Document:

Document

Exhibit 10.1

625 Westport Parkway
Grapevine, TX 76051
817-424-2000

July 7, 2022
Re:    Offer Letter
Dear Diana,
Congratulations! I am pleased to offer you a promotion to the role of Chief Financial Officer of GameStop Corp. (the “Company”) effective as of today. You will report to the Chief Executive Officer of the Company. You will continue to be subject to all policies of the Company and GameStop Texas, Ltd. in effect from time to time, including the Company’s Anti-hedging Policy, Clawback Policy, Insider Trading Policy and Code of Ethics.
Your new base salary will be $200,000 and will be effective as of July 11, 2022.
You will continue to be eligible to earn all transformation bonuses, restricted shares and stock units, and restricted long-term incentive cash in accordance with the vesting and other terms of any award agreements that have been issued to you on or prior to the date hereof. For the avoidance of doubt, nothing in this letter shall change, eliminate or modify any terms of those award agreements, which are summarized below.
•A total of $1,965,000 in transformation bonuses are being paid bi-weekly over the two year which began on August 1, 2021. These bonuses are paid in bi-weekly installments, as follows: In year 1, you receive a bi-weekly installment of $44,086.54, less applicable taxes. In year 2, you receive a bi-weekly installment of $31,490.38, less applicable taxes. Your right to receive each installment is conditioned on your continuous employment with us through the payment date of that installment. Except in case of your involuntary termination of employment without Cause as provided below, if your employment with us ceases for any reason, no additional installments will be paid.
•On March 1, 2021, you were granted 2,949 restricted shares of the Company’s Class A common stock (“Common Stock”). The March 2021 equity award vests in equal installments on the first three anniversaries of the grant date, subject to your continuous service through the vesting date.
•On October 1, 2021 you were granted 16,859 restricted stock units of the Company’s Common Stock. The October 2021 equity award will vest as follows: 5% on the first anniversary of the grant date, 15% of the second anniversary of the grant date, and 20% on each of the dates that are 30, 36, 42 and 48 months following the grant date, subject in each case to your continuous service through the vesting date.
•On June 9, 2020 you were granted $350,000 of restricted long-term incentive cash. Two-thirds of such award has previously vested and the last third of such award will vest on the third anniversary of the grant date, subject to your continuous service through such date.
In addition to the above and in connection with your promotion, on July 11, 2022, you will be granted restricted stock units of the Company’s Common Stock determined by dividing $1,000,000 by the average closing price of the Company’s Common Stock for the 30 trading days immediately preceding such grant date (the “Additional Equity Award”). The Addition Equity Award will vest on July 1, 2023, subject to your continuous service through such date. The above-described equity award will be documented in a separate award agreement; that agreement will contain additional terms and conditions (not inconsistent with this letter) and be delivered to you following the grant date.

Page 1 of 4

625 Westport Parkway
Grapevine, TX 76051
817-424-2000

        

