Exhibit 10.1
EXECUTION VERSION

FOURTH AMENDMENT TO CREDIT AGREEMENT

THIS FOURTH AMENDMENT TO CREDIT AGREEMENT, dated as of June 17, 2016 (this
“Agreement”) is entered into among Dycom Industries, Inc., a Florida corporation
(the “Borrower”), the Guarantors, the Lenders party hereto and Bank of America,
N.A., as Administrative Agent. All capitalized terms used herein and not
otherwise defined herein shall have the meanings given to such terms in the
Credit Agreement (as defined below).

RECITALS

WHEREAS, the Borrower, the Guarantors, the Lenders party thereto and Bank of
America, N.A., as Administrative Agent, Swingline Lender and L/C Issuer, have
entered into that certain Credit Agreement, dated as of December 3, 2012 (as
amended and restated by that certain First Amendment to Credit Agreement and
First Amendment to Pledge Agreement, dated as of April 24, 2015, as amended by
that certain Second Amendment to Credit Agreement, dated as of September 9,
2015, as amended by that certain Third Amendment to Credit Agreement and
Additional Term Loan Agreement, dated as of May 20, 2016 and as further amended,
amended and restated, supplemented or otherwise modified prior to the date
hereof, the “Credit Agreement”);

WHEREAS, the Credit Parties have requested that the Lenders party hereto amend
the Credit Agreement as set forth below; and

WHEREAS, the Administrative Agent and the Lenders agree to provide such
requested amendments subject to the terms and conditions herein;

NOW, THEREFORE, in consideration of the premises and the mutual covenants
contained herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

1.    Incorporation of Recitals. The recitals to this Agreement are incorporated
fully and made a part of this Agreement.

2.    Amendments to Credit Agreement. The Credit Agreement is amended as
follows:

(a)The following new definitions are included in Section 1.01 of the Credit
Agreement in the proper alphabetical order as follows:

“Attributable Receivables Amount” means the amount of obligations of the
Borrower and/or its Subsidiaries outstanding under trade or accounts receivable
financing or sale transactions (including supplier-financing programs or
arrangements) or factoring transactions on any date of determination that would
be treated as principal in a secured lending transaction.

“Permitted Receivables Transaction” means a trade or accounts receivable
financing or sale transaction (including supplier-financing programs or
arrangements) or factoring transactions (excluding for the avoidance of doubt
any securitization transaction) whereby the Borrower and/or one or more of its
Subsidiaries sells, assigns, conveys or otherwise transfers Receivables to or
for the benefit of one or more third parties; provided that (a) such transaction
is made non-recourse to the Borrower and its Subsidiaries (subject to customary
indemnification and repurchase obligations, including, but not limited to, those
based on a breach of obligations under the relevant receivables purchase
agreement or the agreement underlying any Receivables,

