Document:

Exhibit 10.12

 Exhibit 10.12 
 CERTAIN PORTIONS OF THIS DOCUMENT HAVE BEEN OMITTED PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST. THE OMITTED NON-PUBLIC INFORMATION HAS BEEN FILED WITH THE COMMISSION. 
 FINAL 
 OPERATING AGREEMENT 
 MATTRESS DISCOUNTERS GROUP, LLC 
 December 1, 2008 
 THIS OPERATING AGREEMENT (this “Agreement” or “Operating Agreement”), dated as of
December 1, 2008 (“Effective Date”) by and among the undersigned, who are Members of MATTRESS DISCOUNTERS GROUP, LLC, a Virginia limited liability company (the “Company”), provides as follows. 
 ARTICLE I  
 ADMINISTRATIVE
MATTERS, DEFINITIONS 
 1.01 Introductory Statement of Intent. The Members are joining together to form the Company for the
primary purpose of obtaining and operating the assets of a furniture retail operation. The Company and the Members, as set forth in Exhibit A, wish to enter into this Operating Agreement to set forth the terms and conditions under which the
management, business, and financial affairs of the Company shall be conducted as of and subsequent to the Effective Date. 
 1.02 Term
Length, Business and Purpose of the Company. The term of the Company shall be perpetual unless terminated in accordance with this Agreement. The business of the Company is to engage in any lawful business. The Company shall have all powers and
rights of a limited liability company organized under the Act, to the extent such powers and rights are not proscribed by the Articles. 
 1.03 Definitions. All terms not defined in this document shall have the meaning in the Virginia Limited Liability Company Act, Va. Code § 13.1-1000, as amended and in force from time to time (“Act”). 
  

	 	(a)	“Articles” means the articles of organization of the Company, as amended and in force from time to time. 

  

	 	(b)	“Membership Interest,” “Economic Interest,” “Participation Interest”: A Membership Interest entails two broad rights: economic rights and the
right to direct the affairs of the Company, limited as provided herein. More specifically, a Membership Interest means (i) the economic ownership interest in the Company and its capital, capital appreciation, and/or profits and the right to
share in the profit and losses of the Company and to receive distributions of assets of the Company (the “Economic Interest”), and (ii) the Member’s limited rights to participate in the management and affairs of the Company and
to vote on Company matters in the capacity of Member (the “Participation Interest”). 

 Each Member’s Membership
Interest as of the Effective Date is as set forth in Exhibit A hereto, and is set forth as a Participation Interest Percentage, Economic Interest Percentage, and as discussed below, Loss Allocation Interest Percentage. The Membership Interest for
any Member at any time shall be referenced by such 
  

					
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 Member’s Capital Account divided by the aggregate Capital Accounts. A Person may own an Economic
Interest and not a Participation Interest (for example, if such Person was Expelled or resigns as a Member) in which case such Person is not a Member but rather a passive investor in the Company, with solely economic rights by way of an Economic
Interest and no right to participate in the management and affairs of the Company or to vote on Company matters in the capacity of Member. 
 Further, “Economic Interest” is an umbrella term denoting or consisting of, as set forth herein, multiple varied yet equally significant financial attributes of economic ownership in the Company, including without limitation,
rights to proportional distributions of Company income, rights to proportional distributions of proceeds of asset sales, tax loss allocations, etc. “Loss Allocation Interest” or “LAI” means the percentage allocation to a Member
of Company losses or deductions for federal, state and local income tax purposes, as further described in Section 4.07. As of the Effective Date, the respective Loss Allocation Interest for each Member is as set forth in Exhibit A. 

 

	 	(c)	A “Member” is a Person who owns both an Economic Interest and a Participation Interest. A Person who owns solely an Economic Interest is not a Member and has no
right to participate in the management and affairs of the Company or to vote on Company matters in the capacity of Member, but rather has solely economic rights as described above. 

  

	 	(d)	“Capital Account” means as of any given date the amount calculated and maintained by the Company for each Member as provided in Article IV hereof. It is the
Company’s and Members’ intention to determine and maintain such Capital Accounts in accordance with the rules promulgated under the partnership tax provisions of the Internal Revenue Code, as amended, including without limitation those set
forth in the Code of Federal Regulations, 26 CFR 1.704-1 (b)(2)(iv). 

  

	 	(e)	“Expulsion” of a Member means the same thing as when a Member resigns, namely, the former Member no longer has any right to participate in the management and
affairs of the Company or to vote on Company matters in the capacity of Member. Subsequent to such Expulsion, the former Member shall continue to own an Economic Interest, but not a Participation Interest, and shall be a passive investor in the
Company with solely economic rights. 

  

	 	(f)	A “Person” is an individual, proprietorship, trust, estate, personal representative, partnership, joint venture, association, company, corporation, limited
liability company, or other entity. 

  

					
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 ARTICLE II  
 MEMBERS, ETC. 
 2.01 Names and Addresses of Members. The names of the initial Members
are set forth in Exhibit A. 
 2.02 Company is a Manager-Managed LLC. The Company shall be managed by one or more Managers, as set
forth in Article III and, accordingly, Members shall not be entitled to participate in the day-to-day affairs and management of the Company, but instead, the Members’ right to vote or otherwise participate with respect to matters relating to
the Company shall be limited to those matters provided in this Operating Agreement, as follows. 
 2.03 Actions Requiring Approval of
Members. 
  

	 	(a)	Unanimous Matters. Notwithstanding any other provision of this Operating Agreement, and notwithstanding that the Company is Manager-Managed generally, the approval of one
hundred percent (100%) of the then-issued and outstanding Participation Interest shall be necessary in order for any of the following actions to be taken on behalf of the Company (each, a “Unanimous Matter”): 

 

	 	(i)	Dissolving or Terminating the Company; 

  

	 	(ii)	Compromising or discharging any debt owed to the Company without receiving payment in full; 

  

	 	(iii)	Non-pro rata contributions to capital; 

  

	 	(iv)	Making or revoking tax elections; 

  

	 	(v)	Any other matter that under the express terms of this Operating Agreement is to be treated as a Unanimous Matter. 

