Document:

Document

Exhibit 10.11

LIMITED GUARANTY

THIS LIMITED GUARANTY (“Guaranty”) is made as of March 12, 2021, by TERRA PROPERTY TRUST, INC., a Maryland corporation (the “Guarantor”), whose address is set forth below, in favor of WESTERN ALLIANCE BANK, an Arizona corporation (“Lender”), whose address is set forth below.
RECITALS
A.Guarantor is executing this Guaranty to induce Lender to extend to TERRA MORTGAGE PORTFOLIO II, LLC, a Delaware limited liability company (“Borrower”), a credit facility (the “Loan”) in the maximum amount of $75,000,000.00, subject to the terms and conditions of which are more particularly described in the Business Loan and Security Agreement dated as of March 12, 2021 (as amended, supplemented, restated or otherwise modified from time to time, the “Loan Agreement”), and the Loan Documents (as herein defined).  
B.The Loan is evidenced by that certain Promissory Note dated of even date herewith (as amended, supplemented, restated or otherwise modified from time to time, the “Note”) made payable to Lender in the principal amount of the Loan.  (The term “Loan” is used throughout this Guaranty in its most comprehensive sense and means any and all loans, advances, debts, obligations, liabilities of any kind or nature owed by Borrower to Lender, made, incurred or created, arising from the Loan Documents, whether due or not due, absolute or contingent, liquidated or unliquidated, determined or undetermined, secured or unsecured, whether on original, renewed, extended or revised terms (including, without limitation, those evidenced by new or additional instruments or agreements or those changing the applicable rate of interest or which release any obligor with respect thereto), whether principal, interest, fees, or expenses, whether Borrower may be liable individually or jointly with others, whether recovery upon such indebtedness may be or hereafter becomes barred by any statute of limitations, and whether such indebtedness may be or hereafter becomes invalid or otherwise unenforceable.  In the event a petition under the United States Bankruptcy Code is filed by or against Borrower, the term “Borrower” shall also mean and include Borrower in its status as a debtor, debtor-in-possession and/or reorganized debtor under the United States Bankruptcy Code.
C.This Guaranty, the Loan Agreement, the Note and all other documents and instruments that evidence, secure, or otherwise pertain to the Loan are collectively referred to as the “Loan Documents”.
GUARANTY
1.Borrower Obligations.
(a)     Guarantor hereby unconditionally and irrevocably guarantees and promises to pay to Lender, or order, on demand, in immediately available funds, and to defend, indemnify and hold harmless Lender and Lender’s agents, employees, representatives, directors, officers, 
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successors and assigns for, from and against any and all claims, suits, actions, proceedings, obligations, damages, losses, liability, judgments, awards, amounts paid in settlement of whatever kind or nature,  fines, charges, fees, costs and expenses suffered or incurred by Lender or Lender’s agents, employees, representatives, directors, officers, successors and assigns to the extent resulting from the occurrence of any of the following:
(i)     fraud or intentional misrepresentation by Borrower, Guarantor or any other person or entity acting on behalf of such party in connection with (A) the Loan Documents, or (B) any financial information, including, but not limited to, financial statements, affidavits, certifications, representations or warranties given to Lender in connection with the Loan by Borrower, Guarantor or any other person or entity acting on behalf of such party;
(ii)     misapplication or misappropriation in violation of the Loan Documents of (1) Loan proceeds, (2) proceeds from any collateral that secures all or any portion of the Loan, (3) other funds pledged or assigned to Lender or required to be pledged or assigned to Lender, (4) insurance proceeds or (5) any other amounts required to be paid or turned over to Lender pursuant to the Loan Documents;
(iii)    willful misconduct, or criminal acts perpetrated by Borrower or Guarantor, resulting in forfeiture or seizure of any portion of any collateral that secures all or any portion of the Loan, or any other assets of Borrower or Guarantor;
(iv)     wrongful removal or disposal of any portion of any collateral that secures the Loan;
(v)       the making of any distribution, dividend or payment of any kind in violation of the Loan Documents;
(vi)        the failure to pay insurance policy premiums to maintain insurance as required under the Loan Documents;
(vii)    any consensual or intentional transfer, assignment, sale or encumbrance of any collateral that secures all or any portion of the Loan, except as otherwise permitted by the Loan Agreement;
(viii)     any transfer or disposal of any portion of the collateral securing the Loan by Borrower or Guarantor after a default under or breach of any of the Loan Documents;
(ix)      any encumbrances, liens, or security interests affecting any of the collateral securing the Loan (including, but not limited to judgment liens and tax liens) to the extent arising from the act or omission of Borrower or Guarantor, except as otherwise permitted by the Loan Agreement, and except that this clause will not apply to any encumbrance, lien or security interest arising because of the default of any Collateral Loan Obligor to pay any amount required under the Collateral Loan Documents due to the financial inability of such Collateral Loan Obligor  (unless sufficient funds for such payment for that purpose or in a reserve or 
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escrow account controlled by Borrower and Borrower refuses to release such reserved or escrow amounts).
(b)   Upon the occurrence of any of the events listed below in this Section 1(b) Guarantor absolutely, unconditionally and irrevocably guarantees to Lender, the full and prompt payment of the principal sum of the Note in accordance with its terms when due, by acceleration or otherwise, together with all interest accrued thereon, the full and prompt payment of all other sums, together with all interest accrued thereon, when due under the terms of the Loan Documents:
(i)      Borrower or Guarantor filing a voluntary petition under Title 11 of the United States Code (as now or hereafter amended or recodified, the “Bankruptcy Code”)  or any other federal or state bankruptcy or insolvency law;
(ii)    Borrower, Guarantor or any of their respective affiliates, officers, directors, agents or representatives or any other person or entity that controls, is controlled by or is under common control with Borrower or Guarantor (in each case whether directly or indirectly) filing, filing an answer consenting to, or otherwise acquiescing in, or joining in the filing of, a voluntary or involuntary petition against Borrower or Guarantor under the Bankruptcy Code or any other federal or state bankruptcy or insolvency law, or soliciting or causing to be solicited petitioning creditors for any involuntary petition against Borrower or Guarantor from any person or entity;  
(iii)    Borrower or Guarantor making an assignment for the benefit of creditors, or admitting, in writing or in any legal proceeding, its insolvency or inability to pay its debts as they become due; and 
(iv)       Any transfer of ownership rights or interests in Borrower or change of control of Guarantor (so long as Guarantor is managed by Terra Capital Partners LLC or an Affiliate, no change of control of Guarantor will be deemed to have occurred).  
The obligations guaranteed pursuant to Section 1(a) and 1(b) are hereinafter referred to as the “Recourse Obligations”.  If there is more than a single entity or person included in the terms “Guarantor” or “Borrower,” respectively, each reference herein to such terms shall mean any and all, and one or more of such entities and persons both jointly and severally, and if more than one person or entity executes this Guaranty, the obligations and liabilities hereunder of Guarantor are and shall be both joint and several.  If Borrower is a corporation, partnership, limited liability company or association, each reference herein to the term “Borrower” shall include any successor entity to Borrower.  If there is more than one guaranty of the obligations of Borrower, the liabilities of all Guarantors are joint and several.  As used in this Guaranty, neuter terms include the masculine and feminine, and vice versa.

