Document:

ex_133720.htm

 

Exhibit 4.7

 

 

 

FIFTH AMENDED AND RESTATED GUARANTY AGREEMENT

 

FOR VALUE RECEIVED, and in consideration of credit given or to be given, advances made or to be made, or other financial accommodation from time to time afforded or to be afforded to P.A.M. TRANSPORT, INC., an Arkansas corporation (hereinafter called the "Debtor"), by FIRST TENNESSEE BANK NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the United States, and having a place of business in Memphis, Tennessee (hereinafter called the "Bank"), the undersigned P.A.M. TRANSPORTATION SERVICES, INC. (hereinafter called the "Guarantor") hereby jointly and severally (if more than one), for themselves, their heirs, executors, administrators and successors absolutely and unconditionally guarantee(s) the full and prompt payment to the Bank, at maturity (whether by acceleration or otherwise) and at all times thereafter, of any and all indebtedness, obligations and liabilities of every kind and nature, however created, arising or evidenced, of the Debtor to the Bank (including all liabilities of any partnership created or arising while the Debtor may have been or may be a member thereof), whether now existing or hereafter created or arising, whether direct or indirect, absolute or contingent, joint or several, and howsoever owned, held or acquired, whether through discount, overdraft, purchase, direct loan or as collateral, or otherwise, together with all expenses, legal and/or otherwise (including court costs and attorney's fees) incurred by the Bank in collecting or endeavoring to collect such indebtedness or any part thereof, in protecting any collateral, and in enforcing this Guaranty (all of which is collectively referred to as the "Indebtedness"). The right of recovery, however, against the Guarantor (or each of them, if more than one) is limited to Sixty Million Dollars ($60,000,000.00) plus interest on all loans and/or advances hereunder and all expenses hereinbefore mentioned.

 

THIS GUARANTY SHALL BE A CONTINUING, ABSOLUTE AND UNCONDITIONAL GUARANTY, and shall remain in full force and effect until the Indebtedness (and interest thereon and expenses in connection therewith), and all renewals, modifications, or extensions thereof, in whole or in part, shall have been fully paid and satisfied and shall remain in full force and effect until written notice of its discontinuance, addressed to the President of the Bank, shall be actually received by the Bank (the burden of proof of receipt by the Bank of such notice being in all cases upon the Guarantor), and also until any and all said indebtedness, or any extensions or renewals thereof, existing before receipt of such notice, and expenses in connection therewith, shall be fully paid. Regardless of when a renewal or extension of pre-termination debt occurs (with or without adjustment of interest rate or other terms), the debt is deemed to have been incurred prior to termination to the extent of the renewal or extension, and to be fully covered by this Guaranty. The death, dissolution or withdrawal of the Guarantor (or any of them, if more than one) shall not terminate this Guaranty until notice of any such death, dissolution or withdrawal, given as above provided, shall have actually been received by the Bank, and until all of said indebtedness, or any extensions or renewals thereof, existing before receipt of such notice shall be fully paid. And in the event of any such death, dissolution or withdrawal and notice thereof to the Bank, this Guaranty shall, notwithstanding, continue and remain in force against any surviving Guarantor until discontinued as hereinabove provided.

 

 

 

 

