Document:

EX-10.11

 Exhibit 10.11 
 FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT 
 FIRST AMENDMENT TO
AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) dated as of November 14, 2013 by and among 

TOPS MARKETS, LLC, a New York limited liability company, for itself and as agent (in such capacity, the “Lead Borrower”)
for the Borrowers named herein; 
 The BORROWERS party hereto; 

The GUARANTORS party hereto; 
 The LENDERS party to the Credit Agreement referred to below; and 
 BANK OF
AMERICA, N.A., as administrative agent (in such capacity, the “Administrative Agent”) and collateral agent (in such capacity, the “Collateral Agent”) for the Lenders (as defined below, the
“Lenders”); 
 in consideration of the mutual covenants herein contained and benefits to be derived herefrom.

W I T N E S S E T H:

 WHEREAS, the Borrowers, the Guarantors, the Lenders, the Administrative Agent, and the Collateral Agent, among others, have
entered into a certain Amended and Restated Credit Agreement dated as of December 14, 2012 (as amended and in effect, the “Credit Agreement”); and 
 WHEREAS, the Lead Borrower has informed the Administrative Agent that certain members of the current management team of the Lead Borrower intend to indirectly acquire 100% of the Equity Interests of Tops
Holding LLC (the “Parent”) pursuant to a Purchase and Sale Agreement dated on or about November 13, 2013 (the “Purchase Agreement”) to be entered into by and among the Sellers party thereto, Tops MBO
Corporation, a Delaware corporation, as Purchaser, and Tops Holding II Corporation, a Delaware corporation (the “Tops Holding Acquisition”); and 
 WHEREAS, the parties to the Credit Agreement desire to modify certain provisions of the Credit Agreement as provided herein. 
 NOW THEREFORE, in consideration of the mutual promises and agreements herein contained, the parties hereto hereby agree as follows: 

 

	1.	Incorporation of Terms and Conditions of Credit Agreement. All of the terms and conditions of the Credit Agreement (including, without limitation, all
definitions set forth therein) are specifically incorporated herein by reference. All capitalized terms not otherwise defined herein shall have the same meanings as in the Credit Agreement, as applicable. 

  
 -1-

	2.	Representations and Warranties. Each Loan Party hereby represents and warrants that as of the First Amendment Effective Date, after giving effect to this
Amendment and the Tops Holding Acquisition, (i) no Default or Event of Default by the Loan Parties exists under the Credit Agreement or under any other Loan Document, and (ii) all representations and warranties contained in the Credit
Agreement and the other Loan Documents are true and correct in all material respects (or, in the case of any representation and warranty qualified by materiality, in all respects), except to the extent that such representations and warranties
specifically refer to an earlier date, in which case they shall be true and correct in all material respects (or, in the case of any representation and warranty qualified by materiality, in all respects) as of such earlier date.

  

	3.	Amendments to Credit Agreement. The Credit Agreement is hereby amended as follows: 

 

	 	a.	Amendments to Article I. 

  

	 	i.	The provisions of Section 1.01 of the Credit Agreement are hereby amended by deleting the definition of “Parent” in its entirety, and by substituting the
following in its stead: 

 “Parent” means Tops Holding LLC, a Delaware limited liability
company, f/k/a Tops Holding Corporation, a Delaware corporation. 
  

	 	ii.	The definition of “Change of Control” in Section 1.01 of the Credit Agreement is hereby amended by deleting “(free and clear of all Liens)” in
clause (a) thereof. 

  

	 	iii.	The definition of “Permitted Holders” in Section 1.01 of the Credit Agreement is hereby amended by adding “direct or indirect” immediately
prior to “holders of Equity Interests of the Parent” in clause (ii) thereof. 

  

	 	iv.	The provisions of Section 1.01 of the Credit Agreement are hereby amended by adding the following new definitions thereto in appropriate alphabetical order:

 “Determination Date” means the earlier of (i) May 14, 2015, or (ii) such
earlier date as agreed by the Administrative Agent in its reasonable discretion (such agreement not to be unreasonably withheld, conditioned or delayed). 

  
 -2-

 “First Amendment” means that certain First Amendment to Amended and
Restated Credit Agreement dated November 14, 2013 by and among the Borrowers, the Guarantors, the Lenders and the Agents. 

“First Amendment Effective Date” means November 14, 2013. 

“Tops Holding Acquisition” has the meaning set forth in the First Amendment. 

 

	 	b.	Amendments to Article VI. Section 6.11 of the Credit Agreement is hereby deleted in its entirety and the following substituted in its stead:

 “6.11 Use of Proceeds. Use the proceeds of the Credit Extensions (a) to finance a portion of
the repayment of the 2015 Senior Notes, including on account of any prepayment premium thereof, and to pay transaction fees and expenses related hereto and thereto, (b) to pay fees and expenses related to the Tops Holding Acquisition,
(c) to finance the acquisition of working capital assets of the Borrowers, including the purchase of Inventory and Equipment, in each case in the ordinary course of business, (d) to finance Capital Expenditures of the Borrowers, and
(e) for general corporate purposes of the Loan Parties (other than the payment of the Refinancing Dividend), in each case to the extent permitted under applicable Law and the Loan Documents.” 

 

	 	c.	Amendments to Article VII. The provisions of Article VII of the Credit Agreement are hereby amended as follows: 

 

	 	i.	Section 7.02 of the Credit Agreement is hereby amended by adding the following sentence to the end thereof: 

“Notwithstanding the foregoing, until the Determination Date, the Borrowers shall not make any Permitted Investments under clause
(j) of the definition thereof constituting Permitted Acquisitions other than purchases of Stores not to exceed $10,000,000 in any Fiscal Year so long as (x) the Availability Condition has been satisfied and (y) the Consolidated Fixed
Charge Coverage Ratio, calculated based upon the most recent Measurement Period, was equal to or greater than 1.00:1.00; provided that after the Determination Date, the foregoing in this sentence shall be of no further force and effect.”

  

	 	ii.	Section 7.06 of the Credit Agreement is hereby amended by adding the following sentence to the end thereof: 

  
 -3-

 “Notwithstanding the foregoing, until the Determination Date, the Borrowers shall not
make any Restricted Payments under Sections 7.06(e) or (f) above other than (i) payment of fees and expenses related to the Tops Holding Acquisition, (ii) Restricted Payments to Tops Holding II Corporation to make payments of interest
on the 8.750%/9.500% Senior Notes of Tops Holding II Corporation and (iii) other Restricted Payments by the Lead Borrower to the Parent (and the Parent may make Restricted Payments to the holders of its Equity Interests in a like amount) in an
amount not to exceed $14,000,000 in the aggregate, so long as, with respect to clauses (i), (ii) and (iii) above, (x) the Availability Condition has been satisfied and (y) the Consolidated Fixed Charge Coverage Ratio, calculated
based upon the most recent Measurement Period, was equal to or greater than 1.10:1.00; provided that after the Determination Date, the foregoing in this sentence shall be of no further force and effect.” 

 

	 	iii.	Section 7.11 of the Credit Agreement is hereby deleted in its entirety and the following substituted in its stead: 

“7.11 Use of Proceeds. Use the proceeds of any Credit Extension, whether directly or indirectly, and whether immediately,
incidentally or ultimately, to purchase or carry margin stock (within the meaning of Regulation U of the FRB) or to extend credit to others for the purpose of purchasing or carrying margin stock or to refund Indebtedness originally incurred for such
purpose, or to pay any portion of the purchase price for the Tops Holding Acquisition.” 
  

	 	iv.	The following new Sections are hereby added to the end of Article VII: 

 “7.16 Availability. Until the Determination Date, permit Availability to be less than the amounts set forth below during the time period set forth below, provided that after the
Determination Date, the foregoing shall be of no further force and effect: 
  

			
	Time Period	  	Minimum Availability
	First Amendment Effective Date through March 31, 2014	  	$10,000,000
	April 1, 2014 through June 30, 2014	  	$7,750,000
	July 1, 2014 through September 30, 2014	  	$5,500,000
	October 1, 2014 through December 31, 2014	  	$3,250,000
	January 1, 2015 through March 31, 2015	  	$1,000,000

  
 -4-

 7.17 Capital Expenditures. Until the Determination Date, permit Capital Expenditures
of the Loan Parties to exceed $60,000,000 per annum for each of the 2014 and 2015 Fiscal Years of the Lead Borrower, or permit more than $10,000,000 of Capital Expenditures to be utilized in connection with Permitted Acquisitions of Store locations.

  

	4.	Conditions to Effectiveness. This Amendment shall not be effective until each of the following conditions precedent have been fulfilled to the satisfaction of
the Agents: 

  

	 	a.	This Amendment shall have been duly executed and delivered by the Loan Parties and the Lenders, and the Administrative Agent shall have received a fully executed copy
hereof. 

  

	 	b.	The Administrative Agent shall have received such customary corporate resolutions, certificates and other corporate documents as the Agents shall reasonably request.

  

	 	c.	The consummation of the Tops Holding Acquisition shall have occurred on the terms set forth in the Purchase Agreement, without giving effect to any amendment,
modification or waiver thereof which the Administrative Agent reasonably determines is materially adverse to the Lenders (unless the Administrative Agent consents to such amendment, modification or waiver, which consent shall not be unreasonably
withheld or delayed). 

  

	 	d.	No Material Adverse Effect shall have occurred. 

  

	 	e.	The Loan Parties shall have paid the fees set forth in that certain Fee Letter dated as of November 14, 2013 by and between the Lead Borrower, Merrill Lynch,
Pierce, Fenner & Smith Incorporated and the Administrative Agent. 

  

	 	f.	Availability on the First Amendment Effective Date, after giving effect to all Credit Extensions made on such date, shall be greater than or equal to $30,000,000.

  

	 	g.	After giving effect to this Amendment and the transactions contemplated hereby, no Default or Event of Default shall have occurred and be continuing.

  

	5.	Binding Effect. The terms and provisions hereof shall be binding upon and inure to the benefit of the parties hereto and their heirs, representatives, successors
and assigns. 

  
 -5-

	6.	Expenses. The Loan Parties shall reimburse the Agents for all costs, fees and expenses incurred in connection herewith, including, without limitation, reasonable
attorneys’ fees in accordance with the terms of the Credit Agreement. 

  

	7.	Multiple Counterparts. This Amendment may be executed in multiple counterparts, each of which shall constitute an original and together which shall constitute
but one and the same instrument. 

  

	8.	Governing Law. This Amendment shall be construed, governed, and enforced pursuant to the laws of the State of New York. 

  
 -6-

 IN WITNESS WHEREOF, this Amendment has been duly executed and delivered by each of the
parties hereto as a sealed instrument as of the date first above written. 
  

