Document:

Exhibit

EXHIBIT 10.1

SHARE REPURCHASE AGREEMENT
THIS SHARE REPURCHASE AGREEMENT (this “Agreement”) is made and entered into as of this 10th day of March, 2017 (the “Effective Date”), by and between Warburg Pincus Private Equity VIII, L.P., a Delaware limited partnership (the “Seller”), and Bridgepoint Education, Inc., a Delaware corporation (the “Purchaser”).
RECITALS
WHEREAS, the Seller desires to sell to Purchaser, and Purchaser desires to purchase from Seller, shares of common stock, $0.01 par value, of the Purchaser (“Common Shares”) on the terms and conditions set forth in this Agreement (the “Repurchase Transaction”).
WHEREAS, after due consideration, the Strategic Planning Committee of the Board of Directors of the Purchaser (the “Committee”), which consists solely of independent directors of the Board of Directors of the Purchaser (the “Board”), has reviewed and approved the Repurchase Transaction, and has reported such approval to the Board.
NOW, THEREFORE, in consideration of the premises and the agreements set forth below, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
ARTICLE I
SALE AND PURCHASE

Section 1.1    Purchase.  Subject to the terms and conditions of this Agreement, on the Effective Date the Seller shall sell, assign, transfer, convey and deliver to the Purchaser, and the Purchaser shall purchase, acquire and accept from the Seller, 18,072,289 Common Shares (the “Shares”).  The purchase price for the Shares shall be $8.30 per share, resulting in a total purchase price of $149,999,998.70 (the “Purchase Price”).  The Seller fully understands that the Purchase Price of the Shares may be less than the current trading price of the Shares on the New York Stock Exchange and believes that, due to the size of the Seller’s holdings, any attempt to dispose of all of the Shares on the public market at one time would most likely drive the price per share of the Common Shares, and result in an aggregate price that is less than the Purchase Price.  

Section 1.2    Delivery of Shares; Payment.  On the Effective Date, (i) the Purchaser shall pay the Purchase Price by wire transfer of immediately available funds to an account designated by the Seller and (ii) the Seller shall execute and deliver the instruction letter attached hereto as Exhibit A.

ARTICLE II
REPRESENTATIONS AND WARRANTIES OF THE SELLER

The Seller hereby makes the following representations and warranties to the Purchaser, each of which is true and correct on the Effective Date and shall survive the Effective Date.
Section 2.1    Existence and Power.

(a)     The Seller has been duly formed and is existing as a limited partnership in good standing under the laws of the state of its formation and has the power, authority and capacity to execute 

1

EXHIBIT 10.1

and deliver this Agreement, to perform the Seller’s obligations hereunder, and to consummate the transactions contemplated hereby.

(b)     The execution and delivery of this Agreement by the Seller and the consummation by the Seller of the transactions contemplated hereby (i) do not require the consent, approval, authorization, order, registration or qualification of, or (except for filings pursuant to Section 16 or Regulation 13D under the Securities Exchange Act of 1934 (the “Exchange Act”)) filing by the Seller with, any governmental authority or regulatory authority, including any stock exchange or self-regulatory organization, or court, or body or arbitrator having jurisdiction over the Seller; and (ii) except as would not have an adverse effect on the ability of the Seller to consummate the transactions contemplated by this Agreement, do not and will not constitute or result in a breach, violation or default, or cause the acceleration or termination of any obligation or right of the Seller or any other party thereto, under (A) any note, bond, mortgage, deed, indenture, lien, instrument, contract, agreement, lease or license, whether written or oral, express or implied, to which the Seller is a party, (B) the Seller’s organizational documents or (C) any statute, law, ordinance, decree, order, injunction, rule, directive, judgment or regulation of any court, administrative or regulatory body, including any stock exchange or self-regulatory organization, governmental authority, arbitrator, mediator or similar body.

Section 2.2.    Valid and Enforceable Agreement; Authorization.  This Agreement has been duly executed and delivered by the Seller and, assuming the due execution and delivery of this Agreement by the Purchaser, constitutes a legal, valid and binding obligation of the Seller, enforceable against the Seller in accordance with its terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and other similar laws of general application affecting enforcement of creditors’ rights generally and general principles of equity.  The Seller has duly taken all necessary limited partnership action to authorize the execution, delivery and performance of this Agreement and the transactions contemplated hereby.

Section 2.3    Title to Shares.  The Seller has good and valid title to the Shares free and clear of any lien, encumbrance, pledge, charge, security interest, mortgage, title retention agreement, option, equity or other adverse claim (except for restrictions pursuant to applicable federal and state securities laws), and has not, in whole or in part, (a) assigned, transferred, hypothecated, pledged or otherwise disposed of the Shares or its ownership rights in such Shares or (b) given any person or entity any transfer order, power of attorney or other authority of any nature whatsoever with respect to such Shares.

Section 2.4    Status of the Seller.  The Seller is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended, which enables the Seller to properly evaluate the risks and merits of its participation in the Repurchase Transaction.  The Seller has determined, based on its own independent review (without reliance upon the Purchaser or any of its officers or directors) and such professional advice as it deems appropriate that its consideration of the sale of the Shares to the Purchaser in 

2

EXHIBIT 10.1

the Repurchase Transaction and the Purchase Price (i) is fully consistent with its financial needs, objectives and condition, (ii) is the product of arm’s-length negotiations between the Purchaser and the Seller, (iii) complies and is fully consistent with all investment and divestiture policies, guidelines and other restrictions applicable to the Seller.

Section 2.5    Information.  The Seller has (i) reviewed the Purchaser’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016, filed with the Securities and Exchange Commission (the “SEC”) on March 7, 2017 and the Purchaser’s Current Reports on Form 8-K filed with the SEC after December 31, 2016, and the other filings made by the Purchaser with the SEC, information and reports furnished by the Purchaser, other publicly available information regarding the Purchaser, and such other information that it and its advisers deem necessary and sufficient to make its decision to enter into this Agreement, (ii) had the opportunity to ask questions of and receive answers from the Purchaser directly about such matters as the Seller deems appropriate in order for it to properly evaluate the Repurchase Transaction and (iii) conducted and completed its own independent due diligence with respect to the Repurchase Transaction.  

