Document:

EX-10.2

 Exhibit 10.2 

EXECUTIVE AGREEMENT 
 This
Executive Agreement (“Agreement”) is entered into by and between Charles E. Geer, Jr. (“Employee”) and Halliburton Company, for and on behalf of itself, its subsidiaries, and its affiliated companies
(collectively, “Employer” or “Company”), as of January 1, 2015 (the “Effective Date”). 

RECITALS 
 WHEREAS,
Employer desires to continue to employ Employee pursuant to the terms and conditions and for the consideration set forth in this Agreement, and Employee desires to continue to be employed by Employer pursuant to such terms and conditions and for
such consideration. 
 NOW THEREFORE, for and in consideration of the mutual promises, covenants, and obligations contained herein,
Employer and Employee agree as follows: 
  

	ARTICLE 1:	EMPLOYMENT AND DUTIES: 

 1.1 Employer agrees to employ Employee, and Employee agrees to
be employed by Employer, as of the Effective Date and continuing until the date of termination of Employee’s employment pursuant to the provisions of Article 3, subject to the terms and conditions of this Agreement. 

1.2 As of the Effective Date, Employee will be employed as Vice President and Corporate Controller. Employee agrees to serve in the assigned
position or in such other executive capacities as may be requested from time to time by Employer and to perform diligently and to the best of Employee’s abilities the duties and services appertaining to such position as reasonably determined by
Employer, as well as such additional or different duties and services appropriate to such positions which Employee from time to time may be reasonably directed to perform by Employer. 

1.3 Employee shall at all times comply with and be subject to such policies and procedures as Employer may establish from time to time,
including, without limitation, the Halliburton Company Code of Business Conduct (the “Code of Business Conduct”), Company Policy 3-90020, “Director and Executive Compensation Administration” (with respect to the
prohibition of discretionary payments in certain situations), Company Policy 3-90040, “Recoupment of Incentive Compensation”, and Company Policy 3-90050, “Termination of Officers Who Participate in Violations or Disregard Supervisory
Responsibilities”, all of which have been made available to Employee and are available under “COBC” or “Policies” as posted on Halworld located at http://halworld.corp.halliburton.com, as well as
Section 32(a) of the Halliburton Company By-Laws (with respect to the limitations on the advancement of legal expenses), a copy of which has been made available to Employee. By signing this Agreement, Employee hereby represents and warrants
that he has read, understood and agrees to the terms and conditions contained in such Code of Business Conduct, policies, and By-Laws. 

  
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 1.4 Employee shall, during the period of Employee’s employment by Employer, devote
Employee’s full business time, energy, and best efforts to the business and affairs of Employer. Employee may not engage, directly or indirectly, in any other business, investment, or activity that interferes with Employee’s performance of
Employee’s duties hereunder, is contrary to the interest of Employer or any of its affiliated companies (collectively, the “Halliburton Entities” or, individually, a “Halliburton Entity”), or
requires any significant portion of Employee’s business time. The foregoing notwithstanding, the parties recognize and agree that Employee may engage in passive personal investments and other business activities which do not conflict with the
business and affairs of the Halliburton Entities or interfere with Employee’s performance of his duties hereunder. Employee may not serve on the board of directors of any entity other than a Halliburton Entity while employed by Employer without
the approval thereof in accordance with Employer’s policies and procedures regarding such service. Employee shall be permitted to retain any compensation received for approved service on any unaffiliated corporation’s board of directors to
the extent permitted under a Halliburton Entity’s policies and procedures. 
 1.5 Employee acknowledges and agrees that Employee owes a
fiduciary duty of loyalty, fidelity and allegiance to act at all times in the best interests of the Employer and the other Halliburton Entities and to do no act which would, directly or indirectly, injure any such entity’s business, interests,
or reputation. It is agreed that any direct or indirect interest in, connection with, or benefit from any outside activities, particularly commercial activities, which interest might in any way adversely affect Employer, or any Halliburton Entity,
involves a possible conflict of interest. In keeping with Employee’s fiduciary duties to Employer, Employee agrees that Employee shall not knowingly become involved in a conflict of interest with Employer or the Halliburton Entities, or upon
discovery thereof, allow such a conflict to continue. Moreover, Employee shall not engage in any activity that might involve a possible conflict of interest without first obtaining approval in accordance with the applicable Halliburton Entity’s
policies and procedures. 
 1.6 Nothing contained herein shall be construed to preclude the transfer of Employee’s employment to
another Halliburton Entity (“Subsequent Employer”) as of, or at any time after, the Effective Date and no such transfer shall be deemed to be a termination of employment for purposes of Article 3 hereof; provided, however,
that, effective with such transfer, all of Employer’s obligations hereunder shall be assumed by and be binding upon, and all of Employer’s rights hereunder shall be assigned to, such Subsequent Employer and the defined term
“Employer” as used herein shall thereafter be deemed amended to mean such Subsequent Employer. Except as otherwise provided above, all of the terms and conditions of this Agreement, including without limitation, Employee’s rights and
obligations, shall remain in full force and effect following such transfer of employment. 
  

	ARTICLE 2:	COMPENSATION AND BENEFITS: 

 2.1 Employee’s base salary as of the Effective Date
will be $325,000 per annum, which shall be paid in accordance with the Employer’s standard payroll practice for its executives. Employee’s base salary may thereafter be increased from time to time with the approval of

  
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Halliburton Company’s Board of Directors (the “Board of Directors”), its Compensation Committee (the “Compensation Committee”), or its
delegate, as applicable. Such increased base salary shall become the minimum base salary under this Agreement and may not be decreased thereafter without the written consent of Employee, unless comparable reductions in salary are effective for all
similarly situated executives of Employer. 
 2.2 Employee shall participate in the Annual Performance Pay Plan, or any successor annual
incentive plan approved by the Compensation Committee; provided, however, that all determinations relating to Employee’s participation, including, without limitation, those relating to the performance goals applicable to Employee and
Employee’s level of participation and payout opportunity, shall be made in the sole discretion of the person or committee to whom such authority has been granted pursuant to such plan’s terms. 

2.3 Employee shall be nominated for participation in the Performance Unit Program, or any similar successor long-term incentive program
approved by the Compensation Committee; provided, however, that all determinations relating to Employee’s participation, including, without limitation, those relating to the performance goals applicable to Employee and Employee’s level of
participation and incentive opportunity shall be made in accordance with applicable guidelines in place at the time of nomination, and Employee’s participation shall further be subject to such other terms and conditions as set forth in the
Performance Unit Program Terms and Conditions and other underlying documentation. 
 2.4 Employer shall pay or reimburse Employee for all
actual, reasonable and customary expenses incurred by Employee in the course of his employment; including, but not limited to, travel, entertainment, subscriptions and dues associated with Employee’s membership in professional, business and
civic organizations; provided that such expenses are incurred and accounted for in accordance with Employer’s applicable policies and procedures. Any reimbursement provided hereunder during one calendar year shall not affect the amount or
availability of reimbursements in another calendar year. Any reimbursement provided hereunder shall be paid no later than the earlier of (i) the time prescribed under Employer’s applicable policies and procedures, or (ii) the last day
of the calendar year following the calendar year in which Employee incurred the reimbursable expense. 
 2.5 Employee shall be allowed to
participate, on the same basis generally as other executive employees of Employer, in all general employee benefit plans and programs, including improvements or modifications of the same, which on the Effective Date or thereafter are made available
by Employer to all or substantially all of Employer’s similarly situated executive employees. Such benefits, plans, and programs may include, without limitation, medical, health, and dental care, life insurance, disability protection, and
qualified and non-qualified retirement plans. Except as specifically provided herein, nothing in this Agreement is to be construed or interpreted to increase or alter in any way the rights, participation,
coverage, or benefits under such benefit plans or programs than provided to similarly-situated executive employees pursuant to the terms and conditions of such benefit plans and programs. While employed by Employer, Employee shall be eligible to
receive awards under the Halliburton Company Stock and Incentive Plan (“SIP”) or any successor stock-related plan adopted by the Board of Directors. 

  
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 2.6 Employer shall not, by reason of this Article 2, be obligated to institute, maintain, or
refrain from changing, amending or discontinuing, any incentive compensation, employee benefit or stock or stock option program or plan, so long as such actions are similarly applicable to covered employees generally. 

2.7 Employer may withhold from any compensation, benefits, or amounts payable under this Agreement all federal, state, city, or other taxes as
may be required pursuant to any law or governmental regulation or ruling. 
  

