Document:

Exhibit 10.1

  

   

  

  
    EXECUTION VERSION

  

  
     

    

    FOURTH AMENDMENT TO CREDIT AGREEMENT

     

    THIS FOURTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is entered into as of February 19, 2021 among CRACKER BARREL OLD COUNTRY STORE, INC., a Tennessee corporation (the “Borrower”),

      the Guarantors party hereto, the Lenders party hereto and BANK OF AMERICA, N.A., as Administrative Agent and Collateral Agent.  All capitalized terms used herein and not otherwise defined herein shall have the meanings given to such terms in the
      Credit Agreement (as defined below and amended hereby).

     

    RECITALS

     

    WHEREAS, the Borrower, the Guarantors party thereto, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent and Collateral Agent, have entered into that
      certain Credit Agreement dated as of September 5, 2018 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”); and

     

    WHEREAS, the Borrower has requested that the Lenders amend the Credit Agreement as set forth below, upon and subject to the terms and conditions specified in this Amendment.

     

    NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby
      acknowledged, the parties hereto agree as follows:

     

    1.            Amendments.  Subject to the terms and conditions set forth herein, the Credit Agreement is hereby amended as follows:

     

    (a)          The following definition is added to Section 1.01 of the Credit Agreement in the appropriate alphabetical order:

     

    “Fourth Amendment Effective Date” means February 19, 2021.

     

    (b)         The definitions of “Covenant Relief Period” and “Revolving A Credit Commitment” in Section 1.01 of the Credit Agreement are amended and restated in their entireties to
      read as follows:

     

    “Covenant Relief Period” means the period commencing on the Third Amendment Effective Date
      and continuing through the date the Administrative Agent receives the financial statements and Officer’s Compliance Certificate required to be delivered pursuant to Section 5.03(c) for the fiscal quarter of the Borrower ending October 29,
      2021, evidencing the Borrower’s compliance with the covenants in Section 5.04 as of the end of such fiscal quarter.

     

    “Revolving A Credit Commitment” means (a) as to any Lender, the obligation of such Lender to make Revolving A Credit
      Advances to the account of the Borrower hereunder, purchase participations in L/C Obligations and purchase participations in Swing Line Advances, in an aggregate principal amount at any time outstanding not to exceed the amount set forth opposite
      such Lender’s name on the Register as its Revolving A Credit Commitment, as such amount may be modified at any time or from time to time pursuant to the terms hereof and (b) as to all Lenders, the aggregate commitment of all Lenders to make Revolving
      A Credit Advances, purchase participations in L/C Obligations and purchase participations in Swing Line Advances, as such amount may be modified at any time or from time to time pursuant to the terms hereof.  As of the Fourth Amendment Effective
      Date, the aggregate Revolving A Credit Commitments are $800 million.

     

    
      
        

    

    
    (c)          The portion of the first sentence of Section 2.18 of the Credit Agreement appearing before the proviso therein is amended and restated in its entirety to read as
      follows:

     

    The Borrower may, at any time and from time to time (other than during the Covenant Relief Period), upon prior written notice by the Borrower to the Administrative Agent, increase
      the aggregate Revolving Credit Commitments under a Facility (but not the Letter of Credit Facility or Swing Line Facility) and/or add one or more new tranches of revolving credit commitments by a maximum aggregate amount of up to $260,605,263.16 for
      all such increases and new tranches established after the Third Amendment Effective Date, with additional revolving credit commitments from any existing Lender and/or new revolving credit commitments from any other Person selected by the Borrower and
      acceptable to the Administrative Agent and the Issuing Bank;

     

    (d)          Section 5.01(p) of the Credit Agreement is amended and restated in its entirety to read as follows:

     

    (p)          Liquidity.  From the Third Amendment Effective Date until delivery of the Officer’s Compliance Certificate required to be delivered pursuant to Section
        5.03(c) for the fiscal quarter of the Borrower ending October 29, 2021, maintain Liquidity of at least $140,000,000.

     

    (e)          The text “subsequent to the end of the Covenant Relief Period,” appearing in 5.02(g)(iii) of the Credit Agreement is deleted and the text “so long as any such
      dividend, purchase, redemption, retirement or acquisition occurs subsequent to the end of the Covenant Relief Period (it being understood that a dividend may be declared but not paid during the Covenant Relief Period),
      and” is inserted in lieu thereof.

     

    (f)          Section 5.02(s) of the Credit Agreement is amended and restated in its entirety to read as follows:

     

    (s)          Capital Expenditures.  During the period commencing on the Fourth Amendment Effective Date and ending on July 30, 2021, make cash payments made in respect of
      capital expenditures in excess of $70,000,000 in the aggregate.