			
	 TOPS MARKETS, LLC, as Lead Borrower and as a
 Borrower

		
	By:	 	/s/ Frank Curci
	Name:	 	 
	Title:	 	 
	
	TOPS PT, LLC, as a Borrower
		
	By:	 	TOPS MARKETS, LLC, as sole member
		
	By:	 	/s/ Frank Curci
	Name:	 	 
	Title:	 	 
	
	TOPS HOLDING LLC, as a Guarantor
		
	By:	 	/s/ Frank Curci
	Name:	 	 
	Title:	 	 
	
	 TOPS GIFT CARD COMPANY, LLC, as a
 Guarantor

		
	By:	 	/s/ Frank Curci
	Name:	 	 
	Title:	 	 

  
 -7-

  
  
			
	 BANK OF AMERICA, N.A., as Administrative
 Agent and as Collateral Agent, and as a Lender

		
	By:	 	/s/ Roger Malouf
	Name:	 	Roger Malouf
	Title:	 	Vice President

  
 -8-

  
			
	 WELLS FARGO BANK, NATIONAL
 ASSOCIATION, as a Lender

		
	By:	 	/s/ Brent E. Shay
	Name:	 	Brent E. Shay
	Title:	 	Director

  
 -9-EX-10.12

 Exhibit 10.12 
 EXECUTION VERSION 
  

 
 PURCHASE AND
SALE AGREEMENT 
  
  

by and among 

EACH OF THE SELLERS LISTED ON ANNEX I, 
 TOPS MBO CORPORATION, 
 and 

TOPS HOLDING II CORPORATION, 
 Dated as of November 14, 2013 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 ARTICLE I
	  			
	 DEFINITIONS
	  	 	1	  
	 SECTION 1.01 Certain Defined Terms
	  	 	1	  
	 SECTION 1.02 Definitions
	  	 	5	  
	 SECTION 1.03 Interpretation and Rules of Construction
	  	 	6	  
		
	 ARTICLE II
	  			
	 PURCHASE AND SALE
	  	 	7	  
	 SECTION 2.01 Purchase and Sale of the Shares
	  	 	7	  
	 SECTION 2.02 Purchase Price
	  	 	8	  
	 SECTION 2.03 Closing
	  	 	8	  
	 SECTION 2.04 Closing Deliveries by the Sellers
	  	 	8	  
	 SECTION 2.05 Closing Deliveries by the Purchaser
	  	 	9	  
	 SECTION 2.06 Closing Deliveries by the Company
	  	 	9	  
		
	 ARTICLE III
	  			
	 REPRESENTATIONS AND WARRANTIES OF THE SELLERS
	  	 	9	  
	 SECTION 3.01 Organization, Authority and Qualification of the Sellers
	  	 	9	  
	 SECTION 3.02 No Conflict
	  	 	10	  
	 SECTION 3.03 Shares
	  	 	10	  
	 SECTION 3.04 Litigation
	  	 	10	  
	 SECTION 3.05 Brokers
	  	 	11	  
		
	 ARTICLE IV
	  			
	 REPRESENTATIONS AND WARRANTIES OF THE PURCHASER
	  	 	11	  
	 SECTION 4.01 Organization and Authority of the Purchaser
	  	 	11	  
	 SECTION 4.02 No Conflict
	  	 	11	  
	 SECTION 4.03 Governmental Consents and Approvals
	  	 	12	  
	 SECTION 4.04 Investment Purpose
	  	 	12	  
	 SECTION 4.05 Financing
	  	 	12	  
	 SECTION 4.06 Litigation
	  	 	13	  
	 SECTION 4.07 Brokers
	  	 	13	  
	 SECTION 4.08 Independent Investigation; Representations of the Sellers and Company
	  	 	13	  
		
	 ARTICLE V
	  			
	 REPRESENTATIONS AND WARRANTIES OF COMPANY
	  	 	14	  
	 SECTION 5.01 Organization and Authority of the Company
	  	 	14	  
	 SECTION 5.02 Solvency
	  	 	14	  
	 SECTION 5.03 Backstop Debt Financing
	  	 	14	  
	 SECTION 5.04 Brokers
	  	 	15	  

  
 i 

					
		
	 ARTICLE VI
	  			
	 ADDITIONAL AGREEMENTS
	  	 	15	  
	 SECTION 6.01 Conduct of Business Prior to the Closing
	  	 	15	  
	 SECTION 6.02 Regulatory and Other Authorizations; Notices and Consents
	  	 	16	  
	 SECTION 6.03 Financing
	  	 	16	  
	 SECTION 6.04 Notifications
	  	 	17	  
	 SECTION 6.05 Further Action
	  	 	18	  
	 SECTION 6.06 Release
	  	 	18	  
	 SECTION 6.07 D&O Insurance
	  	 	19	  
	 SECTION 6.08 Consent Solicitation
	  	 	19	  
	 SECTION 6.09 Backstop Debt Financing
	  	 	20	  
	 SECTION 6.10 Survival
	  	 	21	  
	 SECTION 6.11 Termination of Engagement Letter
	  	 	21	  
		
	 ARTICLE VII
	  			
	 TAX MATTERS
	  	 	21	  
	 SECTION 7.01 Tax Cooperation and Exchange of Information
	  	 	21	  
	 SECTION 7.02 Conveyance Taxes
	  	 	22	  
	 SECTION 7.03 Tax Covenants
	  	 	22	  
	 SECTION 7.04 Withholding
	  	 	22	  
	 SECTION 7.05 Miscellaneous
	  	 	22	  
		
	 ARTICLE VIII
	  			
	 CONDITIONS TO CLOSING
	  	 	22	  
	 SECTION 8.01 Conditions to Obligations of the Sellers
	  	 	22	  
	 SECTION 8.02 Conditions to Obligations of the Purchaser
	  	 	23	  
		
	 ARTICLE IX
	  			
	 TERMINATION
	  	 	24	  
	 SECTION 9.01 Termination
	  	 	24	  
	 SECTION 9.02 Effect of Termination
	  	 	25	  
		
	 ARTICLE X
	  			
	 GENERAL PROVISIONS
	  	 	25	  
	 SECTION 10.01 Expenses
	  	 	25	  
	 SECTION 10.02 Notices
	  	 	25	  
	 SECTION 10.03 Public Announcements
	  	 	26	  
	 SECTION 10.04 Severability
	  	 	27	  
	 SECTION 10.05 Entire Agreement
	  	 	27	  
	 SECTION 10.06 Assignment
	  	 	27	  
	 SECTION 10.07 Amendment
	  	 	27	  
	 SECTION 10.08 Waiver
	  	 	27	  
	 SECTION 10.09 No Third Party Beneficiaries
	  	 	28	  
	 SECTION 10.10 Specific Performance
	  	 	28	  
	 SECTION 10.11 Governing Law
	  	 	28	  
	 SECTION 10.12 Waiver of Jury Trial
	  	 	29	  
	 SECTION 10.13 Counterparts
	  	 	29	  
	 SECTION 10.14 Currency
	  	 	29	  

  
 ii 

 ANNEXES 
 Annex I – List of Sellers and Share Information 
 EXHIBITS 

Exhibit A – Contribution and Purchase Agreement 
 Exhibit B – Form of Share Transfer Document 
 SCHEDULES 

Schedule 1.01(a) – Funded Indebtedness 

Schedule 2.01 – Purchase Price 
 Schedule
10.01 – Payment of Certain Expenses 

  
 iii

 PURCHASE AND SALE AGREEMENT 

THIS PURCHASE AND SALE AGREEMENT, dated as of November 14, 2013 (this “Agreement”), is made by and among each of
the Persons listed on Annex I under the heading of “Seller” (each, a “Seller” and, collectively, the “Sellers”), Tops MBO Corporation, a Delaware corporation (the “Purchaser”),
and Tops Holding II Corporation, a Delaware corporation (the “Company”). 

W I T N E S S E T H: 

WHEREAS, the Sellers own, directly or indirectly, the issued and outstanding shares (“Shares”) of common stock, par
value $0.001 per share, of the Company as set forth in Annex I; 
 WHEREAS, certain management holders of Shares
wish to contribute to the Purchaser substantially all of their Shares in a tax free rollover pursuant to the Contribution and Purchase Agreement (as defined herein) attached hereto as Exhibit A; 

WHEREAS, the Sellers wish to sell to the Purchaser and the Company, and the Purchaser and the Company wish to purchase from the Sellers,
the Shares, upon the terms and subject to the conditions set forth herein; and 
 WHEREAS, the Sellers and the Company
acknowledge that notice pursuant to the FTC Order (as defined below) was given to the Federal Trade Commission on October 9, 2013. 
 NOW, THEREFORE, in consideration of the premises and the mutual agreements and covenants hereinafter set forth, and intending to be legally bound, the Parties (as defined below) hereby agree as follows:

 ARTICLE I 
 DEFINITIONS 
 SECTION 1.01 Certain Defined Terms. For purposes of
this Agreement: 
 “A&M Agreement” means that certain letter agreement, dated as of September 25,
2012, between MS Capital Partners Adviser Inc. and Tops Holding. 
 “ABL Facility” means one or more credit
facilities provided under that certain Amended and Restated Credit Agreement dated as of December 14, 2012 by and among Tops Markets, LLC, the other borrowers party thereto from time to time, the guarantors party thereto from time to time, the
lenders and other parties party thereto from time to time and Bank of America, N.A., as administrative agent, as amended, restated, modified, renewed, restructured, supplemented, replaced or refinanced from time to time. 

“Action” means any claim, action, suit, arbitration, inquiry, proceeding or investigation by or before any Governmental
Authority. 

  
 1 

 “Affiliate” means, with respect to any specified Person, any other Person
that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such specified Person and, with respect to the Purchaser, includes the Company from and after the Closing. 

“Business Day” means any day that is not a Saturday, a Sunday or other day on which banks are required or authorized by
Law to be closed in The City of New York. 
 “Code” means the Internal Revenue Code of 1986, as amended from
time to time. 
 “Contract” means any note, bond, mortgage, deed of trust, indenture, guarantee, lease,
sublease, license, franchise, permit, purchase order, agreement, understanding, arrangement, contract, commitment, or other legally binding instrument or obligation (whether oral or written). 

“Contribution and Purchase Agreement” means that certain Contribution and Purchase Agreement among Purchaser and the
Principal Management Holders, dated as of the date hereof, pursuant to which: (a) each of the Principal Management Holders will exchange substantially all of their shares of the Company for shares of the Purchaser; and (b) the Principal
Management Holders have committed to purchase additional shares of Purchaser, the proceeds of which will be used by Purchaser to purchase Shares from the Sellers under this Agreement. 

“control” (including the terms “controlled by”, “controlling” and “under
common control with”), with respect to the relationship between or among two or more Persons, means the possession, directly or indirectly, or as trustee, personal representative or executor, of the power to direct or cause the direction of
the affairs or management of a Person, whether through the ownership of voting securities, as trustee, personal representative or executor, by Contract, credit arrangement or otherwise. 

“Conveyance Taxes” means any sales, use, transfer, conveyance, ad valorem, stamp, stamp duty, recording or other similar
Tax imposed by any Governmental Authority upon the sale, transfer or assignment of real, personal, tangible or intangible property or any interest therein, or upon the recording of any such sale, transfer or assignment, together with any interest,
additions or penalties in respect thereof. 
 “Disclosure Schedule” means the Disclosure Schedule, dated as of
the date of this Agreement, delivered by the Sellers to the Purchaser in connection with the execution and delivery of, and forming a part of, this Agreement. 
 “Encumbrance” means any security interest, pledge, hypothecation, mortgage, deed of trust, lien, encumbrance, charge, option, right or restriction of any kind. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

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

  
 2 

 “FTC Order” means the order issued by the Federal Trade Commission of the
United States of America on June 30, 2011 (Docket No. C-4295) to Tops Markets LLC and Morgan Stanley Capital Partners V U.S. Holdco LLC. 
 “Funded Indebtedness” means the Indebtedness of the Company and its Subsidiaries outstanding as of the Closing under the ABL Facility, the HoldCo Notes, the OpCo notes and other
indebtedness as set forth on Schedule 1.01(a), together with any accrued interest, penalties, expenses, prepayment fees or other amounts related thereto. 
 “GAAP” means United States generally accepted accounting principles and practices, consistently applied, in effect from time to time. 

“Governmental Authority” means any foreign, federal, national, supranational, state, provincial, local or other
government, governmental, regulatory or administrative authority, agency, department, office or commission or any court, tribunal, or judicial or arbitral body of competent jurisdiction. 