The Purchaser has informed Seller that the Purchaser may possess material non-public information (“MNPI”) regarding the most recently completed full fiscal year and certain other matters.  To the extent such MNPI exists, when it is eventually available and disclosed publicly, such MNPI may cause the market price of the Purchaser’s common stock to increase or decrease substantially.  The Seller understands, based on its experience, the disadvantage to which the Seller is subject due to the potential disparity of information between the Purchaser and the Seller (and if the Seller was in possession of some or all of any such MNPI, the Seller might not sell the Shares to the Purchaser).  The Seller acknowledges that it is deemed to have the knowledge of the Purchaser’s business and affairs held by the directors of the Purchaser appointed by the Seller pursuant to that certain Nominating Agreement dated February 17, 2009 by and between the Purchaser and the Seller.  Based on such information and investigation as the Seller has deemed appropriate and without reliance upon any MNPI that the Purchaser may have, the Seller has independently made its own analysis and decision to enter into the Repurchase Transaction.  The Seller is relying exclusively on its own sources of information, investment analysis and due diligence (including such professional advice as it deems appropriate) with respect to the Repurchase Transaction, the Shares and the business, condition (financial and otherwise), management, operations, properties and prospects of the Purchaser, including but not limited to all business, legal, regulatory, accounting, credit and tax matters.  

Section 2.6    Purchaser’s Reliance.  The Seller acknowledges and agrees that the Purchaser is relying on the Seller’s representations, warranties and agreements herein in proceeding with the Repurchase Transaction.  Without such representations, warranties and agreements, the Purchaser would not engage in the Repurchase Transaction.

ARTICLE II
REPRESENTATIONS AND WARRANTIES OF THE PURCHASER

The Purchaser hereby makes the following representations and warranties to the Seller, each of which is true and correct on the Effective Date and shall survive the Effective Date.

3

EXHIBIT 10.1

Section 3.1    Existence and Power.

(a)    The Purchaser is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and has the power, authority and capacity to execute and deliver this Agreement, to perform the Purchaser’s obligations hereunder, and to consummate the transactions contemplated hereby.

(b)    The execution and delivery of this Agreement by the Purchaser and the consummation by the Purchaser of the transactions contemplated hereby (i) do not require, except as have been obtained prior to the Effective Date, the consent, approval, authorization, order, registration or qualification of, or (except for filings pursuant to the Exchange Act or filings required by the New York Stock Exchange) filing by the Purchaser with, any governmental or regulatory authority, including any stock exchange or self-regulatory organization, or court, or body or arbitrator having jurisdiction over the Purchaser or any of its subsidiaries; and (ii) except as would not have a material adverse effect on the ability of the Purchaser to consummate the transactions contemplated by this Agreement, do not and will not constitute or result in a breach, violation or default, or cause the acceleration or termination of any obligation or right of the Purchaser, any of the Purchaser’s subsidiaries or any other party thereto, under (A) any note, bond, mortgage, deed, indenture, lien, instrument, contract, agreement, lease or license, whether written or oral, express or implied, to which the Purchaser or any of its subsidiaries is a party, (B) the Purchaser’s or any of its subsidiaries’ organizational documents or (C) any statute, law, ordinance, decree, order, injunction, rule, directive, judgment or regulation of any court, administrative or regulatory body, including any stock exchange or self-regulatory organization, governmental authority, arbitrator, mediator or similar body.

Section 3.2     Valid and Enforceable Agreement; Authorization.  This Agreement has been duly executed and delivered by the Purchaser and, assuming the due execution and delivery of this Agreement by the Seller, constitutes a legal, valid and binding obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and other similar laws of general application affecting enforcement of creditors’ rights generally and general principles of equity.  This Agreement and the purchase of the Shares contemplated hereby have been approved by the unanimous approval of the Committee, each member of which is disinterested with respect to this Agreement and the transactions contemplated hereby.  Such approval shall comply with Rule 16b-3 of the Exchange Act.  The Purchaser has duly taken all necessary corporate action to authorize the execution, delivery and performance of this Agreement and the transactions contemplated hereby.

Section 3.3    Sufficient Funds.  The Purchaser has, as of the Effective Date, access to legally available funds sufficient to consummate the transactions contemplated by this Agreement.  The transactions contemplated hereby will not cause any “impairment” to the capital of the Purchaser, and the Repurchase Transaction will be in compliance with Section 160 of the Delaware General Corporation Law.

Section 3.4    Sophistication of the Purchaser.  The Purchaser acknowledges and agrees that, except as set forth in this Agreement, the Seller is not making any express or implied warranties in connection with the Repurchase Transaction.  The Purchaser has such knowledge 

4

EXHIBIT 10.1

and experience in financial and business matters and in making investment decisions of this type that it is capable of evaluating the merits and risks of making its investment decision regarding the Repurchase Transaction and of making an informed investment decision.  The Purchaser and/or the Purchaser’s advisor(s) have had a reasonable opportunity to ask questions of and receive answers from a person or persons acting on behalf of the Seller concerning the Shares and the Seller and all such questions have been answered to the Purchaser’s full satisfaction.  The Purchaser is not relying on the Seller with respect to the tax and other economic considerations of the Repurchase Transaction, and the Purchaser has relied on the advice of, or has consulted with, the Purchaser’s own advisors.

Section 3.5    Litigation.  There are no pending actions, suits or proceedings against or affecting the Purchaser or any of its subsidiaries that, if determined adversely, would reasonably be expected to delay or interfere with the consummation of the transactions contemplated hereby, and no such actions, suits or proceedings are, to the knowledge of the Purchaser, threatened.

ARTICLE IV
MISCELLANEOUS PROVISIONS

Section 4.1    Release.  

