Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

AMENDMENT NO. 1 TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT, dated as of April 30, 2018 (this “Amendment”), by and
among each of the entities listed under the caption “Refinancing Lenders” on the signature pages hereto (each, a “Refinancing Lender” and, collectively the “Refinancing Lenders”), each other Lender party
hereto, The GEO Group, Inc. (“GEO”), GEO Corrections Holdings, Inc. (“Corrections”, and together with GEO, the “Borrowers”) and BNP Paribas, as administrative agent for the Lenders under the
Existing Credit Agreement referred to below and under the Amended Credit Agreement referred to below (in such capacities, the “Administrative Agent”). Capitalized terms used but not defined herein have the meaning given to such
terms in the Existing Credit Agreement. 
 WHEREAS, reference is made to the Third Amended and Restated Credit Agreement, dated as of
March 23, 2017 (as amended, restated, supplemented or otherwise modified and as in effect immediately prior to the Term Loan Refinancing Closing referred to below, the “Existing Credit Agreement”, and as amended by this
Amendment, the “Amended Credit Agreement”), among the Borrowers, the Australian Borrowers party thereto, the Lenders from time to time party thereto, and the Administrative Agent; 

WHEREAS, GEO has requested that the Refinancing Lenders make new term loans (the “Refinancing Term Loans”) in an aggregate
principal amount of US$792,000,000 (the “Term Loan Refinancing Facility”) pursuant to Section 2.22(a) of the Existing Credit Agreement for the purposes of refinancing all of the outstanding Term Loans (the “Existing
Term Loans”) under the Existing Credit Agreement as of the Term Loan Refinancing Closing, and the Refinancing Lenders are willing to provide such Term Loan Refinancing Facility on the terms and conditions set forth in this Amendment; and

 WHEREAS, the Borrowers have also requested that the Refinancing Lenders and the Revolving Lenders agree to amend the Existing Credit
Agreement in the manner and at the time set forth in Section 2 below, and the Refinancing Lenders and the Revolving Lenders party hereto are willing to so amend the Existing Credit Agreement on the terms and conditions set forth in this
Amendment. 
 NOW, THEREFORE, in consideration of the premises and agreements, provisions and covenants herein contained, the parties hereto
agree as follows: 
 1.    Term Loan Refinancing Facility. 

(a)    Each Refinancing Lender hereby commits to provide Refinancing Term Loans to GEO in Dollars in its respective amount
set forth on Schedule A annexed hereto, pursuant to the provisions of Section 2.22(a) of the Existing Credit Agreement on the terms and subject to the conditions set forth herein and in the Existing Credit Agreement. The Refinancing Term
Loans shall be deemed to be “Term Loans” for purposes of the Amended Credit Agreement having terms and provisions identical to those applicable to the Existing Term Loans except: 

(i)    that the “Applicable Rate” applicable to the Refinancing Term Loans shall be (i) 2.00%
per annum in the case of Eurodollar Loans and (ii) 1.00% in the case of ABR Loans; 
 (ii)    that in
the event that all or any portion of the Refinancing Term Loans are repaid, prepaid, replaced, repriced or effectively refinanced through (i) any waiver, consent or amendment the result of which would be the lowering of the effective interest
cost or the weighted average yield of any of the Refinancing Term Loans or (ii) the incurrence of Indebtedness (including any other Refinancing Term Loans (as defined in the Existing Credit Agreement)) having an effective interest cost or
weighted average yield (taking into account, without limitation, upfront fees, original issue discount, interest rate spreads and interest rate benchmark floors, but excluding the effect of any arrangement, structuring, syndication or other fees
payable in connection therewith that are not shared with all lenders or holders of such new or replacement loans) that is less than the effective interest cost or weighted average yield of the Refinancing Term Loans (or portion thereof) so repaid,
prepaid, replaced, repriced or refinanced, in each case on or prior to the date that is six months after the Term Loan Refinancing Closing, such repayment, prepayment, replacement, repricing or refinancing will be made at 101% of the principal
amount so repaid, prepaid, refinanced, replaced or repriced; and 
  

 (iii)    as otherwise set forth in this Amendment. 

(b)    Each Refinancing Lender (i) confirms that it has received a copy of the Existing Credit Agreement and the
other Loan Documents, together with copies of the financial statements referred to therein and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Amendment,
(ii) agrees that it will, independently and without reliance upon the Administrative Agent, any other Refinancing Lender or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make
its own credit decisions in taking or not taking action under the Existing Credit Agreement, (iii) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under the Existing Credit
Agreement and the other Loan Documents as are delegated to the Administrative Agent by the terms thereof, together with such powers as are reasonably incidental thereto and (iv) agrees that it will perform in accordance with their terms all of
the obligations which by the terms of the Existing Credit Agreement are required to be performed by it as a Term Lender. 

