Document:

EX-10.1

 Exhibit 10.1 

Execution Version 

AMENDMENT NO. 1 
 Dated
as of October 10, 2013 
 to 

CREDIT AGREEMENT 
 Dated as
of February 6, 2013 
 THIS AMENDMENT NO. 1 (this “Amendment”) is made as of October 10, 2013 by and among API
Technologies Corp., a Delaware corporation (the “Borrower”), the Lenders party hereto and Guggenheim Corporate Funding, LLC, as Agent for each member of the Lender Group (in such capacity, together with its successors and assigns,
the “Agent”), under that certain Credit Agreement, dated as of February 6, 2013, by and among the Borrower, the Lenders and the Agent (as amended, restated, supplemented or otherwise modified from time to time, the
“Credit Agreement”). Capitalized terms used herein and not otherwise defined herein shall have the respective meanings given to them in the Credit Agreement. 

WHEREAS, the Borrower has requested that the Lenders and the Agent agree to certain amendments to the Credit Agreement; 

WHEREAS, the Borrower, the Lenders party hereto and the Agent have agreed to such amendments on the terms and conditions set forth herein;

 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 Lenders party hereto and the Agent hereby agree to enter into this Amendment. 

1. Amendments to the Credit Agreement. Effective as of the date of satisfaction of the conditions precedent set forth in
Section 2 below, the parties hereto agree that the Credit Agreement is hereby amended as follows: 
 (a) The definition of
“Applicable Margin” set forth in Schedule 1.1 of the Credit Agreement is restated in its entirety as follows: 

“Applicable Margin” means a percentage per annum equal to in the case of any portion of the Term Loan maintained as
(i) Base Rate Loans, 6.50% and (ii) LIBOR Rate Loans, 7.50%. 
 (b) The definition of “LIBOR Rate” set forth in
Schedule 1.1 of the Credit Agreement is restated in its entirety as follows: 
 “LIBOR Rate” means the rate per annum
rate determined by Agent pursuant to the following formula: 
  

			
	LIBOR Rate =	  	LIBOR Base Rate                            
	  	1.00-LIBOR Reserve Percentage

 Notwithstanding the foregoing, in no event shall the LIBOR Rate be less than 1.50%. 

(c) The definition of “Prepayment Premium” set forth in Schedule 1.1 of the Credit Agreement is restated in its entirety as
follows: 
 “Prepayment Premium” means with respect to prepayment pursuant to Section 2.4(d),
Section 2.4(e)(i), Section 2.4(e)(ii) and Section 2.4(e)(iv) of the Agreement: 
 (a) from and after the
Amendment No. 1 Effective Date through the first anniversary of the Amendment No. 1 Effective Date, 3.0% of the Term Loan Amount prepaid; provided, however, any prepayment in connection with a Change in Control or a sale of
all or substantially all of the assets of Borrower and its Subsidiaries prior to the six month anniversary of the Amendment No. 1 Effective Date, such Prepayment Premium will be 1.5% of the Term Loan Amount prepaid (for the avoidance of doubt,
the Prepayment Premium for sales of assets that do not constitute all or substantially all of the assets of Borrower and its Subsidiaries shall be 0.0% of the Term Loan Amount prepaid); 

(b) after the first anniversary of the Amendment No. 1 Effective Date through the second anniversary of the Amendment
No. 1 Effective Date, 2.0% of the Term Loan Amount prepaid; 
 (c) after the second anniversary of the Amendment
No. 1 Effective Date through the third anniversary of the Amendment No. 1 Effective Date, 1.0% of the Term Loan Amount prepaid; and 

(d) after the third anniversary of the Amendment No. 1 Effective Date, 0.0% of the Term Loan Amount prepaid. 

(d) Schedule 1.1 of the Credit Agreement is amended to include the following new definition alphabetically therein: 

“Amendment No. 1 Effective Date” means October 10, 2013. 