  

	 	(b)	Majority Matters. Notwithstanding any other provision of this Operating Agreement, and notwithstanding that the Company is Manager-Managed generally, the approval of a
majority of the then-issued and outstanding Participation Interest shall be necessary in order for any of the following actions to be taken on behalf of the Company (each, a “Majority Matter”): 

  

	 	(i)	Electing and removing Managers, with or without cause; 

  

	 	(ii)	Increasing and/or decreasing the number of Managers to constitute the Board of Managers; 

  

	 	(iii)	Merging with another entity; 

  

	 	(iv)	Selling, transferring, or subjecting to liens or other encumbrances, all or substantially all of the Company assets; 

  

	 	(v)	Admitting a new Member or investor (and determining such new Member’s initial capital contribution); 

  

	 	(vi)	Issuing new Membership Interests; 

  

	 	(vii)	Any other matter that under the express terms of this Operating Agreement is to be treated as a Majority Matter. 

  

					
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 2.04 Action by Members. In exercising their rights with respect to Unanimous Matters and
Majority Matters, the Members shall act collectively through meetings and/or written consents. 
 2.05 Annual Meeting. The Members
shall hold an annual meeting at such time as shall be determined by the Board of Managers for the purpose of the transaction of such business as may come properly before the meeting. One purpose of the annual meeting will be for the Members to elect
or reaffirm a Manager or Managers as provided herein, 
 2.06 Action by Written Consent in lieu of Meeting. Any action required or
permitted to be taken at a meeting of Members may be taken without a formal meeting and corresponding vote if one or more written consents, including by electronic mail, to such action are signed by the Members (or sent by electronic mail) who are
entitled to vote on the matter set forth in the consents and who constitute the requisite Participation Interest of such Members necessary for adoption or approval of such matter on behalf of the Company. By way of example and not limitation, the
Members holding the entirety of the Participation Interest may take action as to any matter specified in Section 2.03 (a) hereof by signing one or more written consents, or by sending an electronic mail, approving such action, without
obtaining signed written consents from any other Members. Such consent or consents shall be filed with the minutes of the meetings of the Members. Action taken under this Section shall be effective when the requisite Members have signed the consent
or consents, unless the consent or consents specify a different effective date. 
 ARTICLE III 
 MANAGER-MANAGED LLC, MANAGERS, OFFICERS 
 3.01 Power and Authority of Board of Managers. Except as expressly provided otherwise in this Operating Agreement, the powers of the Company shall be exercised by or under the authority of, and the business and affairs of the Company
shall be managed by, the Board of Managers. The powers so exercised by the Board of Managers shall be plenary, limited only by the Act, the Articles or this Operating Agreement. 
 3.02 Initial Managers. As of the Effective Date, the Members unanimously affirm the election of the Persons set forth in Exhibit B as Initial
Managers on the Board of Managers (the “Initial Managers,” and in such capacity, each a “Manager”). The term of a Manager shall continue until a successor is duly elected, unless the Manager is sooner removed by or as a result of
the earliest to occur of: (i) the affirmative vote of Members in accordance with Sections 2.03 and 3.03 hereof to remove the Manager; (ii) operation of law; (iii) an order or decree of any court of competent jurisdiction;
(iv) voluntary resignation; or (v) in the case of a Manager who is also a Member, an Expulsion or withdrawal event with respect to the Manager. 
 3.03 Qualification, Election and Removal of Managers. 
  

	 	(a)	A Manager may, but shall not be required to, be elected from among the Members. A Manager may be any type of Person. 

  

					
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	 	(b)	The initial Board of Managers shall consist of three (3) Managers, as set forth in Exhibit B. The number of Managers may be increased or decreased from time to time, without
amendment to this Agreement, by vote of the Members as a Majority Matter, at a meeting called expressly for such purpose. 

  

	 	(c)	Managers may be elected, as a Majority Matter, at any meeting of the Members that is called in whole or in part for the purpose of electing one or more Managers. Likewise, a Manager
may be removed by the Members as a Majority Matter, with or without cause, at a meeting called expressly for that purpose. If, at the time of any meeting of the Members, there is any vacancy on the Board of Managers, the Members shall, at the
meeting, elect one or more Managers to fill the vacancies (or, alternatively, reduce the number of Managers). Each Manager shall be elected by the affirmative vote of Members as a Majority Matter. At each annual meeting of the Members, the Members
shall act upon the make-up of the then-existing Board of Directors, either by reaffirming the Board of Managers as it then exists, or by electing additional Managers, or by replacing a Manager or removing a Manager. Further, if, any Manager resigns,
is removed, or otherwise vacates the office of Manager, the remaining Manager(s) shall serve until otherwise provided by the Members as a Majority Matter. 

 3.04 Meetings of Managers. 
  

	 	(a)	Each Manager shall have one vote on each matter coming before the Board of Managers. Any Manager not present at a meeting may vote on any matter by general or specific proxy or by
power of attorney directed to a Person present or by specific instructions in writing. A quorum for the transaction of any particular business at a meeting of Managers shall exist if a majority of the Managers then in office are present in person or
represented by proxy, power of attorney, or other written instruction. Except as otherwise provided herein, action of the Board of Managers shall be by majority vote of all the Managers then in office. 

  

	 	(b)	Meetings of the Board of Managers shall be called at places within or without the Commonwealth of Virginia and at times fixed by resolution of the Board or upon call of the
President or a majority of Managers. Members of the Board of Managers may participate in a meeting of the Board by, and the Board may conduct meetings through the use of, any means of communication whereby all persons participating in the meeting
can simultaneously hear each other, and participation at the meetings shall constitute presence in person at the meeting, A written record shall be made of any action taken at a meeting conducted by such means of communication.

  

	 	(c)	The Secretary or any Manager performing the Secretary’s duties shall give not less than 48 hours’ notice in person or by letter or telephone, telegraph, teletype, or other
form of wire or wireless communication of all meetings of the Board of Managers, provided that notice need not be given of regular meetings held at times and places fixed by resolution of the Board. 

