Document:

EX-10.2

 Exhibit 10.2 

Execution Version 
 SECOND
AMENDMENT TO CREDIT AGREEMENT 
 This SECOND AMENDMENT TO CREDIT AGREEMENT (this “Second Amendment”), dated as of
February 5, 2021, by and among Playa Resorts Holding B.V., a Dutch besloten vennootschap met beperkte aansprakelijkheid with its corporate seat in Amsterdam, the Netherlands (the
“Borrower”), Playa Hotels & Resorts N.V., a Dutch naamloze vennootschap with its corporate seat in Amsterdam, the Netherlands (“Holdings”), each other Guarantor party hereto,
Cortland Capital Market Services LLC, as administrative agent (in such capacity, including any successor thereto, the “Administrative Agent”) under the Loan Documents and each Lender party hereto. Unless otherwise indicated, all
capitalized terms used herein and not otherwise defined herein shall have the respective meanings provided to such terms in the Credit Agreement referred to below. 

W I T N E S S E T H: 

WHEREAS, the Borrower, Holdings, the Lenders from time to time party thereto, Acquiom Agency Services LLC, as Mexican collateral agent, and
the Administrative Agent, among others, are parties to that certain Credit Agreement, dated as of June 12, 2020 (as amended, restated, supplemented or otherwise modified to, but not including, the Second Amendment Effective Date referred to
below, the “Credit Agreement”); 
 WHEREAS, pursuant to Section 10.01 of the Credit Agreement,
the Borrower wishes to amend the Credit Agreement in order to, among other things, amend Section 7.11 of the Credit Agreement as more fully provided herein; 

WHEREAS, in accordance with the provisions of Section 10.01 of the Credit Agreement and the terms and conditions set
forth herein, the parties hereto wish to effect this Second Amendment; 
 NOW, THEREFORE, in consideration of the premises and the
agreements contained herein, the parties hereto agree as follows: 
 SECTION 1. Amendments to the Credit Agreement.

 (a) Section 1.01 of the Credit Agreement is hereby amended by adding in the appropriate alphabetical order the
following new definitions: 
 “Second Amendment” means the Second Amendment to Credit Agreement, dated as of
February 5, 2021, among the Borrower, Holdings, the other Guarantors party thereto, the Administrative Agent and each Lender. 

“Second Amendment Effective Date” shall have the meaning provided in the Second Amendment. 

(b) Section 7.11 of the Credit Agreement is hereby amended by amending and restating such Section in its entirety as
follows: 

 “Section 7.11 Financial Covenant. 

