Document:

Employment Agreement: Norman Hullinger

 Exhibit 10.22 
  
 Execution Copy 
  
 BRODER BROS., INC. 
  
 EMPLOYMENT AGREEMENT 
  
 THIS
EMPLOYMENT AGREEMENT is made as of May 20, 2004, between Broder Bros., Co., a Michigan corporation (the “Company”), and Norman Hullinger (“Executive”). 
  
 In consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows: 
  
 1. Employment. The Company shall employ Executive, and Executive hereby accepts employment with the Company, upon the terms and conditions set forth in this Agreement for the period beginning on the date hereof and ending as provided
in paragraph 4 hereof (the “Employment Period”). 
  
 2.
Position and Duties. 
  
 (a) During the Employment Period,
Executive shall serve as the Vice President, Operations of the Company and shall have the normal duties, responsibilities, functions and authority of the Vice President of Operations subject to the power and authority of the Company’s Board of
Directors (the “Board”) to expand or limit such duties, responsibilities, functions and authority and to overrule actions of officers of the Company. During the Employment Period, Executive shall render such administrative,
financial and other executive and managerial services to the Company and its Subsidiaries which are consistent with Executive’s position as the Board may from time to time direct. 
  
 (b) Executive shall report to the Board and Executive shall devote his best efforts and his full business time and attention
(except for permitted vacation periods and reasonable periods of illness or other incapacity) to the business and affairs of the Company and its Subsidiaries. Executive shall perform his duties, responsibilities and functions to the Company and its
Subsidiaries hereunder to the best of his abilities in a diligent, trustworthy, professional and efficient manner and shall comply with the Company’s and its Subsidiaries’ policies and procedures in all material respects. In performing his
duties and exercising his authority under the Agreement, Executive shall support and implement the business and strategic plans approved from time to time by the Board and shall support and cooperate with the Company’s and its
Subsidiaries’ efforts to expand their businesses and operate profitably and in conformity with the business and strategic plans approved by the Board. So long as Executive is employed by the Company, Executive shall not, without the prior
written consent of the Board, perform other services for compensation. Unless otherwise agreed by Executive, Executive’s place of work shall be in the greater Philadelphia, Pennsylvania metropolitan area, except for travel reasonably required
for Company business. 
  
 (c) For purposes of this Agreement,
“Subsidiaries” shall mean any corporation or other entity of which the securities or other ownership interests having the voting power to elect a majority of the board of directors or other governing body are, at the time of
determination, owned by the Company, directly or through one of more Subsidiaries. 

 Execution Copy 
  

 3. Compensation and Benefits. 
  
 (a) Commencing on May 20, 2004 and throughout the Employment Period, Executive’s base salary shall be $200,000 per
annum and shall be subject to the review by the Board on an annual basis commencing January 1, 2005 (as adjusted from time to time, the “Base Salary”), which salary shall be payable by the Company in regular installments in
accordance with the Company’s general payroll practices (in effect from time to time). In addition, during the Employment Period, Executive shall be entitled to participate in all of the Company’s employee benefit programs for which senior
executive employees of the Company and its Subsidiaries are generally eligible. 
  
 (b) During the Employment Period, the Company shall reimburse Executive for all reasonable business expenses incurred by him in the course of performing his duties and responsibilities under this Agreement which are
consistent with the Company’s policies in effect from time to time with respect to travel, entertainment and other business expenses, subject to the Company’s requirements with respect to reporting and documentation of such expenses.

  
 (c) In addition to the Base Salary, during each year during
the Employment Period beginning with the year ending December 31, 2004, Executive will participate in a bonus plan to be approved by the Board, which plan will provide Executive with an opportunity to earn an annual bonus of at least 50% of Base
Salary in each such year (the “Target Bonus”). 
  
 4.
Term. 
  
 (a) The Employment Period (i) shall terminate
upon Executive’s resignation (with or without Good Reason, as defined below), death or Disability and (ii) may be terminated by the Company at any time for Cause (as defined below) or without Cause. 
  
 (b) If the Employment Period is terminated (1) by the Company without Cause
(other than as a result of Executive’s Disability) or (2) upon Executive’s resignation with Good Reason, Executive shall be entitled to: (i) his Base Salary through the date of termination; (ii) payment for all accrued, but unused,
vacation days; (iii) payment of any annual bonus earned, but not yet paid by the Company, with respect to a year ending prior to such termination; (iv) a waiver of the costs of COBRA continuation coverage for one (1) year from the date the
Employment Period is terminated; and, (v) an amount equal to one (1) year of Executive’s then current Base Salary payable in regular monthly installments, in accordance with the Company’s normal payroll practices, over a period of twelve
(12) months commencing on the date the Employment Period is terminated (the “Severance Period”), in each case if and only if Executive has executed and delivered to the Company a general release substantially in the form attached hereto as
Exhibit I and only so long as Executive has not breached the provisions of paragraphs 5, 6 and 7 hereof. In addition, if Executive’s employment ceases under the circumstances described in clauses (1) or (2) of this paragraph 4(b) after June
30th of any of any calendar year, Executive shall be entitled to a prorated portion (based on the number of days
elapsed in such year) of his Target Bonus for that year. 
  

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 Execution Copy 
  

 (c) If the Employment Period is terminated (1) by the Company for Cause or (2) by Executive’s
resignation without Good Reason, Executive shall be entitled to receive his Base Salary through the date of such termination. 
  
 (d) If the Employment Period is terminated due to Executive’s death or Disability, Executive (or, if applicable, his estate or representative) shall
be entitled to: (i) his Base Salary through the date of termination; (ii) payment for all accrued but unused vacation days; (iii) payment of any annual bonus earned, but not yet paid by the Company, with respect to a year ending prior to such
termination; and, (iv) all benefits payable with respect to such death or Disability under the Company’s welfare plans. 
  
 (e) Except as otherwise expressly provided herein, Executive shall not be entitled to any other salary, bonuses, employee benefits or compensation from
the Company or its Subsidiaries after the termination of the Employment Period and all of Executive’s rights to salary, bonuses, employee benefits and other compensation hereunder which would have accrued or become payable after the termination
of the Employment Period (other than vested retirement benefits accrued on or prior to the termination of the Employment Period, welfare benefit claims incurred prior to such termination or other amounts owing hereunder as of the date of such
termination that have not yet been paid) shall cease upon such termination, other than those expressly required under applicable law (such as COBRA). Any period of COBRA premium waiver applicable under Section 4(b)(iv) above shall count against the
COBRA coverage period described in Section 29 U.S.C. §1162(2). 
  
 (f) The Company may offset any amounts Executive owes it or its Subsidiaries against any amounts it or its Subsidiaries owes Executive hereunder. 
  
 (g) For purposes of this Agreement, “Cause” shall mean with respect to Executive one or more of the following: (i) the commission of a
felony or other crime involving moral turpitude or the commission of any crime involving misappropriation, embezzlement or fraud with respect to the Company or any of its Subsidiaries or any of their customers or suppliers, (ii) conduct causing the
Company or any of its Subsidiaries substantial public disgrace or disrepute, (iii) repeated failure to perform duties as reasonably directed by the Board, which failure is not cured within 30 days after delivery of written notice from the Company to
Executive describing specifically the nature of such failures and the action required to cure, (iv) any act or omission intentionally aiding or abetting a competitor, supplier or customer of the Company or any of its Subsidiaries to the material
disadvantage or detriment of the Company and its Subsidiaries, (v) gross negligence, willful misconduct or a material breach of fiduciary duty with respect to the Company or any of its Subsidiaries, or (vi) any material breach by Executive of this
Agreement which is not cured to the Board’s reasonable satisfaction within 15 days after written notice thereof to Executive. 
  

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 Execution Copy 
  

 (h) Executive will be “Disabled” only if, as a result of his incapacity due to
physical or mental illness, Executive is considered disabled under the Company’s long-term disability insurance plans. 
  
 (i) For purposes of this Agreement, “Good Reason” shall mean if Executive resigns from employment with the Company and its Subsidiaries
as a result of one or more of the following reasons: (i) the Company reduces the amount of the Base Salary (as in effect on the date hereof and as the same may be increased from time to time) or potential Target Bonus without Executive’s
written consent, other than a reduction in salary of no more than 10% of Executive’s then current Base Salary done in connection with salary reductions affecting all members of the Company’s executive management team, (ii) the Company
substantially reduces Executive’s authority or responsibilities without Executive’s written consent, (iii) the Company changes Executive’s place of work to a location other than the greater Philadelphia, Pennsylvania metropolitan area
without Executive’s prior consent, (iv) the Company assigns to Executive duties inconsistent with his positions without Executive’s written consent, or (v) any other material breach by the Company (or its successors) of this Agreement, in
each case set forth above which is not cured to Executive’s reasonable satisfaction within 15 days after written notice thereof to the Company; provided that in each case written notice of Executive’s resignation for Good Reason must be
delivered to the Company within 45 days after the occurrence of any such event in order for Executive’s resignation with Good Reason to be effective hereunder. 
  
