Document:

Separation Agreement and General Release - Gregory M. Vezzosi

 EXHIBIT 10.1 
 SEPARATION AGREEMENT AND GENERAL RELEASE 
 Argonaut Group, Inc. (Company) and I, Gregory M. Vezzosi, agree as
follows: 
 I. Separation Benefits 
  

	A.	In General: The Company promises that, within fourteen business (14) days after I sign this Separation Agreement and General Release, I will receive the amount or
benefits set forth in this Section that are conditioned on my execution of this Agreement. I may revoke this Agreement within seven (7) days after I sign it, in which case I will not receive amounts or benefits that are conditioned on my
execution of this Agreement. I acknowledge that the Company is not otherwise required to pay or provide me such amounts or benefits. This Agreement will not become effective or enforceable unless and until the seven-day revocation period has expired
without my revoking it. 

  

	B.	Sufficiency of Consideration: I acknowledge and agree that the sums and benefits to be provided under the terms of the Agreement are, in significant and substantial part, in
addition to those benefits to which I am otherwise entitled. 

  

	C.	Cash Payment: I will receive a lump sum payment of $675,000, less all required local, state, and federal tax deductions, the receipt and sufficiency of which is hereby
acknowledged. For this same time period, the Company will deduct my portion (if any) of all previously elected health benefits from the lump sum payment referenced in Paragraph C above. 

  

	D.	Compensation and Benefit Plans: I will cease to be eligible to participate under any applicable stock option, bonus, incentive compensation, commission, medical, dental, life
insurance, retirement, and other compensation or benefit plans of the Company following my termination of employment. Thereafter, I will have no rights under any of those plans, except as follows: 

  

	 	1.	I will receive all compensation earned through the date of my termination, December 31, 2007. 

  

	 	2.	I will receive payment for my unused accrued vacation days. 

  

	 	3.	The Company will pay the employer portion of all previously elected health benefits through December 31, 2007. 

  

	 	4.	I will have the right to COBRA continuation coverage as to any Company-provided medical, dental, vision, or flex spending plan in which I participate, which means that I will be
entitled to buy continued health plan coverage under the normal COBRA health care continuation rules. 

  

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	 	5.	I will retain my vested benefits under all applicable qualified and non-qualified retirement plans of the Company, and all rights associated with such benefits, as determined under
the official terms of those plans. 

  

	E.	Outplacement Services: I will be eligible to participate in the Company’s Outplacement Service Program provided by a third-party provider, Lee Hecht Harrison. I will be
eligible to participate in a two-day Milestones Seminar. Then I will be eligible to participate in the Career Assistance Program that is designed to help an individual learn effective job search strategies and techniques. Services are provided for
up to three months. The Company will pay the cost of these services, not to exceed $5,000.00. 

 II. Complete Release 

  

	A.	In General: In exchange for the Company’s promises contained in this Agreement, I agree to irrevocably and unconditionally release any and all Claims I may now have
against the Company and other parties as set forth in this Section II. 

  

	B.	Released Parties: The Released Parties are the Company, all related companies, partnerships, or joint ventures, and, with respect to each of them, their predecessors and
successors; and, with respect to each such entity, all of its past and present employees, officers, directors, stockholders, owners, representatives, assigns, attorneys, agents, insurers, employee benefit programs (and the trustees, administrators,
fiduciaries, and insurers of such programs), and any other persons acting by, through, under or in concert with any of the persons or entities listed in this subsection. 

  

	C.	Claims Released: I understand and agree that I am releasing all known and unknown claims, promises, causes of action, or similar rights of any type that I may have (the
“Claims”) against any Released Party, except that I am not releasing any claim that relates to: (i) my right to enforce this Agreement; (ii) my right, if any, to claim government-provided unemployment benefits, or (iii) any
rights or claims which may arise or accrue after I sign this Agreement). I further understand that the Claims I am releasing may arise under many different laws (including statutes, regulations, other administrative guidance, and common law
doctrines), including, but by no means limited to: 

  

	 	1.	Anti-discrimination statutes, such as the Age Discrimination in Employment Act, the Older Workers Benefit Protection Act, and Executive Order 11141, which prohibit age
discrimination in employment; Title VII of the Civil Rights Act of 1964, Section 1981 of the Civil Rights Act of 1866, and Executive Order 11246, which prohibit discrimination based on race, color, national origin, religion, or sex; the Equal
Pay Act, which prohibits paying men and women unequal pay for equal work; the Americans With Disabilities Act and Sections 503 and 504 of the Rehabilitation Act of 1973, which prohibit discrimination based on disability; and any other federal,
state, or local laws prohibiting employment or wage discrimination. 

