Document:

Exhibit 10-BBah TAA Waiver

Exhibit 10-BBah

THIRD AMENDMENT TO
LIMITED WAIVER

THIS THIRD AMENDMENT TO LIMITED WAIVER dated as of January 27, 2014 (the “Agreement”) is entered into among TECH DATA CORPORATION, a Florida corporation (“Tech Data”), as collection agent (in such capacity, the “Collection Agent”), TECH DATA FINANCE SPV, INC., a Delaware corporation, as transferor (in such capacity, the “Transferor”), LIBERTY STREET FUNDING LLC, a Delaware limited liability company, as a Class Conduit and as a Class Investor, CHARIOT FUNDING LLC, a Delaware limited liability company, as successor by merger to Falcon Asset Securitization Company LLC, as a Class Conduit and as a Class Investor, THE BANK OF NOVA SCOTIA, a banking corporation organized and existing under the laws of Canada, acting through its New York Agency, as a Class Agent and as a Class Investor, JPMORGAN CHASE BANK, N.A. (successor by merger to Bank One, N.A.), a national banking association, as a Class Agent and as a Class Investor, and BANK OF AMERICA, NATIONAL ASSOCIATION, a national banking association, as a Class Investor and as Administrative Agent, under and in connection with that certain Transfer and Administration Agreement dated as of May 19, 2000, as last amended by Amendment No. 19 thereto, dated as of August 12, 2013 (as amended, the “Transfer and Administration Agreement”), among the parties hereto.  All capitalized terms used herein and not otherwise defined herein shall have the meanings given to such terms in the Transfer and Administration Agreement.

RECITALS

WHEREAS, Tech Data, including in its capacity as the Collection Agent and the Transferor (collectively, the “Tech Data Parties”) and the Administrative Agent, the Class Agents, the Class Conduits and the Class Investors (collectively, the “Waiving Parties”) entered into the Transfer and Administration Agreement;

WHEREAS, the Tech Data Parties and the Waiving Parties entered into that certain Limited Waiver dated as of April 29, 2013, as amended by the First Amendment thereto, dated as of July 29, 2013, and the Second Amendment thereto, dated as of October 16, 2013  (as amended, the “Limited Waiver”), a copy of which is attached hereto as Exhibit A; and

WHEREAS, the Tech Data Parties have requested, and the Waiving Parties have agreed, to enter into certain amendments to the Limited Waiver, on the terms and conditions set forth herein; 

WHEREAS, the Tech Data Parties have informed the Waiving Parties that, as a result of the Specified Financial Reporting Matters, as defined in the Limited Waiver, Tech Data may be unable to hold its annual shareholders’ meeting relating to fiscal year ended January 31, 2013, and has further requested, and the Waiving Parties have agreed, to grant additional waivers with respect to Tech Data’s failure to hold such shareholders’ meeting;

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.    Amendment.  Upon the satisfaction of the conditions set forth in Section 3, the Limited Waiver is hereby amended as follows:

(a)    The fifth recital is hereby deleted in its entirety and replaced with the following:

“WHEREAS, the Tech Data Parties have further informed the Waiving Parties that Tech Data may be unable to hold an annual meeting for the fiscal year ended January 31, 2013 (the “2013 Annual Meeting”) due to the delay in preparation of its 2013 Financial Statements (the “Annual Meeting Matter”), as required by the NASDAQ Stock Market (“NASDAQ”) listing requirements and Florida law;

“WHEREAS, the Tech Data Parties have requested that the Waiving Parties (i) extend the required date of delivery for the Transferor 2013 Financial Statements required by Section 5.1(a)(i) of the Transfer and Administration Agreement, (ii) extend the required date of delivery for the Tech Data 2013 Financial Statements and the related certificate of Tech Data’s independent certified public accountants required by Section 5.3(a)(i) of the Transfer and Administration Agreement, (iii) extend the required date of delivery of the Affected Quarterly Financial Statements required by Sections 5.1(a)(ii) and 5.3(a)(ii) of the Transfer and Administration Agreement, (iv) extend the required date of delivery of the related Compliance Certificates required by Sections 5.1(a)(iii) and 5.3(a)(iii) of the Transfer and Administration Agreement, (v) agree to waive any Termination Events that would otherwise arise under Sections 7.1(c) or 7.1(d) of the Transfer and Administration Agreement as a result of any non-compliance with Section 5.1(a)(i), 5.1(a)(ii), 5.1(a)(iii), 5.3(a)(i), 5.3(a)(ii) or 5.3(a)(iii) related to the late delivery of the 2013 Financial Statements, the potential late delivery of the Affected Quarterly Financial Statements and the late delivery and potential late delivery of the related Compliance Certificates, and (vi) agree to waive any Termination Events that would otherwise arise under Sections 7.1(b), 7.1(c) or 7.1(e) of the Transfer and Administration Agreement as a result of any breach of the representation and warranty made pursuant to Section 3.1(r)(vi) or any non-compliance with Section 5.1(c), 5.2(i)(ii) or 5.3(c) due to the Annual Meeting Matter;”

(b)    Section 1(a) of the Limited Waiver is hereby amended and restated in its entirety to read as follows:

“waive, to the extent resulting from the Specified Financial Reporting Matters or the Annual Meeting Matter: (i) compliance with Sections 5.1(a)(i), 5.1(a)(ii), 5.1(a)(iii), 5.3(a)(i), 5.3(a)(ii) and 5.3(a)(iii) of the Transfer and Administration Agreement, as applicable, with respect to the 2013 Financial Statements, the Affected Quarterly Financial Statements and the related Compliance Certificates and (ii) any Termination Events that would otherwise arise under Sections 7.1(c) or 7.1(d) of the Transfer and Administration Agreement with respect to the 2013 Financial Statements, the Affected Quarterly Financial Statements or the Compliance Certificates as a result of any breach of or non-compliance with Sections 3.1(r)(vi), 5.1(a)(i), 5.1(a)(ii), 5.1(a)(iii), 5.3(a)(i), 5.3(a)(ii) and 5.3(a)(iii), (iii) compliance with Sections 5.1(c), 5.2(i)(ii) and 5.3(c) of the Transfer and Administration Agreement with respect to the 2013 Annual Meeting, and (iv) any Termination Events that would arise under Sections 7.1(b), 7.1(c) or 7.1(e) of the Transfer and Administration Agreement with respect to the Annual Meeting Matter as a result of any breach of or non-compliance with Sections 3.1(r)(vi), 5.1(c), 5.2(i)(ii) or 5.3(c); provided that it is understood and agreed that (x) failure of the Tech Data Parties to deliver restated Prior Financial Statements and 2013 Financial 

