Document:

EX-10.1

 Exhibit 10.1 

CLAIRE’S INC. 
 2400
W. Central Rd. 
 Hoffman Estates, IL 60192 

Grant Date: 
 Name: 

Re: Grant of FY 2015 AIP Exchange Option 
 Dear
                    : 
 Further to your FY 2015
AIP (Annual Incentive Plan), this letter confirms that we have received your instruction to exchange a portion of your FY 2015 AIP Target incentive opportunity for a one time grant of stock options to purchase shares (“Shares”) of
Claire’s Inc. (the “Company”), the parent company of Claire’s Stores, Inc. (“Claire’s”). As described further below, the options are split between two programs: Performance Options and Time Options. These options
are collectively referred to as the “Options.” The Options have been granted pursuant to the Company’s Amended and Restated Stock Incentive Plan (the “Plan”), which may be amended from time to time. The Plan has been
publicly filed with the Securities and Exchange Commission, and a copy will be provided to you upon request. The Options and underlying Shares are subject in all respects to the provisions of the Plan (including, without limitation, Section 8),
except as specifically modified hereby. Capitalized terms not otherwise defined herein are defined in the Plan. 
  

	1.	Option Exchange. You have elected to exchange     % of your Target incentive opportunity under your FY 2015 AIP for a one-time grant of options. The number of options granted is equal to the
proportionate dollar amount of your FY 2015 AIP target award that you elected to be delivered in options as opposed to cash, divided by a share option price of $5.75, rounded up to the nearest whole share. As a result, you have been granted a total
of             Options. See calculation below. By agreeing to a whole or partial exchange of any potential FY 2015 AIP cash award for options, you waive the right to receive any cash value
of the FY 2015 AIP award subject to your exchange election, as detailed in the AIP outline previously delivered to you. 

Salary prior to June 1, 2015 - $£            AIP Target -
    % 
 ($£            x     % x
    % ÷ $5.75 =             ) 

	2.	Time Option: The key terms of the Time Option are as follows: 

  

	 	(a)	Number of Shares.              

  

	 	(b)	Exercise Price per Share. $5.75 

 Vesting. The Time Option will vest and become
exercisable in two equal annual installments on each of May 1, 2016 and May 1, 2017; provided that (i) the Time Option will become fully vested and exercisable immediately prior to a Change of Control; and (ii) you must be
employed by the Company or its Affiliates on the vesting date. 
  

	3.	Performance Option: The key terms of the Performance Option are as follows: 

  

	 	(a)	Number of Shares.              

  

	 	(b)	Exercise Price per Share. $5.75 

  

	 	(c)	Vesting. The Performance Option will vest and become exercisable when it has been determined that Claire’s achieved consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) of
$250 million or greater during any full fiscal year prior to the termination of this Option, commencing with FY 2015. The EBITDA determination, which shall be signed off by the Board or a committee of the Board, shall be made at the same time the
determination is made for the payment of cash awards under the AIP for the applicable fiscal year, which is typically May of the following year (unless administratively impracticable to do so because Claire’s results for the applicable year
have not yet been finalized); provided that (i) the Performance Option will become fully vested and exercisable immediately prior to a Change of Control; and (ii) you must be employed by the Company or its Affiliates on the date such
EBITDA determination is signed off by the Board or a committee of the Board. 

  

	4.	Termination of the Options. The Options shall terminate pursuant to the provisions of Section 5 of the Plan. 

  

	5.	Representations. By accepting this award of Options, you represent and agree to the following, and understand that the Company would not have granted this award to you but for your representations and
acknowledgements below: 

  

	 	(a)	Shares Unregistered; Investor Knowledge. You acknowledge and agree that (i) neither the grant of the Options nor the offer to acquire Shares upon exercise thereof has been registered under applicable
securities laws; (ii) there is no established market for the Shares and it is not anticipated that there will be any such market for the Shares in the foreseeable future; and (iii) your knowledge and experience in financial and business
matters are such that you are capable of evaluating the merits and risks of any investment in the Shares. 

