Document:

EXHIBIT 10.1

 Exhibit 10.1 

EXECUTION VERSION 
 AMENDMENT NO.
2, dated as of October 30, 2015 (this “Amendment No. 2”), to the Credit Agreement, dated as of February 6, 2015 and as amended by Amendment No. 1 thereto dated as of March 31, 2015 (the “Credit
Agreement”), among THE ADVISORY BOARD COMPANY, a Delaware corporation (the “Borrower”), JPMORGAN CHASE BANK, N.A., as administrative agent (the “Administrative Agent”), each Lender from time to time party
thereto and the other agents and arrangers party thereto. Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to them in the Credit Agreement. 

WHEREAS, Section 9.02(b) of the Credit Agreement provides that the Credit Agreement may be amended or waived to effect certain changes
thereto with the written consent of the Administrative Agent and the Required Lenders and, with respect to certain changes, all Lenders or all Issuing Banks; 

WHEREAS, the Borrower desires to amend, and the Borrower has requested that the Lenders, the Issuing Banks and the Administrative Agent agree
to amend, the Credit Agreement on the terms set forth herein (collectively, the “Amendments”); 
 WHEREAS, in connection
with the Amendments, the Borrower desires to increase the Aggregate Revolving Commitment to $200,000,000 and increase the aggregate amount of the Letter of Credit Sublimits to $25,000,000; 

WHEREAS, substantially concurrently with the Amendments on the Amendment No. 2 Effective Date, the Borrower desires to
(i) voluntarily prepay a portion of the Term Loans of certain Lenders in an aggregate amount equal to $100,000,000 and effect assignments of a portion of the Term Loans of certain of the Lenders to certain other Lenders such that on the
Amendment No. 2 Effective Date after giving effect to such prepayments and assignments each Lender’s Term Loans shall be as set forth beside such Lender’s name on Annex A hereto and (ii) effect assignments of a portion of the new
Revolving Commitments of certain of the Lenders to certain other Lenders such that on the Amendment No. 2 Effective Date after giving effect to such assignments each Lender’s Revolving Commitments shall be as set forth beside such
Lender’s name on Annex B hereto, and the Borrower has requested that the Lenders consent to the voluntary prepayment of Term Loans set forth in clause (i) above and to the assignments of their Term Loans and Revolving Commitments, to the
extent applicable, set forth in clauses (i) and (ii) (collectively, the “Prepayments Consent”); 
 WHEREAS, the
Lenders signatory hereto, constituting all of the Lenders, each Issuing Bank and the Administrative Agent are willing to agree to the Amendments and the Prepayments Consent described herein, subject to the terms and conditions contained herein; 

WHEREAS, the Lenders have agreed that, upon the Amendment No. 2 Effective Date, after giving effect to the prepayment and assignments of
Term Loans described above, the Term Loans shall be as set forth on Annex A hereto and each Lender’s Term Loans, if any, shall be as set forth opposite such Lender’s name on Annex A hereto and after giving effect to the increase in the
Aggregate Revolving Commitments and the assignments of new Revolving Commitments described above, the Revolving Commitments shall be as set forth on Annex B hereto and each Lender’s Revolving Commitment, if any, shall be as set forth opposite
such Lender’s name on Annex B hereto; 

 WHEREAS, the Issuing Banks signatory hereto have agreed that, upon the Amendment No. 2
Effective Date, the Letter of Credit Sublimits shall be as set forth on Annex C hereto and each such Issuing Bank’s Letter of Credit Sublimit shall be as set forth opposite such Issuing Bank’s name on Annex C hereto; and 

WHEREAS, J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated are acting as joint lead arrangers in
connection with this Amendment No. 2 (collectively, the “Amendment No. 2 Joint Lead Arrangers”); 
 NOW,
THEREFORE, in consideration of the premises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

 Section 1. Amendments. Subject to the satisfaction of the conditions set forth in Section 4 hereof, upon the
Amendment No. 2 Effective Date, the Lenders party hereto consent to the following amendments to the Credit Agreement: 
 (a) The
definition of “Aggregate Revolving Commitment” in Section 1.01 of the Credit Agreement is hereby amended by restating the second sentence thereof in its entirety as follows: 

“As of the Amendment No. 2 Effective Date, the Aggregate Revolving Commitment is $200,000,000.” 

(b) The definition of “Applicable Rate” in Section 1.01 of the Credit Agreement is hereby amended by restating the table
contained therein in its entirety as follows: 
  

															
	 	  	Total Leverage Ratio	  	Eurocurrency
Spread	 	 	ABR Spread	 	 	Commitment
Fee Rate	 
	 Category 1:
	  	£ 1.25 to 1.00	  	 	1.50	% 	 	 	0.50	% 	 	 	0.20	% 
	 Category 2:
	  	> 1.25 to 1.00 but £ 2.25 to 1.00	  	 	1.75	% 	 	 	0.75	% 	 	 	0.225	% 
	 Category 3:
	  	> 2.25 to 1.00 but £ 3.25 to 1.00	  	 	2.00	% 	 	 	1.00	% 	 	 	0.25	% 
	 Category 4:
	  	> 3.25 to 1.00	  	 	2.25	% 	 	 	1.25	% 	 	 	0.30	% 

 (c) The definition of “Joint Lead Arranger” in Section 1.01 of the Credit Agreement is hereby
amended by inserting the following phrase at the end thereof: “and the Amendment No. 2 Joint Lead Arrangers.” 

