SEC Contract Filing

Filing Date: 2021-06-11

Document Content:
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<TYPE>EX-10.12
<SEQUENCE>14
<FILENAME>d189486dex1012.htm
<DESCRIPTION>EX-10.12
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.12 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EARNOUT AGREEMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This
EARNOUT AGREEMENT, effective as of June&nbsp;10, 2021 (as it may from time to time be amended, this &#147;<U>Agreement</U>&#148;), is entered into by and among SIGNA Sports United B.V., a Dutch private limited liability company, to be converted into
a public limited liability company and renamed SIGNA Sports United N.V. promptly following the Share Exchange as defined below (&#147;<U>TopCo</U>&#148;), SIGNA International Sports Holding GmbH, a German limited liability company (the
&#147;<U>Holder</U>&#148;) and Yucaipa Acquisition Corporation, a Cayman Islands exempted company (&#147;<U>Yucaipa</U>&#148;, together with TopCo and the Holder, the &#147;<U>Parties</U>&#148; and each a &#147;<U>Party</U>&#148;). Capitalized terms
used but not otherwise defined herein shall have the meanings ascribed to such terms in the Business Combination Agreement (as defined below). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, TopCo is party to that certain Business Combination Agreement, dated as of June 10, 2021, by and among Yucaipa, Olympics Merger Sub.,
a Cayman Islands exempted company, TopCo, SIGNA Sports United GmbH, a German limited liability company (the &#147;<U>Company</U>&#148;) and the Holder (as it may be amended, restated or otherwise modified from time to time, the &#147;<U>Business
Combination Agreement</U>&#148;); and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, in connection with the transactions contemplated by the Business Combination Agreement,
the Holder is being issued 51,000,000 new ordinary shares of TopCo (the &#147;<U>Earnout Shares</U>&#148;) on and subject to the terms of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the mutual promises and covenants set forth herein, the parties hereby agree as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;1. Authorization, Issuance; Terms of the Earnout Shares</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A. <U>Authorization of the Earnout Shares</U>. TopCo has duly authorized the issuance of the Earnout Shares to the Holder. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">B. <U>Issuance of the Earnout Shares</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) At the Closing, as part of the Exchange, TopCo shall issue to the Holder the Earnout Shares. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) The Earnout Shares shall be issued at par and the aggregate nominal value of the Earnout Shares shall be charged against TopCo&#146;s
reserves. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) Upon their issuance, the Earnout Shares will be subject to the restrictions set forth in Section&nbsp;1(D) and
Section&nbsp;1(E) until the earlier of (a)&nbsp;their vesting in accordance with Section&nbsp;1(C) at which time they will automatically become unrestricted shares, and (b)&nbsp;the completion of the transfer of Unvested Shares (as defined below) in
connection with their forfeiture in accordance with Section&nbsp;1(F). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">C. <U>Vesting of Earnout Shares</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) The Earnout Shares shall vest as follows: </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(a) 16.667% of the Earnout Shares shall vest upon the occurrence of the Share Price (as
defined below) being greater than $12.50 for a period of more than twenty (20)&nbsp;days out of thirty (30)&nbsp;consecutive trading days after the Closing Date but within five (5)&nbsp;years after the Closing Date (the &#147;<U>First Trigger
Event</U>&#148;); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(b) an additional 16.667% of the Earnout Shares shall vest upon the occurrence of the Share Price being greater than
$15.00 for a period of more than twenty (20)&nbsp;days out of thirty (30)&nbsp;consecutive trading days after the Closing Date but within five (5)&nbsp;years after the Closing Date (the &#147;<U>Second Trigger Event</U>&#148;); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(c) an additional 16.667% of the Earnout Shares shall vest upon the occurrence of the Share Price being greater than $17.50 for a period of
more than twenty (20)&nbsp;days out of thirty (30)&nbsp;consecutive trading days after the Closing Date but within five (