Document:

snx-ex103_9.htm

EXHIBIT 10.3

 

EXECUTION VERSION

SECOND AMENDMENT TO CREDIT AGREEMENT

THIS SECOND AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of October 16, 2020, to the Existing Credit Agreement referenced below is by and among SYNNEX CORPORATION, a Delaware corporation (the “Borrower”), the Guarantors identified on the signature pages hereto, the Lenders identified on the signature pages hereto and JPMORGAN CHASE BANK, N.A., in its capacity as Administrative Agent (in such capacity, the “Administrative Agent”).

W I T N E S S E T H

WHEREAS, credit facilities have been extended to the Borrower pursuant to the Credit Agreement (as amended, modified, supplemented, increased and extended from time to time prior to the date hereof, the “Existing Credit Agreement”) dated as of August 9, 2018 by and among the Borrower, the Guarantors party thereto, the Lenders party thereto, and JPMorgan Chase Bank, N.A., as Administrative Agent; and

WHEREAS, the Borrower has requested certain modifications to the Existing Credit Agreement and the Required Lenders have agreed to the requested modifications on the terms and conditions set forth herein.

NOW, THEREFORE, IN CONSIDERATION of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

1.Defined Terms. As used herein, “Spin-Off Outside Date” means the earlier to occur of (a) February 28, 2021 and (b) the date of delivery of a notice by the Borrower to the Administrative Agent that the Borrower has determined to abandon the Spin-Off.  Capitalized terms used herein but not otherwise defined herein shall have the meanings provided to such terms in the Amended Credit Agreement.

2.Amendments to Existing Credit Agreement.  Effective upon satisfaction of the conditions precedent set forth in Section 4 below, the Existing Credit Agreement (excluding the Schedules and Exhibits thereto) is hereby amended and restated in its entirety as set forth in Annex A attached hereto (the “Amended Credit Agreement”).  As so amended, the Existing Credit Agreement shall continue in full force and effect.

3.Concentrix Release. In accordance with Sections 10.10(a)(ii) and (c) of the Amended Credit Agreement, the Administrative Agent and each Lender party hereto hereby agrees and acknowledges that upon the occurrence of the Release Date (defined below), without further action by any person and notwithstanding anything to the contrary in any Loan Document, (a) Concentrix and each of its Subsidiaries shall be irrevocably released as a Guarantor under the Amended Credit Agreement, (b) any Liens granted to or held by the Administrative Agent under any Loan Document on the Collateral provided by Concentrix and its Subsidiaries shall be irrevocably released and (c) any Liens granted to or held by the Administrative Agent under any Loan Document in the Equity Interests of Concentrix and its Subsidiaries (such Equity Interests, together with the Collateral provided by Concentrix and its Subsidiaries, the “Released Collateral”) shall be irrevocably released (collectively, the “Concentrix Release”).  The Lenders party hereto hereby authorize the Administrative Agent to, and the Administrative Agent hereby agrees to, execute and deliver to the Borrower any and all documents or instruments reasonably requested by the Borrower to further evidence or effectuate the releases contemplated by this Amendment.  Upon the occurrence of the Release Date, the Administrative Agent hereby (i) authorizes the Borrower (or any designee of the Borrower, including Concentrix and the attorneys or other agents of the Borrower or Concentrix) to file the UCC-3 termination statements in the forms attached hereto as Exhibit A in the applicable jurisdictions, and (ii) authorizes the Borrower (or any designee of the Borrower, including 

 