The Bank is hereby expressly authorized to make from time to time, without notice to anyone: any renewals, modifications or extensions, whether such renewals, modifications or extensions be in whole or in part and without limit as to the number of such extensions or of the renewal periods thereof, and without notice to or further assent from the undersigned, sales, pledges, surrenders, compromises, settlements, releases, indulgences, alterations, substitutions, exchanges, changes in, modifications, or other dispositions including, without limitation, cancellations, of all or any part of the collateral pledged to secure the Indebtedness or any part of said Indebtedness, either express or implied, or of any contracts or instruments evidencing any thereof, or of any security or collateral therefor, and/or to take any security for or other guaranties upon any of said Indebtedness; and the liability of the Guarantor (or any of them, if more than one) shall not be in any manner affected, diminished or impaired thereby, or by any lack of diligence, failure, neglect or omission on the part of the Bank to make any demand or protest, or give any notice of dishonor or default, or to realize upon or protect any of said Indebtedness, or any collateral or security therefor, or to exercise any lien upon or right of appropriation or setoff of any moneys, accounts, credits, or property of said Debtor, possessed by the Bank, towards the liquidation of said Indebtedness, or by any application of payments or credits thereon. The Bank shall have the exclusive right to determine how, when and what application of payments and credits, if any, shall be made on said Indebtedness, or any part thereof, and shall be under no obligation, at any time, to first resort to, make demand on, file a claim against, or exhaust its remedies against the Debtor, or any one or more of the Guarantors, or other persons or corporations, their properties or estates, or to resort to or exhaust its remedies against, any collateral, security, property, liens or other rights whatsoever. It is expressly agreed that the Bank may at any time make demand for payment on, or bring suit against the Guarantor (or any of them, if more than one), or any other guarantors, may compound with the Guarantor or any other guarantor for such sums or on such terms as Bank may see fit and release the Guarantor (or any of them, if more than one) or any other guarantor from all further liability to the Bank, without thereby impairing the rights of the Bank in any respect to demand, sue for and collect the balance of the Indebtedness from any guarantor not so released; and that any claims against Debtor, against any other guarantor, or against any collateral, accruing to the Guarantor (or any of them, if more than one) by reason of payments made hereunder shall be in all respects junior and subordinate to any obligation then or subsequently owed by the Debtor or by such other guarantor to the Bank.

 

In addition, the liability of the Guarantors (or each of them, if more than one) shall not be affected by any lack of validity or enforceability of the guaranteed debt. As security for the undertakings and obligations of the Guarantor hereunder, the Guarantor (or each of them, if more than one) expressly grants and gives to the Bank a right of immediate setoff, without demand or notice, of the balance of every deposit account, now or at any time hereafter existing, of the Guarantor (or each of them, if more than one) with the Bank, and a general lien upon, and security interest in all money, negotiable instruments, commercial paper, notes, bonds, stocks, credits and/or choses in action, or any interest therein, and any other property, rights, and interests of the Guarantor (or each of them, if more than one) or any evidence thereof, which have or any time shall come into the possession, custody, or control of the Bank, and, in the event of default hereunder, the Bank may sell or cause to be sold at public or private sale in any manner which may be lawful, for cash or credit and upon such terms as the Bank may see fit, and (except as may be otherwise expressly provided by the Uniform Commercial Code, or other applicable law) without demand or notice to the Guarantor (or each of them, if more than one), all or any of such security, and the Bank (unless prohibited by the Uniform Commercial Code from so doing) or any other person may purchase such property, rights or interests so sold and thereafter hold the same free of any claim or right of whatsoever kind, including any right or equity or redemption, of the Guarantor (or each of them, if more than one), such demand, notice, right or equity of redemption being hereby expressly waived and released.

 

 

 

 

In the event of the death, incompetency, dissolution, liquidation, insolvency (however evidenced) of the Debtor, or institution of bankruptcy or receivership proceedings by the Debtor, or in the event that any involuntary bankruptcy or receivership proceedings filed against the Debtor shall not be dismissed within thirty (30) days following the institution of such proceedings, then and in any such event all of the Indebtedness shall, for the purposes of this Guaranty, and at the option of the Bank, immediately become due and payable from the Guarantor; and, in such event, any and all sums or payments of any nature which may be or become due and payable by the Debtor to the undersigned are hereby assigned to the Bank, and shall be collectible by the Bank, without necessity for other authority than this instrument, until the Indebtedness shall be fully paid and discharged, but such collection by the Bank shall not in any respect affect, impair or diminish any other rights of the Bank hereunder.