(a) (I) Unless the Borrower Opt-Out Election (as defined below) has been made, in respect of the
Term A1 Loans and commencing with the Test Period for which financial statements have been or are required to be delivered pursuant to Section 6.01(b) in respect of the fiscal quarter ended March 31, 2022 (the
“Initial Test Period”) and for each Test Period thereafter, if the aggregate amount of outstanding Revolving Credit Loans (including Swingline Loans) and L/C Obligations (excluding the face amount of undrawn Letters of Credit that
are Cash Collateralized or backstopped or otherwise do not exceed $10,000,000 in the aggregate) exceeds 35.0% of the aggregate Revolving Credit Commitments under the Revolving Credit Facility, permit the Consolidated Secured Net Leverage Ratio as of
the last day of any Test Period to exceed (i) in the case of the Initial Test Period, 6.50:1.00, (ii) in the case of the first Test Period following the Initial Test Period, 6.00:1.00 and (iii) in the case of each Test Period thereafter,
4.75:1.00; provided that, for purposes of determining Consolidated EBITDA in the calculation of the Consolidated Secured Net Leverage Ratio pursuant to Section 7.11 for (1) the Initial Test Period,
“Consolidated EBITDA” shall be the sum of Consolidated EBITDA reported to the Lenders (or, to the extent reported in respect of a quarter ending prior to the Closing Date, the Lenders under the Existing Senior Secured Credit Facility) for
the first fiscal quarter of the Borrower in 2022, the second fiscal quarter of the Borrower in 2019 and the third and fourth fiscal quarters of the Borrower in 2018 (determined as if the same were a single accounting period); (2) the first Test
Period following the Initial Test Period, Consolidated EBITDA shall be the sum of Consolidated EBITDA reported to the Lenders (or, to the extent reported in respect of a quarter ending prior to the Closing Date, the Lenders under the Existing Senior
Secured Credit Facility) for the first and second fiscal quarters of the Borrower in 2022 and the first and second fiscal quarters of the Borrower in 2019 (determined as if the same were a single accounting period); and (3) the second Test
Period following the Initial Test Period, Consolidated EBITDA shall be the sum of Consolidated EBITDA reported to the Lenders (or, to the extent reported in respect of a quarter ending prior to the Closing Date, the Lenders under the Existing Senior
Secured Credit Facility) for the first, second and third fiscal quarters of the Borrower in 2022 and the second fiscal quarter of the Borrower in 2019 (determined as if the same were a single accounting period); provided, further,
that, for the avoidance of doubt, “Consolidated EBITDA” as determined for any fiscal quarter pursuant to the preceding proviso shall in all cases be calculated on a Pro Forma Basis and be adjusted in accordance with
Section 1.08 to give effect to any Specified Transaction occurring during or after, as applicable, any such fiscal quarter. 

(II) At any time on and after the Borrower Opt-Out Election, in respect of the Term A1 Loans and
commencing with the first Test Period for which financial statements have been or are required to be delivered pursuant to Section 6.01(a) or (b) in respect of the first fiscal year or fiscal quarter ended after
the Borrower Opt-Out Election has been made and for each Test Period thereafter, if the aggregate amount of outstanding Revolving Credit Loans (including Swingline Loans) and L/C Obligations (excluding the
face amount of undrawn Letters of Credit that are Cash Collateralized or backstopped or otherwise do not exceed $10,000,000 in the aggregate) exceeds 35.0% of the aggregate Revolving Credit Commitments under the Revolving Credit Facility, permit the
Consolidated Secured Net Leverage Ratio as of the last day of any Test Period to exceed 4.75:1.00. 
 (b) At all times from and after the
Closing Date until the date of the delivery of financial statements pursuant to Section 6.01(b) in respect of the fiscal quarter ended September 30, 2022 (the “Covenant Restriction Period”), unless
(x) at any time during the Covenant Restriction Period, (I) the aggregate amount of outstanding Revolving Credit Loans (including Swingline Loans) and L/C Obligations (excluding the face amount of undrawn Letters of Credit that are Cash
Collateralized or backstopped or otherwise do not exceed $10,000,000 in the aggregate) is less than 35.0% of the aggregate Revolving Credit Commitments under the Revolving Credit Facility at such time and (II) the Borrower shall have delivered
an irrevocable written notice to the Administrative Agent, electing to terminate permanently the restrictions in this Section 7.11(b) on the basis of compliance with preceding clause (I) (the conditions described in this
clause (x), the “Borrower Opt-Out Election”) or (y) the Consolidated Secured Net Leverage Ratio 

  
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(determined on a Pro Forma Basis in accordance with Section 1.08 after giving effect to the applicable transaction but, for this purpose, disregarding clause (y) of
the first proviso appearing in the first sentence of Section 1.08(a) and instead giving effect to clause (ii) of the first sentence of each of Sections 1.08(b) and (d) as if such determination were
not made pursuant to Section 7.11) is less than or equal to 4.75:1.00 (as of the last day of the most recently ended Test Period) (the conditions described in the exceptions provided for in clause (x) or (y), the
“Applicable Covenant Restriction Fall-Away Conditions”): 
 (i) [reserved]; 

(ii) incur any Incremental Loans pursuant to Section 2.14; 

