Document:

Exhibit

Exhibit 10.1

                        
June 27, 2016
Christian Wymbs
c/o AMC Networks Inc.
11 Penn Plaza
New York, New York 10001
 

Re:    Employment
Dear Chris:
I am pleased to forward this letter agreement (the “Agreement”) setting forth the terms of your employment with AMC Networks Inc. which, together with its subsidiaries, and affiliates, is referred to herein as the “Company.” 
The term of this Agreement shall commence on your first day of employment, which is anticipated to be August 1, 2016, (the “Effective Date”), and shall automatically expire on the three-year anniversary of the Effective Date (the “Expiration Date”).  
You will be employed in the position of Executive Vice President and Chief Accounting Officer.  You agree to devote substantially all of your business time and attention to the business and affairs of the Company and shall perform your duties in a diligent, competent and skillful manner and in accordance with applicable law.
By signing this Agreement, you represent and warrant that you are aware of no obligations, contractual, or otherwise, relating to a prior employer or any other entity for which you rendered services or are affiliated which would prevent or prohibit you from accepting or commending employment with the Company and/or performing fully your job responsibilities now or in the future.
Your annual base salary will be $425,000, subject to annual review and potential increase by the Compensation Committee of the Board of Directors of AMC Networks Inc. (the “Compensation Committee”), in its discretion.  

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You will also be eligible to participate in our discretionary annual bonus program with an annual target bonus opportunity equal to fifty percent (50%) of salary.  Bonus payments are based on actual salary dollars paid during the year and depend on a number of factors including Company, unit and individual performance.  However, the decision of whether or not to pay a bonus, and the amount of that bonus, if any, will be made by the Compensation Committee in its discretion.  Except as otherwise provided herein, in order to receive a bonus, you must be employed by the Company at the time bonuses are being paid.  Such bonus shall be earned, only if and when actually paid to, and received by, you.  
You will also be eligible, subject to your continued employment by the Company and actual grant by the Compensation Committee in its discretion, to participate in such long-term equity and other incentive programs as are made available in the future to similarly situated executives at the Company.  It is expected that such awards will consist of annual grants of cash and/or equity awards with an annual target value of not less than $480,000, as determined by the Compensation Committee.  For 2016, it is expected that you will receive a pro-rated grant of equity awards in October 2016 to reflect your days of employment during the 2016 calendar year.  Any such awards would be subject to actual grant to you by the Compensation Committee in its discretion pursuant to the applicable plan documents and would be subject to terms and conditions established by the Compensation Committee in its discretion that would be detailed in separate agreements you would receive after any award is actually made.
In addition, you will be eligible to receive a one-time lump sum cash bonus in the amount of $250,000, less applicable withholding taxes, (“Special Cash Bonus”) which shall be payable to you in March 2017 at the same time as discretionary annual bonuses are paid to similarly situated employees.  Except as otherwise provided herein, in order to receive the Special Cash Bonus, you must be employed by the Company at the time bonuses are being paid. The Special Cash Bonus shall be earned, only if and when paid to, and received by, you.  
You will also be eligible to receive, in October 2016, subject to your continued employment and actual grant by the Compensation Committee in its discretion, a one-time special award of restricted stock units with a target value of $500,000 (“Special Equity Award”).  The Special Equity Award will be subject to actual grant to you by the Compensation Committee pursuant to the applicable plan documents as well as the terms and conditions established by the Compensation Committee in its discretion that will be detailed in a separate award agreement you would receive after any award is actually made, including, but not limited to, a three-year pro-rata vesting schedule with an initial vesting event on March 4, 2017.
You will also be eligible for our standard benefits program at the levels that are made available to similarly situated executives at the Company.  Participation in our benefits program is subject to meeting the relevant eligibility requirements, payment of the required premiums, and the terms of the plans themselves.  We currently offer medical, dental, vision, life, and accidental death and dismemberment insurance; short and long-term disability 

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insurance; a savings and retirement program, and ten paid holidays.  You will be eligible for 4 weeks’ vacation to be accrued and used in accordance with Company policy.  
If, prior to the Expiration Date, your employment is involuntarily terminated by the Company for reasons other than “cause,” then subject to your execution and the effectiveness of a severance agreement (the “Severance Agreement”) to the Company’s satisfaction (to include, without limitation, non-compete, non-disparagement, non-solicitation, confidentiality and further cooperation obligations/restrictions on you as well as a general release by you of the Company and its affiliates), you will be paid no less than an amount (the “Severance Amount”) equal to:
i)the greater of: (a) your aggregate base salary and annual target bonus opportunity, each as in effect on the effective date of your termination (“Termination Date”), from the Termination Date through the two-year anniversary of the Effective Date; or (b) one year of your base salary and annual target bonus opportunity, each as in effect on the Termination Date; plus
ii)in the event that your employment is involuntarily terminated by the Company for reasons other than “cause” following the six-month anniversary of the Effective Date but prior to the payment of the Special Cash Bonus, a cash payment in the amount of $250,000, less applicable withholding taxes; plus 
iii)in the event that your employment is involuntarily terminated by the Company for reasons other than “cause” following the six-month anniversary of the Effective Date but prior to March 4, 2017, the anticipated first scheduled vesting event in connection with the Special Equity Award, a cash payment representing one-third (1/3) the monetary value of the Special Equity Award, determined using the closing price of shares of Class A Common Stock of AMC Networks Inc. on the NASDAQ on March 3, 2017, less applicable withholding taxes.  
An amount equal to sixty percent (60%) of the Severance Amount will be payable to you on the six-month anniversary of the Termination Date and the remainder of the Severance Amount will be payable to you over the six months following such six-month anniversary in accordance with the Company’s then prevailing payroll policies.  
For purposes of this Agreement, “cause” means, as determined by the Company, your (i) commission of an act of fraud, embezzlement, misappropriation, willful misconduct, gross negligence or breach of fiduciary duty against the Company or an affiliate thereof, or (ii) commission of any act or omission that results in a conviction, plea of no contest, plea of nolo contendere, or imposition of unadjudicated probation for any crime involving moral turpitude or any felony.
Effective immediately, you and the Company agree to be bound by the additional covenants and provisions applicable to each that are set forth in the Annex attached hereto, which Annex shall be deemed to be a part of this Agreement.