     

    (g)          Clauses (b) and (c) of Section 5.03 of the Credit Agreement are amended and restated in their entireties to read as follows:

     

    
      2

      
        

    

    (b)          Annual Financials.  As soon as available and in any event within 90 days after the end of each Fiscal Year, a copy of the annual audit report for such year for
      the Borrower and its Subsidiaries, including therein consolidated balance sheets of the Borrower and its Subsidiaries as of the end of such Fiscal Year and consolidated statements of income and a consolidated statement of cash flows of the Borrower
      and its Subsidiaries for such Fiscal Year, in each case accompanied by an opinion acceptable to the Administrative Agent of Deloitte & Touche LLP or such other independent registered public accountants of recognized standing acceptable to the
      Administrative Agent, together with (i) a certificate of such accounting firm to the Lender Parties stating that in the course of the regular audit of the business of the Borrower and its Subsidiaries, which audit was conducted by such accounting
      firm in accordance with generally accepted auditing standards, such accounting firm has obtained no knowledge that a Default of a financial nature under Sections 5.02(a), 5.02(b), 5.02(f) or 5.04 has occurred and is
      continuing, or if, in the opinion of such accounting firm, a Default of a financial nature under Sections 5.02(a), 5.02(b), 5.02(f) or 5.04 has occurred and is continuing, a statement as to the nature thereof and (ii)
      a compliance certificate of the chief financial officer of the Borrower (A) setting forth in detail reasonably acceptable to the Administrative Agent the compliance with the negative covenants contained in Section 5.02 (including provisions
      with respect to dispositions and acquisitions of assets) and stating that no Default has occurred and is continuing or, if a Default has occurred and is continuing, a statement as to the nature thereof and the action that the Borrower has taken and
      proposes to take with respect thereto and (B) that includes or to which is attached a schedule in form satisfactory to the Administrative Agent of the computations used by the Borrower in determining compliance with the covenants contained in Section

        5.04 (it being understood that such a compliance certificate (including such computations) shall be required for each such Fiscal Year, even if actual compliance with the covenants contained in Section 5.04 is not being tested for such
      Fiscal Year (or any portion thereof)); provided that in the event of any change in GAAP used in the preparation of such financial statements, the Borrower shall also provide, if necessary for the determination of compliance with Section
        5.04, a statement of reconciliation conforming such financial statements to GAAP.

     

    (c)          Quarterly Financials.  As soon as available and in any event within 45 days after the end of each of the first three fiscal quarters of each Fiscal Year,
      consolidated balance sheets of the Borrower and its Subsidiaries as of the end of such fiscal quarter and consolidated statements of income and a consolidated statement of cash flows of the Borrower and its Subsidiaries for the period commencing at
      the end of the previous fiscal quarter and ending with the end of such fiscal quarter and consolidated statements of income and a consolidated statement of cash flows of the Borrower and its Subsidiaries for the period commencing at the end of the
      previous Fiscal Year and ending with the end of such quarter, setting forth in each case in comparative form the corresponding figures for the corresponding date or period of the preceding Fiscal Year, all in reasonable detail and duly certified
      (subject to normal year-end audit adjustments) by the chief financial officer of the Borrower as having been prepared in accordance with GAAP, together with a compliance certificate of said officer (A) setting forth in detail reasonably acceptable to
      the Administrative Agent the compliance with the negative covenants contained in Section 5.02 (including provisions with respect to dispositions and acquisitions of assets) and stating that no Default has occurred and is continuing or, if a
      Default has occurred and is continuing, a statement as to the nature thereof and the action that the Borrower has taken and proposes to take with respect thereto and (B) that includes or to which is attached a schedule in
      form satisfactory to the Administrative Agent of the computations used by the Borrower in determining compliance with the covenants contained in Section 5.04 (it being understood that such a compliance certificate (including such
      computations) shall be required for each such fiscal quarter, even if actual compliance with the covenants contained in Section 5.04 is not being tested for such fiscal quarter); provided that in the event of any change in GAAP used
      in the preparation of such financial statements, the Borrower shall also provide, if necessary for the determination of compliance with Section 5.04, a statement of reconciliation conforming such financial statements to GAAP.