2.Guarantor’s Liability.  Guarantor agrees, represents and warrants to Lender as follows:
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(a)    In addition to the Recourse Obligations, Guarantor unconditionally guarantees and agrees to pay to Lender, on demand at any time from and after an Event of Default (as defined in the Loan Agreement), in lawful money of the United States of America, (i) the Maximum Guaranty Amount (as herein defined), provided that no amount shall be payable under this clause (i) until the Lender has accelerated the Loan as a consequence of such Event of Default, the Loan has otherwise matured pursuant to the stated maturity date contained in the Loan Documents, or Borrower is in breach of any or all of subparagraphs 1(b)(i), (ii) or (iii) above,  (ii) the Recourse Obligations, and (iii) the fees, expenses and costs enumerated in paragraph 16 below (individually and collectively, “Fees and Costs”).  This Guaranty is a guaranty of payment and not of collection.  Any payment received by Lender from Guarantor, Borrower or any other Person or from proceeds of Collateral granted by Borrower or any other Person shall not reduce Guarantor’s liability hereunder, except to the extent of the permanent reduction of the Loan.  As used herein, (x) the term “Maximum Guaranty Amount” means an amount equal to the product of (i) twenty-five percent (25%) and (ii) the outstanding principal amount of the Loan as set forth in a written notice from Lender to Guarantor that an Event of Default has occurred under the Loan Agreement and that Lender has accelerated the Loan (or the Loan has otherwise matured pursuant to the stated maturity date contained in the Loan Documents, or Borrower is in breach of any or all of subparagraphs 1(b)(i), (ii) or (iii) above) and is entitled to recover the Maximum Guaranty Amount pursuant to this Guaranty, and setting forth the outstanding principal amount of the Loan as of the date of such notice, subject to the provisions of Section 2(b), and (y) the terms Maximum Guaranty Amount, Recourse Obligations and Fees and Costs mean, individually and collectively, “Obligations”.
(b)     Notwithstanding anything herein to the contrary, (i) unless and until Lender makes written demand (“Demand”) on Guarantor for payment of the Maximum Guaranty Amount, any payment made by Guarantor on the outstanding principal amount of the Loan shall be considered a voluntary payment by Guarantor and shall not be credited against the Maximum Guaranty Amount; and (ii) in the event Guarantor makes any payment following a Demand that is applied to the Maximum Guaranty Amount, in addition to all other rights and remedies available to Lender under the Loan Documents,  Borrower shall not be entitled to any further Advances under the Loan and the Loan shall not be eligible for reinstatement as a revolving line of credit..  For the avoidance of doubt, any default notice provided to Guarantor is not a Demand unless included in the default notice is a written demand on Guarantor for payment of the Maximum Guaranty Amount.
(c)     Guarantor shall continue to be liable under this Guaranty and the provisions hereof shall remain in full force and effect notwithstanding (i) any modification, agreement or stipulation between Borrower and Lender, or their respective successors and assigns, with respect to the Loan Documents or the obligations encompassed thereby, including, without limitation, the Obligations; or (ii) Lender’s waiver of or failure to enforce any of the terms, covenants or conditions contained in the Loan Documents or in any modification thereof; or (iii) any release of Borrower or any other guarantor from any liability with respect to the Obligations; (iv) any release or subordination of any real or personal property then held by Lender as security for the performance of the Obligations; (v) any disability of Borrower, or the dissolution, insolvency, or bankruptcy of Borrower, Guarantor, or any other party at any time 
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liable for the payment of any or all of the Obligations; (vi) the unenforceability or invalidity of any or all of the Obligations or any of the Loan Documents; (vii) any payment by Borrower or any other party to Lender is held to constitute a preference under applicable bankruptcy or insolvency law or if for any other reason Lender is required to refund any payment or pay the amount thereof to someone else; (viii) the settlement or compromise of any of the Obligations; (ix) the non-perfection of any security interest or lien securing any or all of the Obligations; or (x) any impairment of any collateral securing any or all of the Obligations.
(d)     Guarantor’s liability under this Guaranty shall continue until all sums due under the Note have been paid in full and until all of Borrower’s other obligations to Lender have been paid and performed in full, and shall not be reduced by virtue of any payment by Borrower of any amount due under the Note or under any of the Loan Documents or by Lender’s recourse to any collateral or security.  Guarantor acknowledges that Lender may apply any payment made by Borrower to Lender to any obligation of Borrower to Lender under the terms of any Loan Documents in such amounts and such manner as Lender may elect, regardless of whether such application complies with any instruction or designation given or made by Borrower with respect to such payment and agrees that any such application shall not in any manner reduce, extinguish or otherwise affect the liability of Guarantor hereunder.
(e)      Guarantor acknowledges that it has and will continue to have full and complete access to any and all information concerning the transactions contemplated by the Loan Documents or referred to therein, the value of the assets owned or to be acquired by Borrower, Borrower’s financial status and its ability to pay and perform its obligations under the Loan Documents.  Guarantor further warrants and represents that it has reviewed and approved copies of the Loan Documents and is fully informed of the remedies Lender may pursue, with or without notice to Borrower, in the event of default under the Note or other Loan Documents.  So long as any of the Obligations remains unsatisfied or owing to Lender, Guarantor shall keep itself fully informed as to all aspects of Borrower’s financial condition and the performance of Borrower’s obligations under the Loan Documents.
(f)     If acceleration of the time for payment of any amount payable by Borrower under the Loan Documents is stayed upon the insolvency, bankruptcy, or reorganization of Borrower, all such amounts otherwise subject to acceleration under the terms of the Loan Documents shall nonetheless be payable by Guarantor hereunder forthwith on demand by Lender.
(g)     Lender is not required to inquire into the powers of Borrower or Guarantor or of the officers, directors, or other agents acting or purporting to act on their behalf, and any indebtedness or obligations made or created in reliance upon the professed exercise of such powers shall be guaranteed under this Guaranty.
3.Fair Consideration; Solvency
(a)      Guarantor represents and warrants to Lender that:  (i) Guarantor is receiving fair consideration and reasonably equivalent value for its execution of this Guaranty; (ii) Guarantor is not now insolvent, nor will the execution of this Guaranty render Guarantor 
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insolvent; (iii) the execution of this Guaranty will not leave Guarantor with unreasonably small capital or assets in order to conduct the business of Guarantor as it is currently conducted; (iv) the obligations incurred under this Guaranty have not been incurred with the intent to hinder, delay, or defraud present or future creditors; and (v) the execution of this Guaranty is not intended or believed by Guarantor to be an incurrence of an obligation or debt of Guarantor beyond Guarantor’s ability to pay such obligation or debt as it becomes due.
(b)      Guarantor acknowledges that:  (i) the execution of this Guaranty by Guarantor is a necessary condition for the extension of a loan by Lender to Borrower; and (ii) the loan by Lender to Borrower are of substantial economic benefit to Borrower and, therefore, beneficial to Guarantor.
4.Fraudulent Transfer
. In the event that, notwithstanding the representations, warranties and acknowledgements of Guarantor contained in Section 3 above, the incurring of the obligations under this Guaranty is found, by a final, non-appealable judgment or order of a court, to constitute a fraudulent transfer under the Uniform Fraudulent Transfer Act (Arizona Revised Statutes (“ARS”) Section 44-1001 et seq., as amended, and any successor statute), the Bankruptcy Code (Title 11 of the United States Code), or any similar statutes, then the amount of the Recourse Obligations of Guarantor pursuant to this Guaranty shall be reduced to $1.00 less than the amount that would otherwise make this Guaranty a fraudulent conveyance.  The limitation on the liability of Guarantor contained in this Section 4 shall not limit any right of Lender against Guarantor available at law or in equity, including, without limitation, rights of Lender against Guarantor based upon any inaccuracy of, or the failure of Guarantor to comply with, the provisions of Section 3 above.
5.Independent Obligation
.  The obligations of Guarantor hereunder are separate and independent of the obligations of Borrower and of every other guarantor, and a separate action or actions may be brought and prosecuted against Guarantor regardless of whether an action is brought against Borrower or any other guarantor or whether Borrower or any other guarantor is joined in any such action or actions, or whether Lender forecloses upon, sells or otherwise disposes of or collects any collateral securing the Loan.  This Guaranty may be enforced against Guarantor regardless of whether a judicial or non-judicial foreclosure sale is held under any security agreement, deed of trust, mortgage, or other security instrument securing all or any part of the Loan.
6.Nature of Guaranty.  The liability of Guarantor under this Guaranty is a guaranty of payment and performance and not of collection, and is not conditioned or contingent upon the genuineness, validity, regularity or enforceability of the Loan Documents or other instruments relating to the creation or performance of the Obligations or the pursuit by Lender of any remedies which it now has or may hereafter have with respect thereto under the Loan Documents, at law, in equity or otherwise.
7.Guarantor Waivers.  Guarantor hereby fully and completely waives, releases and relinquishes:  (a) all notices to Guarantor, to Borrower, or to any other person or entity, 
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including, without limitation, notices of the acceptance of this Guaranty, or the creation, renewal, extension, modification or accrual of any of Borrower’s obligations to Lender under the Loan Documents and, except to the extent set forth herein, enforcement of any right or remedy with respect thereto, and notice of any other matters relating thereto; (b) diligence and demand of payment, presentment, protest, dishonor and notice of dishonor; (c) any statute of limitations affecting Guarantor’s liability hereunder or the enforcement thereof; (d) all defenses and claims based on principles of suretyship and/or guaranty; (e) any and all benefits under ARS Sections 12-1641 through 121646, Section 44-142 and Rule 17(e) of the Arizona Rules of Civil Procedure, as now enacted or hereafter modified, amended or replaced; and (f) any “one action” or “anti-deficiency” law, including, without limitation, ARS Sections 33-814 and 33-729, as now enacted or hereafter modified, amended or replaced.  Notwithstanding any foreclosure of the lien of any security agreement, deed of trust, mortgage, or other security instrument with respect to any or all of any real or personal property secured thereby, whether by the exercise of the power of sale, by an action for judicial foreclosure or by an acceptance of a deed in lieu of foreclosure, Guarantor shall remain bound under this Guaranty.  Guarantor further agrees that Lender may enforce this Guaranty upon the occurrence and during the continuation of an Event of Default, notwithstanding the existence of any dispute between Borrower and Lender with respect to the existence of the Event of Default or performance of any of Borrower’s obligations under the Loan Documents, or any counterclaim, setoff or other claim which Borrower may allege against Lender with respect thereto (provided that Guarantor is not waiving its right to assert in good faith that no Event of Default then exists or is continuing as a defense to payment under this Guaranty).  Moreover, Guarantor agrees that its obligations shall not be affected by any circumstances which constitute a legal or equitable discharge of a guarantor or surety.
8.No Duty To Pursue Others.  Guarantor agrees that Lender may enforce this Guaranty without the necessity of resorting to or exhausting any security or collateral and without the necessity of proceeding against Borrower or any other guarantor, including, without limitation, any other Guarantor named herein.  Guarantor hereby waives the right to require Lender to proceed against Borrower, to proceed against any other guarantor, including, without limitation, any other Guarantor named herein, to foreclose any lien on any real or personal property, to exercise any right or remedy under the Loan Documents, to pursue any other remedy or to enforce any other right.
9.Authorization of Lender
.  Guarantor authorizes Lender, without notice or demand, and without affecting Guarantor’s liability hereunder, from time to time to: (a) amend, modify, or restate any instrument, document or agreement evidencing or relating to all or any portion of the Obligations; (b) renew, compromise, extend, accelerate or otherwise change the time for payment of, or otherwise change the terms of Borrower’s obligations under the Loan Documents or any part thereof, including, without limitation, any increase or decrease of the rate of interest thereon or any late charge; (c) take and hold collateral as security for the payment of this Guaranty or Borrower’s obligations under the Loan Documents, and exchange, substitute, subordinate, enforce, waive and release any such collateral; (d) apply any and all payments from Borrower, Guarantor or any other guarantor, or recoveries from any collateral securing all or any 
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portion of the Loan, in such order or manner as Lender in its sole and absolute discretion may determine; (e) direct the order or manner of sale of any collateral securing any part of Borrower’s obligations under the Loan Documents as Lender in its sole and absolute discretion may determine; (f) release or substitute any one or more of the Borrower, Guarantor or any other guarantor, or acquire additional guarantors; and (g) assign its rights under this Guaranty in whole or in part.
10.Waivers of Subrogation and Other Rights and Defenses.
(a)      Guarantor agrees that nothing contained herein shall prevent Lender from suing on the Note or from exercising any rights available to it thereunder or under any of the Loan Documents and that the exercise of any of the aforesaid rights shall not constitute a legal or equitable discharge of any Guarantor.  Guarantor understands that the exercise by Lender of certain rights and remedies contained in the Loan Documents may affect or eliminate Guarantor’s right of subrogation against Borrower and that Guarantor may therefore incur a partially or totally nonreimbursable liability hereunder; nevertheless, Guarantor hereby authorizes and empowers Lender to exercise, in its sole and absolute discretion, any rights and remedies, or any combination thereof, which may then be available to Lender, because it is the intent and purpose of Guarantor that the obligations hereunder shall be absolute, independent and unconditional under any and all circumstances.
(b)    Guarantor hereby waives, releases, and relinquishes any and all rights of reimbursement, contribution, and subrogation, which Guarantor may now or hereafter have against Borrower.  Guarantor further agrees that, to the extent the waiver of its rights of subrogation as set forth herein is found by a court of competent jurisdiction to be void or voidable for any reason, any rights of subrogation Guarantor may have against Borrower or against any collateral or security shall be junior and subordinate to any right Lender may have against Borrower and to all right, title and interest Lender may have in any collateral or security.  Lender may use, sell or dispose of any item of collateral or security as it sees fit without regard to any subrogation right Guarantor may have, and upon disposition or sale, any right of subrogation Guarantor may have shall terminate.  With respect to the enforced collection of Borrower’s obligations under the Loan Documents or the foreclosure of any security interest in any personal property collateral then securing any of Borrower’s obligations under the Loan Documents, Lender agrees to give Guarantor ten (10) days’ prior written notice, in the manner set forth in Section 13 hereof, of any sale or disposition of any such personal property collateral, other than collateral which is perishable, threatens to decline speedily in value, is of a type customarily sold on a recognized market, or is cash, cash equivalents, certificates of deposit or the like.
(c)       Guarantor’s sole right with respect to any such foreclosure of real or personal property collateral shall be to bid at such sale in accordance with applicable law.  Guarantor acknowledges and agrees that Lender may also bid at any such sale and in the event such collateral is sold to Lender in whole or in partial satisfaction of the Obligations, Guarantor shall have no further right or interest with respect thereto.  Notwithstanding anything to the contrary contained herein, no provision of this Guaranty shall be deemed to limit, decrease, or in 
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any way to diminish any rights of setoff Lender may have with respect to any cash, cash equivalents, certificates of deposit or the like which may now or hereafter be put on deposit with Lender by Borrower.
(d)      If, after the date hereof, an additional guarantor of obligations owed to Lender hereunder is added, then, to the extent any dispute exists at any time between or among any of the guarantors as to Guarantor’s right to contribution or otherwise, Guarantor agrees to indemnify, defend and hold Lender harmless for, from and against any loss, damage, claim, demand, cost or any other liability (including reasonable attorneys’ fees and costs) Lender may suffer as a result of such dispute.
(e)       If from time to time Borrower shall have liabilities or obligations to Guarantor (collectively the “Subordinate Obligations”), such Subordinate Obligations shall be subject to the following terms:
(i)      The Subordinate Obligations and any and all assignments as security, grants in trust, liens, mortgages, security interests, other encumbrances, and other interests and rights securing such liabilities and obligations shall at all times be fully subordinate with respect to (1) assignment as security, grant in trust, lien, mortgage, security interest, other encumbrance, and other interest and right (if any), (2) time and right of payment and performance, and (3) rights against any collateral therefor (if any), to payment and performance in full of the Obligations and the right of Lender to realize upon any or all security for such Obligations.  
(ii)      Guarantor agrees that the Subordinate Obligations shall not be secured by any assignment as security, grant in trust, lien, mortgage, security interest, other encumbrance or other interest or right in any property, interests in property, or rights to property of Borrower. 
(iii)    Guarantor agrees that all promissory notes, accounts receivable, ledgers, records, or any other evidence of Subordinate Obligations shall contain a specific written notice thereon that the indebtedness evidenced thereby is subordinated under the terms of this Guaranty.
(iv)     Guarantor agrees that after the occurrence and during the continuance of an Event of Default, no payments of principal or interest may be made or given, directly or indirectly, by or on behalf of the Borrower or received, accepted, retained or applied by Guarantor unless and until the Obligations shall have been paid and performed in full.  Prior to the occurrence and continuance of an Event of Default, Guarantor shall have the right to receive payments on the Subordinate Obligations made in the ordinary course of business.  
(v)    If Guarantor receives any payment from Borrower or any other party on account of the Subordinate Obligations when such payment is not permitted hereunder, such payment shall be held in trust by Guarantor for the benefit of Lender, shall be segregated from the other funds of Guarantor, and shall forthwith be paid by Guarantor to Lender, without 
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affecting the liability of Guarantor under this Guaranty, and applied to payment of the Obligations, whether or not then due.
(vi)     Without the prior written consent of Lender, Guarantor shall not (1) file suit against Borrower or exercise or enforce any other creditor’s right it may have against Borrower, or (2) foreclose, repossess, sequester, appoint a receiver or otherwise take steps or institute any action or proceedings (judicial or otherwise, including, without limitation, the commencement of, or joinder in, any liquidation, bankruptcy, rearrangement, debtor’s relief or insolvency proceeding) to enforce any liens, security interests, collateral rights, judgments or other encumbrances held by Guarantor on assets of Borrower.
(vii)   To secure the Obligations, Guarantor grants to Lender a lien and security interest in all Subordinate Obligations and any documents or instruments evidencing or pertaining to the Subordinate Obligations, and in all of Guarantor’s right, title, and interest in and to any payments, property, interests in property, or rights to property acquired or received by Guarantor from Borrower in respect of the Subordinate Obligations.
(viii)  In the event of any receivership, bankruptcy, reorganization, rearrangement, debtor’s relief, or other insolvency proceeding involving Borrower as debtor, Lender shall have the right to prove and vote any claim under the Subordinate Obligations and to receive directly from the receiver, trustee or other court custodian all dividends, distributions, and payments made in respect of the Subordinate Obligations.  Lender may apply any such dividends, distributions, and payments against the Obligations in such order and manner as Lender may determine in its sole discretion.   
11.Guarantor’s Representations and Warranties.  As an inducement to Lender to make the Loan and disburse the proceeds of the Loan to Borrower, Guarantor represents and warrants to Lender that the following statements are true, correct and complete as of the date hereof and will be true, correct and complete as of the closing date of the Loan and as of the date that each advance of Loan proceeds is made under the Loan.
(a)   No approvals, authorizations or consents of any trustee or holder of any indebtedness or obligation of Guarantor are required for the due execution, delivery and performance by Guarantor of this Guaranty or any of the other Loan Documents to which Guarantor is a party.
(b)     This Guaranty and any other Loan Documents to which Guarantor is a party have been duly executed by Guarantor, and are legally valid and binding obligations of Guarantor, enforceable against Guarantor in accordance with their terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and by general principles of equity.
(c)    There exists no material violation of or material default by Guarantor and no event has occurred which, upon the giving of notice or the passage of time, or both, would constitute a material default with respect to (i) the terms of any instrument evidencing or securing any obligations of Guarantor, (ii) any lease or other agreement to which Guarantor is a 
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party, (iii) any license, permit, statute, ordinance, law, judgment, order, writ, injunction, decree, rule or regulation of any governmental authority, or any determination or award of any arbitrator to or by which Guarantor or Guarantor’s property may be subject or bound, or (iv) any deed of trust, mortgage, security agreement, instrument, or other agreement by which Guarantor or any of its property is bound which, in any such case, is likely, as determined by Lender in its reasonable discretion, to (1) materially and adversely affect the ability of Guarantor to perform its obligations under this Guaranty or any other material instrument, agreement or document to which it is a party, or (2) adversely affect the priority of the liens and security interests created by this Guaranty or any of the other Loan Documents.
(d)    There is no action, suit, investigation, proceeding or arbitration (whether or not purportedly on behalf of Guarantor) at law or in equity or before or by any foreign or domestic court or other governmental entity (a “Legal Action”), pending or, to the knowledge of Guarantor, threatened against or affecting Guarantor or any of its assets which could reasonably be expected to materially and adversely affect Guarantor’s ability to perform its obligations under this Guaranty and any of the other Loan Documents to which it is a party.  Guarantor is not (i) in violation of any applicable law which violation materially and adversely affects or is reasonably likely to materially and adversely affect Guarantor’s ability to perform its obligations under this Guaranty or any other Loan Documents to which it is a party, or (ii) subject to, or in default with respect to, any other legal requirement that would have a materially adverse effect on Guarantor’s ability to perform its obligations under this Guaranty or any other Loan Documents to which it is a party.  There is no Legal Action pending or, to the knowledge of Guarantor, threatened against or affecting Guarantor questioning the validity or the enforceability of this Guaranty or any of the other Loan Documents as to which there is a reasonable likelihood that, upon resolution of such Legal Action, such validity or enforceability will be impaired.
(e)   Guarantor has good, sufficient and legal title in all material respects to all properties and assets reflected in its most recent balance sheet or financial statement, as applicable, delivered to Lender.  
(f)     All tax returns, extension filings, and reports of Guarantor required to be filed by it have been timely filed, and all taxes, assessments, fees and other governmental charges upon Guarantor or upon its properties, assets, income and franchises which are due and payable have been paid when due and payable, except to the extent of items which, in the aggregate, are not material to Guarantor’s financial condition.  Guarantor does not know of any proposed tax assessment against it or its property that would be material to its financial condition, and Guarantor has not contracted with any government entity in connection with such taxes.
(g)     The financial statements and all financial data previously delivered to Lender in connection with the Loan and/or relating to Guarantor are true, correct and complete in all material respects.  Such financial statements fairly present the financial position of the subject thereof as of the date thereof.  No material adverse change has occurred in such financial position since the date of the most recent of such statements and, except for this Loan, no borrowings 
4125961.4  |  100775-0196     11