  

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	 	2.	Federal employment statutes, such as the WARN Act, which requires that advance notice be given of certain work force reductions; the Employee Retirement Income Security Act
of 1974, which, among other things, protects employee benefits; the Fair Labor Standards Act of 1938 and state laws which regulates wage and hour matters; the Family and Medical Leave Act of 1993, which requires employers to provide leaves of
absence under certain circumstances; and any other federal laws relating to employment, such as veterans’ reemployment rights laws. 

  

	 	3.	Other laws, such as any federal, state, or local laws providing workers’ compensation benefits (or prohibiting workers’ compensation retaliation), restricting an
employer’s right to terminate employees, or otherwise regulating employment; any federal, state, or local law enforcing express or implied employment contracts or requiring an employer to deal with employees fairly or in good faith.

  

	 	4.	Tort and Contract Claims, such as claims for wrongful discharge, negligence, negligent hiring, negligent supervision, negligent retention, physical or personal injury,
emotional distress, fraud, fraud in the inducement, negligent misrepresentation, defamation, invasion of privacy, interference with contract or with prospective economic advantage, breach of express or implied contract, breach of covenants of good
faith and fair dealing, promissory estoppel, and similar or related claims. 

  

	 	5.	Examples of released Claims include, but are not limited to: (i) Claims that in any way relate to my employment with the Company or any other Released Party, or the
termination of that employment, such as Claims for compensation, bonuses, commissions, lost wages, or unused accrued vacation or sick pay; (ii) Claims that in any way relate to the design or administration of any employee benefit program;
(iii) Claims that I have irrevocable or vested rights to severance or similar benefits or to post-employment health or group insurance benefits; or (iv) any Claims to attorneys’ fees or other indemnities. 

  

	D.	Unknown Claims: I understand that I am releasing Claims that I may not know about. That is my knowing and voluntary intent, even though I recognize that someday I might learn
that some or all of the facts I currently believe to be true are untrue and even though I might then regret having signed this Release. Nevertheless, I am assuming that risk and I agree that this Agreement shall remain effective in all respects in
any such case. I expressly waive all rights I might have under any law that is intended to protect me from waiving unknown claims. I understand the significance of doing so. 

 III. Promises 
  

	A.	 Employment Termination: I understand and agree that my employment with the Company will end forever on December 31, 2007. I also understand
and agree that I have no right of rehire or reinstatement with 

  

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any Released Party, regardless of location, and that the Released Party is under no obligation to rehire or reinstate me. I also acknowledge and
understand that the failure of a Released Party to rehire or reinstate me is contractual and is in no way discriminatory or retaliatory in nature. 

  

	B.	Pursuit of Released Claims: Except as specifically identified below, I have not filed or caused to be filed any lawsuit, complaint, or charge with respect to any Claim this
Agreement purports to waive, and I promise never to file or prosecute a lawsuit or complaint based on such Claims. I promise never to seek any damages, remedies, or other relief for myself personally (any right to which I hereby waive) by filing or
prosecuting a charge with any administrative agency with respect to any such Claim. I promise to request any government agency or other body assuming jurisdiction of any such lawsuit, complaint, or charge to withdraw from the matter or dismiss the
matter with prejudice. 

  

	C.	Company Property: Before accepting any monetary payments from the Company, I promise to return to the Company all files, memoranda, documents, records, electronic records,
software, copies of the foregoing, credit cards, keys, and any other property of the Company or its affiliates in my possession. 

  

	D.	Taxes: I am responsible for paying any taxes on amounts I receive because I signed this Release. I agree that the Company may withhold all taxes it determines it is legally
required to withhold, except as expressly otherwise provided in Section I. 

  

	E.	Ownership of Claims: I have not assigned or transferred any Claim I am releasing, nor have I purported to do so. 

  

	F.	No Disparagement or Harm: I agree not to criticize, denigrate, or disparage the Company or any Released Party. 

  

	G.	Implementation: I agree to sign any documents and do anything else that is necessary in the future to implement this Agreement. 

