Document:

Master Sublease

 Exhibit 10.12 

MASTER SUBLEASE 

This MASTER SUBLEASE (this “Sublease”) dated as of July 6, 2007 by and between LIMITED BRANDS, INC., a Delaware
corporation (“Lessor”), and EXPRESS, LLC, a Delaware limited liability company (“Lessee”). 

RECITALS: 
 A.
Lessor is currently the tenant under leases (as amended, modified or supplemented from time to time, collectively, the “Prime Leases” and each a “Prime Lease”) for certain premises described on Exhibit A
attached hereto (collectively, the “Properties” and each a “Property”, as the context herein may require). 

B. Lessor is currently the guarantor under a guaranty agreement (collectively, the “Guarantees” and each a
“Guaranty”) with respect to the obligations arising under each Prime Lease. 
 C. Lessor desires to sublet to
Lessee, and Lessee desires to hire and sublease from Lessor, the Properties, on the terms and subject to the conditions contained in this Sublease. 

AGREEMENT: 

NOW, THEREFORE, for and in consideration of the mutual covenants hereinafter contained and for other good and valuable consideration, the
receipt and sufficiency of which are hereby mutually acknowledged, the parties hereto hereby agree as follows: 
 1.
Demise. 
 Pursuant to the terms and subject to the conditions of this Sublease, Lessor does hereby demise and sublease to
Lessee, and Lessee does hereby sublease from Lessor, the Properties. Lessee has inspected each of the Properties and is acquainted with its condition and agrees to take the same “as is”, except and to the extent of disclosures, agreements,
representations and warranties inconsistent therewith as set forth in the Unit Purchase Agreement (as defined below) or, subject to Section 2(b)(vii) below, the applicable Prime Lease. 

 2. Subordination; Incorporation of Prime Lease by Reference. 

(a) Lessee acknowledges that Lessor has provided and/or Lessee has received and reviewed a copy of each of the Prime Leases (together with
all amendments, modifications, supplements and material correspondence related thereto). This Sublease, with respect to each Property, is subject and subordinate in all respects to the Prime Lease with respect to such Property. Each of Lessor and
Lessee agrees that it shall not take any action or fail to take any action in connection with any Property which is a violation of or default under any of the provisions of the Prime Lease with respect to such Property. Lessee hereby assumes and
shall fully perform and discharge, with respect to each Property, all the obligations of Lessor as “Tenant” under the Prime Lease with respect to such Property during the Term (as defined below) and shall abide by and adhere to all
restrictions contained in, and all other terms, covenants and conditions of, each Prime Lease, and, except as otherwise provided herein, Lessee acknowledges that Lessor shall have no duty to take any action to comply with the obligations of Lessor
as “Tenant” under each Prime Lease arising during the Term. Lessor represents and warrants that the transactions contemplated by this Sublease and the Master Assignment and Assumption Agreement dated as of the date hereof between Lessor
and Lessee (the “Master Assignment”) are, with respect to each Property, (i) permitted under the terms of the respective Prime Lease for such Property without the consent of each respective “Landlord” under each Prime
Lease (each a “Prime Landlord”) or (ii) if such Prime Lease requires the Prime Landlord’s consent thereunder, such consent has been obtained (or, subject to Section 21(a) of this Sublease, will be obtained) by Lessor
at Lessor’s sole cost and expense, and Lessor agrees to indemnify, defend and hold harmless Lessee with respect to any Losses (as defined below) incurred by Lessee in connection with the assignment of each Prime Lease to Lessor under the Master
Assignment and the subsequent subletting of each Property to Lessee under this Sublease; provided, however, Lessor shall have no obligation and shall not be liable in any manner to Lessee with respect to any Losses that arise by reason
of the sale, directly or indirectly, of the stock of Lessee and/or the change of control of Lessee, except as otherwise provided in the Unit Purchase Agreement. Lessor’s foregoing indemnification, defense and hold harmless obligations shall
survive the expiration or termination of this Sublease. 
 (b) Except to the extent expressly set forth herein to the contrary,
all of the terms, provisions, covenants and conditions of the Prime Lease with respect to each Property are hereby incorporated by reference in and made part of this Sublease with respect to such Property with the same force and effect, and binding
upon and enforceable between Lessor and Lessee, as though set forth in full herein. For purposes of such incorporation, (i) the term “Owner”, “Landlord” or “Lessor” (or words of similar import) in any Prime Lease
shall refer to Lessor under this Sublease, its successors and assigns; (ii) the term “Tenant” or “Lessee” (or words of similar import) in any Prime Lease shall refer to Lessee under this Sublease, its successors and assigns;
(iii) the term “this 
  

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Lease” or “this Agreement” (or words of similar import) in each Prime Lease shall refer to this Sublease; (iv) the term “the term of this Lease” (or words of similar
import) in each Prime Lease shall refer to the Term of this Sublease with respect to the applicable Property; (v) the terms “Commencement Date”, “Expiration Date” and “Rent” (or words of similar import) in each
Prime Lease shall each refer to the respective definitions of such terms as are set forth in this Sublease; (vi) references to rules, regulations, requirements and similar terms promulgated or prescribed by Landlord shall refer to those of
Prime Landlord, not of Lessor; and (vii) notwithstanding anything herein to the contrary, Lessor assumes no responsibility for any representation, warranty, covenant or obligation made by Prime Landlord under any Prime Lease. The obligations of
Lessee hereunder which are to be performed during the Term with respect to each Property shall survive and extend beyond the termination of this Sublease with respect to such Property to the extent such survival is contemplated in this Sublease or
in the applicable Prime Lease. If there is any inconsistency or conflict between the provisions of the respective Prime Lease and this Sublease with respect to each Property, the provisions of this Sublease shall control. 

3. Term. 
 (a) The term
of this Sublease with respect to any Property (the “Term”) shall commence as of the date hereof (the “Commencement Date”) and shall expire on the day preceding (the “Expiration Date”) the day of
expiration of the current term of the Prime Lease with respect to such Property (the “Prime Lease Term”), unless sooner terminated as provided herein or in the Transaction Documents (as hereinafter defined). Lessee acknowledges
that, except as provided in the immediately following sentence, the Prime Lease Term with respect to any Property shall not include renewal or extension options (or, if the Prime Lease Term with respect to any Property is currently under a renewal
or extension option, any additional renewal or extension options) available under the Prime Lease with respect to such Property. Lessee agrees that Lessee shall have no right to exercise, or to cause Lessor to exercise, any renewal or extension
terms under the Prime Lease with respect to any Property (unless Lessor is completely and unconditionally released from any and all liability under any Prime Lease and any guaranty in respect thereof or Lessee provides to Lessor a letter of credit
in form and amount satisfactory to Lessor from a financial institution acceptable to Lessor securing Lessor from loss with respect to any such liability or guaranty obligation, in which event Lessee shall have the right to exercise, or cause Lessor
to exercise, any such renewal or extension terms). In addition, during the 18 month period immediately prior to the scheduled expiration of any Prime Lease, Lessor and Lessee agree to have monthly calls to discuss each party’s relative interest
in remaining in the pertinent Property, and each party shall in good faith consider the other party’s interests, but with no obligation to act or refrain from acting in connection with a new lease or an extension or renewal of any such Prime
Lease. 
  

