Document:

EX-4.1

 Exhibit 4.1 

NEWS CORPORATION 
 and

 COMPUTERSHARE TRUST COMPANY, N.A. 

as Rights Agent 
 Third
Amended and Restated Rights Agreement 
 Dated as of June 18, 2018 

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 Section 1.
	  	Certain Definitions	  	 	2	 
	 Section 2.
	  	Appointment of Rights Agent	  	 	8	 
	 Section 3.
	  	Issuance of Rights Certificates	  	 	8	 
	 Section 4.
	  	Form of Rights Certificates	  	 	10	 
	 Section 5.
	  	Countersignature and Registration	  	 	11	 
	 Section 6.
	  	Transfer, Split-Up, Combination and Exchange of Rights Certificates; Mutilated, Destroyed, Lost or Stolen Rights Certificates	  	 	12	 
	 Section 7.
	  	Exercise of Rights; Purchase Price; Expiration Date of Rights	  	 	13	 
	 Section 8.
	  	Cancellation and Destruction of Rights Certificates	  	 	15	 
	 Section 9.
	  	Reservation and Availability of Capital Stock	  	 	15	 
	 Section 10.
	  	Preferred Stock Record Date	  	 	16	 
	 Section 11.
	  	Adjustment of Purchase Price, Number and Kind of Shares or Number of Rights	  	 	17	 
	 Section 12.
	  	Certificate of Adjusted Purchase Price or Number of Shares	  	 	24	 
	 Section 13.
	  	Consolidation, Merger or Sale or Transfer of Assets Cash Flow or Earning Power	  	 	25	 
	 Section 14.
	  	Fractional Rights and Fractional Shares	  	 	27	 
	 Section 15.
	  	Rights of Action	  	 	28	 
	 Section 16.
	  	Agreement of Rights Holders	  	 	28	 
	 Section 17.
	  	Rights Certificate Holder Not Deemed to be a Stockholder	  	 	29	 
	 Section 18.
	  	Concerning the Rights Agent	  	 	29	 
	 Section 19.
	  	Merger or Consolidation or Change of Name of Rights Agent	  	 	30	 
	 Section 20.
	  	Duties of Rights Agent	  	 	31	 
	 Section 21.
	  	Change of Rights Agent	  	 	33	 
	 Section 22.
	  	Issuance of New Rights Certificates	  	 	33	 
	 Section 23.
	  	Redemption and Termination	  	 	34	 
	 Section 24.
	  	Exchange	  	 	35	 
	 Section 25.
	  	Notice of Certain Events	  	 	36	 
	 Section 26.
	  	Notices	  	 	37	 
	 Section 27.
	  	Supplements and Amendments	  	 	38	 
	 Section 28.
	  	Successors	  	 	38	 
	 Section 29.
	  	Determinations and Actions by the Board of Directors, etc	  	 	38	 
	 Section 30.
	  	Benefits of this Agreement	  	 	39	 
	 Section 31.
	  	Severability	  	 	39	 
	 Section 32.
	  	Governing Law; Exclusive Jurisdiction	  	 	39	 
	 Section 33.
	  	Counterparts	  	 	40	 
	 Section 34.
	  	Descriptive Headings	  	 	40	 
	 Section 35.
	  	Book Entry	  	 	40	 
	 Section 36.
	  	 Force Majeure
	  	 	40	 

 EXHIBITS 
  

			
	Exhibit A --  	  	Form of Certificate of Designation, Preferences and Rights of Series A Junior Participating Preferred Stock
	Exhibit B --	  	Form of Rights Certificates
	Exhibit C --	  	Form of Summary of Rights to Purchase Series A Junior Participating Preferred Stock

  

 RIGHTS AGREEMENT 

THIRD AMENDED AND RESTATED RIGHTS AGREEMENT, dated as of June 18, 2018 (the “Agreement”), between News Corporation, a
corporation organized under the laws of the State of Delaware (the “Company”), and Computershare Trust Company, N.A., a federally chartered trust company duly organized and validly existing under the laws of the United States (the
“Rights Agent”). 
 W I T N E S E T H 

WHEREAS, pursuant to the approval of the Board of Managers of New Newscorp LLC (the predecessor to the Company), on June 14, 2013,
the Company and the Rights Agent entered into the Rights Agreement specifying the terms of the Rights (as defined herein); 

WHEREAS, pursuant to the terms and conditions of the Rights Agreement, on the Rights Dividend Declaration Date, the Company
distributed, by way of a dividend, one right (a “Class A Right”) for each share of Class A common stock, par value $0.01 per share, of the Company (the “Class A Common Stock”) and one right (a “Class B Right” and,
together with the Class A Rights, the “Rights”) for each share of Class B common stock, par value $0.01 per share, of the Company (the “Class B Common Stock” or “Voting Common Stock” and, together with the
Class A Common Stock, the “Common Stock”) outstanding (it being understood that shares held by direct or indirect wholly owned Subsidiaries of the Company shall not be considered as outstanding) at the close of business on the Record
Date, as adjusted pursuant to the provisions of Section 11(p) hereof, with each Right initially representing the right to purchase one one-thousandth of a share of Series A Junior Participating Preferred
Stock of the Company (the “Preferred Stock”) having the rights, powers and preferences set forth in the Certificate of Designations, Preferences and Rights filed by the Company on June 28, 2013; 

WHEREAS, the Company and the Rights Agent entered into the Amended and Restated Rights Agreement, dated June 18, 2014; 

WHEREAS, the Company and the Rights Agent entered into the Second Amended and Restated Rights Agreement, dated June 18, 2015 (the
“Second Amended and Restated Rights Agreement”); 
 WHEREAS, the Company and the Rights Agent desire to amend and restate
the Second Amended and Restated Rights Agreement in accordance with Section 27 of the Second Amended and Restated Rights Agreement; 

WHEREAS, the Board of Directors of the Company has authorized and adopted this Third Amended and Restated Rights Agreement at a meeting
of directors duly called and held; 
 NOW, THEREFORE, in consideration of the premises and the mutual agreements herein set forth,
the parties hereby agree as follows: 

 Section 1.       Certain Definitions. For purposes of
this Agreement, the following terms have the meanings indicated: 
 (a)       “Acquiring Person”
shall mean any Person who or which, together with all Affiliates and Associates of such Person, shall be the Beneficial Owner of fifteen percent (15%) or more of the Voting Capital Stock then outstanding, but shall not include 

(i) the Company; 

(ii) any Subsidiary of the Company; 

(iii) any employee benefit plan of the Company, or of any Subsidiary of the Company, or any Person organized, appointed or
established by the Company for or pursuant to the terms of any such plan; 
 (iv) any Exempt Person; 

(v) any Person who becomes the Beneficial Owner of fifteen percent (15%) or more of the Voting Capital Stock then outstanding
as a result of a reduction in the number of shares of Capital Stock outstanding due to the repurchase of shares of Capital Stock by the Company (or any Subsidiary of the Company, any employee benefit plan of the Company or of any Subsidiary of the
Company, or any Person organized, appointed or established by the Company for or pursuant to the terms of any such plan) unless and until such Person, after becoming aware that such Person has become the Beneficial Owner of fifteen percent (15%) or
more of the then outstanding Voting Capital Stock, acquires beneficial ownership of additional shares of Capital Stock representing one percent (1%) or more of the Voting Capital Stock then outstanding (except as otherwise provided in clause
(vi) or clause (vii) hereof); 
 (vi) any Person who becomes the Beneficial Owner of a number of shares of Voting
Capital Stock such that such Person would qualify as an “Acquiring Person” (A) by way of acquisition of Voting Capital Stock as a result of the declaration and payment of a pro rata dividend payable in Capital Stock (or securities
convertible or exchangeable into Capital Stock) on, or split or subdivision of, the Capital Stock of the Company or (B) solely as a result of any unilateral grant of any security by the Company or through the exercise of any options, warrants,
rights or similar interests (including restricted stock) granted by the Company to its directors, officers and employees pursuant to any equity incentive or award plan; or 

(vii) any Person who becomes the Beneficial Owner of a number of shares of Voting Capital Stock such that such Person would
qualify as an “Acquiring Person,” but who becomes the Beneficial Owner of such shares inadvertently, as determined by the Board in its sole discretion within 10 days of its receipt of notice of such acquisition; provided, however, that
after being notified by the Board of the existence of any such acquisition, unless such Person promptly, but in any case within 10 Business Days of such notice, divests a sufficient number of shares of Voting Capital Stock so that such Person would
no longer otherwise qualify as an “Acquiring Person,” such Person shall be deemed to be an “Acquiring Person” at the end of such 10 Business 

  
 2 

 
Day period; provided, further that this clause (vii) shall not apply to any Person to the extent such Person acquires more than 1.0% of the total outstanding Voting Capital Stock in addition
to the number of shares of Voting Capital Stock that would cause such Person to qualify as an “Acquiring Person,” without taking into account any determination regarding inadvertence in accordance with this clause (vii). 

(b)        “Act” shall mean the Securities Act of 1933, as amended. 

(c)        “Adjustment Shares” shall have the meaning set forth in Section 11(a)(ii)
hereof. 
 (d)        “Affiliate” and “Associate” shall have the respective
meanings ascribed to such terms in Rule 12b-2 of the General Rules and Regulations under the Exchange Act. 

(e)        “Agreement” shall have the meaning set forth in the preamble to this Agreement.

 (f)         A Person shall be deemed the “Beneficial Owner” of, and shall be
deemed to “beneficially own,” any securities: 
 (i)    which such Person or any of such
Person’s Affiliates or Associates, directly or indirectly, owns or has the right to acquire (whether such right is exercisable immediately or only after the passage of time or upon the satisfaction of one or more conditions (whether or not
within the control of such Person), compliance with regulatory requirements or otherwise) pursuant to any agreement, arrangement or understanding (whether or not in writing) or upon the exercise of conversion rights, exchange rights, other rights,
warrants or options, or otherwise; provided, however, that a Person shall not be deemed the “Beneficial Owner” of, or to “beneficially own,” (A) securities tendered pursuant to a tender or exchange offer made by such Person or
any of such Person’s Affiliates or Associates until such tendered securities are accepted for purchase or exchange, (B) securities issuable upon exercise of Rights at any time prior to the occurrence of a Triggering Event (as hereinafter
defined), or (C) securities issuable upon exercise of Rights from and after the occurrence of a Triggering Event which Rights were acquired by such Person or any of such Person’s Affiliates or Associates prior to the Distribution Date (as
hereinafter defined) or pursuant to Section 3(a) or Section 22 hereof (the “Original Rights”) or pursuant to Section 11(i) hereof in connection with an adjustment made with respect to any Original Rights; 

(ii)    which such Person or any of such Person’s Affiliates or Associates, directly or indirectly,
has the right to vote or dispose of or has “beneficial ownership” of (as determined pursuant to Rule 13d-3 of the General Rules and Regulations under the Exchange Act), including pursuant to any
agreement, arrangement or understanding (whether or not in writing); provided, however, that a Person shall not be deemed the “Beneficial Owner” of, or to “beneficially own,” any security under this subparagraph (ii) as a
result of an agreement, arrangement or understanding (whether or not in writing) to vote such security if such agreement, arrangement or understanding: (A) arises solely from a revocable proxy or consent given in response to a public proxy or
consent 

  
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solicitation made pursuant to, and in accordance with, the applicable provisions of the General Rules and Regulations under the Exchange Act, and (B) is not reportable by such Person on
Schedule 13D under the Exchange Act (or any comparable or successor report); or 
 (iii)    which are
beneficially owned, directly or indirectly, by any other Person (or any Affiliate or Associate thereof) with which such Person (or any of such Person’s Affiliates or Associates) has any agreement, arrangement or understanding (whether or not in
writing), for the purpose of acquiring, holding, voting (except pursuant to a revocable proxy or consent as described in the proviso to subparagraph (ii) of this paragraph (d)) or disposing of any voting securities of the Company; 

provided, however that each Murdoch Person shall be deemed to beneficially own all securities that are beneficially owned by all Murdoch Persons in the
aggregate; provided, further, that nothing in this paragraph (f) shall cause a Person engaged in business as an underwriter of securities to be the “Beneficial Owner” of, or to “beneficially own,” any securities acquired
through such Person’s participation in good faith in a firm commitment underwriting until the expiration of forty days after the date of such acquisition, and then only if such securities continue to be owned by such Person at such expiration
of forty days. 
 (g)      “Board” shall have the meaning set forth in the preamble of this
Agreement. 
 (h)      “Business Day” shall mean any day other than a Saturday, Sunday or a day on
which banking institutions in the State of New York are authorized or obligated by law or executive order to close. 

(i)      “Capital Stock” shall mean, any and all shares, interests, participations, rights in, or
other equivalents (however designated and whether voting and/or nonvoting) of the Company and any rights (other than debt securities convertible into capital stock), warrants or options to acquire such capital stock, whether now outstanding or
issued after the date of this Agreement. 
 (j)      “Class A Common Stock” shall have the meaning
set forth in the preamble of this Agreement. 
 (k)      “Class A Rights” shall have the meaning
set forth in the preamble of this Agreement. 
 (l)      “Class B Common Stock” shall have the
meaning set forth in the preamble of this Agreement. 
 (m)      “Class B Rights” shall have the
meaning set forth in the preamble of this Agreement. 
 (n)      “close of business” on any given
date shall mean 5:00 P.M., New York City time, on such date; provided, however, that if such date is not a Business Day, it shall mean 5:00 P.M., New York City time, on the next succeeding Business Day. 

  
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 (o)      “Common Stock” shall mean the common stock, par
value $0.01 per share, of the Company at the date hereof or any other stock resulting from successive changes or reclassifications of the common stock, and includes both the Class A Common Stock and the Class B Common Stock, except that
“Common Stock” when used with reference to any Person other than the Company shall mean the capital stock of such Person with the greatest voting power, or the equity securities or other equity interest having power to control or direct
the management, of such Person 
 (p)      “Common Stock Equivalents” shall have the meaning set
forth in Section 11(a)(iii) hereof. 
 (q)      “Company” shall have the meaning set forth in
the preamble to this Agreement. 
 (r)      “Current Market Price” shall have the meaning
determined in accordance with Section 11(d)(i) hereof. 
 (s)      “Current Value” shall have
the meaning set forth in Section 11(a)(iii) hereof. 
 (t)      “Distribution Date” shall have
the meaning set forth in Section 3(a) hereof. 
 (u)      “Equivalent Preferred Stock” shall
have the meaning set forth in Section 11(b) hereof. 
 (v)      “Exchange Act” shall mean the
Securities Exchange Act of 1934, as amended. 
 (w)      “Exchange Ratio” shall have the meaning
set forth in Section 24(a) hereof. 
 (x)      “Exempt Person” shall mean each of the
following: (i) the Company or any of its Subsidiaries or controlled Affiliates, or (ii) any Person, including each Murdoch Person, who, as of immediately following the separation of the businesses consisting of news and information
services, sports programming in Australia, digital real estate services, book publishing, and pay-TV distribution in Australia from the media and entertainment businesses of Twenty-First Century Fox, Inc. by
way of a distribution of the Capital Stock of the Company through a dividend on Twenty-First Century Fox, Inc. shares, is the Beneficial Owner of fifteen percent (15%) or more of the Voting Capital Stock then outstanding, except, with respect to the
Persons named in the preceding clause (ii) of this paragraph, any such Person shall no longer be considered an Exempt Person (1) if such Person Beneficially Owns less than fifteen percent (15%) of the then-outstanding Voting Capital Stock
or (2) if, on or after the date of this Agreement, such Person acquires Beneficial Ownership of additional shares of Voting Capital Stock (other than (A) by way of acquisition of Voting Capital Stock as a result of the declaration and
payment of a pro rata dividend payable in Capital Stock (or securities convertible or exchangeable into Capital Stock) on, or split or subdivision of, the Capital Stock of the Company or (B) solely as a result of any unilateral grant of any
security by the Company or through the exercise of any options, warrants, rights or similar interests (including restricted stock) granted by the Company to its directors, officers and employees pursuant to any equity incentive or

  
 5 

 
award plan), unless it is determined by the Board that such Person inadvertently acquired such shares of Voting Capital Stock and the shares are subsequently divested by such Person, with such
determination and divestiture each being made in accordance with the terms of clause (vii) of the definition of “Acquiring Person.” 

(y)      “Expiration Date” shall have the meaning set forth in Section 7(a) hereof. 

(z)      “Final Expiration Date” shall have the meaning set forth in Section 7(a) hereof. 

(aa)      “including” shall mean “including, without limitation.” 

(bb)      “Murdoch Person” shall mean each of K. Rupert Murdoch and any executor, administrator,
guardian, conservator or similar legal representative thereof, any member of the immediate family of K. Rupert Murdoch, Cruden Financial Services LLC, and any successor (by merger, consolidation, transfer of assets or otherwise) to all or
substantially all of its business and assets and any settlement and trusts, and any entities which are controlled by settlements and trusts, set up for the benefit of K. Rupert Murdoch or members of his family (either exclusively or among others).

 (cc)      “Nasdaq” shall have the meaning set forth in Section 11(d)(i) hereof. 

(dd)      “Original Rights” shall have the meaning set forth in Section 1(f)(i) hereof. 

(ee)      “Person” shall mean any individual, firm, corporation, partnership, limited liability
company, trust, association, syndicate or other entity and includes, without limitation, an unincorporated group of persons who, by formal or informal agreement or arrangement (whether or not in writing), have embarked on a common purpose or act.

 (ff)      “Preferred Stock” shall mean shares of Series A Junior Participating Preferred Stock,
par value $0.01 per share, of the Company, and, to the extent that there are not a sufficient number of shares of Series A Junior Participating Preferred Stock authorized to permit the full exercise of the Rights, any other series of preferred stock
of the Company designated for such purpose containing terms substantially similar to the terms of the Series A Junior Participating Preferred Stock. 

(gg)      “Principal Party” shall have the meaning set forth in Section 13(b) hereof. 

(hh)      “Purchase Price” shall have the meaning set forth in Section 4(a) hereof. 

(ii)      “Record Date” shall mean June 21, 2013. 

(jj)      “Redemption Price” shall have the meaning set forth in Section 23(a) hereof. 

(kk)      “Rights” shall have the meaning set forth in the preamble of this Agreement. 

  
 6 

 (ll)      “Rights Agent” shall have the meaning set
forth in the preamble of this Agreement. 
 (mm)      “Rights Certificate” shall have the meaning
set forth in Section 3(a) hereof. 
 (nn)      “Rights Dividend Declaration Date” means 9:00
am New York City time on June 28, 2013. 
 (oo)      “Section 11(a)(ii) Event” shall mean any
event described in Section 11(a) hereof. 
 (pp)      “Section 11(a)(ii) Trigger Date” shall
mean any event described in Section 11(a)(iii) hereof. 
 (qq)      “Section 13 Event” shall
mean any event described in clauses (x), (y) or (z) of Section 13(a) hereof. 

(rr)      “Spread” shall have the meaning set forth in Section 11(a)(iii) hereof. 

(ss)      “Stock Acquisition Date” shall mean the first date of public announcement (which, for
purposes of this definition, shall include, without limitation, a report filed or amended pursuant to Section 13(d) under the Exchange Act) by the Company or an Acquiring Person that an Acquiring Person has become such. 

(tt)      “Subsidiary” shall mean, with reference to any Person, any corporation or other entity of
which an amount of securities or other ownership interests having ordinary voting power sufficient to elect at least a majority of the directors or other Persons having similar functions of such corporation or other entity are at the time, directly
or indirectly, beneficially owned, or otherwise controlled by such Person. 
 (uu)      “Substitution
Period” shall have the meaning set forth in Section 11(a)(iii) hereof. 
 (vv)      “Summary
of Rights” shall have the meaning set forth in Section 3(b) hereof. 
 (ww)      “Trading
Day” shall have the meaning set forth in Section 11(d)(i) hereof. 
 (xx)      “Triggering
Event” shall mean any Section 11(a)(ii) Event or any Section 13 Event. 

(yy)      “Voting Capital Stock” shall mean the Capital Stock of any class or kind ordinarily having
the power to vote for the election of directors or other members of the governing body of the Company, including the Voting Common Stock. 

(zz)      “Voting Common Stock” shall have the meaning set forth in the preamble of this Agreement.

  
 7 

 Section 2.      Appointment of Rights Agent. The
Company hereby appoints the Rights Agent to act as rights agent for the Company in accordance with the express terms and conditions hereof, and the Rights Agent hereby accepts such appointment. The Company may from time to time appoint such co-rights agents as it may deem necessary or desirable, upon ten (10) days’ prior written notice to the Rights Agent. The Rights Agent shall have no duty to supervise and shall in no event be liable for,
the acts or omissions of any such co-rights agent. In the event the Company appoints one or more co-rights agents, the respective duties of the Rights Agent and any co-rights agent shall be as the Company shall reasonably determine, provided that such duties and determination are consistent with the terms and provisions of this Agreement and that the Company shall provide
written notice thereof to the Rights Agent. 
 Section 3.      Issuance of Rights Certificates.

 (a)      Until the earlier of (i) the close of business on the tenth Business Day after the Stock
Acquisition Date (or, if the tenth Business Day after the Stock Acquisition Date occurs before the Record Date, the close of business on the Record Date), or (ii) the close of business on the tenth Business Day (or such later date as the Board
shall determine) after the date that a tender or exchange offer by any Person (other than the Company, any Subsidiary of the Company, any employee benefit plan of the Company or of any Subsidiary of the Company, or any Person organized, appointed or
established by the Company for or pursuant to the terms of any such plan) is first published or sent or given within the meaning of Rule 14d-2(a) of the General Rules and Regulations under the Exchange Act,
if, upon consummation thereof, such Person would become an Acquiring Person (the earlier of (i) and (ii) being herein referred to as the “Distribution Date”), (x) the Class A Rights will be evidenced (subject to the provisions of
paragraph (b) of this Section 3) by the certificates for the Class A Common Stock registered in the names of the holders of the Class A Common Stock (which certificates for Class A Common Stock shall be deemed also to be
certificates for Class A Rights) and the Class B Rights will be evidenced (subject to the provisions of paragraph (b) of this Section 3) by the certificates for the Class B Common Stock registered in the names of the holders
of the Class B Common Stock (which certificates for Class B Common Stock shall be deemed also to be certificates for Class B Rights), and, in each such case, not by separate certificates (or, in the case of uncertificated shares for
Common Stock registered in book entry form, by notation in the book entry accounts for reflecting the ownership of such Common Stock), and (y) the Rights will be transferable only in connection with the transfer of the underlying shares of
Common Stock (including a transfer to the Company). As soon as practicable after the Distribution Date, but subject to the following sentence, the Rights Agent will send by first-class, insured, postage-prepaid mail, to each record holder of the
Common Stock as of the close of business on the Distribution Date, at the address of such holder shown on the records of the Company, one or more rights certificates, in substantially the form of Exhibit B hereto (the “Rights
Certificates”), evidencing one Right for each share of Common Stock so held, subject to adjustment as provided herein. To the extent that a Triggering Event under Section 11(a)(ii) hereof has also occurred, the Company may implement such
procedures, as it deems appropriate in its sole discretion, to minimize the possibility that Rights are received by Persons whose Rights shall have become void under Section 7(e) hereof. In the event that an adjustment in the number of Rights
per share of Common Stock has been made pursuant to Section 11(p) hereof, at the time of distribution of the Rights Certificates, the Company shall make the necessary and appropriate rounding adjustments (in accordance with Section 14(a)
hereof) so that Rights Certificates representing only whole 

  
 8 

 
numbers of Rights are distributed and cash is paid in lieu of any fractional Rights. As of and after the Distribution Date, the Rights will be evidenced solely by such Rights Certificates. The
Company shall promptly notify the Rights Agent in writing upon the occurrence of the Distribution Date. Until such notice is received by the Rights Agent, the Rights Agent may presume conclusively for all purposes that the Distribution Date has not
occurred. 
 (b)      The Company will send, as promptly as practicable following the Record Date, a copy of
a Summary of Rights, in substantially the form attached hereto as Exhibit C (the “Summary of Rights”) by first-class, postage pre-paid mail, to each record holder of Common Stock as of the close of
business on the Record Date (other than any Acquiring Person or any Affiliate or Associate of any Acquiring Person) at the address of such holder shown on the records of the Company. With respect to certificates for the Common Stock outstanding as
of the Record Date, or issued subsequent to the Record Date, unless and until the Distribution Date shall occur, the Rights will be evidenced by such certificates for the Common Stock (or, in the case of uncertificated shares for Common Stock
registered in book entry form by notation in the book entry accounts reflecting the ownership of such Common Stock), together with the Summary of Rights, and the registered holders of the Common Stock shall also be the registered holders of the
associated Rights. Until the earlier of the Distribution Date or the Expiration Date, the transfer of any shares of Common Stock in respect of which Rights have been issued (with or without a copy of the Summary of Rights) shall also constitute the
transfer of the Rights associated with such shares of Common Stock. 
 (c)      Rights shall be issued in
respect of all shares of Common Stock which are issued (whether originally issued or disposed from the Company’s treasury or transferred to third parties by wholly owned Subsidiaries of the Company) after the Record Date but prior to the
earlier of the Distribution Date or the Expiration Date. Certificates representing such shares of Common Stock shall also be deemed to be certificates for Rights, and shall bear a legend in substantially the following form if such certificates are
issued after the Record Date but prior to the earlier of the Distribution Date or the Expiration Date: 
 This certificate
also evidences and entitles the holder hereof to certain Rights as set forth in the Rights Agreement between News Corporation (the “Company”) and Computershare Trust Company, N.A., a federally chartered trust company duly organized and
validly existing under the laws of the United States (or any successor rights agent) (the “Rights Agent”), dated as of June 18, 2018, as it may be amended from time to time (the “Rights Agreement”), the terms of which are
hereby incorporated herein by reference and a copy of which is on file at the principal offices of the Rights Agent designated for such purpose. Under certain circumstances, as set forth in the Rights Agreement, such Rights will be evidenced by
separate certificates and will no longer be evidenced by this certificate. The Rights Agent will mail to the holder of this certificate a copy of the Rights Agreement, as in effect on the date of mailing, without charge, promptly after receipt of a
written request therefor. Under certain circumstances set forth in the Rights Agreement, Rights issued to, or held by, any Person who is, was or becomes an Acquiring Person or any Affiliate or Associate thereof (as such terms are defined in the
Rights Agreement),  

  
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whether currently held by or on behalf of such Person or by any subsequent holder, may become null and void. 

With respect to such certificates containing the foregoing legend, until the earlier of (i) the Distribution Date or (ii) the Expiration Date, the
Rights associated with the Common Stock represented by such certificates shall be evidenced by such certificates alone and registered holders of Common Stock shall also be the registered holders of the associated Rights, and the transfer of any of
such certificates shall also constitute the transfer of the Rights associated with the Common Stock represented by such certificates. Similarly, during such time periods, transfers of book entry shares shall also be deemed to be transfers of the
associated Rights. In the case of any book entry shares, the Company shall provide notice of the foregoing legend in accordance with applicable law and shall cause the transfer agent for the Common Stock to include on each statement for book entry
shares with respect thereto issued prior to the Distribution Date a notation to the effect that the Company will mail to the stockholder a copy of the Rights Agreement, as in effect on the date of mailing, without charge, promptly after receipt of a
written request therefor and that the recipient of the statement, as a holder of shares of Common Stock, may have certain rights thereunder. In the event that shares of the Common Stock are not represented by certificates, references in this
Agreement to certificates shall be deemed to refer to the notations in the book entry accounts reflecting ownership of such shares, in accordance with Section 35 of this Agreement. 

Section 4.      Form of Rights Certificates. 

(a)      The Rights Certificates (and the forms of election to purchase and of assignment to be printed on the
reverse thereof) shall each be substantially in the form set forth in Exhibit B hereto and may have such marks of identification or designation and such legends, summaries or endorsements printed thereon as the Company may deem appropriate and as
are not inconsistent with the provisions of this Agreement, or as may be required to comply with any applicable law or with any rule or regulation made pursuant thereto or with any rule or regulation of any stock exchange on which the Rights may
from time to time be listed, or to conform to usage (but which shall not, in any case, affect the rights or duties of the Rights Agent). Subject to the provisions of Section 11 and Section 22 hereof, the Rights Certificates, whenever
distributed, shall be dated as of the Record Date and on their face shall entitle the holders thereof to purchase such number of one one-thousandths of a share of Preferred Stock as shall be set forth therein
at the price set forth therein (such exercise price per one one-thousandth of a share, the “Purchase Price”), but the amount and type of securities purchasable upon the exercise of each Right and the
Purchase Price thereof shall be subject to adjustment as provided herein. 
 (b)      Any Rights Certificate
issued pursuant to Section 3(a), Section 11(i) or Section 22 hereof that represents Rights beneficially owned by: (i) an Acquiring Person or any Associate or Affiliate of an Acquiring Person, (ii) a transferee of an
Acquiring Person (or of any such Associate or Affiliate) who becomes a transferee after the Acquiring Person becomes such, or (iii) a transferee of an Acquiring Person (or of any such Associate or Affiliate) who becomes a transferee prior to or
concurrently with the Acquiring Person becoming such and receives such Rights pursuant to either (A) a transfer (whether or not for consideration) from the Acquiring Person to holders of equity interests in such Acquiring Person or to any
Person with whom such Acquiring Person has any continuing agreement, arrangement or understanding (whether or not 

  
 10 

 
in writing) regarding the transferred Rights or (B) a transfer which the Board has determined, in its sole discretion, is part of a plan, arrangement or understanding (whether or not in
writing) which has as a primary purpose or effect the avoidance of Section 7(e) hereof, and any Rights Certificate issued pursuant to Section 6 or Section 11 hereof upon transfer, exchange, replacement or adjustment of any other
Rights Certificate referred to in this sentence, shall contain (to the extent feasible) the following legend: 
 The Rights represented by
this Rights Certificate are or were beneficially owned by a Person who was or became an Acquiring Person or an Affiliate or Associate of an Acquiring Person (as such terms are defined in the Rights Agreement). Accordingly, this Rights Certificate
and the Rights represented hereby may become null and void in the circumstances specified in Section 7(e) of the Rights Agreement. 

Section 5.      Countersignature and Registration. 

(a)      The Rights Certificates shall be executed on behalf of the Company by its Chairman of the Board, its
President or any Vice President, either manually or by facsimile signature, and shall have affixed thereto the Company’s seal or a facsimile thereof which shall be attested by the Secretary or an Assistant Secretary of the Company, either
manually or by facsimile signature. The Rights Certificates shall be countersigned by the Rights Agent, either manually or by facsimile signature and shall not be valid for any purpose unless so countersigned. In case any officer of the Company who
shall have signed any of the Rights Certificates shall cease to be such officer of the Company before countersignature by the Rights Agent and issuance and delivery by the Company, such Rights Certificates, nevertheless, may be countersigned by the
Rights Agent and issued and delivered by the Company with the same force and effect as though the person who signed such Rights Certificates had not ceased to be such officer of the Company; and any Rights Certificates may be signed on behalf of the
Company by any person who, at the actual date of the execution of such Rights Certificate, shall be a proper officer of the Company to sign such Rights Certificate, although at the date of the execution of this Agreement any such person was not such
an officer. In case any authorized signatory of the Rights Agent who has countersigned any of the Rights Certificates ceases to be an authorized signatory of the Rights Agent before issuance and delivery by the Company, such Rights Certificates,
nevertheless, may be issued and delivered by the Company with the same force and effect as though the person who countersigned such Rights Certificates had not ceased to be an authorized signatory of the Rights Agent; and any Rights Certificates may
be countersigned on behalf of the Rights Agent by any person who, at the actual date of the countersignature of such Rights Certificate, is properly authorized to countersign such Rights Certificate, although at the date of the execution of this
Agreement any such person was not so authorized. 
 (b)      Following the Distribution Date, receipt by the
Rights Agent of notice to that effect and all other relevant information referred to in Section 3(a), the Rights Agent will keep, or cause to be kept, at its principal office or offices designated for such purpose, books for registration and
transfer of the Rights Certificates issued hereunder. Such books shall show the names and addresses of the respective holders of the Rights Certificates, the number of Rights evidenced on its face by each of the Rights Certificates and the date of
each of the Rights 

  
 11 

 
Certificates. 
 Section 6.      Transfer, Split-Up, Combination and Exchange of Rights Certificates; Mutilated, Destroyed, Lost or Stolen Rights Certificates. 

(a)      Subject to the provisions of Section 4(b), Section 7(e) and Section 14 hereof, at any
time after the close of business on the Distribution Date, and at or prior to the close of business on the Expiration Date, any Rights Certificate or Certificates (other than Rights Certificates representing Rights that may have been exchanged
pursuant to Section 24 hereof) may be transferred, split up, combined or exchanged for another Rights Certificate or Certificates, entitling the registered holder to purchase a like number of one
one-thousandths of a share of Preferred Stock (or, following a Triggering Event, Common Stock, other securities, cash or other assets, as the case may be) as the Rights Certificate or Certificates surrendered
then entitles such holder (or former holder in the case of a transfer) to purchase. Any registered holder desiring to transfer, split up, combine or exchange any Rights Certificate or Certificates shall make such request in writing delivered to the
Rights Agent, and shall surrender the Rights Certificate or Certificates to be transferred, split up, combined or exchanged at the principal office or offices of the Rights Agent designated for such purpose. Notwithstanding anything in this
Agreement to the contrary, neither the Rights Agent nor the Company shall be obligated to take any action whatsoever with respect to the transfer of any such surrendered Rights Certificate until the registered holder shall have completed and signed
the certificate contained in the form of assignment on the reverse side of such Rights Certificate and shall have provided such additional evidence of the identity of the Beneficial Owner (or former Beneficial Owner) or Affiliates or Associates
thereof as the Company or the Rights Agent shall reasonably request. Thereupon the Rights Agent shall, subject to Section 4(b), Section 7(e), Section 14 hereof and Section 24 hereof, countersign and deliver to the Person entitled
thereto a Rights Certificate or Rights Certificates, as the case may be, as so requested. The Company may require payment from any holder of a Rights Certificate of a sum sufficient to cover any tax or governmental charge that may be imposed in
connection with any transfer, split up, combination or exchange of Rights Certificates. If and to the extent the Company does require payment of any such taxes or charges, the Company shall give the Rights Agent prompt written notice thereof and the
Rights Agent shall not deliver any Rights Certificate unless and until it is satisfied that all such payments have been made, and the Rights Agent shall as promptly as reasonably practicable forward any such sum collected by it to the Company or to
such Persons as the Company shall specify by written notice. The Rights Agent shall have no duty or obligation to take any action under this Agreement which requires the payment by a Rights holder of applicable taxes and charges unless and until the
Rights Agent is satisfied that all such taxes and/or charges have been paid. 
 (b)      Upon receipt by the
Company and the Rights Agent of evidence reasonably satisfactory to them of the loss, theft, destruction or mutilation of a Rights Certificate and, if so requested by the Rights Agent, such additional evidence of the identity of the Beneficial Owner
(or former Beneficial Owner) or Affiliates or Associates thereof as the Company shall reasonably request, accompanied by a signature guarantee and such other documentation as the Rights Agent may reasonably request, and, in case of loss, theft or
destruction, of indemnity or security reasonably satisfactory to them, and reimbursement to the 

  
 12 

 
Company and the Rights Agent of all reasonable expenses incidental thereto, and upon surrender to the Rights Agent and cancellation of the Rights Certificate, if mutilated, the Company will
execute and deliver a new Rights Certificate of like tenor to the Rights Agent for countersignature and delivery to the registered owner in lieu of the Rights Certificate so lost, stolen, destroyed or mutilated. 

Section 7.      Exercise of Rights; Purchase Price; Expiration Date of Rights. 

(a)      Subject to Section 7(e) hereof, at any time after the Distribution Date the registered holder of
any Rights Certificate may exercise the Rights evidenced thereby (except as otherwise provided herein including the restrictions on exercisability set forth in Section 9(c), Section 11(a)(iii) and Section 23(a) hereof) in whole or in
part upon surrender of the Rights Certificate, with the form of election to purchase and the certificate on the reverse side thereof duly executed, to the Rights Agent at the principal office or offices of the Rights Agent designated for such
purpose, together with payment of the aggregate Purchase Price with respect to the total number of one one-thousandths of a share of Preferred Stock (or other securities, cash or other assets, as the case may
be) as to which such surrendered Rights are then exercisable, and an amount equal to any tax or charge required to be paid by the holder under Section 9(e), at or prior to the earlier of (i) 5:00 P.M., New York City time, on June 18, 2021,
or such earlier or later date as may be established by the Board prior to the expiration of the Rights (such date, as it may be advanced or extended by the Board, the “Final Expiration Date”), or (ii) the time at which the Rights are
redeemed or exchanged as provided in Section 23 and Section 24 hereof (the earlier of (i) and (ii) being herein referred to as the “Expiration Date”). 

(b)      The Purchase Price for each one one-thousandth of a share of
Preferred Stock pursuant to the exercise of a Right initially shall be $90, and shall be subject to adjustment from time to time as provided in Section 11 and Section 13(a) hereof and shall be payable in accordance with paragraph
(c) below. 
 (c)      Upon receipt of a Rights Certificate representing exercisable Rights, with the
form of election to purchase and the certificate duly executed, accompanied by payment, with respect to each Right so exercised, of the Purchase Price per one one-thousandth of a share of Preferred Stock (or
other shares, securities, cash or other assets, as the case may be) to be purchased as set forth below and an amount equal to any applicable transfer tax or charge required to be paid by the holder under Section 9(e), the Rights Agent shall,
subject to Section 20(k) hereof, thereupon promptly (i) (A) requisition from any transfer agent of the shares of Preferred Stock (or make available, if the Rights Agent is the transfer agent for such shares) certificates for the total
number of one one-thousandths of a share of Preferred Stock to be purchased and the Company hereby irrevocably authorizes its transfer agent to comply with all such requests, or (B) if the Company shall
have elected to deposit the total number of shares of Preferred Stock issuable upon exercise of the Rights hereunder with a depositary agent, requisition from the depositary agent depositary receipts representing such number of one one-thousandths of a share of Preferred Stock as are to be purchased (in which case certificates for the shares of Preferred Stock represented by such receipts shall be deposited by the transfer agent with the
depositary agent) and the Company will direct the depositary agent to comply with such request, (ii) requisition from the Company the amount of cash, if any, to be paid in lieu of fractional shares in accordance with Section 14 hereof,
(iii) after receipt of such certificates or 

  
 13 

 
depositary receipts, cause the same to be delivered to or, upon the order of the registered holder of such Rights Certificate, registered in such name or names as may be designated by such
holder, and (iv) after receipt thereof, deliver such cash, if any, to or upon the order of the registered holder of such Rights Certificate. The payment of the Purchase Price (as such amount may be reduced pursuant to Section 11(a)(iii)
hereof) shall be made in cash or by certified bank check or bank draft payable to the order of the Company. In the event that the Company is obligated to issue other securities (including Common Stock) of the Company, pay cash and/or distribute
other property pursuant to Section 11(a) hereof, the Company will make all arrangements necessary so that such other securities, cash and/or other property are available for distribution by the Rights Agent, if and when appropriate. The Company
reserves the right to require prior to the occurrence of a Triggering Event that, upon any exercise of Rights, a number of Rights be exercised so that only whole shares of Preferred Stock would be issued. 

(d)      In case the registered holder of any Rights Certificate shall exercise less than all of the Rights
evidenced thereby, a new Rights Certificate evidencing the Rights remaining unexercised shall be issued by the Rights Agent and delivered to, or upon the order of, the registered holder of such Rights Certificate, registered in such name or names as
may be designated by such holder, subject to the provisions of Section 14 hereof. 

(e)      Notwithstanding anything in this Agreement to the contrary, from and after the first occurrence of a
Section 11(a)(ii) Event, any Rights beneficially owned by (i) an Acquiring Person or an Associate or Affiliate of an Acquiring Person, (ii) a transferee of an Acquiring Person (or of any such Associate or Affiliate) who becomes a
transferee after the Acquiring Person becomes such, or (iii) a transferee of an Acquiring Person (or of any such Associate or Affiliate) who becomes a transferee prior to or concurrently with the Acquiring Person becoming such and receives such
Rights pursuant to either (A) a transfer (whether or not for consideration) from the Acquiring Person to holders of equity interests in such Acquiring Person or to any Person with whom the Acquiring Person has any continuing agreement,
arrangement or understanding (whether or not in writing) regarding the transferred Rights or (B) a transfer which the Board has determined is part of a plan, arrangement or understanding which has as a primary purpose or effect the avoidance of
this Section 7(e), shall become null and void without any further action and no holder of such Rights shall have any rights whatsoever with respect to such Rights, whether under any provision of this Agreement or otherwise. The Company shall
use all reasonable efforts to insure that the provisions of this Section 7(e) and Section 4(b) hereof are complied with, but shall have no liability, to the fullest extent permitted by law, to any holder of Rights Certificates or any other
Person as a result of its failure to make any determinations with respect to an Acquiring Person or any of its Affiliates, Associates or their respective transferees hereunder. 

(f)      Notwithstanding anything in this Agreement to the contrary, neither the Rights Agent nor the Company
shall be obligated to undertake any action with respect to a registered holder upon the occurrence of any purported exercise as set forth in this Section 7 unless such registered holder shall have (i) completed and signed the certificate
contained in the form of election to purchase set forth on the reverse side of the Rights Certificate surrendered for such exercise, and (ii) provided such additional evidence of the identity of the Beneficial Owner (or former Beneficial Owner)
or Affiliates or Associates of such Beneficial Owner as the Company or the Rights Agent shall reasonably request. 

  
 14 

 Section 8.      Cancellation and Destruction of Rights
Certificates. All Rights Certificates surrendered for the purpose of exercise, transfer, split-up, combination, redemption, or exchange shall, if surrendered to the Company or any of its agents, be
delivered to the Rights Agent for cancellation or in cancelled form, or, if surrendered to the Rights Agent, shall be cancelled by it, and no Rights Certificates shall be issued in lieu thereof except as expressly permitted by any of the provisions
of this Agreement. The Company shall deliver to the Rights Agent for cancellation and retirement, and the Rights Agent shall so cancel and retire, any other Rights Certificate purchased or acquired by the Company otherwise than upon the exercise
thereof. The Rights Agent shall deliver all cancelled Rights Certificates to the Company, or shall, at the written request of the Company, destroy such cancelled Rights Certificates, and in such case shall deliver a certificate of destruction
thereof to the Company. 
 Section 9.      Reservation and Availability of Capital Stock. 

(a)      The Company covenants and agrees that it will cause to be reserved and kept available out of its
authorized and unissued shares of Preferred Stock (and, following the occurrence of a Triggering Event, out of its authorized and unissued shares of Common Stock and/or other securities or out of its authorized and issued shares held in its
treasury), the number of shares of Preferred Stock (and, following the occurrence of a Triggering Event, Common Stock and/or other securities) that, as provided in this Agreement including Section 11(a)(iii) hereof, will be sufficient to permit
the exercise in full of all outstanding Rights. 
 (b)      So long as the shares of Preferred Stock (and,
following the occurrence of a Triggering Event, Common Stock and/or other securities) issuable and deliverable upon the exercise of the Rights may be listed on the Nasdaq Global Select Market or any national securities exchange, the Company shall
use its best efforts to cause, from and after such time as the Rights become exercisable, all shares reserved for such issuance to be listed on such market or exchange upon official notice of issuance upon such exercise. 

(c)      The Company shall use its best efforts to (i) file, as soon as practicable following the earliest
date after the first occurrence of a Section 11(a)(ii) Event on which the consideration to be delivered by the Company upon exercise of the Rights has been determined in accordance with Section 11(a)(iii) hereof, a registration statement
under the Act, with respect to the securities purchasable upon exercise of the Rights on an appropriate form, (ii) cause such registration statement to become effective as soon as practicable after such filing, and (iii) cause such
registration statement to remain effective (with a prospectus at all times meeting the requirements of the Act) until the earlier of (A) the date as of which the Rights are no longer exercisable for such securities, and (B) the Expiration
Date. The Company will also take such action as may be appropriate under, or to ensure compliance with, the securities or “blue sky” laws of the various states in connection with the exercisability of the Rights. The Company may
temporarily suspend, for a period of time not to exceed ninety (90) days after the date set forth in clause (i) of the first sentence of this Section 9(c), the exercisability of the Rights in order to prepare and file such
registration statement and permit it to become effective. Upon any such suspension, the Company shall issue a public announcement stating that the exercisability of the Rights has been temporarily suspended, as well as a public announcement at such
time as the suspension has been rescinded. The Company shall notify the Rights Agent whenever it makes a public announcement pursuant to this Section 9(c) and give the Rights Agent a copy of such

  
 15 

 
announcement. In addition, if the Company shall determine that a registration statement is required following the Distribution Date, the Company may temporarily suspend the exercisability of the
Rights until such time as a registration statement has been declared effective. Notwithstanding any provision of this Agreement to the contrary, the Rights shall not be exercisable in any jurisdiction if the requisite qualification in such
jurisdiction shall not have been obtained, the exercise thereof shall not be permitted under applicable law, or a registration statement shall not have been declared effective. 

(d)      The Company covenants and agrees that it will take all such action as may be necessary to ensure that
all one one-thousandths of a share of Preferred Stock (and, following the occurrence of a Triggering Event, Common Stock and/or other securities) delivered upon exercise of Rights shall, at the time of
delivery of the certificates for such shares (subject to payment of the Purchase Price), be duly and validly authorized and issued and fully paid and nonassessable. 

(e)      The Company further covenants and agrees that it will pay when due and payable any and all federal and
state transfer taxes and charges which may be payable in respect of the issuance or delivery of the Rights Certificates and of any certificates for a number of one one-thousandths of a share of Preferred Stock
(or Common Stock and/or other securities, as the case may be) upon the exercise of Rights. The Company shall not, however, be required to pay any transfer tax which may be payable in respect of any transfer or delivery of Rights Certificates to a
Person other than, or the issuance or delivery of a number of one one-thousandths of a share of Preferred Stock (or Common Stock and/or other securities, as the case may be) in respect of a name other than
that of the registered holder of the Rights Certificates evidencing Rights surrendered for exercise, nor shall the Company be required to issue or deliver any certificates for a number of one one-thousandths
of a share of Preferred Stock (or Common Stock and/or other securities, as the case may be) in a name other than that of the registered holder upon the exercise of any Rights until such tax shall have been paid (any such tax being payable by the
holder of such Rights Certificates at the time of surrender) or until it has been established to the Company’s and the Rights Agent’s reasonable satisfaction that no such tax is due. 

Section 10.      Preferred Stock Record Date. Each person in whose name any certificate for a number
of one one-thousandths of a share of Preferred Stock (or Common Stock and/or other securities, as the case may be) is issued upon the exercise of Rights shall for all purposes be deemed to have become the
holder of record of such fractional shares of Preferred Stock (or Common Stock and/or other securities, as the case may be) represented thereby on, and such certificate shall be dated, the date upon which the Rights Certificate evidencing such
Rights was duly surrendered and payment of the Purchase Price (and all applicable transfer taxes) was made; provided, however, that if the date of such surrender and payment is a date upon which the Preferred Stock (or Common Stock and/or other
securities, as the case may be) transfer books of the Company are closed, such Person shall be deemed to have become the record holder of such shares (fractional or otherwise) on, and such certificate shall be dated, the next succeeding Business Day
on which the Preferred Stock (or Common Stock and/or other securities, as the case may be) transfer books of the Company are open. Prior to the exercise of the Rights evidenced thereby, the holder of a Rights Certificate shall not be entitled to any
rights of a stockholder of the Company with respect to shares for which the Rights shall be exercisable, 

  
 16 

 
including the right to vote, to receive dividends or other distributions or to exercise any preemptive rights, and shall not be entitled to receive any notice of any proceedings of the Company,
except as provided herein. 
 Section 11.      Adjustment of Purchase Price, Number and Kind of
Shares or Number of Rights. The Purchase Price, the number and kind of shares covered by each Right and the number of Rights outstanding are subject to adjustment from time to time as provided in this Section 11. 

(a)      (i) In the event the Company shall at any time after the date of this Agreement (A) declare a
dividend on the Preferred Stock payable in shares of Preferred Stock, (B) subdivide or split the outstanding shares of Preferred Stock, (C) combine or consolidate the outstanding shares of Preferred Stock into a smaller number of shares,
through a reverse stock split or otherwise, or (D) issue any shares of its capital stock in a reclassification of the Preferred Stock (including any such reclassification in connection with a consolidation or merger in which the Company is the
continuing or surviving corporation), except as otherwise provided in this Section 11(a) and Section 7(e) hereof, the Purchase Price in effect at the time of the record date for such dividend or of the effective date of such subdivision,
split, combination, consolidation or reclassification, and the number and kind of shares of Preferred Stock or capital stock, as the case may be, issuable on such date, shall be proportionately adjusted so that the holder of any Right exercised
after such time shall be entitled to receive, upon payment of the Purchase Price then in effect, the aggregate number and kind of shares of Preferred Stock or capital stock, as the case may be, which, if such Right had been exercised immediately
prior to such date and at a time when the Preferred Stock transfer books of the Company were open, such holder would have owned upon such exercise and been entitled to receive by virtue of such dividend, subdivision, split, combination,
consolidation or reclassification. If an event occurs which would require an adjustment under both this Section 11(a)(i) and Section 11(a)(ii) hereof, the adjustment provided for in this Section 11(a)(i) shall be in addition to, and
shall be made prior to, any adjustment required pursuant to Section 11(a)(ii) hereof. 

(ii)      Subject to Section 24 hereof, in the event any Person shall, at any time after
the Rights Dividend Declaration Date, become an Acquiring Person, unless the event causing such Person to become an Acquiring Person is a transaction set forth in Section 13(a) hereof, then, promptly following the later of the occurrence of
such event and the Record Date, (A) each holder of a Class A Right (except as provided below and in Section 7(e) hereof) shall thereafter have the right to receive, upon exercise thereof at the then current Purchase Price in
accordance with the terms of this Agreement, in lieu of a number of one one-thousandths of a share of Preferred Stock, such number of shares of Class A Common Stock of the Company as shall equal the
result obtained by (x) multiplying the then current Purchase Price by the then number of one one-thousandths of a share of Preferred Stock for which a Right was exercisable immediately prior to the first
occurrence of a Section 11(a)(ii) Event, and (y) dividing that product (which, following such first occurrence, shall thereafter be referred to as the “Purchase Price” for each such Class A Right and for all purposes of this
Agreement) by 50% of the Current Market Price (determined pursuant to Section 11(d) hereof) per share of Class A Common Stock on the date of such first occurrence (such number of shares, the “Class A Adjustment Shares”) and
(B) each holder of a Class B Right (except as provided below 

  
 17 

 
and in Section 7(e) hereof) shall thereafter have the right to receive, upon exercise thereof at the then current Purchase Price in accordance with the terms of this Agreement, in lieu of a
number of one one-thousandths of a share of Preferred Stock, such number of shares of Class B Common Stock of the Company as shall equal the result obtained by (x) multiplying the then current
Purchase Price by the then number of one one-thousandths of a share of Preferred Stock for which a Right was exercisable immediately prior to the first occurrence of a Section 11(a)(ii) Event, and
(y) dividing that product (which, following such first occurrence, shall thereafter be referred to as the “Purchase Price” for each such Class B Right and for all purposes of this Agreement) by 50% of the Current Market Price
(determined pursuant to Section 11(d) hereof) per share of Class B Common Stock on the date of such first occurrence (such number of shares, the “Class B Adjustment Shares” and, together with the Class A Adjustment Shares,
the “Adjustment Shares”). The Company shall give the Rights Agent written notice of the identity of any such Acquiring Person, Associate or Affiliate, or the nominee of any of the foregoing, and the Rights Agent may rely on such notice in
carrying out its duties under this Agreement and shall be deemed not to have any knowledge of the identity of any such Acquiring Person, Associate or Affiliate, or the nominee of any of the foregoing, unless and until it shall have received such
notice. 
 (iii)      In the event that the number of treasury shares and shares of Common
Stock which is authorized by the Company’s Amended and Restated Certificate of Incorporation, as amended, but not outstanding or reserved for issuance for purposes other than upon exercise of the Rights, is not sufficient to permit the exercise
in full of the Rights in accordance with the foregoing subparagraph (ii) of this Section 11(a), the Company shall (A) determine the value of the Adjustment Shares issuable upon the exercise of a Class A Right or Class B
Right (the “Current Value”), and (B) with respect to each Right (subject to Section 7(e) hereof), make adequate provision, to the extent not prohibited by the Company’s Amended and Restated Certificate of Incorporation, as
amended, to substitute for the Adjustment Shares, upon the exercise of a Right and payment of the applicable Purchase Price, (1) cash, (2) a reduction in the Purchase Price, (3) Common Stock or other equity securities of the Company
(including shares, or units of shares, of preferred stock, such as the Preferred Stock, which the Board has deemed to have essentially the same value or economic rights as shares of Common Stock (such shares of preferred stock being referred to as
“Common Stock Equivalents”)), (4) debt securities of the Company, (5) other assets, or (6) any combination of the foregoing, having an aggregate value equal to the Current Value (less the amount of any reduction in the Purchase
Price), where such aggregate value has been determined by the Board based upon the advice of a nationally recognized investment banking firm selected by the Board; provided, however, that if the Company shall not have made adequate provision to
deliver value pursuant to clause (B) above within thirty (30) days following the later of (x) the first occurrence of a Section 11(a)(ii) Event and (y) the date on which the Company’s right of redemption pursuant to
Section 23(a) expires (the later of (x) and (y) being referred to herein as the “Section 11(a)(ii) Trigger Date”), then the Company shall be obligated to deliver, upon the surrender for exercise of a Right and without requiring
payment of the Purchase Price, shares of Class A Common Stock or Class B Common Stock, as the case may be, (to the extent available) and then, if necessary, cash, which shares and/or cash have an aggregate value equal to the Spread. For
purposes of the 

  
 18 

 
preceding sentence, the term “Spread” shall mean the excess of (i) the Current Value over (ii) the Purchase Price. If the Board determines in good faith that it is likely that
sufficient additional shares of Common Stock could be authorized for issuance upon exercise in full of the Rights, the thirty (30) day period set forth above may be extended to the extent necessary, but not more than ninety (90) days after
the Section 11(a)(ii) Trigger Date, in order that the Company may seek stockholder approval for the authorization of such additional shares (such thirty (30) day period, as it may be extended, is herein called the “Substitution
Period”). To the extent that the Company determines that action should be taken pursuant to the first and/or third sentences of this Section 11(a)(iii), the Company (1) shall provide, subject to Section 7(e) hereof and to the
extent not prohibited by the Company’s Amended and Restated Certificate of Incorporation, as amended, that such action shall apply uniformly to all outstanding Rights, and (2) may suspend the exercisability of the Rights until the
expiration of the Substitution Period in order to seek such stockholder approval for such authorization of additional shares and/or to decide the appropriate form of distribution to be made pursuant to such first sentence and to determine the value
thereof. In the event of any such suspension, the Company shall issue a public announcement stating that the exercisability of the Rights has been temporarily suspended, as well as a public announcement at such time as the suspension is no longer in
effect. The Company shall notify the Rights Agent whenever it makes a public announcement pursuant to this Section 11(a)(iii) and give the Rights Agent a copy of such announcement. For purposes of this Section 11(a)(iii), the value of each
Adjustment Share shall be the Current Market Price per share of the Class A Common Stock or Class B Common Stock, as the case may be, on the Section 11(a)(ii) Trigger Date and the per share or per unit value of any Common Stock
Equivalent shall be deemed to equal the Current Market Price per share of the Class A Common Stock or Class B Common Stock, as the case may be, on such date. 

(b)      In case the Company shall fix a record date for the issuance of rights, options or warrants to all
holders of shares of Preferred Stock entitling them to subscribe for or purchase (for a period expiring within forty-five (45) calendar days after such record date) shares of Preferred Stock (or shares having the same rights, privileges and
preferences as the shares of Preferred Stock (“Equivalent Preferred Stock”)) or securities convertible into Preferred Stock or Equivalent Preferred Stock at a price per share of Preferred Stock or per share of Equivalent Preferred Stock
(or having a conversion price per share, if a security convertible into Preferred Stock or Equivalent Preferred Stock) less than the Current Market Price (as determined pursuant to Section 11(d) hereof) per share of Preferred Stock on such
record date, the Purchase Price to be in effect after such record date shall be determined by multiplying the Purchase Price in effect immediately prior to such record date by a fraction, the numerator of which shall be the number of shares of
Preferred Stock outstanding on such record date, plus the number of shares of Preferred Stock which the aggregate offering price of the total number of shares of Preferred Stock and/or Equivalent Preferred Stock so to be offered (and/or the
aggregate initial conversion price of the convertible securities so to be offered) would purchase at such Current Market Price, and the denominator of which shall be the number of shares of Preferred Stock outstanding on such record date, plus the
number of additional shares of Preferred Stock and/or Equivalent Preferred Stock to be offered for subscription or purchase (or into which the convertible securities so to be offered are initially convertible). In case such subscription price may be
paid 

  
 19 

 
by delivery of consideration, part or all of which may be in a form other than cash, the value of such consideration shall be as determined in good faith by the Board, whose determination shall
be described in a statement filed with the Rights Agent and shall be binding on the Rights Agent and the holders of the Rights. Shares of Preferred Stock owned by or held for the account of the Company shall not be deemed outstanding for the purpose
of any such computation. Such adjustment shall be made successively whenever such a record date is fixed, and in the event that such rights or warrants are not so issued, the Purchase Price shall be adjusted to be the Purchase Price which would then
be in effect if such record date had not been fixed. 
 (c)      In case the Company shall fix a record date
for a distribution to all holders of shares of Preferred Stock (including any such distribution made in connection with a consolidation or merger in which the Company is the continuing or surviving corporation), of cash (other than a regular
quarterly cash dividend out of the earnings or retained earnings of the Company), assets (other than a dividend payable in Preferred Stock, but including any dividend payable in stock other than Preferred Stock) or evidences of indebtedness, or of
subscription rights or warrants (excluding those referred to in Section 11(b) hereof), the Purchase Price to be in effect after such record date shall be determined by multiplying the Purchase Price in effect immediately prior to such record
date by a fraction, the numerator of which shall be the Current Market Price (as determined pursuant to Section 11(d) hereof) per share of Preferred Stock on such record date, less the fair market value (as determined in good faith by the
Board, whose determination shall be described in a statement filed with the Rights Agent) of the portion of the cash, assets or evidences of indebtedness so to be distributed or of such subscription rights or warrants applicable to a share of
Preferred Stock, and the denominator of which shall be such Current Market Price (as determined pursuant to Section 11(d) hereof) per share of Preferred Stock. Such adjustments shall be made successively whenever such a record date is fixed,
and in the event that such distribution is not so made, the Purchase Price shall be adjusted to be the Purchase Price which would have been in effect if such record date had not been fixed. 

(d)      (i) The Current Market Price per share of Class A Common Stock or Class B Common Stock, as
the case may be, on any date shall be deemed to be (1) for the purpose of any computation hereunder, other than computations made pursuant to Section 11(a)(iii) hereof, the average of the daily closing prices per share of such Common Stock
for the thirty (30) consecutive Trading Days immediately prior to such date (calculated according to class), and (2) for purposes of computations made pursuant to Section 11(a)(iii) hereof, the average of the daily closing prices per
share of such Common Stock for the ten (10) consecutive Trading Days immediately following such date (calculated according to class); provided, however, that in the event that the Current Market Price per share of the Common Stock is determined
during a period following the announcement by the issuer of such Common Stock of (A) a dividend or distribution on such Common Stock payable in shares of such Common Stock or securities convertible into shares of such Common Stock (other than
the Rights), or (B) any subdivision, combination, consolidation, reverse stock split or reclassification of such Common Stock, and the ex-dividend date for such dividend or distribution, or the record
date for such subdivision, combination, consolidation, reverse stock split or reclassification shall not have occurred prior to the commencement of the requisite thirty (30) Trading Day or ten (10) Trading Day period, as set forth above,
then, and in each such case, the Current Market Price shall be properly adjusted to take into account ex-dividend trading. The closing price for each day shall be the last sale price, regular way, or, in case
no such sale takes place on such day, the average of 

  
 20 

 
the closing bid and asked prices, regular way, in either case as reported in the principal consolidated transaction reporting system with respect to securities listed or admitted to trading on
the Nasdaq Global Select Market or, if the shares of Common Stock are not listed or admitted to trading on the Nasdaq Global Select Market, as reported in the principal consolidated transaction reporting system with respect to securities listed on
the principal national securities exchange on which the shares of Common Stock are listed or admitted to trading or, if the shares of Common Stock are not listed or admitted to trading on any national securities exchange, the last quoted price or,
if not so quoted, the average of the high bid and low asked prices in the over-the-counter market, as reported by the National Association of Securities Dealers
Automated Quotations System (“Nasdaq”) or such other system then in use, or, if on any such date the shares of Common Stock are not quoted by any such organization, the average of the closing bid and asked prices as furnished by a
professional market maker making a market in the Common Stock selected by the Board. If on any such date no market maker is making a market in the Common Stock, the fair value of such shares on such date as determined in good faith by the Board
shall be used. The term “Trading Day” shall mean a day on which the Nasdaq Global Select Market or any other principal national securities exchange on which the shares of Class A Common Stock or Class B Common Stock are listed or
admitted to trading is open for the transaction of business or, if the shares of Common Stock are not listed or admitted to trading on such market or any national securities exchange, a Business Day. If the Common Stock is not publicly held or not
so listed or traded, the Current Market Price per share shall mean the fair value per share as determined in good faith by the Board, whose determination shall be described in a statement filed with the Rights Agent and shall be conclusive for all
purposes. 
 (ii)      For the purpose of any computation hereunder, the Current Market Price
per share of Preferred Stock shall be determined in the same manner as set forth above for the Common Stock in clause (i) of this Section 11(d) (other than the last sentence thereof). If the Current Market Price per share of Preferred
Stock cannot be determined in the manner provided above or if the Preferred Stock is not publicly held or listed or traded in a manner described in clause (i) of this Section 11(d), the Current Market Price per share of Preferred Stock
shall be conclusively deemed to be an amount equal to 1,000 (as such number may be appropriately adjusted for such events as stock splits, stock dividends and recapitalizations with respect to the Class B Common Stock occurring after the date
of this Agreement) multiplied by the Current Market Price per share of the Class B Common Stock. If neither the Class B Common Stock nor the Preferred Stock is publicly held or so listed or traded, Current Market Price per share of the
Preferred Stock shall mean the fair value per share as determined in good faith by the Board, whose determination shall be described in a statement filed with the Rights Agent and shall be conclusive for all purposes. 

(e)      Anything herein to the contrary notwithstanding, no adjustment in the Purchase Price shall be required
unless such adjustment would require an increase or decrease of at least one percent (1%) in the Purchase Price; provided, however, that any adjustments which by reason of this Section 11(e) are not required to be made shall be carried forward
and taken into account in any subsequent adjustment. All calculations under this Section 11 shall be made to the nearest cent or to the nearest ten-thousandth of a share of Common Stock or other share or one-millionth of a share of Preferred Stock, as the case may be. Notwithstanding the first sentence of this Section 11(e), any adjustment required by this Section 11 shall be made no later

  
 21 

 
than the earlier of (i) three (3) years from the date of the transaction which mandates such adjustment, or (ii) the Expiration Date. 

(f)      If as a result of an adjustment made pursuant to Section 11(a)(ii) or Section 13(a) hereof,
the holder of any Right thereafter exercised shall become entitled to receive any shares of capital stock other than Preferred Stock, thereafter the number of such other shares so receivable upon exercise of any Right and the Purchase Price thereof
shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the Preferred Stock contained in Sections 11(a), (b), (c), (e), (g), (h), (i), (j), (k) and (m), and the
provisions of Sections 7, 9, 10, 13 and 14 hereof with respect to the Preferred Stock shall apply on like terms to any such other shares. 

(g)      All Rights originally issued by the Company subsequent to any adjustment made to the Purchase Price
hereunder shall evidence the right to purchase, at the adjusted Purchase Price, the number of one one-thousandths of a share of Preferred Stock purchasable from time to time hereunder upon exercise of the
Rights, all subject to further adjustment as provided herein. 
 (h)      Unless the Company shall have
exercised its election as provided in Section 11(i), upon each adjustment of the Purchase Price as a result of the calculations made in Sections 11(b) and (c), each Right outstanding immediately prior to the making of such adjustment shall
thereafter evidence the right to purchase, at the adjusted Purchase Price, that number of one one-thousandths of a share of Preferred Stock (calculated to the nearest
one-millionth) obtained by (i) multiplying (x) the number of one one-thousandths of a share covered by a Right immediately prior to this adjustment, by (y) the
Purchase Price in effect immediately prior to such adjustment of the Purchase Price, and (ii) dividing the product so obtained by the Purchase Price in effect immediately after such adjustment of the Purchase Price. 

(i)      The Company may elect on or after the date of any adjustment of the Purchase Price to adjust the
number of Rights, in lieu of any adjustment in the number of one one-thousandths of a share of Preferred Stock purchasable upon the exercise of a Right. Each of the Rights outstanding after the adjustment in
the number of Rights shall be exercisable for the number of one one-thousandths of a share of Preferred Stock for which a Right was exercisable immediately prior to such adjustment. Each Right held of record
prior to such adjustment of the number of Rights shall become that number of Rights (calculated to the nearest one-ten-thousandth) obtained by dividing the Purchase
Price in effect immediately prior to adjustment of the Purchase Price by the Purchase Price in effect immediately after adjustment of the Purchase Price. The Company shall make a public announcement (with prompt written notice thereof to the Rights
Agent) of its election to adjust the number of Rights, indicating the record date for the adjustment, and, if known at the time, the amount of the adjustment to be made. This record date may be the date on which the Purchase Price is adjusted or any
day thereafter, but, if the Rights Certificates have been issued, shall be at least ten (10) days later than the date of the public announcement. If Rights Certificates have been issued, upon each adjustment of the number of Rights pursuant to
this Section 11(i), the Company shall, as promptly as practicable, cause to be distributed to holders of record of Rights Certificates on such record date Rights Certificates evidencing, subject to Section 14 hereof, the additional Rights
to which such holders shall be entitled as a result of such adjustment, or, at the option of the Company, shall cause to be 

  
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distributed to such holders of record in substitution and replacement for the Rights Certificates held by such holders prior to the date of adjustment, and upon surrender thereof, if required by
the Company, new Rights Certificates evidencing all the Rights to which such holders shall be entitled after such adjustment. Rights Certificates to be so distributed shall be issued, executed and countersigned in the manner provided for herein (and
may bear, at the option of the Company, the adjusted Purchase Price) and shall be registered in the names of the holders of record of Rights Certificates on the record date specified in the public announcement. 

(j)      Irrespective of any adjustment or change in the Purchase Price or the number of one one-thousandths of a share of Preferred Stock issuable upon the exercise of the Rights, the Rights Certificates theretofore and thereafter issued may continue to express the Purchase Price per one one-thousandth of a share and the number of one one-thousandth of a share which were expressed in the initial Rights Certificates issued hereunder. 

(k)      Before taking any action that would cause an adjustment reducing the Purchase Price below the then
stated value, if any, of the number of one one-thousandths of a share of Preferred Stock issuable upon exercise of the Rights, the Company shall take any corporate action which may, in the opinion of its
counsel, be necessary in order that the Company may validly and legally issue fully paid and nonassessable such number of one one-thousandths of a share of Preferred Stock at such adjusted Purchase Price. 

(l)      In any case in which this Section 11 shall require that an adjustment in the Purchase Price be
made effective as of a record date for a specified event, the Company may elect to defer (with prompt written notice thereof to the Rights Agent) until the occurrence of such event the issuance to the holder of any Right exercised after such record
date the number of one one-thousandths of a share of Preferred Stock and other capital stock or securities of the Company, if any, issuable upon such exercise over and above the number of one one-thousandths of a share of Preferred Stock and other capital stock or securities of the Company, if any, issuable upon such exercise on the basis of the Purchase Price in effect prior to such adjustment;
provided, however, that the Company shall deliver to such holder a due bill or other appropriate instrument evidencing such holder’s right to receive such additional shares (fractional or otherwise) or securities upon the occurrence of the
event requiring such adjustment. 
 (m)      Anything in this Section 11 to the contrary
notwithstanding, the Company shall be entitled to make such reductions in the Purchase Price, in addition to those adjustments expressly required by this Section 11, as and to the extent that in their good faith judgment the Board shall
determine to be advisable in order that any (i) consolidation or subdivision of the Preferred Stock, (ii) issuance wholly for cash of any shares of Preferred Stock at less than the Current Market Price, (iii) issuance wholly for cash
of shares of Preferred Stock or securities which by their terms are convertible into or exchangeable for shares of Preferred Stock, (iv) stock dividends or (v) issuance of rights, options or warrants referred to in this Section 11,
hereafter made by the Company to holders of its Preferred Stock shall not be taxable to such stockholders. 

(n)      The Company covenants and agrees that it shall not, at any time after the Distribution Date,
(i) consolidate with any other Person (other than a Subsidiary of the Company in a transaction which complies with Section 11(o) hereof), (ii) merge with or into any other 

  
 23 

 
Person (other than a Subsidiary of the Company in a transaction which complies with Section 11(o) hereof), or (iii) sell or transfer (or permit any Subsidiary to sell or transfer), in
one transaction, or a series of related transactions, assets, cash flow or earning power aggregating more than 50% of the assets or earning power of the Company and its Subsidiaries (taken as a whole) to any other Person or Persons (other than the
Company and/or any of its Subsidiaries in one or more transactions each of which complies with Section 11(o) hereof), if (x) at the time of or immediately after such consolidation, merger or sale there are any rights, warrants or other
instruments or securities outstanding or agreements in effect which would substantially diminish or otherwise eliminate the benefits intended to be afforded by the Rights or (y) prior to, simultaneously with or immediately after such
consolidation, merger or sale, the stockholders of the Person who constitutes, or would constitute, the “Principal Party” for purposes of Section 13(a) hereof shall have received a distribution of Rights previously owned by such
Person or any of its Affiliates and Associates. 
 (o)      The Company covenants and agrees that, after the
Distribution Date, it will not, except as permitted by Section 23, Section 24 or Section 27 hereof, take (or permit any Subsidiary to take) any action if at the time such action is taken it is reasonably foreseeable that such action
will diminish substantially or otherwise eliminate the benefits intended to be afforded by the Rights. 

(p)      Anything in this Agreement to the contrary notwithstanding, in the event that the Company shall at any
time after the Rights Dividend Declaration Date and prior to the Distribution Date (i) declare a dividend on the outstanding shares of Common Stock payable in shares of Common Stock, (ii) subdivide the outstanding shares of Common Stock,
or (iii) combine the outstanding shares of Common Stock into a smaller number of shares, the number of Rights associated with each share of Common Stock then outstanding, or issued or delivered thereafter but prior to the Distribution Date,
shall be proportionately adjusted so that the number of Rights thereafter associated with each share of Common Stock following any such event shall equal the result obtained by multiplying the number of Rights associated with each share of Common
Stock immediately prior to such event by a fraction the numerator of which shall be the total number of shares of Common Stock outstanding immediately prior to the occurrence of the event and the denominator of which shall be the total number of
shares of Common Stock outstanding immediately following the occurrence of such event. 

Section 12.      Certificate of Adjusted Purchase Price or Number of Shares. Whenever an adjustment
is made as provided in Section 11 and Section 13 hereof, the Company shall (a) promptly prepare a certificate setting forth such adjustment and a brief statement of the facts accounting for such adjustment, (b) promptly file with
the Rights Agent, and with each transfer agent for the Preferred Stock and the Common Stock, a copy of such certificate and (c) if a Distribution Date has occurred, mail a brief summary thereof to each holder of a Rights Certificate (or, if
prior to the Distribution Date, to each holder of a certificate representing shares of Common Stock) in accordance with Section 26 hereof. The Rights Agent shall be fully protected in relying on any such certificate and on any adjustment or
statement therein contained and shall have no duty or liability with respect to, and shall not be deemed to have knowledge of, any adjustment unless and until it shall have received such a certificate. 

  
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 Section 13.      Consolidation, Merger or Sale or Transfer
of Assets Cash Flow or Earning Power. 
 (a)      In the event that, following the Stock Acquisition
Date, directly or indirectly, (x) the Company shall consolidate with, or merge with and into, any other Person, and the Company shall not be the continuing or surviving corporation of such consolidation or merger, (y) any Person shall
consolidate with, or merge with or into, the Company, and the Company shall be the continuing or surviving corporation of such consolidation or merger and, in connection with such consolidation or merger, all or part of the outstanding shares of
Common Stock shall be changed into or exchanged for stock or other securities of any other Person or of the Company or cash or any other property, or (z) the Company shall sell or otherwise transfer (or one or more of its Subsidiaries shall
sell or otherwise transfer), in one transaction or a series of related transactions, assets, cash flow or earning power aggregating more than 50% of the assets, cash flow or earning power of the Company and its Subsidiaries (taken as a whole) to any
Person or Persons (other than the Company or any Subsidiary of the Company in one or more transactions each of which complies with Section 11(o) hereof), then, and in each such case, proper provision shall be made so that: (i) each holder
of a Right, except as provided in Section 7(e) hereof, shall thereafter have the right to receive, upon the exercise thereof at the then current Purchase Price in accordance with the terms of this Agreement, such number of validly authorized
and issued, fully paid, non-assessable and freely tradeable shares of Common Stock of the Principal Party (as such term is hereinafter defined), not subject to any liens, encumbrances, rights of first refusal
or other adverse claims, as shall be equal to the result obtained by (1) multiplying the then current Purchase Price by the number of one one-thousandths of a share of Preferred Stock for which a Right is
exercisable immediately prior to the first occurrence of a Section 13 Event (or, if a Section 11(a)(ii) Event has occurred prior to the first occurrence of a Section 13 Event, multiplying the number of such one one-thousandths of a share for which a Right was exercisable immediately prior to the first occurrence of a Section 11(a)(ii) Event by the Purchase Price in effect immediately prior to such first occurrence of
a Section 11(a)(ii) Event), and (2) dividing that product (which, following the first occurrence of a Section 13 Event, shall be referred to as the “Purchase Price” for each Right and for all purposes of this Agreement) by
50% of the Current Market Price (determined pursuant to Section 11(d)(i) hereof) per share of the Common Stock of such Principal Party on the date of consummation of such Section 13 Event; (ii) such Principal Party shall thereafter be
liable for, and shall assume, by virtue of such Section 13 Event, all the obligations and duties of the Company pursuant to this Agreement; (iii) the term “Company” shall thereafter be deemed to refer to such Principal Party, it
being specifically intended that the provisions of Section 11 hereof shall apply only to such Principal Party following the first occurrence of a Section 13 Event; (iv) such Principal Party shall take such steps (including the
reservation of a sufficient number of shares of its Common Stock) in connection with the consummation of any such transaction as may be necessary to assure that the provisions hereof shall thereafter be applicable, as nearly as reasonably may be, in
relation to its shares of Common Stock thereafter deliverable upon the exercise of the Rights; and (v) the provisions of Section 11(a)(ii) hereof shall be of no effect following the first occurrence of any Section 13 Event. 

(b)      “Principal Party” shall mean: 

  
 25 

 (i)      in the case of any transaction described
in clause (x) or (y) of the first sentence of Section 13(a) hereof, the Person that is the issuer of any securities into which shares of Common Stock of the Company are converted in such merger or consolidation, and if no securities are so
issued, the Person that is the other party to such merger or consolidation; and 

(ii)      in the case of any transaction described in clause (z) of the first sentence of
Section 13(a) hereof, the Person that is the party receiving the greatest portion of the assets, cash flow or earning power transferred pursuant to such transaction or transactions; provided, however, that in any such case, (1) if the
Common Stock of such Person is not at such time and has not been continuously over the preceding twelve (12) month period registered under Section 12 of the Exchange Act, and such Person is a direct or indirect Subsidiary of another Person
the Common Stock of which is and has been so registered, “Principal Party” shall refer to such other Person; and (2) in case such Person is a Subsidiary, directly or indirectly, of more than one Person, the Common Stock of two or more
of which are and have been so registered, “Principal Party” shall refer to whichever of such Persons is the issuer of the Common Stock having the greatest aggregate market value. 

(c)      The Company shall not consummate any such consolidation, merger, sale or transfer unless the Principal
Party shall have a sufficient number of authorized shares of its Common Stock which have not been issued or reserved for issuance to permit the exercise in full of the Rights in accordance with this Section 13 and unless prior thereto the
Company and such Principal Party shall have executed and delivered to the Rights Agent a supplemental agreement providing for the terms set forth in paragraphs (a) and (b) of this Section 13 and further providing that, as soon as
practicable after the date of any consolidation, merger or sale of assets mentioned in paragraph (a) of this Section 13, the Principal Party will: 

(i)      prepare and file a registration statement under the Act, with respect to the Rights
and the securities purchasable upon exercise of the Rights on an appropriate form, and will use its best efforts to cause such registration statement to (A) become effective as soon as practicable after such filing and (B) remain effective
(with a prospectus at all times meeting the requirements of the Act) until the Expiration Date; 

(ii)      take all such other action as may be necessary to enable the Principal Party to issue
the securities purchasable upon exercise of the Rights, including the registration or qualification of such securities under all requisite securities laws or “blue sky” laws of jurisdictions of the various states and the listing of such
securities on such exchanges and trading markets as may be necessary or appropriate; and 

(iii)      deliver to holders of the Rights historical financial statements for the Principal
Party and each of its Affiliates which comply in all respects with the requirements for registration on Form 10 (or any successor form) under the Exchange Act. 

  
 26 

 In the event that a Section 13 Event shall occur at any time after the occurrence of a
Section 11(a)(ii) Event, the Rights which have not theretofore been exercised shall thereafter become exercisable in the manner described in Section 13(a). 

Section 14.      Fractional Rights and Fractional Shares. 

(a)      The Company shall not be required to issue fractions of Rights, except prior to the Distribution Date
as provided in Section 11(p) hereof, or to distribute Rights Certificates which evidence fractional Rights. In lieu of such fractional Rights, the Company shall pay to the registered holders of the Rights Certificates with regard to which such
fractional Rights would otherwise be issuable, an amount in cash equal to the same fraction of the current market value of a whole Right. For purposes of this Section 14(a), the current market value of a whole Right shall be the closing price
of the Rights for the Trading Day immediately prior to the date on which such fractional Rights would have been otherwise issuable. The closing price of the Rights for any Trading Day shall be the last sale price, regular way, or, in case no such
sale takes place on such day, the average of the closing bid and asked prices, regular way, in either case as reported in the principal consolidated transaction reporting system with respect to securities listed or admitted to trading on the Nasdaq
Global Select Market or, if the Rights are not listed or admitted to trading on the Nasdaq Global Select Market, as reported in the principal consolidated transaction reporting system with respect to securities listed on the principal national
securities exchange on which the Rights are listed or admitted to trading, or if the Rights are not listed or admitted to trading on any national securities exchange, the last quoted price or, if not so quoted, the average of the high bid and low
asked prices in the over-the-counter market, as reported by Nasdaq or such other system then in use or, if on any such date the Rights are not quoted by any such
organization, the average of the closing bid and asked prices as furnished by a professional market maker making a market in the Rights, selected by the Board. If on any such date no such market maker is making a market in the Rights, the fair value
of the Rights on such date as determined in good faith by the Board shall be used. 
 (b)      The Company
shall not be required to issue fractions of shares of Preferred Stock (other than fractions which are integral multiples of one one-thousandth of a share of Preferred Stock) upon exercise of the Rights or to
distribute certificates which evidence fractional shares of Preferred Stock (other than fractions which are integral multiples of one one-thousandth of a share of Preferred Stock). In lieu of fractional shares
of Preferred Stock that are not integral multiples of one one-thousandth of a share of Preferred Stock, the Company may pay to the registered holders of Rights Certificates at the time such Rights are
exercised as herein provided an amount in cash equal to the same fraction of the current market value of one one-thousandth of a share of Preferred Stock. For purposes of this Section 14(b), the current
market value of one one-thousandth of a share of Preferred Stock shall be one one-thousandth of the closing price of a share of Preferred Stock (as determined pursuant
to Section 11(d)(ii) hereof) on the Trading Day immediately prior to the date of such exercise. 