(e) Section 2.4(f) of the Credit Agreement shall be restated in its entirety as follows: 

Application of Payments. In connection with any prepayment pursuant to Section 2.4(d), Section 2.4(e)(i),
Section 2.4(e)(ii) (excluding (x) prepayments resulting from casualty losses or condemnations, and (y) prepayments resulting from sales of assets that do not constitute all or substantially all of the assets of Borrower and its
Subsidiaries) or Section 2.4(e)(iv), Borrower shall pay (or cause to be paid) the relevant Prepayment Premium applicable to the principal amount repaid. Each such repayment (net of any Prepayment Premium) shall be applied in the manner
set forth in Section 2.4(b). Each such prepayment of the Term Loan shall be applied ratably against the remaining installments of principal of the Term Loan (for the avoidance of doubt, any amount that is due and payable on the Maturity
Date shall constitute an installment). 
 (f) Section 2.10(b) of the Credit Agreement shall be deleted in its entirety. 

  
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 (g) Section 7(a) of the Credit Agreement shall be restated in its entirety as
follows: 
 Interest Coverage Ratio. Have an Interest Coverage Ratio, measured on a quarter-end basis, of at least the required amount
set forth in the following table for the applicable period set forth opposite thereto: 
  

			
	 Applicable Ratio
	  	 Applicable Period

	1.50:1.00	  	For the one quarter period ending on February 28, 2013
	1.70:1.00	  	For the two quarter period ending on May 31, 2013
	1.90:1.00	  	For the three quarter period ending on August 31, 2013
	1.90:1.00	  	For the Test Period ending on November 30, 2013
	2.30.1.00	  	For the Test Period ending on February 28, 2014
	2.80.1.00	  	For the Test Period ending on May 31, 2014
	3.00.1.00	  	For the Test Period ending on August 31, 2014
	3.00.1.00	  	For the Test Period ending on November 30, 2014
	3.10.1.00	  	For the Test Period ending on February 28, 2015
	3.10.1.00	  	For the Test Period ending on May 31, 2015
	3.20.1.00	  	For the Test Period ending on August 31, 2015
	3.25.1.00	  	For the Test Period ending on November 30, 2015
	3.25:1.00	  	For the Test Period ending on February 29, 2016
	3.40:1.00	  	For the Test Period ending on May 31, 2016
	3.40:1.00	  	For the Test Period ending on August 31, 2016
	3.50:1.00	  	For the Test Period ending on November 30, 2016
	3.75:1.00	  	For the Test Period ending on February 28, 2017
	3.75:1.00	  	For the Test Period ending on May 31, 2017
	3.75:1.00	  	For the Test Period ending on August 31, 2017
	3.75:1.00	  	For the Test Period ending on November 30, 2017
	3.75:1.00	  	For the Test Period ending on February 28, 2018

  
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 (h) Section 7(c) of the Credit Agreement restated in its entirety as follows: 

Leverage Ratio. Have a Leverage Ratio, measured on a quarter-end basis, of not greater than the applicable ratio set forth in the
following table for the applicable date set forth opposite thereto: 
  

			
	 Applicable Ratio
	  	 Test Period Ending

	5.65:1.00	  	February 28, 2013
	5.65:1.00	  	May 31, 2013
	5.50:1.00	  	August 31, 2013
	5.50:1.00	  	November 30, 2013
	4.50:1.00	  	February 28, 2014
	4.30:1.00	  	May 31, 2014
	4.30:1.00	  	August 31, 2014
	4.30:1.00	  	November 30, 2014
	4.30:1.00	  	February 28, 2015
	4.20:1.00	  	May 31, 2015
	4.20:1.00	  	August 31, 2015
	4.20:1.00	  	November 30, 2015
	4.00:1.00	  	February 29, 2016
	4.00:1.00	  	May 31, 2016
	4.00:1.00	  	August 31, 2016
	4.00:1.00	  	November 30, 2016
	3.80:1.00	  	February 28, 2017
	3.80:1.00	  	May 31, 2017
	3.60:1.00	  	August 31, 2017
	3.60:1.00	  	November 30, 2017
	3.40:1.00	  	February 28, 2018