 5. Confidential Information. 
  
 (a) Executive acknowledges that the continued success of the Company and its Subsidiaries and Affiliates, depends upon the
use and protection of a large body of confidential and proprietary information. All of such confidential and proprietary information now existing or to be developed in the future will be referred to in this Agreement as “Confidential
Information.” Confidential Information will be interpreted as broadly as possible to include all information of any sort (whether merely remembered or embodied in a tangible or intangible form) that is (i) related to the Company’s or
its Subsidiaries’ or Affiliates’ current or potential business and (ii) is not generally or publicly known. Confidential Information includes, without specific limitation, the information, observations and data obtained by him during the
course of his performance under this Agreement concerning the business and affairs of the Company and its Subsidiaries and Affiliates, information concerning acquisition opportunities in or reasonably related to the Company’s or its
Subsidiaries’ or Affiliates’ business or industry of which Executive becomes aware during the Employment Period, the persons or entities that are current, former or prospective suppliers or customers of any one or more of them during
Executive’s course of performance under this Agreement, as well as development, transition and transformation plans, methodologies and methods of doing business, strategic, marketing and expansion plans, including plans regarding planned and
potential sales, financial and business plans, employee lists and telephone numbers, locations of sales representatives, new and existing programs and services, prices and terms, customer service, integration processes, requirements and costs of
providing service, support and equipment. Therefore, Executive agrees that he shall not disclose to any unauthorized person or use for his own account any of such Confidential Information without the Board’s prior written consent, unless and to
the extent that any 

  

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 Execution Copy 
  

 
Confidential Information (i) becomes generally known to and available for use by the public other than as a result of Executive’s acts or omissions to
act or (ii) is required to be disclosed pursuant to any applicable law or court order. Executive agrees to deliver to the Company at the end of the Employment Period, or at any other time the Company may request in writing, all memoranda, notes,
plans, records, reports and other documents (and copies thereof) relating to the business of the Company or its Subsidiaries or Affiliates (including, without limitation, all Confidential Information) that he may then possess or have under his
control. 
  
 (b) During the Employment Period, Executive shall not
use or disclose any confidential information or trade secrets, if any, of any former employers or any other person to whom Executive has an obligation of confidentiality, and shall not bring onto the premises of the Company or its Subsidiaries or
Affiliates any unpublished documents or any property belonging to any former employer or any other person to whom Executive has an obligation of confidentiality unless consented to in writing by the former employer or person. Executive shall use in
the performance of his duties only information that is (i) generally known and used by persons with training and experience comparable to Executive’s and that is (x) common knowledge in the industry or (y) is otherwise legally in the public
domain, (ii) otherwise provided or developed by the Company or its Subsidiaries or Affiliates or (iii) in the case of materials, property or information belonging to any former employer or other person to whom Executive has an obligation of
confidentiality, approved for such use in writing by such former employer or person. If at any time during this employment with the Company or any Subsidiary, Executive believes he is being asked to engage in work that will, or will be likely to,
jeopardize any confidentiality or other obligations Executive may have to former employers, Executive shall immediately advise the Board so that Executive’s duties can be modified appropriately. 
  
 (c) Executive represents and warrants to the Company that Executive took
nothing with him which belonged to any former employer when Executive left his prior position and that Executive has nothing that contains any information which belongs to any former employer. If at any time Executive discovers this is incorrect,
Executive shall promptly return any such materials to Executive’s former employer. The Company does not want any such materials, and Executive shall not be permitted to use or refer to any such materials in the performance of Executive’s
duties hereunder. 
  
 (d) Executive understands that the Company
and its Subsidiaries and Affiliates will receive from third parties confidential or proprietary information (“Third Party Information”) subject to a duty on the Company’s and its Subsidiaries’ and Affiliates’ part to
maintain the confidentiality of such information and to use it only for certain limited purposes. During the Employment Period and thereafter, and without in any way limiting the provisions of paragraph 5(a) above, Executive will hold Third Party
Information in the strictest confidence and will not disclose to anyone (other than personnel of the Company or its Subsidiaries and Affiliates who need to know such information in connection with their work for the Company or such Subsidiaries and
Affiliates) or use, except in connection with his work for the Company or its Subsidiaries and Affiliates, Third Party Information unless expressly authorized by a member of the Board in writing. 
  

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 Execution Copy 
  

 6. Intellectual Property, Inventions and Patents. Executive acknowledges that all discoveries,
concepts, ideas, inventions, innovations, improvements, developments, methods, designs, analyses, drawings, reports, patent applications, copyrightable work and mask work (whether or not including any confidential information) and all registrations
or applications related thereto, all other proprietary information and all similar or related information (whether or not patentable) which relate to the Company’s or any of its Subsidiaries’ actual or anticipated business, research and
development or existing or future products or services and which are conceived, developed or made by Executive (whether above or jointly with others) while employed by the Company and its Subsidiaries, whether before or after the date of this
Agreement (“Work Product”), belong to the Company or such Subsidiary. Executive shall promptly disclose such Work Product to the Board and, at the Company’s expense, perform all actions reasonably requested by the Board (whether
during or after the Employment Period) to establish and confirm such ownership (including, without limitation, assignments, consents, powers of attorney and other instruments). 
  
 7. Non-Compete, Non-Solicitation. (a) In further consideration of the compensation to be paid to Executive hereunder,
Executive acknowledges that during the course of his employment with the Company and its Subsidiaries (including its predecessors) he has and shall become familiar with the Company’s trade secrets and with other Confidential Information
concerning the Company and its Subsidiaries and Affiliates and that his services have been and shall be of special, unique and extraordinary value to the Company and its Subsidiaries and Affiliates, and, therefore, Executive agrees that, during the
Employment Period and for one (1) year thereafter (the “Noncompete Period”), he shall not directly or indirectly, either for himself or for any other person, partnership, corporation, company or other entity, own any interest in,
manage, control, participate in, consult with, render services for, or in any other manner engage in any business or enterprise within North America which sells and distributes, on a wholesale basis, imprintable sportswear or accessories (any of the
foregoing, a “Competitive Activity”), except that in no case shall the foregoing provision apply to activities performed in connection with the manufacturing or retailing of imprintable sportswear or accessories. For purposes of this
Agreement, “participate” includes any direct or indirect interest in any enterprise, whether as an officer, director, employee, partner, sole proprietor, agent, representative, independent contractor, executive, franchisor, franchisee,
creditor, owner or otherwise; provided that the foregoing activities shall not include the passive ownership (i.e., Executive does not directly or indirectly participate in the business or management of the applicable entity) of less than 2% of the
stock of a publicly-held corporation whose stock is traded on a national securities exchange. Executive agrees that the aforementioned covenant is reasonable with respect to its duration, geographical area and scope. In particular, Executive
acknowledges and agrees that the geographic scope of this restriction is necessary to protect the goodwill and Confidential Information of the Company and its Subsidiaries. 
  
 (b) During the Noncompete Period, Executive shall not directly or indirectly through another person or entity (i) induce or
attempt to induce any employee of the Company or any Subsidiary to leave the employ of the Company or such Subsidiary, or in any way interfere with the relationship between the Company or any Subsidiary and any employee thereof, except for general
solicitations for employment made to the public, (ii) hire any person who was an employee of the Company or any Subsidiary at any time during the twelve (12) months preceding 

  

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 Execution Copy 
  

 
the hiring of such person, unless such person’s application was in response to general solicitations made to the public and such person is being hired
for a non-executive level position, (iii) induce or attempt to induce any customer, supplier, licensee, licensor, franchisee or other business relation of the Company or any Subsidiary to cease doing business with the Company or such Subsidiary, or
in any way interfere with the relationship between any such customer, supplier, licensee or business relation and the Company or any Subsidiary (including, without limitation, making any negative or disparaging statements or communications about the
Company or its Subsidiaries) or (iv) distribute, on a wholesale basis, imprintable sportswear or accessories to any customer of the Company or any Subsidiary, except that in no case shall the foregoing provision apply to activities performed by
Executive in connection with the manufacturing or retailing of imprintable sportswear or accessories. 
  
 (c) If, at the time of enforcement of paragraph 5, 6 or 7, a court shall hold that the duration, scope or area restrictions stated herein are unreasonable
under circumstances then existing, the parties agree that the maximum duration, scope or area reasonable under such circumstances shall be substituted for the stated duration, scope or area and that the court shall be allowed to revise the
restrictions contained herein to cover the maximum period, scope and area permitted by law. Executive acknowledges that the restrictions contained in this paragraph 7 are reasonable and that he has reviewed the provisions of this Agreement with his
legal counsel. 
  
 (d) In the event of the breach or a threatened
breach by Executive of any of the provisions of this paragraph 7, the Company would suffer irreparable harm, and in addition and supplementary to other rights and remedies existing in its favor, the Company shall be entitled to specific performance
and/or injunctive or other equitable relief from a court of competent jurisdiction in order to enforce or prevent any violations of the provisions hereof (without posting a bond or other security). In addition, in the event of an alleged breach or
violation by Executive of this paragraph 7, the Noncompete Period shall be tolled until such breach or violation has been duly cured. 
  
 8. Executive’s Representations. Executive hereby represents and warrants to the Company that (i) the execution, delivery and performance of
this Agreement by Executive do not and shall not conflict with, breach, violate or cause a default under any contract, agreement, instrument, order, judgment or decree to which Executive is a party or by which he is bound, (ii) Executive is not a
party to or bound by any employment agreement, noncompete agreement or confidentiality agreement with any other person or entity and (iii) upon the execution and delivery of this Agreement by the Company, this Agreement shall be the valid and
binding obligation of Executive, enforceable in accordance with its terms. Executive hereby acknowledges and represents that he has consulted with independent legal counsel regarding his rights and obligations under this Agreement and that he fully
understands the terms and conditions contained herein. 
  