(c)      Following the occurrence of a Triggering Event, the Company shall not be required to issue fractions
of shares of Common Stock upon exercise of the Rights or to distribute certificates which evidence fractional shares of Common Stock. In lieu of fractional shares of Common Stock, the Company may pay to the registered holders of Rights Certificates
at the time such Rights are exercised as herein provided an amount in cash equal to the same 

  
 27 

 
fraction of the current market value of one (1) share of Common Stock. For purposes of this Section 14(c), the current market value of one share of Common Stock shall be the closing
price per share of Common Stock (as determined pursuant to Section 11(d)(i) hereof) on the Trading Day immediately prior to the date of such exercise. 

(d)      The holder of a Right by the acceptance of the Rights expressly waives such holder’s right to
receive any fractional Rights or any fractional shares upon exercise of a Right, except as permitted by this Section 14. 

(e)      Whenever a payment for fractional Rights or fractional shares is to be made by the Rights Agent under
any section of this Agreement, the Company shall (i) promptly prepare and deliver to the Rights Agent a written certificate setting forth in reasonable detail the facts related to such payment and the prices and/or formulas utilized in
calculating such payments, and (ii) provide sufficient monies to the Rights Agent in the form of fully collected funds to make such payments. The Rights Agent shall be fully protected in relying upon such a certificate and shall have no duty
with respect to, and shall not be deemed to have knowledge of any payment for fractional Rights or fractional shares under any Section of this Agreement relating to the payment of fractional Rights or fractional shares unless and until the Rights
Agent shall have received such a certificate and sufficient monies. 
 Section 15.      Rights of
Action. All rights of action in respect of this Agreement, excepting the rights of action given to the Rights Agent under Section 18 and Section 20, are vested in the respective registered holders of the Rights Certificates (and, prior
to the Distribution Date, the registered holders of the Common Stock); and any registered holder of any Rights Certificate (or, prior to the Distribution Date, of the Common Stock), without the consent of the Rights Agent or of the holder of any
other Rights Certificate (or, prior to the Distribution Date, of the Common Stock), may, in the holder’s own behalf and for the holder’s own benefit, enforce, and may institute and maintain any suit, action or proceeding against the
Company to enforce, or otherwise act in respect of, the holder’s right to exercise the Rights evidenced by such Rights Certificate in the manner provided in such Rights Certificate and in this Agreement. Without limiting the foregoing or any
remedies available to the holders of Rights, it is specifically acknowledged that the holders of Rights would not have an adequate remedy at law for any breach of this Agreement and shall be entitled to specific performance of the obligations
hereunder and injunctive relief against actual or threatened violations of the obligations hereunder of any Person subject to this Agreement. 

Section 16.      Agreement of Rights Holders. Every holder of a Right by accepting the same consents
and agrees with the Company and the Rights Agent and with every other holder of a Right that: 

(a)      prior to the Distribution Date, the Rights will be transferable only in connection with the transfer
of shares of Common Stock; 
 (b)      after the Distribution Date, the Rights Certificates are transferable
only on the registry books of the Rights Agent if surrendered at the principal office or offices of the Rights Agent designated for such purposes, duly endorsed or accompanied by a proper instrument of transfer and with the appropriate forms and
certificates fully executed; 

  
 28 

 (c)      subject to Section 6(a) and Section 7(f)
hereof, the Company and the Rights Agent may deem and treat the person in whose name a Rights Certificate (or, prior to the Distribution Date, the associated Common Stock certificate (or book entry shares in respect of Common Stock)) is registered
as the absolute owner thereof and of the Rights evidenced thereby (notwithstanding any notations of ownership or writing on the Rights Certificates or the associated Common Stock certificate (or notices provided to holders of book entry shares of
Common Stock) made by anyone other than the Company or the Rights Agent) for all purposes whatsoever, and neither the Company nor the Rights Agent, subject to the last sentence of Section 7(e) hereof, shall be required to be affected by any
notice to the contrary; and 
 (d)      notwithstanding anything in this Agreement to the contrary, neither
the Company nor the Rights Agent shall have any liability to any holder of a Right or any other Person as a result of its inability to perform any of its obligations under this Agreement by reason of any preliminary or permanent injunction or other
order, decree or ruling issued by a court of competent jurisdiction or by a governmental, regulatory or administrative agency or commission, or any statute, rule, regulation or executive order promulgated or enacted by any governmental authority,
prohibiting or otherwise restraining performance of such obligation; provided, however, that the Company shall use its best efforts to have any such order, decree or ruling lifted or otherwise overturned as soon as possible. 

Section 17.      Rights Certificate Holder Not Deemed to be a Stockholder. No holder, as such, of
any Rights Certificate shall be entitled to vote, receive dividends or be deemed for any purpose the holder of the number of one one-thousandths of a share of Preferred Stock or any other securities of the
Company which may at any time be issuable on the exercise or exchange of the Rights represented thereby, nor shall anything contained herein or in any Rights Certificate be construed to confer upon the holder of any Rights Certificate, as such, any
of the rights of a stockholder of the Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate action, or to receive notice of
meetings or other actions affecting stockholders (except as provided in Section 25 hereof), or to receive dividends or subscription rights, or otherwise, until the Right or Rights evidenced by such Rights Certificate shall have been exercised
or exchanged in accordance with the provisions hereof. 
 Section 18.      Concerning the Rights
Agent. 
 (a)      The Company agrees to pay to the Rights Agent reasonable compensation for all services
rendered by it hereunder and to reimburse the Rights Agent for all reasonable expenses, counsel fees and disbursements and other disbursements incurred in the preparation, negotiation, delivery, execution and administration of this Agreement and the
exercise and performance of its duties hereunder. The Company also agrees to indemnify the Rights Agent for, and to hold it harmless against, any loss, judgment, fine, penalty, claim, demand, settlement, damage, cost, liability or expense, including
the reasonable fees and expenses of counsel, incurred without gross negligence, bad faith or willful misconduct (which gross negligence, bad faith or willful misconduct must be determined by a final,
non-appealable judgment of a court of competent jurisdiction) on the part of the Rights Agent, for any action taken, suffered or omitted to be taken by the Rights Agent pursuant to this Agreement or in
connection with the execution, acceptance, administration, exercise and performance of this Agreement, including the costs and 

  
 29 

 
expenses of defending against any claim of liability in the premises. The costs and expenses incurred in enforcing this right of indemnification shall be paid by the Company. Any liability of the
Rights Agent under this Agreement will be limited to the amount of fees paid by the Company to the Rights Agent. The provisions of this Section 18 and Section 20 below shall survive the termination of this Agreement, the exercise or
expiration of the Rights, and the resignation or removal of the Rights Agent. 
 (b)      The Rights Agent
shall be fully protected and authorized and shall incur no liability for or in respect of any action taken, suffered or omitted by it in connection with its administration of this Agreement and the exercise and performance of its duties hereunder,
in reliance upon any Rights Certificate or certificate for Common Stock or for other securities of the Company, instrument of assignment or transfer, power of attorney, endorsement, affidavit, letter, notice, direction, consent, certificate,
statement, or other paper or document believed by it to be genuine and to be signed, executed and, where necessary, verified or acknowledged, by the proper Person or Persons, or otherwise upon the advice of counsel as set forth in Section 20.

 Section 19.      Merger or Consolidation or Change of Name of Rights Agent. 

(a)      Any Person into which the Rights Agent or any successor Rights Agent may be merged or with which it
may be consolidated, or any Person resulting from any merger or consolidation to which the Rights Agent or any successor Rights Agent shall be a party, or any Person succeeding to the corporate trust, stock transfer or other stockholder services
business of the Rights Agent or any successor Rights Agent, shall be the successor to the Rights Agent under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto; but only if such
Person would be eligible for appointment as a successor Rights Agent under the provisions of Section 21 hereof. In case at the time such successor Rights Agent shall succeed to the agency created by this Agreement, any of the Rights
Certificates shall have been countersigned but not delivered, any such successor Rights Agent may adopt the countersignature of a predecessor Rights Agent and deliver such Rights Certificates so countersigned; and in case at that time any of the
Rights Certificates shall not have been countersigned, any successor Rights Agent may countersign such Rights Certificates either in the name of the predecessor or in the name of the successor Rights Agent; and in all such cases such Rights
Certificates shall have the full force and effect provided in the Rights Certificates and in this Agreement. 

(b)      In case at any time the name of the Rights Agent shall be changed and at such time any of the Rights
Certificates shall have been countersigned but not delivered, the Rights Agent may adopt the countersignature under its prior name and deliver Rights Certificates so countersigned; and in case at that time any of the Rights Certificates shall not
have been countersigned, the Rights Agent may countersign such Rights Certificates either in its prior name or in its changed name; and in all such cases such Rights Certificates shall have the full force provided in the Rights Certificates and in
this Agreement. 

  
 30 

 Section 20.      Duties of Rights Agent. The Rights
Agent undertakes to perform only the duties and obligations expressly imposed by this Agreement, upon the following terms and conditions, by all of which the Company and the holders of Rights Certificates, by their acceptance thereof, shall be
bound: 
 (a)      The Rights Agent may consult with legal counsel (who may be legal counsel for the
Company), and the advice or opinion of such counsel shall be full and complete authorization and protection to the Rights Agent and the Rights Agent shall incur no liability for or in respect of any action taken, suffered or omitted to be taken by
it in good faith and in accordance with such advice or opinion. 
 (b)      Whenever in the performance of
its duties under this Agreement the Rights Agent shall deem it necessary or desirable that any fact or matter (including the identity of any Acquiring Person and the determination of Current Market Price) be proved or established by the Company
prior to taking, suffering or omitting to take any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a certificate signed by
the Chairman of the Board, the Chief Executive Officer, Chief Financial Officer, any Vice President, the Treasurer, any Assistant Treasurer, the Secretary or any Assistant Secretary of the Company and delivered to the Rights Agent; and such
certificate shall be full and complete authorization and protection to the Rights Agent and the Rights Agent shall incur no liability for or in respect of any action taken, suffered or omitted to be taken by it in good faith under the provisions of
this Agreement in reliance upon such certificate. 
 (c)      The Rights Agent shall be liable hereunder to
the Company and other Person only for its own gross negligence, bad faith or willful misconduct (which gross negligence, bad faith or willful misconduct must be determined by a final, non-appealable judgment
of a court of competent jurisdiction). In no case, however, will the Rights Agent be liable for special, indirect, punitive, incidental or consequential losses or damages of any kind whatsoever (including but not limited to lost profits), even if
the Rights Agent has been advised of the possibility of such damages. 
 (d)      The Rights Agent shall not
be liable for or by reason of any of the statements of fact or recitals contained in this Agreement or in the Rights Certificates or be required to verify the same (except as to its countersignature on such Rights Certificates), but all such
statements and recitals are and shall be deemed to have been made by the Company only. 
 (e)      The Rights
Agent shall not be under any responsibility in respect of the validity of this Agreement or the execution and delivery hereof (except the due execution hereof by the Rights Agent) or in respect of the validity or execution of any Rights Certificate
(except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition contained in this Agreement or in any Rights Certificate; nor shall it be responsible for any change in the exercisability
of the Rights or any adjustment required under the provisions of Section 11, Section 13 or Section 24 hereof or responsible for the manner, method or amount of any such adjustment or the ascertaining of the existence of facts that
would require any such adjustment (except with respect to the exercise of Rights evidenced by Rights Certificates after receipt of the certificate described in Section 12, upon which the Rights Agent

  
 31 

 
may rely); nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any shares of Common Stock or Preferred Stock to be issued
pursuant to this Agreement or any Rights Certificate or as to whether any shares of Common Stock or Preferred Stock will, when so issued, be validly authorized and issued, fully paid and nonassessable. 

(f)      The Company agrees that it will perform, execute, acknowledge and deliver or cause to be performed,
executed, acknowledged and delivered all such further and other acts, instruments and assurances as may reasonably be required by the Rights Agent for the carrying out or performing by the Rights Agent of its duties under this Agreement. 

(g)      The Rights Agent is hereby authorized and directed to accept instructions with respect to the
performance of its duties hereunder from the Chairman of the Board, the Chief Executive Officer, the Chief Financial Officer, any Vice President, the Secretary, any Assistant Secretary, the Treasurer or any Assistant Treasurer of the Company, and to
apply to such officers for advice or instructions in connection with its duties, and such instructions shall be full authorization and protection to the Rights Agent and the Rights Agent shall not be liable for or in respect of any action taken,
suffered or omitted by it in good faith in accordance with instructions of any such officer or for any delay in acting while waiting for those instructions. The Rights Agent shall be fully authorized and protected in relying upon the most recent
instructions received from any such officers. 
 (h)      The Rights Agent and any stockholder, director,
officer or employee of the Rights Agent may buy, sell or deal in any of the Rights or other securities of the Company or become pecuniarily interested in any transaction in which the Company may be interested, or contract with or lend money to the
Company or otherwise act as fully and freely as though it were not Rights Agent under this Agreement. Nothing herein shall preclude the Rights Agent and any such stockholder, director, officer or employee of the Rights Agent from acting in any other
capacity for the Company or for any other Person. 
 (i)      The Rights Agent may execute and exercise any
of the rights or powers hereby vested in it or perform any duty hereunder either itself or by or through its attorneys or agents, and the Rights Agent shall not be answerable or accountable for any act, default, neglect or misconduct of any such
attorneys or agents or for any loss to the Company resulting from any such act, default, neglect or misconduct, absent gross negligence, bad faith or willful misconduct (which gross negligence, bad faith or willful misconduct shall be determined by
a final, non-appealable judgment of a court of competent jurisdiction) on the part of the Rights Agent in the selection and continued employment thereof. 

(j)      No provision of this Agreement shall require the Rights Agent to expend or risk its own funds or
otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers if there shall be reasonable grounds for believing that repayment of such funds or adequate indemnification
against such risk or liability is not reasonably assured to it. 
 (k)      If, with respect to any Rights
Certificate surrendered to the Rights Agent for exercise or transfer, the certificate attached to the form of assignment or form of election to 

  
 32 

 
purchase, as the case may be, has either not been completed or indicates an affirmative response to clause 1 and/or 2 thereof, the Rights Agent shall not take any further action with respect to
such requested exercise or transfer without first consulting with the Company. 

Section 21.      Change of Rights Agent. The Rights Agent or any successor Rights Agent may resign
and be discharged from its duties under this Agreement upon thirty (30) days’ notice in writing mailed to the Company, and to each transfer agent of the Common Stock and Preferred Stock, by registered or certified mail, in the event that
the Rights Agent or one of its Affiliates is not also the transfer agent for the Company. In the event the transfer agency relationship in effect between the Company and the Rights Agent terminates, the Rights Agent will be deemed to have resigned
automatically and be discharged from its duties under this Agreement as of the effective date of such termination, and the Company shall be responsible for sending any required notice. The Company may remove the Rights Agent or any successor Rights
Agent upon thirty (30) days’ notice in writing, mailed to the Rights Agent or successor Rights Agent, as the case may be, and to each transfer agent of the Common Stock and Preferred Stock, by registered or certified mail, and, if such
removal occurs after the Distribution Date, to the holders of the Rights Certificates by first-class mail. If the Rights Agent shall resign or be removed or shall otherwise become incapable of acting, the Company shall appoint a successor to the
Rights Agent. If the Company shall fail to make such appointment within a period of thirty (30) days after giving notice of such removal or after it has been notified in writing of such resignation or incapacity by the resigning or
incapacitated Rights Agent or by the holder of a Rights Certificate (which holder shall, with such notice, submit such holder’s Rights Certificate for inspection by the Company), then the Rights Agent or any registered holder of any Rights
Certificate may apply to any court of competent jurisdiction for the appointment of a new Rights Agent. Any successor Rights Agent, whether appointed by the Company or by such a court, shall be (a) a legal business entity organized and doing
business under the laws of the United States or any State thereof, in good standing, which is authorized under such laws to exercise corporate trust, stock transfer or stockholder services powers and which has at the time of its appointment as
Rights Agent a combined capital and surplus, along with its Affiliates, of at least $50,000,000 or (b) an Affiliate of a legal business entity described in clause (a) of this sentence. After appointment, the successor Rights Agent shall be
vested with the same powers, rights, duties and responsibilities as if it had been originally named as Rights Agent under this Agreement without further act or deed; but the predecessor Rights Agent shall deliver and transfer to the successor Rights
Agent any property at the time held by it hereunder, and execute and deliver any further assurance, conveyance, act or deed necessary for the purpose. Not later than the effective date of any such appointment, the Company shall file notice thereof
in writing with the predecessor Rights Agent and each transfer agent of the Common Stock and the Preferred Stock, and, if such appointment occurs after the Distribution Date, mail a notice thereof in writing to the registered holders of the Rights
Certificates. Failure to give any notice provided for in this Section 21, however, or any defect therein, shall not affect the legality or validity of the resignation or removal of the Rights Agent or the appointment of the successor Rights
Agent, as the case may be. 
 Section 22.      Issuance of New Rights Certificates.
Notwithstanding any of the provisions of this Agreement or of the Rights to the contrary, the Company may, at its option, issue new Rights Certificates evidencing Rights in such form as may be approved by the Board to reflect any adjustment or
change in the Purchase Price and the number or kind or class of 

  
 33 

 
shares or other securities or property purchasable under the Rights Certificates made in accordance with the provisions of this Agreement. In addition, in connection with the issuance or sale of
shares of Common Stock following the Distribution Date and prior to the redemption, exchange or expiration of the Rights, the Company (a) shall, with respect to shares of Common Stock so issued or sold pursuant to the exercise of stock options
or under any employee plan or arrangement, granted or awarded as of the Distribution Date, or upon the exercise, conversion or exchange of securities hereinafter issued by the Company (except as may otherwise be provided in the instrument(s)
governing such securities), and (b) may, in any other case, if deemed necessary or appropriate by the Board, issue Rights Certificates representing the appropriate number of Rights in connection with such issuance or sale; provided, however,
that (i) no such Rights Certificate shall be issued if, and to the extent that, the Company shall be advised by counsel that such issuance would create a significant risk of material adverse tax consequences to the Company or the Person to whom
such Rights Certificate would be issued, and (ii) no such Rights Certificate shall be issued if, and to the extent that, appropriate adjustment shall otherwise have been made in lieu of the issuance thereof. 

Section 23.      Redemption and Termination. 

(a)      The Board may, at its option, at any time prior to the earlier of (i) the close of business on
the tenth Business Day following the Stock Acquisition Date (or, if the Stock Acquisition Date shall have occurred prior to the Record Date, the close of business on the tenth Business Day following the Record Date), or (ii) the Final
Expiration Date, (x) redeem all but not less than all of the then outstanding Rights at a redemption price of $0.001 per Right (rounded up to the nearest whole $0.01 in the case of any holder whose holdings are not in a multiple of ten), as
such amount may be appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after the date hereof (such redemption price being hereinafter referred to as the “Redemption Price”) or (y) amend
this Agreement to change the Final Expiration Date to another date, including without limitation an earlier date. Notwithstanding anything contained in this Agreement to the contrary, the Rights shall not be exercisable after the first occurrence of
a Section 11(a)(ii) Event until such time as the Company’s right of redemption hereunder has expired. The Company may, at its option, pay the Redemption Price in cash, shares of Common Stock (based on the Current Market Price, as defined
in Section 11(d)(i) hereof, of the Common Stock at the time of redemption) or any other form of consideration deemed appropriate by the Board. 

(b)      Immediately upon the action of the Board ordering the redemption of the Rights, evidence of which
shall have been filed with the Rights Agent, and without any further action and without any notice, the right to exercise the Rights will terminate and the only right thereafter of the holders of Rights shall be to receive the Redemption Price for
each Right so held. Promptly after the action of the Board ordering the redemption of the Rights, the Company shall give notice of such redemption to the Rights Agent and the holders of the then outstanding Rights by mailing such notice to all such
holders at each holder’s last address as it appears upon the registry books of the Rights Agent or, prior to the Distribution Date, on the registry books of the transfer agent for the Common Stock. Any notice which is mailed in the manner
herein provided shall be deemed given, whether or not the holder receives the notice. Each such notice of redemption will state the method by which the payment of the Redemption Price will be made. 

  
 34 

 Section 24.      Exchange. 

(a)      The Board may, at its option, at any time after any Person becomes an Acquiring Person, exchange all
or part of the then outstanding (i) Class A Rights (which shall not include Class A Rights that have become void pursuant to the provisions of Section 7(e) hereof) for Class A Common Stock at an exchange ratio of one share
of Class A Common Stock per Class A Right and (ii) Class B Rights (which shall not include Class B Rights that have become void pursuant to the provisions of Section 7(e) hereof) for Class B Common Stock at an
exchange ratio of one share of Class B Common Stock per Class B Right, appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after the date hereof (such exchange ratio being hereinafter referred
to as the “Exchange Ratio”). Notwithstanding the foregoing, the Board shall not be empowered to effect such exchange at any time after (i) any Person (other than the Company, any Subsidiary of the Company, any employee benefit plan of
the Company or any such Subsidiary, or any entity holding Common Stock for or pursuant to the terms of any such plan), together with all Affiliates and Associates of such Person, becomes the Beneficial Owner of 50% or more of the Voting Capital
Stock then outstanding or (ii) the occurrence of an event specified in Section 13(a) hereof. 

(b)      Immediately upon the action of the Board ordering the exchange of any Class A Rights or
Class B Rights pursuant to subsection (a) of this Section 24 and without any further action and without any notice, the right to exercise such (i) Class A Rights shall terminate and the only right thereafter of a holder of
such Class A Rights shall be to receive that number of shares of Class A Common Stock equal to the number of such Class A Rights held by such holder multiplied by the Exchange Ratio and (ii) Class B Rights shall terminate
and the only right thereafter of a holder of Class B Rights shall be to receive that number of shares of Class B Common Stock equal to the number of such Class B Rights held by such holder multiplied by the Exchange Ratio. The Company
shall promptly give public notice (with a copy to the Rights Agent) of any such exchange; provided, however, that the failure to give, or any defect in, such notice shall not affect the validity of such exchange. The Company promptly shall mail a
notice of any such exchange to all of the holders of such Rights at their last addresses as they appear upon the registry books of the Rights Agent. Any notice which is mailed in the manner herein provided shall be deemed given, whether or not the
holder receives the notice. Each such notice of exchange will state the method by which the exchange of the Class A Common Stock for Class A Rights and Class B Common Stock for Class B Rights will be effected and, in the event of
any partial exchange, the number of Class A Rights and Class B Rights which will be exchanged. Any partial exchange shall be effected pro rata based on the number of Class A Rights or Class B Rights (other than Class A
Rights or Class B Rights which have become void pursuant to the provisions of Section 7(e) hereof) held by each holder of Class A Rights or Class B Rights. 

(c)      Following the action of the Board ordering the exchange of any Rights pursuant to subsection
(a) of this Section 24, notwithstanding anything to the contrary in this Agreement, the Company may implement such procedures in its sole discretion as it deems appropriate for the purpose of ensuring that the Class A Common Stock or
Class B Common Stock (or such other consideration) issuable upon an exchange pursuant to this Section 24 not be received by holders of Rights that have become void pursuant to Section 7(e) hereof. In furtherance thereof, if so
directed by the Company, all or a portion of the shares of Class A 

  
 35 

 
Common Stock or Class B Common Stock (or other consideration) potentially issuable to holders of Rights upon an exchange pursuant to this Section 24, who have not verified, to the
satisfaction of the Company, in its sole discretion, that they are not Acquiring Persons, may be deposited in a trust established by the Company pending receipt of appropriate verification. To the extent that such trust is established, holders of
Class A Rights or Class B Rights entitled to receive such shares of Class A Common Stock or Class B Common Stock, as applicable, (or other consideration) pursuant to an exchange pursuant to this Section 24 who have not
previously received such shares of Class A Common Stock or Class B Common Stock (or other consideration) shall be entitled to receive such shares of Class A Common Stock or Class B Common Stock (or other consideration) (and any
dividends paid or distributions made thereon after the date on which such shares of Class A Common Stock or Class B Common Stock (or other consideration) are deposited in the trust) only from the trust and solely upon compliance with the
relevant terms and provisions of the applicable trust agreement. 
 (d)      In any exchange pursuant to this
Section 24, the Company, at its option, may substitute Preferred Stock (or Equivalent Preferred Stock, as such term is defined in paragraph (b) of Section 11 hereof) for Class A Common Stock exchangeable for Class A Rights
or Class B Common Stock exchangeable for Class B Rights, at the initial rate of one one-thousandth of a share of Preferred Stock (or Equivalent Preferred Stock) for each share of Class A Common
Stock or Class B Common Stock, as the case may be, as appropriately adjusted to reflect stock splits, stock dividends and other similar transactions after the date hereof. 

(e)      In the event that there shall not be sufficient shares of Class A Common Stock or Class B
Common Stock issued but not outstanding or authorized but unissued to permit any exchange of Class A Rights or Class B Rights, as the case may be, as contemplated in accordance with this Section 24, the Company shall take all such
action as may be necessary to authorize additional shares of Class A Common Stock or Class B Common Stock for issuance upon exchange of the Class A Rights or Class B Rights, as the case may be. 

(f)      The Company shall not be required to issue fractions of shares of Common Stock or to distribute
certificates which evidence fractional shares of Common Stock. In lieu of such fractional shares of Common Stock, there shall be paid to the registered holders of the Rights Certificates with regard to which such fractional shares of Common Stock
would otherwise be issuable, an amount in cash equal to the same fraction of the current market value of a whole share of Common Stock. For the purposes of this subsection (e), the current market value of a whole share of Common Stock shall be the
closing price of a share of Common Stock (as determined pursuant to the second sentence of Section 11(d)(i) hereof) for the Trading Day immediately prior to the date of exchange pursuant to this Section 24. 

Section 25.      Notice of Certain Events. 

(a)      In case the Company shall propose, at any time after the Distribution Date, (i) to pay any
dividend payable in stock of any class to the holders of Preferred Stock or to make any other distribution to the holders of Preferred Stock (other than a regular quarterly cash dividend out of earnings or retained earnings of the Company), or
(ii) to offer to the holders of Preferred Stock rights or warrants to subscribe for or to purchase any additional shares of Preferred Stock or shares of stock of any class or any other securities, rights or options, or (iii) to

  
 36 

 
effect any reclassification of its Preferred Stock (other than a reclassification involving only the subdivision of outstanding shares of Preferred Stock), or (iv) to effect any
consolidation or merger into or with any other Person (other than a Subsidiary of the Company in a transaction which complies with Section 11(o) hereof), or to effect any sale or other transfer (or to permit one or more of its Subsidiaries to
effect any sale or other transfer), in one transaction or a series of related transactions, of more than 50% of the assets, cash flow or earning power of the Company and its Subsidiaries (taken as a whole) to any other Person or Persons (other than
the Company and/or any of its Subsidiaries in one or more transactions each of which complies with Section 11(o) hereof), or (v) to effect the liquidation, dissolution or winding up of the Company, then, in each such case, the Company
shall give to the Rights Agent and to each holder of a Rights Certificate, to the extent feasible and in accordance with Section 26 hereof, a notice of such proposed action, which shall specify the record date for the purposes of such stock
dividend, distribution of rights or warrants, or the date on which such reclassification, consolidation, merger, sale, transfer, liquidation, dissolution, or winding up is to take place and the date of participation therein by the holders of the
shares of Preferred Stock, if any such date is to be fixed, and such notice shall be so given in the case of any action covered by clause (i) or (ii) above at least twenty (20) days prior to the record date for determining holders of the
shares of Preferred Stock for purposes of such action, and in the case of any such other action, at least twenty (20) days prior to the date of the taking of such proposed action or the date of participation therein by the holders of the shares
of Preferred Stock, whichever shall be the earlier. 
 (b)      In case any of the events set forth in
Section 11(a)(ii) hereof shall occur, then, in any such case, (i) the Company shall as soon as practicable thereafter give to each holder of a Rights Certificate, to the extent feasible and in accordance with Section 26 hereof, and to
the Rights Agent in accordance with Section 26 hereof, a notice of the occurrence of such event, which shall specify the event and the consequences of the event to holders of Rights under Section 11(a)(ii) hereof, and (ii) all
references in the preceding paragraph to Preferred Stock shall be deemed thereafter to refer to Common Stock and/or, if appropriate, other securities. 

Section 26.      Notices. Notices or demands authorized by this Agreement to be given or made by the
Rights Agent or by the holder of any Rights Certificate to or on the Company shall be sufficiently given or made if made in writing and sent by recognized national overnight delivery service, first-class mail, postage prepaid, addressed (until
another address is filed in writing with the Rights Agent by the Company) as follows: 
 News Corporation 

1211 Avenue of the Americas 

New York, NY 10036 
 Attention:
General Counsel 
 Fax: (212) 852-7217 

Phone: (212) 416-3400 

Subject to the provisions of Section 21, any notice or demand authorized by this Agreement to be given or made by the Company or by the holder of any
Rights Certificate to or on the Rights Agent shall be sufficiently given or made if made in writing and sent by recognized national 

  
 37 

 
overnight delivery service, first-class mail, postage prepaid, addressed (until another address is filed in writing by the Rights Agent with the Company) as follows: 

Computershare Trust Company, N.A. 

250 Royall Street 
 Canton, MA
02021 
 Attention: Client Services 

Notices or demands authorized by this Agreement to be given or made by the Company or the Rights Agent to the holder of any Rights Certificate
(or, if prior to the Distribution Date, to the holder of certificates representing shares of Common Stock) shall be sufficiently given or made if made in writing and sent by recognized national overnight delivery service, first-class mail, postage
prepaid, addressed to such holder at the address of such holder as shown on the registry books of the Company. 

Section 27.      Supplements and Amendments. Prior to the Distribution Date, the Company and the
Rights Agent shall, if the Company so directs, supplement or amend any provision of this Agreement without the approval of any holders of certificates representing shares of Common Stock. From and after the Distribution Date, the Company and the
Rights Agent shall, if the Company so directs, supplement or amend this Agreement without the approval of any holders of Rights Certificates in order (i) to cure any ambiguity, (ii) to correct or supplement any provision contained herein
which may be defective or inconsistent with any other provisions herein, (iii) to shorten or lengthen any time period hereunder or (iv) to change or supplement the provisions hereunder in any manner which the Company may deem necessary or
desirable and which shall not adversely affect the interests of the holders of Rights Certificates (other than an Acquiring Person or an Affiliate or Associate of an Acquiring Person). Upon the delivery of a certificate from an appropriate officer
of the Company which states that the proposed supplement or amendment is in compliance with the terms of this Section 27, the Rights Agent shall execute such supplement or amendment. Prior to the Distribution Date, the interests of the holders
of Rights shall be deemed coincident with the interests of the holders of Common Stock. Notwithstanding anything herein to the contrary, (a) this Agreement may not be amended (other than pursuant to clauses (i) or (ii) of the second
sentence of this Section 27) at a time when the Rights are not redeemable and (b) the Rights Agent may, but shall not be obligated to, enter into any supplement or amendment that adversely affects the Rights Agent’s own rights,
duties, obligations, or immunities under this Agreement. 
 Section 28.      Successors. All the
covenants and provisions of this Agreement by or for the benefit of the Company or the Rights Agent shall bind and inure to the benefit of their respective successors and assigns hereunder. 

Section 29.      Determinations and Actions by the Board of Directors, etc. For all purposes
of this Agreement, any calculation of the number of shares of Common Stock or any other class of capital stock outstanding at any particular time, including for purposes of determining the particular percentage of such outstanding shares of Common
Stock of which any Person is the Beneficial Owner, shall be made in accordance with the last sentence of Rule 13d-3(d)(1)(i) of the General Rules and Regulations under the Exchange Act. The Board shall have
the exclusive power and authority to administer this Agreement and to exercise all rights and 

  
 38 

 
powers specifically granted to the Board or to the Company, or as may be necessary or advisable in the administration of this Agreement, including the right and power to (i) interpret the
provisions of this Agreement, and (ii) make all determinations deemed necessary or advisable for the administration of this Agreement (including a determination to redeem or not redeem the Rights or to amend the Agreement). All such actions,
calculations, interpretations and determinations (including, for purposes of clause (y) below, all omissions with respect to the foregoing) which are done or made by the Board in good faith, shall (x) be final, conclusive and binding on
the Company, the Rights Agent, the holders of the Rights and all other parties, and (y) not subject the Board, or any of the directors on the Board to any liability to the holders of the Rights, provided that the foregoing shall not affect the
Board’s liability to any holders of Common Stock of the Company as such. 

Section 30.      Benefits of this Agreement. Nothing in this Agreement shall be construed to give to
any Person other than the Company, the Rights Agent and the registered holders of the Rights Certificates (and, prior to the Distribution Date, registered holders of the Common Stock) any legal or equitable right, remedy or claim under this
Agreement; but this Agreement shall be for the sole and exclusive benefit of the Company, the Rights Agent and the registered holders of the Rights Certificates (and, prior to the Distribution Date, registered holders of the Common Stock). 

Section 31.      Severability. If any term, provision, covenant or restriction of this Agreement is
held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be
affected, impaired or invalidated, provided that if any such invalid, void or unenforceable term, provision, covenant or restriction shall adversely affect the rights, immunities, duties or obligations of the Rights Agent, the Rights Agent shall be
entitled to resign immediately; provided, however, that notwithstanding anything in this Agreement to the contrary, if any such term, provision, covenant or restriction is held by such court or authority to be invalid, void or unenforceable and the
Board determines in its good faith judgment that severing the invalid language from this Agreement would adversely affect the purpose or effect of this Agreement, the right of redemption set forth in Section 23 hereof shall be reinstated and
shall not expire until the close of business on the tenth Business Day following the date of such determination by the Board. Without limiting the foregoing, if any provision requiring a specific group of directors of the Company to act is held by
any court of competent jurisdiction or other authority to be invalid, void or unenforceable, such determination shall then be made by the Board in accordance with applicable law and the Company’s Amended and Restated Certificate of
Incorporation, as amended, and By-laws. 

Section 32.      Governing Law; Exclusive Jurisdiction. 

(a)      This Agreement, each Right and each Rights Certificate issued hereunder shall be deemed to be a
contract made under the laws of the State of Delaware (without giving effect to the conflicts of laws principles thereof) and for all purposes shall be governed by and construed in accordance with the laws of such State applicable to contracts made
and to be performed entirely within such State. 

  
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 (b)      The Company and each holder of Rights hereby irrevocably
submits to the exclusive jurisdiction of the Court of Chancery of the State of Delaware, or, if such court shall lack subject matter jurisdiction, any Federal court located in the State of Delaware, over any suit, action, or proceeding arising out
of or relating to or concerning this Agreement. The Company and each holder of Rights acknowledge that the forum designated by this paragraph (b) has a reasonable relation to this Agreement, and to such Persons’ relationship with one
another. 
 (c)      The Company and each holder of Rights hereby waive, to the fullest extent permitted by
applicable law, any objection which they now or hereafter have to personal jurisdiction or to the laying of venue of any such suit, action or proceeding brought in any court referred to in Section 32(b) hereof. The Company and each holder of
Rights undertake not to commence any action subject to this Agreement in any forum other than the forum described in Section 32(b) hereof. The Company and each holder of Rights agree that, to the fullest extent permitted by applicable law, a
final and non-appealable judgment in any such suit, action, or proceeding brought in any such court shall be conclusive and binding upon such Persons. 

Section 33.      Counterparts. This Agreement may be executed in any number of counterparts and each
of such counterparts (including those in .pdf form and those transmitted by fax or other electronic transmission) shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same
instrument. 
 Section 34.      Descriptive Headings. Descriptive headings of the several sections
of this Agreement are inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof. 

Section 35.      Book Entry. Reference in this Agreement to certificates for shares of Common Stock
shall include, in the case of uncertificated shares, the balances indicated in the book-entry account system of the transfer agent for the Common Stock, and any uncertificated share of Common Stock shall also represent the associated Right. Any
legend required to be placed on any certificate for shares of Common Stock may be included on any book-entry confirmation and shall be included in a notification to the holder of such shares of Common Stock provided in accordance with applicable
law. 
 Section 36.      Force Majeure. Notwithstanding anything to the contrary contained herein,
the Rights Agent shall not be liable for any delays or failures in performance resulting from acts beyond its reasonable control including acts of God, terrorist acts, shortage of supply, breakdowns or malfunctions, interruptions or malfunction of
computer facilities or loss of data due to power failures or mechanical difficulties with information storage or retrieval systems, labor difficulties, war, or civil unrest. 

  
 40 

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

									
	Attest:	 		 	NEWS CORPORATION
	By	 	 /s/ Jessica Lau
	 		 	By	 	 /s/ Michael L. Bunder

		 	Name: Jessica Lau	 		 		 	Name: Michael L. Bunder
		 	Title:   Assistant Corporate Secretary	 		 		 	 Title:   SVP, Deputy General Counsel

           and Corporate Secretary

			
	Attest:	 		 	 COMPUTERSHARE TRUST COMPANY, N.A.

as Rights Agent

					
	By	 	 /s/ David L. Adamson
	 		 	By	 	 /s/ Sharon Lockett

	Name:	 	David L. Adamson	 		 	Name:	 	Sharon Lockett
	Title:	 	Senior Vice President	 		 	Title:	 	Senior Vice President

 Exhibit A 

FORM OF 
 CERTIFICATE OF
DESIGNATIONS, PREFERENCES AND 
 RIGHTS OF SERIES A JUNIOR PARTICIPATING PREFERRED STOCK 

of 
 NEWS CORPORATION

 Pursuant to Section 151 of the General Corporation Law of the State of Delaware 

We, the undersigned, [        ], [TITLE], and [         ],
[TITLE], of News Corporation, a Delaware corporation (hereinafter called the “Corporation”), pursuant to the provisions of Sections 103 and 151 of the General Corporation Law of the State of Delaware, do hereby make this Certificate of
Designation and do hereby state and certify that pursuant to the authority expressly vested in the Board of Directors of the Corporation by the Amended and Restated Certificate of Incorporation, the Board of Directors duly adopted the following
resolutions: 
 RESOLVED, that, pursuant to Section 1(a) of Article IV of the Amended and Restated Certificate of Incorporation (which
authorizes 25,000,000 shares of preferred stock, $0.01 par value per share (“Preferred Stock”) of which none have already been designated), the Board of Directors hereby fixes the powers, designations, preferences and relative,
participating, optional and other special rights, and the qualifications, limitations and restrictions, of a series of Preferred Stock; 

RESOLVED, that pursuant to the authority vested in the Board of Directors of this Corporation in accordance with the provisions of its Amended
and Restated Certificate of Incorporation, a series of Preferred Stock of the Corporation be and it hereby is created, and that the designation and amount thereof and the voting powers, preferences and relative, participating, optional and other
special rights of the shares of such series, and the qualifications, limitations or restrictions thereof are as follows: 

Section 1.      Designation and Amount. The shares of such series shall be designated as
“Series A Junior Participating Preferred Stock” and the number of shares constituting such series shall be 2,250,000. 

Section 2.      Dividends and Distributions. 

(A)      Subject to the prior and superior rights of the holders of any shares of any series of Preferred Stock
ranking prior and superior to the shares of Series A Junior Participating Preferred Stock with respect to dividends, the holders of shares of Series A Junior Participating Preferred Stock shall be entitled to receive, when, as and if declared by the
Board of Directors out of funds legally available for the purpose, quarterly dividends payable in cash on the 1st day of March, June, September and December in each year (each such date being referred to herein as a “Quarterly Dividend Payment
Date”), commencing on the first Quarterly Dividend Payment Date after the first issuance of a share or fraction of a share of Series A Junior Participating 

 
Preferred Stock, in an amount per share (rounded to the nearest cent) equal to the greater of (a) $0.10 or (b) subject to the provision for adjustment hereinafter set forth, 1,000 times the
aggregate per share amount of all cash dividends, and 1,000 times the aggregate per share amount (payable in kind) of all non-cash dividends or other distributions other than a dividend payable in shares of
Common Stock or a subdivision of the outstanding shares of Common Stock (by reclassification or otherwise), declared on the Class B Common Stock of the Corporation since the immediately preceding Quarterly Dividend Payment Date, or, with
respect to the first Quarterly Dividend Payment Date, since the first issuance of any share or fraction of a share of Series A Junior Participating Preferred Stock. In the event the Corporation shall at any time after 9:00 am New York City time on
June 28, 2013 (the “Rights Declaration Date”) (i) declare any dividend on Common Stock payable in shares of Common Stock, (ii) subdivide the outstanding Common Stock, or (iii) combine the outstanding Common Stock into a
smaller number of shares, then in each such case the amount to which holders of shares of Series A Junior Participating Preferred Stock were entitled immediately prior to such event under clause (b) of the preceding sentence shall be adjusted
by multiplying such amount by a fraction the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately
prior to such event. 
 (B)      The Corporation shall declare a dividend or distribution on the Series A
Junior Participating Preferred Stock as provided in Paragraph (A) above immediately after it declares a dividend or distribution on the Common Stock (other than a dividend payable in shares of Common Stock); provided that, in the event no
dividend or distribution shall have been declared on the Common Stock during the period between any Quarterly Dividend Payment Date and the next subsequent Quarterly Dividend Payment Date, a dividend of $0.10 per share on the Series A Junior
Participating Preferred Stock shall nevertheless be payable on such subsequent Quarterly Dividend Payment Date. 

(C)      Dividends shall begin to accrue and be cumulative on outstanding shares of Series A Junior
Participating Preferred Stock from the Quarterly Dividend Payment Date next preceding the date of issue of such shares of Series A Junior Participating Preferred Stock, unless the date of issue of such shares is prior to the record date for the
first Quarterly Dividend Payment Date, in which case dividends on such shares shall begin to accrue from the date of issue of such shares, or unless the date of issue is a Quarterly Dividend Payment Date or is a date after the record date for the
determination of holders of shares of Series A Junior Participating Preferred Stock entitled to receive a quarterly dividend and before such Quarterly Dividend Payment Date, in either of which events such dividends shall begin to accrue and be
cumulative from such Quarterly Dividend Payment Date. Accrued but unpaid dividends shall not bear interest. Dividends paid on the shares of Series A Junior Participating Preferred Stock in an amount less than the total amount of such dividends at
the time accrued and payable on such shares shall be allocated pro rata on a share-by-share basis among all such shares at the time outstanding. The Board of Directors
may fix a record date for the determination of holders of shares of Series A Junior Participating Preferred Stock entitled to receive payment of a dividend or distribution declared thereon, which record date shall be no more than 30 days prior to
the date fixed for the payment thereof. 

  
 2 

 Section 3.      Voting Rights. The holders of shares of
Series A Junior Participating Preferred Stock shall have the following voting rights: 
 (A)      Each share
of Series A Junior Participating Preferred Stock shall entitle the holder thereof to one (1) vote on all matters submitted to a vote of the stockholders of the Corporation. 

(B)      Except as otherwise provided herein or by law, the holders of shares of Series A Junior Participating
Preferred Stock and the holders of shares of Common Stock shall vote together as one class on all matters submitted to a vote of stockholders of the Corporation. 

(C)      (i) If at any time dividends on any Series A Junior Participating Preferred Stock shall be in arrears
in an amount equal to six (6) quarterly dividends thereon, the occurrence of such contingency shall mark the beginning of a period (herein called a “default period”) which shall extend until such time when all accrued and unpaid
dividends for all previous quarterly dividend periods and for the current quarterly dividend period on all shares of Series A Junior Participating Preferred Stock then outstanding shall have been declared and paid or set apart for payment. During
each default period, all holders of Preferred Stock (including holders of the Series A Junior Participating Preferred Stock) with dividends in arrears in an amount equal to six (6) quarterly dividends thereon, voting as a class, irrespective of
series, shall have the right to elect two (2) directors. 
 (ii)      During any default
period, such voting right of the holders of Series A Junior Participating Preferred Stock may be exercised initially at a special meeting called pursuant to subparagraph (iii) of this Section 3(C) or at any annual meeting of stockholders,
and thereafter at annual meetings of stockholders, provided that neither such voting right nor the right of the holders of any other series of Preferred Stock, if any, to increase, in certain cases, the authorized number of directors shall be
exercised unless the holders of ten percent (10%) in number of shares of Preferred Stock outstanding shall be present in person or by proxy. The absence of a quorum of the holders of Common Stock shall not affect the exercise by the holders of
Preferred Stock of such voting right. At any meeting at which the holders of Preferred Stock shall exercise such voting right initially during an existing default period, they shall have the right, voting as a class, to elect directors to fill such
vacancies, if any, in the Board of Directors as may then exist up to two (2) directors or, if such right is exercised at an annual meeting, to elect two (2) directors. If the number which may be so elected at any special meeting does not
amount to the required number, the holders of the Preferred Stock shall have the right to make such increase in the number of directors as shall be necessary to permit the election by them of the required number. After the holders of the Preferred
Stock shall have exercised their right to elect directors in any default period and during the continuance of such period, the number of directors shall not be increased or decreased except by vote of the holders of Preferred Stock as herein
provided or pursuant to the rights of any equity securities ranking senior to or pari passu with the Series A Junior Participating Preferred Stock. 

(iii)      Unless the holders of Preferred Stock shall, during an existing default period, have
previously exercised their right to elect directors, the Board of Directors may order, or any stockholder or stockholders owning in the aggregate not 

  
 3 

 
less than ten percent (10%) of the total number of shares of Preferred Stock outstanding, irrespective of series, may request, the calling of a special meeting of the holders of Preferred Stock,
which meeting shall thereupon be called by the President, a Vice-President or the Secretary of the Corporation. Notice of such meeting and of any annual meeting at which holders of Preferred Stock are entitled to vote pursuant to this Paragraph
(C)(iii) shall be given to each holder of record of Preferred Stock by mailing a copy of such notice to him at his last address as the same appears on the books of the Corporation. Such meeting shall be called for a time not earlier than 20 days and
not later than 60 days after such order or request or in default of the calling of such meeting within 60 days after such order or request, such meeting may be called on similar notice by any stockholder or stockholders owning in the aggregate not
less than ten percent (10%) of the total number of shares of Preferred Stock outstanding. Notwithstanding the provisions of this Paragraph (C)(iii), no such special meeting shall be called during the period within 60 days immediately preceding the
date fixed for the next annual meeting of the stockholders. 
 (iv)      In any default
period, the holders of Common Stock, and other classes of stock of the Corporation if applicable, shall continue to be entitled to elect the whole number of directors until the holders of Preferred Stock shall have exercised their right to elect two
(2) directors voting as a class, after the exercise of which right (x) the directors so elected by the holders of Preferred Stock shall continue in office until their successors shall have been elected by such holders or until the
expiration of the default period, and (y) any vacancy in the Board of Directors may (except as provided in Paragraph (C)(ii) of this Section 3) be filled by vote of a majority of the remaining directors theretofore elected by the holders
of the class of stock which elected the director whose office shall have become vacant. References in this Paragraph (C) to directors elected by the holders of a particular class of stock shall include directors elected by such directors to
fill vacancies as provided in clause (y) of the foregoing sentence. 

(v)      Immediately upon the expiration of a default period, (x) the right of the holders
of Preferred Stock as a class to elect directors shall cease, (y) the term of any directors elected by the holders of Preferred Stock as a class shall terminate, and (z) the number of directors shall be such number as may be provided for
in the certificate of incorporation or by-laws irrespective of any increase made pursuant to the provisions of Paragraph (C)(ii) of this Section 3 (such number being subject, however, to change thereafter
in any manner provided by law or in the certificate of incorporation or by-laws). Any vacancies in the Board of Directors effected by the provisions of clauses (y) and (z) in the preceding sentence may be filled by a majority of the remaining
directors. 
 (D)      Except as set forth herein, holders of Series A Junior Participating Preferred Stock
shall have no special voting rights and their consent shall not be required (except to the extent they are entitled to vote with holders of Common Stock as set forth herein) for taking any corporate action. 

Section 4.      Certain Restrictions. 

  
 4 

 (A)      Whenever quarterly dividends or other dividends or
distributions payable on the Series A Junior Participating Preferred Stock as provided in Section 2 are in arrears, thereafter and until all accrued and unpaid dividends and distributions, whether or not declared, on shares of Series A Junior
Participating Preferred Stock outstanding shall have been paid in full, the Corporation shall not 

(i)      declare or pay dividends on, make any other distributions on, or redeem or purchase or
otherwise acquire for consideration any shares of stock ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series A Junior Participating Preferred Stock; 

(ii)      declare or pay dividends on or make any other distributions on any shares of stock
ranking on a parity (either as to dividends or upon liquidation, dissolution or winding up) with the Series A Junior Participating Preferred Stock, except dividends paid ratably on the Series A Junior Participating Preferred Stock and all such
parity stock on which dividends are payable or in arrears in proportion to the total amounts to which the holders of all such shares are then entitled; 

(iii)      redeem or purchase or otherwise acquire for consideration shares of any stock
ranking on a parity (either as to dividends or upon liquidation, dissolution or winding up) with the Series A Junior Participating Preferred Stock, provided that the Corporation may at any time redeem, purchase or otherwise acquire shares of any
such parity stock in exchange for shares of any stock of the Corporation ranking junior (either as to dividends or upon dissolution, liquidation or winding up) to the Series A Junior Participating Preferred Stock; or 

(iv)      purchase or otherwise acquire for consideration any shares of Series A Junior
Participating Preferred Stock, or any shares of stock ranking on a parity with the Series A Junior Participating Preferred Stock, except in accordance with a purchase offer made in writing or by publication (as determined by the Board of Directors)
to all holders of such shares upon such terms as the Board of Directors, after consideration of the respective annual dividend rates and other relative rights and preferences of the respective series and classes, shall determine in good faith will
result in fair and equitable treatment among the respective series or classes. 
 (B)      The Corporation
shall not permit any subsidiary of the Corporation to purchase or otherwise acquire for consideration any shares of stock of the Corporation unless the Corporation could, under Paragraph (A) of this Section 4, purchase or otherwise acquire
such shares at such time and in such manner. 
 Section 5.      Reacquired Shares. Any shares of
Series A Junior Participating Preferred Stock purchased or otherwise acquired by the Corporation in any manner whatsoever shall be retired promptly after the acquisition thereof. All such shares shall upon their cancellation become authorized but
unissued shares of Preferred Stock and may be reissued as part of a new series of Preferred Stock to be created by resolution or resolutions of the Board of Directors, subject to the conditions and restrictions on issuance set forth herein. 

  
 5 

 Section 6.      Liquidation, Dissolution or Winding Up.
(A) Upon any liquidation (voluntary or otherwise), dissolution or winding up of the Corporation, no distribution shall be made to the holders of shares of stock ranking junior (either as to dividends or upon liquidation, dissolution or winding up)
to the Series A Junior Participating Preferred Stock unless, prior thereto, the holders of shares of Series A Junior Participating Preferred Stock shall have received an amount equal to $1000 per share of Series A Junior Participating Preferred
Stock, plus an amount equal to accrued and unpaid dividends and distributions thereon, whether or not declared, to the date of such payment (the “Series A Liquidation Preference”). Following the payment of the full amount of the Series A
Liquidation Preference, no additional distributions shall be made to the holders of shares of Series A Junior Participating Preferred Stock unless, prior thereto, the holders of shares of Common Stock shall have received an amount per share (the
“Common Adjustment”) equal to the quotient obtained by dividing (i) the Series A Liquidation Preference by (ii) 1,000 (as appropriately adjusted as set forth in subparagraph (C) below to reflect such events as stock splits, stock
dividends and recapitalizations with respect to the Common Stock) (such number in clause (ii), the “Adjustment Number”). Following the payment of the full amount of the Series A Liquidation Preference and the Common Adjustment in respect
of all outstanding shares of Series A Junior Participating Preferred Stock and Common Stock, respectively, holders of Series A Junior Participating Preferred Stock and holders of shares of Common Stock shall receive their ratable and proportionate
share of the remaining assets to be distributed in the ratio of the Adjustment Number to 1 with respect to such Preferred Stock and Common Stock, on a per share basis, respectively. 

(B)      In the event, however, that there are not sufficient assets available to permit payment in full of the
Series A Liquidation Preference and the liquidation preferences of all other series of preferred stock, if any, which rank on a parity with the Series A Junior Participating Preferred Stock, then such remaining assets shall be distributed ratably to
the holders of such parity shares in proportion to their respective liquidation preferences. In the event, however, that there are not sufficient assets available to permit payment in full of the Common Adjustment, then such remaining assets shall
be distributed ratably to the holders of Common Stock. 
 (C)      In the event the Corporation shall at any
time after the Rights Declaration Date (i) declare any dividend on Common Stock payable in shares of Common Stock, (ii) subdivide the outstanding Common Stock, or (iii) combine the outstanding Common Stock into a smaller number of
shares, then in each such case the Adjustment Number in effect immediately prior to such event shall be adjusted by multiplying such Adjustment Number by a fraction the numerator of which is the number of shares of Common Stock outstanding
immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event. 

Section 7.      Consolidation, Merger, etc. In case the Corporation shall enter into any
consolidation, merger, combination or other transaction in which the shares of Common Stock are exchanged for or changed into other stock or securities, cash and/or any other property, then in any such case the shares of Series A Junior
Participating Preferred Stock shall at the same time be similarly exchanged or changed in an amount per share (subject to the provision for adjustment hereinafter set forth) equal to 1,000 times the aggregate amount of stock, securities, cash and/or
any other property (payable in kind), as the case may be, into which or for which 

  
 6 

 
each share of Common Stock is changed or exchanged. In the event the Corporation shall at any time after the Rights Declaration Date (i) declare any dividend on Common Stock payable in
shares of Common Stock, (ii) subdivide the outstanding Common Stock, or (iii) combine the outstanding Common Stock into a smaller number of shares, then in each such case the amount set forth in the preceding sentence with respect to the
exchange or change of shares of Series A Junior Participating Preferred Stock shall be adjusted by multiplying such amount by a fraction the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the
denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event. 

Section 8.      No Redemption. The shares of Series A Junior Participating Preferred Stock shall not
be redeemable. 
 Section 9.      Ranking. The Series A Junior Participating Preferred Stock shall
rank junior to all other series of the Corporation’s Preferred Stock as to the payment of dividends and the distribution of assets, unless the terms of any such series shall provide otherwise. 

Section 10.      Amendment. At any time when any shares of Series A Junior Participating Preferred
Stock are outstanding, neither the Amended and Restated Certificate of Incorporation of the Corporation nor this Certificate of Designations shall be amended in any manner which would materially alter or change the powers, preferences or special
rights of the Series A Junior Participating Preferred Stock so as to affect them adversely without the affirmative vote of the holders of a majority or more of the outstanding shares of Series A Junior Participating Preferred Stock, voting
separately as a class. 
 Section 11.      Fractional Shares. Series A Junior Participating
Preferred Stock may be issued in fractions of a share which shall entitle the holder, in proportion to such holder’s fractional shares, to exercise voting rights, receive dividends, participate in distributions and to have the benefit of all
other rights of holders of Series A Junior Participating Preferred Stock. 
 Section 12.      Certain
Definitions. As used herein with respect to the Series A Junior Participating Preferred Stock, the following terms shall have the following meanings: 

(A)      The term “Class A Common Stock” means the class of common stock designated as the
Class A common stock, par value $0.01 per share, of the Corporation at the date hereof or any other class of stock resulting from successive changes or reclassification of the common stock. 

(B)      The term “Class B Common Stock” means the class of common stock designated as the
Class B common stock, par value $0.01 per share, of the Corporation at the date hereof or any other class of stock resulting from successive changes or reclassification of the common stock. 

(C)      The term “Common Stock” means the common stock, par value $0.01 per share, of the Corporation
at the date hereof or any other stock resulting from successive changes or reclassifications of the common stock, and includes both the Class A Common Stock and the Class B Common Stock. 

  
 7 

 IN WITNESS WHEREOF, we have executed and subscribed this Certificate and do affirm the foregoing
as true under the penalties of perjury this 28th day of June, 2013. 
  

	
	  
 [NAME]

 Attest: 
  

	
	  
 [NAME]

 Exhibit B 

[Form of Rights Certificate] 
  

			
	Certificate No. R-	  	      _______ Rights

 NOT EXERCISABLE AFTER JUNE 18, 2021, UNLESS EXTENDED PRIOR THERETO BY THE BOARD OF DIRECTORS OF THE COMPANY, OR
EARLIER IF REDEEMED OR EXCHANGED BY THE COMPANY. THE RIGHTS ARE SUBJECT TO REDEMPTION, AT THE OPTION OF THE COMPANY, AT $0.001 PER RIGHT, AND TO EXCHANGE, IN EACH CASE ON THE TERMS SET FORTH IN THE RIGHTS AGREEMENT. UNDER CERTAIN CIRCUMSTANCES,
RIGHTS BENEFICIALLY OWNED BY AN ACQUIRING PERSON (AS SUCH TERM IS DEFINED IN THE RIGHTS AGREEMENT) AND ANY SUBSEQUENT HOLDER OF SUCH RIGHTS MAY BECOME NULL AND VOID. [THE RIGHTS REPRESENTED BY THIS RIGHTS CERTIFICATE ARE OR WERE BENEFICIALLY OWNED
BY A PERSON WHO WAS OR BECAME AN ACQUIRING PERSON OR AN AFFILIATE OR ASSOCIATE OF AN ACQUIRING PERSON (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT). ACCORDINGLY, THIS RIGHTS CERTIFICATE AND THE RIGHTS REPRESENTED HEREBY MAY BECOME NULL AND
VOID IN THE CIRCUMSTANCES SPECIFIED IN SECTION 7(e) OF SUCH AGREEMENT.]1 
 Class
[A][B] Rights Certificate 
 NEWS CORPORATION 

This certifies that _______________________, or registered assigns, is the registered owner of the number of Class [A][B]2 Rights set forth above, each of which entitles the owner thereof, subject to the terms, provisions and conditions of the Third Amended and Restated Rights Agreement, dated as of June 18, 2018
(the “Rights Agreement”), between News Corporation, a Delaware corporation (the “Company”), and Computershare Trust Company, N.A., a federally chartered trust company duly organized and validly existing under the laws of the
United States (the “Rights Agent”), to purchase from the Company at any time prior to 5:00 P.M. (New York City time) on June 18, 2021 (unless such date is advanced or extended prior thereto by the Board of Directors) at the office or
offices of the Rights Agent designated for such purpose, or its successors as Rights Agent, one one-thousandth of a fully paid, non-assessable share of Series A Junior
Participating Preferred Stock (the “Preferred Stock”) of the Company, at a purchase price of $90 per one one-thousandth of a share (the “Purchase Price”), upon presentation and surrender of
this Rights Certificate with the Form of Election to Purchase and related Certificate duly executed. The number of Rights evidenced by this Rights Certificate (and 

 

	1 	The portion of the legend in brackets shall be inserted only if applicable and shall replace the preceding sentence. 

  

	2 	 Wherever the designation [A][B] is used, the form A should be inserted for Class A Right and the form B
should be inserted for Class B Rights 

 
the number of shares which may be purchased upon exercise thereof) set forth above, and the Purchase Price per share set forth above, are the number and Purchase Price as of June 18, 2018,
based on the Preferred Stock as constituted at such date. The Company reserves the right to require prior to the occurrence of a Triggering Event (as such term is defined in the Rights Agreement) that a number of Rights be exercised so that only
whole shares of Preferred Stock will be issued. Capitalized terms used in this Rights Certificate without definition shall have the meanings ascribed to them in the Rights Agreement. 

Upon the occurrence of a Section 11(a)(ii) Event (as such term is defined in the Rights Agreement), if the Rights evidenced by this
Rights Certificate are beneficially owned by (i) an Acquiring Person or an Affiliate or Associate of any such Acquiring Person (as such terms are defined in the Rights Agreement), (ii) a transferee of any such Acquiring Person, Associate or
Affiliate, or (iii) under certain circumstances specified in the Rights Agreement, a transferee of a person who, after such transfer, became an Acquiring Person, or an Affiliate or Associate of an Acquiring Person, such Rights shall become null
and void and no holder hereof shall have any right with respect to such Rights from and after the occurrence of such Section 11(a)(ii) Event. 

As provided in the Rights Agreement, the Purchase Price and the number and kind of shares of Preferred Stock or other securities, which may be
purchased upon the exercise of the Rights evidenced by this Rights Certificate are subject to modification and adjustment upon the happening of certain events, including Triggering Events. 

This Rights Certificate is subject to all of the terms, provisions and conditions of the Rights Agreement, which terms, provisions and
conditions are hereby incorporated herein by reference and made a part hereof and to which Rights Agreement reference is hereby made for a full description of the rights, limitations of rights, obligations, duties and immunities hereunder of the
Rights Agent, the Company and the holders of the Rights Certificates, which limitations of rights include the temporary suspension of the exercisability of such Rights under the specific circumstances set forth in the Rights Agreement. Copies of the
Rights Agreement are on file at the above-mentioned office of the Rights Agent and are also available upon written request to the Rights Agent. 

This Rights Certificate, with or without other Rights Certificates, upon surrender at the principal office or offices of the Rights Agent
designated for such purpose, may be exchanged for another Rights Certificate or Rights Certificates of like tenor and date evidencing Rights entitling the holder to purchase a like aggregate number of one
one-thousandths of a share of Preferred Stock as the Rights evidenced by the Rights Certificate or Rights Certificates surrendered shall have entitled such holder to purchase. If this Rights Certificate shall
be exercised in part, the holder shall be entitled to receive upon surrender hereof another Class [A][B] Rights Certificate or Rights Certificates for the number of whole Rights not exercised. 

Subject to the provisions of the Rights Agreement, the Rights evidenced by this Certificate may be redeemed by the Company at its option at a
redemption price of $0.001 per Right at any time prior to the earlier of the close of business on (i) the tenth Business Day following the Stock Acquisition Date (as such time period may be extended pursuant to the Rights Agreement), and
(ii) the Final Expiration Date. In addition, under certain circumstances following the time at which a Person becomes an Acquiring Person, the Rights may be 

  
 2 

 
exchanged, in whole or in part, for shares of the Class [A][B] Common Stock, or shares of preferred stock of the Company having essentially the same value or economic rights as such shares.
Immediately upon the action of the Board of Directors of the Company authorizing any such exchange, and without any further action or any notice, the Rights (other than Rights which are not subject to such exchange) will terminate and the Rights
will only enable holders to receive the shares issuable upon such exchange. 
 No fractional shares of Preferred Stock will be issued upon
the exercise of any Right or Rights evidenced hereby (other than fractions which are integral multiples of one one-thousandth of a share of Preferred Stock, which may, at the election of the Company, be
evidenced by depositary receipts), but in lieu thereof a cash payment will be made, as provided in the Rights Agreement. The Company, at its election, may require that a number of Rights be exercised so that only whole shares of Preferred Stock
would be issued. 
 No holder of this Rights Certificate shall be entitled to vote or receive dividends or be deemed for any purpose the
holder of shares of Preferred Stock or of any other securities of the Company which may at any time be issuable on the exercise hereof, nor shall anything contained in the Rights Agreement or herein be construed to confer upon the holder hereof, as
such, any of the rights of a stockholder of the Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to give consent to or withhold consent from any corporate action, or,
to receive notice of meetings or other actions affecting stockholders (except as provided in the Rights Agreement), or to receive dividends or subscription rights, or otherwise, until the Right or Rights evidenced by this Rights Certificate shall
have been exercised as provided in the Rights Agreement. 
 This Rights Certificate shall not be valid or obligatory for any purpose until
it shall have been countersigned by the Rights Agent. 

  
 3 

 WITNESS the facsimile signature of the proper officers of the Company and its corporate seal.

 Dated as of ____________ __, ____. 
 ATTEST: 

 

			
	NEWS CORPORATION
		
	By:	 	  

		 	Title:   Secretary
	
	Countersigned:
	
	 COMPUTERSHARE TRUST COMPANY, N.A.,

as Rights Agent

		
	By:	 	  

		 	Authorized Signature

 [Form of Reverse Side of Rights Certificate] 

FORM OF ASSIGNMENT 
 (To be executed by
the registered holder if such holder desires to transfer the Rights Certificate.) 
 FOR VALUE RECEIVED 

hereby sells, assigns and transfers unto 

(Please print name and address of transferee) 

this Rights Certificate, together with all right, title and interest therein, and does hereby irrevocably constitute and
appoint      Attorney, to transfer the within Rights Certificate on the books of the within named Company, with full power of substitution. 

Dated: ________ __, ____ 

                        
    Signature 
 Medallion Signature Guaranteed: 

 Certificate 

The undersigned hereby certifies by checking the appropriate boxes that: 

(1)      this Rights Certificate [ ] is [ ] is not being sold, assigned and transferred by or on behalf of a
Person who is or was an Acquiring Person or an Affiliate or Associate of any such Acquiring Person (as such terms are defined pursuant to the Rights Agreement); 

(2)      after due inquiry and to the best knowledge of the undersigned, it [ ] did [ ] did not acquire the
Rights evidenced by this Rights Certificate from any Person who is, was or subsequently became an Acquiring Person or an Affiliate or Associate of an Acquiring Person. 

Dated: ________ __, ____ 

                        
                Signature 
 Medallion Signature Guaranteed: 

 NOTICE 

The signature to the foregoing Assignment and Certificate must correspond to the name as written upon the face of this Rights Certificate in
every particular, without alteration or enlargement or any change whatsoever. 

 FORM OF ELECTION TO PURCHASE 

(To be executed if holder desires to exercise Rights represented by the Rights Certificate.) 

To: NEWS CORPORATION: 
 The undersigned hereby
irrevocably elects to exercise _____________ Class [A][B] Rights represented by this Rights Certificate to purchase the shares of Preferred Stock issuable upon the exercise of the Rights (or such other securities of the Company or of any other
person which may be issuable upon the exercise of the Rights) and requests that certificates for such shares be issued in the name of and delivered to: 

Please insert social security 
 or other identifying number 

(Please print name and address) 

If such number of Rights shall not be all the Rights evidenced by this Rights Certificate, a new Rights Certificate for the balance of such
Rights shall be registered in the name of and delivered to: 
 Please insert social security 

or other identifying number 
 (Please print name
and address) 
 Dated: ________ __, ____ 

                        
            Signature 
 Medallion Signature Guaranteed: 

 Certificate 

The undersigned hereby certifies by checking the appropriate boxes that: 

(1)      the Rights evidenced by this Rights Certificate [ ] are [ ] are not being exercised by or on behalf of
a Person who is or was an Acquiring Person or an Affiliate or Associate of any such Acquiring Person (as such terms are defined pursuant to the Rights Agreement); 

(2)      after due inquiry and to the best knowledge of the undersigned, it [ ] did [ ] did not acquire the
Rights evidenced by this Rights Certificate from any Person who is, was or became an Acquiring Person or an Affiliate or Associate of an Acquiring Person. 

Dated: ________ __, ____ 

                Signature 

Medallion Signature Guaranteed: 

 NOTICE 

The signature to the foregoing Election to Purchase and Certificate must correspond to the name as written upon the face of this Rights
Certificate in every particular, without alteration or enlargement or any change whatsoever. 

 Exhibit C 

SUMMARY OF RIGHTS TO PURCHASE 

PREFERRED STOCK 
 Pursuant
to the terms and conditions of the rights agreement dated as of June 14, 2013 between News Corporation, a Delaware corporation (the “Company”) and Computershare Trust Company, N.A., a federally chartered trust company duly organized
and validly existing under the laws of the United States, as Rights Agent, on June 28, 2013 (the “Rights Dividend Declaration Date”), a dividend distribution of one right (a “Class A Right”) for each share of Class A
common stock, par value $0.01 per share, of the Company (the “Class A Common Stock”) and one right (a “Class B Right” and, together with the Class A Rights, the “Rights”) for each share of Class B common
stock, par value $0.01 per share, of the Company (the “Class B Common Stock” or “Voting Common Stock” and, together with the Class A Common Stock, the “Common Stock”) outstanding (it being understood that shares
held by direct or indirect wholly owned Subsidiaries of the Company shall not be considered as outstanding) at the close of business on June 21, 2013 (the “Record Date”), as adjusted pursuant to the provisions of Section 11(p)
hereof, with each Right initially representing the right to purchase one one-thousandth of a share of Series A Junior Participating Preferred Stock of the Company, par value $0.01 per share (the
“Preferred Stock”) at a Purchase Price of $90 per Unit, subject to adjustment. The Company, pursuant to the authorization of its Board of Directors (the “Board”) amended and restated the rights agreement as of June 18, 2014
and as of June 18, 2015, and has determined, with the Board’s authorization, to further amend and restate the rights agreement, pursuant to the terms of Section 27 therein, (such third amended and restated rights agreement, the
“Rights Agreement”). The description and terms of the Rights are set forth in a Rights Agreement, which is dated as of June 18, 2018. 

Initially, the Class A Rights will be attached to all shares of Class A Common Stock certificates representing shares then
outstanding and the Class B Rights will be attached to all shares of Class B Common Stock certificates representing shares then outstanding, and no separate Rights Certificates will be distributed. Subject to certain exceptions specified
in the Rights Agreement, the Rights will separate from the Common Stock and a Distribution Date will occur upon the earlier of (i) 10 business days following a public announcement that a person or group of affiliated or associated persons (an
“Acquiring Person”) has acquired beneficial ownership of 15% or more of the outstanding shares of Class B Common Stock and/or other class then entitled to vote for the election of directors (the “Stock Acquisition Date”),
other than as a result of repurchases of stock by the Company or purchases by certain Exempt Persons or (ii) 10 business days (or such later date as the Board shall determine) following the commencement of a tender offer or exchange offer that would
result in a person or group becoming an Acquiring Person. “Exempt Person” shall mean each of the following: (i) the Company or any of its Subsidiaries or controlled Affiliates, or (ii) any Person, including each Murdoch Person,
who, as of June 28, 2013, is the Beneficial Owner of fifteen percent (15%) or more of the Voting Capital Stock then outstanding, except, with respect to the Persons named in the preceding clause (ii) of this paragraph, any such Person
shall no longer be considered an Exempt Person (1) if such Person Beneficially Owns less than fifteen percent (15%) of the then-outstanding Voting Capital Stock or (2) if, on or after June 18, 2018, such Person acquires

 
Beneficial Ownership of additional shares of Voting Capital Stock (other than (A) by way of acquisition of Voting Capital Stock as a result of the declaration and payment of a pro rata
dividend payable in Capital Stock (or securities convertible or exchangeable into Capital Stock) on, or split or subdivision of, the Capital Stock of the Company or (B) solely as a result of any unilateral grant of any security by the Company
or through the exercise of any options, warrants, rights or similar interests (including restricted stock) granted by the Company to its directors, officers and employees pursuant to any equity incentive or award plan), unless it is determined by
the Board that such Person inadvertently acquired such shares of Voting Capital Stock and the shares are subsequently divested by such Person, with such determination and divestiture each being made in accordance with the terms of clause
(vii) of the definition of “Acquiring Person” in the Rights Agreement. 
 Until the Distribution Date, (i) the Rights
will be evidenced by the Common Stock certificates (or, in the case of shares reflected on the direct registration system, by the notations in the book entry accounts) and will be transferred with and only with such Common Stock certificates,
(ii) new Common Stock certificates issued after the Record Date will contain a notation incorporating the Rights Agreement by reference and (iii) the surrender for transfer of any certificates for Common Stock outstanding will also
constitute the transfer of the Rights associated with the Common Stock represented by such certificate. Pursuant to the Rights Agreement, the Company reserves the right to require prior to the occurrence of a Triggering Event (as defined below)
that, upon any exercise of Rights, a number of Rights be exercised so that only whole shares of Preferred Stock will be issued. 
 The
Rights are not exercisable until the Distribution Date and will expire at 5:00 P.M. (New York City time) on June 18, 2021, (the “Final Expiration Date”), unless the Rights Agreement is earlier terminated or such date is advanced or
extended or the Rights are earlier redeemed or exchanged by the Company as described below. 
 As soon as practicable after the Distribution
Date, Rights Certificates will be mailed to holders of record of the Common Stock as of the close of business on the Distribution Date and, thereafter, the separate Rights Certificates alone will represent the Rights. 

In the event that a Person becomes an Acquiring Person, each holder of a Right will thereafter have the right to receive, upon exercise,
(i) Class A Common Stock (or, in certain circumstances, cash, property or other securities of the Company) having a value equal to two times the exercise price of the Class A Right or (ii) Class B Common Stock (or, in
certain circumstances, cash, property or other securities of the Company) having a value equal to two times the exercise price of the Class B Right. Notwithstanding any of the foregoing, following the occurrence of the event set forth in this
paragraph, all Rights that are, or (under certain circumstances specified in the Rights Agreement) were, beneficially owned by any Acquiring Person will be null and void. However, Rights are not exercisable following the occurrence of the event set
forth above until such time as the Rights are no longer redeemable by the Company as set forth below. 
 For example, at an exercise price
of $90 per Right, each Right not owned by an Acquiring Person (or by certain related parties) following the event described in the preceding paragraph would entitle its holder to purchase $180 worth of Common Stock (or other

  
 2 

 
consideration, as noted above) for $90. Assuming that the Common Stock had a per share value of $18 at such time, the holder of each valid Right would be entitled to purchase 10 shares of Common
Stock for $90. 
 In the event that, at any time following the Stock Acquisition Date, (i) the Company engages in a merger or other
business combination transaction in which the Company is not the surviving corporation, (ii) the Company engages in a merger or other business combination transaction in which the Company is the surviving corporation and the Common Stock of the
Company is changed or exchanged, or (iii) 50% or more of the Company’s assets, cash flow or earning power is sold or transferred, each holder of a Right (except Rights which have previously been voided as set forth above) shall thereafter have
the right to receive, upon exercise, common stock of the acquiring company having a value equal to two times the exercise price of the Right. The events set forth in this paragraph and in the second preceding paragraph are referred to as the
“Triggering Events.” 
 At any time after a person becomes an Acquiring Person and prior to the acquisition by such person or
group of 50% or more of the outstanding Voting Capital Stock, the Board may exchange the Rights (other than Rights owned by such person or group which have become void), in whole or in part, for Common Stock or Preferred Stock at an exchange ratio
of one share of Common Stock, or one one-thousandth of a share of Preferred Stock (or of a share of a class or series of the Company’s preferred stock having equivalent rights, preferences and
privileges), per Right (subject to adjustment). 
 The Purchase Price payable, and the number of Units of Preferred Stock or other
securities or property issuable, upon exercise of the Rights are subject to adjustment from time to time to prevent dilution (i) in the event of a stock dividend on, or a subdivision, combination or reclassification of, the Preferred Stock,
(ii) if holders of the Preferred Stock are granted certain rights or warrants to subscribe for Preferred Stock or convertible securities at less than the current market price of the Preferred Stock, or (iii) upon the distribution to
holders of the Preferred Stock of evidences of indebtedness or assets (excluding regular quarterly cash dividends) or of subscription rights or warrants (other than those referred to above). 

With certain exceptions, no adjustment in the Purchase Price will be required until cumulative adjustments amount to at least 1% of the
Purchase Price. No fractional Units will be issued and, in lieu thereof, an adjustment in cash will be made based on the market price of the Preferred Stock on the last trading date prior to the date of exercise. 

At any time until ten business days following the Stock Acquisition Date (as such time period may be extended pursuant to the Rights
Agreement), the Company may redeem the Rights in whole, but not in part, at a price of $0.001 per Right (payable in cash, Common Stock or other consideration deemed appropriate by the Board of Directors) or amend the Rights Agreement to change the
Final Expiration Date to another date, including without limitation an earlier date. Immediately upon the action of the Board of Directors ordering redemption of the Rights, the Rights will terminate and the only right of the holders of Rights will
be to receive the $0.001 redemption price. 

  
 3 

 Until a Right is exercised, the holder thereof, as such, will have no separate rights as a
stockholder of the Company, including, without limitation, the right to vote or to receive dividends in respect of the Rights. While the distribution of the Rights will not be taxable to stockholders or to the Company, stockholders may, depending
upon the circumstances, recognize taxable income in the event that the Rights become exercisable for Common Stock (or other consideration) of the Company or for common stock of the acquiring company or in the event of the redemption of the Rights as
set forth above. 
 Any of the provisions of the Rights Agreement may be amended by the Board of Directors of the Company prior to the
Distribution Date. After the Distribution Date, the provisions of the Rights Agreement may be amended by the Board in order to cure any ambiguity, to make changes which do not adversely affect the interests of holders of Rights, or to shorten or
lengthen any time period under the Rights Agreement. The foregoing notwithstanding, no amendment may be made at such time as the Rights are not redeemable. 

A copy of the Rights Agreement has been or will be filed with the Securities and Exchange Commission as an Exhibit to a Current Report Form 8-K of the Company. A copy of the Rights Agreement is available free of charge from the Rights Agent. This summary description of the Rights does not purport to be complete and is qualified in its entirety by
reference to the Rights Agreement, which is incorporated herein by reference. 

  
 4EX-10.1

 Exhibit 10.1 

EXECUTION COPY 
 REVOLVING
CREDIT 
 AND 

SECURITY AGREEMENT 
 PNC
BANK, NATIONAL ASSOCIATION, 
 as Agent 

THE LENDERS PARTY HERETO 

with 
 GENESIS MERGER
SUB, INC., 
 which upon the consummation of the Transactions (as defined herein) 

shall be merged with and into 

THE FINISH LINE, INC. 