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incorrect or misleading representations and warranties, Receivables failing to
meet any eligibility criteria, any failure by an insurer of Receivables to honor
claims, title defects, illegality, false misleading or incomplete information,
exclusion of cover under any insurance in respect of any Receivables, dilution,
third party claims, or Receivables becoming subject to any asserted defense,
dispute, off-set or counterclaim) and otherwise on terms customary for
comparable “non-recourse” or “limited recourse” receivables purchase
transactions in the good faith judgment of the Borrower, (b) such transaction
does not provide for the sale, transfer, disposition or pledge of, or otherwise
create any interest in, any asset other than the Receivables, and (c) the
aggregate amount of Receivables sold, assigned, conveyed or otherwise
transferred in any fiscal quarter shall not exceed (i) with respect to
Receivables owing from AT&T Services Inc. and/or one or more of its Subsidiaries
or affiliates, the greatest of (A) $350,000,000, (B) the highest quarterly
revenue resulting from AT&T Services Inc. and its Subsidiaries and affiliates in
any fiscal quarter occurring during the period of four consecutive fiscal
quarters ending immediately prior to such fiscal quarter (adjusted on a pro
forma basis for acquired businesses, it being understood that, for purposes of
this calculation (x) any Person that becomes a Subsidiary or affiliate of AT&T
Services Inc. during the fiscal quarter in which such calculation is made or
during the period of four consecutive fiscal quarters ending immediately prior
to such fiscal quarter shall be considered to have been a Subsidiary or
affiliate of AT&T Services Inc. during the entire immediately preceding four
fiscal quarter period, and (y) any Person that becomes a Subsidiary or affiliate
of the Borrower or any Restricted Subsidiary or any asset acquisition by the
Borrower or any Restricted Subsidiary during the fiscal quarter in which such
calculation is made or during the period of four consecutive fiscal quarters
ending immediately prior to such fiscal quarter shall be considered to have been
a Subsidiary or affiliate of the Borrower or any Restricted Subsidiary, as
applicable, or shall be considered to have been consummated, as the case may be,
during the entire immediately preceding four fiscal quarter period) and (C) the
quarterly revenue expected to result from AT&T Services Inc. and its
Subsidiaries and affiliates during the then-current fiscal quarter as determined
by the Borrower in good faith (adjusted on a pro forma basis for acquired
businesses, it being understood that, for purposes of this determination (x) any
Person that becomes or is reasonably expected to become a Subsidiary of
affiliate of AT&T Services Inc. during the then-current fiscal quarter shall be
considered to have been a Subsidiary or affiliate of AT&T Services Inc. since
the commencement of such fiscal quarter, and (y) any Person that becomes or is
reasonably expected to become a Subsidiary of affiliate of the Borrower or any
Restricted Subsidiary or any asset acquisition by the Borrower or any Restricted
Subsidiary during the then-current fiscal quarter shall be considered to have
been a Subsidiary or affiliate of the Borrower or any Restricted Subsidiary, as
applicable, or shall be considered to have been consummated, as the case may be,
since the commencement of such fiscal quarter) and (ii) with respect to all
other Receivables, $100,000,000.

“Receivables” means trade or accounts receivable of the Borrower or any of its
Subsidiaries arising in the ordinary course of business, any proceeds thereof
and any general intangibles, documents, instruments, records or other assets
related thereto.

(b)The definition of “Funded Debt” included in Section 1.01 of the Credit
Agreement is hereby amended by amending and restating the final proviso to such
definition as follows:

provided, however, that Funded Debt shall not include (i) Indebtedness among the
Credit Parties and the Restricted Subsidiaries to the extent such Indebtedness
would be eliminated on a consolidated basis, (ii) any Indebtedness that has been
Discharged, (iii) any amount in respect of any Permitted Receivables
Transaction, and (iv) any Attributable Receivables Amount.

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(c)The definition of “Indebtedness” included in Section 1.01 of the Credit
Agreement is hereby amended by inserting the following phrase immediately prior
to the “.” in the final sentence thereof:

and the amount in respect of any Permitted Receivables Transaction shall not
constitute Indebtedness.

(d)Clause (n) in the definition of “Permitted Liens” in Section 1.01 of the
Credit Agreement is hereby amended by (i) deleting the word “and” at the end of
clause (m), (ii) changing clause (n) to clause (p), and (iii) adding new clauses
(n) and (o) immediately following clause (m) to read as follows:

(n)    Liens (i) solely on Receivables sold in a Permitted Receivables
Transaction, the agreements governing the Receivables included in such Permitted
Receivables Transaction, the rights under any such agreements, the proceeds
thereof and the accounts into which such proceeds are paid, and (ii) securing
Attributable Receivables Amounts solely on Receivables which are the subject of
related trade or accounts receivable financings or sale transactions (including
supplier-financing programs or arrangements) or related factoring transactions,
the agreements governing the Receivables included in such financings or
transactions, the rights under any such agreements, the proceeds thereof and the
accounts into which such proceeds are paid;

(o)    Liens arising from precautionary UCC financing statements or similar or
analogous financing statements in any jurisdiction and the filing of UCC
financing statements or similar or analogous financing statements in any
jurisdiction by bailees and consignees in the ordinary course of business; and

(e)Section 8.01 of the Credit Agreement is hereby amended by (i) deleting the
word “and” at the end of clause (q), (ii) replacing the “.” at the end of clause
(r) with “;” and (iii) adding new clauses (s) and (t) immediately following
clause (r) to read as follows:

(s)    Attributable Receivables Amounts; provided that the aggregate of all such
Attributable Receivables Amounts outstanding at any time pursuant to this clause
(s) shall not exceed the highest amount that is or would have been permitted
under the definition of “Permitted Receivables Transaction”; and

(t)    any repurchase or indemnification obligations arising as a result of any
breach of any covenant or representation made as part of any Permitted
Receivables Transaction.

