Document:

Exhibit

Exhibit 10.5

[Five Star Senior Living Inc. Letterhead]

May 2, 2019
Mr. Richard A. Doyle, Jr.
561 Nahatan Street
Norwood, MA 02062

Dear Rick:

You, Five Star Senior Living Inc. (“FVE”) and The RMR Group LLC (“RMR”) are entering into this letter agreement (this “Agreement”) to confirm the terms and conditions of your separation from FVE and RMR on December 31, 2019 or such earlier date you elect as provided below (the “Separation Date”). 

I.TRANSITION PERIOD AND SEPARATION

A.Resignation from FVE.  You will continue to serve as the Executive Vice President, Treasurer and Chief Financial Officer of FVE until May 31, 2019, as of which date you will resign as Executive Vice President, Treasurer and Chief Financial Officer of FVE and any other officer or director positions you hold within FVE, and any positions you hold with third parties on behalf of FVE.  You will continue to serve as an employee of FVE until the Separation Date in order to transition your duties and responsibilities to your successor(s).  

B.Resignation from RMR.  You will continue to serve as a Senior Vice President of RMR until May 31, 2019, as of which date you will resign as a Senior Vice President of RMR and any other officer or director positions you hold within RMR and any of its managed and affiliated companies (collectively, the “RMR Companies”).  You will continue to serve as an employee of RMR until the Separation Date in order to transition your duties and responsibilities to your successor(s).  

C.Payments and Benefits until May 31, 2019. Until May 31, 2019, you will continue to receive your same cash salary compensation and benefits as you currently receive.  

D.Transition Period.  From June 1, 2019 until the Separation Date, you will work towards the orderly transition of your responsibilities, use all reasonable efforts to assist in training your successor(s) and assist FVE’s and RMR’s internal and external partners with the transition as requested by FVE and RMR executives.  Notwithstanding your resignation of all officer and director positions, you agree to fulfill your duties as a responsible party or identified officer for all healthcare/senior living licenses until a replacement is installed and to cooperate with FVE’s and RMR’s efforts to remove you from such licenses. It is understood that you may not come into the office every day or even regularly during this transition period.  You may elect to accelerate the Separation Date from December 31, 2019 to any date after May 31, 2019 by 

    

Richard A. Doyle, Jr.
May 2, 2019
Page 2

giving 10 business days prior written notice to FVE and RMR.  The Separation Date will be automatically accelerated if you obtain other full-time employment.

E.Payments and Benefits during the Transition Period.  From May 31, 2019 until December 31, 2019, you will receive transition payments at the rate of $10,000 per month.  These transition payments will be paid 80% by FVE and 20% by RMR.  Subject to any contribution required by you consistent with past practices, FVE will also maintain and provide your current insurance and employee benefits until the Separation Date, except that you will not accrue any vacation time.

F.Payments and Benefits on May 31, 2019 and the Separation Date. On May 31, 2019, FVE and RMR will pay any unpaid wages for the period through May 31, 2019, and FVE will pay you for any unused vacation time as of such date (it being acknowledged that you have no accrued and unpaid RMR vacation time), all subject to all usual and applicable taxes and deductions.  Your health insurance on FVE’s group plan will terminate on the Separation Date.  To continue any health insurance beyond the Separation Date, you must complete a continuation of coverage (COBRA) election form and make timely payments for coverage.  Information regarding COBRA will be mailed to you.  Any group life and disability insurance on our group plan will also terminate on the Separation Date.  Your participation in FVE’s and/or RMR’s 401(k) plan will terminate on the Separation Date.

G.Release Benefits.  Provided you sign and do not revoke this Agreement and the Waiver and Release of Claims attached as Exhibit A and you satisfactorily perform your transition responsibilities, you will receive the following additional payments and benefits:

(1)2019 Cash Payments.  You will receive cash payments in the total amount of $650,000, less applicable taxes and deductions, payable in two equal installments on each of May 31, 2019 and December 31, 2019.  These cash payments will be paid 80% by FVE and 20% by RMR.  

(2)Outplacement Benefits.  FVE and RMR will pay for outplacement services to be provided to you by Essex Partners.  These services will be paid 80% by FVE and 20% by RMR.

(3)FVE Share Grants.  

a.    All of your existing FVE share grants will continue to vest under the existing vesting schedule (as set forth in your Restricted Share Agreements) through the Separation Date.  Upon the Separation Date, all of your existing FVE share grants will vest (which vesting includes the lifting of any restrictions) immediately in full and you will be permitted to settle any resulting tax liability with vesting shares, commonly referred to as “net share settlement.”  FVE will cooperate with you in removing any restrictive legends from your vested FVE shares.  

    

Richard A. Doyle, Jr.
May 2, 2019
Page 3

b.    You are required to own all currently held and/or granted FVE shares through the Separation Date.  You agree with FVE that, as long as you own shares in FVE, your shares shall be voted at any meeting of the shareholders of FVE or in connection with any consent solicitation or other action by shareholders in favor of all nominees for director and all proposals recommended by the Board of Directors in the proxy statement for such meeting or materials for such written consent or other action.  If your shares are not voted in accordance with this covenant and such failure continues after notice, you agree to pay as liquidated damages and not as a penalty to FVE in an amount equal to ten thousand dollars ($10,000) and, in addition, your Separation Date will be automatically accelerated and you will forfeit all rights to any unpaid cash payments set forth in Section I.G(1) above.  For the avoidance of doubt, this provision is for the benefit of FVE and is not an agreement with RMR. 
 
c.    You understand and agree that, although the FVE Code of Business Conduct and Ethics will no longer apply to you after the Separation Date, you are subject to all laws and regulations with respect to all of your shares in FVE, including, but not limited to, those applicable to the purchase or sale of securities while in possession of material, non-public information concerning FVE.  

(4)RMR and RMR Company Share Grants.  

a.    Prior to the Separation Date, RMR will recommend to the Boards of Directors and Boards of Trustees of The RMR Group Inc., Office Properties Income Trust, Hospitality Properties Trust, Senior Housing Properties Trust, Industrial Logistics Properties Trust, TravelCenters of America LLC, and Tremont Mortgage Trust (together, the “RMR Public Companies”) that all of your existing share grants vest (which vesting includes the lifting of any restrictions) immediately in full upon the Separation Date and that you be permitted to settle any resulting tax liability with vesting shares, commonly referred to as “net share settlement,” on a company-by-company basis.  RMR will cooperate with you in removing any restrictive legends from your vested shares in the RMR Public Companies. 

b.    You agree for the benefit of the applicable RMR Public Company that, as long as you own the shares referenced above in 4(a) in the RMR Public Companies, your shares shall be voted at any meeting of the shareholders of the RMR Public Companies or in connection with any consent solicitation or other action by shareholders in favor of all nominees for director and all proposals recommended by the Board of Directors or Trustees in the proxy statement for such meeting or materials for such written consent or other action.  This obligation does not apply to your estate.  If your shares are not voted in accordance with this covenant and such failure continues after notice, you agree to pay liquidated damages to the applicable RMR Public Company in an amount equal to the market value of the shares not so voted.  For the avoidance of doubt, this provision is for the benefit of each RMR Public Company only with respect to your shares in such company and is not an agreement with RMR.
  
c.    You understand and agree that, although the RMR Code of Business Conduct and Ethics will no longer apply to you after the Separation Date, you are subject to all laws and regulations with respect to all of your shares in the RMR Public Companies, including, 

    

Richard A. Doyle, Jr.
May 2, 2019
Page 4

but not limited to, those applicable to the purchase or sale of securities while in possession of material, non-public information concerning the RMR Public Companies. 

(5)Mobile Phone Number.  At your request, FVE agrees to consent to and cooperate with you in the transfer to you of the mobile phone number (No. (617) 610-2223), and to pay for any costs associated with such transfer (except that you will be responsible for the cost of replacement service).  You agree to be responsible for all cell phone payments for service after the Separation Date.

		
	II.
	RELEASE

You, your heirs, executors, legal representatives, successors and assigns, individually and in their beneficial capacity, hereby unconditionally and irrevocably release and forever discharge FVE, RMR, The RMR Public Companies, Sonesta International Hotels Corporation, RMR Real Estate Income Fund, RMR Advisors LLC, Tremont Realty Advisors LLC, the RMR Office Fund LP and ABP Trust and any other companies managed by RMR from time to time, and its and their past, present and future officers, directors, trustees, employees, representatives, shareholders, attorneys, agents, consultants, contractors, successors, and affiliates – hereinafter referred to as the “Releasees” – or any of them of and from any and all suits, claims, demands, interest, costs (including attorneys’ fees and costs actually incurred), expenses, actions and causes of action, rights, liabilities, obligations, promises, agreements, controversies, losses and debts of any nature whatsoever which you, your heirs, executors, legal representatives, successors and assigns, individually and/or in their beneficial capacity, now have, own or hold, or at any time heretofore ever had, owned or held, or could have owned or held, whether known or unknown, suspected or unsuspected, from the beginning of the world to the date of execution of this Agreement including, without limitation, any claims arising in law or equity in a court, administrative, arbitration, or other tribunal of any state or country arising out of or in connection with your employment by FVE and/or RMR; any claims against the Releasees based on statute, regulation, ordinance, contract, or tort; any claims against the Releasees relating to wages, compensation, benefits, retaliation, negligence, or wrongful discharge; any claims arising under Title VII of the Civil Rights Act of 1964, as amended, the Age Discrimination in Employment Act, as amended, the Older Workers’ Benefit Protection Act, as amended, the Equal Pay Act, as amended, the Fair Labor Standards Act, as amended, the Employment Separation Income Security Act, as amended, the Americans with Disabilities Act of 1990 (“ADA”), as amended, The ADA Amendments Act, the Lilly Ledbetter Fair Pay Act, the Worker Adjustment and Retraining Notification Act, the Genetic Information Non-Discrimination Act,  the Civil Rights Act of 1991, as amended, the Family Medical Leave Act of 1993, as amended, and the Rehabilitation Act, as amended; The Massachusetts Fair Employment Practices Act (Massachusetts General Laws Chapter 151B), The Massachusetts Equal Rights Act, The Massachusetts Equal Pay Act, the Massachusetts Privacy Statute, The Massachusetts Civil Rights Act, the Massachusetts Payment of Wages Act (Massachusetts General Laws Chapter 149 sections 148 and 150), the Massachusetts Overtime regulations (Massachusetts General Laws Chapter 151 sections 1A and 1B), the Massachusetts Meal Break regulations (Massachusetts General Laws Chapter 149 sections 100 and 101) and any other claims under any federal or state law for unpaid or delayed payment of wages, overtime, bonuses, commissions, incentive 

