Document:

EX-10.8

 Exhibit 10.8 

EXECUTION VERSION 

AMENDED AND RESTATED ABL PLEDGE AGREEMENT 

THIS AMENDED AND RESTATED ABL PLEDGE AGREEMENT, dated as of July 2, 2015 (as the same may be amended, restated, supplemented or otherwise
modified from time to time, this “Pledge Agreement”), among New Academy Holding Company, LLC, a Delaware limited liability company, as Holdings (“Holdings”), Associated Investors L.L.C., a Texas limited liability
company, Academy Managing Co., L.L.C., a Texas limited liability company (together Associated Investors L.L.C., the “Texas Intermediate Holdcos”), Academy, Ltd., a Texas limited partnership (the “Borrower”), each of
the Subsidiaries listed on the signature pages hereto or that becomes a party hereto pursuant to Section 28 hereof (each such Subsidiary being a “Subsidiary Pledgor” and, collectively, the “Subsidiary
Pledgors”) and JPMorgan Chase Bank, N.A., as collateral agent (in such capacity, the “Collateral Agent”) for the benefit of the Secured Parties. 

W I T N E S S E T H: 
 WHEREAS,
Holdings, the Texas Intermediate Holdcos and the Borrower are party to the First Amended and Restated ABL Credit Agreement, dated as of the date hereof (as the same may be amended, restated, supplemented or otherwise modified from time to time, the
“ABL Credit Agreement”) among Holdings, the Texas Intermediate Holdcos, the Borrower, the lending institutions from time to time parties thereto (each a “Lender” and, collectively, together with the Swingline
Lender, the “Lenders”) and JPMorgan Chase Bank, N.A., as the Administrative Agent, the Collateral Agent, the Letter of Credit Issuer and the Swingline Lender; 

WHEREAS, (a) pursuant to the ABL Credit Agreement, (i) the Lenders have severally agreed to make available to the Borrower Revolving
Credit Loans, (ii) the Letter of Credit Issuers have agreed to issue Letters of Credit for the account of the Borrower (or, so long as the Borrower is the primary obligor and a signatory to the Letter of Credit Request, for the account of
Holdings or any Restricted Subsidiary of the Borrower), and (iii) the Swingline Lender has agreed to extend credit to the Borrower in the form of Swingline Loans, all upon the terms and subject to the conditions set forth therein and
(b) one or more Cash Management Banks or Hedge Banks may from time to time enter into Secured Cash Management Agreements with the Borrower and/or its Restricted Subsidiaries or Secured Hedge Agreements with the Borrower and/or its Restricted
Subsidiaries; 
 WHEREAS, the Borrower, the Subsidiary Pledgors and the Collateral Agent are party to the Pledge Agreement dated as of
August 3, 2011 (the “Original Pledge Agreement”); 
 WHEREAS, pursuant to the Amended and Restated ABL Guarantee,
dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the “Guarantee”), each Subsidiary Pledgor has agreed to unconditionally and irrevocably guarantee, as primary obligor and not
merely as surety, to the Collateral Agent for the benefit of the Secured Parties, the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations (as defined below; provided
that, in the case of the Borrower, the guaranteed Obligations shall not include any of its own Obligations in its capacity as Borrower under the ABL Credit Agreement); 

WHEREAS, it is intended that the Borrower will enter into, inter alia, a term loan facility (the “Term Loan Facility”)
generating aggregate gross proceeds of $1,825,000,000 pursuant to a First Amended and Restated Credit Agreement dated as of the date hereof among Holdings, the Texas Intermediate Holdcos, the Borrower, the lenders party thereto and Morgan Stanley
Senior Funding, Inc., as administrative agent and collateral agent (the “Term Loan Agent”); 

  
 1 

 WHEREAS, the ABL Intercreditor Agreement entered into on the date hereof between the
Collateral Agent and the Term Loan Agent (the “ABL Intercreditor Agreement”) governs the relative rights and priorities of the Secured Parties and the Term Loan Secured Parties (as defined therein) in respect of the Collateral and
the CF Debt Priority Collateral (as defined below) (and with respect to certain other matters as described therein). 
 WHEREAS, the
proceeds of the Loans, the issuance of the Letters of Credit and the provision of Secured Cash Management Agreements and Secured Hedge Agreements will be used in part to enable the Borrower to make valuable transfers to the other Pledgors in
connection with the operation of their respective businesses; 
 WHEREAS, each Pledgor acknowledges that it will derive substantial direct
and indirect benefit from the making of the Loans, the issuance of the Letters of Credit and the provision of Secured Cash Management Agreements and Secured Hedge Agreements; and 

WHEREAS, as of the date hereof, (a) the Pledgors are the legal and beneficial owners of the Equity Interests described in Schedule 1
hereto and issued by the entities named therein (such Equity Interests, together with any Equity Interests of the issuer of such Equity Interests or any other issuer directly held by any Pledgor hereafter, in each case, except to the extent excluded
from the Collateral for the Obligations pursuant to the last paragraph of Section 2 below, referred to collectively herein as the “Pledged Shares”) and (b) each of the Pledgors is the legal and beneficial owner of the
Indebtedness evidenced by a promissory note in excess of the greater of (a) $45,000,000 and (b) 10% of Consolidated EBITDA for the most recently ended Test Period (calculated on a Pro Forma Basis) and described in Schedule 1 hereto (together with
any other Indebtedness owed to any Pledgor on the date hereof and any time hereafter, including the promissory notes required to be pledged pursuant to Section 9.12 of the ABL Credit Agreement, referred to collectively herein as the
“Pledged Debt”); 
 NOW, THEREFORE, in consideration of the premises and to induce the Administrative Agent, the Collateral
Agent, the Letter of Credit Issuers and the Lenders to enter into the ABL Credit Agreement and to induce the Lenders to make their respective Loans to the Borrower, the Letter of Credit Issuers to issue their respective Letters of Credit and the
Swingline Lender to extend Swingline Loans to the Borrower, and to induce one or more Agent, Lenders or Affiliates of Agents or Lenders to enter into Secured Cash Management Agreements with Holdings and/or its Restricted Subsidiaries and Secured
Hedge Agreements with the Borrower and/or its Restricted Subsidiaries, the Pledgors hereby agree with the Collateral Agent, for the benefit of the Secured Parties to amend and restate the Original Pledge Agreement in its entirety, as follows: 

1. Defined Terms. 
 Unless
otherwise defined herein, terms defined in the ABL Credit Agreement and used herein shall have the meanings given to them in the ABL Credit Agreement. Any term used herein or in the ABL Credit Agreement without definition that is defined in the UCC
has the meaning given to it in the UCC. 
 (a) “CF Debt Priority Collateral” shall have the meaning assigned that term in
the ABL Intercreditor Agreement. 
 (b) “Collateral” shall have the meaning provided in Section 2. 

(c) “Collateral Agent” shall have the meaning provided in the preamble hereto. 

  
 2 

 (d) “Equity Interests” shall mean, collectively, Capital Stock and Stock
Equivalents. 
 (e) “Guarantee” shall have the meaning provided in the recitals hereto. 

(f) “Holdings” shall bear the meaning in the ABL Credit Agreement. 

(g) “Obligations” shall mean the Obligations (as defined in the ABL Credit Agreement). 

(h) “Pledge Agreement” shall have the meaning provided in the preamble hereto. 

(i) “Pledged Debt” shall have the meaning provided in the recitals hereto. 

(j) “Pledged Shares” shall have the meaning provided in the recitals hereto. 

(k) “Pledgors” shall mean the Subsidiary Pledgors, Holdings, the Texas Intermediate Holdcos and the Borrower. 

(l) “Proceeds” has the meaning given to it in the UCC. 

(m) “Security Interest” shall have the meaning provided in Section 2. 

(n) “Subsidiary Pledgor” shall have the meaning provided in the recitals hereto. 

(o) “Termination Date” shall have the meaning ascribed thereto in Section 13(a). 

(p) “UCC” shall mean the Uniform Commercial Code as from time to time in effect in the State of New York; provided,
however, that, in the event that, by reason of mandatory provisions of law, any of the attachment, perfection or priority of the Collateral Agent’s and the Secured Parties’ security interest in any Collateral is governed by the
Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions hereof relating to
such attachment, perfection or priority and for purposes of definitions related to such provisions. 
 (q) Sections 1.2, 1.5, 1.9 and 1.10
of the ABL Credit Agreement are incorporated herein by reference, mutatis mutandis. 
 (r) “Texas Intermediate
Holdcos” shall have the meaning provided in the recitals hereto. 
 2. Grant of Security. As collateral security for the
payment and performance when due of all of the Obligations, each Pledgor hereby collaterally assigns and pledges to the Collateral Agent, for the benefit of the Secured Parties, and grants to the Collateral Agent, for the benefit of the Secured
Parties, and hereby confirms its prior assignment and pledge to the Collateral Agent, for the benefit of the Secured Parties of, and its prior grant to the Collateral Agent, for the benefit of the Security Parties of, a lien on and a security
interest in (the “Security Interest”) all of such Pledgor’s right, title and interest in, to and under the following, whether now owned or existing or at any time hereafter acquired or existing (collectively, the
“Collateral”): 
 (a) the Pledged Shares held by such Pledgor and the certificates representing such Pledged Shares and any
interest of such Pledgor in the entries on the books of the issuer of the Pledged Shares or any financial intermediary pertaining to the Pledged Shares and all dividends, cash, warrants, rights, instruments and other property or Proceeds from time
to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the Pledged Shares; 

  
 3 

 (b) the Pledged Debt and the instruments evidencing the Pledged Debt owed to such Pledgor,
and all interest, cash, instruments and other property or Proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such Pledged Debt; and 

(c) to the extent not covered by clauses (a) and (b) above, respectively, all Proceeds of any or all of the foregoing Collateral. 

