Document:

Exhibit 10.1

		
			TENTH AMENDMENT TO CREDIT AGREEMENT 
		

		
			THIS TENTH AMENDMENT TO CREDIT AGREEMENT AND OTHER LOAN DOCUMENTS (this “Amendment”), dated as of August 12, 2021, by and among CONDOR HOSPITALITY LIMITED PARTNERSHIP, a Virginia limited partnership (“Borrower”), the undersigned parties to this Amendment executing as “Guarantors” (hereinafter referred to individually as “Guarantor” and collectively as “Guarantors”), KEYBANK NATIONAL ASSOCIATION (“KeyBank”), THE HUNTINGTON NATIONAL BANK (“Huntington”), BMO HARRIS BANK N.A. (“BMO”; KeyBank, Huntington and BMO collectively, the “Lenders”), and KeyBank as Agent for itself and the other Lenders from time to time a party to the Credit Agreement (as hereinafter defined) (KeyBank, in its capacity as Agent, is hereinafter referred to as “Agent”).
		

		
			W I T N E S S E T H:
		

		
			WHEREAS, the Borrower, Agent, KeyBank and the lenders party thereto are parties to that certain Credit Agreement dated as of March 1, 2017, as amended by that certain First Amendment to Credit Agreement and Other Loan Documents dated as of May 11, 2017 (the “First Amendment”), as amended by that certain Second Amendment to Credit Agreement dated as of December 13, 2017 (the “Second Amendment”), as amended by that certain Third Amendment to Credit Agreement dated as of March 8, 2019 (the “Third Amendment”), as amended by that certain Fourth Amendment to Credit Agreement dated as of May 3, 2019 (the “Fourth Amendment”), as amended by that certain Fifth Amendment to Credit Agreement dated as of August 9, 2019 (the “Fifth Amendment”), as amended by that certain Sixth Amendment to Credit Agreement and Other Loan Documents dated as of March 30, 2020 (the “Sixth Amendment”), as amended by that certain Seventh Amendment to Credit Agreement and Other Loan Documents dated as of May 13, 2020 (the “Seventh Amendment”), as amended by that certain Eighth Amendment to Credit Agreement dated as of November 16, 2020 (the “Eighth Amendment”), and as amended by that certain Ninth Amendment to Credit Agreement and other Loan Documents dated as of November 18, 2020 (the “Ninth Amendment”) (such Credit Agreement, as amended by the First Amendment, the Second Amendment, the Third Amendment, the Fourth Amendment, the Fifth Amendment, the Sixth Amendment, the Seventh Amendment, the Eighth Amendment and the Ninth Amendment, may be further varied, extended, supplemented, consolidated, replaced, increased, renewed, modified or amended from time to time, the “Credit Agreement”);
		

		
			WHEREAS, certain of the Guarantors executed and delivered to Agent that certain Unconditional Guaranty of Payment and Performance dated as of March 1, 2017, as amended by the First Amendment, the Sixth Amendment and the Seventh Amendment (as such Guaranty, as amended by the First Amendment, the Sixth Amendment and the Seventh Amendment, may be further varied, extended, supplemented, consolidated, replaced, increased, renewed, modified or amended from time to time, the “Guaranty”);
		

		
			WHEREAS, Borrower and certain of the Guarantors executed and delivered to Agent that certain Cash Collateral Account Agreement dated as of March 1, 2017, as amended by that certain First Amendment to Cash Collateral Account Agreement dated as of March 24, 2017, as amended by the First Amendment, as amended by that certain Second Amendment to Cash Collateral Account Agreement dated as of June 21, 2017, as amended by that certain Third Amendment to Cash Collateral Account Agreement dated as of August 31, 2017, as amended by that certain Fourth Amendment to Cash Collateral Account Agreement dated as of January 17, 2018, and as 
		

		 

		

			

		

			

		

		

			 

		

		

			

		

		

			 

		

		

		

			 

		

 

		amended by that certain Fifth Amendment to Cash Collateral Account Agreement dated as of February 21, 2018, as amended by the Sixth Amendment, and as amended by the Sixth Amendment to Cash Collateral Account Agreement dated as of May 13, 2020 (as the same may be further varied, extended, supplemented, consolidated, replaced, increased, renewed, modified or amended from time to time, the “Cash Collateral Agreement”);
		

		
			WHEREAS, CDOR TLH Magnolia, LLC, TRS TLH Magnolia, LLC, CDOR LEX Lowry, LLC, TRS LEX Lowry, LLC, CDOR AUS Louis, LLC and TRS AUS Louis, LLC have become a party to the Guaranty and the Cash Collateral Agreement pursuant to that certain Joinder Agreement dated March 24, 2017; and 
		

		
			WHEREAS CDOR MCO Village, LLC and TRS MCO Village, LLC have become a party to the Guaranty and the Cash Collateral Agreement pursuant to that certain Joinder Agreement dated June 21, 2017; and
		

		
			WHEREAS, CDOR ELP Edge, LLC, TRS ELP Edge, LLC, CDOR AUS Casey, LLC and TRS AUS Casey, LLC have become a party to the Guaranty and the Cash Collateral Agreement pursuant to that certain Joinder Agreement dated August 31, 2017; and
		

		
			WHEREAS, CDOR AUS Tech, LLC and TRS AUS Tech, LLC have become a party to the Guaranty and the Cash Collateral Agreement pursuant to that certain Joinder Agreement dated January 17, 2018; and 
		

		
			WHEREAS, CDOR CHS Holiday, LLC and TRS CHS Holiday, LLC have become a party to the Guaranty and the Cash Collateral Agreement pursuant to that certain Joinder Agreement dated February 21, 2018; and
		

		
			WHEREAS, Spring Street Hotel Property LLC and Spring Street Hotel OPCO LLC have become a party to the Guaranty and the Cash Collateral Agreement pursuant to that certain Joinder Agreement dated May 13, 2020; and
		

		
			WHEREAS, the Borrower and the Guarantors have requested that the Agent and the Lenders make certain modifications to the Credit Agreement, and Agent and the undersigned Lenders have consented to such modifications, subject to the execution and delivery of this Amendment.
		

		
			NOW, THEREFORE, for and in consideration of the sum of TEN and NO/100 DOLLARS ($10.00), and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto do hereby covenant and agree as follows:
		
Definitions
		
			.  Capitalized terms used in this Amendment, but which are not otherwise expressly defined in this Amendment, shall have the respective meanings given thereto in the Credit Agreement.
		