Concentrix and the attorneys or other agents of the Borrower or Concentrix) to file the intellectual property security releases in the forms attached hereto as Exhibit B at the United States Patent and Trademark Office or the United States Copyright Office, as applicable, (iii) agrees to use commercially reasonable efforts to deliver to the Borrower (or any designee of the Borrower, including Concentrix and the attorneys or other agents of the Borrower or Concentrix) all original instruments evidencing pledged debt and all equity certificates and any other similar Collateral with respect to Concentrix and its Subsidiaries previously delivered in physical form by the Borrower to the Administrative Agent, in each case to evidence the release of the Administrative Agent’s Liens on the Released Collateral.  The release set forth in this Section 3 (A) is applicable only to Concentrix and its Subsidiaries and the Released Collateral and shall not affect, modify or diminish any obligations of any other Loan Party under the Amended Credit Agreement or the other Loan Documents and (B) shall not be deemed to be a modification to the Loan Documents except as set forth herein.  It is hereby acknowledged and agreed that, as of the Release Date, any Obligations of Concentrix and its Subsidiaries that remain outstanding on the Release Date shall remain the joint and several obligations of the Loan Parties (other than Concentrix and its Subsidiaries) and the Loan Parties (other than Concentrix and its Subsidiaries) hereby expressly assume such Obligations.

4.Condition Precedent to Effectiveness.  This Amendment shall be and become effective upon receipt by the Administrative Agent of executed counterparts of this Amendment, properly executed by a Responsible Officer of each Loan Party and the Required Lenders.  The date on which the foregoing condition is satisfied is referred to herein as the “Second Amendment Effective Date”.

5.Conditions Precedent to Release Date.  The Concentrix Release shall be and become effective as of the date when each of the following conditions set forth in this Section 5 have been satisfied (the “Release Date”):

(a)Distribution.  The Administrative Agent shall have received satisfactory evidence that the Distribution shall have been (or shall be, substantially concurrently with the Concentrix Funding Date) consummated.

(b)Concentrix Prepayment.  The Administrative Agent shall have received satisfactory evidence that the Concentrix Prepayment shall have been (or shall be, substantially concurrently with the Concentrix Funding Date) made.

(c)Concentrix Funding Date.  The Concentrix Funding Date shall have occurred in accordance with the terms of the Concentrix Credit Agreement.

(a)Spin-Off Outside Date.  The Spin-Off Outside Date shall not have occurred.

(b)Attorney Costs.  The Borrower shall have paid (or caused to have been paid) all fees, charges and disbursements of counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) that are required to have been reimbursed or paid to the extent invoiced on or prior to the Release Date (or such later date as agreed by the Borrower).

6.Amendment is a “Loan Document”. This Amendment is a Loan Document and all references to a “Loan Document” in the Amended Credit Agreement and the other Loan Documents (including, without limitation, all such references in the representations and warranties in the Amended Credit Agreement and the other Loan Documents) shall be deemed to include this Amendment.

7.Representations and Warranties; No Default. Each Loan Party represents and warrants to the Administrative Agent and each Lender that after giving effect to this Amendment, (a) the representations and warranties of each Loan Party contained in Article VI of the Amended Credit 

2

 

Agreement or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, are true and correct on and as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date, (b) no Default exists on the date hereof and (c) the information included in any Beneficial Ownership Certification delivered to the Administrative Agent or any Lender on or prior to the Second Amendment Effective Date, if applicable, is true and correct in all respects.

8.Reaffirmation of Obligations. Each Loan Party (a) acknowledges and consents to all of the terms and conditions of this Amendment, (b) affirms all of its obligations under the Loan Documents and (c) agrees that this Amendment and all documents, agreements and instruments executed in connection with this Amendment do not operate to reduce or discharge such Loan Party’s obligations under the Loan Documents.

9.Reaffirmation of Security Interests. Each Loan Party (a) affirms that each of the Liens granted in or pursuant to the Loan Documents are valid and subsisting and (b) agrees that this Amendment and all documents, agreements and instruments executed in connection with this Amendment do not in any manner impair or otherwise adversely affect any of the Liens granted in or pursuant to the Loan Documents.

10.No Other Changes. Except as modified hereby, all of the terms and provisions of the Loan Documents shall remain in full force and effect.

11.Acknowledgement of Additional Provisions.  Each party hereto acknowledges and agrees to the provisions set forth in Sections 6.23, 11.17, 11.23 and 11.25 of the Amended Credit Agreement. 

12.Counterparts; Delivery. This Amendment may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page to this Amendment by facsimile or other electronic imaging means (e.g. “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this Amendment.  Subject to Section 11.17 of the Amended Credit Agreement, this Amendment may be executed using Electronic Signatures (including facsimile and .pdf) and shall be considered an original and shall have the same legal effect, validity and enforceability as a paper record.