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This Agreement does not constitute a guarantee of employment for any definite period or on any specific terms.  Your employment is at will and may be terminated by you or the Company at any time, with or without notice or reason.  The Company may withhold from any payment due to you any taxes that are required to be withheld under any law, rule or regulation.  The Company may also offset from any payment otherwise due to you under this Agreement, to the extent that it does not constitute “non-qualified deferred compensation” pursuant to Section 409A of the Code, any outstanding amounts owed to the Company or any of its affiliates of whatever nature.
If any payment otherwise due to you hereunder would result in the imposition of the excise tax imposed by Section 4999 of the Internal Revenue Code, as amended (the “Code”), the Company will instead pay you either (i) such amount or (ii) the maximum amount that could be paid to you without the imposition of the excise tax, depending on whichever amount results in your receiving the greater amount of after-tax proceeds (as reasonably determined by the Company).
It is intended that this Agreement will comply with Section 409A of the Code and to the extent the Agreement is subject thereto, the Agreement shall be interpreted on a basis consistent with such intent.  If and to the extent that any payment or benefit under this Agreement, or any plan, award or arrangement of the Company or its affiliates, constitutes “non-qualified deferred compensation” subject to Section 409A and is payable to you by reason of your termination of employment, then (a) such payment or benefit shall be made or provided to you only upon a “separation from service” as defined for purposes of Section 409A under applicable regulations and (b) if you are a “specified employee” (within the meaning of Section 409A as determined by the Company), such payment or benefit shall not be made or provided before the date that is six months after the date of your separation from service (or your earlier death) as set forth herein.   Any amount not paid or benefit not provided in respect of the six-month period specified in the preceding sentence will be paid to you in the manner set forth in this Agreement.  Any such payment or benefit shall be treated as a separate payment for purposes of Section 409A to the extent Section 409A applies to such payments.
This Agreement is personal to you and without the prior written consent of the Company shall not be assignable by you otherwise than by will or the laws of descent and distribution.  This Agreement shall inure to the benefit of and be enforceable by your legal representatives.  This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns.
To the extent permitted by law, you hereby waive any and all rights to the jury trial with respect to any matter relating to this Agreement.
This Agreement will be governed by and construed in accordance with the law of the State of New York applicable to contracts made and to be performed entirely within that State.

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You hereby irrevocably submit to the jurisdiction of the courts of the State of New York and the federal courts of the United States of America located in the State of New York solely in respect of the interpretation and enforcement of the provisions of this Agreement, and you hereby waive, and agree not to assert, as a defense that you are not subject thereto or that the venue thereof may not be appropriate.  You hereby agree that mailing of process or other papers in connection with any such action or proceeding in any manner as may be permitted by law shall be valid and sufficient service thereof.
This Agreement may not be amended or modified otherwise than by a written agreement executed by the parties hereto or their respective successors and legal representatives.  The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement.  It is the parties’ intention that this Agreement not be construed more strictly with regard to you or the Company.
This Agreement sets forth the entire agreement between the parties concerning the subject matter hereof and supersedes all prior agreements and understandings, both oral and written, between the parties with respect to the subject matter hereof.
This Agreement will automatically terminate, and be of no further force or effect, on the earlier of (a) June 30, 2016 if it is not acknowledged by you below prior to such date, or (b) the Expiration Date (except as to any right that accrued prior to such date to receive the Severance Amount subject to the execution and effectiveness of the Severance Agreement); provided, however, that the confidentiality obligations set forth herein shall survive such termination.
We look forward to having you join us as part of the AMC Networks team.
Sincerely,
/s/ Sean Sullivan                   
Sean Sullivan
Chief Financial Officer
AMC Networks Inc. 

ACCEPTED AND AGREED TO:

/s/ Christian Wymbs                    
Christian Wymbs

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ANNEX

This Annex constitutes part of the Agreement, dated June 27, 2016, by and between Christian Wymbs (“You”) and the Company.  Terms defined in the Agreement shall have the same meanings in this Annex.

You agree to comply with the following covenants in addition to those set forth in the Agreement.