 

The granting of credit from time to time by the Bank to the Debtor, in excess of the amount to which right of recovery under this Guaranty is limited and without notice to the Guarantor (or any of them, if more than one), is hereby expressly authorized and shall in no way affect or impair this Guaranty; and, in the event that the Indebtedness of the Debtor to the Bank shall so exceed the amount to which this Guaranty is limited, any payment by the Debtor or any collections or recovery by the Bank from any sources other than this Guaranty may first be applied by the Bank to any portion of the Indebtedness which exceeds the limits of this Guaranty.

 

The Guarantor (or each of them, if more than one) will not exercise any rights that Guarantor (or any of them, if more than one) may acquire by way of subrogation under this Guaranty, by any payment made hereunder or otherwise, until all of the Indebtedness shall have been paid in full. If any amount shall be paid to the Guarantor (or any of them, if more than one) on account of such subrogation rights at any time when all the Indebtedness shall not have been paid in full, such amount shall be held in trust for the benefit of the Bank and shall forthwith be paid to the Bank to be credited and applied upon the Indebtedness.

 

Notwithstanding any other provision of this Guaranty to the contrary, if the obligations of the Guarantor hereunder would otherwise be held or determined by a court of competent jurisdiction in any action or proceeding involving any state corporate law or any state or Federal bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or other law affecting the rights of creditors generally, to be void, invalid or unenforceable to any extent on account of the amount of the Guarantor's (or each of them, if more than one) liability under this Guaranty, then notwithstanding any other provision of this Guaranty to the contrary, the amount of such liability shall, without any further action by the Guarantor (or each of them, if more than one) or any other person, be automatically limited and reduced to the highest amount which is valid and enforceable as determined in such action or proceeding.

 

 

 

 

The Bank may without any notice whatsoever to anyone, sell, assign or transfer all or any part of said Indebtedness; and in that event each and every immediate and successive assignee, transferee or holder of all or any part of said Indebtedness shall have the right to enforce this Guaranty, by suit or otherwise, for the benefit of such assignee, transferee or holder, as fully as though such assignee, transferee or holder were herein by name given such rights, powers and benefits; but the Bank shall have an unimpaired right, prior and superior to that of any said assignee, transferee or holder, to enforce this Guaranty for the benefit of the Bank, as to so much of said Indebtedness that has not been sold, assigned or transferred.

 

No act of commission or omission of any kind, or at any time, on the part of the Bank in respect of any matter whatsoever shall in any way affect or impair this Guaranty. This Guaranty is in addition to and not in substitution for or discharge of any other Guaranty held by the Bank. The Guarantor (or each of them, if more than one) waives any rights of action Guarantor (or any of them, if more than one) might have against the Bank because of the exercise by the Bank in any manner howsoever of any rights granted to the Bank herein.

 

This Guaranty contains the entire agreement between the parties and every part thereof shall be binding upon the Guarantor (or each of them, if more than one), Guarantor's successors and assigns, as fully as though everywhere specifically mentioned, and shall inure to the benefit of the Bank, and its successors and assigns, and shall be construed according to the laws of the State of Tennessee, in which state it is accepted by the Bank.

 

If any provision hereof is invalid or unenforceable, the remaining provisions hereof shall not be affected by such invalidity or unenforceability. Each term and provision contained herein shall, however, be valid and enforceable to the fullest extent permitted by applicable law.

 

The Guarantor agrees to furnish a current financial statement upon the request of the Bank from time to time. Further, Guarantor shall supply or cause to be supplied to Bank such other information relating to the financial condition and business affairs of the Guarantor (including updated financial statement of the Guarantor) as may from time to time be requested by the Bank.

 

The Guarantor (or each of them, if more than one) acknowledges that this Guaranty Agreement is and shall be effective against such Guarantor upon execution by such Guarantor (regardless of whether any other person named herein as Guarantor shall sign), and delivery hereof to the Bank, or its agent; and that it shall not be necessary for the Bank to execute any acceptance hereof or otherwise to signify or express its acceptance hereof.

