Document:

Exhibit

In Barcelona, on May 24, 2016

ADDENDUM TO THE SENIOR EXECUTIVE EMPLOYMENT CONTRACT
BY AND BETWEEN
TECH DATA ESPAÑA, S.L., a Company incorporated under the laws of Spain, with legal domicile at 30-32 Acer Street, Barcelona, Spain, and Tax ID Number XXXXXXXXX (hereinafter referred to as “the Company” or “Tech Data Spain”), hereby represented by Mr Bob Dutkowsky, duly authorized by the Board of Directors and by the Legal Representative of the Sole Shareholder of the Company, Tech Data Europe GmbH. 
TECH DATA CORPORATION, a Company incorporated under the laws of the State of Florida,  with legal domicile at 5350 Tech Data Dr Clearwater, FL 33760, United States of Americas (hereinafter referred to as “Tech Data Corporation”), hereby represented by Mr. Bob Dutkowsky, duly authorized by the Board of Directors. 
Mr. Nestor Cano Soler, of full age, of Spanish nationality, holding national identity card XXXXXXXXX, on his own name and behalf (hereinafter referred to as “the Executive”).
The Company and Tech Data Corporation will jointly be referred to as the “Tech Data Companies”. The Company, Tech Data Corporation and the Executive will jointly be referred to as “the Parties”.
WHEREAS
First.- The Executive entered into a Senior Executive Employment Contract with the Companies on December 20, 2013 (hereinafter referred to as the “2013 Contract”). 
Second.- Tech Data Corporation has implemented a change in control severance policy to be known as the Tech Data Corporation Change in Control Severance Policy (hereinafter, referred to as the ”Change in Control Severance Policy” or the “Policy”) with the purpose to secure the continued services, dedication and objectivity of certain key employees of the Company in the event of any threat or occurrence of a change of control in Tech Data Corporation. 
Third.- The Parties wish to enter into this Addendum to the 2013 Contract to confirm the application of the Change in Control Severance Policy to the employment relationship of the Executive with the Companies. 
The Parties, being in agreement, enter into this Addendum in accordance with the following 

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CLAUSES
		
	1.
	ACCEPTANCE TO THE CHANGE IN CONTROL SEVERANCE POLICY

		
	1.1.
	The Executive expressly accepts the terms and provisions of the Change in Control Severance Policy, as attached in Annex 1 to this Addendum, which will apply to the Executive in the way described in the Participation Schedule. 

		
	1.2.
	The Executive therefore acknowledges that the severance provisions under the Change in Control Severance Policy will only apply in the event of a termination following a Change in Control, as defined in the Policy. In case the employment of the Executive with the Companies is terminated other than as a consequence of a Change in Control as defined in the Policy, the provisions of the Change in Control Severance Policy will not apply. Based on the foregoing, only the US Severance Plans, the 2013 Contract, and any applicable laws, will apply if the employment of the Executive is terminated other than as a consequence of a Change in Control as defined in the Policy.

		
	1.3.
	The Parties further agree that, in the event of a termination following a Change in Control, as defined in the Policy, and on the understanding that the potential entitlement of the Executive as to a termination payment pursuant to the US Severance Plans in force at the date of termination maybe, at some point, more beneficial to the Executive than the entitlement under the Change in Control Severance Policy, then the Executive will have the right to elect the application of either the US Severance Plans (either current or as attached as Annex 1 to the 2013 Contract) or the Change in Control Policy. Again, for the avoidance of any doubt, this right of election will only apply if the termination of employment follows a Change in Control as defined in the Policy. 

		
	1.4.
	For the avoidance of any doubt, the Parties agree that the definition of Cause and of Good Reason, as defined in the Change in Control Severance Policy, will be only applicable if the termination of the Executive is a consequence of a Change in Control, as defined in the Policy. In the event of any other termination, the definitions of Cause and Good Reason will be defined by the US Severance Plans, the 2013 Contract and any applicable laws. 

		
	1.5.
	As set out in the Change in Control Severance Policy, the terms and restrictions of the Restrictive Covenants, as set out under Article 11 of the Policy, will apply exclusively if the termination of the Executive takes place as a consequence of the Change in Control. In this case, the 1-year term under Article 11 of the Policy will prevail over the term agreed under Section 13 of the 2013 Contract. Alternatively, if the termination of the employment of the Executive is due to any other reason, Section 13 of the 2013 Contract will govern. 

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	1.6.
	The Executive expressly accepts the terms and provisions of Article 15.12 of the Change in Control Severance Policy (Clawback), and accepts that any potential recoupment can be made from any and all payments or compensation and benefits as specified in such Article. 

		
	1.7.
	In addition, the Executive accepts the Severance Factor, as defined in the Change in Control Severance Policy, as established at the Participation Schedule. 

		
	1.8.
	The Parties accept that the Change in Control Severance Policy may change from time to time and the Executive accepts to be bound by the version of the Change in Control Severance Policy enforceable as of the termination date of his employment. 