  
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 2. Conditions of Effectiveness. The effectiveness of this Amendment is subject to the
conditions precedent that: 
 (a) The Agent shall have received counterparts of this Amendment duly executed by the Borrower,
each of the Lenders and the Agent. 
 (b) The Agent shall have received counterparts of the Consent and Reaffirmation
attached as Exhibit A hereto duly executed by each Loan Party. 
 (c) The Agent shall have received, for its own
account and for the account of each Lender, an amendment fee equal to 2.0% of the Term Loan Amount. 
 (d) The Agent shall
have received copies of each Loan Party’s Governing Documents, as amended, modified, or supplemented prior to the Amendment No. 1 Effective Date, certified by the Secretary or other authorized officer of such Loan Party; provided,
however, that such certificate may certify that the Governing Documents of such Loan Party have not changed since delivered to the Agent on the Closing Date. 

(e) To the extent applicable, Agent shall have received a certificate of status with respect to the Borrower, dated within
thirty (30) days of the Amendment No. 1 Effective Date, such certificate shall (i) be issued by the appropriate officer of the Borrower’s jurisdiction of organization, and (ii) indicate that the Borrower is in good standing
in such jurisdiction. 
 (f) The Loan Parties shall have paid all Lender Group Expenses incurred in connection with the
transactions evidenced by this Amendment. 
 (g) The Administrative Agent shall have received satisfactory evidence that the
ABL Lenders and ABL Agent have consented to this Amendment pursuant to the terms of the Intercreditor Agreement. 
 3. Representations
and Warranties of the Borrower. The Borrower hereby represents and warrants as follows: 
 (a) This Amendment and the Credit Agreement
as amended hereby constitute legal, valid and binding obligation of such Person enforceable against such Person in accordance with its respective terms, except as the same may be limited by bankruptcy, insolvency, reorganization, moratorium and
other similar laws affecting the rights of creditors generally and the availability of equitable remedies for the enforcement of certain obligations (other than the payment of principal) contained herein or therein and as may be limited by equitable
principles generally. 
 (b) As of the date hereof and after giving effect to the terms of this Amendment, (i) no Default or Event of
Default shall have occurred and be continuing and (ii) the representations and warranties of the Loan Parties set forth in the Credit Agreement, as amended hereby, are true and correct as of the date hereof. 

4. Reference to and Effect on the Credit Agreement and the other Loan Documents. 

(a) Upon the effectiveness hereof, each reference to the Credit Agreement in the Credit Agreement or any other Loan Document shall mean and be
a reference to the Credit Agreement as amended hereby. 

  
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 (b) The Credit Agreement, the Loan Documents and all other documents, instruments and agreements
executed and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed. 
 (c) The
execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Agent or the Lenders, nor constitute a waiver of any provision of the Credit Agreement, the Loan Documents or any other
documents, instruments and agreements executed and/or delivered in connection therewith. 
 (d) Each of this Amendment and the Consent and
Reaffirmation attached as Exhibit A hereto shall constitute Loan Documents. 
 5. Governing Law. This Amendment shall be
construed in accordance with and governed by the law of the State of New York. 
 6. Headings. Section headings in this Amendment are
included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose. 
 7.
Counterparts. This Amendment may be executed by one or more of the parties hereto on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Signatures
delivered by facsimile or PDF shall have the same force and effect as manual signatures delivered in person. 
 [Signature Pages
Follow] 

  
 6 

 IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year first above
written. 
  

