall have the right to seek or obtain partition by court decree or operation of law
of any property of the Company or any of its Subsidiaries or the right to own or use particular or individual assets of the Company or any of its Subsidiaries, or, except as expressly contemplated by this Agreement, be entitled to Distributions of
specific assets of the Company or any of its Subsidiaries. 

  
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 Section 3.8 Transfers of Units. No Member or holder of Units, nor any spouse or
legal representative of a Member or holder of Units, may Transfer all or any portion of such Member’s Units, except as expressly permitted by and in compliance with Article IX and in compliance with Section 3.2. Each
of the Members agrees that the restrictions contained in this Agreement are fair and reasonable and in the best interest of the Company and the Members. 

Section 3.9 Non-Certification of Units; Legend; Units Are Securities. Units shall be
issued in non-certificated form; provided, that the Board may cause the Company to issue certificates to a Member representing the Units held by such Member. If any Unit certificate is issued, then such
certificate shall bear a legend substantially in the following form: 
 THIS CERTIFICATE EVIDENCES A UNIT REPRESENTING A MEMBERSHIP INTEREST
IN EXTOPCO, LLC. 
 THE MEMBERSHIP INTEREST IN EXTOPCO, LLC REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO RESTRICTIONS ON TRANSFER SET FORTH
IN THAT CERTAIN AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF EXTOPCO, LLC, DATED [•], BY AND AMONG EXTOPCO, LLC, AND EACH OF THE MEMBERS FROM TIME TO TIME PARTY THERETO, AS THE SAME MAY BE AMENDED FROM TIME TO TIME. 

ARTICLE IV 

DISTRIBUTIONS 

Section 4.1 Distributions. Subject to the provisions of Section 4.3 and applicable Law, the Company
shall distribute all Excess Cash as of the end of each Fiscal Quarter to the Members as promptly as reasonably practicable following the end of such Fiscal Quarter (each, a “Quarterly Distribution”). All Distributions made pursuant
to this Agreement shall be made to the Members holding Class A Units (ratably among such Members based upon their respective number of Class A Units held by such holders as of immediately prior to such Distribution), subject to [Section
16] of the License Agreement. 
 Section 4.2 Successors. For purposes of determining the amount of Distributions, each
Member shall be treated as having made the Capital Contributions and as having received the Distributions made to or received by its predecessors in respect of any of such Member’s Units. 

Section 4.3 Distributions In-Kind. To the extent that the Company distributes property in-kind to the Members, the Company shall be treated as making a Distribution equal to the Fair Market Value of such property for purposes of Section 4.1. Any resulting hypothetical Income
or Loss pursuant to clause (c) of the definition of “Gross Asset Value” shall be allocated to the Capital Accounts of the Members in accordance with Sections 5.1 and 5.2. 

  
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 ARTICLE V 

ALLOCATIONS 

Section 5.1 Allocations. Except as otherwise provided in, and after giving effect to, Section 5.2, Net
Income and Net Loss (and, if necessary, individual items of Income and Loss) shall be allocated annually (and at such other times as the Board reasonably determines) to the Members in such manner that the positive Capital Account (increased by any
amounts such Member is obligated to restore pursuant to Regulations Section 1.704-2) balance of each Member shall, to the greatest extent possible, be equal to the amount that would be distributed to such
Member (after satisfaction of any financial obligations of each Member to the Company under any provisions of this Agreement), if (a) the Company were to sell the assets of the Company in a Company Sale for their Gross Asset Values,
(b) all Company liabilities were satisfied (limited with respect to each nonrecourse liability to the Gross Asset Values of the assets securing such liability), (c) the Company were to distribute the remaining proceeds of sale pursuant to
Section 4.1 or liquidation pursuant to Section 11.2 and (d) the Company were to dissolve pursuant to Article XI. 

Section 5.2 Special Allocations. 

(a) Loss attributable to Member Nonrecourse Debt shall be allocated in the manner required by Regulations
Section 1.704-2(i). If there is a net decrease during a taxable year in Member Minimum Gain, Income for such taxable year (and, if necessary, for subsequent taxable years) shall be allocated to the
Members in the amounts and of such character as is determined according to Regulations Section 1.704-2(i)(4). This Section 5.2(a) is intended to be a “partner nonrecourse
debt minimum gain chargeback” provision that complies with the requirements of Regulations Section 1.704-2(i)(4), and shall be interpreted in a manner consistent therewith. 

(b) Except as otherwise provided in Section 5.2(a), if there is a net decrease in Company Minimum Gain during any
taxable year, each Member shall be allocated Income for such taxable year (and, if necessary, for subsequent taxable years) in the amounts and of such character as is determined according to Regulations
Section 1.704-2(f). This Section 5.2(b) is intended to be a “minimum gain chargeback” provision that complies with the requirements of Regulations Section 1.704-2(f), and shall be interpreted in a manner consistent therewith. 
 (c) If any Member
that unexpectedly receives an adjustment, allocation or distribution described in Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6) has an Adjusted Capital Account Deficit as of the end of any
taxable year, computed after the application of Section 5.2(a) and Section 5.2(b) but before the application of any other provision of Section 5.1 and
Section 5.2, then Income for such taxable year shall be allocated to such Member in an amount and manner sufficient to eliminate such Adjusted Capital Account Deficit as quickly as possible. This
Section 5.2(c) is intended to be a “qualified income offset” provision as described in Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted in a manner
consistent therewith. 
 (d) Adjustments to Gross Asset Values of Company assets described in clause (d) of the definition of Gross
Asset Value shall be allocated in a manner consistent with the manner that the adjustments to the Capital Accounts are required to be made pursuant to Regulations Section 1.704-1(b)(2)(iv)(m). 

  
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 (e) The allocations set forth in Section 5.2(a) through
Section 5.2(d) inclusive (the “Regulatory Allocations”) are intended to comply with certain requirements of Section 1.704-1(b) and
1.704-2 of the Regulations. The Regulatory Allocations may not be consistent with the manner in which the Members intend to allocate items of Income and Loss of the Company or to make Distributions.
Accordingly, notwithstanding the other provisions of Sections 5.1 and 5.2, but subject to the Regulatory Allocations, items of Income and Loss of the Company shall be allocated among the Member so as to eliminate the effect of the
Regulatory Allocations and thereby cause the respective Capital Account balances of the Members to be in the amounts (or as close thereto as possible) they would have been if Income and Loss had been allocated without reference to the Regulatory
Allocations. In general, the Members anticipate that this shall be accomplished by specially allocating other Income and Loss among the Members so that, to the extent possible, the net amount of Regulatory Allocations and such special allocations to
each such Member is zero. 
 (f) Upon the exercise of a noncompensatory option (as defined in Regulations
Section 1.721-2(f)), then the applicable Member(s) shall be allocated Income or Loss for such taxable year according to Regulations
Section 1.704-1(b)(2)(iv)(s). 
 (g) Notwithstanding any other provisions of this Agreement,
any item of income, gain, loss or deduction which is specially allocated pursuant to this Section 5.2 shall not be taken into account for purposes of computing Net Income or Net Loss. 

(h) All matters concerning the computation of Capital Accounts, the allocation of Net Income (or items thereof) and Net Loss (or items
thereof) for Capital Account purposes, the allocation of items of Company income, gain, loss, deduction and expense for tax purposes and the adoption of any accounting methods or procedures not expressly provided for by the terms of this Agreement
shall be determined by the WHP Holder in its reasonable discretion. Absent manifest error, such determinations shall be final and conclusive as to all the Members. Without in any way limiting the scope of the foregoing, if and to the extent that,
for any tax purposes, any item of income, gain, loss, deduction or expense of any Member or the Company is constructively attributed to, respectively, the Company or any Member, or any contribution to or distribution by the Company or any payment by
any Member or the Company is recharacterized, the WHP Holder may, in its reasonable discretion, specially allocate items of Company income, gain, loss, deduction and expense or make correlative adjustments to the Capital Accounts of the Members in a
manner so that the net amount of income, gain, loss, deduction and expense realized by each relevant party (after taking into account such special allocations) and the net Capital Account balances of the Members (after taking into account such
special allocations and adjustments) shall, as nearly as possible, be equal, respectively, to the amount of income, gain, loss, deduction and expense that would have been realized by each relevant party and the Capital Account balances of the
Members that would have existed if such attribution or recharacterization and the application of this sentence of this Section 5.2(h) had not occurred. 

  
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 Section 5.3 Tax Allocations. 

(a) The income, gains, losses and deductions of the Company shall be allocated for federal, state and local income tax purposes among the
Member in accordance with the allocation of such income, gains, losses and deductions among the Member for purposes of computing their Capital Accounts; except that if any such allocation is not permitted by the Code or other applicable Law, then
the Company’s subsequent income, gains, losses and deductions for tax purposes shall be allocated among the Members so as to reflect as nearly as possible the allocation set forth herein in computing their Capital Accounts. 

(b) Items of Company taxable income, gain, loss and deduction with respect to any property contributed to the capital of the Company shall be
allocated among the Member in accordance with Code Section 704(c) so as to take account of any variation between the adjusted basis of such property to the Company for federal income tax purposes and its Gross Asset Value. The Board shall have
the authority to select, in its reasonable discretion, any method of making such allocations that is allowed under Code Section 704(c) and the Regulations thereunder; provided, however, that the Board shall make such allocations
using the “traditional method” under Regulations Section 1.704-3(b) with respect to any property contributed to the Company pursuant to the Contribution Agreement unless otherwise agreed by the
Members in writing. 
 (c) Tax credits, tax credit recapture and any items related thereto shall be allocated to the Members according to
their interests in such items as reasonably determined by the Board taking into account the principles of Regulations Section 1.704-1(b)(4)(ii). 

