Document:

Exhibit

Exhibit 10.1

625 WESTPORT PKWY., GRAPEVINE, TX. 76051  P: 817 424 2000  F: 817 424 2002

October 11, 2019

Via Email
 
Bernard R. Colpitts, Jr.

Subject:  Offer Letter – Senior Vice President, Chief Accounting Officer
 
Dear Bernard,  
 
Congratulations! I am pleased to offer you the position of Senior Vice President, Chief Accounting Officer at GameStop, effective October 28, 2019.  In your new position, your starting annualized salary will be $375,000.00 per year ($14,423.08 bi-weekly pay period), less applicable taxes.
 
You will be eligible for an annual bonus targeted at 60% of your base salary.  Such participation is subject to the terms of the company’s short-term incentive program and certain performance metrics.  A bonus, if any, will be pro-rated based on your time in position for fiscal year 2019, which runs from February 2019 through January 2020.    

You will be eligible to participate in the Company's long-term incentive (LTI) program and will receive future grants, appropriate to your organizational level, beginning when the Compensation Committee next elects to issue any such grant.  Grants at your level have typically targeted a value of $300,000 and are comprised of 50% cash and 50% stock, in each case vesting over a three-year period.  However, the terms of any future awards will be determined by our Compensation Committee.  Given the current practice and targeted value, here is an example of how LTI awards at this level pay out over the next three years: 
 
		
	•
	March 2021 - $100,000 vesting ($50,000 in Restricted Stock Shares and $50,000 cash) 

		
	•
	March 2022 - $200,000 vesting ($100,000 in Restricted Stock Shares and $100,000 cash) 

		
	•
	March 2023 - $300,000 vesting ($150,000 in Restricted Stock Shares and $150,000 cash) 

 
Based on your organization level and hire date, you also qualify for a pro-rated LTI award of $100,000, less applicable taxes, which will pay out one-third each year over a three-year vesting schedule on the terms described below:

		
	•
	March 2020 - $33,333 cash vesting

		
	•
	March 2021 - $33,333 cash vesting

		
	•
	March 2022 - $33,334 cash vesting

GameStop’s bonus and long-term incentive programs are based on company performance and are subject to change at any time, at the Company’s discretion, based upon the results and needs of the business. 
 

1

On the 61st day from your official date of hire, you will be eligible to participate in the Company’s health (including dental and vision) benefits program, as well as be automatically covered in the Company’s company-paid life insurance program and, after 90 days, the long-term disability program.  You will begin accruing vacation on your start date and will be eligible for three (3) weeks of vacation per year.  On the first of the month following 60 days from your official date of hire, you may enroll in the GameStop 401(k)-plan; after one year of service with GameStop, you will be eligible for the 401(k)-plan company match.
 
This offer is contingent upon successful completion of the following by both you and GameStop, TX Ltd.
		
	•
	Background check  

		
	•
	Signing letter of acceptance  

		
	•
	Signing non-compete agreement  

		
	•
	Signing of Acknowledgement and participation in GameStop’s internal dispute resolution program (GameStop C.A.R.E.S.); this document will be covered and signed during your new hire orientation 

Consistent with all roles in the organization, 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.  Any modification of any of the terms of your employment must be made in writing and signed by a GameStop, Inc. executive officer to be valid and enforceable.

If you wish to accept this offer, please sign this letter in the space provided for your signature below within the next two (2) business days.  To complete the acceptance procedure, you must also execute the accompanying agreement covering various non-compete, non-solicitation and confidentiality issues. Please return the signed offer letter to Denyse Medlenka by email. 
 
Bernard, we are so pleased and excited that you have chosen to become a part of GameStop and look forward to the energy and experience you will bring to our growing organization.  If you have any questions or concerns, please feel free to contact me. 
 
Sincerely,  

	
	
	/s/ Jim Bell

	Jim Bell

	EVP & Chief Financial Officer

	
				
	Accepted By:
	/s/ Bernard R. Colpitts, Jr.
	 
	10-14-19

	 
	Bernard R. Colpitts, Jr.
	 
