Document:

EX-10.1

 Exhibit 10.1 

FIRST REFINANCING AND INCREMENTAL FACILITY AMENDMENT dated as of March 8, 2017 (this “Amendment”), to the Credit
Agreement (as defined below) among Denali Intermediate Inc., as Holdings (“Holdings”), Dell Inc., as the Company (the “Company”), Dell International L.L.C. as a Borrower (“Dell International”), EMC
Corporation as a Borrower (“EMC” and, together with Dell International, the “Borrowers”), the Lenders party hereto, Credit Suisse AG, Cayman Islands Branch, as Term Loan B Administrative Agent and Collateral Agent
(the “Term Loan B Administrative Agent”) and JPMorgan Chase Bank, N.A., as Term Loan A/Revolver Administrative Agent (the “Term Loan A/Revolver Administrative Agent” and, together with the Term Loan B Administrative
Agent, the “Administrative Agents”). 
 RECITALS 

A. Holdings, the Company, the Borrowers, the Lenders party thereto from time to time and the Administrative Agents, are party to that certain
Credit Agreement dated as of September 7, 2016 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”). 

B. The Credit Agreement permits the Borrowers (i) to obtain Credit Agreement Refinancing Indebtedness from any Lender or Additional
Lender in respect of all or any portion of the Term Loans outstanding under the Credit Agreement in the form of Other Term Loans and Other Term Commitments pursuant to a Refinancing Amendment and (ii) to obtain Incremental Term
Loans pursuant to an Incremental Facility Amendment. 
 C. On the First Refinancing Amendment Effective Date (as defined below), the
Borrowers intend to (i) incur additional Term B Loans pursuant to Sections 2.21 and 9.02 of the Credit Agreement in an aggregate principal amount of up to $4,987,500,000.00 (any such resulting Term B Loans, the
“Refinancing Term B Loans”), (ii) incur additional Term B Loans pursuant to Section 2.20 of the Credit Agreement in an aggregate principal amount of up to $500,000,000 (any such resulting Term B Loans, the
“2017 Incremental Term B Loans” and, together with the Refinancing Term B Loans, the “New Term B Loans”) and (iii) use the proceeds of the New Term B Loans (A) to repay all Term B Loans
outstanding immediately prior to the First Refinancing Amendment Effective Date (the “Original Term B Loans”) and accrued interest thereon and to pay fees and expenses incurred in connection with the foregoing and
(B) to repay $500,000,000 aggregate principal amount of Indebtedness under the Margin Bridge Facility together with accrued and unpaid interest thereon. The 2017 Incremental Term B Loans are being incurred pursuant to clause (c) of the
definition of “Incremental Cap”. 
 D. Subject to the terms and conditions set forth herein, the Person party hereto who has
delivered a signature page as a Lender agreeing to provide New Term B Loans (a “New Term B Lender”) has agreed to provide a commitment (the “New Term B Commitment”) in an amount equal to $5,487,500,000.00.
Any Lender holding Original Term B Loans immediately prior to the effectiveness of this Amendment is referred to herein as an “Existing Term B Lender”. 

  
 1 

 E. Credit Suisse Securities (USA) LLC, JPMorgan Chase Bank, N.A., Bank of America, N.A., Barclays
Bank PLC, Citigroup Global Markets Inc., Goldman Sachs Bank USA, Deutsche Bank Securities Inc. and RBC Capital Markets are the joint lead arrangers and joint bookrunners for this Amendment and the New Term B Loans (the “First Refinancing
Amendment Arrangers”). 
 F. In order to effect the foregoing, Holdings, the Company, the Borrowers and the other parties hereto
desire to amend the Credit Agreement, subject to the terms and conditions set forth herein. This Amendment is (i) a Refinancing Amendment contemplated by Section 2.21 of the Credit Agreement to provide for the Refinancing Term B Loans,
which is subject to the approval of Holdings, the Company, the Borrowers, the Administrative Agents and the Lender providing the Refinancing Term B Loans and (ii) an Incremental Facility Amendment contemplated by Section 2.20 of the Credit
Agreement to provide for the 2017 Incremental Term B Loans, which is subject to the approval of the Company, the Borrowers, the Term Loan B Administrative Agent and each Lender providing the 2017 Incremental Term B Loans. This Amendment will become
effective only on the First Refinancing Amendment Effective Date. 
 AGREEMENTS 

In consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
Holdings, the Borrower, the New Term B Lenders and the Administrative Agents hereby agree as follows: 
 ARTICLE I.  