    

Richard A. Doyle, Jr.
May 2, 2019
Page 5

payments or severance, missed or interrupted meal periods, interest, attorneys’ fees, costs, expenses, liquidated damages, treble damages or damages of any kind to the maximum extent permitted by law and any claims against the Releasees arising under any and all applicable state, federal, or local ordinances, statutory, common law, or other claims of any nature whatsoever except for unemployment compensation benefits or, in Massachusetts, workers’ compensation benefits.  Notwithstanding the foregoing, this general release does not include, and you expressly retain any and all rights: 1) to enforce the terms of this Agreement; 2) under applicable equity agreements and as a shareholder of Releasees; 3) you may have for defense and indemnification under common law, FVE and RMR company bylaws, contract, and any applicable insurance policy that would provide you with defense and/or indemnity for claims asserted against you based on your conduct as an employee, officer or director of FVE and/or the RMR Companies; 4) under the terms of welfare benefit plans in which you participated as an employee; and, 5) arising after the date of your execution of this Agreement.

  Nothing in this Agreement shall affect the EEOC’s rights and responsibilities to enforce the Civil Rights Act of 1964, as amended, the Age Discrimination in Employment Act of 1967, as amended, the National Labor Relations Act or any other applicable law, nor shall anything in this Agreement be construed as a basis for interfering with your protected right to file a timely charge with, or participate in an investigation or proceeding conducted by, the EEOC, the National Labor Relations Board (the “NLRB”), or any other state, federal or local government entity; provided, however, if the EEOC, the NLRB, or any other state, federal or local government entity commences an investigation on your behalf, you specifically waive and release your right, if any, to recover any monetary or other benefits of any sort whatsoever arising from any such investigation or otherwise, nor will you seek or accept reinstatement to your former position with FVE or RMR.

		
	III.
	TAX PROVISIONS

You agree that you shall be responsible and will pay your own tax obligations and/or liabilities created under state or federal tax laws by this Agreement. You further agree that you shall indemnify FVE, RMR and any of the RMR Companies for any tax obligations and/or liabilities that may be imposed on them for your failure to comply with this provision.

		
	IV.
	INTERNAL AND EXTERNAL ANNOUNCEMENTS 

FVE and RMR will prepare any internal and external announcements regarding your separation, the timing and content of which shall be subject to your reasonable approval. 

		
	V.
	CONFIDENTIALITY  

You agree that, unless otherwise agreed, on or before the Separation Date, you will return to FVE and RMR all property of FVE and RMR including, but not limited, to all documents, records, materials, software, equipment, personal service devices, building keys or entry cards, and other physical property that have come into your possession or been produced by you in connection with your employment; provided, however, that you may keep any iPhone and laptop issued to you by FVE.  

    

Richard A. Doyle, Jr.
May 2, 2019
Page 6

In addition, you shall not at any time reveal to any person or entity, except to employees of FVE or RMR who need to know such information for purposes of their employment or as otherwise authorized by FVE or RMR in writing, any confidential information of FVE, RMR, or any RMR Company, including, but not limited to confidential information regarding (i) the marketing, business and financial activities and/or strategies of FVE, RMR, or any RMR Company and their respective affiliates, (ii) the costs, sources of supply, financial performance, projects, plans, branding, acquisition or dispositions, proposals and strategic plans of FVE, RMR, or any RMR Company and their respective affiliates, and (iii) information and discussions concerning any past or present lawsuits, arbitrations or other pending or threatened disputes in which FVE, RMR, or any RMR Company or their respective affiliates is or was a party.  For purposes of this provision, “confidential information” does not include information that is already a matter of public knowledge based on the conduct of a person or party other than you, such as all public documents and filings in past or present lawsuits or information that is in the public realm regarding arbitrations, pending or threatened disputes.

Nothing in this Agreement prohibits you from reporting possible violations of federal law or regulation to any government agency or entity, including, but not limited, to the Securities and Exchange Commission, the Congress, and any agency Inspector General, or making other disclosures that are protected under the whistleblower provisions of applicable law.  You do not need prior authorization of FVE or RMR to make any such reports or disclosures and you are not required to notify FVE or RMR that you have made such reports or disclosures.

		
	VI.
	NON-DISPARAGEMENT

You agree not to make harmful or disparaging remarks, written or oral, concerning FVE or RMR, or any of the RMR Companies, or any of its or their respective directors, officers, trustees, employees, agents or service providers.  Nothing in this provision shall prevent you from testifying truthfully in connection with any litigation, arbitration or administrative proceeding when compelled by subpoena, regulation or court order.

		
	VII.
	NON-SOLICITATION

You agree that for five (5) years following the Separation Date, you will not directly or indirectly, without the prior written consent of FVE or RMR, solicit, attempt to solicit, assist others to solicit, hire, or assist others to hire for employment any person who is, or within the preceding six (6) months was, an employee of FVE or RMR, or any RMR Company. 

		
	VIII.
	BREACH OF SECTIONS V, VI, OR VII 

The parties agree that any breach of Sections V, VI, or VII of this Agreement may cause irreparable damage to the non-breaching party and that, in the event of such a breach or threatened breach, the non-breaching party shall have, in addition to any and all remedies at law, the right to seek an injunction, specific performance or other equitable relief to prevent the violation of any obligations hereunder.  The parties agree that, in the event that any provision of 

    

Richard A. Doyle, Jr.
May 2, 2019
Page 7

Section V, VI, or VII shall be determined by any court of competent jurisdiction or arbitration panel to be unenforceable, such provision shall be deemed to be modified to permit its enforcement to the maximum extent permitted by law.

		
	IX.
	CONSULTING AND COOPERATION 

You agree to continue to conduct yourself in a professional manner and to cooperate in an orderly transition of your responsibilities from the date hereof until the Separation Date and that otherwise FVE and RMR may accelerate the Separation Date.  After the Separation Date, FVE may request additional transitional services from you at a rate of $250 per hour, plus reimbursement of any approved out-of-pocket expenses.  Any such services shall be deemed a consultancy and you shall perform such services as an independent contractor, assuming all applicable tax obligations.  You acknowledge that as an independent contractor you will not be eligible for any benefits afforded employees of FVE.

You further agree to cooperate with FVE and RMR, at reasonable times and places, with respect to all matters arising during or related to your continuing or past employment, including, without limitation, all formal or informal matters in connection with any government investigation, internal investigation, litigation, regulatory or other proceeding which may have arisen or which may arise.  FVE or RMR will reimburse you for all reasonable out-of-pocket expenses, including any travel and accommodation expenses but excluding any lost time or opportunity.  FVE or RMR will provide appropriate legal representation for you in a manner reasonably determined by FVE or RMR, and you remain free to retain your own attorney to represent your personal interests at your own expense.  

		
	X.
	INDEMNIFICATION

Any and all indemnification agreements you have from FVE, RMR and any RMR Companies continue to provide for the respective parties’ rights and obligations with respect to the matters set forth therein.  Further, you will maintain any rights you have to indemnification and defense under any bylaws or insurance policies by FVE and RMR as well as any rights you have under the common law. 

		
	XI.
	NON-WAIVER

Any waiver by a party of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any subsequent breach of such provision or any other provision hereof.

		
	XII.
	NON-ADMISSION

The parties agree and acknowledge that the considerations exchanged herein do not constitute and shall be not construed as constituting an admission of any sort on the part of either party.

    

Richard A. Doyle, Jr.
May 2, 2019
Page 8

		
	XIII.
	NON-USE IN SUBSEQUENT PROCEEDINGS

The parties agree that this Agreement may not be used as evidence in any subsequent proceeding of any kind except one in which one of the parties alleges a breach of the terms of this Agreement or the Waiver and Release of Claims or one in which one of the parties elects to use this Agreement as a defense to any claim.

