EXHIBIT 10.21

EXECUTION VERSION

AMENDMENT NO. 2 dated as of September 27, 2019 (this “Agreement”), to the Credit
Agreement dated as of March 25, 2016, as amended by Consent to Credit Agreement
dated as of July 19, 2018 and by Amendment No. 1 to the Credit Agreement dated
as of June 28, 2019 (as so amended, the “Existing Credit Agreement”), among
GOPRO, INC., a Delaware corporation (the “Company”), GOPRO COÖPERATIEF U.A., a
Dutch cooperative with excluded liability, having its statutory seat in
Amsterdam, the Netherlands, and registered with the trade register in the
Netherlands under number 61391743 (the “Dutch Borrower” and, together with the
Company, the “Borrowers”), the LENDERS party thereto and JPMORGAN CHASE BANK,
N.A., as Administrative Agent.

WHEREAS, the Borrowers have requested that the Existing Credit Agreement be
amended as set forth herein; and

WHEREAS, the Lenders party hereto and the Administrative Agent are willing,
subject to the terms and conditions set forth below, to amend the Existing
Credit Agreement on the terms set forth herein (the Existing Credit Agreement,
as so amended, is referred to as the “Amended Credit Agreement”).

NOW, THEREFORE, in consideration of the premises and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto hereby agree as follows:

SECTION 1. Defined Terms. Capitalized terms used and not otherwise defined
herein (including in the preliminary statements hereto) have the meanings
assigned to them in the Amended Credit Agreement.

SECTION 2. Amendments to the Existing Credit Agreement. Effective as of the
Amendment Effective Date (as defined below), the Existing Credit Agreement is
hereby amended by inserting the language indicated in single underlined text
(indicated textually in the same manner as the following example:
single-underlined text) in Exhibit A hereto and by deleting the language
indicated by strikethrough text (indicated textually in the same manner as the
following example: stricken text) in Exhibit A hereto.

SECTION 3. Representations and Warranties. Each of the Borrowers represents and
warrants to the other parties hereto that:

(a)    This Agreement has been duly executed and delivered by each of the
Borrowers and constitutes a legal, valid and binding obligation of each of the
Borrowers, enforceable in accordance with its terms, subject to applicable
bankruptcy, insolvency, reorganization, moratorium, winding-up or other laws
affecting creditors’ rights generally and to general principles of equity,
regardless of whether considered in a

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proceeding in equity or at law.

(b)    On and as of the Amendment Effective Date, (i) the representations and
warranties of each of the Borrowers set forth in the Amended Credit Agreement
are true and correct and (ii) no Default has occurred and is continuing.

SECTION 4. Effectiveness of this Agreement. This Agreement and the amendment of
the Existing Credit Agreement as set forth in Section 2 hereof shall become
effective as of the first date (the “Amendment Effective Date”) on which each of
the following conditions shall have been satisfied:

(a)    Executed Counterparts.    The Administrative Agent shall have received
from the Company, the Dutch Borrower, Lenders constituting the Supermajority
Lenders and the Administrative Agent either (i) a counterpart of this Agreement
signed on behalf of such party or (ii) written evidence satisfactory to the
Administrative Agent (which may include fax or electronic transmission of a
signed signature page of this Agreement) that such party has signed a
counterpart of this Agreement.

(b)    Officer’s Certificate. The Administrative Agent shall have received a
certificate, dated the Amendment Effective Date and signed by the chief
executive officer or the chief financial officer of the Company, confirming
that, on and as of the Amendment Effective Date, the representations and
warranties of the Borrower set forth in Section 3 above are true and correct.

(c)    Reimbursement of Expenses.    The Administrative Agent shall have
received, in immediately available funds, reimbursement of all expenses,
including the reasonable fees and expenses of counsel for the Administrative
Agent, required to be reimbursed by the Company or the Dutch Borrower under this
Agreement or the Amended Credit Agreement.

The Administrative Agent shall promptly notify, in writing, the Borrowers and
the Lenders of the Amendment Effective Date, and such notice shall be conclusive
and binding.

SECTION 5. Reaffirmation by Credit Parties.    Each Borrower hereby
unconditionally and irrevocably ratifies and reaffirms (a) all of its payment
and performance obligations, contingent or otherwise, under each of the Loan
Documents (as amended hereby) to which it is a party, (b) each grant of a Lien
on its property previously made by it made pursuant to the Security Documents to
which it is a party and confirms that such Liens continue to have full force and
effect, in each case after giving effect to this Agreement and the amendments to
the Existing Credit Agreement effected hereby, to secure the Secured Obligations
under the Loan Documents to which it is a party, subject to the terms thereof
(it being understood that the foregoing ratification and reaffirmation is not
intended to, and does not, release any of the Liens so previously granted by
it), and (c) its Guarantee of the Secured Obligations and confirms that such
Guarantee continues to have full force and effect, in each case after giving
effect to this Agreement and the amendments to the Existing Credit Agreement
effected hereby.

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SECTION 6. Certain Post-Closing Agreements.    The Borrowers shall cause, as
promptly as practicable, and in any event within 10 Business Days (or such
longer period as the Administrative Agent may agree to in writing) after the
Amendment Effective Date, each of the Loan Parties other than the Borrowers to
execute and deliver to the Administrative Agent a customary reaffirmation
agreement in form and substance reasonably satisfactory to the Administrative
Agent.

SECTION 7. Effect of Amendment; No Novation.    (a) Except as expressly set
forth herein, this Agreement shall not by implication or otherwise limit,
impair, constitute a waiver of, or otherwise affect the rights and remedies of
the Administrative Agent, the Lenders or the Issuing Banks under the Existing
Credit Agreement and shall not alter, modify, amend or in any way affect any of
the terms, conditions, obligations, covenants or agreements contained in the
Existing Credit Agreement, all of which shall continue in full force and effect
in accordance with the provisions thereof. Nothing herein shall be deemed to
entitle the Company or the Dutch Borrower on any other occasion to a consent to,
or a waiver, amendment, modification or other change of, any of the terms,
conditions, obligations, covenants or agreements contained in the Amended Credit
Agreement or any other Loan Document in similar or different circumstances.