(with THE FINISH LINE, INC. as the surviving Person), 

as Borrowing Agent 
 for

 THE BORROWERS NAMED HEREIN 

THE GUARANTORS NAMED HEREIN 

WELLS FARGO BANK, NATIONAL ASSOCIATION 

BANK OF AMERICA, N.A., 

as Co-Syndication Agents 

PNC CAPITAL MARKETS, LLC 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Joint Lead Arrangers and Bookrunners 

June 18, 2018 

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	Page	 
	 I.
	 	 DEFINITIONS
	  	 	1	 
				
		 	 1.1.
	  	 Accounting Terms
	  	 	1	 
		 	 1.2.
	  	 General Terms
	  	 	2	 
		 	 1.3.
	  	 Uniform Commercial Code Terms
	  	 	51	 
		 	 1.4.
	  	 Certain Matters of Construction
	  	 	51	 
			
	 II.
	 	 ADVANCES, PAYMENTS
	  	 	53	 
				
		 	 2.1.
	  	 Revolving Advances; FILO Advances
	  	 	53	 
		 	 2.2.
	  	 Procedures for Requesting Revolving Advances and FILO Advances; Procedures for Selection of
Applicable Interest Rates for All Advances
	  	 	55	 
		 	 2.3.
	  	 Voluntary Prepayments
	  	 	57	 
		 	 2.4.
	  	 Swing Loans
	  	 	58	 
		 	 2.5.
	  	 Disbursement of Advance Proceeds
	  	 	59	 
		 	 2.6.
	  	 Making and Settlement of Advances
	  	 	60	 
		 	 2.7.
	  	 Maximum Advances
	  	 	62	 
		 	 2.8.
	  	 Manner and Repayment of Advances
	  	 	62	 
		 	 2.9.
	  	 Repayment of Excess Advances
	  	 	63	 
		 	 2.10.
	  	 Statement of Account
	  	 	63	 
		 	 2.11.
	  	 Letters of Credit
	  	 	63	 
		 	 2.12.
	  	 Issuance of Letters of Credit
	  	 	64	 
		 	 2.13.
	  	 Requirements For Issuance of Letters of Credit
	  	 	65	 
		 	 2.14.
	  	 Disbursements, Reimbursement
	  	 	66	 
		 	 2.15.
	  	 Repayment of Participation Advances
	  	 	67	 
		 	 2.16.
	  	 Documentation
	  	 	68	 
		 	 2.17.
	  	 Determination to Honor Drawing Request
	  	 	68	 
		 	 2.18.
	  	 Nature of Participation and Reimbursement Obligations
	  	 	68	 
		 	 2.19.
	  	 Liability for Acts and Omissions
	  	 	70	 
		 	 2.20.
	  	 Mandatory Prepayments
	  	 	71	 
		 	 2.21.
	  	 Use of Proceeds
	  	 	72	 
		 	 2.22.
	  	 Defaulting Lender
	  	 	72	 
		 	 2.23.
	  	 Payment of Obligations
	  	 	75	 
		 	 2.24.
	  	 Increase in Maximum Revolving Advance Amount
	  	 	76	 
		 	 2.25.
	  	 Decrease in Maximum Revolving Advance Amount
	  	 	78	 
			
	 III.
	 	 INTEREST AND FEES
	  	 	79	 
				
		 	 3.1.
	  	 Interest
	  	 	79	 
		 	 3.2.
	  	 Letter of Credit Fees
	  	 	80	 
		 	 3.3.
	  	 Facility Fees
	  	 	81	 
		 	 3.4.
	  	 Collateral Evaluation Fee; Fee Letter
	  	 	82	 
		 	 3.5.
	  	 Computation of Interest and Fees
	  	 	83	 
		 	 3.6.
	  	 Maximum Charges
	  	 	83	 
		 	 3.7.
	  	 Increased Costs
	  	 	83	 
		 	 3.8.
	  	 Alternate Rate of Interest
	  	 	84	 

  
 i 

									
		 	 3.9.
	  	 Capital Adequacy
	  	 	86	 
		 	 3.10.
	  	 Taxes
	  	 	87	 
		 	 3.11.
	  	 Replacement of Lenders
	  	 	89	 
			
	 IV.
	 	 COLLATERAL: GENERAL TERMS
	  	 	91	 
				
		 	 4.1.
	  	 Security Interest in the Collateral
	  	 	91	 
		 	 4.2.
	  	 Perfection of Security Interest
	  	 	91	 
		 	 4.3.
	  	 Preservation of Collateral
	  	 	92	 
		 	 4.4.
	  	 Ownership and Location of Collateral
	  	 	92	 
		 	 4.5.
	  	 Defense of Agent’s and Lenders’ Interests
	  	 	93	 
		 	 4.6.
	  	 Inspection of Premises; Physical Inventories
	  	 	94	 
		 	 4.7.
	  	 Appraisals
	  	 	94	 
		 	 4.8.
	  	 Receivables; Credit Card Receivables; Deposit Accounts and Securities Accounts
	  	 	95	 
		 	 4.9.
	  	 Inventory
	  	 	100	 
		 	 4.10.
	  	 Maintenance of Equipment
	  	 	100	 
		 	 4.11.
	  	 Exculpation of Liability
	  	 	100	 
		 	 4.12.
	  	 Financing Statements
	  	 	100	 
			
	 V.
	 	 REPRESENTATIONS AND WARRANTIES
	  	 	100	 
				
		 	 5.1.
	  	 Authority
	  	 	100	 
		 	 5.2.
	  	 Formation and Qualification; Subsidiaries
	  	 	101	 
		 	 5.3.
	  	 [Intentionally Omitted]
	  	 	101	 
		 	 5.4.
	  	 Tax Returns
	  	 	101	 
		 	 5.5.
	  	 Financial Statements
	  	 	102	 
		 	 5.6.
	  	 Certificates of Beneficial Ownership
	  	 	102	 
		 	 5.7.
	  	 Environmental Compliance
	  	 	103	 
		 	 5.8.
	  	 Solvency; No Litigation, Violation, Indebtedness or Default; ERISA Compliance
	  	 	103	 
		 	 5.9.
	  	 Patents, Trademarks, Copyrights and Licenses
	  	 	105	 
		 	 5.10.
	  	 Licenses and Permits
	  	 	105	 
		 	 5.11.
	  	 [Intentionally Omitted]
	  	 	106	 
		 	 5.12.
	  	 No Default
	  	 	106	 
		 	 5.13.
	  	 No Burdensome Restrictions
	  	 	106	 
		 	 5.14.
	  	 No Labor Disputes
	  	 	106	 
		 	 5.15.
	  	 Margin Regulations
	  	 	106	 
		 	 5.16.
	  	 Investment Company Act
	  	 	106	 
		 	 5.17.
	  	 Disclosure
	  	 	106	 
		 	 5.18.
	  	 Delivery of Intercompany Subordinated Loan Documents and Holdings Loan Documents
	  	 	107	 
		 	 5.19.
	  	 Delivery of Acquisition Agreement
	  	 	107	 
		 	 5.20.
	  	 EEA Financial Institution
	  	 	107	 
		 	 5.21.
	  	 Business and Property of Borrowers and Guarantors
	  	 	107	 
		 	 5.22.
	  	 [Intentionally Omitted]
	  	 	107	 
		 	 5.23.
	  	 Federal Securities Laws
	  	 	107	 
		 	 5.24.
	  	 Equity Interests
	  	 	107	 
		 	 5.25.
	  	 Commercial Tort Claims
	  	 	108	 

  
 ii 

									
	 	 	5.26.	  	Letter of Credit Rights	  	108	 
	 	 	5.27.	  	Material Contracts	  	108	 
	 	 	5.28.	  	Insurance	  	108	 
	 	 	5.29.	  	Perfection of Agent’s Liens	  	108	 
	 	 	5.30.	  	Brokers	  	109	 
	 	 	5.31.	  	Customer and Trade Relations	  	109	 
	 	 	5.32.	  	Casualty	  	109	 
	 	 	5.33.	  	Senior Debt Status	  	109	 
			
	 VI.
	 	 AFFIRMATIVE COVENANTS
	  	 	110	 
				
	 	 	6.1.	  	Compliance with Laws	  	110	 
	 	 	6.2.	  	Conduct of Business and Maintenance of Existence and Assets	  	110	 
	 	 	6.3.	  	Books and Records; Accountants	  	110	 
	 	 	6.4.	  	Payment of Obligations	  	111	 
	 	 	6.5.	  	Financial Covenant	  	111	 
	 	 	6.6.	  	Insurance	  	111	 
	 	 	6.7.	  	Payment of Indebtedness and Leasehold Obligations	  	112	 
	 	 	6.8.	  	Environmental Matters	  	112	 
	 	 	6.9.	  	Standards of Financial Statements	  	113	 
	 	 	6.10.	  	Federal Securities Laws	  	113	 
	 	 	6.11.	  	Execution of Supplemental Instruments	  	113	 
	 	 	6.12.	  	ERISA Compliance	  	113	 
	 	 	6.13.	  	Government Receivables	  	113	 
	 	 	6.14.	  	Material Contracts	  	114	 
	 	 	6.15.	  	Keepwell	  	114	 
	 	 	6.16.	  	Certificates of Beneficial Ownership and Other Additional Information	  	114	 
			
	 VII.
	 	 NEGATIVE COVENANTS
	  	 	115	 
				
	 	 	7.1.	  	Merger, Consolidation, Acquisition and Sale of Assets	  	115	 
	 	 	7.2.	  	Creation of Liens	  	116	 
	 	 	7.3.	  	Guarantees	  	117	 
	 	 	7.4.	  	Investments	  	117	 
	 	 	7.5.	  	Loans	  	117	 
	 	 	7.6.	  	Hedge Arrangements	  	117	 
	 	 	7.7.	  	Dividends	  	117	 
	 	 	7.8.	  	Indebtedness	  	117	 
	 	 	7.9.	  	Nature of Business	  	117	 
	 	 	7.10.	  	Transactions with Affiliates	  	117	 
	 	 	7.11.	  	[Intentionally Omitted]	  	118	 
	 	 	7.12.	  	Subsidiaries	  	118	 
	 	 	7.13.	  	Fiscal Year and Accounting Changes	  	119	 
	 	 	7.14.	  	[Intentionally Omitted]	  	119	 
	 	 	7.15.	  	Amendment of Organizational Documents	  	119	 
	 	 	7.16.	  	[Intentionally Omitted]	  	119	 
	 	 	7.17.	  	Prepayment of Indebtedness	  	119	 
	 	 	7.18.	  	Intercompany Subordinated Loans; Holdings Loan	  	119	 
	 	 	7.19.	  	Other Agreements	  	120	 

  
 iii 

									
	 	 	7.20.	  	Membership / Partnership Interests	  	120	 
	 	 	7.21.	  	Burdensome Agreements	  	120	 
	 	 	7.22.	  	Issuance of Equity Interests	  	120	 
	 	 	7.23.	  	Capital Expenditures	  	121	 
			
	 VIII.
	 	 CONDITIONS PRECEDENT
	  	 	121	 
				
	 	 	8.1.	  	Conditions to Initial Advances	  	121	 
	 	 	8.2.	  	Conditions to Each Advance	  	125	 
			
	IX.	 	INFORMATION AS TO BORROWERS AND GUARANTORS	  	126	 
				
	 	 	9.1.	  	Disclosure of Material Matters	  	126	 
	 	 	9.2.	  	Schedules	  	126	 
	 	 	9.3.	  	Environmental Notice	  	127	 
	 	 	9.4.	  	Litigation	  	127	 
	 	 	9.5.	  	Material Occurrences	  	127	 
	 	 	9.6.	  	Government Receivables	  	128	 
	 	 	9.7.	  	Annual Financial Statements	  	128	 
	 	 	9.8.	  	Quarterly Financial Statements	  	128	 
	 	 	9.9.	  	[Intentionally Omitted.]	  	129	 
	 	 	9.10.	  	Other Reports	  	129	 
	 	 	9.11.	  	Additional Information	  	129	 
	 	 	9.12.	  	Projected Operating Budget	  	129	 
	 	 	9.13.	  	Variances From Operating Budget	  	129	 
	 	 	9.14.	  	Notice of Suits, Adverse Events	  	129	 
	 	 	9.15.	  	ERISA Notices and Requests	  	130	 
	 	 	9.16.	  	Material Contracts	  	130	 
	 	 	9.17.	  	Additional Documents	  	130	 
	 	 	9.18.	  	Updates to Certain Schedules	  	130	 
	 	 	9.19.	  	Labor Matters	  	130	 
			
	 X.
	 	 EVENTS OF DEFAULT
	  	 	130	 
				
	 	 	10.1.	  	Nonpayment	  	130	 
	 	 	10.2.	  	Breach of Representation	  	131	 
	 	 	10.3.	  	Judicial Actions	  	131	 
	 	 	10.4.	  	Noncompliance	  	131	 
	 	 	10.5.	  	Judgments	  	131	 
	 	 	10.6.	  	Bankruptcy	  	131	 
	 	 	10.7.	  	Lien Priority	  	132	 
	 	 	10.8.	  	[Intentionally Omitted.];	  	132	 
	 	 	10.9.	  	Cross Default	  	132	 
	 	 	10.10.	  	[Intentionally Omitted.];	  	132	 
	 	 	10.11.	  	Change of Control	  	132	 
	 	 	10.12.	  	Invalidity	  	132	 
	 	 	10.13.	  	[Intentionally Omitted.]	  	132	 
	 	 	10.14.	  	Cessation of Business	  	132	 
	 	 	10.15.	  	Pension Plans	  	133	 
	 	 	10.16.	  	Loss of Collateral	  	133	 
	 	 	10.17.	  	Indictment	  	133	 
	 	 	10.18.	  	Subordination Provisions	  	133	 

  
 iv 

									
			
	 XI.
	 	 LENDERS’ RIGHTS AND REMEDIES AFTER DEFAULT
	  	 	133	 
				
	 	 	11.1.	  	Rights and Remedies	  	133	 
	 	 	11.2.	  	Agent’s Discretion	  	135	 
	 	 	11.3.	  	Setoff	  	135	 
	 	 	11.4.	  	Rights and Remedies not Exclusive	  	136	 
	 	 	11.5.	  	Allocation of Payments After Event of Default	  	136	 
			
	XII.	 	WAIVERS AND JUDICIAL PROCEEDINGS	  	137	 
				
	 	 	12.1.	  	Waiver of Notice	  	137	 
	 	 	12.2.	  	Delay	  	138	 
	 	 	12.3.	  	Jury Waiver	  	138	 
			
	 XIII.
	 	 EFFECTIVE DATE AND TERMINATION
	  	 	138	 
				
	 	 	13.1.	  	Term	  	138	 
	 	 	13.2.	  	Termination	  	138	 
			
	 XIV.
	 	 REGARDING AGENT
	  	 	139	 
				
	 	 	14.1.	  	Appointment	  	139	 
	 	 	14.2.	  	Nature of Duties	  	139	 
	 	 	14.3.	  	Lack of Reliance on Agent	  	139	 
	 	 	14.4.	  	Resignation of Agent; Successor Agent	  	140	 
	 	 	14.5.	  	Certain Rights of Agent	  	141	 
	 	 	14.6.	  	Reliance	  	141	 
	 	 	14.7.	  	Notice of Default	  	141	 
	 	 	14.8.	  	Indemnification	  	141	 
	 	 	14.9.	  	Agent in its Individual Capacity	  	141	 
	 	 	14.10.	  	Delivery of Documents	  	142	 
	 	 	14.11.	  	Borrowers’ and Guarantors’ Undertaking to Agent	  	142	 
	 	 	14.12.	  	No Reliance on Agent’s Customer Identification Program	  	142	 
	 	 	14.13.	  	Other Agreements	  	142	 
	 	 	14.14.	  	Co-Syndication Agents; Joint Lead Arrangers	  	142	 
			
	 XV.
	 	 BORROWING AGENCY
	  	 	143	 
				
	 	 	15.1.	  	Borrowing Agency Provisions	  	143	 
	 	 	15.2.	  	Waiver of Subrogation	  	144	 
			
	XVI.	 	MISCELLANEOUS	  	144	 
				
	 	 	16.1.	  	Governing Law	  	144	 
	 	 	16.2.	  	Entire Understanding	  	145	 
	 	 	16.3.	  	Successors and Assigns; Participations; New Lenders	  	148	 
	 	 	16.4.	  	Application of Payments	  	151	 
	 	 	16.5.	  	Indemnity	  	151	 
	 	 	16.6.	  	Notice	  	153	 
	 	 	16.7.	  	Survival	  	155	 

  
 v 

									
		 	 16.8.
	  	 Severability
	  	 	155	 
		 	 16.9.
	  	 Expenses
	  	 	155	 
		 	 16.10.
	  	 Injunctive Relief
	  	 	156	 
		 	 16.11.
	  	 Consequential Damages
	  	 	156	 
		 	 16.12.
	  	 Captions
	  	 	156	 
		 	 16.13.
	  	 Counterparts; Electronic Signatures
	  	 	156	 
		 	 16.14.
	  	 Construction
	  	 	157	 
		 	 16.15.
	  	 Confidentiality; Sharing Information
	  	 	157	 
		 	 16.16.
	  	 Publicity
	  	 	158	 
		 	 16.17.
	  	 Certifications From Banks and Participants; USA PATRIOT Act
	  	 	158	 
		 	 16.18.
	  	 Anti-Terrorism Laws
	  	 	159	 
	 	 	16.19.	  	Acknowledgment and Consent to Bail-In of EEA Financial Institutions	  	160	 

  
 vi 

 LIST OF EXHIBITS AND SCHEDULES 

 

			
	Exhibits	  	
		
	 Exhibit 1.2
	  	Borrowing Base Certificate
	 Exhibit 1.2(a)
	  	Compliance Certificate
	 Exhibit 1.2(b)
	  	Guaranty
	 Exhibit 2.1(a)
	  	Revolving Credit Note
	 Exhibit 2.1(b)
	  	FILO Note
	 Exhibit 2.4(a)
	  	Swing Loan Note
	 Exhibit 5.5(b)
	  	Financial Projections
	 Exhibit 5.6
	  	Certificate of Beneficial Ownership
	 Exhibit 16.3
	  	Commitment Transfer Supplement

  
 vii 

			
	Schedules	  	
		
	 Schedule 1.1(a)
	  	Borrowers
	 Schedule 1.1(b)
	  	Guarantors
	 Schedule 1.1(c)
	  	Lenders and Commitments
	 Schedule 1.2
	  	Permitted Encumbrances
	 Schedule 1.3
	  	Existing Letters of Credit
	 Schedule 4.4
	  	 Equipment and Inventory Locations; Warehouses; Places of Business, Chief Executive Offices;
Real Property

	 Schedule 4.8(j)(i)
	  	Deposit and Investment Accounts
	 Schedule 4.8(j)(ii)
	  	Credit Card Arrangements
	 Schedule 5.1
	  	Consents
	 Schedule 5.2(a)
	  	States of Qualification and Good Standing
	 Schedule 5.2(b)
	  	Subsidiaries
	 Schedule 5.7
	  	Environmental
	 Schedule 5.8(b)(i)
	  	Litigation
	 Schedule 5.8(b)(ii)
	  	Indebtedness
	 Schedule 5.8(d)
	  	Pension Benefit Plans
	 Schedule 5.9(a)
	  	Intellectual Property
	 Schedule 5.9(b)
	  	License Agreements
	 Schedule 5.9(c)
	  	Intellectual Property Claims
	 Schedule 5.10
	  	Licenses and Permits
	 Schedule 5.24(a)
	  	Equity Interests in Borrowers and Guarantors
	 Schedule 5.24(b)
	  	Equity Agreements
	 Schedule 5.24(c)
	  	Convertible Equity
	 Schedule 5.25
	  	Commercial Tort Claims
	 Schedule 5.26
	  	Letter of Credit Rights
	 Schedule 5.27
	  	Material Contracts
	 Schedule 5.28
	  	Insurance
	 Schedule 7.3
	  	Guarantees
	 Schedule 7.4
	  	Existing Permitted Investments
	 Schedule 7.10
	  	Existing Affiliate Transactions
	 Schedule 7.21
	  	Burdensome Agreements
	 Schedule 8.1
	  	Closing Date Other Documents

  
 viii 

 REVOLVING CREDIT AND SECURITY AGREEMENT 

Revolving Credit and Security Agreement dated as of June 18, 2018 among (i) GENESIS MERGER SUB, INC., an Indiana corporation
(“GMSI”), which upon the consummation of the Transactions (as defined below) shall be merged with and into THE FINISH LINE, INC., an Indiana corporation (with THE FINISH LINE, INC. as the surviving Person) (as further defined
herein, “Borrowing Agent”), (ii) the Persons named on Schedule 1.1(a) hereto (together with GMSI and each Person joined hereto as a borrower from time to time, collectively, the “Borrowers”, and each a
“Borrower”), (iii) the Persons named on Schedule 1.1(b) hereto (together with each Person joined hereto as a guarantor from time to time, collectively, the “Guarantors”, and each a “Guarantor”, in
each case as further defined herein), (iv) the financial institutions which are now or which hereafter become a party hereto (collectively, the “Lenders” and each individually a “Lender”), (v) PNC BANK, NATIONAL ASSOCIATION
(“PNC”), as agent for Lenders (PNC, in such capacity, the “Agent”), (vi) WELLS FARGO BANK, NATIONAL ASSOCIATION and BANK OF AMERICA, N.A., as Co-Syndication Agents (each, in
such capacity, a “Co-Syndication Agent”), and (vii) PNC CAPITAL MARKETS, LLC and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Joint Lead Arrangers (each, in such capacity, a “Joint
Lead Arranger”). 
 IN CONSIDERATION of the mutual covenants and undertakings herein contained, Borrowers, Guarantors, Lenders and
Agent hereby agree as follows: 
  

	I.	DEFINITIONS. 

 1.1.    Accounting Terms. As used in this Agreement, the
Other Documents or any certificate, report or other document made or delivered pursuant to this Agreement, accounting terms not defined in Section 1.2 or elsewhere in this Agreement and accounting terms partly defined in Section 1.2 to the
extent not defined shall have the respective meanings given to them under GAAP; provided, however, that, whenever such accounting terms are used for the purposes of determining compliance with financial covenants in this Agreement,
such accounting terms shall be defined in accordance with GAAP as applied in preparation of the audited financial statements of Borrowers and Guarantors for the Fiscal Year ended March 3, 2018. If there occurs after the Closing Date any change
in GAAP that affects in any respect the calculation of any covenant contained in this Agreement or the definition of any term defined under GAAP used in such calculations, Agent, Lenders, Borrowers, and Guarantors shall negotiate in good faith to
amend the provisions of this Agreement that relate to the calculation of such covenants with the intent of having the respective positions of Agent, Lenders, Borrowers, and Guarantors after such change in GAAP conform as nearly as possible to their
respective positions as of the Closing Date; provided, that, until any such amendments have been agreed upon, the covenants in this Agreement shall be calculated as if no such change in GAAP had occurred and Borrowers and Guarantors
shall provide additional financial statements or supplements thereto, attachments to Compliance Certificates and/or calculations regarding financial covenants as Agent may reasonably require in order to provide the appropriate financial information
required hereunder with respect to Borrowers and Guarantors both reflecting any applicable changes in GAAP and as necessary to demonstrate compliance with the financial covenants before giving effect to the applicable changes in GAAP. Anything in
this Agreement to the contrary notwithstanding, any obligation of a Person under a lease (whether existing as of 

 
the Closing Date or entered into in the future) that is not (or would not be) required to be classified and accounted for as a capital lease on the balance sheet of such Person under GAAP as in
effect at the time such lease is entered into shall not be treated as a Capitalized Lease Obligation solely as a result of (x) the adoption of any changes in, or (y) changes in the application of, GAAP after such lease is entered into;
provided, that, all payments under any such lease shall continue to be treated as an expense for purposes of calculating net income. Notwithstanding the foregoing, for purposes of determining compliance with any covenant (including the
computation of any financial covenant or financial ratio) contained herein, the effects of FASB ASC 825, FASB ASC 470-20, FASB ASC-840-40-55 and FASB ASC 842 on financial liabilities shall be disregarded. 

1.2.    General Terms. For purposes of this Agreement the following terms shall have the following meanings: 

“Acceptable Document” means a negotiable bill of lading that is (i) issued by a Common Carrier which is in physical
possession of such Inventory, (ii) issued to the order of a Borrower, or to the order of Agent, (iii) is subject to Agent’s perfected first-priority security interest (subject to Permitted Encumbrances having priority over the Lien of
Agent by operation of Applicable Law) and as to which Agent has control (as defined in the UCC (such as by the delivery of a Common Carrier Agreement)), and (iv) is otherwise in form and substance acceptable to Agent in its Permitted
Discretion. 
 “Accountants” shall have the meaning set forth in Section 9.7 hereof. 

“Acquisition Agreement” shall mean the Agreement and Plan of Merger including all exhibits and schedules thereto, dated as of
March 25, 2018, by and among JD Sports Fashion Plc, Genesis Merger Sub, Inc., and The Finish Line, Inc. 
 “Adjustment
Date” shall mean the first day of each calendar quarter, commencing on October 1, 2018. 
 “Advances” shall
mean and include the Revolving Advances (including, without limitation, Letters of Credit, and Swing Loans) and the FILO Advances. 

“Affected Lender” shall have the meaning set forth in Section 3.11 hereof. 

“Affiliate” of any Person shall mean (a) any Person which, directly or indirectly, is in control of, is controlled by,
or is under common control with such Person, or (b) solely with respect to the term “Affiliate” as used in Section 7.10 hereof, any Person who is a director, manager, member, managing member, general partner or officer
(i) of such Person, (ii) of any Subsidiary of such Person or (iii) of any Person described in clause (a) above. For purposes of this definition, control of a Person shall mean the power, direct or indirect, (x) to vote 10%
or more of the Equity Interests having ordinary voting power for the election of directors of such Person or other Persons performing similar functions for any such Person, or (y) to direct or cause the direction of the management and policies
of such Person whether by ownership of Equity Interests, contract or otherwise. 

  
 2 

 “Agent” shall have the meaning set forth in the preamble to this Agreement and
shall include its successors and assigns. 
 “Agreement” shall mean this Revolving Credit and Security Agreement, as the
same may be amended, restated, supplemented or otherwise modified from time to time. 
 “Alternate Base Rate” shall mean,
for any day, a rate per annum equal to the highest of (a) the Base Rate in effect on such day, (b) the sum of the Overnight Bank Funding Rate in effect on such day plus one half of one percent (0.5%), and (c) the sum of the
Daily LIBOR Rate in effect on such day plus one percent (1.0%), so long as a Daily LIBOR Rate is offered, ascertainable and not unlawful. Any change in the Alternate Base Rate (or any component thereof) shall take effect at the opening of
business on the day such change occurs. 
 “Alternate Source” shall have the meaning set forth in the definition of
Overnight Bank Funding Rate. 
 “Anti-Corruption Laws” shall mean the FCPA, the U.K. Bribery Act of 2010, as amended, and
all other applicable laws and regulations or ordinances concerning or relating to bribery or corruption in any jurisdiction in which any Borrower or Guarantor, or any Subsidiary or other Affiliate of any of the foregoing, is located or is doing
business. 
 “Anti-Money Laundering Laws” shall mean the applicable laws or regulations in any jurisdiction in which any
Borrower or Guarantor, or any Subsidiary or other Affiliate of any of the foregoing, is located or is doing business that relates to money laundering, any predicate crime to money laundering, or any financial record keeping and reporting
requirements related thereto. 
 “Anti-Terrorism Laws” shall mean any Laws relating to terrorism, trade sanctions programs
and embargoes, import/export licensing, money laundering, bribery or corruption, and any regulation, order, or directive promulgated, issued or enforced pursuant to such Laws, all as amended, supplemented or replaced from time to time, and
including, without limitation, Anti-Corruption Laws and Anti-Money Laundering Laws. 
 “Applicable Law” shall mean all Laws
applicable to the Person, conduct, transaction, covenant, Other Document or contract in question, all provisions of all applicable state, federal and foreign constitutions, statutes, rules, regulations, treaties, directives and orders of any
Governmental Body, and all orders, judgments and decrees of all courts and arbitrators. 
 “Applicable Margin” shall mean:

 (a)     in the case of Revolving Advances (including Swing Loans) and Letter of Credit Fees: 

(i)    from and after the Closing Date until the first Adjustment Date, the percentages set forth in Level
II of the pricing grid below; and 
 (ii)    from and after the first Adjustment Date and on each
Adjustment Date thereafter, the Applicable Margin determined from the following pricing grid based upon the Average Undrawn Availability for the most recent calendar quarter ended immediately preceding such Adjustment Date; 

  
 3 

											
	 Level
	  	 Average Undrawn Availability
	  	Domestic Rate Loan
Margin (per annum)	 	 	LIBOR Rate Loan
Margin (per annum)	 
	I	  	Greater than or equal to 50% of the Maximum Revolving Advance Amount	  	 	0.25	% 	 	 	1.25	% 
				
	II	  	Less than 50% of the Maximum Revolving Advance Amount but greater than 25% of the Maximum Revolving Advance Amount	  	 	0.375	% 	 	 	1.375	% 
				
	III	  	Equal to or less than 25% of the Maximum Revolving Advance Amount	  	 	0.50	% 	 	 	1.50	% 

 If Borrowers shall fail to deliver the Borrowing Base Certificates and related supporting information required
under Section 9.2 by the dates required pursuant to such section, each Applicable Margin shall be conclusively presumed to equal the highest Applicable Margin specified in the pricing table set forth above until the date of delivery of such
Borrowing Base Certificates and related supporting information, at which time the Applicable Margin will be adjusted based upon the Average Undrawn Availability reflected in such statements. 

If, as a result of any restatement of, or other adjustment to, any Borrowing Base Certificate, Agent determines that (a) Average Undrawn
Availability as previously calculated as of any applicable date for any applicable calendar quarter was inaccurate, and (b) a proper calculation of Average Undrawn Availability for any such calendar quarter would have resulted in different
Applicable Margin for any period, then (i) if the proper calculation of Average Undrawn Availability would have resulted in a higher Applicable Margin for such period, automatically and immediately without the necessity of any demand or notice
by Agent or any other affirmative act of any party, the interest accrued on the applicable outstanding Advances and/or the amount of the fees accruing for such period under the provisions of this Agreement and the Other Documents shall be deemed to
be retroactively increased by, and Borrowers shall be obligated to immediately pay to Agent for the ratable benefit of Lenders an amount equal to the excess of the amount of interest and fees that should have been paid for such period over the
amount of interest and fees actually paid for such period; and (ii) if the proper calculation of Average Undrawn Availability would have resulted in a lower Applicable Margin for such 

  
 4 

 
period, then the interest accrued on the applicable outstanding Advances and the amount of the fees accruing for such period under the provisions of this Agreement and the Other Documents shall
be deemed to remain unchanged, and Agent and Lenders shall have no obligation to repay interest or fees to the Borrowers; provided, that, if as a result of any such restatement or other adjustment a proper calculation of Average
Undrawn Availability would have resulted in a higher Applicable Margin for one or more periods and a lower Applicable Margin for one or more other periods (due to the shifting of income or expenses from one period to another period or any other
reason), then the amount payable by Borrowers pursuant to clause (i) above shall be based upon the excess, if any, of the amount of interest and fees that should have been paid for all applicable periods over the amounts of interest and fees
actually paid for such periods. 
 (b)    In the case of FILO Advances, (i) 1.25% per annum, in the case of Domestic
Rate Loans, and (ii) 2.25% per annum, in the case of LIBOR Rate Loans. 
 “Application Date” shall have the meaning set
forth in Section 2.8(b) hereof. 
 “Approved Electronic Communication” shall mean each notice, demand, communication,
information, document and other material transmitted, posted or otherwise made or communicated by e-mail, E-Fax, the Credit Management Module of PNC’s PINACLE® system, or any other equivalent electronic service agreed to by Agent, whether owned, operated or hosted by Agent, any Lender, any of their Affiliates or any other Person, that any party is
obligated to, or otherwise chooses to, provide to Agent pursuant to this Agreement or any Other Document, including any financial statement, financial and other report, notice, request, certificate and other information material; provided,
that, Approved Electronic Communications shall not include any notice, demand, communication, information, document or other material that Agent specifically instructs a Person to deliver in physical form. 

“Authorized Officer” shall mean, with respect to any Borrower or Guarantor, the Chief Executive Officer, President, Chief
Financial Officer, Deputy Chief Financial Officer, Chief Accounting Officer, Treasurer or Assistant Treasurer of such Person or such other individuals, designated by written notice to Agent from Borrowing Agent, authorized to execute notices,
reports and other documents on behalf of Borrowers or Guarantors required hereunder. Borrowing Agent may amend such list of individuals from time to time by giving written notice of such amendment to Agent. 

“Average Undrawn Availability” shall mean, as of any date of determination, the average daily Undrawn Availability for the
immediately preceding calendar quarter. 
 “Bail-In Action” shall mean the exercise
of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 

“Bail-In Legislation” shall mean, with respect to any EEA Member Country implementing
Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In
Legislation Schedule. 

  
 5 

 “Base Rate” shall mean the base commercial lending rate of PNC as publicly
announced to be in effect from time to time, such rate to be adjusted automatically, without notice, on the effective date of any change in such rate. This rate of interest is determined from time to time by PNC as a means of pricing some loans to
its customers and is neither tied to any external rate of interest or index nor does it necessarily reflect the lowest rate of interest actually charged by PNC to any particular class or category of customers of PNC. 

“Beneficial Owner” shall mean, for each Borrower, each of the following: (a) each Person, if any, who, directly or
indirectly, owns 25% or more of such Borrower’s Equity Interests; and (b) a single Person with significant responsibility to control, manage, or direct such Borrower. 

“Benefited Lender” shall have the meaning set forth in Section 2.6(e) hereof. 

“Blocked Account Bank” shall have the meaning set forth in Section 4.8(h) hereof. 

“Blocked Accounts” shall have the meaning set forth in Section 4.8(h) hereof. 

“Borrower” or “Borrowers” shall have the meaning set forth in the preamble to this Agreement and shall
extend to all permitted successors and assigns of such Persons. 
 “Borrowers and Guarantors on a Consolidated Basis” shall
mean the consolidation in accordance with GAAP of the accounts or other items of Borrowers, Guarantors, and their respective Subsidiaries. 

“Borrowers’ Account” shall have the meaning set forth in Section 2.10 hereof. 

“Borrowing Agent” shall have the meaning set forth in the preamble to this Agreement and shall extend to all permitted
successors and assigns of such Person. 
 “Borrowing Base Certificate” shall mean a certificate in substantially the form
of Exhibit 1.2 hereto duly executed by an Authorized Officer of the Borrowing Agent and delivered to the Agent, appropriately completed, by which such officer shall certify to Agent the Formula Amount and calculation thereof as of the date of such
certificate. 
 “Business Day” shall mean any day other than Saturday or Sunday or a legal holiday on which commercial
banks are authorized or required by Law to be closed for business in East Brunswick, New Jersey and, if the applicable Business Day relates to any LIBOR Rate Loans, such day must also be a day on which dealings are carried on in the London interbank
market. 
 “Capital Expenditures” shall mean expenditures made for the acquisition of any fixed assets or improvements (or
of any replacements or substitutions thereof or additions thereto) which have a useful life of more than one year and which, in accordance with GAAP, would be classified as capital expenditures, other than expenditures made utilizing the proceeds of
insurance, as permitted under this Agreement or any Other Document, in order to repair, restore or replace the assets giving rise to such proceeds. Capital Expenditures shall include the total principal portion of Capitalized Lease Obligations. 

  
 6 

 “Capitalized Lease Obligation” shall mean any Indebtedness of any Borrower or
Guarantor represented by obligations under a lease that is required to be capitalized for financial reporting purposes in accordance with GAAP. 

“Cash Dominion Event” shall mean (a) the occurrence and continuance of any Event of Default, or (b) the failure of
Borrowers to maintain Undrawn Availability of at least the greater of (i) twelve and one-half of one percent (12.5%) of the Revolving Loan Cap or (ii) $30,000,000 for five (5) consecutive Business
Days. The occurrence of a Cash Dominion Event shall be deemed continuing (A) so long as such Event of Default is continuing, and (B) if the Cash Dominion Event arises as a result of Borrowers’ failure to achieve the requisite Undrawn
Availability, until Undrawn Availability has exceeded such greater amount for thirty (30) consecutive days, in which case a Cash Dominion Event shall no longer be deemed to be continuing; provided, that, a Cash Dominion Event
shall be deemed continuing (even if an Event of Default is no longer continuing and/or Undrawn Availability exceeds the required amount for thirty (30) consecutive days) at all times after a Cash Dominion Event has occurred and been
discontinued on three (3) occasions in any twelve-month period. 
 “Cash Equivalents” shall mean (i) marketable
direct obligations issued or unconditionally guaranteed by the United States government and backed by the full faith and credit of the United States government; (ii) domestic and Eurodollar certificates of deposit and time deposits,
bankers’ acceptances and floating rate certificates of deposit issued by any commercial bank organized under the laws of the United States, any state thereof, the District of Columbia, any foreign bank, or its branches or agencies (fully
protected against currency fluctuations for any such deposits with a term of more than 180 days); (iii) shares of money market, mutual or similar funds having assets in excess of $100,000,000 and the investments of which consist primarily of assets
described in clauses (i), (ii), (iv) and (v); (iv) commercial paper of United States and foreign banks and bank holding companies and their subsidiaries and United States and foreign finance, commercial industrial or utility companies which, at the
time of acquisition, are rated A-1 (or better) by Standard & Poor’s, or P-1 (or better) by Moody’s; and (v) short-term tax exempt securities
rated BBB or better by Standard & Poor’s or Baa2 or better by Moody’s. 
 “Cash Management Liabilities”
shall have the meaning provided in the definition of “Cash Management Products and Services.” 
 “Cash Management Products
and Services” shall mean agreements or other arrangements under which Agent or any Lender or any Affiliate of Agent or a Lender provides any of the following products or services to any Borrower or Guarantor: (a) credit cards;
(b) credit card processing services; (c) debit cards and stored value cards; (d) commercial cards; (e) ACH transactions; and (f) cash management and treasury management services and products, including without limitation
controlled disbursement accounts or services, lockboxes, automated clearinghouse transactions, overdrafts, interstate depository network services. The indebtedness, obligations and liabilities of any Borrower or Guarantor to the provider of any Cash
Management Products and Services (including all obligations and liabilities owing to such provider in respect of any returned items deposited with such provider) (the “Cash Management Liabilities”) shall be “Obligations”
hereunder, guaranteed obligations under the Guaranty and secured obligations hereunder, as applicable, and otherwise treated as Obligations for purposes of each of the Other Documents. The Liens securing the Cash Management Products and Services
shall be pari passu with the Liens securing all other Obligations under this Agreement and the Other Documents, subject to the express provisions of Section 11.5. 

  
 7 

 “CEA” shall mean the Commodity Exchange Act (7 U.S.C.§1 et seq.), as
amended from time to time, and any successor statute. 
 “CERCLA” shall mean the Comprehensive Environmental Response,
Compensation and Liability Act of 1980, as amended, 42 U.S.C. §§9601 et seq. 
 “Certificate of Beneficial
Ownership” shall mean, for each Borrower, a certificate in substantially the form of Exhibit 5.6 hereto (as amended or modified by Agent from time to time in its sole discretion), certifying, among other things, the Beneficial Owner of such
Borrower. 
 “CFTC” shall mean the Commodity Futures Trading Commission. 

“Change in Law” shall mean the occurrence, after the Closing Date, of any of the following: (a) the adoption or taking
effect of any Applicable Law; (b) any change in any Applicable Law or in the administration, implementation, interpretation or application thereof by any Governmental Body; or (c) the making or issuance of any request, rule, guideline or
directive (whether or not having the force of Law) by any Governmental Body; provided, that, notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests,
rules, regulations, guidelines, interpretations or directives thereunder or issued in connection therewith (whether or not having the force of Applicable Law) and (y) all requests, rules, regulations, guidelines, interpretations or directives
promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities (whether or not having the force of Law), in each case
pursuant to Basel III, shall in each case be deemed to be a Change in Law regardless of the date enacted, adopted, issued, promulgated or implemented. 

“Change of Control” shall mean: (a) the occurrence of any event (whether in one or more transactions) which results in
Holdings failing to (x) own, directly or indirectly, one hundred percent (100%) of the Equity Interests (on a fully diluted basis) of Intermediate Holdings, or (y) be entitled to direct or cause the direction of the management and policies
of any Borrower or Guarantor by contract or otherwise, (b) the occurrence of any event (whether in one or more transactions) which results in Intermediate Holdings failing to (x) own, directly or indirectly, one hundred (100%) percent of
the Equity Interests (on a fully diluted basis) of any other Borrower or Guarantor, or (y) be entitled to direct or cause the direction of the management and policies of any Borrower or other Guarantor by contract or otherwise, or (c) any
merger, consolidation or sale of substantially all of the property or assets of any Borrower or Guarantor, except as a result of a transaction expressly permitted hereby. 

“Charges” shall mean all taxes, charges, fees, imposts, levies or other assessments, including all net income, gross income,
gross receipts, sales, use, ad valorem, value added, transfer, franchise, profits, inventory, capital stock, license, withholding, payroll, employment, social security, unemployment, excise, severance, stamp, occupation and property taxes, custom
duties, fees, assessments, liens, claims and charges of any kind whatsoever, together with any 

  
 8 

 
interest and any penalties, additions to tax or additional amounts, imposed by any taxing or other authority, domestic or foreign (including the Pension Benefit Guaranty Corporation or any
environmental agency or superfund), upon the Collateral, any Borrower, any Guarantor, or any Affiliate of any of the foregoing. 

“CIP Regulations” shall have the meaning set forth in Section 14.12 hereof. 

“Closing Date” shall mean the first date all the conditions precedent in Section 8.1 are satisfied or waived in
accordance with Section 16.2(b). 
 “Co-Syndication Agent” shall have the
meaning set forth in the preamble to this Agreement and shall include the permitted successors and assigns thereof. 

“Code” shall mean the Internal Revenue Code of 1986, as the same may be amended or supplemented from time to time, and any
successor statute of similar import, and the rules and regulations thereunder, as from time to time in effect. 

“Collateral” shall mean and include all right, title and interest of each Borrower and each Guarantor in all of the following
property and assets of such Borrower or Guarantor, in each case whether now existing or hereafter arising or created and whether now owned or hereafter acquired and wherever located: 

(a)    all Receivables and all supporting obligations relating thereto; 

(b)    all equipment and fixtures; 

(c)    all general intangibles (including all payment intangibles (including all Credit Card Receivables), and all
software) and all supporting obligations related thereto; 
 (d)    all Inventory; 

(e)    all Intellectual Property; 

(f)    all Subsidiary Stock, securities, investment property, and financial assets; 

(g)    all contract rights, rights of payment which have been earned under any contract rights, chattel paper (including
electronic chattel paper and tangible chattel paper), commercial tort claims (whether now existing or hereafter arising, and including the commercial tort claims described on Schedule 5.25 hereto); documents (including all warehouse receipts and
bills of lading), deposit accounts, securities accounts, goods, instruments (including promissory notes), letters of credit (whether or not the respective letter of credit is evidenced by a writing) and letter-of-credit rights, cash, certificates of deposit, insurance proceeds (including hazard, flood and credit insurance), security agreements, eminent domain proceeds, condemnation proceeds, tort claim
proceeds and all supporting obligations; 
 (h)    all ledger sheets, ledger cards, files, correspondence, records,
books of account, business papers, computers, computer software (owned by any Borrower or Guarantor or in which it has an interest), computer programs, tapes, disks and documents, including all of such property relating to the property described in
clauses (a) through (g) of this definition; and 

  
 9 

 (i)    all proceeds and products of the property described in clauses
(a) through (h) of this definition, in whatever form. It is the intention of the parties that if Agent shall fail to have a perfected Lien in any particular property or assets of any Borrower or Guarantor for any reason whatsoever, but the
provisions of this Agreement and/or of the Other Documents, together with all financing statements and other public filings relating to Liens filed or recorded by Agent against Borrowers or Guarantors, would be sufficient to create a perfected Lien
in any property or assets that such Borrower or Guarantor may receive upon the sale, lease, license, exchange, transfer or disposition of such particular property or assets, then all such “proceeds” of such particular property or assets
shall be included in the Collateral as original collateral that is the subject of a direct and original grant of a security interest as provided for herein and in the Other Documents (and not merely as proceeds (as defined in Article 9 of the
Uniform Commercial Code) in which a security interest is created or arises solely pursuant to Section 9-315 of the Uniform Commercial Code). 

Notwithstanding the foregoing or anything herein or in any Other Document to the contrary, Collateral shall not include any Excluded Property.

 “Common Carrier” shall mean any Person as may be selected by Borrower that is reasonably acceptable to Agent to perform
transportation of Inventory within the United States (it being acknowledged that Agent will promptly consider the acceptability of such Persons presented to it by Borrowing Agent for approval). 

“Common Carrier Agreement” shall mean a common carrier agreement in form and substance reasonably satisfactory to Agent, duly
executed and delivered to Agent by a Common Carrier and a Borrower. 
 “Commitment Transfer Supplement” shall mean a
document in the form of Exhibit 16.3 hereto, properly completed and otherwise in form and substance satisfactory to Agent by which the Purchasing Lender purchases and assumes a portion of the obligation of Lenders to make Advances under this
Agreement. 
 “Compliance Certificate” shall mean a compliance certificate substantially in the form of Exhibit 1.2(a)
hereto to be signed by an Authorized Officer of Borrowing Agent. 
 “Connection Income Taxes” shall mean Other Connection
Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes. 

“Consents” shall mean all filings and all licenses, permits, consents, approvals, authorizations, qualifications and orders
of Governmental Bodies and other third parties, domestic or foreign, necessary to carry on any Borrower’s or any Guarantor’s business or necessary (including to avoid a conflict or breach under any agreement, instrument, other document,
license, permit or other authorization) for the execution, delivery or performance of this Agreement and the Other Documents, including any Consents required under all applicable federal, state or other Applicable Law. 

  
 10 

 “Consigned Inventory” shall mean Inventory of any Borrower that is in the
possession of another Person on a consignment, sale or return, or other basis that does not constitute a final sale and acceptance of such Inventory. 

“Contract Rate” shall have the meaning set forth in Section 3.1 hereof. 

“Controlled Group” shall mean, at any time, each Borrower and all members of a controlled group of corporations and all
trades or businesses (whether or not incorporated) under common control and all other entities which, together with any Borrower, are treated as a single employer under Section 414 of the Code. 

“Covered Entity” shall have the meaning set forth in Section 16.18 hereof. 

“Credit Card Issuer” shall mean any Person (other than a Borrower or Guarantor) who issues or whose members issue credit
cards, including, without limitation, MasterCard or VISA bank credit or debit cards or other bank credit or debit cards issued through MasterCard International, Inc., Visa, U.S.A., Inc. or Visa International and American Express, Discover, Diners
Club, Carte Blanche, and other non-bank credit or debit cards, including, without limitation, credit or debit cards issued by or through American Express Travel Related Services Company, Inc., and Novus
Services, Inc. and other issuers approved by Agent. 
 “Credit Card Notifications” shall have the meaning set forth in
Section 4.8(h) hereof. 
 “Credit Card Processor” shall mean any servicing or processing agent or any factor or
financial intermediary who facilitates, services, processes or manages the credit authorization, billing transfer and/or payment procedures with respect to any Borrower’s sales transactions involving credit card or debit card purchases by
customers using credit cards or debit cards issued by any Credit Card Issuer. For the avoidance of doubt, PayPal, Inc., shall be a Credit Card Processor for all purposes under this Agreement and the Other Documents. 

“Credit Card Receivables” shall mean each “payment intangible” (as defined in Article 9 of the Uniform Commercial
Code) together with all income, payments and proceeds thereof, owed by a Credit Card Issuer or Credit Card Processor to a Borrower resulting from charges by a customer of a Borrower on credit or debit cards issued by such Credit Card Issuer in
connection with the sale of goods by a Borrower, or services performed by a Borrower, in each case in the Ordinary Course of Business. 

“Customer” shall mean and include the account debtor with respect to any Receivable and/or the prospective purchaser of
goods, services or both with respect to any contract or contract right, and/or any party who enters into or proposes to enter into any contract or other arrangement with any Borrower, pursuant to which such Borrower is to deliver any personal
property or perform any services. 
 “Customs” shall have the meaning set forth in Section 2.13(b) hereof. 

“Daily LIBOR Rate” shall mean, for any day, the rate per annum equal to the greater of (a) 0.00%, or (b) the rate
determined by the Agent by dividing (x) the Published Rate by (y) a number equal to 1.00 minus the Reserve Percentage. 

  
 11 

 “Debt Payments” shall mean for any period, in each case, all cash actually
expended by any Borrower or any Guarantor to make: (a) interest payments on any Advances hereunder, plus (b) payments for all fees, commissions and charges set forth herein or in any Other Document, plus (c) payments on
Capitalized Lease Obligations, plus (d) payments with respect to any other Indebtedness for borrowed money, including without limitation, Intercompany Subordinated Loans and the Holdings Loan. 

“Default” shall mean an event, circumstance or condition which, with the giving of notice or passage of time or both, would
constitute an Event of Default. 
 “Default Rate” shall have the meaning set forth in Section 3.1 hereof. 

“Defaulting Lender” shall mean any Lender that: (a) has failed, within two (2) Business Days of the date required
to be funded or paid, to (i) fund any portion of its Revolving Commitment Percentage or FILO Commitment Percentage, as applicable, of Advances, (ii) if applicable, fund any portion of its Participation Commitment in Letters of Credit or
Swing Loans or (iii) pay over to Agent, Issuer, Swing Loan Lender or any Lender any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies Agent in writing that such failure is the
result of such Lender’s good faith determination that a condition precedent to funding (specifically identified and including a particular Default or Event of Default, if any) has not been satisfied; (b) has notified Borrowers or Agent in
writing, or has made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on such
Lender’s good faith determination that a condition precedent (specifically identified and including a particular Default or Event of Default, if any) to funding a loan under this Agreement cannot be satisfied) or generally under other
agreements in which it commits to extend credit; (c) has failed, within two (2) Business Days after request by Agent or Borrowing Agent, acting in good faith, to provide a certification in writing from an authorized officer of such Lender
that it will comply with its obligations (and is financially able to meet such obligations) to fund prospective Advances and, if applicable, participations in then outstanding Letters of Credit and Swing Loans under this Agreement; provided,
that, such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon Agent’s receipt of such certification in form and substance satisfactory to the Agent (a copy of which certification Agent shall send to
Borrowing Agent, but any failure to provide any such certification shall not prevent such Lender from ceasing to be a Defaulting Lender); (d) has, or has a direct or indirect parent company that has, (i) become the subject of an
Insolvency Event, or (ii) become the subject of a Bail-in Action; or (e) has failed at any time to comply with the provisions of Section 2.6(e) with respect to purchasing participations from the
other Lenders, whereby such Lender’s share of any payment received, whether by setoff or otherwise, is in excess of its pro rata share of such payments due and payable to all of the Lenders. 

“Depository Accounts” shall have the meaning set forth in Section 4.8(h) hereof. 

“Designated Lender” shall have the meaning set forth in Section 16.2(d) hereof. 

“Disqualified Equity Interests” shall mean any Equity Interest that, by its terms (or by the terms of any security or other
Equity Interests into which it is convertible or for which it is 

  
 12 

 
exchangeable), or upon the happening of any event or condition (a) matures or is mandatorily redeemable (other than solely for Qualified Equity Interests), pursuant to a sinking fund
obligation or otherwise, (b) is redeemable at the option of the holder thereof (other than solely for Qualified Equity Interests), in whole or in part, (c) provides for the scheduled payments of dividends in cash, or (d) is or becomes
convertible into or exchangeable for Indebtedness or any other Equity Interests that would constitute Disqualified Equity Interests. 

“Document” shall have the meaning given to the term “document” in the Uniform Commercial Code. 

“Dollar” and the sign “$” shall mean lawful money of the United States of America. 

“Domestic Rate Loan” shall mean any Advance that bears interest based upon the Alternate Base Rate. 

“Drawing Date” shall have the meaning set forth in Section 2.14(b) hereof. 

“EBITDA” shall mean for any period with respect to Borrowers and Guarantors on a Consolidated Basis, the sum of (a) net
income (or loss) for such period (excluding extraordinary gains and losses), plus (b) all interest expense for such period, plus (c) all charges against income for such period for federal, state and local taxes, including,
without limitation, excise taxes and franchise taxes, plus (d) depreciation expenses for such period, plus (e) amortization expenses for such period, including, without limitation, amortization of goodwill and other
intangible assets (including any impairment charges in respect of intangible assets), plus (f) Transaction Costs incurred by Borrowers and Guarantors during such period (to the extent not in excess of Twenty Million Dollars ($20,000,000)
in the four (4) consecutive Fiscal Quarter period commencing with the Fiscal Quarter in which the Closing Date occurs, or Two Million Five Hundred Thousand Dollars ($2,500,000) in any period of four (4) consecutive Fiscal Quarters
thereafter), plus (g) any fees, losses, costs and expenses, each of which are infrequent or unusual in nature (as determined in accordance with GAAP), paid or incurred during such period and, without duplication, nonrecurring cash losses
or expenses, or any non-recurring restructuring charges or unusual or nonrecurring expenses or losses (whether or not characterized as a restructuring charge in accordance with GAAP) paid or incurred during
such period, plus (h) non-cash expenses and charges (including any impairment charges in respect of tangible assets and any non-cash expense from any
employee benefit or stock option plan and purchase accounting adjustments in connection with the consummation of the Transactions). 

“EEA Financial Institution” shall mean (a) any credit institution or investment firm established in any EEA Member
Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial
institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 

“EEA Member Country” shall mean any of the member states of the European Union, Iceland, Liechtenstein, and Norway. 

  
 13 

 “EEA Resolution Authority” shall mean any public administrative authority or any
person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Effective Date” shall mean the date indicated in a document or agreement to be the date on which such document or agreement
becomes effective, or, if there is no such indication, the date of execution of such document or agreement. 
 “Eligibility
Date” shall mean, with respect to each Borrower and Guarantor and each Swap, the date on which this Agreement or any Other Document becomes effective with respect to such Swap (for the avoidance of doubt, the Eligibility Date shall
be the Effective Date of such Swap if this Agreement or any Other Document is then in effect with respect to such Borrower or Guarantor, and otherwise it shall be the Effective Date of this Agreement and/or such Other Document(s) to which such
Borrower or Guarantor is a party). 
 “Eligible Contract Participant” shall mean an “eligible contract
participant” as defined in the CEA and regulations thereunder. 
 “Eligible Credit Card Receivables” shall mean at the
time of any determination thereof, each Credit Card Receivable that satisfies the following criteria at the time of creation and continues to meet the same at the time of such determination, as determined by Agent in its Permitted Discretion: such
Credit Card Receivable (i) has been earned by performance and represents the bona fide amounts due to a Borrower from a Credit Card Issuer or Credit Card Processor, and in each case originated in the Ordinary Course of Business of such
Borrower, and (ii) in each case is not ineligible for inclusion in the calculation of the Borrowing Base pursuant to any of clauses (a) through (i) below. Without limiting the foregoing, to qualify as an Eligible Credit Card Receivable,
such Credit Card Receivable shall indicate no Person other than a Borrower as payee or remittance party. In determining the amount to be so included, the face amount of a Credit Card Receivable shall be reduced by, without duplication, to the extent
not reflected in such face amount, (i) the amount of all accrued and actual discounts, claims, credits or credits pending, promotional program allowances, price adjustments, finance charges or other allowances (including any amount that a
Borrower may be obligated to rebate to a customer, a Credit Card Issuer or Credit Card Processor pursuant to the terms of any agreement or understanding (written or oral)) and (ii) the aggregate amount of all cash received in respect of such
Credit Card Receivable but not yet applied by the Borrowers to reduce the amount of such Credit Card Receivable. Except as otherwise agreed by Agent, any Credit Card Receivable included within any of the following categories shall not constitute an
Eligible Credit Card Receivable: 
 (a)    Credit Card Receivables which do not constitute a “payment
intangible” (as defined in the Uniform Commercial Code); 
 (b)    Credit Card Receivables that have been
outstanding for more than five (5) Business Days from the date of sale; 
 (c)    Credit Card Receivables
(i) that are not subject to a perfected first priority security interest in favor of Agent (subject to Permitted Encumbrances having priority over the Lien of Agent by operation of Applicable Law), or (ii) with respect to which a Borrower
does not have good, valid, and marketable title thereto, free and clear of any Lien (other than Permitted Encumbrances); 

  
 14 

 (d)    Credit Card Receivables which are disputed, are with recourse, or
with respect to which a claim, counterclaim, offset or chargeback has been asserted (to the extent of such dispute, recourse, claim, counterclaim, offset or chargeback); 

(e)    Credit Card Receivables as to which the Credit Card Issuer or Credit Card Processor has the right under certain
circumstances to require a Borrower or Guarantor to repurchase the Credit Card Receivables from such Credit Card Issuer or Credit Card Processor; 

(f)    Credit Card Receivables due from a Credit Card Issuer or Credit Card Processor which is the subject of any
bankruptcy or insolvency proceedings; 
 (g)    Credit Card Receivables which are not a valid, legally enforceable
obligation of the applicable Credit Card Issuer or Credit Card Processor with respect thereto; 
 (h)    Credit Card
Receivables which do not conform in all material respects to all representations, warranties or other provisions in this Agreement and the Other Documents relating to Credit Card Receivables; or 

(i)    Credit Card Receivables which Agent determines in its Permitted Discretion to be uncertain of collection or which
do not meet such other reasonable eligibility criteria for Credit Card Receivables as Agent may determine in its Permitted Discretion. 

“Eligible Domestic In-Transit Inventory” shall mean those items of Inventory that do
not qualify as Eligible Inventory solely because they are in-transit within the United States, but as to which (a) such Inventory currently is, and has been for a period not exceeding twenty
(20) days, in transit (whether by vessel, air, or land) within the United States to a location owned or leased by a Borrower, (b) (i) a final sale of such Inventory to a Borrower has occurred and such Borrower is the sole owner of such
Inventory, no default shall exist under any agreement in effect between the vendor of such Inventory and any Borrower or Guarantor which would permit such vendor, and reasonably be expected to cause such vendor, under any Applicable Law (including
the UCC) to divert, reclaim or stop shipment of such Inventory, (ii) the vendor of such Inventory is acceptable to Agent in its Permitted Discretion, (iii) Agent has received evidence satisfactory to it that all counterparts of the
original Acceptable Documents evidencing such Inventory are in the possession, in the United States, of Agent or an agent of Agent, and (iv) such Inventory is in the possession of a Common Carrier that has issued an Acceptable Document, or is
in the possession of a Secured Party as a result of delivery of such Acceptable Document by Agent to such Borrower, (c) such Inventory is insured against types of loss, damage, hazards, and risks, and in amounts, satisfactory to Agent, and
(d) such Borrower has certified to Agent (pursuant to an applicable Borrowing Base Certificate delivered hereunder) that, to the knowledge of such Borrower, such Inventory meets all of such Borrower’s representations and warranties
contained in this Agreement and the Other Documents concerning Eligible Inventory other than with respect to its in-transit status, that to the knowledge of such Borrower there is no reason why such Inventory
would not be accepted by a Borrower when it arrives at a location 

  
 15 

 
owned or leased by a Borrower, and that the shipment as evidenced by the relevant documents conforms to the related order documents. Delivery of each Borrowing Base Certificate pursuant to the
terms hereof shall constitute a representation and warranty by Borrowers that the Inventory listed (or otherwise treated) therein as being Eligible Domestic In-Transit Inventory satisfies the foregoing
definition; provided, that, Eligible Domestic In-Transit Inventory shall not include any Inventory being held at a location owned or leased by a Borrower. 

“Eligible Inventory” shall mean and include Inventory, excluding work in process, valued at the lower of cost or market
value, determined on a first-in-first-out basis, which is not obsolete, slow moving or unmerchantable and which Agent, in its
Permitted Discretion, shall not deem ineligible Inventory, based on such considerations as Agent may from time to time deem appropriate including whether the Inventory is subject to a perfected, first-priority security interest (subject to Permitted
Encumbrances having priority over the Lien of Agent by operation of Applicable Law) in favor of Agent and no other Lien (other than a Permitted Encumbrance). In addition, Inventory shall not be Eligible Inventory if it: (a) does not conform to
all standards imposed by any Governmental Body which has regulatory authority over such goods or the use or sale thereof; (b) is Foreign In-Transit Inventory or
in-transit within the United States; (c) is located outside the continental United States or at a location that is not otherwise in compliance with this Agreement; (d) constitutes Consigned
Inventory; (e) is the subject of an Intellectual Property Claim; (f) is subject to a License Agreement that limits, conditions or restricts the applicable Borrower’s or Agent’s right to sell or otherwise dispose of such
Inventory, unless Agent is a party to a Licensor/Agent Agreement with the Licensor under such License Agreement (or Agent shall agree otherwise in its Permitted Discretion after establishing Reserves against the Formula Amount with respect thereto
as Agent shall deem appropriate in its Permitted Discretion); (g) is situated at a distribution center not owned by a Borrower, unless the owner or occupier of such location has executed in favor of Agent a Lien Waiver Agreement (or Agent shall
agree otherwise in its Permitted Discretion after establishing Reserves against the Formula Amount with respect thereto as Agent shall deem appropriate in its Permitted Discretion); (h) is situated at a Macy’s Store or otherwise in the
possession or control of Macy’s, except to the extent (i) the Macy’s Tri-Party Agreement has been duly executed and delivered and is in full force and effect, or (ii) Agent has agreed
otherwise in its Permitted Discretion after establishing Reserves against the Formula Amount with respect thereto as Agent shall deem appropriate in its Permitted Discretion; or (i) or if the sale of such Inventory would result in an ineligible
Receivable or an ineligible Credit Card Receivable. 
 “Eligible Receivables” shall mean and include, each Receivable (but
excluding, for the avoidance of doubt, Credit Card Receivables) of a Borrower arising in the Ordinary Course of Business, as to which the Customer is Macy’s, and which Agent, in its Permitted Discretion, shall deem to be an Eligible Receivable,
based on such considerations as Agent may from time to time deem appropriate in its Permitted Discretion. A Receivable shall not be deemed eligible unless such Receivable is subject to Agent’s first-priority perfected security interest (subject
to Permitted Encumbrances having priority over the Lien of Agent by operation of Applicable Law) and no other Lien (other than Permitted Encumbrances), and is evidenced by an invoice or other documentary evidence satisfactory to Agent or is payable
by Macy’s pursuant to and in accordance with the terms of the Macy’s Department License Agreement as in effect on the Closing Date. In addition, no Receivable shall be an Eligible Receivable if: 

(a)    it arises out of a sale made by any Borrower to an Affiliate of any Borrower or to a Person controlled by an
Affiliate of any Borrower; 

  
 16 

 (b)    it is due or unpaid more than ninety (90) days after the
original invoice date or sixty (60) days after the original due date; 
 (c)    fifty percent (50%) or more of the
Receivables from such Customer are not deemed Eligible Receivables hereunder as a result of the operation of clause (b) above; 

(d)    any covenant, representation or warranty contained in this Agreement with respect to such Receivable has been
breached in any material respect; 
 (e)    an Insolvency Event shall have occurred with respect to such Customer; 

(f)    the sale is to a Customer outside the continental United States of America, unless the sale is on letter of
credit, guaranty or acceptance terms, in each case acceptable to Agent in its Permitted Discretion; 
 (g)    the sale
to the Customer is on a bill-and-hold, guaranteed sale, sale-and-return, sale on
approval, consignment or any other repurchase or return basis or is evidenced by chattel paper; 
 (h)    the goods
giving rise to such Receivable have not been delivered to and accepted by the Customer or the services giving rise to such Receivable have not been performed by the applicable Borrower and accepted by the Customer or the Receivable otherwise does
not represent a final sale; 
 (i)    the Receivable is subject to any offset, deduction, defense, dispute, credits or
counterclaim (but such Receivable shall only be ineligible to the extent of such offset, deduction, defense, dispute, credit, or counterclaim), the Customer is also a creditor or supplier of a Borrower (it being understood and agreed that, solely
for purposes of this clause (i), Macy’s shall not be deemed to be a creditor or supplier of a Borrower by virtue of any provisions set forth in the Macy’s Department License Agreement as in effect on the date hereof (including, without
limitation, Sections 4.2 and 6.1 thereof)) or the Receivable is contingent in any respect or for any reason; 

(j)    the applicable Borrower has made any agreement with any Customer for any deduction therefrom, except for
discounts, deductions, allowances or sales rebates made in the Ordinary Course of Business for prompt payment, all of which discounts, deductions, allowances or sales rebates are reflected in the calculation of the face value of each respective
invoice related thereto; 
 (k)    any return, rejection or repossession of the merchandise has occurred or the
rendition of services has been disputed; 
 (l)    such Receivable is not payable to a Borrower; 

  
 17 

 (m)    such Receivable is owing by a Customer that is a Sanctioned Person or
Sanctioned Entity; or 
 (n)    such Receivable is not otherwise satisfactory to Agent as determined in good faith by
Agent in the exercise of its Permitted Discretion in a reasonable manner. 
 “Environmental Laws” shall mean all federal,
state and local environmental, health, chemical use, safety and sanitation Laws relating to the protection of the environment, pollution, human health (as it relates to Hazardous Materials) and/or governing the use, storage, treatment, generation,
transportation, processing, handling, production or disposal of Hazardous Materials and the rules, regulations, policies, guidelines, interpretations, decisions, orders and directives of federal, state, international and local governmental agencies
and authorities with respect thereto. 
 “Equity Interests” shall mean, with respect to any Person, any and all shares,
rights to purchase, options, warrants, general, limited or limited liability partnership interests, member interests, participation or other equivalents of or interest in (regardless of how designated) equity of such Person, whether voting or
nonvoting, including common stock, preferred stock, convertible securities (excluding debt securities exchangeable for or convertible into equity of such Person) or any other “equity security” (as such term is defined in Rule 3a11-1 of the General Rules and Regulations promulgated by the SEC under the Exchange Act), including in each case all of the following rights relating to such Equity Interests, whether arising under the
Organizational Documents of the Person issuing such Equity Interests (the “issuer”) or under the Applicable Laws of such issuer’s jurisdiction of organization relating to the formation, existence and governance of corporations,
limited liability companies or partnerships or business trusts or other legal entities, as the case may be: (i) all economic rights (including all rights to receive dividends and distributions) relating to such Equity Interests; (ii) all
voting rights and rights to consent to any particular action(s) by the applicable issuer; (iii) all management rights with respect to such issuer; (iv) in the case of any Equity Interests consisting of a general partner interest in a
partnership, all powers and rights as a general partner with respect to the management, operations and control of the business and affairs of the applicable issuer; (v) in the case of any Equity Interests consisting of the membership/limited
liability company interests of a managing member in a limited liability company, all powers and rights as a managing member with respect to the management, operations and control of the business and affairs of the applicable issuer; (vi) all
rights to designate or appoint or vote for or remove any officers, directors, manager(s), general partner(s) or managing member(s) of such issuer and/or any members of any board of members/managers/partners/directors that may at any time have any
rights to manage and direct the business and affairs of the applicable issuer under its Organizational Documents as in effect from time to time or under Applicable Law; (vii) all rights to amend the Organizational Documents of such issuer,
(viii) in the case of any Equity Interests in a partnership or limited liability company, the status of the holder of such Equity Interests as a “partner”, general or limited, or “member” (as applicable) under the applicable
Organizational Documents and/or Applicable Law; and (ix) all certificates evidencing such Equity Interests, but in any case, excluding debt securities convertible into or exchangeable for Equity Interests. 

“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as the same may be amended or supplemented from time
to time, and any successor statute of similar import, and the rules and regulations thereunder, as from time to time in effect. 

  
 18 

 “EU Bail-In Legislation Schedule” shall
mean the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time. 

“Event of Default” shall have the meaning set forth in Article X hereof. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

“Excluded Accounts” shall mean (a) deposit accounts exclusively used for payroll, payroll taxes, withholding taxes,
workers’ compensation, and other employee wage and benefit payments (including, without limitation, in respect of healthcare benefits) to or for any Borrower’s or Guarantor’s employees, (b) deposit accounts exclusively used as
trust or other fiduciary accounts, (c) deposit accounts exclusively used for taxes, (d) (i) Local Store Accounts, and (ii) zero balance accounts, in each case as to this clause (d) that are subject to standing instructions from a
Borrower pursuant to which all amounts therein are transferred to a Blocked Account not less frequently than two (2) times each week, (e) deposit accounts with an amount on deposit therein or credited thereto of not more than $100,000
individually or $500,000 in the aggregate for all such deposit accounts described in this clause (e), and (f) dedicated cash collateral accounts with respect to Permitted Encumbrances of the types described in clauses (c) and (d) of the
definition thereof, to the extent for the sole and exclusive benefit of a third party that is not an Affiliate of any Borrower or Guarantor. 

“Excluded Hedge Liability” or “Excluded Hedge Liabilities” shall mean, with respect to each Borrower and
Guarantor, each of its Swap Obligations if, and only to the extent that, all or any portion of this Agreement or any Other Document that relates to such Swap Obligation (or the guaranty of such Swap Obligation, or the grant by any Borrower or
Guarantor of a security interest in the Collateral to secure such Swap Obligation) is or becomes illegal under the CEA, or any rule, regulation or order of the CFTC, solely by virtue of such Borrower’s and/or Guarantor’s failure to qualify
as an Eligible Contract Participant on the Eligibility Date for such Swap. Notwithstanding anything to the contrary contained in the foregoing or in any other provision of this Agreement or any Other Document, the foregoing is subject to the
following provisos: (a) if a Swap Obligation arises under a master agreement governing more than one Swap, this definition shall apply only to the portion of such Swap Obligation that is attributable to Swaps for which such guaranty or security
interest is or becomes illegal under the CEA, or any rule, regulations or order of the CFTC, solely as a result of the failure by such Borrower or Guarantor for any reason to qualify as an Eligible Contract Participant on the Eligibility Date for
such Swap; (b) if a guarantee of a Swap Obligation would cause such obligation to be an Excluded Hedge Liability but the grant of a security interest would not cause such obligation to be an Excluded Hedge Liability, such Swap Obligation shall
constitute an Excluded Hedge Liability for purposes of the guaranty but not for purposes of the grant of the security interest; and (c) if there is more than one Borrower or Guarantor executing this Agreement or the Other Documents and a Swap
Obligation would be an Excluded Hedge Liability with respect to one or more of such Persons, but not all of them, the definition of “Excluded Hedge Liability” and “Excluded Hedge Liabilities” with respect to each such Person
shall only be deemed applicable to (i) the particular Swap Obligations that constitute Excluded Hedge Liabilities with respect to such Person, and (ii) the particular Person with respect to which such Swap Obligations constitute Excluded
Hedge Liabilities. 

  
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 “Excluded Property” shall mean (a) any permit, lease, license, contract or
agreement that would otherwise constitute Collateral, to which any Borrower or Guarantor is a party, and any of its rights or interests thereunder, if and to the extent that a security interest therein is prohibited by or in violation of
(x) any Applicable Law, or (y) a term, provision or condition of any such lease, license, contract or agreement (unless in each case, such Applicable Law, term, provision or condition would be rendered ineffective with respect to the
creation of such security interest pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of
the Uniform Commercial Code (or any successor provision or provisions) of any relevant jurisdiction or any other Applicable Law or principles of equity); provided, however, that the foregoing shall cease to be treated as “Excluded
Property” (and shall constitute Collateral) immediately at such time as the contractual or legal prohibition shall no longer be applicable and to the extent severable, such security interest shall attach immediately to any portion of such
lease, license, contract or agreement not subject to the prohibitions specified in (x) or (y) above; (b) any interest (whether as owner, lessor or lessee) in any real property or any buildings, structures, parking areas or other
improvements thereon (including, without limitation, any Real Property); (c) any trucks, trailers, tractors, service vehicles, automobiles, rolling stock or other registered mobile equipment or equipment covered by certificates of title or ownership
of any Borrower or Guarantor; (d) any “intent to use” trademark applications for which a statement of use has not been filed and accepted with the United States Patent and Trademark Office; (e) any Equity Interests in any
Subsidiary of a Borrower or Guarantor (other than Subsidiary Stock); and (f) other assets to the extent Agent determines in its Permitted Discretion that the cost of obtaining such pledge or security interest is excessive in relation to the
benefit thereof to Secured Parties; provided, that, Excluded Property shall not include any proceeds of any assets described in the foregoing clauses (a) through (f), or any goodwill of Borrowers’ and Guarantors’
business associated therewith or attributable thereto. 
 “Excluded Taxes” shall mean, with respect to Agent, any Lender,
Swing Loan Lender, Issuer or any other recipient of any payment to be made by or on account of any Obligations, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case,
(i) imposed as a result of such recipient being organized under the Laws of, or in which its principal office or applicable lending office is located or, in the case of any Lender, Swing Loan Lender or Issuer, in which its applicable lending
office is located, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender or Swing Loan Lender, any withholding Tax that is imposed on amounts payable
to or for the account of such Lender or Swing Loan Lender with respect to an applicable interest in any Obligations pursuant to a law in effect on the date on which (i) such Lender or Swing Loan Lender acquires such interest in the Obligations
(other than pursuant to an assignment request by the Borrowers under Section 3.11(a)) or (ii) such Lender or Swing Loan Lender changes its lending office, except in each case to the extent that, pursuant to Section 3.10, amounts with
respect to such Taxes were payable either to such Lender’s or Swing Loan Lender’s assignor immediately before such Lender or Swing Loan Lender became a party hereto or to such Lender or Swing Loan Lender immediately before it changed its
lending office, (c) Taxes attributable to such recipient’s failure to comply with Section 3.10(f), and (d) any Taxes imposed under FATCA. For the avoidance of doubt, for purposes of this definition, the term “Taxes”
includes any Charges. 

  
 20 

 “Existing FINL Credit Agreement” shall mean that certain Second Amended and
Restated Credit Agreement, dated as of November 30, 2016, by and among the Borrowers, the guarantors named therein and from time to time party thereto, the lenders named therein and from time to time party thereto, and PNC, as administrative
agent, as amended and in effect immediately prior to the Closing Date. 
 “Existing Letters of Credit” shall mean the
letters of credit issued under the Existing FINL Credit Agreement and outstanding on the Closing Date, as set forth on Schedule 1.3. 

“FATCA” shall mean Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor
version that is substantively comparable and not materially more onerous to comply with) and any current or future regulations thereunder or official interpretations thereof, any agreements entered into pursuant to Section 147(b)(1) of the Code
and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Bodies and implementing such Sections of the Code. 

“Federal Funds Effective Rate” shall mean, for any day, the greater of (a) 0.00%, or (b) the rate per annum (based on a
year of 360 days and actual days elapsed and rounded upward to the nearest 1/100 of 1%) calculated by the Federal Reserve Bank of New York (or any successor), based on such day’s federal funds transactions by depositary institutions, as
determined in such manner as such Federal Reserve Bank (or any successor) shall set forth on its public website from time to time, and as published on the next succeeding Business Day by such Federal Reserve Bank as the “Federal Funds Effective
Rate”; provided, that, if such Federal Reserve Bank (or its successor) does not publish such rate on any day, the “Federal Funds Effective Rate” for such day shall be the Federal Funds Effective Rate for the last day on
which such rate was announced. 
 “FCPA” shall mean the Foreign Corrupt Practices Act of 1977, as amended, and the rules
and regulations thereunder. 
 “Fee Letter” shall mean the Fee Letter, dated as of March 25, 2018, by and among
Holdings, Agent, and PNC Capital Markets LLC, to which Borrowers joined as obligors pursuant to that certain Joinder to Fee Letter dated as of the Closing Date, by and among Holdings, Borrowers, Agent, and PNC Capital Markets LLC. 

“FILO Advance” shall have the meaning set forth in Section 2.1(b) hereof. 

“FILO Advance Rates” shall have the meaning set forth in Section 2.1(b)(y) hereof. 

“FILO Commitment” shall mean, as to any Lender, the obligation of such Lender (if applicable), to make FILO Advances, in an
aggregate principal not to exceed the FILO Commitment Amount (if any) of such Lender. 
 “FILO Commitment Amount” shall
mean, (a) as to any Lender other than a New Lender, the FILO Commitment amount (if any) set forth next to such Lender’s name in Schedule 1.1(c) hereto under the heading “FILO Commitment Amount” (or, in the case of any Lender that
became party to this Agreement after the Closing Date pursuant to Section 16.3(c) or (d) hereof, 

  
 21 

 
the FILO Commitment amount (if any) of such Lender as set forth in the applicable Commitment Transfer Supplement), and (b) as to any Lender that is a New Lender, the FILO Commitment amount
provided for in the joinder signed by such New Lender under Section 2.24(a)(x), in each case as the same may be adjusted upon any increase by such Lender pursuant to Section 2.24 hereof, or any assignment by or to such Lender pursuant to
Section 16.3(c) or (d) hereof. 
 “FILO Commitment Percentage” shall mean, (a) as to any Lender other than a
New Lender, the FILO Commitment Percentage (if any) set forth next to such Lender’s name in Schedule 1.1(c) hereto under the heading “FILO Commitment Percentage” (or, in the case of any Lender that became party to this Agreement after
the Closing Date pursuant to Section 16.3(c) or (d) hereof, the FILO Commitment Percentage (if any) of such Lender as set forth in the applicable Commitment Transfer Supplement), and (b) as to any Lender that is a New Lender, the FILO
Commitment Percentage provided for in the joinder signed by such New Lender under Section 2.24(a)(x), in each case as the same may be adjusted upon any increase in the Maximum FILO Advance Amount pursuant to Section 2.24 hereof, or any
assignment by or to such Lender pursuant to Section 16.3(c) or (d) hereof. 
 “FILO Credit Card Advance Rate”
shall have the meaning set forth in Section 2.1(b)(y) hereof. 
 “FILO Facility Fee” shall have the meaning set forth
in Section 3.3(b) hereof. 
 “FILO Formula Amount” shall have the meaning set forth in Section 2.1(b) hereof.

 “FILO Interest Rate” shall mean (a) with respect to FILO Advances that are Domestic Rate Loans and Swing
Loans, an interest rate per annum equal to the sum of the Applicable Margin plus the greater of (i) the Alternate Base Rate and (ii) 0% and (b) with respect to FILO Advances that are LIBOR Rate Loans, the sum of the
Applicable Margin plus the greater of (i) the LIBOR Rate and (ii) 0%. 
 “FILO Inventory Advance Rate”
shall have the meaning set forth in Section 2.1(b)(y) hereof. 
 “FILO Loan Cap” shall have the meaning set forth in
Section 2.1(b) hereof. 
 “FILO Note” shall mean, collectively, the promissory notes referred to in
Section 2.1(b) hereof. 
 “FILO Push Down Reserve” shall mean, at any time of determination, an amount equal to the
amount by which the then outstanding amount of FILO Advances exceeds the then Maximum FILO Advance Amount. 
 “FILO Receivables
Advance Rate” shall have the meaning set forth in Section 2.1(b)(i) hereof. 
 “FINL PR” shall mean The
Finish Line Puerto Rico, Inc., a Puerto Rico corporation and a wholly owned Subsidiary of Borrowing Agent. 

  
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 “Fiscal Month” shall mean any fiscal month of any Fiscal Year, which month shall
generally consist of either four (4) or five (5) weeks and shall end on the Saturday closest to the end of any calendar month in accordance with the fiscal accounting calendar of Intermediate Holdings and its Subsidiaries. 

“Fiscal Quarter” shall mean each quarterly accounting period of each Fiscal Year of Intermediate Holdings and its
Subsidiaries consisting of successive 13-week periods (each such 13 week period to begin on a Sunday and end on a Saturday); provided, that, for any
53-week Fiscal Year, the last Fiscal Quarter of such Fiscal Year shall consist of the successive 14-week period from and including the first day after the third Fiscal
Quarter of such Fiscal Year through and including the last day of such Fiscal Year. 
 “Fiscal Year” shall mean the annual
accounting period of Intermediate Holdings and its Subsidiaries ending on the Saturday closest to the last day of February (or, to the extent in accordance with Section 7.13, January) in each calendar year calculated in accordance with the
National Retail Federation calendar. 
 “Fixed Charge Coverage Ratio” shall mean, with respect to any fiscal period, the
ratio of (a) EBITDA for such period, minus Unfunded Capital Expenditures made by Borrowers and Guarantors during such period to (b) all Debt Payments made by Borrowers and Guarantors during such period, plus distributions and
dividends made by or for the benefit of Intermediate Holdings (without duplication of any distributions or dividends paid to any Borrower, Intermediate Holdings or any other Guarantor by any Subsidiary for further distribution by or for the benefit
of Intermediate Holdings) during such period, plus cash taxes paid by Borrowers and Guarantors during such period. 
 “Flood
Laws” shall mean all Applicable Laws relating to policies and procedures that address requirements placed on federally regulated lenders under the National Flood Insurance Reform Act of 1994, as amended, and other Applicable Laws related
thereto. 
 “Foreign Currency Hedge” shall mean any foreign exchange transaction, including spot and forward foreign
currency purchases and sales, listed or over-the-counter options on foreign currencies, non-deliverable forwards and options,
foreign currency swap agreements, currency exchange rate price hedging arrangements, and any other similar transaction providing for the purchase of one currency in exchange for the sale of another currency entered into by any Borrower, Guarantor
and/or any of their respective Subsidiaries. 
 “Foreign Currency Hedge Liabilities” shall have the meaning assigned in the
definition of Lender-Provided Foreign Currency Hedge. 
 “Foreign In-Transit
Inventory” shall mean Inventory of a Borrower that is in transit from a location outside the United States to any location within the United States of such Borrower or a Customer of such Borrower. 