“Governmental Order” means any order, writ, judgment, injunction, decree, stipulation, determination, settlement, ruling
or award issued, entered or made, as applicable, by or with any Governmental Authority. 
 “HoldCo Notes” means
the $150,000,000 aggregate principal amount of 8.750%/9.500% Senior Notes due 2018, issued pursuant to the HoldCo Notes Indenture. 
 “HoldCo Notes Indenture” means the Indenture, dated as of May 15, 2013, between the Company and U.S. Bank National Association, as trustee, as amended or supplemented from time to
time. 
 “Indebtedness” means, with respect to the Company and its Subsidiaries, without duplication,
(a) all indebtedness of such Person, whether or not contingent, for borrowed money, (b) all obligations of such Person evidenced by notes, bonds, debentures or other similar instruments, (c) any obligations for the deferred purchase
price of property or services with respect to which the such Person is liable, contingently or otherwise, including any so-called “earn-out” or similar payments or obligations (other than accounts payable arising in the ordinary course of
business), (d) any commitment by which any of the Company or its Subsidiaries assures a creditor against loss (including contingent reimbursement obligations with respect to letters of credit to the extent drawn), (e) any obligations
guaranteed in any manner by the Company or its Subsidiaries (including guarantees in the form of an agreement to repurchase or reimburse), (f) any obligations under capitalized leases with respect to which the Company or its Subsidiaries are
liable, contingently or otherwise and (g) obligations under swaps, hedges or similar instruments. 
 “Law”
means any foreign, federal, national, supranational, state, provincial, local or administrative statute, law, ordinance, regulation, rule, code, Governmental Order, requirement or rule of law (including common law). 

“Liabilities” means any and all debts, liabilities, and obligations of any kind or nature whatsoever, whether accrued or
fixed, absolute or contingent, matured or unmatured, liquidated or unliquidated, asserted or unasserted or determined or determinable, including those arising under any Law, Action or Governmental Order and those arising under any Contract.

  
 3 

 “Material Adverse Effect” means a material adverse effect on (a) the
business, assets, results of operations or financial condition of the Company and its Subsidiaries, taken as a whole, or (b) the ability of Sellers to perform their obligations under this Agreement on a timely basis, except in each case if and
to the extent that any such effect consists of or results from (a) any change affecting economic, financial or political conditions generally (global, national or regional, as applicable) provided the Company and its Subsidiaries are not
disproportionately affected thereby, (b) any change affecting the industry in which the Company and its Subsidiaries operate, provided the Company and its Subsidiaries are not disproportionately affected thereby, (c) the identification of
the Purchaser as the entity acquiring Shares, (d) any action contemplated by this Agreement, or (e) any event, circumstance, change or effect that results from any action taken by or at the written request of the Purchaser or its
Affiliates. 
 “Monitoring Agreement” means the Transaction and Monitoring Fee Agreement, dated as of
November 30, 2007, among Tops Holding, MS Alternatives Funding, Inc. and HSBC Private Equity Advisors LLC, as in effect on the date hereof. 
 “Morgan Stanley” means Morgan Stanley & Co. LLC. 

“MSCPV” means Morgan Stanley Capital Partners V U.S. Holdco LLC. 

“OpCo Notes” means the $460,000,000 aggregate principal amount of 8.875% Senior Secured Notes due 2017, issued pursuant
to the OpCo Notes Indenture. 
 “OpCo Notes Indenture” means the Indenture, dated as of December 20, 2012,
between Tops Holding LLC, Tops Markets LLC, the guarantors party thereto, and U.S. Bank National Association, as trustee and collateral agent, as amended or supplemented from time to time. 

“Owned Company Share Amount” means the amount of the Purchase Price to be paid for the outstanding Shares owned by a
Seller and acquired by the Company pursuant to this Agreement, which amount is set forth opposite such Seller’s name on Annex I under the heading “Owned Company Share Amount”. 

“Owned Purchaser Share Amount” means the amount of the Purchase Price to be paid for the outstanding Shares owned by a
Seller and acquired by the Purchaser pursuant to this Agreement, which amount is set forth opposite such Seller’s name on Annex I under the heading “Owned Purchaser Share Amount”. 

“Party” shall mean each of the Sellers, the Purchaser and the Company, and “Parties” shall mean all of
them. 
 “Person” means any individual, partnership, firm, corporation, limited liability company, association,
trust, unincorporated organization or other entity, as well as any syndicate or group that would be deemed to be a person under Section 13(d)(3) of the Exchange Act and the rules and regulations promulgated thereunder. 

  
 4 

 “Principal Management Holders” means John Barrett, Lynne Burgess, Francis
Curci, Kevin Darrington, William Mills and John Persons. 
 “Purchase Price Bank Accounts” means the bank
accounts in the United States to be designated by each Seller in written notices to the Purchaser and the Company at least two (2) Business Days prior to the Closing. 
 “Securities Act” means the Securities Act of 1933, as amended. 

“Shareholders’ Agreement” means the Amended and Restated Shareholders’ Agreement of the Company, dated as of
May 15, 2013. 
 “Subsidiary” means, with respect to any Person, any other entity in which such Person,
directly or indirectly, owns greater than 50% of the equity interests thereof or has the power to elect or direct the election of greater than 50% of the members of the governing body of such entity, or otherwise has control over such entity.

 “Tax” or “Taxes” means any federal, state, local or non-U.S. income, capital gain, gross
receipts, windfall profits, severance, property, production, license, excise, net worth, franchise, capital, employment, payroll, severance, stamp, occupation, environmental, escheat, withholding, social security contributions and other taxes,
duties and similar imposts of any kind whatsoever, whether disputed or not, however denominated, together with any interest, additions or penalties in respect thereof, imposed by any Governmental Authority, and including any obligations to indemnify
or otherwise assume or succeed to the Tax liability of any Person. 
 “Tax Returns” means any and all returns,
reports and forms (including elections, declarations, amendments, schedules, information returns or attachments thereto) required to be filed with a Governmental Authority with respect to Taxes. 

“Tops Holding” means Tops Holding LLC, a Delaware limited liability company, f/k/a Tops Holding Corporation, f/k/a Hank
Holding Corporation. 
 SECTION 1.02 Definitions. In addition to the terms defined in Section 1.01, the following
defined terms have the meanings set forth in the locations identified below: 
  

			
	Defined Term	  	Location
	 “Agreement”
	  	Preamble
	 “Backstop Debt Financing”
	  	Section 5.03
	 “Backstop Debt Financing Affiliates”
	  	Section 10.09
	 “Backstop Debt Financing Commitment”
	  	Section 5.03
	 “Backstop Debt Financing Lenders”
	  	Section 5.03
	 “Bankruptcy and Equity Exception”
	  	Section 3.01(a)
	 “BOA”
	  	Section 4.05(b)
	 “Borrowers”
	  	Section 5.03
	 “Closing”
	  	Section 2.03
	 “Closing Date”
	  	Section 2.03
	 “Company”
	  	Preamble

  
 5 

			
	 “Company Acquired Shares”
	  	Section 2.01
	 “Consent Solicitation”
	  	Section 6.08(a)
	 “Consent Solicitation Documents”
	  	Section 6.08(a)
	 “Equity Financing”
	  	Section 4.05(b)
	 “Equity Financing Commitment”
	  	Section 4.05(b)
	 “Financing”
	  	Section 4.05(b)
	 “Financing Agreements”
	  	Section 6.03(a)
	 “Loan Financing”
	  	Section 4.05(b)
	 “Loan Financing Documentation”
	  	Section 4.05(b)
	 “Maximum Premium”
	  	Section 6.07(b)
	 “MLPFS”
	  	Section 5.03
	 “M&A Letter”
	  	Section 5.04
	 “Purchase Price”
	  	Section 2.02
	 “Purchaser”
	  	Preamble
	 “Purchaser Acquired Shares”
	  	Section 2.01
	 “Released Claim”
	  	Section 6.06
	 “Released Party”
	  	Section 6.06
	 “Sellers”
	  	Preamble
	 “Shares”
	  	Recitals
	 “Tail Policy”
	  	Section 6.07(b)
	 “Termination Date”
	  	Section 9.01(a)

 SECTION 1.03 Interpretation and Rules of Construction. 

(a) In this Agreement, except to the extent otherwise provided or that the context otherwise requires: 

(i) when a reference is made in this Agreement to an Article, Section, Annex, Schedule or Exhibit, such reference is to an Article or
Section of, or an Annex, Schedule or Exhibit to, this Agreement; 
 (ii) the table of contents and headings for this Agreement
are for reference purposes only and do not in any way affect the meaning or interpretation of this Agreement; 
 (iii) whenever
the words “include,” “includes” or “including” are used in this Agreement, they are deemed to be followed by the words “without limitation”; 

(iv) the words “hereof,” “herein” and “hereunder” and words of similar import, when used in this Agreement,
refer to this Agreement as a whole and not to any particular provision of this Agreement; 
 (v) all terms defined in this
Agreement have the defined meanings when used in any certificate or other document made or delivered pursuant hereto, unless otherwise defined therein; 

  
 6 

 (vi) the definitions contained in this Agreement are applicable to the singular as well as
the plural forms of such terms; 
 (vii) each gender-specific term used in this Agreement has a comparable meaning whether used
in a masculine, feminine or gender-neutral form; 
 (viii) references to a Person are also to its successors and permitted
assigns; 
 (ix) the use of “or” is not intended to be exclusive unless expressly indicated otherwise; and 

(x) all references to the Purchaser, the Sellers, the Company and its Subsidiaries and their respective Affiliates shall include each of
their respective permitted successors. 
 (b) The Parties have participated jointly in the negotiation and drafting of this
Agreement with sophisticated legal counsel. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties and no presumption or burden of proof shall arise favoring
or disfavoring any Party by virtue of the authorship of any provisions of this Agreement. 
 (c) Notwithstanding anything to the
contrary contained in this Agreement, the information and disclosures contained in any Section of the Disclosure Schedule shall be deemed to be disclosed and incorporated by reference in any other Section of the Disclosure Schedule as though fully
set forth in such other section to the extent that it is reasonably apparent on the face of the disclosure, notwithstanding the omission of any cross-reference(s), that it is applicable to such other Section of the Disclosure Schedule. No reference
to or disclosure of any item or other matter in any Section of this Agreement, including any Section of the Disclosure Schedule, shall be construed as an admission or indication that such item or other matter is material or that such item or other
matter is required to be referred to or disclosed in this Agreement. Without limiting the foregoing, no such reference to or disclosure of a possible breach or violation of any Contract, Law or Governmental Order shall be construed as an admission
or indication that a breach or violation exists or has actually occurred. 
 ARTICLE II 

PURCHASE AND SALE 
 SECTION 2.01 Purchase and Sale of the Shares. Upon the terms and subject to the conditions of this Agreement, at the Closing, (i) each of the Sellers shall sell to the Purchaser, free and
clear of all Encumbrances (other than Encumbrances created by the Purchaser or its Affiliates), and the Purchaser shall purchase from each of the Sellers, all of such Seller’s right, title and interest in the Shares held beneficially or of
record by such Seller as set forth opposite such Seller’s name under the heading “Purchaser Acquired Shares” in Annex I (the “Purchaser Acquired Shares”), and (ii) the Sellers shall sell to the Company,
free and clear of all Encumbrances (other than Encumbrances created by the Purchaser or its Affiliates), and the Company shall purchase from the Sellers, all of such Seller’s right, title and interest in the Shares held beneficially or of
record by such Seller as set forth opposite such Seller’s name under the heading “Company Acquired Shares” in Annex I (the “Company Acquired Shares”). The number of Shares held beneficially and of record by
each Seller is set forth opposite such Seller’s name under the heading “Total Shares Owned” in Annex I. 

