Document:

Management Agreement, dated as of October 23, 2010

 Exhibit 10.11 
 MANAGEMENT AGREEMENT 
 This MANAGEMENT
AGREEMENT (this “Agreement”) is entered into as of October 23, 2010, by and among (i) Giraffe Holding, Inc., a Delaware corporation (“Parent”), (ii) Giraffe Acquisition Corporation, a
Delaware corporation, (“Acquisition Sub”) and (iii) Bain Capital Partners, LLC (“Bain” or the “Manager”). As used herein, “Company” means, prior to the Merger, Acquisition Sub
and its subsidiaries (if any) and, after the Merger, Gymboree and its subsidiaries. 
 RECITALS 

WHEREAS, Parent owns all of the outstanding stock of Acquisition Sub, and Parent and Acquisition Sub have entered into an Agreement and
Plan of Merger, dated as of October 11, 2010 (the “Merger Agreement”), among (i) Parent, (ii) Acquisition Sub and (iii) The Gymboree Corporation, a Delaware corporation (“Gymboree”), pursuant to
which Acquisition Sub will merge with and into Gymboree (the “Merger”) on the terms and subject to the conditions set forth in the Merger Agreement; 
 WHEREAS, in connection with the Merger and related transactions (including the Merger Agreement), the Manager provided advice, analysis and assistance, including without limitation with respect to due
diligence investigations and the structuring and negotiation of debt facilities and other matters (the “Financial Advisory Services”); and 
 WHEREAS, the Company desires to retain the Manager to provide management, consulting and financial and other advisory services (“Services”) to the Company, and the Manager is willing to
provide such services on the terms set forth below. 
 AGREEMENT 

NOW THEREFORE, in consideration of the mutual covenants contained herein, the parties hereto, intending to be legally bound, hereby agree
as follows: 
 1. Services. The Manager hereby agrees that it will provide the following Services to Parent and/or the
Company: 
 (a) advice in connection with the negotiation and consummation of agreements, contracts, documents
and instruments necessary to provide Parent and/or the Company with financing on terms and conditions satisfactory to Parent and/or the Company, as applicable; 
 (b) financial, managerial and operational advice in connection with day-to-day operations, including, without limitation, advice with respect to the development and implementation of strategies for
improving the operating, marketing and financial performance of the Company; 

 (c) advice in connection with financing, acquisition, disposition, merger,
business combination and change of control transactions involving Parent and/or the Company (however structured); and 
 (d) such other services (which may include financial and strategic planning and analysis, consulting services, human resources and executive recruitment services and other services) as the Manager, on the
one hand, and Parent and the Company, on the other hand, may from time to time agree to in writing. 
 The Manager will devote,
in its discretion, such time and efforts to the performance of services contemplated hereby as the Manager deems reasonably necessary or appropriate; provided, however, that no minimum number of hours is required to be devoted by the Manager
on a weekly, monthly, annual or other basis. Parent and the Company each acknowledge that the Manager’s services are not exclusive to Parent or the Company and that the Manager will render similar services to other Persons. The Manager, Parent
and the Company understand that Parent and/or the Company may, at times, engage one or more investment bankers or financial advisers to provide services in addition to, but not in lieu of, Services provided by the Manager under this Agreement. In
providing services to Parent and/or the Company, the Manager will act as an independent contractor and it is expressly understood and agreed that this Agreement is not intended to create, and does not create, any partnership, agency, joint venture
or similar relationship and that no party hereto has the right or ability to contract for or on behalf of any other party hereto or to effect any transaction for the account of any other party hereto. 

2. Payment of Fees. 
 (a) The Company will pay to the Manager (or such affiliates of the Manager as the Manager may designate), in consideration of the Manager providing the Financial Advisory Services, an aggregate
transaction fee (the “Transaction Fee”) in the amount of $17,000,000, such fee being payable on the earlier of (i) the effective date of the Merger (the “Closing Date”) and (ii) the date the Merger
Agreement is terminated. 
 (b) During the Term (as such term is defined in Section 3 hereof), the Company
will pay to the Manager (or such affiliates of the Manager as the Manager may designate), an aggregate annual periodic fee (the “Periodic Fee”) of $3,000,000 in exchange for the ongoing Services provided by the Manager under this
Agreement, such fee being payable by the Company quarterly in advance on or before the start of each calendar quarter; provided, however, that the Company will pay the Periodic Fee for the period from the date hereof through December 31,
2010 on the Closing Date. The Periodic Fee will be prorated for any partial period of less than three months. The Manager may elect in its sole discretion to defer the receipt of all or a portion of the Periodic Fee; provided, that any such
election to defer shall be made in accordance with and subject to the applicable requirements of Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations thereunder. 

(c) During the Term, the Manager will advise the Company in connection with financing, acquisition, disposition and change
of control transactions involving the Company or any of its direct or indirect subsidiaries (however structured), and the 

  
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Company will pay to the Manager (or such affiliates of the Manager as the Manager may designate) an aggregate fee (each a “Subsequent Fee”) in connection with each such transaction
equal to one percent (1%) of the gross transaction value of such transaction. 
 (d) In the case of an
Initial Public Offering or a Change of Control (as defined below), the Company shall pay to the Manager (or such affiliates of the Manager as the Manager may designate), in addition to the fees payable above, a lump sum amount equal to the net
present value (using a discount rate equal to the then prevailing yield on U.S. Treasury Securities of like maturity) of the Periodic Fees that would have been payable to the Manager with respect to the period from the date of such Initial Public
Offering or Change of Control until the end of the Term then in effect (without giving any effect to an early termination of the Term as a result of such Change of Control or Initial Public Offering). Such fee to be due and payable at the closing of
such transaction and in the case of financing transactions, whether or not any such financing is actually committed or drawn upon. For purposes of this Agreement, (i) “Change of Control” shall mean (a) any change in the
ownership of the capital stock of Parent or the Company if, immediately after giving effect thereto, any Person (or group of Persons acting in concert) other than the Manager and its affiliates will have the direct or indirect power to elect a
majority of the members of the board of directors of Parent or the Company or (b) any change in the ownership of the capital stock of Parent or the Company if, immediately after giving effect thereto, the Manager and its affiliates shall,
directly or indirectly, beneficially own less than 50% of the capital stock of Parent or the Company; and (ii) “Initial Public Offering” shall mean the initial public offering and sale of common stock of Parent or the Company
for cash pursuant to an effective registration statement under the Securities Act of 1933, as in effect from time to time, registered on Form S-1 (or any successor form under the Securities Act of 1933, as in effect from time to time).

 Each payment made pursuant to this Section 2 will be paid by wire transfer of immediately available federal funds to the
account specified on Schedule 1 hereto, or to such other account(s) as the Manager may specify to the Company in writing prior to such payment. 
 3. Term. This Agreement will continue in full force and effect until December 31, 2020; provided that this Agreement shall be automatically extended on such date and each
December 31 thereafter for an additional year unless the Company or the Manager provides written notice of its desire not to automatically extend the term of this Agreement to the other parties hereto at least 90 days prior to such
December 31; and provided further, however, that (a) the Manager may cause this Agreement to terminate at any time and (b) this Agreement will terminate automatically upon an Initial Public Offering or a Change of Control
unless the Company and the Manager determine otherwise (the period on and after the date hereof through the termination hereof being referred to herein as the “Term”); and provided further, however, that each of
(x) Sections 4, 5 and 8 hereof (whether in respect of or relating to services rendered during or after the Term) will all survive any termination of this Agreement to the maximum extent permitted under applicable law and (y) any and all
accrued and unpaid obligations of the Company owed under Section 2 hereof will be paid promptly upon any termination of this Agreement. At the end of the Term, all obligations of the Manager under this Agreement will terminate and any
subsequent services rendered by the Manager to the Company will be separately compensated. 

  
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 4. Expenses; Indemnification. 

(a) Expenses. The Company will pay on demand all Reimbursable Expenses. As used herein, “Reimbursable
Expenses” means all (i) expenses incurred or accrued prior to the Closing Date by the Manager or its affiliates in connection with this Agreement, the Merger Agreement, the Merger or any related transactions, consisting of their
respective out-of-pocket expenses for travel and other incidentals in connection with such transactions (including, without limitation, all air travel (by first class on a commercial airline or by charter, as determined by the Manager) and other
travel related expenses) and the out-of-pocket expenses and the fees and charges of (A) Ropes & Gray LLP, counsel, (B) PricewaterhouseCoopers LLP, accounting firm and (C) any other consultants or advisors, appraisal or
valuation firms, information or exchange agents, or other entities retained by the Manager in connection with such transactions, (ii) reasonable out-of-pocket expenses incurred from and after the Closing Date relating to their Affiliated
Funds’ (as defined below) investment in, the operations of, or the services provided by the Manager to, the Company or any of its affiliates from time to time (including, without limitation, all air travel (by first class on a commercial
airline or by charter, as determined by the Manager) and other reasonable travel related expenses), (iii) reasonable out-of-pocket legal expenses incurred by the Manager or its affiliates from and after the date hereof in connection with the
enforcement of rights or taking of actions under this Agreement, under Acquisition Sub’s certificate of incorporation and bylaws, or under any subscription agreements, stockholders agreements, registration rights agreements, voting agreements
or similar agreements entered into with the Company in connection with investments in the Company (subject to any applicable limitations on expense reimbursement rights expressly set forth in such agreements) and (iv) expenses incurred from and
after the date hereof by the Manager and its affiliates, which the Manager, in its sole discretion, deems properly allocable to the Company under this Agreement. 

(b) Indemnity and Liability. The Company hereby indemnifies and agrees to exonerate and hold the Manager, each
Affiliated Fund of the Manager, and each of their respective former, current or future, direct or indirect, directors, officers, employees, agents, advisors and affiliates, each former, current or future, direct or indirect holder of any equity
interests or securities of the Manager or any Affiliated Fund of the Manager (whether such holder is a limited or general partner, member, stockholder or otherwise), each former, current or future assignee of the Manager or any Affiliated Fund of
the Manager and each former, current or future director, officer, employee, agent, advisor, general or limited partner, manager, management company, member, stockholder, affiliate, controlling person, representative and assignee of any of the
foregoing (each such person or entity, a “Related Person”) (collectively, the “Indemnitees”) free and harmless from and against any and all actions, causes of action, suits, claims, liabilities, damages and costs
and expenses in connection therewith (including reasonable attorneys’ fees and expenses) incurred by the Indemnitees or any of them before or after the date of this Agreement (collectively, the “Indemnified Liabilities”), as a
result of, arising out of, or in any way relating to (i) this Agreement, the Merger Agreement, the Merger, any transaction to which the Company or any of its affiliates is a party, or any other

  
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circumstances with respect to the Company or any of its affiliates or (ii) operations of, or services provided by the Manager to, the Company or any of its affiliates from time to time
(including but not limited to any indemnification obligations assumed or incurred by any Indemnitee to or on behalf of the Company, or any of its accountants or other representatives, agents or affiliates) except for any such Indemnified Liabilities
arising from such Indemnitee’s willful misconduct. If and to the extent that the foregoing undertaking may be unavailable or unenforceable for any reason, the Company hereby agrees to make the maximum contribution to the payment and
satisfaction of each of the Indemnified Liabilities that is permissible under applicable law. For purposes of this Section 4(b), “willful misconduct” will be deemed to have occurred only if so found in a final non-appealable judgment
of a court of competent jurisdiction to such effect, in which case to the extent any of the foregoing limitations is so determined to apply to any Indemnitee as to any previously advanced indemnity payments made by the Company, then such payments
shall be promptly repaid by such Indemnitee to the Company. The rights of any Indemnitee to indemnification hereunder will be in addition to any other rights any such Person may have under any other agreement or instrument referenced above or any
other agreement or instrument to which such Indemnitee is or becomes a party or is or otherwise becomes a beneficiary or under law or regulation. Notwithstanding the foregoing or any other provisions hereof, the rights of the Indemnitees (other than
the Manager) hereunder may only be exercised on their behalf by the Manager. In this Agreement, (i) “Person” means any individual or corporation, association, partnership, limited liability company, joint venture, joint stock
or other company, business trust, trust, organization, or other entity of any kind and (ii) the term “Affiliated Funds” means, with respect to any specified investment fund, any other investment fund that directly or indirectly
controls, is controlled by or is under common control with such specified fund or that has the same general partner or primary investment advisor as such specified fund (or a general partner or primary investment advisor that controls, is controlled
by or is under common control with the general partner or primary investment advisor of such specified fund). 