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Statements on or before February 28, 2014 (which, in the case of Tech Data, may be provided as part of Tech Data’s Annual Report on Form 10-K for fiscal year ended January 31, 2013) showing results for consolidated net income that are substantially consistent (within $20,000,000, and excluding the effect of recognizing up to $42,000,000 of additional tax contingencies in the 2013 Financial Statements) with the estimates of consolidated net income reductions included in Part IV of the SEC Filing and (y) failure of Tech Data to obtain an applicable exception from NASDAQ on or before March 27, 2014 with respect to the Annual Meeting Matter or if NASDAQ takes any action or fails to take any action in connection with the Annual Meeting Matter that could reasonably be likely to result in the delisting of Tech Data from NASDAQ or actually results in the delisting of Tech Data from NASDAQ, shall in each case constitute an immediate Termination Event, except as may be further amended upon mutual agreement between the Tech Data Parties and the Waiving Parties;”

(c)    Section 1(b) of the Limited Waiver is hereby amended and restated in its entirety to read as follows:

“waive, to the extent resulting from the Specified Financial Reporting Matters or the Annual Meeting Matter: (i) all breaches of certifications, representations and warranties made under the Transfer and Administration Agreement, past amendments to the Transfer and Administration Agreement or other Transaction Documents (or any document delivered in connection therewith), including, for the avoidance of doubt, any certifications, representations and warranties made in the event of any Transfer under the Transfer and Administration Agreement prior to February 28, 2014, but excluding any breach of Section 3.1(a) of the Transfer and Administration Agreement to the extent that non-compliance with respect to the Annual Meeting Matter results in a material adverse effect to any Tech Data Party, (ii) all Termination Events or Potential Termination Events caused by violations, if any, of Section 3.1(r)(vi), 5.1(a), 5.1(c), 5.1(e), 5.1(m), 5.2(i)(ii), 5.3(a), 5.3(c) or 5.3(e) of the Transfer and Administration Agreement, (iii) the failure to satisfy any conditions precedent in connection with any past amendments to the Transfer and Administration Agreement, (iv) any Termination Events that would otherwise arise or have arisen under Section 7.1(a), 7.1(b), 7.1(c), 7.1(d) or 7.1(e) of the Transfer and Administration Agreement as a result of non-compliance with any of the items listed in subclauses (i), (ii) or (iii) immediately above, (v) until the earlier of (1) February 15, 2014, in the case of Material Debt Agreements, (2) February 28, 2014, in the case of other Indebtedness and (3) the date of acceleration of any such Indebtedness or enforcement of a lien securing such Indebtedness, any Termination Event that would arise or have arisen under Section 7.1(f) of the Transfer and Administration Agreement as a result of any default under any Indebtedness that would have permitted or, would permit the holders of such Indebtedness to declare such Indebtedness due prior to its stated maturity, as a result of (A) breaches of information accuracy or compliance obligations, covenants, conditions precedent, certifications, representations or warranties relating to the Specified Financial Reporting Matters or the Annual Meeting Matter or (B) any failure to file with the SEC or deliver to holders of any Indebtedness the 2013 Financial Statements, the Affected Quarterly Financial Statements (including any related certificates of independent public accountants or compliance certificates) or any other document required to be delivered in connection therewith, as and when required by the terms of such Indebtedness resulting from the Specified Financial Reporting Matters, and (vi) any Termination Event that would or may have arisen under Section 7.1(j) of the Transfer and Administration Agreement as a result of materially 

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affecting Tech Data’s ability to perform any of its waived obligations set forth above; provided that it is understood and agreed that (x) failure of the Tech Data Parties to deliver restated Prior Financial Statements and 2013 Financial Statements on or before February 28, 2014 (which, in the case of Tech Data, may be provided as part of Tech Data’s Annual Report on Form 10-K for fiscal year ended January 31, 2013) showing results for consolidated net income that are substantially consistent (within $20,000,000, and excluding the effect of recognizing up to $42,000,000 of additional tax contingencies in the 2013 Financial Statements) with the estimates of consolidated net income reductions included in Part IV of the SEC Filing and (y) failure of Tech Data to obtain an applicable exception from NASDAQ on or before March 27, 2014 with respect to the Annual Meeting Matter or if NASDAQ takes any action or fails to take any action in connection with the Annual Meeting Matter that could reasonably be likely to result in the delisting of Tech Data from NASDAQ or actually results in the delisting of Tech Data from NASDAQ, shall in each case constitute an immediate Termination Event, except as may be further amended upon mutual agreement between the Tech Data Parties and the Waiving Parties;”

2.    Consent to Third Amendment to Waiver for Transaction Documents.  The Waiving Parties hereby consent, pursuant to Section 5.2(h) of the Transfer and Administration Agreement, to the entry by the Tech Data Parties into a third amendment to the limited waiver with respect to the Purchase Agreement, the Credit Agreement and the Promissory Note, which shall be substantially in the form attached hereto as Exhibit B (the “Third Amendment to the Transaction Documents Waiver”).

4.    Conditions Precedent.  This Agreement shall be effective upon the satisfaction of each of the following conditions:

(a)    the Administrative Agent shall have received counterparts of this Agreement duly executed by the Tech Data Parties and the Waiving Parties; and

(b)    the Administrative Agent shall have received counterparts of the Third Amendment to the Transaction Documents Waiver duly executed by the Tech Data Parties.

5.    Miscellaneous.

(a)    The Transfer and Administration Agreement, and the obligations of the Tech Data Parties thereunder and under the other Transaction Documents, are hereby ratified and confirmed and shall remain in full force and effect according to their terms.

(b)    Both immediately before and after giving effect to this Agreement, each Tech Data Party represents and warrants to the Waiving Parties that, to its knowledge: (i) the Specified Financial Reporting Matters, as defined in the Limited Waiver, as amended hereby, will not affect the value or collectability of the Receivables; (ii) the failure to hold the 2013 Annual Meeting will not, and is not reasonably expected to, result in any material adverse effect to any Tech Data Party, (iii) except as provided in clause (iv) below, any Receivables that, as a result of the Specified Financial Reporting Matters, may be the subject of restatement or with respect to which Section 5.1(e) or 5.3(e) may have been violated, were not Eligible Receivables during any time period affected by the foregoing; (iv) to the extent any Receivables affected by the correction of previously unadjusted differences as part of the restatement constituted Eligible Receivables during any relevant period, such Receivables have been collected or do not currently constitute Eligible Receivables; and (v) to the extent any of the matters waived in the Limited Waiver, as amended hereby (collectively, the “Waived Matters”), 

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would or would reasonably be expected to result in any default, acceleration or similar event under any other Indebtedness of the Tech Data Parties, such Waived Matters have been waived as of the date hereof by the parties entitled to waive the same, or will be waived by the parties entitled to waive the same on or before the earlier of (y) February 15, 2014, in the case of Material Debt Agreements (as defined below) or (z) February 28, 2014 in the case of any agreement or instrument governing Indebtedness of the Tech Data Parties (other than Material Debt Agreements).