(b)    On and after the Amendment Effective Date, each reference in the Existing
Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words
of like import, as used in the Existing Credit Agreement, shall refer to the
Existing Credit Agreement as amended hereby, and the term “Credit Agreement”, as
used in any other Loan Document, shall mean the Existing Credit Agreement as
amended hereby. This Agreement shall constitute a “Loan Document” for all
purposes of the Amended Credit Agreement and the other Loan Documents.

(c)    Neither this Agreement nor the effectiveness of the amendments to the
Existing Credit Agreement effected hereby shall extinguish the obligations for
the payment of money outstanding under the Existing Credit Agreement. Nothing
herein contained shall be construed as a substitution or novation of any of the
obligations outstanding under the Existing Credit Agreement, which shall remain
in full force and effect, except as modified hereby. Nothing expressed or
implied in this Agreement or the Amended Credit Agreement shall be construed as
a release or other discharge of the Company, the Dutch Borrower or any other
Loan Party under the Existing Credit Agreement or any other Loan Document from
any of its obligations and liabilities thereunder, as amended hereby.

SECTION 8. Counterparts.    This Agreement may be executed in counterparts (and
by different parties hereto on different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a
single contract. Delivery of an executed counterpart of a signature page of this
Agreement by fax, emailed pdf. or any other electronic means that reproduces an
image of the actual executed signature page shall be effective as delivery of a
manually executed counterpart of this Agreement.

SECTION 9. Governing Law.    This Agreement shall be governed by, and construed
in accordance with, the law of the State of New York.

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SECTION 10. Incorporation by Reference. Sections 9.05, 9.09(b), 9.09(c),
9.09(d), 9.10 and 9.11 of the Existing Credit Agreement are hereby incorporated
by reference herein, mutatis mutandis.
[The remainder of this page intentionally left blank.]

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lN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed and delivered by their respective authorized officers as of the day and
year first above written.

GOPRO, INC.,
by
 /s/ Brian Timothy McGee
 
Name: Brian Timothy McGee
Title: Executive Vice President & CFO

GOPRO COÖPERATIEF U.A.,
by
 
 
Name: Virginia Crowe
Title: Managing Director

(Signature Page to Amendment No. 2 relating to the Credit Agreement of GoPro.
Inc.]

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed and delivered by their respective authorized officers as of the day and
year first above written.

GOPRO, INC.,
by
 
 
Name:
Title:

GOPRO COÖPERATIEF U.A.,
by
/s/ Virginia Crowe
 
Name: Virginia Crowe
Title: Managing Director

(Signature Page to Amendment No. 2 relating to the Credit Agreement of GoPro.
Inc.]

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JPMORGAN CHASE BANK, N.A., individually and as the Administrative Agent,

by
/s/ Tony Yung
 
Name: Tony Yung
Title: Executive Director

(Signature Page to Amendment No. 2 relating to the Credit Agreement of GoPro.
Inc.]

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SIGNATURE PAGE TO
AMENDMENT NO. 2 RELATING TO
THE CREDIT AGREEMENT OF
GOPRO, INC.

Name of Institution: Wells Fargo Bank, NA
by
/s/ Moses Harris
 
Name: Moses Harris
Title: Authorized Signatory

For any Lender requiring a second
signature block:
by
 
 
Name:
Title:

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SIGNATURE PAGE TO
AMENDMENT NO. 2 RELATING TO
THE CREDIT AGREEMENT OF
GOPRO, INC.

Name of Institution:
 
Wells Fargo Bank National Association, London
Branch
by
/s/ Patricia Del Busto
 
Name: Patricia Del Busto
 
Title: Authorized Signatory

For any Lender requiring a second
signature block:
by
 
 
Name:
 
Title:

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SIGNATURE PAGE TO
AMENDMENT NO. 2 RELATING TO
THE CREDIT AGREEMENT OF
GOPRO, INC.

Name of Institution:
 
by
/s/ Martin Corrigan
 
Name: Martin Corrigan
 
Title: Vice President

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SIGNATURE PAGE TO
AMENDMENT NO. 2 RELATING TO
THE CREDIT AGREEMENT OF
GOPRO, INC.

Name of Institution:
 
by
Citibank, N.A. /s/ Shane V. Azzara
 
Name: Shane V. Azzara
 
Title: Vice President & Managing Director

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SIGNATURE PAGE TO
AMENDMENT NO. 2 RELATING TO
THE CREDIT AGREEMENT OF
GOPRO, INC.

Morgan Stanley Senior Funding, Inc.,
 
by
/s/ Justin Burton
 
Name: Justin Burton
 
Title: Authorized Signatory

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SIGNATURE PAGE TO
AMENDMENT NO. 2 RELATING TO
THE CREDIT AGREEMENT OF
GOPRO, INC.