  

					
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	 	(d)	Any action that may be taken at a meeting of the Board of Managers may be taken without a meeting if one or more consents in writing, setting forth the actions that are taken,
signed either before or after the action by all of the Managers is delivered to the Secretary or other Manager performing these duties for inclusion in the Company’s records. These actions shall be effective when the last Manager signs the
consent, unless the consent specifies a different effective date, in which case the action taken shall be effective on the date specified therein, provided the consent states the date of execution by each Manager. Any such consent shall have the
same force and effect as a unanimous vote of the Managers. 

 3.05 Presumption of Assent. A Manager who is present at a
meeting of the Board of Managers when Company action is taken is deemed to have assented to the action taken unless (a) the Manager objects at the beginning of the meeting, or promptly upon his or her arrival, to holding the meeting or
transacting specified business at the meeting or (b) the Manager votes against, or abstains from, the action taken. The Secretary or any other officer performing the Secretary’s duties shall maintain accurate records of all votes of the
Board of Managers. 
 3.06 Compensation. By resolution of the Board, Managers may be allowed a fee and expenses for attendance at all
meetings, as well as discounts and other privileges. Nothing herein shall preclude Managers from serving the Company in other capacities and receiving compensation for those services. 
 3.07 Third-Party Reliance. Third parties dealing with the Company shall be entitled to rely conclusively upon the power and authority of the
Managers as set forth herein, subject only to the express limitations set forth in this Agreement or by law. 
 3.08 No Duty to
Consult. Except as otherwise provided herein, the Managers shall have no duty or obligation to consult with or seek the advice of the Members in connection with the conduct of the business of the Company. 
 3.09 Duties of Managers, The Managers will devote such time, effort, and skill in the management of the Company’s business affairs as each
deems necessary and proper for the Company’s welfare and success. 
 3.10 Liability of Managers. So long as the Managers act in
good faith with respect to the conduct of the business and affairs of the Company, no Manager shall be liable or accountable to the Company or to any of the Members, in damages or otherwise, for any error of judgment, for any mistake of fact or of
law, or for any other act or thing that he may do or refrain from doing in connection with the business and affairs of the Company, except for willful misconduct, knowing violation of criminal law, or breach of fiduciary duty, and further except for
breaches of contractual obligations or agreements between the Managers and the Company. 
  

					
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 3.11 Appointment of Officers. The Board of Managers is authorized to appoint individuals to
serve as officers, with those powers, authority and responsibility as delegated to them by the Board of Managers. It is agreed that Ray Bojanowski will be appointed as the first chief executive of the Company, and will be offered a one-year
employment agreement by the Board of Managers. Bojanowski’s employment agreement will be reviewed annually, and will be renewed provided that the Board of Managers is satisfied with Bojanowski’s performance during the prior 12 months.
Bojanowski shall recommend subordinate executives for the Company, which shall be subject to ratification by the Board of Managers. 
 3.12
Removal of Officers; Vacancies. Bojanowski may be removed as chief executive only for good cause as further described in his employment agreement, and only upon majority vote of the Board of Managers. All other officers may be removed, with
our without cause, by the Board of Managers. Vacancies will be filled by the Board of Managers, in consultation with the chief executive officer. 
 3.13 Duties of the Chief Executive, Officer. The chief executive officer shall be primarily responsible for implementing the policies and directives of the Board of Managers. He or she shall have responsibility for the general
management and direction of the business and operation of the Company, subject only to the ultimate authority of the Board of Managers. The chief executive officer shall preside over all Company meetings. He or she may sign and execute in leases,
contracts and other instruments, which bind the Company, except where the signing and execution thereof shall be expressly reserved by the Board of Managers. In addition, the chief executive officer shall perform such other duties as may be assigned
to him or her from time to time by the Board of Managers. 
 3.14 Duties of other Executives. The duties of all other executives shall
be assigned by the chief executive officer. The chief executive officer shall consult with the Board of Managers regarding the naming of subordinate executives and their duties. 
 3.15 Compensation of Officers. The Board of Managers shall have the authority to fix the compensation of all officers of the Company. 

3.16 Indemnification of Managers, Officers, Members. The Company shall indemnify the Board of Managers, and each and every Manager, officer,
and Member (each, an “Indemnified Party”) to the full extent permitted by the Act, and as follows. The Company shall indemnify an Indemnified Party who was or is a party to any proceeding, including a derivative proceeding brought by a
Member, by reason of the fact that the Indemnified Party is or was a Manager, officer or Member of the Company, against any liability and reasonable expenses (including reasonable attorney fees) incurred by the Indemnified Party in connection with
the proceeding unless such Manager, officer or Member, as the case may be, has engaged in willful misconduct, a knowing violation of the criminal law or breach of fiduciary duty. If the Board of Managers determines that the facts then known meet the
standards hereunder, the Company shall advance or reimburse the reasonable expenses incurred by an Indemnified Party who is a party to a proceeding in advance of final disposition of the proceeding. 
  

					
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 The Board of Managers shall take such action as is necessary to carry out these indemnification
provisions and may adopt, approve, and amend from time to time such resolutions or contracts implementing such provisions or such further indemnification arrangements as may be permitted by law. 
 ARTICLE IV 
 MEMBERSHIP INTERESTS,
CAPITAL ACCOUNTS, 
 TAX ALLOCATIONS, DISTRIBUTIONS, ETC. 
 4.01 Membership Interests. (a) Pursuant to § 13.l-1028(A)(5)(a) and § 13.1-1029 of the Act, the Members state that as of the
Effective Date, the agreed upon respective Membership Interests are as set forth in Exhibit A. 
 4.02 Additional Capital
Contributions. No Member shall be required to make any capital contribution in addition to his initial capital contributions. Otherwise, the Members may make additional capital contributions to the Company only if such additional capital
contributions are made pro rata by all the Members or the Members consent, as a Unanimous Matter, in writing to any non-pro rata contribution, such writing to include a summary of the substance of the Members discussion relating to this matter and
the agreement as to the impact of the non pro-rata contribution on the proportional Membership Interests of the Members. If no such agreement is attempted or reached, the proportional Membership Interests of the newly contributing Member shall be
increased pro rata and the other Members’ Membership Interests shall be reduced pro rata. 
 4.03 Loans to the Company. If the
Company has insufficient funds to meet its obligations as they come due and to carry out its routine, day-to-day affairs, then, in lieu of obtaining required funds from third parties or selling its assets to provide required funds, the Company may,
but shall not be required to, borrow necessary funds from one or more of the Members, provided that the terms of such borrowing shall be commercially reasonable and the Company shall not pledge its assets to secure such borrowing. 
 4.04 Distributions. All distributions of cash or other property shall be made to the Members in proportion to their respective Economic Interests
and shall be made at such time and in such amounts as determined by the Board of Managers; provided, however, that the following limitations and provisions shall apply: 
  

