Document:

Exhibit 10.3

Exhibit 10.3

EMPLOYMENT AGREEMENT

This Employment Agreement (the “Agreement”), entered into as of June 15, 2010, is between
Insight Enterprises, Inc., a Delaware corporation (the “Company”), and David C. Olsen (the
“Executive”).

Company and Executive have decided to enter into this Agreement in order to satisfy the
documentation requirements of Section 409A of the Code and to comply with the final regulations
issued pursuant to Section 409A.

In exchange for valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties agree as follows:

	1.	 	TERMS OF AGREEMENT.

(a) Initial Term. Executive shall be employed by Company for the duties set forth in
Section 2 for a one-year term commencing as of June __, 2010 and ending on the first anniversary of
such date (the “Initial Term”), unless sooner terminated in accordance with the provisions of this
Agreement.

(b) Renewal Term; Employment Period Defined. This Agreement is intended to provide
for a constantly renewing (or “evergreen”) one-year term. As a result, on each day after the
commencement of the Initial Term, without further action on the part of Company or Executive, this
Agreement shall be automatically renewed for a new one-year term from that day forward (a “Renewal
Term”). Nevertheless, Company may notify Executive, or Executive may notify Company, at any time,
that there shall be no renewal of this Agreement. If this notice of non-renewal is given, the
Agreement shall immediately cease to renew and shall terminate naturally at the end of the then
current Renewal Term. No severance or other post-termination compensation will be due or payable
in the event of a termination resulting from non-renewal. The period of time commencing as of the
date of this Agreement and ending on the effective date of the termination of employment of
Executive under this or any successor Agreement shall be referred to as the “Employment Period.”

	2.	 	POSITION AND DUTIES.

(a) Job Duties. Company employs, engages and hires Executive as its Senior Vice
President, Corporate Controller and Principal Accounting Officer, and Executive accepts and agrees
to such employment, engagement and hiring. Executive’s duties and authority during the Employment
Period shall be such executive and managerial duties as the Chief Executive Officer of Company, or
the Chief Executive Officer’s designee, shall reasonably determine. Executive will devote full
time on behalf of Company, or such lesser amount of time as the Chief Executive Officer, or the
Chief Executive Officer’s designee, may determine, reasonable absences because of illness, personal
and family exigencies excepted.

(b) Best Efforts. Executive agrees that at all times during the Employment Period
Executive will faithfully, and to the best of Executive’s ability, experience and talents, perform
the duties that may be required of and from Executive and fulfill Executive’s responsibilities
under this Agreement pursuant to its express terms. Executive’s participation as an officer,
director, consultant or employee of any entity (other than Company) must be disclosed to
Company and the Board of Directors of Company. Additionally, Executive shall disclose to
Company and the Board of Directors of Company any interest in a company that is engaged in a
Competing Business as defined in Section 11, unless such interest constitutes less than one percent
(1%) of the issued and outstanding equity of such company.

 

 

 

(c) Section 16. If, at the time Executive’s employment is terminated for any reason,
Executive is a person designated to file pursuant to Section 16 under the Securities Exchange Act
of 1934 (the “1934 Act”), Executive will provide to Company a written representation in a form
acceptable to Company that all reportable pre-termination securities transactions relating to
Executive have been reported.

	3.	 	COMPENSATION.

(a) Base Salary. Company shall pay Executive a “Base Salary” in consideration for
Executive’s services to Company, payable as nearly as possible in equal semi-monthly installments
or in such other installments as are customary from time to time for Company’s executives at the
rate of $245,000 per annum. The Base Salary may be adjusted from time to time in accordance with
the procedures established by Company for salary adjustments for executives, provided that the Base
Salary shall not be reduced.

(b) Incentive Compensation. Executive shall be eligible for incentive compensation
pursuant to one or more incentive compensation plans established by Company from time to time
(each, an “Incentive Compensation Plan”). The amount of the incentive compensation, if any, shall
be based on the extent to which Executive or Company, or any combination of Executive, Company and
Company’s direct and indirect subsidiaries, achieve objectives set forth in or pursuant to the
Incentive Compensation Plan, or Incentive Compensation Plans, for the relevant time period. For
purposes of this Agreement, the terms “Incentive Compensation Plan” and “Incentive Compensation
Plans” do not include any employee benefit, stock option, restricted stock or other equity-based
plan.

(c) Benefit Plans. Executive will be entitled to participate in those benefit plans
generally provided for Company’s executives in the same or a similar tier of management, in
accordance with the terms of the applicable benefit plans. Additionally, Executive shall be
entitled to participate in any other benefit plans made available generally to employees of Company
from time to time, including but not limited to, any savings plan, life insurance plan and health
insurance plan, all subject to any restrictions specified in, or amendments made to, such plans.

(d) Clawback. To the extent required by law or Company policy, Company may require
Executive to repay to Company any bonus or other incentive-based or equity-based compensation paid
to Executive.

	4.	 	BUSINESS EXPENSES.

Company will reimburse Executive for any and all necessary, customary and usual expenses which
are incurred by Executive on behalf of Company, provided Executive provides Company with receipts
to substantiate the business expense in accordance with Company’s policies or otherwise reasonably
justifies the expense to Company.

 

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	5.	 	DEATH OR DISABILITY.

(a) Compensation. If Executive’s employment is terminated as a result of Executive’s
death, or if Executive becomes Disabled, Executive, or Executive’s estate, as the case may be,
shall be entitled to receive the Base Salary due to Executive through the date of Executive’s death
or Disability. Executive or Executive’s estate, as the case may be, also shall be entitled to
receive the following:

(1) A single lump sum payment equal to ninety (90) days of Executive’s Base Salary as in
effect on the date of Executive’s death or Disability;

(2) With respect to any Incentive Compensation Plan with quarterly objectives, a single lump
sum cash payment in an amount equal to a prorated portion (based on the number of calendar days
that have elapsed during the quarter) of the payment to which Executive would be entitled under the
Incentive Compensation Plan (had Executive’s death or Disability not occurred) for the quarter in
which Executive died or became Disabled; and

(3) With respect to any Incentive Compensation Plan with annual objectives, a single lump sum
cash payment in an amount equal to a prorated portion (based on the number of calendar days that
have elapsed during the year) of the payment to which Executive would have been entitled (had
Executive’s death or Disability not occurred) under the Incentive Compensation Plan for the
calendar year in which Executive dies or becomes Disabled.

The payment to which Executive or Executive’s estate is entitled pursuant to paragraph (1) will be
paid within thirty (30) days of Executive’s death or the effective date of Executive’s Disability,
as the case may be. The payments to which Executive is entitled pursuant to paragraphs (2) and (3)
shall be made within the time period described in the applicable Incentive Compensation Plan. In
no event will the payments due pursuant to paragraphs (1), (2) or (3) be made later than March 15
of the year following the year in which Executive dies or the effective date of Executive’s
Disability occurs.

(b) Disability. The term “Disability” or “Disabled” means that Executive with or
without any accommodation required by law, is, by reason of any medically determinable physical or
mental impairment that can be expected to result in death or can be expected to last for a
continuous period of not less than twelve (12) months, receiving income replacement benefits for a
period of not less than three (3) months under an accident and health plan covering employees of
Company. The effective date of Executive’s Disability is the last day of the third month for which
Executive receives the income replacement benefits.

(c) Termination of Employment. Unless otherwise prohibited by law, Executive’s
employment shall terminate on the first business day following the effective date of Executive’s
Disability. Executive’s employment also shall terminate on the date of Executive’s death.

	6.	 	TERMINATION BY COMPANY.

(a) Termination for Cause. Company may terminate this Agreement and Executive’s
employment at any time during the Initial Term or any Renewal Term for “Cause” upon written notice
to Executive specifying the basis for the termination. If Company terminates this Agreement for
“Cause,” Executive’s Base Salary shall immediately cease, and Executive
shall not be entitled to severance payments, Incentive Compensation Plan payments or any other
payments or benefits pursuant to this Agreement, except for any vested rights pursuant to any
benefit plans in which Executive participates and any accrued compensation, accrued and unused
vacation pay and similar items. For purposes of this Agreement, the term “Cause” shall mean the
termination of Executive’s employment by Company for one or more of the following reasons:

 

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(1) the misappropriation (or attempted misappropriation) of any of Company’s funds or
property;

(2) the conviction of, or the entering of a guilty plea or plea of no contest with respect to,
a felony or misdemeanor which involves moral turpitude or a fraudulent act;

(3) repeated willful and significant neglect of duties;

(4) acts of material dishonesty or disloyalty toward Company;

(5) repeated material violation of any material written policy with respect to Company’s
business or operations;

(6) repeated significant deficiencies with respect to performance objectives assigned by the
Chief Executive Officer of Company; or

(7) Executive’s material breach of this Agreement (after notice and an opportunity to cure).