     

    
      3

      
        

    

    (h)          Clauses (a) and (b) of Section 5.04 of the Credit Agreement are amended and restated in their entireties to read as follows:

     

    (a)          Consolidated Total Leverage Ratio.  Maintain, as of the end of each Measurement Period (other than, solely for the purposes of compliance with this financial
      covenant and not for any other purposes under the Loan Documents, any Measurement Period which ends prior to October 29, 2021), a Consolidated Total Leverage Ratio of not more than 3.50:1.00; and

     

    (b)          Consolidated Interest Coverage Ratio.  Maintain, as of the end of each Measurement Period (other than, solely for the purposes of compliance with this financial
      covenant and not for any other purposes under the Loan Documents, any Measurement Period which ends prior to October 29, 2021), a Consolidated Interest Coverage Ratio of not less than 4.00:1.00.

     

    (i)          Section 9.17(b) of the Credit Agreement is amended and restated in its entirety to read as follows:

     

    (b)          Electronic Execution of Assignments.  The words “delivery,” “execute,” “execution,” “signed,” “signature,” and words of like import in any Loan Document or any
      other document executed in connection herewith shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping of
      records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent
      and as provided for in any applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic
      Transactions Act; provided that notwithstanding anything contained herein to the contrary, the Administrative Agent is under no obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to
      by the Administrative Agent pursuant to procedures approved by it; provided, further, without limiting the foregoing, upon the request of the Administrative Agent, any electronic signature shall be promptly followed by such manually
      executed counterpart.  For the avoidance of doubt, the authorization under this paragraph may include, without limitation, use or acceptance by the Administrative Agent and each of the Secured Parties of a manually signed paper document, amendment,
      approval, consent, information, notice, certificate, request, statement, disclosure or authorization related to this Agreement (each a “Communication”) which has been converted into
      electronic form (such as scanned into PDF format), or an electronically signed Communication converted into another format, for transmission, delivery and/or retention.

     

    (j)          Schedule 2.01 to the Credit Agreement is deleted and Schedule 2.01 attached hereto is attached to the Credit Agreement as Schedule 2.01 thereto.

     

    Except as set forth above, all schedules and exhibits to the Credit Agreement (as amended prior to the date hereof) shall not be modified or otherwise affected hereby.

     

    2.           Conditions Precedent.  This Amendment shall be effective upon satisfaction of the following conditions precedent:

     

    
      4

      
        

    

    (a)          receipt by the Administrative Agent of counterparts of this Amendment duly executed by (i) an authorized officer acceptable to the Administrative Agent of each Loan
      Party, (ii) the Required Lenders and (iii) the Administrative Agent; and

     

    (b)          the Borrower shall have paid (i) to the Administrative Agent, for the account of each of the Lenders that has executed this Amendment as of the date hereof, an
      amendment fee equal to 0.05% of the aggregate principal amount of the Commitments of such Lenders in effect under the Credit Agreement immediately after giving effect to this Amendment (which fee shall be for such Lenders’ participation in this
      Amendment, shall be payable in U.S. dollars in immediately available funds and shall be nonrefundable for any reason whatsoever) and (ii) all reasonable costs and expenses of the Administrative Agent (including reasonable and documented fees and
      expenses of its legal counsel) in connection with this Amendment to the extent invoiced prior to or on the date hereof (paid directly to such counsel if requested by the Administrative Agent), without prejudice to a final settling of accounts between
      the Administrative Agent and the Borrower.

     

    3.          Miscellaneous.

     

    (a)         The Credit Agreement (as amended hereby) and the obligations of the Loan Parties thereunder and under the other Loan Documents are hereby ratified and confirmed and
      shall remain in full force and effect according to their terms.  This Amendment shall not be deemed or construed to be a satisfaction, reinstatement, novation or release of any Loan Document or a waiver by the Administrative Agent or any Lender of
      any rights and remedies under the Loan Documents, at law or in equity.

     

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

     

    (c)          The Borrower and the Guarantors hereby represent and warrant to the Administrative Agent and the Lenders as follows:

     

    (i)        Each Loan Party has taken all necessary corporate or other organizational action to authorize the execution, delivery and performance of this Amendment.  This Amendment
      and the execution and performance hereof by the Loan Parties do not conflict with any Loan Party’s organizational documents or any law, agreement or obligation by which any Loan Party is bound.

     

    (ii)         This Amendment has been duly executed and delivered by each Loan Party and constitutes a legal, valid and binding obligation of each Loan Party, enforceable against
      each such Loan Party in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity.

     

    (iii)        No approval, consent, exemption, authorization or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or
      required in connection with the execution, delivery or performance by, or enforcement against, any Loan Party of this Amendment.

