Item 1.01 Entry into a Material Definitive Agreement
National Vision, Inc. ("NVI"), a wholly-owned subsidiary of National Vision
Holdings, Inc. (the "Company"), entered into Amendment 3 to the Management &
Services Agreement (the "Amendment") with Walmart, Inc. ("Walmart"), which will
be effective as of January 23, 2020. The Amendment updates the terms of the
Management & Services Agreement (the "MSA") between Walmart and NVI, dated as of
May 1, 2012, as amended, to (1) add five additional vision centers located in
Georgia to the MSA at a mutually agreeable "go-live date" for each new center
and (2) extend the current term of the MSA by six months, to February 23, 2021,
and provide that the MSA will automatically renew for an additional three year
term unless, no later than July 23, 2020, one party gives the other party
written notice of non-renewal. All other terms and conditions of the MSA remain
in effect. As a result of the Amendment, the Company will now be managing 231
vision centers within Walmart stores pursuant to the MSA.
A copy of the Amendment is filed herewith as Exhibit 10.1 and incorporated
herein by reference. The above description of the Amendment is qualified in its
entirety by reference to such exhibit.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
See the Exhibit Index immediately preceding the signature page hereto, which is
incorporated herein by reference.
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