Notwithstanding the foregoing, the Collateral (and any defined term used in the definition thereof) for the Obligations shall not include any
Excluded Stock and Stock Equivalents or any Excluded Property. 
 This Pledge Agreement amends and restates the Original Pledge Agreement.
The obligations under the Original Pledge Agreement of the Pledgors party thereto and the grant of security interest in the Collateral under the Original Pledge Agreement by the applicable Pledgors party thereto shall continue under this Pledge
Agreement, and shall not in any event be terminated, extinguished, annulled or otherwise affected in any manner hereby, but shall hereafter be governed by this Pledge Agreement. All references to the Pledge Agreement in any Credit Document or other
document or instrument delivered in connection therewith shall be deemed to refer to the Original Pledge Agreement, as amended and restated pursuant to this Pledge Agreement and the provisions hereof. It is understood and agreed that the Original
Pledge Agreement is being amended and restated by entry into this Pledge Agreement on the date hereof. 
 3. Delivery of the
Collateral. All certificates or instruments, if any, representing or evidencing the Collateral shall be (a) in the case of such Collateral existing as of the date hereof, delivered on the date hereof, other than any that are delivered on a
later date pursuant to Section 9.14(d) of the ABL Credit Agreement, as the case may be, (but subject, in each case, to the provisions of the ABL Intercreditor Agreement and Section 25 hereof) and (b) in the case of such Collateral
acquired after the date hereof, promptly (and in any event within 90 days of the acquisition thereof (or such longer period as the Collateral Agent may reasonably agree)), delivered by the applicable Pledgor to and held by or on behalf of the
Collateral Agent (or a designated bailee, in accordance with the ABL Intercreditor Agreement and Section 25 hereof) pursuant hereto and shall be in suitable form for transfer by delivery, or shall be accompanied by duly executed instruments of
transfer or assignment in blank, all in form and substance reasonably satisfactory to the Collateral Agent. The Collateral Agent shall have the right, at any time after the occurrence and during the continuance of an Event of Default, subject to the
ABL Intercreditor Agreement, and upon at least 3 Business Days’ prior written notice to the relevant Pledgor, to transfer to or to register in the name of the Collateral Agent or any of its nominees any or all of the Pledged Shares. 

4. Representations and Warranties. Each Pledgor represents and warrants, after giving effect to the Transactions, as follows: 

(a) Schedule 1 hereto (i) correctly represents as of the Closing Date (A) the issuer, the certificate number, the Pledgor and the
record and beneficial owner, the number and class and the percentage of the issued and outstanding Equity Interests of such class of all Pledged Shares and (B) the issuer, the initial principal amount, the Pledgor and holder, date of issuance
and maturity date of all Pledged Debt and (ii) together with the comparable schedule to each supplement hereto, includes all Equity Interests, debt securities and promissory notes required to be pledged hereunder. Except as set forth on
Schedule 1, and except for Excluded Stock and Stock Equivalents, the Pledged Shares represent 

  
 4 

 
all (or 66% in the case of pledges of the Voting Stock of Foreign Subsidiaries or any Domestic Subsidiary substantially all of the assets of which consist of Capital Stock and/or debt of Foreign
Subsidiaries that are CFCs) of the issued and outstanding Equity Interests of each class of Equity Interests in the issuer on the Closing Date. 

(b) Such Pledgor is the legal and beneficial owner of the Collateral pledged or collaterally assigned by such Pledgor hereunder free and clear
of any Lien, except for Permitted Liens (and which, in the case of Permitted Liens in respect of the Term Loan Facility, are subject to the ABL Intercreditor Agreement) and the Lien created by this Pledge Agreement. 

(c) As of the Closing Date, the Pledged Shares pledged by such Pledgor hereunder have been duly authorized and validly issued and, in the case
of Pledged Shares issued by a corporation, are fully paid and non-assessable, in each case, to the extent such concepts are applicable in the jurisdiction of organization of the respective issuer. 

(d) The execution and delivery by such Pledgor of this Pledge Agreement and the pledge of the Collateral pledged by such Pledgor hereunder
pursuant hereto create a legal, valid and enforceable security interest in such Collateral (with respect to Collateral consisting of the Equity Interests or Pledged Debt of Foreign Subsidiaries, to the extent the creation of such Security Interest
is governed by the Uniform Commercial Code of any applicable jurisdiction) and, upon delivery of such Collateral to the Collateral Agent (or a designated bailee, in accordance with the ABL Intercreditor Agreement and Section 25 hereof) or
filing of UCC financing statements, shall constitute a fully perfected Lien on and security interest in the Collateral, securing the payment of the Obligations, in favor of the Collateral Agent for the benefit of the Secured Parties (with respect to
Collateral consisting of the Equity Interests or Pledged Debt of Foreign Subsidiaries, to the extent the creation and perfection of such Security Interest is governed by the Uniform Commercial Code of any applicable jurisdiction), except as
enforceability thereof may be limited by bankruptcy, insolvency or other similar laws affecting creditors’ rights generally and subject to general principles of equity and principles of good faith and fair dealing. 

(e) Such Pledgor has full organizational power, authority and legal right to pledge all the Collateral pledged by such Pledgor pursuant to
this Pledge Agreement and this Pledge Agreement constitutes a legal, valid and binding obligation of each Pledgor (with respect to Collateral consisting of the Equity Interests or Pledged Debt of Foreign Subsidiaries, to the extent the
enforceability of such Security Interest is governed by the Uniform Commercial Code of any applicable jurisdiction), enforceable in accordance with its terms, except as enforceability thereof may be limited by bankruptcy, insolvency or other similar
laws affecting creditors’ rights generally and subject to general principles of equity and principles of good faith and fair dealing. 

5. Certification of Limited Liability Company, Limited Partnership Interests, Equity Interests in Foreign Subsidiaries and Pledged
Debt. 
 (a) With respect to any Equity Interests in any Subsidiary constituting Collateral that are not a security as defined in Section 8-102(a)(15) of the Uniform Commercial Code of any applicable jurisdiction or pursuant to Section 8-103 of the Uniform Commercial Code of any applicable
jurisdiction, if any Pledgor shall take any action that, under such sections, converts such Equity Interests into a security, such Pledgor shall give prompt written notice thereof to the Collateral Agent and cause the issuer thereof to issue to it
certificates or instruments evidencing such Equity Interests, which it shall promptly deliver to the Collateral Agent (or a designated bailee, in accordance with the ABL Intercreditor Agreement and Section 25 hereof) as provided in
Section 3. 
 (b) Each Pledgor will comply with Section 9.12 of the ABL Credit Agreement. 

  
 5 

 (c) In the event that any Equity Interests in any Foreign Subsidiary constituting Collateral
are not represented by a certificate, the Pledgors agree not to permit such Foreign Subsidiary to issue Equity Interests represented by a certificate to any other Person. 

6. Further Assurances. Subject to the terms and limitations of Sections 9.11, 9.12 and 9.14 of the ABL Credit Agreement and 3.2(c) of
the Security Agreement, each Pledgor agrees that at any time and from time to time, at the expense of such Pledgor, it will execute or otherwise authorize the filing of any and all further documents, financing statements, agreements and instruments,
and take all such further actions (including the filing and recording of financing statements, deeds of trust and other documents), which may be required under any applicable law, or which the Collateral Agent may reasonably request, in order
(x) to perfect and protect any pledge, assignment or security interest granted or purported to be granted hereby (including the priority thereof) or (y) to enable the Collateral Agent to exercise and enforce its rights and remedies
hereunder with respect to any Collateral. Each Pledgor hereby irrevocably authorizes the Collateral Agent and its Affiliates, counsel and other representatives, at any time and from time to time, to file or record financing statements (including
financing statements describing collateral as “all assets” or words of similar effect), amendments to financing statements and, with notice to the applicable Grantors, other filing or recording documents or instruments with respect to the
Collateral in such form and in such offices as the Collateral Agent reasonably determines appropriate to perfect the Security Interest of the Collateral Agent under this Pledge Agreement. 