  

	H.	Age Representation: I am over the age forty at the time of signing this Agreement. 

  

	I.	 This Agreement to be Kept Confidential: I agree not to disclose the underlying facts that led up to this Agreement or the terms, amount, or existence of this
Agreement to anyone other than a member of my immediate family, attorney, or other professional advisor and, even as to such a person, only if the person agrees to honor this confidentiality requirement. Such a person’s violation of this
confidentiality requirement will be treated as a violation of this Agreement by me. This subsection does not prohibit my disclosure of the terms, amount, or existence of this Agreement to the extent necessary legally to enforce this Release, nor
does it prohibit disclosures to the extent otherwise legally required. I 

  

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acknowledge that the Company would be irreparably harmed if this subsection is violated. 

  

	J.	Confidential Information: I hereby acknowledge that during the course of my employment, up through the time that my employment terminated, I gained knowledge or information
of a confidential nature in which the Company has a proprietary interest. I accordingly agree not to disclose to any person or any entity any such confidential, proprietary, or trade secret information of or about the Company without the express
written authorization and consent from the Company. Such confidential and proprietary information includes any non-public information relating to the Company’s the products, services, technology and business affairs, including without
limitation, any and all concepts, advertising information, techniques, processes, designs, trade secrets, business methods, cost data, computer programs, software, scientific or technical know-how, financial, marketing, manufacturing processes,
research developments, business activities and operations, inventions, customer or client lists, industrial practices, financial statements and/or other business information, or any information that the Company specifically refers to as confidential
information or labels as confidential information. 

  

	K.	Nonsolicitation: During the period of one (1) year following the termination of my employment I shall not, directly or indirectly, (i) for myself or for any other
individual, partnership, firm, corporation or other organization (other than the Company or its affiliates) induce or attempt to induce any person now or hereafter engaged or employed by the Company (or any affiliate thereof), whether part-time or
full-time and whether as an officer, employee, consultant, adviser or independent contractor (a “Company Employee”), to leave the employ of the Company (or such affiliate) or to cease providing or otherwise alter the services then provided
by such person to the Company (or such affiliate) or (ii) engage or employ, or in any manner seek to engage or employ, any Company Employee (whether or not for compensation) as an officer, employee, consultant, adviser or independent contractor
in connection with the operation of any business enterprise (any of the acts described in clause (i) or (ii) above being referred to below as “Solicitation”). “Indirect” Solicitation by me shall include without
limitation the use (with my express or implied consent) of my name in the course of Solicitation by my employer, partner or affiliate or by any officer, employee, consultant, adviser or independent contractor of any such employer, partner or
affiliate. Nothing herein shall prohibit Solicitation of any Company Employee (i) who voluntarily terminated his or her employment or engagement at least six months prior to the date such Solicitation first commenced or (ii) whose
employment or engagement has been terminated by the Company (as opposed to voluntarily by such Company Employee). 

 IV.
Consequences of Violating my Promises 
 I agree to pay the reasonable attorneys’ fees and any damages Released Parties may incur as
a result of my breaching a promise I made in this Agreement (such as by suing a Released Party over a released Claim) or if any representation I made in this Agreement was false when made. I 

  

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further agree that the Company would be irreparably harmed by any actual or threatened violation of Section III that involves disclosure of the existence,
terms, or amount payable under this Agreement, and that the Company will be entitled to an injunction prohibiting me from committing any such violation. 
 V. Review and Revocation 
  

	A.	Review: I acknowledge that I may revoke this Agreement at any time within seven (7) days of the date on which I sign this Agreement. Further, I acknowledge that, before
signing this Agreement, I was given a period of twenty-one (21) days in which to consider this Agreement. I further acknowledge that: (a) I took advantage of this period to consider this Agreement before signing it; (b) I carefully
read this Release; (c) I fully understand it; and (d) I am entering into it voluntarily. I acknowledge that the Company encouraged me to discuss this Agreement with an attorney (at my own expense) before signing it, that I sought such
advice to the extent I deemed appropriate, and that such review period began on October 26, 2007. If I sign this Agreement before the end of the twenty-one (21) day period, it will be my voluntary decision to do so because I have decided
that I do not need any additional time to decide whether to sign this Agreement. 