(d)    Section 8.04(a)(iv) of the Credit Agreement is hereby amended to read as
follows:
    
(iv)    Dispositions (A) of accounts receivable in connection with the
collection or compromise thereof in the ordinary course of business and (B) made
as part of a Permitted Receivables Transaction;

3.    Conditions Precedent. This Agreement shall be effective upon satisfaction
or waiver in accordance with Section 11.01 of the Credit Agreement of the
following conditions precedent (the “Effective Date”):

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(a)    Execution of Agreement. Receipt of counterparts of this Agreement
executed by a duly authorized officer of each of the Borrower, the Guarantors,
the Administrative Agent and the Required Lenders.
 
(b)    Fees and Expenses. Receipt by the Administrative Agent and the Lenders of
all fees then owing on the Effective Date and receipt by legal counsel to the
Administrative Agent of all reasonable and documented fees, expenses and
disbursements required to be paid on or before the Effective Date that have been
invoiced a reasonable period of time prior to the Effective Date.

4.    Miscellaneous.

(a)    [Reserved].

(b)    Each Credit Party (i) agrees to all of the terms and conditions of this
Agreement, (ii) agrees that, except as expressly set forth in this Agreement,
this Agreement and all documents executed in connection herewith do not operate
to reduce or discharge its obligations under the Credit Agreement or the other
Credit Documents or any certificates, documents, agreements and instruments
executed in connection therewith, (iii) affirms all of its obligations under the
Credit Documents, (iv) agrees that this Agreement shall in no manner impair or
otherwise adversely affect any of the Liens granted in or pursuant to the Credit
Documents and (v) affirms that each of the Liens granted in or pursuant to the
Credit Documents are valid and subsisting.

(c)    Effective as of the Effective Date, all references to the Credit
Agreement in each of the Credit Documents shall mean the Credit Agreement as
amended by this Agreement. This Amendment is a Credit Document.

(d)    Each of the Credit Parties hereby represents and warrants to the
Administrative Agent as follows:

(i)    such Credit Party has taken all necessary action to authorize the
execution, delivery and performance of this Agreement;

(ii)    this Agreement has been duly executed and delivered by such Credit Party
and constitutes such Credit Party’s legal, valid and binding obligations,
enforceable in accordance with its terms, except as such enforceability may be
subject to (A) bankruptcy, insolvency, reorganization, fraudulent conveyance or
transfer, moratorium or similar laws affecting creditors’ rights generally and
(B) general principles of equity (regardless of whether such enforceability is
considered in a proceeding at law or in equity); and

(iii)    no consent, approval, authorization or order of, or filing,
registration or qualification with, any court or governmental authority or third
party is required in connection with the execution, delivery or performance by
such Credit Party of this Agreement.

(e)    Each Credit Party represents and warrants to the Lenders that after
giving effect to this Agreement (i) the representations and warranties of such
Credit Party set forth in Article VI of the Credit Agreement and the other
Credit Documents are (x) with respect to representations and warranties that
contain a materiality qualification, true and correct (after giving effect to
such materiality qualification set forth therein) and (y) with respect to
representations and warranties that do not contain a materiality qualification,
true and correct in all material respects, as of the date hereof with the same
effect as if made on an as of the date hereof, except to the extent such
representations and warranties expressly

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relate solely to an earlier date in which case such representations and
warranties were (A) with respect to representations and warranties that contain
a materiality qualification, true and correct (after giving effect to such
materiality qualification set forth therein) and (B) with respect to
representations and warranties that do not contain a materiality qualification,
true and correct in all material respects, in each case, as of such earlier date
and (ii) no Default exits.

(f)    This Agreement may be executed in any number of counterparts, each of
which when so executed and delivered shall be an original, but all of which
shall constitute one and the same agreement. Delivery of an executed counterpart
of this Agreement by telecopy, pdf or other similar electronic transmission
shall be effective as an original and shall constitute a representation that an
executed original shall be delivered.

(g)    This Agreement shall be governed by, and construed in accordance with,
the laws of the State of New York.

[Signature pages follow]

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed as of the date first above written.

