Document:

Exhibit

Exhibit 10.1

CDW CORPORATION

SENIOR MANAGEMENT INCENTIVE PLAN
As Amended and Restated Effective January 1, 2020 

I.   Purposes 
The purposes of the CDW Corporation Senior Management Incentive Plan, as Amended and Restated effective January 1, 2020 (the “Plan”), are to retain and motivate the officers and other employees of CDW Corporation and its subsidiaries who have been designated by the Committee to participate in the Plan for a specified Performance Period by providing them with the opportunity to earn incentive payments based upon the extent to which specified performance goals have been achieved or exceeded for the Performance Period.  The Plan as set forth herein constitutes an amendment and restatement of the CDW Corporation Amended and Restated 2013 Senior Management Incentive Plan.
II.   Definitions 
“Award” shall mean an award to which a Participant may be entitled under the Plan if the performance goals for a Performance Period are satisfied. An Award may be expressed as a fixed cash amount or pursuant to a formula that is consistent with the provisions of the Plan. 
“Board” shall mean the Board of Directors of the Company. 
“Code” shall mean the Internal Revenue Code of 1986, as amended. 
“Committee” shall mean the Compensation Committee of the Board, or a subcommittee thereof, or such other committee designated by the Board that satisfies any then applicable requirements of the principal national stock exchange on which the common stock of the Company is then traded to constitute a compensation committee, and which consists of two or more members of the Board, each of whom is a “non-employee director” within the meaning of the Securities Exchange Act of 1934, as amended. 
“Company” shall mean CDW Corporation, a Delaware corporation, and any successor thereto. 
“Participant” shall mean an officer or other employee of the Company or any of its subsidiaries who is designated by the Committee to participate in the Plan for a Performance Period, in accordance with Article III. 
“Performance Period” shall mean any period for which performance goals are established pursuant to Article IV. A Performance Period may be coincident with one or more fiscal years of the Company or a portion of any fiscal year of the Company. 

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“Plan” shall mean the CDW Corporation Senior Management Incentive Plan, as Amended and Restated Effective January 1, 2020, as set forth herein, as it may be amended from time to time. 
III.   Administration 
1.General.  The Plan shall be administered by the Committee, which shall have the full power and authority to interpret, construe and administer the Plan and Awards granted hereunder (including in each case reconciling any inconsistencies, correcting any defaults and addressing any omissions).  The Committee’s interpretation, construction and administration of the Plan and all its determinations hereunder shall be final, conclusive and binding on all persons for all purposes. 
2.Powers and Responsibilities.  The Committee shall have the following discretionary powers, rights and responsibilities in addition to those described in Section 3.1. 
(a)    to designate the Participants for a Performance Period; 
		
	(b)
	to establish the performance goals and targets and other terms and conditions that are to apply to each Participant’s Award; 

		
	(c)
	to determine that the performance goals for a Performance Period and other material terms applicable to the Award have been satisfied; 

		
	(d)
	subject to Section 409A of the Code, to determine whether, and under what circumstances and subject to what terms, an Award is to be paid on a deferred basis, including whether such a deferred payment shall be made solely at the Committee’s discretion or whether a Participant may elect deferred payment; and 

		
	(e)
	to adopt, revise, suspend, waive or repeal, when and as appropriate, in its sole and absolute discretion, such administrative rules, guidelines and procedures for the Plan as it deems necessary or advisable to implement the terms and conditions of the Plan. 

3.Delegation of Power.  The Committee may delegate some or all of its power and authority hereunder to the Chief Executive Officer or other executive officer of the Company as the Committee deems appropriate. 
IV.   Performance Goals 
The Committee shall establish for each Performance Period one or more performance goals for each Participant or for any group of Participants (or both).  Performance goals may be based on one or more corporate-wide or subsidiary, division, operating unit or individual measures, including without limitation any of the following: the attainment by a share of Common Stock of a specified Fair Market Value for a specified period of time; increase in stockholder value; earnings per share; return on or net assets; return on equity; return on investments; return on capital or invested capital; total stockholder return; earnings or income of 