13.Governing Law. This Amendment shall be deemed to be a contract made under, and for all purposes shall be construed in accordance with, the laws of the State of New York.

14.Submission to Jurisdiction, Waiver of Venue; Waiver of Jury Trial.  The terms of Sections 11.14 and 11.15 of the Amended Credit Agreement with respect to submission to jurisdiction, waiver of venue and waiver of jury trial are incorporated herein by reference, mutatis mutandis, and the parties hereto agree to such terms.

[SIGNATURE PAGES FOLLOW]

 

 

3

 

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

BORROWER:SYNNEX CORPORATION, a Delaware corporation,

GUARANTORS:SYNNEX FINANCE HYBRID II, LLC, a California limited liability company

LASTING HOLDINGS CORPORATION, a California corporation

HYVE SOLUTIONS CORPORATION, a California corporation

HYVE SOLUTIONS US GLOBAL HOLDING CORPORATION, a Delaware corporation

COMPUTERLAND CORPORATION, a California corporation

LICENSE ONLINE, INC., a California corporation

WG-US HOLDCO, INC., a Delaware corporation

WESTCON GROUP, INC., a Delaware corporation

WESTCON GROUP NORTH AMERICA, INC., a New York corporation

By:/s/ Simon Y. Leung

Name:Simon Y. Leung

	
 
	
Title:
	
Senior Vice President, General Counsel and Corporate Secretary

 

 

SYNNEX  CORPORATION

SECOND AMENDMENT TO CREDIT AGREEMENT 

 

	
CONCENTRIX CVG CUSTOMER MANAGEMENT GROUP INC. (f/k/a CONVERGYS CUSTOMER MANAGEMENT GROUP INC.), an Ohio corporation 

	
CONVERGYS CUSTOMER MANAGEMENT INTERNATIONAL INC., an Ohio corporation 

	
CONCENTRIX CVG CUSTOMER MANAGEMENT DELAWARE LLC (f/k/a CONVERGYS CUSTOMER MANAGEMENT DELAWARE LLC), a Delaware limited liability company

	
CONVERGYS CUSTOMER MANAGEMENT GROUP CANADA HOLDING INC., a Delaware corporation 

CONCENTRIX CVG CORPORATION, a Delaware corporation

CONCENTRIX CORPORATION (f/k/a CONCENTRIX GLOBAL HOLDINGS, INC.), a Delaware corporation

CONCENTRIX SOLUTIONS CORPORATION (f/k/a CONCENTRIX CORPORATION), a New York corporation

 

 

 

By:/s/ Steven Linley Richie

Name:Steven Linley Richie

	
 
	
Title:
	
Corporate Secretary, Executive Vice President, HR and Legal

 

 

 

SYNNEX CORPORATION

SECOND AMENDMENT TO CREDIT AGREEMENT 

 

ADMINISTRATIVE

AGENT:JPMORGAN CHASE BANK, N.A.,

as Administrative Agent

By: /s/ Caitlin Stewart

Name: Caitlin Stewart

Title: Executive Director

 

 

 

SYNNEX CORPORATION

SECOND AMENDMENT TO CREDIT AGREEMENT 

 

LENDERS:JPMORGAN CHASE BANK, N.A.,

as a Lender

By: /s/ Caitlin Stewart

Name: Caitlin Stewart

Title: Executive Director

 

 

SYNNEX CORPORATION

SECOND AMENDMENT TO CREDIT AGREEMENT 

 

BANK OF AMERICA, N.A., 

as a Lender

By: /s/ Molly Daniello

Name: Molly Daniello

Title: Director

 

 

SYNNEX CORPORATION

SECOND AMENDMENT TO CREDIT AGREEMENT 

 

 

THE BANK OF NOVA SCOTIA, 

as a Lender

By: /s/ Khrystyna Manko

Name: Khrystyna Manko

Title: Director

 

 

SYNNEX CORPORATION

SECOND AMENDMENT TO CREDIT AGREEMENT 

 

BMO HARRIS BANK, N. A., 

as a Lender

By: 