  
 7 

 SECTION 2.02 Purchase Price. The aggregate purchase price for the Shares referred to
in clauses (i) and (ii) in Section 2.01 shall be the amount set forth on Schedule 2.02 (such amount, the “Purchase Price”), payable in cash. The Purchase Price shall be paid to the Sellers in
accordance with Section 2.05(b) and Section 2.06. 
 SECTION 2.03 Closing.
Subject to the terms and conditions of this Agreement, the sale and purchase of the Shares contemplated by this Agreement shall take place at a closing (the “Closing”) to be held at the offices of Shearman & Sterling LLP,
599 Lexington Avenue, New York, New York at 10:00 a.m. New York time on the second (2nd) Business Day following the satisfaction or waiver of the conditions to the obligations of the Parties set forth in Article VIII (other than conditions that by their nature are to be
satisfied at the Closing, but subject to the satisfaction or waiver of such conditions at the Closing) or at such other place or at such other time or on such other date as the Sellers and the Purchaser may mutually agree upon in writing (the day on
which the Closing takes place being the “Closing Date”). 
 SECTION 2.04 Closing Deliveries by the
Sellers. At the Closing, the Sellers shall deliver or cause to be delivered to the Purchaser (or its designee) or the Company: 
 (a) stock certificates representing the Shares being sold under this Agreement, together with a written instrument of transfer executed by each Seller, transferring such Seller’s Shares to the
Purchaser or the Company, as applicable, substantially in the form attached hereto as Exhibit B; 
 (b) a certificate from
the Company, in form and substance as prescribed by the U.S. Treasury regulations promulgated under Section 1445 of the Code, stating that the Company is not, and has not been during the relevant period specified in Section 897(c)(1)(ii)
of the Code, a “United States real property holding corporation” within the meaning of Section 897(c) of the Code; 
 (c) a receipt for the amount received by such Seller pursuant to Section 2.05(b) and Section 2.06; 
 (d) the certificate referenced in Section 8.02(a)(iii); 
 (e) evidence
that the Company and its Subsidiaries have terminated the A&M Agreement, provided that such termination will not affect the obligation of Company and its Subsidiaries to pay any amounts due under such agreement prior to the termination date;

 (f) a written consent of the existing board of directors of each of the Company, Tops Holding, LLC and Tops Markets, LLC
electing new directors of each of those companies, effective as of the Closing, such new directors being identified in writing by the Purchaser at least one (1) Business Day prior to the Closing; and 

  
 8 

 (g) the written resignations, effective as of the Closing, of each director of the Company,
Tops Holding, LLC and Tops Markets, LLC identified in writing by the Purchaser at least one (1) Business Day prior to the Closing. 
 SECTION 2.05 Closing Deliveries by the Purchaser. At the Closing, the Purchaser shall deliver to: 
 (a) the Sellers the certificate referenced in Section 8.01(a)(iii); and 

(b) each Seller such Seller’s Owned Purchaser Share Amount by wire transfer of immediately available funds to the applicable Purchase
Price Bank Account. 
 SECTION 2.06 Closing Deliveries by the Company. At the Closing, the Company (or its designee,
which may be the Purchaser on behalf of the Company) shall deliver to each Seller such Seller’s Owned Company Share Amount by wire transfer of immediately available funds to the applicable Purchase Price Bank Account. 

ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF THE SELLERS 
 Each Seller, severally, but not jointly, hereby represents and warrants to the Purchaser as to itself and not as to any other Seller, subject to such exceptions as may be disclosed in the Disclosure
Schedule as follows as of the date hereof and as of the Closing Date: 
 SECTION 3.01 Organization, Authority and
Qualification of the Sellers. 
 (a) If such Seller is MSCPV: MSCPV is duly organized and licensed, validly existing and in
good standing (or having comparable active status) under the Laws of the jurisdiction of its formation and has all necessary power and authority to enter into this Agreement, to carry out its obligations hereunder and to consummate the transactions
contemplated hereby. The execution and delivery by MSCPV of this Agreement, the performance by MSCPV of its obligations hereunder and the consummation by MSCPV of the transactions contemplated hereby have been duly authorized by all requisite action
on the part of MSCPV. This Agreement has been duly executed and delivered by MSCPV, and (assuming due authorization, execution and delivery by the other Parties) this Agreement constitutes the legal, valid and binding obligations of MSCPV,
enforceable against MSCPV in accordance with their terms subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar Laws relating to or affecting creditors’ rights generally and general
equitable principles (whether considered in a proceeding in equity or at law) (the “Bankruptcy and Equity Exception”). 
 (b) If such Seller (other than MSCPV) is not a natural person: such Seller is duly organized and licensed, validly existing and in good standing (or having comparable active status) under the Laws of the
jurisdiction of its formation and has all necessary power and authority to enter into this Agreement, to carry out its obligations hereunder and to consummate the transactions contemplated hereby. The execution and delivery by such Seller of this
Agreement, the performance by such Seller of its obligations hereunder and the consummation by such Seller of the transactions contemplated hereby have been duly authorized by all requisite 

  
 9 

 
action on the part of such Seller. This Agreement has been duly executed and delivered by such Seller, and (assuming due authorization, execution and delivery by the other Parties) this Agreement
constitutes the legal, valid and binding obligations of such Seller, enforceable against such Seller in accordance with its terms subject to the effects of the Bankruptcy and Equity Exception. 

(c) If such Seller is a natural person: such Seller has the requisite legal capacity to enter into this Agreement, to carry out his
obligations hereunder and to consummate the transactions contemplated hereby. This Agreement has been duly executed and delivered by such Seller, and (assuming due authorization, execution and delivery by the other Parties) this Agreement
constitutes the legal, valid and binding obligations of such Seller, enforceable against such Seller in accordance with their terms subject to the effects of the Bankruptcy and Equity Exception. 

SECTION 3.02 No Conflict. Assuming that all consents, approvals and authorizations in respect of Funded Indebtedness have been
obtained, and all filings and notifications with respect to the FTC Order have been made, the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby, does not and will not (a) if such
Seller is not a natural person, violate, conflict with or result in the breach of its certificate of formation and limited partnership agreement or limited liability company agreement, as applicable (or similar organizational documents),
(b) conflict with or violate any Law or Governmental Order applicable to such Seller, or (c) conflict with, violate, result in any breach of, constitute a default (or event which with the giving of notice or lapse of time, or both, would
become a default) under, result in the acceleration of, create in any Person the right to terminate or modify, or require any consent, notice, authorization, approval or payment under, any Contract to which such Seller is a party, except, in the
case of clauses (b) and (c), as would not reasonably be expected to materially and adversely affect the ability of such Seller to carry out its obligations under, and to consummate the transactions contemplated by, this Agreement. 

SECTION 3.03 Shares. The Shares set forth opposite such Seller’s name on Annex I under the heading “Total Shares
Owned” are owned of record and beneficially and directly, free and clear of all Encumbrances other than those imposed by the Shareholders’ Agreement. Other than the Shareholders’ Agreement and pursuant to the governing documents of
any Indebtedness with respect to the Company and its Subsidiaries, there are no options, warrants, convertible securities or other rights, agreements, arrangements or commitments relating to such Shares. 

SECTION 3.04 Litigation. There is no Action by or against such Seller pending or, to such Seller’s knowledge, threatened
before any Governmental Authority that has or would reasonably be expected to have a material and adverse effect on such Seller’s ownership of Shares, or which could affect the legality, validity or enforceability of, or ability of such Seller
to perform, this Agreement or the consummation of the transactions contemplated hereby. Such Seller is not subject to any outstanding Governmental Order that could prevent or delay the Closing. 

  
 10 

 SECTION 3.05 Brokers. No broker, finder or investment banker is entitled to any
brokerage, finder’s or other fee or commission from such Seller in connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of such Seller. 

ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF THE PURCHASER 
 The Purchaser hereby represents and warrants to the Sellers as of the date hereof and as of the Closing Date: 
 SECTION 4.01 Organization and Authority of the Purchaser. The Purchaser is a corporation, duly organized, validly existing and in good standing under the Laws of the State of Delaware and has all
necessary power and authority to enter into this Agreement, to carry out its obligations hereunder and to consummate the transactions contemplated hereby. The execution and delivery by the Purchaser of this Agreement, the performance by the
Purchaser of its obligations hereunder and the consummation by the Purchaser of the transactions contemplated hereby have been duly authorized by all requisite action on the part of the Purchaser. This Agreement has been duly executed and delivered
by the Purchaser, and (assuming due authorization, execution and delivery by the other Parties) this Agreement constitutes the legal, valid and binding obligations of the Purchaser, enforceable against the Purchaser in accordance with their
respective terms subject to the effects of the Bankruptcy and Equity Exception. 
 SECTION 4.02 No Conflict. Assuming
the making and obtaining of all filings, notifications, consents, approvals, authorizations and other actions referred to in Section 4.03, the execution, delivery and performance by the Purchaser of this Agreement does not and will not
(a) violate, conflict with or result in the breach of any provision of the certificate of incorporation or bylaws (or similar or related organizational and governing documents) of the Purchaser, (b) conflict with or violate any Law or
Governmental Order applicable to the Purchaser or its respective assets, properties or businesses or (c) conflict in any material respect with, result in any material breach of, constitute a material default (or event which with the giving of
notice or lapse of time, or both, would become a default) under, require any consent under, require any notice or payment under, or give to others any rights of termination, amendment, acceleration, suspension, revocation or cancellation of, any
Contract to which the Purchaser is a party except, in the case of clauses (b) and (c), as would not reasonably be expected to materially and adversely affect the ability of the Purchaser to carry out its obligations under and to consummate the
transactions contemplated by this Agreement. The Purchaser is not an “employee benefit plan” as defined in ERISA, whether or not subject to ERISA, or a “plan” as defined in Section 4975 of the Code and none of the
Purchaser’s assets constitutes (or is deemed to constitute for purposes of ERISA or Section 4975 of the Code or any substantially similar federal, state or municipal Law) “plan assets” for purposes of 29 CFR
Section 2510.3-101 as amended by Section 3(42) of ERISA or otherwise for purposes of ERISA or Section 4975 of the Code. 

  
 11 

 SECTION 4.03 Governmental Consents and Approvals. The execution, delivery and
performance by the Purchaser of this Agreement does not and will not require any consent, approval, authorization or other order of, action by, filing with, or notification to, any Governmental Authority other than compliance with any consents,
approvals, authorizations, filings and notifications under any applicable antitrust, competition, or trade regulation Law, except where failure to obtain such consent, approval, authorization or action, or to make such filing or notification, would
not prevent or materially delay the consummation by the Purchaser of the transactions contemplated by this Agreement. 

SECTION 4.04 Investment Purpose. The Purchaser is acquiring the Purchaser Acquired Shares solely for the purpose of investment
and not with a view to, or for offer or sale in connection with, any distribution thereof other than in compliance with all applicable Laws, including United States federal securities laws. The Purchaser agrees that the Purchaser Acquired Shares may
not be sold, transferred, offered for sale, pledged, hypothecated or otherwise disposed of without registration under the Securities Act and any applicable state securities laws, except pursuant to an exemption from such registration under the
Securities Act and such laws. The Purchaser is able to bear the economic risk of holding the Purchaser Acquired Shares for an indefinite period (including total loss of its investment), and (either alone or together with its advisors) has sufficient
knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risk of its investment. 
 SECTION 4.05 Financing. 
 (a) Subject to the funding of the Loan Financing,
the Purchaser will have available at the Closing all funds necessary to (i) pay the portion of the Purchase Price payable by the Purchaser pursuant to Section 2.05(b) hereof and all other amounts payable hereunder, (ii) pay any fees
and expenses payable by the Purchaser in connection with the transactions contemplated hereby and (iii) satisfy any of its payment obligations hereunder. 
 (b) The Purchaser has delivered to the Sellers true and complete copies of (i) an executed Contribution and Purchase Agreement (including all exhibits, schedules, annexes and amendments to such
agreement in effect as of the date of this Agreement) (the “Equity Financing Commitment”), pursuant to which the Principal Management Holders have committed to provide the Purchaser with equity financing in an aggregate amount of
$4,300,000 (the “Equity Financing”); and (ii) fully negotiated loan documentation (the “Loan Financing Documentation”) provided by Bank of America, N.A. (“BOA”) pursuant to which, assuming
execution of and performance under such Loan Financing Documentation, BOA will provide the Purchaser with debt financing in an aggregate amount of $12,300,000 at the Closing (the “Loan Financing” and, together with the Equity
Financing, the “Financing”). As of the date of this Agreement, the Equity Financing Commitment has not been amended or modified. As of the date of this Agreement and as of the Closing, the Loan Financing Documentation has not been
amended or modified. 
 (c) The Equity Financing Commitment, in the form so delivered, is in full force and effect and is a
legal, valid and binding obligation of the Purchaser and, to the knowledge of the Purchaser, the other parties thereto. To the knowledge of the Purchaser, no event has occurred which, with or without notice, lapse of time or both, would constitute a
default or breach on the part of the Purchaser under any term or condition of the Equity Financing Commitment. The Purchaser has fully paid any and all fees required by BOA under 

  
 12 

 
the Loan Financing Documentation to be paid on or before the date of this Agreement. The Financing, when funded in accordance with the Equity Financing Commitment and the Loan Financing
Documentation, will be sufficient for the Purchaser to acquire the Purchaser Acquired Shares as contemplated by this Agreement and to pay all related fees and expenses payable by the Purchaser associated therewith. The Equity Financing Commitment
does not contain conditions to closing not included in Article VIII as a condition to the consummation of the transactions contemplated by this Agreement. As of the date of this Agreement, assuming the accuracy of the Sellers’
representations and warranties in Article III and the Company’s representations and warranties in Article IV, the Purchaser has no reason to believe that any of the conditions to the Financing will not be satisfied upon
satisfaction (or to the extent permitted by applicable Law) waiver of the conditions set forth in Article VIII or that the Financing will not be available to the Purchaser. 