The Company’s agreement to grant equity to you and to pay you transformation bonus installments does not guarantee your employment for any period or otherwise limit our ability to terminate your employment at any time, for any reason, even if your opportunity to receive or vest in such equity or receive such signing bonus installments would be forfeited as a result of such termination. We will periodically review your performance and compensation levels and may make adjustments, all as determined in the sole discretion of management.
Consistent with all roles in the organization, your employment will be on an at-will basis, having no specified term, and may be terminated at the will of either party on notice to the other. However, if we terminate your employment without Cause (as defined on Exhibit A), you will receive the following severance benefits, subject to the conditions noted below: (i) we will pay you an amount equal to six months of your base salary, (ii) if you are participating in our group health plans immediately prior to your termination, we will pay you an amount equal to the applicable premium for COBRA continuation coverage for you and your eligible dependents for six months, (iii) we will pay you any transformation bonus installments which have not already been paid, (iv) the portion of any equity award that was otherwise scheduled to vest in the ordinary course during the six month period immediately following your termination date will become vested and (v) any long-term incentive cash that was otherwise scheduled to vest in the ordinary course during the six month period immediately following your termination date will become vested. To be eligible for these benefits you must (x) sign a release of claims on such form as we supply (which form will be substantially consistent with that used for other terminating senior executives) and that release must become irrevocable within 60 days after your termination date, and (y) comply with any applicable post-employment covenants under any other written agreement with us. The amounts described in clauses (i), (ii) and (iii) will be paid in a single cash lump sum (less required tax withholdings) as soon as practicable after the release becomes effective, and in no event later than 70 days after the termination date.  The shares described in clause (iv) will be issued (if not already outstanding) and released from transfer restrictions as soon as practicable after the release becomes effective, and in no event later than 70 days after the termination date. The amount described in clause (v) will be paid in accordance with the terms of the Long-Term Incentive Cash Award Terms & Conditions and at the same time as all other participants in such long-term incentive cash program are paid.  
Any modification of any of the terms of this letter must be made in writing and signed by an executive officer of the Company to be valid and enforceable.
Your compensation package, as detailed in this document, is personal and confidential. Please do not discuss the details of this information with anyone other than me or those indicated below.
This letter supersedes any prior compensation or offer letter entered into between you and the Company. Except as otherwise expressly provided herein, this letter represents our entire agreement regarding your employment and compensation and supersedes all prior discussions and agreements regarding these topics. If you have any questions or concerns, please feel free to contact me.
Page 2 of 4

625 Westport Parkway
Grapevine, TX 76051
817-424-2000

        

Sincerely, 

												
	/s/ Matthew Furlong			
	Matthew Furlong			
	Chief Executive Officer			
				
	July 7, 2022
			
	Date			
			 
 	

															
					
	Accepted by:	/s/ Diana Saadeh-Jajeh		Date:	July 7, 2022

		Diana Saadeh-Jajeh			

Page 3 of 4

625 Westport Parkway
Grapevine, TX 76051
817-424-2000

        

Exhibit A
Additional Provisions for Offer Letter
1.Definition of Cause. For purposes of the compensation letter, “Cause” mean any of the following: (i) your conviction of, or plea of nolo contendere to, a felony or any crime involving fraud or dishonesty; (ii) your willful misconduct, whether or not in the course of service, that results (or that, if publicized, would be reasonably likely to result) in material and demonstrable damage to the business or reputation of the Company or any of its affiliates or subsidiaries; (iii) material breach by you of any agreement with, policy of or duty owed to the Company or any of its affiliates or subsidiaries; or (iv) your willful refusal to perform your duties to the Company or the lawful direction of your supervisor that is not the result of a disability; provided, however, an act or omission described in clause (iii) or (iv) will only constitute “Cause” if (A) it is not curable, in the good faith sole discretion of the Company’s Board of Directors (the “Board”) or its delegate, or (B) it is curable in the good faith sole discretion of the Board or its delegate, but is not cured to the reasonable satisfaction of the Board or its delegate within 30 days following written notice thereof to you by the Company (such notice to state with specificity the nature of the breach or willful refusal). However, a termination of your employment due to your death or Disability will not constitute a termination without Cause.
“Disability” means a written determination by a physician mutually agreeable to you and the Company (or, in the event of your total physical or mental disability, your legal representative) that you are physically or mentally unable to perform your duties and that such disability can reasonably be expected to continue for a period of six consecutive months or for shorter periods aggregating 180 days in any 12-month period. In addition, and without limiting the foregoing, a Disability shall be deemed to have occurred if you become entitled to receive benefits under any long-term disability plan or policy maintained or funded by the Company.
2.Compliance with Section 409A. Section 409A. The parties intend for all amounts payable under this offer letter to be exempt from Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”) and this offer letter will be interpreted accordingly. Nonetheless, the Company does not guaranty the tax treatment of your compensation arrangements under Section 409A or any other federal, state or local tax law.
Page 4 of 4Exhibit 10.1

     

    THIRD AMENDMENT TO NOTE AND WARRANT PURCHASE AND SECURITY AGREEMENT

     

    This Third Amendment to Note and Warrant Purchase and Security Agreement (this “Amendment”) is entered into as of June 30, 2022, by and among NH EXPANSION CREDIT FUND HOLDINGS LP (“North Haven Expansion”), as agent (in such capacity, together with its successors or permitted assigns, “Agent”),

      the Holders from time to time signatory to the NPA (as hereinafter defined), including North Haven Expansion (each, a “Holder” and collectively, the “Holders”), and SANUWAVE HEALTH, INC. a Nevada corporation (“Issuer”).