Modifications of the Credit Agreement
		
			.  The Borrower, Agent and the Lenders do hereby modify and amend the Credit Agreement as follows:
		

			
	
			
				 (a)
			By inserting the following new definitions into §1.1 of the Credit Agreement, in the appropriate alphabetical order: 

		

		

		 

		

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		“Borrowing Availability Limit. $122,228,812.00, as reduced from time to time pursuant to §3.2(d).”;
		

		
			﻿
		

		
			“Exit Fees. Collectively, the fees due to the Agent, for the pro rata accounts of all the Lenders, pursuant to (i) Section 2(c) of that certain Agreement Regarding Fees dated November 18, 2020 among Borrower, KCM, Agent and the Lenders in connection with the Ninth Amendment to Credit Agreement, as amended, modified or supplemented from time to time (“Exit Fee 1”), and (ii) Section 2(c) of that certain Agreement Regarding Fees executed on or about the date of the Tenth Amendment to Credit Agreement among Borrower, the Lenders and KCM, as amended, modified or supplemented from time to time (“Exit Fee 2”).”;
		

		
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			“Leawood Borrowers.  Collectively, TRS KCI LOFT, LLC and CDOR KCI LOFT, LLC.”;
		

		
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			“Leawood Lender. OSK X, LLC, its successors and/or assigns.”;
		

		
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			“Leawood Loan.  The mortgage loan(s) to the Leawood Borrowers held by Leawood Lender in the aggregate original principal amount of $15,925,000, and secured by the Leawood Property.”; 
		

		
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			“Leawood Property.  The Real Estate located at 11620 Ash Street, Leawood, Kansas, commonly known as the Aloft Leawood-Overland Park.”;
		

		
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			“Potential Leawood Default.  The occurrence of an Event of Default arising under §12(f)(i) of this Agreement as a result a breach or default by or on behalf of the Leawood Borrowers or any other obligor with respect to the Leawood Loan under any of the agreements, instruments or documents now or hereafter evidencing, securing or otherwise executed, delivered and/or entered into in connection with the Leawood Loan and/or the acceleration of the Indebtedness evidenced thereby.”;
		

		
			“Sales Process.  See §8.8.”;
		

		
			“Sales Process Broker.  Hodges Ward Elliot.”; 
		

		
			“Standstill Conditions. The continued satisfaction of each of the following conditions:
		

		
			(i) The Borrowers and Guarantors shall be in compliance in all material respects with all of the terms, conditions and provisions of this Agreement and the other Loan Documents and no Default or Event of Default shall have occurred, other than the Potential Leawood Default;
		

		
			(ii) REIT and the Leawood Borrowers shall be actively and diligently pursuing any and all good faith defenses with respect to any breaches, defaults or claims alleged or asserted by or on behalf of the Leawood Lender 
		

		 

		

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		after any acceleration of the indebtedness evidenced by the Leawood Loan, the commencement of any enforcement action on account of such indebtedness or the exercise of any remedy with respect to such indebtedness (or, in each case, the written threat of such acceleration or other enforcement), or shall have entered into a standstill or forbearance agreement with the Leawood Lender in respect of all such breaches, defaults and claims in form and substance acceptable to Agent;
		

		
			(iii) No litigation, suit, arbitration, dispute resolution or other action shall have been filed or commenced (A) against REIT, the Leawood Borrowers, any other obligor of the Leawood Loan or any of their respective Subsidiaries or Affiliates in connection with the Leawood Loan and/or (B) seeking the enforcement of any collateral securing the Leawood Loan, in each case, with respect to which a trial, foreclosure sale or auction or other similar proceeding has been scheduled or otherwise occurs on or prior to November 1, 2021;
		

		
			(iv) None of REIT, the Leawood Borrowers, any other obligor of the Leawood Loan or any of their respective Subsidiaries or Affiliates shall have (A) filed a voluntary petition or application for relief under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect (a “Bankruptcy Law”), become subject to the filing of an involuntary petition or application for relief under any Bankruptcy Law, or been adjudicated as bankrupt or insolvent, (B) filed any petition, application for relief or answer seeking or acquiescing in any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future Bankruptcy Law or taken any action in furtherance of any of the foregoing, (C) petitioned or applied for, or consented or acquiesced to, the appointment of any trustee, custodian, conservator, receiver or liquidator with respect to such Person or any substantial part of its assets, (D) made any general assignment for the benefit of creditors, or admitted in writing its general inability to pay or generally failed to pay its debts as they mature or become due; 
		

		
			(v) REIT, Borrower or any of their respective Subsidiaries shall not be in breach or default in any material respect of any of their respective obligations under any agreement or contract entered into in connection with the Sales Process (beyond any applicable notice and cure period), and such Persons shall not have terminated the Sales Process and shall continue to use good faith commercially reasonable efforts to complete the Sales Process; 
		

		
			(vi) No litigation, other proceeding or order (whether temporary, preliminary or permanent) of a court of competent jurisdiction shall have been filed or threatened in writing that could or does in effect prevent, restrain or enjoin the undertaking of the Sales Process or the consummation of any of the asset sales contemplated thereby; 
		

		 

		

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			(vii) The Liquidity of Borrower shall not be less than $6,000,000.00.”; and
		

		
			“Standstill Period. The period commencing on August 12, 2021 and expiring on the earliest to occur of (i) November 1, 2021 or (ii) the date on which any of the Standstill Conditions fails to be satisfied, as determined by Agent.”; 
		

			
	
			
				 (b)
			By deleting in its entirety the table appearing in the definition of “Applicable Margin” in §1.1 of the Credit Agreement and inserting in lieu thereof the following new table:

			
					
						﻿Period:

					
					
						Applicable Margin for LIBOR Rate Loans

					
					
						Applicable Margin for
Base Rate Loans

				
	
					
						﻿From October 2, 2020 through and including April 1, 2021

					
					
						3.50%

					
					
						2.50%

				
	
					
						﻿From April 2, 2021 through and including August 30, 2021

					
					
						3.75%

					
					
						2.75%

				
	
					
						﻿For the period from August 31, 2021 and thereafter

					
					
						4.00%

					
					
						3.00%

				

		
			﻿
		

			
	
			
				 (c)
			By deleting in its entirety the last sentence of the definition of “Borrowing Availability” in §1.1 of the Credit Agreement.

			
	
			
				 (d)
			By deleting in its entirety the definition of “Liquidity” in §1.1 of the Credit Agreement and inserting in lieu thereof the following new definition:

		
			“Liquidity.  As of any date of determination, the sum of (i) Unrestricted Cash and Cash Equivalents of the REIT and its Subsidiaries plus (ii) the Borrowing Availability as of such date.”;
		

			
	
			
				 (e)
			By deleting in its entirety the definition of “Interest Holdback” in §1.1 of the Credit Agreement.

			
	
			
				 (f)
			By deleting in its entirety the definition of “Permitted Borrowings” in §1.1 of the Credit Agreement and inserting in lieu thereof the new definition:

		
			“Permitted Borrowings.  The uses for which the Borrowing Availability may be used by Borrower, which shall be limited to budgeted capital expenditures and other items, in each case, set forth in the Approved Budget; provided, however, that any advance of a Revolving Credit Loan in excess of the Borrowing Availability Limit shall be subject to the prior approval of the Required Lenders.  Permitted Borrowings shall be further subject to the terms of §7.23.”;
		

		 

		

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				 (g)
			By inserting the following new sentence at the end of §2.1(a) of the Credit Agreement:

		
			“Notwithstanding anything in this Agreement to the contrary, from and after the effectiveness of the Tenth Amendment to Credit Agreement, without the prior approval of the Required Lenders, Borrower shall not be entitled to request or obtain an advance of a Revolving Credit Loan in an amount which, when taken together with the outstanding principal balance of all other advances of Revolving Credit Loans made from and after the effectiveness of the Tenth Amendment to Credit Agreement, would exceed the Borrowing Availability Limit in effect as of the date.”  
		

