MODG Topgolf Callaway Brands Corp

Mr. Michael Korbik, born on *, resident in Bornheim (Rheinland), Germany, with business address at Amelia-Mary-Earhart-Straße 8 in 60549 Frankfurt am Main, Germany, who identified himself by means of his photo identity papers, here not acting on his own behalf but as managing director who is entitled to act alone as this company’s legal representative and exempted from the restriction of sec. 181 German Civil Code (BGB) in the name and on behalf of Youco HH24-H454 Vorrats-GmbH (in future: Anca Holdco Management GmbH), with registered seat in Hamburg, Germany, registered with the Commercial Register of the Hamburg, Germany, Local Court under HRB 188810, with business address at Amelia-Mary-Earhart-Straße 8 in 60549 Frankfurt am Main, Germany.

Mr. Christopher Oliver Maier, born on * with business address at LATHAM & WATKINS LLP, Maximilianstrasse 13 in 80539 Munich, Germany, who identified himself by means of his photo identity papers, not acting on his own behalf but for Topgolf Callaway Brands Corp., with its business address at 2180 Rutherford Road, Carlsbad, CA 92008-7328, USA, registered with the division of corporations of the state of Delaware under file number 3040253, by virtue of a power of attorney (excluding all personal liability).

Mr. Heinrich Stirtz, born on *, with business address at Morgan, Lewis & Bockius LLP, Koniginstraße 9 in 80539 Munich, Germany, personally known to me, not acting on his own behalf but for ANTA Sports Products Limited, a company established under the laws of the Cayman Islands, with registered office at Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman, KY1-1111, Cayman Islands, registered at the register of the Cayman Islands under no. CT-181913, with the proviso of subsequent approval.

Topgolf Callaway Brands Corp, a corporation incorporated under the laws of Delaware, with business address at 2180 Rutherford Road, Carlsbad, CA 92008-7328, United States,

Anca Holdco GmbH & Co. KG (formerly Youco HH24-H491 Vorrats-GmbH & Co. KG)

List of Definitions

List of Annexes

1.

2.

3.

4.

5.

6.

7.

8.

9.

10.

11.

12.

13.

14.

15.

16.

17.

18.

19.

20.

21.

Annex B

Sold Shares

Annex C

Company Participations

Annex 1.3(a)

Parties’ Bank Account

Annex 1.4(b)

Accounting Principles

Annex 1.4(bb)

Group Company Guarantees

Annex 1.4(pp)

Material Adverse Effect

Annex 1.4(uu)

Permitted Liens

Annex 1.4(ggg)

Sample Closing Statement

Annex 1.4(rrr)

Transition Services Agreement

Annex 4.1

Conduct of Business in the Pre-Closing Period

Annex 4.4

Mirrored Shared Contracts

Annex 4.6

Intercompany Balances; Affiliate Transactions

Annex 4.8

Undercapitalization JW France

Annex 4.9

Invention Patent

Annex 6.1(a)

Merger Control and Foreign Investment Control Authorities

Annex 8.2(b)

Form of Bring Down Certificate

Annex 8.2(f)

Form of Closing Power of Attorney

Annex 8.3

Form of Closing Protocol

Annex 9.3(c)

Disclosure to Group Shares

Annex 9.3(d)

No Further Assets/Interests

Annex 9.4(a)

Articles of Association of the Company

Annex 9.4(c)

No Insolvency

Annex 9.5(a)

Financial Statements

Annex 9.5(b)

Disclosures to Preparation of Financial Statements

Annex 9.5(e)

Undisclosed Liabilities

Annex 9.6(a)

Material Agreements

Annex 9.6(c)

Disclosures to Material Agreements

Annex 9.6(d)

Disclosures to Material Customers and Suppliers

Annex 9.7

Seller Related Agreements

Annex 9.9(a)

Material Premise Lease Agreements

Annex 9.9(b)

Disclosure to Material Premise Lease Agreements

Annex 9.10

Environmental Compliance

Annex 9.11(a)

Disclosure re Intellectual Property

Annex 9.11(b)

Disclosure re Information Technology

Annex 9.13

Title to Assets

Annex 9.14

Legal Proceedings

Annex 9.15(b)

Compliance

Annex 9.16(a)

Employee List

Annex 9.16(c)

Collective Bargaining Agreements, Labor Union

Annex 9.16(d)

Employee Benefit Plans

Annex 9.17

Subsidies

Annex 9.18

Insurance Policies; Certain Insurance Matters

Annex 11.6(a)

W&I Insurance Policy

Annex 11.8

Seller’s Knowledge

Annex 12.1

Tax Disclosures

Annex 12.2

Tax Indemnification

Annex 14.4

Withdrawing Board Members

Annex 14.7(b)

Specified Third Party Consents

Company. Callaway Germany Holdco GmbH (the “Company”) is a limited liability company (Gesellschaft mit beschränkter Haftung – GmbH) organized under the laws of Federal Republic of Germany, with its registered seat in Frankfurt am Main, Germany and having its business address at Jack-Wolfskin-Kreisel 1, 65510 Idstein, Germany and registered with the commercial register (Handelsregister) of the local court (Amtsgericht) of Frankfurt am Main, Germany under registration number HRB 113311.

Sold Shares The entire registered share capital (Stammkapital) of the Company (on a fully-diluted basis) consists of 26,000 shares (in words: twenty six thousand) with consecutive numbers 1 through 26,000, having a nominal value of €1.00 each, as set out in Annex B (collectively and together with any other shares held by the Seller in the Company immediately prior to the Closing, the “Sold Shares”). The Seller is the sole shareholder of the Company.

Group and Participations. The Company holds, directly or indirectly, participations in the entities set out in Annex C.

Transaction. It is intended that the Seller sells and transfers to the Purchaser, and the Purchaser purchases and acquires from the Seller, all Sold Shares all subject to, and in accordance with, the terms of this Agreement (collectively, the “Transaction”).

CERTAIN GENERAL DEFINITIONS

Group Companies and other Participations; Group Shares

“Subsidiaries” shall mean any subsidiaries (abhängige Unternehmen) within the meaning of Section 17 AktG; and “Subsidiary” shall mean any of them; in relation to the Company, its Subsidiaries are set forth in Annex C.

“Group Companies” shall mean the Company and its Subsidiaries, “Group Company” shall mean any of them, and “Group” shall mean all Group Companies collectively.

“Group Shares” shall mean those shares or interests in the Subsidiaries of the Company which are held or controlled by Group Companies.

Transaction Dates

“Signing” shall mean the finalization of the notarization of this Agreement (and, as the context requires, the date and time thereof).

“Signing Date” shall mean the date and time of the completion of the Signing.

“Pre-Closing Period” shall mean the period between the Signing Date and the Closing Date.

“Adjustment Time” means 11:59 p.m. (Central European (Summer) Time) on the day immediately prior to the Closing Date.

“Agreed Closing Date” shall mean the sixth Business Day following the first day on which all Closing Conditions have been satisfied (or, if waivable, validly waived by the relevant Parties); provided that the Seller and the Purchaser (with legal effect for all Parties) may mutually agree in writing (including by email) on any other date to be the Agreed Closing Date.

“Closing” shall mean the closing of the purchase and sale of the Sold Shares upon the satisfaction, or waiver by the relevant Parties, as the case may be, of all Closing Actions.

“Closing Date” shall mean the date and time of the occurrence of the Closing.

Account Data and Payment Terms

Bank Accounts. Except as otherwise expressly provided in this Agreement, any payment owed by a Party pursuant to this Agreement (whether to be effected to another Party or to any other recipient as provided in this Agreement) shall be made, and shall have discharging effect only if made, into the bank account as designated for the respective Party in Annex 1.3(a) or into such other bank account as notified by the respective Party being the creditor of such payment obligation in accordance with the terms of this Agreement to the respective debtor Party. If the respective afore-referenced notification is not duly and timely rendered to, and received by, the respective debtor Party at the latest five (5) Business Days prior to the date on which such relevant payment falls due, then the respective debtor Party is entitled to effect payments in its own discretion to the relevant bank account as applying pursuant to the terms of this Agreement at the time of receipt of such notification. The from time to time relevant bank account of a relevant creditor Party shall in each case be defined as a “Relevant Bank Account”.

Seller’s Account. Where reference is made in this Agreement to the “Seller’s Account”, this shall solely be understood as a reference to the account designated as such ‘Seller’s Account’ in Annex 1.3(a) or to such other replacement bank account as, in this case jointly or uniformly, notified by the Seller to the Purchaser in analogous application of Section 1.3(a) (including in respect of the proviso contained therein) as new designated ‘Seller’s Account’.

Payment Terms. Each payment owed to a Party or to Parties under this Agreement shall be effected at the latest on the relevant due date for such payment pursuant to this Agreement, free and clear of costs and charges (other than any costs and charges levied by the financial institution providing the respective Relevant Bank Account), in immediately (on the same day) available funds and by irrevocable wire transfer with value on the relevant due date. Any accrued interest shall be due and payable together with the relevant principal amount to which it relates.

General Definitions

“ABL Credit Facility” means that certain Fifth Amended and Restated Loan and Security Agreement, dated as of March 16, 2023, among the Seller, the Subsidiaries of the Seller party thereto as borrowers, the Subsidiaries of the Seller from time to time party thereto as guarantors, the financial institutions from time to time party thereto as lenders, and Bank of America, N.A., as administrative agent and as security trustee, as amended, restated, amended and restated, supplemented or otherwise modified from time to time;

“Accounting Principles” means the accounting principles, practices, policies, judgments and methodologies set forth in Annex 1.4(b) to this Agreement;

“Action” means any claim, action, suit, audit, assessment, arbitration or other proceeding by or before any Administrative Authority (other than office actions and similar notices or proceedings in connection with the prosecution of applications for registration or issuance of IP Rights);

“Administrative Authority” shall mean any domestic, foreign, multinational, federal, state, provincial or local government or governmental entity or authority exercising executive, regulatory or administrative functions of, or pertaining to, government, legislature, commission, department, board, bureau, agency, ministry or instrumentality, court or tribunal, self-regulatory body, or any political or other subdivision, department, agency or branch of any of the foregoing;

“Affiliate” shall mean with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under common control with such Person. For purposes of this definition, “control” when used with respect to any Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities or other ownership interests, by contract or otherwise, and the terms “controlling” and “controlled” have correlative meanings. The term “Affiliate” shall in any event also comprise any affiliate (verbundenes Unternehmen) within the meaning of § 15 AktG;

“AktG” shall mean the German Stock Corporation Act (Aktiengesetz);

“AO” shall mean the German General Fiscal Code (Abgabenordnung);

“Balance Sheet Date” shall mean December 31, 2024.

“BGB” shall mean the German Civil Code (Bürgerliches Gesetzbuch);

“Business Day” shall mean any day, other than Saturday and Sunday, on which the bank offices of the commercial banks in Hong Kong, New York or Frankfurt am Main are open for their ordinary banking business other than online banking;

“Cash and Cash Equivalents” of the Group Companies as of any date means the cash and cash equivalents and bank deposits (excluding restricted cash, lease security deposits and lease restricted cash, in each case, except to the extent restricted in connection with the ABL Credit Facility) required to be reflected as cash and cash equivalents and bank deposits on a consolidated balance sheet of the Group Companies, as adjusted for any bank deposits in transit and outstanding checks, in each case, prepared in accordance with the Accounting Principles (and including credit and debit card receivables); provided that, for the avoidance of doubt, Cash and Cash Equivalents shall not include any amount included in the Net Working Capital;

“Closing Date Net Working Capital” means the Net Working Capital as of the Adjustment Time;

“Code” means the U.S. Internal Revenue Code of 1986, as amended.