If Executive is terminated for Cause, Company shall be obligated to pay Executive only the Base
Salary (from Section 3(a)) and benefits (from Section 3(c)) due to Executive through the
termination date, and Executive will not be entitled to, nor will Executive receive, any type of
severance payment. For purposes of clauses (3), (5) and (6) an action or omission will not be
considered to be “repeated” unless Executive violates that same clause after receiving written
notice of an earlier violation and after being provided with an opportunity to cure the violation
or deficiency.

(b) Termination Without Cause. Company also may terminate this Agreement and
Executive’s employment at any time during the Initial Term or any Renewal Term without Cause.
Company may, in its discretion, place Executive on a paid administrative leave prior to the actual
date of termination set by Company. During the administrative leave, Company may bar Executive’s
access to Company’s offices or facilities if reasonably necessary to the smooth operation of
Company, or may provide Executive with access subject to such reasonable terms and conditions as
Company chooses to impose.

(c) Base Salary. In the event Executive’s employment is terminated by Company without
Cause, Executive shall receive a single lump sum cash payment in an amount equal to one hundred
percent (100%) of Executive’s Base Salary as in effect on the date Executive’s employment is
terminated to be paid within three (3) days (or sooner if required by law) following the
termination of Executive’s employment. Executive shall have no duty to mitigate damages in order
to receive the compensation described by this Section 6(c), and the
compensation shall not be reduced or offset by other income, payments or profits received by
Executive from any source.

 

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(d) Incentive Compensation. If Executive is terminated for Cause, Executive shall not
be entitled to receive any Incentive Compensation Plan payments for the quarter or year in which
Executive’s employment is terminated or for any other periods. If Executive is terminated without
Cause, Executive shall receive a single lump sum cash payment in an amount equal to the sum of the
following:

(1) An amount equal to one hundred percent (100%) of the annual compensation paid to Executive
in the preceding year under all Incentive Compensation Plans (annual and quarterly) in which
Executive participates as of the date his employment is terminated or, if an Incentive Compensation
Plan was not in existence in the preceding year, one hundred percent (100%) of the annual
compensation paid to Executive in the preceding year under a predecessor Incentive Compensation
Plan; plus

(2) With respect to any Incentive Compensation Plan with quarterly objectives, a prorated
portion (based on the number of calendar days that have elapsed during the quarter) of the payment
to which Executive would be entitled under the Incentive Compensation Plan (had Executive’s
employment not been terminated) for the quarter in which Executive’s employment is terminated; plus

(3) With respect to any Incentive Compensation Plan with annual objectives, a prorated portion
(based on the number of calendar days that have elapsed during the year) of the payment to which
Executive would be entitled under the Incentive Compensation Plan (had Executive’s employment not
been terminated) for the year in which Executive’s employment is terminated.

The payments described in this Section 6(d) will be made at the time described in the applicable
Incentive Compensation Plan, but in no event later than March 15 of the year following the year in
which Executive’s termination without Cause occurs. Executive shall have no duty to mitigate
damages in order to receive the compensation described by this Section 6(d), and the compensation
shall not be reduced or offset by other income, payments or profits received by Executive from any
source.

(e) Welfare Benefit Continuation. If Executive’s employment is terminated by Company
without Cause, and such employment termination qualifies as a Separation from Service, Executive
shall be entitled to continue to receive life, disability, accident and group health and dental
insurance benefits, at substantially the levels Executive was receiving immediately prior to
Executive’s Separation from Service, for a period of time expiring upon the earlier of: (1) the end
of the period of twelve (12) months following Executive’s Separation from Service, or (2) the day
on which Executive becomes eligible to receive any substantially similar benefits under any plan or
program of any other employer or source without being required to pay any premium with respect
thereto. Company will satisfy the obligation to provide the health and dental insurance benefits
pursuant to this Section 6(e) by either paying for or reimbursing Executive for the actual cost of
COBRA coverage (and Executive shall cooperate with Company in all respects in securing and
maintaining such benefits, including exercising all appropriate COBRA elections and complying with
all terms and conditions of such coverage in a manner to minimize the cost). Similarly, Company
will reimburse Executive for the cost of comparable
coverage for all other insurance benefits that are not subject to the COBRA continuation
rules. It will be Executive’s responsibility to procure such benefits and Company will promptly
reimburse Executive for the premiums for such benefits in the specified amount upon Executive’s
submission of an invoice or other acceptable proof of payment. Company’s obligation under this
paragraph will cease with respect to a particular type of coverage when and if Executive becomes
eligible to receive substantially similar coverage with a successor employer.

 

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(f) Other Plans. Except to the extent specified in this Section 6 and as provided in
this Section 6(f), termination of Executive’s employment shall not affect Executive’s participation
in, distributions from, and vested rights under, any employee benefit, stock option, restricted
stock or other equity-based plan of, or maintained by or for, Company, which benefits will be
governed by the terms of those respective plans. Executive shall have no duty to mitigate damages
in order to receive the compensation described by this Section 6(f), and the compensation shall not
be reduced or offset by other income, payments or profits received by Executive from any source.

	7.	 	TERMINATION BY EXECUTIVE.

(a) General. Executive may terminate this Agreement and his employment at any time,
with or without “Good Reason.” Company may, in its discretion, place Executive on a paid
administrative leave prior to the actual date of termination of Executive’s employment. During the
administrative leave, Company may bar Executive’s access to Company’s offices or facilities if
reasonably necessary to the smooth operation of Company, or may provide Executive with access
subject to such reasonable terms and conditions as Company chooses to impose.

(b) Good Reason Defined. Executive may terminate this Agreement and his employment
for Good Reason if Executive provides Company with written notice of the breach or action giving
rise to Good Reason within ninety (90) days of the initial existence of such breach or action. For
purposes of this Agreement, “Good Reason” shall mean and include each of the following (unless
Executive has expressly agreed to such event in a signed writing):

(1) a material diminution in Executive’s authority, duties, or responsibilities;

(2) any material act or acts of dishonesty by Company directed toward or affecting Executive;

(3) any illegal act or instruction directly affecting Executive by Company, which is not
withdrawn after Company is notified of the illegality by Executive; or

(4) Company’s material breach of this Agreement.

Notwithstanding any provisions of this Agreement to the contrary, none of the events described in
this Section 7(b) will constitute Good Reason if, within thirty (30) days after Executive provides
Company written notice specifying the occurrence or existence of the breach or action that
Executive believes constitutes Good Reason, Company has fully corrected (or reversed) such breach
or action. Executive’s employment will terminate on the day following the expiration of this
thirty (30) day “cure period,” unless Executive and Company agree to a later date not later than
two (2) years following the initial existence of such breach or action.
Executive shall be deemed to have waived Executive’s right to terminate for Good Reason with
respect to any such breach or action if Executive does not notify Company in writing of such breach
or action within ninety (90) days of the event that gives rise to such breach or action.

 

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(c) Effect of Termination by Executive for Good Reason. If Executive terminates this
Agreement and his employment for Good Reason, it shall for all purposes be treated as a termination
by Company without Cause and Executive shall be entitled to compensation in accordance with Section 6.

(d) Effect of Termination by Executive Without Good Reason. If Executive terminates
this Agreement and his employment without Good Reason, while the termination shall not be
characterized as a termination for Cause, it shall for all purposes, result in the same
compensation as a termination for Cause in accordance with Section 6.

	8.	 	CHANGE IN CONTROL OF COMPANY.

(a) Continued Eligibility to Receive Benefits. Company considers the maintenance of a
sound and vital management to be essential to protecting and enhancing the best interests of
Company and its shareholders. In furtherance of such goal and in further consideration of
Executive’s continued employment with Company, if a Change in Control (as defined in Section 8(c))
occurs, Executive shall be entitled to the lump-sum severance benefit provided in Section 8(b) if,
prior to the expiration of twelve (12) months after the Change in Control, (1) Executive terminates
his employment with Company for Good Reason in accordance with the requirements of Section 7(b), or
(2) Company terminates Executive’s employment without Cause pursuant to Section 6(b). The full
severance benefits provided by this Section 8 shall be payable regardless of the period remaining
until the expiration of the Initial Term or any Renewal Term.

(b) Receipt of Benefits. If Executive is entitled to receive a severance benefit
pursuant to Section 8(a) hereof:

(1) Within ten (10) days following the date of termination of Executive’s employment, Company
will provide Executive with a single lump sum cash payment in an amount equal to: (1) one hundred
percent (100%) of Executive’s highest annualized Base Salary in effect on any date during the
Initial Term or any Renewal Term; plus (2) one hundred percent (100%) of the annual compensation
paid to Executive in the preceding year under all Incentive Compensation Plans (annual and
quarterly) in which Executive participates as of the date his employment is terminated or, if an
Incentive Compensation Plan was not in existence in the preceding year, one hundred percent (100%)
of the annual compensation paid to Executive in the preceding year under a predecessor Incentive
Compensation Plan; plus (3) with respect to any Incentive Compensation Plan with quarterly
objectives, a prorated portion (based on the number of calendar days that have elapsed during the
quarter) of the payment to which Executive would be entitled under the Incentive Compensation Plan
(had Executive’s employment not been terminated) for the quarter in which Executive’s employment is
terminated; plus (4) with respect to any Incentive Compensation Plan with annual objectives, a
prorated portion (based on the number of calendar days that have elapsed during the year) of the
payment to which Executive would be entitled under the Incentive Compensation Plan (had Executive’s
employment not been terminated) for the calendar year in which Executive’s employment is
terminated.