			
	
			
				 (h)
			By deleting in its entirety §3.2(d) of the Credit Agreement and inserting in lieu thereof the following new §3.2(d):

		
			“(d)Any prepayment of principal pursuant to §3.2(b), §3.2(c)(i) or §5.5 shall result in a dollar-for-dollar permanent reduction of the Borrowing Availability Limit and the Commitments (provided that any prepayment pursuant to §3.2(c)(i) solely as a result of a new Equity Offering shall only result in a permanent reduction of the Borrowing Availability Limit and the Commitments in an amount equal to fifty percent (50%) of the net proceeds of such new Equity Offering), which reduction of Commitments shall be allocated to the Lenders pro rata in accordance with their respective Commitment Percentages.”;
		

			
	
			
				 (i)
			By inserting the following new §3.2(f) into the Credit Agreement:

		
			“(f)Notwithstanding anything contained in this Agreement to the contrary, together with any prepayment required by Borrower pursuant to §3.2(c)(i) or §5.5 on account of the sale or other permanent disposition of an asset (including, without limitation, a Borrowing Base Asset), Borrower shall pay to Agent, for the pro rata account of the Lenders, an amount equal to the product of (X) the net proceeds of such asset sale divided by $130,000,000, multiplied by (Y) the aggregate amount of Exit Fees accrued as of the date of such prepayment, or such lesser amount to which the Required Lenders agree in writing, which payment shall reduce the total amount of Exit Fees payable by Borrower on a dollar-for-dollar basis (such reduction to be pro rata among the accrued amounts Exit Fee 1 and Exit Fee 2 as of such date).  For the avoidance of doubt, such payment of Exit Fees shall be made from the net proceeds of such asset sale and shall reduce the amount of such net proceeds that are applied as a prepayment to the Loans pursuant to §3.2(c)(i) or §5.5.”;
		

			
	
			
				 (j)
			By deleting in its entirety the first (1st) sentence of §4.2 of the Credit Agreement and inserting in lieu the following new sentence:

		
			“The Borrower agrees to pay to KeyBank, the Agent and KCM for their own account certain fees for services rendered or to be rendered in connection with the Loans as provided pursuant to the fee letter or letters 
		

		 

		

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		among the Borrower, KeyBank and KCM, the Agreement Regarding Fees executed on November 18, 2020 in connection with the Ninth Amendment to Credit Agreement among Borrower, the Lenders and KCM, and the Agreement Regarding Fees executed on or about the date of the Tenth Amendment to Credit Agreement among Borrower, the Lenders and KCM (collectively, the “Agreement Regarding Fees”).”;
		

			
	
			
				 (k)
			By deleting in its entirety the last sentence of §5.2 of the Credit Agreement.

			
	
			
				 (l)
			By inserting the following parenthetical at the end of §7.4(k) of the Credit Agreement:

		
			“(Notwithstanding the foregoing, within ten (10) Business Days after Borrower’s selection of best and final bids for the Hotel Properties to be sold in the Sales Process, if any such selection is made, Borrower shall provide to Agent an updated budget of the REIT and its Subsidiaries for the remainder of calendar year 2021 (the “Post-Sales Process Budget”), which budget (and each subsequent budget delivered pursuant to this §7.4(k)) shall include for such period, without limitation, line item detail for (i) fees and expenses to be incurred in connection with the Sales Process (including, without limitation, legal fees and expenses, brokerage fees and other third-party costs) and subsequent winding down of operations, (ii) salary and other compensation for senior management of the REIT and its Subsidiaries by position (including, without limitation, detail regarding anticipated attrition or additional roles resulting from the Sales Process or subsequent winding down of operations), (iii) termination fees in respect of management, employment, franchise or other contracts anticipated as result of the Sales Process or subsequent winding down of operations, and (iv) legal and other material third-party consultant expenses to be incurred by the REIT and its Subsidiaries, and upon the approval of such Post-Sales Process Budget by the Required Lenders, such Post-Sales Process Budget shall constitute the Approved Budget for calendar year 2021)”;
		

			
	
			
				 (m)
			By deleting in its entirety §7.23(b) of the Credit Agreement and inserting in lieu thereof the words “Intentionally Omitted;”

			
	
			
				 (n)
			By inserting the following new sentence at the end of §8.8 of the Credit Agreement.

		
			“Notwithstanding the foregoing, Borrower and Lenders acknowledge and agree that (i) Borrower has engaged Sales Process Broker to market for sale to third parties all of Borrower’s Hotel Properties (either individually or collectively) pursuant to an arm’s length bidding process, which may result in the sale of all or substantially all of such Hotel Properties (the “Sales Process”), and (ii) so long as Borrower remains in compliance with the terms and conditions hereof (including, without limitation, §3.2(c)(i), §3.2(f) and §5.5 with respect to prepayments required on account of any asset sales resulting from the Sales Process), such sale of Hotel Properties pursuant to the Sales Process shall be excluded from the limitation on the 
		

		 

		

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		sale or disposition of all or substantially all of the assets of the Borrower and its Subsidiaries set forth in this §8.8.”;
		

			
	
			
				 (o)
			By inserting the following new §8.18  into the Credit Agreement:

		
			“§8.18  Permitted Expenditures.  From and after the approval of the Post-Sales Process Budget in accordance with §7.4(k), Borrowers shall not, without the prior written approval of the Required Lenders, modify or amend the Approved Budget or make (or permit to be made) any expenditure other than for payment of actual operating expenses of the Borrowing Base Properties and the other Hotel Properties, payment of debt service as permitted hereunder, the corporate overhead and general and administrative expense of the REIT and its Subsidiaries, costs and expenses associated with the Sales Process and subsequent winding down of operations, and any budgeted capital expenditures with respect to Borrowing Base Properties and the other Hotel Properties, in each case, exclusively as set forth in the Approved Budget; provided, however, that Borrower may make (or permit to be made) expenditures contemplated under the Approved Budget in excess of the applicable budgeted amount for the related line item category so long as such expenditure, in the aggregate with all other expenditures falling under the same line item category in the Approved Budget, does not exceed the applicable budgeted amount for such line item category for the applicable period by more than five percent (5%).”;
		

			
	
			
				 (p)
			By deleting in its entirety §12.1(s) appearing in the Credit Agreement and inserting in lieu thereof the following new §12.1(s):

		
			“(s)The Initial Subordinate Debt is not converted to common stock of the REIT or paid in full as permitted by the Initial Subordination and Standstill Agreement on or before October 31, 2021”; and 
		

			
	
			
				 (q)
			By inserting the following new §12.7 into the Credit Agreement:

		
			“§12.7Temporary Standstill for Potential Leawood Default.  Notwithstanding anything to the contrary contained herein or in the other Loan Documents, so long as each of the Standstill Conditions are and continue to be satisfied, Agent and the Lenders hereby agree to refrain during the Standstill Period from exercising any of their respective rights and remedies under this Agreement or the Loan Documents that exist by virtue of the Potential Leawood Default.  Borrower shall immediately notify Agent in the event Borrower becomes aware that any of the Standstill Conditions is not at any time satisfied during the Standstill Period.  In addition, Borrower shall immediately provide Agent with a copy of any notice received from or given to the Leawood Lender (or any nominee, designee, servicer and/or agent thereof) in respect of the Leawood Loan during the Standstill Period.  From and after the expiration of the Standstill Period, and without further notice to the Borrower, any Guarantor, or any other party to this Agreement or other Loan Document, Agent and the 
		

		 

		

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		Lender shall be immediately entitled to fully enforce the Loan Documents, including, without limitation, immediately exercising all their respective rights and remedies under this Agreement and the other Loan Documents, whether arising under law or equity, arising from the Potential Leawood Default. Borrower and the Guarantors unconditionally and irrevocably waive further notice and any and all grace or cure periods that may be required prior to the exercise by Agent and the Lenders of any rights or remedies they may have, whether under this Agreement, the other Loan Documents, at law or in equity, with respect to the Potential Leawood Default.  The Agent and the Lenders hereby expressly reserve all of their respective rights and remedies under this Agreement, the other Loan Documents and under applicable law with respect to the Potential Leawood Default, except as expressly limited in this §12.7.”  
		
Limited Waiver
		
			.  Subject to the execution and delivery of this Amendment by the Borrower and the Guarantors, the Agent and the Lenders hereby agree that any Default or Event of Default that may have occurred under §12.1(s) of the Credit Agreement prior to the effectiveness of this Amendment shall be waived.  The aforesaid waiver shall only be applicable to the limited circumstances described in the immediately preceding sentence (and without limiting the foregoing, such limited waiver shall not in any event apply to any Default or Event of Default arising under §12.1(s) after the effectiveness of this Amendment), and except as expressly provided in this Amendment, Borrower and Guarantors shall be required to strictly comply with the provisions of the Credit Agreement and the other Loan Documents (as amended hereby).  
		
References to Credit Agreement
		
			.  All references in the Loan Documents to the Credit Agreement shall be deemed a reference to the Credit Agreement as modified and amended herein.
		
Consent of Guarantors
		
			.  By execution of this Amendment, Guarantors  hereby expressly consent to the modifications and amendments relating to the Credit Agreement as set forth herein and the execution and delivery of and any other agreements contemplated in hereby, and Borrower and Guarantors hereby acknowledge, represent and agree that the Credit Agreement, as modified and amended herein, and the other Loan Documents, as the same may be modified in connection with this Amendment, remain in full force and effect and constitute the valid and legally binding obligation of Borrower and Guarantors, respectively, enforceable against such Persons in accordance with their respective terms, except as enforceability is limited by bankruptcy, insolvency, reorganization, moratorium or other laws relating to or affecting generally the enforcement of creditors’ rights and the effect of general principles of equity, and that the Guaranty extends to and applies to the foregoing documents as modified and amended.
		
Representations
		
			.  Borrower and Guarantors represent and warrant to Agent and the Lenders as follows as of the date of this Amendment:
		
Authorization
		
			.  The execution, delivery and performance by the Borrower and the Guarantors of this Amendment and any other agreements contemplated hereby and the transactions contemplated hereby and thereby (i) are within the authority of Borrower and Guarantors, (ii) have been duly authorized by all necessary proceedings on the part of such Persons, (iii) do not and will not conflict with or result in any breach or contravention of any provision of law, statute, rule or regulation to which any of such Persons is subject or any 
		

		 

		

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		judgment, order, writ, injunction, license or permit applicable to such Persons, (iv) do not and will not conflict with or constitute a default (whether with the passage of time or the giving of notice, or both) under any provision of the partnership agreement, operating agreement, articles of incorporation or other charter documents or bylaws of, or any agreement or other instrument binding upon, any of such Persons or any of its properties, (v) do not and will not result in or require the imposition of any lien or other encumbrance on any of the properties, assets or rights of such Persons other than the liens and encumbrances in favor of the Agent contemplated by this Amendment and the other Loan Documents, and (vi) do not require any approval or consent of any Person other than those already obtained and delivered to the Agent.
		
Enforceability
		
			.  This Amendment and each other document executed and delivered in connection with this Amendment are the valid and legally binding obligations of Borrower and Guarantors, enforceable in accordance with the respective terms and provisions hereof, except as enforceability is limited by bankruptcy, insolvency, reorganization, moratorium or other laws relating to or affecting generally the enforcement of creditors’ rights and the effect of general principles of equity.
		
Approvals
		
			.  The execution, delivery and performance by the Borrower and the Guarantors of this Amendment and any other agreements contemplated hereby and the transactions contemplated hereby and thereby do not require the approval or consent of, or filing or registration with, or the giving of any notice to, any court, department, board, governmental agency or authority other than those already obtained.
		
Reaffirmation
		
			.  Each of the representations and warranties made by or on behalf of Borrower, Guarantors or any of their respective Subsidiaries contained in this Amendment, the Credit Agreement, the other Loan Documents or in any document or instrument delivered pursuant to or in connection with the Credit Agreement or this Amendment are true in all material respects as of the date as of which they were made and are true in all material respects as of the date hereof, with the same effect as if made at and as of that time, except to the extent of changes resulting from transactions permitted by the Loan Documents (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct only as of such specified date).
		

		
			No Default.  By execution hereof, the Borrower and Guarantors certify that the Borrower and Guarantors are and will be in compliance with all covenants under the Loan Documents immediately after the execution and delivery of this Amendment and the other documents executed in connection herewith (other than the Potential Leawood Default), and that no Default or Event of Default has occurred and is continuing (other than the Potential Leawood Default).  Borrower and Guarantors certify that the Standstill Conditions are satisfied as of the Effective Date.
		
Waiver of Claims
		
			.  Borrower and Guarantors acknowledge, represent and agree that Borrower and Guarantors as of the date hereof have no defenses, setoffs, claims, counterclaims or causes of action of any kind or nature whatsoever with respect to the Loan Documents, the administration or funding of the Loans or Letters of Credit or with respect to any acts or omissions of Agent or any Lender, or any past or present officers, agents or employees of Agent or any Lender, and each of Borrower and Guarantors does hereby expressly waive, release and relinquish any and all such defenses, setoffs, claims, counterclaims and causes of action, if any.
		

		 

		

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Ratification
		
			.  Except as hereinabove set forth, all terms, covenants and provisions of the Credit Agreement and the other Loan Documents remain unaltered and in full force and effect, and the parties hereto do hereby expressly ratify and confirm the Credit Agreement and the other Loan Documents.  Nothing in this Amendment or any other document executed in connection herewith shall be deemed or construed to constitute, and there has not otherwise occurred, a novation, cancellation, satisfaction, release, extinguishment or substitution of the indebtedness evidenced by the Notes or the other obligations of Borrower and Guarantors under the Loan Documents (including without limitation the Guaranty).  This Amendment shall constitute a Loan Document.  By execution hereof, Borrowers and Guarantors acknowledge that Agent and the Lenders have made no agreement, and are in no way obligated, to grant any future modification, amendment, waiver, standstill, forbearance, indulgence or consent.  
		