(d) Allocations pursuant to this Section 5.3 are solely for the purposes of federal, state and local taxes and
shall not affect, or in any way be taken into account in computing, any Member’s Capital Account or share of Income, Loss, Distributions or other Company items pursuant to any provision of this Agreement. 

Section 5.4 Members’ Tax Reporting. The Members acknowledge and are aware of the income tax consequences of the
allocations made pursuant to this Article V and, except as may otherwise be required by applicable Law or regulatory requirements, hereby agree to be bound by the provisions of this Article V in reporting their shares of Company
income, gain, loss, deduction and credit for federal, state and local income tax purposes. 
 Section 5.5 Withholding,
Indemnification and Reimbursement for Payments on Behalf of a Member. 
 (a) General. The Company may withhold and remit to a
Governmental Entity any taxes with respect to any Member, and any such taxes may be withheld from any distribution otherwise payable to such Member. Taxes withheld on amounts directly or indirectly payable to the Company or any of its Subsidiaries
that is treated as a pass-through entity and taxes otherwise paid by the Company or any of its Subsidiaries that is treated as a pass-through entity shall be treated for purposes of this Agreement as distributed to the appropriate Members and paid
by the appropriate Members to the relevant Governmental Entity. If the Company is required by applicable Law to make or is subject to any payment to a Governmental Entity that is specifically attributable to a Member or a Member’s status as
such (including withholding taxes, state or local personal property taxes and state or local unincorporated business taxes), then such Member shall 

  
 23 

 
indemnify the Company in full for the entire amount paid (including interest, penalties and related expenses). No such indemnification will be considered a Capital Contribution for purposes of
this Agreement. A Member’s obligation to indemnify the Company under this Section 5.5 shall survive the Member’s Transfer of any Unit or other Equity Securities of the Company and the termination, dissolution,
liquidation and winding up of the Company, and for purposes of this Section 5.5, the Company shall be treated as continuing in existence. The Company may pursue and enforce all rights and remedies it may have against each
Member under this Section 5.5, including instituting a lawsuit to collect such indemnification, with interest calculated at a rate equal to 5 percentage points per annum (but not in excess of the highest rate per annum
permitted by applicable Law). 
 (b) If and to the extent that the Company shall be required to withhold or pay any withholding or other
taxes pursuant to Section 5.5(a), such Member shall be deemed for all purposes of this Agreement to have received a payment from the Company as of the time such withholding or other tax is required to be paid, which payment shall be deemed to
be a Distribution pursuant to the provisions of Section 4.1 with respect to such Member’s Membership Interest to the extent that such Member (or successor) would have received a distribution but for such withholding. In addition, if and to
the extent that the Company receives a distribution or payment from or in respect of which tax was withheld, as a result of (or attributable to) such Member’s status as a Member hereunder, such Member shall be deemed for all purposes of this
Agreement to have received a distribution from the Company as described in the prior sentence. To the extent that the aggregate of such payments made on behalf of a Member for any period exceeds the distributions that such Member would have received
for such period but for such withholding, the Board shall notify such Member as to the amount of such excess and such Member shall make a prompt payment to the Company of such amount by wire transfer. Any withholdings by the Company referred to in
this Section 5.5(b) shall be made at the maximum applicable statutory rate under the applicable tax law. This Section 5.5(b) shall survive the dissolution and termination of the Company, the withdrawal of any Member from the Company and
any Transfer of a Member’s Units or other Equity Securities of the Company. 
 (c) For the avoidance of doubt, any taxes, penalties
and interest payable under the Partnership Tax Audit Rules by the Company shall be treated as specifically attributable to the Member of the Company, and the Partnership Representative shall use commercially reasonable efforts to allocate the burden
of (or any diminution in distributable proceeds resulting from) any such taxes, penalties or interest to those Member to whom such amounts are specifically attributable (whether as a result of their status, actions, inactions or otherwise), as
reasonably determined. 
 ARTICLE VI 

MEMBERS 

Section 6.1 Lack of Authority of Individual Members. Except as otherwise expressly provided herein, no Member shall in its
capacity as a Member have the authority or power to act for or on behalf of the Company in any manner, to do any act that would be (or could be construed as) binding on the Company or to make any expenditure on behalf of the Company. 

  
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 Section 6.2 No Right of Partition. Except as set forth in Section 11.2 or
pursuant to a license granted to a Member pursuant to Article XI, no Member shall have the right to seek or obtain partition by court decree or operation of law of any of the Company’s property, or, except as expressly contemplated by
this Agreement, be entitled to the distribution of particular or individual assets of the Company. 
 Section 6.3 Members Right to
Act. For situations in which the approval of the Members is required pursuant to this Agreement or a non- waivable provision of the Delaware Act, the Members shall act through written consent or meetings
as set forth in Section 6.3(a) and Section 6.3(b). Unless otherwise provided in this Agreement, any action (including the giving of consent, waivers or approvals) by the Members shall require the
affirmative vote of, or written consent signed by, the Members holding a majority of the Units. Except for the voting, approval and consent rights of the Members expressly provided in this Agreement and the non-waivable provisions of the Delaware
Act, none of the Members shall have any voting, approval or consent rights under this Agreement or the Delaware Act, and each Member expressly waives any consent, approval or voting rights that are not expressly provided in this Agreement and any
other rights to participate in the governance of the Company, whether such rights may be provided under the Delaware Act or otherwise. 

(a) Action by the Members at Meetings; Meetings by Telephone Conference. 

(i) The actions taken by the Members at any meeting (as opposed to by written consent), however called and however notice has
been given, shall be as valid as though taken at a meeting duly held after regular call and notice if (but not until), either before, at or after the meeting, the Members as to whom it was improperly held sign a written waiver of notice or a consent
to the holding of such meeting or an approval of the minutes thereof. 
 (ii) Subject to the requirements of the Delaware
Act, the Certificate of Formation and this Agreement, the Members may participate in and hold a meeting of the Members by means of a conference telephone or similar communications equipment by means of which all individuals participating in the
meeting can hear each other, and participation in such meeting shall constitute attendance and presence in person at such meeting, except where a Member participates in the meeting for the express purpose of objecting to the transaction of any
business on the ground that the meeting is not lawfully called or convened. 
 (b) Action by the Members via Written Consent. Any
action permitted or required by the Delaware Act, the Certificate of Formation, or this Agreement to be taken at a meeting of the Members may be taken without a meeting, without notice and without a vote if a consent in writing, setting forth the
action to be taken, is signed by all Members and, when so signed, such written consent shall constitute Member approval of such action. Such consent shall have the same force and effect as a vote at a meeting and may be stated as such in any
document or instrument filed with the Delaware Secretary of State, and the execution of such consent shall constitute attendance or presence in person at a meeting of the Members. 

  
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 Section 6.4 Liability of Members. Except as otherwise required by any applicable
Law that may not be waived by the Company or a Member or as expressly set forth in this Agreement, no Member shall have any personal liability whatsoever in such Member’s capacity as a Member, whether to the Company, to any of the other
Members, to the creditors of the Company or to any other third Person for the debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise (including those arising as a Unitholder or an equityholder, an owner or
a shareholder of another Person). Each Member shall be liable only to make such Member’s Capital Contributions to the Company, if applicable, and the other payments provided for expressly herein, in each case, in accordance with the applicable
terms of this Agreement and any Transaction Document to which it is a party. 
 ARTICLE VII 

MANAGEMENT OF THE COMPANY 

Section 7.1 Authority of the Board. Except for situations in which (a) the approval of the Members or any specific Member is
required by this Agreement or the Delaware Act or (b) the authority of the Board is otherwise limited by the terms of this Agreement, and in each case subject to the other provisions of this Article VII, the Board shall direct and
exercise full supervisory control over all activities of the Company, and have the power to bind or take any action on behalf of the Company within its scope and in accordance with this Agreement. For the avoidance of doubt, no individual Manager
acting in his capacity as a “manager” shall have the authority to bind the Company except as a member of the Board acting collectively as the Board, and all actions by the Managers shall be taken collectively as the Board, subject to the
other provisions of this Agreement. 
 Section 7.2 Composition of the Board.  

(a) Subject to Section 7.6, the total number of members that comprise the Board shall be established by the Board
from time to time. The Board shall be initially comprised of five (5) Managers: 
 (i) three (3) persons
designated by the WHP Holder (the “WHP Managers”), who shall initially be Yehuda Shmidman, Effy Zinkin and Stanley Silverstein; and 

(ii) two (2) persons designated by the Express Holder (the “Express Managers”), who shall initially be
Timothy Baxter and Matthew Moellering. 
 (b) Each Manager shall be entitled to cast one (1) vote with respect to each matter brought
before the Board (or any committee of the Board) for a vote. 
 (c) Any committees of the Board or the board of managers (or equivalent) of
each of the Company’s Subsidiaries shall be created only upon the approval of the Board, and the composition of each such committee shall be determined by the Board; provided that each such committee shall include at least
(1) Express Manager. 

  
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 (d) In the event that any Express Manager is unable to attend a meeting of the Board for
any reason, such Express Manager hereby authorizes the other Express Manager to act for such absent Express Manager by proxy and grants him or her the right to vote on, consent to or otherwise participate in any act of the Board. In the event that
any WHP Manager is unable to attend a meeting of the Board for any reason, such WHP Manager hereby authorizes the other WHP Managers to act for such absent WHP Manager by proxy and grants them (pro rata) the right to vote on, consent to or otherwise
participate in any act of the Board. Notwithstanding anything to the contrary herein, such proxy shall also be effective for purposes of establishing a quorum pursuant to Section 7.3(b). 

(e) Any Member shall be removed from the Board or any committee thereof with cause or at the written request of the Member(s) that have the
right to designate such Manager hereunder, but only upon such written request and under no other circumstances. If any Manager designated hereunder ceases to serve as a member of the Board during his or her term of office, then the resulting vacancy
on the Board shall be filled by a representative designated by the Member(s) that have the right to designate the Manager who ceases to serve. 