 

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(2) Executive shall be vested in any and all equity-based plans and agreements of Company in
which Executive had an interest, vested or contingent. If applicable law prohibits such vesting,
then Company shall pay to Executive a single lump sum cash payment in an amount equal to the value
of benefits and rights that would have, but for such prohibition, been vested in Executive. Any
payment made pursuant to this Section 8(b)(2) will be made within sixty (60) days following the
date of termination of Executive’s employment.

(3) If Executive’s employment termination constitutes a Separation from Service, Executive
shall be entitled to continue to receive life, disability, accident and group health and dental
insurance benefits, at substantially the levels Executive was receiving immediately prior to
Executive’s Separation from Service, for a period of time expiring upon the earlier of: (1) the end
of the period of twelve (12) months following Executive’s Separation from Service, or (2) the day
on which Executive becomes eligible to receive any substantially similar benefits under any plan or
program of any other employer or source without being required to pay any premium with respect
thereto. Company will satisfy the obligation to provide the health and dental insurance benefits
pursuant to this Section 8(b)(3) by either paying for or reimbursing Executive for the actual cost
of COBRA coverage (and Executive shall cooperate with Company in all respects in securing and
maintaining such benefits, including exercising all appropriate COBRA elections and complying with
all terms and conditions of such coverage in a manner to minimize the cost). Similarly, Company
will reimburse Executive for the cost of comparable coverage for all other insurance benefits that
are not subject to the COBRA continuation rules. It will be Executive’s responsibility to procure
such benefits and Company will promptly reimburse Executive for the premiums for such benefits in
the specified amount upon Executive’s submission of an invoice or other acceptable proof of
payment. Company’s obligation under this Section 8(b)(3) will cease with respect to a particular
type of coverage when and if Executive becomes eligible to receive substantially similar coverage
with a successor employer.

Executive shall have no duty to mitigate damages in order to receive the compensation described by
this Section 8(b); provided, however, that Company’s obligation to provide continued life,
disability, accident and group health and dental insurance benefits will cease with respect to a
particular type of coverage when and if Executive becomes eligible to receive substantially similar
coverage with a successor employer. If Executive is entitled to receive the payments called for by
this Section 8(b), Executive shall not be entitled to receive the compensation provided under
Section 6 or 7.

(c) Change in Control Defined. For purposes of this Agreement, “Change in Control”
shall mean each occurrence of any of the following:

(1) a change in control of Company through a transaction or series of transactions, such that
any person (as that term is used in Section 13 and 14(d)(2) of the 1934 Act), excluding affiliates
of Company as of the Effective Date, is or becomes the beneficial owner (as that term is used in
Section 13(d) of the 1934 Act) directly or indirectly, of securities of Company representing thirty
percent (30%) or more of the combined voting power of Company’s then outstanding securities;

(2) any merger, consolidation or liquidation of Company in which Company is not the continuing
or surviving company or pursuant to which stock would be converted into cash, securities or other
property, other than a merger of Company in which the holders of the
shares of stock immediately before the merger have the same proportionate ownership of common
stock of the surviving company immediately after the merger;

 

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(3) the shareholders of Company approve any plan or proposal for the liquidation or
dissolution of Company; or

(4) substantially all of the assets of Company are sold or otherwise transferred to parties
that are not within a “controlled group of corporations” (as defined in Section 1563 of the Code)
in which Company is a member at the relevant date.

(d) Cap on Payments.

(1) General Rules. The Code imposes significant tax consequences on Executive and
Company if the total payments made to Executive due, or deemed due, to a “change in control” (as
such term is defined in Section 280G(b)(2)(A)(i) of the Code and the regulations adopted
thereunder) exceed prescribed limits. For example, if Executive’s “Base Period Income” is $100,000
and Executive’s “Total Payments” exceed 299% of such Base Period Income (the “Cap”), Executive will
be subject to an excise tax under Section 4999 of the Code of 20% of all amounts paid to him in
excess of $100,000. In other words, if Executive’s Cap is $299,999, he will not be subject to an
excise tax if he receives exactly $299,999. If Executive receives $300,000, he will be subject to
an excise tax of $40,000 (20% of $200,000).

(2) Reduction of Payments. Subject to the exception described in Section 8(d)(3), in
order to avoid the excise tax imposed by Section 4999 of the Code, one or more of the payments or
benefits to which Executive is entitled that is not subject to Section 409A of the Code shall be
reduced until the Total Payments equal the Cap. For purposes of this limitation:

(1) No portion of the Total Payments shall be taken into account which, in the opinion of the
Consultant retained pursuant to Section 8(d)(4), does not constitute a “parachute payment” within
the meaning of Section 280G(b)(2) of the Code;

(2) A payment shall be reduced only to the extent necessary so that the Total Payments
constitute reasonable compensation for services actually rendered within the meaning of Section
280G(b)(4) of the Code or are otherwise not subject to disallowance as deductions, in the opinion
of the Consultant; and

(3) The value of any non-cash benefit or any deferred payment of benefit included in the Total
Payments shall be determined in accordance with Section 280G of the Code and the regulations issued
thereunder.

If after the reductions called for by the preceding provisions of this Section 8(d)(3), the Total
Payments continue to exceed the Cap, the payments or benefits to which Executive is entitled and
which are subject to Section 409A shall be reduced proportionally until the Total Payments equal
the Cap.

(3) Exception. The payment limitation called for by Section 8(d)(2) shall not apply if
Executive’s “Uncapped Benefit” exceeds Executive’s “Capped Benefit” by more than 25%. The
Consultant selected pursuant to Section 8(d)(4) will calculate Executive’s Uncapped Benefit and
Executive’s Capped Benefit. For this purpose, the “Uncapped Benefit” is
equal to the Total Payments to which Executive is entitled prior to the application of Section
8(d)(2). Executive’s “Capped Benefit” is the amount to which Executive will be entitled after
application of the limitations of Section 8(d)(2).

 

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(4) Consultant. Company will retain a “Consultant” to advise Company with respect to
the applicability of any Section 4999 excise tax with respect to Executive’s Total Payments. The
Consultant shall be a law firm, a certified public accounting firm, and/or a firm nationally
recognized as providing executive compensation consulting services. All determinations concerning
Executive’s Capped Benefit and Executive’s Uncapped Benefit (as well as any assumptions to be used
in making such determinations) shall be made by the Consultant selected pursuant to this Section
8(d)(4). The Consultant shall provide Executive and Company with a written explanation of its
conclusions. All fees and expenses of the Consultant shall be borne by Company. The Consultant’s
determination shall be binding on Executive and Company.

(5) Special Definitions. For purposes of this Section 8(d), the following specialized
terms will have the following meanings:

(i) “Base Period Income.” “Base Period Income” is an amount equal to Executive’s
“annualized includable compensation” for the “base period” as defined in Sections 280G(d)(1) and
(2) of the Code and the regulations adopted thereunder. Generally, Executive’s “annualized
includable compensation” is the average of his annual taxable income from Company for the “base
period,” which is the five (5) calendar years prior to the year in which the change in control
occurs.

(ii) “Cap” or “280G Cap.” “Cap” or “280G Cap” shall mean an amount equal to 2.99
times Executive’s Base Period Income. This is the maximum amount which Executive may receive
without becoming subject to the excise tax imposed by Section 4999 of the Code or which Company may
pay without loss of deduction under Section 280G of the Code.

(iii) “Total Payments.” The “Total Payments” include any “payments in the nature of
compensation” (as defined in Section 280G of the Code and the regulations adopted thereunder), made
pursuant to this Agreement or otherwise, to or for Executive’s benefit, the receipt of which is
contingent or deemed contingent on a change in control and to which Section 280G of the Code
applies.

(e) Effect of Repeal. In the event that the provisions of Sections 280G and 4999 of
the Code are repealed without succession, Section 8(d) shall be of no further force or effect.

(f) Employment by Successor. For purposes of this Agreement, employment by a
successor of Company or a successor of any subsidiary of Company that has assumed this Agreement
shall be considered to be employment by Company or one of its subsidiaries. As a result, if
Executive is employed by such a successor following a Change in Control, Executive will not be
entitled to receive the benefits provided by Section 8 unless Executive’s employment with the
successor is subsequently terminated without Cause or for Good Reason within twelve (12) months
following the Change in Control.

 

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	9.	 	SECTION 409A COMPLIANCE.

