Document:

Exhibit 10.1

 

SEPARATION AGREEMENT AND
 GENERAL RELEASE OF CLAIMS

 

This Separation Agreement and General Release of Claims (“Agreement”) is made by and between JOHN FANELLI III (“Executive”) and HILL INTERNATIONAL, INC., a Delaware corporation with a principal place of business in Philadelphia, Pennsylvania (“Hill”) (collectively, the “Parties”).

 

WHEREAS, Executive has been employed by Hill as the Executive Vice President and Chief Financial Officer (“CFO”);

 

WHEREAS, Executive has resigned his position as CFO and all other positions held with Hill and all subsidiaries, affiliates, and related entities (collectively, “the Company”) effective on November 10, 2017 (the “Resignation Date”);

 

WHEREAS, Executive will remain employed by Hill on a part-time basis through February 9, 2018 (“Transition Period”), to provide certain transition services, on the terms and conditions set forth in this Agreement, and will separate from employment with Hill on February 9, 2018 (“Separation Date”); and

 

WHEREAS, Executive also will resign as an officer and all other positions held with the Company effective November 10, 2017;

 

NOW, THEREFORE, in consideration of the mutual promises made and consideration described in this Agreement, the Parties hereby agree as follows:

 

1.                                            Resignation from Employment as CFO.

 

(a)                                 Executive will resign his position as CFO (and all other positions held) with the Company effective on the Resignation Date.  Except as provided in this Agreement, Executive acknowledges that he has received all wages, bonuses, vacation pay, and other benefits and compensation due to him by virtue of his employment with the Company as of the Resignation Date, and that, except as provided in this Agreement, he will no longer be entitled to any further compensation, monies, or other benefits from the Company.  In addition, Executive will not be eligible to participate in any employee benefit plan available only to full-time employees after the Resignation Date.

 

(b)                                 Within thirty (30) days following the Resignation Date, Executive will receive a payment for any accrued but unused paid time off in the amount of $65,923.37 less applicable withholdings and deductions.

 

2.                                      Continued Employment During Transition Period.

 

(a)                                 Executive agrees to provide transition services, as required by the Company and in the Company’s discretion, for up to 10 hours per week, through February 9, 2018.  The Company will compensate Executive at a rate of $223.56 per hour for his time spent in providing such transition services during the Transition Period.  The Parties may mutually

 

	
 
    	
Executive’s
    
	
 
    	
Initials
    

 

 

agree that Executive will work more than 10 hours in any given week.  The Company is under no obligation to engage Executive for any particular number of hours per week during the Transition Period.  During the Transition Period, Executive may be eligible to participate in any employee benefit plan available to part-time employees in accordance with the terms of those plans.  Executive will not be eligible to accrue any PTO or other forms of paid time off during the Transition Period.

 

(b)                                 Executive’s employment during the Transition Period is expressly contingent upon his providing the transition services in a competent and professional manner, and there not being Cause for the termination of his employment. For purposes of this Agreement, Cause shall be defined as any of the following, as determined by the Company in its reasonable good faith judgment: (1) the gross or willful neglect of, or material failure to perform, any of Executive’s duties or responsibilities; (2) Executive’s material breach of any fiduciary or other duty owed to the Company; (3) the commission of any act or any omission which constitutes a crime or violation of any legal duty; and (4) breach of this Agreement.  Should Executive’s employment during the Transition Period be terminated for Cause, he shall receive no further benefits under this Agreement beyond those already provided as of the date of termination and shall not be eligible for the separation benefits described in Paragraph 4 of this Agreement.  However, all other terms and conditions of this Agreement and Appendix A shall remain in full force and effect.

 

3.                                            Benefits Following the Resignation Date.  Provided that Executive complies with the terms of this Agreement and does not revoke it and Appendix A, Hill will pay to Executive a lump sum resignation payment in the gross amount of $232,500, less applicable withholdings and deductions, within 30 days following the Resignation Date.  Executive acknowledges that this Paragraph provides him with certain benefits to which he was not otherwise entitled.

 

4.                                            Benefits Following the Separation Date.  Provided that Executive complies with the terms of this Agreement, is not terminated for Cause, and does not revoke Appendix B, Hill will pay to Executive a lump sum separation payment in the gross amount of $232,500, less applicable withholdings and deductions, within 30 days following the Separation Date.  Executive acknowledges that this Paragraph provides him with certain benefits to which he was not otherwise entitled.

 

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5.                                            General Release of Claims by Executive.

 

(a)                                 In consideration of the benefits set forth in Paragraphs 2 and 3 of this Agreement, Executive agrees to execute a General Release of Claims in the form attached to this Agreement as Appendix A at the time of his execution of this Agreement.  If Executive revokes the Agreement and General Release of Claims in Appendix A pursuant to Paragraph 11, Executive will not be entitled to the benefits set forth in this Agreement, including, without limitation, continued employment during the transition period (as described in Paragraph 2), and the benefits following the Resignation Date (as described in Paragraph 3).

 

(b)                                 In addition, in consideration of the benefits set forth in Paragraph 4 of this Agreement, Executive agrees to execute a General Release of Claims in the form attached to this Agreement as Appendix B no earlier than February 9, 2018 and no later than March 2, 2018.  If Executive revokes the General Release of Claims in Appendix B pursuant to Paragraph 11, Executive will not be entitled to the benefits set forth in Paragraph 4 of this Agreement.  In the event that Executive revokes the General Release of Claims in Appendix B, however, all other terms and conditions of this Agreement and Appendix A will remain in full force and effect.

 

6.                                      Section 409A.  This Agreement is intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”) or an exemption thereunder and shall be construed and administered in accordance with Section 409A.  Notwithstanding any other provision of this Agreement, payments provided under this Agreement may only be made upon an event and in a manner that complies with Section 409A or an applicable exemption.  Any payments under this Agreement that may be excluded from Section 409A either as separation pay due to an involuntary separation from service or as a short-term deferral shall be excluded from Section 409A to the maximum extent possible.  For purposes of Section 409A, each installment payment provided under this Agreement shall be treated as a separate payment.  Any payments to be made under this Agreement upon a termination of employment shall only be made upon a “separation from service” under Section 409A.  Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement comply with Section 409A and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest, or other expenses that may be incurred by Executive on account of non-compliance with Section 409A.

 

7.                                            Employee Stock Option Plan.  Executive’s rights with respect to the vesting and exercise of all options granted to him under the Hill International Inc. Employee Stock Option Plan, as amended, shall be governed by the terms of that plan.