“Foreign Lender” shall mean any Lender that is not a “United States Person” as defined in Section 7701(a)(3)
of the Code. 

  
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 “Foreign Subsidiary” shall mean any Subsidiary of any Person (a) that is
not organized or incorporated in the United States, any State thereof or the District of Columbia, (b) is a “controlled foreign corporation” under Section 957 of the Code, or (c) if substantially all of the assets of such
Subsidiary consists of Equity Interests in one or more Subsidiaries described in clause (a) above. 
 “Formula Amount”
shall have the meaning set forth in Section 2.1(a) hereof. 
 “GAAP” shall mean generally accepted accounting
principles in the United States of America in effect from time to time. 
 “GMSI” shall have the meaning set forth in the
preamble to this Agreement. 
 “Governmental Acts” shall mean any act or omission, whether rightful or wrongful, of any
present or future de jure or de facto Governmental Body. 
 “Governmental Body” shall mean any nation or government, any
state or other political subdivision thereof or any entity, authority, agency, division or department exercising the executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to a government
(including any supra-national bodies such as the European Union or the European Central Bank) and any group or body charged with setting financial accounting or regulatory capital rules or standards (including, without limitation, the Financial
Accounting Standards Board, the Bank for International Settlements or the Basel Committee on Banking Supervision or any successor or similar authority to any of the foregoing). 

“Guarantor” or “Guarantors” shall have the meaning set forth in the preamble to this Agreement, shall
include each other Person who may hereafter guarantee payment or performance of the whole or any part of the Obligations, and shall extend to all permitted successors and assigns of the foregoing Persons; provided, that, no Foreign
Subsidiary shall be a Guarantor. 
 “Guaranty” shall mean any guaranty of the Obligations executed by a Guarantor in favor
of Agent for its benefit and for the ratable benefit of Lenders, in substantially the form of Exhibit 1.2(b) hereto. 
 “Hazardous
Discharge” shall mean any Release or threat of Release of a reportable quantity of any Hazardous Material at any Real Property of a Borrower or Guarantor. 

“Hazardous Materials” shall mean, without limitation, any flammable explosives, radon, radioactive materials, asbestos, urea
formaldehyde foam insulation, polychlorinated biphenyls, petroleum and petroleum products, methane, hazardous materials, Hazardous Wastes, hazardous or Toxic Substances or related materials as defined in or subject to regulation under Environmental
Laws. 
 “Hazardous Wastes” shall mean all waste materials subject to regulation under CERCLA, RCRA or corresponding state
Law, and any other applicable Federal and state Laws now in force or hereafter enacted relating to hazardous waste disposal. 

  
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 “Hedge Liabilities” shall mean collectively, the Foreign Currency Hedge
Liabilities and the Interest Rate Hedge Liabilities. 
 “Holdings” shall mean JD Sports Fashion Plc, a public limited
company organized under the laws of England and Wales. 
 “Holdings Facility Agreement” shall have the meaning set forth in
the definition of “Holdings Loan Documents” in this Section 1.2. 
 “Holdings Loan” shall mean the
Indebtedness evidenced by the Holdings Loan Documents. 
 “Holdings Loan Documents” shall mean (i) the Multicurrency
Revolving Facility Agreement, dated May 29, 2018 (the “Holdings Facility Agreement”), in the original principal amount of £400,000,000, by and among, amongst others, Holdings, as an “Original Borrower”, the
Subsidiaries of Holdings listed in Part 1 of Schedule 1 thereto, as “Original Borrowers”, the Subsidiaries of Holdings listed in Part 1 of Schedule 1 thereto, as “Original Guarantors”, Barclays Bank PLC and HSBC Bank plc, as
bookrunners and mandated lead arrangers, the financial institutions listed in Part 2 of Schedule 1 thereto, as “Original Lenders”, Barclays Bank PLC, as document co-ordinator, and Barclays Bank PLC,
as “agent”, (ii) each Accession Letter (in the form of Schedule 2 to the Holdings Facility Agreement) executed by one or more Borrower(s) or Guarantor(s) following the Closing Date pursuant to and in accordance with the Holdings Facility
Agreement, pursuant to which such Borrowers(s) or Guarantor(s) shall agree to become an Additional Guarantor (as defined in the Holdings Facility Agreement), and (iii) all other instruments, agreements and documents executed in connection
therewith, in each case to the extent permitted by this Agreement and the Other Documents. 
 “Increasing Lender” shall
have the meaning set forth in Section 2.24(a) hereof. 
 “Indebtedness” shall mean, as to any Person at any time, any
and all indebtedness, obligations or liabilities (whether matured or unmatured, liquidated or unliquidated, direct or indirect, absolute or contingent, or joint or several) of such Person for or in respect of: (a) borrowed money (including,
without limitation, any Intercompany Subordinated Loan); (b) amounts received under or liabilities in respect of any note purchase or acceptance credit facility, and all obligations of such Person evidenced by bonds, debentures, notes or
other similar instruments; (c) all Capitalized Lease Obligations; (d) reimbursement obligations (contingent or otherwise) under any letter of credit agreement, banker’s acceptance agreement or similar arrangement; (e) obligations
under any Interest Rate Hedge, Foreign Currency Hedge, or other interest rate management device, foreign currency exchange agreement, currency swap agreement, commodity price protection agreement or other interest or currency exchange rate or
commodity price hedging arrangement; (f) any other advances of credit made to or on behalf of such Person or other transaction (including forward sale or purchase agreements, capitalized leases and conditional sales agreements) having the
commercial effect of a borrowing of money entered into by such Person to finance its operations or capital requirements including to finance the purchase price of property or services and all obligations of such Person to pay the deferred

  
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purchase price of property or services (but not including trade payables and accrued expenses incurred in the Ordinary Course of Business which are not represented by a promissory note or other
evidence of indebtedness and which are not more than ninety (90) days past due); (g) all Equity Interests of such Person subject to repurchase or redemption rights or obligations (excluding repurchases or redemptions at the sole option of such
Person); (h) all indebtedness, obligations or liabilities secured by a Lien on any asset of such Person, whether or not such indebtedness, obligations or liabilities are otherwise an obligation of such Person (excluding, for the avoidance of
doubt, any Taxes); (i) all obligations of such Person for “earnouts”, purchase price adjustments, profit sharing arrangements, deferred purchase money amounts and similar payment obligations or continuing obligations of any nature of such
Person arising out of purchase and sale contracts; (j) off-balance sheet liabilities and/or pension plan liabilities of such Person; and (k) any guaranty of any indebtedness (including, without
limitation, the guaranty of any obligations under the Holdings Loan Documents), obligations or liabilities of a type described in the foregoing clauses (a) through (j). 

“Indemnified Taxes” shall mean (a) Taxes (other than Excluded Taxes) imposed on or with respect to any payment made by
or on account of any obligation of any Borrower or Guarantor under this Agreement or any Other Document, and (b) to the extent not otherwise described in the foregoing clause (a), Other Taxes. 

“Information Certificates” shall mean, collectively, the information questionnaires and the responses thereto provided by
each Borrower and each Guarantor and delivered to Agent. 
 “Insolvency Event” shall mean, with respect to any Person,
including without limitation any Lender, such Person or such Person’s direct or indirect parent company (a) becomes the subject of a bankruptcy or insolvency proceeding (including any proceeding under Title 11 of the United States Code),
or regulatory restrictions that are the substantial equivalent of a bankruptcy or insolvency proceeding, (b) has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged
with the reorganization or liquidation of its business appointed for it or has called a meeting of its creditors, (c) admits in writing its inability, or be generally unable, to pay its debts as they become due or cease operations of its
present business, (d) with respect to a Lender, such Lender is unable to perform hereunder due to the application of Applicable Law, or (e) in the good faith determination of Agent, has taken any action in furtherance of, or indicating its
consent to, approval of, or acquiescence in, any such proceeding or appointment of a type described in clause (a) or (b) above; provided, that, an Insolvency Event shall not result solely by virtue of any ownership interest, or
the acquisition of any ownership interest, in such Person or such Person’s direct or indirect parent company by a Governmental Body or instrumentality thereof if, and only if, such ownership interest does not result in or provide such Person
with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Person (or such Governmental Body or instrumentality) to reject, repudiate, disavow or
disaffirm any contracts or agreements made by such Person. 
 “Intellectual Property” shall mean property constituting a
patent, copyright, trademark, service mark (or any application in respect of the foregoing), trade name, mask work, trade secrets, design right, assumed name or license or other right to use any of the foregoing under Applicable Law. For the
avoidance of doubt, “Intellectual Property” shall include all “Intellectual Property” under and as defined in the Intellectual Property Security Agreement. 

  
 26 

 “Intellectual Property Claim” shall mean the assertion, by any means, by any
Person of a claim that any Borrower’s or Guarantor’s ownership, use, marketing, sale or distribution of any Inventory, equipment, Intellectual Property or other property or asset is violative of any ownership of or right to use any
Intellectual Property of such Person. 
 “Intellectual Property Security Agreement” shall mean that certain Intellectual
Property Security Agreement, dated as of the Closing Date, by and among Borrowing Agent, Spike’s Holding, LLC, and Agent, and any other intellectual property security agreements executed subsequent to the Closing Date by any other Person to
secure the Obligations. 
 “Intercompany Subordinated Loans” shall mean the loans and Indebtedness evidenced by the
Intercompany Subordinated Loan Documents, subject at all times to the Intercompany Subordination Agreement. 
 “Intercompany
Subordinated Loan Documents” shall mean (i) (a) the Credit Agreement, dated as of the Closing Date (the “Genesis Intercompany Loan Agreement”), between GMSI (which upon the consummation of the Transactions shall be
merged with and into Borrowing Agent, with Borrowing Agent as the surviving Person) and Intermediate Holdings, in the original principal amount of $225,000,000, and (b) the Note, dated as of the Closing Date, made payable by Borrowing Agent to
Intermediate Holdings, in the original principal amount of $225,000,000, evidencing the loans made pursuant to the Genesis Intercompany Loan Agreement, (ii) (a) the Credit Agreement, dated as of the Closing Date (the “UK Finco
Intercompany Loan Agreement”), between Intermediate Holdings and UK Finco, in the original principal amount of $225,000,000, and (b) the Note, dated as of the Closing Date, made payable by Intermediate Holdings to UK Finco, in the
original principal amount of $225,000,000, evidencing the loans made pursuant to the UK Finco Intercompany Loan Agreement, and (iii) all other instruments, agreements and documents executed in connection therewith, in each case as to the
instruments, agreements and documents described in this definition, as amended, restated, supplemented or otherwise modified in accordance with the terms hereof and of the Intercompany Subordination Agreement. 

“Intercompany Subordination Agreement” shall mean the Subordination Agreement, dated as of the Closing Date, by and among
Agent, Borrowers, Guarantors, and UK Finco. 
 “Interest Period” shall mean the period provided for any LIBOR Rate Loan
pursuant to Section 2.2(c) hereof. 
 “Interest Rate Hedge” shall mean an interest rate exchange, collar, cap, swap,
floor, adjustable strike cap, adjustable strike corridor, cross-currency swap or similar agreements entered into by any Borrower, Guarantor and/or their respective Subsidiaries in order to provide protection to, or minimize the impact upon, such
Borrower, any Guarantor and/or their respective Subsidiaries of increasing floating rates of interest applicable to Indebtedness. 

“Interest Rate Hedge Liabilities” shall have the meaning assigned in the definition of Lender-Provided Interest Rate Hedge.

  
 27 

 “Intermediate Holdings” shall mean Genesis Holdings, Inc., an Indiana
corporation and the direct parent company of Borrowing Agent. 
 “Intermediate Holdings and its Subsidiaries on a Consolidated
Basis” shall mean the consolidation in accordance with GAAP of the accounts or other items of Intermediate Holdings and its Subsidiaries. 

“Inventory” shall mean and include as to each Borrower all of such Borrower’s inventory (as defined in Article 9 of the
Uniform Commercial Code) and all of such Borrower’s goods, merchandise and other personal property, wherever located, to be furnished under any consignment arrangement, contract of service or held for sale or lease, all raw materials, work in
process, finished goods and materials and supplies of any kind, nature or description which are or might be used or consumed in such Borrower’s business or used in selling or furnishing such goods, merchandise and other personal property, and
all Documents representing or evidencing any of the foregoing. 
 “Issuer” shall mean, individually or collectively (as the
context may require), (a) with respect to each Existing Letter of Credit and until such Existing Letter of Credit expires, is terminated or is returned undrawn, the issuer thereof identified on Schedule 1.3, (b) Agent in its capacity as the issuer
of Letters of Credit under this Agreement or any successor issuer of Letters of Credit hereunder (which successor may only be a Lender having a Revolving Commitment selected by Agent in its discretion and agreed to by Borrowing Agent and such
Lender), and (c) each of Wells Fargo Bank, National Association and Bank of America, N.A. in its capacity as the issuer of Letters of Credit under this Agreement, provided, that, the aggregate face amount of Letters of Credit
issued by either such Person shall not exceed such Person’s Revolving Commitment Percentage multiplied by the Letter of Credit Sublimit. 

“Joint Lead Arranger” shall have the meaning set forth in the preamble to this Agreement and shall include the permitted
successors and assigns thereof. 
 “Law(s)” shall mean any law(s) (including common law and equitable principles),
constitution, statute, treaty, regulation, rule, ordinance, opinion, issued guidance, code, release, ruling, order, executive order, injunction, writ, decree, judgment, authorization or approval, lien or award of or any settlement arrangement, by
agreement, consent or otherwise, with any Governmental Body, foreign or domestic. 
 “Lender” and
“Lenders” shall have the meaning ascribed to such term in the preamble to this Agreement and shall include each Person which becomes a transferee, successor or assign of any Lender. For the purpose of provision of this Agreement or
any Other Document which provides for the granting of a security interest or other Lien to the Agent for the benefit of Lenders as security for the Obligations, “Lenders” shall include any Affiliate of a Lender to which such Obligation
(specifically including any Hedge Liabilities and any Cash Management Liabilities) is owed. 
 “Lender-Provided Foreign Currency
Hedge” shall mean a Foreign Currency Hedge which is provided by any Lender or any Affiliate of any Lender, and for which such Lender confirms to Agent in writing prior to the execution thereof that it: (a) is documented in a standard

  
 28 

 
International Swap Dealers Association, Inc. Master Agreement or another reasonable and customary manner; (b) provides for the method of calculating the reimbursable amount of the
provider’s credit exposure in a reasonable and customary manner; and (c) is entered into for hedging (rather than speculative) purposes. The liabilities owing to the provider of any Lender-Provided Foreign Currency Hedge (the “Foreign
Currency Hedge Liabilities”) by any Borrower, any Guarantor, or any of their respective Subsidiaries that is party to such Lender-Provided Foreign Currency Hedge shall, for purposes of this Agreement and all Other Documents be
“Obligations” of such Person and of each other Borrower and Guarantor, be guaranteed obligations under any Guaranty and secured obligations hereunder, as applicable, and otherwise treated as Obligations for purposes of the Other Documents,
except to the extent constituting Excluded Hedge Liabilities of such Person. The Liens securing the Foreign Currency Hedge Liabilities shall be pari passu with the Liens securing all other Obligations under this Agreement and the Other
Documents, subject to the express provisions of Section 11.5 hereof. 
 “Lender-Provided Interest Rate Hedge” shall
mean an Interest Rate Hedge which is provided by any Lender or any Affiliate of a Lender and with respect to which such Lender confirms to Agent in writing prior to the execution thereof that it: (a) is documented in a standard International
Swap Dealers Association, Inc. Master Agreement or another reasonable and customary manner; (b) provides for the method of calculating the reimbursable amount of the provider’s credit exposure in a reasonable and customary manner; and
(c) is entered into for hedging (rather than speculative) purposes. The liabilities owing to the provider of any Lender-Provided Interest Rate Hedge (the “Interest Rate Hedge Liabilities”) by any Borrower, any Guarantor or any
of their respective Subsidiaries that is party to such Lender-Provided Interest Rate Hedge shall, for purposes of this Agreement and all Other Documents be “Obligations” of such Person and of each other Borrower and Guarantor, be
guaranteed obligations under any Guaranty and secured obligations hereunder, as applicable, and otherwise treated as Obligations for purposes of the Other Documents, except to the extent constituting Excluded Hedge Liabilities of such Person. The
Liens securing the Interest Rate Hedge Liabilities shall be pari passu with the Liens securing all other Obligations under this Agreement and the Other Documents, subject to the express provisions of Section 11.5 hereof. 

“Letter of Credit Application” shall have the meaning set forth in Section 2.12(a) hereof. 

“Letter of Credit Borrowing” shall have the meaning set forth in Section 2.14(d) hereof. 

“Letter of Credit Fees” shall have the meaning set forth in Section 3.2 hereof. 

“Letter of Credit Sublimit” shall mean $50,000,000. 

“Letters of Credit” shall have the meaning set forth in Section 2.11 hereof and shall include, for the avoidance of
doubt, the Existing Letters of Credit. 
 “LIBOR Alternate Source” shall have the meaning set forth in the definition of
LIBOR Rate. 
 “LIBOR Rate” shall mean for any LIBOR Rate Loan for the then current Interest Period relating thereto, the
interest rate per annum determined by Agent by dividing (the resulting quotient rounded upwards, if necessary, to the nearest 1/100th of 1% per annum) (a) the rate 

  
 29 

 
which appears on the Bloomberg Page BBAM1 (or on such other substitute Bloomberg page that displays rates at which U.S. dollar deposits are offered by leading banks in the London interbank
deposit market), or the rate which is quoted by another source selected by Agent as an authorized information vendor for the purpose of displaying rates at which U.S. dollar deposits are offered by leading banks in the London interbank deposit
market (a “LIBOR Alternate Source”), at approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest Period as the London interbank offered rate for U.S. Dollars for an amount comparable to
such LIBOR Rate Loan and having a borrowing date and a maturity comparable to such Interest Period (or (x) if there shall at any time, for any reason, no longer exist a Bloomberg Page BBAM1 (or any substitute page) or any LIBOR Alternate
Source, a comparable replacement rate determined by Agent at such time (which determination shall be conclusive absent manifest error), or (y) if the LIBOR Rate is unascertainable as set forth in Section 3.8.2, a comparable replacement
rate determined in accordance with Section 3.8.2), by (b) a number equal to 1.00 minus the Reserve Percentage; provided, however, that if the LIBOR Rate determined as provided above would be less than zero, such rate
shall be deemed to be zero for purposes of this Agreement. 
 The LIBOR Rate shall be adjusted with respect to any LIBOR Rate Loan that is
outstanding on the effective date of any change in the Reserve Percentage as of such effective date. Agent shall give reasonably prompt notice to the Borrowing Agent of the LIBOR Rate as determined or adjusted in accordance herewith, which
determination shall be conclusive absent manifest error. 
 “LIBOR Rate Loan” shall mean any Advance that bears interest
based on the LIBOR Rate. 
 “LIBOR Termination Date” shall have the meaning set forth in Section 3.8.2(a) hereof. 

“License Agreement” shall mean any agreement between any Borrower and a Licensor pursuant to which such Borrower is
authorized to use any Intellectual Property in connection with the manufacturing, marketing, sale or other distribution of any Inventory of such Borrower in connection with such Borrower’s business operations. 

“Licensor” shall mean any Person from whom any Borrower obtains the right to use (whether on an exclusive or non-exclusive basis) any Intellectual Property in connection with such Borrower’s manufacture, marketing, sale or other distribution of any Inventory in connection with such Borrower’s business operations.

 “Licensor/Agent Agreement” shall mean an agreement between Agent and a Licensor, in form and substance reasonably
satisfactory to Agent, by which Agent is given the right, vis-á-vis such Licensor, to enforce Agent’s Liens with respect to and to dispose of any Borrower’s Inventory with the benefit of any Intellectual Property applicable thereto,
irrespective of such Borrower’s default under any License Agreement with such Licensor. 
 “Lien” shall mean any
mortgage, deed of trust, pledge, hypothecation, assignment, security interest, lien (whether statutory or otherwise), charge, claim or encumbrance, or preference, priority or other security agreement or preferential arrangement held or asserted in

  
 30 

 
respect of any asset of any kind or nature whatsoever including any conditional sale or other title retention agreement, any lease having substantially the same economic effect as any of the
foregoing, and the filing of, or agreement to give, any financing statement under the Uniform Commercial Code or comparable law of any jurisdiction. 

“Lien Waiver Agreement” shall mean an agreement which is executed in favor of Agent by a Person who owns or occupies premises
at which any Collateral may be located from time to time, or who is in possession, custody, or control of any Collateral from time to time, in each case in form and substance reasonably satisfactory to Agent. 

“Liquid Portfolio Investments” shall mean liquid investments held in a securities account maintained with one or more of the
Lenders or any of their respective Affiliates and consisting of (i) Cash Equivalents or (ii) other securities rated BBB or better by Standard & Poor’s or Baa2 or better by Moody’s. 

“Liquidation” shall mean the exercise by Agent of those rights and remedies accorded to Agent under this Agreement, the Other
Documents and applicable Law as a creditor of Borrowers and Guarantors with respect to the realization on the Collateral, including (after the occurrence and during the continuation of an Event of Default) the conduct by Borrowers and Guarantors
acting with the consent of Agent, of any public, private or “going out of business”, “store closing”, or other similarly themed sale or other disposition of the Collateral for the purpose of liquidating the Collateral.
Derivations of the word “Liquidation” (such as “Liquidate”) are used with like meaning in this Agreement. 

“Local Store Account” shall have the meaning set forth in Section 4.8(k) hereof. 

“Macy’s” shall mean Macy’s Retail Holdings, Inc., Macy’s Puerto Rico, Inc., Macys.com, Inc., or any Affiliate
of any of the foregoing. 
 “Macy’s Department License Agreement” shall mean that certain Department License
Agreement, dated as of September 27, 2012, by and among (i) Macy’s Retail Holdings, Inc. and Macy’s Puerto Rico, Inc., for themselves and their subsidiaries, and (ii) Borrowing Agent and FINL PR, as the same may be amended,
restated, supplemented or otherwise modified from time to time in accordance with the terms thereof and hereof. 
 “Macy’s Tri-Party Agreement” shall mean that certain letter agreement to be entered into pursuant to the Post-Closing Letter by and among Borrowers, Guarantors, Macy’s, and Agent. 

“Margin Stock” shall have the meaning set forth for such term in Regulation U of the Board of Governors of the Federal
Reserve System as in effect from time to time. 
 “Material Adverse Effect” shall mean a material adverse effect on
(a) the financial condition, results of operations, assets, business or properties of the Borrowers and the Guarantors, taken as a whole, (b) the ability of the Borrowers and the Guarantors, taken as a whole, to duly and punctually pay or
perform the Obligations in accordance with the terms of this Agreement and the Other Documents, (c) the value of a material portion of the Collateral, or Agent’s Liens on a material portion of the Collateral or the priority of any such
Lien or (d) Agent’s and each Lender’s rights and remedies under this Agreement and the Other Documents. 

  
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 “Material Contract” shall mean any contract, agreement, instrument, permit,
lease or license, written or oral, of any Borrower or Guarantor, which (a) is in respect of the exchange of goods and/or services having a value in any Fiscal Year of Borrowers and Guarantors in excess of $10,000,000, or (b) with respect
to which the non-performance or cancellation thereof could reasonably be expected to result in a Material Adverse Effect. 

“Maximum FILO Advance Amount” shall mean $15,000,000. 

“Maximum Revolving Advance Amount” shall mean $300,000,000 plus any increases in accordance with Section 2.24 minus any
reductions in accordance with Section 2.25. 
 “Maximum Swing Loan Advance Amount” shall mean $30,000,000;
provided, that, upon the effective date of each increase in the Maximum Revolving Advance Amount in accordance with Section 2.24, the Maximum Swing Loan Advance Amount shall increase by an amount equal to ten percent (10%) of the
amount of such increase in the Maximum Revolving Advance Amount. 
 “Maximum Undrawn Amount” shall mean, with respect to
any outstanding Letter of Credit as of any date, the amount of such Letter of Credit that is or may become available to be drawn, including all automatic increases provided for in such Letter of Credit, whether or not any such automatic increase has
become effective. 
 “Modified Commitment Transfer Supplement” shall have the meaning set forth in Section 16.3(d)
hereof. 
 “Moody’s” shall mean Moody’s Investors Service, Inc. 

“Multiemployer Plan” shall mean a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA to which
contributions are required or, within the preceding five plan years, were required by any Borrower or any member of the Controlled Group. 

“Multiple Employer Plan” shall mean an employee benefit plan which has two or more contributing sponsors (including any
Borrower, any Guarantor, or any member of the Controlled Group) at least two of whom are not under common control, as such a plan is described in Section 4064 of ERISA. 

“Negative Pledge Agreement” shall mean that certain Negative Pledge Agreement, dated as of the Closing Date, by Borrowers and
Guarantors in favor of Agent. 
 “Negotiable Document” shall mean a Document that is “negotiable” within the
meaning of Article 7 of the Uniform Commercial Code. 
 “Net Invoice Cost” shall mean, with respect to equipment, the net
invoice cost of such equipment (excluding taxes, shipping, delivery, handling, installation, overhead and other so called “soft” costs). 

“New Lender” shall have the meaning set forth in Section 2.24(a) hereof. 

  
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 “NOLV” shall mean, with respect to any Inventory, the net appraised orderly
liquidation value (expressed as a percentage) of such Inventory, as determined from time to time by Agent in its Permitted Discretion by reference to the most recent appraisal of Inventory in form and substance acceptable to Agent in its Permitted
Discretion, obtained by Agent; provided, that, it is understood and agreed by all parties hereto that such net orderly liquidation value percentage may vary from month to month based on the applicable appraiser’s assessment as set
forth in such appraisal of the monthly variation in such net orderly liquidation value percentage. 
 “Non-Defaulting Lender” shall mean, at any time, any Lender holding a Revolving Commitment that is not a Defaulting Lender at such time. 

“Non-Qualifying Party” shall mean any Borrower or any Guarantor that on the
Eligibility Date fails for any reason to qualify as an Eligible Contract Participant. 
 “Note” shall mean, collectively,
the Revolving Credit Note, the FILO Note, and the Swing Loan Note. 
 “Obligations” shall mean and include any and all
loans (including without limitation, all Advances and Swing Loans), advances, debts, liabilities, obligations (including without limitation all reimbursement obligations and cash collateralization obligations with respect to Letters of Credit issued
hereunder), covenants and duties owing by any Borrower or Guarantor under this Agreement or any Other Document (and any amendments, extensions, renewals or increases thereto), to Issuer, Swing Loan Lender, Lenders or Agent (or to any other direct or
indirect subsidiary or affiliate of Issuer, Swing Loan Lender, any Lender or Agent) of any kind or nature, present or future (including any interest or other amounts accruing thereon, any fees accruing under or in connection therewith, any costs and
expenses of any Person payable by any Borrower or Guarantor and any indemnification obligations payable by any Borrower or Guarantor arising or payable after maturity, or after the filing of any petition in bankruptcy, or the commencement of any
insolvency, reorganization or like proceeding relating to any Borrower or Guarantor, whether or not a claim for post-filing or post-petition interest, fees or other amounts is allowable or allowed in such proceeding), whether direct or indirect
(including those acquired by assignment or participation), absolute or contingent, joint or several, due or to become due, now existing or hereafter arising, contractual or tortious, liquidated or unliquidated, regardless of how such indebtedness or
liabilities arise including, subject to Section 16.9 hereof, all costs and expenses of Agent, Issuer, Swing Loan Lender and any Lender incurred in the documentation, negotiation, modification, enforcement, collection or otherwise in connection
with any of the foregoing, including but not limited to reasonable and documented attorneys’ fees and expenses and all obligations of any Borrower or Guarantor to Agent, Issuer, Swing Loan Lender or Lenders to perform acts or refrain from
taking any action, in each case, pursuant to the terms of this Agreement or any Other Document, (ii) all Hedge Liabilities and (iii) all Cash Management Liabilities. Notwithstanding anything to the contrary contained in the foregoing, the
Obligations shall not include any Excluded Hedge Liabilities. 
 “OFAC” shall mean The Office of Foreign Assets Control of
the U.S. Department of the Treasury. 

  
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 “Ordinary Course of Business” shall mean, with respect to any Borrower or
Guarantor, the ordinary course of such Borrower’s or Guarantor’s business as conducted on the Closing Date and reasonable extensions thereof. 

“Organizational Documents” shall mean, with respect to any Person, any charter, articles or certificate of incorporation,
certificate of organization, registration or formation, certificate of partnership or limited partnership, bylaws, operating agreement, limited liability company agreement, or partnership agreement of such Person and any and all other applicable
documents relating to such Person’s formation, organization or entity governance matters (including any shareholders’ or equity holders’ agreement or voting trust agreement) and specifically includes, without limitation, any
certificates of designation for preferred stock or other forms of preferred equity. 
 “Other Connection Taxes” shall mean,
with respect to any recipient, Taxes imposed as a result of a present or former connection between such recipient and the jurisdiction imposing such Tax (other than connections arising from such recipient having executed, delivered, become a party
to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Obligation, or sold or assigned an interest in any Obligation). 

“Other Documents” shall mean the Note, the Information Certificates, the Fee Letter, any Guaranty, any Pledge Agreement, any
Intellectual Property Security Agreement, the Credit Card Notifications, the Lien Waiver Agreements, the Certificates of Beneficial Ownership, any Lender-Provided Interest Rate Hedge, any Lender-Provided Foreign Currency Hedge, any Cash Management
Products and Services, the Macy’s Tri-Party Agreement, the Web Host Services Control Agreement, any deposit account control agreements and securities account control agreements, the Intercompany
Subordination Agreement, the Negative Pledge Agreement, the Post-Closing Letter, and any and all other agreements, instruments and documents, including intercreditor agreements, guaranties, pledges, powers of attorney, consents, interest or currency
swap agreements or other similar agreements and all other writings heretofore, now or hereafter executed by any Borrower or any Guarantor and/or delivered to Agent or any Lender in respect of the transactions contemplated by this Agreement, in each
case together with all extensions, renewals, amendments, supplements, modifications, substitutions and replacements thereto and thereof. 

“Other Taxes” shall mean all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes
arising from any payment made hereunder or under any Other Document or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any Other Document, except any such Taxes that are Other Connection Taxes imposed
with respect to an assignment (other than an assignment made pursuant to Section 3.11(a)). 

“Out-of-Formula Loans” shall have the meaning
set forth in Section 16.2(e) hereof. 
 “Overnight Bank Funding Rate” shall mean, for any, day the rate per annum
(based on a year of 360 days and actual days elapsed) comprised of both overnight federal funds and overnight Eurocurrency borrowings by U.S.-managed banking offices of depository institutions, 

  
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as such composite rate shall be determined by the Federal Reserve Bank of New York, as set forth on its public website from time to time, and as published on the next succeeding Business Day as
the overnight bank funding rate by such Federal Reserve Bank (or by such other recognized electronic source (such as Bloomberg) selected by the Agent for the purpose of displaying such rate) (an “Alternate Source”); provided,
that, if such day is not a Business Day, the Overnight Bank Funding Rate for such day shall be such rate on the immediately preceding Business Day; provided, further, that if such rate shall at any time, for any reason, no
longer exist, a comparable replacement rate determined by the Agent at such time (which determination shall be conclusive absent manifest error). If the Overnight Bank Funding Rate determined as above would be less than zero, then such rate shall be
deemed to be zero. The rate of interest charged shall be adjusted as of each Business Day based on changes in the Overnight Bank Funding Rate without notice to any Borrower or Guarantor. 

“Parent” of any Person shall mean a corporation or other entity owning, directly or indirectly, greater than 50% of the
Equity Interests issued by such Person having ordinary voting power to elect a majority of the directors of such Person, or other Persons performing similar functions for any such Person. 

“Participant” shall have the meaning set forth in Section 16.3(b) hereof. 

“Participant Register” shall have the meaning set forth in Section 16.3(b) hereof. 

“Participation Advance” shall have the meaning set forth in Section 2.14(d) hereof. 

“Participation Commitment” shall mean the obligation hereunder of each Lender holding a Revolving Commitment to buy a
participation equal to its Revolving Commitment Percentage (subject to any reallocation pursuant to Section 2.22(b)(iii) hereof) in the Swing Loans made by Swing Loan Lender hereunder as provided for in Section 2.4(c) hereof and in the
Letters of Credit issued hereunder as provided for in Section 2.14(a) hereof. 
 “Payment Conditions” shall mean, at
the time of determination with respect to any specified transaction or payment, that (a) no Event of Default then exists or would occur as a result of entering into such transaction or the making of such payment, (b) (i) the average pro
forma Undrawn Availability for the thirty (30) consecutive day period immediately preceding the date of such transaction or payment, and (ii) the pro forma Undrawn Availability as of such date (after giving effect to such transaction or
payment), in each case shall be not less than the greater of (x) fifteen percent (15%) of the Revolving Loan Cap, and (y) $37,500,000, (c) the Fixed Charge Coverage Ratio, after giving effect to such transaction or payment on a pro-forma basis for the twelve consecutive Fiscal Month period preceding such transaction or payment (as if such transaction or the making of such payment had occurred on the first day of such period), was greater
than 1.00:1.00; provided, that, the provisions of this clause (c) shall not be applicable if (i) the average pro forma Undrawn Availability for the thirty (30) consecutive day period immediately preceding the date of
such transaction or payment, and (ii) the pro forma Undrawn Availability as of such date (after giving effect to such transaction or payment), in each case shall be not less than the greater of (x) twenty percent (20%) of the Revolving
Loan Cap, and (y) $52,500,000, in each case calculated as if such transaction or payment had occurred on the first day of such period, and (d) Borrowers shall have delivered to Agent a certificate duly executed

  
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by an Authorized Officer of Borrowing Agent and attaching evidence of satisfaction of the conditions contained in clauses (b) and (c) above, as applicable, on a basis reasonably satisfactory
to Agent. 
 “Payment Office” shall mean initially Two Tower Center Boulevard, East Brunswick, New Jersey 08816;
thereafter, such other office of Agent, if any, which it may designate by notice to Borrowing Agent and to each Lender to be the Payment Office. 

“PBGC” shall mean the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA or any
successor. 
 “Pension Benefit Plan” shall mean at any time any “employee pension benefit plan” as defined in
Section 3(2) of ERISA (including a Multiple Employer Plan, but not a Multiemployer Plan) which is covered by Title IV of ERISA or is subject to the minimum funding standards under Sections 412, 430 or 436 of the Code and either (i) is
maintained or to which contributions are required by any Borrower or any member of the Controlled Group or (ii) has at any time within the preceding five years been maintained or to which contributions have been required by a Borrower or any
entity which was at such time a member of the Controlled Group. 
 “Permitted Acquisitions” shall mean acquisitions of the
assets or Equity Interests of another Person (the “target”) so long as: 
 (a)    with respect to the
acquisition of Equity Interests, such target shall (i) have a positive EBITDA (determined as if the reference to Borrowers and Guarantors in the definition of “EBITDA” contained in Section 1.2 is a reference to the target and its
Subsidiaries), calculated in accordance with GAAP, for the most recent four Fiscal Quarter period immediately prior to such acquisition, (ii) unless it is a Foreign Subsidiary, be added as a Borrower or as a Guarantor to this Agreement and be
jointly and severally liable for all Obligations, and (iii) unless it is a Foreign Subsidiary, grant to Agent a first-priority lien (subject to Permitted Encumbrances having priority over the Lien of Agent by operation of Applicable Law) in all
assets of such target (other than Excluded Property); 
 (b)    the applicable target or property is used or useful in
the Borrowers’ and Guarantors’ Ordinary Course of Business, and the business being acquired shall be permitted by Section 7.9; 

(c)    Agent shall have received a first-priority security interest (subject to Permitted Encumbrances having priority
over the Lien of Agent by operation of Applicable Law) in all acquired assets or Equity Interests (other than Excluded Property), subject to documentation reasonably satisfactory to Agent (to the extent that Agent would not otherwise have, following
the consummation of such Acquisition, such first-priority security interest pursuant to this Agreement and the Other Documents as then in effect); 

(d)    the board of directors (or other comparable governing body) of the applicable target or owner of the property
being acquired shall have duly approved the transaction; 

  
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 (e)    in the case of any Acquisition for which the aggregate consideration
payable by the Borrowers and Guarantors exceeds $25,000,000, Borrowers shall have delivered to Agent (i) a pro forma balance sheet and pro forma financial statements and a Compliance Certificate demonstrating that, upon giving effect to such
acquisition on a pro forma basis, Borrowers and Guarantors would be in compliance with the financial covenants set forth in Section 6.5 as of the most recent Fiscal Quarter end, and (ii) financial statements of the applicable target for
the two most recent fiscal years then ended, in form reasonably acceptable to Agent; 
 (f)    if such Acquisition
includes general partnership interests or any other Equity Interest that does not have a corporate (or similar) limitation on liability of the owners thereof, then such Acquisition shall be effected by having such Equity Interests acquired by a
corporate holding company directly or indirectly wholly-owned by a Borrower and newly formed for the sole purpose of effecting such acquisition; 

(g)    no assets acquired in any such transaction(s) shall be included in the Formula Amount until Agent has received a
field examination and/or appraisal of such assets, in form and substance reasonably acceptable to Agent; and 

(h)    the Payment Conditions have been satisfied. 

For the purposes of calculating Undrawn Availability under this definition, no assets being acquired in the proposed Acquisition shall be included in the
Formula Amount or the FILO Formula Amount until Agent has received a field examination and/or appraisal of such assets as set forth in clause (g) above, in form and substance, and with results, acceptable to Agent in its Permitted Discretion
(it being understood and agreed that, notwithstanding anything in this Agreement to the contrary, Borrowers shall be liable for costs and expenses of such field examination and appraisal, which costs and expenses shall not be subject to (and shall
not be included in) any generally applicable limitations on the number of field examinations and appraisals, or the Borrowers’ liability for such costs and expenses under this Agreement) and such assets satisfy the applicable eligibility
criteria set forth herein. 
 “Permitted Assignees” shall mean: (a) Agent, any Lender or any of their direct or
indirect Affiliates; (b) any fund that is administered or managed by Agent or any Lender, an Affiliate of Agent or any Lender or a related entity; and (c) any Person to whom Agent or any Lender assigns its rights and obligations under this
Agreement as part of an assignment and transfer of such Agent’s or Lender’s rights in and to all or substantially all of such Agent’s or Lender’s portfolio of asset-based credit facilities that are substantially similar to the
credit facilities evidenced by this Agreement (including, without limitation, retail credit facilities). 
 “Permitted
Discretion” shall mean a determination made in good faith and in the exercise (from the perspective of a secured asset-based lender) of commercially reasonable business judgment. 

“Permitted Dividends” shall mean: 

(a)    dividends or distributions to a Borrower or Guarantor; 

  
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 (b)    dividends or distributions payable solely in the form of Equity
Interests (other than Disqualified Equity Interests) or in options, warrants or other rights to purchase such Equity Interests; and 

(c)    other dividends or distributions to the extent the Payment Conditions have been satisfied. 

“Permitted Encumbrances” shall mean:

(a)    Liens in favor of Agent for the benefit of Agent and Lenders, including without limitation, Liens securing Hedge
Liabilities and Cash Management Products and Services; 
 (b)    Liens for taxes, assessments or other governmental
charges not yet due, not delinquent, or being Properly Contested; 
 (c)    deposits or pledges to secure obligations
under worker’s compensation (or to participate in the Ordinary Course of Business in any fund in connection with workmen’s compensation), old-age pensions, social security or similar laws, or under
unemployment insurance or other social security programs; 
 (d)    deposits or pledges to secure bids, tenders,
contracts (other than contracts for the repayment of borrowed money), leases, statutory obligations, surety, appeal, indemnity, performance or other similar bonds and other obligations of like nature arising in the Ordinary Course of Business; 

(e)    Liens arising by virtue of the rendition, entry or issuance against any Borrower, any Guarantor, or any
Subsidiary, or any property of any Borrower, any Guarantor, or any Subsidiary, of any judgment, writ, order, or decree to the extent the rendition, entry, issuance or continued existence of such judgment, writ, order or decree (or any event or
circumstance relating thereto) has not resulted in the occurrence of an Event of Default under Section 10.5 hereof; 

(f)    carriers’, repairmens’, mechanics’, workers’, warehousemens’, landlords’,
materialmen’s, or other like Liens arising in the Ordinary Course of Business with respect to obligations which are not due and payable or which are being Properly Contested and Liens under Applicable Law (or otherwise, to the extent
(x) existing on the Closing Date, or (y) granted on furniture, fixtures, and equipment (but not on Inventory) after the Closing Date, or (z) granted on Inventory, but only with the consent of the Agent, which may be granted or
withheld in the Agent’s Permitted Discretion) of landlords securing obligations to pay lease payments that are not yet due and payable or are in default; 

(g)    Liens placed upon assets (other than assets of the type included in the Formula Amount or the FILO Formula
Amount) (i) hereafter acquired to secure a portion of the purchase price thereof (including, without limitation, assets acquired through Capital Expenditures (other than Unfunded Capital Expenditures)), and (ii) sold in connection with a
Sale and Leaseback Transaction permitted hereunder to secure Capitalized Lease Obligations permitted to be incurred hereunder in connection therewith; provided, that, (i) any such Lien

  
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shall not encumber any other property of any Borrower or Guarantor, and (ii) the aggregate amount of Indebtedness secured by such Liens during any Fiscal Year of Borrowers and Guarantors
shall not exceed the amount of Capital Expenditures permitted to be incurred under Section 7.23 hereof; 

(h)    easements, rights-of-way, zoning
restrictions, minor defects or irregularities in title and other charges or encumbrances, in each case, which do not interfere in any material respect with the Ordinary Course of Business of Borrowers, Guarantors, and their respective Subsidiaries;

 (i)    Liens disclosed on Schedule 1.2; provided, that, such Liens shall secure only those obligations
which they secure on the Closing Date (and extensions, renewals and refinancing of such obligations permitted by Section 7.8 hereof) and shall not subsequently apply to any other property or assets of any Borrower or Guarantor other than the
property and assets to which they apply as of the Closing Date; 
 (j)    any interest or title of the lessor in the
property subject to any operating lease entered into by any Borrower or Guarantor; 
 (k)    Liens assumed by any
Borrower or Guarantor securing Indebtedness assumed in connection with a Permitted Acquisition; 
 (l)    Liens in
favor of Credit Card Issuers and Credit Card Processors arising in the Ordinary Course of Business securing the obligation to pay customary fees and expenses in connection with credit card arrangements; 

(m)    [reserved]; 

(n)    Liens on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto
incurred in the Ordinary Course of Business; 
 (o)    licenses or sublicenses of trademarks and other rights in
Intellectual Property granted in the Ordinary Course of Business by any Borrower or Guarantor and not interfering in any material respect with the Ordinary Course of Business of such Borrower or Guarantor; provided, that, the grant of such license
or sublicense shall not derogate from Agent’s rights to use such Intellectual Property in accordance with the terms hereof and the Other Documents; 

(p)    Liens arising from precautionary Uniform Commercial Code financing statements or similar filings made in respect
of operating leases, bailment arrangements, and consignment arrangements entered into by any Borrower or Guarantor, in each case to the extent permitted hereunder; 

(q)    Liens (including the right of set-off) in favor of a bank or other
depository institution arising as a matter of law; 

  
 39 

 (r)    Liens on goods in the possession of customs authorities in favor of
such customs authorities which secure payment of customs duties in connection with importation of goods; 
 (s)    any
extensions, renewals, replacements and modifications of the foregoing permitted Liens, so long as the principal balance of the Indebtedness secured thereby (if any) is not increased; and 

(t)    other Liens not specifically listed above securing obligations not to exceed $10,000,000 in the aggregate
outstanding at any one time, so long as such Liens do not attach to any Real Property (or any other interest in or with respect to Real Property), or to assets included in the Formula Amount or the FILO Formula Amount. 

“Permitted Indebtedness” shall mean: 

(a)    the Obligations; 

(b)    Indebtedness incurred for Capital Expenditures (including, without limitation, Capitalized Lease Obligations)
permitted under Section 7.23 hereof and any Permitted Refinancing Indebtedness in respect thereof; 

(c)    contingent Indebtedness in the form of unsecured guarantees by Borrowers or Guarantors of the obligations of the
borrowers under the Holdings Loan Documents; 
 (d)    any guarantees of Indebtedness permitted under Section 7.3
hereof or otherwise constituting Permitted Indebtedness under this definition; 
 (e)    any Indebtedness listed on
Schedule 5.8(b)(ii) hereof (including any extensions or renewals thereof); provided, that, there is no increase in the amount thereof or other significant change in the terms thereof unless otherwise specified on Schedule 5.8(b)(ii);

 (f)    Indebtedness under the Intercompany Subordinated Loan Documents, subject at all times to the Intercompany
Subordination Agreement; 
 (g)    Indebtedness incurred in connection with Permitted Acquisitions to the extent it is
subordinated to the Obligations on terms and conditions satisfactory to Agent, together with Permitted Refinancing Indebtedness in respect thereof; 

(h)    Indebtedness of a Person that is in existence when such Person becomes a Subsidiary pursuant to a Permitted
Acquisition or that is secured by an asset when such asset is so acquired, together with any Permitted Refinancing Indebtedness in respect thereof; 

(i)    Indebtedness arising from agreements providing for indemnification, adjustment of purchase price, earnout or
similar obligations, or from guarantees or letters of credit, securing the performance of any Borrower or Guarantor pursuant to such agreements, incurred or contracted for in connection with Permitted Acquisitions 

  
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 (j)    Indebtedness consisting of Permitted Loans made by one or more
Borrower(s) or Guarantor(s) or by any Subsidiary to any other Borrower(s) or Guarantor(s); 
 (k)    Indebtedness in
respect of (i) Interest Rate Hedges, Foreign Currency Hedges and other Hedging Liabilities permitted under Section 7.6, (ii) other Interest Rate Hedges approved by Agent or (iii) any Cash Management Products and Services; 

(l)    intercompany Indebtedness owing from one or more Borrowers or Guarantors to any other one or more Borrowers,
Guarantors or Subsidiaries in accordance with clause (d) of the definition of Permitted Loans; 

(m)    Indebtedness consisting of (i) the financing of insurance premiums or (ii) take-or-pay obligations contained in supply arrangements, in each case, in the Ordinary Course of Business; 

(n)    [Intentionally Omitted]; 

(o)    Indebtedness incurred in the Ordinary Course of Business in respect of netting services, overdraft protections and
otherwise in connection with deposit accounts or securities accounts; 
 (p)    obligations in respect of workers’
compensation claims, export or import indemnities or similar instruments, performance, bid, surety and appeal bonds and performance and completion guarantees provided by any Borrower or Guarantor or obligations related thereto, in each case in the
Ordinary Course of Business; and 
 (q)    other Indebtedness in an amount not to exceed $10,000,000 in the aggregate
at any time outstanding; provided, that, such Indebtedness is not secured by a Lien. 
 “Permitted
Investments” shall mean: 
 (a)    investments in (i) Cash Equivalents and, and (ii) Permitted
Loans; 
 (b)    existing investments set forth on Schedule 7.4 in an amount not greater than the amount thereof on the
Closing Date; 
 (c)    investments in trade receivables or received in connection with the bankruptcy or
reorganization of suppliers and customers and in settlement of delinquent obligations of, and other disputes with, customers and suppliers arising in the Ordinary Course of Business; 

(d)    investments consisting of deposit accounts maintained in the Ordinary Course of Business; 

(e)    investments consisting of non-cash consideration from a sale, assignment,
transfer, lease, conveyance or other disposition of property permitted by Section 7.1(b); 
 (f)    investments
constituting Permitted Acquisitions; 

  
 41 

 (g)    Liquid Portfolio Investments; 

(h)    loans, advances, and other investments in any Borrower, Guarantor or Subsidiary by any other Borrower or
Guarantor, made exclusively with funds received from Intermediate Holdings or one or more direct or indirect holders of Equity Interests in Intermediate Holdings; and 

(i)    other investments if the Payment Conditions are satisfied. 

“Permitted Joint Venture” shall mean any Person (a) with respect to which any Borrower, Guarantor, or Subsidiary thereof
owns less than 100% of the Equity Interests thereof; (b) that is engaged in a line of business permitted by Section 7.2; (c) Borrowers’ and Guarantors’ investment in which constitutes a Permitted Investment; and (d) with
respect to which the Equity Interests thereof were acquired or formed by such Borrower, Guarantor, or Subsidiary in a transaction permitted by Section 7.10. 

“Permitted Loans” shall mean: 

(a)    the extension of trade credit in the Ordinary Course of Business; 

(b)    loans to officers and employees to meet expenses incurred by such officers and employees in the Ordinary Course of
Business and consistent with past practices; 
 (c)    the Intercompany Subordinated Loans, subject at all times to the
Intercompany Subordination Agreement; and 
 (d)    other intercompany loans between and among Borrowers, Guarantors
and their respective Subsidiaries, so long as, at the reasonable request of Agent, each such intercompany loan is evidenced by a promissory note (including, if applicable, any master intercompany note executed by Borrowers, Guarantors and their
respective Subsidiaries) on terms and conditions (including terms subordinating payment of the indebtedness evidenced by such note to the prior payment in full of all Obligations) acceptable to Agent in its reasonable discretion that, in the case of
any such promissory notes issued to any Borrower or Guarantor in a principal amount that exceeds $500,000 individually or $1,000,000 in the aggregate, has been delivered to Agent either endorsed in blank or together with an undated instrument of
transfer executed in blank by the applicable Borrower(s) and Guarantor(s) that are the payee(s) on each such note; 
 provided, that, any such
loan described in this definition shall not constitute a Permitted Loan if the repayment of all or any portion thereof is limited, restricted, or otherwise conditioned or impaired by any provision of the Holdings Facility Agreement. 

“Permitted Refinancing Indebtedness” shall mean, with respect to any Indebtedness (the “Refinanced
Indebtedness”), any Indebtedness issued in exchange for, or the net proceeds of which are used to modify, refinance, refund, renew or extend such Refinanced Indebtedness; provided, that, (a) the aggregate principal amount
(or accreted value, if applicable) thereof does not exceed the aggregate principal amount (or accreted value, if applicable) of the Refinanced Indebtedness outstanding immediately prior to such exchange, modification, refinancing,

  
 42 

 
refunding, renewal or extension, except by an amount equal to the unpaid accrued interest and premium thereon plus other reasonable and customary amounts paid, and reasonable and customary fees
and expenses incurred, in connection with such exchange, modification, refinancing, refunding, renewal or extension, (b) any Permitted Refinancing Indebtedness has a final maturity date equal to or later than the final maturity date of, and has
a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Refinanced Indebtedness, (c) immediately before and after giving effect thereto, no Event of Default shall have occurred and be
continuing, (d) if the Refinanced Indebtedness is subordinated in right of payment to the Obligations, any Permitted Refinancing Indebtedness is subordinated in right of payment to the Obligations on terms at least as favorable to Agent and the
other Secured Parties as those contained in the documentation governing the Refinanced Indebtedness, (e) the primary obligor(s) in respect of any Permitted Refinancing Indebtedness are the primary obligor(s) in respect of the applicable
Refinanced Indebtedness, and each Person (if any) that guarantees, any Permitted Refinancing Indebtedness is a Person (if any) that guaranteed (or would have been obligated to guarantee) the applicable Refinanced Indebtedness, (f) the interest
rate applicable to such Permitted Refinancing Indebtedness shall not exceed the then applicable market interest rate, (g) such Permitted Refinancing Indebtedness shall not require any scheduled principal payments due prior to the expiration of
the Term in excess of, or prior to, the scheduled principal payments due for the Refinanced Indebtedness prior to the expiration of the Term, (h) such Permitted Refinancing Indebtedness shall be otherwise on terms not materially less favorable
to the Secured Parties than those contained in the documentation governing the Refinanced Indebtedness, including, without limitation, with respect to financial and other covenants and events of default, and (i) to the extent the Refinanced
Indebtedness is secured, any such Permitted Refinancing Indebtedness shall be secured by no additional assets of the Borrowers or Guarantors other than the assets securing such Refinanced Indebtedness (except to the extent of after-acquired assets
or proceeds of assets that would have secured such Refinanced Indebtedness). 
 “Person” shall mean any individual, sole
proprietorship, partnership, corporation, business trust, joint stock company, trust, unincorporated organization, association, limited liability company, limited liability partnership, institution, public benefit corporation, joint venture, entity
or Governmental Body (whether federal, state, county, city, municipal or otherwise, including any instrumentality, division, agency, body or department thereof). 

“Pledge Agreement” shall mean that certain Collateral Pledge Agreement, dated as of the Closing Date, executed by Borrowers
and Guarantors in favor of Agent, and any other pledge agreements executed subsequent to the Closing Date by any other Person to secure the Obligations. 

“PNC” shall have the meaning set forth in the preamble to this Agreement and shall extend to all of its successors and
assigns. 
 “Post-Closing Letter” shall mean that certain letter agreement, dated as of the Closing Date, by and among
Agent, Borrowers, and Guarantors, pursuant to which Borrowers and Guarantors shall have agreed to take certain actions following the Closing Date within the time periods set forth therein. 

  
 43 

 “Pro Forma Balance Sheet” shall have the meaning set forth in
Section 5.5(a) hereof. 
 “Pro Forma Financial Statements” shall have the meaning set forth in Section 5.5(b)
hereof. 
 “Projections” shall have the meaning set forth in Section 5.5(b) hereof. 

“Properly Contested” shall mean, in the case of any Indebtedness, Lien, Taxes or other obligations, as applicable, of any
Person that are not paid as and when due or payable by reason of such Person’s bona fide dispute concerning its liability to pay the same or concerning the amount thereof: (a) such Indebtedness, Lien, Taxes or other obligations, as
applicable, are being properly contested in good faith by appropriate proceedings promptly instituted and diligently conducted; (b) such Person has established appropriate reserves as shall be required in conformity with GAAP; (c) the non-payment of such Indebtedness, Taxes or other obligations, as applicable, will not have a Material Adverse Effect or result in a forfeiture of a material portion of the assets of such Person; (d) no Lien is
imposed upon any of such Person’s assets with respect to such Indebtedness, Taxes or other obligations, as applicable, unless (i)

such Lien is at all times junior and subordinate in priority to the Liens in favor of the Agent (except only with respect to Liens that have
priority as a matter of Applicable Law), and (ii) enforcement of such Lien is stayed during the period prior to the final resolution or disposition of such dispute; and (e) if such Indebtedness, Lien or other obligations, as applicable,
results from, or is determined by the entry, rendition or issuance against a Person or any of its assets of a judgment, writ, order or decree, enforcement of such judgment, writ, order or decree is stayed pending a timely appeal or other judicial
review. 
 “Protective Advances” shall have the meaning set forth in Section 16.2(f) hereof. 

“Published Rate” shall mean the greater of (a) 0.00%, or (b) the rate of interest published each Business Day in the
Wall Street Journal “Money Rates” listing under the caption “London Interbank Offered Rates” for a one month period (or, if no such rate is published therein for any reason, then the Published Rate shall be the LIBOR Rate for a
one month period as published in another publication selected by the Agent). 
 “Purchasing CLO” shall have the meaning set
forth in Section 16.3(d) hereof. 
 “Purchasing Lender” shall have the meaning set forth in Section 16.3(c)
hereof. 
 “Qualified ECP Loan Party” shall mean each Borrower or Guarantor that on the Eligibility Date is (a) a
corporation, partnership, proprietorship, organization, trust, or other entity other than a “commodity pool” as defined in Section 1a(10) of the CEA and CFTC regulations thereunder that has total assets exceeding $10,000,000 or
(b) an Eligible Contract Participant that can cause another Person to qualify as an Eligible Contract Participant on the Eligibility Date under Section 1a(18)(A)(v)(II) of the CEA by entering into or otherwise providing a “letter of
credit or keepwell, support, or other agreement” for purposes of Section 1a(18)(A)(v)(II) of the CEA. 

  
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 “RCRA” shall mean the Resource Conservation and Recovery Act, 42 U.S.C.
§§ 6901 et seq., as same may be amended from time to time. 
 “Real Property” shall mean all of the owned and
leased premises identified on Schedule 4.4 hereto and any other premises or real property that are hereafter owned or leased by any Borrower or any Guarantor. 

“Real Property Leases” shall mean all of the leases, subleases, licenses or other occupancy agreements identified on
Schedule 4.4 hereto or in and to any other premises or Real Property that are hereafter leased by any Borrower or any Guarantor. 

“Receivables” shall mean and include, as to each Borrower, all of such Borrower’s accounts (as defined in Article 9 of
the Uniform Commercial Code) and all of such Borrower’s contract rights, instruments (including those evidencing indebtedness owed to such Borrower by its Affiliates), documents, chattel paper (including electronic chattel paper), general
intangibles relating to accounts, contract rights, instruments, documents and chattel paper, and drafts and acceptances and all other forms of obligations owing to such Borrower arising out of or in connection with the sale or lease of Inventory or
the rendition of services, all supporting obligations, guarantees and other security therefor, whether secured or unsecured, now existing or hereafter created, and whether or not specifically sold or assigned to Agent hereunder. For the avoidance of
doubt, Receivables shall not include Credit Card Receivables. 
 “Register” shall have the meaning set forth in
Section 16.3(e) hereof. 
 “Reimbursement Obligation” shall have the meaning set forth in Section 2.14(b) hereof.

 “Release” shall mean releases, spills, discharges, leaks or disposal of Hazardous Materials at, upon, under or migrating
from or onto any Real Property owned, leased or occupied by any Borrower or any Guarantor, except for those Releases which are in full compliance with Environmental Laws. 

“Reportable Compliance Event” shall mean that any Covered Entity becomes a Sanctioned Person, or is charged by indictment,
criminal complaint or similar charging instrument, arraigned, or custodially detained in connection with any Anti-Terrorism Law or any predicate crime to any Anti-Terrorism Law, or has knowledge of facts or circumstances to the effect that it is
reasonably likely that any aspect of its operations is in actual or probable violation of any Anti-Terrorism Law. 
 “Reportable
ERISA Event” shall mean a reportable event described in Section 4043(c) of ERISA or the regulations promulgated thereunder for which the notice requirement has not been waived by the PBGC. 

“Required Cash Collateral Amount” shall have the meaning set forth in Section 3.2(b) hereof. 

“Required Lenders” shall mean Lenders (not including Swing Loan Lender (in its capacity as such Swing Loan Lender) or any
Defaulting Lenders) holding greater than fifty percent (50%) of either (a) the aggregate of (x) the Revolving Commitment Amounts of all 

  
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Lenders (excluding any Defaulting Lenders), and (y) the FILO Commitment Amounts of all Lenders (excluding any Defaulting Lenders), or (b) after the termination of all commitments of the
Lenders hereunder, the sum of (x) the outstanding Revolving Advances and FILO Advances, plus the Maximum Undrawn Amount of all outstanding Letters of Credit; provided, however, if there are three (3) or fewer Lenders,
Required Lenders shall mean all Lenders (excluding any Defaulting Lender). 
 “Reserves” shall mean (i) the FILO Push
Down Reserve, and (ii) other reserves against the Maximum Revolving Advance Amount or the Formula Amount as Agent may reasonably deem proper and necessary from time to time in its Permitted Discretion. 

“Reserve Percentage” shall mean as of any day the maximum effective percentage in effect on such day as prescribed by the
Board of Governors of the Federal Reserve System (or any successor) for determining the reserve requirements (including supplemental, marginal and emergency reserve requirements) with respect to eurocurrency funding (currently referred to as
“Eurocurrency Liabilities”). 
 “Revolving Advance Rates” shall have the meaning set forth in
Section 2.1(a)(y) hereof. 
 “Revolving Advances” shall mean Advances other than FILO Advances (but including, for the
avoidance of doubt, Letters of Credit and Swing Loans). 
 “Revolving Commitment” shall mean, as to any Lender, the
obligation of such Lender (if applicable), to make Revolving Advances and participate in Swing Loans and Letters of Credit, in an aggregate principal and/or face amount not to exceed the Revolving Commitment Amount (if any) of such Lender. 

“Revolving Commitment Amount” shall mean, (a) as to any Lender other than a New Lender, the Revolving Commitment amount
(if any) set forth next to such Lender’s name in Schedule 1.1(c) hereto under the heading “Revolving Commitment Amount” (or, in the case of any Lender that became party to this Agreement after the Closing Date pursuant to
Section 16.3(c) or (d) hereof, the Revolving Commitment amount (if any) of such Lender as set forth in the applicable Commitment Transfer Supplement), and (b) as to any Lender that is a New Lender, the Revolving Commitment amount
provided for in the joinder signed by such New Lender under Section 2.24(a)(x), in each case as the same may be adjusted upon any increase by such Lender pursuant to Section 2.24 hereof or upon any decrease by such Lender pursuant to
Section 2.25 hereof, or any assignment by or to such Lender pursuant to Section 16.3(c) or (d) hereof. 
 “Revolving
Commitment Percentage” shall mean, (a) as to any Lender other than a New Lender, the Revolving Commitment Percentage (if any) set forth next to such Lender’s name in Schedule 1.1(c) hereto under the heading “Revolving
Commitment Percentage” (or, in the case of any Lender that became party to this Agreement after the Closing Date pursuant to Section 16.3(c) or (d) hereof, the Revolving Commitment Percentage (if any) of such Lender as set forth in
the applicable Commitment Transfer Supplement), and (b) as to any Lender that is a New Lender, the Revolving Commitment Percentage provided for in the joinder signed by such New Lender under Section 2.24(a)(x), in each case as the same may
be adjusted upon any increase in 

  
 46 

 
the Maximum Revolving Advance Amount pursuant to Section 2.24 hereof, any decrease in the Maximum Revolving Advance Amount pursuant to Section 2.25 hereof, or any assignment by or to
such Lender pursuant to Section 16.3(c) or (d) hereof. 
 “Revolving Credit Card Advance Rate” shall have the
meaning set forth in Section 2.1(a)(y) hereof. 
 “Revolving Credit Note” shall mean, collectively, the promissory
notes referred to in Section 2.1(a) hereof. 
 “Revolving Facility Fee” shall have the meaning set forth in
Section 3.3(a) hereof. 
 “Revolving Interest Rate” shall mean (a) with respect to Revolving Advances that
are Domestic Rate Loans and Swing Loans, an interest rate per annum equal to the sum of the Applicable Margin plus the greater of (i) the Alternate Base Rate and (ii) 0% and (b) with respect to LIBOR Rate Loans, the sum of
the Applicable Margin plus the greater of (i) the LIBOR Rate and (ii) 0%. 
 “Revolving Inventory Advance Rate”
shall have the meaning set forth in Section 2.1(a)(y) hereof. 
 “Revolving Loan Cap” shall have the meaning set forth
in Section 2.1(a) hereof. 
 “Revolving Receivables Advance Rate” shall have the meaning set forth in
Section 2.1(a)(y) hereof. 
 “Sale and Leaseback Transaction” shall mean any sale or other transfer of property by any
Person with the intent to lease such property as lessee. 
 “Sanctioned Entity” shall mean (a) a country or a
government of a country, (b) an agency of the government of a country, (c) an organization directly or indirectly controlled by a country or its government, or (d) a Person resident in or determined to be resident in a country, in
each case of clauses (a) through (d) that is a target of Sanctions, including a target of any country sanctions program administered and enforced by OFAC. 

“Sanctioned Person” shall mean, at any time (a) any Person named on the list of Specially Designated Nationals and
Blocked Persons maintained by OFAC, OFAC’s consolidated Non-SDN list or any other Sanctions-related list maintained by any Governmental Authority, (b) a Person or legal entity that is a target of
Sanctions, (c) any Person operating, organized or resident in a Sanctioned Entity, or (d) any Person directly or indirectly owned or controlled (individually or in the aggregate) by or acting on behalf of any such Person or Persons
described in clauses (a) through (c) above. 
 “Sanctions” shall mean, individually and collectively, respectively,
any and all economic sanctions, trade sanctions, financial sanctions, sectoral sanctions, secondary sanctions, trade embargoes anti-terrorism laws and other sanctions laws, regulations or embargoes, including those imposed, administered or enforced
from time to time by: (a) the United States of America, including those administered by OFAC, the U.S. Department of State, the U.S. Department of 

  
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Commerce, or through any existing or future executive order, (b) the United Nations Security Council, (c) the European Union or any European Union member state, (d) Her
Majesty’s Treasury of the United Kingdom, or (d) any other Governmental Body with jurisdiction over any Secured Party, Borrower, or Guarantor or any of their respective Subsidiaries or Affiliates.     

“SEC” shall mean the Securities and Exchange Commission or any successor thereto. 

“Secured Parties” shall mean, collectively, Agent, Issuer, Swing Loan Lender, Lenders, and any Affiliates of Agent or any
Lender to whom any Hedge Liabilities or Cash Management Liabilities are owed and with each other holder of any of the Obligations, and the respective successors and assigns of each of them. 

“Securities Act” shall mean the Securities Act of 1933, as amended. 

“Settlement” shall have the meaning set forth in Section 2.6(d) hereof. 

“Settlement Date” shall have the meaning set forth in Section 2.6(d) hereof. 

“Specified Acquisition Agreement Representations” shall mean such of the representations and warranties made by or on behalf
of Borrowing Agent and its Subsidiaries (including, without limitation, in respect of such Persons’ assets and businesses) in the Acquisition Agreement as are material to the interests of the Lenders, but only to the extent that Holdings or an
Affiliate thereof has the right (without regard to any notice requirement) to terminate its obligations under the Acquisition Agreement or decline to consummate the transactions contemplated by the Acquisition Agreement to be consummated thereunder
as of the Closing Date, as a result of a breach of such representations and warranties in the Acquisition Agreement. 
 “Specified
Representations” shall mean the representations and warranties of Borrowers and Guarantors contained in the first and second sentences of Section 5.1, clause (a) of the third sentence of Section 5.1, clause (b)(i) of the
third sentence of Section 5.1 (but only immediately after giving effect to the Transactions), clause (b)(iii) of the third sentence of Section 5.1 (except to the extent that any conflict or violation could not reasonably be expected to
have a Material Adverse Effect), clause (i) of the first sentence of Section 5.2(a), clauses (i) and (ii) of Section 5.8(a) (in each case after giving effect to the Transactions), Section 5.15, Section 5.16,
Section 5.29 (but subject to the last sentence of Section 8.1), and Section 16.18(a). 

“Standard & Poor’s” shall mean S&P Global Ratings, a business unit of Standard &
Poor’s Financial Services LLC, a subsidiary of S&P Global Inc., and its successors. 
 “Store” shall mean any
retail store (which may include any Real Property, fixtures, equipment, inventory and other property related thereto) operated, or to be operated, by any Borrower or Guarantor. 

“Subsidiary” shall mean with respect to any Person a corporation or other entity of whose Equity Interests having ordinary
voting power (other than Equity Interests having such power only by reason of the happening of a contingency) to elect a majority of the directors of such corporation, or other Persons performing similar functions for such entity, are owned,
directly or indirectly, by such Person. Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of Intermediate Holdings. 

  
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 “Subsidiary Stock” shall mean (a) with respect to the Equity Interests
issued to a Borrower or Guarantor by any Subsidiary (other than a Foreign Subsidiary), 100% of such issued and outstanding Equity Interests, and (b) with respect to any Equity Interests issued to a Borrower or Guarantor by any Foreign
Subsidiary (i) 100% of such issued and outstanding Equity Interests not entitled to vote (within the meaning of Treas. Reg. Section 1.956(c)(2)) and (ii) 65% (or such greater percentage that, due to a change in Applicable Law after the date
hereof, (x) could not reasonably be expected to cause the undistributed earnings of such Foreign Subsidiary as determined for United States federal income tax purposes to be treated as a deemed dividend to such Borrower or Guarantor and
(y) could not reasonably be expected to cause any material adverse tax consequences) of such issued and outstanding Equity Interests entitled to vote (within the meaning of Treas. Reg.
Section 1.956-2(c)(2)). 
 “Supermajority Lenders” shall mean Lenders (not
including Swing Loan Lender (in its capacity as such Swing Loan Lender) or any Defaulting Lenders) holding at least sixty-six and two thirds percent (66 2/3%) of either (a) the aggregate of (x) the
Revolving Commitment Amounts of all Lenders (excluding any Defaulting Lenders), and (y) the FILO Commitment Amounts of all Lenders (excluding any Defaulting Lenders), or (b) after the termination of all commitments of the Lenders
hereunder, the sum of (x) the outstanding Revolving Advances and FILO Advances, plus the Maximum Undrawn Amount of all outstanding Letters of Credit; provided, however, if there are three (3) or fewer Lenders, Supermajority
Lenders shall mean all Lenders (excluding any Defaulting Lender). 
 “Swap” shall mean any “swap” as defined in
Section 1a(47) of the CEA and regulations thereunder other than (a) a swap entered into on, or subject to the rules of, a board of trade designated as a contract market under Section 5 of the CEA, or (b) a commodity option
entered into pursuant to CFTC Regulation 32.3(a). 
 “Swap Obligation” shall mean any obligation to pay or perform
under any agreement, contract or transaction that constitutes a Swap which is also a Lender-Provided Interest Rate Hedge, or a Lender-Provided Foreign Currency Hedge. 

“Swing Loan Lender” shall mean PNC, in its capacity as lender of the Swing Loans. 

“Swing Loan Note” shall mean the promissory note described in Section 2.4(a) hereof. 

“Swing Loans” shall mean the Advances made pursuant to Section 2.4 hereof. 

“Taxes” shall mean all present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other
charges imposed by any Governmental Body, including any interest, additions to tax or penalties applicable thereto. 

“Term” shall have the meaning set forth in Section 13.1 hereof. 

“Termination Event” shall mean: (a) a Reportable ERISA Event with respect to any Pension Benefit Plan; (b) the
withdrawal of any Borrower or any member of the Controlled 

  
 49 

 
Group from a Multiple Employer Plan during a plan year in which such entity was a “substantial employer” as defined in Section 4001(a)(2) of ERISA or a cessation of operations that
is treated as such a withdrawal under Section 4062(e) of ERISA; (c) the filing of a notice of intent to terminate the treatment of a plan amendment as a termination under Sections 4041 or 4041A of ERISA or the commencement of proceedings
by the PBGC to terminate a Pension Benefit Plan or Multiemployer Plan; (d) any event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension
Benefit Plan or Multiemployer Plan; (e) the partial or complete withdrawal within the meaning of Section 4203 or 4205 of ERISA, of any Borrower or any member of the Controlled Group from a Multiemployer Plan or notice that a Multiemployer
Plan is in reorganization; or (f) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent, upon any Borrower or any member of the Controlled Group. 

“Toxic Substance” shall mean and include any material present on the Real Property which has been shown to have significant
adverse effect on human health under certain conditions, or which is subject to regulation under the Toxic Substances Control Act (TSCA), 15 U.S.C. §§ 2601 et seq., corresponding state law, or any other applicable Federal or state laws now
in force or hereafter enacted relating to Toxic Substances. “Toxic Substance” includes but is not limited to asbestos, polychlorinated biphenyls (PCBs) and lead-based paints. 

“Transaction Costs” shall mean the fees, costs and expenses payable by any Borrower or Guarantor in connection with
(i) the execution, delivery and performance of this Agreement, the Other Documents, the Intercompany Subordinated Loan Documents, the Holdings Loan Documents and the Acquisition Agreement, or any amendments, waivers or other modifications to
any of the foregoing, or (ii) any Permitted Acquisition or other Permitted Investment. 
 “Transactions” shall have
the meaning set forth in Section 5.5(a) hereof. 
 “Transferee” shall have the meaning set forth in
Section 16.3(d) hereof. 
 “UK Finco” shall mean Genesis Finco Limited, a corporation organized under the laws of
England and Wales and a wholly owned Subsidiary of Holdings. 
 “Undrawn Availability” at a particular date shall mean an
amount equal to (a) the lesser of (i) the Formula Amount or (ii) the Maximum Revolving Advance Amount minus the Maximum Undrawn Amount of all outstanding Letters of Credit, minus (b) the sum of (i) the
outstanding amount of Advances (other than the FILO Advances) plus (ii) all amounts due and owing to any Borrower’s trade creditors which are outstanding beyond ninety (90) days or more past their due date and not otherwise on
extended terms, plus (iii) fees and expenses incurred in connection with the Transactions for which Borrowers are liable but which have not been paid or charged to Borrowers’ Account. 

“Unfunded Capital Expenditures” shall mean, as to any Borrower or Guarantor, without duplication, a Capital Expenditure
funded (a) from such Borrower’s or Guarantor’s internally generated cash flow or (b) with the proceeds of a Revolving Advance (including, without limitation, a Swing Loan) or a FILO Advance. 

“Uniform Commercial Code” shall have the meaning set forth in Section 1.3 hereof. 

  
 50 

 “USA PATRIOT Act” shall mean the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56, as the same has been, or shall hereafter be, renewed, extended, amended or replaced. 

“Usage Amount” shall have the meaning set forth in Section 3.3(a) hereof. 

“Web Host Services Control Agreement” shall mean that certain tri-party agreement to
be entered into pursuant to the Post-Closing Letter by and among Borrowers, Guarantors, Rackspace US, Inc. or an Affiliate thereof, and Agent. 

“Weighted Average Life to Maturity” shall mean, when applied to any Indebtedness at any date, the number of years obtained by
dividing: (a) the sum of the products obtained by multiplying (i) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect
thereof, by (ii) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by (b) the then outstanding principal amount of such
Indebtedness. 
 “Write-Down and Conversion Powers” shall mean, with respect to any EEA Resolution Authority, the
write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in
the EU Bail-In Legislation Schedule. 
 1.3.    Uniform Commercial Code
Terms. All terms used herein and defined in the Uniform Commercial Code as adopted in the State of New York from time to time (the “Uniform Commercial Code”) shall have the meaning given therein unless otherwise defined herein. Without
limiting the foregoing, the terms “accounts”, “chattel paper” (and “electronic chattel paper” and “tangible chattel paper”), “commercial tort claims”, “deposit accounts”,
“documents”, “equipment”, “financial asset”, “fixtures”, “general intangibles”, “goods”, “instruments”, “inventory”, “investment property”, “letter-of-credit rights”, “payment intangibles”, “proceeds”, “promissory note” “securities”, “software” and
“supporting obligations” as and when used in the description of Collateral shall have the meanings given to such terms in Article 8 or 9 of the Uniform Commercial Code, as applicable. To the extent the definition of any category or type of
collateral is expanded by any amendment, modification or revision to the Uniform Commercial Code, such expanded definition will apply automatically as of the date of such amendment, modification or revision. 

1.4.    Certain Matters of Construction. The terms “herein”, “hereof” and “hereunder”
and other words of similar import refer to this Agreement as a whole and not to any particular section, paragraph or subdivision. All references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and
Sections of, and Exhibits and Schedules to, this Agreement. Any pronoun used shall be deemed to cover all genders. Wherever appropriate in the context, terms used herein in the singular also include the plural and vice versa. All references to Laws
shall include any amendments of the same and any successor Laws. Unless otherwise provided, all references to any instruments or agreements, including references to this Agreement or any of the Other Documents, shall include any and all
modifications, supplements, waivers or amendments thereto, any and all restatements, amendment and restatements or 

  
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replacements thereof and any and all extensions or renewals thereof, in each case, in accordance therewith and herewith. All references herein to the time of day shall mean the time in New York,
New York. Unless otherwise provided, all financial calculations shall be performed with Inventory valued on a first-in, first-out basis. Whenever the words
“including” or “include” shall be used, such words shall be understood to mean “including, without limitation” or “include, without limitation”. A Default or an Event of Default shall be deemed to exist at all
times during the period commencing on the date that such Default or Event of Default occurs to the date on which such Default or Event of Default is waived in writing pursuant to this Agreement or, in the case of a Default, is cured within any
period of cure expressly provided for in this Agreement; and an Event of Default shall “continue” or be “continuing” until such Event of Default has been waived in writing by Required Lenders. Any Lien referred to in this
Agreement or any of the Other Documents as having been created in favor of Agent, any agreement entered into by Agent pursuant to this Agreement or any of the Other Documents, any payment made by or to or funds received by Agent pursuant to or as
contemplated by this Agreement or any of the Other Documents, or any act taken or omitted to be taken by Agent, shall, unless otherwise expressly provided, be created, entered into, made or received, or taken or omitted, for the benefit or account
of Agent and the other Secured Parties. Wherever the phrase “to the best of Borrowers’ and Guarantors’ knowledge” or words of similar import relating to the knowledge or the awareness of any Borrower or any Guarantor are used in
this Agreement or Other Documents, such phrase shall mean and refer to the actual knowledge of an Authorized Officer of any Borrower or Guarantor. All covenants hereunder shall be given independent effect so that if a particular action or condition
is not permitted by any of such covenants, the fact that it would be permitted by an exception to, or otherwise within the limitations of, another covenant shall not avoid the occurrence of a Default if such action is taken or condition exists. In
addition, all representations and warranties hereunder shall be given independent effect so that if a particular representation or warranty proves to be incorrect or is breached, the fact that another representation or warranty concerning the same
or similar subject matter is correct or is not breached will not affect the incorrectness of a breach of a representation or warranty hereunder. Any reference herein or in any Other Document to the satisfaction, repayment, or payment in full of the
Obligations shall mean (1) the repayment in Dollars in full in cash or immediately available funds (or, in the case of contingent reimbursement obligations with respect to Letters of Credit and Cash Management Liabilities (other than Interest
Rate Hedges) and any other contingent Obligation, including indemnification obligations, providing cash collateralization in an amount equal to one hundred and three percent (103%) of the Maximum Undrawn Amount of all outstanding Letters of Credit
(or, in the case of Cash Management Liabilities (other than Interest Rate Hedges), cash collateralization in an amount reasonably requested by the applicable provider of the Cash Management Products and Services giving rise thereto) or other
collateral as may be reasonably requested by Agent of all of the Obligations (including the payment of any termination amount then applicable (or which would become applicable as a result of the repayment of the other Obligations) under Interest
Rate Hedges) other than (i) unasserted contingent indemnification Obligations and expense reimbursement Obligations, (ii) Cash Management Liabilities (other than Interest Rate Hedges) that, at such time, are allowed by the applicable
provider thereof to remain outstanding without being required to be repaid or collateralized by cash or other collateral as may be reasonably requested by Agent, and (iii) any Cash Management Liabilities relating to Interest Rate Hedges that,
at such time, are allowed by the applicable provider thereof to remain outstanding without being required to be repaid, (2) the 

  
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termination of all commitments to lend or provide any other financial accommodation (including Letters of Credit) hereunder, and (3) the termination of this Agreement and the Other Documents
in accordance with their terms. Any reference herein or in any Other Document to the Obligations having been satisfied, repaid, or paid in full shall have a correlative meaning. 