  
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	 	(b)	Acknowledgement. You acknowledge and agree that: (i) this award is a one-time benefit, which does not create any contractual or other right to receive future awards, or benefits in lieu of awards;
(ii) all determinations with respect to any such future awards, including, but not limited to, the times when awards shall be granted, the number of shares subject to each award, the exercise or purchase price, and the time or times when each
award shall vest, will be at the sole discretion of the Company; (iii) this award is not part of normal or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service
awards, pension or retirement benefits or similar payments; and (iv) THAT THIS AWARD SHALL NOT CREATE A RIGHT TO FURTHER EMPLOYMENT WITH THE COMPANY OR ITS AFFILIATES AND SHALL NOT INTERFERE WITH THE ABILITY OF THE COMPANY OR ANY OF ITS
AFFILIATES TO TERMINATE YOUR EMPLOYMENT RELATIONSHIP AT ANY TIME, AND UPON TERMINATION OF YOUR EMPLOYMENT FOR ANY REASON WHATSOEVER, ANY RIGHTS IN RESPECT OF THE OPTIONS OR THE UNDERLYING SHARES TO WHICH YOU WOULD HAVE BEEN ENTITLED HAD YOUR
EMPLOYMENT NOT TERMINATED SHALL LAPSE UPON THE DATE OF TERMINATION UNLESS EXPRESSLY STATED OTHERWISE HEREIN OR THE PLAN, AND YOU SHALL NOT BE ENTITLED TO ANY COMPENSATION IN RESPECT OF LOSS OF ALL OR ANY OF THE OPTIONS OR UNDERLYING SHARES.

  

	 	(c)	Employee Data Privacy. You consent to the collection, use and transfer of personal data as described in this paragraph 5(c). You understand that the Company and its Affiliates hold certain personal information
about you including, but not limited to, your name, home address and telephone number, date of birth, social security number, salary, nationality, job title, common shares or directorships held in the Company, details of all other entitlement to
common shares awarded, cancelled, exercised, vested, unvested or outstanding in your favor, for the purpose of managing and administering this award (“Data”). You further understand that the Company and/or its Affiliates will transfer Data
among themselves as necessary for the purposes of implementation, administration and management of this award, and that the Company and/or any of its Affiliates may each further transfer Data to any third parties assisting the Company in such
implementation, administration and management. You authorize them to receive, possess, use, retain and transfer Data in electronic or other form, for the purposes of implementing, administering and managing this award, including any requisite
transfer of such Data as may be required for the administration of this award and/or the subsequent holding common shares on your behalf to a broker or other third party with whom the shares acquired on exercise may be deposited. You understand that
he or she may, at any time, view the Data, require any necessary amendments to it or withdraw the consent herein in writing by contacting the local human resources representative. 

  
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	 	(d)	Confidentiality. You agree not to disclose or discuss in any way the terms of this award to or with anyone other than members of your immediate family, or your personal counsel or financial advisors (and you will
advise such persons of the confidential nature of this offer). 

  

	6.	Vesting upon Death/Disability. As to the Time Option, a portion of the Time Option will become vested and exercisable upon termination of your employment with the Company or its Affiliates by reason of your death
or Disability, such portion to equal the portion of the Option that would have vested on the next scheduled vesting date had your employment not so terminated, multiplied by a fraction, the numerator of which is the number of days that elapsed from
the most recent vesting date to the date of such termination, and the denominator of which is 365. 

  

	7.	Definitions. For purposes of this letter: 

  

	 	(a)	“Apollo” means Apollo Management VI, L.P. and its Affiliates or any entity controlled thereby or any of the partners thereof. 

 

	 	(b)	“Board” means the board of directors of the Company, or any committee thereof duly authorized to act on behalf of the Board. 