 

8.                                            Return of Corporate Property.  Except as otherwise provided in this Agreement, Executive affirms that he will return to the Company any and all corporate property and copies thereof in his possession or under his custody or control, including without limitation corporate credit cards, keys and access cards, calling cards, cellular or mobile telephones, parking permit, laptop, and other computer equipment and software.  Executive’s access to the Company’s property and facilities will cease upon the Separation Date.  Notwithstanding the foregoing, the Parties agree that Executive may keep his Company provided computer and cell phone, provided that he allows Hill personnel to image the devices and wipe any and all

 

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Company information from both devices.  Executive represents that:  his use of both devices for Company business purposes has been and will be limited to Microsoft Outlook and Company-related emails; following his Separation Date he will not retain any electronically stored information related to Company business on these devices, and he has not and will not delete any electronically stored information related to Company business from these devices, except as consistent with the Company’s document retention policies and protocols.

 

9.                                            IRS Issues and Indemnification.  It is understood and agreed that Executive retains full and complete responsibility for any taxes, penalties, and assessments of any kind that may become due in connection with this Agreement.  Executive agrees to indemnify and hold Hill harmless from all penalties and interest that may be imposed upon Hill by any local taxing authority that may arise from the payments made to Executive in Paragraphs 3 and 4 of this Agreement.  Executive has not relied on any representations made by the Company regarding the tax consequences of any payments made to Executive under this Agreement.

 

10.                                     Consideration Period.

 

(a)                                 Following Resignation Date: Executive acknowledges that he has been provided with at least twenty-one (21) calendar days following his receipt of this Agreement to consider this Agreement, including the General Release of Claims in Appendix A, prior to entering into this Agreement.  Executive agrees to notify the Company of his acceptance of this Agreement and of the General Release Of Claims in Appendix A, by delivering a signed copy to the Company, addressed to the attention of William Dengler, Esquire, General Counsel, Hill International, Inc., One Commerce Square, 2005 Market Street, 17th Floor, Philadelphia, PA  19103.  Executive understands that he may take the entire twenty-one (21) day calendar period to consider this Agreement and Appendix A, and that any changes to this Agreement or Appendix A subsequently agreed upon by the Parties, whether material or immaterial, do not restart this period for consideration.  Executive may return this Agreement and Appendix A in less than the full twenty-one (21) calendar day period.  By signing and returning this Agreement, Executive acknowledges that the consideration period afforded Executive was a reasonable period of time to consider fully each and every term of this Agreement, including the General Release of Claims in Appendix A.

 

(b)                                 Following the Separation Date:  Executive acknowledges that he will be provided with at least twenty-one (21) calendar days following his Separation Date and the receipt of this Agreement and Appendix B, prior to signing Appendix B.  Executive agrees to notify the Company of his acceptance of Appendix B, by delivering a signed copy to the Company, addressed to the attention of William Dengler, Esquire, General Counsel, Hill International, Inc., One Commerce Square, 2005 Market Street, 17th Floor, Philadelphia, PA  19103.  Executive understands that he may take the entire twenty-one (21) day calendar period following his Separation Date to consider this Appendix B, and that any changes to Appendix B subsequently agreed upon by the Parties, whether material or immaterial, do not restart this period for consideration.  Executive may return Appendix B in less than the full twenty-one (21) calendar day period.  By signing and returning Appendix B, Executive acknowledges that the

 

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consideration period afforded Executive was a reasonable period of time to consider fully each and every term of Appendix B.

 

11.                                     Revocation Period.

 

(a)                                 Executive acknowledges that he shall have seven (7) calendar days after signing this Agreement and the General Release of Claims attached as Appendix A to revoke this Agreement and Appendix A if he chooses to do so.  If Executive elects to revoke this Agreement and Appendix A, he shall give written notice of such revocation to the Company by delivering it to William Dengler, Esquire, General Counsel, Hill International, Inc., One Commerce Square, 2005 Market Street, 17th Floor, Philadelphia, PA  19103, in such a manner that it is actually received by General Counsel within the seven-day period.

 

(b)                                 Executive acknowledges that he shall have seven (7) calendar days after signing the General Release Of Claims attached as Appendix B (following his Separation date)  to revoke such General Release of Claims as described in Appendix B if he chooses to do so.  If Executive elects to revoke Appendix B, he shall give written notice of such revocation to the Company by delivering it to William Dengler, Esquire, General Counsel, Hill International, Inc., One Commerce Square, 2005 Market Street, 17th Floor, Philadelphia, PA  19103, in such a manner that it is actually received by General Counsel within the seven-day period.

 

12.                                     Non-Admission of Liability.  The Parties agree and acknowledge that this Agreement is not to be construed as an admission by any of the Releasees of any violation of any federal, state, or local statute, ordinance, regulation, constitutional right, public policy, common law duty, or contractual obligation.  The Company specifically denies that it or any Releasees engaged in any wrongdoing concerning Executive.

 

13.                                     Cooperation with the Company.  During and after the Transition Period, Executive agrees to cooperate fully with the Company and to provide information and/or testimony regarding any current or future litigation, threatened litigation or investigations by government entities, related to actions or events occurring during his employment with the Company or about which Executive otherwise has knowledge.  Except as prohibited by law, the Company shall reimburse Executive for reasonable out-of-pocket expenses for providing such assistance.  The provision of testimony shall not be included in the maximum of ten (10) hours per week described in Paragraph 2.

 

14.                                     Non-Disclosure of Confidential Information.  Executive acknowledges and agrees that, during his employment with the Company, there are certain trade secrets and Confidential Information (defined below) which have been developed by or on behalf of the Company and/or which have been and will be used by the Company in its business.  “Confidential Information” shall mean all of the Company’s trade secrets, know-how, financial information, intellectual property and other proprietary rights, including, without limitation, marketing information, formulae, technical knowledge, data, budgets, strategic marketing plans and research, business and development plans, products, customer lists, computer programs, software, telephone numbers, prices, costs, personnel, overhead, profit margins, suppliers, developments, and techniques concerning the Company and all of the Company’s books, files,

 

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records, documents, plans, drawings, designs, renderings, estimates, specifications, operating manuals, manuals, user documentation, product literature, catalogues, marketing materials, and similar items relating to the Company.  Notwithstanding the foregoing, Confidential Information shall not include any information (i) which is or becomes generally available to the public other  than as a result of a disclosure by Executive in violation of this Agreement, (ii) which is lawfully obtained by Executive from a third party that is not bound by a contractual, legal or other confidentiality obligation to Company; (iii) which has been independently acquired or developed by Executive without violating any of the obligations under this Agreement; or (iv) whose disclosure is required by law or in connection with the enforcement of Executive’s rights under this Agreement.  Executive shall not, without the prior written consent of Hill, directly or indirectly, at any time after the date of this Agreement, use or disclose to any third party any Confidential Information.  Further, Executive shall be free to use and employ his general skills, know-how and expertise, and to use, disclose and employ any generalized ideas, concepts, know-how, methods, techniques or skills, including those gained or learned during the course of Executive’s employment with the Company, so long as he applies such information without disclosure or use of any Confidential Information.

