Document:

EX-10.2

 Exhibit 10.2 
 As of August 27, 2013 
  

 
  

LOAN, GUARANTY AND SECURITY AGREEMENT 
 by and among 
 GORDMANS, INC. 

as Borrower, 
 THE GUARANTORS SIGNATORY HERETO, 
 as Credit Parties, 

THE LENDERS THAT ARE SIGNATORIES HERETO 
 as the Lenders, 
 and 

WELLS FARGO BANK, NATIONAL ASSOCIATION (as successor by merger to WELLS 

FARGO RETAIL FINANCE, LLC) 
 as Administrative Agent and Joint Lead Arranger 
 and 

CIT CAPITAL SECURITIES LLC 
 as Syndication Agent and Joint Lead Arranger 
 Dated as of
February 20, 2009, as amended on March 16, 2009, December 23, 2009, June
 30,
2010, June 1, 2011 and August 27, 2013 
  
  

 

 TABLE OF CONTENTS 

 

											
	 1.
	 	 	DEFINITIONS AND CONSTRUCTION	  	 	1	  
				
		 	 	1.1  	  	  	Definitions	  	 	1	  
		 	 	1.2  	  	  	Accounting Terms	  	 	39	  
		 	 	1.3  	  	  	Code	  	 	39	  
		 	 	1.4  	  	  	Construction	  	 	39	  
		 	 	1.5  	  	  	Schedules and Exhibits	  	 	40	  
			
	 2.
	 	 	LOAN AND TERMS OF PAYMENT	  	 	40	  
				
		 	 	2.1  	  	  	Revolver Advances	  	 	40	  
		 	 	2.2  	  	  	Revolver Increase	  	 	41	  
		 	 	2.3  	  	  	Reserved	  	 	43	  
		 	 	2.4  	  	  	Borrowing Procedures and Settlements	  	 	43	  
		 	 	2.5  	  	  	Payments	  	 	51	  
		 	 	2.6  	  	  	Overadvances and Amortization; Mandatory Prepayment	  	 	53	  
		 	 	2.7  	  	  	Interest Rates and Letter of Credit Fee: Rates, Payments, and Calculations	  	 	56	  
		 	 	2.8  	  	  	Cash Management	  	 	57	  
		 	 	2.9  	  	  	Crediting Payments	  	 	59	  
		 	 	2.10	  	  	Designated Account	  	 	59	  
		 	 	2.11	  	  	Maintenance of Loan Account; Statements of Obligations	  	 	59	  
		 	 	2.12	  	  	Fees	  	 	60	  
		 	 	2.13	  	  	Letters of Credit	  	 	60	  
		 	 	2.14	  	  	LIBOR Option	  	 	64	  
		 	 	2.15	  	  	Increased Costs; Capital Requirements	  	 	66	  
		 	 	2.16	  	  	Replacement or Removal of Lender	  	 	68	  
			
	 3.
	 	 	CONDITIONS; TERM OF AGREEMENT	  	 	68	  
				
		 	 	3.1  	  	  	Conditions Precedent to the Initial Extension of Credit	  	 	68	  
		 	 	3.2  	  	  	Conditions Precedent to all Extensions of Credit	  	 	71	  
		 	 	3.3  	  	  	Term	  	 	71	  
		 	 	3.4  	  	  	Effect of Termination	  	 	71	  
		 	 	3.5  	  	  	Early Termination by Borrower	  	 	72	  
			
	 4.
	 	 	CREATION OF SECURITY INTEREST	  	 	72	  
				
		 	 	4.1  	  	  	Grant of Security Interest	  	 	72	  
		 	 	4.2  	  	  	Negotiable Collateral	  	 	73	  
		 	 	4.3  	  	  	Collection of Accounts, General Intangibles, and Negotiable Collateral	  	 	73	  
		 	 	4.4  	  	  	Filing of Financing Statements; Delivery of Additional Documentation Required	  	 	73	  
		 	 	4.5  	  	  	Power of Attorney	  	 	74	  
		 	 	4.6  	  	  	Right to Inspect	  	 	74	  
		 	 	4.7  	  	  	Deposit Accounts	  	 	75	  
		 	 	4.8  	  	  	Delivery of Instruments, Certificated Securities and Chattel Paper	  	 	75	  
		 	 	4.9  	  	  	Investment Property	  	 	76	  
		 	 	  4.10	  	  	Code and Other Remedies	  	 	76	  
		 	 	  4.11	  	  	Waiver; Deficiency	  	 	77	  

  
 i 

											
			
	 5.
	 	 	REPRESENTATIONS AND WARRANTIES	  	 	77	  
				
		 	 	5.1  	  	  	Title, No Encumbrances	  	 	77	  
		 	 	5.2  	  	  	Eligible Accounts	  	 	78	  
		 	 	5.3  	  	  	Eligible Inventory	  	 	78	  
		 	 	5.4  	  	  	Location of Collateral	  	 	78	  
		 	 	5.5  	  	  	Inventory Records	  	 	78	  
		 	 	5.6  	  	  	State of Incorporation; Location of Chief Executive Office; FEIN; Organizational ID Number	  	 	78	  
		 	 	5.7  	  	  	Due Organization and Qualification; Subsidiaries	  	 	79	  
		 	 	5.8  	  	  	Due Authorization; No Conflict	  	 	79	  
		 	 	5.9  	  	  	Litigation	  	 	80	  
		 	 	5.10	  	  	No Material Adverse Change	  	 	80	  
		 	 	5.11	  	  	Fraudulent Transfer	  	 	80	  
		 	 	5.12	  	  	Employee Benefits	  	 	80	  
		 	 	5.13	  	  	Environmental Condition	  	 	81	  
		 	 	5.14	  	  	Brokerage Fees	  	 	81	  
		 	 	5.15	  	  	Intellectual Property	  	 	81	  
		 	 	5.16	  	  	Leases	  	 	81	  
		 	 	5.17	  	  	Deposit Accounts	  	 	81	  
		 	 	5.18	  	  	Complete Disclosure	  	 	81	  
		 	 	5.19	  	  	Indebtedness	  	 	82	  
		 	 	5.20	  	  	Credit Card Receipts	  	 	82	  
		 	 	5.21	  	  	Margin Stock	  	 	82	  
		 	 	5.22	  	  	Equipment	  	 	82	  
		 	 	5.23	  	  	Investment Property	  	 	82	  
		 	 	5.24	  	  	Pledged Intellectual Property	  	 	83	  
		 	 	5.25	  	  	Anti-Terrorism Laws	  	 	83	  
		 	 	5.26	  	  	RESERVED	  	 	84	  
		 	 	5.27	  	  	Taxes	  	 	84	  
		 	 	5.28	  	  	Insurance	  	 	85	  
			
	 6.
	 	 	AFFIRMATIVE COVENANTS	  	 	85	  
				
		 	 	6.1  	  	  	Accounting System	  	 	85	  
		 	 	6.2  	  	  	Collateral Reporting	  	 	85	  
		 	 	6.3  	  	  	Financial Statements, Reports, Certificates	  	 	85	  
		 	 	6.4  	  	  	Returns	  	 	88	  
		 	 	6.5  	  	  	Maintenance of Properties	  	 	88	  
		 	 	6.6  	  	  	Taxes	  	 	88	  
		 	 	6.7  	  	  	Insurance	  	 	88	  
		 	 	6.8  	  	  	Location of Inventory	  	 	89	  
		 	 	6.9  	  	  	Compliance with Laws	  	 	89	  
		 	 	6.10	  	  	Leases	  	 	89	  
		 	 	6.11	  	  	Existence	  	 	89	  
		 	 	6.12	  	  	Environmental	  	 	90	  

  
 ii 

											
		 	 	6.13	  	  	Disclosure Updates	  	 	90	  
		 	 	6.14	  	  	Formation of Subsidiaries	  	 	90	  
		 	 	6.15	  	  	Cash Management Agreements	  	 	91	  
		 	 	6.16	  	  	RESERVED	  	 	91	  
		 	 	6.17	  	  	Further Assurances	  	 	91	  
			
	 7.
	 	 	NEGATIVE COVENANTS	  	 	91	  
				
		 	 	7.1  	  	  	Indebtedness	  	 	91	  
		 	 	7.2  	  	  	Liens	  	 	93	  
		 	 	7.3  	  	  	Restrictions on Fundamental Changes/Disposal of Assets	  	 	94	  
		 	 	7.4  	  	  	Change Name	  	 	95	  
		 	 	7.5  	  	  	Nature of Business	  	 	95	  
		 	 	7.6  	  	  	Amendments	  	 	95	  
		 	 	7.7  	  	  	Change of Control	  	 	95	  
		 	 	7.8  	  	  	Distributions	  	 	96	  
		 	 	7.9  	  	  	Accounting Methods	  	 	97	  
		 	 	7.10	  	  	Investments	  	 	97	  
		 	 	7.11	  	  	Transactions with Affiliates	  	 	97	  
		 	 	7.12	  	  	Use of Proceeds	  	 	98	  
		 	 	7.13	  	  	Equitable Lien; No Further Negative Pledges	  	 	98	  
		 	 	7.14	  	  	Sales and Lease-Backs	  	 	98	  
		 	 	7.15	  	  	Minimum Availability	  	 	99	  
		 	 	7.16	  	  	Reserved	  	 	99	  
		 	 	7.17	  	  	Reserved	  	 	99	  
		 	 	7.18	  	  	Restricted Payments	  	 	99	  
			
	 8.
	 	 	EVENTS OF DEFAULT	  	 	99	  
			
	 9.
	 	 	THE LENDER GROUP’S RIGHTS AND REMEDIES	  	 	102	  
				
		 	 	9.1  	  	  	Rights and Remedies	  	 	102	  
		 	 	9.2  	  	  	Remedies Cumulative	  	 	104	  
			
	 10.
	 	 	TAXES AND EXPENSES	  	 	104	  
			
	 11.
	 	 	WAIVERS; INDEMNIFICATION	  	 	104	  
				
		 	 	11.1	  	  	Demand; Protest; etc.	  	 	104	  
		 	 	11.2	  	  	The Lender Group’s Liability for Borrower Collateral	  	 	105	  
		 	 	11.3	  	  	Indemnification	  	 	105	  
			
	 12.
	 	 	NOTICES	  	 	105	  
			
	 13.
	 	 	CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER	  	 	106	  
			
	 14.
	 	 	ASSIGNMENTS AND PARTICIPATIONS; SUCCESSORS	  	 	107	  
				
		 	 	14.1	  	  	Assignments and Participations	  	 	107	  
		 	 	14.2	  	  	Successors	  	 	110	  

  
 iii

											
	 15.
	 	 	AMENDMENTS; WAIVERS	  	 	111	  
				
		 	 	15.1	  	  	Amendments and Waivers	  	 	111	  
		 	 	15.2	  	  	Replacement of Holdout Lender	  	 	112	  
		 	 	15.3	  	  	No Waivers; Cumulative Remedies	  	 	112	  
			
	 16.
	 	 	AGENT; THE LENDER GROUP	  	 	113	  
				
		 	 	16.1	  	  	Appointment and Authorization of Agent	  	 	113	  
		 	 	16.2	  	  	Delegation of Duties	  	 	114	  
		 	 	16.3	  	  	Liability of Agent	  	 	114	  
		 	 	16.4	  	  	Reliance by Agent	  	 	114	  
		 	 	16.5	  	  	Notice of Default or Event of Default	  	 	115	  
		 	 	16.6	  	  	Credit Decision	  	 	115	  
		 	 	16.7	  	  	Costs and Expenses; Indemnification	  	 	116	  
		 	 	16.8	  	  	Agent in Individual Capacity	  	 	116	  
		 	 	16.9	  	  	Successor Agent	  	 	117	  
		 	 	16.10	  	  	Lender in Individual Capacity	  	 	117	  
		 	 	16.11	  	  	Taxes	  	 	117	  
		 	 	16.12	  	  	Collateral Matters	  	 	120	  
		 	 	16.13	  	  	Restrictions on Actions by Lenders; Sharing of Payments	  	 	121	  
		 	 	16.14	  	  	Agency for Perfection	  	 	122	  
		 	 	16.15	  	  	Payments by Agent to the Lenders	  	 	122	  
		 	 	16.16	  	  	Concerning the Collateral and Related Loan Documents	  	 	122	  
		 	 	16.17	  	  	Field Audits and Examination Reports; Confidentiality; Disclaimers by Lenders; Other Reports and Information	  	 	122	  
		 	 	16.18	  	  	Several Obligations; No Liability	  	 	123	  
		 	 	16.19	  	  	Legal Representation of Agent	  	 	124	  
			
	 17.
	 	 	GUARANTY	  	 	124	  
				
		 	 	17.1	  	  	Guaranty of the Obligations	  	 	124	  
		 	 	17.2	  	  	Contribution by Guarantors	  	 	124	  
		 	 	17.3	  	  	Payment by Guarantors	  	 	125	  
		 	 	17.4	  	  	Liability of Guarantors Absolute	  	 	126	  
		 	 	17.5	  	  	Waivers by Guarantors	  	 	127	  
		 	 	17.6	  	  	Guarantors’ Rights of Subrogation, Contribution, Etc.	  	 	128	  
		 	 	17.7	  	  	Subordination Of Other Obligations	  	 	129	  
		 	 	17.8	  	  	Continuing Guaranty	  	 	129	  
		 	 	17.9	  	  	Authority of Guarantors or Borrower	  	 	129	  
		 	 	17.10	  	  	Financial Condition of Borrower	  	 	129	  
		 	 	17.11	  	  	Bankruptcy, Etc.	  	 	130	  
		 	 	17.12	  	  	Limitation of Liability	  	 	130	  
		 	 	17.13	  	  	Keepwell	  	 	131	  
			
	 18.
	 	 	GENERAL PROVISIONS	  	 	131	  
				
		 	 	18.1	  	  	Effectiveness	  	 	131	  
		 	 	18.2	  	  	Section Headings	  	 	131	  
		 	 	18.3	  	  	Interpretation	  	 	131	  
		 	 	18.4  	  	  	Severability of Provisions	  	 	131	  
		 	 	18.5	  	  	Amendments in Writing	  	 	131	  
		 	 	18.6	  	  	Counterparts; Telefacsimile Execution	  	 	132	  
		 	 	18.7	  	  	Revival and Reinstatement of Obligations	  	 	132	  
		 	 	18.8	  	  	Confidentiality	  	 	132	  
		 	 	18.9	  	  	Patriot Act Notice	  	 	133	  
		 	 	18.10	  	  	Integration	  	 	133	  

  
 iv 

 EXHIBITS AND SCHEDULES 

 

			
	 Exhibit A-1
	  	Form of Assignment and Acceptance
	 Exhibit B-1
	  	Form of Seasonal Borrowing Period Notice
	 Exhibit C-1
	  	Form of Compliance Certificate
	 Exhibit D
	  	Form of DDA Notification
	 Exhibit L-1
	  	Form of LIBOR Notice
	 Exhibit M
	  	Form of Borrowing Base Certificate
		
	 Schedule A-1
	  	Agent’s Account
	 Schedule A-2
	  	Authorized Persons
	 Schedule C-1
	  	Commitments
	 Schedule D-1
	  	Designated Account
	 Schedule E-1
	  	Eligible Inventory Locations
	 Schedule F-1
	  	Freight Forwarders
	 Schedule P-1
	  	Permitted Liens
	 Schedule 2.8(a)
	  	Cash Management Banks
	 Schedule 5.4
	  	Locations of Inventory
	 Schedule 5.6(a)
	  	States of Organization
	 Schedule 5.6(b)
	  	Chief Executive Offices
	 Schedule 5.6(c)
	  	FEINs
	 Schedule 5.7(b)
	  	Capitalization of Borrower
	 Schedule 5.7(c)
	  	Capitalization of Borrower’s Subsidiaries
	 Schedule 5.9
	  	Litigation
	 Schedule 5.13
	  	Environmental Matters
	 Schedule 5.17
	  	Deposit Accounts
	 Schedule 5.19
	  	Permitted Indebtedness
	 Schedule 5.20
	  	Credit Card Processors
	 Schedule 5.23
	  	Investment Property
	 Schedule 5.24
	  	Intellectual Property
	 Schedule 6.2
	  	Collateral Reporting
	 Schedule 7.10
	  	Investments
	 Schedule 7.11
	  	Transactions with Affiliates

  
 v 

 LOAN, GUARANTY AND SECURITY AGREEMENT 

THIS LOAN, GUARANTY AND SECURITY AGREEMENT (this “Agreement”), is entered into as of February 20, 2009, by
and among, on the one hand, the lenders identified on the signature pages hereof (such lenders, together with their respective successors and permitted assigns, are referred to hereinafter each individually as a “Lender” and
collectively as the “Lenders”), WELLS FARGO BANK, NATIONAL ASSOCIATION (successor by merger to Wells Fargo Retail Finance, LLC), as administrative agent for the Lenders and joint lead arranger (“Agent”), and
CIT CAPITAL SECURITIES LLC, a Delaware limited liability company, as syndication agent and as joint lead arranger, and, on the other hand, GORDMANS, INC., a Delaware corporation (“Borrower”) and the Guarantors
identified on the signature pages hereof (together with Borrower, the “Credit Parties” and each individually as a “Credit Party”). 
 The parties agree as follows: 
 1. DEFINITIONS AND CONSTRUCTION.

 1.1 Definitions. As used in this Agreement, the following terms shall have the following definitions: 

“Accelerated Borrowing Base Delivery Event” means either (i) the occurrence and continuance of any Event of
Default, or (ii) the failure of the Borrower to maintain Excess Availability at least equal to the greater of (i) twenty five percent (25%) of the Loan Cap and (ii) $20,000,000. For purposes of this Agreement, the occurrence of
an Accelerated Borrowing Base Delivery Event shall be deemed continuing at the Agent’s option (i) so long as such Event of Default has not been waived, and/or (ii) if the Accelerated Borrowing Base Delivery Event arises as a result of
the Borrower’s failure to achieve Excess Availability as required hereunder, until Excess Availability has exceeded the greater of (i) twenty five percent (25%) of the Loan Cap and (ii) $20,000,000, for sixty
(60) consecutive calendar days, in which case an Accelerated Borrowing Base Delivery Event shall no longer be deemed to be continuing for purposes of this Agreement; provided that an Accelerated Borrowing Base Delivery Event shall be
deemed continuing (even if an Event of Default is no longer continuing and/or Excess Availability exceeds the required amount for sixty (60) consecutive days) at all times after an Accelerated Borrowing Base Delivery Event has occurred and been
discontinued on two (2) previous occasions in any twelve (12) month period. The termination of an Accelerated Borrowing Base Delivery Event as provided herein shall in no way limit, waive or delay the occurrence of a subsequent Accelerated
Borrowing Base Delivery Event in the event that the conditions set forth in this definition again arise. 
 “Accelerated
Monitoring Event” means the failure of the Borrower to maintain Excess Availability at least equal to forty percent (40%) of the Borrowing Base. For purposes of this Agreement, the occurrence of an Accelerated Monitoring Event shall be
deemed continuing, at the Agent’s option, until Availability has exceeded forty percent (40%) of the Borrowing Base 

 for sixty (60) consecutive calendar days, in which case an Accelerated Monitoring Event shall no longer
be deemed to be continuing for purposes of this Agreement. The termination of an Accelerated Monitoring Event as provided herein shall in no way limit, waive or delay the occurrence of a subsequent Accelerated Monitoring Event in the event that the
conditions set forth in this definition again arise. 
 “Acceptable Document” means a negotiable bill of lading
that is (i) issued by a Common Carrier which is in physical possession of such Inventory, (ii) issued to the order of Borrower, or to the order of Agent, (iii) is subject to Agent’s perfected first priority security interest and
(iv) is otherwise in form and substance acceptable to Agent in its Permitted Discretion. 
 “Account”
means an account (as that term is defined in the Code), and any and all supporting obligations in respect thereof. 

“Account Debtor” means any Person who is obligated under, with respect to, or on account of, an Account, chattel paper,
or a General Intangible when used with respect to Credit Card Receivables, “Account Debtor” means the respective Credit Card Processors. 
 “ACH Transactions” means any cash management or related services (including the Automated Clearing House processing of electronic fund transfers through the direct Federal Reserve Fedline
system) provided by Wells Fargo or any of its Affiliates for the account of any Credit Party. 
 “Additional Commitment
Lender” has the meaning specified in Section 2.2(a)(iii). 
 “Additional Documents” has
the meaning set forth in Section 4.4(c). 
 “Advance Rates” means the percentage rates set forth in
the definition of “Borrowing Base”, as such percentage rates may be modified pursuant to Section 2.1(b). 

“Advances” means Revolving Loans. 
 “Affiliate” means, as applied to any Person, any other Person who, directly or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with,
such Person. For purposes of this definition, “control” means the possession, directly or indirectly through one or more intermediaries, of the power to direct the management and policies of a Person, whether through the ownership of
Stock, by contract, or otherwise; provided, however, that, for purposes of the definition of Eligible Accounts and Section 7.11 hereof: (a) any Person which owns directly or indirectly 20% or more of the Stock having ordinary
voting power for the election of directors or other members of the governing body of a Person or 20% or more of the partnership or other ownership interests of a Person (other than as a limited partner of such Person) shall be deemed an Affiliate of
such Person, (b) each director (or comparable manager) of a Person shall be deemed to be an Affiliate of such Person, and (c) each partnership or joint venture in which a Person is a partner or joint venturer shall be deemed an Affiliate
of such Person. 

  
 -2-

 “Agent” means Wells Fargo Bank, National Association, in its capacity as
arranger and administrative agent hereunder, and any successor thereto. 
 “Agent Advances” has the meaning set
forth in Section 2.4(e)(i). 
 “Agent-Related Persons” means Agent, together with its Affiliates,
officers, directors, employees, attorneys, and agents. 
 “Agent’s Account” means the Deposit Account of
Agent identified on Schedule A-1. 
 “Agent’s Liens” means the Liens granted by the Credit Parties
to Agent under this Agreement or the other Loan Documents. 
 “Aggregate Payments” has the meaning set forth in
Section 17.2. 
 “Agreement” has the meaning set forth in the preamble to this Agreement.

 “Applicable Margin” means, as of the Sixth Amendment Effective Date, the rates for Base Rate Loans, LIBOR
Rate Loans, Documentary Letters of Credit and Standby Letters of Credit set forth below; provided that from the Sixth Amendment Effective Date until the last day of the month ending September 30, 2013, the Applicable Margin shall be the
applicable rates per annum set forth below in Level I: 
  

																											
	 Level
	  	Average Excess Availability	  	Base Rate
Loans	 	 	LIBOR
Rate Loans	 	 	Seasonal
Borrowing
Period Base
Rate Loans	 	 	Seasonal
Borrowing
Period LIBOR
Rate Loans	 	 	Standby
Letter of
Credit Fee	 	 	Documentary
Letter of
Credit Fee	 
	 I
	  	Greater than
$40,000,000	  	 	0.50	% 	 	 	1.50	% 	 	 	1.25	% 	 	 	2.25	% 	 	 	1.50	% 	 	 	1.00	% 
	 II
	  	Less than or equal to
$40,000,000	  	 	0.75	% 	 	 	1.75	% 	 	 	1.50	% 	 	 	2.50	% 	 	 	1.75	% 	 	 	1.25	% 

 The Applicable Margin shall be adjusted quarterly as of the first day of each calendar quarter, based
upon the Average Excess Availability for the immediately preceding calendar quarter. 
 “Asset Loss Event”
means the loss, destruction or damage to or condemnation, requisition, seizure or taking of, any assets of any Credit Party or any of its Subsidiaries. 
 “Asset Sale” means a sale, lease or sub-lease (as lessor or sublessor), sale and leaseback, assignment, conveyance, transfer or other disposition to any Person (other than a Credit Party)
or any exchange of property with any Person (other than any exchange between Credit Parties), in one transaction or a series of transactions, of all or any part of any Credit Party’s businesses, assets or properties of any kind, whether real,
personal, or mixed and whether tangible or intangible, whether now owned or hereafter acquired, including the Stock of any 

  
 -3-

 Credit Party, other than (i) Inventory (or other assets) sold or leased in the ordinary course of
business, (ii) Cash Equivalents sold in the ordinary course of business, (iii) any disposition which is deemed to have occurred in connection with a casualty or taking (pursuant to the power of eminent domain, condemnation or otherwise)
event which results in a Credit Party or any landlord of any Credit Party receiving insurance or condemnation proceeds, or (iv) non-perpetual licenses of any Credit Party’s intellectual property (which licenses may grant varying degrees of
exclusivity provided that such Credit Party retains an unlimited right to use the intellectual property which is the subject of such licenses) which are entered into in the ordinary course of business of such Credit Party, as such business is now or
hereafter conducted in compliance with this Agreement. 
 “Assignee” has the meaning set forth in
Section 14.1(a). 
 “Assignment and Acceptance” means an Assignment and Acceptance Agreement
substantially in the form of Exhibit A-1. 
 “Authorized Person” means those individuals identified on
Schedule A-2, as such schedule may be modified by written notice from Borrower to Agent from time to time. 

“Availability” means, as of any date of determination thereof by the Agent, the result of (i) the Loan Cap,
minus (b) the Revolver Usage. 
 “Average Excess Availability” means for any calendar quarter an
amount equal to the sum of the Excess Availability for each day of such calendar quarter divided by the actual number of days in such calendar quarter, as determined by Agent, which determination shall be conclusive absent manifest error.

 “Bankruptcy Code” means title 11 of the United States Code, as in effect from time to time. 

“Base LIBOR Rate” means the rate per annum, determined by Agent in accordance with its customary procedures, and
utilizing such electronic or other quotation sources as it considers appropriate (rounded upwards, if necessary, to the next 1/100%), to be the rate at which Dollar deposits (for delivery on the first day of the requested Interest Period) are
offered to major banks in the London interbank market at approximately 11 a.m. (London time) 2 Business Days prior to the commencement of the requested Interest Period, for a term and in an amount comparable to the Interest Period and the amount of
the LIBOR Rate Loan requested (whether as an initial LIBOR Rate Loan or as a continuation of an extant LIBOR Rate Loan or as a conversion of a Base Rate Loan to a LIBOR Rate Loan) by Borrower in accordance with this Agreement, which determination
shall be conclusive in the absence of manifest error. 
 “Base Rate” means for any day a fluctuating rate per
annum equal to the highest of (a) the Federal Funds Rate plus 1/2 of 1%, (b) the rate of interest in effect for such day as publicly announced from time to time by Wells Fargo as its “prime rate” and (c) the LIBOR Rate for
an Interest Period of one month, plus 1%. The “prime rate” is a rate set by Wells Fargo based upon various factors including Wells Fargo’s costs and desired return, general economic conditions and other factors, and is used as a
reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such rate announced by Wells Fargo shall take effect at the opening of business on the day specified in the public announcement of
such change. 

  
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 “Base Rate Loan” means the portion of the Advances that bears interest at a
rate determined by reference to the Base Rate. 
 “Benefit Plan” means a “defined benefit plan” (as
defined in Section 3(35) of ERISA) subject to Title IV of ERISA for which any Credit Party or ERISA Affiliate of any Credit Party has been an “employer” (as defined in Section 3(5) of ERISA) within the past six years.

 “Board of Directors” means the board of directors (or comparable managers) of Borrower or any committee
thereof duly authorized to act on behalf of the board of directors (or comparable managers). 
 “Books” means
each Credit Party’s now owned or hereafter acquired books and records (including all of its Records indicating, summarizing, or evidencing its assets (including the Collateral) or liabilities, all of the Records of each Credit Party relating to
its business operations or financial condition, and all of its goods or General Intangibles related to such information). 

“Borrower” has the meaning set forth in the preamble to this Agreement. 

“Borrowing” means a borrowing hereunder consisting of Advances made on the same day by the Lenders (or Agent on behalf
thereof), or by Swing Lender in the case of a Swing Loan, or by Agent in the case of an Agent Advance. 
 “Borrowing
Base” means, as of any date of determination, the result of without duplication: 
 (a) the sum of:

 (i) 90% of the amount of Eligible Accounts consisting of Credit Card Receivables, plus 

(b) (I) during any period other than a Seasonal Borrowing Period, 90% times the then extant Net Liquidation Percentage
times the cost or retail value as reflected in the Borrower’s stock ledger report of Borrower’s Eligible Landed Inventory and (II) during each Seasonal Borrowing Period, 95% times the then extant Net Liquidation Percentage times the cost
or retail value as reflected in the Borrower’s stock ledger report of Borrower’s Eligible Landed Inventory; plus 
 (c) the lowest of 
 (i) (I) during any period other than a Seasonal
Borrowing Period, 90% times the then extant Net Liquidation Percentage times the cost or retail value as reflected in the Borrower’s stock ledger report of Borrower’s Eligible Distribution Center Inventory and (II) during each Seasonal
Borrowing Period, 95% times the then extant Net Liquidation Percentage times the cost or retail value as reflected in the Borrower’s stock ledger report of Borrower’s Eligible Distribution Center Inventory, and 

  
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 (ii) $20,000,000, plus 

(d) the lowest of 
 (i) (I) during any period other than the Seasonal Borrowing Period, 90% times the then extant Net Liquidation Percentage times the cost or retail value as reflected in the Borrower’s stock ledger
report of Borrower’s Eligible In-Transit Inventory and (II) during the Seasonal Borrowing Period, 95% times the then extant Net Liquidation Percentage times the cost or retail value as reflected in the Borrower’s stock ledger report of
Borrower’s Eligible In-Transit Inventory, and 
 (ii) the lesser of (a) $15,000,000 and (b) 20% of
the Borrowing Base, minus 
 (e) the sum of (i) the Landlord Lien Reserves, (ii) the Customer Liability
Reserves, (iii) the Inventory Reserves, and (iv) the aggregate amount of such additional reserves, if any, established by Agent in accordance with Section 2.1(b). 

“Borrowing Base Certificate” has the meaning set forth in Schedule 6.2. 

“Business Day” means any day that is not a Saturday, Sunday, or other day on which banks are authorized or required to
close in the state of Massachusetts, except that, if a determination of a Business Day shall relate to a LIBOR Rate Loan, the term “Business Day” also shall exclude any day on which banks are closed for dealings in Dollar deposits in the
London interbank market. 
 “Capital Expenditure” means, with respect to any Person for any period, the sum of
(a) the aggregate of all expenditures by such Person and its Subsidiaries during such period that in accordance with GAAP are or should be included in “property, plant and equipment” or in a similar fixed asset account on its balance
sheet, whether such expenditures are paid in cash or financed and including all Capitalized Lease Obligations paid or payable during such period, and (b) to the extent not covered by clause (a) above, the aggregate of all expenditures by
such Person and its Subsidiaries during such period to acquire by purchase or otherwise the business or fixed assets of, or the equity interests of, any other Person; provided, however, that the following shall not constitute Capital
Expenditures: (i) expenditures made in connection with the replacement, substitution or restoration of assets to the extent financed from insurance proceeds paid on account of the loss of or damage to the assets being replaced or restored,
(ii) expenditures to the extent that they are made by a Credit Party or any of its Subsidiaries to effect leasehold improvements to any property leased by such Person as lessee, to the extent that such expenses have been reimbursed in cash by
the landlord that is not a Credit Party or any of its Subsidiaries, (iii) expenditures made in connection with the purchase of furniture, fixtures and equipment to the extent they are actually paid for by a third party (excluding any Credit
Party or any of its Subsidiaries) and for which no Credit Party or any of its Subsidiaries has provided or is required to provide or incur, directly or indirectly, any consideration or monetary obligations to such third party or any other person
(whether before, during or after such period), and (iv) the Specified Capital Expenditures. 

  
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 “Capital Lease” means a lease that is required to be capitalized for
financial reporting purposes in accordance with GAAP. 
 “Capitalized Lease Obligation” means that portion of
the obligations under a Capital Lease that is required to be capitalized in accordance with GAAP. 
 “Cash
Equivalents” means, as of any date of determination, (i) marketable securities (a) issued or directly and unconditionally guaranteed as to interest and principal by the United States Government or (b) issued by any agency of
the United States the obligations of which are backed by the full faith and credit of the United States, in each case maturing within one year after such date; (ii) marketable direct obligations issued by any state of the United States of
America or any political subdivision of any such state or any public instrumentality thereof, in each case maturing within one year after such date and having, at the time of the acquisition thereof, a rating of at least A-1 from Standard
&Poor’s Rating Group (“S&P”) or at least P-1 from Moody’s Investors Service Inc. (“Moody’s”); (iii) commercial paper maturing no more than one year from the date of creation thereof and having, at the
time of the acquisition thereof, a rating of at least A-1 from S&P or at least P-1 from Moody’s; (iv) certificates of deposit or bankers’ acceptances maturing within one year after such date and issued or accepted by any Lender or
by any commercial bank organized under the laws of the United States of America or any state thereof or the District of Columbia that (a) is at least “adequately capitalized” (as defined in the regulations of its primary Federal
banking regulator) and (b) has Tier 1 capital (as defined in such regulations) of not less than $100,000,000; and (v) shares of any money market mutual fund that (a) has substantially all of its assets invested continuously in the
types of investments referred to in clauses (i) and (ii) above, (b) has net assets of not less than $500,000,000 and (c) has the highest rating obtainable from either S&P or Moody’s. 

“Cash Management Account” has the meaning set forth in Section 2.8(a). 

“Cash Management Agreements” means those certain cash management agreements, in form and substance satisfactory to
Agent, each of which is among the applicable Credit Party, Agent, and one of the Cash Management Banks. 
 “Cash
Management Bank” has the meaning set forth in Section 2.8(a). 
 “Certificated Security”
means any certificated security (as that term is defined in the Code). 
 “Change in Law” means the occurrence,
after the date of this Agreement, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation,
implementation or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding
anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or
directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in
each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued. 

  
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 “Change of Control” means that (a) any “person” or
“group” (within the meaning of Sections 13(d) and 14(d) of the Exchange Act), other than the Sponsor Group or any member thereof, becomes the beneficial owner (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of
more than 50%, of the Stock of Borrower having the right to vote for the election of members of the Board of Directors, (b) Borrower ceases to own, directly or indirectly, and control 100% of the outstanding Stock of each subsidiary Guarantor,
other than any Guarantor, the stock of which was disposed of in an Asset Sale permitted by Section 7.3 or (c) Parent ceases to own, directly or indirectly, and control 100% of the outstanding stock of Borrower free and clear of all
Liens except those established herein and those that secure the Term Loan Indebtedness. 
 “Chattel Paper”
means chattel paper (as that term is defined in the Code). 
 “Closing Date” means February 20, 2009.

 “Closing Date Business Plan” means the set of Projections of Borrower for the 1 year period following the
Closing Date (on a month by month basis), in form and substance (including as to scope and underlying assumptions) satisfactory to Agent. 
 “Code” means the New York Uniform Commercial Code, as in effect from time to time. 
 “Collateral” means the Credit Party Collateral and all other assets and interests in assets and proceeds thereof now owned or hereafter acquired by any Credit Party in or upon which a
Lien is granted under any of the Loan Documents; provided, however, that the Excluded Assets shall not constitute Collateral. 
 “Collateral Access Agreement” means a landlord waiver, bailee letter, or acknowledgement agreement of any lessor, warehouseman, processor, consignee, or other Person in possession of,
having a Lien upon, or having rights or interests in any Credit Party’s Inventory or Books relating to Collateral, in each case, in form and substance satisfactory to Agent in its Permitted Discretion. 

“Collection Accounts” has the meaning set forth in Section 2.8(a). 

“Collections” means all cash, checks, notes, instruments, and other items of payment relating to the Collateral.

 “Commitment” means, with respect to each Lender, its Revolver Commitment and, with respect to all Lenders,
their Revolver Commitments, as such Dollar amounts are set forth beside such Lender’s name under the applicable heading on Schedule C-1 or in the Assignment and Acceptance pursuant to which such Lender became a Lender hereunder in
accordance with the provisions of Section 14.1. 

  
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 “Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. §
1 et seq.), as amended from time to time, and any successor statute. 
 “Common Carrier” means any Person
listed on Schedule G-1, or such other Persons as may be selected by Borrower after the date hereof who are reasonably acceptable to Agent to perform transportation of Inventory within the United States and who have executed and delivered a
Common Carrier Agreement. 
 “Common Carrier Agreement” means a common carrier agreement in form and substance
satisfactory to Agent in its Permitted Discretion, duly executed and delivered to Agent by a Common Carrier and a Credit Party. 

“Compliance Certificate” means a certificate substantially in the form of Exhibit C-1 delivered by the chief
financial officer of Borrower to Agent. 
 “Computation Period” means each period of four consecutive fiscal
quarters ending on the last day of a fiscal quarter. 
 “Concentration Accounts” has the meaning set forth in
Section 2.8(a). 
 “Consolidated” means, when used to modify a financial term, test, statement, or
report of a Person, the application or preparation of such term, test, statement or report (as applicable) based upon the consolidation, in accordance with GAAP, of the financial condition or operating results of such Person and its Subsidiaries.

 “Consolidated EBITDA” means for any period, for Ultimate Parent and its Subsidiaries on a consolidated basis
and without duplication, an amount equal to the sum of (without duplication): 
 (a) Consolidated Net Income, 

(b) Consolidated Net Interest Expense deducted in determining such Consolidated Net Income, 

(c) the amount of taxes, based on or measured by income, used or included in determining such Consolidated Net Income, 

(d) the amount of depreciation and amortization expense deducted in determining such Consolidated Net Income, 

(e) losses or expenses reflected in Consolidated Net Income as a result of (A) amounts paid to Sponsor or any Sponsor Affiliates in
respect of expense reimbursements to the extent permitted under Section 7.11, and (B) accrued but unpaid expenses payable to Sponsor permitted under Section 7.11, 

  
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 (f) costs and expenses incurred in connection with Investments permitted under
Section 7.10(c) and (d), 
 (g) costs and expenses incurred in connection with (i) acquisitions which are
ultimately not consummated so long as such costs and expenses do not exceed $1,000,000 during any trailing twelve month period included in the calculation of Consolidated EBITDA and (ii) the Permitted Distribution, the Term Loan Indebtedness
incurred on the Sixth Amendment Effective Date, the amendments to the Loan Documents on the Sixth Amendment Effective Date and the related transactions, 
 (h) fees, costs and expenses in connection with Store Closings in an aggregate amount not to exceed $150,000 per fiscal year, 
 (i) Pre-Opening Costs incurred during such period that are permitted under the definition of “Pre-Opening Costs”, 
 (j) to the extent not already included in the calculation of Consolidated Net Income, proceeds from business interruption insurance, and 

(k) non-cash charges resulting from the grant of stock options or other equity related incentives to any director, officer or employee of
Ultimate Parent or any Subsidiary of Ultimate Parent pursuant to a written plan or agreement approved by the Board of Directors of the applicable Person and other non-cash items. 

“Consolidated Net Income” means, with respect to Ultimate Parent and the Subsidiaries for any period, the net income (or
loss) of Borrower and the Subsidiaries for such period without duplication, and solely to the extent included in computing net income (or loss) but excluding from the determination of Consolidated Net Income (without duplication) (a), any tax
refunds, net operating losses or other net tax benefits, (b) non-cash effects of discontinued operations, (c) interest that is paid in kind, (d) any net gain attributable to the write-up of any asset, and (e) any loss
attributable to the write-down of any asset (other than Accounts and Inventory); provided that any Non Financing Leases shall be treated as operating leases for all purposes including the calculation of Consolidated Net Income regardless of
the GAAP treatment of such Non Financing Leases. 
 “Consolidated Net Interest Expense” means with respect to
any Person for any period, gross interest expense of such Person and its Subsidiaries payable in cash for such period determined on a consolidated basis and in accordance with GAAP (including, without limitation, interest expense paid to Affiliates
(other than Credit Parties) of such Person), less (a) the sum of (i) interest income (including interest paid-in-kind) for such period and (ii) gains for such period on Hedge Agreements (to the extent not included in interest
income above and to the extent not deducted in the calculation of gross interest expense), plus (b) the sum of (i) losses for such period on Hedge Agreements (to the extent not included in such gross interest expense) and
(ii) the upfront costs or fees for such period associated with Hedge Agreements (to the extent not included in such gross interest expense), in each case, determined on a consolidated basis and in accordance with GAAP. 

“Contributing Guarantors” has the meaning set forth in Section 17.2. 

“Control Exercise Notice” has the meaning set forth in Section 2.8(c). 

  
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 “Credit Card Agreements” means those certain credit card receipts
agreements, each in form and substance reasonably satisfactory to Agent, and each of which is among Agent, the applicable Credit Party, and one of such Credit Party’s Credit Card Processors, whereby, among other things, such Credit Card
Processor is irrevocably directed and agrees to transfer all proceeds of credit card charges for sales by such Credit Party received by it (or other amounts payable by such Credit Card Processor) into a designated Concentration Account on a daily
basis or such other periodic basis as Agent may otherwise direct. 
 “Credit Card Processor” means any Person
(including an issuer of a credit card) that acts as a credit card clearinghouse or remits payments due to any Credit Party with respect to credit card charges accepted by such Credit Party. 

“Credit Card Receivables” means, on any date of determination thereof, Accounts consisting of rights of any Credit Party
to payment by any Credit Card Processor in connection with consumer retail sales for which such Credit Party has accepted payment by means of charges to debit cards or major credit cards (MasterCard, VISA, American Express, Discover, Private Label
Credit Cards and such other bank or non-bank credit or debit cards as may be approved by Agent in its Permitted Discretion). 

“Credit Party” means the Borrower and each Guarantor. 

“Credit Party Collateral” means all of the now owned or hereafter acquired right, title, and interest of each Credit
Party in and to each of the following: 
 (a) all of the personal property now owned or at any time hereafter acquired by any
Credit Party or in which any Credit Party now has or at any time in the future may acquire any right, title or interest, other than the Excluded Assets, including all of each Credit Party’s Accounts, Chattel Paper, Deposit Accounts, Documents,
Equipment, Fixtures, General Intangibles, Instruments, Intellectual Property (but excluding any intent-to-use trademark applications), Inventory, Investment Property, Letter-of-Credit Rights, Supporting Obligations and all commercial tort claims;

 (b) all books and records pertaining to any of the foregoing; 

(c) all Proceeds and products of any of the foregoing; and 
 (d) all collateral security and guarantees given by any Person with respect to any of the foregoing; 
 Provided, however, that Excluded Assets shall not constitute Credit Party Collateral. 
 “Critical Monitoring Event” means the failure of the Borrower at any time to maintain Excess Availability at least equal to $15,000,000. For purposes of this Agreement, the occurrence of
a Critical Monitoring Event shall be deemed continuing, at the Agent’s option, until Availability has exceeded $15,000,000 for sixty (60) consecutive calendar days, in which case a Critical Monitoring Event shall no longer be deemed to be
continuing for purposes of this Agreement. The termination of a Critical Monitoring Event as provided herein shall in no way limit, waive or delay the occurrence of a subsequent Critical Monitoring Event in the event that the conditions set forth in
this definition again arise. 

  
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 “Customer Liabilities” means the Ultimate Parent and its Subsidiaries’
potential liabilities to their customers, including in connection with merchandise deposits, returns, merchandise credits, gift certificates and frequent shopper programs. 
 “Customer Liabilities Reserve” means an amount equal to the lesser of (a) the sum of 100% times the amount of reserves established by Borrower on its financial statements in
accordance with GAAP with respect to Customer Liabilities comprised of customer cash deposits and layaway deposits plus 50% times the amount of reserves established by Borrower on its financial statements in accordance with GAAP with respect
to Customer Liabilities (other than customer cash deposits and layaway deposits but including gift cards) and (b) other such amount as the Agent determines in its Permitted Discretion by taking into account other factors that may reduce the
probability that such Customer Liabilities may be redeemed including the historic redemption rate, the aging of the Customer Liabilities and the purposes and consideration for the issuance of the Customer Liability. 

“Customs Broker” means New Venture Brokers, Samuel Shapiro & Co., Inc., or such other Persons as may be
selected by Borrower after the date hereof who are reasonably acceptable to Agent to perform port of entry services to accept and process Inventory imported by Borrower and who have executed and delivered a Customs Broker Agreement. 

“Customs Broker Agreement” means a custom broker agreement in form and substance satisfactory to Agent in its Permitted
Discretion, duly executed and delivered to Agent by a Customs Broker and Borrower. 
 “Daily Balance” means, as
of any date of determination and with respect to any Obligation, the amount of such Obligation owed at the end of such day. 

“DDA Notification” means a written notice in the form of Exhibit D. 

“Default” means an event, condition, or default that, with the giving of notice, the passage of time, or both, would be
an Event of Default; provided, however, that for purposes of Section 3.2(b), the term “Default” shall not include any event, condition or default that, with the giving of notice, the passage of time, or both,
would become an Event of Default under Section 8.2(c). 
 “Defaulting Lender” means any Lender that
(a) has failed to fund any amounts required to be funded by it under this Agreement within two (2) Business Days after the date that it is required to do so under this Agreement (including the failure to make available to the Agent amounts
required pursuant to a Settlement or to make a required payment in connection with a Letter of Credit Disbursement), (b) has notified the Borrowers, the Agent, or any Lender in writing that it does not intend to comply with all or any portion
of its funding obligations under this Agreement, (c) has made a public statement to the effect that it does not intend to comply with its funding obligations under the Agreement or under other agreements generally (as reasonably determined by
the Agent) under which it has committed to extend credit, (d) failed, within one (1) Business Day after written request by the Agent, to confirm that it will comply 

  
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with the terms of the Agreement relating to its obligations to fund any amounts required to be funded by it under the Agreement, (e) otherwise failed to pay over to the Agent or any other
Lender any other amount required to be paid by it under the Agreement on the date that it is required to do so under the Agreement, or (f) (i) becomes or is insolvent or has a parent company that has become or is insolvent or
(ii) becomes the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, or custodian or appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or
acquiescence in any such proceeding or appointment or has a parent company that has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, or custodian appointed for it, or has taken any action in
furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment. 

“Defaulting Lender Rate” means (a) for the first 3 days from and after the date the relevant payment is due, the
Base Rate, and (b) thereafter, the interest rate then applicable to Advances that are Base Rate Loans (inclusive of the Applicable Margin applicable thereto). 
 “Deposit Account” means any deposit account (as that term is defined in the Code). 
 “Designated Account” means the Deposit Account of each Credit Party identified on Schedule D-1. 
 “Designated Account Bank” has the meaning ascribed thereto on Schedule D-1. 
 “Disbursement Letter” means an instructional letter executed and delivered by Borrower to Agent regarding the extensions of credit to be made on the Closing Date, the form and substance
of which is reasonably satisfactory to Agent. 
 “Distribution Centers” means the distribution center of the
Credit Parties located at 9202 F Street, Omaha NE 68127, the distribution center of the Credit Parties located at 1801 Innovation Boulevard, Clayton, IN 43118 (to the extent being used as such), or such other distribution center or centers as may be
selected by Borrower after the date hereof. 
 “Documents” means any Document (as that term is defined in the
Code). 
 “Dollars” or “$” means United States dollars. 

“Eligible Accounts” means those Accounts consisting of Credit Card Receivables in each case (for all such Accounts) that
are created by any Credit Party in the ordinary course of its business, that arise out of such Credit Party’s sale of goods or rendition of services, that comply with each of the representations and warranties respecting Eligible Accounts made
in the Loan Documents, and that are not excluded as ineligible by virtue of one or more of the excluding criteria set forth below; provided, however, that such criteria may be revised from time to time by Agent in its Permitted
Discretion to address the results of any audit performed by Agent from time to time after the Closing Date. In determining the amount to be included, Eligible Accounts shall be calculated at face value, net of customer deposits and unapplied cash.
Eligible Accounts shall not include the following: 

  
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 (a) Credit Card Receivables that the applicable Credit Card Processor has failed to pay
within 5 Business days after the applicable sale date; 
 (b) Accounts owed by an Account Debtor (or its Affiliates) where 50%
or more of all Accounts owed by that Account Debtor (or its Affiliates) are deemed ineligible under clause (a) above, 

(c) Accounts that are not payable in Dollars, 
 (d) Accounts with respect to which the Account Debtor either (i) does not maintain its chief executive office in the United States, or (ii) is not organized under the laws of the United States
or any state thereof, or (iii) is the government of any foreign country or sovereign state, or of any state, province, municipality, or other political subdivision thereof, or of any department, agency, public corporation, or other
instrumentality thereof, unless (y) the Account is supported by an irrevocable letter of credit satisfactory to Agent in its Permitted Discretion (as to form, substance, and issuer or domestic confirming bank) that has been delivered to Agent
and is directly drawable by Agent, or (z) the Account is covered by credit insurance in form, substance, and amount, and by an insurer, satisfactory to Agent in its Permitted Discretion, 

(e) Accounts with respect to which the Account Debtor is subject to an Insolvency Proceeding, is not Solvent, or as to which any Credit
Party has received notice of an imminent Insolvency Proceeding or a material impairment of the financial condition of such Account Debtor, 
 (f) Accounts, the collection of which, Agent, in its Permitted Discretion, believes to be doubtful by reason of the Account Debtor’s financial condition, or 

(g) Accounts that are not subject to a valid and perfected first priority Agent’s Lien and are not subject to a Credit Card
Agreement. 
 “Eligible Distribution Center Inventory” means Inventory that does not qualify as Eligible Landed
Inventory solely because it is located at the Distribution Centers or is en route from the Distribution Centers to a location set forth on Schedule E-1. 
 “Eligible Domestic In-Transit Inventory” means those items of Inventory that do not qualify as Eligible Distribution Center Inventory or Eligible Landed Inventory solely because
they are not in a Distribution Center or in transit from a Distribution Center to a location set forth on Schedule E-1 or in a location set forth on Schedule E-1 or in transit among such locations or because a Credit Party does not have good,
valid, marketable title to such Inventory, but as to which (a) such Inventory currently is, and has been for a period not exceeding ten (10) days, in transit (whether by vessel, air, or land) within the United States to a Distribution
Center or a location set forth on Schedule E-1, (b) (i) Agent has satisfied itself that a final sale of such Inventory to a Credit Party has occurred and such Credit Party is the sole owner of such Inventory, no default shall exist
under any agreement in effect between the vendor of such Inventory and a Credit Party which would permit such vendor, and reasonably be expected to cause such vendor, under any applicable law (including the UCC) to divert, reclaim or stop shipment
of such Inventory, (ii) the vendor of such Inventory is an Eligible Vendor, (iii) Agent 

  
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has received evidence satisfactory to it that all counterparts of the original Acceptable Documents evidencing such Inventory are in the possession, in the United States, of Agent or an agent of
Agent, and (iv) such Inventory is in the possession of a Common Carrier that has issued a Acceptable Document or in the possession of a Credit Party as a result of delivery of such Acceptable Document by Agent to such Credit Party (c) such
Inventory is insured against types of loss, damage, hazards, and risks, and in amounts, satisfactory to Agent in its Permitted Discretion, and (d) such Credit Party has certified to Agent (pursuant to an applicable borrowing base certificate
delivered pursuant to Schedule 6.2(a)) that certifies that, to the knowledge of such Credit Party, such Inventory meets all of such Credit Party’s representations and warranties contained in the Loan Documents concerning Eligible
Inventory, that to the knowledge of such Credit Party there is no reason why such Inventory would not be accepted by a Credit Party when it arrives at a Distribution Center or a location set forth on Schedule E-1, and that the shipment as
evidenced by the documents conforms to the related order documents. Delivery of each borrowing base certificate pursuant to Schedule 6.2(a) shall constitute a representation and warranty by such Credit Party that the Inventory listed (or
otherwise treated) therein as being Eligible Domestic In-Transit Inventory satisfies the foregoing definition; provided Eligible Domestic In-Transit Inventory shall not include any Inventory being held at a Distribution Center. 

“Eligible In-Transit Inventory” means Eligible Domestic In-Transit Inventory and, without duplication, those items of
Inventory that do not qualify as Eligible Distribution Center Inventory or Eligible Landed Inventory solely because they are not in a Distribution Center or in transit from a Distribution Center to a location set forth on Schedule E-1 or in a
location set forth on Schedule E-1 or in transit among such locations, but as to which (a) such Inventory currently is, and has been for a period not exceeding sixty (60) days, in transit (whether by vessel, air, or land) from a
location outside of the United States to a Distribution Center or a location set forth on Schedule E-1, (b) title to such Inventory has passed to a Credit Party, (c) such Inventory is insured against types of loss, damage, hazards,
and risks, and in amounts, satisfactory to Agent in its Permitted Discretion, (d) such Inventory is in the possession or control of a Freight Forwarder then subject to a Freight Forwarder Agreement or a Customs Broker then subject to a Customs
Broker Agreement (in each case, in the United States) and the same is either (1) prepaid Inventory, or (2) Inventory the purchase of which is supported by a Qualified Import Letter of Credit a telefacsimile copy of which a Credit Party has
received from the Underlying Issuer which issued the Underlying Letter of Credit and as to which a Credit Party also has received a confirmation from such Underlying Issuer that such document is in-transit by air-courier to a Credit Party and
(e) such Credit Party has certified to Agent (pursuant to an applicable borrowing base certificate delivered pursuant to Schedule 6.2(a)) that certifies that, to the knowledge of such Credit Party, such Inventory meets all of such Credit
Party’s representations and warranties contained in the Loan Documents concerning Eligible Inventory, that to the knowledge of such Credit Party there is no reason why such Inventory would not be accepted by a Credit Party when it arrives at a
Distribution Center, and that the shipment as evidenced by the documents conforms to the related order documents. Delivery of each Borrowing Base Certificate pursuant to Schedule 6.2(a) shall constitute a representation and warranty by such
Credit Party that the Inventory listed (or otherwise treated) therein as being Eligible In-Transit Inventory satisfies the foregoing definition; provided Eligible In-Transit Inventory shall not include any Inventory being held at a Distribution
Center. 

  
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 “Eligible Inventory” means Eligible Landed Inventory, Eligible Distribution
Center Inventory or Eligible In-Transit Inventory, less any Reserves imposed by the Agent. 
 “Eligible Landed
Inventory” means Inventory consisting of first quality (including as a result of repackaging) finished goods held for sale in the ordinary course of each Credit Party’s business that complies with each of the representations and
warranties respecting Eligible Inventory made in the Loan Documents, and that is not excluded as ineligible by virtue of the one or more of the excluding criteria set forth below; provided, however, that such criteria may be revised
from time to time by Agent in its Permitted Discretion to address the results of any audit or appraisal performed by Agent from time to time after the Closing Date. In determining the amount to be so included, Inventory shall be valued at the lower
of cost (determined on a perpetual basis) or market on a basis consistent with such Credit Party’s historical accounting practices, but excluding, for purposes of any such determination, the value of any capitalized costs unrelated to the
acquisition of Inventory. An item of Inventory shall not be included in Eligible Landed Inventory if: 
 (a) a Credit Party does
not have good, valid, and marketable title thereto, 
 (b) it is not located at one of the locations in the United States set
forth on Schedule E-1 (or in transit from one such location to another such location) as such locations are updated by the Borrower from time to time by written notice to Agent. 

(c) it is located on real property leased by any Credit Party or in a contract warehouse, unless it is segregated or otherwise separately
identifiable from goods of others, if any, stored on the premises and, with respect to any Credit Party’s chief executive office or Non-Owned Storage Facilities, is subject to a Collateral Access Agreement, 

(d) it is not subject to a valid and perfected first priority Agent’s Lien, 

(e) it consists of goods returned or rejected by any Credit Party’s customers unless such goods are repackaged and ready for sale in
the ordinary course of such Credit Party’s business, or 
 (f) it consists of goods that are obsolete or slow moving,
restrictive or custom items, work-in-process, mismatches, goods on display, return to vendor goods, raw materials, goods returned to vendor, damaged goods, or goods that constitute spare parts, packaging and shipping materials, supplies used or
consumed in any Credit Party’s business, bill and hold goods, defective goods, “seconds” or Inventory acquired on consignment. 
 “Eligible Transferee” means any Person which is both: (1) either (a) a commercial bank organized under the laws of the United States, or any state thereof, and having total
assets in excess of $250,000,000, (b) a commercial bank organized under the laws of any other country which is a member of the Organization for Economic Cooperation and Development or a political subdivision of any such country and which has
total assets in excess of $250,000,000, provided that such bank is acting through a branch or agency located in the United States, (c) a finance company, insurance company, or other financial institution or fund (excluding the Sponsor Group)
that is engaged in making, purchasing, or otherwise investing in 

  
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commercial loans in the ordinary course of its business and having (together with its Affiliates) total assets in excess of $250,000,000, (d) any Affiliate (other than individuals) of a
Lender, or (e) any other Person approved by Agent and; (2) so long as no Event of Default has occurred and is continuing, approved by Borrower (which approval of Borrower shall not be unreasonably withheld, delayed, or conditioned).
Notwithstanding the foregoing, neither the Sponsor Group nor any Person which is an Affiliate of Borrower shall be an Eligible Transferee without the prior written consent of the Required Lenders (which consent shall not be unreasonably withheld).

 “Eligible Vendor” is a vendor of Inventory to a Credit Party that has not diverted, reclaimed or stopped
shipment of any Inventory. 
 “Environmental Actions” means any complaint, summons, citation, notice,
directive, order, claim, litigation, investigation, judicial or administrative proceeding, judgment, letter, or other communication, each, by or from any Governmental Authority, or any third party involving (x) violations of Environmental Laws
or (y) releases of Hazardous Materials (a) from any assets, properties, or businesses of any Credit Party, or any of their predecessors in interest, (b) from adjoining properties or businesses, or (c) from or onto any facilities
which received Hazardous Materials generated by any Credit Party, or any of their predecessors in interest. 