(c) Indemnification Priority. The Company hereby acknowledges that the rights to indemnification, advancement of
expenses and/or insurance provided pursuant to this Section 4 may also be provided to certain Indemnitees by Bain Capital Fund X, L.P. and certain of its affiliates and Affiliated Funds (other than the Company) (collectively, the
“Affiliate Indemnitors”) and by insurers providing insurance coverage to the Affiliated Indemnitors. The Company hereby agrees that, as between itself and the Affiliate Indemnitors and their insurers (i) the Company is the
indemnitor of first resort with respect to all such indemnifiable claims against such Indemnitees, whether arising under this Agreement or otherwise (i.e., its obligations to such Indemnitees are primary and any obligation of the Affiliate
Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by such Indemnitees are secondary), (ii) the Company shall be required to advance the full amount of expenses incurred by such
Indemnitees and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required by the terms of this Agreement (or any other agreement between the
Company and such Indemnitee), without regard to any rights such Indemnitee may have 

  
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against the Affiliate Indemnitors or any of their insurers and (iii) the Company irrevocably waives, relinquishes and releases the Affiliate Indemnitors from any and all claims against the
Affiliate Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company agrees to indemnify the Affiliate Indemnitors directly for any amounts that the Affiliate Indemnitors pay as indemnification or
advancement on behalf of any such Indemnitee and for which such Indemnitee may be entitled to indemnification from the Company in connection with serving as a director or officer (or equivalent titles) of the Company. The Company further agrees that
no advancement or payment by the Affiliate Indemnitors on behalf of any such Indemnitee with respect to any claim for which such Indemnitee has sought indemnification from the Company shall affect the foregoing and the Affiliate Indemnitors shall be
subrogated to the extent of such advancement or payment to all of the rights of recovery of such Indemnitee against the Company, and the Company shall cooperate with the Indemnitee in pursuing such rights. 

5. Disclaimer and Limitation of Liability; Opportunities. 

(a) Disclaimer; Standard of Care. The Manager does not make any representations or warranties, express or implied,
in respect of the Services to be provided by the Manager hereunder. In no event will the Manager or any of the Indemnitees be liable to Parent, the Company or any of their respective affiliates for any act, alleged act, omission or alleged omission
that does not constitute willful misconduct of the Manager as determined by a final, non-appealable determination of a court of competent jurisdiction. 
 (b) Freedom to Pursue Opportunities. In recognition that the Manager and its respective Indemnitees currently have, and will in the future have or will consider acquiring, investments in numerous
companies with respect to which the Manager or its Indemnitees may serve as an advisor, a director or in some other capacity, and in recognition that the Manager and its respective Indemnitees have a myriad of duties to various investors and
partners, and in anticipation that Parent and/or the Company, on the one hand, and the Manager (or one or more affiliates, associated investment funds or portfolio companies, or clients of the Manager), on the other hand, may engage in the same or
similar activities or lines of business and have an interest in the same areas of corporate opportunities, and in recognition of the benefits to be derived by Parent and the Company hereunder and in recognition of the difficulties that may confront
any advisor who desires and endeavors fully to satisfy such advisor’s duties in determining the full scope of such duties in any particular situation, the provisions of this Section 5(b) are set forth to regulate, define and guide the
conduct of certain affairs of Parent and the Company as they may involve the Manager. Except as the Manager may otherwise agree in writing after the date hereof: 

(i) The Manager and its Indemnitees will have the right: (A) to directly or indirectly engage in any business
(including, without limitation, any business activities or lines of business that are the same as or similar to those pursued by, or competitive with, Parent, the Company or any of their respective subsidiaries) or invest, own or deal in securities
of any other Person so engaged in 

  
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any business, (B) to directly or indirectly do business with any client or customer of Parent, the Company or any of their respective subsidiaries or, (C) to take any other action that
the Manager believes in good faith is necessary to or appropriate to fulfill its obligations as described in the first sentence of this Section 5(b) and (D) not to present potential transactions, matters or business opportunities to
Parent, the Company or any of their respective subsidiaries, and to pursue, directly or indirectly, any such opportunity for itself, and to direct any such opportunity to another Person. 

(ii) The Manager and its respective Indemnitees will have no duty (contractual or otherwise) to communicate or present any
corporate opportunities to Parent, the Company or any of their respective affiliates or to refrain from any actions specified in Section 5(b)(i) hereof, and Parent and the Company, on their own behalf and on behalf of their respective
affiliates, each hereby renounces and waives any right to require the Manager or any of its Indemnitees to act in a manner inconsistent with the provisions of this Section 5(b). 

(iii) The Manager and its Indemnitees will not be liable to Parent, the Company or any of their respective affiliates for
breach of any duty (contractual or otherwise) by reason of any activities or omissions of the types referred to in this Section 5(b) or of any such Person’s participation therein. 

(c) Limitation of Liability. In no event will the Manager or any of its Indemnitees be liable to Parent, the
Company or any of their respective affiliates for any indirect, special, punitive, incidental, exemplory or consequential damages, including, without limitation, lost profits or savings, whether or not such damages are foreseeable, or for any third
party claims (whether based in contract, tort or otherwise), relating to the Services to be provided by the Manager hereunder. Additionally, in no event shall the aggregate liability of the Manager and all of its Indemnitees with respect to this
Agreement or any Services provided hereunder exceed the fees received by the Manager pursuant to Section 2 of this Agreement. 
 6. Assignment, etc. Except as provided below, no party hereto has the right to assign this Agreement without the prior written consent of each of the other parties. Notwithstanding the foregoing,
(a) the Manager may assign all or part of its rights and obligations hereunder to any affiliate of the Manager that provides services similar to those called for by this Agreement, in which event the Manager will be released of all of its
rights and obligations hereunder and (b) the provisions hereof for the benefit of Indemnitees (other than the Manager itself) or Affiliate Indemnitors shall also inure to the benefit of such other Indemnitees, Affiliate Indemnitors and their
respective successors and assigns. 
 7. Amendments and Waivers. No amendment or waiver of any term, provision or
condition of this Agreement will be effective, unless in writing and executed by the Manager and Acquisition Sub (or their respective successors); provided, that the Manager may individually agree to waive or reduce any fee to which it is
entitled pursuant to this Agreement, and, unless otherwise directed by the Manager, such waived portion shall revert to the Company. No waiver on any one occasion will extend to or effect or be construed as a waiver of any right or remedy

  
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on any future occasion. No course of dealing of any Person nor any delay or omission in exercising any right or remedy will constitute an amendment of this Agreement or a waiver of any right or
remedy of any party hereto. 
 8. Governing Law; Jurisdiction. 

(a) Choice of Law. This Agreement and any controversy arising out of or relating to this Agreement shall be
governed by and construed in accordance with the General Corporation Law of the State of Delaware as to matters within the scope thereof, and as to all other matters shall be governed by and construed in accordance with the internal laws of the
State of New York. 
 (b) Consent to Jurisdiction. Each of the parties hereto agrees that all actions,
suits or proceedings arising out of, based upon or relating to this Agreement or the subject matter hereof will be brought and maintained exclusively in the federal and state courts of the State of New York, City of New York, County of New York.
Each of the parties hereto by execution hereof (i) hereby irrevocably submits to the jurisdiction of the federal and state courts in the State of New York, City of New York, County of New York for the purpose of any action, suit or proceeding
arising out of or based upon this Agreement or the subject matter hereof and (ii) hereby waives to the extent not prohibited by applicable law, and agrees not to assert, by way of motion, as a defense or otherwise, in any such action, suit or
proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that it is immune from extraterritorial injunctive relief or other injunctive relief, that its property is exempt or immune from attachment or
execution, that any such action, suit or proceeding may not be brought or maintained in one of the above-named courts, that any such action, suit or proceeding brought or maintained in one of the above-named courts should be dismissed on grounds of
forum non conveniens, should be transferred to any court other than one of the above-named courts, should be stayed by virtue of the pendency of any other action, suit or proceeding in any court other than one of the above-named courts, or
that this Agreement or the subject matter hereof may not be enforced in or by any of the above-named courts. Notwithstanding the foregoing, to the extent that any party hereto is or becomes a party in any litigation in connection with which it may
assert indemnification rights set forth in this Agreement, the court in which such litigation is being heard will be deemed to be included in clause (i) above. Each of the parties hereto hereby consents to service of process in any such suit,
action or proceeding in any manner permitted by the laws of the State of New York, agrees that service of process by registered or certified mail, return receipt requested, at the address specified in or pursuant to Section 10 hereof is
reasonably calculated to give actual notice and waives and agrees not to assert by way of motion, as a defense or otherwise, in any such action, suit or proceeding any claim that service of process made in accordance with Section 10 hereof does
not constitute good and sufficient service of process. The provisions of this Section 8 will not restrict the ability of any party to enforce in any court any judgment obtained in a court included in clause (i) above. 

(c) Waiver of Jury Trial. TO THE EXTENT NOT
PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, EACH OF THE
PARTIES HERETO HEREBY WAIVES, AND 

  
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COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF,
DEFENDANT, OR OTHERWISE), ANY RIGHT TO TRIAL BY JURY IN ANY FORUM
IN RESPECT OF ANY ISSUE, CLAIM, DEMAND, CAUSE OF ACTION, ACTION, SUIT
OR PROCEEDING ARISING OUT OF, BASED UPON OR RELATING TO THIS
AGREEMENT OR THE SUBJECT MATTER HEREOF, IN EACH CASE WHETHER NOW
EXISTING OR HEREAFTER ARISING AND WHETHER IN CONTRACT OR TORT OR
OTHERWISE. EACH OF THE PARTIES HERETO ACKNOWLEDGES THAT IT HAS BEEN
INFORMED BY EACH OTHER PARTY THAT THE PROVISIONS OF THIS
SECTION 8(C) CONSTITUTE A MATERIAL INDUCEMENT UPON WHICH SUCH PARTY IS
RELYING AND WILL RELY IN ENTERING INTO THIS AGREEMENT AND THE
TRANSACTIONS CONTEMPLATED HEREBY. ANY OF THE PARTIES HERETO MAY FILE AN
ORIGINAL COUNTERPART OR A COPY OF THIS AGREEMENT WITH ANY COURT AS
WRITTEN EVIDENCE OF THE CONSENT OF EACH OF THE PARTIES HERETO TO
THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. 

9. Entire Agreement, Etc. This Agreement contains the entire understanding of the parties with respect to the subject matter
hereof and supersedes any prior communication or agreement with respect thereto. Parent and each of its subsidiaries party shall be jointly and severally liable for all obligations of the Company or any other of its subsidiaries hereunder.