Counterparts
		
			.  This Amendment may be executed in any number of counterparts which shall together constitute but one and the same agreement.
		
Miscellaneous
		
			.  THIS AMENDMENT SHALL, PURSUANT TO NEW YORK GENERAL OBLIGATIONS LAW SECTION 5-1401, BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.  This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective permitted successors, successors-in-title and assigns as provided in the Credit Agreement.
		
Amendments of Other Loan Documents
		
			.  The Lenders authorized Agent to execute and deliver amendments to the other Loan Documents as Agent deems appropriate contemporaneously with the execution and delivery of this Amendment.
		
Effective Date
		
			.  This Amendment shall be deemed effective and in full force and effect (the “Effective Date”) upon confirmation by the Agent of the satisfaction of the following conditions:
		

			
	
			
				 (r)
			the execution and delivery of this Amendment by Borrower, Guarantors, Agent, and the Lenders;

			
	
			
				 (s)
			the execution and delivery of that certain Agreement Regarding Fees by Borrower, KCM, Agent, and the Lenders with respect to this Amendment;

			
	
			
				 (t)
			delivery to Agent of a current Compliance Certificate and Borrowing Base Certificate acceptable to Agent;

			
	
			
				 (u)
			receipt by Agent of such other consents, resolutions, certificates, documents, instruments, amendments to Loan Documents and agreements as the Agent may reasonably request; and

			
	
			
				 (v)
			the Borrower shall have paid the reasonable fees and expenses of Agent in connection with this Amendment and the transactions contemplated hereby (provided that Borrower shall have paid the reasonable attorneys’ fees and costs of Agent and the Lenders, if any, in connection with this Amendment and the transactions contemplated hereby).

			
	
			
				 2.
			Amendment as a Loan Document.  The Amendment shall constitute a Loan Document.  

		

		

		 

		

			11

		

		

			

		

			 

		

		

			 

		

		

			 

		

		

			 

		

		

 

		   
		

		

		

		 

		

			12

		

		

			

		

			 

		

		

			 

		

		

			 

		

		

			 

		

		

 

		IN WITNESS WHEREOF, the parties hereto, acting by and through their respective duly authorized officers and/or other representatives, have duly executed this Amendment under seal as of the day and year first above written.
		

			
					
						﻿

					
					
						BORROWER:

				
	
					
						﻿

					
					
						CONDOR HOSPITALITY LIMITED PARTNERSHIP, a Virginia limited partnership

					
						By:Condor Hospitality REIT Trust, a Maryland real estate investment trust, its general partner

					
						By: /s/ Jill Burger
Name: Jill Burger 
Title: Vice President

					
						 

					
						 

				
	
					
						﻿

					
					
						GUARANTORS:

				
	
					
						﻿

					
					
						CONDOR HOSPITALITY REIT TRUST, a 
Maryland real estate investment trust

					
						By: /s/ Jill Burger
Name: Jill Burger 
Title: Vice President

					
						 

					
						 

				
	
					
						﻿

					
					
						CONDOR HOSPITALITY TRUST, INC., a 
Maryland corporation

					
						By: /s/ Jill Burger
Name: Jill Burger

					
						Title: Interim Chief Financial Officer

					
						 

					
						 

				
	
					
						﻿

					
					
						TRS LEASING, INC., a Virginia corporation

					
						By: /s/ Jill Burger
Name: Jill Burger
Title: Vice President 

				
	
					
						﻿

					
					
						 

				

		
			 
		

		 

		

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			Signature Page to Tenth Amendment to Credit Agreement - KeyBank/Condor

		

 

			
					
						﻿

					
					
						 

				
	
					
						﻿

					
					
						CDOR AUS LOUIS, LLC, a Delaware

					
						limited liability company

					
						By: /s/ Jill Burger

					
						Name: Jill Burger

					
						Title: Vice President

				
	
					
						﻿

					
					
						CDOR LEX LOWRY, LLC, a Delaware limited liability company

					
						By: /s/ Jill Burger

					
						Name: Jill Burger

					
						Title: Vice President

					
						 

				
	
					
						﻿

					
					
						CDOR TLH MAGNOLIA, LLC, a Delaware limited liability company

					
						By: /s/ Jill Burger

					
						Name: Jill Burger

					
						Title: Vice President

					
						 

				
	
					
						﻿

					
					
						TRS AUS LOUIS, LLC, a Delaware limited liability company

					
						 

					
						By: /s/ Jill Burger

					
						Name: Jill Burger

					
						Title: Vice President

					
						 

				
	
					
						﻿

					
					
						TRS LEX LOWRY, LLC, a Delaware limited liability company

					
						 

					
						By: /s/ Jill Burger

					
						Name: Jill Burger

					
						Title: Vice President

					
						 

				

		 

		

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			Signature Page to Tenth Amendment to Credit Agreement - KeyBank/Condor

		

 

			
					
						﻿

					
					
						TRS TLH MAGNOLIA, LLC, a Delaware limited liability company

					
						 

					
						By: /s/ Jill Burger

					
						Name: Jill Burger

					
						Title: Vice President

					
						 

				
	
					
						﻿

					
					
						CDOR MCO VILLAGE, LLC, a Delaware 
limited liability company

					
						 

					
						By: /s/ Jill Burger

					
						Name: Jill Burger

					
						Title: Vice President

					
						 

				
	
					
						﻿

					
					
						TRS MCO VILLAGE, LLC, a Delaware 
limited liability company

					
						 

					
						By: /s/ Jill Burger

					
						Name: Jill Burger

					
						Title: Vice President

					
						 

				
	
					
						﻿

					
					
						CDOR ELP EDGE, LLC, a Delaware 

					
						limited liability company

					
						 

					
						By: /s/ Jill Burger

					
						Name: Jill Burger

					
						Title: Vice President

					
						 

				
	
					
						﻿

					
					
						TRS ELP EDGE, LLC, a Delaware limited 

					
						liability company

					
						 

					
						By: /s/ Jill Burger

					
						Name: Jill Burger

					
						Title: Vice President

					
						 

				
	
					
						﻿

					
					
						CDOR AUS CASEY, LLC, a Delaware 

					
						limited liability company

					
						 

					
						By: /s/ Jill Burger

					
						Name: Jill Burger

					
						Title: Vice President

					
						 

				

		 

		

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			Signature Page to Tenth Amendment to Credit Agreement - KeyBank/Condor

		

 

			
					
						﻿

					
					
						 

					
						TRS AUS CASEY, LLC, a Delaware limited 

					
						liability company

					
						 

					
						By: /s/ Jill Burger

					
						Name: Jill Burger

					
						Title: Vice President

				
	
					
						﻿

					
					
						CDOR AUS TECH, LLC, a Delaware 

					
						limited liability company

					
						 

					
						By: /s/ Jill Burger

					
						Name: Jill Burger

					
						Title: Vice President

					
						 

				
	
					
						﻿

					
					