7. Voting Rights; Dividends and Distributions; Etc. 

(a) So long as no Event of Default shall have occurred and be continuing: 

(i) Each Pledgor shall be entitled to exercise any and all voting and other consensual rights pertaining to the Collateral or
any part thereof for any purpose not prohibited by the terms of this Pledge Agreement or the other Credit Documents. 
 (ii)
The Collateral Agent shall execute and deliver (or cause to be executed and delivered) to each Pledgor all such proxies and other instruments as such Pledgor may reasonably request for the purpose of enabling such Pledgor to exercise the voting and
other rights that it is entitled to exercise pursuant to paragraph (i) above. 
 (b) Subject to paragraph (c) below, each Pledgor
shall be entitled to receive and retain and use, free and clear of the Lien created by this Pledge Agreement, any and all dividends, distributions, principal and interest made or paid in respect of the Collateral to the extent permitted by the ABL
Credit Agreement, as applicable; provided, however, that any and all noncash dividends, interest, principal or other distributions that would constitute Pledged Shares or Pledged Debt, whether resulting from a subdivision, combination
or reclassification of the outstanding Equity Interests of the issuer of any Pledged Shares or received in exchange for Pledged Shares or Pledged Debt or any part thereof, or in redemption thereof, or as a result of any merger, consolidation,
acquisition or other exchange of assets to which such issuer may be a party or otherwise, shall be, and shall be forthwith delivered to the Collateral Agent (or a designated bailee, in accordance with the ABL Intercreditor Agreement and
Section 25 hereof) to hold as, Collateral and shall, if received by such Pledgor, be received in trust for the benefit of the Collateral Agent, be segregated from the other property or funds of such Pledgor and be forthwith delivered to the
Collateral Agent (or a designated bailee, in accordance with the ABL Intercreditor Agreement and Section 25 hereof) as Collateral in the same form as so received (with any necessary endorsement). 

(c) Upon at least three Business Days’ prior written notice to a Pledgor by the Collateral Agent that the Collateral Agent is exercising
its rights under this Section 7(c), following the occurrence and during the continuance of an Event of Default, subject to the terms of the ABL Intercreditor Agreement, 

  
 6 

 (i) all rights of such Pledgor to exercise or refrain from exercising the
voting and other consensual rights that it would otherwise be entitled to exercise pursuant to Section 7(a)(i) shall cease, and all such rights shall thereupon become vested in the Collateral Agent, which shall thereupon have the sole
right to exercise or refrain from exercising such voting and other consensual rights during the continuance of such Event of Default, provided that, unless otherwise directed by the Required Lenders, the Collateral Agent shall have the right
from time to time following the occurrence and during the continuance of an Event of Default, subject to the terms of the ABL Intercreditor Agreement, to permit the Pledgors to exercise such rights. After all Events of Default have been cured or
waived, each Pledgor will have the right to exercise the voting and consensual rights that such Pledgor would otherwise be entitled to exercise pursuant to the terms of Section 7(a)(i) (and the obligations of the Collateral Agent under
Section 7(a)(ii) shall be reinstated); 
 (ii) all rights of such Pledgor to receive the dividends, distributions
and principal and interest payments that such Pledgor would otherwise be authorized to receive and retain pursuant to Section 7(b) shall cease, and all such rights shall thereupon become vested in the Collateral Agent, which, subject to
the terms of the ABL Intercreditor Agreement, shall thereupon have the sole right to receive and hold as Collateral such dividends, distributions and principal and interest payments during the continuance of such Event of Default. After all Events
of Default have been cured or waived, the Collateral Agent, subject to the terms of the ABL Intercreditor Agreement, shall repay to each Pledgor (without interest) all dividends, distributions and principal and interest payments not otherwise
applied in accordance with Section 11(b) that such Pledgor would otherwise be permitted to receive, retain and use pursuant to the terms of Section 7(b); 

(iii) all dividends, distributions and principal and interest payments that are received by such Pledgor contrary to the
provisions of Section 7(b) shall be received in trust for the benefit of the Collateral Agent and segregated from other property or funds of such Pledgor and shall forthwith be delivered to the Collateral Agent (or a designated bailee,
in accordance with the ABL Intercreditor Agreement and Section 25 hereof) as Collateral in the same form as so received (with any necessary endorsements); and 

(iv) in order to permit the Collateral Agent to receive all dividends, distributions and principal and interest payments to
which it may be entitled under Section 7(b) above, to exercise the voting and other consensual rights that it may be entitled to exercise pursuant to Section 7(c)(i) above, and to receive all dividends, distributions and
principal and interest payments that it may be entitled to under Sections 7(c)(ii) and (c)(iii) above, such Pledgor shall from time to time execute and deliver to the Collateral Agent, appropriate proxies, dividend payment orders and
other instruments as the Collateral Agent may reasonably request in writing, subject to the terms of the ABL Intercreditor Agreement and Section 25 hereof. 

8. Transfers and Other Liens; Additional Collateral; Etc. Subject to the terms of the ABL Intercreditor Agreement, each Pledgor shall:

 (a) not (i) except as permitted by the ABL Credit Agreement, sell or otherwise dispose of, or grant any option or warrant with
respect to, any of the Collateral or (ii) create or suffer to exist any consensual Lien upon or with respect to any of the Collateral, except for Permitted Liens (and which, in the case of Permitted Liens in respect of the Term Loan Facility,
are subject to the ABL Intercreditor Agreement) and the Lien created by this Pledge Agreement; provided that, subject to the 

  
 7 

 
provisions of the ABL Intercreditor Agreement, in the event such Pledgor sells or otherwise disposes of assets as permitted by the ABL Credit Agreement to a Person that is not a Credit Party, and
such assets are or include any of the Collateral, the Lien created by this Pledge Agreement shall be automatically released concurrently with the consummation of such sale, and upon the request of the applicable Pledgor the Collateral Agent shall
evidence such release of such Collateral to such Pledgor; and 
 (b) use commercially reasonable efforts to defend its and the Collateral
Agent’s title or interest in and to all the Collateral (and in the Proceeds thereof) against any and all Liens (other than Permitted Liens (and which, in the case of Permitted Liens in respect of the Term Loan Facility, are subject to the ABL
Intercreditor Agreement) and the Lien created by this Pledge Agreement), however arising, and any and all Persons whomsoever (except to the extent that the Collateral Agent and the Borrower agree that the cost of such defense is excessive in
relation to the benefit to the Lenders thereof). 
 9. Collateral Agent Appointed Attorney-in-Fact. Each Pledgor hereby appoints, which appointment is irrevocable and coupled with an interest, and shall automatically terminate with respect to such Pledgor on the Termination Date or, if
sooner, upon the release of such Pledgor hereunder pursuant to Section 13, the Collateral Agent as such Pledgor’s attorney-in-fact, with full authority
in the place and stead of such Pledgor and in the name of such Pledgor or otherwise to take any action and to execute any instrument, in each case solely after the occurrence and during the continuance of an Event of Default (and upon prior written
notice to such Pledgor that the Collateral Agent intends to take such action), that the Collateral Agent may deem reasonably necessary or advisable to accomplish the purposes of this Pledge Agreement, including to receive, indorse and collect all
instruments made payable to such Pledgor representing any dividend, distribution or principal or interest payment in respect of the Collateral or any part thereof and to give full discharge for the same. 

10. The Collateral Agent’s Duties. The powers conferred on the Collateral Agent hereunder are solely to protect its interest in
the Collateral and shall not impose any duty upon it to exercise any such powers. Except for the safe custody of any Collateral in its possession and the accounting for moneys actually received by it hereunder, the Collateral Agent shall have no
duty as to any Collateral, as to ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relative to any Pledged Shares, whether or not the Collateral Agent or any other Secured Party has or
is deemed to have knowledge of such matters, or as to the taking of any necessary steps to preserve rights against any parties or any other rights pertaining to any Collateral. The Collateral Agent shall be deemed to have exercised reasonable care
in the custody and preservation of any Collateral in its possession if such Collateral is accorded treatment substantially equal to that which the Collateral Agent accords its own property. The Collateral Agent shall not be responsible for or have a
duty to ascertain or inquire into any representation or warranty regarding the existence, value or collectability of the Collateral, the existence, priority or perfection of the Collateral Agent’s Lien thereon, or any certificate prepared by
any Credit Party in connection therewith, nor shall the Collateral Agent be responsible or liable to the Secured Parties for any failure to monitor or maintain any portion of the Collateral. 