     

    RECITALS

     

    WHEREAS, Issuer, Agent and the Holders are parties to that certain Note and Warrant Purchase and Security Agreement dated as of August 6, 2020 (as
      amended, restated, amended and restated, supplemented or otherwise modified from time to time, including but not limited to that certain Second Amendment to Note and Warrant Purchase and Security Agreement dated as of February 25, 2022 (the “Second Amendment”), the “NPA”).

    

    

    WHEREAS, Issuer is in default of the NPA as described in the Second Amendment;

     

    WHEREAS, Issuer has requested that Agent and the Holders amend the NPA (and the Second Amendment) to (i) cause the Advisor Shares to be registered on
      Form S-1, and thereafter freely tradeable, no later than August 30, 2022, and (ii) cause to be filed with the Securities and Exchange Commission (“SEC”) no later than August 30, 2022, a Registration Statement on Form S-1 for the resale of the Advisor
      Shares;

     

    WHEREAS, Agent and the Holders have agreed to so amend certain provisions of the NPA and the Second Amendment, and to continue to forbear from
      exercising Agent’s and the Holders’ rights and remedies during the Forbearance Period (as defined in the Second Amendment), but only to the extent in accordance with the terms, subject to the conditions and in reliance upon the representations and
      warranties set forth therein and below; and

     

    WHEREAS, all terms not otherwise defined herein and defined in the NPA shall have the same meanings herein as in the NPA.

     

    NOW, THEREFORE, in consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy of which is hereby
      acknowledged, and intending to be legally bound, the parties hereto hereby agree as follows:

     

    1.           The Existing Defaults, as defined in the Second
        Amendment, continue uncured and unwaived. Subject to the terms of the Second Amendment and this Amendment, Agent and the Holders shall forbear from exercising their remedies arising out of the Existing Defaults from the date hereof (including, for
        the avoidance of doubt, the collection in cash or payment in kind of the Default Rate on the outstanding Obligations under the NPA and the other Note Documents), until the earlier to occur of (x) the occurrence of an Event of Default after the date
        hereof, at which time Agent and the Holders may exercise any and all rights available to them without notice to Issuer; or (y) August 30, 2022. Agent and the Holders do not forbear from exercising their remedies arising out of any other Events of
        Default that have occurred, are continuing or may occur on or after the Second Amendment Effective Date. Issuer shall comply with all other provisions of the NPA and the other Note Documents.

     

    2.           Section

        13.4 of the Second Amendment hereby is amended and restated in its entirety to read as follows:

    

    

    “13.4.   The Advisor Shares, by no later than
        March 4, 2022; provided that Issuer shall cause the Advisor Shares to be registered on Form S-1, and thereafter freely tradeable, no later than August 30, 2022, provided that Issuer shall cause to be filed with the Securities and Exchange
        Commission (“SEC”) no later than August 30, 2022, a Registration Statement on Form S-1 for the resale of the Advisor Shares, and shall use its best efforts to have the Form S-1 declared effective by the SEC as soon as possible thereafter.”

    

    

    
      
        

    

    3.           No course of dealing on the part of Agent or the
        Holders or their respective officers, nor any failure or delay in the exercise of any right by Agent or the Holders, shall operate as a waiver thereof, and any single or partial exercise of any such right shall not preclude any later
      exercise of any such right except as specially waived herein. Except as specifically waived herein, Agent’s or any Holder’s failure at any time to require strict compliance by Issuer of any provision under the NPA, shall not affect any right of Agent
      or the Holders under the NPA thereafter to demand strict compliance. Any suspension or waiver of a right must be in writing signed by an officer of Agent or the Holders, as applicable. 

