Document:

EX-10.1

 EXHIBIT 10.1 
 OFFER LETTER AMENDMENT 
 THIS OFFER LETTER AMENDMENT
(“Agreement”) is made and entered into as of this 28th day of August 2012, by and between Beatrice Lafon (“you” or the “Executive”), and Claire’s Stores, Inc. (the “Company”). 

RECITALS 

WHEREAS, Claire’s Inc. is the parent (the “Parent”) of the Company; 

WHEREAS, in September 2011, the Executive signed an Offer Letter and entered into an Employment Agreement with the European operating
subsidiary of the Company to serve as President of the Company’s European division; 
 WHEREAS, in connection with the
Executive’s appointment as President of Europe, Parent offered Executive (the “Offer”) the opportunity to purchase 30,000 shares of common stock of the Parent (the “Shares”) at a purchase price of $10 per share; 

WHEREAS, in February 2012, the Executive purchased 5,000 Shares; 

WHEREAS, the Offer with respect to the remaining 25,000 Shares expired February 29, 2012; 

WHEREAS, in May 2012, the Company granted an investment option on a buy-one-get-one basis (“BOGO Option”) to the Executive, at
an exercise price of $10 per share, which related to the purchase of 5,000 Shares by the Executive in February 2012; 
 WHEREAS,
the Compensation Committee of the Board of Directors of the Company desires to extend the Offer pursuant to the terms of this Agreement; 
 AGREEMENT 
 NOW THEREFORE, the Company and Executive agree
as follows: 
  

	1.	General. This Offer is being made pursuant to the Company’s Amended and Restated Stock Incentive Plan (the “Plan), a copy of which has been publicly
filed with the United States Securities Exchange Commission. The Shares purchased or that may be purchased by the Executive (the “Purchased Shares”), the BOGO Options and underlying Shares (the “BOGO 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 in the text or in Section 8 hereof are defined in the Plan.

  

	2.	 Opportunity to Purchase Shares. Executive may purchase 25,000 Shares at a price per Share equal to the fair market value of the Shares at the time of
purchase, as determined in good faith by the Board based on an independent third party valuation, but in no event less than $10 per share (the price actually paid for the Shares at the time of purchase referred to as the “Purchase Price”).
The Shares must be purchased in increments of 1,000, and the number of Shares that maybe purchased is limited to 25,000 shares. 

  
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	3.	Grant of Matching Option: On the date that Executive completes the purchase of Shares described in paragraph 2 above, Executive will be granted a “BOGO
Option” relating to the same number of Shares that Executive purchased under paragraph 2 above at an exercise price equal to the Purchase Price paid by Executive for the Shares. The BOGO Option will vest and become exercisable in two equal
annual installments on the first and second anniversary dates of the date of grant, provided that Executive is employed by the Company or its Affiliates on such dates; provided, further that, the BOGO Option will become fully vested and exercisable
immediately prior to a Change in Control; and provided, further, that the BOGO Option shall terminate in accordance with Section 5 of the Plan. 

  

	4.	Rights/Restrictions on Shares. The Purchased Shares and the BOGO Shares are subject to the rights and restrictions set forth in Section 8 of the Plan,
provided that in addition to the Company’s rights under Section 8(d) of the Plan (Repurchase Right), if Executive voluntarily resigns from employment with the Company or its Affiliates prior to the earlier of the fourth anniversary of the
date of grant or the date of a Qualified IPO, then the price per Share to be paid by the Company for any BOGO Shares it chooses to repurchase under Section 8(d) of the Plan shall not exceed the price per Share paid by Executive upon exercise of
the BOGO Option, less any distributions paid in respect of such Share. 

  

	5.	Representations. By accepting this opportunity to purchase Shares and receive an option award, you represent to the following, and understand that the Company
would not have made this opportunity available to you but for your representations and acknowledgements below. 

  

	 	(a)	Shares Unregistered; Investor Knowledge. You acknowledge and agree that (i) the opportunity to purchase Shares, has not 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. 

  

	 	(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

  
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further employment with the Company or its affiliates and shall not interfere with the ability of the Company or 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 Purchased Shares, 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 Purchased Shares. 
  

	 	(c)	Employee Data Privacy. You consent to the collection, use and transfer of personal data as described in this paragraph (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.

