Document:

Amendment No. 2 to Topco Credit Agreement

 Exhibit 10.25 

AMENDMENT NO. 2 

TO CREDIT AGREEMENT 

This AMENDMENT NO. 2 TO CREDIT AGREEMENT (this “Amendment”), dated as of April 26, 2010, by and among
EXPRESS TOPCO LLC, a Delaware limited liability company (“Borrower”); the Lenders identified on the signature pages hereto; and KKR SCF LOAN ADMINISTRATION, LLC, a Delaware limited liability company, as administrative
agent (in such capacity, together with its successors in such capacity, “Administrative Agent”) for the Lenders, amends that certain Credit Agreement, dated as of June 26, 2008 (as amended, the “Credit
Agreement”), by and among the Borrower; the financial institutions who are or hereafter become parties thereto as Lenders; and the Administrative Agent. Capitalized terms used herein and not otherwise defined herein shall have the
meanings ascribed to such terms in the Credit Agreement. 
 RECITALS 

A. WHEREAS, the Borrower, the Administrative Agent and the Lenders have agreed to amend the Credit Agreement on the terms and conditions
set forth herein. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the continued performance by the Borrower of its promises and obligations under the Credit Agreement
and the other Loan Documents, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrower, the Administrative Agent and the Lenders hereby agree as follows: 

1. Amendments to Credit Agreement. 

(a) Amendment to Section 2.07(a). Section 2.07(a) of the Credit Agreement is hereby amended by adding the following
proviso after the table appearing in such section: “provided, that, if the Term B Loans are paid in full prior to the second year anniversary of the Closing Date substantially concurrently with, and with the proceeds of, an IPO, then the
redemption price for such prepayment shall be 106.00%”. 
 (b) Amendment to Section 2.07(c)(iv).
Section 2.07(c)(iv) of the Credit Agreement is hereby amended by deleting the reference to “50%” and replacing it with “100%”. 

(c) Amendment to Section 5.01(a). Section 5.01(a) of the Credit Agreement is hereby amended by adding the following
clause at the end of such Section: 
 “provided further for the fiscal year ended on January 30, 2010, such annual audit report
and related deliveries shall not be due until June 30, 2010;” 
 2. Miscellaneous. 

(a) Headings. The various headings of this Amendment are inserted for convenience of reference only and shall not affect the
meaning or interpretation of this Amendment or any provisions hereof. 
 (b) Counterparts. This Amendment may be executed
by the parties hereto in several counterparts, each of which shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument. Delivery of an executed counterpart of a signature page to this Amendment by
facsimile transmission (or by electronic mail of a pdf copy) shall be effective as delivery of a manually executed counterpart thereof. 

 (c) Interpretation. No provision of this Amendment shall be construed against or
interpreted to the disadvantage of any party hereto by any court or other governmental or judicial authority by reason of such party’s having or being deemed to have structured, drafted or dictated such provision. 

(d) Complete Agreement; Conflict of Terms. This Amendment constitutes the complete agreement between the parties with respect to
the subject matter hereof, and supersedes any prior written or oral agreements, writings, communications or understandings of the parties with respect thereto. In the event of any inconsistency between the provisions of this Amendment and any
provision of the Credit Agreement, the terms and provisions of this Amendment shall govern and control. 
 (e)
Representations, Warranties and Covenants. 
 (i) Borrower hereby represents and warrants that this
Amendment and the Credit Agreement as amended by this Amendment constitute the legal, valid and binding obligations of Borrower, enforceable against it in accordance with their respective terms except as enforceability may be limited by applicable
bankruptcy, insolvency or similar laws affecting the enforcement of creditor’s rights generally or by equitable principles relating to enforceability. 

(ii) Borrower hereby represents and warrants that its execution, delivery and performance of this Amendment and its
performance of the Credit Agreement as amended by this Amendment, have been duly authorized by all necessary corporate action and do not: (1) contravene the terms of Borrower’s Organizational Documents, (2) violate any law or
regulation, or any order or decree of any court or Governmental Authority; (3) conflict with or result in the breach or termination of, constitute a default under or accelerate or permit the acceleration of any performance required by, any
indenture, mortgage, deed of trust, lease, agreement or other instrument to which Borrower is a party or by which Borrower or any of its property is bound, (4) result in the creation or imposition of any Lien upon any of the property of
Borrower; or (5) require the consent or approval of any Governmental Authority or any other person. 
 (iii)
Borrower hereby represents and warrants that (1) no Default or Event of Default has occurred and is continuing and (2) all of the representations and warranties of Borrower contained in the Credit Agreement and in each other Loan Document
(other than representations and warranties which, in accordance with their express terms, are made only as of an earlier specified date) are true and correct in all material respects (without duplication of any materiality qualifier contained
therein) as of the date of execution and delivery hereof or thereof as though made on and as of such date. 
 (f)
Reaffirmation, Ratification and Acknowledgment; Reservation. Borrower hereby (1) ratifies and reaffirms all of its payment and performance obligations, contingent or otherwise, under each Loan Document, (2) agrees and acknowledges
that such ratification and reaffirmation is not a condition to the continued effectiveness of such Loan Documents, and (3) agrees that neither such ratification and reaffirmation, nor the Administrative Agent’s or any Lender’s
solicitation of such ratification and reaffirmation, constitutes a course of dealing giving rise to any obligation or condition requiring a similar or any other ratification or reaffirmation from the Borrower with respect to any subsequent
modifications to the Credit Agreement or the other Loan Documents. The Credit Agreement 
  