	Date

2EX-10.1

 Exhibit 10.1 

EXECUTION COPY 
 SECOND AMENDMENT
TO FOURTH AMENDED AND RESTATED LOAN FACILITY AGREEMENT AND GUARANTY 
 THIS SECOND AMENDMENT TO FOURTH AMENDED AND RESTATED LOAN FACILITY
AGREEMENT AND GUARANTY dated October 11, 2019 (this “Amendment”) is entered into among Aaron’s, Inc., a Georgia corporation (the “Sponsor”), the Guarantors, the Participants party hereto and
SunTrust Bank, as Servicer. All capitalized terms used herein and not otherwise defined herein shall have the meanings given to such terms in the Loan Facility Agreement (as defined below). 

RECITALS 
 WHEREAS, the
Sponsor, the Participants and SunTrust Bank, as Servicer, entered into that certain Fourth Amended and Restated Loan Facility Agreement and Guaranty dated as of October 25, 2017 (as amended by that certain First Amendment to Fourth Amended and
Restated Loan Facility Agreement and Guaranty dated as of October 23, 2018 and as further amended, restated, supplemented or otherwise modified from time to time, the “Loan Facility Agreement”); 

WHEREAS, the Sponsor has requested certain amendments be made to the Loan Facility Agreement; and 

WHEREAS, the Participants also agree to such amendments subject to the terms and conditions of this Amendment; 

NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1.    Introductory
Paragraph and Recitals. The above introductory paragraph and recitals of this Amendment are incorporated herein by reference as if fully set forth herein. 

2.    Amendments to Loan Facility Agreement. The Loan Facility Agreement is hereby amended as follows: 

(a)    The following definitions are added in the appropriate alphabetical order to Section 1.1 of
the Loan Facility Agreement: 
 “Second Amendment” means that certain Second Amendment to Fourth
Amended and Restated Loan Facility Agreement and Guaranty dated as of the Second Amendment Effective Date by and among the Sponsor, the Guarantors identified therein, the Participants identified therein and the Servicer. 

“Second Amendment Effective Date” means October 11, 2019. 

(b)    The definition of “Maximum Commitment Amount” in Section 1.1 of the Loan Facility
Agreement is amended by replacing the text “Fifty-Five Million and No/100 Dollars ($55,000,000)” with the text “Forty Million and No/100 Dollars ($40,000,000)”. 

(c)     Section 2.1(a) of the Loan Facility
Agreement is amended by replacing the text “October 23, 2019” with the text “October 22, 2020”. 

  
 1 

 (d)    Section 5.12(b) of the Loan Facility Agreement is
amended by replacing the reference to the “First Amendment Effective Date” therein with “Second Amendment Effective Date”. 

(e)     Article XV of the Loan Facility Agreement is amended to include a new Section 15.18 to read
as follows: 
 Section 15.18    Acknowledgement Regarding any Supported
QFCs. To the extent that the Operative Documents provide support, through a guarantee or otherwise, for any Hedging Transaction or any other agreement or instrument that is a QFC (such support, “QFC Credit Support”
and each such QFC, a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the
Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the
provisions below applicable notwithstanding that the Operative Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of Georgia and/or of the United States or any other state of the United States): 

(a)    In the event a Covered Entity that is party to a Supported QFC (each, a “Covered
Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC
Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the
Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered
Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Operative Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party
are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Operative Documents were governed by the laws of the United States or a state of the
United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Participant shall in no event affect the rights of any Covered Party with respect to a Supported QFC
or any QFC Credit Support.
 (b)    As used in this Section 15.18, the
following terms have the following meanings: 
 “BHC Act Affiliate” of a party means an
“affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party. 

“Covered Entity” means any of the following: 

  
 2 

 (i)    a “covered entity” as that term is
defined in, and interpreted in accordance with, 12 C.F.R. §252.82(b); 
 (ii)    a “covered
bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. §47.3(b); or 

(iii)    a “covered FSI” as that term is defined in, and interpreted in accordance with, 12
C.F.R. §382.2(b). 
 “Default Right” has the meaning assigned to that term in, and shall be
interpreted in accordance with, 12 C.F.R. §§252.81, 47.2 or 382.1, as applicable. 

“QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be
interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D) 
 (f)    Schedule 1.1(b) to the Loan
Facility Agreement is amended in its entirety to read as Schedule 1.1(b) attached hereto. 
 3.    Conditions
Precedent. This Amendment shall be effective upon satisfaction of the following conditions precedent in each case in a manner reasonably satisfactory to the Servicer and each Participant: 

(a)    Amendment. Receipt of a counterpart of this Amendment duly executed by each of the Credit Parties, the
Participants and the Servicer. 
 (b)    [Reserved]. 

