EXHIBIT 10.1

SUPPLEMENT NO. 1 (this “Supplement”) dated as of September 9, 2016, to the
Amendment No. 3 and Waiver (as defined below).

WHEREAS, CLAIRE’S INC., a Delaware corporation (“Holdings”), CLAIRE’S STORES,
INC., a Florida corporation (the “Borrower”), the SUBSIDIARY LOAN PARTIES
hereto, the LENDERS party hereto and CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH as
administrative agent (the “Administrative Agent”) are parties to that certain
Amendment No. 3 and Waiver (the “Amendment No. 3 and Waiver”) dated as of August
12, 2016, under the Amended and Restated Credit Agreement, dated as of September
20, 2012, among Holdings, the Borrower, the Administrative Agent, the Lenders
party thereto from time to time and the agents, arrangers and bookrunners party
thereto, as in effect on the date hereof (as amended on September 10, 2015 and
April 30, 2014, the “Original Credit Agreement”);

WHEREAS, Section 9.08 of the Original Credit Agreement provides that Holdings,
the Borrower and the Required Lenders may enter into this Supplement; and

WHEREAS, Holdings, the Borrower and the Required Lenders desire to supplement
the Amendment No. 3 and Waiver on the terms set forth herein.

NOW, THEREFORE, the Amendment No. 3 and Waiver is supplemented as follows:

SECTION 1. Supplement to the Amendment No. 3 and Waiver. The Amendment No. 3 and
Waiver is hereby supplemented to insert the changed page annexed hereto as Annex
1 into Section 7.03 of the Second Amended and Restated Credit Agreement attached
to the Amendment No. 3 and Waiver and thereby amend. To the extent not all
Lenders sign this Supplement but Required Lenders sign, this Supplement shall be
deemed to be a further amendment to the Second Amended and Restated Credit
Agreement effective concurrently with the Second Amended and Restated Credit
Agreement Effective Date.

SECTION 2. Conditions to Supplement. The Supplement shall become effective on
the date (the “Supplement Effective Date”) when the Administrative Agent (or its
counsel) shall have received from the Administrative Agent, Holdings, the
Borrower and Lenders constituting the Required Lenders either (i) a counterpart
of this Supplement signed on behalf of such party or (ii) written evidence
reasonably satisfactory to the Administrative Agent (which may include telecopy
or electronic transmission of a signed signature page of this Agreement) that
such party has signed a counterpart of this Supplement.

SECTION 3. No Novation. Nothing herein contained shall be construed as a
substitution or novation of the Obligations outstanding under the Original
Credit Agreement or instruments securing the same, which shall remain in full
force and effect in accordance with the Original Credit Agreement, except as
modified hereby.

SECTION 4. Applicable Law; Waiver of Jury Trial. This Supplement shall
constitute a “Loan Document” for purposes of the Original Credit Agreement. The
provisions of Section 9.07, 9.11, 9.13 and 9.15 of the Original Credit Agreement
are incorporated herein mutatis mutandis.

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[signature pages follow]

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

 

CLAIRE’S INC. CLAIRE’S STORES, INC. BMS DISTRIBUTING CORP. CBI DISTRIBUTING
CORP. CLAIRE’S BOUTIQUES, INC. CLAIRE’S CANADA CORP. CLAIRE’S PUERTO RICO CORP.

 

By:  

/s/ Stephen Sernett

  Name: Stephen Sernett   Title: Vice President & Associate General   Counsel

 

CSI CANADA LLC By:  

/s/ Stephen Sernett

  Name: Stephen Sernett   Title: Manager

[Claire’s Supplement No. 1 to Amendment No. 3 and Waiver Signature Page]

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CREDIT SUISSE AG, CAYMAN ISLANDS

BRANCH, as Administrative Agent and a Lender

By:  

/s/ Bryan J. Matthews

  Name: Bryan J. Matthews   Title: Authorized Signatory

 

By:  