Name of Institution: Silicon Valley Bank
 
by
/s/ Alex Grotevant
 
Name: Alex Grotevant
 
Title: Vice President

For any Lender requiring a second
signature block:
by
 
 
Name:
 
Title:

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EXHIBIT A

[Attached]

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EXECUTION VERSIONEXHIBIT A
ADDED TEXT SHOWN UNDERSCORED DELETED TEXT SHOWN STRIKETHROUGH

--------------------------------------------------------------------------------

CREDIT AGREEMENT

dated as of

March 25, 2016,

among

GOPRO, INC.,

GOPRO COÖPERATIEF U.A.,

The LENDERS Party Hereto

and

JPMORGAN CHASE BANK, N.A.,
as Administrative Agent

_______________________________

WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Syndication Agent

BARCLAYS BANK PLC,
as Documentation Agent

JPMORGAN CHASE BANK, N.A.

and

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TABLE OF CONTENTS
 
 
 
 
 
 
Page
 
 
 
 
ARTICLE I
 
 
 
 
 
Definitions
 
 
 
 
SECTION 1.01.
Defined Terms
...............................................................................................
6
SECTION 1.02.
Classification of Loans and Borrowings
.......................................................
6970
SECTION 1.03.
Terms Generally
............................................................................................
6970
SECTION 1.04.
Accounting Terms; GAAP; Pro Forma Calculations
....................................
7071
SECTION 1.05.
Currency Translation
.....................................................................................
7172
SECTION 1.06.
Senior Indebtedness
.......................................................................................
7273
 
 
 
 
ARTICLE II
 
 
 
 
 
The Credits
 
 
 
 
SECTION 2.01.
Commitments
................................................................................................
7273
SECTION 2.02.
Loans and Borrowings
..................................................................................
73
SECTION 2.03.
Requests for Borrowings
..............................................................................
7374
SECTION 2.04.
Protective Advances
......................................................................................
7475
SECTION 2.05.
Letters of Credit
............................................................................................
76
SECTION 2.06.
Funding of Borrowings
.................................................................................
8384
SECTION 2.07.
Interest Elections
...........................................................................................
8384
SECTION 2.08.
Termination and Reduction of Commitments
...............................................
8485
SECTION 2.09.
Repayment of Loans; Evidence of Debt; Cash Dominion Period .................
8586
SECTION 2.10.
Prepayment of Loans
.....................................................................................
8889
SECTION 2.11.
Fees
................................................................................................................
8990
SECTION 2.12.
Interest
...........................................................................................................
9091

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SECTION 2.13.
Alternate Rate of Interest
..............................................................................
9192
SECTION 2.14.
Increased Costs
..............................................................................................
9192
SECTION 2.15.
Break Funding Payments
..............................................................................
93
SECTION 2.16.
Taxes
..............................................................................................................
9394
SECTION 2.17.
Payments Generally; Pro Rata Treatment; Sharing of Setoffs
......................
98
SECTION 2.18.
Mitigation Obligations; Replacement of Lenders
.........................................
101
SECTION 2.19.
Defaulting Lenders
........................................................................................
102
SECTION 2.20.
Incremental Commitments
............................................................................
104
SECTION 2.21.
Secured Cash Management Services Obligations and Secured
 
 
    Hedging Obligations
.................................................................................
106107
SECTION 2.22.
Dutch Borrower Agent
..................................................................................
106107
 
 
 
 
ARTICLE III
 
 
 
 
 
Representations and Warranties
 
 
 
 
SECTION 3.01.
Organization; Powers
....................................................................................
107108
SECTION 3.02.
Authorization; Enforceability
.......................................................................
108
SECTION 3.03.
Governmental Approvals; Absence of Conflicts
..........................................
108109
SECTION 3.04.
Financial Condition; No Material Adverse Change
......................................
108109
SECTION 3.05.
Properties
.......................................................................................................
109110
SECTION 3.06.
Litigation and Environmental Matters
..........................................................
109110
SECTION 3.07.
Compliance with Laws and Agreements
.......................................................
110
SECTION 3.08.
Investment Company Status
..........................................................................
110111
SECTION 3.09.
Taxes
..............................................................................................................
110111
SECTION 3.10.
ERISA
...........................................................................................................
110111
SECTION 3.11.
Subsidiaries and Joint Ventures; Disqualified Equity Interests
.....................
110111
SECTION 3.12.
Insurance
.......................................................................................................
111112

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SECTION 3.13.
Solvency
........................................................................................................
111112
SECTION 3.14.
Disclosure
......................................................................................................
111112
SECTION 3.15.
Inventory Vendor Purchase Agreements; Intercompany
 
 
    Inventory Title Transfer Agreements
.........................................................
112113
SECTION 3.16.
Collateral Matters
..........................................................................................
112113
SECTION 3.17.
Federal Reserve Regulations
.........................................................................
113114
SECTION 3.18.
Anti-Corruption Laws and Sanctions
............................................................
113114
SECTION 3.19.
Choice of Law Provisions
.............................................................................
113114
SECTION 3.20.
No Immunity
.................................................................................................
114115
SECTION 3.21.
Proper Form; No Recordation
.......................................................................
114115
SECTION 3.22.
Ranking of Obligations
.................................................................................
115116
SECTION 3.23.
Centre of Main Interest
.................................................................................
115116
 
 
 
 
ARTICLE IV
 
 
 
 
 
Conditions
 
 
 
 
SECTION 4.01.
Effective Date
................................................................................................
115116
SECTION 4.02.
Each Credit Event
..........................................................................................
117118
 
 
 
 
ARTICLE V
 
 
 
 
 
Affirmative Covenants
 
 
 
 
SECTION 5.01.
Financial Statements and Other Information
................................................
118119
SECTION 5.02.
Notices of Material Events
............................................................................
122123
SECTION 5.03.
Additional Subsidiaries
.................................................................................
123124
SECTION 5.04.
Information Regarding Loan Parties
.............................................................
123124
SECTION 5.05.
Existence; Conduct of Business
....................................................................
124125
SECTION 5.06.
Payment of Taxes
..........................................................................................
124125
SECTION 5.07.
Maintenance of Properties
.............................................................................
124125

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SECTION 5.08.
Insurance
.......................................................................................................
125

SECTION 5.09.
Books and Records; Inspection and Audit Rights; Field
 
 
    Examinations and Appraisals
....................................................................
125126
SECTION 5.10.
Compliance with Laws
..................................................................................
126127
SECTION 5.11.
Location of Inventory
....................................................................................
126127
SECTION 5.12.
Deposit Accounts
...........................................................................................
127128
SECTION 5.13.
Use of Proceeds and Letters of Credit
...........................................................
129130
SECTION 5.14.
Further Assurances
........................................................................................
129130
SECTION 5.15.
Post-Closing Matters
.....................................................................................
130