 9.
Survival. Paragraphs 4 through 24 (other than paragraphs 18 and 22) shall survive and continue in full force in accordance with their terms notwithstanding the termination of the Employment Period. 
  

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 Execution Copy 
  

 10. Notices. Any notice provided for in this Agreement shall be in writing and shall be either
personally delivered, sent by reputable overnight courier service or mailed by first class mail, return receipt requested, to the recipient at the address below indicated: 
  
 Notices to Executive: 
  
 Norman Hullinger 
 401 East Hunting Park Avenue 
 Philadelphia, PA 19124 
  
 Notices to the Company: 
  
 Broder Bros., Co. 
 45555 Port Street 
 Plymouth, MI 48170 
 Attention: Chief Financial Officer 
  
 With a copy to: 
  
 Kirkland & Ellis, LLP 
 333 Bush Street, 26th Floor 
 San Francisco, CA 94104 
 Attention: Jeffrey C. Hammes 
        David A. Breach 
  
 or such other address or to the attention of such other person as the recipient party shall have specified by prior written notice to the sending party. Any notice under this Agreement shall be deemed to have been
given when so delivered, sent or mailed. 
  
 11.
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 of this Agreement or any action in 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. 
  
 12. Complete Agreement. This Agreement, those documents expressly referred to herein and other documents of even date herewith embody the complete
agreement and understanding among the parties and supersede and preempt any prior understandings, agreements or representations by or among the parties, written or oral, which may have related to the subject matter hereof in any way. 
  

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 Execution Copy 
  

 13. No Strict Construction. The language used in this Agreement shall be deemed to be the
language chosen by the parties hereto to express their mutual intent, and no rule of strict construction shall be applied against any party. 
  
 14. Counterparts. This Agreement may be executed in separate counterparts (including by means of facsimile), each of which is deemed to be an
original and all of which taken together constitute one and the same agreement. 
  
 15. Successors and Assigns. This Agreement will be binding upon and inure to the benefit of the Company and any successor to the Company, including without limitation any persons acquiring directly or
indirectly all or substantially all of the business or assets of the Company whether by purchase, merger, consolidation, reorganization or otherwise (and such successor shall thereafter be deemed the “Company” for the purposes of this
Agreement). This Agreement will inure to the benefit of and be enforceable by Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees and legatees, but otherwise will not otherwise be
assignable, transferable or delegable by Executive. This Agreement is personal in nature and neither of the parties hereto shall, without the consent of the other, assign, transfer or delegate this Agreement or any rights or obligations hereunder
except as otherwise expressly provided in this Section 15. 
  
 16.
Choice of Law. All issues and questions concerning the construction, validity, enforcement and interpretation of this Agreement and the exhibits and schedules hereto shall be governed by, and construed in accordance with, the laws of the
State of Michigan, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Michigan or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State
of Michigan. 
  
 17. Amendment and Waiver. The provisions
of this Agreement may be amended or waived only with the prior written consent of the Company (as approved by the Board) and Executive, and no course of conduct or course of dealing or failure or delay by any party hereto in enforcing or exercising
any of the provisions of this Agreement (including, without limitation, the Company’s right to terminate the Employment Period for Cause or, except as otherwise stated herein, Executive’s right to terminate this Agreement for Good Reason)
shall affect the validity, binding effect or enforceability of this Agreement or be deemed to be an implied waiver of any provision of this Agreement. 
  
 18. Insurance. The Company may, at its discretion, apply for and procure in its own name and for its own benefit life and/or disability insurance
on Executive in any amount or amounts considered advisable. Executive agrees to cooperate in any medical or other examination, supply any information and execute and deliver any applications or other instruments in writing as may be reasonably
necessary to obtain and constitute such insurance. 
  

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 19. Indemnification and Reimbursement of Payments on Behalf of Executive. The Company and its
respective Subsidiaries shall be entitled to deduct or withhold from any amounts owing from the Company or any of its Subsidiaries to Executive any federal, state, local or foreign withholding taxes, excise tax, or employment taxes
(“Taxes”) imposed with respect to Executive’s compensation or other payments from the Company or any of its Subsidiaries or Executive’s ownership interest in the Company (including, without limitation, wages, bonuses, dividends,
the receipt or exercise of equity options and/or the receipt or vesting of restricted equity). In the event the Company or any of its Subsidiaries does not make such deductions or withholdings, Executive shall indemnify the Company and its
Subsidiaries for any amounts paid with respect to any such Taxes, together (if such failure to withhold was at the written direction of Executive) with any interest, penalties and related expenses thereto. 
  
 20. Certain Other Tax Matters. Notwithstanding anything in this
Agreement to the contrary, if at any time it is determined (as hereafter provided) that any payment or distribution by the Company to or for the benefit of Executive, whether paid or payable or distributed or distributable pursuant to the terms of
this Agreement or otherwise pursuant to or by reason of any other agreement, policy, plan, program or arrangement, including without limitation any stock option, stock issuance right or similar right, or the lapse or termination of any restriction
on or the vesting or exercisability of any of the foregoing (a “Payment”), would be subject to the excise tax imposed by Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”) (or any successor provision
thereto) by reason of being “contingent on a change in ownership or control” of the Company, within the meaning of Section 280G of the Code (or any successor provision thereto) or to any similar tax imposed by state or local law, or any
interest or penalties with respect to such excise tax (such tax or taxes, together with any such interest and penalties, are hereafter collectively referred to as the “Excise Tax”), then the Company shall attempt in good faith to obtain
those consents or approvals required by the Company’s shareholders under Section 280G(b)(5) of the Code to prevent the applicable Payment from being subject to an Excise Tax. 
  
 21. Waiver of Jury Trial. AS A SPECIFICALLY BARGAINED FOR INDUCEMENT FOR EACH OF THE PARTIES HERETO TO ENTER INTO
THIS AGREEMENT (AFTER HAVING THE OPPORTUNITY TO CONSULT WITH COUNSEL), EACH PARTY HERETO EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY LAWSUIT OR PROCEEDING RELATING TO OR ARISING IN ANY WAY FROM THIS AGREEMENT OR THE MATTERS CONTEMPLATED
HEREBY. 
  
 22. Corporate Opportunity. During the
Employment Period, Executive shall submit to the Board all business, commercial and investment opportunities or offers presented to Executive or of which Executive becomes aware which relate to the business of distributing imprintable sportswear and
accessories at any time during the Employment Period (“Corporate Opportunities”). Unless approved by the Board, Executive shall not accept or pursue, directly or indirectly, any Corporate Opportunities on Executive’s own behalf.

  
 23. Executive’s Cooperation. During the Employment
Period and thereafter, Executive shall cooperate with the Company and its Subsidiaries in any internal investigation or administrative, regulatory or judicial proceeding as reasonably requested by the Company 

  

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(including, without limitation, Executive being available to the Company upon reasonable notice for interviews and factual investigations, appearing at the
Company’s request to give testimony without requiring service of a subpoena or other legal process, volunteering to the Company all pertinent information and turning over to the Company all relevant documents which are or may come into
Executive’s possession, all at times and on schedules that are reasonably consistent with Executive’s other permitted activities and commitments). In the event the Company requires Executive’s cooperation in accordance with this
paragraph, the Company shall pay Executive a per diem reasonably determined by the Board and reimburse Executive for reasonable expenses incurred in connection therewith (including lodging and meals, upon submission of receipts). 
  
 24. Directors’ and Officers’ Insurance. During the
Employment Period and thereafter, the Company agrees to maintain directors’ and officers’ insurance covering Executive for so long as the Company maintains such insurance for the benefit of any other director or officer (or any former
director or officer) of the Company. 
  
 *    *    *    *    * 
  
 IN WITNESS WHEREOF, the parties hereto have executed this Employment Agreement as of the date first written above. 
  

			
	BRODER BROS., CO.
		
	By:	 	  
  

	Its:	 	  

	
	

	Norman Hullinger

  

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 Exhibit I 
  
 [date] 
  
 Dear [Executive]: 
  
 This letter will confirm the agreement between you and Broder Bros., Co. (including its subsidiaries, the “Company”) as follows: 
  
 1. Separation from the Company. 
  
 By signing this letter agreement you acknowledge that the termination of your employment
with the Company will be effective on [                ] (the “Separation Date”). As of the Separation Date, you will cease to be an employee of the
Company, and you will no longer be required to fulfill any of the duties and responsibilities associated with your position. In addition, your employment agreement with the Company will terminate as of the Separation Date, except as otherwise
provided therein. 
  
 2. Severance Benefits. 
  
 In exchange for your execution of this Agreement, including the Release in paragraph 3 and
your continued compliance with paragraphs 5, 6 and 7 of the Employment Agreement dated as of December 22, 2003 between you and the Company (the “Employment Agreement”), the Company agrees to provide you with: (i) your Base Salary through
the Separation Date; (ii) payment for all accrued, but unused, vacation days; (iii) payment of any annual bonus earned, but not yet paid by the Company, with respect to a year ending prior to such termination; and (iv) the severance benefits
described in subparts 4(b)(iv) and 4(b)(v) and the last sentence of paragraph 4(b) of the Employment Agreement (the “Severance Benefits”). Such Severance Benefits will not be provided until this letter agreement becomes effective and
enforceable. Such Severance Benefits shall not be considered compensation for purposes of any employee benefit plan, program, policy or arrangement maintained or hereafter established by the Company or any of its affiliates. You understand that the
Severance Benefits provided to you represent consideration for signing this Release and are not salary, wages or benefits to which you were already entitled. You also acknowledge and represent that you have already received everything to which you
were entitled by virtue of your employment relationship with the Company. 
  
