Document:

Exhibit 10.1

 Exhibit 10.1 
 THIRD AMENDMENT TO THE CREDIT AGREEMENT 
 THIRD
AMENDMENT, dated as of January 12, 2010 (this “Third Amendment”), to the Credit Agreement, dated as of February 28, 2007, as amended as of June 27, 2007 and May 29, 2009 (as so amended and as further amended,
amended and restated, modified or supplemented from time to time, the “Credit Agreement”), among PAETEC Holding Corp., a Delaware corporation (the “Borrower”), the lenders party thereto from time to time (the
“Lenders”) and Deutsche Bank Trust Company Americas (“DBTCA”), as administrative agent (in such capacity, the “Administrative Agent”). 
 W I T N E S S E T H : 
 WHEREAS, pursuant to the
Credit Agreement, the Lenders have extended credit to the Borrower on the terms and conditions set forth therein; 
 WHEREAS,
the Borrower is issuing, concurrently with the effectiveness of this Third Amendment as provided herein, additional Senior Secured Notes the proceeds of which, inter alia, will be used by the Borrower to repay all then outstanding Term
Loans, together with all accrued and unpaid interest thereon; 
 WHEREAS, the Borrower has requested that the Lenders
(determined immediately after giving effect to the repayment of all outstanding Term Loans as contemplated by the immediately preceding recital) approve certain amendments to the Credit Agreement as herein provided; and 
 WHEREAS, the Required Lenders (determined immediately after giving effect to the repayment of all outstanding Term Loans as contemplated by
the second preceding recital) have consented to amend certain provisions of the Credit Agreement on the terms and conditions contained herein. 
 NOW, THEREFORE, the parties hereto hereby agree as follows: 
 ARTICLE 1 

Definitions 
 Section 1.1 Defined Terms.    Terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement unless otherwise defined herein or the context otherwise
requires. 

 ARTICLE 2 
 Amendments to Credit Agreement 
 Section 2.1
Definitions.    Section 1.01 of the Credit Agreement is hereby amended by inserting in the appropriate alphabetical order the following new definitions: 
 “Incremental Term Loan Commitment Amount” shall mean the remainder of (x) $125,000,000 minus
(y) the aggregate principal amount (or the aggregate face amount if issued at a discount) of all Senior Secured Notes issued from and after the Third Amendment Effective Date (including all such Senior Secured Notes issued on the Third
Amendment Effective Date) in excess of $240,231,666.28 (other than Senior Secured Notes described in clause (b) or (c) of the definition thereof). 
 “Senior Secured Notes Indenture” shall mean the Indenture, dated as of June 29, 2009, among the
Borrower, certain of its Subsidiaries, as guarantors, and The Bank of New York Mellon, as trustee, as the same may have been, and as the same may be, amended, modified or supplemented from time to time in accordance with the terms hereof and
thereof. 
 “Third Amendment” shall mean the Third Amendment to this Agreement, dated as of
January 12, 2010. 
 “Third Amendment Effective Date” shall have the meaning provided in
the Third Amendment. 
 Section 2.2 Incremental Term Loan Commitments.    Section 2.14(a)
of the Credit Agreement is hereby amended by: 
 (i) deleting sub-clause (iv) thereof in its entirety and replacing it with the following
new sub-clause (iv): 
 “(iv) the aggregate amount of all Incremental Term Loan Commitments permitted to be provided (and
the aggregate amount of all Incremental Term Loans permitted to be made) pursuant to this Section 2.14(a) from and after the Third Amendment Effective Date shall not exceed the Incremental Term Loan Commitment Amount,”; and 
 (ii) deleting the text of sub-clause (vi)(II) thereof in its entirety other than the word “and” at the end thereof and renumbering sub-clause
(vi)(III) thereof as sub-clause (vi)(II). 
 Section 2.3 Mandatory Repayments. 
 (i) Section 5.02(c) of the Credit Agreement is hereby amended by deleting the reference to “Second Amendment Effective Date” appearing
therein and replacing it with a reference to “Third Amendment Effective Date”; and 
  

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 (ii) Section 5.02(g) of the Credit Agreement is hereby amended by inserting the following text at the
end of the first sentence of said Section: 
 “; provided, however, no reduction of the Total Revolving Loan
Commitment shall be required and no application of proceeds to reduce the Total Revolving Loan Commitment shall be required, in either case, pursuant to the immediately preceding clause (ii) with Net Cash Proceeds from the issuance of Senior
Secured Notes until such time as the Incremental Term Loan Commitment Amount has been reduced to zero and any cash received by the Borrower or any of its Subsidiaries from such issuance may be retained by such Person”. 
 Section 2.4 Indebtedness.    Section 10.04(xx) of the Credit Agreement is hereby amended by:

 (i) deleting the text of clause (III) thereof and inserting the following text in lieu thereof: 
 “100% of the Net Cash Proceeds therefrom (other than the Net Cash Proceeds from the issuance of any Senior Secured Notes described in
clause (c) of the definition thereof which shall not be subject to this clause (III)) are applied on the date of receipt thereof as, and to the extent, set forth in Section 5.02(c)”; 
 (ii) inserting the following text as a new clause (VI) thereof immediately following clause (V) thereof: 
 “,(VI) the aggregate principal amount (or the aggregate face amount if issued at a discount) of all Senior Secured Notes issued from and
after the Third Amendment Effective Date (excluding any such Senior Secured Notes described in clause (b) or (c) of the definition thereof, but including all such Senior Secured Notes issued on the Third Amendment Effective Date) shall not
exceed the remainder of (x) $365,231,666.28 minus (y) the aggregate principal amount of all Incremental Term Loans incurred hereunder from and after the Third Amendment Effective Date”; and 
 (iii) deleting the text of existing clause (VI) thereof and inserting the following new clause (VII) in lieu thereof: 
 “and (VII) the Borrower shall have furnished to the Administrative Agent a certificate from an Authorized Officer certifying as to
compliance with the requirements of preceding clauses (I), (III), and in the case of any issuance of any Senior Secured Notes described in clause (a) or (c) of the definition thereof, preceding clauses (IV), (V) and (VI) and
containing the calculations (in reasonable detail) required by preceding clauses (V) and (VI)”. 
  

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 ARTICLE 3 
 Miscellaneous 
 Section 3.1 Conditions to
Effectiveness.    This Third Amendment shall become effective on the date (the “Third Amendment Effective Date”) on which: 
 (a)    Third Amendment.    The Administrative Agent shall have executed and delivered this Third Amendment and the Administrative Agent shall have received
this Third Amendment, executed and delivered by a duly authorized officer of each of the Borrower and the Required Lenders (determined immediately after giving effect to the issuance of the Senior Secured Notes on the Third Amendment Effective Date
and the application of a portion of the proceeds thereof to repay in full all then outstanding Term Loans, together with all accrued and unpaid interest thereon). 
 (b)    Issuance of Senior Secured Notes and Repayment of Loans.    The Borrower shall have issued on the Third Amendment Effective Date additional Senior
Secured Notes such that the Net Cash Proceeds therefrom are sufficient to repay (and the Borrower shall have used at least a portion of such Net Cash Proceeds to repay) in full all outstanding Term Loans on the Third Amendment Effective Date,
together with all accrued and unpaid interest thereon. 
 (c)    Fees and
Expenses.    To the extent that White & Case LLP delivers an invoice to the Borrower at least two (2) Business Days prior to the date on which the additional Senior Secured Notes referenced in
Section 3.1(b) are to be issued, the Borrower shall have paid to White & Case LLP all fees, costs and expenses reflected in such invoice. 
 Section 3.2 Representation and Warranties.    After giving effect to the amendments contained herein, on the Third Amendment Effective Date the Borrower hereby
(i) represents and warrants that no Default or Event of Default has occurred and is continuing under the Credit Agreement and (ii) confirms that the representations and warranties set forth in Section 8 of the Credit Agreement are
true and correct in all material respects on and as of the Third Amendment Effective Date with the same effect as though made on and as of the Third Amendment Effective Date, except to the extent such representations and warranties expressly relate
to an earlier date (in which case such representations and warranties were true and correct in all material respects as of such earlier date). 
 Section 3.3 Continuing Effect; No Other Waivers or Amendments.    This Third Amendment shall not constitute an amendment or waiver of or consent to any provision of the
Credit Agreement and the other Credit Documents except as expressly stated herein and shall not be construed as an amendment, waiver or consent to any action on the part of the Borrower or any Subsidiary of the Borrower that would require an
amendment, waiver or consent of the Administrative Agent or the Lenders except as expressly stated herein. Except as expressly amended hereby, the provisions of the Credit Agreement and the other Credit Documents are and shall remain in full force
and effect in accordance with their terms. 
 Section 3.4 Counterparts.    This Third
Amendment may be executed in any number of separate counterparts by the parties hereto (including by telecopy or via electronic mail), each of which counterparts when so executed shall be an original, but all the counterparts shall together
constitute one and the same instrument. 
 Section 3.5 References to Credit Agreement.    From
and after the Third Amendment Effective Date, all references in the Credit Agreement and each of the other Credit Documents to the Credit Agreement shall be deemed to be references to the Credit Agreement, as modified hereby. 
  