IN WITNESS WHEREOF, the parties hereto have executed this Addendum on the date first written above.
For Tech Data España, S.L.
/s/ Robert M. Dutkowsky

For Tech Data Corporation
/s/ Robert M. Dutkowsky

For the Executive,
/s/ Nestor Cano

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Annex 1
Tech Data Corporation Change in Control Severance Policy 
The following document refers to the current version of the Change in Control Severance Policy, applicable as of the date of signing of this Addendum. The Parties accept that the Change in Control Severance Policy may change from time to time and the Executive accepts to be bound by the version of the Change in Control Severance Policy enforceable as of the termination date of his employment. 

4Exhibit

EXECUTION VERSION

FIRST AMENDMENT TO CREDIT AGREEMENT AND INCREASE REVOLVING JOINDER
FIRST  AMENDMENT   TO  CREDIT  AGREEMENT  AND  INCREASE  REVOLVING   JOINDER (this “Agreement”), dated as of August 31, 2016, among INC RESEARCH, LLC, a Delaware limited   liability   company (the  “Borrower”), INC  RESEARCH  HOLDINGS,  INC.,  a  Delaware  corporation (“Holdings”), the Subsidiary Guarantors (as defined  in  the  Credit  Agreement  referred to below)  party hereto, each of the lenders party to the Credit Agreement referred to below (the “Lenders”) and   WELLS   FARGO  BANK,  NATIONAL  ASSOCIATION, as  administrative   agent  (the   “Administrative Agent”). Unless otherwise indicated, all capitalized terms used herein and not otherwise defined herein shall have the respective  meanings provided  such terms in the Credit Agreement  referred to below.  
W I T N E S S E T H:
WHEREAS, the Borrower, Holdings, the Lenders, the Administrative Agent and the other parties thereto have entered into that certain  Credit  Agreement,  dated as of May 14, 2015 (as  amended,  supplemented or otherwise modified prior to the date hereof, the “Credit Agreement”);
WHEREAS, the Borrower hereby requests (a) an Incremental Revolving Facility in an aggregate principal amount of $50,000,000, in accordance with Section 3.16(a) of the Credit Agreement (the “2016 Incremental  Revolving  Facility”) and  (b) that  the  Administrative Agent and Lenders agree to amend certain provisions of the Credit Agreement as set forth below; 
WHEREAS, the lenders  identified  on  the  signature  pages  hereto as “Exiting Lenders” (the “Exiting Lenders”) have agreed to assign their Commitments and Loans pursuant to the terms hereof,  and
WHEREAS, subject  to the terms of this Agreement,  (a)  each of the Incremental  Lenders (as defined below)  is severally  willing to provide  a portion of the 2016 Incremental Revolving Facility and (b) the Administrative Agent and the Lenders are  willing to  amend  the  Credit Agreement as  set forth below.
NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is agreed as follows: 
SECTION 1.    Amendments  to  Credit  Agreement.  Effective  as  of  the  First  Amendment  Effective Date (as defined in Section 5 below) and subject to the terms and conditions set forth herein and in reliance upon representations and warranties set forth herein,  the Credit Agreement is hereby amended as follows:
(a)The following new  definitions are hereby added to Section 1.1 of  the  Credit Agreement in correct alphabetical order:
“Bail-In Action”:  the  exercise  of any Write-Down  and  Conversion  Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.
“Bail-In Legislation”:  with  respect  to any EEA Member Country implementing Article 55 of Directive 2014/59/EU  of  the European  Parliament  and of the Council  of the European Union,  the  implementing  law  for  such  EEA Member  Country  from time to time which is described in the EU Bail-In Legislation Schedule.

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“EEA Financial Institution”: (a)  any  credit institution or investment firm established in any EEA Member Country which is subject to the supervision  of  an EEA Resolution Authority,  (b)  any  entity  established  in  an EEA  Member Country which is  a parent of an  institution  described  in clause (a) of this definition, or (c) any financial institution established in an EEA Member  Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.
“EEA Member Country”:  any of the member states of the European Union, Iceland, Liechtenstein, and Norway.
“EEA Resolution Authority”: any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.
“EU Bail-In Legislation Schedule”: the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time. 
“First Amendment Effective Date”:  August 31, 2016. 
“Write-Down and Conversion Powers”:  with  respect  to any EEA Resolution Authority, the write-down and conversion  powers  of  such  EEA Resolution  Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule.
(b)        The definition of “Applicable Margin” in Section 1.1 of the Credit Agreement is hereby amended by replacing the pricing grid therein in its entirety with the following:
	
				
	

Pricing Level
	Secured Net Leverage Ratio
	Base Rate Spread for 
Loans
	Eurodollar Spread for Loans

	1
	Less than 1.50 to 1.00
	0.25%
	1.25%

	2
	Greater than or equal to 1.50 to 1.00, but less than 2.25 to 1.00
	0.50%
	1.50%

	3
	Greater than or equal to 2.25 to 1.00, but less than 3.00 to 1.00
	0.75%
	1.75%

	4
	Greater than or equal to 3.00 to 1.00
	1.00%
	2.00%

(c)    The definition of “Defaulting Lender” in Section 1.1 of the Credit Agreement is hereby amended by replacing the word “or” immediately  before  subclause (ii) of  clause (d) of  such definition with “,” and adding the following new subclause (iii) to  clause (d) after  the  end of the text of subclause (ii) therein: 
“or (iii) the subject of a Bail-In Action”.
(d)    The definition of “Incremental Cap” in Section 1.1 of the Credit Agreement is hereby amended by (i) replacing the reference to “$150,000,000” in clause (a) thereof  with “$175,000,000” and (ii) replacing each reference to “the  Closing  Date” in clause  (a)  thereof with “the First  Amendment  Effective Date”.