 3. Release by You. 
  
 (a)
You (for yourself, your heirs, assigns or executors) release and forever discharge the Company, any of its affiliates, and its and their directors, officers, agents, shareholders and employees from any and all claims, suits, demands, causes of
action, contracts, covenants, obligations, debts, costs, expenses, attorneys’ fees, liabilities of whatever kind or 

  

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 Execution Copy 
  

 
nature in law or equity, by statute or otherwise whether now known or unknown, vested or contingent, suspected or unsuspected, and whether or not concealed
or hidden, which have existed or may have existed, or which do exist, through the date this letter agreement becomes effective and enforceable, (“Claims”) of any kind, which relate in any way to your employment with the Company or the
termination of that employment, except those arising out of (i) the performance of this letter agreement or the Employment Agreement, (ii) your rights under the employee benefit plans of the Company, (iii) your rights to accrued, unused vacation and
sick leave, (iv) your right to any indemnification by the Company pursuant to its articles of incorporation and bylaws, (v) your rights to coverage under the Company’s directors’ and officers’ insurance policy, (vi) your rights as a
shareholder of the Company (to the extent you continue to own capital stock of the Company following the execution of this Agreement), (vii) your rights with respect to stock options or other similar equity-based incentives granted to you by the
Company, as determined under the applicable plans and award agreements (to the extent such rights survive a termination of employment). Such released claims include, without in any way limiting the generality of the foregoing language, any and all
claims of employment discrimination under any local, state, or federal law or ordinance, including, without limitation, Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991; the Americans with Disabilities Act of 1990;
the Age Discrimination in Employment Act of 1967, as amended. 
  
 (b) In signing this Release you acknowledge that you intend that it shall be effective as a bar to each and every one of the Claims hereinabove mentioned or implied. You expressly consent that this letter agreement shall be given full force
and effect according to each and all of its express terms and provisions, including those relating to unknown and unsuspected Claims (notwithstanding any state statute that expressly limits the effectiveness of a general release of unknown,
unsuspected and unanticipated Claims), if any, as well as those relating to any other Claims hereinabove mentioned or implied. You acknowledge and agree that this waiver is an essential and material term of this letter agreement and without such
waiver the Company would not have provided the Severance Benefits described in paragraph 2. You further agree that in the event you bring your own Claim in which you seek damages against the Company, or in the event you seek to recover against the
Company in any Claim brought by a governmental agency on your behalf, this release shall serve as a complete defense to such Claims. 
  
 (c) By signing this letter agreement, you acknowledge that you: 
  

	 	(i)	have been given twenty-one days after receipt of this letter agreement within which to consider it; 

  

	 	(ii)	have carefully read and fully understand all of the provisions of this letter agreement; 

  

	 	(iii)	knowingly and voluntarily agree to all of the terms set forth in this letter agreement; 

  

 I-2 

 Execution Copy 
  

	 	(iv)	knowingly and voluntarily agree to be legally bound by this letter agreement; 

  

	 	(v)	have been advised and encouraged in writing (via this agreement) to consult with an attorney prior to signing this letter agreement; 

  

	 	(vi)	understand that this letter agreement, including the Release, shall not become effective and enforceable until the eighth day following execution of this letter agreement, and that
at any time prior to the effective day you can revoke this letter agreement. 

  
 4. Release by the Company. 
  
 The Company
releases and forever discharges you from any and all Claims which relate in any way to your employment with the Company or the termination of that employment; which were Known to the Company prior to the date this letter agreement becomes effective
and enforceable. For purposes of this paragraph, “Known to the Company” means the actual knowledge of the members of the Company’s Board of Directors and the Company’s three most highly paid executive officers. 
  
 In signing this Release the Company acknowledges that the Company intends that this Release
shall be effective as a bar to each and every one of the Claims hereinabove mentioned or implied. The Company expressly consents that this letter agreement shall be given full force and effect according to each and all of its express terms and
provisions, including those relating to unknown and unsuspected Claims (notwithstanding any state statute that expressly limits the effectiveness of a general release of unknown, unsuspected and unanticipated Claims), if any, as well as those
relating to any other Claims hereinabove mentioned or implied. The Company acknowledges and agrees that this waiver is an essential and material term of this letter agreement and without such waiver the Executive would not have entered into this
letter agreement. The Company further agrees that in the event the Company brings its own Claim in which the Company seeks damages against you, or in the event the Company seeks to recover against you in any Claim brought by a governmental agency on
the Company’s behalf, this release shall serve as a complete defense to such Claims. 
  
 5. Additional Agreements. 
  
 (a) You also agree to keep all confidential and proprietary information about the past or present business affairs of the Company confidential unless a prior written release from the Company is obtained, except for any disclosure required
by law. 
  
 (b) You further agree that as of the date hereof, you
have returned to the Company any and all property, tangible or intangible, relating to its business, which you possessed or had control over at any time (including, but not limited to, company-provided credit cards, building or office access cards,
keys, computer equipment, manuals, files, documents, records, software, customer data base and other data) and that you shall not retain any copies, compilations, extracts, excerpts, summaries or other notes of any such manuals, files, documents,
records, software, customer data base or other data. 
  

 I-3 

 Execution Copy 
  

 6. Confidentiality of this Letter Agreement. 
  
 The contents of this letter agreement, including but not limited to its financial terms, are
strictly confidential. By signing this agreement you agree and represent that you will maintain the confidential nature of the agreement, except (a) to legal counsel, tax and financial planners, and immediate family who agree to keep it
confidential; (b) as otherwise required by law, in which case you shall notify the Company in writing in advance of disclosure; and (c) as necessary to enforce this letter agreement. 
  
 The Company agrees that it will keep the contents of this letter agreement confidential, except (a) to its executive staff and governing
bodies, as necessary or appropriate, and to its outside counsel and auditors; (b) as otherwise required by law; and (c) as necessary to enforce this letter agreement. 
  
 7. No Transfer or Assignment. 
  
 You and the Company agree that no interest or right you have or any of your beneficiaries has to receive payment or to receive benefits
under this Agreement shall be subject in any manner to sale, transfer, assignment, pledge, attachment, garnishment, or other alienation or encumbrance of any kind, except as required by law. Nor may such interest or right to receive payment or
distribution be taken, voluntarily or involuntarily, for the satisfaction of the obligations or debts of, or other claims against you or your beneficiary, including for alimony, except to the extent required by law. 
  
 8. No Admissions. 
  
 This letter agreement shall not be construed as an admission of any wrongdoing either by the
Company, its affiliates, or its and their directors, officers, agents and employees. 
  
 9. No Other Agreement. 
  
 Except as
otherwise provided herein, this letter agreement contains the entire agreement between you and the Company with regard to the subject matter hereof. No part of this letter agreement may be changed except in writing, executed by both you and the
Company. Notwithstanding anything to the contrary contained herein, you acknowledge and agree that you remain bound by the provisions of paragraphs 5, 6 and 7 of the Employment Agreement. 
  
 10. Governing Law. 
  
 This letter agreement shall be interpreted in accordance with the laws of the State of Michigan. Whenever possible, each provision of this letter agreement shall be
interpreted in a manner as to be effective and valid under applicable law, but if any provision shall be held to be prohibited or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity,
without invalidating or affecting the remainder of such provision or any of the remaining provisions of this letter agreement. 
  

 I-4 

 Execution Copy 
  

 11. Counterparts. 
  
 This Agreement may be executed in separate counterparts, each of which is deemed to be an original and all of which taken together
constitute one and the same Agreement. 
  
 12. Tax
Disclosures. 
  
 Notwithstanding anything herein to the contrary, you, the
Company and each other party to the transaction contemplated hereby (and each affiliate and person acting on behalf of any such party) agree that each party (and each employee, representative and other agent of such party) may disclose to any and
all persons, without limitation of any kind, the tax treatment and tax structure of the transaction and all materials of any kind (including opinions or other tax analyses) that are provided to such party or such person relating to such tax
treatment and tax structure, except to the extent necessary to comply with any applicable federal or state securities laws. This authorization is not intended to permit disclosure of any other information, including (without limitation) (i) any
portion of any materials to the extent not related to the tax treatment or tax structure of the transaction, (ii) the identities of participants or potential participants in the transaction, (iii) the existence or status of any negotiations, (iv)
any pricing or financial information (except to the extent such pricing or financial information is related to the tax treatment or tax structure of the transaction) or (v) any other term or detail not relevant to the tax treatment or the tax
structure of the transaction. 
  
 *    *    *    *    * 
  
 Please indicate your agreement by signing this letter and returning it to us on or before
                            . 
  

			
	Very truly yours,
	
	BRODER BROS., CO.
		