		
	XIV.
	ADEA ACKNOWLEDGEMENT

You acknowledge that you have carefully read and fully understand this Agreement.  You acknowledge that you have not relied on any statement, written or oral, which is not set forth in this Agreement.  You further acknowledge that you are hereby advised in writing to consult with an attorney prior to executing this Agreement; that you are not waiving or releasing any rights or claims that may arise after the date of execution of this Agreement; that you are releasing claims under the Age Discrimination in Employment Act (ADEA); that you execute this Agreement in exchange for monies in addition to those to which you are already entitled; that you were first presented with this Agreement on April 18, 2019; that FVE and RMR gave you a period of at least twenty-one (21) days within which to consider this Agreement and a period of seven (7) days following your execution of this Agreement to revoke your ADEA waiver as provided below; that if you voluntarily execute this Agreement prior to the expiration of the 21st day, you will voluntarily waive the remainder of the 21 day consideration period; that any changes to this Agreement by you once it has been presented to you will not restart the 21 day consideration period; and you enter into this Agreement knowingly, willingly and voluntarily in exchange for the release payments and benefits. To receive the release payments and benefits provided in this Agreement, this Agreement must be signed and returned to Eileen Kiley, at RMR, Two Newton Place, Suite 300, 255 Washington Street, Newton, MA 02458, or at, if by email delivery, ekiley@rmrgroup.com, on or before May 9, 2019.

You may revoke your release of your ADEA claims up to seven (7) days following your signing this Agreement.  Notice of revocation must be received in writing by Eileen Kiley, at RMR, Two Newton Place, Suite 300, 255 Washington Street, Newton, MA 02458, no later than the seventh day (excluding the date of execution) following the execution of this Agreement.  The ADEA release is not effective or enforceable until expiration of the seven day period.  However, the ADEA release becomes fully effective, valid and irrevocable if it has not been revoked within the seven day period immediately following your execution of this Agreement.  The parties agree that if you exercise your right to revoke this Agreement, then you are not entitled to any of the release payments and benefits set forth herein.  This Agreement shall become effective eight (8) days after your execution if you have not revoked your signature as herein provided.

		
	XV.
	ENTIRE AGREEMENT

This Agreement, together with the Waiver and Release of Claims, constitutes the entire agreement between the parties concerning the terms and conditions of your separation of employment from FVE and RMR and supersedes all prior and contemporaneous agreements, 

    

Richard A. Doyle, Jr.
May 2, 2019
Page 9

understandings, negotiations, and discussions, whether oral or written, between the parties, except for any indemnification agreements as noted above, any applicable equity agreements and the Mutual Agreement to Resolve Disputes and Arbitrate Claims effective April 16, 2012, all of which remain in full force and effect.  You agree that FVE and RMR have not made any warranties, representations, or promises to you regarding the meaning or implication of any provision of this Agreement other than as stated herein. 

		
	XVI.
	NO ORAL MODIFICATION  

Any amendments to this Agreement shall be in writing and signed by you and an authorized representative of FVE and RMR.

		
	XVII.
	SEVERABILITY  

In the event that any provision hereof becomes or is declared by a court of competent jurisdiction or an arbitrator or arbitration panel to be illegal, unenforceable, or void, this Agreement shall continue in full force and effect without said provision.

		
	XVIII.
	SECTION 409A 

Each payment made under this Agreement shall be treated as a separate payment and the right to a series of installment payments under this Agreement is to be treated as a right to a series of separate payments.  Notwithstanding anything to the contrary in this Agreement, if at the time of your separation from service, you are a “specified employee,” as defined below, any and all amounts payable under this Agreement on account of such separation from service that would (but for this provision) be payable within six (6) months following the date of termination, will instead be paid on the next business day following the expiration of such six (6) month period or, if earlier, upon your death and any remaining installments following such date shall be made in accordance with the original payment schedule; except (A) to the extent of amounts that do not constitute a deferral of compensation within the meaning of Treasury regulation Section 1.409A-1(b) (including without limitation by reason of the safe harbor set forth in Section 1.409A-1(b)(9)(iii), as determined by FVE and RMR in its and their reasonable good faith discretion); or (B) other amounts or benefits that are not subject to the requirements of Section 409A of the Internal Revenue Code of 1986, as amended, (“Section 409A”).  For purposes of this Agreement, all references to "termination of employment” and correlative phrases shall be construed to require a "separation from service” (as defined in Section 1.409A-1(h) of the Treasury regulations after giving effect to the presumptions contained therein), and the term "specified employee” means an individual determined by FVE and RMR to be a specified employee under Treasury regulation Section 1.409A-1(i).

		
	XIX.
	GOVERNING LAW, JURISDICTION AND SUCCESSOR AND ASSIGNS

This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts without reference to any conflict of law principles, and shall 

    

Richard A. Doyle, Jr.
May 2, 2019
Page 10

be binding upon and inure to the benefit of you and your heirs, successors, and beneficiaries, and RMR and FVE and its and their agents, affiliates, representatives, successors, and assigns.  

The parties irrevocably agree that any dispute regarding this Agreement shall be settled by binding arbitration in accordance with the Mutual Agreement to Resolve Disputes and Arbitrate Claims, effective April 16, 2012.

		
	XX.
	VOLUNTARY ACT

By signing this Agreement, you acknowledge and agree that you are doing so knowingly and voluntarily in order to receive the payments and benefits provided for herein.  By signing this Agreement, you represent that you fully understand your right to review all aspects of this Agreement, that you have carefully read and fully understand all the provisions of this Agreement, that you had an opportunity to ask questions and consult with an attorney of your choice before signing this Agreement; and that you are freely, knowingly, and voluntarily entering into this Agreement.

If you determine to accept this Agreement, understand it, and consent to it, please sign in the space provided below and return a copy so signed to us.

Very truly yours,

/s/ Katherine E. Potter                    
Katherine E. Potter,
President and Chief Executive Officer
 
AGREED:

THE RMR GROUP LLC

By: /s/ Eileen Kiley            
Eileen Kiley,
Senior Vice President and Chief Human Resources Officer

AGREED TO AND ACCEPTED:
/s/ Richard A. Doyle, Jr.      
Richard A. Doyle, Jr.

Dated:  May 3, 2019         

    

EXHIBIT A

WAIVER AND RELEASE OF CLAIMS

You, your heirs, executors, legal representatives, successors and assigns, individually and in their beneficial capacity, hereby unconditionally and irrevocably release and forever discharge Five Star Senior Living Inc. (“FVE”), The RMR Group Inc. and The RMR Group LLC (together, “RMR”), Hospitality Properties Trust, Office Properties Income Trust, Senior Housing Properties Trust, Tremont Mortgage Trust, Industrial Logistics Properties Trust, TravelCenters of America LLC, Sonesta International Hotels Corporation, RMR Real Estate Income Fund, RMR Advisors LLC, Tremont Realty Advisors LLC, the RMR Office Fund LP and ABP Trust and any companies managed by RMR from time to time, and its and their past, present and future officers, directors, trustees, employees, representatives, shareholders, attorneys, agents, consultants, contractors, successors, and affiliates – hereinafter referred to as the “Releasees” – or any of them of and from any and all suits, claims, demands, interest, costs (including attorneys’ fees and costs actually incurred), expenses, actions and causes of action, rights, liabilities, obligations, promises, agreements, controversies, losses and debts of any nature whatsoever which you, your heirs, executors, legal representatives, successors and assigns, individually and/or in their beneficial capacity, now have, own or hold, or at any time heretofore ever had, owned or held, or could have owned or held, whether known or unknown, suspected or unsuspected, from the beginning of the world to the date of execution of this Waiver and Release of Claims including, without limitation, any claims arising in law or equity in a court, administrative, arbitration, or other tribunal of any state or country arising out of or in connection with your employment by FVE and/or RMR; any claims against the Releasees based on statute, regulation, ordinance, contract, or tort; any claims against the Releasees relating to wages, compensation, benefits, retaliation, negligence, or wrongful discharge; any claims arising under Title VII of the Civil Rights Act of 1964, as amended, the Age Discrimination in Employment Act, as amended, the Older Workers’ Benefit Protection Act, as amended, the Equal Pay Act, as amended, the Fair Labor Standards Act, as amended, the Employment Separation Income Security Act, as amended, the Americans with Disabilities Act of 1990 (“ADA”), as amended, The ADA Amendments Act, the Lilly Ledbetter Fair Pay Act, the Worker Adjustment and Retraining Notification Act, the Genetic Information Non-Discrimination Act,  the Civil Rights Act of 1991, as amended, the Family Medical Leave Act of 1993, as amended, and the Rehabilitation Act, as amended; The Massachusetts Fair Employment Practices Act (Massachusetts General Laws Chapter 151B), The Massachusetts Equal Rights Act, The Massachusetts Equal Pay Act, the Massachusetts Privacy Statute, The Massachusetts Civil Rights Act, the Massachusetts Payment of Wages Act (Massachusetts General Laws Chapter 149 sections 148 and 150), the Massachusetts Overtime regulations (Massachusetts General Laws Chapter 151 sections 1A and 1B), the Massachusetts Meal Break regulations (Massachusetts General Laws Chapter 149 sections 100 and 101) and any other claims under any federal or state law for unpaid or delayed payment of wages, overtime, bonuses, commissions, incentive payments or severance, missed or interrupted meal periods, interest, attorneys’ fees, costs, expenses, liquidated damages, treble damages or damages of any kind to the maximum extent permitted by law and any claims against the Releasees arising under any and all applicable state, federal, or local ordinances, statutory, common law, or other claims of any nature whatsoever except for unemployment compensation benefits or, in Massachusetts, workers’ compensation benefits.  Notwithstanding the foregoing, this general release does not 

    

include, and you expressly retain any and all rights: 1) to enforce the terms of this Agreement; 2) under applicable equity agreements and as a shareholder of Releasees; 3) you may have for defense and indemnification under common law, FVE and RMR company bylaws, contract, and any applicable insurance policy that would provide you with defense and/or indemnity for claims asserted against you based on your conduct as an employee, officer or director of FVE and/or the RMR Companies; 4) under the terms of welfare benefit plans in which you participated as an employee; and 5) arising after the date of your execution of this Agreement.