(f) The Company shall reimburse, upon presentation of appropriate substantiating documentation and in accordance with any policies from time
to time established by the Company, all reasonable out-of-pocket expenses incurred by any member of the Board who is not an employee of the Company or its Subsidiaries
in connection with the performance of his or her duties as a member thereof (including his or her attendance at any meeting of the Board or any committee thereof). No member of the Board shall be entitled to receive any cash compensation for his or
her services on the Board (other than expense reimbursement pursuant to the immediately foregoing sentence). 
 (g) If any party fails to
designate a representative to fill a Manager position pursuant to the terms of this Section 7.2, such position shall remain vacant until such party exercises its right to designate a Manager hereunder. 

Section 7.3 Meetings; Quorum; Notice; Written Consent. 

(a) Meetings of the Board shall be held at least once per calendar quarter and may be held with forty-eight (48) hours’ notice to
each Manager at such time and at such place as shall from time to time be determined by the Managers holding a majority of the voting power of the Board; provided, the Person(s) calling any such meeting shall use commercially reasonable
efforts to provide at least seventy-two (72) hours’ notice of such meeting to each Manager; and, provided further, that the Company shall make such meeting available electronically
pursuant to Section 7.3(e). 
 (b) Directors having at least a majority of the voting power of the Board
(including at least two (2) WHP Managers and at least one (1) Express Manager) shall constitute a quorum for the transaction of business. Subject to Section 7.6
and Section 7.10, the vote of the Managers holding a majority of the voting power of all Managers present at a meeting at which a quorum is present shall be the act of the Board. If a quorum is not present at any meeting of
the Board, the Managers present at such meeting shall adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present. Except as expressly set forth herein (including with respect to any
matters set forth in Section 7.6), in the event of a Board Deadlock, the WHP Managers shall have the controlling vote on such matter. 

  
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 (c) The Board may designate one or more committees, each committee to consist of one or
more of the Managers, which to the extent provided in such resolution or this Agreement shall have and may exercise the powers of the Board in the management and affairs of the Company except as otherwise limited by law. The Board may designate one
or more Managers as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. Such committee(s) shall have such name(s) as may be determined from time to time by resolution adopted by the
Board. Each committee shall keep regular minutes of its meetings and report the same to the Board when required. This Section 7.3(c) is qualified in all respects by the terms set forth in
Section 7.2(c). 
 (d) Each committee of the Board may fix its own rules of procedure and shall hold its meetings
as provided by such rules, except as may otherwise be provided by a resolution of the Board designating such committee. Unless otherwise provided in such a resolution, the presence of members of the committee representing a majority of the voting
power of all members of such committee (including at least two (2) WHP Managers and at least one (1) Express Manager) shall be necessary to constitute a quorum. 

(e) A member of the Board or any committee thereof may participate in and act at any meeting of such Board or committee through the use of a
conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other, and participation in the meeting pursuant to this Section 7.3 shall constitute presence
in person at the meeting. 
 (f) Any member of the Board or any committee thereof who is present at a meeting shall be conclusively
presumed to have waived notice of such meeting except when such member attends for the express purpose of objecting at the beginning of the meeting to the transaction of any business because the meeting is not lawfully called or convened. Such
member shall be conclusively presumed to have assented to any action taken unless his or her dissent shall be entered in the minutes of the meeting or unless his or her written dissent to such action shall be filed with the person acting as the
secretary of the meeting before the adjournment thereof or shall be forwarded by (i) email if a customary confirmation of transmission is received (such confirmation not to be unreasonably withheld, conditioned or delayed), (ii) reputable
overnight courier service (charges prepaid), or (iii) registered mail, in each case, to the secretary of the Company immediately after the adjournment of the meeting. Such right to dissent shall not apply to any member who voted in favor of
such action. 
 (g) Subject in all cases to Section 7.6 and Section 7.10, any action
required or permitted to be taken at any meeting of the Board, or of any committee thereof, may be taken without a meeting by unanimous consent of the Managers in writing or by electronic transmission, and the writing(s) or electronic transmission
or transmissions are filed with the minutes of proceedings of the Board or committee, as applicable. 

  
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 Section 7.4 Performance of Duties; Liability of Managers and Officers. 

(a) In performing his or her duties, each Manager shall be entitled to rely in good faith on the provisions of this Agreement and on
information, opinions, reports or statements (including financial statements and information, opinions, reports or statements as to the value or amount of the assets, liabilities, profits or losses of the Company and its Subsidiaries or any facts
pertinent to the existence and amount of assets from which Distributions to Members might properly be made), of the following other Persons or groups: (i) one or more officers or employees of any of the Company’s Subsidiaries,
(ii) any attorney, independent accountant, financial advisor, consultant or other Person employed or engaged by the Company or any of its Subsidiaries, or (iii) any other Person who has been selected by or on behalf of the Company or any
of its Subsidiaries, in each case, as to matters which such relying Person reasonably believes to be within such other Person’s professional or expert competence. 

(b) No individual who is a director, officer, employee, member, partner or direct or indirect owner of the Company or any of its
Subsidiaries, or any combination of the foregoing, shall be personally liable under any judgment of a court, or in any other manner, for any debt, obligation or liability of the Company, whether that liability or obligation arises in contract, tort
or otherwise solely by reason of being a director, officer, employee, member, partner or direct or indirect owner of the Company or any combination of the foregoing. 

(c) No director, officer, employee, member, partner or direct or indirect owner of the Company or any of its Subsidiaries, or any combination
of the foregoing, shall be liable to the Company or any Member for any act or omission, including any mistake of fact or error in judgment taken, suffered or made by such Person in good faith and with the belief that such act or omission is in or is
not contrary to the best interests of the Company and is within the scope of authority granted to such Person, provided, that such act or omission does not constitute fraud, willful misconduct, or gross negligence (as defined under Delaware
law) in the conduct of such Person’s office. 
 (d) To the maximum extent permitted by applicable Law, including Section 18-1101 of the Delaware Act, or in equity, to the extent that, at law or in equity, subject to, and as limited by the provisions of this Agreement, an Officer or Manager, in the performance of his or
her duties as such, owes to the Company and its Members duties (including fiduciary duties) to the Company, a Member or any other Person, such Officer’s or Manager’s duties are irrevocably waived, released and eliminated, including as may
result from a conflict of interest between the Company or such Subsidiary and such Person. Each Member acknowledges and agrees that in connection with such waiver, including as may result from a conflict of interest, each such Person may act in his,
her or its own best interests (including his, her or its interests as a member or employee of a Member or any Affiliate of a Member). With respect to any waived conflict of interest, no Manager or Officer shall be obligated to recommend or take any
action that prefers the interests of the Company or any Subsidiary over the interests of such Manager or Officer or the Members. 

  
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 Section 7.5 Indemnification. 

(a) Third Party Actions, Suits and Proceedings. The Company shall indemnify each Member, the Partnership Representative, each officer
and manager (or equivalent) (including any Manager) of the Company and its Subsidiaries and any other Person who was or is made a party or is threatened to be made a party to or is involved in or participates as a witness with respect to any Action
(other than an Action by or in the right of the Company), by reason of the fact that he or she, or a Person of whom he or she is the legal representative, is or was an officer or Manager of the Company or of its Subsidiaries, or is or was serving at
the request of the Company as a manager, director or officer of another company or of a corporation, limited liability company, partnership, joint venture, trust or other enterprise, against all expenses (including attorneys’ fees), judgments,
fines and amounts paid in settlement actually and reasonably incurred by such Person in connection with such Action if (i) such Person acted in good faith and in a manner such Person reasonably believed to be in or not opposed to the best
interests of the Company, (ii) any of such Person’s actions does not constitute fraud, willful misconduct, gross negligence (as defined under Delaware law) or a breach of such Person’s duty of loyalty and (iii) with respect to
any criminal Action, such Person had no reasonable cause to believe such Person’s conduct was unlawful. The termination of any Action by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of
itself, create a presumption that the Person did not act in good faith and in a manner which such Person reasonably believed to be in or not opposed to the best interests of the Company, or, with respect to any criminal Action that the Person had
reasonable cause to believe that his or her conduct was unlawful. 
 (b) Actions by the Company. The Company shall indemnify each
Member, the Partnership Representative, officer and manager (or equivalent) (including any Manager) of the Company and its Subsidiaries and any other Person who was or is a party or is threatened to be made a party to any threatened, pending or
completed action or suit by or in the right of the Company to procure a judgment in its favor by reason of the fact that such Person, or a Person of whom he or she is the legal representative, is or was a manager or officer of the Company or its
Subsidiaries, or is or was serving at the request of the Company as a manager, director or officer of another Company or of a corporation, limited liability company, joint venture, trust or other enterprise against expenses (including
attorneys’ fees) actually and reasonably incurred by such Person in connection with the defense or settlement of such action or suit if such Person acted in good faith and in a manner such Person reasonably believed to be in or not opposed to
the best interests of the Company and except that no indemnification shall be made in respect of any claim, issue or matter as to which such Person shall have been adjudged to be liable to the Company unless and only to the extent that the Court of
Chancery of the State of Delaware or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such Person is fairly and
reasonably entitled to indemnity for such expenses which the Court of Chancery or such other court shall deem proper. 
 (c) Rights Non-Exclusive. The rights to indemnification and the payment of expenses incurred in defending an Action in advance of its final disposition conferred in this Section 7.5 shall not be
exclusive of any other right which any person may have or hereafter acquire under any statute, provision of this Agreement, any other agreement or otherwise. 