have been made by Guarantor since the date thereof which are secured by, or might reasonably give rise to, a lien or claim against the proceeds of the Loan or any collateral that secures the Loan.
12.Financial Covenants; No Transfers.  
(a)    Guarantor covenants and agrees to provide to Lender the financial statements required with respect to Guarantor as provided in Schedule 6.5 of the Loan Agreement.  
(b)     Guarantor covenants and agrees to maintain the financial covenants applicable to Guarantor as provided in Schedule 6.18 of the Loan Agreement.
(c)      Guarantor has not and will not, without the prior written consent of Lender, sell, lease, assign, encumber, hypothecate, transfer or otherwise dispose of all or substantially all of Guarantor’s assets or any interest therein.  Guarantor further covenants and agrees that no assets belonging to Guarantor (whether or not disclosed in a financial statement or loan application to Lender) have been transferred into an asset protection trust or an irrevocable trust within two (2) years prior to the date of this Guaranty, and Guarantor will not transfer any assets into an asset protection trust or an irrevocable trust while this Guaranty is outstanding without Lender’s prior written consent.
13.Notices.  All notices, requests and other communications to any party hereunder shall be in writing (including electronic transmission) and shall be given to such party at its address set forth below.  Each such notice, request or other communication shall be effective (a) if given by mail, upon delivery by certified mail to the address specified below (or upon failure of the addressee to accept such delivery), or (b) if given by reputable overnight delivery service, when delivered to a secure location at such address.
    To Lender:    WESTERN ALLIANCE BANK
                2701 East Camelback Road, Suite 110
                Phoenix, Arizona 85016
                Attention: Seth Davis, Senior Director
                Email: sdavis@westernalliancebank.com

            WESTERN ALLIANCE BANK
                2701 East Camelback Road, Suite 110
                Phoenix, Arizona 85016
                Attention: docs@westernalliancebank.com and
                   notefinance@westernalliancebank.com

        To Guarantor:    TERRA PROPERTY TRUST, INC.
    c/o Terra Capital Partners, LLC
    550 Fifth Avenue, Sixth Floor
    New York, NY 10036
    Attention:  Vik Uppal and Greg Pinkus
4125961.4  |  100775-0196     12

    With a copy to:    TERRA CAPITAL PARTNERS, LLC
    550 Fifth Avenue, Sixth Floor
    New York, NY 10036
    Attention:  Chief Legal Officer

14.Successors and Assigns.  This Guaranty shall be binding upon Guarantor, its successors and assigns and shall inure to the benefit of and shall be enforceable by Lender, its successors, endorsees and assigns.  
15.[Reserved].
16.Costs of Enforcement.  If any or all of the Obligations are not paid when due, Guarantor agrees to pay all costs of enforcement and collection of such Obligations and preparation therefore (including, without limitation, reasonable attorneys’ fees and any amounts disbursed by Lender in connection with enforcing Lender’s remedies under the Loan Documents) whether or not any action or proceeding is brought (including, without limitation, all such costs incurred in connection with any bankruptcy, receivership, or other court proceedings (whether at the trial or appellate level)) together with interest thereon from the date of demand at the default rate applicable to the Note.  
17.WAIVER OF DEFENSES AND RELEASE OF CLAIMS. The undersigned hereby (a) represents that neither the undersigned nor any affiliate or principal of the undersigned has any defenses to or setoffs against any indebtedness or other obligations owing by the undersigned, or by the undersigned’s affiliates or principals, to Lender or Lender’s affiliates (the “Liabilities”), nor any claims against Lender or Lender’s affiliates for any matter whatsoever, related or unrelated to the Liabilities, and (b) releases Lender and Lender’s affiliates, officers, directors, employees and agents from all claims, causes of action, and costs, in law or equity, known or unknown, whether or not matured or contingent, existing as of the date hereof that the undersigned has or may have by reason of any matter of any conceivable kind or character whatsoever, related or unrelated to the Liabilities, including, without limitation, the subject matter of this Guaranty.  The foregoing release does not apply, however, to claims for future performance of express contractual obligations that mature after the date hereof that are owing to the undersigned by Lender or Lender’s affiliates.  The undersigned acknowledges that Lender has been induced to enter into or continue the Liabilities by, among other things, the waivers and releases in this paragraph.
18.JURY WAIVER.  GUARANTOR WAIVES TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO WHICH GUARANTOR AND LENDER MAY BE PARTIES, ARISING OUT OF, IN CONNECTION WITH OR IN ANY WAY PERTAINING TO, THIS GUARANTY, THE NOTE OR ANY OF THE OTHER LOAN DOCUMENTS.  IT IS AGREED AND UNDERSTOOD THAT THIS WAIVER CONSTITUTES A WAIVER OF TRIAL BY JURY OF ALL CLAIMS AGAINST ALL PARTIES TO SUCH ACTION OR PROCEEDINGS, INCLUDING CLAIMS AGAINST PARTIES WHO ARE NOT PARTIES TO THIS GUARANTY.  THIS WAIVER IS KNOWINGLY, WILLINGLY AND VOLUNTARILY 
4125961.4  |  100775-0196     13

MADE BY GUARANTOR, AND GUARANTOR HEREBY REPRESENTS THAT NO REPRESENTATIONS OF FACT OR OPINION HAVE BEEN MADE BY ANY INDIVIDUAL TO INDUCE THIS WAIVER OF TRIAL BY JURY OR TO IN ANY WAY MODIFY OR NULLIFY ITS EFFECT.  GUARANTOR FURTHER REPRESENTS AND WARRANTS THAT IT HAS BEEN REPRESENTED IN THE SIGNING OF THIS GUARANTY AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL COUNSEL, OR HAS HAD THE OPPORTUNITY TO BE REPRESENTED BY INDEPENDENT LEGAL COUNSEL SELECTED OF ITS OWN FREE WILL, AND THAT IT HAS HAD THE OPPORTUNITY TO DISCUSS THIS WAIVER WITH COUNSEL.  THIS PROVISION IS A MATERIAL INDUCEMENT TO LENDER TO PROVIDE THE FINANCING DESCRIBED HEREIN OR IN THE OTHER LOAN DOCUMENTS.
19.Right of Setoff.  In addition to all liens upon, and rights of setoff against, the monies, instruments, certificates of deposit, securities or other property of Guarantor given to Lender by law, Lender shall have a lien and a right of setoff against, and Guarantor hereby grants to Lender a security interest in, all monies, instruments, certificates of deposit, securities and other property of Guarantor now or hereafter in the possession of or on deposit with Lender, whether held in a general or special account or deposit including any account or deposit held jointly by Guarantor with any other person or entity, or for safekeeping or otherwise, except to the extent specifically prohibited by law.  Every such lien, right of setoff and security interest may be exercised without demand upon or notice to Guarantor.  No lien, right of setoff, or security interest shall be deemed to have been waived by any act or conduct on the part of Lender, by any neglect to exercise such right of setoff or to enforce such lien or security interest, or by any delay in so doing.  The rights and remedies of Lender hereunder are in addition to other rights and remedies (including, without limitation, other rights of setoff) which Lender may have.  
20.GOVERNING LAW; JURISDICTION.  
i.THIS GUARANTY HAS BEEN DELIVERED IN ARIZONA AND SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF ARIZONA, WITHOUT GIVING EFFECT TO CONFLICT OF LAWS PRINCIPLES.  
ii.Guarantor irrevocably and unconditionally agrees that it will not commence any action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, against the Lender or any affiliate of the Lender in any way relating to this Guaranty or any other Loan Document or the transactions relating hereto or thereto, in any forum other than the courts of the State of Arizona sitting in Maricopa County, and of the United States District Court of the District of Arizona, and any appellate court from any thereof, and each of the parties hereto irrevocably and unconditionally submits to the jurisdiction of such  courts and agrees that all claims in respect of any such action, litigation or proceeding may be heard and determined in such Arizona State court or, to the fullest extent permitted by applicable law, in such federal court.  Each of the parties hereto agrees that a final judgment in any such action, litigation or proceeding shall be conclusive and may be enforced in 
4125961.4  |  100775-0196     14

other jurisdictions by suit on the judgment or in any other manner provided by law.  Nothing in this Guaranty or in any other Loan Document shall affect any right that the Lender may otherwise have to bring any action or proceeding relating to this Guaranty or any other Loan Document against the Guarantor or its properties in the courts of any jurisdiction.
21.No Third Party Beneficiaries.  This Guaranty is solely for the benefit of Lender, its successors, endorsees and assigns, and is not intended to nor shall it be deemed to be for the benefit of any third party, including Borrower.
22.Severability.  If any provision of this Guaranty is unenforceable, the enforceability of the other provisions shall not be affected and they shall remain in full force and effect.
23.Counterparts.  This Guaranty may be executed in counterparts, all of which executed counterparts shall together constitute a single document.
24.Counsel.  Guarantor acknowledges that Guarantor has had adequate opportunity to carefully read this Guaranty and to consult with an attorney of Guarantor’s choice prior to signing it.
25.Amendments.  No amendment or waiver of any provision of this Guaranty or consent to any departure by Guarantor therefrom shall in any event be effective unless the same shall be in writing and signed by Lender.
26.Events of Default.  Each of the following shall constitute an “Event of Default” under this Guaranty:  (i) any breach by Guarantor of its covenants contained in Section 12, (ii) any failure of Guarantor to pay any amount due  hereunder within ten (10) Business Days after notice from Lender, or (iii) any default by Guarantor in any other provision hereof that remains uncured thirty (30) days after such default, provided if cure of such default cannot reasonably be accomplished within such 30-day period, then such cure period will be extended to accommodate Guarantor’s reasonable efforts to cure, provided that in no event shall such cure period extend more than 60 days beyond the original notice delivered by Lender to Guarantor as to such default.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.]

4125961.4  |  100775-0196     15

IN WITNESS WHEREOF, Guarantor has executed this Guaranty as of the day and year first above written.

GUARANTOR:

TERRA PROPERTY TRUST, INC., 
a Maryland corporation

By:_/s/ Greg Pinkus______________________
Name:  Greg Pinkus
Its:  Authorized Signatory

4125961.4  |  100775-0196     16EX-10.1

 Exhibit 10.1 
  

 
 AMENDED AND RESTATED STOCKHOLDERS
AGREEMENT 
 BY AND AMONG 

JOANN INC. 