Nothing in this Waiver and Release of Claims shall affect the EEOC’s rights and responsibilities to enforce the Civil Rights Act of 1964, as amended, the Age Discrimination in Employment Act of 1967, as amended, the National Labor Relations Act or any other applicable law, nor shall anything in this Waiver and Release of Claims be construed as a basis for interfering with your protected right to file a timely charge with, or participate in an investigation or proceeding conducted by, the EEOC, the National Labor Relations Board (the “NLRB”), or any other state, federal or local government entity; provided, however, if the EEOC, the NLRB, or any other state, federal or local government entity commences an investigation on your behalf, you specifically waive and release your right, if any, to recover any monetary or other benefits of any sort whatsoever arising from any such investigation or otherwise, nor will you seek or accept reinstatement to your former position with FVE or RMR.

Nothing in this Waiver and Release of Claims prohibits you from reporting possible violations of federal law or regulation to any government agency or entity, including, but not limited to, the Securities and Exchange Commission, the Congress, and any agency Inspector General, or making other disclosures that are protected under the whistleblower provisions of applicable law.  You do not need prior authorization of FVE or RMR to make any such reports or disclosures and you are not required to notify FVE or RMR that you have made such reports or disclosures.

You acknowledge that you have carefully read and fully understand this Waiver and Release of Claims.  You acknowledge that you have not relied on any statement, written or oral, which is not set forth in this Waiver and Release of Claims.  You further acknowledge that you are hereby advised in writing to consult with an attorney prior to executing this Waiver and Release of Claims; that you are not waiving or releasing any rights or claims that may arise after the date of execution of this Waiver and Release of Claims; that you are releasing claims under the Age Discrimination in Employment Act (ADEA); that you execute this Waiver and Release of Claims in exchange for monies in addition to those to which you are already entitled; that FVE and RMR gave you a period of at least twenty-one (21) days within which to consider this Waiver and Release of Claims and a period of seven (7) days following your execution of this Waiver and Release of Claims to revoke your ADEA waiver as provided below; that if you voluntarily execute this Waiver and Release of Claims prior to the expiration of the 21st day, you will voluntarily waive the remainder of the 21 day consideration period; that any changes to this Waiver and Release of Claims by you once it has been presented to you will not restart the 21 day consideration period; and you enter into this Waiver and Release of Claims knowingly, willingly and voluntarily in exchange for the release payments and benefits. To receive the release payments and benefits provided in the letter, dated May 2, 2019 (the “Letter Agreement”), this Waiver and Release of Claims must be signed and returned to Eileen Kiley, at RMR, Two Newton 

2

Place, Suite 300, 255 Washington Street, Newton, MA 02458, or at, if by email delivery, ekiley@rmrgroup.com, on, and not before, December 31, 2019.  Nothing in this Waiver and Release of Claims constitutes a waiver of any rights you have under the Letter Agreement.

You may revoke your release of your ADEA claims up to seven (7) days following your signing this Waiver and Release of Claims.  Notice of revocation must be received in writing by Eileen Kiley, at RMR, Two Newton Place, Suite 300, 255 Washington Street, Newton, MA 02458, no later than the seventh day (excluding the date of execution) following the execution of this Waiver and Release of Claims.  The ADEA release is not effective or enforceable until expiration of the seven day period.  However, the ADEA release becomes fully effective, valid and irrevocable if it has not been revoked within the seven day period immediately following your execution of this Waiver and Release of Claims.  The parties agree that if you exercise your right to revoke this Waiver and Release of Claims, then you are not entitled to any of the release payments and benefits set forth in Section I.G. of the Letter Agreement.  This Waiver and Release of Claims shall become effective eight (8) days after your execution if you have not revoked your signature as herein provided.
    
I hereby provide this Waiver and Release of Claims as of the date indicated below and acknowledge that the execution of this Waiver and Release of Claims is in further consideration of the benefits set forth in Section I.G. of the Letter Agreement, to which I acknowledge I would not be entitled if I did not sign this Waiver and Release of Claims.  I intend that this Waiver and Release of Claims become a binding agreement by and between me and RMR and FVE if I do not revoke my acceptance within seven (7) days.

__________________________________
Richard A. Doyle, Jr.

Dated:  December 31, 2019

3Exhibit

Exhibit 10.1 

Executive Service
Agreement
between
Cabot Credit Management Limited
as the Company
and
Kenneth John Stannard

CONTENTS
1.    Interpretation
2.    Appointment
3.    Duties and Powers
4.    Mobility
5.    Remuneration
6.    Expenses
7.    Company Car
8.    Holidays
9.    Sickness and Incapacity
10.    Pension
11.    Private Health Insurance and Other Insurance
12.    Exclusive Service
13.    Inventions, Designs, Copyright and other Intellectual Property
14.    Confidentiality
15.    Restrictions
16.    Notification of Restrictions
17.    Directorships
18.    Termination
19.    Compliance
20.    Return of Property on Termination
21.    Disciplinary, Dismissal and Grievance Procedures
22.    Data Protection
23.    Notices
24.    Assignment
25.    Third Party Rights
26.    Law and Jurisdiction
27.    Prior Agreements
28.    Collective Agreements
29.    Severability

THIS DEED OF AGREEMENT is dated 10 February 2014 and made
BETWEEN:
		
	(1)
	CABOT CREDIT MANAGEMENT LIMITED, (the “Company”), registered in England and Wales as company number 5754978 and having its registered office at 1 Kings Hill Avenue, Kings Hill, West Malling, Kent, ME19 4AU; and

		
	(2)
	KENNETH JOHN STANNARD, of ## #### Road, London, SW4 9EW.

THE PARTIES AGREE THAT:
		
	1.
	Interpretation

		
	1.1
	In this Agreement, where the context admits:

“Affiliate” means, in respect of any undertaking, an undertaking which is its subsidiary undertaking or parent undertaking, or an undertaking which is a subsidiary undertaking of that parent undertaking.
“the Board” means the Board of Directors of the Company or the Directors present at a duly convened meeting of the Directors at which a quorum is present and acting throughout or, where the context so requires, such person or committee nominated by them.
“the Business” means (taken together) the business of the Company and the business of any other Group Company with which you are required by the Board under clause 3 to be concerned.
“Confidential Information” means confidential information (which may include commercially sensitive information) important to and relating to the business of the Company or any Group Company or the Investors or any suppliers, customers or clients thereof or their affairs and which includes but is not limited to business secrets, business methods, methods of manufacture, prices, details of commercial arrangements, accounts, dealings, transactions, projected plans, and unpublished information relating to the business affairs of the Company or any Group Company.
“Effective Date” means the date of the top of this Agreement.
“Group Company” means any company which is from time to time a holding company (as defined by Section 1159 of the Companies Act 2006) of the Company, a subsidiary (as so defined) of the Company or a subsidiary of a holding company (as so defined) of the Company and the term “Group” shall mean the Company and each Group Company.
“month” means a calendar month.
“Investors” has the meaning given to such term in the investment agreement between the parties named therein relating to their investment in Cabot Holdings S.ar.l. 
“Permitted Interest” means an interest in any class of shares or other securities of the Company or other member of the Group and/or any company which are traded on a recognised investment exchange which amount to not more than 3% of such class of issued shares or securities and an interest in any units of any authorised unit trust.
“Relevant Date” means the date of your termination of employment or, if sooner, the date prior to termination of your employment on which the Company, in exercising its rights under the provisions of clause 2.3, suspends you from performance of your duties for a period immediately prior to the termination of your employment.
“Relevant Period” means the period of 12 months before the Relevant Date.
“Restricted Business” means the business of debt and receivables purchasing and related collections activity, third party debt collection services and activities ancillary to all the foregoing carried on by the Company and/or any Group Company during Relevant Period and in which you have been either 

been:  (a) actively engaged or involved during that period; or (b) privy to confidential information during that period.
“Restricted Client” means any person who, on the date of termination of your employment or at any time during the Restricted Period, was a person or entity from whom or which the Company or any Group Company purchased debt or was otherwise a client or customer of the Company or any Group Company and with whom you have either:  (a) had business dealings during the Relevant Period; or (b) been privy to confidential information during the Relevant Period.
“Restricted Employee” means any employee, consultant or director of the Company or any Group Company who is or was during the Restricted Period employed, engaged or appointed either:  (a) in a senior capacity; (b) in a professional capacity; or (c) in a capacity in which he has access to or obtained Confidential Information, and (in each case) in respect of whom you were in possession of confidential information or had supervisory responsibility during the Restricted Period.
“Restricted Territory” means England, Scotland, Wales, Northern Ireland, the Republic of Ireland and any other territory in which the Company or any Group Company conducts or has plans to conduct a Restricted Business at the Relevant Date or in the Relevant Period and in relation to which other territory you are either:  (a) materially involved; or (b) privy to Confidential Information.
“Restricted Potential Client” means any person who, on the date of termination of your employment or at any time during the Restricted Period, was a person or entity from whom or which the Company or any Group Company was in negotiations to purchase debt or to otherwise become a client or customer of the Company or any Group Company and with whom you shall have either (a) had business dealings during the Relevant Period; or (b) been privy to confidential information during the Relevant Period.
“Trade Secrets” means trade secrets, and information of such a highly confidential nature as to require the same protection as trade secrets, of the Company or any Group Company or any clients thereof, including information which falls into the following categories:
		
	·
	data in, the sources of data in and methodologies employed in the pricing model used to evaluate debt portfolios (both those owned by the Group and those the Group is considering buying);

		
	·
	algorithms and scorecards employed in the Groups’ decision and collection strategy definition process; and

		
	·
	any programming codes that drive the Company’s or any Group Company’s operational collection systems.