 10. Notice. All notices, demands, and communications required or permitted under this Agreement will be in writing and
will be effective if served upon such other party and such other party’s copied persons as specified below to the address set forth for it below (or to such other address as such party will have specified by notice to each other party) if
(i) delivered personally, (ii) sent and received by facsimile or (iii) sent by certified or registered mail or by Federal Express, DHL, UPS or any other comparably reputable overnight courier service, postage prepaid, to the
appropriate address as follows: 
 If to the Company (after the Closing Date), to it at: 

c/o The Gymboree Corporation 
 500 Howard Street 
 San Francisco, CA 94105 

Attention: General Counsel 
 Facsimile: (415) 278-7562 
 with copies to: 

Bain Capital Partners, LLC 
 111 Huntington Avenue 
 Boston, MA 02199 

Facsimile: (617) 516-2010 
 Attention: General Counsel 
 Ropes & Gray LLP 

The Prudential Tower 
 800 Boylston Street 
 Boston, Massachusetts 02119 

Facsimile: (617) 951-7050 

  
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 Attention: R. Newcomb Stillwell 

                  C. Todd Boes 

If to the Company (prior to and on the Closing Date), Holdco or Bain, to it, care of: 

Bain Capital Partners, LLC 
 111 Huntington Avenue 
 Boston, MA 02199 

Facsimile: (617) 516-2010 
 Attention: General Counsel 
 with copies to: 

Ropes & Gray LLP 
 The Prudential Tower 
 800 Boylston Street 

Boston, Massachusetts 02119 
 Facsimile: (617) 951-7050 
 Attention: 

                    R. Newcomb
Stillwell 

                    C. Todd Boes

 Unless otherwise specified herein, such notices or other communications will be deemed effective, (a) on the date
received, if personally delivered or sent by facsimile during normal business hours, (b) on the business day after being received if sent by facsimile other than during normal business hours, (c) one business day after being sent by
Federal Express, DHL or UPS or other comparably reputable delivery service and (d) five business days after being sent by registered or certified mail. Each of the parties hereto shall be entitled to specify a different address by giving notice
as aforesaid to each of the other parties hereto. 
 11. Severability. If in any judicial or arbitral proceedings a court
or arbitrator refuses to enforce any provision of this Agreement, then such unenforceable provision will be deemed eliminated from this Agreement for the purpose of such proceedings to the extent necessary to permit the remaining provisions to be
enforced, and the parties hereto shall negotiate in good faith to seek to enter into substitute provisions incorporating, as nearly as possible, the purpose, intent and effect of such unenforceable provision. To the full extent, however, that the
provisions of any applicable law may be waived, they are hereby waived to the end that this Agreement be deemed to be a valid and binding agreement enforceable in accordance with its terms, and in the event that any provision hereof is found to be
invalid or unenforceable, such provision will be construed by limiting it so as to be valid and enforceable to the maximum extent consistent with and possible under applicable law. 

12. Miscellaneous 
 (a) Counterparts. This Agreement may be executed in any number of counterparts and by each of the parties hereto in separate counterparts, each of which

  
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when so executed will be deemed to be an original and all of which together will constitute one and the same agreement. 

(b) Interpretation. The headings contained in this Agreement are for convenience of reference only and will not in
any way affect the meaning or interpretation hereof. As used herein the word “including” shall be deemed to mean “including without limitation”. This Agreement reflects the mutual intent of the parties and no rule of construction
against the drafting party shall apply. 
 (c) No Third Party Beneficiaries. The terms and provisions of
this Agreement are intended solely for the benefit of each party hereto and their respective successors and permitted assigns, and it is not the intention of the parties to confer, and, except for Indemnitees and Affiliate Indemnitors, each as
defined in Section 4 hereof (but subject to the rights of the Manager to exercise the rights of the same), no provision hereof shall confer third party beneficiary rights upon any other Person. 

[The remainder of this page is intentionally left blank. Signatures immediately follow.] 

  
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 IN WITNESS WHEREOF, each of the parties has caused this Agreement to be executed on
its behalf as an instrument under seal as of the date first above written by its officer or representative thereunto duly authorized. 
  

									
	ACQUISITION SUB:	 		 	GIRAFFE ACQUISITION CORPORATION
					
		 		 		 	By:	 	/s/ Jordan Hitch
		 		 		 	Name:	 	Jordan Hitch
		 		 		 	Title:	 	Authorized Signatory
			
	PARENT:	 		 	GIRAFFE HOLDING, INC.
					
		 		 		 	By:	 	/s/ Jordan Hitch
		 		 		 	Name:	 	Jordan Hitch
		 		 		 	Title:	 	Authorized Signatory
			
	MANAGER:	 		 	BAIN CAPITAL PARTNERS, LLC
					
		 		 		 	By:	 	BAIN CAPITAL INVESTORS, LLC, it Managing Member
					
		 		 		 	By:	 	/s/ Jordan Hitch
		 		 		 	Name:	 	Jordan Hitch
		 		 		 	Title:	 	Authorized SignatoryForm of Stockholders Agreement

 Exhibit 10.12 
 FORM OF STOCKHOLDERS AGREEMENT 
 by and among 

Giraffe Holding, Inc., 
 Giraffe Intermediate A, Inc., 
 Giraffe Intermediate B, Inc., 

The Gymboree Corporation 
 and 
 the Investors, Other Investors and Managers Named Herein 

Entered into on November 23, 2010 

 TABLE OF CONTENTS 

 

									
	 	  	 	  	Page	 
			
	 1.
	  	 EFFECTIVENESS; DEFINITIONS
	  	 	2	  
		  	1.1.	  	 Closing
	  	 	2	  
		  	1.2.	  	 Definitions
	  	 	2	  
	 2.
	  	 VOTING AGREEMENT
	  	 	2	  
		  	2.1.	  	 Election of Directors
	  	 	2	  
		  	2.2.	  	 Significant Transactions
	  	 	2	  
		  	2.3.	  	 Consent to Amendment
	  	 	2	  
		  	2.4.	  	 Grant of Proxy
	  	 	2	  
		  	2.5.	  	 The Company
	  	 	3	  
		  	2.6.	  	 Period
	  	 	3	  
	 3.
	  	 TRANSFER RESTRICTIONS
	  	 	3	  
		  	3.1.	  	 Permitted Transferees
	  	 	3	  
		  	3.2.	  	 Tag Alongs, Drag Alongs, Etc.
	  	 	4	  
		  	3.3.	  	 Transfers Pursuant to Section 5; Transfers to the Company
	  	 	4	  
		  	3.5.	  	 Impermissible Transfer
	  	 	5	  
		  	3.6.	  	 Period
	  	 	5	  
		  	3.7.	  	 Transfers of Options
	  	 	5	  
	 4.
	  	 INVESTOR TRANSFER RIGHTS; “TAG ALONG” AND “DRAG ALONG” RIGHTS
	  	 	6	  
		  	4.1.	  	 Tag Along
	  	 	6	  
		  	4.2.	  	 Drag Along
	  	 	8	  
		  	4.3.	  	 Exercise
	  	 	9	  
		  	4.4.	  	 Miscellaneous
	  	 	9	  
		  	4.5.	  	 Period
	  	 	11	  
	 5.
	  	 OPTIONS TO PURCHASE MANAGEMENT SHARES
	  	 	12	  
		  	5.1.	  	 Call Options
	  	 	12	  
		  	5.2.	  	 Closing
	  	 	14	  
		  	5.3.	  	 Form of Payment
	  	 	14	  
		  	5.4.	  	 Investor Call Option
	  	 	16	  
		  	5.5.	  	 Acknowledgment
	  	 	16	  
		  	5.6.	  	 Period
	  	 	16	  
	6.	  	 REMEDIES
	  	 	16	  
		  	6.1.	  	 Generally
	  	 	16	  
		  	6.2.	  	 Deposit
	  	 	16	  
	 7.
	  	 LEGENDS
	  	 	17	  
		  	7.1.	  	 Restrictive Legend
	  	 	17	  
		  	7.2.	  	 1933 Act Legends
	  	 	18	  
		  	7.3.	  	 Stop Transfer Instruction
	  	 	18	  
		  	7.4.	  	 Termination of 1933 Act Legend
	  	 	18	  
	 8.
	  	 AMENDMENT, TERMINATION, ETC.
	  	 	18	  
		  	8.1.	  	 Oral Modifications
	  	 	18	  
		  	8.2.	  	 Written Modifications
	  	 	18	  

									
		  	8.3.	  	 Effect of Termination
	  	 	19	  
	 9.
	  	 DEFINITIONS
	  	 	19	  
		  	9.1.	  	 Certain Matters of Construction
	  	 	19	  
		  	9.2.	  	 Definitions
	  	 	19	  
	 10.
	  	 MISCELLANEOUS
	  	 	25	  
		  	10.1.	  	 Authority; Effect
	  	 	25	  
		  	10.2.	  	 Notices
	  	 	25	  
		  	10.3.	  	 Binding Effect, Etc.
	  	 	26	  
		  	10.4.	  	 Descriptive Headings
	  	 	26	  
		  	10.5.	  	 Counterparts
	  	 	26	  
		  	10.6.	  	 Severability
	  	 	26	  
	 11.
	  	 GOVERNING LAW
	  	 	27	  
		  	11.1.	  	 Governing Law
	  	 	27	  
		  	11.2.	  	 Consent to Jurisdiction
	  	 	27	  
		  	11.3.	  	 WAIVER OF JURY TRIAL
	  	 	28	  
		  	11.4.	  	 Exercise of Rights and Remedies
	  	 	28	  

  
 ii 

 STOCKHOLDERS AGREEMENT 

This Stockholders Agreement (this “Agreement”) is made as of November 23, 2010, by and among: 

 

	 	(i)	Giraffe Holding, Inc. (the “Company”); 

  

	 	(ii)	Giraffe Intermediate A, Inc. (“Giraffe A”); 

  

	 	(iii)	Giraffe Intermediate B, Inc. (“Giraffe B”); 

  

	 	(iv)	The Gymboree Corporation (“Gymboree”); 

  

	 	(v)	each of Bain Capital Fund X, L.P., BCIP Associates IV (U.S.), L.P., BCIP Associates IV-B (U.S.), L.P., BCIP T Associates IV (U.S.), L.P., and BCIP T Associates IV-B
(U.S.), L.P. (together with their Permitted Transferees, the “Investors”); 

  

	 	(vi)	RGIP, LLC, FS Partners II, LLC and such other Persons who from time to time become party hereto by executing a counterpart signature page hereof and are designated by
the Board as “Other Investors” (together with their Permitted Transferees, the “Other Investors”); and 

  

	 	(vii)	such other Persons who from time to time become party hereto by executing a counterpart signature page hereof and are designated by the Board as “Managers”
(together with their Permitted Transferees, the “Managers” and together with the Investors and the Other Investors, the “Stockholders”). 

Recitals 

1. On or about the date hereof, the Company caused its indirect subsidiary Giraffe Acquisition Corporation (“Merger
Sub”), a wholly owned subsidiary of Giraffe B, a wholly owned subsidiary of Giraffe A, a wholly owned subsidiary of the Company, to merger with and into Gymboree with Gymboree being the surviving corporation, pursuant to an Agreement and
Plan of Merger, dated October 11, 2010, by and among Gymboree, the Company and Merger Sub (the “Merger Agreement”). 
 2. The parties hereto believe that it is in the best interests of the Company and the Stockholders to set forth their agreements on certain matters. 

Agreement 

Therefore, the parties hereto hereby agree as follows: 

 1. EFFECTIVENESS; DEFINITIONS. 

1.1. Closing. This Agreement will become effective upon consummation of the closing under the Merger Agreement (the
“Closing”). 
 1.2. Definitions. Certain terms are used in this Agreement as specifically
defined herein. These definitions are set forth or referred to in Section 9 hereof. 
 2. VOTING AGREEMENT. 

2.1. Election of Directors. Each holder of Shares hereby agrees to cast all votes to which such holder is entitled
in respect of the Shares, whether at any annual or special meeting, by written consent or otherwise, (a) to fix the number of members of the board of directors of the Company (the “Board”) at such number as may be specified
from time to time by the Majority Investors and (b) to elect as members of the Board such individuals as shall have been nominated from time to time by the Majority Investors. 

2.2. Significant Transactions. Each holder of Shares agrees to cast all votes to which such holder is entitled in
respect of the Shares, whether at any annual or special meeting, by written consent or otherwise, in the same proportion as Investor Shares are voted by the Investors to approve any sale, recapitalization, merger, consolidation, reorganization or
any other transaction or series of transactions involving the Company or its direct or indirect subsidiaries (or all or any portion of their respective assets) in connection with, or in furtherance of, the exercise by the Majority Investors of their
rights under Section 4.2. 
 2.3. Consent to Amendment. Each holder of Shares agrees to cast all
votes to which such holder is entitled in respect of the Shares, whether at any annual or special meeting, by written consent or otherwise, in the same proportion as Investor Shares are voted by the Majority Investors to increase the number of
authorized shares of Common Stock to the extent necessary to permit the Company to comply with the provisions of its Certificate of Incorporation or any agreement to which the Company is a party. 

2.4. Grant of Proxy. Each holder of Shares other than the Investors hereby grants to the Investors an irrevocable
proxy coupled with an interest to vote his, her or its Shares in accordance with his, her or its agreements contained in this Section 2, which proxy will be valid and remain in effect until the provisions of this Section 2 expire pursuant
to Section 2.6. 