The following agreements, as the same may be amended as of the date hereof, shall constitute the “Material Debt Agreements”:  (i) the Fourth Amended and Restated Participation Agreement, dated as of June 27, 2013, among the Tech Data, as lessee, SunTrust Bank, as lessor, SunTrust Equity Funding, LLC, as agent, and the Lenders party thereto from time to time, (ii) the Fourth Amended and Restated Lease Agreement, dated as of June 27, 2013, between SunTrust Bank, as lessor and the Tech Data, as lessee, (iii) the Credit Agreement, dated as of September 27, 2011, among Tech Data, the Lenders party thereto, the Guarantors party thereto and Bank of America, N.A., as Administrative Agent, (iv) ISDA 2002 Master Agreement and the related Schedule thereto, each dated as of August 30, 2010 among Bank of America, N.A., Tech Data and the affiliates of Tech Data listed in Exhibit A to the Schedule thereto, (v) the ISDA Master Agreement and related Schedule thereto, each dated as of April 30, 2003 between Citibank, N.A. and Tech Data Global Finance L.P. and (vi) the ISDA 2002 Master Agreement and related Schedule thereto, each dated as of December 14, 2011 among JPMorgan Chase Bank, N.A. and Tech Data Europe GMBH and the affiliates listed in Exhibit A to the Schedule thereto.

(c)    The amendments and waivers herein do not modify or affect the Tech Data Parties’ obligations to comply fully with (i) the terms of the Transfer and Administration Agreement (including, without limitation, Sections 3.1, 3.2, 3.3, 3.4, 5.1, 5.2, 5.3 and 7.1) for any future periods with respect to the Waived Matters, or any other duty, term, condition or covenant contained in the Transfer and Administration Agreement or any other Transaction Document, except as expressly set forth herein, (ii) the terms of Section 5.5 for any past period (including the periods covered by the Prior Financial Statements and the 2013 Financial Statements, each as defined in the Limited Waiver, as amended hereby) or any subsequent period, or (iii) the obligations of any Tech Data Party to comply with the terms of any other Indebtedness, it being understood that no Termination Event under Section 7.1(f) is being waived hereunder, except to the extent the amendments set forth herein modify the waivers granted under Section 1(b)(v) of the Limited Waiver.  Except as expressly set forth herein, nothing contained in this Agreement shall be deemed to constitute a waiver of any other rights or remedies the Administrative Agent or any other Waiving Party may have under the Transfer and Administration Agreement or any other Transaction Document or under applicable law.

(d)    The Transferor represents and warrants to the Waiving Parties that (i) except with respect to the Waived Matters, the representations and warranties of the Transferor set forth in Section 3.1 of the Transfer and Administration Agreement and in each other Transaction Document are true and correct in all material respects as of the date hereof with the same effect as if made on and as of the date hereof, except to the extent such representations and warranties expressly relate solely to an earlier date, in which case they were true and correct as of such earlier date and (ii) except with respect to the Waived Matters, no event has occurred and is continuing which constitutes a Termination Event or a Potential Termination Event.

(e)    The Collection Agent represents and warrants to the Waiving Parties that (i) except with respect to the Waived Matters, the representations and warranties of the Collection Agent set forth in Section 3.3 of the Transfer and Administration Agreement and in each other Transaction 

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Document are true and correct in all material respects as of the date hereof with the same effect as if made on and as of the date hereof, except to the extent such representations and warranties expressly relate solely to an earlier date, in which case they were true and correct as of such earlier date and (ii) except with respect to the Waived Matters, no event has occurred and is continuing which constitutes a Termination Event or a Potential Termination Event.

(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 instrument.  Delivery of an executed counterpart of this Agreement by telecopy shall be effective as an original and shall constitute a representation that an executed original shall be delivered.

(g)    The headings of this Agreement are for purposes of reference only and shall not limit or otherwise affect the meaning thereof.

(h)    THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

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Each of the parties hereto has caused a counterpart of this Agreement to be duly executed and delivered as of the date first above written.

TECH DATA FINANCE SPV, INC.,
  as Transferor

By:  /s/ CHARLES V. DANNEWITZ     
   Name:  Charles V. Dannewitz
   Title:    Senior Vice President & Treasurer

TECH DATA CORPORATION,
  as Collection Agent

By: /s/ CHARLES V. DANNEWITZ     
   Name:  Charles V. Dannewitz
   Title:    Senior Vice President & Treasurer

TECH DATA CORPORATION
THIRD AMENDMENT TO LIMITED WAIVER

 

LIBERTY STREET FUNDING LLC

By:  /s/ JOHN L. FRIDLINGTON           
    Name:  John L. Fridlington
    Title:    Vice President

THE BANK OF NOVA SCOTIA, as Liberty
Agent and as a Liberty Bank Investor

By:       /s/ Diane Emanuel                    
Name: Diane Emanuel 
       Title:   Managing Director 

TECH DATA CORPORATION
THIRD AMENDMENT TO LIMITED WAIVER

 

CHARIOT FUNDING LLC

By:    JPMorgan Chase Bank, N.A., its attorney-in-fact

By:       /s/ JOHN KUHNS                       
Name:  John Kuhns
       Title:    Executive Director

JPMORGAN CHASE BANK, N.A, as Falcon Agent 
and as a Falcon Bank Investor

By:       /s/ JOHN KUHNS                       
       Name:  John Kuhns
       Title:    Executive Director 

TECH DATA CORPORATION
THIRD AMENDMENT TO LIMITED WAIVER

 

BANK OF AMERICA, NATIONAL ASSOCIATION, as
Administrative Agent and as a SUSI Issuer Bank Investor

By:      /s/ STEVEN MAYSONET         
       Name: Steven Maysonet 
     Title:   Vice President 

TECH DATA CORPORATION
THIRD AMENDMENT TO LIMITED WAIVER

EXHIBIT A

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EXHIBIT B

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THIRD AMENDMENT TO
LIMITED WAIVER