		
	1.2
	In this Agreement where the context admits:

		
	(A)
	words and phrases the definitions of which are contained or referred to in Schedule 8 of the Companies Act 2006 shall have the meanings given to them in that Act;

		
	(B)
	references to any statute or statutory provisions include a reference to those provisions as amended or re-enacted or as their application is modified by other provisions from time to time and any reference to a statutory provision shall include any subordinate legislation made from time to time under that provision;

		
	(C)
	references to a “person” include any individual, company, body corporate, corporation sole or aggregate, government, state or agency of a state, firm, partnership, joint venture, association, organisation or trust (in each case, whether or not having separate legal personality and irrespective of the jurisdiction in or under the law of which it was incorporated or exists) and a reference to any of them shall include a reference to the others;

		
	(D)
	any reference to “writing” shall include typewriting, printing, lithography, photography, telex, facsimile and the printed out version of a communication by electronic mail and other modes of representing or reproducing words in a legible form;

		
	(E)
	words denoting the singular shall include the plural and vice versa;

		
	(F)
	your employment are references to your employment by the Company whether or not during the continuance of this Agreement; and

		
	(G)
	the masculine gender shall be deemed to include the feminine gender.

		
	1.3
	In the event of any conflict between the terms of this Agreement and any other document recording or purporting to record the terms of your employment by the Company, the terms of this Agreement shall prevail.

		
	2.
	Appointment

		
	2.1
	The Company hereby appoints you and you agree to serve the Company and any other Group Company or Group Companies as required by the Board, in the capacity of Chief Executive Officer or in such other capacity of commensurate status as the Board may, from time to time, determine as at and with effect from, the Effective Date, continuing thereafter (subject to termination as hereinafter provided) unless and until terminated by either party giving to the other not less than 12 months’ notice in writing..

		
	2.2
	You warrant that, in entering into this Agreement and performing your obligations under it, you will not be in breach of any terms or obligations under any agreement with any third party.

		
	2.3
	You agree that during any period after either party has served notice of termination or in relation to any period during which you are suspended:

		
	(A)
	the Board may, in its absolute discretion, require you not to render all or any of your duties under this Agreement and/or exclude you from any premises of the Company or of any Group Company (without providing any reason therefor); and

		
	(B)
	require you not to have any contact with customers or clients or suppliers of the Company or any Group Company nor any contact (other than purely social contact) with such employees of the Company or any Group Company as the Company shall determine;

		
	(C)
	require you to resign as a director of the Company or any Group Company (without providing any reason for doing so);

		
	(D)
	require you to take any accrued holiday due to you;

		
	(E)
	appoint another person to perform your responsibilities jointly with you or in your place;

		
	(F)
	you shall remain an employee of the Company and shall otherwise remain bound by the terms of the Appointment including your duty of fidelity and your obligations under clause 12; and

		
	(G)
	such action taken by the Company shall not constitute a breach of this Agreement of any kind whatsoever in respect of which you have any claim against the Company,

provided always that throughout the period of any such action your salary and other contractual benefits (except for bonus) shall not cease to be payable by reason thereof (unless and until this Agreement shall be terminated).
		
	2.4
	Your period of continuous service for the purposes of the Employment Rights Act 1996 commenced on 10 June 2012.

		
	3.
	Duties and Powers

		
	3.1
	You shall exercise such powers, perform such duties (if any) and comply with such policies and directions in relation to the business of the Company or any other Group Company as the Board or any person authorised by the Board for the purpose may, from time to time, confer upon or assign or give to you.

		
	3.2
	You shall, during the continuance of this Agreement (unless prevented by ill health or accident or as otherwise agreed by the Board in writing), devote the whole of your time and attention and abilities to the Business and shall use your best endeavours to promote and protect the general interests and welfare of the Company, the Group and any other Group Company to which you may from time to time render your services under this Agreement.

		
	3.3
	You shall keep the Company properly informed of all matters that may materially affect the present or future business of the Company or any Group Company, including, inter alia:

		
	(A)
	any wrongdoing (including your own) of which he is aware;

		
	(B)
	plans by any employee to leave the Company, whether alone or in concert with other employees, and whether to join or establish a competitor or any other business; or

		
	(C)
	any misuse of Confidential Information or Trade Secrets by any employee.

		
	3.4
	You will comply with your fiduciary and statutory duties as a director.

		
	3.5
	You shall work normal business hours which are 09:00 to 17:30 Monday to Friday inclusive and such additional hours as may be necessary in the performance of your duties and powers under this Agreement.  You will not be paid overtime in respect of any hours worked outside normal business hours.

		
	3.6
	You consent to opt out of the limit on weekly working hours contained in Regulation 4 of The Working Time Regulations 1998.  The parties agree that your consent, for the purposes of this clause, shall continue indefinitely provided that you may withdraw such consent at any time by giving the Company three months’ notice of your wish to do so.

		
	4.
	Mobility

		
	4.1
	Your principal place of work is the Company’s office in Central London but may be in such place or places as the Company or any Group Company shall reasonably require.

		
	4.2
	You may be required to travel both inside and outside the United Kingdom on the business of the Company or any Group Company on the occasions and as otherwise reasonably required by the Board.

		
	5.
	Remuneration

		
	5.1
	Your annual salary is £333,000 and will be paid monthly in arrears on or before the last day of each month (or such other date or dates as shall be fixed by the Board from time to time).  It will be deemed to accrue from day to day and includes director’s fees payable to you.

		
	5.2
	Your salary under clause 5.1 will be subject to review in accordance with the Company’s  practice from time to time (the Company intends to establish a remuneration committee to review salaries and bonuses within 4 weeks of the completion of the Company's annual management  accounts) but the Company will be under no obligation to increase such salary.

		
	5.3
	The Board may at its absolute discretion pay additional remuneration to you, whether by way of bonus or otherwise, but any such additional payments shall not form part of your salary for the purposes of clause 5.1.

		
	5.4
	The following bonus arrangements shall apply:

		
	(A)
	You will be entitled to be considered for a bonus of an amount to be determined by the Company up to a maximum of 60% of your basic salary.  The amount of the bonus payable to you (if any) shall be determined by the Company by reference to such corporate and/or personal target(s) and other conditions as the Company shall determine in its absolute discretion.  Such targets and conditions will usually be communicated within 30 days of the commencement of each financial year or 30 days from the date of this Agreement in the case of the first financial year.

		
	(B)
	Payment of any bonus shall be made on such date as the Company shall pay bonuses to its similarly situated employees and usually by the end of the first calendar month immediately following the end of the relevant financial year. 

		
	(C)
	If on the payment date you are under suspension for a disciplinary matter which results or could result in your dismissal for gross misconduct no bonus shall be payable.

		
	(D)
	Any entitlement to bonus will be reduced pro-rata (by such amount as determined by the Company) by reference to any period for which you have been absent from work for any reason during the period to which the bonus relates.

		
	(E)
	The bonus under this clause will not be paid if at the end of the financial year to which it relates you are no longer in the Company’s employment or have given or been given notice of termination.

		
	(F)
	Receipt of a bonus in one year will not entitle you to a bonus in any other year.  Whether or not any target has been met and, if so, whether to pay a bonus shall be determined by the Company in its absolute discretion.

		
	6.
	Expenses

		
	6.1
	The Company shall pay or refund or procure to be paid or refunded to you monthly in arrears all reasonable travelling, entertainment and other similar out of pocket expenses necessarily and wholly incurred by you in the proper performance of your duties provided that you produce such evidence of such expenses as the Company may reasonably require.

		
	7.
	Company Car Allowance and Other Benefits

		
	7.1
	The Company shall pay you an allowance (the "Car Allowance") equal to £20,000.00 per annum payable in arrears by equal monthly instalments on or before the last day of each month (or such other date or dates as shall be fixed by the Board from time to time) and which shall be deemed to accrue from day to day. For the avoidance of doubt the Car Allowance shall not be considered to be salary for the purposes of this Agreement and shall be conditional upon you holding a valid driver's licence and having available at all times a suitable motor car.

		
	7.2
	The Company will pay you such sum per mile as may be recommended by Her Majesty's Revenue and Customs (or its successor) guidelines from time to time in respect of the use by you of such motor car in the performance of your duties hereunder. You will be responsible for all insurances, road fund license, fuel costs, maintenance and/or repair costs and for any fines or parking tickets incurred by you.