(c)    Each Refinancing Lender hereby agrees to make its respective Refinancing Term Loans to GEO on the following terms
and conditions: 
 (i)    The Existing Term Loans (together with any accrued but unpaid interest thereon
and all fees or premiums, if any, with respect thereto) shall be repaid or paid, as applicable, in full with the proceeds of the Refinancing Term Loans and, if necessary, cash on hand of the Borrowers, substantially concurrently with the making of
the Refinancing Term Loans. 
 (ii)    Annex I hereto sets forth additional terms, conditions and
agreements applicable to this Amendment and the Term Loan Refinancing Facility. The date and time upon which (x) the Administrative Agent shall have received a counterpart signature page of this Amendment duly executed by the Borrowers, the
Refinancing Lenders and the Administrative Agent and (y) the conditions specified in Section II of Annex I hereto shall have been satisfied (or waived in accordance with Section 3) shall be referred to as “Term Loan
Refinancing Closing”. 
 (iii)    Except as set forth in this Amendment (including Annex
I hereto), the Term Loan Refinancing Facility shall otherwise be subject to the provisions of the Existing Credit Agreement and the other Loan Documents. 

(d)    By its execution of this Amendment, each Borrower hereby certifies that: 

(i)    the representations and warranties of each Loan Party set forth in the Loan Documents are and shall
be true and correct in all material respects on and as of the Term Loan Refinancing Closing; provided that, to the extent that such representations and warranties specifically refer to an earlier date or time, they are and shall be true and
correct in all material respects as of such earlier date or time; provided further that any representation and warranty that is qualified as to materiality, “Material Adverse Effect” or similar language is and shall be true and
correct in all respects as of the Term Loan Refinancing Closing or such earlier date or time, as the case may be; 

  
 2 

 (ii)    at the time of and immediately after giving effect to
the making of the Refinancing Term Loans, no Default or Event of Default shall have occurred and be continuing; and 

(iii)    as of the Term Loan Refinancing Closing, the requirements and conditions set forth in
Section 2.22(a) of the Existing Credit Agreement with respect to the Term Loan Refinancing Facility shall have been complied with and satisfied, as applicable. 

(e)    For purposes of the Existing Credit Agreement, the initial notice address of each Refinancing Lender shall be as
set forth below its signature below or as otherwise notified to GEO and the Administrative Agent. 
 (f)    Each
Refinancing Lender that is not a U.S. person (as defined in Section 7701(a)(30) of the Code), if any, shall have delivered to the Administrative Agent such forms, certificates or other evidence with respect to United States federal income tax
withholding matters as such Refinancing Lender may be required to deliver to Administrative Agent pursuant to Section 2.15 of the Existing Credit Agreement. 

(g)    This Amendment shall be deemed to constitute, and shall satisfy the requirements set forth in Section 2.22(a)
of the Existing Credit Agreement with respect to, a “Refinancing Term Loan Notice” in respect of the Term Loan Refinancing Facility. 

(h)    Immediately upon the Term Loan Refinancing Closing, the Administrative Agent will record the Refinancing Term Loans
made by each Refinancing Lender in the Register. 
 (i)    For purposes of Section 9.04(b)(iii)(A) of the Existing
Credit Agreement, GEO hereby consents to any assignments of Refinancing Term Loans by the Refinancing Lenders in connection with primary syndication of the Refinancing Term Loans to the extent made in accordance with the engagement letter relating
to the Term Loan Refinancing Facility entered into between GEO and the Lead Arranger (as defined below) and certain of its affiliates. 

2.    Amendment of Third Amended and Restated Credit Agreement. Immediately following the later of (x) the
Term Loan Refinancing Closing and (y) the Administrative Agent receiving a counterpart signature page of this Amendment (or a Lender Addendum hereto) duly executed by Revolving Lenders that, taken together with the Refinancing Lenders,
constitute the Required Lenders, in each case on the date hereof (the “Amendment Effective Time”), the Existing Credit Agreement shall be amended and as follows: 

(a)    Section 1.01 of the Existing Credit Agreement is hereby amended by adding the following definitions in appropriate
alphabetical order: 
 (i)    “2017 Term Loans” means the term loans described in
Section 2.01(c). 

  
 3 

 (ii)    “2018 Refinancing Term Loans” means
the Refinancing Term Loans made to GEO on the Amendment No. 1 Effective Date pursuant to Amendment No. 1. 

(iii)    “Amendment No. 1” means that certain Amendment No. 1 to
Third Amended and Restated Credit Agreement dated as of the Amendment No. 1 Effective Date, by and among the Borrowers, the Lenders party thereto and the Administrative Agent. 

(iv)    “Amendment No. 1 Effective Date” means April 30, 2018.