  
 - 2 -

 2.5. The Company. The Company agrees not to give effect to any action
by any holder of Shares or any other Person which is in contravention of this Section 2. 
 2.6.
Period. The foregoing provisions of this Section 2 will expire on the earliest of (a) the closing of a Change of Control, (b) the closing a Qualified Public Offering and (c) the last date permitted by law. 

3. TRANSFER RESTRICTIONS. No holder of Shares will Transfer any of such Shares to any other Person except as provided in this
Section 3. 
 3.1. Permitted Transferees. 

3.1.1 Affiliates. Any holder of Shares may Transfer any or all of such Shares to an Affiliate of such holder or to
a Charitable Organization. 
 3.1.2 Estate Planning. Any holder of Shares who is a natural Person may
Transfer any or all of such Shares (i) by gift to, or for the benefit of, any Member of the Immediate Family of such holder, (ii) to a trust for the benefit of such holder or any Member of the Immediate Family of such holder or
(iii) to any other trust in respect of which such holder serves as trustee; provided, however, in the case of clause (iii), that the trust instrument governing such trust will provide that such holder, as trustee, will retain sole
and exclusive control over the voting and disposition of such Shares until the termination of this Agreement. 

3.1.3 Upon Death. Subject to the provisions of Section 5.1 hereof upon the death of any holder of Shares who
is a natural Person, such Shares may be distributed by the will or other instrument taking effect at death of such holder or by applicable laws of descent and distribution to such holder’s estate, executors, administrators and personal
representatives, and then to such holder’s heirs, legatees or distributees, whether or not such recipients are Members of the Immediate Family of such holder or a Charitable Organization. 

3.1.4 Investors, the Company and Certain Public Offerings. Any holder of Shares may Transfer any or all of such
Shares to (a) any Investor, (b) with the Board’s approval, the Company or any subsidiary of the Company or (c) in accordance with the terms of the Registration Rights Agreement. 

3.1.5 Additional Permitted Transfers by the Investors. Any holder of Investor Shares may Transfer any or all of
such Shares (a) to an Investor or an Affiliated Fund or (b) to its partners or members or to Affiliates of any of the foregoing. 

  
 - 3 -

 3.1.6 Additional Permitted Transfers by the Other Investors. Any
holder of Other Investor Shares may Transfer any or all of such Shares to its partners or members in connection with the termination of such holder’s legal existence. Any such transfer may be made no earlier than six months prior to the
termination of the holder’s existence. 
 No Transfer permitted under the terms of this Section 3.1 will be effective unless the
transferee of such Shares (each, a “Permitted Transferee”) has delivered to the Company a written acknowledgment and agreement in form and substance reasonably satisfactory to the Company that such Shares to be received by such
Permitted Transferee will remain Investor Shares, Other Investor Shares or Management Shares, as the case may be, and will be subject to all of the provisions of this Agreement and that such Permitted Transferee will be bound by, and will be a party
to, this Agreement as the holder of Investor Shares, Other Investor Shares or Management Shares, as the case may be, or as may otherwise be determined by the Board, hereunder; provided, however, that Shares Transferred to any director,
officer or employee of, or consultant or adviser to, the Company or any of its subsidiaries by a holder of Investor Shares will thereafter become Management Shares hereunder; and provided further that no Transfer by any holder of
Shares to a Permitted Transferee will relieve such holder of any of its obligations hereunder. 
 3.2. Tag
Alongs, Drag Alongs, Etc. In addition to Transfers permitted under Section 3.1: 
 (a) any holder of
Investor Shares may Transfer such Shares if (i) such holder has complied with the “tag along” provisions contained in Section 4.1 hereof or (ii) the Majority Investors have exercised their “drag along” rights set
forth in Section 4.2 hereof; and 
 (b) any holder of Shares may Transfer any or all of such Shares in
accordance with the provisions, terms and conditions of Sections 4.1 and 4.2 hereof solely in their capacity as Participating Sellers thereunder. 
 Any Shares Transferred after compliance with the terms of Sections 4.1 or 4.2 hereof will conclusively be deemed thereafter not to be Shares under this Agreement and not to be subject to any of the
provisions hereof or entitled to the benefit of any of the provisions hereof. 
 3.3. Transfers Pursuant to
Section 5; Transfers to the Company. Management Shares may be transferred pursuant to the terms of Section 5. Any Shares Transferred to the Company pursuant to this Agreement will conclusively be deemed thereafter not to be Shares
under this Agreement and not to be subject to any of the provisions hereof or entitled to the benefit of any of the provisions hereof. Any Shares Transferred to the Investors pursuant to this Agreement will be conclusively deemed thereafter to be
Investor Shares under this Agreement and will be subject to, and entitled to the benefit of, the provisions hereof. 

  
 - 4 -

 3.4. Impermissible Transfer. Any attempted Transfer of Shares not
permitted under the terms of this Section 3 will be null and void, and the Company will not in any way give effect to any such impermissible Transfer. Notwithstanding any other provision of this Section 3 or otherwise and except as
provided in Section 4: 
 3.4.1 In no event will any Manager be entitled to Transfer his or her Shares
(i) to any Person (whether or not to an Affiliate) that in the reasonable judgment of the Majority Investors, exercised in good faith, is a competitor of, or other Person who is adverse to the interests of, the Company or Gymboree or
(ii) to any Person who (directly or indirectly) (a) holds an ownership interest in such competitor equal to five percent or more, (b) has invested $5,000,000 or more in such competitor or (c) has designated, or has the right to
designate, a member of the board of directors of such competitor, in each case without the approval of the Majority Investors, except, in or following a Qualified Public Offering, in any bona fide underwritten public offering or in any Rule 144
Sale; and 
 3.4.2 No Manager will be entitled to Transfer Shares at any time if such Transfer would:
(i) violate the Securities Act, or any state (or other jurisdiction) securities or “blue sky” laws applicable to the Company or the Shares; (ii) cause the Company to be required to register Common Stock under Section 12(g)
of the Exchange Act; (iii) cause the Company to become subject to the registration requirements of the U.S. Investment Company Act of 1940, as amended from time to time; or (iv) be a non-exempt “prohibited transaction” under
ERISA or the Code or cause all or any portion of the assets of the Company to constitute “plan assets” under ERISA or Section 4975 of the Code. 
 3.5. Period. The foregoing provisions of this Section 3 will expire upon the earlier of the closing of (a) a Change of Control and (b) the effectiveness of the Company’s
registration statement in connection with a Qualified Public Offering. 
 3.6. Transfers of Options. Any
Transfer of Options by a Manager or Permitted Transferee that has become a party hereto will be governed by and subject to the terms and conditions of the applicable equity incentive plan to the extent permitted by the terms thereof. 

3.7. Stockholder Lock-Up. In connection with each underwritten Public Offering each Stockholder hereby agrees to be
bound by and, if requested, to execute and deliver a lock-up agreement with the underwriter(s) of such Public Offering (the “Principal Lock-Up Agreement”) restricting such Stockholder’s right to (i) Transfer any Shares or
(ii) enter into any swap or other arrangement that transfers to another any of the economic consequences of ownership of Shares, in each case to the extent that such restrictions are agreed to (A) in the case of an Initial Public Offering
that is not a demand registration initiated by an Investor, by the Board, (B) in the case of a demand registration initiated by an Investor, by the Investors 

  
 - 5 -

 
holding a majority of the Shares proposed to be offered and (C) otherwise, by the holders of a majority of the Shares participating in the Public Offering; provided, however,
that no Stockholder will be required by this Section 3.7 to be bound by a lock-up agreement covering a period of greater than 90 days (180 days in the case of the Initial Public Offering) following the effectiveness of the related registration
statement plus such additional period of up to 17 days as may be required by the underwriters to satisfy FINRA regulations and permit the managing underwriters’ analysts to publish research updates; provided, further, that no
Stockholder will be required by this Section 3.7 to be bound by a lock-up agreement unless the Stockholders that hold a majority of the Shares held by all Stockholders execute such a lock-up agreement with the underwriter(s) of the applicable
Public Offering. Notwithstanding the foregoing, such lock-up agreement will not apply to (i) transactions relating to shares of Common Stock or other securities acquired in (A) open market transactions or block purchases after the
completion of the Initial Public Offering (or other Public Offering, as applicable) or (B) a Public Offering, (ii) Transfers to Permitted Transferees of such Stockholder in accordance with the terms of this Agreement (including the
obligations of such Permitted Transferee to execute and deliver a Principal Lock-Up Agreement), and (iii) conversions of shares of Common Stock into other classes of Common Stock without change of holder. 

4. INVESTOR TRANSFER RIGHTS; “TAG ALONG” AND “DRAG ALONG” RIGHTS. 

4.1. Tag Along. If one or more holders of Investor Shares (each such holder, a “Prospective Selling
Investor”) proposes to Transfer to a Prospective Buyer (other than an Affiliate of the Investors) in a transaction subject to Section 3.2(a)(i) hereof, an amount of Investor Shares equal to an aggregate of 20% or more of the Investor
Shares then currently outstanding and in connection therewith the Majority Investors have not elected to exercise their “drag along” rights under Section 4.2: 

4.1.1 Notice. The Prospective Selling Investors will deliver a written notice (the “Tag Along
Notice”) to each other holder of Shares (each, a “Tag Along Holder”) at least ten Business Days prior to such proposed Transfer. The Tag Along Notice will include: 

(a) The principal terms of the proposed Sale insofar as it relates to such Shares, including (i) the number and
class of the Shares to be purchased from the Prospective Selling Investors, (ii) with respect to each class of Shares to be purchased from the Prospective Selling Investors, the fraction(s) expressed as a percentage, determined by dividing the
number of Shares of such class to be purchased from the Prospective Selling Investors by the total number of Investor Shares of such class purchased by the Investors (the “Tag Along Sale Percentage”), (iii) the maximum and
minimum per Share purchase price and the form of consideration to be paid by the Prospective Purchaser and (iv) the name and address of the Prospective Buyer; and 

  
 - 6 -

 (b) An invitation to each Tag Along Holder to make an offer to include in
the proposed Sale to the applicable Prospective Buyer an additional number of Shares, of the applicable class of Shares proposed to be transferred, held by such Tag Along Holder (in any event not to exceed in the case of a Tag Along Holder and all
of his, her or its Permitted Transferees the Tag Along Sale Percentage of the total number of Shares of the applicable class of Shares held by such Tag Along Holder excluding for purposes of such calculation all Shares underlying any outstanding
Options, Warrants or Convertible Securities), on the same terms and conditions (subject to Section 4.3.4 hereof in the case of Options, Warrants and Convertible Securities), with respect to each Share Sold, as the Prospective Selling Investors
shall Sell each of their Shares. 
 4.1.2 Exercise. Within ten Business Days after the date of the Tag
Along Notice, each Tag Along Holder desiring to make an offer to include issued and outstanding Shares in the proposed Sale (each a “Participating Seller” and, together with the Prospective Selling Investors, collectively, the
“Tag Along Sellers”) will furnish a written notice (the “Tag Along Offer”) to the Prospective Selling Investors offering to include an additional number of Shares of the applicable class of Shares (not in any event
to exceed the Tag Along Sale Percentage of the total number of Shares of the applicable class held by such Participating Seller) that such Participating Seller desires to have included in the proposed Sale. Each Tag Along Holder who does not accept
the Prospective Selling Investors’ invitation to make an offer to include Shares in the proposed Sale will be deemed to have waived all of his, her or its rights with respect to such Sale, and the Tag Along Sellers will thereafter be free to
Sell to the Prospective Buyer, at a per Share price no greater than the maximum per Share price set forth in the Tag Along Notice and on other principal terms which are not materially more favorable to the Tag Along Sellers than those set forth in
the Tag Along Notice, without any further obligation to such non-accepting Tag Along Holder. 
 4.1.3
Irrevocable Offer. The offer of each Participating Seller contained in his, her or its Tag Along Offer will be irrevocable, and, to the extent such offer is accepted, such Participating Seller will be bound and obligated to Sell in the
proposed Sale on the same terms and conditions, with respect to each Share Sold (subject to Section 4.3.4 hereof in the case of Options, Warrants and Convertible Securities), as the Prospective Selling Investors, up to such number of Shares as
such Participating Seller will have specified in his, her or its Tag Along Offer; provided, however, that if the principal terms of the proposed Sale change with the result that the per Share price will be less than the minimum per
Share price set forth in the Tag Along Notice or the other principal terms will be materially less favorable to the Tag Along Sellers than those set forth in the Tag Along Notice, each Participating Seller will be permitted to withdraw the offer
contained in his, her or its Tag Along Offer and will be released from his, her or its obligations thereunder. 