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 (b) Except as otherwise expressly provided herein, and subject to Section 13 of this
Sublease, Lessor agrees to cooperate (at Lessee’s request) with Lessee, and Lessee, at Lessee’s sole cost and expense, shall have the right and power to control all courses of action, in connection with the exercise or the election not to
exercise any and all rights of the “Tenant” under a Prime Lease, including, without limitation, the right to terminate such Prime Lease (including, without limitation, any (i) “kick-out” or “co-tenancy” rights,
(ii) rights to terminate such Prime Lease in the event of a casualty or condemnation or (iii) rights to terminate such Prime Lease in the event of a default under such Prime Lease by the Prime Landlord thereunder (except for any
termination proceedings that result from a default by Lessee under this Sublease or under such Prime Lease), provided Lessee agrees to (x) deliver to Lessor a copy of any termination notice delivered pursuant to clauses (i) and
(ii) above to a Prime Landlord under the respective Prime Lease and (y) notify Lessor at least 10 Business Days prior to its intention to deliver a termination notice pursuant to clause (iii) above to a Prime Landlord under the
respective Prime Lease. Each party agrees to deliver copies to the other of all notices and material correspondence received or delivered by such party in connection with the matters described above. 

(c) Wherever in this Sublease Lessor agrees to cooperate with Lessee, at Lessee’s request, with respect to matters arising under a
Prime Lease, Lessor agrees that Lessor shall not charge Lessee any fees or other expenses, including administrative fees or otherwise, in connection with such cooperation; provided, however, Lessee agrees that all courses of action (as
described in subsection (b) above, or otherwise as provided in this Sublease) undertaken at Lessee’s direction shall be at Lessee’s sole cost and expense with respect to any amounts charged to Lessee by any Person other than Lessor
(or incurred or otherwise payable by Lessee to such other Person). 
 4. Rent. 

(a) Subject to subsection (c) below, commencing on and after the Commencement Date, Lessee shall pay Lessor all monetary obligations
of Lessor under each Prime Lease for its respective Property applicable to the Term (including, without limitation, base, fixed or minimum rent, percentage rent, additional rent, common area maintenance charges, real estate taxes and assessments,
insurance charges, waste removal charges, merchants association dues, marketing, advertising and other promotional fund contributions, utility charges, HVAC and chilled water charges) (collectively, the “Property Rent”). 

(b) Commencing on and after the Commencement Date, Lessee shall pay directly to Lessor, at Lessor’s office at the address designated
for notices to Lessor in Section 11(a) hereof, all other amounts payable by Lessee that arise as an independent obligation under this Sublease (the “Additional Rent”, together with the Property Rent, the
“Rent”). 
  

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 (c) Lessor and Lessee agree to cooperate, and to take all reasonably necessary or desirable
actions possible, to arrange for all payments by Lessee of the Property Rent with respect to each Property directly to Prime Landlord with respect to such Property, and, with respect to each Property, to otherwise establish a direct relationship
between Prime Landlord and Lessee with respect to all matters arising under the Prime Lease with respect to such Property and this Sublease with respect to such Property. All Property Rent with respect to any Property shall be paid in lawful money
of the United States to Prime Landlord with respect to such Property (or, if such Prime Landlord will not agree to such arrangement, then to Lessor at Lessor’s office at the address designated for notices to Lessor in Section 11(a) hereof
in immediately available funds at least two (2) Business Days prior to the date when such Property Rent is due and payable under such Prime Lease), or at such other place as either Prime Landlord or Lessor may designate, as the case may be, by
notice to Lessee. Lessor and Lessee agree that it is the intention of Lessor and Lessee to pass all of Lessor’s obligations (without premium or mark-up) for Property Rent incurred under the Prime Lease during the Term with respect to each
Property to Lessee, and Lessee agrees to pay or otherwise reimburse Lessor for all of Lessor’s obligations for Property Rent incurred with respect to each Prime Leases and each Property. If a Prime Landlord will not accept a direct payment from
Lessee of Property Rent under the respective Prime Lease, then, provided Lessee shall have delivered such Property Rent payment to Lessor within the time and in the manner specified in this subsection (c), Lessor shall deliver such payment of
Property Rent to such Prime Landlord on or prior to the date when such Property Rent is due and payable under such Prime Lease and in such manner as provided under the respective Prime Lease. 

(d) All obligations of Lessee and Lessor under this Section 4 shall survive the termination of the Prime Leases or this Sublease.

 5. Alterations. 

Lessee shall be permitted to make any alterations or additions to any Property which are permitted under the applicable provisions of the
pertinent Prime Lease. 
 6. Brokers. 

Each party represents and warrants to the other that it dealt with no broker (or other person who may claim a commission or similar
compensation) in connection with this Sublease, and each party shall defend, indemnify and hold the other harmless from any liability or loss, including, without limitation, reasonable attorneys’ fees and expenses, based upon an alleged breach
of said representation and warranty. 
  

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 7. Assignment, Subletting; Subordination. 

(a) Except as otherwise set forth herein, Lessee shall not assign this Sublease or allow it to be assigned, in whole or in part, by
operation of law or otherwise, or mortgage or pledge the same, or sublet any Property, without the prior written consent of Lessor, which shall not be unreasonably withheld, conditioned or delayed. Notwithstanding anything contained herein to the
contrary, any assignment or transfer which may occur by operation of law or otherwise as a consequence of a transfer of interests (whether as a matter of right or pursuant to consent) under the pertinent provisions of the “LLC Agreement”
(as defined in the Unit Purchase Agreement) shall be permitted without the consent of Lessor; provided that, if Lessor’s financial exposure is increased or otherwise adversely affected as a consequence thereof, then Lessee shall provide to
Lessor reasonable security as a consequence thereof. Notwithstanding the foregoing, but subject to the terms of the Prime Lease, Lessee may effect an assignment, transfer or sublet, without the consent of Lessor, to any one of its affiliates,
provided, however, that except as otherwise contemplated in the Transaction Documents, if at anytime after such permitted assignment, transfer or sublet the transferee is no longer an affiliate of Lessee, the event terminating such affiliation shall
be an assignment, transfer or sublet subject to the preceding sentence. For purposes of this Section 7(a), the term “Transaction Documents” means the Unit Purchase Agreement, together with all other agreements and documents
contemplated thereby executed and delivered by such parties and their respective affiliates with respect to the chain of stores known as “Express”. If Lessee shall at any time or times during the Term of this Sublease with respect to any
Property desire to assign or transfer this Sublease or sublet all or part of any Property, Lessee shall give notice thereof to Lessor, which notice shall be accompanied by all documents or information (if any) otherwise required under the applicable
Prime Lease. Subject to the provisions of Section 13 of this Sublease, and in the event that Lessor so consents to any such assignment, transfer or sublet, Lessor agrees to cooperate with Lessee (at Lessee’s sole cost and expense) in
connection with obtaining the applicable Prime Landlord’s consent, if required, under the applicable Prime Lease. 
 (b)
(i) Lessee acknowledges that any such assignment, transfer or subletting shall be, in each instance, conditional and subject to the requirements of the applicable Prime Lease (including, without limitation, the payment by Lessee of the applicable
Prime Landlord’s fees and expenses in connection with any assignment, transfer or subletting, if such payment is required under such Prime Lease) and to obtaining the written consent of the applicable Prime Landlord under the applicable Prime
Lease, if required thereunder. Each assignment, transfer or subletting pursuant to this Section 7 shall be subject to all of the covenants, agreements, terms, provisions and conditions contained in this Sublease. 

 

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 (ii) Notwithstanding any assignment, transfer or subletting contemplated under this
Section 7, or acceptance of rent or additional rent by Lessor from any subtenant or assignee, Lessee shall and will remain fully liable for the payment of the Rent due and to become due hereunder and for the performance of all the covenants,
agreements, terms, provisions and conditions contained in this Sublease on the part of Lessee to be performed during the Term hereof and all acts and omissions of any subtenant or assignee or anyone claiming under or through any subtenant or
assignee which shall be in violation of any of the obligations of this Sublease, and any such violation shall be deemed to be a violation by Lessee. Lessee further agrees that notwithstanding any such assignment, transfer or subletting, no other and
further assignment, transfer or subletting by Lessee or any person claiming through or under Lessee shall or will be made except upon compliance with and subject to the provisions of this Section 7. 