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is in all respects ratified and confirmed. Each of the Loan Documents, and in the case of the Pledge Agreement, the Liens created thereby, shall remain in full force and effect and is hereby
ratified and confirmed. This Amendment shall constitute a Loan Document for purposes of the Credit Agreement. 
 (g)
Governing Law. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.

 (h) Effect. Upon the effectiveness of this Amendment, each reference in the Credit Agreement to “this
Agreement,” “hereunder,” “hereof” or words of like import shall mean and be a reference to the Credit Agreement as amended hereby and each reference in the other Loan Documents to the Credit Agreement,
“thereunder,” “thereof,” or words of like import shall mean and be a reference to the Credit Agreement as amended hereby. Except as expressly provided in this Amendment, all of the terms, conditions and provisions of the Credit
Agreement and the other Loan Documents shall remain the same. The Borrower hereby represents and warrants to each Lender and the Administrative Agent that all authorizations, consents and approvals of the Borrower’s board of directors and
shareholders, and all other persons, necessary to permit the Borrower to execute and deliver this Amendment and to perform its obligations hereunder and under the Credit Agreement as amended hereby, and to permit the Lenders and the Administrative
Agent to enforce such obligations, have been obtained. 
 (i) No Novation or Waiver. Except as specifically set forth in
this Amendment, the execution, delivery and effectiveness of this Amendment shall not (1) limit, impair, constitute a waiver by, or otherwise affect any right, power or remedy of, the Administrative Agent or any Lender under the Credit
Agreement or any other Loan Document, (2) constitute a waiver of any provision in the Credit Agreement or in any of the other Loan Documents or of any Default or Event of Default that may have occurred and be continuing or (3) except as
expressly provided herein, alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or in any of the other Loan Documents, all of which are ratified and affirmed
in all respects and shall continue in full force and effect. 
 (j) Administrative Agent’s Expenses. Without
limiting the provisions of Section 9.03(a) of the Credit Agreement, the Borrower hereby agrees to promptly reimburse the Administrative Agent for all of the reasonable out-of-pocket expenses, including, without limitation, reasonable
attorneys’ fees, it has heretofore or hereafter incurred or incurs in connection with the preparation, negotiation and execution of this Amendment. 

(k) Effectiveness. This Amendment will become effective as of the date hereof when the Administrative Agent shall have received a
counterpart signature page to this Amendment signed by the Borrower and the Lenders. 
 [Signature Pages Follow] 

 

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 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the day and year
first above written. 
  

							
	EXPRESS TOPCO LLC
			
		 	By:	 	 /s/ Matt Moellering

		 		 	Name:	 	Matt Moellering
		 		 	Title:	 	

  

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	 KKR SCF LOAN ADMINISTRATION LLC,

as Administrative Agent

			
		 	By:	 	 /s/ Roshan Chagan

		 		 	Name:	 	Roshan Chagan
		 		 	Title:	 	Authorized Signatory

  

 5 

					
	KKR STRATEGIC CAPITAL HOLDINGS 1-B, LTD., as a Lender
		
	By:	 	 /s/ Roshan Chagan

		 	Name:	 	Roshan Chagan
		 	Title:	 	Authorized Signatory

  

 6 

					
	KKR STRATEGIC CAPITAL INSTITUTIONAL FUND, LTD., as a Lender
		
	By:	 	 /s/ Roshan Chagan

		 	Name:	 	Roshan Chagan
		 	Title:	 	Authorized Signatory

  

 7 

					
	KKR STRATEGIC CAPITAL FUND MRO TRUST, as a Lender
		
	By:	 	 /s/ Roshan Chagan

		 	Name:	 	Roshan Chagan
		 	Title:	 	Authorized Signatory

  