 
 
 
 
ARTICLE VI
 
 
 
 
 
Negative Covenants
 
 
 
 
SECTION 6.01.
Indebtedness
..................................................................................................
130131
SECTION 6.02.
Liens
..............................................................................................................
132133
SECTION 6.03.
Fundamental Changes; Business Activities
...................................................
135136
SECTION 6.04.
Investments, Loans, Advances, Guarantees and Acquisitions ......................
136

SECTION 6.05.
Asset Sales
.....................................................................................................
138139
SECTION 6.06.
Sale/Leaseback Transactions
.........................................................................
140141
SECTION 6.07.
Hedging Agreements
.....................................................................................
141142
SECTION 6.08.
Restricted Payments; Certain Payments of Indebtedness
.............................
141142
SECTION 6.09.
Transactions with Affiliates
...........................................................................
143144
SECTION 6.10.
Restrictive Agreements
.................................................................................
144

SECTION 6.11.
Amendment of Organizational Documents
...................................................
145146
SECTION 6.12.
Financial Covenant
........................................................................................
145146
SECTION 6.13.
Fiscal Year
.....................................................................................................
145146

iv

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ARTICLE VII
 
 
 
 
 
Events of Default
 
 
 
 
 
ARTICLE VIII
 
 
 
 
 
The Administrative Agent
 
 
 
 
 
ARTICLE IX
 
 
 
 
 
Miscellaneous
 
 
 
 
SECTION 9.01.
Notices
...........................................................................................................
155156
SECTION 9.02.
Waivers; Amendments
...................................................................................
157158
SECTION 9.03.
Expenses; Indemnity; Damage Waiver
.........................................................
160161
SECTION 9.04.
Successors and Assigns
.................................................................................
162163
SECTION 9.05.
Survival
.........................................................................................................
167

SECTION 9.06.
Counterparts; Integration; Effectiveness; Electronic Execution
...................
167168
SECTION 9.07.
Severability
....................................................................................................
168169
SECTION 9.08.
Right of Setoff
...............................................................................................
168169
SECTION 9.09.
Governing Law; Jurisdiction; Consent to Service of Process
.......................
169

SECTION 9.10.
WAIVER OF JURY TRIAL
..........................................................................
170

SECTION 9.11.
Headings
........................................................................................................
170171
SECTION 9.12.
Confidentiality
...............................................................................................
170171
SECTION 9.13.
Interest Rate Limitation
.................................................................................
171172
SECTION 9.14.
Release of Liens and Guarantees
..................................................................
171172
SECTION 9.15.
USA PATRIOT Act Notice
............................................................................
172173
SECTION 9.16.
No Fiduciary Relationship
............................................................................
172173
SECTION 9.17.
Non-Public Information
................................................................................
173

SECTION 9.18.
Judgment Currency
.......................................................................................
173174

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SECTION 9.19.
Excluded Swap
Obligations...........................................................................
174175
SECTION 9.20.
Acknowledgement and Consent to Bail-In of EEA Financial
 
 
    Institutions
.................................................................................................
175176

vi

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19
accomplished by this Agreement or the Security Documents (it being acknowledged
that, notwithstanding anything to the contrary in this definition, the matters
that are expressly identified in the Post-Closing Letter Agreement shall be
required to be accomplished or satisfied on or before the date specified
therefor in the Post-Closing Letter Agreement);

(v)    nothing in this definition shall require the creation or perfection of
security interests in, or the obtaining of legal opinions or other deliverables
with respect to, particular assets or the provision of any Guarantee by any
Subsidiary if, and for so long as, the Administrative Agent, in consultation
with the Company, determines that the cost of creating or perfecting such
security interests in such assets, or obtaining such legal opinions or other
deliverables in respect of such assets, or providing such Guarantees (taking
into account any adverse tax consequences to the Company and the Subsidiaries),
shall be excessive in view of the benefits to be obtained by the Lenders
therefrom; and

(vi)    so long as the Hong Kong Guarantor constitutes a Designated Subsidiary
solely as a result of clause (b) of the definition of the term “Material
Subsidiary”, the Hong Kong Guarantor shall not be required to create any Liens
on its assets other than the Equity Interests in the Dutch Borrower.

“Collection Account” means (a) with respect to any U.S. Loan Party, any
U.S. Collection Account of such U.S. Loan Party and (b) with respect to the
Dutch Borrower, any Dutch Borrower Collection Account.

“Collection Lockboxes” means (a) with respect to any U.S. Loan Party, one or
more lockboxes established and maintained by a depositary bank in the United
States of America, Canada or England and Wales and with respect to which such
depositary bank retrieves and processes all checks and other evidences of
payment so received at such lockbox and deposits the same into any Collection
Account of such U.S. Loan Party and (b) with respect to the Dutch Borrower, one
or more lockboxes established and maintained by a depositary bank in the same
jurisdiction as any Dutch Borrower Collection Account and with respect to which
such depositary bank retrieves and processes all checks and other evidences of
payment so received at such lockbox and deposits the same into such Dutch
Borrower Collection Account.

“Commitment” means, with respect to each Lender, the commitment of such Lender
to make Revolving Loans and to acquire participations in Letters of Credit and
Protective Advances hereunder, expressed as an amount representing the maximum
aggregate permitted amount of such Lender’s Revolving Exposure hereunder, as
such commitment may be (a) reduced from time to time pursuant to Section 2.08,
(b) increased from time to time pursuant to Section 2.20 and (c) reduced or
increased from time to time pursuant to assignments by or to such Lender
pursuant to Section 9.04. The initial amount of each Lender’s Commitment is set
forth on Schedule 2.01, or in the Assignment and Assumption or Incremental
Facility Agreement pursuant to which such Lender shall have assumed its
Commitment, as applicable. The aggregate amount of the Lenders’ Commitments as
of the Effective Date is US$250,000,000.