 

Should Executive be requested by a third party to disclose Confidential Information in connection with any judicial, administrative or other proceeding, Executive agrees to immediately notify Company of the request and further agrees that Company has standing to object to the disclosure on his behalf, as well as its own.  Assuming Company objects to the request, Executive agrees to await the final outcome of the objection before making any disclosures.

 

15.                                     Non-Competition; Non-Solicitation.  Executive agrees that, during the Transition Period and for a period of two years after the Separation Date, Executive will not:

 

(a)                                 directly or indirectly contact or solicit any (i) any Customers of the Company that were customers during Executive’s employment with the Company or (ii) any Potential Customers of the Company with whom Executive had direct contact during Executive’s employment with the Company, for the purpose of soliciting such Customer or Potential Customer to receive, purchase, lease, or license a product or service that is the same as, similar to, or in competition with those products and/or services made, rendered, offered, or under development by the Company.  For purposes of this Agreement, a Customer is any person, company, or entity that entered into a business agreement or contract with the Company within the two year period preceding the Separation Date.  For purposes of this Agreement, a Potential Customer is defined as any person, company, or entity with which Executive had substantial contact and which requested information from the Company or met with an employee of the Company regarding or to discuss potentially doing business with, or received a new business proposal from, the Company within the two year period preceding the Separation Date.

 

(b)                                 directly or indirectly interfere with or attempt to disrupt the relationship, contractual or otherwise, between the Company and any of the Company’s employees or independent contractors, or solicit, induce, or assist or attempt to induce or assist the Company’s employees or independent contractors to terminate or alter their relationships

 

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with the Company, and/or to become self-employed, employed, or consulting with others in any organization; or

 

(c)                                  directly or indirectly engage in any activity or business as a consultant, independent contractor, agent, employee, officer, partner, director, or otherwise, alone or in association with any other person, corporation, or other entity, for any organization operating within the United States or any other country where the Company markets its services or otherwise does business if that organization is (i) engaged in direct or indirect competition with the Company, (ii) conducting a business of the type and character engaged in by the Company at the time of Executive’s termination, (iii) developing products or services in competition with those of the Company, or (iv) at any time during Executive’s employment with the Company, was a customer of the Company.  Executive also shall not engage in activities proscribed by this Subparagraph on Executive’s own behalf.  For purposes of this Subparagraph, the Company is engaged in the business of providing program management, project management, construction management, and other consulting services in various markets.

 

(d)                                 The Parties agree that nothing in this Agreement shall preclude Executive from serving as a director of a company that is not engaged in direct or indirect competition with the Company as defined in this Paragraph.

 

16.                                     Reasonable Covenants.  Executive acknowledges that the Company is engaged in business globally and that the marketplace for the Company’s products and services is global.  Executive further covenants and agrees that the geographic scope, length of term, and types of activities restrictions contained in this Agreement are reasonable and necessary to protect the legitimate business interests of the Company because of the scope of the Company’s business and Executive’s position with the Company.  Executive further acknowledges that these restrictions are reasonable and necessary and will not prevent Executive from being gainfully employed.  Executive also consents to the Company providing any person or entity with information about Executive’s post-employment restrictions under this Agreement.

 

17.                                     Remedies.  Executive acknowledges that monetary damages would not be an adequate remedy to the Company in the event of Executive’s breach of his obligations under Paragraphs 14 and 15, and that such a breach will cause irreparable damage to the Company.  Executive agrees that, in the event that he breaches any obligation under this Agreement, the Company shall be entitled to both permanent and temporary injunctive relief and reasonable attorneys’ fees from any court of competent jurisdiction, in addition to any other remedies prescribed by law.  Executive further acknowledges and agrees that, if the Company seeks such injunctive relief, it shall be obligated to prove only that Executive violated one or more terms or conditions of this Agreement and that, by making the acknowledgements contained in this Paragraph, Executive hereby waives the obligation of the Company to prove any other prerequisite to its entitlement to such injunctive relief.

 

18.                                     Waiver.  If a party, by its actions or omissions, waives, or is adjudged to have waived any breach of this Agreement, any such waiver shall not operate as a waiver of any other subsequent breach of this Agreement.

 

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19.                                     Assignment.  The Company may assign this Agreement to any successor or assign (whether direct or indirect, by purchase, merger, consolidation, or otherwise) to all or substantially all of the business or assets of Company.  Executive may not assign this Agreement or any part of it, because this Agreement is personal to Executive.  Any purported assignment by Executive shall be null and void from the initial date of purported assignment.

 

20.                                     Acknowledgements.  Executive acknowledges that:

 

(a)                                 he has read and understood the terms and the meaning of this Agreement;

 

(b)                                 he is not aware of any factual basis for a claim that the Company has defrauded the United States government; and

 

(c)                                  he has incurred no work related injuries.

 

21.                                     Advice to Consult Legal Representation.  The Company advises Executive to consult with legal counsel of Executive’s choosing at his own expense regarding the meaning and binding effect of this Agreement and every term of it prior to executing it.

 

22.                                     Governing Law and Jurisdiction.  This Agreement shall be enforced in accordance with the laws of the Commonwealth of Pennsylvania without regard to any principles of choice of law that may otherwise apply, except to the extent superseded by federal law (e.g. ERISA).  Executive hereby consents and agrees to the jurisdiction before a court of law in the Commonwealth of Pennsylvania.  Any action to enforce the terms of this Agreement shall be filed in a federal or state court in Pennsylvania only.

 

23.                                     Notices.  Unless otherwise provided in this Agreement, all notices required or permitted by this Agreement shall be in writing and delivered personally or sent by United States registered or certified mail, postage prepaid and return receipt requested:

 

If to the Company:

 

Attn:  General Counsel

Hill International, Inc.

One Commerce Square

2005 Market Street, 17th Floor

Philadelphia, PA 19103

 

If to Executive:

 

John Fanelli III

20 Muskingum Drive

Shamong, NJ 08088

 

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24.            Severability.  If any provision of this Agreement is or shall be declared invalid or unenforceable by a court of competent jurisdiction, then such provision will be modified only to the extent necessary to cure such invalidity, with a view to enforcing the Parties’ intention as set forth in this Agreement to the extent permissible.  All remaining provisions shall not be affected thereby and shall remain in full force and effect.