 

ALL OF THE PARTIES HEREBY WAIVE TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY ANY OF THE PARTIES AGAINST THE OTHER ON ANY MATTER WHATSOEVER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS AGREEMENT OR UNDER ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED (OR WHICH MAY BE DELIVERED IN THE FUTURE) IN CONNECTION HEREWITH OR ARISING FROM ANY BANKING RELATIONSHIP BETWEEN THE PARTIES TO THIS AGREEMENT.

 

 

 

 

This Agreement amends and restates that certain Fourth Amended and Restated Guaranty Agreement dated March 28, 2016, which amended and restated that certain Third Amended and Restated Guaranty Agreement dated November 17, 2014, which amended and restated that certain Second Amended and Restated Guaranty Agreement dated May 30, 2012, which amended and restated that certain Amended and Restated Guaranty Agreement, dated June 22, 2007, which amended and restated that certain Guaranty Agreement dated April 26, 2001, and as amended is hereby ratified and confirmed in all respects.

 

IN WITNESS WHEREOF, the Guarantor (or each of them, if more than one) has caused this Guaranty Agreement to be executed by its duly authorized officers on this the 25th day of January, 2019.

 

	 	 	
			P.A.M. TRANSPORTATION

			SERVICES, INC.

			
	 	 	 
	 	 	
			By:

				 
	
			WITNESS

				 	
			Title:

				
			Daniel H. Cushman, President

			
	 	 	 	 
	 	 	 	
			ATTEST:

			
	 	 	 	 
	 	 	
			By:

				 
	
			WITNESS

				 	
			Title:

				
			Allen W. West, Secretary

			

 

 

STATE OF Arkansas

COUNTY OF washington

 

 

Before me, ___________________, a Notary Public in and for the State and County aforesaid, personally appeared Daniel H. Cushman and Allen W. West with whom I am personally acquainted (or proved to me on the basis of satisfactory evidence), and who, upon oath, acknowledged themselves to be the President and Secretary, respectively, of P.A.M, TRANSPORTATION SERVICES, INC., the within-named bargainor, a corporation, and that they as such President and Secretary, being duly authorized so to do, executed the foregoing instrument for the purposes therein contained, by the said Daniel H. Cushman signing the name of the corporation by himself as such President and by the said Allen W. West attesting the same as such Secretary.

 

WITNESS my hand and seal at office, on this the ____ day of January, 2019.

 

 

	 	 	 
	
			 

				 	Notary Public
	
			My Commission Expires:Exhibit 10.1

  

   

  

  
    

    

     

    

    

    January 31, 2019 

    

    

    

     

    Mr. William Burns

    9995 Bay Leaf Court

    Parkland, FL 33076

     

    

     

          Re:            Amended and Restated Employment Agreement

     

    

     

    Dear Mr. Burns:

     

     

    Cross Country Healthcare, Inc., a Delaware corporation (the "Company"), hereby agrees to employ you, and you hereby agree to accept such
        employment, under the following terms and conditions:

     

    
      
        1. Employment.

      

    

     

    Your employment will continue with the Company as Executive Vice President and Chief Financial Officer, effective February 1, 2019 (the
        "Effective Date").  The period of time between the Effective Date and the termination of your employment hereunder will be referred to herein as the "Employment Term."

     

    2. Compensation.

     

    (a)        You will be compensated for all services rendered by you under this Agreement at the rate of $525,000 per annum, payable in such
        manner as is consistent with the Company's payroll practices for executive employees. Prior to each anniversary of the Effective Date, the Company's Board of Directors (the "Board"), or Compensation Committee of the Board (the "Compensation
        Committee"), will review and consider in its sole discretion whether to increase the base salary payable to you hereunder. Your annual rate of base salary as determined from time to time, is hereinafter referred to as the "Base Salary".

