Document:

EX-10.1 THIRD AMENDMENT TO CREDIT AGREEMENT

 

Exhibit 10.1

THIRD AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT

     THIS THIRD AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT dated as of February 25, 2008
(the “Agreement”) is entered into among Gevity HR, Inc., a Florida corporation (the
“Borrower”), the Guarantors, the Lenders and Bank of America, N.A., as Administrative
Agent. All capitalized terms used herein and not otherwise defined herein shall have the meanings
given to such terms in the Credit Agreement (as defined below).

RECITALS

     WHEREAS, the Borrower, the Guarantors, the Lenders and the Administrative Agent entered into
that certain Amended and Restated Credit Agreement dated as of August 30, 2006 (as amended and
modified from time to time, the “Credit Agreement”);

     WHEREAS, the Borrower has requested that the Lenders amend the Credit Agreement as set forth
below;

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

     1. Amendments. The Credit Agreement is hereby amended as follows:

     (a) The following definitions are hereby added to Section 1.01 of the Credit
Agreement in the appropriate alphabetical order to read as follows:

     “Collateral” means a collective reference to all real and personal
property with respect to which Liens in favor of the Administrative Agent, for the
benefit of the Lenders, are purported to be granted pursuant to and in accordance
with the terms of the Collateral Documents.

     “Collateral Documents” means a collective reference to the Security
Agreement, the Pledge Agreement, the Mortgages and other security documents as may
be executed and delivered by the Loan Parties pursuant to the terms of
Section 7.14.

     “Consolidated Adjusted EBITDA” means, for any period, for the Borrower
and its Subsidiaries on a consolidated basis, an amount equal to Consolidated Net
Income for such period plus the following to the extent deducted in
calculating such Consolidated Net Income: (a) Consolidated Interest Charges for such
period, (b) the provision for federal, state, local and foreign income taxes payable
by the Borrower and its Subsidiaries for such period, (c) the amount of depreciation
and amortization expense for such period, (d) non-cash stock-based compensation
expense for such period, (e) non-cash asset or goodwill impairment charges for such
period, (f) for the fiscal quarter periods ending March 31, 2007, June 30, 2007,
September 30, 2007 and December 31, 2007 only, the amount of severance costs and
restructuring charges for such fiscal quarter period in an aggregate amount for such
period set forth on Schedule 1.02 opposite such period and (g) for the
fiscal quarter periods ending March 31, 2008 and June 30, 2008 only, the amount of
severance costs and restructuring charges for such fiscal quarter period; provided,
that, the aggregate amount of severance costs and restructuring charges added back to
Consolidated Net Income for purposes of this clause (g) for these two

 

 

fiscal quarters combined shall not exceed $6,540,000, all as determined in accordance with
GAAP.

     “Consolidated Adjusted Leverage Ratio” means, as of the last day of
each fiscal quarter of the Borrower, the ratio of (a) Consolidated Funded
Indebtedness as of such date to (b) Consolidated Adjusted EBITDA for the period of
the four fiscal quarters most recently ended for which the Borrower has delivered
financial statements pursuant to Section 7.01(a) or (b).

     “Excluded Property” means, with respect to any Loan Party, including
any Person that becomes a Loan Party after the Third Amendment Effective Date as
contemplated by Section 7.12, (a) any owned or leased real or personal
property which is located outside of the United States unless requested by the
Administrative Agent or the Required Lenders, (b) any personal property (including,
without limitation, motor vehicles) in respect of which perfection of a Lien is not
either (i) governed by the Uniform Commercial Code or (ii) effected by appropriate
evidence of the Lien being filed in either the United States Copyright Office or the
United States Patent and Trademark Office, unless requested by the Administrative
Agent or the Required Lenders, (c) the Equity Interests of any direct Foreign
Subsidiary of a Loan Party to the extent not required to be pledged to secure the
Obligations pursuant to Section 7.14(a), (d) any property which, subject to
the terms of Section 8.09, is subject to a Lien of the type described in
Section 8.01(h) pursuant to documents which prohibit such Loan Party from
granting any other Liens in such property, (e) any property (including any proceeds
thereof) which is subject to a Lien described in Section 8.01(p) or
Section 8.01(q) so long as the documentation related to any such property
prohibits such Loan Party from granting any other Liens in such property (including
any proceeds thereof), (f) any “intent to use” trademark application prior to the
filing of a “Statement of Use” or “Amendment to Allege Use” with respect thereto, to
the extent that, and solely during the period in which, the grant of a security
interest therein would impair the validity or enforceability of such intent to use
trademark application under applicable federal Law, (g) any leasehold interest of
any Loan Party in office space and (h) any General Intangible (as defined in the
Security Agreement), permit, lease, license, contract or other Instrument (as
defined in the Security Agreement) of a Loan Party if the grant of a security
interest in such General Intangible, permit, lease, license, contract or other
Instrument in the manner contemplated by the Security Agreement, under the terms
thereof or under applicable Law, is prohibited and would result in the termination
thereof or give the other parties thereto the right to terminate, accelerate or
otherwise alter such Loan Parties’ rights, titles and interests thereunder
(including upon the giving of notice or the lapse of time or both); provided
that (i) any such limitation described in the foregoing clause (h) on the security
interests granted under the Security Agreement shall only apply to the extent that
any such prohibition could not be rendered ineffective pursuant to the UCC (as
defined in the Security Agreement) or any other applicable Law (including Debtor
Relief Laws) or principles of equity and (ii) in the event of the termination or
elimination of any such prohibition or the requirement for any consent contained in
any applicable Law, General Intangible, permit, lease, license, contract or other
Instrument, to the extent sufficient to permit any such item to become Collateral
under the Security Agreement, or upon the granting of any such consent, or waiving
or terminating any requirement for such consent,
a security interest in such General Intangible, permit, lease, license,
contract or other Instrument shall be automatically and simultaneously granted under
the Security

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Agreement and shall be included as Collateral under the Security
Agreement and considered Collateral hereunder.

     “Mortgaged Property” means any real property that is owned or leased by
a Loan Party and is subject to a Mortgage.

