# EDGAR Filing Document

**Accession Number:** 0000885245
**File Stem:** 0000885245-25-000102
**Filing Date:** 2025-9
**Character Count:** 193076
**Document Hash:** f708d83427e76bc5afd2728106e66f50
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000885245-25-000102.hdr.sgml**: 20250911

**ACCESSION NUMBER**: 0000885245-25-000102

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 60

**CONFORMED PERIOD OF REPORT**: 20250802

**FILED AS OF DATE**: 20250911

**DATE AS OF CHANGE**: 20250911

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BUCKLE INC
- **CENTRAL INDEX KEY:** 0000885245
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-FAMILY CLOTHING STORES [5651]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 470366193
- **STATE OF INCORPORATION:** NE
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-12951
- **FILM NUMBER:** 251308193

**BUSINESS ADDRESS:**
- **STREET 1:** 2407 W 24TH ST
- **CITY:** KEARNEY
- **STATE:** NE
- **ZIP:** 68847
- **BUSINESS PHONE:** 3082368491

**MAIL ADDRESS:**
- **STREET 1:** P O BOX 1480
- **CITY:** KEARNEY
- **STATE:** NE
- **ZIP:** 68848-1480

?xml version='1.0' encoding='ASCII'? bke-20250802

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 10-Q**

🗹 **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

For the Quarterly Period Ended August 2, 2025

□ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

For the Transition Period from ____________ to ____________

Commission File Number: **001-12951**

**THE BUCKLE, INC.**

(Exact name of Registrant as specified in its charter)

---

| | |
|:---|:---|
| **Nebraska** | **47-0366193** |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |

---

**2407 West 24th Street, Kearney, Nebraska 68845-4915**

(Address of principal executive offices)&nbsp;&nbsp;&nbsp;&nbsp; (Zip Code)

Registrant's telephone number, including area code: **(308) 236-8491**

____________________________________________________________________

(Former name, former address, and former fiscal year if changed since last report)

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **<u>Title of Each Class</u>** | **<u>Trading Symbol(s)</u>** | **<u>Name of Each Exchange on Which Registered</u>** |
| Common Stock, $0.01 par value | BKE | New York Stock Exchange |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes 🗹 No □

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for a shorter period that the registrant was required to submit such files). Yes 🗹 No □

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer 🗹; Accelerated filer □;

Non-accelerated filer □; Smaller reporting company □;

Emerging growth company □

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes □ No 🗹

The number of shares outstanding of the Registrant's Common Stock, $0.01 par value, as of September 5, 2025, was 51,156,626.

------

THE BUCKLE, INC.

FORM 10-Q

INDEX

---

| | | |
|:---|:---|:---|
| | | <u>Pages</u> |
| Part I. Financial Information (unaudited) | Part I. Financial Information (unaudited) | Part I. Financial Information (unaudited) |
| <u>[Item 1.](#i08130e41f13c40ecad7b3bfc574b9b05_10)</u> | <u>[Financial Statements](#i08130e41f13c40ecad7b3bfc574b9b05_10)</u> | [3](#i08130e41f13c40ecad7b3bfc574b9b05_10) |
| <u>[Item 2.](#i08130e41f13c40ecad7b3bfc574b9b05_73)</u> | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i08130e41f13c40ecad7b3bfc574b9b05_73)</u> | [15](#i08130e41f13c40ecad7b3bfc574b9b05_73) |
| <u>[Item 3.](#i08130e41f13c40ecad7b3bfc574b9b05_100)</u> | <u>[Quantitative and Qualitative Disclosures About Market Risk](#i08130e41f13c40ecad7b3bfc574b9b05_100)</u> | [21](#i08130e41f13c40ecad7b3bfc574b9b05_100) |
| <u>[Item 4.](#i08130e41f13c40ecad7b3bfc574b9b05_103)</u> | <u>[Controls and Procedures](#i08130e41f13c40ecad7b3bfc574b9b05_103)</u> | [21](#i08130e41f13c40ecad7b3bfc574b9b05_103) |
| Part II. Other Information | Part II. Other Information | Part II. Other Information |
| <u>[Item 1.](#i08130e41f13c40ecad7b3bfc574b9b05_109)</u> | <u>[Legal Proceedings](#i08130e41f13c40ecad7b3bfc574b9b05_109)</u> | [22](#i08130e41f13c40ecad7b3bfc574b9b05_109) |
| <u>[Item 1A.](#i08130e41f13c40ecad7b3bfc574b9b05_112)</u> | <u>[Risk Factors](#i08130e41f13c40ecad7b3bfc574b9b05_112)</u> | [22](#i08130e41f13c40ecad7b3bfc574b9b05_112) |
| <u>[Item 2.](#i08130e41f13c40ecad7b3bfc574b9b05_115)</u> | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#i08130e41f13c40ecad7b3bfc574b9b05_115)</u> | [22](#i08130e41f13c40ecad7b3bfc574b9b05_115) |
| <u>[Item 3.](#i08130e41f13c40ecad7b3bfc574b9b05_118)</u> | <u>[Defaults Upon Senior Securities](#i08130e41f13c40ecad7b3bfc574b9b05_118)</u> | [22](#i08130e41f13c40ecad7b3bfc574b9b05_118) |
| <u>[Item 4.](#i08130e41f13c40ecad7b3bfc574b9b05_121)</u> | <u>[Mine Safety Disclosures](#i08130e41f13c40ecad7b3bfc574b9b05_121)</u> | [22](#i08130e41f13c40ecad7b3bfc574b9b05_121) |
| <u>[Item 5.](#i08130e41f13c40ecad7b3bfc574b9b05_124)</u> | <u>[Other Information](#i08130e41f13c40ecad7b3bfc574b9b05_124)</u> | [22](#i08130e41f13c40ecad7b3bfc574b9b05_124) |
| <u>[Item 6.](#i08130e41f13c40ecad7b3bfc574b9b05_127)</u> | <u>[Exhibits](#i08130e41f13c40ecad7b3bfc574b9b05_127)</u> | [23](#i08130e41f13c40ecad7b3bfc574b9b05_127) |
| <u>[Signatures](#i08130e41f13c40ecad7b3bfc574b9b05_130)</u> | <u>[Signatures](#i08130e41f13c40ecad7b3bfc574b9b05_130)</u> | [24](#i08130e41f13c40ecad7b3bfc574b9b05_130) |
| <u>[Exhibit Index](#i08130e41f13c40ecad7b3bfc574b9b05_133)</u> | <u>[Exhibit Index](#i08130e41f13c40ecad7b3bfc574b9b05_133)</u> | [25](#i08130e41f13c40ecad7b3bfc574b9b05_133) |

---

------

**THE BUCKLE, INC.**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(Amounts in Thousands Except Share and Per Share Amounts)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| **ASSETS** | **August 2,<br>2025** | **February 1,<br>2025** |
| CURRENT ASSETS: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $297811 | $266929 |
| &nbsp;&nbsp;&nbsp;Short-term investments | 22118 | 23801 |
| &nbsp;&nbsp;&nbsp;Receivables | 7704 | 6758 |
| &nbsp;&nbsp;&nbsp;Inventory | 142486 | 120789 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 23183 | 20932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 493302 | 439209 |
| PROPERTY AND EQUIPMENT | 527716 | 510088 |
| &nbsp;&nbsp;&nbsp;Less accumulated depreciation and amortization | (368933) | (364336) |
|  | 158783 | 145752 |
| OPERATING LEASE RIGHT-OF-USE ASSETS | 334703 | 289793 |
| LONG-TERM INVESTMENTS | 29630 | 28116 |
| OTHER ASSETS | 12214 | 10303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $1028632 | $913173 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| CURRENT LIABILITIES: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $72630 | $45982 |
| &nbsp;&nbsp;&nbsp;Accrued employee compensation | 30030 | 46717 |
| &nbsp;&nbsp;&nbsp;Accrued store operating expenses | 28087 | 19266 |
| &nbsp;&nbsp;&nbsp;Gift certificates redeemable | 13582 | 17007 |
| &nbsp;&nbsp;&nbsp;Current portion of operating lease liabilities | 82489 | 78942 |
| &nbsp;&nbsp;&nbsp;Income taxes payable | 2736 | 6018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 229554 | 213932 |
| DEFERRED COMPENSATION | 29630 | 28116 |
| NON-CURRENT OPERATING LEASE LIABILITIES | 293293 | 247321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 552477 | 489369 |
| COMMITMENTS |  |  |
| STOCKHOLDERS' EQUITY: |  |  |
| &nbsp;&nbsp;Common stock, authorized 100,000,000 shares of $0.01 par value; 51,156,626 and 50,773,556 shares issued and outstanding at August 2, 2025 and February 1, 2025 respectively | 512 | 508 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 213775 | 205817 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 261868 | 217479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 476155 | 423804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $1028632 | $913173 |

---

See notes to unaudited condensed consolidated financial statements.

------

**THE BUCKLE, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF INCOME**

**(Amounts in Thousands Except Per Share Amounts)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Thirteen Weeks Ended** | **Thirteen Weeks Ended** | **Twenty-Six Weeks Ended** | **Twenty-Six Weeks Ended** |
| | **August 2,<br>2025** | **August 3,<br>2024** | **August 2,<br>2025** | **August 3,<br>2024** |
| SALES, Net of returns and allowances | $305737 | $282392 | $577858 | $544872 |
| COST OF SALES (Including buying, distribution, and occupancy costs) | 160728 | 149858 | 305873 | 291641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 145009 | 132534 | 271985 | 253231 |
| OPERATING EXPENSES: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Selling | 73900 | 70742 | 141099 | 134468 |
| &nbsp;&nbsp;&nbsp;General and administrative | 14768 | 13532 | 30999 | 28107 |
|  | 88668 | 84274 | 172098 | 162575 |
| INCOME FROM OPERATIONS | 56341 | 48260 | 99887 | 90656 |
| OTHER INCOME, Net | 3270 | 3733 | 6337 | 7487 |
| INCOME BEFORE INCOME TAXES | 59611 | 51993 | 106224 | 98143 |
| INCOME TAX EXPENSE | 14605 | 12738 | 26025 | 24045 |
| NET INCOME | $45006 | $39255 | $80199 | $74098 |
| EARNINGS PER SHARE: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $0.90 | $0.79 | $1.60 | $1.49 |
| &nbsp;&nbsp;&nbsp;Diluted | $0.89 | $0.78 | $1.59 | $1.48 |
| Basic weighted average shares | 50199 | 49854 | 50199 | 49854 |
| Diluted weighted average shares | 50627 | 50221 | 50584 | 50197 |

---

See notes to unaudited condensed consolidated financial statements.

------

**THE BUCKLE, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY**

**(Amounts in Thousands Except Share and Per Share Amounts)**

**(Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Number<br>of Shares** | **Common<br>Stock** | **Additional<br>Paid-in<br>Capital** | **Retained<br>Earnings** | **Total** |
| FISCAL 2025 |  |  |  |  |  |
| BALANCE, May 4, 2025 | 51157306 | $512 | $209995 | $234766 | $445273 |
| &nbsp;&nbsp;&nbsp;Net income |  |  |  | 45006 | 45006 |
|  Dividends paid on common stock, ($0.35 per share) |  |  |  | (17904) | (17904) |
| &nbsp;&nbsp;Issuance of non-vested stock, net of forfeitures | (680) |  |  |  |  |
| &nbsp;&nbsp;Amortization of non-vested stock grants, net of forfeitures |  |  | 3780 |  | 3780 |
| BALANCE, August 2, 2025 | 51156626 | $512 | $213775 | $261868 | $476155 |
| BALANCE, February 2, 2025 | 50773556 | $508 | $205817 | $217479 | $423804 |
| &nbsp;&nbsp;&nbsp;Net income |  |  |  | 80199 | 80199 |
|  Dividends paid on common stock, ($0.70 per share) |  |  |  | (35810) | (35810) |
| &nbsp;&nbsp;Issuance of non-vested stock, net of forfeitures | 383070 | 4 | (4) |  |  |
| &nbsp;&nbsp;Amortization of non-vested stock grants, net of forfeitures |  |  | 7962 |  | 7962 |
| BALANCE, August 2, 2025 | 51156626 | $512 | $213775 | $261868 | $476155 |
| FISCAL 2024 |  |  |  |  |  |
| BALANCE, May 5, 2024 | 50778536 | $508 | $196208 | $237099 | $433815 |
| &nbsp;&nbsp;&nbsp;Net income |  |  |  | 39255 | 39255 |
|  Dividends paid on common stock, ($0.35 per share) |  |  |  | (17769) | (17769) |
| &nbsp;&nbsp;Issuance of non-vested stock, net of forfeitures | (4740) |  |  |  |  |
| &nbsp;&nbsp;Amortization of non-vested stock grants, net of forfeitures |  |  | 3343 |  | 3343 |
| BALANCE, August 3, 2024 | 50773796 | $508 | $199551 | $258585 | $458644 |
| BALANCE, February 4, 2024 | 50445186 | $504 | $192686 | $220030 | $413220 |
| &nbsp;&nbsp;&nbsp;Net income |  |  |  | 74098 | 74098 |
|  Dividends paid on common stock, ($0.70 per share) |  |  |  | (35543) | (35543) |
| &nbsp;&nbsp;Issuance of non-vested stock, net of forfeitures | 328610 | 4 | (4) |  |  |
| &nbsp;&nbsp;Amortization of non-vested stock grants, net of forfeitures |  |  | 6869 |  | 6869 |
| BALANCE, August 3, 2024 | 50773796 | $508 | $199551 | $258585 | $458644 |

---

See notes to unaudited condensed consolidated financial statements.

------

**THE BUCKLE, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(Amounts in Thousands)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Twenty-Six Weeks Ended** | **Twenty-Six Weeks Ended** |
| | **August 2,<br>2025** | **August 3,<br>2024** |
| CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;Net income | $80199 | $74098 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 11991 | 11089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of non-vested stock grants, net of forfeitures | 7962 | 6869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (1911) | (1649) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 290 | 613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables | (1035) | 1163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory | (21697) | (5128) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (2251) | (2116) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 24775 | 16966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued employee compensation | (16687) | (25349) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued store operating expenses | 8821 | 7036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gift certificates redeemable | (3425) | (3453) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable | (3193) | (4836) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities | 5573 | 2185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash flows from operating activities | 89412 | 77488 |
| CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of property and equipment | (23439) | (22302) |
| &nbsp;&nbsp;&nbsp;Purchases of investments | (16551) | (22651) |
| &nbsp;&nbsp;&nbsp;Proceeds from sales/maturities of investments | 17270 | 22061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash flows from investing activities | (22720) | (22892) |
| CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;Payment of dividends | (35810) | (35543) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash flows from financing activities | (35810) | (35543) |
| NET INCREASE IN CASH AND CASH EQUIVALENTS | 30882 | 19053 |
| CASH AND CASH EQUIVALENTS, Beginning of period | 266929 | 268213 |
| CASH AND CASH EQUIVALENTS, End of period | $297811 | $287266 |

---

See notes to unaudited condensed consolidated financial statements.

------

THE BUCKLE, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

THIRTEEN AND TWENTY-SIX WEEKS ENDED AUGUST 2, 2025 AND AUGUST 3, 2024

(Dollar Amounts in Thousands Except Share and Per Share Amounts)

(Unaudited)

1.<u>Basis of Presentation</u>

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments necessary for the fair presentation of the results of operations for the interim periods have been included. All such adjustments are of a normal recurring nature. Because of the seasonal nature of the business, results for interim periods are not necessarily indicative of a full year's operations. The accounting policies followed by the Company and additional footnotes are reflected in the consolidated financial statements for the fiscal year ended February 1, 2025, included in The Buckle, Inc.'s 2024 Form 10-K. The condensed consolidated balance sheet as of February 1, 2025 is derived from audited financial statements.

For purposes of this report, unless the context otherwise requires, all references herein to the "Company," "Buckle," "we," "us," or similar terms refer to The Buckle, Inc. and its subsidiary.

The Company follows generally accepted accounting principles ("GAAP") established by the Financial Accounting Standards Board ("FASB"). References to GAAP in these notes are to the FASB *Accounting Standards Codification* ("ASC").

2.<u>Revenues</u>

The Company is a retailer of medium to better priced casual apparel, footwear, and accessories for fashion conscious men, women, and kids. The Company operates its business as one reportable segment and sells its merchandise through its retail stores and e-Commerce platform. The Company had 440 stores located in 42 states throughout the United States as of August 2, 2025 and 440 stores in 42 states as of August 3, 2024. During the twenty-six week period ended August 2, 2025, the Company opened 2 new stores, substantially remodeled 9 stores, and closed 3 stores, which includes 2 new stores, 4 substantially remodeled stores, and 1 closed store for the second quarter. During the twenty-six week period ended August 3, 2024, the Company opened 2 new stores, substantially remodeled 12 stores, and closed 6 stores, which includes 2 new stores, 7 substantially remodeled stores, and 2 closed stores for the second quarter.

For the thirteen week periods ended August 2, 2025 and August 3, 2024, online revenues accounted for 14.3% and 13.1%, respectively, of the Company's net sales. For the twenty-six week periods ended August 2, 2025 and August 3, 2024, online revenues accounted for 15.6% and 14.9%, respectively. No sales to an individual customer or country, other than the United States, accounted for more than 10% of net sales.