	ARTICLE 3:	TERMINATION OF EMPLOYMENT AND EFFECTS OF SUCH TERMINATION: 

 3.1 Employee’s
employment with Employer shall be considered an “at-will” relationship and shall be terminated (i) upon the death of Employee, (ii) upon Employee’s Retirement (as defined below), (iii) upon Employee’s Permanent
Disability (as defined below), or (iv) at any time by Employer upon written notice to Employee, or by Employee upon thirty (30) calendar days’ written notice to Employer, for any or no reason. This Agreement may be terminated by
Employer at any time upon one hundred and eighty (180) calendar days’ written notice to Employee and no such termination of this Agreement shall be deemed a termination of employment for purposes of this Article 3. 

3.2 If Employee’s employment is terminated by reason of any of the following circumstances, Employee shall not be entitled to receive the
benefits set forth in Section 3.4 hereof: 
  

	 	(i)	Death. 

  

	 	(ii)	Retirement. “Retirement” shall mean either (a) Employee’s retirement at or after normal retirement age (either voluntarily or pursuant to the applicable Halliburton Entity’s
retirement policy) or (b) the voluntary termination of Employee’s employment by Employee in accordance with Employer’s early retirement policy for other than Good Reason (as defined below). 

 

	 	(iii)	Permanent Disability. “Permanent Disability” shall mean Employee’s physical or mental incapacity to perform his usual duties with such condition likely to remain continuously and
permanently as reasonably determined by a qualified physician selected by Employer. 

  

	 	(iv)	 Voluntary Termination. “Voluntary Termination” shall mean a termination of employment in the sole discretion and at the
election of Employee for other than Good Reason. “Good Reason” shall mean a termination of employment by Employee because of a material breach by Employer of any material provision of

  
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this Agreement, provided that (i) Employee provides written notice to Employer, as provided in Section 6.2 hereof, of the circumstances Employee claims constitute “Good
Reason” within ninety (90) calendar days of the first to occur of such circumstances, (ii) such breach remains uncorrected for thirty (30) calendar days following written notice, and (iii) Employee’s termination occurs
within one hundred eighty (180) calendar days after the date that the circumstances Employee claims constitute “Good Reason” first occurred. 

  

	 	(v)	Termination for Cause. Termination of Employee’s employment by Employer for Cause. “Cause” shall mean any of the following: (a) Employee’s gross negligence or willful
misconduct in the performance of the duties and services required of Employee pursuant to this Agreement; (b) Employee’s final conviction of a felony; (c) a material violation of the Code of Business Conduct or
(d) Employee’s material breach of any material provision of this Agreement which remains uncorrected for thirty (30) calendar days following written notice of such breach to Employee by Employer. Determination as to whether or not
Cause exists for termination of Employee’s employment will be made by the Compensation Committee, or its delegate, acting in good faith. 

  

	 	(vi)	Termination for Substantial Participation in a Significant Violation or Failure to Supervise. Termination of Employee’s employment by Employer following a determination, in accordance with the procedures set
out in Company Policy 3-90050, that (a) in connection with the performance of Employee’s duties as an officer, Employee Substantially Participated in a Significant Violation or both (A) had direct supervisory responsibility over an
employee who Substantially Participated in such a violation and (B) Recklessly disregarded Employee’s own supervisory responsibilities, and (b) Employee’s conduct warrants termination. 

3.3 In the event Employee’s employment is terminated under any of the circumstances described in Section 3.2, all future
compensation to which Employee is otherwise entitled and all future benefits for which Employee is eligible shall cease and terminate as of the date of termination. Employee, or his estate in the case of Employee’s death, shall be entitled to
pro rata base salary through the date of such termination, payment for any properly documented but unreimbursed business expenses, and, except as may be prohibited by Company policy, shall be entitled to any individual annual incentive compensation
not yet paid but earned and payable under Employer’s plans for the year prior to the year of Employee’s termination of employment, but shall not be entitled to any annual incentive compensation for the year in which he terminates
employment or any other payments or benefits by or on behalf of Employer, except for those which may be payable pursuant to the terms of Employer’s or Halliburton Entity’s employee benefit plans (as defined in Section 3.5(b)), stock,
stock option or incentive plans, or the applicable agreements underlying such plans. 

  
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 3.4 If Employee’s employment is terminated by Employee for Good Reason or by Employer for
any reason other than as set forth in Section 3.2 above, Employee shall be entitled to (A) the payment provided for in (i) below, subject to the provisions of Section 3.5, and (B) the payment provided for in (ii) below,
as additional consideration for Employee’s post-employment covenants under Article 5, subject to the provisions of (iii) below: 
  

	 	(i)	A single lump sum payment equal to one (1) year of Employee’s base salary as in effect at the date of Employee’s termination of employment. Such benefit shall be paid as soon as administratively
practicable, but no later than the sixtieth (60th) calendar day following Employee’s termination of employment. 

 

	 	(ii)	A single lump sum payment equal to the value of Employee’s unvested shares of Halliburton Company restricted stock in accordance with the table below and based on the closing price quoted for Halliburton Company
common stock on the New York Stock Exchange on the date of Employee’s termination of employment or the last business day immediately preceding the date of Employee’s termination of employment, with such payment, if due Employee, to be paid
on the sixtieth (60th) calendar day following the first anniversary of Employee’s termination of employment. (For example, if Employee holds 50,000 shares of unvested restricted stock on
the date of termination of employment, has at least five (5) years of service, but less than seven (7) years of service, and the closing price of Halliburton Company common stock on that date is $40 per share, the value for purposes of
calculating the amount of the payment in this (ii) would be equal to [(50,000 shares X 0.50) X $40 per share] or [25,000 shares X $40 per share] or $1,000,000.) All remaining shares will be forfeited. 

 

					
	 Consecutive Years of Service
	  	Vested Percentage	 
	 Less than two years
	  	 	0	% 
	 At least two, but less than five years
	  	 	25	% 
	 At least five, but less than seven years
	  	 	50	% 
	 At least seven, but less than ten years
	  	 	75	% 
	 Ten or more years
	  	 	100	% 

  

	 	(iii)	Employee understands and agrees that his right to all or any portion of the payment provided for in Section 3.4(ii), and Employer’s obligation to make payment of the entire amount or any portion thereof, are
dependent and conditioned on Employee’s compliance in full with all provisions contained in Article 5. Any failure on the part of Employee to comply with each provision, including any attempt by or on behalf of Employee to have any such
provision declared unenforceable in whole or in part by an arbitrator or court, shall excuse Employer forever from the obligation to make the payment, in whole or in part, provided for in Section 3.4(ii). 

  
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 3.5 (a) The benefits paid to Employee pursuant to Section 3.4(i) shall be in consideration
of Employee’s continuing obligations hereunder after such termination, including, without limitation, Employee’s obligations under Article 4. Further, as a condition to the receipt of such benefits, Employer, in its sole discretion, shall
require Employee to first execute a release, in the form established by Employer, releasing Employer and all other Halliburton Entities, and their officers, directors, employees, and agents, from any and all claims and from any and all causes of
action of any kind or character, including, but not limited to, all claims and causes of action arising out of Employee’s employment with Employer and any other Halliburton Entities or the termination of such employment. The release must be
executed by Employee within a period designated by Employer, which shall begin no earlier than the date of Employee’s termination of employment and will end no later than the date that is fifty (50) calendar days after the date of
Employee’s termination of employment. The performance of Employer’s obligations under Section 3.4(i) and the receipt of the benefits provided thereunder by Employee shall constitute full settlement of all such claims and causes of
action. Such release shall also include the restrictions contained in Sections 3.6 - 3.9. Employee shall not be under any duty or obligation to seek or accept other employment following a termination of employment pursuant to which a benefit payment
under Section 3.4(i) is owing and the amounts due Employee pursuant to Section 3.4(i) shall not be reduced or suspended if Employee accepts subsequent employment or earns any amounts as a self-employed individual. Employee’s rights
under Section 3.4(i) are Employee’s sole and exclusive rights against the Employer or its affiliates and the Employer’s sole and exclusive liability to Employee under this Agreement, in contract, tort, under statute or otherwise, for
the termination of his employment relationship with Employer. 
 (b) Employee agrees that all disputes relating to Employee’s
termination of employment, including, without limitation, any dispute as to the occurrence of the events listed in Section 3.2, and any claims or demands against Employer based upon Employee’s employment for any monies other than those
specified in Section 3.4(i), shall be resolved through the Halliburton Company Dispute Resolution Plan (“Dispute Resolution Plan”) as provided in Section 6.6 hereof; provided, however, that decisions as to whether
any of the events listed in Section 3.2 have occurred, will be made by the Board of Directors, the Compensation Committee, or its delegate, as required under the applicable Company policy, and in any dispute by Employee with any such
determination, the arbitrator’s decision shall be limited to whether the Board of Directors, the Compensation Committee, or its delegate, reached such decision in good faith. Nothing contained in this Article 3 shall be construed to be a waiver
by Employee of any benefits accrued for or due Employee under any employee benefit plan (as such term is defined in the Employee Retirement Income Security Act of 1974, as amended) maintained by Employer except that Employee shall not be entitled to
any severance benefits pursuant to any severance plan or program of the Employer. 
 3.6 In consideration of the access to
“Confidential Information” as defined in Article 4, Employee agrees that, for a period of one (1) year following separation of employment, the Employee will not directly or indirectly (a) solicit, induce to
terminate or reduce its business, or (b) agree to provide products and/or services that compete directly with the material products and services provided, marketed, and/or under development by the Employer at any time during the three
(3) years preceding the Employee’s separation from employment with Employer for any person or entity who paid or engaged Employer for products and/or services, or who received the benefit of Employer’s products and/or services, or
with whom the Employee had any substantial 