AND 

THE INITIAL STOCKHOLDERS 

MARCH 16, 2021
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 SECTION I.
	 	DEFINITIONS	  	 	1	 
	 1.1
	 	Drafting Conventions; No Construction Against Drafter	  	 	1	 
	 1.2
	 	Defined Terms	  	 	2	 
			
	 SECTION II.
	 	REPRESENTATIONS AND WARRANTIES	  	 	4	 
	 2.1
	 	Representations and Warranties of the Initial Stockholder	  	 	4	 
	 2.2
	 	Representations and Warranties of the Company	  	 	4	 
			
	 SECTION III.
	 	REGISTRATION RIGHTS	  	 	4	 
	 3.1
	 	Demand and Piggyback Rights	  	 	4	 
	 3.2
	 	Notices, Cutbacks and Other Matters	  	 	6	 
	 3.3
	 	Facilitating Registrations and Offerings	  	 	8	 
	 3.4
	 	Indemnification	  	 	12	 
	 3.5
	 	Rule 144	  	 	14	 
			
	 SECTION IV.
	 	CORPORATE GOVERNANCE	  	 	14	 
	 4.1
	 	Board of Directors	  	 	14	 
	 4.2
	 	Agreement of Company	  	 	16	 
			
	 SECTION V.
	 	MISCELLANEOUS PROVISIONS	  	 	16	 
	 5.1
	 	Access Rights	  	 	16	 
	 5.2
	 	Confidentiality	  	 	16	 
	 5.3
	 	Reliance	  	 	17	 
	 5.4
	 	Access to Agreement; Amendment and Waiver; Actions of the Board	  	 	17	 
	 5.5
	 	Notices	  	 	17	 
	 5.6
	 	Counterparts	  	 	18	 
	 5.7
	 	Remedies; Severability	  	 	18	 
	 5.8
	 	Entire Agreement	  	 	19	 
	 5.9
	 	Termination	  	 	19	 
	 5.10
	 	Governing Law	  	 	19	 
	 5.11
	 	Successors and Assigns; Beneficiaries	  	 	19	 
	 5.12
	 	Consent to Jurisdiction; Specific Performance; WAIVER OF JURY TRIAL	  	 	19	 
	 5.13
	 	Further Assurances; Company Logo	  	 	20	 
	 5.14
	 	Regulatory Matters	  	 	20	 
	 5.15
	 	No Third Party Liability	  	 	20	 
	 5.16
	 	Effectiveness of Agreement	  	 	20	 
	 5.17
	 	Removal of Legends	  	 	20	 
	 5.18
	 	Inconsistent Agreements	  	 	20	 

 EXHIBIT 

	
	Exhibit A: Form of Joinder Agreement

  

  
 i 

 STOCKHOLDERS AGREEMENT 

This Amended and Restated Stockholders Agreement (this “Agreement”) is entered into as of March 16, 2021 by and among
(a) JOANN Inc., a Delaware corporation (the “Company”), (b) Green Equity Investors V, L.P., Green Equity Investors Side V, L.P. and Needle Coinvest LLC (collectively, “LGP”), (c) TCW/Crescent Mezzanine
Partners V, L.P. (“Crescent V”), TCW/Crescent Mezzanine Partners VB, L.P. (“Crescent VB”), TCW/Crescent Mezzanine Partners VC, L.P. (“Crescent VC”), TCW Capital Trust (“Trust”) and
MAC Equity Holdings I, LLC (“MAC I”, and together with Crescent V, Crescent VB, Crescent VC and Trust, each a “Crescent Investor” and collectively, “Crescent”) and (d) each of the individual
stockholders who are set forth on the signature pages hereto (each individually, a “Management Stockholder,” collectively, the “Management Stockholders”). 

RECITALS 
 A. The original
Stockholders Agreement of the Company, dated October 16, 2012 (the “Original Agreement”), was entered into in connection with the Reorganization (as defined in the Original Agreement); 

B. The Company is proposing to consummate an initial public offering (the “Initial Public Offering”) of its common stock, par
value $0.01 per share (the “Common Stock”), pursuant to an Underwriting Agreement, dated March 11, 2021 (the “Underwriting Agreement”). 

C. The Initial Stockholders (as defined herein) and the Company desire to enter into this Agreement effective upon the Effective Time (as
defined herein). 
 D. The Board of Directors of the Company (the “Board of Directors”) has approved this Agreement. 

E. The parties to this Agreement desire to agree upon the respective rights and obligations after the Effective Time with respect to the
securities of the Company now or hereafter issued and outstanding and held by the parties to this Agreement and certain matters with respect to their investment in the Company. 

AGREEMENT 
 Now therefore,
in consideration of the foregoing, and the mutual agreements and covenants contained herein, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement agree as follows: 

SECTION I. DEFINITIONS 
 1.1 Drafting
Conventions; No Construction Against Drafter. 
 (a) The headings in this Agreement are provided for convenience and do not affect its
meaning. The words “include,” “includes” and “including” are to be read as if they were followed by the phrase “without limitation.” Unless specified otherwise, any reference to an agreement means that
agreement as amended or supplemented, subject to any restrictions on amendment contained in such agreement. Unless specified otherwise, any reference to a statute or regulation means that statute or regulation as amended or supplemented from time to
time and any corresponding provisions of successor statutes or regulations. If any date specified in this Agreement as a date for taking action falls on a day that is not a business day, then that action may be taken on the next business day. Unless
specified otherwise, the words “party” and “parties” refer only to a party named in this Agreement or one who joins this Agreement as a party pursuant to the terms hereof. 

  
 1 

 (b) The language used in this Agreement shall be deemed to be the language chosen by the
parties to express their mutual intent. If an ambiguity or question of intent or interpretation arises, this Agreement is to be construed as if drafted jointly by the parties and there is to be no presumption or burden of proof or rule of strict
construction favoring or disfavoring any party because of the authorship of any provision of this Agreement. 
 1.2 Defined Terms. The
following capitalized terms, as used in this Agreement, have the meanings set forth below. 
 “Affiliate” means with
respect to any specified Person, any other Person which, directly or indirectly, controls, is controlled by or is under common control with the specified Person, including any partner, officer, director or member of the specified Person and, if the
specified Person is a private equity fund, any investment fund now or hereafter managed by, or which is controlled by or is under common control with, one or more general partners of the specified Person. For the purposes of this definition,
“control” (including, with its correlative meanings, the terms “controlled by” and “under common control with”), as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to
direct, or cause the direction of the management and policies of such Person, whether through the ownership of securities, by contract or otherwise. 

“Board of Directors” has the meaning set forth in the recitals. 

“Closing” means the closing of the Initial Public Offering. 

“Common Stock” has the meaning set forth in the recitals. 

“Company” has the meaning set forth in the preamble and shall include any successor thereto. 

“Crescent” has the meaning set forth in the preamble. 

“Director” means a member of the Board of Directors. 

“Effective Time” has the meaning set forth in Section 5.16. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder. 

“Initial Public Offering” has the meaning set forth in the recitals. 

“Initial Stockholders” means, collectively, LGP, Crescent and the Management Stockholders. 

“Joinder Agreement” means the joinder agreement substantially in the form of Exhibit A.  

“LGP” has the meaning set forth in the preamble. 

“LGP Director” has the meaning set forth in Section 4.1(a). 

“LGP Stockholders” means (i) LGP and any other investment funds affiliated with or advised by Leonard Green &
Partners, L.P. and (ii) any Permitted Transferee or Affiliate of LGP (x) which is issued Common Stock or becomes the beneficial owner of any Common Stock or is Transferred any Common Stock by any other Person and (y) which becomes a
party hereto by executing a Joinder Agreement. 

  
 2 

 “LGP Stockholders’ Designee” has the meaning set forth in
Section 4.1(b). 
 “LGP Majority Interest” means, at any given time, the LGP Stockholders holding a majority of the
outstanding Shares held at that specified time by all LGP Stockholders. 
 “Management Stockholders” has the meaning set
forth in the preamble. 
 “Necessary Action” means, with respect to a specified result, all commercially reasonable actions
required to cause such result that are within the power of a specified Person, including voting or providing a written consent or proxy with respect to the Company Shares, (ii) causing the adoption of stockholders’ resolutions and
amendments to the organizational documents of the Company, (iii) executing agreements and instruments, (iv) making, or causing to be made, with governmental, administrative or regulatory authorities, all filings, registrations or similar
actions that are required to achieve such result and (v) causing members of the Board of Directors, subject to any fiduciary duties that such members may have as directors of the Company (including pursuant to Section 4.1(d)), to act in a
certain manner, including causing members of the Board of Directors or any nominating or similar committee of the Board of Directors to recommend the appointment of any LGP Stockholders’ Designees as provided by this Agreement. 

“Nominating Committee” has the meaning set forth in Section 4.1(c). 

“Original Agreement” has the meaning set forth in the recitals. 

“Permitted Transferee” means, with respect to any Stockholder, (i) any Affiliate of such Stockholder, (ii) any
director, officer or employee of any Affiliate of such Stockholder, (iii) any direct or indirect member or general or limited partner of such Stockholder that is the transferee of Shares pursuant to a pro rata distribution of Shares by such
Stockholder to its partners or members, as applicable (or any subsequent transfer of such Shares by the transferee to another Permitted Transferee), (iv) upon a Management Stockholder’s death, the Management Stockholder’s executors,
administrators, testamentary trustees, legatees and beneficiaries, or (v) any other Transferee designated as a Permitted Transferee by the LGP Majority Interest. “Person” means an individual, corporation, partnership, limited
liability company, joint venture, association, trust, unincorporated organization, government (or agency or political subdivision thereof) or any other entity or group (as defined in Section 13(d) of the Exchange Act). 

“SEC” means the Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations thereunder. 

“Shares” means, at any time, (i) shares of Common Stock and (ii) any other equity securities now or hereafter
issued by the Company, together with any options thereon and any other shares of stock or other equity securities issued or issuable with respect thereto (whether by way of a stock dividend, stock split or in exchange for or in replacement or upon
conversion of such shares or otherwise in connection with a combination of shares, recapitalization, merger, consolidation or other corporate reorganization). 

“Stockholders” means the Initial Stockholders and any other stockholders who from time to time become party to this Agreement
by execution of a Joinder Agreement. 

  
 3 

 “Transfer” means any direct or indirect transfer, donation, sale,
assignment, pledge, hypothecation, grant of a security interest in or other disposal or attempted disposal of all or any portion of a security, any interest or rights in a security, or any rights under this Agreement. 

“Transferee” means the recipient of a Transfer. 

“Underwriting Agreement” has the meaning set forth in the recitals. 

“WKSI” means a well-known seasoned issuer, as defined in Rule 405 under the Securities Act. 

SECTION II. REPRESENTATIONS AND WARRANTIES 

2.1 Representations and Warranties of the Initial Stockholders. Each Initial Stockholder has the power and authority to enter
into this Agreement and carry out its obligations hereunder. Each of the Initial Stockholders hereby represents, warrants and covenants to the Company as follows: (a) if such Initial Stockholder is an entity, this Agreement has been duly
authorized, executed and delivered by such Stockholder; (b) this Agreement constitutes the valid and binding obligation of such Initial Stockholder enforceable against it in accordance with its terms; and (c) if such Initial Stockholder is
an entity, the execution, delivery and performance by such Initial Stockholder of this Agreement: (i) does not and will not violate any laws, rules or regulations of the United States or any state or other jurisdiction applicable to such
Initial Stockholder, or require such Initial Stockholder to obtain any approval, consent or waiver of, or to make any filing with, any Person that has not been obtained or made; and (ii) does not constitute a breach of or default under any
material agreement to which such Initial Stockholder is a party. If such Initial Stockholder is a natural person, such person has full capacity to contract. 

2.2 Representations and Warranties of the Company. The Company hereby represents, warrants and covenants to the Stockholders as follows:
(a) the Company has full corporate power and authority to enter into this Agreement and perform its obligations hereunder; (b) this Agreement constitutes the valid and binding obligation of the Company enforceable against it in accordance
with its terms; and (c) the execution, delivery and performance by the Company of this Agreement: (i) does not and will not violate any laws, rules or regulations of the United States or any state or other jurisdiction applicable to the
Company, or require the Company to obtain any approval, consent or waiver of, or to make any filing with, any Person that has not been obtained or made; and (ii) does not and will not result in a breach of, constitute a default under,
accelerate any obligation under or give rise to a right of termination of any indenture or loan or credit agreement or any other material agreement, contract, instrument, mortgage, lien, lease, permit, authorization, order, writ, judgment,
injunction, decree, determination or arbitration award to which the Company is a party or by which the property of the Company is bound or affected, or result in the creation or imposition of any mortgage, pledge, lien, security interest or other
charge or encumbrance on any of the assets or properties of the Company. 
 SECTION III. REGISTRATION RIGHTS 

3.1 Demand and Piggyback Rights. 

(a) Right to Demand a Non-Shelf Registered Offering. Upon the demand of one or more LGP
Stockholders at any time and from time to time after the expiration or waiver of the underwriter lock-up period applicable to the Initial Public Offering, the Company will facilitate in the manner described in
this Agreement a non-shelf registered offering of the Shares requested by the demanding LGP Stockholders to be included in such offering. A demand by LGP Stockholders for a
non-shelf registered offering that will result in the imposition of a lockup on the Company and the Stockholders may not be made unless the Shares requested to be sold by the demanding LGP Stockholders in such
offering have an 

  
 4 

 
aggregate market value (based on the most recent closing price of the Common Stock at the time of the demand) of at least $50 million or such lesser amount if all Shares held by the
demanding LGP Stockholders are requested to be sold. Subject to Section 3.2(e) below, any demanded non-shelf registered offering may, at the Company’s option, include Shares to be sold by the Company
for its own account and will also include Shares to be sold by other Stockholders or other holders of Shares with similar rights that exercise their related piggyback rights on a timely basis. 

(b) Right to Piggyback on a Non-Shelf Registered Offering. In connection with any registered
offering of Common Stock covered by a non-shelf registration statement (whether pursuant to the exercise of demand rights or at the initiative of the Company), the Stockholders may exercise piggyback rights to
have included in such offering Shares held by them. The Company will facilitate in the manner described in this Agreement any such non-shelf registered offering. 

(c) Right to Demand and be Included in a Shelf Registration. Upon the demand of one or more LGP Stockholders, made at any time and from
time to time when the Company is eligible to utilize Form S-3 or a successor form to sell Shares in a secondary offering on a delayed or continuous basis in accordance with Rule 415 under the Securities Act,
the Company will facilitate in the manner described in this Agreement a shelf registration of Shares held by them. Any shelf registration filed by the Company covering Shares (whether pursuant to a LGP Stockholder demand or at the initiative of the
Company) will cover Shares held by each of the Stockholders (regardless of whether they demanded the filing of such shelf or not) up to an equivalent percentage of their original respective holdings as may be agreed upon by the demanding LGP
Stockholders. If at the time of such request the Company is a WKSI, such shelf registration may, at the request of such LGP Stockholders, cover an unspecified number of Shares to be sold by the Company and the Stockholders. 

(d) Demand and Piggyback Rights for Shelf Takedowns. Upon the demand of one or more LGP Stockholders made at any time and from time to
time, the Company will facilitate in the manner described in this Agreement a “takedown” of Shares off of an effective shelf registration statement. In connection with any underwritten shelf takedown (whether pursuant to the exercise of
such demand rights or at the initiative of the Company), the Stockholders may exercise piggyback rights to have included in such takedown Shares held by them that are registered on such shelf. Notwithstanding the foregoing, LGP Stockholders may not
demand a shelf takedown for an offering that will result in the imposition of a lockup on the Company and the Stockholders unless the Shares requested to be sold by the demanding Stockholders in such takedown have an aggregate market value (based on
the most recent closing price of the Common Stock at the time of the demand) of at least $50 million or such lesser amount if all Shares held by the demanding LGP Stockholders are requested to be sold. 