(a) Compliance Strategy. Section 409A of the Code imposes an additional twenty
percent (20%) tax, plus interest, on payments from “non-qualified deferred compensation plans.”
Certain payments under this Agreement could be considered to be payments under a “non-qualified
deferred compensation plan.” The additional twenty percent (20%) tax, and interest, does not apply
if the payment qualifies for an exception to the requirements of Section 409A or complies with the
requirements of Section 409A. Company currently believes that the cash payments and benefits due
pursuant to this Agreement either comply with the requirements of Section 409A or qualify for an
exception to the requirements of Section 409A.

Company intends that the payments to which Executive is entitled upon Executive’s death or
Disability under Sections 5(a)(1), (2) and (3) qualify for the short-term deferral exception to
Section 409A of the Code. In addition, Company intends that the payments made due to Executive’s
termination without Cause under Sections 6(c) and (d) and 8(b)(1) and (2), or for Good Reason under
Sections 7(c) and 8(b)(1) and (2), qualify for the short-term deferral exception to Section 409A of
the Code as described in Treas. Reg. § 1.409A-1(b)(4)).

Company further intends that the group health and dental insurance benefits payable under Sections
6(e) and 8(b)(3) during the period of time during which Executive is entitled to continuation
coverage under Section 4980B of the Code (COBRA) if Executive elected such coverage and paid the
applicable premium qualify for the separation pay plan exception to Section 409A of the Code.
Company has concluded that the life, disability and accident insurance benefits payable under
Sections 6(e) and 8(b)(3) may be subject to the requirements of Section 409A of the Code. To
ensure that such payments comply with Section 409A of the Code, the payments are payable at a
specified time or pursuant to a fixed schedule within the meaning of Treas. Reg. §
1.409A-3(i)(1)(iv) and the amounts reimbursed in one taxable year will not affect the amounts
eligible for reimbursement by Company in a different taxable year. All reimbursements must be made
no later than December 31 of the calendar year following the calendar year in which the expense was
incurred. Executive may not elect to receive cash or any other benefit in lieu of the benefits
provided by Sections 6(e) and 8(b)(3).

(b) Delay in Payments. Prior to making any payments due under this Agreement, Company
will determine, on the basis of any regulations, rulings or other available guidance and the advice
of counsel, whether the short-term deferral exception, the separation pay exception or any other
exception to the requirements of Section 409A of the Code is available. If Company concludes that
no exception is available, no payments will be made prior to Executive’s Separation from Service,
despite any provision in Section 6, 7 or 8 to the contrary. In addition, if Executive is a
“Specified Employee” (as defined in Treas. Reg. § 1.409A-1(i)), and Company concludes that no
exception to the requirements of Section 409A of the Code is available, no payments shall be made
to Executive prior to the first business day following the date which is six (6) months after
Executive’s Separation from Service. Any amounts that would have been paid during the six (6)
months following Executive’s Separation from Service will be paid on the first business day
following the expiration of the six-month period without interest thereon. The provisions of this
paragraph apply to all amounts due pursuant to this Agreement, other than amounts that do not
constitute a deferral of compensation within the meaning of Treas. Reg. §1.409A-1(b) or other
amounts or benefits that are not subject to the requirements of Section 409A of the Code.

 

11

 

(c) Separation from Service. For purposes of this Agreement, the term “Separation
from Service” means, either (1) termination of Executive’s employment with Company and all
Affiliates, or (2) a permanent reduction in the level of bona fide services Executive provides to
Company and all Affiliates to an amount that is twenty percent (20%) or less of the average level
of bona fide services Executive provided to Company in the immediately preceding thirty-six (36)
months, with the level of bona fide service calculated in accordance with Treas. Reg. §
1.409A-1(h)(1)(ii).

For purposes of determining whether a Separation from Service has occurred, the term “Affiliate”
shall have the meaning assigned in Treas. Reg. § 1.409A-1(h)(3) (which generally requires fifty
percent (50%) common ownership).

Executive’s employment relationship is treated as continuing while Executive is on military leave,
sick leave, or other bona fide leave of absence (if the period of such leave does not exceed six
(6) months, or if longer, so long as Executive’s right to reemployment with Company or an Affiliate
is provided either by statute or contract). If Executive’s period of leave exceeds six (6) months
and Executive’s right to reemployment is not provided either by statute or by contract, the
employment relationship is deemed to terminate on the first day immediately following the
expiration of such six-month period. Whether a termination of employment has occurred will be
determined based on all of the facts and circumstances and in accordance with regulations issued by
the United States Treasury Department pursuant to Section 409A of the Code.

(d) Distributions Treated as Made upon a Designated Event. If Company fails to make
any payment, either intentionally or unintentionally, within the time period specified in this
Agreement, but the payment is made within the same calendar year, such payment will be treated as
made within the time period specified in this Agreement pursuant to Treas. Reg. § 1.409A-3(d). In
addition, if a payment is not made due to a dispute with respect to such payment, the payment may
be delayed in accordance with Treas. Reg. § 1.409A-3(g).

(e) Reimbursements. In order to ensure compliance with the applicable regulations,
the amounts reimbursed in one taxable year will not affect the amounts eligible for reimbursement
by Company in a different taxable year. All reimbursements must be made no later than December 31
of the calendar year following the calendar year in which the expense was incurred. Executive may
not elect to receive cash or any other benefit in lieu of the benefits provided by Sections 6(e)
and 8(b)(3).

(f) Miscellaneous Payment Provisions. Under no circumstances may the time or schedule
of any payment made or benefit provided pursuant to this Agreement be accelerated or subject to a
further deferral except as otherwise permitted or required pursuant to regulations and other
guidance issued pursuant to Section 409A of the Code. Executive does not have any right to make
any election regarding the time or form of any payment due under this Agreement. This Agreement
shall be operated in compliance with Section 409A of the Code and each provision of this Agreement
shall be interpreted, to the extent possible, to comply with Section 409A of the Code.

 

12

 

	10.	 	INTELLECTUAL PROPERTY.

(a) Proprietary Information. Executive and Company hereby acknowledge and agree that
in connection with the performance of Executive’s services, Executive shall be
provided with or shall otherwise be exposed to or receive certain proprietary information of
Company. Such proprietary information may include, but shall not be limited to, information
concerning Company’s customers and products, information concerning certain marketing, selling, and
pricing strategies of Company, and information concerning methods, manufacturing techniques, and
processes used by Company in its operations (all of the foregoing shall be deemed “Proprietary
Information” for purposes of this Agreement). Executive hereby agrees that, without the prior
written consent of Company, any and all Proprietary Information shall be and shall forever remain
the property of Company, and that during the Initial Term or any Renewal Term, and at all times
thereafter, Executive shall not in any way disclose or reveal the Proprietary Information other
than to Company’s executives, officers and other employees and agents in the normal course of
Executive’s provision of services hereunder. The term “Proprietary Information” does not include
information which (1) becomes generally available to the public other than as a result of a
disclosure by Executive contrary to the terms of this Agreement, (2) was available on a
non-confidential basis prior to its disclosure, or (3) becomes available on a non-confidential
basis from a source other than Executive, provided that such source is not contractually obligated
to keep such information confidential.

(b) Trade Secrets. Executive, prior to and during this Agreement, has had and will
have access to and become acquainted with various trade secrets which are owned by Company or by
its affiliates and are regularly used in the operation of their respective businesses and which may
give Company or an affiliate an opportunity to obtain an advantage over competitors who do not know
or use such trade secrets. Executive agrees and acknowledges that Executive has been granted
access to these valuable trade secrets only by virtue of the confidential relationship created by
Executive’s employment and Executive’s prior relationship to, interest in, and fiduciary
relationships to Company. Executive shall not disclose any of the aforesaid trade secrets,
directly or indirectly or use them in any way, either during the Initial or any Renewal Term of
this Agreement or at any time thereafter, except as required in the course of employment by Company
and for its benefit.

(c) Intellectual Property. Executive acknowledges and agrees that all products,
services, methods, know-how, procedures, processes, specifications, and anything of a similar
nature that relate to the services to be provided by Executive to Company, whether the same are
derived from the use of Proprietary Information or otherwise developed or conceived of by
Executive, shall be and shall remain the exclusive property of Company. Executive further agrees
that for a period of one (1) year after the termination of this Agreement for any reason, there
shall be an irrebuttable presumption that all products, services, methods, know-how, procedures,
formulae, processes, specifications, and anything of a similar nature which relate to such services
rendered hereunder developed, formulated, created, or conceived of by Executive were derived from
the use of Proprietary Information or were otherwise developed, formulated, created, or conceived
of by Executive during the Initial Term or any Renewal Term, and, as such, the same shall be and
shall remain the exclusive property of Company. Executive shall promptly disclose to Company all
written and graphic materials, computer software, inventions, discoveries and improvements
authored, prepared, conceived or made by, for or at the direction of Executive during his
employment hereunder and which are related to the business of Company, and shall execute all such
documents and instruments, including but not limited to any assignments and invention disclosure
documents, as Company may reasonably determine are necessary or desirable in order to give effect
to the preceding sentence or to preserve, protect or enforce Company’s rights with respect to any
such work and any intellectual property therein.

