Document:

Exhibit 10.3

 

EXECUTION COPY

 

DIRECTOR RESIGNATION AND GENERAL RELEASE AGREEMENT

 

THIS DIRECTOR RESIGNATION AND GENERAL RELEASE AGREEMENT dated April 1, 2015 (this “Agreement”) is entered into by James C. Spira (the “Director”) and Ciber, Inc. (the “Company” and together with the Director, the “Parties”).

 

1.                                      Relationship to the Company.  The Director is a member of the board of directors of the Company and has, pursuant to a letter separate from this Agreement, resigned from such directorship effective as of the date of the Company’s 2015 Annual Meeting of Stockholders (the “Resignation Date”).  In connection with the Director’s resignation, he agrees to sign and execute such additional documents and additional releases as are reasonably determined by the Company as necessary to effectuate the intent of this Agreement.

 

2.                                      Resignation Benefits.  In consideration for and subject to the Director’s continued compliance with the agreements, releases and covenants set forth in Sections 1, 3 and 4, the Director shall, effective as of the Resignation Date and contingent upon his compliance with Sections 3 and 4, be entitled to receive the following from the Company (the “Resignation Benefits”):

 

a)             Aggregate cash payments in a total amount equal to $175,000, which shall be divided into twelve substantially equal installments (each a “Resignation Installment Payment”), which Resignation Installment Payments shall payable on the first day of each of the first twelve months which occur following the Resignation Date; and

 

b)             Effective as of the Resignation Date, accelerated vesting of 30,288 restricted stock units (the “Accelerated Awards”) granted pursuant to the Company’s 2004 Incentive Plan (as amended, the “LTIP”).

 

3.                                      Release.

 

a)             In consideration of the Resignation Benefits described in Section 2 above, the Director for himself, his affiliates, spouse, agents, heirs, assigns and any other person or entity claiming to claim through him hereby , knowingly, voluntarily, unconditionally and irrevocably releases and discharges the Company, its successors, predecessors, affiliates and subsidiaries and each of the foregoing entities’ respective affiliates, predecessors, successors, directors, officers, partners, trustees, fiduciaries managers, members, employees, agents, representatives and benefit plans (collectively, the “Company Released Parties”) from any and all claims, debts, liabilities, causes of action, charges, sums of money, accounts, reckonings, bonds, bills, covenants, contracts, agreements, commitments, arrangements, promises, or obligations or understandings of any kind whatsoever in law or equity, WHETHER WRITTEN OR ORAL, KNOWN OR UNKNOWN, SUSPECTED OR UNSUSPECTED, ASSERTED OR UNASSERTED, CONDITIONAL OR UNCONDITIONAL, ACCRUED OR

 

 

UNACCRUED, LIQUIDATED OR UNLIQUIDATED, WHETHER CONTRACTUAL, STATUTORY OR OTHERWISE, AND UNDER ANY KNOWN OR UNKNOWN DUTIES, EITHER FIDUCIARY OR OTHERWISE, INCLUDING LIABILITIES ARISING OUT OF THE SOLE OR CONCURRENT NEGLIGENCE OR GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF ANY COMPANY RELEASED PARTY, that the Director has now, has had or at any time hereafter may have against any of the Company Released Parties (collectively, the “Director Released Claims”); provided, however, that the foregoing release shall not waive or release claims of any director fees that have (i) accrued at or prior to the Resignation Date and have not been paid to the Director in full as of such date or (ii) are payable pursuant to the terms of this Agreement.  The Director also acknowledges that other than with respect to the Accelerated Awards, he shall have no further rights with respect to unvested equity or equity-based compensation pursuant to the LTIP or otherwise.  The Director shall refrain from asserting any claim or otherwise attempting to collect or enforce any such Director Released Claim against any of the Company Released Parties.  In addition, the Director hereby waives all rights and benefits afforded by any laws which provide in substance that a general release does not extend to claims which a person does not know or suspect to exist in its favor at the time of executing the release which, if known by it, may have materially affected its settlement with the other person.

 

b)             Notwithstanding Section 3(a), the Company agrees and acknowledges (i) that the Director shall remain eligible for indemnification for any claims which relate to his service as a director prior to the Resignation Date, subject to the limits set forth under applicable law and the terms of the Company’s certificate of incorporation and bylaws and (ii) the Company shall maintain one or more directors and officers liability insurance policies which shall cover, on terms no less favorable to those of the Company’s existing insurance policy, events which occur prior to and including the Resignation Date.