Refinancing Amendment 

SECTION 1.01. Defined Terms. Capitalized terms used herein (including in the recitals hereto) and not otherwise defined herein shall
have the meanings assigned to such terms in the Credit Agreement. The rules of construction specified in Section 1.03 of the Credit Agreement also apply to this Amendment. 

SECTION 1.02. New Term B Commitments. (a) Subject to the terms and conditions set forth herein, on the First Refinancing
Amendment Effective Date, the New Term B Lender agrees to fund a New Term B Loan in a principal amount equal to $5,487,500,000.00. 

(b) Subject to the terms and conditions set forth herein, pursuant to Section 2.20 and 2.21 of the Credit Agreement, effective as of the
First Refinancing Amendment Effective Date, for all purposes of the Loan Documents, (i) the New Term B Commitments shall constitute “Term Commitments” and “Other Term Commitments”, (ii) the New
Term B Loans shall constitute “Term Loans”, “Term B Loans” and “Other Term Loans” and (iii) the New Term B Lender shall become an “Additional Term Lender”, “Additional
Lender”, a “Term B Lender”, a “Term Lender” and a “Lender” and shall have all the rights and obligations of a Lender holding a Term B Loan Commitment (or, following the making of a New Term B Loan, a
Term B Loan). 

  
 2 

 (c) The Original Term B Loans of each Existing Term B Lender shall, immediately upon the
effectiveness of this Amendment, be repaid in full (together with any unpaid fees and interest accrued thereon (including, unless waived by such Existing Term B Lender, funding losses payable to any Existing Term B Lenders pursuant to
Section 2.16 of the Credit Agreement)) with the proceeds of the New Term B Loans and other funds available to the Borrowers. The Borrowers shall, on the First Refinancing Amendment Effective Date, pay to the Term Loan B Administrative
Agent, for the accounts of the Existing Term B Lenders, all interest, fees and other amounts accrued to the First Refinancing Amendment Effective Date with respect to the Original Term B Loans. 

(d) The obligation of the New Term B Lender to make New Term B Loans on the First Refinancing Amendment Effective Date is subject to
the satisfaction of the following conditions: 
 (i) Immediately before and after giving effect to the borrowing of the New
Term B Loans and the repayment in full of the Original Term B Loans, (x) the conditions set forth in paragraphs (a) and (b) of Section 4.02 of the Credit Agreement shall be satisfied on and as of the First Refinancing
Amendment Effective Date, and the New Term B Lenders shall have received a certificate of a Responsible Officer dated the First Refinancing Amendment Effective Date to such effect and (y) the representations and warranties set forth in
Section 2.01 shall be true and correct. 
 (ii) The Term Loan B Administrative Agent and the New Term B Lender
shall have received a favorable legal opinion of (i) Simpson Thacher & Bartlett LLP, New York, Delaware and Texas counsel for the Loan Parties and (ii) Skadden, Arps, Slate, Meagher & Flom LLP, special Massachusetts
counsel for the Loan Parties, in each case, covering such matters as the Administrative Agents may reasonably request and otherwise reasonably satisfactory to the Administrative Agents. The Borrowers hereby requests each such counsel to deliver such
opinion. 
 (iii) The Term Loan B Administrative Agent shall have received (i) a certificate of good standing with
respect to each of the Borrowers, the Company, Holdings and the Guarantors and (ii) a closing certificate executed by a Responsible Officer of each of the Borrowers, the Company and Holdings dated the First Refinancing Amendment Effective Date,
substantially in the form of the closing certificate delivered in connection with the Credit Agreement, certifying as to the incumbency and specimen signature of each officer executing this Amendment or any other document delivered in connection
herewith on behalf of each of the Borrowers, the Company and Holdings and attaching (A) a true and complete copy of the certificate of incorporation of each of the Borrowers, the Company and Holdings, including all amendments thereto, as in
effect on the First Refinancing Amendment Effective Date, certified as of a recent date by the Secretary of State of the state of its organization, that has not been amended since the date of the last amendment thereto shown on the certificate of
good standing furnished pursuant to clause (i) above, (B) a true and complete copy of the by-laws of each of the Borrowers, the Company and Holdings as in effect on the First Refinancing Amendment Effective Date and at all times since the
date prior to the date of the resolutions described in clause (C) below and (C) a true and complete copy of resolutions duly adopted by the 