  

	B.	Tender Back Provision: I acknowledge and agree that this Agreement may not be revoked at any time after the expiration of the seven (7) day revocation period described
in Section I above and that I will not institute any suit, action or proceeding, whether at law or equity, challenging the enforceability of this Agreement. Should I ever attempt to challenge the terms of this Agreement, attempt to obtain an order
declaring this Agreement to be null and void, or institute litigation against the Company or any other Released Party based upon a claim which is covered by the terms of the release contained in Section II, I will as a condition precedent to such
action repay all amounts paid to me under the terms of this Agreement. Furthermore, if I do not prevail in an action to challenge this Agreement, to obtain an order declaring this Agreement to be null and void, or in any action against the Company
or any other Released Party based upon a claim which is covered by the release contained in Section II, I shall pay to the Company and/or the appropriate Released Party all their costs and attorneys’ fees incurred in their defense of my action.
It is understood and agreed by me and the Company, however, that I shall not be required to repay the amounts paid to me under the terms of this Agreement or pay the Company and/or the appropriate Released Party all their costs and attorneys’
fees incurred in their defense of my action (except those attorneys’ fees or costs specifically authorized under federal or state law) in the event that I seek to challenge my waiver of claims under the Age Discrimination in Employment Act.

 VI. Miscellaneous 
  

	A.	 Entire Agreement: This is the entire agreement between me and the Company. This Agreement may not be modified or canceled in any manner except by a writing
signed by both me and an authorized Company official. I acknowledge that the Company has made no 

  

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representations or promises to me (such as that my former position will remain vacant), other than those in this Release. If any provision in this Agreement
is found to be unenforceable, all other provisions will remain fully enforceable. 

  

	B.	Successors: This Agreement binds my heirs, administrators, representatives, executors, successors, and assigns, and will inure to the benefit of all Released Parties and
their respective heirs, administrators, representatives, executors, successors, and assigns. 

  

	C.	Interpretation: This Agreement shall be construed as a whole according to its fair meaning. It shall not be construed strictly for or against me or any Released Party. Unless
the context indicates otherwise, the singular or plural number shall be deemed to include the other. Captions are intended solely for convenience of reference and shall not be used in the interpretation of this Release. 

  

	D.	Governing Law and Enforcement: This Agreement shall be governed by the statutes and common law of the State of Texas. 

  
  

	
	TAKE THIS AGREEMENT HOME, READ IT, AND CAREFULLY CONSIDER ALL OF ITS PROVISIONS BEFORE SIGNING IT. IT INCLUDES A RELEASE OF
KNOWN AND UNKNOWN CLAIMS. IF YOU WISH, YOU SHOULD TAKE ADVANTAGE OF THE FULL CONSIDERATION PERIOD AFFORDED BY SECTION V AND YOU SHOULD CONSULT YOUR ATTORNEY.

  
  
 Executed on this 3rd day of November, 2007. 
  

	
	
	  /s/ Gregory M. Vezzosi
	Gregory M. Vezzosi

 Executed on this 14th day of November, 2007. 
  

			
	ARGONAUT GROUP INC.
		
	By:	 	/s/ Ronald B. Given
		
	Title:	 	Senior Vice President and General Counsel

  

 7First Amendment to Loan and Security Agreement

 Exhibit 10(vvvvv) 
 FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT 
 THIS FIRST AMENDMENT TO LOAN AND SECURITY
AGREEMENT (this “Amendment”) is made effective as of November 15, 2007 by and between ACCESS WORLDWIDE COMMUNICATIONS, INC. (“Borrower”) and MANUFACTURERS AND TRADERS TRUST COMPANY (the
“Lender”). 
 BACKGROUND 
 A. Borrower and Lender previously entered into a certain Loan and Security Agreement dated August 8, 2007 (as amended, supplemented or restated from time to time, the “Loan Agreement”).

 B. Borrower and Lender are entering into this Amendment to amend certain terms and conditions in the Loan Agreement. 
 C. Capitalized terms not otherwise defined in this Amendment shall have the meanings set forth therefor in the Loan Agreement. 
 NOW THEREFORE in consideration of the foregoing premises and intending to be legally bound, the parties hereto agree as follows: 
 1. Defined Terms. The following defined terms in Section 1.1 of the Loan Agreement are hereby amended and restated in
their entirety as follows: 
 “Applicable Margin is equal to the percent per annum in excess of the Prime Rate as set forth
in the following pricing matrix: 
  