 

13

 

(d) Ownership of Documents. Company shall own all papers, records, books, drawings,
documents, manuals, and anything of a similar nature (collectively, the “Documents”) prepared by
Executive in connection with his employment. The Documents shall be the property of Company and
are not to be used on other projects except upon Company’s prior written consent. At the end of
the Initial Term or any Renewal Term, Executive shall surrender to Company any and all Documents or
other property of whatsoever kind now or hereafter in Executive’s possession, custody, or control
which contain or reflect in any manner whatsoever Proprietary Information or information which in
any way relates to Company’s business.

(e) Company Defined. For purposes of this Section 10, “Company” shall be interpreted
to include Company and all of its direct and indirect subsidiaries.

	11.	 	RESTRICTIVE COVENANTS.

(a) Covenant Not To Compete. In consideration of Company’s agreements contained
herein and the payments to be made by it to Executive pursuant hereto, Executive agrees that during
the “Restricted Period” following the termination of Executive’s employment for any reason and so
long as Company is continuously not in material default of its obligations to provide payments or
employment-type benefits to Executive hereunder or under any other agreement, covenant, or
obligation, Executive will not, without prior written consent of Company, consult with or act as an
advisor to another company about activity which is a “Competing Business” of such company in the
Restricted Territory, as defined below. For purposes of this Agreement, Executive shall be deemed
to be engaged in a “Competing Business” if, in any capacity, including proprietor, shareholder,
partner, officer, director or employee, Executive engages or participates, directly or indirectly,
in the operation, ownership or management of the activity of any proprietorship, partnership,
company or other business entity which activity is competitive with the then actual business in
which Company and its operating subsidiaries and affiliates are engaged on the date of, or any
business contemplated by such entities’ business plans in effect on the date of notice of,
Executive’s termination of employment. (As of the date of execution of this Agreement, Company’s
actual business is the direct marketing of information technology products and services to
businesses and consumers.) Nothing in this Section 11(a) is intended to limit Executive’s ability
to own equity in a public company constituting less than one percent (1%) of the outstanding equity
of such company, when Executive is not actively engaged in the management thereof.

(b) Non-Solicitation. Executive recognizes that Company’s clients are valuable and
proprietary resources of Company. Accordingly, Executive agrees that during the Restricted Period
Executive will not directly or indirectly, through Executive’s own efforts or through the efforts
of another person or entity, solicit business in the Restricted Territory for or in connection with
any Competing Business from any individual or entity which obtained products or services from
Company at any time during Executive’s employment with Company. In addition, during the Restricted
Period Executive will not solicit business for or in connection with a Competing Business from any
individual or entity which may have been solicited by Executive on behalf of Company. Further,
during the Restricted Period Executive will not solicit, hire or engage employees of Company who
would have the skills and knowledge necessary to enable or assist efforts by Executive to engage in
a Competing Business. Company agrees that the restrictions described in this paragraph apply only
so long as Company is continuously not in material default of its obligations to provide payments
or employment-type benefits to Executive hereunder or under any other agreement, covenant, or
obligation.

 

14

 

(c) Restricted Period. For purposes of this Section 11, the “Restricted Period” shall
include the Employment Period and a period of twelve (12) months (or in the event any reviewing
court finds this period to be over-broad or unenforceable, for a period of nine (9) months; or in
the event any reviewing court finds this period to be over-broad or unenforceable, for a period of
six (6) months) following the termination of Executive’s employment with Company for any reason.

(d) Restricted Territory. Executive and Company understand and agree that Company’s
business is not geographically restricted and is unrelated to the physical location of Company
facilities or the physical location of any Competing Business, due to extensive use of the
Internet, telephones, facsimile transmissions and other means of electronic information and product
distribution. Executive and Company further understand and agree that Executive will, in part,
work toward expanding Company’s markets and geographic business territories and will be compensated
for performing this work on behalf of Company.

Accordingly, Company has a protectable business interest in, and the parties intend the
Restricted Territory to encompass, each and every location from which Executive could engage in a
Competing Business in any country, state, province, county or other political subdivision in which
Company has clients, employees, suppliers, distributors or other business partners or operations.
If, but only if, this Restricted Territory is held to be invalid on the ground that it is
unreasonably broad, the Restricted Territory shall include each location from which Executive can
conduct business in any of the following locations: each state in the United States in which
Company conducts sales or operations, each province within Canada in which Company conducts sales
or operations, and each political subdivision of the United Kingdom in which Company conducts sales
or operations. If, but only if, this Restricted Territory is held to be invalid on the grounds
that it is unreasonably broad, then the Restricted Territory shall be any location within a fifty
(50) mile radius of any Company office.

(e) Remedies; Reasonableness. Executive acknowledges and agrees that a breach by
Executive of the provisions of this Section 11 will constitute such damage as will be irreparable
and the exact amount of which will be impossible to ascertain and, for that reason, agrees that
Company will be entitled to an injunction to be issued by any court of competent jurisdiction
restraining and enjoining Executive from violating the provisions of this Section 11. The right to
an injunction shall be in addition to and not in lieu of any other remedy available to Company for
such breach or threatened breach, including the recovery of damages from Executive.

Executive expressly acknowledges and agrees that: (1) the Restrictive Covenants contained
herein are reasonable as to time and geographical area and do not place any unreasonable burden
upon Executive, (2) the general public will not be harmed as a result of enforcement of these
Restrictive Covenants, and (3) Executive understands and hereby agrees to each and every term and
condition of the Restrictive Covenants set forth in this Agreement.

Executive also expressly acknowledges and agrees that Executive’s covenants and agreements in
this Section 11 shall survive this Agreement and continue to be binding upon Executive after the
expiration or termination of this Agreement, whether by passage of time or otherwise.

 

15

 

	12.	 	BENEFIT AND BINDING EFFECT.

This Agreement shall inure to the benefit of and be binding upon Company, its successors and
assigns, including, but not limited to, any company, person, or other entity which may acquire all
or substantially all of the assets and business of Company or any company with or into which
Company may be consolidated or merged, and Executive, Executive’s heirs, executors, administrators,
and legal representatives, provided that the obligations of Executive may not be delegated.

	13.	 	FREEDOM FROM RESTRICTIONS.

Executive represents and warrants that Executive has not entered into any agreement, whether
express, implied, oral, or written, that poses an impediment to Executive’s employment by Company
including Executive’s compliance with the terms of this Agreement. In particular, Executive is not
subject to a valid, pre-existing non-competition agreement which prohibits Executive from
fulfilling Executive’s job duties as set out in Section 2(a), and no restrictions or limitations
exist respecting Executive’s ability to perform fully Executive’s obligations to Company, including
Executive’s compliance with the terms of this Agreement.

	14.	 	THIRD-PARTY TRADE SECRETS.

During the term of this Agreement, Executive agrees not to copy, refer to, or in any way use,
information that is proprietary to any third party (including any previous employer). Executive
represents and warrants that Executive has not improperly taken any documents, listings, hardware,
software, discs, or any other tangible medium that embodies proprietary information from any third
party, and that Executive does not intend to copy, refer to, or in any way use, information that is
proprietary to any third party in performing duties for Company.

	15.	 	NOTICES.

All notices hereunder shall be in writing and delivered personally or sent by United States
registered or certified mail, postage prepaid and return receipt requested:

	 	 	 	 	 
	 

	 	If to Company, to:
	 	Insight Enterprises, Inc.

Attn: Chief Executive Officer

6820 S. Harl Ave.

Tempe, Arizona 85283
	 
	 	 	 	 
	 

	 	With a copy to:
	 	Insight Enterprises, Inc.

Attn: Legal Department

6820 S. Harl Ave.

Tempe, Arizona 85283
	 
	 	 	 	 
	 

	 	If to Executive, to:
	 	David C. Olsen

3136 Stonybrook Dr.

Anaheim, CA 92804

 

16

 

Either party may change the address to which notices are to be sent to it by giving ten (10)
days written notice of such change of address to the other party in the manner above provided for
giving notice.

Notices will be considered delivered on personal delivery or on the date of deposit in the
United States mail in the manner provided for giving notice by mail.

	16.	 	NONDELEGABILITY OF EXECUTIVE’S RIGHTS AND COMPANY ASSIGNMENT RIGHTS.

The obligations, rights and benefits of Executive hereunder are personal and may not be
delegated, assigned or transferred in any manner whatsoever, nor are such obligations, rights or
benefits subject to involuntary alienation, assignment or transfer. Upon reasonable notice to
Executive, Company may transfer Executive to an affiliate of Company, which affiliate shall assume
the obligations of Company under this Agreement. This Agreement shall be assigned automatically to
any entity merging with or acquiring Company or its business.