  
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dealings, while Employee was employed by Employer, during the three (3) years preceding the Employee’s separation from employment with Employer. However, this restriction applies only
to those products and/or services that the Employee was personally involved in. 
 3.7 Employee further agrees that Employee will not,
during the one (1) year period following separation of employment, solicit, directly or indirectly, or cause or permit others to solicit, directly or indirectly, any person (i) formerly employed by Employer during the six (6) month
period immediately preceding or following Employee’s termination of employment (“Former Employee”) or (ii) employed by Employer (“Current Employee”). The term
“solicit” includes, but is not limited to, the following (regardless of whether done directly or indirectly): (a) requesting that a Former or Current Employee change employment; (b) informing a Former or Current
Employee that an opening exists elsewhere; (c) assisting a Former or Current Employee in finding employment elsewhere; (d) inquiring if a Former or Current Employee “knows of anyone who might be interested” in a position
elsewhere; (e) inquiring if a Former or Current Employee might have an interest in employment elsewhere; (f) informing others of the name or status of, or other information about, a Former or Current Employee; or (g) any other similar
conduct, the intended or actual effect of which is that a Former Employee affiliates with another employer or a Current Employee leaves the employment of Employer. 

3.8 (a) In consideration of the access to Confidential Information and so as to enforce the confidentiality obligations contained in Article
4, the Employee specifically agrees that, for a period of one (1) year following separation of employment, except as permitted by Section 3.8(b) below, Employee will not engage, directly or indirectly, either as proprietor, stockholder,
partner, officer, member, employee, consultant, or otherwise, in any existing or future business or in any existing or future division or unit of a commercially diverse business enterprise, that is owned in whole or in part or effectively controlled
by any of the following companies: Baker Hughes Inc.; Cameron International Corporation; Diamond Offshore Drilling, Inc.; Ensco International, Inc.; Exterran Holdings, Inc.; General Electric; Helmerich & Payne, Inc.; Nabors Industries,
Ltd.; National Oilwell Varco, Inc.; Noble Corporation; Oceaneering International, Inc.; Rowan Companies; Schlumberger Ltd.; Tidewater Inc.; Transocean, Ltd.; Weatherford International, Ltd. 

(b) The above Section 3.8(a) notwithstanding, nothing in this Section 3.8 shall prohibit Employee and his affiliates from owning, as
passive investors, in the aggregate not more than five percent of equity securities of any of the companies listed in such 
Section 3.8(a). 

3.9 Termination of the employment relationship, regardless of reason or circumstances, does not terminate those obligations imposed by this
Agreement which are continuing obligations, including, without limitation, Employee’s obligations under Articles 3.6 – 3.9 and 4. 

  
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	ARTICLE  4:	OWNERSHIP AND PROTECTION OF INTELLECTUAL PROPERTY AND CONFIDENTIAL INFORMATION: 

 4.1 All
information, ideas, concepts, improvements, discoveries, works of authorship, and inventions, whether patentable or copyrightable or not, which are conceived, reduced to practice, authored, made, developed or acquired by Employee, individually or in
conjunction with others, in the scope of Employee’s employment by Employer or any of its affiliates, and/or during the term of Employee’s employment (whether during business hours or otherwise and whether on Employer’s premises or
otherwise) which relate to the business, products or services of Employer or its affiliates (including, without limitation, all such information relating to any corporate opportunities, research, financial and sales data, pricing and trading terms,
evaluations, opinions, interpretations, acquisition prospects, the identity of customers or their requirements, the identity of key contacts within the customer’s organizations or within the organization of acquisition prospects, or marketing
and merchandising techniques, prospective names, and marks), and all documents, things, writings and items of any type or in any media embodying any of the foregoing (collectively, “Developments”), and any and all proprietary
rights of any kind thereto, including without limitation all rights relating to patents, copyrights, trade secrets, and trademarks, shall be the sole and exclusive property of Employer or its affiliates, as the case may be. Employee hereby assigns
to Employer any and all rights Employee might otherwise have in and to any such Developments, and any and all proprietary rights of any kind thereto, including without limitation all rights relating to patents, copyrights, trade secrets, and
trademarks. Employee acknowledges that the assignment of Employee’s entire right, title and interest in and to any and all such Developments to Employer is deemed effective upon the earliest of the conception, development, first reduction to
practice, or creation of the Development by Employee. Employee agrees, without further consideration and upon request by Employer, to assist and cooperate with Employer by executing any and all documents, and by performing any and all lawful acts,
necessary to document the assignment to Employer (or Employer’s designee) of Employee’s right, title and interest in and to any and all such Developments and to assist Employer (or Employer’s designee) in perfecting such rights. 

4.2 In connection with its employment of Employee, Employer shall provide to Employee such Confidential Information of Employer as is
reasonably necessary for Employee to perform Employee’s obligations hereunder. Employee agrees that “Confidential Information” as used herein shall include, without limitation, Employer’s trade secrets, confidential
and/or proprietary information, and all other information and data that is not generally known to third persons who could derive economic value from its use or disclosure, including, but not limited to, Employer’s strategies, methods, products,
software, books, records, data and technical information concerning its products, equipment, services, and processes, procurement procedures and pricing techniques, and the names of and other information (such as credit and financial data)
concerning its vendors, customers and business affiliates. Employee agrees that such Confidential Information constitutes valuable, special, and unique assets which Employer or its affiliates use in their business to obtain a competitive advantage
over their competitors. Employee further agrees that protection of such Confidential Information against unauthorized disclosure and use is of critical importance to Employer and its affiliates in maintaining their competitive position. Employee
shall not, at any time during or after the term of employment, use, publish, disclose, claim ownership of, communicate, divulge or send to others, access, or take, any Confidential Information of Employer or its affiliates, including Employer’s
vendors, consultants, joint ventures, or customers, except to the extent needed to carry out Employee’s obligations hereunder, or as otherwise authorized in 

  
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writing by Employer. Employee also agrees that Employee will not upload or cause to be uploaded to any online electronic data storage site (e.g., “cloud” storage sites) any Confidential
Information. Employee acknowledges and agrees that any unauthorized use or disclosure of such Confidential Information would cause irreparable harm to Employer. Confidential Information shall not include information in the public domain (but only if
the same becomes part of the public domain through a means other than a use or disclosure prohibited hereunder). The above notwithstanding, a disclosure shall not be unauthorized to the extent (i) it is required by law or by a court of
competent jurisdiction or (ii) it is required in connection with any judicial, arbitration, dispute resolution or other legal proceeding in which Employee’s legal rights and obligations as an employee or under this Agreement are at issue;
provided, however, that Employee shall, to the extent practicable and lawful in any such event, give prior notice to Employer of Employee’s intent to disclose any such confidential business information in such context so as to allow Employer or
its affiliates an opportunity (which Employee will not oppose) to obtain such protective orders or similar relief with respect thereto as may be deemed appropriate, and that Employee shall limit any such disclosure to that required by the foregoing
circumstances. 
 4.3 All written and electronic materials, records, and other documents and information made by, or coming into the
possession of, Employee during the term of Employee’s employment that contain or disclose any Confidential Information of Employer or its affiliates, and any and all proprietary rights of any kind thereto, including without limitation all
rights relating to patents, copyrights, trade secrets, and trademarks, shall be and remain the sole and exclusive property of Employer, or its affiliates, as the case may be. Upon termination of Employee’s employment for any reason, Employee
promptly shall deliver the same, and all copies thereof, to Employer. 
 4.4 If, in the performance of Employee’s duties for Employer,
it is necessary to temporarily remove documents or information from Employer’s premises, Employee will remove only such documents or information as necessary to perform such duties and will immediately return such documents or information to
Employer’s premises upon completion of such duties and at any time upon request. Employee further agrees not to commingle such documents or information with Employee’s personal records and documents. Employee agrees to maintain any back-up
copies of documents or information at Employer’s premises and not to maintain any back-up copies away from Employer’s premises. All documents or information (including computer records, facsimile and e-mail) and materials created, received
or transmitted in connection with Employee’s work or using Employer facilities are presumptively Employer’s property and subject to inspection by Employer at any time. Any computer media (e.g., disks, tapes, external thumb drives, flash
drives, external hard drives, DVDs or CDs), personally owned computers of Employee (including the contents of such computer’s hard drive) and data storage accounts on which any Employer documents or information has been stored may also be
reviewed by Employer to determine if they contain any Confidential Information. 
 4.5 For purposes of this Article 4,
“affiliates” shall mean entities in which Employer has a 20% or more direct or indirect equity interest. 