11. Remedies. Subject to the terms of the ABL Intercreditor Agreement, if any Event of Default shall occur and be continuing, and after
giving prior notice to the Borrower and any applicable Pledgor: 
 (a) The Collateral Agent may exercise in respect of the Collateral, in
addition to other rights and remedies provided for herein or otherwise available to it, all the rights and remedies of a secured party upon default under the UCC or any other applicable law (whether or not the UCC applies to the affected Collateral)
and also may with notice to the relevant Pledgor, sell the Collateral or any part thereof in one or more parcels at public or private sale or sales, at any exchange broker’s board or office 

  
 8 

 
of the Collateral Agent or any Secured Party or elsewhere, for cash, on credit or for future delivery, at such price or prices and upon such other terms as it may deem advisable irrespective of
the impact of any such sales on the market price of the Collateral. The Collateral Agent shall be authorized at any such sale of Pledged Shares or Pledged Debt (if it deems it advisable to do so) to restrict the prospective bidders or purchasers of
such Collateral to Persons who will represent and agree that they are purchasing the Collateral for their own account for investment and not with a view to the distribution or sale thereof, and, upon consummation of any such sale, the Collateral
Agent shall have the right to assign, transfer and deliver to the purchaser or purchasers thereof the Pledged Shares or Pledged Debt so sold. Each purchaser at any such sale shall hold the property sold absolutely free from any claim or right on the
part of any Pledgor, and each Pledgor hereby waives (to the extent permitted by law) all rights of redemption, stay and/or appraisal that it now has or may at any time in the future have under any rule of law or statute now existing or hereafter
enacted. The Collateral Agent and any Secured Party shall have the right upon any such public sale, and, to the extent permitted by law, upon any such private sale, to purchase all or any part of the Collateral so sold, and the Collateral Agent or
such Secured Party may pay the purchase price by crediting the amount thereof against the Obligations. Each Pledgor agrees that, to the extent notice of sale shall be required by law, at least ten days’ notice to such Pledgor of the time and
place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification. The Collateral Agent shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. The
Collateral Agent may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. To the extent
permitted by law, each Pledgor hereby waives any claim against the Collateral Agent arising by reason of the fact that the price at which any Collateral may have been sold at such a private sale was less than the price that might have been obtained
at a public sale, even if the Collateral Agent accepts the first offer received and does not offer such Collateral to more than one offeree. 

(b) Subject to the ABL Intercreditor Agreement, the Collateral Agent shall apply the Proceeds of any collection or sale of the Collateral as
well as any Collateral consisting of cash, at any time after receipt in the order set forth in Section 11.12 of the ABL Credit Agreement. 

Upon any sale of the Collateral by the Collateral Agent (including pursuant to a power of sale granted by statute or under a judicial
proceeding), the receipt of the Collateral Agent or of the officer making the sale shall be a sufficient discharge to the purchaser or purchasers of the Collateral so sold and such purchaser or purchasers shall not be obligated to see to the
application of any part of the purchase money paid over to the Collateral Agent or such officer or be answerable in any way for the misapplication thereof. 

(c) All payments received by any Pledgor in respect of the Collateral after the occurrence and during the continuance of an Event of Default,
shall, subject to the provisions of the ABL Intercreditor Agreement, be received in trust for the benefit of the Collateral Agent shall be segregated from other property or funds of such Pledgor and shall be forthwith delivered to the Collateral
Agent as Collateral in the same form as so received (with any necessary endorsement). 
 12. Amendments, etc. with Respect to the
Obligations; Waiver of Rights. Each Pledgor shall remain obligated hereunder notwithstanding that, without any reservation of rights against any Pledgor and without notice to or further assent by any Pledgor, (a) any demand for payment of
any of the Obligations made by the Collateral Agent or any other Secured Party may be rescinded by such party and any of the Obligations continued, (b) the Obligations, or the liability of any other party upon or for any part thereof, or any
collateral security or guarantee therefor or right of offset with respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated, compromised, waived, surrendered or released by the Collateral
Agent or any other Secured Party, (c) the 

  
 9 

 
ABL Credit Agreement, the other Credit Documents and any other documents executed and delivered in connection therewith and the Secured Cash Management Agreements, Secured Hedge Agreements and
any other documents executed and delivered in connection therewith may be amended, modified, supplemented or terminated, in whole or in part, as the Administrative Agent (or the Required Lenders, as the case may be, or, in the case of any Secured
Hedge Agreement or Secured Cash Management Agreement, the Hedge Bank or Cash Management Bank party thereto) may deem advisable from time to time and (d) any collateral security, guarantee or right of offset at any time held by the Collateral
Agent or any other Secured Party for the payment of the Obligations may be sold, exchanged, waived, surrendered or released. Neither the Collateral Agent nor any other Secured Party shall have any obligation to protect, secure, perfect or insure any
Lien at any time held by it as security for the Obligations or for this Pledge Agreement or any property subject thereto. When making any demand hereunder against any Pledgor, the Collateral Agent or any other Secured Party may, but shall be under
no obligation to, make a similar demand on any Pledgor or any other Person, and any failure by the Collateral Agent or any other Secured Party to make any such demand or to collect any payments from any Pledgor or any other Person or any release of
the Borrower or any Pledgor or any other Person shall not relieve any Pledgor in respect of which a demand or collection is not made or any Pledgor not so released of its several obligations or liabilities hereunder, and shall not impair or affect
the rights and remedies, express or implied, or as a matter of law, of the Collateral Agent or any other Secured Party against any Pledgor. For the purposes hereof “demand” shall include the commencement and continuance of any legal
proceedings. 
 13. Continuing Security Interest; Assignments Under the ABL Credit Agreement; Release. 

(a) This Pledge Agreement shall remain in full force and effect and be binding in accordance with and to the extent of its terms upon each
Pledgor and the successors and assigns thereof, and shall inure to the benefit of the Collateral Agent and the other Secured Parties and their respective successors, endorsees, transferees and assigns permitted under the ABL Credit Agreement until
the date on which all the Obligations (other than, in each case, any contingent indemnity obligations not then due, any Secured Hedge Obligations or any Secured Cash Management Obligations) shall have been satisfied by payment in full and the
Commitments shall have been terminated and all Letters of Credit Outstanding shall have been reduced to zero (or all such Letters of Credit and Letters of Credit Outstanding shall have been Cash Collateralized in a manner reasonably satisfactory to
the applicable Letter of Credit Issuers) (such date, the “Termination Date”), notwithstanding that from time to time during the term of the ABL Credit Agreement the Credit Parties may be free from any Obligations. 

(b) Any Pledgor shall automatically be released from its obligations hereunder and the Collateral of such Pledgor shall be automatically
released as it relates to the Obligations upon such Pledgor ceasing to be a Credit Party in accordance with Section 13.1 of the ABL Credit Agreement. Any such release in connection with any sale, transfer or other disposition of such Collateral
permitted under the ABL Credit Agreement to a Person that is not a Credit Party shall result in such Collateral being sold, transferred or disposed of, as applicable, free and clear of the Liens of this Pledge Agreement. 

(c) The Collateral shall be automatically released from the Liens of this Pledge Agreement as it relates to the Obligations (i) to the
extent provided for in Section 13.1 of the ABL Credit Agreement and (ii) upon the effectiveness of any written consent to the release of the security interest granted in such Collateral pursuant to Section 13.1 of the ABL Credit
Agreement. 
 (d) In connection with any termination or release pursuant to the foregoing paragraph (a), (b) or (c), the Collateral Agent
shall execute and deliver to any Pledgor or authorize the filing of, at such Pledgor’s expense, all documents that such Pledgor shall reasonably request to evidence such termination or release subject to, if reasonably requested by the
Collateral Agent, the Collateral 

  
 10 

 
Agent’s receipt of a certification by the Borrower and the applicable Pledgor stating that such transaction is in compliance with the ABL Credit Agreement and the other Credit Documents. Any
execution and delivery of documents pursuant to this Section 13 shall be without recourse to or warranty by the Collateral Agent. 

14. Reinstatement. Each Pledgor further agrees that, if any payment made by any Credit Party or other Person and applied to the
Obligations is at any time annulled, avoided, set aside, rescinded, invalidated, declared to be fraudulent or preferential or otherwise required to be refunded or repaid, or the Proceeds of Collateral are required to be returned by any Secured Party
to such Credit Party, its estate, trustee, receiver or any other Person, including any Pledgor, under any bankruptcy law, state, federal or foreign law, common law or equitable cause, then, to the extent of such payment or repayment, any Lien or
other Collateral securing such liability shall be and remain in full force and effect, as fully as if such payment had never been made or, if prior thereto the Lien granted hereby or other Collateral securing such liability hereunder shall have been
released or terminated by virtue of such cancellation or surrender, such Lien or other Collateral shall be reinstated in full force and effect, and such prior cancellation or surrender shall not diminish, release, discharge, impair or otherwise
affect any Lien or other Collateral securing the obligations of any Pledgor in respect of the amount of such payment. 
 15. Notices.
All notices, requests and demands pursuant hereto shall be made in accordance with Section 13.2 of the ABL Credit Agreement. All communications and notices hereunder to any Pledgor shall be given to it in care of Holdings at Holdings’
address set forth on Schedule 13.2 to the ABL Credit Agreement. 
 16. Counterparts. This Pledge Agreement may be executed by one or
more of the parties to this Pledge Agreement on any number of separate counterparts (including by facsimile or other electronic transmission), and all of said counterparts taken together shall be deemed to constitute one and the same instrument.

 17. Severability. Any provision of this Pledge Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction. The parties hereto shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that
of the invalid, illegal or unenforceable provisions. 
 18. Integration. This Pledge Agreement together with the other Credit
Documents represents the agreement of each of the Pledgors with respect to the subject matter hereof and there are no promises, undertakings, representations or warranties by the Collateral Agent or any other Secured Party relative to the subject
matter hereof not expressly set forth herein or in the other Credit Documents. 
 19. Amendments in Writing; No Waiver; Cumulative
Remedies. 
 (a) None of the terms or provisions of this Pledge Agreement may be waived, amended, supplemented or otherwise modified
except by a written instrument executed by the affected Pledgor and the Collateral Agent in accordance with Section 13.1 of the ABL Credit Agreement. 

