Document:

Exhibit

Exhibit 10.31

FIRST AMENDMENT TO CREDIT AGREEMENT
This FIRST AMENDMENT TO CREDIT AGREEMENT, dated as of January 29, 2020 (this “First Amendment”), is entered into among SIGNET JEWELERS LIMITED, an exempted company incorporated under the Laws of Bermuda with registration number 42069 (“Holdings”), SIGNET GROUP LIMITED, a company incorporated in England and Wales with the company number 00477692 (the “Lead Administrative Borrower”), the other Borrowers (as defined in the Credit Agreement referred to below) party hereto, the Lenders (as defined below) party hereto, and BANK OF AMERICA, N.A., as the Administrative Agent (as defined below) and the Collateral Agent (as defined below).  
PRELIMINARY STATEMENTS
A.    Reference is made to that certain Credit Agreement, dated as of September 27, 2019 (as amended, amended and restated, extended, supplemented or otherwise modified in writing from time to time and in effect immediately prior to the effectiveness of this First Amendment, the “Existing Credit Agreement”, and the Existing Credit Agreement, as amended by this First Amendment, the “Amended Credit Agreement”), among (a) Holdings, (b) the Lead Administrative Borrower, (c) Signet Group Treasury Services, Inc., a Delaware corporation, Sterling Jewelers Inc., a Delaware corporation, Signet Trading Limited, a company incorporated in England and Wales with the company number 03768979, and Zale Canada Co., an unlimited company organized under the laws of the Province of Nova Scotia, each as a Lead Borrower and a Borrower, (d) Sterling Inc., an Ohio corporation, and Zale Delaware, Inc., a Delaware corporation, each as a Borrower, (e) each other Restricted Subsidiary of Holdings party thereto as a Lead Borrower or a Borrower, (f) the lenders from time to time party thereto (each a “Lender”, and collectively, the “Lenders”) and (g) Bank of America, N.A., as administrative agent (in such capacity, including any successor thereto, the “Administrative Agent”) and as collateral agent and security trustee (in such capacity, including any successor thereto, the “Collateral Agent”) under the Loan Documents.  
B.    The Borrowers have requested that the Lenders agree to amend certain of the terms and provisions of the Existing Credit Agreement as specifically set forth in this First Amendment.  
C.    The undersigned Lenders are prepared to amend the Existing Credit Agreement, subject to the conditions and in reliance on the representations set forth herein.  
Accordingly, in consideration of the premises and other good and valuable consideration, the parties hereto hereby agree as follows:  
1.Capitalized Terms.  Capitalized terms used herein, including in preamble and the preliminary statements, and not otherwise defined herein shall have the meanings assigned to such terms in the Amended Credit Agreement.

2.Amendments to Existing Credit Agreement.

(a)Section 1.1 (Defined Terms) of the Existing Credit Agreement is hereby amended by inserting the following new defined term in the appropriate alphabetical order:
““Specified Irish Subsidiary Guarantor” means SJI Ireland Unlimited Company, an unlimited private company incorporated in Ireland with the company number 608185, and its successors.”
(b)The defined term “Collateral and Guarantee Requirement” set forth in Section 1.1 (Defined Terms) of the Existing Credit Agreement is hereby amended as follows:

(i)restating clause (d)(iii) therein in its entirety as follows:
“(iii)    65% of the issued and outstanding voting Equity Interests and 100% of the issued and outstanding non-voting Equity Interests of each direct Subsidiary of any Loan Party that is (A) not a Loan Party and (B)(I) a FSHCO or (II) a Foreign Subsidiary of a Domestic Subsidiary; and”
(ii)amending clause (a) and clause (b) of the paragraph beginning “Notwithstanding the other provisions” to insert the text “, the Specified Irish Subsidiary Guarantor” immediately after the text “any English Loan Party” appearing in each such clause.

(c)The defined term “Covered Loan Party Jurisdiction” set forth in Section 1.1 (Defined Terms) of the Existing Credit Agreement is hereby amended by restating such defined term in its entirety as follows:
““Covered Loan Party Jurisdiction” means each of (a) the United States, any state thereof or the District of Columbia, (b) Bermuda, (c) Canada or any province or territory thereof, (d) England and Wales, and (e) solely with respect to the Specified Irish Subsidiary Guarantor, the Republic of Ireland.”
(d)The defined term “Debtor Relief Laws” set forth in Section 1.1 (Defined Terms) of the Existing Credit Agreement is hereby amended by inserting the text “examinership,” immediately after the text “receivership,” appearing therein.

(e)The defined term “Excluded Equity Interest” set forth in Section 1.1 (Defined Terms) of the Existing Credit Agreement is hereby amended by restating clause (a) of such defined term in its entirety as follows:
“(a)    other than with respect to the Equity Interest of any Loan Party, more than 65% of the issued and outstanding Equity Interests entitled to vote of each Subsidiary that is (i) not a Loan Party and (ii)(A) a FSHCO or (B) a Foreign Subsidiary of a Domestic Subsidiary;”
(f)The defined term “Excluded Subsidiary” set forth in Section 1.1 (Defined Terms) of the Existing Credit Agreement is hereby amended as follows:

(i)deleting “.” at the end of clause (n) therein and inserting “;” in lieu thereof, and

(ii)inserting the following text below clause (n) therein as follows:

“provided that, notwithstanding the foregoing or any other provision of any Loan Document to the contrary (x) the Specified Irish Subsidiary Guarantor shall be deemed not to be an “Excluded Subsidiary” so long as the Specified Irish Subsidiary Guarantor holds any Equity Interests of any other Loan Party (it being understood and agreed that joinder of the Specified Irish Subsidiary Guarantor as a Loan Party under the Loan Documents does not result in material adverse Tax consequences for  any other Loan Party) and (y) no Loan Party shall subsequently be deemed to be an Excluded Subsidiary, unless the Lead Administrative Borrower shall have first complied with the provisions of Section 7.4(b), to the extent applicable.”
(g)The defined term “Financial Officer” set forth in Section 1.1 (Defined Terms) of the Existing Credit Agreement is hereby amended by restating such defined term in its entirety as follows:

““Financial Officer” means, with respect to any Loan Party, the chief financial officer, treasurer or controller of such Loan Party or, with respect to an English Loan Party or the Specified Irish Subsidiary Guarantor, any statutory director of such English Loan Party or the Specified Irish Subsidiary Guarantor with duties consistent with the duties of a chief financial officer, treasurer or controller.  Any document delivered hereunder that is signed by a Financial Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Financial Officer shall be conclusively presumed to have acted on behalf of such Loan Party.”
(h)The defined term “Foreign Loan Party” set forth in Section 1.1 (Defined Terms) of the Existing Credit Agreement is hereby amended by restating such defined term in its entirety as follows:

““Foreign Loan Party” means any Loan Party that is not a U.S. Loan Party, including each English Loan Party, each Canadian Loan Party, the Specified Irish Subsidiary Guarantor and Holdings.”
(i)The defined term “Responsible Officer” set forth in Section 1.1 (Defined Terms) of the Existing Credit Agreement is hereby amended by (i) inserting the text “or the Specified Irish Subsidiary Guarantor” immediately after the text “statutory director of an English Loan Party” appearing therein and (ii) deleting the text “on the Closing Date” appearing therein and inserting the text “on or after the Closing Date” in lieu thereof.

(j)Clause (c) of Section 1.8 (Pro Forma Calculations) of the Existing Credit Agreement is hereby amended by restating sub-clauses (i) and (ii) therein as follows:

“(i) during the applicable Test Period or (ii) subsequent to the end of the applicable Test Period and prior to or simultaneously with the event for which the calculation of any such ratio is made, then the Consolidated Fixed Charge Coverage Ratio, the Interest Coverage Ratio, the Net Leverage Ratio and the Secured Leverage Ratio, as applicable, shall be calculated giving pro forma effect to such incurrence or repayment of Indebtedness, to the extent required, as if the same had occurred on the last day of the applicable Test Period (with respect to any calculation of the Net Leverage Ratio or the Secured Leverage Ratio) or the first day of the applicable Test Period (with respect to any calculation of the Consolidated Fixed Charge Coverage Ratio or the Interest Coverage Ratio).”
(k)Clause (e) of Section 2.14 (Joint and Several Liability; Additional Borrowers) of the Credit Agreement is hereby amended by deleting the text “(other than Bermuda)” and inserting the text “(other than Bermuda or the Republic of Ireland)” in lieu thereof.