------

The following is information regarding the Company's major product lines, stated as a percentage of the Company's net sales:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Thirteen Weeks Ended** | **Thirteen Weeks Ended** | **Twenty-Six Weeks Ended** | **Twenty-Six Weeks Ended** |
| **Merchandise Group** | **August 2,<br>2025** | **August 3,<br>2024** | **August 2,<br>2025** | **August 3,<br>2024** |
| Denims | 36.1% | 35.3% | 39.7% | 39.1% |
| Tops (including sweaters) | 29.5 | 29.9 | 28.4 | 28.6 |
| Accessories | 11.8 | 11.7 | 11.3 | 11.3 |
| Sportswear/Fashions | 11.0 | 12.2 | 9.6 | 10.2 |
| Footwear | 5.0 | 5.5 | 5.1 | 5.7 |
| Casual bottoms | 1.7 | 1.1 | 1.6 | 1.3 |
| Outerwear | 0.4 | 0.3 | 0.6 | 0.5 |
| Kids | 4.5 | 4.0 | 3.7 | 3.3 |
| Total | 100.0% | 100.0% | 100.0% | 100.0% |

---

3.<u>Earnings Per Share</u>

Basic earnings per share data are based on the weighted average outstanding common shares during the period. Diluted earnings per share data are based on the weighted average outstanding common shares and the effect of all dilutive potential common shares.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Thirteen Weeks Ended** | **Thirteen Weeks Ended** | **Thirteen Weeks Ended** | **Thirteen Weeks Ended** | **Thirteen Weeks Ended** | **Thirteen Weeks Ended** |
| | **August 2, 2025** | **August 2, 2025** | **August 2, 2025** | **August 3, 2024** | **August 3, 2024** | **August 3, 2024** |
| | **Net Income** | **Weighted<br>Average<br>Shares (a)** | **Per Share<br>Amount** | **Net Income** | **Weighted<br>Average<br>Shares (a)** | **Per Share<br>Amount** |
| Basic EPS | $45006 | 50199 | $0.90 | $39255 | 49854 | $0.79 |
| Effect of Dilutive Securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-vested shares |  | 428 | (0.01) |  | 367 | (0.01) |
| Diluted EPS | $45006 | 50627 | $0.89 | $39255 | 50221 | $0.78 |
|  | **Twenty-Six Weeks Ended** | **Twenty-Six Weeks Ended** | **Twenty-Six Weeks Ended** | **Twenty-Six Weeks Ended** | **Twenty-Six Weeks Ended** | **Twenty-Six Weeks Ended** |
|  | **August 2, 2025** | **August 2, 2025** | **August 2, 2025** | **August 3, 2024** | **August 3, 2024** | **August 3, 2024** |
|  | **Net Income** | **Weighted<br>Average<br>Shares (a)** | **Per Share<br>Amount** | **Net Income** | **Weighted<br>Average<br>Shares (a)** | **Per Share<br>Amount** |
| Basic EPS | $80199 | 50199 | $1.60 | $74098 | 49854 | $1.49 |
| Effect of Dilutive Securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-vested shares |  | 385 | (0.01) |  | 343 | (0.01) |
| Diluted EPS | $80199 | 50584 | $1.59 | $74098 | 50197 | $1.48 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup>&nbsp;&nbsp;&nbsp;&nbsp;Shares in thousands.

------

4.<u>Investments</u>

The following is a summary of investments as of August 2, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Amortized<br>Cost or<br>Par Value** | **Gross<br>Unrealized<br>Gains** | **Gross<br>Unrealized<br>Losses** | **Other-than-<br>Temporary<br>Impairment** | **Estimated<br>Fair<br>Value** |
| Held-to-Maturity Securities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;State and municipal bonds | $22118 | $33 | $— | $— | $22151 |
| Trading Securities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mutual funds | $26480 | $3150 | $— | $— | $29630 |

---

The following is a summary of investments as of February 1, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Amortized<br>Cost or<br>Par Value** | **Gross<br>Unrealized<br>Gains** | **Gross<br>Unrealized<br>Losses** | **Other-than-<br>Temporary<br>Impairment** | **Estimated<br>Fair<br>Value** |
| Held-to-Maturity Securities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;State and municipal bonds | $23801 | $31 | $(1) | $— | $23831 |
| Trading Securities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mutual funds | $25516 | $2600 | $— | $— | $28116 |

---

The amortized cost and fair value of debt securities by contractual maturity as of August 2, 2025 is as follows:

---

| | | |
|:---|:---|:---|
| | **Amortized<br>Cost** | **Fair<br>Value** |
| **Held-to-Maturity Securities** | | |
| Less than 1 year | $22118 | $22151 |
| 1 - 5 years |  |  |
| Total | $22118 | $22151 |

---

As of August 2, 2025 and February 1, 2025, all of the Company's investments in held-to-maturity securities are classified in short-term investments. Trading securities are held in a Rabbi Trust, intended to fund the Company's deferred compensation plan, and are classified in long-term investments.

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5.<u>Fair Value Measurements</u>

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets and liabilities measured and reported at fair value are classified and disclosed in one of the following categories:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Quoted market prices in active markets for identical assets or liabilities. Short-term and long-term investments with active markets or known redemption values are reported at fair value utilizing Level 1 inputs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Observable market-based inputs (either directly or indirectly) such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or inputs that are corroborated by market data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Unobservable inputs that are not corroborated by market data and are projections, estimates, or interpretations that are supported by little or no market activity and are significant to the fair value of the assets.

As of August 2, 2025 and February 1, 2025, the Company held certain assets that are required to be measured at fair value on a recurring basis including its investments in trading securities.

The Company's financial assets measured at fair value on a recurring basis are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value Measurements at Reporting Date Using** | **Fair Value Measurements at Reporting Date Using** | **Fair Value Measurements at Reporting Date Using** | **Fair Value Measurements at Reporting Date Using** |
| **August 2, 2025** | **Quoted Prices in<br>Active Markets<br>for Identical<br>Assets**<br>**(Level 1)** | **Significant<br>Observable<br>Inputs**<br>**(Level 2)** | **Significant<br>Unobservable<br>Inputs**<br>**(Level 3)** |<br>**Total** |
| Trading securities (including mutual funds) | $29630 | $— | $— | $29630 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value Measurements at Reporting Date Using** | **Fair Value Measurements at Reporting Date Using** | **Fair Value Measurements at Reporting Date Using** | **Fair Value Measurements at Reporting Date Using** |
| **February 1, 2025** | **Quoted Prices in<br>Active Markets<br>for Identical<br>Assets**<br>**(Level 1)** | **Significant<br>Observable<br>Inputs**<br>**(Level 2)** | **Significant<br>Unobservable<br>Inputs**<br>**(Level 3)** |<br>**Total** |
| Trading securities (including mutual funds) | $28116 | $— | $— | $28116 |

---

Securities included in Level 1 represent securities which have publicly traded quoted prices.

The carrying value of cash equivalents approximates fair value due to the low level of risk these assets present and their relatively liquid nature, particularly given their short maturities. The Company also holds certain financial instruments that are not carried at fair value on the condensed consolidated balance sheets, including held-to-maturity securities. Held-to-maturity securities consist primarily of state and municipal bonds. The fair values of these debt securities are based on quoted market prices and yields for the same or similar securities, which the Company determined to be Level 2 inputs. As of August 2, 2025, the fair value of held-to-maturity securities was $22,151 compared to the carrying amount of $22,118. As of February 1, 2025, the fair value of held-to-maturity securities was $23,831 compared to the carrying amount of $23,801.

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The carrying values of receivables, accounts payable, accrued expenses, and other current liabilities approximates fair value because of their short-term nature. From time to time, the Company measures certain assets at fair value on a non-recurring basis, specifically long-lived assets evaluated for impairment. These are typically store specific assets, which are reviewed for impairment when circumstances indicate impairment may exist due to the questionable recoverability of the carrying values of long-lived assets. If expected future cash flows related to a store's assets are less than their carrying value, an impairment loss would be recognized for the difference between the carrying value and the estimated fair value of the store's assets. The fair value of the store's assets is estimated utilizing an income-based approach based on the expected cash flows over the remaining life of the store's lease. The amount of impairment related to long-lived assets was immaterial for all periods presented.

6.<u>Leases</u>

The Company's lease portfolio is primarily comprised of leases for retail store locations. The Company also leases certain equipment and corporate office space. Store leases for new stores typically have an initial term of 10 years, with options to renew for an additional 1 to 5 years. The exercise of lease renewal options is at the Company's sole discretion and is included in the lease term for calculations of its right-of-use assets and liabilities when it is reasonably certain that the Company plans to renew these leases. Certain store lease agreements include rental payments based on a percentage of retail sales over contractual levels and others include rental payments adjusted periodically for inflation. Lease agreements do not contain any residual value guarantees, material restrictive covenants, or options to purchase the leased property.

The Company records its lease liabilities at the present value of the lease payments not yet paid, discounted at the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term. As the Company's leases do not provide an implicit interest rate, the Company obtains an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

The Company has elected to apply the practical expedient to account for lease components (e.g. fixed payments for rent, insurance, and real estate taxes) and non-lease components (e.g. fixed payments for common area maintenance) together as a single component for all underlying asset classes. Additionally, the Company elected as an accounting policy to exclude short-term leases from the recognition requirements.

Lease expense is included in cost of sales in the condensed consolidated statements of income. The components of total lease cost are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Thirteen Weeks Ended** | **Thirteen Weeks Ended** | **Twenty-Six Weeks Ended** | **Twenty-Six Weeks Ended** |
| | **August 2,<br>2025** | **August 3,<br>2024** | **August 2,<br>2025** | **August 3,<br>2024** |
| Operating lease cost | $26585 | $25490 | $52428 | $50661 |
| Variable lease cost <sup>(a)</sup> | 4117 | 4231 | 10133 | 10283 |
| &nbsp;&nbsp;&nbsp;Total lease cost | $30702 | $29721 | $62561 | $60944 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Includes variable payments related to both lease and non-lease components, such as contingent rent payments based on performance and payments related to taxes, insurance, and maintenance costs. Also includes payments related to short-term leases with periods of less than twelve months.

------

Supplemental cash flow information related to leases is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Thirteen Weeks Ended** | **Thirteen Weeks Ended** | **Twenty-Six Weeks Ended** | **Twenty-Six Weeks Ended** |
| | **August 2,<br>2025** | **August 3,<br>2024** | **August 2,<br>2025** | **August 3,<br>2024** |
| Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
| &nbsp;&nbsp;Operating cash flows from operating leases | $26741 | $26141 | $53006 | $52108 |
| Right-of-use assets obtained in exchange for lease obligations: |  |  |  |  |
| &nbsp;&nbsp;Operating leases | $45555 | $32729 | $117450 | $75466 |

---

The Company uses its incremental borrowing rate as the discount rate to determine the present value of lease payments. As of August 2, 2025, the weighted-average remaining lease term was 6.2 years and the weighted-average discount rate was 6.4%.

The table below reconciles undiscounted future lease payments (e.g. fixed payments for rent, insurance, real estate taxes, and common area maintenance) for each of the next five fiscal years and the total of the remaining years to the operating lease liabilities recorded on the condensed consolidated balance sheet as of August 2, 2025:

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| | |
|:---|:---|
| **Fiscal Year** | **Operating Leases** <sup>(a)</sup> |
| 2025 (remaining) | $54920 |
| 2026 | 97224 |
| 2027 | 71084 |
| 2028 | 53337 |
| 2029 | 44494 |
| Thereafter | 140087 |
| &nbsp;&nbsp;&nbsp;Total lease payments | 461146 |
| Less: Imputed interest | 85364 |
| &nbsp;&nbsp;&nbsp;Total operating lease liability | $375782 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Operating lease payments exclude $26,878 of legally binding minimum lease payments for leases signed, but not yet commenced.

7.<u>Supplemental Cash Flow Information</u>

The Company had non-cash investing activities during the twenty-six week periods ended August 2, 2025 and August 3, 2024 of ($1,873) and $104, respectively. The non-cash investing activity relates to the change in the balance of unpaid purchases of property, plant, and equipment included in accounts payable as of the end of the period. The liability for unpaid purchases of property, plant, and equipment included in accounts payable was $3,903 and $2,030 as of August 2, 2025 and February 1, 2025, respectively. Amounts reported as unpaid purchases are recorded as cash outflows from investing activities for purchases of property, plant, and equipment in the condensed consolidated statement of cash flows in the period they are paid.

Additional cash flow information for the Company includes cash paid for income taxes during the twenty-six week periods ended August 2, 2025 and August 3, 2024 of $31,129 and $30,530, respectively.

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8.<u>Stock-Based Compensation</u>

The Company has several stock option plans which allow for granting of stock options to employees, executives, and directors. The Company has not granted any stock options since fiscal 2008 and there are currently no stock options outstanding. The Company also has restricted stock plans that allow for the granting of non-vested shares of common stock to employees and executives and restricted stock plans that allow for the granting of non-vested shares of common stock to non-employee directors. As of August 2, 2025, 2,574,780 shares were available for grant under the Company's various restricted stock plans, of which 2,301,780 shares were available for grant to executive officers.

Compensation expense was recognized during fiscal 2025 and fiscal 2024 for equity-based grants, based on the grant date fair value of the awards. The fair value of grants of non-vested common stock awards is the stock price on the date of grant.

Information regarding the impact of compensation expense related to grants of non-vested shares of common stock is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Thirteen Weeks Ended** | **Thirteen Weeks Ended** | **Twenty-Six Weeks Ended** | **Twenty-Six Weeks Ended** |
| | **August 2,<br>2025** | **August 3,<br>2024** | **August 2,<br>2025** | **August 3,<br>2024** |
| Stock-based compensation expense, before tax | $3780 | $3343 | $7962 | $6869 |
| Stock-based compensation expense, after tax | $2854 | $2524 | $6011 | $5186 |

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Non-vested shares of common stock granted during the twenty-six week period ended August 2, 2025 were granted pursuant to the Company's 2023 Employee Restricted Stock Plan and the Company's 2024 Director Restricted Stock Plan. Non-vested shares of common stock granted during the twenty-six week period ended August 3, 2024 were granted pursuant to the Company's 2023 Employee Restricted Stock Plan and the Company's 2008 Director Restricted Stock Plan.

Shares granted under the 2023 Employee Restricted Stock Plan are typically "performance based" and vest over a period of four years, only upon certification by the Compensation Committee of the Board of Directors that the Company has achieved its pre-established performance targets for the fiscal year. Certain shares granted under the 2023 Employee Restricted Stock Plan, however, are "non-performance based" and vest over a period of four years without being subject to the achievement of performance targets.

The 2024 Director Restricted Stock Plan was approved by stockholders at the Company's 2024 annual meeting to replace the 2008 Director Restricted Stock Plan. Shares granted under the 2024 Director Restricted Stock Plan vest one-third on the date of the grant and then in equal portions on each of the first two anniversaries of the date of grant. Shares granted under the 2008 Director Plan vest 25% on the date of grant and then in equal portions on each of the first three anniversaries of the date of grant.

A summary of the Company's stock-based compensation activity related to grants of non-vested shares of common stock for the twenty-six week period ended August 2, 2025 is as follows:

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| | | |
|:---|:---|:---|
| | **Shares** | **Weighted Average<br>Grant Date<br>Fair Value** |
| Non-Vested - beginning of year | 647958 | $39.46 |
| Granted | 385900 | 47.61 |
| Forfeited | (2830) | 41.70 |
| Vested | (73258) | 39.16 |
| Non-Vested - end of quarter | 957770 | $42.76 |

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As of August 2, 2025, there was $20,338 of unrecognized compensation expense related to grants of non-vested shares. It is expected that this expense will be recognized over a weighted average period of approximately 2.0 years. The total fair value of shares vested during the twenty-six week periods ended August 2, 2025 and August 3, 2024 was $3,026 and $2,399, respectively.

9.<u>Recently Issued Accounting Pronouncements</u>

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires business entities to expand their annual disclosures of income taxes paid and the effective rate reconciliation. The ASU is effective for fiscal years beginning after December 15, 2024. The Company plans to adopt ASU 2023-09 effective for fiscal 2025. The Company is currently evaluating the impact of this new guidance and believes the adoption will not have a material impact on its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income (Topic 220): Disaggregation of Income Statement Expenses, which requires the disaggregated disclosure of certain costs and expenses on an interim and annual basis. In January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, which clarified that ASU 2024-03 is effective for annual periods beginning after December 15, 2026 and for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The ASU may be applied on either a prospective or retrospective basis. The Company is currently evaluating the impact that this guidance will have on its disclosures.

10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Segment Reporting</u>

The Company's operations are managed at a consolidated level and function as a single operating and reporting segment. The segment generates revenue from the sale of merchandise through its retail stores and e-Commerce platform, all of which are located in the United States. The Company's President and Chief Executive Officer is its Chief Operating Decision Maker ("CODM"). The CODM evaluates the financial performance of the segment to allocate resources, reinvest profits into the business, and make capital allocation decisions based on income from operations and net income, as reported in the consolidated statements of income.

The table below presents the Company's significant segment expenses and results of operations which are regularly reviewed by the CODM:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Thirteen Weeks Ended** | **Thirteen Weeks Ended** | **Twenty-Six Weeks Ended** | **Twenty-Six Weeks Ended** |
| **Income Statement** | **August 2,<br>2025** | **August 3,<br>2024** | **August 2,<br>2025** | **August 3,<br>2024** |
| Net Sales | $305737 | $282392 | $577858 | $544872 |
| &nbsp;&nbsp;Merchandise COGS <sup>(a)</sup> | 108016 | 100022 | 203118 | 193293 |
| &nbsp;&nbsp;Other COGS <sup>(b)</sup> | 52712 | 49836 | 102755 | 98348 |
| &nbsp;&nbsp;Personnel Costs <sup>(c)</sup> | 69311 | 62944 | 134213 | 122858 |
| &nbsp;&nbsp;Other Operating Expenses | 19357 | 21330 | 37885 | 39717 |
| Income From Operations | 56341 | 48260 | 99887 | 90656 |
| &nbsp;&nbsp;Other Income, Net | 3270 | 3733 | 6337 | 7487 |
| &nbsp;&nbsp;Income Tax Expense | 14605 | 12738 | 26025 | 24045 |
| Net Income | $45006 | $39255 | $80199 | $74098 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a) &nbsp;&nbsp;&nbsp;&nbsp;</sup>Merchandise COGS represents expenses related to the sale of merchandise, including product costs, inbound freight, and shrinkage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Other COGS consists of buying, distribution, warehousing, and occupancy expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(c)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Personnel costs include wages, incentive compensation, benefits, and insurance costs related to store and non-buying related home office teammates.

As the Company operates as a single reportable segment, the additional disclosures required by ASC 280, *Segment Reporting*, are included in the consolidated financial statements and accompanying notes.

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THE BUCKLE, INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion should be read in conjunction with the condensed consolidated financial statements and notes thereto of the Company included in this Form 10-Q. All references herein to the "Company," "Buckle," "we," "us," or similar terms refer to The Buckle, Inc. and its subsidiary. The following is management's discussion and analysis of certain significant factors which have affected the Company's financial condition and results of operations during the periods included in the accompanying condensed consolidated financial statements.