			
	API Technologies Corp., as the Borrower
		
	By:	 	 /s/ Bel Lazar

	Name:	 	Bel Lazar
	Title:	 	President and CEO

  
 Signature Page to
Amendment No. 1 

 
			
	Guggenheim Corporate Funding, LLC,
	individually as the Agent
		
	By:	 	 /s/ William R. Hagner

	Name:	 	William Hagner
	Title:	 	Senior Managing Director

  
 Signature Page to
Amendment No. 1 

 
			
	5180 CLO LP, as a Lender
	By:	 	Guggenheim Partners Investment Management, LLC, as Collateral Manager
		
	By:	 	 /s/ William R. Hagner

	Name:	 	William R. Hagner
	Title:	 	Attorney-in-Fact

  
 Signature Page to
Amendment No. 1 

 
			
	Blue Cross and Blue Shield of Florida, Inc., as a Lender
	By:	 	Guggenheim Partners Investment Management, LLC, as Manager
		
	By:	 	 /s/ William R. Hagner

	Name:	 	William R. Hagner
	Title:	 	Attorney-in-Fact

  
 Signature Page to
Amendment No. 1 

 
			
	Security Benefit Life Insurance Company, as a Lender
	By:	 	Guggenheim Partners Investment Management, LLC, as Sub-Adviser
		
	By:	 	 /s/ William R. Hagner

	Name:	 	William R. Hagner
	Title:	 	Attorney-in-Fact

  
 Signature Page to
Amendment No. 1 

 
			
	Guggenheim Life and Annuity Company, as a Lender
	By:	 	Guggenheim Partners Investment Management, LLC, as Advisor
		
	By:	 	 /s/ William R. Hagner

	Name:	 	William R. Hagner
	Title:	 	Attorney-in-Fact

  
 Signature Page to
Amendment No. 1 

 
			
	Indiana University Health, Inc., as a Lender
	By:	 	Guggenheim Partners Investment Management, LLC, as Manager
		
	By:	 	 /s/ William R. Hagner

	Name:	 	William R. Hagner
	Title:	 	Attorney-in-Fact

  
 Signature Page to
Amendment No. 1 

 
			
	Mercer Field CLO LP, as a Lender
	By:	 	Guggenheim Partners Investment Management, LLC, as Collateral Manager
		
	By:	 	 /s/ William R. Hagner

	Name:	 	William R. Hagner
	Title:	 	Attorney-in-Fact

  
 Signature Page to
Amendment No. 1 

 
			
	Guggenheim Private Debt Fund Note Issuer, LLC, as a Lender
	By:	 	Guggenheim Partners Investment Management, LLC, as Manager
		
	By:	 	 /s/ William R. Hagner

	Name:	 	William R. Hagner
	Title:	 	Attorney-in-Fact

  
 Signature Page to
Amendment No. 1 

 
			
	NZC Guggenheim Master Fund Limited, as a Lender
	By:	 	Guggenheim Partners Investment Management, LLC, as Manager
		
	By:	 	 /s/ William R. Hagner

	Name:	 	William R. Hagner
	Title:	 	Attorney-in-Fact

  
 Signature Page to
Amendment No. 1 

 
			
	Stitching PPGM Depository
	
	Acting in its capacity as depository of PGGM High Yield Fund, as a Lender
	By:	 	Guggenheim Partners Investment Management, LLC, as Manager
		
	By:	 	 /s/ William R. Hagner

	Name:	 	William R. Hagner
	Title:	 	Attorney-in-Fact

  
 Signature Page to
Amendment No. 1 

 
			
	High-Yield Loan Plus Master Segregated Portfolio
	
	Guggenheim High-Yield Plus Master Fund SPC,
	On behalf of and for the account of the
	High-Yield Loan Plus Master Segregated Portfolio, as a Lender
	By:	 	Guggenheim Partners Investment Management, LLC, as Manager
		
	By:	 	 /s/ William R. Hagner

	Name:	 	William R. Hagner
	Title:	 	Attorney-in-Fact

  
 Signature Page to
Amendment No. 1 

 
			
	CLC Leveraged Loan Trust
	By: Challenger Life Nominees PTY Limited as Trustee, as a Lender
	By:	 	Guggenheim Partners Investment Management, LLC, as Manager
		
	By:	 	 /s/ William R. Hagner

	Name:	 	William R. Hagner
	Title:	 	Attorney-in-Fact

  
 Signature Page to
Amendment No. 1 

 
			