	 	(a)	No distributions shall be made prior to the payment of Company ordinary and necessary operating expenses and timely repayment of any loans, including loans from Members;

  

	 	(b)	If, after twelve (12) months following the Effective Date, the Company’s operations are generating positive net income, determined in accordance with generally acceptable
accounting principles, the Members and Managers will meet to discuss in good faith the issuance of distributions to the Members, pro rata based upon the then-current Economic Interests, a partial return of the initial capital contributions of the
Members. 

  

					
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	 	(c)	If, after twelve (12) months following the Effective Date, (1) the Company’s operations are generating positive net income, determined in accordance with generally
acceptable accounting principles, and (2) Company vendors thereafter pay funds to the Company in the form of “co-op money,” supplier agreement signing bonuses or otherwise (“Vendor Receipts”), then the Members and Managers
will meet to discuss in good faith the issuance of distributions to the Members, pro rata based upon the then-current Economic Interests, of such Vendor Receipts. 

 4.05 Preemptive Right, Dilution of Membership Interest. To the extent a Member decision involves the issuance of new Membership Interests, or
admitting a new Member or passive investor (one holding only an Economic interest), the Members of the Company have a preemptive right, granted on uniform terms and conditions, to a fair and reasonable opportunity to exercise the right to acquire
proportional amounts of the Company’s Membership Interests. Each Member acknowledges, understands and agrees that, absent exercising such preemptive right, his respective Membership Interest is subject to change and will become diluted or
reduced if and when the Company admits a new Member or new passive investor. 
 4.06 Capital Accounts. Separate Capital Accounts shall
be maintained for each Member in accordance with the following provisions. It is the Company’s and Members’ intention to determine and maintain such Capital Accounts in accordance with the rules promulgated under the partnership tax
provisions of the Internal Revenue Code, as amended, including without limitation those set forth in the Code of Federal Regulations, 26 CFR 1.704-1 (b)(2)(iv). 
  

	 	(a)	To each Member’s Capital Account there shall be credited the amount of money contributed by him to the Company, the fair market value of non-cash property contributed by him to
the Company (net of liabilities that the Company is considered to assume or take subject to), the amount of any Company liabilities that are assumed by such Member, and allocations to him of Company income and gain, 

  

	 	(b)	To each Member’s Capital Account there shall be debited the amount of money distributed to him by the Company, the fair market value of non-cash property distributed to him by
the Company (net of liabilities that such partner is considered to assume or take subject to), the amount of any liabilities of such Member that are assumed by the Company, and allocations to him of Company losses. 

 4.07 Allocations. The Members acknowledge and agree to the following, based on their understanding of the economics of the Company’s
capitalization, operations and current financial condition. It is the Members’ intent for the tax allocations set forth herein, including the Loss Allocation Interests, to be consistent with the underlying economic arrangement of the Members
and the Company. Specifically, the Members have attempted to align and allocate any economic benefit or economic burden of any such allocation to the Member who has received such economic benefit or has born such economic burden. 
  

					
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	 	(a)	All items of income, gain, and credit (but not including items of loss or deduction), whether resulting from the Company’s operations or in connection with its dissolution,
shall be allocated to the Members for federal, state and local income tax purposes in proportion to their respective Economic Interests. 

  

	 	(b)	All items of loss or deduction, whether resulting from the Company’s operations or in connection with its dissolution or otherwise, shall be allocated to the Members for
federal, state and local income tax purposes in proportion to their respective Loss Allocation Interest, as set forth in Exhibit A. 

 The Members and the Company represent, warrant and covenant to the following: 
  

	 	(c)	That the Capital Accounts have been and shall be determined and maintained in accordance with Section 4.06 above; 

  

	 	(d)	Upon liquidation of the Company (or any Member’s Membership Interest), liquidating distributions shall be made in accordance with the positive Capital Account balances of the
Members, as determined after taking into account all Capital Account adjustments for the Company taxable year during which such liquidation occurs; and 

  

	 	(e)	If, upon liquidation of any Member’s Membership Interest, such Member has a deficit balance in his Capital Account following the liquidation of his Membership Interest as
determined after taking into account all capital account adjustments for the partnership taxable year during which such liquidation occurs, he is unconditionally obligated to restore the amount of such deficit balance to the Company by the end of
such taxable year or, if later, within 90 days after the date of such liquidation, which amount shall, upon liquidation of the Company, be paid to creditors of the Company or distributed to other Members in accordance with their positive Capital
Account balances. 

 4.08 Effect of Sale or Exchange. In the event of a permitted sale or other transfer of a Membership
Interest in the Company, the capital contributions of the transferor (the selling party) shall become the capital contributions of the transferee (the buying party) to the extent they relate to the transferred Membership Interest. 
 4.10 Resignation of Member as “Member.” Any Member may elect to resign from Membership in the Company upon ninety days written notice to
the Company. On the next day following the completion of the ninety-day period, the former Member no longer has any right to participate in the management and affairs of the Company or to vote on Company matters in the capacity of Member, and the
former Member shall continue to own an Economic Interest, but not a Participation Interest, and shall be a passive investor in the Company with solely economic rights. 
  