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38
retention of title arrangements, (ii) extended retention of title arrangements
or (iii) broadened retention of title arrangements in favor of the vendor or
supplier thereof; provided that Inventory shall not be excluded from Eligible
Inventory solely pursuant to this clause (s) in the event that, prior to the
relevant date of determination, written notice of the existence of such
arrangements shall have been provided by the Company to each of the
Administrative Agent and the Co-Agent and the Administrative Agent has
established (or the Co-Agent has requested in writing the establishment of) a
Reserve with respect thereto in its Permitted Credit Judgment; or

(t) such Inventory was acquired by the Company or any Subsidiary in (or is owned
by any U.S. Loan Party that became a Subsidiary as a result of) any Acquisition
consummated after the Effective Date, unless a field examination and appraisal
thereof has been conducted pursuant to Section 5.09(b) (which appraisal and
field examination may be conducted prior to the closing of such Acquisition,
with the Administrative Agent agreeing that, reasonably promptly upon request of
the Company (and subject to reasonable cooperation by the Company and the
Subsidiaries and the relevant sellers), the Administrative Agent shall commence
or cause to be commenced such appraisal and field examination); provided that
Inventory shall not be made ineligible under this clause (t) so long as the
increase in the Aggregate Borrowing Base in effect at any time attributable to
such Inventory (to the extent otherwise constituting Eligible Inventory or
Eligible In-Transit Inventory) and to any Accounts that are not treated as
ineligible in reliance on the proviso in clause (dd) of the definition of
“Eligible Accounts” (to the extent otherwise constituting Eligible Accounts)
would not exceed 10% of the Aggregate Borrowing Base that would have been in
effect at such time had the ineligibility criteria set forth in this clause (t)
applied to such Inventory and the ineligibility criteria set forth in such
clause (dd) applied to such Accounts; provided further that the Company shall
have given prior written notice to each of the Administrative Agent and the
Co-Agent of its reliance on the foregoing proviso, together with a reasonably
detailed calculation of the compliance therewith.

Notwithstanding the foregoing, for purposes of determining the Aggregate
Borrowing Base, the U.S. Borrowing Base and the Non-U.S. Borrowing Base as of
any Borrowing Base Reporting Date falling during the period from (and including)
September 30, 2019 through (and including) November 30, 2019 (the “Hero8 Black
Inventory Transition Period”), Inventory consisting of finished goods Inventory
or bulk Inventory of GoPro HERO8 Black camera (“Hero8 Black Inventory”) shall
not be ineligible under clause (k) or (l) above solely on account of the design
update of such Inventory identified by the Company to the Administrative Agent
in connection with the Second Amendment (and not, for the avoidance of doubt,
any other design update, rework, repair or defect); provided that nothing in
this paragraph shall affect the right of the Administrative Agent to establish
or modify, and the right of the Co-Agent to request the establishment or an
increase of, in each case, in its Permitted Credit Judgment, any Reserve in
respect of Hero8 Black Inventory, including in respect of matters referred to
above in this paragraph.

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45
“Hero8 Black Inventory” has the meaning set forth in the definition of the term
Eligible Inventory.

“Hero8 Black Inventory Transition Period” has the meaning set forth in the
definition of the term Eligible Inventory.

“Hong Kong” means the Hong Kong Special Administrative Region of the People’s
Republic of China.

“Hong Kong Guarantor” means GoPro Hong Kong Limited, a company incorporated
under the laws of Hong Kong, with registration no. 1709932.

“Hong Kong Inventory” means Inventory of the Dutch Borrower or the Company
located in Hong Kong.

“Hong Kong Security Documents” means (a) the Debenture constituting a fixed and
floating charge over certain assets of the Company, dated the date hereof, made
between the Company and the Administrative Agent and (b) the Debenture
constituting a fixed and floating charge over certain assets of the Dutch
Borrower, dated the date hereof, made between the Dutch Borrower and the
Administrative Agent.

“Immediate Family” of a natural person means such person’s spouse, children,
siblings, parents, mother-in-law and father-in-law, sons-in-law,
daughters-in-law, brothers-in-law and sisters-in-law.

“Incremental Commitment” means, with respect to any Lender, the commitment, if
any, of such Lender, established pursuant to an Incremental Facility Agreement
and Section 2.20, to make Loans and to acquire participations in Letters of
Credit and Protective Advances hereunder, expressed as an amount representing
the maximum aggregate permitted amount of such Lender’s Revolving Exposure under
such Incremental Facility Agreement.

“Incremental Facility Agreement” means an Incremental Facility Agreement, in
form and substance reasonably satisfactory to the Administrative Agent, among
the Borrowers, the Administrative Agent and one or more Incremental Lenders,
establishing Incremental Commitments and effecting such other amendments hereto
and to the other Loan Documents as are contemplated by Section 2.20.
“Incremental Lender” means a Lender with an Incremental Commitment.

“Indebtedness” of any Person means, without duplication, (a) all obligations of
such Person for borrowed money, (b) all obligations of such Person evidenced by
bonds, debentures, notes or similar instruments, (c) all obligations of such
Person under conditional sale or other title retention agreements relating to
property acquired by such Person (excluding trade accounts payable incurred in
the ordinary course of business), (d) all obligations of such Person in respect
of the deferred purchase price of property or services (excluding (i) trade
accounts payable and accrued expenses incurred in the ordinary course of
business that constitute current liabilities, (ii)

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“Maturity Date” means the fifth anniversary of the Effective Date. “Maximum
Rate” has the meaning set forth in Section 9.13.

“MNPI” means material information concerning the Company, any Subsidiary or any
other Affiliate thereof or any securities of any of the foregoing that is not
Public Information. For purposes of this definition, “material information”
means information concerning the Company, the Subsidiaries or any other
Affiliate thereof, or any securities of any of the foregoing, that could
reasonably be expected to be material for purposes of the United States Federal
and state securities laws.