(d) Insurance. The Company shall maintain insurance, at its expense, and shall cause each Subsidiary to maintain insurance at such
Subsidiary’s expense, on its own behalf and on behalf of any person who is or was at any time after the Closing Date a director or officer of the Manager, or a manager (or equivalent) (including any Manager) or officer of the Company or any of
its Subsidiaries against any liability asserted against him or her and incurred by him or her in any such capacity, whether or not the Company would have the power to indemnify such person against such liability under this
Section 7.5. The Express Holder shall have the right to review such insurance, and upon request, be provided a copy of such insurance. 

  
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 (e) Expenses. Expenses incurred by any Person described in
Section 7.5(a) or 7.5(b) in defending an Action shall be paid by the Company periodically upon receipt of an undertaking by or on behalf of such Person to repay such amount if it shall ultimately be determined that
he or she is not entitled to be indemnified by the Company. Subject to Section 7.6 and Section 7.10, such expenses incurred by other employees and agents may be so paid upon such terms and
conditions, if any, as the Board deems appropriate. 
 (f) Employees and Agents. Persons who are not covered by the foregoing
provisions of this Section 7.5 and who are or were Member, employees or agents of the Company, or who are or were serving at the request of the Company as employees or agents of another company or of a corporation, limited
liability company, partnership, joint venture, trust or other enterprise, may be indemnified to the extent authorized at any time or from time to time by the Board. 

(g) Contract Rights. The provisions of this Section 7.5 shall be deemed to be a contract right between the
Company and each Member and each manager, officer and employee of the Company, or manager, officer, employee, fiduciary or agent of the Company or any of its Subsidiaries who serves in any such capacity at any time while this
Section 7.5 and the relevant provisions of any applicable Law is in effect, and any repeal or modification of this Section 7.5 or any such law shall not affect any rights or obligations then
existing with respect to any state of facts or Action then existing. The indemnification and other rights provided for in this Section 7.5 shall inure to the benefit of the heirs, executors and administrators of any Person
entitled to such indemnification. The Company shall indemnify any such Person seeking indemnification in connection with an Action initiated by such Person only if such Action was authorized by the Board. Any Person covered by the indemnification
and exculpation provisions of this Section 7.5 (a “Covered Person”) who is not a party to this Agreement and who is granted rights pursuant this Section 7.5 may, in its own right
enforce its rights subject to and in accordance with applicable Law. Notwithstanding any other term of this Agreement, the consent of or notice to any person who is not a party to this Agreement (including without limitation a Covered Person) is not
required for any amendment to, termination, rescission or agreement to any variation, waiver, assignment, novation, release or settlement under this Agreement at any time. 

(h) Primacy of Indemnification. The Members hereby acknowledge that certain Covered Persons have or may have certain rights to
indemnification, advancement of expenses or insurance provided by the WHP Holder or Express Holder or certain of their respective Affiliates (collectively, the “Holder Indemnitors”). The Members hereby agree (i) that the
Company is the indemnitor of first resort (i.e., its obligations to the Covered Persons are primary and any obligation of the Holder Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by any
Covered Person are secondary), (ii) that the Company shall be required to advance the full amount of expenses incurred by such Covered Persons and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in
settlement to the extent legally permitted and as required by the terms of this Agreement and the Delaware Act (or any other agreement between the Company and such Covered 

  
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Persons), without regard to any rights such Covered Persons may have against the Holder Indemnitors, and (iii) that the Company irrevocably waives, relinquishes and releases the Holder
Indemnitors from any and all claims against the Holder Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Members further agree that no advancement or payment by the Holder Indemnitors on behalf of
any Covered Person with respect to any claim for which such Covered Person has sought indemnification from the Company shall affect the foregoing and the Holder Indemnitors shall have a right of contribution or be subrogated to the extent of such
advancement or payment to all of the rights of recovery of such Covered Persons against the Company. The Members agree that the Holder Indemnitors are express third party beneficiaries of the terms of this Section 7.5. 

(i) Merger or Consolidation; Other Enterprises. For purposes of this Section 7.5, references to “the
Company” shall include, in addition to the resulting company, any constituent company (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and
authority to indemnify its managers, directors, officers, employees or agents, so that any Person who is or was a manager, director, officer, employee or agent of such constituent company, or is or was serving at the request of such constituent
company as a director, officer, employee or agent of another company or of a corporation, limited liability company, partnership joint venture, trust or other enterprise, shall stand in the same position under this
Section 7.5 with respect to the resulting or surviving company as he or she would have with respect to such constituent company if its separate existence had continued. For purposes of this
Section 7.5, references to “other enterprises” shall include employee benefit plans; references to “fines” shall include any excise taxes assessed on a Person with respect to any employee benefit plan;
and references to “serving at the request of the Company” shall include any service as a manager, director, officer, employee or agent of the Company that imposes duties on, or involves services by, such manager, director, officer,
employee or agent with respect to an employee benefit plan, its participants or beneficiaries; and a Person who acted in good faith and in a manner such Person reasonably believed to be in the interest of the participants and beneficiaries of an
employee benefit plan shall be deemed to have acted in a manner “not opposed to the best interests of the Company” as referred to in this Section 7.5. 

(j) No Member Recourse. Anything herein to the contrary notwithstanding, any indemnity by the Company relating to the matters covered
in this Section 7.5 shall be provided out of and to the extent of Company assets only and no Member (unless such Member otherwise agrees in writing or is found in a final decision of a court of competent jurisdiction to
have personal liability on account thereof) shall have personal liability on account thereof or shall be required to make additional Capital Contributions to help satisfy such indemnity of the Company. 

Section 7.6 Protective Provisions. In addition to the approval of the Board, notwithstanding anything in this Agreement to the
contrary, the following actions require the prior written consent of Express, subject to [Section 16] of the License Agreement: 

(a) authorizing or issuing any Units or other Equity Securities of the Company or any right to acquire any such Units or other Equity
Securities and any amendments to this Agreement to give effect to such additional authorization, issuance or right; 

  
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 (b) entering into any transaction (other than, with respect to the WHP Holder, those
transactions excluded from the definition of “WHP Transaction”) or amending any agreement with any Member or Affiliate of any Member or any Managers or the Company (other than employment agreements with officers not otherwise affiliated
with a Member); 
 (c) changing the size of the Board or the number of managers that Express or WHP may appoint to the Board; 

(d) expanding or changing the existing lines of business of the Company any of its Subsidiaries, in any material respect; 

(e) commencing or settling any Action relating to any Company IP or any other material Action of the Company or its Subsidiaries or entering
into any consent-to-use, co-existence or other similar agreement with respect to any Company IP outside of the ordinary course;

 (f) declaring or issuing any non-pro rata redemption or repurchase with respect to Units other than repurchases of Equity
Securities from departing employees, consultants or service providers of or to the Company or its Subsidiaries that have been approved by the Board; 

(g) declaring or paying any dividend or other distribution with respect to Units that treats any Member holding the same class or series of
Units differently than other Members holding such class or series of Units; 
 (h) incurring, arranging, assuming or otherwise incurring
any liability in respect of any indebtedness (directly, contingently or otherwise) for borrowed money (other than ordinary course revolver draws), issue any debt securities or guarantee any indebtedness of any other Person; 

(i) making any material loans, advances or guarantees to or for the benefit of any Person; 

(j) acquiring (including by merger, consolidation, or acquisition of stock or assets) any interest in any Person, corporation, partnership,
other business organization or any product line or division thereof or a or any assets, securities or property of any Person (including by way of a license of Intellectual Property); 

(k) authorizing, approving, entering into or consummating a merger, consolidation or other business combination of the Company or a Company
Sale (other than, for the avoidance of doubt, a WHP Change of Control); 
 (l) assigning, selling, transferring, conveying, contributing,
leasing, creating any lien or security interest on or otherwise disposing of, or abandoning or letting lapse, any assets of the Company or its Subsidiaries (or any Company IP or the Management Agreement), or any rights thereto, in any transaction or
series of related transactions; 
 (m) amending, altering, terminating or assigning the Management Agreement; 

  
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 (n) entering into any agreement providing for the provision or receipt of any service set
forth in the Management Agreement; 
 (o) assigning, selling or otherwise transferring or disposing of any ownership rights in or to, or
abandoning, let lapse, or otherwise disposing of, any of the Company IP outside of the ordinary course; 
 (p) paying or reimbursing any
expenses incurred by employees and agents in accordance with Section 7.5(e) or authorizing indemnification in accordance with Section 7.5(f); 

(q) change the form of ownership of the Company or any of its Subsidiaries; 

(r) forming any Subsidiary of the Company; 

(s) changing the auditor of the Company; 

(t) dissolving the Company, filing for voluntary Bankruptcy of the Company or otherwise liquidating, dissolving or effecting a
recapitalization or reorganization of the Company in one or more transactions; 
 (u) seeking to terminate or terminating the License
Agreement; 
 (v) making any material tax election, allocation, change in accounting method or decision related to tax reporting that is
reasonably likely to have a material. disproportionate and adverse impact on Express Holder; or 
 (w) agreeing, committing or proposing to
do any of the foregoing. 
 Section 7.7 WHP Transactions. Notwithstanding anything herein to the contrary, the Express Holders,
without any further approval by any other Person (including the approval of the Board), shall have the sole right to cause the Company or any of its Subsidiaries to (a) exercise or withhold from exercising its rights, (b) grant or deny a
request that the Company or any of its Subsidiaries waive any rights and (c) remedy any breach of the Company or any of its Subsidiaries, in each case, (i) under or with respect to any WHP Transaction, including (A) any loan provided
by WHP or any of its Affiliates to the Company or any of its Subsidiaries and (B) the Management Agreement or (ii) with respect to any dispute or Action solely with respect to a WHP Transaction between the Company and its Subsidiaries, on
the one hand, and WHP or any of its Affiliates, on the other hand. 
 Section 7.8 Officers. 

