On February 5, 2021, iMedia Brands, Inc. (the Company) became a party to a Limited Liability Company Agreement (the LLC Agreement) for TCO, LLC, a Delaware LLC newly created to operate a joint venture (the “Joint Venture” or “JV”) between the Company and LAKR Ecomm Group LLC (“LAKR”). LAKR is a newly formed company indirectly owned by Invicta Media Investments, LLC and Retailing Enterprises, LLC. The Joint Venture will operate TheCloseout.com, an online marketplace that was previously owned by Invicta Media Investments and Retailing Enterprises. The initial Board of Directors of the Joint Venture includes Tim Peterman, the Chief Executive Officer and a director of the Company, Landel Hobbs, the Chairman of the Board of the Company, and Eyal Lalo, a director of the Company.