Document:

Exhibit 10.2

 

SUBLEASE AGREEMENT

 

This Sublease Agreement (“Sublease”)
is entered into this 15th day of October, 2014 by and between Safety Quick Light, LLC Florida limited liability company
(“Sublandlord”), and Stableford Capital, LLC a Georgia limited liability company (“Subtenant”).

 

MASTER LEASE

 

Sublandlord
is the Tenant and Metzler One Buckhead Plaza, L.P., is the Landlord (“Prime Landlord”) under a written Lease
dated December 17, 2013 covering certain real property located at 3060 Peachtree Road, Atlanta, GA 30305, containing approximately
2,895 rentable square feet on the third (3rd) floor, (“Master Premises”). Said Lease specifically described
above, is herein referred to as the “Master Lease” and attached hereto as Exhibit A. Capitalized
terms used in this Sublease without definition shall have the definition ascribed to such terms in the Master Lease. This Sublease
shall be of no force or effect unless consented to by Prime Landlord in writing, pursuant to the consent terms and conditions defined
in the Master Lease. Except to the extent expressly modified herein, all terms and conditions of the Master Lease are incorporated
into and made a part of this Sublease as if Sublandlord were the Landlord thereunder, Subtenant the Tenant thereunder, and the
Premises the Master Premises. In the event of a conflict between the terms and conditions of this Sublease and that of the Master
Lease, this Sublease will govern and control. Sublandlord warrants and represents to Subtenant that the Master Lease has not been
amended or modified, that Sublandlord is not now, and as of the Commencement Date (herein defined) hereof will not be, in default
or breach of any of the provisions of the Master Lease, and Sublandlord has no actual or constructive knowledge of any claim by
Landlord that Sublandlord is in default or breach of any of the provisions of the Master Lease. Neither Sublandlord or Subtenant
shall not commit or suffer any act or omission that will violate any of the provisions of the Master Lease. If the Master Lease
terminates, this Sublease shall terminate and the parties shall be relieved of any further liability of obligations under this
Sublease except as otherwise set forth in the following sentence. If the Master Lease terminates as a result of a default or breach
either by Subtenant under this Sublease or by Sublandlord under the Master Lease, then the defaulting party shall be liable to
the non-defaulting party for all quantifiable damage suffered as a result of such termination. Subtenant assumes and agrees to
perform Sublandlord’s obligation under the Master Lease during the Term to the extent that such obligations are applicable
to the Premises (as subsequently defined herein), except that the obligation to pay rent to Prime Landlord under the Master Lease
shall be considered performed by Subtenant to the extent and in the amount that the “Base Rent” (as defined in this
Sublease) is paid to Sublandlord in accordance herewith.

 

 

SUBLEASE PREMISES

 

Sublandlord hereby subleases
to Subtenant and Subtenant hereby takes and subleases from Sublandlord on the terms and conditions set forth in this Sublease the
Master Premises (“Premises”) located on the 3rd floor, Suite
390 containing approximately 2,895 rentable square feet as shown on Exhibit C attached hereto.

 

TERM AND POSSESSION

 

The Term of this Sublease shall
commence on the later of (i) November 1, 2014or (ii) the date of Prime Landlord’s full consent of the Sublease (the “Commencement
Date”), and end on March 31, 2017 (“Term”). Tenant shall be allowed access to the premises ten (10)
days prior to the Lease Commencement Date for the installation of furniture and equipment.

    	 	1	 

    	 

    

BASE RENT

 

(a) Subtenant shall pay to Sublandlord
as base rent (“Base Rent”), without deduction, setoff, notice, or demand, at 4400 North Point Parkway, Alpharetta,
GA 30022, Attn: Patty Barron or such other place as Sublandlord shall designate from time to time by reasonable prior written notice
to Subtenant, payable monthly in advance on or before the first (1st) day of each month through the end of the Term.