/s/ Jeremy Roberts Stern

  Name: Jeremy Roberts Stern   Title: Authorized Signatory

[Claire’s Supplement No. 1 to Amendment No. 3 and Waiver Signature Page]

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GOLDMAN SACHS BANK USA, as a Lender By:  

 

  Name:   Title:

 

By:  

 

  Name:   Title:

[Claire’s Supplement No. 1 to Amendment No. 3 and Waiver Signature Page]

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ING CAPITAL LLC, as a Lender By:  

/s/ Joseph McAdams

  Name: Joseph McAdams   Title: Managing Director By:  

/s/ Ian Nyi

  Name: Ian Nyi   Title: Vice President

[Claire’s Supplement No. 1 to Amendment No. 3 and Waiver Signature Page]

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JPMORGAN CHASE BANK, N.A., as a Lender

By:  

/s/ Neil R. Boylan

  Name: Neil R. Boylan   Title: Managing Director

[Claire’s Supplement No. 1 to Amendment No. 3 and Waiver Signature Page]

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ROYAL BANK OF CANADA, as a Lender By:  

/s/ Richard Hall

  Name: Richard Hall   Title: Senior Director

[Claire’s Supplement No. 1 to Amendment No. 3 and Waiver Signature Page]

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Annex 1

(Changed Page to Section 7.03 of Second Amended and Restated Credit Agreement)

SECTION 7.03. Right to Cure. Notwithstanding anything to the contrary contained
in Section 7.01, in the event that the Borrower fails (or, but for the operation
of this Section 7.03, would fail) to comply with the requirements of the
Financial Performance Covenant as of the last day of any fiscal quarter, then
from the first day of such fiscal quarter until the expiration of the 10th day
subsequent to the date the certificate calculating such Financial Performance
Covenant for such fiscal quarter is required to be delivered pursuant to Section
5.04(c), any Parent Entity and/or Holdings shall have the right to issue
Permitted Cure Securities for cash or otherwise receive cash contributions to
the capital of any Parent Entity and/or Holdings and, in each case, to
contribute any such cash, or other cash on the balance sheet of Holdings on or
prior to the closing of the Exchange Transactions, up to $11.5 million, to the
capital of the Borrower (collectively, the “Cure Right”), and upon the receipt
by the Borrower of such cash as a contribution to the common equity of the
Borrower (the “Cure Amount”) pursuant to the exercise by any Parent Entity
and/or Holdings of such Cure Right such Financial Performance Covenant shall be
recalculated giving effect to a pro forma adjustment by which EBITDA shall be
increased with respect to such applicable quarter and any four-quarter period
that contains such quarter, solely for the purpose of measuring the Financial
Performance Covenant and not for any other purpose under this Agreement, by an
amount equal to the Cure Amount; provided, that, (i) there shall be no more than
five exercises of the Cure Right in the aggregate and in each
four-fiscal-quarter period there shall at least two fiscal quarters in which the
Cure Right is not exercised, (ii) for purposes of this Section 7.03, except in
the case of cash on the balance sheet of Holdings on or prior to the closing of
the Exchange Transactions, up to $11.5 million, the Cure Amount shall be no
greater than the amount required for purposes of complying with the Financial
Performance Covenant, (iii) there shall be no pro forma reduction in Senior
Secured Debt as a result of any exercise of a Cure Right (including with respect
to the up to $11.5 million contributed from any Parent Entity and/or Holdings to
the capital of the Borrower as described above) and (iv) the Cure Amount shall
not increase any “basket” set forth herein or constitute the basis for any other
exception to any restriction on making Investments, Restricted Payments or
prepayments of Junior Debt. If, after giving effect to the adjustments in this
Section 7.03, the Borrower shall then be in compliance with the requirements of
the Financial Performance Covenant, the Borrower shall be deemed to have
satisfied the requirements of the Financial Performance Covenant as of the
relevant date of determination with the same effect as though there had been no
failure to comply therewith at such date, and the applicable breach or default
of the Financial Performance Covenant that had occurred shall be deemed cured
for the purposes of this Agreement.