EXECUTION COPY
AMENDMENT NO. 4
Dated as of January 13, 2017
to
AMENDED AND RESTATED CREDIT AGREEMENT
Dated as of November 4, 2015
THIS AMENDMENT NO. 4 (this “Amendment”) is made as of January 13, 2017 by and
among PTC Inc., a Massachusetts corporation (the “Parent”), PTC (IFSC) Limited,
an entity organized under the laws of the Republic of Ireland (the “Irish
Borrower” and, together with the Parent, the “Borrowers”), the Lenders listed on
the signature pages hereof and JPMorgan Chase Bank, N.A., as administrative
agent for the Lenders (in such capacity, the “Administrative Agent’), under that
certain Amended and Restated Credit Agreement, dated as of November 4, 2015, by
and among the Parent, the Foreign Subsidiary Borrowers from time to time party
thereto, the Lenders from time to time party thereto and the Administrative
Agent (as further amended, restated, supplemented or otherwise modified from
time to time, the “Credit Agreement”). Capitalized terms used herein and not
otherwise defined herein shall have the respective meanings given to them in the
Credit Agreement.
WHEREAS, the Parent has requested that the Lenders and the Administrative Agent
agree to make an amendment to the Credit Agreement; and
WHEREAS, the Borrowers, the requisite Lenders and the Administrative Agent have
so agreed on the terms and conditions set forth herein;
NOW, THEREFORE, in consideration of the premises set forth above, the terms and
conditions contained herein, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Borrowers, the
Lenders party hereto and the Administrative Agent hereby agree to enter into
this Amendment.
1.Amendment to the Credit Agreement. Subject to the satisfaction of the
conditions precedent set forth in Section 2 below, clause (a)(xi) of the
definition of “Consolidated EBITDA” set forth in Section 1.01 of the Credit
Agreement is hereby amended and restated in its entirety to read as follows,
with effect from (and including) December 31, 2016:
(xi)    the net increase, if any, in the amount of consolidated deferred revenue
during such period, as reflected on the balance sheets of the Companies required
to be delivered pursuant to Section 5.03(a) or 5.03(b) (to the extent such
increase occurs during the eight (8) consecutive full fiscal quarters following
the Effective Date); provided, that, (A) in the case of any Acquisition or any
other acquisition of all or substantially all the Equity Interests in, or all or
substantially all the assets of (or the assets constituting a business unit,
division, product line or line of business of), any Person permitted hereunder
consummated during such period, any such increase attributable to the Persons or
assets subject thereto shall be determined only from and after the consummation
thereof and (B) any such net increase in the amount of consolidated deferred
revenue accounted for January 1, 2017 or January 2, 2017 shall be deemed to be
exclusively accounted for the fiscal quarter of the Parent ended December 31,
2016 for purposes of this clause (xi) and
2.Conditions of Effectiveness. The effectiveness of this Amendment is subject to
the conditions precedent that the Administrative Agent shall have received (i)
counterparts to this Amendment duly executed by the Borrowers, the Required
Lenders and the Administrative Agent and (ii) to the extent invoiced no less
than one (1) Business Day prior to the date hereof, payment and/or reimbursement
of the

--------------------------------------------------------------------------------

reasonable out-of-pocket fees and expenses of counsel for the Administrative
Agent in connection with this Amendment and the other Loan Documents.
3.Representations and Warranties of the Borrowers. Each of the Borrowers hereby
represents and warrants as follows:
(a)This Amendment and the Credit Agreement as modified hereby constitute valid
and binding obligations of such Borrower, enforceable against such Borrower in
accordance with their respective terms.
(b)As of the date hereof and immediately after giving effect to the terms of
this Amendment, (i) no Default or Event of Default has occurred and is
continuing and (ii) the representations and warranties of the Borrowers set
forth in the Credit Agreement are true and correct in all material respects (or,
in the case of any representation or warranty qualified by materiality or
Material Adverse Effect, in all respects) on and as of the date hereof (or, if a
representation or warranty is expressly stated to have been made as of a
specific date, such representation or warranty shall be true and correct in all
material respects (or, in the case of any representation or warranty qualified
by materiality or Material Adverse Effect, in all respects) as of such specific
date).
4.Reference to and Effect on the Credit Agreement.
(a)Upon the effectiveness hereof, each reference to the Credit Agreement in the
Credit Agreement or any other Loan Document shall mean and be a reference to the
Credit Agreement as amended hereby.
(b)The Credit Agreement and all other Loan Documents shall remain in full force
and effect and are hereby ratified and confirmed.
(c)Except with respect to the subject matter hereof, the execution, delivery and
effectiveness of this Amendment shall not operate as a waiver of any right,
power or remedy of the Administrative Agent or the Lenders, nor constitute a
waiver of any provision of the Credit Agreement or any other Loan Documents.
(d)This Amendment is a Loan Document.
5.Governing Law. This Amendment shall be construed in accordance with and
governed by the law of the State of New York.
6.Headings. Section headings in this Amendment are included herein for
convenience of reference only and shall not constitute a part of this Amendment
for any other purpose.
7.Counterparts. This Amendment may be executed by one or more of the parties
hereto on any number of separate counterparts, and all of said counterparts
taken together shall be deemed to constitute one and the same instrument.
Signatures delivered by facsimile or other electronic imaging shall have the
same force and effect as manual signatures delivered in person.
[Signature Pages Follow]

--------------------------------------------------------------------------------

IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year
first above written.