SECTION 4.06 Litigation. No Action by or against the Purchaser is pending or, to the knowledge of the Purchaser, threatened,
which could affect the legality, validity or enforceability of, or ability of the Purchaser to perform, this Agreement or the consummation of the transactions contemplated hereby. 

SECTION 4.07 Brokers. No broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or
commission in connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of the Purchaser. 
 SECTION 4.08 Independent Investigation; Representations of the Sellers and Company. 
 (a) The Purchaser has conducted its own independent investigation, review and analysis of the business, operations, assets, Liabilities, results of operations, financial condition, software, technology
and prospects of the Company and its Subsidiaries. In entering into this Agreement, the Purchaser acknowledges that, with respect to the Sellers, it has relied solely upon the aforementioned investigation, review and analysis and the representations
and warranties set forth in Article III and Article IV. 
 (b) The Purchaser hereby acknowledges and agrees that
other than the representations and warranties made in Article III and Article IV, none of the Company or its Subsidiaries, any Seller, their respective Affiliates, or any of their respective officers, directors, employees or
representatives makes or has made any representation or warranty, express or implied, at law or in equity, with respect to the Company or its Subsidiaries, including as to (A) merchantability or fitness for any particular use or purpose,
(B) the operation of the Company and its Subsidiaries by the Purchaser after the Closing in any manner other than as used and operated as of the date of this Agreement or (C) the probable success or profitability of the Company and its
Subsidiaries after the Closing and (D) none of the Company or its Subsidiaries, any Seller, their respective Affiliates, or any of their respective officers, directors, employees or representatives will have or be subject to any Liability or
indemnification obligation to the Purchaser or to any other Person resulting from the distribution to the Purchaser, its Affiliates or representatives of, or the Purchaser’s use of, any information relating to the Company or its Subsidiaries,
including any information, documents or material made available to the Purchaser, whether orally or in writing, in certain “data rooms”, management presentations, functional “break-out” discussions, responses to questions
submitted on behalf of the Purchaser or in any other form in expectation of the transactions contemplated by this Agreement. 

  
 13 

 ARTICLE V 
 REPRESENTATIONS AND WARRANTIES OF COMPANY 
 The Company hereby represents
and warrants to the Sellers and the Purchaser as of the date hereof and as of the Closing Date: 
 SECTION 5.01 Organization
and Authority of the Company. The Company is a corporation, duly organized, validly existing and in good standing under the Laws of the State of Delaware and has all necessary power and authority to enter into this Agreement, to carry out its
obligations hereunder and to consummate the transactions contemplated hereby. The execution and delivery by the Company of this Agreement, the performance by the Company of its obligations hereunder and the consummation by the Company of the
transactions contemplated hereby have been duly authorized by all requisite action on the part of the Company. This Agreement has been duly executed and delivered by the Company, and (assuming due authorization, execution and delivery by the other
Parties) this Agreement constitutes the legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their respective terms subject to the effects of the Bankruptcy and Equity Exception. 

SECTION 5.02 Solvency. Immediately after giving effect to the consummation of the transactions contemplated by this Agreement
(including any financings being entered into in connection therewith): 
 (a) the fair saleable value (determined on a going
concern basis) of the assets of the Company and the Company’s Subsidiaries will be greater than the total amount of the Liabilities of the Company and the Company’s Subsidiaries (including all Liabilities disclosed to the Purchaser by the
Sellers and the Company under this Agreement, whether or not reflected in a balance sheet prepared in accordance with GAAP); 

(b) the Company and the Company’s Subsidiaries will be able to pay their respective debts and obligations in the ordinary course of
business as they become due; and 
 (c) the Company and the Company’s Subsidiaries will have adequate capital to carry on
their respective businesses and all businesses as currently conducted. 
 SECTION 5.03 Backstop Debt Financing. The
Company has delivered to Sellers true and complete copies of an executed commitment letter (including (A) all exhibits, schedules, annexes and amendments to such agreement in effect as of the date of this Agreement and (B) any associated
fee letter in redacted form) (together, the “Backstop Debt Financing Commitment”) from BOA and Merrill Lynch, Pierce, Fenner & Smith Incorporated, or any of its designated affiliates (“MLPFS” and together
with BOA the “Backstop Debt Financing Lenders”), pursuant to which the Backstop Debt Financing Lenders have committed to provide the Company’s Subsidiaries, Tops Holding, Tops Markets, LLC and Tops Markets II Corporation
(collectively the “Borrowers”) with debt financing in an aggregate amount of up to 

  
 14 

 
$460,000,000 (the “Backstop Debt Financing”). As of the date of this Agreement, (x) the Backstop Debt Financing Commitment has not been amended or modified; and (y) the
commitments contained in the Backstop Debt Financing Commitment have not been withdrawn, modified or rescinded in any respect. 

SECTION 5.04 Brokers. No broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or
commission in connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of the Company or its Subsidiaries, other than (i) any fees which may be due to Morgan Stanley under that certain
engagement letter, dated June 5, 2012, between Morgan Stanley and Tops Markets, LLC, as terminated by letter agreement between them, dated October 17, 2012 (the “M&A Letter”) and (ii) that certain engagement
letter, dated November 9, 2013, between Merrill Lynch, Pierce, Fenner & Smith Incorporated and Tops Markets LLC. 

ARTICLE VI 

ADDITIONAL AGREEMENTS 
 SECTION 6.01 Conduct of Business Prior to the Closing. 
 (a) Except as
permitted or required by this Agreement or by applicable Law (or as otherwise agreed by the Purchaser), the Sellers covenant and agree that they shall cause the Company and its Subsidiaries not to, between the date of this Agreement and the Closing,
without the prior written consent of the Purchaser (which consent shall not be unreasonably withheld, delayed or conditioned): 

(i) (A) declare, set aside, make or pay any dividend or other distribution, payable in cash, stock, property or otherwise, with respect
to any of its capital stock, except for dividends by any of the Company’s direct or indirect wholly owned Subsidiaries to the Company or any of its other wholly owned Subsidiaries, (B) make any payments or transfer any amounts or assets
to, or assume any Liabilities of, any Seller or any of such Seller’s Affiliates (other than the Company and its Subsidiaries), other than (1) in connection with the A&M Agreement and (2) the payment of monitoring fees and the
reimbursement of reasonable expenses pursuant to the Monitoring Agreement or (C) waive any amount due to it from any Seller; 
 (ii) amend its organizational or governing documents; 
 (iii) split, combine or
reclassify its outstanding equity interests, or repurchase, redeem or otherwise acquire any of its equity interests or any securities, commitments or rights convertible into or exchangeable or exercisable for any of its equity interests outside of
the ordinary course of business and consistent with past practice; or 
 (iv) announce an intention, enter into any formal or
informal agreement or otherwise make a commitment, to do any of the foregoing. 
 (b) The Purchaser covenants and agrees that,
without the prior consent of the Sellers (which consent shall not be unreasonably withheld, delayed or conditioned), between the date of this Agreement and the Closing, the Purchaser shall direct its Affiliates to cause the

  
 15 

 
Company and its Subsidiaries (to the extent that Purchaser’s Affiliates have the authority and control over the applicable action) to, (a) conduct its business in the ordinary course in
all material respects, (b) use its commercially reasonable efforts to preserve intact, in all material respects, the business organization of the Company and its Subsidiaries, (c) use its commercially reasonable efforts to continue their
respective marketing and promotional activities, and purchasing and pricing policies, and (d) use its commercially reasonable efforts to preserve the goodwill associated with the Company and its Subsidiaries, including preserving their
respective relationships with employees, material customers and suppliers and other material business relations. 
 SECTION
6.02 Regulatory and Other Authorizations; Notices and Consents. Each Party shall (i) promptly seek all authorizations, consents, orders and approvals of all Governmental Authorities and officials that may be or become necessary for its
execution and delivery of, and the performance of its obligations pursuant to, this Agreement, (ii) cooperate fully with the other Parties in promptly seeking to obtain all such authorizations, consents, orders and approvals and
(iii) promptly provide such other information to any Governmental Authority as such Governmental Authority may reasonably request in connection therewith. The Purchaser will pay all fees or make other payments to any Governmental Authority in
order to obtain any such authorizations, consents, orders or approvals. 
 SECTION 6.03 Financing. 

(a) The Purchaser shall use reasonable best efforts to take, or cause to be taken, all appropriate action, do, or cause to be done, all
things reasonably necessary, proper or advisable under applicable Laws, and to execute and deliver, or cause to be executed and delivered, such instruments and documents as may be reasonably required, to arrange and consummate the Financing as soon
as practicable after the date of this Agreement and, in any event, on or prior to the Closing on the terms and subject only to the conditions contained in the Equity Financing Commitment and the Loan Financing Documentation, including
(i) maintaining (x) the Equity Financing Commitment and negotiating and executing definitive agreements with respect thereto on the terms and conditions contained therein, which terms and conditions shall not expand upon the conditions to
Closing or other contingencies to the funding, and (y) the Loan Financing Documentation (the “Financing Agreements”); (ii) using reasonable best efforts to satisfy on a timely basis all conditions in the Equity Financing
Commitment and the Loan Financing Documentation that are within the Purchaser’s control to be satisfied and using reasonable best efforts to cause the financial institutions providing the Loan Financing to fund the Loan Financing;
(iii) fully enforcing its rights under the Equity Financing Commitment and (iv) drawing upon and consummating the Loan Financing, if available to be drawn upon and consummated. The Purchaser shall provide Sellers with a copy of the
Financing Agreements as soon as practicable, but no later than two (2) business days, after their execution. 
 (b) The
Purchaser shall not agree to or permit any material amendment, supplement or other modification of, or waive any of its rights under, the Equity Financing Commitment or the Financing Agreements without the Sellers’ prior written consent, not to
be unreasonably withheld, except that the Purchaser may amend, supplement or otherwise modify any of the foregoing if such amendment, supplement or other modification would not impair or delay the funding of the Loan Financing or the Closing.

  
 16 

 (c) If any portion of the Loan Financing becomes unavailable on the terms and conditions
contained in the Loan Financing Documentation, the Purchaser shall promptly notify the Sellers, and the Purchaser shall use its commercially reasonable efforts to obtain, as promptly as practicable following the occurrence of such event, commitments
on terms that will enable the Purchaser to consummate the transactions contemplated by this Agreement and that are not less favorable in the aggregate (as determined by the Purchaser in its reasonable judgment) to the Purchaser than those contained
in the Loan Financing Documentation. The Purchaser shall deliver to the Sellers complete and correct copies of all amendments, supplements, other modifications or agreements pursuant to which any amended, supplemented, modified or replacement
commitments shall provide the Purchaser with any portion of the Financing; provided that the Purchaser may redact from any such copies the fee amounts and pricing information payable to their Financing sources. 