 

	 	(c)	“Capital Stock” of any Person means any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in, however designated, equity of such Person,
including any Preferred Stock, but excluding any debt securities convertible into such equity. 

  

	 	(d)	“Change of Control” means: 

  

	 	(i)	any event occurs the result of which is that any “Person,” as such term is used in Sections 13(d) and 14(d) of the Exchange Act, other than one or more Permitted Holders or their Related Parties, becomes the
beneficial owner, as defined in Rules l3d-3 and l3d-5 under the Exchange Act (except that a Person shall be deemed to have “beneficial ownership” of all shares that any such Person has the right to acquire within one year) directly or
indirectly, of more than 50% of the Voting Stock of the Company or any successor company thereto, including, without limitation, through a merger or consolidation or purchase of Voting Stock of the Company; provided that none of the Permitted
Holders or their Related Parties have the right or ability by voting power, contract or otherwise to elect or designate for election a majority of the Board; provided further that the transfer of 100% of the Voting Stock of the Company to a Person
that has an ownership structure identical to that of the Company prior to such transfer, such that the Company becomes a wholly owned Subsidiary of such Person, shall not be treated as a Change of Control; 

  
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	 	(ii)	after an initial public offering of Capital Stock of the Company during any period of two (2) consecutive years, individuals who at the beginning of such period constituted the Board, together with any new
directors whose election by such Board or whose nomination for election by the stockholders of the Company was approved by a vote of a majority of the directors of the Company then still in office who were either directors at the beginning of such
period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority of the Board then in office; 

  

	 	(iii)	the sale, lease, transfer, conveyance or other disposition, in one or a series of related transactions other than a merger or consolidation, of all or substantially all of the assets of the Company and its Subsidiaries
taken as a whole to any Person or group of related Persons other than a Permitted Holder or a Related Party of a Permitted Holder; or 

  

	 	(iv)	the adoption of a plan relating to the liquidation or dissolution of the Company. 

  

	 	(e)	“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

  

	 	(f)	“Permitted Holder” means Apollo. 

  

	 	(g)	“Preferred Stock” as applied to the Capital Stock of any corporation means Capital Stock of any class or classes, however designated, that is preferred as to the payment of dividends, or as to the distribution
of assets upon any voluntary or involuntary liquidation or dissolution of such corporation, over shares of Capital Stock of any other class of such corporation. 

  

	 	(h)	“Related Party” means: 

  

	 	(i)	any controlling stockholder, 50% (or more) owned Subsidiary, or immediate family member (in the case of an individual) of any Permitted Holder; or 

 

	 	(ii)	any trust, corporation, partnership, limited liability company or other entity, the beneficiaries, stockholders, partners, members, owners or Persons beneficially holding an 50% or more controlling interest of which
consist of any one or more Permitted Holders and/or such other Persons referred to in the immediately preceding clause (i). 

  

	 	(i)	“Subsidiary” means, with respect to any specified Person: 

  

	 	(i)	any corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency and after giving effect to
any voting agreement or stockholders’ agreement that effectively transfers voting power) to vote in the election of directors, managers or trustees of the corporation, association or other business entity is at the time owned or controlled,
directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and 

  
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	 	(ii)	any partnership (a) the sole general partner or the managing general partner of which is such Person or a Subsidiary of such Person or (b) the only general partners of which are that Person or one or more
Subsidiaries of that Person (or any combination thereof). 

  

	 	(j)	“Voting Stock” of an entity means all classes of Capital Stock of such entity then outstanding and normally entitled to vote in the election of directors or all interests in such entity with the ability to
control the management or actions of such entity. 

  

	8.	Taxes: You should consult your personal tax advisor for more information concerning the tax treatment of your Options. The Company is not making any representations concerning the tax treatment of the Options,
and is not responsible for any taxes, interest or penalties you incur in connection with your Options, even if the taxing authorities successfully challenge any position taken by the Company in respect of wage withholding and reporting or otherwise.