     “Mortgages” means the mortgages, deeds of trust or deeds to secure debt
that purport to grant to the Administrative Agent, for the benefit of the holders of
the Obligations, a security interest in the fee interest and/or leasehold interests
of any Loan Party in real property acquired or leased by a Loan Party subsequent to
the Third Amendment Effective Date.

     “Pledge Agreement” means the pledge agreement dated as of the Third
Amendment Effective Date executed in favor of the Administrative Agent, for the
benefit of the holders of the Obligations, by each of the Loan Parties, as amended
or modified from time to time in accordance with the terms hereof.

     “Security Agreement” means the security agreement dated as of the Third
Amendment Effective Date executed in favor of the Administrative Agent, for the
benefit of the holders of the Obligations, by each of the Loan Parties, as amended
or modified from time to time in accordance with the terms hereof.

     “Third
Amendment Effective Date” means February 25, 2008.

     (b) The definition of “Aggregate Revolving Commitments” in Section 1.01
of the Credit Agreement is hereby amended to read as follows:

     “Aggregate Revolving Commitments” means the Revolving Commitments of
all the Lenders. The amount of the Aggregate Revolving Commitments in effect on the
Third Amendment Effective Date is ONE HUNDRED MILLION DOLLARS ($100,000,000);
provided that the amount of the Aggregate Revolving Commitments shall be
automatically reduced to EIGHTY-FIVE MILLION DOLLARS ($85,000,000) on September 30,
2008. Such reduction of the Aggregate Revolving Commitments shall be applied to the
Revolving Commitments of each Lender according to its Applicable Percentage.

     (c) The last sentence in the definition of “Applicable Percentage” in
Section 1.01 of the Credit Agreement is hereby amended to read as follows:

The Applicable Percentage of each Lender is set forth opposite the name of such
Lender on Schedule 2.01 or in the Assignment and Assumption pursuant to
which such Lender becomes a party hereto, as applicable.

     (d) The pricing grid in the definition of “Applicable Rate” in Section
1.01 of the Credit Agreement is hereby amended to read as follows:

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	 	 	 	 	 	 	 	 	 	 	Applicable Rate for	 	 	 	 
	Pricing	 	Consolidated	 	Commitment	 	Eurodollar Rate	 	Letter of Credit	 	Applicable Rate for
	Level	 	Leverage Ratio	 	Fee	 	Loans	 	Fee	 	Prime Rate Loans
	 	I	 	 	Less than or
equal to 0.5:1.0
	 	 	0.30	%	 	 	1.50	%	 	 	1.50	%	 	 	0.25	%
	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	II	 	Less than or equal
to 1.5:1.0 but
greater than
0.5:1.0
	 	 	0.35	%	 	 	1.75	%	 	 	1.75	%	 	 	0.50	%
	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	III	 	Less than or equal
to 2.0:1.0 but
greater than
1.5:1.0
	 	 	0.40	%	 	 	2.00	%	 	 	2.00	%	 	 	0.75	%
	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	IV	 	Greater than 2.0:1.0
	 	 	0.45	%	 	 	2.25	%	 	 	2.25	%	 	 	1.00	%

     (e) The definition of “Applicable Rate” in Section 1.01 of the Credit
Agreement is hereby amended by adding a new sentence at the end of such definition to read
as follows:

Notwithstanding the foregoing, the Applicable Rate in effect from the Third
Amendment Closing Date through the first Business Day immediately following the date
a Compliance Certificate is required to be delivered pursuant to Section
7.02(a) for the fiscal quarter ending December 31, 2007 shall be determined
based on Pricing Level II.

     (f) The definition of “Consolidated Fixed Charge Coverage Ratio” in Section
1.01 of the Credit Agreement is hereby amended to read as follows:

     “Consolidated Fixed Charge Coverage Ratio” means, as of the last day of
each fiscal quarter of the Borrower, the ratio of (a) the sum of (i) Consolidated
Adjusted EBITDA for the period of the four fiscal quarters most recently ended for
which the Borrower has delivered financial statements pursuant to Section
7.01(a) or (b) plus (ii) Consolidated Rental Expense for such
period less (iii) Consolidated Cash Taxes for such period to (b) the
Consolidated Fixed Charges for the period of the four fiscal quarters most recently
ended for which the Borrower has delivered financial statements pursuant to
Section 7.01(a) or (b).

     (g) The definition of “Letter of Credit Sublimit” in Section 1.01 of
the Credit Agreement is hereby amended to read as follows:

     “Letter of Credit Sublimit” means an amount equal to the lesser of (a)
the Aggregate Revolving Commitments and (b) $20,000,000. The Letter of Credit
Sublimit is part of, and not in addition to, the Aggregate Revolving Commitments.

     (h) The definition of “Loan Documents” in Section 1.01 of the Credit
Agreement is hereby amended to read as follows:

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     “Loan Documents” means this Agreement, each Revolving Note, each Issuer
Document, each Joinder Agreement, each Request for Credit Extension, each Compliance
Certificate, the Fee Letter, the Collateral Documents and each other document,
instrument or agreement from time to time executed by any Loan Party and delivered
in connection with this Agreement.

     (i) Clause (v) in the definition of “Permitted Acquisitions” in Section
1.01 of the Credit Agreement is hereby amended to read as follows:

     (v) the Required Lenders have approved such Acquisition in writing.

     (j) Section 2.01(c) is hereby deleted from the Credit Agreement in its
entirety.

     (k) The following sentence is hereby added to the end of Section 4.05 of the
Credit Agreement to read as follows:

The Guarantors acknowledge and agree that their obligations hereunder are secured in
accordance with the terms of the Collateral Documents and that the Lenders may
exercise their remedies thereunder in accordance with the terms thereof.

     (l) The following sentence is hereby added to the end of Section 6.10 of the
Credit Agreement to read as follows:

The insurance coverage of the Loan Parties and their Subsidiaries as in effect on
the Third Amendment Effective Date is outlined as to carrier, policy number,
expiration date, type, amount and deductibles on Schedule 6.10.