(a) In consideration of the agreements and undertakings of the Purchaser, effective upon the Effective Date, the Seller, on behalf of itself, its predecessors, successors, direct and indirect parent companies, affiliates and assigns, and its past, present and future officers, directors, stockholders, interest holders, principals, attorneys, agents, employees, managers, representatives, assigns and successors in interest, and all persons acting by, through, under or in concert with them, and each of them (each such party, in such capacity, a “Seller Releasor”), hereby release and discharge the Purchaser, together with its predecessors, successors, direct and indirect subsidiary companies, affiliates and assigns and its and their past, present and future officers, directors, stockholders, interest holders, principals, attorneys, agents, employees, managers, representatives, assigns and successors in interest, and all persons acting by, through, under or in concert with them, and each of them (each such party, in such capacity, a “Purchaser Releasee”), from all known and unknown charges, complaints, claims (including, without limitation, any derivative or class action claims), grievances, liabilities, obligations, promises, agreements, controversies, damages, actions, causes of action, suits, rights, demands, costs, losses, debts, penalties, fees, wages, expenses (including attorneys' fees and costs actually incurred) and punitive damages, of any nature whatsoever, known or unknown, which either such Seller Releasor has, or may have had, against any Purchaser Releasee, whether or not apparent or yet to be discovered, or which may hereafter develop, related to or arising from any actions or omissions of a Purchaser Releasee prior to the Effective Date and relating primarily to the Repurchase Transaction, including the Purchaser’s use or non-disclosure of any MNPI in connection with the Repurchase Transaction; provided, that the foregoing release shall not apply to any surviving obligations under this Agreement.  Each Seller Releasor further agrees that, following the Effective Date, it shall not initiate or participate in any lawsuit or other legal proceeding (including but not limited to any derivative claim or suit or any class action), or to instigate, encourage or assist any third party (including but not limited to forming a “group” with any such third party) or to enter into any discussions or agreements with any third party with 

5

EXHIBIT 10.1

respect to any lawsuit or other legal proceeding (including any derivative claim or suit or any class action), related to or arising from any actions or omissions of a Purchaser Releasee prior to the Effective Date and relating primarily to the Repurchase Transaction, including the Purchaser’s use or non-disclosure of any MNPI in connection with the Repurchase Transaction; provided, that the foregoing covenant shall not apply to any surviving obligations under this Agreement.
(b) Notwithstanding any of the provisions of Section 4.2(a), nothing in this Agreement shall in any way limit or affect indemnification claims any director of the Company (including any director serving at the request of the Seller) may have under the Company’s organizational documents or pursuant to any agreement with the Company, whether or not relating to the Repurchase Transaction.  
Section 4.3    Notice.  Any notice provided for in this Agreement shall be in writing and shall be either personally delivered, or mailed first class mail (postage prepaid) with return receipt requested or sent by reputable overnight courier service (charges prepaid) to the address and to the attention of the person set forth in this Agreement.  Notices will be deemed to have been given hereunder when delivered personally, three business days after deposit in the U.S. mail postage prepaid with return receipt requested and two business days after deposit postage prepaid with a reputable overnight courier service for delivery on the next business day.

If to the Purchaser, to:

Bridgepoint Education, Inc.
13500 Evening Creek Drive North
San Diego, CA 92128
Attn: Chief Executive Officer

with a copy to:

Duane Morris LLP
30 South 17th Street
Philadelphia, PA 19103
Attn:  Richard A. Silfen

and

Wilson Sonsini Goodrich & Rosati
12235 El Camino Real
Suite 200
San Diego, CA 92130
Attn:  Martin J. Waters

if to the Seller, to:

Warburg Pincus, LLC
450 Lexington Avenue
New York, NY 10017
Attn: Robert B. Knauss

6

EXHIBIT 10.1

with a copy to:

Willkie Farr & Gallagher LLP
787 Seventh Avenue
New York, NY 10019
Attn:  Steven J. Gartner

Section 4.4    Entire Agreement.  This Agreement embodies the entire agreement and understanding of the parties hereto with respect to the subject matter hereof and supersedes all prior written and contemporaneous oral agreements, representations, warranties, contracts, correspondence, conversations, memoranda and understandings between or among the parties or  any of their agents, representatives or affiliates relative to such subject matter, including, without limitation, any term sheets, emails or draft documents.

Section 4.5    Assignment; Binding Agreement.  This Agreement and the various rights and obligations arising hereunder shall inure to the benefit of and be binding upon the parties hereto and their successors and assigns.

Section 4.6    Counterparts.  This Agreement may be executed in counterparts, each of which shall be deemed an original, but both of which taken together shall constitute one and the same instrument.  Any counterpart or other signature hereupon delivered by facsimile or electronics transmission shall be deemed for all purposes as constituting good and valid execution and delivery of this Agreement by such party.

Section 4.7    Governing Law.  This Agreement shall in all respects be construed in accordance with and governed by the substantive laws of the State of Delaware, without giving effect to principles of conflicts of laws.  Each party hereto waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in respect of any action, suit or proceeding arising out of or relating to this Agreement or any transaction contemplated hereby.

Section 4.8    No Third Party Beneficiaries or Other Rights.  Nothing herein shall grant to or create in any person not a party hereto, or any such person’s dependents or heirs, any right to any benefits hereunder, and no such party shall be entitled to sue any party to this Agreement with respect thereto.

Section 4.9    Waiver; Consent.  This Agreement and its terms may not be changed, amended, waived, terminated, augmented, rescinded or discharged (other than in accordance with its terms), in whole or in part, except by a writing executed by the parties hereto.

Section 4.10    No Broker.  Except as previously disclosed to each other party, no party has engaged any third party as broker or finder or incurred or become obligated to pay any broker’s commission or finder’s fee in connection with the transactions contemplated by this Agreement.

7

EXHIBIT 10.1

Section 4.11    Further Assurances.  Each party hereto hereby agrees to execute and deliver, or cause to be executed and delivered, such other documents, instruments and agreements, and take such other actions consistent with the terms of this Agreement as may be reasonably necessary in order to accomplish the transactions contemplated by this Agreement.

Section 4.12    Costs and Expenses.  Each party hereto shall each pay its own respective costs and expenses, including, without limitation, any commission or finder’s fee to any broker or finder, incurred in connection with the negotiation, preparation, execution and performance of this Agreement.