						TRS AUS TECH, LLC, a Delaware limited 

					
						liability company

					
						 

					
						By: /s/ Jill Burger

					
						Name: Jill Burger

					
						Title: Vice President

					
						 

				
	
					
						﻿

					
					
						CDOR CHS HOLIDAY, LLC, a Delaware 

					
						limited liability company

					
						 

					
						By: /s/ Jill Burger

					
						Name: Jill Burger

					
						Title: Vice President

					
						 

				
	
					
						﻿

					
					
						TRS CHS HOLIDAY, LLC, a Delaware limited 

					
						liability company

					
						 

					
						By: /s/ Jill Burger

					
						Name: Jill Burger

					
						Title: Vice President

					
						 

					
						 

					
						 

				

		
			 
		

		 

		

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			Signature Page to Tenth Amendment to Credit Agreement - KeyBank/Condor

		

 

			
					
						﻿

					
					
						SPPR-DOWELL, LLC, a Delaware limited liability company

					
						By:  SPPR-Dowell Holdings, Inc., a Delaware corporation, its manager

					
						By: /s/ Jill Burger

					
						Name: Jill Burger

					
						Title: Vice President

					
						 

				
	
					
						﻿

					
					
						SPPR-DOWELL TRS SUBSIDIARY, LLC, a Delaware limited liability company

					
						By:  Condor Hospitality REIT Trust, a Maryland real estate investment trust, its manager

					
						By: /s/ Jill Burger

					
						Name: Jill Burger

					
						Title: Vice President

					
						 

					
						SPPR-DOWELL HOLDINGS, INC., a Delaware corporation

					
						By: /s/ Jill Burger
Name: Jill Burger
Title:   Vice President

					
						 

					
						 

					
						 

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			(Signatures Continued On Next Page)

		

		

			 

		

		

			Signature Page to Tenth Amendment to Credit Agreement - KeyBank/Condor

		

 

		SPRING STREET HOTEL PROPERTY LLC, a Delaware limited liability company
		

		
			﻿
		

		
			By: /s/ Jill Burger
		

		
			Name: Jill Burger
		

		
			Title: Vice President
		

		
			﻿
		

		
			SPRING STREET HOTEL OPCO LLC, a Delaware limited liability company
		

		
			﻿
		

		
			By: /s/ Jill Burger
		

		
			Name: Jill Burger
		

		
			Title: Vice President
		

		
			﻿
		

		
			 
		

		

		

		 

		

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			Signature Page to Tenth Amendment to Credit Agreement - KeyBank/Condor

		

 

		﻿
		

		
			LENDERS:
		

		
			KEYBANK NATIONAL ASSOCIATION, individually and as Agent
		

		
			By: /s/ Daniel Stegemoeller    
Name:  Daniel Stegemoeller 
Title:  Senior Vice President
		

		
			THE HUNTINGTON NATIONAL BANK
		

		
			By: /s/ Joshua A. Castro    
Name:  Joshua A. Castro 
Title:  Assistant Vice President
		

		
			BMO HARRIS BANK N.A.
		

		
			By: /s/ Megan Loos    
Name:  Megan Loos 
Title:  Assistant Vice President
		

		
			﻿
		

		 

		

			Signature Page to Tenth Amendment to Credit Agreement - KeyBank/CondorExhibit 10.1

  

  

  

  SEPARATION AGREEMENT AND GENERAL RELEASE

  

  

  THIS AGREEMENT is entered into by and between Ollie’s Bargain Outlet, Inc. (the “Company") and Raymond Daugherty ("Employee").

  

  

  WHEREAS, Employee has been employed by the Company;

  

  

  WHEREAS, the Employee and the Company have determined on the date hereof that it is appropriate to establish terms governing the termination the
    employment relationship between them;

  

  

  WHEREAS, Employee and the Company wish to terminate the employment relationship on mutually agreeable terms, and where both parties understand
    that they will benefit;

  

  

  WHEREAS, Employee understands that agrees that the opportunity to continue on as an employee until the Termination Date is a material inducement
    to Employee to enter into this Agreement; and

  

  

  WHEREAS, Employee and the Company wish to memorialize their understanding, and provide for the orderly transition of Employee’s duties, and so
    have drafted this Agreement.

  

  

  NOW, THEREFORE, in consideration of the mutual agreements and covenants hereinafter set forth, and intending to be legally bound, the parties
    agree as follows:

  

  

  1.           Termination of Employment / Incorporation of Recitals. 
      The foregoing recitals are incorporated herein and made a material part of this agreement (“Agreement”).  The Company and Employee will terminate their employment relationship, effective on August 27, 2021 (the "Termination Date").

  

  

  2.           Severance Payment.  For consideration of all of the promises and covenants set forth and made in this Agreement, the Company agrees to pay Employee an amount equal to five (5) months of Employee’s base salary for the Company’s current Fiscal Year and agrees to the acceleration contemplated by Section 3(d) and the value to Employee
        associated with this acceleration (collectively, these components constitute the “Severance Payment”).  The Severance Payment will be made to Employee in roughly equal installments on the regularly scheduled pay dates through January 28, 2022,
        beginning on the next regularly scheduled pay day after the Termination Date.  The Severance Payment will be subject to deduction for any applicable local, state, and federal tax withholding obligations associated with the regular payroll payments
        Employee received while in the employ of Company prior to the Termination Date, provided however, that the Company will not make any deductions associated with benefit plans to which Employee may have been a party.  For the avoidance of doubt, the
        Employee acknowledges and understands that as of the moment Employee’s employment is terminated, the Employee is no longer entitled to participate in any such benefit plans, and that the Severance Payment does not create any entitlement or other
        justification for such participation.  The Severance Payment is a material component of the Company’s consideration hereunder, and the Company is allocating the Severance Payment as further described herein.

  

  

  
    Page 1 of 8

    
      

  

  3.           Other Employee Benefits.

  

  

  (a)          Except as provided in paragraph 2
      above, Employee acknowledges the receipt from the Company of all compensation earned and accrued through the date hereof.  Except as expressly set forth in this paragraph 3 and as may be specifically described elsewhere in this Agreement, Employee
      confirms and acknowledges that he will not be entitled to any employee benefits, vacation pay, bonus payments, additional severance pay, or other payments whatsoever from the Company following the Termination Date.

  

  

  (b)          Employee’s medical and dental coverage
      is terminated effective as of the Termination Date.  After the Termination Date, Employee will become eligible to elect continuation of health care coverage under the Consolidated Omnibus Budget Reconciliation Act of 1986, with information regarding
      continuation rights provided in separate correspondence.

  

  

  (c)          Employee’s life and disability
      insurance coverage terminated effective as of the Termination Date.  To the extent that any Company employee is entitled to convert life and/or disability insurance coverage to individual coverage upon termination, Employee shall have the right to so
      convert.

  

  

  (d)          As an additional benefit to the
      Employee, the Company agrees to accelerate the vesting of 1425 shares of Restricted Stock Units that Employee has scheduled to vest on February 5,
      2022, from a grant made on February 5, 2018 (grant ID 0000000013531). The acceleration of vesting will occur on the Termination Date.