(b) Neither the Collateral Agent nor any Secured Party shall by any act (except by a written instrument pursuant to
Section 19(a)), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any Default or Event of Default or in any breach of any of the terms and conditions hereof. No
failure to exercise, nor any delay in exercising, 

  
 11 

 
on the part of the Collateral Agent or any other Secured Party, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any right, power or
privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege. A waiver by the Collateral Agent or any other Secured Party of any right or remedy hereunder on any one occasion shall
not be construed as a bar to any right or remedy that the Collateral Agent or such other Secured Party would otherwise have on any future occasion. 

(c) The rights, remedies, powers and privileges herein provided are cumulative, may be exercised singly or concurrently and are not exclusive
of any other rights or remedies provided by law. 
 20. Section Headings. The Section headings used in this Pledge Agreement are for
convenience of reference only and are not to affect the construction hereof or be taken into consideration in the interpretation hereof. 

21. Successors and Assigns. This Pledge Agreement shall be binding upon the successors and assigns of each Pledgor and shall inure to
the benefit of the Collateral Agent and the other Secured Parties and their respective successors and permitted assigns, except that no Pledgor may assign, transfer or delegate any of its rights or obligations under this Pledge Agreement without the
prior written consent of the Collateral Agent except pursuant to a transaction permitted by the ABL Credit Agreement. 
 22. WAIVER OF
JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES (TO THE EXTENT PERMITTED BY APPLICABLE LAW) TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS PLEDGE AGREEMENT, ANY OTHER CREDIT DOCUMENT AND FOR ANY
COUNTERCLAIM THEREIN. 
 23. Submission to Jurisdiction; Waivers. Each party hereto hereby irrevocably and unconditionally: 

(a) submits for itself and its property in any legal action or proceeding relating to this Pledge Agreement and the other Credit Documents to
which it is a party to the exclusive general jurisdiction of the courts of the State of New York or the courts of the United States for the Southern District of New York, in each case sitting in New York City in the Borough of Manhattan, and
appellate courts from any thereof; 
 (b) consents that any such action or proceeding may be brought in such courts and waives (to the
extent permitted by applicable law) any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or
claim the same or to commence or support any such action or proceeding in any other courts; 
 (c) agrees that service of process in any
such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address referred to in Section 15 or at such other
address of which the Collateral Agent shall have been notified pursuant thereto; 
 (d) agrees that nothing herein shall affect the right of
any other party hereto (or any Secured Party) to effect service of process in any other manner permitted by law or to commence legal proceedings or otherwise proceed against any Pledgor in any other jurisdiction; and 

  
 12 

 (e) waives, to the maximum extent not prohibited by law, any right it may have to claim or
recover in any legal action or proceeding referred to in this Section 23 any special, exemplary, punitive or consequential damages. 

24. GOVERNING LAW. THIS PLEDGE AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED
AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 25. ABL Intercreditor Agreement. Notwithstanding
anything herein to the contrary, (a) the liens and security interests granted to the Collateral Agent pursuant to this Pledge Agreement and the exercise of any right or remedy by the Collateral Agent hereunder, are subject to the provisions of
the ABL Intercreditor Agreement and (b) prior to the Discharge of Senior Secured Debt Obligations of the Term Loan Secured Parties and any Additional Debt Secured Parties (as such terms are defined in the ABL Intercreditor Agreement), any
obligation hereunder to physically deliver any CF Debt Priority Collateral (as such term is defined in the ABL Intercreditor Agreement) to the Collateral Agent hereunder shall be deemed satisfied by the delivery to the Term Loan Agent, acting as
gratuitous bailee for the Collateral Agent in accordance with the ABL Intercreditor Agreement. In the event of any conflict between the terms of the ABL Intercreditor Agreement and the terms of this Pledge Agreement, the terms of the ABL
Intercreditor Agreement shall govern and control. No right, power or remedy granted to the Collateral Agent hereunder shall be exercised by the Collateral Agent, and no direction shall be given by the Collateral Agent, in contravention of the ABL
Intercreditor Agreement. 
 26. Enforcement Expenses; Indemnification. 

(a) Each Pledgor agrees to pay any and all reasonable and documented out of pocket expenses (including all reasonable and documented fees and
disbursements of counsel) that may be paid or incurred by any Secured Party in enforcing, or obtaining advice of counsel in respect of, any rights with respect to, or collecting, any or all of the Obligations and/or enforcing any rights with respect
to, or collecting against, such Pledgor under this Pledge Agreement, in each case subject to the limitations on reimbursement of costs and expenses set forth in Section 13.5 of the ABL Credit Agreement. 

(b) Each Pledgor agrees to pay, and to save the Collateral Agent and the Secured Parties harmless from, any and all liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever with respect to the execution, delivery, enforcement, performance and administration of this Pledge Agreement to the extent the
Borrower would be required to do so pursuant to Section 13.5 of the ABL Credit Agreement. 
 (c) The agreements in this
Section 26 shall survive repayment of the Obligations and all other amounts payable under the ABL Credit Agreement and the other Credit Documents. 

27. Acknowledgments. Each party hereto hereby acknowledges that: 

(a) it has been advised by counsel in the negotiation, execution and delivery of this Pledge Agreement and the other Credit Documents to which
it is a party; 
 (b) neither the Collateral Agent nor any other Secured Party has any fiduciary relationship with or duty to any Pledgor
arising out of or in connection with this Pledge Agreement or any of the other Credit Documents, and the relationship between the Pledgors, on the one hand, and the Collateral Agent and the other Secured Parties, on the other hand, in connection
herewith or therewith is solely that of debtor and creditor; and 

  
 13 

 (c) no joint venture is created hereby or by the other Credit Documents or otherwise exists
by virtue of the transactions contemplated hereby among the Lenders and any other Secured Party or among the Pledgors and the Lenders and any other Secured Party. 

28. Additional Pledgors. Each Subsidiary of the Borrower or Holdings that is required to become a party to this Pledge Agreement
pursuant to Section 9.11 of the ABL Credit Agreement shall become a Subsidiary Pledgor, with the same force and effect as if originally named as a Pledgor herein, for all purposes of this Pledge Agreement, upon execution and delivery by such
Subsidiary of a written supplement substantially in the form of Annex A hereto. The execution and delivery of any instrument adding an additional Pledgor as a party to this Pledge Agreement shall not require the consent of any other Pledgor
hereunder. The rights and obligations of each Pledgor hereunder shall remain in full force and effect notwithstanding the addition of any new Pledgor as a party to this Pledge Agreement. 

[SIGNATURE PAGES FOLLOW] 

  
 14 

 IN WITNESS WHEREOF, each of the undersigned has caused this Pledge Agreement to be duly
executed and delivered by its duly authorized officer as of the day and year first above written. 
  

			
	 ACADEMY, LTD., 
as Borrower

		
	 By:    
	 	 /s/ R. Michael Arnett

		 	 Name:  R. Michael Arnett

		 	 Title:   Executive Vice President and
Chief Financial
Officer

 
			
	
	 NEW ACADEMY HOLDING COMPANY, LLC, 
as a Pledgor

		
	 By:    
	 	 /s/ R. Michael Arnett

		 	 Name:  R. Michael Arnett

		 	 Title:   Executive Vice President and
Chief Financial
Officer

 
			
	
	 ASSOCIATED INVESTORS, L.L.C. 
as a Pledgor

		
	 By:    
	 	 /s/ R. Michael Arnett

		 	 Name:  R. Michael Arnett

		 	 Title:   Executive Vice President and
Chief Financial
Officer

 
			
	
	 ACADEMY MANAGING CO., L.L.C. 
as a Pledgor

		
	 By:    
	 	 /s/ R. Michael Arnett

		 	 Name:  R. Michael Arnett

		 	 Title:   Executive Vice President and
Chief Financial
Officer

 [Signature Page to ABL Pledge Agreement] 

 
			
	 ACADEMY FINANCE CORPORATION 
as a Pledgor

		
	 By:    
	 	 /s/ R. Michael Arnett

		 	 Name:  R. Michael Arnett

		 	 Title:   Executive Vice President and
Chief Financial
Officer

 
			
	
	 ACADEMY.COM, L.L.C., 
as a Pledgor

		
	 By:    
	 	 /s/ R. Michael Arnett

		 	 Name:  R. Michael Arnett

		 	 Title:   Executive Vice President and
Chief Financial
Officer

 
			
	
	 BRAZOS SPORTS RETAIL MANAGEMENT L.L.C. 
as a Pledgor

		
	 By:    
	 	 /s/ R. Michael Arnett

		 	 Name:  R. Michael Arnett

		 	 Title:   Executive Vice President and
Chief Financial
Officer

 
			
	
	 ACADEMY ADMINISTRATIVE SERVICES, L.L.C. 
as a Pledgor

		
	 By:    
	 	 /s/ R. Michael Arnett

		 	 Name:  R. Michael Arnett

		 	 Title:   Executive Vice President and
Chief Financial
Officer

 [Signature Page to ABL Pledge Agreement] 

 
			
	 JPMORGAN CHASE BANK, N.A., 
as the Collateral Agent

		
	 By:    
	 	 /s/ Candice Brooks

		 	 Name:  Candice Brooks

		 	 Title:   Authorized Officer

 [Signature Page to ABL Pledge Agreement]EX-10.13

 Exhibit 10.13 

EXECUTION VERSION 
 NEW ACADEMY
HOLDING COMPANY LLC 
 2011 Unit Incentive Plan 

1. Purpose of Plan 
 The New Academy
Holding Company LLC 2011 Unit Incentive Plan (the “Plan”) is designed to: 
 (a) promote the long term financial
interests and growth of New Academy Holding Company LLC, a Delaware limited liability company (the “Company”), and its subsidiaries and Affiliates by attracting and retaining management and other personnel with the training,
experience and ability to enable them to make a substantial contribution to the success of the Company; 
 (b) motivate management personnel
by means of growth-related incentives to achieve long range goals; and 
 (c) further the alignment of interests of participants with those
of the Members of the Company and the direct and indirect members of the Company through opportunities for increased equity, or equity-based ownership, in the Company. 