  
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Board of Directors, of each of the Borrowers, the Company and Holdings authorizing the execution, delivery and performance of this Amendment and certifying that such resolutions have not been
modified, rescinded or amended and are in full force and effect. 
 (iv) The Term Loan B Administrative Agent shall have
received a certificate of the Company on behalf of each Loan Party (other than the Borrowers and Holdings), dated the First Refinancing Amendment Effective Date and executed by a Responsible Officer of the Company, certifying that, except as
otherwise indicated therein, there have been no material amendments, supplements or modifications since the Effective Date to the documents delivered on the Effective Date pursuant to clauses (i) and (ii) of Section 4.01(d) of the
Credit Agreement. 
 (v) The Term Loan B Administrative Agent shall have received a Borrowing Request in a form reasonably
acceptable to the Term Loan B Administrative Agent requesting that the New Term B Lenders make the New Term B Loans to the Borrowers on the First Refinancing Amendment Effective Date. 

(vi) The Term Loan B Administrative Agent shall have received a notice of prepayment with respect to the Original Term B Loans
setting forth the information required by Section 2.11(f) of the Credit Agreement on the First Refinancing Amendment Effective Date. 

(vii) The Term Loan B Administrative Agent and the First Refinancing Amendment Arrangers shall have received all documentation
at least three Business Days prior to the First Refinancing Amendment Effective Date and other information about the Loan Parties that shall have been reasonably requested in writing at least 10 Business Days prior to the First Refinancing Amendment
Effective Date and that the Administrative Agents or the First Refinancing Amendment Arrangers have reasonably determined is required by United States regulatory authorities under applicable “know your customer” and anti-money laundering
rules and regulations, including without limitation Title III of the USA Patriot Act. 
 (viii) The Term Loan B
Administrative Agent shall have received a certificate from the chief financial officer of the Company certifying that the Company and its Subsidiaries on a consolidated basis after giving effect to the transactions contemplated hereby are Solvent.

 (ix) The conditions to effectiveness of this Amendment set forth in Section 1.04 hereof (other than paragraph
(b) thereof) shall have been satisfied. 
 (x) Each Loan Party shall have entered into a reaffirmation agreement, in
form and substance reasonably satisfactory to the Administrative Agents. 

  
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 SECTION 1.03. Amendment of Credit Agreement. Effective as of the First Refinancing
Amendment Effective Date, the Credit Agreement is hereby amended as follows: 
 (i) The following definitions are hereby
added in the appropriate alphabetical order to Section 1.01 of the Credit Agreement (or, to the extent applicable, are hereby amended and restated in their entirety): 

“First Refinancing Amendment” means the First Refinancing and Incremental Facility Amendment to this Agreement dated as of
March 8, 2017, among Holdings, the Company, the Borrowers, the Term B Lenders party thereto and the Administrative Agents. 

“First Refinancing Amendment Arrangers” means Credit Suisse Securities (USA) LLC, JPMorgan Chase Bank, N.A., Bank of America,
N.A., Barclays Bank PLC, Citigroup Global Markets Inc., Goldman Sachs Bank USA, Deutsche Bank Securities Inc. and RBC Capital Markets. 

“First Refinancing Amendment Effective Date” has the meaning assigned thereto in the First Refinancing Amendment. 

“First Refinancing Amendment Reaffirmation Agreement” means the Reaffirmation Agreement dated as of March 8, 2017, among
Holdings, the subsidiaries of Holdings party thereto and the Term Loan B Administrative Agent. 
 “New Term B Loans” has the
meaning assigned thereto in the First Refinancing Amendment. 
 “Original Term B Loans” has the meaning assigned thereto in
the First Refinancing Amendment. 
 (ii) Schedule 2.01(c) is hereby deleted from the Credit Agreement and replaced with the
text: “[reserved]”. 
 (iii) The definition of “Applicable Rate” set forth in Section 1.01 of the
Credit Agreement is hereby amended by: 
  

	 	(a)	amending and restating clause (a) in its entirety as follows: 

 “(a) with respect to
any Term B Loan, (i) 1.50% per annum in the case of an ABR Loan, or (ii) 2.50% per annum in the case of a Eurocurrency Loan,” and 
  

	 	(b)	deleting clause (A) in its entirety and replacing it with the text “[reserved]”. 

(iv) The definition of “Security Documents” set forth in Section 1.01 of the Credit Agreement is hereby amended
by adding the text “, the First Refinancing Amendment Reaffirmation Agreement” after the text “the Mortgages” appearing in such definition. 