<u>EXECUTIVE OVERVIEW</u>

Company management considers the following items to be key performance indicators in evaluating Company performance.

*Comparable Store Sales* – Stores are deemed to be comparable stores if they were open in the prior year on the first day of the fiscal period being presented. Stores which have been remodeled, expanded, and/or relocated, but would otherwise be included as comparable stores, are not excluded from the comparable store sales calculation. Online sales are included in comparable store sales. Management considers comparable store sales to be an important indicator of current Company performance, helping leverage certain fixed costs when results are positive. Negative comparable store sales results could reduce net sales and have a negative impact on operating leverage, thus reducing net earnings.

*Merchandise Margin* – Management evaluates the components of merchandise margin including initial markup and the amount of markdowns during a period. Any inability to obtain acceptable levels of initial markups or any significant increase in the Company's use of markdowns could have an adverse effect on the Company's gross margin and results of operations. Merchandise margin is net sales less merchandise cost of goods sold (COGS), as further described in Footnote 10, "Segment Reporting".

*Operating Margin* – Operating margin is a good indicator for management of the Company's success. Operating margin can be positively or negatively affected by comparable store sales, merchandise margins, occupancy costs, and the Company's ability to control operating costs.

*Cash Flow and Liquidity (working capital)* – Management reviews current cash and short-term investments along with cash flow from operating, investing, and financing activities to determine the Company's short-term cash needs for operations and expansion. The Company believes that existing cash, short-term investments, and cash flow from operations will be sufficient to fund current and long-term anticipated capital expenditures and working capital requirements for the next several years.

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<u>RESULTS OF OPERATIONS</u>

The following table sets forth certain financial data expressed as a percentage of net sales and the percentage change in the dollar amount of such items compared to the prior period:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Percentage of Net Sales** | **Percentage of Net Sales** | | **Percentage of Net Sales** | **Percentage of Net Sales** | |
| | **For Thirteen Weeks Ended** | **For Thirteen Weeks Ended** | | **For Twenty-Six Weeks Ended** | **For Twenty-Six Weeks Ended** | |
| | **August 2,<br>2025** | **August 3,<br>2024** |<br>**Percentage**<br>**Increase/(Decrease)** | **August 2,<br>2025** | **August 3,<br>2024** |<br>**Percentage**<br>**Increase/(Decrease)** |
| Net sales | 100.0% | 100.0% | 8.3% | 100.0% | 100.0% | 6.1% |
| Cost of sales (including buying, distribution, and occupancy costs) | 52.6% | 53.1% | 7.3% | 52.9% | 53.5% | 4.9% |
| Gross profit | 47.4% | 46.9% | 9.4% | 47.1% | 46.5% | 7.4% |
| Selling expenses | 24.2% | 25.0% | 4.5% | 24.4% | 24.7% | 4.9% |
| General and administrative expenses | 4.8% | 4.8% | 9.1% | 5.4% | 5.2% | 10.3% |
| Income from operations | 18.4% | 17.1% | 16.7% | 17.3% | 16.6% | 10.2% |
| Other income, net | 1.1% | 1.3% | (12.4)% | 1.1% | 1.4% | (15.4)% |
| Income before income taxes | 19.5% | 18.4% | 14.6% | 18.4% | 18.0% | 8.2% |
| Income tax expense | 4.8% | 4.5% | 14.6% | 4.5% | 4.4% | 8.2% |
| Net income | 14.7% | 13.9% | 14.6% | 13.9% | 13.6% | 8.2% |

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Net sales increased from $282.4 million in the second quarter of fiscal 2024 to $305.7 million in the second quarter of fiscal 2025, an 8.3% increase. Comparable store net sales for the thirteen week quarter ended August 2, 2025 increased 7.3% from comparable store net sales for the prior year thirteen week period ended August 3, 2024. Total sales growth for the period was the result of a 6.8% increase in the number of transactions and a 3.1% increase in the average unit retail, partially offset by a 1.7% reduction in the average number of units sold per transaction. Online sales for the quarter increased 17.7% to $43.6 million for the thirteen week period ended August 2, 2025, compared to $37.0 million for the thirteen week period ended August 3, 2024.

Net sales increased from $544.9 million for the first two quarters of fiscal 2024 to $577.9 million for the first two quarters of fiscal 2025, a 6.1% increase. Comparable store net sales for the twenty-six week period ended August 2, 2025 increased 5.2% from comparable store net sales for the prior year twenty-six week period ended August 3, 2024. Total sales growth for the year-to-date period was the result of a 4.7% increase in the number of transactions and a 2.1% increase in the average unit retail, partially offset by a 0.8% reduction in the average number of units sold per transaction. Online sales for the year-to-date period increased 10.5% to $90.0 million for the twenty-six week period ended August 2, 2025 compared to $81.4 million for the twenty-six week period ended August 3, 2024.

The Company's average retail price per piece of merchandise sold increased $1.43, or 3.1%, during the second quarter of fiscal 2025 compared to the second quarter of fiscal 2024. This $1.43 increase was primarily attributable to the following changes (with their corresponding effect on the overall average price per piece): a 2.5% increase in average denim price points ($0.41), a 1.9% increase in average knit shirt price points ($0.20), an 8.0% increase in average footwear price points ($0.18), a 3.0% increase in average accessories price points ($0.16), increased average price points across several other merchandise categories ($0.28), and a shift in the merchandise mix ($0.20). These changes are primarily a reflection of merchandise shifts in terms of brands and product styles, fabrics, details, and finishes.

For the year-to-date period, the Company's average retail price per piece of merchandise sold increased $0.99, or 2.1%, compared to the same period in fiscal 2024. This $0.99 increase was primarily attributable to the following changes (with their corresponding effect on the overall average price per piece): a 2.7% increase in average denim price points ($0.51), a 1.4% increase in average knit shirt price points ($0.15), a 5.2% increase in average footwear price points ($0.12), a 2.1% increase in average accessories price points ($0.12), and increased average price points across several other merchandise categories ($0.15), which were partially offset by a shift in the merchandise mix (-$0.06). These changes are primarily a reflection of merchandise shifts in terms of brands and product styles, fabrics, details, and finishes.

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Gross profit after buying, distribution, and occupancy expenses was $145.0 million in the second quarter of fiscal 2025, compared to $132.5 million in the second quarter of fiscal 2024. As a percentage of net sales, gross profit was 47.4% in the second quarter of fiscal 2025, compared to 46.9% in the second quarter of fiscal 2024. The current quarter gross margin increase was the result of an increase in merchandise margins (0.10%, as a percentage of net sales) along with leveraged buying, distribution, and occupancy expenses (0.40%, as a percentage of net sales).

Year-to-date, gross profit was $272.0 million for the twenty-six week period ended August 2, 2025, compared to $253.2 million for the twenty-six week period ended August 3, 2024. As a percentage of net sales, gross profit was 47.1% for the first two quarters of fiscal 2025, compared to 46.5% for the first two quarters of fiscal 2024. The year-to-date gross margin increase was the result of an increase in merchandise margins (0.30%, as a percentage of net sales) along with leveraged buying, distribution and occupancy expenses (0.30%, as a percentage of net sales).

Selling, general, and administrative expenses were 29.0% of net sales for the second quarter of fiscal 2025, compared to 29.8% for the second quarter of fiscal 2024. The decrease, as a percentage of net sales, was the result of reductions related to non-recurring digital commerce investments made a year ago (0.65%, as a percentage of net sales), store labor related expenses (0.45%, as a percentage of net sales), and certain other selling, general, and administrative expense categories (0.55%, as a percentage of net sales), which were partially offset by an increase in expense related to incentive compensation accruals (0.85%, as a percentage of net sales).

For the 26-week year-to-date period, selling, general, and administrative expenses were 29.8% of net sales for fiscal 2025, compared to 29.9% for the same period in fiscal 2024. The decrease, as a percentage of net sales, was the result of reductions related to non-recurring digital commerce investments made a year ago (0.35%, as a percentage of net sales), store labor-related expenses (0.25%, as a percentage of net sales), and certain other selling, general, and administrative expense categories (0.15%, as a percentage of net sales), which were partially offset by an increase in expense related to incentive compensation accruals (0.65%, as a percentage of net sales).

As a result of the above changes, the Company's income from operations was $56.3 million, or 18.4% of net sales, for the second quarter of fiscal 2025, compared to income from operations of $48.3 million, or 17.1% of net sales, for the second quarter of fiscal 2024. Income tax expense as a percentage of pre-tax income was 24.5% for the second quarter of both fiscal 2025 and fiscal 2024, bringing the Company's net income to $45.0 million in the second quarter of fiscal 2025, compared to $39.3 million in the second quarter of fiscal 2024.

Year-to-date, income from operations was $99.9 million for the twenty-six week period ended August 2, 2025 compared to $90.7 million for the twenty-six week period ended August 3, 2024. Income from operations was 17.3% of net sales for the first two quarters of fiscal 2025 compared to 16.6% of net sales for the first two quarters of fiscal 2024. Income tax expense as a percentage of pre-tax income was 24.5% for both the first two quarters of fiscal 2025 and the first two quarters of fiscal 2024, bringing year-to-date net income to $80.2 million for fiscal 2025 compared to $74.1 million for fiscal 2024.

<u>LIQUIDITY AND CAPITAL RESOURCES</u>

As of August 2, 2025, the Company had working capital of $263.7 million, including $297.8 million of cash and cash equivalents and $22.1 million of short-term investments. The Company's cash receipts are generated from retail sales and from investment income, and the Company's primary ongoing cash requirements are for inventory, payroll, occupancy costs, dividend payments, new store expansion, remodeling, and other capital expenditures. Historically, the Company's primary source of working capital has been cash flow from operations. During the first two quarters of fiscal 2025 and fiscal 2024, the Company's cash flow from operations was $89.4 million and $77.5 million, respectively. Changes in operating cash flow between periods is primarily a function of changes in net income, along with changes in inventory and accounts payable based on the timing and amount of merchandise purchased in each respective period. Operating cash flow is also impacted by the timing of certain other payments, including rent, income taxes, and annual incentive bonuses.

The uses of cash for both twenty-six week periods primarily include payment of annual bonuses accrued at fiscal year end, inventory purchases, dividend payments, construction costs for new and remodeled stores, other capital expenditures, and purchases of investment securities.

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During the first two quarters of fiscal 2025 and 2024, the Company invested $20.2 million and $21.8 million, respectively, in new store construction, store renovation, and store technology upgrades. The Company also spent $3.2 million and $0.5 million in the first two quarters of fiscal 2025 and 2024, respectively, in capital expenditures for the corporate headquarters and distribution facility.

During the remainder of fiscal 2025, the Company anticipates opening 4 new stores and completing an additional 12 full store remodels. Management estimates that total capital expenditures during fiscal 2025 will be approximately $50.0 to $55.0 million, which includes primarily planned store projects and technology investments. The Company believes that existing cash and cash equivalents, investments, and cash flow from operations will be sufficient to fund current and long-term anticipated capital expenditures and working capital requirements for the next several years. The Company has a consistent record of generating positive cash flow from operations each year and, as of August 2, 2025, had total cash and investments of $349.6 million, including $29.6 million of long-term investments.

Future conditions, however, may reduce the availability of funds based upon factors such as a decrease in demand for the Company's product, change in product mix, competitive factors, and general economic conditions as well as other risks and uncertainties which would reduce the Company's sales, net profitability, and cash flows. Also, the Company's acceleration in store openings and/or remodels or the Company entering into a merger, acquisition, or other financial related transaction could reduce the amount of cash available for further capital expenditures and working capital requirements.

The Company has available an unsecured line of credit of $25.0 million with Wells Fargo Bank, N.A. for operating needs and letters of credit. The line of credit agreement has an expiration date of July 31, 2028 and provides that $10.0 million of the $25.0 million line is available for letters of credit. Borrowings under the line of credit provide for interest to be paid at a rate based on SOFR. The Company has, from time to time, borrowed against these lines of credit. There were no bank borrowings during the first two quarters of fiscal 2025 or 2024. The Company had no bank borrowings as of August 2, 2025 and was in compliance with the terms and conditions of the line of credit agreement.

<u>CRITICAL ACCOUNTING POLICIES AND ESTIMATES</u>

Management's Discussion and Analysis of Financial Condition and Results of Operations are based upon The Buckle, Inc.'s condensed consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these consolidated financial statements requires that management make estimates and judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the financial statement date, and the reported amounts of sales and expenses during the reporting period. The Company regularly evaluates its estimates, including those related to inventory, investments, incentive bonuses, and income taxes. Management bases its estimates on past experience and on various other factors that are thought to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. Management believes that the estimates and judgments used in preparing these consolidated financial statements were the most appropriate at that time. Presented below are those critical accounting policies that management believes require subjective and/or complex judgments that could potentially affect reported results of operations. The critical accounting policies and estimates utilized by the Company in the preparation of its condensed consolidated financial statements for the period ended August 2, 2025 have not changed materially from those utilized for the fiscal year ended February 1, 2025, included in The Buckle Inc.'s 2024 Annual Report on Form 10-K.

1.<u>Revenue Recognition</u>. Retail store sales are recorded, net of expected returns, upon the purchase of merchandise by customers. Online sales are recorded, net of expected returns, when merchandise is tendered for delivery to the common carrier. Shipping fees charged to customers are included in revenue and shipping costs are included in selling expenses. The Company recognizes revenue from sales made under its layaway program upon delivery of the merchandise to the customer. Revenue is not recorded when gift cards and gift certificates are sold, but rather when a card or certificate is redeemed for merchandise. A current liability for unredeemed gift cards and certificates is recorded at the time the card or certificate is purchased. The liability recorded for unredeemed gift cards and gift certificates was $13.6 million and $17.0 million as of August 2, 2025 and February 1, 2025, respectively. Gift card and gift certificate breakage is recognized as revenue in proportion to the redemption pattern of customers by applying an estimated breakage rate. The estimated breakage rate is based on historical issuance and redemption patterns and is re-assessed by the Company on a regular basis. Sales tax collected from customers is excluded from revenue and is included as part of accrued store operating expenses on the Company's condensed consolidated balance sheets.

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The Company establishes a liability for estimated merchandise returns, based upon the historical average sales return percentage, that is recognized at the transaction value. The Company also recognizes a return asset and a corresponding adjustment to cost of sales for the Company's right to recover returned merchandise, which is measured at the estimated carrying value, less any expected recovery costs. Customer returns could potentially exceed the historical average, thus reducing future net sales results and potentially reducing future net earnings. The accrued liability for reserve for sales returns was $4.7 million as of August 2, 2025 and $2.6 million as of February 1, 2025.

The Company's Buckle Rewards program allows participating guests to earn points for every qualifying purchase, which (after achievement of certain point thresholds) are redeemable as a discount off a future purchase. In addition, through partnership with Bread Financial and Comenity Bank (collectively the "Bank"), the Company offers a private label credit card ("PLCC") program. Buckle Rewards members with a PLCC earn additional points under the Buckle Rewards program for every qualifying purchase on their PLCC card. Reported revenue is net of both current period reward redemptions and accruals for estimated future rewards earned under the Buckle Rewards program. A liability has been recorded for future rewards based on the Company's estimate of how many earned points will turn into rewards and ultimately be redeemed prior to expiration. As of August 2, 2025 and February 1, 2025, $9.8 million and $10.3 million was included in accrued store operating expenses as a liability for estimated future rewards.

2.<u>Inventory</u>. Inventory is valued at the lower of cost or net realizable value. Cost is determined using an average cost method that approximates the first-in, first-out (FIFO) method. Management makes adjustments to inventory and cost of goods sold, based upon estimates, to account for merchandise obsolescence and markdowns that could affect net realizable value, based on assumptions using calculations applied to current inventory levels within each different markdown level. Management also reviews the levels of inventory in each markdown group and the overall aging of the inventory versus the estimated future demand for such product and the current market conditions. Such judgments could vary significantly from actual results, either favorably or unfavorably, due to fluctuations in future economic conditions, industry trends, consumer demand, and the competitive retail environment. Such changes in market conditions could negatively impact the sale of markdown inventory, causing further markdowns or inventory obsolescence, resulting in increased cost of goods sold from write-offs and reducing the Company's net earnings. The adjustment to inventory for markdowns and/or obsolescence was $9.4 million as of August 2, 2025 and $9.2 million as of February 1, 2025.

3.<u>Income Taxes</u>. The Company records a deferred tax asset and liability for expected future tax consequences resulting from temporary differences between financial reporting and tax bases of assets and liabilities. The Company considers future taxable income and ongoing tax planning in assessing the value of its deferred tax assets. If the Company determines that it is more than likely that these assets will not be realized, the Company would reduce the value of these assets to their expected realizable value, thereby decreasing net income. Estimating the value of these assets is based upon the Company's judgment. If the Company subsequently determined that the deferred tax assets, which had been written down, would be realized in the future, such value would be increased. Adjustment would be made to increase net income in the period such determination was made.

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was signed into law. Several tax reform provisions were included in the OBBBA that amend, eliminate, or extend various tax rules. The Company is currently evaluating the impact of these tax law changes on its consolidated financial statements.

4.<u>Leases</u>. The Company's lease portfolio is primarily comprised of leases for retail store locations. The Company also leases certain equipment and corporate office space. Store leases for new stores typically have an initial term of 10 years, with options to renew for an additional 1 to 5 years. The exercise of lease renewal options is at the Company's sole discretion and is included in the lease term for calculations of its right-of-use assets and liabilities when it is reasonably certain that the Company plans to renew these leases. Certain store lease agreements include rental payments based on a percentage of retail sales over contractual levels and others include rental payments adjusted periodically for inflation. Lease agreements do not contain any residual value guarantees, material restrictive covenants, or options to purchase the leased property.

The Company records its lease liabilities at the present value of the lease payments not yet paid, discounted at the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term. As the Company's leases do not provide an implicit interest rate, the Company obtains an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

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The Company has elected to apply the practical expedient to account for lease components (e.g. fixed payments for rent, insurance, and real estate taxes) and non-lease components (e.g. fixed payments for common area maintenance) together as a single component for all underlying asset classes. Additionally, the Company elected as an accounting policy to exclude short-term leases from the recognition requirements.