THIS THIRD AMENDMENT TO LIMITED WAIVER dated as of January 27, 2014 (the “Agreement”) is entered into between TECH DATA CORPORATION, a Florida corporation (“Tech Data”), and TECH DATA FINANCE SPV, INC., a Delaware corporation (the “SPV”), in connection with (i) that certain Receivables Purchase and Servicing Agreement dated as of May 19, 2000 between Tech Data, as seller, and the SPV, as purchaser (the “Purchase Agreement”), (ii) that certain Credit Agreement dated as of May 19, 2000 between Tech Data, as borrower, and the SPV, as lender (the “Receivables Credit Agreement”) and (iii) that certain Promissory Note dated as of May 19, 2000 by Tech Data, as borrower, in favor of the SPV, as lender (the “Promissory Note” and, together with the Purchase Agreement and the Receivables Credit Agreement, the “Transaction Documents”).  All capitalized terms used herein and not otherwise defined herein shall have the meanings given to such terms in the Purchase Agreement or the Receivables Credit Agreement, as applicable.

RECITALS

WHEREAS, Tech Data and the SPV entered into the Transaction Documents;

WHEREAS, Tech Data and the SPV entered into that certain Limited Waiver dated as of April 29, 2013, as amended by the First Amendment thereto, dated as of July 29, 2013, and the Second Amendment thereto, dated as of October 16, 2013  (as amended, the “Limited Waiver”), a copy of which is attached hereto as Exhibit A; and

WHEREAS, concurrent with the entry into this Agreement, a Third Amendment to the Limited Waiver dated as of April 29, 2013, as amended by the First Amendment thereto, dated as of July 29, 2013, and the Second Amendment thereto, dated as of October 16, 2013, relating to the Transfer and Administration Agreement dated May 19, 2000, as last amended by Amendment No. 19 thereto, dated as of August 12, 2013 (the “TAA”), will be entered into among Tech Data, the SPV and the Waiving Parties (as defined therein) (the “Third Amendment to the TAA Waiver”);   

WHEREAS, the Waiving Parties have consented in the Third Amendment to the TAA Waiver, as required by Section 5.2(h) of the TAA, to the entry into this Agreement; and

WHEREAS, Tech Data has requested, and the SPV has agreed, to certain amendments to the Limited Waiver, as more specifically set forth 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.    Amendment.  Upon the satisfaction of the conditions set forth in Section 2, the Limited Waiver is hereby amended as follows:

(a)    The following recital is added to the Limited Waiver after the fifth recital:

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“WHEREAS, Tech Data has further informed the SPV that it may be unable to hold an annual meeting for the fiscal year ended January 31, 2013 (the “2013 Annual Meeting”) due to the delay in preparation of its 2013 Financial Statements (the “Annual Meeting Matter”), as required by the NASDAQ Stock Market (“NASDAQ”) listing requirements and Florida law;”
(b)    Section 1(a) of the Limited Waiver is hereby amended and restated in its entirety to read as follows:

“waive, to the extent resulting from the Specified Financial Matters or the Annual Meeting Matter: (i) all breaches of certifications, representations and warranties made under any of the Transaction Documents, or any document delivered in connection therewith, including, for the avoidance of doubt, any certifications, representations and warranties to be made under any of the Transaction Documents prior to February 28, 2014, (ii) all Termination Events caused by violations, if any, of Section 4.3(a), 4.3(d), 4.3(f) or 4.3(h) of the Purchase Agreement, (iii) all defaults caused by violations, if any, of Section 7(a), 7(c) or 7(f) of the Receivables Credit Agreement, (iv) the failure to satisfy the conditions precedent set forth in Sections 9(a), 9(b) and 9(c) of the Receivables Credit Agreement regarding the provision of Advances by the SPV, (v) any Termination Events that would arise or have arisen under Section 6.2(b), 6.2(c), 6.2(d) or 6.2(f) of the Purchase Agreement as a result of non-compliance with any of the items listed in subclauses (i) or (ii) immediately above, and (vi) any default that would arise or have arisen under Section 10(b), 10(c) or 10(d) of the Receivables Credit Agreement as a result of non-compliance with any of the items listed in subclauses (i), (iii) or (iv) immediately above; provided that it is understood and agreed that (x) failure of Tech Data to deliver restated Prior Financial Statements and 2013 Financial Statements on or before February 28, 2014 (which may be provided as part of Tech Data’s Annual Report on Form 10-K for fiscal year ended January 31, 2013) showing results for consolidated net income that are substantially consistent (within $20,000,000, and excluding the effect of recognizing up to $42,000,000 of additional tax contingencies in the 2013 Financial Statements) with the estimates of consolidated net income reductions included in Part IV of the SEC Filing and (y) failure of Tech Data to obtain an applicable exception from NASDAQ on or before March 27, 2014 with respect to the Annual Meeting Matter or if NASDAQ takes any action or fails to take any action in connection with the Annual Meeting Matter that could reasonably be likely to result in the delisting of Tech Data from NASDAQ or actually results in the delisting of Tech Data from NASDAQ, shall in each case constitute an immediate Termination Event under the Purchase Agreement and default under the Receivables Credit Agreement, except as may be further amended upon mutual agreement between Tech Data and the SPV;”

2.    Conditions Precedent.    This Agreement shall be effective upon the satisfaction of each of the following conditions:

(a)    the SPV shall have received counterparts of this Agreement duly executed by Tech Data and the SPV; and

(b)    the Third Amendment to the TAA Waiver shall have become effective in accordance with its terms.

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3.    Miscellaneous.

(a)    The Transaction Documents, and the obligations of Tech Data thereunder, are hereby ratified and confirmed and shall remain in full force and effect according to their terms.

(b)    Except as expressly provided herein, the above amendments and waivers do not modify or affect (i) Tech Data’s obligations to comply fully with the terms of the Transaction Documents for any future periods or any other duty, term, condition or covenant contained in the Transaction Documents or (ii) the obligation of Tech Data to comply with the terms of any other Indebtedness.  Except as expressly set forth herein, nothing contained in this Agreement shall be deemed to constitute a waiver of any other rights or remedies the SPV may have under the Transaction Documents or under applicable law

(c)    Tech Data represents and warrants to the SPV that (i) except with respect to the matters waived in the Limited Waiver, as amended hereby (collectively, the “Waived Matters”), the representations and warranties of Tech Data set forth in Section 4.1 of the Purchase Agreement and Section 8 of the Receivables Credit Agreement are true and correct in all material respects as of the date hereof with the same effect as if made on and as of the date hereof, except to the extent such representations and warranties expressly relate solely to an earlier date, in which case they were true and correct as of such earlier date and (ii) except with respect to the Waived Matters, no event has occurred and is continuing which constitutes a Termination Event under the Purchase Agreement or a default under the Receivables Credit Agreement.