  
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 (v) The definition of “Term B Commitment” set forth in
Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows: 
 ““Term B
Commitment” means, with respect to each Term B Lender, its obligation to make a New Term B Loan to the Borrowers pursuant to the First Refinancing Amendment. On the First Refinancing Amendment Effective Date the initial aggregate principal
amount of the Term Commitments is $5,487,500,000.” 
 (vi) The definition of “Term B Loan” set forth in
Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows: 
 ““Term B Loan”
means a Term B Loan made pursuant to clause (c) of Section 2.01, and a New Term B Loan made pursuant to the First Refinancing Amendment.” 

(vii) Clause (a) of Section 2.10 of the Credit Agreement is hereby amended and restated in its entirety as follows:

 “Subject to adjustment pursuant to paragraph (c) of this Section, the Borrowers shall repay (i) Term A-2 Loan Borrowings on
the dates and in the amounts set forth on Annex I and (ii) Term Loan B Borrowings on the last day of each of January, April, July and October (commencing on April 30, 2017) in the principal amount of Term B Loans equal to (A) the
aggregate outstanding principal amount of the Term B Loans on the First Refinancing Amendment Effective Date (after giving effect to the First Refinancing Amendment) multiplied by (B) 0.25%, in each case together with accrued and unpaid
interest on the principal amount to be paid to but excluding the date of such payment; provided that if any such date is not a Business Day, such payment shall be due on the preceding Business Day.” 

(viii) Clause (a)(i) of Section 2.11 of the Credit Agreement is hereby amended and restated in its entirety as follows:

 “(a)(i) The Borrowers shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, without
premium or penalty (subject to the immediately succeeding proviso); provided that in the event that, on or prior to the six month anniversary of the First Refinancing Amendment Effective Date, the Borrowers (i) make any prepayment of
Term B Loans in connection with any Repricing Transaction the primary purpose of which is to decrease the Effective Yield on such Term B Loans or (ii) effects any amendment of this Agreement resulting in a Repricing Transaction the primary
purpose of which is to decrease the Effective Yield on the Term B Loans, the Borrowers shall pay to the Term Loan B Administrative Agent, for the 

  
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ratable account of each of the applicable Lenders, (x) in the case of clause (i), a prepayment premium of 1% of the principal amount of the Term B Loans being prepaid in connection with such
Repricing Transaction and (y) in the case of clause (ii), an amount equal to 1% of the aggregate amount of the applicable Term B Loans outstanding immediately prior to such amendment that are subject to an effective pricing reduction pursuant
to such Repricing Transaction.” 
 (ix) Annex I to the Credit Agreement is hereby amended by deleting the second
page thereof in its entirety. 
 (x) Section 5.10 of the Credit Agreement shall be amended by adding the following
sentence at the end thereof: 
 “The Borrowers will use the proceeds of the Term B Loans on the First Refinancing Amendment Effective
Date to (A) repay in full all of the Original Term B Loans (as defined in the First Refinancing Amendment) together with all accrued and unpaid interest, fees and other amounts due in respect thereof and (B) repay $500,000,000 aggregate
principal amount of Indebtedness under the Margin Bridge Facility together with all accrued and unpaid interest, fees and other amounts due in respect thereof.” 

SECTION 1.04. Amendment Effectiveness. This Amendment shall become effective as of the first date (the “First Refinancing
Amendment Effective Date”) on which the following conditions have been satisfied: 
 (a) The Administrative Agents and the First
Refinancing Amendment Arrangers (or their counsel) shall have received from (i) the Borrowers, (ii) Holdings, (iii) the Company, (iv) the New Term B Lender and (v) the Administrative Agents, either (x) counterparts
of this Amendment signed on behalf of such parties or (y) written evidence satisfactory to the Administrative Agents (which may include facsimile or other electronic transmissions of signed signature pages) that such parties have signed
counterparts of this Amendment. 
 (b) The conditions to the making of the New Term B Loans set forth in Section 1.02(d) hereof
(other than clause (ix) thereof) shall have been satisfied. 
 (c) The Borrowers shall have obtained New Term B Commitments in an
aggregate amount equal to $5,487,500,000. The Borrowers shall have paid in full, or substantially concurrently with the satisfaction of the other conditions precedent set forth in this Section 1.04 shall (A) pay in full (i) all of the
Original Term B Loans, (ii) all accrued and unpaid fees and interest with respect to the Original Term B Loans and (iii) to the extent invoiced, any amounts payable to the Persons that are Existing Term B Lenders immediately prior to the
First Refinancing Amendment Effective Date pursuant to Section 2.16 of the Credit Agreement and (B) repay $500,000,000 aggregate principal amount of Indebtedness under the Margin Bridge Facility together with all accrued and unpaid
interest, fees and other amounts due thereon, in each case, with such payments to be made with the cash proceeds of the New Term B Loans to be made on the First Refinancing Amendment Effective Date and other funds available to the Borrower. 