 

25.            Successors; Entire Agreement.  This Agreement is binding upon and shall inure to the benefit of the Parties and their respective heirs, executors, administrators, personal or legal representatives, successors, and/or assigns.  This Agreement contains all of the promises and understandings of the Parties and supersedes any and all agreements, understandings, and discussions, whether written or oral, between Executive and the Company including, without limitation, the 2016 Hill Executive Retention Plan; there are no other agreements or understandings except as set forth in this Agreement.

 

26.            Modification; Counterparts.  Any modification of this Agreement must be made in writing and must be signed by the Parties.  This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument.  Signature pages sent by facsimile or email transmission shall constitute enforceable execution of this Agreement.

 

27.            Headings.  The section headings contained in this Agreement are for reference purposes only and shall not in any way affect the meaning or interpretation of this Agreement.

 

28.            Interpretation of Agreement.  Having had the opportunity to obtain the advice of legal counsel to review, comment upon, and redraft this Agreement, Executive agrees that this Agreement shall be construed as if the Parties jointly prepared it so that any uncertainty or ambiguity shall not be interpreted against one party in favor of the other.

 

29.            Effective Date.  This Agreement and Appendix A shall become effective according to their terms upon the expiration of the revocation period described in Paragraph 11(a.).  Appendix B shall become effective upon expiration of the revocation period described in Paragraph 11(b).

 

30.            Certification of Understanding and Competence.  Executive acknowledges (a) that he is competent to understand the content and effect of this Agreement; (b) that he understands that by entering into this Agreement, he is releasing forever the Releasees from any claim or liability (including claims for attorneys’ fees and costs) arising from his employment relationship with the Company; (c) that he is entering into this Agreement of his own free will in exchange for the consideration to be given to him, which he agrees is adequate and satisfactory; and (d) that neither the Company nor the Releasees have made any representations to him concerning the terms or effects of this Agreement, other than those contained in this Agreement.

 

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Intending to be legally bound,

 

	
 
    	
 
    	
HILL   INTERNATIONAL, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/   John Fanelli III
    	
 
    	
/s/   William H. Dengler, Jr.
    
	
John   Fanelli III
    	
 
    	
By:   William H. Dengler, Jr.
    
	
 
    	
 
    	
Executive   Vice President and General Counsel
    

 

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Appendix A

 

General Release of Claims

 

This GENERAL RELEASE OF CLAIMS is made by JOHN FANELLI III (“Executive”), in consideration of the promises and mutual covenants contained in the Separation Agreement and General Release of Claims (“Separation Agreement”) entered into between Executive and HILL INTERNATIONAL, INC. (“Company”).

 

General Release of Claims.  In consideration of the benefits set forth in Paragraphs 2 and 3 of the Separation Agreement, and for other good and valuable consideration, Executive releases the Company, and all related entities, and its and their past and present officers, directors, employees, shareholders, agents, predecessors, successors, and assigns (“Releasees”), from all claims, charges, complaints, liens, demands, causes of action, obligations, damages and liabilities (“Claims”) that Executive ever had, now has, or hereafter may have, whether known or unknown, suspected or unsuspected, asserted or unasserted from the beginning of time  through the Effective Date of this Agreement.  This release includes, but is not limited to, all Claims for wrongful termination, breach of the 2016 Hill Executive Retention Plan, breach of express or implied contract, breach of the covenant of good faith and fair dealing, breach of fiduciary duty, employment discrimination, harassment, fraud, misrepresentation, defamation, slander, infliction of emotional distress, and further includes but is not limited to the following:

 

·                                          Claims arising under the Americans with Disabilities Act;

 

·                                          Discrimination, interference or retaliation claims arising under the Family Medical Leave Act, as amended, or the New Jersey Family Leave Act;

 

·                                          Claims arising under Title VII of the Civil Rights Act of 1964, as amended, the Civil Rights Act of 1866, as amended, the Civil Rights Act of 1991, as amended, and the federal Equal Pay Act;

 

·                                          Claims arising under the Genetic Information and Non-Discrimination Act;

 

·                                          Claims arising under the New Jersey Law Against Discrimination, the Pennsylvania Human Relations Act, and Philadelphia City Ordinances;

 

·                                          Claims of age discrimination under the Age Discrimination in Employment Act, as amended by the Older Workers Benefit Protection Act, or state anti-discrimination statutes, including the New Jersey Law Against Discrimination, and the Pennsylvania Human Relations Act;

 

·                                          Claims arising under the Employee Retirement Income Security Act;

 

·                                          Claims arising under the New Jersey Conscientious Employee Protection Act or other whistleblower claims arising under state or federal law;

 

 

·                                          Claims arising under the Constitutions of the United States, New Jersey, Pennsylvania, or any other state;

 

·                                          Claims arising under the National Labor Relations Act, Uniformed Services Employment and Reemployment Rights Act, and the Occupational Safety and Health Act;

 

·                                          Claims arising under the Worker Adjustment Retraining and Notification Act or the New Jersey Millville Dallas Airmotive Plant Job Loss Notification Act;

 

·                                          Claims arising under Section 806 of the Sarbanes-Oxley Act;

 

·                                          Claims arising under any other federal, state, or local law or ordinances, or any common law claim under tort, contract, or any other theories now or hereafter recognized; and

 

·                                          Claims for any type of damages cognizable under any of the laws referenced in this Appendix, including, but not limited to, any and all claims for compensatory damages, punitive damages, and attorneys’ fees and costs.

 

Executive also agrees that this release should be interpreted as broadly as possible to achieve his intention to waive all of his claims against the Releasees.

 

Claims Not Released.  Notwithstanding any other provision of this Agreement, the following are not barred by this Agreement:  (a) claims relating to the validity of this Agreement; (b) claims by either party to enforce this Agreement; (c) claims under any state workers’ compensation or unemployment compensation law; and (d) claims that legally may not be waived.  Further, it is understood and agreed that this Agreement does not bar Executive’s right to file an administrative charge with the Securities and Exchange Commission (“SEC”), the Equal Employment Opportunity Commission (“EEOC”), the United States Department of Labor (“DOL”), the National Labor Relations Board (“NLRB”), the Occupational Safety and Health Administration (“OSHA”), or any other federal, state, or local agency; prevent him from reporting to any government agency any concerns he may have regarding the Company’s practices; or preclude him from participating in an investigation by the SEC, EEOC, DOL, NLRB, OSHA, or any other federal, state, or local agency, although this Agreement does bar his right to recover any personal relief (including monetary relief) if he or any person, organization, or entity asserts a charge or complaint on his behalf, including in a subsequent lawsuit or arbitration, except that Executive is not prohibited from receiving an award from the SEC under the federal securities laws.