					
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 4.11 Expulsion of a Member as “Member”. A Member may be expelled from the Company
upon unanimous decision of the other Member(s) based upon default by such Member of any of his obligations hereunder if such default continues for thirty (30) days after notice by the Company. Subsequent to such Expulsion, the former Member no
longer has any right to participate in the management and affairs of the Company or to vote on Company matters in the capacity of Member, and the former Member shall continue to own an Economic Interest, but not a Participation Interest, and shall
be a passive investor in the Company with solely economic rights. Further, the Members’ respective Loss Allocation Interest shall remain the same as it was at the effective date of the expulsion. 
 ARTICLE V 
 TRANSFER OF MEMBERSHIP
INTERESTS 
 5.01 Transfer of Membership Interest. The Members have entered into that certain BUY/SELL AGREEMENT dated of even
date herewith, containing, among other things, terms relating to transfer of Membership Interest, including restrictions thereof. It is the intent of the Members that this Agreement and the BUY/SELL AGREEMENT work in conjunction with each other to
accomplish the elements of each of such Agreements. 
 ARTICLE VI 
 DISSOLUTION AND TERMINATION 
 6.01 Events of Dissolution. The
Company shall be dissolved upon the first to occur of the following: 
  

	 	(a)	Any event that under the Act or the Articles requires dissolution of the Company, provided that the death, resignation, retirement, Expulsion, bankruptcy, or dissolution of a Member
or occurrence of any other event that terminates the continued membership of a Member in the Company shall not cause the dissolution of the Company; 

  

	 	(b)	The written consent of the Members to the dissolution of the Company, as a Unanimous Matter; and 

  

	 	(c)	The entry of a decree of judicial dissolution of the Company as provided in the Act. 

 6.02 Liquidation. Upon the dissolution of the Company, it shall wind up its affairs and distribute its assets in accordance with the Act by either or a combination of both of the following methods as the
Members shall determine: 
  

	 	(a)	Selling the Company’s assets and, after the payment of Company liabilities, distributing the net proceeds therefrom to the Members or successors or assigns in proportion to
their Economic Interests and in satisfaction thereof; and/or 

  

	 	(b)	Distributing the Company’s assets to the Members or successors or assigns in kind with each Member or successors or assigns accepting an undivided interest in the
Company’s assets, subject to its liabilities, in satisfaction of his Economic Interest. The interest conveyed to each Member in such assets shall constitute a percentage of the entire interests in such assets equal to such Member’s
Economic Interest. 

  

					
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 6.03 Orderly Liquidation. A reasonable time as determined by the Manager not to exceed three
(3) months shall be allowed for the orderly liquidation of the assets of the Company and the discharge of liabilities to the creditors so as to minimize any losses attendant upon dissolution. 
 6.04 Liquidating Distributions. Upon liquidation, the Company assets (including any cash on hand) shall be distributed in the following order and
in accordance with the following priorities, provided the provisions of Section 4.07 are also complied with: 
  

	 	(a)	First, to the payment of the debts and liabilities of the Company and the expenses of liquidation, including a sales commission to the selling agent, if any; then

  

	 	(b)	Second, to the setting up of any reserves that the Managers (or the Person or Persons carrying out the liquidation) deem reasonably necessary for any contingent or unforeseen
liabilities or obligations of the Company. At the expiration of such period as the Managers (or the Person or Persons carrying out the liquidation) shall deem advisable, but in no event to exceed 18 months, the Company shall distribute the balance
thereof in the manner provided in the following subsection; then 

  

	 	(c)	Third, to the Members or successors or assigns in proportion to their respective Economic Interest. 

  

	 	(d)	In the event of a distribution in liquidation of the Company’s property in kind, the fair market value of such property shall be determined by a qualified and disinterested
appraiser, selected by the Managers (or the Person or Persons carrying out the liquidation), and each Member shall receive an undivided interest in such property equal to the portion of the proceeds to which he would be entitled under the
immediately preceding subsection if such property were sold at such fair market value. 

 6.05 No Recourse Against
Members. Except as provided by law, upon dissolution, each Member shall look solely to the assets of the Company for the return of his capital contribution. If the Company property remaining after the payment or discharge of the debts and
liabilities of the Company is insufficient to return the capital contribution of each Member, such Member shall have no recourse against any other Member, 
 ARTICLE VII 
 SECURITIES LAWS MATTERS 
 7.01 Membership Interests Not Registered. The statements set forth in this Article do not denote a conclusion or admission on the part of any
Member that an Membership Interest is a “security” as such term is defined under relevant securities laws. Each Member understands that the Membership Interests have not been registered under the Securities Act of 1933, as amended, or the
Virginia Securities Act. Each Member further understands that the Membership Interests may not be sold, transferred, or otherwise disposed of, without such registration or without the availability of an exemption from such registration requirements,
as well as other transfer restrictions as set forth in this Agreement. 
  

					
	 08111109606 RSI
 Prepared by Kris R. Keeney, PC
“Digitalaw”
 804.726.6000 digitalaw.com
	  	12	  	

 FINAL 
  

 7.02 Successor Bound By This Agreement; PUT ON NOTICE. Each subsequent Member, holder of an
Membership Interest, other successor in interest, or any other transferee of an Membership Interest shall be bound by, and to take the transferred Membership Interest subject to the obligations, conditions, and restrictions in this or a properly
executed amended Agreement, as same applies to Members and their respective Membership, and such subsequent Member or successor in interest is hereby expressly put on notice as to the following: 
 THE MEMBERSHIP INTERESTS HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE. THE MEMBERSHIP
INTERESTS MAY ONLY BE TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO EFFECTIVE REGISTRATIONS THEREUNDER. THE GIFT, SALE, PLEDGE, TRANSFER, OR ENCUMBRANCE OF THE MEMBERSHIP
INTERESTS IS RESTRICTED IN ACCORDANCE WITH THE TERMS AND CONDITIONS OF THIS AGREEMENT BY AND BETWEEN THE MEMBERS. 
 ARTICLE VIII

 MISCELLANEOUS PROVISIONS 
 8.01 Attorney Fees. In the event any Member brings an action to enforce any provisions of this Operating Agreement against the Company or any other Member, whether such action is at law, in equity or otherwise, the prevailing party
shall be entitled, in addition to any other rights or remedies available to it, to collect from the non-prevailing party or parties the reasonable costs and expenses incurred in the investigation preceding such action and the prosecution of such
action, including but not limited to reasonable attorney fees and court costs. 
 8.02 Notices. Whenever, under the provisions of the
Act or other law, the Articles or this Operating Agreement, notice is required to be given to any Person, such notice shall be in writing, and may be delivered by personal delivery, by U.S. mail at the address as it appears on the records of the
Company from time to time, or by electronic mail to the last known email address of such recipient Person. Any Person may change his address as shown on the records of the Company by delivering written notice to the Company in accordance with this
Section. Any requirement hereunder requiring written notice or consent shall be valid if such notice or consent is provided by electronic mail. 
 8.03 Application of Virginia Law. This Operating Agreement, and the interpretation hereof, shall be governed exclusively by its terms and by the laws of the Commonwealth of Virginia, without reference to its choice of law provisions,
and specifically the Act. 
 8.04 Amendments. No amendment or modification of this Operating Agreement shall be effective except upon
the written consent of the Members as a Unanimous Matter. 
  