 

c)              Director expressly promises that, as a condition of his receipt of the payments and benefits set forth in Section 2 above, on the Resignation Date or within five days thereafter, Director shall execute the Confirming Release that is attached hereto as Exhibit A and Director shall return the Confirming Release executed by him to the Company, Attention:  General Counsel, 6363 South Fiddler’s Green Circle, Suite 1400, Facsimile: (303) 221-4125, no later than five days following the Resignation Date.

 

4.                                      Mutual Nondisparagement.  As a material inducement for the Company to enter into this Agreement and provide the consideration set forth in Section 2 above, the Director agrees not to engage in any form of conduct or make any statements or representations that disparage, portray in a negative light, or otherwise impair the reputation, goodwill or commercial interests of any Company Released Party.  The Company agrees to cause its directors and senior officers not to engage in any form of conduct or make any statements or representations that disparage, portray in a negative light, or otherwise impair the reputation of the Director.

 

 

Notwithstanding the foregoing, nothing herein shall prevent any Party from making a statement or taking any act required by law.

 

5.                                      Review by Counsel.  The Director represents and agrees that he fully understands his right to discuss all aspects of this Agreement with his private attorney, that to the extent, if any, that he desires, he has availed himself of this right, that he has carefully read and fully understands all of the provisions of this Agreement and that he is voluntarily and knowingly entering into this Agreement.

 

6.                                      Severability.  All provisions of this Agreement are severable, and the unenforceability or invalidity of any of the provisions of this Agreement shall not affect the validity or enforceability of the remaining provisions of this Agreement.  Should any part of this Agreement be held unenforceable, the unenforceable portion or portions shall be removed (and no more), and the remaining portions of this Agreement shall be enforced as fully as possible (removing the minimum amount possible).

 

7.                                      Section 409A.  To the greatest extent possible, the amounts payable pursuant to the terms of this Agreement are intended to be and will be treated as exempt from Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”).  For purposes of Section 409A of the Code, to the extent applicable, each payment or amount due under this Agreement shall be considered a separate payment, and the Director’s entitlement to a series of payments is to be treated as an entitlement to a series of separate payments.  For purposes of Section 409A of the Code, to the extent applicable, to the extent that the Director is a “specified employee” within the meaning of the Treasury Regulations issued pursuant to Section 409A of the Code as of the Director’s separation from service and to the limited extent necessary to avoid the imputation of any tax, penalty or interest pursuant to Section 409A of the Code, no amount which is subject to Section 409A of the Code and is payable on account of the Director’s separation from service shall be paid to the Director before the date (the “Delayed Payment Date”) which is the first day of the seventh month after the Director’s separation from service or, if earlier, the date of the Director’s death following such separation from service.  All such amounts that would, but for the immediately preceding sentence, become payable prior to the Delayed Payment Date will be accumulated and paid on the Delayed Payment Date.  No interest will be paid by the Company with respect to any such delayed payments.  The intent of the Parties is for the Resignation Date to constitute the Director’s “separation from service” within the meaning of the Treasury Regulations issued pursuant to Section 409A of the Code.

 

8.                                      Amendment.  This Agreement may not be amended, supplemented or modified except in writing signed by the person(s) against whose interest(s) such change shall operate.

 

9.                                      Third-Party Beneficiaries.  Except as set forth in this Agreement, this Agreement shall not confer any rights upon any Person.  For the avoidance of doubt, each Company Released Party that is not a signatory hereto is an intended third-party beneficiary of the Director’s releases, covenants and representations set forth in Sections 3 and 4 herein.

 

 

10.                               Counterparts.  This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original but all of which together will constitute one in the same instrument.

 

11.                               Choice of Law.  This Agreement and any disputes arising out of or related to this Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware applicable to contracts made and to be performed entirely therein, without giving effect to its conflicts of laws principles or rules, to the extent such principles or rules would require or permit the application of the laws of another jurisdiction.  THE DIRECTOR HEREBY KNOWINGLY, VOLUNTARILY, AND IRREVOCABLY WAIVES ANY RIGHT HE MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY CLAIM HEREUNDER.