     

    
      5

      
        

    

    (d)         The Loan Parties represent and warrant to the Administrative Agent and the Lenders that (i) after giving effect to this Amendment, the representations and warranties
      contained in each Loan Document are true and correct in all material respects (or, in the case of any representation or warranty that is qualified by materiality or Material Adverse Effect, such representation or warranty is true and correct in all
      respects) on and as of the date hereof as though made on and as of the date hereof, other than any such representations or warranties that, by their express terms, refer to a specific earlier date, in which case as of such specific date, and (ii) no
      event has occurred and is continuing which constitutes a Default or an Event of Default.

     

    (e)         This Amendment shall constitute a Loan Document for all purposes. This Amendment may be executed in counterparts (and by different parties hereto in 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 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 Amendment.  This Amendment constitutes the entire contract among the parties relating to the subject matter hereof and supersedes any and all
      previous agreements and understandings, oral or written, relating to the subject matter hereof.  This Amendment will inure to the benefit of and bind the respective successors and permitted assigns of the parties hereto.

     

    (f)      THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE
        WITH THE LAWS OF THE STATE OF NEW YORK.  THE TERMS OF SECTIONS 9.05 AND 9.06 OF THE CREDIT AGREEMENT ARE INCORPORATED HEREIN BY REFERENCE, MUTATIS MUTANDIS.

     

    [SIGNATURE PAGES FOLLOW]

    

    

    
      6

      
        

    

    IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written.

     

      	
              BORROWER:

            	
              CRACKER BARREL OLD COUNTRY STORE, INC.,

            
	 	
              a Tennessee corporation

            
	 	 	 	 
	 	
              By:

            	
              /s/Richard M. Wolfson

            
	 	 	
              Name:

            	
              Richard M. Wolfson

            
	 	 	
              Title:

            	
              Senior Vice President, General Counsel and Secretary

            

    

     

      

    	GUARANTORS:

          	CBOCS SUPPLY, INC.,
	 	
            a Tennessee corporation

          
	 	 	 	 
	 	
            By:

          	/s/Richard M. Wolfson
	 	 	
            Name:

          	Richard M. Wolfson
	 	 	
            Title:

          	Secretary

  

   

    
    	 	
            CBOCS WEST, INC.,

          
	 	
            a Nevada corporation

          
	 	 	 
	 	
            By:

          	
            /s/Richard M. Wolfson

          
	 	 	
            Name:

          	
            Richard M. Wolfson

          
	 	 	
            Title:

          	
            Secretary

          

    

    	 	
            CB MUSIC LLC,

          
	 	
            a Tennessee limited liability company

          
	 	 
	 	
            By:

          	
            /s/Richard M. Wolfson

          
	 	 	
            Name:

          	
            Richard M. Wolfson

          
	 	 	
            Title:

          	
            Secretary

          

    

    	 	
            CB EATERTAINMENT, INC.,

          
	 	
            a Delaware corporation

          
	 	 
	 	
            By:

          	
            /s/Richard M. Wolfson

          
	 	 	
            Name:

          	
            Richard M. Wolfson

          
	 	 	
            Title:

          	
            Vice President, General Counsel and Secretary

          

     

    

    
      CRACKER BARREL OLD COUNTRY STORE, INC.

      FOURTH AMENDMENT TO CREDIT AGREEMENT

       

      

      
        
          

      

      
        
          	 	
                  CBOCS PENNSYLVANIA, LLC,

                
	 	
                  a Pennsylvania limited liability company

                
	 	 
	 	
                  By:

                	
                  /s/Richard M. Wolfson

                
	 	 	
                  Name:

                	
                  Richard M. Wolfson

                
	 	 	
                  Title:

                	
                  Secretary

                

        

        

        	 	
                CBOCS DISTRIBUTION, INC.,

              
	 	
                a Tennessee corporation

              
	 	 
	 	
                By:

              	
                /s/Jeffery M. Wilson

              
	 	 	
                Name:

              	
                Jeffery M. Wilson

              
	 	 	
                Title:

              	
                Treasurer

              

        

        
          	 	
                  ROCKING CHAIR, INC.,

                
	 	
                  a Nevada corporation

                
	 	 
	 	
                  By:

                	
                  /s/Donna Roberts

                
	 	 	
                  Name:

                	
                  Donna Roberts

                
	 	 	
                  Title:

                	
                  President and Treasurer

                
	 	 
	 	
                  CBOCS TEXAS, LLC,

                
	 	
                  a Tennessee limited liability company

                
	 	 
	 	
                  By:

                	
                  /s/Jeffery M. Wilson

                
	 	 	
                  Name:

                	
                  Jeffery M. Wilson

                
	 	 	
                  Title:

                	
                  Manager

                

        

        

        
          	 	
                  CBOCS PROPERTIES, INC.,

                
	 	
                  a Michigan corporation

                
	 	 
	 	
                  By:

                	
                  /s/S. Victoria Harvey

                
	 	 	
                  Name:

                	
                  S. Victoria Harvey

                
	 	 	
                  Title:

                	
                  President

                

        

        

        
          
            CRACKER BARREL OLD COUNTRY STORE, INC.