	Renaissance Reinsurance Ltd., as a Lender
	By:	 	Guggenheim Partners Investment Management, LLC, as Manager
		
	By:	 	 /s/ William R. Hagner

	Name:	 	William R. Hagner
	Title:	 	Attorney-in-Fact

  
 Signature Page to
Amendment No. 1 

 
			
	Western Regional Insurance Company, Inc., as a Lender
	By:	 	Guggenheim Partners Investment Management, LLC, as Investment Manager
		
	By:	 	 /s/ William R. Hagner

	Name:	 	William R. Hagner
	Title:	 	Attorney-in-Fact

  
 Signature Page to
Amendment No. 1 

 
			
	DaVinci Reinsurance Ltd., as a Lender
	By:	 	Guggenheim Partners Investment Management, LLC, as Manager
		
	By:	 	 /s/ William R. Hagner

	Name:	 	William R. Hagner
	Title:	 	Attorney-in-Fact

  
 Signature Page to
Amendment No. 1 

 
			
	EquiTrust Life Insurance Company, as a Lender
	By:	 	Guggenheim Partners Investment Management, LLC, as Advisor
		
	By:	 	 /s/ William R. Hagner

	Name:	 	William R. Hagner
	Title:	 	Attorney-in-Fact

  
 Signature Page to
Amendment No. 1 

 
			
	Wake Forest University, as a Lender
	By:	 	Guggenheim Partners Investment Management, LLC, as Advisor
		
	By:	 	 /s/ William R. Hagner

	Name:	 	William R. Hagner
	Title:	 	Attorney-in-Fact

  
 Signature Page to
Amendment No. 1 

 
			
	The Wilshire Institutional Master Fund SPC – Guggenheim Alpha Segregated Port, as a Lender
	By:	 	Guggenheim Partners Investment Management, LLC
		
	By:	 	 /s/ William R. Hagner

	Name:	 	William R. Hagner
	Title:	 	Attorney-in-Fact

  
 Signature Page to
Amendment No. 1 

 
			
	Guggenheim Private Debt Master Fund, LLC, as a Lender
	By:	 	Guggenheim Partners Investment Management, LLC, as Investment Manager
		
	By:	 	 /s/ William R. Hagner

	Name:	 	William R. Hagner
	Title:	 	Attorney-in-Fact

  
 Signature Page to
Amendment No. 1 

 
			
	Guggenheim U.S. Loan Fund
	
	Guggenheim U.S. Loan Fund, a sub fund of Guggenheim Qualifying Investor Fund Plc
	By: For and on behalf of BNY Mellon Trust Company (Ireland) Limited under Power of Attorney, as a Lender
		
	By:	 	 /s/ Brian Leyden

	Name:	 	Brian Leyden
	Title:	 	Assistant Manager

  
 Signature Page to
Amendment No. 1 

 
			
	Guggenheim U.S. Loan Fund II
	
	Guggenheim U.S. Loan Fund II, a sub fund of Guggenheim Qualifying Investor Fund Plc
	By: For and on behalf of BNY Mellon Trust Company (Ireland) Limited under Power of Attorney, as a Lender
		
	By:	 	 /s/ Brian Leyden

	Name:	 	Brian Leyden
	Title:	 	Assistant Manager

  
 Signature Page to
Amendment No. 1 

 
			
	Guggenheim U.S. Loan Fund III
	
	Guggenheim U.S. Loan Fund III, a sub fund of Guggenheim Qualifying Investor Fund Plc
	By: For and on behalf of BNY Mellon Trust Company (Ireland) Limited under Power of Attorney, as a Lender
		
	By:	 	 /s/ Brian Leyden

	Name:	 	Brian Leyden
	Title:	 	Assistant Manager

  
 Signature Page to
Amendment No. 1 

 
			