5.<u>Investments</u>. Investments classified as short-term investments include securities with a maturity of greater than three months and less than one year. Available-for-sale securities are reported at fair value, with unrealized gains and losses excluded from earnings and reported as a separate component of stockholders' equity (net of the effect of income taxes), using the specific identification method, until they are sold. Held-to-maturity securities are reported at amortized cost. Trading securities are reported at fair value, with unrealized gains and losses included in earnings, using the specific identification method.

<u>OFF-BALANCE SHEET ARRANGEMENTS, CONTRACTUAL OBLIGATIONS, AND COMMERCIAL COMMITMENTS</u>

As referenced in the table below, the Company has contractual obligations and commercial commitments that may affect the financial condition of the Company. Based on management's review of the terms and conditions of its contractual obligations and commercial commitments, there is no known trend, demand, commitment, event, or uncertainty that is reasonably likely to occur which would have a material effect on the Company's financial condition, results of operations, or cash flows. In addition, the commercial obligations and commitments made by the Company are customary transactions which are similar to those of other comparable retail companies.

The following table identifies the material obligations and commitments as of August 2, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Payments Due by Fiscal Year** | **Payments Due by Fiscal Year** | **Payments Due by Fiscal Year** | **Payments Due by Fiscal Year** | **Payments Due by Fiscal Year** |
| **Contractual obligations (dollar amounts in thousands):** | **Total** | **2025 (remaining)** | **2026-2027** | **2028-2029** | **Thereafter** |
| Purchase obligations | $20588 | $9615 | $9652 | $1321 | $— |
| Deferred compensation | 29630 |  |  |  | 29630 |
| Operating lease payments <sup>(a)</sup> | 461146 | 54920 | 168308 | 97831 | 140087 |
| Total contractual obligations | $511364 | $64535 | $177960 | $99152 | $169717 |

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<sup>(a)</sup> &nbsp;&nbsp;&nbsp;&nbsp;See Footnote 6 to the condensed consolidated financial statements.

The Company has available an unsecured line of credit of $25.0 million, which is excluded from the preceding table. The line of credit agreement has an expiration date of July 31, 2028 and provides that $10.0 million of the $25.0 million line is available for letters of credit. Certain merchandise purchase orders require that the Company open letters of credit. When the Company takes possession of the merchandise, it releases payment on the letters of credit. The amounts of outstanding letters of credit reported reflect the open letters of credit on merchandise ordered, but not yet received or funded. The Company believes it has sufficient credit available to open letters of credit for merchandise purchases. There were no bank borrowings during the first two quarters of fiscal 2025 or the first two quarters of fiscal 2024. The Company had outstanding letters of credit totaling $3.8 million and $2.2 million as of August 2, 2025 and February 1, 2025, respectively. The Company has no other off-balance sheet arrangements.

<u>SEASONALITY</u>

The Company's business is seasonal, with the holiday season (from approximately November 15 to December 30) and the back-to-school season (from approximately July 15 to September 1) historically contributing the greatest volume of net sales. For fiscal years 2024, 2023, and 2022, the holiday and back-to-school seasons accounted for approximately 35% of the Company's fiscal year net sales. Quarterly results may vary significantly depending on a variety of factors including the timing and amount of sales and costs associated with the opening of new stores, the timing and level of markdowns, the timing of store closings, the remodeling of existing stores, competitive factors, and general economic conditions.

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<u>FORWARD LOOKING STATEMENTS</u>

Information in this report, other than historical information, may be considered to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "1995 Act"). Such statements are made in good faith by the Company pursuant to the safe-harbor provisions of the 1995 Act. In connection with these safe-harbor provisions, this management's discussion and analysis contains certain forward-looking statements, which reflect management's current views and estimates of future economic conditions, Company performance, and financial results. The statements are based on many assumptions and factors that could cause future results to differ materially. Such factors include, but are not limited to, changes in product mix, changes in fashion trends, competitive factors, and general economic conditions, economic conditions in the retail apparel industry, as well as other risks and uncertainties inherent in the Company's business and the retail industry in general. Any changes in these factors could result in significantly different results for the Company. The Company further cautions that the forward-looking information contained herein is not exhaustive or exclusive. The Company does not undertake to update any forward-looking statements, which may be made from time to time by or on behalf of the Company.

ITEM 3 – QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

<u>Interest Rate Risk</u> - The Company is exposed to market risk related to interest rate risk on the cash and investments in interest-bearing securities. These investments have carrying values that are subject to interest rate changes that could impact earnings to the extent that the Company did not hold the investments to maturity. If there are changes in interest rates, those changes would also affect the investment income the Company earns on its cash and investments. For each one-quarter percent decline in the interest/dividend rate earned on cash and investments, the Company's net income would decrease approximately $0.5 million, or less than $0.01 per share. This amount could vary based upon the number of shares of the Company's stock outstanding and the level of cash and investments held by the Company.

ITEM 4 – CONTROLS AND PROCEDURES

The Company maintains a system of disclosure controls and procedures that are designed to provide reasonable assurance that material information, which is required to be timely disclosed, is accumulated and communicated to management in a timely manner. An evaluation of the effectiveness of the design and operation of the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) of the Securities Exchange Act of 1934 (the "Exchange Act")) was performed as of the end of the period covered by this report. This evaluation was performed under the supervision and with the participation of the Company's Chief Executive Officer and Chief Financial Officer.

Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures as of the end of the period covered by this report were effective to provide reasonable assurance that information required to be disclosed by the Company in the Company's reports that it files or submits under the Exchange Act is accumulated and communicated to management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure and are effective to provide reasonable assurance that such information is recorded, processed, summarized, and reported within the time periods specified by the SEC's rules and forms.

<u>Change in Internal Control Over Financial Reporting</u>

There were no changes in the Company's internal control over financial reporting that occurred during the Company's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

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THE BUCKLE, INC.

PART II -- OTHER INFORMATION

Item 1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Legal Proceedings:</u>&nbsp;&nbsp;&nbsp;&nbsp;None

Item 1A. <u>Risk Factors</u>:

There have been no material changes from the risk factors disclosed under "Item 1A - Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended February 1, 2025.

Item 2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Unregistered Sales of Equity Securities and Use of Proceeds:</u>

The following table sets forth information concerning purchases made by the Company of its common stock for each of the months in the fiscal quarter ended August 2, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans | Maximum Number of Shares that May Yet Be Purchased Under Publicly Announced Plans |
| May 4, 2025 to May 31, 2025 | - | - | - | 410655 |
| June 1, 2025 to July 5, 2025 | - | - | - | 410655 |
| July 6, 2025 to Aug 2, 2025 | - | - | - | 410655 |
|  | - | - | - |  |

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*The Board of Directors authorized a 1,000,000 share repurchase plan on November 20, 2008. The Company has 410,655 shares remaining to complete this authorization.*

Item 3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Defaults Upon Senior Securities:</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None

Item 4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Mine Safety Disclosures:</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None

Item 5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Information:</u>&nbsp;&nbsp;&nbsp;&nbsp;

During the fiscal quarter ended August 2, 2025, none of the Company's directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted, modified, or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as such terms are defined under Item 408 of Regulation S-K.

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Item 6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Exhibits:</u>

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| | |
|:---|:---|
| Exhibit 10.1 | Amended and Restated Revolving Line of Credit Note and Amended and Restated Credit Agreement, dated July 31, 2025 between The Buckle, Inc. and Buckle Brands, Inc. and Wells Fargo Bank, N.A. for a $25.0 million line of credit |
| Exhibit 31.1 | Rule 13a-14(a)/15d-14(a) Certification of the Chief Executive Officer (Section 302 of the Sarbanes-Oxley Act of 2002) |
| Exhibit 31.2 | Rule 13a-14(a)/15d-14(a) Certification of the Chief Financial Officer (Section 302 of the Sarbanes-Oxley Act of 2002) |
| Exhibit 32.1 | Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
| Exhibit 32.2 | Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
| Exhibit 101 | The following materials from The Buckle, Inc.'s Quarterly Report on Form 10-Q for the quarter ended August 2, 2025, formatted in XBRL (eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets; (ii) Condensed Consolidated Statements of Income; (iii) Condensed Consolidated Statements of Stockholders' Equity; (iv) Condensed Consolidated Statements of Cash Flows; and (v) Notes to Condensed Consolidated Financial Statements, tagged as blocks of text and in detail. |
| Exhibit 104 | Cover page formatted as Inline XBRL and contained in Exhibit 101 |

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&nbsp;&nbsp;&nbsp;&nbsp;

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
| | | | THE BUCKLE, INC. |
| Date: | September 11, 2025 | By: | /s/ DENNIS H. NELSON |
|  |  |  | DENNIS H. NELSON, |
|  |  |  | President and CEO |
|  |  |  | (principal executive officer) |
| Date: | September 11, 2025 | By: | /s/ THOMAS B. HEACOCK |
|  |  |  | THOMAS B. HEACOCK, |
|  |  |  | Senior Vice President of Finance, Treasurer, and CFO |
|  |  |  | (principal accounting officer) |

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EXHIBIT INDEX

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| | |
|:---|:---|
| <u>[Exhibit 10.1](bke20250802-10qex101.htm)</u> | Amended and Restated Revolving Line of Credit Note and Amended and Restated Credit Agreement, dated July 31, 2025 between The Buckle, Inc. and Buckle Brands, Inc. and Wells Fargo Bank, N.A. for a $25.0 million line of credit |
| <u>[Exhibit 31.1](bke20250802-10qex311.htm)</u> | Rule 13a-14(a)/15d-14(a) Certification of the Chief Executive Officer (Section 302 of the Sarbanes-Oxley Act of 2002) |
| <u>[Exhibit 31.2](bke20250802-10qex312.htm)</u> | Rule 13a-14(a)/15d-14(a) Certification of the Chief Financial Officer (Section 302 of the Sarbanes-Oxley Act of 2002) |
| <u>[Exhibit 32.1](bke20250802-10qex321.htm)</u> | Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
| <u>[Exhibit 32.2](bke20250802-10qex322.htm)</u> | Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
| Exhibit 101 | The following materials from The Buckle, Inc.'s Quarterly Report on Form 10-Q for the quarter ended August 2, 2025, formatted in XBRL (eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets; (ii) Condensed Consolidated Statements of Income; (iii) Condensed Consolidated Statements of Stockholders' Equity; (iv) Condensed Consolidated Statements of Cash Flows; and (v) Notes to Condensed Consolidated Financial Statements, tagged as blocks of text and in detail. |
| Exhibit 104 | Cover page formatted as Inline XBRL and contained in Exhibit 101 |

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## Exhibit 10.1

EXHIBIT 10.1

AMENDED AND RESTATED REVOLVING LINE OF CREDIT NOTE

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| | |
|:---|:---|
| $25000000.00 | Omaha, Nebraska |
|  | July 31, 2025 |

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This Note amends, restates and supersedes in its entirety, and is given as a replacement for, and not in satisfaction of or as a novation with respect to, that certain Revolving Line of Credit Note in the principal amount of Twenty Five Million Dollars ($25,000,000.00), executed by Borrower in favor of Bank and dated July 31, 2023, as amended or modified from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;FOR VALUE RECEIVED, the undersigned THE BUCKLE, INC. and BUCKLE BRANDS, INC. ("Borrower") promises to pay to the order of WELLS FARGO BANK, NATIONAL ASSOCIATION ("Bank") at its office at MAC: F8069-020, 13625 California Street, Floor: 02, Omaha, Nebraska 68154 or at such other place as the holder hereof may designate, in lawful money of the United States of America and in immediately available funds, the principal sum of Twenty Five Million Dollars ($25,000,000.00), or so much thereof as may be advanced and be outstanding pursuant to the terms of the Credit Agreement, as defined herein, with interest thereon, to be computed on each advance from the date of its disbursement as set forth herein.

DEFINITIONS:

&nbsp;&nbsp;&nbsp;&nbsp;As used herein, the following terms shall have the meanings set forth after each, and any other term defined in this Note shall have the meaning set forth at the place defined:

&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Benchmark Floor</u>" means a rate of interest equal to zero percent (0%).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Daily Simple SOFR</u>" means, with respect to any day (a "<u>SOFR Rate Day</u>"), a rate per annum equal to SOFR for the day (such day, the "<u>SOFR Determination Day</u>") that is two (2) U.S. Government Securities Business Days prior to (i) if such SOFR Rate Day is a U.S. Government Securities Business Day, such SOFR Rate Day or (ii) if such SOFR Rate Day is not a U.S. Government Securities Business Day, the U.S. Government Securities Business Day immediately preceding such SOFR Rate Day, in each case, as such SOFR is published by the SOFR Administrator on the SOFR Administrator's Website; provided, however, that if Daily Simple SOFR determined as provided above would be less than the Benchmark Floor, then Daily Simple SOFR shall be deemed to be the Benchmark Floor. If by 5:00 p.m. (New York City time) on the second (2<sup>nd</sup>) U.S. Government Securities Business Day immediately following any SOFR Determination Day, SOFR in respect of such SOFR Determination Day has not been published on the SOFR Administrator's Website and a Benchmark Replacement Date with respect to Daily Simple SOFR has not occurred, then SOFR for such SOFR Determination Day will be SOFR as published in respect of the first preceding U.S. Government Securities Business Day for which SOFR was published on the SOFR Administrator's Website; provided that any SOFR determined pursuant to this sentence shall be utilized for purposes of calculation of Daily Simple SOFR for no more than three (3) consecutive SOFR Rate Days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Federal Reserve Business Day</u>" means any day that is not a Saturday, Sunday or other day on which the Federal Reserve Bank of New York is closed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Prime Rate</u>" means at any time the rate of interest most recently announced within Bank at its principal office as its prime rate, with the understanding that the Prime Rate is one of Bank's base rates and serves as the basis upon which effective rates of interest are calculated for those loans making reference thereto, and is evidenced by the recording thereof after its announcement in such internal publication or publications as Bank may designate; provided, however, that if Prime Rate determined as provided above would be less than zero percent (0%), then Prime Rate shall be deemed to be zero percent (0%).

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&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;"<u>SOFR</u>" means a rate per annum equal to the secured overnight financing rate as administered by the SOFR Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;"<u>SOFR Administrator</u>" means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;"<u>SOFR Administrator's Website</u>" means the website of the Federal Reserve Bank of New York, currently at <u>http://www.newyorkfed.org</u>, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;"<u>U.S. Government Securities Business Day</u>" means any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which the Securities Industry and Financial Markets Association, or any successor thereto, recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.

INTEREST:

&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Interest</u>. The outstanding principal balance of this Note shall bear interest (computed on the basis of a 360-day year, actual days elapsed) at a fluctuating rate per annum determined by Bank to be one and one half percent (1.50%) above Daily Simple SOFR in effect from time to time. Bank is hereby authorized to note the date, principal amount and interest rate applicable to this Note and any payments made thereon on Bank's books and records (either manually or by electronic entry) and/or on any schedule attached to this Note, which notations shall be prima facie evidence of the accuracy of the information noted. The Bank shall be permitted to estimate the amount of accrued interest that is payable at any time hereunder on the applicable invoice provided by Bank to Borrower in respect thereof, in which case Borrower shall pay such estimated amount and Bank shall to the extent necessary, include on the next invoice an adjustment to correct any difference between the amount on the applicable invoice and the amount of interest that actually accrued pursuant to the terms of this Note.

&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Taxes and Regulatory Costs</u>. Borrower shall pay to Bank immediately upon demand, in addition to any other amounts due or to become due hereunder, any and all (i) withholdings, interest equalization taxes, stamp taxes or other taxes (except income and franchise taxes) imposed by any domestic or foreign governmental authority and related in any manner to SOFR or Daily Simple SOFR, and (ii) costs, expenses and liabilities arising from or in connection with reserve percentages prescribed by the Board of Governors of the Federal Reserve System (or any successor) for "Eurocurrency Liabilities" (as defined in Regulation D of the Board of Governors of the Federal Reserve System, as amended), assessment rates imposed by the Federal Deposit Insurance Corporation, or similar requirements or costs imposed by any domestic or foreign governmental authority or resulting from compliance by Bank with any request or directive (whether or not having the force of law) from any central bank or other governmental authority and related in any manner to SOFR or Daily Simple SOFR. In determining which of the foregoing are attributable to any SOFR or Daily Simple SOFR option available to Borrower hereunder, any reasonable allocation made by Bank among its operations shall be conclusive and binding upon Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Default Interest</u>. Bank shall have the option in its sole and absolute discretion to have the outstanding principal balance of this Note bear interest at an increased rate per annum (computed on the basis of a 360-day year, actual days elapsed) equal to four percent (4%) above the rate of interest from time to time applicable to this Note (i) from and after the maturity date of this Note; (ii) from and after the date prior to the maturity date of this Note when all principal owing hereunder becomes due and payable by acceleration or otherwise; and/or (iii) upon the occurrence and during the continuance of any Event of Default.

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&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Inability to Determine Interest Rates; Illegality</u>. Subject to the Benchmark Replacement Provisions below, if Bank determines (any determination of which shall be conclusive and binding on Borrower) that either (i) Daily Simple SOFR cannot be determined pursuant to the definition thereof other than as a result of a Benchmark Transition Event (an "Inability Determination") or (ii) any law has made it unlawful, or that any governmental authority has asserted that it is unlawful, for Bank to make or maintain an advance based on SOFR or Daily Simple SOFR, or to determine or charge interest rates based upon SOFR or Daily Simple SOFR (an "Illegality Determination"), then Bank will so notify Borrower. The outstanding principal balance of this Note shall bear interest (computed on the basis of a 360-day year, actual days elapsed) at a fluctuating rate per annum determined by Bank to be equal to the Prime Rate in effect from time to time, from the date of an Inability Determination or an Illegality Determination until Bank revokes such Inability Determination or notifies Borrower that the circumstances giving rise to such Illegality Determination no longer exist, as applicable. When interest is determined in relation to the Prime Rate, each change in the rate of interest hereunder shall become effective on the date each Prime Rate change is announced within Bank. Notwithstanding any of the foregoing to the contrary, if a Benchmark Replacement is subsequently determined in accordance with applicable Benchmark Replacement Provisions, that Benchmark Replacement, plus any applicable margin, will become effective on the Benchmark Replacement Date and will then supersede the Prime Rate and margin determined in accordance with this provision.