 

Base Rent Schedule:

	Period*	Base Rent per RSF	Annual    Base Rent	Monthly Base Rent
	12/01/2014 - 11/30/2015	$29.00	$83,955.00	$6,996.25

 

	 	$29.89	$86,473.65	$7,206.14
	12/01/2016 - 03/31/2017	$30.76	*$29,683.40	$7,420.85

*4 months base rent

 

Upon execution of this Sublease,
Subtenant shall deposit with Sublandlord the sum of Six Thousand Nine Hundred Ninety-Six and 25/100 Dollars ($6,996.25) as first
month’s Base Rent.  Such advanced rent payment shall be applied as first month’s Base rent for December 2014.
If the Term begins or ends on a day other than the first or last day of the month, the rent for the partial month shall be prorated
on a per diem basis.

 

(b) Subtenant hereby acknowledges
that if any monthly payment of Base Rent or any other monies due hereunder from Subtenant not be received by Sublandlord within
five (5) business days after such payment is due, Subtenant shall pay Sublandlord a late charge equal to 5% of such delinquent
amount. Additionally, if any Base Rent or other monies due hereunder by Subtenant to Sublandlord which are not paid within five
(5) business days after Subtenant receives notice of such non-payment, the same shall bear interest at the rate of one and one-half
percent (1 1/2%) per month from said due date until paid.

 

REPAIRS BY SUBTENANT

 

Sublandlord shall
be entitled to the same rights as Prime Landlord regarding entry to the Premises as are provided Prime Landlord in the Master
Lease. Subtenant has inspected the Premises and accepts the Premises in their present existing condition and acknowledges same
as suited for Subtenant’s purposes and intended use, provided, however, that prior to the Commencement Date Sublandlord
agrees to leave the Premises in a broom clean condition with no major blemishes on the walls (ordinary wear and tear excepted)
and free from any personal property. From and after the applicable Commencement Date with respect to the portion of the Premises
for which possession has been delivered to Subtenant, Subtenant shall, in addition to undertaking all duties and obligations of
Sublandlord to Prime Landlord under the Master Lease, throughout the Term of this Sublease and at Subtenant’s expense maintain
in good order and repair the Premises, including the Premises interior, fixtures and all improvements located therein or thereon.
Subtenant agrees to return the Premises to Sublandlord at the expiration of this Sublease or upon prior termination of the Term,
if any, in as good condition and repair as when first received by Subtenant, reasonable wear and tear excepted. 

    	 	2	 

    	 

    

SECURITY DEPOSIT

 

Subtenant shall, upon execution
of this Sublease Agreement, deposit with Sublandlord the sum of Thirty Four thousand nine hundred eighty one and 25/100 Dollars
($34,981.25) to be held by Sublandlord as security for Subtenant’s obligations under this Sublease (the “Security Deposit”).
Sublandlord may apply all or any portion of the Security Deposit to any unpaid Base Rent or Additional Rent due from Subtenant,
or to cure any other defaults of Subtenant. If Sublandlord uses all or any portion of the Security Deposit, Subtenant shall restore
the Security Deposit to its full amount within ten (10) days after Sublandlord's written request, which request shall specify the
reason for use of any such portion of the Security Deposit. Subtenant's failure to do so shall be deemed an event of default under
the Sublease. No interest shall be paid by Sublandlord to Subtenant on the Security Deposit. Sublandlord shall not be required
to keep the Security Deposit separate from its other accounts, and no trust relationship is created with respect to the Security
Deposit. The Security Deposit is not a prepayment of Subtenant's monthly rent obligations, and may not be used by Subtenant as
such; it is expressly understood that the Security Deposit does not and shall not constitute Subtenant's "last month's rent."
Upon any termination of the Sublease not resulting from Subtenant's default, and after Subtenant has vacated the Premises in the
manner required by the Sublease and otherwise timely performed its obligations pursuant to the Sublease throughout the Term, Sublandlord
shall, within - 30 days after the expiration of the Term, refund the remaining portion of the Security Deposit to Subtenant.