Section 4.13    Severability.  If any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or impaired thereby.

Section 4.14    Time of Essence.  Time is of the essence in the performance of each and every term of this Agreement.

Section 4.15    Captions.  The article and section captions herein are for convenience of reference only, do not constitute part of this Agreement and will not be deemed to limit or otherwise affect any of the provisions hereof.

Section 4.16    Public Announcements.  Subject to each party’s disclosure obligations imposed by law or obligations pursuant to any listing agreement with any securities exchange or the requirements of any self-regulatory organization, each of the parties hereto will cooperate with each other party in the development and dissemination of all public news releases and other public information containing disclosures with respect to this Agreement and any of the transactions contemplated by this Agreement, and no party hereto will make any such news release or public disclosure without first consulting with each other party hereto and receiving such party’s consent (which shall not be unreasonably withheld, delayed or conditioned), and each party shall coordinate with each other party with respect to any such news release or public disclosure.

Section 4.17    Specific Performance.  The parties acknowledge and agree that a party could not be made whole by monetary damages in the event that any of the provisions of this Agreement are not performed by each other party in accordance with their specific terms or are otherwise breached.  Accordingly, the parties agree that, in any such event, the parties shall be entitled to seek an injunction or injunctions to specifically enforce the terms and provisions hereof in an action instituted in any court of the State of Delaware having subject matter jurisdiction in respect thereof, and the parties further hereby agree to waive any requirement for the securing or posting of a bond in connection with the obtaining of such injunctive or other equitable relief.

Section 4.18    Voluntary Execution of Agreement.  This Agreement is executed voluntarily, without any duress or undue influence on the part of any party or on behalf of any party.  Each of the Purchaser and the Seller acknowledge that (a) they have read and understand the terms and consequences of this Agreement; (b) they have been represented in the preparation, 

8

EXHIBIT 10.1

negotiation and execution of this Agreement by legal counsel of their own choice or that they have voluntarily declined to seek such counsel; and (c) they are fully aware of the legal and binding effect of this Agreement.
[Signature Page Follows]

9

EXHIBIT 10.1

IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed as of the date first above written.
THE PURCHASER:
BRIDGEPOINT EDUCATION, INC.
By: /s/ Andrew S. Clark    
Name: Andrew S. Clark
Title: President and Chief Executive Officer
THE SELLER:
WARBURG PINCUS PRIVATE EQUITY VIII, L.P.

By:  Warburg Pincus Partners, L.P.,
        its general partner

By:  Warburg Pincus Partners GP LLC,
        its general partner

By:  Warburg Pincus & Co.,
        its managing member
By: /s/ Patrick T. Hackett    
Name: Patrick T. Hackett
Title: Partner

[Signature Page to Share Repurchase Agreement]

10

EXHIBIT 10.1

EXHIBIT A
Form of Instruction Letter

 March 10, 2017

By Email

	
		
	Wells Fargo Bank, N.A.
	 

Ladies and Gentlemen:

The undersigned has conveyed, assigned and transferred 18,072,289 shares of common stock of Bridgepoint Education, Inc. (the “Company”) back to the Company.  Accordingly, please accept this letter as a formal instruction requesting the cancellation of 18,072,289 shares of Company common stock registered in the name of the undersigned.  The Company hereby retires all of the foregoing shares it has purchased from the undersigned and instructs you to credit such shares back to the Company’s treasury account.  

EXHIBIT 10.1

Sincerely,

Name of Seller: Warburg Pincus Private Equity VIII, L.P.
Signature of Seller: Warburg Pincus Private Equity VIII, L.P.
By: Warburg Pincus Partners, L.P., its general partner
By: Warburg Pincus Partners GP LLC, its general partner
By: Warburg Pincus & Co., its managing member
By:                                  
Name of Signatory of Seller:                            
Title of Signatory (only for entities):                        

ACKNOWLEDGED AND AGREED:

Bridgepoint Education, Inc.

By:                        
Name:
Title:

cc:    Marty Waters - Wilson Sonsini Goodrich & Rosati, P.C.
Dan Horwood - Wilson Sonsini Goodrich & Rosati, P.C.
Richard Silfen - Duane Morris LLPEX-10.1

 Exhibit 10.1 

SECUREWORKS CORP. 
 2016
LONG-TERM INCENTIVE PLAN 
 PERFORMANCE-BASED RESTRICTED STOCK AGREEMENT 

COVER SHEET 
 

SecureWorks Corp., a Delaware corporation (the “Company”), hereby grants performance-based restricted shares of the Company’s Class A common stock, par value $0.01 per share (the
“Stock”), to the Grantee named below, subject to the vesting conditions set forth below (the “Restricted Stock”), for consideration received. Additional terms and conditions of the shares of Restricted Stock are set
forth on this cover sheet and in the attached Performance-Based Restricted Stock Agreement (together with all exhibits, the “Agreement”) and in the SecureWorks Corp. 2016 Long-Term Incentive Plan (as amended from time to time, the
“Plan”). 
  

			
	Grant Date:	  	  

		
	Name of Grantee:	  	  

		
	Target Number of Shares of Restricted Stock:	  	  

		
	Performance Period:	  	  

		
	Vesting Schedule:	  	If you continue in Service on each applicable vesting date, your Earned Shares, if any, shall vest in [            ] installments on each of
[            ] (each, a “Vesting Date”), provided that any fractional shares shall be rounded down to the nearest whole share on each of the first
[            ] Vesting Dates and, if applicable, shall vest on the last Vesting Date. Notwithstanding the preceding, if the Certification Date follows the first (1st) anniversary of the Grant Date and if you are in Service on the first (1st) anniversary of the Grant Date, you shall be treated as in Service on
the Certification Date for purposes of determining your Earned Shares, if any, and the level of your vesting in any such Earned Shares.

 By your electronic acknowledgement of this Agreement, you agree to all of the terms and conditions
described in the Agreement and in the Plan (if this is in paper form, a copy of the Plan is attached and if this is in electronic form, a copy of the Plan is available on this website). You acknowledge that you have carefully reviewed the Plan and
agree that the Plan shall control in the event any provision of this Agreement should appear to be inconsistent with the Plan. You must accept your award no later than 4pm Eastern Time, five (5) business days prior to the first vesting date or
your entire award will be cancelled. 
  