  
 7 

 (d) The Administrative Agents and the First Refinancing Amendment Arrangers shall have received,
in immediately available funds, payment or reimbursement of all costs, fees, out-of-pocket expenses, compensation and other amounts then due and payable in connection with this Amendment, including, to the extent invoiced at least one Business Day
prior to the First Refinancing Amendment Effective Date, the reasonable fees, charges and disbursements of counsel for the Administrative Agents and the First Refinancing Amendment Arrangers. 

(e) The Borrowers shall have paid to the First Refinancing Amendment Arrangers the fees in the amounts previously agreed in writing to be
received on the First Refinancing Amendment Effective Date. 
 (f) The Borrowers shall have paid to the Term Loan B Administrative Agent for
the account of each new Term B Lender a fee in an amount equal to 0.125% of the aggregate principal amount of New Term B Loans provided to the Borrowers on the First Refinancing Amendment Effective Date, which fees may take the form of original
issue discount. 
 The Term Loan B Administrative Agent shall notify the Borrowers, the New Term B Lenders and the other Lenders of the First
Refinancing Amendment Effective Date and such notice shall be conclusive and binding. Notwithstanding the foregoing, the amendment effected hereby shall not become effective and the obligations of the New Term B Lenders hereunder to make New
Term B Loans will automatically terminate, if each of the conditions set forth or referred to in Sections 1.02(d) and 1.04 hereof has not been satisfied at or prior to 5:00 p.m., New York City time, on March 8, 2017. 

ARTICLE II.  

Miscellaneous 
 SECTION
2.01. Representations and Warranties. (a) To induce the other parties hereto to enter into this Amendment, the Borrowers represent and warrant to each of the Lenders, including the New Term B Lenders, and the Administrative Agents
that, as of the First Refinancing Amendment Effective Date and after giving effect to the transactions and amendments to occur on the First Refinancing Amendment Effective Date, this Amendment has been duly authorized, executed and delivered by each
of Holdings and the Borrowers and constitutes, and the Credit Agreement, as amended hereby on the First Refinancing Amendment Effective Date, will constitute, its legal, valid and binding obligation, enforceable against each of the Loan Parties in
accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a
proceeding in equity or at law. 
 (b) The representations and warranties of each Loan Party set forth in the Loan Documents are, after
giving effect to this Amendment on such date, true and correct in all material respects on and as of the First Refinancing Amendment Effective Date with the same 

  
 8 

 
effect as though made on and as of such 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). 
 (c) After giving effect to this Amendment and the transactions
contemplated hereby on the relevant date, no Default or Event of Default has occurred and is continuing on the First Refinancing Amendment Effective Date. 

(d) On the First Refinancing Amendment Effective Date, immediately after the consummation of the transactions contemplated under this
Amendment to occur on the First Refinancing Amendment Effective Date, the Company and its Subsidiaries are, on a consolidated basis after giving effect to such transactions, Solvent. 

SECTION 2.02. Effect of Amendment. (a) Except as expressly set forth herein, this Amendment shall not by implication or otherwise
limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of, the Lenders or the Administrative Agents under the Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any way affect any of the
terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect. The parties hereto acknowledge
and agree that the amendment of the Credit Agreement pursuant to this Amendment and all other Loan Documents amended and/or executed and delivered in connection herewith shall not constitute a novation of the Credit Agreement and the other Loan
Documents as in effect prior to the First Refinancing Amendment Effective Date. Nothing herein shall be deemed to establish a precedent for purposes of interpreting the provisions of the Credit Agreement or entitle any Loan Party to a consent to, or
a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document in similar or different circumstances. This Amendment shall apply
to and be effective only with respect to the provisions of the Credit Agreement and the other Loan Documents specifically referred to herein. 

(b) For U.S. federal income tax purposes, the Borrowers, each Lender and the Administrative Agents shall treat the Refinancing Term B Loans as
fungible with the 2017 Incremental Term B Loans. 
 (c) On and after the First Refinancing Amendment Effective Date, each reference in the
Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import, and each reference to the Credit Agreement, “thereunder”, “thereof”, “therein” or
words of like import in any other Loan Document, shall be deemed a reference to the Credit Agreement, as amended hereby. This Amendment shall constitute an Incremental Facility Amendment and a Refinancing Amendment entered into pursuant to
Section 2.20 and Section 2.21, respectively, of the Credit Agreement and a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents. 