     (m) Section 6.13 of the Credit Agreement is hereby amended to read as follows:

     6.13 Subsidiaries.

     Set forth on Schedule 6.13 is a complete and accurate list as of the
Third Amendment Effective Date of each Subsidiary of any Loan Party, together with
(i) jurisdiction of formation, (ii) number of shares of each class of Equity
Interests outstanding, (iii) number and percentage of outstanding shares of each
class owned (directly or indirectly) by any Loan Party or any Subsidiary and (iv)
number and effect, if exercised, of all outstanding options, warrants, rights of
conversion or purchase and all other similar rights with respect thereto. The
outstanding Equity Interests of each Subsidiary of any Loan Party is validly issued,
fully paid and non-assessable.

     (n) The following two sentences are hereby added at the end of Section 6.17 of
the Credit Agreement to read as follows:

Set forth on Schedule 6.17 is a list of all IP Rights registered or pending
registration with the United States Copyright Office or the United States Patent and
Trademark Office and
owned by each Loan Party as of the Third Amendment Effective Date. As of the Third
Amendment Effective Date, none of the IP Rights owned by any of the Loan Parties or
any of its Subsidiaries is subject to any licensing agreement or similar arrangement
except as set forth on Schedule 6.17.

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     (o) Section 6.19 of the Credit Agreement is hereby amended to read as follows:

     6.19 Legal Name and Business Locations.

     Set forth on Schedule 6.19(a) is the legal name and jurisdiction of
formation of each Loan Party as of the Third Amendment Effective Date. Set forth on
Schedule 6.19(b) is a list of all real property located in the United States
that is owned or leased by the Loan Parties as of the Third Amendment Effective
Date. Set forth on Schedule 6.19(c) is the tax payer identification number
and organizational identification number of each Loan Party as of the Third
Amendment Effective Date. Except as set forth on Schedule 6.19(d), no Loan
Party has during the five years preceding the Third Amendment Effective Date (i)
changed its legal name, (ii) changed its state of formation, or (iii) been party to
a merger, consolidation or other change in structure.

     (p) The following new Section 6.21 is hereby added at the end of Article
VI of the Credit Agreement to read as follows:

     6.21 Perfection of Security Interests in the Collateral.

     The Collateral Documents create valid security interests in, and Liens on, the
Collateral purported to be covered thereby, which security interests and Liens shall
be perfected security interests and Liens to the extent required by the Collateral
Documents, prior to all other Liens other than Permitted Liens.

     (q) A new clause (c) is hereby added at the end of Section 7.01 of the Credit
Agreement to read as follows:

     (c) Budget and P&L. As soon as available, but in any event within
thirty days after the end of each calendar month, a budget and profit and loss
statement of the Borrower and its Subsidiaries for such calendar month, setting
forth in each case in comparative form the figures for the corresponding calendar
month of the previous fiscal year, all in reasonable form and detail and certified
by a Responsible Officer of the Borrower as fairly presenting the results of
operations of the Borrower and its Subsidiaries in accordance with GAAP.

     (r) Section 7.02 of the Credit Agreement is hereby amended by replacing the “.”
at the end of clause (f) with “; and” and adding the following new clause (g) immediately
after clause (f) to read as follows:

     (g) concurrently with the delivery of the financial statements referred to in
Sections 7.01(a) and (b), a certificate of a Responsible Officer of
the Borrower (i) listing (A) all applications by any Loan Party, if any, for
Copyrights, Patents or Trademarks (each such term as defined in the Security
Agreement) made since the date of the prior
certificate (or, in the case of the first such certificate, the Third Amendment
Effective Date), (B) all issuances of registrations or letters on existing
applications by any Loan Party for Copyrights, Patents and Trademarks (each such
term as defined in the Security Agreement) received since the date of the prior
certificate (or, in the case of the first such certificate, the Third Amendment
Effective Date), and (C) all Trademark Licenses, Copyright Licenses and Patent
Licenses (each such term as defined in the Security Agreement) entered into by any
Loan Party since the date of the prior certificate (or, in the case of the first
such certificate, the Third

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Amendment Effective Date), and (ii) attaching the
insurance binder or other evidence of insurance for any insurance coverage of any
Loan Party or any Subsidiary that was renewed, replaced or modified during the
period covered by such financial statements.

     (s) The following sentence is hereby added to the end of Section 7.07 of the
Credit Agreement to read as follows:

The Administrative Agent shall be named as loss payee or mortgagee, as its interest
may appear, and/or additional insured with respect to any such insurance providing
coverage in respect of any Collateral, and each provider of any such insurance shall
agree, by endorsement upon the policy or policies issued by it or by independent
instruments furnished to the Administrative Agent, that it will give the
Administrative Agent thirty (30) days prior written notice before any such policy or
policies shall be altered or canceled.

     (t) A new Section 7.14 is hereby added to the Credit Agreement to read as
follows:

     7.14 Pledged Assets.

     (a) Equity Interests. Cause (a) 100% of the issued and outstanding
Equity Interests of each Domestic Subsidiary and (b) 66% (or such greater percentage
that, due to a change in an applicable Law after the date hereof, (1) could not
reasonably be expected to cause the undistributed earnings of such Foreign
Subsidiary as determined for United States federal income tax purposes to be treated
as a deemed dividend to such Foreign Subsidiary’s United States parent and (2) could
not reasonably be expected to cause any material adverse tax consequences) of the
issued and outstanding Equity Interests entitled to vote (within the meaning of
Treas. Reg. Section 1.956-2(c)(2)) and 100% of the issued and outstanding Equity
Interests not entitled to vote (within the meaning of Treas. Reg. Section
1.956-2(c)(2)) in each Foreign Subsidiary directly owned by a Loan Party or any
Domestic Subsidiary to be subject at all times to a first priority, perfected Lien
in favor of the Administrative Agent, for the benefit of the Lenders, pursuant to
the terms and conditions of the Collateral Documents, together with opinions of
counsel and any filings and deliveries reasonably necessary in connection therewith
to perfect the security interests therein, all in form and substance reasonably
satisfactory to the Administrative Agent.

