Exhibit 10.1

THIRD AMENDMENT TO RESTRUCTURING SUPPORT AGREEMENT

This THIRD AMENDMENT TO RESTRUCTURING SUPPORT AGREEMENT (this “Amendment”),
dated as of October 28, 2020, is made and entered into by and among J. C. Penney
Company, Inc. as a debtor in possession, together with certain of its direct and
indirect subsidiaries (collectively, the “Company Parties”) on the one hand, and
the Consenting First Lien Lenders party hereto, on the other, (collectively, the
“Amending Consenting First Lien Lenders” and, together with the Company Parties,
the “Amendment Parties”), effective as of October 28, 2020 (the “Amendment
Effective Date”).

WHEREAS, reference is made to the Restructuring Support Agreement, effective as
of May 15, 2020 (as such agreement may be amended, restated, supplemented or
otherwise modified from time to time, the “RSA”) by and among the Company
Parties and the Consenting First Lien Lenders party thereto;

WHEREAS, the Amending Consenting First Lien Lenders constitute the Required
Consenting First Lien Lenders;

NOW, THEREFORE, in consideration of the mutual promises contained herein, along
with other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the Amendment Parties hereby agree as follows:

 

  1.

Capitalized Terms. Capitalized terms used but not defined in this Amendment have
the meanings ascribed to such terms in the RSA.

 

  2.

Amendment. The RSA is hereby amended by:

 

  a.

Revising the Credit Bid Term Sheet attached as Exhibit E to the RSA by
(i) adding “and the Asset Purchase Agreement attached hereto as Exhibit A” after
the words “as detailed in the APA Term Sheet attached hereto as Exhibit
[            ]” in the section titled “Bid” and (ii) adding the words “or Asset
Purchase Agreement, as applicable” after the words “APA Term Sheet” in the
sections titled “Assumed Liabilities”, “Excluded Liabilities” and “Excluded
Assets.”

 

  b.

Attaching as “Exhibit A” to the Credit Bid Term Sheet the APA that is attached
as Schedule 1 to this Amendment.

 

  3.

Other Miscellaneous Items. The provisions of Section 14.05 (Governing Law and
Jurisdiction), Section 14.06 (Trial by Jury Waiver), Section 14.07 (Execution of
Agreement), Section 14.08 (Rules of Construction); Section 14.15 (Several, Not
Joint Claims, and Section 14.16 (Severability and Construction) of the RSA shall
apply mutatis mutandis to this Amendment.

[Signature Pages Follow]

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IN WITNESS WHEREOF, the Amending Parties have caused this THIRD AMENDMENT TO
RESTRUCTURING SUPPORT AGREEMENT to be duly executed as of the date above
written.

 

COMPANY PARTIES: J. C. PENNEY COMPANY, INC. J. C. PENNEY CORPORATION, INC.
JCPENNEY SERVICES, LLC JCP REALTY, LLC

JCP NEW JERSEY, LLC

JCPSSC, INC.

J. C. PENNEY DIRECT MARKETING SERVICES, LLC JCP CONSTRUCTION SERVICES, INC. JCP
PROCUREMENT, INC. J. C. PENNEY EXPORT MERCHANDISING CORPORATION J. C. PENNEY
INTERNATIONAL, INC. JCPENNEY PUERTO RICO, INC. JCP MEDIA, INC. JCP TELECOM
SYSTEMS, INC. FUTURE SOURCE LLC By:  

/s/ Bill Wafford

Name:   Bill Wafford Title:   Chief Financial Officer JCP REAL ESTATE HOLDINGS,
LLC J. C. PENNEY PROPERTIES, LLC J. C. PENNEY PURCHASING CORP. By:  

/s/ Dawn Wolverton

Name:   Dawn Wolverton Title:   Assistant Secretary

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AMENDING CONSENTING FIRST LIEN LENDER: Brigade Capital Management, LP as
Investment Manager, on Behalf of its Various Funds and Accounts By:  

/s/ Patrick Criscillo

Name:   Patrick Criscillo Title:   Chief Financial Officer

 

[Signature Page to Amendment to Restructuring Support Agreement]

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H/2 CAPITAL PARTNERS LLC By:  

/s/ Ashvin Rao

Name:   Ashvin Rao Title:   Authorized Signatory

 

[Signature Page to Amendment to Restructuring Support Agreement]

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KKR Credit Advisors (US) LLC, as investment advisor on behalf of the funds and
accounts listed below:

KKR CLO 10 Ltd.

KKR CLO 11 Ltd.

KKR CLO 12 Ltd.

KKR CLO 13 Ltd.

KKR CLO 14 Ltd.

KKR CLO 15 Ltd.

KKR CLO 16 Ltd.

KKR CLO 17 Ltd.

KKR CLO 18 Ltd.

KKR CLO 19 Ltd.