SECTION 2.03. Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of
New York. The provisions of 

  
 9 

 
Sections 9.09 and 9.10 of the Credit Agreement shall apply to this Amendment to the same extent as if fully set forth herein. 

SECTION 2.04. Costs and Expenses. The Borrowers agree to reimburse the Administrative Agents and the First Refinancing Amendment
Arrangers for their reasonable out of pocket expenses in connection with this Amendment and the transactions contemplated hereby, including the reasonable fees, charges and disbursements of Cahill Gordon & Reindel LLP,
counsel for the Administrative Agents and the First Refinancing Amendment Arrangers. 
 SECTION 2.05. Counterparts. This Amendment
may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the
same instrument. Delivery of any executed counterpart of a signature page of this Amendment by facsimile transmission or other electronic imaging means shall be effective as delivery of a manually executed counterpart hereof. 

SECTION 2.06. Headings. The headings of this Amendment are for purposes of reference only and shall not limit or otherwise affect the
meaning hereof. 

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

							
	DENALI INTERMEDIATE INC.
		
	BY	 	 /s/ Janet B. Wright

		 	NAME:	 	Janet B. Wright
		 	TITLE:	 	Senior Vice President and Assistant Secretary
	
	DELL INC.
		
	BY	 	 /s/ Janet B. Wright

		 	NAME:	 	Janet B. Wright
		 	TITLE:	 	Senior Vice President and Assistant Secretary
	
	DELL INTERNATIONAL L.L.C.
		
	BY	 	 /s/ Janet B. Wright

		 	NAME:	 	Janet B. Wright
		 	TITLE:	 	Senior Vice President and Assistant Secretary
	
	EMC CORPORATION
		
	BY	 	 /s/ Janet B. Wright

		 	NAME:	 	Janet B. Wright
		 	TITLE:	 	Senior Vice President and Assistant Secretary

							
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as Term Loan B Administrative Agent and Collateral Agent
		
	BY	 	 /s/ Judith E. Smith

		 	Name: Judith E. Smith
		 	Title: Authorized Signatory
		
	BY	 	 /s/ D. Andrew Maletta

		 	Name: D. Andrew Maletta
		 	Title: Authorized Signatory

							
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as a Lender
		
	BY	 	 /s/ Judith E. Smith

		 	Name: Judith E. Smith
		 	Title: Authorized Signatory
		
	BY	 	 /s/ D. Andrew Maletta

		 	Name: D. Andrew Maletta
		 	Title: Authorized Signatory

							
	JPMORGAN CHASE BANK, N.A., as Term Loan A/Revolver Administrative Agent
		
	BY	 	 /s/ Bruce S. Borden

		 	Name: Bruce S. Borden
		 	Title: Executive DirectorExhibit

Exhibit 10.17

AMENDMENT NO. 1
TO
SEVERANCE AGREEMENT 

THIS AMENDMENT NO. 1 (this “Amendment”) TO SEVERANCE AGREEMENT is entered into between Bret M. Allan (“Employee”) and Southcross Energy Partners GP, LLC, a Delaware limited liability company (the “Company”), is entered into as of August 1, 2016. All capitalized terms used herein but not otherwise defined herein but defined in that certain Severance Agreement, effective as of June 8, 2015, by and between the Employee and the Company (as amended or modified from time to time, the “Severance Agreement”), shall have the meanings ascribed to such terms therein.
WHEREAS, the Company is an Affiliate of Southcross Holdings LP (“Southcross Holdings”);
WHEREAS, concurrently with execution of this Amendment, Southcross Holdings is granting to Employee certain Class B Units of Southcross Holdings (the “Employee Award”) and, as a condition to and in consideration of such grant, Employee and the Company desire to amend the Severance Agreement as set forth herein; and
WHEREAS, Employee acknowledges and agrees that Employee may be entitled to significant financial benefit by receiving the Employee Award and that Southcross Holdings would not be willing to grant Employee such Employee Award in the absence of Employee entering into this Amendment.
NOW, THEREFORE, in consideration of the foregoing premises and covenants, conditions and other agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is hereby agreed as follows:
1.Amendments.  

a.Section 1 of the Severance Agreement is hereby amended to add the following in appropriate alphabetical order:

                   ““Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under common control with, such Person, where “control” shall have the meaning given such term under Rule 405 of the Securities Act of 1933, as amended from time to time.
    