“Environmental Law” means any applicable federal, state, provincial, foreign or local statute, law, rule, regulation,
ordinance, code, binding and enforceable guideline, binding and enforceable written policy, or rule of common law now in effect and in each case as amended, or any judicial or administrative interpretation thereof, including any judicial or
administrative order, consent decree or judgment, in each case, to the extent binding on any Credit Party, relating to the environment, employee health and safety, or Hazardous Materials, including the Comprehensive Environmental Response,
Compensation and Liability Act, 42 USC § 9601 et seq.; the Solid Waste Disposal Act, 42 USC § 6901 et seq; the Federal Water Pollution Control Act, 33 USC § 1251 et seq; the Toxic Substances Control Act, 15 USC
§ 2601 et seq; the Clean Air Act, 42 USC § 7401 et seq.; the Safe Drinking Water Act, 42 USC § 3803 et seq.; the Oil Pollution Act of 1990, 33 USC § 2701 et seq.; the Emergency Planning and
the Community Right-to-Know Act of 1986, 42 USC § 11001 et seq.; the Hazardous Material Transportation Act, 49 USC § 1801 et seq.; and the Occupational Safety and Health Act, 29 USC §651 et seq. (to the
extent it regulates occupational exposure to Hazardous Materials); any state and local or foreign counterparts or equivalents, in each case as amended from time to time. 
 “Environmental Liabilities and Costs” means all liabilities, monetary obligations, Remedial Actions, losses, damages, punitive damages, consequential damages, treble damages, costs and
expenses (including all reasonable fees, disbursements and expenses of counsel, experts, or consultants, and costs of investigation and feasibility studies), fines, penalties, sanctions, and interest incurred as a result of any claim or demand by
any Governmental Authority or any third party, and which relate to any Environmental Action. 
 “Environmental
Lien” means any Lien in favor of any Governmental Authority for Environmental Liabilities and Costs. 

  
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 “Equipment” means equipment (as that term is defined in the Code) and
includes machinery, machine tools, motors, furniture, furnishings, fixtures, vehicles (including motor vehicles), computer hardware, tools, parts, and goods (other than consumer goods, farm products, or Inventory), wherever located, including all
attachments, accessories, accessions, replacements, substitutions, additions, and improvements to any of the foregoing. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and any successor statute thereto.

 “ERISA Affiliate” means (a) any Person subject to ERISA whose employees are treated as employed by the
same employer as the employees of any Credit Party under IRC Section 414(b), (b) any trade or business subject to ERISA whose employees are treated as employed by the same employer as the employees of any Credit Party under IRC
Section 414(c), (c) solely for purposes of Section 302 of ERISA and Section 412 of the IRC, any organization subject to ERISA that is a member of an affiliated service group of which any Credit Party is a member under IRC
Section 414(m), or (d) solely for purposes of Section 302 of ERISA and Section 412 of the IRC, any Person subject to ERISA that is a party to an arrangement with any Credit Party and whose employees are aggregated with the
employees of any Credit Party under IRC Section 414(o). 
 “Event of Default” has the meaning set forth in
Section 8. 
 “Excess Availability” means, as of any date of determination, the amount equal to
Availability minus the aggregate amount, if any, of all trade payables of the Credit Parties aged in excess of 75 days from the invoice date or 45 days from the due date, in each case as determined by Agent in its Permitted Discretion.

 “Exchange Act” means the Securities Exchange Act of 1934, as in effect from time to time. 

“Excluded Accounts” means (i) any payroll account so long as amounts on deposit therein do not exceed the
reasonably estimated payroll obligations of the Person who maintains the account, (ii) any payroll withholding tax, benefits, escrow, trust, customs or any other fiduciary account, and (iii) any zero balance deposit account provided the
amount on deposit therein does not exceed the amount necessary to cover outstanding checks, amounts necessary to maintain minimum deposit requirements and amounts necessary to pay the depositary institution’s fees and expenses. 

“Excluded Assets” means, collectively, (i) Excluded Equity, (ii) any assets, other than Eligible In-Transit
Inventory, located in a jurisdiction other than the United States of America, (iii) any permit, license, any contractual obligation or healthcare insurance receivable in connection with which any Credit Party has any right, title to or interest
(A) that requires the consent of any Person other than a Credit Party or any of its Subsidiaries which has not been obtained as a condition to the creation by such Credit Party of a Lien on any right, title or interest in such permit, license,
any contractual obligation, healthcare insurance receivable or any Stock or stock equivalent related thereto, (B) to the extent that any requirement of law applicable thereto prohibits the creation of a Lien thereon, but only, with respect to
the prohibition in (A)

  
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and (B), to the extent, and for as long as, such prohibition is not terminated or rendered unenforceable or otherwise deemed ineffective by the UCC or any other requirement of law or (C) the
grant of a security interest in such permit, license or contractual obligation would reasonably be expected to result in the loss of rights thereon or create a default thereunder, (iv) any “intent to use” Trademark applications for
which a statement of use has not been filed (but only until such statement is filed), and (v) any assets of any foreign Subsidiary or US Foreign HoldCo; provided, however, “Excluded Assets” shall not include any proceeds,
products, substitutions or replacements of Excluded Assets (unless such proceeds, products, substitutions or replacements would otherwise constitute Excluded Assets). 
 “Excluded Equity” means any voting stock in excess of 65% of the outstanding voting stock of any first tier foreign Subsidiary or US Foreign HoldCo or any equity interests of any lower
tier foreign Subsidiary. 
 “Excluded Hedging Obligation”: shall mean, with respect to any Guarantor, any
guarantee of any Swap Obligations under a Hedging Agreement if, and only to the extent that and for so long as, all or a portion of the guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap
Obligation under a Hedging Agreement (or any guarantee thereof) is or becomes illegal or unlawful under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official
interpretation of any thereof) by virtue of such Guarantor’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act (determined after giving effect to Section 17.13
hereof) and the regulations thereunder at the time the guarantee of such Guarantor or the grant of such security interest would otherwise have become effective with respect to such Swap Obligation under a Hedging Agreement but for such
Guarantor’s failure to constitute an “eligible contract participant” at such time. 
 “Excluded
Subsidiary” means any (i) Subsidiary that is organized under the laws of a jurisdiction other than the United States of America or any state thereof or the District of Columbia and (ii) any US Foreign HoldCo. 

“Excluded Taxes” means, with respect to the Agent, any Lender, any Participant, the Issuing Lender or any other
recipient of any payment to be made by or on account of any obligation of the Credit Parties hereunder, (a) Taxes imposed on or measured by its overall net income (however denominated), and franchise Taxes imposed on it (in lieu of net income
Taxes), by the jurisdiction (or any political subdivision thereof) under the laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable Lending Office is located,
(b) any Other Connection Taxes, (c) any branch profits Taxes imposed by the United States or any similar Tax imposed by any other jurisdiction in which any Loan Party is located, (d) in the case of a recipient that is not a
“United States Person” within the meaning of the IRC (other than an assignee pursuant to a request by the Borrower under Section 2.16), any withholding Tax that is imposed on amounts payable to such recipient at the time such
recipient becomes a party hereto or a Participant hereunder (or designates a new Lending Office), except to the extent that such recipient (or its assignor, if any) was entitled, at the time of designation of a new Lending Office (or assignment), to
receive additional amounts from the Credit Parties with respect to such withholding Tax pursuant to Section 16.11(f), (d) any Taxes resulting from an Agent’s, a Lender’s or a Participant’s failure or inability (other
than as a result of a Change in Law) to comply with the requirements of Section 16.11(a)-(c), and (e) any U.S. federal withholding Tax imposed under FATCA. 

  
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 “Extraordinary Receipts” means any Net Cash Proceeds received by any Credit
Party or any of its Subsidiaries not in the ordinary course of business (and not consisting of Asset Loss Event proceeds described in Section 2.6(b)(ii) hereof), including, without limitation, (i) foreign, United States, state or
local tax refunds, (ii) pension plan reversions, (iii) proceeds of insurance (including key man life insurance and casualty insurance but excluding business interruption insurance), (iv) judgments, proceeds of settlements or other
consideration of any kind in connection with any cause of action (excluding, so long as any portion thereof that represents out-of-pocket losses by such Person), (iii) indemnity payments (excluding any portion thereof that represents the
reimbursement of actual out-of-pocket losses by such Person) and (iv) any purchase price adjustment (other than a working capital or other similar purchase price adjustment) received in connection with any purchase agreement, except to the
extent such purchase price adjustment is used to pay taxes, Indebtedness or other costs. 
 “Fair Share” has
the meaning set forth in Section 17.2. 
 “Fair Share Contribution Amount” has the meaning set
forth in Section 17.2. 
 “Fair Share Shortfall” has the meaning set forth in
Section 17.2. 
 “FATCA” means Sections 1471 through 1474 of the IRC, as of the date of this
Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations promulgated thereunder or official interpretations thereof and any agreements entered
into pursuant to Section 1471(b)(1) of the IRC. 
 “Federal Funds Rate” means, for any day, a rate per
annum (rounded upward to the nearest 1/100th of 1%) equal to the rate published by the Federal Reserve Bank of New York on the preceding Business Day or, if no such rate is so published, the average rate per annum, as determined by Agent, quoted for
overnight Federal Funds transactions last arranged prior to such day. 
 “Fee Letter” means that certain fee
letter dated as of June 1, 2011 among the Borrower and the Agent. 
 “FEIN” means Federal Employer
Identification Number. 
 “Fifth Amendment” means that certain Fifth Amendment to Loan Agreement dated as of
June 1, 2011 by and among Borrower, Agent and the Lenders signatory thereto. 
 “Fifth Amendment Effective
Date” means the “Effective Date”, as defined in the Fifth Amendment. 
 “Fixed Charge Coverage
Ratio” means, as at any date of determination, the ratio, determined on a Consolidated basis for Ultimate Parent and its Subsidiaries for the most recent Measurement Period, of (a) Consolidated EBITDA minus the sum of (i) Capital
Expenditures 

  
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(except those financed with Permitted Indebtedness (other than the Obligations or the Term Loan Indebtedness) or the proceeds of equity issuances) plus (ii) cash taxes paid, plus
(iii) Restricted Payments made by Ultimate Holdings to purchase, redeem or otherwise acquire or retire for value of any Stock held by an employee in connection with the termination of employment, death or disability of that employee of any
Credit Party), to (b) Fixed Charges. 
 “Fixed Charges” means the sum, determined on a consolidated basis
for Ultimate Parent and its Subsidiaries for the most recent 12 consecutive Fiscal Months, of (a) Consolidated Net Interest Expense paid or payable in cash (and, for the avoidance of doubt, excluding those paid-in-kind or capitalized), plus
(b) scheduled principal payments made or required to be made on Indebtedness (excluding the Obligations) in cash. 

“Fixtures” means all of the following, whether now owned or hereafter acquired by a Credit Party: plant fixtures;
business fixtures; other fixtures and storage facilities, wherever located; and all additions and accessories thereto and replacements therefor. 
 “Freight Forwarder” means any Person listed on Schedule F-1, or such other Persons as may be selected by Borrower after the date hereof who are reasonably acceptable to Agent to
perform freight forwarding or international transportation of Inventory imported by Borrower and who have executed and delivered a Freight Forwarder Agreement. 
 “Freight Forwarder Agreement” means a freight forwarder agreement in form and substance satisfactory to Agent in its Permitted Discretion, duly executed and delivered to Agent by a
Freight Forwarder and Borrower. 
 “Funding Date” means the date on which a Borrowing occurs. 

“Funding Guarantor” has the meaning set forth in Section 17.2. 

“Funding Losses” has the meaning set forth in Section 2.14(b)(ii). 

“GAAP” means generally accepted accounting principles as in effect from time to time in the United States, consistently
applied. 
 “General Intangibles” means general intangibles (as that term is defined in the Code), including
payment intangibles, contract rights, rights to payment, rights arising under common law, statutes, or regulations, choses or things in action, goodwill, patents, trade names, trade secrets, trademarks, servicemarks, copyrights, blueprints,
drawings, purchase orders, customer lists, monies due or recoverable from pension funds, route lists, rights to payment and other rights under any royalty or licensing agreements, infringement claims, route lists, computer programs, information
contained on computer disks or tapes, software, literature, reports, catalogs, insurance premium rebates, tax refunds, and tax refund claims, and any and all Supporting Obligations in respect thereof. 

“Gordmans Acquisition” means the merger and other transactions contemplated by that certain Agreement and Plan of
Merger, dated as of September 5, 2008, as amended, by and among Parent, Midwest Shoppes Integrated, Inc. a Delaware corporation and a direct wholly-owned subsidiary of Parent, Gordmans, Inc., a Delaware
corporation and Jeffrey J. Gordman, as stockholders’ representative. 

  
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 “Governing Documents” means, with respect to any Person, the certificate or
articles of incorporation, by-laws, or other organizational documents of such Person. 
 “Governmental
Authority” means any federal, state, local, or other governmental or administrative body, instrumentality, department, or agency or any court, tribunal, administrative hearing body, arbitration panel, commission, or other similar
dispute-resolving panel or body. 
 “Guaranteed Obligations” has the meaning set forth in
Section 17.1. 
 “Guarantor” means Ultimate Parent, Parent and any Subsidiary of Borrower (other
than any Excluded Subsidiary). 
 “Guaranty” means the guaranty of each Guarantor set forth in
Section 17. 
 “Hazardous Materials” means (a) substances that are defined or listed in, or
otherwise classified pursuant to, any applicable laws or regulations as “hazardous substances,” “hazardous materials,” “hazardous wastes,” “toxic substances,” or any other formulation intended to define, list,
or classify substances by reason of deleterious properties such as ignitability, corrosivity, reactivity, carcinogenicity, reproductive toxicity, or “EP toxicity”, (b) oil, petroleum, or petroleum derived substances, natural gas,
natural gas liquids, synthetic gas, drilling fluids, produced waters, and other wastes associated with the exploration, development, or production of crude oil, natural gas, or geothermal resources, (c) any flammable substances or explosives or
any radioactive materials, and (d) asbestos in any form or electrical equipment that contains any oil or dielectric fluid containing levels of polychlorinated biphenyls in excess of 50 parts per million. 

“Hedge Agreement” means any and all agreements or documents now existing or hereafter entered into by any Credit Party
that provide for an interest rate, credit, commodity or equity swap, cap, floor, collar, forward foreign exchange transaction, currency swap, cross currency rate swap, currency option, or any combination of, or option with respect to, these or
similar transactions, for the purpose of hedging such Credit Party’s exposure to fluctuations in interest or exchange rates, loan, credit exchange, security, or currency valuations or commodity prices. 

“Holdout Lender” has the meaning set forth in Section 15.2(a). 

“Increase Effective Date” has the meaning specified in Section 2.2(a)(iv). 

“Indebtedness” means, without duplication, (a) all obligations for borrowed money, (b) all obligations
evidenced by bonds, debentures, notes, or other similar instruments and all reimbursement or other obligations in respect of letters of credit, bankers acceptances, interest rate swaps, or other financial products, (c) all obligations as a
lessee under Capital Leases, (d) all obligations or liabilities of others secured by a Lien on any asset of a Person or its Subsidiaries, irrespective of whether such obligation or liability is assumed, (e) all obligations to

  
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pay the deferred purchase price of assets (other than trade payables incurred in the ordinary course of business and repayable in accordance with customary trade practices), (f) all
obligations owing under Hedge Agreements, and (g) any obligation guaranteeing or intended to guarantee (whether directly or indirectly guaranteed, endorsed, co-made, discounted, or sold with recourse) any obligation of any other Person that
constitutes Indebtedness under any of clauses (a) through (f) above. 
 “Indemnified Liabilities” has
the meaning set forth in Section 11.3. 
 “Indemnified Person” has the meaning set forth in
Section 11.3. 
 “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or
with respect to any payment made by or on account of any obligation of any member of the Lender Group under any Loan Document and (b) to the extent not otherwise described in (a), Other Taxes. 

“Instrument” means instrument (as that term is defined in the Code). 

“Insolvency Proceeding” means any proceeding commenced by or against any Person under any provision of the Bankruptcy
Code or under any other state, provincial or federal bankruptcy or insolvency law, assignments for the benefit of creditors, formal or informal moratoria, compositions, extensions generally with creditors, or proceedings seeking reorganization,
arrangement, or other similar relief. 
 “Intangible Assets” means, with respect to any Person, that portion of
the book value of all of such Person’s assets that would be treated as intangibles under GAAP. 
 “Intellectual
Property” means patents, trade names, trade secrets, trademarks, service marks, copyrights, and registrations and applications for registrations of any of the foregoing. 

“Intellectual Property Security Agreement” means each of those Intellectual Property Security Agreements entered into by
Borrower and any Guarantor dated as of the Closing Date in favor of the Agent. 
 “Intercompany Note” means any
promissory note evidencing loans made by any Credit Party to any Subsidiary. 
 “Interest Expense” means for
any period interest expense determined in accordance with GAAP of Ultimate Parent and its Subsidiaries for such period. 

“Interest Period” means, with respect to each LIBOR Rate Loan, a period commencing on the date of the making of such
LIBOR Rate Loan (or the continuation of a LIBOR Rate Loan or the conversion of a Base Rate Loan to a LIBOR Rate Loan) and ending 1, 2, 3, or 6 months thereafter, as elected by the Borrower pursuant to Section 2.14 and subject to
Section 2.14(d)(ii)(y); provided, however, that (a) if any Interest Period would end on a day that is not a Business Day, such Interest Period shall be extended (subject to clauses (c)-(e) below) to the next
succeeding Business Day, (b) interest shall accrue at the applicable rate based upon the 

  
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LIBOR Rate from and including the first day of each Interest Period to, but excluding, the day on which any Interest Period expires, (c) any Interest Period that would end on a day that is
not a Business Day shall be extended to the next succeeding Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day, (d) with respect to an Interest
Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period), the Interest Period shall end on the last Business Day of the
calendar month that is 1, 2, 3, or 6 months after the date on which the Interest Period began, as applicable, and (e) Borrower may not elect an Interest Period which will end after the Maturity Date. 

“Inventory” means inventory (as that term is defined in the Code). 

“Inventory Reserves” means reserves (determined from time to time by Agent in its Permitted Discretion) for the
estimated costs relating to unpaid freight charges, freight forwarder fees and charges, demurrage fees, warehousing or storage charges, taxes, duties, and other similar unpaid costs associated with the acquisition of Eligible Inventory by Borrower.

 “Investment” means, with respect to any Person, any investment by such Person in any other Person (including
Affiliates) in the form of loans, guarantees, advances, or capital contributions (excluding (a) commission, travel, and similar advances to officers and employees of such Person made in the ordinary course of business, and (b) bona
fide Accounts arising in the ordinary course of business consistent with past practice), purchases or other acquisitions of Indebtedness, Stock, or all or substantially all of the assets of such other Person (or of any division or business line
of such other Person), and any other items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP. 
 “Investment Property” means investment property (as that term is defined in the Code), and any and all supporting obligations in respect thereof. 

“IRC” means the Internal Revenue Code of 1986, as in effect from time to time. 

“Issuing Lender” means WELLS FARGO or any Affiliate thereof or any other Lender that, at the request of Borrower and
with the consent of Agent, agrees, in such Lender’s sole discretion, to become an Issuing Lender for the purpose of issuing L/Cs or L/C Undertakings pursuant to Section 2.13. 

“Knowledge” as to any Person means the actual knowledge of such Person, assuming a level of inquiry by such Person
consistent with the level of inquiry (including, without limitation, review of documents and discussion with officers, directors and employees of the Ultimate Parent and its Subsidiaries) which a reasonable Person holding the title and/or training
of such Person would conduct given the circumstances as to which such Person’s Knowledge is being referenced. 

“Landlord Lien Reserve” means, without limitation of Section 2.1(b), with respect to any Leased Store
Location for which a Collateral Access Agreement is not available, a reserve for rent for two months for full rental obligations in any Landlord Lien State as may be established by Agent, in its Permitted Discretion. 

  
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 “Landlord Lien State” means each of Pennsylvania, Virginia
and Washington. 
 “Laws” means each international, foreign, Federal, state and local statute, treaty,
rule, guideline, regulation, ordinance, code and administrative or judicial precedent or authority, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration
thereof, and each applicable administrative order, directed duty, request, license, authorization and permit of, and agreement with, any Governmental Authority, in each case whether or not having the force of law. 

“L/C” has the meaning set forth in Section 2.13(a). 

“L/C Disbursement” means a payment made by the Issuing Lender pursuant to a Letter of Credit. 

“L/C Undertaking” has the meaning set forth in Section 2.13(a). 

“Leased Store Location” means any Gordmans store for which any Credit Party has a leasehold interest. 

“Lender” and “Lenders” have the respective meanings set forth in the preamble to this Agreement, and
shall include any other Person made a party to this Agreement in accordance with the provisions of Section 14.1. 

“Lender Group” means, (a) individually and collectively, each of the Lenders (including the Issuing Lender) and
Agent and (b) individually, Wells Fargo or any of its Affiliates with respect to the Obligations referred to in clause (b) of the definition of Obligations. 
 “Lender Group Expenses” means all (a) costs or expenses (including taxes, and insurance premiums) required to be paid by any Credit Party under any of the Loan Documents that are
paid, advanced, or incurred by the Lender Group, (b) reasonable fees or charges paid or incurred by Agent in connection with the Lender Group’s transactions with any Credit Party, including, fees or charges for photocopying, notarization,
couriers and messengers, telecommunication, public record searches (including tax lien, litigation, and UCC searches), filing, recording, publication, appraisal (including periodic collateral appraisals or business valuations to the extent of the
fees and charges (and up to the amount of any limitation) set forth in the Loan Documents), (c) reasonable costs and expenses incurred by Agent in the disbursement of funds to any Credit Party or other members of the Lender Group (by wire
transfer or otherwise), (d) reasonable charges paid or incurred by Agent resulting from the dishonor of checks, (e) reasonable costs and expenses paid or incurred by the Lender Group to correct any default or enforce any provision of the
Loan Documents, or in gaining possession of, maintaining, handling, preserving, storing, shipping, selling, preparing for sale, or advertising to sell the Collateral, or any portion thereof, irrespective of whether a sale is consummated,
(f) audit fees and expenses of Agent related to audit examinations of the Books to the extent of the fees and charges (and up to the amount of any limitation) set forth in the Loan Documents, (g) reasonable costs and expenses of third
party claims or any other suit paid or incurred by the Lender Group in enforcing or defending the Loan Documents or in connection with the transactions contemplated by the Loan Documents or the Lender Group’s relationship with any Credit Party,
(h) Agent’s and each Lender’s reasonable costs and expenses (including attorneys 

  
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fees) incurred in advising, structuring, drafting, reviewing, administering, syndicating, or amending the Loan Documents, and (i) Agent’s and each Lender’s reasonable costs and
expenses (including attorneys, accountants, consultants, and other advisors fees and expenses) incurred in terminating, enforcing (including attorneys, accountants, consultants, and other advisors fees and expenses incurred in connection with a
“workout,” a “restructuring,” or an Insolvency Proceeding concerning any Credit Party or in exercising rights or remedies under the Loan Documents), or defending the Loan Documents, irrespective of whether suit is brought, or in
taking any Remedial Action concerning the Collateral. 
 “Lender-Related Person” means, with respect to any
Lender, such Lender, together with such Lender’s Affiliates, officers, directors, employees, attorneys, and agents. 

“Lending Office” means, as to any Lender, the office or offices of such Lender as such Lender may from time to time
notify the Borrower and the Agent. 
 “Letter of Credit” means an L/C or an L/C Undertaking, as the context
requires. 
 “Letter of Credit Rights” means any Letter of Credit Rights (as that term is defined in the Code).

 “Letter of Credit Side Letter” means that certain side letter between the Borrower and Agent dated as of the
Closing Date and relating to the issuance of Letters of Credit. 
 “Letter of Credit Usage” means, as of any
date of determination, the aggregate undrawn amount of all outstanding Letters of Credit. 
 “LIBOR Deadline”
has the meaning set forth in Section 2.14(b)(i). 
 “LIBOR Notice” means a written notice in the
form of Exhibit L-1. 
 “LIBOR Rate” means, for each Interest Period for each LIBOR Rate Loan, the rate
per annum determined by Agent (rounded upwards, if necessary, to the next 1/100%) by dividing (a) the Base LIBOR Rate for such Interest Period, by (b) 100% minus the Reserve Percentage. The LIBOR Rate shall be adjusted
on and as of the effective day of any change in the Reserve Percentage. 
 “LIBOR Rate Loan” means each portion
of an Advance that bears interest at a rate determined by reference to the LIBOR Rate. 
 “Lien” means any lien
or security interest arising from a mortgage, deed of trust, encumbrance, pledge, hypothecation, assignment, deposit arrangement, security agreement, conditional sale or trust receipt, or from a lease, consignment, or bailment for security purposes
and also includes reservations, exceptions, encroachments, easements, rights-of-way, covenants, conditions, restrictions, leases, and other title exceptions and encumbrances affecting Real Property. 

“Loan” means an extension of credit by a Lender to the Borrower under Article 2 in the form of a Revolving Loan,
a Swing Loan, or an Equipment Loan. 

  
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 “Loan Account” has the meaning set forth in Section 2.11.

 “Loan Cap” means, as of any date of determination, the lesser of (A) the Borrowing Base and
(B) the Maximum Revolver Amount. 
 “Loan Documents” means this Agreement, the Term Loan Intercreditor
Agreement, any Permitted Equipment Indebtedness Intercreditor Agreement, the Letter of Credit Side Letter, the Cash Management Agreements, the Credit Card Agreements, the Disbursement Letter, the Fee Letter, the Letters of Credit, the Officers’
Certificate, any note or notes executed by Borrower in connection with this Agreement and payable to a member of the Lender Group, and any other agreement entered into, now or in the future, by any Credit Party and the Lender Group in connection
with this Agreement or otherwise relating to the Obligations. 
 “Management Agreement” means the Consulting
Agreement, dated as of the date hereof, between Sun Capital Partners Management V, LLC and the Borrower, as amended, restated, supplemented or otherwise modified from time to time. 

“Material Adverse Change” means (a) a material adverse change in the business, prospects, operations, results of
operations, assets, liabilities or condition (financial or otherwise) of the Credit Parties, taken as a whole, (b) a material impairment of the Credit Parties’ ability, taken as a whole, to perform their obligations under the Loan
Documents to which they are parties or of the Lender Group’s ability to enforce the Obligations or realize upon the Collateral, or (c) a material impairment of the enforceability or priority of the Agent’s Liens with respect to the
Collateral as a result of an action or failure to act on the part of any Credit Party or otherwise. 
 “Maturity
Date” has the meaning set forth in Section 3.3. 
 “Maximum Revolver Amount” means
$80,000,000, as of the Sixth Amendment Effective Date, and as may be subsequently increased pursuant to Section 2.2 hereof or decreased pursuant to Section 3.5 hereof. 

“Measurement Period” means, at any date of determination, the most recently completed twelve (12) fiscal months of
the Borrower. 
 “Negotiable Collateral” means letters of credit, letter of credit rights, instruments,
promissory notes, drafts, documents, and chattel paper (including electronic chattel paper and tangible chattel paper), and any and all supporting obligations in respect thereof. 

“Net Cash Proceeds” means for any Person with respect to: 

(a) any Asset Sale, the aggregate cash proceeds (including cash proceeds received by way of deferred payment of principal pursuant to a
note, installment receivable or otherwise, but only as and when received) received by such Person pursuant to such disposition, net of (i) the direct costs relating to such sale, transfer or other disposition (including sales commissions and
legal, accounting and investment banking fees); (ii) taxes paid or reasonably estimated by such Person to be payable as a result thereof (after taking into account any available tax credits or deductions and any tax sharing arrangements and any
tax distributions reasonably expected to be made with respect thereto); (iii) amounts required to be applied to the repayment 

  
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of any Indebtedness secured by a Permitted Lien having priority over the Liens of Agent under and in accordance with the Loan Documents on the asset subject to such disposition (other than the
Obligations); (iv) the direct costs relating to or associated with the relocation of assets; and (v) any amount required to be provided by such Person, as a reserve, in accordance with GAAP against any liabilities associated with such
disposition including, without limitation, pension and other post-employment benefit liabilities, liabilities related to environmental matters and liabilities under any indemnification obligations associated with any such Asset Sale;
provided, however, that the amount of any such reserve, at the time that such reserve is no longer required in accordance with GAAP and to the extent that such amount is not actually applied to the liability for which it was reserved, shall
be deemed to be part of the Net Cash Proceeds of such disposition and remitted to Agent for application to the Loans in accordance with the terms of Section 2.6; 
 (b) any Asset Loss Event or Extraordinary Receipts, the aggregate cash proceeds received by such Person in connection therewith (other than cash proceeds constituting business interruption insurance), net
of (i) the direct costs incurred in collecting such amount, and (ii) taxes paid or reasonably estimated by such Person to be payable as a result thereof (after taking into account any available tax credits or deductions and any tax sharing
arrangements and any tax distributions reasonably expected to be made with respect thereto); provided, however, that the amount of such estimated taxes in excess of the amount of taxes actually paid shall be deemed to be part of the Net Cash
Proceeds of such disposition and remitted to Agent for application to the Loans in accordance with the terms of Section 2.6; and 
 (c) any sale, issuance or incurrence of Indebtedness by any Person, the aggregate cash proceeds received (directly or indirectly) by such Person pursuant to such sale, issuance or incurrence, net of the
direct costs relating to such sale, or issuance (including legal, accounting and investment banking fees). 
 “Net
Liquidation Percentage” means the percentage of the perpetual value of each Credit Party’s Eligible Inventory that is estimated to be recoverable in an orderly liquidation of such Inventory as determined from time to time by a
qualified appraisal company selected by Agent subject to Agent’s satisfactory review. 
 “New Stores”
means new stores acquired or opened in the ordinary course of business. 
 “Non-Defaulting Lender” means each
Lender other than a Defaulting Lender. 
 “Non Financing Leases” means leases with respect to Leased Store
Locations whether or not such leases are treated as capital or operating leases under GAAP so long as such leases are not, as a matter of economic substance, a secured financing transaction or other means of financing the acquisition or maintenance
of such service center. 
 “Non-Owned Storage Facility” means any distribution center or warehouse facility
leased by any Credit Party, together with any other location where Inventory of any Credit Party is stored or held pursuant to a lease, bailment, warehousing or similar arrangement, which location (a) is not owned by a Credit Party, and
(b) is not a Leased Store Location. 

  
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 “Obligations” means (a) all loans, Advances, debts, principal,
interest (including any interest that, but for the commencement of an Insolvency Proceeding, would have accrued), contingent reimbursement obligations with respect to outstanding Letters of Credit, premiums, liabilities (including all amounts
charged to Borrower’s Loan Account pursuant hereto), obligations (including indemnification obligations), fees (including the fees provided for in the Fee Letter), charges, costs, Lender Group Expenses (including any fees or expenses that, but
for the commencement of an Insolvency Proceeding, would have accrued), lease payments, guaranties, covenants, and duties of any kind and description owing by any Credit Party to the Lender Group pursuant to or evidenced by the Loan Documents and
irrespective of whether for the payment of money, whether direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising, and including all interest not paid when due and all Lender Group Expenses that the Credit
Parties are required to pay or reimburse by the Loan Documents, by law, or otherwise, and (b) all obligations, liabilities, contingent reimbursement obligations, fees, and expenses owing by any Credit Party to Wells Fargo or any of its
Affiliates with respect to credit cards, credit card processing services, debit cards, purchase cards, ACH Transactions, cash management, including controlled disbursement, accounts or services, supply chain finance services including, without
limitation, trade payable services and supplier accounts receivable purchases, or transactions under Hedge Agreements (and including any obligations of a Credit Party to the Agent or any member of the Lender Group with respect to participations of
such Person in any of the foregoing). Notwithstanding anything herein to the contrary, the Obligations of any Guarantor shall not include any Excluded Hedging Obligations. Any reference in this Agreement or in the Loan Documents to the Obligations
shall include all extensions, modifications, renewals, or alterations thereof, both prior and subsequent to any Insolvency Proceeding. 
 “Obligee Guarantor” has the meaning set forth in Section 17.7. 
 “Officers’ Certificate” means the representations and warranties of officers form submitted by Agent to Borrower, together with Borrower’s completed responses to the inquiries
set forth therein, the form and substance of such responses to be satisfactory to Agent in its Permitted Discretion. 

“Originating Lender” has the meaning set forth in Section 14.1(e). 

“Other Connection Taxes” means, with respect to any member of the Lender Group, Taxes imposed as a result of a present
or former connection between such member of the Lender Group and the jurisdiction imposing such Tax (other than connections arising from such member of the Lender Group having executed, delivered, become a party to, performed its obligations under,
received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document). 

“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes
that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes
that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.16). 

  
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 “Overadvance” has the meaning set forth in Section 2.6.

 “Parent” means Gordmans Intermediate Holdings Corp., a Delaware corporation (formerly known as Midwest
Shoppes Intermediate Holding Corp.). 
 “Participant” has the meaning set forth in Section 14.1(e).

 “Patriot Act” means the USA Patriot Act of 2001 (31 U.S.C. 5318 et seq.). 

“Pay-Off Letter” means a letter, in form and substance reasonably satisfactory to Agent, from Existing Lender to Agent
respecting the amount necessary to repay in full all of the obligations of each Credit Party owing to Existing Lender and obtain a release of all of the Liens existing in favor of Existing Lender in and to the assets of any Credit Party. 

“Perfection Certificate” means a perfection certificate executed by the Borrower and each Credit Party in the form
previously delivered by Agent to Borrower. 
 “Permitted Discretion” means a determination made by the Agent in
good faith in the exercise of commercially reasonable business judgment determined in accordance with commercially reasonable credit procedures for secured lending transactions. 

“Permitted Dispositions” means (a) sales or other dispositions of Equipment that is substantially worn, damaged, or
obsolete in the ordinary course of business, (b) sales of Inventory to buyers in the ordinary course of business, (c) the use or transfer of money or Cash Equivalents in a manner that is not prohibited by the terms of this Agreement or the
other Loan Documents, (d) abandonment of immaterial Intellectual Property in the reasonable business discretion of the Credit Parties and (e) Store Closings in any fiscal year of the Borrower not in excess of the Store Closing Basket.

 “Permitted Distribution” means a distribution or dividend made by the Borrower, directly or indirectly, to
Ultimate Parent and by Ultimate Parent to holders of its Stock within 30 days after the Sixth Amendment Effective Date with proceeds of the Term Loan Indebtedness in an aggregate not to exceed $70,000,000. 

“Permitted Equipment Indebtedness” has the meaning set forth in Section 7.1(p). 

“Permitted Equipment Indebtedness Documentation” has the meaning set forth in Section 7.1(p). 

“Permitted Equipment Indebtedness Intercreditor Agreement” has the meaning set forth in Section 7.1(p).

 “Permitted Investments” means (a) Investments in cash and Cash Equivalents, (b) Investments in
negotiable instruments for collection, (c) advances made in connection with purchases of goods or services in the ordinary course of business, (d) Investments made by one 

  
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Credit Party in another Credit Party, (e) Investments received in settlement of amounts due to any Credit Party effected in the ordinary course of business or owing to any Credit Party as a
result of Insolvency Proceedings involving an Account Debtor or upon the foreclosure or enforcement of any Lien in favor of such Credit Party, (e) so long as no Default or Event of Default shall have occurred and be continuing, loans to
employees of the Credit Parties for relocation expenses in an aggregate outstanding amount not to exceed $1,250,000 at any time; (f) so long as no Default or Event of Default shall have occurred and be continuing, loans to employees of the
Credit Parties in an aggregate outstanding amount not to exceed $250,000 at any time and (g) Investments in bonds issued by a Governmental Authority in connection with the lease of property or equipment by any Credit Party from such
Governmental Authority, provided that such bonds are secured by the lease payments required to be made by such Credit Party with respect to such leased property and are issued in transactions which are in form and substance substantially similar to
those in which the Investments described on Schedule 7.10 were made. 
 “Permitted Liens” means
(a) Liens held by Agent, (b) Liens for unpaid taxes that either (i) are not yet delinquent, or (ii) do not constitute an Event of Default hereunder and are the subject of Permitted Protests, (c) Liens set forth on
Schedule P-1, (d) the interests of lessors under operating leases, (e) purchase money Liens or the interests of lessors under Capital Leases to the extent that such Liens or interests secure Permitted Purchase Money Indebtedness and
so long as such Lien attaches only to the asset purchased or acquired and the proceeds thereof, (f) Liens arising by operation of law in favor of warehousemen, landlords, carriers, mechanics, materialmen, laborers, or suppliers, incurred in the
ordinary course of business and not in connection with the borrowing of money, and which Liens either (i) are for sums not yet delinquent, or (ii) are the subject of Permitted Protests, (g) Liens arising from deposits made in
connection with obtaining worker’s compensation or other unemployment insurance, (h) Liens or deposits to secure performance of bids, tenders, or leases incurred in the ordinary course of business and not in connection with the borrowing
of money, (i) Liens granted as security for surety or appeal bonds in connection with obtaining such bonds in the ordinary course of business, (j) Liens resulting from any judgment or award that is not an Event of Default hereunder,
(k) with respect to any Real Property, easements, rights of way, and zoning restrictions that do not materially interfere with or impair the use or operation thereof, (l) Liens in favor of customs and revenue authorities arising as a
matter of law to secure payment of customs duties in connection with the importation of goods and (m) Liens granted to the Term Loan Agent to secure the Term Loan Indebtedness so long as such Liens are subject to the Term Loan Intercreditor
Agreement. 
 “Permitted Protest” means the right of any Credit Party to protest any Lien (other than any Lien
that secures the Obligations), taxes (other than payroll taxes or taxes that are the subject of a United States federal tax lien), or rental payment, provided that (a) a reserve with respect to such obligation is established on the Books in
such amount as is required under GAAP, (b) any such protest is instituted promptly and prosecuted diligently by such Credit Party, as applicable, in good faith, (c) Agent is reasonably satisfied that, while any such protest is pending,
there will be no impairment of the enforceability, validity, or priority of any of the Agent’s Liens, and (d) if the obligation results from entry of a judgment or other order, such judgment or order is stayed pending appeal or other
judicial review. 

  
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 “Permitted Purchase Money Indebtedness” means, as of any date of
determination, Purchase Money Indebtedness (i) outstanding as of the Sixth Amendment Effective Date or (ii) incurred after the Sixth Amendment Effective Date in an aggregate principal amount outstanding at any one time not in excess of
$15,000,000. 
 “Person” means natural persons, corporations, limited liability companies, limited
partnerships, general partnerships, limited liability partnerships, joint ventures, trusts, land trusts, business trusts, or other organizations, irrespective of whether they are legal entities, and governments and agencies and political
subdivisions thereof. 
 “Pledged Equity” means the equity interests listed on Schedule 5.23, together
with any other equity interests, certificates, options or rights of any nature whatsoever in respect of the equity interests of any Person that may be issued or granted to, or held by, any Credit Party while this Agreement is in effect;
provided that in no event shall any Excluded Equity be pledged. 
 “Pledged Notes” means all promissory
notes listed on Schedule 5.23, all Intercompany Notes at any time issued to any Credit Party and all other promissory notes issued to or held by any Credit Party (other than (a) promissory notes issued in connection with extensions of
trade credit by any Credit Party in the ordinary course of business and (b) any individual promissory note which is less than $10,000 in principal amount, up to an aggregate of $50,000 for all such promissory notes excluded under this clause
(b)). 
 “Pre-Opening Costs” means start-up cash expenses incurred with respect to the opening and organizing
of any New Store (including, but not limited to, the cost of feasibility studies, staff-training and recruiting, and travel costs for employees engaged in such start-up activities); provided, however, that the aggregate amount of such Pre-Opening
Costs does not exceed $500,000 with respect to any individual New Store and the aggregate amount of all Pre-Opening Costs for all New Stores does not exceed $6,000,000 for any trailing twelve-month period. 

“Private Label Credit Cards” means any private label credit card issued by Alliance Data Systems or another major credit
card provider, in each case for which the credit card relationship with the holder of the credit card involves no risk or other liability to any Credit Party. 
 “Pro Forma Conditions” means, at the time of determination with respect to any specified debt transaction or payment, that (a) no Default or Event of Default then exists or would
arise as a result of entering into such transaction or the making of such payment, (b) after giving effect to such transaction or payment, (A) projected Excess Availability as of the end of each fiscal month during the subsequent projected
twelve (12) fiscal months will be greater than (x) $20,000,000 and (y) thirty percent (30%) of the Loan Cap, (B) the Fixed Charge Coverage Ratio, for the twelve (12) months immediately preceding the date of such
transaction or payment for which the Agent has received financial statements shall be greater than 1.00:1.00 after giving pro forma effect to such transaction or payment as if such transaction had been entered into or such payment had been made as
of the first day of such twelve-month period, and (C) the projected Fixed Charge Coverage Ratio as of the end of each fiscal month during the subsequent projected twelve (12) fiscal months shall be no less than 1.00:1.00 after giving
effect to such transaction or payment. 

  
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 “Proceeds” means all proceeds as such term is defined in
Section 9-306(1) of the Code and, in any event, shall include all dividends or other income from the Investment Property, collections thereon or distributions and payments with respect thereto. 

“Projections” means Borrower’s forecasted (a) balance sheets, (b) profit and loss statements, and
(c) cash flow statements, all prepared in the manner set forth in Section 6.3(c) and on a basis consistent with Borrower’s historical financial statements, together with appropriate supporting details and a statement of
underlying assumptions. 
 “Pro Rata Share” means, as of any date of determination,: 

(a) with respect to a Lender’s obligation to make Revolving Loans and receive payments of principal, interest, fees, costs, and
expenses with respect thereto, (i) prior to the Revolver Commitments being terminated or reduced to zero, the percentage obtained by dividing (y) such Lender’s Revolver Commitment, by (z) the aggregate Revolver Commitments of all
Lenders, and (ii) from and after the time that the Revolver Commitments have been terminated or reduced to zero, the percentage obtained by dividing (y) the aggregate outstanding principal amount of such Lender’s Revolving Loans by
(z) the aggregate outstanding principal amount of all Revolving Loans, 
 (b) with respect to a Lender’s obligation
to participate in Letters of Credit, to reimburse the Issuing Lender, and to receive payments of fees with respect thereto, (i) prior to the Revolver Commitments being terminated or reduced to zero, the percentage obtained by dividing
(y) such Lender’s Revolver Commitment, by (z) the aggregate Revolver Commitments of all Lenders, and (ii) from and after the time that the Revolver Commitments have been terminated or reduced to zero, the percentage obtained by
dividing (y) the aggregate outstanding principal amount of such Lender’s Revolving Loans by (z) the aggregate outstanding principal amount of all Revolving Loans, 

(c) RESERVED, and 
 (d) with respect to all other matters as to a particular Lender (including the indemnification obligations arising under Section 16.7), the percentage obtained by dividing (i) such
Lender’s Revolver Commitment plus the outstanding principal amount of such Lender’s portion of the Revolving Loans, by (ii) the aggregate amount of Revolver Commitments of all Lenders plus the aggregate outstanding principal amount of
all Revolving Loans; provided, however, that in the event the Revolver Commitments have been terminated or reduced to zero, Pro Rata Share under this clause shall be the percentage obtained by dividing (A) the outstanding
principal amount of such Lender’s Revolving Loans plus such Lender’s ratable portion of the Risk Participation Liability with respect to outstanding Letters of Credit, by (B) the outstanding principal amount of all Revolving Loans
plus the aggregate amount of the Risk Participation Liability with respect to outstanding Letters of Credit. 

  
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 “Purchase Money Indebtedness” means Indebtedness (other than the
Obligations, but including Capitalized Lease Obligations), incurred at the time of, or within 20 days after, the acquisition of any fixed assets for the purpose of financing all or any part of the acquisition cost thereof, together with any
refinancings under Section 7.1(d). 
 “Qualified ECP Guarantor” shall mean, in respect of any Swap
Obligation, each Credit Party that has total assets exceeding $10,000,000 at the time the relevant Guarantee or grant of the relevant security interest becomes effective with respect to such Swap Obligation or such other person as constitutes an
“eligible contract participant” under the Commodity Exchange Act and can cause another Person to qualify as an “eligible contract participant” at such time under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

 “Qualified Import Letter of Credit” means a Letter of Credit that (a) is issued to facilitate the
purchase by any Credit Party of Eligible Inventory, (b) has an expiry date of less than 90 days and is otherwise in form and substance reasonably acceptable to Agent, and (c) is issued to support an Underlying Letter of Credit that only is
drawable by the beneficiary thereof by the presentation of, among other documents, such applicable documents reasonably satisfactory to Agent as evidencing such Credit Party’s title to the subject Inventory. 

“Real Property” means any estates or interests in real property now owned or hereafter acquired by any Credit Party and
the improvements thereto. 
 “Record” means information that is inscribed on a tangible medium or which is
stored in an electronic or other medium and is retrievable in perceivable form. 
 “Remedial Action” means all
actions taken to (a) clean up, remove, remediate, contain, treat, monitor, assess, evaluate, or in any way address Hazardous Materials in the indoor or outdoor environment, (b) prevent or minimize a release or threatened release of
Hazardous Materials so they do not migrate or endanger or threaten to endanger public health or welfare or the indoor or outdoor environment, (c) perform any pre-remedial studies, investigations, or post-remedial operation and maintenance
activities, or (d) conduct any other actions authorized by 42 USC § 9601. 
 “Replacement Lender” has
the meaning set forth in Section 15.2(a). 
 “Report” has the meaning set forth in
Section 16.17. 
 “Required Lenders” means, at any time, if there are (i) two or fewer
Lenders, Lenders whose aggregate Pro Rata Shares equal 100% and (ii) more than two Lenders, at least two Lenders whose aggregate Pro Rata Shares equal or exceed 50.1%. 
 “Reserve Percentage” means, on any day, for any Lender, the maximum percentage prescribed by the Board of Governors of the Federal Reserve System (or any successor Governmental Authority)
for determining the reserve requirements (including any basic, supplemental, marginal, or emergency reserves) that are in effect on such date with respect to eurocurrency funding (currently referred to as “eurocurrency liabilities”) of
that Lender, but so long as such Lender is not required or directed under applicable regulations to maintain such reserves, the Reserve Percentage shall be zero. 
 “Reserves” has the meaning set forth in Section 2.1(b). 

  
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 “Restricted Payment” means (a) any dividend or other distribution,
direct or indirect, on account of any shares of any Stock of any Credit Party now or hereafter outstanding, except a dividend payable solely in shares of that class of Stock to the holders of that class; (b) any redemption, retirement, sinking
fund or similar payment, purchase or other acquisition for value, direct or indirect, of any shares of any class of Stock of a Credit Party now or hereafter outstanding; (c) any payment made to retire, or to obtain the surrender of, any
outstanding warrants, options or other rights to acquire any Stock of any Credit Party now or hereafter outstanding; and (d) any payment or prepayment of principal of, premium, if any, or interest on, or redemption, purchase, retirement,
defeasance (including in-substance or legal defeasance), sinking fund or similar payment with respect to, any Subordinated Indebtedness. 
 “Revolver Commitment” means, with respect to each Lender, its Revolver Commitment, and, with respect to all Lenders, their Revolver Commitments, in each case as such Dollar amounts are
set forth beside such Lender’s name under the applicable heading on Schedule C-1 or in the Assignment and Acceptance pursuant to which such Lender became a Lender hereunder in accordance with the provisions of Section 14.1.

 “Revolver Commitment Increase” has the meaning specified in Section 2.2(a)(i). 

“Revolver Increase Notice” has the meaning set forth in Section 2.2. 

“Revolver Usage” means, as of any date of determination, the sum of (a) the then extant amount of outstanding
Revolving Loans, plus (b) the then extant amount of outstanding Swing Loans, plus (c) the then extant amount of the Letter of Credit Usage. 
 “Risk Participation Liability” means, as to each Letter of Credit, all reimbursement obligations of Borrower to the Issuing Lender with respect to an L/C Undertaking, consisting of
(a) the amount available to be drawn or which may become available to be drawn, (b) all amounts that have been paid by the Issuing Lender to the Underlying Issuer to the extent not reimbursed by Borrower, whether by the making of an
Advance or otherwise, and (c) all accrued and unpaid interest, fees, and expenses payable with respect thereto. 

“Sale-Leasebacks” has the meaning assigned to that term in Section 7.14. 

“Seasonal Borrowing Period” means as of any year the up to 115 day period during the period of
August 1st through December 15th of such year beginning on the date which Borrower delivers a
Seasonal Borrowing Period Notice to Agent and lasting until the date specified in such Seasonal Borrowing Period Notice. 

“Seasonal Borrowing Period Notice” means a notice in the form set forth in Exhibit B-1; provided, it is
understood and agreed that no such notice may be delivered by Borrower to Agent if any Default or Event of Default shall have occurred and be continuing. 
 “SEC” means the United States Securities and Exchange Commission and any successor thereto. 
 “Settlement” has the meaning set forth in Section 2.4(f)(i). 

  
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 “Settlement Date” has the meaning set forth in
Section 2.4(f)(i). 
 “Sixth Amendment Effective Date” means August 27, 2013. 

“Solvent” means, with respect to any Person on a particular date, that, at fair valuations, the sum of such
Person’s assets is greater than all of such Person’s debts, after giving effect to any rights of contribution. 

“Specified Capital Expenditures” means expenditures with respect to a newly-constructed distribution center to be
located at 1801 Innovation Boulevard, Clayton, IN 43118 and the corporate headquarters located at 1926 S 67th Street, Omaha, NE 68106 , in an aggregate amount not to exceed the sum of the expenditures incurred through the Sixth Amendment Effective
Date and $28,000,000 thereafter; provided that the aggregate amount of such expenditures shall not exceed $33,000,000. 

“Specified Credit Party”: Any Credit Party that is not then an “eligible contract participant” under the
Commodity Exchange Act (determined prior to giving effect to Section 19.20(e)). 
 “Sponsor” means Sun
Capital Partners V, L.P., a Delaware limited partnership. 
 “Sponsor Affiliates” means any leveraged buy-out
or investment fund, partnership, limited liability company or other entity which is controlled by a majority of the same Persons who control Sponsor. For purposes of this definition, “control” means the power to direct or cause the
direction of management and policies of a Person whether by contract or otherwise. 
 “Sponsor Group” means
Sponsor and its Sponsor Affiliates. 
 “Sponsor Subordinated Indebtedness” means Subordinated Indebtedness of
the Credit Parties owing to one or more members of the Sponsor Group on the following terms: interest, fees and expenses that are exclusively payment in kind until the payment in full in cash of the Obligations, no amortization or redemption until
the payment in full in cash of the Obligations, a maturity date that is at least one (1) year after the Maturity Date, covenants and events of default no more restrictive than in this Agreement (with a cushion of at least 15% in the case of
negative and financial covenants and events of default (with no cross default or cross acceleration to the Obligations)) and other terms (including payment and lien subordination terms) reasonably acceptable to Required Lenders; provided it is
further understood and agreed that such Indebtedness shall not be assignable to any Person other than a member of the Sponsor Group without the prior written consent of the Agent and any Liens granted to secure such Indebtedness shall be silent
second liens with no enforcement rights either prior to or during any insolvency proceeding until the Obligations are paid in full in cash and no voting or other rights of a secured creditor in bankruptcy other than the obligation to vote in favor
of any plan of reorganization that the holders of the Obligations vote in favor of and to vote in favor of any debtor in possession financing proposed by the holders of the Obligations; provided that there shall be no limitation on the Sponsor
Group’s ability to vote or exercise other rights of an equity holder in bankruptcy. 

  
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 “Stock” means all shares, options, warrants, interests, participations, or
other equivalents (regardless of how designated) of or in a Person, whether voting or nonvoting, including common stock, preferred stock, or any other “equity security” (as such term is defined in Rule 3a11-1 of the General Rules and
Regulations promulgated by the SEC under the Exchange Act). 
 “Store Account” means, for any Credit
Party’s stores, the Collection Account maintained by such Credit Party for deposit of Collections received at such store. 

“Store Closing Basket” means, with respect to any fiscal year of the Borrower, Store Closings in an amount up to three
for such fiscal year in excess of the number of Store Closings detailed in on the Borrower’s Projections for such fiscal year as approved by Agent pursuant to Section 6.3(c). 

“Store Closings” means, the closing, sale or other disposition of stores operated by any Credit Party in a manner
consistent with past business practices of the Credit Parties (involving store closing sales and liquidations of store inventory on site), provided that the closing and relocation of a store within a radius of five (5) miles of such store (such
relocation occurring within one (1) year of the corresponding store closing) shall not be deemed to be a Store Closing for purposes of this Agreement. 
 “Subordinated Indebtedness” means Indebtedness of the Credit Parties subordinated in right of payment to the Obligations pursuant to documentation containing maturities, amortization
schedules, covenants, defaults, remedies, subordination provisions and other material terms in form and substance reasonably satisfactory to the Required Lenders. 
 “Subsidiary” of a Person means a corporation, partnership, limited liability company, or other entity in which that Person directly or indirectly owns or controls the shares of Stock
having ordinary voting power to elect a majority of the board of directors (or appoint other comparable managers) of such corporation, partnership, limited liability company, or other entity. 

“Supporting Obligations” means any Supporting Obligations (as that term is defined in the Code). 

“Swap Obligation” means, with respect to any Credit Party, any obligation to pay or perform under any agreement,
contract or transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act. 
 “Swing Lender” means WELLS FARGO or any other Lender that, at the request of Borrower and with the consent of Agent agrees, in such Lender’s sole discretion, to become the Swing
Lender under Section 2.4(d). 
 “Swing Loan” has the meaning set forth in
Section 2.4(d)(i). 
 “Taxes” means all present or future taxes, levies, imposts, duties,
deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

  
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 “Term Loan Agent” means Cerberus Business Finance, LLC, in its capacity as
administrative agent for the lenders under the Term Loan Agreement. 
 “Term Loan Agreement” means that certain
Loan, Guaranty and Security Agreement, dated as of August 27, 2013 (as amended, restated, supplemented, refunded, refinanced or otherwise modified from time to time in accordance with the terms thereof and of the Term Loan Intercreditor
Agreement), by and among the Borrower, the Ultimate Parent and certain of its Subsidiaries party thereto from time to time as guarantors, the lenders party thereto, and the Term Loan Agent. 

“Term Loan Documents” means the “Loan Documents” as defined in the Term Loan Agreement, as in effect on the
Sixth Amendment Effective Date or as amended, restated, supplemented, refunded, refinanced or otherwise modified from time to time in accordance with the terms of the Intercreditor Agreement. 

“Term Loan Indebtedness” means the “Obligations” as defined in the Term Loan Agreement, as in effect on the
date hereof or as amended, restated, supplemented, refunded, refinanced or otherwise modified from time to time in accordance with the terms of the Term Loan Intercreditor Agreement. 

“Term Loan Intercreditor Agreement” means that certain Intercreditor Agreement, dated as of the date hereof, by and
among the Agent, the Term Loan Agent, the Borrower and any other parties thereto. 
 “UCC Filing Authorization
Letter” means a letter duly executed by each Credit Party authorizing Agent to file appropriate financing statements on Form UCC-1 without the signature of such Credit Party, in such office or offices as may be necessary or, in the
reasonable opinion of Agent, desirable to perfect the security interests purported to be created by the Loan Documents. 

“Ultimate Parent” means Gordmans Stores, Inc., a Delaware corporation. 

“United States” means the United States of America. 

“Underlying Issuer” means a third Person which is the beneficiary of an L/C Undertaking or Qualified Import Letter of
Credit and which has issued a letter of credit at the request of the Issuing Lender for the benefit of any Credit Party. 

“Underlying Letter of Credit” means a letter of credit that has been issued by an Underlying Issuer. 

“US Foreign HoldCo” means any domestic Subsidiary, so long as such Subsidiary has no material assets other than stock or
securities of one or more foreign Subsidiaries. 
 “Voidable Transfer” has the meaning set forth in
Section 18.7. 
 “Wells Fargo” means Wells Fargo Bank, National Association, a national banking
association. 

  
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 “WFRF” means Wells Fargo Retail Finance, LLC, a Delaware limited liability
company. 
 1.2 Accounting Terms. All accounting terms not specifically defined herein shall be construed in accordance with GAAP.
When used herein, the term “financial statements” shall include the notes and schedules thereto. Whenever the term “Ultimate Parent” is used in respect of a financial covenant or a related definition, it shall be understood to
mean Ultimate Parent and its Subsidiaries on a consolidated basis unless the context clearly requires otherwise. Notwithstanding anything to the contrary contained herein, to the extent a calculation or financial statement item contained herein must
be in compliance with GAAP, it is understood and agreed by all parties that Non Financing Leases shall be treated as operating leases regardless of the GAAP treatment and this aberration from GAAP is permitted and consented to by the Agent and
Lenders. Notwithstanding anything in this Agreement to the contrary, any change in GAAP or the application or interpretation thereof that would require operating leases to be treated in the same manner as a capital lease shall not be given effect in
the definitions of Indebtedness or Liens or any related definitions or in the computation of any financial covenant. 
 1.3 Code.
Any terms used in this Agreement that are defined in the Code shall be construed and defined as set forth in the Code unless otherwise defined herein. 
 1.4 Construction. Unless the context of this Agreement or any other Loan Document clearly requires otherwise, references to the plural include the singular, references to the singular
include the plural, the term “including” is not limiting, and the term “or” has, except where otherwise indicated, the inclusive meaning represented by the phrase “and/or.” The words “hereof,”
“herein,” “hereby,” “hereunder,” and similar terms in this Agreement or any other Loan Document refer to this Agreement or such other Loan Document, as the case may be, as a whole and not to any particular provision of
this Agreement or such other Loan Document, as the case may be. Section, subsection, clause, schedule, and exhibit references herein are to this Agreement unless otherwise specified. Any reference in this Agreement or in the other Loan Documents to
any agreement, instrument, or document shall include all alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements, thereto and thereof, as applicable (subject to any restrictions
on such alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements set forth herein). Any reference herein to the repayment in full or satisfaction in full of the Obligations shall
mean the repayment in full in cash (or cash collateralized in accordance with the terms hereof) of all Obligations other than contingent indemnification and reimbursement Obligations and other than any Obligations referred to in clause
(b) of the definition thereof that, at such time, are allowed by the applicable member of the Lender Group to remain outstanding and are not required to be repaid or cash collateralized pursuant to the provisions of this Agreement. Any
reference herein to any Person shall be construed to include such Person’s successors and assigns. Any requirement of a writing contained herein or in the 

  
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other Loan Documents shall be satisfied by the transmission of a Record and any Record transmitted shall constitute a representation and warranty as to the accuracy and completeness of the
information contained therein. Any reference herein to an Event of Default that is continuing shall mean an Event of Default that has not been waived in writing by Agent and or Required Lenders, as the case may be, and any Event of Default hereunder
shall be “continuing” unless and until such Event of Default has been waived in writing by the Agent and or Required Lenders, as the case may be. 
 1.5 Schedules and Exhibits. All of the schedules and exhibits attached to this Agreement shall be deemed incorporated herein by reference. 