     

    (b)       On an annual basis you will be eligible to receive a target bonus of 70% of your Base Salary as a short term incentive and 125% of
        your Base Salary as a long-term incentive pursuant to plans approved by the Company. The level of the performance goals achieved and the amount of the bonus will be determined by the Compensation Committee in its sole discretion. Any bonuses will
        be paid by the Company no later than March 15 of the year immediately following the applicable bonus period. You must be employed by the Company or its affiliates on the day any bonus is paid to earn any part of that bonus.

     

    
      
        

    

    3. Duties.

     

    (a)        You will serve as the Executive Vice President and Chief Financial Officer of the Company, subject to the direction and control of,
        and reporting to, the Company's Chief Executive Officer. Your principal office will be located at the Company's principal office in Boca Raton, Florida.

     

    (b)        You will devote your full business time, energies and attention to the business and affairs of the Company and its subsidiaries, if
        any.

     

    (c)        You will, except as otherwise provided herein, be subject to the Company's rules, practices and policies applicable to the Company's
        senior executive employees.

     

    4.   Benefits. You will be entitled to such benefits, if any, as are generally provided by the Company to its employees, subject to satisfying
        the applicable eligibility requirements. The foregoing, however, will not be construed to require the Company to establish any such plans or to prevent the Company from modifying or terminating any such plans, and no such action or failure thereof
        will affect this Agreement.

     

    5.            Intentionally Omitted.

     

    6.            Restrictive Covenants.

     

    (a)        Non-Competition. During such time as you will be employed by the Company, and for a period of two years thereafter, you will not,
        without the written consent of the Board, directly or indirectly become associated with, render services to, invest in, represent, advise or otherwise participate as an officer, employee, director, stockholder, partner, agent of or consultant for,
        any business which is conducted in any of the jurisdictions in which the Company's business is conducted and which is competitive with the business in which the Company is engaged; provided, however, that nothing herein will prevent you from
        acquiring up to 3% of the securities of any company listed on a national securities exchange or quoted on the NASDAQ quotation system, provided your involvement with any such company is solely that of a stockholder.

     

    (b)        Non-Interference. You agree that during such time as you will be employed by the Company, and for a period of two years thereafter
        you will not without the written consent of the Board, for your own account or for the account of any other person, interfere with the Company's relationship with any of its suppliers, customers or employees.

     

    (c)       Reformation. The parties hereto intend that the covenants contained in this Section 6 will be deemed a series of separate covenants
        for each country, state, county and city in which the Company's business is conducted. If, in any judicial proceeding, a court will refuse to enforce all the separate covenants deemed included in this Section 6 because, taken together, they cover
        too extensive a geographic area, the parties intend that those of such covenants (taken in order of the countries, states, counties and cities therein which are least populous) which if eliminated would permit the remaining separate covenants to be
        enforced to the maximum extent permitted in such proceeding will, for the purpose of such proceeding, be deemed eliminated from the provisions of this Section 6. For purposes of Section 6, the term "Company" will include the Company and each
        subsidiary of the Company.

     

    
      
        

    

     7.            Confidentiality, Non-Interference and Proprietary Information.

     

    (a)       Confidentiality. In the course of your employment by the Company hereunder, you will have access to confidential or proprietary data
        or information of the Company and its operations. You will not at any time divulge or communicate to any person nor will you direct any Company employee to divulge or communicate to any person (other than to a person bound by confidentiality
        obligations similar to those contained herein and other than as necessary in performing your duties hereunder) or use to the detriment of the Company or for the benefit of any other person, any of such data or information. The provisions of this
        Section 7(a) will survive your employment hereunder, whether by the normal expiration thereof or otherwise. The term "confidential or proprietary data or information" as used in this Agreement will mean information not generally available to the
        public or generally known within the relevant industry, including, without limitation, personnel information, financial information, customer lists, supplier lists, trade secrets, information regarding operations, systems, services, knowhow,
        computer and any other processed or collated data, computer programs, pricing, marketing and advertising data.