(l)Clause (b) of Section 7.4 (Borrowing Base Certificates) of the Credit Agreement is hereby amended by (x) inserting the text “(A)” after the words “any Loan Party or any Restricted Subsidiary shall”, (y) inserting the text “or (B) any Loan Party is deemed to be an Excluded Subsidiary, as applicable, and in any case,” after the parenthetical “(or combination thereof)” and (z) inserting the text “(or other applicable events)” immediately after each reference to “series of related transactions” appearing in sub-clause (ii) therein.

(m)Clause (f) of Section 10.1 (Events of Default) is hereby amended by (i) inserting the text “examiner,” immediately after the text “interim receiver” appearing therein and (ii) inserting the text “or the Specified Irish Subsidiary Guarantor” immediately after each reference to “English Loan Party” appearing therein.

3.Conditions Precedent to First Amendment.  This First Amendment shall become effective as of the date first written above (the “First Amendment Effective Date”) upon the satisfaction of each of the following conditions precedent:

(a)First Amendment.  The Administrative Agent shall have received this First Amendment, duly executed by Holdings, the Borrowers and the Requisite Lenders, and acknowledged by each Subsidiary Guarantors.

(b)Collateral Matters.  The Collateral and Guarantee Requirement shall continue to be satisfied, both before and after giving effect to this First Amendment and the joinder of SJI Ireland Unlimited Company as a Subsidiary Guarantor as contemplated herein.

(c)Joinder of SJI Ireland Unlimited Company.

(i)The Administrative Agent shall have received (A) a Joinder Agreement, (B) a Guaranty Supplement (as defined in the Guaranty), (C) a Pledge Agreement Supplement with respect to the U.S. Pledge Agreement, (D) a deed of accession to the Irish Debenture, and (E) a joinder to the Intercompany Subordination Agreement, in each case, with respect to SJI Ireland Unlimited Company and properly executed by a Responsible Officer of SJI Ireland Unlimited Company.

(ii)The Administrative Agent shall have received a share charge governed by the laws of the Republic of Ireland with respect to the pledge by Sterling Jewelers Inc. of the Equity Interests of SJI Ireland Unlimited Company, properly executed by a Responsible Officer of SJI Ireland Unlimited Company.

(iii)The Administrative Agent shall have received (A) a copy of the Constituent Document of SJI Ireland Unlimited Company filed with any Governmental Authority in connection with SJI Ireland Unlimited Company’s incorporation, including all amendments thereto, certified by a director of SJI Ireland Unlimited Company and (B) a certificate of a director of SJI Ireland Unlimited Company, dated the First Amendment Effective Date and certifying (1) that attached thereto is a true and complete copy of all Constituent Documents of SJI Ireland Unlimited Company as in effect on the First Amendment Effective Date and at all times since a date prior to the date of the resolutions described in clause (2) below, (2) that attached thereto is a true and complete copy of resolutions duly adopted by the Board of Directors of SJI Ireland Unlimited Company authorizing the execution, delivery and performance of the Loan Documents to which such Person is a party, and that such resolutions have not been modified, rescinded or amended and are in full force and effect, (3) as to the incumbency and specimen signature of each Responsible Officer executing any Loan Document or any other document delivered in connection herewith on behalf of SJI Ireland Unlimited Company, and (4) as to certain other matters required for the purpose of the written opinion of counsel referred to in clause (iv)(B) below.

(iv)The Administrative Agent shall have received a customary written opinion (addressed to the Administrative Agent, the Collateral Agent and the Lenders and dated as of the First Amendment Effective Date) of (A) Weil, Gotshal & Manges LLP, counsel for the Loan Parties and (B) McCann Fitzgerald, Irish counsel to the Administrative Agent, in each case with respect to the joinder of SJI Ireland Unlimited Company as a Subsidiary Guarantor.

(v)The Lenders shall have received, at least three (3) Business Days prior to the First Amendment Effective Date, all documentation and other information about SJI Ireland Unlimited 

Company required under applicable “know your customer” and anti-money laundering rules and regulations, including the PATRIOT Act and the Proceeds of Crime Act, in each case, that shall have been requested in writing at least ten (10) days prior to the First Amendment Effective Date.

(d)Fees and Expenses.  The Administrative Agent shall have received reimbursement or payment of all out-of-pocket costs and expenses required to be reimbursed or paid by the Borrowers under the Existing Credit Agreement on or prior to the First Amendment Effective Date; provided that invoices for any costs and expenses to be reimbursed on the First Amendment Effective Date must be received at least three (3) Business Days prior to the First Amendment Effective Date (except as otherwise reasonably agreed by the Lead Administrative Borrower) or otherwise such costs and expenses shall be paid no later than ten (10) days after the First Amendment Effective Date.

4.Representations and Warranties.  Holdings and each Borrower hereby represents and warrants to the Administrative Agent and the Lenders as of the First Amendment Effective Date as follows:

(a)Authorization; No Contravention.  (i) The execution, delivery and performance by each Loan Party of this First Amendment has been duly authorized by all necessary corporate or other organizational action, and (ii) neither the execution, delivery and performance by each Loan Party of this First Amendment nor the consummation of the transactions contemplated by this First Amendment will (A)  contravene the terms of any of such Person’s Constituent Documents, (B) result in any breach or contravention of, or the creation of any Lien upon any of the property or assets of such Person or any of the Restricted Subsidiaries (other than as permitted under Section 9.1 of the Credit Agreement) under (1) any Contractual Obligation to which such Person is a party or affecting such Person or the properties of such Person or any of its Subsidiaries or (2) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject; or (C) violate any applicable Law; except with respect to any breach, contravention or violation (but not creation of Liens) referred to in clauses (B) and (C), to the extent that such breach, contravention or violation would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

(b)Binding Effect.  This First Amendment has been duly executed and delivered by each Loan Party that is party hereto.  This First Amendment constitutes a legal, valid and binding obligation of such Loan Party, enforceable against such Loan Party in accordance with its terms, except as such enforceability may be limited by Debtor Relief Laws and by general principles of equity and principles of good faith and fair dealing.

(c)Governmental Authorization.  No material approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority is necessary or required in connection with the execution, delivery or performance by, or enforcement against, any Loan Party of this First Amendment, except for (i) filings necessary to perfect the Liens on the Collateral granted by the Loan Parties in favor of the Secured Parties, (ii) the approvals, consents, exemptions, authorizations, actions, notices and filings that have been duly obtained, taken, given or made and are in full force and effect and (iii) those approvals, consents, exemptions, authorizations or other actions, notices or filings, the failure of which to obtain or make would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

(d)Representations and Warranties; No Default.  The following statements shall be true on the First Amendment Effective Date, both immediately before and immediately after giving effect to this First Amendment and the consummation of the transactions contemplated by this First Amendment taking place on or about the First Amendment Effective Date:

(i)The representations and warranties of each Loan Party contained in Article V of the Credit Agreement or any other Loan Document are true and correct in all material respects on and as of the First Amendment Effective Date; provided that, to the extent that any such representation or warranty specifically refers to an earlier date, such representation or warranty shall be true and correct in all material respects as of such earlier date; provided, further that any representation or warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language shall be true and correct (after giving effect to any qualification therein) in all respects on such respective dates; and

(ii)no Default or Event of Default shall exist.

5.Survival of Representations and Warranties.  All representations and warranties made by Holdings or any Borrower (in each case, on behalf of itself or the other Loan Parties) in this First Amendment or other document delivered pursuant to this First Amendment or in connection herewith shall survive the execution and delivery hereof.  Such representations and warranties have been or will be relied upon by the Agents, each Issuer and each Lender, regardless of any investigation made by the Agents, any Issuer or any Lender or on their behalf and notwithstanding that any Agent, any Issuer or any Lender may have had notice or knowledge of any Default at the time of any Credit Extension, and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or any Letter of Credit shall remain outstanding.

6.First Amendment as a Loan Document.  This First Amendment constitutes a “Loan Document” under the Amended Credit Agreement.

