Item 1.01. Entry Into a Material Definitive Agreement.

On April 7, 2022, Hibbett, Inc. (the "Company") executed a First Note Modification Agreement (the "Modification Agreement") between the Company and its subsidiaries and Regions Bank. The Modification Agreement increases the line of credit specified in the unsecured Credit Agreement (the "Agreement") dated July 9, 2021, from $100,000,000 to $125,000,000. The Modification Agreement does not impact the term of the Agreement which expires on July 9, 2026.

There were no origination fees paid by the Company as part of this modification. The annual commitment fee, payable quarterly in arrears in an amount between 15 and 20 basis points of the unused portion of the line of credit dependent on the amount of debt outstanding, as determined on a daily basis, remains unchanged. The financial covenants included in the Agreement, as summarized below, also remain unchanged.

• Advance limitation of 55% of the net book value of the Company's inventory;

• A Consolidated Lease-Adjusted Leverage Ratio comparing lease-adjusted funded debt (funded debt plus all lease liabilities) to EBITDAR (as defined in the Agreement) with a maximum of 3.5x; and

• A Consolidated Fixed Coverage Charge Ratio comparing EBITDAR to fixed charges and certain current liabilities (as defined in the Agreement) with a minimum of 1.2x.

In addition, on April 7, 2022, the Company executed a First Amendment to the Agreement (the "Amended Agreement") between the Company and its subsidiaries and Regions Bank. The Amended Agreement replaces LIBOR as the benchmark rate with the Bloomberg Short-Term Bank Yield ("BSBY") Index Rate. The Amended Agreement carries an interest rate of BSBY plus 1.0% to 1.8% depending on specified leverage levels.

The foregoing description of the Modification Agreement and the Amended Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of these documents, which are filed herewith as Exhibits 10.2 and 10.3 and incorporated herein by reference.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant.

The descriptions of the Modification Agreement and the Amended Agreement, set forth in Item 1.01, are incorporated by reference into this Item 2.03.

Item 9.01. Financial Statements and Exhibits.



(d) Exhibits.

       10.1         Credit Agreement, dated as of July 9, 2021, among Hibbett, Inc. as Borrower,
                    subsidiaries of Borrower, as Guarantors, and Regions Bank, as Lender;
                    incorporated by reference to Exhibit 10.1 of the Registrant's Quarterly
                    Report on Form 10-Q filed with the Securities and Exchange Commission on
                    September 7, 2021.
     10.    2       First Note Modification Agreement, dated as of April 7, 2022, among Hibbett,
                    Inc., as Borrower, and Regions Bank, as Lender.
     10.    3       First Amendment to Credit Agreement, dated as of April 7, 2022, among
                    Hibbett, Inc., as Borrower, subsidiaries of Borrower, as Guarantors, and
                    Regions Bank, as Lender.
        104         Cover Page Interactive Data File (embedded within the Inline XBRL document)

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