  

  

  (e)          The Company will not contest
      Employee's claim for unemployment compensation benefits following the Termination Date.  All benefit eligibility decisions are made by Commonwealth unemployment compensation authorities.  Employee acknowledges that the severance payment provided
      herein may affect the amount of unemployment compensation that he may receive and that the Company will confirm or report the severance payment to the unemployment compensation system.

  

  

  4.           General Release and Waiver of Claims.  Employee, for Employee and for Employee's attorneys, heirs, executors, administrators, personal representatives, successors, and assigns, for and in consideration of promises made herein, does hereby
        irrevocably and KNOWINGLY, VOLUNTARILY, and unconditionally waive and release fully and forever any waivable claim, cause of action, loss, expense, or damage, of any and every nature whatsoever against the Company and its past and present parents
        and subsidiaries, its related or affiliated companies, their predecessors, successors, and assigns past and present, and all owners, officers, directors, agents, insurers, attorneys, managers, employees, or trustees of any or all of the aforesaid
        entities (hereinafter collectively referred to as "Released Entities"), of whatever nature arising from any occurrence or occurrences, from the beginning of time until the date on which Employee signed this Agreement, including without limitation any waivable claims arising or in any way resulting from or relating to Employee's employment with the Company or the termination thereof.  It is understood that this General Release and Waiver of Claims does not serve to waive any claims that, pursuant to law, cannot be waived or subject
        to a release of this kind, such as claims for unemployment or workers' compensation benefits.  The Company considers thirty percent (30%) of the Severance Payment to be allocable to the act of Employee entering into this Agreement.  Employee also
        covenants and agrees to sign this Agreement a second time on the Termination Date, which signature shall renew and extend the periods addressed by the notices and provisions of this Agreement, including this General Release and Waiver of Claims
        through and to include the Termination Date (the “Second Execution”).  The Company considers seventy percent (70%) of the Severance Payment to be allocable to the Second Execution.  Notwithstanding the generality of the foregoing, a failure or
        unwillingness of Employee to undertake the Second Execution, will not invalidate any of the remaining provisions of this Agreement, specifically including Sections 4, 5, 9, 10, 13, and 14, provided that the parties acknowledge and agree that in not
        so signing a second time, that Employee would not have met all of Employee’s obligations hereunder, and the Employee would therefore not be entitled to the portion of the Severance Payment allocable to the Second Execution.

  

  

  
    Page 2 of 8

    
      

  

  Without limitation of the foregoing, Employee
    specifically waives any waivable claims or benefits conferred, arising under the American Rescue Plan Act of 2021, Age Discrimination in Employment Act, Title
      VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Americans with Disabilities Act, the Family and Medical Leave Act, the Genetic Information Nondiscrimination Act, the Employee Retirement Income Security Act, of 1974, the Equal
      Pay Act, the Pennsylvania Human Relations Act, the Pennsylvania Minimum Wage Act, the Pennsylvania Wage Payment and Collection Law, the all as amended, or any other federal, state, or local law or ordinance relating in any way to unlawful discharge,
      discrimination, wage payment, or fair employment practices, and any claim under any common law theory, including but not limited to breach of contract (express or implied), intentional infliction of emotionally distress, wrongful discharge or other
      tort.

  

  

  Employee warrants and represents that he has not,
      prior to signing this Agreement, filed any claim, charge, or complaint with any court or government agency in any way relating to his employment with the Company, nor has he filed any claim, charge, or complaint whatsoever against any of the Released
      Entities identified above.

  

  

  Nothing in this Agreement is intended to limit
      Employees right or ability to: (i) file a charge or claim of discrimination with the U.S. Equal Employment Opportunity Commission ("EEOC"), the United States Securities and Exchange Commission (“SEC”) or Occupational Safety and Health Administration
      (“OSHA”) or comparable state or local agencies, or receive any financial awards from any of the foregoing; (ii) cooperate fully with the EEOC, SEC, OSHA, other federal agencies, or comparable state or local agencies; or (iii) testify in any cause of
      action when required to do so by the law or make other disclosures protected under the whistleblower provisions of state or federal laws or regulations.  Employee further understands that the General Release and Waiver of Claims set forth above will completely bar any recovery or relief obtained on his behalf, whether monetary or otherwise, by any person or entity with respect to any of the
      claims that he has released against any and all of the Released Entities.  Employee further understands that nothing in this Agreement affects Employee's right, pursuant to the Older Workers Benefit Protection Act, to seek a judicial determination of
      the validity of the Agreement's waiver of Employee's claims under the Age Discrimination in Employment Act.

  

  

  
    Page 3 of 8

    
      

  

  5.          Confidentiality / Trade Secret.

  

  

  (a)          Employee agrees
      that he shall not disclose or communicate the underlying facts leading to this Agreement, except for Employee's spouse, attorney, and as necessary, tax preparer.  If Employee does disclose the facts leading to this Agreement to any such individuals,
      he must advise them that the underlying facts to this Agreement are confidential and he will be responsible for any further disclosure that might be made by any such individual.  Any breach of this confidentiality provision will be considered a material breach of this Agreement.

  

  

  (b)          Pennsylvania Trade Secret and Federal Trade Secret laws define trade secrets to include a broad range or information, patterns, compilations, programs, devices, methods, techniques, and processes.  Employee is a signatory to the Company’s Code
      of Ethical Business Conduct which addresses confidentiality. Employee’s obligation to maintain the Company’s Trade Secrets confidential nature remains in effect following the Employee’s separation from employment with the Company.

  

  

  (c)          Notwithstanding any provisions in this Agreement or Company policy applicable to the unauthorized use or disclosure of trade secrets, you are hereby notified that, pursuant to Section 7 of the Defend Trade Secrets Act, you cannot be held
      criminally or civilly liable under and 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.  You also may not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret made in a complaint or other document filed in a lawsuit or other
      proceeding, if such a filing is made under seal.  In addition, individuals who file 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 a 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.

  

  

  6.           Further Covenants by Employee.

  

  

  (a)          Employee agrees that he will provide
      reasonable assistance and information necessary to the transition of his job responsibilities.  This duty to cooperate includes but is not limited to assistance and cooperation with the Company and/or other persons engaged by the Company in the
      investigation, prosecution, and/or defense of any threatened or asserted litigation or investigations initiated by or involving the Company or any person or entity affiliated with it, and truthfully testifying in connection with any such
      investigation or proceeding.

  

  

  (b)          Employee agrees that he will deliver, on the Termination Date, or at such earlier time as may be directed by the Company, to the Company all automobiles, credit cards, computer equipment,
        telephone equipment, memoranda, notes, records, letters, documents, lists, plans, compositions, formulations, computer data, and other tangible items made or compiled by Employee or in Employee's possession concerning or relating to any business,
        product, process, operation, personnel, or business associate of the Company.  Employee acknowledges and agrees that all such materials are the sole property of the Company, and that he has no right, title, or interest in or to such materials.