 (b)    Clause (a) of the definition of “Applicable Rate” set forth in Section 1.01 of the
Existing Credit Agreement is hereby amended and restated in its entirety to read as follows: 
 “(a) for Term Loans, (i) 2.00%
per annum in the case of Eurodollar Loans and (ii) 1.00% in the case of ABR Loans”. 
 (c)    The definition of
“Term Loans” set forth in Section 1.01 of the Existing Credit Agreement is hereby amended and restated in its entirety as follows: 

“Term Loans” means (x) until the Amendment No. 1 Effective Date, the 2017 Term Loans, and
(y) thereafter, the 2018 Refinancing Term Loans. 
 (d)    The words “Third Restatement Effective
Date” in the second sentence of Section 2.10(a) of the Existing Credit Agreement is hereby replaced with the words “Amendment No. 1 Effective Date”. 

(e)    Clause (a) of the first sentence of Section 5.08 of the Existing Credit Agreement is hereby amended and
restated in its entirety as follows: 
 “(a) in the case of proceeds of (1) the 2017 Term Loans, (x) to refinance the
Existing Term Loans on the Third Restatement Effective Date, (y) at GEO’s option, to repay Revolving Credit Loans outstanding immediately prior to the Third Restatement Effective Date, (z) to pay fees, commissions, costs and expenses
incurred in connection with the Transactions or (2) the 2018 Refinancing Term Loans, to refinance the 2017 Term Loans on the Amendment No. 1 Effective Date,”. 

(f)    Clause (B) of Section 6.05(a) of the Existing Credit Agreement is hereby amended by replacing the words
“received during the Subject Year” with the words “received during or after the fiscal year of GEO ended on December 31, 2017 and not previously applied toward (x) Restricted Payments pursuant to this
Section 6.05(a)(B), (y) Investments pursuant to Section 6.04(k) or (z) the repurchase, redemption, acquisition or defeasance of Senior Notes pursuant to Section 6.13”. 

3.    Amendment, Modification and Waiver. Except for provisions exclusively relating to the Term Loan Refinancing
Facility (which may be amended or waived pursuant to a writing signed by the GEO, the Administrative Agent and the Refinancing Lenders), this Amendment may not be amended nor may any provision hereof be waived except pursuant to a writing signed by
each of the parties hereto. 

  
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 4.    Entire Agreement; References. This Amendment, the Existing
Credit Agreement, the Amended Credit Agreement and the other Loan Documents constitute the entire agreement among the parties with respect to the subject matter hereof and thereof and supersede all other prior agreements and understandings, both
written and verbal, among the parties or any of them with respect to the subject matter hereof. Each reference to “hereof”, “hereunder”, “herein” and “hereby” and each other similar reference and each
reference to “this Agreement” and each other similar reference contained in the Existing Credit Agreement shall, from the Amendment Effective Time, refer to the Amended Credit Agreement. 

5.    Governing Law; Jurisdiction; Consent to Service of Process. 

(a)    This Amendment and any claim, controversy or dispute arising under or related to this Amendment, whether in tort,
contract (at law or in equity) or otherwise, shall be construed in accordance with and governed by the laws of the State of New York. 

(b)    Each party hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive
jurisdiction of the Supreme Court of the State of New York and of the United States District Court of the Southern District of New York, in each case sitting in New York County, and any appellate court from any thereof, in any action or proceeding
arising out of or relating to this Amendment, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally submits to the jurisdiction of such courts and agrees that all claims in respect
of any such action, litigation or proceeding may be heard and determined in such New York State court or, to the fullest extent permitted by applicable law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such
action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in any Loan Document shall affect any right that the Administrative Agent, any Refinancing
Lender or any Revolving Lender party hereto may otherwise have to bring any action or proceeding relating to any Loan Document against Borrowers or their respective properties in the courts of any jurisdiction. 

(c)    Each party hereto hereby irrevocably and unconditionally waives, to the fullest extent permitted by applicable law,
any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to any Loan Document in any court referred to in paragraph (b) of this Section 5. Each of the parties hereto
hereby irrevocably waives, to the fullest extent permitted by applicable law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(d)    Each party to this Amendment irrevocably consents to service of process in the manner provided for notices in
Section 9.01 of the Existing Credit Agreement. Nothing in any Loan Document will affect the right of any party to this Amendment to serve process in any other manner permitted by applicable law. 

6.    WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AMENDMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH
PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND
(B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AMENDMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

  
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 7.    Severability. Any term or provision of this Amendment held to be
invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality or enforceability of the remaining terms
and provisions of this Amendment or affecting the validity or enforceability of any of the terms or provisions of this Amendment, and the invalidity of a particular term or provision in a particular jurisdiction shall not invalidate such term or
provision in any other jurisdiction. If any term or provision of this Amendment is so broad as to be unenforceable, the term or provision shall be interpreted to be only so broad as would be enforceable. 

8.    Counterparts. This Amendment may be executed in counterparts, each of which shall be deemed to be an
original, but all of which shall constitute a single agreement. 
 9.    Loan Document. This Amendment
constitutes a “Refinancing Term Loan Amendment” and a “Loan Document” for purposes of the Existing Credit Agreement and the other Loan Documents. 

[Remainder of Page Intentionally Left Blank.] 
  