(d) Each of the Sellers shall, and shall cause the Company and its Subsidiaries to, and shall use its commercially reasonable efforts to
cause its and the Company and its Subsidiaries independent accountants, legal counsel and other advisors to, provide such reasonable cooperation in connection with the arrangement of the Loan Financing as may be reasonably requested by the Purchaser
or their Financing sources, including (i) reasonably facilitating the pledging of the Shares in connection with the Loan Financing, and (ii) using commercially reasonable efforts to obtain accountants’ “comfort letters”,
accountants’ consent letters, legal opinions, and other customary documentation as reasonably requested by the Purchaser; provided that none of the Sellers nor any of their Affiliates shall be required to pay any commitment or other fee or
incur any other liability in connection with the Financing. 
 (e) The Purchaser shall keep the Sellers reasonably informed on a
timely basis of any material developments relating to the Financing. 
 (f) The Sellers understand that a significant portion of
the Purchase Price will be financed with proceeds of the Loan Financing, which will be provided by third party sources. The Sellers accordingly acknowledge that the obligations of the Purchaser under this Section 6.03 do not require the
Purchaser or any of its Affiliates to provide the Loan Financing or the Backstop Debt Financing themselves if such third party sources fail to provide the Loan Financing or the Backstop Debt Financing or to guarantee that such third party sources
will provide the Loan Financing or the Backstop Debt Financing but only requires that the Purchaser use its reasonable best efforts to arrange and consummate the Loan Financing. 

SECTION 6.04 Notifications. Until the earlier to occur of the Closing and the termination of this Agreement, the Sellers and the
Purchaser shall promptly notify the other Parties in writing of any fact, change, condition, circumstance or occurrence or nonoccurrence of any event of which it is aware that will or is reasonably likely to result in any of the conditions set forth
in either Section 8.01(a) or Section 8.02(a), as applicable, becoming incapable of being satisfied or any representation or warranty contained in Article III, Article IV, or Article V, as applicable,
becoming untrue. 

  
 17 

 SECTION 6.05 Further Action. 

(a) The Parties shall use their reasonable best efforts to take, or cause to be taken, all appropriate action, to do or cause to be done
all things necessary, proper or advisable under applicable Law, and to execute and deliver such documents and other papers, as may be required to carry out the provisions of this Agreement and consummate and make effective the transactions
contemplated by this Agreement. The Sellers shall cause the Company to perform its obligations under this Agreement. The Company shall pay any amounts owed to third party service providers as a result of the transactions contemplated by this
Agreement. 
 (b) Each of the Parties shall, and shall cause its Affiliates to, use commercially reasonable efforts to obtain all
necessary consents required to be obtained by it from third parties (other than Governmental Authorities) in connection with the transactions contemplated by this Agreement. Each of the Parties shall, and shall cause its Affiliates to, provide
reasonable assistance to the other party in obtaining such consents, including (subject to applicable confidentiality restrictions) providing such financial and other information as shall be reasonably requested by such third parties. The Parties
acknowledge and agree that (i) neither the Sellers nor the Purchaser nor any of their Affiliates shall have any obligation to pay money or give any guarantee or other consideration in connection with obtaining the consents or approvals referred
to in this Section 6.05(b); and (ii) the obligations of the Parties to consummate the transactions contemplated by this Agreement are not conditioned upon the consents, approvals or other requirements referred to in this
Section 6.05(b). 
 (c) From time to time after the Closing, without additional consideration, each Party will (or,
if appropriate, will cause its Affiliates to) execute and deliver such further instruments and take such other action as may be necessary or reasonably requested by another Party to make effective the transactions contemplated by this Agreement.
Without limiting the foregoing, upon reasonable request of the Purchaser, each Seller shall and shall cause its Affiliates to, execute, acknowledge and deliver all such further assurances, deeds, assignments, consequences, powers of attorney and
other instruments and papers as may be required to sell, transfer, assign, convey and deliver (x) to the Purchaser all right, title and interest in and to such Seller’s Purchaser Acquired Shares and (y) to the Company such
Seller’s Company Acquired Shares. 
 SECTION 6.06 Release. Effective as of the Closing, the Company hereby
irrevocably and unconditionally releases and forever discharges each Seller and any officers, directors, stockholders, partners, Affiliates, employees, agents, and attorneys, and each Seller, on behalf of itself and each of its Affiliates, hereby
irrevocably and unconditionally releases and forever discharges each of the Company and its Subsidiaries, and any officers, directors, stockholders, partners, Affiliates, employees, agents, and attorneys and each of them (each, a “Released
Party”) from any and all actions, causes of action, suits, debts, dues, sums of money, accounts, reckoning, bonds, bills, liabilities, specialties, covenants, contracts, controversies, agreements, promises, variances, trespasses, damages,
judgments, extents, executions, claims and demands, whether known or unknown, suspected or unsuspected, both at law and in equity, which such other Party or any of its Affiliates, or any of their respective heirs, executors, administrators or
assigns, now has, has ever had, or may hereafter have against any Released Party arising contemporaneously with or prior to the Closing Date or on account of or 

  
 18 

 
arising out of any matter, cause or event occurring contemporaneously with or prior to the Closing Date (all of the foregoing collectively referred to herein as the “Released
Claims”) and agree not to bring or threaten to bring or otherwise join in any Released Claim against the Released Parties; provided that the foregoing shall not apply to claims based on fraud, or any claim under or resulting from any
breach of any representation in Article III or any covenant in Article VI or Article VII of this Agreement. 
 SECTION 6.07 D&O Insurance. 
 (a) For a period of six (6) years
commencing from the Closing Date, the certificate of incorporation or by-laws of the Company shall contain provisions no less favorable relating to exculpation and indemnification with respect to actions and omissions occurring prior to and on the
Closing Date (including in connection with this Agreement and the transactions contemplated hereby) than are set forth in any of the Company’s certificate of incorporation or by-laws as in effect as of the date of this Agreement to the extent
relating to the exculpation or indemnification of current or former directors and officers of the Company, which provisions shall be for the benefit of and enforceable by each current or former director or officer of the Company with respect to all
losses arising out of any acts or omissions, in each case, in their respective capacities as officers or directors occurring prior to and on the Closing Date (including in connection with this Agreement and the transactions contemplated hereby).

 (b) At or prior to the Closing, the Company shall purchase a “tail” policy or extended reporting period providing
for the extension of the officers’ and directors’ liability insurance covering the Persons who are presently covered by the Company’s officers’ and directors’ liability insurance policies with respect to actions and
omissions occurring prior to and on the Closing Date, from the Company’s current insurance carrier with respect to officers’ and directors’ liability insurance and on terms which are no less favorable to such Persons than the terms of
such current insurance in effect for the Company prior to the Closing with respect to any act, omission, breach of any duty or any matter claimed against an officer or director of the Company by reason of him or her serving in such capacity that
existed or occurred at or prior to the Closing Date (including in connection with this Agreement or the transactions or actions contemplated hereby) (the “Tail Policy”). The Tail Policy shall provide coverage for a period of six
(6) years after the Closing Date; provided, however, that in no event shall the annualized cost for such coverage exceed 110% of the last annual premium paid by the Company for its directors’ and officers’ liability
insurance policy prior to the date of this Agreement (the “Maximum Premium”). If such insurance coverage cannot be obtained at an annualized cost equal to or less than the Maximum Premium, the Company shall obtain that amount of
coverage required under this Section 6.07(b) which is obtainable for an annualized cost equal to the Maximum Premium. 

SECTION 6.08 Consent Solicitation. 
 (a) Promptly following the date hereof, the Company shall, and the Company shall cause its Subsidiaries to, seek consents to an amendment or waiver of one or more covenants in the OpCo Notes and the OpCo
Notes Indenture (the “Consent Solicitation”) relating to the applicable “change of control” provisions and related provisions, on such terms and conditions, including pricing terms, that are specified, from time to time,
by the Company and its 

  
 19 

 
Subsidiaries, and the Sellers shall assist the Company and its Subsidiaries in connection therewith. Notwithstanding the foregoing, the closing of the Consent Solicitation shall be conditioned on
the occurrence of the Closing, and the Parties shall use their reasonable best efforts to cause the Consent Solicitation to close on or prior to the Closing Date. The Company and its Subsidiaries, the Purchaser and the Sellers shall jointly prepare
all necessary and appropriate documentation in connection with the Consent Solicitation, including the consent solicitation statements and other related documents (collectively, the “Consent Solicitation Documents”). The Sellers and
the Purchaser shall provide, and shall cause its Subsidiaries to, and shall use its reasonable best efforts to cause their respective directors, officers, employees, investment bankers, attorneys, accountants and other advisors or representatives
to, provide all cooperation reasonably requested by the Company in connection with the preparation of the Consent Solicitation Documents and the consummation of the Consent Solicitation. Notwithstanding anything to the contrary in this
Section 6.08, the Company, its Subsidiaries, the Purchaser and the Sellers shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other applicable law to the extent such laws are applicable in connection with the
Consent Solicitation. To the extent that the provisions of any applicable Law conflict with this Section 6.08, the Company, the Sellers and Purchaser shall comply with the applicable law and shall not be deemed to have breached their
respective obligations hereunder by such compliance. 
 (b) Except as expressly contemplated by the Consent Solicitation
Documents, the Company shall not, and shall cause each of its Subsidiaries not to, without the Sellers’ and the Purchaser’s prior written consent, amend, waive, extend or agree to pay any amount in connection with the Consent Solicitation
with respect to the OpCo Notes or the OpCo Notes Indenture. All reasonable out-of-pocket fees and expenses incurred by the Company in connection with the activities set forth in this Section 6.08 shall be paid by the Company when and to
the extent such fees and expenses become due and payable. The Company shall indemnify and hold harmless each Seller and the Purchaser and their respective officers, directors and other representatives for and against any and all losses or damages
suffered or incurred by them in connection with the Consent Solicitation and any information contained in the Consent Solicitation Documents in connection therewith, except (A) with respect to information supplied by such Seller, the Purchaser,
and/or any of their Affiliates or representatives in writing specifically for inclusion or incorporation by reference therein and (B) to the extent such losses and damages arise from the intentional misconduct of such Seller, the Purchaser, or
any of their directors, employees or other representatives. 
 SECTION 6.09 Backstop Debt Financing. 

(a) In the event that MSCPV reasonably believes that the required approval under the Consent Solicitation will not be achieved, the
Company shall, upon the prior written request of MSCPV, cause the Borrowers to consummate the Backstop Debt Financing in accordance with the Backstop Debt Financing Commitment. 
 (b) Upon receipt of the notice referred to in Section 6.09(a), the Company shall cause the Borrowers to use reasonable best efforts to take, or cause to be taken, all appropriate action, do, or cause
to be done, all things reasonably necessary, proper or advisable under applicable Laws, and to execute and deliver, or cause to be executed and delivered, such instruments and documents as may be reasonably required, to arrange and consummate the

  
 20 

 
Backstop Debt Financing as soon as practicable after the date of this Agreement and, in any event, on or prior to the Closing on the terms and subject only to the conditions contained in the
Backstop Debt Financing, including (i) maintaining the Backstop Debt Financing Commitment and negotiating and executing definitive agreements with respect thereto on the terms and conditions contained therein, which terms and conditions shall
not expand upon the conditions to Closing or other contingencies to the funding; (ii) satisfying on a timely basis all conditions in the Backstop Debt Financing Commitment that are within the Borrowers’ control to be satisfied and to cause
the financial institutions providing the Backstop Debt Financing to fund the Backstop Debt Financing; (iii) fully enforcing its rights under the Backstop Debt Financing Commitment and (iv) drawing upon and consummating the Backstop Debt
Financing. The Company shall provide the Purchaser and the Sellers with a copy of the Financing Agreements as soon as practicable, but no later than two (2) business days, after their execution. 