BORROWER:
DYCOM INDUSTRIES, INC.,
a Florida corporation

By: /s/ H. Andrew DeFerrari           
Name: H. Andrew DeFerrari
Title: Senior Vice President and Chief Financial Officer

 

GUARANTORS:

ANSCO & ASSOCIATES, LLC
a Delaware limited liability company
APEX DIGITAL, LLC
a Delaware limited liability company
BLAIR PARK SERVICES, LLC
a Delaware limited liability company

BROADBAND EXPRESS, LLC
a Delaware limited liability company
BROADBAND INSTALLATION SERVICES, LLC
a Delaware limited liability company
C-2 UTILITY CONTRACTORS, LLC
a Delaware limited liability company
CABLECOM, LLC
a Delaware limited liability company
CAVO BROADBAND COMMUNICATIONS, LLC
a Delaware limited liability company
CCLC, INC.
a Delaware corporation
By: /s/ H. Andrew DeFerrari            
Name: H. Andrew DeFerrari
Title: Treasurer

[Signatures continue on next page]

DYCOM INDUSTRIES, INC.
FOURTH AMENDMENT

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CLEARLIGHT TECHNOLOGIES, LLC
a Minnesota limited liability company

CMI SERVICES, LLC
a Florida limited liability company
COMMUNICATIONS CONSTRUCTION GROUP, LLC
a Delaware limited liability company

DYCOM CAPITAL MANAGEMENT, INC. 
a Delaware corporation

DYCOM CORPORATE IDENTITY, INC.
a Delaware corporation
DYCOM IDENTITY, LLC
a Delaware limited liability company
DYCOM INVESTMENTS, INC.
a Delaware corporation
ENGINEERING ASSOCIATES, LLC
a Georgia limited liability company
ERVIN CABLE CONSTRUCTION, LLC 
a Delaware limited liability company
FIBER TECHNOLOGIES SOLUTIONS, LLC,
a Delaware limited liability company
GLOBE COMMUNICATIONS, LLC 
a North Carolina limited liability company
GOLDEN STATE UTILITY CO.
a Delaware corporation

IVY H. SMITH COMPANY, LLC 
a Delaware limited liability company

By: /s/ H. Andrew DeFerrari            
Name: H. Andrew DeFerrari
Title: Treasurer

[Signatures continue on next page]

DYCOM INDUSTRIES, INC.
FOURTH AMENDMENT

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KANAAN COMMUNICATIONS, LLC
a Delaware limited liability company
LAMBERT’S CABLE SPLICING COMPANY, LLC 
a Delaware limited liability company
LOCATING, INC.
a Washington corporation
NEOCOM SOLUTIONS, LLC
a Georgia limited liability company

NICHOLS CONSTRUCTION, LLC
a Delaware limited liability company
NIELS FUGAL SONS COMPANY, LLC
a Delaware limited liability company

NORTH SKY COMMUNICATIONS, LLC
a Delaware limited liability company
PARKSIDE SITE & UTILITY COMPANY CORPORATION
a Delaware corporation
PARKSIDE UTILITY CONSTRUCTION, LLC
a Delaware limited liability company
PAULEY CONSTRUCTION, LLC
an Arizona limited liability company

PBG ACQUISITION V, LLC
a Delaware limited liability company
POINT TO POINT COMMUNICATIONS, INC.
a Louisiana corporation
PRECISION VALLEY COMMUNICATIONS OF VERMONT, LLC
a Delaware limited liability company
PRINCE TELECOM, LLC
a Delaware limited liability company
By: /s/ H. Andrew DeFerrari            
Name: H. Andrew DeFerrari
Title: Treasurer
[Signatures continue on next page]

DYCOM INDUSTRIES, INC.
FOURTH AMENDMENT

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PROFESSIONAL TELECONCEPTS, LLC
an Illinois limited liability company

PROFESSIONAL TELECONCEPTS, LLC
a New York limited liability company

RJE TELECOM, LLC
a Delaware limited liability company

SAGE TELECOMMUNICATIONS CORP. OF COLORADO, LLC
a Colorado limited liability company

SPECTRUM WIRELESS SOLUTIONS, LLC
a Delaware limited liability company

STAR CONSTRUCTION, LLC 
a Delaware limited liability company

STEVENS COMMUNICATIONS, LLC
a Delaware limited liability company
TCS COMMUNICATIONS, LLC 
a Delaware limited liability company
TELCOM CONSTRUCTION, INC.
a Minnesota corporation
TESINC, LLC
a Delaware limited liability company