PTC INC.,
as the Parent
 
 
By: /s/Stephen G. Bouchard____________
 
Name: Stephen G. Bouchard
 
Title: Treasurer
 
PTC (IFSC) Limited,
as the Irish Borrower
 
 
By: _______________________
 
Name:
 
Title:

Signature Page to Amendment No. 4 to
Amended and Restated Credit Agreement
PTC Inc.

--------------------------------------------------------------------------------

PTC INC.,
as the Parent
 
 
By: ________________________
 
Name:
 
Title:
 
PTC (IFSC) Limited,
as the Irish Borrower
 
 
By: /s/Eamonn Clarke___________
 
Name: Eamonn Clarke
 
Title: Director

Signature Page to Amendment No. 4 to
Amended and Restated Credit Agreement
PTC Inc.

--------------------------------------------------------------------------------

JPMORGAN CHASE BANK, N.A.,
individually as a Lender, as the Swingline Lender, as an
Issuing Bank and as Administrative Agent

By: _/s/Daglas P. Panchal____________________
 
Name: Daglas P. Panchal__
 
Title: Vice President

Signature Page to Amendment No. 4 to
Amended and Restated Credit Agreement
PTC Inc.

--------------------------------------------------------------------------------

KEYBANK NATIONAL ASSOCIATION
By _/s/David A. Wild_________________
 
Name: David A. Wild
 
Title: Senior Vice President

Signature Page to Amendment No. 4 to
Amended and Restated Credit Agreement
PTC Inc.

--------------------------------------------------------------------------------

Name of Lender: Fifth Third Bank
 
By _/s/Glen Mastey____________________
 
Name: Glen Mastey
 
Title: Managing Director
 
For any Lender requiring a second signature line:
 
By _________________________________
 
Name:
 
Title:

Signature Page to Amendment No. 4 to
Amended and Restated Credit Agreement
PTC Inc.

--------------------------------------------------------------------------------

Name of Lender:
 
Citizens Bank, N.A.
By _/s/Patricia F. Grieve_________________
 
Name: Patricia F. Grieve
 
Title: Vice President

Signature Page to Amendment No. 4 to
Amended and Restated Credit Agreement
PTC Inc.

--------------------------------------------------------------------------------

Name of Lender:
 
ROYAL BANK OF CANADA
 
By __/s/Theodore Brown______________
 
Name: Theodore Brown
 
Title: Authorized Signatory

Signature Page to Amendment No. 4 to
Amended and Restated Credit Agreement
PTC Inc.

--------------------------------------------------------------------------------

Name of Lender:
 
SANTANDER BANK, N.A.
 
By _/s/Andres Barbosa__________________
 
Name: Andres Barbosa
 
Title: Executive Director

Signature Page to Amendment No. 4 to
Amended and Restated Credit Agreement
PTC Inc.

--------------------------------------------------------------------------------

Name of Lender:
 
TD BANK, N.A.
 
By ___/s/Steve Levi__________________
 
Name: Steve Levi
 
Title: Senior Vice President
 
For any Lender requiring a second signature line:
 
 
By _________________________________
 
Name:
 
Title:

Signature Page to Amendment No. 4 to
Amended and Restated Credit Agreement
PTC Inc.

--------------------------------------------------------------------------------

Name of Lender:
 
BARCLAYS BANK PLC
 
By __/s/Christopher M. Aitkin____________
 
Name: Christopher M. Aitkin
 
Title: Assistant Vice President

Signature Page to Amendment No. 4 to
Amended and Restated Credit Agreement
PTC Inc.

--------------------------------------------------------------------------------

Name of Lender:
 
Sun Trust Bank
 
By __/s/Jason Crowley______________
 
Name: Jason Crowley
 
Title: Vice President
 
For any Lender requiring a second signature line:
 
 
By _________________________________
 
Name:
 
Title:

Signature Page to Amendment No. 4 to
Amended and Restated Credit Agreement
PTC Inc.

--------------------------------------------------------------------------------

Name of Lender:
 
Wells Fargo Bank, N.A.
 
By __/s/David Mallett_________________
 
Name: David Mallett
 
Title: Managing Director
 
For any Lender requiring a second signature line:
 
 
By _________________________________
 
Name:
 
Title:

Signature Page to Amendment No. 4 to
Amended and Restated Credit Agreement
PTC Inc.

--------------------------------------------------------------------------------

Name of Lender:
 
SILICON VALLEY BANK
 
By __/s/Kristy Vlahos_________________
 
Name: Kristy Vlahos
 
Title: Director

Signature Page to Amendment No. 4 to
Amended and Restated Credit Agreement
PTC Inc.

--------------------------------------------------------------------------------

Name of Lender:
 
The Huntington National Bank
 
By __/s/Jared Shaner_________________
 
Name: Jared Shaner
 
Title: Vice President

Signature Page to Amendment No. 4 to
Amended and Restated Credit Agreement
PTC Inc.

--------------------------------------------------------------------------------

Name of Lender:
 
Bank of America, N.A.
 
By __/s/My-Linh Yoshiike_________________
 
Name: My-Linh Yoshiike
 
Title: Vice President
 
For any Lender requiring a second signature line:
 
 
By _________________________________
 
Name:
 
Title:

Signature Page to Amendment No. 4 to
Amended and Restated Credit Agreement
PTC Inc.

--------------------------------------------------------------------------------

Name of Lender:
 
PEOPLE’S UNITED BANK, NATIONAL ASSOCIATION, AS LENDER
 
By __/s/Kathryn Williams_________________
 
Name: Kathryn Williams
 
Title: Vice President

Signature Page to Amendment No. 4 to
Amended and Restated Credit Agreement
PTC Inc.