		
	7.3
	You will receive an annual cash allowance of up to £2,280.00 in respect of family gym membership, subject to terms and you providing satisfactory proof of membership.

		
	8.
	Holidays

		
	8.1
	The Company’s holiday year commences on 01 January and expires on 31 December (the “Holiday Year”).

		
	8.2
	In addition to statutory and bank holidays, your annual paid holiday entitlement in each Holiday Year will be 30 days.  Save in accordance with clause 8.3 below holiday must be taken in the.  Holiday Year in which it accrues and must be taken at times approved in advance by the Board.

		
	8.3
	If you have been unable to take all of your accrued holiday entitlement in the relevant Holiday Year then you may carry over a maximum of 5 accrued but unused holiday days into the next Holiday Year provided that they are used by 28 February in that next Holiday Year (after which point they will expire without notice or payment in lieu).  Any unused but accrued holiday not taken by the end of the applicable Holiday Year in excess of 5 days may not be carried over and expires without notice or payment in lieu, save if authorised in writing by the Board.

		
	8.4
	Upon termination of this Agreement you shall be entitled to payment in lieu of any untaken outstanding holiday entitlement in the Holiday Year during which your employment terminates.

		
	8.5
	Upon termination of your employment under this Agreement, the Company shall be entitled to deduct from any sum owed by the Company to you a sum representing overpayment of salary with respect to holiday which you have taken in excess of your accrued holiday entitlement and you hereby authorise the Company pursuant to the Employment Rights Act 1996 to make such deduction.

		
	8.6
	Payments in lieu of or deductions with respect to holidays shall be calculated as 1/260th of your salary for each day’s holiday.

		
	9.
	Sickness and Incapacity

		
	9.1
	Subject to clause 9.2 when you are absent from work and unable to perform your duties under this Agreement satisfactorily by reason of any injury, illness or other reason satisfactory to the Company, you shall be entitled to receive your salary and other benefits (“Contractual Sick Pay and Benefits”) for up to 180 days during any such absence in any period of 12 consecutive months.  During any such absence the benefits (if any) to which you are entitled under the Company’s pension scheme will be subject to the terms of the trust deed and rules governing the Company’s pension scheme from time to time including, without limitation, any powers of alteration and discontinuance.

		
	9.2
	Once you have been absent for 180 days in any period of 12 consecutive months you shall have no entitlement to any further Contractual Sick Pay and Benefits (including without limitation the entitlement to a Car allowance and pension contribution or equivalent cash allowance) under this clause until after you have returned to work and remained at work for 170 days.  Any delay by the Company in terminating the provision of salary or benefits shall not constitute a waiver of its right to do so.

		
	9.3
	Once you have exhausted your entitlement to salary and other benefits under clause 9.1, you shall receive such benefits as are available to you under the provisions, from time to time in force, of any permanent health insurance scheme of the Company or, if no such benefits are available, you shall receive such sum or sums as the Board may, in its absolute discretion, decide.

		
	9.4
	Any salary payable pursuant to this clause will be adjusted by the amount of any benefit or statutory sick pay to which you may be entitled during the period of such inability under any National Insurance scheme, statutory sick pay or permanent health insurance scheme.

		
	9.5
	You shall submit yourself to a medical examination by a doctor appointed by the Company at the request of the Board, at the expense of the Company, at any time during the continuance of this Agreement, whether or not you are absent by reason of sickness, injury or other incapacity.  Subject to compliance by the Company with the Access to Medical Reports Act 1988 (if applicable) you hereby authorise the Company pursuant to the Access to Medical Reports Act 1988 to have unconditional access to any report or reports (including copies) prepared as a result of any such examination as the Board may from time to time require.

		
	10.
	Pension

		
	10.1
	You may be a member of the Company’s pension scheme (“the Scheme”) subject to the terms of the trust deed and rules governing the Scheme from time to time, including, without limitation, any powers of alteration and discontinuance.  Your membership of the Scheme shall be in substitution for and shall operate to the exclusion of, any agreement or representation whether written or oral in relation to pension entitlement made with or to you by any person on behalf of the Company or any Group Company at any time.  There is no contracting out certificate in force with respect to your employment pursuant to this Agreement.

		
	10.2
	The Company confirms that it will make an annual Company contribution of 15% of your basic salary to the Company pension scheme.

		
	11.
	Private Health Insurance and Other Insurance

		
	11.1
	The Company shall, during the continuance of your employment under this Agreement, pay all premiums and make all necessary payments to provide you, your spouse and immediate family with private medical insurance under the provisions of the Company’s medical insurance schemes as, subject as further provided below in this clause 11.1, the Board may from time to time, in its absolute discretion, determine (having regard amongst other things to the cost of funding of any such scheme or schemes) and of which you are or may become a member during the continuance of your employment on the terms from time to time set out in the rules and terms of such schemes as may from time to time be issued by the Company.  The medical insurance cover provided under this clause 11.1 is currently BUPA Executive Cover Scale A.

		
	11.2
	Subject as provided in clause 11.3, the Company shall, during the continuance of your employment under this Agreement pay all premiums and make all necessary payments to provide you with permanent health insurance and life cover or other similar cover under the provisions of the Company’s permanent life insurance, life cover or other insurance schemes as the Board may from time to time, in its absolute discretion, determine (having regard amongst other things to the cost of funding of any such scheme or schemes) and of which you are or may become a member during the continuance of your employment on the terms from time to time set out in the rules and terms of such schemes as may from time to time be issued by the Company.

		
	11.3
	Your right to participate in the schemes in set out in this clause are subject to:

		
	(A)
	the rules and the terms of such schemes from time to time in force;

		
	(B)
	the Company’s absolute discretion to change schemes and/or scheme providers and/or discontinue to provide the benefit in question if they are not available for the you or your family or not available at a cost the Company considers reasonable; and

		
	(C)
	you satisfying any underwriting or other requirements of the relevant scheme provider and the premium being at a rate which the Company considers reasonable.

		
	11.4
	You shall cooperate with the Company and the relevant scheme provider when making any claim.

		
	11.5
	The Company has no obligation to pursue any claim for benefits your behalf or on behalf of your dependents if it is not accepted by the scheme provider in question.

		
	11.6
	The Company will have no liability to you or your dependants for failure or refusal by the relevant scheme provider for whatever reason to pay benefits or for cessation of benefits on termination of your employment and is entitled to terminate your employment notwithstanding the fact that you may thereby lose entitlement to benefits under these arrangements.

		
	11.7
	You are not contractually entitled to any other benefit which you may enjoy from time to time.

		
	12.
	Exclusive Service

		
	12.1
	During the continuance of this Agreement, you shall not without the prior written consent of the Board, either as principal, servant or agent, carry on or be engaged, concerned or interested directly or indirectly (whether alone or on your own behalf or on behalf of or in association or conjunction with any other person and whether as an employee or in any other capacity) in any trade, business or occupation whatsoever other than that of the Company or of any other Group Company otherwise than as a holder for investment purposes only of any:

		
	(A)
	investment pertaining to a company whose shares or other capital are listed on, or dealt in on or under the rules of:

		
	(1)
	an investment exchange, including any market comprised within such exchange, which is the subject of a recognition order made in accordance with section 290(1)(a) Financial Services and Markets Act 2000; or

		
	(2)
	a regulated market to which Article 36(2) of the Financial Services and Markets Act 2000 (Exemption) Order 2001 (SI 2001/1201) applies; or

		
	(B)
	shares or other capital comprising not more than 1% of the issued capital of any company which is not listed or dealt in on any such investment exchange as referred to above and which does not compete with any Group Company.

		
	13.
	Inventions, Designs, Copyright and other Intellectual Property

		
	13.1
	In this clause, the term “Intellectual Property” means all intellectual and industrial property and all rights therein including, without limiting the generality of the foregoing, all inventions (whether patentable or not, and whether or not patent protection has been applied for or granted), improvements, developments, discoveries, proprietary information, trade marks, trade mark applications, trade names, websites, Internet domain names, logos, art work, slogans, know-how, technical information, trade secrets, processes, designs (whether or not registrable and whether or not design rights subsist in them), utility models, works in which copyright may subsist (including computer software and preparatory and design materials therefor), topography rights and all works protected by rights or forms of protection of a similar nature or having equivalent effect anywhere in the world.

		
	13.2
	Subject to the provisions of the Patents Act 1977, the Registered Designs Act 1949 and the Copyright Designs and Patents Act 1988, if at any time in the course of, or in connection with, your employment under this Agreement you make or discover or participate in the making or discovery of any Intellectual Property directly or indirectly relating to or capable of being used in the business carried on by the Company or by any Group Company, full details of the Intellectual Property shall immediately be disclosed in writing by you to the Company and the Intellectual Property shall be the absolute property of the Company.  To the extent that any such Intellectual Property does not otherwise vest in the Company you hereby assign the same to the Company.  At the request and expense of the Company, you shall give and supply all such information, data, drawings and assistance as may be necessary or in the opinion of the Company desirable to enable the Company to exploit the Intellectual Property to the best advantage (as decided by the Company), and shall execute all documents and do all things which may be necessary or in the opinion of the Company desirable for obtaining patent or other protection for the Intellectual Property in such parts of the world as may be specified by the Company and for vesting the same in the Company or as it may direct.