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the Company before or after taxes and/or interest; earnings before interest, taxes, depreciation and amortization (“EBITDA”); EBITDA margin; operating income; revenues; operating expenses, attainment of expense levels or cost reduction goals; market share; cash flow, cash flow per share, cash flow margin or free cash flow; interest expense; economic value created; gross profit or margin; operating profit or margin; net cash provided by operations; price-to-earnings growth; and strategic business criteria, consisting of one or more objectives based on meeting specified goals relating to market penetration, customer acquisition, business expansion, cost targets, customer satisfaction, reductions in errors and omissions, reductions in lost business, management of employment practices and employee benefits, supervision of litigation, supervision of information technology, quality and quality audit scores, efficiency, and acquisitions or divestitures; any combination of the foregoing, or any other objective or subjective corporate-wide or subsidiary, division, operating unit or individual measures, whether or not listed herein. Each such goal may be expressed on an absolute or relative basis and may include comparisons based on current internal targets, the past performance of the Company (including the performance of one or more subsidiaries, divisions, or operating units) or the past or current performance of one or more other companies or market indices (or a combination of such past and current performance). In addition to the ratios specifically enumerated above, performance goals may include comparisons relating to capital (including, but not limited to, the cost of capital), shareholders’ equity, shares outstanding, assets or net assets, sales or any combination thereof.  The applicable performance measures may be applied on a pre- or post-tax basis and may be adjusted to include or exclude any identified components of any performance measure, including, without limitation, foreign exchange gains and losses, asset writedowns, acquisitions and divestitures, change in fiscal year, unbudgeted capital expenditures, special charges such as restructuring or impairment charges, debt refinancing costs, extraordinary or noncash items, unusual, infrequently occurring, nonrecurring, one-time or other unusual or unanticipated events affecting the Company or its financial statements or changes in law or accounting principles (“Adjustment Events”). In the sole discretion of the Committee, the Committee may amend or adjust the performance measures or other terms and conditions of an outstanding award in recognition of any Adjustment Events.  Performance goals shall be subject to such other special rules and conditions as the Committee may establish at any time. 
V.   Terms of Awards 
4.Performance Goals and Targets.  At the time one or more performance goals are established for a Performance Period, the Committee also shall establish an Award opportunity for each Participant or group of Participants, which shall be based on the achievement of such specified performance goals.  The amount payable to a Participant upon achievement of the applicable performance goals may be expressed in terms of a formula or standard, including a fixed cash amount, the allocation of a bonus pool or a percentage of the Participant’s base salary.  The Committee reserves the discretion to increase or decrease the amount of any payment with respect to any Award that would otherwise be made to any Participant pursuant to the performance goals established in accordance with Article IV, and may exercise such discretion based on the extent to which any other performance goals are achieved, regardless of whether such performance goals are set forth in this Plan or are assessed on an objective or subjective basis.  With respect to each Award, the Committee may establish terms regarding the 

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circumstances in which a Participant will be entitled to payment notwithstanding the failure to achieve the applicable performance goals or targets (e.g., where the Participant’s employment terminates due to death or disability or where a change in control of the Company occurs).
5.Payments.  At the time the Committee determines an Award opportunity for a Participant, the Committee shall also establish the payment terms applicable to such Award.  Such terms shall include when such payments will be made; provided, however, that the timing of such payments shall in all instances either (A) satisfy the conditions of an exception from Section 409A of the Code (e.g., the short-term deferrals exception described in Treasury Regulation Section 1.409A-1(b)(4)), or (B) comply with Section 409A of the Code and provided, further, that in the absence of such terms regarding the timing of payments, such payments shall occur no later than the 15th day of the third month of the calendar year following the calendar year in which the Participant’s right to payment ceased being subject to a substantial risk of forfeiture. 
VI.   General 
6.Effective Date.  The Plan became effective as of the date the Plan was approved by the Board.  
7.Amendments and Termination.  The Board may amend the Plan as it shall deem advisable; provided, however, that no amendment may materially impair the rights of a Participant with respect to an outstanding Performance Period. The Board may terminate the Plan at any time. 
8.Non-Transferability of Awards.  No award under the Plan shall be transferable other than by will, the laws of descent and distribution or pursuant to beneficiary designation procedures approved by the Company. Except to the extent permitted by the foregoing sentence, no award may be sold, transferred, assigned, pledged, hypothecated, encumbered or otherwise disposed of (whether by operation of law or otherwise) or be subject to execution, attachment or similar process. Upon any attempt to sell, transfer, assign, pledge, hypothecate, encumber or otherwise dispose of any such award, such award and all rights thereunder shall immediately become null and void. 
9.Tax Withholding.  The Company shall have the right to withhold from the payment of any award hereunder or require, prior to the payment of any award hereunder, payment by the Participant of any Federal, state, local or other taxes which may be required to be withheld or paid in connection with such award. 
10.No Right of Participation or Employment.  No person shall have any right to participate in the Plan. Neither the Plan nor any award made hereunder shall confer upon any person any right to continued employment by the Company or any subsidiary or affiliate of the Company or affect in any manner the right of the Company or any subsidiary or affiliate of the Company to terminate the employment of any person at any time without liability hereunder. 