     (b) Other Property. (i) Cause all of its owned and leased real and
personal property other than Excluded Property to be subject at all times to first
priority, perfected and, in the case of real property (whether leased or owned),
title insured Liens in favor of the Administrative Agent, for the benefit of the
Lenders, to secure the Obligations pursuant to the terms and conditions of the
Collateral Documents or, with respect to any
such property acquired subsequent to the Third Amendment Effective Date, such
other additional security documents as the Administrative Agent shall reasonably
request, subject in any case to Permitted Liens and (ii) deliver such other
documentation as the Administrative Agent may reasonably request in connection with
the foregoing, including, without limitation, appropriate UCC-1 financing
statements, real estate title insurance policies, surveys, environmental reports,
landlord’s waivers, certified resolutions and other organizational and authorizing
documents of such Person, favorable opinions of counsel to such Person (which shall
cover, among other things, the legality, validity, binding effect and enforceability
of the documentation referred to above and the

7

 

perfection of the Administrative
Agent’s Liens thereunder), all in form, content and scope reasonably satisfactory to
the Administrative Agent.

     (u) Section 8.01(k) of the Credit Agreement is hereby amended to read as
follows:

     (k) (i) Liens deemed to exist in connection with Investments in repurchase
agreements permitted under Section 8.02 and (ii) Liens deemed to exist on
cash or cash equivalents invested pursuant to Section 8.02(f).

     (v) Section 8.01 of the Credit Agreement is hereby amended by deleting the
period at the end thereof and replacing it with the following text “;” and by adding new
subsections 8.01(o), 8.01(p) and 8.01(q) at the end of Section 8.01 of the Credit Agreement
which shall read as follows:

     (o) Liens pursuant to any Loan Document;

     (p) Lien of Continental Casualty Company on that certain Deductible Liability
Insurance Policy No. 5014190 (and the proceeds thereof) issued to the Borrower by
National Union Fire Insurance Company of Vermont (or any other replacement
deductible liability protection policy whether or not issued by National Union Fire
Insurance Company of Vermont) to secure the obligations of the Borrower owing to
Continental Casualty Company related to its workers’ compensation agreements; and

     (q) Liens of a provider of workers’ compensation insurance on all property and
proceeds thereof (including without limitation, all premiums, surcharges, dividends,
cash, accounts and funds payable to the Borrower) which comes into the possession of
such insurance provider to secure the Borrower’s payment obligations under any
payment agreement, escrow agreement or other agreements related to such workers’
compensation insurance.

     (w) Section 8.02(f) of the Credit Agreement is hereby amended by adding the words
“or cash equivalents” immediately after the word “cash” therein.

     (x) Section 8.06 of the Credit Agreement is hereby amended to read as follows:

     8.06 Restricted Payments.

     Declare or make, directly or indirectly, any Restricted Payment, or incur any
obligation (contingent or otherwise) to do so, except that:

     (a) each Subsidiary may make Restricted Payments (directly or
indirectly) to any Loan Party;

     (b) the Borrower and each Subsidiary may declare and make dividend
payments or other distributions payable solely in the Capital Stock of such
Person; and

     (c) the Borrower may make cash dividend payments or other distributions
to the holders of its Capital Stock.

     (y) Section 8.11 of the Credit Agreement is hereby amended to read as follows:

8

 

     (a) Consolidated Net Worth. Permit Consolidated Net Worth as of the
end of any fiscal quarter of the Borrower, commencing with the fiscal quarter ending
December 31, 2007, to be less than the sum (on a cumulative basis) of (i) 80% of Net
Worth as of September 30, 2007 plus (ii) an amount equal to 60% of
Consolidated Net Income (to the extent positive) for the fiscal quarter then ended
plus (iii) 100% of the proceeds of all Equity Issuances.

     (b) Consolidated Adjusted Leverage Ratio. Permit the Consolidated
Adjusted Leverage Ratio as of the end of any fiscal quarter of the Borrower,
commencing with the fiscal quarter ending December 31, 2007, to be greater than the
ratio set forth opposite such fiscal quarter below:

	 	 	 
	Quarter Ending	 	Ratio
	 
	 	 
	December 31, 2007

	 	2.0:1.0
	March 31, 2008

	 	2.0:1.0
	June 30, 2008

	 	2.5:1.0
	September 30, 2008

	 	2.0:1.0
	December 31, 2008

	 	2.0:1.0
	March 31, 2009

	 	2.0:1.0
	June 30, 2009

	 	2.5:1.0
	September 30, 2009

	 	2.0:1.0
	December 31, 2009

	 	2.0:1.0
	March 31, 2010

	 	2.0:1.0
	June 30, 2010

	 	2.5:1.0
	September 30, 2010

	 	2.0:1.0
	December 31, 2010

	 	2.0:1.0
	March 31, 2011

	 	2.0:1.0
	June 30, 2011

	 	2.5:1.0

     (c) Consolidated Fixed Charge Coverage Ratio. Permit the Consolidated
Fixed Charge Coverage Ratio as of the end of any fiscal quarter of the Borrower,
commencing with the fiscal quarter ending December 31, 2007, to be less than
1.25:1.0.

     (d) Consolidated Adjusted EBITDA. Permit Consolidated Adjusted EBITDA
to be less than (i) $(379,000) for the one month period ending January 31, 2008,
(ii) $28,000 for the two month period ending February 29, 2008, (iii) $3,978,000 for
the three month period ending March 31, 2008, (iv) $4,558,000 for the four month
period ending April 30, 2008, (v) $5,760,000 for the five month period ending May
31, 2008, (vi) $9,179,000 for the six month period ending June 30, 2008, (vii)
$9,595,000 for the seven month period ending July 31, 2008, (viii) $10,697,000 for
the eight month period ending August 31, 2008, (ix) $16,329,000 for the nine month
period ending September 30, 2008, (x) $16,675,000 for the ten month period ending
October 31, 2008, (xi) $17,079,000 for the eleven month period ending November 30,
2008 and (xii) $25,363,000 for the twelve month period ending December 31, 2008.