 

	II.    ADVANCES,	PAYMENTS. 

 2.1.    Revolving Advances; FILO Advances. 

(a)    Amount of Revolving Advances. Subject to the terms and conditions set forth in this Agreement specifically
including Section 2.1(c), each Lender, severally and not jointly, will make Revolving Advances to Borrowers in aggregate amounts outstanding at any time equal to such Lender’s Revolving Commitment Percentage of the lesser of (x) the
Maximum Revolving Advance Amount, less the outstanding amount of Swing Loans, less the aggregate Maximum Undrawn Amount of all outstanding Letters of Credit, less Reserves established hereunder or (y) an amount equal to the
sum of: 
 (i)    up to 85% (the “Revolving Receivables Advance Rate”) of Eligible Receivables,
plus 
 (ii)    up to 90% (the “Revolving Credit Card Advance Rate”) of Eligible Credit Card
Receivables, plus 
 (iii)    up to 90% (the “Revolving Inventory Advance Rate”; the Revolving
Inventory Advance Rate, together with the Revolving Receivables Advance Rate and the Revolving Credit Card Advance Rate, are referred to herein as the “Revolving Advance Rates”) of the NOLV of Eligible Inventory, provided,
that, borrowing availability based upon Eligible Inventory located in Macy’s Stores pursuant to this clause (iii), when aggregated with the amount of borrowing availability based upon Eligible Inventory located in Macy’s Stores
pursuant to Section 2.1(b)(y)(iii), shall not exceed the greater of (1) $50,000,000, or (2) the lesser of (A) $75,000,000, or (B) 25% of the sum of the Formula Amount and the FILO Formula Amount, plus 

(iv)    up to the Revolving Inventory Advance Rate of the NOLV of Eligible Domestic
In-Transit Inventory, minus 
 (v)    “the aggregate Maximum
Undrawn Amount of all outstanding Letters of Credit, minus 
 (vi)    the FILO Push Down Reserve, minus

 (vii)    other Reserves established hereunder. 

The excess (if any) of (x) the amounts derived from the sum of Sections 2.1(a)(y)(i), (ii), (iii), and (iv) over (y) the amounts
derived from the sum of Sections 2.1(a)(y)(v), (vi), and (vii), at any time and from time to time shall be referred to as the “Formula Amount”. The Revolving Advances shall be evidenced by one or more secured promissory notes
(collectively, the “Revolving Credit Note”) substantially in the form attached hereto as Exhibit 2.1(a). 

  
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 Notwithstanding anything to the contrary contained in the foregoing or otherwise in this Agreement, (x) the
outstanding aggregate principal amount of Revolving Advances (including, without limitation, Swing Loans) at any one time outstanding shall not exceed an amount equal to the lesser of (i) the Maximum Revolving Advance Amount less the Maximum
Undrawn Amount of all outstanding Letters of Credit less Reserves established hereunder or (ii) the Formula Amount (such lesser amount, the “Revolving Loan Cap”), and (y) Agent shall be entitled in its Permitted Discretion
to calculate the NOLV of Inventory on an aggregate basis for all Inventory or individually for specific categories of Inventory by type. 

(b)    Amount of FILO Advances. Subject to the terms and conditions set forth in this Agreement specifically
including Section 2.1(c), each Lender, severally and not jointly, will make loans (each such loan, a “FILO Advance”) to Borrowers in aggregate amounts outstanding at any time equal to such Lender’s FILO Commitment
Percentage of the lesser of (x) the Maximum FILO Advance Amount or (y) an amount equal to the sum of: 

(i)    up to 5% (the “FILO Receivables Advance Rate”) of Eligible Receivables, plus 

(ii)    up to 5% (the “FILO Credit Card Advance Rate”) of Eligible Credit Card Receivables, plus

 (iii)    up to 5% (the “FILO Inventory Advance Rate”; the FILO Inventory Advance Rate, together
with the FILO Receivables Advance Rate and the FILO Credit Card Advance Rate, are referred to herein as the “FILO Advance Rates”) of the NOLV of Eligible Inventory, provided, that, borrowing availability based upon
Eligible Inventory located in Macy’s Stores pursuant to this clause (iii), when aggregated with the amount of borrowing availability based upon Eligible Inventory located in Macy’s Stores pursuant to Section 2.1(a)(y)(iii), shall not
exceed the greater of (1) $50,000,000, or (2) the lesser of (A) $75,000,000, or (B) 25% of the sum of the Formula Amount and the FILO Formula Amount; plus 

(iv)    up to the FILO Inventory Advance Rate of the NOLV of Eligible Domestic
In-Transit Inventory. 
 The amounts derived from the sum of Sections 2.1(b)(y)(i), (ii), (iii), and
(iv), at any time and from time to time shall be referred to as the “FILO Formula Amount”. The FILO Advances shall be evidenced by one or more secured promissory notes (collectively, the “FILO Note”) substantially
in the form attached hereto as Exhibit 2.1(a). Notwithstanding anything to the contrary contained in the foregoing or otherwise in this Agreement, (x) the outstanding aggregate principal amount of FILO Advances at any one time outstanding shall
not exceed an amount equal to the lesser of (i) the Maximum FILO Advance Amount or (ii) the FILO Formula Amount (such lesser amount, the “FILO Loan Cap”), and (y) Agent shall be entitled in its Permitted Discretion to
calculate the NOLV of Inventory on an aggregate basis for all Inventory or individually for specific categories of Inventory by type. 

(c)    Discretionary Rights. The amount of Reserves may be increased or decreased by Agent at any time and from
time to time in the exercise of its Permitted Discretion, 

  
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in consultation with the Borrowing Agent. Each Borrower consents to any such increases or decreases and acknowledges that increasing or imposing Reserves may limit or restrict Advances requested
by Borrowing Agent. The rights of Agent under this subsection are subject to the provisions of Section 16.2(b). 

2.2.    Procedures for Requesting Revolving Advances and FILO Advances; Procedures for Selection of Applicable Interest
Rates for All Advances. 
 (a)    Borrowing Agent on behalf of any Borrower may notify Agent prior to 3:00 p.m. on
a Business Day of a Borrower’s request to incur, on that day, a FILO Advance or, subject to the terms of Section 2.2(b) hereof, a Revolving Advance hereunder. Should any amount required to be paid as interest hereunder, or as fees or other
Obligations payable under this Agreement or any Other Document, become due, the same shall be deemed a request for a FILO Advance or a Revolving Advance, as applicable, in each case maintained as a Domestic Rate Loan as of the date such payment is
due, in the amount required to pay in full such interest, fee or other Obligation, and such request shall be irrevocable. 

(b)    Notwithstanding the provisions of subsection (a) above, Borrowers shall not request, and the Lenders shall be
under no obligation to fund, any Revolving Advance unless Borrowers have borrowed the full amount available under the FILO Loan Cap (to the extent that the FILO Commitments have not been terminated). If any FILO Advance is prepaid in whole or part
pursuant to Section 2.3, 2.8, 2.9, or 2.20, any Advances to Borrowers thereafter requested shall be FILO Advances until the aggregate principal amount of FILO Advances outstanding equals the FILO Loan Cap and thereafter shall be Revolving
Advances. 
 (c)    Notwithstanding the provisions of subsection (a) above, in the event any Borrower desires to
obtain a LIBOR Rate Loan for any Advance (other than a Swing Loan), Borrowing Agent shall give Agent written notice by no later than 3:00 p.m. on the day which is three (3) Business Days prior to the date such LIBOR Rate Loan is to be borrowed,
specifying (i) the date of the proposed borrowing (which shall be a Business Day), (ii) the type of borrowing and the amount of such Advance to be borrowed, which amount shall be in a minimum amount of $1,000,000 and in integral multiples of
$500,000 in excess thereof, (iii) the duration of the first Interest Period therefor, and (iv) whether such Advance is to be a Revolving Advance or a FILO Advance (and if the former, that the outstanding principal balance of FILO Advances
is not then less than the FILO Loan Cap). Interest Periods for LIBOR Rate Loans shall be for one, two, three or six months; provided, that, if an Interest Period would end on a day that is not a Business Day, it shall end on the next
succeeding Business Day unless such day falls in the next succeeding calendar month in which case the Interest Period shall end on the next preceding Business Day. Any Interest Period that begins on the last Business Day of a calendar month (or a
day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period. Upon the occurrence and during the continuance of an
Event of Default, at the election of Agent or at the direction of Required Lenders, no LIBOR Rate Loan shall be made available to any Borrower. After giving effect to each requested LIBOR Rate Loan, including those which are converted from a
Domestic Rate Loan under Section 2.2(f), there shall not be outstanding more than eight (8) LIBOR Rate Loans, in the aggregate. 

  
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 (d)    Each Interest Period of a LIBOR Rate Loan shall commence on the date
such LIBOR Rate Loan is made and shall end on such date as Borrowing Agent may elect as set forth in subsection (c) above or subsection (f) below; provided, that, the exact length of each Interest Period shall be determined
in accordance with the practice of the interbank market for offshore Dollar deposits and no Interest Period shall end after the last day of the Term. 

(e)    Borrowing Agent shall elect the initial Interest Period applicable to a LIBOR Rate Loan by its notice of borrowing
given to Agent pursuant to Section 2.2(c) or by its notice of conversion given to Agent pursuant to Section 2.2(f), as the case may be. Borrowing Agent shall elect the duration of each succeeding Interest Period by giving irrevocable
written notice to Agent of such duration not later than 3:00 p.m. on the day which is three (3) Business Days prior to the last day of the then current Interest Period applicable to such LIBOR Rate Loan. If Agent does not receive timely notice
of the Interest Period elected by Borrowing Agent, Borrowing Agent shall be deemed to have elected to convert such LIBOR Rate Loan to a Domestic Rate Loan subject to Section 2.2(f) below. 

(f)    Provided that no Event of Default shall have occurred and be continuing with respect to which Agent or the
Required Lenders have elected to suspend Borrowers’ ability to borrow LIBOR Rate Loans, Borrowing Agent may, on the last Business Day of the then current Interest Period applicable to any outstanding LIBOR Rate Loan, or on any Business Day with
respect to Domestic Rate Loans, convert any such loan into a loan of another type in the same aggregate principal amount; provided, that, any conversion of a LIBOR Rate Loan shall be made only on the last Business Day of the then
current Interest Period applicable to such LIBOR Rate Loan. If Borrowing Agent desires to convert a loan, Borrowing Agent shall give Agent written notice by no later than 3:00 p.m. (i) on the day which is three (3) Business Days prior to
the date on which such conversion is to occur with respect to a conversion from a Domestic Rate Loan to a LIBOR Rate Loan, or (ii) on the day which is one (1) Business Day prior to the date on which such conversion is to occur (which date
shall be the last Business Day of the Interest Period for the applicable LIBOR Rate Loan) with respect to a conversion from a LIBOR Rate Loan to a Domestic Rate Loan, specifying, in each case, the date of such conversion, the loans to be converted
and if the conversion is to a LIBOR Rate Loan, the duration of the first Interest Period therefor. 
 (g)    At its
option and upon written notice given prior to 3:00 p.m. at least three (3) Business Days prior to the date of such prepayment, any Borrower may, subject to Section 2.2(h) hereof, prepay the LIBOR Rate Loans in whole at any time or in part
from time to time with accrued interest on the principal being prepaid to the date of such repayment. Such Borrower shall specify the date of prepayment of Advances which are LIBOR Rate Loans and the amount of such prepayment. In the event that any
prepayment of a LIBOR Rate Loan is required or permitted on a date other than the last Business Day of the then current Interest Period with respect thereto, such Borrower shall indemnify Agent and Lenders therefor in accordance with
Section 2.2(h) hereof. 
 (h)    Each Borrower shall indemnify Agent and Lenders and hold Agent and Lenders
harmless from and against any and all losses or expenses that Agent and Lenders may sustain or incur as a consequence of any prepayment, conversion of or any default by any Borrower in the payment of the principal of or interest on any LIBOR Rate
Loan or failure by 

  
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any Borrower to complete a borrowing of, a prepayment of or conversion of or to a LIBOR Rate Loan after notice thereof has been given, including, but not limited to, any interest payable by Agent
or Lenders to lenders of funds obtained by it in order to make or maintain its LIBOR Rate Loans hereunder. A certificate as to any additional amounts payable pursuant to the foregoing sentence submitted by Agent or any Lender to Borrowing Agent
shall be conclusive absent manifest error; provided, that, Borrowers shall not be required to compensate Agent or a Lender pursuant to this subsection for any amounts incurred more than one hundred eighty (180) days prior to the
date that Agent or such Lender, as the case may be, notifies a Borrower of such losses or expenses and of Agent’s or such Lender’s intention to claim compensation therefor. 

(i)    Notwithstanding any other provision hereof, if any Applicable Law, treaty, regulation or directive, or any change
therein or in the interpretation or application thereof, including without limitation any Change in Law, shall make it unlawful for Lenders or any Lender (for purposes of this subsection (i), the term “Lender” shall include any Lender and
the office or branch where any Lender or any Person controlling such Lender makes or maintains any LIBOR Rate Loans) to make or maintain its LIBOR Rate Loans, the obligation of Lenders (or such affected Lender) to make LIBOR Rate Loans hereunder
shall forthwith be cancelled and Borrowers shall, if any affected LIBOR Rate Loans are then outstanding, promptly upon request from Agent, either pay all such affected LIBOR Rate Loans or convert such affected LIBOR Rate Loans into loans of another
type. If any such payment or conversion of any LIBOR Rate Loan is made on a day that is not the last day of the Interest Period applicable to such LIBOR Rate Loan, Borrowers shall pay Agent, upon Agent’s request, such amount or amounts set
forth in clause (h) above. A certificate as to any additional amounts payable pursuant to the foregoing sentence submitted by Lenders to Borrowing Agent shall be conclusive absent manifest error; provided, that, Borrowers shall
not be required to compensate Agent or a Lender pursuant to this subsection for any amounts incurred more than one hundred eighty (180) days prior to the date that Agent or such Lender, as the case may be, notifies a Borrower of such losses or
expenses and of Agent’s or such Lender’s intention to claim compensation therefor. 
 (j)    Anything to the
contrary contained herein notwithstanding, neither any Agent nor any Lender, nor any of their Participants, is required actually to acquire LIBOR deposits to fund or otherwise match fund any Obligation as to which interest accrues based on the LIBOR
Rate. The provisions set forth herein shall apply as if each Lender or its Participants had match funded any Obligation as to which interest is accruing based on the LIBOR Rate by acquiring LIBOR deposits for each Interest Period in the amount of
the LIBOR Rate Loans. 
 2.3.    Voluntary Prepayments. 

(a)    Borrowers may, upon notice from Borrowing Agent to Agent, at any time or from time to time, and subject to the
provisions of Section 2.3(b) below, voluntarily prepay Advances in whole or in part without premium or penalty; provided, that, (i) such notice must be received by Agent not later than 3:00 p.m. (A) three Business Days
prior to any date of prepayment of LIBOR Rate Loans and (B) on the date of prepayment of Domestic Rate Loans; and (ii) any prepayment of LIBOR Rate Loans shall be in a principal amount of $1,000,000 or a whole multiple of $500,000 in
excess thereof, or, if less, the entire principal amount thereof then outstanding. Each such notice shall specify (i) the date and amount of such prepayment, (ii) whether such Advances to be prepaid are (x) Revolving Advances or FILO
Advances, and (y) 

  
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LIBOR Rate Loans or Domestic Rate Loans, and (iii) if LIBOR Rate Loans, the Interest Period(s) thereof. Agent will promptly notify each Lender of its receipt of each such notice, and of the
amount of such Lender’s Revolving Commitment Percentage or FILO Commitment Percentage, as applicable, of such prepayment. If such notice is given by Borrowing Agent, Borrowers shall make such prepayment and the payment amount specified in such
notice shall be due and payable on the date specified therein; provided, that, such notice may be conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by Borrowers (by notice to Agent
on or prior to the specified effective date) if such condition is not satisfied. Any prepayment of a LIBOR Rate Loan shall be accompanied by all accrued interest on the amount prepaid, together with any additional amounts required pursuant to
Section 2.2(i). Each such prepayment shall be applied to the Revolving Advances or FILO Advances, as applicable, of the Lenders in accordance with their respective Revolving Commitment Percentages or FILO Commitment Percentages, as applicable.

 (b)    Notwithstanding the provisions of Section 2.3(a), Borrowers may voluntarily prepay the FILO Advances in
whole or in part, only if (i) the prepayment date therefor is after the first anniversary of the Closing Date, and (ii) the Payment Conditions have been satisfied. 

2.4.    Swing Loans. 

(a)    Subject to the terms and conditions set forth in this Agreement, and in order to minimize the transfer of funds
between Lenders and Agent for administrative convenience, Agent, Lenders holding Revolving Commitments and Swing Loan Lender agree that in order to facilitate the administration of this Agreement, Swing Loan Lender may, at its election and option
made in its sole discretion cancelable at any time for any reason whatsoever, make swing loan advances (“Swing Loans”) available to Borrowers as provided for in this Section 2.4 at any time or from time to time after the date
hereof to, but not including, the expiration of the Term, in an aggregate principal amount up to but not in excess of the Maximum Swing Loan Advance Amount; provided, that, the outstanding aggregate principal amount of Revolving
Advances (including, without limitation, Swing Loans) at any one time outstanding shall not exceed an amount equal to the lesser of (i) the Maximum Revolving Advance Amount less the Maximum Undrawn Amount of all outstanding Letters of Credit
and (ii) the Formula Amount. All Swing Loans shall be Domestic Rate Loans only. Borrowers may borrow (at the option and election of Swing Loan Lender), repay and reborrow (at the option and election of Swing Loan Lender) Swing Loans and Swing
Loan Lender may make Swing Loans as provided in this Section 2.4 during the period between Settlement Dates. All Swing Loans shall, at the request of the Swing Loan Lender, be evidenced by a secured promissory note (the “Swing Loan
Note”) substantially in the form attached hereto as Exhibit 2.4(a). Swing Loan Lender’s agreement to make Swing Loans under this Agreement is cancelable at any time for any reason whatsoever and the making of Swing Loans by Swing Loan
Lender from time to time shall not create any duty or obligation, or establish any course of conduct, pursuant to which Swing Loan Lender shall thereafter be obligated to make Swing Loans in the future. 

(b)    Upon either (i) any request by Borrowing Agent for a Revolving Advance made pursuant to Section 2.2(a)
hereof (other than any such request for a LIBOR Rate Loan) or (ii) the occurrence of any deemed request by Borrowers for a Revolving Advance pursuant to the 

  
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provisions of Section 2.2(a) hereof, Swing Loan Lender may elect, in its sole discretion, to have such request or deemed request treated as a request for a Swing Loan, and may advance same
day funds to Borrowers as a Swing Loan; provided, that, notwithstanding anything to the contrary provided for herein, Swing Loan Lender may not make Swing Loans if Swing Loan Lender has been notified by Agent or by Required Lenders
that one or more of the applicable conditions set forth in Section 8.2 of this Agreement have not been satisfied or the Revolving Commitments have been terminated for any reason. 

(c)    Upon the making of a Swing Loan (whether before or after the occurrence of a Default or an Event of Default and
regardless of whether a Settlement has been requested with respect to such Swing Loan), each Lender holding a Revolving Commitment shall be deemed, without further action by any party hereto, to have unconditionally and irrevocably purchased from
Swing Loan Lender, without recourse or warranty, an undivided interest and participation in such Swing Loan in proportion to its Revolving Commitment Percentage. Swing Loan Lender or Agent may, at any time, require the Lenders holding Revolving
Commitments to fund such participations by means of a Settlement as provided for in Section 2.6(d) below. From and after the date, if any, on which any Lender holding a Revolving Commitment is required to fund, and funds, its participation in
any Swing Loans purchased hereunder, Agent shall promptly distribute to such Lender its Revolving Commitment Percentage of all payments of principal and interest and all proceeds of Collateral received by Agent in respect of such Swing Loan;
provided, that, no Lender holding a Revolving Commitment shall be obligated in any event to make Revolving Advances in an amount in excess of its Revolving Commitment Amount minus its Participation Commitment (taking into account any
reallocations under Section 2.22) of the Maximum Undrawn Amount of all outstanding Letters of Credit. 

2.5.    Disbursement of Advance Proceeds. All Advances shall be disbursed from whichever office or other place
Agent may designate from time to time and, together with any and all other Obligations of Borrowers to Agent or Lenders, shall be charged to Borrowers’ Account on Agent’s books. The proceeds of each Revolving Advance (including, without
limitation, any Swing Loan) or FILO Advance requested by Borrowing Agent on behalf of any Borrower or deemed to have been requested by any Borrower under Section 2.2(a), 2.6(b) or 2.14 hereof shall, (i) with respect to requested
Revolving Advances or FILO Advances, to the extent Lenders make such Revolving Advances or FILO Advances, as applicable, in accordance with Section 2.2(a), 2.6(b) or 2.14 hereof, and with respect to Swing Loans made upon any request or
deemed request by Borrowing Agent for a Revolving Advance to the extent Swing Loan Lender makes such Swing Loan in accordance with Section 2.4(b) hereof, be made available to the applicable Borrower on the day so requested by way of
credit to such Borrower’s operating account at PNC, or such other bank as Borrowing Agent may designate following notification to Agent, in immediately available federal funds or other immediately available funds, or (ii) with
respect to Revolving Advances or FILO Advances deemed to have been requested by any Borrower or Swing Loans made upon any deemed request for a Revolving Advance or a FILO Advance by any Borrower, be disbursed to Agent to be applied to the
outstanding Obligations giving rise to such deemed request. During the Term, Borrowers may use the Revolving Advances (including, without limitation, Swing Loans) and FILO Advances by borrowing, prepaying and reborrowing, all in accordance with the
terms and conditions hereof. 

  
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 2.6.    Making and Settlement of Advances. 

(a)    Each borrowing of Revolving Advances shall be advanced according to the applicable Revolving Commitment Percentages
of Lenders holding the Revolving Commitments (subject to any contrary terms of Section 2.22). Each borrowing of FILO Advances shall be advanced according to the applicable FILO Commitment Percentages of Lenders holding the FILO Commitments
(subject to any contrary terms of Section 2.22). Each borrowing of Swing Loans shall be advanced by Swing Loan Lender alone. 

(b)    Promptly after receipt by Agent of a request or a deemed request for a Revolving Advance or a FILO Advance
pursuant to Section 2.2(a) and, with respect to Revolving Advances, to the extent Agent elects not to provide a Swing Loan or the making of a Swing Loan would result in the aggregate amount of all outstanding Swing Loans exceeding the maximum
amount permitted in Section 2.4(a), Agent shall notify Lenders holding the Revolving Commitments or Lenders holding the FILO Commitments, as applicable, of its receipt of such request specifying the information provided by Borrowing Agent and
the apportionment among Lenders of the requested Revolving Advance or FILO Advance, as applicable, as determined by Agent in accordance with the terms hereof. Each Lender shall remit the principal amount of each Revolving Advance or FILO Advance, as
applicable, to Agent such that Agent is able to, and Agent shall, to the extent the applicable Lenders have made funds available to it for such purpose and subject to Section 8.2, fund such Revolving Advance or FILO Advance, as applicable, to
Borrowers in U.S. Dollars and immediately available funds at the Payment Office prior to the close of business, on the applicable borrowing date; provided, that, if any applicable Lender fails to remit such funds to Agent in a timely
manner, Agent may elect in its sole discretion to fund with its own funds the Revolving Advance or FILO Advance, as applicable, of such Lender on such borrowing date, and such Lender shall be subject to the repayment obligation in
Section 2.6(c) hereof. 
 (c)    Unless Agent shall have been notified by telephone, confirmed in writing, by any
Lender holding a Revolving Commitment or any Lender holding a FILO Commitment, as applicable, that such Lender will not make the amount which would constitute its applicable Revolving Commitment Percentage of the requested Revolving Advance or its
applicable FILO Commitment Percentage of the requested FILO Advance, as applicable, available to Agent, Agent may (but shall not be obligated to) assume that such Lender has made such amount available to Agent on such date in accordance with
Section 2.6(b) and may, in reliance upon such assumption, make available to Borrowers a corresponding amount. In such event, if a Lender has not in fact made its applicable Revolving Commitment Percentage of the requested Revolving Advance or
its applicable FILO Commitment Percentage of the requested FILO Advance, as applicable, available to Agent, then the applicable Lender and Borrowers severally agree to pay to Agent on demand such corresponding amount with interest thereon, for each
day from and including the date such amount is made available to Borrowers through but excluding the date of payment to Agent, at (i) in the case of a payment to be made by such Lender, the greater of (A) (x) the daily average Federal
Funds Effective Rate (computed on the basis of a year of 360 days) during such period as quoted by Agent, times (y) such amount or (B) a rate determined by Agent in accordance with banking industry rules on interbank compensation, and
(ii) in the case of a payment to be made by Borrowers, the Revolving Interest Rate for Revolving Advances that are Domestic Rate Loans or the FILO Interest Rate for FILO Advances that are 

  
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Domestic Rate Loans, as applicable. If such Lender pays its share of the applicable Revolving Advance or FILO Advance, as applicable, to Agent, then the amount so paid shall constitute such
Lender’s Revolving Advance or FILO Advance, as applicable. Any payment by Borrowers shall be without prejudice to any claim Borrowers may have against a Lender holding a Revolving Commitment or a FILO Commitment that shall have failed to make
such payment to Agent. A certificate of Agent submitted to any Lender or Borrower with respect to any amounts owing under this paragraph (c) shall be conclusive, in the absence of manifest error. 

(d)    Agent, on behalf of Swing Loan Lender, shall demand settlement (a “Settlement”) of all or any
Swing Loans with Lenders holding the Revolving Commitments on at least a weekly basis, or on any more frequent date that Agent elects or that Swing Loan Lender at its option exercisable for any reason whatsoever may request, by notifying Lenders
holding the Revolving Commitments of such requested Settlement by facsimile, telephonic or electronic transmission no later than 3:00 p.m. on the date of such requested Settlement (the “Settlement Date”). Subject to any contrary
provisions of Section 2.22, each Lender holding a Revolving Commitment shall transfer the amount of such Lender’s Revolving Commitment Percentage of the outstanding principal amount (plus interest accrued thereon to the extent requested by
Agent) of the applicable Swing Loan with respect to which Settlement is requested by Agent, to such account of Agent as Agent may designate not later than 5:00 p.m. on such Settlement Date if requested by Agent by 3:00 p.m., otherwise not later than
5:00 p.m. on the next Business Day. Settlements may occur at any time notwithstanding that the conditions precedent to making Revolving Advances or FILO Advances set forth in Section 8.2 have not been satisfied or the Revolving Commitments or
FILO Commitments shall have otherwise been terminated at such time. All amounts so transferred to Agent shall be applied against the amount of outstanding Swing Loans and, when so applied shall constitute Revolving Advances of such Lenders accruing
interest as Domestic Rate Loans. If any such amount is not transferred to Agent by any Lender holding a Revolving Commitment on such Settlement Date, Agent shall be entitled to recover such amount on demand from such Lender together with interest
thereon as specified in Section 2.6(c). 
 (e)    If any Lender or Participant (a “Benefited
Lender”) shall at any time receive any payment of all or part of its Advances, or interest thereon, or receive any Collateral in respect thereof (whether voluntarily or involuntarily or by set-off) in
a greater proportion than any such payment to and Collateral received by any other Lender, if any, in respect of such other Lender’s Advances, or interest thereon, and such greater proportionate payment or receipt of Collateral is not expressly
permitted hereunder, such Benefited Lender shall purchase for cash from the other Lenders a participation in such portion of each such other Lender’s Advances, or shall provide such other Lender with the benefits of any such Collateral, or the
proceeds thereof, as shall be necessary to cause such Benefited Lender to share the excess payment or benefits of such Collateral or proceeds ratably with each of the other Lenders; provided, however, that if all or any portion of such
excess payment or benefits is thereafter recovered from such Benefited Lender, such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but without interest. Each Borrower consents to the
foregoing and agrees, to the extent it may effectively do so under Applicable Law, that each Lender so purchasing a portion of another Lender’s Advances may exercise all rights of payment (including rights of
set-off) with respect to such portion as fully as if such Lender were the direct holder of such portion, and the obligations owing to each such purchasing Lender in respect of such participation and such
purchased portion of any other Lender’s Advances shall be part of the Obligations secured by the Collateral. 

  
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 2.7.    Maximum Advances. The aggregate balance of Revolving Advances
(including, without limitation, Swing Loans) outstanding at any time shall not exceed the Revolving Loan Cap. The aggregate balance of FILO Advances outstanding at any time shall not exceed the FILO Loan Cap. The aggregate balance of Advances
outstanding at any time shall not exceed the sum of the Revolving Loan Cap and the FILO Loan Cap. 
 2.8.    Manner
and Repayment of Advances. 
 (a)    The Revolving Advances (including, without limitation, Swing Loans) and the
FILO Advances shall be due and payable in full on the last day of the Term subject to earlier prepayment as herein provided. Notwithstanding the foregoing, all Advances shall be subject to earlier repayment upon (x) acceleration upon the
occurrence and during the continuance of an Event of Default under this Agreement or (y) termination of this Agreement. Each payment (including each prepayment) by any Borrower on account of the principal of and interest on the Advances shall
be applied, (i) first, to the outstanding Swing Loans, (ii) second, pro rata according to the applicable Revolving Commitment Percentages of Lenders, to the outstanding Revolving Advances (including cash collateralization of all
Obligations relating to any outstanding Letters of Credit in accordance with the provisions of Section 3.2(b); provided, however, that if no Default or Event of Default has occurred and is continuing, such repayments shall be
applied to cash collateralize any Obligations related to outstanding Letters of Credit last) (subject to any contrary provisions of Section 2.22), and (iii) third, pro rata according to the applicable FILO Commitment Percentages of
Lenders, to the outstanding FILO Advances (subject to any contrary provisions of Section 2.22). 
 (b)    Each
Borrower recognizes that the amounts evidenced by checks, notes, drafts or any other items of payment relating to and/or proceeds of Collateral may not be collectible by Agent on the date received by Agent. Agent shall conditionally credit
Borrowers’ Account for each item of payment on the next Business Day after the Business Day on which such item of payment is received by Agent (and the Business Day on which each such item of payment is so credited shall be referred to, with
respect to such item, as the “Application Date”). Agent is not, however, required to credit Borrowers’ Account for the amount of any item of payment which is unsatisfactory to Agent and Agent may charge Borrowers’ Account
for the amount of any item of payment which is returned, for any reason whatsoever, to Agent unpaid. Subject to the foregoing, Borrowers agree that for purposes of computing the interest charges under this Agreement, each item of payment received by
Agent shall be deemed applied by Agent on account of the Obligations on its respective Application Date. Borrowers further agree that there is a monthly float charge payable to Agent for Agent’s sole benefit, in an amount equal to (y) the
face amount of all items of payment received during the prior month (including items of payment received by Agent as a wire transfer or electronic depository check) multiplied by (z) the Revolving Interest Rate with respect to Domestic Rate
Loans for one (1) Business Day. All proceeds received by Agent shall be applied to the Obligations in accordance with Section 4.8(h). 

  
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 (c)    All payments of principal, interest and other amounts payable
hereunder, or under any of the Other Documents shall be made to Agent at the Payment Office not later than 1:00 p.m. on the due date therefor in Dollars in federal funds or other funds immediately available to Agent. Agent shall have the right to
effectuate payment of any and all Obligations due and owing hereunder by charging Borrowers’ Account or by making Advances as provided in Section 2.2 hereof. 

(d)    Except as expressly provided herein, all payments (including prepayments) to be made by any Borrower on account of
principal, interest, fees and other amounts payable hereunder shall be made without deduction, setoff or counterclaim. 

2.9.    Repayment of Excess Advances. If at any time the aggregate balance of outstanding Revolving Advances
(including, without limitation, Swing Loans), FILO Advances, and/or Advances taken as a whole exceeds the maximum amount of such type of Advances and/or Advances taken as a whole (as applicable) permitted hereunder (other than as a result of a
Protective Advance), such excess Advances shall be immediately due and payable without the necessity of any demand, at the Payment Office, whether or not a Default or an Event of Default has occurred. 

2.10.    Statement of Account. Agent shall maintain, in accordance with its customary procedures, a loan account
(“Borrowers’ Account”) in the name of Borrowers in which shall be recorded the date and amount of each Advance made by Agent or Lenders and the date and amount of each payment in respect thereof; provided,
however, the failure by Agent to record the date and amount of any Advance shall not adversely affect Agent or any Lender. Each month, Agent shall send to Borrowing Agent a statement showing the accounting for the Advances made, payments made
or credited in respect thereof, and other transactions between Agent, Lenders and Borrowers during such month. The monthly statements shall be deemed correct and binding upon Borrowers in the absence of manifest error and shall constitute an account
stated between Lenders and Borrowers unless Agent receives a written statement of Borrowers’ specific exceptions thereto within sixty (60) days after such statement is received by Borrowing Agent. The records of Agent with respect to
Borrowers’ Account shall be conclusive evidence absent manifest error of the amounts of Advances and other charges thereto and of payments applicable thereto. 

2.11.    Letters of Credit. 

(a)    Subject to the terms and conditions hereof, Issuer shall issue or cause the issuance of standby and/or trade
letters of credit denominated in Dollars (“Letters of Credit”) for the account of any Borrower or any Subsidiary (provided, that, any Letter of Credit issued for the benefit of any Subsidiary that is not a Borrower shall be issued
naming a Borrower as the account party on any such Letter of Credit but such Letter of Credit may contain a statement that it is being issued for the benefit of such Subsidiary) except to the extent that the issuance thereof would then cause the sum
of (i) the outstanding Revolving Advances (including, without limitation, Swing Loans), plus (ii) the Maximum Undrawn Amount of all outstanding Letters of Credit, plus (iii) the Maximum Undrawn Amount of the Letter of Credit to be
issued to exceed the Revolving Loan Cap. The Maximum Undrawn Amount of all outstanding Letters of Credit shall not exceed in the aggregate at any time the Letter of Credit Sublimit. All disbursements or

  
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payments related to Letters of Credit shall be deemed to be Domestic Rate Loans consisting of Revolving Advances and shall bear interest at the Revolving Interest Rate for Domestic Rate Loans.
Letters of Credit that have not been drawn upon shall not bear interest (but fees shall accrue in respect of outstanding Letters of Credit as provided in Section 3.2 hereof). 

(b)    Notwithstanding any provision of this Agreement, Issuer shall not be under any obligation to issue any Letter of
Credit if (i) any order, judgment or decree of any Governmental Body or arbitrator shall by its terms purport to enjoin or restrain Issuer from issuing any Letter of Credit, or any Law applicable to Issuer or any request or directive (whether
or not having the force of law) from any Governmental Body with jurisdiction over Issuer shall prohibit, or request that Issuer refrain from, the issuance of letters of credit generally or the Letter of Credit in particular or shall impose upon
Issuer with respect to the Letter of Credit any restriction, reserve or capital requirement (for which Issuer is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon Issuer any unreimbursed loss, cost or
expense which was not applicable on the Closing Date, and which Issuer in good faith deems material to it, or (ii) the issuance of the Letter of Credit would violate one or more policies of Issuer applicable to letters of credit generally. 

(c)    Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations of a
Subsidiary, Borrowers shall be obligated to reimburse Issuer hereunder for any and all drawings under such Letter of Credit. Borrowers hereby acknowledge that the issuance of Letters of Credit for the benefit of any Subsidiary inures to the benefit
of Borrowers, and that Borrowers’ business derives substantial benefits from the business of such Subsidiary. 

2.12.    Issuance of Letters of Credit. 

(a)    Borrowing Agent, on behalf of any Borrower, may request Issuer to issue or cause the issuance of a Letter of Credit
by delivering to Issuer, with a copy to Agent at the Payment Office, prior to 1:00 p.m., at least three (3) Business Days (or such shorter period as Issuer may agree) prior to the proposed date of issuance, such Issuer’s form of Letter of
Credit Application (the “Letter of Credit Application”) completed to the satisfaction of Agent and Issuer, together with such other certificates, documents and other papers and information as Agent or Issuer may reasonably request.
Issuer shall not issue any requested Letter of Credit if such Issuer has received notice from Agent or any Lender that one or more of the applicable conditions set forth in Section 8.2 of this Agreement have not been satisfied or the
commitments of Lenders to make Revolving Advances hereunder have been terminated for any reason. 
 (b)    Each Letter
of Credit shall, among other things, (i) provide for the payment of sight drafts, other written demands for payment, or acceptances of usance drafts when presented for honor thereunder in accordance with the terms thereof and when accompanied
by the documents described therein and (ii) have an initial expiry date not later than twelve (12) months after such Letter of Credit’s date of issuance and in no event later than the last day of the Term. Borrowers understand and
agree that Issuer is not required to extend the expiry date of any Letter of Credit for any reason, but that at Borrowers’ request and in the sole discretion of Issuer, Issuer may agree to issue a Letter of Credit with an “automatic
amendment” provision to extend the expiry date thereof to twelve (12) months following the 

  
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then-current expiry date. With respect to any such Letter of Credit containing an “automatic amendment” provision, Issuer, in its sole and absolute discretion, subject to the terms of
such Letter of Credit, may give notice of non-renewal of such Letter of Credit at any time prior to the then-current expiry date, and, if Borrowers do not at any time want the then-current expiry date of such
Letter of Credit to be extended, Borrowers will so notify Agent and Issuer at least thirty (30) calendar days before Issuer is required to notify the beneficiary of such Letter of Credit or any advising bank of such non-extension pursuant to the terms of such Letter of Credit. As a condition to renewal of any such Letter of Credit past the last day of the Term, Issuer may require, and Borrowers shall provide upon request of
Issuer (which request may be upon such renewal or at such later date, but in any event on or prior to the last day of the Term), cash collateral in an amount equal to one hundred and three percent (103%) of the Maximum Undrawn Amount of such Letter
of Credit, in accordance with Section 3.2(b). 
 (c)    Each standby Letter of Credit shall be subject either to
the Uniform Customs and Practice for Documentary Credits as most recently published by the International Chamber of Commerce at the time a Letter of Credit is issued (the “UCP”) or the International Standby Practices (International
Chamber of Commerce Publication Number 590) (the “ISP98 Rules”), or any subsequent revision thereof at the time a standby Letter of Credit is issued, as determined by Issuer, and each trade Letter of Credit shall be subject to the
UCP. In addition, no trade Letter of Credit may permit the presentation of an ocean bill of lading that includes a condition that the original bill of lading is not required to claim the goods shipped thereunder. 

(d)    Agent shall use its reasonable efforts to notify Lenders of the request by Borrowing Agent for a Letter of Credit
hereunder. Any Issuer (other than Agent) shall notify Agent in writing no later than the Business Day prior to the Business Day on which such Issuer issues any Letter of Credit. In addition, each Issuer (other than Agent) shall, on the first
Business Day of each week, submit to Agent a report detailing the daily undrawn amount of each Letter of Credit issued by such Issuer during the prior calendar week. 

(e)    Each party hereto hereby acknowledges and agrees that all Existing Letters of Credit shall constitute Letters of
Credit under this Agreement on and after the Closing Date with the same effect as if such Existing Letters of Credit were issued by Issuer at the request of Borrowers on the Closing Date. 

2.13.    Requirements For Issuance of Letters of Credit. 

(a)    Borrowing Agent shall authorize and direct any Issuer to name the applicable Borrower as the “Applicant”
or “Account Party” of each Letter of Credit. If Agent is not the Issuer of any Letter of Credit, Borrowing Agent shall authorize and direct such Issuer to deliver to Agent all instruments, documents, and other writings and property
received by such Issuer pursuant to such Letter of Credit and to accept and rely upon Agent’s instructions and agreements with respect to all matters arising in connection with such Letter of Credit, and the application therefor. 

(b)    In connection with all trade Letters of Credit issued or caused to be issued by Issuer under this Agreement, each
Borrower hereby appoints Issuer, or its designee, as its attorney, with full power and authority if an Event of Default shall have occurred and be 

  
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continuing: (i) to sign and/or endorse such Borrower’s name upon any warehouse or other receipts, and acceptances; (ii) to sign such Borrower’s name on bills of lading;
(iii) to clear Inventory through the United States of America Customs Department (“Customs”) in the name of such Borrower or Issuer or Issuer’s designee, and to sign and deliver to Customs officials powers of attorney in
the name of such Borrower for such purpose; and (iv) to complete in such Borrower’s name or Issuer’s name, or in the name of Issuer’s designee, any order, sale or transaction, obtain the necessary documents in connection
therewith, and collect the proceeds thereof. This power, being coupled with an interest, is irrevocable as long as any trade Letters of Credit remain outstanding. Neither Agent, Issuer nor their attorneys will be liable for any acts or omissions nor
for any error of judgment or mistakes of fact or law, except for Agent’s, Issuer’s or their respective attorney’s gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final non-appealable judgment). 
 2.14.    Disbursements, Reimbursement. 

(a)    Immediately upon the issuance of each Letter of Credit, each Lender holding a Revolving Commitment shall be deemed
to, and hereby irrevocably and unconditionally agrees to, purchase from Issuer a participation in each Letter of Credit and each drawing thereunder in an amount equal to such Lender’s Revolving Commitment Percentage of the Maximum Undrawn
Amount of such Letter of Credit (as in effect from time to time) and the amount of such drawing, respectively. 

(b)    In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof,
Issuer will promptly notify Agent and Borrowing Agent. Provided that Borrowing Agent shall have received such notice, Borrowers shall reimburse (such obligation to reimburse Issuer shall sometimes be referred to as a “Reimbursement
Obligation”) Issuer prior to 12:00 Noon, on the first Business Day immediately following each date that an amount is paid by Issuer under any Letter of Credit (each such date, a “Drawing Date”) in an amount equal to the
amount so paid by Issuer. In the event Borrowers fail to reimburse Issuer for the full amount of any drawing under any Letter of Credit by 12:00 Noon, on the first Business Day immediately following the Drawing Date (regardless of whether Borrowing
Agent shall have received notice), Issuer will promptly notify Agent and each Lender holding a Revolving Commitment thereof, and Borrowers shall be automatically deemed to have requested that a Revolving Advance maintained as a Domestic Rate Loan be
made by Lenders to be disbursed on the first Business Day immediately following the Drawing Date under such Letter of Credit, and Lenders holding the Revolving Commitments shall be unconditionally obligated to fund such Revolving Advance (all
whether or not the conditions specified in Section 8.2 are then satisfied or the commitments of Lenders to make Revolving Advances hereunder have been terminated for any reason) as provided for in Section 2.14(c) immediately below. Any
notice given by Issuer pursuant to this Section 2.14(b) may be oral if promptly confirmed in writing; provided, that, the lack of such a confirmation shall not affect the conclusiveness or binding effect of such notice. 

(c)    Each Lender holding a Revolving Commitment shall upon any notice pursuant to Section 2.14(b) make available
to Issuer through Agent at the Payment Office an amount in immediately available funds equal to its Revolving Commitment Percentage (subject to any contrary provisions of Section 2.22) of the amount of the applicable drawing, whereupon

  
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the participating Lenders shall (subject to Section 2.14(d)) each be deemed to have made a Revolving Advance maintained as a Domestic Rate Loan to Borrowers in that amount. If any Lender
holding a Revolving Commitment so notified fails to make available to Agent, for the benefit of Issuer, the amount of such Lender’s Revolving Commitment Percentage of such amount by 2:00 p.m. on the first Business Day immediately following the
Drawing Date, then interest shall accrue on such Lender’s obligation to make such payment, from the first Business Day immediately following the Drawing Date to the date on which such Lender makes such payment (i) at a rate per annum equal
to the Federal Funds Effective Rate during the first three (3) days following the first Business Day immediately following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Revolving Advances maintained as a
Domestic Rate Loan on and after the fourth day following the first Business Day immediately following the Drawing Date. Agent and Issuer will promptly give notice of the occurrence of the Drawing Date, but failure of Agent or Issuer to give any such
notice on the Drawing Date or in sufficient time to enable any Lender holding a Revolving Commitment to effect such payment on the first Business Day immediately following such Drawing Date shall not relieve such Lender from its obligations under
this Section 2.14(c); provided, that, such Lender shall not be obligated to pay interest as provided in Section 2.14(c)(i) and (ii) until and commencing from the date of receipt of notice from Agent or Issuer of a
drawing. 
 (d)    With respect to any unreimbursed drawing that is not converted into a Revolving Advance maintained
as a Domestic Rate Loan to Borrowers in whole or in part as contemplated by Section 2.14(b), because of Borrowers’ failure to satisfy the conditions set forth in Section 8.2 hereof (other than any notice requirements) or for any other
reason, Borrowers shall be deemed to have incurred from Agent a borrowing (each a “Letter of Credit Borrowing”) in the amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with
interest) and shall bear interest at the rate per annum applicable to a Revolving Advance maintained as a Domestic Rate Loan. Each applicable Lender’s payment to Agent pursuant to Section 2.14(c) shall be deemed to be a payment in respect
of its participation in such Letter of Credit Borrowing and shall constitute a “Participation Advance” from such Lender in satisfaction of its Participation Commitment in respect of the applicable Letter of Credit under this
Section 2.14. 
 (e)    Each applicable Lender’s Participation Commitment in respect of the Letters of Credit
shall continue until the last to occur of any of the following events: (x) Issuer ceases to be obligated to issue or cause to be issued Letters of Credit hereunder; (y) no Letter of Credit issued or created hereunder remains outstanding
and uncancelled; and (z) all Persons (other than Borrowers) have been fully reimbursed for all payments made under or relating to Letters of Credit. 

2.15.    Repayment of Participation Advances. 

(a)    Upon (and only upon) receipt by Agent for the account of Issuer of immediately available funds from Borrowers
(i) in reimbursement of any payment made by Issuer or Agent under the Letter of Credit with respect to which any Lender has made a Participation Advance to Agent, or (ii) in payment of interest on such a payment made by Issuer or Agent
under such a Letter of Credit, Agent will pay to each Lender holding a Revolving Commitment, in the same funds as those received by Agent, the amount of such Lender’s 

  
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Revolving Commitment Percentage of such funds, except Agent shall retain the amount of the Revolving Commitment Percentage of such funds of any Lender holding a Revolving Commitment that did not
make a Participation Advance in respect of such payment by Issuer or Agent (and, to the extent that any of the other Lender(s) holding a Revolving Commitment have funded any portion of such Defaulting Lender’s Participation Advance in
accordance with the provisions of Section 2.22, Agent will pay over to such Non-Defaulting Lenders a pro rata portion of the funds so withheld from such Defaulting Lender). 

(b)    If Issuer or Agent is required at any time to return to any Borrower, or to a trustee, receiver, liquidator,
custodian, or any official in any insolvency proceeding, any portion of the payments made by Borrowers or Guarantors to Issuer or Agent pursuant to Section 2.15(a) in reimbursement of a payment made under any Letter of Credit or interest or fee
thereon, each applicable Lender shall, on demand of Agent, forthwith return to Issuer or Agent the amount of its Revolving Commitment Percentage of any amounts so returned by Issuer or Agent plus interest at the Federal Funds Effective Rate. 

2.16.    Documentation. Each Borrower agrees to be bound by the terms of the Letter of Credit Application and by
Issuer’s reasonable, good faith interpretations of any Letter of Credit issued on behalf of such Borrower and by Issuer’s written regulations and customary practices relating to letters of credit, though Issuer’s interpretations may
be different from such Borrower’s own. In the event of a conflict between the Letter of Credit Application and this Agreement, this Agreement shall govern. It is understood and agreed that, except in the case of gross negligence or willful
misconduct (as determined by a court of competent jurisdiction in a final non-appealable judgment), Issuer shall not be liable for any error, negligence and/or mistakes, whether of omission or commission, in
following Borrowing Agent’s or any Borrower’s instructions or those contained in the Letters of Credit or any modifications, amendments or supplements thereto. 

2.17.    Determination to Honor Drawing Request. In determining whether to honor any request for drawing under any
Letter of Credit by the beneficiary thereof, Issuer shall be responsible only to determine that the documents and certificates required to be delivered under such Letter of Credit have been delivered and that they comply on their face with the
requirements of such Letter of Credit and that any other drawing condition appearing on the face of such Letter of Credit has been satisfied in the manner so set forth. 

2.18.    Nature of Participation and Reimbursement Obligations. The obligation of each Lender holding a Revolving
Commitment in accordance with this Agreement to make the Revolving Advances or Participation Advances, as applicable, as a result of a drawing under a Letter of Credit, and the obligations of Borrowers to reimburse Issuer upon a draw under a Letter
of Credit, shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Section 2.18 under all circumstances, including the following circumstances: 

(i)    any set-off, counterclaim, recoupment, defense or other right which such
Lender or any Borrower, as the case may be, may have against Issuer, Agent, any Borrower or any Lender, as the case may be, or any other Person for any reason whatsoever; 

  
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 (ii)    the failure of any Borrower or any other Person to comply, in
connection with a Letter of Credit Borrowing, with the conditions set forth in this Agreement for the making of a Revolving Advance, it being acknowledged that such conditions are not required for the making of a Letter of Credit Borrowing and the
obligation of Lenders to make Participation Advances under Section 2.14; 
 (iii)    any lack of validity or
enforceability of any Letter of Credit; 
 (iv)    any claim of breach of warranty that might be made by any Borrower,
Agent, Issuer or any Lender against the beneficiary of a Letter of Credit, or the existence of any claim, set-off, recoupment, counterclaim, cross-claim, defense or other right which any Borrower, Agent,
Issuer or any Lender may have at any time against a beneficiary, any successor beneficiary or any transferee of any Letter of Credit or assignee of the proceeds thereof (or any Persons for whom any such transferee or assignee may be acting), Issuer,
Agent or any Lender or any other Person, whether in connection with this Agreement, the transactions contemplated herein or any unrelated transaction (including any underlying transaction between any Borrower or any Subsidiaries of such Borrower and
the beneficiary for which any Letter of Credit was procured); 
 (v)    the lack of power or authority of any signer of
(or any defect in or forgery of any signature or endorsement on) or the form of or lack of validity, sufficiency, accuracy, enforceability or genuineness of any draft, demand, instrument, certificate or other document presented under or in
connection with any Letter of Credit, or any fraud or alleged fraud in connection with any Letter of Credit, or the transport of any property or provision of services relating to a Letter of Credit, in each case even if Issuer or any of
Issuer’s Affiliates has been notified thereof; 
 (vi)    payment by Issuer under any Letter of Credit against
presentation of a demand, draft or certificate or other document which is forged or does not fully comply with the terms of such Letter of Credit (provided, that, the foregoing shall not excuse Issuer from any obligation under the
terms of any applicable Letter of Credit to require the presentation of documents that on their face appear to satisfy any applicable requirements for drawing under such Letter of Credit prior to honoring or paying any such draw); 

(vii)    the solvency of, or any acts or omissions by, any beneficiary of any Letter of Credit, or any other Person
having a role in any transaction or obligation relating to a Letter of Credit, or the existence, nature, quality, quantity, condition, value or other characteristic of any property or services relating to a Letter of Credit; 

(viii)    any failure by Issuer or any of Issuer’s Affiliates to issue any Letter of Credit in the form requested by
Borrowing Agent, unless Agent and Issuer have each received written notice from Borrowing Agent of such failure within three (3) Business Days after Issuer shall have furnished Agent and Borrowing Agent a copy of such Letter of Credit and such
error is material and no drawing has been made thereon prior to receipt of such notice; 
 (ix)    the occurrence of
any Material Adverse Effect; 

  
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 (x)    any breach of this Agreement or any Other Document by any party
thereto; 
 (xi)    the occurrence or continuance of an Insolvency Event with respect to any Borrower or any Guarantor;

 (xii)    the fact that a Default or an Event of Default shall have occurred and be continuing; 

(xiii)    the fact that the Term shall have expired or this Agreement or the obligations of Lenders to make Advances have
been terminated; and 
 (xiv)    any other circumstance or happening whatsoever, whether or not similar to any of the
foregoing. 
 2.19.    Liability for Acts and Omissions. 

(a)    As between Borrowers and Issuer, Swing Loan Lender, Agent and Lenders, each Borrower assumes all risks of the acts
and omissions of, or misuse of the Letters of Credit by, the respective beneficiaries of such Letters of Credit, other than as a result of the gross negligence or willful misconduct of the Issuer as determined by a final non-appealable judgment of a court of competent jurisdiction. In furtherance and not in limitation of the foregoing, Issuer shall not be responsible for: (i) the form, validity, sufficiency, accuracy,
genuineness or legal effect of any document submitted by any party in connection with the application for an issuance of any such Letter of Credit, even if it should in fact prove to be in any or all respects invalid, insufficient, inaccurate,
fraudulent or forged (even if Issuer or any of its Affiliates shall have been notified thereof); (ii) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any such Letter of Credit or the rights
or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (iii) the failure of the beneficiary of any such Letter of Credit, or any other party to which such Letter of Credit
may be transferred, to comply fully with any conditions required in order to draw upon such Letter of Credit or any other claim of any Borrower or Guarantor against any beneficiary of such Letter of Credit, or any such transferee, or any dispute
between or among any Borrower or Guarantor and any beneficiary of any Letter of Credit or any such transferee; (iv) errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable, facsimile, telex or
otherwise, whether or not they be in cipher; (v) errors in interpretation of technical terms; (vi) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any such Letter of Credit or of
the proceeds thereof; (vii) the misapplication by the beneficiary of any such Letter of Credit of the proceeds of any drawing under such Letter of Credit; or (viii) any consequences arising from causes beyond the control of Issuer,
including any Governmental Acts, and none of the above shall affect or impair, or prevent the vesting of, any of Issuer’s rights or powers hereunder. Nothing in the preceding sentence shall relieve Issuer from liability for Issuer’s gross
negligence or willful misconduct (as determined by a court of competent jurisdiction in a final non-appealable judgment) in connection with actions or omissions described in such clauses (i) through
(viii) of such sentence. In no event shall Issuer or Issuer’s Affiliates be liable to any Borrower for any indirect, consequential, incidental, punitive, exemplary or special damages or expenses (including without limitation
attorneys’ fees), or for any damages resulting from any change in the value of any property relating to a Letter of Credit. 

  
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 (b)    Without limiting the generality of the foregoing, Issuer and each of
its Affiliates: (i) may rely on any oral or other communication believed in good faith by Issuer or such Affiliate to have been authorized or given by or on behalf of the applicant for a Letter of Credit; (ii) may honor any presentation if
the documents presented appear on their face substantially to comply with the terms and conditions of the relevant Letter of Credit; (iii) may honor a previously dishonored presentation under a Letter of Credit, whether such dishonor was
pursuant to a court order, to settle or compromise any claim of wrongful dishonor, or otherwise, and shall be entitled to reimbursement to the same extent as if such presentation had initially been honored, together with any interest paid by Issuer
or its Affiliates; (iv) may honor any drawing that is payable upon presentation of a statement advising negotiation or payment, upon receipt of such statement (even if such statement indicates that a draft or other document is being delivered
separately), and shall not be liable for any failure of any such draft or other document to arrive, or to conform in any way with the relevant Letter of Credit; (v) may pay any paying or negotiating bank claiming that it rightfully honored
under the laws or practices of the place where such bank is located; and (vi) may settle or adjust any claim or demand made on Issuer or its Affiliate in any way related to any order issued at the applicant’s request to an air carrier, a
letter of guarantee or of indemnity issued to a steamship agent or carrier or any document or instrument of like import (each an “Order”) and honor any drawing in connection with any Letter of Credit that is the subject of such
Order, notwithstanding that any drafts or other documents presented in connection with such Letter of Credit fail to conform in any way with such Letter of Credit. 

(c)    In furtherance and extension and not in limitation of the specific provisions set forth above, any action taken or
omitted by Issuer under or in connection with the Letters of Credit issued by it or any documents and certificates delivered thereunder, if taken or omitted in good faith and without gross negligence or willful misconduct (in either case, as
determined by a court of competent jurisdiction in a final non-appealable judgment), shall not put Issuer under any resulting liability to any Borrower, Agent or any Lender. 

2.20.    Mandatory Prepayments. 

(a)    Borrower shall prepay the Advances as and when required pursuant to Section 2.9. Any amounts prepaid shall be
applied (i) first, to the outstanding Swing Loans, (ii) second, pro rata according to the applicable Revolving Commitment Percentages of Lenders, to the outstanding Revolving Advances (including cash collateralization of all
Obligations relating to any outstanding Letters of Credit in accordance with the provisions of Section 3.2(b); provided, however, that if no Default or Event of Default has occurred and is continuing, such repayments shall be
applied to cash collateralize any Obligations related to outstanding Letters of Credit last) (subject to any contrary provisions of Section 2.22), and (iii) third, pro rata according to the applicable FILO Commitment Percentages of
Lenders, to the outstanding FILO Advances (subject to any contrary provisions of Section 2.22), subject to Borrowers’ ability to reborrow Revolving Advances and FILO Advances in accordance with the terms hereof. 

  
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 (b)    The Borrower shall prepay the Advances (including cash
collateralization of all Obligations relating to any outstanding Letters of Credit in accordance with the provisions of Section 3.2(b); provided, however, that if no Default or Event of Default has occurred and is continuing, such
repayments shall be applied to cash collateralize any Obligations related to outstanding Letters of Credit last) in accordance with the provisions of Section 4.8(h) hereof. 

2.21.    Use of Proceeds. 

(a)    Borrowers shall apply the proceeds of Advances to (i) repay existing indebtedness owing under the Existing
FINL Credit Agreement, (ii) provide for a portion of the consideration for the Transactions and pay fees and expenses relating to the Transactions, and (iii) fund ongoing working capital, Capital Expenditures, Permitted Acquisitions and
general corporate purposes, in each case to the extent permitted hereunder. 
 (b)    Without limiting the generality
of Section 2.21(a) above, none of the Borrowers, the Guarantors, or any other Person which may in the future become party to this Agreement or the Other Documents as a Borrower or Guarantor, intends to use nor shall they use any portion of the
proceeds of the Advances, directly or indirectly, (i) to purchase or carry any Margin Stock or to extend credit to others for the purpose of purchasing or carrying any Margin Stock or for any purpose that violates the provisions of Regulation
T, U, or X of the Board of Governors of the Federal Reserve System, (ii) to make any payments to a Sanctioned Entity or a Sanctioned Person, to fund any investments, loans or contributions in, or otherwise make such proceeds available to, a
Sanctioned Entity or a Sanctioned Person, to fund any operations, activities or business of a Sanctioned Entity or a Sanctioned Person, or in any other manner that would result in a violation of Sanctions by any Person, (iii) in furtherance of
an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Sanctions, Anti-Corruption Laws or Anti-Money Laundering Laws, or (iv) for any other purpose in
violation of Applicable Law. 
 2.22.    Defaulting Lender. 

(a)    Notwithstanding anything to the contrary contained herein, in the event any Lender is a Defaulting Lender, all
rights and obligations hereunder of such Defaulting Lender and of the other parties hereto shall be modified to the extent of the express provisions of this Section 2.22 so long as such Lender is a Defaulting Lender. 

(b)    (i) Except as otherwise expressly provided for in this Section 2.22, (x) Revolving Advances shall be made pro
rata from Lenders holding Revolving Commitments which are not Defaulting Lenders based on their respective Revolving Commitment Percentages, and no Revolving Commitment Percentage of any Lender or any pro rata share of any Revolving Advances
required to be advanced by any Lender shall be increased as a result of any Lender being a Defaulting Lender, and (y) FILO Advances shall be made pro rata from Lenders holding FILO Commitments which are not Defaulting Lenders based on their
respective FILO Commitment Percentages, and no FILO Commitment Percentage of any Lender or any pro rata share of any FILO Advances required to be advanced by any Lender shall be increased as a result of any Lender being a Defaulting Lender. Amounts
received in respect of principal of any 

  
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type of Revolving Advances or FILO Advances, as applicable, shall be applied to reduce such type of Revolving Advances or FILO Advances, as applicable, of each Lender (other than any Defaulting
Lender) holding a Revolving Commitment or a FILO Commitment, as applicable, in accordance with their Revolving Commitment Percentages or FILO Commitment Percentages, as applicable; provided, that, Agent shall not be obligated to
transfer to a Defaulting Lender any payments received by Agent for Defaulting Lender’s benefit, nor shall a Defaulting Lender be entitled to the sharing of any payments hereunder (including any principal, interest or fees). Amounts payable to a
Defaulting Lender shall instead be paid to or retained by Agent. Agent may hold and, in its discretion, re-lend to a Borrower the amount of such payments received or retained by it for the account of such
Defaulting Lender; 
 (ii)    Fees pursuant to Section 3.3 hereof shall cease to accrue in favor of such
Defaulting Lender; 
 (iii)    If any Swing Loans are outstanding or any Letters of Credit (or drawings under any
Letter of Credit for which Issuer has not been reimbursed) are outstanding or exist at the time any such Lender holding a Revolving Commitment becomes a Defaulting Lender, then: 

(A)    Such Defaulting Lender’s Participation Commitment in the outstanding Swing Loans and of the Maximum Undrawn
Amount of all outstanding Letters of Credit shall be reallocated among Non-Defaulting Lenders holding Revolving Commitments in proportion to the respective Revolving Commitment Percentages of such Non-Defaulting Lenders to the extent (but only to the extent) that (x) such reallocation does not cause the aggregate sum of outstanding Revolving Advances made by any such
Non-Defaulting Lender holding a Revolving Commitment plus such Lender’s reallocated Participation Commitment in the outstanding Swing Loans plus such Lender’s reallocated Participation Commitment in
the aggregate Maximum Undrawn Amount of all outstanding Letters of Credit to exceed the Revolving Commitment Amount of any such Non-Defaulting Lender, and (y) no Event of Default has occurred and is
continuing at such time; 
 (B)    if the reallocation described in clause (A) above cannot, or can only
partially, be effected, Borrowers shall within one Business Day following notice by Agent (x) first, prepay any outstanding Swing Loans that cannot be reallocated, and (y) second, cash collateralize for the benefit of Issuer,
Borrowers’ obligations corresponding to such Defaulting Lender’s Participation Commitment in the Maximum Undrawn Amount of all Letters of Credit (after giving effect to any partial reallocation pursuant to clause (A) above) in
accordance with Section 3.2(b) for so long as such Obligations are outstanding (provided, that, so long as no Event of Default is then continuing, such cash collateral shall be released to Borrowers if at any time such Defaulting
Lender no longer constitutes a Defaulting Lender hereunder); 
 (C)    if Borrowers cash collateralize any portion of
such Defaulting Lender’s Participation Commitment in the Maximum Undrawn Amount of all Letters of Credit pursuant to clause (B) above, Borrowers shall not be required to pay any fees to such Defaulting Lender pursuant to
Section 3.2(a) with respect to such Defaulting Lender’s Revolving Commitment Percentage of the Maximum Undrawn Amount of all Letters of Credit during the period such Defaulting Lender’s Participation Commitment in the Maximum Undrawn
Amount of all Letters of Credit is cash collateralized; 

  
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 (D)    if Defaulting Lender’s Participation Commitment in the Maximum
Undrawn Amount of all Letters of Credit is reallocated pursuant to clause (A) above, then the fees payable to Lenders holding Revolving Commitments pursuant to Section 3.2(a) shall be adjusted and reallocated to Non-Defaulting Lenders holding Revolving Commitments in accordance with such reallocation; and 

(E)    if all or any portion of such Defaulting Lender’s Participation Commitment in the Maximum Undrawn Amount of
all Letters of Credit is neither reallocated nor cash collateralized pursuant to clause (A) or (B) above, then, without prejudice to any rights or remedies of Issuer or any other Lender hereunder, all Letter of Credit Fees payable under
Section 3.2(a) with respect to such Defaulting Lender’s Revolving Commitment Percentage of the Maximum Undrawn Amount of all Letters of Credit shall be payable to the Issuer (and not to such Defaulting Lender) until (and then only to the
extent that) such Participation Commitment in the Maximum Undrawn Amount of all Letters of Credit is reallocated and/or cash collateralized. 

(iv)    So long as any Lender holding a Revolving Commitment is a Defaulting Lender, Swing Loan Lender shall not be
required to fund any Swing Loans and Issuer shall not be required to issue, amend or increase any Letter of Credit, unless such Issuer is satisfied that the related exposure and Defaulting Lender’s Participation Commitment in the Maximum
Undrawn Amount of all Letters of Credit and all Swing Loans (after giving effect to any such issuance, amendment, increase or funding) will be fully allocated to Non-Defaulting Lenders holding Revolving
Commitments and/or cash collateral for such Letters of Credit will be provided by Borrowers in accordance with clauses (A) and (B) above, and participating interests in any newly made Swing Loan or any newly issued or increased Letter of Credit
shall be allocated among Non-Defaulting Lenders in a manner consistent with Section 2.22(b)(iii)(A) above (and such Defaulting Lender shall not participate therein). 

(c)    A Defaulting Lender shall not be entitled to give instructions to Agent or to approve, disapprove, consent to or
vote on any matters relating to this Agreement and the Other Documents, and all amendments, waivers and other modifications of this Agreement and the Other Documents may be made without regard to a Defaulting Lender and, for purposes of the
definitions of “Required Lenders” and “Supermajority Lenders”, a Defaulting Lender shall not be deemed to be a Lender, to have any outstanding Advances or a Revolving Commitment Percentage or FILO Commitment Percentage;
provided, that, this clause (c) shall not apply to the vote of a Defaulting Lender in the case of an amendment, waiver or other modification described in clause (i) or (ii) of Section 16.2(b). 

(d)    Other than as expressly set forth in this Section 2.22, the rights and obligations of a Defaulting Lender
(including the obligation to indemnify Agent) and the other parties hereto shall remain unchanged. Nothing in this Section 2.22 shall be deemed to release any Defaulting Lender from its obligations under this Agreement and the Other Documents,
shall alter such obligations, shall operate as a waiver of any default by such Defaulting Lender hereunder, or shall prejudice any rights which any Borrower, any Guarantor, Agent or any Lender may have against any Defaulting Lender as a result of
any default by such Defaulting Lender hereunder. 

  
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 (e)    In the event that Agent, Borrowers, Swing Loan Lender and Issuer
agree in writing that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then Agent will so notify the parties hereto, and, if such cured Defaulting Lender is a Lender holding a Revolving
Commitment, then the Participation Commitments of Lenders holding Revolving Commitments (including such cured Defaulting Lender) of the Swing Loans and Maximum Undrawn Amount of all outstanding Letters of Credit shall be reallocated to reflect the
inclusion of such Lender’s Revolving Commitment, and on such date such Lender shall purchase at par such of the Revolving Advances of the other Lenders as Agent shall determine may be necessary in order for such Lender to hold such Revolving
Advances in accordance with its Revolving Commitment Percentage. 
 (f)    If Swing Loan Lender or Issuer has a good
faith belief that any Lender holding a Revolving Commitment has defaulted in fulfilling its obligations under one or more other agreements in which such Lender commits to extend credit, Swing Loan Lender shall not be required to fund any Swing Loans
and Issuer shall not be required to issue, amend or increase any Letter of Credit, unless Swing Loan Lender or Issuer, as the case may be, shall have entered into arrangements with Borrowers or such Lender, satisfactory to Swing Loan Lender or
Issuer, as the case may be, to defease any risk to it in respect of such Lender hereunder. 
 2.23.    Payment of
Obligations. Agent may charge to Borrowers’ Account as a Revolving Advance, as a FILO Advance or, at the discretion of Swing Loan Lender, as a Swing Loan (i) all payments with respect to any of the Obligations required hereunder
(including without limitation principal payments, payments of interest, payments of Letter of Credit Fees and all other fees provided for hereunder and payments under Sections 16.5 and 16.9) as and when each such payment shall become due and payable
(whether as regularly scheduled, upon or after acceleration, upon maturity or otherwise), (ii) without limiting the generality of the foregoing clause (i), (a) all amounts expended by Agent or any Lender pursuant to Section 4.2 or 4.3
hereof and (b) all reasonable and documented out-of-pocket expenses which Agent incurs in connection with the forwarding of Advance proceeds and the establishment and maintenance of any Blocked Accounts or Depository Accounts as provided
for in Section 4.8(h), and (iii) any sums expended by Agent or any Lender due to any Borrower’s failure to perform or comply with its obligations under this Agreement or any Other Document including any Borrower’s
obligations under Sections 3.3, 3.4, 4.4, 4.6, 4.7, 6.4, 6.6, 6.7 and 6.8 hereof, and all amounts so charged shall be added to the Obligations and shall be secured by the Collateral, and in each case Agent shall provide prompt notice thereof to
Borrowing Agent (but any failure to provide any such notice shall not affect the liability of Borrowers and Guarantors for such amounts). To the extent Revolving Advances or FILO Advances are not actually funded by the other Lenders in respect of
any such amounts so charged, all such amounts so charged shall be deemed to be Revolving Advances or FILO Advances, as applicable, made by and owing to Agent and Agent shall be entitled to all rights (including accrual of interest) and remedies of a
Lender under this Agreement and the Other Documents with respect to such Revolving Advances or FILO Advances, as applicable. 

  
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 2.24.    Increase in Maximum Revolving Advance Amount. 

(a)    Borrowers may, at any time, request that the Maximum Revolving Advance Amount be increased by (1) one or more
of the current Lenders increasing their Revolving Commitment Amount (any current Lender which elects to increase its Revolving Commitment Amount shall be referred to as an “Increasing Lender”) or (2) one or more new lenders
(each a “New Lender”) joining this Agreement and providing a Revolving Commitment Amount hereunder, subject to the following terms and conditions: 

(i)    no current Lender shall be obligated to increase its Revolving Commitment Amount and any increase in the Revolving
Commitment Amount by any current Lender shall be in the sole discretion of such current Lender; 
 (ii)    Borrowers
may not request the addition of a New Lender unless (and then only to the extent that) there is insufficient participation on behalf of the existing Lenders in the increased Revolving Commitments being requested by Borrowers; 

(iii)    there shall exist no Event of Default on the effective date of such increase after giving effect to such
increase; 
 (iv)    after giving effect to such increase, the Maximum Revolving Advance Amount shall not exceed
$400,000,000 minus the amount of any previous reduction of the Revolving Commitments implemented in accordance with Section 2.25; 

(v)    Borrowers may not request an increase in the Maximum Revolving Advance Amount under this Section 2.24 more
than four (4) times during the Term, and no single such increase in the Maximum Revolving Advance Amount shall be for an amount less than $25,000,000; 

(vi)    Borrowers and Guarantors shall deliver to Agent on or before the effective date of such increase the following
documents in form and substance reasonably satisfactory to Agent: (1) certifications of their corporate secretaries with attached resolutions certifying that the increase in the Revolving Commitment Amounts has been approved by Borrowers and
Guarantors, (2) certificate dated as of the effective date of such increase certifying that no Default or Event of Default shall have occurred and be continuing and certifying that the representations and warranties made by each Borrower and
Guarantor herein and in the Other Documents are true and correct in all material respects with the same force and effect as if made on and as of such date (except (x) to the extent any such representation or warranty is qualified by materiality
or “Material Adverse Effect” or similar language, in which case such representation and warranty is true and correct in all respects, and (y) to the extent any such representation or warranty expressly relates only to any earlier
and/or specified date, in which case such representation and warranty is true and correct in all material respects (or in all respects, as applicable) as of such earlier and/or specified date), (3) such other agreements, instruments and information
(including supplements or modifications to this Agreement and/or the Other Documents executed by Borrowers and Guarantors as Agent reasonably deems necessary in order to document the increase to the Maximum Revolving Advance Amount and to protect,
preserve and continue the perfection and priority of the liens, security interests, rights and remedies of Agent and Lenders hereunder and under the Other Documents in light of such increase, and (4) an opinion of counsel in form and substance
reasonably satisfactory to Agent 

  
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which shall cover such matters related to such increase as Agent may reasonably require and each Borrower and Guarantor hereby authorizes and directs such counsel to deliver such opinions to
Agent and Lenders; 
 (vii)    Borrowers shall execute and deliver (1) to each Increasing Lender a replacement
Note reflecting the new amount of such Increasing Lender’s Revolving Commitment Amount after giving effect to the increase (and the prior Note issued to such Increasing Lender shall be promptly returned by such Increasing Lender to the
Borrowing Agent and deemed to be cancelled) and (2) to each New Lender a Note reflecting the amount of such New Lender’s Revolving Commitment Amount; 

(viii)    any New Lender shall be subject to the approval of Agent, Issuer and the Borrowing Agent (which approval shall
not be unreasonably withheld, conditioned or delayed); 
 (ix)    each Increasing Lender shall confirm its agreement to
increase its Revolving Commitment Amount pursuant to an acknowledgement in a form reasonably acceptable to Agent, signed by it and each Borrower and delivered to Agent at least one (1) Business Day before the effective date of such increase;
and 
 (x)    each New Lender shall execute a lender joinder in form and substance reasonably satisfactory to Agent,
pursuant to which such New Lender shall join and become a party to this Agreement and the Other Documents with a Revolving Commitment Amount as set forth in such lender joinder. 

(b)    On the effective date of such increase, (i) Borrowers and Agent shall effect a settlement of all outstanding
Revolving Advances among the Lenders holding Revolving Commitments (including any Increasing Lenders and New Lenders) that will reflect the adjustments to the Revolving Commitment Amounts of the Lenders as a result of such increase, and
(ii) the Revolving Commitment Percentages of Lenders holding a Revolving Commitment (including each Increasing Lender and/or New Lender) shall be recalculated such that each such Lender’s Revolving Commitment Percentage is equal to
(x) the Revolving Commitment Amount of such Lender divided by (y) the aggregate of the Revolving Commitment Amounts of all Lenders. Each Lender shall participate in any new Revolving Advances made on or after such date in accordance
with its Revolving Commitment Percentage after giving effect to the increase in the Maximum Revolving Advance Amount and recalculation of the Revolving Commitment Percentages contemplated by this Section 2.24. 

(c)    On the effective date of such increase, each Increasing Lender shall be deemed to have purchased an
additional/increased participation in, and each New Lender will be deemed to have purchased a new participation in, each then outstanding Letter of Credit and each drawing thereunder and each then outstanding Swing Loan in an amount equal to such
Lender’s Revolving Commitment Percentage (as calculated pursuant to Section 2.24(b) above) of the Maximum Undrawn Amount of each such Letter of Credit (as in effect from time to time) and the amount of each drawing and of each such Swing
Loan, respectively. As necessary to effectuate the foregoing, each existing Lender holding a Revolving Commitment that is not an Increasing Lender shall be deemed to have sold to each applicable Increasing Lender and/or New

  
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Lender, as necessary, a portion of such existing Lender’s participations in such outstanding Letters of Credit and drawings and such outstanding Swing Loans such that, after giving effect to
all such purchases and sales, each Lender holding a Revolving Commitment (including each Increasing Lender and/or New Lender) shall hold a participation in all Letters of Credit (and drawings thereunder) and all Swing Loans in accordance with their
respective Revolving Commitment Percentages (as calculated pursuant to Section 2.24(b) above). 
 (d)    On the
effective date of such increase, Borrowers shall, subject to and in accordance with Section 16.9, pay all reasonable and documented out-of-pocket costs and expenses
incurred by Agent in connection with the negotiations regarding, and the preparation, negotiation, execution and delivery of all agreements and instruments executed and delivered by any of Agent, Borrowers, Guarantors, and/or Increasing Lenders and
New Lenders in connection with, such increase (including all fees for any supplemental or additional public filings of any Other Documents necessary to protect, preserve and continue the perfection and priority of the liens, security interests,
rights and remedies of Agent and Lenders hereunder and under the Other Documents in light of such increase), to the extent a reasonably detailed invoice therefor has been delivered to the Borrowing Agent at least one (1) Business Day prior to
the effective date of such increase. 
 (e)    In connection with any such increase, if any Borrower, Guarantor, or
Subsidiary owns or will acquire any Margin Stock, then to the extent required by Applicable Law or reasonably requested by Agent, Borrowers shall deliver to Agent an updated Form U-1 (with sufficient
additional originals thereof for each Lender), duly executed and delivered by Borrowers, together with such other documentation as Agent shall reasonably request, in order to enable Agent and the Lenders to comply with any of the requirements under
Regulations T, U, or X of the Board of Governors of the Federal Reserve System. 
 2.25.    Decrease in Maximum
Revolving Advance Amount. 
 (a)    Borrowers may, upon irrevocable notice from Borrowing Agent to Agent
(provided, that, such notice may be conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by Borrowers (by notice to Agent on or prior to the specified effective date) if such condition
is not satisfied), terminate the Revolving Commitments or from time to time permanently reduce the Maximum Revolving Advance Amount; provided, that, (i) any such notice shall be received by Agent not later than 1:00 p.m.
(x) ten (10) Business Days prior to the date of termination, or (y) three (3) Business Days prior to the date of reduction, (ii) any such partial reduction shall be in an aggregate amount of $10,000,000 or any whole multiple of
$1,000,000 in excess thereof, (iii) Borrowers shall not terminate or reduce the Revolving Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the aggregate outstanding amount of Revolving Advances
(including, without limitation, Swing Loans, together with the Maximum Undrawn Amount of all outstanding Letters of Credit), would exceed the Maximum Revolving Advance Amount, and (iv) in no event shall the Maximum Revolving Advance Amount be
reduced to less than $150,000,000. 
 (b)    If, after giving effect to any reduction of the Maximum Revolving Advance
Amount, the Letter of Credit Sublimit or the Maximum Swing Loan Advance Amount exceeds the Maximum Revolving Advance Amount, such Letter of Credit Sublimit or Maximum Swing Loan Advance Amount shall be automatically reduced by the amount of such
excess. 

  
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 (c)    In the event that the Revolving Commitments are terminated, the FILO
Commitments shall be automatically terminated. For the avoidance of doubt, the FILO Commitments cannot be reduced hereunder and cannot be terminated except in accordance with the terms of this Section 2.25. 

(d)    Agent will promptly notify the Lenders of any termination or reduction of the Letter of Credit Sublimit, the
Maximum Swing Loan Advance Amount, the Revolving Commitments (or the Maximum Revolving Advance Amount), or the FILO Commitments (or the Maximum FILO Advance Amount). Upon any reduction of the Revolving Commitments, the Revolving Commitment of each
Lender shall be reduced by such Lender’s Revolving Commitment Percentage of such reduction amount. All fees (including, without limitation, commitment fees and Letter of Credit Fees) and interest in respect of the Revolving Commitments and the
FILO Commitments accrued until the effective date of any termination of the Revolving Commitments and FILO Commitments shall be paid on the effective date of such termination. 

(e)    In connection with any reduction in the Revolving Commitments prior to the end of the Term, if any Borrower,
Guarantor, or Subsidiary owns any Margin Stock, then to the extent required by Applicable Law or reasonably requested by Agent, Borrowers shall deliver to Agent an updated Form U-1 (with sufficient additional
originals thereof for each Lender), duly executed and delivered by Borrowers, together with such other documentation as Agent shall reasonably request, in order to enable Agent and the Lenders to comply with any of the requirements under Regulations
T, U, or X of the Board of Governors of the Federal Reserve System. 
  