  
 -2- 

 (d) Section 1.01 of the Credit Agreement is hereby amended by inserting the following
defined terms in appropriate alphabetical order therein: 
 “Amendment No. 2 Effective Date” means October 30,
2015, the date on which Amendment No. 2 to this Agreement became effective. 
 “Amendment No. 2 Joint Lead
Arrangers” means J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as Joint Lead Arrangers with respect to Amendment No. 2 to this Agreement. 

(e) Section 2.05(a) of the Credit Agreement is hereby amended by deleting the phrase “Subject to adjustment pursuant to paragraph
(c) of this Section 2.05,” contained therein. 
 (f) Section 2.06(b) of the Credit Agreement is hereby amended by
replacing the phrase “$10,000,000” contained therein with the phrase “$25,000,000”. 
 (g) Section 6.04(r) of the
Credit Agreement is hereby amended by replacing the phrase “$75,000,000” contained therein with the phrase “$125,000,000”. 

(h) Section 6.07(i) of the Credit Agreement is hereby amended by replacing the phrase “$75,000,000” contained therein with the
phrase “$125,000,000”. 
 (i) Section 6.09(a)(v) of the Credit Agreement is hereby amended by replacing the phrase
“$75,000,000” contained therein with the phrase “$125,000,000”. 
 (j) Schedule 2.01(a) of the Credit Agreement is
hereby amended by amending and restating the table contained therein under the heading “Revolving Commitment” in its entirety as set forth on Annex B hereto. Each Lender party hereto agrees that, upon the Amendment No. 2 Effective
Date, the Revolving Commitments shall be as set forth on Annex B hereto and each such Lender’s Revolving Commitment, if any, shall be as set forth opposite such Lender’s name on Annex B hereto. Any Revolving Loans outstanding under the
Credit Agreement immediately prior to the Amendment No. 2 Effective Date shall be repaid with a substantially concurrent Borrowing of Revolving Loans immediately following the Amendment No. 2 Effective Date. 

(k) Schedule 2.01(b) of the Credit Agreement is hereby amended and restated in its entirety as set forth on Annex C hereto. Each Issuing Bank
agrees that, upon the Amendment No. 2 Effective Date, the Letter of Credit Sublimits shall be as set forth on Annex C hereto and each such Issuing Bank’s Letter of Credit Sublimit shall be as set forth opposite such Issuing Bank’s
name on Annex C hereto. 
 Section 2. Prepayments Consent. Subject to the satisfaction of the conditions set forth in
Section 4 hereof, upon the Amendment No. 2 Effective Date, the Lenders party hereto consent, without the delivery of any other prepayment notice, to the voluntary prepayment by the Borrower of the Term Loans of each applicable Lender in an
aggregate amount equal to 

  
 -3- 

 
$100,000,000, such that, after giving effect to such prepayments and the assignments referred to in the next succeeding sentence, the Term Loans of each Lender shall be as is set forth beside
such Lender’s name on Annex A hereto, all on a non-pro rata basis. Subject to the satisfaction of the conditions set forth in Section 4 hereof, upon the Amendment No. 2 Effective Date, each Lender agrees that, without the delivery of
any other assignment documentation, (i) each Lender with a greater amount of Term Loans set forth beside its name on Annex A hereto than it has outstanding immediately prior to the Amendment No. 2 Effective Date shall purchase by
assignment an amount of Term Loans as directed by the Administrative Agent and (ii) each Lender with a lesser amount of Term Loans set forth beside its name on Annex A hereto than it has outstanding immediately prior to the Amendment No. 2
Effective Date shall sell by assignment an amount of Term Loans as directed by the Administrative Agent, in the case of each of clauses (i) and (ii) such that each Lender’s Term Loans on the Amendment No. 2 Effective Date shall
be as set forth beside such Lender’s name on Annex A hereto. Upon the Amendment No. 2 Effective Date, each Lender agrees that, without the delivery of any other assignment documentation, each Lender with a lesser amount of Revolving
Commitments set forth beside its name on Annex B hereto than it has outstanding immediately prior to the Amendment No. 2 Effective Date shall be deemed to have sold by assignment an amount of Revolving Commitments as directed by the
Administrative Agent to one or more of the Lenders with a greater amount of Revolving Commitments set forth beside its name on Annex B hereto than it has outstanding immediately prior to the Amendment No. 2 Effective Date, such that after
giving effect to the increase in the Aggregate Revolving Commitments and any deemed assignments, each Lender’s Revolving Commitments on the Amendment No. 2 Effective Date shall be as set forth beside such Lender’s name on Annex B
hereto. Each Lender party hereto understands and agrees that such voluntary prepayments of Term Loans to occur on the Amendment No. 2 Effective Date shall not increase the Incremental Cap. Each of the Lenders party hereto hereby waives
(x) any compensation pursuant to Section 2.16 of the Credit Agreement with respect to breakage costs or any other similar loss, cost or expense in connection with the prepayments of Eurocurrency Loans to occur on the Amendment No. 2
Effective Date, and (y) any right pursuant to Section 2.18(d) of the Credit Agreement to share ratably in the prepayments contemplated by this Section 2. 