(d)    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 instrument.  Delivery of an executed counterpart of this Agreement by telecopy shall be effective as an original and shall constitute a representation that an executed original shall be delivered.

(e)    The headings of this Agreement are for purposes of reference only and shall not limit or otherwise affect the meaning thereof.

(f)    THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.    

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Each of the parties hereto has caused a counterpart of this Agreement to be duly executed and delivered as of the date first above written.

TECH DATA CORPORATION

By:/s/ CHARLES V. DANNEWITZ             
   Name:  Charles V. Dannewitz
   Title:    Senior Vice President & Treasurer

TECH DATA CORPORATION
THIRD AMENDMENT TO LIMITED WAIVER 
TO TRANSACTION DOCUMENTS

 

TECH DATA FINANCE SPV, INC.

By:  /s/ CHARLES V. DANNEWITZ        
   Name:  Charles V. Dannewitz
   Title:    Senior Vice President & Treasurer

 

TECH DATA CORPORATION
THIRD AMENDMENT TO LIMITED WAIVER 
TO TRANSACTION DOCUMENTS

 

EXHIBIT A

18Exhibit 10-BBai Nestor Agreement

Exhibit 10-BBai
In Barcelona, on January 17, 2014

SENIOR EXECUTIVE EMPLOYMENT CONTRACT
BY AND BETWEEN

TECH DATA ESPAÑA, S.L., a Company incorporated under the laws of Spain, with legal domicile at 30-32 Acer Street, Barcelona, Spain, and Tax ID Number B58728585 (hereinafter referred to as “the Company” or “Tech Data Spain”), hereby represented by Mr Bob Dutkowsky, duly authorized by the Board of Directors and by the Legal Representative of the Sole Shareholder of the Company, Tech Data Europe GmbH. 

TECH DATA CORPORATION, a Company incorporated under the laws of the State of Florida,  with legal domicile at 5350 Tech Data Dr Clearwater, FL 33760, United States of Americas (hereinafter referred to as “Tech Data Corporation”), hereby represented by Mr. Bob Dutkowsky, duly authorized by the Board of Directors. 

Mr. Nestor Cano Soler, of full age, of Spanish nationality, holding national identity card 35079489G, on his own name and behalf (hereinafter referred to as “the Executive”).

The Company and Tech Data Corporation will jointly be referred to as the “Tech Data Companies”. The Company, Tech Data Corporation and the Executive will jointly be referred to as “the Parties”.

WHEREAS

First.- The Executive has been rendering services for Tech Data Corporation from July 3, 1989, having an employment relationship subject to the laws of the United States of America, and being subject to the employment policies in force at Tech Data Corporation from time to time, including, but not limited to the US Executive Severance Plan. 

Second.- The Executive has been rendering services as President, Europe, and has decided to be transferred to Spain. In this connection, Tech Data Spain will formally be the employing entity of the Executive as from an effective date of October 1, 2013 , pursuant to the terms and conditions of employment under this Agreement.

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Third.- As President, Europe, the Executive will have managerial responsibilities over the Company as well as over other subsidiaries and affiliates of Tech Data Corporation in Europe. The Executive will also be a Director of Tech Data Spain. 

Fourth.- Based on the foregoing, the Parties agree that the Executive will be rendering services as President, Europe, localized in Spain, and employed by Tech Data Spain under the terms and conditions agreed in this Agreement. The Parties also agree that the Executive will be entitled to the terms and conditions of the US Severance Plan in force for officers and employees of an executive level at Tech Data Corporation as of the effective date of this Agreement, October 1, 2013. 

Fifth.- The Parties mutually recognize the legal capacity in which they act and enter into this Special Top Executive Contract of Employment, pursuant to article 2.1.a) of the Workers’ Statute Act and Royal Decree 1382/1985, of August 1, which regulates the special Top Executive employment relationship.

The Parties, being in agreement, enter into this Agreement in accordance with the following 

CLAUSES

		
	1.
	TITLE AND RESPONSIBILITIES 

		
	1.1.
	The Executive shall hold the position of President, Europe and will manage, with the full responsibility and initiatives pertaining thereto, the Spanish operations as well as the operations run by other European subsidiaries or affiliates of Tech Data Corporation. The Executive will carry out the roles and responsibilities over the management of the Company as directed by the Company from time to time. 

		
	1.2.
	The Executive shall also be a Director of the Company.

		
	1.3.
	The holding of positions as Director at the Board of Directors of the Company or of the Board of Directors of other subsidiaries or affiliates of Tech Data Corporation in Europe will be part of the Executive roles and responsibilities and will not require any payment in addition to the compensation and benefits structures set forth in clause 5 of this Agreement. 

2

		
	2.
	RIGHTS AND OBLIGATIONS

		
	2.1.
	The Executive is obliged to comply with all applicable laws, the Articles of Association and bylaws of the Company and Tech Data Corporation, as well as with any decisions of the Board of Directors.

		
	2.2.
	The Executive will further the interests of the Company and Tech Data Corporation to the utmost of his power, skill and ability.

		
	2.3.
	The Executive will perform his responsibilities under this contract on exclusive basis. Therefore, unless the prior written consent of the Board of Directors of Tech Data Corporation is provided, he will not accept any paid functions or time-consuming unpaid functions with or for third parties and will refrain from doing business on his own account, with prejudices of his dedication to the Company and Tech Data Corporation. The breach of such exclusivity undertaking shall constitute grounds for termination of this contract due to serious and culpable breach.

		
	2.4.
	The Executive will perform his duties according to the nature of his job position, with due diligence and pursuant to the principles of good faith, integrity and loyalty. 

		
	2.5.
	The Executive will inform the Board of Directors of Tech Data Corporation, as soon as possible, about any situation that may entail a conflict of interests and will abstain from participating in conversations related to matters with whom he may have a personal interest. 

		
	2.6.
	The Executive will fully respect the law, complying with his obligations, and will adopt any measure necessary to ensure all employees will do so as well, informing the Board of Directors of Tech Data Corporation of any misconduct that he may have knowledge of. 

		
	2.7.
	The Executive will present the Company and any European subsidiary or affiliate of Tech Data Corporation all business opportunities that he is aware of or offered by any third party related to the activities developed by the Company. 