 

12.                               Construction.  Captions and paragraph headings used in this agreement are for convenience only, are not part of this Agreement, and shall not be used in construing it.  All words used in this Agreement will be construed to be of such gender or number as the circumstances require.

 

13.                               Electronic Signature.  The executed signature page to this Agreement may be transmitted by facsimile transmission, by electronic mail in “portable document format” (.pdf) form, or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing an original signature, and shall have the same effect as an original for all purposes.

 

[Signature on the following page.]

 

 

IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of the date first written above.

 

 

	
 
    	
 
    	
/s/ James   C. Spira
    
	
 
    	
 
    	
James   C. Spira
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
CIBER, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Stephen Kurtz
    
	
 
    	
Name:
    	
Stephen   Kurtz
    
	
 
    	
Title:
    	
Chairman   of the Special Committee
    
				

 

 

EXHIBIT A

 

CONFIRMING RELEASE

 

This Confirming Release the supplemental release referenced in Section 3(c) of the Director Resignation and General Release Agreement (the “Resignation Agreement”), dated April 1, 2015 and entered into by James C. Spira (“Director”) and Ciber, Inc. (the “Company”).  Capitalized terms used herein that are not otherwise defined have the meanings assigned to them in the Resignation Agreement.

 

In consideration of the Resignation Benefits described in Section 2 of the Resignation Agreement, the Director for himself, his affiliates, spouse, agents, heirs, assigns and any other person or entity claiming to claim through him hereby, knowingly, voluntarily, unconditionally and irrevocably releases and discharges the Company and each other Company Released Party from any and all claims, debts, liabilities, causes of action, charges, sums of money, accounts, reckonings, bonds, bills, covenants, contracts, agreements, commitments, arrangements, promises, or obligations or understandings of any kind whatsoever in law or equity, WHETHER WRITTEN OR ORAL, KNOWN OR UNKNOWN, SUSPECTED OR UNSUSPECTED, ASSERTED OR UNASSERTED, CONDITIONAL OR UNCONDITIONAL, ACCRUED OR UNACCRUED, LIQUIDATED OR UNLIQUIDATED, WHETHER CONTRACTUAL, STATUTORY OR OTHERWISE, AND UNDER ANY KNOWN OR UNKNOWN DUTIES, EITHER FIDUCIARY OR OTHERWISE, INCLUDING LIABILITIES ARISING OUT OF THE SOLE OR CONCURRENT NEGLIGENCE OR GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF ANY COMPANY RELEASED PARTY, that the Director has now, has had or at any time hereafter may have against any of the Company Released Parties (collectively, the “Confirmed Director Released Claims”); provided, however, that the foregoing release shall not waive or release claims of any director fees that have (i) accrued at or prior to the Resignation Date and have not been paid to the Director in full as of such date or (ii) are payable pursuant to the terms of Section 2 of the Resignation Agreement.  The Director also acknowledges that other than with respect to the Accelerated Awards, he shall have no further rights with respect to unvested equity or equity-based compensation pursuant to the LTIP or otherwise.  The Director shall refrain from asserting any claim or otherwise attempting to collect or enforce any such Confirmed Director Released Claim against any of the Company Released Parties.  In addition, the Director hereby waives all rights and benefits afforded by any laws which provide in substance that a general release does not extend to claims which a person does not know or suspect to exist in its favor at the time of executing the release which, if known by it, may have materially affected its settlement with the other person.

 

IN WITNESS WHEREOF, the undersigned has caused this Agreement to be executed as of the date written below his signature below and, in doing so, Director has knowingly and voluntarily released all Confirmed Director Released Claims.

 

 

 

	
 
    	
 
    
	
 
    	
James   C. SpiraExhibit 10.1

 

AMENDMENT TO CREDIT AGREEMENT

 

This AMENDMENT TO CREDIT
AGREEMENT, dated as of March 27, 2015 (this “Agreement”), is entered into by and between LUMBER
LIQUIDATORS, INC., a Delaware corporation (the “Company”) and BANK OF AMERICA, N.A., a national banking
association (the “Bank”). Capitalized terms not otherwise defined herein shall have the meaning ascribed to
such terms in the Credit Agreement (defined below).

