SEC Contract Filing

Filing Date: 2025-06-27

Document Content:
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>6
<FILENAME>tm2517689d2_ex10-4.htm
<DESCRIPTION>EXHIBIT 10.4
<TEXT>
<HTML>
<HEAD>
 <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.4</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B><I>Execution Version</I></B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FIRST AMENDMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Dated as of June 27, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ABL INTERCREDITOR AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">each, dated as of October 29, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">THIS FIRST AMENDMENT (this &ldquo;<U>Amendment</U>&rdquo;)
is made as of June 27, 2025 by and among Bank of America, N.A. (as assignee of JPMorgan Chase Bank, N.A.), in its capacity as agent for
the ABL Lenders (including its successors and assigns from time to time, the &ldquo;<U>ABL Agent</U>&rdquo;), Computershare Trust Company,
N.A (as successor of Wells Fargo Bank, National Association), in its capacity as collateral trustee (including its successors and assigns
from time to time, the &ldquo;<U>Collateral Trustee</U>&rdquo;), and acknowledgement by Unisys Corporation, a Delaware corporation (the
 &ldquo;<U>Borrower</U>&rdquo;), the subsidiary guarantors party hereto (collectively with the Borrower, the &ldquo;<U>Loan Parties</U>&rdquo;),
under that certain ABL Intercreditor Agreement dated as of October 29, 2020 by and among the ABL Agent, the Collateral Trustee, the other
parties from time to time party thereto, and acknowledgement by the Borrower and the Loan Parties party thereto (as in effect immediately
prior to giving effect to this Amendment, &ldquo;<U>Existing Intercreditor Agreement</U>&rdquo;, and as amended, restated, supplemented
or otherwise modified from time to time, the &ldquo;<U>Intercreditor Agreement</U>&rdquo;). Capitalized terms used herein and not otherwise
defined herein shall have the respective meanings given to them in the Intercreditor Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">WHEREAS, the Borrower intends
to enter into that certain Indenture dated as of the date hereof (the &ldquo;<U>Senior Secured Notes Indenture</U>&rdquo;) by and among
the Borrower, the subsidiary guarantors party thereto, Computershare Trust Company, N.A, as Trustee (the &ldquo;<U>Senior Secured Notes
Trustee</U>&rdquo;) and the Collateral Trustee thereunder, pursuant to which Borrower shall issue 10.625% senior secured notes due 2031,
whereby the Borrower will incur additional debt and pledge substantially all of its assets (such transaction, the &ldquo;<U>Notes Issuance</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">WHEREAS, the Loan Parties, in
connection with the Notes Issuance, intend to enter into that Omnibus Amendment to the Credit Agreement and the Security Agreement dated
as of the date hereof (the &ldquo;<U>ABL Amendment</U>&rdquo;) by and among the Borrower, the Loan Parties, the ABL Agent, and the other
lenders from time to time party thereto to that certain Credit Agreement dated as of October 29, 2020 by and among the ABL Agent, he Borrower,
the Loan Parties party thereto and the lenders from time to time party thereto (together with the ABL Amendment, the &ldquo;<U>ABL Credit
Agreement</U>&rdquo;) ;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">WHEREAS, the Loan Parties, in
connection with the Notes Issuance, have agreed to pledge 100% of the Equity interests in its foreign subsidiaries and to amend the Existing
Intercreditor Agreement to effect such pledge;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">WHEREAS, the ABL Agent and the
Collateral Trustee have so agreed on the terms and conditions of the amendment to the Existing Intercreditor Agreement set forth herein;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">NOW, THEREFORE, in consideration
of the premises set forth above, the terms and conditions contained herein, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Borrower, the other Loan Parties, the ABL