		
	3.
	POWERS OF ATTORNEY

		
	3.1.
	For the Executive to comply with his professional obligations and with the targets and duties entrusted to him, the Company will confer upon him the respective notarized powers of attorney that legally authorize him to perform the tasks pertaining to the position to which he has been appointed.

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	4.
	TERM OF THE CONTRACT

		
	4.1.
	The terms and conditions of this contract of employment will be effective as from the date of signing and both parties mutually agreed to enter into the contract for an indefinite period of time.

		
	4.2.
	The terms and conditions of this Agreement will be in force as from October 1, 2013. 

		
	5.
	BASE SALARY

		
	5.1.
	The Executive shall receive a Base Salary, which amounts to EUR 620,823.64 gross per year, payable in 12 equal installments. The Base Salary may be reviewed, but not necessarily increased, at the discretion of the Company from time to time. 

		
	5.2.
	The Company shall apply the relevant tax withholdings and social security contributions discounts on behalf of the Executive according to the legislation in force from time to time.

		
	6.
	BONUS

		
	6.1.
	The Executive shall be entitled to participate in the Bonus Plan of Tech Data Corporation in force from time to time from time to time, and subject to the targets and goals set out on an annual basis. 

		
	6.2.
	For the fiscal year 2014, the Target Annual Incentive will be 85% of the Base Salary defined in clause 5.1 of this Agreement. The Target Annual Incentive will be weighted as follows:

		
	•
	 25% Worldwide EPS

		
	•
	25% Regional OI/CM $

		
	•
	25% Regional OI/CM %

		
	•
	25% Regional ROIC.

		
	6.3.
	The Executive will be entitled to a Bonus payment contingent to the achievement of the targets and the scale provided by the Tech Data Companies from time to time. The scale may provide for multipliers or dividers for the purposes of calculating the Bonus payment. 

		
	6.4.
	Bonus plan is normally in force on annual basis. The Executive acknowledges and accepts that participation in one year does not constitute a guarantee to benefit from the terms and conditions of the bonus plan in future years.

		
	7.
	BENEFITS

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	7.1.
	The Executive will be entitled to a Company car or to a car allowance for both professional and private use in accordance with the Company policy.

		
	7.2.
	The Executive shall be covered by a private health insurance hired by the Company with an insurance company.  The Executive and the Executive’s family will be eligible to participate in comprehensive benefits such as Medical, Short and Long Term Disability and Life Insurance. The Company will pay any tax costs associated with the provision of the medical plan.  The Executive and family will be eligible to participate in life insurance coverage under the international company Generali.

		
	7.3.
	The Executive may be entitled to participate in the Executive Choice and Long Term Incentive Plan of Tech Data Corporation, and may be entitled to receive equity of Tech Data Corporation in accordance to the terms and conditions of the Long Term Incentive Plan of Tech Data Corporation in force from time to time. The annual Executive Choice Program and grant of equity awards are discretionary and must be specifically approved by the Tech Data Compensation Committee. 

		
	7.4.
	The Company shall apply the relevant tax withholdings and social security contributions discounts on behalf of the Executive over the benefits, according to the legislation in force from time to time.

		
	7.5.
	The benefits payable to the Executive under this Agreement are not in lieu of any benefits payable under any employee benefit plan, program or arrangement of the Company, except as provided specifically herein, and upon termination of the relationship, the Executive shall receive such benefits or payments, if any, as the Executive may be entitled to receive pursuant to the terms of such plans, programs and arrangements. Except for the obligations of the Company provided by this contract (including, without limitation, pursuant to the preceding sentence hereof), the Agreement shall have no further obligations to the Executive upon termination of employment.

		
	8.
	EXPENSES

		
	8.1.
	The Company will reimburse the Executive any costs duly justified incurred in the performance of his duties hereby and on behalf or in the interest of the Company. To these effects, the Executive will be obliged to justify the expenses he may incur by presenting an expense sheet, attaching the invoices and receipts, verified and signed by a Board of Directors member or by someone specifically appointed by the Board of Directors for this purpose.

		
	9.
	WORKING TIME AND HOLIDAYS 

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	9.1.
	The Executive, due to the relevance and responsibilities associated to his job position, will work according to the needs and demands of his roles and will not be subject to a specific and scheduled working time. Considering the specific nature of the positions held by the Executive and the senior management nature of this Agreement, the Parties agree that he will not qualify for overtime. 

		
	9.2.
	The Executive will be entitled to 30 working days of paid holiday per year.

		
	9.3.
	The Executive will render services, on a regular basis at the headquarters of the Company, currently based in Barcelona. The Executive commits himself to travel anywhere, either around Spain or abroad, if it is necessary for the development of his duties. The Executive also acknowledges that, as part of his roles and responsibilities, he will devote a substantive amount of time in other countries. 

		
	10.
	 TERMINATION

		
	10.1.
	The Parties shall terminate this contract by the reasons and following the procedures provided in sections 10 and 11 of Royal Decree 1382/1985. In any case of termination except for dismissal due to a serious and guilty breach of the Executive, the Parties shall observe a six (6) months’ notice period effective as of the end of the month.

		
	10.2.
	The Company may terminate the contract, with immediate effects and without observing any previous notice, by dismissal due to a serious and guilty breach by the Executive of his main obligations. 

 
		
	10.3.
	The Parties agree that, in consideration to the entering into this Agreement, the Executive will be entitled to participate in the Severance Plan in force from time to time for Executives of Tech Data Corporation as the Executive has been entitled to prior to the entering into this Agreement (hereinafter, those will be referred to as the “US Severance Plan”). Therefore, the Parties expressly agree that after the entering into this Agreement, the Executive will still be entitled to the same terms and conditions applicable upon a termination of employment as provided in the US Severance Plan as applicable from time to time, but no worse than the current US Severance Plan as attached as Annex 1. In this connection, the Parties expressly represent that the role of the Executive as well as the senior management nature of his employment is fully compatible with the application and observance of the terms and conditions of severance payments –due primarily upon a termination at will or without cause- as provided by the US Severance Plans. For the avoidance of any doubt, the current version of the US Severance Plans is attached as Annex 1 of this Agreement. 

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	10.4.
	The Parties agree that any severance payment hereunder shall be in lieu of any other severance payment to which the Executive would be entitled pursuant to any other provision of Royal Decree 1382/1985, Workers’ Statute Act, severance plan, program, arrangement, or policy of the Company, and shall be considered a part of, and not in addition to, amounts that may be payable to the Executive under any of said laws, rules or regulations.