4.1.4 Reduction of Shares Sold. The Prospective Selling Investors shall attempt to obtain the inclusion in the
proposed Sale of the entire number of Shares that each of the Tag Along Sellers requested to have included in the Sale (as evidenced in the case of the Prospective Selling Investors by the Tag Along Notice and in the case of each

  
 - 7 -

 
Participating Seller by such Participating Seller’s Tag Along Offer). In the event the Prospective Selling Investors will be unable to obtain the inclusion of such entire number of Shares in
the proposed Sale, the number of Shares of each class to be sold in the proposed Sale will be allocated among the Tag Along Sellers in proportion, as nearly as practicable, to the respective number of Shares of such class held by each Tag Along
Seller, excluding for purposes of such calculation all Shares underlying any outstanding Options or Warrants. 

4.1.5 Additional Compliance. If prior to consummation of the Sale, the terms of the proposed Sale change with the
result that the per Share price to be paid in such proposed Sale will be greater than the maximum per Share price set forth in the Tag Along Notice or the other principal terms of such proposed Sale will be materially more favorable to the Tag Along
Sellers than those set forth in the Tag Along Notice, the Tag Along Notice will be null and void, and it will be necessary for a separate Tag Along Notice to be furnished, and the terms and provisions of this Section 4.1 separately complied
with, in order to consummate such proposed Sale pursuant to this Section 4.1; provided, however, that in the case of such a separate Tag Along Notice, the applicable period to which reference is made in Sections 4.1.1 and 4.1.2
hereof will be five Business Days. If the Prospective Selling Investors have not completed the proposed Sale by the end of the 180th day following the date of the Tag Along Notice, each Participating Seller will be released from his, her or its
obligations under his, her or its Tag Along Offer, the Tag Along Notice will be null and void, and it will be necessary for a separate Tag Along Notice to be furnished, and the terms and provisions of this Section 4.1 separately complied with,
in order to consummate such proposed Sale pursuant to this Section 4.1, unless the failure to complete such proposed Sale resulted from any failure by any Participating Seller to comply with the terms of this Section 4.1. 

4.1.6 Classes of Shares. For the avoidance of doubt, the right of any Tag Along Holder to include Shares in any
Sale in accordance with this Section 4.1 will be limited to a right to include Shares in such Sale which are of the same class as the Shares to be included in such Sale by the Prospective Selling Investors, and all determinations under this
Section 4.1 will be made on the basis of the holdings of Shares of the class of Shares to be included in such Sale by the Prospective Selling Investor (including the Tag Along Sale Percentage). 

4.2. Drag Along. If one or more holders of Investor Shares (each such holder, a “Prospective Selling
Investor”) proposes to Sell to a Prospective Buyer (other than an Affiliate of the Investors) an amount of Investor Shares equal to an aggregate of 20% or more of the Investor Shares then currently outstanding, each holder of Shares of a class
hereby agrees, if requested by the Majority Investors, to Sell a percentage of each class of Shares held by such holder of Shares that is equal to the percentage of Investor Shares owned by the Prospective Selling Investor that are proposed to be
Sold by the Prospective Selling Investor to the Prospective Buyer (the “Drag Along Sale Percentage”), directly or indirectly, in the manner and on the terms set forth in this Section 4.2. 

  
 - 8 -

 4.2.1 Exercise. If the Majority Investors elect to exercise their
rights under this Section 4.2, the Prospective Selling Investors will furnish a written notice (the “Drag Along Notice”) to each other holder of Shares. The Drag Along Notice will set forth the principal terms of the proposed
Sale insofar as it relates to such Shares including (i) the number and class of Shares to be acquired from the Prospective Selling Investors, (ii) the Drag Along Sale Percentage applicable to such class, (iii) the per Share
consideration (which, for the avoidance of doubt, may be expressed as a formula or otherwise) applicable to such class to be received in the proposed Sale of Shares of a class and (iv) the name and address of the Prospective Buyer. If the
Prospective Selling Investors consummate the proposed Sale to which reference is made in the Drag Along Notice, each other holder of Shares (each a “Participating Seller”, and, together with the Prospective Selling Investors,
collectively, the “Drag Along Sellers”) will be bound and obligated to Sell the Drag Along Sale Percentage of his, her or its Shares of such class in the proposed Sale on the same terms and conditions, with respect to each Share
Sold (subject to Section 4.3.4 hereof in the case of Options, Warrants and Convertible Securities), as the Prospective Selling Investors will Sell each Investor Share of such class in the Sale (subject to Section 4.3.4 hereof in the case
of Options, Warrants and Convertible Securities). 
 4.2.2 Waiver of Appraisal Rights. Each Drag Along
Seller agrees not to demand or exercise appraisal rights under Section 262 of the DGCL with respect to a transaction subject to this Section 4.2 as to which such appraisal rights are available. 

4.2.3 Classes of Shares. For the avoidance of doubt, the obligation of any holder of Shares to include Shares in
any Sale in accordance with this Section 4.2 will be limited to an obligation to include Shares in such Sale which are of the same class as the Shares to be included in such Sale by the Prospective Selling Investors, and all determinations
under this Section 4.2 will be made on the basis of the holdings of Shares of the class of Shares to be included in such Sale by the Prospective Selling Investor (including the Drag Along Sale Percentage). 

4.3. Miscellaneous. The following provisions will apply to any proposed Sale to which Sections 4.1 or 4.2 apply:

 4.3.1 Certain Legal Requirements. In the event the consideration to be paid in exchange for Shares in a
proposed Sale pursuant to Section 4.1 or Section 4.2 hereof includes any securities, and the receipt thereof by a Participating Seller would require under applicable law (a) the registration or qualification of such securities or of
any Person as a broker or dealer or agent with respect to such securities or (b) the provision to any Tag Along Seller or Drag Along Seller of any information regarding the Company, such securities or the issuer thereof, such Participating
Seller will not have the right to Sell Shares in such proposed Sale. In such event, the Prospective Selling Investors will have the right, but not the obligation, to cause to be paid to such Participating Seller in lieu thereof, against surrender of
the Shares (in accordance with Section 4.3.6 hereof) 

  
 - 9 -

 
which would have otherwise been Sold by such Participating Seller to the Prospective Buyer in the proposed Sale, an amount in cash equal to the Fair Market Value of such Shares as of the date
such securities would have been issued in exchange for such Shares. 
 4.3.2 Further Assurances. Each
Participating Seller, whether in his, her or its capacity as a Participating Seller, stockholder, officer or director of the Company, or otherwise, will take or cause to be taken all such actions as may be necessary or reasonably desirable in order
to expeditiously consummate each Sale pursuant to Section 4.1 or Section 4.2 hereof and any related transactions, including executing, acknowledging and delivering consents, assignments, waivers and other documents or instruments;
furnishing information and copies of documents; filing applications, reports, returns, filings and other documents or instruments with governmental authorities; and otherwise cooperating with the Prospective Selling Investors and the Prospective
Buyer; provided, however, that Participating Sellers will be obligated to become liable in respect of any representations, warranties, covenants, indemnities or otherwise to the Prospective Buyer solely to the extent provided in the
immediately following sentence. Without limiting the generality of the foregoing, each Participating Seller agrees to execute and deliver such agreements as may be reasonably specified by the Prospective Selling Investors to which such Prospective
Selling Investors will also be party on the same terms and conditions with respect to each Share sold, including agreements to (a) (i) make individual representations, warranties, covenants and other agreements, on a several basis and
solely as to themselves, as to the unencumbered title to its Shares and the power, authority and legal right to Transfer such Shares and the absence of any Adverse Claim with respect to such Shares and (ii) be liable, on a several basis,
without limitation as to such representations, warranties, covenants and other agreements, (b) be liable (whether by purchase price adjustment, indemnity payments or otherwise) in respect of representations, warranties, covenants and agreements
in respect of the Company and its subsidiaries; provided, however, that the aggregate amount of liability described in this clause (b) in connection with any Sale of Shares will not exceed the lesser of (i) such Participating
Seller’s pro rata portion of any such liability, to be determined in accordance with such Participating Seller’s portion of the total number of Shares included in such Sale or (ii) the proceeds allocated to such Participating Seller
in connection with such Sale and (c) be liable in respect of claims for fraud, willful breach and intentional misconduct to the extent such claims are not limited against the Prospective Selling Investors. 

4.3.3 Sale Process. The Prospective Selling Investors will, in their sole discretion, decide whether or not to
pursue, consummate, postpone or abandon any proposed Sale and the terms and conditions thereof. No Investor or any Affiliate of any Investor will have any liability to any other holder of Shares arising from, relating to or in connection with the
pursuit, consummation, postponement, abandonment or terms and conditions of any proposed Sale except to the extent such Investor will have failed to comply with the provisions of this Section 4. 

4.3.4 Treatment of Options, Warrants and Convertible Securities. Each Participating Seller agrees that to the
extent he, she or it desires to include vested and 

  
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exercisable Options, Warrants or Convertible Securities in any Sale of Shares pursuant to Section 4 hereof, he, she or it shall be deemed to have exercised, converted or exchanged such
vested and exercisable Options, Warrants or Convertible Security immediately prior to the closing of such Sale to the extent necessary to Sell Common Stock to the Prospective Buyer, except to the extent permitted under the terms of any such Option,
Warrant or Convertible Security and agreed to by the Board and the Prospective Buyer. If any Participating Seller will Sell Options, Warrants or Convertible Securities in any Sale pursuant to Section 4 hereof, such Participating Seller will
receive in exchange for such Options, Warrants or Convertible Securities consideration equal to the amount (if greater than zero) determined by multiplying (a) the purchase price per Share of Common Stock received by the holders of the
Prospective Selling Investors in such Sale less the unpaid exercise or conversion price, if any, per Share of such Option, Warrant or Convertible Security by (b) the number of Shares of Common Stock issuable upon exercise, conversion or
exchange of such Option, Warrant or Convertible Security (to the extent exercisable, convertible or exchangeable at the time of such Sale), subject to reduction for any tax or other amounts required to be withheld under applicable law. 

4.3.5 Expenses. All reasonable costs and expenses incurred by the Prospective Selling Investors or the Company in
connection with any proposed Sale pursuant to this Section 4 (whether or not consummated), including all attorneys fees and charges, all accounting fees and charges and all finders, brokerage or investment banking fees, charges or commissions,
will be paid by the Company. The reasonable fees and charges of a single legal counsel representing any or all of the other Tag Along Sellers or Drag Along Sellers in connection with any proposed Sale pursuant to this Section 4 (whether or not
consummated) will be paid by the Company. Any other costs and expenses incurred by or on behalf of any or all of the other Tag Along Seller(s) or Drag Along Seller(s) in connection with any proposed Sale pursuant to this Section 4 (whether or
not consummated) will be borne by such Tag Along Seller(s) or Drag Along Seller(s). 
 4.3.6 Closing. The
closing of a Sale to which Sections 4.1 or 4.2 hereof apply will take place at such time and place as the Prospective Selling Investors will specify by notice to each Participating Seller. At the closing of such Sale, each Participating Seller
will deliver the certificates evidencing the Shares (or Options, Warrants or Convertible Securities to the extent permitted by this Section 4.3) to be Sold by such Participating Seller, duly endorsed, or with stock (or equivalent) powers duly
endorsed, for transfer with signature guaranteed, free and clear of any Adverse Claim, with any stock (or equivalent) transfer tax stamps affixed, against delivery of the applicable consideration. 

4.4. Period. The foregoing provisions of this Section 4 will expire upon the earlier of the closing of
(a) a Change of Control and (b) the effectiveness of the Company’s registration statement in connection with an Initial Public Offering. 

  
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 5. OPTIONS TO PURCHASE MANAGEMENT SHARES. 