TJADER & HIGHSTROM UTILITY SERVICES, LLC
a Delaware limited liability company
TRAWICK CONSTRUCTION COMPANY, LLC
a Florida limited liability company
TRIPLE-D COMMUNICATIONS, LLC
a Delaware limited liability company
UNDERGROUND SPECIALTIES, LLC
a Delaware limited liability company
UTILIQUEST, LLC 
a Georgia limited liability company
By: /s/ H. Andrew DeFerrari            
Name: H. Andrew DeFerrari
Title: Treasurer

[Signatures continue on next page]

DYCOM INDUSTRIES, INC.
FOURTH AMENDMENT

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VCI CONSTRUCTION, LLC
a Delaware limited liability company
VCI UTILITY SERVICES HOLDINGS, LLC
a Delaware limited liability company
WHITE MOUNTAIN CABLE CONSTRUCTION, LLC
a Delaware limited liability company

By: /s/ H. Andrew DeFerrari            
Name: H. Andrew DeFerrari
Title: Treasurer

[Signatures continue on next page]

DYCOM INDUSTRIES, INC.
FOURTH AMENDMENT

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MIDTOWN EXPRESS, LLC
a Delaware limited liability company
By: /s/ William P. Healy           
Name: William P. Healy
Title: President

OSP SERVICES, LLC
a Delaware limited liability company
By: /s/ William J. Ptak           
Name: William J. Ptak
Title: President
VCI UTILITY SERVICES, LLC
a Delaware limited liability company
By: /s/ Frank G. Madera           
Name: Frank G. Madera
Title: President

DYCOM INDUSTRIES, INC.
FOURTH AMENDMENT

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ADMINISTRATIVE
AGENT:
BANK OF AMERICA, N.A., as Administrative Agent

By: /s/ Aamir Saleem
Name: Aamir Saleem
Title: Vice President
LENDERS:
BANK OF AMERICA, N.A.,
as a Lender, L/C Issuer, Swingline Lender and an Incremental Lender

By: /s/ Christopher Wozniak
Name: Christopher Wozniak
Title: Director

DYCOM INDUSTRIES, INC.
FOURTH AMENDMENT

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WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender and an Incremental Lender
By: /s/ Kay Reedy
Name: Kay Reedy
Title: Managing Director

DYCOM INDUSTRIES, INC.
FOURTH AMENDMENT

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BRANCH BANKING AND TRUST COMPANY
By: /s/ Charles Graeub, III
Name: Charles Graeub, III
Title: Vice President

DYCOM INDUSTRIES, INC.
FOURTH AMENDMENT

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PNC BANK, NATIONAL ASSOCIATION
By: /s/ Britton Core
Name: Britton Core
Title: SVP

DYCOM INDUSTRIES, INC.
FOURTH AMENDMENT

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SUNTRUST BANK
By: /s/ Anika Kirs
Name: Anika Kirs
Title: Vice President

DYCOM INDUSTRIES, INC.
FOURTH AMENDMENT

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CITIZENS BANK, N.A.
By: /s/ Jason Upham
Name: Jason Upham
Title: Assistant Vice President

DYCOM INDUSTRIES, INC.
FOURTH AMENDMENT

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FIFTH THIRD BANK
By: /s/ Trey Fogg
Name: Trey Fogg
Title: Vice President

DYCOM INDUSTRIES, INC.
FOURTH AMENDMENT

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COMPASS BANK
By: /s/ April Chan
Name: April Chan
Title: EVP, Director of Credit Products

DYCOM INDUSTRIES, INC.
FOURTH AMENDMENT

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REGIONS BANK    
By: /s/ Alfred J. Bacchi
Name: Alfred J. Bacchi
Title: Managing Director

DYCOM INDUSTRIES, INC.
FOURTH AMENDMENT

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GOLDMAN SACHS BANK USA    
By: /s/ Jerry Li
Name: Jerry Li
Title: Authorized Signatory

DYCOM INDUSTRIES, INC.
FOURTH AMENDMENT

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FLORIDA COMMUNITY BANK

By: /s/ Jonathan Simoens
Name: Jonathan Simoens
Title: SVP

DYCOM INDUSTRIES, INC.
FOURTH AMENDMENT