2. LOAN AND TERMS OF PAYMENT. 
 2.1 Revolver Advances. 
 (a) Subject to the terms and conditions of
this Agreement, and during the term of this Agreement, each Lender agrees (severally, not jointly or jointly and severally) to make revolving loans (“Revolving Loans”) to Borrower in an amount at any one time outstanding not to
exceed such Lender’s Pro Rata Share of an amount equal to the lesser of (i) the Maximum Revolver Amount less the Letter of Credit Usage less outstanding Revolving Loans, or (ii) the Borrowing Base less the
Letter of Credit Usage less outstanding Revolving Loans. 
 (b) Anything to the contrary in this Section 2.1
notwithstanding, Agent shall have the right to establish and modify reserves against Availability in such amounts, and with respect to such matters, as Agent in its Permitted Discretion shall deem necessary or appropriate (collectively,
“Reserves”), including with respect to (i) shrinkage (so as to bring perpetual records in line with historical levels), (ii) outstanding Obligations described in clause (b) of the definition of Obligations,
(iii) potential liabilities to customers, including without limitation, in connection with merchandise deposits, returns, merchandise credits, gift certificates, and frequent shopper programs, (iv) bad debt write-downs, discounts,
advertising allowances, credits, or other dilutive items with respect to Accounts, (v) sums that any Credit Party is required to pay (such as taxes, assessments, insurance premiums, or, in the case of leased assets, rents or other amounts
payable under such leases) and has failed to pay under any Section of this Agreement or any other Loan Document, (vi) damaged goods, refurbished goods, goods returned for resale and similar goods and (vii) amounts owing by any Credit Party
to any Person to the extent secured by a Lien on, or trust over, any of the Collateral (other than any existing Permitted Lien set forth on Schedule P-1 which is specifically identified thereon as entitled to have priority over the
Agent’s Liens), which Lien or trust, in the Permitted Discretion of Agent likely would have a priority superior to the Agent’s Liens (such as Liens or trusts in favor of landlords, warehousemen, carriers, mechanics, materialmen, laborers,
or suppliers, or Liens or trusts for ad valorem, excise, sales, or other taxes where given priority under applicable law) in and to such item of the Collateral. In addition to the foregoing, but subject to the provision of Section 4.6,
Agent shall have the right to have the Collateral reappraised by a qualified company selected by Agent from time to time after the Closing Date for the purpose of re-determining the value of Eligible Accounts or Eligible Inventory and modifying
Advance Rates and, as a result, re-determining the 

  
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Borrowing Base. The amount of any Reserve established shall have a reasonable relationship to the event, condition, or other circumstance, or fact that is the basis for such reserve and shall be
without duplication of any other reserve (including any Inventory Reserve, any Landlord Lien Reserve or the Customer Liability Reserve) established by the Agent for the same purpose or which is otherwise ineligible by virtue of another provision
hereof. 
 (c) The Lenders shall have no obligation to make additional Revolving Loans hereunder to the extent such additional
Revolving Loans would cause the Revolver Usage to exceed the Maximum Revolver Amount or exceed the Borrowing Base. 
 (d) Amounts
borrowed pursuant to this Section 2.1 may be repaid and, subject to the terms and conditions of this Agreement, reborrowed at any time during the term of this Agreement. 
 2.2 Revolver Increase. 
 (a) Revolver Commitment Increase.

 (i) Request for Increase. Provided no Default or Event of Default then exists or would arise therefrom,
upon notice to the Agent (which shall promptly notify the Lenders), the Borrower may from time to time, request an increase in the aggregate Revolver Commitments by an amount (for all such requests) not exceeding $20,000,000 (the “Revolver
Commitment Increases”); provided that (i) any such request for an increase shall be in a minimum amount of $2,500,000 and (ii) the Borrower may make a maximum of two (2) such requests. At the time of sending such notice, the
Borrower (in consultation with the Agent) shall specify the time period within which each Lender is requested to respond (which shall in no event be less than ten Business Days from the date of delivery of such notice to the Lenders). 

(ii) Lender Elections to Increase. Each Lender shall notify the Agent within such time period whether or not it
agrees to increase its Revolver Commitment and, if so, whether by an amount equal to, greater than, or less than its Pro Rata Share of such requested increase. Any Lender not responding within such time period shall be deemed to have declined to
increase its Revolver Commitment. 
 (iii) Notification by Agent; Additional Lenders. The Agent shall
notify the Borrower of the Lenders’ responses to each request made hereunder. To achieve the full amount of a requested increase and subject to the approval of the Agent, the Issuing Lender and the Swing Lender (which approvals shall not be
unreasonably withheld), to the extent that the existing Lenders decline to increase their Revolver Commitments, or decline to increase their Revolver Commitments to the amount requested by the Borrower, the Agent, in consultation with the Borrower,
will use its reasonable efforts to arrange for other Eligible Transferees to become a Lender hereunder and to issue commitments in an amount equal to the amount of the increase in the aggregate Revolver Commitments requested by

  
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the Borrower and not accepted by the existing Lenders (and the Borrower may also invite additional Eligible Transferees to become Lenders) (each, an “Additional Commitment
Lender”), provided, however, that without the consent of the Agent (not to be unreasonably withheld, conditioned or delayed), at no time shall the Revolver Commitment of any Additional Commitment Lender be less
than $10,000,000. 
 (iv) Effective Date and Allocations. If the aggregate Revolver Commitments are
increased in accordance with this Section, the Agent, in consultation with the Borrower, shall determine the effective date (the “Increase Effective Date”) and the final allocation of such increase. The Agent shall promptly notify
the Borrower and the Lenders of the final allocation of such increase and the Increase Effective Date and on the Increase Effective Date (i) the aggregate Revolver Commitments and the Maximum Revolver Amount under, and for all purposes of, this
Agreement shall be increased by the aggregate amount of such Revolver Commitment Increases, and (ii) Schedule C-1 shall be deemed modified, without further action, to reflect the revised Revolver Commitments and Pro Rata Shares of the
Lenders. 
 (b) Conditions to Effectiveness of Revolver Commitment Increase. As a condition precedent to such Revolver
Commitment Increase, (i) the Borrower shall deliver to the Agent a certificate of each Credit Party dated as of the Increase Effective Date (in sufficient copies for each Lender) signed by a responsible officer of such Credit Party
(A) certifying and attaching the resolutions adopted by such Credit Party approving or consenting to such Revolver Commitment Increase, and (B) in the case of the Borrower, certifying that, before and after giving effect to such Revolver
Commitment Increase, (1) the representations and warranties contained in Article 5 and the other Loan Documents are true and correct in all material respects on and as of the Increase Effective Date, except to the extent that such
representations and warranties (i) specifically refer to an earlier date, in which case they are true and correct in all material respects as of such earlier date, or (ii) are qualified by materiality, in which case they shall be true and
correct in all respects and (2) no Default or Event of Default exists or would arise therefrom, (ii) the Borrower, the Agent, and any Additional Commitment Lender shall have executed and delivered a Joinder to the Loan Documents in such
form as the Agent shall reasonably require; (iii) the Borrower shall have paid such fees and other compensation to the Additional Commitment Lenders as the Borrower and such Additional Commitment Lenders shall agree; (iv) the Borrower
shall have paid such arrangement fees to the Agent as the Borrower and the Agent may agree; (v) if requested by the Agent, the Borrower shall deliver to the Agent and the Lenders an opinion or opinions, in form and substance reasonably
satisfactory to the Agent, from counsel to the Borrower reasonably satisfactory to the Agent and dated such date; (vi) the Borrower and the Additional Commitment Lenders shall have delivered such other instruments, documents and agreements as
the Agent may reasonably have requested; and (vii) no Default or Event of Default exists. The Borrower shall prepay any Revolving Loans outstanding on the Increase Effective Date (and pay any additional amounts required pursuant to
Section 2.05) to the extent necessary to keep the outstanding Revolving Loans ratable with any revised Pro Rata Shares arising from any non-ratable increase in the Revolver Commitments under this Section. 

  
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 (c) Conflicting Provisions. This Section shall supersede any provisions in
Sections 15 or 16.13 to the contrary, and notwithstanding anything in Sections 15 or 16.13 to the contrary, the Borrower, the Agent and the Additional Commitment Lenders may, without the consent of any other Lenders,
effect such amendments to this Agreement and the other Loan Documents (including through the Joinder to the Loan Documents as contemplated in Section 2.2(b)(ii) above) as may be necessary or appropriate, in the discretion of the Agent,
to effect the provisions of this Section 2.2. 
 2.3 Reserved. 

2.4 Borrowing Procedures and Settlements. 
 (a) Procedure for Borrowing. Each Borrowing shall be made by an irrevocable written request by an Authorized Person delivered to Agent (which notice must be received by Agent no later than 1:00
p.m. (New York time) on the Business Day prior to the date that is the requested Funding Date (subject to Section 2.14(b)(i) in the case of any LIBOR Rate Loan) specifying (i) the amount of such Borrowing, and (ii) the
requested Funding Date, which shall be a Business Day; provided, however, that in the case of a request for Swing Loan in an amount of $4,000,000, or less, such notice will be timely received if it is received by Agent no later than
1:00 p.m. (New York time) on the Business Day that is the requested Funding Date) specifying (i) the amount of such Borrowing, and (ii) the requested Funding Date, which shall be a Business Day. At Agent’s election, in lieu of
delivering the above-described written request, any Authorized Person may give Agent electronic notice of such request by the required time. In such circumstances, Borrower agrees that any such electronic notice will be confirmed in writing within
24 hours of the giving of such notice and the failure to provide such written confirmation shall not affect the validity of the request. 
 (b) Agent’s Election. Promptly after receipt of a request for a Borrowing pursuant to Section 2.4(a), Agent shall elect, in its discretion, (i) to have the terms of
Section 2.4(c) apply to such requested Borrowing, or (ii) if the Borrowing is for an Revolving Loan, to request Swing Lender to make a Swing Loan pursuant to the terms of Section 2.4(d) in the amount of the requested
Borrowing; provided, however, that (i) if Swing Lender declines in its sole discretion to make a Swing Loan pursuant to Section 2.4(d), Agent shall elect to have the terms of Section 2.4(c) apply to such
requested Borrowing; and (ii) if a notice requesting a LIBOR Rate Loan has been timely delivered per Section 2.14(b)(i), Agent shall not have the option to request Swing Line Lender to make such Borrowing as a Swing Line Loan.

 (c) Making of Loans. 
 (i) In the event that Agent shall elect to have the terms of this Section 2.4(c) apply to a requested Borrowing as described in Section 2.4b), then promptly after receipt of a
request for a Borrowing pursuant to Section 2.4(a), Agent shall notify the Lenders, not later than 4:00 p.m. (New York time) on the Business Day immediately preceding the Funding Date applicable thereto, by telecopy, telephone, or other
similar form of transmission, of the requested Borrowing. Each Lender shall make the amount of such Lender’s Pro Rata Share of the requested Borrowing available to Agent in immediately available funds, to

  
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Agent’s Account, not later than 1:00 p.m. (New York time) on the Funding Date applicable thereto. After Agent’s receipt of the proceeds of such Advances, Agent shall make the proceeds
thereof available to Borrower on the applicable Funding Date by transferring immediately available funds equal to such proceeds received by Agent to Borrower’s Designated Account; provided, however, that, subject to the provisions
of Section 2.4(i), Agent shall not request any Lender to make, and no Lender shall have the obligation to make, any Advance if Agent shall have actual knowledge that (1) one or more of the applicable conditions precedent set forth
in Section 3 will not be satisfied on the requested Funding Date for the applicable Borrowing unless such condition has been waived, or (2) the requested Borrowing would exceed the Availability on such Funding Date. 

(ii) Unless Agent receives notice from a Lender on or prior to the Closing Date or, with respect to any Borrowing after
the Closing Date, prior to noon (New York time) on the date of such Borrowing, that such Lender will not make available as and when required hereunder to Agent for the account of Borrower the amount of that Lender’s Pro Rata Share of the
Borrowing, Agent may assume that each Lender has made or will make such amount available to Agent in immediately available funds on the Funding Date and Agent may (but shall not be so required), in reliance upon such assumption, make available to
Borrower on such date a corresponding amount. If and to the extent any Lender shall not have made its full amount available to Agent in immediately available funds and Agent in such circumstances has made available to Borrower such amount, then such
Lender shall on the Business Day following such Funding Date make such amount available to Agent, together with interest at the Defaulting Lender Rate for each day during such period. A notice submitted by Agent to any Lender with respect to amounts
owing under this subsection shall be conclusive, absent manifest error. If such amount is so made available, such payment to Agent shall constitute such Lender’s Advance on the date of Borrowing for all purposes of this Agreement. If such
amount is not made available to Agent on the Business Day following the Funding Date, Agent will notify Borrower of such failure to fund and, upon demand by Agent, Borrower shall pay such amount to Agent for Agent’s account, together with
interest thereon for each day elapsed since the date of such Borrowing, at a rate per annum equal to the interest rate applicable at the time to the Advances composing such Borrowing. The failure of any Lender to make any Advance on any Funding Date
shall not relieve any other Lender of any obligation hereunder to make an Advance on such Funding Date, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on any Funding Date.

 (iii) The Agent shall not be obligated to transfer to a Defaulting Lender any payments made by any Credit
Party to the Agent for the Defaulting Lender’s benefit or any proceeds of Collateral that would otherwise be remitted hereunder to the Defaulting Lender, and, in the absence of such transfer to the Defaulting Lender, the Agent shall transfer
any such payments (i) first, to the Swing Lender to the extent of any Swing Loans that were made by the Swing Lender and that were required to be, but were not, paid by the Defaulting Lender, (ii) second, to

  
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the Issuing Lender, to the extent of the portion of a L/C Disbursement that was required to be, but was not, paid by the Defaulting Lender, (iii) third, to each Non-Defaulting Lender ratably
in accordance with their Commitments (but, in each case, only to the extent that such Defaulting Lender’s portion of a Loan (or other funding obligation) was funded by such other Non-Defaulting Lender), (iv) to a cash collateral account to
be retained by the Agent and may be made available to be re-advanced to or for the benefit of the Borrower (upon request and subject to the conditions set forth in Section 3.2) as if such Defaulting Lender had made its portion of the
Loans (or other funding obligations) hereunder, and (v) from and after the date on which all other Obligations have been paid in full, to such Defaulting Lender. Subject to the foregoing, the Agent may hold and, in its discretion, re-lend to
the Borrower for the account of such Defaulting Lender the amount of all such payments received and retained by the Agent for the account of such Defaulting Lender. Solely for the purposes of voting or consenting to matters with respect to the Loan
Documents (including the calculation of Pro Rata Shares in connection therewith) and for the purpose of calculating the fee payable under Section 2.12(b), such Defaulting Lender shall be deemed not to be a “Lender” and such
Lender’s Commitment shall be deemed to be zero; provided, that the foregoing shall not apply to any of the matters governed by Section 10.01(a) through (c). The provisions of this Section 2.4(c)(iii) shall
remain effective with respect to such Defaulting Lender until the earlier of (y) the date on which all of the Non-Defaulting Lenders, the Agent, the Issuing Lender, and the Borrower shall have waived, in writing, the application of this
Section 2.4(c)(iii) to such Defaulting Lender, or (z) the date on which such Defaulting Lender pays to the Agent all amounts owing by such Defaulting Lender in respect of the amounts that it was obligated to fund hereunder, and, if
requested by the Agent, provides adequate assurance of its ability to perform its future obligations hereunder (on which earlier date, so long as no Event of Default has occurred and is continuing, any remaining cash collateral held by the Agent
pursuant to Section 2.4(c)(iii) shall be released to the Borrower). The operation of this Section 2.4(c)(iii) shall not be construed to increase or otherwise affect the Commitment of any Lender, to relieve or excuse the
performance by such Defaulting Lender or any other Lender of its duties and obligations hereunder, or to relieve or excuse the performance by any Borrower of its duties and obligations hereunder to the Agent, the Issuing Lender, the Swing Lender, or
to the Lenders other than such Defaulting Lender. Any failure by a Defaulting Lender to fund amounts that it was obligated to fund hereunder shall constitute a material breach by such Defaulting Lender of this Agreement and shall entitle the
Borrower, at its option, upon written notice to the Agent, to arrange for a Replacement Lender to assume the Commitment of such Defaulting Lender, such substitute Lender to be reasonably acceptable to the Agent. In connection with the arrangement of
such a substitute Lender, the Defaulting Lender shall have no right to refuse to be replaced hereunder, and agrees to execute and deliver a completed form of Assignment and Acceptance in favor of the Replacement Lender (and agrees that it shall be
deemed to have executed and delivered such document if it fails to do so) subject only to being paid its share of the outstanding Obligations (including 

  
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(1) all interest, fees (except any Unused Line Fees or Letter of Credit fees not due to such Defaulting Lender in accordance with the terms of this Agreement), and other amounts that may be due
and payable in respect thereof, and (2) an assumption of its Pro Rata Share of its participation in the Letters of Credit; provided, that any such assumption of the Commitment of such Defaulting Lender shall not be deemed to constitute a
waiver of any of the Credit Parties’ or the Loan Parties’ rights or remedies against any such Defaulting Lender arising out of or in relation to such failure to fund. In the event of a direct conflict between the priority provisions of
this Section 2.4(c)(iii) and any other provision contained in this Agreement or any other Loan Document, it is the intention of the parties hereto that such provisions be read together and construed, to the fullest extent possible, to be
in concert with each other. In the event of any actual, irreconcilable conflict that cannot be resolved as aforesaid, the terms and provisions of this Section 2.4(c)(iii) shall control and govern. 

(iv) If any Swing Loan or Letter of Credit is outstanding at the time that a Lender becomes a Defaulting Lender then:

 (A) such Defaulting Lender’s participation interest in any Swing Loan or Letter of Credit shall be
reallocated among the Non-Defaulting Lenders in accordance with their respective Pro Rata Shares but only to the extent (x) the outstanding amount of all Non-Defaulting Lenders’ Revolver Usage after giving effect to such reallocation does
not exceed the total of all Non-Defaulting Lenders’ Commitments and (y) the conditions set forth in Section 3.02 are satisfied at such time; 

(B) if the reallocation described in clause (iv)(A) above cannot, or can only partially, be effected, the Borrower shall
within one Business Day following notice by the Agent (x) first, prepay such Defaulting Lender’s participation in any outstanding Swing Loans (after giving effect to any partial reallocation pursuant to clause (iv)(A) above) and
(y) second, cash collateralize such Defaulting Lender’s participation in Letters of Credit (after giving effect to any partial reallocation pursuant to clause (iv)(A) above), pursuant to a cash collateral agreement to be entered into in
form and substance reasonably satisfactory to the Agent, for so long as such Letters of Credit are outstanding; provided, that the Borrower shall not be obligated to cash collateralize any Defaulting Lender’s participations in Letters of
Credit if such Defaulting Lender is also the Issuing Lender; 
 (C) if the Borrower cash collateralize any
portion of such Defaulting Lender’s participation in Letters of Credit Usage pursuant to this Section 2.4(c), the Borrower shall not be required to pay any Letter of Credit fees to the Agent for the account of such Defaulting Lender
pursuant to Section 2.7(b) with respect to such cash collateralized portion of such Defaulting Lender’s participation in Letters of Credit during the period such participation is cash collateralized; 

  
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 (D) to the extent the participation by any Non-Defaulting Lender in the
Letters of Credit is reallocated pursuant to this Section 2.4(c), then the Letter of Credit fees payable to the Non-Defaulting Lenders pursuant to Section 2.7(b) shall be adjusted in accordance with such reallocation;

 (E) to the extent any Defaulting Lender’s participation in Letters of Credit is neither cash
collateralized nor reallocated pursuant to this Section 2.4(c), then, without prejudice to any rights or remedies of the Issuing Lender or any Lender hereunder, all Letter of Credit fees that would have otherwise been payable to such
Defaulting Lender under Section 2.7(b) with respect to such portion of such participation shall instead be payable to the Issuing Lender until such portion of such Defaulting Lender’s participation is cash collateralized or
reallocated; 
 (F) so long as any Lender is a Defaulting Lender, the Swing Lender shall not be required to make
any Swing Loan and the Issuing Lender shall not be required to issue, amend, or increase any Letter of Credit, in each case, to the extent (x) the Defaulting Lender’s Pro Rata Share of such Swing Loans or Letter of Credit cannot be
reallocated pursuant to this Section 2.4(c) or (y) the Swing Lender or the Issuing Lender, as applicable, has not otherwise entered into arrangements reasonably satisfactory to the Swing Lender or the Issuing Lender, as applicable,
and the Borrower to eliminate the Swing Lender’s or Issuing Lender’s risk with respect to the Defaulting Lender’s participation in Swing Loans or Letters of Credit; and 

(G) The Agent may release any cash collateral provided by the Borrower pursuant to this Section 2.4(c) to the
Issuing Lender and the Issuing Lender may apply any such cash collateral to the payment of such Defaulting Lender’s Pro Rata Share of any L/C Disbursement that is not reimbursed by the Borrower pursuant to Section 2.14. 

(d) Making of Swing Loans. 
 (i) In the event Agent shall elect, with the consent of Swing Lender, as a Lender, to have the terms of this Section 2.4(d) apply to a requested Borrowing as described in
Section 2.4(b), Swing Lender as a Lender shall make such Advance in the amount of such Borrowing (any such Advance made solely by Swing Lender as a Lender pursuant to this Section 2.4(d) being referred to as a “Swing
Loan” and such Advances being referred to collectively as “Swing Loans”) available to Borrower on the Funding Date applicable thereto by transferring immediately available funds to Borrower’s Designated Account;
provided, however, the aggregate amount of the Swing Loans at any one time outstanding shall not exceed the greater of (i) $7,500,000 and (ii) ten percent (10%) of the Maximum Revolver Amount. Each Swing Loan shall be
deemed to be an Revolving Loan hereunder and shall be subject to all the terms and 

  
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conditions applicable to other Revolving Loans, except that no such Swing Loan shall be eligible to be a LIBOR Rate Loan and all payments on any Swing Loan shall be payable to Swing Lender as a
Lender solely for its own account (and for the account of the holder of any participation interest with respect to such Swing Loan). Subject to the provisions of Section 2.4(i), Agent shall not request Swing Lender as a Lender to make,
and Swing Lender as a Lender shall not make, any Swing Loan if Agent has actual knowledge that (i) one or more of the applicable conditions precedent set forth in Section 3 will not be satisfied on the requested Funding Date for the
applicable Borrowing unless such condition has been waived, or (ii) the requested Borrowing would exceed the Availability on such Funding Date. Swing Lender as a Lender shall not otherwise be required to determine whether the applicable
conditions precedent set forth in Section 3 have been satisfied on the Funding Date applicable thereto prior to making, in its sole discretion, any Swing Loan. 

(ii) The Swing Loans shall be secured by the Agent’s Liens, constitute Obligations hereunder, and bear interest at
the rate applicable from time to time to Revolving Loans that are Base Rate Loans. 
 (e) Agent Advances. 

(i) Agent hereby is authorized by Borrower and the Lenders, from time to time in Agent’s sole discretion,
(1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3.2 have not been satisfied, to make
Advances to Borrower on behalf of the Lenders in an amount not exceeding the lesser of (x) 10% of the Borrowing Base and (y) the greater of (A) ten percent (10%) of the Maximum Revolver Amount and (B) $6,300,000, in either
event such Advances shall not to exceed the Revolver Commitment, that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of
repayment of the Obligations (other than Obligations referred to in clause (b) of the definition thereof), or (C) to pay any other amount chargeable to any Credit Party pursuant to the terms of this Agreement, including Lender Group
Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances described in this Section 2.4(e) shall be referred to as “Agent Advances”); provided, however, that
(i) no Agent Advances shall be outstanding for a period exceeding thirty (30) consecutive days and (ii) there shall be no more than two separate Agent Advances during any twelve month period. Each Agent Advance shall be deemed to be
an Revolving Loan hereunder, except that no such Agent Advance shall be eligible to be a LIBOR Rate Loan and all payments thereon shall be payable to Agent solely for its own account. 

(ii) The Agent Advances shall be repayable on demand, secured by the Agent’s Liens granted to Agent under the Loan
Documents, constitute Obligations hereunder, and bear interest at the rate applicable from time to time to Revolving Loans that are Base Rate Loans. 

  
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 (f) Settlement. It is agreed that each Lender’s funded portion of the Advances
is intended by the Lenders to equal, at all times, such Lender’s Pro Rata Share of the outstanding Advances. Such agreement notwithstanding, Agent, Swing Lender, and the other Lenders agree (which agreement shall not be for the benefit of or
enforceable by Borrower) that in order to facilitate the administration of this Agreement and the other Loan Documents, settlement among them as to the Advances, the Swing Loans, and the Agent Advances shall take place on a periodic basis in
accordance with the following provisions: 
 (i) Agent shall request settlement (“Settlement”)
with the Lenders on a weekly basis, or on a more frequent basis if so determined by Agent, (1) on behalf of Swing Lender, with respect to each outstanding Swing Loan, (2) for itself, with respect to each Agent Advance, and (3) with
respect to any Credit Party’s Collections received by Agent, as to each by notifying the Lenders by telecopy, telephone, or other similar form of transmission, of such requested Settlement, no later than 2:00 p.m. (New York time) on the
Business Day immediately prior to the date of such requested Settlement (the date of such requested Settlement being the “Settlement Date”). Such notice of a Settlement Date shall include a summary statement of the amount of
outstanding Advances, Swing Loans, and Agent Advances for the period since the prior Settlement Date. Subject to the terms and conditions contained herein (including Section 2.4(c)(iii)): (y) if a Lender’s balance of the
Advances (including Swing Loans and Agent Advances) exceeds such Lender’s Pro Rata Share of the Advances (including Swing Loans and Agent Advances) as of a Settlement Date, then Agent shall, by no later than 3:00 p.m. (New York time) on the
Settlement Date, transfer in immediately available funds to a Deposit Account of such Lender (as such Lender may designate), an amount such that each such Lender shall, upon receipt of such amount, have as of the Settlement Date, its Pro Rata Share
of the Advances (including Swing Loans and Agent Advances), and (z) if a Lender’s balance of the Advances (including Swing Loans and Agent Advances) is less than such Lender’s Pro Rata Share of the Advances (including Swing Loans and
Agent Advances) as of a Settlement Date, such Lender shall no later than 2:00 p.m. (New York time) on the Settlement Date transfer in immediately available funds to the Agent’s Account, an amount such that each such Lender shall, upon transfer
of such amount, have as of the Settlement Date, its Pro Rata Share of the Advances (including Swing Loans and Agent Advances). Such amounts made available to Agent under clause (z) of the immediately preceding sentence shall be applied against
the amounts of the applicable Swing Loans or Agent Advances and, together with the portion of such Swing Loans or Agent Advances representing Swing Lender’s Pro Rata Share thereof, shall constitute Advances of such Lenders. If any such amount
is not made available to Agent by any Lender on the Settlement Date applicable thereto to the extent required by the terms hereof, Agent shall be entitled to recover for its account such amount on demand from such Lender together with interest
thereon at the Defaulting Lender Rate. 

  
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 (ii) In determining whether a Lender’s balance of the Advances, Swing
Loans, and Agent Advances is less than, equal to, or greater than such Lender’s Pro Rata Share of the Advances, Swing Loans, and Agent Advances as of a Settlement Date, Agent shall, as part of the relevant Settlement, apply to such balance the
portion of payments actually received in good funds by Agent with respect to principal, interest, fees payable by any Credit Party and allocable to the Lenders hereunder, and proceeds of Collateral. To the extent that a net amount is owed to any
such Lender after such application, such net amount shall be distributed by Agent to that Lender as part of such next Settlement. 
 (iii) Between Settlement Dates, Agent, to the extent no Agent Advances or Swing Loans are outstanding, may pay over to Swing Lender any payments received by Agent, that in accordance with the terms of
this Agreement would be applied to the reduction of the Advances, for application to Swing Lender’s Pro Rata Share of the Advances. If, as of any Settlement Date, Collections of any Credit Party received since the then immediately preceding
Settlement Date have been applied to Swing Lender’s Pro Rata Share of the Advances other than to Swing Loans, as provided for in the previous sentence, Swing Lender shall pay to Agent for the accounts of the Lenders, and Agent shall pay to the
Lenders, to be applied to the outstanding Advances of such Lenders, an amount such that each Lender shall, upon receipt of such amount, have, as of such Settlement Date, its Pro Rata Share of the Advances. During the period between Settlement Dates,
Swing Lender with respect to Swing Loans, Agent with respect to Agent Advances, and each Lender (subject to the effect of letter agreements between Agent and individual Lenders) with respect to the Advances other than Swing Loans and Agent Advances,
shall be entitled to interest at the applicable rate or rates payable under this Agreement on the daily amount of funds employed by Swing Lender, Agent, or the Lenders, as applicable. 

(g) Notation. Agent shall record on its books the principal amount of the Advances owing to each Lender, including the Swing Loans
owing to Swing Lender, and Agent Advances owing to Agent, and the interests therein of each Lender, from time to time and such records shall, absent manifest error, conclusively be presumed to be correct and accurate. In addition, each Lender is
authorized, at such Lender’s option, to note the date and amount of each payment or prepayment of principal of such Lender’s Advances in its books and records, including computer records. 

(h) Lenders’ Failure to Perform. All Advances (other than Swing Loans and Agent Advances) shall be made by the Lenders
contemporaneously and in accordance with their Pro Rata Shares. It is understood that (i) no Lender shall be responsible for any failure by any other Lender to perform its obligation to make any Advance (or other extension of credit) hereunder,
nor shall any Commitment of any Lender be increased or decreased as a result of any failure by any other Lender to perform its obligations hereunder, and (ii) no failure by any Lender to perform its obligations hereunder shall excuse any other
Lender from its obligations hereunder. 

  
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 2.5 Payments. 
 (a) Payments by Borrower. 
 (i) Except as otherwise
expressly provided herein, all payments by Borrower shall be made to Agent’s Account for the account of the Lender Group and shall be made in immediately available funds, no later than 2:00 p.m. (New York time) on the date specified herein. Any
payment received by Agent later than 2:00 p.m. (New York time) shall be deemed to have been received on the following Business Day and any applicable interest or fee shall continue to accrue until such following Business Day. 

(ii) Unless Agent receives notice from Borrower prior to the date on which any payment is due to the Lenders that Borrower
will not make such payment in full as and when required, Agent may assume that Borrower has made (or will make) such payment in full to Agent on such date in immediately available funds and Agent may (but shall not be so required), in reliance upon
such assumption, distribute to each Lender on such due date an amount equal to the amount then due such Lender. If and to the extent Borrower does not make such payment in full to Agent on the date when due, each Lender severally shall repay to
Agent on demand such amount distributed to such Lender, together with interest thereon at the Defaulting Lender Rate for each day from the date such amount is distributed to such Lender until the date repaid. 

(b) Apportionment and Application of Payments. 

(i) Except as otherwise provided with respect to Defaulting Lenders and except as otherwise provided in the Loan Documents
(including letter agreements between Agent and individual Lenders), aggregate principal and interest payments shall be apportioned ratably among the Lenders (according to the unpaid principal balance of the Obligations to which such payments relate
held by each Lender) and payments of fees and expenses (other than fees or expenses that are for Agent’s separate account, after giving effect to any letter agreements between Agent and individual Lenders) shall be apportioned ratably among the
Lenders having a Pro Rata Share of the type of Commitment or Obligation to which a particular fee relates. All payments shall be remitted to Agent and all such payments, and, subject to the Term Loan Intercreditor Agreement, all proceeds of
Collateral received by Agent, shall be applied as follows: 
 (A) first, to pay any Lender Group Expenses
then due to Agent under the Loan Documents, until paid in full, 
 (B) second, to pay any Lender Group
Expenses then due to the Lenders under the Loan Documents, on a ratable basis, until paid in full, 
 (C)
third, to pay any fees then due to Agent (for its separate account, after giving effect to any letter agreements between Agent and individual Lenders) under the Loan Documents until paid in full, 

  
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 (D) fourth, to pay any fees then due to any or all of the Lenders
(after giving effect to any letter agreements between Agent and individual Lenders) under the Loan Documents, on a ratable basis, until paid in full, 
 (E) fifth, to pay interest due in respect of all Agent Advances until paid in full, 
 (F) sixth, ratably to pay interest due in respect of the Advances (other than Agent Advances) and the Swing Loans, until paid in full, 

(G) seventh, to pay the principal of all Agent Advances until paid in full, 

(H) eighth, to pay the principal of all Swing Loans until paid in full, 

(I) ninth, so long as no Event of Default has occurred and is continuing, to pay the principal of all Advances
until paid in full, 
 (J) tenth, if an Event of Default has occurred and is continuing, ratably
(i) to pay the principal of all Advances until paid in full and (ii) to Agent, to be held by Agent, for the ratable benefit of Issuing Lender and those Lenders having a Revolver Commitment, as cash collateral an amount up to 105% of the
then extant Letter of Credit Usage until paid in full, 
 (K) eleventh, if an Event of Default has
occurred and is continuing, to pay any other Obligations (including the provision of amounts to Agent, to be held by Agent as cash collateral in an amount up to the amount determined by Agent in its Permitted Discretion as the amount necessary to
secure each Credit Party’s obligations in respect of the then extant Obligations under clause (b) of the definition thereof), and 
 (L) twelfth, to Borrower (to be wired to the Designated Account) or such other Person entitled thereto under applicable law. 
 provided that, for the avoidance of doubt, notwithstanding any other provision of any Loan Document to the contrary, no payment received directly or indirectly from any Credit Party that is not a
Qualified ECP Guarantor shall be applied directly or indirectly by the Agent or otherwise to the payment of any Excluded Hedging Obligations. 
 (ii) Agent promptly shall distribute to each Lender, pursuant to the applicable wire instructions received from each Lender in writing, such funds as it may be entitled to receive, subject to a Settlement
delay as provided in Section 2.4(f). 

  
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 (iii) In each instance, so long as no Event of Default has occurred and is
continuing, this Section 2.5(b) shall not be deemed to apply to any payment by Borrower specified by Borrower to be for the payment of specific Obligations then due and payable (or prepayable) under any provision of this Agreement.

 (iv) For purposes of the foregoing, “paid in full” means payment of all amounts owing under the Loan
Documents according to the terms thereof, including loan fees, service fees, professional fees, interest (and specifically including interest accrued after the commencement of any Insolvency Proceeding), default interest, interest on interest, and
expense reimbursements, whether or not any of the foregoing would be or is allowed or disallowed in whole or in part in any Insolvency Proceeding. 
 (v) In the event of a direct conflict between the priority provisions of this Section 2.5 and other provisions contained in any other Loan Document, it is the intention of the parties hereto
that such priority provisions in such documents shall be read together and construed, to the fullest extent possible, to be in concert with each other. In the event of any actual, irreconcilable conflict that cannot be resolved as aforesaid, the
terms and provisions of this Section 2.5 shall control and govern. 
 2.6 Overadvances and Amortization; Mandatory
Prepayment. 
 (a) If, at any time or for any reason, the amount of Revolver Usage is greater than either the Dollar or
percentage limitations set forth in Section 2.1 or Section 2.13, as applicable (an “Overadvance”), Borrower immediately shall pay to Agent, in cash, the amount of such excess, which amount shall be used by
Agent to reduce the Revolver Usage in accordance with the priorities set forth in Section 2.5(b). In addition, Borrower hereby promises to pay the Obligations (including principal, interest, fees, costs, and expenses) in Dollars in full
as and when due and payable under the terms of this Agreement and the other Loan Documents. 
 (b) Mandatory Prepayments.
Irrespective of whether a Control Notice Event then exists and is continuing: 
 (i) When a Credit Party or any
Subsidiary thereof makes any Asset Sale pursuant to Section 7.3(d), (e), or (f) or that is not otherwise permitted hereunder or experiences any Asset Loss Event, the Borrower shall make a prepayment of the Loans in an
amount equal to 100% of the Net Cash Proceeds thereof, such repayments to be made promptly but in no event more than five (5) Business Days following receipt of such Net Cash Proceeds, and until the date of payment, such Net Cash Proceeds shall
be held in trust for Collateral Agent; provided, however, that the Net Cash Proceeds of the foregoing received since the Closing Date shall not be required to be applied to the prepayment of the Loans to the extent such proceeds are to
be reinvested in or otherwise used to replace, repair or restore the properties or assets used in such Credit Party’s or such Subsidiary’s, as applicable, business and so long as: (i) no Default or Event of Default has occurred and is
continuing on the date such Person receives such Net 

  
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Cash Proceeds, (ii) Borrower delivers a certificate to Agent within three (3) Business Days after such Asset Sale, or ten (10) Business Days after the occurrence of Asset Loss
Event (as applicable) stating that such Net Cash Proceeds shall be used (or committed to be used) to reinvest in new assets useful in the business, or otherwise replace, repair or restore any such properties or assets to be used in a Credit
Party’s or a Subsidiaries’ business, as the case may be, within a period specified in such certificate not to exceed 180 days (or such longer period as the Agent may agree, after the receipt of such proceeds (which certificate shall set
forth estimates of the proceeds to be so expended and shall set forth in reasonable detail any plans for such reinvestment, replacement, repair or restoration) and (iii) such Net Cash Proceeds, if they exceed $5,000,000, are deposited in a
non-interest bearing account subject to the dominion and control of the Agent which proceeds shall then be disbursed by Agent to such Credit Party or such Subsidiary promptly upon Borrower’s written request therefor setting forth in reasonable
detail the use of such proceeds and certifying that such proceeds are being applied in the manner set forth in the certificate delivered to the Agent in accordance with clause (ii); provided, further, that (A) if all or any
portion of such Net Cash Proceeds not so applied to the prepayment of the Loans are not used (or committed to be used) in accordance with the foregoing proviso within 180 days (or such longer period as the Agent may agree of receipt of such Net Cash
Proceeds, such amount shall be applied to the Loans as otherwise set forth herein, on the last day of such specified period, (B) if such Credit Party or such Subsidiary, as the case may be, is not permitted to reinvest or utilize such Net Cash
Proceeds in accordance with this Section 2.6(b) as a result of the existence of a Default, Borrower may request, and upon the written approval of Collateral Agent, such Net Cash Proceeds shall be deposited in a non-interest bearing
account subject to the dominion and control of the Agent until the earlier of (x) the date on which such Default is cured or waived in writing in accordance with the terms of this Agreement, in which case such amounts may be reinvested or
utilized in accordance with the proviso above and (y) the date on which an Event of Default shall occur, in which case such Net Cash Proceeds shall be applied to the Loans in accordance with Section 2.6(c) on such date and
(C) if such Credit Party or such Subsidiary, as the case may be, is not permitted to reinvest or utilize such net cash proceeds as a result of a continuing Event of Default, such Net Cash Proceeds shall be applied in accordance with
Section 2.6(c). The foregoing shall not be deemed to be implied consent to any Asset Sale or other event otherwise prohibited by the terms and conditions hereof. 

(ii) Upon the sale, issuance or incurrence of any Indebtedness of any Credit Party or any of its Subsidiaries (other than
Indebtedness permitted under Section 7.1), Borrower shall repay the Term Loans in an amount equal to 100% of the Net Cash Proceeds of such sale, issuance or incurrence, such repayments to be made concurrent with the receipt of such Net
Cash Proceeds. The foregoing shall not be deemed to be implied consent to any such sale, issuance or incurrence otherwise prohibited by the terms and conditions hereof. 

  
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 (iii) When any Credit Party or any Subsidiary thereof receives any
Extraordinary Receipts, the Borrower shall repay the Loans in an amount equal to 100% of the Net Cash Proceeds thereof, such repayment to be made promptly but in no event more than five (5) Business Days following receipt of such Net Cash
Proceeds. The foregoing shall not be deemed to be implied consent to any event or condition giving rise to any Extraordinary Receipts which would otherwise constitute a Default or Event of Default under this Agreement. 

(c) The Borrower shall notify the Agent in writing of the occurrence of any event that would require a prepayment pursuant to
Section 2.6(b), (x) with respect to any Asset Sale that would be subject to Section 2.6(b)(i) and incurrence of Indebtedness that would be subject to Section 2.6(b)(ii), no later than ten (10) Business
Days prior to the occurrence of such Asset Sale or incurrence of Indebtedness, and (y) with respect to any Asset Loss Event and Extraordinary Receipt, promptly upon, but no later than three (3) Business Days after, the occurrence of such
Asset Loss Event or receipt of such Extraordinary Receipt. Notwithstanding anything in Section 2.6(b) to the contrary, the Agent may, on behalf of the Lenders, decline any prepayment pursuant to Section 2.6(b)(i) through
(iii), by giving notice thereof to the Borrower (x) with respect to any Asset Sale that would be subject to Section 2.6(b)(i) and incurrence of Indebtedness that would be subject to Section 2.6(b)(ii), no later
than five (5) Business Days prior to the occurrence of such Asset Sale or incurrence of Indebtedness, and (y) with respect to any Asset Loss Event and Extraordinary Receipt, no later than five (5) Business Days after receipt of notice
of such event from the Borrower, and in each such case any such funds may be retained by the Borrower for use in the ordinary course of its business subject to the terms of the Loan Documents. The Borrower shall hold all Net Cash Proceeds
from any of the events described in Section 2.6(b) hereof in trust for the Agent until it shall receive written notice from the Agent declining any prepayment or until they are applied to the Obligations pursuant to this
Section 2.6. To the extent any such prepayment is not declined by the Agent, such prepayment shall be applied (x) prior to the occurrence and continuance of a Control Notice Event, first, to the Swing Loans then outstanding,
second, ratably to the outstanding Revolving Loans, third, to cash collateralize the remaining Letter of Credit Obligations outstanding, and fourth, the amount remaining, if any, after the prepayment in full of all Loans
outstanding at such time and the cash collateralization of the remaining Letter of Credit Obligations in full may be retained by the Borrower for use in the ordinary course of its business, and (y) after the occurrence and during the
continuance of a Control Notice Event, in accordance with Section 2.5(b) hereof. The Agent shall, concurrently with any such prepayment, establish a permanent Reserve hereunder in the amount of (x) prior to the occurrence and
continuance of a Control Notice Event, any such prepayment applied to the outstanding principal amount of Swing Loans or Revolving Loans pursuant to this Section 2.6(c) and (y) after the occurrence and during the continuance of a
Control Notice Event, any such prepayment applied to repay or cash collateralize Obligations pursuant to Section 2.5(b). Upon the drawing of any Letter of Credit that has been cash collateralized, the funds held as cash collateral shall
be applied (without any further action by or notice to or from the Borrowers or any other Loan Party) to reimburse the Issuing Lender or the Lenders, as applicable. Any prepayment made pursuant to Section 2.6(a) or
Section 2.6(b) shall be accompanied by (i) accrued interest on the principal amount being prepaid to the date of prepayment, and (ii) any Funding Losses payable pursuant to Section 2.14. 

  
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 2.7 Interest Rates and Letter of Credit Fee: Rates, Payments, and Calculations. 

(a) Interest Rates. Except as provided in clause (c) below, all Obligations (except for undrawn Letters of Credit and except
for Obligations referred to in clause (b) of the definition thereof) that have been charged to the Loan Account pursuant to the terms hereof shall bear interest on the Daily Balance thereof as follows (i) if the relevant Obligation is a
Revolving Loan that is a LIBOR Rate Loan, at a per annum rate equal to the LIBOR Rate plus the Applicable Margin for LIBOR Rate Loans, (ii) RESERVED, and (iii) otherwise, at a per annum rate equal to the Base Rate plus the Applicable
Margin for Base Rate Loans. 
 (b) Letter of Credit Fees. Borrower shall pay Agent (for the ratable benefit of the
Lenders), Letter of Credit fees (in addition to the charges, commissions, fees, and costs set forth in Section 2.13(e)) (i) with respect to standby Underlying Letters of Credit, which shall accrue at a rate equal to the Applicable
Margin then in effect for standby Underlying Letters of Credit times the Daily Balance of the undrawn amount of all such outstanding standby Letters of Credit, and (ii) with respect to documentary Underlying Letters of Credit, which
shall accrue at a rate equal to the Applicable Margin then in effect for documentary Underlying Letters of Credit times the Daily Balance of the undrawn amount of all such outstanding documentary Letters of Credit. 

(c) Default Rate. Upon the occurrence and during the continuation of an Event of Default (and at the election of Agent or the
Required Lenders), 
 (i) all Obligations (except for undrawn Letters of Credit and except for Obligations
referred to in clause (b) of the definition thereof) that have been charged to the Loan Account pursuant to the terms hereof shall bear interest on the Daily Balance thereof at a per annum rate equal to 2 percentage points above the per
annum rate otherwise applicable hereunder, and 
 (ii) the Letter of Credit fee provided for above shall be
increased to 2 percentage points above the per annum rate otherwise applicable hereunder. 
 (d) Payment. Except as
provided to the contrary in Section 2.14(a), interest, Letter of Credit fees, and all other fees payable hereunder shall be due and payable, in arrears, on the first day of each month at any time that Obligations (other than any
obligations specified in clause (b) of the definition thereof) or Commitments are outstanding. Borrower hereby authorizes Agent, from time to time without prior notice to Borrower, to charge such interest and fees, all Lender Group
Expenses (as and when incurred), the charges, commissions, fees, and costs provided for in Section 2.13(e) (as and when accrued or incurred), the fees and costs provided for in Section 2.12 (as and when accrued or incurred),
and all other payments as and when due and payable with respect to the Obligations (other than any obligations specified in clause (b) of the definition thereof) to Borrower’s Loan Account, which amounts thereafter shall constitute
Advances hereunder and shall accrue interest at the rate then applicable to Advances hereunder. Any interest not paid when due shall be compounded by being charged to Borrower’s Loan Account and shall thereafter constitute Advances hereunder
and shall accrue interest at the rate then applicable to Advances that are Base Rate Loans hereunder. 

  
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 (e) Computation. All interest and fees chargeable under the Loan Documents shall be
computed on the basis of a 360 day year for the actual number of days elapsed. In the event the Base Rate is changed from time to time hereafter, the rates of interest hereunder based upon the Base Rate automatically and immediately shall be
increased or decreased by an amount equal to such change in the Base Rate. 
 (f) Intent to Limit Charges to Maximum Lawful
Rate. In no event shall the interest rate or rates payable under this Agreement, plus any other amounts paid in connection herewith, exceed the highest rate permissible under any law that a court of competent jurisdiction shall, in a final
determination, deem applicable. Borrower and the Lender Group, in executing and delivering this Agreement, intend legally to agree upon the rate or rates of interest and manner of payment stated within it; provided, however, that,
anything contained herein to the contrary notwithstanding, if said rate or rates of interest or manner of payment exceeds the maximum allowable under applicable law, then, ipso facto, as of the date of this Agreement, Borrower is and shall be
liable only for the payment of such maximum as allowed by law, and payment received from Borrower in excess of such legal maximum, whenever received, shall be applied to reduce the principal balance of the Obligations to the extent of such excess.

 2.8 Cash Management. 
 On and after the Closing Date or such later date as is contemplated in Section 6.15 with respect to the Cash Management Agreements referenced in such Section, 

(a) Each Credit Party shall establish and maintain cash management services of a type and on terms satisfactory to Agent at one or more of
the banks set forth on Schedule 2.8(a) (each, a “Cash Management Bank”), and, in connection therewith, establish and maintain at such Cash Management Banks pursuant to the terms hereof (i) one or more accounts designated
(either in Schedule 5.17 or pursuant to Section 2.8(e)) as concentration accounts (the “Concentration Accounts”) and (ii) additional accounts designated (either in Schedule 5.17 or pursuant to
Section 2.8(e)) as collection accounts (the “Collection Accounts”, and together with the Concentration Accounts, the “Cash Management Accounts”). 

(b) Each Credit Party shall (1) request in writing and otherwise take such reasonable steps to ensure that all of its Credit Card
Processors forward payment of the amounts owed by them directly to a Cash Management Bank for deposit into a Concentration Account, (2) deposit or cause to be deposited on each Business Day (and subject to Section 2.8(d) with
respect to payments from Credit Card Processors), all such Collections from Account Debtors (including those sent directly to a Cash Management Bank) into a Concentration Account, and (3) deposit or cause to be deposited on each Business Day,
all other available Collections (including cash, checks, drafts and all other forms of daily store receipts or other similar items of payment) received by or otherwise under its control into a Cash Management Account. 

(c) With respect to each Concentration Account, each Cash Management Bank shall establish and maintain Cash Management Agreements with
Agent and the applicable Credit Party, in form and substance acceptable to Agent in its Permitted Discretion. Each Cash Management Agreement shall provide, among other things, that (i) all items of payment deposited in such Concentration
Account and proceeds thereof are subject to the control of 

  
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Agent, (ii) the Cash Management Bank has no rights of setoff or recoupment or any other claim against the applicable Concentration Account other than for payment of its service fees and
other charges directly related to the administration of such Concentration Account and for returned checks or other items of payment, and (iii) within two Business Days after the date that it receives written notification from Agent (a
“Control Exercise Notice”), it immediately will forward by daily sweep all amounts in the applicable Concentration Account to the Agent’s Account or as otherwise directed by Agent to prepay the Obligations in such order as
set forth in Section 2.5(b); provided, that any such prepayments of the Loans pursuant to this Section 2.8(c) may be reborrowed subject to Section 3.2. Anything contained herein or in any other Loan Document to
the contrary notwithstanding, Agent agrees that it shall not provide a Control Exercise Notice to the Cash Management Banks unless Excess Availability is less than $15,000,000 (a “Control Notice Event”). At any time following the
occurrence and during the continuance of a Control Notice Event Agent shall be free to exercise its right to issue a Control Exercise Notice. Agent shall deliver to Borrower and the applicable Credit Party a copy of any such Control Exercise Notice
promptly after delivery thereof to the applicable Cash Management Bank; provided, however that a non-willful failure to so do shall not affect the validity of any such Control Exercise Notice or otherwise limit Agent’s right to send any other
Control Exercise Notice. The Control Notice Event shall terminate at such time when Excess Availability exceeds $15,000,000 for forty-five (45) consecutive days following occurrence of the Control Notice Event; provided under no circumstances
shall more than one Control Notice Event terminate in any 365 day period. Upon the termination of such Control Notice Event, Agent shall withdraw such Control Exercise Notice and permit funds to be transferred as set forth above, including
permitting each Credit Party access to funds in any Concentration Account (and daily sweeps thereof into any Designated Account), but subject in all events to the right of Agent to deliver a Control Exercise Notice following the occurrence and
during the continuance of any subsequent Control Notice Event. 
 (d) Each Credit Party may establish and maintain Credit Card
Agreements with Agent and each Credit Card Processor. Each such Credit Card Agreement shall provide, among other things, that each such Credit Card Processor shall transfer all proceeds of credit card charges for sales by each Credit Party received
by it (or other amounts payable by such Credit Card Processor) into a designated Concentration Account on a daily basis or such other periodic basis as Agent may otherwise direct. No Credit Party shall change any direction or designation set forth
in the Credit Card Agreements regarding payment of charges without the prior written consent of Agent. 
 (e) So long as no Event
of Default has occurred and is continuing, Borrower may amend Schedule 5.17 to add or replace a Cash Management Bank or Cash Management Account; provided, however, that in the case of any Concentration Account, (i) such
prospective Cash Management Bank shall be reasonably satisfactory to Agent and Agent shall have consented in writing in advance to the opening of such Cash Management Account with the prospective Cash Management Bank (which consent shall not be
required with respect to any additional Concentration Account at an existing Cash Management Bank and otherwise shall not be unreasonably withheld), and (ii) prior to the time of the opening of any Concentration Account, the applicable Credit
Party and such prospective Cash Management Bank shall have executed and delivered to Agent a Cash Management Agreement. Each Credit Party shall close any of its Concentration Accounts (and establish replacement cash management accounts in

  
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accordance with the foregoing sentence) promptly and in any event within 45 days of notice from Agent (or such longer period as such Credit Party and Agent may agree) that the creditworthiness of
any Cash Management Bank is no longer acceptable in Agent’s reasonable judgment, or as promptly as practicable and in any event within 60 days of notice from Agent (or such longer period as such Credit Party and Agent may agree) that the
operating performance, funds transfer, or availability procedures or performance of the Cash Management Bank with respect to Concentration Accounts or Agent’s liability under any Cash Management Agreement with such Cash Management Bank is no
longer acceptable in Agent’s reasonable judgment. 
 The Cash Management Accounts shall be cash collateral accounts, with
all cash, checks and similar items of payment in such accounts securing payment of the Obligations, and in which each Credit Party hereby grants a Lien to Agent. 
 2.9 Crediting Payments. The receipt of any payment item by Agent (whether from transfers to Agent by the Cash Management Banks pursuant to the Cash Management Agreements or otherwise) shall
not be considered a payment on account unless such payment item is a wire transfer of immediately available federal funds made to the Agent’s Account or unless and until such payment item is honored when presented for payment. Should any
payment item not be honored when presented for payment, then the applicable Credit Party shall be deemed not to have made such payment and interest shall be calculated accordingly. Anything to the contrary contained herein notwithstanding, any
payment item shall be deemed received by Agent only if it is received into the Agent’s Account on a Business Day on or before 2:00 p.m. (New York time). If any payment item is received into the Agent’s Account on a non-Business Day or
after 2:00 p.m. (New York time) on a Business Day, it shall be deemed to have been received by Agent as of the opening of business on the immediately following Business Day. 
 2.10 Designated Account. Agent is authorized to make the Advances, and Issuing Lender is authorized to issue the Letters of Credit, under this Agreement based upon telephonic or other
instructions received from anyone purporting to be an Authorized Person or, without instructions, if pursuant to Section 2.7(d). Borrower agrees to establish and maintain the Designated Account with the Designated Account Bank for the
purpose of receiving the proceeds of the Advances requested by Borrower and made by Agent or the Lenders hereunder. Unless otherwise agreed by Agent and Borrower, any Advance, Agent Advance, or Swing Loan requested by Borrower and made by Agent or
the Lenders hereunder shall be made to the Designated Account. 
 2.11 Maintenance of Loan Account; Statements of Obligations.
Agent shall maintain an account on its books in the name of Borrower (the “Loan Account”) on which Borrower will be charged with all Advances (including Agent Advances and Swing Loans) made by Agent, Swing Lender, or the Lenders to
Borrower or for Borrower’s account, the Letters of Credit issued by Issuing Lender for Borrower’s account, and with all other payment Obligations hereunder or under the other Loan Documents (except Obligations referred to in clause
(b) of the definition thereof), including, accrued interest, fees 

  
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and expenses, and Lender Group Expenses. In accordance with Section 2.8, the Loan Account will be credited with all payments received by Agent from Borrower or for Borrower’s
account, including all amounts received in the Agent’s Account from any Cash Management Bank. Agent shall render statements regarding the Loan Account to Borrower, including principal, interest, fees, and including an itemization of all charges
and expenses constituting Lender Group Expenses owing, and such statements, absent manifest error, shall be conclusively presumed to be correct and accurate and constitute an account stated between Borrower and the Lender Group unless, within 30
days after receipt thereof by Borrower, Borrower shall deliver to Agent written objection thereto describing the error or errors contained in any such statements. 
 2.12 Fees. Borrower shall pay to Agent the following fees and charges, which fees and charges shall be non-refundable when paid (irrespective of whether this Agreement is terminated
thereafter) and shall be apportioned among the Lenders in accordance with the terms of letter agreements between Agent and individual Lenders: 
 (a) Unused Line Fee. On the first day of each calendar quarter during the term of this Agreement, an unused line fee in an amount equal to 0.25% per annum times the result of
(i) the Maximum Revolver Amount, less (ii) the sum of (A) the average Daily Balance of Revolving Loans that were outstanding during the immediately preceding month, plus (B) the average Daily Balance of the Letter
of Credit Usage during the immediately preceding month, (such sum being the “Average Utilization”); 
 (b) Fee
Letter Fees. As and when due and payable under the terms of the Fee Letter, the fees set forth in the Fee Letter. 
 2.13 Letters of
Credit. 
 (a) Subject to the terms and conditions of this Agreement, the Issuing Lender agrees to issue letters of
credit for the account of Borrower or, at the request of Borrower, for the account of Gordmans Management Company, Inc. (each, an “L/C”) or to purchase participations or execute indemnities or reimbursement obligations (each such
undertaking, an “L/C Undertaking”) with respect to letters of credit issued by an Underlying Issuer (as of the Closing Date, the prospective Underlying Issuer is to be Wells Fargo) for the account of Borrower or, at the request of
Borrower, for the account of Gordmans Management Company, Inc. To request the issuance of an L/C or an L/C Undertaking (or the amendment, renewal, or extension of an outstanding L/C or L/C Undertaking), Borrower shall hand deliver or telecopy (or
transmit by electronic communication, if arrangements for doing so have been approved by the Issuing Lender) to the Issuing Lender and Agent (reasonably in advance of the requested date of issuance, amendment, renewal, or extension) a notice
requesting the issuance of an L/C or L/C Undertaking, or identifying the L/C or L/C Undertaking to be amended, renewed, or extended, specifying the date of issuance, amendment, renewal, or extension (which shall be a Business Day), the date on which
such L/C or L/C Undertaking is to expire, the amount of such L/C or L/C Undertaking, the name and address of the beneficiary thereof (or the beneficiary of the Underlying Letter of Credit, as applicable), whether the Letter of Credit is for the
account of the Borrower or Gordmans Management Company, Inc. and such other information as shall be 

  
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necessary to prepare, amend, renew, or extend such L/C or L/C Undertaking. If requested by the Issuing Lender, Borrower also shall be an applicant under the application with respect to any
Underlying Letter of Credit that is to be the subject of an L/C Undertaking. The Issuing Lender shall have no obligation to issue a Letter of Credit if any of the following would result after giving effect to the issuance of such requested Letter of
Credit: 
 (i) the Letter of Credit Usage would exceed the Borrowing Base less the then extant amount of
outstanding Revolving Loans, or 
 (ii) the Letter of Credit Usage would exceed the sum of $15,000,000 (subject
to reduction in the case of certain issuances as set forth in the Letter of Credit Side Letter), or 
 (iii) the
Letter of Credit Usage would exceed the Maximum Revolver Amount less the then extant amount of outstanding Revolving Loans. 
 In the event there is a Defaulting Lender as of the date of any request for the issuance of a Letter of Credit, the Issuing Lender shall not be required to issue or arrange for such Letter of Credit to
the extent (i) the Defaulting Lender’s participation with respect to such Letter of Credit may not be reallocated pursuant to Section 2.4(c), or (ii) the Issuing Lender has not otherwise entered into arrangements
reasonably satisfactory to it and the Borrowers to eliminate the Issuing Lender’s risk with respect to the participation in such Letter of Credit of the Defaulting Lender, which arrangements may include the Borrower cash collateralizing such
Defaulting Lender’s participation with respect to such Letter of Credit in accordance with Section 2.4(c). 