 

Intending to be legally bound, agreed to and executed on this      day of November, 2017.

 

JOHN FANELLI III

 

 

	
Date:
    	
 
    	
 
    

 

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Appendix B

 

General Release of Claims

 

This GENERAL RELEASE OF CLAIMS is made by JOHN FANELLI III (“Executive”), in consideration of the promises and mutual covenants contained in the Separation Agreement and General Release of Claims (“Separation Agreement”) entered into between Executive and HILL INTERNATIONAL, INC. (“Company”).

 

General Release of Claims.  In consideration of the benefits set forth in Paragraph 4 of the Separation Agreement, and for other good and valuable consideration, Executive releases the Company, and all related entities, and its and their past and present officers, directors, employees, shareholders, agents, predecessors, successors, and assigns (“Releasees”), from all claims, charges, complaints, liens, demands, causes of action, obligations, damages and liabilities (“Claims”) that Executive ever had, now has, or hereafter may have, whether known or unknown, suspected or unsuspected, asserted or unasserted from the beginning of time  through the Effective Date of this Agreement.  This release includes, but is not limited to, all Claims for wrongful termination, breach of the 2016 Hill Executive Retention Plan, breach of express or implied contract, breach of the covenant of good faith and fair dealing, breach of fiduciary duty, employment discrimination, harassment, fraud, misrepresentation, defamation, slander, infliction of emotional distress, and further includes but is not limited to the following:

 

·                                          Claims arising under the Americans with Disabilities Act;

 

·                                          Discrimination, interference or retaliation claims arising under the Family Medical Leave Act, as amended, or the New Jersey Family Leave Act;

 

·                                          Claims arising under Title VII of the Civil Rights Act of 1964, as amended, the Civil Rights Act of 1866, as amended, the Civil Rights Act of 1991, as amended, and the federal Equal Pay Act;

 

·                                          Claims arising under the Genetic Information and Non-Discrimination Act;

 

·                                          Claims arising under the New Jersey Law Against Discrimination, the Pennsylvania Human Relations Act, and Philadelphia City Ordinances;

 

·                                          Claims of age discrimination under the Age Discrimination in Employment Act, as amended by the Older Workers Benefit Protection Act, or state anti-discrimination statutes, including the New Jersey Law Against Discrimination and the Pennsylvania Human Relations Act;

 

·                                          Claims arising under the Employee Retirement Income Security Act;

 

·                                          Claims arising under the New Jersey Conscientious Employee Protection Act or other whistleblower claims arising under state or federal law;

 

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·                                          Claims arising under the Constitutions of the United States, New Jersey, Pennsylvania, or any other state;

 

·                                          Claims arising under the National Labor Relations Act, Uniformed Services Employment and Reemployment Rights Act, and the Occupational Safety and Health Act;

 

·                                          Claims arising under the Worker Adjustment Retraining and Notification Act or the New Jersey Millville Dallas Airmotive Plant Job Loss Notification Act;

 

·                                          Claims arising under Section 806 of the Sarbanes-Oxley Act;

 

·                                          Claims arising under any other federal, state, or local law or ordinances, or any common law claim under tort, contract, or any other theories now or hereafter recognized; and

 

·                                          Claims for any type of damages cognizable under any of the laws referenced in this Appendix, including, but not limited to, any and all claims for compensatory damages, punitive damages, and attorneys’ fees and costs.

 

Executive also agrees that this release should be interpreted as broadly as possible to achieve his intention to waive all of his claims against the Releasees.

 

Claims Not Released.  Notwithstanding any other provision of this Agreement, the following are not barred by this Agreement:  (a) claims relating to the validity of this Agreement; (b) claims by either party to enforce this Agreement; (c) claims under any state workers’ compensation or unemployment compensation law; and (d) claims that legally may not be waived.  Further, it is understood and agreed that this Agreement does not bar Executive’s right to file an administrative charge with the Securities and Exchange Commission (“SEC”), the Equal Employment Opportunity Commission (“EEOC”), the United States Department of Labor (“DOL”), the National Labor Relations Board (“NLRB”), the Occupational Safety and Health Administration (“OSHA”), or any other federal, state, or local agency; prevent him from reporting to any government agency any concerns he may have regarding the Company’s practices; or preclude him from participating in an investigation by the SEC, EEOC, DOL, NLRB, OSHA, or any other federal, state, or local agency, although this Agreement does bar his right to recover any personal relief (including monetary relief) if he or any person, organization, or entity asserts a charge or complaint on his behalf, including in a subsequent lawsuit or arbitration, except that Executive is not prohibited from receiving an award from the SEC under the federal securities laws.

 

Intending to be legally bound, agreed to and executed on this      day of          , 2018.

 

JOHN FANELLI III

 

 

	
Date:
    	
 
    	
 
    

 

14Exhibit 10.1

 

AMENDMENT
NO. 3 TO CREDIT AGREEMENT

 

This Amendment No.
3 to Credit Agreement (this “Amendment”) dated as of November 10, 2017 (the “Effective Date”)
is among Lilis Energy, Inc. (the “Borrower”), certain subsidiaries of the Borrower party hereto (each, a “Guarantor”
and collectively, the “Guarantors”), Wilmington Trust, National Association, as administrative agent (the “Administrative
Agent”), Värde Partners, Inc., (“Värde”) in its capacity as the Lead Lender (as defined
in the Credit Agreement (as defined below)) and the other Lenders (as defined below) party hereto.

 

INTRODUCTION

 

Whereas, the Borrower,
the Guarantors, the Administrative Agent, Värde as the Lead Lender (as defined therein) and the other lenders party thereto
from time to time (the “Lenders”) are parties to that certain Credit Agreement dated as of April 26, 2017 (as
amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”).

 

Whereas, the Borrower
has requested that Administrative Agent and the Lenders amend the Credit Agreement in certain respects as set forth herein, and
the Administrative Agent and the Lenders have agreed to the foregoing, on the terms and conditions set forth herein.

 

NOW THEREFORE, in consideration
of the premises and the mutual covenants, representations and warranties contained herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

Section 1. Defined
Terms; Other Definitional Provisions. As used in this Amendment, each of the terms defined in the opening paragraph and
the Recitals above shall have the meanings assigned to such terms therein. Each term defined in the Credit Agreement and used
herein without definition shall have the meaning assigned to such term in the Credit Agreement, unless expressly provided to the
contrary. Article, Section, Schedule, and Exhibit references are to Articles and Sections of and Schedules and Exhibits to this
Amendment, unless otherwise specified. The words “hereof”, “herein”, and “hereunder” and words
of similar import when used in this Amendment shall refer to this Amendment as a whole and not to any particular provision of
this Amendment. The term “including” means “including, without limitation”. Paragraph headings have been
inserted in this Amendment as a matter of convenience for reference only and it is agreed that such paragraph headings are not
a part of this Amendment and shall not be used in the interpretation of any provision of this Amendment.