1.    Confidentiality
(a)    Agreement.  You agree to keep the existence and terms of this Agreement confidential (unless it is made public by the Company) provided that (1) you are authorized to make any disclosure required of you by any federal, state or local laws or judicial proceedings, after providing the Company with prior written notice and an opportunity to respond to such disclosure (unless such notice is prohibited by law), and (2) you are authorized to disclose this Agreement and its terms to your legal, financial and tax advisors or to members of your immediate family so long as such advisors and family members agree to maintain the confidentiality of the Agreement.
(b)    Confidential and Proprietary Information.  You agree to retain in strict confidence and not use for any purpose whatsoever or divulge, disseminate, copy, disclose to any third party, or otherwise use any Confidential Information, other than for legitimate business purposes of the Company and its affiliates.  As used herein, “Confidential Information” means any non-public information of a confidential, proprietary, commercially sensitive or personal nature of, or regarding, the Company or any of its affiliates or any director, officer or member of senior management of any of the foregoing (collectively “Covered Parties”).  The term Confidential Information includes information in written, digital, oral or any other format and includes, but is not limited to: (i) information designated or treated as confidential; (ii) budgets, plans, forecasts or other financial or accounting data; (iii) subscriber, customer, guest, fan vendor or shareholder lists or data; (iv) technical or strategic information regarding the Covered Parties’ cable, data, telephone, programming, advertising, sports, entertainment, film production, theatrical, motion picture exhibition or other businesses; (v) advertising, business, programming, sales or marketing tactics and strategies;  (vi) policies, practices, procedures or techniques; (vii) trade secrets or other intellectual property; (viii) information, theories or strategies relating to litigation, arbitration, mediation, investigations or matters relating to governmental authorities; (ix) terms of agreements with third parties and third party trade secrets; (x) information regarding employees, officers, directors, players, coaches, agents, talent, consultants, advisors or representatives, including their compensation or other human resources policies and procedures; and (xi) any other information the disclosure of which may have an adverse effect on the Covered Parties’ business reputation, operations or competitive position, reputation or standing in the community.

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(c)    Exception for Disclosure Pursuant to Law.   Notwithstanding anything contained elsewhere in this Agreement, you are authorized to make any disclosure required of you by any federal, state or local laws or judicial, arbitral or governmental agency proceedings, including, but not limited to, providing truthful testimony concerning the Company or its affiliates as required by court order or other legal process; after providing the Company with prior written notice and an opportunity to respond prior to such disclosure.  In addition, this Agreement in no way restricts or prevents you from providing truthful testimony concerning the Company to judicial, administrative, regulatory or other governmental authorities.

By signing this Agreement, you acknowledge that you have been advised that pursuant to the federal Defend Trade Secrets Act of 2016, you may not be held criminally or civilly liable under any federal or state trade secret law for disclosing a trade secret: (i) in confidence, to a federal, state, or local government official, or to your attorneys, for the purpose of reporting or investigating a suspected violation of the law; or (ii) in a complaint or other court document filed in connection with a lawsuit or court proceeding, provided that said filing is made under seal.  In addition, you acknowledge that you have been advised that if you file an action for retaliation against the Company for reporting a suspected violation of law, you may disclose a trade secret to your attorneys and use the trade secret in connection with the court proceeding provided that you: (i) file any document containing the trade secret under seal; and (ii) do not disclose the trade secret, except pursuant to court order.  

2.    Non-Compete

You acknowledge that due to your executive position in the Company and your knowledge of Confidential Information, your employment by or affiliation with certain businesses would be detrimental to the Company or any of its direct or indirect subsidiaries.  You agree that, without the prior written consent of the Company, you will not represent, become employed by, consult to, advise in any manner or have any material interest, directly or indirectly, in any Competitive Entity (as defined below).  A “Competitive Entity” shall mean (1) any person, entity or business that (i) competes with any of the Company’s or any of its affiliates’ programming, distribution or other existing businesses, internationally, nationally or regionally; or (ii) directly competes with any other business of the Company or one of its subsidiaries that produced greater than 10% of the Company’s revenues in the calendar year immediately preceding the year in which the determination is made.  Ownership of not more than 1% of the outstanding stock of any publicly traded company shall not, by itself, be a violation of this paragraph.  This agreement not to compete will expire on the first anniversary of the date on which your employment with the Company has terminated if such termination occurs prior to the Expiration Date.  
3.    Additional Understandings

You agree, for yourself and others acting on your behalf, that you (and they) have not disparaged and will not disparage, make negative statements about or act in any 

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manner which is intended to or does damage to the good will of, or the business or personal reputations of the Company, any of its affiliates or any of their respective incumbent or former officers, directors, agents, consultants, employees, successors and assigns.

In addition, you agree that the Company is the owner of all rights, title and interest in and to all documents, tapes, videos, designs, plans, formulas, models, processes, computer programs, inventions (whether patentable or not), schematics, music, lyrics, programming ideas and other technical, business, financial, advertising, sales, marketing, customer, programming or product development plans, forecasts, strategies, information and materials (in any medium whatsoever) developed or prepared by you or with your cooperation during the course of your employment by the Company (the “Materials”).  The Company will have the sole and exclusive authority to use the Materials in any manner that it deems appropriate, in perpetuity, without additional payment to you.