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11.Governing Law.  The Plan and each award hereunder, and all determinations made and actions taken pursuant thereto, to the extent not otherwise governed by the Code or the laws of the United States, shall be governed by the laws of the State of Delaware and construed in accordance therewith without giving effect to principles of conflicts of laws. 
12.Other Plans.  Payments pursuant to the Plan shall not be treated as compensation for purposes of any other compensation or benefit plan, program or arrangement of the Company or any of its subsidiaries, unless either (a) such other plan provides that compensation such as payments made pursuant to the Plan are to be considered as compensation thereunder or (b) the Board or the Committee so determines in writing. The adoption of the Plan shall not be construed as limiting the power of the Board or the Committee to adopt such other incentive arrangements as it may otherwise deem appropriate. 
13.Binding Effect.  The Plan shall be binding upon the Company and its successors and assigns and the Participants and their beneficiaries, personal representatives and heirs.  If the Company becomes a party to any merger, consolidation or reorganization, then the Plan shall remain in full force and effect as an obligation of the Company or its successors in interest, unless the Plan is amended or terminated pursuant to Section 6.2. 
14.Unfunded Arrangement. The Plan shall at all times be entirely unfunded and no provision shall at any time be made with respect to segregating assets of the Company for payment of any benefit hereunder.  No Participant shall have any interest in any particular assets of the Company or any of its affiliates by reason of the right to receive a benefit under the Plan and any such Participant shall have only the rights of an unsecured creditor of the Company with respect to any rights under the Plan.
15.Awards Subject to Clawback.  The Awards granted under this Plan and any cash payment delivered pursuant to an Award are subject to forfeiture, recovery by the Company or other action pursuant to the terms of the applicable Award or any clawback or recoupment policy which the Company may adopt from time to time, including without limitation any such policy which the Company may be required to adopt under the Dodd-Frank Wall Street Reform and Consumer Protection Act and implementing rules and regulations thereunder, or as otherwise required by law.

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ACTIVE 255674628Exhibit 10.1

EXECUTION COPY
LETTER AMENDMENT NO. 1
Dated as of May 11, 2020
To the banks, financial institutions
and other institutional lenders
(collectively, the “Banks”) parties
to the Term Loan Agreement referred to
below and to Bank of America, N.A., as agent
(the “Administrative Agent”) for the Banks
Ladies and Gentlemen:
We refer to the Amended and Restated Term Loan Agreement dated as of December 18, 2018 (the “Term Loan Agreement”) among the undersigned and you.  Capitalized terms not otherwise defined in this Letter Amendment have the same meanings as specified in the Term Loan Agreement.
It is hereby agreed by you and us that the Term Loan Agreement is, effective as of the date of this Letter Amendment, hereby amended as follows:
(a)Section 6.1 is amended to replace the reference to “subsection 6.2(j)” with a reference to “subsection 6.2(l).”
(b)Section 6.2 is amended by (i) deleting the word “and” at the end of subsection (j) thereof; (ii) redesignating subsection (k) as subsection (l); and (iii) adding a new subsection (k) to read as follows:
(k) Liens incurred to secure financings, financial accommodations or other arrangements in support of paycheck protection, business, individual or other loans, guarantees, credit, loan forgiveness or other accommodations (collectively, “SBA Loans”) made by the Company on or before December 31, 2020 under or in connection with the Paycheck Protection Program, a temporary expansion of the traditional SBA 7(a) loan program, provided that  each such Lien does not at any time encumber any assets other than such SBA Loans and any rights in connection therewith and any proceeds thereof; and
(c)Section 6.3(a) is amended to replace the reference to “subsection 6.2(j)” with a reference to “subsection 6.2(l).”
This Letter Amendment shall become effective as of the date first above written when, and only when, the Administrative Agent shall have received counterparts of this Letter Amendment executed by the undersigned and the Majority Banks or, as to any of the Banks, advice satisfactory to the Administrative Agent that such Bank has executed this Letter 

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Amendment.  This Letter Amendment is subject to the provisions of Section 9.1 of the Term Loan Agreement and shall be deemed to constitute a Loan Document.
The Company represents and warrants that (i) each of the representations and warranties made by the Company in the Term Loan Agreement are true and correct in all material respects (except to the extent such representations and warranties are qualified by materiality in the text thereof, in which case such representations and warranties shall be true and correct) on and as of the date hereof as if made on and as of the date hereof (except that any representation or warranty relating to or made expressly as of a specific date shall be true and correct in all material respects (except to the extent such representations and warranties are qualified by materiality in the text thereof, in which case such representations and warranties shall be true and correct) solely with respect to and as of such specific date) and (ii) no Default or Event of Default has occurred and is continuing.
On and after the effectiveness of this Letter Amendment, each reference in the Term Loan Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Term Loan Agreement, and each reference in the Notes to “the Term Loan Agreement”, “thereunder”, “thereof” or words of like import referring to the Term Loan Agreement, shall mean and be a reference to the Term Loan Agreement, as amended by this Letter Amendment.
The Term Loan Agreement and each of the other Loan Documents, as specifically amended by this Letter Amendment, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed.  The execution, delivery and effectiveness of this Letter Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Bank or the Administrative Agent under the Term Loan Agreement, nor constitute a waiver of any provision of the Term Loan Agreement.
If you agree to the terms and provisions hereof, please evidence such agreement by executing and returning a counterpart of this Letter Amendment to Susan L. Hobart, Shearman & Sterling LLP (email:  shobart@shearman.com).
This Letter Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.  Delivery of an executed counterpart of a signature page of this Letter Amendment by facsimile or other electronic imaging means (e.g. “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this this Letter Amendment.  The words “execution,” “signed,” “signature,” and words of like import in this Letter Amendment shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided, further, that, without limiting the foregoing, upon the request of the Administrative Agent, any electronic signature shall be promptly followed by such manually executed counterpart.