	III.	INTEREST AND FEES. 

 3.1.    Interest. Interest on Advances shall be
payable in arrears on the first day of each calendar quarter with respect to Domestic Rate Loans and, with respect to LIBOR Rate Loans, at (a) the end of each Interest Period, and (b) for LIBOR Rate Loans with an Interest Period in
excess of three months, at the end of each three month period during such Interest Period; provided, further, that all accrued and unpaid interest shall be due and payable at the end of the Term. Interest charges shall be computed on
the actual principal amount of Advances outstanding from time to time at a rate per annum equal to (i) with respect to Revolving Advances, the applicable Revolving Interest Rate, (ii) with respect to Swing Loans, the
Revolving Interest Rate for Domestic Rate Loans, and (iii) with respect to FILO Advances, the applicable FILO Interest Rate (as applicable, the “Contract Rate”). Except as expressly provided otherwise in this Agreement,
any Obligations other than the Advances that are not paid when due shall accrue interest at the Revolving Interest Rate for Domestic Rate Loans, subject to the provisions of the final sentence of this Section 3.1 regarding the Default
Rate. Whenever, subsequent to the date of this Agreement, the Alternate Base Rate is increased or decreased, the applicable Contract Rate shall be similarly changed without notice or demand of any kind by an amount equal to the amount of such change
in the Alternate Base Rate during the time such change or changes remain in effect. The LIBOR Rate shall be adjusted with respect to LIBOR 

  
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Rate Loans without notice or demand of any kind on the effective date of any change in the Reserve Percentage as of such effective date. Upon the occurrence and during the continuance of an Event
of Default, at the election of Agent or at the direction of Required Lenders (or, in the case of any Event of Default under Section 10.1 or 10.6, immediately and automatically upon the occurrence of any such Event of Default without the
requirement of any affirmative action by any party), the Obligations shall bear interest at the applicable Contract Rate (or, if no rate of interest is applicable thereto, at the Alternate Base Rate) plus two percent (2%) per annum (the
“Default Rate”). 
 3.2.    Letter of Credit Fees. 

(a)    Borrowers shall pay (x) to Agent, for the ratable benefit of Lenders holding Revolving Commitments, fees for
each Letter of Credit for the period from and excluding the date of issuance of same to and including the date of expiration or termination of such Letter of Credit, equal to the aggregate daily face amount of each outstanding Letter of Credit
multiplied by the Applicable Margin for Revolving Advances consisting of LIBOR Rate Loans, such fees to be calculated on the basis of a 360-day year for the actual number of days elapsed and to be payable
quarterly in arrears on the first day of each calendar quarter and on the last day of the Term, and (y) to each Issuer, a fronting fee of one eighth of one percent (0.125%) per annum times the aggregate daily face amount of each outstanding
Letter of Credit issued by such Issuer for the period from and excluding the date of issuance of same to and including the date of expiration or termination of such Letter of Credit, to be payable quarterly in arrears on the first day of each
calendar quarter and on the last day of the Term (all of the foregoing fees, the “Letter of Credit Fees”). In addition, Borrowers shall pay to Agent, for the benefit of Issuer, any and all administrative, issuance, amendment,
payment and negotiation charges with respect to Letters of Credit and all fees and expenses as agreed upon by Issuer and the Borrowing Agent in connection with any Letter of Credit, including in connection with the opening, amendment or renewal of
any such Letter of Credit and any acceptances created thereunder, all such charges, fees and expenses, if any, to be payable on demand. All such charges shall be deemed earned in full on the date when the same are due and payable hereunder and shall
not be subject to rebate or pro-ration upon the termination of this Agreement for any reason. Any such charge in effect at the time of a particular transaction shall be the charge for that transaction,
notwithstanding any subsequent change in Issuer’s prevailing charges for that type of transaction. Upon the occurrence and during the continuance of an Event of Default, at the election of Agent or at the direction of Required Lenders (or, in
the case of any Event of Default under Section 10.6, immediately and automatically upon the occurrence of any such Event of Default without the requirement of any affirmative action by any party), the Letter of Credit Fees described in clause
(x) of this Section 3.2(a) shall be increased by an additional two percent (2.0%) per annum. 
 (b)    At any
time following the occurrence and during the continuance of an Event of Default, at the election of Agent or at the direction of Required Lenders (or, in the case of any Event of Default under Section 10.6, immediately and automatically upon
the occurrence of such Event of Default, without the requirement of any affirmative action by any party), or upon the expiration of the Term or any other termination of this Agreement (and also, if applicable, in connection with any mandatory
prepayment under Section 2.20), Borrowers will cause cash to be deposited and maintained in an account with Agent, as cash collateral, in an amount equal to one hundred and three percent (103%) of the Maximum Undrawn Amount of all

  
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outstanding Letters of Credit (the “Required Cash Collateral Amount”), and each Borrower hereby irrevocably authorizes Agent, in its discretion, on such Borrower’s behalf
and in such Borrower’s name, to open such an account and to make and maintain deposits therein, or in an account opened by such Borrower, in the amounts required to be made by such Borrower (provided, that, the aggregate amount
required to be maintained in such accounts as to all Borrowers shall not exceed the Required Cash Collateral Amount), out of the proceeds of Receivables, Credit Card Receivables, or other Collateral or out of any other funds of such Borrower coming
into any Lender’s possession at any time. Agent may, in its discretion, invest such cash collateral (less applicable reserves) in such short-term money-market items as to which Agent and such Borrower mutually agree (or, in the absence of such
agreement, as Agent may reasonably select) and the net return on such investments shall be credited to such account and constitute additional cash collateral, or Agent may (notwithstanding the foregoing) establish the account provided for under this
Section 3.2(b) as a non-interest bearing account and in such case Agent shall have no obligation (and Borrowers hereby waive any claim) under Article 9 of the Uniform Commercial Code or under any other
Applicable Law to pay interest on such cash collateral being held by Agent. No Borrower may withdraw amounts credited to any such account except upon payment in full of all Obligations; provided, however, that (i) prior to the
expiration of the Term, if this Agreement has not otherwise terminated, the Borrowers may withdraw amounts credited to such accounts if no Event of Default is continuing and, after giving effect to such withdrawal, the Borrowers would not be
required to make a mandatory prepayment under Section 2.20 and (ii) the Borrowers may withdraw amounts credited to such accounts at any time to the extent that the aggregate amount on deposit therein exceeds the Required Cash Collateral
Amount. Borrowers hereby assign, pledge and grant to Agent, for its benefit and the ratable benefit of Issuer, Lenders and each other Secured Party, a continuing security interest in and to and Lien on any such cash collateral and any right, title
and interest of Borrowers in any deposit account, securities account or investment account into which such cash collateral may be deposited from time to time to secure the Obligations, specifically including all Obligations with respect to any
Letters of Credit. Borrowers agree that upon the coming due of any Reimbursement Obligations (or any other Obligations, including Obligations for Letter of Credit Fees) with respect to the Letters of Credit, Agent may use such cash collateral to pay
and satisfy such Obligations. 
 3.3.    Facility Fees. 

(a)     If, for any day in each calendar quarter during the Term, the daily unpaid balance of the sum of Revolving
Advances (including, without limitation, Swing Loans and the Maximum Undrawn Amount of all outstanding Letters of Credit) (the “Revolving Usage Amount”) for each day of such calendar quarter does not equal the Maximum Revolving
Advance Amount, then Borrowers shall pay to Agent, for the ratable benefit of Lenders holding the Revolving Commitments based on their Revolving Commitment Percentages, a fee at a rate equal to two tenths of one percent (0.20%) per annum on the
amount by which the Maximum Revolving Advance Amount on such day exceeds such Revolving Usage Amount (the “Revolving Facility Fee”). Such Revolving Facility Fee shall be payable to Agent in arrears on the first day of each calendar
quarter with respect to each day in the previous calendar quarter. 
 (b)    If, for any day in each calendar quarter
during the Term, the daily unpaid balance of the sum of FILO Advances (the “FILO Usage Amount”) for each day of such 

  
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calendar quarter does not equal the Maximum FILO Advance Amount, then Borrowers shall pay to Agent, for the ratable benefit of Lenders holding the FILO Commitments based on their FILO Commitment
Percentages, a fee at a rate equal to two tenths of one percent (0.20%) per annum on the amount by which the Maximum FILO Advance Amount on such day exceeds such FILO Usage Amount (the “FILO Facility Fee”). Such FILO Facility Fee
shall be payable to Agent in arrears on the first day of each calendar quarter with respect to each day in the previous calendar quarter. 

3.4.    Collateral Evaluation Fee; Fee Letter. 

(a)    Borrowers shall pay to Agent promptly at the conclusion of any collateral evaluation performed by or for the
benefit of Agent (whether such examination is performed by Agent’s employees or by a third party retained by Agent), including, without limitation, any field examination, collateral analysis or other business analysis, the need for which is to
be determined by Agent in its Permitted Discretion (or at the direction of the Required Lenders) and which evaluation is undertaken by Agent or for Agent’s benefit, a collateral evaluation fee in an amount equal to $1,250 (or such other amount
customarily charged by Agent to its customers) per day for each person employed to perform such evaluation (based on an eight (8) hour day, and subject to adjustment if additional hours are worked), plus a per examination field exam management
fee in the amount of $2,500 for new facilities, and $1,500 for recurring examinations (or, in each case, such other amount customarily charged by Agent to its customers), plus all reasonable and documented out-of-pocket costs and disbursements incurred by Agent in the performance of such examination or analysis, and further provided, that, if third parties are retained to perform such collateral
evaluations, either at the request of another Lender or for extenuating reasons determined by Agent in its Permitted Discretion (or at the direction of the Required Lenders), then such fees charged by such third parties plus all reasonable and
documented out-of-pocket costs and disbursements incurred by such third party, shall be the responsibility of Borrowers and shall not be subject to the foregoing limits;
provided, however, that Borrowers and Guarantors shall be responsible for reimbursing Agent for only up to one collateral evaluation per Fiscal Year of Borrowers, unless (i) Undrawn Availability is less than the greater of
(x) twenty percent (20%) of the Revolving Loan Cap and (y) $52,500,000 for five (5) or more consecutive Business Days, in which case Borrowers and Guarantors shall be responsible for reimbursing Agent for up to two collateral evaluations
in the subsequent twelve month period, (ii) any additional collateral evaluation is required by Applicable Law, in which case Borrowers and Guarantors shall be responsible for reimbursing Agent for such collateral evaluation undertaken by or on
behalf of Agent, or (iii) an Event of Default has occurred and is continuing, in which case Borrowers and Guarantors shall be responsible for reimbursing Agent for all collateral evaluations undertaken by or on behalf of Agent. 

(b)    Borrowers shall pay the amounts required to be paid in the Fee Letter in the manner and at the times required by
the Fee Letter. 
 (c)    All of the fees and reasonable and documented out-of-pocket costs and expenses of any collateral evaluations, inspections, inventories, and appraisals conducted pursuant to this Section 3.4 and Sections 4.6 and 4.7 hereof shall be, to the extent
provided in such sections, paid for when due, in full and without deduction, off-set or counterclaim by Borrowers. 

  
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 3.5.    Computation of Interest and Fees. Interest and fees hereunder
shall be computed on the basis of a year of 360 days (other than for Domestic Rate Loans, which shall be calculated on the basis of a year of 365 or 366 days, as applicable) and for the actual number of days elapsed. If any payment of Advances or
Reimbursement Obligations to be made hereunder becomes due and payable on a day other than a Business Day, the due date thereof shall be extended to the next succeeding Business Day and interest thereon shall be payable at the applicable Contract
Rate during such extension, except that Advances shall be due on the Business Day preceding the last day of the Term if such last day is not a Business Day. If any payment (other than Advances and Reimbursement Obligations) to be made hereunder
becomes due and payable on a day other than a Business Day, the due date thereof shall be extended to the next succeeding Business Day, and such extension of time shall not be included in computing interest or fees, if any, in connection with such
payment. 
 3.6.    Maximum Charges. In no event whatsoever shall interest and other charges charged hereunder
exceed the highest rate permissible under Applicable Law. In the event interest and other charges as computed hereunder would otherwise exceed the highest rate permitted under Applicable Law: (i) the interest rates hereunder will be reduced to
the maximum rate permitted under Applicable Law; (ii) such excess amount shall be first applied to any unpaid principal balance owed by Borrowers; and (iii) if the then remaining excess amount is greater than the previously
unpaid principal balance, Lenders shall promptly refund such excess amount to Borrowers and the provisions hereof shall be deemed amended to provide for such permissible rate. 

3.7.    Increased Costs. In the event that any Applicable Law or any Change in Law or compliance by any Lender (for
purposes of this Section 3.7, the term “Lender” shall include Agent, Swing Loan Lender, any Issuer or Lender and any corporation or bank controlling Agent, Swing Loan Lender, any Lender or Issuer and the office or branch where Agent,
Swing Loan Lender, any Lender or Issuer (as so defined) makes or maintains any LIBOR Rate Loans) with any request or directive (whether or not having the force of law) from any central bank or other financial, monetary or other authority, shall:

 (a)    subject Agent, Swing Loan Lender, any Lender or Issuer to any Tax with respect to this Agreement, any Letter
of Credit, any participation in a Letter of Credit or any LIBOR Rate Loan, or change the basis of taxation of payments to Agent, Swing Loan Lender, such Lender or Issuer in respect thereof (other than (A) Indemnified Tax and Other Taxes,
(B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes, (C) Connection Income Taxes, and (D) the imposition of, or any change in the rate of, any Excluded Tax payable by Agent, Swing Loan Lender, such
Lender or the Issuer); 
 (b)    impose, modify or deem applicable any reserve, special deposit, assessment, compulsory
loan, insurance charge or similar requirement against assets held by, or deposits in or for the account of, advances or loans by, or other credit extended by, any office of Agent, Swing Loan Lender, Issuer or any Lender, including pursuant to
Regulation D of the Board of Governors of the Federal Reserve System; or 
 (c)    impose on Agent, Swing Loan Lender,
any Lender or Issuer or the London interbank eurodollar market any other condition, loss or expense (other than Taxes) affecting this Agreement or any Other Document or any Advance made by any Lender, or any Letter of Credit or participation
therein; 

  
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 and the result of any of the foregoing is to increase the cost to Agent, Swing Loan Lender, any
Lender or Issuer of making, converting to, continuing, renewing or maintaining its Advances hereunder by an amount that Agent, Swing Loan Lender, such Lender or Issuer deems to be material or to reduce the amount of any payment (whether of
principal, interest or otherwise) in respect of any of the Advances by an amount that Agent, Swing Loan Lender or such Lender or Issuer deems to be material, then, in any case Borrowers shall promptly pay Agent, Swing Loan Lender, such Lender or
Issuer, upon its demand, such additional amount as will compensate Agent, Swing Loan Lender or such Lender or Issuer for such additional cost or such reduction, as the case may be; provided, that, the foregoing shall not apply to
increased costs which are reflected in the LIBOR Rate, as the case may be. Agent, Swing Loan Lender, such Lender or Issuer shall certify the amount of such additional cost or reduced amount to Borrowing Agent, and such certification shall be
conclusive absent manifest error. Notwithstanding the foregoing, Borrowers shall not be required to compensate Agent, Swing Loan Lender, any Lender or Issuer pursuant to this Section 3.7 for any amounts incurred more than one hundred eighty
(180) days prior to the date that Agent, Swing Loan Lender, such Lender or Issuer, as the case may be, notifies a Borrower of such additional cost or reduced amount and of Agent’s, Swing Loan Lender’s, such Lender’s or
Issuer’s intention to claim compensation therefor. 
 3.8.    Alternate Rate of Interest. 

3.8.1.    Interest Rate Inadequate or Unfair. In the event that Agent or any Lender shall have determined that: 

(a)    reasonable means do not exist for ascertaining the LIBOR Rate applicable pursuant to Section 2.2 hereof for
any Interest Period; or 
 (b)    Dollar deposits in the relevant amount and for the relevant maturity are not
available in the London interbank eurodollar market, with respect to an outstanding LIBOR Rate Loan, a proposed LIBOR Rate Loan, or a proposed conversion of a Domestic Rate Loan into a LIBOR Rate Loan; or 

(c)    the making, maintenance or funding of any LIBOR Rate Loan has been made impracticable or unlawful by compliance by
Agent or such Lender in good faith with any Applicable Law or any interpretation or application thereof by any Governmental Body or with any request or directive of any such Governmental Body (whether or not having the force of law), or 

(d)    the LIBOR Rate will not adequately and fairly reflect the cost to such Lender of the establishment or maintenance
of any LIBOR Rate Loan, 
 then Agent shall give Borrowing Agent prompt written or telephonic notice of such determination. If such notice
is given prior to a LIBOR Termination Date (as defined below) or prior to the date on which Section 3.8.2(a)(ii) applies, (i) any such requested LIBOR Rate Loan shall be made as a Domestic Rate Loan, unless Borrowing Agent shall notify
Agent no later than 

  
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1:00 p.m. two (2) Business Days prior to the date of such proposed borrowing, that its request for such borrowing shall be cancelled or made as an unaffected type of LIBOR Rate Loan,
(ii) any Domestic Rate Loan or LIBOR Rate Loan which was to have been converted to an affected type of LIBOR Rate Loan shall be continued as or converted into a Domestic Rate Loan, or, if Borrowing Agent shall notify Agent, no later than 1:00
p.m. two (2) Business Days prior to the proposed conversion, shall be maintained as an unaffected type of LIBOR Rate Loan, and (iii) any outstanding affected LIBOR Rate Loans shall be converted into a Domestic Rate Loan, or, if Borrowing
Agent shall notify Agent, no later than 1:00 p.m. two (2) Business Days prior to the last Business Day of the then current Interest Period applicable to such affected LIBOR Rate Loan, shall be converted into an unaffected type of LIBOR Rate
Loan, on the last Business Day of the then current Interest Period for such affected LIBOR Rate Loans (or sooner, if any Lender cannot continue to lawfully maintain such affected LIBOR Rate Loan). Until such notice has been withdrawn, Lenders shall
have no obligation to make an affected type of LIBOR Rate Loan or maintain outstanding affected LIBOR Rate Loans and no Borrower shall have the right to convert a Domestic Rate Loan or an unaffected type of LIBOR Rate Loan into an affected type of
LIBOR Rate Loan. 
 3.8.2.    Successor LIBOR Rate Index. 

(a)    If the Agent determines (which determination shall be final and conclusive, absent manifest error) that either
(i) (A) the circumstances set forth in Section 3.8.1(a) have arisen and are unlikely to be temporary, or (B) the circumstances set forth in Section 3.8.1(a) have not arisen but the applicable supervisor or administrator (if any)
of the LIBOR Rate or a Governmental Body having jurisdiction over Agent has made a public statement identifying the specific date after which the LIBOR Rate shall no longer be used for determining interest rates for loans (either such date, a
“LIBOR Termination Date”), or (ii) a rate other than the LIBOR Rate has become a widely recognized benchmark rate for newly originated loans in Dollars in the U.S. market, then Agent may (in consultation with Borrowers) choose
a replacement index for the LIBOR Rate and make adjustments to applicable margins and related amendments to this Agreement as referred to below such that, to the extent practicable, the all-in interest rate
based on the replacement index will be substantially equivalent to the all-in LIBOR Rate-based interest rate in effect prior to its replacement. 

(b)    Agent, Borrowers, and Guarantors shall enter into an amendment to this Agreement (in form and substance reasonably
satisfactory to Borrowing Agent and Agent) to reflect the replacement index, the adjusted margins and such other related amendments as may be appropriate, in the discretion of the Agent, for the implementation and administration of the replacement
index-based rate. Notwithstanding anything to the contrary in this Agreement or the Other Documents (including, without limitation, Section 16.2), such amendment shall become effective without any further action or consent of any other party to
this Agreement at 5:00 p.m. on the tenth (10th) Business Day after the date a draft of the amendment is provided to the Lenders, unless Agent receives, on or before such tenth (10th) Business Day, a written notice from the Required Lenders stating that such Lenders object to such amendment.

(c)    Selection of the replacement index, adjustments to the applicable margins, and other related amendments to this
Agreement (i) will be determined with due consideration to the then-current market practices for determining and implementing a rate of interest for newly 

  
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originated loans in the United States and loans converted from a LIBOR Rate-based rate to a replacement index-based rate, and (ii) may also reflect adjustments to account for (x) the
effects of the transition from the LIBOR Rate to the replacement index and (y) yield- or risk-based differences between the LIBOR Rate and the replacement index. 

(d)    Until an amendment reflecting a new replacement index in accordance with this Section 3.8.2 is effective,
each advance, conversion and renewal of a LIBOR Rate Loan will continue to bear interest with reference to the LIBOR Rate; provided, however, that if Agent determines (which determination shall be final and conclusive, absent manifest
error) that a LIBOR Termination Date has occurred, then following the LIBOR Termination Date, all LIBOR Rate Loans shall automatically be converted to Domestic Rate Loans until such time as an amendment reflecting a replacement index and related
matters as described above is implemented. 
 (e)    Notwithstanding anything to the contrary contained herein, if at
any time the replacement index is less than zero, at such times, such index shall be deemed to be zero for purposes of this Agreement. 

3.9.    Capital Adequacy. 

(a)    In the event that Agent, Swing Loan Lender or any Lender shall have determined that any Applicable Law or guideline
regarding capital adequacy, or any Change in Law or any change in the interpretation or administration thereof by any Governmental Body, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by
Agent, Swing Loan Lender, Issuer or any Lender (for purposes of this Section 3.9, the term “Lender” shall include Agent, Swing Loan Lender, Issuer or any Lender and any corporation or bank controlling Agent, Swing Loan Lender or any
Lender and the office or branch where Agent, Swing Loan Lender or any Lender (as so defined) makes or maintains any LIBOR Rate Loans) with any request or directive regarding capital adequacy (whether or not having the force of law) of any such
authority, central bank or comparable agency, has or would have the effect of reducing the rate of return on Agent, Swing Loan Lender or any Lender’s capital as a consequence of its obligations hereunder (including the making of any Swing
Loans) to a level below that which Agent, Swing Loan Lender or such Lender could have achieved but for such adoption, change or compliance (taking into consideration Agent’s, Swing Loan Lender’s and each Lender’s policies with respect
to capital adequacy) by an amount deemed by Agent, Swing Loan Lender or any Lender to be material, then, from time to time, Borrowers shall pay promptly upon demand to Agent, Swing Loan Lender or such Lender such additional amount or amounts as will
compensate Agent, Swing Loan Lender or such Lender for such reduction. In determining such amount or amounts, Agent, Swing Loan Lender or such Lender may use any reasonable averaging or attribution methods. The protection of this Section 3.9
shall be available to Agent, Swing Loan Lender and each Lender regardless of any possible contention of invalidity or inapplicability with respect to the Applicable Law, rule, regulation, guideline or condition. 

(b)    A certificate of Agent, Swing Loan Lender or such Lender setting forth such amount or amounts as shall be
necessary to compensate Agent, Swing Loan Lender or such Lender with respect to Section 3.9(a) hereof when delivered to Borrowing Agent shall be conclusive absent manifest error. 

  
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 3.10.    Taxes. 

(a)    Any and all payments by or on account of any Obligations hereunder or under any Other Document shall be made
without deduction or withholding for any Taxes; provided, that, if Borrowers or Guarantors shall be required by Applicable Law to deduct or withhold any Indemnified Taxes (including any Other Taxes) from such payments, then
(i) the sum payable shall be increased as necessary so that after making all required deductions and withholdings (including deductions and withholdings applicable to additional sums payable under this Section) Agent or each Lender, as the case
may be, receives an amount equal to the sum it would have received had no such deductions or withholdings been made, (ii) Borrowers and Guarantors shall make such deductions, and (iii) Borrowers and Guarantors shall timely pay the full
amount deducted to the relevant Governmental Body in accordance with Applicable Law. Without duplication of Section 3.10(b) or Section 3.10(c), if (x) any tax by any Governmental Body is imposed on or as a result of any transaction
between any Borrower or any Guarantor, on one hand, and Agent or any Lender, on the other hand, described herein or in any Other Document which Agent or any Lender is required by Applicable Law to withhold or pay, or (y) in Agent’s or any
Lender’s opinion, a valid Lien on the Collateral may reasonably be expected to be created (which Lien is not a Permitted Encumbrance), in either case (i) as a result of any taxes, assessments, or other Charges that remain unpaid after the
date fixed for their payment or (ii) as a result of any Tax claim which shall be made by any applicable Governmental Body, then Agent may without notice to Borrowers or Guarantors pay the taxes, assessments or other Charges, and each Borrower
and each Guarantor, except to the extent such payments constitute Excluded Taxes, hereby indemnifies and holds Agent and each Lender harmless in respect thereof. Agent will not pay any taxes, assessments or Charges to the extent that any applicable
Borrower or Guarantor has Properly Contested those taxes, assessments or Charges. A certificate as to the amount of such payment or liability delivered to Borrowers by any Lender or by Agent on its own behalf or on behalf of a Lender shall be
conclusive absent manifest error. 
 (b)    Without limiting the provisions of Section 3.10(a) above, Borrowers
shall timely pay any Other Taxes to the relevant Governmental Body in accordance with Applicable Law. 
 (c)    Each
Borrower shall indemnify Agent and each Lender within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts
payable under this Section) paid by Agent or such Lender, as the case may be, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted
by the relevant Governmental Body. A certificate as to the amount of such payment or liability delivered to Borrowers by any Lender or by Agent on its own behalf or on behalf of a Lender shall be conclusive absent manifest error. 

  
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 (d)    As soon as practicable after any payment of Indemnified Taxes or
Other Taxes by any Borrower to a Governmental Body, Borrowers shall deliver to Agent the original or a certified copy of a receipt issued by such Governmental Body evidencing such payment, a copy of the return reporting such payment or other
evidence of such payment reasonably satisfactory to Agent. 
 (e)    Any Lender that is entitled to an exemption from
or reduction of withholding Tax with respect to payments hereunder or under any Other Document shall deliver to Borrowers (with a copy to Agent), at the time or times prescribed by Applicable Law or reasonably requested by Borrowers or Agent, such
properly completed and executed documentation prescribed by Applicable Law as will permit such payments to be made without withholding or at a reduced rate of withholding. Notwithstanding the submission of such documentation claiming a reduced rate
of or exemption from U.S. withholding tax, Agent shall be entitled to withhold United States federal income taxes at the full 30% withholding rate if in its reasonable judgment it is required to do so under the due diligence requirements imposed
upon a withholding agent under § 1.1441-7(b) of the United States Income Tax Regulations or other Applicable Law. Further, Agent is indemnified under §
1.1461-1(e) of the United States Income Tax Regulations against any claims and demands of any Lender, Issuer or assignee or participant of a Lender or Issuer for the amount of any tax it deducts and withholds
in accordance with regulations under § 1441 of the Code. In addition, any Lender, if requested by Borrowers or Agent, shall deliver such other documentation prescribed by Applicable Law or reasonably requested by Borrowers or Agent as will
enable Borrowers or Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Without limiting the generality of the foregoing, each Lender shall deliver to Borrowers and Agent (in such
number of copies as shall be requested by Borrowers and Agent) on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the request of Borrowers or Agent, but only if such Lender is
legally entitled to do so), whichever of the following is applicable: 
 (i)    two (2) duly executed valid
originals of IRS Form W-8BEN or W-8BEN-E claiming eligibility for benefits of an income tax treaty to which the United States of
America is a party, and as applicable establishing an exemption from, or reduction of U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty or the “business profits” or “other income”
article of such tax treaty, 
 (ii)    two (2) duly executed valid originals of IRS Form W-8ECI, 
 (iii)    in the case of a Foreign Lender claiming the benefits of the
exemption for portfolio interest under section 881(c) of the Code, (x) a certificate to the effect that such Foreign Lender is not (A) a “bank” within the meaning of section 881(c)(3)(A) of the Code, (B) a
“10 percent shareholder” of Borrowers within the meaning of section 881(c)(3)(B) of the Code, or (C) a “controlled foreign corporation” described in section 881(c)(3)(C) of the Code and (y) two duly executed valid
originals of IRS Form W-8BEN or W-8BEN-E, 

(iv)    any other form prescribed by Applicable Law as a basis for claiming exemption from or a reduction in United
States federal withholding tax duly completed together with such supplementary documentation as may be prescribed by Applicable Law to permit Borrowers to determine the withholding or deduction required to be made (including, but not limited to,
Form W-8IMY and the forms mentioned in this Section 3.10), or 

  
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 (v)    if any Lender is not a Foreign Lender, two (2) duly executed
originals of an IRS Form W-9 or any other form prescribed by Applicable Law demonstrating that such Lender is not a Foreign Lender. 

(f)    If a payment made to a Lender or Agent under this Agreement or any Other Document would be subject to U.S. federal
withholding Tax imposed by FATCA if such Person fails to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender or Agent shall deliver to the
Agent (in the case of a Lender) and Borrowers (A) a certification signed by the chief financial officer, principal accounting officer, treasurer or controller of such Person, and (B) such documentation prescribed by Applicable Law
(including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such other documentation reasonably requested by Agent or any Borrower sufficient for Agent and Borrowers to comply with their obligations under FATCA and to determine that a
Lender or Agent has complied with such applicable reporting requirements. Solely for purposes of this clause (f), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 

(g)    Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or
inaccurate in any respect, it shall promptly update such form or certification or notify the Borrowers and the Agent in writing of its legal inability to do so. 

(h)    If Agent or a Lender determines, in its sole discretion exercised in good faith, that it has received a refund of
any Taxes, assessments or other Charges as to which it has been indemnified by Borrowers or with respect to which Borrowers have paid additional amounts pursuant to this Section, it shall pay to Borrowers an amount equal to such refund (but only to
the extent of indemnity payments made, or additional amounts paid, by Borrowers under this Section with respect to the Taxes, assessments or other Charges giving rise to such refund), net of all out-of-pocket expenses (including Taxes, assessments or other Charges) of the Agent or such Lender, as the case may be, and without interest (other than any interest paid by the relevant Governmental Body
with respect to such refund); provided, that, Borrowers, upon the request of Agent or such Lender, agree to repay the amount paid over to Borrowers (plus any penalties, interest or other charges imposed by the relevant Governmental
Body) to Agent or such Lender, in the event Agent or such Lender is required to repay such refund to such Governmental Body. This Section shall not be construed to require Agent or such Lender to make available its tax returns (or any other
information relating to its taxes that it deems confidential) to Borrowers or any other Person. 
 (i)    For purposes
of this Section, the term “Applicable Law” includes FATCA, and the term “Lender” includes Swing Loan Lender, any Participant, and Issuer. 

3.11.    Replacement of Lenders. 

(a) If any Lender (an “Affected Lender”) (i) makes demand upon Borrowers for (or if Borrowers are otherwise required to pay)
amounts pursuant to Section 3.7 or 3.9 hereof, 

  
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or if Borrowers are required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Body for the account of any Lender pursuant to Section 3.10 hereof and, in
each case, such Lender has declined or is unable to designate a different lending office in accordance with paragraph (b) of this Section, (ii) is unable to make or maintain LIBOR Rate Loans as a result of a condition described in
Section 2.2(i) hereof, (c) is a Defaulting Lender, or (d) denies any consent requested by the Agent pursuant to Section 16.2(b) hereof, Borrowers may, within one hundred twenty (120) days of receipt of such demand, notice
(or the occurrence of such other event causing Borrowers to be required to pay such compensation or causing Section 2.2(i) hereof to be applicable), or such Lender becoming a Defaulting Lender or denial of a request by Agent pursuant to
Section 16.2(b) hereof, as the case may be, by notice in writing to the Agent and such Affected Lender (A) request the Affected Lender to cooperate with Borrowers in obtaining a replacement Lender satisfactory to Agent and Borrowers (the
“Replacement Lender”); (B) request the non-Affected Lenders to acquire and assume all of the Affected Lender’s Advances and its Revolving Commitment Percentage and/or FILO Commitment
Percentage, as applicable, as provided herein, but none of such Lenders shall be under any obligation to do so; or (C) propose a Replacement Lender reasonably satisfactory to Agent. If any satisfactory Replacement Lender shall be obtained,
and/or if any one or more of the non-Affected Lenders shall agree to acquire and assume all of the Affected Lender’s Advances and its Revolving Commitment Percentage and/or FILO Commitment Percentage, as
applicable, then such Affected Lender shall assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 16.3 hereof), all of its Advances and its Revolving Commitment
Percentage and/or FILO Commitment Percentage, as applicable, and of its interests, rights and obligations under this Agreement and the Other Documents to such Replacement Lender or non-Affected Lenders, as the
case may be, in exchange for payment of the principal amount so assigned and all interest and fees accrued on the amount so assigned, plus all other Obligations then due and payable to the Affected Lender. If any Affected Lender does not execute an
assignment in accordance with Section 16.3 within five (5) Business Days after receipt of notice to do so by Agent or Borrowing Agent, then such assignment shall become effective for purposes of Section 16.3 and this Agreement upon
execution by Agent and Borrowing Agent. 
 (b)    If any Borrower is or will be required to pay any Indemnified Taxes
or additional amounts to any Lender or any Governmental Body for the account of any Lender pursuant to Section 3.7, 3.9 or 3.10, then such Lender shall, at the written request of the Borrowers, use reasonable efforts to designate a different
lending office for funding or booking its Obligations hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the reasonable judgment of such Lender, such designation or assignment
(i) would eliminate or reduce amounts payable pursuant to Section 3.7, 3.9 or 3.10 in the future, (ii) would not subject such Lender to any material unreimbursed cost or expense and would not otherwise be materially disadvantageous to
such Lender, and (iii) would not require such Lender to take any action inconsistent with its internal policies or legal or regulatory restrictions. If the Borrowers request a different lending office, then the Borrowers hereby agree to pay all
reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 

  
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	IV.	COLLATERAL: GENERAL TERMS 

 4.1.    Security Interest in the
Collateral. To secure the prompt payment and performance to Agent, Issuer and each Lender (and each other holder of any Obligations) of the Obligations, each Borrower and each Guarantor hereby assigns, pledges and grants to Agent for its benefit
and for the ratable benefit of each Lender, Issuer and each other Secured Party, a continuing security interest in and to and Lien on all of its Collateral (other than, for the avoidance of doubt, any Excluded Property), whether now owned or
existing or hereafter created, acquired or arising and wheresoever located. Each Borrower and each Guarantor shall mark its books and records as may be necessary or appropriate to evidence, protect and perfect Agent’s security interest. Each
Borrower and each Guarantor shall provide Agent with written notice of all commercial tort claims with a value in excess of $500,000 individually and $1,000,000 in the aggregate for all such claims, in the Compliance Certificate for the period in
which any legal proceedings related to any such claim(s) shall commence, such notice to contain a brief description of the claim(s), the events out of which such claim(s) arose, the parties against which such claims have been asserted and the case
title together with the applicable court and docket number. Upon delivery of each such notice, such Borrower or Guarantor shall be deemed to thereby grant to Agent a security interest and lien in and to such commercial tort claims described therein
and all proceeds thereof. Each Borrower and each Guarantor shall provide Agent with written notice promptly upon becoming the beneficiary under any letter of credit or otherwise obtaining any right, title or interest in any letter of credit rights,
in each case having a face amount that exceeds $500,000 individually and $1,000,000 in the aggregate for all such letters of credit, and at Agent’s request shall take such actions as Agent may reasonably request for the perfection of
Agent’s security interest therein. 
 4.2.    Perfection of Security Interest. Each Borrower and each
Guarantor shall take all action that may be necessary, or that Agent may reasonably request, so as at all times to maintain the validity, perfection, enforceability and priority of Agent’s security interest in and Lien on the Collateral or to
enable Agent to protect, exercise or enforce its rights hereunder and in the Collateral, including, but not limited to, (i) immediately discharging all Liens other than Permitted Encumbrances, (ii) to the extent reasonably requested
by Agent, using commercially reasonable efforts to obtain Lien Waiver Agreements with respect to each location as to which Collateral having a value in excess of $5,000,000 is controlled or maintained, (iii) delivering to Agent, endorsed
or accompanied by such instruments of assignment as Agent may specify, and stamping or marking, in such manner as Agent may specify, any and all chattel paper, instruments, letters of credits and advices thereof and documents evidencing or forming a
part of the Collateral, in each case having a value in excess of $500,000 individually and $1,000,000 in the aggregate, and (iv) executing and delivering financing statements, account control agreements (except with respect to Excluded
Accounts), instruments of pledge, notices and assignments, in each case in form and substance reasonably satisfactory to Agent, relating to the creation, validity, perfection, maintenance or continuation of Agent’s security interest in and Lien
on the Collateral under the Uniform Commercial Code or other Applicable Law. By its signature hereto, each Borrower and each Guarantor hereby authorizes Agent to file against such Borrower or Guarantor, one or more financing, continuation or
amendment statements pursuant to the Uniform Commercial Code in form and substance reasonably satisfactory to Agent (which statements may have a description of collateral which is broader than that set forth herein, including without limitation a
description of Collateral as “all assets” and/or “all personal 

  
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property” of any Borrower or Guarantor). All reasonable and documented out-of-pocket charges, expenses and fees Agent may incur in doing any of the foregoing, and any local taxes relating
thereto, at all times after the occurrence and during the continuation of a Cash Dominion Event, shall be charged to Borrowers’ Account as a Revolving Advance or FILO Advance, as applicable, of a Domestic Rate Loan and added to the Obligations
or, at Agent’s option, (and at all times that a Cash Dominion Event has not occurred and is continuing), be paid by Borrowers to Agent for its benefit and for the ratable benefit of Lenders promptly upon demand. 

4.3.    Preservation of Collateral. During the continuance of a Default or an Event of Default, in addition to the
rights and remedies set forth in Section 11.1 hereof, Agent: (a) may at any time take such steps as Agent deems necessary to protect Agent’s interest in and to preserve the Collateral, including the hiring of security
guards or the placing of other security protection measures as Agent may deem appropriate; and (b) shall have, and is hereby granted, a right of ingress and egress to the places where the Collateral is located, and may proceed over and
through any of Borrowers’ or Guarantors’ owned or leased property, in each case subject to any limitations under the Real Property Leases and the Lien Waiver Agreements. During the continuance of an Event of Default, in addition to the
rights and remedies set forth in Section 11.1 hereof and the immediately preceding sentence, Agent: (a) may employ and maintain at any of any Borrower’s or Guarantor’s premises a custodian who shall have full authority to do all
acts necessary to protect Agent’s interests in the Collateral; (b) may lease warehouse facilities to which Agent may move all or part of the Collateral; and (c) may use any Borrower’s or Guarantor’s owned or leased lifts,
hoists, trucks and other facilities or equipment for handling or removing the Collateral, in each case subject to any limitations under the Real Property Leases and the Lien Waiver Agreements. Each Borrower and each Guarantor shall cooperate fully
with all of Agent’s efforts to preserve the Collateral pursuant to the terms of this Agreement and the Other Documents and will take such actions to preserve the Collateral as Agent may direct. All of Agent’s reasonable and documented
out-of-pocket expenses of preserving the Collateral, including any expenses relating to the bonding of a custodian, shall be charged to Borrowers’ Account as a Revolving Advance or a FILO Advance, as applicable, of a Domestic Rate Loan and
added to the Obligations. 
 4.4.     Ownership and Location of Collateral. 

(a)    With respect to the Collateral, at the time the Collateral becomes subject to Agent’s security interest:
(i) each Borrower or Guarantor, as applicable, shall be the sole owner of and fully authorized and able to sell, transfer, pledge and/or grant to Agent a first priority security interest (subject to Permitted Encumbrances having priority over
the Lien of Agent by operation of Applicable Law) in each and every item of its respective Collateral; and, except for Permitted Encumbrances the Collateral shall be free and clear of all Liens whatsoever; (ii) each of the representations and
warranties made by any Borrower or any Guarantor in or pursuant to this Agreement, the Other Documents and any related agreements to which it is a party, and each of the representations and warranties contained in any certificate, document or
financial or other statement furnished at any time under or in connection with this Agreement, the Other Documents or any related agreement, in each case in respect of or relating to any such Collateral, shall be true and correct in all material
respects on and as of such date as if made on and as of such date (except (x) to the extent any such representation or warranty is qualified by materiality or “Material Adverse Effect” or similar language, in which case such
representation 

  
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and warranty shall be true and correct in all respects, and (y) to the extent any such representation or warranty expressly relates only to any earlier and/or specified date, in which case
such representation and warranty shall be true and correct in all material respects (or in all respects, as applicable) as of such earlier and/or specified date); (iii) all signatures and endorsements of each Borrower and each Guarantor that appear
on such documents and agreements shall be genuine and each Borrower and each Guarantor shall have full capacity to execute same; and (iv) each Borrower’s and each Guarantor’s equipment and Inventory shall be located as set forth on
Schedules 4.4(b)(i), 4.4(b)(ii), 4.4(b)(iii) and 4.4(b)(iv) (collectively, “Schedule 4.4”) and shall not be removed from such location(s) without the prior written consent of Agent except (A) with respect to the sale of
Inventory and transport of Inventory to or between locations set forth on Schedule 4.4, in either case in the Ordinary Course of Business, and (B) with respect to equipment, to the extent permitted in Section 7.1(b) hereof. 

(b)    (i) As of the Closing Date, there is no location at which any Borrower or Guarantor has any Inventory (except for
Inventory in transit) or other Collateral other than those locations listed on Schedule 4.4(b)(i); (ii) Schedule 4.4(b)(ii) hereto contains a correct and complete list, as of the Closing Date, of the legal names and addresses of each warehouse at
which Inventory of any Borrower or Guarantor is stored, and none of the receipts received by any Borrower or Guarantor from any warehouse states that the goods covered thereby are to be delivered to bearer or to the order of a named Person or to a
named Person and such named Person’s assigns; (iii) Schedule 4.4(b)(iii) hereto sets forth a correct and complete list as of the Closing Date of (A) each place of business of each Borrower and each Guarantor and (B) the chief
executive office of each Borrower and each Guarantor; and (iv) Schedule 4.4(b)(iv) hereto sets forth a correct and complete list as of the Closing Date of the location, by state and street address, of all Real Property owned or leased by each
Borrower and each Guarantor, identifying which properties are owned and which are leased. 
 4.5.    Defense of
Agent’s and Lenders’ Interests. Until payment and performance in full of all of the Obligations, Agent’s security interests in the Collateral shall continue in full force and effect. During such period no Borrower or Guarantor
shall, without Agent’s prior written consent, pledge, sell (except for sales or other dispositions otherwise permitted in Section 7.1(b) hereof), assign, transfer, create or suffer to exist a Lien upon or encumber or allow or suffer
to be encumbered in any way except for Permitted Encumbrances, any part of the Collateral. Each Borrower and each Guarantor shall use all commercially reasonable efforts to defend Agent’s security interests in the Collateral against any and all
Persons whatsoever (other than Persons holding Permitted Encumbrances). At any time following demand by Agent for payment of all Obligations upon the occurrence and during the continuance of an Event of Default, Agent shall have the right to take
possession of the indicia of the Collateral and the Collateral in whatever physical form contained, including: labels, stationery, documents, instruments and advertising materials. If Agent exercises this right to take possession of the Collateral,
upon the occurrence and during the continuance of an Event of Default, Borrowers and Guarantors shall, upon demand, assemble it in the best manner possible and make it available to Agent at a place reasonably convenient to Agent, subject to any
limitations under the Real Property Leases and the Lien Waiver Agreements. In addition, with respect to all Collateral, Agent and Lenders shall be entitled to all of the rights and remedies set forth herein and further provided to a secured party on
default by the Uniform Commercial Code or other Applicable Law. Each Borrower and each Guarantor shall, and Agent may, at its option upon 

  
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the occurrence and during the continuance of an Event of Default, instruct all suppliers, carriers, forwarders, warehousers or others receiving or holding cash, checks, Inventory, documents or
instruments in which Agent holds a security interest to deliver same to Agent and/or subject to Agent’s order and if they shall come into any Borrower’s or Guarantor’s possession, they, and each of them, shall be held by such Borrower
or Guarantor in trust as Agent’s trustee, and such Borrower or Guarantor will immediately deliver them to Agent in their original form together with any necessary endorsement. 

4.6.    Inspection of Premises; Physical Inventories. 

(a)    At all reasonable times upon reasonable prior notice and from time to time as often as Agent shall elect in its
Permitted Discretion, Agent and each Lender shall have full access to and the right to audit, check, inspect and make abstracts and copies from each Borrower’s and each Guarantor’s books, records, audits, correspondence and all other
papers relating to the Collateral and the operation of each Borrower’s and each Guarantor’s business. Agent, any Lender and their agents may enter upon any premises of any Borrower or Guarantor at any time during business hours and at any
other reasonable time, and from time to time as often as Agent shall elect in its Permitted Discretion, for the purpose of inspecting the Collateral and any and all records pertaining thereto and the operation of such Borrower’s or
Guarantor’s business; provided, that, each Lender shall provide Borrowing Agent with reasonable notice prior to any visit or inspection; provided, further, that absent the continuance of an Event of Default, each
Lender shall be limited to two such inspections in any twelve (12) month period. 
 (b)    Without limiting the
generality of the provisions of clause (a) above, Borrowers and Guarantors shall cause not fewer than four (4) cycle counts to be undertaken, at the expense of Borrowers, in each twelve (12) month period, in each case consistent with
past practices, conducted by such inventory takers as are reasonably satisfactory to Agent and following such methodology as is consistent with the methodology used in the immediately preceding inventory or as otherwise may be reasonably
satisfactory to Agent. Agent, at the expense of Borrowers, may participate in and/or observe each scheduled cycle count of Inventory which is undertaken on behalf of any Borrower or Guarantor. Borrowing Agent, within sixty (60) days following
the completion of such cycle count, shall provide Agent with a reconciliation of the results of such cycle count (as well as of any other cycle count or physical inventory undertaken by a Borrower or Guarantor) and shall post such results to
Borrowers’ and Guarantors’ stock ledgers and general ledgers, as applicable. Borrowers and Guarantors shall permit the Agent, in its Permitted Discretion, if any Event of Default has occurred and is continuing, to cause such additional
cycle counts and physical inventories to be taken as Agent determines in its Permitted Discretion (each, at the expense of Borrowers). 

4.7.    Appraisals. 

(a)    Agent may, in its Permitted Discretion (and shall, upon the direction of the Required Lenders), at any time after
the Closing Date and from time to time, engage the services of an independent appraisal firm or firms of reputable standing, reasonably satisfactory to Agent, for the purpose of appraising the then current values of Borrowers’ and
Guarantors’ assets; provided, that, Borrowers and Guarantors shall be responsible for reimbursing Agent for only up to one appraisal per Fiscal Year of Borrowers, unless (i) Undrawn Availability is less than the

  
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greater of (x) twenty percent (20%) of the Revolving Loan Cap and (y) $52,500,000 for five (5) or more consecutive Business Days, in which case Borrowers and Guarantors shall be
responsible for reimbursing Agent for up to two appraisals in the subsequent twelve month period, (ii) required by Applicable Law, in which case Borrowers and Guarantors shall be responsible for reimbursing Agent for all such appraisals
undertaken by or on behalf of Agent, or (iii) an Event of Default has occurred and is continuing, in which case Borrowers and Guarantors shall be responsible for reimbursing Agent for all appraisals undertaken by or on behalf of Agent. Absent
the occurrence and continuance of an Event of Default at such time, Agent shall consult with Borrowers as to the identity of any firm described in the immediately preceding sentence. 

(b)    In the event the value of Borrowers’ Inventory, Receivables, and/or Credit Card Receivables, as so determined
pursuant to such appraisal, is less than anticipated by Agent or Lenders, such that the Revolving Advances or FILO Advances, as applicable, are in excess of such Advances permitted hereunder, then, promptly upon Agent’s demand for same, to the
extent required pursuant to Section 2.9 hereof as a result of a reduction in the Formula Amount and/or the FILO Formula Amount based on the implementation of such appraisal, Borrowers shall make mandatory prepayments of the then outstanding
Revolving Advances and/or FILO Advances, as applicable, so as to eliminate the excess Advances. 

4.8.    Receivables; Credit Card Receivables; Deposit Accounts and Securities Accounts. 

(a)    Each of the Receivables shall be a bona fide and valid account representing a bona fide indebtedness incurred by
the Customer therein named, for a fixed sum as set forth in the invoice or settlement statement relating thereto (provided immaterial or unintentional invoice errors shall not be deemed to be a breach hereof) with respect to an absolute sale or
lease and delivery of goods upon stated terms of a Borrower, or work, labor or services theretofore rendered by a Borrower as of the date each Receivable is created. The Receivables shall be due and owing in accordance with the applicable
Borrower’s standard terms of sale without dispute, setoff or counterclaim except as may be stated on the accounts receivable schedules delivered by Borrowers to Agent. Each of the Credit Card Receivables, and all records, papers and documents
relating thereto, (i) is (x) genuine, and (y) in all material respects, correct and what it purports to be, (ii) represents the legal, valid and binding obligation of the account debtor, except as such enforceability may be limited by
bankruptcy, insolvency, reorganization, moratorium or similar Laws relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability, evidencing indebtedness unpaid and owed by such account debtor,
arising out of the performance of labor or services or the sale, lease, license, assignment or other disposition and delivery of the goods or other property listed therein or out of an advance or a loan, and (iii) is in all material respects in
compliance and conforms with all applicable federal, state and local Laws and Applicable Laws of any relevant foreign jurisdiction. 

(b)    Each Customer, to the best of each Borrower’s knowledge, as of the date each Receivable is created, is and
will be solvent and able to pay all Receivables on which the Customer is obligated in full when due. With respect to such Customers of any Borrower who are not solvent, such Borrower has set up on its books and in its financial records bad debt
reserves to the extent required in accordance with GAAP, adequate to cover such Receivables. 

  
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 (c)    Each Borrower’s and each Guarantor’s chief executive office
as of the Closing Date is located as set forth on Schedule 4.4(b)(iii). Until written notice is given to Agent by Borrowing Agent of any other office at which any Borrower or Guarantor keeps its records pertaining to Receivables and Credit Card
Receivables, all such records shall be kept at such executive office. 
 (d)    As and when required pursuant to the
Post-Closing Letter, Borrowers shall deliver to Agent copies of notifications (each, a “Credit Card Notification”) in form and substance reasonably satisfactory to Agent, which have been executed on behalf of each applicable
Borrower and delivered to the Credit Card Issuers and Credit Card Processors listed on Schedule 4.8(j)(ii). In addition, Borrowers shall instruct their Customers and the Credit Card Processors and Credit Card Issuers to deliver all remittances upon
Receivables and Credit Card Receivables (whether paid by check or by wire transfer of funds) to such Blocked Account(s) and/or Depository Accounts (and any associated lockboxes) as Agent shall designate from time to time as contemplated by
Section 4.8(h) or as otherwise established by Borrowers from time to time with the prior written consent of Agent. Notwithstanding the foregoing, to the extent any Borrower or Guarantor directly receives any remittances upon Receivables or
Credit Card Receivables, such Borrower or Guarantor shall, at such Borrower’s or Guarantor’s sole cost and expense, (i) upon the occurrence and during the continuance of a Cash Dominion Event, on Agent’s behalf and for
Agent’s account, collect and hold in trust for Agent all amounts received on Receivables or Credit Card Receivables, and shall not commingle such collections with any Borrower’s or Guarantor’s funds or use the same except to pay
Obligations, and (ii) as soon as possible and in any event no later than three (3) Business Days after the receipt thereof (x) in the case of remittances paid by check, deposit all such remittances in their original form (after
supplying any necessary endorsements) and (y) in the case of remittances paid by wire transfer of funds, transfer all such remittances, in each case, into such Blocked Accounts(s) and/or Depository Account(s). Upon the occurrence and during the
continuance of a Cash Dominion Event, each Borrower and each Guarantor shall deposit in a Blocked Account and/or Depository Account or, upon request by Agent, deliver to Agent, in original form and within one (1) Business Day after the date of
receipt thereof, all checks, drafts, notes, money orders, acceptances, cash and other evidences of Indebtedness. Agent acknowledges and agrees that notwithstanding anything in a Credit Card Notification, this Agreement or any Other Document to the
contrary, (A) Agent shall not provide notices to any Credit Card Issuers or Credit Card Processors to direct remittances upon Receivables or Credit Card Receivables to an account not identified in the applicable Credit Card Notification unless
a Cash Dominion Event has occurred and is continuing, and (B) promptly following termination of any Cash Dominion Event, to the extent Agent previously provided notices described in the foregoing clause (A) during such Cash Dominion Event,
Agent shall provide a notice to such Credit Card Issuers and/or Credit Card Processors to direct such remittances to a Blocked Account (but without prejudice to Agent’s right to provide subsequent notices if another Cash Dominion Event arises
thereafter). 
 (e)    At any time following the occurrence and during the continuance of a Cash Dominion Event, Agent
shall have the sole right to direct the collection of Receivables and Credit Card Receivables. At any time following the occurrence and during the continuance of an Event of Default, Agent shall have the right to send notice of the assignment of,
and Agent’s security interest in and Lien on, the Receivables to any and all Customers or any third party holding or otherwise concerned with any of the Collateral. Agent’s actual collection expenses,

  
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including, but not limited to, stationery and postage, telephone, facsimile, telegraph, secretarial and clerical expenses and the salaries of any collection personnel used for collection, may be
charged to Borrowers’ Account and added to the Obligations. 
 (f)    At any time following the occurrence and
during the continuance of an Event of Default, Agent shall have the right to receive, endorse, assign and/or deliver in the name of Agent or any Borrower or any Guarantor any and all checks, drafts and other instruments for the payment of money
relating to the Receivables and Credit Card Receivables, and each Borrower and each Guarantor hereby waives notice of presentment, protest and non-payment of any instrument so endorsed. Each Borrower and each
Guarantor hereby constitutes Agent or Agent’s designee as such Borrower’s or Guarantor’s attorney-in-fact with power (i) at any time, to sign such
Borrower’s or Guarantor’s name on all financing statements or any other documents or instruments deemed necessary or appropriate by Agent to preserve, protect, or perfect Agent’s interest in the Collateral and to file same,
(ii) at any time when a Cash Dominion Event has occurred and is continuing, (A) to endorse such Borrower’s or Guarantor’s name upon any notes, acceptances, checks, drafts, money orders or other evidences of payment or Collateral;
(B) to sign such Borrower’s or Guarantor’s name on any invoice or bill of lading relating to any of the Receivables, the Credit Card Receivables, drafts against Customers, assignments and verifications of Receivables and Credit Card
Receivables; (C) [reserved]; (D) to receive, open and dispose of all mail addressed to any Borrower or Guarantor at any post office box/lockbox maintained by Agent for Borrowers and Guarantors or at any other business premises of Agent, and
(iii) at any time when an Event of Default has occurred and is continuing, (A) to demand payment of the Receivables and the Credit Card Receivables; (B) to enforce payment of the Receivables and the Credit Card Receivables by legal
proceedings or otherwise; (C) to exercise all of such Borrower’s or Guarantor’s rights and remedies with respect to the collection of the Receivables, the Credit Card Receivables and any other Collateral; (D) to sue upon or
otherwise collect, extend the time of payment of, settle, adjust, compromise, extend or renew the Receivables and the Credit Card Receivables; (E) to settle, adjust or compromise any legal proceedings brought to collect Receivables and the
Credit Card Receivables; (F) to prepare, file and sign such Borrower’s or Guarantor’s name on a proof of claim in bankruptcy or similar document against any Customer; (G) to prepare, file and sign such Borrower’s or
Guarantor’s name on any notice of Lien, assignment or satisfaction of Lien or similar document in connection with the Receivables and the Credit Card Receivables; (H) to accept the return of goods represented by any of the Receivables and
the Credit Card Receivables; (I) to change the address for delivery of mail addressed to any Borrower or Guarantor to such address as Agent may designate; and (J) to do all other acts and things necessary to carry out this Agreement. All
acts of said attorney or designee are hereby ratified and approved, and said attorney or designee shall not be liable for any acts of omission or commission nor for any error of judgment or mistake of fact or of law, unless done maliciously or with
gross (not mere) negligence or willful misconduct (in either case as determined by a court of competent jurisdiction in a final non-appealable judgment); this power being coupled with an interest is
irrevocable until payment in full of the Obligations in accordance with the terms of this Agreement. 
 (g)    Neither
Agent nor any Lender shall, under any circumstances or in any event whatsoever, have any liability for any error or omission or delay of any kind occurring in the settlement, collection or payment of any of the Receivables or any of the Credit Card
Receivables or any instrument received in payment of any of the foregoing, or for any damage resulting therefrom, except for the gross negligence or willful misconduct of Agent or any Lender as determined by a final and non-appealable judgment of a court of competent jurisdiction. 

  
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 (h)    All proceeds of Collateral shall be deposited by Borrowers and
Guarantors into either (i) a lockbox account, dominion account, deposit account or such other “blocked account” (“Blocked Accounts”) established at a bank or banks acceptable to Agent in its Permitted Discretion (each
such bank, a “Blocked Account Bank”) pursuant to an arrangement with such Blocked Account Bank as may be reasonably acceptable to Agent or (ii) depository accounts (“Depository Accounts”) established at Agent
for the deposit of such proceeds. Agent, each Blocked Account Bank, and each applicable Borrower or Guarantor shall enter into a deposit account control agreement in form and substance reasonably satisfactory to Agent that is sufficient to give
Agent “control” (for purposes of Articles 8 and 9 of the Uniform Commercial Code) in “springing form” over such account and which directs such Blocked Account Bank, at the written direction of Agent (which may not be given except
upon the occurrence and during the continuance of a Cash Dominion Event and shall be revoked by Agent when no Cash Dominion Event is continuing, but without prejudice to Agent’s right to provide subsequent directions if another Cash Dominion
Event arises thereafter), to transfer such funds so deposited on a daily basis or at other times acceptable to Agent to Agent, either to any account maintained by Agent at said Blocked Account Bank or by wire transfer to appropriate account(s) at
Agent; provided, that, with respect to accounts existing as of the Closing Date, such control agreements shall be required to be delivered only as, when and to the extent required pursuant to the Post-Closing Letter (without prejudice
to Borrowers’ and Guarantors’ obligations under Section 6.11). All funds deposited in such Blocked Accounts or Depository Accounts (whether or not a Cash Dominion Event has occurred and is continuing) shall immediately become subject
to the security interest of Agent for its own benefit and the ratable benefit of Issuer, Lenders and all other holders of the Obligations, and each account control agreement with such Blocked Account Bank shall contain an agreement by such Blocked
Account Bank to waive any offset rights against the funds so deposited (except as may otherwise be agreed by Agent pursuant to such account control agreement). Neither Agent nor any Lender assumes any responsibility for such blocked account
arrangement, including any claim of accord and satisfaction or release with respect to deposits accepted by any Blocked Account Bank thereunder. Upon the occurrence and during the continuance of a Cash Dominion Event, but subject to
Section 11.5, Agent shall apply all funds received by it from the Blocked Accounts and/or Depository Accounts to the satisfaction of the Obligations (including the cash collateralization of the Letters of Credit) in the following order:
(i) first, to the outstanding Swing Loans, (ii) second, pro rata according to the applicable Revolving Commitment Percentages of Lenders, to the outstanding Revolving Advances (including cash collateralization of all
Obligations relating to any outstanding Letters of Credit in accordance with the provisions of Section 3.2(b)) (subject to any contrary provisions of Section 2.22), and (iii) third, pro rata according to the applicable FILO
Commitment Percentages of Lenders, to the outstanding FILO Advances (subject to any contrary provisions of Section 2.22). 

(i)    No Borrower or Guarantor will, without Agent’s consent, compromise or adjust any material amount of the
Receivables or Credit Card Receivables (or any amount to the extent such Receivables or Credit Card Receivables constitute Eligible Receivables or Eligible Credit Card Receivables), or extend the time for payment thereof, or accept any material
returns 

  
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(or any returns, as applicable) of merchandise or grant any additional discounts, allowances or credits thereon except for those compromises, adjustments, extensions, returns, discounts, credits
and allowances as have been heretofore customary in the Ordinary Course of Business of such Borrower or Guarantor. 

(j)    All deposit accounts (including all Blocked Accounts and Depository Accounts), securities accounts and investment
accounts of each Borrower, each Guarantor, and each Subsidiary of any of the foregoing as of the Closing Date are set forth on Schedule 4.8(j)(i). Attached hereto as Schedule 4.8(j)(ii) is a list describing all arrangements as of the Closing Date to
which any Borrower, any Guarantor, and any Subsidiary of any of the foregoing is a party with respect to the processing and/or payment to such Borrower, Guarantor, or Subsidiary of the proceeds of any credit card charges and debit card charges for
sales made by such Borrower, Guarantor, or Subsidiary. No Borrower or Guarantor shall open any new deposit account, securities account or investment account unless (i) Borrowers shall have given written notice thereof to Agent, and (ii) if
such account is to be maintained with a bank, depository institution or securities intermediary that is not Agent and is not an Excluded Account, such bank, depository institution or securities intermediary, each applicable Borrower or Guarantor and
Agent shall within thirty (30) days after the opening of such account (or, if a Cash Dominion Event has occurred and is continuing, contemporaneously with the opening of such account) enter into an account control agreement in form and
substance reasonably satisfactory to Agent sufficient to give Agent “control” (for purposes of Articles 8 and 9 of the Uniform Commercial Code) over such account. No Borrower or Guarantor shall enter into any agreements with Credit Card
Issuers or Credit Card Processors other than those expressly contemplated by this Section 4.8. 

(k)    Notwithstanding anything to the contrary in this Agreement or any Other Document: 

(i)    Borrowers and Guarantors shall not be required to obtain deposit account control agreements for any Excluded
Accounts; 
 (ii)    Borrowers and Guarantors shall not be required to cause the cash deposited in Excluded Accounts
(other than Excluded Accounts described in clause (d) of the definition of such term) to be remitted to a Blocked Account or a Depository Account; and 

(iii)    without limitation of subsection (d) above, Borrowers and Guarantors may in their discretion maintain
deposit accounts with banks or financial institutions other than Agent as accounts for the deposit of the proceeds of sales of Collateral at any one or more Stores (and not for purposes of making disbursements or holding operating funds of any
Borrower or Guarantor) (any such account, a “Local Store Account”). All proceeds of all sales of Collateral at any Store on any Business Day shall be deposited no less frequently than twice per week into a Blocked Account or a Local
Store Account; provided, that, Stores shall be permitted to retain cash for Store operations in the Ordinary Course of Business in an amount up to $3,000 at any one time. Borrowers and Guarantors shall cause the funds in each Local
Store Account to be transferred to a Blocked Account maintained with Agent on each Business Day when the funds on deposit in such Local Store Account shall exceed $10,000, and in any event no less frequently than twice per week in accordance with
the definition of “Excluded Account”; provided, that, the Borrowers and Guarantors shall be permitted to maintain de minimis amounts in each Local Store Account to cover fees and chargebacks. 

  
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 4.9.    Inventory. To the extent Inventory held for sale or lease has
been produced by any Borrower, it has been and will be produced by such Borrower in accordance in all material respects with the Federal Fair Labor Standards Act of 1938, as amended, and all rules, regulations and orders thereunder. 

4.10.    Maintenance of Equipment. The equipment useful and necessary to the business of the Borrowers and
Guarantors shall be maintained in good operating condition and repair (reasonable wear and tear and casualty excepted) and all necessary replacements of and repairs thereto shall be made so that the value and operating efficiency of such equipment
shall be maintained and preserved consistent with industry standards; provided, that, the same shall not be required if not necessary for the continued operation of the business of the Borrowers and Guarantors. No Borrower or Guarantor
shall use or operate its equipment in violation of any Applicable Law, except to the extent such violation could not reasonably be expected to have a Material Adverse Effect. 

4.11.    Exculpation of Liability. Nothing herein contained shall be construed to constitute Agent or any Lender as
any Borrower’s or Guarantor’s agent for any purpose whatsoever, nor shall Agent or any Lender be responsible or liable for any shortage, discrepancy, damage, loss or destruction of any part of the Collateral wherever the same may be
located and regardless of the cause thereof, except for the gross negligence or willful misconduct of Agent or any Lender (as determined by a final and non-appealable judgment of a court of competent
jurisdiction). Neither Agent nor any Lender, whether by anything herein or in any assignment or otherwise, assumes any of any Borrower’s or Guarantor’s obligations under any contract or agreement assigned to Agent or such Lender, and
neither Agent nor any Lender shall be responsible in any way for the performance by any Borrower or Guarantor of any of the terms and conditions thereof. 

4.12.    Financing Statements. Except with respect to the financing statements naming Agent as secured party, the
financing statements described on Schedule 1.2, and financing statements filed in connection with Permitted Encumbrances, no financing statement covering any of the Collateral or any proceeds thereof is or will be on file in any public office. 

 

	V.	REPRESENTATIONS AND WARRANTIES. 

 Each Borrower and each Guarantor represents and warrants as
follows: 
 5.1.    Authority. Such Borrower and such Guarantor has full power, authority and legal right to
enter into this Agreement and the Other Documents to which it is a party and to perform all its respective Obligations hereunder and thereunder. This Agreement and the Other Documents to which it is a party have been duly executed and delivered by
such Borrower and such Guarantor, and this Agreement and the Other Documents to which it is a party constitute the legal, valid and binding obligation of such Borrower and such Guarantor enforceable in accordance with their terms, except as such
enforceability may be limited by any applicable bankruptcy, insolvency, reorganization, receivership, moratorium or similar Laws affecting 

  
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creditors’ rights generally and by general principles of equity. The execution, delivery and performance of this Agreement and of the Other Documents to which it is a party (a) are
within such Borrower’s and such Guarantor’s corporate or limited liability company powers, as applicable, and have been duly authorized by all necessary corporate or limited liability company action, as applicable, (b) will not
violate (i) the terms of such Borrower’s or such Guarantor’s Organizational Documents, (ii) any Material Contract to which such Borrower or such Guarantor is a party or by which such Borrower or such Guarantor is
bound, including the Intercompany Subordinated Loan Documents, the Holdings Loan Documents, or the Acquisition Agreement, or (iii) any Applicable Law in any material respect, (c) will not require the Consent of any
Governmental Body, any party to a Material Contract or any other Person, except those Consents set forth on Schedule 5.1 hereto, all of which will have been duly obtained, made or compiled prior to the Closing Date and which are in full force and
effect and (d) will not result in the creation of any Lien except Permitted Encumbrances upon any asset of such Borrower or such Guarantor, except, with respect to any conflict, violation or Consent referred to in clause (b)(ii) (other
than the Intercompany Subordinated Loan Documents, the Holdings Loan Documents and the Acquisition Agreement), (c), or (d) above, to the extent such conflict, violation or failure to obtain such Consent, individually or in the aggregate,
could not reasonably be expected to have a Material Adverse Effect. 
 5.2.    Formation and Qualification;
Subsidiaries. 
 (a)    Such Borrower and such Guarantor is (i) duly incorporated or formed, as applicable,
(ii) in good standing under the laws of the state listed on Schedule 5.2(a), and (iii) qualified to do business and is in good standing in the states listed on Schedule 5.2(a) which constitute all states in which qualification and
good standing are necessary for such Borrower or such Guarantor to conduct its business and own its property and where the failure to so qualify, as to this clause (iii), could reasonably be expected to have a Material Adverse Effect. Each Borrower
and each Guarantor has delivered to Agent true and complete copies of its Organizational Documents (including any amendments thereto to the extent required to be delivered pursuant to Section 9.5(g)). 

(b)    The only Subsidiaries of each Borrower and each Guarantor as of the Closing Date are listed on Schedule 5.2(b).

 (c)    FINL PR (i) has no assets of the type included in the Formula Amount or the FILO Formula Amount in
excess of five percent (5%) of the total assets of the Borrowers and Guarantors, taken as a whole, (ii) has no other assets in excess of five percent (5%) of the total assets of the Borrowers and Guarantors, taken as a whole, and
(iii) conducts no business necessary to the conduct of the Borrowers’ and Guarantors’ operations. 

5.3.    [Intentionally Omitted]. 

5.4.    Tax Returns. Each Borrower and each Guarantor has filed all federal and material state and local tax returns
and other material reports that it is required by Applicable Law to file and has paid all material taxes, assessments, fees and other governmental charges that are due and payable, except to the extent (i) Properly Contested, or
(ii) not in excess of $250,000 in the aggregate as to all such unpaid taxes, assessments, fees and other governmental charges. The 

  
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provision for taxes on the books of each Borrower and each Guarantor is adequate for all years not closed by applicable statutes, and for its current Fiscal Year, and no Borrower or Guarantor has
any knowledge of any material deficiency or additional assessment in connection therewith not provided for on its books. 

5.5.    Financial Statements. 

(a)    The pro forma balance sheet of Borrowers and Guarantors on a Consolidated Basis (the “Pro Forma Balance
Sheet”) furnished to Agent on the Closing Date reflects the consummation of the transactions contemplated by the Intercompany Subordinated Loan Documents, the Holdings Loan Documents, the Acquisition Agreement, this Agreement and the Other
Documents (collectively, the “Transactions”) and fairly reflects in all material respects the financial condition of Borrowers and Guarantors on a Consolidated Basis as of the Closing Date after giving effect to the Transactions.
All financial statements referred to in this subsection 5.5(a), including the related schedules and notes thereto, have been prepared in accordance with GAAP, consistently applied, except as may be disclosed in such financial statements. 

(b)    The pro forma balance sheet and statements of operations and cash flow projections of Borrowers and Guarantors on
a Consolidated Basis for the years 2018 through 2023 (which include quarterly projections for the first four quarters following the Closing Date and annual projections thereafter), copies of which are annexed hereto as Exhibit 5.5(b) (the
“Projections”) were prepared in good faith based on estimates and assumptions believed by the management of Borrowing Agent to be reasonable at the time of delivery thereof on the Closing Date; provided, that, the
Projections are subject to significant uncertainties and contingencies, many of which are beyond the control of Borrowers and Guarantors, that no assurance can be given that any particular estimate, forecast, model, projection or other forward
looking statement will be realized, that the Projections are not to be viewed as facts and that the Projections may vary from actual results during the periods covered by the Projections and that such variances may be material. The Projections,
together with the Pro Forma Balance Sheet, are referred to herein collectively as the “Pro Forma Financial Statements”. 

(c)    The consolidated balance sheet of Borrowing Agent and its Subsidiaries as of March 3, 2018, and the related
statements of operations, changes in shareholders’ equity, and cash flows for the Fiscal Year ended on such date, all accompanied by reports thereon containing opinions without qualification by independent certified public accountants (other
than any qualification that is expressly solely with respect to, or expressly resulting solely from, an upcoming maturity date of borrowed money within one year from the date of such opinion), copies of which have been delivered to Agent, have been
prepared in accordance with GAAP, consistently applied (except for changes in application to which such accountants concur) and present fairly, in all material respects, the consolidated financial position of Borrowing Agent and its Subsidiaries at
such date and the consolidated results of their operations for such period. Since March 3, 2018, there has been no event or circumstance that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

 5.6.    Certificates of Beneficial Ownership. Each Certificate of Beneficial Ownership executed and delivered
to Agent and Lenders for a Borrower on or prior to the date of this 

  
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Agreement, as updated from time to time in accordance with this Agreement, is accurate, complete and correct as of the date hereof and as of the date any such update is delivered. Each Borrower
acknowledges and agrees that the Certificate of Beneficial Ownership for such Borrower is one of the Other Documents. 

5.7.    Environmental Compliance. 

(a)    Each Borrower and each Guarantor is, and to the knowledge of each has been, in compliance with applicable
Environmental Laws except as set forth on Schedule 5.7 hereto or except in such instances in which the failure to so comply, in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 

(b)    Except as set forth on Schedule 5.7 or where the failure to so comply, individually or in the aggregate, could not
reasonably be expected to have a Material Adverse Effect: (i) there have been no releases, spills, discharges, leaks or disposal (collectively referred to as “Releases”) of Hazardous Materials at, upon, under or migrating from
or onto any Real Property owned, leased or occupied by any Borrower or any Guarantor, except for those Releases which are in full compliance with Environmental Laws; (ii) there are no underground storage tanks or polychlorinated biphenyls on
any Real Property owned by any Borrower or any Guarantor, except for such underground storage tanks or polychlorinated biphenyls that are present in compliance with Environmental Laws; (iii) to the knowledge of Borrowers and Guarantors, there
are no underground storage tanks or polychlorinated biphenyls on any Real Property leased or occupied by any Borrower or any Guarantor, except for such underground storage tanks or polychlorinated biphenyls that are present in compliance with
Environmental Laws; (iv) the Real Property including any premises owned, leased or occupied by any Borrower or any Guarantor has never been used by any Borrower or any Guarantor to dispose of Hazardous Materials, except as authorized by
Environmental Laws; and (v) no Hazardous Materials are managed by any Borrower or any Guarantor on any Real Property including any premises owned, leased or occupied by any Borrower or any Guarantor, excepting such quantities as are managed in
accordance with all applicable manufacturer’s instructions and compliance with Environmental Laws and as are necessary for the operation of the commercial business of any Borrower, of any Guarantor, or of any tenant of any of the foregoing.

 (c)     All Real Property owned by Borrowers and Guarantors is insured pursuant to policies and other bonds which
are valid and in full force and effect and which provide adequate coverage from reputable and financially sound insurers in amounts sufficient to insure the assets and risks of each such Borrower and Guarantor in accordance with prudent business
practice in the industry of such Borrower and Guarantor. 
 5.8.    Solvency; No Litigation, Violation, Indebtedness
or Default; ERISA Compliance. 
 (a)    (i) After giving effect to the Transactions as of the Closing Date, and
before and after giving effect to each Advance, the Borrowers and the Guarantors, taken as a whole, are and will be solvent, able to pay their debts as they mature, and have and will have capital sufficient to carry on their business and all
businesses in which they are about to engage, (ii) as of the Closing Date, after giving effect to the Transactions, the fair present saleable value of the assets of the Borrowers and the Guarantors, taken as a whole, calculated on a going

  
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concern basis, is in excess of the amount of their liabilities, and (iii) subsequent to the Closing Date, the fair saleable value of the assets of the Borrowers and the Guarantors, taken as
a whole (calculated on a going concern basis) will be in excess of the amount of their liabilities. 
 (b)    Except as
disclosed in Schedule 5.8(b)(i), no Borrower or Guarantor has any pending or, to the knowledge of such Borrower or Guarantor, threatened litigation, arbitration, actions or proceedings (i) affecting or pertaining to the transactions
contemplated by this Agreement and the Other Documents, the Intercompany Subordinated Loan Documents, the Holdings Loan Documents, or the Acquisition Agreement, or (ii) which, individually or in the aggregate, could reasonably be expected to
have a Material Adverse Effect. No Borrower or Guarantor has any outstanding Indebtedness other than the Obligations, except for (i) Indebtedness disclosed in Schedule 5.8(b)(ii) and (ii) Indebtedness otherwise permitted under
Section 7.8 hereof. 
 (c)    No Borrower or Guarantor is in violation of any applicable statute, law, rule,
regulation or ordinance in any respect which could reasonably be expected to have a Material Adverse Effect, nor is any Borrower or Guarantor in violation of any order of any court, Governmental Body or arbitration board or tribunal which could
reasonably be expected to have a Material Adverse Effect. Each Pension Benefit Plan is in compliance in all material respects with the applicable provisions of ERISA, the Code and other federal or state laws. 

(d)    As of the Closing Date, no Borrower, Guarantor, or any member of the Controlled Group maintains or is required to
contribute to any Pension Benefit Plan other than those listed on Schedule 5.8(d) hereto. Except as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (i) each Borrower, each Guarantor, and
each member of the Controlled Group has met all applicable minimum funding requirements under Section 302 of ERISA and Section 412 of the Code in respect of each Pension Benefit Plan, and each Pension Benefit Plan is in compliance with
Sections 412, 430 and 436 of the Code and Sections 206(g), 302 and 303 of ERISA, without regard to waivers and variances; (ii) each Pension Benefit Plan which is intended to be a qualified plan under Section 401(a) of the Code has received
a favorable determination, opinion or advisory letter from the Internal Revenue Service (or an application for such a letter is currently being processed by the Internal Revenue Service) and, to the knowledge of Borrowers, nothing has occurred which
would prevent, or cause the loss of, such qualification; (iii) none of any Borrower, any Guarantor, or any other member of the Controlled Group has incurred any liability to the PBGC other than for the payment of premiums, and there are no PBGC
premium payments which have become due which are unpaid; (iv) no Pension Benefit Plan has been terminated by the plan administrator thereof nor by the PBGC, and there is no occurrence which would cause the PBGC to institute proceedings under
Title IV of ERISA to terminate any Pension Benefit Plan; (v) the current value of the assets of each Pension Benefit Plan exceeds the present value of the accrued benefits; (vi) none of any Borrower, any Guarantor, or any other member of
the Controlled Group has breached any of the responsibilities, obligations or duties imposed on it by ERISA with respect to any Pension Benefit Plan; (vii) none of any Borrower, any Guarantor, or any other member of a Controlled Group has
incurred any liability for any excise tax arising under Section 4971 or 4972 of the Code, and no fact is known by any Borrower, Guarantor or other member of the Controlled Group to exist which could reasonably be expected to give rise to any
such liability; (viii) none of any Borrower, any Guarantor, or any other member of the Controlled 

  
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Group nor any fiduciary of, nor any trustee to, any Pension Benefit Plan, has engaged in a “prohibited transaction” described in Section 406 of the ERISA or Section 4975 of
the Code with respect to such Pension Benefit Plan nor taken any action which would constitute or result in a Termination Event with respect to any such Pension Benefit Plan which is subject to ERISA; (ix) no Termination Event has occurred or
is reasonably expected to occur; (x) there exists no event described in Section 4043 of ERISA, for which the thirty (30) day notice period has not been waived; (xi) none of any Borrower, any Guarantor, or any other member of the
Controlled Group has engaged in a transaction that could be subject to Section 4069 or 4212(c) of ERISA; (xii) none of any Borrower, any Guarantor, or any other member of the Controlled Group has withdrawn, completely or partially, within
the meaning of Section 4203 or 4205 of ERISA, from any Multiemployer Plan so as to incur liability under the Multiemployer Pension Plan Amendments Act of 1980 and no fact is known by any Borrower, Guarantor or other member of the Controlled
Group to exist which could reasonably be expected to result in any such liability; and (xiii) no Pension Benefit Plan fiduciary (as defined in Section 3(21) of ERISA) has any liability for breach of fiduciary duty with respect to such
Pension Benefit Plan or for any failure in connection with the administration or investment of the assets of a Pension Benefit Plan. 

5.9.    Patents, Trademarks, Copyrights and Licenses. All Intellectual Property owned by any Borrower or any
Guarantor: (i) that is material to the business or operations of any Borrower or Guarantor, is set forth on Schedule 5.9(a) (as such schedule may be updated in accordance with the terms hereof from time to time); and (ii) is valid and has been
duly registered or filed with all appropriate Governmental Bodies. All License Agreements that are material to the business of any Borrower or any Guarantor (other than commercially available off-the-shelf
software that is generally available to the public which have been licensed to a Borrower or Guarantor pursuant to an end-user license) are set forth on Schedule 5.9(b) (as such schedule may be updated in accordance with the terms hereof from time
to time). All Intellectual Property (including, without limitation, License Agreements) described on Schedule 5.9(a) and Schedule 5.9(b) constitutes all of the intellectual property rights which are necessary for the operation of the businesses of
Borrowers and Guarantors. To the knowledge of Borrowers and Guarantors, there is no objection to, pending challenge to the validity of, or proceeding by any Governmental Body to suspend, revoke, terminate or adversely modify, any such Intellectual
Property that is material to the conduct of the business of the Borrowers and Guarantors and no Borrower or Guarantor is aware of any grounds for any challenge or proceedings in respect of such Intellectual Property, except as set forth in Schedule
5.9(c) hereto (together with Schedule 5.9(a) and Schedule 5.9(b), collectively, “Schedule 5.9”). All Intellectual Property owned by any Borrower or Guarantor and material to the conduct of its business consists of original material or
property developed by such Borrower or Guarantor or was lawfully acquired by such Borrower or Guarantor from the proper and lawful owner thereof. 