		
	10.5.
	On the date of termination of the Executive’s relationship with the Company for any reason (or at any time prior thereto at the Company’s request), the Executive shall return all property belonging to the Company, Tech Data Corporation, or any of its subsidiaries and affiliates (including, but not limited to, any Company-provided laptops, computers, cell phones, wireless electronic mail devices or other equipment, or documents and property belonging to the Company).  

		
	11.
	SURVIVAL OF THIS AGREEMENT UPON BOARD MEMBERSHIP STATUS

		
	11.1.
	As defined in clause 1.2 of this Agreement, the Parties agree that the Executive will be appointed as member of the Board of Directors of the Company, as well as may be appointed as member of the Board of Directors of any subsidiaries or affiliates of Tech Data Corporation in Europe. The parties agree that said appointment shall not affect the reciprocal obligations arising out of this Agreement. Based on the foregoing, the Company accepts the potential appointment of the Executive as a member of the Board of Directors of the Company will be compatible with the rendering of services as an Executive following this Agreement, and consequently accepts that the terms and conditions of this Agreement, particularly in terms of the Base Salary, Bonus, participation to the Long Term Incentive Plan in the form of equity of Tech Data Corporation, benefits and termination provisions, shall prevail and be applicable without prejudice to the potential appointment of the Executive as a Director of the Company. In this connection, the Company agrees to takes the necessary steps, including a modification of the articles of association of the Company, if required, to implement the surveillance of the terms and provisions on this Agreement even after the appointment of the Executive as a Director of the Company.

		
	11.2.
	Notwithstanding the above mentioned, in the unlikely event that the senior executive relationship provided for in this Agreement is considered incompatible with the simultaneous existence of any other kind of corporate relationship deriving from the appointment of the Executive as member of the Board of Directors of the Company, the Parties, willing to preserve the rights arising from this senior executive relationship, agree that the senior executive relationship shall be understood to be suspended with effects as from the date on which the incompatibility of both relationships is determined and until the cessation of that cause of incompatibility. In accordance with the terms of the foregoing paragraph, upon cessation of cause of the incompatibility, the senior executive relationship shall, automatically and without the need for any notice, have full force and effect again.

7

		
	12.
	CONFIDENTIALITY

		
	12.1.
	During the course of the Executive’s employment with the Company, the Executive will have access to confidential information of the Company, Tech Data Corporation or any subsidiary or affiliate of Tech Data Corporation. The Executive agrees that the Executive shall not, directly or indirectly, use, make available, sell, disclose or otherwise communicate to any person, other than in the course of the Executive’s employment, either during the period of the Executive’s relationship or at any time thereafter, any business and technical information or trade secrets, nonpublic, proprietary or confidential information, knowledge or data relating to the Company, Tech Data Corporation or any of the subsidiaries or affiliates. 

		
	12.2.
	In addition, the Executive shall not, directly or indirectly, whether for the Executive or for any other individual, corporation, partnership, joint venture or other entity, and whether during or after the Executive’s employment with the Company, Tech Data Corporation or any of the subsidiaries or affiliates, participate in any business to the extent that, in connection with such participation, the Executive would be required to employ, reveal or otherwise utilize any trade secrets relating to the Company, Tech Data Corporation or any of the subsidiaries or affiliates. 

		
	12.3.
	For the purposes of this contract, Confidential Information shall mean any and all information, including a formula, pattern, compilation, program, device, method, technique or process that derives independent economic value, actual or potential, from not being generally known to the public or to other persons who can obtain economic value from its disclosure or use, and is the subject of efforts that are reasonable under the circumstances to maintain its secrecy.  By way of illustration but not limitation, Confidential Information includes: (i) any and all ideas, processes, trademarks, service marks, inventions, technology, computer programs, original works of authorship, designs, formulae, discoveries, patents, copyrights, and all improvements, rights, and claims related to the foregoing that are conceived, developed, or reduced to practice by the Employee alone or with others; (ii) information regarding plans for research, development, current and new products, marketing and selling, business plans, budgets and unpublished financial statements, licenses, prices and costs, production, suppliers and customers; (iii) information regarding the skills and compensation of other employees of the Company, Tech Data Corporation or any of the subsidiaries or affiliates; and (iv) information which the Company, Tech Data Corporation or the subsidiaries or affiliates has received or will in the future receive from third parties subject to a confidentiality obligation with such third party.

		
	13.
	NON COMPETITION AND NON SOLICITATION

8

		
	13.1.
	The Executive acknowledges that he performs services of a unique nature for the Company which also impacts Tech Data Corporation and the subsidiaries and affiliates of Tech Data Corporation. Based on the foregoing, the Executive accepts that rendering services to a competing business after the termination of employment will result in irreparable harm to the Company. 

		
	13.2.
	Accordingly, during the Executive’s employment with the Company and for a period of two (2) years thereafter, the Executive agrees that the Executive will not, directly or indirectly, own, manage, operate, control, be employed by (whether as an employee, consultant, independent contractor or otherwise, and whether or not for compensation) or render services to any person, firm, corporation or other entity, in whatever form, engaged in competition with the Company, Tech Data Corporation or any subsidiary or affiliate or in any other material business in which the Company, Tech Data Corporation and the subsidiaries and affiliates is engaged on the date of termination or in which they have planned, on or prior to such date, to be engaged in on or after such date.

		
	13.3.
	The non-competition Agreement set forth in this clause will apply to Spain, Europe, the United States of America and in any other country where the Company, Tech Data Corporation or any of the subsidiaries or affiliates of Tech Data Corporation conduct business. 

		
	13.4.
	Likewise, during the Executive’s employment with the Company and for a period of two (2) years thereafter, the Executive agrees that the Executive shall not, directly or indirectly, individually or on behalf of any other person, firm, corporation or other entity, (i) solicit, aid or induce any customer of the Company, Tech Data Corporation or any subsidiary or affiliate to purchase goods or services then sold by the Company, Tech Data Corporation or any of the subsidiaries or affiliates from another person, firm, corporation or other entity or assist or aid any other persons or entity in identifying or soliciting any such customer, (ii) solicit, aid or induce any employee, representative or agent of the Company, Tech Data Corporation or any of the subsidiaries or affiliates to leave such employment or retention or to accept employment with or render services to or with any other person, firm, corporation or other entity unaffiliated with the Company, Tech Data Corporation or the subsidiaries or affiliates, or hire or retain any such employee, representative or agent, or take any action to materially assist or aid any other person, firm, corporation or other entity in identifying, hiring or soliciting any such employee, representative or agent, or (iii) interfere, or aid or induce any other person or entity in interfering, with the relationship between the Company, Tech Data Corporation or the subsidiaries and affiliates and any of their respective vendors, joint venturers or licensors. An employee, representative or agent shall be deemed covered by this Section while so employed or retained and for a period of six (6) months thereafter.