“Collective Bargaining Agreement” means each collective bargaining agreement, labor contract or similar agreement entered into with a union, labor organization or works council governing the terms and conditions of employment of any Group Company Employee;

“Confidentiality Agreement” means, as amended and modified from time to time, that certain non-disclosure agreement, by and between Seller and ANTA Sports Products Limited, dated December 2, 2024;

“Continuing Employee” means each Group Company Employee who, as of immediately following the Closing, continues in employment with the Purchaser or any of its Affiliates (including, following the Closing, any Group Company);

“COTS License” means a “shrink-wrap,” “click-through” or “off-the-shelf” software or software-as-a-service license, open source software license, or any other license of uncustomized software that is available to the public generally, with one-time or annual license, maintenance, support and other fees of $150,000 or less;

“Due Diligence Materials” shall mean all information rendered or made available prior to Signing to the Purchaser and/or members of the Purchaser Group in the VDR;

“Due Diligence Review” shall mean the due diligence review relating to the Group conducted by or on behalf / for the benefit of members of the Purchaser Group in connection with the Transaction;

“Employee Plan” means each (a) “employee benefit plan,” as defined in Section 3(3) of ERISA, (b) each employment agreement, employment offer letter or consulting agreement, and (c) each contract, plan, practice, arrangement or policy providing for severance, equity compensation, profit-sharing, incentive or deferred compensation, vacation or other paid-time-off, health or welfare benefits, sick pay, pension or retirement benefits or other compensation or employee benefits, in each case, which covers any Group Company Employee and is sponsored, maintained or contributed to by Seller or any of its Subsidiaries (including the Group Companies), but excluding any plan that is required to be maintained by applicable Law or that is sponsored in whole or in part by any union or employee organization;

“Environmental Laws” means any applicable Law relating to pollution, protection of the environment or protection of the health and safety of individuals from exposures to Hazardous Substances in the environment;

“Environmental Permits” means any permit, approval, authorization, license, variance or permission required under applicable Environmental Laws;

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended;

“Fairly Disclosed” means if the relevant facts are sufficiently disclosed in such a way that the risk, circumstances and events underlying or relating to a Guarantee Breach could reasonably be identified by an advised purchaser;

“Financing Conditions” means, with respect to the Equity Financing, the conditions precedent to the Purchaser’s obligations under this Agreement set forth in Section 6.1.

“GmbHG” shall mean the German Limited Liability Companies Act (Gesetz betreffend die Gesellschaften mit beschränkter Haftung);

“Group Company Employees” means the employees of the Group Companies;

“Group Company Guarantees” means all guarantees, letters of credit, bonds, sureties and other credit support or assurances provided by any Group Company or a Seller Related Party in support of any obligation of the Group Companies, including those obligations listed in Annex 1.4(bb);

“Group Company IP Rights” means the IP Rights owned or purported to be owned by one or more of the Group Companies; provided, that, the Group Company IP Rights does not include any IP Rights related to the Retained Marks;

“Group Company Plan” means each Employee Plan that is sponsored or maintained by a Group Company or with respect to which a Group Company has or may have any Liability;

“Group Company Records” means all books, records, files, plans, studies, reports, manuals, handbooks, catalogs, brochures, ledgers, drawings and other similar materials (or portions thereof) both electric and paper versions, exclusively related to the Group Companies, including (a) lists of customers, suppliers or personnel of the Group Companies, (b) all product, business and marketing plans of the Group Companies, (c) operating and personnel records of the Group Companies, (d) entity level audited reports, unaudited entity level and consolidated level management accounts, trial balances, general ledgers, vouchers, and other financial records of the Group Companies and (e) Tax-related records and receipts (or portions thereof), in each case to the extent exclusively related to the Group Companies;

“Hazardous Substances” means any material, substance or waste that is listed, classified, regulated, characterized or otherwise defined as “hazardous,” “toxic,” “radioactive,” a “pollutant,” or “contaminant,” (or words of similar intent or meaning) under applicable Environmental Law, including petroleum, its derivatives, by-products and other hydrocarbons, urea formaldehyde, lead-based paint, PCBs, silica and asbestos;

“HGB” shall mean the German Commercial Code (Handelsgesetzbuch);

“HKLR” shall mean The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited;

“Indebtedness” means, without duplication (a) all Liabilities of the Group Companies for borrowed money, (b) all Liabilities of the Group Companies evidenced by notes, bonds (other than surety bonds), debentures or other similar instruments, (c) all reimbursement or repayment Liabilities of the Group Companies under (x) letters of credit (solely to the extent drawn) and surety bonds (solely to the extent claims have been made thereunder), (d) all Liabilities of the Group Companies under finance leases to the extent any such lease is accrued as indebtedness in accordance with the Accounting Principles, (e) all Liabilities of the Group Companies for guarantees of another Person (other than another Group Company) in respect of any items set forth in clauses (a) through (d) (other than guarantees that constitute Permitted Liens), (f) all accrued interest, fees and expenses (including prepayment premium obligations) resulting from any of the items set forth in clauses (a) through (e), (g) the following long-term provisions of the Group Companies: accruals for potential claims from suppliers of bankrupt franchise partners, and (h) the following medium-term debts of the Group Companies: income tax payable, capex payables, accrued severance payables, and the employer portion of any employment Taxes incurred by a Group Company in connection with such accrued severance payables (each items included in the foregoing clauses (a) through (h) as calculated in accordance with the Accounting Principles). For the avoidance of doubt, (1) any Liability of the Group Companies included in the calculation of Net Working Capital or Unpaid Transaction Expenses, (2) intercompany balances solely among the Group Companies, (3) any contingent reimbursement obligations for any undrawn letters of credit, bankers’ acceptances, surety bonds, performance bonds and similar obligations or instruments, (4) any Liabilities under a lease classified as an operating leases in the Financial Statements, (5) any fees and expenses to the extent incurred by or at the direction of the Purchaser or otherwise relating to the Purchaser’s or any of its Affiliates’ financing, including obtaining any consent, agreement or waiver relating thereto, for the transactions contemplated by this Agreement or any other Liabilities incurred or arranged by or on behalf of the Purchaser or any of its Affiliates in connection with the transactions contemplated by this Agreement or otherwise, (6) deferred Tax Liabilities associated with trade names and customer/distributor relationships, (7) Tax accruals in respect of [Fin 48] of the PRC Group Companies which is related to advanced pricing arrangement and Account Principles Board (APB) 23, which is related to hypothetical tax under US GAAP if the Group Companies repatriate money to US, and (8) foreign Tax withholdings, in each case, shall not be included in the calculation of Indebtedness for any purpose hereunder;

“InsO” shall mean the German Insolvency Code (Insolvenzordnung);

“IP Agreements” means all agreements, to which any Group Company is a party, beneficiary or obligor: (i) pursuant to which IP Rights are licensed by any Group Company to any Person, and (ii) pursuant to which IP Rights are licensed by any Person (other than a Group Company) to a Group Company;

“IP Rights” means all intellectual property rights in any and all jurisdictions throughout the world, including all: (a) Patents; (b) Trademarks; (c) trade secrets and other intellectual property rights in inventions (whether or not patentable and whether or not reduced to practice), confidential information, data, know-how, product designs, methods and processes, including customer information and marketing materials; (d) copyrights and mask works, whether or not registered, and registrations and applications for registration thereof and (e) Internet domain names;

“Law” shall mean any foreign, multinational, federal, state, provincial, local or domestic statute, law, ordinance, rule, regulation, order, injunction, judgment, decree or decision applicable to a Person;

“Leased Real Property” means the real property leased or subleased by any Group Company as tenant or subtenant;

“Liability” means any liability, cost, expense, debt, commitment or obligation of any kind, character or description, and whether known or unknown, choate or inchoate, liquidated or unliquidated, accrued, absolute, contingent or otherwise, and regardless of when asserted or by whom;

“Material Adverse Effect” shall have the meaning set forth on Annex 1.4(pp).

“Net Working Capital” means the Group Companies’ consolidated current assets calculated with only the line items set forth in the Sample Closing Statement and Annex 1.4(b) minus the Group Companies’ consolidated current liabilities calculated with only the line items set forth in the Sample Closing Statement and Annex 1.4(b) (in each case as calculated in accordance with the Accounting Principles). For the avoidance of doubt, any Liability of the Group Companies included in the calculation of Indebtedness or Unpaid Transaction Expenses, in either case, and any Cash and Cash Equivalents of the Group Companies shall not be included in the calculation of Net Working Capital for any purpose hereunder;

“Net Working Capital Adjustment Amount” which may be positive or negative, means the Closing Date Net Working Capital minus the Target Closing Net Working Capital;

“NYSE” means the New York Stock Exchange, Inc.

“Patents” means patents, utility models, and other statutory invention registrations and applications for any of the foregoing;

“Permitted Lien” shall mean any encumbrance, lien, security right or comparable right that (i) in case it relates to real estate or rights in real estate, is specified in the respective real estate register, or (ii) is imposed by applicable Law, or (iii) is imposed as a consequence of standardized terms and conditions (such as the AGB Banken, VOB/B, ADSp and the like), or (iv) is a security right in favor of Tax authorities or other Administrative Authorities, or (v), in case of a security for financial debt, is granted for financial debt reflected in the books and records of the relevant Group Company, or (vi) is a customary retention of title right or assignment (branchenübliche Eigentumsvorbehalte und Zessionen) granted in the ordinary course of business, or (vii) is in favor of suppliers, mechanics, workmen, carriers, landlords, and the like in the ordinary course of business, or (viii) arises in the ordinary course of business and was not incurred in connection with the borrowing of money, and which do not materially impact the current use of the affected property, or (ix) are disclosed in the Financial Statements (other than encumbrances securing the ABL Credit Facility) or set forth on Annex 1.4(uu), or (x) are released on or prior to the Closing or are required to be released upon consummation of the transactions contemplated hereof under the terms thereof, or (xi) are statutory or contractual encumbrances, liens, security rights or comparable rights of lessors or encumbrances, liens, security rights or comparable

“Person” shall mean any individual, firm, corporation, partnership, limited liability company, incorporated or unincorporated association, joint venture, joint stock company, Administrative Authority or other entity of any kind;

“Personal Information” means information that is considered “personally identifiable information,” “personal information,” “personal data,” or any similar term by any applicable Privacy Laws;

“PRC Group Company” shall mean JACK WOLFSKIN Trading (Shanghai) Co., Ltd. (for information狼爪贸易（上海）有限公司) a limited liability company incorporated in the PRC;

“Pre-Closing Tax Period” means any circumstance incurred prior to and any Tax period ending on or before the Closing Date and, with respect to a Straddle Tax Period, the portion of such Tax period ending on the Closing Date;

“Privacy Laws” means any applicable Law relating to the processing of Personal Information, data security, data breach notification, and the cross-border transfer of Personal Information, including, as applicable, the General Data Protection Regulation (Regulation (EU) 2016/679), the UK Data Protection Act 2018 (“UK DPA”) and the UK General Data Protection Regulation as defined by the UK DPA as amended by the Data Protection, Privacy and Electronic Communications (Amendments etc.) (EU Exit) Regulations 2019;

“Purchaser Claim” shall mean an individual claim that the Purchaser has against the Seller under or in connection with this Agreement, other than a claim of the Purchaser for specific performance (Erfüllung) of (i) the principal obligations (Hauptleistungspflichten) respecting the sale and transfer of Sold Shares under Section 2 of this Agreement and (ii) covenants of the Seller (i.e., the term Purchaser Claim does comprise, inter alia, claims pursuant to indemnification provisions and claims resulting from a Guarantee Breach or a breach of covenants or of other obligations as well as Tax Claims (defined below));

“Purchaser Group” shall mean (individually and collectively) the Purchaser and its Affiliates (including any of the Purchaser’s direct and indirect shareholders from time to time) and including the Group Companies as from the Closing;

“Relevant Tax Return” shall mean any Tax Return (i) relating to any period prior to and including the Closing Date or (ii) relating to any Taxes that could lead to any claims against the Seller with respect to Taxes and (iii) relating to any Tax Refund or Overprovision.