  

	 	(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.	Taxes: You should consult your personal tax advisor for information concerning the tax treatment of your Purchased Shares or BOGO option. The Company is not
making any representations concerning tax consequences, and is not responsible for any taxes, interest or penalties you incur in connection with your Purchased Shares or BOGO option, even if the taxing authorities successfully challenge any position
taken by the Company in respect of fair market value, wage withholding and reporting or otherwise. In addition, unless otherwise provided in your BOGO Option grant agreement, you agree to indemnify the Company and any company within the group which
is your employer in respect of all income tax and employer and employee national insurance contributions (“NICs”) imposed under PAYE in connection with the exercise of a BOGO Option. 

  
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	7.	Termination. This Offer shall terminate and be of no further force and effect on the earlier to occur of the date (x) of April 30, 2014 (or May 31, 2014 if FY
2013 annual incentive bonuses have not been paid by April 30, 2014), or (y) you are no longer employed by the Company, notwithstanding the reason for such termination. Furthermore, this Offer shall terminate upon the occurrence of a Qualified IPO,
Change of Control or Claire’s Liquidity Event. 

  

	8.	Definitions. 

  

	 	(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; 

  

	 	(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; 

  
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	 	(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)	“Claire’s Investors Liquidity Event” means any transaction (including, without limitation, a stock sale, redemption or buy back, merger, consolidation or
otherwise) immediately following which 25% of the Shares held by all Claire’s Investors have been exchanged for or converted into consideration, all or substantially all of which consists of cash or readily marketable securities that the
Claire’s Investors can immediately resell for cash at prevailing quoted prices without legal, contractual or market restrictions. 

  

	 	(f)	“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended. 

 

	 	(g)	“Permitted Holder” means Apollo. 

  

	 	(h)	“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. 

 

	 	(i)	“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). 

 

	 	(j)	“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). 

  

	 	(k)	“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. 

 IN WITNESS
WHEREOF, Beatrice Lafon and Claire’s Stores, Inc. have entered into this Agreement as of the date first written above and agree to be bound hereby. 
  

							
	BEATRICE LAFON	 		 	CLAIRE’S STORES, INC.
				
	/s/ Beatrice Lafon	 		 	 By:
	 	/s/ Joseph DeFalco
		 		 		 	
		 		 	Title:	 	Senior Vice President of Human Resources

  
 6EX-10.1

 Exhibit 10.1 
 AMENDMENT NO. 9 TO 
 AMENDED AND RESTATED CREDIT AGREEMENT 

THIS AMENDMENT NO. 9 TO AMENDED AND RESTATED CREDIT AGREEMENT (“Amendment No. 9”), dated as of November 30,
2012, amends and supplements the Amended and Restated Credit Agreement dated as of June 9, 2008, as amended (as so amended, the “Credit Agreement”) among ANCHOR BANCORP WISCONSIN INC., a Wisconsin corporation (the
“Borrower”), the financial institutions from time to time party thereto (individually a “Lender” and collectively the “Lenders”) and U.S. BANK NATIONAL ASSOCIATION, a national banking association,
as administrative agent for the Lenders (in such capacity, the “Agent”). 
 RECITAL 

A. The term of the Credit Agreement matures on November 30, 2012. 

B. Borrower has requested Agent and Lenders extend the maturity of the Credit Agreement and make certain modifications thereto.

 C. As an accommodation to Borrower, Agent and Lenders have agreed to the foregoing request, subject in all respects to the
terms and conditions of this Amendment. 
 AGREEMENTS 

NOW THEREFORE, in consideration of the promises and agreements set forth in the Credit Agreement, as amended and supplemented hereby, the
Borrower, Agent and the Lenders agree as follows: 
 1. Each of the foregoing Recitals are hereby incorporated herein by
reference. All capitalized terms used herein which are defined in the Credit Agreement, unless otherwise defined herein, shall have the meanings given to such terms in the Credit Agreement. 

2. Upon the execution and delivery of this Amendment No. 9 by the Borrower, the Lenders and the Agent and the satisfaction of the
conditions listed in Section 3 below, the Credit Agreement is hereby amended as follows: 
 2.1. The
definition of the defined term “Maturity Date” in Section 1.1 of the Credit Agreement is hereby amended by deleting the date “November 30, 2012” where it appears therein and replacing it with the date “June 30,
2013”. 
 2.2. Section 4.15 of the Credit Agreement is amended in its entirety to read as follows:

 “4.15 Financial Covenants. 