	17.	 	SEVERABILITY.

If any term or provision of this Agreement is declared by a court or tribunal of competent
jurisdiction to be invalid or unenforceable for any reason, this Agreement shall remain in full
force and effect, and either (1) the invalid or unenforceable provision shall be modified to the
minimum extent necessary to make it valid and enforceable or (2) if such a modification is not
possible, this Agreement shall be interpreted as if such invalid or unenforceable provision were
not a part hereof.

	18.	 	ARBITRATION.

The parties agree that any controversy, dispute or claim arising out of or relating to the
Agreement or breach thereof, including without limitation Executive’s employment with or separation
of employment from Company, and all claims, to the extent allowable by law, that Company or any of
its representatives engaged in conduct prohibited on any basis under any federal, state, or local
statute, including federal or state discrimination statutes or public policy, shall be resolved by
final, binding and conclusive arbitration with a sole arbitrator to be mutually agreed upon in
Maricopa County, Arizona. The parties shall bear equally the cost of the arbitrator. The
arbitration shall occur within thirty (30) days of selection of the arbitrator and shall be
administered by the American Arbitration Association under its National Rules for the Resolution of
Employment Disputes and judgment upon the award rendered by the arbitrator may be entered in any
court having jurisdiction thereof.

Any arbitration award may, in the discretion of the arbitrator, include reasonable attorneys’
fees and costs of the prevailing party. “Attorneys’ fees and costs” mean all reasonable pre-award
expenses, administrative fees, travel expenses, out-of-pocket expenses such as copying and
telephone costs, witness fees and attorneys’ fees. Any award of attorney’s fees and costs to which
Executive may be entitled shall be paid by Company, on or before December 31 of the calendar year
following the year of the conclusion of the arbitration.

Either party may apply to the arbitrator seeking injunctive relief until the arbitration award
is rendered or the matter is otherwise resolved. Either party also may, without waiving
any remedy under the Agreement, seek from any court having jurisdiction any interim or
provisional relief, including a temporary restraining order, an injunction both preliminary and
final, and any other appropriate equitable relief, that is necessary to protect the rights or
property of that party, pending the retention of the arbitrator.

 

17

 

	19.	 	COUNTERPARTS.

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

	20.	 	ENTIRE AGREEMENT.

The entire understanding and agreement between the parties has been incorporated into this
Agreement, and this Agreement supersedes all other agreements and understandings between Executive
and Company with respect to the relationship of Executive with Company, except with respect to
other continuing or future stock option, health, benefit and similar plans or agreements.

	21.	 	GOVERNING LAW.

Executive’s employment shall be governed in all respects by the laws of the State of Arizona,
including the conflicts of law principles, as governs transactions occurring entirely within
Arizona among Arizona residents, except as preempted by Federal law.

	22.	 	DEFINITIONS.

Throughout this Agreement, certain defined terms will be identified by the capitalization of
the first letter of the defined word or the first letter of each substantive word in a defined
phrase. Whenever used, these terms will be given the indicated meaning.

	23.	 	TERMINATION OF EMPLOYMENT.

The termination of this Agreement by either party also shall result in the termination of
Executive’s employment relationship with Company in the absence of an express written agreement
providing to the contrary. Neither party intends that any oral employment relationship continue
after the termination of this Agreement.

	24.	 	TIME IS OF THE ESSENCE.

Company and Executive agree that time is of the essence with respect to the duties and
performance of the covenants and promises of this Agreement.

	25.	 	CONSTRUCTION.

This Agreement is the result of negotiation between Company and Executive and both have had
the opportunity to have this Agreement reviewed by their legal counsel and other advisors.
Accordingly, this Agreement shall not be construed for or against Company or Executive, regardless
of which party drafted the provision at issue. The language in all parts of this Agreement shall
in all cases be construed as a whole according to its fair meaning and not strictly for or against
either party. The Section headings contained in this Agreement are for
reference purposes only and will not affect the meaning or interpretation of this Agreement in
any way. Whenever the words “include,” “includes,” or “including” are used in the Agreement, they
shall be deemed to be followed by the words “without limitation.”

 

18

 

Dated this 15th day of June, 2010.

	 	 	 	 	 
	 	Company:

INSIGHT ENTERPRISES, INC.,
a Delaware corporation

 	 
	 	By:  	/s/ Steven R. Andrews
 	 
	 	 	Name:  	Steven R. Andrews 	 
	 	 	Title:  	General Counsel 	 
	 
	 	Executive:

 	 
	 	/s/ David C. Olsen
 	 
	 	David C. Olsen 	 
	 	 	 
	 

 

19Exhibit 10.1

Exhibit 10.1

Execution Version

TIME SHARING AGREEMENT

          This Time Sharing Agreement (the Agreement), is made and entered into this 27th day of May,
2010, by and between National Express Company, Inc. (“NEC”), and Kenneth I. Chenault (“User”).

W I T N E S S E T H:

          WHEREAS, NEC, a wholly-owned subsidiary of American Express Company (“American Express”), owns
and operates the aircraft (collectively, the “Aircraft”) listed on Schedule A hereto for use by
employees and non-employee directors of American Express and its subsidiaries in accordance with
Part 91 of the Federal Aviation Regulations and American Express’ policy regarding the use of
corporate aircraft (the “Aircraft Policy”); and

          WHEREAS, pursuant to American Express’ security policy, User, as Chief Executive Officer of
American Express is required, to the maximum extent practicable, to use the Aircraft for all
aircraft travel purposes, including, without limitation, for personal travel; and

          WHEREAS, pursuant to the Aircraft Policy and American Express’ security policy, NEC provides
use of the Aircraft to User for certain personal travel (which, under the rules and interpretations
of the Securities and Exchange Commission (the “SEC”), includes, among other travel, use of the
Aircraft for attendance at meetings of non-profit institutions and companies other than American
Express on whose Board User serves as a director or trustee, as the case may be), and no charge,
assessment or fee has been made to User for such flights (“Non-Reimbursable Personal Flights”); and

          WHEREAS, American Express has adopted a policy limiting Non-Reimbursable Personal Flights by
User to those flights with an aggregate value of approximately $200,000 per year (the “Personal Use
Limitation”), as such flights and amount are determined under the rules and interpretations of the
SEC; and

          WHEREAS, NEC has the right and lawful authority to enter into time sharing agreements, as
provided in §91.501 of the Federal Aviation Regulations (“FARs”); and

          WHEREAS, in order to comply with the Personal Use Limitation User may desire to lease, from
time to time, the Aircraft, with flight crew, from NEC for User’s personal travel at User’s
discretion in accordance with the Aircraft Policy on a time-sharing basis in accordance with
§91.501 of the FARs; and

          WHEREAS, NEC has agreed to make the Aircraft, with flight crew, available to User for User’s
personal travel in accordance with the Aircraft Policy on a non-exclusive time-sharing basis in
accordance with §91.501 of the FARs; and

1

 

          WHEREAS, User and NEC have agreed that this Agreement shall not apply to Non-Reimbursable
Personal Flights; and

          WHEREAS, this Agreement sets forth the understanding of the parties as to the terms under
which NEC will provide User with the use, on a non-exclusive time-sharing basis, of the Aircraft.

          NOW THEREFORE, NEC and User declaring their intention to enter into and be bound by this
Agreement, and for the good and valuable consideration set forth below, hereby covenant and agree
as follows:

          1. Provision of Aircraft and Crew. Subject to Aircraft availability, NEC agrees to
provide to User the Aircraft and flight crew on a time sharing basis in accordance with the
provisions of FAR Part 91, including §§ 91.501(b)(6), 91.501(c)(1) and 91.501(d) of the FARs. NEC
shall provide, at its sole expense, qualified flight crew for all flight operations under this
Agreement. If NEC is no longer the operator of any of the Aircraft, Schedule A shall be deemed
amended to delete any reference to such Aircraft and this Agreement shall be terminated as to such
Aircraft but shall remain in full force and effect with respect to each of the other Aircraft
identified thereon, if any. No such termination shall affect any of the rights and obligations of
the parties accrued or incurred prior to such termination. If NEC becomes the operator of any
aircraft not listed on Schedule A hereto, Schedule A shall be modified to include such aircraft as
an Aircraft covered by this Agreement, and thereafter this Agreement shall remain in full force and
effect with respect to such Aircraft and each of the other Aircraft identified thereon, if any.

          2. Term. The term of this Agreement (the “Term”) shall commence on the date hereof
and shall continue until terminated by either party on written notice to the other party, such
termination to become effective 30 days from the date of the notice, provided that this
Agreement may be terminated on such shorter notice as may be required to comply with applicable
law, regulations, the requirements of any financial institution with a security or other interest
in the Aircraft, insurance requirements, or in the event the insurance required hereunder is not in
full force and effect. This Agreement shall terminate immediately in the event that User is no
longer the Chief Executive Officer of American Express Company. Notwithstanding the foregoing, any
provisions directly or indirectly related to User’s payment obligations for flights completed prior
to the date of termination and the limitation of liability provisions in Section 10 shall survive
the termination of this Agreement.