            FOURTH AMENDMENT TO CREDIT AGREEMENT

          

        

        

        
          
            

        

        	
                ADMINISTRATIVE AGENT

              	 
	
                AND COLLATERAL AGENT:

              	BANK OF AMERICA, N.A.,
	 	
                as Administrative Agent and Collateral Agent

              
	 	 
	 	By:	/s/Linda Mackey
	 	 	Name:	Linda Mackey
	 	 	Title:	Vice President

         

          
          
            CRACKER BARREL OLD COUNTRY STORE, INC.

            FOURTH AMENDMENT TO CREDIT AGREEMENT

          

        

        
          
            

        

        	LENDERS:

              	BANK OF AMERICA, N.A.,
	 	
                as an Issuing Bank, Swing Line Bank and a Lender

              
	 	 
	 	By:	
                /s/Christopher Holtz

              
	 	 	Name:	Christopher Holtz
	 	 	Title:	Senior Vice President

         

          

        
          CRACKER BARREL OLD COUNTRY STORE, INC.

          FOURTH AMENDMENT TO CREDIT AGREEMENT

           

          

        

        
          
            

        

        	 	
                WELLS FARGO BANK, NATIONAL ASSOCIATION,

                

              
	 	as an Issuing Bank and a Lender
	 	 
	 	By:

              	/s/Maureen Malphus
	 	 	Name:

              	Maureen Malphus
	 	 	Title:	Vice President

        
          
             

            

            CRACKER BARREL OLD COUNTRY STORE, INC.

            FOURTH AMENDMENT TO CREDIT AGREEMENT

             

            

          

        

        
          
            

        

        
          	 	
                  COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, as a Lender

                
	 	 	 	 
	 	
                  By:

                	
                  /s/Sarah Fleet

                
	 	 	
                  Name:

                	
                  Sarah Fleet

                
	 	 	
                  Title:

                	
                  Executive Director

                
	 	 	 	 
	 	
                  COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, as a Lender

                
	 	 	 	 
	 	
                  By:

                	
                  /s/Irene Stephens

                
	 	 	
                  Name:

                	
                  Irene Stephens

                
	 	 	
                  Title:

                	
                  Executive Director

                

        

        

        
          CRACKER BARREL OLD COUNTRY STORE, INC.

          FOURTH AMENDMENT TO CREDIT AGREEMENT

        

        

        
          
            

        

        
          	 	
                  REGIONS BANK, as a Lender

                
	 	 	 	 
	 	
                  By:

                	
                  /s/Whit Steers

                
	 	 	
                  Name:

                	
                  Whit Steers

                
	 	 	
                  Title:

                	
                  Vice President

                

        

        

        
          
            CRACKER BARREL OLD COUNTRY STORE, INC.

            FOURTH AMENDMENT TO CREDIT AGREEMENT

             

            

          

        

        
          
            

        

        
          	 	
                  TRUIST BANK, as a Lender

                
	 	 	 	 
	 	
                  By:

                	
                  /s/James Ford

                
	 	
                  

                  

                	
                  Name:

                	
                  James Ford

                
	 	
                  

                  

                	
                  Title:

                	
                  Managing Director

                

        

        

        
          
            CRACKER BARREL OLD COUNTRY STORE, INC.

            FOURTH AMENDMENT TO CREDIT AGREEMENT

          

        

        

        

        
          
            

        

        
          	 	
                  U.S. BANK NATIONAL ASSOCIATION, as a Lender

                
	 	 
	 	
                  By:

                	
                  /s/Sean P. Walters

                
	 	 	
                  Name:

                	
                  Sean P. Walters

                
	 	 	
                  Title:

                	
                  Vice President

                

        

        

        
          
            CRACKER BARREL OLD COUNTRY STORE, INC.

            FOURTH AMENDMENT TO CREDIT AGREEMENT

             

            

          

        

        
          
            

        

        
          	 	
                  PNC BANK, NATIONAL ASSOCIATION, as a Lender

                
	 	 
	 	
                  By:

                	
                  /s/Brian Sallee

                
	 	 	
                  Name:

                	
                  Brian Sallee

                
	 	 	
                  Title:

                	
                  Senior Vice President

                

        

         

        

        
          
            CRACKER BARREL OLD COUNTRY STORE, INC.