Borrower and the Lender Group acknowledge and agree that certain Underlying Letters of Credit may be issued to support letters of credit
that already are outstanding as of the Closing Date. Each Letter of Credit (and corresponding Underlying Letter of Credit) shall be in form and substance acceptable to the Issuing Lender (in the exercise of its Permitted Discretion), including the
requirement that the amounts payable thereunder must be payable in Dollars. If Issuing Lender is obligated to advance funds under a Letter of Credit, Borrower immediately shall reimburse such L/C Disbursement to Issuing Lender by paying to Agent an
amount equal to such L/C Disbursement not later than 2:00 p.m., New York time, on the date that such L/C Disbursement is made, if Borrower shall have received written or telephonic notice of such L/C Disbursement prior to 1:00 p.m., New York time,
on such date, or, if such notice has not been received by Borrower prior to such time on such date, then not later than 2:00 p.m., New York time, on the Business Day that Borrower receives such notice, if such notice is received prior to 1:00 p.m.,
New York time, on the date of receipt, and, in the absence of such reimbursement, the L/C Disbursement immediately and automatically shall be deemed to be an Revolving Loan hereunder and, thereafter, shall bear interest at the rate then applicable
to Revolving Loans that are Base Rate Loans under Section 2.7. To the extent an L/C Disbursement is deemed to be an Revolving Loan hereunder, Borrower’s obligation to reimburse such L/C Disbursement shall be discharged and replaced
by the resulting Revolving Loan. Promptly following receipt by Agent of any payment from Borrower pursuant to this paragraph, Agent shall distribute such payment to the Issuing Lender or, to the extent that Lenders have made payments pursuant to
Section 2.12(c) to reimburse the Issuing Lender, then to such Lenders and the Issuing Lender as their interests may appear. 

  
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 (b) Promptly following receipt of a notice of L/C Disbursement pursuant to
Section 2.12(a), each Lender with a Revolver Commitment agrees to fund its Pro Rata Share of any Revolving Loan deemed made pursuant to the foregoing subsection on the same terms and conditions as if Borrower had requested such Revolving
Loan and Agent shall promptly pay to Issuing Lender the amounts so received by it from the Lenders. By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) and without any further action on the
part of the Issuing Lender or the Lenders with Revolver Commitments, the Issuing Lender shall be deemed to have granted to each Lender with a Revolver Commitment, and each Lender with a Revolver Commitment shall be deemed to have purchased, a
participation in each Letter of Credit, in an amount equal to its Pro Rata Share of the Risk Participation Liability of such Letter of Credit, and each such Lender agrees to pay to Agent, for the account of the Issuing Lender, such Lender’s Pro
Rata Share of any payments made by the Issuing Lender under such Letter of Credit. In consideration and in furtherance of the foregoing, each Lender with a Revolver Commitment hereby absolutely and unconditionally agrees to pay to Agent, for the
account of the Issuing Lender, such Lender’s Pro Rata Share of each L/C Disbursement made by the Issuing Lender and not reimbursed by Borrower on the date due as provided in clause (a) of this Section, or of any reimbursement payment
required to be refunded to Borrower for any reason. Each Lender with a Revolver Commitment acknowledges and agrees that its obligation to deliver to Agent, for the account of the Issuing Lender, an amount equal to its respective Pro Rata Share of
each L/C Disbursement made by the Issuing Lender pursuant to this Section 2.12(b) shall be absolute and unconditional and such remittance shall be made notwithstanding the occurrence or continuation of an Event of Default or Default or
the failure to satisfy any condition set forth in Section 3 hereof. If any such Lender fails to make available to Agent the amount of such Lender’s Pro Rata Share of each L/C Disbursement made by the Issuing Lender in respect of
such Letter of Credit as provided in this Section, such Lender shall be deemed to be a Defaulting Lender and Agent (for the account of the Issuing Lender) shall be entitled to recover such amount on demand from such Lender together with interest
thereon at the Defaulting Lender Rate until paid in full. 
 (c) Borrower hereby agrees to indemnify, save, defend, and hold the
Lender Group harmless from any loss, cost, expense, or liability, and reasonable attorneys fees incurred by the Lender Group arising out of or in connection with any Letter of Credit; provided, however, that Borrower shall not be
obligated hereunder to indemnify for any loss, cost, expense, or liability to the extent that it is caused by the gross negligence or willful misconduct of such Issuing Lender or any other member of the Lender Group. Borrower agrees to be bound by
the Underlying Issuer’s regulations and interpretations of any Underlying Letter of Credit or by Issuing Lender’s interpretations of any L/C issued by Issuing Lender to or for Borrower’s account, even though this interpretation may be
different from Borrower’s own, and Borrower understands and agrees that the Lender Group shall not be liable for any error, negligence, or mistake, whether of omission or commission, in following Borrower’s instructions or those contained
in the Letter of Credit or any modifications, amendments, or supplements thereto. Borrower understands that the L/C Undertakings may require Issuing Lender to indemnify the Underlying Issuer for certain costs or liabilities arising out of claims by
Borrower against such Underlying Issuer. Borrower hereby agrees to indemnify, save, defend, and hold the Lender Group harmless with respect to 

  
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any loss, cost, expense (including reasonable attorneys fees), or liability incurred by the Lender Group under any L/C Undertaking as a result of the Lender Group’s indemnification of any
Underlying Issuer; provided, however, that Borrower shall not be obligated hereunder to indemnify for any loss, cost, expense, or liability to the extent that it is caused by the gross negligence or willful misconduct of such Issuing
Lender or any other member of the Lender Group. 
 (d) Borrower hereby authorizes and directs any Underlying Issuer to deliver to
the Issuing Lender all instruments, documents, and other writings and property received by such Underlying Issuer pursuant to such Underlying Letter of Credit and to accept and rely upon the Issuing Lender’s instructions with respect to all
matters arising in connection with such Underlying Letter of Credit and the related application. 
 (e) Any and all charges,
commissions, fees, and costs incurred by the Issuing Lender relating to Underlying Letters of Credit shall be Lender Group Expenses for purposes of this Agreement and immediately shall be reimbursable by Borrower to Agent for the account of the
Issuing Lender; it being acknowledged and agreed by Borrower that the Underlying Issuer also imposes a schedule of charges for amendments, extensions, drawings, and renewals. 
 (f) If by reason of (i) any change after the Closing Date in any applicable law, treaty, rule, or regulation or any change in the interpretation or application thereof by any Governmental Authority
(other than any change in any Excluded Tax), or (ii) compliance by the Underlying Issuer or the Lender Group with any direction, request, or requirement (irrespective of whether having the force of law) of any Governmental Authority or monetary
authority including, Regulation D of the Federal Reserve Board as from time to time in effect (and any successor thereto): 
 (i) any reserve, deposit, or similar requirement is or shall be imposed or modified in respect of any Letter of Credit issued hereunder, or 

(ii) there shall be imposed on the Underlying Issuer or the Lender Group any other condition regarding any Underlying
Letter of Credit or any Letter of Credit issued pursuant hereto, 
 and the result of the foregoing is to increase, directly or indirectly, the
cost to the Lender Group of issuing, making, guaranteeing, or maintaining any Letter of Credit or to reduce the amount receivable in respect thereof by the Lender Group, then, and in any such case, Agent may, at any time within a reasonable period
after the additional cost is incurred or the amount received is reduced, notify Borrower, and Borrower shall pay on demand such amounts as Agent may specify to be necessary to compensate the Lender Group for such additional cost or reduced receipt,
together with interest on such amount from the date of such demand until payment in full thereof at the rate then applicable to Base Rate Loans hereunder. The determination by Agent of any amount due pursuant to this Section, as set forth in a
certificate setting forth the calculation thereof in reasonable detail, shall, in the absence of manifest or demonstrable error, be final and conclusive and binding on all of the parties hereto. 

  
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 (g) Borrower acknowledges and agrees that certain of the Qualified Import Letters of Credit
may provide for the presentation of time drafts to the Underlying Issuer. If an Underlying Issuer accepts such a time draft that is presented under an Underlying Letter of Credit, it is acknowledged and agreed that (i) the Letter of Credit will
require the Issuing Lender to reimburse the Underlying Issuer for amounts paid on account of such time draft on or after the maturity date thereof, (ii) the pricing provisions hereof (including Sections 2.7(b) and 2.13(e)) shall
continue to apply, until payment of such time draft on or after the maturity date thereof, as if the Underlying Letter of Credit were still outstanding, and (iii) on the date on which Issuing Lender makes payment to the Underlying Issuer of the
amounts paid on account of such time draft, Borrower immediately shall reimburse such amount to Issuing Lender and such amount shall constitute an L/C Disbursement hereunder. 
 2.14 LIBOR Option 
 (a) Interest and Interest Payment Dates.
In lieu of having interest charged at the rate based upon the Base Rate, Borrower shall have the option (the “LIBOR Option”) to have interest on all or a portion of the Revolving Loans be charged at a rate of interest based upon the
LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto, (ii) the date that is one month after the commencement of the applicable Interest Period,
(iii) the occurrence of an Event of Default in consequence of which the Required Lenders or Agent on behalf thereof elect to accelerate the maturity of all or any portion of the Obligations, or (iv) termination of this Agreement pursuant
to the terms hereof. On the last day of each applicable Interest Period in respect of a LIBOR Rate Loan, unless Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically
shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing, at the election of the Agent or Required Lenders, Borrower no longer shall have
the option to request that Advances bear interest at the LIBOR Rate and Agent shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Base Rate Loans hereunder. 

(b) LIBOR Election. 
 (i) Borrower may, at any time and from time to time, so long as no Event of Default has occurred and is continuing, elect to exercise the LIBOR Option by notifying Agent prior to 2:00 p.m. (New York time)
at least 3 Business Days prior to the commencement of the proposed Interest Period (the “LIBOR Deadline”). Notice of Borrower’s election of the LIBOR Option for a permitted portion of the Advances and an Interest Period
pursuant to this Section shall be made by delivery to Agent of a LIBOR Notice received by Agent before the LIBOR Deadline, or by telephonic notice received by Agent before the LIBOR Deadline (to be confirmed by delivery to Agent of a LIBOR Notice
received by Agent prior to 5:00 p.m. (New York time) on the same day). Promptly upon its receipt of each such LIBOR Notice, Agent shall provide a copy thereof to each of the Lenders having a Revolver Commitment. 

  
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 (ii) Each LIBOR Notice shall be irrevocable and binding on Borrower. In
connection with each LIBOR Rate Loan, Borrower shall indemnify, defend, and hold Agent and the Lenders harmless against any loss, cost, or expense incurred by Agent or any Lender as a result of (a) the payment of any principal of any LIBOR Rate
Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any LIBOR Rate Loan other than on the last day of the Interest Period applicable thereto, or
(c) the failure to borrow, convert, continue or prepay any LIBOR Rate Loan on the date specified in any LIBOR Notice delivered pursuant hereto (such losses, costs, and expenses, collectively, “Funding Losses”). Funding Losses
shall, with respect to Agent or any Lender, be deemed to equal the amount determined by Agent or such Lender to be the excess, if any, of (i) the amount of interest that would have accrued on the principal amount of such LIBOR Rate Loan had
such event not occurred, at the LIBOR Rate that would have been applicable thereto, for the period from the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert, or
continue, for the period that would have been the Interest Period therefor), minus (ii) the amount of interest that would accrue on such principal amount for such period at the interest rate which Agent or such Lender would be offered
were it to be offered, at the commencement of such period, Dollar deposits of a comparable amount and period in the London interbank market. A certificate of Agent or a Lender delivered to Borrower setting forth any amount or amounts that Agent or
such Lender is entitled to receive pursuant to this Section 2.14 shall be conclusive absent manifest error. 
 (iii) Borrower shall have not more than five (5) LIBOR Rate Loans in effect at any given time. Borrower only may exercise the LIBOR Option for LIBOR Rate Loans of at least $1,000,000 and integral
multiples of $500,000 in excess thereof. 
 (c) Prepayments. Borrower may prepay LIBOR Rate Loans at any time;
provided, however, that in the event that LIBOR Rate Loans are prepaid on any date that is not the last day of the Interest Period applicable thereto, including as a result of any automatic prepayment through the required application
by Agent of proceeds of each Credit Party’s Collections in accordance with Section 2.5(b) or for any other reason, including early termination of the term of this Agreement or acceleration of all or any portion of the Obligations
pursuant to the terms hereof, Borrower shall indemnify, defend, and hold Agent and the Lenders and their Participants harmless against any and all Funding Losses in accordance with clause (b)(ii) above. 

(d) Special Provisions Applicable to LIBOR Rate. 

(i) The LIBOR Rate may be adjusted by Agent with respect to any Lender on a prospective basis to take into account any
additional or increased costs to such Lender of maintaining or obtaining any eurodollar deposits or increased costs due to changes in applicable law occurring subsequent to the commencement of the then applicable Interest Period, including changes
in tax laws (except changes with respect to Excluded Taxes) and changes in the reserve 

  
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requirements imposed by the Board of Governors of the Federal Reserve System (or any successor), excluding the Reserve Percentage, which additional or increased costs would increase the cost of
funding loans bearing interest at the LIBOR Rate. In any such event, the affected Lender shall give Borrower and Agent notice of such a determination and adjustment and Agent promptly shall transmit the notice to each other Lender and, upon its
receipt of the notice from the affected Lender, Borrower may, by notice to such affected Lender (y) require such Lender to furnish to Borrower a statement setting forth the basis for adjusting such LIBOR Rate and the method for determining the
amount of such adjustment, or (z) repay the LIBOR Rate Loans with respect to which such adjustment is made (together with any amounts due under clause (b)(ii) above). 

(ii) In the event that any change in market conditions or any law, regulation, treaty, or directive, or any change therein
or in the interpretation of application thereof, shall at any time after the date hereof, in the reasonable opinion of any Lender, make it unlawful or impractical for such Lender to fund or maintain LIBOR Advances or to continue such funding or
maintaining, or to determine or charge interest rates at the LIBOR Rate, such Lender shall give notice of such changed circumstances to Agent and Borrower and Agent promptly shall transmit the notice to each other Lender and (y) in the case of
any LIBOR Rate Loans of such Lender that are outstanding, the date specified in such Lender’s notice shall be deemed to be the last day of the Interest Period of such LIBOR Rate Loans, and interest upon the LIBOR Rate Loans of such Lender
thereafter shall accrue interest at the rate then applicable to Base Rate Loans, and (z) Borrower shall not be entitled to elect the LIBOR Option until such Lender determines that it would no longer be unlawful or impractical to do so. Each
Lender at such time having as its lending office an office outside the United States agrees to use reasonable efforts to designate a different lending office if such designation will avoid the need for such a notice of changed circumstances and
would not, in the good faith judgment of such Lender, otherwise be materially disadvantageous to such Lender. 
 (e) No
Requirement of Matched Funding. Anything to the contrary contained herein notwithstanding, neither Agent, nor any Lender, nor any of their Participants, is required actually to acquire eurodollar deposits to fund or otherwise match fund any
Obligation as to which interest accrues at the LIBOR Rate. The provisions of this Section shall apply as if each Lender or its Participants had match funded any Obligation as to which interest is accruing at the LIBOR Rate by acquiring eurodollar
deposits for each Interest Period in the amount of the LIBOR Rate Loans. 
 2.15 Increased Costs; Capital Requirements.

 (a) Increased Costs Generally. If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar
requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement reflected in the LIBOR Rate) or the Issuing Lender; 

  
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 (ii) subject any Lender or the Issuing Lender to any tax of any kind
whatsoever with respect to this Agreement, any L/C, any participation in an L/C or any LIBOR Rate Loan made by it, or change the basis of taxation of payments to such Lender or the Issuing Lender in respect thereof (except for Indemnified Taxes or
Other Taxes covered by Section 16.11(f)) and the imposition of, or any change in the rate of, any Excluded Tax payable by such Lender or the Issuing Lender); or 

(iii) impose on any Lender or the Issuing Lender or the London interbank market any other condition, cost or expense
affecting this Agreement or LIBOR Rate Loans made by such Lender or any L/C or participation therein; 
 and the result of any
of the foregoing shall be to increase the cost to such Lender of making or maintaining any LIBOR Rate Loan (or of maintaining its obligation to make any such Loan), or to increase the cost to such Lender or the Issuing Lender of participating in,
issuing or maintaining any L/C (or of maintaining its obligation to participate in or to issue any L/C), or to reduce the amount of any sum received or receivable by such Lender or the Issuing Lender hereunder (whether of principal, interest or any
other amount) then, upon request of such Lender or the Issuing Lender, the Borrower will pay to such Lender or the Issuing Lender, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Lender, as the
case may be, for such additional costs incurred or reduction suffered. 
 (b) Capital Requirements. If any Lender or the
Issuing Lender determines that any Change in Law affecting such Lender or the Issuing Lender or any Lending Office of such Lender or such Lender’s or the Issuing Lender’s holding company, if any, regarding capital or liquidity requirements
has or would have the effect of reducing the rate of return on such Lender’s or the Issuing Lender’s capital or on the capital of such Lender’s or the Issuing Lender’s holding company, if any, as a consequence of this Agreement,
the Commitments of such Lender or the Loans made by, or participations in L/Cs or Swing Loans held by, such Lender, or the L/Cs issued by the Issuing Lender, to a level below that which such Lender or the Issuing Lender or such Lender’s or the
Issuing Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or the Issuing Lender’s policies and the policies of such Lender’s or the Issuing Lender’s holding
company with respect to capital adequacy), then, upon written request of such Lender or Issuing Lender or the Agent (such request to set out in reasonable detail the facts giving rise to and a summary calculation of such reduction), from time to
time the Credit Parties will pay to such Lender or the Issuing Lender, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Lender or such Lender’s or the Issuing Lender’s holding company for
any such reduction suffered. 
 (c) Certificates for Reimbursement. A certificate of a Lender or the Issuing Lender
setting forth the amount or amounts necessary to compensate such Lender or the Issuing Lender or its holding company, as the case may be, as specified in subsection (a) or (b) of this Section and delivered to the Borrower shall be
conclusive absent manifest error. The Borrower shall pay such Lender or the Issuing Lender, as the case may be, the amount shown as due on any such certificate within 10 days after receipt thereof. 

  
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 (d) Delay in Requests. Failure or delay on the part of any Lender or the Issuing
Lender to demand compensation pursuant to the foregoing provisions of this Section shall not constitute a waiver of such Lender’s or the Issuing Lender’s right to demand such compensation, provided that the Borrower shall not be required
to compensate a Lender or the Issuing Lender pursuant to the foregoing provisions of this Section for any increased costs incurred or reductions suffered more than six months prior to the date that such Lender or the Issuing Lender, as the case may
be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or the Issuing Lender’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such
increased costs or reductions is retroactive, then the six-month period referred to above shall be extended to include the period of retroactive effect thereof). 
 2.16 Replacement or Removal of Lender. If the Agent receives a notice from a Lender pursuant to Section 2.14(d)(i), Section 2.15 or Section 16.11 claiming
compensation, reimbursement or indemnity, and the aggregate amount of all such compensation, reimbursement or indemnity payments made or to be made by the Borrower pursuant to Section 2.14(d)(i), Section 2.15 or
Section 16.11 to the Lender giving notice is materially greater (as determined by the Borrower in its reasonable judgment) than the weighted average amount of payments made or required to be made to the other Lenders pursuant to
Section 2.14(d)(i), Section 2.15 or Section 16.11, or if the Agent receives a notice from a Lender pursuant to Section 2.14(d)(ii), or if any Lender is a Defaulting Lender, then, so long as no Default
or Event of Default shall have occurred and be continuing, the Borrower may, at its own expense and effort, within sixty (60) days after receipt of any such notice, and upon notice to such Lender and the Agent, elect to terminate such Lender as
a party to this Agreement. The Borrower’s election to terminate a Lender under this Section 2.16 shall be set forth in a written notice from the Borrower to the Agent (with a copy to such Lender), setting forth (a) the basis
for termination of such Lender; (b) whether the Borrower intends to replace such Lender with a Replacement Lender reasonably acceptable to Agent in accordance with the provisions of Section 15.2 or reduce the Commitments by the
amount of the Commitment of such Lender pursuant to Section 3.5; and (c) the date when such termination shall become effective. 
 3. CONDITIONS; TERM OF AGREEMENT. 
 3.1 Conditions Precedent to the Initial Extension
of Credit. The obligation of the Lender Group (or any member thereof) to make the initial Advances (or otherwise to extend any credit provided for hereunder), is subject to the fulfillment, to the satisfaction of Agent in its Permitted
Discretion, of each of the conditions precedent set forth below: 
 (a) the Closing Date shall occur on or before
February 20, 2009; 

  
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 (b) Agent shall have received a UCC Filing Authorization Letter, duly executed by Borrower
and each Guarantor, together with appropriate financing statements on Form UCC-1; 
 (c) Agent shall have received each of the
following documents, in form and substance satisfactory to Agent in its Permitted Discretion, duly executed, and each such document shall be in full force and effect: 

(i) the Disbursement Letter; 
 (ii) the Fee Letter; 
 (iii) the Officers’ Certificate;

 (iv) the Intellectual Property Security Agreements; 

(v) originals of the Pledged Equity and Pledged Notes; 

(vi) the Perfection Certificate; and 

(vii) the Pay-Off Letter, together with UCC termination statements and other documentation evidencing the termination by
Existing Lender of its Liens in and to the properties and assets of Borrower and its Subsidiaries; 
 (d) Agent shall have
received a certificate from the Secretary of each Credit Party attesting to the resolutions of such Credit Party’s Board of Directors authorizing its execution, delivery, and performance of this Agreement and the other Loan Documents to which
such Credit Party is a party and authorizing specific officers of such Credit Party to execute the same; 
 (e) Agent shall have
received copies of each Credit Party’s Governing Documents, as amended, modified, or supplemented as of the Closing Date, certified by the respective Secretary of such Credit Party; 

(f) Agent shall have received a recent certificate of status with respect to each Credit Party, such certificate to be issued by the
appropriate officer of the jurisdiction of organization of such Credit Party, which certificate shall indicate that such Credit Party is in good standing in such jurisdiction; 
 (g) Agent shall have received recent certificates of status with respect to each Credit Party, such certificates to be issued by the appropriate officer of the jurisdictions (other than the jurisdiction
of organization of such Credit Party) in which its failure to be duly qualified or licensed would constitute a Material Adverse Change, which certificates shall indicate that such Credit Party is in good standing in such jurisdictions; 

(h) Agent shall have received a certificate of insurance, together with the endorsements thereto, as are required by
Section 6.7, the form and substance of which shall be satisfactory to Agent in its Permitted Discretion; 

  
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 (i) Agent shall have received an opinion of counsel, including certain local counsel in such
jurisdictions as required by Agent, for the Credit Parties, each in form and substance satisfactory to Agent in its Permitted Discretion; 
 (j) Borrower shall have delivered a Borrowing Base Certificate, dated as of the Closing Date based on the most recent completed fiscal month, and Borrower shall have opening Availability of $15,000,000
after giving effect to the initial extensions of credit hereunder and the payment of all fees and expenses required to be paid by Borrower on the Closing Date under this Agreement or the other Loan Documents and net of accounts payable aged in
excess of 75 days from the invoice date or 45 days from the due date, held checks and overdrafts); 
 (k) Agent shall have
received Borrower’s Closing Date Business Plan; 
 (l) Borrower shall have paid all documented Lender Group Expenses
incurred in connection with the transactions evidenced by this Agreement; 
 (m) Each Credit Party shall have received all
licenses, approvals or evidence of other actions required by any Governmental Authority in connection with the execution and delivery by each such Credit Party of the Loan Documents or with the consummation of the transactions contemplated thereby;

 (n) Agent shall have received Collateral Access Agreements from each landlord or bailee of any distribution center of the
Credit Parties and of any landlord or bailee with respect to real property located in the states of Pennsylvania, Washington, West Virginia or Texas; 
 (o) Agent shall have completed its business, legal, and collateral due diligence, including (i) a commercial finance exam and review of Borrower’s and its Subsidiaries books and records and
verification of Borrower’s representations and warranties to the Lender Group, the results of which shall be reasonably satisfactory to Agent, (ii) an appraisal conducted by an appraisal firm selected by Agent the results of which shall be
reasonably satisfactory to Agent and (iii) to the extent required by Agent an inspection of any of the locations where Borrower’s and its Subsidiaries’ Inventory is located, the results of which shall be reasonably satisfactory to
Agent; 
 (p) Borrower shall have received prior to the Closing Date a cash equity investment on terms reasonably satisfactory to
Agent in an amount not less than $20,000,000 from Sponsor or a Sponsor Affiliate which cash equity investment shall remain in the Borrower on and after the Closing Date and Agent shall otherwise be satisfied with the sources and uses for the
transactions contemplated to occur on the Closing Date and with the capital structure of the Borrower and its Subsidiaries; 

(q) Agent shall have received Cash Management Agreements relating to the Concentration Account maintained by each Credit Party with Wells
Fargo Treasury Management, in accordance with the terms and conditions set forth herein, the form and substance of which shall be satisfactory to Agent in its Permitted Discretion; 

(r) Agent shall have received all Credit Card Processor agreements; and 

  
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 (s) all other documents and legal matters in connection with the transactions contemplated
by this Agreement shall have been delivered, executed, or recorded and shall be in form and substance reasonably satisfactory to Agent in its Permitted Discretion. 
 3.2 Conditions Precedent to all Extensions of Credit. The obligation of the Lender Group (or any member thereof) to make any Advances hereunder at any time (or to extend any other credit
hereunder) shall be subject to the following conditions precedent: 
 (a) the representations and warranties contained in this
Agreement and the other Loan Documents shall be true and correct in all material respects on and as of the date of such extension of credit, as though made on and as of such date (except to the extent that such representations and warranties relate
solely to an earlier date) and except to the extent that such representations and warranties have become untrue or incorrect solely as a result of changes permitted by this Agreement; 

(b) no Default or Event of Default shall have occurred and be continuing on the date of such extension of credit, nor shall either result
from the making thereof; 
 (c) no injunction, writ, restraining order, or other order of any nature restricting or prohibiting,
directly or indirectly, the extending of such credit shall have been issued and remain in force by any Governmental Authority against any Credit Party, Agent, any Lender, or any of their Affiliates; and 

(d) no Material Adverse Change shall have occurred since September 30, 2008. 

3.3 Term. This Agreement shall continue in full force and effect for a term ending on August 27, 2018 (such date, as it may be
extended, the “Maturity Date”). The foregoing notwithstanding, the Lender Group, upon the election of the Required Lenders, shall have the right to terminate its obligations under this Agreement immediately and without notice upon
the occurrence and during the continuation of an Event of Default. 
 3.4 Effect of Termination. On the date of termination
of this Agreement, all Obligations (including contingent reimbursement obligations of Borrower with respect to outstanding Letters of Credit and including all other Obligations) immediately shall become due and payable without notice or demand
(including (a) either (i) providing cash collateral to be held by Agent for the benefit of those Lenders with a Revolver Commitment in an amount equal to 105% of the then extant Letter of Credit Usage, or (ii) causing the original
Letters of Credit to be returned to the Issuing Lender, and (b) providing cash collateral (in an amount determined by Agent as sufficient to satisfy the reasonably estimated credit exposure) to be held by Agent with respect to the Obligations
specified in clause (b) of the definition thereof). No termination of this Agreement, however, shall relieve or discharge any Credit Party of its duties, Obligations, or covenants hereunder and the Agent’s Liens in the Collateral
shall remain in effect until all Obligations have 

  
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been paid in full (including by the provision of cash collateral set forth above) and the Lender Group’s obligations to provide additional credit hereunder have been terminated. When this
Agreement has been terminated and all of the Obligations have been paid in full (including by the provision of cash collateral set forth above) and the Lender Group’s obligations to provide additional credit under the Loan Documents have been
terminated irrevocably, Agent will, at Borrower’s sole expense, execute and deliver any UCC termination statements, lien releases, mortgage releases, re-assignments of trademarks, discharges of security interests, and other similar discharge or
release documents (and, if applicable, in recordable form) as are reasonably necessary to release, as of record, the Agent’s Liens and all notices of security interests and liens previously filed by Agent with respect to the Obligations.

 3.5 Early Termination by Borrower. Borrower has the option, at any time upon five (5) Business Days prior written notice
to Agent, to (A) permanently reduce the Revolver Commitment in the minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess thereof and (B) terminate this Agreement in its entirety by paying to Agent, for the benefit of
the Lenders, in cash, the Obligations (including (a) either (i) providing cash collateral to be held by Agent for the benefit of those Lenders with a Revolver Commitment in an amount equal to 105% of the then extant Letter of Credit Usage,
(ii) providing a backstop letter of credit reasonably acceptable to Agent or (iii) causing the original Letters of Credit to be returned to the Issuing Lender, and (b) providing cash collateral (in an amount determined by Agent as
sufficient to satisfy the reasonably estimated credit exposure) to be held by Agent with respect to the Obligations specified in clause (b) of the definition of Obligations), in full. If Borrower has sent a notice of termination pursuant
to the provisions of this Section, then the Commitments shall terminate and Borrower shall be obligated to repay the Obligations (including either (i) providing cash collateral to be held by Agent for the benefit of those Lenders with a
Revolver Commitment in an amount equal to 105% of the then extant Letter of Credit Usage, (ii) providing a backstop letter of credit reasonably acceptable to Agent or (iii) causing the original Letters of Credit to be returned to the
Issuing Lender, and (b) providing cash collateral (in an amount determined by Agent with respect to the Obligations specified in clause (b) of the definition of Obligations), in full, on the date set forth as the date of termination of
this Agreement in such notice (provided that a notice of termination delivered by the Borrower in connection with a refinancing or termination of all (but not less than all) the Commitments hereunder may state that such notice is conditioned on the
effectiveness of any other credit facilities or the closing of any other securities offering, in which case the Borrower shall provide reasonable detail of the conditions or circumstances that could prevent such effectiveness or closing and such
notice may be revoked by the Borrower (by notice to the Agent on or prior to the specified effective date as soon as the Borrower becomes reasonably certain thereof) if such condition or circumstance is not satisfied). 

4. CREATION OF SECURITY INTEREST. 
 4.1 Grant of Security Interest. Each Credit Party hereby grants to Agent, for the benefit of the Lender Group, a continuing security interest in all of its right, title, and interest in all
currently existing and hereafter acquired or arising Collateral in order to secure prompt repayment of any and all of the 

  
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Obligations in accordance with the terms and conditions of the Loan Documents and in order to secure prompt performance by each Credit Party of each of its covenants and duties under the Loan
Documents. The Agent’s Liens in and to the Collateral shall attach to all Collateral without further act on the part of Agent or any Credit Party. Anything contained in this Agreement or any other Loan Document to the contrary notwithstanding,
except for Permitted Dispositions and other dispositions permitted by Section 7.3, (a) no Credit Party has any authority, express or implied, to dispose of any item or portion of the Collateral (it being understood, with respect to
any such Permitted Disposition (or other disposition permitted by Section 7.3) of Collateral, Agent’s Liens in and to such Collateral shall be released automatically upon consummation of such disposition, and the Proceeds and
products of such disposition shall be subject to Agent’s Liens); and (b) with respect to the granting of any Lien permitted under Section 7.2(b), Agent’s Liens in and to such Collateral shall be released automatically upon the
granting of such Lien, and the Proceeds and products of the Indebtedness secured by such Lien shall be subject to Agent’s Liens. 
 4.2
Negotiable Collateral. In the event that any Collateral, including proceeds, is evidenced by or consists of Negotiable Collateral, and if and to the extent that Agent determines in its Permitted Discretion that perfection or priority
of Agent’s security interest is dependent on or enhanced by possession, such Credit Party, promptly following the request of Agent, shall endorse and deliver physical possession of such Negotiable Collateral to Agent. 

4.3 Collection of Accounts, General Intangibles, and Negotiable Collateral. At any time after the occurrence and during the continuation of
an Event of Default, Agent or Agent’s designee may (a) notify Account Debtors of any Credit Party that such Credit Party’s Accounts, or, as relates to Collateral, chattel paper or General Intangibles, have been assigned to Agent or
that Agent has a security interest therein, or (b) collect the Accounts and such Chattel Paper or General Intangibles of such Credit Party directly and charge the collection costs and expenses to the Loan Account. Each Credit Party agrees that
it will hold in trust for the Lender Group, as the Lender Group’s trustee, any of its Collections that it receives and immediately will deliver such Collections to Agent or a Cash Management Bank in their original form as received by such
Credit Party. 
 4.4 Filing of Financing Statements; Delivery of Additional Documentation Required.  

(a) Each Credit Party authorizes Agent to file any financing statement necessary or desirable to effectuate the transactions contemplated
by the Loan Documents, and any continuation statement or amendment with respect thereto, in any appropriate filing office without the signature of such Credit Party where permitted by applicable law. Each Credit Party hereby ratifies the filing of
any financing statement filed without the signature of such Credit Party prior to the date hereof. 
 (b) At any time upon the
request of Agent, each Credit Party shall execute or deliver to Agent any and all financing statements, original financing statements in lieu of continuation statements, security agreements, assignments, and all other documents (collectively, the

  
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“Additional Documents”) that Agent may request in its Permitted Discretion, in form and substance satisfactory to Agent, to create, perfect, and continue perfected or to better
perfect the Agent’s Liens in the Collateral of any Credit Party (whether now owned or hereafter arising or acquired, tangible or intangible, real or personal), and in order to fully consummate all of the transactions contemplated hereby and
under the other Loan Documents. To the maximum extent permitted by applicable law, each Credit Party authorizes Agent to execute any such Additional Documents in such Credit Party’s name and authorizes Agent to file such executed Additional
Documents in any appropriate filing office. 
 4.5 Power of Attorney. Each Credit Party hereby irrevocably makes, constitutes, and
appoints Agent (and any of Agent’s officers, employees, or agents designated by Agent) as such Credit Party’s true and lawful attorney, with power to (a) if such Credit Party refuses to, or fails timely to execute and deliver any of
the documents described in Section 4.4, sign the name of such Credit Party on any of the documents described in Section 4.4, (b) at any time that an Event of Default has occurred and is continuing, sign such Credit
Party’s name on any invoice or bill of lading relating to the Collateral, drafts against Account Debtors, or notices to Account Debtors, (c) send requests for verification of such Credit Party’s Accounts, (d) after the occurrence
of and during the continuation of an Event of Default endorse such Credit Party’s name on any of its payment items (including all of its Collections) that may come into the Lender Group’s possession, (e) at any time that an Event of
Default has occurred and is continuing, as relates to Collateral, make, settle, and adjust all claims under such Credit Party’s policies of insurance and make all determinations and decisions with respect to such policies of insurance, and
(f) at any time that an Event of Default has occurred and is continuing, settle and adjust disputes and claims respecting such Credit Party’s Accounts, chattel paper, or General Intangibles constituting Collateral directly with Account
Debtors, for amounts and upon terms that Agent determines to be reasonable, and Agent may cause to be executed and delivered any documents and releases that Agent determines to be necessary. The appointment of Agent as each Credit Party’s
attorney, and each and every one of its rights and powers, being coupled with an interest, is irrevocable until all of the Obligations have been fully and finally repaid and performed and the Lender Group’s obligations to extend credit
hereunder are terminated. 
 4.6 Right to Inspect 
 Agent and each Lender (through any of their respective officers, employees, or agents) shall have the right, from time to time hereafter (at reasonable times following reasonable notice to Borrower,
except after the occurrence of and during the continuation of an Event of Default) to inspect the Books and make copies or abstracts thereof and to check, test, and appraise the Collateral, or any portion thereof, in order to verify each Credit
Party’s financial condition or the amount, quality, value, condition of, or any other matter relating to, the Collateral; provided that (i) unless an Event of Default, Accelerated Monitoring Event, or Critical Monitoring Event is
then existing, the Borrower shall only be obligated to pay for one (1) appraisal in any twelve (12) month period, (ii) at any time that an Accelerated Monitoring Event has occurred and is continuing, the Borrower shall be obligated to
pay for two (2) appraisals in any twelve (12) month period, (iii) at any time that a Critical Monitoring Event has occurred and is continuing, the Borrower shall be obligated to pay for three (3) appraisals in any twelve
(12) month period, 

  
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and (iv) at any time that an Event of Defaults has occurred and is continuing, Borrower shall pay for all appraisals conducted during the continuance of such Event of Default. Agent shall
have the right, upon reasonable notice to Borrower, to conduct periodic commercial finance exams and appraisals using third party appraisal firms at the expense of Borrower; provided that (i) unless an Event of Default, Accelerated
Monitoring Event, or Critical Monitoring Event is then existing, the Borrower shall only be obligated to pay for one (1) commercial finance exam in any twelve (12) month period, (ii) at any time that an Accelerated Monitoring Event
has occurred and is continuing, the Borrower shall be obligated to pay for two (2) commercial finance exams in any twelve (12) month period, (iii) at any time that a Critical Monitoring Event has occurred and is continuing, the
Borrower shall be obligated to pay for three (3) commercial finance exams in any twelve (12) month period, and (iv) at any time that an Event of Defaults has occurred and is continuing, Borrower shall pay for all commercial finance
exams conducted during the continuance of such Event of Default. 
 4.7 Deposit Accounts. 

(a) Other than as specified in Section 2.8 with respect to Cash Management Accounts and other than with respect to Excluded
Accounts, each Credit Party agrees that it will not establish or maintain any Deposit Account at which Collateral is or may be located unless the terms of such Deposit Account cause it to be swept on a daily basis to a Concentration Account covered
by a Cash Management Agreement and that it will not transfer Collateral out of any Deposit Account. 
 (b) Following an Event of
Default, each Credit Party agrees that, subject to Section 2.8 (with respect to Cash Management Accounts), with respect to all Deposit Accounts at which Collateral is or may be held other than Excluded Accounts it will take any or all
reasonable steps that Agent requests in order for Agent to obtain control in accordance with Sections 9-104, 9-105, 9-106, and 9-107 of the Code with respect to any of its Deposit Accounts. 
 4.8 Delivery of Instruments, Certificated Securities and Chattel Paper. If any amount payable under or in connection with any of the Collateral (in the aggregate for all Credit Parties)
shall be or become evidenced by any Instrument, Certificated Security or Chattel Paper, such Instrument, Certificated Security or Chattel Paper shall be promptly delivered to the Agent, duly indorsed in a manner reasonably satisfactory to the Agent,
to be held as Collateral pursuant to this Agreement; provided, however, that no Credit Party shall be required to deliver Instruments to the Agent more than one time per month unless an Event of Default is then in existence or the aggregate of all
such undelivered instruments exceeds $1,000,000, in which case the Credit Party shall promptly deliver all such undelivered Instruments to Agent. In the event that an Event of Default shall have occurred and be continuing, upon the request of the
Agent, any Instrument, Certificated Security or Chattel Paper not theretofore delivered to the Agent and at such time being held by any Credit Party shall be promptly delivered to the Agent, duly indorsed in a manner reasonably satisfactory to the
Agent, to be held as Collateral pursuant to this Agreement. 

  
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 4.9 Investment Property. 

(a) Unless an Event of Default shall have occurred and be continuing and the Agent shall have given notice to the relevant Credit Party of
the Agent’s intent to exercise its corresponding rights pursuant to Section 4.9(b), each Credit Party shall be permitted to receive all cash dividends and distributions paid in respect of the Pledged Equity and all payments made in respect
of the Pledged Notes, to the extent not otherwise prohibited by the Credit Agreement, and to exercise all voting and other rights with respect to the Investment Property; provided, that no vote shall be cast or other right exercised or action taken
which could materially impair the Collateral or which would be inconsistent with or result in any violation of any provision of the Credit Agreement, this Agreement or any other Loan Document. 

(b) If an Event of Default shall occur and be continuing and the Agent shall give notice of its intent to exercise such rights to the
relevant Credit Party or Credit Parties, (i) the Agent shall have the right to receive any and all cash dividends and distributions, payments or other Proceeds paid in respect of the Investment Property and make application thereof to the
Obligations in such order as the Agent may determine, and (ii) any or all of the Investment Property shall be registered in the name of the Agent or its nominee, and the Agent or its nominee may thereafter exercise (x) all voting and other
rights pertaining to such Investment Property at any meeting of holders of the equity interests of the relevant Issuer or Issuers or otherwise and (y) any and all rights of conversion, exchange and subscription and any other rights, privileges
or options pertaining to such Investment Property as if it were the absolute owner thereof (including the right to exchange at its discretion any and all of the Investment Property upon the merger, consolidation, reorganization, recapitalization or
other fundamental change in the corporate or other structure of any Issuer, or upon the exercise by any Credit Party or the Agent of any right, privilege or option pertaining to such Investment Property, and in connection therewith, the right to
deposit and deliver any and all of the Investment Property with any committee, depositary, transfer agent, registrar or other designated agency upon such terms and conditions as the Agent may determine), all without liability except to account for
property actually received by it, but the Agent shall have no duty to any Credit Party to exercise any such right, privilege or option and shall not be responsible for any failure to do so or delay in so doing. 

(c) Each Credit Party hereby authorizes and instructs each Issuer of any Investment Property pledged by such Credit Party hereunder to
(i) comply with any instruction received by it from the Agent in writing that (x) states that an Event of Default has occurred and is continuing and (y) is otherwise in accordance with the terms of this Agreement, without any other or
further instructions from such Credit Party, and each Credit Party agrees that each Issuer shall be fully protected in so complying and (ii) unless otherwise expressly permitted hereby, pay any dividends, distributions or other payments with
respect to the Investment Property directly to the Agent. 
 4.10 Code and Other Remedies . If an Event of Default shall occur and
be continuing, the Agent, on behalf of the Lenders, may exercise, in addition to all other rights and remedies granted to them in this Agreement and in any other instrument or agreement securing, evidencing or relating to the Obligations, all rights
and remedies of a secured party under the UCC or any other applicable law. Without limiting the generality of the foregoing, the Agent, without demand of performance or other demand, presentment, protest, advertisement or notice of any kind (except
any notice required by law referred to below) to or upon any Credit Party or any other Person (all and each of which demands, defenses, advertisements and notices are hereby waived), may in such circumstances forthwith collect, receive, appropriate
and realize upon the 

  
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Collateral, or any part thereof, and/or may forthwith sell, lease, assign, give options to purchase, or otherwise dispose of and deliver the Collateral or any part thereof (or contract to do any
of the foregoing), in one or more parcels at public or private sale or sales, at any exchange, broker’s board or office of the Agent or any Lender or elsewhere upon such terms and conditions as it may deem advisable and at such prices as it may
deem best, for cash or on credit or for future delivery with assumption of any credit risk. The Agent or any Lender shall have the right upon any such public sale or sales, and, to the extent permitted by law, upon any such private sale or sales, to
purchase the whole or any part of the Collateral so sold, free of any right or equity of redemption in any Credit Party, which right or equity is hereby waived and released. Each Credit Party further agrees, at the Agent’s request, to assemble
the Collateral and make it available to the Agent at places which the Agent shall reasonably select, whether at such Credit Party’s premises or elsewhere. The Agent shall apply the net proceeds of any action taken by it pursuant to this
Section 4.10, after deducting all reasonable costs and expenses of every kind incurred in connection therewith or incidental to the care or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights of the Agent
and the Lenders hereunder, including reasonable attorneys’ fees and disbursements, to the payment in whole or in part of the Obligations, in accordance with Section 2.5(b), and only after such application and after the payment by the Agent
of any other amount required by any provision of law, need the Agent account for the surplus, if any, to any Credit Party. To the extent permitted by applicable law, each Credit Party waives all claims, damages and demands it may acquire against the
Agent or any Lender arising out of the exercise by them of any rights hereunder. If any notice of a proposed sale or other disposition of Collateral shall be required by law, such notice shall be deemed reasonable and proper if given at least 10
days before such sale or other disposition. 
 4.11 Waiver; Deficiency. Each Credit Party waives and agrees not to assert any
rights or privileges which it may acquire under Section 9-626 of the Code. Each Credit Party shall remain liable for any deficiency if the proceeds of any sale or other disposition of the Collateral are insufficient to pay the Obligations in
full and the fees and disbursements of any attorneys employed by the Agent or any Lender to collect such deficiency. 
 5.
REPRESENTATIONS AND WARRANTIES. 
 In order to induce the Lender Group to enter into this Agreement, each Credit Party
jointly and severally makes the following representations and warranties to the Lender Group which shall be true, correct, and complete, in all material respects, as of the date hereof, and shall be true, correct, and complete, in all material
respects, as of the Closing Date, and at and as of the date of the making of each Advance (or other extension of credit) made thereafter, as though made on and as of the date of such Advance (or other extension of credit) (except to the extent that
such representations and warranties relate solely to an earlier date and except to the extent that such representations and warranties have become untrue or incorrect solely as a result of changes permitted by this Agreement) and such
representations and warranties shall survive the execution and delivery of this Agreement: 
 5.1 Title, No Encumbrances. Except as
disclosed on Schedule P-1 hereto, each Credit Party has good and indefeasible title to its personal property assets and good and marketable title to its Real Property (subject to exceptions that do not, in the aggregate, materially impair the
use of any of the personal property and the Real Property, taken as a whole), and in the case of Collateral, free and clear of Liens except for Permitted Liens. 

  
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 5.2 Eligible Accounts. The Eligible Accounts are bona fide existing payment obligations
of Account Debtors created by the sale and delivery of Inventory or the rendition of services to such Account Debtors in the ordinary course of each Credit Party’s business, owed to such Credit Party without any known defenses, disputes,
offsets, counterclaims, or rights of return or cancellation, except where the existence of such defenses, disputes, offsets, counterclaims, or rights of return or cancellation would not cause a Material Adverse Change. As to each Account that is
identified by Borrower as an Eligible Account in a borrowing base report submitted to Agent, such Account is not excluded as ineligible by virtue of one or more of the excluding criteria set forth in the definition of Eligible Accounts. 

5.3 Eligible Inventory. All Eligible Inventory is of good and merchantable quality. As to each item of Inventory that is identified by
Borrower as Eligible Inventory in a Borrowing Base Certificate submitted to Agent, such Inventory is not excluded as ineligible by virtue of one or more of the excluding criteria set forth in the definition of Eligible Inventory. 

5.4 Location of Collateral. The Collateral of each Credit Party is located only at, or in-transit to or between, the locations identified
on Schedule 5.4 (as such Schedule may be updated pursuant to Sections 6.8 and 6.13). Schedule 5.4 separately identifies each Leased Store Location and each Non-Owned Storage Facility, and sets forth the owners and
operators thereof. 
 5.5 Inventory Records. Borrower keeps correct and accurate records itemizing and describing the type,
quality, and quantity of its and each Credit Party’s Inventory and the book value thereof. 
 5.6 State of Incorporation; Location of
Chief Executive Office; FEIN; Organizational ID Number. 
 (a) The jurisdiction of organization of each Credit Party is
set forth on Schedule 5.6(a). 
 (b) The chief executive office of each Credit Party is located at the address indicated on
Schedule 5.6(b) (as such Schedule may be updated pursuant to Section 6.7). 
 (c) Each Credit Party’s
FEIN and organizational identification number, if any, are identified on Schedule 5.6(c). 

  
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 5.7 Due Organization and Qualification; Subsidiaries. 

(a) Each Credit Party is duly organized and existing and in good standing under the laws of the jurisdiction of its organization and
qualified to do business in any state where the failure to be so qualified reasonably could be expected to result in a Material Adverse Change. 
 (b) As of the Closing Date, set forth on Schedule 5.7(b), is a complete and accurate description of the authorized capital Stock of each Credit Party, by class, and, as of the Closing Date, a
description of the number of shares of each such class that are issued and outstanding. As of the Closing Date, other than as described on Schedule 5.7(b), there are no subscriptions, options, warrants, or calls relating to any shares of any
Credit Party’s capital Stock, including any right of conversion or exchange under any outstanding security or other instrument. As of the Closing Date, except as set forth on Schedule 5.7(b), no Credit Party is subject to any obligation
(contingent or otherwise) to repurchase or otherwise acquire or retire any shares of its capital Stock or any security convertible into or exchangeable for any of its capital Stock. 

(c) Set forth on Schedule 5.7(c), is a complete and accurate list of each Credit Party’s direct and indirect Subsidiaries
(including Excluded Subsidiaries as indicated thereon), as of the Closing Date, showing: (i) the jurisdiction of their organization, (ii) the number of shares of each class of common and preferred Stock authorized for each of such
Subsidiaries, and (iii) the number and the percentage of the outstanding shares of each such class owned directly or indirectly by such Credit Party. All of the outstanding capital Stock of each such Subsidiary has been validly issued and is
fully paid and non-assessable. 
 5.8 Due Authorization; No Conflict. 

(a) The execution, delivery, and performance by each Credit Party of this Agreement and the Loan Documents to which it is a party have
been duly authorized by all necessary action on the part of such Credit Party. 
 (b) The execution, delivery, and performance by
each Credit Party of this Agreement and the other Loan Documents to which it is a party do not and will not (i) violate any provision of federal, state, or local law or regulation applicable to such Credit Party, the Governing Documents of such
Credit Party, or any order, judgment, or decree of any court or other Governmental Authority binding on such Credit Party, (ii) conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under any
material contractual obligation of such Credit Party, (iii) result in or require the creation or imposition of any Lien of any nature whatsoever upon any properties or assets of such Credit Party, other than Permitted Liens, or
(iv) require any approval of such Credit Party’s equityholders or any approval or consent of any Person under any material contractual obligation of such Credit Party, other than consents or approvals that have been obtained and that are
still in force and effect unless such violation, imposition of Lien or failure to obtain approval or consent could not reasonably be expected to result in a Material Adverse Change. 

(c) Other than the filing of financing statements, the execution, delivery, and performance by each Credit Party of this Agreement and the
other Loan Documents to which each such Credit Party is a party do not and will not require any registration with, consent, or approval of, or notice to, or other action with or by, any Governmental Authority, other than consents or approvals that
have been obtained and that are still in force and effect. 

  
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 (d) This Agreement and the other Loan Documents to which each Credit Party is a party, and
all other documents contemplated hereby and thereby, when executed and delivered by such Credit Party will be the legally valid and binding obligations of such Credit Party, enforceable against such Credit Party in accordance with their respective
terms, except as may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally. 

(e) The Agent’s Liens are validly created, perfected, and first priority Liens, subject only to Permitted Liens. 

5.9 Litigation. Other than those matters disclosed on Schedule 5.9, there are no actions, suits, or proceedings pending or, to the
best knowledge of each Credit Party, threatened against any Credit Party, except for (a) matters that are fully covered by insurance (subject to customary deductibles), and (b) matters arising after the Closing Date that, if decided
adversely to any Credit Party, reasonably could not be expected to result in a Material Adverse Change. 
 5.10 No Material Adverse
Change. All financial statements relating to the Credit Parties that have been delivered by Borrower to the Lender Group have been prepared in accordance with GAAP (except, in the case of unaudited financial statements, for the lack of
footnotes and being subject to year-end audit adjustments) and present fairly in all material respects, each Credit Parties’ financial condition as of the date thereof and results of operations for the period then ended. There has not been a
Material Adverse Change with respect to any Credit Party since February 2, 2013. 
 5.11 Fraudulent Transfer 

(a) Each Credit Party is Solvent. 
 (b) No transfer of property is being made by any Credit Party and no obligation is being incurred by any Credit Party in connection with the transactions contemplated by this Agreement or the other Loan
Documents with the intent to hinder, delay, or defraud either present or future creditors of any Credit Party. 
 5.12 Employee
Benefits. No Credit Party or any of their ERISA Affiliates maintains or contributes to any Benefit Plan. 

  
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 5.13 Environmental Condition. Except for matters that could not reasonably be expected to
result in a Material Adverse Change, (a) to each Credit Party’s knowledge, no asset of any Credit Party has ever been used by any Credit Party or by previous owners or operators in the disposal of, or to produce, store, handle, treat,
release, or transport, any Hazardous Materials, where such production, storage, handling, treatment, release or transport was in violation of applicable Environmental Law, (b) to each Credit Party’s knowledge, no Credit Party’s
properties or assets has ever been designated or identified in any manner pursuant to any environmental protection statute as a Hazardous Materials disposal site, (c) no Credit Party has received notice that a Lien arising under any
Environmental Law has attached to any revenues or to any Real Property owned or operated by any Credit Party, and (d) no Credit Party has received a summons, citation, notice, or directive from the U.S. Environmental Protection Agency or any
other federal or state governmental agency concerning any action or omission by any Credit Party resulting in the releasing or disposing of Hazardous Materials into the environment in violation of any applicable Environmental Law. 

5.14 Brokerage Fees. No Credit Party has utilized the services of any broker or finder in connection with Borrower’s obtaining
financing from the Lender Group under this Agreement and no brokerage commission or finders fee is payable by any Credit Party in connection herewith. 
 5.15 Intellectual Property. Each Credit Party owns, or holds licenses in, all trademarks, trade names, copyrights, patents, patent rights, and licenses that are necessary to the conduct of
the business of the Credit Parties, taken as a whole, as currently conducted, except where the failure to do so, in the aggregate, would not result in a Material Adverse Change. 
 5.16 Leases. Except where the failure to do so could not reasonably be expected to result in a Material Adverse Change, each Credit Party enjoys peaceful and undisturbed possession
under all leases material to its business and to which it is a party or under which it is operating. Except as set forth on Schedule 5.16 or to the extent such defaults could not reasonably be expected to cause a Material Adverse Change, all
of such leases are valid and subsisting and no material default by any Credit Party exists under any of them. 
 5.17 Deposit
Accounts. Set forth on Schedule 5.17 are all of each Credit Party’s Deposit Accounts, as of the Closing Date, at which Collateral is or may be held, including, with respect to each bank (i) the name and address of such
Person, and (ii) the account numbers of the Deposit Accounts maintained with such Person. Schedule 2.8(a) separately identifies, as of the Closing Date, each Concentration Account, and each Collection Account. 

5.18 Complete Disclosure. All factual information (taken as a whole) furnished by or on behalf of any Credit Party in writing to Agent or
any Lender (including all information contained in the Schedules hereto or in the other Loan Documents) for purposes of or in connection with this 

  
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Agreement, the other Loan Documents, or any transaction contemplated herein or therein is, and all other such factual information (taken as a whole) hereafter furnished by or on behalf of any
Credit Party in writing to Agent or any Lender will be, true and accurate, in all material respects, on the date as of which such information is dated or certified and not incomplete by omitting to state any fact necessary to make such information
(taken as a whole) not misleading in any material respect at such time in light of the circumstances under which such information was provided. On the Closing Date, the Closing Date Projections represent, and as of the date on which any other
Projections are delivered to Agent, such additional Projections represent each Credit Party’s good faith best estimate of its future performance for the periods covered thereby, it being understood that such projections as to future events are
not to be viewed as facts and that actual results during the period or periods covered by any projections may differ from the projected results and no assurance can be given that the Projections will be realized. 

5.19 Indebtedness. Set forth on Schedule 5.19 is a true and complete list of all Indebtedness of each Credit Party outstanding
immediately prior to the Closing Date that is to remain outstanding after the Closing Date and such Schedule accurately reflects the aggregate principal amount of such Indebtedness (other than Indebtedness of any Credit Party to any other Credit
Party). 
 5.20 Credit Card Receipts. Schedule 5.20 sets forth each Credit Party’s Credit Card Processors and all
material arrangements to which any Credit Party is a party with respect to the payment to any Credit Party of the proceeds of credit card charges for sales by such Credit Party as of the Closing Date. 

5.21 Margin Stock. No Credit Party is engaged in the business of extending credit for the purpose of purchasing or carrying margin stock
(as defined in Regulation U of the Board of Governors of the Federal Reserve System), and no proceeds of any Advance or drawings under any Letter of Credit will be used to purchase or carry any margin stock or to extend credit to others for the
purpose of purchasing or carrying any margin stock. 
 5.22 Equipment. All of the Equipment of the Borrower and its Subsidiaries
is used or held for use in their business and is fit for such purposes. 
 5.23 Investment Property.  

(a) The shares of Pledged Equity pledged by each Credit Party hereunder on the Closing Date constitutes all the issued and outstanding
equity interests of each Subsidiary owned by such Credit Party (other than Excluded Equity). 
 (b) All of the Pledged Equity has
been duly and validly issued and is fully paid and nonassessable. 

