Document:

Seventh Amendment to Lease Agreement

 Exhibit 10.31 
 AMENDMENT NO. 7 TO LEASE 
 THIS AGREEMENT made this 28th day of January, 2009, by and between
EWE WAREHOUSE INVESTMENTS V, LTD., as Lessor and MERRIMACK SERVICES CORPORATION dba PC CONNECTION SERVICES, as Lessee located at 2780-2880 Old State Route 73, Wilmington, Ohio 45177. 
 W I T N E S S E T H: 
 WHEREAS, Lessor and Lessee entered into a Lease dated
September 27, 1990, as amended June 28, 1996, July 31, 1998, June 26, 2000, July 31, 2002, February 28, 2005 and October 26, 2006, and 
 WHEREAS, the Lessor and Lessee desire to amend the Lease of approximately 102,400 square feet to extend the term, revise the Rent and revise Option to
Renew. 
 NOW THEREFORE, the Lease is amended as follows. 
 1. Article 1. TERM. shall be revised as follows. 
 Effective March 1, 2009, the term of this
Lease shall be extended for an additional one (1) year for a total term of nineteen (19) years, two (2) months commencing January 1, 1991 and ending February 28, 2010, both dates inclusive. 
 2. Lessee warrants that Lessee has accepted and is now in possession of the Premises and that the Lease is valid and presently in full force and effect.
Lessee accepts the Premises in it present “as is” condition. 
 3. Article 4. RENT. shall be revised as follows. 

For the one (1) year period commencing March 1, 2009 and ending February 28, 2010, the Lessee shall pay to the Lessor as Basic Annual
Rent for the Leased Premises the sum of FOUR HUNDRED EIGHTY-SIX THOUSAND FOUR HUNDRED AND 00/100 DOLLARS ($486,400.00) which shall be paid in equal monthly installments of FORTY THOUSAND FIVE HUNDRED THIRTY-THREE AND 33/100 DOLLARS ($40,533.33), due
and payable on the first day of each month, in advance, without demand. 
 Checks
should be made payable to Easton & Associates Management Account c/o The Easton Group, 10165 N. W. 19th St., Miami, FL 33172. 

 

 1 

 4. The Option to Renew. shall be revised as follows. 
 Lessee is hereby granted an option to renew this Lease for an additional term of one (1) year on the same terms and conditions contained herein
except for the rental and the length of the term, upon the conditions that: 
 a. written notice of the exercise of such option shall be given
by Lessee to Lessor not less than one hundred eighty (180) days prior to the end of the term of this Lease (by August 31, 2009); and 
 b. at the time of the giving of such notice and at the expiration of the term of this Lease, there are no defaults in the covenants, agreements, terms and conditions on the part of Lessee to be kept and performed, and all rents are and have
been fully paid. Provided also, that the rent to be paid during each year of the said renewal period shall be as determined in accordance with the following: 
 For the period commencing March 1, 2010 and ending February 28, 2011, Lessee shall pay to the Lessor as Annual Rent for the Leased Premises the sum of FIVE HUNDRED THOUSAND SEVEN HUNDRED THIRTY-SIX AND
00/100 DOLLARS ($500,736.00) which shall be paid in equal monthly installments of FORTY-ONE THOUSAND SEVEN HUNDRED TWENTY-EIGHT AND 00/100 DOLLARS ($41,728.00),due and payable on the first day of each month, in advance, without demand. 

5. Except as expressly amended herein, all other terms and conditions of the Lease remain in full force and effect. 
 IN WITNESS WHEREOF, the Lessor and Lessee have affixed their signatures to duplicates of this Amendment, this 28th day of January 2009, as to Lessee
and this 3rd day of February 2009, as to Lessor. 
 [SIGNATORY ON NEXT PAGE...] 
  

 2 

					
	Signed and acknowledged	 	Lessor:	 	EWE WAREHOUSE INVESTMENTS V, LTD.
	in the presence of:	 	By:	 	Miller-Valentine Realty, Inc.
		 	Its:	 	Managing Agent

  

							
	 /s/ Barbara J. Gilmore
	 		 	By:	 	 /s/ Robert A. Gallinis

	Barbara J. Gilmore	 		 		 	Robert A. Gallinis
	Print Name	 		 		 	President

  

	
	 /s/ Kelli L. Wilson

	Kelli L. Wilson
	Print Name

  

							
		 		 	LESSEE:	 	MERRIMACK SERVICES CORPORATION
		 		 		 	dba PC CONNECTION SERVICES
				
	 /s/ Jessica Scalese
	 		 	By:	 	 /s/ Robert Pratt

	Jessica Scalese	 		 		 	Robert Pratt
	and	 		 	Title:	 	Vice President of Facilities
	Print Name	 		 		 	Site Services
				
	  
	 		 		 	
				
	  
	 		 		 	
	Print Name	 		 		 	

 [NOTARY ON NEXT PAGE...] 
  

 3 

 STATE OF OHIO, COUNTY OF MONTGOMERY, SS: 
 The foregoing instrument was acknowledged before me this 3rd day of February, 2009, by Chuck McCosh, President of Miller-Valentine Realty, Inc., Managing Agent of EWE WAREHOUSE INVESTMENTS V, LTD., on behalf of said
company. 
  