 

 

REDUCTION IN SECURITY DEPOSIT

 

Notwithstanding anything in
the Security Deposit section above to the contrary, so long as Subtenant is then current in the payment of all Base Rent due hereunder
and has not been in default beyond any applicable notice and cure period, the Security Deposit will be reduced as follows: (i)
as of the first (1st) day of the sixth (6th) full calendar month of the Term of this Sublease and proof from
Subtenant of revenues at or in excess of $500,000.00, the Security Deposit shall be reduced to $20,988.75 (ii) as of the first
day of the twelfth (12th) full calendar of the Term of this Sublease and proof from Subtenant of revenues at or in excess
of $750,000.00, the Security Deposit shall be reduced to $6,996.25. In no event shall the Security Deposit ever be in an amount
less than $6,996.25 during the Term of this Sublease. The Sublandlord agrees that the security deposit reduction(s) shall be credited
against the rent due for the following month(s); e.g. the “sixth month reduction” will satisfy the rent due for the
seventh and eigth month. In the second year of the lease, the Subtenant shall be responsible for the remaining balance(s) due for
months thirteen (13) and fourteen (14) according to this lease.

 

 

SUBTENANT’S DEFAULT

 

If Subtenant is late in the
payment of Base Rent or any other charges required of Subtenant hereunder, and the same remains delinquent for more than five (5)
business days after Sublandlord provides Subtenant notice of the same, or if Subtenant defaults in performing any other of its
obligations hereunder (including, but not limited to, obligations under the Master Lease that are incorporated into this Sublease),
and such non-monetary default is not cured within ten (10) days after written notice to Subtenant provided, however, if Subtenant’s
failure to comply cannot reasonably be cured within ten (10) days, Subtenant shall be allowed additional time (not to exceed 45
days) as is reasonably necessary to cure the failure so long as Subtenant begins the cure within ten (10) days and diligently pursues
the cure to completion; or if Subtenant is adjudicated a bankrupt; or if a permanent receiver is appointed for Subtenant’s
property, including any interest Subtenant may have in the Premises; or if, whether voluntarily or involuntarily, Subtenant files
or is subject to creditor relief proceedings under any present or future law; or if Subtenant makes an assignment for benefit of
creditors; or if the Premises or Subtenant’s property or interest herein should be levied upon or attached and not satisfied
or dissolved within thirty (30) days; then, and in any said events, at Sublandlord’s option and upon Sublandlord’s
notice to Subtenant of a termination of the Sublease, Subtenant shall at once surrender possession of the Premises to Sublandlord
and remove all of Subtenant’s property and effects therefrom; and Sublandlord may forthwith re-enter the Premises and repossess
same, and remove all persons and effects therefrom, using such force as may be necessary without being guilty of trespass, forcible
entry or detained or other tort.

    	 	3	 

    	 

    

In addition, Sublandlord shall
have the right to pursue any and all other remedies available at law and in equity to recover from Subtenant all amounts then due
or thereafter accruing and such other damages as are caused by Subtenant’s default. No course of dealing between Sublandlord
and Subtenant or any delay on the part of Sublandlord in exercising any rights Sublandlord may have under this Sublease shall operate
as a waiver of any of the rights of Sublandlord hereunder, nor shall any waiver or prior default operate as a waiver of any subsequent
default. In exercising its rights and remedies under this Sublease, Sublandlord shall be entitled to recover from Subtenant all
costs incurred, including, without limitation, reasonable attorneys’ fees actually incurred.

 

No termination of this Sublease
prior to the expiration thereof by lapse of time, by default of either party or otherwise shall affect Sublandlord’s right
to collect Base Rent or charges due hereunder for the period prior to termination by either party.

 

USE OF PREMISES

 

The Premises shall be used and
occupied by Subtenant only for general office use and for no other use or purpose.

 

ASSIGNMENT AND SUBLETTING

 

Subtenant shall not have the
right to assign this Lease or sublet the Premises except upon receipt of Prime Landlord’s and Sublandlord’s prior written
consent, which shall not be unreasonably withheld or delayed.

 

HOLDING OVER

 