“Representative” means, with respect to any Person, such Person’s directors, officers, employees, counsel, accountants, consultants (including any investment banker or financial advisor), agents, lenders and other authorized representatives;

“Retained Companies” means the Seller and all of the direct and indirect Subsidiaries of the Seller, other than the Group Companies;

“Retained Marks” means the name “Topgolf Callaway Brands Corp.” and any other Trademarks owned or used by the Retained Companies, and any translations, localizations, adaptations, derivations and combinations thereof, and anything confusingly similar thereto, including any trade names, logos, Internet addresses and domain names, Trademarks and related registrations and applications, in each case, that consists of or contains such “Topgolf Callaway Brands Corp.” name or any other Trademarks used by the Retained Companies;

“Sample Closing Statement” means the sample calculation of (a) Net Working Capital, (b) Indebtedness, (c) Cash and Cash Equivalents and (d) Unpaid Transaction Expenses of the Group Companies as of December 31, 2024 attached hereto as Annex 1.4(ggg);

“Seller Related Party” as used in relation to the Seller shall mean (i) any Affiliate of the Seller from time to time (including without limitation the Retained Companies and excluding the Group Companies) and (ii), if used in relation to any natural person, also any spouse, sibling, descendant, and adopted child of that natural person of the Seller from time to time other than the Group Companies;

“Shared Contract” means any contract to which the Seller or any of its Subsidiaries (including the Group Companies) is a party with any non-Affiliated third party and which benefits both the Group Companies and any Retained Company;

“Straddle Tax Period” means a Tax period that begins on or before the Closing Date and ends after the Closing Date;

“Target Business” shall mean the business operations of the Group Companies as of the Signing Date;

“Target Closing Net Working Capital” means EUR 58,126,000 (in words: fifty-eight million one hundred twenty six thousand Euros);

“Tax” means (a) taxes (Steuern) and ancillary tax obligations (steuerliche Nebenleistungen) within the meaning of sec. 3 AO, (b) German social security charges and contributions (Sozialversicherungsabgaben), (c) any other public levies or charges in the nature of a tax, including any interest, penalty, accessory charge or addition thereto, (d) secondary tax liabilities and (e) any obligations or liabilities falling into the categories of (a) through (d) above and accruing under the Laws of any jurisdiction other than Germany, but – for the avoidance of doubt – not deferred taxes (latente Steuern), irrespective whether assessed, charged, levied or collected by any domestic or foreign governmental authority responsible for the assessment, administration or collection of Taxes or on the basis of contractual payment obligations between the Group Companies and/or Affiliates with respect to tax amounts otherwise imposed on the Group Companies, e.g. such as Tax allotment agreements (Steuerumlageverträge);

“Tax Authority” means any Administrative Authority or other public body authorized to impose, administer, or collect any Taxes or any Tax related obligations;

“Tax Return” means all Tax returns and Tax related filings that must be filed with or provided to any Tax Authority in connection with Taxes;

“Trademarks” means (a) trademarks, service marks, certification marks, logos, trade dress, trade names, product names, brand names, domain names and other indicia of origin (whether registered, common law, statutory or otherwise), together with all translations, localizations, adaptations, derivations and combinations thereof, (b) all registrations and applications to register the foregoing anywhere in the world and (c) all goodwill associated with all of the foregoing;

“Transaction Documents” means this Agreement, the Transition Services Agreement and any other agreements or instruments executed pursuant hereto;

“Transition Services Agreement” means that certain transition services agreement, containing substantially the key terms and provisions as summarized in Annex 1.4(rrr);

“UmwG”shall mean the German Transformation Act (Umwandlungsgesetz);

“Unpaid Transaction Expenses” means, solely to the extent incurred prior to the Closing and not paid prior to the Closing and without duplication, (a) all fees, expenses and costs payable by the Group Companies in connection with the transactions contemplated by this Agreement to financial advisors, accountants, legal advisors and other third party advisors including any Taxes thereon and (b) all transaction bonuses, retention payments or change in control payments that become due solely as a result of the transactions contemplated hereunder and are payable by any Group Company to any Group Company Employee as of the consummation of the Closing pursuant to arrangements established by the Group Companies prior to the Closing as well as the management incentives payable under the agreements disclosed in Annex 9.16(d)-(6) (but excluding any payments pursuant to arrangements which are subject to both a change in control and a subsequent termination of employment (“double trigger”) resulting in payments and/or benefits provided upon a termination of service at or following the consummation of the Closing), and the employer portion of any employment Taxes incurred by a Group Company in connection with the payment of any such amounts; provided, that, for the avoidance of doubt, Unpaid Transaction Expenses shall not include any amount included in Indebtedness or Net Working Capital;

“UStG” shall mean the German VAT Code (Umsatzsteuergesetz);

“VAT” shall mean value added tax;

“VDR” shall mean the virtual data room operated by Datasite in which certain documents and information were made available as from January 12, 2025 through the date of this Agreement to the Purchaser and/or members of the Purchaser Group and/or Persons reviewing the respective documents and information on their behalf in the course of the Due Diligence Review.

SALE OF THE SOLD SHARES.

Sale of the Sold Shares

Sales. Subject to the terms of this Agreement, the Seller hereby sells to the Purchaser the Sold Shares and the Purchaser hereby accepts each such individual sale.

Transfers. The Seller hereby assigns the Sold Shares to the Purchaser with in rem effect subject to the following conditions precedent (aufschiebende Bedingungen):

the Closing Condition pursuant to Section 6.1(a) has been satisfied or validly waived; and

the payment in full of the Estimated Purchase Price pursuant to Section 8.2(e).

Purchaser accepts such conditional assignment.

Consideration. The respective consideration to be paid by the Purchaser for the aforementioned individual sales and transfers is provided in Section 3.

Ancillary Rights

PURCHASE PRICE ET AL.

Total Purchase Price

an amount in cash of $290,000,000 US dollars (in words: two hundred ninety million US dollars);

the consolidated amount of Cash and Cash Equivalents of the Group Companies as determined in accordance with Section 3.2 on the basis of the Closing Statement;

the consolidated amount of Indebtedness of the Group Companies as determined in accordance with Section 3.2 on the basis of the Closing Statement;

the Net Working Capital Adjustment Amount;

the Unpaid Transaction Expenses;

Purchase Price Adjustment

No later than three (3) Business Days prior to (but not including) the Agreed Closing Date, the Seller shall provide to the Purchaser a draft written statement (which may be in PDF/e-mail form) (the “Pre-Closing Statement”) together with reasonable supporting details regarding the calculation setting forth (i) its good faith estimate of (A) the estimated Closing Date Net Working Capital and the resulting Net Working Capital Adjustment Amount, (B) the aggregate estimated amount of all Indebtedness of the Group Companies as of the Adjustment Time (C) the estimated Cash and Cash Equivalents of the Group Companies as of the Adjustment Time and (D) the Unpaid Transaction Expenses and (ii) its resulting calculation of the estimated Total Purchase Price (the “Estimated Purchase Price”), in each case prepared in accordance with the Accounting Principles and in a manner consistent with the Sample Closing Statement, for Purchaser’s review and comments. No later than two (2) Business Days prior to (but not including) the Agreed Closing Date, the Seller shall provide to the Purchaser an updated Pre-Closing Statement, provided, that if Seller fails to deliver an updated Pre-Closing Statement, then the draft Pre-Closing Statement delivered to Purchaser by Seller shall be the “Pre-Closing Statement” for all relevant purposes herein. Absent manifest errors, the Pre-Closing Statement shall not be subject to approval by the Purchaser.

As soon as reasonably practicable after the Closing Date, and in any event within sixty (60) days thereof, the Seller shall prepare and deliver to the Purchaser an updated Pre-Closing Statement as draft management statements comprising (i) an unaudited consolidated balance sheet of the Group Companies as of the Adjustment Time (the “Closing Management Balance Sheet”), and (ii) a written statement setting forth Seller’s good faith calculation, together with reasonable supporting detail of such calculation, of (A) the Closing Date Net Working Capital and the resulting Net Working Capital Adjustment Amount, (B) the aggregate amount of Indebtedness of the Group Companies set forth in the Closing Management Balance Sheet (C) Cash and Cash Equivalents of the Group Companies set forth in the Closing Management Balance Sheet (D) the Unpaid Transaction Expenses, and (E) the resulting Total Purchase Price, in each case, determined without giving effect to (x) the consummation of the transactions contemplated by this Agreement to occur at Closing (including any adjustments as a result of the application of purchase accounting), (y) any financing transactions in connection therewith or by the Purchaser or its Subsidiaries (including the Group Companies) after the Closing or (z) any action or omission by the Purchaser or any of its Subsidiaries (including the Group Companies) with respect to the Group Companies after the Closing as of the Adjustment Time (the “Closing Management Statement”). Except as otherwise provided herein, the Closing Management Balance Sheet and the Closing Management Statement shall be prepared in accordance with the Accounting Principles, in a manner consistent with the Sample Closing Statement and consistent with the same accounting policies, procedures, practices adopted in the preparation of the Financial Statements. If the Seller fails to provide the Closing Management Statement to the Purchaser, without prejudice to any other rights the Purchaser may have, the Purchaser may update the Pre-Closing Statement as draft management accounts as of the Adjustment Time and/or prepare the Closing Management Balance Sheet and Closing Management Statement on its own in

If the Seller disagrees with the calculation of the Total Purchase Price set forth in the Closing Statement (or any portion of the calculation thereof), it shall notify the Purchaser of such disagreement in writing, setting forth in reasonable detail the particulars of such disagreement, within 45 days after its receipt of the Closing Statement. In the event that the Seller does not provide such a notice of disagreement within such 45-day period, Seller shall be deemed to have accepted the Closing Statement and the calculation of the Total Purchase Price set forth therein, which shall be final, binding and conclusive for all purposes hereunder. In the event any such notice of disagreement is timely provided, the Purchaser and the Seller shall use commercially

Within five (5) Business Days of the Determination Date a purchase price adjustment payment shall become due and shall be made to the relevant creditor(s) as follows:

If and to the extent the Total Purchase Price, as finally determined pursuant to Section 3.2(c), exceeds the Estimated Purchase Price, the Purchaser shall pay to the Seller (or one or more Retained Companies designated by the Seller), any difference between the Total Purchase Price and the Estimated Purchase Price in cash in immediately available funds by wire transfer to the Seller’s Account or to an account or accounts designated by the Seller by written notice to the Purchaser; or

If and to the extent the Total Purchase Price, as finally determined pursuant to Section 3.2(c), falls short of the Estimated Purchase Price, the Seller shall pay to the Purchaser any such deficit between the Estimated Purchase Price and the Total Purchase Price in cash in immediately available funds by wire transfer to the bank account(s) to be designated by the Purchaser by written notice to the Seller.

No VAT-Option

The Parties have the joint understanding that no VAT shall become payable with respect to the signing and/or consummation of this Agreement or any parts thereof.

The Seller hereby irrevocably waives any potential rights to exercise an option pursuant to section 9 of the UStG or similar provisions under foreign Laws.

If and to the extent the sale of the Sold Shares is subject to VAT for other reasons than the exercise of an option by the Seller and no reverse charge applies, the Total Purchase Price shall be deemed exclusive of such VAT and the Purchaser shall pay this VAT in addition to the Total Purchase Price, provided that the Purchaser has received from the Seller respective invoices that are each compliant with all applicable Laws.

Withholding

Treatment of Payments

PRE-CLOSING COVENANTS

Conduct of Business in the Pre-Closing Period

sell, transfer, create any encumbrance on, or otherwise dispose of, or grant any right to acquire, the Sold Shares or any Group Shares or enter into any commitment with respect to any of the foregoing, in each case, other than Permitted Liens;

subscribe for new shares, or options for new shares, in any Group Company or any other Person;

change or amend the articles of association of a Group Company;

the increase or decrease of the issued share capital of a Group Company;

the granting of other participation rights in a Group Company or its business;

the repurchase (Erwerb eigener Anteile) or redemption (Einziehung) of shares in a Group Company;

the adoption, termination or amendment of any enterprise agreement (Unternehmensvertrag) within the meaning of §§ 291, 292 AktG with a Group Company;

the merger, spin-off, split-off, conversion or any other measure under the UmwG with respect to a Group Company other than pursuant to existing contracts as listed in Annex 4.1;

adopt a plan or agreement of complete or partial liquidation or dissolution of any Group Company;

enter into any transactions, in particular any agreements, with the Seller or any Seller Related Party, except (A) in the ordinary course of business in all material respects, consistent with past practice, or on arm’s length basis, (B) pursuant to or in connection with existing agreements as listed in Annex 4.1 (or agreements entered into after the date hereof in accordance with the terms hereunder), or (C) pursuant to or in connection with the ABL Credit Facility or any documentation entered into in connection therewith, or any amendments or modifications thereto;

divest any shareholding or material assets of a Group Company, except in the ordinary course of business consistent with past practice;

conclude, change or withdraw from any consortium or joint venture material to the business of any Group Company;

enter into any future commodities transactions for the 2026 period except in the ordinary course of business consistent with past practice within reasonable parameters;

create or otherwise incur any encumbrance on any asset of the Group Companies, other than Permitted Liens;

have any Group Company make any loans or capital contributions to, or investments in, any Person, in each case, other than (A) loans or capital contributions to, or investments in, any other Group Company and (B) in the ordinary course of business in all material respects, consistent with past practice in all material respects, or on arm’s length basis;

incur or guarantee any Indebtedness or Liabilities in excess of $100,000 (in words: one hundred thousand US dollars) other than (A) indebtedness incurred from any other Group Company or incurred in the ordinary course of business and on arm’s-length (or better) terms, (B) any Indebtedness or other Liabilities existing (or incurred pursuant to agreements existing) as of the date hereof, including (but not limited to) in connection with the ABL Credit Facility, (C) Permitted Liens, and (D) intercompany balances to be eliminated or otherwise settled at or prior to the Closing in accordance with Section 4.6;

make any change in any method of financial accounting or financial accounting practice of the Group Companies, except for any such change required by reason of a change in Accounting Principles or other applicable financial accounting standards;

settle any claim involving the Group Companies, other than in the ordinary course of business;

amend or otherwise modify or terminate (excluding any expiration in accordance with its terms) any Material Agreement, other than any amendment or modification entered into in the ordinary course of business consistent with past practice on arm’s-length basis or containing terms, taken as a whole, not materially less favorable to the Group Companies than the terms of such Material Agreement in effect as of the Signing Date (for the avoidance of doubt, this clause (s) shall not restrict any amendments, modifications or terminations of the ABL Credit Facility or any documentation entered into in connection therewith);

conclude, change or withdraw from any employment or service agreements other than required by applicable Law, the terms of any Employee Plan or the terms of any such employment or service agreement in effect as of the Signing Date or implemented thereafter in compliance with this Agreement, with any Group Company Employee with an annual base salary that exceeds $100,000 (other than terminations for cause or misconduct);

renew the term of any lease agreement of (A) a loss-making store lease; (B) a profit making store lease; or (C) any office or warehouse lease, or enter into any new lease agreement of any kind, in each case with the effect that the term thereof extends beyond 31 December 2025, or which cannot be canceled without penalty before 31 December 2025; in case of clause (B) however, other than any such agreement or contract for which Seller has consulted with and considered the feedback of Purchaser with respect to such renewal;

renew the term of, or enter into any new, material distribution agreement, material wholesale agreement (other than the China Distribution Agreements as defined below), or any senior management employment contract, in each case with the effect that the term thereof extends beyond 31 December 2025, or which cannot be canceled without penalty before 31 December 2025;

if not required by applicable Law, make or change any Tax election, change any annual Tax accounting period, enter into any closing agreement with a Tax Authority with respect to Taxes or settle any Tax claim, Tax audit or Tax proceeding, in each case, except in the ordinary course of business consistent with past practice and on arm’s-length basis;

except as required pursuant to applicable Law or the terms of any Employee Plan, as applicable, or as undertaken in the ordinary course of business, (A) increase the annual compensation payable to any Group Company Employee with an annual base salary that exceeds $100,000 by 15% or more, or (B) adopt or amend any Collective Bargaining Agreement or recognize any labor union or other labor organization as the bargaining representative for any Group Company Employee, in each case, other than as provided under the terms of a Collective Bargaining Agreement in effect on the Signing Date; or

enter into any commitment with respect to any of the foregoing.