									
	Grantee:	  	  
	  		  	Date:	  	  

		  	(Signature)	  		  		  	
	Company:	  	  
	  		  	Date:	  	  

		  	(Signature)	  		  		  	
	Name:	  	  
	  		  		  	
					
	Title:	  	  
	  		  		  	

 Attachment 

This is not a stock certificate or a negotiable instrument. 

 

SECUREWORKS CORP. 
 2016 LONG-TERM INCENTIVE PLAN 

PERFORMANCE-BASED RESTRICTED STOCK AGREEMENT 
  

			
	 Performance-Based
 Restricted
Stock
	  	 This Agreement evidences an award of shares of Restricted Stock in the target number set forth on the cover sheet and subject to the terms
and conditions set forth in the Agreement and the Plan.
  
 The number of shares of
Restricted Stock, if any, that may be earned pursuant to the terms of this Agreement (the “Earned Shares”) will be calculated based on the attainment, as determined by the Committee, of the performance goals described in
Exhibit A to this Agreement (the “Performance Goals”) over the Performance Period set forth on the cover sheet, which number of Earned Shares may be equal to all or a portion, including none, of the Maximum Number of
Earned Shares set forth in Exhibit A. If the number of Earned Shares exceeds the Target Number of Shares of Restricted Stock set forth on the cover sheet of this Agreement, you shall receive an additional grant of shares of Restricted
Stock equal to such excess as of the Certification Date, which shares shall be treated as Earned Shares for purposes of this Agreement. If the Performance Goals are not achieved during the Performance Period, you will forfeit all of your shares of
Restricted Stock as of the end of the Performance Period, except as otherwise provided in this Agreement.
  

Promptly following the completion of the Performance Period, and no later than seventy-five (75) days following the end of the Performance Period (the
date of such certification, the “Certification Date”), the Committee will review and certify in writing (i) whether, and to what extent, the Performance Goals for the Performance Period have been achieved and (ii) the
number of shares of Restricted Stock that will become Earned Shares. Such certification will be final, conclusive, and binding. Notwithstanding the foregoing or anything in this Agreement to the contrary, the Committee reserves the right to adjust
the number of Earned Shares based on the achievement of the Performance Goals downward, including to zero, in its sole discretion.
  

You will forfeit to the Company all of the shares of Restricted Stock to the extent the specified Performance Goals have not been achieved, and the number of
shares of Restricted Stock that will become Earned Shares is also subject to downward adjustment irrespective of the satisfaction of Performance Goals, in each case as determined by the Committee, effective as of the Certification Date.

 
 You will forfeit to the Company all of the shares of Restricted Stock if your Service
terminates for any reason prior to the last day of the Performance Period.

		
	Transferability	  	Your shares of Restricted Stock may not be sold, assigned, transferred, pledged, hypothecated, or otherwise encumbered, whether by operation of law or otherwise, nor may the shares of Restricted Stock be made subject to
execution, attachment, or similar process. If you attempt to do any of these things, you will immediately and automatically forfeit your shares of Restricted Stock.
		
	Vesting	  	Your Earned Shares, if any, shall vest in accordance with the vesting schedule set forth on the cover sheet of this Agreement, so long as you continue in Service on each applicable Vesting Date. You may not vest in more than
the

  
 2 

			
		  	number of shares of Stock covered by your Earned Shares, and the number of Earned Shares may not exceed [            ]% of your Target Number of shares of Restricted
Stock as set forth on the cover sheet of this Agreement.
		
		  	Notwithstanding your vesting schedule, the Earned Shares, if any, shall become 100% vested upon your termination of Service due to your death or Disability on or following the last day of the Performance Period. No additional
portion of your shares of Restricted Stock (or Earned Shares) shall vest after your Service has terminated for any reason.
		
	Leaves of Absence	  	 For purposes of this Agreement, your Service does not terminate when you go on a bona fide leave of absence that was approved by
your employer in writing if the terms of the leave provide for continued Service crediting, or when continued Service crediting is required by Applicable Laws. Your Service terminates in any event when the approved leave ends unless you immediately
return to active employee work.
  
 Your employer may determine, in its discretion, which
leaves count for this purpose and when your Service terminates for all purposes under the Plan in accordance with the provisions of the Plan. Notwithstanding the foregoing, the Company may determine, in its discretion, that a leave counts for this
purpose even if your employer does not agree.

		
	Change in Control	  	 Notwithstanding the vesting schedule set forth above, upon the consummation of a Change in Control prior to the Certification Date, if
assumed or substituted for, the shares of Restricted Stock shall become (i) earned based upon the greater of (A) deemed attainment of the Performance Goals at target or (B) actual attainment of the Performance Goals as of the Change
in Control and (ii) 100% vested, in each case, upon your Involuntary Termination within the twelve (12)-month period following the consummation of the Change in Control.
  

Notwithstanding the vesting schedule set forth above, upon the consummation of a Change in Control on or following the Certification Date, if assumed or
substituted for, the Earned Shares shall become 100% vested upon your Involuntary Termination within the twelve (12)-month period following the consummation of the Change in Control. 

 
 “Involuntary Termination” means termination of your Service by reason of
(i) your involuntary dismissal by the Company, an Affiliate, or their successors for reasons other than Cause; or (ii) your voluntary resignation for “good reason” as defined in a written employment or other written compensatory
agreement between you and the Company or an Affiliate, or if none, then your voluntary resignation following the occurrence, without your written consent, of one or more of the following: (x) a material reduction in your base salary, target
annual or long-term incentive compensation (whether payable in cash or otherwise), or health and welfare benefits, unless such reduction is part of an across-the-board
reduction for all employees who are in the same salary grade as you as of the time of such reduction, (y) your demotion of more than one job grade, or (z) relocation of your principal work location to a location more than fifty
(50) miles from the work location to which you are currently assigned. For a voluntary resignation to qualify as for “good

  
 3 

			
		  	reason,” you must provide written notice to the Company or its successor of any of the foregoing occurrences within ninety (90) days of the initial occurrence; the Company must fail to remedy such occurrence within the
thirty (30)-day cure period following the date of such written notice; and you must resign within sixty (60) days after the Company’s cure period has ended.
		