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(e)    The definition of  “Revolving Commitment”  in Section 1.1 of the Credit Agreement is hereby amended by replacing the last sentence of such definition in its entirety with the following:
“The amount of the Total  Revolving Commitments on the First  Amendment  Effective  Date is $200,000,000.”  
(f)    The definition of “Revolving Termination Date” in Section 1.1 of  the  Credit  Agreement is hereby amended and restated in its entirety to read as follows:
“Revolving Termination Date”: August 31, 2021.  
(g)    The definition of “Term Loan Maturity Date” in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
“Term Loan Maturity Date”: August 31, 2021.  
(h)    Section 2.3 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
“2.3    Repayment of Term Loans.  On each Quarterly Payment Date, beginning with the  Quarterly  Payment  Date ending  on September 30, 2017, the Borrower  shall  repay to the Administrative Agent for the  ratable  account of the Lenders the principal amount of Term Loans then outstanding in an amount set forth in the table below:
	
		
	Quarterly Payment Date
	Principal Amount

	September 30, 2017
	$5,937,500

	December 31, 2017
	$5,937,500

	March 31, 2018
	$5,937,500

	June 30, 2018
	$5,937,500

	September 30, 2018
	$8,906,250

	December 31, 2018
	$8,906,250

	March 31, 2019
	$8,906,250

	June 30, 2019
	$8,906,250

	September 30, 2019
	$8,906,250

	December 31, 2019
	$8,906,250

	March 31, 2020
	$8,906,250

	June 30, 2020
	$8,906,250

	September 30, 2020
	$11,875,000

	December 31, 2020
	$11,875,000

	March 31, 2021
	$11,875,000

	June 30, 2021
	$11,875,000

	Term Loan Maturity Date
	All remaining outstanding Term Loans

The remaining unpaid principal amount of the  Term  Loans  and  all  other Obligations under or in respect of the Term Loans shall be due and payable in full, if not earlier in accordance with this Agreement, on the Term Loan Maturity Date.”

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(i)    Section 2.4(b) of the Credit Agreement is hereby amended by adding the following new clause (vi):
“with  respect  to  each  Mortgaged  Property,  the  Borrower  shall deliver  to  the Administrative  Agent  a “Life-of-Loan”  Federal  Emergency  Standard   Flood  Hazard  Determination (together with a notice about special flood hazard area status and flood disaster assistance  duly  executed  by  the Borrower  and each  Loan Party relating thereto), and if  a  Mortgaged Property is located in an area identified  by  the  Federal  Emergency  Management Agency (or any successor agency) as a Special Flood Hazard Area with respect to which flood insurance has been made available under the National Flood Insurance Act of 1968 (as now or hereafter in effect or successor act thereto), evidence of flood insurance confirming that such insurance has been obtained with a financially sound and reputable insurer, in an amount and otherwise sufficient to comply with all applicable rules and regulations  promulgated pursuant to the Flood Insurance Laws.”
(j)    Section 2.5(f) of the Credit Agreement is hereby amended and restated in its entirety as follows:
“(f)    Conditions to Effectiveness of Extensions.  As conditions precedent to such extension, (1) the Borrower shall deliver to the Administrative Agent a certificate of the Borrower dated as of the effective date of such extension signed by a  Responsible  Officer of the Borrower (i) certifying and attaching the resolutions adopted by the Borrower  approving or consenting to such extension and (ii) certifying that, before and after giving effect to such extension, (A) the representations and warranties contained in Section 5 and the other Loan Documents are true and correct in all material respects (or, with respect to any representations and warranties qualified by materiality or Material Adverse Effect, in all respects) on and as of the effective date of  such extension, except to the extent that such representations and warranties  specifically  refer to an earlier date, in which case they are true and correct in all material respects (or, with respect to any representations and warranties qualified by materiality or Material Adverse Effect, in all respects) as of such earlier date, and except that for purposes of this Section 2.5, the representations and warranties contained  in  Section 5.1  shall  be deemed to  refer to the most  recent  statements furnished pursuant to subsection (c) of Section 6.1, and (B) no Default exists and (2) with respect to each Mortgaged Property, the Borrower shall deliver to the Administrative Agent  a “Life-of-Loan” Federal Emergency Standard Flood Hazard Determination (together with a notice about special flood hazard area status and flood disaster assistance duly executed by the Borrower and each Loan Party relating thereto), and if a Mortgaged Property is located in an area  identified by the  Federal  Emergency  Management  Agency  (or any successor  agency) as a Special  Flood Hazard Area with respect to which flood insurance has been made available  under the National Flood Insurance Act of 1968 (as now or hereafter in effect or successor act thereto), evidence of flood insurance confirming that such insurance has been obtained with a financially sound and reputable insurer, in an amount and otherwise sufficient to comply with all applicable rules and regulations promulgated pursuant to the Flood Insurance Laws.  In addition, on the Term Loan Maturity Date of each Non-Extending Term Lender, the Borrower shall repay any non-extended Term Loans of such Non-Extending Term Lender outstanding on such date.”
(k)    Section 3.15(e) of the Credit Agreement  is hereby amended by replacing the last proviso of such Section in its entirety with the following:
“provided,  further, that except to the extent otherwise expressly agreed by the affected parties and subject to Section 11.18, no change  hereunder  from  Defaulting  Lender to Non-