2. Definitions 
 Capitalized terms not
otherwise defined herein shall have the same meaning as set forth in the Amended and Restated Limited Liability Company Agreement of the Company dated as of August 26, 2011, as amended, modified or supplemented from time to time (the
“LLC Agreement”). As used in the Plan, the following words shall have the following meanings: 
 (a)
“Affiliate” means with respect to any Person, any Person directly or indirectly through one or more intermediaries controlling, controlled by or under common control with such Person. 

(b) “Award” means a grant of a Unit or any Unit-based compensation made to a Participant pursuant to the Plan and described
in Section 4. 
 (c) “Award Agreement” means a written agreement between the Company and a Participant that sets forth
the terms, conditions and limitations applicable to an Award. 
 (d) “Beneficial Owner” means a “beneficial
owner”, as such term is defined in Rule 13d-3 under the Exchange Act (or any successor rule thereto). 

(e) “Board” means (i) prior to an IPO, the Board of Managers of the Company and (ii) on or after an IPO, the board
of directors of the Company. 
 (f) “Change of Control” means (a) the sale of all or substantially all of the assets
of the Company or the Managing Member to any Person (or group of Persons acting in concert), other than to (A) the Managing Member or its Affiliates or (B) any employee benefit plan (or trust forming a part thereof) maintained by the
Company or its Affiliates or other Person of which a majority of its voting power or other equity securities is owned, directly or indirectly, by the Company; (b) a merger, recapitalization or other sale by the Company, or the Managing Member
or any of its respective Affiliates, to a Person (or group of Persons acting in concert) of equity interests that results in any Person (or group of Persons acting in concert) (other than (A) the Managing Member or its Affiliates or
(B) any employee benefit plan (or trust forming a part thereof) maintained by the Company or its Affiliates or other Person of which a majority of its voting power or other equity securities is owned, directly or 

 
indirectly, by the Company) owning more than 50% of the equity interests or voting power of the Managing Member or the Company (or any resulting company after a merger) or Academy, Ltd.; or
(c) any event which results in the KKR 2006 Fund L.P. and its Affiliates ceasing to hold the ability to elect a majority of the Board; provided, however, that with respect to any Award that constitutes a “nonqualified deferred compensation
plan” within the meaning of Section 409A of the Code and that, pursuant to its terms, would vest and/or become settled upon a Change of Control, the foregoing definition shall apply for purposes of vesting of such Award, but settlement of
each such Award in connection with such Change of Control shall not occur until the earliest of (i) a Change of Control if such Change of Control constitutes a “change in the ownership of the corporation,” a “change in effective
control of the corporation” or a “change in the ownership of a substantial portion of the assets of the corporation,” within the meaning of Section 409A(a)(2)(A)(v) of the Code; (ii) the date such Award would otherwise have
been settled pursuant to the terms of the Award Agreement; and (iii) the Participant’s “separation of service” within the meaning of Section 409A. 

(g) “Code” means the Internal Revenue Code of 1986, as amended, or any successor thereto. Any reference to any section of the
Code shall also be a reference to any successor provision and any Treasury Regulation promulgated thereunder. 
 (h)
“Committee” means the committee described in Section 3 hereof (or if a committee has not been appointed by the Board, the Board shall be deemed to be the Committee for purposes of this Plan) or the Board, if it acts in lieu of
the Committee. 
 (i) “Disabled” or “Disability” shall have the meaning in any Individual Agreement to
which the Participant is a party, or if there is no such Individual Agreement or it does not define “Disability”, “Disabled” or “Disability” shall have the meaning set forth in the LLC Agreement or a given Award
Agreement, as applicable, provided, however, that, with respect to an Award that constitutes a “nonqualified deferred compensation plan” subject to Section 409A, with respect to such Award, the terms “Disabled” and
“Disability” shall have the meaning set forth above for purposes of vesting of such Award, provided that such Award shall not be settled until the earliest of: (i) the Participant’s “disability” within the meaning of in
Section 409A of the Code and Treasury Regulation Section 1.409A-3(i)(4) thereunder; (ii) the Participant’s “separation from service” within the meaning of Section 409A; and
(iii) the date such Award would otherwise be settled pursuant to the terms of the Award Agreement. 
 (j) “Exchange
Act” means the Securities Exchange Act of 1934, as amended, or any successor act thereto. 
 (k) “Fair Market
Value” means the fair market value of one Membership Unit on any given date, without minority or illiquidity discount, as determined reasonably and in good faith by the Board; provided, however, such valuation method shall be in accordance
with Section 409A, to the extent applicable and/or appropriate. The Committee may in good faith adopt a different methodology for determining Fair Market Value if necessary or advisable to secure any intended favorable tax, legal or other
treatment for the particular Award. 
 (l) “Group” means “group,” as such term is used for purposes of
Section 13(d) or 14(d) of the Exchange Act. 
 (m) “Individual Agreement” means an employment, consulting or similar
agreement between a Participant and the Company or one of its subsidiaries or Affiliates. 
 (n) “IPO” means the first firm
commitment underwritten public offering and sale of (x) Membership Units or (y) of equity securities into which Membership Units are convertible or 

 
exchangeable of (i) the Company or any successor entity formed or into which the Company is converted or (ii) any corporation (including, as appropriate, a blocker entity) that owns
directly or indirectly interests in the Company or any other entity similarly formed to facilitate the foregoing, pursuant to an effective registration statement (other than on Form S-4, S-8 or a comparable form) or the Company or any successor entity formed or into which the Company is converted becoming a reporting company with respect to its common equity securities under Sections 12 or 15 of the
Exchange Act or equivalent foreign rule or regulation. 
 (o) “Managing Member” means Allstar LLC, a Delaware limited
liability company. 
 (p) “Participant” means an employee, director or member, consultant or other service provider of the
Company or any of its affiliates who is selected by the Board or the Committee to participate in the Plan, including any Person to whom one or more Awards have been made and remain outstanding. 

(q) “Person” means “person,” as such term is used for purposes of Section 13(d) or 14(d) of the Exchange Act.

 (r) “Section 409A” means Section 409A of the Code, as amended, and the regulations, rulings, notices or other
guidance promulgated thereunder. 
 (s) “Unit Option” means an option to purchase Membership Units granted pursuant to the
Plan. 
 3. Administration of Plan 

(a) The Plan shall be administered by the Board or, if the Board shall so determine, by a Committee consisting of one or more members of the
Board. The members of the Committee shall be selected by the Board. Any member of the Committee may resign by giving written notice thereof to the Board, and any member of the Committee may be removed at any time, with or without cause, by the
Board. If, for any reason, a member of the Committee shall cease to serve, the vacancy shall be filled by the Board. During any period of time in which the Plan is administered by the Board, all references in the Plan or any Award Agreement to the
Committee shall be deemed to refer to the Board. 
 (b) Except as otherwise provided in an Award Agreement, the Committee shall have full
power and authority to administer and interpret the Plan, Awards granted under the Plan and each Award Agreement, including, without limitation, the power to (i) exercise all of the powers granted to it under the Plan, (ii) construe,
interpret and implement the Plan and any Award Agreement, (iii) prescribe, amend and rescind rules and regulations relating to the Plan, including rules governing its own operations, (iv) make all determinations necessary or advisable in
administering the Plan, Awards and any Award Agreements, (v) correct any defect, supply any omission and reconcile any inconsistency in the Plan, Awards or any Award Agreement, (vi) amend the Plan, Awards and any Award Agreement to reflect
changes in applicable law or, without the consent of the Participants, make any other amendment not adverse to the Participants, (vii) determine from among those persons determined to be eligible for the Plan, the particular persons who will be
Participants, (viii) grant Awards under the Plan and determine the terms and conditions of such Awards, consistent with the express limitations of the Plan, (ix) delegate such powers and authority to such persons as it deems appropriate;
provided that any such delegation is consistent with applicable law and any guidelines as may be established by the Board from time to time and (x) waive any conditions under any Awards. Except as otherwise provided in an Award Agreement, the
determination of the Committee on all matters relating to the Plan, Award Agreement or any Awards in good faith and with and upon advice of counsel shall be final, binding and conclusive upon all persons. 