All terms and conditions of
the Master Lease shall control in the event that Subtenant fails to yield up immediate possession of the Premises upon the termination
or expiration of the Sublease except that any tenancy at sufferance shall include rent charges equal to one hundred fifty percent
(150%) of the Base Rent paid hereunder. Notwithstanding the foregoing, the provisions of this Section shall not apply in the event
that Subtenant has executed a direct lease for the Premises with Prime Landlord that extends Subtenant’s occupancy of the
entire Premises after the expiration of this Sublease. If (i) Subtenant remains in possession of the Premises upon the termination
of the Master Lease, (ii) Sublandlord returns possession of the Master Premises other than the Premises (the “Remainder Premises”)
to Prime Landlord upon the termination of Master Lease, and (iii) Sublandlord is responsible to pay holdover rent or incurs any
costs pursuant to Section 24 of the Master Lease on the Master Premises or on the Premises as a result of Subtenant’s
remaining in possession of the Premises after the termination of the Master Lease, then Subtenant shall indemnify Sublandlord for
Sublandlord’s indemnity obligations as “Tenant” under the Master Lease with respect to the Remainder Premises
and the Premises for any claims arising from the Subtenant’s holding over. Subtenant’s liability for a holdover event
for which Sublandlord does not hold over on the Remainder Premises but Subtenant does hold over on the Premises as described in
the immediately preceding sentence, shall be equal to all damages owed to Master Landlord by Sublandlord as Tenant, under Section
22 of the Master Lease, which includes 100% of the holdover rent then due under the Master Lease. Subtenant’s liability for
a holdover event for which Sublandlord holds over on the Remainder Premises and Subtenant also holds over on the Premises shall
be calculated as a prorata percentage interest based upon a formula that is equal to the square footage of the Premises leased
by Subtenant under this Sublease divided by the square footage of the total premises that are leased by Sublandlord under its Master
Lease with Landlord as of the time of such indemnification.

 

ATTORNEY’S FEES

 

If Sublandlord or Subtenant
shall commence an action against the other arising out of or in connection with this Sublease, the substantially prevailing party
shall be entitled to recover its cost of suit and reasonable attorneys’ fees and related expenses.

 

BROKER REPRESENTATION AND DISCLOSURE

 

Avison Young-Atlanta, LLC represent
Sublandlord in this transaction, and Joel and Granot Real Estate, Inc. represents the Subtenant in this transaction, collectively
(“Brokers”). Brokers will be paid a real estate commission by Sublandlord, per a separate commission agreement.

    	 	4	 

    	 

    

PARKING

 

Subtenant shall have the right
to use any parking spaces available to Sublandlord as per the Master Lease and Subtenant shall be responsible for all costs associated
with Parking.

 

SIGNAGE

 

Sublandlord shall request that
Prime Landlord provide directory signage for Subtenant at the sole cost and expense of Subtenant.

 

FF&E

 

Refrigerator currently located
in break/work room shall remain; all other furniture, fixture and equipment shall be removed from Premises by Sublandlord.

 

 

INSURANCE

 

During the term of this Sublease,
Subtenant shall fully comply with all of the insurance obligations as provided for in the Master Lease with respect to the Premises.
In addition to the obligations in the Master Lease, Subtenant’s insurance shall also comply with the following: (i) Subtenant’s
commercial general liability policy shall name Sublandlord as an additional insured, and (ii) all policies of insurance shall contain
endorsements that the insurer(s) shall give Sublandlord at least 30 days’ advance written notice of any cancellation, termination,
material change or lapse of insurance. Subtenant agrees to provide proof to Sublandlord in the form of an original certificate
of insurance regarding the aforementioned on or before the Commencement Date of this Sublease.

 

During the term of this Sublease,
Sublandlord shall fully comply with all the insurance obligations as provided for in the Master Lease with respect to the Remainder
Premises.

 

Each party hereby waives claims
against the other for property damage that could be insured under a standard fire and extended coverage policy of insurance and
each party shall attempt to obtain from its insurance carrier a waiver of its right of subrogation with respect to such insurance.

 

INDEMNIFICATION

 

Anything to the contrary in
this Sublease or the Master Lease notwithstanding, Sublandlord shall not be liable to Subtenant and Subtenant hereby waives all
claims against Sublandlord for injury or damage to any person or property by or from any cause whatsoever arising out of Subtenant’s
use or occupancy of the Premises during the Term of this Sublease, excepting Sublandlord’s negligence or willful misconduct,
and Subtenant shall remain liable for its own negligence or otherwise tortuous acts, errors or omissions and agrees to indemnify,
defend and hold Sublandlord harmless against and from any and all costs, expenses, claims, demands, obligations and liabilities,
(including reasonable attorneys’ fees) brought or asserted by any third party on account of Subtenant’s breach of contract,
negligence or willful misconduct in the use or occupancy of the Premises during the Term of this Sublease.