	 Forfeiture of Unvested
 Earned
Shares
	  	Unless the termination of your Service triggers accelerated vesting or other treatment of your Earned Shares pursuant to the terms of this Agreement, the Plan, a written employment or other written compensatory agreement between
you and the Company or an Affiliate, or a written compensatory program or policy of the Company or an Affiliate otherwise applicable to you, you will immediately and automatically forfeit to the Company all of your unvested Earned Shares in the
event your Service terminates for any reason.
		
	Forfeiture of Rights	  	 You understand and agree that if the Company, acting through the Committee, determines that you engaged in Conduct Detrimental to the
Company during your Service or during the one-year period following the termination of your Service, (i) your unvested shares of Restricted Stock (including unvested Earned Shares) shall immediately and
automatically expire; and (ii) if you have vested in any Earned Shares during the two (2)-year period prior to your actions, you will owe the Company a cash payment (or forfeiture of shares of Stock) in an amount determined as follows:
(a) for any shares of Stock that you have sold prior to receiving notice of the foregoing determination from the Company, the amount will be the proceeds received from any and all sales of those shares of Stock, and (b) for any shares of
Stock that you still own, the amount will be the number of shares of Stock owned times the Fair Market Value of the shares of Stock on the date you receive such notice from the Company (provided, that the Company may require you to satisfy your
payment obligations hereunder either by forfeiting and returning to the Company the shares or any other shares of Stock or making a cash payment or a combination of these methods as determined by the Company in its sole discretion). You understand
and agree that the forfeiture and/or repayment under this Agreement is separate from and does not preclude the Company from seeking relief based on your conduct that constitutes Conduct Detrimental to the Company.

 
 For purposes of this provision, “Conduct Detrimental to the Company”
means: (i) you engage in serious misconduct, whether or not such serious misconduct is discovered by the Company prior to the termination of your Service; (ii) you breach your obligations to the Company or an Affiliate under any of your
written agreements with the Company or an Affiliate; (iii) you engage in Conflicting Activities (as defined below); or (iv) you solicit the Company’s employees (as defined below).

 
 For purposes of this Agreement, a “Company employee” means any person
employed by the Company or any of its Subsidiaries and “solicit the Company’s employees” means that you communicate in any way with any other person regarding (i) a Company employee leaving the employ of the Company or any
of its Subsidiaries; or (ii) a Company employee seeking employment with any other employer. This provision does not apply to those communications that are within the scope of your employment that are taken on behalf of your
employer.

  
 4 

			
		
		  	 For purposes of this Agreement, “Conflicting Activities” means you, without advance, express, written consent of the
Company’s Senior Vice President of Human Resources or equivalent position: (i) are or become a principal, owner, officer, director, shareholder, or other equity owner (other than a holder of less than 5% of the outstanding shares or other
equity interests of a publicly traded company) of a Direct Competitor (as defined below); (ii) are or become a partner or joint venturer in any business or other enterprise or undertaking with a Direct Competitor; or (iii) work or perform
services (including contract, consulting, or advisory services) for a Direct Competitor in any geographic area where the Company or an Affiliate materially conducts business, if your services are similar in any material way to the services you
performed for the Company or an Affiliate in the twelve (12) months preceding the termination of your Service.
  

For purposes of this Agreement, the term “Direct Competitor” means any entity or other business concern that offers or plans to offer products
or services that are materially competitive with any of the products or services being manufactured, offered, marketed, or actively developed by the Company as of the date your Service with the Company ends. By way of illustration, and not by
limitation, the following companies are Direct Competitors: Symantec, IBM, Verizon, FireEye, CISCO, NTT, CrowdStrike, iSight, and iDefense. You understand and agree that the foregoing list of Direct Competitors represents only an illustrative list
of the Company’s Direct Competitors as of the date of execution of this Agreement, that other entities are Direct Competitors as of the date of this Agreement, and that other entities may become Direct Competitors in the future.

 
 You understand and agree that neither this provision nor any other provision of this
Agreement prohibits you from engaging in Conflicting Activities but only requires the forfeiture and/or repayment as set forth herein if you engage in Conflicting Activities. If you desire to engage in Conflicting Activities, you agree to seek
written consent from the Company’s Senior Vice President of Human Resources or equivalent position prior to engaging in the Conflicting Activities. If you enter into any business, employment, or service relationship during your Service or
within the twelve (12) months following the termination of your Service, you agree to provide the Company sufficient information regarding the relationship to enable the Company to determine whether that relationship constitutes Conflicting
Activities. You agree to provide such information within five (5) business days after entering into the business, employment, or service relationship.

		
	Evidence of Issuance	  	The Company will issue your shares of Restricted Stock in the name set forth on the cover sheet. The issuance of the shares of Restricted Stock shall be evidenced in such a manner as the Company, in its discretion, deems
appropriate, including, without limitation, by (i) book entry registration or (ii) issuance of one or more share certificates, with any unvested shares of Restricted Stock bearing the appropriate restrictions imposed by this Agreement and
the Plan. As your interest in the Earned Shares, if any, vests, the recordation of the number of shares of Restricted Stock attributable to you will be appropriately modified if necessary.

  
 5 

			
		
	Legends	  	 If and to the extent that the shares of Restricted Stock are represented by share certificates rather than book entry, all certificates
representing the shares of Restricted Stock issued under this Agreement shall, where applicable, have endorsed thereon the following legends:
  

“THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN VESTING, FORFEITURE, AND OTHER RESTRICTIONS ON TRANSFER SET FORTH IN AN AGREEMENT
BETWEEN THE COMPANY AND THE REGISTERED HOLDER, OR HIS OR HER PREDECESSOR IN INTEREST. A COPY OF SUCH AGREEMENT IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY AND WILL BE FURNISHED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY BY THE HOLDER
OF RECORD OF THE SHARES REPRESENTED BY THIS CERTIFICATE.”
  