            FOURTH AMENDMENT TO CREDIT AGREEMENT

             

            

          

        

        
          
            

        

        
          	 	
                  FIRST HORIZON BANK, as a Lender

                
	 	 
	 	
                  By:

                	
                  /s/Brian Reeves

                
	 	 	
                  Name:

                	
                  Brian Reeves

                
	 	 	
                  Title:

                	
                  Senior Vice President

                

        

        

        
          
            CRACKER BARREL OLD COUNTRY STORE, INC.

            FOURTH AMENDMENT TO CREDIT AGREEMENT

          

        

         

        
          
            

        

        
          	 	
                  SYNOVUS BANK, as a Lender

                
	 	 
	 	
                  By:

                	
                  /s/Chandra Cockrell

                
	 	 	
                  Name:

                	
                  Chandra Cockrell

                
	 	 	
                  Title:

                	
                  Corporate Banker

                

        

         

        

        
          CRACKER BARREL OLD COUNTRY STORE, INC.

          FOURTH AMENDMENT TO CREDIT AGREEMENT

        

         

        
          
            

        

        
          	 	
                  PINNACLE BANK, as a Lender

                
	 	 
	 	
                  By:

                	
                  /s/William H. Diehl

                
	 	 	
                  Name:

                	
                  William H. Diehl

                
	 	 	
                  Title:

                	
                  Senior Vice President

                

        

         

        

        
          CRACKER BARREL OLD COUNTRY STORE, INC.

          FOURTH AMENDMENT TO CREDIT AGREEMENT

        

         

        
          
            

        

        SCHEDULE 2.01

        

        

        COMMITMENTS AND PRO RATA SHARES

        

        

        
          	
                   

                  Lender

                   

                	 	
                  Revolving A Credit

                  Commitment

                	 	 	
                  Pro Rata Share of

                  Revolving A Credit

                  Commitments

                	 	 	
                  Revolving B Credit

                  Commitment

                	 	 	
                  Pro Rata Share of

                  Revolving B Credit

                  Commitments

                	 
	
                  Bank of America, N.A.

                	 	
                  $

                	
                  147,368,421.06

                	 	 	 	
                  18.421052632

                	
                  %

                	 	
                  $

                	
                  0.00

                	 	 	 	
                  0.000000000

                	
                  %

                
	
                  Truist Bank

                	 	
                  $

                	
                  143,157,894.74

                	 	 	 	
                  17.894736842

                	
                  %

                	 	
                  $

                	
                  17,894,736.84

                	 	 	 	
                  45.424181694

                	
                  %

                
	
                  Wells Fargo Bank, National Association

                	 	
                  $

                	
                  126,315,789.47

                	 	 	 	
                  15.789473684

                	
                  %

                	 	
                  $

                	
                  0.00

                	 	 	 	
                  0.000000000

                	
                  %

                
	
                  Coöperatieve Rabobank U.A., New York Branch

                	 	
                  $

                	
                  105,263,157.89

                	 	 	 	
                  13.157894737

                	
                  %

                	 	
                  $

                	
                  13,500,000.00

                	 	 	 	
                  34.268537076

                	
                  %

                
	
                  Regions Bank

                	 	
                  $

                	
                  63,157,894.74

                	 	 	 	
                  7.894736842

                	
                  %

                	 	
                  $

                	
                  0.00

                	 	 	 	
                  0.000000000

                	
                  %

                
	
                  U.S. Bank National Association

                	 	
                  $

                	
                  63,157,894.74

                	 	 	 	
                  7.894736842

                	
                  %

                	 	
                  $

                	
                  8,000,000.00

                	 	 	 	
                  20.307281230

                	
                  %

                
	
                  PNC Bank, National Association

                	 	
                  $

                	
                  58,947,368.42

                	 	 	 	
                  7.368421053

                	
                  %

                	 	
                  $

                	
                  0.00

                	 	 	 	
                  0.000000000

                	
                  %

                
	
                  First Horizon Bank

                	 	
                  $

                	
                  37,894,736.84

                	 	 	 	
                  4.736842105

                	
                  %

                	 	
                  $

                	
                  0.00

                	 	 	 	
                  0.000000000

                	
                  %

                
	
                  Pinnacle Bank

                	 	
                  $

                	
                  29,473,684.21

                	 	 	 	
                  3.684210526

                	
                  %

                	 	
                  $

                	
                  0.00

                	 	 	 	
                  0.000000000

                	
                  %

                
	