(e) Right to Reload a Shelf. Upon the written request of an LGP Stockholder at such time when the Company is not a WKSI, the Company
will file and seek the effectiveness of a post-effective amendment to an existing shelf registration statement in order to register up to the number of Shares previously taken down off of such shelf and not yet “reloaded” onto such shelf
registration statement. 
 (f) Limitations on Demand and Piggyback Rights. 

(i) Any demand for the filing of a registration statement or for a registered offering or takedown will be subject to the
constraints of any applicable lockup arrangements, and such demand must be deferred until such lockup arrangements no longer apply. If a demand has been made for a non-shelf registered offering or for an
underwritten takedown, no further demands may be made so long as the related offering is still being pursued. Notwithstanding anything in this Agreement to the contrary, the Stockholders will not have piggyback or other registration rights with
respect to registered primary offerings by the Company (i) in connection with registrations on Form S-4 or Form S-8 promulgated by the SEC or any successor or
similar forms, (ii) where the Shares are not being sold for cash or (iii) where the offering is a bona fide offering of securities other than Shares, even if such securities are convertible into or exchangeable or exercisable for Shares.

  
 5 

 (ii) The Stockholders shall not be permitted to sell any securities pursuant
to Section 3.1 at any time that the Board of Directors determines in good faith that it would be materially detrimental to the Company or its stockholders for sales of securities to be made; provided that all Stockholders shall be treated
consistently in connection with each such determination; and provided further, that the Company shall promptly notify each Stockholder in writing of any such action and provided further, that any such delay may not last more than sixty
(60) days and such delays may not be in effect more than one hundred and twenty (120) days during any three hundred and sixty-five (365) day period. 

3.2 Notices, Cutbacks and Other Matters. 

(a) Notifications Regarding Registration Statements. In order for one or more LGP Stockholders to exercise their right to demand that a
registration statement be filed, they must so notify the Company in writing indicating the number of Shares sought to be registered and the proposed plan of distribution. The Company will use its best efforts to keep the Stockholders reasonably
apprised of all pertinent aspects of its pursuit of any registration, whether pursuant to a LGP Stockholder demand or otherwise, with respect to which a piggyback opportunity is available. Pending any required public disclosure and subject to
applicable legal requirements, the parties will maintain the confidentiality of these discussions. 
 (b) Notifications Regarding
Registration Piggyback Rights. Any Stockholder wishing to exercise its piggyback rights with respect to a non-shelf registration statement must notify the Company and the other Stockholders of the number
of Shares it seeks to have included in such registration statement. Such notice must be given as soon as practicable, but in no event later than 5:00 pm, New York City time, on the second trading day prior to (i) if applicable, the date on
which the preliminary prospectus intended to be used in connection with pre-effective marketing efforts for the relevant offering is expected to be finalized, and (ii) in any case, the date on which the
pricing of the relevant offering is expected to occur. No such notice is required in connection with a shelf registration statement, as Shares held by all Stockholders will be included up to the applicable percentage. 

(c) Notifications Regarding Demanded Underwritten Takedowns. 

(i) The Company will use its best efforts to keep the Stockholders reasonably apprised of all pertinent aspects of any
underwritten shelf takedown in order that they may have a reasonable opportunity to exercise their related piggyback rights. Without limiting the Company’s obligation as described in the preceding sentence, having a reasonable opportunity
requires that the Stockholders be notified by the Company of an anticipated underwritten takedown (whether pursuant to a demand made by the LGP Stockholders or made at the Company’s own initiative) no later than 5:00 pm, New York City time, on
(i) if applicable, the second trading day prior to the date on which the preliminary prospectus or prospectus supplement intended to be used in connection with pre-pricing marketing efforts for such
takedown is finalized, and (ii) in all cases, the second trading day prior to the date on which the pricing of the relevant takedown occurs. 

(ii) Any Stockholder wishing to exercise its piggyback rights with respect to an underwritten shelf takedown must notify the
Company and the other Stockholders of the number of Shares it seeks to have included in such takedown. Such notice must be given as soon as practicable, but in no event later than 5:00 pm, New York City time, on (i) if applicable, the trading
day prior to the date on which the preliminary prospectus or prospectus supplement intended to be used in connection with marketing efforts for the relevant offering is expected to be finalized, and (ii) in all cases, the trading day prior to
the date on which the pricing of the relevant takedown occurs. 

  
 6 

 (iii) Pending any required public disclosure and subject to applicable legal
requirements, the parties will maintain appropriate confidentiality of their discussions regarding a prospective underwritten takedown. 

(d) Plan of Distribution, Underwriters and Counsel. If (i) a majority of the Shares proposed to be sold in an underwritten offering
through a non-shelf registration statement or through a shelf takedown are being sold by the Company for its own account and (ii) such offering was initiated by the Company and not by any LGP Stockholder,
the Company will be entitled to determine the plan of distribution and select the managing underwriters for such offering. Otherwise, the Stockholders holding a majority of the Shares requested to be included in such offering will be entitled to
determine the plan of distribution and select the managing underwriters, and such majority will also be entitled to select counsel for the selling Stockholders (which may be the same as counsel for the Company). In the case of a shelf registration
statement, the plan of distribution will provide as much flexibility as is reasonably possible, including with respect to resales by transferee Stockholders. 

(e) Cutbacks. If the managing underwriters advise the Company and the selling Stockholders that, in their opinion, the number of Shares
requested to be included in an underwritten offering exceeds the amount that can be sold in such offering without adversely affecting the distribution of the Shares being offered, such offering will include only the number of Shares that the
underwriters advise can be sold in such offering. 
 (i) In the case of a registered offering upon the demand of one or more
LGP Stockholders, the selling Stockholders (including those Stockholders exercising piggyback rights pursuant to Section 3.1(b)) collectively will have first priority and will be subject to cutback pro rata based on the number of Shares
initially requested by them to be included in such offering. To the extent of any remaining capacity, all other stockholders having similar registration rights will have second priority and will be subject to cutback pro rata based on the number of
Shares initially requested by them to be included in such offering. To the extent of any remaining capacity, the Company will have third priority. Except as contemplated by the immediately preceding three sentences, other selling stockholders (other
than transferees to whom a Stockholder has assigned its rights under this Agreement) will be included in an underwritten offering only with the consent of Stockholders holding a majority of the Shares being sold in such offering. 

(ii) In the case of a registered offering upon the initiative of the Company, the Company will have first priority. To the
extent of any remaining capacity, the selling Stockholders as a group, on the one hand, and all other stockholders having similar registration rights as a group, on the other hand, will be subject to cutback pro rata based on the number of Shares
initially requested by such group to be included in such offering. The selling Stockholders will be subject to cutback pro rata, based on the number of Shares initially requested by them to be included in such offering. Except as contemplated by the
immediately preceding sentence, other stockholders (other than transferees to whom a Stockholder has assigned its rights under this Agreement) will be included in an underwritten offering only with the consent of a LGP Majority Interest. 

(f) Withdrawals. Even if Shares held by a LGP Stockholder have been part of a registered underwritten offering, such LGP Stockholder
may, no later than the time at which the public offering price and underwriters’ discount are determined with the managing underwriter, decline to sell all or any portion of the Shares being offered for its account. 

  
 7 

 (g) Lockups. In connection with any underwritten offering of Shares, the Company and
each participating Stockholder hereby agree to be bound by the underwriting agreement’s lockup restrictions (which must apply, and continue to apply, in like manner to all of them) that are agreed to (a) by the Company, if a majority of
the Shares being sold in such offering are being sold for its account or (b) by LGP Stockholders holding a majority of Shares being sold by all LGP Stockholders, if a majority of the Shares being sold in such offering are being sold by LGP
Stockholders, as applicable. 
 (h) Expenses. All expenses incurred in connection with any registration statement or registered
offering covering Shares held by Stockholders, including, without limitation, all registration and filing fees, printing expenses, fees and disbursements of counsel (provided that the Company shall only be responsible for the fees and disbursements
of one outside counsel for all of the Stockholders) and of the independent certified public accountants, and the expense of qualifying such Shares under state blue sky laws, will be borne by the Company. However, underwriters’, brokers’
and dealers’ discounts and commissions applicable to Shares sold for the account of a Stockholder will be borne by such Stockholder. 

3.3 Facilitating Registrations and Offerings. 

(a) General. If the Company becomes obligated under this Agreement to facilitate a registration and offering of Shares on behalf of the
Stockholders, the Company will do so with the same degree of care and dispatch as would reasonably be expected in the case of a registration and offering by the Company of Shares for its own account. Without limiting this general obligation, the
Company will fulfill its specific obligations as described in this Section 3.3. 
 (b) Registration Statements. In connection
with each registration statement that is demanded by the LGP Stockholders or as to which piggyback rights otherwise apply, the Company will: 

(i) prepare and file (or confidentially submit) with the SEC a registration statement covering the applicable Shares,
(ii) prepare and file (or confidentially submit) such amendments or supplements to such registration statement and the prospectus used in connection therewith as may be necessary to keep such registration statement effective for a period ending
when all of the securities covered by such registration statement have been disposed of in accordance with the intended methods of distribution by the sellers thereof set forth in such registration statement (but not in any event before the
expiration of any longer period required under the Securities Act or, if such registration statement relates to an underwritten public offering, such longer period as in the opinion of counsel for the underwriters a prospectus is required by law to
be delivered in connection with the sale of Shares by an underwriter or dealer), (iii) seek the effectiveness thereof, and (iv) file with the SEC prospectuses and prospectus supplements as may be required, all in consultation with the LGP
Stockholders and as reasonably necessary in order to permit the offer and sale of the such Shares in accordance with the applicable plan of distribution; 

(ii) (1) within a reasonable time prior to the filing of any registration statement, any prospectus, any amendment to a
registration statement, amendment or supplement to a prospectus or any free writing prospectus, provide copies of such documents to the selling Stockholders and to the underwriter or underwriters of an underwritten offering, if applicable, and to
their respective counsel; fairly consider such reasonable changes in any such documents prior to or after the filing thereof as the counsel to the Stockholders or the underwriter or the underwriters may request; and make such of the representatives
of the Company as shall be reasonably requested by the selling Stockholders or any underwriter available for discussion of such documents; 

  
 8 

 (2) within a reasonable time prior to the filing of any document which is to
be incorporated by reference into a registration statement or a prospectus, provide copies of such document to counsel for the Stockholders and underwriters; fairly consider such reasonable changes in such document prior to or after the filing
thereof as counsel for such Stockholders or such underwriter shall request; and make such of the representatives of the Company as shall be reasonably requested by such counsel available for discussion of such document; 

(iii) cause each registration statement and the related prospectus and any amendment or supplement thereto, as of the effective
date of such registration statement, amendment or supplement and during the distribution of the registered Shares (x) to comply in all material respects with the requirements of the Securities Act and the rules and regulations of the SEC and
(y) not to contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; 

(iv) notify each Stockholder promptly, and, if requested by such Stockholder, confirm such advice in writing, (i) when a
registration statement has become effective and when any post-effective amendments and supplements thereto become effective if such registration statement or post-effective amendment is not automatically effective upon filing pursuant to Rule 462
under the Securities Act, (ii) of the issuance by the SEC or any state securities authority of any stop order, injunction or other order or requirement suspending the effectiveness of a registration statement or the initiation or threatening of
any proceedings for that purpose, (iii) if, between the effective date of a registration statement and the closing of any sale of securities covered thereby pursuant to any agreement to which the Company is a party, the representations and
warranties of the Company contained in such agreement cease to be true and correct in all material respects or if the Company receives any notification with respect to the suspension of the qualification of the Shares for sale in any jurisdiction or
the initiation of any proceeding for such purpose, and (iv) of the happening of any event during the period a registration statement is effective as a result of which such registration statement or the related prospectus contains any untrue
statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading and, if required by applicable law, prepare and file a supplement or amendment to such
registration statement or prospectus so that, as thereafter delivered to the purchasers of Shares registered thereby, such registration statement or prospectus will not contain an untrue statement of a material fact or omit to state any fact
necessary to make the statements therein not misleading; 
 (v) furnish counsel for each underwriter, if any, and for the
Stockholders copies of any correspondence with the SEC or any state securities authority relating to the registration statement or prospectus; 

(vi) otherwise comply with all applicable rules and regulations of the SEC, including making available to its security holders
an earnings statement covering at least 12 months which shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any similar provision then in force); 

(vii) use all reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of a registration statement
at the earliest possible time; 

  
 9 

 (c) Non-Shelf Registered Offerings and Shelf
Takedowns. In connection with any non-shelf registered offering or shelf takedown that is demanded by the LGP Stockholders or as to which piggyback rights otherwise apply, the Company will: 