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 Section 3.6 Payment of Fees and Expenses.    The Borrower
agrees to pay or reimburse the Administrative Agent for all of its reasonable out-of-pocket costs and reasonable expenses incurred in connection with this Third Amendment, any other documents prepared in connection herewith and the transactions
contemplated hereby, including, without limitation, the reasonable fees, charges and disbursements of counsel to the Administrative Agent. 
 Section 3.7 GOVERNING LAW.    THIS THIRD AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS THIRD AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 Section 3.8 Notice of Voluntary
Prepayment.    The Lenders hereby agree that with respect to any voluntary prepayment of Revolving Loans on the Third Amendment Effective Date and notwithstanding anything to the contrary contained in Section 5.01(a) of
the Credit Agreement, the Borrower may give the Administrative Agent same day written notice (or telephonic notice promptly confirmed in writing) of such voluntary prepayment of Revolving Loans prior to 12:00 Noon (New York City time) at the Notice
Office on the date of such prepayment. 
 * * * 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Third Amendment to be executed and
delivered by their respective duly authorized officers as of the date first above written. 
  

			
	PAETEC HOLDING CORP.
		
	By:	 	/s/ Keith M. Wilson
		 	Name: Keith M. Wilson
		 	Title: EVP of Finance & CFO

  

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	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Administrative Agent and as a Lender
		
	By:	 	/s/ Anca Trifan
		 	Name: Anca Trifan
		 	Title: Director
		
	By:	 	/s/ Dusan Lazarov
		 	Name: Dusan Lazarov
		 	Title: Vice President

  

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	SIGNATURE PAGE TO THE THIRD AMENDMENT TO CREDIT AGREEMENT, DATED AS OF THE DATE FIRST REFERENCED ABOVE, AMONG PAETEC HOLDING CORP., VARIOUS LENDERS AND DEUTSCHE BANK
TRUST COMPANY AMERICAS, AS ADMINISTRATIVE AGENT
	
	NAME OF INSTITUTION:
	
	Bank of America, N.A.
		
	By:	 	/s/ Mark Short
		 	Name: Mark Short
		 	Title: Vice President

  

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	SIGNATURE PAGE TO THE THIRD AMENDMENT TO CREDIT AGREEMENT, DATED AS OF THE DATE FIRST REFERENCED ABOVE, AMONG PAETEC HOLDING CORP., VARIOUS LENDERS AND DEUTSCHE BANK
TRUST COMPANY AMERICAS, AS ADMINISTRATIVE AGENT
	
	NAME OF INSTITUTION:
	
	CIT Bank
		
	By:	 	/s/ Benjamin Haslam
		 	Name: Benjamin Haslam
		 	Title: Authorized Signatory

  

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	SIGNATURE PAGE TO THE THIRD AMENDMENT TO CREDIT AGREEMENT, DATED AS OF THE DATE FIRST REFERENCED ABOVE, AMONG PAETEC HOLDING CORP., VARIOUS LENDERS AND DEUTSCHE BANK
TRUST COMPANY AMERICAS, AS ADMINISTRATIVE AGENT
	
	WACHOVIA BANK, NATIONAL ASSOCIATION:
		
	By:	 	/s/ Tray Jones
		 	Name: Tray Jones
		 	Title: Vice President

  

 - 10 -Form of PBSUA Agreement (Section 162(m) Vesting Requirement)