    	 	5	 

    	 

    

ALTERATIONS AND IMPROVEMENTS

 

Subtenant shall have the right
to improve, add to or alter the Premises and to install fixtures and other equipment thereon provided that Subtenant shall have
first obtained the prior written consent of Prime Landlord pursuant to the Master Lease. Subtenant may remove all fixtures, equipment
and other improvements in the Premises made by Subtenant at any time during or at expiration or termination of the Sublease, if
and only if Subtenant repairs any damage to the Premises caused by such removal and restores the Premises to the condition required
by the paragraph of this Sublease entitled “REPAIRS BY SUBTENANT” at expiration or termination of this Sublease, provided,
however, that the same shall not be required in the event that Subtenant has executed a direct lease for the Premises with Prime
Landlord that extends Subtenant’s occupancy of the Premises after the expiration of this Sublease. However, any such improvements,
additions, alterations, fixtures and other equipment of Subtenant which are not removed upon expiration or sooner termination of
this Sublease (unless Subtenant enters into a direct lease with Prime Landlord that extends Subtenant’s occupancy of the
Premises after the expiration of this Sublease), the same shall revert to and become the absolute property of Prime Landlord, free
and clear of any and all claims against them by Subtenant or any third party, and Subtenant hereby agrees to hold Sublandlord and
Prime Landlord harmless from any such claims by third parties.

 

 

AUTHORITY

 

Subtenant hereby warrants and
represents that the undersigned officer of Subtenant has due authorization to execute this Sublease and to perform Subtenant’s
obligations hereunder.

 

Sublandlord hereby warrants
and represents that the undersigned officer of Sublandlord has due authorization to execute this Sublease and to perform Sublandlord’s
obligations hereunder.

 

 

NOTICE

 

Whenever
in this Sublease any notice is required or permitted to be given by either party to the other in writing, such notices shall be
sent by certified mail, postage prepaid, return receipt requested, or by recognized overnight courier or by hand delivery to the
addresses indicated in this paragraph unless Sublandlord and Subtenant designate to the other party in writing another address.
The date of service of any notice hereunder shall be the date of personal delivery,
or the date of post mark in the U.S. mail, or the date of confirmed deposit with the courier as the case may be.

 

	As to Sublandlord:	As to Subtenant:
	 	 
	Safety Quick Light, LLC

        4400 North Point Parkway

        Suite 154

        Alpharetta, GA 30022

         
	Stableford Capital, LLC

        3060 Peachtree Road

        Suite 390

        Atlanta, GA 30305

	 	 
	ATTN: Patty Barron

         
	ATTN: Mark Lapolla

         

         

 

NON-WAIVER OF RIGHTS

 

No course of dealing between
Sublandlord and Subtenant or any failure or delay on the part of Sublandlord or Subtenant, respectively, in exercising any rights
of Sublandlord or Subtenant under any provisions of this Sublease shall operate as a waiver of any rights of Sublandlord or Subtenant,
as applicable, under this Sublease, nor shall any waiver of a default on one occasion operate as a waiver of any subsequent default
or any other default. No express waiver shall affect any condition, covenant, rule or regulation other than the one specified in
such waiver, and that one only for the time and in the manner specifically stated.

    	 	6	 

    	 

    

 

TIME

 

Time is of the essence in this
Sublease.

 

APPLICABLE LAW

 

This Sublease shall be construed
under the laws of the Georgia without reference to the conflict of law provisions of such state.

 

 

SEVERABILITY CLAUSE

 

If any clause or provision of
this Sublease is illegal, invalid, or unenforceable under present or future laws effective during the Term of this Sublease, then
and in that event it is the intention of the parties hereto that the remainder of this Sublease shall not be affected thereby.

 

NO ASSUMPTION OF OBLIGATIONS IN MASTER LEASE

 

This Sublease shall
not be construed to create any relationship or contractual agreement between Subtenant and Prime Landlord. Without limiting the
generality of the foregoing statement, Subtenant shall have no rights under the Master Lease and shall take no action or assert
any claim against Prime Landlord under the Master Lease or Sublease and shall look solely to Sublandlord for enforcement of Subtenant’s
rights hereunder.

