--------------------------------------------------------------------------------

Exhibit  10.32

AMENDMENT NO. 1 TO CREDIT AGREEMENT

THIS AMENDMENT NO. 1 TO CREDIT AGREEMENT (this “Amendment”) is entered into as
of December 7, 2012 by and among INSPERITY, INC., a Delaware corporation
(“Borrower”), each of the Lenders (as defined below) listed on the signature
pages attached hereto and AMEGY BANK NATIONAL ASSOCIATION, as agent for the
Lenders (the “Agent”).

RECITALS:
 
WHEREAS, reference is made to that certain Credit Agreement dated as of
September 15, 2011 (as heretofore amended, restated, supplemented or otherwise
modified, the “Credit Agreement”) by and among the Borrower, each of the
financial institutions from time to time party thereto (the “Lenders”) and the
Agent;

WHEREAS, on November 26, 2012, the Borrower announced that its board of
directors declared a special cash dividend payable to each of its stockholders
of record as of December 7, 2012 in the amount of $1.00 per share of common
stock of the Borrower, to be paid on or about December 21, 2012 (the “Special
Dividend”);

WHEREAS, the Borrower desires to amend the definition of “Cash Distributions” in
the Credit Agreement as hereinafter described in order to, among other things,
exclude the Special Dividend from the calculation thereof, and the Lenders party
hereto are willing to do so on the terms and subject to the conditions set forth
herein;

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

Section 1.       Defined Terms.  Capitalized terms used but not otherwise
defined herein shall have the meanings assigned to them in the Credit Agreement,
as amended hereby.
 
Section 2.       Amendments to Credit Agreement.
 
(a)        The definition of “Cash Distribution” in Section 1.1 of the Credit
Agreement is hereby amended and restated in its entirety to read as follows:
 
“Cash Distribution” means any distribution, dividend or any other payment paid
in cash or cash equivalents by the Borrower on account of its capital stock,
other than the Special Dividend.  For the avoidance of doubt, repurchases by the
Borrower of any of its capital stock shall not constitute a “Cash Distribution”.
 
(b)        Section 1.01 of the Credit Agreement is further amended by adding the
following new defined term to appear in alphabetical order therein:
 
“Special Dividend” means that certain special cash dividend declared by the
board of directors of the Borrower on November 23, 2012 and payable to each of
its stockholders of record as of December 7, 2012 in the amount of $1.00 per
share of common stock of the Borrower, to be paid on or about December 21, 2012.
 
 
 

--------------------------------------------------------------------------------

 
 
Section 3.       Amendment Effective Date; Conditions Precedent.  This Amendment
shall become effective on the date (the “Amendment Effective Date”) on which the
Agent shall have received a counterpart of this Amendment executed by the
Borrower and the Majority Lenders.
 
Section 4.       Representations and Warranties.  To induce the other parties
hereto to enter into this Amendment, the Borrower represents and warrants that,
after giving effect to each of the amendments set forth in this Amendment:
 
(a)        the representations and warranties contained in Article VI of the
Credit Agreement and the other Loan Documents are, to the Borrower’s knowledge,
true and correct as of the Amendment Effective Date with the same force and
effect as if such representations and warranties had been made on and as of the
Amendment Effective Date, except to the extent any such representations and
warranties are expressly limited to an earlier date, in which case such
representations and warranties shall continue to be true and correct as of such
earlier date;
 
(b)        no Event of Default or Unmatured Event of Default has occurred and is
continuing on the Amendment Effective Date; and
 
(c)        this Amendment constitutes the legal, valid and binding obligation of
the Borrower, enforceable against the Borrower in accordance with its terms,
except as enforceability may be limited by applicable bankruptcy, insolvency, or
similar laws affecting the enforcement of creditors’ rights generally or by
equitable principles of general applicability.
 
Section 5.       Confirmation of Loan Documents.  Except as expressly
contemplated hereby, the terms, provisions, conditions and covenants of the
Credit Agreement, as amended by this Amendment, and the other Loan Documents
remain in full force and effect and are hereby ratified and confirmed, and the
execution, delivery and performance of this Amendment shall not, except as
expressly set forth in this Amendment, operate as a waiver of, consent to or
amendment of any term, provision, condition or covenant thereof.
 
Section 6.       Effect of Amendment.  From and after the Amendment Effective
Date, each reference in the Credit Agreement to “this Agreement”, “hereof”, or
“hereunder” or words of like import, and all references to the Credit Agreement
in any and all agreements, instruments, documents, notes, certificates,
guaranties and other writings of every kind and nature shall be deemed to mean
the Credit Agreement as modified by this Amendment.  This Amendment shall
constitute a Loan Document for all purposes of the Credit Agreement and the
other Loan Documents.
 
Section 7.       Choice of Law.  This Amendment shall be governed by and
construed in accordance with the laws of the State of Texas and the applicable
laws of the United States of America.
 
Section 8.       Counterparts.  This Amendment may be executed in counterparts,
each of which shall constitute an original, but all of which when taken together
shall constitute a single contract.  Delivery of an executed counterpart of a
signature page to this Amendment by facsimile transmission or electronic
transmission (in .pdf form) shall be effective for all purposes as delivery of a
manually executed counterpart of this Amendment.
 
[Remainder of page intentionally left blank; signature pages follow.]
 
 
 

--------------------------------------------------------------------------------

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

 
BORROWER:
     
INSPERITY, INC.
       
By:
/s/ Douglas S. Sharp
 
Name:
Douglas S. Sharp
 
Title:
Senior Vice President of Finance,
   
Chief Financial Officer and Treasurer

 
 
 

--------------------------------------------------------------------------------

 
 

 
AGENT:
     
AMEGY BANK NATIONAL ASSOCIATION
       
By:
/s/ Ryan Hightower
 
Name:
Ryan Hightower
 
Title:
Vice President

 
 

--------------------------------------------------------------------------------

 
 

 
LENDERS:
     
AMEGY BANK NATIONAL ASSOCIATION
       
By:
/s/ Ryan Hightower
 
Name:
Ryan Hightower
 
Title:
Vice President

 
 

--------------------------------------------------------------------------------

 
 

 
BANK OF AMERICA, N.A.
       
By:
/s/ Gary L. Mingle
 
Name:
Gary L. Mingle
 
Title:
Senior Vice-President

 
 

--------------------------------------------------------------------------------

 
 

 
WOODFOREST NATIONAL BANK
       
By:
/s/ Dan E. Hauser
 
Name:
Dan E. Hauser
 
Title:
Regional President

 

--------------------------------------------------------------------------------