(c) With respect to each and every permitted sublease or subletting under the provisions of this Sublease, it is further agreed:

 (i) No subletting with respect to any Property shall be for a term ending later than one day prior to the
Expiration Date with respect to such Property, or the earlier termination of this Sublease with respect to such Property; and 

(ii) Each sublease shall expressly provide that it is subject and subordinate to this Sublease and to the matters to which
this Sublease is or shall be subordinate and that, in the event of termination, re-entry or dispossession by Lessor under this Sublease, Lessor may, at its option, take over all of the right, title and interest of Lessee, as sublessor, under such
sublease; provided, so long as such subtenant is not in default under the terms of such sublease or this Sublease (after any applicable notice or cure period), Lessor agrees that Lessor shall not disturb such subtenant’s use, occupancy
and enjoyment of such Property, and Lessor agrees to execute and deliver to such subtenant a non-disturbance agreement in a form reasonable acceptable to Lessor within 20 days of submission to Lessor of such non-disturbance agreement by such
subtenant; in addition, such subtenant shall, at Lessor’s option, attorn to Lessor pursuant to the then executory provisions of such sublease, except that Lessor shall not (x) be liable for any previous act or omission of Lessee
under such sublease, (y) be subject to any offset which theretofore accrued to such subtenant against Lessee, or (z) be bound by any previous modification of such sublease not consented to by Lessor (if such consent is required under
Section 13 of this Sublease) or by any advance payment of more than one month’s rent. 
 (d) The parties hereto hereby
acknowledge that, pursuant to the Prime Lease with respect to any Property, this Sublease is subject and subordinate 

 

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to such Prime Lease, and that in the event of termination, re-entry or dispossession by any Prime Landlord under the Prime Lease, such Prime Landlord may, at its option, take over all of the
right, title and interest of Lessor, as sublessor, under this Sublease with respect to the applicable Property, and Lessee shall, at such Prime Landlord’s option, attorn to such Prime Landlord pursuant to the then executory provisions of this
Sublease with respect to such Property, except that such Prime Landlord shall not (i) be liable for any previous act or omission of Lessor under this Sublease; (ii) be subject to any offset which theretofore accrued to Lessee against
Lessor; or (iii) be bound by any previous modification of this Sublease not previously approved by such Prime Landlord or by any advance payment of more than one month’s rent. In addition, the parties hereto hereby acknowledge that if
Lessor defaults in paying any Property Rent with respect to any Property, the applicable Prime Landlord is authorized to collect any Property Rent due or accruing from Lessee (or any other occupant of the applicable Property) and to apply the
amounts collected to such Property Rent, and that any Prime Landlord’s receipt or acceptance of any payments from Lessee (or any other occupant of the applicable Property) shall not be deemed or construed as releasing Lessor from Lessor’s
obligations under the applicable Prime Lease. 
 8. Services; Right to Cure Defaults; Remedies; Consents. 

(a) Notwithstanding anything to the contrary set forth in this Sublease, Lessor shall have no obligation (and the incorporation by
reference of each Prime Lease into this Sublease with respect to each respective Property shall not include any obligation) to render any work, labor, services (including elevator facilities, HVAC, water, cleaning or security services), repairs or
restorations to Lessee of any nature whatsoever or to expend any monies for the preservation, maintenance, restoration or repair of the Properties or any portion thereof, and Lessee shall look solely to the applicable Prime Landlord for the
furnishing of any services, maintenance, restoration or repairs with respect to any Property to which Lessee may be entitled. Lessor shall in no event be liable to Lessee nor shall the obligations of Lessee hereunder be impaired or the performance
thereof excused because of any failure or delay on the applicable Prime Landlord’s part in furnishing services with respect thereto (except and to the extent the same obligation of Lessor, as “Tenant” under such Prime Lease, would be
so impaired or excused). If any Prime Landlord shall default in any of its obligations to Lessor with respect to any Property, Lessee shall have the right to exercise in its own name and that of Lessor (as Lessor’s attorney-in-fact, coupled
with an interest) all the rights to enforce compliance on the part of such Prime Landlord as are available to Lessor with respect to such Property. Lessor hereby agrees to cooperate with (including, at Lessee’s request and at Lessee’s sole
expense, exercising reasonable commercial efforts to enforce any Prime Landlord’s obligations to Lessor under any Prime Lease) and execute, all at Lessee’s expense, all instruments reasonably required by Lessee to enforce such compliance,
and Lessee hereby agrees to indemnify, defend and hold Lessor 
  

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harmless of and from any and all damages, liabilities, obligations, costs, claims, losses, demands, expenses and injuries, including reasonable attorney’s fees and expenses, which may be
incurred by Lessor in connection with or as a result of such cooperation and execution, except and to the extent of Lessor’s gross negligence or willful misconduct. Any amount of recovery resulting from such enforcement obtained by either
Lessee or Lessor shall be the property of Lessee. 
 (b) If Lessee fails to perform any of its obligations under this Sublease
with respect to a Property and its applicable Prime Lease, Lessor may cure such default, after the giving of notice and the expiration of any applicable grace period (as the same may be extended), when such a period is specified in such Prime Lease,
and within a reasonable period where no grace period is specified in this Sublease or in such Prime Lease, and Lessee shall pay Lessor the cost of such cure, including reasonable attorneys’ fees and expenses, as Additional Rent, within five
(5) Business Days after receiving Lessor’s statement therefor. Lessor shall have the right (but shall not be obligated) to enter the Properties, at reasonable times (which shall be during normal business hours) and upon reasonable notice,
and following a default by Lessee at any time, to inspect the Properties or to cure any defaults by Lessee, provided Lessor shall conduct such entries in a manner which does not unreasonably interfere with the operation of Lessee’s business on
such Property. Except for any defaults by Lessee with respect to the payment of Rent, Lessor agrees not to cure any non-monetary defaults that arise under a Prime Lease unless the respective Prime Landlord has notified either Lessor or Lessee of
such non-monetary default under such Prime Lease and of such Prime Landlord’s election to exercise a remedy as a result thereof, it being the intention of the parties hereto that Lessor shall not exercise any rights under this Sublease with
respect to non-monetary defaults under a Prime Lease unless the respective Prime Landlord intends to exercise concomitant rights under such Prime Lease because of the same act or omission. 

9. Insurance. 

(a) Lessee shall maintain, at its sole cost and expense throughout the Term of this Sublease with respect to each Property, insurance in
the types and amounts, and subject to the conditions, as are required pursuant to the applicable Prime Lease, as incorporated herein by reference. All such policies shall name Lessor and the applicable Prime Landlord, and any other persons required
pursuant to the applicable Prime Lease, as additional insured parties and shall be endorsed to provide that they shall not be canceled without thirty (30) days’ prior written notice (or, with respect to each Property, such lesser time
period as is customary in the jurisdiction where such Property is located, provided such lesser time period shall not be less than the period set forth in the respective Prime Lease) to Lessor and the applicable Prime Landlord. Lessee shall
furnish certificates evidencing the required coverage to Lessor, together with such evidence as Lessor shall reasonably deem satisfactory of the payment of premiums thereon, promptly following the execution of this Sublease. 