						
	 Level
	  	 Total Liabilities
to Net Worth
Ratio
	  	Prime Rate +	 
	 Level I
	  	<3.00	  	1.00	%
	 Level II
	  	33.00<3.50	  	1.25	%
	 Level III
	  	33.50	  	1.50	%

 From August 8, 2007 through November 15, 2007, the Applicable Margin for Advances under
the Revolving Credit Facility shall be the Applicable Margin set forth for Level II in the above-described pricing matrix. From November 16, 2007 and until such time that the Fixed Charge Coverage Ratio is equal to or greater than 1.0 to 1.0
for two (2) consecutive fiscal quarters (“Applicable Margin Initial Reset Date”) the Applicable Margin for Advances under the Revolving Credit Facility shall be the Applicable Margin set forth for Level III in the
above-described pricing matrix. Thereafter, the Applicable Margin shall be based upon the ratio of Total Liabilities to Net Worth of Borrower and its Subsidiaries adjusted on a quarterly basis as reflected on the consolidated financial statements of
Borrower and its Subsidiaries delivered to 

 
Lender pursuant to Section 15.3 and on the Borrower’s 10-Q Report delivered to Lender pursuant to Section 15.6 and
the compliance certificates delivered to Lender pursuant to Section 15.10 for each fiscal quarter ending after the Applicable Margin Initial Reset Date, provided, however, if the consolidated financial statements or
compliance certificates are not delivered at the time specified in Sections 15.3 and 15.10 below, then the Applicable Margin for the Loan shall be the highest Applicable Margin set forth above for the Loan during any period that
Borrower is delinquent in the delivery of such consolidated financial statements and compliance certificates or, at the option of Lender, the Default Rate. The adjustment in the Applicable Margin, if any, shall be effective five (5) Business
Days after the later of receipt by Lender of the consolidated financial statements of Borrower and its Subsidiaries delivered to Lender pursuant to Section 15.3 or the compliance certificates delivered to Lender pursuant to
Section 15.10 below. There shall be no reduction in the Applicable Margin if a Default or an Event of Default has occurred and is continuing uncured and the Minimum Net Availability is less than $1,500,000. 
 Fixed Charge Coverage Ratio means with respect to Borrower and its Subsidiaries, for any period, the ratio of (a) EBITDA minus: the
total of: (i) Non-Financed Capital Expenditures, (ii) Tax Expense, (iii) dividends or distributions declared or made by Borrower or its Subsidiaries, and (iv) refunds of customer deposits, to (b) the payments of all
Indebtedness (including without limitation all Capitalized Lease Obligations and Interest Expense). 
 Management Group means
collectively Shawkat Raslan, Richard Lyew and J. Ted Jordan.” 
 2. New Defined Terms. Section 1.1 of
the Loan Agreement is hereby amended to add the following new defined term: 
 “Cash Flow means with respect to the
Borrower and its Subsidiaries for any period, (a) EBITDA, minus (b) Non-Financed Capital Expenditures, minus (c) Tax Expense, minus (d) dividends or distributions declared or made by Borrower or its
Subsidiaries, minus (e) refunds of customer deposits, minus (f) the payments of all Indebtedness (including without limitation all Capitalized Lease Obligations and Interest Expense). “ 
 3. Maintenance of Management. Section 11.10 of the Loan Agreement is hereby amended and restated in its entirety as
follows: 
 “11.10 Maintenance of Management. Borrower shall cause its Business to be continuously managed by the
Management Group in the positions described below or such other persons (serving in such positions) as may be reasonably satisfactory to Lender: 
  

			
	 Person
	  	 Position

	Shawkat Rastan	  	Chairman, President and CEO
	Richard Lyew	  	Executive Vice President and CFO
	J. Ted Jordan	  	Executive Vice President and COO”

  

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 4. Fixed Charge Coverage Ratio. Lender agrees to waive defaults existing for the fiscal
quarter ending September 30, 2007 with respect to the Fixed Charge Coverage Ratio covenant set forth in Section 14.1 of the Loan Agreement prior to its amendment pursuant hereto. Effective as of the date hereof, and at all
times hereafter, Section 14.1 of the Loan Agreement shall be amended and restated to read in its entirety as follows: 
 “14.1 Fixed Charge Coverage Ratio. Borrower and its Subsidiaries shall maintain a Fixed Charge Coverage Ratio of not less than the ratios set forth below for the corresponding periods set forth below: 
  