                  Synovus Bank

                	 	
                  $

                	
                  25,263,157.89

                	 	 	 	
                  3.157894737

                	
                  %

                	 	
                  $

                	
                  0.00

                	 	 	 	
                  0.000000000

                	
                  %

                
	
                  TOTAL

                	 	
                  $

                	
                  800,000,000.00

                	 	 	 	
                  100.000000000

                	
                  %

                	 	
                  $

                	
                  39,394,736.84

                	 	 	 	
                  100.000000000

                	
                  %

                

        

         

      

    

  

  SCHEDULE 2.01Document

			
	Outside Director Compensation Policy
(Adopted On November 4, 2015; Effective As Of November 18, 2015; As Last Amended on October 21, 2020)

Square, Inc. (the “Company”) believes that the granting of cash compensation and equity to members of its Board of Directors (the “Board,” and members of the Board, the “Directors”) represents an effective tool to attract, retain, and reward Directors who are not employees of the Company (the “Outside Directors”). This Outside Director Compensation Policy (the “Policy”) is intended to formalize the Company’s policy regarding grants of cash compensation and equity to its Outside Directors. Unless defined in this Policy, capitalized terms are defined in the Company’s 2015 Equity Incentive Plan, as may be amended from time to time (the “Plan”). Each Outside Director is solely responsible for any tax obligations he or she incurs from the receipt of any compensation under this Policy. The Company will reimburse each Outside Director for reasonable, customary, and documented travel expenses in connection with attending meetings of the Board or any committee of the Board.

This Policy is amended effective as of January 1, 2021 (the “Effective Date”).

1. CASH RETAINERS
Annual Cash Retainer

Each Outside Director will be paid an annual cash retainer of $40,000.

Committee Chair and Committee Member Annual Cash Retainers

Each Outside Director who serves as chairperson or member of a committee of the Board will be paid additional annual cash retainers as follows:
						
		
	Chairperson of Audit and Risk Committee:	$	20,000 	
		
	Chairperson of Compensation Committee:	$	15,000 	
		
	Chairperson of Nominating and Corporate Governance Committee:	$	10,000 	
		
	Chairperson of Capital Compliance and Governance Committee:	$	15,000 	
		
	Member of Audit and Risk Committee:	$	10,000 	
		
	Member of Compensation Committee:	$	5,000 	
		

1

						
	Member of Nominating and Corporate Governance Committee:	$	2,500 	
		
	Member of Capital Compliance and Governance Committee:	$	5,000 	
		

All cash compensation will be paid quarterly in arrears on a prorated basis (the last day of each fiscal quarter, a “Retainer Accrual Date”). For the avoidance of doubt, an Outside Director who serves as chairperson of a committee of the Board will not also be paid the additional annual cash retainer for his or her service as a member of such committee. No Outside Director will receive per meeting attendance fees for attending meetings of the Board or its committees.
 2. EQUITY COMPENSATION
Outside Directors may be granted all types of equity awards (except incentive stock options) under the Plan or any other Company equity plan in place at the time of grant, including discretionary Awards not covered under this Policy. All grants of Awards to Outside Directors under this Policy will be made in accordance with this Section 2 and no Awards may be made if they would exceed any limitations in the Plan.
a.  Elections To Receive Restricted Stock Units in Lieu of Cash Retainers
(i)    Retainer Award. Each Outside Director may elect to convert all of his or her cash compensation under Section 1 into an Award of Restricted Stock Units (each a “Retainer Award”) in accordance with this Section 2 (such election, a “Retainer Award Election”). If an Outside Director timely makes a Retainer Award Election, on the first business day following the immediately preceding Retainer Accrual Date to which that Retainer Award Election applies, such Outside Director automatically will be granted an Award of Restricted Stock Units covering a number of units equal to (A) the aggregate amount of cash compensation otherwise payable to such Outside Director under Section 1 on such Retainer Accrual Date divided by (B) the closing price per Share as of the Retainer Accrual Date (or the last trading day of the quarter if the Retainer Accrual Date falls on a non-trading day) and rounding down to the next whole Share. The Retainer Award will be fully vested on the grant date.