“Moody’s” means Moody’s Investors Service, Inc., and any successor to its rating
agency business.

“Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3)
of ERISA.

“Net Orderly Liquidation Value” means, with respect to any Inventory of any U.S.
Loan Party or the Dutch Borrower, the orderly liquidation value thereof as
determined in accordance with the most recent Inventory appraisal report (or any
supplement thereto) received by the Administrative Agent pursuant hereto, net of
all costs of liquidation thereof (it being understood that different types of
Inventory may have different Net Orderly Liquidation Values, and that Net
Orderly Liquidation Values with respect to any New Inventory may differ from Net
Orderly Liquidation Values with respect to other Inventory and it being agreed
that during the Hero8 Black Inventory Transition Period, the Administrative
Agent may, in its discretion, assign a Net Orderly Liquidation Value to Hero8
Black Inventory that is “bulk” Inventory that is the same as would be assigned
to Hero8 Black Inventory that is finished goods Inventory). In connection with
the preparation of any Borrowing Base Certificate by the Company, upon request
of the Company the Administrative Agent shall advise the Company of the
applicable Net Orderly Liquidation Values.

“New Inventory” means, at any time, Inventory relating to any product (including
drones, but excluding cameras and other capture devices and virtual reality
products and any related components and accessories) unless such product (or
such type of product) shall have been generally made available for sale by the
U.S. Loan Parties and the Dutch Borrower for at least six full calendar months
and such product shall have been covered by an appraisal received by the
Administrative Agent pursuant to this Agreement (and which appraisal has been
prepared as of a date that is not less than six full calendar months after the
first date on which any U.S. Loan Party or the Dutch Borrower shall have made
such product generally available for sale).

“New York UCC” means the Uniform Commercial Code as from time to time in effect
in the State of New York.

“Non-Defaulting Lender” means, at any time, any Lender that is not a Defaulting
Lender at such time.

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“Non-U.S. Administrative Agent Accounts” has the meaning set forth in Section
2.09(d).

“Non-U.S. Borrowing Base” means, at any time, an amount expressed in
U.S. dollars equal to the sum, without duplication, of:

(a)    the product of (i) 85% multiplied by (ii) (A) the Eligible Accounts of
the Dutch Borrower at such time minus (B) the Dilution Reserve with respect to
the Dutch Borrower; plus

(b)    the lesser of (i) the product of (A) 70% multiplied by (B) the Eligible
Inventory and the Eligible In-Transit Inventory of the Dutch Borrower, in each
case, valued at the lower of cost or market value (with cost determined without
regard to intercompany profit), determined on a first-in-first-out basis, at
such time and (ii) the product of (x) in the case of any New Inventory, 75% and
(y) in the case of all other Inventory, 85% (or during any Specified Period,
90%) multiplied by the Net Orderly Liquidation Value percentage or percentages
identified in the most recent Inventory appraisal report received by the
Administrative Agent pursuant hereto with respect to the Inventory of the Dutch
Borrower multiplied by the Eligible Inventory and the Eligible In-Transit
Inventory of the Dutch Borrower, in each case, valued at the lower of cost or
market value (with cost determined without regard to intercompany profit),
determined on a first-in-first-out basis, at such time; minus

(c)    Reserves;

provided that, notwithstanding the foregoing:

(i)    the portion of the Non-U.S. Borrowing Base attributable to Hong Kong
Inventory may not exceed at any time (x) at any time during the Hero8 Black
Inventory Transition Period, the difference at such time between (A) 50% of the
Aggregate Borrowing Base (determined prior to giving effect to any Reserves
other than the Dilution Reserve) at such time and (B) the aggregate amount of
Hong Kong Inventory included in the U.S. Borrowing Base at such time and (y) at
any time other than during the Hero8 Black Inventory Transition Period, the
difference at such time between (xA) 25% of the Aggregate Borrowing Base
(determined prior to giving effect to any Reserves other than the Dilution
Reserve) at such time and (yB) the aggregate amount of Hong Kong Inventory
included in the U.S. Borrowing Base at such time; and

(ii)    the portion of the Non-U.S. Borrowing Base attributable to Eligible
In-Transit Inventory may not exceed at any time the difference at such time
between (x) 10% of the Aggregate Borrowing Base (determined prior to giving
effect to any Reserves other than the Dilution Reserve) at such time and (y) the
aggregate amount of Eligible In-Transit Inventory included in the U.S. Borrowing
Base at such time;

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(iii)    the portion of the Non-U.S. Borrowing Base attributable to New
Inventory may not exceed at any time the difference at such time between (x) 10%
of the Aggregate Borrowing Base (determined prior to giving effect to any
Reserves other than the Dilution Reserve) at such time and (y) the aggregate
amount of New Inventory included in the U.S. Borrowing Base at such time; and

(iv)    the sum of (x) the Non-U.S. Borrowing Base and (y) the portion of the
U.S. Borrowing Base attributable to the Specified Foreign Eligible Accounts may
not exceed at any time (A) at any time during the Hero8 Black Inventory
Transition Period, 60% of the Aggregate Borrowing Base (determined prior to
giving effect to any Reserves other than the Dilution Reserve) at such time and
(B) at any time other than during the Hero8 Black Inventory Transition Period,
45% of the Aggregate Borrowing Base (determined prior to giving effect to any
Reserves other than the Dilution Reserve) at such time.