 

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 (b) Lessor and Lessee each hereby waive any and all right that they may have to recover from
the other damages for any loss occurring to them by reason of any act or omission of the other, but only to the extent that the waiving party is actually compensated therefor by insurance; provided that this waiver shall be effective only with
respect to loss or damage occurring during such time as the waiving party’s coverage under the appropriate policy of insurance is not adversely affected by this waiver. If, in order to avoid such adverse effect, an endorsement must be added to
any insurance policy required hereunder, Lessor and Lessee shall cause such endorsement immediately to be added and thereafter maintained throughout the Term of this Sublease. 

10. Quiet Enjoyment. 

Subject to the terms and conditions of each Prime Lease, Lessor acknowledges and agrees that Lessee, upon Lessee paying the Rent and
observing and performing all the terms, covenants and conditions to be observed and performed by Lessee under this Sublease with respect to each Property and each Prime Lease with respect to such Property, is entitled to the quiet enjoyment of each
Property during the Term of this Sublease applicable thereto. 
 11. Notices. 

(a) All consents, approvals, requests, notices, copies or other communication (collectively “Notices”) required or
desired to be delivered under this Sublease shall be in writing, and transmitted by facsimile machine or inter-connected computer systems, with a copy to be delivered promptly thereafter by reputable overnight courier, addressed to the parties at
the addresses first above written. Notice shall be deemed given on the date of receipt by the addressee, if received on a Business Day, or the first Business Day following receipt, if received on a non-Business Day. Addresses for Notice are as
follows: 
  

			
	Lessee:	 	Express, LLC
		 	One Limited Parkway
		 	Columbus, Ohio 43230
		 	Attention: Corporate Real Estate Department
		 	Facsimile: (614) 415-4000
		
	copy to:	 	Kirkland & Ellis LLP
		 	555 California Street
		 	San Francisco, California 94104
		 	Attention: Mikaal Shoaib
		 	Facsimile: (415) 439-1680

  

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	Lessor:	 	Limited Brands, Inc.
		 	Three Limited Parkway
		 	Columbus, Ohio 43230
		 	Attention: Real Estate Department/Managing Real Estate Attorney
		 	Facsimile: (614) 415-7900
		
	copy to	 	Limited Brands, Inc.
		 	Three Limited Parkway
		 	Columbus, Ohio 43230
		 	Attention: Lease Administration Department
		 	Facsimile: (614) 415-6002

Lessor and Lessee each agree to promptly deliver to each other (i) copies of any and all notices delivered to a Prime Landlord by
such party or received by such party from such Prime Landlord and (ii) other material correspondence to or from a Prime Landlord and such party. 

(b) Either party may, by Notice pursuant to Section 11(a), change the address, person or officer, and include additional Notice
recipients, to which all Notices are to be sent thereafter. 
 (c) Solely for the purpose of this Sublease, wherever in the
Prime Lease with respect to any Property a time is specified for the giving of any notice or the making of any demand by Lessee thereunder, such time is hereby changed (for the purpose of this Sublease with respect to such Property only) by adding
three (3) Business Days thereto, and wherever in the Prime Lease with respect to such Property a time is specified for the giving of any notice or the making of any demand by Lessor thereunder, such time is hereby changed (for the purpose of
this Sublease with respect to such Property only) by subtracting three (3) Business Days therefrom. Wherever in the Prime Lease with respect to any Property a time is specified within which Lessee thereunder must give notice, perform or make a
demand following an event, or within which Lessee must perform or respond to any notice, request or demand previously given or made by Lessor thereunder, or to comply with any obligation on Lessee’s part thereunder, such time is hereby changed
(for the purpose of this Sublease with respect to such Property only) by subtracting three (3) Business Days therefrom. Wherever in the Prime Lease with respect to any Property a time is specified within which Lessor thereunder must give
notice, perform or make a demand following an event, or within which Lessor must respond to any notice, request or demand previously given or made by Lessee thereunder, or to comply with any obligation on Lessor’s part thereunder, such time is
hereby changed (for the purpose of this Sublease with respect to such Property only) by adding three (3) Business Days thereto. It is the purpose and intent of the foregoing provisions to provide Lessor with time within which to transmit to any
Prime Landlord any notices or demands received from Lessee, and to transmit to Lessee any notices or demands received from any 

 

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Prime Landlord. Notwithstanding anything to the contrary contained herein, the provisions of this Section 11(c) shall not apply to any Notices or demands made by Lessor or Lessee that arise
solely under this Sublease and do not require delivery to or from a Prime Landlord under the respective Prime Lease. 
 12.
Indemnity. 
 (a) Lessee shall defend, indemnify and hold harmless Lessor and its employees, officers, directors, partners
and agents against and from any and all losses, damages, claims, liabilities, demands, fines, suits, actions, proceedings, orders, decrees and judgments (collectively, “Losses”) of any kind or nature by, or in favor of, anyone
whomsoever, and against and from any and all costs, damages and expenses, including attorneys’ fees, resulting from, or in connection with (i) loss of life, bodily or personal injury or property damage arising, directly or indirectly, out
of, or from, or on account of any accident or other occurrence in, upon or from Lessee’s occupancy of the Properties during the Term hereof (including any holdover periods by Lessee); (ii) a breach by Lessee of this Sublease or any Prime
Lease (following the expiration of applicable notice and cure periods), except and to the extent any breach by Lessee of a Prime Lease results solely from Lessor’s breach of such Prime Lease; or (iii) the use and occupancy of the
Properties or any construction, repair, alterations or improvements therein or appurtenances thereto by or on behalf of Lessee or anyone holding by, through or under Lessee or its employees, agents or invitees, and except as otherwise provided in
subsection (b) below, except and only to the extent such Losses result from the gross negligence or willful misconduct of Lessor, its employees, agents, or invitees. Lessee agrees that Losses shall include any damages, costs and expenses
incurred or suffered by Lessor which are caused by Lessee’s holdover of any Property beyond the Term of this Sublease with respect to such Property. 

(b) Lessor shall defend, indemnify and hold harmless Lessee and its employees, officers, directors, partners and agents against and from
any and all Losses of any kind or nature by, or in favor of, anyone whomsoever, and against and from any and all costs, damages and expenses, including attorneys’ fees, resulting from, or in connection with (i) loss of life, bodily or
personal injury or property damage arising, directly or indirectly, out of, or from, or on account of any accident or other occurrence in, upon or from the Properties during the Term hereof; (ii) a breach by Lessor of this Sublease or any Prime
Lease (following the expiration of applicable notice and cure periods), except and to the extent any breach by Lessor of a Prime Lease results solely from Lessee’s breach of such Prime Lease or this Sublease; or (iii) the use and occupancy
of the Properties or any construction, repair, alterations or improvements therein or appurtenances thereto by or on behalf of Lessor, and, with respect to subsections (b)(i) and (b)(iii) (but not subsection (b)(ii)), only to the extent such Losses
result from the gross negligence or willful misconduct of Lessor, its employees, agents, or invitees. 
  

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 13. Amendments to Prime Lease/Sublease. 

(a) Neither Lessor nor Lessee shall amend, modify, supplement or otherwise alter in any manner the provisions of any Prime Lease, this
Sublease or any other agreement with respect to any Property without in each instance the prior written consent of the other, which consent shall not be unreasonably withheld. 

(b) Lessor shall have no obligation to provide any guarantee or other assurance for any lease or sublease entered into, modified or
amended by Lessee after the Commencement Date or for any renewal or extension of any Prime Lease beyond the original Prime Lease Term, without Lessor’s consent, beyond any Guaranty or assurance in existence as of the date hereof; provided,
Lessor shall reaffirm a Guaranty of its respective Prime Lease for the period until the expiration of the original Prime Lease Term, if expressly required by such Prime Landlord, in connection with an amendment or modification of such Prime Lease,
provided that, except as set forth in Section 3(a) hereof, such reaffirmation shall not extend or renew the Prime Lease Term, increase the obligations of Lessor thereunder or otherwise materially or adversely affect Lessor. 