     

    (b)       Proprietary Information and Disclosure. You agree that you will at all times promptly disclose to the Company (which, for the purposes
        of this Section 7, will include the Company and any subsidiaries and affiliates of the Company), in such form and manner as the Company may reasonably require, any inventions, improvements or procedural or methodological innovations, programs
        methods, forms, systems, services, designs, marketing ideas, products or processes (whether or not capable of being trademarked, copyrighted or patented) conceived or developed or created by you during or in connection with your employment
        hereunder and which relate to the business of the Company and any subsidiaries or affiliates ("Intellectual Property"). You agree that all such Intellectual Property will be the sole property of the Company. You further agree that you will execute
        such instruments and perform such acts as may reasonably be requested by the Company to transfer to and perfect in the Company all legally protectable rights in such Intellectual Property.

     

    (c)       Return of Property. All written materials, records and documents made by you or coming into your possession during your employment
        concerning any products, processes or equipment, manufactured, used, developed, investigated or considered by the Company or otherwise concerning the business or affairs of the Company, will be the sole property of the Company, and upon termination
        of your employment, or upon request of the Company during your employment, you will promptly deliver same to the Company. In addition, upon termination of your employment, or upon request of the Company during your employment, you will deliver to
        the Company all other Company property in your possession or under your control, including, but not limited to, financial statements, marketing and sales data, patent applications, drawings and other documents.

     

    8.       Equitable Relief. With respect to the covenants contained in Sections 6 and 7 of this Agreement, you agree that any remedy at law for
        any breach of said covenants may be inadequate and that the Company will be entitled to specific performance or any other mode of injunctive and/or other equitable relief to enforce its rights hereunder or any other relief a court might award.9.   
           Earlier Termination. Your employment hereunder will terminate on the following terms and conditions:

     

    (a)       This Agreement will terminate automatically on the date of your death.

     

    
      
        

    

    (b)       The Company may terminate your employment upon notice if you are unable to perform your duties hereunder for 120 days (whether or not
        continuous) during any period of 180 consecutive days by reason of physical or mental disability. The disability will be deemed to have occurred on the 120th day of your absence or lack of adequate performance.

     

    (c)       This Agreement will terminate immediately upon the Company's sending you written notice terminating your employment hereunder for
        Cause. "Cause" means (i) an act or acts of fraud or dishonesty by you which results in the personal enrichment of you or another person or entity at the expense of the Company; (ii) your admission, confession, pleading of guilty or nolo contendere
        to, or conviction of (x) any felony (other than third degree vehicular infractions), or (y) of any other crime or offense involving misuse or misappropriation of money or other property; (iii) your continued material breach of any obligations under
        this Agreement 30 days after the Company has given you notice thereof in reasonable detail, if such breach has not been cured by you during such period; or (iv) your gross negligence or willful misconduct with respect to your duties or gross
        misfeasance of office.

     

    (d)       This Agreement will terminate immediately upon (x) the Company's sending you written notice terminating your employment hereunder
        without Cause for any reason or for no reason, or (y) your delivery to the Company of a written notice of your resignation for Good Reason. "Good Reason" means, if without your written consent, any of the following events occurs that are not cured
        by the Company within 30 days of written notice specifying the occurrence such Good Reason event, which notice will be given by you to the Company within 90 days after the occurrence of the Good Reason event: (i) a material diminution in your then
        authority, duties or responsibilities; (ii) a material diminution in your Base Salary; (iii) a relocation of your principal business location to a location more than 50 miles outside of Boca Raton, Florida; or (iv) any material breach of this
        Agreement by the Company. Your resignation hereunder for Good Reason will not occur later than 180 days following the initial date on which the event you claim constitutes Good Reason occurred. Upon a termination of your employment by the Company
        without Cause, or your resignation for Good Reason, the Company's sole obligation to you will be to pay or provide to you the Accrued Amounts (as defined below) and, subject to Section 9(f), to pay you continued payments of the Base Salary and
        benefits in accordance with the Company's regular payroll practices for a period of 12 months following the date of termination (the "Severance Payment"); provided, that the first payment of the Severance Payment will be made on the 90th day after
        the date of termination, and will include payments that were otherwise due prior thereto. Notwithstanding the foregoing, if you are or become eligible for severance benefits under the Company's Executive Severance Plan (as in effect on the
        Effective Date, as thereafter amended, or any similar plan or arrangement adopted by the Company in replacement thereof, the "Severance Plan") you will cease to be eligible for the Severance Payments and the Company sole obligation will be to pay
        you the amounts and provide you with the benefits provided in the Severance Plan subject to the terms and conditions thereof.