(a) Subject to the policies and guidelines adopted by the Board and the other restrictions set forth in this Agreement, the officers of the
Company (the “Officers”) shall manage, control and oversee the day-to-day business and affairs of the Company and shall perform all other acts as are
customary or incident to the management of such business and affairs, which will include the general and administrative affairs of the Company and the operation and 

  
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maintenance of the Company’s assets in accordance with annual budgets and business plans approved by the Board, in each case, in accordance with the terms of this Agreement and instructions
of the Board. The Board shall appoint such Officers, having such power and authority and performing such duties as may be specified from time to time by the Board. Such Officers have such power and authority to sign documents for and otherwise bind
the Company as may be authorized by the Board; provided, that no Officer shall take any action expressly reserved by this Agreement to the Members or the Board. Any Officer may be removed, with or without cause, at any time by the Board in
its sole discretion. 
 (b) The Board may, from time to time, in its sole discretion, delegate to any Person (including any Member or
Officer) such authority and powers to act on behalf of the Company as it shall deem advisable in its discretion. Any delegation pursuant to this paragraph may be revoked at any time and for any reason or no reason by the Board in its sole
discretion. 
 (c) Subject to the terms set forth in this Agreement, each Officer shall hold office until his or her successor shall be
duly designated and qualified or until his or her death or until he or she shall resign or shall have been removed by the Board. Any Officer may resign as such at any time. Such resignation shall be made in a written notice to the Board and shall
take effect at the time specified therein, or if no time is specified, at the time of its receipt by the Board. The acceptance of a resignation shall not be necessary to make it effective, unless expressly so provided in the resignation. 

Section 7.9 Right of First Offer. 

(a) Following the Closing Date, if any member of the WHP Group, on the one hand, or any member of the Express Group, on the other hand,
identifies any Retail Opportunity that it intends to acquire or with respect to which it intends to enter into a partnership, joint venture or other similar arrangement with respect to the acquisition of Intellectual Property, excluding the
Contributed Assets (each such opportunity, a “ROFO Opportunity”, and such person identifying the ROFO Opportunity, the “ROFO Party”) the ROFO Party shall provide written notice (the “ROFO Notice”)
to the Express Holder (in the case that a member of the WHP Group is the ROFO Party) or the WHP Holder (in the case that a member of the Express Group is the ROFO Party), as applicable (the party receiving such notice, the “ROFO
Counterparty”), of such ROFO Opportunity (together with the material terms and conditions of, and any other pertinent information or document relating to, such ROFO Opportunity). Upon receipt of the ROFO Notice, the ROFO Counterparty shall
have a right of first offer (“ROFO”) with respect to such ROFO Opportunity such that the Express Group and the WHP Group can jointly pursue such ROFO Opportunity under a structure similar to the Transactions (other than the
transactions contemplated by the Investment Agreement). 
 (b) In the event (i) the ROFO Counterparty provides written notice to the
ROFO Party that it declines the opportunity to jointly pursue such ROFO Opportunity or (ii) within thirty (30) days following its receipt of the ROFO Notice either (x) the ROFO Counterparty fails to inform the ROFO Party that the ROFO
Counterparty desires to jointly pursue the ROFO Opportunity with the ROFO Party or (y) the ROFO Party and the ROFO Counterparty, after using commercially reasonable efforts to negotiate, fail to reach an agreement on the terms and conditions of
the ROFO Opportunity and the ROFO Party delivers written notice to the ROFO 

  
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Counterparty that the ROFO Party has made a good faith determination that the parties will not reach an agreement on the terms and conditions of the ROFO Opportunity, such ROFO Opportunity shall
be deemed a “Passed ROFO Opportunity” until the Passed ROFO Opportunity Cutoff Date. From the Passed ROFO Opportunity Start Date until the Passed ROFO Opportunity Cutoff Date, the ROFO Party shall be permitted to proceed with the
applicable Passed ROFO Opportunity on its own or with a third party so long as such third-party transaction is on terms and conditions no more favorable to the third party than those set forth in the ROFO Notice with respect to the ROFO
Counterparty. If the ROFO Party does not consummate the Passed ROFO Opportunity on or prior to the Passed ROFO Opportunity Cutoff Date, such ROFO Opportunity will no longer be considered a Passed ROFO Opportunity; provided that if the ROFO Party has
entered into a definitive agreement with a third party between the Passed ROFO Opportunity Start Date and the Passed ROFO Opportunity Cutoff Date providing for the consummation of such ROFO Opportunity, the ROFO Party is permitted to fulfill its
obligations under such definitive agreement. 
 (c) Beginning on the third (3rd) anniversary of the Closing Date, if the Express Group and
the WHP Group have not jointly consummated at least two ROFO Opportunities within the three years since the Closing Date, either the Express Holder or the WHP Holder may elect to terminate the rights and obligations contained in this
Section 7.9 and in Section 7.11 upon written notice to the other Member and the Company (a “ROFO Termination Election”). Upon a ROFO Termination Election by either the Express Holder or the WHP Holder,
the Express Holder and the WHP Holder hereby agree that the rights and obligations set forth in (i) this Section 7.9 and (ii) Section 7.11 shall terminate and be of no further force or
effect. 
 Section 7.10 Annual Budget. The initial annual budget of the Company is attached hereto as Exhibit B (the
“Initial Budget”). The WHP Holder shall present to the Board, no later than thirty (30) calendar days before the end of the time period set forth in the Initial Budget, a reasonably detailed consolidated annual budget for the
upcoming Fiscal Year, which budget shall be subject to approval of the Board and provide for at least an 85% EBITDA Margin of the Company; provided that (a) if such budget does not provide for at least an 85% EBITDA Margin of the Company
(a “Nonconforming Budget”), such budget shall additionally be subject to the written approval of the Express Holder; (b) any expense (other than expenses referenced in (a) through (j) of the definition of
“EBITDA”) in excess of the total expenses (taken as a whole and not with respect to individual categories of expenses) set forth in an Annual Budget shall require the prior written approval of the Express Holder (provided,
further that for the avoidance of doubt, any tax obligations incurred and payable by the Company shall not be considered an expense for purposes of this clause (b) and no prior written approval shall be required to pay these obligations)
and (c) any cash expenses (other than, for the avoidance of doubt, taxes) excluded from the calculation of EBITDA shall require the prior written approval of the Express Holder (provided that no prior written approval shall be required if the
aggregate amount of such cash expenses excluded from the calculation of EBITDA is less than 2% of the Company’s revenue set forth in an Annual Budget). If the Board or the Express Holder, as applicable, do not approve a proposed budget for a
Fiscal Year within ten (10) Business Days following presentation by the WHP Holder, then the Company shall operate on the prior Fiscal Year’s Annual Budget as adjusted to provide for a 5% increase to the total expenses of the prior Fiscal
Year’s Annual Budget (as adjusted, a “Continuing Budget”); provided that the Board or the Express Holder, as applicable, shall continue to meet in good faith on a weekly basis to resolve any such disagreements until such
time as an Annual Budget for such Fiscal Year is approved, at which time the Continuing Budget shall be replaced with the newly approved Annual Budget. The budget for any Fiscal Year, including the Initial Budget, and the budget for any future
Fiscal Year (including any Continuing Budget, if applicable), as so approved, is referred to as the “Annual Budget”. 

  
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 Section 7.11 Exclusivity. Subject to Section 7.9(c),
neither Express nor any of its Subsidiaries shall (a) pursue or enter into any partnership, joint venture, license or other similar arrangement nor (b) pursue or enter into any sale, merger, divestiture or other transfer of all or any part
of its business with Authentic Brands Group, Bluestar Alliance or Marquee Brands (collectively, the “Restricted Parties”); provided, this Section 7.11 shall not apply to any (i) acquisition of
the common stock of Express by any Restricted Party or any Affiliate thereof (provided that the Company may not enter into a private placement of common stock of Express with any such party nor enter into any agreement with any Restricted Party with
respect to any acquisition of the common stock of Express) or (ii) indirect acquisition of voting securities of any Restricted Party by Express or any of its Subsidiaries through investment in any independent mutual fund or other similar
investment vehicle, or through any broad based, publicly-traded basket or index of stock. 
 Section 7.12 FCPA and Sanctions.
The Company shall not, and shall not permit or authorize any Person to, (a) make any unlawful payment or give, offer, promise, or authorize or agree to give, any money or thing of value, directly or indirectly, to any Person in violation of any
applicable laws related to corruption or bribery, including the U.S. Foreign Corrupt Practices Act of 1977 (the “Anti-Corruption Laws”), (b) become a Sanctioned Person or engage in any dealings with any Sanctioned Person or any
Person organized, resident, or located in a country that is subject to comprehensive sanctions under Trade Controls, including Cuba, Iran, North Korea, Syria, and the Crimea, so-called Donetsk, and so-called Luhansk regions of Ukraine, or (c) otherwise violate Trade Controls or Anti-Corruption Laws. 

Section 7.13 License Agreement. Notwithstanding anything contained herein to the contrary, the Company and its Subsidiaries shall
perform its obligations under and comply with the terms and conditions of the License Agreement. In no event shall any enforcement of rights by a Person pursuant to this Section 7.13 be duplicative of any monetary remedies
available to such Person under the License Agreement. 
 ARTICLE VIII 

TAX MATTERS 

Section 8.1 Designation of the Partnership Representative. The WHP Holder shall be the “partnership
representative” for purposes of Code Section 6223(a), as amended by the Partnership Tax Audit Rules, and any analogous provision of state or local tax law (such Person, including, as the context requires, any “designated
individual” through whom such Person is permitted by applicable Law to act, the “Partnership Representative”), and shall have all the rights, duties, powers and obligations provided for in Code Sections 6221 through 6234 and
the Partnership Tax Audit Rules and other applicable Laws, as applicable; provided, that the WHP Holder is hereby authorized to (i) designate any other Person selected by the WHP Holder as the Partnership Representative (provided,
that Express’s prior written consent shall be required to 

  
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designate a Person other than an Affiliate of the WHP Holder as the Partnership Representative) and (ii) take, or cause the Company to take, such other actions as may be necessary or
advisable pursuant to the Regulations or, other guidance or state or local law to ratify the designations, pursuant to this Section 8.1, of the WHP Holder (or any Person selected by the WHP Holder pursuant to this
Section 8.1) as the Partnership Representative. Each Member and Manager hereby expressly consents to such designations and agrees to take such other actions as may be necessary or advisable pursuant to the Regulations,
other guidance or state or local law to cause such designations or evidence such Person’s consent to such designations. 