(c)    Good Standing Certificate. The Servicer shall have received a certificate of good standing or existence, as
may be available from the Secretary of State of the jurisdiction of incorporation or formation of the Sponsor. 

(d)    Legal Opinion. Receipt by the Servicer of a favorable written opinion of Kilpatrick Townsend &
Stockton LLP, counsel for Sponsor and Guarantors, in a form satisfactory to the Servicer and each Participant and covering such matters relating to the transactions contemplated hereby as the Servicer may reasonably request. 

(e)    Closing Certificate. Receipt by the Servicer of a duly executed closing certificate of the Sponsor, in form
and substance satisfactory to the Servicer and each Participant. 
 (f)    Participation Certificates. Receipt by
each of the Participants of a duly executed Participation Certificate from the Sponsor. 
 (g)    Fees and Attorney
Costs. The Sponsor shall have paid all fees and other amounts due and payable on or prior to the Second Amendment Effective Date, including reimbursement or payment of all
out-of-pocket expenses (including reasonable fees, charges and disbursements of counsel to the Servicer) required to be reimbursed or paid by the Sponsor hereunder,
under any other Operative Document or under any agreement with the Servicer. 

  
 3 

 4.    Miscellaneous. 

(a)    This Amendment shall be deemed to be, and is, an Operative Document. 

(b)    Each Credit Party (i) acknowledges and consents to all of the terms and conditions of this Amendment,
(ii) agrees that this Amendment and all documents executed in connection herewith do not operate to reduce or discharge its obligations under the Loan Facility Agreement or the other Operative Documents or any certificates, documents,
agreements and instruments executed in connection therewith and (iii) affirms all of its obligations under the Operative Documents. 

(c)    Effective as of the date hereof, all references to the Loan Facility Agreement in each of the Operative Documents
shall hereafter mean the Loan Facility Agreement as amended by this Amendment. 
 (d)    Each of the Credit Parties
hereby represents and warrants to the Servicer and the Credit Parties that as of the Second Amendment Effective Date after giving effect to this Amendment: 

(i)    such Credit Party has taken all necessary action to authorize the execution, delivery and
performance of this Amendment; 
 (ii)    this Amendment has been duly executed and delivered by such
Credit Party and constitutes such Credit Party’s legal, valid and binding obligations, enforceable in accordance with its terms, except as such enforceability may be subject to (A) bankruptcy, insolvency, reorganization, fraudulent
conveyance or transfer, moratorium or similar laws affecting creditors’ rights generally and (B) general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity); 

(iii)    no consent, approval, authorization or order of, or filing, registration or qualification with,
any court or Governmental Authority or third party is required in connection with the execution, delivery or performance by any Credit Party of this Amendment, other than such consents, approvals or authorizations that have been obtained; and 

(iv)    such Credit Party is duly organized, validly existing and in good standing as a corporation,
partnership or limited liability company under the laws of the jurisdiction of its organization. 
 (e)    This
Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall constitute one and the same agreement. Delivery of an executed counterpart of this Amendment by
telecopy, pdf or other similar electronic transmission shall be effective as an original and shall constitute a representation that an executed original shall be delivered. 

(f)    This Amendment shall be construed in accordance with and be governed by the law (without giving effect to the
conflict of law principles thereof) of the State of Georgia. 
 [Signature pages follow] 

  
 4 

 IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment to Fourth
Amended and Restated Loan Facility Agreement and Guaranty to be duly executed as of the date first above written. 
  

							
	SPONSOR:	 		 	AARON’S, INC.
				