Section 3. Representations and Warranties. The Borrower represents and warrants to the Administrative Agent and each of the
Lenders that: 
 (a) The execution and delivery of this Amendment No. 2 is within the Borrower’s organizational powers and has
been duly authorized by all necessary organizational action on the part of the Borrower. This Amendment No. 2 has been duly executed and delivered by the Borrower and constitutes, a legal, valid and binding obligation of the Borrower,
enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency or similar laws affecting creditors’ rights generally, subject to general principles of equity and subject to implied covenants of good faith and fair
dealing. This Amendment No. 2 will not (i) violate any Requirement of Law in any material respect, (ii) violate the articles of incorporation, bylaws or similar organizational documents of any Loan Party or (iii) violate or
result in a default or require any consent or approval under any indenture, agreement or other instrument binding upon any Loan Party or its property, or give rise to a right thereunder to require any payment to be made by any Loan Party, except, in
the case of this clause (iii), for violations, defaults or the creation of such rights that would not reasonably be expected to result in a Material Adverse Effect. 

  
 -4- 

 (b) Immediately prior to and immediately after giving effect to this Amendment No. 2, the
representations and warranties set forth in Article III of the Credit Agreement and in any other Loan Document are true and correct in all material respects (except where such representations and warranties expressly relate to an earlier date, in
which case such representations and warranties shall have been true and correct in all material respects as of such earlier date); provided that any representation and warranty that is qualified as to “materiality,” “material
adverse effect” or similar language shall be true and correct in all respects (after giving effect to any such qualification therein). 

(c) Immediately prior to and immediately after giving effect to this Amendment No. 2, no Default or Event of Default has occurred and is
continuing. 
 Section 4. Conditions to Effectiveness. This Amendment No. 2 shall become effective as of the first
date (the “Amendment No. 2 Effective Date”) on which the following conditions have been satisfied: 
 (a) the
Administrative Agent (or its counsel) shall have received from all of the Lenders, all of the Issuing Banks and the Borrower either (i) a counterpart of this Amendment No. 2 signed on behalf of such Person or (ii) written evidence
satisfactory to the Administrative Agent (which may include facsimile or .pdf transmission of a signed signature page of this Amendment No. 2) that such Person has signed a counterpart of this Amendment No. 2; 

(b) the representations and warranties set forth in Section 3 hereof shall be true and correct as of the Amendment No. 2
Effective Date; 
 (c) the Borrower shall deliver or cause to be delivered a legal opinion with respect to this Amendment No. 2 of
Hogan Lovells US LLP, as counsel to the Borrower, dated the Amendment No. 2 Effective Date; 
 (d) the Administrative Agent shall have
received a certificate, dated the Amendment No. 2 Effective Date and signed by the President, a Vice President or a Financial Officer of the Borrower, confirming compliance with the condition precedent set forth in clause (b) of this
Section 4; 
 (e) the Company shall have paid (i) for the account of each Lender party hereto, a consent fee equal to 0.02%
of the aggregate principal amount of such Lender’s Term Loans and Revolving Commitments immediately prior to the Amendment No. 2 Effective Date and (ii) for the account of each Revolving Lender that has a greater amount of Revolving
Commitments upon the Amendment No. 2 Effective Date than it did immediately prior to the Amendment No. 2 Effective Date, an upfront fee equal to the product of (a) 0.30% and (b) the Revolving Commitments of such Lender as of the
Amendment No. 2 Effective Date, less (x) the Revolving Commitments of such Lender outstanding immediately prior to the Amendment No. 2 Effective Date, less (y) an amount (which shall not be less than zero) equal to (i) the
aggregate 

  
 -5- 

 
principal amount of Term Loans of such Lender outstanding immediately prior to the Amendment No. 2 Effective Date less (ii) the aggregate principal amount of Term Loans of such Lender
outstanding on the Amendment No. 2 Effective Date; 
 (f) the Company shall have paid all reasonable out of pocket costs and expenses
of the Administrative Agent and the Amendment No. 2 Joint Lead Arrangers in connection with the preparation, negotiation and execution of this Amendment No. 2 (including the reasonable fees and expenses of Cahill Gordon & Reindel
LLP as counsel to the Administrative Agent and the Amendment No. 2 Joint Lead Arrangers); and 
 (g) substantially
concurrently with the Amendment No. 2 Effective Date, the Borrower shall have prepaid such portion of the Term Loans of each Lender in an aggregate principal amount of $100,000,000, such that after giving effect to such prepayment and the
assignments to occur on the Amendment No. 2 Effective Date, each Lender’s Term Loans shall be as set forth beside such Lender’s name on Annex A hereto, together with any accrued and unpaid interest and fees with respect thereto. 

Section 5. Counterparts. This Amendment No. 2 may be executed in any number of counterparts and by the different
parties hereto on separate counterparts, each of which when so executed and delivered shall be deemed to be an original, but all of which when taken together shall constitute a single instrument. Delivery of an executed counterpart of a signature
page of this Amendment No. 2 by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart hereof. 

Section 6. Loan Document. This Amendment No. 2 shall constitute a Loan Document for all purposes under the Credit
Agreement. 
 Section 7. Applicable Law. THIS AMENDMENT NO. 2 SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 Section 8. Headings. The headings of this Amendment
No. 2 are for purposes of reference only and shall not limit or otherwise affect the meaning hereof. 
 Section 9. Effect of
Amendment. Except as expressly set forth herein, this Amendment No. 2 (i) shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders, the Administrative
Agent or the Issuing Banks, in each case under the Credit Agreement or any other Loan Document, and (ii) shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the
Credit Agreement or any other provision of either such agreement or any other Loan Document. Each and every term, condition, obligation, covenant and agreement contained in the Credit Agreement or any other Loan Document (for avoidance of doubt, in
each case, as altered, modified or amended as expressly set forth herein) is hereby ratified and reaffirmed in all respects and shall continue in full force and effect. 