(iii) designate any Restricted Subsidiary as an Unrestricted Subsidiary pursuant to Section 6.14;

 (iv) form or create any Non-Recourse Subsidiaries; 

(v) make any Investment pursuant to Section 7.02(c)(i) (other than with respect to Investments in
(x) any Loan Party or (y) any Restricted Subsidiary which is not a Loan Party in the form of intercompany loans evidenced by an Intercompany Note pledged to the Administrative Agent or the Mexican Collateral Agent, as applicable;
provided no Investments shall be made to Non-Recourse Subsidiaries in reliance on this clause (y)), 7.02(c)(ii) (other than Investments in the 2020 Designated Unrestricted Subsidiaries made in
cash (i) in the ordinary course of business to fund such 2020 Designated Unrestricted Subsidiaries’ operating expenses and maintenance capital expenditures, (ii) in such amounts as may be required to pay scheduled amortization and
interest payments, fees and other amounts under the 2020 Unrestricted Subsidiary Indebtedness when and as the same become due and payable in accordance with the terms thereof (as originally in effect and without giving effect to any amendments,
restatements, renewals, restructurings, extensions, supplements or other modifications thereto that are adverse to the interests of the Term A1 Lenders) or (iii) in an aggregate amount not to exceed $50,000,000 at any time outstanding;
provided that (I) Investments shall only be permitted to pursuant to preceding clauses (i) and (ii) if the 2020 Designated Unrestricted Subsidiaries would have insufficient liquidity (as reasonably determined in good faith by the
Borrower) to operate in the ordinary course of business if the 2020 Designated Unrestricted Subsidiaries were to make such payments without the benefit of such Investments, (II) Investments shall only be permitted pursuant to preceding clauses
(i), (ii) and (iii) if made by a Loan Party in the form of intercompany loans evidenced by an Intercompany Note pledged to the Administrative Agent or the Mexican Collateral Agent, as applicable, and (III) Investments permitted to be made
pursuant to preceding clause (iii) after the Closing Date shall be reduced on a dollar-for-dollar basis by the amount of Investments made pursuant to
Section 7.02(n) after the Closing Date), 7.02(i) or 7.02(n) (other than Investments in the 2020 Designated Unrestricted Subsidiaries made in cash (i) in the ordinary course of business to fund such 2020
Designated Unrestricted Subsidiaries’ operating expenses and maintenance capital expenditures, (ii) in such amounts as may be required to pay scheduled amortization and interest payments, fees and other amounts under the 2020 Unrestricted
Subsidiary Indebtedness when and as the same become due and payable in accordance with the terms thereof (as originally in effect and without giving effect to any amendments, restatements, renewals, restructurings, extensions, supplements or other
modifications thereto that are adverse to the interests of the Term A1 Lenders) or (iii) in an aggregate amount not to exceed $175,000,000 at any time outstanding; provided that (I) Investments shall only be permitted to pursuant to
preceding clauses (i) and (ii) if 

  
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the 2020 Designated Unrestricted Subsidiaries would have insufficient liquidity (as reasonably determined in good faith by the Borrower) to operate in the ordinary course of business if the 2020
Designated Unrestricted Subsidiaries were to make such payments without the benefit of such Investments, (II) Investments shall only be permitted pursuant to preceding clauses (i), (ii) and (iii) if made by a Loan Party in the form of
intercompany loans evidenced by an Intercompany Note pledged to the Administrative Agent or the Mexican Collateral Agent, as applicable, and (III) Investments permitted to be made pursuant to preceding clause (iii) after the Closing Date
shall be reduced on a dollar-for-dollar basis by the amount of Investments made pursuant to Section 7.02(c)(ii) after the Closing Date); 