14. Successors. 

Subject to Section 7 and Section 22, the covenants and agreements herein contained shall bind and inure to the benefit of Lessor
and Lessee and their respective permitted successors and assigns. 
 15. Captions. 

The captions or headings of paragraphs in this Sublease are inserted for convenience only, and shall not be considered in construing the
provisions hereof if any question of intent should arise. 
 16. Severability. 

If any provisions of this Sublease shall be held to be invalid or unenforceable, the validity and enforceability of the remaining
provisions of this Sublease shall not be affected thereby. 
 17. Governing Law. 

With respect to each Property, this Sublease shall be construed in accordance with, and governed by, the laws of the state in which such
Property is located. 
  

 13 

 18. Further Assurances/Reasonableness and Good Faith. 

Lessor and Lessee shall execute, acknowledge and deliver such instruments and take such other action as may be necessary to carry out
their rights and obligations under this Sublease, including the execution of any agreement or instrument required by any Prime Landlord under any Prime Lease. In addition to the provisions of Section 4(c) of this Sublease, Lessor and Lessee
agree to cooperate and to take all reasonably necessary or desirable actions in order to establish a direct relationship between the applicable Prime Landlord and Lessee with respect to all matters related to each Property. Whenever this Sublease
grants Lessor or Lessee the right to take action, exercise discretion or make other determinations regarding a Property or this Sublease, each party agrees to act reasonably, timely and in good faith unless a different standard is specified herein.

 19. Sublease Subject to Unit Purchase Agreement. 

This Sublease is being entered into in connection with the transactions contemplated by that certain Unit Purchase Agreement dated as of
May 15, 2007 among Lessor, LBI, Express Investment Corp., Limited Brands Store Operations, Inc. and Express Holding, LLC, as amended (the “Unit Purchase Agreement”). Lessor and Lessee agree that this Sublease shall be subject
to the terms of the Unit Purchase Agreement and, if there is any conflict or inconsistency between the terms of this Sublease and the terms of the Unit Purchase Agreement, the terms of the Unit Purchase Agreement shall control; provided,
however, Lessor and Lessee agree that this Section 19 shall not be applicable to the provisions of Section 22 of this Sublease. Defined terms used but not defined herein shall have the meanings ascribed to such terms in the Unit
Purchase Agreement. 
 20. Waiver of Lien. 

Lessor hereby waives and relinquishes any landlord’s lien, right of levy or distraint, claim, security interest or other interest
Lessor may now or hereafter have in or with respect to any of the Personal Property of Lessee. For purposes of this Sublease, Lessee’s “Personal Property” shall include all of Lessee’s personal property, including inventory and
equipment, but shall not include plumbing and electrical fixtures, heating, ventilation and air conditioning, wall and floor coverings, walls or ceilings and other fixtures not constituting trade fixtures. Lessor agrees to execute and deliver a
Landlord waiver and collateral access agreement to such effect in a form reasonably acceptable to Lessor. 
  

 14 

 21. Recission of this Sublease; Termination in Connection with Release of Guaranty.

 (a) Lessor and Lessee agree that, with respect to each Property and its respective Prime Lease, if the respective Prime
Landlord challenges the assignment of such Prime Lease pursuant to the Master Assignment and the subsequent subletting of such Property to Lessee pursuant to this Sublease, or otherwise makes any allegations that such transactions do not comply with
the provisions of the respective Prime Lease, then Lessor shall have the right (to be exercised or not exercised in Lessor’s sole discretion) to deem the Master Assignment and this Sublease rescinded and declared null and void as of the date
hereof with respect to such Property; provided, Lessor shall indemnify, defend and hold harmless Lessee from any Losses arising in connection with such rescission in accordance with Section 2(a) of this Sublease, and such obligation shall
survive the termination or expiration of this Sublease. 
 (b) Lessee agrees that Lessor shall have the right to negotiate with
any Prime Landlord in order to effect the release of any Guaranty, and Lessee shall endeavor to obtain any such release of a Guaranty to the same extent that the Company (as defined in the Unit Purchase Agreement) is so obligated under
Section 7.04 of the Unit Purchase Agreement. The Sublease shall terminate from time to time with respect to one or more Properties, if the Prime Landlord of the applicable Prime Lease shall have relieved Lessor of its obligations under
such Prime Lease and any Guaranty thereunder pursuant to a written agreement reasonably acceptable to Lessor, provided that, Lessor shall (with the consent of the applicable Prime Landlord, if required) (i) cause the reassignment of the
Prime Lease to Lessee and (ii) otherwise secure for Lessee the benefits, subject to the obligations, of the Prime Lease related thereto (other than rights or options to extend the term thereof in accordance with the provisions of
Section 3(a) hereof). 
 22. Restrictions on Assignment by Lessor. 

Lessor shall not assign or otherwise transfer this Sublease or the Master Assignment (or any interest therein) without in each instance
the prior written consent of Lessee, which consent may be granted or withheld in Lessee’s sole and absolute discretion; provided, however, Lessee shall not unreasonably withhold, condition or delay such consent for any assignment
or other transfer by Lessor to a wholly-owned (directly or indirectly) subsidiary of Lessor, provided (i) such transferee shall assume in full the punctual performance of all of Lessor’s obligations (and Lessor shall remain
directly, primarily, absolutely and unconditionally liable for and otherwise guarantee such transferee’s performance of such obligations as guarantor and surety) under this Sublease and the Master Assignment; (ii) the rights of Lessee
under this Sublease and the Master Assignment shall not be impaired or otherwise adversely affected by such assignment or other transfer by Lessor hereunder; (iii) Lessor shall, as a condition precedent to such assignment or transfer, execute
and deliver to Lessee a guaranty and suretyship agreement, in form and substance reasonably acceptable to Lessee, 
  

 15 

 
reaffirming Lessor’s obligations and undertakings set forth herein; and (iv) such assignment or other transfer is permitted under the Prime Lease or Prime Landlord’s consent has
been obtained. 
 23. WAIVER OF JURY TRIAL. 

EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED
TO THIS SUBLEASE OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 24. Counterparts. 

This Sublease may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures
thereto and hereto were upon the same instrument. 
 [The remainder of this page intentionally left blank.] 

 

 16 

 IN WITNESS WHEREOF, Lessor and Lessee have caused this Sublease to be executed and delivered
by their duly authorized officers as of the date first written above. 
  

					
	Lessor:	    	LIMITED BRANDS, INC.
			