  
 6 

 IN WITNESS WHEREOF, each of the undersigned has caused its duly authorized officer to execute and
deliver this Amendment as of the date first written above. 
  

			
	REFINANCING LENDERS:
	
	 BNP PARIBAS,
 as a Refinancing
Lender

		
	By:	 	/s/ David L. Berger
	Name:	 	David L. Berger
	Title:	 	Director
		
	By:	 	/s/ Sang W. Han
	Name:	 	Sang W. Han
	Title:	 	Vice President

  
  
  

 
  
  

 
  

[Amendment No.1 to Third Amended and Restated Credit Agreement – The GEO Group, Inc.] 

  

			
	 BNP PARIBAS,
 as a Revolving
Lender

		
	By:	 	/s/ David L. Berger
	Name:	 	David L. Berger
	Title:	 	Director
		
	By:	 	/s/ Karim Remtoula
	Name:	 	Karim Remtoula
	Title:	 	Vice President

  
  
  

 
  
  

 
  

[Amendment No.1 to Third Amended and Restated Credit Agreement – The GEO Group, Inc.] 

  

			
	THE BORROWERS:
	
	THE GEO GROUP, INC.
		
	By:	 	/s/ Brian R. Evans
	Name:	 	Brian R. Evans
	Title:	 	SVP and CFO
	
	GEO CORRECTIONS HOLDINGS, INC.
		
	By:	 	/s/ Brian R. Evans
	Name:	 	Brian R. Evans
	Title:	 	VP & CFO

  
  
  

 
  
  

[Amendment No.1 to Third Amended and Restated Credit Agreement – The GEO Group, Inc.] 

 Acknowledged and agreed by: 
  

			
	 BNP PARIBAS,
 as Administrative
Agent

		
	By:	 	/s/ David L. Berger
	Name:	 	David L. Berger
	Title:	 	Director
		
	By:	 	/s/ Sang W. Han
	Name:	 	Sang W. Han
	Title:	 	Vice President

  
  
  

 
  
  

[Amendment No.1 to Third Amended and Restated Credit Agreement – The GEO Group, Inc.] 

 SCHEDULE A 

TO AMENDMENT NO. 1 
 TO THIRD AMENDED
AND RESTATED CREDIT AGREEMENT 
  

					
	 	 	 
	 Refinancing Lender

 
	 	 Type of Commitment

 
	 	 Principal Amount

 

	 	 	 
	BNP Paribas	 	Term Loan Commitment	 	US$792,000,000

 ANNEX I 

TO AMENDMENT NO.1 
 TO THIRD AMENDED
AND RESTATED CREDIT AGREEMENT 
 OTHER TERMS AND CONDITIONS 
  

	I.	Additional Representations and Warranties. 

 To induce (x) the Refinancing Lenders
to enter into this Amendment and to make the Refinancing Term Loans pursuant to Section 2.22(a) of the Existing Credit Agreement and (y) the Refinancing Lenders and the Revolving Lenders party hereto to consent to the amendments to the
Existing Credit Agreement contemplated by this Amendment, the Borrowers hereby represent and warrant as of the Term Loan Refinancing Closing and the Amendment Effective Time that: 

 

	 	1.	Corporate Power; Authorization; Enforceable Obligations. 

(a)    Each Loan Party has the corporate or other organizational power and authority to execute, deliver and perform its
obligations under this Amendment and the Confirmation and Reaffirmation Agreement delivered in connection herewith (the “Confirmation”), as applicable, and, in the case of GEO, to borrow the Refinancing Term Loans under the Existing
Credit Agreement and this Amendment. Each Loan Party has taken all necessary corporate or other action to authorize the execution, delivery and performance of this Amendment (or the Confirmation, as applicable) and, in the case of GEO, to authorize
the Term Loan Refinancing Facility on the terms and conditions of this Amendment. 
 (b)    This Amendment and the
Confirmation have been duly executed and delivered on behalf of each Loan Party party hereto or thereto. Each of this Amendment and the Confirmation constitutes a legal, valid and binding obligation of each Loan Party party hereto or thereto,
enforceable against each such Loan Party in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights
generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law) and the implied covenants of good faith and fair dealing. 

2.    No Legal Bar. The execution, delivery and performance of this Amendment and the Confirmation by each Loan
Party party hereto or thereto, and the borrowing of the Refinancing Term Loans and the use of the proceeds thereof (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority,
except for such as have been obtained or made and are in full force and effect, (b) will not violate any applicable law or regulation or the charter, by-laws or other organizational documents of GEO or
any of its Subsidiaries or any order of any Governmental Authority, (c) will not violate or result in a default under any indenture or other agreement or instrument binding upon GEO or any of its Subsidiaries or assets, or give rise to a right
thereunder to require any payment, repurchase or redemption to be made by any such Person, or result in, termination, cancellation or acceleration of any obligation thereunder and (d) will not result in the creation or imposition of any Lien on
any asset of GEO or any of its Subsidiaries (other than any Liens created under the Loan Documents), except (in the case of each of clauses (a), (b) and (c) of this paragraph) to the extent that the failure to obtain or make such consent,
approval, registration, filing or action, or such violation, as the case may be, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 

 

  
 Annex I-1 

 3.    Solvency. GEO and its Subsidiaries are (when taken as a whole on
a consolidated basis), and immediately after giving effect to the making of the Refinancing Term Loans and the repayment of the Existing Term Loans will be, Solvent. 
  