5.1. Call Options. Except as the Company may otherwise agree in writing with any Manager with respect to Shares
held by such Manager (or any Person to whom any shares of Common Stock were originally issued at the request of such Manager) or originally issued to such Manager (or other Person at the request of such Manager) but held by one or more direct or
indirect Permitted Transferees (collectively, the “Management Call Group”), upon any termination of the employment by the Company and its subsidiaries of any Manager (whether such termination is by the Company, by such Manager or
otherwise), the Company will have the right to purchase for cash (or a note to the extent provided in Section 5.3 below) all or any portion of the Purchased Management Shares held by the Management Call Group on the following terms (the
“Management Call Option”): 
 5.1.1 General. For all Purchased Management Shares, the
following terms will apply: 
 (a) Termination other than for Cause. If a Manager’s employment is
terminated for any reason other than for Cause (including as a result of death or disability), or if a Manager resigns his or her employment for any reason, the Company (or its designated assignee) will have the right, on one or more occasions, at
any time up to and including the date that is ninety days following the later to occur of (x) the later of termination of such Manager’s employment and the last date on which any Option or Warrant is exercisable by any member of such
Manager’s Management Call Group, and (y) the date that is six months plus one day following the most recent acquisition of Purchased Management Shares from the Company by any member of such Manager’s Management Call Group, to purchase
from such Management Call Group, and upon the exercise of such call right each member of such Management Call Group will sell to the Company (or its designated assignee), all of the Purchased Management Shares held by such member of the Management
Call Group as of the date as of which such call right is exercised at a price equal to the Fair Market Value of the Purchased Management Shares being sold, determined as of the date specified in such Management Call Notice (as defined below), which
date will be no earlier than the date that is six months plus one day following the most recent acquisition from the Company by any member of such Manager’s Management Call Group of any such Purchased Management Shares that are to be purchased
by the Company pursuant to such exercised call right and will be no later than the last date on which the Company is permitted to issue a Management Call Notice in respect of such Purchased Management Shares under this Section 5.1.1(a).

 (b) Termination for Cause. If a Manager’s employment is terminated for Cause (or the Company
reasonably determines that it could have terminated such Manager’s employment for Cause at the time such Manager resigned), the Company (or its designated assignee) will have the right, on one or more occasions, at any time up to and including
the date that is ninety days following the later to occur of (x) the later 

  
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of termination of such Manager’s employment and the last date on which any Option or Warrant is exercisable by any member of such Manager’s Management Call Group, and (y) the date
that is six months plus one day following the most recent acquisition of Purchased Management Shares from the Company by any member of such Manager’s Management Call Group, to purchase from such Management Call Group, and upon the exercise of
such call right each member of such Management Call Group will sell to the Company (or its designated assignee), all of the Purchased Management Shares held by such member of the Management Call Group as of the date as of which such call right is
exercised at a price (the “Bad Leaver Price”) equal to the lesser of (i) the Fair Market Value of the Purchased Management Shares being sold, determined as of the date specified in such Management Call Notice, which date will
be no earlier than the date that is six months plus one day following the most recent acquisition from the Company by any member of such Manager’s Management Call Group of any such Purchased Management Shares that are to be purchased by the
Company pursuant to such exercised call right and will be no later than the last date on which the Company is permitted to issue a Management Call Notice in respect of such Purchased Management Shares under this Section 5.1.1(b), and
(ii) the price paid, if any, by such Manager for such Purchased Management Shares; provided, that for purposes of the foregoing clause (ii), the price paid by a Manager for a share acquired upon exercise of an Option or Warrant will be
deemed to be equal to the exercise price of such Option or Warrant. 
 (c) Violation of Non-Competition
Obligations. If a Manager’s employment is terminated for any reason or if a Manager resigns his or her employment for any reason and, within twelve months of such termination or resignation, such Manager Competes, the Company (or its
designated assignee) will have the right, on one or more occasions, at any time up to and including the date that is one hundred eighty (180) days following the later to occur of (x) the later of the first date on which the Company
receives notice that such Manager Competed and the last date on which any Option or Warrant is exercisable by any member of such Manager’s Management Call Group, and (y) the date that is six months plus one day following the most recent
acquisition of Shares from the Company by any member of such Manager’s Management Call Group, to purchase from such Management Call Group, and upon the exercise of such call right each member of such Management Call Group will sell to the
Company (or its designated assignee), all of the Purchased Management Shares held by such member of the Management Call Group as of the date as of which such call right is exercised at a price equal to the Bad Leaver Price. 

5.1.2 Notices, Etc. Any Management Call Option may be exercised by delivery of written notice thereof (the
“Management Call Notice”) to all members of the applicable Management Call Group from whom the Company has elected to purchase Purchased Management Shares no later than the end of the applicable 90 or 180 day period specified in
Section 5.1.1. The Management Call Notice will state that the Company has elected to exercise the Management Call Option, the number of Purchased 

  
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Management Shares with respect to which the Management Call Option is being exercised and the price or the date for determining the price of such shares. 

5.1.3 Vesting. The rights of the Company and the Investors to purchase Management Shares under this Section 5
are in addition to, and do not modify, any vesting or exercisability requirements or forfeiture conditions that may be included in the terms of any Management Shares. 

5.2. Closing. 
 5.2.1 The closing of any purchase and sale of Management Shares pursuant to this Section 5 will take place as soon as reasonably practicable, and in any event not later than 30 days after delivery of
the Management Call Notice or, in the case of Option Shares, if later, 30 days after the determination of the applicable purchase price in accordance with Section 5.1.1 hereof (provided, that such time will be extended as necessary to
comply with requirements of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, or other applicable legal requirements) at the principal office of the Company, or at such other time and location as the parties to such purchase may
mutually determine. 
 5.2.2 At the closing of any purchase and sale of Management Shares following the exercise
of any Management Call Option, the holders of Shares to be sold shall deliver to the Company a certificate or certificates representing the Shares to be purchased by the Company, duly endorsed, or with stock (or equivalent) powers duly endorsed, for
transfer with signature guaranteed, free and clear of any lien or encumbrance, with any necessary stock (or equivalent) transfer tax stamps affixed, and the Company will pay to such holder by certified or bank check or wire transfer of immediately
available federal funds or note, as may be applicable, the purchase price of the Shares being purchased by the Company. The delivery of a certificate or certificates for Shares by any Person selling Shares pursuant to any Management Call Option will
be deemed a representation and warranty by such Person that: (i) such Person has full right, title and interest in and to such Shares; (ii) such Person has all necessary power and authority and has taken all necessary action to sell such
Shares as contemplated; (iii) such Shares are free and clear of any and all liens or encumbrances and (iv) there is no Adverse Claim with respect to such Shares. 

5.3. Form of Payment. 
 5.3.1 If (i) any payment of cash is required upon the purchase of Management Shares by the Company upon the exercise of any Management Call Option or (ii) any payment on a promissory note issued
under this Section 5.3.1 comes due, and, in either case, such payment (or any dividend to fund such payment) would (or with notice or the lapse of time or both would) constitute, result in or give rise to a breach or violation of the terms or
provisions of, or result in a default, event of default or right or cause of 

  
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action under, any guarantee, financing or security agreement, indenture or document entered into by the Company or any of its subsidiaries and in effect on such date in respect of indebtedness
for borrowed money or debt security, would be prohibited under Section 160 (“Section 160”) of the General Corporation Law of the State of Delaware (the “DGCL”), or would otherwise violate the DGCL (or if the
Company or any such subsidiary reincorporates in another jurisdiction, the applicable business corporation law of such jurisdiction), then, to the extent permitted by Section 160: 

(a) in the case of a cash payment due at a closing of any purchase of Management Shares by the Company upon the exercise
of any Management Call Option, the Company will issue a promissory note in the aggregate principal amount of such payment, the principal amount of which note will be due and payable on demand (subject to subsection 5.3.1(c) below) and interest will
accrue thereon at a rate equal to the prime rate (as reported in the Wall Street Journal Eastern Edition); 

(b) in the case of a cash payment in respect of a promissory note issued under this Section 5.3.1, notwithstanding
any of the provisions of such note, including the stated maturity of such note and the stated date on which interest payments are due, such payment will not become due and payable until such time as such payment can be made without violating any
such agreement; and 
 (c) notwithstanding the terms of any promissory note issued pursuant to this
Section 5.3.1, the Company must pay off the promissory note at the earliest of (i) a Sale Transaction, (ii) the effectiveness of the Company’s registration statement in connection with an Initial Public Offering (but only to the
extent of the net proceeds received by the Company in such Initial Public Offering) and (iii) the date on which any cash dividend or distribution is made in respect of Shares. At any such time, the Company will promptly notify the holder of
such promissory note and make a payment on each such promissory note. If more than one such promissory note is outstanding at the time of payment, payment will be made to the holders of all such promissory notes on a pro rata basis. 

5.3.2 In the event that the Company has exercised its call right pursuant to Section 5.1.1(a) with respect to
Management Shares held by (i) a Manager who (A) Competes within twelve months of such Manager’s termination of employment or resignation as described in Section 5.1.1(c) or (B) is reasonably determined by the Company to have
been eligible for termination for Cause, in either case following the Company’s exercise of such call right, and/or (ii) one or more members of such Manager’s Management Call Group that held Management Shares, such Manager and/or such
members of such Manager’s Management Call Group shall be obligated to deliver to the Company, within five (5) days following notice from the Company that such amount is due, an amount equal to the product of (x) the number of
Management Shares purchased in connection with the exercise of the call right, multiplied by (y) the excess, if any, of the price paid for such Management Shares over the Bad Leaver Price for such Management Shares. 

  
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 5.4. Investor Call Option. If the Company shall elect not to purchase
(pursuant to Section 5.1 hereof) any or all Management Shares held by a Manager or one or more members of such Manager’s Management Call Group, the Company shall notify the Investors and the Investors may purchase any or all of the
remaining Management Shares held by such Persons for the purchase price identified in Section 5.1 hereof; provided, that nothing in this Section 5.3 shall operate to extend the time within which the Management Call Notice may be
delivered pursuant to Section 5.1.2 hereof. The right to purchase such Shares will be allocated pro rata among the Investors (unless the Investors agree otherwise). 

5.5. Acknowledgment. Each holder of Management Shares acknowledges and agrees that neither the Company, nor any
Person directly or indirectly affiliated with the Company (in each case whether as a director, officer, manager, employee, agent or otherwise), will have any duty or obligation to affirmatively disclose to him, her or it, and he, she or it will not
have any right to be advised of, any material information regarding the Company or otherwise at any time prior to, upon, or in connection with any termination of his, her or its employment by the Company and its subsidiaries upon the exercise of any
Management Call Option or any purchase of the Shares in accordance with the terms hereof. 
 5.6. Period.
The foregoing provisions of this Section 5 will expire with respect to any Management Share upon the earlier of the closing of (a) a Change of Control and (b) the effectiveness of the Company’s registration statement in
connection with a Qualified Public Offering. 
 6. REMEDIES. 

6.1. Generally. The Company and each holder of Shares will have all remedies available at law, in equity or
otherwise in the event of any breach or violation of this Agreement or any default hereunder by the Company or any holder of Shares. The parties acknowledge and agree that in the event of any breach of this Agreement, in addition to any other
remedies that may be available, each of the parties hereto will be entitled to specific performance of the obligations of the other parties hereto and, in addition, to such other equitable remedies (including preliminary or temporary relief) as may
be appropriate in the circumstances. 
 6.2. Deposit. Without limiting the generality of Section 6.1
hereof, if any holder of Shares fails to deliver to the purchaser thereof the certificate or certificates evidencing Shares to be Sold pursuant to Section 4 or 5 hereof, such purchaser may, at its option, in addition to all other remedies it
may have, deposit the purchase price (including any promissory note constituting all or any portion thereof) for such Shares with any national bank or trust company having combined capital, surplus and undivided profits in excess of One Hundred
Million Dollars ($100,000,000) (the “Escrow Agent”) and the Company will cancel on its books the certificate or certificates representing such Shares and thereupon all of such holder’s rights in

  
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and to such Shares will terminate. Thereafter, upon delivery to such purchaser by such holder of the certificate or certificates evidencing such Shares (duly endorsed, or with stock powers duly
endorsed, for transfer, with signature guaranteed, free and clear of any liens or encumbrances, and with any transfer tax stamps affixed), such purchaser shall instruct the Escrow Agent to deliver the purchase price (without any interest from the
date of the closing to the date of such delivery, any such interest to accrue to such purchaser) to such holder. 
 7. LEGENDS.