[SIGNATURE PAGES FOLLOW] 

  
 -6- 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 2 to be duly executed
by their respective authorized officers as of the day and year first above written. 
  

					
	THE ADVISORY BOARD COMPANY, as Borrower
		
	By:	 	/s/ Michael Kirshbaum
		 	  

		 	Name:	 	Michael Kirshbaum
		 	Title:	 	Chief Financial Officer and Treasurer

 [Amendment No. 2 Signature Page] 

 
					
	 JPMORGAN CHASE BANK, N.A.,
 as
Administrative Agent

		
	By:	 	/s/ James A. Knight
		 	  

		 	Name:	 	James A. Knight
		 	Title:	 	Vice President

  
 [Amendment No. 2
Signature Page] 

 
					
	 JPMORGAN CHASE BANK, N.A.,
 as
Issuing Bank

		
	By:	 	/s/ James A. Knight
		 	  

		 	Name:	 	James A. Knight
		 	Title:	 	Vice President

  
 [Amendment No. 2
Signature Page] 

 
					
	 Bank of America, N.A.,
 as Issuing
Bank

		
	By:	 	/s/ Monica Sevila
		 	  

		 	Name:	 	Monica Sevila
		 	Title:	 	Senior Vice President

  
 [Amendment No. 2
Signature Page] 

 
					
	 MORGAN STANLEY BANK, N.A.,
 as
Issuing Bank

		
	By:	 	/s/ Michael King
		 	  

		 	Name:	 	Michael King
		 	Title:	 	Authorized Signatory

  
 [Amendment No. 2
Signature Page] 

 The undersigned hereby executes this Amendment No. 2 as a Lender and (i) consents to the Amendments and
the Prepayments Consent, (ii) agrees that, upon the Amendment No. 2 Effective Date, the Term Loans shall be as set forth on Annex A to Amendment No. 2 and such Lender’s Term Loans (after giving effect to the prepayments and
assignments described in Amendment No. 2), if any, shall be as set forth opposite such Lender’s name on Annex A to Amendment No. 2 and (iii) agrees that, upon the Amendment No. 2 Effective Date, the Revolving Commitments
shall be as set forth on Annex B to Amendment No. 2 and such Lender’s Revolving Commitment, if any, shall be as set forth opposite such Lender’s name on Annex B to Amendment No. 2: 

 

					
	 JPMORGAN CHASE BANK, N.A.,
 as a
Lender

		
	By:	 	/s/ James A. Knight
		 	  

		 	Name:	 	James A. Knight
		 	Title:	 	Vice President

  
 [Amendment No. 2
Signature Page] 

 The undersigned hereby executes this Amendment No. 2 as a Lender and (i) consents to the Amendments and
the Prepayments Consent, (ii) agrees that, upon the Amendment No. 2 Effective Date, the Term Loans shall be as set forth on Annex A to Amendment No. 2 and such Lender’s Term Loans (after giving effect to the prepayments and
assignments described in Amendment No. 2), if any, shall be as set forth opposite such Lender’s name on Annex A to Amendment No. 2 and (iii) agrees that, upon the Amendment No. 2 Effective Date, the Revolving Commitments
shall be as set forth on Annex B to Amendment No. 2 and such Lender’s Revolving Commitment, if any, shall be as set forth opposite such Lender’s name on Annex B to Amendment No. 2: 

 

					
	 Bank of America, N.A.,
 as a
Lender

		
	By:	 	/s/ Monica Sevila
		 	  

		 	Name:	 	Monica Sevila
		 	Title:	 	Senior Vice President

  
 [Amendment No. 2
Signature Page] 

 The undersigned hereby executes this Amendment No. 2 as a Lender and (i) consents to the Amendments and
the Prepayments Consent, (ii) agrees that, upon the Amendment No. 2 Effective Date, the Term Loans shall be as set forth on Annex A to Amendment No. 2 and such Lender’s Term Loans (after giving effect to the prepayments and
assignments described in Amendment No. 2), if any, shall be as set forth opposite such Lender’s name on Annex A to Amendment No. 2 and (iii) agrees that, upon the Amendment No. 2 Effective Date, the Revolving Commitments
shall be as set forth on Annex B to Amendment No. 2 and such Lender’s Revolving Commitment, if any, shall be as set forth opposite such Lender’s name on Annex B to Amendment No. 2: 

 

											
		 		 		 	 SunTrust Bank,
 as a
Lender

					
		 		 		 	By:	 	 /s/ Dave Bennett

		 		 		 		 	Name:	 	Dave Bennett
		 		 		 		 	Title:	 	Director
					
		 	For any institution requiring a second signatory:	 		 	By:	 	  

		 		 		 		 	Name:	 	
		 		 		 		 	Title:	 	

  
 [Amendment No. 2
Signature Page] 

 The undersigned hereby executes this Amendment No. 2 as a Lender and (i) consents to the Amendments and
the Prepayments Consent, (ii) agrees that, upon the Amendment No. 2 Effective Date, the Term Loans shall be as set forth on Annex A to Amendment No. 2 and such Lender’s Term Loans (after giving effect to the prepayments and
assignments described in Amendment No. 2), if any, shall be as set forth opposite such Lender’s name on Annex A to Amendment No. 2 and (iii) agrees that, upon the Amendment No. 2 Effective Date, the Revolving Commitments
shall be as set forth on Annex B to Amendment No. 2 and such Lender’s Revolving Commitment, if any, shall be as set forth opposite such Lender’s name on Annex B to Amendment No. 2: 