	By:	 	  
  

	Its:	 	  

  

			
	AGREED TO AND ACCEPTED BY:
	
	  

		
	Dated:	 	  

  

 I-5Executive Stock Purchase Agreement

 Exhibit 10.23 
  
 EXECUTIVE STOCK PURCHASE AGREEMENT 
  
 THIS EXECUTIVE STOCK PURCHASE AGREEMENT (this “Agreement”) dated as of April     , 2004, by and between
Broder Bros., Co., a Michigan corporation (the “Company”), Bain Capital Fund VII, LLC (the “Seller”) and              (“Executive”).

  
 WHEREAS, Executive desires to purchase from the Seller, and
the Seller desires to sell to Executive, the number of shares of the Company’s Class L Common Stock, Series 3, par value $.01 per share (the “Class L Common, Series 3”), Class L Common Stock, Series 4, par value $.01 per share
(the “L Common, Series 4” and together with the Class L Common, Series 3, the “Class L Common”) and certain of the Company’s Class B Common Shares, par value $.01 per share (the “Class B
Common” and together with the Class L Common, the “Common Shares”) and certain warrants to purchase shares of Class L Common, Series 3 (the “Warrants”), as set forth on the Schedule of Sellers
attached hereto. All of such Common Shares and all shares of the Company’s capital stock hereafter acquired by Executive, other than shares of capital stock acquired by Executive upon exercise of options pursuant to the Company’s 2004
Executive Stock Option Plan, are referred to herein as “Executive Stock.” 
  
 NOW, THEREFORE, in consideration of the mutual premises herein made, and in consideration of the representations, warranties and covenants herein contained, the parties hereto agree as follows: 
  
 1. Purchase and Sale of Stock and Warrants. 
  
 (a) Upon execution of this Agreement, Executive will purchase, and
the Seller will sell, shares of Class L Common and Class B Common and Warrants (collectively, the “Purchased Securities”), in such amounts and for such consideration as set forth on the Schedule of Sellers attached hereto.
The Seller will deliver to Executive copies of certificates or other instruments representing such Purchased Securities, and, upon receipt of such copies, Executive will deliver to the Seller (i) a cash payment in the amount of
$             and (ii) an executed consent from Executive’s spouse (if any) in the form of Exhibit A attached hereto. If, at any time subsequent to the date hereof and
prior to the occurrence of a Termination Event (as defined in paragraph 2(f) hereof), Executive becomes legally married (whether in the first instance or to a different spouse), Executive shall cause Executive’s spouse to execute and deliver a
consent in the form of Exhibit A attached hereto. Executive’s failure to deliver the Seller an executed consent in the form of Exhibit A at any time when Executive would otherwise be required to deliver such consent shall
constitute Executive’s continuing representation and warranty that Executive is not legally married as of such date.  

 (b) Representations and Warranties. In connection with the purchase and sale of the Purchased
Securities hereunder, Executive represents and warrants to the Seller that: 
  
 (i) The Purchased Securities to be acquired by Executive pursuant to this Agreement will be acquired for Executive’s own account and not with a view to, or intention of, distribution thereof in violation of the
Securities Act of 1933, as amended (the “1933 Act”), or any applicable state securities laws, and the Purchased Securities will not be disposed of in contravention of the 1933 Act or any applicable state securities laws. 

 
 (ii) Executive is an executive officer or management
employee of the Company or its Subsidiaries, is sophisticated in financial matters and is able to evaluate the risks and benefits of the investment in the Purchased Securities. 
  
 (iii) Executive is able to bear the economic risk of his investment in the Purchased Securities for an
indefinite period of time because neither Executive Stock nor the Warrants have been registered under the 1933 Act and, therefore, cannot be sold unless subsequently registered under the 1933 Act or an exemption from such registration is available.

  
 (iv) Executive has had an opportunity to ask
questions and receive answers concerning the terms and conditions of the offering of the Purchased Securities and has had full access to such other information concerning the Company and its Subsidiaries as he or she has requested. The Company has
provided to Executive, and Executive has reviewed, or has had an opportunity to review the Final Offering Memorandum, dated as of September 22, 2003 pursuant to which the Company issued $175.0 million in aggregate principal amount of senior
subordinated notes. Executive is familiar with each of the transactions contemplated by all of such documents. 
  
 (v) Executive has consulted, or has had an opportunity to consult with, independent legal counsel regarding his rights and obligations
under this Agreement and he fully understands the terms and conditions contained herein. 
  
 (c) Acknowledgment. As an inducement to the Seller to sell the Purchased Securities to Executive, and as a condition thereto, Executive acknowledges and agrees that: 
  
 (i) neither the sale of the Purchased Securities to
Executive nor any provision contained herein shall entitle Executive to remain in the employment of the Company or its Subsidiaries or affect the right of the Company to terminate Executive’s employment at any time for any reason. 

 

 2 

 2. Repurchase Option. 
  
 (a) Definitions. The following terms are defined as follows: 
  
 “Affiliate” of a particular Person shall mean any other
Person controlling, controlled by or under common control with such Person. 
  
 “Cause” shall have the meaning assigned to such term in Executive’s written employment agreement with the Company or any of its Subsidiaries or, in the absence of any such written employment
agreement, “Cause” shall mean with respect to Executive one or more of the following: (i) the commission of a felony or other crime involving moral turpitude or the commission of any crime involving misappropriation, embezzlement or
fraud with respect to the Company or any of its Subsidiaries or any of their customers or suppliers, (ii) conduct causing the Company or any of its Subsidiaries substantial public disgrace or disrepute, (iii) repeated failure to perform duties as
reasonably directed by the Board, which failure is not cured within 30 days after delivery of written notice from the Company to Executive describing specifically the nature of such failures and the action required to cure, (iv) any act or omission
intentionally aiding or abetting a competitor, supplier or customer of the Company or any of its Subsidiaries to the material disadvantage or detriment of the Company and its Subsidiaries, (v) gross negligence, willful misconduct or a material
breach of fiduciary duty with respect to the Company or any of its Subsidiaries, or (vi) any material breach by Executive of any written agreement between the Company and Executive which is not cured to the Board’s reasonable satisfaction
within 15 days after written notice thereof to Executive. 
  
 “Competitive Activity” shall have the meaning assigned to such term in any separate employment agreement between the Company and Executive. 
  
 “Fair Market Value” of Executive Stock shall mean (a) the last sale price of such share, regular way, on
such date or, if no such sale takes place on such date, the average of the closing bid and asked prices thereof on such date, in each case as officially reported on the principal national securities exchange on which such security is then listed or
admitted to trading, (b) if such security is not then listed or admitted to trading on any national securities exchange but are designated as a national market system security by the NASD, the last trading price of that security on such date, (C) if
there shall have been no trading on such date or if such security is not so designated, the average of the closing bid and asked prices of such security on such date as shown by the NASD automated quotation system or (d) if such security is not then
listed or admitted to trading on any national exchange or quoted in the over-the-counter market, the fair market value thereof determined in good faith by the Board; provided that if Executive disputes the Fair Market Value, as determined by the
Board, Executive may seek an appraisal of Executive Stock by a mutually acceptable nationally recognized independent appraiser. The determination of the appraiser pursuant hereto will be final and binding and the fees and expenses of such appraiser
shall be paid by Executive, except that Executive will be entitled to reimbursement by the Company for such fees and expenses if the Fair Market Value, as determined by the Board, is less than 80% of the Fair Market Value, as determined by the
appraiser. The “Fair Market Value” of a Warrant shall mean (i) the fair market value of a share of Executive Stock purchasable pursuant to the Warrant (determined in accordance with this paragraph) minus (ii) the exercise price of
the Warrant. 
  

 3 

 “Good Reason” shall have the meaning assigned to such term in Executive’s written
employment agreement with the Company or any of its Subsidiaries or, in the absence of any such written employment agreement, “Good Reason” shall mean if Executive resigns from employment with the Company and its Subsidiaries as a
result of one or more of the following reasons: (i) the Company reduces the amount of Executive’s base salary or potential target bonus without Executive’s written consent, other than a reduction in salary of no more than 10% of
Executive’s then current base salary done in connection with salary reductions affecting all members of the Company’s executive management team, (ii) the Company substantially reduces Executive’s authority or responsibilities without
Executive’s written consent, (iii) the Company changes Executive’s principal place of work to a location more than 25 miles without Participant’s prior consent, (iv) the Company assigns to Executive duties inconsistent with his
positions without Executive’s written consent, or (v) any other material breach by the Company (or its successors) of any written agreement between the Company and Executive, in each case set forth above which is not cured to Participant’s
reasonable satisfaction within 15 days after written notice thereof to the Company; provided that in each case written notice of Executive’s resignation for Good Reason must be delivered to the Company within 45 days after the occurrence of any
such event in order for Executive’s resignation with Good Reason to be effective hereunder. 
  
 “Independent Third Party” means any individual, partnership, joint venture, corporation, trust, limited liability company, unincorporated
organization or government department or agency who, immediately prior to the contemplated transaction, does not own in excess of 10% of the Company’s Common Shares on a fully diluted basis, who is not controlling, controlled by or under common
control with any such 10% owner of the Company’s Common Shares and who is not the spouse or descendant (by birth or adoption) of any such 10% owner of the Company’s Common Shares. 
  
 “Investors” means Bain Capital Fund VII, L.P., BCIP
Associates III, BCIP T Associates III, BCIP Associates III-B and BCIP T Associates III-B and Randolph Street Partners II. 
  
 “Noncompete Period” shall have the meaning assigned to such term in any separate employment agreement between the Company and Executive.