5.10.    Licenses and Permits. Except as set forth in Schedule 5.10 or where the failure to be in such compliance
or to so procure and possess could not reasonably be expected to have a Material Adverse Effect, each Borrower and each Guarantor (a) is in compliance with and (b) has procured and is now in possession of, all licenses or permits
required by any Applicable Law for the operation of its business in each jurisdiction wherein it is now conducting or proposes to conduct business. 

  
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 5.11.    [Intentionally Omitted]. 

5.12.    No Default. No Default or Event of Default has occurred and is continuing. 

5.13.    No Burdensome Restrictions. No Borrower or Guarantor is party to any contract or agreement the performance
of which could reasonably be expected to have a Material Adverse Effect. Each Borrower and each Guarantor has heretofore delivered or made available to Agent true and complete copies of all Material Contracts to which it is a party or to which it or
any of its properties is subject. No Borrower or Guarantor has agreed or consented to cause or permit in the future (upon the happening of a contingency or otherwise) any of its property, whether now owned or hereafter acquired, to be subject to a
Lien which is not a Permitted Encumbrance. 
 5.14.    No Labor Disputes. Each of the Borrowers and Guarantors is
in compliance with all employment agreements, employment contracts, collective bargaining agreements and other agreements among any Borrower or Guarantor and its employees (collectively, “Labor Contracts”) and all applicable
federal, state and local labor and employment Laws including those related to equal employment opportunity and affirmative action, labor relations, minimum wage, overtime, child labor, medical insurance continuation, worker adjustment and retraining
notices, immigration controls and worker and unemployment compensation, where the failure to comply could reasonably be expected to have a Material Adverse Effect. There are no outstanding grievances, arbitration awards or appeals therefrom arising
out of the Labor Contracts or current or threatened strikes, picketing, handbilling or other work stoppages or slowdowns at facilities of any of the Borrowers and Guarantors which in any case could reasonably be expected to have a Material Adverse
Effect. 
 5.15.    Margin Regulations. None of any Borrower, any Guarantor, or any Subsidiary is engaged
principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying any Margin Stock. No part of the proceeds of the Advances will be used to purchase or carry any Margin Stock or to
extend credit to others for the purpose of purchasing or carrying any Margin Stock or for any purpose that violates the provisions of Regulation T, U, or X of the Board of Governors of the Federal Reserve System. None of any Borrower, any Guarantor,
or any Subsidiary has any current intention as of the Closing Date to acquire any Margin Stock. 

5.16.    Investment Company Act. No Borrower or Guarantor is an “investment company” as defined in, and
registered or required to be registered under, the Investment Company Act of 1940, as amended, nor is it controlled by such a company. 

5.17.    Disclosure. No representation or warranty made by any Borrower or Guarantor in this Agreement or any Other
Document, or in any financial statement, report, certificate or any other document furnished in connection herewith or therewith, taken as a whole, contains any untrue statement of a material fact or omits to state any material fact necessary to
make the statements herein or therein not materially misleading in light of the circumstances under which they were made, it being understood and agreed, with respect to Projections, that (w) such Projections and other information are subject to
significant uncertainties and contingencies, many of which are beyond the control of Borrowers and Guarantors, (x) no assurance can be given that any particular estimate, forecast, model, projection or other forward looking statement will be
realized, (y) the Projections are not to be viewed as facts and that the Projections may vary from actual results during the periods covered by the Projections, and (z) such variances 

  
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may be material. There is no fact known to any Borrower or Guarantor which such Borrower or Guarantor has not disclosed to Agent in writing with respect to the Transactions which could reasonably
be expected to have a Material Adverse Effect. 
 5.18.    Delivery of Intercompany Subordinated Loan Documents and
Holdings Loan Documents. Agent has received complete copies of the Intercompany Subordinated Loan Documents, the Holdings Loan Documents, and material related documents (including all exhibits, schedules and disclosure letters referred to
therein or delivered pursuant thereto, if any) and all amendments thereto, waivers relating thereto and other material side letters or agreements affecting the terms thereof. None of such documents and agreements has been amended or supplemented in
any material respect, nor have any of the provisions thereof been waived, except pursuant to a written agreement or instrument which has heretofore been delivered to Agent. 

5.19.    Delivery of Acquisition Agreement. Agent has received complete copies of the Acquisition Agreement and
material related documents (including all exhibits, schedules and disclosure letters referred to therein or delivered pursuant thereto, if any) and all amendments thereto, waivers relating thereto and other material side letters or agreements
affecting the terms thereof. None of such documents and agreements has been amended or supplemented in any material respect, nor have any of the provisions thereof been waived, except pursuant to a written agreement or instrument which has
heretofore been delivered to Agent. 
 5.20.    EEA Financial Institution. No Borrower or Guarantor is an EEA
Financial Institution. 
 5.21.    Business and Property of Borrowers and Guarantors. Upon and after the Closing
Date, Borrowers and Guarantors do not propose to engage in any business other than the online and in-store retail sale of athletic footwear and related merchandise and activities necessary to conduct the foregoing, and any other businesses
substantially similar, related, ancillary or incidental thereto. On the Closing Date, each Borrower and each Guarantor will own all the property and possess all of the rights and Consents necessary for the conduct of the business of such Borrower or
Guarantor. 
 5.22.    [Intentionally Omitted]. 

5.23.    Federal Securities Laws. None of any Borrower, any Guarantor, or any of their respective Subsidiaries
(i) is required to file periodic reports under the Exchange Act following the Closing Date, subject to the approval by the SEC of the deregistration of the securities of Borrowing Agent (the request for which deregistration was submitted to
the SEC on or about the Closing Date), (ii) has any securities registered under the Exchange Act, subject to the approval by the SEC of the deregistration of the securities of Borrowing Agent (the request for which deregistration was submitted to
the SEC on or about the Closing Date), or (iii) has filed a registration statement that has not yet become effective under the Securities Act. 

5.24.    Equity Interests. The authorized and outstanding Equity Interests of each Borrower and each Guarantor, and
each legal and beneficial holder thereof, in each case as of the Closing Date, are as set forth on Schedule 5.24(a) hereto. All of the Equity Interests of each Borrower and each Guarantor have been duly and validly authorized and issued and are
fully 

  
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paid and non-assessable and have been sold and delivered to the holders thereof in compliance with, or under valid exemption from, all federal and state laws and the rules and regulations of each
Governmental Body governing the sale and delivery of securities. Except for the rights and obligations set forth on Schedule 5.24(b) and as set forth in the Organizational Documents of Borrowers and Guarantors, after giving effect to the
Transactions, there are no subscriptions, warrants, options, calls, commitments, rights or agreements by which any Borrower, any Guarantor, or any of the shareholders of any of the foregoing is bound relating to the issuance, transfer, voting or
redemption of shares of its Equity Interests or any pre-emptive rights held by any Person with respect to the Equity Interests of Borrowers or Guarantors as of the Closing Date. Except as set forth on Schedule 5.24(c), Borrowers and Guarantors have
not, after giving effect to the Transactions, issued any securities convertible into or exchangeable for shares of their Equity Interests or any options, warrants or other rights to acquire such shares or securities convertible into or exchangeable
for such shares as of the Closing Date. 
 5.25.    Commercial Tort Claims. As of the Closing Date, no Borrower
or Guarantor has any commercial tort claims except as set forth on Schedule 5.25 hereto. 
 5.26.    Letter of Credit
Rights. As of the Closing Date, no Borrower or Guarantor has any letter of credit rights except as set forth on Schedule 5.26 hereto. 

5.27.    Material Contracts. Schedule 5.27 sets forth all Material Contracts of Borrowers and Guarantors as of the
Closing Date. All Material Contracts are in full force and effect and no defaults currently exist thereunder which could reasonably be expected to have a Material Adverse Effect. 

5.28.    Insurance. The properties of Borrowers, Guarantors, and their respective Subsidiaries are insured with
financially sound and reputable insurance companies which are not Affiliates of Borrowers or Guarantors, in such amounts (after giving effect to any self-insurance), with such deductibles and covering such risks (including, without limitation,
workmen’s compensation, public liability, business interruption and property damage insurance) as are customarily carried by companies engaged in similar businesses and owning similar properties in localities where the applicable Borrower,
Guarantor, or Subsidiary operates. Schedule 5.28 sets forth a description of all insurance maintained by or on behalf of the Borrowers, Guarantors, and their respective Subsidiaries as of the Closing Date. Each insurance policy listed on Schedule
5.28 is in full force and effect as of the Closing Date and all premiums in respect thereof that are due and payable have been paid. 

5.29.    Perfection of Agent’s Liens. 

(a)    This Agreement and the Other Documents create in favor of Agent, for the benefit of the Secured Parties, a legal,
valid, continuing and enforceable security interest in the Collateral. Upon the filing of the UCC-1 financing statements, releases and other filings (which Borrowers and Guarantors represent are in appropriate
form) in the office of secretary of state (or other applicable filing office) of each Borrower’s and Guarantor’s jurisdiction of organization specified in Schedule 5.2(a) and/or the obtaining of “control” (as defined in the
Uniform Commercial Code), Agent will have a perfected Lien on, and security interest in, to and under all right, title and interest of Borrowers and Guarantors in all of their respective Collateral that may

  
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be perfected by filing, recording or registering a financing statement or analogous document (including without limitation the proceeds of such Collateral subject to the limitations relating to
such proceeds in the Uniform Commercial Code) or by obtaining control, under the Uniform Commercial Code (in effect on the date this representation is made) in each case prior and superior in right to any other Person (subject only to holders of
Permitted Encumbrances having priority over the Lien of Agent by operation of Applicable Law). 
 (b)    When this
Agreement, the Intellectual Property Security Agreement or a short form hereof or thereof is filed in the United States Patent and Trademark Office and the United States Copyright Office and when UCC-1
financing statements, releases and other filings in appropriate form are filed in the office of the secretary of state (or other applicable filing office) of each Borrower’s and Guarantor’s jurisdiction of organization specified in
Schedule 5.2(a), Agent shall have a fully perfected Lien on, and security interest in, all right, title and interest of the applicable Borrowers and Guarantors in their respective Intellectual Property in which a security interest may be perfected
by filing, recording or registering a security agreement, financing statement or analogous document in the United States Patent and Trademark Office or the United States Copyright Office, as applicable, in each case prior and superior in right to
any other Person (subject only to holders of Permitted Encumbrances having priority over the Lien of Agent by operation of Applicable Law) (it being understood that subsequent recordings in the United States Patent and Trademark Office and the
United States Copyright Office may be necessary to perfect a Lien on registered trademarks, trademark applications and copyrights acquired by the Borrowers and Guarantors after the Closing Date). 

5.30.    Brokers. No broker or finder brought about the obtaining, making or closing of the Advances or
transactions contemplated by this Agreement and the Other Documents, and no Borrower, Guarantor, or Affiliate thereof has any obligation to any Person in respect of any finder’s or brokerage fees in connection therewith. 

5.31.    Customer and Trade Relations. There exists no actual or, to the knowledge of any Borrower or Guarantor,
threatened, termination or cancellation of, or any material adverse modification or change in the business relationship of any Borrower or Guarantor with any supplier material to its operations. 

5.32.    Casualty. Neither the businesses nor the properties of any Borrower, Guarantor, or Subsidiary are affected
by any fire, explosion, accident, strike, lockout or other labor dispute, drought, storm, hail, earthquake, embargo, act of God or of the public enemy or other casualty (whether or not covered by insurance) that, either individually or in the
aggregate, could reasonably be expected to have a Material Adverse Effect. 
 5.33.    Senior Debt Status. The
Obligations shall at all times be pari passu or prior in right to all other Indebtedness of Borrowers and Guarantors, other than Indebtedness secured by Permitted Encumbrances. 

  
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	VI.	AFFIRMATIVE COVENANTS. 

 Each Borrower and each Guarantor shall, until payment in full of the
Obligations: 
 6.1.    Compliance with Laws. Comply with all Applicable Laws with respect to the Collateral or
any part thereof or to the operation of such Borrower’s or Guarantor’s business the non-compliance with which could reasonably be expected to have a Material Adverse Effect (except to the extent any
separate provision of this Agreement shall expressly require compliance with any particular Applicable Law(s) pursuant to another standard). Each Borrower and each Guarantor may, however, contest or dispute any Applicable Laws in any reasonable
manner; provided, that, any related Lien is inchoate or stayed and sufficient reserves are established to the reasonable satisfaction of Agent to protect Agent’s Lien on or security interest in the Collateral. 

6.2.    Conduct of Business and Maintenance of Existence and Assets. (a) Conduct continuously and operate actively
its business according to good business practices and maintain all of its properties useful or necessary in its business in good working order and condition in accordance with industry standards (reasonable wear and tear and casualty excepted and
except as may be disposed of in accordance with the terms of this Agreement), including all Intellectual Property that is material to the conduct of the business of Borrowers and Guarantors, and take all commercially reasonable actions reasonably
necessary to enforce and protect the validity of any material Intellectual Property right or other right included in the Collateral that is material to the conduct of the business of Borrowers and Guarantors; provided, that, nothing in
this subsection (a) shall prevent a Borrower or Guarantor from discontinuing the operation or maintenance of any of such property if such discontinuance is, in the judgment of such Borrower or Guarantor, desirable in the conduct of its
business; (b) keep in full force and effect its existence and comply in all respects with Applicable Laws governing the conduct of its business where the failure to do so could reasonably be expected to have a Material Adverse Effect;
and (c) make all such reports and pay all such franchise and other taxes and license fees and do all such other acts and things as may be lawfully required to maintain its rights, licenses, leases, powers and franchises under the laws of
the United States or any political subdivision thereof where the failure to do so could reasonably be expected to have a Material Adverse Effect. 

6.3.    Books and Records; Accountants. 

(a)    Keep proper books of record and account in which full, true and correct entries will be made of all dealings or
transactions of or in relation to its business and affairs (including without limitation accruals for taxes, assessments, Charges, levies and claims, allowances against doubtful Receivables and accruals for depreciation, obsolescence or amortization
of assets), all in accordance with, or as required by, GAAP consistently applied in the opinion of such independent public accountant as shall then be regularly engaged by Borrowers and Guarantors; and 

(b)    at all times retain an independent public accountant which is reasonably satisfactory to Agent (it being
acknowledged and agreed that, as of the Closing Date, KPMG LLP is reasonably satisfactory to Agent) and instruct such accountant to cooperate with, and be available to, Agent or its representatives to discuss Borrowers’ and Guarantors’
financial performance, financial condition, operating results, controls, and such other matters, within the scope of the retention of such accountant, as may be reasonably raised by Agent; provided, that, an Authorized Officer of
Holdings or Borrowing Agent may be present in such discussions (but such presence shall not be a pre-requisite to the occurrence of such discussions). 

  
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 6.4.    Payment of Obligations. Pay, when the same shall become due
and payable (subject to any applicable grace periods), all obligations and liabilities (other than Indebtedness, which is governed by Section 6.7), including (i) taxes, assessments and other Charges lawfully levied or assessed upon such
Borrower or Guarantor or any of the Collateral, including real and personal property taxes, assessments and charges and all franchise, income, employment, social security benefits, withholding, and sales taxes, and (ii) all lawful claims
(including, without limitation, claims of landlords, warehousemen, customs brokers, freight forwarders, consolidators and carriers) which, if unpaid, would by law become a Lien upon its property (which Lien is not a Permitted Encumbrance), except in
the case of clause (i) and (ii) to the extent Properly Contested. 
 6.5.    Financial Covenant. Cause to
be maintained at all times Undrawn Availability of not less than the greater of (i) $30,000,000 and (ii) ten percent (10%) of the Revolving Loan Cap. 

6.6.    Insurance. 

(a)    (i) Keep all its insurable properties and properties in which such Borrower or Guarantor has an interest insured
against the hazards of fire, flood, sprinkler leakage, those hazards covered by extended coverage insurance and such other hazards, and for such amounts, as is customary in the case of companies engaged in businesses similar to such Borrower’s
or Guarantor’s including business interruption insurance; (ii) maintain a bond or bonds in such amounts as is customary in the case of companies engaged in businesses similar to such Borrower or Guarantor insuring against larceny,
embezzlement or other criminal misappropriation of insured’s officers and employees who may either singly or jointly with others at any time have access to the assets or funds of such Borrower or Guarantor either directly or through authority
to draw upon such funds or to direct generally the disposition of such assets; (iii) maintain public and product liability insurance against claims for personal injury, death or property damage suffered by others; (iv) maintain all such
worker’s compensation or similar insurance as may be required under the laws of any state or jurisdiction in which such Borrower or Guarantor is engaged in business; (v) furnish Agent with (A) copies of all policies and evidence of
the maintenance of such policies by the renewal thereof at least thirty (30) days before any expiration date, and (B) appropriate loss payable endorsements in form and substance reasonably satisfactory to Agent, naming Agent as an
additional insured, mortgagee and/or lender loss payee (as applicable) as its interests may appear with respect to all insurance coverage referred to in clauses (i) and (iii) above, and providing (I) that all proceeds thereunder shall be
payable to Agent to the extent required hereunder or under an Other Document, (II) no such insurance shall be affected by any act or neglect of the insured or owner of the property described in such policy, and (III) that such policy and
loss payable clauses may not be cancelled, amended or terminated unless at least thirty (30) days prior written notice is given to Agent (or in the case of non-payment, at least ten (10) days prior
written notice). In the event of any loss thereunder, the carriers named therein hereby are directed by Agent and the applicable Borrower or Guarantor to make payment for such loss to Agent and not to Agent and such Borrower or Guarantor jointly;
provided, that, if no Cash Dominion Event is then continuing at the time of a casualty loss, Borrowers and Guarantors shall be permitted to retain (and Agent shall remit to the applicable Borrower or Guarantor) the proceeds of the
applicable insurance claim to the extent not in excess of $1,000,000 so long as such Borrower or Guarantor promptly (but in any event within ninety (90) days of such Borrower or Guarantor’s receipt of

  
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such proceeds) utilizes such proceeds to repair, restore or replace the assets that are the subject of such claim. If any insurance losses are paid by check, draft or other instrument payable to
Agent and such Borrower or Guarantor jointly, Agent may endorse such Borrower’s or Guarantor’s name thereon and do such other things as Agent may deem advisable to reduce the same to cash. 

(b)    Upon the occurrence and during the continuance of an Event of Default, Agent is hereby authorized to adjust and
compromise claims under insurance coverage referred to in Sections 6.6(a)(i) and (iii) above. All loss recoveries received by Agent (to the extent not remitted to the applicable Borrower or Guarantor in accordance with the proviso set forth in
the penultimate sentence of Section 6.6(a) above) under any such insurance may be applied to the Obligations, in such order as Agent in its sole discretion shall determine. Any surplus shall be paid by Agent to Borrowers or applied as may be
otherwise required by Applicable Law. If any Borrower or Guarantor fails to obtain insurance as hereinabove provided, or to keep the same in force, Agent, if Agent so elects, may obtain such insurance and pay the premium therefor on behalf of such
Borrower or Guarantor, which payments shall be charged to Borrowers’ Account and constitute part of the Obligations. 

6.7.    Payment of Indebtedness and Leasehold Obligations. Pay, discharge or otherwise satisfy (i) at or
before maturity (subject, where applicable, to specified grace periods) all its Indebtedness, except when the failure to do so could not reasonably be expected to have a Material Adverse Effect or when the amount or validity thereof is currently
being Properly Contested, subject at all times to any applicable subordination arrangement in favor of Lenders and (ii) when due its rental obligations under all leases under which it is a tenant, and shall otherwise comply, in all
respects, with all other terms of such leases and keep all such leases in full force and effect in accordance with their respective terms and conditions, except where the failure to do so could not reasonably be expected to have a Material Adverse
Effect or when the amount or validity thereof is currently being Properly Contested. 
 6.8.    Environmental
Matters. 
 (a)    Ensure that the Real Property and all operations and businesses conducted thereon are in
compliance and remain in compliance with all Environmental Laws and it shall manage any and all Hazardous Materials on any Real Property in compliance with Environmental Laws, except where the failure to do so could not reasonably be expected to
have a Material Adverse Effect. 
 (b)    Establish and maintain an environmental management and compliance system to
assure and monitor continued compliance with all applicable Environmental Laws, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect. 

(c)    Respond promptly to any Hazardous Discharge or Environmental Complaint and take all necessary action in order to
safeguard the health of any Person and to avoid subjecting the Collateral or Real Property to any Lien, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect. If any Borrower or Guarantor shall fail to
respond promptly to any Hazardous Discharge or Environmental Complaint or any Borrower or Guarantor shall fail to comply with any of the requirements of any 

  
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Environmental Laws as provided in this Section 6.8(c), Agent on behalf of Lenders may, but without the obligation to do so, for the sole purpose of protecting Agent’s interest in the
Collateral at any time that an Event of Default shall have occurred and be continuing: (i) give such notices or (ii) enter onto the Real Property (or authorize third parties to enter onto the Real Property) and take such actions as Agent
(or such third parties as directed by Agent) deem reasonably necessary or advisable, to remediate, remove, mitigate or otherwise manage with any such Hazardous Discharge or Environmental Complaint. All reasonable costs and expenses incurred by Agent
and Lenders (or such third parties) in the exercise of any such rights, including any sums paid in connection with any judicial or administrative investigation or proceedings, fines and penalties, together with interest thereon from the date
expended at the Default Rate for Domestic Rate Loans constituting Revolving Advances or FILO Advances, as applicable, shall be paid upon demand by Borrowers, and until paid shall be added to and become a part of the Obligations secured by the Liens
created by the terms of this Agreement or any other agreement between Agent, any Lender, any Borrower, and any Guarantor. 

6.9.    Standards of Financial Statements. Cause all financial statements referred to in Sections 9.7, 9.8, 9.10,
9.11, 9.12, and 9.13 as to which GAAP is applicable to (i) present fairly, in all material respects, the financial position of Intermediate Holdings and its Subsidiaries on a Consolidated Basis (and, to the extent required in accordance with
the terms hereof, on a consolidating basis) as of the applicable date thereof, and (ii) be prepared in accordance with GAAP applied on a basis consistent with prior practices (subject to lack of footnotes and, in the case of interim financial
statements, to normal and recurring year-end adjustments), 
 6.10.    Federal Securities Laws. Promptly notify
Agent in writing if any Borrower, any Guarantor, or any of their respective Subsidiaries (i) is required to file periodic reports under the Exchange Act, subject to the approval by the SEC of the deregistration of the securities of Borrowing
Agent (the request for which deregistration was submitted to the SEC on or about the Closing Date), (ii) registers any securities under the Exchange Act, subject to the approval by the SEC of the deregistration of the securities of Borrowing Agent
(the request for which deregistration was submitted to the SEC on or about the Closing Date), or (iii) files a registration statement under the Securities Act. 

6.11.    Execution of Supplemental Instruments. Execute and deliver to Agent, and furnish to Agent, from time to
time, promptly after Agent’s request therefor, such supplemental agreements, statements, assignments and transfers, or instructions or documents relating to the Collateral, and such other instruments, and take such actions, as Agent may
reasonably request, in order that the full intent of this Agreement may be carried into effect. 
 6.12.    ERISA
Compliance. Establish, maintain and operate all Pension Benefit Plans to comply in all material respects with the provisions of ERISA, and the governing documents for the respective Pension Benefit Plans, except where such failure to establish,
maintain or operate such Pension Benefit Plans could not reasonably be expected to result in a Material Adverse Effect. 

6.13.    Government Receivables. Take all commercially reasonable steps necessary to protect Agent’s interest
in the Collateral under the Federal Assignment of Claims Act, the Uniform Commercial Code and all other applicable state or local statutes or ordinances and 

  
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deliver to Agent appropriately endorsed, any instrument or chattel paper connected with any Receivable arising out of any contract between any Borrower and the United States, any state or any
department, agency or instrumentality of any of them. 
 6.14.    Material Contracts. (a) Perform and observe all
the terms and provisions of each Material Contract to be performed or observed by it, except to the extent that the failure to do so could not reasonably be expected to have a Material Adverse Effect, (b) maintain each such Material
Contract in full force and effect in accordance with the terms thereof, (c) enforce the material provisions of each such Material Contract in accordance with the terms thereof, (d) take all such action to such end as may be
from time to time reasonably requested by Agent, (e) upon the reasonable request of Agent, make to each other party to each such Material Contract such demands and requests for information and reports or for action as any Borrower,
Guarantor, or Subsidiary is entitled to make under such Material Contract, and (f) cause each of its Subsidiaries to do the foregoing. 

6.15.    Keepwell. If it is a Qualified ECP Loan Party, then jointly and severally, together with each other
Qualified ECP Loan Party, hereby absolutely unconditionally and irrevocably (a) guarantees the prompt payment and performance of all Swap Obligations owing by each Non-Qualifying Party (it being understood and agreed that this guarantee
is a guaranty of payment and not of collection), and (b) undertakes to provide such funds or other support as may be needed from time to time by any Non-Qualifying Party to honor all of such
Non-Qualifying Party’s obligations under this Agreement or any Other Document in respect of Swap Obligations (provided, however, that each Qualified ECP Loan Party shall only be liable under
this Section 6.15 for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 6.15, or otherwise under this Agreement or any Other Document, voidable under
applicable law, including applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations of each Qualified ECP Loan Party under this Section 6.15 shall remain in full force and
effect until payment in full of the Obligations. Each Qualified ECP Loan Party intends that this Section 6.15 constitute, and this Section 6.15 shall be deemed to constitute, a guarantee of the obligations of, and a
“keepwell, support, or other agreement” for the benefit of each other Borrower and Guarantor for all purposes of Section 1a(18)(A)(v)(II) of the CEA. 

6.16.    Certificates of Beneficial Ownership and Other Additional Information. Provide to Agent and the Lenders,
with respect to each Borrower: (i) upon the request of Agent or any Lender, confirmation of the accuracy of the information set forth in the most recent Certificate of Beneficial Ownership provided to the Agent and Lenders for such
Borrower; (ii) a new Certificate of Beneficial Ownership, in form and substance acceptable to Agent and each Lender, when the Person (s) to be identified as a Beneficial Owner in respect of such Borrower have changed; and
(iii) such other information and documentation as may reasonably be requested by Agent or any Lender from time to time for purposes of compliance by Agent or such Lender with Applicable Law (including without limitation the USA PATRIOT
Act and other Anti-Corruption Laws), and any policy or procedure implemented by Agent or such Lender to comply therewith. 

  
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	VII.	NEGATIVE COVENANTS. 

 No Borrower or Guarantor shall, until payment in full of the Obligations:

 7.1.    Merger, Consolidation, Acquisition and Sale of Assets. 

(a)    Enter into any merger, consolidation or other reorganization with or into any other Person or acquire all or a
substantial portion of the assets or Equity Interests of any Person or permit any other Person to consolidate with or merge with it, except: 

(i)    any Borrower may (x) merge, consolidate or reorganize with another Borrower, or (y) acquire the assets
or Equity Interests of another Borrower or Guarantor, in each case so long as such Borrower provides Agent with ten (10) days prior written notice of such merger, consolidation or reorganization and delivers to Agent all of the relevant
documents evidencing such merger, consolidation or reorganization; 
 (ii)    any Guarantor may merge, consolidate or
reorganize with another Guarantor or acquire the assets or Equity Interests of another Guarantor so long as such Guarantor provides Agent with ten (10) days’ prior written notice of such merger, consolidation or reorganization and delivers
to Agent all of the relevant documents evidencing such merger, consolidation or reorganization; 
 (iii)    any
(x) Guarantor, or (y) Subsidiary of a Borrower or Guarantor may merge with and into a Borrower and any Subsidiary of a Borrower or Guarantor that is not a Borrower may merge with and into a Borrower or Guarantor; 

(iv)    any Subsidiary of a Borrower that is not a Borrower or Guarantor may be liquidated, wound-up or dissolved; provided, that, The Finish Line MA, Inc. and Spike’s Holding, LLC may be liquidated, wound-up or dissolved at any time so long as any
and all assets of such entities are transferred to another Borrower or Guarantor prior to, or as a result of, the dissolution; 

(v)    any Borrower or Guarantor may acquire the assets or Equity Interests of any Subsidiary that is not a Borrower or
Guarantor, to the extent expressly permitted by Section 7.10, and 
 (vi)    Permitted Acquisitions. 

(b)    Sell, lease, transfer or otherwise dispose of any of its properties or assets, except: 

(i)    the sale of Inventory in the Ordinary Course of Business, 

(ii)    the sale, lease, transfer or other disposition of obsolete, surplus or
worn-out equipment or retail store fixtures in the Ordinary Course of Business which are no longer necessary or required in the conduct of such Borrower’s or Guarantor’s business, 

(iii)    bulk sales or other dispositions of the Inventory of a Borrower or Guarantor not in the Ordinary Course of
Business in connection with Store closings, at arm’s length, provided, that, such Store closings and related Inventory dispositions shall not exceed (x) in any Fiscal Year of Borrowing Agent and its Subsidiaries, ten percent
(10%) of the number of the Borrowers’ and Guarantors’ Stores as of the beginning of such Fiscal Year (net of new 

  
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Store openings and excluding (I) closings in connection with the relocation of any Stores or the consolidation of two or more Stores within the same geographic market, and (II) closings
of licensed departments within Macy’s Stores due to the closure of such Macy’s Stores as a whole) and (y) in the aggregate from and after the Closing Date, thirty percent (30%) of the number of the Borrowers’ and Guarantors’
Stores in existence as of the Closing Date (net of new Store openings and excluding (I) closings in connection with the relocation of any Stores or the consolidation of two or more Stores within the same geographic market, and
(II) closings of licensed departments within Macy’s Stores due to the closure of such Macy’s Stores as a whole), provided, further, that all sales of Inventory in connection with Store closings shall be in
accordance with liquidation agreements and with professional liquidators reasonably acceptable to the Agent, 

(iv)    a lease, sublease or assignment of leased Real Property, to the extent that such Real Property is not being used
in the conduct of any Borrower’s or Guarantor’s business and such lease, sublease or assignment does not interfere in any material respect with any Borrower’s or Guarantor’s business or Agent’s access to any Collateral, 

(v)    the use of cash or Cash Equivalents in any manner permitted by this Agreement, 

(vi)    non-exclusive licenses or sublicenses of Intellectual Property rights in
the Ordinary Course of Business consistent with past practice and not interfering, individually or in the aggregate, in any material respect with the conduct of any Borrower’s or Guarantor’s business or Agent’s rights in any
Collateral, 
 (vii)    dispositions permitted under Section 7.1(a), 7.2, 7.4 or 7.7, 

(viii)    the voluntary termination of Hedging Liabilities to which a Borrower or Guarantor is a party, 

(ix)    Sale and Leaseback Transactions to the extent any Liens created and Indebtedness incurred in connection therewith
are permitted under Sections 7.2 and 7.8, respectively, 
 (x)    any sale, transfer, or lease of assets by any
Borrower or Guarantor to another Borrower or Guarantor, and 
 (xi)    other sales, leases, transfers or other
dispositions of assets (other than Real Property (or any other interest in or with respect to Real Property) or assets of the type included in the Formula Amount or the FILO Formula Amount) having a fair market value not in excess of (A) $20,000,000
in the aggregate following the Closing Date and (B) $10,000,000 for any individual sale, lease, transfer or disposition during any Fiscal Year; provided, that, (x) no Event of Default shall have occurred and be continuing,
(y) such sale, lease, transfer or other disposition is on arm’s length terms and (z) at least 75% of the consideration received in respect of such sale, lease, transfer or other disposition shall be in the form of cash of Cash
Equivalents. 
 7.2.    Creation of Liens. Create or suffer to exist any Lien upon or against any of its property
or assets now owned or hereafter created or acquired, except Permitted Encumbrances. 

  
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 7.3.    Guarantees. Become liable upon the obligations or liabilities
of any Person by assumption, endorsement or guaranty thereof or otherwise (other than to Agent and the other Secured Parties) except (a) as disclosed on Schedule 7.3, (b) an unsecured guarantee by one or more Borrower(s) or Guarantor(s) of the
Holdings Loan, which guarantee is evidenced by the Holdings Loan Documents, (c) guarantees by one or more Borrower(s) or Guarantor(s) of the Indebtedness or obligations of any other Borrower(s) or Guarantor(s) or any Subsidiary thereof
to the extent such Indebtedness or obligations are permitted to be incurred and/or outstanding pursuant to the provisions of this Agreement, and (d) the endorsement of checks in the Ordinary Course of Business. 

7.4.    Investments. Purchase or acquire obligations or Equity Interests of, or any other interest in, any Person,
other than Permitted Investments. 
 7.5.    Loans. Make advances, loans or extensions of credit to any Person,
including any Parent, Subsidiary or Affiliate other than Permitted Loans and other Permitted Investments. 

7.6.    Hedge Arrangements. Enter into any Interest Rate Hedge or Foreign Currency Hedge except in the Ordinary
Course of Business and not for speculative purposes. 
 7.7.    Dividends. Declare, pay or make any dividend or
distribution on any Equity Interests of any Borrower or Guarantor (other than dividends or distributions payable in its Equity Interests, or split-ups or reclassifications of its Equity Interests (other than,
in each case, Disqualified Equity Interests)) or apply any of its funds, property or assets to the purchase, redemption or other retirement of any Equity Interest, or of any options to purchase or acquire any Equity Interest of any Borrower or
Guarantor, in each case, other than Permitted Dividends. 
 7.8.    Indebtedness. Create, incur, assume or
suffer to exist any Indebtedness other than Permitted Indebtedness. 
 7.9.    Nature of Business. Substantially
change the nature of the business in which it is presently engaged, nor except as specifically permitted hereby (including, without limitation, pursuant to Section 7.4 or 7.5) purchase or invest in, directly or indirectly, any assets or
property other than in the Ordinary Course of Business for assets or property which are useful in, necessary or desirable for and are to be used in its business as presently conducted or any other businesses that are substantially similar, related,
ancillary or incidental thereto. 
 7.10.    Transactions with Affiliates. Directly or indirectly, purchase,
acquire or lease any property from, or sell, transfer or lease any property to, or otherwise enter into any transaction or deal with, any Affiliate, except for (i) transactions among Borrowers and Guarantors which are not expressly prohibited
by the terms of this Agreement and which are in the Ordinary Course of Business, (ii) payments by Borrowers and Guarantors of dividends and distributions permitted under Section 7.7 hereof, (iii) transactions
which are in the Ordinary Course of Business, on an arm’s-length basis on terms and conditions no less favorable than terms and conditions which would have been obtainable from a Person other than an Affiliate, (iv) reasonable fees,
compensation and other benefits paid or provided to (including issuances and grant of securities and stock options, retirement and health plans, employment agreements and stock option and ownership plans for the benefit of), and indemnity provided
on behalf of, officers, directors, 

  
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employees or consultants of any Borrower, any Guarantor or any Subsidiary as determined in good faith by Intermediate Holdings’ or Borrowing Agent’s Board of Directors or senior
management, (v) the Intercompany Subordinated Loan Documents and the Holdings Loan Documents, and any Permitted Refinancing Indebtedness thereof, (vi) any agreement in effect as of the Closing Date and identified on Schedule
7.10 or any amendment to or replacement of any such agreement or any transaction contemplated thereby (so long as any such amendment or replacement agreement is not more disadvantageous to the Lenders, taken as a whole, in any material respect than
the original agreement as in effect on the Closing Date), and (vii) loans or advances to employees and officers of Borrowing Agent and its Subsidiaries in the Ordinary Course of Business, to the extent permitted hereby. 

7.11.    [Intentionally Omitted]. 

7.12.    Subsidiaries. 

(a)    Form or acquire any Subsidiary unless (i) the formation or acquisition of such Subsidiary shall constitute a
Permitted Investment, (ii) at Agent’s discretion, such Subsidiary expressly joins in this Agreement as a Borrower or a Guarantor, becomes jointly and severally liable for the Obligations, and grants first-priority Liens (subject to
Permitted Encumbrances having priority over the Lien of Agent by operation of Applicable Law) in favor of Agent for the benefit of Secured Parties on all of its assets and property constituting Collateral to secure the Obligations, all pursuant to
such joinder agreements and other legal documentation as Agent may reasonably require; provided, that, no Foreign Subsidiary shall be required to join this Agreement as a Borrower or a Guarantor (and, for the avoidance of doubt, no
assets of such Foreign Subsidiary shall be included in the Formula Amount or the FILO Formula Amount), (iii) Agent shall have received all documents, instruments and agreements, and all actions shall have been taken, as Agent may reasonably require
to create a Lien and pledge in favor of Agent in the Subsidiary Stock of such Subsidiary to secure the Obligations, and (iv) Agent shall have received all documents, instruments and agreements (including, without limitation, security
agreements, pledge agreements, certificates and legal opinions) and, if such Subsidiary will become a Borrower hereunder, appraisals and field examinations as Agent may reasonably require to establish compliance with each of the foregoing conditions
in connection therewith; provided, that, notwithstanding anything to the contrary, (x) no assets of any such new Subsidiary described in this clause (a) and joined to this Agreement as a Borrower shall be included in the
Formula Amount or the FILO Formula Amount until Agent has received a field examination with respect to such Subsidiary and its assets and an inventory appraisal with respect to the Inventory of such Subsidiary, in form and substance, and with
results, acceptable to Agent in its Permitted Discretion, and (y) Borrowers shall be liable for costs and expenses of such field examination and appraisal, which costs and expenses shall not be subject to (and shall not be included in) any
generally applicable limitations on the number of field examinations and appraisals, or the Borrowers’ liability for such costs and expenses under this Agreement. 

(b)    Enter into any partnership, joint venture or similar arrangement other than in connection with a Permitted Joint
Venture. 
 (c)    Permit FINL PR to (i) own any assets of the type included in the Formula Amount or the FILO
Formula Amount in excess of five percent (5%) of the total assets of the 

  
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Borrowers and Guarantors, taken as a whole, (ii) own any other assets in excess of five percent (5%) of the total assets of the Borrowers and Guarantors, taken as a whole, or
(iii) conduct any business necessary to the conduct of the Borrowers’ and Guarantors’ operations, unless in any such event FINL PR expressly joins in this Agreement as a Borrower, becomes jointly and severally liable for the
Obligations and otherwise complies with Section 7.12(a) in respect of such a joinder as though FINL PR was a newly formed or acquired Subsidiary; provided, that, no such joinder and compliance shall be required if, at the time
FINL PR would otherwise be required to so join and comply, such joinder and compliance could reasonably be expected to cause (x) the undistributed earnings of FINL PR as determined for United States federal income tax purposes to be treated as
a deemed dividend to any existing Borrower or Guarantor, or (y) any material adverse tax consequences to the Borrowers and Guarantors. 

7.13.    Fiscal Year and Accounting Changes. Change its Fiscal Year from a Fiscal Year ending on the Saturday
closest to the last day of February (except that Borrowers and Guarantors may change their Fiscal Year to a Fiscal Year ending on the Saturday closest to the last day in January to coincide with the Fiscal Year of Holdings) or make any significant
change (i) in accounting treatment and reporting practices except as required by GAAP or (ii) in tax reporting treatment in a manner that could reasonably be expected to materially impact any Borrower’s or
Guarantor’s balance sheet except as required by Applicable Law. 
 7.14.    [Intentionally Omitted]. 

7.15.    Amendment of Organizational Documents. (i) Change its legal name, (ii) change its form of legal
entity (e.g., converting from a corporation to a limited liability company or vice versa), (iii) change its chief executive office, (iv) change its jurisdiction of organization or become (or attempt or purport to become) organized in
more than one jurisdiction, or (v) otherwise amend, modify or waive any term or provision of its Organizational Documents in a manner materially adverse to Agent and the other Secured Parties unless required by law, in any such case
without (x) giving at least ten (10) days’ prior written notice of such intended change to Agent so that Agent may take all steps necessary to continue the perfection of and protect the enforceability and priority of its
Liens in the Collateral belonging to such Borrower or Guarantor and in the Equity Interests of such Borrower or Guarantor and (z) in any case under clause (v), having received the prior written consent of Agent and Required Lenders to
such amendment, modification or waiver. 
 7.16.    [Intentionally Omitted]. 

7.17.    Prepayment of Indebtedness. At any time, directly or indirectly, prepay any Indebtedness (other than the
Obligations), or repurchase, redeem, retire or otherwise acquire any Indebtedness of any Borrower or Guarantor, in each case except (i) as permitted pursuant to Section 7.18 hereof, or (ii) to the extent the
Payment Conditions are then satisfied. 
 7.18.    Intercompany Subordinated Loans; Holdings Loan. 

(a)    At any time, directly or indirectly, pay, prepay, repurchase, redeem, retire or otherwise acquire, or make any
payment on account of any principal of, interest on or premium payable in connection with the repayment or redemption of the Intercompany Subordinated Loans, except as expressly permitted in the Intercompany Subordination Agreement; or 

  
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 (b)    At any time, directly or indirectly, pay, prepay, repurchase, redeem,
retire or otherwise acquire, or make any payment on account of any principal of, interest on or premium payable in connection with the repayment or redemption of the Holdings Loan, except to the extent that the Payment Conditions have been
satisfied. 
 7.19.    Other Agreements. Enter into any material amendment, waiver or modification of
(i) the Acquisition Agreement, the Intercompany Subordinated Loan Documents, or the Holdings Loan Documents, or (ii) any Material Contract, in each case to the extent that such amendment, waiver or modification would result
in a Default or Event of Default hereunder or under any of the Other Documents, or would be (x) prohibited by the terms of any subordination agreement with respect to such documents, instruments or agreements, (y) materially
adverse to Agent and the other Secured Parties, or (z) otherwise reasonably likely to have a Material Adverse Effect. 

7.20.    Membership / Partnership Interests. Designate or permit any of their Subsidiaries to (a) treat
their limited liability company membership interests or partnership interests, as the case may be, as securities as contemplated by the definition of “security” in Section 8-102(15) and by Section 8-103 of Article 8
of the Uniform Commercial Code or (b) certificate their limited liability membership interests or partnership interests, as applicable. 

7.21.    Burdensome Agreements. Enter into or permit to exist any contractual obligation (other than this Agreement
or any Other Document) that (a) limits the ability (i) of any Subsidiary to make dividends or distributions to any Borrower or Guarantor or to otherwise transfer property to or invest in a Borrower or Guarantor,
(ii) of any Subsidiary to guarantee the Obligations, (iii) of any Subsidiary to make or repay loans to a Borrower or Guarantor; provided, however, that this clause (iii) shall not prohibit any such
limitations set forth in Clause 23.10 of the Holdings Facility Agreement as in effect as of the date hereof, or (iv) of any Borrower, Guarantor, or Subsidiary to create, incur, assume or suffer to exist Liens on property of such Person
in favor of Agent; provided, however, that this clause (iv) shall not prohibit (x) any negative pledge incurred or provided in favor of any holder of Indebtedness permitted under clause (b) of the
definition of Permitted Indebtedness solely to the extent any such negative pledge relates to the property financed by or the subject of such Indebtedness, or (y) any restrictions or prohibitions on the granting of Liens on any Permitted
Joint Venture assets or Equity Interests that may be contained in such Permitted Joint Venture’s Organizational Documents; or (b) requires the grant of a Lien on the assets of, or Equity Interests in, any Borrower or Guarantor to
secure an obligation of such Person if a Lien is granted to secure another obligation of such Person. Notwithstanding the foregoing, this Section 7.21 shall not prohibit any contractual obligation existing on the Closing Date and set
forth on Schedule 7.21, or any contractual obligation of any Person that after the Closing Date becomes a Subsidiary of any Borrower or Guarantor so long as such contractual obligation was not entered into solely in contemplation of such Person
becoming a Subsidiary. 
 7.22.    Issuance of Equity Interests. Issue any additional shares of any
Borrower’s or any Guarantor’s Equity Interests or any options, warrants or other rights in respect thereof to any Person other than to another Borrower or Guarantor, except (i) any such issuances by 

  
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Intermediate Holdings that would not result in a Change of Control, and (ii) the issuance of Equity Interests to the extent consisting of directors’ qualifying shares or shares
required by Applicable Law to be held by a Person other than a Borrower or Guarantor. 
 7.23.    Capital
Expenditures. Contract for, purchase or make any expenditure or commitments for Capital Expenditures in any Fiscal Year in an aggregate amount for all Borrowers and Guarantors in excess of $60,000,000; provided, however, in the
event Capital Expenditures during any Fiscal Year are less than the amount permitted for such Fiscal Year, then the unused amount (the “Carryover Amount”) may be carried over and used in the immediately succeeding Fiscal Year;
provided, further, that any Carryover Amount shall be deemed to be the last amount spent in such succeeding Fiscal Year. 
  

	VIII.	CONDITIONS PRECEDENT. 

 8.1.    Conditions to Initial Advances. The
agreement of Lenders to make the initial Advances requested to be made on the Closing Date is subject to the satisfaction, or waiver by Agent, immediately prior to or concurrently with the making of such Advances, of the following conditions
precedent: 
 (a)    Note. Agent shall have received the Notes duly executed and delivered by an Authorized
Officer of each Borrower in favor of each Lender requesting a Note; 
 (b)    Other Documents. Agent shall have
received each of the executed Other Documents and other documents identified on Schedule 8.1; 
 (c)    Intercompany
Subordination Agreement. Agent shall have entered into the Intercompany Subordination Agreement with Borrowers and Guarantors, which shall set forth the basis upon which the Creditor Obligors (as defined therein) may receive, and the Debtor
Obligors (as defined therein) may make, payments under the Intercompany Subordinated Loan Documents; 

(d)    [Intentionally Omitted]. 

(e)    Closing Certificate. Agent shall have received a closing certificate signed by the Chief Financial Officer
of each Borrower and Guarantor dated as of the date hereof, certifying, as of the Closing Date and after giving effect to the Transactions, (i) that the conditions set forth in Section 8.2(a)(ii) have been satisfied, and (ii) as to
the solvency of Borrowers and Guarantors; 
 (f)    Borrowing Base. Agent shall have received evidence from
Borrowers that the aggregate amount of Eligible Receivables, Eligible Credit Card Receivables, Eligible Inventory, and Eligible Domestic In-Transit Inventory is sufficient in value and amount to support
Advances in the amount requested by Borrowers on the Closing Date; 
 (g)    Undrawn Availability. On the
Closing Date, after giving effect to the initial Advances hereunder, Borrowers shall have Undrawn Availability of at least $60,000,000, which shall be evidenced by a Borrowing Base Certificate delivered to Agent, reflecting the Formula Amount as of
the end of the month most recently ended prior to the Closing Date; 

  
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 (h)    Intercompany Subordinated Loan Documents, Holdings Loan Documents,
and Acquisition Agreement. Agent shall have received final executed copies, certified by an Authorized Officer of Borrowing Agent, of the Intercompany Subordinated Loan Documents, the Holdings Facility Agreement and other material Holdings Loan
Documents (including, without limitation, all Holdings Loan Documents as to which any Borrower or Guarantor is a party), the Acquisition Agreement, and all related material agreements, documents and instruments relating to the Acquisition Agreement,
in each case as in effect on the Closing Date, all of the foregoing to be reasonably satisfactory in form and substance to Agent ((it being understood and agreed that the form of the Acquisition Agreement (together with the exhibits thereto and the
“Company Disclosure Letter” referenced therein) provided to PNC at 7:31 p.m. New York City time on March 25, 2018 is satisfactory to Agent) and the transactions contemplated by such documentation shall be consummated prior to or
substantially simultaneously with the making of the initial Advance including, without limitation, the receipt by Borrowers of (i) a cash capital contribution in an amount not less than 33.33% of the total pro formal capitalization of Borrowing
Agent as of the Closing Date, and (ii) the proceeds of the Intercompany Subordinated Loans in the sum of $207,000,000; 

(i)    Filings, Registrations and Recordings; Lien Searches. 

(i)    Each document (including any Uniform Commercial Code financing statement) required by this Agreement, any related
agreement or under Applicable Law or reasonably requested by Agent to be filed, registered or recorded in order to create, in favor of Agent, a perfected security interest in or lien upon the Collateral shall, substantially contemporaneously with
the consummation of the Transactions, be properly filed, registered or recorded in each jurisdiction in which the filing, registration or recordation thereof is so required or requested, and promptly thereafter, Agent shall have received an
acknowledgment copy, or other evidence reasonably satisfactory to it, of each such filing, registration or recordation and reasonably satisfactory evidence of the payment of any necessary fee, tax or expense relating thereto; and 

(ii)    Agent shall have received results of searches or other evidence reasonably satisfactory to Agent (in each case
dated as of a recent date reasonably satisfactory to the Agent) indicating the absence of Liens on the assets of Borrowers and Guarantors, except for Permitted Encumbrances and Liens for which termination statements and releases, satisfactions and
discharges of any mortgages, and releases or subordination agreements reasonably satisfactory to Agent are being tendered substantially concurrently with such extension of credit or other arrangements reasonably satisfactory to Agent for the
delivery of such termination statements and releases, satisfactions and discharges have been made; 

(j)    Secretary’s Certificates, Authorizing Resolutions and Good Standings of Borrowers. Agent shall have
received a certificate of the Secretary or Assistant Secretary (or other equivalent officer, partner or manager) (or, in the case of GMSI, the Chief Financial Officer) of each Borrower in form and substance reasonably satisfactory to Agent dated as
of the Closing Date which shall certify (i) copies of resolutions in form and substance reasonably satisfactory to Agent, of the board of directors (or other equivalent governing body, member or partner) of such Borrower authorizing
(x) the execution, delivery and performance of this Agreement, the Notes and each Other Document to which such Borrower is a party (including 

  
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authorization of the incurrence of indebtedness, borrowing of Revolving Advances (including, without limitation, Swing Loans), FILO Advances, and requesting of Letters of Credit on a joint and
several basis with all Borrowers, as provided for herein), and (y) the granting by such Borrower of the security interests in and liens upon the Collateral to secure all of the joint and several Obligations of Borrowers (and such certificate
shall state that such resolutions have not been amended, modified, revoked or rescinded as of the date of such certificate), (ii) the incumbency and signature of the officers of such Borrower authorized to execute this Agreement and the Other
Documents, (iii) copies of the Organizational Documents of such Borrower as in effect on such date, complete with all amendments thereto, and (iv) the good standing (or equivalent status) of such Borrower in its jurisdiction of
organization, as evidenced by good standing certificate(s) (or the equivalent thereof issued by any applicable jurisdiction) dated not more than thirty (30) days prior to the Closing Date, issued by the Secretary of State or other appropriate
official of each such jurisdiction; 
 (k)    Secretary’s Certificates, Authorizing Resolutions and Good
Standings of Guarantors. Agent shall have received a certificate of the Secretary or Assistant Secretary (or other equivalent officer, partner or manager) (or, in the case of Intermediate Holdings, the Chief Financial Officer) of each Guarantor
in form and substance reasonably satisfactory to Agent dated as of the Closing Date which shall certify (i) copies of resolutions in form and substance reasonably satisfactory to Agent, of the board of directors (or other equivalent governing
body, member or partner) of each Guarantor authorizing (x) the execution, delivery and performance of this Agreement, such Guarantor’s Guaranty and each Other Document to which such Guarantor is a party and (y) the granting by such
Guarantor of the security interests in and liens upon the Collateral to secure its obligations under its Guaranty (and such certificate shall state that such resolutions have not been amended, modified, revoked or rescinded as of the date of such
certificate), (ii) the incumbency and signature of the officers of such Guarantor authorized to execute this Agreement and the Other Documents, (iii) copies of the Organizational Documents of such Guarantor as in effect on such date, complete
with all amendments thereto, and (iv) the good standing (or equivalent status) of such Guarantor in its jurisdiction of organization, as evidenced by good standing certificate(s) (or the equivalent thereof issued by any applicable jurisdiction)
dated not more than thirty (30) days prior to the Closing Date, issued by the Secretary of State or other appropriate official of each such jurisdiction; 

(l)    Legal Opinions. Agent shall have received the executed legal opinions of Hughes Hubbard & Reed LLP
and Taft Stettinius & Hollister LLP, each in form and substance reasonably satisfactory to Agent and which shall cover such matters incident to the transactions contemplated by this Agreement and the Other Documents as Agent may reasonably
require and each Borrower and each Guarantor hereby authorizes and directs such counsel to deliver such opinions to Agent and Lenders; 

(m)    No Injunctions. No injunction, writ, restraining order or other order restraining or prohibiting the
consummation of the Transactions shall have been issued by any Governmental Body; 
 (n)    Fees. Agent shall
have received all fees payable to Agent and Lenders on or prior to the Closing Date hereunder, including pursuant to Article III hereof and the Fee Letter; 

  
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 (o)    Pro Forma Financial Statements. Agent shall have received a
copy of the Pro Forma Financial Statements; 
 (p)    Insurance. Except as otherwise provided in the
Post-Closing Letter, Agent shall have received in form and substance reasonably satisfactory to Agent, (i) evidence that adequate insurance, including without limitation, casualty and liability insurance, required to be maintained under this
Agreement is in full force and effect, (ii) insurance certificates and endorsements issued by Borrowers’ and Guarantors’ insurance broker containing such information regarding Borrowers’ and Guarantors’ casualty and
liability insurance policies as Agent shall reasonably request and naming Agent as an additional insured, lenders loss payee and/or mortgagee, as applicable, (iii) loss payable endorsements issued by Borrowers’ and Guarantors’ insurer
naming Agent as lenders loss payee and mortgagee, as applicable, and (iv) notice of cancellation endorsements issued by Borrowers’ and Guarantors’ insurer specifying that Agent is entitled to receive notice of cancellation as required
hereunder; 
 (q)    Payment Instructions. Agent shall have received written instructions from Borrowing Agent
directing the application of proceeds of the initial Advances made pursuant to this Agreement; 

(r)    Consents. Agent shall have received any and all Consents necessary to permit the effectuation of the
transactions contemplated by this Agreement and the Other Documents; 
 (s)    No Adverse Material Change. Since
March 25, 2018, there shall not have occurred any event, condition or fact which has had, or would reasonably be expected to have, a Company Material Adverse Effect (as defined in the Acquisition Agreement); 

(t)    Due Diligence. Agent shall have received copies of all third-party due diligence reports initiated and
received by Holdings as it relates to the Transactions; 
 (u)    KYC. Agent and Lenders shall have received, at
least three (3) Business Days prior to the Closing Date, an executed Certificate of Beneficial Ownership and such other documentation and other information about Borrowers and Guarantors (including, without limitation, personal information
required to conduct beneficial ownership analysis) as has been reasonably requested in writing at least ten (10) days prior to the Closing Date by Agent or a Lender that such Person reasonably determines is required by regulatory authorities
under the Anti-Terrorism Laws (including, without limitation, the USA PATRIOT Act and other applicable “know your customer” rules and regulations); and 

(v)    Indebtedness. Agent shall have received payoff letters from the holders of all third party Indebtedness for
borrowed money of Borrowers and Guarantors (other than the Obligations and other Permitted Indebtedness) that is outstanding on the Closing Date (including, without limitation, pursuant to the Existing FINL Credit Agreement), which payoff letters
shall be duly executed by the parties thereto and in form and substance reasonably satisfactory to Agent, evidencing that such Indebtedness has been or substantially concurrently with the Closing Date is being terminated, all obligations thereunder
are being paid in full, and all Liens securing any obligations in respect thereof have been or substantially concurrently with the Closing Date are being released. 

  
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 Notwithstanding the foregoing or anything in this Agreement or any Other Document to the
contrary, to the extent any security interest in any Collateral is not or cannot be provided and/or perfected on the Closing Date (other than the creation of and perfection (including by delivery of certificates representing Equity Interests, if
any) of security interests in (i) the Equity Interests in any of Borrowing Agent’s material Subsidiaries that are not Foreign Subsidiaries (which shall be delivered on the Closing Date to the extent made available to Borrowing Agent on the
Closing Date), and (ii) other assets located in the United States with respect to which a Lien may be perfected by the filing of a financing statement under the Uniform Commercial Code) after Borrowers’ and Guarantors’ use of
commercially reasonable efforts to do so without undue burden or expense, then the provision and/or perfection of a security interest in such Collateral shall not constitute a condition precedent to the making of Advances on the Closing Date, but
instead shall be required to be provided or perfected after the Closing Date pursuant to the terms of the Post-Closing Letter. 

8.2.    Conditions to Each Advance. The agreement of Lenders to make any Advance requested to be made on any date
(including, except with respect to clauses (a)(i) and (b) below, the initial Advance), is subject to the satisfaction of the following conditions precedent as of the date such Advance is made: 

(a)    Representations and Warranties. 

(i)    Other than with respect to Advances to be made on the Closing Date, each of the representations and warranties made
by any Borrower or any Guarantor in or pursuant to this Agreement, the Other Documents and any related agreements to which it is a party, and each of the representations and warranties contained in any certificate, document or financial or other
statement furnished at any time under or in connection with this Agreement, the Other Documents or any related agreement shall be true and correct in all material respects on and as of such date as if made on and as of such date (except (x) to
the extent any such representation or warranty is qualified by materiality or “Material Adverse Effect” or similar language, in which case such representation and warranty shall be true and correct in all respects, and (y) to the
extent any such representation or warranty expressly relates only to any earlier and/or specified date, in which case such representation and warranty shall be true and correct in all material respects (or in all respects, as applicable) as of such
earlier and/or specified date); and 
 (ii)    with respect to Advances to be made on the Closing Date, the Specified
Acquisition Agreement Representations shall be true and correct in all respects and the Specified Representations shall be true and correct in all material respects on and as of the Closing Date (except (x) to the extent any Specified
Representation is qualified by materiality or “Material Adverse Effect” or similar language, in which case the definition thereof shall be a Company Material Adverse Effect (as defined in the Acquisition Agreement) for purposes of any such
representations and warranties made or deemed made on, or as of, the Closing Date (or any date prior thereto) and such Specified Representation shall be true and correct in all respects, and (y) to the extent any Specified Representation
expressly relates only to any earlier and/or specified date, in which case such Specified Representation shall be true and correct in all material respects (or in all respects, as applicable) as of such earlier and/or specified date); 

  
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 (b)    No Default. Other than with respect to Advances to be made on
the Closing Date, no Event of Default or Default shall have occurred and be continuing on such date, or would exist after giving effect to the Advances requested to be made, on such date; provided, however, that Agent, in its sole
discretion, may continue to make Advances notwithstanding the existence of an Event of Default or Default and that any Advances so made shall not be deemed a waiver of any such Event of Default or Default; and 

(c)    Maximum Advances. In the case of any type of Advance requested to be made, after giving effect thereto, the
aggregate amount of such type of Advance shall not exceed the maximum amount of such type of Advance permitted under this Agreement. In the case of any type of Revolving Advance requested to be made, the maximum principal amount of FILO Advances
outstanding equals the FILO Loan Cap. 
 (d)    Request for Credit Extension. Agent (and Issuer, if applicable)
shall have received a request for such Advance (including, without limitation, an application for a Letter of Credit, if applicable) satisfying the requirements hereof. 

Each request for an Advance by any Borrower hereunder shall constitute a representation and warranty by each Borrower as of the date of such
Advance that the applicable conditions contained in this subsection shall have been satisfied. 
  

	IX.	INFORMATION AS TO BORROWERS AND GUARANTORS. 

 Each Borrower and each Guarantor shall, or (except
with respect to Section 9.11) shall cause Borrowing Agent on its behalf to, until satisfaction in full of the Obligations: 

9.1.    Disclosure of Material Matters. Promptly report to Agent all matters materially affecting the value,
enforceability or collectability of any portion of the Collateral having a value in excess of $5,000,000, including any Borrower’s or Guarantor’s reclamation or repossession of, or the return to any Borrower or Guarantor of, a material
amount of goods or material claims or disputes asserted by any Customer or other obligor. 
 9.2.    Schedules.
Deliver to Agent (i) on or before the fifteenth (15th) day of each Fiscal Month (or, if such day is not a Business Day, on the next succeeding Business Day) in respect of the prior Fiscal Month (a) accounts receivable agings
inclusive of reconciliations to the general ledger, (b) accounts payable schedules inclusive of reconciliations to the general ledger, (c) Inventory reports, and (d) a Borrowing Base Certificate in form and
substance reasonably satisfactory to Agent (which shall be calculated as of the last day of the prior Fiscal Month and which shall not be binding upon Agent or restrictive of Agent’s rights under this Agreement); provided, that,
if a Cash Dominion Event has occurred and is continuing, all of the foregoing shall be delivered on or before the Wednesday of each week (or, if such day is not a Business Day, on the next succeeding Business Day) as of the close of business on the
immediately preceding Saturday, and (ii) on or before Tuesday of each week, a sales report / roll forward, together with any cash receipt journal, in each case for the prior week. In addition, each Borrower will deliver to Agent at such
intervals as Agent may reasonably require: 

  
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(i) confirmatory assignment schedules; (ii) copies of Customer’s invoices; (iii) evidence of shipment or delivery; and (iv) such further schedules,
documents and/or information regarding the Collateral as Agent may require including trial balances and test verifications. Agent shall have the right to confirm and verify all Receivables and Credit Card Receivables by any manner and through any
medium it considers reasonably advisable (provided, that, so long as no Event of Default has occurred and is continuing, Agent shall only conduct verifications of Receivables and Credit Card Receivables over the phone with participation from
Borrowing Agent or with Borrowing Agent being present), and do whatever it may deem reasonably necessary to protect its interests hereunder. The items to be provided under this Section are to be in form reasonably satisfactory to Agent and executed
by each Borrower and delivered to Agent from time to time solely for Agent’s convenience in maintaining records of the Collateral, and any Borrower’s failure to deliver any of such items to Agent shall not affect, terminate, modify or
otherwise limit Agent’s Lien with respect to the Collateral. Unless otherwise agreed to by Agent, the items to be provided under this Section 9.2 shall be delivered to Agent by the specific method of Approved Electronic
Communication designated by Agent. 
 9.3.    Environmental Notice. As soon as possible and in any event within
ten (10) Business Days after receipt by any Borrower or Guarantor, deliver a copy of (i) any notice or claim to the effect that such Borrower or Guarantor has violated any Environmental Laws, and (ii) any notice alleging
any violation of any Environmental Laws by such Borrower or Guarantor, if, in either case, such notice or claim, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 

9.4.    Litigation. Promptly notify Agent in writing of any claim, litigation, suit or administrative proceeding
affecting any Borrower or Guarantor, whether or not the claim is covered by insurance, and of any litigation, suit or administrative proceeding, which in any such case affects a material portion of the Collateral or which could reasonably be
expected to have a Material Adverse Effect. 
 9.5.    Material Occurrences. Promptly, and in any event within
five (5) Business Days, notify Agent in writing upon the occurrence of: (a) any Event of Default or Default; (b) any event of default under the Intercompany Subordinated Loan Documents or the Holdings Loan Documents;
(c) any event which with the giving of notice or lapse of time, or both, would constitute an event of default under the Subordinated Loan Documents or the Holdings Loan Documents; (d) any event, development or circumstance
whereby any financial statements or other reports furnished to Agent fail in any material respect to present fairly, in accordance with GAAP consistently applied, the financial condition or operating results of any Borrower or Guarantor as of the
date of such statements; (e) any accumulated retirement plan funding deficiency which, if such deficiency continued for two plan years and was not corrected as provided in Section 4971 of the Code, could subject any Borrower
or Guarantor to a tax imposed by Section 4971 of the Code; (g) without limiting the requirements of Section 7.15, (x) any material amendment or change to any Organizational Document of any Borrower or Guarantor,
and (y) any material amendment, waiver, supplement or other material modification of any Holdings Loan Document or Intercompany Subordinated Loan Document; and (h) any other development in the business or affairs of any
Borrower or Guarantor, which could reasonably be expected to have a Material Adverse Effect; in each case describing the nature thereof and the action Borrowers and Guarantors propose to take with respect thereto. 

  
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 9.6.    Government Receivables. Notify Agent promptly, and in any
event within ten (10) Business Days, if any of its Receivables arise out of contracts between any Borrower and the United States, any state, or any department, agency or instrumentality of any of them. 

9.7.    Annual Financial Statements. Furnish Agent within one hundred twenty (120) days after the end of
each Fiscal Year of Intermediate Holdings (commencing with the Fiscal Year ending February 2, 2019), (i) with respect to the Fiscal Year ending February 2, 2019, audited financial statements of Intermediate Holdings and its
Subsidiaries on a Consolidated Basis for the period commencing on the Closing Date and ending February 2, 2019, including, but not limited to, statements of income and stockholders’ equity and cash flow from the beginning of such
period to the end of such period and the balance sheet as at the end of such period, all prepared in accordance with GAAP applied on a basis consistent with prior practices, and reported upon without any “going concern” or like
qualification by KPMG LLP or another independent certified public accounting firm selected by Borrowers and reasonably satisfactory to Agent (the “Accountants”), and (ii) with respect to each Fiscal Year thereafter,
audited financial statements of Intermediate Holdings and its Subsidiaries on a Consolidated Basis including, but not limited to, statements of income and stockholders’ equity and cash flow from the beginning of such Fiscal Year to the end of
such Fiscal Year and the balance sheet as at the end of such Fiscal Year, all prepared in accordance with GAAP applied on a basis consistent with prior practices, and reported upon without any “going concern” or like qualification (other
than any qualification that is expressly solely with respect to, or expressly resulting solely from, an upcoming maturity date of borrowed money within one year from the date of such opinion) by the Accountants. In addition, all such audited
financial statements shall be accompanied by a Compliance Certificate. 
 9.8.    Quarterly Financial Statements.

 (a)    Furnish Agent (i) within sixty (60) days after the end of each of the first two full Fiscal Quarters
following the Closing Date, and (ii) within forty-five (45) days after the end of each Fiscal Quarter thereafter, an unaudited balance sheet of Intermediate Holdings and its Subsidiaries on a Consolidated Basis and unaudited statements of
income and stockholders’ equity and cash flow of Intermediate Holdings and its Subsidiaries on a Consolidated Basis reflecting results of operations from the beginning of the Fiscal Year to the end of such quarter and for such quarter, prepared
in accordance with GAAP applied on a basis consistent with prior practices, subject to lack of footnotes and normal and recurring year-end adjustments, and setting forth in comparative form the respective
financial statements for the corresponding date and period in the previous Fiscal Year. 
 (b)    Upon Agent’s
reasonable request therefor, contemporaneously with delivery of the financial statements described in clause (a) above, furnish Agent such financial statements of Intermediate Holdings and its Subsidiaries on a consolidating basis. 

(c)    The unaudited financial statements described in this Section 9.8 shall be accompanied by a Compliance
Certificate. 

  
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 9.9.    [Intentionally Omitted.] 

9.10.    Other Reports. Furnish Agent as soon as available, but in any event within ten (10) Business Days
after the issuance thereof, (i) with copies of such financial statements, reports and returns as each Borrower or Guarantor shall send to the holders of its Equity Interests and (ii) copies of any material notices, reports,
financial statements and other materials sent by any Borrower or Guarantor pursuant to the Intercompany Subordinated Loan Documents or the Holdings Loan Documents. 

9.11.    Additional Information. Furnish Agent with such additional information as Agent shall reasonably request
in order to enable Agent to determine whether the terms, covenants, provisions and conditions of this Agreement and the Other Documents have been complied with by Borrowers and Guarantors including, without the necessity of any request by Agent,
(a) copies of all environmental audits and reviews, and (b) at least thirty (30) days prior thereto, notice of any Borrower’s or Guarantor’s opening of any new office or place of business or any Borrower’s
or Guarantor’s closing of any existing office or place of business. 
 9.12.    Projected Operating Budget.
Furnish Agent, no later than thirty (30) days after the beginning of each Borrower’s Fiscal Years commencing with Fiscal Year 2019, a month by month projected operating budget and cash flow of Borrowers and Guarantors on a Consolidated
basis for such Fiscal Year (including a model of Undrawn Availability for each Fiscal Month, an income statement for each Fiscal Month, and a balance sheet as at the end of the last Fiscal Month in each Fiscal Quarter), such projections to be
accompanied by a certificate signed by an Authorized Officer of Borrowing Agent to the effect that such projections have been prepared based upon good faith estimates and stated assumptions believed to be reasonable and fair as of the date made in
light of conditions and facts then known and, as of such date, reflect good faith, reasonable and fair estimates of the information projected for the periods set forth therein; it being understood that (i) such projections are subject to
significant uncertainties and contingencies, many of which are beyond the control of Borrowers and Guarantors, that no assurance can be given that such projections will be realized, that such projections may vary from actual results and that such
variances may be material and (ii) no representation is made with respect to information of an industry specific or general economic nature. 

9.13.    Variances From Operating Budget. Furnish Agent, within ten (10) Business Days of the delivery of the
financial statements referred to in Sections 9.7 and 9.8, a written report summarizing all material variances from budgets submitted by Borrowers pursuant to Section 9.12 and, to the extent requested by Agent, a discussion and analysis
by management with respect to such variances. 
 9.14.    Notice of Suits, Adverse Events. Furnish Agent with
prompt written notice of (i) any lapse or other termination of any Consent issued to any Borrower or Guarantor by any Governmental Body or any other Person that is material to the operation of any Borrower’s or Guarantor’s business,
(ii) any refusal by any Governmental Body or any other Person to renew or extend any such Consent; and (iii) copies of any periodic or special reports filed by any Borrower or Guarantor with any Governmental Body or Person
that is not an Affiliate of Intermediate Holdings, if such reports indicate any material change in the business, operations, affairs or condition of any Borrower or Guarantor, or if copies thereof are requested by Agent, and (iv) copies
of any material notices and other material communications from any Governmental Body or Person that is not an Affiliate of Intermediate Holdings which specifically relate to any Borrower or Guarantor. 

  
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 9.15.    ERISA Notices and Requests. Furnish Agent with prompt written
notice in the event of any notice of the occurrence of any Termination Event. 
 9.16.    Material Contracts.
Promptly after Agent’s request therefor, furnish Agent with copies of all Material Contracts requested. 

9.17.    Additional Documents. Execute and deliver to Agent, upon request, such documents and agreements as Agent
may, from time to time, reasonably request to carry out the purposes, terms or conditions of this Agreement. 

9.18.    Updates to Certain Schedules. Deliver to Agent promptly as shall be required to maintain the related
representations and warranties as true and correct in all material respects, updates to Schedules 4.4 (Equipment and Inventory Locations; Place of Business, Chief Executive Office, Real Property), 5.9 (Intellectual Property), 5.24 (Equity
Interests), 5.25 (Commercial Tort Claims), and 5.26 (Letter-of-Credit Rights); provided, that, absent the occurrence and continuance of any Event of Default, Borrowers and Guarantors shall only be required to provide such updates on a
quarterly basis in connection with delivery of a Compliance Certificate with respect to the applicable Fiscal Quarter. Any such updated Schedules delivered by Borrowers or Guarantors to Agent in accordance with this Section 9.18 shall
automatically and immediately be deemed to amend and restate the prior version of such Schedule previously delivered to Agent and attached to and made part of this Agreement. Notwithstanding the foregoing, Agent’s acceptance of any such updated
Schedules shall not be deemed to constitute a waiver of any Event of Default arising as a result of the occurrence of an event not permitted by the terms of this Agreement.. 

9.19.    Labor Matters. Promptly upon any Borrower’s learning thereof, (i) any material labor dispute
to which such Borrower or any of its Subsidiaries may become a party, including, without limitation, any strikes, lockouts, walkouts or other disputes relating to such Persons’ plants and other facilities, and (ii) any Worker
Adjustment and Retraining Notification Act liability incurred with respect to the closing of any plant or other facility of any Borrower or any of its Subsidiaries, and (iii) the expiration of any labor contract to which any Borrower or
Guarantor is a party or by which any Borrower or Guarantor is bound. 
  

	X.	EVENTS OF DEFAULT. 

 The occurrence of any one or more of the following events shall constitute
an “Event of Default”: 
 10.1.    Nonpayment. Failure by any Borrower or Guarantor to pay when
due (a) any principal or interest on the Obligations (including without limitation pursuant to Section 2.9), or (b) any other fee, charge, amount or liability provided for herein or in any Other Document, in each case whether at maturity, by
reason of acceleration pursuant to the terms of this Agreement, by notice of intention to prepay or by required prepayment; 

  
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 10.2.    Breach of Representation. (i) Any representation or warranty
made or deemed made by any Borrower or Guarantor in this Agreement or any Other Document or in any certificate, document or financial or other statement furnished at any time in connection herewith or therewith shall prove to have been incorrect or
misleading in any material respect (or, in the case of any representation or warranty qualified by materiality or “Material Adverse Effect” or similar language, in any respect) on the date when made or deemed to have been made, or
(ii) any representation or warranty contained in Section 16.18(a) is or becomes false or misleading at any time; 

10.3.    Judicial Actions. Issuance of a notice of Lien, levy, assessment, injunction or attachment
(a) against any Borrower’s or Guarantor’s Inventory, Receivables or Credit Card Receivables in an amount in excess of $5,000,000, individually or in the aggregate, or (b) against a material portion of any Borrower’s
or Guarantor’s other property which is not stayed or lifted within sixty (60) days; 

10.4.    Noncompliance. (i) Failure or neglect of any Borrower or Guarantor to perform, keep or observe any term,
provision, condition or covenant contained in Section 2.21, Section 6.2, Section 6.5, Section 6.6, Section 6.7, Section 6.9, Section 6.12, Section 6.14,
Section 6.16, or Article VII hereof, or (ii) except as otherwise provided for in Sections 10.1 and 10.4(i), failure or neglect of any Borrower or any Guarantor to perform, keep or observe any term, provision, condition
or covenant contained in this Agreement, any Other Document or any other agreement or arrangement now or hereafter entered into between any Borrower or Guarantor and Agent or any Lender which is not cured within twenty (20) days from the
occurrence of such failure or neglect; 
 10.5.    Judgments. There is rendered against any Borrower or any
Guarantor (a) (i) any final judgment or judgments, writ(s), order(s) or decree(s) for the payment of money for an amount in excess of $15,000,000, individually or in the aggregate (to the extent not covered by independent third-party insurance
as to which the insurer has been notified of such judgment, writ, order or decree and has not denied or failed to acknowledge coverage), or (ii) any final non-monetary judgment or judgments, writ(s), or order(s) that have, or could
reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect and, in either case, (b) (i) action shall be legally taken by any judgment creditor to levy upon assets or properties of any Borrower or any
Guarantor to enforce any such judgment, (ii) such judgment shall remain undischarged for a period of sixty (60) consecutive days during which a stay of enforcement of such judgment shall not be in effect, or
(iii) any Liens arising by virtue of the rendition, entry or issuance of such judgment upon assets or properties of any Borrower or any Guarantor shall be senior to any Liens in favor of Agent on such assets or properties, unless such
Liens constitute a Permitted Encumbrance; 
 10.6.    Bankruptcy. Any Borrower or any Guarantor shall
(i) apply for, consent to or suffer the appointment of, or the taking of possession by, a receiver, custodian, trustee, liquidator or similar fiduciary of itself or of all or a substantial part of its property, (ii) admit in writing
its inability, or be generally unable, to pay its debts as they become due or cease operations of its present business, (iii) make a general assignment for the benefit of creditors, (iv) commence a voluntary case under any
state or federal bankruptcy or receivership laws (as now or hereafter in effect), (v) be adjudicated a bankrupt or insolvent (including by entry of any order for relief in 

  
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any involuntary bankruptcy or insolvency proceeding commenced against it), (vi) file a petition seeking to take advantage of any other law providing for the relief of debtors, (vii) acquiesce to,
or fail to have dismissed, within sixty (60) days, any petition filed against it in any involuntary case under such bankruptcy laws, or (viii) take any action for the purpose of effecting any of the foregoing; 

10.7.    Lien Priority. Any Lien created hereunder or provided for hereby or under any Other Document for
any reason (other than in accordance with the terms hereof and thereof) ceases to be or is not a valid and perfected Lien having a first priority interest (subject only to Permitted Encumbrances that have priority as a matter of Applicable Law);

 10.8.    [Intentionally Omitted.]; 

10.9.    Cross Default. Either (x) any “event of default” under any Indebtedness (other than the
Obligations, the Intercompany Subordinated Loans, or, to the extent not resulting from an action or inaction by any Borrower or Guarantor, the Holdings Loan) of any Borrower or Guarantor with a then-outstanding principal balance (or, in the case of
any Indebtedness not so denominated, with a then-outstanding total obligation amount) of $15,000,000 or more, or any other event or circumstance which would permit the holder of any such Indebtedness of any Borrower or Guarantor to accelerate such
Indebtedness (and/or the obligations of such Borrower or Guarantor thereunder) prior to the scheduled maturity or termination thereof, shall occur (regardless of whether the holder of such Indebtedness shall actually accelerate, terminate or
otherwise exercise any rights or remedies with respect to such Indebtedness) or (y) a default of the obligations of any Borrower or Guarantor under any Material Contract shall occur which has or is reasonably likely to have a Material
Adverse Effect; 
 10.10.    [Intentionally Omitted.]; 

10.11.    Change of Control. Any Change of Control shall occur; 

10.12.    Invalidity. Any material provision of this Agreement or any Other Document shall, for any reason (other
than as expressly permitted hereunder or thereunder), cease to be valid and binding on any Borrower or any Guarantor, or any Borrower or any Guarantor shall so claim in writing to Agent or any Lender or any Borrower or any Guarantor challenges the
validity of or its liability under this Agreement or any Other Document; 
 10.13.    [Intentionally Omitted.];

 10.14.    Cessation of Business. Except as otherwise expressly permitted hereunder, any Borrower or any
Guarantor shall take any action, or shall make a determination, whether or not yet formally approved by any Borrower’s or any Guarantor’s management or board of directors, to (i) suspend the operation of all or a material portion of
its business in the ordinary course, (ii) suspend the performance under Material Contracts in the ordinary course, (iii) solicit proposals for the liquidation of, or undertake to liquidate, all or a material portion of its
assets or Store locations, or (iv) solicit proposals for the employment of, or employ, an agent or other third party to conduct a program of closings, liquidations, or “Going-Out-Of-Business” sales of any material portion of
its business; 

  
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 10.15.    Pension Plans. (i) A Termination Event occurs with respect
to a Pension Benefit Plan or Multiemployer Plan which has resulted or could reasonably be expected to result in liability of any Borrower under Title IV of ERISA to the Pension Benefit Plan, Multiemployer Plan or PBGC in an aggregate amount in
excess of $15,000,000, or (ii) any Borrower or any member of the Controlled Group fails to pay when due, after the expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under
Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount in excess of $15,000,000; 

10.16.    Loss of Collateral. There occurs any uninsured loss to any portion of the Collateral having a value in
excess of $5,000,000; 
 10.17.    Indictment. There occurs, with respect to any Borrower or Guarantor or any
director or Authorized Officer of any Borrower or Guarantor, (i) a criminal indictment or conviction of a felony for fraud or dishonesty in connection with any Borrower’s or Guarantor’s business (unless, in the case of such director
or Authorized Officer, such director or Authorized Officer promptly resigns or is removed or replaced), or (ii) the charging by a Governmental Body of a violation under any Anti-Terrorism Laws, Anti-Corruption Laws, Anti-Money Laundering
Laws or Sanctions; or 
 10.18.    Subordination Provisions. (a) The subordination provisions of the documents
evidencing or governing any Indebtedness subordinated to the Obligations (including, without limitation, the Subordinated Intercompany Loans and the Intercompany Subordination Agreement) (the “Subordination Provisions”) shall, in
whole or in part, terminate, cease to be effective or cease to be legally valid, binding and enforceable against any holder of the applicable subordinated Indebtedness; or (b) any Borrower or any Guarantor shall, directly or indirectly, disavow
or contest in any manner (i) the effectiveness, validity or enforceability of any of the Subordination Provisions, (ii) that the Subordination Provisions exist for the benefit of the Secured Parties, or (iii) that
all payments of principal of or premium and interest on the applicable Indebtedness, or realized from the liquidation of any property of any Borrower or Guarantor, shall be subject to any of the Subordination Provisions. 

