Document:

EX-10.39

 Exhibit 10.39 
 BUILDING NO. 3 
 AMENDMENT NO. 11 TO LEASE 

THIS AGREEMENT made this 22nd day of November, 2011, by and between EWE WAREHOUSE INVESTMENTS V, LTD., as Lessor and
MERRIMACK SERVICES CORPORATION dba PC CONNECTION SERVICES, as Lessee located at 2780-2880 Old State Route 73, Wilmington, Ohio 45177. 
 WITNESSETH: 
 WHEREAS, Lessor and Lessee entered into a Lease dated
September 27, 1990, as amended June 28, 1996, July 31, 1998, June 26, 2000, July 31, 2002, February 28, 2005, October 26, 2006, January 28, 2009, October 13, 2009, February 5, 2010 and
September 29, 2010, and 
 WHEREAS, the Lessor and Lessee desire to amend the Lease of approximately 102,400 square feet to
extend the Term and revise the Rent. 
 NOW THEREFORE, the Lease is amended as follows. 

1. Article 1. TERM. shall be revised as follows. 
 Effective March 1, 2012, the term of this Lease shall be extended for an additional one (1) year for a total term of twenty-two (22) years, two (2) months commencing January 1,
1991 and ending February 28, 2013, both dates inclusive. 
 2. Lessee warrants that Lessee has accepted and is now in
possession of the Premises and that the Lease is valid and presently in full force and effect. Lessee accepts the Premises in its present “as is” condition. 
 3. Article 4. RENT. shall be revised as follows. 
 For the one
(1) year period commencing March 1, 2012 and ending February 28, 2013, the Lessee shall pay to the Lessor as Annual Rent for the Leased Premises the sum of FOUR HUNDRED FORTY-EIGHT THOUSAND FIVE HUNDRED TWELVE AND 00/100 DOLLARS
($448,512.00) which shall be paid in equal monthly installments of THIRTY-SEVEN THOUSAND THREE HUNDRED SEVENTY-SIX AND 00/100 DOLLARS ($37,376.00), due and payable on the first day of each month, in advance, without demand. 

 

 Checks should be made payable to Easton & Associates
Management Account c/o The Easton Group, 10165 N. W. 19th
St., Miami, FL 33172. Said rent shall be paid to the Lessor, or to the duly authorized agent of the Lessor, at its office during business hours. If the commencement date of this Lease is other than the first day of the month, any rental adjustment
or additional rents hereinafter provided for shall be prorated accordingly. The Lessee will pay the rent as herein provided, without deduction whatsoever, and without any obligation of the Lessor to make demand for it. Any installment of rent
accruing hereunder and any other sum payable hereunder, if not paid when due, shall bear interest at the rate of eighteen percent (18%) per annum until paid. 
 Section 2. Shall remain the same. 
 Section 3. Shall
remain the same. 
 4. Except as expressly amended herein, all other terms and conditions of the Lease remain in full force and
effect. 
 IN WITNESS WHEREOF, the Lessor and Lessee have affixed their signatures to duplicates of this Amendment, this 22nd
day of November, 2011, as to Lessee and this 30th day of November, 2011, as to Lessor. 
  

							
	Signed and acknowledged in the presence of:	 		  	Lessor:	  	EWE WAREHOUSE INVESTMENTS V, LTD.
		 		  		  	        By:     MV Realty, Inc.
		 		  		  	        Its:      Managing Agent
				
	 /s/ KELLI L. WILSON
	 		  	By:	  	 /s/ BARBARA J. GILMORE

	 Kelli L. Wilson
	 		  		  	Barbara J. Gilmore
	Print Name	 		  	Title:	  	Authorized Signer
				