4.    Further Cooperation
Following the date of termination of your employment with the Company, you will no longer provide any regular services to the Company or represent yourself as a Company agent.  If, however, the Company so requests, you agree to cooperate fully with the Company in connection with any matter with which you were involved prior to such employment termination, or in any litigation or administrative proceedings or appeals (including any preparation therefore) where the Company believes that your personal knowledge, attendance or participation could be beneficial to the Company or its affiliates.  This cooperation includes, without limitation, participation on behalf of the Company and/or its affiliates in any litigation, administrative or similar proceeding, including providing truthful testimony.
The Company will provide you with reasonable notice in connection with any cooperation it requires in accordance with this section and will take reasonable steps to schedule your cooperation in any such matters so as not to materially interfere with your other professional and personal commitments.  The Company will reimburse you for any reasonable out-of-pocket expenses you reasonably incur in connection with the cooperation you provide hereunder as soon as practicable after you present appropriate documentation evidencing such expenses.  You agree to provide the Company with an estimate of any such expense before it is incurred.

5.     No Hire or Solicit
For the term of the Agreement and until one year after the termination of your employment, you agree not to hire, seek to hire, or cause any person or entity to hire or seek to hire (without the prior written consent of the Company), directly or indirectly (whether for your own interest or any other person or entity’s interest) any employee of the Company or any of its affiliates.  This restriction does not apply to any employee who was 

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discharged by the Company or any of its affiliates.  In addition, this restriction will not prevent you from providing references.  

6.    Acknowledgments

You acknowledge that the restrictions contained in this Annex, in light of the nature of the Company’s business and your position and responsibilities, are reasonable and necessary to protect the legitimate interests of the Company.  You acknowledge that the Company has no adequate remedy at law and would be irreparably harmed if you breach or threaten to breach any of the provisions of this Annex, and therefore agree that the Company shall be entitled to injunctive relief to prevent any breach or threatened breach of any of the provisions and to specific performance of the terms of each of such provisions in addition to any other legal or equitable remedy it may have.  You further agree that you will not, in any equity proceeding relating to the enforcement of the provisions of this Annex, raise the defense that the Company has an adequate remedy at law.  Nothing in this Annex shall be construed as prohibiting the Company from pursuing any other remedies at law or in equity that it may have or any other rights that it may have under any other agreement.  If it is determined that any of the provisions of this Annex, or any part thereof, is unenforceable because of the duration or scope (geographic or otherwise) of such provision, it is the intention of the parties that the duration or scope of such provision, as the case may be, shall be reduced so that such provision becomes enforceable and, in its reduced form, such provision shall then be enforceable and shall be enforced.  Notwithstanding anything to the contrary contained in this Agreement, in the event you violate the covenants and agreements set forth in this Annex, then, in addition to all other rights and remedies available to the Company, the Company shall have no further obligation to pay you any severance benefits or to provide you with any other rights or benefits to which you would have been entitled pursuant to this Agreement had you not breached the covenants and agreements set forth in this Annex.

7.    Survival
The covenants and agreement set forth in this Annex shall survive any termination or expiration of this Agreement and any termination of your employment with the Company, in accordance with their respective terms. 

9Exhibit

Exhibit 10.1
Execution Version

INCREMENTAL FACILITY AMENDMENT dated as of July 29, 2016 (this “Agreement”), to the AMENDED AND RESTATED FIRST LIEN CREDIT AGREEMENT (the “Credit Agreement”) dated as of August 20, 2013, as amended and restated as of July 9, 2014 (as further amended, restated, amended and restated, supplemented or otherwise modified through the date hereof), among TRINET HR CORPORATION, a California corporation (the “Borrower”), TRINET GROUP, INC., a Delaware corporation (“Holdings”), the LENDERS party thereto and JPMORGAN CHASE BANK, N.A., as administrative agent.
WHEREAS, the Lenders have agreed to extend credit to the Borrower under the Credit Agreement on the terms and subject to the conditions set forth therein;
WHEREAS, the Borrower has requested, subject to the terms and conditions of the Credit Agreement, to establish Incremental Term Commitments in an aggregate principal amount of $135,000,000 (the “Incremental Tranche A Term Loan Commitments”; the Incremental Term Loans in respect of such Incremental Tranche A Term Loan Commitments, the “Incremental Tranche A Term Loans”);
WHEREAS, each of the Incremental Tranche A Term Lenders (as defined below) is willing to provide Incremental Tranche A Term Loan Commitments in the amount set forth opposite its name on Schedule A hereto pursuant to the terms and subject to the conditions set forth herein and in the Credit Agreement;
WHEREAS, subject to the terms and conditions set forth herein, each Incremental Tranche A Term Lender will make an Incremental Tranche A Term Loan to the Borrower in the aggregate amount set forth opposite its name on such Schedule A, by (a) funding such Incremental Tranche A Term Loans in cash in the amount indicated with respect to such Incremental Tranche A Term Lender in such Schedule A (any such Incremental Tranche A Term Lender, to the extent required to fund its Incremental Tranche A Term Loans in cash, a “Funding Incremental Tranche A Term Lender”) and/or (b) converting into an equivalent principal amount of Incremental Tranche A Term Loans such principal amounts of such Incremental Tranche A Term Lender’s existing Tranche B Term Loans (as defined in the Credit Agreement) as are indicated with respect to such Incremental Tranche A Term Lender in such Schedule A (any such Incremental Tranche A Term Lender, to the extent required to make its Incremental Tranche A Term Loans pursuant to such conversions, a “Converting Incremental Tranche A Term Lender”); 
WHEREAS, JPMorgan Chase Bank, N.A. (in such capacity, the “Arranger”) has been appointed to act as sole lead arranger for the Incremental Tranche A Term Loan Commitments and the Incremental Tranche A Term Loans; 
WHEREAS, the Borrower has requested that the Lenders agree to certain amendments to the Credit Agreement; 
WHEREAS, the Non-Incremental Lenders (as defined below), together with the Incremental Tranche A Term Lenders, constitute the Required Lenders under the Credit Agreement immediately after giving effect to the incurrence of the Incremental Tranche A Term Loans and the use of proceeds thereof; and
WHEREAS, the Borrower, the Administrative Agent and the Required Lenders have so agreed to amend the Credit Agreement on the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto hereby agree as follows:
SECTION 1.Defined Terms. (a)   Capitalized terms used but not otherwise defined herein (including in the preamble and the recitals hereto) shall have the meanings assigned to them in the Credit Agreement.