Name:

Title:

 

 

 

 

SYNNEX CORPORATION

SECOND AMENDMENT TO CREDIT AGREEMENT 

 

	
 
	
 
	
BNP PARIBAS,

	
 
	
 
	
as a Lender

 

 

 

	
 
	
By:
	
 
	
/s/ Gregory Paul

	
 
	
Name:
	
 
	
 Gregory Paul

	
 
	
Title:
	
 
	
Managing Director

 

 

	
 
	
By:
	
 
	
 /s/ Yudesh Sohan

	
 
	
Name:
	
 
	
Yudesh Sohan

	
 
	
Title:
	
 
	
Director

 

 

 

 

 

SYNNEX CORPORATION

SECOND AMENDMENT TO CREDIT AGREEMENT 

 

CITIBANK N.A.,  

as a Lender

By: /s/ Javier Escobar

Name: Javier Escobar

Title: Director & Vice President

 

 

 

SYNNEX CORPORATION

SECOND AMENDMENT TO CREDIT AGREEMENT 

 

HSBC BANK USA, N. A., 

as a Lender

By: /s/ Aleem Shamji

Name: Aleem Shamji

Title: Director

 

 

SYNNEX CORPORATION

SECOND AMENDMENT TO CREDIT AGREEMENT 

 

KEYBANK NATIONAL ASSOCIATION, 

as a Lender

By: /s/ Thomas A. Crandell

Name: Thomas A. Crandell

Title: Senior Vice President

 

 

 

SYNNEX CORPORATION

SECOND AMENDMENT TO CREDIT AGREEMENT 

 

MUFG BANK, LTD., 

as a Lender

By: /s/ Matthew Antioco

Name: Matthew Antioco

Title: Director

 

 

 

SYNNEX CORPORATION

SECOND AMENDMENT TO CREDIT AGREEMENT 

 

ROYAL BANK OF CANADA, 

as a Lender

By:

Name:

Title:

 

 

 

SYNNEX CORPORATION

SECOND AMENDMENT TO CREDIT AGREEMENT 

 

SUMITOMO MITSUI BANKING CORPORATION, 

as a Lender

By: /s/ Kazutaka Takeuchi

Name: Kazutaka Takeuchi

Title: Executive Director

 

 

 

SYNNEX CORPORATION

SECOND AMENDMENT TO CREDIT AGREEMENT 

 

TD BANK, N.A., 

as a Lender

By: /s/ Matt Waszmer

Name: Matt Waszmer

Title: Senior Vice President

 

 

 

SYNNEX CORPORATION

SECOND AMENDMENT TO CREDIT AGREEMENT 

 

TRUIST BANK (formerly known as Branch Banking and Trust Company), 

as a Lender

By: /s/ Alfonso Brigham

Name: Alfonso Brigham

Title: Vice President

 

 

 

SYNNEX CORPORATION

SECOND AMENDMENT TO CREDIT AGREEMENT 

 

U.S. BANK NATIONAL ASSOCIATION, 

as a Lender

By: /s/ Richard J. Ameny, Jr.

Name: Richard J. Ameny, Jr. 

Title: Vice President

 

 

 

SYNNEX CORPORATION

SECOND AMENDMENT TO CREDIT AGREEMENT 

 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as a Lender

By: /s/ Harjot Sandhu

Name: Harjot Sandhu

Title: Senior Vice President

 

SYNNEX CORPORATION

SECOND AMENDMENT TO CREDIT AGREEMENTDocument

Exhibit 10.1

July 28, 2020

Dear Ron,

We want to welcome you to IQVIATM
On behalf of IQVIA, The Human Data Science CompanyTM, we are pleased to extend an
offer of employment for you to join our global team.

IQVIA's talented professionals across the globe help clients create solutions that drive healthcare forward to advance clinical outcomes and commercial performance. Our employees are passionate about channeling their insights, commercial and scientific depth, and executional expertise to help improve health outcomes for patients around the globe.