	II.	Conditions to Term Loan Refinancing Closing. 

 In addition to the other conditions set
forth in this Amendment and in Section 2.22(a) of the Existing Credit Agreement (as applicable), the agreement of (x) each Refinancing Lender to make its Refinancing Term Loans immediately upon the occurrence of the Term Loan Refinancing
Closing, as provided in Section 1 of this Amendment, is subject to the satisfaction (or waiver in accordance with Section 3 of this Amendment) of the following conditions precedent: 

(a)    The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and
the Lenders and dated the date of the Term Loan Refinancing Closing and the Amendment Effective Time) (i) of Akerman LLP, counsel for the Borrowers and the Guarantors, covering such matters relating to the Borrowers, the Guarantors, this
Amendment, the other Loan Documents or the transactions contemplated by this Amendment, as the Administrative Agent shall reasonably request (and each Borrower for itself and on behalf of each Guarantor hereby instructs such counsel to deliver such
opinion to the Lenders and the Administrative Agent), (ii) of Hughes Gorski Seedorf Odsen & Tervooren, LLC, Alaska counsel for certain Guarantors, covering such matters relating to such Guarantors as the Administrative Agent shall
reasonably request (and GEO, on behalf of such Guarantors, hereby instructs such counsel to deliver such opinion to the Lenders and the Administrative Agent) and (iii) of the in-house general counsel for
the Borrowers and the Guarantors, covering such other matters relating to the Borrowers, the Guarantors, this Agreement, the other Loan Documents or the transactions contemplated by this Amendment, as the Administrative Agent shall reasonably
request (and each Borrower for itself and on behalf of each Guarantor hereby instructs such counsel to deliver such opinion to the Lenders and the Administrative Agent). 

(b)    The Administrative Agent shall have received a certificate of each Loan Party, dated as of the date of the Term
Loan Refinancing Closing, in form and substance reasonably satisfactory to the Administrative Agent, certifying and attaching (x) the incumbency and genuineness of the signature of each officer of such Loan Party executing this Amendment, the
Confirmation and any other Loan Documents and (y) that: 
 (i) as to each Loan Party (other than the Australian Borrowers), either
(x) such Loan Party’s articles of incorporation, bylaws or similar charter documents certified and delivered to the Administrative Agent on the date hereof remain in full force and effect on the date hereof without modification or
amendment since such original delivery or (y) attached thereto are true, correct and complete copies of (A) the articles of incorporation or similar charter documents of such Loan Party certified as of a recent date by the appropriate
Governmental Authority in its jurisdiction of organization, and (B) the bylaws or operating agreement or similar governing documents of such Loan Party, in each case under this clause (y) as in effect on the date hereof; 

(ii) attached thereto is a true, correct and complete copy of resolutions duly adopted by the Board of Directors of each Loan Party (other than
the Australian Borrowers) authorizing the execution, delivery and performance of this Amendment or such other Loan Documents to which such Loan Party is a party; and 

(iii) attached thereto is a certificate, as of a recent date, of the good standing of each Loan Party (other than the Australian Borrowers)
under the laws of its jurisdiction of organization (or equivalent) (to the extent such concept exists in such jurisdiction) and a certificate of the relevant taxing authorities of such jurisdictions, if available, certifying that such Person has
filed required tax returns and owes no delinquent taxes (to the extent such certificates are issued by a Governmental Authority in such jurisdiction). 
  

  
 Annex I-2 

 (c)    The Administrative Agent shall have received a Borrowing Request in
respect of the Refinancing Term Loans (x) not later than, (i) if the Refinancing Term Loans will initially be a Eurodollar Borrowing, 1:00 p.m., New York City time, three Business Days before the Term Loan Refinancing Closing, or
(ii) if the Refinancing Term Loans will initially be an ABR Borrowing, 12:00 noon, New York City time, on the Business Day before the Term Loan Refinancing Closing, and (y) otherwise in accordance with Section 2.03 of the Existing
Credit Agreement. 
 (d)    The Administrative Agent and BNP Paribas Securities Corp. (the “Lead
Arranger”) shall have received all fees and other amounts previously agreed in writing by the Borrower and the Administrative Agent or the Lead Arranger to be due and payable on or prior to the Term Loan Refinancing Closing or the Amendment
Effective Time, as applicable, including reimbursement or payment of all out-of-pocket expenses (including reasonable fees, charges and disbursements of counsel)
required to be reimbursed or paid by any Loan Party under any Loan Document. 
 (e)    The Administrative Agent shall
have received a certificate from the chief financial officer of GEO certifying as to the Solvency of GEO and its Subsidiaries on a consolidated basis immediately after giving effect to the making of the Refinancing Term Loans and the repayment of
the Existing Term Loans with the proceeds thereof. 
 [Remainder of page left intentionally blank] 