 

COUNTERPARTS

 

This Sublease may be executed
in multiple counterparts, each of which shall be deemed an original and together shall constitute one and the same Sublease, with
one counterpart being delivered to each party hereto.

 

ENTIRE AGREEMENT

 

This Sublease contains the entire
agreement of Sublandlord and Subtenant, and no representations, inducements, promises or agreements, oral or otherwise, between
the parties not embodied herein shall be of any force or effect.

 

QUIET ENJOYMENT

 

Subject to the terms and conditions
of this Sublease and so long as Subtenant is not in default in the performance of its covenants and agreements in this Sublease
(beyond any applicable notice and grace period), Subtenant’s quiet and peaceable enjoyment of the Premises shall not be disturbed
or interfered with by Sublandlord or anyone claiming by, under or through Sublandlord.

 

PROVISIONS REGARDING SUBLEASE

 

In
order to afford to Subtenant the benefits of this Sublease and of those provisions of the Master Lease which by their nature are
intended to benefit the party in possession of the Premises, Sublandlord
acknowledges and agrees to the following:

 

A.Provided Subtenant shall timely pay all
Base Rent when and as due under this Sublease, Sublandlord shall pay, when and as due, all base rent, additional rent and other
charges payable by Sublandlord to Prime Landlord under the Master Lease.

 

B.Sublandlord shall perform its covenants
and obligations under the Master Lease which do not require for their performance possession of the Premises and which are not
otherwise to be performed hereunder by Subtenant on behalf of Sublandlord.

    	 	7	 

    	 

    

C.Sublandlord shall not agree to an amendment
to the Master Lease which might: (i) have a material adverse effect on Subtenant’s occupancy of the Premises or its use of
the Premises for their intended purpose, or (ii) result in a material increase in costs to Subtenant.

 

D.Sublandlord hereby grants to Subtenant
the right to receive all of the services and benefits with respect to the Premises which are to be provided by Prime Landlord under
the Master Lease.

 

E. Sublandlord shall promptly notify Subtenant of any notice
received from the Prime Landlord under the Master Lease.

 

IN WITNESS WHEREOF, Sublandlord and
Subtenant, acting by and through their authorized officers, have hereunto set their hands and affixed their seals as of the day
and year first above written.

 

 

SUBLANDLORD: Safety Quick Light, LLC,
a Florida limited liability company

 

 

By:  /s/ Patricia Barron

 

Name:Patricia Barron

 

Title: COO

 

Witnessed by: 

 

Title:

 

 

SUBTENANT: Stableford Capital, LLC, a
Georgia limited liability company

 

By:  /s/ Mark O. Lapolla

 

Name:Mark O. Lapolla

 

Title: Managing Member

 

Witnessed by: 

 

Title:

    	 	8EX-10.4

 EXHIBIT 10.4 

FOURTH AMENDMENT TO 

RISK SHARING AGREEMENT 

This FOURTH AMENDMENT TO RISK SHARING AGREEMENT (this “Amendment”) is made and entered into effective as of
November 6, 2014, by and between ITT EDUCATIONAL SERVICES, INC., a Delaware corporation, on behalf of itself and its Affiliates and subsidiaries (“ITT ESI”), and STUDENT CU CONNECT CUSO, LLC, a Delaware limited liability
company operating as a credit union service organization (the “CUSO”). 
 RECITALS 

The following recitals are a material part of this Amendment: 

A. ITT ESI and the CUSO (together, the “Parties”) are parties to that certain Risk Sharing Agreement entered into as
of February 20, 2009, and subsequently amended on January 13, 2011, March 30, 2011, and May 18, 2012 (as so amended, the “Agreement”). 

B. Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings provided in the Agreement and Schedule A
thereto. 
 C. The Parties have agreed to amend certain provisions of the Agreement in certain respects, subject to and conditioned upon the
payment to the CUSO by ITT ESI of the Discharge Amount (as hereinafter defined). 
 D. In connection with the foregoing, the Parties desire
to amend the Agreement as set forth in this Amendment. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing and the mutual promises and covenants contained herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby jointly acknowledged, the parties hereto agree as follows: 
 1. Subject to
and conditioned upon payment of the Discharge Amount to the CUSO by ITT ESI as provided in Section 3 of this Amendment, Section 7.2(b)(1)(a) of the Agreement is hereby amended to read in its entirety as follows: 

 

	 	a.	Debt Service Ratio. A debt service ratio that is equal to or greater than 1.2 to 1, defined as earnings before interest, income taxes, depreciation and amortization divided by the current portion of
long-term debt plus interest expense; provided, however, that for each of the ITT ESI fiscal quarters ended June 30, 2013, through December 31, 2014 (the “Suspension Period”), compliance with this debt service ratio
covenant is not required, and the failure to comply with this debt service ratio covenant during the Suspension Period shall not require an increase in Collateralization Percentage pursuant to Section 6.3 of the Agreement; 

 2. Subject to and conditioned upon payment of the Discharge Amount to the CUSO by ITT ESI as
provided in Section 3 of this Amendment, Section 7.2(b)(1)(c) of the Agreement is hereby amended to read in its entirety as follows: 
  

	 	c.	Current Ratio. A current ratio, defined as the “Total Current Assets” as reported on ITT ESI’s consolidated balance sheet contained in its Forms 10-Q and 10-K filed with the SEC and any cash
or securities pledged as Collateral under this Agreement, divided by the “Total Current Liabilities” as reported on ITT ESI’s consolidated balance sheet contained in its Forms 10-Q and 10-K filed with the SEC, of ITT ESI, equal to or
greater than: (i) 0.75 to 1 as of June 30, 2012 and September 30, 2012; and (ii) 1 to 1 as of December 31, 2012 and every measurement period thereafter; provided, however, that as of the end of each of the ITT ESI
fiscal quarters ending during the Suspension Period, compliance with this current ratio covenant is not required, and the failure to comply with this current ratio covenant during the Suspension Period shall not require an increase in
Collateralization Percentage pursuant to Section 6.3 of the Agreement. This calculation excludes all unsecured and uncollateralized related-party receivables and payables. 

3. On or before November 14, 2014, ITT ESI shall pay to the CUSO by wire transfer in immediately available funds the sum of $2,577,186.60
(the “Discharge Amount”), which payment in full shall discharge, pursuant to Section 3.6 of the Agreement, all of ITT ESI’s obligations under Article III of the Agreement with respect to those Loans set forth on
Exhibit A to this Amendment to the extent and as provided in Section 3.6 of the Agreement. If ITT ESI fails to pay to the CUSO the Discharge Amount on or before November 14, 2014 in full as provided in this Section, no discharge of
obligations with respect to the Loans set forth on Exhibit A shall occur, no amendments to the Agreement set forth in this Amendment shall become effective, and this Amendment shall terminate and be of no force or effect whatsoever. 

4. For the avoidance of confusion, the Parties acknowledge and agree that, following payment of the Discharge Amount in accordance with
Section 3 of this Amendment, the Parties’ respective rights and obligations under the Agreement with respect to those Loans set forth on Exhibit A to this Amendment shall continue in full force and effect to the same extent and in
the same manner as other Loans discharged pursuant to Section 3.6 of the Agreement. 
 5. Except as amended by this Amendment, the
remainder of the Agreement is unchanged and remains in full force and effect. 
 6. This Amendment may be executed in multiple counterparts,
each of which shall for all purposes be deemed to be an original and both of which shall together constitute but one and the same instrument. 

[Signatures appear on the following page] 

  
 2 

 IN WITNESS WHEREOF, the parties have caused their names to be signed hereto by their respective
duly authorized officers effective as of the date first above written. 
  

			
	ITT EDUCATIONAL SERVICES, INC.
		
	By:	 	 /s/ Daniel M. Fitzpatrick

	Name:	 	 Dan Fitzpatrick

	Title:	 	 EVP CFO

	
	STUDENT CU CONNECT CUSO, LLC
		
	By:	 	 /s/ Joe Karlin

	Name:	 	 Joe Karlin

	Title:	 	 Program Administrator

 [Signature Page to Fourth Amendment to Risk Sharing Agreement.] 

  
 3 

 EXHIBIT A 

List of Loans for which ITT ESI obligations are to be discharged, to the extent and as provided in Section 3.6 of the Agreement, by
payment of the Discharge Amount as provided in Section 3 of this Amendment. 
 See attached.

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