BENCHMARK REPLACEMENT PROVISIONS:

Notwithstanding anything to the contrary contained in this Note or in any related loan document (for the purposes of these Benchmark Replacement Provisions, a swap agreement by and between Borrower and Bank or any of its affiliates is not a loan document):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Benchmark Replacement</u>. If a Benchmark Transition Event occurs, the applicable Benchmark Replacement will replace the then-current Benchmark for all purposes under this Note or under any related loan document. Any Benchmark Replacement will become effective on the applicable Benchmark Replacement Date without any further action or consent of Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Benchmark Replacement Conforming Changes</u>. Bank will have the right to make Benchmark Replacement Conforming Changes from time to time and any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices; Standards for Decisions and Determinations</u>. Bank will promptly notify Borrower of (i) the implementation of any Benchmark Replacement and (ii) the effectiveness of any Benchmark Replacement Conforming Changes. Any determination, decision or election that may be made by Bank pursuant to these Benchmark Replacement Provisions, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and will be made in its sole discretion and without Borrower consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Certain Defined Terms</u>. As used in this Note, each of the following capitalized terms has the meaning given to such term below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Benchmark</u>" means, initially, Daily Simple SOFR; <u>provided</u>, <u>howeve</u>r, that if a Benchmark Transition Event has occurred with respect to Daily Simple SOFR or the then-current Benchmark, then "Benchmark" means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has become effective pursuant to the provisions of this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Benchmark Administrator</u>" means, initially, the SOFR Administrator, or any successor administrator of the then-current Benchmark or any insolvency or resolution official with authority over such administrator.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Benchmark Replacement</u>" means the sum of: (A) the alternate rate of interest that has been selected by Bank as the replacement for the then-current Benchmark; and (B) the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by Bank, in each case, giving due consideration to (x) any selection or recommendation by the Relevant Governmental Body at such time for a replacement rate, the mechanism for determining such a rate, the methodology or conventions applicable to such rate, or the spread adjustment, or method for calculating or determining such spread adjustment, for such rate, or (y) any evolving or then-prevailing market convention for determining a rate of interest as a replacement to the then-current Benchmark, the methodology or conventions applicable to such rate, or the spread adjustment, or method for calculating or determining such spread adjustment, for such alternate rate for U.S. dollar-denominated syndicated or bilateral credit facilities at such time; provided, however, that if the Benchmark Replacement as determined as provided above would be less than the Benchmark Floor, then Benchmark Replacement shall be deemed to be the Benchmark Floor, subject to any other applicable floor rate provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Benchmark Replacement Conforming Changes</u>" means any technical, administrative or operational changes (including, without limitation, changes to the definition of "U.S. Government Securities Business Day," the timing and frequency of determining rates and making payments of interest, prepayment provisions and other technical, administrative or operational matters) that Bank decides may be appropriate to reflect the adoption and implementation of a Benchmark Replacement and to permit the administration thereof by Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Benchmark Replacement Date</u>" means the date specified by Bank in a notice to Borrower following a Benchmark Transition Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Benchmark Transition Event</u>" means the occurrence of one or more of the following events with respect to the then-current Benchmark: a public statement or publication of information by or on behalf of the Benchmark Administrator or a regulatory supervisor for the Benchmark Administrator announcing that (A) the Benchmark Administrator has ceased or will cease to provide the Benchmark permanently or indefinitely or (B) the Benchmark is no longer, or as of a specified future date will no longer be, representative of underlying markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp; "<u>Relevant Governmental Body</u>" means the Board of Governors of the Federal Reserve System and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Board of Governors of the Federal Reserve System and/or the Federal Reserve Bank of New York or any successor thereto.

BORROWING AND REPAYMENT:

&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Borrowing and Repayment of Principal</u>. Borrower may from time to time during the term of this Note borrow, partially or wholly repay its outstanding borrowings, and reborrow, subject to all of the limitations, terms and conditions of this Note and of any document executed in connection with or governing this Note; provided however, that the total outstanding borrowings under this Note shall not at any time exceed the principal amount stated above. The unpaid principal balance of this obligation at any time shall be the total amounts advanced hereunder by the holder hereof less the amount of principal payments made hereon by or for Borrower, which balance may be endorsed hereon from time to time by the holder. The outstanding principal balance of this Note shall be due and payable in full on July 31, 2028.

&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Interest</u>. Interest accrued on this Note shall be payable on the last day of each month, commencing August 31, 2025, and on the maturity date set forth above.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Advances</u>. Advances hereunder, to the total amount of the principal sum stated above, may be made by the holder at the oral or written request of (i) DENNIS H. NELSON or THOMAS B. HEACOCK any one acting alone (subject to any of Bank's applicable authentication policies or procedures, which may require that a particular individual—including another specific individual listed above—provide verification of the identity of the requestor), who are authorized to request advances and direct the disposition of any advances until written notice of the revocation of such authority is received by the holder at the office designated above, or (ii) any person, with respect to advances deposited to the credit of any deposit account of Borrower, which advances, when so deposited, shall be conclusively presumed to have been made to or for the benefit of Borrower regardless of the fact that persons other than those authorized to request advances may have authority to draw against such account. The holder shall have no obligation to determine whether any person requesting an advance is or has been authorized by Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Application of Payments</u>. Each payment made on this Note shall be credited first, to any interest then due and second, to the outstanding principal balance hereof.

PAYMENTS:

If any payment of principal or interest to be made pursuant to this Note other than a prepayment or a payment due on the maturity date of this Note, shall fall due on a day that is not a Federal Reserve Business Day, payment shall be made on the next succeeding Federal Reserve Business Day, except that, if such next succeeding Federal Reserve Business Day would fall in the next calendar month, such payment shall be made on the immediately preceding Federal Reserve Business Day. Any extension or contraction of time shall be reflected in computing interest or fees, as the case may be.

PREPAYMENT:

Borrower may prepay principal on this Note at any time, in any amount and without penalty. If principal under this Note is payable in more than one installment, then any prepayments of principal shall be applied to the most remote principal installment or installments then unpaid.

SWAP AGREEMENT:

&nbsp;&nbsp;&nbsp;&nbsp;Borrower understands and acknowledges that (i) any Swap Agreement constitutes an independent agreement between Borrower and Bank and will be unaffected by any repayment, prepayment, acceleration, reduction, increase or change in the terms of this Note, except as otherwise expressly provided in the Swap Agreement, (ii) nothing in this Note shall be construed as a modification of a Swap Agreement or create an obligation to amend a Swap Agreement, (iii) Borrower may incur losses or reductions in benefits related to differences between the economic terms and characteristics of this Note and those of a related Swap Agreement (including, without limitation, differences with respect to maturity dates, payment dates and methods for determining interest rates and differences between borrowings hereunder and the notional amount of a Swap Agreement), and Bank is under no obligation to ensure that there are no differences or that differences will not arise hereafter, including, without limitation, differences between usage hereunder and the notional amount of a Swap Agreement, and (iv) Bank has no obligation to modify, renew or extend the maturity date of this Note to match the maturity date of a Swap Agreement. For the purposes of this provision, "Swap Agreement" means any existing or future swap agreement by and between Borrower and Bank or any of its affiliates.

EVENTS OF DEFAULT:

&nbsp;&nbsp;&nbsp;&nbsp;This Note is made pursuant to and is subject to the terms and conditions of that certain Credit Agreement between Borrower and Bank dated July 31, 2025, as amended from time to time (the "Credit Agreement"). Any default in the payment or performance of any obligation under this Note, or any defined event of default under the Credit Agreement, shall constitute an "Event of Default" under this Note.

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MISCELLANEOUS:

&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Remedies</u>. Upon the sale, transfer, hypothecation, assignment or other encumbrance, whether voluntary, involuntary or by operation of law, of all or any interest in any real property securing this Note, if any, or upon the occurrence of any Event of Default, the holder of this Note, at the holder's option, may declare all sums of principal and interest outstanding hereunder to be immediately due and payable without presentment, demand, notice of nonperformance, notice of protest, protest or notice of dishonor, all of which are expressly waived by Borrower, and the obligation, if any, of the holder to extend any further credit hereunder shall immediately cease and terminate. Borrower shall pay to the holder immediately upon demand the full amount of all payments, advances, charges, costs and expenses, including reasonable attorneys' fees (to include outside counsel fees and all allocated costs of the holder's in-house counsel), expended or incurred by the holder in connection with the enforcement of the holder's rights and/or the collection of any amounts which become due to the holder under this Note whether or not suit is brought, and the prosecution or defense of any action in any way related to this Note, including without limitation, any action for declaratory relief, whether incurred at the trial or appellate level, in an arbitration proceeding or otherwise, and including any of the foregoing incurred in connection with any bankruptcy proceeding (including without limitation, any adversary proceeding, contested matter or motion brought by Bank or any other person) relating to Borrower or any other person or entity.

&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Obligations Joint and Several</u>. Should more than one person or entity sign this Note as a Borrower, the obligations of each such Borrower shall be joint and several.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>. This Note shall be governed by and construed in accordance with the laws of Nebraska, but giving effect to federal laws applicable to national banks, without reference to the conflicts of law or choice of law principles thereof.

&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Effective Date</u>. The effective date of this Note shall be the date that Bank has accepted this Note and all conditions to the effectiveness of the Credit Agreement have been fulfilled to Bank's satisfaction. Notwithstanding the occurrence of the effective date of this Note, Bank shall not be obligated to extend credit under this Note until all conditions to each extension of credit set forth in the Credit Agreement have been fulfilled to Bank's satisfaction.

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IN WITNESS WHEREOF, the undersigned has executed this Note to be effective as of the effective date set forth herein.

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| | |
|:---|:---|
| THE BUCKLE, INC. | THE BUCKLE, INC. |
| By: | /s/ DENNIS H. NELSON |
|  | DENNIS H. NELSON, |
|  | PRESIDENT, CHIEF EXECUTIVE |
|  | OFFICER |
| BUCKLE BRANDS, INC. | BUCKLE BRANDS, INC. |
| By: | /s/ DENNIS H. NELSON |
|  | DENNIS H. NELSON, |
|  | PRESIDENT, CHIEF EXECUTIVE |
|  | OFFICER |
| WELLS FARGO BANK, | WELLS FARGO BANK, |
| &nbsp;&nbsp;&nbsp;&nbsp;NATIONAL ASSOCIATION | &nbsp;&nbsp;&nbsp;&nbsp;NATIONAL ASSOCIATION |
| By: | /s/ SEAN T. O'CONNELL |
|  | SEAN T. O'CONNELL, |
|  | EXECUTIVE DIRECTOR |

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AMENDED AND RESTATED CREDIT AGREEMENT

&nbsp;&nbsp;&nbsp;&nbsp;THIS CREDIT AGREEMENT (this "Agreement") dated July 31, 2025, is by and between THE BUCKLE, INC., a Nebraska corporation and BUCKLE BRANDS, INC., a Nebraska corporation (each individually, a "Borrower"), and WELLS FARGO BANK, NATIONAL ASSOCIATION ("Bank"). Each reference herein to "Borrower" shall mean each and every party, collectively and individually, defined above as a Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;This Agreement amends, restates and supersedes in its entirety, and is given as a replacement for, and not in satisfaction of or as a novation with respect to, that certain Credit Agreement dated January 31, 2011, by and between Borrower and Bank, as such may have been amended from time to time prior to the date hereof.

<u>RECITALS</u>

&nbsp;&nbsp;&nbsp;&nbsp;Borrower has requested that Bank extend or continue credit to Borrower as described below, and Bank has agreed to provide such credit to Borrower on the terms and conditions contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Bank and Borrower hereby agree as follows:

<u>ARTICLE I</u>

<u>CREDIT TERMS</u>

&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.1.&nbsp;&nbsp;&nbsp;&nbsp;LINE OF CREDIT.

&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Line of Credit</u>. Subject to the terms and conditions of this Agreement, Bank hereby agrees to make advances to Borrower from time to time up to and including July 31, 2028, not to exceed at any time the aggregate principal amount of Twenty-Five Million Dollars ($25,000,000.00) ("Line of Credit"), the proceeds of which shall be used to finance Borrower's working capital requirements. Borrower's obligation to repay advances under the Line of Credit shall be evidenced by a promissory note dated July 31, 2025, as modified from time to time ("Line of Credit Note").

&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Borrowing and Repayment</u>. Borrower may from time to time during the term of the Line of Credit borrow, partially or wholly repay its outstanding borrowings, and reborrow, subject to all of the limitations, terms and conditions contained herein or in the Line of Credit Note; provided however, that the total outstanding borrowings under the Line of Credit together with all amounts reserved thereunder shall not at any time exceed the maximum principal amount available of the Line of Credit, as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Letter of Credit Subfeature</u>. As a subfeature under the Line of Credit, Bank agrees from time to time during the term thereof to issue or cause a branch, subsidiary or affiliate to issue standby letters of credit and sight and/or usance commercial letters of credit on behalf of Borrower ("Subfeature Letters of Credit"); provided however, that the aggregate undrawn amount of all outstanding Subfeature Letters of Credit, including the aggregate amount of all outstanding time drafts accepted thereunder by Bank or a branch, subsidiary or affiliate of Bank ("Documentary Subfeature Acceptances") and deferred payment obligations, as applicable, shall not at any time exceed Ten Million Dollars ($10,000,000.00).

Bank shall have no obligation to issue a Subfeature Letter of Credit if (i) any order, judgment, or decree of any governmental authority or arbitrator shall, by its terms, purport to enjoin or restrain Bank from issuing such Subfeature Letter of Credit, or any law applicable to Bank or any request or directive (whether or not having the force of law) from any governmental authority with jurisdiction over Bank shall prohibit or request that Bank refrain from issuing letters of credit generally or such Subfeature Letter of Credit in particular, or (ii) such Subfeature Letter of Credit would violate one or more policies of Bank applicable to letters of credit generally, or (iii) if amounts demanded to be paid under any Subfeature Letter of Credit will or may not be in United States Dollars.

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The form and substance of each Subfeature Letter of Credit, including any Documentary Subfeature Acceptance and deferred payment obligation provided for thereunder, shall be subject to approval by Bank, in its sole discretion. The undrawn amount of all outstanding Subfeature Letters of Credit, including the aggregate amount of all outstanding Documentary Subfeature Acceptances and deferred payment obligations, as applicable, shall be reserved under the Line of Credit and shall not be available for borrowings thereunder.

Each commercial Subfeature Letter of Credit shall be issued for a term not to exceed three hundred sixty-five (365) days, as designated by Borrower and each standby Subfeature Letter of Credit shall be issued for a term not to exceed three hundred sixty-five (365) days, as designated by Borrower; provided however, that no Subfeature Letter of Credit shall be issued with, nor shall Bank be required to extend or (if applicable) allow automatic extension of any Subfeature Letter of Credit so that it will have, an expiration date more than three hundred sixty-five days (365) days beyond the maturity date of the Line of Credit and no Documentary Subfeature Acceptance or deferred payment obligation provided for thereunder shall have a term that ends more than three hundred sixty-five days (365) days beyond the maturity date of the Line of Credit.

Each Subfeature Letter of Credit shall be subject to the additional terms and conditions of Bank's standard letter of credit agreement or other reimbursement agreement, however titled, and all applications and related documents required by Bank in connection with the issuance thereof. Each drawing paid under a Subfeature Letter of Credit and the amount of each matured Documentary Subfeature Acceptance and matured deferred payment obligation shall be due and payable in accordance with the letter of credit agreement or other reimbursement agreement, however titled. Unless arrangements satisfactory to Bank are made to reimburse Bank for such drawing or amount, Borrower shall be deemed to have requested an advance under the Line of Credit which shall be repaid by Borrower in accordance with the terms and conditions of this Agreement applicable to such advances; provided however, that if advances under the Line of Credit are not then available, for any reason, Borrower shall immediately pay Bank the full amount then due, together with interest thereon from the date such drawing is paid or such Documentary Subfeature Acceptance or deferred payment obligation matures, as applicable, to the date such amount is fully repaid by Borrower, at the rate of interest applicable to advances under the Line of Credit. Cancellation or expiration of the Line of Credit shall not terminate Borrower's obligations under any letter of credit agreement or other reimbursement agreement, however titled.

&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.2.&nbsp;&nbsp;&nbsp;&nbsp;INTEREST/FEES.