Information and Cooperation during the Pre-Closing Period

Subject to confidentiality obligations and similar restrictions that may be applicable to information furnished to any Seller Related Party by third parties that may be in Seller Related Party’s possession from time to time, during the Pre-Closing Period, the Seller shall, and shall cause other Seller Related Parties to (in each case, only to the extent necessary to the Purchaser’s transition planning for the business of the Group Companies),

give the Purchaser and its Representatives reasonable access to the properties, books, contracts, Tax Returns and records of the Group Companies,

furnish to the Purchaser and its Representatives such financial and operating data and other information relating exclusively to the Group Companies as such Persons may reasonably request, and

cause the appropriate executive officers of the Seller Related Parties to cooperate with the Purchaser in its investigation of the Group Companies.

Any investigation pursuant to this Section 4.2 shall be conducted,

in accordance with applicable Laws,

during normal business hours,

in such manner as not to interfere with the normal conduct of the Group Companies or any of the Retained Companies,

subject to restrictions applicable to the Leased Real Property, if any, and

at the Purchaser’s sole cost and expense.

Notwithstanding the foregoing,

the Purchaser shall not have access to:

personnel records of the Group Company Employees relating to individual performance or evaluation records, medical histories or other information that in Seller’s opinion (in its sole discretion) is sensitive or the disclosure of which could subject Seller or any of its Subsidiaries to risk of Liability,

any real property owned or leased by Seller or its Subsidiaries for purposes of conducting any environmental sampling or testing, or

any information to the extent relating to any Tax Return or record of any of the Retained Companies, and

The Seller and its Subsidiaries may withhold:

any information relating to the sale process for the Group Companies and information and analysis (including financial analysis) relating thereto, and

any document or information, as and to the extent necessary to avoid violation or waiver, if the disclosure of such document or information could reasonably be expected to violate any contract or any applicable Law;

Release Documentation

Existing Bank Financing. Inter alia, (i) the Company as guarantor, (ii) SKYRAGER GmbH as guarantor, (iii) Jack Wolfskin Retail GmbH as guarantor, and (ii) Jack Wolfskin Ausrüstung für Draussen GmbH & Co. KGaA as borrower and guarantor are parties to the ABL Credit Facility.

Release Documentation. Prior to or on the Agreed Closing Date, the Seller shall deliver to the Purchaser customary release documentation, reasonably satisfactory to the Purchaser, evidencing that, subject to any statutory Law notarization, filing or (de-)registration requirements or waiting periods, Indebtedness of, and guarantees and

Shared Contracts

Notwithstanding anything to the contrary herein, Shared Contracts and any rights or obligations thereunder shall not be deemed to be assets of the Group Companies. The Parties shall use commercially reasonable efforts to cause the Shared Contracts set forth in Annex 4.4 (“Mirrored Shared Contracts”) to be replaced with separate contracts that provide that the Seller (with respect to the Retained Companies) and the Purchaser (with respect to the Group Companies) receive only such rights and obligations under a replacement contract as are substantially similar to those contract rights and obligations used by it (or, in the case of the Purchaser, used by the Seller with respect to the Group Companies) in the conduct of its business immediately prior to the Closing Date. The Parties agree to cooperate and provide each other with reasonable assistance in effecting such separation of such Mirrored Shared Contracts for a period of six months following the Closing Date.

The Purchaser shall be solely responsible for any additional Purchaser-related costs or fees arising from and under a replacement contract, in connection with the separation of a Mirrored Shared Contract, or in connection with any arrangement described in this Section 4.4. Until any such Mirrored Shared Contract is separated, to the extent permissible under Law and the terms of such Mirrored Shared Contract, each of the Parties shall (i) assume and perform the Liabilities and obligations under such Mirrored Shared Contract relating to its respective business or that of its Affiliates (and shall promptly reimburse the other Party for any reasonable expenses relating thereto incurred by the other Party or its Affiliates), (ii) hold in trust for the benefit of the other Party, and shall promptly forward to the other Party, any monies or other benefits received pursuant to such Mirrored Shared Contract relating to the business of the other Party or its Affiliates and (iii) endeavor to institute alternative arrangements intended to put the Parties in substantially the same economic position as if such Mirrored Shared Contract were separated as of the Closing Date; provided, however, that if the Parties are not able to effect the separation of any Mirrored Shared Contract within six months after the Closing Date, then Seller and its Affiliates shall have no further obligation to the Purchaser or its Affiliates with respect thereto and may freely terminate such Mirrored Shared Contract. The Purchaser shall be solely responsible for replacing any Mirrored Shared Contracts not separated or transitioned hereunder.

With respect to Liabilities pursuant to, under or relating to a given Mirrored Shared Contract (“Mirrored Shared Contractual Liabilities”), such Mirrored Shared Contractual Liabilities shall, unless otherwise allocated pursuant to this Agreement or other Transaction Document, be allocated between the Seller, on the one hand, and the Purchaser, on the other hand, as follows:

first, to the extent a Mirrored Shared Contractual Liability is incurred exclusively in respect of a benefit received by the Retained Companies or the Group Companies, such Liability shall constitute a Liability of the Seller or Liability of the Purchaser, respectively; and

second, to the extent a Mirrored Shared Contractual Liability cannot be so allocated under paragraph (i) above, such Liability shall be allocated to the Seller, on the one hand, and to the Purchaser, on the other hand, as the case may be, based on the relative proportion of total benefits received ((A) to the extent the Liabilities relate to a specific period, over such period and (B) otherwise over the term of the Mirrored Shared Contract, measured up to the date of the allocation) by the Retained Companies, on the one hand, or the Group Companies, on the other hand, under the relevant Mirrored Shared Contract.

If the Seller, on the one hand, or the Purchaser, on the other hand, receives any benefit or payment under any Mirrored Shared Contract which was intended for the other Party, the Parties will use their respective commercially reasonable efforts to deliver, transfer or otherwise afford such benefit or payment to the other Party.

Release of Group Company Guarantees

The Purchaser shall use its reasonable best efforts to obtain from the respective beneficiary, in form and substance reasonably satisfactory to the Seller, on or before the Closing Date, valid and binding written unconditional releases of the Seller Related Parties, as applicable, from any Liability, whether arising before, on or after the Closing Date, under any Group Company Guarantees, which shall be effective as of the Closing, including by furnishing letters of credit, instituting escrow arrangements, posting surety or performance bonds or making other arrangements as the counterparty may reasonably request.

If a Seller Related Party has not been fully and unconditionally released as of the Closing, then after the Closing Date: (i) the Purchaser and the Seller shall cooperate and use their respective reasonable best efforts to terminate, or, if the Parties are unable to so terminate, cause the Purchaser or one of its Affiliates to be substituted in all respects for any Seller Related Party in respect of, all obligations under such Group Company Guarantees, (ii) the Purchaser shall indemnify and hold harmless the relevant Seller Related Party and their respective stockholders or representatives for any damages arising from or relating to such Group Company Guarantees, including any claim or demand for payment made on any Seller Related Party under, and any fees in connection with the issuance and maintenance of, any letters of credit or surety or performance bonds (in each case, if applicable, in proportion to the amount relating to the Group Companies relative to any amount not relating to the Group Companies), (iii) the Purchaser shall not permit any of the Group Companies to (A) renew or extend the term of, (B) increase or otherwise modify (other than terminate or limit) any obligations under, (C) transfer to another third party or (D) amend in any manner, except as contemplated pursuant to clause (i) above or otherwise required by this Agreement, any loan, contract or other obligation for which any Seller Related Party is, or would reasonably be expected to be, liable under such Group Company Guarantee. To the extent that the Seller Related Parties have performance obligations

Notwithstanding anything to the contrary herein, the Parties acknowledge and agree that at any time on or after the Closing Date, (i) each Seller Related Party may, in its sole discretion, take any action to terminate, obtain release of or otherwise limit its Liability under any and all outstanding Group Company Guarantees and (ii) none of the Seller Related Parties will have any obligation to renew any letters of credit or surety or performance bonds issued on behalf of any Group Company after the expiration of any such letters of credit or surety or performance bonds.

Intercompany Balances; Affiliate Transactions.

Except as set forth in Annex 4.6-1 all intercompany balances (excluding any trade payables incurred in the ordinary course of business) between any of the Group Companies, on the one hand, and any Seller Related Party, on the other hand, shall be eliminated by discharge or otherwise in their entirety effective at or prior to the Closing.

Except for the Transaction Documents, contracts relating to the Retained Companies or the contracts set forth in Annex 4.6-2, on or prior to the Closing, Seller shall take all actions necessary to cause any and all contracts between any Seller Related Party, on the one hand, and any Group Company, on the other hand, to have been terminated without any continuing obligation of any Group Company.

Cooperation with Equity Financing

The Purchaser agrees to take, or cause to be taken, all actions and do, or cause to be done, all things necessary or advisable to arrange the Equity Financing as promptly as practicable following the Signing Date and to consummate the Equity Financing on the Closing Date. Such actions shall include, but not be limited to, the following:

maintaining in effect and not cancelling any commitments under the Equity Commitment Letter;

causing the full amount of the Equity Financing to be consummated upon satisfaction of the Financing Conditions contained in the Equity Commitment Letter;

upon the request of the Seller, the Purchaser will confirm (A) with its financing sources their intent and ability to perform, and the availability of the Financing, under the Equity Commitment Letter, subject only to satisfaction or waiver of the Financing Conditions, and (B) that neither it nor its financing sources are aware of any event or condition that could reasonably be expected to result in the failure of a Financing Condition; and

enforcing its rights under or with respect to the Equity Financing, including by seeking to cause the other parties thereto to fulfill their obligations under the Equity Commitment Letter (including by seeking damages or taking other enforcement actions, including seeking an order of specific performance).

Prior to the Closing, the Purchaser shall not, without the prior written consent of the Seller, agree to, or permit, any amendment, restatement, replacement, supplement, or other modification of, or waiver or consent under, the Equity Commitment Letter or other documentation relating to the Equity Financing that would,

reasonably be expected to adversely affect the Purchaser’s ability to consummate the transactions contemplated to occur under this Agreement on the Closing Date;

reduce the aggregate amount of the Equity Financing;

impose new or additional conditions or expand upon (or amend or modify in any manner) the conditions precedent to the Equity Financing as set forth in the Equity Commitment Letter; or

reasonably be expected to prevent, delay, impeded or impair the Closing.

Neither the Purchaser nor any of its Affiliates shall take any action that could reasonably be expected to materially delay or prevent the consummation of the Equity Financing.

Notwithstanding anything to the contrary, nothing in this Section 4.7 shall (i) require funding of any equity financing other than the Equity Financing, or (ii) the payment of fees in connection with the Equity Financing in excess of the amounts contemplated by the Equity Commitment Letter.