7.Effect on Loan Documents.  After giving effect to this First Amendment on the First Amendment Effective Date, the Amended Credit Agreement and the other Loan Documents shall be and remain in full force and effect in accordance with their terms and are hereby ratified and confirmed by Holdings and the Borrowers in all respects.  The execution, delivery, and performance of this First Amendment shall not operate as a waiver of any right, power, or remedy of any Agent or the Lenders under the Existing Credit Agreement or the other Loan Documents.  Holdings and the Borrowers hereby acknowledge and agree that, after giving effect to this First Amendment, all of its obligations and liabilities under the Existing Credit Agreement and the other Loan Documents to which it is a party, as such obligations and liabilities have been amended by this First Amendment, are reaffirmed and remain in full force and effect.  All references to the Existing Credit Agreement in any Loan Document or other document or instrument delivered in connection therewith shall be deemed to refer to the Amended Credit Agreement.  Nothing contained herein shall be construed as a novation of the Obligations outstanding under and as defined in the Existing Credit Agreement, which shall remain in full force and effect, except as modified hereby.

8.Reaffirmation of Grant of Security Interests.  Each of Holdings and each Borrower hereby reaffirms its grant to the Collateral Agent, for the benefit of the Secured Parties, of a continuing security interest in and Lien upon the Collateral of such Person, whether now owned or hereafter acquired or arising, and wherever located, all as provided in the Collateral Documents, and Holdings and each Borrower hereby reaffirms that the Obligations are and shall continue to be secured by the continuing security interest and Lien granted by such Person to the Collateral Agent, for the benefit of the Secured Parties, pursuant to the Collateral Documents.

9.Limited Effect.  This First Amendment relates only to the specific matters expressly covered herein, shall not be considered to be an amendment or waiver of any rights or remedies that any Agent or any Lender may have under the Existing Credit Agreement or any other Loan Document (except as expressly 

set forth herein) or under applicable law, and shall not be considered to create a course of dealing or to otherwise obligate in any respect any Agent or any Lender to execute similar or other amendments or waivers or grant any amendments or waivers under the same or similar or other circumstances in the future.

10.GOVERNING LAW.  THIS FIRST AMENDMENT AND ANY CLAIM, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS FIRST AMENDMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAWS PRINCIPLES THEREOF, BUT INCLUDING SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

11.Counterparts.  This First Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Delivery of an executed counterpart of a signature page of this First Amendment by facsimile or other electronic imaging means (e.g., “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this First Amendment.

[Signature Pages Follow]

IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to the Credit Agreement to be executed and delivered as of the date first above written.

SIGNET JEWELERS LIMITED,
as Holdings

By:     /s/ Joan Hilson    
Name:    Joan Hilson
Title:    Chief Financial Officer

SIGNET GROUP LIMITED,
incorporated in England and Wales with company number 00477692, as the Lead Administrative Borrower and a Borrower

By:     /s/ Joan Hilson    
Name:    Joan Hilson
Title:    Director

SIGNET GROUP TREASURY SERVICES INC.,
as a Borrower

By:     /s/ Stash Ptak
Name:    Stash Ptak
Title:    Secretary

STERLING JEWELERS INC.,
as a Borrower

By:     /s/ Stash Ptak
Name:    Stash Ptak
Title:    Secretary

SIGNET TRADING LIMITED,
incorporated in England and Wales with company number 03768979, as a Borrower

By:     /s/ Benjamin Harris
Name:    Benjamin Harris
Title:    Director

ZALE CANADA CO.,
as a Borrower

By:     /s/ J. Lynn Dennison
Name:    J. Lynn Dennison
Title:    President

[Signature Page to First Amendment to Credit Agreement]

STERLING INC.,
as a Borrower

By:     /s/ Stash Ptak
Name:    Stash Ptak
Title:    Secretary 

ZALE DELAWARE, INC.,
as a Borrower

By:     /s/ Stash Ptak
Name:    Stash Ptak
Title:    Secretary 

BANK OF AMERICA, N.A.,
as Administrative Agent, Swing Loan Lender, a Lender and an Issuer

By:     /s/ Brian Lindblom
Name:    Brian Lindblom
Title:    Senior Vice President

By:     /s/ Matthew Potter
Name:    Matthew Potter
Title:    Senior Vice President

BANK OF AMERICA, N.A. (acting through its Canada branch), as a Swing Loan Lender, a Lender and an Issuer

By:     /s/ Sylvia Durkiewicz
Name:    Sylwia Durkiewicz
Title:    Vice President

FIFTH THIRD BANK, NATIONAL ASSOCIATION,
as a Lender and an Issuer

By:     /s/ Robert M. Lucas
Name:    Robert M. Lucas
Title:    Vice President

JPMORGAN CHASE BANK, N.A.,
as a Lender and an Issuer

By:     /s/ Brendan Korb
Name:    Brendan Korb
Title:    Vice President

[Signature Page to First Amendment to Credit Agreement]

JPMORGAN CHASE BANK, N.A., TORONTO BRANCH,
as a Lender and an Issuer

By:     /s/ Michael Tam
Name:    Michael Tam
Title:    Authorized Officer

PNC BANK, NATIONAL ASSOCIATION,
as a Lender and an Issuer

By:     /s/ Heather Hayes
Name:    Heather Hayes
Title:    Vice President

GOLDMAN SACHS BANK USA,
as a Lender

By:     /s/ Jamie Minieri
Name:    Jamie Minieri
Title:    Authorized Signatory

REGIONS BANK,
as a Lender

By:     /s/ Kevin R. Rogers
Name:    Kevin R. Rogers
Title:    Managing Director

CITIZENS BANK, N.A.,
as a Lender

By:     /s/ Christine Scott
Name:    Christine Scott
Title:    Senior Vice President

U.S. BANK NATIONAL ASSOCIATION,
as a Lender

By:     /s/ Carol Anderson
Name:    Carol Anderson
Title:    Vice President

BANK OF MONTREAL, CHICAGO BRANCH,
as a Lender

[Signature Page to First Amendment to Credit Agreement]

By:     /s/ Kara Goodwin
Name:    Kara Goodwin
Title:    Managing Director

BANK OF MONTREAL,
as a Lender

By:     /s/ Helen Alvarez-Hernandez
Name:    Helen Alvarez-Hernandez
Title:    Managing Director

BANK OF MONTREAL, LONDON BRANCH,
as a Lender

By:     /s/ Richard Couzens
Name:    Richard Couzens
Title:    Managing Director

By:     /s/ Scott Matthews
Name:    Scott Matthews
Title:    Managing Director, CFO International
BMO Financial Group

HSBC BANK USA, NATIONAL ASSOCIATION,
as a Lender

By:     /s/ Michael Mondazzi
Name:    Michael Mondazzi
Title:    Vice President

ING CAPITAL LLC,
as a Lender

By:     /s/ Jean V. Grasso
Name:    Jean V. Grasso
Title:    Managing Director

By:     /s/ Tyler M. Bowman
Name:    Tyler M. Bowman
Title:    Vice President

BARCLAYS BANK PLC,
as a Lender

By:     /s/ Komal Ramkirath

[Signature Page to First Amendment to Credit Agreement]

Name:    Komal Ramkirath
Title:    Assistant Vice President

[Signature Page to First Amendment to Credit Agreement]

Acknowledgment, Ratification and Reaffirmation of Subsidiary Guarantors

January 29, 2020

Each Subsidiary Guarantor acknowledges that its consent to this First Amendment is not required, but each of the undersigned nevertheless does hereby agree and consent to this First Amendment and to the documents and agreements referred to herein.  Each Subsidiary Guarantor agrees and acknowledges that (i) notwithstanding the effectiveness of this First Amendment, such Subsidiary Guarantor’s guarantee of the Obligations pursuant to the Guaranty shall remain in full force and effect without modification thereto and (ii) nothing herein shall in any way limit any of the terms or provisions of such Subsidiary Guarantor’s guarantee of the Obligations pursuant to the Guaranty or any Subsidiary Guarantor’s obligations under any other Loan Document to which it is a party (as the same may be amended from time to time), all of which are hereby ratified, confirmed and affirmed in all respects.  Each Subsidiary Guarantor hereby further acknowledges that the Borrowers, the Administrative Agent and the Lenders may from time to time enter into any further amendments, modifications, terminations and/or amendments of any provisions of the Amended Credit Agreement or any other Loan Documents without notice to or consent from such Subsidiary Guarantor and without affecting the validity or enforceability of such Subsidiary Guarantor’s guarantee of the Obligations pursuant to the Guaranty or giving rise to any reduction, limitation, impairment, discharge or termination of such Subsidiary Guarantor’s guarantee of the Obligations pursuant to the Guaranty.