					
	 08111109606 RSI
 Prepared by Kris R. Keeney, PC
“Digitalaw”
 804.726.6000 digitalaw.com
	  	13	  	

 FINAL 
  

 8.05 Construction, Whenever the singular number is used in this Operating Agreement, and when
required by the context the same shall include the plural. Likewise, when pronouns and/or gender terms are used, when required by the context the same shall include other pronouns and gender. This Agreement has been initially prepared by Kris R.
Keeney, PC “Digitalaw,” a Professional Corporation, as counsel to Member RoomStore, Inc., after full disclosure of its representation of Member RoomStore, Inc. Each of the Members has reviewed the contents of this Agreement and fully
understands its terms. This Agreement shall be deemed to have been jointly drafted by the parties, and in construing and interpreting this Agreement, no provision shall be construed and interpreted for or against any of the parties merely because
such provision or any other provision of this Agreement is purportedly prepared or requested by such party or such party’s counsel. 
 8.06 Headings. The headings in this Operating Agreement are inserted for convenience only and are in no way intended to describe, interpret, define, or limit the scope, extent, or intent of this Operating Agreement or any provision
hereof. 
 8.07 Waivers. The failure of any party to seek redress for violation of or to insist upon the strict performance of any
covenant or condition of this Operating Agreement shall not prevent a subsequent act, which would have originally constituted a violation, from having the effect of an original violation. 
 8.08 Rights and Remedies. The rights and remedies provided by this Operating Agreement are cumulative and the use of any one right or remedy by
any party shall not preclude or waive the right to use any or all other remedies. Such rights and remedies are given in addition to any other rights the parties may have by law, statute, ordinance, or otherwise. Upon breach of this Agreement, the
non-breaching party may seek monetary damages in addition to equitable relief or other remedy or relief available under law or equity. 
 8.09 Severability. If any provision of this Operating Agreement or the application thereof to any Person or circumstance shall be invalid, illegal or unenforceable to any extent, the remainder of this Operating Agreement and the
application thereof shall not be affected and shall be enforceable to the fullest extent permitted by law. 
 8.10 Heirs, Successors, and
Assigns. Each and all of the covenants, terms, provisions and agreements herein contained shall be binding upon and inure to the benefit of the parties hereto and, to the extent permitted by this Operating Agreement, their respective heirs,
legal representatives, successors, and assigns. 
 8.11 Creditors. No Third Party Beneficiaries. None of the provisions of this
Operating Agreement shall be for the benefit of or enforceable by any creditor or relative of the Company or Member. It is not intended that this Agreement be for the benefit of any third party, and nothing herein shall be construed so as to provide
a benefit to any party other than the Members or the Company. This Agreement is not intended to and shall not confer upon any other Person or business entity, other than the parties hereto, any rights or remedies with respect to the subject matter
of this Agreement. 
  

					
	 08111109606 RSI
 Prepared by Kris R. Keeney, PC
“Digitalaw”
 804.726.6000 digitalaw.com
	  	14	  	

 FINAL 
  

 8.12 Counterparts. This Operating Agreement may be executed in counterparts, each of which
shall be deemed an original, but all of which shall constitute one and the same instrument. 
 8.13 Entire Agreement. This Operating
Agreement sets forth all of the promises, agreements, conditions, and understandings between the parties respecting the subject matter hereof and supersedes all prior negotiations, conversations, discussions, correspondence, memoranda, and
agreements between the parties concerning such subject matter. 
 REMAINDER OF PAGE INTENTIONALLY BLANK 
 SIGNATURES NEXT PAGE 
  

					
	 08111109606 RSI
 Prepared by Kris R. Keeney, PC
“Digitalaw”
 804.726.6000 digitalaw.com
	  	15	  	

 FINAL 
  

 AGREED 
 The undersigned, being all the Members of the Company, hereby agree, acknowledge, and certify that the foregoing Operating Agreement constitutes the sole and entire Operating Agreement of the Company, unanimously adopted by the Members of
the Company as of the Effective Date. 
  

									
	MEMBERS:	 		 	
			
	 ROOMSTORE, INC. 
 a Virginia
corporation
	 		 	 MR, RAY BOJANOWSKI 
 an individual

				
	By:	 	/s/ Curtis C. Kimbrell	 		 	/s/ Ray T. Bojanowski
	Name:	 	Curtis C. Kimbrell	 		 		 	
	Title:	 	CEO President	 		 		 	

  

					
	 08111109606 RSI
 Prepared by Kris R. Keeney, PC
“Digitalaw”
 804.726.6000 digitalaw.com
	  	16	  	

 EXHIBIT A 
  

												
	 Member
	  	**********	  	Participation
Interest
Percentage	 	 	Economic
Interest
Percentage	 	 	Loss Allocation
Interest
Percentage	 
	 RoomStore, Inc., a Virginia Corporation
	  	**********	  	75	%	 	75	%	 	75	%
	 Ray Bojanowski, an individual
	  	**********	  	25	%	 	25	%	 	25	%
	 Total
	  	**********	  	100	%	 	100	%	 	100	%

 EXHIBIT B 
 Initial Board of Managers 
  

			
	Curtis C. Kimbrell	  	President and CEO of RoomStore, Inc.
	Ray Bojanowski	  	CEO of Mattress Discounters Group, LLC
	Ronald Kaplan	  	President of Kaplan ConsultingExhibit 10.13