     

    (e)       Except as specifically set forth in Section 9(d) above, upon termination of your employment for any reason, the Company's obligations
        hereunder will cease other than to provide you with (collectively, the "Accrued Amounts"):

     

          (i) any unpaid Base Salary through the date of termination payable in accordance with the Company's regular payroll practices;

     

    
      
        

    

          (ii) reimbursement for any unreimbursed business expenses incurred through  the date of termination paid promptly in accordance with
        Sections 5 and 7(b)(iv);

     

          (iii) payment for any accrued but unused vacation and sick time in accordance with Company policy, payable within thirty (30) days
        following the termination of your employment; and

     

          (iv) all other applicable payments or benefits to which the you may be entitled under, and paid or provided in accordance with, the terms
        of any  applicable compensation arrangement or benefit, equity or fringe benefit plan or program or grant or this Agreement.

     

    (f)       The Severance Payment will only be payable to you if within 60 days following the date of termination you execute and deliver to the
        Company a fully effective and irrevocable release of claims against the Company and related parties, which the Company will provide to you within 7 days following the date of termination.

     

    10.       Representation and Warranty. The execution, delivery and performance of this Agreement by you will not conflict with or result in a
        violation of any agreement to which you are a party or any law, regulation or court order applicable to you.

     

    11.       Effectiveness; Entire Agreement; Modification. This Agreement constitutes the full and complete understanding of the parties and will,
        on the Effective Date, supersede all prior agreements between the parties with respect to your employment arrangements. No representations, inducements, promises, agreements or understandings, oral or otherwise, have been made by either party to
        this Agreement, or anyone acting on behalf of either party, which are not set forth herein, or any others are specifically waived. This Agreement may not be modified or amended except by an instrument in writing signed by the party against which
        enforcement thereof may be sought.

     

    12.       Severability. Any term or provision of this Agreement which is invalid or unenforceable in any jurisdiction will, as to such
        jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining tenns and provisions of this Agreement or affecting the validity or enforceability of any of the terms or
        provisions of this Agreement in any other jurisdiction.

     

    13.       Waiver of Breach. The waiver of either party of a breach of any provision of this Agreement, which waiver must be in writing to be
        effective, will not operate as or be construed as a waiver of any subsequent breach.

     

    14.       Notices. All notices hereunder will be in writing and will be sent by express mail or by certified or registered mail, postage
        prepaid, return receipt requested, if to you, to your residence as listed in the Company's records, and if to the Company to:

     

    Cross Country Healthcare, Inc.

    5201 Congress Ave., Suite 100 AB Boca Raton, FL 33487

    Attention: General Counsel

    

    

    15.       Assignability; Binding Effect. This Agreement is personal to you and may not be assigned by you. This Agreement will be binding upon
        and inure to the benefit of you, your legal representatives, heirs and distributes and will be binding upon and inure to the benefit of the Company, its successors and assigns.

     

    
      
        

    

    16.       Governing Law. All questions pertaining to the validity, construction, execution and performance of this Agreement will be construed
        and governed in accordance with the laws of the State of Florida, without regard to the conflicts or choice of law provisions thereof.

     

    17.            Tax Matters.

     

    (a)           WITHHOLDING. The Company may withhold from any and all amounts payable under this Agreement such federal, state and local taxes as
        may be required to be withheld pursuant to any applicable law or regulation.

     

    (b)            SECTIONS 409A.