(vi) create, incur, assume or suffer to exist (x) any Indebtedness pursuant to Section 7.03(g),
7.03(q) or 7.03(s) (but solely to the extent such Permitted Ratio Debt is incurred by Restricted Subsidiaries that are not Subsidiary Guarantors as contemplated by the definition of “Permitted Ratio Debt”) or (y) any Non-Recourse Indebtedness; 
 (vii) merge, dissolve, liquidate, consolidate with or into
another Person, or Dispose of (whether in one transaction or in a series of related transaction) all or substantially all of its assets pursuant to Section 7.04(d), 7.04(e) or 7.04(f); 

(viii) (x) make any Disposition pursuant to (A) Section 7.05(d) (solely with respect to
Dispositions to any Restricted Subsidiary which is not a Loan Party), 7.05(m) or 7.05(o) (other than grants of security interests in the Equity Interests of the 2020 Designated Unrestricted Subsidiaries securing the 2020 Unrestricted
Subsidiary Indebtedness), in each case, unless agreed in writing by the Administrative Agent (acting at the direction of the Required Lenders), or (B) Section 7.05(j), unless, in addition to satisfying the requirements
thereof, (1) the gross proceeds of such Disposition would be equal to or greater than the appraised value of the property subject to such Disposition (as determined by a reputable appraiser of national standing that complies with the Uniform
Standards of Professional Appraisal Practice or is otherwise reasonably satisfactory to the Administrative Agent), (2) if the gross proceeds of such Disposition would be less than the appraised value of the property subject to such Disposition (as
determined by a reputable appraiser of national standing that complies with the Uniform Standards of Professional Appraisal Practice or is otherwise reasonably satisfactory to the Administrative Agent), the Administrative Agent (acting at the
direction of the Required Lenders) shall have agreed in writing to such Disposition or (3) if no appraisal (or qualifying appraisal) is available with respect to the property subject to such Disposition, the Administrative Agent (acting at the
direction of the Required Lenders) shall have agreed in writing to such Disposition, or (y) in any event, Dispose of any property or asset subject to the mandatory repayment provision in Section 2.05(b)(ii)(1) without
applying the Net Proceeds therefrom in accordance with the requirements of Section 7.11(d)(i); 

(ix) make any Restricted Payment pursuant to Section 7.06(h), 7.06(i), 7.06(l),
7.06(n) or 7.06(o); 
 (x) make any prepayment, purchase or redemption of any Junior Financing pursuant to
Section 7.13(a)(D), (F) and (G); or 
 (xi) purchase any Term Loans from any Lender
pursuant to Section 10.07(k); 

  
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 (c) At any time during the Covenant Restriction Period, unless one or both of the Applicable
Covenant Restriction Fall-Away Conditions have been satisfied at such time, permit the Minimum Required Liquidity as of the last day of any calendar month to be less than $70,000,000. 

(d) At all times from and after the Second Amendment Effective Date through the Maturity Date (or such earlier date upon which the Term
Facility is terminated and all related Obligations are paid in full), and without limiting the additional restrictions of Section 7.11(b) (to the extent then applicable): 

(i) Dispose of any property or asset subject to the mandatory repayment provision in
Section 2.05(b)(ii)(1) without applying (A) in the case of the first $100,000,000 of the Net Proceeds received in connection with any such Disposition, (1) 50% of such Net Proceeds in accordance with the terms of
Section 2.05(b)(ii) (for this purpose, without giving effect to any reinvestment rights in respect thereof) and (2) 50% of the Net Proceeds (for this purpose, determined as if the reinvestment
cut-off dates in the definition thereof were 12 months and 18 months (instead of 18 months and 24 months, respectively)) in accordance with the terms of Section 2.05(b)(ii) and
(B) in the case of any additional Net Proceeds in excess of $100,000,000 in respect of any such Disposition, 100% of such Net Proceeds in accordance with the terms of Section 2.05(b)(ii) (for this purpose, without
giving effect to any reinvestment rights in respect thereof) until the Borrower (I) is in compliance, on a Pro Forma Basis, with a Consolidated Secured Net Leverage Ratio of less than or equal to 4.75:1.00 and (II) has delivered an
officer’s certificate to the Administrative Agent demonstrating such compliance (together with calculations therefor in reasonable detail); provided, however, that (A) (1) if the Consolidated Secured Net Leverage Ratio is
less than or equal to 4.75:1.00 (calculated on Pro Forma Basis as of the last day of the most recently ended Test Period) and (2) the Borrower has delivered an officer’s certificate to the Administrative Agent demonstrating such compliance
(together with calculations therefor in reasonable detail), the additional restrictions described in this Section 7.11(d)(i) shall no longer apply and (B) the additional restrictions described in this
Section 7.11(d)(i) shall not apply with respect to any Disposition of the property known as Dreams Puerto Aventuras; 