&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Interest</u>. The outstanding principal balance of each credit subject hereto shall bear interest at the rate of interest set forth in each promissory note or other instrument or document executed in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Computation and Payment</u>. Interest shall be computed on the basis set forth in each promissory note or other instrument or document required hereby. Interest shall be payable at the times and place set forth in each promissory note or other instrument or document required hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Commercial Subfeature Letter of Credit Fees and Commissions</u>. Borrower shall pay to Bank:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) non-refundable up front issuance fees or commissions for the issuance, extension or increase of each commercial Subfeature Letter of Credit in an amount equal to 1.00% of the face or increased amount, as applicable, of such commercial Subfeature Letter of Credit, subject to Bank's standard minimum dollar amount then in effect for such activity, with such fees and commissions payable at the time of issuance, extension or increase or, if applicable, by such later date as may be specified in a billing for such amount sent by Bank to Borrower; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) fees or commissions for each drawing under any such commercial Subfeature Letter of Credit and for the occurrence of any transfer, assignment, amendment, cancellation or other activity with respect to any such commercial Subfeature Letter of Credit (including without limitation fees for document examination, discrepancies, acceptances, deferred payment, reinstatement, document delivery, special handling and other trade services), determined in accordance with Bank's standard fees and charges then in effect for such activity, and correspondent bank fees and fees of any adviser, confirming institution or entity or other nominated person, with such fees and commissions payable at the time of such activity or, if applicable, by such later date as may be specified in a billing for such amount sent by Bank to Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Standby Subfeature Letter of Credit Fees and Commissions</u>. Borrower shall pay to Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) non-refundable up front issuance fees or commissions for the issuance, extension or increase (including any auto-extension) of each standby Subfeature Letter of Credit in an amount equal to 1.00% per annum (computed on the basis of a 360 day year, actual days projected to elapse) of the face or increased amount, as applicable, of such standby Subfeature Letter of Credit calculated over the projected term thereof (up to the scheduled expiration date), with such fees and commissions payable at the time of issuance, extension or increase or, if applicable, by such later date as may be specified in a billing for such amount sent by Bank to Borrower; and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) fees or commissions for each drawing under any such standby Subfeature Letter of Credit and for the occurrence of any transfer, assignment, amendment, cancellation or other activity with respect to such standby Subfeature Letter of Credit (including without limitation fees for document examination, discrepancies, reinstatement, document delivery, special handling and other trade services), determined in accordance with Bank's standard fees and charges then in effect for such activity, and correspondent bank fees and fees of any adviser, confirming institution or entity or other nominated person, with such fees and commissions payable at the time of such activity or, if applicable, by such later date as may be specified in a billing for such amount sent by Bank to Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Unused Commitment Fee</u>. Borrower shall pay to Bank a fee equal to ten hundredths percent (.10%) per annum (computed on the basis of a 360-day year, actual days elapsed) on the daily unused amount of the Line of Credit, which fee shall be calculated on a quarterly basis by Bank and shall be due and payable by Borrower in arrears on the first day of each quarter, commencing on October 1, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.3.&nbsp;&nbsp;&nbsp;&nbsp;COLLECTION OF PAYMENTS. Borrower authorizes Bank to collect all principal, interest and fees due under each credit subject hereto by debiting Borrower's deposit account with Bank (the "Specified Debit Account"), or any other Non-Consumer Deposit Account (as defined below) maintained by Borrower with Bank, for the full amount thereof. Should there be insufficient funds in any such deposit account to pay all such sums when due, or if any such payment is collected but is subsequently reversed or rendered ineffective, or Bank is required to turn over, restore, or otherwise return any such paid amount to Borrower, a trustee-in-bankruptcy, or anyone else, due to a bankruptcy or for any other reason, the full amount of such deficiency, or the full amount reversed, rendered ineffective, turned over, restored or otherwise returned, as applicable, shall be immediately due and payable by Borrower. The determination of whether any such payment must be turned over, restored or otherwise returned shall be made by Bank in its sole discretion; provided however, that if Bank chooses (but in no event shall Bank be obligated) to contest any such matter at the request of Borrower, Borrower agrees to indemnify and hold Bank harmless from and against all costs and expenses, including reasonable attorneys' fees, expended or incurred by Bank in connection therewith, including without limitation, in any litigation with respect thereto. For purposes hereof, (i) a "Consumer Deposit Account" is a deposit account held in the name of a natural person and established primarily for personal, family or household purposes, and (ii) a "Non-Consumer Deposit Account" is any deposit account other than Consumer Deposit Account. Borrower represents and certifies that the Specified Debit Account is a Non-Consumer Deposit Account.

&nbsp;&nbsp;&nbsp;&nbsp;The foregoing authorization shall remain in full force and effect until written revocation from Borrower has been received by Bank at its address for notices set forth in Section 7.2. hereof. In order to commence application of said cancellation with respect to a payment due date or payoff of a loan, Bank must be notified of said cancellation at least three (3) business days prior to such payment due date or payoff.

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<u>ARTICLE II</u>

<u>REPRESENTATIONS AND WARRANTIES</u>

&nbsp;&nbsp;&nbsp;&nbsp;Borrower makes the following representations and warranties to Bank, on the date hereof, on the date of Borrower's execution hereof, and on the date of each subsequent request for any extension of credit hereunder (including, without limitation, the issuance of any product under any subfeature contained herein, to the extent applicable), which representations and warranties shall survive the execution of this Agreement and shall continue in full force and effect until the full and final payment, and satisfaction and discharge, of all obligations of Borrower to Bank subject to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.1.&nbsp;&nbsp;&nbsp;&nbsp;LEGAL STATUS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)THE BUCKLE, INC., is a corporation, duly organized and existing and in good standing under the laws of Nebraska and BUCKLE BRANDS, INC., is a corporation duly organized and existing and in good standing under the laws of Nebraska.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Borrower is qualified or licensed to do business (and is in good standing as a foreign corporation, if applicable) in all jurisdictions in which such qualification or licensing is required or in which the failure to so qualify or to be so licensed could have a material adverse effect on Borrower; and

No member of the Borrowing Group (as defined below) is a Sanctioned Target (as defined below) of economic or financial sanctions, sectoral sanctions, secondary sanctions, trade embargoes or restrictions and anti-terrorism laws imposed, administered or enforced from time to time by the United States of America, the United Nations Security Council, the European Union, the United Kingdom, any other governmental authority with jurisdiction over Borrower or any member of the Borrowing Group (collectively, "Sanctions"). As used herein, "Borrowing Group" means: (i) Borrower, (ii) any direct or indirect parent of Borrower, (iii) any affiliate or subsidiary of Borrower, (iv) any Third Party Obligor (as defined below), and (v) any officer, director or agent acting on behalf of any of the parties referred to in items (i) through and including (iv) with respect to the obligations hereunder, this Agreement or any of the other Loan Documents. "Sanctioned Target" means any target of Sanctions, including (i) persons on any list of targets identified or designated pursuant to any Sanctions, (ii) persons, countries, or territories that are the target of any territorial or country-based Sanctions program, (iii) persons that are a target of Sanctions due to their ownership or control by any Sanctioned Target(s), or (iv) persons otherwise a target of Sanctions, including vessels and aircraft, that are designated under any Sanctions program.

&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.2.&nbsp;&nbsp;&nbsp;&nbsp;AUTHORIZATION AND VALIDITY. This Agreement and each promissory note, contract, instrument and other document required hereby or at any time hereafter delivered to Bank in connection herewith (collectively, the "Loan Documents") have been duly authorized, and upon their execution and delivery in accordance with the provisions hereof will constitute legal, valid and binding agreements and obligations of Borrower or the party which executes the same, enforceable in accordance with their respective terms.

&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.3.&nbsp;&nbsp;&nbsp;&nbsp;NO VIOLATION. The execution, delivery and performance by Borrower of each of the Loan Documents do not violate any provision of any law or regulation, or contravene any provision of the organizational and governing documents of Borrower, or result in any breach of or default under any contract, obligation, indenture or other instrument to which Borrower is a party or by which Borrower may be bound.

&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.4.&nbsp;&nbsp;&nbsp;&nbsp;LITIGATION. There are no pending, or to the best of Borrower's knowledge threatened, actions, claims, investigations, suits or proceedings by or before any governmental authority, arbitrator, court or administrative agency which could have a material adverse effect on the financial condition or operation of Borrower other than those disclosed by Borrower to Bank in writing prior to the date hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.5.&nbsp;&nbsp;&nbsp;&nbsp;CORRECTNESS OF FINANCIAL STATEMENT AND OTHER INFORMATION. The annual financial statement of Borrower dated February 1, 2025, and all interim financial statements delivered to Bank since said date, true copies of which have been delivered by Borrower to Bank prior to the date hereof, (a) are complete and correct and present fairly the financial condition of Borrower, (b) disclose all liabilities of Borrower that are required to be reflected or reserved against under generally accepted accounting principles, whether liquidated or unliquidated, fixed or contingent, and (c) have been prepared in accordance with generally accepted accounting principles consistently applied. Since the dates of such financial statements there has been no material adverse change in the financial condition of Borrower, nor has Borrower mortgaged, pledged, granted a security interest in or otherwise encumbered any of its assets or properties except in favor of Bank or as otherwise permitted by Bank in writing. All information provided from time to time by Borrower or any Third Party Obligor to Bank for the purpose of enabling Bank to fulfill its regulatory and compliance requirements, standards and processes was complete and correct at the time such information was provided and, except as specifically identified to Bank in a subsequent writing, remains complete and correct today.

&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.6.&nbsp;&nbsp;&nbsp;&nbsp;INCOME TAX RETURNS. Borrower has no knowledge of any pending assessments or adjustments of its income tax payable with respect to any year.

&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.7.&nbsp;&nbsp;&nbsp;&nbsp;NO SUBORDINATION. There is no agreement, indenture, contract or instrument to which Borrower is a party or by which Borrower may be bound that requires the subordination in right of payment of any of Borrower's obligations subject to this Agreement to any other obligation of Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.8.&nbsp;&nbsp;&nbsp;&nbsp;PERMITS, FRANCHISES. Borrower possesses, and will hereafter possess, all permits, consents, approvals, franchises and licenses required and rights to all trademarks, trade names, patents, and fictitious names, if any, necessary to enable it to conduct the business in which it is now engaged in compliance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.9.&nbsp;&nbsp;&nbsp;&nbsp;ERISA. Borrower is in compliance in all material respects with all applicable provisions of the Employee Retirement Income Security Act of 1974, as amended or recodified from time to time ("ERISA"); Borrower has not violated any provision of any defined employee pension benefit plan (as defined in ERISA) maintained or contributed to by Borrower (each, a "Plan"); no Reportable Event as defined in ERISA has occurred and is continuing with respect to any Plan initiated by Borrower; Borrower has met its minimum funding requirements under ERISA with respect to each Plan; and each Plan will be able to fulfill its benefit obligations as they come due in accordance with the Plan documents and under generally accepted accounting principles.

&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.10.&nbsp;&nbsp;&nbsp;&nbsp;OTHER OBLIGATIONS. Borrower is not in default on any obligation for borrowed money, any purchase money obligation or any other material lease, commitment, contract, instrument or obligation.

&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.11.&nbsp;&nbsp;&nbsp;&nbsp;ENVIRONMENTAL MATTERS. Except as disclosed by Borrower to Bank in writing prior to the date hereof, Borrower is in compliance in all material respects with all applicable federal or state environmental, hazardous waste, health and safety statutes, and any rules or regulations adopted pursuant thereto, which govern or affect any of Borrower's operations and/or properties, including without limitation, the Comprehensive Environmental Response, Compensation and Liability Act of 1980, the Superfund Amendments and Reauthorization Act of 1986, the Federal Resource Conservation and Recovery Act of 1976, and the Federal Toxic Substances Control Act, as any of the same may be amended, modified or supplemented from time to time. None of the operations of Borrower is the subject of any federal or state investigation evaluating whether any remedial action involving a material expenditure is needed to respond to a release of any toxic or hazardous waste or substance into the environment. Borrower has no material contingent liability in connection with any release of any toxic or hazardous waste or substance into the environment.

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&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.12&nbsp;&nbsp;&nbsp;&nbsp;SANCTIONS, ANTI-MONEY LAUNDERING AND ANTI-CORRUPTION LAWS.&nbsp;&nbsp;&nbsp;&nbsp;(a) each member of the Borrowing Group has instituted, maintains and complies with policies, procedures and controls reasonably designed to assure compliance with Anti-Money Laundering Laws and Anti-Corruption Laws (each as defined below), and Sanctions; and (b) to the best of Borrower's knowledge, after due care and inquiry, no member of the Borrowing Group is under investigation for an alleged violation of any Sanctions, Anti-Money Laundering Laws or Anti-Corruption Laws by a governmental authority that enforces such laws. As used herein: &nbsp;&nbsp;&nbsp;&nbsp;"Anti-Corruption Laws" means: (i) the U.S. Foreign Corrupt Practices Act of 1977, as amended; (ii) the U.K. Bribery Act 2010, as amended; and (iii) any other anti-bribery or anti-corruption laws, regulations or ordinances in any jurisdiction in which the Borrower or any member of the Borrowing Group is located or doing business. "Anti-Money Laundering Laws" means applicable laws or regulations in any jurisdiction in which the Borrower or any member of the Borrowing Group is located or doing business that relates to money laundering, any predicate crime to money laundering, or any financial record keeping and reporting requirements related thereto.

<u>ARTICLE III</u>

<u>CONDITIONS</u>

&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.1.&nbsp;&nbsp;&nbsp;&nbsp;CONDITIONS TO THE EFFECTIVENESS OF THIS AGREEMENT. The effective date of this Agreement shall be (a) the date that each of the following conditions set forth in this Section 3.1 have been satisfied or waived, as determined by Bank, or (b) such alternative date to which Bank and Borrower may mutually agree, in each case as evidenced by Bank's system of record. Notwithstanding the occurrence of the effective date of this Agreement, Bank shall not be obligated to extend credit under this Agreement or any other Loan Document until all conditions to each extension of credit set forth in Section 3.2 have been fulfilled to Bank's satisfaction.

&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Approval of Bank Counsel</u>. All legal matters incidental to the effectiveness of this Agreement shall be satisfactory to Bank's counsel.

&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Documentation</u>. Bank shall have received, in form and substance satisfactory to Bank, each of the following, duly executed by all parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)This Agreement and each promissory note or other instrument or document required hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Corporate Resolutions and Certificate of Incumbency: Borrower (2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Such other documents as Bank may require under any other Section of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Satisfaction of Regulatory and Compliance Requirements</u>. In addition to any requirements set forth above, and notwithstanding Borrower's execution or delivery of this Agreement or any other Loan Document, all regulatory and compliance requirements, standards and processes shall be completed to the satisfaction of Bank.

&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.2.&nbsp;&nbsp;&nbsp;&nbsp;CONDITIONS OF EACH EXTENSION OF CREDIT. The obligation of Bank to make each extension of credit requested by Borrower hereunder shall be subject to the fulfillment to Bank's satisfaction of each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance</u>. The representations and warranties contained herein and in each of the other Loan Documents shall be true on and as of the date of the signing of this Agreement and on the date of each extension of credit by Bank pursuant hereto, with the same effect as though such representations and warranties had been made on and as of each such date, and on each such date, no Event of Default as defined herein, and no condition, event or act which with the giving of notice or the passage of time or both would constitute such an Event of Default, shall have occurred and be continuing or shall exist.

&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Documentation</u>. Bank shall have received all additional documents which may be required in connection with such extension of credit including without limitation, the following:

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&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Letter of Credit Documentation</u>. Prior to the issuance of any letter of credit, Bank shall have received such letter of credit agreement and any other letter of credit documentation required by Bank, including, without limitation, an application for each letter of credit, in each case completed and duly executed by Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Fees</u>. Bank shall have received payment in full of any fee required by any of the Loan Documents to be paid at the time such credit extension is made.

&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Financial Condition</u>. There shall have been no material adverse change, as determined by Bank, in the financial condition or business of Borrower or any Third Party Obligor hereunder, if any, nor any material decline, as determined by Bank, in the market value of any collateral required hereunder or a substantial or material portion of the assets of Borrower or any such Third Party Obligor, if any.

<u>ARTICLE IV</u>

<u>AFFIRMATIVE COVENANTS</u>

&nbsp;&nbsp;&nbsp;&nbsp;Borrower covenants that so long as Bank remains committed to extend credit to Borrower pursuant hereto, or any liabilities (whether direct or contingent, liquidated or unliquidated) of Borrower to Bank under any of the Loan Documents remain outstanding, and until payment in full of all obligations of Borrower subject hereto, Borrower shall, unless Bank otherwise consents in writing:

&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.1.&nbsp;&nbsp;&nbsp;&nbsp;PUNCTUAL PAYMENTS. Punctually pay all principal, interest, fees or other liabilities due under any of the Loan Documents at the times and place and in the manner specified therein, and immediately upon demand by Bank, the amount by which the outstanding principal balance of any credit subject hereto at any time exceeds any limitation on borrowings applicable thereto.

&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.2.&nbsp;&nbsp;&nbsp;&nbsp;ACCOUNTING RECORDS. Maintain adequate books and records in accordance with generally accepted accounting principles consistently applied, and permit any representative of Bank, at any reasonable time, to inspect, audit and examine such books and records, to make copies of the same, and to inspect the properties of Borrower. If at any time any change in generally accepted accounting principles would affect the computation of any covenant (including the computation of any financial covenant) and/or pricing grid set forth in this Agreement or any other Loan Document, Borrower and Bank shall negotiate in good faith to amend such covenant and/or pricing grid to preserve the original intent in light of such change; provided, that, until so amended, (i) such covenant and/or pricing grid shall continue to be computed in accordance with the application of generally accepted accounting principles prior to such change and (ii) Borrower shall provide to Bank a written reconciliation in form and substance reasonably satisfactory to Bank, between calculations of such covenant and/or pricing grid made before and after giving effect to such change in generally accepted accounting principles.

&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.3.&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL STATEMENTS AND OTHER INFORMATION. Provide to Bank all of the following, in form and detail satisfactory to Bank:

&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;not later than 90 days after and as of the end of each fiscal year, a 10K report filed with the Securities Exchange Commission; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;not later than 60 days after and as of the end of each quarter, a 10Q report filed with the Securities Exchange Commission; and

&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;from time to time such other financial and business information as Bank may reasonably request, including without limitation, copies of rent rolls and other information with respect to any real property collateral required hereby; and

&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;from time to time such other information as Bank may request for the purpose of enabling Bank to fulfill its regulatory and compliance requirements, standards and processes.

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&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.4.&nbsp;&nbsp;&nbsp;&nbsp;COMPLIANCE.

&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Preserve and maintain all licenses, permits, governmental approvals, rights, privileges and franchises necessary for the conduct of its business; comply with the provisions of all documents pursuant to which Borrower is organized and/or which govern Borrower's continued existence; comply with the requirements of all laws, rules, regulations and orders of any jurisdiction in which the Borrower is located or doing business, or otherwise is applicable to Borrower; and

&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;comply with, and cause each member of the Borrowing Group to comply with, all Sanctions, Anti-Money Laundering Laws, and Anti-Corruption Laws.

SECTION 4.5.&nbsp;&nbsp;&nbsp;&nbsp;INSURANCE. Maintain and keep in force, for each business in which Borrower is engaged, insurance of the types and in amounts customarily carried in similar lines of business and as required by governmental regulation.

&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.6.&nbsp;&nbsp;&nbsp;&nbsp;FACILITIES. Keep all properties useful or necessary to Borrower's business in good repair and condition, and from time to time make necessary repairs, renewals and replacements thereto so that such properties shall be fully and efficiently preserved and maintained.