(b)  “Non-Incremental Lenders” means Lenders that are signatories to this Agreement (solely for purposes of Section 4) that are not Funding Incremental Tranche A Term Lenders or Converting Incremental Tranche A Term Lenders.

SECTION 2.Incremental Tranche A Term Loan Commitments and Incremental Tranche A Term Loans.  (a)   Each Person listed on Schedule A hereto (collectively, the “Incremental Tranche A Term Lenders”; any Incremental Tranche A Term Lender that was not a Lender immediately preceding the effectiveness of this Agreement being referred to as a “New Lender”) agrees that, on and as of the Incremental Effective Date (as defined below), the Incremental Tranche A Term Loan Commitments of such Incremental Tranche A Term Lender shall be equal to the amount set forth opposite its name on Schedule A.

(b)  Subject to the terms and conditions set forth herein and in the Credit Agreement, each Incremental Tranche A Term Lender agrees, severally and not jointly, to make an Incremental Tranche A Term Loan to the Borrower on the Incremental Effective Date in an aggregate principal amount equal to the Incremental Tranche A Term Commitment of such Incremental Tranche A Term Lender set forth on Schedule A hereto, (i) in the case of each Funding Incremental Tranche A Term Lender, by funding the amount thereof in accordance with the Credit Agreement, and (ii) in the case of each Converting Incremental Tranche A Term Lender, by converting into an equal principal amount of Incremental Tranche A Term Loans the principal amounts of such Lender’s existing Tranche B Term Loans (the “Converted Loans”) set forth with respect to it on Schedule A hereto; provided, that each Converting Incremental Tranche A Term Lender hereby waives any right to payment under Section 2.16 of the Credit Agreement in respect of any Converted Loans.  On the Incremental Effective Date, the conversion by Converting Incremental Tranche A Term Lenders of their Tranche B Term Loans will be deemed to take place simultaneously with the funding of Incremental Tranche A Term Loans by the Funding Incremental Tranche A Term Lenders.  No Incremental Tranche A Term Lender shall be responsible for any other Incremental Tranche A Term Lender’s failure to make Incremental Tranche A Term Loans.

(c)  Pursuant to Section 2.21 of the Credit Agreement and subject to the terms and conditions set forth herein and in the Credit Agreement, effective as of the Incremental Effective Date, for all purposes of the Loan Documents, (i) the Incremental Tranche A Term Loans shall be “Incremental Term Loans”, “Term Loans” and “Loans” under the Credit Agreement and the other Loan Documents, shall constitute a separate Series and Class of Loans under the Credit Agreement and the other Loan Documents and, except as set forth in Sections 2(d), (e) and (f) below, shall have the same terms as the Tranche A Term Loans outstanding as of the date hereof for all purposes of the Credit Agreement and the other Loan Documents, (ii) the Incremental Tranche  A Term Commitments shall constitute “Term Commitments” and “Incremental Term Commitments” under the Credit Agreement, and (iii) each Incremental Tranche A Term Lender shall become, or continue to be, as applicable, a “Tranche A Term Lender”, a “Term Lender” and a “Lender” under the Credit Agreement and shall have all the rights and obligations of, and benefits accruing to, a Lender under the Credit Agreement and shall be bound by all agreements, acknowledgements and other obligations of Lenders.

(d)   Subject to adjustment pursuant to paragraph (c) of Section 2.10 of the Credit Agreement, the Borrower shall repay to the Administrative Agent for the ratable account of the Incremental Tranche A Term Lenders, (i) on the last Business Day of each March, June, September and December, commencing on December 31, 2016 (the “Commencement Date”) to and including September 30, 2018, an aggregate amount equal to 1.875% of the aggregate principal amount of all Incremental Tranche A Term Loans outstanding on the Incremental Effective Date and (ii) on the last Business Day of each March, June, September and December, from and including December 31, 2018, to July 9, 2019 (the “Incremental Tranche A Term Loan Maturity Date”), an aggregate amount equal to 2.5% of the aggregate principal amount of all Incremental Tranche A Term Loans outstanding on the Incremental Effective Date, with the balance due on the Incremental Tranche A Term Loan Maturity Date. 