 

Section 2. Amendments to the Credit Agreement. Subject to the satisfaction of the conditions set forth in Section 4 below,
and in reliance on the representations and warranties contained in Section 3 below, the Credit Agreement is hereby amended as follows:

 

(a) Section 1.01 of the Credit Agreement is hereby amended by inserting the following definitions in the appropriate alphabetical
order:

 

“Amendment No. 3 Effective
Date” means November 10, 2017.

 

“Delayed
Draw Availability Amount” means, as of any date, an amount equal to (x) $70,000,000, minus (y) the principal amount
of any Delayed Draw Term Loans made prior to such date, plus (z) the amount of any Delayed Draw Term Loans incurred on the
Amendment No. 1 Effective Date that have been mandatorily prepaid pursuant to Section 2.07(e) after the occurrence of a KEW Acquisition
Prepayment Event but not subsequently reborrowed pursuant to Section 2.02(b).

 

     

     

    

 

(b) Section 1.01 of the Credit Agreement is hereby amended by amending and restating the definitions of “Delayed Draw
Term Loan Commitment Amount” and “Delayed Draw Term Loan Commitment Percentage” in their entirety as set forth
below:

 

“Delayed
Draw Term Loan Commitment Amount” means, as to any Lender, the dollar amount, if any, set forth opposite such Lender’s
name on Schedule 2.01 under the column “Delayed Draw Term Loan Commitment Amount” as of such date or as set
forth in the Assignment and Assumption pursuant to which such Lender became party hereto.

 

“Delayed
Draw Term Loan Commitment Percentage” means, as to any Lender, (i) on the Effective Date, the percentage, if any, set
forth opposite such Lender’s name on Schedule 2.01 under the column “Delayed Draw Term Loan Commitment Percentage”
as of such date and (ii) on any date following the Effective Date, the percentage equal to (a) the Delayed Draw Term Loan Commitment
Amount of such Lender on such date, plus the principal amount of the Delayed Draw Term Loan held by such Lender on such date divided
by (b) the aggregate Delayed Draw Term Loan Commitment Amounts of all Lenders on such date plus the aggregate principal amount
of the Delayed Draw Term Loan on such date.

 

“Pre-Approved
Acquisition Letter” means that certain letter agreement, dated as of November 10, 2017, from Borrower and acknowledged
by the Lead Lender.

 

(c) Section 2.02(b) of the Credit Agreement is hereby amended by amending and restating such Section 2.02(b) in its entirety
as set forth below:

 

(b) On
the terms and subject to the conditions set forth herein, Lenders severally agree to make term loans (collectively, the “Delayed
Draw Term Loans”) to the Borrower, during the Delayed Draw Term Loan Funding Period, in multiple draws (each a “Delayed
Term Loan Draw”) up to an aggregate principal amount not to exceed the Delayed Draw Availability Amount as of such date.
Each Lender’s obligation to fund a Delayed Term Loan Draw shall be limited to such Lender’s Delayed Draw Term Loan
Commitment Percentage of such Delayed Term Loan Draw requested by the Borrower hereunder. No Lender shall have any obligation to
fund any portion of the Delayed Draw Term Loans unless the proceeds of such Delayed Draw Term Loan are used for a Pre-Approved
Acquisition, reasonable drilling and completion costs in the ordinary course of business of the Borrower and other general corporate
purposes (solely with respect to the Delayed Draw Term Loans incurred on or after the Amendment No. 3 Effective Date) or such other
uses as are satisfactory to the Lenders providing such Delayed Draw Term Loan, in their sole discretion. The Delayed Draw Term
Loan Commitment shall terminate at the end of the Delayed Draw Term Loan Funding Period, if not earlier pursuant to the terms of
this Agreement. The Borrower shall not have any right to reborrow any portion of the Delayed Draw Term Loans which is repaid or
prepaid from time to time; provided that in the event of any mandatory prepayment of the Delayed Draw Term Loans incurred on the
Amendment No. 1 Effective Date in part or in full after the occurrence of a KEW Acquisition Prepayment Event pursuant to Section
2.07(e), then the Borrower shall have the right to reborrow the full principal amount of Delayed Draw Term Loans that were incurred
on the Amendment No. 1 Effective Date and subsequently mandatorily prepaid in accordance with Section 2.07(e). Delayed Term Loan
Draws shall be made pursuant to a Borrowing Request to be delivered to the Administrative Agent pursuant to Section 2.03. Each
such request for a Delayed Term Loan Draw shall be in a minimum amount of the lesser or (x) $5,000,000, and, if greater, in integral
multiples of $1,000,000 thereon, and (y) the amount of the remaining Delayed Term Loan Draw Commitment as of such date.

 

     

     

    

 

(d) The last sentence of Section 11.02(b) of the Credit Agreement is hereby amended by amending and restating such sentence
in its entirety as set forth below:

 

Notwithstanding
anything to the contrary contained herein or in any other Loan Document, the Delayed Draw Term Loans incurred on the Amendment
No. 1 Effective Date (other than any Delayed Draw Term Loans incurred on the Amendment No. 1 Effective Date which have been re-borrowed
following a mandatory prepayment made pursuant to Section 2.07(e) after the occurrence of a KEW Acquisition Prepayment Event) shall
not be convertible at the option of the Lenders during the Specified KEW Acquisition Period prior to the consummation of the KEW
Acquisitions or Alternate Approved Acquisitions (it being understood and agreed that following the Specified KEW Acquisition Period,
the Delayed Draw Term Loans incurred on the Amendment No. 1 Effective Date shall be convertible at the option of the Lenders).

 

(e) Schedule 2.01 of the Credit Agreement is hereby amended by amending and restating such Schedule 2.01 in its entirety as
set forth on Annex I attached hereto.

 

Section 3. Representations
and Warranties. Each Credit Party hereby represents and warrants that: (a) after giving effect to this Amendment, the
representations and warranties contained in Article III of the Credit Agreement and in each other Loan Document are
true and correct in all material respects, except for any representation and warranty that is qualified by materiality or reference
to Material Adverse Effect, which such representation and warranty shall be true and correct in all respects, on and as of the
Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which
case they shall be true and correct in all material respects, except for any representation and warranty that is qualified by
materiality or reference to Material Adverse Effect, which such representation and warranty shall be true and correct in all respects,
as of such earlier date; (b) after giving effect to this Amendment, no Default has occurred and is continuing; (c) the execution,
delivery and performance of this Amendment are within the corporate or limited liability company power and authority of such Credit
Party and have been duly authorized by appropriate corporate or limited liability company action and proceedings; (d) this Amendment
constitutes the legal, valid, and binding obligation of such Credit Party enforceable in accordance with its terms, except as
limited by applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting the rights of creditors generally
and general principles of equity; (e) there are no governmental or other third party consents, licenses and approvals required
in connection with the execution, delivery, performance, validity and enforceability of this Amendment; and (f) the Liens under
the Loan Documents are valid and subsisting and secure the Credit Parties’ obligations under such Loan Documents.