Each Subsidiary Guarantor hereby reaffirms its grant to the Collateral Agent, for the benefit of the Secured Parties, of a continuing security interest in and Lien upon the Collateral of such Subsidiary Guarantor, whether now owned or hereafter acquired or arising, and wherever located, all as provided in the Collateral Documents, and each Subsidiary Guarantor hereby reaffirms that the Obligations are and shall continue to be secured by the continuing security interest and Lien granted by such Subsidiary Guarantor to the Collateral Agent, for the benefit of the Secured Parties, pursuant to the Collateral Documents.

[Signature Pages Follow]

The undersigned Subsidiary Guarantors are signatories to this Acknowledgment, Ratification and Reaffirmation in their capacity as Subsidiary Guarantors.

SIGNET HOLDINGS LIMITED,
incorporated in England and Wales with company number 03769622

By:     /s/ Joan Hilson
Name:    Joan Hilson
Title:    Director

SIGNET US HOLDINGS, INC.

By:     /s/ Stash Ptak
Name:    Stash Ptak
Title:    Secretary

SIGNET SERVICE PLANS, INC.

By:     /s/ Stash Ptak
Name:    Stash Ptak
Title:    Secretary

STERLING ECOMM LLC

By:     /s/ Stash Ptak
Name:    Stash Ptak
Title:    Secretary

SIGNET GROUP SERVICES US INC.

By:     /s/ Stash Ptak
Name:    Stash Ptak
Title:    Secretary

SIGNET U.S. SERVICES INC.

By:     /s/ Stash Ptak
Name:    Stash Ptak
Title:    Secretary

SIGNET UK FINANCE PLC,
incorporated in England and Wales with company number 09002729

By:     /s/ Joan Hilson
Name:    Joan Hilson

[Signature Page to Acknowledgment to First Amendment to Credit Agreement]

Title:    Director

ZALE CORPORATION

By:     /s/ Stash Ptak
Name:    Stash Ptak
Title:    Secretary

R2NET INC.

By:     /s/ Stash Ptak
Name:    Stash Ptak
Title:    Secretary

R2NET MANUFACTURING INC.

By:     /s/ Stash Ptak
Name:    Stash Ptak
Title:    Secretary

TXDC, L.P.

By: Zale Delaware, Inc., as General Partner

By:     /s/ Stash Ptak
Name:    Stash Ptak
Title:    Secretary

H SAMUEL LIMITED,
incorporated in England and Wales with company number 001465701

By:     /s/ Benjamin Harris
Name:    Benjamin Harris
Title:    Director

ERNEST JONES LIMITED,
incorporated in England and Wales with company number 03768966

By:     /s/ Benjamin Harris
Name:    Benjamin Harris
Title:    Director

[Signature Page to Acknowledgment to First Amendment to Credit Agreement]Exhibit

Exhibit 10.32

TERMINATION PROTECTION AGREEMENT
THIS TERMINATION PROTECTION AGREEMENT (as hereinafter amended from time to time, this “Agreement”) is made and entered into by and among Sterling Jewelers Inc., a Delaware corporation (the “Company”) and [] (the “Executive”), dated as of [].
W I T N E S S E T H
WHEREAS, the Company and its affiliates are engaged in the business of operating chains of retail jewelry stores in the United States, the United Kingdom and Canada;
WHEREAS, the Company desires to employ the Executive, and the Executive desires to be employed, as []of Signet Jewelers Limited, a Bermuda corporation (“Signet,” and, together with its subsidiaries, the “Signet Group”, which for purposes of this Agreement is an affiliate of the Company), effective as of [], subject to the terms and provisions of this Agreement. 
NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which is mutually acknowledged, the Company and the Executive (individually a “Party” and together the “Parties”), intending to be legally bound, agree as follows:
Agreement  
1.Definitions
(a)“Annual Bonus” means an annual cash bonus award in accordance with the annual short-term incentive plan then in effect for executive officers of Signet, as approved by the Compensation Committee or its designee.
(b)“Board” means the Board of Directors of Signet.
(c)“Business” shall mean the operation of a retail jewelry business that sells to the public jewelry, watches and associated services including through e-commerce.
(d)“Cause” means  (A) fraud, embezzlement, gross insubordination or any act of moral turpitude or misconduct, in each case, on the part of the Executive; (B) conviction of or the entry of a plea of nolo contendere by the Executive for any felony; or (C) (x) a material breach by the Executive of Executive’s duties, responsibilities or obligations under this Agreement or the attached Schedule 1, or (y) the willful failure or refusal by the Executive to perform and discharge a specific lawful directive issued to Executive by the Board within a reasonable period of time, not to be less than five (5) business days, following written notice thereof to the Executive by the Company or the Board.
(e)“Change of Control” means the occurrence of any of the following events: 
(i) any consolidation, amalgamation, or merger of Signet with or into any other Person, or any other corporate reorganization, business combination, transaction or transfer of securities of Signet by its stockholders, or a series of transactions (including the acquisitions of capital stock of Signet), whether or not Signet is a party thereto, in which the stockholders of Signet immediately prior to such consolidation, merger, reorganization, business combination or transaction, collectively have beneficial ownership (as defined in Rule 13d-3 of the General Rules and Regulations under the Securities Exchange Act of 1934, as amended), directly or indirectly, of capital stock representing directly, or indirectly through one or more entities, less than fifty (50%) of the equity (measured by economic value or voting power (by contract, share ownership or otherwise) of Signet or other surviving entity immediately after such consolidation, merger, reorganization, business combination or transaction;

(ii) the sale or disposition, in one transaction or a series of related transactions, of all or substantially all of the assets of Signet to any Person;
(iii) during any period of twelve consecutive months, individuals who as of the beginning of such period constituted the entire Board (together with any new directors whose election by such Board or nomination for election by Signet’s shareholders was approved by a vote of at least two-thirds of the directors of Signet, then still in office, who were directors at the beginning of the period or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority thereof; of 
(iv) approval by the shareholders of Signet of a complete liquidation or dissolution of Signet.
(f)“Compensation Committee” means the compensation committee of the Board.
(g)“Disability” means any physical or mental disability during the term of the Executive’s Employment that renders the Executive incapable of performing the services required of the Executive for any period or periods aggregating six months during any twelve- month period.  For purposes of the foregoing, the Executive’s physical or mental disability shall be determined in accordance with any disability plan of or applicable to the Company that is then in effect.
(h)“Good Reason” means within one (1) year following a Change of Control and without the Executive’s prior written consent: (A) any material reduction in Executive’s target or maximum potential annual compensation opportunities as set forth on the attached Schedule 1; (B) a material diminution in Executive’s authority, duties or responsibilities as set forth on Schedule 1; (C) any requirement that the Executive relocate Executive’s principal place of employment by more than fifty miles from Akron, Ohio and from Executive’s principal residence; or (D) a material breach by the Company of its payment obligations to the Executive as set forth on Schedule 1, which breach remains uncured for thirty days following written notice thereof provided by the Executive to the Company; provided that, no event described in clauses (A) - (D) shall constitute Good Reason unless (i) Executive has given the Company written notice of the termination, setting forth the conduct of the Company that is alleged to constitute Good Reason, within ninety 90 days following the first occurrence of such event, and (ii) Executive has provided the Company at least thirty (30) days following the date on which such notice is provided to cure such conduct and the Company has failed to do so.
(i)“Long Term Incentive Plan” means the long-term incentive plan then in effect, as approved by the Compensation Committee or its designee.
(j)“Person” shall have the meaning ascribed to such term in Section 3(a)(9) of the Securities Exchange Act of 1934, as amended and used in Sections 13(d) and 14(d) thereof, including a “group” as defined in Section 13(d) thereof.
2.Termination.  The Executive’s employment with the Company is “at-will” and shall continue until terminated either by the Company at any time by notifying the Executive in writing or by the Executive at any time upon at least three hundred and sixty (360) days’ prior written notice to the Company.  The provisions of this Agreement exclusively shall govern the Executive’s rights upon termination of employment with the Company and its affiliates.    
(a)Termination By the Company For Cause; Resignation by the Executive.  If the Executive’s employment with the Company is terminated by the Company for Cause (as defined below) or if the Executive resigns for any reason or no reason, the Executive shall be entitled to receive solely the following: (i) base salary and accrued and unused vacation through the date of termination in accordance with the Company’s normal payroll practices; (ii) any Annual Bonus or Long Term Incentive 