 To the extent the
shares of Restricted Stock are represented by a book entry, such book entry will contain an appropriate legend or restriction similar to the foregoing.

		
	 Code Section 83(b)

Election
	  	 Under Code Section 83, the difference between the Purchase Price paid for the shares of Restricted Stock and their Fair Market Value
on the date any forfeiture restrictions applicable to such shares lapse will be reportable as ordinary income at that time. For this purpose, “forfeiture restrictions” include the forfeiture as to unvested shares of Restricted Stock
described above. You may elect to be taxed at the time the shares of Restricted Stock are acquired, rather than when such shares cease to be subject to such forfeiture restrictions, by filing an election under Code Section 83(b) with the Internal
Revenue Service within thirty (30) days after the Grant Date. You will have to make a tax payment to the extent the Purchase Price is less than the Fair Market Value of the shares on the Grant Date. No tax payment will have to be made to the
extent the Purchase Price is at least equal to the Fair Market Value of the shares on the Grant Date. The form for making this election is attached as Exhibit B hereto. Failure to make this filing within the thirty (30)-day period will result in the recognition of ordinary income by you (in the event the Fair Market Value of the shares as of the vesting date exceeds the Purchase Price) as the forfeiture restrictions lapse.

 
 YOU ACKNOWLEDGE THAT IT IS YOUR SOLE RESPONSIBILITY, AND NOT THE COMPANY’S, TO
FILE A TIMELY ELECTION UNDER CODE SECTION 83(b), EVEN IF YOU REQUEST THE COMPANY OR ITS REPRESENTATIVES TO MAKE THIS FILING ON YOUR BEHALF. YOU ARE RELYING SOLELY ON YOUR OWN ADVISORS WITH RESPECT TO THE DECISION AS TO WHETHER OR NOT TO FILE ANY
CODE SECTION 83(b) ELECTION.

		
	Withholding	  	 You agree as a condition of this Agreement that you will make acceptable arrangements to pay any withholding or other taxes that may be
due relating to the receipt or vesting of the shares of Restricted Stock, the receipt of dividends on the shares of Restricted Stock, or otherwise with respect to the shares of Restricted Stock (including the Earned Shares). In the event that the
Company or any Affiliate determines that any federal, state, local, or foreign tax or withholding payment is required relating to the receipt or vesting of the shares of Restricted Stock, the receipt of dividends on the shares of Restricted
Stock,

  
 6 

			
		  	 or otherwise with respect to the shares of Restricted Stock (including the Earned Shares), the Company or any Affiliate shall have the
right to (i) require you to tender a cash payment, (ii) deduct the tax or withholding payment from payments of any kind otherwise due to you, (iii) permit or require you to enter into a “same day sale” commitment with a
broker-dealer that is a member of the Financial Industry Regulatory Authority (a “FINRA Dealer”) whereby you irrevocably elect to sell a portion of the shares of Restricted Stock to satisfy withholding obligations and whereby
the FINRA Dealer irrevocably commits to forward the proceeds necessary to satisfy the withholding obligations directly to the Company or any Affiliate, or (iv) withhold the delivery of vested Earned Shares otherwise deliverable under this
Agreement to meet such obligations, provided that, to the extent required to avoid adverse accounting consequences to the Company, the shares of Stock so withheld will have an aggregate Fair Market Value not exceeding the minimum amount of tax
required to be withheld by Applicable Laws.
  
 You agree that the Company or any
Affiliate shall be entitled to use whatever method it may deem appropriate to recover such taxes. You further agree that the Company or any Affiliate may, as it reasonably considers necessary, amend or vary this Agreement to facilitate such recovery
of taxes.

		
	Trading Restrictions	  	If you are subject to any Company “blackout” policy or other trading restriction imposed by the Company (a “Restricted Period”) on an applicable vesting date under this Agreement, any vesting scheduled
to occur on such date shall occur instead on the first subsequent date on which you are not subject to any such policy or restriction. For purposes of this provision, you acknowledge that you may be subject to a Restricted Period for any reason that
the Company determines appropriate, including Restricted Periods generally applicable to employees or groups of employees or Restricted Periods applicable to you during an investigation of allegations of misconduct or Conduct Detrimental to the
Company by you.
		
	Stockholder Rights	  	 You have the right to vote the shares of Restricted Stock and to receive any dividends declared or paid on such shares. Any stock
distributions you receive with respect to unvested shares of Restricted Stock as a result of any stock split, stock dividend, combination of shares, or other similar transaction shall be deemed to be a part of the Restricted Stock and subject to the
same conditions and restrictions applicable thereto. Any cash dividends paid on unvested shares of Restricted Stock you hold on the record date for such dividend shall be paid to the Company and subject to the same conditions and restrictions
applicable to your unvested shares of Restricted Stock; provided that, within thirty (30) days after the date on which the applicable Earned Shares vest in accordance with the terms of this Agreement, such dividend shall be paid to you, without
interest. You will immediately and automatically forfeit such dividends to the extent that you forfeit the corresponding unvested shares of Restricted Stock (or unvested Earned Shares).

 
 No adjustments to your Stock shall be made for dividends, distributions, or other rights
on or with respect to the Stock generally if the applicable record date for any such dividend, distribution, or right occurs before your certificate is issued (or an appropriate book entry is made), except as described in the
Plan.

  
 7 

			
		
		  	You may at any time obtain a copy of the prospectus related to your Award pursuant to this Agreement by accessing the prospectus at SecureWorks Corp., One Concourse Parkway NE, Suite 500, Atlanta, Georgia 30328. Additionally, you
may receive a paper copy of the prospectus free of charge from the Company by contacting Stock Option Administration, SecureWorks Corp., One Concourse Parkway NE, Suite 500, Atlanta, GA 30328, (404) 929-1795, and
Stock_Option_Administrator@SecureWorks.com.
		