 

RECITALS

 

A.           The
Bank has extended credit to the Company pursuant to: (i) that certain Amended and Restated Revolving Credit Agreement dated as
of February 21, 2012, by and between the Company and the Bank (as amended, restated, or otherwise modified from time to time, the
“Credit Agreement”); and (ii) that certain Amended and Restated Revolving Credit Note dated as of February 21,
2012 in the original principal amount of $50,000,000 executed by the Company in favor of the Bank (as amended, restated or otherwise
modified from time to time, the “Revolving Credit Note”). The Credit Agreement, Revolving Credit Note and any
other documents, instruments or agreements executed in connection therewith are collectively referred to herein as the “Loan
Documents”.

 

B.           The
parties hereto have agreed to amend the Credit Agreement, subject to the terms and conditions set forth herein.

 

AGREEMENT

 

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

 

1.          Estoppel,
Acknowledgement and Reaffirmation. The Company hereby acknowledges and agrees that, as of March 27, 2015, the outstanding balance
under the Revolving Credit Facility was not less than $2,684,500 (composed of $0.00 in principal, $0.00 in accrued interest and
$2,684,500 in outstanding Letters of Credit), which constitutes a valid and subsisting obligation of the Company to the Bank that
is not subject to any credits, offsets, defenses, claims, counterclaims or adjustments of any kind. The Company hereby acknowledges
its obligations under the Loan Documents, reaffirms that each of the liens and security interests created and granted pursuant
to the Loan Documents is valid and subsisting and agrees that this Agreement shall in no manner impair or otherwise adversely affect
such obligations, liens or security interests, except as explicitly set forth herein.

 

2.          Amendments
to Credit Agreement. Subject to the terms and conditions set forth herein, effective as of the Effective Date (defined below),
the Credit Agreement is hereby amended as follows:

 

(a)         Section
1.1 of the Credit Agreement is hereby amended to add the following terms in the appropriate alphabetical order:

 

“Amendment”
means that certain Amendment to Credit Agreement dated as of March 27, 2015 between the Company and the Bank.

 

“Executive
Officer” means any of the Company’s employees meeting the definition of “executive officer” set forth
in 17 CFR 240.3b-7.

 

    	 

    	 

    

 

“Material
Dispute” means any dispute that could reasonably be expected to cause a material adverse change in the financial condition
or results of operations of the Company.

 

“Material
Litigation” means any litigation that could reasonably be expected to cause a material adverse change in the financial
condition or results of operations of the Company.

 

“Revolving
Loan Notice” means a notice in the form of Exhibit 2.2(e) to this Agreement.

 

(b)          The
first sentence of Section 1A.5 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

Upon satisfaction
of the conditions set forth in Section 2.2 of this Agreement, the Bank promptly (and in any event before 12:00 p.m. New York time
on the later of: (i) the Business Day immediately following the date on which the Revolving Loan Notice is received by Bank or
(ii) the Business Day on which the funds are requested to be advanced per the applicable Revolving Loan Notice) shall advance funds
under the Revolving Credit Facility in U.S. Dollars in the amount requested in the applicable Revolving Loan Notice by crediting
the amount of such advance to the general deposit account of the Company maintained at the Bank.

 

(c)          Section
1A.8 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

Section 1A.8Letters
of Credit. The Company may from time to time apply to the Bank for one or more letters of credit (each, a “Letter
of Credit” and, collectively, the “Letters of Credit”) pursuant to applications and such other documentation
as the Bank shall require (collectively, the “Letter of Credit Documents”); provided, however, that (i) the
aggregate stated amount of all Letters of Credit issued by the Bank for the account of the Company shall not at any time exceed
the Letter of Credit Sublimit and (ii) the term of any Letter of Credit shall not extend beyond the Revolving Credit Termination
Date. Each request submitted by the Company for a Letter of Credit shall constitute a representation and warranty by the Company,
as of the date of each such request and as of the date of the issuance of such Letter of Credit, that the conditions in Section
2.2(a) through (d) have been satisfied. Each Letter of Credit and any related Letter of Credit Documents shall constitute Loan
Documents hereunder.