          3. Reimbursement of Expenses. For each flight conducted under this Agreement, User
shall pay NEC an amount (as determined by NEC) equal to the actual expenses of operating such
flight (to include non-occupied legs needed for positioning the aircraft), not to exceed the sum of
the following expenses as permitted pursuant to FAR 91.501(d):

	 	(a)	 	Fuel, oil, lubricants, and other additives;
	 
	 	(b)	 	Travel expenses of the crew, including food, lodging, and ground transportation;
	 
	 	(c)	 	Hangar and tie-down costs away from the Aircraft’s base of operation;

2

 

	 	(d)	 	Insurance obtained for the specific flight as per section 8.(b);
	 
	 	(e)	 	Landing fees, airport taxes, and similar assessments;
	 
	 	(f)	 	Customs, foreign permit, and similar fees directly related to the flight;
	 
	 	(g)	 	In-flight food and beverages;
	 
	 	(h)	 	Passenger ground transportation;
	 
	 	(i)	 	Flight planning and weather contract services; and
	 
	 	(j)	 	An additional charge equal to one hundred percent (100%) of the
expenses listed in subsection (a) above.

          4. Invoicing and Payment. All payments to be made to NEC by User hereunder shall be
paid in the manner set forth in this Section 4. NEC will pay, or cause to be paid, all expenses
related to the operation of the Aircraft hereunder in the ordinary course. Within 30 days of the
end of each trip, NEC shall provide or cause to be provided to User an invoice showing all personal
use of the Aircraft by User pursuant to this Agreement during that trip and a complete accounting
detailing all amounts payable by User pursuant to Section 3 for that trip (plus applicable domestic
or international air transportation excise taxes, and any other fees, taxes or charges assessed on
passengers by and remitted to a government agency or airport authority). User shall pay all amounts
due under the invoice in a manner reasonably acceptable to NEC not later than 30 days after receipt
thereof. In the event NEC has not received supplier invoices for reimbursable charges relating to
such flight prior to such invoicing, NEC shall issue supplemental invoice(s) for such charge(s) to
User, and User shall pay each supplemental invoice within 30 days after receipt thereof.

          5. Flight Requests. User shall provide the Flight Operations Dispatch Office of NEC
with flight requests for User’s personal travel to be undertaken pursuant to this Agreement and
proposed flight schedules as far in advance of User’s desired departure as possible, and at least
24 hours prior to User’s planned departure or as may be required by law. The advanced notice
requirement in this Section 5 may be waived by NEC in its discretion. All flight requests for
travel under this Agreement shall be in accordance with all reasonable policies established by
NEC. Flight requests shall be in a form, whether oral or written, mutually convenient to and
agreed upon by the parties. NEC shall have sole and exclusive authority over the scheduling of the
Aircraft. NEC shall not be liable to User or any other person for loss, injury, or damage
occasioned by the delay or failure to furnish the Aircraft and crew pursuant to this Agreement for
any reason. In addition to requested schedules and departure times, User shall provide at least
the following information for each proposed flight reasonably in advance of the desired departure
time as required by NEC or its flight crew:

	 	(a)	 	departure point;

3

 

	 	(b)	 	destination;
	 
	 	(c)	 	date and time of flight;
	 
	 	(d)	 	number and identity of anticipated passengers;
	 
	 	(e)	 	nature and extent of luggage and/or cargo expected to be carried;
	 
	 	(f)	 	date and time of return flight, if any; and
	 
	 	(g)	 	any other information concerning the proposed flight that may be
pertinent to or required by NEC, its flight crew, or governmental
entities.

Subject to Aircraft and crew availability, NEC shall use its good faith efforts, consistent with
its approved policies, to accommodate User’s needs and avoid conflicts in scheduling. Although
every good faith effort shall be made to avoid its occurrence, any flights scheduled under this
Agreement are subject to cancellation by either party without incurring liability to the other
party. In the event of a cancellation, the canceling party shall provide the maximum notice
reasonably practicable.

          6. Operational Authority and Control. NEC shall be responsible for the physical and
technical operation of the Aircraft and the safe performance of all flights under this Agreement,
and shall retain full authority and control, including exclusive operational control and exclusive
possession, command and control of the Aircraft for all flights under this Agreement. NEC shall
furnish at its expense a fully qualified flight crew with appropriate credentials to conduct each
flight undertaken under this Agreement and included on the insurance policies that NEC is required
to maintain hereunder. In accordance with applicable FARs, the qualified flight crew provided by
NEC will exercise all required and/or appropriate duties and responsibilities in regard to the
safety of each flight conducted hereunder. The pilot-in-command shall have absolute discretion in
all matters concerning the preparation of the Aircraft for flight and the flight itself, the load
carried and its distribution, the decision whether or not a flight shall be undertaken, the route
to be flown, the place where landings shall be made, and all other matters relating to operation of
the Aircraft. User specifically agrees that the flight crew shall have final and complete
authority to delay or cancel any flight for any reason or condition that in the sole judgment of
the pilot-in-command could compromise the safety of the flight, and to take any other action that
in the sole judgment of the pilot-in-command is necessitated by considerations of safety. No such
action of the pilot-in-command shall create or support any liability to User or any other person
for loss, injury, damage or delay. NEC’s operation of the Aircraft hereunder shall be strictly
within the guidelines and policies established by NEC and FAR Part 91.

          7. Aircraft Maintenance. NEC shall, at its own expense, cause the Aircraft to be
inspected, maintained, serviced, repaired, overhauled, and tested in accordance with FAR Part 91 so
that the Aircraft will remain in good operating condition and in a condition consistent with its
airworthiness certification and shall take such requirements into account in scheduling the
Aircraft hereunder, including but not limited compliance with applicable airworthiness directives
and service bulletins. Performance of maintenance, preventive maintenance or inspection shall

4

 

not
be delayed or postponed for the purpose of scheduling the Aircraft unless such maintenance or
inspection can safely be conducted at a later time in compliance with applicable laws, regulations
and requirements, and such delay or postponement is consistent with the sound discretion of the
pilot-in-command. In the event that any non-standard maintenance is required during the term and
will interfere with User’s requested or scheduled flights, NEC, or NEC’s pilot-in-command, shall
notify User of the maintenance required, the effect on the ability to comply with User’s requested
or scheduled flights and the manner in which the parties will proceed with the performance of such
maintenance and conduct of such flight(s). In no event shall NEC be liable to User or any other
person for loss, injury or damage occasioned by the delay or failure to furnish the Aircraft under
this Agreement, whether or not maintenance-related.

          8. Insurance.

     (a) NEC, at its expense, will maintain or cause to be maintained in full force and
effect throughout the Term of this Agreement an aviation liability and hull insurance policy
including: (i) aviation liability insurance against bodily injury and property damage
claims arising out of the use of the Aircraft in an amount not less than $250,000,000 for
each occurrence; and (ii) hull insurance for the Aircraft in amounts determined by NEC at
its sole discretion. The aviation liability coverage shall include User as an additional
insured and include a severability of interest provision providing that the insurance shall
apply separately to each insured against whom a claim is made, except as respects the limits
of liability. The aviation liability and hull insurance coverage shall include provisions
whereby the insurer(s) waive all rights of subrogation they may have or acquire against User
and shall permit the use of the Aircraft by NEC for compensation or hire as provided in
§91.501 of the FARs.

     (b) NEC shall use reasonable commercial efforts to provide such additional insurance
for specific flights under this Agreement as User may reasonably request. User acknowledges
that any trips scheduled to areas not currently covered by existing policies may require NEC
to purchase additional insurance to comply with applicable regulations, and NEC shall be
required to maintain or cause to be maintained such additional insurance. The cost of all
flight-specific insurance shall be borne by User as provided in Section 3(d).

          9. Use of Aircraft. User warrants that:

          (i) He has all necessary powers to enter into the transactions contemplated in this
Agreement and has taken actions required to authorize and approve this Agreement;

          (ii) He will use the Aircraft under this Agreement for and only for his own account,
including the carriage of his guests, and will not use the Aircraft for the purpose of providing
transportation of passengers or cargo for compensation or hire or for common carriage;

5

 

          (iii) He will not permit any lien, security interest or other charge or encumbrance to attach
against the Aircraft as a result of his actions or inactions, and shall not attempt to convey,
mortgage, assign, lease or in any way alienate the Aircraft or NEC’s rights hereunder or create any
kind of lien or security interest involving the Aircraft or do anything or take any action that
might mature into such a lien; and

          (iv) During the Term of this Agreement, he will abide by and conform to all such laws,
governmental and airport orders, rules, and regulations as shall from time to time be in effect
relating in any way to the operation or use of the Aircraft by the lessee under a time sharing
arrangement and all applicable policies of NEC.

