SEC Contract Filing

Filing Date: 2024-04-16

Document Content:
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<TYPE>EX-10.1
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<FILENAME>d819518dex101.htm
<DESCRIPTION>EX-10.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B></B><B><I>Execution Version</I></B><B> </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>STANDBY, SECURITIES PURCHASE AND DEBT CONVERSION AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This STANDBY, SECURITIES PURCHASE AND DEBT CONVERSION AGREEMENT (this &#147;<B>Agreement</B>&#148;), dated as of April&nbsp;16, 2024, is made by and among
Barnes&nbsp;&amp; Noble Education, Inc. , a Delaware corporation (the &#147;<B>Company</B>&#148;), Toro 18 Holdings LLC, a Delaware limited liability company (&#147;<B>Investor</B>&#148;), Vital Fundco, LLC (&#147;<B>Vital</B>&#148;), and TopLids
LendCo, LLC (&#147;<B>TopLids</B>&#148; and, together with Vital, the &#147;<B>Lien Purchasers</B>&#148;), Outerbridge Capital Management, LLC, a Delaware limited liability company (&#147;<B>Outerbridge</B>&#148;) and Selz Family 2011 Trust
(&#147;<B>Selz</B>&#148; and together with Outerbridge, the &#147;<B>Standby Purchasers</B>&#148;). Investor, Vital, TopLids and each of the Standby Purchasers is each referred to individually as a &#147;<B>Purchaser</B>&#148; and, together, as the
&#147;<B>Purchasers</B>&#148;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company proposes to distribute at no charge to the holders of its common stock, par value
$0.01 per share (&#147;<B>Common Stock</B>&#148;), on a record date (the &#147;<B>Record Date</B>&#148;) to be set by the Board of Directors of the Company (the &#147;<B>Board</B>&#148;), non-transferable subscription rights (the
&#147;<B>Rights</B>&#148;) to purchase up to an aggregate of 900,000,000 new shares (the &#147;<B>Offered Shares</B>&#148;) of Common Stock (the &#147;<B>Rights Offering</B>&#148;) that, if exercised in full, will provide gross proceeds to the
Company of $45,000,000 (the &#147;<B>Aggregate Offering Amount</B>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company will distribute to each holder of its
Common Stock on the Record Date (&#147;<B>Rights Holder</B>&#148;) one non-transferable Right for every share of Common Stock owned by such Rights Holder as of the close of business on the Record Date; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, each Right will entitle the holder thereof to purchase the number of shares of Common Stock determined by dividing 900,000,000 by the
total number of shares of Common Stock outstanding on the Record Date (the &#147;<B>Basic Subscription Right</B>&#148;) at the subscription price of $0.05 per share of Common Stock (the &#147;<B>Subscription Price</B>&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the holders of Rights who fully exercise their Basic Subscription Rights will be entitled to subscribe for additional shares of
Common Stock that remain unsubscribed as a result of any unexercised Basic Subscription Rights (the &#147;<B>Over-Subscription Right</B>&#148;), which allows such holder to subscribe for additional shares of Common Stock up to the number of shares
purchased under such holder&#146;s Basic Subscription Right at the Subscription Price; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, each Right gives the holder thereof one
Basic Subscription Right and one Over-Subscription Right; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, in order to facilitate the Rights Offering, the Company and the
Purchasers wish to enter into this Agreement, pursuant to which and upon the terms and subject to the conditions set forth herein, Investor and the Standby Purchasers (collectively, the &#147;<B>Backstop Purchasers</B>&#148;) agree, to the extent
that the Rights Offering is not fully subscribed after accounting for all Over-Subscription Rights exercised, to purchase from the Company, at a price per share equal to the Subscription Price, such Backstop Purchaser&#146;s Pro Rata Portion (as
defined below) of the unsubscribed shares of Common Stock in the Rights Offering, such that, the Company will receive $45,000,000 upon the consummation of the Rights Offering, regardless of the number of shares of Common Stock subscribed for and
purchased by Company stockholders pursuant to the Rights Offering; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, in addition to the Rights Offering, (i)&nbsp;Investor desires
to purchase from the Company, and the Company desires to sell to Investor, upon the terms and conditions stated in this Agreement, an aggregate of 900,000,000 new shares of the Company&#146;s Common Stock at the Subscription Price and
(ii)&nbsp;Vital desires to purchase from the Company, and the Company desires to sell to Vital, upon the terms and conditions stated in this Agreement, an aggregate of 100,000,000 new shares </P>
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