  
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 (c) Each of the Pledged Notes constitutes the legal, valid and binding obligation of the
obligor with respect thereto, enforceable in accordance with its terms (subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights
generally, general equitable principles (whether considered in a proceeding in equity or at law) and an implied covenant of good faith and fair dealing). 
 (d) As of the Closing Date, Schedule 5.23 lists each item of Investment Property owned by each Credit Party with an individual value in excess of $200,000. Each Credit Party is the record and
beneficial owner of, and has good and marketable title to, the Investment Property pledged by it hereunder, free of any and all Liens or options in favor of, or claims of, any other Person, except the security interest created by this Agreement and,
in the case of Investment Property which does not constitute Pledged Equity or Pledged Notes, for Liens expressly permitted by the Credit Agreement. 
 5.24 Pledged Intellectual Property.  
 (a) (i) As of the Closing
Date, Schedule 5.24 lists all of the following owned by such Credit Party in its own name: (i) trademark registrations and applications for registration of trademarks; (ii) patents and patent applications; and (iii) registered
copyrights and applications for registration of copyrights. 
 (b) On the date hereof, all material Intellectual Property owned
by any Credit Party is valid, subsisting, unexpired and enforceable, has not been abandoned and, to such Credit Party’s knowledge, does not infringe the intellectual property rights of any other Person. 

(c) Except as set forth in Schedule 5.24, as of the Closing Date, none of the material Intellectual Property owned by any Credit
Party is the subject of any material licensing or franchise agreement pursuant to which such Credit Party is the licensor or franchisor. 
 (d) No holding, decision or judgment has been rendered by any Governmental Authority which would limit, cancel or question the validity of, or any Credit Party’s rights in, any material Intellectual
Property owned by any Credit Party in any material respect. 
 (e) No action or proceeding is pending, or, to the knowledge of
such Credit Party, threatened, on the date hereof (i) seeking to limit, cancel or question the validity of any material Intellectual Property owned by any Credit Party or any Credit Party’s ownership interest therein, or (ii) which,
if adversely determined, would adversely affect the value of any such material Intellectual Property. 
 5.25 Anti-Terrorism Laws.
 
 (i) None of the Credit Parties or, to the knowledge of any of the Credit Parties, any of their
Affiliates, is in violation of any laws relating to terrorism or money laundering (“Anti-Terrorism Laws”), including Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001 (the “Executive
Order”), and the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56. 

  
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 (ii) No Credit Party or, to the knowledge of any of the Credit Parties, any
of their Affiliates or their respective brokers or other agents acting or benefiting in any capacity in connection with the Obligations, is any of the following: 

(A) a Person or entity that is listed in the annex to, or is otherwise subject to the provisions of, the Executive Order;

 (B) a Person or entity owned or controlled by, or acting for or on behalf of, any Person or entity that is
listed in the annex to, or is otherwise subject to the provisions of, the Executive Order; 
 (C) a Person or
entity with which any Lender is prohibited from dealing or otherwise engaging in any transaction by any Anti-Terrorism Law; 
 (D) a Person or entity that commits, threatens or conspires to commit or supports “terrorism” as defined in the Executive Order; or 

(E) a Person or entity that is named as a “specially designated national and blocked person” on the most
current list published by the U.S. Treasury Department Office of Foreign Asset Control at its official website or any replacement website or other replacement official publication of such list. 

(iii) No Credit Party or to the knowledge of any Credit Party, any of its brokers or other agents acting in any capacity
in connection with the Obligations (i) conducts any business or engages in making or receiving any contribution of funds, goods or services to or for the benefit of any Person described in clause (b) above, (ii) deals in, or otherwise
engages in any transaction relating to, any property or interests in property blocked pursuant to the Executive Order, or (iii) engages in or conspires to engage in any transaction that evades or avoids, or has the purpose of evading or
avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law. 
 5.26 RESERVED. 

5.27 Taxes. Each Credit Party has filed all federal, state and local tax returns and other reports that it is required by law to file, and
has paid, or made provision for the payment of, all taxes upon it, its income and its Properties that are due and payable, except to the extent such taxes are the subject of a Permitted Protest and except where the failure to file or pay the same
could not reasonably be expected to have a Material Adverse Change. 

  
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 5.28 Insurance. Each Credit Party keeps its property adequately insured and maintains
(a) insurance to such extent and against such risks as is customary with companies in the same or similar businesses, (b) workmen’s compensation insurance in the amount required by applicable law, (c) public liability insurance
in the amount customary with companies in the same or similar business against claims for personal injury or death on properties owned, occupied or controlled by it, and (d) such other insurance as may be required by law or as may be reasonably
required by the Agent. Schedule 5.5 sets forth a list of all insurance maintained by each Credit Party on the Sixth Amendment Effective Date. 
 6. AFFIRMATIVE COVENANTS. 
 Each Credit Party jointly and severally
covenants and agrees that, until termination of all of the Commitments and payment in full of the Obligations, each Credit Party shall do all of the following: 
 6.1 Accounting System. Maintain a system of accounting that enables each Credit Party to produce financial statements in accordance with GAAP and maintain records pertaining to the
Collateral that contain information as from time to time reasonably may be requested by Agent. Each Credit Party also shall keep an inventory reporting system that shows all additions, sales, claims, returns, and allowances with respect to such
Credit Party’s Inventory. 
 6.2 Collateral Reporting. Provide Agent (and if so requested by Agent, with copies for each
Lender) with the documents set forth on Schedule 6.2 in accordance with the delivery schedule set forth thereon. In addition, each Credit Party agrees to cooperate fully with Agent to facilitate and implement a system of electronic collateral
reporting in order to provide electronic reporting of each of the items set forth on Schedule 6.2. 
 6.3 Financial Statements,
Reports, Certificates. Deliver to Agent, with copies to each Lender: 
 (a) as soon as available, but in any event within
30 days (or 45 days, in the case of a month that is the end of one of Ultimate Parent’s fiscal quarters) after the end of each fiscal month during each of Ultimate Parent’s fiscal years, 

(i) a company prepared consolidated balance sheet, income statement, and statement of cash flow covering Ultimate
Parent’s and its Subsidiaries’ current period operations and year to date operations with a comparison to projections for such year and for prior year, 

  
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 (ii) a Compliance Certificate signed by the chief financial officer of
Ultimate Parent to the effect that: 
 (A) the financial statements delivered hereunder have been prepared in
accordance with GAAP (except for the lack of footnotes and being subject to year-end audit adjustments) and fairly present in all material respects the financial condition of Ultimate Parent and its Subsidiaries, 

(B) to his or her Knowledge, the representations and warranties of each Credit Party contained in this Agreement and the
other Loan Documents are true and correct in all material respects on and as of the date of such certificate, as though made on and as of such date (except to the extent that such representations and warranties relate solely to an earlier date and
except to the extent that such representations and warranties have become untrue or incorrect solely as a result of changes permitted by this Agreement), 
 (C) to his or her Knowledge, there does not exist any condition or event that constitutes a Default or Event of Default (or, to the extent of any non-compliance, describing such non-compliance as to which
he or she may have knowledge and what action the Credit Parties have taken, are taking, or propose to take with respect thereto), 
 (D) RESERVED, and 
 (E) a statement that, to his or her Knowledge,
each Credit Party and its Subsidiaries are not delinquent with respect to all rent, tax and insurance payments (other than any rent, tax or insurance payment subject to a Permitted Protest). 

(b) as soon as available, but in any event within 90 days after the end of each of Ultimate Parent’s fiscal years, consolidated
financial statements of Ultimate Parent and its Subsidiaries for each such fiscal year, audited by independent certified public accountants reasonably acceptable to Agent and certified, without any qualifications (other than a qualification as to
going concern or other similar qualification solely as a result of the impending maturity of the Term Loan Indebtedness and/or the Obligations), by such accountants to have been prepared in accordance with GAAP (such audited financial statements to
include a balance sheet, income statement, and statement of cash flow and, if prepared, such accountants’ letter to management); 
 (c) as soon as available, but in any event within 30 days after the start of each of Borrower’s fiscal years, copies of Borrower’s Projections, in form and detail (including as to scope)
reasonably satisfactory to Agent, in its Permitted Discretion, for the forthcoming 3 years, year by year, and for the forthcoming fiscal year, month by month (or by such shorter periods as are reasonably requested by the Agent), certified by the
chief financial officer of Borrower and approved by the Board of Directors as being such officer’s good faith best estimate of the financial performance of Borrower during the period covered thereby, it being understood that such Projections as
to future performance are not to be viewed as facts and that actual results during the periods covered by the Projections may differ from the projected results and no assurances can be given that the Projections will be realized, 

  
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 (d) if and when filed by Borrower or Ultimate Parent, 

(i) Form 10-Q quarterly reports, Form 10-K annual reports, and Form 8-K current reports, 

(ii) any other filings made by Borrower or Ultimate Parent with the SEC, and 

(iii) upon reasonable request of Agent, copies of Borrower’s federal income tax returns, and any amendments thereto,
filed with the Internal Revenue Service, 
 (e) if and when filed by any Credit Party and as requested by Agent, satisfactory
evidence of payment, and extent of nonpayment (if applicable), by such Credit Party of applicable excise taxes in each jurisdiction in which (i) such Credit Party conducts business or is required to pay any such excise tax (ii) where such
Credit Party’s failure to pay any such applicable excise tax would result in a Lien on the properties or assets of such Credit Party, or (iii) where such Credit Party’s failure to pay any such applicable excise tax reasonably could be
expected to result in a Material Adverse Change, 
 (f) promptly after any Credit Party has knowledge of any event or condition
that constitutes a Default or an Event of Default, notice thereof and a statement of the curative action that such Credit Party proposes to take with respect thereto, 
 (g) promptly after the commencement thereof, but in any event within 5 days after the service of process with respect thereto on any Credit Party, notice of all actions, suits, or proceedings brought by
or against any Credit Party before any Governmental Authority which, reasonably could be expected to result in a Material Adverse Change, 
 (h) promptly notify Agent in writing of any material default under any of its leases (irrespective of whether such material default could reasonably be expected to cause a Material Adverse Change), and

 (i) upon the request of Agent, any other report reasonably requested relating to the financial condition of any Credit
Parties, provided that such reports shall not be overly burdensome for any Credit Party to prepare. 
 No Subsidiary of Ultimate
Parent will have a fiscal year different from that of Ultimate Parent. Borrower agrees to cooperate with Agent to allow Agent to consult with its independent certified public accountants if Agent reasonably requests the right to do so (and Agent
shall notify Borrower as to the timing of such consultations and permit Borrower to be present thereat or to otherwise participate therein) and that, in such connection, its independent certified public accountants are authorized to communicate with
Agent and to release to Agent whatever financial information concerning any Credit Party that Agent reasonably may request. 

  
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 6.4 Returns. Cause returns and allowances, as between any Credit Party and their Account
Debtors, to be on the same basis and in accordance with the usual customary practices of Borrower, as they exist at the time of the execution and delivery of this Agreement, except where failure to do so could not reasonably be expected to result in
a Material Adverse Change. 
 6.5 Maintenance of Properties. Maintain and preserve all of its properties which are necessary or
useful in the proper conduct to its business in working order and condition, ordinary wear and tear excepted, and comply at all times with the provisions of all leases to which it is a party as lessee so as to prevent any loss or forfeiture thereof
or thereunder, except (subject to Section 6.10 with respect to leases) for any non-compliance therewith and/or any loss or forfeiture thereunder that could not, individually or in the aggregate, reasonably could be expected to result in
a Lien (other than Permitted Liens) on all or any portion of the Collateral or otherwise result in a Material Adverse Change. 
 6.6
Taxes. Cause all federal and material state and other assessments and taxes, whether real, personal, or otherwise, due or payable by, or imposed, levied, or assessed against each Credit Party or any of their respective assets to be paid
in full, before delinquency or before the expiration of any extension period, except to the extent that the validity of such assessment or tax shall be the subject of a Permitted Protest. Each Credit Party will make timely payment or deposit of all
such tax payments and withholding taxes required of it and them by applicable laws, including those laws concerning F.I.C.A., F.U.T.A., state disability, and local, state, and federal income taxes, and will, upon written request, furnish Agent with
proof reasonably satisfactory to Agent indicating that such Credit Party have made such payments or deposits. 
 6.7 Insurance.

 (a) At each Credit Party’s’ expense, maintain insurance respecting such Credit Party’s assets wherever located,
covering loss or damage by fire, theft, explosion, and all other hazards and risks, and maintain business interruption, public liability, and product liability insurance, as well as insurance against larceny, embezzlement, and criminal
misappropriation, all as ordinarily are insured against by other Persons engaged in the same or similar businesses. All such policies of insurance shall be in such amounts which are customary for Persons engaged in the same or similar business and
with nationally recognized insurance companies. Each Credit Party shall deliver copies of certificates of insurance to Agent with a customary lender’s loss payable endorsement naming Agent as loss payee (with respect to Collateral) or
additional insured, as appropriate. Each such policy of insurance or endorsement shall contain a clause requiring the insurer to use its commercially reasonable best efforts to give not less than 30 days prior written notice to Agent in the event of
cancellation of the policy. 
 (b) Each Credit Party shall give Agent prompt notice of any loss of Collateral covered by such
insurance. Agent shall have the exclusive right to adjust any losses of Collateral claimed under any such insurance policies in excess of $1,000,000 (or in any amount after the occurrence and during the continuation of an Event of Default),
without any liability to such Credit Party whatsoever in respect of such adjustments. 

  
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 (c) No Credit Party will take out separate insurance concurrent in form or contributing in
the event of loss of Collateral with that required to be maintained under this Section 6.7, unless Agent is included thereon as named insured with the loss payable to Agent under a lender’s loss payable endorsement or its
equivalent. Each Credit Party immediately shall notify Agent whenever such separate insurance is taken out, specifying the insurer thereunder and full particulars as to the policies evidencing the same, and copies of such policies promptly shall be
provided to Agent. 
 6.8 Location of Inventory. Keep each Credit Party’s Inventory only at the locations identified on
Schedule 5.4 and their chief executive offices only at the locations identified on Schedule 5.6(b); provided, however, that Borrower may amend Schedule 5.4 and Schedule 5.6, on behalf of any Credit Party, so
long as such amendment occurs by written notice to Agent not less than 30 days prior to the date on which such Inventory is moved to such new location or such chief executive office is relocated, so long as such new location is within the
continental United States or Canada, any new distribution center or any stores located in Pennsylvania, West Virginia, Texas or Washington. 

6.9 Compliance with Laws. Comply with the requirements of all applicable laws, rules, regulations, and orders of any Governmental
Authority, including the Fair Labor Standards Act and the Americans With Disabilities Act, other than laws, rules, regulations, and orders the non-compliance with which, individually or in the aggregate, could not reasonably be expected to result in
a Material Adverse Change. 
 6.10 Leases. Pay when due all rents and other amounts payable under any leases to which any Credit
Party is a party or by which any Credit Party’s properties and assets are bound, unless such payments are the subject of a Permitted Protest or could not reasonably be expected to result in a Material Adverse Change. 

6.11 Existence. At all times preserve and keep in full force and effect each Credit Party’s (a) valid existence in its
jurisdiction of organization, and (b) good standing and any rights and franchises material to their businesses, in each case, where failure to keep such good standing, rights and franchises could reasonably be expected to result in a Material
Adverse Change. 

  
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 6.12 Environmental . Except for such Environmental Liens, failures to comply, releases,
Environmental Actions, notices, citations or orders which, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Change: (a) keep any property either owned or operated by any Credit Party free of any
Environmental Liens or post bonds or other financial assurances sufficient to satisfy the obligations or liability evidenced by such Environmental Liens, (b) comply with all applicable Environmental Laws and provide to Agent documentation of
such compliance which Agent reasonably requests, (c) promptly notify Agent of any release of a Hazardous Material in any reportable quantity from or onto property owned or operated by any Credit Party and take any Remedial Actions required to
abate said release or otherwise to come into compliance with applicable Environmental Law, and (d) promptly, but in any event within 5 days of its receipt thereof, provide Agent with written notice of any of the following: (i) notice that
an Environmental Lien has been filed against any of the real or personal property of any Credit Party, (ii) commencement of any Environmental Action or notice that an Environmental Action will be filed against any Credit Party, and
(iii) notice of any violation, citation, or other administrative order received by any Credit Party. 
 6.13 Disclosure
Updates. Promptly and in no event later than 5 Business Days after obtaining knowledge thereof, notify Agent if any written information, exhibit, or report furnished to the Lender Group contained any untrue statement of a material fact or
omitted to state any material fact necessary to make the statements contained therein not materially misleading in light of the circumstances in which made; provided, that with respect to Schedules E-2, 5.4, 5.17, and
5.20, Borrower shall provided updates to such Schedules as necessary in its discretion to reflect material changes thereto occurring before any quarterly update thereto, but in any event no less than quarterly; provided,
further, that any reference herein to any Schedule(s) shall be deemed to be a reference to such Schedule(s) as updated pursuant hereto. The foregoing to the contrary notwithstanding, any notification pursuant to the foregoing provision will
not cure or remedy the effect of the prior untrue statement of a material fact or omission of any material fact nor shall any such notification have the affect of amending or modifying this Agreement or any of the Schedules hereto. 

6.14 Formation of Subsidiaries. At the time that any Credit Party forms any direct or indirect Subsidiary or acquires any direct or
indirect Subsidiary after the Closing Date, such Credit Party shall, within thirty (30) days of such Subsidiary’s formation or acquisition, (a) cause such new Subsidiary (other than an Excluded Subsidiary) to provide to Agent a
joinder to this Agreement (as a Guarantor and Credit Party), together with such other security documents, as well as appropriate UCC-1 financing statements, all in form and substance satisfactory to Agent (including being sufficient to grant Agent a
first priority Lien (subject to Permitted Liens) in and to the assets of such newly formed or acquired Subsidiary (other than any such assets that would not be required to be subject to Agent’s Liens if they were assets of any Credit Party)),
(b) provide to Agent all other documentation reasonably requested by Agent. Any document, agreement, or instrument executed or issued pursuant to this Section 6.14 shall be a Loan Document. 

  
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 6.15 Cash Management Agreements 

Notwithstanding Section 2.8, as soon as possible and, in any event, not later than forty-five (45) days following the Closing
Date, the Credit Parties shall deliver to Agent Cash Management Agreements relating to each Cash Management Account maintained by the Credit Parties and such Cash Management Agreements shall be in form and substance satisfactory to Agent in its
Permitted Discretion; provided, no Cash Management Agreement shall be required for the Cash Management Account maintained by Borrower at First National Bank of Omaha so long as the balance in such Cash Management Account does not exceed $500
at any time. 
 6.16 RESERVED. 
 6.17 Further Assurances. Take such action and execute, acknowledge and deliver at its sole cost and expense, such agreements, instruments or other documents as the Agent may reasonably
require from time to time in order (a) to carry out more effectively the purposes of this Agreement and the other Loan Documents, (b) to subject to valid and perfected first priority Liens any of the Collateral, (c) to establish and
maintain the validity and effectiveness of any of the Loan Documents and the validity, perfection and priority of the Liens intended to be created thereby, and (d) to better assure, convey, grant, assign, transfer and confirm unto the
Collateral Agent and each Lender the rights now or hereafter intended to be granted to it under this Agreement or any other Loan Document. In furtherance of the foregoing, to the maximum extent permitted by applicable law, each Credit Party
(i) authorizes the Agent to execute any such agreements, instruments or other documents in such Credit Party’s name and to file such agreements, instruments or other documents in any appropriate filing office, (ii) authorizes the
Agent to file any financing statement required hereunder or under any other Loan Document, and any continuation statement or amendment with respect thereto, in any appropriate filing office without the signature of such Credit Party, and
(iii) ratifies the filing of any financing statement, and any continuation statement or amendment with respect thereto, filed without the signature of such Credit Party prior to the date hereof, in each case to the extent such filings are
necessary or desirable in order to perfect or maintain the perfection of the Agent’s security interest in the Collateral. 

7. NEGATIVE COVENANTS. 
 Each Credit Party, jointly and severally, covenants and agrees that, until termination of all of the Commitments and payment in full of the Obligations, such Credit Party will not and will not permit any
of its Subsidiaries other than an Excluded Subsidiary to do any of the following: 
 7.1 Indebtedness. Create, incur, assume,
suffer to exist, guarantee, or otherwise become or remain, directly or indirectly, liable with respect to any Indebtedness, except: 
 (a) Indebtedness evidenced by this Agreement and the other Loan Documents, together with Indebtedness owed to Underlying Issuers with respect to Underlying Letters of Credit and any other Obligations that
constitute Indebtedness, 
 (b) Indebtedness set forth on Schedule 5.19, 

  
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 (c) Permitted Purchase Money Indebtedness, 

(d) refinancings, renewals, or extensions of Indebtedness permitted under clauses (b) of this Section 7.1 (and
continuance or renewal of any Permitted Liens associated therewith) so long as: (i) the terms and conditions of such refinancings, renewals, or extensions do not, in Agent’s judgment, materially impair the prospects of repayment of the
Obligations by Borrower or materially impair Borrower’s creditworthiness, (ii) such refinancings, renewals, or extensions do not result in an increase in the then extant principal amount of, or interest rate with respect to, the
Indebtedness so refinanced, renewed, or extended, (iii) such refinancings, renewals, or extensions do not result in a shortening of the average weighted maturity of the Indebtedness so refinanced, renewed, or extended, nor are they on terms or
conditions that, taken as a whole, are materially more burdensome or restrictive to Borrower, (iv) if the Indebtedness that is refinanced, renewed, or extended was subordinated in right of payment to the Obligations, then the terms and
conditions of the refinancing, renewal, or extension Indebtedness must include subordination terms and conditions that are at least as favorable to the Lender Group as those that were applicable to the refinanced, renewed, or extended Indebtedness,
and (v) the Indebtedness that is refinanced, renewed, or extended is not recourse to any Person that is liable on account of the Obligations other than those Persons which were obligated with respect to the Indebtedness that was refinanced,
renewed, or extended, 
 (e) Subordinated Indebtedness; provided, immediately prior to, and after giving effect to the incurrence
of such Subordinated Indebtedness, no Default or Event of Default shall have occurred and be continuing or would result from such incurrence; 
 (f) Indebtedness of any Credit Party to any other Credit Party (other than Parent or Ultimate Parent) and Indebtedness of a Credit Party guaranteeing Indebtedness of another Credit Party (other than
Parent or Ultimate Parent) otherwise permitted under this Section 7.1; 
 (g) Indebtedness which may be deemed to
exist pursuant to any guaranties, performance, surety, statutory, appeal or similar bonds or obligations incurred in the ordinary course of business; 
 (h) Indebtedness in respect of netting services, overdraft protections and otherwise in connection with Deposit Accounts maintained in the ordinary course of business; 

(i) endorsement of instruments or other payment items for deposit; 

(j) Indebtedness under Hedge Agreements incurred for bona fide hedging purposes and not for speculation; 

(k) Indebtedness incurred by a Credit Party after the Sixth Amendment Effective Date in connection with the financing
of the acquisition, construction or installation of Equipment or Fixtures at any leased or owned store location of a Credit Party, or the distribution centers located at 9202 F Street, Omaha, NE 68127 or 1801 Innovation Boulevard, Clayton, IN 43118,
or the corporate headquarters located at 1926 S. 67th
Street, Omaha, NE 68106, in an amount not to exceed $11,000,000 in the aggregate in any Fiscal Year of Borrower and $30,000,000 in the aggregate after the Sixth Amendment Effective Date; 

  
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 (l) Reserved; 
 (m) Sponsor Subordinated Indebtedness; provided, immediately prior to, and after giving effect to the incurrence of such Sponsor Subordinated Indebtedness, no Event of Default shall have occurred
and be continuing or would result from such incurrence; 
 (n) Indebtedness assumed in connection with any acquisition permitted
under this Agreement in an amount not to exceed $10,000,000 in the aggregate; provided that (i) such Indebtedness is not incurred in contemplation of such acquisition and (ii) at the time of such acquisition (A) no Default or Event of
Default shall exist or shall result from such acquisition, (B) Excess Availability exceeds the greater of (x) $15,000,000 and (y) 20% of the Loan Cap for the 30 days immediately prior to and after giving pro forma effect to the
acquisition and (C) Agent shall have received updated projections showing that the Borrower’s projected Excess Availability exceeds the greater of (x) $15,000,000 and (y) 20% of the Loan Cap for the 180 days immediately following
such acquisition; 
 (o) other Indebtedness of the Credit Parties; provided that, the Pro Forma Conditions shall be
satisfied with respect to such Indebtedness on and as of the date of incurrence of such Indebtedness; 
 (p) Indebtedness in a
principal amount not to exceed $20,000,000 secured by Liens permitted by Section 7.2(e) (“Permitted Equipment Indebtedness”); provided that (i) the terms of such Indebtedness and documentation (the
“Permitted Equipment Indebtedness Documentation”) therefor shall be reasonably satisfactory to the Agent which terms shall provide, among other things, (i) amortization reasonably acceptable to the Agent or otherwise on a
straight line monthly or quarterly basis not exceeding for any monthly or quarterly period an amount which would correspond to a 36-month straight line amortization schedule; and (ii) the lender or lenders providing such Indebtedness shall be
reasonably satisfactory to the Agent and shall have entered into an intercreditor agreement (the “Permitted Equipment Indebtedness Intercreditor Agreement”) with Agent on terms and conditions satisfactory to the Agent and the
Required Lenders it being understood that such intercreditor agreement shall, among other things, provide for customary provisions acknowledging the first priority security interest of Agent and Lenders in Collateral (other than Collateral
consisting of all or any portion of the Equipment of the Credit Parties that secures the Permitted Equipment Indebtedness and proceeds thereof) and a second priority security interest of Agent and Lenders on Collateral consisting of Equipment that
secures the Permitted Equipment Indebtedness and the proceeds thereof; and 
 (q) the Term Loan Indebtedness, so long as it is
subject to the Term Loan Intercreditor Agreement. 
 7.2 Liens. Create, incur, assume, or suffer to exist, directly or indirectly,
any Lien on or with respect to any of its assets, of any kind, whether now owned or hereafter acquired, or any income or profits therefrom, except: 
 (a) Permitted Liens (including Liens that are replacements of Permitted Liens to the extent that the original Indebtedness is refinanced, renewed, or extended under Section 7.1(d) and so long
as the replacement Liens only encumber those assets that secured the refinanced, renewed, or extended Indebtedness); 

  
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 (b) Liens on Equipment and Fixtures securing Indebtedness permitted pursuant to
Section 7.1(k) and (l) provided that the Liens only encumber the Equipment and Fixtures financed by the Indebtedness so secured; 
 (c) Liens on Collateral on a subordinated basis in favor of a member of the Sponsor Group securing Indebtedness permitted pursuant to Section 7.1(m); 

(d) Liens on assets other than Collateral securing Indebtedness in an aggregate amount not to exceed $5,000,000 at any time outstanding;
and 
 (e) Liens securing Permitted Equipment Indebtedness consisting of first priority security interests on all or any portion
of the Equipment of the Credit Parties that secures the Permitted Equipment Indebtedness and proceeds thereof. 
 7.3 Restrictions on
Fundamental Changes/Disposal of Assets. Enter into any transaction of merger or consolidation, or liquidate, wind-up or dissolve itself (or suffer any liquidation or dissolution), or convey, sell, lease or sub-lease (as lessor or sublessor),
transfer or otherwise dispose of, in one transaction or a series of transactions, all or any part of its business, assets or property of any kind whatsoever, whether real, personal or mixed and whether tangible or intangible, whether now owned or
hereafter acquired, except: 
 (a) any Subsidiary of a Credit Party may be merged with or into a Credit Party, or be liquidated,
wound up or dissolved, or all or any part of its business, property or assets may be conveyed, sold, leased, transferred or otherwise disposed of, in one transaction or a series of transactions, to any Credit Party; provided, (i) at the time of
any such merger, no Event of Default shall exist or shall result from such merger, and (ii) in the case of such a merger, a Credit Party shall be the continuing or surviving Person; 

(b) Permitted Dispositions; 
 (c) RESERVED; 
 (d) Asset Sales in an amount not to exceed $1,000,000 in the
aggregate, provided at the time of any such Asset Sale no Default or Event of Default shall exist or shall result from such Asset Sale; 
 (e) Asset Sales not otherwise permitted hereunder; provided that (i) the consideration received for such assets shall be in an amount at least equal to the fair market value thereof (determined in
good faith by the Board of Directors of Borrower); (ii) at the time of any such Asset Sale, no Event of Default shall exist or shall result from such Asset Sale; (iii) no less than 80% of the consideration therefor shall be paid in cash;
and (iv) at the time of such Asset Sale and after giving effect thereto, the aggregate sales price of all assets or property so sold by the Credit Parties during the twelve month period ending on the date of such Asset Sale shall not exceed
$10,000,000; and 

  
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 (f) Asset Sales not otherwise permitted hereunder provided that, at the time of such Asset
Sale, the Pro Forma Conditions shall be satisfied. 
 7.4 Change Name. Change the name, FEIN, organizational identification
number, state of organization or organizational identity of any Credit Party; provided, however, that any Credit Party may change its name upon at least 30 days prior written notice to Agent of such change and so long as, at the time
of such written notification, such Credit Party provides any financing statements necessary to perfect and continue perfected the Agent’s Liens. 
 7.5 Nature of Business. Make any material change in the principal nature of its or their business, taken as a whole, that is not reasonably related or incidental to its or their existing
business. Any change in the types of products sold or the methods or channels of distribution shall not constitute a material change in the principal nature of the business of the Credit Parties. 

7.6 Amendments. Amend or otherwise change the terms of any (i) Subordinated Indebtedness if the effect of such amendment or other
change is to increase the interest rate on such Indebtedness, change (to earlier dates) any dates upon which payments of principal or interest are due thereon, change any event of default or change any condition to an event of default with respect
thereto (other than to eliminate any such event of default, make less restrictive or increase any grace period related thereto), change the redemption, prepayment or defeasance provisions thereof, change the subordination provisions thereof (or of
any guaranty thereof), or if the effect of any such amendment or change, together with all other amendments or changes made, is to increase materially the obligations of the obligor thereunder or to confer any additional rights on the holders of
such Indebtedness (or a trustee or representative on their behalf) which would be adverse to any Credit Party or the Lenders; (ii) Sponsor Subordinated Indebtedness except to the extent permitted by the terms of a subordination agreement with
respect thereto; or (iii) Permitted Equipment Indebtedness except to the extent permitted by the terms of the Permitted Equipment Indebtedness Intercreditor Agreement; (iv) Term Loan Indebtedness except to the extent not prohibited by the
Term Loan Intercreditor Agreement, or (v) Governing Documents of any Credit Party, including by the filing or modification of any certificate of designation, or any agreement or arrangement entered into by it, with respect to any of its Stock
(including any shareholders’ agreement), or enter into any new agreement with respect to any of its Stock, except any such amendments, modifications or changes or any such new agreements or arrangements pursuant to this clause (v) that
either individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Change. 
 7.7 Change of
Control. Cause, permit, or suffer, directly or indirectly, any Change of Control. 

  
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 7.8 Distributions. Make or set apart any sum for any Restricted Payment, except that:

 (a) any Credit Party may make Restricted Payments to any other Credit Party (other than Parent and Ultimate Parent);

 (b) Any Credit Party may make Restricted Payments to Parent, Parent may make Restricted Payments to Ultimate Parent, and
Ultimate Parent may make Restricted Payments to its shareholders, in each case, consisting of the repurchase of shares of common stock of Ultimate Parent from employees of Ultimate Parent or any of its Subsidiaries in an amount up to $500,000 in
each of Ultimate Parent’s fiscal years; 
 (c) Any Credit Party may make payments of taxes on behalf of any employee,
officer or director of Ultimate Parent in respect of vesting Equity Interests of Ultimate Parent owned by such employee, officer or director; 
 (d) so long as the Ultimate Parent continues to own (directly or indirectly) 100% of the Borrower and continues to file a federal consolidated income tax return, Borrower may make distributions or
otherwise pay in the form of cash to the Ultimate Parent (or to Parent for further distribution to Ultimate Parent) for the sole purpose of allowing the Ultimate Parent to pay United States federal, state and local income taxes and franchise taxes
solely arising out of the consolidated operations of the Ultimate Parent and the Credit Parties, after taking into account all available credit, tax attributes and deductions; provided that no Credit Party shall make any distribution to the
Ultimate Parent (i) in any amount greater than the share of such taxes arising from the Credit Parties’ consolidated net income and (ii) in an amount that exceeds that amount which Borrower would otherwise have paid in income taxes
(assuming the Borrower and its eligible subsidiaries filed a separate consolidated income tax return); 
 (e) any Credit Party
may make distributions or otherwise pay in the form of cash, from legally available funds therefor, directly or indirectly to Ultimate Parent (i) for reasonable and customary directors’ fees and out-of-pocket expenses (other than directors
who are employees of the Sponsor), (ii) for reasonable and customary indemnities to directors, officers and employees of the direct and indirect owners of the Credit Parties, in the ordinary course of business, to the extent reasonably
attributable to the ownership of the Credit Parties, and (iii) for the purpose of allowing Ultimate Parent to pay reasonable and customary filing fees and expenses incurred by Ultimate Parent as a result of being a public entity; 

(f) RESERVED; and 

(g) the Credit Parties may make the Permitted Distribution. 
 Notwithstanding the foregoing (but subject to Section 7.18), any Credit Party may make Restricted Payments so long as the Pro Forma Conditions shall be satisfied with respect to such Restricted
Payment on and as of the date when such Restricted Payment is made. 

  
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 7.9 Accounting Methods. Modify or change its fiscal year or its method of accounting (other
than as may be required to conform to GAAP) or enter into, modify, or terminate any agreement currently existing, or at any time hereafter entered into with any third party audit or accounting firm or service bureau for the preparation or storage of
Borrower’s or its Subsidiaries’ accounting records without using commercially reasonable efforts to cause said accounting firm or service bureau agreeing to provide Agent information regarding Borrower’s and its Subsidiaries’
financial condition. Notwithstanding the foregoing, the Borrower may change any third party audit or accounting firm to any nationally recognized third party audit or accounting firm or any other audit or accounting firm reasonably satisfactory to
Agent. 
 7.10 Investments. Directly or indirectly, make or acquire any Investment or incur any liabilities (including contingent
obligations) for or in connection with any Investment, except; 
 (a) Permitted Investments; 

(b) Investments or commitments to make Investments existing on the Sixth Amendment Effective Date and described on Schedule 7.10;

 (c) Investments in any Person that becomes a Credit Party or in any assets that are acquired by a Credit Party in connection
with an acquisition in an amount not to exceed $1,000,000 in the aggregate for all such Investments; provided, that at the time of any such Investment no Default or Event of Default shall exist or shall result from such Investment;

 (d) Investments in any Person that becomes a Credit Party or in any assets that are acquired by a Credit Party in connection
with an acquisition; provided, however, that at the time of any such Investment, (A) no Default or Event of Default shall exist or shall result from such Investment, (B) Excess Availability exceeds the greater of
(x) $15,000,000 and (y) 20% of the Loan Cap for the 30 days immediately prior to and after giving pro forma effect to the Investment, and (C) Agent shall have received updated projections showing that the Borrower’s projected
Excess Availability exceeds the greater of (x) $15,000,000 and (y) 20% of the Loan Cap for the 180 days immediately following such Investment; and 
 (e) other Investments by the Borrower made after the Sixth Amendment Effective Date in an amount not to exceed $1,000,000 in the aggregate in any fiscal year. 

7.11 Transactions with Affiliates. Directly or indirectly enter into or permit to exist any transaction with any Affiliate of a Credit
Party except for transactions that are in the ordinary course of a Credit Party’s business, upon fair and reasonable terms and that are no less favorable to Borrower than would be obtained in an arm’s length transaction with a
non-Affiliate provided that the foregoing restriction shall not apply to (a) any transaction between Credit Parties; (b) reasonable and customary fees paid to members of the board of directors of a Credit Party; (c) compensation
arrangements for officers and other employees of the Credit Parties entered into in the ordinary course of business; (d) the transaction contemplated under the Management Agreement; provided, any payments required pursuant thereto are permitted
to be paid under Section 7.8(c); 

  
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(e) transactions described in Schedule 7.11; (f) transactions otherwise permitted hereunder; (g) one time bonus payments to officers of any Credit Party paid immediately
following completion of the initial public offering of the equity securities of Ultimate Parent in an amount not to exceed $3,000,000 in the aggregate for all such bonus payments, and (h) reasonable and document out-of-pocket expenses of
Sponsor and Sponsor Affiliates. 
 7.12 Use of Proceeds. Use the proceeds of the Advances for any purpose other than (a) on
the Closing Date, (i) to repay, in full, the outstanding principal, accrued interest, and accrued fees and expenses owing to Existing Lender, and (ii) to pay transactional fees, costs, and expenses incurred in connection with this
Agreement, the other Loan Documents, and the transactions contemplated hereby and thereby, and (b) thereafter, consistent with the terms and conditions hereof, for its lawful and permitted purposes (including, without limitation, the
Distribution). 
 7.13 Equitable Lien; No Further Negative Pledges 

If any Credit Party shall create or assume any Lien upon any of its properties or assets, whether now owned or hereafter acquired (other
than Permitted Liens), it shall make or cause to be made effective provision whereby the Obligations will be secured by such Lien equally and ratably with any and all other Indebtedness secured thereby as long as any such Indebtedness shall be so
secured; provided, notwithstanding the foregoing, this covenant shall not be construed as a consent by Required Lenders to the creation or assumption of any such Lien not otherwise permitted hereby. Except with respect to (a) specific
property encumbered to secure payment of particular Indebtedness or to be sold pursuant to an executed agreement with respect to a Permitted Disposition, (b) restrictions by reason of customary provisions restricting assignments, subletting or
other transfers contained in leases, licenses and similar agreements entered into in the ordinary course of business (provided that such restrictions are limited to the property or assets secured by such Liens or the property or assets subject to
such leases, licenses or similar agreements, as the case may be) and (c) restrictions contained in the Subordinated Indebtedness documents, any Permitted Equipment Indebtedness Documentation, or any Term Loan Documents so long as such
restrictions permit Agent’s Lien’s created hereunder, no Credit Party shall enter into any agreement prohibiting the creation or assumption of any Lien upon any of its properties or assets, whether now owned or hereafter acquired.

 7.14 Sales and Lease-Backs. Directly or indirectly, become or remain liable as lessee or as a guarantor or other surety with
respect to any lease of any property (whether real, personal or mixed), whether now owned or hereafter acquired (a “Sale-Leaseback”), which such Credit Party (a) has sold or transferred or is to sell or transfer to any other
Person (other than a Credit Party), or (b) intends to use for substantially the same purpose as any other property which has been or is to be sold or transferred by such Credit Party to any Person (other than another Credit Party) in connection
with such lease. For avoidance of doubt, (i) Sale-Leasebacks that result in Capital Leases shall be treated as Indebtedness for all purposes of this Agreement and (ii) store openings that constitute sale and leaseback transactions under
Emerging Task Force Issue #97-10 shall not be prohibited by this Section 7.14. 

  
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 7.15 Minimum Availability. The Credit Parties shall have at all times Excess Availability
(without giving effect to any outstanding obligations referenced in clause (b) of the definition of Obligations) of at least 10.0% of the then current weekly Borrowing Base. 
 7.16 Reserved.  
 7.17 Reserved. 

7.18 Restricted Payments 
 Not (i) make any redemption, prepayment (whether mandatory or optional), defeasance, repurchase or any other payment in respect of any Subordinated Indebtedness or set aside funds for the foregoing,
except as otherwise permitted by the applicable intercreditor and subordination agreement, or (ii) make any repayment, redemption, prepayment or other payment on Permitted Equipment Indebtedness except (a) regularly scheduled payments of
principal, fees, costs, expenses and interest required by the terms of the Permitted Equipment Indebtedness Documentation as in effect on the closing date of such Permitted Equipment Indebtedness (or as amended in accordance with the Permitted
Equipment Indebtedness Intercreditor Agreement) provided that no Default or Event of Default exists or would result therefrom; (b) either voluntary or mandatory payments of principal out of proceeds of the sale of Equipment securing such
Permitted Equipment Indebtedness; and (c) other mandatory or voluntary prepayments on Permitted Equipment Indebtedness provided that, on and as of the date of such payment, after giving effect thereto, the Pro Forma Conditions shall be
satisfied, or (iii) make any voluntary redemption, prepayment, defeasance, repurchase or any other payment in respect of any Term Loan Indebtedness or set aside funds for the foregoing, unless, on and as of the date of such payment, after
giving effect thereto, the Pro Forma Conditions shall be satisfied. 
 8. EVENTS OF DEFAULT. 

Any one or more of the following events shall constitute an event of default (each, an “Event of Default”) under this
Agreement: 
 8.1 If Borrower fails to pay (a) when due any installment of principal of any Obligations, whether at
stated maturity, by acceleration or otherwise, (b) when due any amount payable to Issuing Lender in reimbursement of any drawing under a Letter of Credit; or (c) any interest on any Obligations (other than any obligations referenced in
clause (b) of the definition of Obligations) or any fee or any other amount due with respect to the Obligations (other than any obligations referenced in clause (b) of the definition of Obligations) within five (5) days
after the date due; 
 8.2 If Borrower: 
 (a) fails to perform, keep, or observe any term, provision, condition, covenant, or agreement contained in Sections 4.1, 4.7, 6.7(a), 6.11(a) and 7.1 through 7.18
of this Agreement; 

  
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 (b) fails or neglects to perform, keep, or observe any term, provision, condition, covenant,
or agreement contained in Sections 2.8(a), 2.8(b), 2.8(c), 2.8(d), 2.8(e), 6.2, 6.6, 6.7(b), 6.8 and 6.14 of this Agreement and such failure continues for a period of 10 days; or 

(c) fails or neglects to perform, keep, or observe any other term, provision, condition, covenant, or agreement contained in this
Agreement, or in any of the other Loan Documents (giving effect to any grace periods, cure periods, or required notices, if any, expressly provided for in such Loan Documents), in each case, other than any such term, provision, covenant, or
agreement that is the subject of another provision of this Section 8 (in which event such other provision of this Section 8 shall govern), and such failure continues for a period of 30 days from an officer of any Credit Party becoming
aware of such failure; 
 8.3 If any material portion of any Credit Party’s assets is attached, seized, subjected to
a writ or distress warrant, levied upon, or comes into the possession of any third Person (except as otherwise permitted hereunder) and the same is not discharged before the earlier of 30 days after the date it first arises or 5 days prior to the
date on which such property or asset is subject to forfeiture; 
 8.4 If an Insolvency Proceeding is commenced by Borrower
or any of its Subsidiaries or Borrower admits in writing its inability to, or is generally unable to, pay its debts as such debts become due; 
 8.5 If an Insolvency Proceeding is commenced against Borrower, or any of its Subsidiaries, and any of the following events occur: (a) Borrower or such Subsidiary consents to the institution of
such Insolvency Proceeding against it, (b) the petition commencing the Insolvency Proceeding is not timely controverted; provided, however, that, during the pendency of such period, each member of the Lender Group shall be relieved of its
obligations to extend credit hereunder, (c) the petition commencing the Insolvency Proceeding is not dismissed within 60 calendar days of the date of the filing thereof; provided, however, that, during the pendency of such period, each member
of the Lender Group shall be relieved of its obligations to extend credit hereunder, (d) an interim trustee is appointed to take possession of all or any substantial portion of the properties or assets of, or to operate all or any substantial
portion of the business of, Borrower or any of its Subsidiaries, or (e) an order for relief shall have been entered therein; 
 8.6 If a Material Adverse Change results from any Credit Party being enjoined, restrained, or in any way prevented by court order from continuing to conduct all or any material part of its business
affairs; 
 8.7 If a notice of Lien, levy, or assessment is filed of record with respect to any of any Credit Party’s
assets by the United States, or any department, agency, or instrumentality thereof, or by any state, county, municipal, or governmental agency, or if any taxes or debts owing at any time hereafter to any one or more of such entities becomes a Lien,
upon any of any of Credit Party’s assets and the same is not paid before such payment is delinquent; 
 8.8 If there
is a default in one or more agreements to which any Credit Party is a party relative to such Credit Party’s Indebtedness (including, without limitation, the Term Loan Indebtedness) involving an aggregate amount of $1,000,000, or more, and such
default (a) occurs 

  
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at the final maturity of the obligations thereunder, or (b) results in a right by the other party thereto, irrespective of whether exercised, to accelerate the maturity of any Credit
Party’s obligations thereunder or to terminate such agreement; provided that clause (b) shall not apply to any default or event of default arising under the Term Loan Agreement by virtue of the failure of any Credit Party to comply
with the financial covenants set forth in Section 7.15 of the Term Loan Agreement, unless the maturity of the Term Loan Indebtedness actually has been accelerated by the lenders thereunder as a result of such default or event of default;

 8.9 If any Credit Party makes any payment on account of Indebtedness that has been contractually subordinated in right
of payment to the payment of the Obligations, except to the extent such payment is permitted by the terms of the subordination provisions applicable to such Indebtedness; 
 8.10 If any representation, warranty or certification made by a Credit Party in a Loan Document shall have been incorrect in any material respect when made; 

8.11 If the obligation of any Guarantor is limited or terminated by operation of law or by such Guarantor thereunder; 

8.12 If this Agreement or any other Loan Document that purports to create a Lien, shall, for any reason, fail or cease to create a
valid and perfected and, except to the extent permitted by the terms hereof or thereof, first priority Lien on or security interest in the Collateral covered hereby or thereby; 
 8.13 Any provision of any Loan Document shall at any time for any reason be declared to be null and void, or the validity or enforceability thereof shall be contested by any Credit Party, or a
proceeding shall be commenced by any Credit Party, or by any Governmental Authority having jurisdiction over any Credit Party, seeking to establish the invalidity or unenforceability thereof, or any Credit Party shall deny that it has any liability
or obligation purported to be created under any Loan Document; or 
 8.14 Parent or Ultimate Parent (i) conducts any
business other than (A) its ownership of equity securities of Borrower or Parent, as applicable, (B) performing its obligations incidental thereto under the Loan Documents, (C) issuing its own equity securities subject to the terms
hereof, (D) filing tax reports and paying taxes in the ordinary course, (E) preparing reports to Governmental Authorities and to its shareholders, (F) holding directors and shareholders meetings, preparing corporate records and other
corporate activities required to maintain its separate corporate structure or to comply with applicable law or (G) making Restricted Payments to the extent permitted by this Agreement or (ii) incurs any Indebtedness or liabilities other
than liabilities incidental to the conduct of its business as a holding company. 
 8.15 Any judgment or order for the
payment of money remains outstanding for more than 30 days against a Credit Party in an amount that exceeds, individually or cumulatively with all unsatisfied judgments or orders against all Credit Parties, $5,000,000 (net of any insurance coverage
therefor acknowledged in writing by the insurer), unless a stay of enforcement of such judgment or order is in effect, by reason of a pending appeal or otherwise 

  
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 9. THE LENDER GROUP’S RIGHTS AND REMEDIES. 

9.1 Rights and Remedies. Upon the occurrence, and during the continuation, of an Event of Default, the Required Lenders (at their election
but without notice of their election and without demand) may authorize and instruct Agent to do any one or more of the following on behalf of the Lender Group (and Agent, acting upon the instructions of the Required Lenders, shall do the same on
behalf of the Lender Group), all of which are authorized by each Credit Party: 
 (a) Declare all Obligations (or any portion
thereof), whether evidenced by this Agreement, by any of the other Loan Documents, or otherwise, immediately due and payable; 

(b) Cease (or restrict) advancing money or extending credit to or for the benefit of Borrower under this Agreement, under any of the Loan
Documents, or under any other agreement between Borrower and the Lender Group; 
 (c) Upon notice to Borrower (except with
respect to an Event of Default under Sections 8.4 or 8.5, in which case no notice shall be required), terminate this Agreement and any of the other Loan Documents as to any future liability or obligation of the Lender Group, but without
affecting any of the Agent’s Liens in the Collateral and without affecting the Obligations; 
 (d) Settle or adjust disputes
and claims directly with any Credit Party’s Account Debtors for amounts and upon terms which Agent considers advisable, and in such cases, Agent will credit Borrower’s Loan Account with only the net amounts received by Agent in payment of
such disputed Accounts after deducting all Lender Group Expenses incurred or expended in connection therewith; 
 (e) Cause any
Credit Party to hold all of its returned Inventory in trust for the Lender Group and segregate all such Inventory from all other assets of such Credit Party or in such Credit Party’s possession; 

(f) Without notice to or demand upon any Credit Party, make such payments and do such acts as Agent considers necessary or reasonable to
protect its security interests in the Collateral. Each Credit Party agrees to assemble the Collateral if Agent so requires, and to make the Collateral available to Agent at a place that Agent may designate which is reasonably convenient to both
parties. Each Credit Party authorizes Agent to enter the premises where the Collateral is located, to take and maintain possession of the Collateral, or any part of it, and to pay, purchase, contest, or compromise any Lien that in Agent’s
determination appears to conflict with the Agent’s Liens in and to the Collateral and to pay all expenses incurred in connection therewith and to charge Borrower’s Loan Account therefor. With respect to any of any Credit Party’s owned
or leased premises, each Credit Party hereby grants Agent a license to enter into possession of such premises and to occupy the same, without charge, in order to exercise any of the Lender Group’s rights or remedies provided herein, at law, in
equity, or otherwise; 

  
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 (g) Without notice to any Credit Party (such notice being expressly waived), and without
constituting an acceptance of any collateral in full or partial satisfaction of an obligation (within the meaning of the Code), set off and apply to the Obligations any and all (i) balances and deposits of any Credit Party held by the Lender
Group (including any amounts received in the Cash Management Accounts), or (ii) Indebtedness at any time owing to or for the credit or the account of any Credit Party held by the Lender Group; 

(h) Hold, as cash collateral, any and all balances and deposits of any Credit Party held by the Lender Group, and any amounts received in
the Cash Management Accounts, to secure the full and final repayment of all of the Obligations; 
 (i) Ship, reclaim, recover,
store, finish, maintain, repair, prepare for sale, advertise for sale, and sell (in the manner provided for herein) the Collateral. Each Credit Party hereby grants to Agent a license or other right to use, exercisable only after an Event of Default
has occurred and is continuing, without charge, such Credit Party’s labels, patents, copyrights, trade secrets, trade names, trademarks, service marks, and advertising matter, merchandising systems, inventory locations, fixed assets or any
property of a similar nature, as it pertains to the Collateral, in connection with completing production of, advertising for sale, and selling any Collateral and such Credit Party’s rights under all licenses and all franchise agreements shall
inure to the Lender Group’s benefit; 
 (j) Sell the Collateral at either a public or private sale, or both, by way of one
or more contracts or transactions, for cash or on terms, in such manner and at such places (including any Credit Party’s premises) as Agent determines is commercially reasonable. It is not necessary that the Collateral be present at any such
sale; 
 (k) Agent shall give notice of the disposition of the Collateral as follows: 

(i) Agent shall give Borrower on behalf of the Credit Parties, a notice in writing of the time and place of public sale,
or, if the sale is a private sale or some other disposition other than a public sale is to be made of the Collateral, the time on or after which the private sale or other disposition is to be made; and 

(ii) The notice shall be personally delivered or mailed, postage prepaid, to Borrower as provided in
Section 12, at least 10 days before the earliest time of disposition set forth in the notice; no notice needs to be given prior to the disposition of any portion of the Collateral (other than Inventory) that is perishable or threatens to
decline speedily in value or that is of a type customarily sold on a recognized market; 
 (l) Agent, on behalf of the Lender
Group, may credit bid and purchase at any public sale; 
 (m) Agent may seek the appointment of a receiver or keeper to take
possession of all or any portion of the Collateral or to operate same and, to the maximum extent permitted by law, may seek the appointment of such a receiver without the requirement of prior notice or a hearing; and 

(n) The Lender Group shall have all other rights and remedies available at law or in equity or pursuant to any other Loan Document;

  
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 provided, however, that upon the occurrence of any Event of Default described in
Section 8.4 or Section 8.5, in addition to the remedies set forth above, without any notice to any Credit Party or any other Person or any act by the Lender Group, the Commitments shall automatically terminate and the
Obligations then outstanding, together with all accrued and unpaid interest thereon and all fees and all other amounts due under this Agreement and the other Loan Documents, shall automatically and immediately become due and payable, without
presentment, demand, protest, or notice of any kind, all of which are expressly waived by each Credit Party. 
 9.2 Remedies
Cumulative. The rights and remedies of the Lender Group under this Agreement, the other Loan Documents, and all other agreements shall be cumulative. The Lender Group shall have all other rights and remedies not inconsistent herewith as
provided under the Code, by law, or in equity. No exercise by the Lender Group of one right or remedy shall be deemed an election, and no waiver by the Lender Group of any Event of Default shall be deemed a continuing waiver. No delay by the Lender
Group shall constitute a waiver, election, or acquiescence by it. 
 10. TAXES AND EXPENSES. 

Except where such failure is pursuant to a Permitted Protest, if any Credit Party fails to pay any monies (whether taxes, assessments,
insurance premiums, or, in the case of leased properties or assets, rents or other amounts payable under such leases) due to third Persons, or fails to make any deposits or furnish any required proof of payment or deposit, all as required under the
terms of this Agreement, then, Agent, in its sole discretion and upon prior notice to Borrower, may do any or all of the following: (a) make payment of the same or any part thereof, (b) set up such Reserves in Borrower’s Loan Account
as Agent deems necessary to protect the Lender Group from the exposure created by such failure, or (c) in the case of the failure to comply with Section 6.7 hereof, obtain and maintain insurance policies of the type described in
Section 6.7 and take any action with respect to such policies as Agent deems prudent. Any such amounts paid by Agent shall constitute Lender Group Expenses and any such payments shall not constitute an agreement by the Lender Group to
make similar payments in the future or a waiver by the Lender Group of any Event of Default under this Agreement. Agent need not inquire as to, or contest the validity of, any such expense, tax, or Lien and the receipt of the usual official notice
for the payment thereof shall be conclusive evidence that the same was validly due and owing. 
 11. WAIVERS;
INDEMNIFICATION. 
 11.1 Demand; Protest; etc. 
 Each Credit Party waives demand, protest, notice of protest, notice of default or dishonor, notice of payment and nonpayment, nonpayment at maturity, release, compromise, settlement, extension, or renewal
of documents, instruments, chattel paper, and guarantees at any time held by the Lender Group on which each such Credit Party may in any way be liable. 

  
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 11.2 The Lender Group’s Liability for Borrower Collateral. Each Credit Party hereby
agrees that: (a) so long as Agent complies with its obligations, if any, under the Code, the Lender Group shall not in any way or manner be liable or responsible for: (i) the safekeeping of the Collateral, (ii) any loss or damage
thereto occurring or arising in any manner or fashion from any cause, (iii) any diminution in the value thereof, or (iv) any act or default of any carrier, warehouseman, bailee, forwarding agency, or other Person, and (b) all risk of
loss, damage, or destruction of the Collateral shall be borne by the Credit Parties. 
 11.3 Indemnification. Each Credit Party
shall jointly and severally pay, indemnify, defend, and hold the Agent-Related Persons, the Lender-Related Persons, the Syndication Agent, the Joint Lead Arrangers, and each Participant (each, an “Indemnified Person”) harmless (to
the fullest extent permitted by law) from and against any and all claims, demands, suits, actions, investigations, proceedings, and damages, and all reasonable attorneys fees and disbursements and other costs and expenses actually incurred in
connection therewith (as and when they are incurred and irrespective of whether suit is brought), at any time asserted against, imposed upon, or incurred by any of them (a) in connection with or as a result of or related to the execution,
delivery, enforcement, performance, or administration (including any restructuring or workout with respect hereto) of this Agreement, any of the other Loan Documents, or the transactions contemplated hereby or thereby or the monitoring of each
Credit Party’s compliance with the terms of the Loan Documents, and (b) with respect to any investigation, litigation, or proceeding related to this Agreement, any other Loan Document, or the use of the proceeds of the credit provided
hereunder (irrespective of whether any Indemnified Person is a party thereto), or any act, omission, event, or circumstance in any manner related thereto (all the foregoing, collectively, the “Indemnified Liabilities”). The
foregoing to the contrary notwithstanding, no Credit Party shall have any obligation to any Indemnified Person under this Section 11.3 with respect to any Indemnified Liability that a court of competent jurisdiction finally determines to
have resulted from the gross negligence or willful misconduct of such Indemnified Person or such Indemnified Person’s agents, officers or directors. This provision shall survive the termination of this Agreement and the repayment of the
Obligations. If any Indemnified Person makes any payment to any other Indemnified Person with respect to an Indemnified Liability as to which any Credit Party was required to indemnify the Indemnified Person receiving such payment, the Indemnified
Person making such payment is entitled to be indemnified and reimbursed by such Credit Party with respect thereto. 
 12.
NOTICES. 
 Unless otherwise provided in this Agreement, all notices or demands by the Credit Parties or Agent to the other
relating to this Agreement or any other Loan Document shall be in writing and (except for financial statements and other informational documents which may be sent by first-class mail, postage prepaid) shall be personally delivered or sent by
registered or certified mail (postage prepaid, return receipt requested), overnight courier, electronic mail (at such email addresses as Borrower or Agent, as applicable, may designate to each other in accordance herewith), or telefacsimile to the
Credit Parties or Agent, as the case may be, at its address set forth below: 

  
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	        If to any Credit Party:	 	GORDMANS, INC.
		 	12100 W. Center Road
		 	Omaha, NE 68144-3998
		 	Attn: Chief Executive Officer
		 	Fax No.: 402-691-4269
		
	        with a copy to:	 	SUN CAPITAL PARTNERS
		 	5200 Town Center Circle, Suite 600
		 	Boca Raton, FL 33486
		 	Attention:	  	Brian Urbanek, Jeff Magny
		 	Telephone:	  	561-394-0550
		 	Fax: No.:	  	561-394-0540
		
		 	KIRKLAND & ELLIS LLP
		 	200 East Randolph Drive
		 	Chicago, IL 60601
		 	Attention:	  	Douglas C. Gessner, PC and Jocelyn A.Hirsch
		 	Fax No.: 312-862-2200
		
	        If to Agent:	 	Wells Fargo Bank, National Association
		 	One Boston Place, 18th Floor
		 	Boston, MA 02108
		 	Attn: Jennifer Cann and Jason Searle
		 	Fax No. 855-766-9554
		
	        with a copy to:	 	Riemer & Braunstein LLP
		 	3 Center Plaza
		 	Boston, MA 02108
		 	Attn: Donald E. Rothman
		 	Fax No. 617-880-3456

 Agent and any Credit Party may change the address at which they are to receive notices hereunder, by
notice in writing in the foregoing manner given to the other party. All notices or demands sent in accordance with this Section 12, other than notices by Agent in connection with enforcement rights against the Collateral under the
provisions of the Code, shall be deemed received on the earlier of the date of actual receipt or 3 Business Days after the deposit thereof in the mail. Each Credit Party acknowledges and agrees that notices sent by the Lender Group in connection
with the exercise of enforcement rights against Collateral under the provisions of the Code shall be deemed sent when deposited in the mail or personally delivered, or, where permitted by law, transmitted by telefacsimile or any other method set
forth above. 
 13. CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER. 