(ii) designate any Restricted Subsidiary as an Unrestricted Subsidiary pursuant to Section 6.14,
unless, after giving effect to such designation, on a Pro Forma Basis, the Consolidated Secured Net Leverage Ratio is less than or equal to 4.75:1.00 (calculated on a Pro Forma Basis as of the last day of the most recently ended Test Period); 

(iii) form or create any Non-Recourse Subsidiaries; 

(iv) [reserved]; 

(v) incur any additional Indebtedness pursuant to Section 7.03(m); 

(vi) in the case of any Loan Party, make any Investments in Unrestricted Subsidiaries, unless made in the form of intercompany
loans evidenced by an Intercompany Note pledged to the Administrative Agent or the Mexican Collateral Agent, as applicable; 

(vii) make any Investment pursuant to Section 7.02(c) in respect of joint ventures or other similar
agreements of partnership in respect of Persons that are not Subsidiaries, unless at the time of, and after giving effect to, the utilization thereof, the Consolidated Secured Net Leverage Ratio (calculated on a Pro Forma Basis) shall be no greater
than 4.75:1.00; and 

  
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 (viii) make Investments pursuant to Section 7.02(n) or
(s), unless at the time of, and after giving effect to, the utilization thereof, the Consolidated Secured Net Leverage Ratio (calculated on a Pro Forma Basis) shall be no greater than 4.75:1.00; 

(ix) make Restricted Payments pursuant to (A) Section 7.06(h) or (to the extent made with an
Excluded Contribution) Section 7.06(l), unless at the time of, and after giving effect to, the utilization thereof, the Consolidated Secured Net Leverage Ratio (calculated on a Pro Forma Basis) shall be no greater than
4.75:1.00 or (B) Section 7.06(o) in excess of 5% of Market Capitalization at the time such Restricted Payment is declared (after taking into account any other Restricted Payments previously made in reliance upon
Section 7.06(o) during such calendar year); and 
 (x) prepay, redeem, purchase, defease or
otherwise satisfy Junior Financing pursuant to Section 7.13(a)(D) or (E), unless at the time of, and after giving effect to, the utilization thereof, the Consolidated Secured Net Leverage Ratio (calculated on a Pro
Forma Basis) shall be no greater than 4.75:1.00. 
 (e) As used in this Section 7.11 the terms “2020
Designated Unrestricted Subsidiaries,” “2020 Unrestricted Subsidiary Indebtedness,” “Cash Collateralized,” “Letters of Credit,” “Revolver Availability,” “Revolving Credit Commitments,”
“Revolving Credit Facility,” “Revolving Credit Loans,” and “Swingline Loans” shall have the meaning ascribed to such terms in the Existing Senior Secured Facility. 

SECTION 2. Representations and Warranties. 