     

        (i)                  Although the Company
      does not guarantee the tax treatment of any payments under this Agreement, the intent of the parties is that payments and benefits under this Agreement comply with, or be exempt from, Code Section 409A and, accordingly, to the maximum extent
      permitted, this Agreement will be interpreted in accordance with the foregoing. In no event whatsoever will the Company be liable for

     

           (ii)                 any additional tax, interest or
      penalties that may be imposed on the Employee by Code Section 409A or any damages for failing to comply with Code Section 409A.

     

           (iii)                Notwithstanding any provision in this
      Agreement or elsewhere to the contrary, if on your date of termination you are deemed to be a "specified employee" within the meaning of Code Section 409A and using the identification methodology selected by the Company from time to time, or if none,
      the default methodology under Code Section 409A, any payments or benefits due upon a termination of your employment under any arrangement that constitutes a "deferral of compensation" within the meaning of Code Section 409A (whether under this
      Agreement, any other plan, program, payroll practice or any equity grant) and which do not otherwise qualify under the exemptions under Treas. Regs. Section 1.409A-l (including without limitation, the short-term deferral exemption and the permitted
      payments under Treas. Regs. Section 1.409A-1(b)(9)(iii)(A)), will be delayed and paid or provided to you in a lump sum (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay), on the earlier of
      (i) the date which is six months and one day after your separation from service (as such term is defined in Code Section 409A) for any reason other than death, and (ii) the date of your death, and any remaining payments and benefits will be paid or
      provided in accordance with the normal payment dates specified for such payment or benefit.

     

           (iv)                Notwithstanding anything in this Agreement or elsewhere to the contrary, a termination of employment will not be
        deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits that constitute "non-qualified deferred compensation" within the meaning of Code Section 409A upon or following a
        termination of your employment unless such termination is also a "separation from service" within the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references to a "termination," "termination of employment"
        or like terms will mean "separation from service" and the date of such separation from service will be the date of termination for purposes of any such payment or benefits.

     

           (v)                 Any taxable reimbursement of costs and expenses by the Company provided for under this Agreement will be made in
        accordance with the Company's applicable policy and this Agreement but in no event later than December 31 of the calendar year next following the calendar year in which the expenses to be reimbursed are incurred. With regard to any provision in
        this Agreement that provides for reimbursement of expenses or in-kind benefits, except as permitted by Code Section 409A,

     

    
      
        

    

    (x) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit, and (y) the amount of expenses
        eligible for reimbursement, or in-kind benefits, provided during any taxable year will not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year, provided that the foregoing clause (y) will
        not be violated with regard to expenses reimbursed under any arrangement covered by Section I 05(b) of the Code solely because such expenses are subject to a limit related to the period the arrangement is in effect.

     

           (vi)                Whenever a payment under this Agreement may be paid within a specified period, the actual date of payment within the
        specified period will be within the sole discretion of the Company.

     

           (vii)               With regard to any installment payments provided for under this Agreement, each installment thereof will be deemed a
        separate payment for purposes of Code Section 409A.

     

    18.       Headings. The headings of this Agreement are intended solely for convenience of reference and will be given no effect in the
        construction or interpretation of this Agreement.

     

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

     

    20. Review of this Agreement. You acknowledge that you have (a) carefully read this Agreement, (b) had an opportunity to consult with
        independent counsel with respect to this Agreement and (c) entered into this Agreement of your own free will.

     

    If this letter correctly sets forth our understanding, please sign the duplicate original in the space provided below and return it to the
        Company, whereupon this will constitute the employment agreement between you and the Company effective and for the term as stated here

     

     

    

     

           CROSS COUNTRY HEALTHCARE, INC.

     

     

    

     

           By:   /s/ Kevin C.
            Clark                                   

          

     

           Name: Kevin C. Clark

           Title:  President and Chief Executive Officer

    

    

          Agreed as of the date first above written:

     

     

    

     

          /s/William J.
            Burns                                          

          

          William J. Burns

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