(a) THE VALIDITY OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (UNLESS EXPRESSLY PROVIDED TO THE CONTRARY IN ANOTHER LOAN
DOCUMENT IN RESPECT OF SUCH OTHER LOAN DOCUMENT), THE CONSTRUCTION, INTERPRETATION, AND ENFORCEMENT 

  
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HEREOF AND THEREOF, AND THE RIGHTS OF THE PARTIES HERETO AND THERETO WITH RESPECT TO ALL MATTERS ARISING HEREUNDER OR THEREUNDER OR RELATED HERETO OR THERETO SHALL BE DETERMINED UNDER, GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 (b) THE PARTIES AGREE THAT, TO THE
FULLEST EXTENT PERMITTED UNDER APPLICABLE LAW, ALL ACTIONS OR PROCEEDINGS ARISING IN CONNECTION WITH THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS SHALL BE TRIED AND LITIGATED ONLY IN THE STATE AND FEDERAL COURTS LOCATED IN NEW YORK COUNTY, STATE OF
NEW YORK, PROVIDED, HOWEVER, THAT ANY SUIT SEEKING ENFORCEMENT AGAINST ANY BORROWER COLLATERAL OR OTHER PROPERTY MAY BE BROUGHT, AT AGENT’S OPTION, IN THE COURTS OF ANY JURISDICTION WHERE AGENT ELECTS TO BRING SUCH ACTION OR WHERE
SUCH BORROWER COLLATERAL OR OTHER PROPERTY MAY BE FOUND. BORROWER AND THE LENDER GROUP WAIVE, TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, ANY RIGHT EACH MAY HAVE TO ASSERT THE DOCTRINE OF FORUM NON CONVENIENS OR TO OBJECT TO VENUE TO THE
EXTENT ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS SECTION 13(b). 
 (c) EACH OF THE CREDIT PARTIES
AND THE LENDER GROUP HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF ANY OF THE LOAN DOCUMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS,
BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS. EACH OF THE CREDIT PARTIES AND THE LENDER GROUP REPRESENT THAT EACH HAS REVIEWED THIS WAIVER AND EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION
WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, A COPY OF THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
 14. ASSIGNMENTS AND PARTICIPATIONS; SUCCESSORS. 
 14.1 Assignments and
Participations 
 (a) Any Lender may assign and delegate to one or more assignees (each an “Assignee”)
that are Eligible Transferees all, or any ratable part of all, of the Obligations, the Commitments and the other rights and obligations of such Lender hereunder and under the other Loan Documents, in a minimum amount of $5,000,000; provided,
however, that Borrower and Agent may continue to deal solely and directly with such Lender in connection with the interest so assigned to an Assignee until (i) written notice of such assignment, together with payment instructions,
addresses, and related information with respect to the Assignee, have been given to Borrower and Agent by such Lender and the Assignee, (ii) such Lender and its Assignee have delivered to Borrower and Agent an Assignment and Acceptance, and
(iii) the assignor Lender or Assignee has paid to Agent for Agent’s separate account a processing fee in the amount of 

  
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$5,000. Anything contained herein to the contrary notwithstanding, the payment of any fees shall not be required and the Assignee need not be an Eligible Transferee if such assignment is in
connection with any merger, consolidation, sale, transfer, or other disposition of all or any substantial portion of the business or loan portfolio of the assigning Lender. 
 (b) From and after the date that Agent notifies the assignor Lender (with a copy to Borrower) that it has received an executed Assignment and Acceptance and payment of the above-referenced processing fee,
(i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Lender under the Loan
Documents, and (ii) the assignor Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights (except with
respect to Section 11.3 hereof) and be released from any future obligations under this Agreement (and in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s rights and obligations
under this Agreement and the other Loan Documents, such Lender shall cease to be a party hereto and thereto), and such assignment shall effect a novation between Borrower and the Assignee; provided, however, that nothing contained
herein shall release any assigning Lender from obligations that survive the termination of this Agreement, including such assigning Lender’s obligations under Article 16 and Section 17.8 of this Agreement. 

(c) By executing and delivering an Assignment and Acceptance, the assigning Lender thereunder and the Assignee thereunder confirm to and
agree with each other and the other parties hereto as follows: (1) other than as provided in such Assignment and Acceptance, such assigning Lender makes no representation or warranty and assumes no responsibility with respect to any statements,
warranties or representations made in or in connection with this Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any other Loan Document furnished pursuant hereto, (2) such
assigning Lender makes no representation or warranty and assumes no responsibility with respect to the financial condition of Borrower or the performance or observance by Borrower of any of its obligations under this Agreement or any other Loan
Document furnished pursuant hereto, (3) such Assignee confirms that it has received a copy of this Agreement, together with such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter
into such Assignment and Acceptance, (4) such Assignee will, independently and without reliance upon Agent, such assigning Lender or any other Lender, and based on such documents and information as it shall deem appropriate at the time,
continue to make its own credit decisions in taking or not taking action under this Agreement, (5) such Assignee appoints and authorizes Agent to take such actions and to exercise such powers under this Agreement as are delegated to Agent, by
the terms hereof, together with such powers as are reasonably incidental thereto, and (6) such Assignee agrees that it will perform all of the obligations which by the terms of this Agreement are required to be performed by it as a Lender.

 (d) Immediately upon Agent’s receipt of the required processing fee payment and the fully executed Assignment and
Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each
Assignee shall reduce such Commitments of the assigning Lender pro tanto. 

  
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 (e) Any Lender may at any time, with the written consent of Agent, sell to one or more
commercial banks, financial institutions, or other Persons not Affiliates of such Lender (a “Participant”) participating interests in its Obligations, the Commitment, and the other rights and interests of that Lender (the
“Originating Lender”) hereunder and under the other Loan Documents (provided that no written consent of Agent shall be required in connection with any sale of any such participating interests by a Lender to an Eligible Transferee);
provided, however, that (i) the Originating Lender shall remain a “Lender” for all purposes of this Agreement and the other Loan Documents and the Participant receiving the participating interest in the Obligations, the
Commitments, and the other rights and interests of the Originating Lender hereunder shall not constitute a “Lender” hereunder or under the other Loan Documents and the Originating Lender’s obligations under this Agreement shall remain
unchanged, (ii) the Originating Lender shall remain solely responsible for the performance of such obligations, (iii) Borrower, Agent, and the Lenders shall continue to deal solely and directly with the Originating Lender in connection
with the Originating Lender’s rights and obligations under this Agreement and the other Loan Documents, (iv) no Lender shall transfer or grant any participating interest under which the Participant has the right to approve any amendment
to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment to, or consent or waiver with respect to this Agreement or of any other Loan Document would (A) extend the final
maturity date of the Obligations hereunder in which such Participant is participating, (B) reduce the interest rate applicable to the Obligations hereunder in which such Participant is participating, (C) release all or substantially all of
the Collateral or guaranties (except to the extent expressly provided herein or in any of the Loan Documents) supporting the Obligations hereunder in which such Participant is participating, (D) postpone the payment of, or reduce the amount of,
the interest or fees payable to such Participant through such Lender, or (E) change the amount or due dates of scheduled principal repayments or prepayments or premiums, and (v) all amounts payable by Borrower hereunder shall be determined
as if such Lender had not sold such participation, except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each
Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were
owing directly to it as a Lender under this Agreement. The rights of any Participant only shall be derivative through the Originating Lender with whom such Participant participates and no Participant shall have any rights under this Agreement or the
other Loan Documents or any direct rights as to the other Lenders, Agent, Borrower, the Collections of any Credit Party, the Collateral, or otherwise in respect of the Obligations. No Participant shall have the right to participate directly in the
making of decisions by the Lenders among themselves. Notwithstanding anything to the contrary in this Section 14.1(e), the Borrower agrees that each Participant shall be entitled to the benefits of Section 16.11 (subject to
the requirements and limitations therein, including the requirements under Section 16.11(a), (b) and (c), and so long as such Participant agrees to be subject to and comply with Section 16.11 and the
definition of Excluded Taxes as if it were a Lender) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to this Section 14. Each Lender that sells a participation shall, acting solely for this
purpose as a non-fiduciary agent of the Borrower, maintain a record of the names and addresses of each Participant, and the Term Loan Commitments of, and principal amount of the Term Loans and interest thereon owing to, such Participant pursuant to
the terms hereof (the 

  
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“Participant Register”). Any such Participant Register shall be available for inspection by the Borrower, the Agent and any Lender at any reasonable time and from time to time
upon reasonable prior notice. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all
purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Agent (in its capacity as Agent) shall have no responsibility for maintaining a Participant Register. 

(f) In connection with any such assignment or participation or proposed assignment or participation, a Lender may, subject to the
provisions of Section 17.8, disclose all documents and information which it now or hereafter may have relating to Ultimate Parent and its Subsidiaries and their respective businesses. 

(g) Any other provision in this Agreement notwithstanding, any Lender may at any time create a security interest in, or pledge, all or any
portion of its rights under and interest in this Agreement, including without limitation, in favor of any Federal Reserve Bank in accordance with Regulation A of the Federal Reserve Bank or U.S. Treasury Regulation 31 CFR §203.24 (and such
Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law). 
 (h) Agent,
acting solely for this purpose as a non-fiduciary agent of Borrower, shall maintain at one of its offices in the United States a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of
each Lender, and the Commitments of, and principal amount of the Advances and interest thereon owing to, such Lender pursuant to the terms hereof. The entries in such register shall be conclusive, and Borrower, Agent and Lenders may treat each
Person whose name is recorded therein pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. Such register shall be available for inspection by Borrower and any Lender, at any
reasonable time upon reasonable prior notice to Agent. 
 14.2 Successors. This Agreement shall bind and inure to the benefit of
the respective successors and assigns of each of the parties; provided, however, that no Credit Party may assign this Agreement or any rights or duties hereunder without the Lenders’ prior written consent and any prohibited
assignment shall be absolutely void ab initio. No consent to assignment by the Lenders shall release any Credit Party from its Obligations. A Lender may assign this Agreement and the other Loan Documents and its rights and duties hereunder
and thereunder pursuant to Section 14.1 hereof and, except as expressly required pursuant to Section 14.1 hereof, no consent or approval by any Credit Party is required in connection with any such assignment. 

  
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 15. AMENDMENTS; WAIVERS. 
 15.1 Amendments and Waivers. No amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent with respect to any departure by any Credit Party therefrom,
shall be effective unless the same shall be in writing and signed by the Required Lenders (or by Agent at the written request of the Required Lenders) and each Credit Party and then any such waiver or consent shall be effective only in the specific
instance and for the specific purpose for which given; provided, however, that no such waiver, amendment, or consent shall, unless in writing and signed by all of the Lenders affected thereby and each Credit Party, do any of the
following: 
 (a) increase or extend any Commitment of any Lender, 

(b) postpone or delay any date fixed by this Agreement or any other Loan Document for any payment of principal, interest, fees, or other
amounts due hereunder or under any other Loan Document, 
 (c) reduce the principal of, or the rate of interest on, any loan or
other extension of credit hereunder, or reduce any fees or other amounts payable hereunder or under any other Loan Document, 

(d) change the percentage of the Commitments that is required to take any action hereunder, 

(e) amend or modify this Section or any provision of the Agreement providing for consent or other action by all Lenders, 

(f) release Collateral other than as permitted by Section 16.12, 

(g) change the definition of “Required Lenders” or “Pro Rata Share”, 

(h) contractually subordinate any of the Agent’s Liens, other than with respect to a release of the Collateral otherwise permitted by
Section 16.12, 
 (i) release any Credit Party from any obligation for the payment of money, other than, as would be
permitted with respect to a release of the Collateral permitted by Section 16.12, or 
 (j) change the definition of
Borrowing Base or the definitions of Eligible Accounts, Eligible Inventory, Eligible Distribution Center Inventory, Eligible In-Transit Inventory, Eligible Landed Inventory, Maximum Revolver Amount, or change Section 2.1(b) (provided
that Agent’s establishment and adjustment of the Reserves as permitted by Section 2.1(b) shall not be considered a change for purposes of this Section 15.1(j)), or 

(k) amend any of the provisions of Section 16. 
 and, provided further, however, that no amendment, waiver or consent shall, unless in writing and signed by Agent, Issuing Lender, or Swing Lender, as applicable, affect the rights or duties
of Agent, Issuing Lender, or Swing Lender, as applicable, under this Agreement or any other Loan Document. The foregoing notwithstanding, any amendment, modification, waiver, consent, termination, or release of, or with respect to, any provision of
this Agreement or any other Loan Document that relates only to the relationship of the Lender Group among themselves, and that does not affect the rights or obligations of any Credit Party, shall not require consent by or the agreement of such
Credit Party. 

  
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 15.2 Replacement of Holdout Lender. 

(a) (i) If any action to be taken by the Lender Group or Agent hereunder requires the unanimous consent, authorization, or agreement of
all Lenders, and a Lender fails to give its consent, authorization, or agreement, or (ii) if any Lender gives notice to Borrower pursuant to Section 2.14 (in each case, a “Holdout Lender”), then Borrower or Agent,
upon at least 5 Business Days prior irrevocable notice to the Holdout Lender, may permanently replace the Holdout Lender with one or more substitute Lenders (each, a “Replacement Lender”), and the Holdout Lender shall have no right
to refuse to be replaced hereunder. Such notice to replace the Holdout Lender shall specify an effective date for such replacement, which date shall not be later than 15 Business Days after the date such notice is given. 

(b) Prior to the effective date of such replacement, the Holdout Lender shall assign and delegate, without recourse (in accordance with
and subject to the restrictions contained in, and consents required by, Section 14.1), all of its interests, rights and obligations under this Agreement and the related Loan Documents to a Replacement Lender that shall assume such
obligations (which Replacement Lender may be another Lender, if a Lender accepts such assignment) pursuant to an Assignment and Acceptance; provided that (i) the Borrower shall have paid to the Agent the assignment fee specified in
Section 14.1(a); (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other
Loan Documents from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts); (iii) in the case of any such assignment resulting from a claim for compensation
under Section 2.15 or payments required to be made pursuant to Section 16.11, such assignment will result in a reduction in such compensation or payments thereafter; and (iv) such assignment does not conflict with
applicable Laws. If the Holdout Lender shall refuse or fail to execute and deliver any such Assignment and Acceptance prior to the effective date of such replacement, the Holdout Lender shall be deemed to have executed and delivered such Assignment
and Acceptance. The replacement of any Holdout Lender shall be made in accordance with the terms of Section 14.1. Until such time as the Replacement Lenders shall have acquired all of the Obligations, the Commitments, and the other
rights and obligations of the Holdout Lender hereunder and under the other Loan Documents, the Holdout Lender shall remain obligated to make the Holdout Lender’s Pro Rata Share of Advances and to purchase a participation in each Letter of
Credit, in an amount equal to its Pro Rata Share of the Risk Participation Liability of such Letter of Credit. 
 15.3 No Waivers;
Cumulative Remedies. No failure by Agent or any Lender to exercise any right, remedy, or option under this Agreement or any other Loan Document, or delay by Agent or any Lender in exercising the same, will operate as a waiver thereof. No
waiver by Agent or any Lender will be effective unless it is in writing, and then only to the extent specifically stated. No waiver by Agent or any Lender on any occasion shall affect or diminish Agent’s and each Lender’s rights

  
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thereafter to require strict performance by each Credit Party of any other provision of this Agreement. Agent’s and each Lender’s rights under this Agreement and the other Loan
Documents will be cumulative and not exclusive of any other right or remedy that Agent or any Lender may have. 
 16. AGENT;
THE LENDER GROUP. 
 16.1 Appointment and Authorization of Agent. Each Lender hereby designates and appoints Wells Fargo
(successor by merger to WFRF) as its representative under this Agreement and the other Loan Documents and each Lender hereby irrevocably authorizes Agent to execute and deliver each of the other Loan Documents on its behalf and to take such other
action on its behalf under the provisions of this Agreement and each other Loan Document and to exercise such powers and perform such duties as are expressly delegated to Agent by the terms of this Agreement or any other Loan Document, together with
such powers as are reasonably incidental thereto. Agent agrees to act as such on the express conditions contained in this Section 16. The provisions of this Section 16 (other than Section 16.11 and the release
provisions in Section 16.12) are solely for the benefit of Agent, and the Lenders, and the Credit Parties shall have no rights as a third party beneficiary of any of the provisions contained herein. Any provision to the contrary
contained elsewhere in this Agreement or in any other Loan Document notwithstanding, Agent shall not have any duties or responsibilities, except those expressly set forth herein, nor shall Agent have or be deemed to have any fiduciary relationship
with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against Agent; it being expressly understood and agreed that
the use of the word “Agent” is for convenience only, that Wells Fargo is merely the representative of the Lenders, and only has the contractual duties set forth herein. Except as expressly otherwise provided in this Agreement, Agent shall
have and may use its sole discretion with respect to exercising or refraining from exercising any discretionary rights or taking or refraining from taking any actions that Agent expressly is entitled to take or assert under or pursuant to this
Agreement and the other Loan Documents. Without limiting the generality of the foregoing, or of any other provision of the Loan Documents that provides rights or powers to Agent, Lenders agree that Agent shall have the right to exercise the
following powers as long as this Agreement remains in effect: (a) maintain, in accordance with its customary business practices, ledgers and records reflecting the status of the Obligations, the Collateral, the Collections of each Credit Party,
and related matters, (b) execute or file any and all financing or similar statements or notices, amendments, renewals, supplements, documents, instruments, proofs of claim, notices and other written agreements with respect to the Loan
Documents, (c) make Advances, for itself or on behalf of Lenders as provided in the Loan Documents, (d) exclusively receive, apply, and distribute the Collections of each Credit Party as provided in the Loan Documents, (e) open and
maintain such bank accounts and cash management arrangements as Agent deems necessary and appropriate in accordance with the Loan Documents for the foregoing purposes with respect to the Collateral and the Collections of each Credit Party,
(f) perform, exercise, and enforce any and all other rights and remedies of the Lender Group with respect to each Credit Party, the Obligations, the Collateral, the Collections of each Credit Party, or otherwise related to any of same as
provided in the Loan Documents, and (g) incur and pay such Lender Group Expenses as Agent may deem necessary or appropriate for the performance and fulfillment of its functions and powers pursuant to the Loan Documents. 

  
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 16.2 Delegation of Duties. Agent may execute any of its duties under this
Agreement or any other Loan Document by or through agents, employees or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to
such duties. Agent shall not be responsible for the negligence or misconduct of any agent or attorney-in-fact that it selects as long as such selection was made without
gross negligence or willful misconduct. 
 16.3 Liability of Agent. None of the
Agent-Related Persons shall (i) be liable for any action taken or omitted to be taken by any of them under or in connection with this Agreement or any other Loan Document or the transactions contemplated
hereby (except for its own gross negligence or willful misconduct), or (ii) be responsible in any manner to any of the Lenders for any recital, statement, representation or warranty made by any Credit Party, or any officer or director thereof,
contained in this Agreement or in any other Loan Document, or in any certificate, report, statement or other document referred to or provided for in, or received by Agent under or in connection with, this Agreement or any other Loan Document, or the
validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document, or for any failure of any Credit Party or any other party to any Loan Document to perform its obligations hereunder or thereunder. No Agent-Related Person shall be under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other
Loan Document, or to inspect the Books or properties of any Credit Party or the books or records or properties of any Credit Party or its Affiliates. 
 16.4 Reliance by Agent. Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, resolution, notice, consent, certificate, affidavit, letter, telegram,
facsimile, telex or telephone message, statement or other document or conversation believed by it to be genuine and correct and to have been signed, sent, or made by the proper Person or Persons, and upon advice and statements of legal counsel
(including counsel to any Credit Party or counsel to any Lender), independent accountants and other experts selected by Agent. Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other Loan Document
unless Agent shall first receive such advice or concurrence of the Lenders as it deems appropriate and until such instructions are received, Agent shall act, or refrain from acting, as it deems advisable. If Agent so requests, it shall first be
indemnified to its reasonable satisfaction by the Lenders against any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action. Agent shall in all cases be fully protected in acting, or in
refraining from acting, under this Agreement or any other Loan Document in accordance with a request or consent of the requisite Lenders and such request and any action taken or failure to act pursuant thereto shall be binding upon all of the
Lenders. 

  
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 16.5 Notice of Default or Event of Default. Agent shall not be deemed to have
knowledge or notice of the occurrence of any Default or Event of Default, except with respect to defaults in the payment of principal, interest, fees, and expenses required to be paid to Agent for the account of the Lenders and, except with respect
to Events of Default of which Agent has actual knowledge, unless Agent shall have received written notice from a Lender or Borrower referring to this Agreement, describing such Default or Event of Default, and stating that such notice is a
“notice of default.” Agent promptly will notify the Lenders of its receipt of any such notice or of any Event of Default of which Agent has actual knowledge. If any Lender obtains actual knowledge of any Event of Default, such Lender
promptly shall notify the other Lenders and Agent of such Event of Default. Each Lender shall be solely responsible for giving any notices to its Participants, if any. Subject to Section 16.4, Agent shall take such action with respect to
such Default or Event of Default as may be requested by the Required Lenders in accordance with Section 9; provided, however, that unless and until Agent has received any such request, Agent may (but shall not be obligated
to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable. 
 16.6 Credit Decision. Each Lender acknowledges that none of the Agent-Related Persons has made any representation or warranty to it, and that no act
by Agent hereinafter taken, including any review of the affairs of any Credit Party or its Affiliates, shall be deemed to constitute any representation or warranty by any Agent-Related Person to any Lender. Each Lender represents to Agent that it
has, independently and without reliance upon any Agent-Related Person and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, prospects, operations, property, financial
and other condition and creditworthiness of each Credit Party and any other Person party to a Loan Document, and all applicable bank regulatory laws relating to the transactions contemplated hereby, and made its own decision to enter into this
Agreement and to extend credit to Borrower. Each Lender also represents that it will, independently and without reliance upon any Agent-Related Person and based on such documents and information as it shall deem appropriate at the time, continue to
make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan Documents, and to make such investigations as it deems necessary to inform itself as to the business, prospects,
operations, property, financial and other condition and creditworthiness of each Credit Party and any other Person party to a Loan Document. Except for notices, reports, and other documents expressly herein required to be furnished to the Lenders by
Agent, Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness of any Credit Party and any
other Person party to a Loan Document that may come into the possession of any of the Agent-Related Persons. 

  
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 16.7 Costs and Expenses; Indemnification. Agent may incur and pay Lender Group
Expenses to the extent Agent reasonably deems necessary or appropriate for the performance and fulfillment of its functions, powers, and obligations pursuant to the Loan Documents, including court costs, attorneys fees and expenses, fees and
expenses of financial accountants, advisors, consultants, and appraisers, costs of collection by outside collection agencies, auctioneer fees and expenses, and costs of security guards or insurance premiums paid to maintain the Collateral, whether
or not any Credit Party is obligated to reimburse Agent or Lenders for such expenses pursuant to the Loan Agreement or otherwise. Agent is authorized and directed to deduct and retain sufficient amounts from the Collections of each Credit Party
received by Agent to reimburse Agent for such out-of-pocket costs and expenses prior to the distribution of any amounts to Lenders. In the event Agent is not reimbursed for such costs and expenses from the Collections of each Credit Party received
by Agent, each Lender hereby agrees that it is and shall be obligated to pay to or reimburse Agent for the amount of such Lender’s Pro Rata Share thereof. Whether or not the transactions contemplated hereby are consummated, the Lenders shall
indemnify upon demand the Agent-Related Persons (to the extent not reimbursed by or on behalf of any Credit Party and without limiting the obligation of any Credit Party to do so), according to their Pro Rata
Shares, from and against any and all Indemnified Liabilities; provided, however, that no Lender shall be liable for the payment to any Agent-Related Person of any portion of such Indemnified
Liabilities resulting solely from such Person’s (or such Person’s agents’, officers’ or directors’) gross negligence or willful misconduct nor shall any Lender be liable for the obligations of any Defaulting Lender in
failing to make an Advance or other extension of credit hereunder. Without limitation of the foregoing, each Lender shall reimburse Agent upon demand for such Lender’s Pro Rata Share of any costs or out-of-pocket expenses (including attorneys, accountants, advisors, and consultants fees and expenses) incurred by Agent in connection with the preparation, execution, delivery, administration, modification,
amendment, or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement, any other Loan Document, or any document contemplated by or referred to
herein, to the extent that Agent is not reimbursed for such expenses by or on behalf of a Credit Party. The undertaking in this Section shall survive the payment of all Obligations hereunder and the resignation or replacement of Agent. 

16.8 Agent in Individual Capacity. Wells Fargo and its Affiliates may make loans to, issue letters of credit for the
account of, accept deposits from, acquire equity interests in, and generally engage in any kind of banking, trust, financial advisory, underwriting, or other business with any Credit Party and its Affiliates and any other Person party to any Loan
Documents as though Wells Fargo were not Agent hereunder, and, in each case, without notice to or consent of the other members of the Lender Group. The other members of the Lender Group acknowledge that, pursuant to such activities, Wells Fargo or
its Affiliates may receive information regarding any Credit Party or its Affiliates and any other Person party to any Loan Documents that is subject to confidentiality obligations in favor of such Credit Party or such other Person and that prohibit
the disclosure of such information to the Lenders, and the Lenders acknowledge that, in such circumstances (and in the absence of a waiver of such confidentiality obligations, which waiver Agent will use its reasonable best efforts to obtain), Agent
shall not be under any obligation to provide such information to them. The terms “Lender” and “Lenders” include Wells Fargo in its individual capacity. 

  
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 16.9 Successor Agent. Agent may resign as Agent upon 45 days notice to the
Lenders and Borrower. If Agent resigns under this Agreement, the Required Lenders shall, in consultation with Borrower, appoint a successor Agent for the Lenders from among the Lenders. If no successor Agent is appointed and shall have accepted such
appointment prior to the effective date of the resignation of Agent, Agent may appoint, after consulting with the Lenders and Borrower, a successor Agent. If Agent has materially breached or failed to perform any material provision of this Agreement
or of applicable law or if Agent fails to be Solvent, the Required Lenders may agree in writing to remove and replace Agent with a successor Agent from among the Lenders chosen in consultation with Borrower. In any such event (whether an appointment
by Agent or by the Required Lenders) described in the two immediately preceding sentences, upon the acceptance of its appointment as successor Agent hereunder, such successor Agent shall succeed to all the rights, powers, and duties of the retiring
Agent and the term “Agent” shall mean such successor Agent and the retiring Agent’s appointment, powers, and duties as Agent shall be terminated. After any retiring Agent’s resignation hereunder as Agent, the provisions of this
Section 16 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Agent under this Agreement. If no successor Agent has accepted appointment as Agent by the date which is 45 days following a retiring
Agent’s notice of resignation, the retiring Agent’s resignation shall nevertheless thereupon become effective and the Lenders shall perform all of the duties of Agent hereunder until such time, if any, as the Lenders appoint a successor
Agent as provided for above. 
 16.10 Lender in Individual Capacity. Any Lender and its respective Affiliates may
make loans to, issue letters of credit for the account of, accept deposits from, acquire equity interests in and generally engage in any kind of banking, trust, financial advisory, underwriting or other business with any Credit Party and its
Affiliates and any other Person party to any Loan Documents as though such Lender were not a Lender hereunder without notice to or consent of the other members of the Lender Group. The other members of the Lender Group acknowledge that, pursuant to
such activities, such Lender and its respective Affiliates may receive information regarding any Credit Party or its Affiliates and any other Person party to any Loan Documents that is subject to confidentiality obligations in favor of such Credit
Party or such other Person and that prohibit the disclosure of such information to the Lenders, and the Lenders acknowledge that, in such circumstances (and in the absence of a waiver of such confidentiality obligations, which waiver such Lender
will use its reasonable best efforts to obtain), such Lender not shall be under any obligation to provide such information to them. With respect to the Swing Loans and Agent Advances, Swing Lender shall have the same rights and powers under this
Agreement as any other Lender and may exercise the same as though it were not the sub-agent of Agent. 
 16.11 Taxes. 

(a) If Agent, any Lender, Participant or other recipient is not an “United States Person” within the meaning of the IRC and such
recipient is legally entitled to claim exemption from, or a reduction of, U.S. withholding tax, Agent agrees with and in favor of Borrower to deliver to Borrower, and such Lender, Participant, or other recipient agrees with and in favor of Agent and
Borrower, to deliver to Agent and Borrower: 

  
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 (i) if Agent or such Lender, Participant, or other recipient claims an
exemption from withholding tax pursuant to the portfolio interest exception, (A) a statement of such recipient, signed under penalty of perjury, that it is not a (I) a “bank” as described in Section 881(c)(3)(A) of the IRC,
(II) a 10% shareholder of Borrower (within the meaning of Section 871(h)(3)(B) of the IRC), or (III) a controlled foreign corporation related to Borrower within the meaning of Section 864(d)(4) of the IRC, and (B) a properly completed
and executed IRS Form W-8BEN, before the first payment of any interest under this Agreement to Agent or the Lender, Participant or such other recipient and at any other time reasonably requested by Agent or Borrower; 

(ii) if Agent or such Lender, Participant or any other recipient claims an exemption from, or a reduction of, withholding
tax under a United States tax treaty, a properly completed and executed IRS Form W 8BEN before the first payment of any interest to Agent, the Lender, the Participant or other such recipient under this Agreement and at any other time reasonably
requested by Agent or Borrower; 
 (iii) if Agent or such Lender, Participant or any other recipient claims that
interest paid under this Agreement is exempt from United States withholding tax because it is effectively connected with a United States trade or business of such recipient, two properly completed and executed copies of IRS Form W-8ECI before the
first payment of any interest to Agent, the Lender, the Participant or other such recipient is due under this Agreement and at any other time reasonably requested by Agent or Borrower; 

(iv) if Agent or such Lender, Participant or other recipient is entitled to claim that interest paid under this Agreement
is exempt from United States withholding tax because such recipient serves as an intermediary, a properly completed and executed copy of IRS Form W-8IMY (with proper attachments); and 

(v) such other form or forms as may be required under the IRC or other laws of the United States as a condition to
exemption from, or reduction of, United States withholding tax as reasonably requested by Agent or Borrower at times reasonably requested by Agent or Borrower. 
 Agent agrees promptly to notify Borrower, and such Lender, Participant or other recipient agrees promptly to notify Agent and Borrower, of any change in circumstances which would modify or render invalid
any claimed exemption or reduction. Notwithstanding anything to the contrary herein, and for the avoidance of doubt, if Agent or any Lender, Participant or other recipient is not legally able to provide any form pursuant to
Section 16.11(a), (b), or (c) shall be treated for all purposes hereunder (including Section 16.11(g)) as fully complying with such provisions. 

(b) If Agent or any Lender, Participant or other recipient is an “United States Person” within the meaning of the IRC, Agent
agrees with and in favor of Borrower to deliver to Borrower (upon the request of Borrower), and such Lender, Participant or other recipient agrees 

  
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with and in favor of the Agent and Borrower to deliver to Agent and Borrower (upon request of Agent or Borrower), IRS Form W-9 (or any successor thereto) before the first payment of any interest
under this Agreement to Agent or such Lender, Participant or other recipient and at any time reasonably requested by Agent and Borrower. Agent agrees to promptly notify Borrower, and each such Lender, Participant or other recipient agrees to
promptly notify Agent and Borrower, if such Form W-9 (or successor form) becomes invalid. 
 (c) If a payment made by or on
account of any Loan Documents hereunder would be subject to U.S. federal withholding Tax imposed under FATCA if the recipient thereof fails to comply with the applicable reporting requirements of FATCA (including those contained in
Section 1471(b) or 1472(b) of the IRC, as applicable), such recipient shall deliver to the Agent and Borrower at the time or times prescribed by law and at such time or times reasonably requested by Borrower the Agent such documentation
prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the IRC) a certification signed by the chief financial officer, principal accounting officer, treasurer or controller and other documentation reasonably
requested by the Borrower or the Agent sufficient for Borrower or the Agent to comply with their obligations under FATCA and to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (c), “FATCA”
shall include any amendment made to FATCA after the date of this Agreement. 
 (d) Upon written request by Borrower, Agent shall
provide to Borrower any U.S. Internal Revenue Service Form received by Agent pursuant to clauses (a), (b) or (c) above. 
 (e) If the IRS or any other Governmental Authority of the United States or other jurisdiction asserts a claim that Agent did not properly withhold tax from amounts paid to or for the account of any Lender
(because the appropriate form was not delivered, was not properly executed, or because such Lender failed to notify Agent of a change in circumstances which rendered the exemption from, or reduction of, withholding tax ineffective, or for any other
reason) such Lender shall indemnify and hold Agent harmless for all amounts paid, directly or indirectly, by Agent as tax or otherwise, including penalties and interest, and including any taxes imposed by any jurisdiction on the amounts payable to
Agent under this Section, together with all costs and expenses (including attorneys fees and expenses). The obligation of the Lenders under this subsection shall survive the payment of all Obligations and the resignation or replacement of Agent.

 (f) Any and all payments by or on account of any obligation of the Borrower hereunder or under any other Loan Document shall
be made free and clear of and without reduction or withholding for any Indemnified Taxes or Other Taxes, provided that if the Borrower shall be required by applicable law to deduct any Indemnified Taxes (including any Other Taxes) from such
payments, then (i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section) the Agent, Lender or Issuing Lender, as the case may
be, receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Borrower shall make such deductions and (iii) the Borrower shall timely pay the full amount deducted to the relevant Governmental
Authority in accordance with applicable law. Without limiting the provisions hereof, the Borrower shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law. As soon as practicable after any

  
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payment of Indemnified Taxes or Other Taxes by the Borrower to a Governmental Authority, the Borrower shall deliver to the Agent the original or a certified copy of a receipt issued by such
Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Agent. 
 (g) The Agent or any Lender, Participant or other recipient claiming any payments pursuant to this Section 16.11 shall use reasonable efforts (consistent with legal and regulatory
restrictions) to file any certificate or document reasonably requested in writing by Borrower or to change the jurisdiction of its applicable Lending Office if the making of such a filing or change would avoid the need for or reduce the amount of
any such indemnity payment or additional amount that may thereafter accrue, would not require the Agent or such Lender, Participant or other recipient to disclose any information the Agent or such Lender, Participant or other recipient deems
confidential and would not, in the sole determination of the Agent or such Lender, Participant or other recipient, be otherwise disadvantageous to the Agent or such Lender, Participant or other recipient. 

(h) If any payment by the Borrower is made to or for the account of the Lender, Participant or any other recipient after deduction for or
on account of any Indemnified Taxes, and increased payments are made by Borrower to Agent or such Lender, Participant or other recipient pursuant to this Section 16.11, then, if the Agent or the Lender reasonably determines that it has
received or been granted a refund (or credit or similar offset in lieu thereof) of such Indemnified Taxes, the Agent or such Lender, Participant or other recipient shall reimburse to Borrower such amount as the Agent or such Lender, Participant or
other recipient shall determine to be attributable to the relevant Indemnified Taxes (net of all out-of-pocket expenses (including taxes) of the Agent or such Lender, Participant or other recipient and without interest (other than any interest paid
by the relevant Governmental Authority with respect to such refund)); provided, that (i) the Agent or such Lender, Participant or other recipient shall not be obligated to disclose to Borrower any information regarding its tax affairs
and computations, (ii) nothing herein shall be construed so as to interfere with the right of the Agent or such Lender, Participant or other recipient to arrange its tax affairs as it deems appropriate and (iii) in no event will the Agent
or such Lender, Participant or other recipient be required to pay any amount to the Borrower pursuant to this paragraph (i) the payment of which would place the Agent or such Lender, Participant or other recipient in a less favorable net
after-Tax position than the Agent or such Lender, Participant or other recipient would have been in if the Indemnified Tax giving rise to such refund (or credit or similar offset in lieu thereof) had not been deducted, withheld or otherwise imposed
and the indemnification payments or additional amounts with respect to such Indemnified Tax had never been paid. If the Agent, the Lender, the Participant or any other recipient reasonably determines that a refund (or credit or similar offset in
lieu thereof) is disallowed or reduced, Borrower shall promptly reimburse the Agent or such Lender, Participant or other recipient to the extent of such disallowance or reduction (and any interest or penalty paid to any applicable taxing authority).

 16.12 Collateral Matters. 
 (a) The Lenders hereby irrevocably authorize Agent, at its option and in its sole discretion, to release any Lien on any Collateral (i) upon the termination of the Commitments and payment and
satisfaction in full by Borrower of all Obligations, (ii) constituting property 

  
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being sold or disposed of if a release is required or desirable in connection therewith and if Borrower certifies to Agent that the sale or disposition is permitted under Section 7.3
of this Agreement or the other Loan Documents (and Agent may rely conclusively on any such certificate, without further inquiry) in which case Agent shall release such Collateral at the request of Borrower, (iii) constituting property in which
no Credit Party owned any interest at the time the Agent’s Lien was granted nor at any time thereafter, or (iv) constituting property leased to any Credit Party under a lease that has expired or is terminated in a transaction permitted
under this Agreement. Except as provided above, Agent will not execute and deliver a release of any Lien on any Collateral without the prior written authorization of (y) if the release is of all or substantially all of the Collateral, all of
the Lenders, or (z) otherwise, the Required Lenders. Upon request by Agent or Borrower at any time, the Lenders will confirm in writing Agent’s authority to release any such Liens on particular types or items of Collateral pursuant to this
Section 16.12; provided, however, that (1) Agent shall not be required to execute any document necessary to evidence such release on terms that, in Agent’s opinion, would expose Agent to liability or create any
obligation or entail any consequence other than the release of such Lien without recourse, representation, or warranty, and (2) such release shall not in any manner discharge, affect, or impair the Obligations or any Liens (other than those
expressly being released) upon (or obligations of any Credit Party in respect of) all interests retained by each Credit Party, including, the proceeds of any sale, all of which shall continue to constitute part of the Collateral. 

(b) Agent shall have no obligation whatsoever to any of the Lenders to assure that the Collateral exists or is owned by a Credit Party or
is cared for, protected, or insured or has been encumbered, or that the Agent’s Liens have been properly or sufficiently or lawfully created, perfected, protected, or enforced or are entitled to any particular priority, or to exercise at all or
in any particular manner or under any duty of care, disclosure or fidelity, or to continue exercising, any of the rights, authorities and powers granted or available to Agent pursuant to any of the Loan Documents, it being understood and agreed that
in respect of the Collateral, or any act, omission, or event related thereto, subject to the terms and conditions contained herein, Agent may act in any manner it may deem appropriate, in its sole discretion given Agent’s own interest in the
Collateral in its capacity as one of the Lenders and that Agent shall have no other duty or liability whatsoever to any Lender as to any of the foregoing, except as otherwise provided herein. 
 16.13 Restrictions on Actions by Lenders; Sharing of Payments. 
 (a)
Each of the Lenders agrees that it shall not, without the express written consent of Agent, and that it shall, to the extent it is lawfully entitled to do so, upon the written request of Agent, set off against the Obligations, any amounts owing by
such Lender to Borrower or any deposit accounts of any Credit Party now or hereafter maintained with such Lender. Each of the Lenders further agrees that it shall not, unless specifically requested to do so in writing by Agent, take or cause to be
taken any action, including, the commencement of any legal or equitable proceedings, to foreclose any Lien on, or otherwise enforce any security interest in, any of the Collateral. 

  
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 (b) If, at any time or times any Lender shall receive (i) by payment, foreclosure,
setoff, or otherwise, any proceeds of Collateral or any payments with respect to the Obligations, except for any such proceeds or payments received by such Lender from Agent pursuant to the terms of this Agreement, or (ii) payments from Agent
in excess of such Lender’s ratable portion of all such distributions by Agent, such Lender promptly shall (1) turn the same over to Agent, in kind, and with such endorsements as may be required to negotiate the same to Agent, or in
immediately available funds, as applicable, for the account of all of the Lenders and for application to the Obligations in accordance with the applicable provisions of this Agreement, or (2) purchase, without recourse or warranty, an undivided
interest and participation in the Obligations owed to the other Lenders so that such excess payment received shall be applied ratably as among the Lenders in accordance with their Pro Rata Shares; provided, however, that to the extent
that such excess payment received by the purchasing party is thereafter recovered from it, those purchases of participations shall be rescinded in whole or in part, as applicable, and the applicable portion of the purchase price paid therefor shall
be returned to such purchasing party, but without interest except to the extent that such purchasing party is required to pay interest in connection with the recovery of the excess payment. 
 16.14 Agency for Perfection. Agent hereby appoints each other Lender as its agent (and each Lender hereby accepts such appointment) for the purpose of perfecting the Agent’s Liens in
assets which, in accordance with Article 9 of the Code can be perfected only by possession or control. Should any Lender obtain possession or control of any such Collateral, such Lender shall notify Agent thereof, and, promptly upon Agent’s
request therefor shall deliver possession or control of such Collateral to Agent or in accordance with Agent’s instructions. 
 16.15
Payments by Agent to the Lenders. All payments to be made by Agent to the Lenders shall be made by bank wire transfer of immediately available funds pursuant to such wire transfer instructions as each party may designate for itself by
written notice to Agent. Concurrently with each such payment, Agent shall identify whether such payment (or any portion thereof) represents principal, premium, or interest of the Obligations. 
 16.16 Concerning the Collateral and Related Loan Documents. Each member of the Lender Group authorizes and directs Agent to enter into this Agreement and the other Loan Documents. Each
member of the Lender Group agrees that any action taken by Agent in accordance with the terms of this Agreement or the other Loan Documents relating to the Collateral and the exercise by Agent of its powers set forth therein or herein, together with
such other powers that are reasonably incidental thereto, shall be binding upon all of the Lenders. 
 16.17 Field Audits and Examination
Reports; Confidentiality; Disclaimers by Lenders; Other Reports and Information. By becoming a party to this Agreement, each Lender: 
 (a) is deemed to have requested that Agent furnish such Lender, promptly after it becomes available, a copy of each field audit or examination report (each a “Report” and collectively,
“Reports”) prepared by Agent, and Agent shall so furnish each Lender with such Reports, 

  
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 (b) expressly agrees and acknowledges that neither Borrower nor Agent (i) makes any
representation or warranty as to the accuracy of any Report, and (ii) shall be liable for any information contained in any Report, 
 (c) expressly agrees and acknowledges that the Reports are not comprehensive audits or examinations, that Agent or other party performing any audit or examination will inspect only specific information
regarding the applicable Credit Party and will rely significantly upon the Books, as well as on representations of such Credit Party’s personnel, 
 (d) agrees to keep all Reports and other material, non-public information regarding each Credit Party and its operations, assets, and existing and contemplated business plans in a confidential manner in
accordance with Section 18.8, and 
 (e) without limiting the generality of any other indemnification provision
contained in this Agreement, agrees: (i) to hold Agent and any other Lender preparing a Report harmless from any action the indemnifying Lender may take or fail to take or any conclusion the indemnifying Lender may reach or draw from any Report
in connection with any loans or other credit accommodations that the indemnifying Lender has made or may make to any Credit Party, or the indemnifying Lender’s participation in, or the indemnifying Lender’s purchase of, a loan or loans of
any Credit Party, and (ii) to pay and protect, and indemnify, defend and hold Agent, and any such other Lender preparing a Report harmless from and against, the claims, actions, proceedings, damages, costs, expenses, and other amounts
(including, attorneys fees and costs) incurred by Agent and any such other Lender preparing a Report as the direct or indirect result of any third parties who might obtain all or part of any Report through the indemnifying Lender. 

In addition to the foregoing: (x) any Lender may from time to time request of Agent in writing that Agent provide to such Lender a copy of any
report or document provided by any Credit Party to Agent that has not been contemporaneously provided by such Credit Party to such Lender, and, upon receipt of such request, Agent promptly shall provide a copy of same to such Lender, (y) to the
extent that Agent is entitled, under any provision of the Loan Documents, to request additional reports or information from any Credit Party, any Lender may, from time to time, reasonably request Agent to exercise such right as specified in such
Lender’s notice to Agent, whereupon Agent promptly shall request of such Credit Party the additional reports or information reasonably specified by such Lender, and, upon receipt thereof from Borrower, Agent promptly shall provide a copy of
same to such Lender, and (z) any time that Agent renders to such Credit Party a statement regarding the Loan Account, Agent shall send a copy of such statement to each Lender. 
 16.18 Several Obligations; No Liability. Notwithstanding that certain of the Loan Documents now or hereafter may have been or will be executed only by or in favor of Agent in its capacity as
such, and not by or in favor of the Lenders, any and all obligations on the part of Agent (if any) to make any credit available hereunder shall constitute the several (and not joint) obligations of the respective Lenders on a ratable basis,
according to their respective Commitments, to make an amount of such credit not to exceed, in principal amount, at any one time outstanding, the amount of their respective Commitments. Nothing contained herein shall confer upon any Lender any
interest 

  
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in, or subject any Lender to any liability for, or in respect of, the business, assets, profits, losses, or liabilities of any other Lender. Each Lender shall be solely responsible for notifying
its Participants of any matters relating to the Loan Documents to the extent any such notice may be required, and no Lender shall have any obligation, duty, or liability to any Participant of any other Lender. Except as provided in
Section 16.7, no member of the Lender Group shall have any liability for the acts of any other member of the Lender Group. No Lender shall be responsible to any Credit Party or any other Person for any failure by any other Lender to
fulfill its obligations to make credit available hereunder, nor to advance for it or on its behalf in connection with its Commitment, nor to take any other action on its behalf hereunder or in connection with the financing contemplated herein. None
of the Joint Lead Arrangers or Syndication Agent shall have any duties, liabilities, rights, powers or responsibilities hereunder in its capacity as such. 
 16.19 Legal Representation of Agent. In connection with the negotiation, drafting, and execution of this Agreement and the other Loan Documents, or in connection with future legal
representation relating to loan administration, amendments, modifications, waivers, or enforcement of remedies, Winston & Strawn LLP (“Winston”), or after the Sixth Amendment Effective Date, Riemer & Braunstein LLP
(“Riemer”), only has represented and only shall represent Wells Fargo in its capacity as Agent and as a Lender. Each other Lender hereby acknowledges that Winston, or after the Sixth Amendment Effective Date, Riemer &
Braunstein LLP (“Riemer”), does not represent it in connection with any such matters. 
 17. GUARANTY.

 17.1 Guaranty of the Obligations. 
 Subject to the provisions of Section 17.2, Guarantors jointly and severally hereby irrevocably and unconditionally guaranty to Agent for the ratable benefit of the Lender Group the due and
punctual payment in full of all Obligations when the same shall become due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise (including amounts that would become due but for the operation of the
automatic stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C. Section 362(a)) (collectively, the “Guaranteed Obligations”). 
 17.2 Contribution by Guarantors. All Guarantors desire to allocate among themselves (collectively, the “Contributing Guarantors”), in a fair and equitable manner, their
obligations arising under this Guaranty. Accordingly, in the event any payment or distribution is made on any date by a Guarantor (a “Funding Guarantor”) under this Guaranty that exceeds its Fair Share as of such date, such Funding
Guarantor shall be entitled to a contribution from each of the other Contributing Guarantors in the amount of such other Contributing Guarantor’s Fair Share Shortfall as of such date, with the result that all such contributions will cause each
Contributing Guarantor’s Aggregate Payments to equal its Fair Share as of such date. “Fair Share” means, with respect to a Contributing Guarantor as of any date of determination, an amount equal to (a)

  
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the ratio of (i) the Fair Share Contribution Amount with respect to such Contributing Guarantor to (ii) the aggregate of the Fair Share Contribution Amounts with respect to all
Contributing Guarantors multiplied by (b) the aggregate amount paid or distributed on or before such date by all Funding Guarantors under this Guaranty in respect of the Guaranteed Obligations. “Fair Share Shortfall” means, with
respect to a Contributing Guarantor as of any date of determination, the excess, if any, of the Fair Share of such Contributing Guarantor over the Aggregate Payments of such Contributing Guarantor. “Fair Share Contribution Amount” means,
with respect to a Contributing Guarantor as of any date of determination, the maximum aggregate amount of the obligations of such Contributing Guarantor under this Guaranty that would not render its obligations hereunder or thereunder subject to
avoidance as a fraudulent transfer or conveyance under Section 548 of Title 11 of the United States Code or any comparable applicable provisions of state law; provided, solely for purposes of calculating the “Fair Share Contribution
Amount” with respect to any Contributing Guarantor for purposes of this Section 17.2, any assets or liabilities of such Contributing Guarantor arising by virtue of any rights to subrogation, reimbursement or indemnification or any
rights to or obligations of contribution hereunder shall not be considered as assets or liabilities of such Contributing Guarantor. “Aggregate Payments” means, with respect to a Contributing Guarantor as of any date of determination, an
amount equal to (a) the aggregate amount of all payments and distributions made on or before such date by such Contributing Guarantor in respect of this Guaranty (including, without limitation, in respect of this Section 17.2),
minus (b) the aggregate amount of all payments received on or before such date by such Contributing Guarantor from the other Contributing Guarantors as contributions under this Section 17.2. The amounts payable as contributions
hereunder shall be determined as of the date on which the related payment or distribution is made by the applicable Funding Guarantor. The allocation among Contributing Guarantors of their obligations as set forth in this Section 17.2
shall not be construed in any way to limit the liability of any Contributing Guarantor hereunder. Each Guarantor is a third party beneficiary to the contribution agreement set forth in this Section 17.2. 

17.3 Payment by Guarantors. Subject to Section 17.2, Guarantors hereby jointly and severally agree, in furtherance of the
foregoing and not in limitation of any other right which any member of the Lender Group may have at law or in equity against any Guarantor by virtue hereof, that upon the failure of Borrower to pay any of the Guaranteed Obligations when and as the
same shall become due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise (including amounts that would become due but for the operation of the automatic stay under Section 362(a) of the
Bankruptcy Code, 11 U.S.C. Section 362(a)), Guarantors will upon demand pay, or cause to be paid, in cash, to Agent for the ratable benefit of the Lender Group, an amount equal to the sum of the unpaid principal amount of all Guaranteed
Obligations then due as aforesaid, accrued and unpaid interest on such Guaranteed Obligations (including interest which, but for Borrower’s becoming the subject of a case under the Bankruptcy Code, would have accrued on such Guaranteed
Obligations, whether or not a claim is allowed against Borrower for such interest in the related bankruptcy case) and all other Guaranteed Obligations then owed to the Lender Group as aforesaid. 

  
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 17.4 Liability of Guarantors Absolute. Each Guarantor agrees that its obligations hereunder
are irrevocable, absolute, independent and unconditional and shall not be affected by any circumstance which constitutes a legal or equitable discharge of a guarantor or surety other than payment in full of the Guaranteed Obligations. In furtherance
of the foregoing and without limiting the generality thereof, each Guarantor agrees as follows: 
 (a) this Guaranty is a
guaranty of payment when due and not of collectability. This Guaranty is a primary obligation of each Guarantor and not merely a contract of surety; 
 (b) Agent may enforce this Guaranty upon the occurrence of an Event of Default notwithstanding the existence of any dispute between Borrower and any member of the Lender Group with respect to the
existence of such Event of Default; 
 (c) the obligations of each Guarantor hereunder are independent of the obligations of
Borrower and the obligations of any other guarantor (including any other Guarantor) of the obligations of Borrower, and a separate action or actions may be brought and prosecuted against such Guarantor whether or not any action is brought against
Borrower or any of such other guarantors and whether or not Borrower is joined in any such action or actions; 
 (d) payment by
any Guarantor of a portion, but not all, of the Guaranteed Obligations shall in no way limit, affect, modify or abridge any Guarantor’s liability for any portion of the Guaranteed Obligations which has not been paid. Without limiting the
generality of the foregoing, if Agent is awarded a judgment in any suit brought to enforce any Guarantor’s covenant to pay a portion of the Guaranteed Obligations, such judgment shall not be deemed to release such Guarantor from its covenant to
pay the portion of the Guaranteed Obligations that is not the subject of such suit, and such judgment shall not, except to the extent satisfied by such Guarantor, limit, affect, modify or abridge any other Guarantor’s liability hereunder in
respect of the Guaranteed Obligations; 
 (e) Any member of the Lender Group, upon such terms as it deems appropriate, without or
demand and without affecting the validity or enforceability hereof or giving rise to any reduction, limitation, impairment, discharge or termination of any Guarantor’s liability hereunder, from time to time may (i) renew, extend,
accelerate, increase the rate of interest on, or otherwise change the time, place, manner or terms of payment of the Guaranteed Obligations; (ii) settle, compromise, release or discharge, or accept or refuse any offer of performance with
respect to, or substitutions for, the Guaranteed Obligations or any agreement relating thereto and/or subordinate the payment of the same to the payment of any other obligations; (iii) request and accept other guaranties of the Guaranteed
Obligations and take and hold security for the payment of the Guaranteed Obligations; (iv) release, surrender, exchange, substitute, compromise, settle, rescind, waive, alter, subordinate or modify, with or without consideration, any security
for payment of the Guaranteed Obligations, any other guaranties of the Guaranteed Obligations, or any other obligation of any Person (including any other Guarantor) with respect to the Guaranteed Obligations; (v) enforce and apply any security
now or hereafter held by or for the benefit of such member of the Lender Bank Group in respect hereof or the Guaranteed Obligations and direct the order or manner of sale thereof, or exercise any other right or remedy that such member of the Lender
Bank Group may have against any such security, in each case as such member of the Lender Bank Group in its discretion may determine consistent herewith and 

  
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any applicable security agreement, including foreclosure on any such security pursuant to one or more judicial or nonjudicial sales, whether or not every aspect of any such sale is commercially
reasonable, and even though such action operates to impair or extinguish any right of reimbursement or subrogation or other right or remedy of any Guarantor against Borrower or any security for the Guaranteed Obligations; and (vi) exercise any
other right available to it under the Loan Documents; and 
 (f) this Guaranty and the obligations of Guarantors hereunder shall
be valid and enforceable and shall not be subject to any reduction, limitation, impairment, discharge or termination for any reason (other than payment in full of the Guaranteed Obligations), including the occurrence of any of the following, whether
or not any Guarantor shall have had notice or knowledge of any of them: (i) any failure or omission to assert or enforce or agreement or election not to assert or enforce, or the stay or enjoining, by order of court, by operation of law or
otherwise, of the exercise or enforcement of, any claim or demand or any right, power or remedy (whether arising under the Loan Documents or at law, in equity or otherwise) with respect to the Guaranteed Obligations or any agreement relating
thereto, or with respect to any other guaranty of or security for the payment the Guaranteed Obligations (ii) any rescission, waiver, amendment or modification of, or any consent to departure from, any of the terms or provisions (including
provisions relating to events of default) hereof, any of the other Loan Documents, or any agreement or instrument executed pursuant thereto, or of any other guaranty or security for the Guaranteed Obligations, in each case whether or not in
accordance with the terms hereof or such Loan Document, or any agreement relating to such other guaranty or security; (iii) the Guaranteed Obligations or any agreement relating thereto, at any time being found to be illegal invalid or
unenforceable in any respect; (iv) the application of payments received from any source (other than payments received pursuant to the other Loan Documents or from the proceeds of any security for the Guaranteed Obligations, except to the extent
such security also serves as collateral for Indebtedness other than the Guaranteed Obligations) to the payment of Indebtedness other than the Guarantee Obligations, even though any member of the Lender Group might have elected to apply such payment
to any part or all of the Guaranteed Obligations; (v) any member of the Lender Group’s consent to the change, reorganization or termination of the corporate structure or existence of any Credit Party and to any corresponding restructuring
of the Guaranteed Obligations; (vi) any failure to perfect or continue perfection of a security interest in any collateral which secures any of the Guaranteed Obligations; (vii) any defenses, set-offs or counterclaims which Borrower may
allege or assert against any member of the Lender Group in respect of the Guaranteed Obligations, including failure of consideration, breach of warranty, payment, statute of frauds, statute of limitations, accord and satisfaction and usury; and
(viii) any other act or thing or omission, or delay to do any other act or thing, which may or might in any manner or to any extent vary the risk of any Guarantor as an obligor in respect of the Guaranteed Obligations. 