(e)  The Applicable Rate in respect of the Incremental Tranche A Term Loans shall be as set forth below; provided that the Applicable Rate in respect of the Incremental Tranche A Term Loans in effect from the Incremental Effective Date until the first Business Day immediately following the date a compliance certificate is subsequently delivered pursuant to the Credit Agreement shall be determined by reference to Pricing Level 3:

	
				
	Pricing Level
	Total Leverage Ratio
	Adjusted LIBOR Margin
	ABR Margin

	1
	< 2.75 to 1.00
	2.125%
	1.125%

	2
	> 2.75 to 1.00
≤ 3.25 to 1.00
	2.375%
	1.375%

	3
	> 3.25 to 1.00
≤ 4.25 to 1.00
	2.625%
	1.625%

	4
	> 4.25 to 1.00
	2.750%
	1.750%

(f)  The proceeds of the Incremental Tranche A Term Loans made on the Incremental Effective Date will be used to (i) prepay the Tranche B Term Loans outstanding under the Credit Agreement on the Incremental Effective Date and (ii) pay fees and expenses incurred in connection therewith.

(g)  Notwithstanding anything to the contrary in Section 9.04(b) of the Credit Agreement, the Borrower hereby consents to any assignment by any Incremental Tranche A Term Lender within 45 days of the Amendment Effective Date of the Incremental Tranche A Term Loans made in connection with the primary syndication of the Incremental Tranche A Term Loans; provided that the assignee is identified in writing to the Borrower and agreed upon on or prior to the Amendment Effective Date.

SECTION 3.Representations and Warranties.  Each of Holdings and the Borrower represents and warrants to the Administrative Agent and each of the Lenders that:

(a)The execution, delivery and performance by each Loan Party of this Agreement are within such Loan Party’s corporate or equivalent powers and have been duly authorized by all necessary corporate or other organizational action and, if required, action by the holders of such Loan Party’s Equity Interests.  This Agreement has been duly executed and delivered by each Loan Party and constitutes a legal, valid and binding obligation of such Loan Party enforceable against such Person in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

(b)On and as of the Incremental Effective Date, before and after giving effect to this Agreement and the making of the Incremental Tranche A Term Loans, the representations and warranties of Holdings and the Borrower set forth in Article III of the Credit Agreement (and treating all references therein to (i) “this Agreement” as references to each of the Credit Agreement and this Agreement, (ii) “the Restatement Effective Date” as references to the Incremental Effective Date and (iii) 

(c)“the Transactions” as references to the transactions contemplated by this Agreement) are true and correct in all material respects (or, in the case of representations and warranties qualified as to materiality, in all respects) on and as of the Incremental Effective Date, except in the case of any such representation and warranty that expressly relates to a prior date, in which case such representation and warranty shall be true and correct in all material respects (or in all respects, as applicable) as of such earlier date.

(d)On and as of the Incremental Effective Date, before and after giving effect to this Agreement and the making of the Incremental Tranche A Term Loans, no Default shall have occurred and be continuing.

SECTION 4.Amendments to Credit Agreement.  Subject to the occurrence of the Incremental Effective Date and Section 5(a) of this Agreement, and effective immediately after giving effect to the incurrence of the Incremental Tranche A Term Loans and the use of proceeds thereof, the Credit Agreement is hereby amended as follows: 

(a)The following definitions are added in the appropriate alphabetical order to Section 1.01 of the Credit Agreement:

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.
“Bail-In Legislation” means with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule.
“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.
“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.
“EEA Resolution Authority” means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.
“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.
“First Incremental Effective Date” means July 29, 2016.

“Write-Down and Conversion Powers” means with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule.
(b)the definition of “Change in Control,” as set forth in Section 1.01 of the Credit Agreement, is hereby amended and restated in its entirety to read as follows: 

““Change in Control” means (a) the failure of Holdings to own, directly or indirectly through wholly-owned Subsidiaries, 100% of the outstanding Equity Interest in the Borrower; (b)(i) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or “group”, within the meaning of the Exchange Act and the rules of the SEC thereunder (other than General Atlantic or any employee benefit plan of Holdings or the Subsidiaries or a Person acting in connection with such acquisition as a trustee, agent, fiduciary or administrator of such an employee benefit plan), of Equity Interests representing more than the greater of (A) 35% of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests in Holdings and (B) the percentage of then outstanding Voting Stock of Holdings then owned directly, indirectly or beneficially by the Permitted Holders; (c) the occupation of a majority of the seats (other than vacant seats) on the board of directors of Holdings by Persons who were not (i) directors of Holdings on the Restatement Effective Date, (ii) nominated or approved by the board of directors of Holdings or General Atlantic or (iii) appointed by directors who were directors of Holdings on the Restatement Effective Date or were so nominated or approved as provided in subclause (ii) of this clause (c); or (d) the occurrence of any “change in control” (or similar event, however denominated) with respect to Holdings or the Borrower under and as defined in any indenture or other agreement or instrument evidencing, governing the rights of the holders of, or otherwise relating to, any Material Indebtedness of Holdings, the Borrower or any Subsidiary.”
(c)the definition of “Base Incremental Amount” as set forth in Section 1.01 of the Credit Agreement, is hereby amended and restated in its entirety to read as follows:

“Base Incremental Amount” means $100,000,000. For purposes hereof, the Base Incremental Amount will be deemed to be utilized by the initial $100,000,000 of Incremental Commitments incurred after the First Incremental Effective Date under Section 2.21 and Alternative Incremental Facility Indebtedness incurred under Section 6.01(a)(xiii) (and, for the avoidance of doubt, the Base Incremental Amount shall not be reduced as a result of the Incremental Term Loans incurrence on the First Incremental Effective Date).
(d)The definition of the term “Defaulting Lender” set forth in Section 1.01 of the Credit Agreement is hereby amended by:

		
	(i)
	replacing the word “or” immediately prior to clause (e) thereof with “,” and inserting the following immediately after clause (e) thereof: 

“or (f) has, or has a direct or indirect parent company that has, become the subject of a Bail-In Action”; and 
		
	(ii)
	replacing the words “clauses (a) through (e) above” in the last sentence thereof with “clauses (a) through (f) above”. 

(e)Article IX of the Credit Agreement is hereby amended by adding the following as a new Section 9.18:

“Section 9.18    Acknowledgement and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement 

or understanding among any such parties, each party hereto acknowledges that any liability of any Lender that is an EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:
(a)    the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any Lender that is an EEA Financial Institution; and
(b)    the effects of any Bail-in Action on any such liability, including, if applicable:
(i)    a reduction in full or in part or cancellation of any such liability;
(ii)    a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or
(iii)    the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority.”
SECTION 5.Effectiveness.  This Agreement shall become effective as of the first date (the “Incremental Effective Date”) on which:

(a)The Administrative Agent shall have received from Holdings, the Borrower, each other Loan Party and each Incremental Tranche A Term Lender either (i) a counterpart of this Agreement signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include facsimile transmission or other electronic imaging of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement; provided, that the effectiveness of Section 4 of this Agreement is additionally subject to receipt of signatures from Lenders constituting the Required Lenders after giving effect to the incurrence of the Incremental Tranche A Term Loans and the use of proceeds thereof.

(b)The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Incremental Tranche A Term Lenders) of (i) Davis Polk & Wardwell LLP, special counsel for the Loan Parties, and (ii) Trenam, Kemker, Scharf, Barkin, Frye, O’Neill & Mullis, Professional Association, special Florida counsel for certain of the Loan Parties, in each case dated as of the Incremental Effective Date and covering such matters relating to the Loan Parties, the Loan Documents and the transactions contemplated hereby as the Administrative Agent shall reasonably request.  Each of Holdings and the Borrower hereby requests such counsel to deliver such opinions.

(c)The Administrative Agent shall have received such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing in the jurisdiction of incorporation or formation of each Loan Party, the authorization of the transactions contemplated hereby and any other legal matters relating to the Loan Parties, the Loan Documents or such transactions, all in form and substance reasonably satisfactory to the Administrative Agent.

(d)The Administrative Agent shall have received a certificate, dated the Incremental Effective Date and signed by a Financial Officer or the President or a Vice President of the Borrower, confirming compliance as of the Incremental Effective Date with the representations and warranties set forth in Section 

3 of this Agreement and confirming that, after giving pro forma effect to the incurrence of the Incremental Tranche A Term Loans and the use of proceeds related thereto, the Borrower shall be in compliance with a First Lien Leverage Ratio not to exceed 3.75:1.00.

(e)The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Incremental Effective Date, including, to the extent invoiced at least three Business Days prior to the Incremental Effective Date, reimbursement or payment of all reasonable out-of-pocket expenses (including reasonable fees, charges and disbursements of counsel) required to be reimbursed or paid by any Loan Party hereunder, under any other Loan Document or under any other agreement entered into by the Arranger, the Administrative Agent and the Incremental Tranche A Term Lenders, on the one hand, and any of the Loan Parties, on the other hand.

(f)The Administrative Agent shall have received a certificate from the chief financial officer of Holdings, substantially in the form of Exhibit J to the Credit Agreement, certifying as to the solvency of Holdings, the Borrower and the Subsidiaries on a consolidated basis after giving effect to the transactions consummated on the Incremental Effective Date.

(g)The Borrower shall have delivered to the Administrative Agent the notice required by Section 2.03 of the Credit Agreement.

(h)Each New Lender shall have received all documentation and other information required by bank regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the USA Patriot Act to the extent requested at least seven (7) Business Days prior to the Incremental Effective Date.  

The Administrative Agent shall notify the Borrower and the Lenders of the Incremental Effective Date, and such notice shall be conclusive and binding.   
SECTION 6.Effect of this Agreement.  (a)  Except as expressly set forth herein, this Agreement shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of the Administrative Agent, the Swingline Lender, the Issuing Banks or the Lenders under the Credit Agreement, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement, all of which are ratified and affirmed in all respects and shall continue in full force and effect.  Nothing herein shall be deemed to entitle the Borrower to any other consent to, or any other waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement in similar or different circumstances.