			
	 Period
	  	Covenant
	 January 1, 2008 – March 31, 2008
	  	1.00 to 1.00
		
	 January 1, 2008 – June 30, 2008
	  	1.00 to 1.00
		
	 January 1, 2008 – September 30, 2008
	  	1.00 to 1.00
		
	 January 1, 2008 – December 31, 2008
	  	1.20 to 1.00
		
	 Four quarters ending each fiscal quarter thereafter
	  	1.20 to 1.00

 Such Fixed Charge Coverage Ratio Covenant, shall be measured quarterly, beginning with the fiscal
quarters ending March 31, 2008 through December 31, 2008. After the fiscal quarter ending December 31, 2008, such Fixed Charge Coverage Ratio shall be measured quarterly, on a rolling four (4) quarter basis for the twelve
(12) month period ending as of each applicable fiscal quarter. 
 5. Proforma Fixed Charge Coverage Ratio. The
(i) defined term “Pro-Forma Fixed Charge Coverage Ratio” in Section 1.1 of the Loan Agreement and (ii) Section 14.2 of the Loan Agreement are hereby deleted in their entirety and of no
further force or effect. 
 6. Cash Flow. Article 14 of the Loan Agreement is hereby amended to add the
following, new Section 14.2: 
 “14.2 Cash Flow. Borrower shall not permit the Cash Flow loss for
Borrower and its Subsidiaries to be greater than the loss amounts set forth below for the corresponding periods as set forth below: 
  

					
	 Period
	  	    Covenant    	 
	 October 1, 2007 – October 31, 2007
	  	$	(745,000	)
	 October 1, 2007 – November 30, 2007
	  	$	(1,155,000	)
	 October 1, 2007 – December 31, 2007
	  	$	(1,345,000	)
	 October 1, 2007 – January 31, 2008
	  	$	(1,495,000	)
	 October 1, 2007 – February 28, 2008
	  	$	(1,435,000	)
	 October 1, 2007 – March 31, 2008
	  	$	(1,330,000	)

  

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 Cash Flow will be measured monthly beginning with the calendar month ending October 31, 2007, and on
a cumulative basis for each calendar month end thereafter.” 
 7. Waiver and Amendment Fee. In consideration of the waiver
described in Section 4 hereof and the amendments set forth herein, Borrower agrees to pay to Lender the sum of Fifteen Thousand Dollars ($15,000), which shall be payable in immediately available funds on the date hereof. Lender is
irrevocably authorized to advance the sums necessary to pay such waiver fee to itself from the proceeds of an Advance under the Revolving Credit Facility. 
 8. Covenants and Representations and Warranties. Borrower hereby: 
 8.1 ratifies,
confirms and agrees that the Loan Agreement, as amended by this Amendment, and all other Loan Documents are valid, binding and in full force and effect as of the date of this Amendment, and enforceable in accordance with their terms. 
 8.2 agrees that it has no defense, set-off, counterclaim or challenge against the payment of any sums owed or owing under the Loan Documents or
the enforcement of any of the terms of the Loan Documents. 
 8.3 ratifies, confirms and continues all liens, security interests,
pledges, rights and remedies granted to Lender in the Loan Documents and agrees that such liens, security interests and pledges shall secure all of the Obligations under the Loan Documents as amended by this Amendment. 
 8.4 represents and warrants that all representations and warranties in the Loan Documents are true and complete as of the date of this Amendment.

 8.5 agrees that its failure to comply with or perform any of its covenants or agreements in this Amendment will constitute an Event
of Default under the Loan Documents. 
 8.6 represents and warrants that no condition or event exists after taking into account the
terms of this Amendment which would constitute an Event of Default (or will, upon the giving of notice or the passage of time, or both constitute an Event of Default). 
  