 7.1. Restrictive Legend. Each certificate representing Shares will have the following legend endorsed
conspicuously thereupon: 
 THE VOTING OF THE SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE, AND THE SALE,
ENCUMBRANCE OR OTHER DISPOSITION THEREOF, ARE SUBJECT TO THE PROVISIONS OF A STOCKHOLDERS AGREEMENT TO WHICH THE ISSUER AND CERTAIN OF ITS STOCKHOLDERS ARE PARTY, A COPY OF WHICH MAY BE INSPECTED AT THE PRINCIPAL OFFICE OF THE ISSUER OR OBTAINED
FROM THE ISSUER WITHOUT CHARGE. 
 Each certificate representing Investor Shares will also have the following legend endorsed
conspicuously thereupon: 
 THE SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY ISSUED TO, OR
ISSUED WITH RESPECT TO SHARES ORIGINALLY ISSUED TO, THE FOLLOWING INVESTOR:                     . 

Each certificate representing Other Investor Shares will also have the following legend endorsed conspicuously thereupon: 

THE SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY ISSUED TO, OR ISSUED WITH RESPECT TO SHARES ORIGINALLY
ISSUED TO, THE FOLLOWING OTHER INVESTOR:                     . 
 Each certificate representing Management Shares will also have the following legend endorsed conspicuously thereupon: 

THE SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY ISSUED TO, OR ISSUED WITH RESPECT TO SHARES ORIGINALLY
ISSUED TO OR AT THE REQUEST OF, THE FOLLOWING MANAGER:                     . 

Any Person who acquires Shares which are not subject to any of the terms of this Agreement will have the right to have such legend (or
the applicable portion thereof) removed from certificates representing such Shares. 

  
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 7.2. 1933 Act Legends. Each certificate representing Shares will have
the following legend endorsed conspicuously thereupon: 
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE WERE
ISSUED IN A PRIVATE PLACEMENT, WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND MAY NOT BE SOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION UNDER THE ACT
COVERING THE TRANSFER OR AN OPINION OF COUNSEL, SATISFACTORY TO THE ISSUER, THAT REGISTRATION UNDER THE ACT IS NOT REQUIRED. 
 7.3. Stop Transfer Instruction. The Company will instruct any transfer agent not to register the Transfer of any Shares until the conditions specified in the foregoing legends are satisfied.

 7.4. Termination of 1933 Act Legend. The requirement imposed by Section 7.2 hereof will cease and
terminate as to any particular Shares (a) when, in the opinion of Ropes & Gray LLP, or other counsel reasonably acceptable to the Company, such legend is no longer required in order to assure compliance by the Company with the
Securities Act or (b) when such Shares have been effectively registered under the Securities Act or transferred pursuant to Rule 144. Wherever (x) such requirement will cease and terminate as to any Shares or (y) such Shares will be
transferable under Rule 144 without volume limitation or other restrictions on transfer (including without application of paragraphs (c), (e), (f) and (h) of Rule 144), the holder thereof will be entitled to receive from the Company,
without expense, new certificates not bearing the legend set forth in Section 7.2 hereof. 
 8. AMENDMENT, TERMINATION,
ETC. 
 8.1. Oral Modifications. This Agreement may not be orally amended, modified, extended or
terminated, nor will any oral waiver of any of its terms be effective. 
 8.2. Written Modifications. This
Agreement may be amended, modified, extended or terminated, and the provisions hereof may be waived, only by an agreement in writing signed by the Majority Investors; provided, however, that (a) the consent of the Majority Other
Investors will be required for any amendment, modification, extension, termination or waiver that has a disproportionate and adverse effect on the rights of the holders of Other Investor Shares as such under this Agreement and (b) the consent
of the Majority Managers will be required for any amendment, modification, extension, termination or waiver that has a disproportionate and adverse effect on the rights of the holders of Management Shares as such under this Agreement. Each such
amendment, modification, 

  
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extension, termination and waiver will be binding upon each party hereto and each holder of Shares subject hereto. In addition, each party hereto and each holder of Shares subject hereto may
waive any right hereunder by an instrument in writing signed by such party or holder. 
 8.3. Effect of
Termination. No termination under this Agreement will relieve any Person of liability for breach prior to termination. 
 9.
DEFINITIONS. For purposes of this Agreement: 
 9.1. Certain Matters of Construction. In addition to the
definitions referred to or set forth below in this Section 9: 
 (a) The words “hereof”,
“herein”, “hereunder” and words of similar import will refer to this Agreement as a whole and not to any particular Section or provision of this Agreement, and reference to a particular Section of this Agreement will include all
subsections thereof; 
 (b) The word “including” will be construed as “including without
limitation”; 
 (c) Definitions will be equally applicable to both nouns and verbs and the singular and
plural forms of the terms defined; and 
 (d) The masculine, feminine and neuter genders will each include the
other. 
 9.2. Definitions. The following terms will have the following meanings: 

“Adverse Claim” will have the meaning set forth in Section 8-302 of the applicable Uniform Commercial Code.

 “Affiliate” will mean (a) with respect to any specified Person that is not a natural Person, any other
Person which directly or indirectly through one or more intermediaries controls, or is controlled by, or is under common control with, such specified Person (for the purposes of this definition, “control” (including, with correlative
meanings, the terms “controlling,” “controlled by” and “under common control with”) as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the
management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise) and (b) with respect to any natural Person, any Member of the Immediate Family of such natural Person. 

“Affiliated Fund” will mean each corporation, trust, limited liability company, general or limited partnership or other
entity under common control with any Investor or that receives investment advice from the investment adviser to any Investor or an investment adviser Affiliated with such investment adviser. 

  
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 “Agreement” will have the meaning set forth in the Preamble. 

“Bad Leaver Price” shall have the meaning set forth in Section 5.1.1(b). 

“Board” will have the meaning set forth in Section 2.1 hereof. 

“Business Day” shall mean any day that is not a Saturday, a Sunday or other day on which banks are required or
authorized by law to be closed in the City of New York. 
 “Cause” with respect to any holder of Management
Shares, means (i) a material breach by such Manager of the Manager’s duties and responsibilities, or (ii) the commission by the Manager of a felony involving moral turpitude, or (iii) the commission by the Manager of theft,
fraud, embezzlement, material breach of trust or any material act of dishonesty involving the Company or its subsidiaries, or (iv) a significant violation by the Manager of the code of conduct of the Company or its subsidiaries or of any
statutory or common law duty of loyalty to the Company or its subsidiaries. Notwithstanding the foregoing, if a Manager is party to an employment or severance agreement with the Company or any subsidiary of the Company that contains a definition of
cause, such definition will apply (in the case of such Manager) in lieu of the definition set forth in the preceding sentence. 

“Change of Control” will mean (a) any change in the ownership of the capital stock of the Company if, immediately
after giving effect thereto, any Person (or group of Persons acting in concert) other than the Investors and their Affiliates will have the direct or indirect power to elect a majority of the members of the Board or (b) any change in the
ownership of the capital stock of the Company if, immediately after giving effect thereto, the Investors and their Affiliates will own less than 25% of the Equivalent Shares. 
 “Charitable Organization” will mean a charitable organization as described by Section 501(c)(3) of the Code. 
 “Closing” will have the meaning set forth in Section 1.1 hereof. 
 “Class A Stock” will mean the Class A Common Stock, par value $.001 per share of the Company. 
 “Class L Stock” will mean the Class L Common Stock, par value $.001 per share, of the Company. 
 “Code” will mean the Internal Revenue Code of 1986, as amended, reformed or otherwise modified from time to time, and any successor statute of similar import, in each case as in effect
from time to time. References to sections of the Code also refer to any successor sections. 
 “Common Stock”
will mean the common stock, par value $0.01 per share, of the Company including the Class A Stock and the Class L Stock. 

“Company” will have the meaning set forth in the Preamble. 

  
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 “Compete” will mean, with respect to a Manager, the breach by such Manager
of any non-competition, non-solicitation or similar restrictive covenant made by such Manager in favor of the Company or any subsidiary of the Company, and “Competes” and “Competed” will each have correlative
meaning. 
 “Convertible Securities” will mean any evidence of indebtedness, shares of stock (other than Common
Stock) or other securities (other than Options and Warrants) which are directly or indirectly convertible into or exchangeable or exercisable for shares of Common Stock. 
 “Cost” will mean, for any security, the price paid to the issuer for such security. 
 “DGCL” will have the meaning set forth in Section 5.3.1 hereof. 
 “Drag Along Notice” will have the meaning set forth in Section 4.2.1 hereof. 
 “Drag Along Sale Percentage” will have the meaning set forth in Section 4.2 hereof. 
 “Drag Along Sellers” will have the meaning set forth in Section 4.2.1 hereof. 
 “Equivalent Shares” will mean, at any date of determination, (a) as to any outstanding shares of Common Stock, such number of shares of Common Stock and (b) as to any
outstanding Options, Warrants or Convertible Securities which constitute Shares, the maximum number of shares of Common Stock for which or into which such Options, Warrants or Convertible Securities may at the time be exercised, converted or
exchanged (or which will become exercisable, convertible or exchangeable on or prior to, or by reason of, the transaction or circumstance in connection with which the number of Equivalent Shares is to be determined). 

“ERISA” will mean the Employee Retirement Income Security Act of 1974, as amended, and any successor statute of similar
import, in each case as in effect from time to time. 
 “Escrow Agent” will have the meaning set forth in
Section 6.2 hereof. 
 “Exchange Act” will mean the Securities Exchange Act of 1934, as in effect from
time to time. 
 “Fair Market Value” will mean, as of any date, as to any share of Common Stock, the
Board’s good faith determination of the fair value of such shares as of the applicable reference date and, as to any Option or Warrant, such fair value reduced by any applicable exercise price. 

“FINRA” shall mean the Financial Industry Regulatory Authority. 

“Giraffe A” will have the meaning set forth in the Preamble. 

“Giraffe B” will have the meaning set forth in the Preamble. 

“Gymboree” will have the meaning set forth in the Preamble. 

  
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 “Initial Public Offering” means the initial Public Offering registered on
Form S-1 (or any successor form under the Securities Act). 
 “Investor Shares” will mean (a) all
shares of Common Stock originally issued to, or issued with respect to shares originally issued to, or held by, an Investor, whenever issued, including all shares of Common Stock issued upon the exercise, conversion or exchange of any Options,
Warrants or Convertible Securities and (b) all Options, Warrants and (except for purposes of Section 4.1 hereof) Convertible Securities originally granted or issued to an Investor (treating such Options, Warrants and Convertible Securities
as a number of shares equal to the number of Equivalent Shares represented by such Options, Warrants and Convertible Securities for all purposes of this Agreement except as otherwise specifically set forth herein). 

“Investors” will have the meaning set forth in the Preamble. 

“Majority Investors” will mean, as of any date, the holders of a majority of the Investor Shares outstanding on such
date. 
 “Majority Managers” will mean, as of any date, the holders of a majority of the Management Shares
outstanding on such date. 
 “Majority Other Investors” will mean, as of any date, the holders of a majority of
the Other Investor Shares outstanding on such date. 
 “Management Call Group” will have the meaning set forth
in Section 5.1 hereof. 
 “Management Call Notice” will have the meaning set forth in Section 5.1.2
hereof. 
 “Management Call Option” will have the meaning set forth in Section 5.1 hereof. 

“Management Shares” will mean (a) all shares of Common Stock originally issued to, or issued with respect to shares
originally issued to, or held by, a Manager (or a Person to whom such shares of Common Stock were issued at the request of a Manager), whenever issued, including all shares of Common Stock issued upon the exercise, conversion or exchange of any
Options, Warrants or Convertible Securities and (b) all Options, Warrants and (except for purposes of Section 4.1 hereof) Convertible Securities originally granted or issued to a Manager (treating such Options, Warrants and Convertible
Securities as a number of shares equal to the number of Equivalent Shares represented by such Options, Warrants and Convertible Securities for all purposes of this Agreement except as otherwise specifically set forth herein). 

“Managers” will have the meaning set forth in the Preamble. 