 (c) The Committee may employ counsel, consultants, accountants, appraisers, brokers or other
persons at the expense of the Company. The Board, Committee, the Company, and the officers, and Members of the Company shall be entitled to rely upon the advice, opinions or valuations of any such persons. Except as otherwise provided in an Award
Agreement, all actions taken and all interpretations and determinations made by the Committee in good faith shall be final and binding upon all Participants, the Company and all other interested persons. No member of the Committee shall be
personally liable for any action, determination or interpretation made in good faith with respect to the Plan or the Awards, and all members of the Committee shall be fully protected by the Company with respect to any such action, determination or
interpretation. 
 4. Awards 
 (a) From
time to time, the Committee will determine the form, amounts, terms, conditions and limitations of Awards, consistent with the terms of this Plan. The form, amount, terms, conditions and limitations of each Award under the Plan shall be set forth in
an Award Agreement, in a form approved by the Committee, consistent, however, with the terms of the Plan; provided, however, that such Award Agreement shall contain provisions dealing with the treatment of Awards in the event of the termination of
employment or service (as applicable), Disability or death of a Participant. Such Awards may take the following forms described in Section 4(b) and 4(c) hereunder, in the Committee’s sole discretion. 

(b) An Award may be made by the Committee in the form of Unit Options, in which case the Award Agreement evidencing such Award shall include,
inter alia, the option exercise period and the option exercise price (which shall not be less than 100% of the Fair Market Value of a Membership Unit on the date the Unit Option is granted, other than in the case of Unit Options granted in
substitution of previously granted awards as described herein) and such other terms, conditions or restrictions on the grant or exercise of the Unit Option as the Committee deems appropriate not inconsistent with this Plan. In addition to other
restrictions contained in the Plan, an option granted under this Section 4(b) may not be exercised more than 10 years after the date it is granted. Except as otherwise provided in an Award Agreement or as the Committee may determine, the
purchase price for the Membership Units as to which a Unit Option is exercised shall be paid in full at the time of exercise at the election of the Participant (i) in cash, (ii) with the consent of the Committee, in Membership Units (any
such Membership Units valued at Fair Market Value on the date of exercise) that the Participant has held for at least six months (or such other period of time as may be required by the Company’s accountants), (iii) with the consent of the
Committee, through the withholding of Membership Units (any such Membership Units valued at Fair Market Value on the date of exercise) otherwise issuable upon the exercise of the Unit Option in a manner that is compliant with applicable law, or
(iv) a combination of the foregoing methods, in each such case in accordance with the terms of the Plan and the Option Agreement; provided, that except as otherwise provided in an Award Agreement, the Participant will pay any taxes due in
respect of such exercise in cash. No Participant shall have any rights to distributions or other rights of a Membership Unit holder with respect to Membership Units subject to a Unit Option until the Participant has given written notice of exercise
of the Unit Option, the Participant has paid in full for such Membership Units, the Membership Units in question have been recorded on the Company’s register of interest holders, and if applicable, the Participant has satisfied any other
conditions reasonably imposed by the Company pursuant to and in accordance with the Plan and the applicable Award Agreement. 
 (c) An Award may be made by
the Committee in the form of restricted Membership Units, phantom Membership Units, warrants or other securities that are convertible, exercisable or exchangeable for or into Membership Units, or based on the Fair Market Value of Membership Units in
which case the Award Agreement evidencing such Award shall include, inter alia, such terms, conditions or restrictions, as the Committee determines appropriate. Unless otherwise agreed by the Committee or provided in any Award Agreement, the
Participant will pay any taxes due in respect or any Award in cash. 

 (d) As a condition to the exercise, settlement, conversion or exchange of an Award into
Membership Units, or the grant of an Award of Membership Units (including restricted Membership Units), the Participant will be required to become a party to the LLC Agreement, execute such other documents and instruments as are reasonably and
customarily required by the Company to evidence compliance with applicable federal and state securities and “blue sky” laws, and the Membership Units acquired will be held subject to, and in compliance with, the terms and conditions of the
LLC Agreement. 
 5. Membership Units Subject to the Plan; Limitations and Conditions 

(a) Subject to Section 8, the number of Membership Units available for Awards under this Plan shall be equal to 18,160,000 Membership
Units. Unless restricted by applicable law, Membership Units related to Awards that are forfeited, terminated, canceled or expire unexercised shall immediately become available for new Awards. 

(b) No Awards shall be granted under the Plan beyond ten years after the effective date of the Plan as set forth in Section 13, but the
terms of Awards made on or before the expiration of the Plan may extend beyond such expiration date. At the time an Award is made or amended or the terms or conditions of an Award are changed in accordance with the terms of the Plan or the Award
Agreement, the Committee may provide for limitations or conditions on such Award. 
 (c) No such Awards shall, prior to vesting and delivery
thereof to the Participant, be in any manner liable for or subject to the debts, contracts, liabilities, engagements, or torts of the Participant. 

(d) Other than as specifically provided in the LLC Agreement, the Award Agreement and/or in the Management Unitholder’s Agreement to be
entered into by and between the Company and a given Participant (the “Management Unitholder’s Agreement”), no benefit under the Plan shall be subject in any manner to anticipation, alienation, sale, transfer, assignment,
pledge, encumbrance, or charge, and any attempt to do so shall be void. No such benefit shall, prior to receipt thereof by the Participant, be in any manner liable for or subject to the debts, contracts, liabilities, engagements, or torts of the
Participant. 
 (e) Unless otherwise determined by the Committee and other than as specifically provided in the LLC Agreement, the Award
Agreement and/or in the Management Unitholder’s Agreement, an Award shall not be transferable or assignable by the Participant other than by will or by the laws of descent and distribution. An Award exercisable after the death of a Participant
may be exercised by his legatees, personal representative, or distributees. 
 (f) Other than as specifically provided in the LLC Agreement,
the Award Agreement and/or in the Management Unitholder’s Agreement, Participants shall not be, and shall not have any of the rights or privileges of, Members of the Company in respect of any Awards exercisable, settled, convertible or
exchangeable into Membership Units, unless and until book entry representing such Membership Units has been made and admission of the Participant as a Member pursuant to the LLC Agreement has occurred. 

(g) Except as otherwise determined by the Committee or as specifically provided in the LLC Agreement, the Award Agreement and/or in the
Management Unitholder’s Agreement, no exercise of any Award may be made during a Participant’s lifetime by anyone other than the Participant, except by a legal representative appointed for or by the Participant in accordance with the
requirements set forth by the Company. 

 (h) Absent express provisions to the contrary in the applicable retirement, severance and/or
other benefit plan or arrangement, any Award under this Plan shall not be deemed compensation for purposes of computing benefits or contributions under any retirement or severance plan of the Company or its Affiliates and shall not affect any
benefits under any other benefit plan of any kind now or subsequently in effect under which the availability or amount of benefits is related to level of compensation. 

6. Transfers and Leaves of Absence 
 For
purposes of the Plan, unless the Committee determines otherwise: (a) a transfer of a Participant’s employment without an intervening period of separation among the Company and any of its Affiliates shall not be deemed a termination of
employment, and (b) a Participant who is awarded in writing a leave of absence or who is entitled to a statutory leave of absence shall be deemed to have remained in the employ of the Company (and any of its Affiliates) during such leave of
absence. 
 7. Adjustments 
 (a) In the
event of any equity split, spin off, equity distribution or dividend (other than regular cash dividends or distributions), equity combination, reclassification, recapitalization, liquidation, dissolution, reorganization, merger, or similar event,
the Committee shall adjust appropriately (i) the number and kind of Membership Units subject to the Plan, as set forth in Sections 5 and 6 hereof, and available for or covered by Awards and (ii) the exercise prices of Unit Options and
Membership Unit prices related to outstanding Awards, and make such other revisions or substitutions to outstanding Awards, in each case, as it deems, in good faith, to be equitable or required; provided that (A) any adjustments made pursuant
to Sections 7 or 8 to Awards that are considered “deferred compensation” within the meaning of Section 409A shall be made in compliance with the requirements of Section 409A of the Code; (B) any adjustments made pursuant to
Section 7 or 8 to Awards that are not considered “deferred compensation” subject to Section 409A of the Code shall be made in such a manner as to ensure that after such adjustment, the Awards either (1) continue not to be
subject to Section 409A or (2) comply with the requirements of Section 409A; and (3) in any event, neither the Committee nor the Board shall have the authority to make any adjustments pursuant to Sections 7 or 8 to the extent the
existence of such authority would cause an Award that is not intended to be subject to Section 409A at the time of grant to be subject thereto as of the time of grant. 