SECTION 6.10 Survival. The representations, warranties and covenants of the Parties contained in this Agreement, together with
the right of the Parties to bring an action based upon a breach of any such representations, warranties and covenants, will survive the Closing Date until the expiration of the applicable statute of limitations. 

SECTION 6.11 Termination of Engagement Letter. MSCPV, on behalf of the Sellers, and the Purchaser shall negotiate with Morgan
Stanley such that Morgan Stanley (on behalf of itself and its beneficiaries, successors and assigns) will provide a termination letter, in form and substance reasonably acceptable to MSCPV and the Purchaser, pursuant to which all continuing
obligations of the parties under the M&A Letter, including any obligation to pay any further Transaction Fee (as defined in the M&A Letter) in connection with the Closing or any other transaction, will terminate upon payment by Tops Markets,
LLC, of $5,500,000 to Morgan Stanley; such payment to occur within thirty (30) days of the Closing. 
 ARTICLE VII

 TAX MATTERS 
 SECTION 7.01 Tax Cooperation and Exchange of Information. The Sellers’ and the Purchaser shall provide each other with such cooperation and information as either of them reasonably may request
of the other (and the Purchaser shall cause the Company and its Subsidiaries to provide such cooperation and information) in filing any Tax Return, amended Tax Return or claim for refund, determining a liability for Taxes or a right to a refund of
Taxes or participating in or conducting any audit or other proceeding in respect of Taxes. Such cooperation and information shall include providing copies of relevant Tax Returns of the Company and its Subsidiaries or portions thereof, together with
related work papers and documents relating to rulings or other determinations by taxing authorities. The Sellers and the Purchaser shall make themselves (and their respective employees and the employees of the Company and its Subsidiaries)
reasonably available on a mutually convenient basis to provide explanations of any documents or information provided under this Section 7.01. Each of the Sellers and the Purchaser shall retain all of its respective Tax Returns, work
papers and all material records or other documents in its possession (or in the possession of its Affiliates) relating to Tax matters of the Company and any of its Subsidiaries for any taxable period that includes the Closing Date and for all prior
taxable periods until the expiration of the statute of limitations of the taxable periods to which such Tax Returns and other documents relate, without regard to extension or waivers thereof. Any information obtained under this
Section 7.01 shall be kept confidential, except as may be otherwise necessary in connection with the filing of Tax Returns or claims for refund or in conducting an audit or other proceeding. 

  
 21 

 SECTION 7.02 Conveyance Taxes. Any and all Conveyance Taxes that may be imposed
upon, or payable or collectible or incurred in connection with this Agreement and the transactions contemplated hereby shall be borne equally between the Purchaser and the Sellers. The Purchaser and the Sellers agree to cooperate in the execution
and delivery of all instruments and certificates necessary to comply with any filing requirements with respect to Conveyance Taxes. 
 SECTION 7.03 Tax Covenants. Neither the Purchaser nor any Affiliate of the Purchaser shall take, or after the Closing cause or permit the Company or any of its Subsidiaries to take, any action or
omit to take any action which could increase the Sellers’ or any of their respective Affiliates’ liability for Taxes. 
 SECTION 7.04 Withholding. Notwithstanding any other provision in this Agreement, neither the Company nor the Purchaser shall have the right to deduct and withhold any Taxes from any payments to be
made hereunder. 
 SECTION 7.05 Miscellaneous. For Tax purposes, the Parties agree to treat all payments made pursuant
to any indemnification obligation under this Agreement as adjustments to the Purchase Price unless otherwise required by applicable Law. 
 ARTICLE VIII 
 CONDITIONS TO CLOSING 

SECTION 8.01 Conditions to Obligations of the Sellers. The obligations of each of the Sellers to consummate the transactions
contemplated by this Agreement shall be subject to the fulfillment or written waiver, at or prior to the Closing, of each of the following conditions: 
 (a) Representations, Warranties and Covenants. (i) The representations and warranties of the Purchaser and the Company (to the extent made to Sellers) contained in this Agreement (A) that
are not qualified by a “materiality” qualification shall be true and correct in all material respects as of the date hereof and as of the Closing, except to the extent such representations and warranties are made as of another date, in
which case such representations and warranties shall be true and correct in all material respects as of such other date and (B) that are qualified by a “materiality” qualification shall be true and correct in all respects as so
qualified as of the date hereof and as of the Closing, except to the extent such representations and warranties are made as of another date, in which case such representations and warranties shall be true and correct in all respects as so qualified
as of such other date, (ii) the covenants and agreements contained in this Agreement to be complied with by the Purchaser on or before the Closing shall have been complied with in all material respects and (iii) the Sellers shall have
received a certificate of the Purchaser signed by a duly authorized officer thereof, dated as of the Closing Date, certifying the matters set forth in clauses (i) and (ii) above; 

  
 22 

 (b) No Order. No Governmental Authority shall have enacted, issued, promulgated,
enforced or entered any Law or Governmental Order (whether temporary, preliminary or permanent) that has the effect of making the transactions contemplated by this Agreement illegal or otherwise restraining or prohibiting the consummation of such
transactions, nor shall any Action brought by or on behalf of any Governmental Authority be pending which would reasonably be expected to have such effect; 
 (c) FTC Order. The thirty (30) day notification period pursuant to the FTC Order shall have expired or have been waived; 

(d) Consent Solicitation. The Company shall have obtained all necessary consents contemplated for the Consent Solicitation or the
Backstop Debt Financing shall have been provided pursuant to the Backstop Debt Financing Commitment (as amended to the extent permitted by Section 6.03(b)) on terms consistent with the terms thereof; and 

(e) Closing Deliverables. The Purchaser shall have delivered each of the items required to be delivered by it under
Section 2.05. 
 SECTION 8.02 Conditions to Obligations of the Purchaser. The obligations of the Purchaser
to consummate the transactions contemplated by this Agreement shall be subject to the fulfillment or written waiver, at or prior to the Closing, of each of the following conditions: 

(a) Representations, Warranties and Covenants. (i) The representations and warranties of the Sellers and the Company contained
in this Agreement (A) that are not qualified by a “materiality” qualification shall be true and correct in all material respects as of the Closing, and (B) that are qualified by a “materiality” qualification shall be
true and correct in all respects as so qualified as of the Closing (except to the extent such representations and warranties are made as of another date, in which case such representations and warranties shall be true and correct in all respects as
so qualified as of such other date), (ii) the covenants and agreements contained in this Agreement to be complied with by the Sellers at or before the Closing shall have been complied with in all material respects and (iii) the Purchaser
shall have received a certificate from MSCPV on behalf of the Sellers, dated as of the Closing Date, certifying the matters set forth in clauses (i) and (ii) above; 
 (b) No Order. No Governmental Authority shall have enacted, issued, promulgated, enforced or entered any Law or Governmental Order (whether temporary, preliminary or permanent) that has the effect
of making the transactions contemplated by this Agreement illegal or otherwise restraining or prohibiting the consummation of such transactions, nor shall any Action brought by or on behalf of any Governmental Authority be pending which would
reasonably be expected to have such effect; 
 (c) FTC Order. The thirty (30) day notification period pursuant to the
FTC Order shall have expired or have been waived; 
 (d) Closing Deliverables. The Sellers shall have delivered or caused
to be delivered each of the items required to be delivered by them under Section 2.04; 

  
 23 

 (e) Consent Solicitation. The Company shall have obtained all necessary consents
contemplated for the Consent Solicitation or the Backstop Debt Financing shall have been provided pursuant to the Backstop Debt Financing Commitment (as amended to the extent permitted by Section 6.03(b)) on terms consistent with the terms
thereof; 
 (f) No Third Party Claim. No claim shall have been made or threatened by any Person that such Person has any
ownership or other interest in any of the Shares being sold under this Agreement, or is entitled to any portion of the Purchase Price, other than Sellers; 
 (g) No Material Adverse Effect. Since December 29, 2012, there shall not have been a Material Adverse Effect; and 
 (h) Loan Financing. The Purchaser shall have obtained the Loan Financing pursuant to the Loan Financing Documentation (as amended to the extent permitted by Section 6.03(b)). 

ARTICLE IX 

TERMINATION 
 SECTION 9.01 Termination. This Agreement may be terminated at any time prior to the Closing: 
 (a) by either the Sellers or the Purchaser if the Closing shall not have occurred by December 30, 2013 or a later date as may be mutually agreed in writing by the Parties (the “Termination
Date”); provided, however, that the right to terminate this Agreement under this Section 9.01(a) shall not be available to any Party whose failure to fulfill any obligation under this Agreement shall have been the
cause of, or shall have resulted in, the failure of the Closing to occur on or prior to the Termination Date; 
 (b) by either
the Sellers or the Purchaser in the event that any Governmental Order restraining, enjoining or otherwise prohibiting the transactions contemplated by this Agreement shall have become final and non-appealable; 

(c) by the Sellers, if a breach of any representation or warranty of the Purchaser or failure to perform any covenant or agreement on the
part of the Purchaser set forth in this Agreement (including an obligation to consummate the Closing) shall have occurred that would, if occurring or continuing on the date on which the Closing should have occurred, cause the condition set forth in
Section 8.01(a) not to be satisfied, and such condition is not cured, or is incapable of being cured, within twenty (20) days (but not later than the Termination Date) of receipt of written notice by the Sellers to the Purchaser of
such breach or failure; provided that the Sellers are not then in breach of this Agreement so as to cause any of the conditions set forth in Section 8.02 not to be satisfied; 

(d) by the Purchaser, if a breach of any representation or warranty of the Sellers or the Company or a failure to perform any covenant or
agreement on the part of the Sellers or the Company set forth in this Agreement (including an obligation to consummate the Closing) shall have occurred that would, if occurring or continuing on the date on which the Closing should have occurred,
cause the condition set forth in Section 8.02(a) not to be satisfied, 

  
 24 

 
and such condition is not cured, or is incapable of being cured, within twenty (20) days (but not later than the Termination Date) of receipt of written notice by the Purchaser to the
Sellers of such breach or failure; provided that the Purchaser is not then in breach of this Agreement so as to cause any of the conditions set forth in Section 8.01 not to be satisfied; or 

(e) by the mutual written consent of the Sellers and the Purchaser. 

SECTION 9.02 Effect of Termination. In the event of termination of this Agreement as provided in Section 9.01, this
Agreement shall forthwith become void and there shall be no Liability on the part of any Party except that (a) this Section 9.02 and Article X shall survive any termination and (b) nothing herein shall relieve any Party
from liability for any breach of this Agreement occurring prior to such termination. 
 ARTICLE X 

GENERAL PROVISIONS 
 SECTION 10.01 Expenses. Except as otherwise specified in this Agreement and as set forth on Schedule 10.01, all costs and expenses, including fees and disbursements of counsel, financial
advisors and accountants, incurred in connection with this Agreement and the transactions contemplated by this Agreement shall be borne by the Party incurring such costs and expenses, whether or not the Closing shall have occurred. 