Section 8.2 Preparation of Tax Returns. The Partnership Representative shall use commercially reasonable efforts to arrange for
the preparation and timely filing of all returns required to be filed by the Company and shall provide Schedule K-1s, or the equivalent thereof, and any other information reasonably required for the Members to
file their income tax returns: (i) no later than April 15th after the end of the relevant taxable year, an estimated Schedule K-1, (ii) no later than June 30th after the end of such year, a final Schedule
K-1 and a draft IRS Form 1065 and (iii) within 30 days of an applicable tax return due date, to include extensions, copies of all federal, state, or local income tax returns or reports filed by the
Company for such taxable year as may be required as a result of the operations of the Company. The Partnership Representative shall consider any comments received from Express Holder regarding the draft Form 1065 and Schedule K-1 prior to filing the Company’s final Form 1065. Each Member will upon request supply to the Partnership Representative all pertinent information in its possession relating to the operations of the Company
necessary to enable the Company’s returns to be prepared and filed and to otherwise comply with applicable tax and other law; provided, however, that any information relating to the business, financial structure, financial
position or financial results, clients or affairs of the Company or any of its Subsidiaries that shall not be generally known to the public shall be subject to Section 12.16(b) of this Agreement. Each Member agrees that it shall take no
position on its tax returns inconsistent with the positions taken on the Company’s tax returns unless required by a determination with the meaning of Section 1313 of the Code (or any similar provision of state, local or non-U.S. Law). 
 Section 8.3 Tax Election. Subject to
Section 7.6(v), the Partnership Representative shall determine, in its reasonable discretion, exercised subject to the terms of this Agreement, whether to make or revoke any available election pursuant to the Code, provided
that, the Partnership Representative shall make an election under Code Section 754 for the taxable year of the Company that includes the Closing Date, which election shall not be revoked for such taxable year. Each Member will upon request use
commercially reasonable efforts to supply promptly any requested information reasonably necessary to give proper effect to such election. Notwithstanding anything to the contrary in this Agreement, (i) no entity classification election to treat
the Company as anything other than a partnership for U.S. federal, state or local tax purposes shall be filed by or with respect to the Company, and (ii) unless otherwise required by a change in applicable Law, no election shall be made to pay
a U.S. state or local “pass-through entity tax” or similar tax shall be made by or with respect to the Company or any Subsidiary thereof, in each case without the prior written consent of the Express Holder. 

  
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 Section 8.4 Tax Controversies. The Partnership Representative is authorized and
required to represent the Company (at the Company’s expense) in connection with all examinations of the Company’s affairs by tax authorities, including resulting administrative and judicial proceedings, and to expend Company funds for
professional services reasonably incurred in connection therewith. Each Member agrees to cooperate reasonably with the Company and to do or refrain from doing any or all things reasonably requested by the Company with respect to the conduct of such
proceedings. The Partnership Representative shall keep the Members reasonably informed of the progress of any examinations, audits or other proceedings, and shall provide the Members with information on a full and timely basis. Notwithstanding the
foregoing, the Express Holder shall have the right to participate, at their own expense and through representation of their choice, in any such examination or proceeding, including through attending any meetings or proceedings with tax authorities,
joining in preparation of defense in any such examination or proceeding, and reviewing and commenting on any documents prior to submission in connection with the foregoing. The Partnership Representative shall not settle or concede any such
examination or proceeding without the prior written consent of the Express Holder, not to be unreasonably withheld, conditioned or delayed (provided that, for the avoidance of doubt, it shall be unreasonable for the Express Holder to withhold
consent to any such settlement or consent that would not have an adverse effect on the Express Holder or its Affiliates that is material). 

ARTICLE IX 
 TRANSFER
OF EQUITY SECURITIES; SUBSTITUTE MEMBERS 
 Section 9.1 Restrictions on Transfers. 

(a) Except as otherwise provided in this Article IX, no Member may Transfer any Equity Securities of the Company. No Transfer or
attempt to Transfer any Equity Securities in violation of the preceding sentence shall be effective or valid for any purpose. No Transfer of Equity Securities shall be effective or valid hereunder if such Transfer constitutes a Prohibited Transfer.
In addition, no Transfer shall be effective or valid hereunder unless the transferee is at such time a party to this Agreement or has previously executed and delivered to the Company a joinder in accordance with
Section 9.2. 
 (b) Notwithstanding Section 9.1(a) (other than the third sentence
thereof), a Transfer of Equity Securities of the Company by the WHP Holder may be effectively and validly made by the WHP Holder if such Transfer is (i) to a Permitted Transferee, (ii) made pursuant to Section 9.2
or Section 9.8, or (iii) made with the written consent of the Express Holder. For the avoidance of doubt, a WHP Change of Control shall not be deemed to be a Transfer of Equity Securities of the Company by the WHP
Holder for purposes of this Agreement. 
 (c) Notwithstanding Section 9.1(a) (other than the third sentence
thereof), a Transfer of Equity Securities of the Company by the Express Holder may be effectively and validly made by the Express Holder if such Transfer is (i) to a Permitted Transferee, (ii) made pursuant to
Section 9.2 or Section 9.8, or (iii) made with the written consent of the WHP Holder. For the avoidance of doubt, an Express Change of Control shall not be deemed to be a Transfer of Equity
Securities of the Company by the Express Holder for purposes of this Agreement. 
 (d) The restrictions on Transfer set forth in this
Section 9.1 shall terminate upon the earlier to occur of (i) the consummation of an Initial Public Offering or (ii) a Company Sale. 

  
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 Section 9.2 Substitute Member. Each Person to whom any Unit is Transferred in
accordance with the provisions of this Agreement (including this Article IX) shall agree in writing to be bound by the provisions of this Agreement as a holder of such Units by execution of a joinder agreement in the form provided by the
Board. Upon compliance with this Section 9.2 and entry into such joinder, such Person shall be admitted as a Substituted Member entitled to all the rights of a Member with respect to such Unit, and the Schedule of Members
and Schedule of Units attached hereto shall be amended to reflect the name, address and Units of such Substituted Member. 

Section 9.3 Effect of Transfer. Following a Transfer of any Unit that is permitted under this Article IX, the Transferee of
such Unit shall be treated as having made all of the Capital Contributions in respect of, and received all of the Distributions received in respect of, such Unit, and shall receive allocations and Distributions under Article IV and Article
XI in respect of such Unit as if such Transferee were a Member. 
 Section 9.4 Transfer Fees and Expenses. Other than any
Transfer pursuant to Section 9.2, the Transferor and Transferee of any Units or other Equity Securities of the Company shall be jointly and severally obligated to reimburse the Company for all reasonable expenses (including
attorneys’ fees and expenses) incurred by or on behalf of the Company in connection with any Transfer or proposed Transfer, whether or not consummated. 

Section 9.5 Closing Date of Transfers. Any Transfer and any related admission of a Person as a Member in compliance with this
Article IX shall be deemed effective on such date that the Transferee or Successor In Interest complies with the requirements of this Agreement. 

Section 9.6 Effect of Death or Incapacity. Except as otherwise provided herein, the death or incapacity of a Member shall not wind
up, dissolve or terminate the Company. In the event of such death or incapacity, the executor, administrator, guardian, trustee or other personal representative of the deceased or incapacitated Member shall be deemed to be the assignee of such
Member’s Economic Interest only and may, subject to the terms and conditions set forth in Section 9.2, become a Substituted Member. 

Section 9.7 Board Consent to Transfer. Subject to Section 7.7, the Board hereby consents to a
transfer of Equity Securities of the Company to any persons to whom a transfer of Equity Securities of the Company is expressly permitted by the terms of this Agreement. 

Section 9.8 Put / Call Option. Following the date that is the second
(2nd) anniversary of the Closing, if either the WHP Holder or the Express Holder would like to sell all or any portion of its respective Equity Securities of the Company to the other party
or purchase the other party’s Equity Securities of the Company (in each case, such Holder the “Put / Call Party”), then the Put / Call Party shall provide the other party (the “Put / Call Counterparty”) with a
written notice to that effect setting forth its proposal for such sale or purchase (the “Put / Call Proposal”), which proposal shall include the number of Equity Securities of the Company to be sold or purchased by the Put / Call
Party (the “Put / Call Securities”), as applicable, and the purchase price for the Put/ Call Securities. The Put / Call Counterparty shall discuss and negotiate the Put / Call Proposal in good faith with the Put / Call Party for a
period of at least thirty (30) days following the Put / Call Counterparty’s receipt of the Put / Call Proposal, and if the parties have 

  
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not come to a binding agreement on the material terms and conditions for the consummation of such Put / Call Proposal following such 30-day period, then
the Put / Call Party and the Put / Call Counterparty shall engage a mediator to be agreed among the Put / Call Party and the Put / Call Counterparty (the “Mediator”) (provided that if the parties cannot agree on the mediator, each
party shall select a mediator and such mediators shall together unanimously select a neutral mediator who will conduct the non-binding mediation) . The Put / Call Party and the Put / Call Counterparty shall
continue to negotiate in good faith and use their respective commercially reasonable efforts to cause the Mediator to resolve all disagreements with respect to the Put / Call Proposal within 30 days after the engagement of the Mediator. All fees and
expenses incurred in connection with the engagement of the Mediator pursuant to this Section 9.8 shall be borne 50% by the Put / Call Party and 50% by the Put / Call Counterparty (and, if applicable, each party shall bear
the fees and expenses of its mediator engaged to select the final mediator). 
 ARTICLE X 