&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.7.&nbsp;&nbsp;&nbsp;&nbsp;TAXES AND OTHER LIABILITIES. Pay and discharge when due any and all indebtedness, obligations, assessments and taxes, both real or personal, including without limitation federal and state income taxes and state and local property taxes and assessments, except (a) such as Borrower may in good faith contest or as to which a bona fide dispute may arise, and (b) for which Borrower has made provision, to Bank's satisfaction, for eventual payment thereof in the event Borrower is obligated to make such payment.

&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.8.&nbsp;&nbsp;&nbsp;&nbsp;LITIGATION. Promptly give notice in writing to Bank of any litigation pending or threatened against Borrower with a claim in excess of $1,000,000.00.

&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.9.&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL CONDITION. Maintain Borrower's financial condition as follows using generally accepted accounting principles consistently applied and used consistently with prior practices (except to the extent modified by the definitions herein):

&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Tangible Net Worth not less than $300,000,000.00 at any time, with "Tangible Net Worth" defined as the aggregate of total stockholders' equity plus subordinated debt less any intangible assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;EBITDA Coverage Ratio not less than 1.50 to 1.0 as of each fiscal year end, with "EBITDA" defined as net profit before tax plus interest expense (net of capitalized interest expense), depreciation expense and amortization expense, and with "EBITDA Coverage Ratio" defined as EBITDA divided by the aggregate of total interest expense plus the prior period current maturity of long-term debt and the prior period current maturity of subordinated debt.

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&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.10.&nbsp;&nbsp;&nbsp;&nbsp;NOTICE TO BANK. Promptly (but in no event more than five (5) days after the occurrence of each such event or matter and in no event more than one (1) business day after the occurrence of each such event or matter described below with respect to Sanctions, Anti-Money Laundering Laws, and Anti-Corruption Laws) give written notice to Bank in reasonable detail of: (a) the occurrence of any Event of Default, or any condition, event or act which with the giving of notice or the passage of time or both would constitute an Event of Default; (b) any change in the name or the organizational structure of Borrower, including, by illustration, merger, conversion or division; (c) the occurrence and nature of any Reportable Event or Prohibited Transaction, each as defined in ERISA, or any funding deficiency with respect to any Plan; (d) any termination or cancellation of any insurance policy which Borrower is required to maintain, or any material uninsured or partially uninsured loss through liability or property damage, or through fire, theft or any other cause affecting Borrower's property; or (e) any breach of any covenant contained herein related to Sanctions, Anti-Money Laundering Laws, and Anti-Corruption Laws or the Borrower's inability to make the representations and warranties contained herein related to Sanctions, Anti-Money Laundering Laws, and Anti-Corruption Laws on any date, or the failure of any representations and warranties contained herein related to Sanctions, Anti-Money Laundering Laws, and Anti-Corruption Laws to be true and correct in all respects on or as of any date.

&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.11. DEPOSIT ACCOUNTS; TREASURY MANAGEMENT RELATIONSHIPS. At all maintain Borrower's primary deposit account and primary treasury management relationships with Bank or any banking affiliate of Bank and to keep such account(s) in good standing. As used herein, "primary deposit account" means the deposit account into which substantially all of the receipts from the operations of Borrower are deposited and from which substantially all of its disbursements for its operations are made. As used herein, "treasury management relationships" means relationships established for the provision of cash management and payment and settlement services (e.g., check clearing, check guaranty, ACH, wire transfer and debit card services).

<u>ARTICLE V</u>

<u>NEGATIVE COVENANTS</u>

&nbsp;&nbsp;&nbsp;&nbsp;Borrower further covenants that so long as Bank remains committed to extend credit to Borrower pursuant hereto, or any liabilities (whether direct or contingent, liquidated or unliquidated) of Borrower to Bank under any of the Loan Documents remain outstanding, and until payment in full of all obligations of Borrower subject hereto, Borrower will not without Bank's prior written consent:

&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.1.&nbsp;&nbsp;&nbsp;&nbsp;USE OF FUNDS. SOURCES OF REPAYMENT AND COLLATERAL.

&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Use, or permit any member of the Borrowing Group to use, any of the proceeds of any credit extended hereunder except for the purposes stated in Article I hereof, or directly or indirectly use any such proceeds to fund, finance or facilitate any activities, business or transactions: (i) that are prohibited by Sanctions; (ii) that would be prohibited by Sanctions if conducted by Bank or any of Bank's affiliates; or (iii) that would be prohibited by any Anti-Money Laundering Laws or Anti-Corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Fund any repayment of the obligations hereunder or under any other Loan Document with proceeds, or provide any property as collateral for any such obligations, or permit any third party to provide any property as collateral for any such obligations, that is directly or indirectly derived from any transaction or activity that is prohibited by any Sanctions, Anti-Money Laundering Laws or Anti-Corruption Laws, or that could otherwise cause Bank or any of Bank's affiliates to be in violation of any Sanctions, Anti-Money Laundering Laws or Anti-Corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.2.&nbsp;&nbsp;&nbsp;&nbsp;OTHER INDEBTEDNESS. Create, incur, assume or permit to exist any indebtedness or liabilities resulting from borrowings, loans or advances, whether secured or unsecured, matured or unmatured, liquidated or unliquidated, joint or several, except (a) the liabilities of Borrower to Bank, and (b) any other liabilities of Borrower existing as of, and disclosed to Bank prior to, the date hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.3.&nbsp;&nbsp;&nbsp;&nbsp;MERGER, CONSOLIDATION, TRANSFER OF ASSETS. (a) Merge into or consolidate with any other entity; (b) make any substantial change in the nature of Borrower's business as conducted as of the date hereof; (c) acquire all or substantially all of the assets of any other entity; (d) sell, lease, transfer or otherwise dispose of all or a substantial or material portion of Borrower's assets except in the ordinary course of its business; nor (e) accomplish any of the above by virtue of a division or similar transaction.

&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.4.&nbsp;&nbsp;&nbsp;&nbsp;GUARANTIES. Guarantee or become liable in any way as surety, endorser (other than as endorser of negotiable instruments for deposit or collection in the ordinary course of business), accommodation endorser or otherwise for, nor pledge or hypothecate any assets of Borrower as security for, any liabilities or obligations of any other person or entity, except any of the foregoing in favor of Bank.

&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.5.&nbsp;&nbsp;&nbsp;&nbsp;LOANS, ADVANCES, INVESTMENTS. Make any loans or advances to or investments in any person or entity, including any of the foregoing accomplished by a division or similar transaction, except any of the foregoing existing as of, and disclosed to Bank prior to, the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.6.&nbsp;&nbsp;&nbsp;&nbsp;PLEDGE OF ASSETS. Mortgage, pledge, grant or permit to exist a security interest in, or lien upon, all or any portion of Borrower's assets now owned or hereafter acquired, except any of the foregoing in favor of Bank or which is existing as of, and disclosed to Bank in writing prior to, the date hereof.

<u>ARTICLE VI</u>

<u>EVENTS OF DEFAULT</u>

&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.1.&nbsp;&nbsp;&nbsp;&nbsp;The occurrence of any of the following shall constitute an "Event of Default" under this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Borrower shall fail to pay when due any principal, interest, fees or other amounts payable under any of the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Any financial statement or certificate furnished to Bank in connection with, or any representation or warranty made by Borrower or any other party under this Agreement or any other Loan Document shall prove to be incorrect, false or misleading in any material respect when furnished or made.

&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Any default in the performance of or compliance with: (1) any collateral value requirement set forth herein or in any other Loan Document; (2) any negative covenant set forth in Article V hereof; (3) any affirmative covenant set forth in Article IV hereof requiring the delivery of financial statements and other information to Bank; or (4) any obligation, agreement or other provision contained herein or in any other Loan Document related to Sanctions, Anti-Money Laundering Laws, or Anti-Corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;(d) &nbsp;&nbsp;&nbsp;&nbsp;Any default in the performance of or compliance with any obligation, agreement or other provision contained herein or in any other Loan Document (other than those defaults specifically described as constituting an "Event of Default" under any other subsection of this Section 6.1.), and with respect to such default(s) that by their nature can be cured (excluding any defaults specifically described as constituting an "Event of Default" under any other subsection of this Section 6.1., none of which shall be subject to a cure period), such default shall continue for a period of thirty (30) days from its occurrence.

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Any default in the payment or performance of any obligation, or any defined event of default, under the terms of any contract, instrument or document (other than any of the Loan Documents) pursuant to which Borrower, any guarantor hereunder, the owner of any collateral securing the obligations hereunder or under any other Loan Document, or any general partner or joint venturer in Borrower if a partnership or joint venture (with each such guarantor, owner of pledged collateral, general partner and/or joint venturer referred to herein as a "Third Party Obligor") has incurred any debt or other liability to any person or entity, including Bank.

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&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Borrower or any Third Party Obligor shall become insolvent, or shall suffer or consent to or apply for the appointment of a receiver, trustee, custodian or liquidator of itself or any of its property, or shall generally fail to pay its debts as they become due, or shall make a general assignment for the benefit of creditors; Borrower or any Third Party Obligor shall file a voluntary petition in bankruptcy, or seeking reorganization, in order to effect a plan or other arrangement with creditors or any other relief under the Bankruptcy Reform Act, Title 11 of the United States Code, as amended or recodified from time to time ("Bankruptcy Code"), or under any state or federal law granting relief to debtors, whether now or hereafter in effect; or Borrower or any Third Party Obligor shall file an answer admitting the jurisdiction of the court and the material allegations of any involuntary petition; or Borrower or any Third Party Obligor shall be adjudicated a bankrupt, or an order for relief shall be entered against Borrower or any Third Party Obligor by any court of competent jurisdiction under the Bankruptcy Code or any other applicable state or federal law relating to bankruptcy, reorganization or other relief for debtors.

&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;The filing of a notice of judgment lien against Borrower or any Third Party Obligor; or the recording of any abstract or transcript of judgment against Borrower or any Third Party Obligor in any county or recording district in which Borrower or such Third Party Obligor has an interest in real property; or the service of a notice of levy and/or of a writ of attachment or execution, or other like process, against the assets of Borrower or any Third Party Obligor; or the entry of a judgment against Borrower or any Third Party Obligor; or any involuntary petition or proceeding pursuant to the Bankruptcy Code or any other applicable state or federal law relating to bankruptcy, reorganization or other relief for debtors is filed or commenced against Borrower or any Third Party Obligor.

&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;There shall exist or occur any event or condition that Bank in good faith believes impairs, or is substantially likely to impair, the prospect of payment or performance by Borrower, any Third Party Obligor, or the general partner of either if such entity is a partnership, of its obligations under any of the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The death or incapacity of Borrower or any Third Party Obligor if an individual. The withdrawal, resignation or expulsion of any one or more of the general partners in Borrower or any Third Party Obligor if a partnership. The dissolution, division, or liquidation of Borrower or any Third Party Obligor if a corporation, partnership, joint venture or other type of entity; or Borrower or any such Third Party Obligor, or any of its directors, stockholders or members, shall take action seeking to effect the dissolution, division, or liquidation of Borrower or such Third Party Obligor.

&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;The withdrawal, resignation or expulsion of any one or more of the general partners in Borrower or any change in control of Borrower or any entity or combination of entities that directly or indirectly control Borrower, with "control" defined as ownership of an aggregate of fifty percent (50%) or more of the common stock, members' equity or other ownership interest (other than a limited partnership interest).

&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;The sale, transfer, hypothecation, assignment or encumbrance, whether voluntary, involuntary or by operation of law, without Bank's prior written consent, of all or any part of or interest in any real property collateral required hereby.

&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.2.&nbsp;&nbsp;&nbsp;&nbsp;REMEDIES. Upon the occurrence of any Event of Default: (a) all principal, unpaid interest outstanding and other indebtedness of Borrower under each of the Loan Documents, any term thereof to the contrary notwithstanding, shall at Bank's option and without notice (except as expressly provided in any mortgage or deed of trust pursuant to which Borrower has provided Bank a lien on any real property collateral) become immediately due and payable without presentment, demand, protest or any notices of any kind, including without limitation, notice of nonperformance, notice of protest, notice of dishonor, notice of intention to accelerate or notice of acceleration, all of which are hereby expressly waived by Borrower; (b) the obligation, if any, of Bank to extend any further credit under any of the Loan Documents shall immediately cease and terminate; and (c) Bank shall have all rights, powers and remedies available under each of the Loan Documents, or accorded by law, including without limitation the right to resort to any or all security for any credit subject hereto and to exercise any or all of the rights of a beneficiary or secured party pursuant to applicable law. All rights, powers and remedies of Bank may be exercised at any time by Bank and from time to time after the occurrence of an Event of Default, are cumulative and not exclusive, and shall be in addition to any other rights, powers or remedies provided by law or equity.

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<u>ARTICLE VII</u>

<u>MISCELLANEOUS</u>

&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.1. &nbsp;&nbsp;&nbsp;&nbsp;NO WAIVER. No delay, failure or discontinuance of Bank in exercising any right, power or remedy under any of the Loan Documents shall affect or operate as a waiver of such right, power or remedy; nor shall any single or partial exercise of any such right, power or remedy preclude, waive or otherwise affect any other or further exercise thereof or the exercise of any other right, power or remedy. Any waiver, permit, consent or approval of any kind by Bank of any breach of or default under any of the Loan Documents must be in writing and shall be effective only to the extent set forth in such writing.

&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.2.&nbsp;&nbsp;&nbsp;&nbsp;NOTICES. All notices, requests and demands which any party is required or may desire to give to any other party under any provision of this Agreement must be in writing delivered to each party at the following address:

&nbsp;&nbsp;&nbsp;&nbsp;BORROWER:&nbsp;&nbsp;&nbsp;&nbsp;THE BUCKLE, INC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BUCKLE BRANDS, INC.

&nbsp;&nbsp;&nbsp;&nbsp;2407 West 24<sup>th</sup> Street

&nbsp;&nbsp;&nbsp;&nbsp;Kearney, Nebraska 68845

&nbsp;&nbsp;&nbsp;&nbsp;BANK:&nbsp;&nbsp;&nbsp;&nbsp;WELLS FARGO BANK, NATIONAL ASSOCIATION

&nbsp;&nbsp;&nbsp;&nbsp;MAC: F8069-020

&nbsp;&nbsp;&nbsp;&nbsp;13625 California Street, Floor: 02

&nbsp;&nbsp;&nbsp;&nbsp;Omaha, Nebraska 68154

or to such other address as any party may designate by written notice to all other parties. Each such notice, request and demand shall be deemed given or made as follows: (a) if sent by hand delivery, upon delivery; (b) if sent by mail, upon the earlier of the date of receipt or three (3) days after deposit in the U.S. mail, first class and postage prepaid; and (c) if sent by telecopy, upon receipt.

&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.3.&nbsp;&nbsp;&nbsp;&nbsp;COSTS, EXPENSES AND ATTORNEYS' FEES. Borrower shall pay to Bank immediately upon demand the full amount of all payments, advances, charges, costs and expenses, including, to the extent permitted by applicable law, reasonable attorneys' fees (to include outside counsel fees and all allocated costs of Bank's in-house counsel to the extent permissible), expended or incurred by Bank in connection with (a) the negotiation and preparation of this Agreement and the other Loan Documents, Bank's continued administration hereof and thereof, and the preparation of any amendments and waivers hereto and thereto, (b) the enforcement of Bank's rights and/or the collection of any amounts which become due to Bank under any of the Loan Documents, whether or not suit is brought, and (c) the prosecution or defense of any action in any way related to any of the Loan Documents, including without limitation, any action for declaratory relief, whether incurred at the trial or appellate level, in an arbitration proceeding or otherwise, and including any of the foregoing incurred in connection with any bankruptcy proceeding (including without limitation, any adversary proceeding, contested matter or motion brought by Bank or any other person) relating to Borrower or any other person or entity. Notwithstanding anything in this Agreement to the contrary, reasonable attorneys' fees shall not exceed the amount permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.4.&nbsp;&nbsp;&nbsp;&nbsp;SUCCESSORS, ASSIGNMENT. This Agreement shall be binding upon and inure to the benefit of the heirs, executors, administrators, legal representatives, successors and assigns of the parties; provided however, that Borrower may not assign or transfer its interests or rights hereunder without Bank's prior written consent. Bank reserves the right to sell, assign, transfer, negotiate or grant participations in all or any part of, or any interest in, Bank's rights and benefits under each of the Loan Documents. In connection therewith, Bank may disclose all documents and information which Bank now has or may hereafter acquire relating to any credit subject hereto, Borrower or its business, any guarantor hereunder or the business of such guarantor, if any, or any collateral required hereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.5.&nbsp;&nbsp;&nbsp;&nbsp;ENTIRE AGREEMENT; AMENDMENT. To the full extent permitted by law, this Agreement and the other Loan Documents constitute the entire agreement between Borrower and Bank with respect to each credit subject hereto and supersede all prior negotiations, communications, discussions and correspondence concerning the subject matter hereof. This Agreement may be amended or modified only in writing signed by each party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.6.&nbsp;&nbsp;&nbsp;&nbsp;NO THIRD PARTY BENEFICIARIES. This Agreement is made and entered into for the sole protection and benefit of the parties hereto and their respective permitted successors and assigns, and no other person or entity shall be a third party beneficiary of, or have any direct or indirect cause of action or claim in connection with, this Agreement or any other of the Loan Documents to which it is not a party.

&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.7.&nbsp;&nbsp;&nbsp;&nbsp;TIME. Time is of the essence of each and every provision of this Agreement and each other of the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.8.&nbsp;&nbsp;&nbsp;&nbsp;SEVERABILITY OF PROVISIONS. If any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity without invalidating the remainder of such provision or any remaining provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.9.&nbsp;&nbsp;&nbsp;&nbsp;COUNTERPARTS. This Agreement may be executed in any number of counterparts, each of which when executed and delivered shall be deemed to be an original, and all of which when taken together shall constitute one and the same Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.10.&nbsp;&nbsp;&nbsp;&nbsp;GOVERNING LAW. This Agreement shall be governed by and construed in accordance with the laws of Nebraska (such State, Commonwealth or District is referred to herein as the "State"), but giving effect to federal laws applicable to national banks, without reference to the conflicts of law or choice of law principles thereof.