(i) cooperate with the selling Stockholders and the sole underwriter or managing underwriter of an underwritten offering of
Shares, if any, to facilitate the timely preparation and delivery of certificates representing the Shares to be sold and not bearing any restrictive legends; and enable such Shares to be in such denominations (consistent with the provisions of the
governing documents thereof) and registered in such names as the selling Stockholders or the sole underwriter or managing underwriter of an underwritten offering of Shares, if any, may reasonably request at least five days prior to any sale of such
Shares; 
 (ii) furnish to each Stockholder and to each underwriter, if any, participating in the relevant offering, without
charge, as many copies of the applicable prospectus, including each preliminary prospectus, and any amendment or supplement thereto and such other documents as such Stockholder or underwriter may reasonably request in order to facilitate the public
sale or other disposition of the Shares; the Company hereby consents to the use of the prospectus, including each preliminary prospectus, by each such Stockholder and underwriter in connection with the offering and sale of the Shares covered by the
prospectus or the preliminary prospectus; 
 (iii) (i) use all reasonable efforts to register or qualify the Shares
being offered and sold, no later than the time the applicable registration statement becomes effective, under all applicable state securities or “blue sky” laws of such jurisdictions as each underwriter, if any, or any Stockholder holding
Shares covered by a registration statement, shall reasonably request; (ii) use all reasonable efforts to keep each such registration or qualification effective during the period such registration statement is required to be kept effective;
(iii) comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement during such period in accordance with the intended methods of disposition by the sellers thereof set
forth in the registration statement and (iv) do any and all other acts and things which may be reasonably necessary or advisable to enable each such underwriter, if any, and Stockholder to consummate the disposition in each such jurisdiction of
such Shares owned by such Stockholder; provided, however, that the Company shall not be obligated to qualify as a foreign corporation or as a dealer in securities in any jurisdiction in which it is not so qualified or to consent to be
subject to general service of process (other than service of process in connection with such registration or qualification or any sale of Shares in connection therewith) in any such jurisdiction; 

(iv) cause all Shares being sold to be qualified for inclusion in or listed on the principal U.S. securities exchange on which
the Common Stock is then so qualified or listed; 
 (v) cooperate and assist in any filings required to be made with
Financial Industry Regulatory Authority and in the performance of any due diligence investigation by any underwriter in an underwritten offering; 

(vi) use all reasonable efforts to facilitate the distribution and sale of any Shares to be offered pursuant to this Agreement,
including without limitation by making road show presentations, holding meetings with and making calls to potential investors and taking such other actions as shall be requested by the Stockholders or the lead managing underwriter of an underwritten
offering; and 

  
 10 

 (vii) enter into customary agreements (including, in the case of an
underwritten offering, underwriting agreements in customary form, and including provisions with respect to indemnification and contribution in customary form and consistent with the provisions relating to indemnification and contribution contained
herein) and take all other customary and appropriate actions in order to expedite or facilitate the disposition of such Shares and in connection therewith: 

(1) make such representations and warranties to the selling Stockholders and the underwriters, if any, in form, substance and scope as are
customarily made by issuers to underwriters in similar underwritten offerings; 
 (2) obtain opinions of counsel to the Company and updates
thereof (which counsel and opinions (in form, scope and substance) shall be reasonably satisfactory to the lead managing underwriter, if any) addressed to each selling Stockholder and the underwriters, if any, covering the matters customarily
covered in opinions requested in sales of securities or underwritten offerings and such other matters as may be reasonably requested by such Stockholders and underwriters; 

(3) obtain “cold comfort” letters and updates thereof from the Company’s independent certified public accountants addressed to
the selling Stockholders, if permissible, and the underwriters, if any, which letters shall be customary in form and shall cover matters of the type customarily covered in “cold comfort” letters to underwriters in connection with primary
underwritten offerings; 
 (4) to the extent requested by the LGP Shareholders, cause the Company’s directors and executive officers to
enter into lock-up agreements in customary form; and 
 (5) to the extent requested and customary
for the relevant transaction, enter into a securities sales agreement with the Stockholders providing for, among other things, the appointment of such representative as agent for the selling Stockholders for the purpose of soliciting purchases of
Shares, which agreement shall be customary in form, substance and scope and shall contain customary representations, warranties and covenants. 

The above shall be done at such times as customarily occur in similar registered offerings or shelf takedowns. 

(d) Due Diligence. In connection with each registration and offering of Shares to be sold by Stockholders, the Company will, in
accordance with customary practice, make available for inspection by representatives of the Stockholders participating in such offering and underwriters and any counsel or accountant retained by such Stockholder or underwriters all relevant
financial and other records, pertinent corporate documents and properties of the Company and cause appropriate officers, managers and employees of the Company to supply all information reasonably requested by any such representative, underwriter,
counsel or accountant in connection with their due diligence exercise. 
 (e) Information from Stockholders. Each Stockholder that
holds Shares covered by any registration statement will furnish to the Company such information regarding itself as is required to be included in the registration statement, the ownership of Shares by such Stockholder and the proposed distribution
by such Stockholder of such Shares as the Company may from time to time reasonably request in writing. 

  
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 3.4 Indemnification. 

(a) Indemnification by the Company. In the event of any registration under the Securities Act by any registration statement pursuant to
rights granted in this Agreement of Shares held by the Stockholders, the Company will hold harmless the Stockholders and each underwriter of such securities and each other person, if any, who controls any Stockholder or such underwriter within the
meaning of the Securities Act, against any losses, claims, damages, or liabilities (including legal fees and costs of court), joint or several, to which the Stockholders or such underwriter or controlling person may become subject under the
Securities Act or otherwise, insofar as such losses, claims, damages, or liabilities (or any actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact (i) contained, on its
effective date, in any registration statement under which such securities were registered under the Securities Act or any amendment or supplement to any of the foregoing, or which arise out of or are based upon the omission or alleged omission to
state a material fact required to be stated therein or necessary to make the statements therein not misleading or (ii) contained in any preliminary prospectus, if used prior to the effective date of such registration statement, or in the final
prospectus (as amended or supplemented if the Company shall have filed with the SEC any amendment or supplement to the final prospectus), or which arise out of or are based upon the omission or alleged omission (if so used) to state a material fact
required to be stated in such prospectus or necessary to make the statements in such prospectus not misleading; and will reimburse the Stockholders and each such underwriter and each such controlling person for any legal or any other expenses
reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, or liability; provided, however, that the Company shall not be liable to any Stockholder or its underwriters or controlling persons in any such
case to the extent that any such loss, claim, damage, or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in such registration statement or such amendment or supplement, in
reliance upon and in conformity with information furnished to the Company through a written instrument duly executed by the Stockholders or such underwriter specifically for use in the preparation thereof. 

(b) Indemnification by the Stockholders. Each Stockholder will indemnify and hold harmless (in the same manner and to the same
extent as set forth in Section 3.4(a)) the Company, each director of the Company, each officer of the Company who shall sign the registration statement, and any person who controls the Company within the meaning of the Securities Act,
(i) with respect to any statement or omission from such registration statement, or any amendment or supplement to it, if such statement or omission was made in reliance upon and in conformity with information furnished to the Company through a
written instrument duly executed by such Stockholder specifically regarding such Stockholder for use in the preparation of such registration statement or amendment or supplement, and (ii) with respect to compliance by such Stockholder with
applicable laws in effecting the sale or other disposition of the securities covered by such registration statement. 
 (c)
Indemnification Procedures. Promptly after receipt by an indemnified party of notice of the commencement of any action involving a claim referred to in Section 3.4(a) and Section 3.4(b), the indemnified party will, if a resulting
claim is to be made or may be made against and indemnifying party, give written notice to the indemnifying party of the commencement of the action. The failure of any indemnified party to give notice shall not relieve the indemnifying party of its
obligations in this Section 3.4, except to the extent that the indemnifying party is actually prejudiced by the failure to give notice. If any such action is brought against an indemnified party, the indemnifying party will be entitled to
participate in and to assume the defense of the action with counsel reasonably satisfactory to the indemnified party, and after notice from the indemnifying party to such indemnified party of its election to assume defense of the action, the
indemnifying party will not be liable to such indemnified party for any legal or other expenses incurred by the latter in connection with the action’s defense. An indemnified party shall have the right to employ separate counsel in any action
or proceeding and participate in the defense thereof, but the fees and expenses of such counsel shall be at such indemnified party’s expense unless (a) the employment of such counsel has been specifically authorized in writing by the
indemnifying party, which 

  
 12 

 
authorization shall not be unreasonably withheld, (ii) the indemnifying party has not assumed the defense and employed counsel reasonably satisfactory to the indemnified party within 30 days
after notice of any such action or proceeding, or (iii) the named parties to any such action or proceeding (including any impleaded parties) include the indemnified party and the indemnifying party and the indemnified party shall have been
advised by such counsel that there may be one or more legal defenses available to the indemnified party that are different from or additional to those available to the indemnifying party (in which case the indemnifying party shall not have the right
to assume the defense of such action or proceeding on behalf of the indemnified party), it being understood, however, that the indemnifying party shall not, in connection with any one such action or separate but substantially similar or related
actions in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one separate firm of attorneys (in addition to all local counsel which is necessary, in the
good faith opinion of both counsel for the indemnifying party and counsel for the indemnified party in order to adequately represent the indemnified parties) for the indemnified party and that all such fees and expenses shall be reimbursed as they
are incurred upon written request and presentation of invoices. Whether or not a defense is assumed by the indemnifying party, the indemnifying party will not be subject to any liability for any settlement made without its consent. No indemnifying
party will consent to entry of any judgment or enter into any settlement which (i) does not include as an unconditional term the giving by the claimant or plaintiff, to the indemnified party, of a release from all liability in respect of such
claim or litigation or (ii) involves the imposition of equitable remedies or the imposition of any non-financial obligations on the indemnified party. 

(d) Contribution. If the indemnification required by this Section 3.4 from the indemnifying party is unavailable to or insufficient
to hold harmless an indemnified party in respect of any indemnifiable losses, claims, damages, liabilities, or expenses, then the indemnifying party shall contribute to the amount paid or payable by the indemnified party as a result of such losses,
claims, damages, liabilities, or expenses in such proportion as is appropriate to reflect (i) the relative benefit of the indemnifying and indemnified parties and (ii) if the allocation in clause (i) is not permitted by applicable
law, in such proportion as is appropriate to reflect the relative benefit referred to in clause (i) and also the relative fault of the indemnified and indemnifying parties, in connection with the actions which resulted in such losses, claims,
damages, liabilities, or expenses, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and the indemnified party shall be determined by reference to, among other things, whether any action in
question, including any untrue or alleged untrue statement of a material fact, has been made by, or relates to information supplied by, such indemnifying party or parties, and the parties’ relative intent, knowledge, access to information, and
opportunity to correct or prevent such action. The amount paid or payable by a party as a result of the losses, claims, damage, liabilities, and expenses referred to above shall be deemed to include any legal or other fees or expenses reasonably
incurred by such party in connection with any investigation or proceeding. The Company and the Stockholders agree that it would not be just and equitable if contribution pursuant to this Section 3.4(d) were determined by pro rata allocation or
by any other method of allocation which does not take account of the equitable considerations referred to in the prior provisions of this Section 3.4(d). Notwithstanding the provisions of this Section 3.4(d), no indemnifying party shall be
required to contribute any amount in excess of the amount by which the total price at which the securities were offered to the public by the indemnifying party exceeds the amount of any damages which the indemnifying party has otherwise been
required to pay by reason of an untrue statement or omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of
such a fraudulent misrepresentation. 
 (e) Non-Exclusive Remedy. The indemnification and
contribution provided for under this Agreement will be in addition to any other rights to indemnification or contribution that any indemnified party may have pursuant to law or contract (and the Company and its subsidiaries shall be considered the
indemnitors of first resort in all such circumstances to which this Section 3 applies) and will remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or
controlling Person of such indemnified party and will survive the transfer of Shares and the termination or expiration of this Agreement. 

  
 13 

 3.5 Rule 144. If the Company is subject to the requirements of Section 13, 14 or
15(d) of the Exchange Act, the Company covenants that it will file any reports required to be filed by it under the Securities Act and the Exchange Act (or, if the Company is subject to the requirements of Section 13, 14 or 15(d) of the
Exchange Act but is not required to file such reports, it will, upon the request of LGP Stockholder, make publicly available such information) and it will take such further action as any Stockholder may reasonably request, so as to enable such
Stockholder to sell Shares without registration under the Securities Act within the limitation of the exemptions provided by (a) Rule 144 under the Securities Act, as such Rule may be amended from time to time, or (b) any similar rule or
regulation hereafter adopted by the SEC. Upon the request of any Stockholder, the Company will deliver to such Stockholder a written statement as to whether it has complied with such requirements. 

SECTION IV. CORPORATE GOVERNANCE 
 4.1
Board of Directors. 
 (a) Composition of Initial Board. As of the Closing, the Board of Directors shall be comprised of seven
(7) directors, the following five (5) of whom shall be deemed to have been designated by the LGP Stockholders (each, a “LGP Director”): Wade Miquelon, Darrell Webb, Lily Chang, Jonathan Sokoloff and John Yoon. The
foregoing directors shall be divided into three classes of directors, each of whose members shall serve for staggered three-year terms as follows: 

(i) the class I directors shall initially include Wade Miquelon and Darrell Webb; 

(ii) the class II directors shall initially include Lily Chang; and 

(iii) the class III directors shall initially include John Yoon and Jonathan Sokoloff. 

The initial term of the class I directors shall expire immediately following the Company’s 2022 annual meeting of stockholders at which
directors are elected. The initial term of the class II directors shall expire immediately following the Company’s 2023 annual meeting of stockholders at which directors are elected. The initial term of the class III directors shall expire
immediately following the Company’s 2024 annual meeting at which directors are elected. 
 (b) LGP Stockholders’
Representation. For so long as the LGP Stockholders hold, in the aggregate, a number of shares of Common Stock representing at least the percentages shown below of shares of Common Stock held in the aggregate by the LGP Stockholders following
the consummation of all sales of Common Stock contemplated by the Underwriting Agreement, the Company shall take all Necessary Action to include in the slate of nominees recommended by the Board of Directors for election as directors at each
applicable annual or special meeting of stockholders at which directors are to be elected that number of individuals designated by the LGP Stockholders (each, a “LGP Stockholders’ Designee”) that, if elected, will result in the
number of LGP Directors serving on the Board of Directors that is shown below. 