 

  
 Annex I-3Exhibit

Exhibit 10.1

NORTHERN TRUST CORPORATION
Non-Employee Director Compensation Plan

		
	1.
	Purpose.  This Non-Employee Director Compensation Plan (the “Plan”) is adopted by the Board of Directors (the “Board”) of Northern Trust Corporation (the “Corporation”). This Plan is adopted pursuant to the Northern Trust Corporation 2017 Long-Term Incentive Plan (the “2017 LTIP”). Capitalized terms defined in the 2017 LTIP that are used herein without being defined shall have the same meaning as set forth in the 2017 LTIP. 

		
	2.
	Participants.  Each Non-Employee Director shall be eligible to participate in the Plan.  Upon acknowledging his or her agreement to the terms and conditions of the Plan by countersigning the Plan in the space provided below, the Non-Employee Director shall become a participant in the Plan (a “Participant”).

		
	3.
	Restricted Stock Units.

		
	3.1
	   Grant.  

		
	(a)
	Immediately following the conclusion of the Corporation’s annual meeting of stockholders (the “Annual Meeting”) in each year, beginning with the Annual Meeting to be held in 2018, and subject to the availability of shares of Common Stock under the 2017 LTIP, each Participant elected to the Board at such Annual Meeting shall, automatically and without necessity of any action by the Board or any committee thereof, receive the number of Restricted Stock Units equal to the quotient of (i) $110,000, divided by (ii) the Fair Market Value of a share of Common Stock on the date of the grant (reduced to the nearest whole number) (such number of Restricted Stock Units, the “Annual RSU Grant Amount”), subject to the terms and conditions of this Plan and the 2017 LTIP.  A Restricted Stock Unit is the right, subject to the terms and conditions of the Plan and the 2017 LTIP, to receive a distribution of a share of Common Stock or cash (with respect to Cash-Settled RSUs, as defined below), pursuant to Section 3.6 below.  With respect to any Participant who is an “Advisory Director,” all Restricted Stock Units held by such Participant shall be settled in cash, with each Restricted Stock Unit constituting the right to receive cash in an amount equal to the Fair Market Value of Common Stock on the date of distribution (the “Cash-Settled RSUs”).  With respect to all other Participants, all Restricted Stock Units shall be settled in Common Stock.  Unless otherwise specified herein, the Cash-Settled RSUs shall be subject to the same terms and conditions under this Plan as Restricted Stock Units that are settled in Common Stock.

		
	(b)
	Each Participant elected or appointed on a date other than the date of an Annual Meeting shall, on the date of such election or appointment and automatically and without necessity of any action by the Board or any committee thereof, receive a pro-rated grant for the number of Restricted 

Stock Units (reduced to the nearest whole number) equal to the product of (i) the Annual RSU Grant Amount applicable to the immediately preceding Annual Meeting, multiplied by (ii) the quotient of (A) the number of days before the next Annual Meeting divided by (B) the number of days from the immediately preceding Annual Meeting until the next regularly scheduled Annual meeting; provided, however, if the next Annual Meeting date has not been approved by the Board at the time of grant, for purposes of this calculation it should be assumed that 365 days will elapse between the two Annual Meetings.  
		
	3.2
	Restricted Stock Unit Account.  The Corporation shall maintain an account (“RSU Account”) on its books in the name of each Participant, which shall reflect the number of Restricted Stock Units awarded to a Participant that the Participant is eligible to receive under this Plan and which have not yet been distributed to the Participant in accordance with Section 3.6 hereof.

		
	3.3
	Dividend Equivalents.  Upon the payment of any dividend on Common Stock occurring during the period preceding the distribution of a Participant’s Restricted Stock Unit award pursuant to Section 3.6 below, the Corporation shall credit to a cash account maintained by the Corporation on its books in the name of the Participant with respect to the Restricted Stock Units an amount equal in value to the dividends that the Participant would have received had the Participant been the actual owner on the record date of the number of shares of Common Stock represented by the Restricted Stock Units in the Participant’s RSU Account on that date (“Dividend Equivalents”).  No interest or earnings shall be credited with respect to the Dividend Equivalents.  Such Dividend Equivalents shall be subject to the same forfeiture, vesting, and distribution provisions of this Plan applicable to the Restricted Stock Units to which such Dividend Equivalents relate.  