17.5 Waivers by Guarantors. Each Guarantor hereby waives, for the benefit of the Lender Group: (a) any right to require any member of
the Lender Group, as a condition of payment or performance by such Guarantor, to (i) proceed against Borrower, any other guarantor (including any other Guarantor) of the Guaranteed Obligations or any other Person, (ii) proceed against or
exhaust any security held from Borrower, any such other guarantor or any other Person, (iii) proceed 

  
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against or have resort to any balance of any Deposit Account or credit on the books of any member of the Lender Group in favor of Borrower or any other Person, or (iv) pursue any other
remedy in the power of any member of the Lender Group whatsoever; (b) any defense arising by reason of the incapacity, lack of authority or any disability or other defense of Borrower or any other Guarantor including any defense based on or
arising out of the lack of validity or the unenforceability of the Guaranteed Obligations or any agreement or instrument relating thereto or by reason of the cessation of the liability of Borrower or any other Guarantor from any cause other than
payment in full of the Guaranteed Obligations; (c) any defense based upon any statute or rule of law which provides that the obligation of a surety must be neither larger in amount nor in other respects more burdensome than that of the
principal; (d) any defense based upon any member of the Lender Group’s errors or omissions in the administration of the Guaranteed Obligations, except behavior which amounts to bad faith; (e) (i) any principles or provisions of
law, statutory or otherwise, which are or might be in conflict with the terms hereof and any legal or equitable discharge of such Guarantor’s obligations hereunder, (ii) the benefit of any statute of limitations affecting such
Guarantor’s liability hereunder or the enforcement hereof, (iii) any rights to set-offs, recoupments and counterclaims, and (iv) promptness, diligence and any requirement that any member of the Lender Group protect, secure, perfect or
insure any security interest or lien or any property subject thereto; (f) notices, demands, presentments, protests, notices of protest, notices of dishonor and notices of any action or inaction, including acceptance hereof, notices of default
hereunder, or any agreement or instrument related thereto, notices of any renewal, extension or modification of the Guaranteed Obligations or any agreement related thereto, notices of any extension of credit to Borrower and notices of any of the
matters referred to in Section 17.4 and any right to consent to any thereof; and (g) any defenses or benefits that may be derived from or afforded by law which limit the liability of or exonerate guarantors or sureties, or which may
conflict with the terms hereof. 
 17.6 Guarantors’ Rights of Subrogation, Contribution, Etc. Until the Guaranteed
Obligations shall have been indefeasibly paid in full and the Commitments shall have terminated and all Letters of Credit shall have expired or been cancelled, each Guarantor hereby waives any claim, right or remedy, direct or indirect, that such
Guarantor now has or may hereafter have against Borrower or any other Guarantor or any of its assets in connection with this Guaranty or the performance by such Guarantor of its obligations hereunder, in each case whether such claim, right or remedy
arises in equity, under contract, by statute, under common law or otherwise and including without limitation (a) any right of subrogation, reimbursement or indemnification that such Guarantor now has or may hereafter have against Borrower with
respect to the Guaranteed Obligations, (b) any right to enforce, or to participate in, any claim, right or remedy that any member of the Lender Group now has or may hereafter have against Borrower, and (c) any benefit of, and any right to
participate in, any collateral or security now or hereafter held by any member of the Lender Group. In addition, until the Guaranteed Obligations shall have been indefeasibly paid in full and the Commitments shall have terminated and all Letters of
Credit shall have expired or been cancelled, each Guarantor shall withhold exercise of any right of contribution such Guarantor may have against any other guarantor (including any other Guarantor) of the Guaranteed Obligations, including, without
limitation, any such right of contribution as contemplated by Section 17.2. Each Guarantor further agrees that, to the extent the waiver or agreement to withhold the exercise of its rights of subrogation, reimbursement, indemnification
and contribution as set forth herein is 

  
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found by a court of competent jurisdiction to be void or voidable for any reason, any rights of subrogation, reimbursement or indemnification such Guarantor may have against Borrower or against
any collateral or security, and any rights of contribution such Guarantor may have against any such other guarantor, shall be junior and subordinate to any rights any member of the Lender Group may have against Borrower, to all right, title and
interest any member of the Lender Group may have in any such collateral or security, and to any right any member of the Lender Group may have against such other guarantor. If any amount shall be paid to any Guarantor on account of any such
subrogation, reimbursement, indemnification or contribution rights at any time when all Guaranteed Obligations shall not have been finally and indefeasibly paid in full, such amount shall be held in trust for Agent on behalf of the Lender Group and
shall forthwith be paid over to Agent for the benefit of the Lender Group to be credited and applied against the Guaranteed Obligations, whether matured or unmatured, in accordance with the terms hereof. 

17.7 Subordination Of Other Obligations. Any Indebtedness of Borrower or any Guarantor now or hereafter held by any Guarantor (the
“Obligee Guarantor”) is hereby subordinated in right of payment to the Guaranteed Obligations, and any such indebtedness collected or received by the Obligee Guarantor after an Event of Default has occurred and is continuing shall
be held in trust for Agent on behalf of the Lender Group and shall forthwith be paid over to Agent for the benefit of the Lender Group to be credited and applied against the Guaranteed Obligations but without affecting, impairing or limiting in any
manner the liability of the Obligee Guarantor under any other provision hereof. 
 17.8 Continuing Guaranty. This Guaranty is a
continuing guaranty and shall remain in effect until all of the Guaranteed Obligations shall have been finally and indefeasibly paid in full and the Commitments shall have terminated and all Letters of Credit shall have expired or been cancelled.
Each Guarantor hereby irrevocably waives any right to revoke this Guaranty as to future transactions giving rise to any Guaranteed Obligations. 

17.9 Authority of Guarantors or Borrower. It is not necessary for any member of the Lender Group to inquire into the capacity or powers of
any Guarantor or Borrower or the officers, directors or any agents acting or purporting to act on behalf of any of them. 
 17.10
Financial Condition of Borrower. Any Advance may be made to Borrower or continued from time to time, and any other agreements relating to the Obligations may be entered into from time to time, in each case without notice to or
authorization from any Guarantor regardless of the financial or other condition of Borrower at the time of any such grant or continuation or at the time such other agreement is entered into, as the case may be. No member of the Lender Group shall
have any obligation to disclose or discuss with any Guarantor its assessment, or any Guarantor’s assessment, of the financial condition of Borrower. Each Guarantor has adequate means to obtain information from Borrower on a continuing basis
concerning the financial condition of 

  
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Borrower and its ability to perform its obligations under the Loan Documents and each Guarantor assumes the responsibility for being and keeping informed of the financial condition of Borrower
and of all circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations. Each Guarantor hereby waives and relinquishes any duty on the part of any member of the Lender Group to disclose any matter, fact or thing relating to the
business, operations or conditions of Borrower now known or hereafter known by any member of the Lender Group. 
 17.11 Bankruptcy,
Etc. 
 (a) So long as any Guaranteed Obligations remain outstanding, no Guarantor shall, without the prior written
consent of Agent acting pursuant to the instructions of Required Lenders, commence or join with any other Person in commencing any bankruptcy, reorganization or insolvency case or proceeding of or against Borrower or any other Guarantor. The
obligations of Guarantors hereunder shall not be reduced, limited, impaired, discharged, deferred, suspended or terminated by any case or proceeding, voluntary or involuntary, involving the bankruptcy, insolvency, receivership, reorganization,
liquidation or arrangement of Borrower or any other Guarantor or by any defense which Borrower or any other Guarantor may have by reason of the order, decree or decision of any court or administrative body resulting from any such proceeding.

 (b) Each Guarantor acknowledges and agrees that any interest on any portion of the Guaranteed Obligations which accrues after
the commencement of any case or proceeding referred to in clause (a) above (or, if interest on any portion of the Guaranteed Obligations ceases to accrue by operation of law by reason of the commencement of such case or proceeding, such
interest as would have accrued on such portion of the Guaranteed Obligations if such case or proceeding had not been commenced) shall be included in the Guaranteed Obligations because it is the intention of Guarantors and the Lender Group that the
Guaranteed Obligations which are guaranteed by Guarantors pursuant hereto should be determined without regard to any rule of law or order which may relieve Borrower of any portion of such Guaranteed Obligations. Guarantors will permit any trustee in
bankruptcy, receiver, debtor in possession, assignee for the benefit of creditors or similar person to pay Agent, or allow the claim of Agent in respect of, any such interest accruing after the date on which such case or proceeding is commenced.

 (c) In the event that all or any portion of the Guaranteed Obligations are paid by Borrower, the obligations of Guarantors
hereunder shall continue and remain in full force and effect or be reinstated, as the case may be, in the event that all or any part of such payment(s) are rescinded or recovered directly or indirectly from any member of the Lender Group as a
preference, fraudulent transfer or otherwise, and any such payments which are so rescinded or recovered shall constitute Guaranteed Obligations for all purposes hereunder. 
 17.12 Limitation of Liability. Notwithstanding anything herein to the contrary, the Guaranteed Obligations shall not include any Excluded Hedging Obligations. 

  
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 17.13 Keepwell. Each Guarantor that is a Qualified ECP Guarantor at the time this
Guaranty or the grant of a security interest under the Loan Documents, in each case, by any Specified Credit Party becomes effective with respect to any Swap Obligation, hereby jointly and severally, absolutely, unconditionally and irrevocably
undertakes to provide such funds or other support to each Specified Credit Party with respect to such Swap Obligation as may be needed by such Specified Credit Party from time to time to honor all of its obligations under the Loan Documents in
respect of such Swap Obligation (but, in each case, only up to the maximum amount of such liability that can be hereby incurred without rendering such Qualified ECP Guarantor’s obligations and undertakings under this Guaranty voidable under
applicable Laws relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations and undertakings of each Qualified ECP Guarantor under this paragraph shall remain in full force and effect until all of the
Obligations have been indefeasibly paid and performed in full. Each Guarantor intends this paragraph to constitute, and this paragraph shall be deemed to constitute, a guarantee of the obligations of, and a “keepwell, support, or other
agreement” for the benefit of, each Specified Credit Party for all purposes of the Commodity Exchange Act. 
 18.
GENERAL PROVISIONS. 
 18.1 Effectiveness. This Agreement shall be binding and deemed effective when executed by each Credit
Party, Agent, and each Lender whose signature is provided for on the signature pages hereof. 
 18.2 Section Headings. Headings
and numbers have been set forth herein for convenience only. Unless the contrary is compelled by the context, everything contained in each Section applies equally to this entire Agreement. 
 18.3 Interpretation. Neither this Agreement nor any uncertainty or ambiguity herein shall be construed against the Lender Group or the Credit Parties, whether under any rule of construction
or otherwise. On the contrary, this Agreement has been reviewed by all parties and shall be construed and interpreted according to the ordinary meaning of the words used so as to accomplish fairly the purposes and intentions of all parties hereto.

 18.4 Severability of Provisions. Each provision of this Agreement shall be severable from every other provision of this
Agreement for the purpose of determining the legal enforceability of any specific provision. 
 18.5 Amendments in Writing. This
Agreement only can be amended by a writing signed by Agent (on behalf of the requisite Lenders pursuant to Section 15.1) and each Credit Party. 

  
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 18.6 Counterparts; Telefacsimile Execution. This Agreement may be executed in any number of
counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Agreement. Delivery of an
executed counterpart of this Agreement by telefacsimile or electronic transmission shall be equally as effective as delivery of an original executed counterpart of this Agreement. Any party delivering an executed counterpart of this Agreement by
telefacsimile or electronic transmission also shall deliver an original executed counterpart of this Agreement but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this
Agreement. The foregoing shall apply to each other Loan Document mutatis mutandis. 
 18.7 Revival and Reinstatement of
Obligations. If the incurrence or payment of the Obligations by any Credit Party or the transfer to the Lender Group of any property should for any reason subsequently be declared to be void or voidable under any state or federal law
relating to creditors’ rights, including provisions of the Bankruptcy Code relating to fraudulent conveyances, preferences, or other voidable or recoverable payments of money or transfers of property (collectively, a “Voidable
Transfer”), and if the Lender Group is required to repay or restore, in whole or in part, any such Voidable Transfer, or elects to do so upon the reasonable advice of its counsel, then, as to any such Voidable Transfer, or the amount
thereof that the Lender Group is required or elects to repay or restore, and as to all reasonable costs, expenses, and attorneys’ fees of the Lender Group related thereto, the liability of such Credit Party automatically shall be revived,
reinstated, and restored and shall exist as though such Voidable Transfer had never been made. 
 18.8 Confidentiality. The Agent
and the Lenders each individually (and not jointly or jointly and severally) agree that material, non-public information regarding any Credit Party, its operations, assets, and existing and contemplated business plans shall be treated by Agent and
the Lenders in a confidential manner, and shall not be disclosed by Agent and the Lenders to Persons who are not parties to this Agreement, except: (a) to attorneys for and other advisors, accountants, auditors, and consultants to any member of
the Lender Group who are advised about the confidential nature of such information, (b) to Subsidiaries and Affiliates of any member of the Lender Group and their respective partners, directors, officers, employees, agents, trustees, and
representatives (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such information and instructed to keep such information confidential in accordance with this
Section 18.8), (c) as may be required by statute, decision, or judicial or administrative order, rule, or regulation (with prompt notice to Borrower so that Borrower may seek a protective order or other appropriate remedy and/or
waive Agent’s or any Lender’s compliance with the provisions of this Section 18.8), (d) as may be agreed to in advance by such Credit Party or as requested or required by any Governmental Authority pursuant to any subpoena
or other legal process regulation (with prompt notice to Borrower so that Borrower may seek a protective order or other appropriate remedy and/or waive Agent’s or any Lender’s compliance with the provisions of this
Section 18.8), (e) as to any such information that is or 

  
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becomes generally available to the public (other than as a result of prohibited disclosure by Agent or the Lenders or their respective employees, attorneys, accountants, consultants or agents),
(f) in connection with any assignment, prospective assignment, sale, prospective sale, participation or prospective participations, or pledge or prospective pledge of any Lender’s interest under this Agreement, provided that any such
assignee, prospective assignee, purchaser, prospective purchaser, participant, prospective participant, pledgee, or prospective pledgee shall have agreed in writing to receive such information hereunder subject to the terms of this Section, and
(g) in connection with any litigation or other adversary proceeding involving parties hereto which such litigation or adversary proceeding involves claims related to the rights or duties of such parties under this Agreement or the other Loan
Documents. The provisions of this Section 18.8 shall survive the payment in full of the Obligations. 
 18.9 Patriot Act
Notice 
 Agent and each Lender hereby notifies the Credit Parties that pursuant to the requirements of the Patriot Act,
it is required to obtain, verify and record information that identifies each Credit Party, which information includes the name and address of such Credit Party and other information that will allow such Lender or Agent, as applicable to identify
such Credit Party in accordance with the Patriot Act. Each Credit Party shall, and shall cause the Subsidiaries to provide to the extent commercially reasonable, such information and take such actions as are reasonably requested by Agent or any
Lender in order to assist the Agent and the Lenders in maintaining compliance with the Patriot Act. 
 18.10 Integration. This
Agreement, together with the other Loan Documents, reflects the entire understanding of the parties with respect to the transactions contemplated hereby and shall not be contradicted or qualified by any other agreement, oral or written, before the
date hereof. 
 [Signature pages to follow.] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and
delivered as of the date first above written. 
  

			
	GORDMANS, INC.
		
	By:	 	/s/ Michael D. James
	Name:	 	 Michael D. James

	Title:	 	 Chief Financial Officer

  

			
	GORDMANS MANAGEMENT COMPANY, INC.
		
	By:	 	/s/ Michael D. James
	Name:	 	 Michael D. James

	 Title:
	 	 Chief Financial Officer

  

			
	GORDMANS DISTRIBUTION COMPANY, INC.
		
	By:	 	/s/ Michael D. James
	Name:	 	  
 Michael D.
James

	Title:	 	 Chief Financial Officer

  

			
	GORDMANS INTERMEDIATE HOLDINGS CORP.
		
	By:	 	/s/ Michael D. James
	Name:	 	 Michael D. James

	 Title:
	 	 Chief Financial Officer

  

			
	GORDMANS STORES, INC.
		
	By:	 	 /s/ Michael D. James 

	Name:	 	 Michael D. James

	 Title:
	 	 Chief Financial Officer

  

			
	GORDMANS LLC
		
	By:	 	/s/ Michael D. James
	Name:	 	 Michael D. James

	 Title:
	 	 Chief Financial Officer

  
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	 WELLS FARGO RETAIL FINANCE, LLC,
 a Delaware limited liability company, as Agent and as a Lender

		
	By:	 	/s/ Jason B. Searle
	Name:	 	Jason B. Searle
	Title:	 	Director

 
			
	 PNC Bank, NATIONAL ASSOCIATION, as a
Lender

		
	 By:
 Name:

Title:
	 	 /s/ William Molyneaux
 William Molyneaux
 Assistant Vice President

 Schedule A-1 

Agent’s Account 
 An account at a bank designated by Agent from time to time as the account into which Borrower shall make all payments to Agent for the benefit of the Lender Group and into which the Lender Group shall
make all payments to Agent under this Agreement and the other Loan Documents; unless and until Agent notifies Borrower and the Lender Group to the contrary, Agent’s Account shall be that certain deposit account bearing account number
49450-88607 and maintained by Agent with Wells Fargo Bank, N.A., San Francisco, California, ABA #121000248. 

 Schedule C-1 

Commitments 
  

					
	 Lender
	  	Revolver Commitment	 
	 Wells Fargo Bank, National Association
	  	$	55,000,000	  
	 PNC Bank, National Association
	  	$	25,000,000	  
	 All Lenders
	  	$	80,000,000	  

 Schedule D-1 

Designated Account 
 Account number 4121859110 of Borrower maintained with Borrower’s Designated Account Bank. 
 “Designated Account Bank” means Wells Fargo Bank, NA. 

 Schedule 6.2 

Collateral Reporting 

Borrower shall provide Agent with the following documents at the following times in form reasonably satisfactory to Agent: 

(a) Borrowing Base Certificate. On the tenth (10th) Business Day of each fiscal month (or, if such day is not a Business Day, on the next succeeding Business Day),
Borrower shall provide to Agent a signed borrowing base certificate, in form as approved by Agent and including a detailed calculation of the Borrowing Base (including detail regarding those Accounts of the Credit Parties that are not Eligible
Accounts) as of the close of business as of the last day of the immediately preceding fiscal month (provided that the Appraised Value applied to the Eligible Inventory set forth in each Borrowing Base Certificate shall be the Appraised Value set
forth in the most recent appraisal obtained by the Agent pursuant to Section 4.6 hereof for the applicable month to which such Borrowing Base Certificate relates), in the form of Exhibit M to the Loan, Guaranty and Security
Agreement (each, a “Borrowing Base Certificate”), each Borrowing Base Certificate to be certified as complete and correct by a responsible officer of the Borrower; provided that, at any time that an Accelerated Borrowing Base
Delivery Event has occurred and is continuing, at the election of the Agent, such Borrowing Base Certificate shall be delivered on Wednesday of each week (or, if such day is not a Business Day, on the next succeeding Business Day), as of the close
of business on the immediately preceding week. 
 (b) Supporting Documents. Monthly, within 15 days of month end, Borrower
shall provide to Agent each of the following documents: 
 (i) the store stock ledger (SIL) and warehouse stock
ledger (WIL) reports of the Credit Parties; 
 (ii) a summary report of the in-transit Inventory of the Credit
Parties; 
 (iii) rent, tax and insurance certificate; 

(iv) purchases and accounts payable aging analysis with A/P aging; and 

(v) monthly inventory aging. 
 (c) Additional Supporting Documents. Monthly, within 30 days of month end, Borrower shall provide to Agent each of the following documents: 

(i) Reconciliation of stock ledger to general ledger and a calculation of availability; and 

(ii) statement of store activity. 
 (d) Additional Documentation. In addition to subsections (a), (b) and (c) above, Agent may, in its Permitted Discretion, from time to time require Borrower to deliver to Agent such other
reports or documents as to the Collateral or the financial condition of the Credit Parties, as requested by Agent. 

 EXHIBIT B 
 Form of Seasonal Borrowing Period Notice 
 EXHIBIT B-1 

FORM OF SEASONAL BORROWING PERIOD NOTICE 
 Reference is made to that certain Loan, Guaranty and Security Agreement, dated as of February 20, 2009 (as amended, restated, supplemented or otherwise modified from time to time, the “Loan
Agreement”), among Gordmans, Inc., a Delaware corporation (“Borrower”), the other credit parties signatory thereto (together with Borrower, the “Credit Parties”) the lenders signatory thereto (the
“Lenders”), Wells Fargo Retail Finance, LLC, a Delaware limited liability company, as the joint lead arranger and administrative agent for the Lenders (“Agent”) and CIT Capital Securities LLC, a Delaware limited
liability company, as syndication agent and as joint lead arranger. Capitalized terms used in this Compliance Certificate have the meanings set forth in the Loan Agreement unless specifically defined herein. 

(a) Pursuant to the Loan Agreement, the Borrower hereby notifies Agent that a Seasonal Borrowing Period shall begin on the date this
Notice is delivered by Borrower to Agent. 
 (b) The Borrower hereby certifies that on the date hereof there does not exist any
condition or event that constitutes a Default or Event of Default. 
 (c) The Borrower hereby elects a Seasonal Borrowing Period
of [            ] days with the end date of the Seasonal Borrowing Period being             .1 

The Borrower has caused this Notice to be executed and delivered by its duly authorized officer on this
            day of             , 20        . 

 

			
	GORDMANS, INC., as Borrower
		
	By:	 	 
	Name:	 	
	Title:

  

	1 	If the length of the Seasonal Borrowing Period is in excess of 90 days the increase in the Maximum Revolver Amount pursuant to clause (d) of this Notice shall be
deemed to be a permanent increase.EX-10.12

 Exhibit 10.12 
 CERTAIN MATERIAL (INDICATED BY AN ASTERISK) HAS BEEN OMITTED FROM THIS DOCUMENT PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION. 
  

	 Ver. EQ.9/9/02 
	 TLO: ARS 

 MASSACHUSETTS INSTITUTE OF TECHNOLOGY 
 AND 

BIND BIOSCIENCES, INC. 
 EXCLUSIVE PATENT LICENSE AGREEMENT 

 TABLE OF CONTENTS 

 

							
	R E C I T A L S	  	 	1	  
			
	1.	 	 DEFINITIONS
	  	 	2	  
			
	2.	 	 GRANT OF RIGHTS
	  	 	6	  
			
	3.	 	 COMPANY DILIGENCE OBLIGATIONS
	  	 	9	  
			
	4.	 	 ROYALTIES AND PAYMENT TERMS
	  	 	11	  
			
	5.	 	 REPORTS AND RECORDS
	  	 	15	  
			
	6.	 	 PATENT PROSECUTION
	  	 	17	  
			
	7.	 	 INFRINGEMENT
	  	 	19	  
			
	8.	 	 INDEMNIFICATION AND INSURANCE
	  	 	20	  
			
	9.	 	 REPRESENTATIONS OR WARRANTIES
	  	 	22	  
			
	10.	 	 ASSIGNMENT
	  	 	22	  
			
	11.	 	 GENERAL COMPLIANCE WITH LAWS
	  	 	23	  
			
	12.	 	 TERMINATION
	  	 	24	  
			
	13.	 	 DISPUTE RESOLUTION
	  	 	25	  
			
	14.	 	 CONFIDENTIAL INFORMATION
	  	 	26	  
			
	15.	 	 MISCELLANEOUS
	  	 	27	  
		
	APPENDIX A	  	 	30	  
		
	APPENDIX B	  	 	32	  
		
	APPENDIX C	  	 	33	  
		
	EXHIBIT A	  	 	34	  
		
	EXHIBIT B	  	 	37	  

  
 ii 

 Ver. EQ.9/9/02 
 MASSACHUSETTS INSTITUTE OF TECHNOLOGY 
 EXCLUSIVE PATENT LICENSE AGREEMENT

 This Agreement, effective as of the date set forth above the signatures of the parties below (the “EFFECTIVE
DATE”), is between the Massachusetts Institute of Technology (“M.I.T.”), a Massachusetts corporation, with a principal office at 77 Massachusetts Avenue, Cambridge, MA 02139-4307 and BIND Biosciences, Inc. (“COMPANY”), a
Delaware corporation, with a principal place of business at 101 Binney Street, Cambridge, MA 02142. 
 R E C I T A L S

 WHEREAS, M.I.T. is the owner or joint owner of certain PATENT RIGHTS (as later defined herein) relating to: 

[***] 
 [***]

 [***] 
 [***] 
 [***] 

[***] 
 [***]

 [***] 
 [***] 
 [***] 

[***] 
 [***]

 [***] 
 [***] 
 [***] 

 
  

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portions. 

  
 1 

 WHEREAS, because Robert S. Langer, who is an inventor of certain PATENT RIGHTS and is also a
current employee of M.I.T., has acquired equity in COMPANY not resulting from this Agreement, the Conflict Avoidance Statement of Robert S. Langer is attached as Exhibit A hereto; 

WHEREAS, because Robert S. Langer, who is an inventor of certain PATENT RIGHTS, has acquired equity in COMPANY not resulting from this
Agreement, the Inventor/Author Acknowledgment of No Equity Distribution in M.I.T.’s institutional equity share of Robert S. Langer is attached as Exhibit B hereto; 
 WHEREAS, M.I.T. and Brigham and Women’s Hospital (hereinafter “BRIGHAM”) jointly own certain of the PATENT RIGHTS relating to [***] and have signed a Joint Invention Agreement dated as of
June 30, 2007, that appoints the M.I.T. Technology Licensing Office as the sole and exclusive agent for licensing such PATENT RIGHTS; 
 WHEREAS, M.I.T., BRIGHAM, and the Gwangju Institute of Science & Technology (hereinafter “GIST”) jointly own certain of the PATENT RIGHTS relating to M.I.T. Case Number 12218, and are
committed to signing a Joint Invention Agreement that appoints the M.I.T. Technology Licensing Office as the sole and exclusive agent for licensing such PATENT RIGHTS; 
 WHEREAS, Omid C. Farokhzad and [***], among others, are employees of BRIGHAM, but have performed experiments in the M.I.T. laboratory of Robert S. Langer, and are inventors of certain PATENT RIGHTS, have,
with M.I.T.’s consent specifically for the cases in this Agreement, assigned only to BRIGHAM all of their respective rights in such PATENT RIGHTS; 
 WHEREAS, M.I.T. desires to have the PATENT RIGHTS developed and commercialized to benefit the public and is willing to grant a license thereunder; 

WHEREAS, COMPANY has represented to M.I.T., to induce M.I.T. to enter into this Agreement, that COMPANY shall commit itself to a
thorough, vigorous and diligent program of exploiting the PATENT RIGHTS so that public utilization shall result therefrom; and 

WHEREAS, COMPANY desires to obtain a license under the PATENT RIGHTS upon the terms and conditions hereinafter set forth. 

NOW, THEREFORE, M.I.T. and COMPANY hereby agree as follows: 
 1. DEFINITIONS. 
 1.1 “AFFILIATE” shall mean any legal
entity (such as a corporation, partnership, or limited liability company) that is controlled by COMPANY. For the purposes of this definition, the term “control” means (i) beneficial ownership of at least fifty percent (50%) of
the voting 
  
  

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portions. 

  
 2 

 
securities of a corporation or other business organization with voting securities or (ii) a fifty percent (50%) or greater interest in the net assets or profits of a partnership or
other business organization without voting securities. 
 1.2 “CONFIDENTIAL INFORMATION” shall mean any
confidential or proprietary information furnished by one party (the “Disclosing Party”) to the other party (the “Receiving Party”) in connection with this Agreement, provided that such information is specifically
designated as confidential. Such CONFIDENTIAL INFORMATION shall include, without limitation, any diligence reports furnished to M.I.T. under Section 3.1, royalty reports furnished to M.I.T. under Section 5.2 and copies of sublicenses
furnished to M.I.T. under Section 2.4. 
 1.3 “CORPORATE PARTNER INCOME” shall mean any payments that
COMPANY or an AFFILIATE receives from a non-SUBLICENSEE third party in consideration of COMPANY’S practice of the PATENT RIGHTS on behalf of such third party, except for (i) RESEARCH SUPPORT PAYMENTS, and (ii) payments made as
consideration for debt or equity securities (excluding amounts in excess of the FAIR MARKET VALUE of such securities). 
 1.4
“DIAGNOSTIC LICENSED PRODUCT” shall mean any product used for a diagnostic purpose that, in whole or in part: 

(i) absent the license granted hereunder, would infringe one or more claims of the PATENT RIGHTS; or 

(ii) is manufactured by using a LICENSED PROCESS or that, when used, practices a LICENSED PROCESS. 

Any DIAGNOSTIC LICENSED PRODUCT that is also a THERAPEUTIC LICENSED PRODUCT will be treated as a THERAPEUTIC LICENSED PRODUCT for the
purposes of this Agreement. 
 1.5 “DISEASE FIELD” shall mean a field specific to a class of diseases. Examples
include, but are not limited to: (i) cancer; (ii) cardiovascular disease (atherosclerosis, congestive heart failure, etc.); (iii) immune/inflammatory disorders (rheumatoid arthritis, multiple sclerosis, inflammatory bowel disease,
etc.); (iv) respiratory diseases (asthma, emphysema, central obstructive pulmonary disease, etc.); (v) central nervous system disorders (Alzheimer’s disease, Parkinson’s, etc.); and (vi) metabolic diseases (obesity,
diabetes, etc.). 
 1.6 “EXCLUSIVE PERIOD” shall mean the period of time set forth in Section 2.3.

 1.7 “FAIR MARKET VALUE” of a share of Common Stock or other security of COMPANY (a “SECURITY”)
shall be the highest price per share that COMPANY could reasonably be expected to obtain from a willing buyer (not a current employee or director) for shares of such SECURITY sold by COMPANY, from authorized but unissued shares, as determined in
good faith by the Board of Directors of COMPANY, unless COMPANY shall become subject to a merger, acquisition or other consolidation pursuant to which COMPANY is not the surviving party, in which case the current fair market value of a share of such
SECURITY shall be deemed to be the value received by holders of such SECURITY for each share of such SECURITY pursuant to COMPANY’ s acquisition. 

  
 3 

 1.8 “FULLY FUNDED PROJECT” shall mean a development project for a specific
LICENSED PRODUCT at a level of funding no less than [***] dollars ([***]) for the first [***] years of the project and [***] per year thereafter, ending upon the earlier to occur of [***]. 

1.9 “LICENSED PRODUCTS” shall mean REAGENT LICENSED PRODUCTS, THERAPEUTIC LICENSED PRODUCTS and DIAGNOSTIC LICENSED
PRODUCTS. 
 1.10 “IND” shall mean an investigational new drug application (Form FDA 1571) or any successor
form or foreign equivalent. 
 1.11 “LICENSED PROCESS” shall mean any process that, absent the license granted
hereunder, would infringe one or more claims of the PATENT RIGHTS or which uses a LICENSED PRODUCT. 
 1.12
“NDA” shall mean a new drug application (Form FDA 356h), or any successor form or foreign equivalent. 
 1.13
“NET SALES” shall mean the gross amount billed by COMPANY and its AFFILIATES and SUBLICENSEES for LICENSED PRODUCTS and LICENSED PROCESSES less the following: 
 (i) customary trade, quantity, or cash discounts to the extent actually allowed and taken; 
 (ii) amounts repaid or credited by reason of rejection or return; 
 (iii) to the
extent separately stated on purchase orders, invoices, or other documents of sale, any taxes or other governmental charges levied on the production, sale, transportation, delivery, or use of a LICENSED PRODUCT or LICENSED PROCESS which is paid by or
on behalf of COMPANY or any of its AFFILIATES or SUBLICENSEES; and 
 (iv) outbound transportation costs prepaid or allowed and
costs of insurance in transit. 
 No deductions shall be made for commissions paid to individuals whether they be with
independent sales agencies or regularly employed by COMPANY and on its payroll, or for cost of collections. NET SALES shall occur on the earlier to occur of receipt of payment or ninety (90) days after the date of billing for a LICENSED PRODUCT
or LICENSED PROCESS. If a LICENSED PRODUCT or LICENSED PROCESS is distributed at a discounted price that is substantially lower than the customary price charged by COMPANY, or distributed 
  
  

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portions. 

  
 4 

 
for non-cash consideration (whether or not at a discount), NET SALES shall be calculated based on the non-discounted amount of the LICENSED PRODUCT or LICENSED PROCESS charged to an independent
third party during the same REPORTING PERIOD or, in the absence of such sales, on the fair market value of the LICENSED PRODUCT or LICENSED PROCESS. 
 Non-monetary consideration shall not be accepted by COMPANY, any AFFILIATE, or any SUBLICENSEE for any LICENSED PRODUCTS or LICENSED PROCESSES without the prior written consent of M.I.T. 

NET SALES will be calculated only once with respect to each LICENSED PRODUCT or LICENSED PROCESS sold by COMPANY, any AFFILIATE and/or
any SUBLICENSEE, even if such LICENSED PRODUCT or LICENSED PROCESS is sold more than once in the course of its transfer to the ultimate end-user. The foregoing notwithstanding, NET SALES will not include transfers among COMPANY and any AFFILIATE
and/or SUBLICENSEE unless the recipient is the end-user. 
 1.14 “PATENT RIGHTS” shall mean: 

(a) the United States and international patents listed on Appendix A; 

(b) the United States and international patent applications and/or provisional applications listed on Appendix A (or resulting from
invention disclosures listed there) and the resulting patents; 
 (c) any patent applications resulting from the provisional
applications or invention disclosures listed on Appendix A, and any divisionals, continuations, continuation-in-part applications, and continued prosecution applications (and their relevant international equivalents) of the patent applications
listed on Appendix A and of such patent applications that result from the provisional applications listed on Appendix A, to the extent the claims are directed to subject matter specifically described in the patent applications listed on Appendix A
or resulting from the provisional applications or invention disclosures listed on Appendix A, and the resulting patents; 
 (d)
any patents resulting from reissues, reexaminations, or extensions (and their relevant international equivalents) of the patents described in (a), (b), and (c) above; and 
 (e) international (non-United States) patent applications filed after the EFFECTIVE DATE and the relevant international equivalents to divisionals, continuations, continuation-in-part applications and
continued prosecution applications of the patent applications, only to the extent the claims of such international patent applications are directed to subject matter specifically described in the patents or patent applications referred to in (a),
(b), (c), and (d) above and claim a priority date of a patent application listed on in Appendix A (or resulting from invention disclosures listed there), and the resulting patents. 

1.15 “REAGENT LICENSED PRODUCT” shall mean any product used primarily as a reagent for research or other non-therapeutic
and non-diagnostic purpose that, in whole or in part: 
 (i) absent the license granted hereunder, would infringe one or more
claims of the PATENT RIGHTS; or 
 (ii) is manufactured by using a LICENSED PROCESS or that, when used, practices a LICENSED
PROCESS. 

  
 5 

 1.16 “REPORTING PERIOD” shall begin on the first day of each calendar
quarter and end on the last day of such calendar quarter. 
 1.17 “RESEARCH SUPPORT PAYMENTS” shall mean
payments to COMPANY or an AFFILIATE that are expressly intended only to fund or pay for equipment, supplies, employees, consultants, research, products, or services, as indicated by their inclusion as specific line items in a written agreement
between COMPANY or AFFILIATE and the party providing such payments. 
 1.18 “SUBLICENSE INCOME” shall mean any
payments that COMPANY or an AFHLIATE receives from a SUBLICENSEE in consideration of the sublicense of the rights granted COMPANY and AFFILIATES under Section 2.1, including without limitation license fees, milestone payments, license
maintenance fees, and other payments, but specifically excluding (i) royalties on NET SALES, (ii) RESEARCH SUPPORT PAYMENTS, and (iii) payments made as consideration for debt or equity securities (excluding amounts in excess of the
FAIR MARKET VALUE of such securities). 
 1.19 “SUBLICENSEE” shall mean any non-AFFILIATE sublicensee of the
rights granted COMPANY under Section 2.1. 
 1.20 “TERM” shall mean the term of this Agreement, which
shall commence on the EFFECTIVE DATE and shall remain in effect until the expiration or abandonment of all issued patents and filed patent applications within the PATENT RIGHTS, unless earlier terminated in accordance with the provisions of this
Agreement. 
 1.21 “TERRITORY” shall mean world-wide. 

1.22 “THERAPEUTIC LICENSED PRODUCT” shall mean any therapeutic product except therapeutic or prophylactic vaccines
(which are specifically excluded from the definition of THERAPEUTIC LICENSED PRODUCT), used for a therapeutic purpose that, in whole or in part: 
 (i) absent the license granted hereunder, would infringe one or more claims of the PATENT RIGHTS; or 
 (ii) is manufactured by using a LICENSED PROCESS or that, when used, practices a LICENSED PROCESS. 
 2. GRANT OF RIGHTS. 
 2.1 License Grants. Subject to the terms of
this Agreement, M.I.T. hereby grants to COMPANY and its AFFILIATES for the TERM in the TERRITORY a royalty-bearing license 

  
 6 

 
under the PATENT RIGHTS to (i) develop, make, have made, use, sell, offer to sell, lease, and import THERAPEUTIC LICENSED PRODUCTS and DIAGNOSTIC LICENSED PRODUCTS in the DISEASE FIELDS;
(ii) develop, make, have made, use, sell, offer to sell, lease, and import REAGENT LICENSED PRODUCTS; and (iii) develop and perform LICENSED PROCESSES, unless earlier terminated per the terms of this Agreement. 

2.2 Limited-Term Option to License IMPROVEMENTS Dominated by Patent Rights. 

(a) Subject to any obligations of M.I.T. to third parties, M.I.T. hereby grants to COMPANY an exclusive option to add to the PATENT
RIGHTS of this Agreement M.I.T.’s (and not BRIGHAM’S) patent rights in inventions conceived and reduced to practice: (i) before [***]; (ii) dominated by the PATENT RIGHTS licensed under this Agreement on the EFFECTIVE DATE and
(iii) arising from research performed solely in the laboratory of Robert S. Langer, and (iv) directly related to a FULLY FUNDED PROJECT as of, or within four (4) months of, COMPANY’S being provided a copy of the related invention
disclosure form by M.I.T (such invention, an “IMPROVEMENT”). COMPANY will pay M.I.T. a fee of [***] for each patent or patent application so added to this Agreement. Such option shall not include BRIGHAM’s ownership rights in
IMPROVEMENTS. 
 (b) Within [***] days after the Technology Licensing Office of M.I.T (the “TLO”) receives disclosure
of an IMPROVEMENT, the TLO shall notify COMPANY in writing of the IMPROVEMENT, furnishing COMPANY a copy of the invention disclosure and any related patent application, however, the TLO shall be under no obligation to file patent applications for
any IMPROVEMENT unless COMPANY exercises its option with respect to such IMPROVEMENT. COMPANY may exercise its option to obtain a license to patent rights on such IMPROVEMENT by notifying M.I.T. thereof in writing within [***] months after receipt
of the disclosure for such IMPROVEMENT. If COMPANY does not exercise its option within such four-month period, M.I.T. shall be free to license patent rights to such IMPROVEMENT to others. 

(c) Upon COMPANY’s exercise of such right, Appendix A shall be deemed to have been amended to add the invention disclosure (and any
related patent applications) covering such IMPROVEMENT, and such IMPROVEMENT and any resulting patent applications and patents shall thereafter be included in PATENT RIGHTS for all purposes of this Agreement. M.I.T. shall provide COMPANY with an
updated Appendix A for its records. 
 (d) In the event that BRIGHAM and M.I.T. are joint owners of an IMPROVEMENT and COMPANY
duly exercises its option in accordance with this Section 2.2, then COMPANY would have non-exclusive rights to such IMPROVEMENT until such time, if any, that it negotiated an exclusive license to such IMPROVEMENT from BRIGHAM. 

 
  

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portions. 

  
 7 

 2.3 Exclusivity. In order to establish an exclusive period for COMPANY and its
AFFILIATES, M.I.T. agrees that it shall not grant any other license under the PATENT RIGHTS to develop, make, have made, use, sell, offer to sell, lease or import THERAPEUTIC LICENSED PRODUCTS or DIAGNOSTIC LICENSED PRODUCTS or to develop or perform
LICENSED PROCESSES in the DISEASE FIELDS in the TERRITORY, unless earlier terminated per the terms of this Agreement. 
 The
above notwithstanding, such exclusivity is limited by the following: 
 (a) The grant to [***] is non-exclusive; 

(b) Although REAGENT LICENSED PRODUCTS are not included in this Section 2.3, if COMPANY files an IND for a THERAPEUTIC
LICENSED PRODUCT, M.I.T agrees that COMPANY shall have the exclusive right to develop make, have made, use, sell, offer to sell, lease or import such product as a REAGENT LICENSED PRODUCT, subject to any rights of third parties with respect to such
REAGENT LICENSED PRODUCT at the time of the filing of such IND; and 
 (c) As provided in Section 2.2(d). 

(d) For clarification, until M.I.T., BRIGHAM and GIST have executed between them the Joint Invention Agreement regarding [***], M.I.T.
can agree that it shall not grant any other license under the PATENT RIGHTS for this case, but it cannot offer such a grant on behalf of BRIGHAM and GIST. 
 2.4 Sublicenses. COMPANY shall have the right to grant sublicenses of its rights under Section 2.1 only during the EXCLUSIVE PERIOD. Such sublicenses may extend past the expiration date of the
EXCLUSIVE PERIOD, but any exclusivity of such sublicense shall expire upon the expiration of the EXCLUSIVE PERIOD. COMPANY shall incorporate terms and conditions into its sublicense agreements sufficient to enable COMPANY to comply with this
Agreement. Such terms shall include, without limitation, insurance and indemnification provisions. COMPANY shall promptly furnish M.I.T. with a fully signed photocopy of any sublicense agreement. Upon termination of this Agreement for any reason,
any SUBLICENSEE not then in default shall have the right to seek a license from M.I.T. M.I.T. agrees to negotiate such licenses in good faith under reasonable terms and conditions. 

2.5 U.S. Manufacturing. To the extent required to satisfy 35 U.S.C. § 204, COMPANY agrees that any LICENSED PRODUCTS used or
sold in the United States will be manufactured substantially in the United States. 
  

 

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portions. 

  
 8 

 2.6 Retained Rights. 

(a) M.I.T., BRIGHAM, and GIST. M.I.T., BRIGHAM, and GIST retain the right to practice under the PATENT RIGHTS for research,
teaching, and educational purposes. 
 (b) Federal Government. COMPANY acknowledges that the U.S. federal government
retains a royalty-free, non-exclusive, non-transferable license to practice any government-funded invention claimed in any PATENT RIGHTS as set forth in 35 U.S.C. §§ 201-211, and the regulations promulgated thereunder, as amended, or any
successor statutes or regulations. 
 (c) University of Santiago De Compostela. University of Santiago De Compostela
retains a perpetual non-exclusive right to practice the PATENT RIGHTS for M.I.T. Case No. 6271 for the purpose of conducting work in connection with its grant “Surface modified nanostructures as delivery vehicles for transmucosal
vaccination” (principal investigator Maria Alonso). 
 (d) DuPont. DuPont retains a perpetual non-exclusive right to
practice the intellectual property associated with case [***]. M.I.T interprets its agreement with DuPont to provide that DuPont may not sublicense such right or assign such right without M.I.T.’s consent, and M.I.T. shall not provide any such
consent without the prior approval of COMPANY. 
 (e) Non-Assert. COMPANY (including its AFFILIATES and SUBLICENSEES) and
M.I.T. agree that the PATENT RIGHTS shall not be asserted against not- for-profit research institutions for use on research funded by the institutions themselves, by not- for-profit foundations, by the Howard Hughes Medical Institute, by any state
government, or by the Federal Government. 
 2.7 No Additional Rights. Subject to Section 2.2, nothing in this
Agreement shall be construed to confer any rights upon COMPANY by implication, estoppel, or otherwise as to any technology or patent rights of M.I.T. or any other entity other than the PATENT RIGHTS, regardless of whether such technology or patent
rights shall be dominant or subordinate to any PATENT RIGHTS. 
 3. COMPANY DILIGENCE OBLIGATIONS. 

3.1 Diligence Requirements. COMPANY shall use diligent efforts, or shall cause its AFFILIATES and SUBLICENSEES to use diligent
efforts, to develop one or more LICENSED PRODUCTS and to introduce one or more LICENSED PRODUCTS into the commercial market; thereafter, COMPANY or its AFFILIATES or SUBLICENSEES shall make LICENSED PRODUCTS reasonably available to the public.
Specifically, COMPANY or AFFILIATE or SUBLICENSEE shall fulfill the following obligations: 
 (a) Within [***] months after the
EFFECTIVE DATE, COMPANY shall furnish M.I.T. with a written research and development plan describing the major tasks to be achieved in order to bring to market a LICENSED PRODUCT, specifying the number of staff and other resources to be devoted to
such commercialization effort. 
  
  

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 9 

 (b) Within sixty (60) days after the end of each calendar year, COMPANY shall furnish
M.I.T. with a written report (consistent with Section 5.1(a)) on the progress of its efforts during the immediately preceding calendar year to develop and commercialize LICENSED PRODUCTS. The report shall also contain a discussion of intended
efforts and sales projections for the year in which the report is submitted. 
 (c) COMPANY shall raise at least [***] dollars
([***]) by [***] from a corporate collaborative agreement(s) and/or the sale of Company’s equity securities for its own account. 
 (d) In the aggregate, COMPANY shall raise at least [***] dollars [***] by [***] from a combination of one or more of the following: (i) the sale of COMPANY’s equity securities for its own
account, (ii) research and development funds, license fees and/or other payments from corporate partners, AFFILIATES or SUBLICENSEES and (iii) grants from government and non-government sources. 

(e) COMPANY or an AFFILIATE or SUBLICENSEE shall begin and continue a FULLY FUNDED PROJECT relating to any disease in any DISEASE FIELD
within two (2) years after the EFFECTIVE DATE. 
 (f) COMPANY or an AFFILIATE or SUBLICENSEE shall begin and continue a
FULLY FUNDED PROJECT relating to a second disease in any DISEASE FIELD (including the DISEASE FIELD funded in Section 3.1 (d)) within [***] years after the EFFECTIVE DATE. 

(g) If, at any time following [***] years after the EFFECTIVE DATE, M.I.T. or COMPANY receives a serious inquiry from a commercial entity
seeking a license under the PATENT RIGHTS to develop and commercialize a THERAPEUTIC LICENSED PRODUCT in a DISEASE FIELD for which COMPANY has not either (i) begun and continued a FULLY FUNDED PROJECT relating to any disease in such DISEASE
FIELD or (ii) executed an agreement with a SUBLICENSEE or AFFILIATE that commits COMPANY or the SUBLICENSEE or AFFILIATE to develop a THERAPEUTIC LICENSED PRODUCT for a disease in such DISEASE FIELD, then the party receiving such inquiry will
notify the other party (an “Disease Field Inquiry Notice”). Within [***] months after the date of a Disease Field Inquiry Notice, COMPANY or its AFFILIATES or SUBLICENSEES may (I) begin and continue a FULLY FUNDED PROJECT
relating to any disease in such DISEASE FIELD, (II) demonstrate to M.I.T. that the THERAPEUTIC LICENSED PRODUCT proposed by such third party would likely be competitive within that DISEASE FIELD with a ‘THERAPEUTIC LICENSED PRODUCT for which
COMPANY or its AFFILIATES or SUBLICENSEES has already begun a FULLY FUNDED PROJECT or (III) enter into a sublicense agreement with such third party. If 
  

 

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COMPANY does not perform any of the foregoing three actions within [***] months after the date of a Disease Field Inquiry Notice, then M.I.T. may grant a license to such third party and, upon the
effective date of such license, that DISEASE FIELD will be removed from this Agreement. Such removal will not affect the remaining terms of this Agreement. 
 (h) If, at any time following [***] years after the EFFECTIVE DATE, M.I.T. or COMPANY receives a serious inquiry from a commercial entity seeking a license under certain PATENT RIGHTS, or seeking a
license for patent rights not licensed to COMPANY but owned by M.I.T. and dominated by certain PATENT RIGHTS, to develop and commercialize a LICENSED PRODUCT, and COMPANY has not either (i) begun and continued a FULLY FUNDED PROJECT that
reasonably requires such PATENT RIGHTS or (ii) executed an agreement with a SUBLICENSEE or AFFILIATE that commits COMPANY or the SUBLICENSEE or AFFILIATE to develop a LICENSED PRODUCT that reasonably requires such PATENT RIGHTS, then the party
receiving such inquiry will notify the other party (a “Patent Rights Inquiry Notice”). Within [***] months after the date of a Patent Rights Inquiry Notice, COMPANY or its AFFILIATES or SUBLICENSEES may (I) begin and continue a FULLY
FUNDED PROJECT that reasonably requires such PATENT RIGHTS, (II) demonstrate to M.I.T. that the LICENSED PRODUCT proposed by such third party would likely be competitive with a LICENSED PRODUCT for which COMPANY or its AFFILIATES or SUBLICENSEES has
already begun a FULLY FUNDED PROJECT or (III) enter into a sublicense agreement with such third party. If COMPANY does not perform any of the foregoing three actions within [***] months after the date of a Patent Rights Inquiry Notice, then M.I.T.
may grant a license to such third party and, upon the effective date of such license, COMPANY’s rights to such PATENT RIGHTS shall be terminated. Removal of PATENT RIGHTS from this Agreement pursuant to this Section will not affect any of the
other terms of this Agreement. 
 (i) COMPANY or an AFFILIATE or SUBLICENSEE shall file an IND for a LICENSED PRODUCT within
[***] years after the EFFECTIVE DATE. 
 (j) COMPANY or an AFFILIATE or SUBLICENSEE shall file an NDA for a LICENSED PRODUCT
within [***] years after the EFFECTIVE DATE. 
 In the event that M.I.T. determines that COMPANY (or an AFFILIATE or
SUBLICENSEE) has failed to fulfill any of its obligations under this Section 3.1, then M.I.T. may treat such failure as a material breach in accordance with Section 12.4(b). The removal of a DISEASE FIELD(s) from this Agreement will not
affect the remaining terms of this Agreement. 
 4. ROYALTIES AND PAYMENT TERMS. 

4.1 Consideration for Grant of Rights. 
 (a) License Issue Fee. COMPANY shall pay to M.I.T. a license issue fee of forty thousand dollars ($40,000). This payment is nonrefundable. 
  
  

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 (b) License Maintenance Fees. COMPANY shall pay to M.I.T. the following license
maintenance fees on the dates set forth below: 
  

			
	 January 1, 2008 and January 1, 2009
	  	$15,000;
		
	 January 1, 2010 and January 1, 2011
	  	$25,000;
		
	 January 1, 2012 and January 1, 2013
	  	$35,000;
		
	 Each January 1 thereafter, until the first commercial sale by
 COMPANY or an AFFILIATE or SUBLICENSEE 
	  	$50,000; and
		
	 Each January 1 after the first commercial sale by COMPANY
 or an AFFILIATE or SUBLICENSEE
	  	$75,000.

 This annual license maintenance fee is nonrefundable; however, the license maintenance fee may be
credited to running royalties subsequently due on NET SALES earned during the same calendar year, if any. License maintenance fees paid in excess of running royalties due in such calendar year shall not be creditable to amounts due for future years.

 (c) Running Royalties. COMPANY shall pay to M.I.T. a running royalty of [***] of NET SALES of LICENSED PRODUCTS.
Running royalties shall be payable for each REPORTING PERIOD and shall be due to M.I.T. within [***] days of the end of each REPORTING PERIOD. 
 (d) Sharing of SUBLICENSE INCOME. COMPANY shall pay M.I.T. a percentage of all SUBLICENSE INCOME received by COMPANY or AFFILIATES from all SUBLICENSEES according to the schedule below. For
sublicenses executed: 
 (i) Prior to [***] of EFFECTIVE DATE: [***]; 

(ii) After [***] of EFFECTIVE DATE and before first [***]; 
 (iii) After [***]; 
 (iv) After [***]. 

Such amounts shall be payable for each REPORTING PERIOD and shall be due to M.I.T. within [***] days of the end of each REPORTING PERIOD.

 (e) Sharing of CORPORATE PARTNER INCOME. COMPANY shall pay M.I.T. [***] of all CORPORATE PARTNER INCOME received by
COMPANY or AFFILIATES; provided, however, that no amount shall be payable to M.I.T. with respect to the [***] of payments from such non-SUBLICENSEE third parties received by COMPANY or AFFILIATE after the EFFECTIVE DATE. 

 
  

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 (f) Milestone Payments. COMPANY shall pay to M.I.T. the following milestone payments
upon first achievement of the following milestones whether by COMPANY or its AFFILIATES or SUBLICENSEES: 
 (i) a [***] dollars
([***]) upon [***]; 
 (ii) a [***] dollars ([***]) upon [***]; 

(iii) [***] dollars ([***]) upon [***]; and 
 (iv) [***] upon the [***]. 
 (g) No Multiple Royalties. If the manufacture,
use, lease, or sale of any LICENSED PRODUCT or the performance of any LICENSED PROCESS is covered by more than one of the PATENT RIGHTS, multiple royalties shall not be due. 
 (h) Equity. 
 (i) Initial Grant. COMPANY shall issue a total of [***]
shares (the “Shares”) of Common Stock of COMPANY, $0.0001 par value per share (“Common Stock”), to M.I.T. and those individuals listed on Appendix C (the “M.I.T. Holders”), BRIGHAM and GIST, in the amounts specified in
Appendix C; provided, however, that each of M.I.T., BRIGHAM and GIST and each M.I.T. Holder (collectively, the “Shareholders” and individually, each a “Shareholder”), shall execute (I) an investment letter in a form mutually
agreeable to M.I.T. and COMPANY; and (II) a First Amendment to Right of First Refusal and Co-Sale Agreement in the form attached hereto as Exhibit C (the “ROFR and Co-Sale Agreement”). Such issuance shall be recorded on the Stock Transfer
Ledger of COMPANY on the EFFECTIVE DATE and the Shares shall be delivered to each Shareholder within thirty (30) days after the EFFECTIVE DATE. COMPANY agrees that the joinder agreement that binds BRIGHAM to the ROFR and Co-Sale Agreement shall
provide that BRIGHAM shall not be bound by Section 7 (Co-Sale) thereof. 
 COMPANY represents to M.I.T. that, as of the
EFFECTIVE DATE, the aggregate number of Shares equals [***] of the COMPANY’s issued and outstanding Common Stock calculated on a “Fully Diluted Basis.” For purposes of this Section 4.1(h), “Fully Diluted Basis” shall
mean that the total number of issued and outstanding shares of COMPANY’s Common Stock shall be calculated to include conversion of all issued and outstanding securities then convertible into common stock, the exercise of all then outstanding
options and warrants to purchase shares of common stock, whether or not then exercisable, and shall assume the issuance or grant of all securities reserved for issuance pursuant to any COMPANY stock or stock option plan in effect on the date of the
calculation. 
  
  

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 (ii) Anti-Dilution Protection. COMPANY shall issue additional shares of Common Stock
to each Shareholder pro rata, such that their ownership (collectively) of outstanding Common Stock shall not fall below [***] percent ([***]%) on a Fully Diluted Basis, as calculated after giving effect to the anti-dilutive issuance. Such issuances
shall continue until COMPANY shall have received, since the date of its incorporation, a total of [***] Dollars ($[***]) in cash in exchange for COMPANY’s capital stock (the “Funding Threshold”). Thereafter, no additional shares shall
be due to any Shareholder pursuant to this Section. 
 (iii) Participation in Future Private Equity Offerings. On the
EFFECTIVE DATE, the COMPANY shall amend its Investors’ Rights Agreement to add M.I.T., BRIGHAM and GIST (but not M.I.T. Holders) as a “Purchaser” for purposes of Section 2 thereof (Participation Rights) with respect to offerings
of New Securities (as defined therein) after the date of the [***]. An amendment to the Investors’ Rights Agreement is attached hereto as Exhibit D (the “Investors’ Rights Agreement”). M.I.T., BRIGHAM and GIST shall agree to be
bound by the terms and conditions of the Investors’ Rights Agreement insofar as they relate to Section 2 thereof. The Participation Rights granted to M.I.T., BRIGHAM and GIST pursuant to the Investors’ Rights Agreement shall terminate
in accordance with Section 2 of the Investors’ Rights Agreement. 
 (iv) Adjustments for Certain Dilutive
Financings. After the date of the Funding Threshold (the “Funding Threshold Date”), if COMPANY issues shares of Common Stock, or any equity security exercisable for or convertible into Common Stock, such that the price per share of
COMPANY’s Common Stock is less than the Institution Share Price (as defined below) (a “Dilutive Issuance”), then immediately following such Dilutive Issuance, COMPANY shall issue to M.I.T., BRIGHAM and GIST, pro rata based on their
shares then outstanding, shares of Common Stock such that the Institution Share Number (as defined below) equals the product obtained by multiplying the Institution Share Number in effect immediately before the Dilutive Issuance by the Adjustment
Fraction defined below. The Institution Share Price in effect immediately after the Dilutive Issuance shall be adjusted to equal the result obtained by dividing the Institution Share Price in effect immediately before the Dilutive Issuance by the
Adjustment Fraction defined below. 
  