    

     

    4.           The NPA, as amended hereby, shall be and remain in
        full force and effect in accordance with their respective terms and hereby are ratified and confirmed in all respects. Except as expressly set forth herein, the execution, delivery, and performance of this Amendment shall not operate as a waiver
        of, or as an amendment of, any right, power, or remedy of Agent or the Holders under the NPA, as in effect prior to the date hereof.

     

    5.           Issuer hereby represents and warrants that (a) the
        representations and warranties in the NPA, shall be true, accurate, and complete in all material respects immediately after giving effect to this Amendment; provided,
        that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof, which representations and warranties shall be true, accurate and complete
        immediately after giving effect to this Amendment in all respects subject to such qualification; and provided, further, that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date, (b) other than the Existing Defaults, no Default or
        Event of Default shall have occurred and be continuing immediately after giving effect to this Amendment, (c) Issuer has the power and authority to execute and deliver this Amendment and to perform its obligations under the NPA, as amended by this
        Amendment, (d) the execution and delivery by Issuer of this Amendment and the performance by Issuer of its obligations under the NPA, as amended by this Amendment, have been duly authorized by Issuer, (e) the execution and delivery by Issuer of
        this Amendment and the performance by Issuer of its obligations under the NPA, as amended by this Amendment, do not and will not contravene (i) any law or regulation binding on or affecting Issuer, (ii) any contractual restriction with a Person
        binding on Issuer, (iii) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Issuer, or (iv) the organizational documents of Issuer, (f) the execution and delivery by
        Issuer of this Amendment and the performance by Issuer of its obligations under the NPA, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with,
        or exemption by any governmental or public body or authority, or subdivision thereof, binding on Issuer, except as already has been obtained or made, and (g) this Amendment has been duly executed and delivered by Issuer and is the binding
        obligation of Issuer, enforceable against Issuer in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and
        equitable principles relating to or affecting creditors’ rights.

     

      

    6.           Release by Issuer.

     

    A.          FOR GOOD AND VALUABLE
        CONSIDERATION, Issuer hereby forever relieves, releases, and discharges Agent, the Holders and their respective present or former employees, officers, directors, agents, representatives, attorneys, and each of them, from any and all claims, debts,
        liabilities, demands, obligations, promises, acts, agreements, costs and expenses, actions and causes of action, of every type, kind, nature, description or character whatsoever, whether known or unknown, suspected or unsuspected, absolute or
        contingent, arising out of or in any manner whatsoever connected with or related to facts, circumstances, issues, controversies or claims existing or arising from the beginning of time through and including the date of execution of this Amendment
        (collectively, the “Released Claims”). Without limiting the foregoing, the Released Claims shall include any and all liabilities or claims arising out of or in
        any manner whatsoever connected with or related to the Note Documents, the recitals hereto, any instruments, agreements or documents executed in connection with any of the foregoing or the origination, negotiation, administration, servicing and/or
        enforcement of any of the foregoing, in each case existing or arising on or prior to the date of this Amendment.

     

    
      
        

    

    B.           In furtherance of this
        release, Issuer expressly acknowledges and waives any and all rights under Section 1542 of the California Civil Code (or its equivalent under New York law), which provides as follows:

    

    

    “A general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his
      or her favor at the time of executing the release and that, if known by him or her, would have materially affected his or her settlement with the debtor or released party.”

     

    C.           By entering into this release,
        Issuer recognizes that no facts or representations are ever absolutely certain and it may hereafter discover facts in addition to or different from those which it presently knows or believes to be true, but that it is the intention of Issuer hereby
        to fully, finally and forever settle and release all matters, disputes and differences, known or unknown, suspected or unsuspected; accordingly, if Issuer should subsequently discover that any fact that it relied upon in entering into this release
        was untrue, or that any understanding of the facts was incorrect, Issuer shall not be entitled to set aside this release by reason thereof, regardless of any claim of mistake of fact or law or any other circumstances whatsoever. Issuer acknowledges
        that it is not relying upon and has not relied upon any representation or statement made by Agent or the Holders with respect to the facts underlying this release or with regard to any of such party’s rights or asserted rights.