		    	By:	 	 /s/ Timothy J. Faber

		    		 	Timothy J. Faber
		    	Its:	 	Vice President – Treasury, Mergers & Acquisitions
		
	Lessee:	    	EXPRESS, LLC
			
		    	By:	 	 /s/ Douglas L. Williams

		    		 	Douglas L. Williams
		    	Its:	 	Senior Vice President – Enterprise General Counsel

 Master Sublease  

EXHIBIT A - Subleased Properties 
  

																					
	 	  	Store #	  	 Center Name
	  	Center #	  	City	  	State	  	Lease #	  	Lease Type	  	Tenant Corp.	  	Lease
Status	  	Expiration
Date
	 1
	  		  	FIFTH AVE, NY-1373	  	1373	  	NEW YORK	  	NY	  	11876	  	OFC	  	EXP	  	LSE IN EFF	  	07/31/2014
	 2
	  	764	  	AVON MARKETPLACE-2032	  	2032	  	AVON	  	CT	  	5534	  	STR	  	EXP	  	LSE IN EFF	  	11/30/2009
	 3
	  	617	  	BASSETT PLACE-72	  	72	  	EL PASO	  	TX	  	737	  	STR	  	EXP	  	LSE IN EFF	  	01/31/2008
	 4
	  	880	  	BAY TERRACE-2045	  	2045	  	BAYSIDE	  	NY	  	5687	  	STR	  	EXP	  	LSE IN EFF	  	01/31/2010
	 5
	  	210	  	BONITA LAKES-2162	  	2162	  	MERIDIAN	  	MS	  	6721	  	STR	  	EXP	  	LSE IN EFF	  	01/31/2008
	 6
	  	632	  	BOYNTON BEACH-119	  	119	  	BOYNTON
BEACH	  	FL	  	138	  	STR	  	EXP	  	LSE IN EFF	  	04/30/2008
	 7
	  	456	  	BROADWAY (SOHO)-37411	  	37411	  	NEW YORK	  	NY	  	9154	  	STR	  	EXP	  	LSE IN EFF	  	01/31/2017
	 8
	  	193	  	BRUNSWICK SQ-138	  	138	  	E BRUNSWICK	  	NJ	  	5583	  	STR	  	EXP	  	MTM	  	01/31/2007
	 9
	  	892	  	CASTLETON SQ-166	  	166	  	INDIANAPOLIS	  	IN	  	3212	  	STR	  	EXP	  	MTM	  	01/31/2007
	 10
	  	374	  	CHARLESTON PLACE, SHOPS AT -183	  	183	  	CHARLESTON	  	SC	  	3973	  	STR	  	EXP	  	LSE IN EFF	  	08/31/2007
	 11
	  	562	  	COLUMBUS AVE, NY-1640	  	1640	  	NEW YORK	  	NY	  	2860	  	STR	  	EXP	  	LSE IN EFF	  	09/30/2007
	 12
	  	1540	  	CROSS COUNTY, NY-254	  	254	  	YONKERS	  	NY	  	6079	  	STR	  	EXP	  	LSE IN EFF	  	01/31/2008
	 13
	  	160	  	FLORIDA-357	  	357	  	ORLANDO	  	FL	  	1473	  	STR	  	EXP	  	LSE IN EFF	  	01/31/2012
	 14
	  	913	  	GREAT LAKES-419	  	419	  	MENTOR	  	OH	  	2697	  	STR	  	EXP	  	LSE IN EFF	  	01/31/2008
	 15
	  	522	  	HAMILTON-444	  	444	  	MAYS LANDING	  	NJ	  	1230	  	STR	  	EXP	  	MTM	  	01/31/2007
	 16
	  	530	  	HARLEM IRVING-456	  	456	  	NORRIDGE	  	IL	  	803	  	STR	  	EXP	  	LSE IN EFF	  	01/31/2010
	 17
	  	1778	  	HARLEM IRVING-456	  	456	  	NORRIDGE	  	IL	  	5478	  	STR	  	EXP	  	LSE IN EFF	  	01/31/2010
	 18
	  	232	  	HUNTINGTON-485	  	485	  	BARBOURSVILLE	  	WV	  	334	  	STR	  	EXP	  	LSE IN EFF	  	01/31/2008
	 19
	  	755	  	KING OF PRUSSIA PLAZA-516	  	516	  	KING OF
PRUSSIA	  	PA	  	5143	  	STR	  	EXP	  	LSE IN EFF	  	01/31/2009
	 20
	  	59	  	LENOX SQ-550	  	550	  	ATLANTA	  	GA	  	6405	  	STR	  	EXP	  	LSE IN EFF	  	01/31/2008
	 21
	  	400	  	LEXINGTON AVE, NY-552	  	552	  	NEW YORK	  	NY	  	3772	  	STR	  	EXP	  	LSE IN EFF	  	02/29/2008
	 22
	  	128	  	LOUISIANA, MALL OF-2021	  	2021	  	BATON ROUGE	  	LA	  	6648	  	STR	  	EXP	  	LSE IN EFF	  	01/31/2010
	 23
	  	1630	  	LOUISIANA, MALL OF-2021	  	2021	  	BATON ROUGE	  	LA	  	6635	  	STR	  	EXP	  	LSE IN EFF	  	01/31/2008
	 24
	  	770	  	MADISON AVE, NY-584	  	584	  	NEW YORK	  	NY	  	8114	  	STR	  	EXP	  	LSE IN EFF	  	02/28/2010
	 25
	  	678	  	MALL DEL NORTE-593	  	593	  	LAREDO	  	TX	  	5610	  	STR	  	EXP	  	LSE IN EFF	  	01/31/2010
	 26
	  	1474	  	MALL DEL NORTE-593	  	593	  	LAREDO	  	TX	  	5617	  	STR	  	EXP	  	MTM	  	01/31/2007
	 27
	  	480	  	N. MICHIGAN AVE, IL-1763	  	1763	  	CHICAGO	  	IL	  	3968	  	STR	  	EXP	  	LSE IN EFF	  	01/31/2011
	 28
	  	561	  	NORTHPARK, MO-1400	  	1400	  	JOPLIN	  	MO	  	2426	  	STR	  	EXP	  	LSE IN EFF	  	01/31/2010
	 29
	  	1298	  	NORTHPARK, MO-1400	  	1400	  	JOPLIN	  	MO	  	5288	  	STR	  	EXP	  	LSE IN EFF	  	01/31/2010
	 30
	  	938	  	NIORTHSHORE-731	  	731	  	PEABODY	  	MA	  	4966	  	STR	  	EXP	  	LSE IN EFF	  	01/31/2008
	 31
	  	98	  	PLAZA, NC-1864	  	1864	  	GREENVILLE	  	NC	  	5498	  	STR	  	EXP	  	MTM	  	01/31/2007
	 32
	  	129	  	QUAIL SPRINGS-846	  	846	  	OKLAHOMA
CITY	  	OK	  	3201	  	STR	  	EXP	  	MTM	  	01/31/2007
	 33
	  	1112	  	QUAIL SPRINGS-846	  	846	  	OKLAHOMA
CITY	  	OK	  	4785	  	STR	  	EXP	  	LSE IN EFF	  	09/28/2007
	 34
	  	921	  	RIVER CENTER-867	  	867	  	SAN ANTONIO	  	TX	  	4880	  	STR	  	EXP	  	LSE IN EFF	  	01/31/2008
	 35
	  	836	  	SOUTH BEACH COLLINS AVE, FL-2024	  	2024	  	MIAMI	  	FL	  	5601	  	STR	  	EXP	  	LSE IN EFF	  	06/30/2008
	 36
	  	969	  	STEINWAY ST-1003	  	1003	  	ASTORIA	  	NY	  	13157	  	STR	  	EXP	  	LSE IN EFF	  	01/31/2014
	 37
	  	878	  	STONERIDGE-1005	  	1005	  	PLEASANTON	  	CA	  	957	  	STR	  	EXP	  	LSE IN EFF	  	08/31/2009
	 38
	  	582	  	THAMES ST-2076	  	2076	  	NEWPORT	  	Rl	  	5940	  	STR	  	EXP	  	LSE IN EFF	  	08/31/2008
	 39
	  	1326	  	VISTA RIDGE-1721	  	1721	  	LEWISVILLE	  	TX	  	5959	  	STR	  	EXP	  	LSE IN EFF	  	01/31/2008
	 40
	  	517	  	WASHINGTON ST-1248	  	1248	  	BOSTON	  	MA	  	1736	  	STR	  	EXP	  	LSE IN EFF	  	06/30/2007
	 41
	  	885	  	WEST COVINA, THE PLAZA AT-1164	  	1164	  	WEST COVINA	  	CA	  	225	  	STR	  	EXP	  	LSE IN EFF	  	01/31/2009
	 42
	  	397	  	WESTGATE, SC-1487	  	1487	  	SPARTANBURG	  	SC	  	4040	  	STR	  	EXP	  	LSE IN EFF	  	01/31/2008
	 43
	  	90	  	WHEATON TOWN SQ-1866	  	1866	  	WHEATON	  	IL	  	4484	  	STR	  	EXP	  	LSE IN EFF	  	01/31/2008
	 44
	  	279	  	YORKTOWN-1233	  	1233	  	LOMBARD	  	IL	  	4285	  	STR	  	EXP	  	MTM	  	01/31/2007
	 45
	  	186	  	MACARTHUR-12408 *	  	12408	  	NORFOLK	  	VA	  	8089	  	STR	  	EXP	  	LSE IN EFF	  	11/30/2009
	 46
	  	207	  	CHERRY CREEK-188 *	  	188	  	DENVER	  	CO	  	4264	  	STR	  	EXP	  	LSE IN EFF	  	01/31/2010
	 47
	  	109	  	WESTFARMS-1177*	  	1177	  	FARMINGTON	  	CT	  	1843	  	STR	  	EXP	  	LSE IN EFF	  	01/31/2011
	 48
	  	813	  	INTERNATIONAL PLAZA-40620 *	  	40620	  	TAMPA	  	FL	  	10589	  	STR	  	EXP	  	LSE IN EFF	  	01/31/2012
	 49
	  	787	  	WELLINGTON GREEN, THE MALL AT-40622 *	  	40622	  	VILLAGE OF
WELLINGTON	  	FL	  	10590	  	STR	  	EXP	  	LSE IN EFF	  	01/31/2012
	 50
	  	416	  	WILLOWBEND, THE SHOPS AT-40640*	  	40640	  	PLANO	  	TX	  	11276	  	STR	  	EXP	  	LSE IN EFF	  	01/31/2012
	 51
	  	336	  	BEVERLY CENTER-105 *	  	105	  	LOS ANGELES	  	CA	  	2698	  	STR	  	EXP	  	LSE IN EFF	  	01/31/2013
	 52
	  	806	  	FAIRLANE TOWN-325 *	  	325	  	DEARBORN	  	Ml	  	154	  	STR	  	EXP	  	LSE IN EFF	  	01/31/2014