  
 “Person” means an individual, a partnership,
a joint venture, a corporation, a trust, a limited liability company, an unincorporated organization and a government or any department or agency thereof. 
  
 “Sale of the Company” means any transaction involving the Company and an Independent Third Party or affiliated group of Independent Third
Parties pursuant to which such party or parties acquire (i) a majority of the outstanding shares of capital stock of the Company entitled to vote generally in the election of Company’s board of directors (whether by merger, consolidation or
sale or transfer of the Company’s capital stock) or (ii) all or substantially all of the Company’s assets determined on a consolidated basis (for purposes hereof “all or substantially all” shall have the meaning given such phrase
in the Revised Model Business Corporation Act). 
  

 4 

 “Subsidiary” means any corporation of which shares of stock having a majority of the
general voting power in electing the board of directors are, at the time as of which any determination is being made, owned by the Company either directly or through its Subsidiaries. 
  
 (b) Repurchase Option. In the event that Executive is no longer employed by the Company or any of its Subsidiaries
for any reason (the date of such termination being referred to herein as the “Termination Date”), Executive Stock and the Warrants, whether held by Executive or one or more transferees, will be subject to repurchase by the Seller
and the Company (each of the aforementioned, solely at their option) pursuant to the terms and conditions set forth in this paragraph 2 (the “Repurchase Option”). 
  
 (c) Repurchase Price. If Executive ceases to be employed by the Company or any of its Subsidiaries for any reason,
then the Company and the Investors may purchase all or any portion of the Executive Stock and Warrants purchased by Executive pursuant to this Agreement at a price per share equal to the Fair Market Value of such security, as determined in
accordance with this paragraph 2. For purposes of this paragraph 2(c), Fair Market Value shall be determined as of the date the Repurchase Option is exercised, unless (as a result of a delay in the determination of Fair Market Value or otherwise)
the closing of such purchase occurs more than 180 days after the Repurchase Option is exercised, in which case, the Repurchase Option shall be at a price per share equal to the Fair Market Value, as determined within 45 days prior to such closing.

  
 (d) Repurchase Procedures. The Seller may elect to
exercise the Repurchase Option to purchase by delivering written notice (the “Initial Repurchase Notice”) to the holder or holders of the Warrants and of each class of Executive Stock and the Company, within 60 days after the
occurrence of the Termination Date (provided that such notice may be delivered (i) in the case of any Employee Stock issued after the Termination Date within 60 days of the date any such Employee Stock is issued or (ii) if applicable, in the case of
Executive’s participation in any Competitive Activity during the Noncompete Period, within 60 days after the date the Company and the Seller become aware of any such participation). To the extent that the Seller purchases shares of Class L
Common, Series 4, the Seller must also purchase a pro rata portion of the Warrants. Warrants may only be purchased pursuant to this paragraph and in connection with a purchase of Class L Common, Series 4. To the extent that any portion of Executive
Stock or of the Warrants is not being repurchased by the Seller, the Company may exercise the Repurchase Option for the remaining Executive Stock and Warrants by delivering written notice (a “Company Repurchase Notice” and together
with the Initial Repurchase Notice, a “Repurchase Notice”) to the holder or holders of the applicable Executive Stock and Warrants within 10 business days of the expiration of the 10 business day period during which the Seller was
entitled to deliver the Initial Repurchase Notice. Each Repurchase Notice will set forth the number of Warrants and/or the number of shares of each class of Executive Stock to be acquired from such holder(s), the aggregate consideration to be paid
for such holder’s Warrants and shares of each such class of Executive Stock and the time and place for the closing of the transaction. If any Warrants or shares of any class of Executive Stock are held by any transferees of Executive, the
Seller and the Company, as the case may be, will purchase such shares of such class elected to be purchased from such holder(s) of Executive Stock, pro rata according to the number of shares of such class of Executive Stock held by such holder(s) at
the time of delivery of such Repurchase Notice (determined as nearly as practicable to the nearest share). 
  

 5 

 (e) Closing. 
  
 (i) The closing of the transactions contemplated by this paragraph 2 will take place on the date designated by the Seller in
the Repurchase Notice as the case may be, which date will not be more than thirty (30) days after the delivery of such notice. 
  
 (ii) The Seller and/or the Company, as the case may be, will pay for Executive Stock and Warrants to be purchased pursuant to the Repurchase Option by
delivery of, in the case of the Seller, a check payable to the holder of such Executive Stock or Warrants, and in the case of the Company by delivery of one or more checks, one or more promissory notes and/or a combination of checks and notes as
follows: (A) if the Repurchase Option is being exercised as a result of a termination of employment by the Company for Cause, Executive’s resignation without Good Reason or, if applicable, Executive’s participation in any Competitive
Activity during the Noncompete Period, the Company shall pay for Executive Stock or Warrants with checks, unless, in the good faith determination of the Board, the Company lacks sufficient available cash, including any borrowing available under any
of the Company’s then current credit facilities that have additional borrowing capacity, to pay for such purchase and to provide sufficient funding for its business and operations, the Company may pay for such other Executive Stock or Warrants
with subordinated notes or (B) if the Repurchase Option is being exercised as a result of a termination of employment for any reason not covered by the preceding clause (A), the Company shall pay for such Executive Stock or Warrants with checks.

  
 (iii) Any checks issued pursuant to this paragraph 2(e) shall
be certified or cashiers’ checks. Any subordinated notes issued by the Company pursuant to this paragraph 2(e) shall be payable in three equal annual installments beginning on the first anniversary of the closing of such purchase, shall bear
interest at a rate per annum equal to the highest borrowing cost that is being charged to the Company as of the date the note is issued under the Company’s then existing revolving credit facility plus two (2) percent; shall be subject to any
restrictive covenants to which the Company is subject at the time of such purchase; provided that the principal of and all interest accrued on such notes will be due and payable in full on the earlier to occur of (A) the closing of Sale of the
Company and (B) a redemption of, or dividend on, the Company’s equity securities (other than a repurchase of equity securities in connection with the termination of employment of any employee or consultant). 
  
 (iv) Notwithstanding anything to the contrary contained in this Agreement,
all repurchases of Executive Stock and Warrants by the Company will be subject to applicable restrictions contained in the Michigan Business Corporation Act and in the Company’s and its Subsidiaries’ debt and equity financing agreements
with persons or entities other than the Investors or their Affiliates. If any such restrictions prohibit the repurchase of Executive Stock and Warrants hereunder which the Company is otherwise entitled to make, the Company may make such repurchases
as soon as it is permitted to do so under such restrictions. The Company and/or the Seller, as the case may be, will receive customary representations and warranties from each seller regarding the sale of Executive Stock and the Warrants, including,
but not limited to, the representation that such seller has good and marketable title to Executive Stock and the Warrants to be transferred free and clear of all liens, claims and other encumbrances. 
  

 6 

 (f) Termination of Repurchase Option. The provisions of this paragraph 2 will terminate upon the
earlier of (i) a Sale of the Company (a “Termination Event”) or (ii) a Public Offering (as defined below). 
  
 3. Executive Put. 
  
 (a) Put. In the event that Participant ceases to be employed by the Company or any of its Subsidiaries for any reason, other than as a
result of Participant’s termination for Cause or Participant’s resignation without Good Reason, the Participant (or his heirs or estates) may require the Company to purchase (the “Put”) any Executive Stock or Warrants
purchased by Executive under this Agreement and not repurchased by the Seller or the Company pursuant to paragraph 2 above. The purchase price for each Warrant or for each share of Executive Stock purchase by the Company pursuant to the Put shall be
at a price per share equal to Fair Market Value thereof (as of the date the Put is exercised), unless (as a result of a delay in the determination of Fair Market Value or otherwise) the closing of such purchase occurs more than 180 days after the
Put is exercised, in which case, the Put shall be at a price per share equal to the Fair Market Value as determined within 45 days prior to such closing. 
  
 (b) Closing Procedures. 
  
 (i) Executive (or his heirs or estate) may exercise the Put by delivering written notice to the Company within 30 days after the expiration of the period
during which the Repurchase Option may be exercised by the Seller and the Company, which notice shall detail the number of shares of Executive Stock and the number of Warrants to be sold pursuant to the Put (the “Put Notice”).

  
 (ii) Promptly after the receipt of the Put Notice (but in no
event later than 90 days after receipt of the Put Notice), the Company will purchase such shares of Executive Stock and such Warrants by delivery of checks; provided, however, that to the extent the Company, in the good faith determination of the
Board, lacks sufficient available cash, including any borrowing available under any of the Company’s then current credit facilities that have additional borrowing capacity, to pay for such purchase and to provide sufficient funding for its
business and operations, the Company may pay for all other Executive Stock and Warrants with checks, subordinated notes or any combination of checks and subordinated notes as determined in the Company’s sole discretion. 
  
 (iii) Any subordinated notes issued by the Company pursuant to this paragraph
3(b) shall be payable in three equal annual installments beginning on the first anniversary of the closing of such purchase, shall bear interest at a rate per annum equal to the highest borrowing cost that is being charged to the Company as of the
date the note is issued under the Company’s then existing revolving credit facility plus two (2) percent; provided that the principal of and all interest accrued on such notes will be due and payable in full on the earlier to occur of (A) the
closing of Sale of the Company and (B) a redemption of, or dividend on, the Company’s equity securities (other than a repurchase of equity securities in connection with the termination of employment of any employee or consultant). 

