625 Westport Parkway
Grapevine, TX 76051
June 9, 2021
Congratulations! I am pleased to offer you employment with GameStop Texas, Ltd. and as the President and Chief Executive Officer GameStop Corp. (the Company). You will report to the Board of Directors of the Company (the Board). You will be subject to all policies of the Company and GameStop Texas, Ltd. in effect from time to time, including the Companys Anti-Hedging Policy, Clawback Policy, Insider Trading Policy and Code of Ethics.
We would like you to start on a mutually agreed upon date no later than June 21, 2021. Your starting annualized base salary will be $200,000, less applicable taxes.
You will also be eligible to earn a total of $4,700,000 in sign-on bonuses. These bonuses will be paid in 24 monthly installments, as follows: In each of the first 12 months of your employment with us, you receive a sign-on bonus installment of $229,167, less applicable taxes. In each of months 13 through 24 of your employment with us, you will receive a sign-on bonus installment of $162,500, less applicable taxes. Your right to receive each installment is conditioned on your continuous employment with us through the payment date of that installment. Except as otherwise provided below in connection with a termination by the Company without Cause, if your employment with us ceases for any reason, no additional installments will be paid.
On the first business day of the first calendar quarter that commences after your start date, and subject to your active employment with us on that date, you will be granted a number of restricted stock units or restricted shares of the Companys Class A common stock (Common Stock) determined by dividing $16,500,000 by the average closing price of Common Stock for the 30 trading days immediately preceding the grant date (the Initial Equity Award). The Initial Equity Award will vest as follows: 5% on the first anniversary of the grant date, 15% on the second anniversary of the grant date, and 20% on each of the dates that are 30, 36, 42 and 48 months following the grant date, subject in each case to your continuous service through the applicable vesting date. The above-described equity award will be documented in a separate award agreement; that agreement will contain additional terms and conditions (not inconsistent with this letter) and be delivered to you following the applicable grant date.
The Companys agreement to grant equity to you and to pay you signing bonus installments does not guarantee your employment for any period or otherwise limit our ability to terminate your employment at any time, for any reason, even if your opportunity to receive or vest in such equity or receive such signing bonus installments would be forfeited as a result of such termination. We
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