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Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from such Lender’s having been a Defaulting Lender.”
(l)    Section 3.16(b) of the Credit Agreement is hereby amended by adding the following new clause (vi):
“with  respect  to  each  Mortgaged Property,  the  Borrower  shall deliver  to  the  Administrative  Agent   a  “Life-of-Loan”  Federal  Emergency Standard  Flood  Hazard  Determination (together with a notice about special flood hazard area status and flood disaster assistance  duly  executed  by the Borrower  and  each  Loan  Party  relating thereto), and if a Mortgaged Property is located in an area identified  by  the  Federal  Emergency  Management Agency (or any successor agency) as a Special Flood Hazard Area with respect to which flood insurance has been made available under the National Flood Insurance Act of 1968 (as now or hereafter in effect or successor act thereto), evidence of flood insurance confirming that such insurance has been obtained with a financially sound and reputable insurer, in an amount and otherwise sufficient to comply  with all applicable rules and regulations promulgated pursuant to the Flood Insurance Laws.”
(m)    Section 3.17(f) of the Credit Agreement is hereby amended and restated in its entirety as follows:
“(f)    Conditions to Effectiveness of Extensions.  As a condition precedent to such extension, (1) the Borrower shall deliver to the Administrative Agent a certificate of the Borrower dated as of the effective date of such extension signed  by a Responsible  Officer of the Borrower (i) certifying and attaching the resolutions adopted by the Borrower  approving or consenting to such extension and (ii) certifying that, before and after giving effect to such extension, (A) the representations and warranties contained in Section 5 and the other Loan Documents are true and correct in all material respects (or, with respect to any representations and warranties qualified by materiality or Material Adverse Effect, in all respects) on and as of the effective date  of such extension, except to the extent that such representations and  warranties specifically  refer to an earlier date, in which case they are true and correct in all material respects (or, with respect to any representations and warranties qualified by materiality or Material Adverse Effect, in all respects) as of such earlier date, and except that for purposes of this Section 3.17, the representations and warranties  contained  in  Section 5.1  shall be  deemed to refer to the most  recent statements  furnished pursuant to subsection (c), of Section 6.1, and (B) no Default exists and (2) with respect to each Mortgaged Property, the Borrower shall deliver to the Administrative  Agent a “Life-of-Loan” Federal Emergency Standard Flood Hazard Determination (together with a notice about special flood hazard area status and flood disaster assistance duly executed by the Borrower and each Loan Party relating thereto), and if a Mortgaged Property is located in an area  identified by the  Federal  Emergency  Management  Agency (or any successor agency) as  a Special  Flood  Hazard Area with respect to which flood insurance has been made available under the National  Flood Insurance Act of 1968 (as now or hereafter in effect or successor act thereto), evidence of flood insurance confirming that such insurance has been obtained with a financially sound and reputable insurer, in an amount and otherwise sufficient to comply with all applicable rules and regulations promulgated pursuant to the Flood Insurance Laws.  In addition, on the Revolving Termination Date of each Non-Extending Revolving Lender, the Borrower shall repay any non-extended Revolving Loans of such Non-Extending Revolving Lender outstanding on such date.”
(n)    Section 7.9(b) of the Credit Agreement is hereby amended and restated  in its entirety to read as follows:

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“(b)    With respect to any fee interest in any real property having a value (together with improvements thereof) of at  least $2,000,000 owned or acquired after the Closing Date by any Group Member (other than (x) any such real property subject to a Lien expressly permitted  by Section 8.3(g) and (y) real property acquired by a Group Member that is not a Loan Party), notify the Administrative Agent promptly after the time such real property is owned or  acquired,  and within 90 days  (or such  later date  as the Collateral Agent may agree), (i) execute  and deliver a first priority Mortgage subject to Liens  permitted  under  Section 8.3  hereof, in  favor  of the Collateral Agent, for the benefit of the Secured Parties, covering  such real property, (ii)  provide the Secured Parties with a policy of title insurance (or  marked up title  insurance  commitment  having the effect of a policy of title insurance) covering such real property in an amount at least equal to the purchase price of such real property (or such other amount as shall be reasonably acceptable to the Collateral Agent; provided that in jurisdictions that impose mortgage recording taxes, the Security Documents shall not secure indebtedness in an amount exceeding 105% of the fair market value of the Mortgaged Property, as reasonably determined in good faith by the Loan Parties and reasonably acceptable to Collateral Agent), as well as a Survey or any existing survey in lieu thereof, each of the foregoing in form and substance reasonably satisfactory to the Administrative Agent, (iii) deliver to the Collateral Agent legal opinions relating to, among other things, the enforceability, due authorization, execution and delivery of the applicable Mortgage, which opinions shall be in customary form and substance reasonably satisfactory to the Collateral Agent and (iv) deliver to the Administrative Agent a “Life-of-Loan” Federal Emergency Standard Flood Hazard Determination (together with a notice about special flood hazard area  status  and flood disaster assistance duly executed by the Borrower and  each  Loan Party  relating thereto),  and if such Mortgaged Property is located in an area identified by the Federal Emergency Management Agency (or any successor agency) as a Special Flood Hazard Area with respect to which flood insurance has been made available under the National Flood  Insurance Act of 1968  (as now or hereafter in effect or successor act thereto), evidence of  flood  insurance  confirming that such insurance has been obtained  with  a  financially  sound  and  reputable insurer, in  an  amount and otherwise sufficient to comply with all applicable rules and regulations promulgated pursuant to the Flood Insurance Laws and any and all other documents as  the  Collateral  Agent may reasonably request, in each case, in form  and  substance  reasonably  satisfactory to  the  Collateral Agent.”
(o)    Section 11 of the Credit Agreement is hereby amended by adding  the  following  new  Section 11.18 thereto and in connection therewith  the  table of contents shall be amended to include a reference to “Section 11.18 Acknowledgement and Consent to Bail-In of EEA Financial Institutions”:
“SECTION 11.18    Acknowledgement and Consent to Bail-In of EEA Financial Institutions.  Notwithstanding anything to the contrary in any Loan Document or in any other agreement,  arrangement  or  understanding  among  any  such parties,  each  party  hereto acknowledges that any liability of  any EEA  Financial  Institution  arising  under  any  Loan  Document, to the extent such liability is unsecured, may be  subject  to  the  write-down  and  conversion  powers  of  an  EEA  Resolution  Authority  and  agrees  and  consents  to, and  acknowledges and agrees to be bound by:
(a)    the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and
(b)    the effects of any Bail-In Action on any such liability, including, if applicable:

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(i)    a reduction in full or in part or cancellation of any such liability;
(ii)    a  conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership  will be accepted by it in lieu of any rights with respect to any such liability under  this Agreement or any other Loan Document; or
(iii)    the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority.”
(p)    Schedule 1.1(a) to the Credit Agreement is hereby amended and restated in its entirety as set forth on Annex A hereto.  As  of the First Amendment Effective Date, the parties hereby agree (i) that the Commitments, Revolving Percentages and  Term  Percentages  shall  be reallocated as set  forth  on  Annex A hereto, (ii) that the requisite assignments  shall be deemed to be made in  such  amounts among the Lenders (including the Exiting Lenders) and from each Lender to each other Lender, with  the  same force and effect as if such assignments were evidenced by applicable Assignment and Assumptions under the Credit Agreement, (iii) to the non-pro rata repayment of Loans to the Exiting Lenders as  set forth  in this Agreement and (iv) to any adjustments to be made to the Register to effectuate such reallocations and assignments.  Notwithstanding anything to the contrary in Section 11.6 of the Credit Agreement or this Agreement, no other documents or instruments, including any Assignment and  Assumption,  shall be executed in connection with these assignments (all of which requirements are hereby waived), and such assignments shall be deemed to be made with all applicable representations, warranties  and  covenants as if evidenced by an Assignment and Assumption.  On the First Amendment  Effective Date,  the  Lenders shall make full cash settlement with each other either directly  or  through  the  Administrative  Agent  (including in the form of non-pro rata funding by each Lender which has increased its Commitment as of the First Amendment Effective Date, including, without limitation, in an aggregate amount equal to the outstanding Loans of the Exiting Lenders), as the Administrative Agent  may  direct  or  approve,  with  respect to all assignments, reallocations and other changes in Commitments such that after giving effect to such settlements each Lender’s Revolving Percentage or Term Percentage, as applicable, shall be  as set forth on Annex A.  The Lenders (including any Exiting Lenders) hereby waive any and all costs  required to be reimbursed by the Borrower pursuant to Section 4.11 of the Credit Agreement in  connection  with  such reallocation. 
SECTION 2.    Extension of Maturity Dates.  The parties hereto agree that the Revolving Termination Date and the Term Loan Maturity Date are being extended pursuant to the terms of  Section  2.5 and 3.17 of the Credit Agreement, respectively, and the Lenders hereby waive the 30 day notice requirement set forth therein.
SECTION 3.    2016 Incremental Revolving Facility.  
(a)The Administrative Agent  and  each  Lender  that  provides  a  portion of  the  2016 Incremental Revolving Facility (each an “Incremental Lender”) hereby agrees that (i) this Agreement constitutes the written request by the Borrower for an Incremental Revolving Facility  in the form of the 2016 Incremental Revolving Facility pursuant to Section 3.16(a) of the Credit Agreement and  (ii)  the  amount  of  the  Total  Revolving Commitments, after giving effect to the 2016 Incremental Revolving Facility, is $200,000,000.