“Member of the Immediate Family” will mean, with respect to any individual, each parent, spouse or child or other
descendant of such individual, each trust created solely for the benefit of one or more of the aforementioned Persons and their spouses and each custodian or guardian of any property of one or more of the aforementioned Persons in his, her or its
capacity as such custodian or guardian. 

  
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 “Merger” will mean the merger of Merger Sub with and into Gymboree as
provided in the Merger Agreement. 
 “Merger Agreement” will have the meaning set forth in the Recitals.

 “Merger Sub” will have the meaning set forth in the Recitals. 

“Option Shares” will mean, with respect to a Manager or direct or indirect Permitted Transferee of a Manager, all or any
portion of the Management Shares which were issued upon exercise of an Option held by such holder (or Permitted Transferee, if applicable). 
 “Options” will mean any options to subscribe for, purchase or otherwise directly acquire Common Stock. 
 “Other Investor Shares” will mean (a) all shares of Common Stock originally issued to, or issued with respect to shares originally issued to, or held by, an Other Investor, whenever
issued, including all shares of Common Stock issued upon the exercise, conversion or exchange of any Options, Warrants or Convertible Securities and (b) all Options, Warrants and (except for purposes of Section 4.1 hereof) Convertible
Securities originally granted or issued to an Other Investor (treating such Options, Warrants and Convertible Securities as a number of shares equal to the number of Equivalent Shares represented by such Options, Warrants and Convertible Securities
for all purposes of this Agreement except as otherwise specifically set forth herein). 
 “Other Investors”
will have the meaning set forth in the Preamble. 
 “Participating Seller” will have the meaning set forth in
Sections 4.1.2 and 4.2.1 hereof. 
 “Permitted Transferee” will have the meaning set forth in Section 3.1.

 “Person” will mean any individual, partnership, corporation, company, association, trust, joint venture,
limited liability company, unincorporated organization, entity or division, or any government, governmental department or agency or political subdivision thereof. 
 “Principal Lock-Up Agreement” will have the meaning set forth in Section 3.5 hereof. 
 “Prospective Buyer” will mean any Person proposing to purchase Shares from a Prospective Selling Investor. 
 “Prospective Selling Investor” will have the meaning set forth in Sections 4.1 and 4.2 hereof. 
 “Public Offering” will mean a public offering and sale of Common Stock for cash pursuant to an effective registration statement under the Securities Act. 

“Purchased Management Shares” will mean, with respect to a Manager (or a Person to whom any shares of Common Stock were
originally issued at the request of such Manager) or direct or indirect Permitted Transferee of a Manager (or any such Person whom any shares of 

  
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Common Stock were originally issued at the request of such Manager), all of the Management Shares which are not Options or Warrants held by such holder (or Permitted Transferee, if applicable).

 “Qualified Public Offering” will mean a Public Offering, other than any Public Offering or sale pursuant to
a registration statement on Form S-8 or comparable form, in which the aggregate price to the public of all such Common Stock sold in such offering will exceed $125,000,000. 
 “Registration Rights Agreement” will mean that certain Registration and Participation Rights Agreement to be dated as of the date hereof, among the Company and certain other parties
thereto, as may be amended from time to time. 
 “Regulation D” will mean Regulation D under the Securities
Act. 
 “Rule 144” will mean Rule 144 under the Securities Act (or any successor Rule). 

“Rule 145 Transaction” will mean a registration on Form S-4 pursuant to Rule 145 of the Securities Act (or any
successor Form or provision, as applicable). 
 “Sale” will mean a Transfer for value. 

“Securities Act” will mean the Securities Act of 1933, as in effect from time to time. 

“Section 160” shall have the meaning set forth in Section 5.3.1 hereof. 

“Shares” will mean all Investor Shares, Other Investor Shares and Management Shares. 

“Stockholders” will have the meaning set forth in the Preamble. 

“Tag Along Holder” will have the meaning set forth in Section 4.1.1 hereof. 

“Tag Along Notice” will have the meaning set forth in Section 4.1.1 hereof. 

“Tag Along Offer” will have the meaning set forth in Section 4.1.1 hereof. 

“Tag Along Sale Percentage” will have the meaning set forth in Section 4.1.1 hereof. 

“Tag Along Sellers” will have the meaning set forth in Section 4.1.2 hereof. 

“Transfer” will mean any sale, pledge, assignment, encumbrance or other transfer or disposition of any Shares to any
other Person, whether directly, indirectly, voluntarily, involuntarily, by operation of law, pursuant to judicial process or otherwise. 
 “Warrants” will mean any warrants to subscribe for, purchase or otherwise directly acquire Common Stock. 

  
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 10. MISCELLANEOUS. 

10.1. Authority; Effect. Each party hereto represents and warrants to and agrees with each other party that the
execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly authorized on behalf of such party and do not violate any agreement or other instrument applicable to such party or by which its
assets are bound. This Agreement does not, and will not be construed to, give rise to the creation of a partnership among any of the parties hereto, or to constitute any of such parties members of a joint venture or other association. Each of the
Company, Giraffe A, Giraffe B and Gymboree will be jointly and severally liable for any payment obligation of the Company, Giraffe A, Giraffe B and Gymboree pursuant to this Agreement. 

10.2. Notices. Any notices, requests, demands, claims and other communications required or permitted to be
delivered, given or otherwise provided under this Agreement shall be in writing and shall be (a) delivered or given personally, (b) sent by facsimile, or (c) sent by overnight courier, in each case, to the address (or facsimile
number) listed below: 
  

					
	If to the Company:	  		 	
		
		  	Giraffe Holding, Inc.
		  	500 Howard Street
		  	San Francisco, California 94105
		  	Attention:	 	Chief Executive Officer
		  	Facsimile:	 	 (707) 678-1315

			
	with a copy to:	  		 	
		
		  	 c/o Bain Capital Partners, LLC

		  	 111 Huntington Avenue

		  	 Boston, Massachusetts 02199

		  	Attention:	 	 Joshua Bekenstein and Jordan Hitch

		  	Facsimile:	 	 (617) 516-2010

			
	If to an Investor:	  		 	
		
		  	 c/o Bain Capital Partners, LLC

		  	 111 Huntington Avenue

		  	 Boston, Massachusetts 02199

		  	Attention:	 	 Joshua Bekenstein and Jordan Hitch

		  	Facsimile:	 	 (617) 516-2010

			
	with a copy to:	  		 	

  
 - 25 -

					
		  	 Ropes & Gray LLP
 The Prudential Towner
 800 Boylston Street
 Boston, Massachusetts 02199

		  	Attention:	 	 R. Newcomb Stillwell and C. Todd Boes

		  	Facsimile:	 	 (617) 951-7050

 If to an Other Investor or a Manager, to the most recent address of such Other Investor or such Manager shown on the records of the Company. 

Notice to the holder of record of any shares of capital stock will be deemed to be notice to the holder of such shares for all purposes
hereof. 
 Unless otherwise specified herein, such notices or other communications will be deemed effective (a) on the date
received, if personally delivered, (b) on the date received if delivered by facsimile on a Business Day, or if delivered on other than a Business Day, on the first Business Day thereafter and (c) 1 Business Day after being sent by
overnight courier. Each of the parties hereto will be entitled to specify a different address by giving notice as aforesaid to each of the other parties hereto. 
 10.3. Binding Effect, Etc. Except for restrictions on Transfers of Shares set forth in other agreements, plans or other documents, this Agreement constitutes the entire agreement of the parties
with respect to its subject matter, supersedes all prior or contemporaneous oral or written agreements or discussions with respect to such subject matter, and will be binding upon and inure to the benefit of the parties hereto and their respective
heirs, representatives, successors and permitted assigns. Except as otherwise expressly provided herein, no Investor, Manager or other party hereto may assign any of its respective rights or delegate any of its respective obligations under this
Agreement without the prior written consent of the other parties hereto, and any attempted assignment or delegation in violation of the foregoing will be null and void. 

10.4. Descriptive Headings. The descriptive headings of this Agreement are for convenience of reference only, are
not to be considered a part hereof and will not be construed to define or limit any of the terms or provisions hereof. 
 10.5. Counterparts. This Agreement may be executed in multiple counterparts, each of which will be deemed an original, but all of which taken together will constitute one instrument. 

10.6. Severability. In the event that any provision hereof would, under applicable law, be invalid or unenforceable
in any respect, such provision will be construed by modifying or limiting it so as to be valid and enforceable to the maximum extent compatible with, and 

  
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possible under, applicable law. The provisions hereof are severable, and in the event any provision hereof should be held invalid or unenforceable in any respect, it will not invalidate, render
unenforceable or otherwise affect any other provision hereof. 
 11. GOVERNING LAW. 

11.1. Governing Law. This Agreement and any controversy arising out of or relating to this Agreement will be
governed by and construed in accordance with the DGCL as to matters within the scope thereof, and as to all other matters will be governed by and construed in accordance with the internal laws of the State of New York. 

11.2. Consent to Jurisdiction. Each of the parties agrees that all actions, suits or proceedings arising out of,
based upon or relating to this Agreement or the subject matter hereof will be brought and maintained exclusively in the federal and state courts of the State of New York, City of New York, County of New York. Each of the parties hereto by execution
hereof (i) hereby irrevocably submits to the jurisdiction of the federal and state courts in the State of New York, City of New York, County of New York for the purpose of any action, suit or proceeding arising out of or based upon this
Agreement or the subject matter hereof and (ii) hereby waives to the extent not prohibited by applicable law, and agrees not to assert, by way of motion, as a defense or otherwise, in any such action, suit or proceeding, any claim that it is
not subject personally to the jurisdiction of the above-named courts, that it is immune from extraterritorial injunctive relief or other injunctive relief, that its property is exempt or immune from attachment or execution, that any such action,
suit or proceeding may not be brought or maintained in one of the above-named courts, that any such action, suit or proceeding brought or maintained in one of the above-named courts should be dismissed on grounds of forum non
conveniens, should be transferred to any court other than one of the above-named courts, should be stayed by virtue of the pendency of any other action, suit or proceeding in any court other than one of the above-named courts, or that this
Agreement or the subject matter hereof may not be enforced in or by any of the above-named courts. Notwithstanding the foregoing, to the extent that any party hereto is or becomes a party in any litigation in connection with which it may assert
indemnification rights set forth in this Agreement, the court in which such litigation is being heard will be deemed to be included in clause (i) above. Each of the parties hereto hereby consents to service of process in any such suit, action
or proceeding in any manner permitted by the laws of the State of New York, agrees that service of process by registered or certified mail, return receipt requested, at the address specified in or pursuant to Section 10.2 hereof is reasonably
calculated to give actual notice and waives and agrees not to assert by way of motion, as a defense or otherwise, in any such action, suit or proceeding any claim that service of process made in accordance with Section 10.2 hereof does not
constitute good and sufficient service of process. The provisions of this Section 11.2 will not restrict the ability of any party to enforce in any court any judgment obtained in a court included in clause (i) above. 

  
 - 27 -

 11.3. WAIVER OF JURY TRIAL. TO THE EXTENT NOT PROHIBITED BY
APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH PARTY HERETO HEREBY WAIVES AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE OR ACTION, CLAIM, CAUSE OF
ACTION OR SUIT (IN CONTRACT, TORT OR OTHERWISE), INQUIRY, PROCEEDING OR INVESTIGATION ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE SUBJECT MATTER HEREOF OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE TRANSACTIONS CONTEMPLATED
HEREBY, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING. EACH PARTY HERETO ACKNOWLEDGES THAT IT HAS BEEN INFORMED BY THE OTHER PARTIES HERETO THAT THIS SECTION 11.3 CONSTITUTES A MATERIAL INDUCEMENT UPON WHICH THEY ARE RELYING AND WILL RELY
IN ENTERING INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY. ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 11.3 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS
RIGHT TO TRIAL BY JURY. 
 11.4. Exercise of Rights and Remedies. No delay of or omission in the exercise
of any right, power or remedy accruing to any party as a result of any breach or default by any other party under this Agreement will impair any such right, power or remedy, nor will it be construed as a waiver of or acquiescence in any such breach
or default, or of any similar breach or default occurring later; nor will any such delay, omission nor waiver of any single breach or default be deemed a waiver of any other breach or default occurring before or after that waiver. 

[Signature pages follow] 

  
 - 28 -

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