	 /s/ KATHLEEN E. NELMS
	 		  		  	
	 Kathleen E. Nelms
	 		  		  	
	Print Name	 		  		  	
				
		 		  	Lessee:	  	 MERRIMACK SERVICES CORPORATION
 dba PC CONNECTION SERVICES

				
	 /s/ LINDA JACKSON
	 		  	By:	  	 /s/ ROBERT PRATT

	 Linda Jackson
	 		  		  	Robert Pratt
	Print Name	 		  	Title:	  	Vice President of Facilities/Site Services
				
	 /s/ PAMELA BERUBE-PETERS
	 		  		  	
	 Pamela Berube-Peters
	 		  		  	
	Print Name	 		  		  	

  
 2 

 STATE OF OHIO, COUNTY OF MONTGOMERY, SS: 

The foregoing instrument was acknowledged before me this 30th day of November, 2011, by Barbara J. Gilmore,
Authorized Signer of MV Realty, Inc., Managing Agent of EWE WAREHOUSE INVESTMENTS V, LTD., on behalf of said company. 
  

	
	 /s/ SHARON L. RISLUND

	Notary Public

 STATE OF NEW HAMPSHIRE, COUNTY OF HILLSBOROUGH, SS: 

The foregoing instrument was acknowledged before me this 22nd day of November, 2011, by Robert Pratt, the Vice
President of Facilities/Site Services of MERRIMACK SERVICES CORPORATION dba PC CONNECTION SERVICES, a corporation on behalf of said corporation. 
  

	
	 /s/ MICHELLE L. GAUTHIER

	Notary Public

  
 3EX-10.40

 Exhibit 10.40 
 BUILDING NO. 3 
 AMENDMENT NO. 12 TO LEASE 

THIS AGREEMENT made this 18th day of October, 2012, MERRIMACK SERVICES CORPORATION dba PC CONNECTION SERVICES, as Lessee located at 2780–2880
Old State Route 73, Wilmington, Ohio 45177. 
 WITNESSETH: 

WHEREAS, Lessor and Lessee entered into a Lease dated September, 27, 1990, as amended June 28, 1996, July 31,
1998, January 28, 2009, October 13, 2009, February 5, 2010, September 29, 2010, November 30, 2011, and 
 WHEREAS, the Lessor and Lessee desire to amend the Lease of approximately 102,400 square feet to extend the Term and revise the Rent. 

NOW THEREFORE, the Lease is amended as follows. 
 1. PC Connection, Inc., successor in interest to Merrimack Services Corporation, hereby assumes all rights and obligations of the Lessee of said Lease as subsequently amended. Merrimack Services
Corporation was merged into PC Connection, Inc. on December 27, 2011. 
 2. Article 1. TERM. Shall be revised as
follows. 
 Effective March 1, 2013, the term of this Lease shall be extended for an additional one (1) year for a
total term of twenty–three (23) years, two (2) months commencing January 1, 1991 and ending February 28, 2014, both dates inclusive. 
 3. Lessee warrants that Lessee has accepted and is now in possession of the Premises and that the Lease is valid and presently in full force and effect. Lessee accepts the Premises in its present “as
is” condition. 

 4. Article 4. RENT. Shall be revised as follows. 

For the one (1) year period commencing March 1, 2013 and ending February 28, 2014, the Lessee shall pay to the Lessor as
Annual Rent for the Leased Premises the sum of FOUR HUNDRED THIRTY-FIVE THOUSAND TWO HUNDRED AND 00/100 DOLLARS ($435,200.00) which shall be paid in equal monthly installments of THIRTY-SIX THOUSAND TWO–HUNDRED SIXTY-SIX AND 67/100 DOLLARS, due
and payable on the first day of each month, in advance, without demand. 
 Checks should be made payable to
Easton & Associates Management Account c/o The Easton Group, 10165 N.W. 19th St., Miami, FL 33172. Said rent shall be paid to the Lessor, or to the duly authorized agent of the Lessor, at its office during business hours. If the commencement date of this Lease is other than the
first day of the month, any rental adjustment or additional rents hereinafter provided for shall be prorated accordingly. The Lessee will pay the rent as herein provided, without deduction whatsoever, and without any obligation of the Lessor to make
demand for it. Any installment of rent accruing hereunder and any other sum payable hereunder, if not paid when due, shall bear interest at the rate of eighteen percent (18%) per annum until paid. 