		
	3.4
	Forfeiture.  Except as set forth in Section 3.5, if a Participant incurs a Separation from Service, as defined below, prior to the Vesting Date, as defined below, the Participant’s Restricted Stock Units shall be forfeited and revert to the Corporation, and the Corporation shall have no obligation to pay any Dividend Equivalents pursuant to Section 3.3 above with respect to the forfeited Restricted Stock Units.  The Corporation shall have no further obligation to such a Participant under the Plan with respect to such Restricted Stock Units.  For purposes of this Plan, the term “Separation from Service” shall mean the date on which the Participant’s membership on the Board terminates for any reason, including resignation or retirement.

		
	3.5
	Vesting.  A Participant shall become 100% vested in the Restricted Stock Units granted hereunder upon the date (the “Vesting Date”) that is the earliest to occur of (a) the date of the next Annual Meeting following the award of the Restricted Stock Units (the “Regular Vesting Date”), (b) the date of the Participant’s death, and (c) 

the date of a Change in Control, provided that the Participant has not incurred a Separation from Service prior to the earliest of the foregoing three events.
		
	3.6
	Distribution.  Subject to any deferral election completed by the Participant to the extent permitted under Section 5 of the Plan and Section 409A of the Code:

		
	(a)
	If a Participant has become 100% vested in an award of Restricted Stock Units granted hereunder upon a Vesting Date, the Restricted Stock Units (and associated Dividend Equivalents, if any) shall be distributed as soon as possible after the Vesting Date (but in any event no later than 60 days following the Vesting Date), provided that neither the Participant (nor any Beneficiary (as defined in Section 6.5), if applicable) shall have the right directly or indirectly to designate the taxable year of payment.  Restricted Stock Units which are (i) settled in Common Stock shall be distributed only in shares of Common Stock so that, pursuant to Section 3.1 and this Section 3.6, a Participant shall be entitled to receive one share of Common Stock for each Restricted Stock Unit in the Participant’s RSU Account, or (ii) Cash-Settled RSUs shall be distributed only in cash so that, pursuant to Section 3.1 and this Section 3.6, a Participant shall be entitled to receive cash with respect to each such Restricted Stock Unit in an amount equal to the Fair Market Value of a share of Common Stock on the Vesting Date.  For purposes of the distribution of Cash-Settled RSUs, the Fair Market Value of a share of Common Stock at any time that the Common Stock is listed on a national securities exchange or quoted on NASDAQ shall be the average of the highest and lowest reported sales prices of a share of Common Stock on NASDAQ.

		
	(b)
	If a Participant’s service on the Board shall terminate by reason of death prior to the Regular Vesting Date or a Change in Control, all cash or Common Stock then distributable hereunder with respect to the Participant shall be distributed to the Participant’s Beneficiary or, in the absence of a Beneficiary, to the Participant’s estate.  With respect to Cash-Settled RSUs, the value of each such Restricted Stock Unit shall equal the Fair Market Value of a share of Common Stock on the date of death.

		
	(c)
	If a Participant dies on or after the Regular Vesting Date or a Change in Control, but prior to the distribution of all amounts to which the Participant is entitled hereunder, all cash or Common Stock then distributable hereunder with respect to the Participant shall be distributed to the Participant’s Beneficiary or, in the absence of a Beneficiary, to the Participant’s estate, within the period described in Section 3.6(a).

		
	3.7
	Delivery of Shares.  To the extent permitted under the short-term deferral rules under Section 409A of the Code, the Corporation may delay the issuance or delivery of shares of Common Stock if the Corporation reasonably anticipates that such issuance or delivery will violate federal securities laws or other applicable law, 

provided that the issuance or delivery is made at the earliest date at which the Corporation reasonably anticipates that such issuance or delivery will not cause such violation.
		
	3.8
	Adjustment.  All Restricted Stock Units provided under the Plan are subject to adjustment in accordance with the provisions of Section 5.7 of the 2017 LTIP.

		
	3.9
	Availability of Shares.  If on any grant date, the number of shares of Common Stock which would otherwise be granted in the form of Restricted Stock Units granted under the Plan shall exceed the number of shares of Common Stock then remaining available under the 2017 LTIP, the available shares shall be allocated to Participants pro-rata in proportion to the number of shares subject to Restricted Stock Units that Participants would otherwise be entitled to receive, and the remaining portion of their Restricted Stock Unit grant shall be granted in the form of cash compensation, subject to the same vesting and payment terms as set forth in this Section 3.