 Exhibit 10.1 
 THE WALT DISNEY COMPANY 
 Performance-Based

 Stock Unit Award 
 (Section 162(m) Vesting Requirement) 
 AWARD AGREEMENT, dated as of
<DATED> between The Walt Disney Company, a Delaware corporation (“Disney”), and                      (the
“Participant”). This Award is granted on <GRANT DATE> (the “Date of Grant”) by the Compensation Committee of the Disney Board of Directors (the “Committee”) pursuant to the terms of the
Amended and Restated 2002 Executive Performance Plan (the “Plan”), and pursuant to the terms of the Amended and Restated 2005 Stock Incentive Plan (the “Stock Plan”). The applicable terms of the Plan and the Stock
Plan are incorporated herein by reference, including the definitions of terms contained therein. 
 Section 1. Stock Unit Award.
Disney hereby grants to the Participant, on the terms and conditions set forth herein, an Award of <#STOCK UNITS> “Stock Units.” The Stock Units are notional units of measurement denominated in Shares of Disney (i.e. one Stock Unit
is equivalent in value to one Share, subject to the terms hereof). The Stock Units represent an unfunded, unsecured obligation of Disney. The Stock Units granted by this Award are grouped into subdivisions referred to herein as
“Tranches,” and each Tranche constitutes one quarter (25%) of the Award. Subject to the terms, conditions and Section 162(m) performance-based vesting requirements set forth herein, one Tranche will vest on each of the
first, second, third and fourth anniversary dates, respectively, of the Date of Grant (any such anniversary date being a “Scheduled Vesting Date”). 
 Section 2. Vesting Requirements. The vesting of this Award (other than pursuant to accelerated vesting in certain circumstances as provided in Section 3 below) shall be subject to the
satisfaction of the conditions set forth in subsections A and B of this Section 2: 
 A. Section 162(m) Vesting
Requirement. This Award is subject to performance vesting requirements under this Section 2.A, with respect to all Tranches, based upon the achievement of the Performance Targets applicable to the Performance Periods which are set forth
below, subject to certification of achievement of such Performance Targets by the Committee pursuant to Section 4.8 of the Plan. The respective Performance Targets (together with the Business Criteria with respect to such Performance Targets)
shall be established by the Committee for each Tranche by no later than 90 days following the beginning of the Performance Period applicable to such Tranche. If the Performance Target for a Tranche is not satisfied, all of the Stock Units comprising
such Tranche shall be immediately forfeited. For each of the Tranches of Stock Units granted hereunder the Performance Period shall be the last fiscal year (or a portion thereof) of Disney ending prior to the Scheduled Vesting Date of such Tranche.

  

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 B. Service Vesting Requirement. In addition to the performance vesting requirements
of subsection A of this Section 2, the right of the Participant to receive payment of any Tranche of this Award shall become vested only if he or she remains continuously employed by Disney or an Affiliate thereof from the date hereof until the
Scheduled Vesting Date of such Tranche; provided, however, that, nothing set forth herein shall be deemed to modify, qualify, or otherwise derogate from, the requirement of Section 4.8 of the Plan that the Committee certify in
writing (which writing may be the approved minutes of the Committee) that the applicable Performance Targets of Section 2.A above have been satisfied prior to the payment of any amount to the Participant under this Award. 
 If the service vesting requirements of this Section 2.B are not satisfied for any Tranche or Tranches, the applicable number of Stock
Units shall be immediately forfeited and the Participant’s rights with respect thereto shall cease. 
 All Stock Units for which all of the
requirements of this Section 2 have been satisfied shall become vested and shall thereafter be payable in accordance with Section 5 hereof. 
 Section 3. Accelerated Vesting. Notwithstanding the terms and conditions of Section 2 hereof, upon the Participant’s death or disability (within the meaning of Section 409A of the Internal Revenue Code), or upon the
occurrence of a Triggering Event within the 12-month period following a Change in Control in accordance with Section 11 of the Stock Plan as in effect as of the date of the Triggering Event (provided, in each case, that the Participant is
employed by Disney (or an Affiliate) at the time of such death, disability or occurrence of a Triggering Event), this Award shall become fully vested and shall be payable in accordance with Section 5 hereof to the extent that it has not
previously been forfeited. 
 Section 4. Dividend Equivalents. Any dividends paid in cash on Shares of Disney will be credited to the
Participant as additional Stock Units as if the Stock Units previously held by the Participant were outstanding Shares, as follows: such credit shall be made in whole and/or fractional Stock Units and shall be based on the fair market value (as
defined in the Stock Plan) of the Shares on the date of payment of such dividend. All such additional Stock Units shall be subject to the same vesting requirements applicable to the Stock Units in respect of which they were credited and shall be
payable in accordance with Section 5 hereof. 
  