		 		 	By:	 	/s/ Steven A. Michaels
		 		 	Name:	 	Steven A. Michaels
		 		 	Title:	 	Chief Financial Officer and President of Strategic Operations
			
	GUARANTORS:	 		 	AARON INVESTMENT COMPANY
				
		 		 	By:	 	/s/ Steven A. Michaels
		 		 	Name:	 	Steven A. Michaels
		 		 	Title:	 	Vice President and Treasurer
			
		 		 	AARON’S LOGISTICS, LLC
				
		 		 	By:	 	AARON’S, INC., as sole Manager
				
		 		 	By:	 	/s/ Steven A. Michaels
		 		 	Name:	 	Steven A. Michaels
		 		 	Title:	 	Chief Financial Officer and President of Strategic Operations
			
		 		 	AARON’S PROGRESSIVE HOLDING COMPANY
				
		 		 	By:	 	/s/ Steven A. Michaels
		 		 	Name:	 	Steven A. Michaels
		 		 	Title:	 	President and Treasurer
			
		 		 	 APPROVE.ME, LLC
 AM2 ENTERPRISES,
LLC
 PROG LEASING, LLC

				
		 		 	By:	 	PROGRESSIVE FINANCE HOLDINGS, LLC, Sole Manager
				
		 		 	By:	 	/s/ Steven A. Michaels
		 		 	Name:	 	Steven A. Michaels
		 		 	Title:	 	Vice President

  

  
 AARON’S, INC. 

SECOND AMENDMENT TO FOURTH AMENDED AND RESTATED 

LOAN FACILITY AGREEMENT AND GUARANTY 

							
		 		 	PROGRESSIVE FINANCE HOLDINGS, LLC
				
		 		 	By:	 	/s/ Steven A. Michaels
		 		 	Name:	 	Steven A. Michaels
		 		 	Title:	 	Vice President
			
		 		 	WOODHAVEN FURNITURE INDUSTRIES, LLC
				
		 		 	By:	 	/s/ Steven A. Michaels
		 		 	Name:	 	Steven A. Michaels
		 		 	Title:	 	Vice President
			
		 		 	 NPRTO ARIZONA, LLC
 NPRTO
CALIFORNIA, LLC
 NPRTO FLORIDA, LLC
 NPRTO GEORGIA, LLC

NPRTO ILLINOIS, LLC
 NPRTO MICHIGAN, LLC

NPRTO NEW YORK, LLC
 NPRTO OHIO, LLC

NPRTO TEXAS, LLC
 NPRTO
MID-WEST, LLC
 NPRTO NORTH-EAST, LLC

NPRTO SOUTH-EAST, LLC
 NPRTO WEST, LLC

				
		 		 	By:	 	PROG LEASING, LLC, Sole Manager
				
		 		 	By:	 	/s/ Steven A. Michaels
		 		 	Name:	 	Steven A. Michaels
		 		 	Title:	 	Vice President
			
		 		 	DENT-A-MED INC.
				
		 		 	By:	 	/s/ Mark Robertson
		 		 	Name:	 	Mark Robertson
		 		 	Title:	 	Vice President
			
		 		 	HC RECOVERY, INC.
				
		 		 	By:	 	/s/ Mark Robertson
		 		 	Name:	 	Mark Robertson
		 		 	Title:	 	Vice President and General Counsel

  
 AARON’S, INC. 

SECOND AMENDMENT TO FOURTH AMENDED AND RESTATED 

LOAN FACILITY AGREEMENT AND GUARANTY 

							
	SERVICER:	 		 	 SUNTRUST BANK,
 as Servicer and as a
Participant

				
		 		 	By:	 	/s/ Tesha Winslow
		 		 	Name:	 	Tesha Winslow
		 		 	Title:	 	Director

  
 AARON’S, INC. 

SECOND AMENDMENT TO FOURTH AMENDED AND RESTATED 

LOAN FACILITY AGREEMENT AND GUARANTY 

							
	PARTICIPANTS:	 		 	 BANK OF AMERICA, N.A.,
 as a
Participant

				
		 		 	By:	 	/s/ Ryan Maples
		 		 	Name:	 	Ryan Maples
		 		 	Title:	 	Sr. Vice President

  
 AARON’S, INC. 

SECOND AMENDMENT TO FOURTH AMENDED AND RESTATED 

LOAN FACILITY AGREEMENT AND GUARANTY 

							
	PARTICIPANTS:	 		 	 FIFTH THIRD BANK,
 as a
Participant

				
		 		 	By:	 	/s/ Mary Ramsey
		 		 	Name:	 	Mary Ramsey
		 		 	Title:	 	Senior Vice President

  
 AARON’S, INC. 