The Administrative Agent may establish and modify, and the Co-Agent may request
in writing the establishment or an increase of, Reserves in respect of the
Non-U.S. Borrowing Base, in each case in its Permitted Credit Judgment, and any
newly-established or modified Reserves shall become effective on the third
Business Day after delivery of notice thereof to the Administrative Agent (if
any such change is requested in writing by the Co-Agent), the Company and the
Lenders; provided, however, that (a) a Reserve shall not be established to the
extent it is duplicative of any other Reserve or items that are otherwise
excluded through eligibility criteria and (b) the amount of any Reserve shall
have a reasonable relationship (as determined by the Administrative Agent or the
Co-Agent, in each case in its Permitted Credit Judgment) to the circumstance,
event, condition, contingencies or other matter that is the basis therefor. A
Reserve established by the Administrative Agent (including at the request in
writing of the Co-Agent) with respect to any circumstance, event, condition,
contingency or other matter shall be promptly released or reduced upon such
circumstance, event, condition, contingency or other matter ceasing to exist or
otherwise being addressed by the Dutch Borrower, in each case, to the
satisfaction of the Administrative Agent and the Co-Agent, in each case in its
Permitted Credit Discretion. Subject to the preceding provisions of this
paragraph and the other provisions hereof expressly permitting the
Administrative Agent to adjust (and the Co-Agent to request in writing the
adjustment of) the Non-U.S. Borrowing Base, the Non-U.S. Borrowing Base at any
time shall be determined by reference to the most recent Borrowing Base
Certificate delivered to each of the Administrative Agent and the Co-Agent
pursuant to Section 5.01(e) (or, prior to the first such delivery, delivered to
the Administrative Agent pursuant to Section 4.01).

“Non-U.S. Loan Party” means the Dutch Borrower and each other Loan Party that is
a CFC or a CFC Holding Company.

“Non-U.S. Pledge Agreement” means a pledge or charge agreement granting to the
Administrative Agent a Lien on Equity Interests in a Non-U.S. Subsidiary and
governed by the law of the jurisdiction of formation, incorporation or
organization of such Non-U.S. Subsidiary, in form and substance reasonably
satisfactory to the Administrative Agent.

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any Subsidiary, or any payment or distribution (whether in cash, securities or
other property), including any sinking fund or similar deposit, on account of
the purchase, redemption, retirement, acquisition, exchange, conversion,
cancellation or termination of, or any other return of capital with respect to,
any Equity Interests in the Company or any Subsidiary.

“Resulting Revolving Borrowings” has the meaning set forth in Section 2.20(e).

“Revolving Borrowing” means a Borrowing consisting of Revolving Loans.

“Revolving Exposure” means, with respect to any Lender at any time, the
sum of the outstanding principal amount of such Lender’s Revolving Loans and
such Lender’s LC Exposure and Protective Advance Exposure at such time.

“Revolving Loan” means a Loan made pursuant to Section 2.01.

“S&P” means Standard & Poor’s Ratings Group, a division of McGraw-Hill
Financial, Inc., and any successor to its rating agency business.

“Sale/Leaseback Transaction” means an arrangement relating to property owned by
the Company or any Subsidiary whereby the Company or such Subsidiary sells or
transfers such property to any Person and the Company or any Subsidiary leases
such property, or other property that it intends to use for substantially the
same purpose or purposes as the property sold or transferred, from such Person
or its Affiliates.

“Sanctioned Country” means, at any time, a country, region or territory that is
itself the subject or target of any Sanctions (at the date of this Agreement,
Crimea, Cuba, Iran, North Korea, Sudan and Syria).

“Sanctioned Person” means, at any time, (a) any Person listed in any
Sanctions-related list of designated Persons maintained by OFAC or the U.S.
Department of State or by the United Nations Security Council, the European
Union or any European Union member state or Her Majesty’s Treasury of the United
Kingdom, (b) any Person operating, organized or resident in a Sanctioned Country
or (c) any Person owned or controlled by any Person or Persons described in the
preceding clauses (a) and (b).

“Sanctions” means all economic or financial sanctions or trade embargoes
imposed, administered or enforced from time to time by (a) the U.S. government,
including those administered by OFAC or the U.S. Department of State, or (b) the
United Nations Security Council, the European Union, any European Union member
state or Her Majesty’s Treasury of the United Kingdom.

“SEC” means the United States Securities and Exchange Commission.

“Second Amendment” means Amendment No. 2 dated as of September 27, 2019, to this
Agreement.

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“Secured Cash Management Services Agreement” means (a) any agreement relating to
Cash Management Services that is between the Company or any Subsidiary and the
Administrative Agent or any of its Affiliates, whether or not such Person shall
have been the Administrative Agent or such Affiliate at the time the applicable
agreement was entered into, and (b) any agreement relating to Cash Management
Services that is between the Company or any Subsidiary and any other Cash
Management Services Provider and that, in the case of this clause (b), is
designated as a “Secured Cash Management Services Agreement” by written notice
from the Company and such Cash Management Services Provider to each of the
Administrative Agent and the Co-Agent in form and detail reasonably satisfactory
to the Administrative Agent.

“Secured Cash Management Services Obligations” means all obligations of every
nature of the Company and each Subsidiary (whether absolute or contingent and
howsoever and whensoever created, arising, evidenced or acquired (including all
renewals, extensions and modifications thereof and substitutions therefor))
arising in respect of Cash Management Services provided under any Secured Cash
Management Services Agreement.

“Secured Hedging Agreement” means (a) any Hedging Agreement that is entered into
between the Company or any Subsidiary and a counterparty that is, or was on the
Effective Date, the Administrative Agent or any of its Affiliates, whether or
not such counterparty shall have been the Administrative Agent or such Affiliate
at the time such Hedging Agreement was entered into, (b) any Hedging Agreement
that is in effect on the Effective Date between the Company or any Subsidiary
and a counterparty that is a Lender or an Affiliate of a Lender as of the
Effective Date or (c) any Hedging Agreement that is entered into after the
Effective Date by the Company or any Subsidiary and a counterparty that is a
Lender or an Affiliate of a Lender at the time such Hedging Agreement is entered
into and that, in the case of clauses (b) and (c), is designated as a “Secured
Hedging Agreement” by written notice from the Company and the applicable
counterparty to each of the Administrative Agent and the Co-Agent in form and
detail reasonably satisfactory to the Administrative Agent.