 

(d)          Section
2.2 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

Section 2.2           Conditions
to All Borrowings. The obligation of the Bank to advance or re-advance any funds under the Revolving Credit Facility is subject
to the satisfaction of the following conditions precedent on the date of such borrowing request:

 

(a)          Loan
Documents. The Company shall have complied and shall then be in compliance with all of the terms, covenants and conditions
of this Agreement, the Security Agreement and all other documents, instruments or agreements to which the Company is a party that
evidence, secure or otherwise relate to the Revolving Credit Facility (all documents described in this paragraph (a) being collectively
referred to herein as the “Loan Documents”), as the same may be modified and amended from time to time;

 

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(b)          No
Material Adverse Change. There shall not have occurred any material adverse change in the financial condition or results of
operations of the Company, and the prospect of payment or performance of the Revolving Credit Facility has not been materially
impaired;

 

(c)          No
Default. There shall exist no Event of Default and no event shall have occurred or condition exist which, with the giving of
notice or the lapse of time, or both, would constitute an Event of Default;

 

(d)          Representations
and Warranties. The representations and warranties contained in Article 3 hereof shall be true as of the date hereof; and

 

(e)          Notice
of Borrowing. The Bank shall have received a Revolving Loan Notice, which notice must be received by the Bank prior to 10:00
a.m. (New York, New York time) on the date which is the requested date of each advance or re-advance under the Revolving Credit
Facility.

 

Each Revolving Loan Notice submitted
by the Company hereunder shall constitute a representation and warranty by the Company, as of the date of each such notice and
as of the date of each such advance, that the conditions in this Section 2.2 have been satisfied.         

 

(e)          Section
3.5 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

Section 3.5           Litigation.

 

(a)          Except
as specifically set forth in a written disclosure provided to the Bank by the Company on or before the Effective Date (as defined
in the Amendment), there exists no action, suit, investigation or proceeding pending or, to the knowledge of any Executive Officer,
threatened, in any court or before an arbitrator or governmental authority that could reasonably be expected to cause any material
adverse change in the financial condition or results of operations of the Company; and

 

(b)          
No injunction, writ, temporary restraining order or any order of any nature has been issued by any court or other governmental
authority purporting to enjoin or restrain the execution, delivery or performance of this Agreement or any other Loan Document,
or directing that the transactions provided for herein or therein not be consummated as herein or therein provided.

 

(f)          The
second sentence of Section 3.7 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

Except as specifically set forth
in a written disclosure provided to the Bank by the Company on or before the Effective Date (as defined in the Amendment), there
are no liabilities, direct or indirect, fixed or contingent, that would reasonably be expected to materially adversely affect the
Company’s financial condition or operations.

 

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(g)          Section
4.10 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

Section 4.10         Compliance
with Applicable Laws. Comply with all applicable laws, rules, regulations and orders of any governmental authority having jurisdiction
over it, including without limitation all Environmental Laws, except where non-compliance would not materially adversely affect
(i) its financial condition or operations or (ii) its ability to execute, deliver or perform the terms of the Loan Documents.

 

(h)          Section
4.11 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

Section 4.11         Notice
of Liabilities. Notify the Bank promptly in writing of (i) any condition, event, claim or act that would reasonably be expected
to materially adversely affect its financial condition or operations, or any of the Bank's rights or remedies under the Loan Documents,
or that would reasonably be expected to result in a material fixed or contingent liability, (ii) any Material Litigation filed
by or against it, (iii) the occurrence of any event that, with the giving of notice or the lapse of time, or both, would constitute
an event of default under any of the Loan Documents, (iv) the occurrence of any uninsured or partially insured loss by it resulting
from fire, theft, liability or property damage if such loss is in excess of $5,000,000, (v) the assumption, guarantee, endorsement
or other act causing it to become surety for or upon any material obligation of any Person, except by the endorsement of negotiable
instruments for deposit or collection in the ordinary course of business, (vi) any Material Dispute between the Company and any
governmental authority or agency, and (vii) any change in the Company's name, legal structure, jurisdiction of incorporation, place
of business or chief executive office.

 

(i)           Section
6.1(i) of the Credit Agreement is hereby amended by replacing reference to the amount of “$1,000,000” therein with
“$5,000,000”. 

 

(j)           A
new Exhibit 2.2(e) in the form attached hereto as Exhibit 2.2(e) is hereby added to the Credit Agreement and incorporated
therein.