&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.11.&nbsp;&nbsp;&nbsp;&nbsp;BUSINESS PURPOSE. Borrower represents and warrants that each credit subject hereto is made for (a) a business, commercial, investment, agricultural or other similar purpose, (b) the purpose of acquiring or carrying on a business, professional or commercial activity, or (c) the purpose of acquiring any real or personal property as an investment and not primarily for a personal, family or household use.

&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.12.&nbsp;&nbsp;&nbsp;&nbsp;RIGHT OF SETOFF; DEPOSIT ACCOUNTS. Upon and after the occurrence of an Event of Default, (a) Borrower hereby authorizes Bank, at any time and from time to time, without notice, which is hereby expressly waived by Borrower, and whether or not Bank shall have declared any credit subject hereto to be due and payable in accordance with the terms hereof, to set off against, and to appropriate and apply to the payment of, Borrower's obligations and liabilities under the Loan Documents (whether matured or unmatured, fixed or contingent, liquidated or unliquidated), any and all amounts owing by Bank to Borrower (whether payable in U.S. dollars or any other currency, whether matured or unmatured, and in the case of deposits, whether general or special (except trust and escrow accounts), time or demand and however evidenced), and (b) pending any such action, to the extent necessary, to hold such amounts as collateral to secure such obligations and liabilities and to return as unpaid for insufficient funds any and all checks and other items drawn against any deposits so held as Bank, in its sole discretion, may elect. Bank may exercise this remedy regardless of the adequacy of any collateral for the obligations of Borrower to Bank and whether or not the Bank is otherwise fully secured. Borrower hereby grants to Bank a security interest in all deposits and accounts maintained with Bank to secure the payment of all obligations and liabilities of Borrower to Bank under the Loan Documents.

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&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.13.&nbsp;&nbsp;&nbsp;&nbsp;ARBITRATION.

&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Arbitration</u>. The parties hereto agree, upon demand by any party, to submit to binding arbitration all claims, disputes and controversies between or among them (and their respective employees, officers, directors, attorneys, and other agents), whether in tort, contract or otherwise in any way arising out of or relating to (i) any credit subject hereto, or any of the Loan Documents, and their negotiation, execution, collateralization, administration, repayment, modification, extension, substitution, formation, inducement, enforcement, default or termination; or (ii) requests for additional credit. In the event of a court ordered arbitration, the party requesting arbitration shall be responsible for timely filing the demand for arbitration and paying the appropriate filing fee within 30 days of the abatement order or the time specified by the court. Failure to timely file the demand for arbitration as ordered by the court will result in that party's right to demand arbitration being automatically terminated.

&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Rules</u>. Any arbitration proceeding will (i) proceed in a location in the State selected by the American Arbitration Association ("AAA"); (ii) be governed by the Federal Arbitration Act (Title 9 of the United States Code), notwithstanding any conflicting choice of law provision in any of the documents between the parties; and (iii) be conducted by the AAA, or such other administrator as the parties shall mutually agree upon, in accordance with the AAA's commercial dispute resolution procedures, unless the claim or counterclaim is at least $1,000,000.00 exclusive of claimed interest, arbitration fees and costs in which case the arbitration shall be conducted in accordance with the AAA's optional procedures for large, complex commercial disputes (the commercial dispute resolution procedures or the optional procedures for large, complex commercial disputes to be referred to herein, as applicable, as the "Rules"). If there is any inconsistency between the terms hereof and the Rules, the terms and procedures set forth herein shall control. Any party who fails or refuses to submit to arbitration following a demand by any other party shall bear all costs and expenses incurred by such other party in compelling arbitration of any dispute. Nothing contained herein shall be deemed to be a waiver by any party that is a bank of the protections afforded to it under 12 U.S.C. §91 or any similar applicable state law.

&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>No Waiver of Provisional Remedies, Self-Help and Foreclosure</u>. The arbitration requirement does not limit the right of any party to (i) foreclose against real or personal property collateral; (ii) exercise self-help remedies relating to collateral or proceeds of collateral such as setoff or repossession; or (iii) obtain provisional or ancillary remedies such as replevin, injunctive relief, attachment or the appointment of a receiver, before during or after the pendency of any arbitration proceeding. This exclusion does not constitute a waiver of the right or obligation of any party to submit any dispute to arbitration or reference hereunder, including those arising from the exercise of the actions detailed in sections (i), (ii) and (iii) of this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Arbitrator Qualifications and Powers</u>. Any arbitration proceeding in which the amount in controversy is $5,000,000.00 or less will be decided by a single arbitrator selected according to the Rules, and who shall not render an award of greater than $5,000,000.00. Any dispute in which the amount in controversy exceeds $5,000,000.00 shall be decided by majority vote of a panel of three arbitrators; provided however, that all three arbitrators must actively participate in all hearings and deliberations. The arbitrator will be a neutral attorney licensed in the State or a neutral retired judge of the state or federal judiciary of the State, in either case with a minimum of ten years experience in the substantive law applicable to the subject matter of the dispute to be arbitrated. The arbitrator will determine whether or not an issue is arbitratable and will give effect to the statutes of limitation in determining any claim. In any arbitration proceeding the arbitrator will decide (by documents only or with a hearing at the arbitrator's discretion) any pre-hearing motions which are similar to motions to dismiss for failure to state a claim or motions for summary adjudication. The arbitrator shall resolve all disputes in accordance with the substantive law of the State and may grant any remedy or relief that a court of such state could order or grant within the scope hereof and such ancillary relief as is necessary to make effective any award. The arbitrator shall also have the power to award recovery of all costs and fees, to impose sanctions and to take such other action as the arbitrator deems necessary to the same extent a judge could pursuant to the Federal Rules of Civil Procedure, the corresponding rules of civil practice and procedure applicable in the State or other applicable law. Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction. The institution and maintenance of an action for judicial relief or pursuit of a provisional or ancillary remedy shall not constitute a waiver of the right of any party, including the plaintiff, to submit the controversy or claim to arbitration if any other party contests such action for judicial relief.

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&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Discovery</u>. In any arbitration proceeding, discovery will be permitted in accordance with the Rules. All discovery shall be expressly limited to matters directly relevant to the dispute being arbitrated and must be completed no later than 20 days before the hearing date. Any requests for an extension of the discovery periods, or any discovery disputes, will be subject to final determination by the arbitrator upon a showing that the request for discovery is essential for the party's presentation and that no alternative means for obtaining information is available.

&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Class Proceedings and Consolidations</u>. No party hereto shall be entitled to join or consolidate disputes by or against others in any arbitration, except parties who have executed any Loan Document, or to include in any arbitration any dispute as a representative or member of a class, or to act in any arbitration in the interest of the general public or in a private attorney general capacity.

&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Arbitration Costs and Fees</u>. The arbitrator shall award all costs and expenses of the arbitration proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<u>Miscellaneous</u>. To the maximum extent practicable, the AAA, the arbitrators and the parties shall take all action required to conclude any arbitration proceeding within 180 days of the filing of the dispute with the AAA. No arbitrator or other party to an arbitration proceeding may disclose the existence, content or results thereof, except for disclosures of information by a party required in the ordinary course of its business or by applicable law or regulation. If more than one agreement for arbitration by or between the parties potentially applies to a dispute, the arbitration provision most directly related to the Loan Documents or the subject matter of the dispute shall control. This arbitration provision shall survive termination, amendment or expiration of any of the Loan Documents or any relationship between the parties.

&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Small Claims Court</u>. Notwithstanding anything herein to the contrary, each party retains the right to pursue in Small Claims Court any dispute within that court's jurisdiction. Further, this arbitration provision shall apply only to disputes in which either party seeks to recover an amount of money (excluding attorneys' fees and costs) that exceeds the jurisdictional limit of the Small Claims Court.

SECTION 7.14.&nbsp;&nbsp;&nbsp;&nbsp;JOINT AND SEVERAL LIABILITY.

&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;Each Borrower has determined and represents to Bank that it is a legitimate business purpose and in its best interests to induce Bank to extend credit pursuant to this Agreement. Each Borrower acknowledges and represents that its business is related to the business of every other Borrower hereunder, and all commitments, advances and other credit extensions under this Agreement will individually and collectively benefit each Borrower hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Each Borrower has determined and represents to Bank that it has, and after giving effect to the transactions contemplated by this Agreement will have, assets having a fair market value in excess of its liabilities, after giving effect to any available rights of contribution or subrogation, and each Borrower has, and will have, access to adequate capital for the conduct of its business and the ability to pay its debts as they mature.

&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Each Borrower agrees that it is jointly and severally and unconditionally liable to Bank for, and will pay to Bank when due, the full amount of all existing and future indebtedness arising in connection with any facility extended under this Agreement, and all modifications, extensions and renewals thereto, including without limitation all principal and interest, and all fees, costs and expenses chargeable to each Borrower individually or collectively in connection with any facility hereunder. These obligations shall be in addition to any other obligations of any Borrower under any other agreement with Bank entered into before or after the date of this Agreement, unless such other agreement is expressly modified or revoked in writing, and this Agreement shall not affect or invalidate the terms of any such other agreement, unless otherwise expressly provided herein.

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&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The liability of a Borrower for indebtedness hereunder shall be reinstated and revived and the rights of Bank shall continue if and to the extent that for any reason any amount at any time paid on account of any facility under this Agreement by any Borrower or any other person or entity is rescinded or must otherwise be restored by Bank, whether as a result of any proceedings in bankruptcy or reorganization or otherwise, all as though such amount had not been paid.

&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Each Borrower authorizes Bank, without notice to or demand on such Borrower, and without affecting such Borrower's liability for indebtedness incurred under any facility extended under this Agreement, from time to time to: (i) alter, compromise, extend, accelerate or otherwise change the time for payment of, or otherwise change the terms of, the indebtedness of any other Borrower to Bank on account of any such facilities; (ii) take and hold security from any other Borrower for the payment of indebtedness incurred under any facility extended under this Agreement, and exchange, enforce, waive, subordinate or release any such security; (iii) apply such security and direct the order or manner of sale thereof, including without limitation, a non-judicial sale permitted by the terms of the controlling security agreement, mortgage, or deed of trust, as Bank in its discretion may determine; (iv) release or substitute any one or more of the endorsers or any guarantors of any facility hereunder, or any other party obligated thereon; and (v) apply payments received by Bank from any other Borrower to indebtedness of such other Borrower to Bank other than to any facility extended under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Each Borrower represents and warrants to Bank that it has established adequate means of obtaining from every other Borrower on a continuing basis financial and other information relating to the financial condition of every other Borrower, and each Borrower agrees to keep adequately informed by such means of any facts, events or circumstances which might in any way affect its risks hereunder. Each Borrower further agrees that Bank shall have no obligation to disclose to it any information or material about any other Borrower which is acquired by Bank in any manner.

&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;Each Borrower waives any right to require Bank to: (i) proceed against any other Borrower or any other person; (ii) proceed against or exhaust any security held from any other Borrower or any other person; (iii) pursue any other remedy in Bank's power; (iv) apply payments received by Bank from any other Borrower to any facility extended under this Agreement; (v) make any presentments or demands for performance, or give any notices of nonperformance, protests, notices of protest or notices of any kind, including without limitation, any notice of nonperformance, protest, notice of protest, notice of dishonor, notice of intention to accelerate or notice of acceleration; or (vi) set off against the indebtedness the fair value of any real or personal property given as collateral for the indebtedness (whether such right of setoff arises under statute or otherwise). In addition to the foregoing, each Borrower specifically waives any statutory right it might have to require Bank to proceed against other Borrowers or any collateral that secures the indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;Each Borrower waives to the extent permitted by applicable law any defense to its liability for repaying any facility extended under this Agreement based upon or arising by reason of: (i) any disability or other defense of any other Borrower or any other person; (ii) the cessation or limitation from any cause whatsoever, other than payment in full, of the liability of any other Borrower for the facility extended under this Agreement; (iii) any lack of authority of any officer, director, partner, agent or other person acting or purporting to act on behalf of any other Borrower or any defect in the formation of any other Borrower; (iv) the application by any other Borrower of the proceeds of any facility extended under this Agreement for purposes other than the purposes intended or understood by Bank or each other Borrower; (v) any act or omission by Bank which directly or indirectly results in or aids the discharge of any other Borrower by operation of law or otherwise, or which in any way impairs or suspends any rights or remedies of Bank against any other Borrower; (vi) any impairment of the value of any interest in any security for any facility extended under this Agreement, including without limitation, the failure to obtain or maintain perfection or recordation of any interest in any such security, the release of any such security without substitution, and/or the failure to preserve the value of, or to comply with applicable law in disposing of, any such security; or (vii) any modification of the indebtedness of any other Borrower for any facility extended under this Agreement, including without limitation the renewal, extension, acceleration or other change in time for payment of, or other change in the terms of, the indebtedness of any Borrower for any facility extended under this Agreement, including increase or decrease of the rate of interest thereon.

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&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Until each facility extended under this Agreement and all indebtedness arising under or in connection with this Agreement shall have been paid in full, no Borrower shall have any right of subrogation. Each Borrower waives all rights and defenses it may have arising out of (i) any election of remedies by Bank, even though that election of remedies, such as a non-judicial foreclosure with respect to any security for each facility extended under this Agreement, destroys its rights of subrogation or its rights to proceed against any other Borrower for reimbursement, or (ii) any loss of rights it may suffer by reason of any rights, powers or remedies of any other Borrower in connection with any anti-deficiency laws or any other laws limiting, qualifying or discharging any Borrower's indebtedness for each facility extended under this Agreement, whether by operation of law, or otherwise, including any rights Borrower may have to claim a fair market credit with respect to a deficiency or have a fair market value hearing to determine the size of a deficiency following any foreclosure sale or other disposition of any real property security for any portion of the Indebtedness, and Borrower waives any right Borrower may have under any "one-action" rule. Borrower further waives the benefit of any homestead, exemption or other similar laws.

&nbsp;&nbsp;&nbsp;&nbsp;Until all indebtedness of each Borrower to Bank arising under or in connection with this Agreement shall have been paid in full, each Borrower waives any right to enforce any remedy which Bank now has or may hereafter have against any other Borrower or any other person, and waives any benefit of, or any right to participate in, any security now or hereafter held by Bank. To the fullest extent permitted by applicable law, Borrower waives all rights of a surety and the benefits of any applicable suretyship law, statute or regulation, and without limiting any of the waivers set forth herein, Borrower further waives any other fact or event that, in the absence of this provision, would or might constitute or afford a legal or equitable discharge or release of or defense to Borrower.

A CREDIT AGREEMENT MUST BE IN WRITING TO BE ENFORCEABLE UNDER NEBRASKA LAW. TO PROTECT THE PARTIES FROM ANY MISUNDERSTANDINGS OR DISAPPOINTMENTS, ANY CONTRACT, PROMISE, UNDERTAKING OR OFFER TO FOREBEAR REPAYMENT OF MONEY OR TO MAKE ANY OTHER FINANCIAL ACCOMMODATION IN CONNECTION WITH THIS LOAN OF MONEY OR GRANT OR EXTENSION OF CREDIT, OR ANY AMENDMENT OF, CANCELLATION OF, WAIVER OF, OR SUBSTITUTION FOR ANY OR ALL OF THE TERMS OR PROVISIONS OF ANY INSTRUMENT OR DOCUMENT EXECUTED IN CONNECTION WITH THIS LOAN OF MONEY OR GRANT OR EXTENSION OF CREDIT, MUST BE IN WRITING TO BE EFFECTIVE.

IN WITNESS WHEREOF, the parties hereto, intending to be legally bound hereby, have caused this Agreement to be effective as of the effective date set forth above.

---

| | | | |
|:---|:---|:---|:---|
| | | WELLS FARGO BANK, | WELLS FARGO BANK, |
| THE BUCKLE, INC. | THE BUCKLE, INC. | NATIONAL ASSOCIATION | NATIONAL ASSOCIATION |
| By: | /s/ DENNIS H. NELSON | By: | /s/ SEAN T. O'CONNELL |
|  | DENNIS H. NELSON, |  | SEAN T. O'CONNELL, |
|  | PRESIDENT, CHIEF EXECUTIVE |  | EXECUTIVE DIRECTOR |
|  | OFFICER |  |  |
| BUCKLE BRANDS, INC. | BUCKLE BRANDS, INC. |  |  |
| By: | /s/ DENNIS H. NELSON |  |  |
|  | DENNIS H. NELSON, |  |  |
|  | PRESIDENT, CHIEF EXECUTIVE |  |  |
|  | OFFICER |  |  |

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## Exhibit 31.1

EXHIBIT 31.1

CERTIFICATIONS

I, Dennis H. Nelson, certify that:

1. I have reviewed this report of The Buckle, Inc. on Form 10-Q for the quarterly period ended August 2, 2025;

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report, based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting.

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| | | |
|:---|:---|:---|
| Date: September 11, 2025 | By: | /s/ DENNIS H. NELSON |
|  |  | DENNIS H. NELSON, |
|  |  | President and CEO |
|  |  | (principal executive officer) |

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## Exhibit 31.2

EXHIBIT 31.2

CERTIFICATIONS

I, Thomas B. Heacock, certify that:

1. I have reviewed this report of The Buckle, Inc. on Form 10-Q for the quarterly period ended August 2, 2025;

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report, based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: September 11, 2025 | By: | /s/ THOMAS B. HEACOCK |
|  |  | THOMAS B. HEACOCK, |
|  |  | Senior Vice President of Finance, Treasurer, and CFO |
|  |  | (principal accounting officer) |

---

## Exhibit 32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of The Buckle, Inc. (the "Company") on Form 10-Q for the period ended August 2, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Dennis H. Nelson, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| | |
|:---|:---|
| By: | /s/ DENNIS H. NELSON |
|  | DENNIS H. NELSON, |
|  | President and CEO |
|  | (principal executive officer) |
|  | September 11, 2025 |

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## Exhibit 32.2

EXHIBIT 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of The Buckle, Inc. (the "Company") on Form 10-Q for the period ended August 2, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Thomas B. Heacock, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| | |
|:---|:---|
| By: | /s/ THOMAS B. HEACOCK |
|  | THOMAS B. HEACOCK, |
|  | Senior Vice President of Finance, Treasurer, and CFO |
|  | (principal accounting officer) |
|  | September 11, 2025 |

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