5. Except as expressly amended herein, all other terms and conditions of the Lease remain in full force and effect. 

IN WITNESS WHEREOF, the Lessor and Lessee have affixed their signatures to duplicates of this Amendment, this
18th day of October, 2012, as Lessee and this 23rd day of October, 2012, as to Lessor. 

							
	Signed and acknowledged in the presence of:	 		  	Lessor:	  	EWE WAREHOUSE INVESTMENTS V, LTD.
				
	 /s/ JIM ARMSTRONG
	 		  	By:	  	 /s/ EDWARD EASTON

	 Jim Armstrong
	 		  		  	Edward Easton
	(Print Name)	 		  	Title:	  	General Partner
				
	 /s/ LENETTE TRIVETT
	 		  		  	
	 Lenette Trivett
	 		  		  	
	(Print Name)	 		  		  	
				
		 		  	Lessee:	  	PC CONNECTION, INC.
				
	 /s/ LINDA JACKSON
	 		  	By:	  	 /s/ ROBERT PRATT

	 Linda Jackson
	 		  		  	Robert Pratt
	(Print Name)	 		  	Title:	  	Vice President of Facilities / Site Services
				
	 /s/ JANICE A. RUSH
	 		  		  	
	 Janice A. Rush
	 		  		  	
	(Print Name)	 		  		  	

  
 

 
 STATE OF FLORIDA, COUNTY OF DADE, SS: 

The foregoing instrument was acknowledged before me this
23rd day of October, 2012, by Edward Easton, General
Partner of EWE WAREHOUSE INVESTMENTS V, LTD., on behalf of said company. 
  

	
	 /s/ LENETTE TRIVETT

	 Lenette Trivett

	Notary Public

  
 

 
 STATE OF NEW HAMPSHIRE, COUNTY OF HILLSBOROUGH, SS: 

The foregoing instrument was acknowledged before me this 18 day of October, 2012, by Robert Pratt, the Vice President of Facilities /
Site Services of PC CONNECTION, INC., on behalf of said corporation. 
  

	
	 /s/ DOLORES R. COLLINS

	 Dolores R. Collins

	Notary PublicEX-10.61

 Exhibit 10.61 
 Summary of Compensation for Executive Officers 
 Following is a
description of the compensation arrangements for each of PC Connection, Inc.’s (the “Company’s”) executive officers. The Company’s executive officers as of March 4, 2013 consisted of: (i) Timothy McGrath, President and Chief
Executive Officer; (ii) Patricia Gallup, Chairman of the Board and Chief Administrative Officer; and (iii) Joseph Driscoll, Senior Vice President, Treasurer, and Chief Financial Officer. 

The Compensation Committee annually reviews and approves the compensation of the Chief Executive Officer. It also reviews and
approves the compensation of the Company’s other executive officers, based on recommendations from the Chief Executive Officer. In determining executive compensation, the Compensation Committee considers a number of different factors,
including the mix of salary, bonus, and incentive compensation levels. In addition, a subcommittee of the Compensation Committee is responsible for the determination and approval of corporate goals and targets under the Company’s Executive
Bonus. The Compensation Committee seeks to achieve three broad goals in connection with the Company’s compensation philosophy and decisions regarding compensation. First, the Company is committed to providing executive compensation designed to
attract, retain, and motivate executives who contribute to the long-term success of the Company and are capable of leading the Company in achieving its business objectives in the competitive and rapidly changing industry in which the Company
operates. Second, the Company wants to reward executives for the achievement of company-wide business objectives of the Company. By tying compensation in part to achievement, the Company believes that a performance-oriented environment is created
for the Company’s executives. Finally, compensation is intended to provide executives with an equity interest in the Company so as to link a meaningful portion of the compensation of the Company’s executives with the performance of the
Company’s Common Stock. 
 Compensation for the Company’s executives generally consists of three elements: 