 

3.           Effectiveness;
Conditions Precedent. This Agreement shall become effective as of the date hereof (the “Effective Date”)
when, and only when, each of the following conditions shall have been satisfied or waived, in the sole discretion of the Bank:

 

(a)          The
Bank shall have received counterparts of this Agreement duly executed by each of the Company and the Bank;

 

(b)          The
Bank shall have received reimbursement from the Company for all reasonable fees and expenses incurred through the Effective Date
in connection with the Credit Agreement, the Loan Documents and this Agreement and invoiced to the Company on or before the date
of this Agreement; and

 

(c)          The
Bank shall have received and approved the written disclosures described in (a) Section 3.5(a) of the Credit Agreement and (b) Section
3.7 of the Credit Agreement, which receipt and approval shall be evidenced by the Bank’s release of its signature page to
this Agreement.

 

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4.           Ratification.
Except as specifically modified herein, the terms of the Loan Documents shall remain in full force and effect. The execution, delivery
and effectiveness of this Agreement shall not operate as a waiver of any right, power or remedy of the Bank under the Loan Documents,
or constitute a waiver or amendment of any provision of the Loan Documents, except as expressly set forth herein. This Agreement
shall constitute a Loan Document, and the breach in any material respect of any provision or representation by the Company under
this Agreement shall constitute an Event of Default under Section 6.1 of the Credit Agreement.

 

5.           Representations
of the Company. The Company represents and warrants to the Bank as follows:

 

(a)          It
has taken all necessary action to authorize the execution, delivery and performance of this Agreement and any other documents delivered
by it in connection herewith.

 

(b)          This
Agreement and each other document delivered by it in connection herewith has been duly executed and delivered by the Company and
constitutes the Company’s legal, valid and binding obligation, enforceable in accordance with its terms, except as such enforceability
may be subject to bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting
creditors’ rights generally.

 

(c)          No
consent, approval, authorization or order of, or filing, registration or qualification with, any court or governmental authority
or third party is required in connection with the execution, delivery or performance by the Company of this Agreement.

 

(d)          The
execution and delivery of this Agreement or any other document delivered by it in connection herewith does not (i) violate, contravene
or conflict with any provision of its organizational documents or (ii) materially violate, contravene or conflict with any applicable
laws affecting the Company.

 

(e)          After
giving effect to this Agreement, (i) the representations and warranties of the Company set forth in Article 3 of the Credit Agreement
are true, accurate and complete in all material respects on and as of the date hereof to the same extent as though made on and
as of such date except to the extent such representations and warranties specifically relate to an earlier date and (ii) no event
has occurred and is continuing which constitutes a default or an Event of Default.

 

(f)          As
of the date hereof, the Company has no knowledge of any actions, causes of action, claims, demands, damages and liabilities of
whatever kind or nature, in law or in equity, against the Bank or the Bank’s respective officers, employees, representatives,
agents, counsel or directors arising from any action by such persons, or failure of such persons to act under the Credit Agreement
or under any other agreement between the Bank and the Company, either written or oral, on or prior to the date hereof.

 

6.           Release.
In consideration of the Bank entering into this Agreement, the Company hereby releases and forever discharges the Bank and each
of the Bank’s predecessors, successors, assigns, officers, managers, directors, employees, agents, attorneys, representatives,
and affiliates (hereinafter all of the above collectively referred to as the “Bank Group”), from any and all
claims, counterclaims, demands, damages, debts, suits, liabilities, actions and causes of action of any nature whatsoever through
the date of this Agreement, whether arising at law or in equity, whether known or unknown, whether liability be direct or indirect,
liquidated or unliquidated, whether absolute or contingent, foreseen or unforeseen, and whether or not heretofore asserted, which
the Company may have or claim to have against any of the Bank Group; provided, that nothing herein will constitute a release
or discharge of the agreements set forth herein or of the effectiveness of the Loan Documents from and after the date hereof.

 

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7.          No
Third Party Beneficiaries. This Agreement and the rights and benefits hereof shall inure to the benefit of each of the parties
hereto and their respective successors and assigns. No other party shall have or be entitled to assert rights or benefits under
this Agreement.