 Exhibit 10.13 
 CERTAIN PORTIONS OF THIS DOCUMENT HAVE BEEN OMITTED PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST. THE OMITTED NON-PUBLIC INFORMATION HAS BEEN FILED WITH THE COMMISSION. 
 MANAGEMENT AND SERVICES AGREEMENT 
 This MANAGEMENT AND SERVICES AGREEMENT
(“Agreement”) is entered into this 1st day of January 2009, by and between RoomStore, Inc., (“RoomStore”) and Mattress Discounters Group, LLC (“MDG”). 
 WHEREAS, MDG is a mattress retail company with approximately 75 stores located in Virginia, Maryland, Delaware and the District of Columbia, and

 WHEREAS, RoomStore is a furniture retail company and is a Member of MDG, having a 75% ownership share of MDG, and 
 WHEREAS, RoomStore is willing to provide, and MDG is willing to pay for, certain management and administrative services necessary for the business
operations of MDG. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, the parties hereto agree as
follows: 
 ARTICLE I 
 SERVICES TO
BE PROVIDED 
 1.01 Services Defined. Subject to the terms and conditions set forth herein, RoomStore shall provide MDG with the
services and building space listed on Schedule 1 (the “Services”). These Services may not be materially increased or decreased without the express, written consent of the parties. 
 1.02 Performance of the Services. All Services provided under this Agreement shall be performed at the request of and under the general direction
of MDG. Except as expressly authorized in advance, RoomStore shall not have any power to act independently on behalf of MDC. RoomStore shall have the discretion to refuse any Service requested by MDC. Nothing in this Agreement shall require
RoomStore to perform a service that is not specifically agreed to under the terms of this Agreement. RoomStore, in its sole discretion, shall determine which of its employees, agents, or facilities shall be used to perform the Services. The Services
provided hereunder shall be performed by RoomStore employees or agents who perform comparable services for RoomStore in their normal course of employment. 
 1.03 No Employment Relationship. Except as otherwise provided in writing, the employees of RoomStore who are performing the Services shall be deemed for all purposes (including compensation and benefits) to be
employees of RoomStore only, and are not employees, representatives or independent contractors of MDG. In performing the Services, all such employees of RoomStore shall remain under the direction, control and supervision of RoomStore, and RoomStore
shall have the sole right to exercise all authority with respect to the employment (including termination of employment), assignment and compensation of such employees. 
  

 Page 1 of 4 

 ARTICLE II 
 TERM AND PAYMENT 
 2.01 Term of Agreement. This Agreement shall be for a period of one year, ending
on December 31, 2009. Thereafter, the Agreement shall be automatically renewed for successive one-year terms, unless either party gives notice of termination at least 90 days prior to the end of term in effect. This Agreement may be terminated
for cause as provided in section 3.01(c) below. 
 2.02 Payment for Services. The combined annual cost for the Services is estimated
to be $5,290,400, to be billed by RoomStore and paid by MDG in equally monthly installments of $440,866.67. Payment is due within 30 days of receipt of the invoices. The annual cost for the Services shall be reviewed at least twice annually, and
shall be adjusted by the mutual consent of the parties. 
 2.03 Payment for Expenses. Some of the Services provided incur fees and
expenses on a per-person or a per-transaction basis. These are listed on Schedule 2. RoomStore will bill these actual expenses to MDG on a monthly basis. Payment is due within 30 days of receipt of the invoices. 
 ARTICLE III 
 STANDARD OF CARE AND
INDEMNIFICATION 
 3.01 Standard of Care 
 (a) Except as provided in section 3.01(c) below, RoomStore makes no express or implied representations, warranties, or guarantees relating to the Services or the quality of the Services to be performed under this
Agreement. 
 (b) The Services provided under this Agreement may be interrupted or delayed from time to time by power outages,
storm-related interruptions and damage, or other force majeure events, which are beyond the control of RoomStore. RoomStore is not responsible or liable for any loss, damage or expense related to such interruptions or delays. 
 (c) RoomStore shall provide the Services to MDG using the same degree of skill, attention and care that RoomStore exercises with respect
to its own business. If MDG is not satisfied with the Services performed by RoomStore, then MDG shall send written notice to RoomStore, detailing specific deficiencies and concerns. Within 14 days of receipt of this notice, the parties shall meet
and develop a plan for resolving the deficiencies and concerns. The plan shall set forth specific improvement benchmarks, and deadlines for achieving these benchmarks. If the benchmarks are not substantially achieved by the specified deadlines, then
MDG may terminate this Agreement after giving RoomStore 90 days’ notice of termination. 
  

 Page 2 of 4 

 (d) RoomStore, and its directors, officers, employees and agents shall not be liable to
MDG or any third party, for any claims, damages, or expenses relating to the Services provided under this Agreement, except where proximally caused by the willful misconduct, or illegal conduct, of RoomStore. 
 3.02 Indemnification. MDG shall defend, indemnify and hold harmless RoomStore, and its directors, officers, agents and employees from and against
any claims, demands, actions, damages, judgments and liabilities arising from or related to RoomStore’s performance of the services, except in cases of willful misconduct or illegal conduct by RoomStore. This indemnification shall survive any
termination of this Agreement. 
 ARTICLE IV 
 MISCELLANEOUS 
 4.01 Governing Law, Venue and Jurisdiction. This Agreement shall be construed in
accordance with and governed by the laws of the Commonwealth of Virginia, without regard to any choice of law provision. All legal actions, suits and proceedings arising out of or relating to this Agreement shall be brought in a state or federal
court having jurisdiction in the city of Richmond, Virginia or the county of Henrico, Virginia. Each party hereby consents to submit to the jurisdiction of these courts, upon proper service of process. In any legal action, the prevailing party shall
be entitled to reasonable attorneys fees and costs. 
 4.02 Assignment. This Agreement may not be assigned to any third party, without
the express written consent of the other party. Provided, however, that either party may assign this Agreement pursuant to a merger, acquisition or consolidation involving substantially all of the assets of the assigning party, provided that the
assigning party remains liable for all pre-assignment obligations under the Agreement, and that the assignee assumes in writing all of the obligations of this Agreement. 
 4.03 No Third Party Beneficiaries. No provision of this Agreement shall create any third party beneficiary rights in any person or entity. 
 4.04 Relationship of Parties. Nothing herein contained shall be deemed or construed by RoomStore or MDG or for any other party as creating the
relationship of principal and agent or of partnership, joint employers or joint venture by the parties hereto. 
 4.05 Integration and
Amendments. This Agreement contains the full understanding of the parties with respect to the subjects covered in this Agreement. Any amendments must be in writing, and signed by both parties. 
 4.06 Severability. If any provision of this Agreement is adjudged to be invalid, illegal or unenforceable to any extent, then the remainder of
this Agreement shall remain in effect and shall be enforceable to the fullest extent permitted by law. 
  