 

 7 

 (iv) Notwithstanding anything to the contrary contained in this Agreement, all repurchases of Executive
Stock and Warrants by the Company will be subject to applicable restrictions contained in the Michigan Business Corporation Act and in the Company’s and its Subsidiaries’ debt and equity financing agreements with persons or entities other
than the Investors or their Affiliates. If any such restrictions prohibit the repurchase of Executive Stock hereunder which the Company is otherwise required to make, the Company shall make such repurchases as soon as it is permitted to do so under
such restrictions. The Company will receive customary representations and warranties from each seller regarding the sale of Executive Stock and the Warrants, including, but not limited to, the representation that such seller has good and marketable
title to Executive Stock and the Warrants to be transferred free and clear of all liens, claims and other encumbrances. 
  
 (c) Put Termination. The provisions of this paragraph 3 will terminate upon the occurrence of the earlier of (i) a Termination Event or (ii) a
Public Offering. 
  
 4. Restrictions on Transfer.

  
 (a) Transfer of Executive Stock and Warrants.
Executive will not sell, pledge or otherwise transfer any interest in any shares of Executive Stock or any of the Warrants, except pursuant to the provisions of paragraphs 2, 3, 4(b), 7 or 8 hereof. Executive’s rights to sell, pledge or
otherwise transfer any interest in any shares of Executive Stock or any Warrants will also be subject to the terms of the Amended and Restated Shareholders Agreement dated as of the date hereof among the Company, Executive and certain other
shareholders of the Company. 
  
 (b) Certain Permitted
Transfers. The restrictions contained in this paragraph 4 will not apply with respect to transfers of Executive Stock or Warrants (i) pursuant to applicable laws of descent and distribution, (ii) among Executive’s Family Group (as defined
below) or (iii) any charitable remainder trust (as such term is defined under Section 664 of Code) so long as Executive and/or Executive’s spouse and descendants (whether natural or adopted) are and remain the only trustees of such trust,
provided that the restrictions contained in this paragraph 4 will continue to be applicable to Executive Stock and the Warrants after any such transfer and the transferees of such Executive Stock and Warrants shall agree in writing to be bound by
the provisions of this Agreement. “Family Group” means Executive’s spouse and descendants (whether natural or adopted) and any trust solely for the benefit of, or any corporation, limited liability company or partnership solely
owned and controlled by, Executive and/or Executive’s spouse and/or descendants. Any transferee of Executive Stock pursuant to a transfer in accordance with the provisions of this subparagraph 4(b) is herein referred to as a “Permitted
Transferee.” Upon the transfer of Executive Stock or Warrants pursuant to this paragraph 4(b), Executive will deliver a written notice (the “Transfer Notice”) to the Company. The Transfer Notice will disclose in reasonable
detail the identity of the Permitted Transferee(s). 
  
 (c)
Termination of Transfer Restrictions. The provisions of this paragraph 4 will terminate upon the occurrence of a Termination Event. 
  

 8 

 5. Additional Restrictions on Transfer. 
  
 (a) The certificates representing Executive Stock will bear the following
legend: 
  
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR AN EXEMPTION FROM REGISTRATION THEREUNDER.
THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE ALSO SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER, CERTAIN REPURCHASE OPTIONS AND CERTAIN OTHER AGREEMENTS SET FORTH IN AN EXECUTIVE STOCK PURCHASE AGREEMENT BETWEEN THE ISSUER (THE
“COMPANY”) AND AN EMPLOYEE OF THE COMPANY DATED AS OF APRIL     , 2004, A COPY OF WHICH MAY BE OBTAINED BY THE HOLDER HEREOF AT THE COMPANY’S PRINCIPAL PLACE OF BUSINESS WITHOUT CHARGE.”

  
 (b) No holder of Executive Stock or Warrants may sell,
transfer or dispose of any Executive Stock or Warrants (except pursuant to an effective registration statement under the Securities Act of 1933) without first delivering to the Company an opinion of counsel reasonably acceptable in form and
substance to the Company (which counsel shall be reasonably acceptable to the Company) that registration under the 1933 Act is not required in connection with such transfer. 
  
 6. Definition of Executive Stock. For all purposes of this Agreement, Executive Stock will continue to be
Executive Stock in the hands of any holder other than Executive (except for the Company, the Seller or purchasers pursuant to an offering registered under the 1933 Act or purchasers pursuant to a Rule 144 transaction (other than a Rule 144(k)
transaction occurring prior to the time of a closing of a Public Offering (as defined in paragraph 7 below)), and each such other holder of Executive Stock will succeed to all rights and obligations attributable to Executive as a holder of Executive
Stock hereunder. Executive Stock will also include shares of the Company’s capital stock issued with respect to shares of Executive Stock by way of a stock split, stock dividend or other recapitalization. 
  
 7. Sale of the Company 
  
 (a) If the holders of a majority of the shares of the Company’s
common stock held by the Seller approve (and, in the case of any sale or other fundamental change which requires the approval of the board of directors of a Michigan corporation pursuant to the Michigan Business Corporation Act, the Company’s
board of directors shall have approved such 

  

 9 

 
sale) (i) a sale of all or substantially all of the Company’s assets determined on a consolidated basis or a sale of a majority of the Company’s
outstanding capital stock (whether by merger, recapitalization, consolidation, reorganization, combination or otherwise) to an Independent Third Party or group of Independent Third Parties or (ii) a Transfer of any shares of Common Stock in
connection with a Strategic Transaction (collectively an “Approved Sale”), each holder of Executive Stock and Warrants will vote for, consent to and raise no objections against such Approved Sale. If the Approved Sale is structured
as (i) a merger or consolidation, each holder of Executive Stock or Warrants will waive any dissenter’s rights, appraisal rights or similar rights in connection with such merger or consolidation or (ii) sale of stock (including by
recapitalization, consolidation, reorganization, combination or otherwise), each holder of Executive Stock or Warrants will agree to sell all of his shares of Executive Stock or Warrants and rights to acquire shares of Executive Stock or Warrants on
the terms and conditions approved by the Company’s board of directors and the holders of a majority of the Company’s common stock then outstanding. Each holder of Executive Stock or Warrants will take all necessary or desirable actions in
connection with the consummation of the Approved Sale as reasonably requested by the Company. 
  
 (b) The obligations of the holders of Executive Stock or Warrants with respect to the Approved Sale of the Company are subject to the satisfaction of the following conditions: (i) upon the consummation of the Approved
Sale, each holder of Executive Stock or Warrants will receive the same form of consideration and the same portion of the aggregate consideration that such holders of Executive Stock or Warrants would have received if such aggregate consideration had
been distributed by the Company in complete liquidation pursuant to the rights and preferences set forth in the Company’s Articles of Incorporation as in effect immediately prior to such Approved Sale; (ii) if any holders of a class of Common
Shares are given an option as to the form and amount of consideration to be received, each holder of such class of Common Shares will be given the same option; and (iii) each holder of then currently exercisable rights to acquire shares of a class
of Common Shares will be given an opportunity to exercise such rights prior to the consummation of the Approved Sale and participate in such sale as holders of such class of Common Shares. 
  
 (c) If the Company or the holders of the Company’s securities enter into
any negotiation or transaction for which Rule 506 (or any similar rule then in effect) promulgated by the Securities Exchange Commission may be available with respect to such negotiation or transaction (including a merger, consolidation or other
reorganization), the holders of Executive Stock and Warrants will, at the request of the Company, appoint a purchaser representative (as such term is defined in Rule 501) reasonably acceptable to the Company. If any holder of Executive Stock or
Warrants appoints a purchaser representative designated by the Company, the Company will pay the fees of such purchaser representative, but if any holder of Executive Stock or Warrants declines to appoint the purchaser representative designated by
the Company, such holder will appoint another purchaser representative, and such holder will be responsible for the fees of the purchaser representative so appointed. 
  
 (d) Executive and the other holders of Executive Stock (if any) and Warrants will bear their pro-rata share (based upon the
number of shares sold) of the costs of any sale of Executive Stock or Warrants pursuant to an Approved Sale to the extent such costs are incurred 

  

 10 

 
for the benefit of all holders of Common Shares and are not otherwise paid by the Company or the acquiring party. Costs incurred by Executive and the other
holders of Executive Stock or Warrants on their own behalf will not be considered costs of the transaction hereunder. 
  
 (e) The provisions of this paragraph 7 will terminate upon the closing of a Public Offering (as defined below). 
  
 8. Public Offering. In the event that the Company’s board
of directors and the holders of a majority of the Company’s shares of common stock then outstanding approve an initial public offering and sale of the Company’s common stock (a “Public Offering”) pursuant to an effective
registration statement under the 1933 Act, with regard to their capital stock, and it is determined that the Company’s then existing capital structure will adversely affect the marketability of the offering, each holder of Option Shares will
consent to and vote for a recapitalization, reorganization and/or exchange of the Common Shares and Warrants into securities that the managing underwriters, the Company’s board of directors and holders of a majority of the Common Shares then
outstanding find acceptable and will take all necessary or desirable actions in connection with the consummation of the recapitalization, reorganization and/or exchange; provided that such recapitalization, reorganization or exchange shall be
implemented consistently among all shares of the same class of securities, including all options to purchase shares of that same class of securities, affected thereby. 
  