  
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	ARTICLE 5:	POST-EMPLOYMENT COVENANTS 

 5.1 In consideration of the access to the Confidential
Information (as defined in Article 4) provided by Employer, and in consideration of the payment made under Section 3.4(ii) to protect Employer’s Confidential Information, and the goodwill, customer base, and contractual relationships of
Employer, Employee agrees to the provisions of Sections 5.2, 5.3 and 5.4. Employee further agrees that the provisions in Sections 5.2, 5.3 and 5.4, and the provisions in Article 4, shall survive the termination of Employee’s employment
regardless of the reason for or circumstances of such termination (and regardless of whether such termination of employment is voluntary or involuntary on Employee’s part). 

5.2 Employee agrees that, for a period of one (1) year following the termination of Employee’s employment for any reason, Employee
shall not, anywhere in the world, directly or indirectly, either (a) solicit, encourage, or induce to terminate or reduce its business with Employer, any person or entity who paid or engaged Employer for products and/or services, or who
received the benefit of Employer’s products and/or services, or with whom the Employee had any substantial dealings while Employee was employed by Employer, during the three (3) years preceding the termination of Employee’s
employment, or (b) provide any products and/or services, that compete directly with products and/or services provided, marketed, and/or under development by Employer at any time during the three (3) years preceding the termination of
Employee’s employment, to any person or entity who paid or engaged Employer for products and/or services, or who received the benefit of Employer’s products and/or services, or with whom the Employee had any substantial dealings while
Employee was employed by Employer, during the three (3) years preceding the termination of Employee’s employment; provided, however, that the foregoing restrictions in Section 5.2(b) apply only to those products and/or services of
Employer with respect to which the Employee was directly involved or knowledgeable. 
 5.3 Employee further agrees that, for a period of one
(1) year following the termination of Employee’s employment for any reason, Employee shall not, anywhere in the world, solicit, directly or indirectly, or cause or permit others to solicit, directly or indirectly, any Former or Current
Employee. The term “solicit” as used in this Section 5.3 shall have the same meaning provided for such term in Section 3.7 above. 

5.4 Employee further agrees that, for a period of one (1) year following the termination of Employee’s employment for any reason,
Employee shall not, anywhere in the world, engage, directly or indirectly, either as proprietor, stockholder, partner, officer, member, employee, consultant, or otherwise, in any business, or in any division or unit of a commercially diverse
business enterprise listed in Section 3.8(a) above, except as qualified by Section 3.8(b) above. 
 5.5 Employee agrees that
(a) the covenants contained in Sections 5.2, 5.3 and 5.4 hereof are necessary for the protection of Employer’s business, goodwill and Confidential Information, and (b) the compensation and other consideration received by Employee,
including access to Confidential Information, are based on the parties’ agreement to such covenants. Employee represents and warrants that the time, scope of activity and geographic area restricted by Sections 5.2, 5.3 and 5.4 are reasonable,
especially in view of the worldwide scope of the business 

  
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operations of Employer and the nature of the Confidential Information, that the enforcement of those restrictions contained in Sections 5.2, 5.3 and 5.4 would not be unduly burdensome to or
impose any undue hardship on Employee, and that Employee will be able to earn a reasonable living while abiding by such covenants. Employee agrees that the restraints and provisions of Sections 5.2, 5.3 and 5.4 are no greater than necessary, and are
as narrowly drafted as reasonably possible, to protect the legitimate interests of Employer, including the Confidential Information of Employer, including without limitation its trade secrets. Employee irrevocably waives all defenses to the strict
enforcement of the covenants contained in Sections 5.2, 5.3 and 5.4, and agrees that the breach or violation, or threat thereof, of the obligations and covenants set forth in any of such Sections shall entitle Employer, as a matter of right, to an
injunction without the requirement of a bond, restraining any further or continued breach or violation of said obligations and covenants. The parties agree and acknowledge that the nature of Employer’s business, including the locations of its
projects, vendors, customers, and potential customers, is global in nature. Accordingly, the parties expressly agree that the foregoing restrictions on Employee need to be global in territorial scope to adequately protect Employer’s
Confidential Information and goodwill, and that such global territorial restriction is reasonable in view of Employer’s business, Employee’s position and responsibilities with Employer, and Employee’s access to the Confidential
Information of Employer. If the scope of any restriction contained in Sections 5.2, 5.3 or 5.4 is deemed by a court to be broader than reasonable, which the parties agree should not be the case, then such restriction shall be enforced to the maximum
extent permitted by law, and Employee and Employer hereby agree that such scope may be judicially modified accordingly in any proceeding brought to enforce such restriction. 

5.6 The provisions of Sections 5.2, 5.3 and 5.4 are, and shall be construed as, independent covenants, and no claimed or actual breach of any
contractual or legal duty by Employer shall excuse or terminate Employee’s obligations under this Agreement or preclude Employer from obtaining injunctive relief for Employee’s violation, or threatened violation, of any of those
provisions. The restrictive periods set forth in this Agreement shall not expire, and shall be tolled, during any period in which Employee is in violation of this Agreement. 

5.7 Employee agrees that the terms and conditions of this Agreement shall remain confidential as between the parties and he shall not disclose
them to any other person. Without limiting the generality of the foregoing, Employee will not respond to or in any way participate in or contribute to any public discussion, notice or other publicity concerning, or in any way relating to, execution
of this Agreement or its terms and conditions. Employee further agrees that he shall not make, directly or indirectly, whether in writing, orally or electronically, any negative, derogatory or other comment that could reasonably be expected to be
detrimental to the Halliburton Entities, their business or operations or any of their current or former employees, officers or directors. The foregoing notwithstanding, Employee may disclose the terms of this Agreement to his immediate family,
attorneys and financial advisors or prospective employers, provided he informs them of this confidentiality provision and they agree to abide by it. Employee consents to Employer showing this Agreement to any third party believed by Employer to be a
prospective or actual employer of Employee, and to insisting on Employee’s compliance with the terms of this Agreement. 

  
 12 of 16 

	ARTICLE 6:	MISCELLANEOUS: 

 6.1 Except as otherwise provided in Section 4.5 hereof, for
purposes of this Agreement, the terms “affiliate” or “affiliated” means an entity who directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control
with a Halliburton Entity or in which a Halliburton Entity has a 50% or more equity interest. 
 6.2 For purposes of this Agreement, notices
and all other communications provided for herein shall be in writing and shall be deemed to have been duly given when received by or tendered to Employee or Employer, as applicable, by pre-paid courier or by United States registered or certified
mail, return receipt requested, postage prepaid, addressed as follows: 
 If to Employer, to Halliburton Company at 3000 North Sam Houston
Parkway East, Houston, Texas 77032, to the attention of the General Counsel, or to such other address as Employee shall receive notice thereof. 

If to Employee, to his last known personal residence. 

6.3 This Agreement shall be governed by and construed and enforced, in all respects in accordance with the law of the State of Texas, without
regard to principles of conflicts of law, unless preempted by federal law, in which case federal law shall govern; provided, however, that the Dispute Resolution Plan and the Federal Arbitration Act shall govern in all respects with regard to the
resolution of disputes hereunder. Employee and Employer further agree that any lawsuit, arbitration, or other proceeding arising out of or related in any way to this Agreement or their relationship shall be commenced and maintained only in the
federal or state courts or before an arbitrator in Harris County, Texas, and each party waives any current or future objection to such venue and hereby further agrees to submit to the jurisdiction of any duly authorized court or arbitrator in Harris
County, Texas with respect to any such proceeding. 
 6.4 No failure by either party hereto at any time to give notice of any breach by the
other party of, or to require compliance with, any condition or provision of this Agreement shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. 

6.5 It is a desire and intent of the parties that the terms, provisions, covenants, and remedies contained in this Agreement shall be
enforceable to the fullest extent permitted by law. If any such term, provision, covenant, or remedy of this Agreement or the application thereof to any person, association, or entity or circumstances shall, to any extent, be construed to be invalid
or unenforceable in whole or in part, then such term, provision, covenant, or remedy shall be construed in a manner so as to permit its enforceability under the applicable law to the fullest extent permitted by law. In any case, the remaining
provisions of this Agreement or the application thereof to any person, association, or entity or circumstances other than those to which they have been held invalid or unenforceable, shall remain in full force and effect. 