 

					
	 MUFG Union Bank, N.A.,
 as a
Lender

		
	By:	 	 /s/ Michael Gardner

		 	Name:	 	Michael Gardner
		 	Title:	 	Director

  
 [Amendment No. 2
Signature Page] 

 The undersigned hereby executes this Amendment No. 2 as a Lender and (i) consents to the Amendments and
the Prepayments Consent, (ii) agrees that, upon the Amendment No. 2 Effective Date, the Term Loans shall be as set forth on Annex A to Amendment No. 2 and such Lender’s Term Loans (after giving effect to the prepayments and
assignments described in Amendment No. 2), if any, shall be as set forth opposite such Lender’s name on Annex A to Amendment No. 2 and (iii) agrees that, upon the Amendment No. 2 Effective Date, the Revolving Commitments
shall be as set forth on Annex B to Amendment No. 2 and such Lender’s Revolving Commitment, if any, shall be as set forth opposite such Lender’s name on Annex B to Amendment No. 2: 

 

					
	 Wells Fargo Bank, N.A.,
 as a
Lender

		
	By:	 	 /s/ Frank S. Kaulback, III

		 	Name:	 	Frank S. Kaulback, III
		 	Title:	 	Senior Vice President

  
 [Amendment No. 2
Signature Page] 

 The undersigned hereby executes this Amendment No. 2 as a Lender and (i) consents to the Amendments and
the Prepayments Consent, (ii) agrees that, upon the Amendment No. 2 Effective Date, the Term Loans shall be as set forth on Annex A to Amendment No. 2 and such Lender’s Term Loans (after giving effect to the prepayments and
assignments described in Amendment No. 2), if any, shall be as set forth opposite such Lender’s name on Annex A to Amendment No. 2 and (iii) agrees that, upon the Amendment No. 2 Effective Date, the Revolving Commitments
shall be as set forth on Annex B to Amendment No. 2 and such Lender’s Revolving Commitment, if any, shall be as set forth opposite such Lender’s name on Annex B to Amendment No. 2: 

 

					
	 PNC BANK, NATIONAL ASSOCIATION,
 as
a Lender

		
	By:	 	 /s/ Steven Day

		 	Name:	 	Steven Day
		 	Title:	 	Assistant Vice President

  
 [Amendment No. 2
Signature Page] 

 The undersigned hereby executes this Amendment No. 2 as a Lender and (i) consents to the Amendments and
the Prepayments Consent, (ii) agrees that, upon the Amendment No. 2 Effective Date, the Term Loans shall be as set forth on Annex A to Amendment No. 2 and such Lender’s Term Loans (after giving effect to the prepayments and
assignments described in Amendment No. 2), if any, shall be as set forth opposite such Lender’s name on Annex A to Amendment No. 2 and (iii) agrees that, upon the Amendment No. 2 Effective Date, the Revolving Commitments
shall be as set forth on Annex B to Amendment No. 2 and such Lender’s Revolving Commitment, if any, shall be as set forth opposite such Lender’s name on Annex B to Amendment No. 2: 

 

					
	 REGIONS BANK,
 as a
Lender

		
	By:	 	 /s/ Bruce Rudolph

		 	Name:	 	Bruce Rudolph
		 	Title:	 	Vice President

  
 [Amendment No. 2
Signature Page] 

 The undersigned hereby executes this Amendment No. 2 as a Lender and (i) consents to the Amendments and
the Prepayments Consent, (ii) agrees that, upon the Amendment No. 2 Effective Date, the Term Loans shall be as set forth on Annex A to Amendment No. 2 and such Lender’s Term Loans (after giving effect to the prepayments and
assignments described in Amendment No. 2), if any, shall be as set forth opposite such Lender’s name on Annex A to Amendment No. 2 and (iii) agrees that, upon the Amendment No. 2 Effective Date, the Revolving Commitments
shall be as set forth on Annex B to Amendment No. 2 and such Lender’s Revolving Commitment, if any, shall be as set forth opposite such Lender’s name on Annex B to Amendment No. 2: 

 

					
	 Citizens Bank, N.A,
 as a
Lender

		
	By:	 	 /s/ William McClassy

		 	Name:	 	William McClassy
		 	Title:	 	Sr. Vice President

  
 [Amendment No. 2
Signature Page] 

 The undersigned hereby executes this Amendment No. 2 as a Lender and (i) consents to the Amendments and
the Prepayments Consent, (ii) agrees that, upon the Amendment No. 2 Effective Date, the Term Loans shall be as set forth on Annex A to Amendment No. 2 and such Lender’s Term Loans (after giving effect to the prepayments and
assignments described in Amendment No. 2), if any, shall be as set forth opposite such Lender’s name on Annex A to Amendment No. 2 and (iii) agrees that, upon the Amendment No. 2 Effective Date, the Revolving Commitments
shall be as set forth on Annex B to Amendment No. 2 and such Lender’s Revolving Commitment, if any, shall be as set forth opposite such Lender’s name on Annex B to Amendment No. 2: 

 

					
	 HSBC Bank USA, N.A.,
 as a
Lender

		
	By:	 	 /s/ John P Treadwell Jr.