Plan payment that has been earned by the Executive for a completed fiscal year (or with respect to a Long Term Incentive Plan payment, a completed performance cycle) ending prior to the effective date of the Executive’s date of termination but which remains unpaid as of such date payable in accordance with the applicable Plan; and (iii) any vested benefits to which the Executive is entitled under the employee benefit plans of the Company, payable pursuant to the terms and conditions of such benefit plans (the amounts described in clauses (i), (ii), and (iii) being referred to as the “Accrued Rights”).
(b)Termination By the Company Without Cause or Resignation by the Executive for Good Reason.  If the Executive’s employment hereunder is terminated by the Company without Cause or if the Executive resigns for Good Reason, the Executive shall be entitled to receive solely the following in addition to the Accrued Rights, subject to Section 2(g) and the Executive’s continued compliance with the provisions of Sections 3, 4 and 5:
(i)continued payment of the Executive’s Base Salary in effect on the last date of the Executive’s employment for twelve (12) months following such last date of employment, in accordance with the Company’s standard payroll practices for executive officers;
(ii)a lump sum amount equal to the Annual Bonus the Executive would otherwise have received for the fiscal year in which the Executive’s termination of employment occurred, based on actual performance, payable in a lump sum during the period commencing on the 15th of April and ending on the 31st of May following the end of the applicable fiscal year of Signet; and
(iii)in respect of each then-ongoing performance cycle under the Long Term Incentive Plan as of the date of termination, (1) with respect to awards that vest in whole or in part based on performance, at the end of each completed performance cycle for each such award, vesting shall be calculated by multiplying (A) the total number of awards that would have vested based on actual performance during the full performance cycle and (B) the quotient obtained from dividing the number of calendar days worked during the applicable performance cycle through the date of termination by the number of calendar days in such performance cycle, payable upon the conclusion of the applicable performance cycle in accordance with the Long Term Incentive Plan (but no later than the “short-term deferral” period under Section 409A (defined below)), and (2) with respect to awards that vest solely based on the provision of services, vesting, as of the date of termination of employment, shall be calculated by multiplying (A) the total number of awards that would have vested if the Executive had remained employed during the full performance cycle and (B) the quotient obtained from dividing the number of calendar days worked during the applicable performance cycle through the date of termination by the number of calendar days in such performance cycle, payable in accordance with the Long Term Incentive Plan; and
(iv)if Executive timely elects coverage under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), a cash payment equal to the employer contribution to the premium payment for actively employed senior executives with the same level of coverage, payable monthly in accordance with the Company’s standard payroll practices for twelve (12) months or until such earlier termination of COBRA coverage, with the first payment within seventy-two (72) days of the date of Executive’s termination of employment as determined solely by the Company;
For the avoidance of doubt, all payments under this Section 2(b) shall cease upon the Executive’s breach of the provisions of Sections 3, 4 or 5 of this Agreement.
(c)Automatic Termination Upon the Executive’s Death. In the event of the Executive’s death during the term of the Executive’s employment, the Executive’s employment and this Agreement shall automatically terminate and, in addition to the Accrued Rights and subject to Section 2(g),  the Company shall pay to Executive’s estate Executive’s Base Salary in effect on the last date of the Executive’s employment for six (6) months following such last date of employment, in accordance with the Company’s standard payroll practices for executive officers and a lump sum amount equal to the pro-rata portion of the Annual Bonus (if any) for which the 

Executive would have been eligible had the Executive remained employed with the Company through the end of the fiscal year in which employment terminated, based on actual performance and calculated by multiplying such amount by the quotient obtained by dividing the number of calendar days worked during the applicable fiscal year in which termination occurred by the number of calendar days in such fiscal year (which amount shall be paid during the period commencing on the 15th of April and ending on the 31st of May following the end of the applicable fiscal year of Signet). In addition, in respect of each then-ongoing performance cycle under the Long Term Incentive Plan as of the date of termination, (1) with respect to awards that vest in whole or in part based on performance, vesting, as of the date of death, shall be calculated by multiplying (A) the number of awards that would have vested upon achievement of target performance by (B) the quotient obtained from dividing the number of calendar days worked during the applicable performance cycle through the date of Executive’s death by the number of calendar days in such performance cycle, payable in accordance with the Long Term Incentive Plan (but no later than the “short-term deferral” period under Section 409A (defined below)) and (2) with respect to awards that vest solely based on the provision of services, vesting, as of the date of death, shall be calculated by multiplying (A) the total number of awards that would have vested if the Executive remained employed during the full performance cycle and (B) the quotient obtained from dividing the number of calendar days worked during the applicable performance cycle through the date of Executive’s death by the number of calendar days in such performance cycle, payable in accordance with the Long Term Incentive Plan.
(d)Termination due to Disability.  In the event of the Executive’s Disability during the term of the Executive’s employment, the Company shall have the right, upon written notice to the Executive, to terminate the Executive’s employment hereunder, effective upon the giving of such notice (or such later date as shall be specified in such notice). Upon such termination, in addition to the Accrued Rights, subject to Section 2(g) and the Executive’s continued compliance with the provisions of Sections 3, 4 and 5, the Company shall have no further obligations hereunder beyond payment to the Executive of the pro-rata portion of the Annual Bonus (if any) for which the Executive would have been eligible had the Executive remained employed with the Company through the end of the fiscal year in which employment terminated, based on actual performance and calculated by multiplying such Annual Bonus by the quotient obtained by dividing the number of calendar days worked during the applicable fiscal year in which termination occurred by the number of calendar days in such fiscal year  (which amount shall be paid during the period commencing on the 15th of April and ending on the 31st of May following the end of the applicable fiscal year of Signet).  Executive’s Long Term Incentive Plan awards shall be paid in accordance with the Long Term Incentive Plan and applicable award agreements. For the avoidance of doubt, all payments under this Section 2(d) shall cease upon the Executive’s breach of the provisions of Sections 3, 4 or 5 of this Agreement.
(e)Notice of Termination.  Any purported termination of employment by the Company or by the Executive (other than due to the Executive’s death) shall be communicated by written Notice of Termination to the other Party hereto in accordance with Section 10(f).  
(f)Board/Committee Resignation.  Upon termination of the Executive’s employment for any reason, the Executive agrees to resign at the direction of the Board or shall be deemed to have resigned, as of the date of such termination and to the extent applicable, from the Board (and any committees thereof) and the Board of Directors (and any committees thereof) of any of the Company’s subsidiaries or affiliates.  
(g)Waiver and Release; Timing of Payments.  Notwithstanding anything herein to the contrary, as a condition precedent to receiving any payments under this Section 2 (other than those amounts already accrued prior to the date of termination, including the Accrued Rights), Executive (or the Executive’s estate, as applicable) shall have executed, within twenty-one days, or if required for an effective release, forty-five days, following the Executive’s termination of employment, a waiver and 

release in substantially the form attached hereto as Exhibit A (the “Release”), which Release may be updated by the Company from time to time to reflect changes in law, and the seven-day revocation period of such Release shall have expired.  Subject to Section 7(b) and the execution of the Release pursuant to this Section 2(g), all payments under this Section 2 shall be payable as described above; provided, that any payments due prior to the sixtieth day after the Executive’s termination of employment shall be made on such sixtieth day.
3.Confidentiality; Ownership of Developments.
(a)During the term of the Executive’s employment with the Company or any of its subsidiaries or affiliates and for all time thereafter, the Executive shall keep secret and retain in strictest confidence and not divulge, disclose, discuss, copy or otherwise use or suffer to be used in any manner, except in connection with the Business of the Company and of any of the subsidiaries or affiliates of the Company, any trade secrets, confidential or proprietary information and documents or materials owned, developed or possessed by or for the Company or any of the subsidiaries or affiliates of the Company pertaining to the Business of the Company or any of the subsidiaries or affiliates of the Company; provided that such information referred to in this Section 3(a) shall not include information that is or has become generally known to the public or the jewelry trade without violation of this Section 3.
(b)The Executive acknowledges that all developments, including, without limitation, inventions (patentable or otherwise), discoveries, improvements, patents, trade secrets, designs, reports, computer software, flow charts and diagrams, data, documentation, writings and applications thereof (collectively, “Works”) relating to the Business or planned business of the Company or any of the subsidiaries or affiliates of the Company that, alone or jointly with others, the Executive may create, make, develop or acquire during the term of Executive’s employment with the Company or any of its subsidiaries or affiliates (collectively, the “Developments”) are works made for hire and shall remain the sole and exclusive property of the Company and its subsidiaries and affiliates and the Executive hereby assigns to the Company all of Executive’s right, title and interest in and to all such Developments and Executive shall take any action reasonably necessary to achieve the foregoing result.  Notwithstanding any provision of this Agreement to the contrary, “Developments” shall not include any Works that do not relate to the Business or planned business of the Company or any of the subsidiaries or affiliates of the Company.
(c)The Executive is hereby notified, in accordance with the Defend Trade Secrets Act of 2016, 18 U.S.C. § 1833(b), that: (i) an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made in confidence to a federal, state, or local government official, or to an attorney, solely for the purpose of reporting or investigating a suspected violation of law; (ii) an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal; and (iii) an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal and does not disclose the trade secret except pursuant to court order.  Notwithstanding anything herein to the contrary, nothing in this Agreement shall: (i) prohibit the Executive from making reports of possible violations of federal law or regulation to any governmental agency or entity in accordance with the provisions of and rules promulgated under Section 21F of the Securities Exchange Act of 1934 or Section 806 of the Sarbanes-Oxley Act of 2002, or of any other whistleblower protection provisions of state or federal law or regulation; or (ii) require notification or prior approval by the Company of any reporting described in clause (i).    
(d)The Executive further understands that this Agreement does not limit the Executive’s ability to communicate with the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange 