  
 14 

			
	 Percentage
	 	 Number of Directors

	50% or greater	 	5
	Less than 50% but greater than or equal to 40%	 	4
	Less than 40% but greater than or equal to 30%	 	3
	Less than 30% but greater than or equal to 20%	 	2
	Less than 20% but greater than or equal to 10%	 	1
	Less than 10%	 	0

 Upon any decrease in the number of directors that the LGP Stockholders are entitled to designate for election
to the Board of Directors, the LGP Stockholders shall, upon request from the Company, use their reasonable best efforts to cause the appropriate number of LGP Stockholders’ Designees to offer to tender his or her resignation. If such
resignation is then accepted by the Board of Directors, the Company shall cause the size of the Board of Directors to be reduced accordingly unless the Company, with the approval of a majority of the remaining Directors, determines not to reduce the
authorized size of the Board of Directors, in which case the Board of Directors shall act in accordance with the bylaws of the Company then in effect to appoint or nominate a new director to the Board of Directors. 

(c) Additional Obligations. An individual designated by the LGP Stockholders for election (including pursuant to Section 4.1(b)) as
a director shall comply with any applicable requirements of the charter for, and related guidelines of, any committee of the Board of Directors responsible for nominating directors (such committee, a “Nominating Committee”).
Notwithstanding anything to the contrary in this Section 4, in the event that the Board of Directors determines in good faith, after consultation with outside legal counsel, that its nomination, appointment or election of a particular LGP
Stockholders’ Designee pursuant to this Section 4.1 would constitute a breach of its fiduciary duties to the Company’s stockholders or does not otherwise comply with any requirements of the charter for, or related guidelines of, the
Nominating Committee, then the Board of Directors shall inform the LGP Stockholders of such determination in writing and explain in reasonable detail the basis for such determination and shall designate another individual designated for nomination,
election or appointment to the Board of Directors by the LGP Stockholders (subject in each case to this Section 4.1(c)), and the Board of Directors and the Company shall take all of the actions required by this Section 4 with respect to
the election of such substitute LGP Stockholders’ Designee. It is hereby acknowledged and agreed that the fact that a particular LGP Stockholders’ Designee is an Affiliate, director, professional, partner, member, manager, employee or
agent of the LGP Stockholders or is not an independent director shall not in and of itself constitute an acceptable basis for such determination by the Board of Directors. 

(d) Vacancies. Except as provided in Section 4.1(b), with respect to decreases in ownership of the LGP Stockholders, (i) the
LGP Stockholders shall have the exclusive right to request the removal of LGP Stockholders’ Designees from the Board of Directors in accordance with the bylaws of the Company then in effect, and the Company shall take all Necessary Action to
cause the removal (whether for or without cause) of any such LGP Stockholders’ Designee at the request of the LGP Stockholders and (ii) the LGP Stockholders shall have the exclusive right to designate directors for election to the Board of
Directors to fill vacancies (for the remainder of the then current term) created by reason of death, disability, removal or resignation of LGP Stockholders’ Designees to the Board of Directors, and the Company shall take all Necessary Action to
cause any such vacancies to be filled by replacement directors designated by the LGP Stockholders as promptly as reasonably practicable. 

  
 15 

 (e) Committees. In accordance with the Company’s certificate of incorporation
and bylaws, (i) the Board shall establish and maintain an audit committee of the Board, as well as all other committees of the Board required in accordance with applicable Laws and stock exchange regulations, and (ii) the Board may from
time to time by resolution establish and maintain other committees of the Board. Subject to applicable laws and stock exchange regulations, and subject to requisite independence requirements applicable to such committee, the LGP Stockholders shall
have the right to have one (1) LGP Director appointed to serve on each committee of the Board for so long as the LGP Stockholders has the right to designate at least one (1) director for nomination to the Board. In furtherance of the
foregoing, the Company agrees to take all Necessary Action to have at least one (1) LGP Director appointed to serve on each committee of the Board (to the extent not prohibited by applicable Law or applicable stock exchange regulations).

 4.2 Agreement of Company. The Company hereby agrees that it will take all Necessary Actions to cause the matters addressed by this
Section 4 to be carried out in accordance with the provisions thereof. Without limiting the foregoing, the Secretary of the Company or such other officer or employee of the Company who may be fulfilling the duties of the Secretary, shall not
record any vote or consent or other action contrary to the terms of this Section 4. 
 SECTION V. MISCELLANEOUS PROVISIONS 

5.1 Access Rights. The Company shall, and shall cause its subsidiaries, officers, directors, employees, auditors and other agents to
(a) afford the LGP Stockholders and their officers, employees, auditors and other agents, during normal business hours and upon reasonable notice, at all reasonable times access to the Company’s and its subsidiaries’ officers,
employees, auditors, legal counsel, properties, offices, plants and other facilities and to all books and records, and (b) afford the LGP Stockholders and their officers, employees, auditors and other agents the opportunity to discuss the
affairs, finances and accounts of the Company and its subsidiaries with their respective officers from time to time as each such LGP Stockholder may reasonably request, in each case, until such time as such LGP Stockholder shall cease to own any
Shares. 
 5.2 Confidentiality. Each Stockholder agrees that it will keep confidential and will not disclose, divulge or use for any
purpose, other than to monitor its investment in the Company and its subsidiaries, any confidential information obtained from the Company pursuant to Section 5.1, unless such confidential information (a) is known or becomes known to the
public in general (other than as a result of a breach of any confidentiality obligation by such Stockholder or its affiliates), (b) is or has been independently developed or conceived by such Stockholder without use of or reliance on the
Company’s confidential information or (c) is or has been made known or disclosed to such Stockholder by a third party (other than an Affiliate of such Stockholder) without a breach of any confidentiality obligations such third party may
have to the Company that is known to such Stockholder; provided, that, a Stockholder may disclose confidential information (i) to its attorneys, accountants, consultants and other professional advisors to the extent necessary to
obtain their services in connection with monitoring its investment in the Company, (ii) to any prospective purchaser of any Shares from such Stockholder as long as such prospective purchaser executes a confidentiality agreement with the
Company, in form and substance satisfactory to the Company, (iii) to any Affiliate, partner, member, limited partners, prospective partners or related investment fund of such Stockholder and their respective directors, employees, consultants
and representatives, in each case in the ordinary course of business (provided that the recipients of such confidential information are subject to a customary confidentiality and non-disclosure obligation, and
provided further that Stockholder will remain liable to the Company for any breaches of confidentiality and nondisclosure obligations by such persons), or (iv) as may otherwise be required by law or legal, judicial or regulatory process. 

  
 16 

 5.3 Reliance. Each covenant and agreement made by a party in this Agreement or in any
certificate, instrument or other document delivered pursuant to this Agreement is material, shall be deemed to have been relied upon by the other parties and shall remain operative and in full force and effect after the Effective Time regardless of
any investigation. This Agreement shall not be construed so as to confer any right or benefit upon any Person other than the parties hereto and their respective successors and permitted assigns. 

5.4 Access to Agreement; Amendment and Waiver; Actions of the Board. For so long as this Agreement shall be in effect, this Agreement
shall be made available for inspection by any Stockholder at the principal executive offices of the Company. Any party may waive in writing any provision hereof intended for its benefit, provided, that, in the case of any waiver by the Company, such
waiver is consented to in writing by the LGP Majority Interest. No failure or delay on the part of any party in exercising any right, power or remedy hereunder shall operate as a waiver thereof. The remedies provided for herein are cumulative and
are not exclusive of any remedies that may be available to any party at law or in equity or otherwise. This Agreement may be amended only with the prior written consent of the LGP Majority Interest and the Company. Any consent given as provided in
the preceding sentence shall be binding on all parties. Further, with the prior written consent of the LGP Majority Interest and the Company, at any time hereafter Permitted Transferees may be made parties hereto, with any such additional parties
shall be treated as “Stockholders” for all purposes hereunder, by executing a counterpart signature page in the form attached as Exhibit A hereto, which signature page shall be attached to this Agreement and become a part hereof without
any further action of any other party hereto. 
 5.5 Notices. All notices, requests, demands and other communications provided for
hereunder shall be in writing and mailed (by first class registered or certified mail, electronic mail, facsimile or postage prepaid), sent by express overnight courier service, or delivered to the applicable party at the respective address
indicated below: 
 If to the Company: 

JOANN Inc. 

5555 Darrow Road 

Hudson, Ohio 44236 

Attn: General Counsel (Ann.Aber@joann.com) 

Facsimile: (330) 463-6773 

With a copy (which shall not constitute notice): 

Latham & Watkins LLP 

885 Third Avenue 

New York, New York 10022 

Attention: 

Howard Sobel (Howard.Sobel@lw.com) 

Greg Rodgers (Greg.Rodgers@lw.com) 

Jason Silvera (Jason.Silvera@lw.com) 

Drew Capurro (Drew.Capurro@lw.com) 

Facsimile: (212) 751-4864 

  
 17 

 If to the LGP Stockholders: 

c/o Leonard Green & Partners, L.P. 

11111 Santa Monica Blvd., #2000 

Los Angeles, California 90025 

Attention: John Yoon (yoon@leonardgreen.com) 

Facsimile: (310) 954-0404 

With a copy (which shall not constitute notice): 

Latham & Watkins LLP 

885 Third Avenue 

New York, New York 10022 

Attention: 

Howard Sobel (Howard.Sobel@lw.com) 

Greg Rodgers (Greg.Rodgers@lw.com) 

Jason Silvera (Jason.Silvera@lw.com) 

Drew Capurro (Drew.Capurro@lw.com) 

Facsimile: (212) 751-4864 

If to any other Stockholder: 

At such Person’s address for notice as set forth in the books and records of the Company, or, as to each of the foregoing, at such other
address as shall be designated by a party in a written notice to other parties complying as to delivery with the terms of this Section 5.5. All such notices, requests, demands and other communications shall, when mailed, telegraphed or sent,
respectively, be effective (i) two days after being deposited in the mail or (ii) one day after being deposited with the express overnight courier service, respectively, addressed as aforesaid. 

5.6 Counterparts; Electronic Delivery. This Agreement may be executed in two or more counterparts, and delivered via facsimile,
..pdf or other electronic transmission, each of which shall be deemed an original, but all of which together shall constitute one and the same agreement. This Agreement, the agreements referred to herein, and each other agreement or instrument
entered into in connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent executed and delivered by means of a photographic, photostatic, facsimile or similar reproduction of such signed
writing using a facsimile machine or electronic mail shall be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original signed version thereof
delivered in person. At the request of any party hereto or to any such agreement or instrument, each other party hereto or thereto shall re-execute original forms thereof and deliver them to all other parties.
No party hereto or to any such agreement or instrument shall raise the use of a facsimile machine or electronic mail to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of
a facsimile machine or electronic mail as a defense to the formation or enforceability of a contract and each such party forever waives any such defense. 

5.7 Remedies; Severability. It is specifically understood and agreed that any breach of the provisions of this Agreement by any party
will result in irreparable injury to the other parties, that the remedy at law alone will be an inadequate remedy for such breach, and that, in addition to any other legal or equitable remedies which they may have, such other parties may enforce
their respective rights by actions for specific performance or injunctive relief (to the extent permitted at law or in equity). If any one or more of the provisions of this Agreement, or the application thereof in any circumstances, is held invalid,
illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein are not to be in any way impaired thereby, it being
intended that all of the rights and privileges of the parties be enforceable to the fullest extent permitted by law. 

  
 18 

 5.8 Entire Agreement. This Agreement constitutes the entire agreement of the Parties
with respect to the subject matter hereof. 
 5.9 Termination. This Agreement shall terminate on the earlier of (i) the election
of the LGP Majority Interest, (ii) with respect to each LGP Stockholder, such date as the LGP Stockholder ceases to hold any Shares or (iii) with respect any Stockholder other than an LGP Stockholder, such date as the Stockholder may sell
all of its Shares without regard to volume restrictions under Rule 144 under the Securities Act. 
 5.10 Governing Law. This Agreement
is to be construed and enforced in accordance with the laws of the State of Delaware, without giving effect to its principles or rules of conflict of laws to the extent such principles or rules are not mandatorily applicable by statute and would
require or permit the application of the laws of another jurisdiction. 
 5.11 Successors and Assigns; Beneficiaries. This Agreement
shall be binding upon and inure to the benefit of the parties and the respective successors and assigns of the parties as contemplated herein. Any successor to the Company by way of merger or otherwise must specifically agree to be bound by the
terms hereof as a condition of such succession. 
 5.12 Consent to Jurisdiction; Specific Performance; WAIVER OF JURY TRIAL. 

(a) Each of the parties hereto irrevocably and unconditionally consents to the sole and exclusive jurisdiction of the state and federal courts
located in Wilmington, Delaware to resolve all disputes, claims or controversies arising out of or relating to this Agreement or any other agreement executed and delivered pursuant to or in connection with this Agreement or the negotiation, breach,
validity, termination or performance hereof and thereof or the transactions contemplated hereby and thereby and agrees that it will not bring any such action in any court other than the federal or state courts located in Wilmington, Delaware. Each
party further irrevocably waives any objection to proceeding in such courts based upon lack of personal jurisdiction or to the laying of venue in such courts and further irrevocably and unconditionally waives and agrees not to make a claim that such
courts are an inconvenient forum. Each of the parties hereto hereby consents to service of process by registered mail at the address to which notices are to be given as provided in Section 5.5. Each of the parties hereto agrees that its or his
submission to jurisdiction and its or his consent to service of process by mail is made for the express benefit of the other parties hereto. The choice of forum set forth in this Section shall not be deemed to preclude the enforcement of any
judgment of a Delaware federal or state court, or the taking of any action under this Agreement to enforce such a judgment, in any other appropriate jurisdiction. 

(b) The parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in
accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions
of this Agreement, this being in addition to any other remedy to which such party is entitled at law or in equity. 