		 	Name:	 	John P Treadwell Jr.
		 	Title:	 	Vice President

  
 RESTRICTED - [Amendment
No. 2 Signature Page] 

 The undersigned hereby executes this Amendment No. 2 as a Lender and (i) consents to the Amendments and
the Prepayments Consent, (ii) agrees that, upon the Amendment No. 2 Effective Date, the Term Loans shall be as set forth on Annex A to Amendment No. 2 and such Lender’s Term Loans (after giving effect to the prepayments and
assignments described in Amendment No. 2), if any, shall be as set forth opposite such Lender’s name on Annex A to Amendment No. 2 and (iii) agrees that, upon the Amendment No. 2 Effective Date, the Revolving Commitments
shall be as set forth on Annex B to Amendment No. 2 and such Lender’s Revolving Commitment, if any, shall be as set forth opposite such Lender’s name on Annex B to Amendment No. 2: 

 

											
		 		 		 	 HEALTHCARE FINANCIAL SOLUTIONS, LLC,

as a Lender

					
		 		 		 	By:	 	 /s/ Hanes Whiteley

		 		 		 		 	Name:	 	Hanes Whiteley
		 		 		 		 	Title:	 	Duly Authorized Signatory
					
		 	For any institution requiring a second signatory:	 		 	By:	 	  

		 		 		 		 	Name:	 	
		 		 		 		 	Title:	 	

  
 [Amendment No. 2
Signature Page] 

 The undersigned hereby executes this Amendment No. 2 as a Lender and (i) consents to the Amendments and
the Prepayments/Terminations Consent, (ii) agrees that, upon the Amendment No. 2 Effective Date, the Term Loans shall be as set forth on Annex A to Amendment No. 2 and such Lender’s Term Loans (after giving effect to the
prepayments and assignments described in Amendment No. 2), if any, shall be as set forth opposite such Lender’s name on Annex A to Amendment No. 2 and (iii) agrees that, upon the Amendment No. 2 Effective Date, the Revolving
Commitments shall be as set forth on Annex B to Amendment No. 2 and such Lender’s Revolving Commitment, if any, shall be as set forth opposite such Lender’s name on Annex B to Amendment No. 2: 

 

					
	 Capital One, N.A.,
 As a
Lender

		
	By:	 	 /s/ Katherine A. Marcotte

			
		 	Name:	 	Katherine A. Marcotte
		 	Title:	 	Senior Vice President

  
 [Amendment No. 2
Signature Page] 

 The undersigned hereby executes this Amendment No. 2 as a Lender and (i) consents to the Amendments and
the Prepayments Consent, (ii) agrees that, upon the Amendment No. 2 Effective Date, the Term Loans shall be as set forth on Annex A to Amendment No. 2 and such Lender’s Term Loans (after giving effect to the prepayments and
assignments described in Amendment No. 2), if any, shall be as set forth opposite such Lender’s name on Annex A to Amendment No. 2 and (iii) agrees that, upon the Amendment No. 2 Effective Date, the Revolving Commitments
shall be as set forth on Annex B to Amendment No. 2 and such Lender’s Revolving Commitment, if any, shall be as set forth opposite such Lender’s name on Annex B to Amendment No. 2: 

 

					
	 Barclays Bank PLC,
 as a
Lender

		
	By:	 	 /s/ Mathew Cybul

		 	Name:	 	Mathew Cybul
		 	Title:	 	Assistant Vice President

  
 [Amendment No. 2
Signature Page] 

 The undersigned hereby executes this Amendment No. 2 as a Lender and (i) consents to the Amendments and
the Prepayments Consent, (ii) agrees that, upon the Amendment No. 2 Effective Date, the Term Loans shall be as set forth on Annex A to Amendment No. 2 and such Lender’s Term Loans (after giving effect to the prepayments and
assignments described in Amendment No. 2), if any, shall be as set forth opposite such Lender’s name on Annex A to Amendment No. 2 and (iii) agrees that, upon the Amendment No. 2 Effective Date, the Revolving Commitments
shall be as set forth on Annex B to Amendment No. 2 and such Lender’s Revolving Commitment, if any, shall be as set forth opposite such Lender’s name on Annex B to Amendment No. 2: 

 

											
		 		 		 	 TD Bank, N.A.,
 as a
Lender

					
		 		 		 	By:	 	 /s/ Mark Worthy

		 		 		 		 	Name:	 	Mark Worthy
		 		 		 		 	Title:	 	Vice President
					
		 	For any institution requiring a second signatory:	 		 	By:	 	  

		 		 		 		 	Name:	 	
		 		 		 		 	Title:	 	

  
 [Amendment No. 2
Signature Page] 

 The undersigned hereby executes this Amendment No. 2 as a Lender and (i) consents to the Amendments and
the Prepayments Consent, (ii) agrees that, upon the Amendment No. 2 Effective Date, the Term Loans shall be as set forth on Annex A to Amendment No. 2 and such Lender’s Term Loans (after giving effect to the prepayments and
assignments described in Amendment No. 2), if any, shall be as set forth opposite such Lender’s name on Annex A to Amendment No. 2 and (iii) agrees that, upon the Amendment No. 2 Effective Date, the Revolving Commitments
shall be as set forth on Annex B to Amendment No. 2 and such Lender’s Revolving Commitment, if any, shall be as set forth opposite such Lender’s name on Annex B to Amendment No. 2: 

 

					
	 RAYMOND JAMES BANK, N.A.,
 as a
Lender

		
	By:	 	 /s/ Alexander L. Rody

		 	Name:	 	Alexander L. Rody
		 	Title:	 	Senior Vice President

  
 [Amendment No. 2
Signature Page] 