 Note: * Indicates Taubman leases with Limited
Brands, Inc. guaranty 
 Schedule updated as of 6/20/07Form of Restricted Stock Agreement

 Exhibit 10.13 

RESTRICTED STOCK AGREEMENT 

PURSUANT TO THE 

EXPRESS, INC. 2010 INCENTIVE COMPENSATION PLAN 

* * * * * 

Participant:
                                     

Grant Date:
                                     

Number of Shares of 
 Restricted Stock
granted:
                                        

 * * * * * 

THIS RESTRICTED STOCK AWARD AGREEMENT (this “Agreement”), dated as of the Grant Date specified above, is entered into by
and between Express, Inc., a Delaware corporation organized in the State of Delaware (the “Company”), and the Participant specified above, pursuant to the Express, Inc. 2010 Incentive Compensation Plan, as in effect and as amended
from time to time (the “Plan”), which is administered by the Committee; and 
 WHEREAS, it has been determined
under the Plan that it would be in the best interests of the Company to grant the shares of Restricted Stock provided herein to the Participant. 

NOW, THEREFORE, in consideration of the mutual covenants and promises hereinafter set forth and for other good and valuable
consideration, the parties hereto hereby mutually covenant and agree as follows: 
 1. Incorporation By Reference; Plan
Document Receipt. This Agreement is subject in all respects to the terms and provisions of the Plan (including, without limitation, any amendments thereto adopted at any time and from time to time unless such amendments are expressly
intended not to apply to the award provided hereunder), all of which terms and provisions are made a part of and incorporated in this Agreement as if they were each expressly set forth herein. Any capitalized term not defined in this Agreement shall
have the same meaning as is ascribed thereto in the Plan. The Participant hereby acknowledges receipt of a true copy of the Plan and that the Participant has read the Plan carefully and fully understands its content. In the event of any conflict
between the terms of this Agreement and the terms of the Plan, the terms of the Plan shall control. 
 2. Grant of
Restricted Stock Award. The Company hereby grants to the Participant, as of the Grant Date specified above, the number of shares of Restricted Stock specified above. Except as otherwise provided by the Plan, the Participant agrees and
understands that nothing contained in this Agreement provides, or is intended to provide, the Participant with any protection against potential future dilution of the Participant’s interest in the Company for any reason. Subject to
Section 5, the Participant shall not have the rights of a stockholder in respect of the shares underlying this Award until such shares are delivered to the Participant in accordance with Section 4. 

 3. Vesting. 

(a) The Restricted Stock subject to this grant shall become unrestricted and vested as to [Vesting Terms], provided the
Participant is then employed by the Company and/or one of its Subsidiaries or Affiliates. There shall be no proportionate or partial vesting in the periods prior to each vesting date and all vesting shall occur only on the appropriate vesting date,
subject to the Participant’s continued service with the Company or any of its Subsidiaries on each applicable vesting date. 

(b) [Certain Terminations. All unvested shares of Restricted Stock shall immediately become vested upon a
Termination due to (i) the Participant’s death or (ii) the Participant’s Disability]. 
 (c)
[Change in Control. All unvested shares of Restricted Stock shall immediately become vested upon a Change in Control; provided the Participant is continuously employed by the Company or its Subsidiaries through such date.]

 (d) Effect of Detrimental Activity. The provisions of Section 8.1 of the Plan regarding Detrimental Activity
shall apply to the Restricted Stock. 
 (e) Forfeiture. [Subject to Section (b),] all unvested shares of Restricted Stock
shall be immediately forfeited upon the Participant’s Termination for any reason. 
 4. Period of Restriction;
Delivery of Unrestricted Shares. During the Period of Restriction, the Restricted Stock shall bear a legend as described in Section 8.2(c) of the Plan. When shares of Restricted Stock awarded by this Agreement become vested, the
Participant shall be entitled to receive unrestricted shares and if the Participant's stock certificates contain legends restricting the transfer of such shares, the Participant shall be entitled to receive new stock certificates free of such
legends (except any legends requiring compliance with securities laws). 
 5. Dividends and Other Distributions;
Voting. Participants holding Restricted Stock shall be entitled to receive all dividends and other distributions paid with respect to such shares, provided that any such dividends or other distributions will be subject to the same vesting
requirements as the underlying Restricted Stock and shall be paid at the time the Restricted Stock becomes vested pursuant to Section 3. If any dividends or distributions are paid in shares, the shares shall be deposited with the Company and
shall be subject to the same restrictions on transferability and forfeitability as the Restricted Stock with respect to which they were paid. The Participant may exercise full voting rights with respect to the Restricted Stock granted hereunder.