KKR CLO 20 Ltd.

KKR CLO 21 Ltd.

KKR CLO 22 Ltd.

KKR CLO 23 Ltd.

KKR CLO 24 Ltd.

KKR CLO 25 Ltd.

KKR CLO 27 Ltd.

KKR CLO 28 Ltd.

KKR CLO 9 LTD.

KKR DAF Syndicated Loan and High Yield Fund DAC KKR Financial CLO 2013-1, Ltd.

KKR Senior Floating Rate Income Fund

Oregon Public Employees Retirement Fund

By:  

/s/ Jeffrey M. Smith

Name:   Jeffrey M. Smith Title:   Authorized Signatory

 

[Signature Page to Amendment to Restructuring Support Agreement]

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Owl Creek Asset Management, L.P. By:  

/s/ Reuben Kopel

Name:   Reuben Kopel Title:   General Counsel

 

[Signature Page to Amendment to Restructuring Support Agreement]

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SIXTH STREET SPECIALTY LENDING, INC. By:  

/s/ Joshua Easterly

Name:   Joshua Easterly Title:   Chief Executive Officer

 

[Signature Page to Amendment to Restructuring Support Agreement]

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TAO FINANCE 3-A, LLC By:  

/s/ Joshua Peck

Name:   Joshua Peck Title:   Vice President

 

[Signature Page to Amendment to Restructuring Support Agreement]

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REDWOOD IV FINANCE 3, LLC By:  

/s/ Joshua Peck

Name:   Joshua Peck Title:   Vice President

 

[Signature Page to Amendment to Restructuring Support Agreement]

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Sculptor GC Opportunities Master Fund, Ltd. By:   Sculptor Capital LP, its
investment manager By:   Sculptor Capital Holding Corporation, its General
Partner By:  

/s/ Wayne Cohen

Name:   Wayne Cohen Title:   President and Chief Operating Officer

 

[Signature Page to Amendment to Restructuring Support Agreement]

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Sculptor SC II, LP By:   Sculptor Capital II LP, its investment manager By:  
Sculptor Capital Holding II LLC, its General Partner By:   Sculptor Capital LP,
its Member By:   Sculptor Capital Holding Corporation, its General Partner By:  

/s/ Wayne Cohen

Name:   Wayne Cohen Title:   President and Chief Operating Officer

 

[Signature Page to Amendment to Restructuring Support Agreement]

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Sculptor Credit Opportunities Master Fund, Ltd. By:   Sculptor Capital LP, its
investment manager By:   Sculptor Capital Holding Corporation, its General
Partner By:  

/s/ Wayne Cohen

Name:   Wayne Cohen Title:   President and Chief Operating Officer

 

[Signature Page to Amendment to Restructuring Support Agreement]

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Sculptor Enhanced Master Fund, Ltd. By:   Sculptor Capital LP, its investment
manager By:   Sculptor Capital Holding Corporation, its General Partner By:  

/s/ Wayne Cohen

Name:   Wayne Cohen Title:   President and Chief Operating Officer

 

[Signature Page to Amendment to Restructuring Support Agreement]

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Sculptor Master Fund, Ltd. By:   Sculptor Capital LP, its investment manager By:
  Sculptor Capital Holding Corporation, its General Partner By:  

/s/ Wayne Cohen

Name:   Wayne Cohen Title:   President and Chief Operating Officer

 

[Signature Page to Amendment to Restructuring Support Agreement]

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SPCP Access Holdings, LLC By:  

/s/ Jessie Dorigo

Name:   Jesse Dorigo Title:   Authorized Signatory SPCP Institutional Group, LLC
By:  

/s/ Jessie Dorigo

Name:   Jesse Dorigo Title:   Authorized Signatory SPCP Group, LLC By:  

/s/ Jessie Dorigo

Name:   Jesse Dorigo Title:   Authorized Signatory

 

[Signature Page to Amendment to Restructuring Support Agreement]

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Whitebox Relative Value Partners, L.P. By:   Whitebox Advisors LLC its
investment manager By:  

/s/ Luke Harris

Name:   Luke Harris Title:   General Counsel – Corporate, Transactions &
Litigation By:   Whitebox Advisors LLC its investment manager By:  

/s/ Luke Harris

Name:   Luke Harris Title:   General Counsel – Corporate, Transactions &
Litigation Whitebox Multi-Strategy Partners, L.P. By:   Whitebox Advisors LLC
its investment manager By:  

/s/ Luke Harris

Name:   Luke Harris Title:   General Counsel – Corporate, Transactions &
Litigation Pandora Select Partners, L.P. By:   Whitebox Advisors LLC its
investment manager By:  

/s/ Luke Harris

Name:   Luke Harris Title:   General Counsel – Corporate, Transactions &
Litigation

 

[Signature Page to Amendment to Restructuring Support Agreement]