 9. Voting Agreement. Each holder of Executive Stock hereby agrees to vote all of his shares of Executive Stock
(and, in the event such holder is entitled to vote any of the Company’s other securities for the election of directors, such holder shall vote all such securities) and take all other necessary actions (whether in such holder’s capacity as
a stockholder, director or officer of the Company), and the Company shall take all necessary or desirable actions as are requested by the Seller, in order to cause any representatives designated by the Seller to be elected as members of the
Company’s board of directors. In addition, no holder shall vote his shares of Executive Stock (or such other securities) in connection with the removal of any of the Seller’s designees as a director unless and until the Seller directs such
holder how to vote on such removal. Except as otherwise provided herein, each holder of Executive Stock shall at all times retain the right to vote his Executive Stock (and such other securities) in his sole discretion on all other matters presented
to the Company’s stockholders for a vote. The provisions of this paragraph 9 shall terminate upon the occurrence of a Termination Event. 
  
 10. Holdback Agreement. No holder of Executive Stock will effect any public sale or distribution (including sales pursuant to Rule 144 of
the 1933 Act) of any Executive Stock or of any other capital stock or equity securities of the Company, or any securities, options or rights convertible into or exchangeable or exercisable for such stock or securities, during the seven days prior to
and the 180-day period beginning on the effective date of any underwritten public offering of the Company’s common stock, except as part of such underwritten public offering; provided, however, that all other owners of equity securities of the
Company who are senior executives are subject to the same restriction. The restrictions set forth in paragraph 9 and this paragraph 10 shall terminate with respect to each share of Executive Stock following the time at which such share has been
transferred pursuant to an offering registered under the 1933 Act or to the public through a broker, dealer or market maker pursuant to the provisions of Rule 144 (other than Rule 144(k)), adopted under the 1933 Act. 
  

 11 

 11. Executive’s Representations. Executive hereby represents and warrants to the
Seller that (i) the execution, delivery and performance of this Agreement by Executive do not and will not conflict with, breach, violate or cause a default under any contract, agreement, instrument, order, judgment or decree to which Executive is a
party or by which he is bound, (ii) Executive is not a party to or bound by any employment agreement, noncompete agreement or confidentiality agreement with any other person or entity and (iii) upon the execution and delivery of this Agreement by
the Seller, this Agreement shall be the valid and binding obligation of Executive, enforceable in accordance with its terms. 
  
 12. Notices. Any notice provided for in this Agreement must be in writing and must be personally delivered or sent by guaranteed overnight
delivery service at the addresses indicated below: 
  
 To the
Company: 
  
 Broder Bros., Co. 
 401 East Hunting Park Avenue 
 Philadelphia,
PA 19124 

	 	Attn:	Chief Financial Officer 

  
 With a copy to: 
  
 Kirkland & Ellis LLP 
 333 Bush Street,
26th Floor 
 San Francisco, CA 94104 

	 	Attn:	Jeffrey C. Hammes, P.C. 

	 	    	David A. Breach 

  
 To the Seller: 
  
 Bain Capital, LLC 
 745 Fifth Avenue

 New York, New York 10151 

	 	Attn:	Edward Conard 

  
 To Executive: 
  
 _________________             
  
 _________________             
 _________________             
  

 12 

 or such other address or to the attention of such other person as the recipient party shall have specified by prior
written notice to the sending party. Any notice under this Agreement will be deemed to have been given when so delivered or deposited with such delivery service. 
  
 13. Severability. Whenever possible, each provision of this Agreement will 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
will not affect any other provision or the effectiveness or validity of any provision in any other jurisdiction, and this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision
had never been contained herein. 
  
 14. Complete
Agreement. This Agreement embodies the complete agreement and understanding among the parties and supersedes and preempts any prior understandings, agreements or representations by or among the parties, written or oral, which may have
related to the subject matter hereof in any way. 
  
 15.
Counterparts. This Agreement may be executed in separate counterparts (any one of which may be delivered by facsimile), each of which will be deemed to be an original and all of which taken together will constitute one and the same
agreement. 
  
 16. Successors and Assigns. This
Agreement is intended to bind and inure to the benefit of and be enforceable by Executive, the Company, the Seller and their respective successors and assigns, provided that Executive may not assign any of his rights or obligations, except as
expressly provided by the terms of this Agreement. 
  
 17.
GOVERNING LAW. ALL ISSUES CONCERNING THE ENFORCEABILITY, VALIDITY AND BINDING EFFECT OF THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF MICHIGAN, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR
CONFLICT OF LAW PROVISION OR RULE (WHETHER OF THE STATE OF MICHIGAN OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAW OF ANY JURISDICTION OTHER THAN THE STATE OF MICHIGAN. EACH OF THE PARTIES HERETO SUBMITS TO THE JURISDICTION
IN ANY STATE OR FEDERAL COURT LOCATED IN THE STATE OF MICHIGAN AND WAIVES ANY CLAIM OF IMPROPER JURISDICTION OR LACK OF VENUE IN CONNECTION WITH ANY CLAIM OR CONTROVERSY WHICH MAY BE BROUGHT IN CONNECTION WITH THIS AGREEMENT. 
  
 18. Remedies. The parties hereto acknowledge and agree that
money damages may not be an adequate remedy for any breach of the provisions of this Agreement and that any party hereto will have the right to injunctive relief, in addition to all of its other rights and remedies at law or in equity, to enforce
the provisions of this Agreement. 
  

 13 

 19. Effect of Transfers in Violation of Agreement. The Company will not be required (a) to
transfer on its books any shares of Executive Stock which have been sold or transferred in violation of any of the provisions set forth in this Agreement or (b) to treat as owner of such shares, to accord the right to vote as such owner or to pay
dividends to any transferee to whom such shares have been transferred in violation of this Agreement. 
  
 20. Amendments and Waivers. Except as otherwise provided herein, no modification, amendment or waiver of any provision hereof shall be
effective against the Seller, the Company or Executive unless such modification, amendment or waiver has been approved in writing by the party against whom such modification, agreement or waiver is to apply. The failure of any party to enforce any
provision of the Agreement or under any agreement contemplated hereby shall in no way be construed as a waiver of such provisions and shall not affect the right of such party thereafter to enforce each and every provision of this Agreement or any
agreement referred to herein in accordance with their terms. 
  
 *
* * * * 
  

 14 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first above
written. 
  

			
	BRODER BROS., CO.
	
	

	By:	 	Vincent J. Tyra
	Its:	 	President
	
	
 [Executive]

	
	SELLER:
	
	 BAIN CAPITAL FUND VII, LLC
  
 By: Bain Capital Fund VII, L.P., its sole member
  
 By: Bain Capital Partners VII, L.P., its General Partner
  
 By: Bain Capital Investors, LLC, its General Partner

		
	By:	 	  

	 	 	Managing Director

  

 15 

 SCHEDULE OF SELLERS 
  

												
	Seller

	 	Number of
Shares of
Class B
Common

	 	Number of
Shares of
Class L
Common,
Series 3

	 	Number of
Shares of
Class L
Common,
Series 4

	 	Number of
Warrants of
Class L
Common,
Series 3

	 	Aggregate
Price

	BAIN CAPITAL
FUND VII, LLC	 	______	 	______	 	______	 	______	 	$	______

  
 Schedule A 

 Exhibit A 
  
 CONSENT 
  
 The undersigned spouse hereby acknowledges that I have read the following agreement to which my spouse is a party: 
  

	 	•	 	Executive Stock Purchase Agreement 

  
 and that I understand its contents. I am aware that such agreement provides for the repurchase of my spouse’s shares of capital stock and warrants of Broder Bros.,
Co. (the “Company”) under certain circumstances and imposes other restrictions on such capital stock and warrants. I agree that my spouse’s interest in the capital stock is subject to the agreement referred to above and the
other agreements referred to therein and any interest I may have in such capital stock shall be irrevocably bound by such agreement and the other agreements referred to therein and further that my community property interest (if any) shall be
similarly bound by these agreements. 
  
 The undersigned spouse
irrevocably constitutes and appoints                     , who is the spouse of the undersigned spouse (the “Shareholder”) as
the undersigned’s true and lawful attorney and proxy in the undersigned’s name, place and stead to sign, make, execute, acknowledge, deliver, file and record all documents which may be required, and to manage, vote, act and make all
decisions with respect to (whether necessary, incidental, convenient or otherwise), any and all shares of capital stock and warrants of the Company in which the undersigned now has or hereafter acquires any interest and in any and all shares of the
Company now or hereafter held of record by the Shareholder (including but not limited to the right, without further signature, consent or knowledge of the undersigned spouse, to exercise or not to exercise any and all options under any appropriate
agreements and to exercise amendments and modifications of and to terminate the foregoing agreements and to dispose of any and all such shares of capital stock and options), with all powers the undersigned spouse would possess if personally present,
it being expressly understood and intended by the undersigned that the foregoing power of attorney and proxy is coupled with an interest; and this power of attorney is a durable power of attorney and will not be affected by disability, incapacity or
death of the Shareholder, or dissolution of marriage and this proxy will not terminate without consent of the Shareholder and the Company: 
  

			
	Shareholder:	 	Spouse of Shareholder:
		
	
 Signature
	 	
 Signature

		
	
 Printed Name
	 	
 Printed Name

		
	
 Dated
	 	
 Dated

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