“Board” means the Board of Directors of Company or any successor governing body.

“Compensation Committee” means the Compensation Committee of the Board, or if no such committee exists, the Board.

“Date of Termination” means the date on which Employee ceases to be employed by the Company or any of its Affiliates.

“Person” means any individual, natural person, corporation (including any non-profit corporation), general partnership, limited partnership, limited liability partnership, joint venture, estate, trust, company (including any company limited by shares, limited liability company or joint stock company), incorporated or unincorporated association, governmental authority, firm, society or other enterprise, organization or other entity of any nature.

“Restricted Period” means the period from the Effective Date through the first anniversary of the Date of Termination.

“Term” means the period of time beginning on the Effective Date and ending on the first anniversary of the Date of Termination.”

b.Section 1 of the Severance Agreement is hereby further amended by amending and restating the definition of “Sale Event” in its entirety as follows:
    
““Sale Event” means: (i) any “person” or “group” within the meaning of Sections 13(d) and 14(d)(2) of the Securities Exchange Act of 1934, other than the Company, EIG BBTS Holdings, LLC, TW Southcross Aggregator LP or Southcross Holdings LP or any of their respective Affiliates (as determined immediately prior to such event), shall become the beneficial owners, by way of merger, acquisition, consolidation, recapitalization, reorganization or otherwise, of fifty percent (50%) or more of the combined voting power of the equity interests in the Company or Southcross Energy Partners, L.P. (the “Partnership”); (ii) the limited partners of the Partnership approve, in one or a series of transactions, a plan of complete liquidation of the Partnership, (iii) the sale or other disposition by the Company or the Partnership of all or substantially all of its assets in one or more transactions to any Person other than the Company, the Partnership, EIG BBTS Holdings, LLC, TW Southcross Aggregator LP or Southcross Holdings LP or any of their respective Affiliates; or (iv) a transaction resulting in a Person other than the Company, EIG BBTS Holdings, LLC, TW Southcross Aggregator LP or Southcross Holdings LP or any of their respective Affiliates (as determined immediately prior to such event) being the sole general partner of the Partnership.”

c.Section 5 of the Severance Agreement is hereby amended and restated in its entirety as follows:

“5.    Confidentiality and Non-Competition.

(a)    Employee agrees that this Agreement and all discussions and negotiations concerning this Agreement and its terms shall be confidential and shall not be disclosed to anyone other than Employee’s spouse and financial advisor and only after Employee has received assurances from such person(s) to abide by the 

terms of this Section 5. Employee acknowledges that the Company may have an obligation to file or disclose this Agreement to governmental agencies.

(b)    In consideration of the promise of the Company to provide Employee with Proprietary Information (as defined below), Employee shall not, at any time during the Restricted Period, directly or indirectly engage in, have any equity interest in, or manage or operate any person, firm, corporation, partnership, business or entity (whether as director (excluding any directorship consented to by the Board), officer, employee, agent, representative, partner, security holder, consultant or otherwise) that engages in (either directly or through any subsidiary or Affiliate thereof) any business or activity (i) relating to midstream assets (including, without limitation, the gathering, processing and transportation of natural gas and the fractionation, transportation and storage of natural gas liquids) in any county in the State of Texas that is within any of District 1, 2, 3 or 4 of the Oil & Gas Division of the Railroad Commission of Texas, which competes with the business of Company or any entity owned by Company, or (ii) which Company or any of its Affiliates has taken active steps to engage in or acquire. Notwithstanding the foregoing, Employee shall be permitted to own or acquire a passive stock or equity interest in such a business; provided that such stock or other equity interest acquired is not more than two percent of the outstanding interest in such business.

(c)    Provisions contained in Section 5(b) may be altered and/or waived to be made less restrictive on Employee with the prior written consent of the Board or the Compensation Committee.