(b) Any adjustment provided under this Section 7 may, in the Committee’s discretion, provide for the elimination of any
fractional Membership Unit that might otherwise become subject to an Award 
 8. Merger, Consolidation, Exchange, Acquisition, Liquidation or
Dissolution 
 In the event of a Change of Control after the effective date of the Plan, the Committee may (subject to Section 11),
in its sole discretion, provide for one or more of the following: (i) adjust all Awards as contemplated in Section 7 hereof, (ii) accelerate the vesting and/or exercisability of Awards, subject to the consummation of such Change of
Control, (iii) cancel Awards for fair value (as determined in the sole reasonable discretion of the Committee) which, in the case of Unit Options or other Awards subject to exercise shall be not less than the excess, if any, of the value of the
consideration to be paid in the Change of Control transaction to holders of the same number of Membership Units subject to such Award (or, if no consideration is paid in any such transaction, the Fair Market Value of the Membership Units subject to
such Award) over the aggregate option price of such Award; (iv) provide for the issuance of substitute Awards that will substantially preserve the otherwise applicable terms of any affected Awards previously granted hereunder or
(v) provide that for a period of at least 20 days prior to the 

 
Change of Control and following written notice to any affected Participants, the Unit Options or other Awards subject to exercise shall be exercisable as to all Membership Units subject thereto
(whether vested or unvested) and that upon the occurrence of the Change of Control, to the extent not theretofore exercised by the Participant, such Award shall terminate and be of no further force and effect. 

9. Amendment and Termination 
 (a) The
Committee shall have the authority to make such amendments to any outstanding Awards as are consistent with this Plan, provided that no such action shall modify any Award in a manner adverse in any material respect to the Participant without the
Participant’s consent except as such modification is provided for or contemplated in the terms of the Award or this Plan (including, for the avoidance of doubt, pursuant to Sections 7 or 8 hereof). 

(b) Other than as specifically provided in any Award Agreement, the Board may amend, suspend or terminate the Plan except; that no such
action, other than an action under Sections 7 or 8 hereof, may be taken which would, without Member approval, increase the aggregate number of Membership Units available for Awards under the Plan, decrease the price of outstanding Awards, change the
requirements relating to the Committee as set forth in Section 3 hereof, or extend the term of the Plan. 
 10. Governing Law 

(a) This Plan shall be governed in all respects by the laws of the State of Delaware without giving effect to the principal of conflict of
laws. 
 (b) The Committee may make Awards to employees, non-employee members of the Board,
consultants, or other persons having a relationship with the Company or any of its Affiliates who are subject to the laws of jurisdictions other than those of the United States, which Awards may have terms and conditions that differ from the terms
thereof as provided elsewhere in the Plan for the purpose of complying with non-US, laws or otherwise as deemed to be necessary or desirable by the Committee. 

11. Conformity to Section 409A 
 It
is intended that all Awards under this Plan and any Award Agreement, either be exempt from or comply with Section 409A. All Unit Options or other similar Awards that are granted with an exercise price shall be granted with an exercise price
such that the Award would not constitute deferred compensation under Section 409A or shall otherwise be structured to avoid taxation under Section 409A unless and to the extent that the Committee specifically determines otherwise. Any
ambiguity in this Plan and any Award Agreement shall be interpreted to comply with Section 409A. In the case of an Award that constitutes a “nonqualified deferred compensation plan” subject to Section 409A, no termination of
employment shall be deemed a termination from employment for purposes of such Award unless it is a “separation from service” under Section 409A. To the extent applicable, as determined in the sole discretion of the Committee with and
upon advice of counsel, (a) each amount or benefit payable pursuant to this Plan and any Award Agreement shall be deemed a separate payment for purposes of Section 409A and (b) in the event the equity interests of the Company are
publicly traded on an established securities market or otherwise and the Participant is a “specified employee” (as determined under the Company’s administrative procedure for such determinations, in accordance with Section 409A)
at the time of the Participant’s termination of employment, any payments under this Plan or any Award Agreement that are deemed to be non-qualified deferred compensation subject to Section 409A and
that are payable (whether in cash, Membership Units or other property) in connection with the Participant’s separation from service shall not be paid or begin payment until the earlier of the Participant’s death and the first day following
the six (6) month anniversary of the Participant’s separation from service. The Committee shall use 

 
commercially reasonable efforts to implement the provisions of this Section 11 in good faith; provided that neither the Company, the Board, the Committee nor any of the Company’s
employees, directors or representatives shall have any liability to Participants with respect to this Section 11 to the extent administered in accordance therewith and with the terms of the Award Agreement. 

12. Withholding Taxes 
 If the Company
and/or any Affiliate shall be required to withhold any amounts by reason of any Federal, State, local or foreign tax rules or regulations in respect of any Award, the Company and/or any Affiliate shall be entitled to take such action as it deems
appropriate in order to ensure compliance with such withholding requirements. The Company or any of its Affiliates shall have the right, at its option, to (a) require the Participant to pay or provide for payment of the amount of any taxes
which the Company or any of its Affiliates may be required to withhold with respect to such Award, (b) deduct from any amount otherwise payable in cash (whether related to the Award or otherwise) to the Participant the amount of any taxes which
the Company or any of its Affiliates may be required to withhold with respect to such Award, or (c) if the Committee determines, to withhold Membership Units subject to the Award having a Fair Market Value of the minimum amount of any taxes
which the Company or any of its Affiliates are required to withhold with respect to such Award. 
 13. Effective Date and Termination Dates 

The Plan shall be effective as of August 3, 2011 and shall terminate ten years later, subject to earlier termination by the Board
pursuant to Section 9. 
 14. Miscellaneous 

(a) ERISA. This Plan is not subject to the Employee Retirement Income Security Act of 1974, as amended. 

(b) No Right of Employment or Service. Nothing contained herein, in an Award Agreement or in an Award shall confer on any employee,
director or consultant any right to be continued in the employ or service of the Company and/or any Affiliates, constitute any contract or agreement of employment or other service or affect an employee’s status as an at-will employee, nor shall anything contained herein, in any Award Agreement or an Award affect any rights which the Company and/or its Affiliates may have to change a person’s compensation or other benefits
or terminate such person’s employment or association with the Company and/or its Affiliates for any reason (with or without cause, with or without compensation) at any time. 

(c) Funding. Unless the Committee determines otherwise, no benefit or promise under the Plan shall be secured by any specific assets of
the Company or any of its Affiliates, nor shall any assets of the Company or any of its Affiliates be designated as attributable or allocated to the satisfaction of the Company’s obligations under the Plan. 

(d) Non-Uniform Determinations. The Committee’s determinations under the Plan need not be
uniform and may be made by it selectively among persons who receive or are eligible to receive Awards (whether or not such persons are similarly situated). Without limiting the generality of the foregoing, the Committee shall be entitled, among
other things, to make non-uniform and selective determinations, and to enter into non-uniform and selective Award Agreements, as to the persons to receive Awards under
the Plan and the terms and provisions of Awards under the Plan. 

 (e) Section Headings; Construction. The section headings contained herein are for the
purpose of convenience only and are not intended to define or limit the contents of the sections. All words used in this Plan shall be construed to be of such gender or number, as the circumstances require. Unless otherwise expressly provided, the
word “including” does not limit the preceding words or terms. 
 (f) Severability. In the event any provision of the Plan
or any Award Agreement shall be held by a court of competent jurisdiction to be illegal, invalid or unenforceable for any reason, the illegality, invalidity or unenforceability shall not affect the remaining provisions of the Plan and such Award
Agreement and such illegal, invalid or unenforceable provision shall be deemed modified as it such provision had not been included. 
 (g)
Survival of Terms; Conflicts. The provisions of the Plan shall survive the termination of the Plan to the extent consistent with, or necessary to carry out, the purposes thereof. Each Award Agreement remains subject to the terms of the Plan,
however, in the event of any conflict between specific provisions of the Plan and an Award Agreement, the Award Agreement shall control. 

(h) Arbitration. Any dispute with regard to the enforcement of this Plan and any Award Agreement hereunder shall be exclusively
resolved by a single experienced arbitrator licensed to practice law in the State of Texas, selected in accordance with the American Arbitration Association (“AAA”) rules and procedures, at an arbitration to be conducted in the State of
Arizona pursuant to the National Rules for the Resolution of Employment Disputes rules of AAA with the arbitrator applying the substantive law of the State of Delaware as provided for under Section 10(a) hereof. The AAA shall provide the
parties hereto with lists for the selection of arbitrators composed entirely of arbitrators who are members of the National Academy of Arbitrators and who have prior experience in the arbitration of disputes between employers and senior executives.
The determination of the arbitrator shall be final and binding on the parties hereto and judgment therein may be entered in any court of competent jurisdiction. Each party shall pay its own attorneys fees and disbursements and other costs of the
arbitration. 

 IN WITNESS WHEREOF, the undersigned officer of the Company hereby certifies that the Plan was adopted by the
written consent of the Board, duly executed on August 30, 2011. 
  

			
	 By:
	 	 /s/ Rodney Faldyn

		 	 Name: Rodney Faldyn

		 	 Title:    President and CEO

 [Signature Page to Incentive Plan]

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