		
	14.
	Confidentiality

		
	14.1
	As Confidential Information will from time to time become known to you, the Company considers and you acknowledge, that the following restraints, on which you have had the opportunity to take 

independent legal advice, are necessary for the reasonable protection by the Company of its business or the business of the Group, the clients thereof or their respective affairs.
		
	14.2
	You shall not at any time, either during the continuance of or after the termination of your employment with the Company, use, disclose or communicate to any person whatsoever any Confidential Information or any Trade Secrets of which you have or may have become possessed during your employment with the Company or supply the names or addresses of any clients, customers or agents of the Company or any Group Company to any person except in the proper course of the Business or as authorised in writing by the Board or as ordered by a Court of competent jurisdiction.

		
	14.3
	You shall not at any time either during the continuance of or after the termination of your employment with the Company make, otherwise than for the benefit of the Company or any Group Company, any notes or memoranda relating to any matter within the scope of the Business or concerning any of the dealings or affairs of the Company or any Group Company.

		
	14.4
	You shall not at any time either during the continuance of or after the termination of your employment with the Company utter any statement (whether written or oral) to any representative of television, radio, film or other similar media and shall not write any article for the press or otherwise for publication on any matter connected with or relating to the business of the Company or any Group Company without first obtaining the written approval of the Board.

		
	14.5
	Nothing in this Agreement shall preclude you from making a protected disclosure in accordance with the provisions set out in the Employment Rights Act 1996.

		
	15.
	Restrictions

		
	15.1
	You shall not during the 12 (twelve) month period after the date of termination of your employment either on your own account or in conjunction with or on behalf of any other person, solicit or entice away or endeavour to solicit or to entice away or assist any other person whether by means of the supply of names or expressing views on suitability or otherwise howsoever to solicit or entice away from the Company or any Group Company any Restricted Employee (whether or not any Restricted Employee would commit a breach of contract by reason of leaving service).

		
	15.2
	You shall not during the 12 (twelve) month period after the date of termination of your employment either on your own account or in conjunction with or on behalf of any other person, employ any Restricted Employee, in connection with a business which is in direct or indirect competition with the Restricted Business (whether or not any Restricted Employee would commit a breach of contract by reason of leaving service).

		
	15.3
	You shall not during the 12 (twelve) month period after the date of termination of your employment either on your own account or in conjunction with or on behalf of any other person, solicit, interfere with the Company’s or any Group Company’s relationship with or entice away or attempt to solicit, interfere with the Company’s or any Group Company’s relationship with or entice away any person who is a Restricted Client or a Restricted Potential Client.  Nothing contained in this clause shall be deemed to prohibit the seeking or doing of business not in direct or indirect competition with the Restricted Business.

		
	15.4
	You shall not during the 12 (twelve) month period after the date of termination of your employment either on your own account or in conjunction with or on behalf of any other person, have business dealings directly or indirectly with any person who is a Restricted Client or a Restricted Potential Client Nothing contained in this clause shall be deemed to prohibit the seeking or doing of business not in direct or indirect competition with the Restricted Business.

		
	15.5
	You shall not during the 12 (twelve) month period after the date of the termination of your employment either on your own account or in conjunction with or on behalf of any other person, be engaged, 

concerned or interested, either directly or indirectly in any capacity in any trade or business or occupation whatsoever in the Restricted Territory which competes with the Restricted Business.
		
	15.6
	You shall not during the 12 (twelve) month period after the date of the termination of your employment solicit or deal with any person or entity who has:  (a) provided finance to the Company or any Group Company; or (b) been in active negotiations with the Company or any Group Company concerning the provision of finance, (in each case) in the 12 months prior to the Termination Date and which whom or which you have either (a) had material personal contact; or (b) been privy to Confidential Information;

		
	15.7
	You shall not during the 12 (twelve) month period after the date of the termination of your employment either on your own account or in conjunction with or on behalf of any other person, interfere or seek to interfere with, or divert or seek to divert, to the Company’s detriment any contractual or other trade relations between the Company or any Group Company and any of its or their suppliers, collection agents or commercial partners with whom or which you have either:  (a) had material personal contact during the Relevant Period; or (b) been privy to Confidential Information during the Relevant Period.

		
	15.8
	The periods of restriction specified in this clause shall each be reduced by the duration of any period immediately prior to the date of termination during which the Company, in exercising its rights under the provisions of clause 2.3, suspends you from performance of your duties.

		
	15.9
	Each of the restrictions in this clause 15 shall be construed as a separate and independent restriction and if one or more of the restrictions is found to be void or unenforceable, the validity of the remaining restrictions shall not be affected.

		
	15.10
	The restrictions contained in clause 15, on which you have had the opportunity to take independent legal advice are considered reasonable by the parties, and necessary for the protection of the legitimate interests of the Company but if any such restriction shall be found to be void or voidable but would be valid and enforceable if some part of some parts thereof were deleted, such restriction shall apply with such modification as may be necessary to make it valid and enforceable.

		
	15.11
	Without prejudice to clause 15.10, if any restriction is found by any court or other competent authority to be void or unenforceable the parties shall negotiate in good faith to replace such void or unenforceable restriction with a valid restriction which, as far as possible, has the same legal and commercial effect as that which it replaces.

		
	15.12
	Notwithstanding any other provision of this clause 15, you may hold a Permitted Interest.

		
	15.13
	You agree that the Company is entering into this Agreement as a trustee on behalf of each Group Company.  You will, at the request and expense of the Company, enter into a separate agreement with any Group Company in which he agrees to be bound by restrictions corresponding to those restrictions in this clause 15 (or such of those restrictions as the Company deems appropriate) in relation to that Group Company.

		
	16.
	Notification of Restrictions

		
	16.1
	If you receive any offer of employment (whether oral or in writing and whether accepted or not) from any person either during the continuance of this Agreement or during the continuance in force of all or any of the restrictions in clause 15 of this Agreement, you shall, without prejudice to your obligations in relation to confidentiality provide the offeror details of the substance of the restrictions contained in clauses 14 and 15 no later than the time when you first meet the prospective offeror.

		
	17.
	Directorships

		
	17.1
	Whilst you have not right to serve as a director, you shall accept appointment as a director of the Company and of any such Group Company or other company as the Board may require in connection with your appointment under this Agreement and you shall resign without claim for compensation 

from office as a director of any such company at any time on request by the Company, which resignation shall not affect the continuance in any way of this Agreement.  You shall immediately account to the Company for any director’s fees or other emoluments, remuneration or payments either receivable or received by you by virtue of your holding office as such director as aforesaid (or waive any right to the same if so required by the Company).
		
	17.2
	Upon the termination of your employment with the Company however arising and for whatsoever reason you shall, upon the request of the Board, resign without claim for compensation (but without prejudice to any claim you may have for damages for breach of this Agreement) from:

		
	(A)
	office as a director of the Company or of any Group Company or of any other company in which you hold a directorship at the Company’s request;

		
	(B)
	from all offices held by you in any or all of such companies; and

		
	(C)
	all trusteeships held by you of any pension scheme or other trusts established by the Company, any Group Company or any other company with whom you have had dealings as a consequence of your employment by the Company.

		
	17.3
	If you fail to resign from office as a director or from any other office or trusteeship in accordance with clauses 17.1 or 17.2, either during your employment, when so requested by the Company, or on termination thereof, in order to secure your obligation under this Agreement, the Company is hereby irrevocably authorised as your lawful attorney to appoint a person in your name and on your behalf to execute any documents and to do all things required to give effect to the resignation,

		
	17.4
	Save with the prior agreement in writing of the Board, you shall not, during the continuance of this Agreement, resign from any office as a director of the Company, any Group Company or of any other company in which you hold a directorship at the Company’s request or do anything that would cause you to be disqualified from continuing to act as a director.

		
	18.
	Termination

		
	18.1
	This Agreement and your employment with the Company hereunder may be terminated immediately by the Company without prior notice, if you at any time:

		
	(A)
	commit any act of gross misconduct;

		
	(B)
	commit any serious or, after having been given warning in writing (where the commission of such breach continues for more than five business days after such warning), repeated or continual breach of any of your material obligations under this Agreement; or

		
	(C)
	are guilty of any serious misconduct or serious neglect in the discharge of your duties under this Agreement; or

		
	(D)
	have a bankruptcy order made against you or if you make any arrangement or composition with your creditors or have an interim order made against you pursuant to Section 252 of the Insolvency Act 1986; or

		
	(E)
	are convicted of any criminal offence other than an offence which, in the reasonable opinion of the Board, does not affect your position as an employee of the Company; or

		
	(F)
	by your actions or omissions, in the reasonable opinion of the Board, bring the name or reputation of the Company or any Group Company into serious disrepute or prejudice the interests of the business of the Company or any other Group Company; or

		
	(G)
	become of unsound mind or are or become a patient for the purpose of any statute relating to mental health; or

		
	(H)
	are convicted of an offence under any present or future statutory enactment or regulation relating to insider dealing; or

		
	(I)
	are or become prohibited by law from being a director.

Any delay by the Company in exercising such right to termination shall not constitute a waiver thereof.
		
	18.2
	In the event of termination pursuant to clause 18.1, the Company shall not be obliged to make any further payment to you beyond the amount of any remuneration, contractual benefit and payment in lieu of outstanding untaken holiday entitlement actually accrued up to and including the date of such termination and the Company shall be entitled to deduct from such remuneration any sums owing to it or to any other Group Company by you to which deduction you expressly hereby consent.