									
		  	
                The Adjustment Fraction equals:
	    	 	(A + C	) 	 	
		  		    	 	(A + B	) 	 	

 where: 
 A = the number of shares of Common Stock issued and outstanding on a Fully Diluted Basis immediately prior to the Dilutive Issuance 

B = the number of shares of Common Stock that could be purchased at the Institution Share Price immediately prior to the
Dilutive Issuance using the aggregate consideration received by COMPANY in connection with the Dilutive Issuance 
 C = the number of shares of Common Stock or of a security exercisable for or convertible into Common Stock issued, on a Fully Diluted Basis, pursuant to the Dilutive Issuance 

In addition, the following definitions shall apply to this Section 4.1(h)(iv): 

“Institution Share Number” shall mean the cumulative number of shares of COMPANY’s Common Stock that M.I.T., BRIGHAM and
GIST own on the date of the Dilutive Issuance, as adjusted from time to time pursuant to this Section. Notwithstanding the foregoing, any shares of Common Stock acquired by M.I.T., BRIGHAM or GIST pursuant to Section 4.1(h)(iii) shall not be
included in the Institution Share Number. 
 “Institution Share Price” shall mean the value per share of the shares
of Common Stock included in the Institution Share Number, as adjusted from time to time pursuant to this Section. For purposes of this Section, the initial Institution Share Price to be used in an adjustment resulting from the first Dilutive
Issuance to occur after the Funding Threshold Date shall be the Fair Market Value per share of the Common Stock of COMPANY effective on the Funding Threshold Date. 
 All rights granted to M.I.T., BRIGHAM and GIST pursuant to this Section 4.1(h)(iv) shall terminate immediately prior to a firm commitment for a underwritten public offering of Common Stock resulting in
gross proceeds to COMPANY of at least $10 million. 
 Notwithstanding the foregoing, the parties agree that an issuance of a
security by COMPANY that qualifies as an exception to the definition of “New Securities” as set forth in the Investors’ Rights Agreement (as the same may be amended from time to time) shall not be a “Dilutive Issuance” for
purposes of this Agreement. 
 (v) “Piggy-Back” Registration Rights. On the EFFECTIVE DATE, COMPANY shall amend
its Investors’ Rights Agreement to add BRIGHAM (but not M.I.T., M.I.T. Holders or GIST) as a “Holder” for purposes of Section 3.3 thereof (Piggy-Back Registration Rights); provided, however, that BRIGHAM’s rights
thereunder shall be subordinate and junior to the rights of the Series A Holders and Founders (each as defined in the Investors’ Rights Agreement). This amendment is set forth in the Investors’ Rights Agreement 

 
  

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attached hereto as Exhibit D. BRIGHAM shall agree to be bound by the terms and conditions of the Investors’ Rights Agreement insofar as they relate to Section 3.3 thereof. The
Piggy-Back Registration Rights granted to BRIGHAM pursuant to the Investors’ Rights Agreement shall terminate in accordance with Section 3.13 thereof. 
 4.2 Payments. 
 (a) Method of Payment. All payments under this
Agreement should be made payable to “Massachusetts Institute of Technology” and sent to the address identified in Section 15.1. Each payment should reference this Agreement and identify the obligation under this Agreement that the
payment satisfies. 
 (b) Payments in U.S. Dollars. All payments due under this Agreement shall be drawn on a United
States bank and shall be payable in United States dollars. Conversion of foreign currency to U.S. dollars shall be made at the conversion rate existing in the United States (as reported in the Wall Street Journal) [***]. Such payments shall
be without deduction of exchange, collection, or other charges, and, specifically, without deduction of withholding or similar taxes or other government imposed fees or taxes, except as permitted in the definition of NET SALES. 

(c) Late Payments. Any payments by COMPANY that are not paid on or before the date such payments are due under this Agreement
shall bear interest, to the extent permitted by law, at two percentage points above the Prime Rate of interest as reported in the Wall Street Journal on the date payment is due. 

5. REPORTS AND RECORDS. 
 5.1 Frequency of Reports. 
 (a) Before First Commercial Sale. Prior
to the first commercial sale of any LICENSED PRODUCT or first commercial performance of any LICENSED PROCESS, COMPANY shall deliver reports to M.I.T. annually, within [***] days of the end of each calendar year, containing information concerning the
immediately preceding calendar year, as further described in Section 5.2. 
 (b) Upon First Commercial Sale of a
LICENSED PRODUCT or Commercial Performance of a LICENSED PROCESS. COMPANY shall report to M.I.T. the date of first commercial sale of a LICENSED PRODUCT and the date of first commercial performance of a LICENSED PROCESS within [***] days of
occurrence in each country. 
 (c) After First Commercial Sale. After the first commercial sale of a LICENSED PRODUCT or
first commercial performance of a LICENSED PROCESS, COMPANY shall deliver reports to M.I.T. within [***] days of the end of each REPORTING PERIOD, containing information concerning the immediately preceding REPORTING PERIOD, as further described in
Section 5.2. 
  
  

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 5.2 Content of Reports and Payments. Each report delivered by COMPANY to M.I.T. shall
contain at least the following information for the immediately preceding REPORTING PERIOD: 
 (i) the number of LICENSED
PRODUCTS sold, leased or distributed by COMPANY, its AFFILIATES and SUBLICENSEES to independent third parties in each country, and, if applicable, the number of LICENSED PRODUCTS used by COMPANY, its AFFILIATES and SUBLICENSEES in the provision of
services in each country; 
 (ii) a description of LICENSED PROCESSES performed by COMPANY, its AFFILIATES and SUBLICENSEES in
each country as may be pertinent to a royalty accounting hereunder; 
 (iii) the gross price charged by COMPANY, its AFFILIATES
and SUBLICENSEES for each LICENSED PRODUCT and, if applicable, the gross price charged for each LICENSED PRODUCT used to provide services in each country; and the gross price charged for each LICENSED PROCESS performed by COMPANY, its AFFILIATES and
SUBLICENSEES in each country; 
 (iv) calculation of NET SALES for the applicable REPORTING PERIOD in each country, including a
listing of applicable deductions; 
 (v) total royalty payable on NET SALES in U.S. dollars, together with the exchange rates
used for conversion; 
 (vi) the amount of SUBLICENSE INCOME and CORPORATE PARTNER INCOME received by COMPANY from each
SUBLICENSEE and CORPORATE PARTNER and the amount due to M.I.T. from such SUBLICENSE INCOME and CORPORATE PARTNER INCOME, including an itemized breakdown of the sources of income comprising the SUBLICENSE INCOME and CORPORATE PARTNER INCOME; and

 (vii) the number of sublicenses entered into for the PATENT RIGHTS, LICENSED PRODUCTS and/or LICENSED PROCESSES. 

If no amounts are due to M.I.T. for any REPORTING PERIOD, the report shall so state. 

5.3 Financial Statements. 
 (a) On or before the [***] day following the close of COMPANY’s fiscal year, COMPANY shall provide M.I.T. with COMPANY’s financial statements for the preceding fiscal year including, at a
minimum, a balance sheet and an income statement, certified by COMPANY’s treasurer or chief financial officer or by an independent auditor. 
  

 

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 (b) On the EFFECTIVE DATE, the COMPANY shall amend its Investors’ Rights Agreement to
add BRIGHAM as a “Purchaser” for purposes of Section 1.1 thereof (Financial Statements). This amendment is set forth in the Investors’ Rights Agreement attached hereto as Exhibit D. BRIGHAM shall agree to be bound by the terms
and conditions of the Investors’ Rights Agreement insofar as they relate to Section 1 thereof. The information rights granted to BRIGHAM pursuant to the Investors’ Rights Agreement shall terminate in accordance with Section 1.6
thereof. 
 5.4 Records. COMPANY shall maintain, and shall cause its AFFILIATES and SUBLICENSEES to maintain, complete
and accurate records relating to the rights and obligations under this Agreement and any amounts payable to M.I.T. in relation to this Agreement, which records shall contain sufficient information to permit M.I.T. to confirm the accuracy of any
reports delivered to M.I.T. and compliance in other respects with this Agreement. The relevant party shall retain such records for at least five (5) years following the end of the calendar year to which they pertain, during which time M.I.T.,
or M.I.T.’s appointed agents, shall have the right, at M.I.T.’s expense, to inspect such records during normal business hours, upon at least five (5) business days prior notice, to verify any reports and payments made or compliance in
other respects under this Agreement. In the event that any audit performed under this Section reveals an underpayment in excess of [***], COMPANY shall bear the full cost of such audit and shall remit any amounts due to M.I.T. within thirty
(30) days of receiving notice thereof from M.I.T. 
 5.5 Board Meeting Updates. COMPANY agrees to meet or speak with
a representative of Brigham’s Office of Corporate Sponsored Research and Licensing within [***] days of each meeting of COMPANY’s Board of Directors to provide an update to such representative. 

6. PATENT PROSECUTION. 
 6.1 Responsibility for PATENT RIGHTS. M.I.T. shall prepare, file, prosecute, and maintain all of the PATENT RIGHTS. COMPANY shall have reasonable opportunities to advise M.I.T. and shall cooperate
with M.I.T. in such filing, prosecution and maintenance. Without limiting the generality of the foregoing, M.I.T. shall provide COMPANY with copies of all patent applications and other related material submissions and correspondence with any patent
authorities relating to the PATENT RIGHTS and shall provide COMPANY a reasonable period of time to review and comment on such materials (assuming M.I.T. has itself received such documents in time to provide such reasonable notice). M.I.T. shall
accept and effect any comments from COMPANY relating to the PATENT RIGHTS unless M.I.T. reasonably determines that the acceptance of such comments would materially impair the rights of M.I.T. or any other licensee. In the event COMPANY desires to
abandon any claim of any patent or patent application or any patent or patent application within the PATENT RIGHTS, COMPANY shall provide M.I.T. with at least [***] days prior written notice of such intended abandonment or decline of responsibility,
and the right to prepare, file, prosecute, and maintain the relevant 
  

 

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 17 

 
PATENT RIGHTS, at M.I.T.’s expense, shall revert to M.I.T. In such event, such M.I.T. paid- for rights shall be removed from the definition of PATENT RIGHTS under this Agreement and the
licenses granted to COMPANY and its AFFILIATES as to such rights shall terminate. 
 6.2 International (non-United States)
Filings. Appendix B is a list of countries in which patent applications corresponding to the United States patent applications listed in Appendix A shall be prepared, filed, prosecuted, and maintained. Appendix B may be amended by mutual
agreement of COMPANY and M.I.T. 
 6.3 Payment of Expenses Incurred After the EFFECTIVE DATE. Payment of all reasonable
fees and costs, including attorney’s fees, relating to the filing, prosecution and maintenance of the PATENT RIGHTS and incurred after the EFFECTIVE DATE shall be the responsibility of COMPANY. COMPANY shall reimburse all amounts due pursuant
to this Section 6.3 within [***] days of invoicing; late payments shall accrue interest pursuant to Section 4.2(c). In all instances, M.I.T. shall pay the fees prescribed for large entities to the United States Patent and Trademark Office.
If one or more third parties obtains an option or license to one or more of the cases covered by this license, then the patent prosecution and maintenance expenses for the applicable cases (optioned or licensed in the same country or geographic
region) will be split equally among COMPANY and such third parties going forward. 
 6.4 Payment of Expenses Incurred Prior
to the EFFECTIVE DATE. Payment of all reasonable fees and costs, including attorneys’ fees, relating to the filing, prosecution and maintenance of the PATENT RIGHTS not yet reimbursed by other parties and incurred prior to the EFFECTIVE
DATE, shall be the responsibility of COMPANY. As of May 30, 2007, the amount billed M.I.T. for such patent-related fees and costs is approximately [***] dollars and [***]. The above notwithstanding, COMPANY shall be responsible for only [***]
dollars ([***]) of pre-EFFECTIVE DATE patent costs for [***]. COMPANY shall reimburse all amounts due pursuant to this Section in three equal payments, due on the [***], and [***] anniversaries of the EFFECTIVE DATE respectively. Late payments shall
accrue interest pursuant to Section 4.2(c). 
 6.5 Attorney Used for Patent Prosecution. COMPANY has expressed to
M.I.T. that it may wish to change the attorney(s) currently used for patent prosecution to attorney(s) mutually acceptable to M.I.T. and COMPANY, and furthermore, that it may request that prosecution of both the PATENT RIGHTS and the prosecution of
COMPANY’s intellectual property be handled by the firm of such attorney(s). Assuming that (i) such firm is not representing and has not represented the COMPANY in any other capacity and (ii) M.I.T., COMPANY, and such firm execute a
joint representation letter agreement mutually acceptable to the parties, M.I.T. shall not unreasonably reject such a request. Among other items, such firm shall be required to state in the joint representation letter that (i) such firm does
not know of or reasonably foresee any reason that its representation of COMPANY will adversely affect it representation of MIT; (ii) if any matter does arise between MIT and COMPANY that might cause such firm to take a position adverse to MIT
or COMPANY, such firm will withdraw from representing either party in connection with that matter; and (iii) such firm shall maintain the confidentiality of any 

 
  

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 18 

 
information either COMPANY or M.I.T. shares with the firm during the course of the separate representations and that the confidential information of each party shall remain confidential and shall
not in any way be disclosed to or used on the other party’s behalf. 
 7. INFRINGEMENT. 

7.1 Notification of Infringement. Each party agrees to provide written notice to the other party promptly after becoming aware of
any infringement of the PATENT RIGHTS. 
 7.2 Right to Prosecute Infringements. 

(a) COMPANY Right to Prosecute. So long as COMPANY remains the exclusive licensee of the PATENT RIGHTS in a DISEASE FIELD in the
TERRITORY, COMPANY, to the extent permitted by law, shall have the right, under its own control and at its own expense, to prosecute any third party infringement of the PATENT RIGHTS in such DISEASE FIELD in the TERRITORY, subject to Sections 7.4
and 7.5. If required by law, M.I.T., BRIGHAM, or GIST shall permit any action under this Section to be brought in its name, including being joined as a party-plaintiff, provided that COMPANY shall hold M.I.T., BRIGHAM, and GIST harmless from, and
indemnify M.I.T., BRIGHAM, and GIST against, any costs, expenses, or liability that M.I.T., BRIGHAM, or GIST may incur in connection with such action. 
 Prior to commencing any such action, COMPANY shall consult with M.I.T. and shall consider the views of M.I.T. regarding the advisability of the proposed action and its effect on the public interest.
COMPANY shall not enter into any settlement, consent judgment, or other voluntary final disposition of any infringement action under this Section without the prior written consent of M.I.T. 

(b) M.I.T. Right to Prosecute. In the event that COMPANY has been unsuccessful in persuading the alleged infringer to desist and
has not initiated an infringement action within a reasonable time after COMPANY first becomes aware of the basis for such action, and if COMPANY continues to be unsuccessful in persuading the alleged infringer to desist and continues not to initiate
an infringement action within thirty (30) days after written notice from M.I.T. that M.I.T. intends to exercise its rights under this Section, then M.I.T. shall have the right, at its sole discretion, to prosecute such infringement under its
sole control and at its sole expense, and any recovery obtained shall belong to M.I.T. 
 7.3 Declaratory Judgment
Actions. In the event that a declaratory judgment action is brought against M.I.T. or COMPANY by a third party alleging invalidity, unenforceability, or non-infringement of the PATENT RIGHTS, M.I.T., at its option, shall have the right within
twenty (20) days after commencement of such action to take over the sole defense of the action at its own expense. If M.I.T. does not exercise this right, and assuming that COMPANY is still the sole licensee of the PATENT RIGHTS, COMPANY may
take over the sole defense of the action at COMPANY’s sole expense, subject to Sections 7.4 and 7.5. 

  
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 7.4 Offsets. COMPANY may offset a total of [***] of any expenses incurred under
Sections 7.2 and 7.3 against any payments due to M.I.T. under Article 4, provided that in no event shall such payments under Article 4, when aggregated with any other offsets and credits allowed under this Agreement, be reduced by more than [***] in
any REPORTING PERIOD, it being understood that any expenses which COMPANY is prevented by the foregoing proviso from offsetting in any REPORTING PERIOD may be carried forward and offset in one or more subsequent REPORTING PERIODS (applying the
foregoing proviso, including the cap, in each subsequent REPORTING PERIOD). 
 7.5 Recovery. Any recovery obtained in an
action brought by COMPANY under Sections 7.2 or 7.3 shall be distributed as follows: (i) each party shall be reimbursed for any expenses incurred in the action (including the amount of any royalty or other payments withheld from M.I.T. as
described in Section 7.4), (ii) as to ordinary damages, COMPANY shall receive an amount equal to its lost profits or a reasonable royalty on the infringing sales, or whichever measure of damages the court shall have applied, and COMPANY
shall pay to M.I.T. based upon such amount a reasonable approximation of the royalties and other amounts that COMPANY would have paid to M.I.T. if COMPANY had sold the infringing products, processes and services rather than the infringer, and
(iii) as to special or punitive damages, the parties shall share equally in any award. 
 7.6 Cooperation. Each
party agrees to cooperate in any action under this Article which is controlled by the other party, provided that the controlling party reimburses the cooperating party promptly for any costs and expenses incurred by the cooperating party in
connection with providing such assistance. 
 7.7 Right to Sublicense. So long as COMPANY remains the exclusive licensee
of the PATENT RIGHTS in a DISEASE FIELD in the TERRITORY, COMPANY shall have the sole right to sublicense any alleged infringer in that DISEASE FIELD in the TERRITORY for future use of the PATENT RIGHTS in accordance with the terms and conditions of
this Agreement relating to sublicenses. Any revenues to COMPANY pursuant to such sublicense shall be treated as set forth in Article 4. 
 8. INDEMNIFICATION AND INSURANCE 
 8.1 Indemnification. 

(a) Indemnity. COMPANY shall indemnify, defend, and hold harmless M.I.T., BRIGHAM, and GIST and their respective trustees,
officers, faculty, students, employees, and agents and their respective successors, heirs and assigns (the “Indemnitees”), against any liability, damage, loss, or expense (including reasonable attorneys fees and expenses) (collectively,
“Losses”) incurred by or imposed upon any of the Indemnitees in connection with any claims, suits, actions, demands or judgments arising out of any theory of liability (including without limitation actions in the form of tort, warranty, or
strict liability and regardless of 
  
  

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portions. 

  
 20 

 
whether such action has any factual basis) concerning any product, process, or service that is made, used, sold, imported, or performed pursuant to any right or license granted under this
Agreement; provided, however, that COMPANY shall have no obligation pursuant to the foregoing with respect to any Losses to the extent that they directly result from the gross negligence or willful misconduct of any Indemnitee. 

(b) Procedures. The Indemnitees agree to provide COMPANY with prompt written notice of any claim, suit, action, demand, or
judgment for which indemnification is sought under this Agreement. COMPANY agrees, at its own expense, to provide attorneys reasonably acceptable to M.I.T. to defend against any such claim. The Indemnitees shall cooperate fully with COMPANY in such
defense and will permit COMPANY to conduct and control such defense and the disposition of such claim, suit, or action (including all decisions relative to litigation, appeal, and settlement); provided, however, that any Indemnitee shall have the
right to retain its own counsel, at the expense of COMPANY, if representation of such Indemnitee by the counsel retained by COMPANY would be inappropriate because of actual or potential differences in the interests of such Indemnitee and any other
party represented by such counsel. COMPANY agrees to keep M.I.T. informed of the progress in the defense and disposition of such claim and to consult with M.I.T. with regard to any proposed settlement. 

8.2 Insurance. Before the first human use of a LICENSED PRODUCT for a therapeutic or diagnostic purpose, COMPANY shall obtain and
carry in full force and effect commercial general liability insurance, including product liability and errors and omissions insurance which shall protect COMPANY and Indemnitees with respect to events covered by Section 8.1(a) above. Such
insurance (i) shall be issued by an insurer licensed to practice in the Commonwealth of Massachusetts or an insurer pre-approved by M.I.T., such approval not to be unreasonably withheld, (ii) shall list M.I.T., BRIGHAM, and GIST as
additional insureds thereunder, (iii) shall be endorsed to include product liability coverage, and (iv) shall require thirty (30) days written notice to be given to M.I.T. prior to any cancellation or material change thereof. The
limits of such insurance shall not be less than [***] per occurrence with an aggregate of [***] Dollars ([***]) for bodily injury including death; [***] Dollars ([***]) per occurrence with an aggregate of [***] Dollars ([***]) for property damage;
and [***] Dollars ([***]) per occurrence with an aggregate of [***] Dollars ([***]) for errors and omissions. In the alternative, COMPANY may self-insure subject to prior approval of M.I.T and the Risk Management Foundation. COMPANY shall provide
M.I.T. with Certificates of Insurance evidencing compliance with this Section. COMPANY shall continue to maintain such insurance or self-insurance after the expiration or termination of this Agreement during any period in which COMPANY or any
AFFILIATE or SUBLICENSEE continues (i) to make, use, or sell a product that was a LICENSED PRODUCT under this Agreement or (ii) to perform a service that was a LICENSED PROCESS under this Agreement, and thereafter for a period of five
(5) years. If there is a cancellation or material change in insurance, and COMPANY does not obtain replacement insurance providing comparable coverage prior to the expiration of the thirty (30) day notice period described above, M.I.T.
shall have the right to terminate this Agreement 
  

 

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portions. 

  
 21 

 
effective at the end of such thirty (30) day period without notice or any additional waiting periods. For clarity, this termination clause applies to any material changes in the following
terms: (i) Commercial general liability insurance in amounts not less than [***] per incident and [***] annual aggregate; (ii) the naming of indemnitees as additional insureds; and (iii) product liability coverage and broad form
contractual liability coverage for the company’s indemnification under Section 8.1 of this Agreement. 
 9.
REPRESENTATIONS OR WARRANTIES. 
 M.I.T. hereby represents and warrants to COMPANY as of the EFFECTIVE DATE that, subject
to Section 2.6 and subject to receipt of assignments from the inventors listed on Appendix D, to its knowledge (i) it has the authority to grant the licenses as granted herein; and (ii) it has not granted to any third party any rights
under the PATENT RIGHTS. M.I.T.’s total liability under the representations and warranties of this Agreement shall be limited to an amount equal to the total sum that has been paid by COMPANY to M.I.T. under the provisions of Article 4 of this
Agreement and any payments that have been made by COMPANY to M.I.T. for the expenses described in Section 6.3. 
 EXCEPT AS
MAY OTHERWISE BE EXPRESSLY SET FORTH IN THIS AGREEMENT, M.I.T., BRIGHAM, AND GIST MAKE NO REPRESENTATIONS OR WARRANTIES OF ANY KIND CONCERNING THE PATENT RIGHTS, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION WARRANTIES OF MERCHANTABILITY, FITNESS
FOR A PARTICULAR PURPOSE, NONINFRINGEMENT, VALIDITY OF PATENT RIGHTS CLAIMS, WHETHER ISSUED OR PENDING, AND THE ABSENCE OF LATENT OR OTHER DEFECTS, WHETHER OR NOT DISCOVERABLE. Specifically, and not to limit the foregoing, M.I.T., BRIGHAM, and GIST
make no warranty or representation (i) regarding the validity or scope of the PATENT RIGHTS, and (ii) that the exploitation of the PATENT RIGHTS or any LICENSED PRODUCT or LICENSED PROCESS will not infringe any patents or other
intellectual property rights of M.I.T., BRIGHAM, or GIST or of a third party. 
 EXCEPT FOR COMPANY’S LIABILITY UNDER
SECTION 8.1, IN NO EVENT SHALL ANY PARTY, THEIR TRUSTEES, DIRECTORS, OFFICERS, EMPLOYEES AND AFFILIATES BE LIABLE FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES OF ANY KIND, INCLUDING INJURY TO PROPERTY AND LOST PROFITS, REGARDLESS OF WHETHER SUCH PARTY
SHALL BE ADVISED, SHALL HAVE OTHER REASON TO KNOW, OR IN FACT SHALL KNOW OF THE POSSIBILITY OF THE FOREGOING. 
 10.
ASSIGNMENT. 
 10.1 Assignment Prior to Funding Milestone. This Agreement is personal to COMPANY and no rights or
obligations may be assigned by COMPANY without the prior written consent of M.I.T. prior to COMPANY’s achievement of the milestone described in Section 3.1(d). 

 
  

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portions. 

  
 22 

 10.2 Assignment After Milestone. After COMPANY has achieved the milestone described
in Section 3.1(d), COMPANY may assign its rights and obligations under this Agreement, without M.I.T.’s consent, to a successor in connection with the merger, consolidation, or sale of all or substantially all of its assets or that portion
of its business to which this Agreement relates; provided, however, that this Agreement shall immediately terminate if the proposed assignee fails to agree in writing to be bound by the terms and conditions of this Agreement on or before the
effective date of such assignment. 
 11. GENERAL COMPLIANCE WITH LAWS 

11.1 Compliance with Laws. COMPANY shall use reasonable commercial efforts to comply with all commercially material local, state,
federal, and international laws and regulations relating to the development, manufacture, use, and sale of LICENSED PRODUCTS and LICENSED PROCESSES. 
 11.2 Export Control. COMPANY and its AFFILIATES and SUBLICENSEES shall comply with all United States laws and regulations controlling the export of certain commodities and technical data, including
without limitation all Export Administration Regulations of the United States Department of Commerce. Among other things, these laws and regulations prohibit or require a license for the export of certain types of commodities and technical data to
specified countries. COMPANY hereby gives written assurance that it will comply with, and will cause its AFFILIATES and SUBLICENSEES to comply with, all United States export control laws and regulations, that it bears sole responsibility for any
violation of such laws and regulations by itself or its AFFILIATES or SUBLICENSEES, and that it will indemnify, defend, and hold M.I.T., BRIGHAM, and GIST harmless (in accordance with Section 8.1) for the consequences of any such violation.

 11.3 Non-Use of M.I.T., BRIGHAM, and GIST Names. COMPANY and its AFFILIATES and SUBLICENSEES shall not use the name of
“Massachusetts Institute of Technology”, “Lincoln Laboratory,” “Brigham and Women’s Hospital,” “Gwangju Institute of Science & Technology” or any variation, adaptation, or abbreviation thereof,
or of any of its trustees, officers, faculty, students, employees, or agents (collectively, “Associates,” or an individual related to a particular institution, an “Associate”), or any trademark owned by M.I.T., BRIGHAM, or GIST,
or any terms of this Agreement in any promotional material or other public announcement or disclosure without the prior written consent of the applicable party, or in the case of the name of a BRIGHAM or GIST Associate, the written consent of such
BRIGHAM or GIST Associate. The foregoing notwithstanding, without the consent of M.I.T., BRIGHAM or GIST, COMPANY may (i) state publicly that it is licensed by M.I.T., BRIGHAM and GIST under one or more of the patents and/or patent applications
comprising the PATENT RIGHTS; (ii) state publicly that one of its founders, Robert S. Langer, is a professor at M.I.T., and (iii) make disclosures or statements required by law. 

11.4 Marking of LICENSED PRODUCTS. To the extent commercially feasible and consistent with prevailing business practices, COMPANY
shall mark, and shall cause its 

  
 23 

 
AFFILIATES and SUBLICENSEES to mark, all LICENSED PRODUCTS that are manufactured or sold under this Agreement with the number of each issued patent under the PATENT RIGHTS that applies to such
LICENSED PRODUCT. 
 12. TERMINATION 
 12.1 Voluntary Termination by COMPANY. COMPANY shall have the right to terminate this Agreement, for any reason, (i) upon at least six (6) months prior written notice to M.I.T., such
notice to state the date at least six (6) months in the future upon which termination is to be effective, and (ii) upon payment of all amounts due to M.I.T. through such termination effective date. 

12.2 Cessation of Business. If COMPANY ceases to carry on its business related to this Agreement, M.I.T. shall have the right to
terminate this Agreement immediately upon written notice to COMPANY. 
 12.3 Termination by M.I.T. M.I.T. shall terminate
this Agreement immediately upon written notice with no further obligation or opportunity to cure if COMPANY fails to maintain the insurance required by Section 8.2, or if COMPANY shall become insolvent, shall make an assignment for the benefit
of creditors, or shall file a petition in bankruptcy. 
 12.4 Termination for Default. 

(a) Nonpayment. In the event COMPANY fails to pay any amounts due and payable to M.I.T. hereunder, and fails to make such payments
within thirty (30) days after receiving written notice of such failure, M.I.T. may terminate this Agreement immediately upon written notice to COMPANY. 
 (b) Material Breach. In the event COMPANY commits a material breach of its obligations under this Agreement, except for breach as described in Section 12.4(a), and fails to cure that breach
within sixty (60) days after receiving written notice thereof, M.I.T. may terminate this Agreement immediately upon written notice to COMPANY. 
 12.5 Effect of Termination. 
 (a) Survival. The following provisions
shall survive the expiration or termination of this Agreement: Articles 1, 8, 9, 13 and 15, and Sections 4.1(h), 5.2 (obligation to provide final report and payment), 5.4, 11.1, 11.2 and 12.5. 

(b) Inventory. Upon the early termination of this Agreement, COMPANY and its AFFILIATES and SUBLICENSEES may complete and sell any
work-in-progress and inventory of LICENSED PRODUCTS that exist as of the effective date of termination, provided that (i) COMPANY pays M.I.T. the applicable running royalty or other amounts due on such sales of LICENSED PRODUCTS in accordance
with the terms and conditions of this Agreement, and (ii) COMPANY and its AFFILIATES and SUBLICENSEES shall complete and sell all work-in-progress and inventory of LICENSED PRODUCTS within six (6) months after the effective date of
termination. 
 (c) Pre-termination Obligations. In no event shall termination of this Agreement release COMPANY,
AFFILIATES, or SUBLICENSEES from the obligation to pay any amounts that became due on or before the effective date of termination. 

  
 24 

 13. DISPUTE RESOLUTION. 

13.1 Mandatory Procedures. The parties agree that any dispute arising out of or relating to this Agreement shall be resolved
solely by means of the procedures set forth in this Article, and that such procedures constitute legally binding obligations that are an essential provision of this Agreement. If either party fails to observe the procedures of this Article, as may
be modified by their written agreement, the other party may bring an action for specific performance of these procedures in any court of competent jurisdiction. 
 13.2 Equitable Remedies. Although the procedures specified in this Article are the sole and exclusive procedures for the resolution of disputes arising out of or relating to this Agreement, either
party may seek a preliminary injunction or other provisional equitable relief if, in its reasonable judgment, such action is necessary to avoid irreparable harm to itself or to preserve its rights under this Agreement. 

13.3 Dispute Resolution Procedures. 
 (a) Mediation. In the event any dispute arising out of or relating to this Agreement remains unresolved within [***] days from the date the affected party informed the other party of such dispute,
either party may initiate mediation upon written notice to the other party (“Notice Date”), whereupon both parties shall be obligated to engage in a mediation proceeding under the then current Center for Public Resources (“CPR”)
Model Procedure for Mediation of Business Disputes (http://www.cpradr.org), except that specific provisions of this Article shall override inconsistent provisions of the CPR Model Procedure. The mediator will be selected from the CPR Panels of
Neutrals. If the parties cannot agree upon the selection of a mediator within [***] business days after the Notice Date, then upon the request of either party, the CPR shall appoint the mediator. The parties shall attempt to resolve the dispute
through mediation until the first of the following occurs: (i) the parties reach a written settlement; (ii) the mediator notifies the parties in writing that they have reached an impasse; (iii) the parties agree in writing that they
have reached an impasse; or (iv) the parties have not reached a settlement within [***] days after the Notice Date. 
 (b)
Trial Without Jury. If the parties fail to resolve the dispute through mediation, or if neither party elects to initiate mediation, each party shall have the right to pursue any other remedies legally available to resolve the dispute,
provided, however, that the parties expressly waive any right to a jury trial in any legal proceeding under this Article. 

13.4 Performance to Continue. Each party shall continue to perform its undisputed obligations under this Agreement pending final
resolution of any dispute arising out of or 
  
  

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 25 

 
relating to this Agreement; provided, however, that a party may suspend performance of its undisputed obligations during any period in which the other party fails or refuses to perform its
undisputed obligations. Nothing in this Article is intended to relieve COMPANY from its obligation to make undisputed payments pursuant to Articles 4 and 6 of this Agreement. 
 13.5 Statute of Limitations. The parties agree that all applicable statutes of limitation and time-based defenses (such as estoppel and laches) shall be tolled while the procedures set forth in
Sections 13.3(a) are pending. The parties shall cooperate in taking any actions necessary to achieve this result. 
 14.
CONFIDENTIAL INFORMATION 
 14.1 Designation. CONFIDENTIAL INFORMATION that is disclosed in writing shall be
marked with a legend indicating its confidential status (such as “Confidential” or “Proprietary”). CONFIDENTIAL INFORMATION that is disclosed orally or visually shall be considered confidential if designated as such prior to,
during, or immediately after disclosure. 
 14.2 Obligations. For a period of [***] years after disclosure of any portion
of CONFIDENTIAL INFORMATION, the Receiving Party shall (i) maintain such CONFIDENTIAL INFORMATION in strict confidence and shall not, without the consent of the Disclosing Party, disclose CONFIDENTIAL INFORMATION to third parties, except that
the Receiving Party may disclose or permit the disclosure of any CONFIDENTIAL INFORMATION to its directors, officers, employees, consultants, and advisors who are obligated to maintain the confidential nature of such CONFIDENTIAL INFORMATION and who
need to know such CONFIDENTIAL INFORMATION for the purposes of this Agreement; (ii) use such CONFIDENTIAL INFORMATION solely for the purposes of this Agreement; and (iii) allow its trustees or directors, officers, employees, consultants,
and advisors to reproduce the CONFIDENTIAL INFORMATION only to the extent necessary for the purposes of this Agreement, with all such reproductions being considered CONFIDENTIAL INFORMATION. The Receiving Party shall be responsible for any
unauthorized disclosure or use of CONFIDENTIAL INFORMATION by its trustees or directors, officers, employees, consultants and advisors. 
 14.3 Exceptions. The obligations of the Receiving Party under Section 14.2 above shall not apply to the extent that the Receiving Party can demonstrate by competent evidence that certain
CONFIDENTIAL INFORMATION (i) was in the public domain prior to the time of its disclosure under this Agreement; (ii) entered the public domain after the time of its disclosure under this Agreement through means other than an unauthorized
disclosure resulting from an act or omission by the Receiving Party; (iii) was independently developed or discovered by the Receiving Party without use of the CONFIDENTIAL INFORMATION; (iv) is or was disclosed to the Receiving Party at any
time, whether prior to or after the time of its disclosure under this Agreement, by a third party having no fiduciary relationship with the Disclosing Party and having no obligation of confidentiality with respect to such CONFIDENTIAL INFORMATION;

  
  

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 26 

 
or (v) is required to be disclosed to comply with applicable laws or regulations, or with a court or administrative order, provided that the Disclosing Party receives reasonable prior
written notice of such disclosure. 
 14.4 Ownership and Return. The Receiving Party acknowledges that the Disclosing
Party (or any third party entrusting its own information to the Disclosing Party) claims ownership of its CONFIDENTIAL INFORMATION in the possession of the Receiving Party. Upon the expiration or termination of this Agreement, and at the request of
the Disclosing Party, the Receiving Party shall return to the Disclosing Party all originals, copies, and summaries of documents, materials, and other tangible manifestations of CONFIDENTIAL INFORMATION in the possession or control of the Receiving
Party, except that the Receiving Party may retain one copy of the CONFIDENTIAL INFORMATION in the possession of its legal counsel solely for the purpose of monitoring its obligations under this Agreement. 

15. MISCELLANEOUS. 
 15.1 Notice. Any notices required or permitted under this Agreement shall be in writing, shall specifically refer to this Agreement, and shall be sent by hand, recognized national overnight
courier, confirmed facsimile transmission, confirmed electronic mail, or registered or certified mail, postage prepaid, return receipt requested, to the following addresses or facsimile numbers of the parties: 

If to MIT., all matters relating to the license: 
 Massachusetts Institute of Technology 
 Technology Licensing Office, Room NE25-230

 Five Cambridge Center, Kendall Square 
 Cambridge, MA 02142-1493 
 Attention: Director 

Tel: 617-253-6966 

Fax: 617-258-6790 
 If to M.I.T., relating to any equity action after the initial issuance of shares: 

Massachusetts Institute of Technology 
 Treasurer’s Office 
 238 Main Street 

Cambridge, MA 02142 
 Attention: Philip Rotner 
 Tel: 617-253-5422 

Fax: 617-258-6676 
  

			
	If to COMPANY:	  	 BIND Biosciences, Inc.
 101
Binney Street
 Cambridge, MA 02142

Attention: President
 Tel:
617-491-3400
 Fax: 617-491-0351

  
 27 

 All notices under this Agreement shall be deemed effective upon receipt. A party may change
its contact information immediately upon written notice to the other party in the manner provided in this Section. 
 15.2
Governing Law. This Agreement and all disputes arising out of or related to this Agreement, or the performance, enforcement, breach or termination hereof, and any remedies relating thereto, shall be construed, governed, interpreted and
applied in accordance with the laws of the Commonwealth of Massachusetts, U.S.A., without regard to conflict of laws principles, except that questions affecting the construction and effect of any patent shall be determined by the law of the country
in which the patent shall have been granted. 
 15.3 Force Majeure. Neither party will be responsible for delays
resulting from causes beyond the reasonable control of such party, including without limitation fire, explosion, flood, war, acts of terrorism, strike, riot, or action, inaction or delay by any governmental authority, provided that the nonperforming
party uses commercially reasonable efforts to avoid or remove such causes of nonperformance and continues performance under this Agreement with reasonable dispatch whenever such causes are removed. 

15.4 Amendment and Waiver. This Agreement may be amended, supplemented, or otherwise modified only by means of a written
instrument signed by both parties. Any waiver of any rights or failure to act in a specific instance shall relate only to such instance and shall not be construed as an agreement to waive any rights or fail to act in any other instance, whether or
not similar. 
 15.5 Severability. In the event that any provision of this Agreement shall be held invalid or
unenforceable for any reason, such invalidity or unenforceability shall not affect any other provision of this Agreement, and the parties shall negotiate in good faith to modify the Agreement to preserve (to the extent possible) their original
intent. If the parties fail to reach a modified agreement within thirty (30) days after the relevant provision is held invalid or unenforceable, then the dispute shall be resolved in accordance with the procedures set forth in Article 13. While
the dispute is pending resolution, this Agreement shall be construed as if such provision were deleted by agreement of the parties. 
 15.6 Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties and their respective permitted successors and assigns. 

15.7 Headings. All headings are for convenience only and shall not affect the meaning of any provision of this Agreement.

 15.8 Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to its subject matter
and supersedes all prior agreements or understandings between the parties relating to its subject matter. 

  
 28 

 IN WITNESS WHEREOF, the parties have caused this Exclusive Patent License Agreement to be
executed by their duly authorized representatives. 
 The EFFECTIVE DATE of this Agreement is June 30, 2007.

  

									
	MASSACHUSETTS INSTITUTE OF TECHNOLOGY	 		 	BIND BIOSCIENCES, INC.
					
	By:	 	 /s/ Lita Nelson
	 		 	By:	 	 /s/ Glenn Batchelder

	Name:	 	Lita Nelson	 		 	Name:	 	Glenn Batchelder
	Title:	 	Director, Technology License Office	 		 	Title:	 	President and Chief Executive Officer
				
	MASSACHUSETTS INSTITUTE OF TECHNOLOGY	 		 		 	
					
	By:	 	 /s/ Claude R. Canizares
	 		 		 	
	Name:	 	Claude R. Canizares, Ph.D.	 		 		 	
	Title:	 	 Bruno Rossi Professor of Experimental Physics,
 Vice President for Research, and Associate
 Provost
	 		 		 	

  
 29 

 APPENDIX A 
 List of Patent Applications and Patents 
  

	I.	United States Patents and Applications 

 [***] 
 [***] 

[***] 
 [***]

 [***] 
 [***] 
 [***] 

[***] 
 [***]

 [***] 
 [***] 
 [***] 

[***] 
 [***]

 [***] 
 [***] 
 [***] 

[***] 
 [***]

 [***] 

 

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portions. 

  
 30 

 [***] 
 [***] 
 [***] 

[***] 
 [***]

 [***] 
 [***] 
 [***] 

[***] 
 [***]

  

	II.	International (non-U.S.) Patents and Applications 

 [***] 
 [***] 

[***] 
 [***]

 [***] 
 [***] 
 [***] 

[***] 
 [***]

 [***] 

 

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portions. 

  
 31 

 APPENDIX B 
 List of Countries (excluding United States) for which 
 PATENT RIGHTS
Applications Will Be Filed, Prosecuted and Maintained 
 [***] 
 [***] 
 [***] 
 [***] 
  

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portions. 

  
 32 

 APPENDIX C 
 LIST OF M.I.T. HOLDERS AND EQUITY SHARE PERCENTAGE 
  

									
	 Name/Address of M.I.T. Holder
	  	Number of Shares	 	  	% Total Shares	 
			
	 [***]
	  	 	[***]	  	  	 	[***]	  
			
	 [***]
	  	 	[***]	  	  	 	[***]	  
			
	 [***]
	  	 	[***]	  	  	 	[***]	  
			
	 [***]
	  	 	[***]	  	  	 	[***]	  
			
	 [***]
	  	 	[***]	  	  	 	[***]	  
			
	 [***]
	  	 	[***]	  	  	 	[***]	  
			
	 [***]
	  	 	[***]	  	  	 	[***]	  
			
	 [***]
	  	 	[***]	  	  	 	[***]	  
			
	 [***]
	  	 	[***]	  	  	 	[***]	  
			
	 [***]
	  	 	[***]	  	  	 	[***]	  
			
	 [***]
	  	 	[***]	  	  	 	[***]	  
			
	 [***]
	  	 	[***]	  	  	 	[***]	  
			
	 [***]
	  	 	[***]	  	  	 	[***]	  
			
	 [***]
	  	 	[***]	  	  	 	[***]	  
			
	 [***]
	  	 	[***]	  	  	 	[***]	  
			
	 [***]
	  	 	[***]	  	  	 	[***]	  
			
	 [***]
	  	 	[***]	  	  	 	[***]	  
			
	 [***]
	  	 	[***]	  	  	 	[***]	  
			
	 [***]
	  	 	[***]	  	  	 	[***]	  
			
	 [***]
	  	 	[***]	  	  	 	[***]	  

  

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portions. 

  
 33 

 EXHIBIT A 
 CONFLICT AVOIDANCE STATEMENT 
 Name: Robert S. Langer 

Dept. or Lab.: Department of Chemical Engineering 

Company: BIND Biosciences, Inc. 
 Address: 100
Winter Street, Suite 3350, Waltham, MA 02451 
 Licensed Technology: 
 [***] 
 [***] 

[***] 
 [***]

 [***] 
 [***] 
 [***] 

[***] 
 [***]

 [***] 
 [***] 
 [***] 

[***] 
 [***]

 [***] 
 [***] 
 [***] 

 

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portions. 

  
 34 

 [***] 
 [***] 
 [***] 

[***] 
 [***]

 [***] 
 [***] 
 [***] 

[***] 
 [***]

 [***] 
 [***] 
 [***] 
 Because of the M.I.T. license granted to the above company and my equity* position and continuing relationship with this company. I acknowledge the potential for a possible conflict of interest between
the performance of research at M.I.T. and my contractual or other obligations to this company. Therefore, I will not: 
  

	 	1)	use students at M.I.T. for research and development projects for the company; 

 

	 	2)	restrict or delay access to information from my M.I.T. research; 

  

	 	3)	take direct or indirect research support from the company in order to support my activities at M.I.T.; or 

 

	 	4)	employ students at the company, except in accordance with Section 4.5.2, “Faculty and Students,” in the Policies and Procedures Guide.

  

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portions. 

  
 35 

 In addition, in order to avoid the appearance of a conflict, I will attempt to differentiate clearly between
the intellectual directions of my M.I.T. research and my contributions to the company. To that end, I will expressly inform my department head/laboratory director annually of the general nature of my activities on behalf of the company. 

 

			
	Signed:	 	 /s/ Robert S. Langer, Jr.

		 	Robert S. Langer, Jr.
		
	Date:	 	 7/20/07

 Approved by: /s/ illegible 
 Name (print): 
 (Dept. Head or Lab Dir) 

 

	*	“Equity” includes stock, options, warrants or other financial instruments convertible into stock, which are directly or indirectly controlled by the inventor.

  
 36 

 EXHIBIT B 
 INVENTOR/AUTHOR ACKNOWLEDGMENT 
 OF NO EQUITY DISTRIBUTION 

 Form Version 8/22/01 
 In partial reliance on the undersigned’s execution of this Acknowledgment, M.I.T. has entered into the license agreement to which this Acknowledgment is attached (the “LICENSE”) in which
COMPANY received certain licenses to the technology listed below, on some or all of which the undersigned is a listed inventor or author. The undersigned, independently of the LICENSE, has received or will soon acquire equity in BIND Biosciences,
Inc. (“COMPANY”), and, in accordance with M.I.T.’s licensing policies contained in M.I.T.’s Guide to the Ownership, Distribution and Commercial Development of M.I.T. Technology, as that policy may be amended from time to
time (specifically §4.2.5 as of this Form Version date), the undersigned, on his/her own behalf and on behalf of his/her heirs and assigns, acknowledges and agrees that he/she has no right to receive any share of equity income received by
M.I.T. in consideration for the LICENSE. 
 Technology Licensed as of the EFFECTIVE DATE of the LICENSE: 

[***] 
 [***]

 [***] 
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[***] 
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 [***] 
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[***] 
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 38 

									
	Witness:	 	 /s/ illegible
	 		 	Signed:	 	 /s/ Robert Langer

					
		 		 		 	Print Name:	 	 Robert Langer

					
		 		 		 	Date:	 	 7/20/07

  
 39 

 FIRST AMENDMENT 

This First Amendment, effective as of the date set forth above the signatures of the parties below, is between the Massachusetts
Institute of Technology, a Massachusetts corporation having its principal office at 77 Massachusetts Avenue, Cambridge, Massachusetts 02139 (“M.I.T.”), and BIND Biosciences, Inc., a Delaware corporation having its principal place of
business at 101 Binney Street, Cambridge, MA 02142 (“COMPANY”), and amends the Exclusive Patent License Agreement dated June 30, 2007 (the “License Agreement”). 

WHEREAS, therapeutic and prophylactic vaccines were specifically excluded from the definition of THERAPEUTIC LICENSED PRODUCT under the
License Agreement; 
 WHEREAS, M.I.T. will exclusively license, upon execution of this First Amendment, to Selecta Biosciences,
Inc. (“Selecta”) certain of the PATENT RIGHTS, as described on Appendix 1 (the “Common Patent Rights”), to develop and commercialize therapeutic and/or prophylactic vaccines (the “Selecta License Agreement”, and
together with the License Agreement, the “License Agreements”); 
 WHEREAS, each of the License Agreements provides
certain rights for COMPANY and Selecta, respectively, to add IMPROVEMENTS (as defined in each of the License Agreements) to the Common Patent Rights and any such IMPROVEMENTS elected by both COMPANY and Selecta to be included under their respective
License Agreements shall be automatically included in the definition of Common Patent Rights under this First Amendment; and 

WHEREAS, the parties desire to address the treatment under the License Agreement of SUBLICENSE INCOME received by COMPANY pursuant to any
agreements in which COMPANY sublicenses its rights under the Common Patent Rights to Selecta; 
 WHEREAS, [***] participated in
strategy discussions related to [***]; 
 WHEREAS, [***]; and 

WHEREAS, [***] has agreed to assign ownership rights to the intellectual property in [***] to M.I.T. and The Brigham and Women’s
Hospital. 
 NOW, THEREFORE, for good and valuable consideration, the sufficiency of which is hereby acknowledged, M.I.T. and
COMPANY hereby agree as follows: 
 1. Section 2.1, License Grants, of the License Agreement shall be amended to
read in its entirety as follows: 
 License Grants. Subject to the terms of this Agreement, M.I.T. hereby grants to
COMPANY and its AFFILIATES for the TERM in the TERRITORY a royalty-bearing license 
  

 

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 Page 1 of 5

 
under the PATENT RIGHTS to (i) develop, make, have made, use, sell, offer to sell, lease, and import THERAPEUTIC LICENSED PRODUCTS and DIAGNOSTIC LICENSED PRODUCTS in the DISEASE FIELDS;
(ii) develop, make, have made, use, sell, offer to sell, lease, and import REAGENT LICENSED PRODUCTS; and (iii) develop and perform LICENSED PROCESSES except, solely, to develop, make, have made, use, sell, offer to sell, lease, and import
any product that is solely a therapeutic or prophylactic vaccine, unless earlier terminated per the terms of this Agreement. For clarification, M.I.T. has the right to grant exclusive licenses to third parties under the PATENT RIGHTS to develop,
make, have made, use, sell, offer to sell, lease, and import any product that is solely a therapeutic or prophylactic vaccine and to develop and perform LICENSED PROCESSES solely to develop, make, have made, use, sell, offer to sell, lease and
import any product that is solely a therapeutic or prophylactic vaccine. 
 2. The first paragraph of Section 2.3,
Exclusivity, of the License Agreement shall be amended to read in its entirety as follows: 
 Exclusivity. In order to
establish an exclusive period for COMPANY and its AFFILIATES, M.I.T. agrees that, subject to Sections 2.2, 2.6, 3.1(g) and 3.1(h), it shall not grant any other license under the PATENT RIGHTS (except M.I.T. Case No. 7856, “Sub 100Nm
Biodegradable Polymer Spheres Capable Of Releasing Nucleic Acids”) to develop, make, have made, use, sell, offer to sell, lease or import THERAPEUTIC LICENSED PRODUCTS or DIAGNOSTIC LICENSED PRODUCTS in the DISEASE FIELDS in the TERRITORY
during the TERM, or to develop or perform LICENSED PROCESSES, other than solely to develop, make, have made, use, sell, offer to sell, lease, or import any product that is solely a therapeutic or prophylactic vaccine, in the DISEASE FIELDS in the
TERRITORY during the TERM, unless earlier terminated per the terms of this Agreement. 
 3. M.I.T. and COMPANY hereby agree
that, for the purposes of Section 4.1(d) of the License Agreement, solely with respect to SUBLICENSE INCOME received by COMPANY or AFFLIATES from Selecta in consideration of a sublicense solely to the Common Patent Rights, COMPANY shall pay
M.I.T. a percentage of all such SUBLICENSE INCOME according to the schedule below. For sublicenses executed: 
 (i) After [***]
and [***]; 
 (ii) [***]. 
 For clarity, any SUBLICENSE INCOME received by COMPANY or AFFILIATES from Selecta in consideration of a sublicense to PATENT RIGHTS other than the Common Patent Rights shall be shared with M.I.T. in
accordance with the terms set forth in Section 4.1(d) of the License Agreement. 
  

 

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 4. Section 8.1(a), Indemnity, of the License Agreement shall be amended to read
in its entirety as follows: 
 Indemnity. COMPANY shall indemnify, defend, and hold harmless M.I.T., BRIGHAM, and GIST
and their respective directors, affiliates, trustees, officers, faculty, students, employees, and agents and their respective successors, heirs and assigns (the “Indemnitees”), against any liability, damage, loss, or expense (including
reasonable attorneys fees and expenses) (collectively, “Losses”) incurred by or imposed upon any of the Indemnitees in connection with any claims, suits, actions, demands or judgments arising out of any theory of liability (including
without limitation actions in the form of tort, warranty, or strict liability and regardless of whether such action has any factual basis) concerning any product, process, or service that is made, used, sold, imported, or performed pursuant to any
right or license granted under this Agreement; provided, however, that COMPANY shall have no obligation pursuant to the foregoing with respect to any Losses to the extent that they directly result from the gross negligence or willful misconduct of
any Indemnitee. 
 5. The parties hereby agree that [***] shall promptly execute assignments to assign ownership rights to the
intellectual property in [***] to M.I.T. and the Brigham and Women’s Hospital. 
 6. The parties hereby agree that [***],
as an inventor of [***] and an employee of COMPANY, shall assign his rights in [***] to COMPANY. In addition, the parties hereby agree that M.I.T. and COMPANY shall promptly instruct their patent counsel to: (i) [***]. 

7. COMPANY shall promptly reimburse M.I.T. for all fees and costs, including attorney’s fees, relating to the filing, prosecution
and maintenance of [***] of invoicing. As of November 17, 2008, M.I.T. has incurred approximately [***] for such patent-related fees and costs. 
 8. Capitalized terms used herein and not defined shall have the meanings set forth in the License Agreement. Except as specifically modified or amended hereby, all other terms and conditions of the
License Agreement shall remain unchanged and in full force and effect. 
  

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portions. 

  
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 IN WITNESS WHEREOF, the parties have caused this First Amendment to be executed under seal
by their duly authorized representatives. 
 The Effective Date of this First Amendment is November 24, 2008. 

 

									
	MASSACHUSETTS INSTITUTE OF TECHNOLOGY	 		 	BIND BIOSCIENCES, INC.
					
	By:	 	 /s/ John A. Turner, Jr.
	 		 	By:	 	 /s/ Glenn Batchelder

	Name:	 	JOHN A. TURNER, JR.	 		 	Name:	 	GLENN BATCHELDER
					
	Title:	 	 ASSOCIATE DIRECTOR
 TECHNOLOGY
LICENSING OFFICE
	 		 	Title:	 	CEO

  
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 APPENDIX 1 
 Common Patent Rights 
  

	I.	United States Patents and Applications 

[***] 
  

	II.	International (non-U.S.) Patents and Applications 

 [***] 
  

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 March 18, 2013 
 Massachusetts Institute of Technology 
 Technology Licensing Office, Rm NE18-501 

One Cambridge Center, Kendall Square 
 Cambridge,
MA 02142-1601 
 BIND Biosciences, Inc. 

325 Vassar Street 
 Cambridge, MA 02139

  

	RE:	MIT – BIND Biosciences, Inc. Exclusive Patent License Agreement 

 (MIT License Agreement [***]) 
 This letter amendment (“Letter
Amendment”) is in reference to the Exclusive Patent License Agreement by and between the Massachusetts Institute of Technology (“MIT”) and BIND Biosciences, Inc. (“BIND”), effective June 30, 2007, as amended by the
First Amendment between MIT and BIND dated November 24, 2008 (“MIT License Agreement”). Capitalized terms that are used but not otherwise defined herein shall have the meanings given to such terms in the MIT License Agreement.

 As we have discussed, MIT understands that COMPANY intends to enter into a Research, Option and License Agreement with Pfizer
Inc., a corporation duly organized and validly existing under the laws of Delaware (“PFIZER”) (“PFIZER Research, Option and License Agreement”), pursuant to which, among other things, COMPANY will grant a sublicense of certain of
its rights under the MIT License Agreement to PFIZER in accordance with Section 2.4 of the MIT License Agreement (the “PFIZER Sublicensed Rights”) and a license under other relevant patent rights and know-how controlled by COMPANY
pursuant to the terms and conditions therein. 
 In connection with the execution of the PFIZER Research, Option and License
Agreement, COMPANY and MIT hereby agree as follows: 
 1. Right for PFIZER to Grant Sublicenses. With regard to Section 2.4 of the
MIT License Agreement, the parties hereby agree that COMPANY may grant solely to PFIZER, pursuant to the PFIZER Research, Option and License Agreement, the right to grant sublicenses of the PFIZER Sublicensed Rights on the following terms and
conditions (each a “Permitted PFIZER Sublicense”): 
  

	 	a.	PFIZER shall be entitled to grant sublicenses through multiple tiers under the PFIZER Sublicensed Rights to Sublicensees, as those parties are defined in the PFIZER
License Agreement (each a “Permitted PFIZER Sublicensee” for the purposes of this Letter Amendment). 

 

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portions. 

	 	b.	PFIZER and each Permitted PFIZER Sublicensee shall be considered a “SUBLICENSEE” for the purposes of the MIT License Agreement. For the avoidance of doubt,
and not in limitation of the foregoing or any other provisions of the MIT License Agreement, any consideration that COMPANY or an AFFILIATE receives from a SUBLICENSEE in consideration of the sublicense of the licenses and rights granted COMPANY and
AFFILIATES under Section 2.1 (including without limitation the sublicense of such rights under a Permitted PFIZER Sublicense) shall be considered SUBLICENSE INCOME. In accordance with Section 4.1(d) of the MIT License Agreement, COMPANY
hereby agrees to pay MIT [***] of all SUBLICENSE INCOME related to the PFIZER Research, Option and License Agreement and Permitted PFIZER Sublicenses. 

  

	 	c.	In the event that non-monetary consideration is received by COMPANY or its AFFILIATES for the PFIZER Research, Option and License Agreement or a Permitted PFIZER
Sublicense, SUBLICENSE INCOME shall be calculated based on and shall include the fair market value of such non-monetary consideration, including all elements of such consideration. 

 

	 	d.	Any agreement pursuant to which PFIZER grants a sublicense of the PFIZER Sublicensed Rights (a “PFIZER Sublicense Agreement”) shall satisfy the requirements
of Section 2.4 of the MIT License Agreement; notwithstanding and without limiting the foregoing, any PFIZER Sublicense Agreement shall include terms that are sufficient to enable COMPANY to comply with the MIT License Agreement.

  

	 	e.	Except for sublicenses granted by PFIZER to third party service providers, COMPANY shall, and ensures that PFIZER shall, (i) furnish MIT with a fully signed
photocopy of any PFIZER Sublicense Agreement promptly after it is executed, and (ii) deliver to MIT reports containing the information described in Article 5 of the MIT License Agreement with respect to Permitted PFIZER Sublicensees.
Notwithstanding the foregoing, COMPANY shall use best efforts to ensure that MIT receives a copy of any sublicenses granted by PFIZER to a third party service provider upon request by MIT. 

2. Pfizer Upfront Payments to BIND. The parties acknowledge and agree that SUBLICENSE INCOME shall include, without limitation, the Initial
License Fee and the Option Fees, set forth in Sections 8.1 and 8.2, respectively, of the PFIZER Research, Option and License Agreement. 
 3.
MIT License Agreement. Except as expressly modified by this Letter Amendment, the MIT License Agreement shall remain unchanged and in full force and effect in accordance with its terms. 

 

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 Page 2 of 3

 4. Assignment. COMPANY shall have the right to assign this letter amendment only in connection with
both (a) any assignment by COMPANY of the MIT License Agreement as set forth in, and permitted by, Article 10 of the MIT License Agreement and (b) any assignment by COMPANY of the PFIZER Research, Option and License Agreement as set forth
in, and permitted by, Section 15.1 of the PFIZER Research, Option and License Agreement. 
 5. Counterparts. This Letter Amendment,
or any part thereof requiring signing by the parties, may be executed in separate counterparts, each of which shall be an original as against any party whose signature appears thereon but all of which together shall constitute one and the same
instrument. A facsimile transmission of the signed Letter Amendment, and those parts thereof requiring signing by the parties, shall be legal and binding on the parties. 
 This Letter Amendment is signed below by authorized representatives of M.I.T. and BIND respectively indicating the parties’ acceptance of the terms and conditions of this Letter Amendment.

  

									
	AGREED AND ACCEPTED:	 		 	AGREED AND ACCEPTED:
	Massachusetts Institute of Technology	 		 	BIND Biosciences, Inc.
			
	 /s/ Lita L. Nelsen
	 		 	 /s/ Scott Minick

	By:	 	LITA L. NELSEN, DIRECTOR	 		 	By:	 	CEO
	Title:	 	TECHNOLOGY LICENSING OFFICE	 		 	Title:	 	3/18/13

  
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