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(b)Each Incremental  Lender  severally agrees that, effective as of the First Amendment Effective  Date,  its  respective Revolving Commitment and Revolving Percentage shall be as set forth opposite such Incremental Lender’s name on Annex A hereto.  
(c)On and as of the First Amendment Effective Date, each Incremental Lender (i) shall be deemed to be an  “Incremental  Lender”  as  defined in  the  Credit Agreement with  a  “Revolving  Commitment” as defined in the Credit  Agreement,  (ii) shall  perform  all  of the obligations  that  are  required to be performed by it as such under the Loan Documents and (iii) shall be entitled to the benefits, rights and remedies as such set forth in the Loan Documents.
(d)This Agreement shall (i) be deemed to be an “Increase Revolving Joinder” in accordance with Section 3.16(c) of the Credit Agreement and (ii) constitute a “Loan Document” for all  purposes  of  the Credit Agreement and the other Loan Documents.
SECTION 4.    Acknowledgement and Confirmation.  Each  of the Loan Parties  party  hereto  hereby agrees that with respect to each Loan Document to which it is a party, after giving effect to the Agreement and the transactions contemplated hereunder:
(a)    all of its obligations, liabilities and indebtedness under such Loan Document, including guarantee obligations, shall, except as expressly set forth herein or in the Credit Agreement, remain in full force and effect on a continuous basis; and
(b)    all of the Liens and security interests created  and  arising  under such Loan Document remain in full force and effect on a continuous basis, and the perfected status and priority to the extent provided for in Section 5.19 of the Credit Agreement of each such Lien and security interest continues in full force and effect on a continuous basis,  unimpaired,  uninterrupted and undischarged  as  collateral security for the Obligations, to the extent provided in such Loan Documents.
SECTION 5.    Conditions of Effectiveness of this Agreement.  This Agreement shall become effective on  the  date when the following conditions shall have been satisfied or waived (such date, the “First Amendment Effective Date”): 
(a)    The Administrative Agent’s receipt of the following, each of which shall be originals or electronic copies (including “.pdf” or similar format, followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer of the signing Loan Party:
(i)    this Agreement, duly executed by Holdings, the Borrower, the Subsidiary Guarantors  existing  as  of the First Amendment Effective Date, the Administrative Agent, the Lenders and the Incremental Lenders;
(ii)    a certificate of a Responsible Officer of each Loan Party certifying as to the incumbency and genuineness of the signature of each officer of such Loan Party executing Loan Documents to which it is a party and certifying that (A) the articles or certificate of incorporation or formation (or equivalent), as applicable, of such Loan Party have not been amended since the date of the last delivered certificate, or  if  they have  been amended, attached thereto  are  true, correct and complete copies of the same, certified as of  a recent date by  the  appropriate  Governmental Authority in its jurisdiction of incorporation, organization or formation (or equivalent), as applicable, (B) the bylaws or other governing document of  such Loan Party have not been amended since the date of the last delivered certificate, or if they have been amended, attached thereto are true, correct and complete copies of the same, (C) attached thereto is a true, correct and complete  copy  of  resolutions duly adopted by the  board  of  directors  (or other 

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governing body) of such Loan Party authorizing and approving the transactions contemplated hereunder and the execution, delivery  and performance of  this  Agreement, and  (D)  attached thereto is a true, correct and complete copy of such certificates of good standing (including bring down certificates) from the applicable secretary of state of the state of incorporation, organization or formation (or equivalent), as applicable, of each Loan Party; 
(iii)    a  certificate of  a  Responsible  Officer of  the  Borrower certifying that (A) no Event of Default shall exist immediately prior to or after giving effect to the 2016 Incremental Revolving Facility and the other transactions contemplated hereunder, (B) the Borrower is in compliance, on a pro forma basis after giving effect to the incurrence of the 2016 Incremental Revolving Facility  (and assuming that any commitments under the Revolving  Facility  and the 2016 Incremental Revolving Facility are fully drawn), with the financial covenants set forth in Section 8.1  of  the  Credit  Agreement  calculated as  of the most  recent period  of  four  (4)  consecutive fiscal quarters for which financial statements have been delivered and (C) the representations and warranties contained in Section 7 of this Agreement, Section 5 of the Credit Agreement and the other Loan Documents are true and correct in all material respects (or, with respect to any representations and warranties qualified by materiality or Material Adverse  Effect, in all respects) on and as of the First Amendment Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects (or, with respect to any representations and warranties qualified by materiality or Material Adverse Effect, in all respects) as of such earlier date, and except that for purposes of Section 2.5 of the Credit Agreement, the representations and warranties contained in Section 5.1 of the Credit Agreement shall be deemed to refer  to  the  most  recent  statements furnished pursuant to subsection (c) of Section 6.1 of the Credit Agreement; and
(iv)    opinions from counsel to the Loan Parties, in form and substance reasonably satisfactory to the Administrative Agent.
(b)    Payment  of  all  fees  and  expenses  of  the Administrative  Agent  and  Wells Fargo Securities, LLC required to be paid on the First Amendment Effective Date.
(c)    Payment of all fees to the applicable Lenders required to be paid on the First Amendment Effective Date.
(d)    The Exiting Lenders shall have received payment of  all  principal on the Loans owing thereto with respect to the applicable Facilities.
SECTION 6.    Costs and Expenses. The Borrower hereby reconfirms its obligations pursuant to Section 11.5 of the Credit Agreement to pay and  reimburse the Administrative Agent in accordance with the terms thereof.
SECTION 7.    Representations and Warranties. To induce  the  Administrative  Agent  and  the other Lenders to enter into this Agreement, each Loan Party represents and warrants to the Administrative Agent and the other Lenders on and as of the First Amendment Effective Date that, in each case:
(a)    the representations and warranties of each Loan Party set forth in Section 5 of the Credit Agreement and in each other Loan Document are true and correct in all material respects (or, with respect to any representations and warranties qualified by materiality or Material  Adverse Effect, in all respects) on and as of the First Amendment Effective Date with the same effect as though made on and as of such date (except to the extent made as of a specific date, in which case such  representations  and warranties 