	 No Right to Continued
 Employment or
Other
 Service
	  	This Agreement and the shares of Restricted Stock evidenced by this Agreement do not give you the right to expectation of employment or other Service by, or to continue in the employment or other Service of, the Company or any
Affiliate. Unless otherwise specified in a written employment or other written compensatory agreement between you and the Company or an Affiliate, the Company or any Affiliate, as applicable, reserves the right to terminate your employment or other
Service relationship with the Company or an Affiliate at any time and for any reason.
		
	Corporate Activity	  	Your shares of Restricted Stock shall be subject to the terms of any applicable agreement of merger, liquidation, or reorganization in the event the Company is subject to such corporate activity, consistent with Article 16 of the
Plan.
		
	Clawback	  	 The shares of Restricted Stock are subject to mandatory repayment by you to the Company in the circumstances specified in the Plan,
including to the extent you are or in the future become subject to any Company “clawback” or recoupment policy or Applicable Laws that require the repayment by you to the Company of compensation paid by the Company to you in the event that
you fail to comply with, or violate, the terms or requirements of such policy or Applicable Laws.
  

If the Company is required to prepare an accounting restatement due to the material noncompliance of the Company, as a result of misconduct, with any financial
reporting requirement under Applicable Laws and you knowingly engaged in the misconduct, were grossly negligent in engaging in the misconduct, knowingly failed to prevent the misconduct, or were grossly negligent in failing to prevent the
misconduct, you shall reimburse the Company the amount of any payment in settlement of the vested Earned Shares during the twelve (12)-month period following the first public issuance or filing with the Securities and Exchange Commission (whichever
first occurred) of the financial document that contained such material noncompliance.

		
	 Governing Law &

Venue
	  	You understand and agree that the Company is a Delaware corporation with global operations and that your shares of Restricted Stock may be part of a contemporaneous grant of many similar awards to individuals located in numerous
jurisdictions. You agree that this Agreement and the Plan shall be governed by, and construed and interpreted in accordance with, the laws of the State of Delaware, United States of America, other than any conflicts or choice of law rule or
principle that might otherwise refer construction or interpretation of this Agreement to the substantive law of any other jurisdiction.

  
 8 

			
		  	The exclusive venue for any and all disputes arising out of or in connection with this Agreement shall be New Castle County, Delaware, United States of America, and the courts sitting exclusively in New Castle County, Delaware,
United States of America shall have exclusive jurisdiction to adjudicate such disputes. Each party hereby expressly consents to the exercise of jurisdiction by such courts and hereby irrevocably and unconditionally waives, to the fullest extent it
may legally and effectively do so, any objection that it may now or hereafter have to such laying of venue (including the defense of inconvenient forum).
		
	 Compliance with
 Foreign
Exchange
 Laws
	  	 Local foreign exchange laws may affect your shares of Restricted Stock or the vesting of your Earned Shares. You are responsible for
obtaining any exchange control approval that may be required in connection with such events. Neither the Company nor any of its Affiliates will be responsible for obtaining such approvals or liable for the failure on your part to obtain or abide by
such approvals. This statement does not constitute legal or tax advice upon which you should rely. You should consult with your personal legal and tax advisers to ensure your compliance with local laws. You agree to comply with all Applicable Laws
and pay any and all applicable taxes associated with the grant or vesting of, or otherwise related to, the shares of Restricted Stock (including the Earned Shares).

 

	The Plan	  	 The text of the Plan is incorporated into this Agreement by reference.

 
 Certain capitalized terms used in this Agreement are defined in the Plan and have
the meaning set forth in the Plan.
  
 This Agreement and the Plan constitute the
entire understanding between you and the Company regarding the shares of Restricted Stock. Any prior agreements, commitments, or negotiations concerning the shares of Restricted Stock are superseded, except that any written employment, consulting,
confidentiality, non-competition, non-solicitation, and/or severance agreement between you and the Company or an Affiliate, as applicable, shall supersede this Agreement
with respect to its subject matter.

		
	Data Privacy	  	By accepting the shares of Restricted Stock, you consent to the collection, use and transfer of personal data as described in this paragraph. You understand that the Company and its Affiliates hold certain personal information
about you, including your name, home address and telephone number, date of birth, social security number or equivalent, salary, nationality, job title, ownership interests or directorships held in the Company or its Affiliates, and details of all
equity awards or other entitlements to shares of Stock awarded, cancelled, exercised, vested or unvested (“Data”). You further understand that the Company and its Affiliates will transfer Data amongst themselves as necessary for the
purposes of implementation, administration and management of your participation in the Plan, and that the Company and any of its Affiliates may each further transfer Data to any third parties assisting the Company in the implementation,
administration and management of the Plan. You understand that these recipients may be located in the European Economic Area or elsewhere, such as the United States. You authorize them to receive, possess, use, retain and transfer such Data as may
be required for the administration of the Plan or the subsequent holding of shares of Stock on your behalf, in electronic or other form, for the purposes of implementing, administering and

  
 9 

			
		  	managing your participation in the Plan, including any requisite transfer to a broker or other third party with whom you may elect to deposit any shares of Stock acquired under the Plan. You understand that you may, at any time,
view such Data or require any necessary amendments to the Data.
		
	Notice Delivery	  	By accepting the shares of Restricted Stock, you agree that notices may be given to you in writing either at your home or mailing address as shown in the records of the Company or an Affiliate or by electronic transmission
(including e-mail or reference to a website or other URL) sent to you through the normal process employed by the Company or the Affiliate, as applicable, for communicating electronically with its
employees.
		
	Code Section 409A	  	The grant of shares of Restricted Stock under this Agreement is intended to comply with the “restricted property” exemption from Code Section 409A (“Section 409A”) and, accordingly, to the maximum
extent permitted, this Agreement shall be interpreted and administered to be in compliance with the exemption. Notwithstanding anything to the contrary in the Plan or this Agreement, none of the Company, its Affiliates, the Board, or the Committee
will have any obligation to take any action to prevent the assessment of any excise tax or penalty on you under Section 409A, and none of the Company, its Affiliates, the Board, or the Committee will have any liability to you for such tax or
penalty.

 By accepting this Agreement, you agree to all of 

the terms and conditions described above and in the Plan. 

  
 10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00268-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00268-of-00352.parquet"}]]