		
	4.
	Cash Compensation.

		
	4.1
	The Corporation shall pay each Participant an annual cash retainer of $110,000 per calendar year (the “Annual Cash Retainer”).  In addition to the Annual Cash Retainer, (i) Participants serving as the Chair of any Board committee are entitled to an additional $15,000 cash payment per calendar year (the “Chairperson Retainer”), (ii) the Corporation’s Lead Director is entitled to an additional $25,000 cash payment per calendar year (the “Lead Director Retainer”), and (iii) any Participants, including the applicable Chair, serving on the Audit, Business Risk and Capital Governance Committees are entitled to an additional $10,000 cash payment per calendar year (the “Committee Retainer” and, together with the Annual Cash Retainer, Chairperson Retainer and Lead Director Retainer, the “Cash Compensation”).  The Cash Compensation shall be paid quarterly in arrears (but in any event no later than the March 15th immediately following the conclusion of the applicable year). If a Participant dies prior to receiving his or her Cash Compensation for a particular quarter, such Cash Compensation shall be distributed to the Participant’s Beneficiary or, in the absence of a Beneficiary, to the Participant’s estate.  For purposes of determining the amount of such quarterly payment(s), a Participant who joins the Board or a committee following the beginning of the applicable quarter shall be entitled to a pro rata portion of the Cash Compensation based on the number of days served on the Board or applicable committee during such quarter.  

		
	5.
	Deferral of Compensation.  To the extent that the Corporation maintains a deferred compensation plan in which Directors may participate, Participants shall be eligible to defer payment of the Restricted Stock Units (including the related Dividend Equivalents) and Cash Compensation otherwise payable under this Plan, in accordance with the terms and conditions of the deferred compensation plan as may be in effect from time to time and Section 409A of the Code.

		
	6.
	General Provisions.

		
	6.1
	Amendment, Suspension or Termination.  Subject to the limitations contained in Section 5.2 of the 2017 LTIP, the Board may, at any time amend, suspend or terminate the Plan as it deems advisable and in the best interests of the Corporation.

		
	6.2
	No Obligation to Reelect or Reappoint.  Nothing in the Plan or the 2017 LTIP shall be deemed to create an obligation on the part of the Board to nominate a Participant for reelection by the Corporation’s stockholders, to reappoint an Advisory Director or to fill any vacancy upon action of the Board.

		
	6.3
	Unfunded Arrangement.  The Plan shall at all times be entirely unfunded and no provision shall at any time be made with respect to segregating assets of the Corporation for payment of any benefit hereunder.  No Participant shall have any interest in any particular assets of the Corporation or its affiliates by reason of the right to receive a benefit under the Plan and any such Participant shall have only the rights of an unsecured creditor of the Corporation with respect to any rights under the Plan.

		
	6.4
	Nontransferability.  No interest hereunder shall be transferable other than by will, the laws of descent and distribution or pursuant to procedures approved by the Corporation related to the designation of a Beneficiary pursuant to Section 6.5 below.   Except pursuant to the preceding sentence, no interest hereunder may be sold, transferred, assigned, pledged, hypothecated, encumbered or otherwise disposed of (whether by operation of law or otherwise) or be subject to execution, attachment or similar process. Upon any attempt to so sell, transfer, assign, pledge, hypothecate, encumber or otherwise dispose of any award, such award and all rights thereunder shall immediately become null and void. 

		
	6.5
	Designation of Beneficiary.  The Participant may file with the Corporation a written designation (in a form and submitted in a manner acceptable to the Corporation) of one or more individuals, trustees, trusts or other entities as such holder’s beneficiary or beneficiaries  (“Beneficiary”) in the event of the holder’s death. 

		
	6.6
	Withholding.  In the event that federal, state, foreign or local taxes must be withheld from any distribution hereunder, (a) the Corporation shall deduct from any such distribution in cash the amount of such required withholding and (b) with respect to distributions in shares of Common Stock, subject to such rules and limitations as may be established by the Committee from time to time, withholding obligations, if any, shall be satisfied from one of the following elected by the Participant: (i) by cash payment by the Participant; (ii) through the surrender of shares of Common Stock already owned by the Participant that are acceptable to the Committee; or (iii) through the surrender of shares of Common Stock to which the Participant is otherwise entitled under the Plan; provided, 

however, that such shares under this clause (iii) may be used to satisfy not more than the Corporation’s minimum statutory withholding obligation, if any (based on minimum statutory withholding rates for applicable tax purposes that are applicable to such taxable income) or such higher withholding rate that is permitted under applicable law and accounting rules.
		
	6.7
	Administration.  The Plan and the 2017 LTIP are administered by the Committee.  The rights of Participants hereunder are expressly subject to the terms and conditions of the Plan and the 2017 LTIP, together with such guidelines as have been or may be adopted from time to time by the Committee.

		
	6.8
	No Rights as Stockholder.  Except as provided herein, Participants shall have no rights as a stockholder with respect to the Restricted Stock Units until the Common Stock subject to such Restricted Stock Units are distributed to the Participant.

		
	6.9
	Interpretation.  Any interpretation by the Committee of the terms and conditions of the Plan, the 2017 LTIP or any guidelines shall be final.  

		
	6.10
	Governing Law.  The Plan and each award hereunder and all determinations made and actions taken pursuant thereto, to the extent not otherwise governed by the Code or the laws of the United States, shall be governed by the laws of the State of Delaware and construed in accordance therewith without giving effect to principles of conflicts of laws.

Acknowledged and Agreed to: 
PARTICIPANT

By: __________________      
Name: _______________

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