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shall be true and correct in all material respects (or, with respect to any representations and warranties qualified by materiality or Material Adverse Effect, in all respects) on and as of such specified date); and 
(b)    no Default or  Event of  Default  exists and  is  continuing immediately prior to or after giving effect to this Agreement.
SECTION 8.    Exiting Lenders. By its execution of this Agreement, each of the parties signatory hereto acknowledges  and  agrees  that, upon  the occurrence of the First Amendment Effective Date, (a) each Exiting Lender shall cease to be a Lender under the Credit Agreement and (b) each Exiting Lender shall have no further rights or obligations as a Lender under the Credit Agreement, except to the extent of rights and obligations that survive a Lender’s assignment  of its commitments pursuant to Section 11.6 of the  Credit  Agreement.  The Exiting Lenders  are  a party to this Agreement solely for the purpose of evidencing its agreement to Section 1(p) and this Section 8. 
SECTION 9.    Reference to and Effect on the Credit Agreement and the Loan Documents. 
(a)    On  and  after  the First  Amendment  Effective  Date,  each  reference  in  the Credit Agreement to “this Agreement,” “herein,” “hereto”, “hereof” and “hereunder” or words of like import referring to the Credit Agreement, and each reference in the Notes and each of the other Loan Documents to “the  Credit  Agreement”, “thereunder”,  “thereof”  or  words of like import referring to the Credit Agreement,  shall mean and be a reference to the Credit Agreement, as amended by this Agreement.
(b)    The Credit  Agreement and each of the other Loan Documents, as  specifically  amended by this Agreement,  are  and shall continue to be in  full  force  and effect and are hereby in all respects ratified and confirmed. 
(c)    The execution, delivery and effectiveness of this Agreement shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents.   Without  limiting  the  generality  of  the  foregoing, the Security Documents in  effect immediately  prior to the date hereof and all of the Collateral described therein in existence immediately prior to the date hereof do and shall continue to secure the payment of all Obligations of the Loan Parties under the Loan Documents, in each case, as amended by this Agreement. 
SECTION 10.    Governing Law.  THIS  AGREEMENT  AND  THE  RIGHTS  AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED  AND  INTERPRETED  IN  ACCORDANCE  WITH,  THE  LAW OF THE STATE OF NEW  YORK WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW YORK.
SECTION 11.    Counterparts.  This Agreement  may be executed in  any number of counterparts and by  the different  parties hereto  on separate counterparts, each of which counterparts when executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. Delivery by facsimile or electronic transmission of an executed counterpart of a signature page to this Agreement shall be effective as delivery of an original executed counterpart of this Agreement.
[The remainder of this page is intentionally left blank.]

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IN WITNESS WHEREOF, the  parties  hereto  have  caused  their  duly  authorized officers to execute and deliver this Agreement as of the date first above written.

INC RESEARCH, LLC, as Borrower

By:/s/ Gregory S. Rush    
Name: Gregory S. Rush
Title: Chief Financial Officer

INC RESEARCH HOLDINGS, INC., as Holdings

By:/s/ Gregory S. Rush    
Name: Gregory S. Rush
Title: Chief Financial Officer
    

INC Research, LLC
First Amendment to Credit Agreement and Increase Revolving Joinder
Signature Page

KENDLE AMERICAS MANAGEMENT INC., as a Guarantor

By:/s/ Duncan Jamie Macdonald     
Name:    Duncan Jamie Macdonald
Title:    Chief Executive Officer and President

KENDLE AMERICAS INVESTMENT INC., as a Guarantor

By:/s/ Duncan Jamie Macdonald     
Name:    Duncan Jamie Macdonald
Title:    Chief Executive Officer and President

INC Research, LLC
First Amendment to Credit Agreement and Increase Revolving Joinder
Signature Page

WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, Swingline Lender, Collateral Agent, an Issuing Lender and a Lender 

By: /s/ Christine Gardiner____________
              Name: Christine Gardiner
          Title: Vice President

INC Research, LLC
First Amendment to Credit Agreement and Increase Revolving Joinder
Signature Page

PNC BANK, NATIONAL ASSOCIATION, 
as a Lender 

By:/s/ Richard C. Brown ________________________
              Name:     Richard C. Brown
          Title:     Senior Vice President

INC Research, LLC
First Amendment to Credit Agreement and Increase Revolving Joinder
Signature Page

KEYBANK NATIONAL ASSOCIATION, 
as a Lender

By: _/s/ David A. Wild _________________________
              Name: David A. Wild
          Title:     Senior Vice President

INC Research, LLC
First Amendment to Credit Agreement and Increase Revolving Joinder
Signature Page

ING CAPITAL LLC, 
as a Lender
By:    /s/ Thomas McCaughey                 
                            Name:    Thomas McCaughey 
                            Title:    Managing Director

By:    /s/ Cliff Beltzer                 
                            Name:    Cliff Beltzer 
                            Title:    Vice President

INC Research, LLC
First Amendment to Credit Agreement and Increase Revolving Joinder
Signature Page

BANK OF AMERICA, N.A., 
as a Lender
By:    /s/ Robert LaPorte                 
                            Name:    Robert LaPorte 
                            Title:    Senior Vice President