     

    D.           This release may be pleaded as a
        full and complete defense and/or as a cross-complaint or counterclaim against any action, suit, or other proceeding that may be instituted, prosecuted or attempted in breach of this release. Issuer acknowledges that the release contained herein
        constitutes a material inducement to Agent and the Holders to enter into this Amendment, and that Agent and the Holders would not have done so but for their expectation that such release is valid and enforceable in all events.

     

    E.            Issuer hereby represents and
        warrants to Agent and the Holders, and Agent and the Holders are relying thereon, as follows:

     

    1.          Except as expressly stated in this
        Amendment, neither Agent or the Holders nor any agent, employee or representative of Agent or the Holders has made any statement or representation to Issuer regarding any fact relied upon by Issuer in entering into this Amendment.

    

    

    2.          Issuer has made such investigation
        of the facts pertaining to this Amendment and all of the matters appertaining thereto, as it deems necessary.

     

    
      3.         The terms of this Amendment are contractual and not a mere recital.

    

    

    

    4.          This Amendment has been carefully
        read by Issuer, the contents hereof are known and understood by Issuer, and this Amendment is signed freely, and without duress, by Issuer.

     

    5.          Issuer hereby represents and
        warrants that it is the sole and lawful owner of all right, title and interest in and to every claim and every other matter which it releases herein, and that it has not heretofore assigned or transferred, or purported to assign or transfer, to any
        person, firm or entity any claims or other matters herein released. Issuer shall indemnify, defend and hold harmless Agent and Holders from and against all claims based upon or arising in connection with prior assignments or purported assignments
        or transfers of any claims or matters released herein.

     

    7.           As a condition to the effectiveness of this
        Amendment, Agent shall have received, in form and substance reasonably satisfactory to Agent, the following:

    

    

    
      (a)            this Amendment, duly executed by Issuer;

    

    

    

    (b)           a completed Issuer Resolutions
        and Incumbency, with all exhibits, as of the date of this Amendment, in substantially the form attached hereto;

    

    

    (c)           all Holder Expenses incurred
        through the date of this Amendment, which shall be wired to Agent’s and Holder’s counsel on the date hereof in accordance with the wire instructions attached hereto as Supplement I; and

     

      

    
      
        

    

    (d)           such other documents, and
        completion of such other matters, as Agent or Holder may reasonably deem necessary or appropriate.

     

    8.            Section

        10 of the NPA hereby is incorporated herein by this reference as though fully set forth herein.

     

    9.           This Amendment may be executed in any number of
        counterparts and by different parties on separate counterparts, each of which, when executed and delivered, are an original, and all taken together, constitute one Amendment.

    

    

    [Balance of Page Intentionally Left Blank]

    
      
        

    

    IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the first date above written.

    

      
        	
                 

              	
                
                  COMPANY:

                

              
	 	 
	
                 

              	
                SANUWAVE HEALTH, INC.

              
	 	 
	
                 

              	
                By: /s/ Kevin A. Richardson II

              
	
                 

              	
                Name: Kevin A. Richardson II

              
	
                 

              	
                
                  Title: CEO & Chairman

                

              

      

      

      

      [Signature Page to Third Amendment to Note and Warrant Purchase and Security Agreement] [Signatures Continued, Next Page]

    

    
      
        

    

    IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the first date above written.

     

    
      	

            	
              AGENT AND HOLDER:

            
	
               

            	
               

            
	
               

            	
              NH EXPANSION CREDIT FUND HOLDINGS LP

            
	
               

            	
               

            
	
               

            	
              By: MS Expansion Credit GP, L.P. 

              Its: General Partner

            
	
               

            	
               

            
	
               

            	
              
                By: MS Expansion Credit GP Inc. 

                Its: General Partner

              

            
	 	 
	
               

            	
              By: /s/ William Reiland

            
	 	Name: William Reiland
	 	Title: Managing Director

    

    

    

    [Signature Page to Third Amendment to Note and Warrant Purchase and Security Agreement]

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