 The undersigned hereby executes this Amendment No. 2 as a Lender and (i) consents to the Amendments and
the Prepayments/Terminations Consent, (ii) agrees that, upon the Amendment No. 2 Effective Date, the Term Loans shall be as set forth on Annex A to Amendment No. 2 and such Lender’s Term Loans (after giving effect to the
prepayments and assignments described in Amendment No. 2), if any, shall be as set forth opposite such Lender’s name on Annex A to Amendment No. 2 and (iii) agrees that, upon the Amendment No. 2 Effective Date, the Revolving
Commitments shall be as set forth on Annex B to Amendment No. 2 and such Lender’s Revolving Commitment, if any, shall be as set forth opposite such Lender’s name on Annex B to Amendment No. 2 

 

					
	 Morgan Stanley Senior Funding, Inc.,

as a Lender

		
	By:	 	 /s/ Michael King

			
		 	Name:	 	Michael King
		 	Title:	 	Vice President

  
 [Amendment No. 2
Signature Page] 

 The undersigned hereby executes this Amendment No. 2 as a Lender and (i) consents to the Amendments and
the Prepayments/Terminations Consent, (ii) agrees that, upon the Amendment No. 2 Effective Date, the Term Loans shall be as set forth on Annex A to Amendment No. 2 and such Lender’s Term Loans (after giving effect to the
prepayments and assignments described in Amendment No. 2), if any, shall be as set forth opposite such Lender’s name on Annex A to Amendment No. 2 and (iii) agrees that, upon the Amendment No. 2 Effective Date, the Revolving
Commitments shall be as set forth on Annex B to Amendment No. 2 and such Lender’s Revolving Commitment, if any, shall be as set forth opposite such Lender’s name on Annex B to Amendment No. 2: 

 

					
	 Morgan Stanley Bank, N.A.,

as a Lender

		
	By:	 	 /s/ Michael King

		 	Name:	 	Michael King
		 	Title:	 	Authorized Signatory

  
 [Amendment No. 2
Signature Page] 

 The undersigned hereby executes this Amendment No. 2 as a Lender and (i) consents to the Amendments and
the Prepayments Consent, (ii) agrees that, upon the Amendment No. 2 Effective Date, the Term Loans shall be as set forth on Annex A to Amendment No. 2 and such Lender’s Term Loans (after giving effect to the prepayments and
assignments described in Amendment No. 2), if any, shall be as set forth opposite such Lender’s name on Annex A to Amendment No. 2 and (iii) agrees that, upon the Amendment No. 2 Effective Date, the Revolving Commitments
shall be as set forth on Annex B to Amendment No. 2 and such Lender’s Revolving Commitment, if any, shall be as set forth opposite such Lender’s name on Annex B to Amendment No. 2: 

 

											
		 		 		 	United Bank as a Lender
					
		 		 		 	By:	 	 /s/ Tom Wolcott

		 		 		 		 	Tom Wolcott
		 		 		 		 	SVP Shared National Credit
					
		 	For any institution requiring a second signatory:	 		 	By:	 	  

		 		 		 		 	Name:	 	
		 		 		 		 	Title:	 	

  
 [Amendment No. 2
Signature Page] 

 The undersigned hereby executes this Amendment No. 2 as a Lender and (i) consents to the Amendments and
the Prepayments Consent, (ii) agrees that, upon the Amendment No. 2 Effective Date, the Term Loans shall be as set forth on Annex A to Amendment No. 2 and such Lender’s Term Loans (after giving effect to the prepayments and
assignments described in Amendment No. 2), if any, shall be as set forth opposite such Lender’s name on Annex A to Amendment No. 2 and (iii) agrees that, upon the Amendment No. 2 Effective Date, the Revolving Commitments
shall be as set forth on Annex B to Amendment No. 2 and such Lender’s Revolving Commitment, if any, shall be as set forth opposite such Lender’s name on Annex B to Amendment No. 2: 

 

											
		 		 		 	 GENERAL ELECTRIC CAPITAL CORPORATION,

as a Lender

					
		 		 		 	By:	 	 /s/ Hanes Whiteley

		 		 		 		 	Name:	 	Hanes Whiteley
		 		 		 		 	Title:	 	Duly Authorized Signatory
					
		 	For any institution requiring a second signatory:	 		 	By:	 	  

		 		 		 		 	Name:	 	
		 		 		 		 	Title:	 	

  
 [Amendment No. 2
Signature Page] 

 Annex A 

Term Loans 
  

					
	 Lender
	  	Term Loans	 
	 JPMorgan Chase Bank, N.A.
	  	$	51,180,555.64	  
	 Bank of America, N.A.
	  	$	51,180,555.56	  
	 SunTrust Bank
	  	$	40,944,444.44	  
	 MUFG Union Bank, N.A.
	  	$	34,120,370.36	  
	 Wells Fargo Bank, N.A.
	  	$	34,120,370.36	  
	 PNC Bank, National Association
	  	$	34,120,370.36	  
	 Regions Bank
	  	$	34,120,370.36	  
	 Citizens Bank, N.A.
	  	$	34,120,370.36	  
	 HSBC Bank USA, N.A.
	  	$	23,884,259.25	  
	 Healthcare Financial Solutions, LLC
	  	$	23,884,259.25	  
	 Capital One, N.A.
	  	$	23,884,259.25	  
	 Barclays Bank PLC
	  	$	23,884,259.25	  
	 TD Bank, N.A.
	  	$	21,065,619.98	  
	 Raymond James Bank, N.A.
	  	$	20,027,173.91	  
	 Morgan Stanley Senior Funding, Inc.
	  	$	6,082,326.89	  
	 United Bank
	  	$	4,005,434.78	  
		  	  