Undercapitalization JW France

Invention Patent

China Distribution Agreement

EMPLOYEE MATTERS

Employee Communications and Consultation

Prior to the Closing, the Purchaser shall provide the Seller with advance copies of, and a reasonable opportunity (but in no event less than five (5) Business Days) to comment on and approve (which approval shall not be unreasonably withheld), all communications (in whatever form) to any Group Company Employee to be distributed prior to the Closing regarding the transactions contemplated by this Agreement (whether relating to employee benefits, post-Closing terms of employment or otherwise). In addition, the Purchaser shall provide all information reasonably requested by the Seller, in order to permit the Seller to communicate the circumstances of the transactions contemplated by this Agreement to any Group Company’s works council.

Prior to Closing, the Seller shall carry out any communication and consultation process with employee representative bodies of the Group Companies including with any works council in each case as required by applicable law. The Purchaser shall provide all information to the Seller upon reasonable request, in order to permit such communication of the circumstances of the transactions contemplated by this Agreement to any Group Company’s works council. The Seller shall provide the Purchaser with advance copies of any written communication to employee representative bodies of the Group Companies to be distributed prior to the Closing and shall consider comments from the Purchaser to such written communications in good faith.

Cash Incentive Payments

Service Credit

Third-Party Rights

CLOSING CONDITION; CLEARANCES

Closing Conditions

the Transaction has been approved, or is deemed to have been approved, by all merger control authorities set out in Annex 6.1(a)-1, and all foreign investment control authorities set out in Annex 6.1(a)-2, or the prohibition to complete the Transaction has otherwise fallen away (the “Regulatory Closing Condition”);

no Material Adverse Effect shall have occurred since the Signing Date and be continuing; and

no Law enacted, entered, promulgated or issued after the Signing Date by any Administrative Authority of competent jurisdiction shall be in effect restraining, enjoining or prohibiting or making illegal the consummation of the transactions contemplated by this Agreement.

Filings and Clearances

ensure that all required Filings are made within five (5) Business Days after the Signing Date (unless applicable Law requires an earlier filing);

reasonably in advance of submitting any Filing or any subsequent material written or oral submission, agree with the Seller on the contents of such Filing and submission, and promptly provide to Seller copies of all final submitted Filings or subsequent material written submissions, it being understood that any confidential information and business secrets shall be made available on a counsel-to-counsel basis only;

provide Seller the opportunity, on reasonable advance notice, to participate in any substantive meetings or discussions, either in person or by videoconference or telephone, with any Administrative Authority in connection with the Transaction;

not without the prior written approval of the Seller agree with any competent Administrative Authorities on any suspension, or the extension of any suspension, of the statutory waiting periods;

take, or cause to be taken, all steps (including any remedies, conditions or undertakings) which are necessary for the fulfillment of any requirements of the competent Administrative Authorities, the receipt of the Clearances or the satisfaction of the Regulatory Closing Condition, in particular,

propose to the competent Administrative Authorities within the time limits required by applicable Law and the competent Administrative Authorities all commercially reasonable remedies with respect to the Group Companies necessary to alleviate potential concerns engendered by the Transaction and obtain the Clearances, and commit itself to accepting and implementing such remedies with respect to the Group Companies vis-à-vis the competent Administrative Authorities, to facilitate the completion of the Transaction as soon as possible; and

before proposing such remedies to the competent Administrative Authorities, reveal the remedies to be proposed to the Seller, allowing the Seller to assess the remedies’ impact on any potential concern the competent Administrative Authorities may have in regard to the Transaction and take into account Seller’s reasonable comments with respect thereto; and

not, and not allow its Affiliates to, acquire or agree to acquire equity or assets of, or other interests in, or merge or consolidate with (or agree to merge or consolidate with), any corporation, partnership, association or other Person, or any business unit, division, subsidiary, assets or other portion thereof, if such action could reasonably be expected to (i) increase the risk of any Administrative Authority seeking, entering, promulgating, enacting or enforcing a Law prohibiting the consummation of the Transaction, (ii) increase the risk of not being able to remove any such Law on appeal or otherwise, (iii) delay the receipt of the Clearances and the satisfaction of the Regulatory Closing Condition or (iv) otherwise prevent or delay the consummation of the Transaction.

TERMINATION

Termination Events

by mutual written consent of the Purchaser and the Seller; or

by the Seller by way of notice to the Purchaser:

if the Closing has not occurred, by December 31, 2025 (the “Longstop Date”);

if any Administrative Authority having competent jurisdiction has issued a final, non-appealable order, injunction, judgment or decision, or enacted, promulgated or enforced a Law, that is in force, in each case, permanently enjoining, prohibiting, preventing or making unlawful the Transaction; or

if all or some of the Closing Actions that have become due to be taken by the Purchaser have neither been taken by the Purchaser (in accordance with Section 8.2) nor waived by the Seller until the third (3^rd) Business Days after the day on which they became due to be taken, and the Seller is otherwise prepared to consummate the Closing;

by the Purchaser by way of notice to the Seller:

if the Closing has not occurred, by the Longstop Date;

if any Administrative Authority having competent jurisdiction has issued a final, non-appealable order, injunction, judgment or decision, or enacted, promulgated or enforced a Law, that is in force, in each case, permanently enjoining, prohibiting, preventing or making unlawful the Transaction; or

if all or some of the Closing Actions that have become due to be taken by the Seller have neither been taken by the Seller (in accordance with Section 8.2) nor waived by the Purchaser until the third (3^rd) Business Days after the day on which they became due to be taken, and the Purchaser is otherwise prepared to consummate the Closing;

Effect of Termination

no Party shall have any continuing obligations towards any other Party under this Agreement, other than obligations under Sections 16 (Confidentiality; Press Release; Virtual Data Room), 17 (Costs and Taxes), 18 (Notices), 19 (Miscellaneous Provisions) and 20 (Governing Law; Arbitration) (collectively, the “Surviving Provisions”), which shall survive such termination and remain in full force and effect together with any definitions contained in other provisions of this Agreement and referenced/used therein;

Closing Actions already performed at the time of the termination of the Agreement (if any) shall be reversed; and

no Party shall have any rights or claims against any other Party other than (i) claims under this Section 7, (ii) claims for any intentional and willful breaches of this Agreement which occurred prior to the termination, and (iii) claims, if any, under the Surviving Provisions, any such claims to survive the termination of this Agreement.

CLOSING MATTERS

Agreed Closing Date; Place and Time of Closing Actions

Closing Actions

Release Documentation. The Seller shall deliver to the Purchaser a copy of the final and, if applicable, executed Release Documentation.

Bring-Down Certificate. The Seller shall deliver to the Purchaser a copy of the executed W&I bring down certificate in the form as attached hereto as Annex 8.2(b) (the “Bring Down Certificate”).

Termination/Withdrawal of Board Mandates. The Seller shall deliver to the Purchaser copy of executed documentation, reasonably satisfactory to the Purchaser, evidencing that the Withdrawing Board Members set forth in Annex 14.4 have been validly removed or resigned from their office with effect as of the Closing.

Exoneration and Release. The Seller shall pass a shareholders’ resolution releasing and exonerating (entlasten) the managing directors, the Withdrawing Board Members and the other board members of the Company until the Closing Date.

Closing Payments. The Purchaser shall pay the Estimated Purchase Price in accordance with Section 1.3 to the Seller’s Account.

Closing Power of Attorney. The Seller shall deliver to the Purchaser a power of attorney substantially in the form as attached in Annex 8.2(f) granting the Purchaser the right to exercise the Seller’s rights as shareholder of the Company after the Closing with respect to the Sold Shares (the “Closing Power of Attorney”).

Closing Protocol

Filing of Shareholders’ List

SELLER’S WARRANTIES

Introductory Part

Except as disclosed in any provision of, or any annex to, this Agreement (in each case regardless of whether such provision or annex is expressly referenced in a particular paragraph of this Section 9 or not), and subject to the limitations and qualifications provided in this Agreement (and, in particular, in Section 11), the Seller hereby agrees to be liable pursuant to the provisions of this Agreement (notably Sections 10 and 11 in connection with this Section 9) to the Purchaser by way of an independent promise of guarantee irrespective of fault (selbständiges, verschuldensunabhängiges Garantieversprechen) in accordance with § 311 para. 1 BGB if and to the extent the statements provided in Section 9.2 through Section 9.19 (the “Statements”) are incorrect as of the Signing Date (or such reference date as specifically set forth therein, if any) (an individual set of circumstances (Lebenssachverhalt) rendering a Statement inaccurate, each a “Guarantee Breach”), provided, however, that any liability of the Seller shall be subject to the W&I Cap except for Exempted Claims, but then subject to the overall cap pursuant to Section 11.6(f) and any other limitations or restrictions set out in this Agreement. If, and to the extent that, the same set of circumstances contradicts more than one of the Statements, the Purchaser may only assert claims in respect of the more specific Statement and only subject to the provisions of this Agreement.

Any statement in the Bring Down Certificate shall not be construed, interpreted or a repetition of any of the Statements as of the date of the Bring Down Certificate or as of the Closing Date, but only be an information of any facts and circumstances that the Seller became aware after the Signing Date that would render any of the Statements incorrect if the Statements were made as of the date of the Bring Down Certificate.

The Statements shall neither constitute a quality agreement within the meaning of § 434 para. 2 sentence 1 BGB (Beschaffenheitsvereinbarung), nor shall they be construed as a guarantee within the meaning of § 443, § 444 BGB (Garantie für die Beschaffenheit der Sache); § 442 BGB (but without prejudice to Sections 11.4) § 377 HGB shall not apply.

The scope and content of each Statement shall be exclusively defined by the provisions of this Agreement and shall solely serve as a potential basis for liability as an integral and inseparable part, and subject to the limitations agreed in respect, of the liability concept provided in this Agreement (in particular in connection with Sections 10 and 11). The disclosure by the Seller of any item, information or other matter in respect of the Statements (i) shall not be deemed to constitute an acknowledgement by the Seller that such item, information or other matter is material, (ii) is not intended to broaden or constitute, and shall not be construed as broadening or constituting, the Statements except as and to the extent provided in this Agreement, and (iii) shall be deemed to have been disclosed in or with respect to such other Statements if its relevance to such other Statement or Statements is reasonably apparent.

Sold Shares; No Seller Insolvency; Authority; No Retained Business Assets

Existence. The Seller is a corporation duly incorporated and validly existing under the laws of Delaware and has the organizational power and authority to own, lease and operate its assets and properties and to conduct its business as it is now being conducted.

Sold Shares. The statements set forth in Recital B and Annex B are complete and correct. The Sold Shares validly exist, are fully paid up, have not been repaid and are not subject to any contribution obligation (Nachschusspflicht), and are free and clear of rights of third parties, except for Permitted Liens. The Seller is the legal and beneficial owner, and is entitled freely to dispose (subject only to applicable Law), of the Sold Shares. No option, pre-emptive right or other right of any third party to acquire the Sold Shares exists as a result of the Transaction or otherwise. No trust agreement, silent participation or sub-participation exists with respect to the Sold Shares.

No Seller Insolvency. No bankruptcy, insolvency or judicial composition proceedings have been commenced or, applied for under any applicable Law against the Seller, nor is the Seller compelled under any applicable Law to apply for the commencement of such proceedings as a result of it being over-indebted (überschuldet) or illiquid (zahlungsunfähig).

Authority. This Agreement has been duly and validly executed by the Seller and constitutes, and the other Transaction Documents to which the Seller will be a party when duly and validly executed and delivered by Seller will constitute, assuming due and valid authorization, execution by the other parties thereto, the legal, valid and binding obligation of the Seller, enforceable against the Seller in accordance with its terms and conditions, except to the extent that enforcement of the rights and remedies created hereby and thereby may be affected by bankruptcy, insolvency, fraudulent conveyance, reorganization or moratorium Laws, other similar Laws affecting creditors’ rights and general principles of equity affecting the availability of specific performance and other equitable remedies (collectively, the “Enforceability Exceptions”). The Seller has the requisite corporate power and authority to enter into this Agreement and the other Transactions Documents to which the Seller will be a party, and to perform its respective obligations hereunder and thereunder and to consummate the Transaction. The execution, delivery and performance of this Agreement have been, and in the case of any Transaction Documents to be delivered by the Seller at or prior to the Closing, will be, been duly and validly authorized by all requisite corporate action on the part of each such Seller. Assuming compliance with any applicable requirements under merger control Laws or any other regulatory requirements, the execution and performance of this Agreement by the Seller require no approval or consent by any Administrative Authority and do not violate any applicable Laws binding on the Seller, in each case, in any material respects.

Establishment and Corporate Power; Corporate Information; Group Shares

Establishment and Corporate Power. Each Group Company (i) has been duly formed or organized, and validly exists, under the Law of its respective jurisdiction of incorporation or organization, and (ii) has the organizational power to own, lease and operate its respective assets or properties and to carry on its respective business as presently conducted. Where applicable, the statutory provisions and case law requirements regarding economical re-establishment of companies (wirtschaftliche Neugründung) were at all times complied with by the Company.