  
 13 of 16 

 6.6 It is the mutual intention of the parties to have any dispute concerning this Agreement
resolved out of court. Accordingly, the parties agree that any such dispute shall, as the sole and exclusive remedy, be submitted for resolution through the Dispute Resolution Plan; provided, however, that the Employer, on its own behalf and on
behalf of any of the Halliburton Entities, shall be entitled to seek a restraining order or injunction in any court of competent jurisdiction to prevent any breach or the continuation of any breach of the provisions of Articles 3.6 through 3.9, 4
and/or 5 pending initiation or completion of proceedings under the Dispute Resolution Plan. Employee hereby consents that such restraining order or injunction may be granted without the necessity of the Employer posting any bond. The parties agree
that the resolution of any such dispute through such plan shall be final and binding. A copy of the Dispute Resolution Plan, as currently in effect, has been made available to Employee and is available on Halworld under “DRP” located at
http://halworld.corp.halliburton.com. Halliburton Company reserves the right to amend, or discontinue such plan, in accordance with, and subject to, the plan’s provisions regarding same. By signing this Agreement, Employee hereby
represents and warrants that he has read, understood and agrees to the terms and conditions contained in such Dispute Resolution Plan. THE PARTIES ACKNOWLEDGE THAT, BY SIGNING THIS AGREEMENT, THEY ARE KNOWINGLY AND VOLUNTARILY WAIVING ANY RIGHT
THAT THEY MAY HAVE TO A JURY TRIAL. 
 6.7 This Agreement shall be binding upon and inure to the benefit of Employer, to the extent
herein provided, Halliburton Entity and any other person, association, or entity which may hereafter acquire or succeed to all or substantially all of the business or assets of Employer by any means whether direct or indirect, by purchase, merger,
consolidation, or otherwise. Employee’s rights and obligations under this Agreement are personal and such rights, benefits, and obligations of Employee shall not be voluntarily or involuntarily assigned, alienated, or transferred, whether by
operation of law or otherwise, without the prior written consent of Employer, other than in the case of death or incompetence of Employee. 

6.8 This Agreement replaces and merges any previous agreements, understandings and discussions pertaining to the subject matter covered herein
and therein. This Agreement constitutes the entire agreement of the parties with regard to the terms of Employee’s employment, termination of employment and severance benefits, and contains all of the covenants, promises, representations,
warranties, and agreements between the parties with respect to such matters. Each party to this Agreement acknowledges that no representation, inducement, promise, or agreement, oral or written, has been made by either party with respect to the
foregoing matters which is not embodied herein, and that no agreement, statement, or promise relating to the employment of Employee by Employer that is not contained in this Agreement shall be valid or binding. Any modification of this Agreement
will be effective only if it is in writing and signed by each party whose rights hereunder are affected thereby, provided that any such modification must be authorized or approved by the Compensation Committee or its delegate, as appropriate. 

6.9 Notwithstanding any provision of the Agreement to the contrary, the following provisions shall apply for purposes of complying with
Section 409A of the Internal Revenue Code and applicable Treasury authorities (“Section 409A”): 

  
 14 of 16 

	 	(i)	If Employee is a “specified employee,” as such term is defined in Section 409A, any payments or benefits that are deferred compensation under Section 409A and are payable or provided as
a result of Employee’s termination of employment shall be payable on the date that is the earlier of (a) the date that is six months and one day after Employee’s termination, (b) the date of Employee’s death, or (c) the
date that otherwise complies with the requirements of Section 409A. 

  

	 	(ii)	It is intended that the provisions of this Agreement satisfy the requirements of Section 409A and that the Agreement be operated in a manner consistent with such requirements to the extent applicable. Therefore,
the Employer and Employee agree to construe the provisions of the Plan in accordance with the requirements of Section 409A. 

[SIGNATURE PAGE FOLLOWS] 

  
 15 of 16 

 Signature Page to Executive Agreement 

By and Between Halliburton Company and 

Charles E. Geer, Jr. 

IN WITNESS WHEREOF, Employer and Employee have duly executed this Agreement in multiple originals to be effective on the Effective
Date. 
  

			
	HALLIBURTON COMPANY
		
	By:	 	 /s/ Lawrence Pope

	Name:	 	Lawrence Pope
	Title:	 	Executive Vice President – Administration and Chief Human Resources Officer
		 	
	
	EMPLOYEE
	
	 /s/ Charles E. Geer, Jr.

	Name:	 	Charles E. Geer, Jr.

  
 16 of 16Exhibit 10.1

FOURTH AMENDMENT 

TO 

AMENDED AND RESTATED TRANSFER AND ADMINISTRATION AGREEMENT 

THIS FOURTH AMENDMENT TO AMENDED AND RESTATED TRANSFER AND ADMINISTRATION AGREEMENT, dated as of December 4, 2014 (this “Amendment”), is entered into by and among (i) United Stationers Receivables, LLC, an Illinois limited liability company (the “SPV”), (ii) United Stationers Supply Co., an Illinois corporation, as originator (the “Originator”), (iii) United Stationers Financial Services LLC, an Illinois limited liability company, as seller (the “Seller”) and as Servicer, PNC Bank, National Association (“PNC Bank”), a national banking association, as agent (the “Agent”), as a Class Agent and as an Alternate Investor, and The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch (“BTMU”), a Japanese banking corporation acting through its New York Branch, as a Class Agent and an Alternate Investor. 

Reference is herein made to that certain Amended and Restated Transfer and Administration Agreement, dated as of January 18, 2013 (as amended by (i) that certain Assignment and Assumption and First Amendment to Amended and Restated Transfer and Administration Agreement, dated as of June 14, 2013, (ii) that certain Second Amendment to Amended and Restated Transfer and Administration Agreement, dated as of January 23, 2014, (iii) that certain Third Amendment to Amended and Restated Transfer and Administration Agreement, dated as of July 25, 2014, (iv) as amended hereby and (v) as the same may be further amended, modified, supplemented, restated or replaced from time to time, the “Transfer Agreement”), by and among the SPV, the Originator, the Seller, PNC Bank, as Agent, as a Class Agent and as an Alternate Investor, and the financial institutions from time to time parties thereto as Conduit Investors and Alternate Investors. Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Transfer Agreement. 

WHEREAS, the parties hereto desire to amend the Transfer Agreement as set forth below. 

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

1. Amendments to Transfer Agreement. Effective as of the Effective Date (as defined below), the Transfer Agreement is hereby amended as follows: 

(a) Section 1.1 of the Transfer Agreement is amended as follows: 

	
(i)
	
The definition of “Commitment Termination Date” is deleted in its entirety and the following is inserted in lieu thereof: 

“Commitment Termination Date: January 18, 2018, or such later date to which the Commitment Termination Date may be extended by the SPV, the Agent, the Class Agents and some or all of the Alternate Investors (in their sole discretion).” 

 

 

	
(ii) 
	
The definition of “Facility Fee” is deleted in its entirety and the following is inserted in lieu thereof: 

“Facility Fee: (i) With respect to the PNC Bank Class, the fee payable by the SPV to PNC Bank, the terms of which are set forth in the Fee Letter with respect to the PNC Bank Class; and (ii) with respect to any other Class, the fee specified in any supplement to this Agreement or the Fee Letter as the facility fee payable by the SPV to the related Class Agent.” 

	
(iii)
	
The definition of “Fee Letter” is deleted in its entirety and the following is inserted in lieu thereof: 

“Fee Letter: The letter agreement (as such may be amended or otherwise modified from time to time) among the SPV and each Class Agent with respect to the fees to be paid by the SPV.” 

	
(iv)
	
Each of the following definitions is added in its proper alphabetical sequence: 

“Sanctions Laws and Regulations: Any sanctions, prohibitions or requirements imposed by any executive order or by any sanctions program administered by the U.S. Department of the Treasury Office of Foreign Assets Control.” 

“Volcker Rule: As defined in Section 4.1(p).” 

 

 

 

 

 

(b) Section 4.1(p) of the Transfer Agreement is deleted in its entirety and the following is inserted in lieu thereof: 

“(p) Not an Investment Company or Holding Company. It will be relying on an exclusion or exemption from the definition of “investment company” under the Investment Company Act contained in Section 3(c)(5) of the Investment Company Act, although there may be additional exclusions or exemptions available to it. It is structured so as not to constitute a “covered fund” for purposes of the regulations adopted to implement Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (such statutory provision together with such implementing regulations, the “Volcker Rule”).” 