     (e) Consolidated Capital Expenditures. Permit Consolidated Capital
Expenditures during any fiscal year to exceed $9,000,000 plus the unused
amount available for Consolidated Capital Expenditures under this Section
8.11(e) for the

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immediately preceding fiscal year (excluding any carry forward available from
any prior fiscal year); provided, however, that with respect to any
fiscal year, Consolidated Capital Expenditures made during such fiscal year shall be
deemed to be made first with respect to the applicable limitation for such fiscal
year and then with respect to any carry-forward from the immediately preceding
fiscal year.

(z) Section 10.10 of the Credit Agreement is hereby amended to read as follows:

10.10 Collateral and Guaranty Matters.

     The Lenders and the L/C Issuer irrevocably authorize the Administrative Agent,
at its option and in its discretion,

     (a) to release any Lien on any Collateral granted to or held by the
Administrative Agent under any Loan Document (i) upon termination of the
Aggregate Revolving Commitments and payment in full of all Obligations
(other than contingent indemnification obligations) and the expiration or
termination of all Letters of Credit, (ii) that is transferred or to be
transferred as part of or in connection with any Disposition permitted
hereunder or under any other Loan Document or any Involuntary Disposition,
or (iii) as approved in accordance with Section 11.01;

     (b) to subordinate any Lien on any property granted to or held by the
Administrative Agent under any Loan Document to the holder of any Lien on
such property that is permitted by Section 8.01(h); and

     (c) to release any Guarantor from its obligations under the Guaranty
and the other Loan Documents to which it is a party if such Person ceases to
be a Subsidiary as a result of a transaction permitted hereunder.

Upon request by the Administrative Agent at any time, the Required Lenders will
confirm in writing the Administrative Agent’s authority to release or subordinate
its interest in particular types or items of property, or to release any Guarantor
from its obligations under the Guaranty and the other Loan Documents to which it is
a party, pursuant to this Section 10.10.

     (aa) A new clause (vii) is hereby added after clause (vi) in Section 11.01(a)
of the Credit Agreement to read as follows:

     (vii) except in connection with a Disposition permitted under Section
8.05, release all or substantially all of the Collateral without the written
consent of each Lender directly affected thereby;

     (bb) A new Schedule 1.02 is hereby added to the Credit Agreement to read as
provided on Schedule 1.02 attached hereto.

     (cc) Schedule 2.01 to the Credit Agreement is hereby amended to read as
provided on Schedule 2.01 attached hereto.

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     (dd) A new Schedule 6.10 is hereby added to the Credit Agreement to read as
provided on Schedule 6.10 attached hereto.

     (ee) Schedule 6.13 to the Credit Agreement is hereby amended to read as
provided on Schedule 6.13 attached hereto.

     (ff) A new Schedule 6.17 is hereby added to the Credit Agreement to read as
provided on Schedule 6.17 attached hereto.

     (gg) A new Schedule 6.19(a) is hereby added to the Credit Agreement to read as
provided on Schedule 6.19(a) attached hereto.

     (hh) A new Schedule 6.19(b) is hereby added to the Credit Agreement to read as
provided on Schedule 6.19(b) attached hereto.

     (ii) A new Schedule 6.19(c) is hereby added to the Credit Agreement to read as
provided on Schedule 6.19(c) attached hereto.

     (jj) A new Schedule 6.19(d) is hereby added to the Credit Agreement to read as
provided on Schedule 6.19(d) attached hereto.

     (kk) Exhibit D to the Credit Agreement is hereby amended to read as provided on
Exhibit D attached hereto.

     2. Conditions Precedent. This Agreement shall be effective upon satisfaction of the
following conditions precedent:

     (a) Receipt by the Administrative Agent of counterparts of this Agreement duly executed
by each of the Borrower, the Guarantors, the Lenders and Bank of America, N.A., as
Administrative Agent;

     (b) Receipt by the Administrative Agent of a duly executed copy of the Pledge Agreement
(as defined herein) and the Security Agreement (as defined herein), each in form and
substance reasonably satisfactory to the Agent;

     (c) Receipt by the Administrative Agent of favorable opinions of general counsel of the
Loan Parties and legal counsel to the Loan Parties, addressed to the Administrative Agent
and the Lenders, dated as of the Third Amendment Effective Date, and in form and substance
reasonably satisfactory to the Administrative Agent;

     (d) Receipt by the Administrative Agent of a certificate of each Loan Party dated as of
the Third Amendment Effective Date signed by a Responsible Officer of such Loan Party (A)
certifying that the Organization Documents of each Loan Party delivered on the Closing Date
have not been amended, supplemented or otherwise modified since the Closing Date and remain
in full force and effect as of the Third Amendment Effective Date, (B) attaching resolutions
of each Loan Party approving and adopting this Agreement, the transactions contemplated
herein and authorizing the execution and delivery of this Agreement and any documents,
agreements or certificates related thereto and certifying that such resolutions have not
been amended, supplemented or otherwise modified and remain in full force and effect as of
the Third Amendment Effective Date and (C) attaching such documents and certifications as
the

11

 

Administrative Agent may reasonably require to evidence that each Loan Party is duly
organized or formed, and is validly existing, in good standing and qualified to engage in
business in its state of organization or formation.

     (e) Perfection and Priority of Liens. Receipt by the Administrative Agent of
the following:

     (i) searches of Uniform Commercial Code filings (or similar filings) in the
jurisdiction of formation of each Loan Party or where a filing would need to be made
in order to perfect the Administrative Agent’s security interest in the Collateral,
copies of the financing statements on file in such jurisdictions and evidence that
no Liens exist other than Permitted Liens;

     (ii) UCC financing statements (or similar documents) for each appropriate
jurisdiction as is necessary, in the Administrative Agent’s sole discretion, to
perfect the Administrative Agent’s security interest in the Collateral;

     (iii) all certificates evidencing any certificated Equity Interests pledged to
the Administrative Agent pursuant to the Pledge Agreement, together with duly
executed in blank and undated stock powers or share transfer forms attached thereto
and, in connection with the pledge of 66% of the Equity Interests of Concorda
Insurance Company Limited, duly executed, undated director resignation letters for
all directors (together with authorizations signed by each such director authorizing
the Administrative Agent to date and deliver such resignation letters in an Event of
Default) and an irrevocable proxy relating to all such Equity Interests;

     (iv) searches of ownership of, and Liens on, intellectual property of each Loan
Party in the appropriate governmental offices; and

     (v) duly executed notices of grant of security interest in the form required by
the Security Agreement as are necessary, in the Administrative Agent’s sole
discretion, to perfect the Administrative Agent’s security interest in the
intellectual property of the Loan Parties.