Corporate Information.

The statements made in Recital A in respect of the Company are correct.

The corporate information in relation to the Subsidiaries provided in Annex C is correct.

Group Shares. Except as disclosed in Annex 9.3(c) (A) each respective Group Company identified in Annex C as a holder of Group Shares is the legal and beneficial owner, and is entitled to freely dispose (subject only to applicable Law), of such respective Group Shares, (B) the Group Shares validly exist, are fully paid up, have not been repaid and are not subject to any contribution obligation (Nachschusspflicht), and are free and clear of rights of third parties except for Permitted Liens and (C) no option, pre-emptive right or other right of any third party to acquire any Group Shares from any Group Company exists as a result of the Transaction or otherwise, and (D) no trust agreement or sub-participation exists with respect to any Group Shares.

No Further Assets/Interests. Except as disclosed in Annex 9.3(d), the Company is a mere holding company and does not, directly, own or hold any assets, liabilities, shares, equity interests, silent participations, sub-participations, profit-participating loans, or any other rights relating to profits in or with respect to any legal entity other than its interest in JW Stargazer Holding GmbH.

Articles of Association; No other Interests/Silent Partnerships; No Insolvency

Articles of Association. Annex 9.4(a) contains a complete and correct copy of the articles of association of the Company, as in effect on the Signing Date. No amendment to the articles of association of the Company has been resolved on or before the Signing Date that is as of the Signing Date still outstanding to become effective but not effective yet.

No other Interests, No silent Partnerships. No Group Company is a party to any silent partnership (stille Gesellschaft). No Group Company holds any shares, interests or equity in, or has entered into any agreement to hold any shares, interests or equity in, or to establish, any entity other than the Group Companies.

No Insolvency. Except as disclosed on Annex 9.4(c) no bankruptcy, insolvency or judicial composition proceedings have been commenced or, to the Seller’s Knowledge, applied for under any applicable Law against a Group Company, nor is a Group Company compelled under any applicable Law to apply for the commencement of such proceedings as a result of it being over-indebted (überschuldet) or illiquid (zahlungsunfähig).

Financial Statements

Attached as Annex 9.5(a) are true and complete copies of the unaudited consolidated statements of financial position and consolidated income (loss) statements of the Group Companies as of December 31, 2021, 2022, 2023 and 2024 (collectively, the “Financial Statements”).

Preparation of Financial Statements. Except as set forth in Annex 9.5(b), the Financial Statements (i) have been prepared from, and are in accordance with the books and records of the applicable Group Companies and the Accounting Principles in all material respects (except as may be indicated in the notes thereto) and (ii) fairly present in all material respects the consolidated financial position and consolidated results of operations and cash flows of the Group Companies as of the respective dates or for the respective time periods set forth therein. The Financial Statements have been a part of the consolidated financial statements of the Seller for Seller’s financial years 2021 to 2024 and as such have been reviewed by Deloitte. The Group Companies have been allocated certain charges and credits for purposes of the preparation of the Financial Statements. Such allocations of charges and credits do not necessarily reflect the amounts that would have resulted from arms-length transactions or the actual costs that would be incurred if the Group Companies operated as an independent enterprise during the periods presented in the Financial Statements.

Controls over Financial Reporting. The Seller maintains a system of internal controls over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) sufficient to provide reasonable assurances regarding the reliability of financial reporting related to the Group Companies. Seller (i) maintains disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act) to ensure that material information required to be disclosed by the Seller related to the Group Companies in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and is accumulated and communicated to management as appropriate to allow timely decisions regarding required disclosure and (ii) has disclosed to the Seller’s auditors (A) any significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting that are reasonably likely to adversely affect in any material respect the ability to record, process, summarize and report financial information related to the Group Companies and (B) any fraud, whether or not material, that involves management or other employees who have a significant role in the internal controls over financial reporting.

Absence of Changes. Except for actions taken in preparation for the transactions contemplated by this Agreement, from the Balance Sheet Date through the Signing Date, (i) there has not been any change, development, condition, occurrence, event or effect relating to the Group Companies that, individually or in the aggregate, resulted in, or would reasonably be expected to result in, a Material Adverse Effect and (ii) the Group Companies have conducted their business and operated their properties in the ordinary course of business in all material respects.

No Undisclosed Liabilities. As of Signing Date, there is no material Liability of the Group Companies that would be required to be set forth or reserved for on a balance sheet of the Group Companies prepared in accordance with Accounting Principles consistently applied and in accordance with past practice, except for liabilities, debts and obligations (i) reflected or reserved for on the relevant Financial Statements or disclosed in the notes thereto, (ii) that have arisen since the Balance Sheet Date in the ordinary course of business in all material respects, (iii) disclosed in Annex 9.5(e), (iv) incurred in connection with the transactions contemplated by this Agreement and the other Transaction Documents.

Material Agreements

Annex 9.6(a) lists every agreement that qualifies as agreement of any of the following types to which, as of the Signing Date, a Group Company is a party and of which the principal obligations (Hauptleistungspflichten) have not been fulfilled by all respective parties thereto (other than any Employee Plan) (such listed agreements satisfying the aforementioned criteria collectively, the “Material Agreements”):

agreement establishing a corporate joint venture, corporate partnership, strategic alliance or shareholders’ agreement that is material to the business of the Group Companies;

loan agreement with financial institutions or other agreement evidencing financial debt for borrowed money (other than (x) intercompany indebtedness solely among the Group Companies, (y) the ABL Credit Facility and any documentation entered into in connection therewith, and any amendments or modifications thereto whether existing as of the date hereof or entered into after the date hereof, or (z) relating to current account relationships – Kontokorrentbeziehungen or credit cards), in each case under which a Group Company owes an amount exceeding $100,000 (in words: one hundred thousand US dollars) in the individual case;

guarantee (Garantie), suretyship (Bürgschaft) or similar enforceable contractual obligation issued by any Group Company for any debt of any Person other than a Group Company in excess of $100,000 (in words: one hundred thousand US dollars) (other than the ABL Credit Facility and any documentation entered into in connection therewith, and any amendments or modifications thereto whether existing as of the date hereof or entered into after the date hereof in accordance with the terms hereunder, in each case to the extent released on or prior to the Closing Date or with respect to which Release Documentation is delivered on or prior to the Closing Date in accordance with Section 4.3(b));

any enterprise agreement (Unternehmensvertrag) within the meaning of §§ 291, 292 AktG;

any lease of personal property requiring (A) annual payments of $600,000 (in words: six hundred thousand US dollars) or more and (B) that cannot be terminated on not more than 120 days’ notice without payment by any Group Company of any penalty;

any exclusive distribution, exclusive supplier, exclusive sale agency, or exclusive license agreement, or other agreement that expressly limits the freedom of any Group Company to compete in any line of business or with any Person or in any area in any material respect, except as would not reasonably be expected to be material to the Group Companies when taken as a whole;

any material agreements with any Administrative Authority to which a Group Company is a party;

all consultancy agreements providing for a fixed or minimum annual remuneration in excess of $75,000 (in words: seventy-five thousand US dollars) in the calendar year 2024;

framework or master agreement with the top 10 (ten) major suppliers or vendors (the “Material Suppliers”) and the top 10 (ten) major customers (the “Material Customers”) of the Group Companies taken as a whole (based on aggregate sales value in 2024); and

any agreements not concerning production or supply and not made in the ordinary course of business, the absence of which, if not reasonably replaceable, would have, or are reasonably likely to have, a Material Adverse Effect to the business of the Group Companies as it is conducted on the Signing Date.

The Seller has delivered to the Purchaser or disclosed in the VDR copies of all written Material Agreements, including all material amendments thereto. Unless terminated during the Pre-Closing Period, each Material Agreement is valid and in full force and effect, represents the legal, valid and binding obligations of the Group Companies party thereto and is enforceable by the applicable Group Company in accordance with its terms.

Except as disclosed in Annex 9.6(c), (i) no Group Company or, to the Seller’s Knowledge, any other party thereto is in material breach of or material default under any such Material Agreement, (ii) no Group Company has received any written claim or notice of material breach of or material default under any such Material Agreement, or allegation that a Material Agreement is void or invalid; and (iii) and to the Seller’s Knowledge, no event has occurred which, individually or together with other events, would reasonably be expected to result in a material breach of or a material default under any such Material Agreement (in each case, with or without notice or lapse of time or both).

Except as disclosed in Annex 9.6(d), none of the Material Customers or Material Suppliers has (i) cancelled, substantially amended, terminated, or indicated an intent or threatened in writing to, cancel, substantially and adversely amend or terminate its relationship with the respective Group Company or (ii) has announced to materially decrease the volume of business it conducts with the Group.

Agreements with the Seller and with Seller Related Parties

Owned Real Property

Leased Real Property

Annex 9.9(a) contains a list of every Leased Real Property, that is rented by a Group Company under a lease agreement with a party other than another Group Company (i) requiring annual base rent payments exceeding for the calendar year 2024 an amount of $300,000 (in words: three hundred thousand US dollars) in the individual case, (ii) that will not expire (and cannot be terminated without payment by any Group Company) on or before 31 December 2028; or (iii) containing any non-compete or similar obligations binding on any Group Company other than customary non-competes, exclusives or similar obligations that apply to the relevant leased location or area surrounding such leased location, and in the case of each of clauses (ii) and (iii), except as would not be material to the Group Companies when taken as a whole (collectively such agreements, the “Material Premise Lease Agreements”).

Seller has made available to Purchaser a copy of each Material Premise Lease Agreement. To Seller’s Knowledge, except as set forth in Annex 9.9(b), as of the date hereof, (i) each Material Premise Lease Agreement is valid and in full force and effect and (ii) no Group Company that is the tenant under any Material Premise Lease Agreement has received a written notice from the relevant landlord that it is in default of its material obligations under such Material Premise Lease Agreement beyond any applicable notice and cure period.

Except for (i) Permitted Liens, (ii) as contemplated by the Transition Services Agreement, (iii) set out in the relevant lease agreements, (iv) as set out in the relevant land registers (Grundbücher) or public easement registers (Baulastenverzeichnisse) for the Leased Real Property, or (v) as would not reasonably be expected, individually or in the aggregate, to result in Liability that is material to the Group Companies, taken as a whole, or otherwise materially and adversely impair the conduct of the business of the Group Companies, taken as a whole, in substantially the manner currently conducted, or (vi) under applicable Law, no Person other than Seller and its Subsidiaries, including the Group Companies, has the right to use or occupy the Leased Real Property.

Environmental Compliance

to the Seller’s Knowledge, the Group Companies and the Leased Real Property are in material compliance with applicable Environmental Laws and Environmental Permits;

to the Seller’s Knowledge, as of the date hereof, (i) no written notice, claim, inquiry, order, request for information, complaint, penalty demand or violation notice has been made and (ii) there is no claim or investigation pending or threatened in writing, that (A) alleges the material violation of or noncompliance with any applicable Environmental Law or any Environmental Permits, alleges any material Liability arising under or relating to any applicable Environmental Law, or seeks to materially revoke, amend, modify or terminate any Environmental Permit, (B) relates to the Group Companies or the Leased Real Property and (C) has not been settled, dismissed, paid or otherwise resolved prior to the date hereof; and

to the Seller’s Knowledge, the Group Companies have not caused any contamination, release, or spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping or disposing of any Hazardous Substances at, on, under or from any currently or formerly owned or leased property or facility relating to the Group Companies or the Leased Real Property, in each case, except in material compliance with applicable Environmental Law.

Intellectual Property; Information Technology

Intellectual Property.

Annex 9.11(a)-1 contains a list of all patents, trademarks and registered copyrights, and all pending applications that have been filed for registration or issuance thereof, that are included in the Group Company IP Rights. The Group Companies have taken commercially reasonable actions to protect the Group Company IP Rights.

Annex 9.11(a)-2 contains a list of any IP Agreement, other than (A) COTS Licenses, (B) supply agreements on products which have been customized, developed or built by order of a customer, in each case with one-time or annual license, maintenance, support and other fees of less than $ 75,000, (C) outbound licenses granted to vendors for the benefit of a Group Company entered into in the ordinary course of business, and (D) non-exclusive licenses of IP Rights that are incidental to the commercial purpose of such license and are not material to the business of the Group Companies.