	Guggenheim U.S. Loan and Bond Fund IV
	
	Guggenheim U.S. Loan and Bond Fund IV, a sub fund of Guggenheim Qualifying Investor Fund Plc
	By: For and on behalf of BNY Mellon Trust Company (Ireland) Limited under Power of Attorney, as a Lender
		
	By:	 	 /s/ Brian Leyden

	Name:	 	Brian Leyden
	Title:	 	Assistant Manager

  
 Signature Page to
Amendment No. 1 

 
			
	Tennenbaum Opportunities Fund VI, LLC, as a Lender
		
	By:	 	 /s/ Phil Tseng

	Name:	 	Phil Tseng
	Title:	 	Managing Partner

  

  
 Signature Page to
Amendment No. 1 

 
			
	Tennenbaum Opportunities Partners V, LP, as a Lender
		
	By:	 	 /s/ Phil Tseng

	Name:	 	Phil Tseng
	Title:	 	Managing Partner

  
 Signature Page to
Amendment No. 1 

 
			
	AIC Company Limited, as a Lender
		
	By:	 	 Rob Stobo

	Name:	 	Rob Stobo
	Title:	 	Portfolio Manager

  
 Signature Page to
Amendment No. 1EX-10.1

 Exhibit 10.1 

INDEMNIFICATION AGREEMENT 

THIS INDEMNIFICATION AGREEMENT, dated as of October 9, 2013, is made by and between AFC Enterprises, Inc., a Minnesota corporation (the
“Company”), and Martyn R. Redgrave, a director of the Company (“Director”). 
 WHEREAS, Director is a member of
the Board of Directors of the Company; and 
 WHEREAS, it will be difficult to retain directors of the Company unless such directors are
adequately indemnified against liabilities incurred and claims made in performance of their duties as directors of the Company; and 

WHEREAS, it is in the best interests of the Company to retain such directors by providing adequate indemnification by means of indemnification
agreements with individual directors. 
 NOW, THEREFORE, in consideration of Director’s continued service as a director of the Company,
and as an inducement to Director to continue to serve as a director of the Company, the Company and Director agree as follows: 
 1.
Indemnification. The Company agrees to indemnify and hold Director harmless from and against any claims, liabilities, damages, judgments, penalties, fines or expenses of any type whatsoever incurred by Director in or arising out of the
status, capacities or activities of Director as a director of the Company to the maximum extent permitted under Minnesota Statutes, Section 302A.521 (attached hereto as Exhibit A) as in effect on the date hereof. 

2. Advances of Expenses. Subject to Director’s execution of a written affirmation, satisfactory to the Company, of the
Director’s good faith belief that the criteria for indemnification have been satisfied and to repay all amounts advanced by the Company if it is ultimately determined that the criteria for indemnification have not been satisfied, the Company
shall advance all expenses incurred by Director in connection with the investigation, defense, settlement or appeal of any proceeding, action or investigation to which Director is a party or is threatened to be made a party arising out of the
status, capacities or activities of Director as a director of the Company to the maximum extent permitted under Minnesota Statutes, Section 302.521, subd. 3 as in effect on the date of this Agreement upon the determination by the Company that
the facts then known to those making the determination would not preclude indemnification under Section 502A.521, subd. 6 within 60 days after receipt of said written affirmation. Director shall have a reasonable right to appear in person and
to be represented by counsel. 
 3. Other Rights of Directors. The right of Director to indemnification or advance of expenses
pursuant to this Agreement shall not be exclusive of other rights Director may have (i) under applicable law, (ii) pursuant to other agreements between the Company and Director or the Company’s Articles of Incorporation or Bylaws, or
(iii) pursuant to any agreement with a third party (by way of insurance, indemnification or otherwise). 

 4. Absolute Right to Indemnification and Advances of Expenses. The Company agrees that it
shall not, and the Company hereby waives all rights that it has or may have to, refuse to indemnify or advance expenses, or withhold payment of amounts for which Director is indemnified hereunder, or for advance of expenses to Director, based on any
breach or alleged breach of any of the provisions of this Agreement by Director or for any other reason whatsoever. In the event Director is required to bring any action to enforce Director’s rights or to collect monies due to Director under
this Agreement, and is successful in such action, the Company shall reimburse Director for all of Director’s legal fees and expenses in bringing and pursuing such action. 