		
	18.3
	In the event of the termination of your employment for whatever reason and whether by notice or in any other manner whatsoever, you will not at any time after such termination represent yourself as still having any connection with the Company or any Group Company save as a former employee for the purpose of communicating with prospective employers or complying with any applicable statutory requirements.

		
	18.4
	In the event that you are incapacitated by iII health, accident or any other cause from performing your duties under this Agreement for a period of 180 working days or more (whether consecutive or not) in any continuous period of 12 months, then the Company may terminate this Agreement by giving to you your statutory minimum notice entitlement in writing expiring at any time (whether or not you remain incapacitated from performing your duties under this Agreement) provided always that you shall receive all benefits lawfully due to you under this Agreement calculated up to the date of termination of employment.

		
	18.5
	If your employment under this Agreement is terminated under clause 18.4 in circumstances where you are or may be entitled to receive benefits under a salary continuance or long term disability insurance scheme then operated by the Company or Group, and those benefits would cease to be payable on termination of your employment with the Company:

		
	(A)
	you shall be deemed to remain in the Company’s employment if and for so long as is necessary under the rules of the scheme or the terms of the applicable insurance policy solely for the purpose of receiving such benefits as may be payable and providing that there is no cost to the Company; but

		
	(B)
	that shall not affect the termination of your employment (including, in particular, your rights to remuneration and other benefits) for all other purposes of this Agreement.

		
	18.6
	As an alternative to serving notice pursuant to clause 2.1 and without prejudice to the provisions of clauses 18.1 and 18.2, the Company may, in its absolute discretion, terminate this Agreement by written notice to take immediate affect and by agreeing to make a payment in lieu of the basic salary to which you would have been entitled during the period of notice or any remaining period of notice of termination provided under clause 2.1.

		
	19.
	Compliance

		
	19.1
	You undertake as a term of your employment with the Company to comply, for so long as they remain applicable to you, with the:

		
	(A)
	principles and codes of practice for approved persons and the rules of the Financial Conduct Authority for the time being and from time to time in effect under the Financial Services and Markets Act 2000; and

		
	(B)
	Company’s rules in relation to compliance.

		
	19.2
	You are required to comply with the provisions of any Personal Account Dealing Notice that may be notified to you from time to time

		
	19.3
	You agree to deal with the Company in an open and co-operative manner.

		
	19.4
	Your attention is drawn to the non contractual policies and procedures set out in the Company’s Employee Handbook and on its Intranet, which you agree to abide by.  Failure to do so may result in disciplinary action being taken against you.  In the event of any conflict with the Employee Handbook and such policies, the terms of this Agreement will prevail.

		
	20.
	Return of Property on Termination

		
	20.1
	Upon the termination of your employment with the Company for whatsoever cause, you shall immediately

		
	(A)
	deliver up to the Company or its authorised representative any property of the Company or any other Group Company which may be in your possession, custody or under your control;

		
	(B)
	on request, deliver to the Company any computer or other device in your possession or control to allow the Company to remove all Confidential Information and the Company’s licensed software;

		
	20.2
	If so requested, you shall provide to the Company a signed statement confirming that you have fully complied with clause 20.1.

		
	20.3
	You shall, on request, co-operate and provide assistance to the Company or any Group Company in any internal investigation, administrative, regulatory, quasi-judicial proceedings or any threatened or actual litigation concerning it or them where you have in your possession or knowledge any facts or other matters which the Company or any Group Company reasonably considers is relevant to such process or legal proceedings (including, but not limited to, giving statements/affidavits, meeting with their legal and other professional advisers, attending any legal hearing and giving evidence) on the understanding that the Company or relevant Group Company will pay your reasonable expenses incurred in providing such assistance.

		
	21.
	Disciplinary, Dismissal and Grievance Procedures

		
	21.1
	You are subject to the Company’s disciplinary and grievance procedures which are contained in the Company’s disciplinary and grievance policy as in place from time to time.  You may be suspended during any disciplinary or regulatory investigation for such period as the Company deems fit.  These procedures do not form part of your contract of employment.

		
	22.
	Data Protection

		
	22.1
	You consent to the Company and any other Group Company holding and processing, both electronically and manually, the data it collects in relation to you, in the course of your employment, for the purposes of the Company’s administration and management of its employees and its business and for compliance with applicable procedures, laws and regulations and to the transfer, storage and processing by the Company or an agent acting on the Company’s behalf of such data outside the European Economic Area, in particular to and in the United States and any other country in which the Company has offices.  Such personal data may also be made available to the Investors.

		
	22.2
	Nothing in clause 22.1 shall affect your rights to request copies of any personal data to which you are the data subject, information about how that data is process and the parties to whom any of the information may be disclosed under the Data Protection Act 1998.

		
	22.3
	You consent to the Company and each Group Company monitoring its communication and electronic equipment including, without limitation, the Company’s telephone, facsimile and e-mail systems, information stored on the Company’s computer equipment (including all electronically stored 

information that is the property of the Company) and recordings from the Company’s closed circuit television cameras and any other computer equipment or other device used by you in the performance of your duties.
		
	23.
	Notices

		
	23.1
	Any notice to be given under this Agreement shall be given in writing and may be sent, addressed in the case of the Company to its registered office for the time being and in the case of you to you at your last known place of residence or given personally and any notice given by post shall be deemed to have been served 48 hours after it was posted.

		
	24.
	Assignment

		
	24.1
	The benefit of each agreement and obligation of you under this Agreement may be assigned to and enforced by all successors or assigns for the time being carrying on the Business and such agreements and obligations shall operate and remain binding notwithstanding the termination of your employment.

		
	25.
	Third Party Rights

		
	25.1
	No person who is not a party to this Agreement shall have any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Agreement.

		
	26.
	Law and Jurisdiction

		
	26.1
	English law

This Agreement and any non-contractual obligations arising from or connected with it shall be governed by English law and this Agreement shall be construed in accordance with English law.
		
	26.2
	Jurisdiction

In relation to any legal action or proceedings arising out of or in connection with this Agreement (whether arising out of or in connection with contractual or non-contractual obligations) (“Proceedings”), each of the parties irrevocably submits to the exclusive jurisdiction of the English courts and waives any objection to Proceedings in such courts on the grounds of venue or on the grounds that Proceedings have been brought in an inappropriate forum.
		
	27.
	Prior Agreements

		
	27.1
	This Agreement shall be in substitution for any subsisting agreement, service agreement or contract of employment (oral or otherwise) made between the Company and you between any other Group Company and you in relation to your employment which shall be deemed to have been terminated by mutual consent with effect from the Effective Date.

		
	27.2
	You warrant and agree that you are not entering into this Agreement in reliance on any representation not expressly set out in this Agreement.

		
	27.3
	No amendment to this Agreement shall be effective unless it is in writing and signed by the parties.

		
	27.4
	You agree that by signing this Agreement the Company and each Group Company has fully discharged any obligations it may have owed to you prior to the date of this Agreement in respect of the issuance of shares or the payment of any bonus or other incentive award.  You confirm that the only payments or benefits outstanding to you are payments for basic salary and holiday pay in the ordinary course of business and any other contractual entitlements not referred to in this Agreement or the Investment Agreement are hereby waived.

		
	28.
	Collective Agreements

		
	28.1
	There are no collective agreements currently in force which affect directly or indirectly the terms and conditions of your employment.

		
	29.
	Severability

		
	29.1
	If any provision of this Agreement or of a clause hereof is determined to be illegal or unenforceable by any court of law or any competent governmental or other authority, the remaining provisions within that clause and the remainder of this Agreement shall be severable and enforceable in accordance with their terms, so long as this Agreement, without such terms or provisions, does not fail of its essential purpose.  The parties shall negotiate in good faith to replace any such illegal or unenforceable provisions with suitable substitute provisions which will maintain as far as possible the purposes and the effect of this Agreement.

		
	30.
	General

		
	30.1
	The Employment Rights Act 1996 protects employees from any detriment in relation to certain disclosures.  For the purposes of the Act, you are required first to inform the Chairman of the Board in writing of the nature of such disclosure, Failure to do so may result in disciplinary action being taken.

		
	30.2
	Pursuant to the Contracts (Rights of Third Parties) Act 1999 only the parties to this Agreement and any Group Company may enforce any of the terms of this Agreement.

IN WITNESS whereof this Deed of Agreement has been executed by the parties the day and year first before written
	
		
	EXECUTED and DELIVERED as a DEED of
	)

	CABOT CREDIT MANAGEMENT
	) /s/ illegible

	LIMITED acting by a single Director in the
	)

	presence of:
	)

Witness:        
		
	Signature:
	/s/ Richard Hunton

		
	Name:
	Richard Hunton

		
	Address:
	## ##### Avenue

########, S75 6JP
		
	Occupation:
	Head of Risk

	
		
	SIGNED and DELIVERED
	)

	as a DEED of KENNETH JOHN STANNARD
	) /s/ Kenneth Stannard

	in the presence of:
	)

Witness:    
		
	Signature:
	/s/ Michelle Thomas

		
	Name:
	Michelle Thomas

		
	Address:
	### ###### ####

##########, BN16 2JW
		
	Occupation:
	HR Director

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00295-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00295-of-00352.parquet"}]]