     (f) The Borrower shall have paid (i) to the Administrative Agent, for the account of
each Lender, an amendment fee equal to 0.05% of such Lender’s Commitment (after giving
effect to this Agreement) and (ii) all other fees and expenses that are owing from the
Borrower to the Administrative Agent.

     3. Miscellaneous.

     (a) The Credit Agreement and the obligations of the Loan Parties thereunder and under
the other Loan Documents, are hereby ratified and confirmed and shall remain in full force
and effect according to their terms.

     (b) Each Guarantor (a) acknowledges and consents to all of the terms and conditions of
this Agreement, (b) affirms all of its obligations under the Loan Documents and (c) agrees
that this Agreement and all documents executed in connection herewith do not operate to
reduce or discharge its obligations under the Credit Agreement or the other Loan Documents.

12

 

     (c) The Borrower and the Guarantors hereby represent and warrant as follows:

     (i) Each Loan Party has taken all necessary action to authorize the execution,
delivery and performance of this Agreement.

     (ii) This Agreement has been duly executed and delivered by the Loan Parties
and constitutes each of the Loan Parties’ legal, valid and binding obligations,
enforceable in accordance with its terms, except as such enforceability may be
subject to (A) bankruptcy, insolvency, reorganization, fraudulent conveyance or
transfer, moratorium or similar laws affecting creditors’ rights generally and (B)
general principles of equity (regardless of whether such enforceability is
considered in a proceeding at law or in equity).

     (iii) No consent, approval, authorization or order of, or filing, registration
or qualification with, any court or governmental authority or third party is
required in connection with the execution, delivery or performance by any Loan Party
of this Agreement except as specified in Section 7.14 of the Credit
Agreement.

     (d) The Loan Parties represent and warrant to the Lenders that (i) the representations
and warranties of the Loan Parties set forth in Article VI of the Credit Agreement
and in each other Loan Document are true and correct in all material respects as of the date
hereof after giving effect to this Agreement with the same effect as if made on and as of
the date hereof, except to the extent such representations and warranties expressly relate
solely to an earlier date and (ii) no event has occurred and is continuing which constitutes
a Default or an Event of Default.

     (e) This Agreement may be executed in any number of counterparts, each of which when so
executed and delivered shall be an original, but all of which shall constitute one and the
same instrument. Delivery of an executed counterpart of this Agreement by telecopy shall be
effective as an original and shall constitute a representation that an executed original
shall be delivered.

     (f) The Loan Parties hereby release the Administrative Agent, the Lenders and each of
their respective officers, employees, representatives, agents, trustees, counsel and
directors (collectively, the “Released Persons”) from any and all actions, causes of
action, claims, demands, damages and liabilities of whatever kind or nature, in law or in
equity, now known or unknown, suspected or unsuspected to the extent that any of the
foregoing is in any way related to or connected with the transactions reflected in the
Loan Documents and arises on or prior to the date hereof.

     (g) THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE
GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK.

[Signature pages follow]

13

 

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

	 	 	 	 	 	 	 	 	 
	BORROWER:	 	GEVITY HR, INC.,

a Florida corporation	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Garry J. Welsh	 	 
	 	 	 	 	 	 	 
	 	 	Name:	 	Garry J. Welsh	 	 
	 	 	Title:	 	Chief Financial Officer	 	 
	 
	 	 	 	 	 	 	 	 
	GUARANTORS:	 	GEVITY HR, L.P.,

a Delaware limited partnership	 	 
	 	 	GEVITY HR II, L.P.,

a Delaware limited partnership	 	 
	 	 	GEVITY HR III, L.P.,

a Delaware limited partnership	 	 
	 	 	GEVITY HR IV, L.P.,

a Delaware limited partnership	 	 
	 	 	GEVITY HR V, L.P.,

a Delaware limited partnership	 	 
	 	 	GEVITY HR VI, L.P.,

a Delaware limited partnership	 	 
	 	 	GEVITY HR VII, L.P.,

a Delaware limited partnership	 	 
	 	 	GEVITY HR VIII, L.P.,

a Delaware limited partnership	 	 
	 	 	GEVITY HR IX, L.P.,

a Delaware limited partnership	 	 
	 	 	GEVITY HR X, L.P.,

a Delaware limited partnership	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	Staff Leasing, LLC its General Partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Garry J. Welsh	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Garry J. Welsh	 	 
	 

	 	 	 	Title:
	 	 Chief Financial Officer	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	GEVITY HR XI, LLC,

a New Mexico limited liability company	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Garry J. Welsh	 	 
	 	 	 	 	 	 	 
	 	 	Name:	 	Garry J. Welsh	 	 
	 	 	Title:	 	Chief Financial Officer	 	 

 

 

	 	 	 	 	 	 	 
	 	 	GEVITY HR XII Corp.,

a Florida corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Garry J. Welsh	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Garry J. Welsh	 	 
	 

	 	Title:
	 	Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	GEVITY XIV, LLC,

a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Garry J. Welsh	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Garry J. Welsh	 	 
	 

	 	Title:
	 	Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	STAFF LEASING, LLC,

a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Garry J. Welsh	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Garry J. Welsh	 	 
	 

	 	Title:
	 	Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	GEVITY INSURANCE AGENCY, INC.,

a Delaware corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Edwin E. Hightower, Jr.	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	 Edwin E. Hightower, Jr.	 	 
	 