SECTION 10.02 Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be
given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, when delivery is guaranteed by an internationally recognized overnight courier service, by facsimile (confirmed electronically or telephonically
from the receiving facsimile machine) or within three (3) Business Days by registered or certified mail (postage prepaid, return receipt requested) to the respective Parties at the following addresses (or at such other address for a Party as
shall be specified in a notice given in accordance with this Section 10.02), if the delivery deadline date for any item under this Agreement is a day that is not a Business Day, the applicable delivery deadline date for such item shall
be the immediately following Business Day: 
 (a) if to the Sellers, to MSCPV: 

Morgan Stanley Capital Partners V U.S. Holdco, LLC 
 1585 Broadway, Floor 29 
 New York, NY 10036 

Facsimile: (212) 507-2999 
 Attention: Eric Kanter 

  
 25 

 with a copy to: 
 Shearman & Sterling LLP 
 599 Lexington Avenue 

New York, NY 10022-6069 
 Facsimile: (212) 848-7179 
 Attention: Robert M. Katz 

(b) if to the Purchaser: 
 Tops MBO Corporation 
 P.O. Box 1027 

Buffalo, NY 14240-1027 
 Facsimile: (716) 635-5909 
 Attention:  Francis Curci, President and CEO

 and Lynne Burgess 
 with a copy to: 
 Hodgson Russ LLP 

The Guaranty Building 
 140 Pearl Street 
 Buffalo, NY 14202 

Facsimile: (716) 849-0349 
 Attention: John J. Zak 
 (c) if to the Company: 

Tops Holding II Corporation 
 P.O. Box 1027 
 Buffalo, NY 14240-1027 

Facsimile: (716) 635-5909 
 Attention: Lynne Burgess 
 with a copy to: 

Hodgson Russ LLP 
 The Guaranty Building 
 140 Pearl Street 

Buffalo, NY 14202 
 Facsimile: (716) 849-0349 
 Attention: John J. Zak 

SECTION 10.03 Public Announcements. None of the Parties shall make, or cause to be made, any press release or public announcement
in respect of this Agreement or the transactions contemplated hereby or otherwise communicate with any news media unless such press release or public announcement is required by Law or applicable stock exchange regulation, in which case the Parties
shall, to the extent practicable, consult with each other as to the timing and contents of any such press release, public announcement or communication. 

  
 26 

 SECTION 10.04 Severability. If any term or other provision of this Agreement is
invalid, illegal or incapable of being enforced by any Law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect for so long as the economic or legal substance of the transactions
contemplated by this Agreement is not affected in any manner materially adverse to any Party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate in good faith to
modify this Agreement so as to effect the original intent of the Parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated by this Agreement are consummated as originally contemplated to the greatest
extent possible. 
 SECTION 10.05 Entire Agreement. This Agreement and the other agreements entered into on or after the
date hereof or pursuant to this Agreement, in each case, in connection with the transactions contemplated hereby and thereby constitute the entire agreement of the Parties with respect to the subject matter hereof and thereof and supersede all prior
agreements and undertakings, both written and oral, among the Parties with respect to the subject matter hereof and thereof. 

SECTION 10.06 Assignment. This Agreement may not be assigned by operation of Law or otherwise without the express written consent
of the Sellers and the Purchaser (which consent may be granted or withheld in the sole discretion of the Sellers or the Purchaser), as the case may be, and any such purported assignment shall be void; provided that the Purchaser may
(i) assign any or all of its rights and interests hereunder to one or more of its Affiliates and designate one or more of its Affiliates to perform its obligations hereunder, (ii) assign any or all of its rights and interests hereunder to
its lenders as collateral security and (iii) assign any or all of its rights, interests or obligations hereunder to an acquirer of all or substantially all of the assets of the Purchaser or the Company; provided, however, that, in
the case of clause (i), (ii) or (iii), the Purchaser shall remain responsible for the performance of its obligations hereunder. 
 SECTION 10.07 Amendment. This Agreement may not be amended or modified except (a) by an instrument in writing signed by, or on behalf of, MSCPV on behalf of the Sellers and the Purchaser that
expressly references the Section(s) of this Agreement to be amended or (b) by a waiver in accordance with Section 10.08. 
 SECTION 10.08 Waiver. (a) The Purchaser may (i) extend the time for the performance of any of the obligations or other acts of the Sellers, the Company and its Subsidiaries (for periods
prior to the Closing), (ii) waive any inaccuracies in the representations and warranties of the Sellers contained herein or in any document delivered by such Party pursuant hereto or (iii) waive compliance with any of the agreements of the
Sellers or conditions to such Party’s obligations contained herein and (b) the Sellers may (i) extend the time for the performance of any of the obligations or other acts of the Purchaser, the Company and its Subsidiaries (for periods
after the Closing), (ii) waive any inaccuracies in the representations and warranties of the Purchaser contained herein or in any document delivered by the Purchaser 

  
 27 

 
pursuant hereto or (iii) waive compliance with any of the agreements of the Purchaser or conditions to the Purchaser’s obligations contained herein. Any such extension or waiver shall
be valid only if set forth in an instrument in writing signed by the Party to be bound thereby. Any waiver of any term or condition shall not be construed as a waiver of any subsequent breach or a subsequent waiver of the same term or condition, or
a waiver of any other term or condition of this Agreement. The failure of any Party to assert any of its rights hereunder shall not constitute a waiver of any of such rights. 
 SECTION 10.09 No Third Party Beneficiaries. This Agreement shall be binding upon and inure solely to the benefit of the Parties and their respective successors and permitted assigns and nothing
herein, express or implied, is intended to or shall confer upon any other Person any legal or equitable right, benefit or remedy of any nature whatsoever, including any rights of employment for any specified period, under or by reason of this
Agreement; provided that, the Backstop Debt Financing Lenders and their Affiliates, officers, directors, employees, agents, representatives, successors and assigns (collectively, the “Backstop Debt Financing Affiliates”) shall be
express third party beneficiaries of Sections 10.11 and 10.12, hereof, and each such Backstop Debt Financing Lender and Backstop Debt Financing Affiliate may enforce such provisions. 

SECTION 10.10 Specific Performance. The Parties acknowledge and agree that the Parties would be irreparably damaged if any of the
provisions of this Agreement are not performed in accordance with their specific terms or are otherwise breached and that any non-performance or breach of this Agreement by any Party could not be adequately
compensated by monetary damages alone and that the Parties would not have any adequate remedy at law. Accordingly, in addition to any other right or remedy to which the Parties may be entitled, at law or in equity (including monetary damages), such
Party shall be entitled to enforce any provision of this Agreement (including the obligations to draw funds under the Loan Financing Documentation and the Equity Commitment Letter, and to consummate the transactions contemplated by this Agreement)
by a decree of specific performance and to temporary, preliminary and permanent injunctive relief to prevent breaches or threatened breaches of any of the provisions of this Agreement without posting any bond or other undertaking. 

SECTION 10.11 Governing Law. This Agreement shall be governed by, and construed in accordance with, the Laws of the State of
Delaware. All Actions arising out of or relating to this Agreement shall be heard and determined exclusively in the Court of Chancery of the State of Delaware; provided, however, that if such court does not have jurisdiction over such
Action, such Action shall be heard and determined exclusively in the United States District Court for the District of Delaware; provided, further, that if such court does not have jurisdiction over such Action, such Action shall be
heard and determined exclusively in any Delaware state court sitting in Wilmington, Delaware. Consistent with the preceding sentence, the Parties hereby (a) submit to the exclusive jurisdiction of the Court of Chancery of the State of Delaware
and any federal or state court sitting in the State of Delaware for the purpose of any Action arising out of or relating to this Agreement brought by either Party and (b) irrevocably waive, and agree not to assert by way of motion, defense, or
otherwise, in any such Action, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the Action is brought in an inconvenient forum, that
the venue of the Action is improper, or that this Agreement or the transactions 

  
 28 

 
contemplated by this Agreement may not be enforced in or by any of the above-named courts. The Parties hereby agree that the mailing of process or other papers in connection with any such Action
or proceeding in the manner provided in Section 10.02, or in such other manner as may be permitted by Law, shall be valid and sufficient service thereof and hereby waive any objections to service accomplished in the manner herein
provided. Notwithstanding anything in this Agreement to the contrary, each of the parties hereto agrees that it will not bring or support any action, cause of action, claim, cross-claim or third-party claim of any kind or description, whether in law
or in equity, whether in contract or in tort or otherwise, against the Backstop Debt Financing Lenders or the Backstop Debt Financing Affiliates in any way relating to this Agreement or any of the transactions contemplated by this Agreement,
including but not limited to any dispute arising out of or relating in any way to the Backstop Debt Financing Lenders, the Backstop Debt Financing Affiliates, the Backstop Debt Commitment (including the transactions contemplated therein) or the
performance thereof or the Backstop Debt Financing, in any forum other than the Supreme Court of the State of New York, Borough of Manhatten, or, if under applicable law exclusive jurisdiction is vested in the federal courts, the United States
District Court for the Southern District of New York (and appellate courts thereof). 
 SECTION 10.12 Waiver of Jury
Trial. EACH OF THE PARTIES HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY ACTION OR LIABILITY DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT (INCLUDING ANY CLAIMS ALLEGED AGAINST THE BACKSTOP DEBT FINANCING LENDERS OR THE BACKSTOP DEBT FINANCING AFFILIATES IN CONNECTION WITH THE BACKSTOP DEBT FINANCING COMMITMENT OR THE
BACKSTOP DEBT FINANCING). EACH OF THE PARTIES HEREBY (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY SUCH ACTION OR
LIABILITY, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION 10.12. 
 SECTION 10.13 Counterparts. This Agreement may be executed and delivered
(including by scanned or facsimile transmission) in one or more counterparts, and by the different Parties in separate counterparts, each of which when executed shall be deemed to be an original, but all of which taken together shall constitute one
and the same agreement. 
 SECTION 10.14 Currency. Unless otherwise specified in this Agreement, all references to
currency, monetary values and dollars set forth herein shall mean United States (U.S.) dollars, “$” refers to United States dollars and all payments hereunder shall be made in United States dollars by wire transfer in immediately available
funds to such account as shall have been specified in writing by the recipient thereof to the Party making such payment. 

[Remainder of Page Intentionally Left Blank] 

  
 29 

 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first written
above. 
  
  
			
	MORGAN STANLEY CAPITAL PARTNERS V U.S. HOLDCO LLC
		
	By:	 	Morgan Stanley Capital Partners V Cayman L.P., its managing member
		
	By:	 	MS Capital Partners V GP L.P., its general partner
		
	By:	 	MSCP V GP Inc., its general partner
		
	By:	 	/s/ Gary Matthews
		 	 Name: Gary Matthews

		 	 Title: Managing Director

  
			
	HSBC EQUITY PARTNERS USA, L.P.
		
	By:	 	HSBC Equity Investors USA, L.P., as its General Partner
		
	By:	 	HSBC Equity GP, LLC, as its General Partner
		
	By:	 	HSBC Capital (USA) Inc., its Sole Member
		
	By:	 	Graycliff Partners LP, as Attorney-in-Fact for HSBC Capital (USA) Inc.
		
	By:	 	/s/ Andrew Trigg
		 	Name: Andrew Trigg
		 	Title: Managing Director
	
	HSBC PRIVATE EQUITY PARTNERS II USA, L.P.
		
	By:	 	HSBC Private Equity Investors II L.P., as its General Partner
		
	By:	 	HSBC PEP II GP LLC, as its General Partner
		
	By:	 	HSBC Capital (USA) Inc., its Sole Member
		
	By:	 	Graycliff Partners LP, as Attorney-in-Fact for HSBC Capital (USA) Inc.
		
	By:	 	/s/ Andrew Trigg
		 	Name: Andrew Trigg
		 	Title: Managing Director

  
			
	TURBIC INC.
		
	 By:
	 	/s/ Joseph Lewis
		 	 Name: Joseph Lewis

		 	 Title: Authorized Signatory

  
			
	BEGAIN COMPANY LIMITED
		
	 By:
	 	 /s/ Ingrid Kwok

		 	 Name: Ingrid Kwok

		 	 Title: Director

  
	
	GREG JOSEFOWICZ
	
	/s/ Greg Josefowicz

  
	
	STACEY RAUCH
	
	/s/ Stacey Rauch

  
			
	TOPS MBO CORPORATION
		
	 By:
	 	 /s/ Francis Curci

		 	Francis Curci, President and Chief Executive Officer

  
			
	TOPS HOLDING II CORPORATION
		
	 By:
	 	 /s/ Francis Curci

		 	 Name:

		 	 Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00224-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00224-of-00352.parquet"}]]