INC Research, LLC
First Amendment to Credit Agreement and Increase Revolving Joinder
Signature Page

FIFTH THIRD BANK, 
as a Lender
By:    /s/ Aaron J. Miller                 
                            Name:    Aaron J. Miller 
                            Title:    Vice President

INC Research, LLC
First Amendment to Credit Agreement and Increase Revolving Joinder
Signature Page

GOLDMAN SACHS BANK USA, 
as a Lender
By:    /s/ Rebecca Kratz                 
                            Name:    Rebecca Kratz 
                            Title:    Authorized Signatory

INC Research, LLC
First Amendment to Credit Agreement and Increase Revolving Joinder
Signature Page

CREDIT SUISSE AG, CAYMAN ISLANDS  BRANCH, 
as a Lender
By:    /s/ William O’Daly                 
                            Name:    William O’Daly 
                            Title:    Authorized Signatory

By:    /s/ Joan Park                     
                            Name:    Joan Park 
                            Title:    Authorized Signatory

INC Research, LLC
First Amendment to Credit Agreement and Increase Revolving Joinder
Signature Page

JPMORGAN CHASE BANK, N.A., 
as a Lender
By:    /s/ Antje B. Focke                 
                            Name:    Antje B. Focke 
                            Title:    Executive Director

INC Research, LLC
First Amendment to Credit Agreement and Increase Revolving Joinder
Signature Page

REGIONS BANK, 
as a Lender
By:    /s/ Ned Spitzer                     
                            Name:     Ned Spitzer 
                            Title:    Managing Director

INC Research, LLC
First Amendment to Credit Agreement and Increase Revolving Joinder
Signature Page

CAPITAL ONE, N.A., 
as a Lender

By:    /s/ Kip Hurd                     
                            Name:    Kip Hurd 
                            Title:    SENIOR VICE PRESIDENT

INC Research, LLC
First Amendment to Credit Agreement and Increase Revolving Joinder
Signature Page

THE HUNTINGTON NATIONAL BANK,  
as a Lender
By:    /s/ David Tholt                     
                            Name:    David Tholt 
                            Title:    Vice President
    

INC Research, LLC
First Amendment to Credit Agreement and Increase Revolving Joinder
Signature Page

HSBC BANK USA, NATIONAL ASSOCIATION, as an Exiting Lender

By: /s/ Chris Burns_____________________________
              Name: Chris Burns
          Title:     Vice President

INC Research, LLC
First Amendment to Credit Agreement and Increase Revolving Joinder
Signature Page

CITIZENS BANK, NATIONAL ASSOCIATION, as an Exiting Lender

By: /s/ Prasanna Manyem________________________
              Name: Prasanna Manyem
          Title:     Vice President

INC Research, LLC
First Amendment to Credit Agreement and Increase Revolving Joinder
Signature Page

RAYMOND JAMES BANK, as an Exiting Lender

By: /s/ Alexander L. Rody_______________________
              Name: Alexander L. Rody
          Title: Senior Vice President

INC Research, LLC
First Amendment to Credit Agreement and Increase Revolving Joinder
Signature Page

Annex A
(as of the First Amendment Effective Date)

	
			
	Revolving Lender
	Revolving Commitment
	Revolving Percentage

	Wells Fargo Bank, National Association
	$30,370,370.37
	15.18519%

	PNC Bank, National Association
	$28,888,888.89
	14.44444%

	KeyBank National Association
	$25,925,925.93
	12.96296%

	ING Capital LLC
	$25,925,925.93
	12.96296%

	Bank of America, N.A.
	$22,222,222.22
	11.11111%

	Fifth Third Bank
	$20,740,740.74
	10.37037%

	The Huntington National Bank
	$9,629,629.63
	4.81481%

	JPMorgan Chase Bank, N.A.
	$9,629,629.63
	4.81481%

	Capital One, N.A.
	7,407.407.41
	3.70370%

	Regions Bank
	7,407.407.41
	3.70370%

	Goldman Sachs Bank USA
	$7,111,111.11
	3.55556%

	Credit Suisse AG, Cayman Islands Branch
	$4,740,740.74
	2.37037%

	Total
	$200,000,000.00
	100%

	
			
	Term Lender
	Term Commitment
	Term Percentage

	Wells Fargo Bank, National Association
	$72,129,629.63
	15.18519%

	PNC Bank, National Association
	$68,611,111.11
	14.44444%

	KeyBank National Association
	$61,574,074.07
	12.96296%

	ING Capital LLC
	$61,574,074.07
	12.96296%

	Bank of America, N.A.
	$52,777,777.78
	11.11111%

	Fifth Third Bank
	$49,259,259.26
	10.37037%

	The Huntington National Bank
	$22,870,370.37
	4.81481%

	JPMorgan Chase Bank, N.A.
	$22,870,370.37
	4.81481%

	Capital One, N.A.
	$17,592,592.59
	3.70370%

	Regions Bank
	$17,592,592.59
	3.70370%

	Goldman Sachs Bank USA
	$16,888,888.89
	3.55556%

	Credit Suisse AG, Cayman Islands Branch
	$11,259,259.26
	2.37037%

	Total
	$475,000,000.00
	100%

72906207_8

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