 We are excited to give you this opportunity to share in our future success. Please indicate your acceptance of this Option grant and the
terms regarding your exchange for options under the AIP by signing and returning a copy of this letter. 
 Sincerely, 

Nikki Rolph, on behalf of CLAIRE’S INC. 
 I accept the
content of this letter, and agree to be bound by its terms and conditions: 
  

 
 Employee Signature 

Print Name:
                                        

  
 6EX-10.2

 Exhibit 10.2 

Amendment No. 2 (this “Amendment”) dated as of September 10, 2015, among CLAIRE’S INC., a Delaware corporation
(“Holdings”), CLAIRE’S STORES, INC., a Florida corporation (the “Borrower”), the SUBSIDIARY LOAN PARTIES hereto, the LENDERS party hereto and CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH as administrative agent (the
“Administrative Agent”) under the Amended and Restated Credit Agreement, dated as of September 20, 2012, among Holdings, the Borrower, the Administrative Agent, the Lenders party thereto from time to time and the agents, arrangers
and bookrunners party thereto, as in effect on the date hereof (as amended on April 30, 2014, the “Credit Agreement”). Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Credit
Agreement. 
 WHEREAS, Section 9.08 of the Credit Agreement provides that Holdings, the Borrower and the Required Lenders may enter
into this Amendment; 
 WHEREAS, Holdings, the Borrower and the Required Lenders desire to amend the Credit Agreement on the terms set forth
herein 
 SECTION 1. Amendments to Credit Agreement. Effective as of the Amendment No. 2 Effective Date (as defined below): 

(a) Section 5.04 of the Credit Agreement is hereby amended by (i) deleting the word “and” at the end of clause
(i) thereof, (ii) replacing the period at the end of clause (j) thereof with “; and” and (iii) inserting a new clause (k) thereof as follows: 

“(k) Within 30 days after the end of each fiscal month of the Borrower (commencing with fiscal September 2015),
(i) an unaudited consolidated statement of operations of the Borrower and the Subsidiaries setting forth the consolidated results of its operations during such fiscal month and the then elapsed portion of the fiscal year and setting forth in
comparative form the corresponding figures for the corresponding periods of the prior fiscal year, all of which shall be in a format consistent with the Borrower’s most recent quarterly report on Form 10-Q and which consolidated statement of
operations shall be certified by a Financial Officer of the Borrower on behalf of the Borrower as fairly presenting, in all material respects, the results of operations of the Borrower and the Subsidiaries on a consolidated basis in accordance with
GAAP (subject to normal quarter-end and year-end audit adjustments and the absence of footnotes) and (ii) a projected statement of cash flows for the 13 week period commencing on the day following the last day of the fiscal month for which
financial statements are being delivered pursuant to subclause (i) above including a description of underlying assumptions with respect thereto, which projected cash flow statement shall in each case be accompanied by the statement of a
Financial Officer of the Borrower to the effect that, such projected cash flow statement is based on assumptions believed by such Financial Officer to be reasonable as of the date of delivery thereof.” 

 (b) Section 6.11 of the Credit Agreement is hereby deleted in its entirety and replaced with
the following: 
 “SECTION 6.11 Total Net Secured Leverage Ratio. Permit the Total Net Secured Leverage Ratio to exceed the
Required Maintenance Level (as defined below) as of (i) the last day of any fiscal quarter when the Revolving Facility Credit Exposure outstanding exceeds $15 million as of such day, and (ii) on the date of any Borrowing or issuance,
amendment, extension or renewal of a Letter of Credit (each such date hereinafter being referred to as an “Interim Testing Date”) if, after giving effect thereto the Revolving Facility Credit Exposure outstanding shall exceed $15
million; provided, however, that in the case of clause (ii), the Total Net Secured Leverage Ratio shall be calculated as of the last day of the most recent fiscal quarter for which financial statements have been or were required to be
delivered pursuant to Section 5.04(a) or (b) on or prior to such Interim Testing Date but for purposes of such calculation the amount of Senior Secured Debt as of the last day of such fiscal quarter shall be adjusted by removing all
Revolving Facility Credit Exposure outstanding at such last day of such fiscal quarter (to the extent otherwise included in Senior Secured Debt as of the last day of such fiscal quarter) and adding in the Revolving Facility Credit Exposure
outstanding on such Interim Testing Date (after giving effect to any Borrowing on such Interim Testing Date) to the extent such Revolving Facility Credit Exposure would otherwise be included in Senior Secured Debt as of such date. For the avoidance
of doubt, in the case of clause (ii), the Total Net Secured Leverage Ratio shall be calculated without including any proceeds of any Borrowing on the applicable Interim Testing Date in Unrestricted Cash. 