(d)    During the Term, in connection with Employee’s employment with Company, Company promises to provide Employee with Proprietary Information in support of Employee’s employment duties. Except as Employee reasonably and in good faith determines to be required in the faithful performance of Employee’s duties hereunder or in accordance with Section 5(f), Employee shall, during the Term and after the Date of Termination, maintain in confidence and shall not directly or indirectly, use, disseminate, disclose or publish, or use for Employee’s benefit or the benefit of any person, firm, corporation or other entity, any confidential or proprietary information or trade secrets of or relating to Company, including, without limitation, information with respect to Company’s operations, processes, protocols, products, inventions, business practices, finances, principals, vendors, suppliers, customers, potential customers, marketing methods, costs, prices, contractual relationships, regulatory status, compensation paid to employees or other terms of employment (“Proprietary Information”), or deliver to any person, firm, corporation or other entity, any document, record, notebook, computer program or similar repository of or containing any such Proprietary Information. Employee’s obligation to maintain and not use, disseminate, disclose or publish, or use for Employee’s benefit or the benefit of any person, firm, corporation or other entity, any Proprietary Information after the Date of Termination will continue so long as such Proprietary Information is not, or has not by legitimate means become, generally known and in the public 

domain (other than by means of Employee’s direct or indirect disclosure of such Proprietary Information) and continues to be maintained as Proprietary Information by Company. The parties hereby stipulate and agree that as between them, the Proprietary Information identified herein is important, material and affects the successful conduct of the businesses of Company (and any successor or assignee of Company). 

(e)    Upon termination of Employee’s employment with Company for any reason, Employee will promptly after such termination deliver to Company all correspondence, drawings, manuals, letters, notes, notebooks, reports, programs, plans, proposals, financial documents, or any other documents concerning Company’s customers, business plans, marketing strategies, products or processes in Employee’s possession. 

(f)    Employee may respond to a lawful and valid subpoena or other legal process but shall give Company (if lawfully permitted to do so) the earliest possible notice thereof, and shall, as much in advance of the return date as possible, make available to Company and its counsel the documents and other information sought, and shall assist such counsel in resisting or otherwise responding to such process. Upon notification from Employee of such subpoena or other legal process, but only to the extent that such notification is provided during the Restricted Period, Company shall, at its reasonable expense, retain mutually acceptable legal counsel to represent Employee in connection with Employee’s response to any such subpoena or other legal process. Employee may also disclose Proprietary Information if: (i) in the reasonable written opinion of counsel for Employee furnished to Company, such information is required to be disclosed for Employee not to be in violation of any applicable law or regulation or (ii) Employee is required to disclose such information in connection with the enforcement of any rights under this Agreement or any other agreements between Employee and Company.

(g)    Prior to accepting other employment or any other service relationship during the Restricted Period, Employee shall provide a copy of this Section 5 to any recruiter who assists Employee in obtaining other employment or any other service relationship and to any employer or person with which Employee discusses potential employment or any other service relationship.

(h)    In the event the terms of this Section 5 shall be determined by any court of competent jurisdiction to be unenforceable by reason of its extending for too great a period of time or over too great a geographical area or by reason of its being too extensive in any other respect, it will be interpreted to extend only over the maximum period of time for which it may be enforceable, over the maximum geographical area as to which it may be enforceable, or to the maximum extent in all other respects as to which it may be enforceable, all as determined by such court in such action. 

(i)    Employee recognizes and acknowledges that a breach of the covenants contained in this Section 5 may cause irreparable damage to Company and its goodwill, the exact amount of which will be difficult or impossible to ascertain, and that the remedies at law for any such breach will be inadequate. Accordingly, Employee agrees that in the event of a breach of any of the covenants contained in this Section 5, in addition to any other remedy which may be available at law or in equity, Company will be entitled to specific performance and injunctive relief.

(j)    As used in this Section 5, the term “Company” shall include Company, its parent, Affiliates, related entities, and any of its direct or indirect subsidiaries.”

2.Effect on the Severance Agreement.  This Amendment and the Severance Agreement shall henceforth be read together.  Except as expressly set forth herein, the Severance Agreement shall remain in full force and effect, and is in all respects hereby ratified and confirmed.  This Amendment shall not constitute an amendment or waiver of any provision of the Severance Agreement not expressly referred to herein and shall not be construed as an amendment, waiver, or consent to any action that would require an amendment, waiver, or consent except as expressly stated herein.

3.Captions.  The captions herein are included for convenience of reference only and shall be ignored in the construction or interpretation hereof.

                
*    *    *    *    *

IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, have duly executed this Amendment as of the date first written above.

	
					
	 
	 
	COMPANY:
	 

	 
	 
	 
	 
	 

	 
	 
	SOUTHCROSS ENERGY PARTNERS GP, LLC

	 
	 

	 
	 

	 
	 
	By:
	 

	 
	 
	 
	Name: John E. Bonn

	 
	 
	 
	Title: President and Chief Executive Officer

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	EMPLOYEE:

	 
	 
	 

	 
	 
	Bret M. Allan

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