(a) The Subsidiary Bank shall maintain a Tier 1 Leverage Ratio of not less than 4.0% at all times. 

 (b) The Subsidiary Bank shall maintain a Total Risk Based Capital Ratio of
not less than 8.0% at all times. 
 (c) The ratio of the sum of Non-Performing Loans, plus other real estate
owned by Subsidiary Bank (“OREO”) to the sum of Gross Loans, plus OREO shall not exceed 13.00% at any time.” 
 2.3. Borrower, Agent and Lenders hereby confirm that the entire outstanding principal balance of the Loans outstanding from time to time shall continue to bear interest at the rate of fifteen percent
(15%) per annum, and that all accrued and unpaid interest as of the date of this Amendment No. 9 and all interest accruing after the date of this Amendment No. 9, shall be due and payable upon the earlier of (i) the Maturity
Date, or (ii) acceleration of the obligations and indebtedness of Borrower to Agent and Lenders upon the occurrence of an Event of Default. 
 2.4. Schedule 4.3 to the Credit Agreement is hereby deleted and replaced in its entirety with Schedule 4.3 attached hereto. 
 3. Closing Conditions. This Amendment No. 9 shall become effective upon the execution and delivery of this Amendment No. 9 by the Borrower, the Lenders and the Agent, and the
following: 
 (a) the receipt by the Agent of a resolution of the Board of Directors of the Borrower authorizing
the execution and delivery of this Amendment No. 9, certified to be accurate and complete by the Secretary or Assistant Secretary of the Borrower; and 
 (b) the receipt by the Agent of an executed copy of this Amendment No. 9 and such other documents and instruments relating hereto as the Agent shall reasonably request. 

4. Representations and Warranties; No Default. 
 Borrower hereby represents and warrants to Agent and Lenders as follows: (i) it is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization;
(ii) the execution, delivery and performance by it of this Amendment No. 9 are within its corporate powers, have been duly authorized, and do not contravene (A) its articles of incorporation, bylaws or other organizational documents,
or (B) any applicable law, statute, regulation, ordinance, tariff or order; (iii) no consent, license, permit, approval or authorization of; or registration, filing or declaration with any Regulatory Authority or other Person is required
in connection with the execution, delivery, performance, validity or enforceability of this Amendment No. 9 by or against it; (iv) this Amendment No. 9 has been duly executed and delivered by it; (v) this Amendment No. 9
constitutes its legal, valid and binding obligations enforceable against it in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the
enforcement of creditors’ rights generally or by general principles of equity; (vi) it is in compliance with all covenants and agreements in the Loan Documents as modified by Amendments No. 1 through 9 and it is not in default under
the Credit Agreement or any other Loan Document as so modified and no Event of Default exists, has occurred and is continuing or would result by the execution, delivery or performance of this Amendment No. 9; and (vii) the representations
and warranties contained in the Loan Documents are true and correct in all material respects as of the date hereof as if made on the date hereof. 