  

  

  
    Page 4 of 8

    
      

  

  (c)          Employee agrees and acknowledges that, in the course of his employment with the Company, he acquired access to and became acquainted with certain information about the professional, business, and financial affairs of the Company that is
      non-public, competitively-sensitive, confidential, and proprietary in nature ("Confidential Information").  Confidential Information includes, but is not limited to, compensation data; personnel information; personnel policies; information related to
      the financial performance and finances of the Company; marketing plans; and any other information, not generally known, concerning the Company or its operations, products, personnel or business, which was acquired, disclosed or made known to Employee
      while employed by the Company which, if used or disclosed, could, with reasonable possibility, adversely affect the Company's business or give a competitor a competitive advantage.  Employee agrees to refrain from disclosing to any person or entity
      any and all Confidential Information.

  

  

  7.           No Representations or Admissions.  The Neither
      party hereto admits any wrongdoing or liability of any sort and has made no representation as to any wrongdoing or liability of any sort, and this Agreement is executed as a voluntary compromise between Employee and Company to bring an amicable
      conclusion to the employment relationship.  The parties agree that this Agreement is inadmissible as evidence in any proceeding, legal or otherwise, except as otherwise specifically set forth herein and to the extent necessary to enforce its
      provisions.

  

  

  8.           No Prior Assignment.  Employee represents and warrants that he has not heretofore assigned or transferred, or purported to assign or transfer, to any person or entity any claim or other
        matter herein released.

  

  

  9.           Entire Agreement / Coordination with and Continuing Effect of Restrictive Covenant Agreements associated with Option Award Agreements.  Employee agrees and acknowledges that, other than
      the terms of this Agreement, no promise or representation has been made to him to induce him to enter into this Agreement. This Agreement, together with any other agreements specifically referenced herein, constitutes the entire and exclusive
      agreement between the parties hereto with respect to the terms associated with the termination of Employee’s employment and with respect to the
      rights and obligations of the parties going forward.  Notwithstanding the generality of the foregoing, the Employee acknowledges that Employee is subject to restrictive covenants and / or proscribed activities included within Restrictive Covenant
      Agreements that are a part of Option Award Agreements that Employee entered into during Employee’s employment with the Company.

  

  

  10.          Relief.  In the event Employee breaches any of Employee’s obligations under any one or more of the Non-Solicitation clause, Confidentiality, and
      Non-Disparagement provisions set forth herein, or any of the Restrictive Covenant Agreements attached to and as may be included in any Stock Option Award Agreement to which the Employee and the Company may be a party, the Company reserves the right
      to bring an action against Employee for damages, suffered or incurred by Company as a result of Employee’s breach of the Confidentiality and Non-Disparagement provisions herein.  The Company may, at the Company’s option seek injunctive relief to
      enforce the Company’s rights hereunder as the ability to quantify the damages that Company will suffer in the event of Employee’s breach are difficult to quantify.

  

  

  
    Page 5 of 8

    
      

  

  11.          Severability.  In the event that any provision of
      this Agreement shall be held to be void, voidable, or unenforceable, the remaining portions hereof shall remain in full force and effect.

  

  

  12.          Non-Disparagement.  Employee agrees that
      beginning on the full execution of this Agreement, that Employee shall not make, publish or communicate to any person or entity or in any public forum, specifically including but not limited to social media, any comments or statements written or oral
      that denigrate or disparage, or are detrimental to, the reputation or stature of the Company or Company’s businesses, or any of Company’s employees, directors and officers, including the Released Entities;  provided however that nothing in this
      provision shall prevent Employee from (i) cooperating fully with the Equal Employment Opportunity Commission or any other federal, state, or local government agencies; (ii) testifying in any cause of action when required to do so by law; or (iii)
      providing truthful testimony or information in response to a lawfully issued subpoena or order of court.

  

  

  13.          Non-Solicitation.  Employee agrees that, for a
      period of two (2) years from the date on which the last installment of the Severance Payment is made to him, he will not solicit or otherwise encourage any employee of the Company to leave the Company’s employ for work elsewhere.  Employee further
      acknowledges that he will not solicit any employee to leave the Company for any other reason whatsoever.  Employee has not before this time, and will not, between the date set out below and the Termination Date solicit, or otherwise encourage any
      employee to leave the Company’s employ.

  

  

  14.          Governing Law.  This Agreement shall be governed
      by the laws of the Commonwealth of Pennsylvania. Any action, by either party, at law or equity to enforce this Agreement or seek a remedy for any breach will be brought in the Court of Common Pleas of Dauphin County or the United States District
      Court for the Middle District of Pennsylvania, if jurisdictional requirements are met.

  

  

  [REST OF PAGE INTENTIONALLY LEFT BLANK]

   

  

  
    Page 6 of 8

    
      

  

  15.          Acknowledgment.  Employee acknowledges the following:

  

  

  a.            that he has been advised to consult with an attorney of his choosing concerning the legal significance of this Agreement;

  

  

  b.           that this Agreement is written in a manner that he understands;

  

  

  c.            that the consideration he is receiving consists of benefits to which he is not otherwise entitled;

  

  

  d.           that he has been offered twenty-one (21) days to review and consider all of the terms and provisions of this Agreement, and he has had ample opportunity to review all of the provisions of this Agreement;

  

  

  e.            that he is competent to understand the content and effect of this Agreement and he has entered into this Agreement knowingly, by his free will and choice without any compulsion,
      duress, or undue influence from anyone; and

  

  

  f.            that he has been advised that during the seven (7) day period following his execution of this Agreement, he may revoke his acceptance of this Agreement by delivering written notice of
      revocation to Robert Bertram, General Counsel, 6295 Allentown Boulevard, Suite 1, Harrisburg, PA 17112, and that this Agreement shall not become effective or enforceable until after the revocation period has expired.

  

  

  Executed in multiple copies all having the same strength as the original

  

  

  [SIGNATURES APPEAR ON FOLLOWING PAGE]

    

  

  
    Page 7 of 8

    
      

  

  IN WITNESS WHEREOF, Employee has hereunto
    set his hand and the Company has caused this Agreement to be executed by its duly authorized agent, all as of the date(s) set forth below.  This Agreement will become binding and irrevocable on the eighth day after it is signed by Employee.

  

  

  	
          WITNESS:

        	 	
          Ollie’s Bargain Outlet, Inc.

        
	 	 	 
	
          /s/ Witness Signature

        	 	
          /s/ Eric van der Valk

        	 
	 	 	
          Name: Eric van der Valk

        
	 	 	
          Title: Chief Operating Officer

        
	 	 	
          Date: August 11, 2021

        

   

  

  WITNESS:

  

  

  	
          /s/ Witness Signature

        	 	
          /s/ Raymond Daugherty

        	 
	 	 	
          Raymond Daugherty

        
	 	 	
          Date: August 11, 2021

        

  

  

  ADDITONAL SIGNATURE AS DESCRIBED IN SECTION 4, GENERAL RELEASE AND WAIVER OF CLAIMS, MADE ON THE TERMINATION DATE

  

  

  WITNESS:

  

  

  
    	

          	

          	

          	 
	

          	

          	
            Raymond Daugherty

          

    	

          	

          	Date:	 	 

    

    

    

    

    Page 8 of 8

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