	 	Title:
	 	Secretary	 	 

 

 

	 	 	 	 	 	 	 
	ADMINISTRATIVE
	 	 	 	 	 	 
	AGENT:	 	BANK OF AMERICA, N.A.,

as Administrative Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Anne M. Zescheke	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Anne M. Zescheke	 	 
	 

	 	Title:
	 	Assistant Vice President	 	 

 

 

	 	 	 	 	 	 	 
	LENDER:	 	BANK OF AMERICA, N.A.,

as a Lender and L/C Issuer	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Cameron S. Cardozo
 

	 	 
	 

	 	Name:
	 	Cameron S. Cardozo	 	 
	 

	 	Title:
	 	Senior Vice President	 	 

 

 

	 	 	 	 	 	 	 
	 	 	WACHOVIA BANK, NATIONAL ASSOCIATION,

as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Valerie Clark
 

	 	 
	 

	 	Name:
	 	Valerie Clark	 	 
	 

	 	Title:
	 	Senior Vice President	 	 

 

 

Schedule 1.02

Adjustments to Consolidated Adjusted EBITDA

	 	 	 	 	 
	Fiscal Quarter Ending	 	Amount	 
	March 31, 2007
	 	$	1,386,000	 
	 	 	 	 	 
	June 30, 2007
	 	$	158,000	 
	 	 	 	 	 
	September 30, 2007
	 	$	1,755,000	 
	 	 	 	 	 
	December 31, 2007
	 	$	3,306,000	 
	 	 	 	 	 

 

 

Schedule 2.01

Commitments and Applicable Percentages

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Applicable	 
	Lender	 	Commitment	 	 	Percentage	 
	Bank of America, N.A.
	 	$	75,000,000.00	 	 	 	75.000000000	%
	Wachovia Bank, National Association
	 	$	25,000,000.00	 	 	 	25.000000000	%
	Total
	 	$	100,000,000.00	 	 	 	100.000000000	%

 

 

Exhibit D

FORM OF JOINDER AGREEMENT

     THIS
JOINDER AGREEMENT (the “Agreement”) dated as of                     , 20___ is by and
between                     , a                      (the “New Subsidiary”), and Bank of America, N.A., in its
capacity as Administrative Agent under that Amended and Restated Credit Agreement (as amended,
modified, supplemented and extended from time to time, the “Credit Agreement”) dated as of
August 30, 2006 among the Borrower, the Guarantors from time to party thereto, Bank of America,
N.A., as Administrative Agent and the Lenders from time to time party thereto. Capitalized terms
used herein and not otherwise defined herein shall have the meanings assigned to such terms in the
Credit Agreement.

     The Loan Parties are required by Section 7.12 of the Credit Agreement to cause the New
Subsidiary to become a “Guarantor” thereunder. Accordingly, the New Subsidiary hereby agrees as
follows with the Lender:

     1. The New Subsidiary hereby acknowledges, agrees and confirms that, by its execution of this
Agreement, the New Subsidiary will be deemed to be a party to the Credit Agreement and a
“Guarantor” for all purposes of the Credit Agreement, and shall have all of the obligations of a
Guarantor thereunder as if it had executed the Credit Agreement. The New Subsidiary hereby
ratifies, as of the date hereof, and agrees to be bound by, all of the terms, provisions and
conditions applicable to the Guarantors contained in the Credit Agreement. Without limiting the
generality of the foregoing terms of this paragraph 1, the New Subsidiary hereby jointly and
severally together with the other Guarantors, guarantees to each Lender and the Administrative
Agent, as provided in Article IV of the Credit Agreement, the prompt payment and
performance of the Obligations in full when due (whether at stated maturity, as a mandatory
prepayment, by acceleration or otherwise) strictly in accordance with the terms thereof.

     2. The New Subsidiary hereby acknowledges, agrees and confirms that, by its execution of this
Agreement, the New Subsidiary will be deemed to be a party to the Security Agreement and a
“Grantor” for all purposes of the Security Agreement, and shall have all the obligations of a
Grantor thereunder as if it had executed the Security Agreement. The New Subsidiary hereby
ratifies, as of the date hereof, and agrees to be bound by, all of the terms, provisions and
conditions contained in the Security Agreement. Without limiting the generality of the foregoing
terms of this paragraph 2, the New Subsidiary hereby grants to the Administrative Agent, for the
benefit of the Secured Parties, a continuing security interest in, and a right of set off against,
any and all right, title and interest of the New Subsidiary in and to the Collateral (as defined in
the Security Agreement) of the New Subsidiary to secure the prompt payment and performance in full
when due, whether by lapse of time, acceleration, mandatory prepayment or otherwise, of the Secured
Obligations (as defined in the Security Agreement).

     3. The New Subsidiary hereby acknowledges, agrees and confirms that, by its execution of this
Agreement, the New Subsidiary will be deemed to be a party to the Pledge Agreement and a “Pledgor”
for all purposes of the Pledge Agreement, and shall have all the obligations of a Pledgor
thereunder as if it had executed the Pledge Agreement. The New Subsidiary hereby ratifies, as of
the date hereof, and agrees to be bound by, all of the terms, provisions and conditions contained
in the Pledge Agreement. Without limiting the generality of the foregoing terms of this paragraph
3, the New Subsidiary hereby grants and pledges assigns to the Administrative Agent, for the
benefit of the Secured Parties, a continuing security interest in, and a right of set off against,
any and all right, title and interest of the New Subsidiary in and to the Capital Stock identified
on Schedule 6 hereto and all other Pledged Collateral (as defined in the Pledge Agreement)
of the New Subsidiary to secure the prompt payment and

 

 

performance in full when due, whether by lapse of time, acceleration, mandatory prepayment or
otherwise, of the Secured Obligations (as defined in the Pledge Agreement).

     4. The New Subsidiary hereby represents and warrants to the Administrative Agent and the
Lenders that as of the date hereof:

     (a) The New Subsidiary’s exact legal name and state of formation are as set forth on
the signature pages hereto.

     (b) The New Subsidiary’s taxpayer identification number and organization number are set
forth on Schedule 1 hereto.