“Secured Hedging Obligations” means all obligations of every nature of the
Company or any Subsidiary under each Secured Hedging Agreement (whether absolute
or contingent and howsoever and whensoever created, arising, evidenced or
acquired (including all renewals, extensions and modifications thereof and
substitutions therefor)), including obligations for interest (including interest
that would continue to accrue pursuant to such Secured Hedging Agreement on any
such obligation after the commencement of any proceeding under any Federal,
state or foreign bankruptcy, insolvency, receivership or similar law with
respect to the Company or any Subsidiary, whether or not such interest is
allowed or allowable against the Company or such Subsidiary in any such
proceeding), payments for early termination of such Hedging Agreement, fees,
expenses and indemnification.

“Secured Obligations” means (a) all the Loan Document Obligations, (b) all the
Secured Cash Management Services Obligations and (c) all the Secured Hedging
Obligations; provided that when such term is used in reference to (i) any
Non-U.S. Loan

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market value (with cost determined without regard to intercompany profit),
determined on a first-in-first-out basis, at such time; minus

(c) Reserves;

provided that, notwithstanding the foregoing:

(i)    the portion of the U.S. Borrowing Base attributable to Hong Kong
Inventory may not exceed at any time(x) at any time during the Hero8 Black
Inventory Transition Period, 50% of the Aggregate Borrowing Base (determined
prior to giving effect to any Reserves other than the Dilution Reserve) at such
time and (y) at any time other than during the Hero8 Black Inventory Transition
Period, 25% of the Aggregate Borrowing Base (determined prior to giving effect
to any Reserves other than the Dilution Reserve) at such time;

(ii)    the portion of the U.S. Borrowing Base attributable to Eligible
In-Transit Inventory may not exceed at any time 10% of the Aggregate Borrowing
Base (determined prior to giving effect to any Reserves other than the Dilution
Reserve) at such time;

(iii)    the portion of the U.S. Borrowing Base attributable to New Inventory
may not exceed at any time 10% of the Aggregate Borrowing Base (determined prior
to giving effect to any Reserves other than the Dilution Reserve) at such time;
and

(iv)    the sum of (x) the Non-U.S. Borrowing Base and (y) the portion of the
U.S. Borrowing Base attributable to the Specified Foreign Eligible Accounts may
not exceed at any time(A) at any time during the Hero8 Black Inventory
Transition Period, 60% of the Aggregate Borrowing Base (determined prior to
given effect to any Reserves other than the Dilution Reserve) at such time and
(B) at any time other than during the Hero8 Black Inventory Transition Period,
45% of the Aggregate Borrowing Base (determined prior to giving effect to any
Reserves other than the Dilution Reserve) at such time.

The Administrative Agent may establish and modify, and the Co-Agent may request
in writing the establishment or an increase of, Reserves in respect of the U.S.
Borrowing Base, in each case in its Permitted Credit Judgment, and any
newly-established or modified Reserves shall become effective on the third
Business Day after delivery of notice thereof to the Administrative Agent (if
any such change is requested in writing by the Co-Agent), the Company and the
Lenders; provided, however, that (a) a Reserve shall not be established to the
extent it is duplicative of any other Reserve or items that are otherwise
excluded through eligibility criteria and (b) the amount of any Reserve shall
have a reasonable relationship (as determined by the Administrative Agent or the
Co-Agent, in each case in its Permitted Credit Judgment) to the circumstance,
event, condition, contingencies or other matter that is the basis therefor. A
Reserve established by the Administrative Agent (including at the request in
writing of the Co-Agent) with

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respect to any circumstance, event, condition, contingency or other matter shall
be promptly released or reduced upon such circumstance, event, condition,
contingency or other matter ceasing to exist or otherwise being addressed by the
U.S. Loan Parties, in each case, to the satisfaction of the Administrative Agent
and the Co-Agent, in each case in its Permitted Credit Discretion. Subject to
the preceding provisions of this paragraph and the other provisions hereof
expressly permitting the Administrative Agent to adjust (and the Co-Agent to
request in writing the adjustment of) the U.S. Borrowing Base, the U.S.
Borrowing Base at any time shall be determined by reference to the most recent
Borrowing Base Certificate delivered to the Administrative Agent pursuant to
Section 5.01(e) (or, prior to the first such delivery, delivered to the
Administrative Agent pursuant to Section 4.01).

“U.S. Collateral Agreement” means the U.S. Collateral Agreement dated as of the
date hereof, among the Company, the other U.S. Loan Parties and the
Administrative Agent, substantially in the form of Exhibit K, together with all
supplements thereto.

“U.S. Collection Account” means any deposit account of any U.S. Loan Party
located with a depositary bank in the United States of America or, Canada or
England and Wales and into which any payments or remittances with respect to any
Accounts of any U.S. Loan Party are made.

“U.S. dollars” or “US$” refers to lawful money of the United States of
America.

“U.S. IP Security Agreements” has the meaning set forth in the U.S.
Collateral Agreement.

“U.S. Loan Party” means the Company and each Subsidiary Loan Party that is not a
CFC or a CFC Holding Company.

“U.S. Person” means a “United States Person” within the meaning of Section
7701(a)(30) of the Code.

“U.S. Revolving Exposure” means, at any time, the sum of (a) the outstanding
principal amount of the Revolving Loans and Protective Advances made to the
Company and (b) the aggregate amount of LC Exposure attributable to Letters of
Credit issued for the account of the Company.

“U.S. Subsidiary” means any Subsidiary incorporated or organized under the laws
of the United States of America, any State thereof or the District of Columbia.

“U.S. Tax Compliance Certificate” has the meaning set forth in Section
2.16(f)(ii)(B)(iii).

“USA PATRIOT Act” means the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001.

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