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 Section 5. Payment of Award. Payment of vested Stock Units shall be made within 30 days following the
later of: 
  

	 	(i)	the date as of which all of the applicable vesting requirements under Section 2 hereof shall have been satisfied for the applicable Tranche, or

  

	 	(ii)	the date of certification of achievement of the applicable Performance Targets by the Committee for the applicable Tranche, as required under Sections 2.A hereof,

 or within 30 days following acceleration of vesting under Section 3 hereof, if applicable, but in no event later than the
later of (x) December 31 of the year in which the Scheduled Vesting Date occurs and (y) two and one-half months after the Scheduled Vesting Date occurs. The Stock Units shall be paid in cash or in Shares (or some combination thereof), as determined
by the Committee in its discretion at the time of payment, and in either case shall be paid to the Participant after deduction of applicable minimum statutory withholding taxes. 
 Section 6. Extended Vesting based on Age and Service Years. 
 (a) In
the event that Participant’s employment with Disney or an Affiliate thereof terminates for any reason other than death, disability or “cause” (as further provided in the Stock Plan) at a time when (i) the Participant has attained
the age of sixty and has completed at least ten consecutive Service Years (as hereinafter defined) and (ii) at least one year has passed since the Date of Grant of this Award, then the remaining then unvested Tranches of this Award shall vest
in accordance with the terms and provisions hereof in the same manner as if Participant’s employment had continued through the Scheduled Vesting Date, provided that all of the conditions to such vesting (other than the condition set forth in
Section 2.B hereof), including without limitation the condition set forth in Section 2.A hereof, have been met. For purposes of the foregoing, “Service Year” shall mean any calendar year during which the Participant was
continuously employed by Disney or an Affiliate thereof for the entire calendar year. In determining the total number of consecutive Service Years that the Participant has been so employed, the Company shall apply such rules regarding the bridging
of service as the Committee may adopt from time to time. 
 (b) Notwithstanding any other term or provision hereof, if at the
time of termination of employment (other than upon the scheduled expiration date of an employment agreement) Participant is employed pursuant to an employment agreement with Disney or an Affiliate which provides under certain circumstances for the
continued vesting of any Stock Units subject to this Award in the event of the termination of such employment agreement prior to its scheduled expiration date (a “Contractual Extension Provision”), then, except as otherwise provided
in such employment agreement, (i) this Section 6 shall be interpreted and applied in all respects as if Participant had remained continuously employed by Disney or an Affiliate thereof from the Date of Grant of this Award through the
scheduled expiration date of such employment agreement and (ii) the date of termination of Participant’s employment for all purposes under this Section 6 shall be deemed to be the scheduled expiration date of such employment
agreement. 
  

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 Section 7. Restrictions on Transfer. Neither this Stock Unit Award nor any Stock Units covered
hereby may be sold, assigned, transferred, encumbered, hypothecated or pledged by the Participant, other than to Disney as a result of forfeiture of the units as provided herein and as provided in Section 6 of the Plan. The Stock Units
constitute Restricted Units as defined in Section 2.2 of the Plan. 
 Section 8. No Voting Rights. The Stock Units granted
pursuant to this Award, whether or not vested, will not confer any voting rights upon the Participant, unless and until the Award is paid in Shares. 
 Section 9. Award Subject to Plans, Etc. This Stock Unit Award is subject to the terms of the Plan and the Stock Plan, the terms and provisions of which are hereby incorporated by reference. In the event of a conflict or
ambiguity between any term or provision contained herein and a term or provision of the Plan or the Stock Plan, the Plan or the Stock Plan (as applicable) will govern and prevail. 
 Section 10. Changes in Capitalization. The Stock Units under this Award shall be subject to the provisions of the Stock Plan relating to adjustments for changes in corporate capitalization.

 Section 11. Effect of Employment Agreement. If the Participant is employed pursuant to an employment agreement with Disney, any
provisions thereof relating to the effect of a termination of the Participant’s employment upon his or her rights with respect to this Award, including, without limitation, any provisions regarding acceleration of vesting and/or payment of this
Award in the event of termination of employment, shall be fully applicable and supersede any provisions hereof with respect to the same subject matter. 
 Section 12. No Right of Employment. Nothing in this Award Agreement shall confer upon the Participant any right to continue as an employee of Disney or an Affiliate nor interfere in any way
with the right of Disney or an Affiliate to terminate the Participant’s employment at any time or to change the terms and conditions of such employment. 
 Section 13. Governing Law. This Award Agreement shall be construed and enforced in accordance with the laws of the State of Delaware, without giving effect to the choice of law principles
thereof. 
  

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	THE WALT DISNEY COMPANY
		
	By: 	 	 
		 	Name:
		 	Title:
	
	PARTICIPANT
		
	 	 	 
		 	

  

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