	  
	 
	 Total
	  	$	460,625,000.00	  
		  	  
	  
	 

 Annex B 

Revolving Commitment 
  

					
	 Revolving Lender
	  	Revolving Commitment	 
	 JPMorgan Chase Bank, N.A.
	  	$	22,222,222.22	  
	 Bank of America, N.A.
	  	$	22,222,222.21	  
	 MUFG Union Bank, N.A.
	  	$	20,032,206.12	  
	 SunTrust Bank
	  	$	17,777,777.78	  
	 Wells Fargo Bank, N.A.
	  	$	14,814,814.82	  
	 PNC Bank, National Association
	  	$	14,814,814.82	  
	 Regions Bank
	  	$	14,814,814.82	  
	 Citizens Bank, N.A.
	  	$	14,814,814.82	  
	 HSBC Bank USA, N.A.
	  	$	10,370,370.37	  
	 Healthcare Financial Solutions, LLC
	  	$	10,370,370.37	  
	 Capital One, N.A.
	  	$	10,370,370.37	  
	 Barclays Bank PLC
	  	$	10,370,370.37	  
	 Morgan Stanley Bank, N.A.
	  	$	8,727,858.29	  
	 TD Bank, N.A.
	  	$	8,276,972.62	  
	 General Electric Capital Corporation
	  	$	0.00	  
		  	  
	  
	 
	 Total
	  	$	200,000,000.00	  
		  	  
	  
	 

 Annex C 

Schedule 2.01(b) – LETTER OF CREDIT SUBLIMITS 
  

					
	 L/C Issuer
	  	Letter of Credit Sublimit	 
	 JPMorgan Chase Bank, N.A.
	  	$	12,500,000	  
	 Bank of America, N.A.
	  	$	7,500,000	  
	 Morgan Stanley Bank, N.A.
	  	$	5,000,000Exhibit 10.1

 

RESTATED AMENDMENT TO EMPLOYMENT AGREEMENT

 

This Restated Amendment to Employment Agreement (“Amendment”) dated November 5, 2014, amends that certain Employment Agreement dated October 1, 2005 as amended by the First Amendment to Employment Agreement dated July 12, 2009 (hereafter “the Employment Agreement”), between Nortech Systems Incorporated (“Nortech”) and Michael J. Degen (“Degen”).

 

RECITALS

 

WHEREAS, the Board of Directors of Nortech (the “Board”) during its duly noticed meetings on November 20 and December 11, 2013 approved the following:

 

(a)                                 That Degen will remain employed with Nortech until December 31, 2014 pursuant to the terms of the Employment Agreement, except that Degen’s annual salary for 2014 will be $140,800 instead of $352,000, but Degen will also receive an executive bonus of 15% of his base annual salary grossed-up for taxes and an incentive bonus of no less than $70,400 and no more than $140,800 for the 2014 calendar year if earned based on financial performance of Nortech;

 

(b)                                 That for calendar year 2014, Degen shall receive all other benefits as set forth under Nortech’s Benefits plan as administered by Insperity;

 

(c)                                  That Degen shall receive all equity rights per the Equity Appreciation Rights Plan documents, and that all of Degen’s stock options which have been granted will be administered per the approved plan documents;

 

(d)                                 That for the calendar year 2014 Nortech will provide to Degen and his wife, Ruth Degen, $10,000 for financial planning and tax preparation services, to be used by April 15, 2015;

 

(e)                                  That for the calendar years 2014, 2015, 2016, 2017, and 2018, Nortech will reimburse Degen and his wife, Ruth Degen, for the cost of their annual physical examinations; to be conducted at The Mayo Clinic;

 

(f)                                   That, consistent with the First Amendment to Employment Agreement dated July 12, 2009, Nortech will reimburse Degen and Ruth Degen for their health and dental insurance (Blue Cross/Blue Shield Senior Gold or the equivalent) for the rest of their lives, subject to the terms of this Amendment.

 

(g)                                  That the Change in Control Agreement entered into as of October 1, 2002 will remain in effect until December 31, 2014, and shall terminate on such date; and

 

WHEREAS, on August 5, 2015, the Board approved this Amendment as restated.

 

NOW, THEREFORE, NORTECH AND DEGEN AGREE AS FOLLOWS:

 

1.                                      All of the recitals listed above are hereby incorporated into this Amendment.  All references to Nortech’s payment of life insurance premiums on a policy or policies of insurance on Degen’s life in the Employment Agreement are hereby deleted.

 

 

2.                                      The references to Nortech’s payment of premiums on policies of supplemental health insurance for Degen and his spouse for their lives in the Employment Agreement are hereby amended by adding the following provision:

 

A.                                    Nortech shall reimburse Degen and his wife for the annual cost of coverage for Degen and his wife under the Blue Cross/Blue Shield Senior Gold plan with all coverage options, the Blue Cross/Blue Shield Medicare Blue Rx Standard plan, and the Blue Cross/Blue Shield Dental Plan, or equivalent plans in the discretion of Degen and his wife, for the rest of each of their lives.

 

IN WITNESS WHEREOF, the parties have executed this Amendment effective as of the day and year first above written, restated as of August 5, 2015.

 

	
NORTECH SYSTEMS INCORPORATED
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
By:
    	
/s/ Richard G.   Wasielewski
    	
By:
    	
/s/ Michael J. Degen
    
	
 
    	
Richard G. Wasielewski,   CEO
    	
 
    	
Michael J. Degen
    

 

2

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