INTELLECTUAL PROPERTY MATTERS 

Section 10.1 Use of Company IP in the US. The Company shall not, and shall not authorize any other Person to, (a) use any
Company IP in the US, (b) sell, provide, or otherwise commercialize (directly or indirectly, including through wholesalers or retailers) to Persons in the US any products or services bearing or offered for sale under or in connection with any
Company IP, or (c) use or register any Internet domain names or social media accounts targeted primarily to Persons in the US consumers and that incorporate (in whole or in part) any Company IP, in each case, except as expressly permitted by
the License Agreement during its term. 
 Section 10.2 Use of Company IP Outside the US and Authorized Uses of Company IP. When
using or authorizing any Person to use any Company IP outside of the US, the Company shall take commercially reasonable steps to preserve the value and goodwill of the Company IP in a manner consistent with the image and prestige of the Company IP.
Without limiting the foregoing, the Company shall not, and shall not authorize any Person to: 
 (a) use any Company IP in any country or
jurisdiction subject to an embargo or similar prohibition by any US Governmental Entity; 
 (b) knowingly use any Company IP (i) in
any manner that would disparage, dilute, or otherwise tarnish any of the Company IP or the goodwill or reputation of the Company or any Member or (ii) for any political purpose, religious purpose, or unlawful purposes; 

(c) knowingly use any Company IP on or in connection with any goods, services, materials, or content: 

(i) that would reasonably be expected to subject the Company or the Express Group to ridicule, embarrassment, public
criticism, or scorn; 
 (ii) involving tobacco, smoking, e-cigarettes, vaping,
controlled substances, drugs (or related paraphernalia), alcohol, adult content (including nudity and pornography), firearms, illegal products or activities, fraudulent transactions, terrorism, or obscenity; 

  
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 (iii) depicting physical, mental or emotional violence or abuse of any kind
(whether to people or animals); or 
 (iv) that are designed, manufactured, distributed, sold or promoted in a manner that
does not comply with all applicable laws. 
 (d) engage in any act or omission that would reasonably be expected to impair or adversely
affect the value of the Company IP in the US or any other material Company IP, including knowingly using, or authorizing the use of, any Company IP in connection with a business that engages in any activity involving the use of child labor or
compulsory labor, discriminatory practices, payment of unfair or illegal wages or the like. 
 Section 10.3 Protection, Enforcement
and Defense of Company IP. The Company shall use commercially reasonable efforts, consistent with its good faith business judgment, to protect, enforce and defend the Company IP throughout the world, including by filing and prosecuting
applications to register Company IP and maintaining in force any registrations of Company IP. 
 Section 10.4 Information and Notice
Obligations. Upon reasonable request by Express, the Company shall use commercially reasonable efforts to provide Express with the following: 

(a) the identity of registered and applied-for Company IP, the status of any such item, if available;

 (b) samples depicting the use of any Company IP by the Company or any of its licensees; and 

(c) information about any actual or suspected infringement, counterfeiting, unfair competition, or opposition to registration, or any notice
related to the foregoing. 
 ARTICLE XI 

WINDING UP, DISSOLUTION AND LIQUIDATION 

Section 11.1 Dissolution. The Company shall not be wound up and dissolved by the admission of Additional Members or Substituted
Members. The affairs of the Company shall be wound up upon the first of the following to occur: 
 (a) at any time there are no Members; or

 (b) the making of a winding-up order in respect of the Company by a court of competent
jurisdiction. 

  
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 Except as otherwise set forth in this Section 11.1, the Company is intended to
have perpetual existence. The death, retirement, resignation, Bankruptcy or dissolution of a Member shall not cause a termination, winding up or dissolution of the Company, and, subject to the foregoing provisions of this
Section 11.1, the Company shall continue in existence subject to the terms of this Agreement. 
 Section 11.2
Liquidation and Termination. 
 (a) On the commencement of winding up of the Company, the Board shall act as liquidator or (in its
sole discretion) may appoint one or more representatives, Members or other Persons as liquidator(s). The liquidators shall proceed diligently to wind up the affairs of the Company and make final distributions as provided herein and in accordance
with applicable Law. The costs of liquidation shall be borne as a Company expense. Until final distribution, the liquidators shall continue to operate the Company with all of the power and authority of the Board. The steps to be accomplished by the
liquidators are as follows: 
 (i) the liquidators shall pay, satisfy or discharge from Company funds all of the debts,
liabilities and obligations of the Company (including all expenses incurred in liquidation and the sum payable to the Managers or otherwise make adequate provision for payment and discharge thereof and the establishment of a cash fund for contingent
liabilities in such amount and for such term as the liquidators may reasonably determine); 
 (ii) after payment or
provision for payment of all of the Company’s liabilities has been made in accordance with Section 11.2(a)(i), all remaining assets of the Company shall be distributed in accordance with
Section 4.1 (taking into account, if applicable, the provisions of Section 4.3), after giving effect to all prior Distributions, and a final allocation of all items of Income, gain, Loss and
expense shall be made in such a manner that, immediately before distribution of such remaining assets, the positive balance of the Capital Account of each Member shall, to the greatest extent possible, be equal to the net amount that would be
distributed to such Member in accordance with Section 4.1 (after satisfaction of any financial obligations of each Member to the Company under any provisions of this Agreement); and 

(iii) any non-cash assets will first be written up or down to their Fair Market Value,
thus creating hypothetical gain or loss (if any), which hypothetical gain or loss shall be allocated to the Member’s Capital Accounts in accordance with the requirements of Regulations
Section 1.704-1(b) and other applicable provisions of the Code and this Agreement. In making such allocations, the liquidators shall allocate each type of asset (e.g., cash or cash equivalents, securities
or other property) among the Members ratably based upon the aggregate amounts to be distributed with respect to the Units held by each such holder. 

Section 11.3 Complete Distribution. The distribution to a Member in accordance with the provisions of
Section 11.2 constitutes a complete return to the Member of its Capital Contributions and a complete distribution to the Member of its interest in the Company and all the Company’s property. 

  
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 Section 11.4 Final Dissolution. On completion of the distribution of Company
assets as provided herein, the Company shall be dissolved (and the Company shall not be dissolved prior to such time), and the Board (or such other Person or Persons as applicable Law may require or permit) shall file a final notice of dissolution
with the Secretary of State of the State of Delaware and take such other actions as may be necessary to complete the dissolution of the Company. The Company shall be deemed to continue in existence for all purposes of this Agreement until it is
finally dissolved pursuant to this Section 11.4. 
 Section 11.5 Reasonable Time for Winding Up. A
reasonable time shall be allowed for the orderly winding up of the business and affairs of the Company and the liquidation of its assets pursuant to Section 11.2 to minimize any losses otherwise attendant upon such winding
up. 
 Section 11.6 Return of Capital. The liquidators shall not be personally liable for the return of Capital Contributions or
any portion thereof to the Members (it being understood that any such return shall be made solely from Company assets). 
 Section 11.7
HSR Act. Notwithstanding any other provision in this Agreement, in the event that the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the “HSR Act”) is applicable to any Member by reason of the fact that any assets of
the Company shall be distributed to such Member in connection with the winding up and dissolution of the Company, the dissolution of the Company shall not be consummated until such time as the applicable waiting periods (and extensions thereof)
under the HSR Act have expired or otherwise been terminated with respect to each such Member. 
 Section 11.8 Distribution of Equity
Securities of Subsidiaries. In connection with the distribution of Equity Securities of any Subsidiary of the Company, each Member shall take any action necessary such that the rights and privileges that the Members have with respect to their
Units immediately prior to such distribution are afforded to such Members in the organizational and other documents of the applicable entity related to such Equity Securities or otherwise, including entering into a stockholders or similar agreement
containing such rights and privileges. 
 Section 11.9 Termination. This Agreement shall terminate with respect to any Member at
the time at which such Member ceases to own any Units, except that such termination shall not affect (i) rights perfected or obligations incurred by such Member under this Agreement prior to such termination and (ii) rights or obligations
expressly stated to survive such cessation of ownership of Units. 
 ARTICLE XII 

GENERAL PROVISIONS 

Section 12.1 Books and Records. The Company (or its designee) shall keep (a) correct and complete books and records of
account, and (b) minutes of the proceedings of meetings of the Board and committees thereof. Any of the foregoing books, minutes or records may be in written form or in any other form capable of being converted into written form within a
reasonable time. Each Member shall have the right to receive information regarding the Company in accordance with Section 17-305 of the Delaware Act. 

  
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 Section 12.2 Amendment. Except as otherwise expressly provided in this
Section 12.2, this Agreement may be amended, modified, or waived only with the approval of the Board; provided, that any such amendment, modification or waiver (1) that is reasonably expected to have an adverse
impact on any Express Holder or (2) to Section 7.6 or Section 7.10 shall each require the prior written consent of such Express Holder. Notwithstanding the foregoing, amendments may be made to
this Agreement from time to time by the Board, without the consent of any Member: (i) to correct any typographical or similar ministerial errors that do not adversely affect any Member in any respect without such Member’s written consent,
(ii) to delete or add any provision of this Agreement required to be so deleted or added by any applicable Law, (iii) to take such actions as may be necessary (if any) to ensure that the Company will be treated as a partnership for federal
income tax purposes, (iv) admit or substitute Members whose admission or substitution has already received the requisite approval in accordance with this Agreement and (v) to update the Schedule of Members and effectuate such technical and
other amendments, supplements and modifications to this Agreement as may be required to, inter alia, implement the admission of new or substituted Members or effect the issuance of additional Equity Securities in the Company pursuant to
Section 3.2 or other similar matters so long as the applicable underlying change or action giving rise to the amendment was consummated in accordance with the terms of this Agreement and received the requisite approvals.
Further, notwithstanding anything to the contrary in this Section 12.2, the Board is authorized to implement any and all amendments to this Agreement specifically required by this Agreement. 