		
	13.5.
	If the Executive is terminated for cause, or resigns the parties agree that the provisions of clauses 13.2, 13.3 and 13.4 shall not apply and that the Executive shall not be entitled to any payment of severance or non-compete. 

9

		
	13.6.
	If the Executive’s employment terminates by mutual consent, the parties agree that the difference between the payment of two years Base Salary under the US Severance Plan and the payment of two years total cash compensation (total cash compensation being calculated as annual Base Salary plus Bonus at the then current target amount if 100% is attained multiplied by 2) shall be paid to compensate the obligations provided in this clause.

		
	13.7.
	The Executive expressly acknowledges that due to the services rendered by him to the Company, there is an effective and clear interest, both commercial and business-related, in establishing the undertakings provided for in this Section. 

		
	13.8.
	Likewise, the Executive expressly acknowledges that the financial consideration agreed in this Section is entirely adequate and amply compensates the limitations arising from it.  

		
	13.9.
	In the event of breach of the undertakings set in this Section by the Executive, and irrespective of any potential injunctive relief that may be available in accordance with applicable laws and regulations, the Parties agree that the Executive will (i) return the amount of financial consideration received in connection with the non-compete and non-solicitation obligation as defined under clause 13.6 of this Agreement and (ii) pay the damages caused as a result of his breach, which both parties establish, as a pre-liquidation clause, at an amount equal to two (2) years of the total cash compensation as calculated in clause 13.6, and the profit made by the Executive arising out of the equity associated with the Long Term Incentive Plan in the year prior to the termination date. 

		
	13.10.
	If it is determined by a court of competent jurisdiction that any restriction in this clause is excessive in duration or scope or is unreasonable or unenforceable under applicable law, it is the intention of the parties that such restriction may be modified or amended by the court to render it enforceable to the maximum extent permitted by the laws of Spain.

		
	13.11.
	For the avoidance of any doubt, the obligations contained in this clause hereof shall survive the termination of the Executive’s relationship with the Company and shall be fully enforceable thereafter. 

		
	14.
	 ASSIGNMENT OF INTELLECTUAL PROPERTY RIGHTS

		
	14.1.
	The Executive undertakes to assign to Tech Data Corporation and the Company any right apt for exploitation and transfer pursuant to the Intellectual Property Act in force, including the rights of distribution, reproduction, transformation, public communication and making available to the public of any intellectual creation expressed using any means or support, tangible or intangible, which may have been performed by the Executive while this 

10

contract is in effect. Eventual assignments have been taken into consideration when establishing the Executive’s salary and shall therefore not give rise to any additional economic compensation. The assignment of the exploitation rights contemplated in the above paragraph shall be of an exclusive nature, of a worldwide scope, of a transferable kind and for the all the duration of the intellectual property rights, their extensions and additions, pursuant to the Spanish legislation applicable to intellectual property. Tech Data Corporation and the Company will be entitled to exercise the above-mentioned exploitation rights in the way that it deems more appropriate and through any exploitation means, using any format or media, in any field of activity, even if it is not the usual activity of Tech Data Corporation or the Company, and it will be entitled to transfer or assign them to third parties under the terms and conditions it deems appropriate, being such assignment authorized by the Executive since now and thereafter.

		
	14.2.
	The Executive acknowledges and agrees that all ideas, methods, inventions, innovations, discoveries, improvements, perfections, processes, work products, developments or works of authorship (“Inventions”), whether patentable or unpatentable, (A) that relate to the Executive’s work with Tech Data Corporation and the Company, made or conceived by the Executive, solely or jointly with others, during the course of the Executive’s service with Tech Data Corporation and the Company, or (B) suggested by any work that the Executive performs in connection with Tech Data Corporation and the Company, either while performing the Executive’s duties with Tech Data Corporation or the Company or on the Executive’s own time, but only insofar as the Inventions are related to the Executive’s work as an Executive or other service provider to Tech Data Corporation and the Company, shall belong exclusively to Tech Data Corporation and the Company (or its designee), whether or not patent applications are filed thereon. 

		
	15.
	 GOVERNING LAW AND JURISDICTION

		
	15.1.
	This contract shall be governed and construed, for any matters not agreed herein, by Royal Decree 1382/1985, of August 1, governing the Special Top Executive Employment Relationship and, for any matters not contemplated therein, by the provisions of Spanish civil and corporate law.

		
	15.2.
	The parties expressly waive any right they may have to any other jurisdiction and submit to the jurisdiction of the Courts and Tribunals of Barcelona.

		
	16.
	 WAIVER OF BREACH

		
	16.1.
	Any waiver of any breach of this contract shall not be construed to be a continuing waiver or consent to any subsequent breach on the part either of the Executive or of the Company.

11

		
	17.
	 SEVERABILITY

		
	17.1.
	To the extent that any provision of this contract or portion thereof shall be invalid or unenforceable, it shall be considered deleted therefrom and the remainder of such provision and of this contract shall be unaffected and shall continue in full force and effect.

		
	18.
	 COUNTERPARTS 

		
	18.1.
	This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument

		
	19.
	 ENTIRE AGREEMENT

		
	19.1.
	This Agreement constitutes the entire agreement by the Company, Tech Data Corporation and the Executive with respect to the subject matter hereof, and supersedes any and all prior contracts, agreements or understandings between the Executive and the Tech Data Companies, whether written or oral. This Agreement may be amended or modified only by a written instrument executed by the Executive and the Tech Data Companies.

IN WITNESS WHEREOF, the parties hereto have executed this contract on the date first written above.

For Tech Data España, S.L.                       For the Executive,
	
	
	 

	 

	/s/ ROBERT M. DUTKOWSKY

	Robert M. Dutkowsky
Chief Executive Officer

	
	
	 

	 

	/s/ Néstor Cano

	Néstor Cano
President, Europe

For Tech Data Corporation
	
	
	 

	 

	/s/ ROBERT M. DUTKOWSKY

	Robert M. Dutkowsky
Chief Executive Officer

12

Annex 1
US Severance Plans

The following document refers to the current version of the US Severance Plans, applicable as of October, 2013. The Parties accept that the US Severance Plans may change from time to time and the Executive accepts to be bound by the version of the US Severance Plans enforceable as of the termination date of his employment, or this US Severance Plan, whichever provides for greater monetary compensation. 

13

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