 

	 	•	 	 salary—levels are generally set by reviewing compensation for competitive positions in the market and considering the executive’s level of
responsibility, qualifications, and experience, as well as the Company’s financial performance and the individual’s performance; 

  

	 	•	 	 bonus—bonuses are paid out under the Company’s Executive Bonus Plan and are based on the achievement of company-wide net income and expense
leverage goals. Cash bonuses are set as a percentage of the executive officer’s base salary; and 

  

	 	•	 	 equity awards—equity awards provide long-term incentives to promote and identify long-term interests between the Company’s employees and its
stockholders and to assist in the retention of executives. 

 The following table lists the 2012 annual salaries and bonuses of the Company’s executive officers.

  

									
	 	  	Salary	 	  	Bonus (1)	 
	 Timothy McGrath (2)
 President and Chief Executive Officer
	  	$	758,654	  	  	$	799,620	  
	 Patricia Gallup (3)
 Chairman of the Board and Chief Administrative Officer
	  	 	316,384	  	  	 	333,080	  
	 Joseph Driscoll (4)
 Senior Vice President, Treasurer, and Chief Financial Officer
	  	 	230,192	  	  	 	224,910	  

  

	(1)	The Compensation Subcommittee approved bonuses of $799,620, $333,080, and $149,910 for Mr. McGrath, Ms. Gallup, and Mr. Driscoll, respectively, under the Company’s
Executive Bonus Plan pursuant to achievement of company-wide net income and expense leverage goals. In addition, the Compensation Committee awarded a special, discretionary bonus of $75,000 to Mr. Driscoll for his performance in 2012.

	(2)	In November 2012, Mr. McGrath’s annual salary was increased from $750,000 to $825,000, and the salary presented above includes the pro-rated increase.

	(3)	In November 2012, Ms. Gallup’s annual salary was increased from $315,000 to $327,000, and the salary presented above includes the pro-rated increase.

	(4)	Mr. Driscoll was appointed Senior Vice President, Treasurer, and Chief Financial Officer on March 5, 2012, and was awarded an annualized salary of $285,000. The salary
presented above represents his pro-rated annual salary. 

 The Company granted equity awards in 2012 to the Company’s
executive officers, as shown below: 
  

									
	 	  	# of
Restricted
Stock Units	 	  	Per Share Fair
Market 
Value	 
	 Timothy McGrath (1)
 President and Chief Executive Officer
	  	  
	 175,000
	   
	  	 $
	 9.65
	   

	 Joseph Driscoll (2)
 Senior Vice President, Treasurer, and Chief Financial Officer
	  	  
	 20,000
	   
	  	 $
	 8.57
	   

  

	(1)	 Mr. McGrath received 175,000 restricted stock units in recognition for his contributions and service in his role as Chief Executive Officer. The
restricted stock units vest over eight years and are settled in equivalent amounts of common stock on the following vesting schedule: 40,000 units on August 1, 2013; 30,000 units on August 1, 2014; 25,000 units on August 1, 2015; 20,000 units on
August 1, 2016; 20,000 units on August 1, 2017; 20,000 units on August 1, 2018; 

	 	
10,000 units on August 1, 2019; and 10,000 units on August 1, 2020. The award contains selling restrictions on the shares that Mr. McGrath receives upon the vesting of the RSUs, such that he
cannot sell more than 10% of the vested shares per year. These selling restrictions lapse when he reaches age 72. 

	(2)	Mr. Driscoll received 20,000 restricted stock units upon his appointment as an executive officer of the Company in March 2012. The restricted stock units vest ratably
over four years beginning on March 5, 2014, and are settled in equivalent amounts of stock.

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