For purposes of this Section 6.11, “Required Maintenance Level” shall mean, on the last day of any fiscal quarter of the
Borrower, the level set forth opposite such fiscal quarter in the table set forth below: 
  

					
	 Fiscal Quarter
	  	Required Maintenance Level	 
	 Third fiscal quarter of 2015
	  	 	6.75 to 1.00	  
	 Fourth fiscal quarter of 2015
	  	 	6.35 to 1.00	  
	 First fiscal quarter of 2016
	  	 	6.75 to 1.00	  
	 Second fiscal quarter of 2016
	  	 	6.75 to 1.00	  
	 Third fiscal quarter of 2016
	  	 	6.75 to 1.00	  
	 Fourth fiscal quarter of 2016
	  	 	6.35 to 1.00	  
	 First fiscal quarter of 2017
	  	 	6.00 to 1.00	  
	 Second fiscal quarter of 2017
	  	 	6.00 to 1.00”	  

  
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 SECTION 2. Representations and Warranties. Holdings and the Borrower, jointly and
severally represent that, both immediately before and immediately after giving effect to this Amendment: 
 (a) The representations and
warranties set forth in the Loan Documents are true and correct in all material respects (or, with respect to representations and warranties qualified by materiality or “Material Adverse Effect”, true in all respects), with the same effect
as though made on and as of such times, except to the extent such representations and warranties expressly relate to an earlier date (in which case such representations and warranties shall be true and correct in all material respects (or, with
respect to representations and warranties qualified by materiality or “Material Adverse Effect”, true in all respects) as of such earlier date); and 

(b) no Default or Event of Default exists. 

SECTION 3. Conditions. The amendments set forth in Section 1 shall become effective on the date (“Amendment No. 2
Effective Date”) when 
 (a) the Administrative Agent (or its counsel) shall have received from the Administrative Agent, Holdings,
the Borrower and Lenders constituting the Required Lenders either (i) a counterpart of this Amendment signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include telecopy or
electronic transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this Amendment; and 
 (b)
the Administrative Agent shall have received, for the account of each Lender that has consented to this Amendment prior to 5:00 p.m., New York City time, on September 9, 2015 a fee equal to 0.25% of the aggregate principal amount of such
Lender’s Revolving Facility Commitment. 
 SECTION 4. Certain Consequences of Effectiveness; Reaffirmation. On and after the
Amendment No. 2 Effective Date, references in the Credit Agreement to this “Agreement” and references in the Loan Documents to the “Credit Agreement” shall refer to the Credit Agreement as amended by this Amendment. Except
as expressly set forth herein, this Amendment shall not constitute an amendment or waiver of any provision of the Credit Agreement or any other Loan Document all of which shall remain in full force and effect. Each Loan Party hereby acknowledges and
agrees that, following the Amendment No. 2 Effective Date, it shall continue to be bound by the Loan Documents to which it is party (in the case of the Credit Agreement, as amended by this Amendment) and each of the Loan Parties hereby
(i) consents to the execution, delivery and performance of this Amendment and each of the transactions contemplated hereby, (ii) acknowledges and reaffirms its respective guarantees, pledges, grants of security interests and other
obligations, as applicable, under and subject to the terms of the Loan Documents, (iii) acknowledges and agrees that, notwithstanding the effectiveness of this Amendment, the Collateral Agreement and the other Security Documents shall continue
in full force and effect and (iv) acknowledges and agrees that all references in the Collateral Agreement or any other Security Document to the “Credit Agreement,” “thereunder,” “thereof” or words of similar import
shall be deemed to mean a reference to the Credit Agreement as amended by this Amendment. Furthermore, each of the Loan Parties acknowledges and agrees that it is the intention 