(c) Section 6.1(t) is added to the Transfer Agreement in its proper alphanumeric sequence as follows: 

“(t) Sanctions Laws and Regulations. Each of the Originator, the SPV, the Seller and the Servicer will comply with all Sanctions Laws and Regulations, except where the failure to do so, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.” 

(d) Exhibit B to the Transfer Agreement is hereby replaced in its entirety with Exhibit B attached hereto. 

2. Representations and Warranties. Each of the Originator, the SPV, the Seller and the Servicer hereby certifies that, subject to the effectiveness of this Amendment, each of the representations and warranties set forth in the Transfer Agreement and the other Transaction Documents is true and correct on the date hereof, as if each representation and warranty were made on the date hereof. 

3. No Default. The SPV, the Originator, the Seller and the Servicer each hereby represent and warrant that, as of the date hereof, no Termination Event or Potential Termination Event has occurred or is continuing. 

4. Transaction Documents in Full Force and Effect As Amended. Except as specifically amended hereby, the Transfer Agreement and the other Transaction Documents shall remain in full force and effect. All references to the Transfer Agreement therein and in each other Transaction Document shall be deemed to mean the Transfer Agreement as modified hereby. The parties hereto agree to be bound by the terms and conditions of the Transfer Agreement, as amended by this Amendment, as though such terms and conditions were set forth herein. 

5. Consent of Performance Guarantor. The Performance Guarantor hereby consents to the amendments to the Transfer Agreement set forth in this Amendment. 

6. Conditions to Effectiveness. This Amendment shall be effective as of the date (the “Effective Date”) on which the Agent shall have received: 

(a) each of the PNC Bank Renewal Fee and the BTMU Renewal Fee pursuant the Fee Letter, 

(b) counterparts of this Amendment duly executed by each of the parties hereto, and 

(c) counterparts of the Amended and Restated Fee Letter. 

7. Miscellaneous. 

(a) This Amendment may be executed in any number of counterparts and by different parties hereto on the same or separate counterparts, each of which, when so executed and delivered, shall be deemed to be an original instrument but all of which, together, shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart of this Amendment. 

(b) The descriptive headings of the various sections of this Amendment are inserted for convenience of reference only and shall not be deemed to affect the meaning or construction of any of the provisions hereof. 

(c) This Amendment may not be amended or otherwise modified except as provided in the Transfer Agreement. 

(d) Any provision in this Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

(e) THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO THE CONFLICT OF LAWS PRINCIPLES THEREOF OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

 

 

 

[signatures appear on the following pages] 

- 2 -

 

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

 

	
UNITED STATIONERS RECEIVABLES, LLC

	
 

By:
	
 
	
/s/Robert J. Kelderhouse

	
Name:
	
 
	
Robert J. Kelderhouse

	
Title:
	
 
	
Vice President and Treasurer

	
 

UNITED STATIONERS SUPPLY CO., as

    Originator

	
 

By:
	
 
	
/s/Robert J. Kelderhouse

	
 
	
 
	
Name: Robert J. Kelderhouse

	
 
	
 
	
Title: Vice President and Treasurer

	
 

UNITED STATIONERS FINANCIAL SERVICES LLC, as Seller and as Servicer

	
 

By:
	
 
	
/s/Robert J. Kelderhouse

	
 
	
 
	
Name: Robert J. Kelderhouse

	
 
	
 
	
Title: Vice President and Treasurer

 

 

 

[signatures continue on the following pages]

 

 

	
Acknowledged and consented to by:

	
 

UNITED STATIONERS INC., as the 
    Performance Guarantor

	
 

By:
	
 
	
/s/Robert J. Kelderhouse

	
 
	
 
	
Name: Robert J. Kelderhouse

	
 
	
 
	
Title: Vice President and Treasurer

 

 

 

[signatures continue on the following pages]

 

 

	
PNC BANK, NATIONAL ASSOCIATION, as an Alternate Investor, a Class Agent and the Agent

	
 

By:
	
 
	
/s/ Mark Falcione

	
 
	
 
	
Name: Mark Falcione

	
 
	
 
	
Title: Executive Vice President

 

 

 

[signatures continue on the following page]

 

 

	
THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH, as an Alternate Investor

	
 

By:
	
 
	
/s/ Mark Cambell

	
 
	
 
	
Name: Mark Campbell

	
 
	
 
	
Title: Authorized Signatory

 

	
THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH, as a Class Agent

	
 

By:
	
 
	
/s/ Christopher Pohl

	
 
	
 
	
Name: Christopher Pohl

	
 
	
 
	
Title: Managing Director

 

 

 

[end of signatures] 

 

Exhibit B 

Credit and Collection Policies and Practices 

UNITED STATIONERS INC. 

Credit Approval Policy 

 

	
Title:
	
  
	
Credit Approval Policy for US Entities
	
  
	
Policy Number:
	
  
	
CR-01

	
 
	
 
	
 
	
 

	
Department:
	
  
	
Client Financial Services
	
  
	
 
	
  
	
 

	
 
	
 
	
 
	
 

	
Date:
	
  
	
Updated: September, 2014
	
  
	
Authorization:
	
  
	
Chief Financial Officer

	
 
	
 

	
Purpose:
	
  
	
This policy outlines the activities and authorities involved in extending credit for potential customers and renewing credit for established customers.

	
 
	
 

	
Policy:
	
  
	
See Attachment A

	
 
	
 

	
Applicability:
	
  
	
This policy applies to United Stationers, Inc. Company and all of its departments, divisions and wholly owned, majority owned or controlled subsidiaries in the U.S.

	
 
	
 

	
Procedures:
	
  
	
See Attachment B

 

 

 

 

Exhibit B - 1 

 

Attachment A 

United Stationers, Inc. 

Credit Approval Policy 

Policy Statement 

It is the Company’s objective to maximize profitable sales. As such, the Client Financial Services Department seeks to support sales efforts while at the same time not exposing the Company to undue credit risk. Credit solutions will be sought out to protect the Company against bad debt losses while enabling sales growth. Generally speaking, credit decision makers will seek to achieve an appropriate balance of risk and reward. 

This policy establishes the following: 

	
—
	
A general framework for credit decision making 

	
—
	
Authorities for approval of credit lines 

	
—
	
Requirements for periodic portfolio review to assist in the oversight of the credit risk and return associated with the ongoing trade receivables portfolio 

Credit Line Considerations 

It is the policy of the Company to manage the credit exposure to a customer across all business units. The credit approval authority responsible for the customer relationship will assign a consolidated credit line and the amount to be allocated to each individual accounts receivable platform. In addition, the credit line must include exposure (if any) as the result of any unamortized upfront payments made to a customer which are subject to clawback (see description of prepaid assets in the “Accounts Receivable Deferral Policy CR-02). 

It is the Company’s policy to make informed credit decisions utilizing the best information available. This includes but is not limited to the following: 

	
—
	
Signed credit application including credit references 

	
—
	
Reports from credit information services such as Dun and Bradstreet 

	
—
	
The Company’s past experience in doing business with the customer. 

	
—
	
Recent financial statements. Generally speaking, credit lines in excess of $200 thousand will require a consolidated balance sheet and income statement for the most recent fiscal year for which such statements are available 

	
—
	
Financial projections, if available, particularly if the customer is merging with another. 

	
—
	
Knowledge of the character of the principals of the customer, their integrity and an assessment of their ability to execute their business plan. 

	
—
	
Knowledge of the customers position in the market and their reputation 

In assigning a credit line, the credit approval authority (see below) may require additional collateral in order to be able to protect the Company while providing the amount of credit extension required by the customer. Examples of collateral that may be required include: 

	
—
	
Letters of credit 

	
—
	
Security agreements to allow for the perfection of a lien against the assets of the customer’s business 

	
—
	
Personal guarantee of the principals of the business plus spouses (if applicable). 

	
—
	
Deposit control agreement to allow the Company to take dominion over the customer’s cash 

Credit lines over $25K must be reviewed annually or more often if deemed necessary due to changing requirements or circumstances. 

Exhibit B - 2 

 

Credit Approval Authorities: 

Credit lines are subject to the following approval levels: 

 

	
Up to and including: $50K
	
  
	
Sr. Collection Specialist

	
Up to and including: $100K
	
  
	
Credit Supervisors and Analysts (MG1 or IC2)

	
Up to and including: $200K
	
  
	
Credit Managers and Sr. Analysts (MG2 or IC3)

	
Up to and including: $1.5M for unrated or speculative grade rated credits, $5M for investment grade rated credits.
	
  
	
Sr. Credit Managers (MG2) or Director, Client Financial Services

	
Up to and including: $10M for unrated or speculative grade rated credits, and $50 million for investment grade rated credits.
	
  
	
Treasurer

	
Over $10M for unrated or speculative grade rated credits, and over $50M for investment grade rated credits.
	