 

Section 4. Conditions to Effectiveness. This Amendment shall become effective on the Effective Date and enforceable against
the parties hereto upon the satisfaction of the following conditions precedent:

 

(a) the Administrative
Agent and the Lead Lender shall have received this Amendment duly executed by the Borrower, the Guarantors, the Administrative
Agent, the Lenders party hereto (which constitute all Lenders party to the Credit Agreement) and the Lead Lender;

 

(b) the Borrower shall have paid on or about the Effective Date all costs and expenses which are payable pursuant to Section
10.03 of the Credit Agreement and which have been invoiced no later than one Business Days prior to the date hereof; and

 

(c) the Administrative Agent and the Lead Lender shall have received a favorable written opinion (addressed to the Administrative
Agent and the Lenders and dated the Effective Date) of each of Bracewell LLP, counsel for the Credit Parties and applicable local
counsel, covering such matters relating to the Credit Parties and this Amendment as the Lead Lender shall reasonably request.

 

     

     

    

 

Section 5.  Acknowledgments
and Agreements.

 

(a) The Borrower
shall use commercially reasonable efforts to amend or supplement any effective registration statement (including, if
necessary, by filing a new registration statement) providing for the registration of Common Stock issuable upon Conversion of
the Loans if reasonably necessary, in the judgment of the Lead Lender, to register any additional shares of Common Stock with
may be issued under any Delayed Draw Term Loans borrowed after the Amendment No. 3 Effective Date (other than any Delayed
Draw Term Loans incurred on the Amendment No. 1 Effective Date which have been re-borrowed following a mandatory prepayment
made pursuant to Section 2.07(e) after the occurrence of a KEW Acquisition Prepayment Event); provided, however, that the
Borrower shall not be required to file any such amendment, supplement or new registration statement at any time prior to the
filing of its Annual Report on Form 10-K for the fiscal year ended December 31, 2017.

 

(b) Each Credit Party acknowledges that on the date hereof, all outstanding Obligations are payable in accordance with their
terms and each Credit Party waives any defense, offset, counterclaim or recoupment, in each case existing on the date hereof, with
respect to such Obligations. Each Credit Party does hereby adopt, ratify, and confirm the Credit Agreement and acknowledges and
agrees that the Credit Agreement is and remains in full force and effect, and each Credit Party acknowledges and agrees that its
respective liabilities and obligations under the Credit Agreement are not impaired in any respect by this Amendment.

 

(c) This
Amendment is a Loan Document for the purposes of the provisions of the other Loan Documents. Without limiting the foregoing,
any breach of representations, warranties, and covenants under this Amendment shall be a Default or Event of Default, as
applicable, under the Credit Agreement.

 

Section 6. Reaffirmation of Guaranty. Each Guarantor hereby ratifies, confirms, and acknowledges that its obligations
under the Credit Agreement are in full force and effect and that each Guarantor continues to unconditionally and irrevocably, jointly
and severally, guarantee the full and punctual payment, when due, whether at stated maturity or earlier by acceleration or otherwise,
of all of the Obligations, and its execution and delivery of this Amendment does not indicate or establish an approval or consent
requirement by the Guarantors in connection with the execution and delivery of amendments, consents or waivers to the Credit Agreement
or any of the other Loan Documents.

 

Section 7. Reaffirmation of Liens. Each Credit Party (a) is party to certain Security Documents securing and supporting
the Obligations under the Loan Documents, (b) represents and warrants that it has no defenses to the enforcement of the Security
Documents and that according to their terms the Security Documents will continue in full force and effect to secure the Obligations
under the Loan Documents, as the same may be amended, supplemented, or otherwise modified, and (c) acknowledges, represents, and
warrants that the liens and security interests created by the Security Documents are valid and subsisting and create an acceptable
security interest in the collateral to secure the Obligations under the Loan Documents, as the same may be amended, supplemented,
or otherwise modified.

 

Section 8. Counterparts. This Amendment may be signed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute
one and the same agreement. Transmission by facsimile or other electronic transmission of an executed counterpart of this Amendment
shall be deemed to constitute due and sufficient delivery of such counterpart.

 

     

     

    

 

Section 9. Successors and Assigns. This Amendment shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns permitted pursuant to the Credit Agreement.

 

Section 10. Invalidity. In the event that any one or more of the provisions contained in this Amendment shall for any
reason be held invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect
any other provision of this Amendment.

 

Section 11. Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State
of New York. Section 10.09 of the Credit Agreement is hereby incorporated by reference herein mutatis mutandis.

 

Section 12. Instruction to Administrative Agent. The Lenders hereby (i) authorize and instruct the Administrative Agent
to execute and deliver this Amendment and (ii) acknowledge and agree that the instruction set forth in this Section 12 constitutes
an instruction from the Lenders under the Loan Documents, including Section 9.03 and Section 9.04 of the Credit Agreement.

 

Section 13. RELEASE. For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each
Credit Party hereby, for itself and its successors and assigns, fully and without reserve, releases, acquits, and forever discharges
each Secured Party, its respective successors and assigns, officers, directors, employees, representatives, trustees, attorneys,
agents and affiliates (collectively the “Released Parties” and individually a “Released Party”)
from any and all actions, claims, demands, causes of action, judgments, executions, suits, debts, liabilities, costs, damages,
expenses or other obligations of any kind and nature whatsoever, direct and/or indirect, at law or in equity, whether now existing
or hereafter asserted, whether absolute or contingent, whether due or to become due, whether disputed or undisputed, whether known
or unknown (INCLUDING, WITHOUT LIMITATION, ANY OFFSETS, REDUCTIONS, REBATEMENT, CLAIMS OF USURY OR CLAIMS WITH RESPECT TO THE NEGLIGENCE
OF ANY RELEASED PARTY) (collectively, the “Released Claims”), for or because of any matters or things occurring,
existing or actions done, omitted to be done, or suffered to be done by any of the Released Parties, in each case, on or prior
to the Effective Date and are in any way directly or indirectly arising out of or in any way connected to any of this Amendment,
the Credit Agreement, any other Loan Document, or any of the transactions contemplated hereby or thereby (collectively, the “Released
Matters”). Each Credit Party, by execution hereof, hereby acknowledges and agrees that the agreements in this Section
13 are intended to cover and be in full satisfaction for all or any alleged injuries or damages arising in connection with
the Released Matters herein compromised and settled. Each Credit Party hereby further agrees that it will not sue any Released
Party on the basis of any Released Claim released, remised and discharged by the Credit Parties pursuant to this Section 13.
In entering into this Amendment, each Credit Party consulted with, and has been represented by, legal counsel and expressly disclaim
any reliance on any representations, acts or omissions by any of the Released Parties and hereby agrees and acknowledges that the
validity and effectiveness of the releases set forth herein do not depend in any way on any such representations, acts and/or omissions
or the accuracy, completeness or validity hereof. The provisions of this Section 13 shall survive the termination of this
Amendment, the Credit Agreement and the other Loan Documents and payment in full of the Obligations.