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 8.7 represents and warrants that the execution and delivery of this Amendment by Borrower and all
documents and agreements to be executed and delivered pursuant to this Amendment: 
 (a) have been duly authorized by all requisite
corporate action of Borrower; 
 (b) will not conflict with or result in a breach of, or constitute a default (or with the passage of
time or the giving of notice or both, will constitute a default) under, any of the terms, conditions, or provisions of any applicable statute, law, rule, regulation or ordinance or Borrower’s Articles of Incorporation or By-laws, or any
indenture, mortgage, loan or credit agreement or instrument to which Borrower is a party or by which it may be bound or affected, or any judgment or order of any court or governmental department, commission, board, bureau, agency or instrumentality,
domestic or foreign; and 
 (c) will not result in the creation or imposition of any lien, charge or encumbrance of any nature
whatsoever upon any of the property or assets of Borrower under the terms or provisions of any such agreement or instrument, except liens in favor of Lender. 
 9. Conditions. The obligation of Lender to enter into this Amendment is subject to the fulfillment, to the satisfaction of Lender, of each of the following conditions, and all agreements, documents
and other items must be in form, content and in all other respects satisfactory to Lender in its sole discretion. Lender is not waiving a breach of any warranty or representation made by Borrower hereunder or under any agreement, document, or
instrument delivered to Lender or otherwise referred to herein, and any claims and rights of the Lender resulting from any breach or misrepresentation by Borrower are specifically reserved by the Lender. 
 9.1 Executed Documents. Borrower and all other required persons and entities will have executed and delivered to Lender this Amendment, and
such other documents as the Lender may reasonably require. 
 9.2 Representations and Warranties. All representations and
warranties of Borrower set forth in the Loan Documents shall be true at and as of the date hereof. 
 9.3 No Default. No
condition or event shall exist or have occurred which would constitute a default or an Event of Default hereunder. 
 9.4
Other. All other documents and legal matters in connection with the transactions contemplated by this Amendment shall have been delivered, executed or recorded. 
 10. Additional Documents; Further Assurances. Borrower covenants and agrees to execute and deliver to Lender, or to cause to be executed
and delivered to Lender contemporaneously herewith, at the sole cost and expense of Borrower, any and all other documents, agreements, statements, resolutions, certificates, consents and information as Lender may require in connection with the
matters or actions described herein. Borrower further covenants and agrees to execute and deliver to Lender, or to cause to be executed and delivered, at the sole cost and expense of Borrower, from time to time, any and all other documents,
agreements, 

  

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statements, certificates and information as Lender shall request to evidence or effect the terms hereof or to enforce or protect Lender’s
rights. All of such documents, agreements, statements, certificates and information shall be in form and content acceptable to Lender in its sole discretion. 
 11. Certain Fees, Costs, Expenses and Expenditures. Borrower agrees to pay all of Lender’s costs and expenses in connection with the review, preparation, negotiation, documentation and closing of
this Amendment and the consummation of the transactions contemplated hereunder, including without limitation, costs, fees and expenses of counsel retained by Lender and all fees related to filings, recording of documents and searches, whether or not
the transactions contemplated hereunder are consummated. Nothing contained herein shall limit in any manner whatsoever Lender’s right to reimbursement under any of the Loan Documents. 
 12. No Novation. Nothing contained herein and no actions taken pursuant to the terms hereof are intended to constitute a novation of the
Loan Agreement or any of the Loan Documents and shall not constitute a release, termination or waiver of any of the liens, security interests, rights or remedies granted to Lender in the Loan Documents. 
 13. No Waiver. Except as otherwise provided herein, nothing herein contained and no actions taken by Lender in connection herewith shall
constitute nor shall they be deemed to be a waiver, release or amendment of or to any rights, remedies, or privileges afforded to Lender under the Loan Documents. Nothing herein shall constitute a waiver by Lender of Borrower’s compliance
with the terms of the Loan Documents, nor shall anything contained herein constitute an agreement by Lender to enter into any further amendments with Borrower. 
 14. Inconsistencies. To the extent of any inconsistency between the terms and conditions of this Amendment and the terms and conditions of the other Loan Documents, the terms and conditions of this
Amendment shall prevail. All terms and conditions of the Loan Documents not inconsistent herewith shall remain in full force and effect and are hereby ratified and confirmed by Borrower. 
 15. Binding Effect. This Amendment and all rights and powers granted hereby shall bind and inure to the benefit of the parties hereto and
their respective successors and assigns and shall bind all Persons who become bound as a borrower or guarantor under the Loan Agreement. 
 16. No Third Party Beneficiaries. The rights and benefits of this Amendment and the Loan Documents shall not inure to the benefit of any third party. 
 17. Time of the Essence. Time is of the essence in the Borrower’s performance of its obligations hereunder. 
 18. Headings. The headings of the Sections of this Amendment are inserted for convenience only and shall not be deemed to constitute a part
of this Amendment. 
 19. Invalid Provisions. If any provision of this Amendment is held to be illegal, invalid or
unenforceable under present or future laws effective during the term thereof, such provision shall be fully severable, this Amendment shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part
hereof or thereof, and the remaining provisions 