  
	
CFO

In addition, all credit lines for buying groups with a central billing program irrespective of dollar amount must be approved by the Vice President and Treasurer. A central billing program is one where all invoices for purchases are the legal responsibility of the buying group and not the member or are paid by the member to the Company through the buying group as an intermediary. 

At any time, the credit decision made by an authorized individual may be superseded by an individual with higher credit authority. 

If the customer has ratings from both Moody’s Investor Services and Standard and Poor’s, both ratings must be investment grade in order to be considered as such for purposes of the above matrix. 

Portfolio Reviews: 

Periodically, but no less than twice per year, the Credit Department will conduct detailed portfolio reviews for each Sales Channel. Invited participants include, but are not limited to the following: 

	
—
	
Chief Executive Officer 

	
—
	
Chief Financial Officer 

	
—
	
SLT member(s) responsible for Sales Channel. SLT member will identify which other team members from his/her Sales organization should attend. 

	
—
	
Business Unit Finance VP (or Finance Lead) Business Unit Finance lead will identify which other team members from Sales organization should attend 

	
—
	
Treasurer 

	
—
	
Director, Client Financial Services 

	
—
	
Senior Credit Managers 

Topics to be discussed at each portfolio review include but are not limited to the following: 

	
—
	
Business trends impacting the risk or collectability of the trade receivable portfolio for that channel 

	
—
	
Review of largest credit exposures for that channel 

	
—
	
Review of largest past due exposures and/or risk accounts 

	
—
	
Review of customers earning EBIT below target threshold and strategy to increase the EBIT on account, 

Interpretation: All questions regarding his policy or its interpretation should be referred the Treasurer. 

 

 

 

Exhibit B - 3 

 

Attachment B 

Procedure: 

Initial credit extension 

Credit Associate receives completed and signed credit application and valid resale certificate. Customer financial data (e.g. D&B report, credit references, and financial statements) is obtained and analyzed. Credit Approval authority will determine whether additional security (personal guarantee, UCC-1, or letter of credit) may need to be obtained in order to extent credit. If risk is deemed acceptable, credit limit is reviewed and approved by appropriate level of management. 

Annual credit line review 

Customers with credit limits of $25k or greater are reviewed at least annually, or as deemed necessary. Credit Approval Authority obtains and analyzes updated customer financial data (e.g. D&B report, credit references, and financial statements), sales and payment history. Associate reviews any additional security. Credit Approval Authority determines if current credit line is adequate or if a change is required. If change is required, limit is reviewed and approved by appropriate level of management. 

Credit limits are determined to ensure that business can be transacted normally without the customer exceeding their credit limit. Transactions that result in a breach of the limit will result in a review of order requests by credit personnel. 

The Credit Department reviews past due accounts daily and is responsible for contacting customers for payment. Collection activity is prioritized by age and dollar value. Customers may be contacted via phone, email, printed mail and or fax. Additionally, the Company contracts with third party agencies to assist in the collection of past due balances. Any portion of the customer balance that is deemed uncollectable is written off to bad-debt in accordance with the Bad Debt Policy. 

 

 

 

Exhibit B - 4 

 

UNITED STATIONERS INC. 

Accounts Receivable Deferral and Customer Advance Policy 

 

	
Title:
	
  
	
Accounts Receivable Deferral Authorizations for U.S. Entities
	
  
	
 
	
Policy Number:
	
  
	
  
	
CR-02

	
 
	
 
	
 
	
 

	
Department:
	
  
	
Client Financial Services
	
  
	
 
	
 
	
 
	
  
	
 

	
 
	
 
	
 
	
 

	
Date:
	
  
	
Updated: September, 2014
	
  
	
 
	
Authorization:
	
  
	
  
	
Chief Financial Officer

	
 
	
 
	
 
	
 

	
Purpose:
	
  
	
To establish authority for approval of non-standard forms of customer credit or variances from standard payment terms. Non standard customer credit include Set-asides, Loans or other forms of Customer advances which require repayment under certain circumstances

Policy Statement: 

There are various ways in which a customer may request and be granted an extended due date for purchases. In addition, there are various ways in which monies may be provided to a customer in advance of purchases. Each form of deferral of accounts receivable or customer advance increases the amount of credit exposure to the customer and increases the investment in capital required to support the overall customer relationship. All such credit extensions must be within a credit line approved pursuant to the Credit Approval Policy for U.S. entities, Policy No. CR-01. 

Non-Standard Payment Terms 

Approval to offer a customer payment non-standard payment terms is required in situations where the due date for all invoices for a given customer will be beyond the standard payment terms for that business unit. The standard payment terms for each business unit (excluding MBS Dev) are listed in Attachment A to this policy. MBS Dev standard payment terms are shown in Attachment B. 

Offering non-standard payment terms is strongly discouraged. Due dates beyond a business unit’s standard payment terms increases the credit risk associated with a customer relationship and increases the invested capital required to support the relationship. Invested capital requires a net return above the Company’s cost of capital in order to create shareholder value. 

Please note that each business unit/sales channel has the authority to set its own approval requirements for offering a customer a discount for paying earlier (not later) than standard payment terms. 

Extra Time 

Extra Time refers to the extension of the due date of a single order beyond Standard Payment Terms. Generally speaking, such requests are only granted in the following circumstances: 

	
—
	
Customer account must be in good standing (current aging) and be credit worthy 

	
—
	
Overall customer relationship is earning an acceptable EBIT and Return on Invested Capital (ROIC). Extra time for low EBIT and low ROIC accounts is strongly discouraged. 

	
—
	
The reason for providing such extra time is to support an inventory investment buy or large order (truckload of paper, for example) by the customer. 

Promotional Dating Programs: 

A promotional dating program refers to a business unit wide program offered to all or a significant subset of the customer base to drive the purchases of a certain product(s) for a limited time period. 

Set Asides 

The term “set-aside” refers to the deferral of the due date of a full or partial month’s billings to be repaid over time with interest. 

Exhibit B - 5 

 

All set asides must be meet the following criteria: 

	
—
	
Customer account must be in good standing (current aging) and credit worthy 

	
—
	
Set-aside must be approved in the month of purchase (or prior) 

	
—
	
Cannot be used to cure the “past due” status of a customer account. There must be strategic business reason for the set-aside (such as supporting an acquisition, funding entry into a new market, funding a new sales person, etc.). 

It is strongly suggested that set asides meet the following criteria: 

	
—
	
Involve a term of two years or less with monthly amortization 

	
—
	
Includes interest on the deferral. 

Generally speaking, approval of a set-aside will require modeling by the business unit to determine the impact on the ROIC and Economic Profit associated with a customer relationship. 

Prepaid Assets 

There are certain forms of customer advances issued either in the form of cash payments or credits to the customer’s account and usually defined in contract agreements (sometimes referred to as a Local Partner Rebate Agreements or “LPR”). Such upfront payments include a “clawback” provision to recover the funds in the event of non-compliance with terms and results in the payment being booked as a prepaid asset and taken to expense over time. Such advances represent a form of credit exposure. If the customer becomes insolvent or the clawback provisions are invoked before the amounts advanced have been fully earned, there is risk of a bad debt loss. 

Some examples of common forms of customer advances booked as prepaid assets are as follows: 

	
—
	
Prebate: Upfront payments of a flat dollar rebate (earned pro-rata over the specified contract period subject to certain minimum contractual requirements) or an upfront payment of a volume-based rebate expected to be earned in the future (such amount is earned based upon sales volume). 

	
—
	
Conversion Allowance: Upfront amounts paid to convert the customer from second-call to first call with the Company. Such amounts are earned pro-rata over the specified contract period subject to certain minimum contractual requirements. 

	
—
	
Retention Allowance Upfront amounts paid to a customer in conjunction with a contract renewal. Such amounts are earned pro-rata over the specified contract period subject to certain minimum contractual requirements Technology Fund Upfront amounts paid to a customer to support their acquisition of a technology platform to drive the revenue growth and improve their profitability. Such amounts are earned pro-rata over the specified contract period subject to certain minimum contractual requirements 

Generally speaking, approval of a customer-related prepaid asset will require modeling by the business unit to determine the impact on the ROIC and Economic Profit associated with a customer relationship 

Loans: The advancement of funds to be repaid over time or at a future date, usually with interest. For variety of reasons (risk, disclosure requirements, impact on the covenants in the Company’s lending agreements, etc.), loans will only be done in rare circumstances. 