(b)  The Borrower and each other Loan Party hereby consents to this Agreement and the transactions contemplated hereby.  Neither this Agreement nor the transactions contemplated hereby discharge or release the Lien or priority of any Loan Document or any other security therefor or any guarantee thereof, and the Liens and security interests existing immediately prior to the Incremental Effective Date in favor of the collateral agent for the benefit of the Secured Parties securing payment of the Obligations are in all respects continuing and in full force and effect with respect to all Obligations (including the Incremental Tranche A Term Loans).  Nothing contained herein or in the Credit Agreement shall be construed as a novation or a termination of the Obligations outstanding under the Credit Agreement or instruments guaranteeing or securing the same, which shall remain in full force and effect, except as expressly set forth herein or as modified hereby.

(c)  On and after the Incremental Effective Date, each reference in the Credit Agreement to “this Agreement”, “herein”, “hereunder”, “hereto”, “hereof” and words of similar import shall, unless the context otherwise requires, refer to the Credit Agreement as amended hereby.

(d)  In the case of any Incremental Tranche A Term Lender that is a New Lender, on and after the Incremental Effective Date, such Incremental Tranche A Term Lender shall thereafter be deemed to be a Lender under the Credit Agreement and shall be entitled to all rights, benefits and privileges accorded a Lender thereunder and subject to all obligations of a Lender thereunder.

(e)  It is agreed that the Arranger and its Related Parties shall be entitled to the benefits of Sections 9.03(a) and 9.03(b) of the Credit Agreement with respect to the arrangement of the Incremental Tranche A Term Loans and this Agreement, the preparation, execution and delivery of this Agreement and other matters relating to or arising out of this Agreement to the same extent as the Administrative Agent and its Related Parties are entitled to the benefits of such Sections in respect of the preparation of the Credit Agreement or other matters relating to or arising out of the Credit Agreement.

(f)  The parties hereto acknowledge that the Borrower has previously delivered to the Administrative Agent written notice of the Incremental Tranche A Term Loan Commitments, and agree that execution by any Incremental Tranche A Term Lender of this Agreement shall be deemed to be execution by it of such notice.  

SECTION 7.Applicable Law.  THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

SECTION 8.Counterparts.  This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original but all of which, when taken together, shall constitute a single instrument.  Delivery of an executed counterpart of a signature page of this Agreement by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart hereof.

SECTION 9.Headings.  The Section headings used herein are for convenience of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement.

[Remainder of page intentionally left blank.]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized officers as of the date first above written.
	
		
	TRINET HR CORPORATION, 

	by

	 
	 

	 
	Name:
Title:

	
		
	TRINET GROUP, INC., 

	by

	 
	 

	 
	Name:
Title:

	
		
	210 PARK AVENUE HOLDING, INC.,

	by

	 
	 

	 
	Name:
Title:

	
		
	ACCORD HUMAN RESOURCES, INC.,

	by

	 
	 

	 
	Name:
Title:

	
		
	ACCORD HUMAN RESOURCES 12, INC.,

	by

	 
	 

	 
	Name:
Title:

	
		
	AMBROSE EMPLOYER GROUP, LLC,

	by

	 
	 

	 
	Name:
Title:

[Signature Page - Incremental Facility Amendment]

	
		
	SOI HOLDINGS, INC.,

	by

	 
	 

	 
	Name:
Title:

	
		
	STRATEGIC OUTSOURCING, INC.,

	by

	 
	 

	 
	Name:
Title:

	
		
	TRINET HR V INC.,

	by

	 
	 

	 
	Name:
Title:

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

	by 

	 
	 

	 
	Name: 
Title: 

NON-INCREMENTAL LENDER 
SIGNATURE PAGE TO THE INCREMENTAL FACILITY AMENDMENT
UNDER THE AMENDED AND RESTATED 
CREDIT AGREEMENT OF TRINET HR CORPORATION
SIGNING SOLELY FOR PURPOSES OF SECTION 4

INCREMENTAL TRANCHE A TERM LENDER 
SIGNATURE PAGE TO THE INCREMENTAL FACILITY AMENDMENT
UNDER THE AMENDED AND RESTATED 
CREDIT AGREEMENT OF TRINET HR CORPORATION

Name of Incremental Tranche A Term Lender:
[Lender Signature Pages on File with    Administrative Agent]
	
		
	 

	by

	 
	 

	 
	Name:

	 
	Title:

For any Incremental Tranche A Term Lender requiring a second signature block:

	
		
	 

	by

	 
	 

	 
	Name:

	 
	Title:

Name of Non-Incremental Lender:
[Lender Signature Pages on File with    Administrative Agent]

	
		
	 

	by

	 
	 

	 
	Name:

	 
	Title:

For any Non-Incremental Lender requiring a second signature block:

	
		
	 

	by

	 
	 

	 
	Name:

	 
	Title:

Schedule A

[Scheduled A on File with Administrative Agent]

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