	
	 /s/ Sharon Rislund

	Notary Public

 STATE OF New Hampshire, COUNTY OF Hillsborough, SS: 
 The foregoing instrument was acknowledged before me this 28th day of January, 2009, by Robert Pratt, the Vice President of Facilities and Site Services of
MERRIMACK SERVICES CORPORATION dba PC CONNECTION SERVICES a corporation on behalf of said corporation. 
  

	
	 /s/ Dolores Collins

	NOTARY PUBLIC

  

 4Summary of Compensation for Executive Officers

 Exhibit 10.55 
 Summary of Compensation for Executive Officers 
 Following is a description of the
compensation arrangements for each of PC Connection, Inc.’s (the “Company’s”) executive officers. The Company’s executive officers as of December 31, 2008 consisted of: (i) Patricia Gallup, Chairman and Chief
Executive Officer; (ii) Jack Ferguson, Executive Vice President, Treasurer, and Chief Financial Officer; (iii) Timothy McGrath, Executive Vice President, Enterprise Group, (iv) David Beffa-Negrini, Senior Vice President, Corporate
Marketing and Creative Services; and (v) Bradley Mousseau, Senior Vice President, Human Resources. 
 The Compensation Committee
annually sets the compensation of the Chief Executive Officer. The Compensation Committee also reviews the recommendations of the Chief Executive Officer regarding the compensation of the Company’s other executive officers. The Compensation
Committee seeks to achieve three broad goals in connection with the Company’s compensation philosophy and decisions regarding compensation. First, the Company is committed to providing executive compensation designed to attract, retain, and
motivate executives who contribute to the long-term success of the Company and are capable of leading the Company in achieving its business objectives in the competitive and rapidly changing industry in which the Company operates. Second, the
Company wants to reward executives for the achievement of company-wide business objectives of the Company. By tying compensation in part to achievement, the Company believes that a performance-oriented environment is created for the Company’s
executives. Finally, compensation is intended to provide executives with an equity interest in the Company so as to link a meaningful portion of the compensation of the Company’s executives with the performance of the Company’s Common
Stock. 
 Compensation for the Company’s executives generally consists of three elements: 
  

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

	 	•	 	 bonus—amounts are generally based on achievement of the Company’s performance goals in any given year; and 

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

 The following table lists the 2008 annual salaries of the Company’s executive officers: 
  

				
	 	  	Salary
	 Patricia Gallup
 Chairman and Chief Executive Officer
	  	$	653,846
	 Timothy McGrath
 Executive Vice President, Enterprise Group
	  	$	476,923
	 Jack Ferguson
 Executive Vice President, Treasurer, and Chief Financial Officer
	  	$	328,462
	 Bradley Mousseau
 Senior Vice President, Human Resources
	  	$	252,308
	 David Beffa-Negrini(1)
 Senior Vice President, Corporate Marketing and Creative Services
	  	$	270,000

  

	 	(1)	Mr. Beffa-Negrini resigned as an employee of the Company effective December 31, 2008. He remains a member of our board of directors. 

 The Company did not pay any bonuses to its executives for 2008, as the Company did not reach its performance targets in accordance with its Executive Bonus Plan, as
approved by stockholders at the 2008 Annual Meeting of Stockholders. 
 The Company granted restricted stock awards in 2008 to the Company’s executive
officers, as shown below: 
  

						
	 	  	Restricted
Stock
Awards
(# of
Shares)	  	Per Share
Fair
Market
Value of
Restricted
Stock
Awards
	 Jack Ferguson
 Executive Vice President, Treasurer, and Chief Financial Officer
	  	50,000	  	$	11.06
	 Timothy McGrath
 Executive Vice President, Enterprise Group
	  	100,000	  	$	11.06
	 Bradley Mousseau
 Senior Vice President, Human Resources
	  	20,000	  	$	11.06
	 David Beffa-Negrini
 Senior Vice President, Corporate Marketing and Creative Services
	  	20,000	  	$	11.06Summary of Compensation for Non-Employee Directors

 Exhibit 10.56 
 Summary of Compensation for Non-Employee Directors 
 As of December 31, 2008, PC Connection, Inc.’s
(the “Company’s”) non-employee directors consisted of: (i) Bruce Barone; (ii) Joseph Baute; and (iii) Donald Weatherson. Effective June 1, 2008, each non-employee director received a standard quarterly retainer fee
of $10,000 for service on the Board as well as $2,500 for each individual board meeting attended. Previously, each non-employee director was paid $9,000 per quarter and $1,500 for each board meeting attended. Non-employee directors continued in 2008
to receive $1,500 for each committee meeting attended. The table below sets forth the total retainer fee paid in 2008, per board meeting fees from June 1, 2008, and per committee meeting fees paid to our non-employee directors in 2008:

  

							
	 Director
	  	Total Retainer Fee
Paid in 2008(1)	  	Fee Per Board
Meeting Attended	  	Fee Per Committee
Meeting Attended
	 Bruce Barone
	  	$38,000	  	$2,500	  	$1,500
	 Joseph Baute
	  	$38,000	  	$2,500	  	$1,500
	 Donald Weatherson
	  	$38,000	  	$2,500	  	$1,500

  

	 	(1)	In addition, the non-employee directors receive reimbursement for all reasonable expenses incurred in attending board and committee meetings.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00155-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00155-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00155-of-00352.parquet"}]]