(ii)    Election Mechanics. Each Retainer Award Election must be submitted to the Company’s General Counsel in writing at least 10 business days in advance of a Retainer Accrual Date, and subject to any other conditions specified by the Board or Compensation Committee. An Outside Director may only make a Retainer Award Election during a period in which the Company is not in a quarterly or special blackout period. Once a Retainer Award Election is properly submitted, it will be in effect for the next Retainer Accrual Date and will remain in effect for successive Retainer Accrual Dates unless and until the Outside Director revokes it
2

in accordance with clause Section 2(a)(iii) below. An Outside Director who fails to make a timely Retainer Award Election will not receive a Retainer Award and instead will receive the cash compensation under Section 1.

(iii)    Revocation Mechanics. The revocation of any Retainer Award Election must be submitted to the Company’s General Counsel in writing at least 10 business days in advance of a Retainer Accrual Date, and subject to any other conditions specified by the Board or Compensation Committee. An Outside Director may only revoke a Retainer Award Election during a period in which the Company is not in a quarterly or special blackout period and the Outside Director is not aware of any material non-public information. Once the revocation of the Retainer Award Election is properly submitted, it will be in effect for the next Retainer Accrual Date and will remain in effect for successive Retainer Accrual Dates unless and until the Outside Director makes a new Retainer Award Election in accordance with Section 2(a)(ii) above.
Notwithstanding the foregoing, an Outside Director may elect to revoke his or her Retainer Award Election at any time prior to the grant of a Retainer Award if the receipt of such Retainer Award or the issuance of Shares thereunder, in either case, reasonably expected to result in a violation of, or a penalty, fee, or filing to the Outside Director under, Applicable Law. If an Outside Director revokes his or her Retainer Award Election pursuant to the immediately preceding sentence, the rules set forth in the last sentence of the immediately preceding paragraph shall apply.

b.    Automatic Outside Director Awards
(i)    No Discretion. All grants of Awards to Outside Directors pursuant to this Section 2(b) will be automatic and nondiscretionary. No person will have any discretion to select which Outside Directors will be granted any Awards under this Section 2(b) or to determine the number of Shares to be covered by such Awards.
(ii)    Initial Award. Upon an Outside Director’s initial appointment to the Board (other than by appointment on the date of each annual meeting of the Company’s stockholders (the “Annual Meeting”) following the Effective Date), such Outside Director automatically will be granted an Award of Restricted Stock Units with a grant date fair value (determined in accordance with U.S. generally accepted accounting principles) of $250,000 multiplied by a fraction (A) the numerator of which is (x) 12 minus (y) the number of months between the date of the last Annual Meeting and the date the Outside Director becomes a member of the Board and (B) the denominator of which is 12 (an “Initial Award”). Subject to Section 2(b)(v), each Initial Award will fully vest upon the earlier of: (i) the first anniversary of the grant date; or (ii) the next Annual Meeting, in each case subject to the Outside

3

Director continuing to be a Service Provider through the vesting date. For the avoidance of doubt, should the appointment date be the same as the date of an Annual Meeting, then such Outside Director will only be granted an Annual Award.
(iii)    Annual Award. On the date of each Annual Meeting following the Effective Date, each Outside Director automatically will be granted an Award of Restricted Stock Units with a grant date fair value (determined in accordance with U.S. generally accepted accounting principles) of $250,000 (an “Annual Award”). Subject to Section 2(b)(v), each Annual Award will fully vest upon the earlier of: (i) the first anniversary of the grant date; or (ii) the next Annual Meeting, in each case subject to the Outside Director continuing to be a Service Provider through the vesting date.
(iv)    Lead Independent Director Annual Award. On the date of each Annual Meeting following the Effective Date, the Lead Independent Director automatically will be granted an additional Award of Restricted Stock Units with a grant date fair value (determined in accordance with U.S. generally accepted accounting principles) of $70,000 (the “Lead Independent Director Annual Award”). Subject to Section 2(b)(v), each Lead Independent Director Annual Award will fully vest upon the earlier of: (i) the first anniversary of the grant date; or (ii) the next Annual Meeting, in each case subject to the Lead Independent Director continuing to be a Service Provider through the vesting date.
(v)    Change in Control. In the event of a Change in Control, each Outside Director will fully vest in his or her Awards granted under this Policy.

     3. ADDITIONAL PROVISIONS
All provisions of the Plan not inconsistent with this Policy will apply to Awards granted to Outside Directors.

 4. REVISIONS

The Board in its discretion may at any time change and otherwise revise the terms of the cash compensation granted under this Policy, including, without limitation, the amount or timing of payment of any future grants of cash compensation. The Board in its discretion may at any time change and otherwise revise the terms of Awards to be granted under this Policy, including, without limitation, the number of Shares subject thereto. The Board in its discretion may at any time suspend or terminate the Policy.
4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00321-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00321-of-00352.parquet"}]]