Commission or any other federal, state or local governmental agency or commission (“Government Agencies”) or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company.  This Agreement also does not limit the Executive’s right to receive an award for information provided to any Government Agency.
4.Covenants Not to Solicit and Not to Compete.  The Executive agrees that Executive shall not, directly or indirectly, without the prior written consent of the Company:  
(a)during Executive’s employment with the Company or any of its subsidiaries or affiliates and for a period of one year commencing upon termination of the Executive’s employment, solicit, entice, persuade or induce any employee, consultant, agent or independent contractor of the Company or of any of the subsidiaries or affiliates of the Company to terminate his or her employment or engagement with the Company or such subsidiary or affiliate, to become employed by any person, firm or corporation other than the Company or such subsidiary or affiliate or approach any such employee, consultant, agent or independent contractor for any of the foregoing purposes; or  
(b)during Executive’s employment with the Company or any of its subsidiaries or affiliates and for a period of one year commencing upon termination of the Executive’s employment, directly or indirectly own, manage, control, invest or participate in any way in, consult with or render services to or for any person or entity (other than for the Company or any of the subsidiaries or affiliates of the Company) which is materially engaged in the Business (“materially” meaning deriving more than 25% of its revenue from the sale of jewelry and watches per year as of the applicable date); provided that the Executive shall be entitled to own up to 1% of any class of outstanding securities of any company whose common stock is listed on a national securities exchange or included for trading on the NASDAQ Stock Market.
5.Non-Defamation and Non-Disparagement. The Executive shall not at any time, publicly or privately, verbally or in writing, directly or indirectly, make or cause to be made any defaming and/or disparaging, derogatory, misleading or false statement about the Company or its products, or any current or former directors, officers, employees, or agents of the Company, or the business strategy, plans, policies, practices or operations of the Company to any person or entity, including members of the investment community, press, customers, competitors, employees and advisors of the Company.  Truthful disclosure to any government agency regarding possible violations of federal law or regulation in accordance with any whistleblower protection provisions of state or federal law or regulation shall not be deemed to violate this paragraph. Executive recognizes that the breach of this Section 5 will cause serious and irreparable injury to the Company.
6.Specific Performance.  The Executive acknowledges that the services to be rendered by the Executive are of a special, unique and extraordinary character and, in connection with such services, the Executive will have access to confidential information vital to the Business of the Company and the subsidiaries and affiliates of the Company.  By reason of this, the Executive consents and agrees that if the Executive violates any of the provisions of Sections 3, 4 or 5 hereof, the Company and the subsidiaries and affiliates of the Company would sustain irreparable injury and that monetary damages will not provide adequate remedy to the Company and that the Company shall be entitled to have Sections 3, 4 or 5 specifically enforced by any court having equity jurisdiction.  Nothing contained herein shall be construed as prohibiting the Company or any of the subsidiaries or affiliates of the Company from pursuing any other remedies available to it for such breach or threatened breach, including, without limitation, the recovery of damages from the Executive or cessation of payments hereunder without requirement for posting a bond.  In addition, to the extent allowed by law, the Executive shall be required to return to the Company any termination payments and benefits paid pursuant to Section 2 less two hundred fifty dollars ($250.00) if the Executive violates Section 3, 4 or 5.
7.Section 409A.  

(a)The intent of the parties is that payments and benefit under this Agreement comply with or be exempt from Internal Revenue Code of 1986, as amended (the “Code”) Section 409A and the regulations and guidance promulgated thereunder (collectively, “Section 409A”) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith or exempt therefrom, as applicable.  If any other payments of money or other benefits due to the Executive hereunder could cause the application of an accelerated or additional tax under Section 409A of the Code, the Company may (i) adopt such amendments to the Agreement, including amendments with retroactive effect, that the Company determines necessary or appropriate to preserve the intended tax treatment of the benefits provided by the Agreement and/or (ii) take such other actions as the Company determines necessary or appropriate to comply with the requirements of Section 409A.
(b)A termination of employment shall not be deemed to have occurred for purposes of this Agreement providing for the payment of any amounts or benefits that are considered nonqualified deferred compensation under Section 409A upon or following a termination of employment, unless such termination is also a “separation from service” within the meaning of Section 409A and the payment thereof prior to a “separation from service” would violate Section 409A.  For purposes of any such provision of this Agreement relating to any such payments or benefits, references to a “termination,” “termination of employment” or like terms shall mean “separation from service.”  If the Executive is deemed on the date of termination to be a “specified employee” within the meaning of that term under Section 409A(a)(2)(B), then, notwithstanding any other provision herein, with regard to any payment or the provision of any benefit that is considered nonqualified deferred compensation under Section 409A payable on account of a “separation from service,” such payment or benefit shall not be made or provided prior to the date which is the earlier of (A) the expiration of the six-month period measured from the date of such “separation from service” of the Executive, and (B) the date of the Executive’s death (the “Delay Period”).  Upon the expiration of the Delay Period, all payments and benefits delayed pursuant to this Section 7(b) (whether they would have otherwise been payable in a single lump sum or in installments in the absence of such delay) shall be paid or reimbursed to the Executive in a lump sum on the first business day following the Delay Period, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein.
(c)(i) All expenses or other reimbursements as provided herein shall be payable in accordance with the Company’s policies in effect from time to time, but in any event any reimbursements that are non-qualified deferred compensation subject to Section 409A of the Code shall be made on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by the Executive; (ii) no such reimbursement or expenses eligible for reimbursement in any taxable year shall in any way affect the expenses eligible for reimbursement in any other taxable year; and (iii) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchanged for another benefit.  
(d)For purposes of Section 409A, the Executive’s right to receive any installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments.  Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., “payment shall be made within thirty days following the date of termination”), the actual date of payment within the specified period shall be within the sole discretion of the Company. 
(e)Nothing contained in this Agreement shall constitute any representation or warranty by the Company regarding compliance with Section 409A.  The Company has no obligation to take any action to prevent the assessment of any additional income tax, interest or penalties under Section 409A on any person and the Company, its subsidiaries and affiliates, and each of their employees and representatives shall not have any liability to the Executive with respect thereto.  
8.Compliance with Board Policies.  
(a)The Executive shall be required to build a holding of shares of Signet common stock (“Shares”) equal to a specified level as set by the Board from time to time (the “Share Ownership 