  
 19 

 (c) EACH PARTY TO THIS AGREEMENT WAIVES TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM BROUGHT BY ANY OF THEM AGAINST THE OTHER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS AGREEMENT, OR ANY OTHER AGREEMENTS EXECUTED AND DELIVERED PURSUANT TO OR IN CONNECTION HEREWITH OR THE NEGOTIATION, BREACH, VALIDITY, TERMINATION
OR PERFORMANCE HEREOF AND THEREOF OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY. FURTHER, (I) NO PARTY TO THIS AGREEMENT SHALL SEEK A JURY TRIAL IN ANY SUCH ACTION AND (II) NO PARTY WILL SEEK TO CONSOLIDATE ANY SUCH ACTION IN WHICH A
JURY TRIAL HAS BEEN WAIVED WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED. EACH PARTY TO THIS AGREEMENT CERTIFIES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT OR INSTRUMENT BY, AMONG OTHER THINGS, THE MUTUAL
WAIVERS AND CERTIFICATIONS SET FORTH ABOVE IN THIS SECTION 5.12. NO PARTY HAS IN ANY WAY AGREED WITH OR REPRESENTED TO ANY OTHER PARTY THAT THE PROVISIONS OF THIS SECTION WILL NOT BE FULLY ENFORCED IN ALL INSTANCES. 

5.13 Further Assurances; Company Logo. At any time or from time to time after the Effective Time, the parties hereto agree to cooperate
with each other, and at the request of any other party, to execute and deliver any further instruments or documents and to take all such further action as any other party may reasonably request in order to evidence or effectuate the provisions of
this Agreement and to otherwise carry out the intent of the parties hereunder. The Company hereby grants the LGP Stockholders and their respective Affiliates permission to use the Company’s and its subsidiaries’ name and logo in marketing
materials. 
 5.14 Regulatory Matters. The Company shall and shall cause its subsidiaries to keep the LGP Stockholders informed, on a
current basis, of any events, discussions, notices or changes with respect to any criminal or regulatory investigation or action involving the Company or any of its subsidiaries, so that the LGP Stockholders and their respective Affiliates will have
the opportunity to take appropriate steps to avoid or mitigate any regulatory consequences to them that might arise from such investigation or action. 

5.15 No Third Party Liability. This Agreement may only be enforced against the named parties hereto. All claims or causes of
action (whether in contract or tort) that may be based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement (including any representation or warranty made in or in connection with this
Agreement or as an inducement to enter into this Agreement), may be made only against the entities that are expressly identified as parties hereto. 

5.16 Effectiveness of Agreement. This Agreement shall become effective (such time, the “Effective Time”) immediately
prior to the effectiveness of the Company’s registration statement on Form S-1 related to the Initial Public Offering. However, to the extent the Closing does not occur, the provisions of this
Agreement shall be without any force or effect. 
 5.17 Removal of Legends. The Company shall remove any restrictive legends on any
Shares held by any Stockholder promptly upon request by such Stockholder if such legend is not, in the reasonable determination of the Company upon the advice of legal counsel, required to comply with applicable securities laws; provided that the
Company may require an opinion of legal counsel reasonably acceptable to the Company prior to any such removal other than in connection with a transfer made pursuant to an effective registration statement. 

5.18 Inconsistent Agreements. Neither the Company nor any Stockholder shall enter into any agreement or side letter with, or grant any
proxy to, any Stockholder, the Company or any other Person (whether or not such proxy, agreements or side letters are with other Stockholders, holders of Shares that are not parties to this Agreement or otherwise) that conflicts with the provisions
of this Agreement or which would obligate such Person to breach any provision of this Agreement. 
 [SIGNATURE PAGE FOLLOWS] 

 

  
 20 

 IN WITNESS WHEREOF, the parties are signing this Amended and Restated Stockholders Agreement
as of the date first set forth above. 
  

			
	JOANN INC. 
		
	By:	 	 /s/ Matt Susz

		 	Name: Matt Susz
		 	Title:   Senior Vice President,
		 	            Chief Financial Officer

  
 [Signature Page to
Amended and Restated Stockholders Agreement] 

 
			
	GREEN EQUITY INVESTORS V, L.P. 
	
	By: GEI Capital V, LLC, its General Partner
		
	By:	 	 /s/ John Yoon

		 	Name: John Yoon
		 	Title: Senior Vice President
	
	GREEN EQUITY INVESTORS SIDE V, L.P. 
	
	By: GEI Capital V, LLC, its General Partner
		
	By:	 	 /s/ John Yoon

		 	Name: John Yoon
		 	Title: Senior Vice President
	
	NEEDLE COINVEST LLC 
	
	By: LGP Associates V LLC, its sole member
	By: Peridot Coinvest Manager LLC, its sole member
	By: Leonard Green & Partners, L.P., its sole member
	By: LGP Management, Inc., its general partner
		
	By:	 	 /s/ John Yoon

		 	Name: John Yoon
		 	Title: Senior Vice President

  
 [Signature Page to
Amended and Restated Stockholders Agreement] 

 
			
	TCW/CRESCENT MEZZANINE PARTNERS V, L.P. 
	
	By: TCW/Crescent Mezzanine Management V, LLC, its Investment Manager
	
	By: Crescent Capital Group LP, its sub-adviser
	By: Crescent Capital GP LLC, its general partner
		
	By:	 	 /s/ Yev Kuznetsov

		 	Name: Yev Kuznetsov
		 	Title: Managing Director
		
	By:	 	 /s/ George P. Hawley

		 	Name: George P. Hawley
		 	Title: General Counsel

  
 [Signature Page to
Amended and Restated Stockholders Agreement] 

 
			
	TCW/CRESCENT MEZZANINE PARTNERS VB, L.P. 
	
	By: TCW/Crescent Mezzanine Management V, LLC,
	its Investment Manager
	
	By: Crescent Capital Group LP, its sub-adviser
		 	By: Crescent Capital GP LLC, its general partner
		
	By:	 	 /s/ Yev Kuznetsov

		 	Name: Yev Kuznetsov
		 	Title: Managing Director
		
	By:	 	 /s/ George P. Hawley

		 	Name: George P. Hawley
		 	Title: General Counsel

  
 [Signature Page to
Amended and Restated Stockholders Agreement] 

 
			
	TCW/CRESCENT MEZZANINE PARTNERS VC, L.P. 
	
	By: TCW/Crescent Mezzanine Management V, LLC,
	its Investment Manager
	
	By: Crescent Capital Group LP, its sub-adviser
		 	By: Crescent Capital GP LLC, its general partner
		
	By:	 	 /s/ Yev Kuznetsoz

		 	Name: Yev Kuznetsov
		 	Title: Managing Director
		
	By:	 	 /s/ George P. Hawley

		 	Name: George P. Hawley
		 	Title: General Counsel

  
 [Signature Page to
Amended and Restated Stockholders Agreement] 

 
			
	TCW CAPITAL TRUST
	
	By: TCW Investment Management Company LLC, its investment advisor
		
	By:	 	 /s/ Jean-Marc Chapus

		 	Name: Jean-Marc Chapus
		 	Title: Authorized Officer
		
	By:	 	 /s/ Mark L. Attanasio

		 	Name: Mark L. Attanasio
		 	Title: Authorized Officer

  
 [Signature Page to
Amended and Restated Stockholders Agreement] 

 
			
	MAC EQUITY HOLDINGS I, LLC 
		
	By:	 	MAC CAPITAL, LTD.,
	Its Sole Member
	
	By: TCW-WLA JV Venture LLC, its sub-adviser
		
	By:	 	 /s/ Yev Kuznetsov

		 	Name: Yev Kuznetsov
		 	Title: Authorized Officer
		
	By:	 	 /s/ George P. Hawley

		 	Name: George P. Hawley
		 	Title: Vice President

  
 [Signature Page to
Amended and Restated Stockholders Agreement] 

 
			
	MANAGEMENT STOCKHOLDER 
		
	By:	 	 /s/ Darrell Webb

		 	Name: Darrell Webb
		 	Title: Board of Directors

  
 [Signature Page to
Amended and Restated Stockholders Agreement] 

 
			
	MANAGEMENT STOCKHOLDER
		
	By:	 	 /s/ Travis Smith

		 	Name: Travis Smith

  
 [Signature Page to
Amended and Restated Stockholders Agreement] 

 
			
	MANAGEMENT STOCKHOLDER 
		
	By:	 	 /s/ James Kerr

		 	Name: James Kerr

  
 [Signature Page to
Amended and Restated Stockholders Agreement] 

 
			
	MANAGEMENT STOCKHOLDER 
		
	By:	 	 /s/ Kenneth E. Haverkost

		 	Name: Kenneth E. Haverkost

  
 [Signature Page to
Amended and Restated Stockholders Agreement] 

 
			
	MANAGEMENT STOCKHOLDER 
		
	By:	 	 /s/ Anthony C. Dissinger

		 	Name: Anthony C. Dissinger

  
 [Signature Page to
Amended and Restated Stockholders Agreement] 

 
			
	MANAGEMENT STOCKHOLDER 
		
	By:	 	 /s/ Bonnie Borman, Trustee

		 	Name: Bonnie Borman
		 	 Title: Trustee for the Credit Shelter Trust under the 2nd Amended and Restated Trust Agreement of David B. Goldston DTD
8/18/2018

  
 [Signature Page to
Amended and Restated Stockholders Agreement] 

 
			
	MANAGEMENT STOCKHOLDER 
		
	By:	 	 /s/ Justin T. Simmons

		 	Name: Justin T. Simmons
		 	Title: Stockholder

  
 [Signature Page to
Amended and Restated Stockholders Agreement] 

 
			
	MANAGEMENT STOCKHOLDER 
		
	By:	 	 /s/ Chris DiTullio

		 	Name: Chris DiTullio

  
 [Signature Page to
Amended and Restated Stockholders Agreement] 

 
			
	MANAGEMENT STOCKHOLDER 
		
	By:	 	 /s/ Carolyn J. Tackett

		 	Name: Carolyn J. Tackett

  
 [Signature Page to
Amended and Restated Stockholders Agreement] 

 
			
	MANAGEMENT STOCKHOLDER 
		
	By:	 	 /s/ Edward A. Weinstein

		 	Name: Edward A. Weinstein
		 	Title: Vice President, Joann Inc.

  
 [Signature Page to
Amended and Restated Stockholders Agreement] 

 
			
	MANAGEMENT STOCKHOLDER 
		
	By:	 	 /s/ Matthew B. Susz

		 	Name: Matthew B. Susz
		 	Title: SVP-CFO

  
 [Signature Page to
Amended and Restated Stockholders Agreement] 

 
			
	MANAGEMENT STOCKHOLDER 
		
	By:	 	 /s/ Sharyn Hejcl

		 	Name: Sharyn Hejcl

  
 [Signature Page to
Amended and Restated Stockholders Agreement] 

 
			
	MANAGEMENT STOCKHOLDER 
		
	By:	 	 /s/ Janet Duliga

		 	Name: Janet Duliga
		 	Title: CAO

  
 [Signature Page to
Amended and Restated Stockholders Agreement] 

 
			
	MANAGEMENT STOCKHOLDER 
		
	By:	 	 /s/ Wade Miquelon

		 	Name: Wade Miquelon
		 	Title: President and CEO

  
 [Signature Page to
Amended and Restated Stockholders Agreement] 

 
			
	MANAGEMENT STOCKHOLDER 
		
	By:	 	 /s/ Robert Will

		 	Name: Robert Will
		 	Title: CMO

  
 [Signature Page to
Amended and Restated Stockholders Agreement] 

 
			
	MANAGEMENT STOCKHOLDER 
		
	By:	 	 /s/ Varadheesh Chennakrishnan

		 	Name: Varadheesh Chennakrishnan
		 	Title: CFO

  
 [Signature Page to
Amended and Restated Stockholders Agreement] 

 
			
	MANAGEMENT STOCKHOLDER 
		
	By:	 	 /s/ Richard Vollmer

		 	Name: Richard Vollmer
		 	Title: Chief Creative Officer

  
 [Signature Page to
Amended and Restated Stockholders Agreement] 

 
			
	MANAGEMENT STOCKHOLDER 
		
	By:	 	 /s/ Stephen Caution

		 	Name: Stephen Caution
		 	Title: Vice President, Business Development

  
 [Signature Page to
Amended and Restated Stockholders Agreement] 

 
			
	MANAGEMENT STOCKHOLDER 
		
	By:	 	 /s/ Michael Joyce

		 	Name: Michael Joyce
		 	Title: SVP, Planning, Replenishment & Supply Chain Optimization

  
 [Signature Page to
Amended and Restated Stockholders Agreement] 

 
			
	MANAGEMENT STOCKHOLDER 
		
	By:	 	 /s/ Ann Aber

		 	Name: Ann Aber
		 	Title: General Counsel & Secretary

  
 [Signature Page to
Amended and Restated Stockholders Agreement] 

 
			
	MANAGEMENT STOCKHOLDER 
		
	By:	 	 /s/ Marybeth Hays

		 	Name: Marybeth Hays
		 	Title: Independent Director

  
 [Signature Page to
Amended and Restated Stockholders Agreement] 

 
			
	MANAGEMENT STOCKHOLDER 
		
	By:	 	 /s/ Anne Mehlman

		 	Name: Anne Mehlman
		 	Title: Director

  
 [Signature Page to
Amended and Restated Stockholders Agreement] 

 EXHIBIT A 

Joinder Agreement 
 By execution of this
signature page, [_______________] hereby agrees to become a Party to, and to be bound by the obligations of, and receive the benefits of, that certain Amended and Restated Stockholders Agreement, dated as of March 16, 2021, by and among JOANN
Inc., a Delaware Corporation, [ 🌑 ], and certain other Parties named therein, as amended from time to time thereafter. 

 

			
	[NAME]
		
	By:	 	  

	Name:
	Title:
	
	Notice Address:
	
	  

	
	  

  

			
	Accepted:
	
	JOANN INC.
		
	By:	 	  

	Name:
	Title:

  
 [Signature Page to
Amended and Restated Stockholders Agreement]

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