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Western Union Letter Amendment to Term Loan Agreement

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This Letter Amendment shall be governed by, and construed in accordance with, the laws of the State of New York.
Very truly yours,
THE WESTERN UNION COMPANY,
a Delaware corporation
By:  /s/ Brad A. Windbigler​ ​
Name:  Brad A. Windbigler‌
Title:  Treasurer
​
Agreed as of the date first above written:
BANK OF AMERICA, N.A.,
as Administrative Agent 
By/s/ Paley Chen​ ​
Name: Paley Chen
Title: Vice President
BANK OF AMERICA, N.A.,
as a Bank
By/s/ Chris Choi​ ​
Name: Chris Choi
Title: Director 
BMO HARRIS BANK N.A.,
as a Bank
By/s/ Christina Boyle​ ​
Name: Christina Boyle
Title: Managing Director 
State Bank of India, New York,
as a Bank
By/s/ Kumar Mohit​ ​
Name: Kumar Mohit
Title: Vice President (Syndications)

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Western Union Letter Amendment to Term Loan Agreement

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U.S. BANK NATIONAL ASSOCIATION,
as a Bank
By/s/ Jeff Benedix​ ​
Name: Jeff Benedix
Title: Vice President
WELLS fargo bank, national association,
as a Bank
By/s/ Caroline Baudinet-Stumpf​ ​
Name: Caroline Baudinet-Stumpf
Title: Portfolio Manager & Managing Director
BANCO BILBAO VIZCAYA ARGENTARIA, S.A., NEW YORK BRANCH,
as a Bank
By/s/ Brian Crowley​ ​
Name: Brian Crowley
Title: Managing Director
By/s/ Miriam Trautmann​ ​
Name: Miriam Trautmann
Title: Senior Vice President 
the bank of nova scotia,
as a Bank
By/s/ Shanshan (Sunny) Yang​ ​
Name: Shanshan (Sunny) Yang
Title: Director 
FIFTH THIRD BANK,
as a Bank
By/s/ Kelly Shield​ ​
Name: Kelly Shield
Title: Director
PNC BANK, NATIONAL ASSOCIATION,
as a Bank
By/s/ Karl Thomasma​ ​
Name: Karl Thomasma
Title: SVP

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KEYBANK NATIONAL ASSOCIATION,
as a Bank
By/s/ Jason A. Nichols​ ​
Name: Jason A. Nichols
Title: Vice President
BOKF, NA dba Colorado State Bank and Trust,
as a Bank
By/s/ DAVID RISEN​ ​
Name: DAVID RISEN
Title: VICE PRESIDENT
MIZUHO BANK (USA),
as a Bank
By/s/ Tracy Rahn​ ​
Name: Tracy Rahn
Title: Executive Director 
ASSOCIATED BANK, NATIONAL ASSOCIATION,
as a Bank
By/s/ Jamie Boney​ ​
Name: Jamie Boney
Title: Vice President
BARCLAYS BANK PLC,
as a Bank
By/s/ George Osborne​ ​
Name: George Osborne
Title: Director 
HSBC BANK USA, NATIONAL ASSOCIATION,
as a Bank
By/s/ Ross Fleck​ ​
Name: Ross Fleck
Title: Global Relationship Manager

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Western Union Letter Amendment to Term Loan Agreement

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THE NORTHERN TRUST COMPANY,
as a Bank
By/s/ Molly Drennan​ ​
Name: Molly Drennan
Title: Senior Vice President
BankPlus,
as a Bank
By/s/ Jay T. Bourne​ ​
Name: Jay T. Bourne
Title: SVP
ROYAL BANK OF CANADA,
as a Bank
By/s/ Jennifer Flann​ ​
Name: Jennifer Flann
Title: Director
The Chiba Bank, Ltd., New York Branch,
as a Bank
By/s/ Makoto Sakamoto​ ​
Name: Makoto Sakamoto
Title: General Manager

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Western Union Letter Amendment to Term Loan Agreement

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