Section 12.3 Remedies. Each party shall have all rights and remedies set forth in this Agreement and all rights and remedies that
such Person has been granted at any time under any other agreement or contract and all of the rights that such Person has under any applicable Law. Any Person having any rights under any provision of this Agreement or any other agreements
contemplated hereby shall be entitled to enforce such rights specifically (without posting a bond or other security) to recover damages by reason of any breach of any provision of this Agreement and to exercise all other rights granted by applicable
Law, subject to the limitations set forth herein. 
 Section 12.4 Successors and Assigns. All covenants and agreements contained
in this Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective Successors in Interest; provided, that no Person claiming by, through or under a Member (whether as such Member’s Successor
in Interest or otherwise), as distinct from such Member itself, shall have any rights as, or in respect to, a Member (including any remedy, claim, liability, reimbursement, cause of action or other right). 

Section 12.5 Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be
effective and valid under applicable Law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable Law or rule in any jurisdiction, such invalidity, illegality or unenforceability
shall not affect any other provision or any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 

  
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 Section 12.6 Counterparts. This Agreement may be executed simultaneously in two
or more separate counterparts, any one of which need not contain the signatures of more than one party, but each of which shall be an original and all of which together shall constitute one and the same agreement binding on all the parties hereto.

 Section 12.7 Applicable Law. This Agreement and all claims, actions, causes of actions and proceedings related to or in
connection with this Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to any choice of law or conflict of law 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. In any judicial proceeding involving any dispute, controversy or claim arising out of or relating to this Agreement or the Company
or its operations, each of the Members and the Company unconditionally accepts the exclusive jurisdiction and venue of the Court of Chancery of the State of Delaware, or if such court does not have jurisdiction, any United States District Court
located in the State of Delaware, and in each case the appellate courts to which orders and judgments thereof may be appealed. In any such judicial proceeding, the Members agree that in addition to any method for the service of process permitted or
required by such courts, to the fullest extent permitted by applicable Law, service of process may be made by delivery provided pursuant to the directions in Section 12.8. To the fullest extent permitted by applicable Law,
the Members hereby irrevocably waive any objection which they may now or hereafter have to the laying of venue of any claim, controversy or dispute arising out of or relating to this Agreement or any of the transactions contemplated hereby brought
in such courts or any defense of inconvenient forum for the maintenance of such claim, controversy or dispute. Each of the Members agree that a final and unappealable judgment in any such claim, controversy or dispute shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment, a certified copy of which shall be conclusive evidence of the fact and amount of such judgment, or in any other manner provided by applicable Law. 

Section 12.8 Addresses and Notices. All notices, demands or other communications to be given or delivered under or by reason of
the provisions of this Agreement shall be in writing and shall be deemed to have been given or made when (a) delivered personally to the recipient, (b) sent by facsimile to the recipient (with hard copy sent to the recipient by reputable
overnight courier service (charges prepaid) that same day) if sent by facsimile before 5:00 p.m. New York time on a Business Day, and otherwise on the next Business Day, (c) one (1) Business Day after being sent to the recipient by reputable
overnight courier service (charges prepaid) or (d) transmitted, if sent by email transmission before 5:00 p.m. New York time on a Business Day, and otherwise on the next Business Day. Such notices, demands and other communications shall be sent
to the address for such recipient set forth on the Schedule of Members attached hereto, or in the Company’s books and records, or to such other address or to the attention of such other person as the recipient party has specified by
prior written notice to the sending party. Any notice to the Board or the Company shall be deemed given if received by at the principal location of the Company designated pursuant to Section 2.4. 

Section 12.9 Creditors. None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditors of
the Company or any of its Affiliates, and no creditor who makes a loan to the Company or any of its Affiliates may have or acquire (except pursuant to the terms of a separate agreement or security agreement executed by the Company in favor of such
creditor) at any time as a result of making the loan any direct or indirect interest in Company profits, losses, Distributions, capital or property other than as a secured creditor. 

  
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 Section 12.10 Waiver. No failure by any party to insist upon the strict
performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute a waiver of any such breach or any other covenant, duty, agreement or condition. Any
waiver by the Company or any Member of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall only be effective if executed in writing by the party making such waiver.

 Section 12.11 Waiver of Jury Trial. Each of the parties hereto hereby waives, to the fullest extent permitted by law, any
right to trial by jury of any claim, demand, action, or cause of action (i) arising under this Agreement or (ii) in any way connected with or related or incidental to the dealings of the parties hereto in respect of this Agreement or any
of the transactions related hereto, in each case whether now existing or hereafter arising, and whether in contract, tort, equity, or otherwise. The parties hereto each hereby agrees and consents that any such claim, demand, action, or cause of
action shall be decided by court trial without a jury and that the parties here may file an original counterpart of a copy of this Agreement with any court as written evidence of the consent of the parties hereto to the waiver of their right to
trial by jury. EACH PARTY (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND
(B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS Section 12.11. 

Section 12.12 Further Action. The parties agree to execute and deliver all documents, provide all information and take or refrain
from taking such actions as may be necessary or appropriate to achieve the purposes of this Agreement. 
 Section 12.13 Entire
Agreement. This Agreement (including each Schedule and Exhibit attached hereto), the Transaction Documents, and those other documents expressly referred to herein embody the complete agreement and understanding among the parties hereto and
supersede and preempt any prior understandings, agreements or representations by or among the parties hereto, written or oral, that may have related to the subject matter hereof in any way. 

Section 12.14 Delivery by Email. This Agreement, the agreements referred to herein, and each other agreement or instrument entered
into in connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent signed and delivered by means of email with scan attachment, shall be treated in all manner and respects as an original
agreement or instrument and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. At the request of any party hereto or to any such agreement or instrument, each other party
hereto or thereto shall re-execute original forms thereof and deliver them to all other parties. No party hereto or to any such agreement or instrument shall raise the use of email to deliver a signature or
the fact that any signature or agreement or instrument was transmitted or communicated through the use of email as a defense to the formation or enforceability of a contract, and each such party forever waives any such defense. 

  
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 Section 12.15 Survival. Sections 5.4, 5.5, 7.4, 7.5,
8.4, 12.14, 12.15 and 12.16(b) shall survive and continue in full force in accordance with its terms, notwithstanding any termination of this Agreement or the dissolution of the Company. 

Section 12.16 Information. 

(a) For so long as the WHP Holder or the Express Holder own any Equity Securities of the Company, as soon as reasonably practicable following
receipt by the Company, the Company shall provide such holders with (i) unaudited consolidated quarterly financial statements of the Company and its Subsidiaries and (ii) audited annual consolidated financial statements of the Company and
its Subsidiaries. In addition, the Company shall provide such holders with any financial information reasonably required by Express or WHP to comply with their respective obligations under applicable Law (including the listing rules of the
applicable stock exchange). 
 (b) Each Member expressly agrees to maintain, for so long as such Person is a Member and for two years
thereafter, the confidentiality of, and not to disclose to any Person other than the Company (and any successor of the Company or any Person acquiring (whether by merger, consolidation, sale, exchange or otherwise) all or a material portion of the
assets or Equity Securities of the Company or any of its Subsidiaries), another Member, an Affiliate of a Member, or a Person designated by the Company or any of the foregoing’s respective financial planners, accountants, attorneys or other
advisors, any information relating to the business, financial structure, financial position or financial results, clients or affairs of the Company or any of its Subsidiaries that shall not be generally known to the public, except (i) as
otherwise required by applicable Law or by any regulatory or self-regulatory organization having jurisdiction or by order of a court of competent jurisdiction, in which case (except with respect to disclosure that is required in connection with the
filing of federal, state and local tax returns) prior to making such disclosure such Member shall give written notice to the Company describing in reasonable detail the proposed content of such disclosure and shall permit the Company to review and
comment upon the form and substance of such disclosure and allow the Company to seek confidential treatment therefor, and (ii) in the case of any Member who is employed by the Company or any of its Subsidiaries, in the ordinary course of his or
her duties to the Company or any of its Subsidiaries; provided, however, that a Member may report to its stockholders, limited partners, members, lenders, other owners or prospective investors, in the ordinary course of business
consistent with past practice for investments made by such Member’s Affiliates, as the case may be, regarding the general status of its investment in the Company, including returns on investment, internal rates of return and similar customary
metrics reported to investors in or lenders to private investment funds (without disclosing specific confidential information). Notwithstanding the provisions of this Section 12.16 to the contrary, if any holder of Units
desires to undertake any Transfer of its Units permitted by this Agreement, such holder may, upon the execution of a confidentiality agreement (in form reasonably acceptable to the Company’s legal counsel) by any bona fide potential
Transferee, disclose to such potential Transferee information of the sort otherwise restricted by this Section 12.16 if such holder reasonably believes such disclosure is necessary for the purpose of Transferring such Units
to the bona fide potential Transferee. 

  
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 [SIGNATURE PAGES FOLLOW] 

  
 49 

 IN WITNESS WHEREOF, the undersigned have duly executed and delivered this Agreement as a
deed on the date first set out above: 
  

			
	[IPCO], a [•]
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	EXWHP, LLC, a Delaware limited liability company
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	[WARDROBE], a [•]
		
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature Page to Amended and Restated LLC Agreement] 

 SCHEDULE OF UNITS 

(AS OF [•]) 

[Intentionally Omitted] 

 SCHEDULE OF MEMBERS 

(AS OF [•]) 

[Intentionally Omitted] 

 CONTRIBUTION SCHEDULE 

[Intentionally Omitted] 

 EXHIBIT A 

Closing Capital Contributions and Capital Accounts 

[Intentionally Omitted]

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