Except as would not reasonably be expected to, individually or in the aggregate, be material to the Group Companies, taken as a whole, and except as disclosed in Annex 9.11(a)-3,

as of the Signing Date, no Action is pending that challenges the legality, validity, ownership or enforceability of any rights in respect of any of the Group Company IP Rights;

to the Seller’s Knowledge, as of the Signing Date, no third party is infringing, misappropriating or violating a Group Company IP Rights;

during the two years prior to the Signing Date, none of the Group Companies have sent any written notice, charge, complaint, claim or other written assertion asserting or threatening to assert that any other Person is infringing upon, misappropriating, or otherwise violating any Group Company IP Rights; and

except as disclosed in Annex 9.11(a)-4, with respect to the business of the Group Companies, neither Seller nor any of its Subsidiaries are, to the Seller’s Knowledge, as of the date hereof, infringing, misappropriating, diluting or otherwise violating any IP Rights of any other Person, and Seller has not, with respect to the business of the Group Companies, received any charge, complaint, claim, demand or notice during the two years prior to the Signing Date alleging any infringement, misappropriation, dilution or other violation (including any claim that Seller must license or refrain from using any IP Rights of any third party) which would reasonably be expected to, individually or in the aggregate, be material to the Group Companies, taken as a whole.

Information Technology. Except as disclosed in Annex 9.11(b), the material hardware, software and other information technology which is necessary for the business of the Group Companies as conducted on the Signing Date and taken as a whole (the “Information Technology” is either owned by or licensed to the Group, or the Group otherwise has the right to use such Information Technology, in each case, except as would not reasonably be expected to, individually or in the aggregate, be material to the Group Companies, taken as whole. Within the twelve (12) months prior to the Signing Date, (i) the Group has not experienced any failures of Information Technology that are material to the business of the Group Companies and (ii) Seller and its Subsidiaries have used commercially reasonable efforts designed to protect the integrity and security of the Information Technology (and all information stored or contained therein) against unauthorized use, access, interruption, modification or corruption.

Data Privacy and Security

Except as would not reasonably be expected to be, individually or in the aggregate, material to the Group Companies, taken as a whole, the Group Companies are in compliance with all applicable: (i) Privacy Laws; (ii) externally published notices relating to the Group Companies’ processing of Personal Information; and (iii) terms of any agreements to which the Group Companies are bound relating to the processing of Personal Information by the Group Companies.

Seller and its Subsidiaries, with respect to the business of the Group Companies, maintain commercially reasonable safeguards designed to protect Personal Information stored in the Information Technology as required by applicable Privacy Laws.

As of the Signing Date, with respect to the business of the Group Companies, there is no Action pending and, to the Seller’s Knowledge, no Group Company has received any written complaint, claim, demand or notice during the three years prior to the Signing Date from any Administrative Authority alleging that the Group Companies are not in compliance with any Privacy Laws, except as would not reasonably be expected to, individually or in the aggregate be material to the Group Companies, taken as a whole.

To the Seller’s Knowledge, within the three years prior to the date of this Agreement, there have been no material breaches or unauthorized uses of or accesses to Personal Information maintained by any Group Company that would require notification to individuals or Administrative Authorities under any applicable Privacy Law.

Title to Assets

Legal Proceedings

Except as disclosed in Annex 9.14, as of the Signing Date, there is no lawsuit, court action or similar proceeding pending (rechtshängig) before any court of law or arbitral tribunal, to which a Group Company is a party, with a value in dispute (Streitwert) (excluding interest, if any) in excess of EUR 75,000 (in words: seventy five thousand Euros) in the individual case; (ii) no extant judgment or arbitral award under which a Group Company is subject to, as of the Signing Date, unsatisfied payment obligations with a value exceeding EUR 75,000 (in words: seventy five thousand Euros) in the individual case; and (iii) there are no claims pending or, threatened in writing, expected to seek remedies in an amount of exceeding EUR 75,000 (in words: seventy five thousand Euros) in the individual case against the Group Companies;

Except as reflected in the Financial Statements, there is no material undischarged Liability of the Group Companies arising out of claims of customers or third parties against any Group Company in connection with products delivered or services rendered prior to the Closing Date under applicable product liability laws or theories (whether under tort claims or otherwise).

Permits; Compliance

Permits. Each Group Company holds every material governmental, regulatory or other permit, license, authorization and consent, in each case of any competent Administrative Authority, which is necessary under applicable public Law (öffentliches Recht) in order to conduct its business as conducted on the Signing Date (collectively, the “Permits) in all material respects. To the Seller’s Knowledge, all Permits are in full force and effect and, as of the Signing Date, no Permit has been threatened in writing to be cancelled or to be revoked.

Compliance. Except as disclosed in Annex 9.15(b), to the Seller’s Knowledge, each Group Company is conducting, and since January 1, 2022 has conducted, its business in accordance with all applicable Laws, including without limitation, regarding (i) antibribery and corruption, (ii) export control and sanctions, and (iii) anti money laundering, except as would not reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect.

Labor Matters

Employees.

Annex 9.16(a) contains a true and correct anonymous list of all Key Employees (as defined herein) as of the Signing Date (the “Employee List”). The Seller shall provide the Purchaser prior to the Closing the following information with respect to each individual on the Employee List: (i) number of years of service with the Seller and its Subsidiaries; (ii) job title; (iii) base salary or wage rate; (iv) target bonus information (other than for employees in sales positions); and (v) job location; provided, however, that the Seller’s obligation to provide such information shall be subject in all respects to applicable Law. Revisions to the Employee List following the Signing Date may be made by the Seller and provided to the Purchaser periodically prior to the Closing Date to reflect new hires, employment terminations, changes to employment status and any other material changes thereto.

Except as would not reasonably be expected to, individually or in the aggregate, be material to the Group Companies, taken as a whole, (i) each Group Company has, timely and in full, paid when due all wages, salaries, bonuses, social insurance and social security contributions, commissions, wage premiums, fees, expense reimbursement, severance, and other compensation that have come due and payable to any Group Company Employee pursuant to any applicable Law, contract, agreement, collective agreement or policy, and (ii) as of the Signing Date, there are no complaints, lawsuits or other proceedings pending or, to the Seller’s Knowledge, threatened in writing against any Group Company brought by or on behalf of any Group Company Employee.

No Group Company has entered into a termination agreement with any employees who are entitled to an annual gross base salary in excess of $130,000, managing directors (Geschäftsführer) or executive board members (Vorstände) (together, the “Key Employees”) or terminated the service or employment agreement with any of its Key Employees, and no Key Employees have terminated their service or employment relationship with the respective Group Company or have threatened to terminate their service or employment relationship in writing or to the Seller’s Knowledge indicated otherwise their intention to terminate their service or employment relationship. Neither the execution nor consummation of this Agreement nor the transaction contemplated therein trigger any special termination rights of any Key Employee.

Freelancers. During the last three years prior to the Signing Date, (i) none of the Group Companies has been a party to any lawsuit or court action regarding misclassification of third party personnel, i.e., leased employees (Leiharbeitnehmer) or freelancers (freie Mitarbeiter), and (ii) it has not been determined in the course of any company audits (Betriebsprüfungen) that a freelancer is de-facto an employee of a Group Company. To the Seller’s Knowledge, no leased employee or freelancer has claimed in writing to be an employee of a Group Company within the last three years prior to the Signing Date.

Collective Labor Agreements.

Annex 9.16(c)-1 contains a list of every Collective Bargaining Agreement in the nature of Betriebsvereinbarung or Tarifvertrag (the latter unless declared universally binding (allgemeinverbindlich) or otherwise applying by operation of applicable Law) binding upon a Group Company by virtue of it being a party thereto or it being the member of an employer’s association (other than agreements which merely implement statutory Law).

Except as set forth on Annex 9.16(c)-1 or Annex 9.16(c)-2, there are no labor unions presently representing or, to the Seller’s Knowledge, engaged in any organizing activity with respect to any Group Company Employee. Except as set forth on Annex 9.16(c)-1 or Annex 9.16(c)-2 or would not reasonably be expected to, individually or in the aggregate, be material to the Group Companies, taken as a whole, (i) during the past three years there has not been, and there is not, as of the date hereof, pending nor, to the Seller’s Knowledge, threatened, any strike, slowdown, picketing, or work stoppage by Group Company Employees, (ii) none of the Group Companies is a party to or bound by any Collective Bargaining Agreements and (iii) there are no Collective Bargaining Agreements that pertain to any Group Company Employees.

Employee Benefit Plans.

Annex 9.16(d)-1 sets forth a true and complete list, as of the Signing Date, of each material Employee Plan (and separately identifies which Employee Plans are Group Company Plans).

With respect to each Group Company Plan, Seller has made available to the Purchaser copies of (i) each material Group Company Plan or, to the extent such Group Company Plan is unwritten, a summary of the material terms and conditions thereof, and any material amendments thereto, (ii) the most recent summary plan descriptions with respect to each material Group Company Plan for which a summary plan description is required, and (iii) each trust agreement and insurance or group annuity contract relating to any Group Company Plan, including any amendments thereto.

No Employee Plan or Group Company Plan is (i) a “pension plan” subject to Section 412 or 4971 of the Code, or Title IV or Section 302 of ERISA, or (ii) a multiemployer plan (within the meaning of Section 3(37) or 4001(a)(3) of ERISA). None of the Group Company Plans is subject to Title IV of ERISA. Except as disclosed in Annex 9.16(d)-2 and except to the extent only implementing or reflecting mandatory legal obligations or mandatory legal requirements pursuant to applicable Law, no pension plan, pension scheme, pension related arrangement or promises exist under which any current or former managing director, executive board member or employee of any Group Company or their respective dependents has any entitlements under any Group Company Plan (jointly the “Pension Commitments”). With regard to the Pension Commitments, as of the date of this Agreement, all pension payments and contributions have been made and all fees for reinsurances as well as insolvency coverage have been paid in full and sufficient book reserves have been established for any unfunded pension liabilities in accordance with the latest actuarial reports.

Except as would not reasonably be expected to, individually or in the aggregate, be material to the Group Companies, taken as a whole, (i) the Group Companies, as applicable, have performed in all respects all obligations required with respect to each Group Company Plan that is not a Pension Commitment, (ii) each Group Company Plan and each Employee Plan that is not a Pension Commitment has been maintained in compliance with its terms and with any Law and (iii) all payments (including premiums) and all employer and employee contributions required to have been collected in respect of each Group Company Plan that is not a Pension Commitment have been paid when due.

Except as set forth on Annex 9.16(d)-5, no Group Company Plan provides for post-retirement welfare benefits to any Group Company Employee, other than (i) health care continuation coverage required by applicable Law, or (ii) coverage through the end of the calendar month in which a termination of employment occurs.

Except as set forth on Annex 9.16(d)-6 or as otherwise contemplated by this Agreement, neither the execution and delivery of this Agreement nor the approval or consummation of the transactions contemplated by this Agreement will (i) result in any compensation payable by any Group Company becoming due to any current or former Group Company Employee, (ii) increase any payments or benefits payable by any Group Company under any Group Company Plan or (iii) result in the acceleration of the time of payment, funding or vesting of any payments or benefits payable by any Group Company under any Group Company Plan.

Subsidy

Insurance Matters

Brokers’ Fee

PURCHASER’S OBLIGATIONS

Notification of the Seller

Conduct of Third-Party Claims

give the Seller a reasonable opportunity to comment on, and discuss and jointly evaluate with the Purchaser, any measures which the relevant Claim Addressee proposes to take or omit in connection with such Third-Party Claim;

permit the Seller to comment on, and participate in, any relevant hearing, meeting, audit or other discussion or communication and to review any relevant document;

diligently and in good faith defend itself against the relevant Third-Party Claim, duly considering in such context any reasonable comments and requests of the Seller, with the diligence that would be applied by a prudent business person in the relevant circumstances in the absence of any respective indemnification claim against a third party (including the Seller);

permit the Seller, at their free discretion, to take such action, and comply with any reasonable request by the Seller to take such action, as the Seller or its Representatives reasonably consider, at their free discretion, required or expedient in order to dispute, defend, appeal or compromise such Third-Party Claim (including the making of counterclaims or other claims against third parties) in the name, and on behalf, of the relevant Claim Addressee; provided that any external costs resulting therefrom shall be borne by the Seller; and further provided that other than in case of an Exempted Claim the rights pursuant to this Section 10.2 may only be exercised after the Seller acknowledged in writing its liability for the relevant Purchaser Claim under this Agreement on the merits (dem Grunde nach);

keep the Seller at all times fully informed of any developments relating to the Third-Party Claims and promptly provide such information and assistance as the Seller may reasonably request in connection with the preparation for, and conduct of, any proceedings or negotiations in relation to such Third-Party Claim, including the forwarding of any notices received in connection therewith; and

procure that no Claim Addressee admits any liability in respect of, or compromises or settles, the matter giving rise to the Third-Party Claim without the prior written consent of the Seller, such consent not to be unreasonably withheld.