 

	XI.	LENDERS’ RIGHTS AND REMEDIES AFTER DEFAULT. 

 11.1.    Rights and
Remedies. 
 (a)    Upon the occurrence and during the continuance of: (i) an Event of Default pursuant to
Section 10.6 (other than Sections 10.6(ii) and 10.6(vii)) with respect to any Borrower, all Obligations shall be immediately due and payable and this Agreement and the obligation of Lenders to make Advances shall be deemed terminated,
(ii) any of the other Events of Default, at the option of Agent or at the direction of Required Lenders all Obligations shall be immediately due and payable and Agent or Required Lenders shall have the right to terminate this Agreement and to
terminate the obligation of Lenders to make Advances; and (iii) without limiting Section 8.2 hereof, any Default under Section 10.6(vii) hereof with respect to any Borrower, the obligation of Lenders to make Advances hereunder shall
be suspended until such time as such involuntary petition shall be dismissed. Upon the occurrence and during the continuance of any Event of Default, (A) Agent shall have the right to exercise any and all rights and remedies provided for
herein, under the Other Documents, under the Uniform Commercial 

  
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Code and at law or equity generally, including the right to foreclose the security interests granted herein and to realize upon any Collateral by any available judicial procedure and/or to take
possession of and sell any or all of the Collateral with or without judicial process; (B) Agent may enter any of any Borrower’s or Guarantor’s premises or other premises without legal process and without incurring liability to any
Borrower or Guarantor therefor, and Agent may thereupon, or at any time thereafter, in its discretion without notice or demand, take the Collateral and remove the same to such place as Agent may deem advisable and Agent may require Borrowers and
Guarantors to make the Collateral available to Agent at a convenient place, subject to any limitations under the Real Property Leases and the Lien Waiver Agreements; and (C) with or without having the Collateral at the time or place of sale,
Agent may sell the Collateral, or any part thereof, at public or private sale, as part of one or more going out of business sales in Agent’s own right or by one or more agents and contractors, at any time or place, in one or more sales, at such
price or prices, and upon such terms, either for cash, credit or future delivery, all as Agent may elect, subject to any limitations under the Real Property Leases and the Lien Waiver Agreements. Agent and any agent or contractor, in conjunction
with any such sale, may augment the Inventory with other goods (all of which other goods shall remain the sole property of Agent or such agent or contractor). Any amounts realized from the sale of such goods which constitute augmentations to the
Inventory (net of an allocable share of the costs and expenses incurred in their disposition) shall be the sole property of Agent or such agent or contractor and none of any Borrower, any Guarantor or any Person claiming under or in right of any
Borrower or Guarantor shall have any interest therein. Except as to that part of the Collateral which is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market, Agent shall give Borrowers and
Guarantors reasonable notification of the sale or sales described in the foregoing provisions of this clause (a), it being agreed that in all events written notice mailed to Borrowing Agent at least ten (10) days prior to such sale or sales is
reasonable notification. At any public sale Agent or any Lender may bid (including credit bid) for and become the purchaser, and Agent, any Lender or any other purchaser at any such sale thereafter shall hold the Collateral sold absolutely free from
any claim or right of whatsoever kind, including any equity of redemption and all such claims, rights and equities are hereby expressly waived and released by each Borrower and each Guarantor. In connection with the exercise of the foregoing
remedies, including the sale of Inventory, Agent is granted a perpetual nonrevocable, royalty-free, nonexclusive license and Agent is granted permission to use all of each Borrower’s and each Guarantor’s (a) owned Intellectual
Property which is used or useful in connection with Inventory for the purpose of marketing, advertising for sale and selling or otherwise disposing of such Inventory and (b) equipment, Real Property (subject to any limitations under the Real
Property Leases and the Lien Waiver Agreements) and other assets for the purpose of completing the manufacture of unfinished goods and otherwise exercising its remedies hereunder and under the Other Documents. The cash proceeds realized from the
sale of any Collateral shall be applied to the Obligations in the order set forth in Section 11.5 hereof. Noncash proceeds will only be applied to the Obligations as they are converted into cash. If any deficiency shall arise, Borrowers and
Guarantors shall remain liable to Agent and Lenders therefor. 
 (b)    To the extent that Applicable Law imposes
duties on Agent to exercise remedies in a commercially reasonable manner, each Borrower and each Guarantor acknowledges and agrees that it is not commercially unreasonable for Agent: (i) to fail to incur expenses reasonably deemed significant
by Agent to prepare Collateral for disposition or 

  
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otherwise to complete raw material or work in process into finished goods or other finished products for disposition; (ii) to fail to obtain third party consents for access to Collateral to
be disposed of, or to obtain or, if not required by other law, to fail to obtain governmental or third party consents for the collection or disposition of Collateral to be collected or disposed of; (iii) to fail to exercise collection remedies
against Customers or other Persons obligated on Collateral or to remove Liens on or any adverse claims against Collateral; (iv) to exercise collection remedies against Customers and other Persons obligated on Collateral directly or through the
use of collection agencies and other collection specialists; (v) to advertise dispositions of Collateral through publications or media of general circulation, whether or not the Collateral is of a specialized nature; (vi) to contact other
Persons, whether or not in the same business as any Borrower or Guarantor, for expressions of interest in acquiring all or any portion of such Collateral; (vii) to hire one or more professional auctioneers to assist in the disposition of
Collateral, whether or not the Collateral is of a specialized nature; (viii) to dispose of Collateral by utilizing internet sites that provide for the auction of assets of the types included in the Collateral or that have the reasonable
capacity of doing so, or that match buyers and sellers of assets; (ix) to dispose of assets in wholesale rather than retail markets; (x) to disclaim disposition warranties, such as title, possession or quiet enjoyment, (xi) to
purchase insurance or credit enhancements to insure Agent against risks of loss, collection or disposition of Collateral or to provide to Agent a guaranteed return from the collection or disposition of Collateral; or (xii) to the extent deemed
appropriate by the Agent, to obtain the services of other brokers, investment bankers, consultants and other professionals to assist Agent in the collection or disposition of any of the Collateral. Each Borrower and each Guarantor acknowledges that
the purpose of this Section 11.1(b) is to provide non-exhaustive indications of what actions or omissions by Agent would not be commercially unreasonable in Agent’s exercise of remedies against the
Collateral and that other actions or omissions by Agent shall not be deemed commercially unreasonable solely on account of not being indicated in this Section 11.1(b). Without limitation upon the foregoing, nothing contained in this
Section 11.1(b) shall be construed to grant any rights to any Borrower or any Guarantor or to impose any duties on Agent that would not have been granted or imposed by this Agreement or by Applicable Law in the absence of this
Section 11.1(b). 
 11.2.    Agent’s Discretion. Agent shall have the right in its sole
discretion to determine which rights, Liens, security interests or remedies Agent may at any time pursue, relinquish, subordinate, or modify, which procedures, timing and methodologies to employ, and any other action to take with respect to any or
all of the Collateral and in what order, and such determination will not in any way modify or affect any of Agent’s or Lenders’ rights hereunder as against Borrowers, Guarantors, or each other. 

11.3.    Setoff. Subject to Section 14.13, in addition to any other rights which Agent or any Lender may have
under Applicable Law, upon the occurrence and during the continuance of an Event of Default hereunder, Agent and such Lender shall have a right, immediately and without notice of any kind, to apply any Borrower’s or Guarantors’ property
held by Agent and such Lender or any of their Affiliates to reduce the Obligations and to exercise any and all rights of setoff which may be available to Agent and such Lender with respect to any deposits held by Agent or such Lender. 

11.4.    Rights and Remedies not Exclusive. The enumeration of the foregoing rights and remedies is not intended to
be exhaustive and the exercise of any rights or remedy shall not preclude the exercise of any other right or remedies provided for herein or otherwise provided by law, all of which shall be cumulative and not alternative. 

  
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 11.5.    Allocation of Payments After Event of Default.
Notwithstanding any other provisions of this Agreement to the contrary, after the occurrence and during the continuance of an Event of Default, all amounts collected or received by Agent on account of the Obligations (including without limitation
any amounts on account of any of Cash Management Liabilities or Hedge Liabilities), or in respect of the Collateral may, at Agent’s discretion, be paid over or delivered as follows: 

FIRST, to the payment of all reasonable and documented
out-of-pocket costs and expenses (including reasonable and documented attorneys’ fees) of Agent in connection with enforcing its rights and the rights of Lenders
under this Agreement and the Other Documents, and any Out-of-Formula Loans and Protective Advances funded by Agent with respect to the Collateral under or pursuant to
the terms of this Agreement; 
 SECOND, to payment of any fees owed to Agent; 

THIRD, to the payment of all reasonable and documented
out-of-pocket costs and expenses (including reasonable and documented attorneys’ fees) of each of the Lenders to the extent owing to such Lender pursuant to the
terms of this Agreement; 
 FOURTH, to the payment of all of the Obligations consisting of accrued interest on account of the Swing Loans;

 FIFTH, to the payment of the outstanding principal amount of the Obligations consisting of Swing Loans; 

SIXTH, to the payment of all Obligations arising under this Agreement and the Other Documents consisting of accrued fees and interest in
respect of Revolving Advances (other than interest in respect of Swing Loans paid pursuant to clause FOURTH above); 
 SEVENTH, to the
payment of the outstanding principal amount of the Obligations in respect of Revolving Advances (other than principal in respect of Swing Loans paid pursuant to clause FIFTH above and Letters of Credit pursuant to clause EIGHTH below) arising under
this Agreement; 
 EIGHTH, to the payment or cash collateralization of any outstanding Letters of Credit in accordance with
Section 3.2(b) hereof; 
 NINTH, to the payment of all Obligations arising under this Agreement and the Other Documents consisting of
accrued fees and interest in respect of FILO Advances; 
 TENTH, to the payment of the outstanding principal amount of the Obligations
arising under this Agreement in respect of FILO Advances; 

  
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 ELEVENTH, to the payment of Cash Management Liabilities which shall have become due and payable
(hereunder, under the Other Documents or otherwise) and not repaid pursuant to clauses “FIRST” through “TENTH” above; 

TWELFTH, to the payment of Hedge Liabilities which shall have become due and payable (hereunder, under the Other Documents or otherwise) and
not repaid pursuant to clauses “FIRST” through “ELEVENTH” above; 
 THIRTEENTH, to all other Obligations which shall
have become due and payable and not repaid pursuant to clauses “FIRST” through “TWELFTH”; and 
 FOURTEENTH, to the
payment of the surplus, if any, to whoever may be lawfully entitled to receive such surplus. 
 In carrying out the foregoing,
(i) amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category; (ii) each of the Lenders shall receive (so long as it is not a Defaulting Lender) an amount equal
to its pro rata share (based on the proportion that the then outstanding Advances held by such Lender bears to the aggregate then outstanding Advances) of amounts available to be applied pursuant to clauses “THIRD”, “SIXTH”,
“SEVENTH”, “EIGHTH”, “NINTH”, “TENTH”, and “THIRTEENTH” above; and, with respect to clauses “ELEVENTH” and “TWELFTH” above, an amount equal to its pro rata share (based on the
proportion that the then outstanding Cash Management Liabilities and Hedge Liabilities held by such Lender bears to the aggregate then outstanding Cash Management Liabilities and Hedge Liabilities); and (iii) notwithstanding anything to the
contrary in this Section 11.5, no Swap Obligations of any Non-Qualifying Party shall be paid with amounts received from such Non-Qualifying Party under its Guaranty
(including sums received as a result of the exercise of remedies with respect to such Guaranty) or from the proceeds of such Non-Qualifying Party’s Collateral if such Swap Obligations would constitute
Excluded Hedge Liabilities, provided, however, that to the extent possible appropriate adjustments shall be made with respect to payments and/or the proceeds of Collateral from other Borrowers and/or Guarantors that are Eligible
Contract Participants with respect to such Swap Obligations to preserve the allocation to Obligations otherwise set forth above in this Section 11.5; and (iv) in the case of amounts provided pursuant to clause “EIGHTH” above,
such amounts shall be held by Agent as cash collateral for the Letters of Credit pursuant to Section 3.2(b) hereof and applied (A) first, to reimburse Issuer from time to time for any drawings under such Letters of Credit and
(B) then, following the expiration of all Letters of Credit, to all other obligations of the types described in clauses “NINTH”, “TENTH”, “ELEVENTH”, “TWELFTH”, and “THIRTEENTH” above in the
manner provided in this Section 11.5. 
  

	XII.	WAIVERS AND JUDICIAL PROCEEDINGS. 

 12.1.    Waiver of Notice. To the
fullest extent permitted by Applicable Law, each Borrower and each Guarantor hereby waives notice of non-payment of any of the Receivables or Credit Card Receivables, demand, presentment, protest and notice thereof with respect to any and all
instruments, notice of acceptance hereof, notice of loans or advances made, credit extended, Collateral received or delivered, or any other action taken in reliance hereon, and all other demands and notices of any description, except such as are
expressly provided for herein. 

  
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 12.2.    Delay. No delay or omission on Agent’s or any
Lender’s part in exercising any right, remedy or option shall operate as a waiver of such or any other right, remedy or option or of any Default or Event of Default. 

12.3.    Jury Waiver. EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM,
COUNTERCLAIM, DEMAND, ACTION OR CAUSE OF ACTION (A) ARISING UNDER THIS AGREEMENT, ANY OTHER DOCUMENT OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR (B) IN ANY WAY CONNECTED WITH OR
RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS AGREEMENT, ANY OTHER DOCUMENT OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR THE TRANSACTIONS RELATED
HERETO OR THERETO IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE AND EACH PARTY HEREBY CONSENTS THAT ANY SUCH CLAIM, COUNTERCLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY
COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENTS OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 

 

	XIII.	EFFECTIVE DATE AND TERMINATION. 

 13.1.    Term. This Agreement,
which shall inure to the benefit of and shall be binding upon the respective successors and permitted assigns of each Borrower, each Guarantor, Agent, Swing Loan Lender, Issuer and each Lender, shall become effective on the Closing Date and shall
continue in full force and effect until June 18, 2023 (the “Term”) unless sooner terminated as herein provided. 

13.2.    Termination. The termination of this Agreement shall not affect Agent’s or any Lender’s rights,
or any of the Obligations having their inception prior to the effective date of such termination or any Obligations which pursuant to the terms hereof continue to accrue after such date, and the provisions hereof shall continue to be fully operative
until all transactions entered into, rights or interests created and Obligations have been fully and finally paid, disposed of, concluded or liquidated. The security interests, Liens and rights granted to Agent and Lenders hereunder and the
financing statements filed hereunder shall continue in full force and effect, notwithstanding the termination of this Agreement or the fact that Borrowers’ Account may from time to time be temporarily in a zero or credit position, until all of
the Obligations have been fully and finally paid and performed. Accordingly, each Borrower and each Guarantor waives any rights which it may have under the Uniform Commercial Code to demand the filing of termination statements with respect to the
Collateral, and Agent shall not be required to send such termination statements to each Borrower or Guarantor, or to file them with any filing office, unless and until this Agreement shall have been terminated in accordance with its terms and all
Obligations have been fully and finally immediately available funds. All representations, warranties, covenants, waivers and agreements contained herein shall survive termination hereof until all Obligations are fully and finally paid and performed.

  
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	XIV.	REGARDING AGENT. 

 14.1.    Appointment. Each Lender hereby
designates PNC to act as Agent for such Lender under this Agreement and the Other Documents. Each Lender hereby irrevocably authorizes Agent to take such action on its behalf under the provisions of this Agreement and the Other Documents and to
exercise such powers and to perform such duties hereunder and thereunder as are specifically delegated to or required of Agent by the terms hereof and thereof and such other powers as are reasonably incidental thereto and Agent shall hold all
Collateral, payments of principal and interest, fees (except the fees set forth in Sections 2.8(b) and 3.4 and the Fee Letter), charges and collections received pursuant to this Agreement, for the ratable benefit of Lenders. Agent may perform any of
its duties hereunder by or through its agents or employees. As to any matters not expressly provided for by this Agreement (including collection of the Notes) Agent shall not be required to exercise any discretion or take any action, but shall be
required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the instructions of Required Lenders, and such instructions shall be binding; provided, however, that Agent shall not
be required to take any action which, in Agent’s discretion, exposes Agent to liability or which is contrary to this Agreement or the Other Documents or Applicable Law unless Agent is furnished with an indemnification reasonably satisfactory to
Agent with respect thereto. 
 14.2.    Nature of Duties. Agent shall have no duties or responsibilities except
those expressly set forth in this Agreement and the Other Documents. Neither Agent nor any of its officers, directors, employees or agents shall be (i) liable for any action taken or omitted by them as such hereunder or in connection herewith,
unless caused by their gross (not mere) negligence or willful misconduct (as determined by a court of competent jurisdiction in a final non-appealable judgment), or (ii) responsible in any manner for any recitals, statements,
representations or warranties made by any Borrower, any Guarantor, or any officer of any of the foregoing contained in this Agreement, or in any of the Other Documents or in any certificate, report, statement or other document referred to or
provided for in, or received by Agent under or in connection with, this Agreement or any of the Other Documents or for the value, validity, effectiveness, genuineness, due execution, enforceability or sufficiency of this Agreement, or any of the
Other Documents or for any failure of any Borrower or Guarantor to perform its obligations hereunder. Agent shall not be under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements
contained in, or conditions of, this Agreement or any of the Other Documents, or to inspect the properties, books or records of any Borrower or Guarantor. The duties of Agent as respects the Advances to Borrowers shall be mechanical and
administrative in nature; Agent shall not have by reason of this Agreement a fiduciary relationship in respect of any Lender; and nothing in this Agreement, expressed or implied, is intended to or shall be so construed as to impose upon Agent any
obligations in respect of this Agreement or the transactions described herein except as expressly set forth herein. 

14.3.    Lack of Reliance on Agent. Independently and without reliance upon Agent or any other Lender, each Lender
has made and shall continue to make (i) its own independent investigation of the financial condition and affairs of each Borrower and each Guarantor in connection with the making and the continuance of the Advances hereunder and the taking or
not taking of any action in connection herewith, and (ii) its own appraisal of the creditworthiness of 

  
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each Borrower and each Guarantor. Agent shall have no duty or responsibility, either initially or on a continuing basis, to provide any Lender with any credit or other information with respect
thereto, whether coming into its possession before making of the Advances or at any time or times thereafter except as shall be provided by any Borrower or Guarantor pursuant to the terms hereof. Agent shall not be responsible to any Lender for any
recitals, statements, information, representations or warranties herein or in any agreement, document, certificate or statement delivered in connection with or for the execution, effectiveness, genuineness, validity, enforceability, collectability
or sufficiency of this Agreement or any Other Document, or of the financial condition of any Borrower or Guarantor, or be required to make any inquiry concerning either the performance or observance of any of the terms, provisions or conditions of
this Agreement, the Note, the Other Documents or the financial condition or prospects of any Borrower or any Guarantor, or the existence of any Event of Default or any Default. 

14.4.    Resignation of Agent; Successor Agent. Agent may resign on sixty (60) days written notice to each
Lender and Borrowing Agent and upon such resignation, Required Lenders will promptly designate a successor Agent reasonably satisfactory to Borrowers (provided, that, no such approval by Borrowers shall be required (i) in
any case where the successor Agent is one of the Lenders or (ii) after the occurrence and during the continuance of any Event of Default). If a successor Agent shall not have been so appointed within said sixty (60) day
period, the retiring Agent may appoint a successor Agent reasonably satisfactory to Borrowers who shall serve as an Agent until such time, if any, as the Required Lenders appoint a successor Agent as provided above. Any such successor Agent shall
succeed to the rights, powers and duties of Agent, and shall in particular succeed to all of Agent’s right, title and interest in and to all of the Liens in the Collateral securing the Obligations created hereunder or any Other Document
(including the Intellectual Property Security Agreement, the Pledge Agreement and all account control agreements), and the term “Agent” shall mean such successor agent effective upon its appointment, and the former Agent’s rights,
powers and duties as Agent shall be terminated, without any other or further act or deed on the part of such former Agent. However, notwithstanding the foregoing, if at the time of the effectiveness of the new Agent’s appointment, any further
actions need to be taken in order to provide for the legally binding and valid transfer of any Liens in the Collateral from former Agent to new Agent and/or for the perfection of any Liens in the Collateral as held by new Agent or it is otherwise
not then possible for new Agent to become the holder of a fully valid, enforceable and perfected Lien as to any of the Collateral, former Agent shall continue to hold such Liens solely as agent for perfection of such Liens on behalf of new Agent
until such time as new Agent can obtain a fully valid, enforceable and perfected Lien on all Collateral; provided, that, Agent shall not be required to or have any liability or responsibility to take any further actions after such date
as such agent for perfection to continue the perfection of any such Liens (other than to forego from taking any affirmative action to release any such Liens). After any Agent’s resignation as Agent, the provisions of this Article XIV, and any
indemnification rights under this Agreement, including without limitation, rights arising under Section 16.5 hereof, shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Agent under this Agreement
(and in the event resigning Agent continues to hold any Liens pursuant to the provisions of the immediately preceding sentence, the provisions of this Article XIV and any indemnification rights under this Agreement, including without limitation,
rights arising under Section 16.5 hereof, shall inure to its benefit as to any actions taken or omitted to be taken by it in connection with such Liens). 

  
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 14.5.    Certain Rights of Agent. If Agent shall request instructions
from Lenders with respect to any act or action (including failure to act) in connection with this Agreement or any Other Document, Agent shall be entitled to refrain from such act or taking such action unless and until Agent shall have received
instructions from Required Lenders; and Agent shall not incur liability to any Person by reason of so refraining. Without limiting the foregoing, Lenders shall not have any right of action whatsoever against Agent as a result of its acting or
refraining from acting hereunder in accordance with the instructions of Required Lenders. 
 14.6.    Reliance.
Agent shall be entitled to rely, and shall be fully protected in relying, upon any note, writing, resolution, notice, statement, certificate, email, facsimile, telex, teletype or telecopier message, cablegram, order or other document or telephone
message believed by it to be genuine and correct and to have been signed, sent or made by the proper person or entity, and, with respect to all legal matters pertaining to this Agreement and the Other Documents and its duties hereunder, upon advice
of counsel selected by it. Agent may employ agents and attorneys-in-fact and shall not be liable for the default or misconduct of any such agents or attorneys-in-fact selected by Agent with reasonable care. 

14.7.    Notice of Default. Agent shall not be deemed to have knowledge or notice of the occurrence of any Default
or Event of Default hereunder or under the Other Documents, unless Agent has received notice from a Lender or Borrowing Agent referring to this Agreement or the Other Documents, describing such Default or Event of Default and stating that such
notice is a “notice of default”. In the event that Agent receives such a notice, Agent shall give notice thereof to Lenders. Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed by
Required Lenders; provided, that, unless and until Agent shall have received such directions, Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of
Default as it shall deem advisable in the best interests of Lenders. 
 14.8.    Indemnification. To the extent
Agent is not reimbursed and indemnified by Borrowers, each Lender will reimburse and indemnify Agent in proportion to its respective portion of the outstanding Advances and its respective Participation Commitments in the outstanding Letters of
Credit and outstanding Swing Loans (or, if no Advances are outstanding, pro rata according to the percentage that its Revolving Commitment Amount and FILO Commitment Amount, as applicable, constitutes of the total aggregate Revolving Commitment
Amounts and FILO Commitment Amounts), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed on, incurred
by or asserted against Agent in performing its duties hereunder, or in any way relating to or arising out of this Agreement or any Other Document; provided, that, Lenders shall not be liable for any portion of such liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from Agent’s gross (not mere) negligence or willful misconduct (as determined by a court of competent jurisdiction in a final
non-appealable judgment). 
 14.9.    Agent in its Individual Capacity. With respect to the obligation of Agent
to lend under this Agreement, the Advances made by it shall have the same rights and powers hereunder as any other Lender and as if it were not performing the duties as Agent specified herein; and the term “Lender” or any similar term
shall, unless the context clearly otherwise indicates, include 

  
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Agent in its individual capacity as a Lender. Agent may engage in business with any Borrower or Guarantor as if it were not performing the duties specified herein, and may accept fees and other
consideration from any Borrower or Guarantor for services in connection with this Agreement or otherwise without having to account for the same to Lenders. 

14.10.    Delivery of Documents. To the extent Agent receives financial statements required under Sections 9.7,
9.8, 9.12 and 9.13 or Borrowing Base Certificates from any Borrower pursuant to the terms of this Agreement which any Borrower is not obligated to deliver to each Lender, Agent will promptly furnish such documents and information to Lenders. 

14.11.    Borrowers’ and Guarantors’ Undertaking to Agent. Without prejudice
to their respective obligations to Lenders under the other provisions of this Agreement, each Borrower and each Guarantor hereby undertakes with Agent to pay to Agent from time to time on demand all amounts from time to time due and payable by it
for the account of Agent or Lenders or any of them pursuant to this Agreement to the extent not already paid. Any payment made pursuant to any such demand shall pro tanto satisfy the relevant Borrower’s or Guarantor’s obligations to make
payments for the account of Lenders or the relevant one or more of them pursuant to this Agreement. 
 14.12.    No
Reliance on Agent’s Customer Identification Program. To the extent the Advances or this Agreement is, or becomes, syndicated in cooperation with other Lenders, each Lender acknowledges and agrees that neither such Lender, nor
any of its Affiliates, participants or assignees, may rely on Agent to carry out such Lender’s, Affiliate’s, participant’s or assignee’s customer identification program, or other obligations required or imposed under or pursuant
to the USA PATRIOT Act or the regulations thereunder, including the regulations contained in 31 CFR 103.121 (as hereafter amended or replaced, the “CIP Regulations”), or any other Anti-Terrorism Law, including any programs
involving any of the following items relating to or in connection with any of Borrowers, Guarantors, their respective Affiliates, or their agents, the Other Documents or the transactions hereunder or contemplated hereby: (i) any identity
verification procedures, (ii) any recordkeeping, (iii) comparisons with government lists, (iv) customer notices or (v) other procedures required under the CIP Regulations or such Anti-Terrorism
Laws. 
 14.13.    Other Agreements. Each of the Lenders agrees that it shall not, without the express
consent of Agent, and that it shall, to the extent it is lawfully entitled to do so, upon the request of Agent, set off against the Obligations, any amounts owing by such Lender to any Borrower or any Guarantor or any deposit accounts of any
Borrower or any Guarantor now or hereafter maintained with such Lender. Anything in this Agreement to the contrary notwithstanding, each of the Lenders further agrees that it shall not, unless specifically requested to do so by Agent, take any
action to protect or enforce its rights arising out of this Agreement or the Other Documents, it being the intent of Lenders that any such action to protect or enforce rights under this Agreement and the Other Documents shall be taken in concert and
at the direction or with the consent of Agent or Required Lenders. 

14.14.    Co-Syndication Agents; Joint Lead Arrangers. Each of the
Co-Syndication Agents and Joint Lead Arrangers, each in such capacity, shall not have any right, power, obligation, liability, responsibility, or duty under this Agreement other than those applicable to it 

  
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in its capacity as a Lender, as Agent, as Swing Loan Lender, or Issuer. Without limiting the foregoing, each of the Co-Syndication Agents and Joint Lead Arrangers, each in such capacity, shall
not have or be deemed to have any fiduciary relationship with any Lender or any Borrower or Guarantor. Each Lender, Agent, Swing Loan Lender, Issuer, and each Borrower and Guarantor acknowledges that it has not relied, and will not rely, on the
Co-Syndication Agents or the Joint Lead Arrangers in deciding to enter into this Agreement or in taking or not taking action hereunder. Each of the Co-Syndication Agents and Joint Lead Arrangers, each in such capacity, shall be entitled to resign at
any time by giving notice to Agent and Borrowers. 
  

	XV.	BORROWING AGENCY. 

 15.1.    Borrowing Agency Provisions. 

(a)    Each Borrower and each Guarantor hereby irrevocably designates Borrowing Agent to be its attorney and agent and in
such capacity, whether verbally, in writing or through electronic methods (including, without limitation, an Approved Electronic Communication) to (i) borrow, (ii) request advances, (iii) request the issuance of Letters of Credit,
(iv) sign and endorse notes, (v) execute and deliver all instruments, documents, applications, security agreements, reimbursement agreements and letter of credit agreements for Letters of Credit and all other certificates, notices,
writings and further assurances now or hereafter required hereunder, (vi) make elections regarding interest rates, (vii) give instructions regarding Letters of Credit and agree with Issuer upon any amendment, extension or renewal of any
Letter of Credit and (viii) otherwise take action under and in connection with this Agreement and the Other Documents, all on behalf of and in the name of such Borrower or Guarantor, and hereby authorizes Agent to pay over or credit all loan
proceeds hereunder in accordance with the request of Borrowing Agent. 
 (b)    The handling of this credit facility as
a co-borrowing facility with a borrowing agent in the manner set forth in this Agreement is solely as an accommodation to Borrowers and Guarantors and at their request. Neither Agent nor any Lender shall incur
liability to Borrowers or Guarantors as a result thereof. To induce Agent and Lenders to do so and in consideration thereof, each Borrower and each Guarantor hereby indemnifies Agent and each Lender and holds Agent and each Lender harmless from and
against any and all liabilities, expenses, losses, damages and claims of damage or injury asserted against Agent or any Lender by any Person arising from or incurred by reason of the handling of the financing arrangements of Borrowers and Guarantors
as provided herein, reliance by Agent or any Lender on any request or instruction from Borrowing Agent or any other action taken by Agent or any Lender with respect to this Section 15.1 except due to willful misconduct or gross (not mere)
negligence by the indemnified party (as determined by a court of competent jurisdiction in a final and non-appealable judgment). 

(c)    All Obligations shall be joint and several, and each Borrower and each Guarantor shall make payment upon the
maturity of the Obligations by acceleration or otherwise, and such obligation and liability on the part of each Borrower and each Guarantor shall in no way be affected by any extensions, renewals and forbearance granted by Agent or any Lender to any
Borrower or Guarantor, failure of Agent or any Lender to give any Borrower or Guarantor notice of borrowing or any other notice, any failure of Agent or any Lender to pursue or preserve 

  
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its rights against any Borrower or Guarantor, the release by Agent or any Lender of any Collateral now or hereafter acquired from any Borrower or Guarantor, and such agreement by each Borrower
and each Guarantor to pay upon any notice issued pursuant thereto is unconditional and unaffected by prior recourse by Agent or any Lender to the other Borrowers or Guarantors or any Collateral for such Borrower’s or Guarantor’s
Obligations or the lack thereof. Each Borrower and each Guarantor waives all suretyship defenses. 
 15.2.    Waiver
of Subrogation. Each Borrower and each Guarantor expressly waives any and all rights of subrogation, reimbursement, indemnity, exoneration, contribution of any other claim which such Borrower or Guarantor may now or hereafter have against the
other Borrowers and Guarantors or any other Person directly or contingently liable for the Obligations hereunder, or against or with respect to any other Borrowers’ or Guarantors’ property (including, without limitation, any property which
is Collateral for the Obligations), arising from the existence or performance of this Agreement, until payment in full of the Obligations. 
  

	XVI.	MISCELLANEOUS. 

 16.1.    Governing Law. This Agreement and each
Other Document (unless and except to the extent expressly provided otherwise in any such Other Document), and all matters relating hereto or thereto or arising herefrom or therefrom (whether arising under contract law, tort law or otherwise) shall,
in accordance with Section 5-1401 of the General Obligations Law of the State of New York, be governed by and construed in accordance with the laws of the State of New York. Any judicial proceeding brought by or against any Borrower or
Guarantor with respect to any of the Obligations, this Agreement, the Other Documents or any related agreement may be brought in any court of competent jurisdiction in the State of New York, United States of America, and, by execution and delivery
of this Agreement, each Borrower and each Guarantor accepts for itself and in connection with its properties, generally and unconditionally, the non-exclusive jurisdiction of the aforesaid courts, and irrevocably agrees to be bound by any judgment
rendered thereby in connection with this Agreement. Each Borrower and each Guarantor hereby waives personal service of any and all process upon it and consents that all such service of process may be made by certified or registered mail (return
receipt requested) directed to Borrowing Agent at its address set forth in Section 16.6 and service so made shall be deemed completed five (5) days after the same shall have been so deposited in the mails of the United States
of America, or, at Agent’s option, by service upon Borrowing Agent which each Borrower and each Guarantor irrevocably appoints as such Borrower’s or Guarantor’s agent for the purpose of accepting service within the State of New York.
Nothing herein shall affect the right to serve process in any manner permitted by Law or shall limit the right of Agent or any Lender to bring proceedings against any Borrower or Guarantor in the courts of any other jurisdiction. Each Borrower and
each Guarantor waives any objection to jurisdiction and venue of any action instituted hereunder and shall not assert any defense based on lack of jurisdiction or venue or based upon forum non conveniens. Each Borrower and each Guarantor
waives the right to remove any judicial proceeding brought against such Borrower or Guarantor in any state court to any federal court. Any judicial proceeding by any Borrower or Guarantor against Agent or any Lender involving, directly or
indirectly, any matter or claim in any way arising out of, related to or connected with this Agreement or any related agreement, shall be brought only in a federal or state court located in the County of New York, State of New York. 

  
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 16.2.    Entire Understanding. 

(a)    This Agreement and the documents executed concurrently herewith contain the entire understanding between each
Borrower, each Guarantor, Agent, Swing Loan Lender, Issuer and each Lender and supersedes all prior agreements and understandings, if any, relating to the subject matter hereof. Any promises, representations, warranties or guarantees not herein
contained and hereinafter made shall have no force and effect unless in writing, signed by each Borrower’s, each Guarantor’s, Agent’s, Swing Loan Lender’s, Issuer’s and each Lender’s respective officers. Neither this
Agreement nor any portion or provisions hereof may be changed, modified, amended, waived, supplemented, discharged, cancelled or terminated orally or by any course of dealing, or in any manner other than by an agreement in writing, signed by the
party to be charged. Notwithstanding the foregoing, Agent may modify this Agreement or any of the Other Documents for the purposes of completing missing content or correcting erroneous content of an administrative nature, without the need for a
written amendment; provided, that, the Agent shall send a copy of any such modification to the Borrowers and Guarantors and each Lender (which copy may be provided by electronic mail). Each Borrower and each Guarantor acknowledges that
it has been advised by counsel in connection with the execution of this Agreement and Other Documents and is not relying upon oral representations or statements inconsistent with the terms and provisions of this Agreement. 

(b)    Required Lenders, Agent with the consent in writing of Required Lenders, and Borrowers and Guarantors may, subject
to the provisions of this Section 16.2(b), from time to time enter into written supplemental agreements to this Agreement or the Other Documents executed by Borrowers and Guarantors, for the purpose of adding or deleting any provisions or
otherwise changing, varying or waiving in any manner the rights of Lenders, Agent, Issuer, Swing Loan Lender, Borrowers, or Guarantors thereunder or the conditions, provisions or terms thereof or waiving any Event of Default thereunder, but only to
the extent specified in such written agreements; provided, however, that no such supplemental agreement shall: 

(i)    increase the Revolving Commitment Percentage or FILO Commitment Percentage, as applicable, or the Maximum
Revolving Commitment Amount or Maximum FILO Commitment Amount, as applicable of any Lender without the consent of such Lender directly affected thereby; 

(ii)    whether or not any Advances are outstanding, extend the Term or the time for payment of principal or interest of
any Advance (excluding the due date of any mandatory prepayment of an Advance), or any fee payable to any Lender, or reduce the principal amount of or the rate of interest borne by any Advances or reduce any fee payable to any Lender, without the
consent of each Lender directly affected thereby (except that Required Lenders may elect to waive or rescind any imposition of the Default Rate under Section 3.1 or of default rates of Letter of Credit fees under Section 3.2 (unless
imposed by Agent)); 
 (iii)    (x) except in connection with any increase pursuant to Section 2.24 hereof,
increase the Maximum Revolving Advance Amount without the consent of each Lender directly affected thereby, or (y) increase the Maximum FILO Advance Amount without the consent of each Lender directly affected thereby; 

  
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 (iv)    alter the definitions of the terms “Required Lenders” or
“Supermajority Lenders”, or alter, amend or modify this Section 16.2(b) without the consent of all Lenders; 

(v)    alter, amend or modify the provisions of Sections 2.8 or 11.5 without the consent of all Lenders; 

(vi)    except in connection with a transaction expressly permitted hereby, release all or substantially all of the
Collateral without the consent of all Lenders; 
 (vii)    change (A) the rights and duties of Agent without the
consent of all Lenders, (B) the rights and duties of Issuer without the consent of Issuer or (C) the rights and duties of Swing Loan Lender without the consent of Swing Loan Lender; 

(viii)    subject to clause (e) below, permit any Revolving Advance to be made if after giving effect thereto the
total of Revolving Advances outstanding hereunder would exceed the Formula Amount for more than thirty (30) consecutive Business Days (unless a Liquidation is occurring) or exceed, when aggregated with Protective Advances made pursuant to
Section 16.2(f), one hundred and ten percent (110%) of the Formula Amount without the consent of each Lender directly affected thereby; 

(ix)    except in connection with a transaction expressly permitted hereby, (x) release any Borrower or any
Guarantor, or (y) limit the liability of any Borrower or any Guarantor under this Agreement or any Other Document, in either case without the consent of all Lenders; 

(x)    increase the Advance Rates above the Advance Rates in effect on the Closing Date without the consent of the
Supermajority Lenders; 
 (xi)    change the definition of the terms “Formula Amount” or “FILO Formula
Amount” or any component definition of either of the foregoing if as a result thereof the amounts available to be borrowed by Borrowers would be increased without the written consent of the Supermajority Lenders, provided, that,
the foregoing shall not limit the discretion of Agent to change, establish or eliminate any Reserves or to exercise its Permitted Discretion in accordance with the terms hereof; or 

(xii)    as to any Lender, alter, amend, or modify any provision of this Agreement in a manner that would alter the
pro rata sharing of payments required thereby, without the consent of such Lender. 
 (c)    Any such
supplemental agreement shall apply equally to each Lender and shall be binding upon Borrowers, Guarantors, Lenders, Issuer, Swing Lender and Agent and all future holders of the Obligations. In the case of any waiver, Borrowers, Guarantors, Agent,
Issuer, Swing Lender and Lenders shall be restored to their former positions and rights, and any Event of Default waived shall be deemed to be cured and not continuing, but no waiver of a specific Event of Default shall extend to any subsequent
Event of Default (whether or not the subsequent Event of Default is the same as the Event of Default which was waived), or impair any right consequent thereon. 

  
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 (d)    In the event that Agent requests the consent of a Lender pursuant to
this Section 16.2 and such consent is denied, then Agent may, at its option, require such Lender to assign its interest in the Advances to Agent or to another Lender or to any other Person designated by Agent (the “Designated
Lender”), for a price equal to (i) the then outstanding principal amount thereof plus (ii) accrued and unpaid interest and fees due such Lender, which interest and fees shall be paid when collected from Borrowers. In the event
Agent elects to require any Lender to assign its interest to Agent or to the Designated Lender, Agent will so notify such Lender in writing within forty five (45) days following such Lender’s denial, and such Lender will assign its
interest to Agent or the Designated Lender no later than five (5) days following receipt of such notice pursuant to a Commitment Transfer Supplement executed by such Lender, Agent or the Designated Lender, as appropriate, and Agent. 

(e)    Notwithstanding (i) the existence of a Default or an Event of Default, (ii) that any of the other
applicable conditions precedent set forth in Section 8.2 hereof have not been satisfied or the commitments of Lenders to make Revolving Advances or FILO Advances hereunder have been terminated for any reason, or (iii) any other contrary
provision of this Agreement, Agent may at its discretion and without the consent of any Lender, voluntarily permit the outstanding Revolving Advances at any time to exceed the Formula Amount by, when aggregated with Protective Advances made pursuant
to Section 16.2(f), up to ten percent (10%) of the Formula Amount for up to thirty (30) consecutive Business Days (which time limit shall not apply if a Liquidation is then occurring) (the “Out-of-Formula Loans”). If Agent is willing in its sole and absolute discretion to permit such Out-of-Formula Loans,
Lenders holding the Revolving Commitments shall be obligated to fund such Out-of-Formula Loans in accordance with their respective Revolving Commitment Percentages, and
such Out-of-Formula Loans shall be payable on demand and shall bear interest at the Default Rate for Revolving Advances consisting of Domestic Rate Loans;
provided, that, if Agent does permit Out-of-Formula Loans, neither Agent nor Lenders shall be deemed thereby to have changed the limits of
Section 2.1(a) nor shall any Lender be obligated to fund Revolving Advances in excess of its Revolving Commitment Amount. For purposes of this paragraph, the discretion granted to Agent hereunder shall not preclude involuntary overadvances that
may result from time to time due to the fact that the Formula Amount was unintentionally exceeded for any reason, including, but not limited to, Collateral previously deemed to be either “Eligible Receivables”, “Eligible Credit Card
Receivables”, “Eligible Inventory”, or “Eligible Domestic In-Transit Inventory”, as applicable, becomes ineligible, collections of Receivables or Credit Card Receivables applied to
reduce outstanding Revolving Advances or FILO Advances are thereafter returned for insufficient funds or overadvances are made to protect or preserve the Collateral. In the event Agent involuntarily permits the outstanding Revolving Advances to
exceed the Formula Amount by more than ten percent (10%) (when aggregated with Protective Advances made pursuant to Section 16.2(f)), Agent shall use its efforts to have Borrowers decrease such excess in as expeditious a manner as is
practicable under the circumstances and not inconsistent with the reason for such excess. Revolving Advances made after Agent has determined the existence of involuntary overadvances shall be deemed to be involuntary overadvances and shall be
decreased in accordance with the preceding sentence. To the extent any Out-of-Formula Loans are not actually funded by the other Lenders as provided for in this
Section 16.2(a), Agent may elect in its discretion to fund such Out-of-Formula Loans and any such
Out-of-Formula Loans so funded by Agent shall be deemed to be Revolving Advances made by and owing to Agent, and Agent shall be entitled to all rights (including accrual
of interest) and remedies of a Lender holding a Revolving Commitment under this Agreement and the Other Documents with respect to such Revolving Advances. 

  
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 (f)    In addition to (and not in substitution of) the discretionary
Revolving Advances permitted above in this Section 16.2, Agent is hereby authorized by Borrowers and Lenders, at any time in Agent’s sole discretion, regardless of (i) the existence of a Default or an Event of Default,
(ii) whether any of the other applicable conditions precedent set forth in Section 8.2 hereof have not been satisfied or the commitments of Lenders to make Revolving Advances hereunder have been terminated for any reason, or (iii) any
other contrary provision of this Agreement, to make Revolving Advances (“Protective Advances”) to Borrowers on behalf of Lenders which Agent, in its Permitted Discretion, deems necessary or desirable (a) to preserve or protect
the Collateral, or any portion thereof, (b) to enhance the likelihood of, or maximize the amount of, repayment of the Advances and other Obligations, or (c) to pay any other amount chargeable to Borrowers pursuant to the terms of this
Agreement; provided, that, the Protective Advances made hereunder shall not, when aggregated with Out-Of–Formula Loans made pursuant to Section 16.2(e), exceed ten percent (10%) of the
Formula Amount in the aggregate; provided, further, that at any time after giving effect to any such Protective Advances, the outstanding Revolving Advances (including, without limitation, Swing Loans and the Maximum Undrawn Amount of
all outstanding Letters of Credit) do not exceed the Maximum Revolving Advance Amount. Lenders holding the Revolving Commitments shall be obligated to fund such Protective Advances and effect a settlement with Agent therefor upon demand of Agent in
accordance with their respective Revolving Commitment Percentages. To the extent any Protective Advances are not actually funded by the other Lenders as provided for in this Section 16.2(f), any such Protective Advances funded by Agent shall be
deemed to be Revolving Advances made by and owing to Agent, and Agent shall be entitled to all rights (including accrual of interest) and remedies of a Lender holding a Revolving Commitment under this Agreement and the Other Documents with respect
to such Revolving Advances. 
 16.3.    Successors and Assigns; Participations; New Lenders. 

(a)    This Agreement shall be binding upon and inure to the benefit of Borrowers, Guarantors, Agent, each Lender, Issuer,
Swing Loan Lender, all future holders of the Obligations and their respective successors and assigns, except that no Borrower or Guarantor may assign or transfer any of its rights or obligations under this Agreement without the prior written consent
of Agent and each Lender. 
 (b)    Each Borrower and each Guarantor acknowledges that in the regular course of
commercial banking business any Lender may at any time and from time to time sell participating interests in its Advances (other than Swing Loans) to other financial institutions (other than any Defaulting Lender) (each such purchaser of a
participating interest, a “Participant”) pursuant to a participation agreement in form and substance satisfactory to such Lender; provided that (i) such Lender’s obligations under this Agreement shall remain
unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, and (iii) Borrowers, Guarantors, Agent, Swing Loan Lender, Issuer and Lenders shall continue to deal solely
and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participating interest shall provide that such Lender shall

  
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retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided, that, such agreement or instrument
may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in Section 16.2(b)(ii), (iv), (v), (vi) or (ix) that affects such Participant. Each Participant may
exercise all rights of payment (including rights of set-off) with respect to the portion of such Advances held by it or other Obligations payable hereunder as fully as if such Participant were the direct
holder thereof; provided, that, (i) Borrowers and Guarantors shall not be required to pay to any Participant more than the amount which they would have been required to pay to Lender which granted an interest in its Advances or
other Obligations payable hereunder to such Participant had such Lender retained such interest in the Advances hereunder or other Obligations payable hereunder unless the sale of the participation to such Participant is made with Borrowers’
prior written consent, (ii) in no event shall Borrowers or Guarantors be required to pay any such amount arising from the same circumstances and with respect to the same Advances or other Obligations payable hereunder to both such Lender and
such Participant, and (iii) such Participant agrees to be subject to the provisions of Sections 3.10 and 3.11 as if it were an assignee under this Section 16.3. Each Borrower and each Guarantor hereby grants to any Participant a continuing
security interest in any deposits, moneys or other property actually or constructively held by such Participant as security for the Participant’s interest in the Advances. Each Lender that sells a participation agrees, at a Borrower’s
request, to use reasonable efforts to cooperate with the Borrowers to effectuate the provisions of Section 3.11 with respect to any Participant. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of Borrowers, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the
Obligations under this Agreement and the Other Documents (the “Participant Register”); provided, that, no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the
identity of any Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under this Agreement or any Other Document) to any Person except to the extent that such
disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries
in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding
any notice to the contrary. For the avoidance of doubt, Agent (in its capacity as Agent) shall have no responsibility for maintaining a Participant Register. 

(c)    Any Lender, with the consent of Agent and, to the extent required by the provisos in the last sentence of
this subsection (c), Borrowers and Guarantors, may sell, assign or transfer all or any part of its rights and obligations under or relating to Revolving Advances and/or FILO Advances under this Agreement and the Other Documents to one or more
additional Persons and one or more additional Persons may commit to make Advances hereunder (each a “Purchasing Lender”), in minimum amounts of not less than $5,000,000, pursuant to a Commitment Transfer Supplement, executed by a
Purchasing Lender, the transferor Lender, and Agent and delivered to Agent for recording. Upon such execution, delivery, acceptance and recording, from and after the transfer effective date determined pursuant to such Commitment Transfer Supplement,
(i) Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Commitment Transfer Supplement, have the rights and obligations of a Lender 

  
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hereunder with a Revolving Commitment Percentage and/or FILO Commitment Percentage, as applicable, as set forth therein, and (ii) the transferor Lender thereunder shall, to the extent
provided in such Commitment Transfer Supplement, be released from its obligations under this Agreement, the Commitment Transfer Supplement creating a novation for that purpose. Such Commitment Transfer Supplement shall be deemed to amend this
Agreement to the extent, and only to the extent, necessary to reflect the addition of such Purchasing Lender and the resulting adjustment of the Revolving Commitment Percentages and/or FILO Commitment Percentages, as applicable, arising from the
purchase by such Purchasing Lender of all or a portion of the rights and obligations of such transferor Lender under this Agreement and the Other Documents. Each Borrower and each Guarantor (x) hereby consents to the addition of such Purchasing
Lender and the resulting adjustment of the Revolving Commitment Percentages and/or FILO Commitment Percentages, as applicable, arising from the purchase by such Purchasing Lender of all or a portion of the rights and obligations of such transferor
Lender under this Agreement and the Other Documents, and (y) shall execute and deliver such further documents and do such further acts and things in order to effectuate the foregoing; provided, however, that the consent of
Borrowers and Guarantors (each such consent not to be unreasonably withheld or delayed) shall be required unless (x) an Event of Default has occurred and is continuing at the time of such sale, assignment or transfer or (y) such sale,
assignment or transfer is to a Permitted Assignee; provided, further, Borrowers and Guarantors shall be deemed to have consented to any such sale, assignment or transfer unless they shall object thereto by written notice to Agent
within five (5) Business Days after having received prior notice thereof. 
 (d)    Any Lender, with the consent
of Agent which shall not be unreasonably withheld or delayed, may directly or indirectly sell, assign or transfer all or any portion of its rights and obligations under or relating to Revolving Advances and/or FILO Advances under this Agreement and
the Other Documents to an entity, whether a corporation, partnership, trust, limited liability company or other entity that (i) is engaged in making, purchasing, holding or otherwise investing in bank loans and similar extensions of credit in
the ordinary course of its business and (ii) is administered, serviced or managed by the assigning Lender or an Affiliate of such Lender (a “Purchasing CLO” and together with each Participant and Purchasing Lender, each a
“Transferee” and collectively the “Transferees”), pursuant to a Commitment Transfer Supplement modified as appropriate to reflect the interest being assigned (“Modified Commitment Transfer
Supplement”), executed by any intermediate purchaser, the Purchasing CLO, the transferor Lender, and Agent as appropriate and delivered to Agent for recording. Upon such execution and delivery, from and after the transfer effective date
determined pursuant to such Modified Commitment Transfer Supplement, (i) Purchasing CLO thereunder shall be a party hereto and, to the extent provided in such Modified Commitment Transfer Supplement, have the rights and obligations of a Lender
hereunder and (ii) the transferor Lender thereunder shall, to the extent provided in such Modified Commitment Transfer Supplement, be released from its obligations under this Agreement, the Modified Commitment Transfer Supplement creating a
novation for that purpose. Such Modified Commitment Transfer Supplement shall be deemed to amend this Agreement to the extent, and only to the extent, necessary to reflect the addition of such Purchasing CLO. Each Borrower and each Guarantor hereby
consents to the addition of such Purchasing CLO. Borrowers and Guarantors shall execute and deliver such further documents and do such further acts and things in order to effectuate the foregoing. 

  
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 (e)    Agent shall maintain at its address a copy of each Commitment
Transfer Supplement and Modified Commitment Transfer Supplement delivered to it and a register (the “Register”) for the recordation of the names and addresses of each Lender and the outstanding principal, accrued and unpaid interest
and other fees due hereunder. The entries in the Register shall be conclusive, in the absence of manifest error, and each Borrower, each Guarantor, Agent and Lenders may treat each Person whose name is recorded in the Register as the owner of the
Advance recorded therein for the purposes of this Agreement. The Register shall be available for inspection by Borrowing Agent or any Lender at any reasonable time and from time to time upon reasonable prior notice. Agent shall receive a fee in the
amount of $3,500 payable by the applicable Purchasing Lender and/or Purchasing CLO upon the effective date of each transfer or assignment (other than to an intermediate purchaser) to such Purchasing Lender and/or Purchasing CLO. 

(f)    Each Borrower and each Guarantor authorizes each Lender to disclose, subject to the confidentiality provisions set
forth in Section 16.15, to any Transferee and any prospective Transferee any and all financial information in such Lender’s possession concerning such Borrower or Guarantor which has been delivered to such Lender by or on behalf of such
Borrower or Guarantor pursuant to this Agreement or in connection with such Lender’s credit evaluation of such Borrower or Guarantor; provided, that, any prospective Transferee has been advised and has agreed in writing to keep
such information confidential in accordance with Section 16.15 hereof or in accordance with other customary confidentiality terms generally consistent with Section 16.15. 

(g)    Notwithstanding anything to the contrary contained in this Agreement, any Lender may at any time and from time to
time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided,
that, no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

16.4.    Application of Payments. Agent shall have the continuing and exclusive right to apply or reverse and re-apply any payment and any and all proceeds of Collateral to any portion of the Obligations. To the extent that any Borrower or Guarantor makes a payment or Agent or any Lender receives any payment or proceeds of
the Collateral for any Borrower’s or Guarantor’s benefit, which are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, debtor in possession, receiver, custodian or any
other party under any bankruptcy law, common law or equitable cause, then, to such extent, the Obligations or part thereof intended to be satisfied shall be revived and continue as if such payment or proceeds had not been received by Agent or such
Lender. 
 16.5.    Indemnity. 

(a)    Each Borrower and each Guarantor shall defend, protect, indemnify, pay and save harmless Agent, Issuer, each Lender
and each of their respective officers, directors, Affiliates, advisors (including, without limitation, attorneys), employees and agents (each an “Indemnified Party”) for and from and against any and all claims, demands, liabilities,
obligations, losses, damages, penalties, fines, actions, judgments, suits, costs, charges, expenses 

  
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and disbursements of any kind or nature whatsoever (including reasonable and documented fees and disbursements of counsel (including allocated costs of internal counsel)) (collectively,
“Claims”) which may be imposed on, incurred by, or asserted against any Indemnified Party arising out of or in any way relating to or as a consequence, direct or indirect, of: (i) this Agreement, the Other Documents, the
Advances and other Obligations and/or the transactions contemplated hereby including the Transactions, (ii) any action or failure to act or action taken only after delay or the satisfaction of any conditions by any Indemnified Party in
connection with and/or relating to the negotiation, execution, delivery or administration of this Agreement and the Other Documents, the credit facilities established hereunder and thereunder and/or the transactions contemplated hereby including the
Transactions, (iii) any Borrower’s or any Guarantor’s failure to observe, perform or discharge any of its covenants, obligations, agreements or duties under or breach of any of the representations or warranties made in this Agreement
and the Other Documents, (iv) the enforcement of any of the rights and remedies of Agent, Issuer or any Lender under this Agreement and the Other Documents, (v) any threatened or actual imposition of fines or penalties, or disgorgement of
benefits, for violation of any Anti-Terrorism Law by any Borrower, any Affiliate or Subsidiary of any Borrowers, or any Guarantor, and (vi) any claim, litigation, proceeding or investigation instituted or conducted by any Governmental Body or
instrumentality, any Borrower, any Affiliate or Subsidiary of any Borrowers, or any Guarantor, or any other Person with respect to any aspect of, or any transaction contemplated by, or referred to in, or any matter related to, this Agreement or the
Other Documents, whether or not Agent or any Lender is a party thereto. Without limiting the generality of any of the foregoing, each Borrower and each Guarantor shall defend, protect, indemnify, pay and save harmless each Indemnified Party from
(x) any Claims which may be imposed on, incurred by, or asserted against any Indemnified Party arising out of or in any way relating to or as a consequence, direct or indirect, of the issuance of any Letter of Credit hereunder, and (y) any
Claims which may be imposed on, incurred by, or asserted against any Indemnified Party under any Environmental Laws with respect to or in connection with the Real Property, any Hazardous Discharge, the presence of any Hazardous Materials affecting
the Real Property (whether or not the same originates or emerges from the Real Property or any contiguous real estate), including any Claims consisting of or relating to the imposition or assertion of any Lien on any of the Real Property under any
Environmental Laws and any loss of value of the Real Property as a result of the foregoing except to the extent such loss, liability, damage and expense is attributable to any Hazardous Discharge resulting from actions on the part of Agent or any
Lender. Borrowers’ and Guarantors’ obligations under this Section 16.5 shall arise upon the discovery of the presence of any Hazardous Materials at the Real Property, whether or not any federal, state, or local environmental agency
has taken or threatened any action in connection with the presence of any Hazardous Materials, in each such case except to the extent that any of the foregoing arises out of the gross negligence or willful misconduct of the Indemnified Party (as
determined by a court of competent jurisdiction in a final and non-appealable judgment). Without limiting the generality of the foregoing, this indemnity shall extend to any liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses and disbursements of any kind or nature whatsoever (including reasonable and documented fees and disbursements of counsel) asserted against or incurred by any of the Indemnified Parties
by any Person under any Environmental Laws or similar laws by reason of any Borrower’s, any Guarantor’s, or any other Person’s failure to comply with laws applicable to solid or hazardous waste materials, including Hazardous Materials
and Hazardous Waste, or 

  
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other Toxic Substances. This Section 16.5 shall not apply with respect to Taxes or Charges other than any Taxes or Charges that represent losses, claims, damages or liabilities arising from
any non-Tax or non-Charge claim (it being understood and agreed that Section 3.10 shall apply with respect to Taxes and Charges). 

(b)    The foregoing in clause (a) above to the contrary notwithstanding, no Borrower or Guarantor shall have any
obligation to any Indemnified Party under this Section 16.5 with respect to any Claim (i) that a court of competent jurisdiction finally determines pursuant to a non-appealable judgment to have
resulted from the gross negligence or willful misconduct of such Indemnified Party or its officers, directors, employees, advisors, or agents, (ii) resulting from a claim brought by a Borrower or Guarantor against an Indemnified Party for
breach in bad faith of such Indemnified Party’s obligations under this Agreement or the Other Documents, if such Borrower or Guarantor has obtained a final and non-appealable judgment in its favor on such
claim by a court of competent jurisdiction or (iii) resulting from (x) disputes solely between or among the Secured Parties that do not involve any acts or omissions of any Borrower or any Guarantor, or (y) disputes solely between or
among Indemnified Parties other than claims against Agent or any other Indemnified Person in its capacity or in fulfilling its role as arranger or agent or similar role hereunder (so long as such dispute does not involve, or result from, an action
or inaction by a Borrower, any Guarantor, or any Affiliate, advisor or related party of any of the foregoing). 

16.6.    Notice. Any notice or request hereunder may be given to Borrowing Agent or any Borrower or Guarantor or to
Agent, Issuer, Swing Loan Lender or any Lender at their respective addresses set forth below or at such other address as may hereafter be specified in a notice designated as a notice of change of address under this Section. Any notice, request,
demand, direction or other communication (for purposes of this Section 16.6 only, a “Notice”) to be given to or made upon any party hereto under any provision of this Agreement shall be given or made by telephone or in
writing (which includes by means of electronic transmission (i.e., “e-mail”) or facsimile transmission or by setting forth such Notice on a website to which Borrowers and Guarantors are directed (an “Internet
Posting”) if Notice of such Internet Posting (including the information necessary to access such site) has previously been delivered to the applicable parties hereto by another means set forth in this Section 16.6) in accordance with
this Section 16.6. Any such Notice must be delivered to the applicable parties hereto at the addresses and numbers set forth under their respective names in this Section 16.6 or in accordance with any subsequent unrevoked
Notice from any such party that is given in accordance with this Section 16.6. Any Notice shall be effective: 

(a)    In the case of hand-delivery, when delivered; 

(b)    If given by mail, four (4) days after such Notice is deposited with the United States Postal Service, with
first-class postage prepaid, return receipt requested; 
 (c)    In the case of a telephonic Notice, when a party is
contacted by telephone, if delivery of such telephonic Notice is confirmed no later than the next Business Day by hand delivery, a facsimile or electronic transmission, an Internet Posting or an overnight courier delivery of a confirmatory Notice
(received at or before noon on such next Business Day); 

  
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 (d)    In the case of a facsimile transmission, when sent to the applicable
party’s facsimile machine’s telephone number, if the party sending such Notice receives confirmation of the delivery thereof from its own facsimile machine; 

(e)    In the case of electronic transmission, when actually received; 

(f)    In the case of an Internet Posting, upon delivery of a Notice of such posting (including the information necessary
to access such site) by another means set forth in this Section 16.6; and 
 (g)    If given by any other means
(including by overnight courier), when actually received. 
 Any Lender, Issuer or Swing Loan Lender giving a Notice to Borrowing Agent or
any Borrower or Guarantor shall concurrently send a copy thereof to Agent, and Agent shall promptly notify the other Lenders of its receipt of such Notice. 

(A)    If to Agent or PNC (in any capacity hereunder) at: 

PNC Bank, National Association 

11405 North Pennsylvania Street, Suite 200 

Carmel, Indiana 46032 

Attention:       Jay Danforth 

Telephone:      (317) 660-1711 

with a copy to: 
 PNC Bank,
National Association 
 PNC Agency Services 

PNC Firstside Center 
 500 First
Avenue (Mailstop: P7-PFSC-04-1) 

Pittsburgh, Pennsylvania 15219 

Attention: Lori Killmeyer 

Telephone: (412) 807.7002 

Facsimile: (412) 762-8672 

with an additional copy to: 

Riemer & Braunstein LLP 

Three Center Plaza 
 Boston,
Massachusetts 02108 
 Attention: Donald E. Rothman, Esq. 

Telephone: (617) 523-9000 

Facsimile: (617) 692-3556 

(B)    If to a Lender or Issuer other than Agent, as specified on the signature pages hereof, and 

  
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 (C)    If to Borrowing Agent or any Borrower or Guarantor: 

The Finish Line, Inc. 
 3308
North Mitthoeffer Road 
 Indianapolis, Indiana 46235 

Attention: Edward W. Wilhelm, Chief Financial Officer 

Telephone: (317) 899-1022 

Facsimile: (317) 613-6914 

with a copy to: 
 JD Sports
Fashion plc 
 Edinburgh House, Hollinsbrook Way, 

Pilsworth, Bury, Lancashire BL9 8RR 

Attention: Neil Greenhalgh, Group Financial Controller 

Telephone: +44 (0)161 767 1775 

Email: Neil.Greenhalgh@jdplc.com 

with an additional copy to: 

Hughes Hubbard & Reed LLP 

One Battery Park Plaza 
 New
York, New York 10004 
 Attention: Steven J. Greene, Esq. 

Telephone: (212) 837-6270 

Facsimile: (212) 299-6270 

16.7.    Survival. The obligations of Borrowers and Guarantors under Sections 2.2(g), 2.2(h), 2.2(i), 3.7, 3.8,
3.9, 3.10, 16.5 and 16.9 and the obligations of Lenders under Sections 2.2, 2.15(b), 2.16, 2.18, 2.19, 14.8 and 16.5, shall survive payment in full of the Obligations or the occurrence of any event comprising such term. All representations and
warranties of such Borrower and such Guarantor contained in this Agreement and the Other Documents to which it is a party shall survive the execution, delivery and acceptance thereof by the parties thereto and the closing of the transactions
described therein or related thereto. 
 16.8.    Severability. If any part of this Agreement is contrary to,
prohibited by, or deemed invalid under Applicable Laws, such provision shall be inapplicable and deemed omitted to the extent so contrary, prohibited or invalid, but the remainder hereof shall not be invalidated thereby and shall be given effect so
far as possible. 
 16.9.    Expenses. Borrowers and Guarantors shall pay (i) all reasonable and
documented out-of-pocket expenses incurred by Agent and its Affiliates (including the reasonable and documented fees, charges and disbursements of one primary counsel to Agent and one local counsel to Agent in each reasonably necessary or advisable
jurisdiction), in connection with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution, 

  
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delivery and administration of this Agreement and the Other Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated
hereby or thereby shall be consummated), (ii) all reasonable and documented out-of-pocket expenses incurred by Issuer in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment
thereunder, (iii) all reasonable and documented out-of-pocket expenses incurred by Agent, any Lender or Issuer (including the reasonable and documented fees, charges and disbursements of one primary counsel to Agent and one primary
counsel to the Lenders, one local counsel to Agent in each reasonably necessary or advisable jurisdiction, and one additional counsel to Lenders in the case of an actual or potential conflict of interest), in connection with the enforcement or
protection of its rights (A) in connection with this Agreement and the Other Documents, including its rights under this Section, or (B) in connection with the Advances made or Letters of Credit issued hereunder, including all
such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Advances or Letters of Credit, and (iv) all reasonable and documented out-of-pocket expenses of Agent’s regular employees and
agents engaged periodically to perform audits of any Borrower’s, any Guarantor’s, or any Borrower’s or Guarantor’s Affiliate’s or Subsidiary’s books, records and business properties. 

16.10.    Injunctive Relief. Each Borrower and each Guarantor recognizes that, in the event any Borrower or
Guarantor fails to perform, observe or discharge any of its obligations or liabilities under this Agreement, or threatens to fail to perform, observe or discharge such obligations or liabilities, any remedy at law may prove to be inadequate relief
to Lenders; therefore, to the fullest extent permitted by Applicable Law, Agent, if Agent so requests, shall be entitled to temporary and permanent injunctive relief in any such case without the necessity of proving that actual damages are not an
adequate remedy. 
 16.11.    Consequential Damages. No Indemnified Party shall be liable for any special,
indirect, consequential, exemplary, or punitive damages arising from any breach of contract, tort or other wrong relating to the establishment, administration or collection of the Obligations or as a result of any transaction contemplated under this
Agreement or any Other Document. None of any Borrower, any Guarantor, or any of their respective Affiliates shall be liable for any special, indirect, consequential, exemplary, or punitive damages arising from any breach of contract, tort or other
wrong relating to or as a result of any transaction contemplated under this Agreement or any Other Document, except for any such special, indirect, consequential, exemplary, or punitive damages included in any third party claim against an
Indemnified Party as to which claim such Indemnified Party is entitled to indemnification hereunder. 

16.12.    Captions. The captions at various places in this Agreement are intended for convenience only and do not
constitute and shall not be interpreted as part of this Agreement. 
 16.13.    Counterparts; Electronic
Signatures. This Agreement may be executed in any number of and by different parties hereto on separate counterparts, all of which, when so executed, shall be deemed an original, but all such counterparts shall constitute one and the same
agreement. Any signature delivered by a party by facsimile or other electronic transmission (including email transmission of a PDF image) shall be deemed to be an original signature hereto. 

  
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 16.14.    Construction. The parties acknowledge that each party and
its counsel have reviewed this Agreement and that the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement or any amendments,
schedules or exhibits thereto. 
 16.15.    Confidentiality; Sharing Information. 

(a)    Agent, each Lender, Swing Loan Lender, Issuer and each Transferee shall hold all Information obtained by Agent,
such Lender, Swing Loan Lender, Issuer or such Transferee pursuant to the requirements of this Agreement in accordance with Agent’s, such Lender’s, Swing Loan Lender’s, Issuer’s and such Transferee’s customary procedures for
handling confidential information of this nature; provided, however, Agent, each Lender, Swing Loan Lender, Issuer and each Transferee may disclose such Information (a) to its examiners, Affiliates, outside auditors, counsel and
other professional advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential at all times in accordance with
this Agreement), (b) to Agent, any Lender, Swing Loan Lender, Issuer or any prospective Transferees (provided, that, any prospective Transferee has been advised and has agreed in writing to keep such information confidential in
accordance herewith or in accordance with other customary confidentiality terms generally consistent with this Section 16.15), (c) as required or requested by any Governmental Body or representative thereof or pursuant to legal process,
(d) to the extent reasonably necessary or advisable in connection with the exercise of any remedies hereunder or under any Other Document or the enforcement of rights hereunder or thereunder, (e) with the consent of Borrowing Agent, which
consent may be withheld in the Borrowing Agent’s sole discretion, and (f) to the extent such Information (x) becomes lawfully publicly available other than as a result of a breach of this Section or (y) becomes lawfully available
to Agent, any Lender, Swing Loan Lender, Issuer or any of their respective Affiliates on a non-confidential basis from a source (other than any Borrower or Guarantor) known to Agent, such Lender, Swing Loan
Lender, Issuer or such Affiliate not to be subject to any confidentiality agreement or undertaking in favor of any Borrower, any Guarantor or any of their respective Subsidiaries or Affiliates; provided, further, that (i) unless
specifically prohibited by Applicable Law, Agent, each Lender, Swing Loan Lender, Issuer and each Transferee shall use its reasonable best efforts prior to disclosure thereof, to notify the applicable Borrower or Guarantor of the applicable request
for disclosure of such Information (A) by a Governmental Body or representative thereof (other than any such request in connection with an examination of the financial condition of a Lender, Swing Loan Lender, Issuer or a Transferee by such
Governmental Body) or (B) pursuant to legal process and (ii) in no event shall Agent, any Lender, Swing Loan Lender, Issuer or any Transferee be obligated to return any materials furnished by any Borrower or Guarantor other than those
documents and instruments in possession of Agent or any Lender in order to perfect its Lien on the Collateral once the Obligations have been paid in full. 

(b)    For purposes of this Section, “Information” means all information received from any Borrower, any
Guarantor or any of their respective Affiliates (including, without limitation, Holdings) relating to any Borrower or Guarantor or their respective businesses, other than any such information that is available to Agent, any Lender, Swing Loan
Lender, Issuer or any of their respective Affiliates on a non-confidential basis prior to disclosure 

  
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by any Borrower, any Guarantor or any of their respective Affiliates, provided, that, in the case of information received from any Borrower, any Guarantor or any of their respective
Affiliates after the Closing Date, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied
with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 

(c)    Each Borrower and each Guarantor acknowledges that from time to time financial advisory, investment banking and
other services may be offered or provided to such Borrower or Guarantor or one or more of its respective Affiliates (in connection with this Agreement or otherwise) by any Lender or by one or more Subsidiaries or Affiliates of such Lender and each
Borrower and each Guarantor hereby authorizes each Lender to share any Information delivered to such Lender by such Borrower or Guarantor and its respective Subsidiaries pursuant to this Agreement, or in connection with the decision of such Lender
to enter into this Agreement, to any such Subsidiary or Affiliate of such Lender, it being understood that any such Subsidiary or Affiliate of any Lender receiving such information shall be bound by the provisions of this Section 16.15 as if it
were a Lender hereunder. Such authorization shall survive the repayment of the Obligations. Notwithstanding any non-disclosure agreement or similar document executed by Agent in favor of any Borrower or
Guarantor or any Affiliates of any of the foregoing, the provisions of this Agreement shall supersede such agreements. 

16.16.    Publicity. Agent, Lenders, Swing Loan Lender and Issuer shall not be permitted to use information related
to the syndication and arrangement of the credit facilities set forth in this Agreement in connection with marketing, press releases or other transactional announcements or updates provided to investor or trade publications, including, but not
limited to, the placement of “tombstone” advertisements in publications of their choice at their own expense, without the prior written consent of Borrowing Agent (such consent not to be unreasonably withheld or delayed); provided,
that, (i) notwithstanding anything to the contrary herein, Agent, Lenders, Swing Loan Lender and Issuer may include references to such credit facilities in their marketing materials without the prior written consent of Borrowing
Agent so long as such references shall be limited to: (A) a description of the transactions contemplated by this Agreement, including industry type; (B) a reproduction of any Borrower’s logo; (C) a
description of Agent’s, Lenders’, Swing Loan Lender’s or Issuer’s in such transactions (e.g., agent, arranger, lender, issuing bank); (D) the date and amount of such credit facilities; and (E) the names of Borrowers
and Guarantors, and (ii) upon the consent by Borrowing Agent, Agent and Lenders may make and distribute reproductions of such consented-to marketing, press releases or other transactional announcements or updates. 

16.17.    Certifications From Banks and Participants; USA PATRIOT Act. 

(a)    Each Lender or assignee or participant of a Lender that is not incorporated under the Laws of the United States of
America or a state thereof (and is not excepted from the certification requirement contained in Section 313 of the USA PATRIOT Act and the applicable regulations because it is both (i) an affiliate of a depository institution or foreign
bank that maintains a physical presence in the United States or foreign country, and (ii) subject to supervision by a banking authority regulating such affiliated depository institution or foreign

  
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bank) shall deliver to the Agent the certification, or, if applicable, recertification, certifying that such Lender is not a “shell” and certifying to other matters as required by
Section 313 of the USA PATRIOT Act and the applicable regulations: (1) within ten (10) days after the Closing Date, and (2) as such other times as are required under the USA PATRIOT Act. 

(b)    The USA PATRIOT Act requires all financial institutions to obtain, verify and record certain information that
identifies individuals or business entities which open an “account” with such financial institution. Consequently, any Lender may from time to time request, and each Borrower and each Guarantor shall provide to such Lender, such
Borrower’s or Guarantor’s name, address, tax identification number and/or such other identifying information as shall be necessary for such Lender to comply with the USA PATRIOT Act and any other Anti-Terrorism Law. 

16.18.    Anti-Terrorism Laws. 

(a)    Each Borrower and each Guarantor represents and warrants as follows: 

(i)    No Borrower, Guarantor, or Subsidiary is in violation of any Sanctions. No Borrower, Guarantor, or Subsidiary nor,
to the knowledge of each such Borrower and Guarantor, any director, officer, employee, agent or Affiliate of such Borrower, Guarantor, or Subsidiary (each Person described in this sentence being referred to herein as a “Covered
Entity”) (a) is a Sanctioned Person or a Sanctioned Entity, (b) has any assets located in Sanctioned Entities, or (c) does business in or with, or derives revenues from investments in, or transactions with, Sanctioned Persons or
Sanctioned Entities. Each of the Borrowers, Guarantors, and Subsidiaries has implemented and maintains in effect policies and procedures designed to ensure compliance with all Sanctions, Anti-Corruption Laws and Anti-Money Laundering Laws. Each of
the Borrowers, Guarantors, and Subsidiaries, and to the knowledge of each such Borrower and Guarantor, each other Covered Entity, is in compliance with all Sanctions, Anti-Corruption Laws and Anti-Money Laundering Laws. No proceeds of any Advance
will be used to fund any operations in, finance any investments or activities in, or make any payments to, a Sanctioned Person or a Sanctioned Entity, or otherwise used in any manner that would result in a violation of any Sanction, Anti-Corruption
Law or Anti-Money Laundering Law by any Person (including any Lender, provider of Cash Management Products and Services, provider of any Interest Rate Hedge or Foreign Currency Hedge, or other individual or entity participating in any transaction).

 (b)    Each Borrower and each Guarantor covenants and agrees as follows: 

(i)    Each Borrower and each Guarantor shall, and shall cause each of its Subsidiaries to, comply with all applicable
Sanctions, Anti-Corruption Laws and Anti-Money Laundering Laws. Each Borrower and each Guarantor shall, and shall cause each of its Subsidiaries to, implement and maintain in effect policies and procedures designed to ensure compliance by Borrowers,
Guarantors, Subsidiaries, and each other Covered Entity with all Sanctions, Anti-Corruption Laws and Anti-Money Laundering Laws. Each Borrower and each Guarantor shall, and shall cause each of its Subsidiaries to, comply with all Sanctions,
Anti-Corruption Laws and Anti-Money Laundering Laws. 

  
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 (ii)    Borrowers and Guarantors shall promptly notify Agent in writing upon
the occurrence of a Reportable Compliance Event. 
 16.19.    Acknowledgment and Consent to Bail-In of EEA Financial
Institutions. Notwithstanding anything to the contrary in this Agreement or any Other Document or in any other agreement, arrangement or understanding among any such parties hereto, each party hereto acknowledges that any liability of any Lender
that is an EEA Financial Institution arising under this Agreement or any Other Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and
acknowledges and agrees to be bound by: 
 (a)    the application of any Write-Down and Conversion Powers by an EEA
Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 

(b)    the effects of any Bail-in Action on any such liability, including, if
applicable: 
 (i)    a reduction in full or in part or cancellation of any such liability; 

(ii)    a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA
Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any
such liability under this Agreement or any Other Document; or 
 (iii)    the variation of the terms of such liability
in connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution Authority. 
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left blank] 

  
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 IN WITNESS WHEREOF, each of the parties has signed this Agreement as of the day and year first
above written. 
  

			
	GENESIS MERGER SUB, INC., as a Borrower and, until the consummation of the Transactions, as Borrowing Agent
		
	By:	 	 /s/ Edward W. Wilhelm

	Name:	 	 Edward W. Wilhelm

	Title:	 	 Executive Vice President, Chief Financial Officer

	
	GENESIS HOLDINGS, INC., as a Guarantor
		
	By:	 	 /s/ Brian Small

	Name:	 	 Brian Small

	Title:	 	 Chief Financial Officer

  
 Signature Page to
Revolving Credit and Security Agreement 

 
			
	Immediately upon consummation of the Transactions, each of the Persons below shall be deemed to be a Borrower:
	
	THE FINISH LINE, INC., as a Borrower and as Borrowing Agent
		
	By:	 	 /s/ Edward W. Wilhelm

	Name:	 	 Edward W. Wilhelm

	Title:	 	 Executive Vice President, Chief Financial Officer

	
	THE FINISH LINE USA, INC., as a Borrower
		
	By:	 	 /s/ Edward W. Wilhelm

	Name:	 	 Edward W. Wilhelm

	Title:	 	 Vice President and Treasurer

	
	THE FINISH LINE DISTRIBUTION, INC., as a Borrower
		
	By:	 	 /s/ Edward W. Wilhelm

	Name:	 	 Edward W. Wilhelm

	Title:	 	 Vice President and Treasurer

	
	FINISH LINE TRANSPORTATION CO., INC., as a Borrower
		
	By:	 	 /s/ Edward W. Wilhelm

	Name:	 	 Edward W. Wilhelm

	Title:	 	 Vice President and Treasurer

	
	SPIKE’S HOLDING, LLC, as a Borrower
		
	By:	 	 /s/ Edward W. Wilhelm

	Name:	 	 Edward W. Wilhelm

	Title:	 	 Vice President and Treasurer

  
 Signature Page to
Revolving Credit and Security Agreement 

 
			
	Immediately upon consummation of the Transactions, the Person below shall be deemed to be a Guarantor:
	
	THE FINISH LINE MA, INC., as a Guarantor
		
	By:	 	 /s/ Edward W. Wilhelm

	Name:	 	 Edward W. Wilhelm

	Title:	 	 Vice President and Treasurer

  
 Signature Page to
Revolving Credit and Security Agreement 

			
	PNC BANK, NATIONAL ASSOCIATION, as Lender, Swing Loan Lender, Issuer, and as Agent
		
	By:	 	 /s/ Joshua D. Stehlin

	Name:	 	 Joshua D. Stehlin

	Title:	 	 Senior Vice President

	
	 PNC Bank, National Association

11405 North Pennsylvania St., Suite 200
 Carmel, Indiana 46032

Attention: Jay Danforth
 Telephone: (317) 660-1711

  
 Signature Page to
Revolving Credit and Security Agreement 

			
	 WELLS FARGO BANK,
 NATIONAL
ASSOCIATION

		
	By:	 	 /s/ Scott Klebanoff

	Name:	 	 Scott Klebanoff

	Title:	 	 Assistant Vice President

	
	 One Boston Place, 19th Floor

Boston, MA 02108

	Address

  

			
	BANK OF AMERICA, N. A.
		
	By:	 	 /s/ Brian Lindblom

	Name:	 	 Brian Lindblom

	Title:	 	 Senior Vice President

	
	 100 Federal Street

MA5-100-09-12
 Boston, MA 02110

	
	FIFTH THIRD BANK
		
	By:	 	 /s/ Mark Pienkos

	Name:	 	 Mark Pienkos

	Title:	 	 Managing Director

	
	 222 Riverside Plaza
 Chicago, IL
60606

	
	KEYBANK NATIONAL ASSOCIATION
		
	By:	 	 /s/ Katherine Meadows

	Name:	 	 Katherine Meadows

	Title:	 	 Senior Vice President

	
	 127 Public Square, Cleveland, OH 44114,

Mailcode: OH-01-27-0533

  
 Signature Page to
Revolving Credit and Security Agreement

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