This packet includes a summary page outlining the major components of your offer of employment. Recognizing that our people are our most important asset, we offer a comprehensive benefits package, which includes medical, dental and vision coverage,  short-term  and long-term disability, retirement plan, life insurance, tuition reimbursement, and more. Additional information is endorsed, and these benefits will be discussed in greater detail during your department orientation.

To accept this offer of employment, please complete and return the enclosed forms within five business days.

We look forward to receiving your written acceptance to join our team. We are really excited to welcome you to IQVIA. Whatever your career goals, we are here to ensure you get there!

Please join us to move healthcare forward. Together.

Kind regards,
						
	/s/ Trudy Stein
	

Trudy Stein
EVP & CHRO

									
	
		
	Name: Ron Bruehlman
		
	*	Date of offer:	July 28. 2020
	*	Your start date:	August 1, 2020
	*	Position Title / Level:	EVP, interim Chief Financial Officer
	*	Department:	US20 Finance
	*	Location:	WFH/Parsippany, NJ
	*	Manager / Title:	Ari Bousbib
	*	FT / PT Status:	Full Time
	*	Base Salary:	$860,000 (annualized). Pay is semi-monthly
	*	Annual Incentive Target: 100% of your annual base salary. Your manager will communicate performance parameters at a later date. Incentive payouts are not guaranteed and are prorated based on start date and time worked. Your start date must occur on or before September 30 to be eligible to participate in an incentive plan for the year.
	
	*	Long-Term Incentive Award: As a part of your new hire offer, you have been nominated for a one­ time Restricted Stock ( Unit award (the “One-Time RSU”) with a nominal value of $2,700,000 to be effective August 3, 2020 (the “Grant Date”) subject to final approval by the Leadership Development and Compensation Committee (the “Committee”) of the Board of Directors of IQVIA Holdings Inc.
IQVIA will determine the number of One-Time RSUs by dividing the nominal value of $2,700,000 by the closing price of a share of IQVIA common stock as of the Grant Date. An RSU is the promise of a share of stock on a future date (the “Vesting Date”). It is “restricted” because until it vests, you cannot sell it and you have no voting rights. It is a “unit” because the share under1ying the unit isn't transferred to you until the Vesting Date. The One-Time RSUs will vest in equal installments on each of the first three anniversaries of the Grant Date. If you leave our employment for any reason, you will forfeit any One-Time RSUs that are unvested at that time.
One-Time RSUs approved by the Committee will be subject to the various terms and conditions of the IQVIA Holdings Inc. 2017 Incentive and Stock Award Plan (the “Plan”) and the grant agreement, including provisions regarding vesting and forfeiture.
Your One-Time RSU is contingent upon proper execution of a Confidentiality and Restrictive Covenant Agreement (CRCA) and Work Product Assignment Agreement (WPAA) relating to the protection of IQVIA intellectual property, including confidentiality, ownership, non-competition and non-solicitation. These documents will be provided to you separately.
	
	*	Time off during calendar year of 2020
    Vacation Days:        Discretionary Time-off
    Company Holidays:    10 Days
	
	This offer of employment with IQVIATM is contingent upon (a) receipt of acceptable references and credential qualifications; (b) having no existing restrictions which would prohibit you from accepting this offer or, by working for IQVIA, would infringe the rights of others; (c) your signing and returning the attached Confidentiality & Policy Agreement as well as the Third Party Confidential Information Notice; and (d) receipt of proof of your eligibility to work in the United States as required by the Immigration
		
			

												
	Reform and Control Act of 1986. You will need to bring certain documents on your first day of employment (by law, no later than three business days from your start date). Please refer to the enclosed list of acceptable documents for Employment Eligibility Verification.
This offer letter shall not be construed as constituting a contract for employment, or otherwise set forth a length of employment. You are an employee at-will, which means that either you or IQVIA may end the employment relationship without cause or notice.
Upon your start date, any agreement(s) between you and the company with regard to your current role as a senior advisor to the CEO will terminate and will no longer be in force.
			
				
	I accept the terms of this offer as stated and will start on:			
				
	/s/ Ronald E. Bruehlman			8/1/2020
	Sign to Accept			State Date
				
	Approved:			
	/s/ Trudy Stein
			
	Name: Trudy Stein

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