REMEDIES AND LIMITATIONS ON THE SELLER’S LIABILITY

Restitution in Kind; Monetary Damages

Restitution in Kind. After the Closing, in case the Purchaser intends to raise a Purchaser Claim based on a relevant Guarantee Breach, the Purchaser shall first give the Seller, at the Seller’s free discretion, the opportunity of establishing, within a period of eight (8) weeks after receipt by the Seller of the respective Claim Notice, a situation which corresponds commercially to the situation that would exist if the relevant Guarantee Breach had not occurred (restitution in kind—Naturalrestitution pursuant to § 249 para. 1 BGB).

Monetary Damages. If the Closing has occurred and to the extent that the Seller has not (timely) brought about a remedial action pursuant to Section 11.1(a) in respect of a specific Purchaser Claim based on a Guarantee Breach, in accordance with the principles contained in Section 9.1, the Purchaser shall solely be entitled to demand monetary damages (Schadensersatz in Geld) from the Seller and solely subject to the following provisions of this Section 11.

Guarantee Breaches. Any Purchaser Claims based on any Guarantee Breach shall be conditioned upon Closing having occurred and the Purchaser shall not be entitled to any such claims prior to Closing.

Scope of Restitution in Kind and of Monetary Damages

Limitations

(i) compensation for the relevant matter is covered by insurance carriers, or (ii) such coverage has been unconditionally confirmed by such insurance carrier;

the relevant Purchaser Claim arises, or the amount of the relevant Purchaser Claim is increased, as a result of changes in the Law which occurred after the Signing Date; it being understood that this Section 11.3(b) shall not apply to Purchaser Claims pursuant to Section 12;

the matter to which the Purchaser Claim relates has been specifically reflected in the Financial Statements as a liability (Verbindlichkeit) for the relevant damage or the underlying facts and/or the Financial Statements contain a specific provision (Rückstellung), but excluding general adjustments or provisions made for the relevant risk category (e.g., Pauschalwertberichtigungen, Pauschalrückstellungen); it being understood that this Section 11.3(c) shall not apply to Purchaser Claims pursuant to Section 12;

the relevant matter has already been taken into account as a deduction item (i.e., effectively reduced the Total Purchase Price) in the determination of the Total Purchase Price (or any component thereof); or

the relevant Purchaser Claim results from, or is increased by, a failure of the Purchaser (or a Group Company after the Closing) to comply with the procedure set out in Sections 10.1 and 10.2 or to mitigate damages in accordance with applicable Law.

Knowledge of the Purchaser

the Purchaser, or any other member (i.e., being a member already as of the Signing Date) of the Purchaser Group or any of their directors, officers or advisors had actual knowledge (positive Kenntnis), after reasonable inquiry, of the relevant circumstances from which the relevant Purchaser Claim arises; or

the relevant circumstances from which the relevant Purchaser Claim arises were Fairly Disclosed in the Due Diligence Materials.

De minimis; Basket

if and to the extent that the amount to which the Purchaser would be entitled vis-à-vis the Seller pursuant to such Purchaser Claim exceeds an amount of $50,000; and

if and to the extent the aggregate amount of all Purchaser Claims (i) based on Guarantee Breaches to which the Purchaser is entitled vis-à-vis the Seller, which are not excluded pursuant to Section 11.5(a) nor concerning Guarantee Breaches of Statements in Section 9.2, and (ii) under Section 12, except for claims under Section 12.2(a)(iii), Section 12.2(a)(iv), and Sections 12.1(m) and 12.2(a)(vii) exceeds an amount of $2,000,000 (“Basket”). If the Basket is exceeded, the Seller shall be liable only for the amount exceeding the Basket.

W&I Insurance and Liability Caps

W&I Insurance. The Purchaser confirms and represents to the Seller:

that it has taken out (or respectively will as of the Signing have taken out) warranty and indemnity insurance under an insurance policy a copy of which is attached hereto in Annex 11.6(a), including all appendices (with the exception of Appendix D thereto, which is the executed version of this Agreement) (the “W&I Insurance” and the relevant insurance provider(s) as therein identified (collectively), the “Insurer”);

that it has paid the required deposit fee and all other payments or fees (or will, as and when they become payable) and the Purchaser acknowledges and agrees that the obtaining of the W&I Insurance is not a condition to the Closing;

that such W&I Insurance is working on a non-recourse basis such that there will not be any and the Insurer shall expressly waive any rights of subrogation, contribution or otherwise of claims of the Purchaser against the Seller, its Affiliates and any Representatives of the foregoing (collectively, the “Subrogation Waiver Parties”), to the Insurer except in respect of fraud (Betrug) or willful deceit (arglistige Täuschung) of the Seller (the “Subrogation Waiver”). The W&I Insurance shall expressly provide that (a) the Subrogation Waiver Parties are third-party beneficiaries of and have rights to enforce the Subrogation Waiver; and (b) no amendment, waiver, supplement or modification of the Subrogation Waiver shall be valid without with the written consent of the Seller; and

that the Purchaser shall indemnify and hold the Seller harmless against any claim from the Insurer except in the case of the Seller’s fraud (Betrug) or willful deceit (arglistige Täuschung).

W&I Cap. The aggregate liability of the Seller under or in connection with this Agreement, other than liability arising under Exempted Claims, shall be $0 (zero) (the “W&I Cap” and such claims as are subject to the W&I Cap in accordance with the foregoing “W&I Claims”). “Exempted Claims” shall mean the following claims of the Purchaser:

performance claims (Erfüllungsansprüche) regarding the primary performance obligations (Hauptleistungspflichten) of the Seller under Sections 2;

performance claims (Erfüllungsansprüche) in respect of the performance of covenants pursuant to this Agreement;

Purchaser Claims for breach of pre-closing and/or post-closing covenants;

Purchaser Claims arising from Sections 3.4, 12 or 17;

Purchaser Claims in respect of specific indemnities pursuant to Section 15;

Purchaser Claims arising from Guarantee Breaches of the Statements contained in Sections 9.2(a) through 9.2(d), 9.3, 9.4 and 9.19 (“Fundamental Guarantee Claims”); and

Purchaser Claims against the Seller pursuant to this Agreement that are based on fraud (Betrug) or willful deceit (arglistige Täuschung) of the Seller.

Priority of Recourse. Any Losses payable to the Purchaser pursuant to an Exempted Claim pursuant to Section 11.6(b)(vi) shall be satisfied (i) first, by the Purchaser or its Affiliates making a claim against the W&I Insurance, and (ii) second, by the Seller only after coverage limits under the W&I Insurance are exhausted (whether by incurrence of Loss, and/or by payment under the W&I Insurance);

No Further Recourse. The Seller shall also not be liable (except for the Exempted Claims, other than Exempted Claims pursuant to Section 11.6(b)(vi)) if the W&I Insurance is not available or if the Insurer refuses to make any payments to the Purchaser or if the W&I Insurance expires or otherwise does not provide for any recourse.

Liability Exclusion. In furtherance of the foregoing, it is hereby acknowledged and agreed by the Parties that any liability of the Seller for W&I Claims under or in connection with this Agreement in excess of the W&I Cap shall be excluded and be $0 (zero) (the “Liability Exclusion”). Consequently, the Purchaser’s sole recourse, if any, for any W&I Claims beyond the W&I Cap shall be against the Insurer. The Purchaser expressly acknowledges, and the Parties agree, that the validity and collectability risk in respect of the W&I Insurance shall solely and irrevocably rest with the Purchaser.

Overall Cap. Without prejudice to the Liability Exclusion and any other limitations or exclusions set out in this Agreement, the aggregate liability of the Seller for Exempted Claims (other than for Section 11.6(b)(vii)) and any claims under Section 12 irrespective of the Special Tax Cap shall in no event exceed the amount of the Total Purchase Price.

Limitation Periods

in case of performance claims (Erfüllungsansprüche) regarding the primary performance obligations (Hauptleistungspflichten): six (6) months after the Closing Date;

in case of Fundamental Guarantee Claims: on the fifth (5th) anniversary of the Closing Date; and

in case of Purchaser Claims arising from Section 12 or otherwise in relation to Taxes under this Agreement: in accordance with Section 12.6(a).

Knowledge of the Seller

Exhaustive Remedies

No Double Relief

TAX

Tax Warranties

Except as disclosed in Annex 12.1(a), all Tax Returns of the Group Companies have been prepared and duly and timely filed in accordance with all Laws including published views of Tax Authorities.

All information and documentation required to be supplied to any Tax Authority has been duly and timely supplied by each Group Company. All records, documents, and photocopies which each Group Company is required to prepare, produce, and keep for Tax purposes (including any transfer pricing documentation), have been duly prepared, produced and are available to the respective Group Company.

Each Group Company has completely and timely paid all Taxes shown as payable on any valid Tax assessment notice or on any Tax Return, including preliminary Tax payments and Tax prepayments, when due.

Except as disclosed in Annex 12.1(d), the Group Companies are not subject to any retention or observation periods (Sperr- oder Haltefristen) in connection with Taxes such as, e.g., section 6 para. 3 of the German Income Tax Act (Einkommensteuergesetz—EStG), section 22 of the German Reorganisation Tax Act (Umwandlungssteuergesetz—UmwStG) or sections 5, 6, 6a of the German Real Estate Transfer Tax Act (Grunderwerbsteuergesetz—GrEStG) and/or have expired prior to the Closing Date. The signing and consummation of this Agreement do not lead to a violation of such retention or observation periods.

Except as disclosed in Annex 12.1(e), there are no Tax related investigations (suspending the expiration of the term for the tax assessment), enquiry, dispute, non-routine visit by any Tax Authorities, audits, actions, proceedings, claims, or assessments pending, proposed, or threatened against or with respect to any of the Group Companies.

None of the Group Companies has received any Tax ruling or entered into any written and legally binding agreement or is currently under negotiations to enter into any such agreement with any Tax Authority.

All of the Group Companies have their place of management in the country of their statutory seat and none of the Group Companies have any permanent establishments or permanent agents for Tax purposes outside of their respective country of residence.

Except as disclosed in Annex 12.1(h), none of the Group Companies nor the Seller has declared a waiver of shareholder loans, in each case, in respect of the shares held by it in any Group Company, within the last three (3) years prior to the Signing Date.

Except as disclosed in Annex 12.1(i), no Group Company impaired any shares currently held by it to a lower partial value (keine Abschreibung auf einen niedrigeren Teilwert).

Neither the Seller nor its Affiliates, nor the Group Companies have granted or promised any compensation, severance or other payment or benefit to any (current or former) employee in connection with the transaction contemplated hereby.

The prerequisites for the German fiscal consolidation (Organschaft) for corporate income and trade Tax purposes between all German Group Companies, which have entered into a profit and loss transfer agreement, have been fulfilled for any time period until and including fiscal year 2020.

The deferred Tax liability described in Annex 12.1(l) is associated with trade name and customer/distributor relationships derived from previous purchase price accounting and will not result in any future cash outflow impact or tax obligations to be paid by a Group Company or the Purchaser.

The corporate income Tax payable described in Annex 12.1(m) is solely related to a reserve for a tax under US GAAP, which would only be applicable if funds are repatriated from Subsidiaries to the United States and does not reflect any current or anticipated tax liability, and is not reflected in the Closing Accounts.

Tax Indemnification

The Seller shall indemnify and hold harmless the Purchaser and/or, at the Purchaser’s discretion, any of the Group Companies from and against:

any reasonable third party cost incurred from or in connection with any breach of the Tax Guarantee contained in Section 12.1 above;

any Taxes of the respective Group Company payable by a respective Group Company, which are attributable to any taxable events incurred up to and including the Closing Date and/or any Pre-Closing Tax Period;

any Taxes arising from a breach of the Seller’s obligations under Section 17(e);

any Taxes arising from a breach of the Seller’s obligations under Section 17(f) (“Advance Pricing Taxes”), unless such Tax has already been paid by Seller in accordance with Section 17(f) (for the avoidance of doubt, there shall be no double relief for the Purchaser under Section 12.2(a)(iv) and Section 17(f)) (no double counting); and

any Taxes resulting from the actions that have been or should have been taken pursuant to Section 4.6(a);

any Taxes arising from or in connection with any breach of the Tax Guarantees contained in Sections 12.1(j) and 12.1(l); and

any Taxes arising from or in connection with any breach of the Tax Guaranty contained in Section 12.1(m) in each of Section 12.2(a)(i) to Section 12.2(a)(vii) above irrespective of whether the Taxes are due or assessed before, on or after the Closing Date together with regard to any interest, fines and penalties thereon (irrespective as to whether such interest, fines and penalties are assessed with regard to periods prior to or after the Closing Date) (“Indemnifiable Taxes” and “Tax Claim”). Furthermore, Indemnifiable Taxes shall also include any claim for refund of Taxes shown in the Closing Date Statement which can actually not be recovered and which have to be dissolved or impaired accordingly.