          10. Limitation of Liability. NEITHER NEC (NOR ITS AFFILIATES) MAKES, HAS MADE OR
SHALL BE DEEMED TO MAKE OR HAVE MADE ANY WARRANTY OR REPRESENTATION, EITHER EXPRESS OR IMPLIED,
WRITTEN OR ORAL, WITH RESPECT TO ANY AIRCRAFT TO BE USED HEREUNDER OR ANY ENGINE OR COMPONENT
THEREOF INCLUDING, WITHOUT LIMITATION, ANY WARRANTY AS TO DESIGN, COMPLIANCE WITH SPECIFICATIONS,
QUALITY OF MATERIALS OR WORKMANSHIP, MERCHANTABILITY, FITNESS FOR ANY PURPOSE, USE OR OPERATION,
AIRWORTHINESS, SAFETY, PATENT, TRADEMARK OR COPYRIGHT INFRINGEMENT OR TITLE.

          IN NO EVENT SHALL NEC OR ITS AFFILIATES BE LIABLE FOR OR HAVE ANY DUTY FOR INDEMNIFICATION OR
CONTRIBUTION TO USER, HIS EMPLOYEES, AGENTS OR GUESTS FOR ANY CLAIMED INDIRECT, SPECIAL,
CONSEQUENTIAL, OR PUNITIVE DAMAGES, REGARDLESS OF WHETHER IT KNEW OR SHOULD HAVE KNOWN OF THE
POSSIBILITY OF SUCH DAMAGE, LOSS OR EXPENSE.

          The provisions of this Section 10 shall survive the termination or expiration of this
Agreement.

          11. Base of Operations. For purposes of this Agreement, the base of operation of the
Aircraft is Stewart International Airport, Newburgh, New York, provided that such base may
be changed at NEC’s sole discretion upon notice from NEC to User.

          12. Notices and Communications. All notices and other communications under this
Agreement shall be in writing (except as permitted in Section 5) and shall be given (and shall be
deemed to have been duly given upon receipt or refusal to accept receipt) by personal delivery, by
facsimile or electronic mail (with a simultaneous confirmation copy sent by first class mail
properly addressed and postage prepaid), or by a reputable overnight courier service, addressed as
follows:

6

 

	 	 	 

	If to NEC:

	 	National Express Company, Inc.
	 

	 	Attn: VP of Flight Operations
	 

	 	1 Express Drive
	 

	 	Newburgh, New York 12550
	 

	 	Facsimile: 845-567-[redacted]
	 

	 	E-mail: [redacted]@aexp.com
	 
	 	 
	If to User:

	 	Kenneth I. Chenault
	 

	 	c/o American Express Company
	 

	 	200 Vesey Street
	 

	 	51st Floor
	 

	 	New York, New York 10285
	 

	 	Facsimile: 212-640-[redacted]
	 

	 	E-mail: [redacted]@aexp.com

or to such other person or address as either party may from time to time designate in writing to
the other party.

          13. Entire Agreement. This Agreement constitutes the entire understanding between
the parties with respect to its subject matter, and there are no representations, warranties,
rights, obligations, liabilities, conditions, covenants, or agreements relating to such subject
matter that are not expressly set forth herein. There are no third-party beneficiaries of this
Agreement.

          14. Further Acts. NEC and User shall from time to time perform such other and
further acts and execute such other and further instruments as may be required by law or may be
reasonably necessary (i) to carry out the intent and purpose of this Agreement, and (ii) to
establish, maintain and protect the respective rights and remedies of the other party.

          15. Successors and Assigns. User shall not have the right to assign, transfer or
pledge this Agreement. This Agreement shall be binding on the parties hereto and their respective
heirs, executors, administrators, successors and assigns, and shall inure to the benefit of the
parties hereto, and, except as otherwise provided herein, their respective heirs, executors,
administrators, other legal representatives, successors and permitted assigns.

          16. Taxes. User shall be responsible for paying, and NEC shall be responsible for
collecting from User and paying over to the appropriate authorities, all applicable Federal excise
taxes imposed under IRC §4261 and all sales, use and other excise taxes imposed by any authority in
connection with the use of the Aircraft by User hereunder.

          17. Governing Law and Consent to Jurisdiction. This Agreement shall be governed by
the laws of the State of New York without regard to its choice of law principles, other than
Section 5-1401 and Section 5-1402 of the New York General Obligations Law. The parties hereby
consent and agree to submit to the exclusive jurisdiction and venue of any state or federal court
in New York, New York in any proceedings hereunder, and each hereby waives any

7

 

objection to any
such proceedings based on improper venue or forum non-conveniens or similar principles. The
parties hereto hereby further consent and agree to the exercise of such personal jurisdiction over
them by such courts with respect to any such proceedings, waive any objection to the assertion or
exercise of such jurisdiction and consent to process being served in any such proceedings in the
manner provided for the giving of notices hereunder.

          18. Severability. If any provision of this Agreement is held to be illegal, invalid
or unenforceable, the legality, validity and enforceability of the remaining provisions shall not
be affected or impaired.

          19. Amendment or Modification. This Agreement may be amended, modified or terminated
only in writing duly executed by the parties hereto.

          20. Counterparts. This Agreement may be executed in any number of counterparts, each
of which shall be deemed an original, and all of which shall constitute one and the same Agreement,
binding on all the parties notwithstanding that all the parties are not signatories to the same
counterpart. Each party may transmit its signature by facsimile, and any faxed counterpart of this
Agreement shall have the same force and effect as a manually-executed original.

          21. Truth-in-Leasing Compliance. NEC, on behalf of User, shall (i) deliver a copy of
this Agreement to the Federal Aviation Administration, Aircraft Registration Branch, Attn:
Technical Section, P.O. Box 25724, Oklahoma City, Oklahoma 73125 within 24 hours of its execution,
(ii) notify the appropriate Flight Standards District Office at least 48 hours prior to the first
flight under this Agreement of the registration number of the Aircraft, and the location of the
airport of departure and departure time for such flight, and (iii) carry a copy of this Agreement
onboard the Aircraft at all times when the Aircraft is being operated under this Agreement.

          22. TRUTH-IN-LEASING STATEMENT PURSUANT TO SECTION 91.23 OF THE FEDERAL AVIATION
REGULATIONS.

          (a) NEC CERTIFIES THAT EACH OF THE AIRCRAFT HAS BEEN INSPECTED AND MAINTAINED DURING THE
12-MONTH PERIOD PRECEDING THE DATE OF THIS AGREEMENT (OR SUCH SHORTER PERIOD AS NEC SHALL HAVE
POSSESSED THE AIRCRAFT) IN ACCORDANCE WITH THE PROVISIONS OF PART 91 OF THE FEDERAL AVIATION
REGULATIONS. EACH OF THE AIRCRAFT WILL BE MAINTAINED AND INSPECTED IN COMPLIANCE WITH THE
MAINTENANCE AND INSPECTION REQUIREMENTS FOR ALL OPERATIONS TO BE CONDUCTED UNDER THIS AGREEMENT.

          (b) NEC AGREES, CERTIFIES AND ACKNOWLEDGES, AS EVIDENCED BY ITS SIGNATURE BELOW, THAT WHENEVER
ANY OF THE AIRCRAFT IS OPERATED UNDER THIS AGREEMENT, NEC SHALL BE KNOWN AS, CONSIDERED, AND SHALL
IN FACT BE THE OPERATOR OF THE AIRCRAFT, AND THAT NEC UNDERSTANDS ITS RESPONSIBILITIES FOR
COMPLIANCE WITH APPLICABLE FEDERAL AVIATION REGULATIONS.

8

 

     (c) THE PARTIES UNDERSTAND THAT AN EXPLANATION OF FACTORS AND PERTINENT FEDERAL AVIATION
REGULATIONS BEARING ON OPERATIONAL CONTROL CAN BE OBTAINED FROM THE NEAREST FAA FLIGHT STANDARDS
DISTRICT OFFICE.

[Remainder of page intentionally left blank]

9

 

          IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed on the
day and year first above written. The persons signing below warrant their authority to sign.

	 	 	 	 	 	 	 	 	 

	NATIONAL EXPRESS COMPANY, INC.	 	 	 	Kenneth I. Chenault	 	 
	 
	 	 	 	 	 	 	 	 
	By:
	/s/ Steven C. Ohmstede	 	 	 	/s/ Kenneth I. Chenault	 	 
	 

	Name: 	 

Steven C. Ohmstede
	 	 
	 	 

	 	 
	 

	Title: 	VP of Flight Operations	 	 	 	 	 	 

A legible copy of this Agreement shall be kept in the Aircraft for all operations conducted
hereunder.

10

 

SCHEDULE A

One Gulfstream Aerospace G-V aircraft bearing Federal Aviation Administration Registration Number
[Redacted] and Manufacturer’s Serial Number [Redacted], one Gulfstream Aerospace G450 bearing FAA registration
number [Redacted] and manufacturer’s serial number [Redacted], one Gulfstream Aerospace GIVSP bearing FAA
registration number [Redacted] and manufacturer’s serial number [Redacted], and one Sikorsky S-76C+ bearing
FAA registration number [Redacted] and manufacturer’s serial number [Redacted], together with engines and
components installed therein.

[Remainder of page intentionally left blank]

11

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