 

8.          Entirety.
This Agreement and the other Loan Documents embody the entire agreement among the parties hereto as to the subject matter hereof
and supersede all prior agreements and understandings, oral or written, if any, relating to the subject matter hereof. This Agreement
and the other Loan Documents represent the final agreement among the parties hereto as to the subject matter hereof and may not
be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the parties.

 

9.          Confidentiality.
The Bank agrees to take normal and reasonable precautions to maintain the confidentiality of any information designated in writing
as confidential and provided to it by, or on behalf of, Company or any Subsidiary, except that such information may be disclosed
(i) to affiliates of the Bank and the respective directors, officers, employees, agents and advisors of the Bank and the Bank’s
affiliates (each, a, “Related Party”), including without limitation accountants, legal counsel and other advisors,
(ii) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (iii) to the extent
requested by any regulatory agency or authority, (iv) to the extent that such information becomes publicly available other than
as a result of a breach of this paragraph, or which becomes available to the Bank on a non-confidential basis from a source other
than the Company, (v) in connection with the exercise of any remedy hereunder or any suit, action or proceeding relating to this
Agreement or the enforcement of rights hereunder, and (ix) subject to provisions substantially similar to this paragraph, to any
actual or prospective assignee or participant, or (vi) with the consent of the Company. Any Person, including but not limited to
any Related Party, required to maintain the confidentiality of any information as provided for in this paragraph shall be considered
to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality
of such information as such Person would accord its own confidential information.

 

10.         Counterparts;
Electronic Delivery. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered
shall be deemed an original, and it shall not be necessary in making proof of this Agreement to produce or account for more than
one such counterpart. Delivery of an executed counterpart of this Agreement by facsimile or other electronic means shall be effective
as an original.

 

11.         Governing
Law. This Agreement and the rights and obligations of the parties hereunder shall be governed by and interpreted in accordance
with the laws of the Commonwealth of Virginia.

 

12.         Further
Assurances. Each of the parties hereto agrees to execute and deliver, or to cause to be executed and delivered, all such instruments
as may reasonably be requested to effectuate the intent and purposes, and to carry out the terms, of this Agreement.

 

13.         Miscellaneous.

 

(a)          Section
headings in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement
for any other purpose.

 

(b)          Wherever
possible, each provision of this Agreement shall be interpreted in such a manner as to be effective and valid under applicable
law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions
of this Agreement.

 

[Signature Pages Follow]

 

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IN WITNESS WHEREOF,
each of the parties hereto has caused a counterpart of this Amendment to Credit Agreement to be duly executed and delivered as
of the date first above written.

 

	COMPANY:	LUMBER LIQUIDATORS, INC., 
	 	a Delaware corporation

 

	 	By:	/s/ Daniel Terrell	 
	 	Name: Daniel Terrell
	 	Title: Chief Financial Officer

 

[Signature Pages Continue]

 

    	 

    	 

    

 

	BANK:	BANK OF AMERICA, N.A.,

 

	 	By:	/s/ Greg L. Richards	 
	 	Name: Greg L. Richards
	 	Title: Senior Vice President

 

[Signature Pages End]

 

    	 

    	 

    

 

Exhibit 2.2(e)

 

Form of Revolving Loan Notice

 

REVOLVING LOAN NOTICE

 

	Date:	__________, 20__

 

	To:	Bank of America, N.A.

 

		Re:	Amended and Restated Revolving Credit Agreement (as amended, modified, supplemented, increased
and extended from time to time, the “Credit Agreement”) dated as of February 21, 2012 by and between LUMBER
LIQUIDATORS, INC., a Delaware corporation (the “Company”), and BANK OF AMERICA, N.A., a national banking association.

 

Ladies and Gentlemen:

 

Capitalized terms used herein and not defined
herein shall have the meanings assigned to such terms in the Credit Agreement.

 

The undersigned hereby requests an advance under the Revolving
Credit Facility:

 

		1.	On __________, ____ [which shall be a Business Day]

		2.	In the amount of $_____

 

With respect to any advance requested herein,
the Company hereby represents and warrants that each of the conditions set forth in Section 2.2 of the Credit Agreement
have been satisfied on and as of the date of such advance.

 

	 	LUMBER LIQUIDATORS, INC., 
	 	a Delaware corporation

 

	 	By:	 	 
	 	Name:
	 	Title:

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