 

     

     

    

 

Section 14. Entire Agreement. This Amendment, the Credit Agreement and the other Loan
Documents constitute the entire understanding among the parties hereto with respect to the subject matter hereof and supersede
any prior agreements, written or oral, with respect thereto.

 

THERE ARE NO UNWRITTEN
ORAL AGREEMENTS AMONG THE PARTIES.

 

[The remainder of this
page has been left blank intentionally.]

 

     

     

    

 

EXECUTED to be effective
as of the date first above written.

 

	 	BORROWER:
	 	 	 
	 	LILIS ENERGY, INC.
	 	By:	/s/ Joseph C. Daches
	 	Name: 	Joseph C. Daches
	 	Title: 	Chief Financial Officer
	 	 	 
	 	 	 
	 	GUARANTORS:
	 	 	 
	 	BRUSHY RESOURCES, INC.
	 	HURRICANE RESOURCES LLC
	 	LILIS OPERATING COMPANY, LLC
	 	IMPETRO OPERATING, LLC
	 	IMPETRO RESOURCES, LLC
	 	 	 
	 	By:	/s/ Joseph C. Daches
	 	Name:	Joseph C. Daches
	 	Title: 	Chief Financial Officer

  

     

     

    

 

	 	ADMINISTRATIVE AGENT:
	 	 
	 	WILMINGTON TRUST, NATIONAL ASSOCIATION,
	 	as Administrative Agent
	 	 
	 	By:	/s/ Alisha Clendaniel
	 	Name: 	Alisha Clendaniel
	 	Title: 	Banking Officer
	 	 	 
	 	 	 
	 	LEAD LENDER:
	 	 
	 	VÄrde Partners, Inc.
	 	 	 
	 	By:	/s/ Markus Specks
	 	Name:	Markus Specks
	 	Title: 	Managing Director

 

     

     

    

 

	 	SEVERALLY AND NOT JOINTLY FOR EACH ENTITY LISTED BELOW:
	 	 	 
	 	By:	/s/ Markus Specks
	 	Name: 	Markus Specks
	 	Title: 	Managing Director
	 	 	 
	 	The VÄRDE Fund VI-A, L.P.
	 	By 	Värde Investment Partners G.P., LLC, Its General Partner
	 	By 	Värde Partners, L.P., Its Managing Member
	 	By 	Värde Partners, Inc., Its General Partner
	 	 	 
	 	VÄRDE INVESTMENT PARTNERS, L.P.
	 	By 	Värde Investment Partners G.P., LLC, Its General Partner
	 	By 	Värde Partners, L.P., Its Managing Member
	 	By 	Värde Partners, Inc., Its General Partner
	 	 	 
	 	THE VÄRDE FUND XI (MASTER), L.P.
	 	By 	Värde Fund XI G.P., LLC, Its General Partner
	 	By 	Värde Partners, L.P., Its Managing Member
	 	By 	Värde Partners, Inc., Its General Partner
	 	 	 
	 	VÄRDE investment partners (offshore) master, L.p.
	 	By 	Värde Investment Partners G.P., LLC, Its General Partner
	 	By 	Värde Partners, L.P., Its Managing Member
	 	By 	Värde Partners, Inc., Its General Partner
	 	 	 
	 	THE VÄRDE SKYWAY Master fund, L.P.
	 	By 	The Värde Skyway Fund G.P., LLC, Its General Partner
	 	By 	Värde Partners, L.P., Its Managing Member
	 	By 	Värde Partners, Inc., Its General Partner
	 	 	 
	 	THE VÄRDE FUND XII (mASTER), L.P.
	 	By 	The Värde Fund XII G.P., L.P., Its General Partner
	 	By: 	The Värde Fund XII UGP, LLC, its General Partner
	 	By 	Värde Partners, L.P., Its Managing Member
	 	By 	Värde Partners, Inc., Its General Partner

  

     

     

    

 

ANNEX I

 

[Attached]

 

 

     

     

    

  

SCHEDULE 2.01

 

COMMITMENTS

 

Term Loan

 

	
         

         

        Lender

         
	Term Loan Commitment Amount	Term Loan Commitment Percentage
	The VÄRDE Fund VI-A, L.P.	$2,400,000.00	3.0%
	VÄRDE INVESTMENT PARTNERS, L.P.	$5,440,000.00	6.8%
	THE VÄRDE FUND XI (MASTER), L.P.	$33,280,000.00	41.6%
	
        VÄRDE investment
        partners (offshore) master, L.p.

         

         
	$4,800,000.00	6.0%
	
        THE VÄRDE SKYWAY
        Master fund, L.P.

         

         
	$10,400,000.00	13.0%
	
        THE VÄRDE FUND
        XII (mASTER), L.P.

         

         
	$23,680,000.00	29.6%
	TOTAL:	$80,000,000.00	100%

 

     

     

    

 

	
         

         

        Lender

         
	Delayed Draw Term Loan Commitment Amount	Delayed Draw Term Loan Commitment Percentage
	The VÄRDE Fund VI-A, L.P.	$2,100,000.00	3.0%
	VÄRDE INVESTMENT PARTNERS, L.P.	$4,760,000.00	6.8%
	THE VÄRDE FUND XI (MASTER), L.P.	$29,120,000.00	41.6%
	
        VÄRDE investment
        partners (offshore) master, L.p.

         

         
	$4,200,000.00	6.0%
	
        THE VÄRDE SKYWAY
        Master fund, L.P.

         

         
	$9,100,000.00	13.0%
	
        THE VÄRDE FUND
        XII (mASTER), L.P.

         

         
	$20,720,000.00	29.6%
	TOTAL:	$70,000,000.00	100%

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