  
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 5. Amendment Fees. The Agent, the Lenders and the Borrower acknowledge that
the Borrower has previously agreed to pay to the Agent, for the ratable account of the Lenders, an amendment fee of $1,163,000 (the “Fifth Amendment Fee”), which Fifth Amendment Fee was fully earned by the Lenders upon execution by
Borrower, Agent and Lenders of Amendment No. 5 to Amended and Restated Credit Agreement dated as of December 22, 2009 (“Amendment No. 5”). The Agent, the Lenders and the Borrower further acknowledge and agree that the
Borrower has previously agreed to pay to Agent, for the ratable account of the Lenders, an amendment fee equal to 1.50% of the Revolving Loan Commitment (“Eighth Amendment Fee”), which Eighth Amendment Fee was fully earned by Lender
upon execution by Borrower, Agent and Lenders of Amendment No. 8 to Amended and Restated Credit Agreement dated as of November 29, 2011 (“Amendment No. 8”). Notwithstanding anything to the contrary in Amendment
No. 5 and Amendment No. 8, the Fifth Amendment Fee and Eighth Amendment Fee shall be due and payable on the earlier to occur of (i) the date on which the Borrower’s obligations and liabilities to Agent and Lenders are due or
declared due or (ii) the Maturity Date. In consideration of the accommodations provided for in this Amendment No. 9, Borrower agrees to pay to the Agent, for the ratable account of the Lenders, an additional amendment fee in an amount
equal to 0.75% of the Revolving Loan Commitment (“Ninth Amendment Fee”), which Ninth Amendment Fee shall be fully earned by the Lenders upon the execution of this Amendment No. 9 and shall be due and payable upon the earliest
of (i) the Maturity Date, or (ii) the date on which Borrower’s obligations and liabilities to Agent and Lenders are due or declared due. The Fifth Amendment Fee, Eighth Amendment Fee and Ninth Amendment Fee shall be in addition to any
other amendment fee or other fee payable pursuant to any other agreement or other Loan Document. 
 6. Waiver,
Release of Claims, and Indemnification. The Borrower, for itself and each and all of its officers, employees, agents, shareholders, directors, affiliates, successors, and assigns, does hereby fully, unconditionally, and irrevocably waive and
release the Agent and the Lenders and their respective officers, employees, agents, directors, shareholders, affiliates, attorneys, successors, and assigns (each a “Released Party”), of and from any and all claims, liabilities,
obligations, causes of action, defenses, counterclaims, and setoffs, of any kind, whether known or unknown and whether in contract, tort, statute, or under any other legal theory, arising out of or relating to any act or omission by the Agent, any
Lender or any other Released Party, on or before the date of this Amendment No. 9. The Borrower agrees to defend, indemnify, and hold the Agent, each Lender and each other Released Party harmless from and against any and all losses, costs,
expenses, damages, or liabilities (including reasonable attorneys’ fees) incurred in connection with any demand, claim, counterclaim, cause of action, or proceeding brought as a result of, or arising out of, or in any way related to any of the
Loan Documents, this Amendment No. 9, any documents executed in connection with or related to any of the Loan Documents, the performance by the Agent and each Lender under any of the Loan Documents or any documents executed in connection with
or related to this Amendment No. 9 or any of the other Loan Documents, or any transaction financed or to be financed, in whole or in part, directly or indirectly, with the proceeds of any Loans. Notwithstanding

  
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the foregoing, the Borrower shall not have any obligation to defend, indemnify, or hold the Agent, any Lender or any other Released Party harmless with respect to any loss, cost, expense, damage,
or liability resulting solely from willful misconduct on the part of the Agent, such Lender or such other Released Party. 

7. Costs and Expenses. The Borrower agrees to pay to the Agent and each Lender all costs and expenses (including reasonable
attorneys’ fees) paid or incurred by the Agent or such Lender in connection with the negotiation, execution and delivery of this Amendment No. 9. 
 8. Miscellaneous. 
 8.1. The execution, delivery and
effectiveness of this Amendment No. 9 shall not, except as expressly provided herein, be deemed to be an amendment or modification of, or operate as a waiver of, any provision of the Credit Agreement or any other Loan Document or any right,
power or remedy of Agent or Lenders, nor constitute a waiver of any provision of the Credit Agreement or any other Loan Document, or any other document, instrument and/or agreement executed or delivered in connection therewith or a waiver of any
Event of Default under any of the foregoing, in each case whether arising before or after the date hereof or as a result of performance hereunder or thereunder. This Amendment No. 9 shall not preclude the future exercise of any right, remedy,
power or privilege available to Agent or Lenders whether under the Credit Agreement, other Loan Documents, at law or otherwise. 
 8.2. This Amendment No. 9 may be executed in any number of counterparts (including by facsimile), and by the different parties hereto or thereto on the same or separate counterparts, each of which
shall be deemed to be an original instrument but all of which together shall constitute one and the same agreement. Each party agrees that it will be bound by its own facsimile signature and that it accepts the facsimile signature of each other
party. The descriptive headings of the various sections of this Amendment No. 9 are inserted for convenience of reference only and shall not be deemed to affect the meaning or construction of any of the provisions hereof or thereof. Whenever
the context and construction so require, all words herein in the singular number herein shall be deemed to have been used in the plural, and vice versa, and the masculine gender shall include the feminine and neuter and the neuter shall include the
masculine and feminine. 
 8.3. This Amendment No. 9 may not be changed, amended, restated, waived,
supplemented, discharged, canceled, terminated or otherwise modified orally or by any course of dealing or in any manner other than as provided in the Credit Agreement or the applicable Loan Document. This Amendment No. 9 shall be considered
part of the Credit Agreement and shall be a Loan Document for all purposes under the Credit Agreement and other Loan Documents. In the event of any inconsistency between this Amendment No. 9 and the Credit Agreement, any amendments thereto or
any other Loan Document, the terms of this Amendment No. 9 shall control. 