 6. Non-transferability. The shares of Restricted Stock, and any rights and interests with respect thereto,
issued under this Agreement and the Plan shall not, prior to vesting, be sold, exchanged, transferred, assigned or otherwise disposed of in any way by the Participant (or any beneficiary(ies) of the Participant), other than by testamentary
disposition by the Participant or the laws of descent and distribution. Any attempt to sell, exchange, transfer, assign, pledge, 

 

 2 

 
encumber or otherwise dispose of or hypothecate in any way any of the Restricted Stock, or the levy of any execution, attachment or similar legal process upon the Restricted Stock, contrary to
the terms and provisions of this Agreement and/or the Plan shall be null and void and without legal force or effect. 
 7.
Governing Law. All questions concerning the construction, validity and interpretation of this Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without regard to the choice of law
principles thereof. 
 8. Withholding of Tax. The Company shall have the power and the right to deduct or
withhold, or require the Participant to remit to the Company, an amount sufficient to satisfy any federal, state, local and foreign taxes of any kind (including, but not limited to, the Participant’s FICA and SDI obligations) which the Company,
in its sole discretion, deems necessary to be withheld or remitted to comply with the Code and/or any other applicable law, rule or regulation with respect to the Restricted Stock and, if the Participant fails to do so, the Company may otherwise
refuse to issue or transfer any shares of Common Stock otherwise required to be issued pursuant to this Agreement. Any statutorily required withholding obligation with regard to the Participant may be satisfied by reducing the amount of cash or
shares of Common Stock otherwise deliverable to the Participant hereunder. 
 9. Section 83(b). If the
Participant properly elects (as required by Section 83(b) of the Code) within 30 days after the issuance of the Restricted Stock to include in gross income for federal income tax purposes in the year of issuance the fair market value of such
shares of Restricted Stock, the Participant shall pay to the Company or make arrangements satisfactory to the Company to pay to the Company upon such election, any federal, state or local taxes required to be withheld with respect to the Restricted
Stock. If the Participant shall fail to make such payment, the Company shall, to the extent permitted by law, have the right to deduct from any payment of any kind otherwise due to the Participant any federal, state or local taxes of any kind
required by law to be withheld with respect to the Restricted Stock, as well as the rights set forth in Section 8 hereof. The Participant acknowledges that it is the Participant’s sole responsibility, and not the Company’s, to file
timely and properly the election under Section 83(b) of the Code and any corresponding provisions of state tax laws if the Participant elects to utilize such election. 

10. Legend. All certificates representing the Restricted Stock shall have endorsed thereon the legend set forth in
Section 8.2(c) of the Plan. Notwithstanding the foregoing, in no event shall the Company be obligated to deliver to the Participant a certificate representing the Restricted Stock prior to the vesting dates set forth above. 

11. Securities Representations. The shares of Common Stock are being issued to the Participant and this Agreement is being
made by the Company in reliance upon the following express representations and warranties of the Participant. The Participant acknowledges, represents and warrants that: 

(a) The Participant has been advised that the Participant may be an “affiliate” within the meaning of Rule 144 under the
Securities Act of 1933, as amended (the “Act”), and in connection therewith the Company is relying in part on the Participant’s representations set forth in this Section 11. 

 

 3 

 (b) If the Participant is deemed an affiliate within the meaning of Rule 144 of the Act, the
shares of Common Stock must be held indefinitely unless an exemption from any applicable resale restriction is available or the Company files an additional registration statement (or a “re-offer prospectus”) with regard to the shares of
Common Stock and the Company is under no obligation to register the shares of Common Stock (or to file a “re-offer prospectus”). 

(c) If the Participant is deemed an affiliate within the meaning of Rule 144 of the Act, the Participant understands that the exemption
from registration under Rule 144 will not be available unless (i) a public trading market then exists for the Common Stock of the Company, (ii) adequate information concerning the Company is then available to the public, and
(iii) other terms and conditions of Rule 144 or any exemption therefrom are complied with; and that any sale of the shares of Common Stock may be made only in limited amounts in accordance with such terms and conditions. 

12. Entire Agreement; Amendment. This Agreement, together with the Plan, contains the entire agreement between the parties
hereto with respect to the subject matter contained herein, and supersedes all prior agreements or prior understandings, whether written or oral, between the parties relating to such subject matter. The Committee shall have the right, in its sole
discretion, to modify or amend this Agreement from time to time in accordance with and as provided in the Plan. This Agreement may also be modified or amended by a writing signed by both the Company and the Participant. The Company shall give
written notice to the Participant of any such modification or amendment of this Agreement as soon as practicable after the adoption thereof. 

13. Notices. Any notice hereunder by the Participant shall be given to the Company in writing and such notice shall be
deemed duly given only upon receipt thereof by the General Counsel of the Company. Any notice hereunder by the Company shall be given to the Participant in writing and such notice shall be deemed duly given only upon receipt thereof at such address
as the Participant may have on file with the Company. 
 14. Acceptance. As required by Section 8.2 of the
Plan, the Participant shall forfeit the Restricted Stock if the Participant does not execute this Agreement with a period of 60 days from the date the Participant receives this Agreement (or such other period as the Committee shall provide).

 15. No Right to Employment. Any questions as to whether and when there has been a Termination and the cause of
such Termination shall be determined in the sole discretion of the Committee. Nothing in this Agreement shall interfere with or limit in any way the right of the Company, its Subsidiaries or Affiliates to terminate the Participant’s employment
or service at any time, for any reason and with or without cause. 
 16. Transfer of Personal Data. The
Participant authorizes, agrees and unambiguously consents to the transmission by the Company (or any Subsidiary) of any personal data information related to the Restricted Stock awarded under this Agreement for legitimate business purposes
(including, without limitation, the administration of the Plan). This authorization and consent is freely given by the Participant. 
  

 4 

 17. Compliance with Laws. The issuance of the Restricted Stock or unrestricted
shares pursuant to this Agreement shall be subject to, and shall comply with, any applicable requirements of any foreign and U.S. federal and state securities laws, rules and regulations (including, without limitation, the provisions of the
Securities Act of 1933, as amended, the 1934 Act and in each case any respective rules and regulations promulgated thereunder) and any other law or regulation applicable thereto. The Company shall not be obligated to issue the Restricted Stock or
any of the shares pursuant to this Agreement if any such issuance would violate any such requirements. 
 18.
Section 409A. Notwithstanding anything herein or in the Plan to the contrary, the shares of Restricted Stock are intended to be exempt from the applicable requirements of Section 409A of the Code and shall be limited,
construed and interpreted in accordance with such intent. 
 19. Binding Agreement; Assignment. This Agreement
shall inure to the benefit of, be binding upon, and be enforceable by the Company and its successors and assigns. The Participant shall not assign (except as provided by Section 6 hereof) any part of this Agreement without the prior express
written consent of the Company. 
 20. Headings. The titles and headings of the various sections of this Agreement
have been inserted for convenience of reference only and shall not be deemed to be a part of this Agreement. 
 21.
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the same instrument. 

22. Further Assurances. Each party hereto shall do and perform (or shall cause to be done and performed) all such further
acts and shall execute and deliver all such other agreements, certificates, instruments and documents as either party hereto reasonably may request in order to carry out the intent and accomplish the purposes of this Agreement and the Plan and the
consummation of the transactions contemplated thereunder. 
 23. Severability. The invalidity or unenforceability
of any provisions of this Agreement in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Agreement in such jurisdiction or the validity, legality or enforceability of any provision of this Agreement
in any other jurisdiction, it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by law. 

24. Acquired Rights. The Participant acknowledges and agrees that: (a) the Company may terminate or amend the Plan at
any time; (b) the award of Restricted Stock made under this Agreement is completely independent of any other award or grant and is made at the sole discretion of the Company; (c) no past grants or awards (including, without limitation, the
Restricted Stock awarded hereunder) give the Participant any right to any grants or awards in the future whatsoever; and (d) any benefits granted under this Agreement are not part of the Participant’s ordinary salary, and shall not be
considered as part of such salary in the event of severance, redundancy or resignation. 
 * * * * * 

 

 5 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date
first written above. 
  
  

			
	EXPRESS, INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	PARTICIPANT
	
	  

	Name:	 	  

			
	Social Security Number:

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