 8 

					
	KKR FINANCIAL HOLDINGS, LTD., as a Lender
		
	By:	 	 /s/ Roshan Chagan

		 	Name:	 	Roshan Chagan
		 	Title:	 	Authorized Signatory

  

 9 

					
	OREGON PUBLIC EMPLOYEES RETIREMENT FUND, as a Lender
		
	By:	 	 /s/ Roshan Chagan

		 	Name:	 	Roshan Chagan
		 	Title:	 	Authorized Signatory

  

 10 

					
	KKR STRATEGIC CAPITAL OVERSEAS FUND MRO LTD., as a Lender
		
	By:	 	 /s/ Roshan Chagan

		 	Name:	 	Roshan Chagan
		 	Title:	 	Authorized Signatory

  

 11 

							
	MERITAGE FUND, LTD., as a Lender
			
		 	By:	 	 /s/ Nat Simons

		 		 	Name:	 	Nat Simons
		 		 	Title:	 	Authorized Person

  

 12 

					
	GGC UNLEVERED CREDIT OPPORTUNITIES, LLC, a Delaware limited liability company, as a Lender
		
	By:	 	 /s/ David Dominik

		 	Name:	 	David Dominik
		 	Title:	 	Manager

  

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	 EXPRESS INVESTMENT CORP.,

a Delaware corporation, as a Lender

			
		 	By:	 	 /s/ Peter Morrow

		 		 	Name:	 	Peter Morrow
		 		 	Title:	 	

  

 14Letter Agreement

 Exhibit 10.26 

 

 

 April 26, 2010 

Mr. Michael F. Devine, III 
 Executive VP, CFO

 Coach, Inc. 
 516 W. 34th Street

 New York, NY 10001 
 Dear Michael:

 On behalf of Express Parent LLC (to be renamed Express, Inc.) (the “Company”), I am extremely pleased to invite you
to become a member of the Company’s Board of Directors (the “Board”). We believe that your skills, expertise and knowledge will prove very helpful to the Company and its stockholders. In addition to your normal Board duties, your
responsibilities will include that of Chairman of the Audit Committee and the Company’s Audit Committee Financial Expert. 

In connection with your service as a director, you will be eligible for equity grants under the Express, Inc. 2010 Incentive Compensation
Plan (the “2010 Plan”), which will become effective upon the completion of the Company’s initial public offering of common stock (the “IPO”). Your equity incentive compensation package under the 2010 Plan will be equivalent
to the equity incentive packages offered to the Company’s Vice Presidents. 
 In addition to equity compensation, you will
be entitled to receive cash compensation of (1) an Annual Retainer of $100,000 for your service as a director, (2) an Audit Committee Annual Retainer of $10,000 and (3) a Chairman of the Audit Committee Annual Retainer of $15,000. You
will be reimbursed for reasonable out-of-pocket expenses incurred by you in connection with your services to the Company in accordance with the Company’s established policies. In addition, you will be covered by the Company’s D&O
insurance and given an opportunity to execute the Company’s standard director indemnification agreement. 
 Our expectation
is that the Board will meet at least quarterly. The various committees of the Board will also meet on a schedule to be determined. It is our expectation that you will participate in those meetings in person to the extent possible. We also ask that
you make yourself available to participate in various telephonic meetings from time to time. 
 Please note that this offer is
contingent upon your qualification as an independent director under applicable NYSE rules and consummation of the IPO. 

 Mr. Michael F. Devine, III 

April 26, 2010 
 Page 2 

 
 Your services on the Board will be in accordance with, and subject
to, the Company’s Bylaws and the Certificate of Incorporation, as such may be amended from time to time. In accepting this offer, you are representing to us that (1) you do not know of any conflict that would restrict you from becoming a
director of the Company and (2) you will not provide the Company with any documents, records or other confidential information belonging to any other parties. 

To accept this offer, please sign below and return the fully executed letter to us. You should keep one copy of this letter for your own
records. This letter sets forth the terms of your service with the Company and supersedes any prior representations or agreements, whether written or oral. This letter may not be modified or amended except by a written agreement, signed by a duly
authorized representative of the Company and by you. 
 We are looking forward to having you join us at the Company. We believe
that your enthusiasm and past experience will be an asset to the Company and that you will have a positive impact on the organization. If you have any questions, please call me at (415) 983-2707. 

 

	
	 Sincerely,
  

Express Parent LLC (name to be changed to

Express, Inc.)

	
	/s/ Stefan L. Kaluzny
	 Stefan L. Kaluzny
 Chairman
of the Board

 Accepted and agreed to this 

28th day of April, 2010 
  

	
	
	/s/ Michael F. Devine, III
	Michael F. Devine, III

  

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