     (c) Other than as set forth on Schedule 2 hereto, the New Subsidiary has not
changed its legal name, changed its state of formation, been party to a merger,
amalgamation, consolidation or other change in structure or used any tradename in the five
years preceding the date hereof.

     (d) Schedule 3 hereto includes all of the trademarks, service marks, trade
names, copyrights, patents, patent rights, franchises, licenses and other intellectual
property rights (collectively, “IP Rights”) registered or pending registration with
the United States Copyright Office or the United States Patent and Trademark Office and
owned by the New Subsidiary as of the date hereof. None of the IP Rights of the New
Subsidiary set forth in Schedule 3 hereto is subject to any licensing agreement or
similar arrangement, except as set forth on Schedule 3 hereto.

     (e) Schedule 4 hereto includes all Commercial Tort Claims before any
Governmental Authority by or in favor of the New Subsidiary.

     (f) Schedule 5 hereto lists all real property located in the United States that
is owned or leased by the New Subsidiary as of the date hereof.

     (g) Schedule 6 hereto includes each Subsidiary of the New Subsidiary, including
(i) jurisdiction of formation, (ii) number of shares of each class of Capital Stock
outstanding, (iii) the certificate number(s) of the certificates evidencing such Capital
Stock and number and percentage of outstanding shares of each class owned by the New
Subsidiary (directly or indirectly) of such Capital Stock and (iv) number and effect, if
exercised, of all outstanding options, warrants, rights of conversion or purchase and all
other similar rights with respect thereto.

     5. The address of the New Subsidiary for purposes of all notices and other communications is
the address designated for all Loan Parties on Schedule 11.02 to the Credit Agreement or such other
address as the New Subsidiary may from time to time notify the Administrative Agent in writing.

     6. The New Subsidiary hereby waives acceptance by the Administrative Agent and the Lenders of
the guaranty by the New Subsidiary under Article IV of the Credit Agreement upon the execution of
this Agreement by the New Subsidiary.

     7. This Agreement may be executed in multiple counterparts, each of which shall constitute an
original but all of which when taken together shall constitute one contract.

     8. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK.

 

 

     IN WITNESS WHEREOF, the New Subsidiary has caused this Joinder Agreement to be duly executed
by its authorized officer, and the Administrative Agent, for the benefit of the Lenders, has caused
the same to be accepted by its authorized officer, as of the day and year first above written.

	 	 	 	 	 	 	 
	 	 	[NEW SUBSIDIARY]	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:	 	 	 	 

	 	 	 	 	 
	Acknowledged and accepted:	 	 
	 
	 	 	 	 
	BANK OF AMERICA, N.A.,	 	 
	as Administrative Agent	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	Name:

	 	 

	 	 
	Title:EX-10.2 SECOND AMENDMENT TO HEALTH CARE BENEFITS

 

Exhibit 10.2

SECOND AMENDMENT TO AGREEMENT TO PROVIDE

COMPREHENSIVE HEALTH CARE BENEFITS

     This Second Amendment to Agreement to Provide Comprehensive Health Care Benefits dated as of
February 25, 2008 (the “First Amendment”) is entered into among Blue Cross and Blue Shield
of Florida, Inc. (“BCBSF”) and its subsidiary Health Options, Inc. (“HOI” and
together with BCBSF, “BCBSF/HOI”) located at 4800 Deerwood Campus Parkway, Jacksonville,
Florida 32246, and Gevity HR, Inc., a Florida corporation (“Gevity”), and the Gevity HR,
Inc. Group Health Plan (collectively with Gevity, the “Group”). All capitalized terms used
herein and not otherwise defined herein shall have the meanings given to such terms in the
Agreement to Provide Comprehensive Health Care Benefits (as defined below).

RECITALS

     WHEREAS, BCBSF/HOI and the Group entered into that certain Agreement to Provide Comprehensive
Health Care Benefits dated as of October 1, 2005 (as amended, restated, supplemented or otherwise
modified from time to time, the “Agreement”);

     WHEREAS, BCBSF/HOI and the Group desire to amend the Agreement as set forth below;

     NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein,
and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, BCBSF/HOI and the Group hereto agree as follows:

1. Amendments. The Agreement is hereby amended as follows:

  (a) The third sentence of Section XV of the Agreement (titled “Letter of Credit”)
is hereby restated in its entirety to read as follows:

This Coverage Ratio is defined as Earnings Before Interest Taxes, Depreciation and
Amortization (EBITDA) + Non-Cash Asset & Goodwill Impairment Charges + Non-Cash
Stock Compensation Expenses – Capex / Interest + Dividends, commencing with the
fiscal quarter ending December 31, 2007.

2. General.

  (a) This Second Amendment may be executed in any number of counterparts, each of
which when so executed and delivered shall be an original, but all of which shall
constitute one and the same instrument. Delivery of an executed counterpart of this
First Amendment by telecopy shall be effective as an original and shall constitute a
representation that an executed original shall be delivered.

  (b) This Second Amendment, and the rights of the parties hereunder, shall be
construed according to the laws of the State of Florida.

(Signature page follows.)

 

 

     IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment to be duly executed
as of the date first above written.

	 	 	 	 	 	 	 
	 	 	BLUE CROSS AND BLUE SHIELD OF FLORIDA, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Alan Guzzino
 

Alan Guzzino
	 	 
	 

	 	Title:
	 	Vice President, Public Sector Sales	 	 
	 
	 	 	 	 	 	 
	 	 	HEALTH OPTIONS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Alan Guzzino
 

Alan Guzzino
	 	 
	 

	 	Title:
	 	Vice President, Public Sector Sales	 	 
	 
	 	 	 	 	 	 
	 	 	GEVITY HR, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Garry J. Welsh
 

Garry J. Welsh
	 	 
	 

	 	Title:
	 	Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	GEVITY HR, INC. GROUP HEALTH PLAN	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Edwin E. Hightower, Jr.
 

Edwin E. Hightower, Jr.
	 	 
	 

	 	Title:
	 	Vice President and General Counsel

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