Requirement”) pursuant to the terms of any stock ownership policy or guidelines approved by the Board or a committee of the Board and provided to the Executive.  The Share Ownership Requirement shall be required for so long as the Executive is an executive officer of the Signet Group.
(b)    The Executive shall be subject to the written policies of the Board applicable to executives, including without limitation any Board policy relating to claw back of compensation, as they exist from time to time during the Executive’s employment with the Company or any of its affiliates.  
9.Governing Law; Jurisdiction.
(a)This Agreement shall be subject to, and governed by, the laws of the State of Ohio applicable to contracts made and to be performed therein, without regard to conflict of laws principles thereof.
(b)Any action to enforce any of the provisions of this Agreement shall be brought in a court of the State of Ohio located in Summit County or in a Federal court located in Cleveland, Ohio.  The parties consent to the jurisdiction of such courts and to the service of process in any manner provided by Ohio law.  Each Party irrevocably waives any objection which it may now or hereafter have to the laying of the venue of any such suit, action, or proceeding brought in such court and any claim that such suit, action, or proceeding brought in such court has been brought in an inconvenient forum and agrees that service of process in accordance with the foregoing sentences shall be deemed in every respect effective and valid personal service of process upon such Party.  
EXECUTIVE ACKNOWLEDGES THAT, BY SIGNING THIS AGREEMENT, HE IS WAIVING ANY RIGHT THAT HE MAY HAVE TO A JURY TRIAL RELATED TO THIS AGREEMENT.
10.Miscellaneous.
(a)Entire Agreement/Amendments.  This Agreement contains the entire understanding of the parties with respect to the subject matter hereto and supersedes any and all prior agreements (whether written or oral) between the Parties with respect thereto, including, without limitation, [].  There are no restrictions, agreements, promises, warranties, covenants or undertakings between the parties with respect to the subject matter herein other than those expressly set forth herein.  This Agreement may not be altered, modified, or amended except by written instrument signed by the parties hereto.
(b)No Waiver.  The failure of a Party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver of such Party’s rights or deprive such Party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement. 
(c)Severability.  The provisions of this Agreement are severable and the invalidity, illegality or unenforceability of any one or more provisions shall not affect the validity, legality or enforceability of any other provision.  In the event that a court of competent jurisdiction shall determine that any provision of this Agreement or the application thereof is unenforceable in whole or in part because of the duration or scope thereof, the parties hereto agree that said court in making such determination shall have the power to reduce the duration and scope of such provision to the extent necessary to make it enforceable, and that the Agreement in its reduced form shall be valid and enforceable to the full extent permitted by law. 
(d)Assignment.  This Agreement and all of the Executive’s rights and duties hereunder shall not be assignable or delegable by the Executive.  Any purported assignment or delegation by the Executive in violation of the foregoing shall be null and void ab initio and of no force and effect.  This Agreement may be assigned by the Company to, or assumed by, a person or entity which is an affiliate of the Company or a successor in interest to substantially all of the business operations of the Company.  Upon such assignment, the rights and obligations of the Company hereunder shall become the rights and obligations of such affiliate or successor person or entity.  
(e)Successors; Binding Agreement.  This Agreement shall inure to the benefit of and be binding upon personal or legal representatives, executors, administrators, successors, heirs, 

distributees, devisees and legatees.  In the event of the Executive’s death, all amounts payable hereunder to the Executive that are then unpaid, shall be paid to the Executive’s beneficiary designated by him in writing to the Company or, in the absence of such designation, to Executive’s estate. 
(f)Notice.  For the purpose of this Agreement, notices and all other communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given when delivered by hand or overnight courier or three days after it has been mailed by United States registered mail, return receipt requested, postage prepaid, addressed to the respective addresses set forth below in this Agreement, or to such other address as either Party may have furnished to the other in writing in accordance herewith, except that notice of change of address shall be effective only upon receipt.

If to the Company:
Sterling Jewelers Inc.
375 Ghent Road
Akron, Ohio 44333
Attn:  Chief Legal, Risk & Corporate Affairs Officer
with copies to:
Weil, Gotshal & Manges LLP
767 Fifth Avenue
New York, NY  10153-0119
Attn: Michael J. Aiello 

If to the Executive:
To Executive’s last address set forth on the payroll records of the Company

(g)Cooperation.  The Executive shall be reasonably available to assist and otherwise advise and consult with the Company in transitioning responsibilities to other employees of the Company.  The Executive shall provide full and continued cooperation in good faith with the Company, its subsidiaries and affiliates and its legal counsel, as may be necessary or appropriate: (i) to respond truthfully to any inquiries that may arise with respect to matters that the Executive was responsible for or involved with during the Executive’s employment with the Company; (ii) to furnish to the Company, as reasonably requested by the Company, from time to time, the Executive’s honest and good faith advice, information, judgment and knowledge with respect to all practices at the Company, and employees of the Company; (iii) in connection with any defense, prosecution or investigation of any and all actual, threatened, potential or pending court or administrative proceedings or other legal matters in which the Executive may be involved as a party and/or in which the Company determines, in its sole discretion, that the Executive is a relevant witness and/or possesses relevant information; and (iv) in connection with any and all legal matters relating to the Company, its subsidiaries and affiliates, and each of their respective past and present employees, managers, directors, officers, administrators, shareholders, members, agents, and attorneys, in which the Executive may be called as an involuntary witness (by subpoena or other compulsory process) served by any third-party, including, without limitation, providing the Company with written notice of any subpoena or other compulsory process served on the Executive within forty-eight (48) hours of its occurrence.
In connection with the matters described in this Section 10(g), the Executive agrees to notify, truthfully communicate and be represented by, and provide requested information to, the Company’s 

counsel, to fully cooperate and work in good faith with such counsel with respect to, and in preparation for, any response to a subpoena or other compulsory process served upon the Executive, any depositions, interviews, responses, appearances or other legal matters, and to testify truthfully and honestly with respect to all matters.  For the avoidance of doubt, the Company has no obligation to provide the Executive with separate counsel in connection with any such matter. The Company shall reimburse the Executive for reasonable expenses, such as travel, lodging and meal expenses, incurred by the Executive pursuant to this Section 10(g) at the Company’s request, and consistent with the Company’s policies for employee expenses. 
The Executive further acknowledges that all documents prepared by the Company pertaining to the affairs of the Company or any legal matter relating to the Company, which may be provided to the Executive or to which the Executive may be given access pursuant to this Section 10(g) in connection with the Executive’s cooperation hereunder with respect to any legal matter relating to the Company, are, and shall remain, the property of the Company at all times.  Except as required by applicable law or court order, the Executive shall not disclose any information or materials received in connection with any legal matter relating to the Company.
All communications by the Company, its subsidiaries and/or affiliates, and its lawyers to the Executive and all communications by the Executive to the Company, its subsidiaries and/or affiliates and its lawyers, in connection with any legal matter relating to the Company, its subsidiaries and/or affiliates, shall, to the fullest extent permitted by law, be privileged and confidential and subject to the work product doctrine.  No such communication, information, or work product shall be divulged by the Executive to any person or entity, except at the specific direction of an authorized representative of the Company and its lawyers.
The Executive further agrees that the Executive must also: (i) complete any outstanding performance evaluations; (ii) repay any outstanding bills, advances, debts, etc., due to the Company, as of the date of Executive’s termination of employment; and (iii) cooperate with the Company in performing all transition and other matters required by the Company prior to the date of Executive’s termination of employment.
Executive recognizes that the breach of this Section 10(g) will cause serious and irreparable injury to the Company. In addition, to the extent allowed by law, the Executive shall be required to return to the Company any termination payments and benefits paid pursuant to Section 2 less two hundred fifty dollars ($250.00) if the Executive violates this Section 10(g).
(h)Withholding Taxes.  The Company may withhold from any amounts payable under this Agreement such Federal, state and local taxes as may be required to be withheld pursuant to any applicable law or regulation.
(i)Survival.  The provisions of Sections 3, 4, 5, 6, 8, 9 and 10 of this Agreement  shall survive the expiration or termination of this Agreement and the Executive’s employment hereunder, irrespective of the reason for any termination
(j)Counterparts.  This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

[signatures on following page]

[SIGNATURE PAGE TO TERMINATION PROTECTION AGREEMENT]
IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement on the last date written below.

STERLING JEWELERS INC.
By:______________________
Name:    
Title:  
Date:

EXECUTIVE
__________________________    
[]
Date:

SCHEDULE 1
EMPLOYMENT TERMS, DUTIES AND ENTITLEMENTS
Capitalized terms used but not defined herein shall have the meaning ascribed to such terms in the Termination Protection Agreement, dated as of  [], by and among Sterling Jewelers Inc. (the “Company”) and [] (the “Executive”) to which this Schedule 1 is attached (the “Agreement”).
	
		
	Position
	[]

	Reporting Line
	Executive shall report to []

	Location
	[]

	Duties
	[]

	Annual Base Salary
	[]

	Annual Bonus
	[]

	Long Term Incentive Plan
	[]

	Employee Benefits
	Eligible for all Company health, life and disability insurance and other welfare, and retirement, savings, deferred compensation and fringe employee benefit plans, as in effect from time to time, on the same basis as those benefits are generally made available to senior executives of the Company.  
Eligible for reimbursement of reasonable business expenses incurred by the Executive during employment in the performance of the Executive’s duties, in accordance with Company policies and subject to timely submission of reimbursement requests.  