SECOND AMENDMENT TO FOURTH AMENDED AND RESTATED 

LOAN FACILITY AGREEMENT AND GUARANTY 

							
	PARTICIPANTS:	 		 	 REGIONS BANK,
 as a
Participant

				
		 		 	By:	 	/s/ Cheryl L. Shelhart
		 		 	Name:	 	Cheryl L. Shelhart
		 		 	Title:	 	Vice President

  
 AARON’S, INC. 

SECOND AMENDMENT TO FOURTH AMENDED AND RESTATED 

LOAN FACILITY AGREEMENT AND GUARANTY 

							
	PARTICIPANTS:	 		 	 BRANCH BANKING AND TRUST COMPANY,

as a Participant

				
		 		 	By:	 	/s/ Ketak Sampat
		 		 	Name:	 	Ketak Sampat
		 		 	Title:	 	Senior Vice President

  
 AARON’S, INC. 

SECOND AMENDMENT TO FOURTH AMENDED AND RESTATED 

LOAN FACILITY AGREEMENT AND GUARANTY 

							
	PARTICIPANTS:	 		 	 CITIZENS BANK, N.A.,
 as a
Participant

				
		 		 	By:	 	/s/ Tyler Stephens
		 		 	Name:	 	Tyler Stephens
		 		 	Title:	 	Vice President

  
 AARON’S, INC. 

SECOND AMENDMENT TO FOURTH AMENDED AND RESTATED 

LOAN FACILITY AGREEMENT AND GUARANTY 

							
	PARTICIPANTS:	 		 	 SYNOVUS BANK,
 as a
Participant

				
		 		 	By:	 	/s/ Chandra Cockrell
		 		 	Name:	 	Chandra Cockrell
		 		 	Title:	 	Corporate Banker

  
 AARON’S, INC. 

SECOND AMENDMENT TO FOURTH AMENDED AND RESTATED 

LOAN FACILITY AGREEMENT AND GUARANTY 

							
	PARTICIPANTS:	 		 	 HSBC BANK USA, NATIONAL ASSOCIATION,

as a Participant

				
		 		 	By:	 	/s/ Joe M. Quatro
		 		 	Name:	 	Joe M. Quatro
		 		 	Title:	 	Vice President

  
 AARON’S, INC. 

SECOND AMENDMENT TO FOURTH AMENDED AND RESTATED 

LOAN FACILITY AGREEMENT AND GUARANTY 

							
	PARTICIPANTS:	 		 	 JPMORGAN CHASE BANK, N.A.,
 as a
Participant

				
		 		 	By:	 	/s/ Alexander Vardaman
		 		 	Name:	 	Alexander Vardaman
		 		 	Title:	 	Authorized Officer

  
 AARON’S, INC. 

SECOND AMENDMENT TO FOURTH AMENDED AND RESTATED 

LOAN FACILITY AGREEMENT AND GUARANTY 

 SCHEDULE 1.1(b) 

PARTICIPANT COMMITMENTS 
  

							
	 Participant
	  	Participating
Commitment as of
the Effective Date	  	Participating
Commitment as of
the First Amendment
Effective Date	  	Participating
Commitment as of the
Second Amendment
Effective Date
	 SunTrust Bank
	  	$13,803,418.80	  	$8,987,329.31	  	$6,536,239.48
	 Bank of America, N.A.
	  	$10,897,435.90	  	$7,095,259.98	  	$5,160,189.08
	 Fifth Third Bank
	  	$10,897,435.90	  	$7,095,259.98	  	$5,160,189.08
	 Regions Bank
	  	$10,897,435.90	  	$7,095,259.98	  	$5,160,189.08
	 Branch Banking & Trust Company
	  	$10,897,435.90	  	$7,095,259.98	  	$5,160,189.08
	 JPMorgan Chase Bank, N.A.
	  	$8,717,948.72	  	$5,676,207.98	  	$4,128,151.26
	 Citizens Bank, N.A.
	  	$8,717,948.72	  	$5,676,207.98	  	$4,128,151.26
	 HSBC Bank USA, National Association
	  	$6,538,461.54	  	$4,257,155.99	  	$3,096,113.45
	 Synovus Bank
	  	$3,632,478.62	  	$2,022,058.82	  	$1,470,588.23
		  	  
	  	  
	  	  

	 Total:
	  	$85,000,000.00	  	$55,000,000.00	  	$40,000,000.00

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