 Page 3 of 4 

 4.07 Notices. All notices given pursuant to this Agreement shall be in writing and either
(a) hand-delivered, or (b) sent via a national courier service with tracking capability. 
 If to RoomStore: 
 RoomStore, Inc. 
 12501 Patterson Avenue

 Richmond, VA 23238 
 Attn:
Legal Department 
 If to Mattress Discounters Group, LLC: 
 Mattress Discounters Group, LLC 
 6230 Seven Corners Center 
 Falls Church, VA 22044 
 Attn: President

 WITNESS THE FOLLOWING SIGNATURES: 
 RoomStore, Inc. 
  

			
	 	 	/s/ Brian D. Bertonneau
		 	By: Brian D. Bertonneau
		 	Its: Senior VP and General Counsel

 Mattress Discounters Group, LLC 
  

			
	 	 	/s/ Ray Bojanowski
		 	By: Ray Bojanowski
		 	Its: CEO

  

 Page 4 of 4 

 SCHEDULE 1 
 SERVICES PROVIDED 
  

							
	 ACCOUNTING SERVICES
	  	ANNUAL COST	  	 COMMENTS

		  	File Sales Tax Returns, Customer Refunds, Cash Management and Bank reconciliations. Supervision of MDG, LLC employees handling Accounts Payable, Fixed Assets and Wells Fargo Settlements. Prepare
Financial Statements for consolidated company and also by-stores.	  	**********
 **********
 **********
 **********
	  	 **********
 **********
 **********
 **********

			
	 ADVERTISING
	  		  	
		  	Print - creative, analysis, negotiating, buying,	  		  	
		  	Electronic - creative, analysis, negotiating, buying,	  		  	
		  	Newspaper - creative, analysis, negotiating, buying,	  		  	
			
	 HUMAN RESOURCES, PAYROLL AND BENEFITS
	  		  	
		  	Manage HR, Payroll and Benefit programs	  		  	
		  		  		  	
			
	 INSURANCE AND RISK MANAGEMENT
	  		  	
		  	Manage insurance program	  		  	
		  	Renew insurance program annually	  		  	
		  	Monitor claims and safety issues	  		  	
			
	 INFORMATION SERVICES
	  		  	
		  	Manage all IT functions	  		  	
		  	70-store WAN support	  		  	
		  	Manage all IT contracts	  		  	
		  	Network support	  		  	
		  	Intranet support	  		  	
		  	Nightly operations and backups	  		  	
		  	Data retention	  		  	
		  	Store phone system and support	  		  	
		  	Equipment maintenance and support	  		  	
		  	E-commerce management and admininstration (future option)	  		  	

 SCHEDULE 1 
 SERVICES PROVIDED 
  

							
			
	LEGAL AND CORPORATE GOVERNANCE	  		  	
		  	Draft and review contracts	  		  	 **********

		  	Provide advice on claims, demands and litigation	  		  	**********
		  	Attend Board meetings, take minutes	  		  	**********
		  	Obtain and maintain state qualifications	  		  	**********
		  	Maintain company records	  		  	
			
	REAL ESTATE	  		  	
		  	Maintain lease files	  		  	
		  	Coordinate store maintenance	  		  	
		  	Provide office space at Seven Corners, VA location	  		  	
		  	Provide warehouse space at Jessup, MD location	  		  	
			
	WAREHOUSE AND DELIVERY SERVICES	  		  	
		  	Manage warehouse and delivery operations	  		  	
		  	Distribution expenses	  		  	
		  	Delivery expenses	  		  	
				
		  	 ANNUAL COST
	  		  	

 SCHEDULE 2 
 EXPENSES RELATED TO THE SERVICES 
  

								
	 EMPLOYEE BENEFITS
	  	COST	  	 COMMENTS

		  	Health care	  	 	varies	  	Actual cost billed for claims and administration fees, less contributions from MDG employees
		  	Dental	  	 	varies	  	Actual monthly premiums billed by vendor, based on participation
		  	Vision	  	 	varies	  	Actual monthly premiums billed by vendor, based on participation
		  	Life and Accidental Death & Dismemberment	  	 	varies	  	Actual monthly premiums billed by vendor, based on participation
		  	Disability I and II	  	 	varies	  	Actual monthly premiums billed by vendor, based on participation
		  	Executive Life	  	 	varies	  	Actual monthly premiums billed by vendor, based on participation
			
	 PAYROLL SERVICES
	  			  	
		  	ACS Processing Cost	  	 	varies	  	Actual cost per employee charged by ACS for processing, direct deposit fees and postage
		  	Unemployment taxes	  	 	varies	  	Actual cost charged by TALX for unemployment taxes and processing fees
		  	Payroll taxes	  	 	varies	  	Actual cost charged by ADP for filing payroll taxes for MDG
			
	 HUMAN RESOURCES
	  			  	
		  	Background checks	  	$	9.95 each	  	Will be billed direct to MDG, LLC
		  	Drug testing, negative	  	$	31.25 each	  	Actual cost
		  	Drug testing, positive	  	$	81.00 each	  	Actual cost
			
	 INSURANCE
	  			  	
		  	Property and casualty insurance premiums	  	 	varies	  	Annual premiums set by insurance carriers; MDG allocations to be charged back
		  	Workers compensation claims	  	 	varies	  	Actual claims costs and claims administration fees billed by insurance carrier

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