  

 -6- 

 
hereof shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance therefrom.
Furthermore, in lieu of such illegal, invalid or unenforceable provision there shall be added automatically as a part of this Amendment a provision as similar in terms to such illegal, invalid or unenforceable provision as may be possible and be
legal, valid and enforceable. 
 20. Modifications. Any modification or amendment of this Amendment shall be in writing signed
by the parties hereto. 
 21. Governing Law; Jurisdiction. This Amendment has been delivered to and accepted by Lender and
shall be deemed to be made in the State of New York. This Amendment shall be interpreted in accordance with the laws of the State of New York excluding its conflict of laws rules. BORROWER HEREBY IRREVOCABLY CONSENTS TO THE EXCLUSIVE JURISDICTION
OF ANY STATE OR FEDERAL COURT IN THE STATE OF NEW YORK IN A COUNTY OR JUDICIAL DISTRICT WHERE LENDER MAINTAINS A BRANCH, AND CONSENTS THAT LENDER MAY EFFECT ANY SERVICE OF PROCESS IN THE MANNER AND AT BORROWER’S ADDRESS SET FORTH IN THE LOAN
AGREEMENT FOR PROVIDING NOTICE OR DEMAND; PROVIDED THAT NOTHING CONTAINED IN THIS AMENDMENT SHALL PREVENT LENDER FROM BRINGING ANY ACTION, ENFORCING ANY AWARD OR JUDGMENT OR EXERCISING ANY RIGHTS AGAINST BORROWER, AGAINST ANY SECURITY
OR AGAINST ANY PROPERTY OF BORROWER WITHIN ANY OTHER COUNTRY, STATE OR FOREIGN OR DOMESTIC JURISDICTION. Borrower acknowledges and agrees that the venue provided above is the most convenient forum for both Lender and Borrower. Borrower waives
any objection to venue and any objection based on a more convenient forum in any action instituted under this Amendment. 
 22. WAIVER
OF JURY TRIAL. BORROWER AND LENDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHT TO TRIAL BY JURY THAT BORROWER AND LENDER MAY HAVE IN ANY ACTION OR PROCEEDING, IN LAW OR IN EQUITY, IN CONNECTION WITH THIS AMENDMENT OR THE
TRANSACTIONS RELATED HERETO. BORROWER REPRESENTS AND WARRANTS THAT NO REPRESENTATIVE OR AGENT OF LENDER HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT LENDER SHALL NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THIS JURY TRIAL WAIVER. BORROWER
ACKNOWLEDGES THAT LENDER HAS BEEN INDUCED TO ENTER INTO THIS AMENDMENT BY, AMONG OTHER THINGS, THE PROVISIONS OF THIS SECTION. 
 23.
Counterparts; Facsimile Signatures. This Amendment and any notice or communication under the Loan Documents may be executed in one or more counterparts, each of which shall constitute an original, but all of which together shall
constitute one and the same instrument. Delivery of a photocopy or telecopy of an executed counterpart of a signature page to this Amendment shall be effective as delivery of a manually executed counterpart of this Amendment. 
  

 -7- 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first above
written. 
  

			
	 BORROWER:

	
	ACCESS WORLDWIDE COMMUNICATIONS, INC.
		
	 By:
	 	  

			
	 Name/Title:
	 	  

			
		
	LENDER:	 	
	
	MANUFACTURERS AND TRADERS TRUST COMPANY

			
		
	 By:
	 	  

			
	 Name/Title:
	 	  

  

 -8- 

 CONSENT OF GUARANTOR 
 The undersigned, intending to be legally bound hereby acknowledges and agrees (i) to the terms of the foregoing Amendment, (ii) that the
foregoing Amendment shall not in any way adversely affect or impair the obligations of the undersigned to Lender under that certain Surety Agreement dated August 8, 2007, from the undersigned to Lender (the “Surety Agreement”)
or under any other documents executed in connection therewith or collateral thereto, and (iii) that such Surety Agreement and all other documents are hereby ratified, confirmed and continued as of this      day of
November, 2007. 
  

			
	 AWWC NEW JERSEY HOLDINGS, INC.

		
	 By:
	 	  

			
	 Name/Title:
	 	  

  

 -9-

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