  
 -3- 

 
of such party (i) that the Collateral Agreement and the other Security Documents and the Liens granted thereby shall not be affected, impaired or discharged hereby or by the transactions
contemplated under this Amendment, (ii) the Liens granted by the Collateral Agreement and the other Security Documents shall continue unimpaired and with the same priority to secure repayment of all Obligations, whether heretofore or hereafter
incurred, and (iii) nothing herein or in the Credit Agreement requires that any new filings be made or other action taken to perfect or to maintain the perfection of such Liens. 

SECTION 5. Loss of FATCA Grandfathering. For purposes of determining withholding Taxes imposed under FATCA, from and after the
Amendment No. 2 Effective Date, the Borrower and the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) the Obligations outstanding under the Credit Agreement (including, without limitation,
any outstanding Loans) as not qualifying as a “grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i). 

SECTION 6. Applicable Law; Waiver of Jury Trial. This Amendment shall constitute a “Loan Document” for purposes of the Credit
Agreement. The provisions of Section 9.07, 9.11, 9.13 and 9.15 of the Credit Agreement are incorporated herein mutatis mutandis. 

[signature pages follow] 

  
 -4- 

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

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

CLAIRE’S PUERTO RICO CORP.

		
	By:	 	 /s/ J. Per Brodin

		 	Name:	 	J. Per Brodin
		 	Title:	 	Executive Vice President and Chief Financial Officer
	
	CSI CANADA LLC
		
	By:	 	 /s/ J. Per Brodin

		 	Name:	 	J. Per Brodin
		 	Title:	 	Manager

  
 [Claire’s Amendment
No. 2 Signature Page] 

 
					
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as Administrative Agent and a Lender
		
	By:	 	 /s/ Robert Hetu

		 	Name:	 	Robert Hetu
		 	Title:	 	Authorized Signatory
		
	By:	 	 /s/ Jayant Rao

		 	Name:	 	Jayant Rao
		 	Title:	 	Authorized Signatory

  
 [Claire’s Amendment
No. 2 Signature Page] 

 
					
	GOLDMAN SACHS BANK USA, as a Lender
		
	By:	 	 /s/ Jamie Minieri

		 	Name:	 	Jamie Minieri
		 	Title:	 	Authorized Signatory
		
	[By:	 	  

		 	Name:	 	
		 	Title:	 	    ]1

  

	1 	If a second signature is required. 

  
 [Claire’s Stores,
Inc.—Amendment No. 2] 

 
					
	ING CAPITAL LLC as a Lender
		
	By:	 	 /s/ Joe McAdams

		 	Name:	 	Joe McAdams
		 	Title:	 	Managing Director
		
	By:	 	 /s/ Ian J. Nyi

		 	Name:	 	Ian J. Nyi
		 	Title:	 	Vice President

  
 [Claire’s Stores,
Inc.—Amendment No. 2] 

 
					
	JPMORGAN CHASE BANK, N.A., as a Lender
		
	By:	 	 /s/ Charles K. Holmes

		 	Name:	 	Charles K. Holmes
		 	Title:	 	Executive Director

 
					
	Royal Bank of Canada, as a Lender
		
	By:	 	 /s/ Leslie P. Vowell

		 	Name:	 	Leslie P. Vowell
		 	Title:	 	Attorney-In-Fact

  
 [Claire’s Stores,
Inc.—Amendment No. 2]

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