Exhibit B - 6 

 

Authorizations: 

The following approvals are required based upon the form of accounts receivable deferral or customer advance (does not include MBS Dev, MBS Dev approval requirements included in Attachment B): 

 

	
Type of Deferral or Customer Advance
	
  
	
Business/ Sales Approval Required
	
  
	
Credit Dept. Approval Required
	
  
	
Other Approvals Required

	
Non-Standard Payment Terms
	
  
	
SLT member Responsible for Sales Channel (SVP IDC, President On-Line and New Channels, President ORS Nasco, or President, Lagasse)
	
  
	
Treasurer
	
  
	
Controller if greater than 60 days

	
Extra Time
	
  
	
For IDC, Region VP or SVP IDC. For all other, President On-Line and New Channels, President ORS Nasco, or President, Lagasse
	
  
	
Sr. Credit Manager if doesn’t require an increase to the approved credit line. If credit line increase required, it must be approved in accordance with Credit Approval Policy
	
  
	
Controller if greater than 60 days

	
Promotional Dating Programs
	
  
	
SLT member Responsible for Sales Channel (SVP IDC, President On-Line and New Channels, President ORS Nasco, or President, Lagasse)
	
  
	
Overall program must be approved by Treasurer; Each individual customer must have approved credit line in accordance with credit approval policy;
	
  
	
Controller; and

SVP, Merchandising

	
Set Asides
	
  
	
SLT member Responsible for Sales Channel (SVP IDC, President On-Line and New Channels, President ORS Nasco, or President, Lagasse)
	
  
	
Treasurer
	
  
	
Controller, if greater than 1 year

	
Prepaid Assets
	
  
	
For Supply/Lagasse, please refer to Customer Rebate Program Policy. For ORS Nasco, all such amounts must be approved by President ORS Nasco.
	
  
	
Sr. Credit Manager if doesn’t require an increase to the approved credit line. If a credit line increase is required, it must be approved in accordance with Credit Approval Policy
	
  
	
 

	
Loan
	
  
	
SLT member Responsible for Sales Channel (SVP IDC, President On-Line and New Channels, President ORS Nasco, or President, Lagasse
	
  
	
Treasurer
	
  
	
Controller, CFO

 

	
Applicability:
	
  
	
This policy applies to United Stationers, Inc. Company and all of its departments, divisions and wholly owned, majority owned or controlled subsidiaries in the U.S.

	
 
	
 

	
Interpretation:
	
  
	
All questions regarding his policy or its interpretation should be referred the Treasurer.

 

 

 

 

Exhibit B - 7 

 

ATTACHMENT A 

Standard Payment Terms 

Each business unit has standard payment terms applicable to all orders for customers of that business unit (unless exceptions are approved pursuant to this policy): 

	
—
	
USD (excluding Azerty): 

—Discountables 15th prox, Non-Discountables, up to net 20th prox. This means that payment of the customers statement is due cash in bank by the 15th of the following month in order to earn applicable discounts , otherwise due by the 20th) 

—Net 30 from Date of Invoice (DOI) 

	
—
	
Azerty Division of USD; Net 30 DOI 

	
—
	
Lagasse: Net 30 DOI 

	
—
	
ORS Nasco: 1% 10, net 30 DOI 

	
—
	
Export terms: Shipment to customer located outside the United States, up to 60 days DOI 

	
—
	
MBS Dev (see attachment B) 

 

 

 

Exhibit B - 8 

 

UNITED STATIONERS INC. 

Bad Debt Workout and Write-Off Policy 

 

	
Title:
	
  
	
Bad Debt Workout and Write-Off Policy for US Entities
	
  
	
 
	
Policy Number:
	
  
	
  
	
CR-03

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
Department:
	
  
	
Client Financial Services
	
  
	
 
	
 
	
 
	
  
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
Date:
	
  
	
September, 2014
	
  
	
 
	
Authorization:
	
  
	
  
	
Chief Financial Officer

	
 
	
 
	
 

	
Purpose:
	
  
	
This policy outlines the following authorities associated with the workout and resolution of distressed accounts receivable:

 

—Authority to turn account over to a third-party collection agency or collection counsel to pursue payment on a past due receivable

 

—Authority to agree to settle a past due receivable for less than the full amount owed

 

—Authority to write-off a receivable on the Company’s books and records

	
 
	
 

	
Policy:
	
  
	
See Attachment A

	
 
	
 

	
Applicability:
	
  
	
This policy applies to United Stationers, Inc. Company and all of its departments, divisions and wholly owned, majority owned or controlled subsidiaries in the U.S.

	
 
	
 

	
Procedures:
	
  
	
See Attachment B

 

 

 

 

Exhibit B - 9 

 

Attachment A 

United Stationers, Inc. 

Bad Debt Workout and Write-Off Policy 

Policy Statement 

It is the policy of the Client Financial Services Department to use all reasonable and cost effective efforts to actively pursue obligations to the Company for goods or services. Despite best efforts, certain customers will be unable to pay and bad debt losses will be incurred. Given the potential impact on the financial results of the Company, certain actions regarding accounting for the impact of distressed receivables or the workout/resolution of such receivables requires prior authorization. Such actions include but are not limited to the following: 

	
—
	
Establishment of specific bad debt reserves 

	
—
	
Sending an account to a third-party collection agency 

	
—
	
Settlement of an account for less than the full amount owed 

	
—
	
Write-off of a receivable on the Company’s books and records 

Specific Bad Debt Reserves 

Periodically, a specific bad debt reserve will be established against a customer account where in the judgment of the Senior Credit Manager, there is the probability that all or portion of a receivable will be uncollectable due to the inability of the customer to pay for such receivable(s). Please refer to policy CR-4 for bad debt reserve policy and procedures. 

Sending an Account to Third-Party Collection 

The Director, Client Financial Services will maintain a list of approved collection agencies or collection counsel to whom an account may be referred for collection. 

The sending of an account to collection signals the end of an ongoing business relationship with a customer. An account will not be sent to collection until all reasonable efforts to collect the receivable internally have been fully exhausted. No ongoing shipments to a customer may occur once an account has been sent to collection unless prior balances owed have been paid in full. 

The sending of an account to third-party collection requires the following approvals: 

 

	
Up to $50,000
	
  
	
Sr. Debt Recovery Analyst

	
Up to $500,000
	
  
	
Senior Credit Manager

	
Up to $1,000,000
	
  
	
Director, Client Financial Services

	
Greater than $1,000,000
	
  
	
Treasurer

Settlement or Write-Off of Distressed Account 

Settlement of a distressed account refers to agreement by an authorized representative of the Company to accept less than the amount owed as payment in full for receivables owed. Write-off refers to the actual write-off of a receivable on the Company’s books and records. 

The following approvals are required for the settlement or write-off of a distressed receivable: 

 

	
Up to $25,000
	
  
	
Sr. Credit Managers

	
Up to $100,000
	
  
	
Director, Client Financial Services

	
Up to $500,000
	
  
	
Treasurer

	
$500,000 or higher
	
  
	
Chief Financial Officer

 

 

 

Exhibit B - 10 

 

Attachment B 

Procedure: 

Collection associates monitor customer account agings daily. Accounts with past due receivables are contacted frequently for payment. Contact can be made via phone, email, printed mail and/or fax. 

If payment has not been made within a reasonable period of time and communication has deteriorated, the account is placed on “no sales allowed” by the credit associate assigned to the account. This is communicated to the customer and sales team. The account ownership is then transferred to the Sr. Debt Recovery Analyst for evaluation. The Recovery Analyst will evaluate the account and determine next steps based on known facts relative to non-payment (e.g. bankruptcy, asset sale of business, etc.) and whether the Company holds any type of security. If warranted, the Recovery Analyst will attempt to collect the monies owed either by payment in full or regular partial payments. If a 3rd party agency or attorney is recommended, Recovery Analyst will forward or will review and gain approval as outlined in Attachment A of the policy. 

Every attempt is made to collect the monies owed the Company. Any recoveries collected are applied toward the balance owed. If a settlement is negotiated, it must be reviewed and approved prior to acceptance, in accordance with Attachment A. 

The account is recommended for bad-debt write off if no settlement can be reached and recovery is unlikely when: 

	
·
	
The customer’s business enters into an assignment for the benefit of creditors 

	
·
	
The customer’s business is a Chapter 7 bankruptcy, Chapter 11 liquidation, Chapter 11 with no approved plan within 6 months of filing, or has defaulted on Chapter 11 plan 

	
·
	
The customer’s business has no assets 

	
·
	
The customer’s assets are insufficient to cover the liabilities to secure creditors and no security interest is held 

	
·
	
An attorney or third party collection agency has advised that there will be no recovery 

Upon recommendation for write-off, the credit associate prepares the write-off form indicating the account information, and write-off amount. If the amount is greater than $50,000, the associate also writes a brief summary of the account history and the events leading up to the write-off. The historical summary may be written at time of referral to Recovery Analyst or at time of formal write-off. 

All write-offs are appropriately reviewed and approved. 

Exhibit B - 11

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