	Time Off
	Executive shall be entitled to time off as provided under the Signet US Time Off Program, as in effect from time to time.

	Director and Officer Insurance
	The Company shall keep in force for the Executive coverage under a directors and officers liability insurance policy, such coverage to be at a level no less than that maintained for substantially all of the executive officers of the Company or Signet (during the period the Executive is an executive officer of Signet) and substantially all of the members of the Board of Directors Signet (during any period the Executive is a member of the Board of Directors of Signet).

	Executive Representations
	Executive represents and warrants to the Company that the performance by Executive of the duties set forth on the Agreement and this Schedule 1 shall not constitute a breach of, or otherwise contravene, the terms of any employment agreement or other agreement or policy to which the Executive is a party or otherwise bound.

EXHIBIT A
RELEASE

This RELEASE (“Release”) dated as of ___________, 20__ between Sterling Jewelers Inc., a Delaware corporation (the “Company”), and [] (the “Executive”).
WHEREAS, the Company and the Executive previously entered into that certain Termination Protection Agreement dated [] (the “Agreement”); and
WHEREAS, the Executive's employment with the Company has terminated effective ______ __, 20__ (“Termination Date”); 
NOW, THEREFORE, in consideration of the premises and mutual agreements contained herein and in the Agreement, the Company and the Executive agree as follows:
		
	1.
	Capitalized terms not defined herein shall have the meaning as defined under the Agreement.

2.In consideration of the Executive’s release under Paragraph 3 hereof, the Company shall pay to the Executive or provide benefits to the Executive as set forth in Section 2, as applicable, of the Agreement, which is attached hereto and made a part hereof.
3.The Executive, on Executive’s own behalf and on behalf of Executive’s heirs, estate and beneficiaries, does hereby release the Company, and in such capacities, any of its parent corporations, subsidiaries, or affiliates, and each past or present officer, director, agent, employee, shareholder, and insurer of any such entities (collectively, the “Released Parties”), from any and all claims made, to be made, or which might have been made of whatever nature, whether known or unknown, from the beginning of time, including those that arose as a consequence of Executive’s employment with the Company or any of the Release Parties, or arising out of the termination of such employment relationship, or arising out of any act committed or omitted during or after the existence of such employment relationship, all up through and including the date on which this Release is executed, including, without limitation, any tort and/or contract claims, common law or statutory claims, claims under any local, state or federal wage and hour law, wage collection law or labor relations law, claims under any common law or other statute, ordinances and regulations, claims of age, race, sex, sexual orientation, marital status, parental status, veteran status, religious, disability, national origin, ancestry, citizenship, retaliation or any other claim of employment discrimination or harassment, including, but not limited to under Title VII of the Civil Rights Acts of 1964 and 1991, as amended (42 U.S.C. §§ 2000e et seq.), the Age Discrimination in Employment Act, as amended (29 U.S.C. §§ 621, et seq.), the Americans with Disabilities Act (42 U.S.C. §§ 12101 et seq.), the Rehabilitation Act of 1973 (29 U.S.C. §§ 701 et seq.), the Family and Medical Leave Act (29 U.S.C. §§ 2601 et seq.), the Employee Retirement Income Security Act of 1974, as amended (29 U.S.C. §§ 1001 et seq.), the Worker Adjustment and Retraining Notification Act (29 U.S.C. §§ 2101 et seq.), the Ohio Civil Rights Act (Ohio Rev. Code. Ann. §§ 4112.01-4112.99), the Ohio Whistleblower’s Protection Statute (Ohio Rev. Code Ann. §§ 4113.51-4113.53), and any other law (including any federal, state or local law or ordinance) prohibiting employment discrimination or relating to employment, retaliation in employment, termination of employment, wages, benefits or otherwise that may legally be waived and released.  Nothing in this Release shall be construed to prohibit the Executive from filing a charge with or participating in any investigation or proceeding by a government agency charged with enforcement of any law.  Notwithstanding, the Executive agrees to waive the Executive’s right to recover monetary damages in any charge, complaint, or lawsuit filed by the Executive or by anyone else on the Executive’s behalf, except that nothing in this Release shall be construed to limit the Executive’s right to receive any monetary award from the Securities and Exchange Commission pursuant to Section 21F of the Securities Exchange Act of 1934.  The Executive relinquishes any right to future employment with the Company or any of the Released Parties, and agrees not to seek future re-employment with the Company or any of the Released Parties.  The Executive acknowledges that the Company shall have the right to refuse to re-employ the Executive without liability of the Company or any of the 

Released Parties.  The Executive acknowledges and agrees that even though claims and facts in addition to those now known or believed by him to exist may subsequently be discovered, it is the intention of the Executive and the Company in executing this Release that the general release in this Paragraph 3 shall be effective as a full and final accord and satisfaction, and release of and from all liabilities, disputes, claims and matters covered under the general release in this Paragraph 3, known or unknown, suspected or unsuspected.  The furnishing of termination payments and/or benefits under the Agreement will not be deemed an admission of liability or wrongdoing by the Company.
4.The Company and the Executive acknowledge and agree that the release contained in Paragraph 3 does not, and shall not be construed to, release or limit the scope of any existing obligation of the Company and/or any of its subsidiaries or affiliates (i) to indemnify the Executive for Executive’s acts as an officer or director of Company in accordance with the Certificate of Incorporation and all agreements thereunder, (ii) to pay any amounts or benefits pursuant to Paragraph 2 of this Release or any Accrued Rights (as defined in the Agreement) to which the Executive is entitled under the Agreement, (iii) with respect to the Executive’s rights as a shareholder of the Company, Signet or any of their subsidiaries, (iv) to pay wages that are undisputedly due or to become due, or (v) for claims that cannot lawfully be waived.  
5.The Executive acknowledges that pursuant to the general release set forth in Paragraph 3 above, the Executive is waiving and releasing any rights he may have under the Age Discrimination in Employment Act of 1967 (“ADEA”) and that Executive’s waiver and release of such rights is knowing and voluntary.  The Executive acknowledges that the consideration given for the ADEA waiver and release under this Release is in addition to anything of value to which Executive was already entitled.  The Executive further acknowledges that he has been advised by this writing that:
(i)Executive should consult with an attorney prior to executing this Release and has had an opportunity to do so;
(ii)Executive has twenty-one (21) days within which to consider this ADEA waiver and release;
(iii)Executive has seven (7) days following Executive’s execution of this Release to revoke this ADEA waiver and release, but only by providing written notice of such revocation to the Company in accordance with the “Notice” provision in Section 10(f) of the Agreement; 
(iv)the ADEA waiver and release shall not be effective until the seven (7) day revocation period has expired; and
(v)    the twenty-one (21) day period set forth above shall run from the date Executive receives this Release.  The Parties agree that any modifications made to this Release prior to its execution shall not restart, or otherwise affect, this twenty-one day (21) period. 
It is the intention of the parties in executing this Release that this Release shall be effective as a full and final accord and satisfaction and release of and from all liabilities, disputes, claims and matters covered under this Release, known or unknown, suspected or unsuspected.
		
	6.
	  This Release shall become effective on the first (1st) day following the day that this Release becomes irrevocable under Paragraph 5.  All payments due to the Executive shall be payable in accordance with the terms of the Agreement.  

[remainder of page intentionally blank]

[SIGNATURE PAGE TO RELEASE]
IN WITNESS WHEREOF, the parties have executed this Release on the date first above written.

STERLING JEWELERS INC.

By:                
Name:
Title:

[]

SCHEDULE 10.32

	
			
	Name
	Agreement Date
	Notable Variations (if any)

	Bill Brace
	November 26, 2018
	 

	Lynn Dennison
	October 15, 2015, as amended March 20, 2017
	Omits Section 5, Non-Defamation and Non-Disparagement 

	Mary Liz Finn
	November 29, 2018
	 

	Joan Hilson
	March 11, 2019
	Provides for a 90-day prior notice for an “at will” termination by the Company under Section 2 instead of the standard 360 day prior notice.

Provides for mutual non-defamation and non-disparagement under Section 5. 

	Steve Lovejoy
	December 21, 2018
	 

	Bill Luth
	February 20, 2018
	 

	Howard Melnick
	February 4, 2018
	 

	Jamie Singleton
	October 17, 2018

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