  
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 8.4. This Amendment No. 9, the Credit Agreement and the Loan Documents
constitute the final, entire agreement and understanding between the parties with respect to the subject matter hereof and thereof and may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements between the parties,
and shall be binding upon and inure to the benefit of the successors and assigns of the parties hereto and thereto. There are no unwritten oral agreements between the parties with respect to the subject matter hereof and thereof. If any provision of
this Amendment No. 9 is adjudicated to be invalid under applicable laws or regulations, such provision shall be inapplicable to the extent of such invalidity without affecting the validity or enforceability of the remainder of this Amendment
No. 9 which shall be given effect so far as possible. 
 8.5. THIS AMENDMENT NO. 9 AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE CHOICE OF LAW PROVISIONS SET FORTH IN THE CREDIT AGREEMENT, AS AMENDED BY THIS AMENDMENT AND SHALL BE SUBJECT TO THE WAIVER OF JURY TRIAL
AND NOTICE PROVISIONS OF THE CREDIT AGREEMENT. NEITHER AGENT, LENDERS, NOR ANY AGENT OR ATTORNEY OF AGENT OR LENDERS, SHALL BE LIABLE TO ANY CREDIT PARTY OR ANY OTHER PERSON ON ANY THEORY OF LIABILITY FOR ANY SPECIAL, INDIRECT, CONSEQUENTIAL OR
PUNITIVE DAMAGES. 
 8.6. Borrower hereby: (i) agrees that this Amendment No. 9 shall not limit or
diminish the obligations of Borrower under the Loan Documents except as modified by the terms hereof, (ii) reaffirms its obligations under each of the Loan Documents to which it is a party, and (iii) agrees that each of such Loan Documents
as modified by this Amendment No. 9 remain in full force and effect and are hereby ratified and confirmed. All representations and warranties made in this Amendment No. 9 and shall survive the execution and delivery of this Amendment
No. 9 and no investigation by Agent or Lenders shall affect such representations or warranties or the right of Agent or Lenders to rely upon them. 
 8.7. Borrower shall execute and deliver such other documents, certificates and/or instruments and take such other actions as Agent or Lenders may reasonably request in order more effectively to consummate
the transactions contemplated hereby. 
 9. Relief from the Automatic Stay. As a material inducement to the
Agent and the Lenders to enter into this Amendment No. 9, the Borrower hereby stipulates and agrees that the Agent and the Lenders shall be entitled to relief from the automatic stay imposed by 11 U.S.C. § 362 or any similar stay or
suspension of remedies under any other federal or state law in the event the Borrower becomes subject to a bankruptcy or other insolvency proceeding, to allow the Agent and the Lenders to exercise their rights and remedies under the Loan
Documents. 
 Signature Page Follows 

  
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 IN WITNESS WHEREOF, the undersigned have executed this Amendment No. 9 as of the date
first set: forth above. 
  

					
	 ANCHOR BANCORP WISCONSIN INC.

		
	 BY:
	 	  

		 	 Name:
	 	  

		 	 Title:
	 	  

	
	U.S. BANK NATIONAL ASSOCIATION, as the Agent and a Lender
		
	 BY:
	 	  

		 	 Name:
	 	  

		 	 Title:
	 	  

	
	ASSOCIATED. BANK, NATIONAL ASSOCIATION
		
	 BY:
	 	  

		 	 Name:
	 	  

		 	 Title:
	 	  

	
	 BANK OF AMERICA, N.A.

		
	 BY:
	 	  

		 	 Name:
	 	  

		 	 Title:

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