5. Amendments to Minnesota Statutes or Company’s Articles of Incorporation or Bylaws. The Company represents that its Bylaws
provide for indemnification of Director to the maximum extent permitted by Minnesota Statutes, Section 302A.521 as in effect on the date hereof and to the maximum extent required by this Agreement. The Company shall not amend its Articles of
Incorporation or Bylaws to reduce or eliminate the Director’s right to indemnification or advances provided for under this Agreement. Any amendments to the Articles of Incorporation or Bylaws of the Company made subsequent to the date of this
Agreement which reduce or eliminate rights of persons entitled to indemnification or advances under such Articles of Incorporation or Bylaws shall not limit the rights of Director pursuant to this Agreement. If the Minnesota Statutes, the Articles
of Incorporation or the Bylaws of the Company are amended so as to provide for greater indemnification rights or benefits, and Director shall be entitled to such greater rights or benefits, and Director shall be entitled to such greater rights and
benefits immediately upon such amendment. Subsequent amendments to the Minnesota Statutes or other applicable law shall in no way reduce Director’s rights under this Agreement. 

6. Maintenance of Insurance. The Company represents that it presently has in force and effect directors and officers insurance under
directors’ and officers’ liability insurance policies covering certain liabilities which may be incurred by its officers and directors. The Company may maintain in effect, for the benefit of Director, directors’ and officers’
insurance providing such coverage as may, from time to time, be determined by the Board of Directors of the Company, in its absolute discretion. 

7. Notification. Promptly after receipt by Director of the Company of any notice or document respecting the commencement of any action,
suit, proceeding or investigation naming or involving Director and relating to any matter concerning which Director may be entitled to indemnification or advances pursuant to this Agreement, the party receiving notice will notify the other of the
receipt of same, but the failure by Director to so notify the Company shall not relieve the Company from any obligation under this Agreement or otherwise. 

8. Amendment. This Agreement may be amended at any time by written instrument executed by the Company and Director. 

  
 2 

 9. Notices. All notices and other communications between the parties with respect to this
Agreement must be made in writing and shall be deemed to have been fully delivered as of the date on which they are hand delivered or deposited in the United States mail for delivery by registered or certified mail, postage and fees prepaid. 

10. Binding Effect. Due to the personal nature of the services to be rendered by Director, Director may not assign this Agreement.
Subject to the foregoing, the provisions of this Agreement are binding upon and inure to the benefit of (i) Director and Director’s respective heirs, legal representatives and administrators, and (ii) the Company and its successors,
transferees and assigns. 
 11. Survival. The obligations of the Company to Director as provided in this Agreement shall survive and
continue after Director has ceased to be a director of the Company. 
 12. Validity. The invalidity or unenforceability of any
provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect. 

13. Arbitration. Any dispute or controversy arising under or in connection with this Agreement shall be discussed between the parties in
a good faith effort to arrive at a mutual settlement of any such controversy. If, notwithstanding the parties’ good faith efforts, a dispute remains unresolved for a period of 45 days after initial notice from one party to the other of the
dispute, the parties shall submit such dispute to arbitration in accordance with the rules of the American Arbitration Association, and judgment upon the award may be entered in any court having jurisdiction over the controversy. The costs of the
proceeding shall be paid by the Company. Unless otherwise agreed upon, the place of arbitration proceedings shall be Fulton County, Georgia. 

14. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Minnesota. 

IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year first above written. 

 

			
	AFC ENTERPRISES, INC.
		
	By:	 	/s/    Cheryl A. Bachelder        
		 	Cheryl A. Bachelder, Chief Executive Officer
	
	/s/    Martyn R. Redgrave        
	Martyn R. Redgrave, Director

  
 3

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