(a) In order to induce the Administrative Agent and the Lenders to enter into this Second Amendment, the Borrower and each other Loan Party
hereby represents and warrants that: 
 (i) no Event of Default shall exist as of the Second Amendment Effective Date or
would result immediately after giving effect to this Second Amendment; 
 (ii) the representations and warranties of each
Loan Party set forth in Article V of the Credit Agreement and in each other Loan Document are true and correct in all material respects (or, to the extent qualified by materiality, in all respects) on the Second Amendment Effective Date with the
same effect as though made on and as of the such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case they shall be true in all material respects as of such earlier date (it being
understood and agreed that, for purposes of Sections 4.02(a) and 5.05(b) of the Credit Agreement, the effects, events, occurrences, facts, conditions or changes arising out of, resulting from or in connection with the COVID-19 pandemic that have occurred, and been disclosed to the Administrative Agent and the Lenders, prior to the Second Amendment Effective Date (including the closing of the Hotel Real Properties) shall be
disregarded in the determination of a “Material Adverse Effect” under clause (a) of the definition thereof); 

(iii) it and each other Loan Party has all corporate or other organizational power and authority to execute and deliver this
Second Amendment and to carry out the transactions contemplated by, and perform its obligations under the Credit Agreement, as amended by this Second Amendment (the “Amended Credit Agreement”); 

(iv) it and each other Loan Party has taken all necessary corporate or other organizational action to authorize the execution
and delivery of this Second Amendment and the performance of the Amended Credit Agreement; 

  
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 (v) neither the execution or delivery of this Second Amendment nor the
performance by any Loan Party of the Amended Credit Agreement will (i) contravene the terms of any of the Organization Documents of such Loan Party; (ii) conflict with or result in any breach or contravention of, or the creation of any
Lien (other than as permitted by Section 7.01 of the Credit Agreement) under, or require any payment to be made under (A) any Contractual Obligation to which such Loan Party is a party or by which it or any of its
property or assets is bound or (B) any material order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Loan Party or its property is subject; or (iii) violate any Law; except with respect to any
conflict, breach or contravention or payment (but not creation of Lien) referred to in clauses (ii) and (iii), to the extent that such violation, conflict, breach, contravention or payment could not reasonably be expected to have a Material
Adverse Effect; 
 (vi) no material approval, consent, exemption, authorization, or other action by, or notice to, or filing
with, any Governmental Authority is necessary or required in connection with the execution or delivery of this Second Amendment or performance by, or enforcement against, any Loan Party of the Amended Credit Agreement, except for (i) filings
necessary to perfect the Liens on the Collateral granted by the Loan Parties in favor of the Secured Parties, (ii) the approvals, consents, exemptions, authorizations, actions, notices and filings that have been duly obtained, taken, given or
made and are in full force and effect, (iii) those approvals, consents, exemptions, authorizations or other actions, notices or filings, the failure of which to obtain or make could not reasonably be expected to have a Material Adverse Effect
and (iv) any public filing with the SEC in compliance with applicable Law, including United States Federal and state securities Laws; 

(vii) all consents to this Second Amendment which are required to be obtained from any Lender under the Credit Agreement or any
party to the Existing Senior Secured Facility have been obtained and all other conditions precedent to entering into the amendments contained in this Second Amendment, including the requirements of Section 10.01 of the
Credit Agreement, have been satisfied; and 
 (b) Holdings and each other Guarantor: 

(i) has read this Second Amendment and consents to the terms hereof and hereby acknowledges and agrees that each of the
Guaranty and the Collateral Documents to which it is a party or otherwise is bound shall continue in full force and effect and that all of its obligations thereunder shall be valid and enforceable and shall not be impaired or limited by the
execution or effectiveness of this Second Amendment; and 
 (ii) acknowledges and agrees that (i) notwithstanding the
conditions to effectiveness set forth in this Second Amendment, such Guarantor is not required by the terms of the Credit Agreement or any other Loan Document to consent to the amendments to the Credit Agreement effected pursuant to this Second
Amendment and (ii) nothing in this Second Amendment shall be deemed to require the consent of such Guarantor to any future amendments to the Credit Agreement. 

  
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 SECTION 3. Conditions to Effectiveness of this Second Amendment. This Second
Amendment shall become effective on the date (the “Second Amendment Effective Date”) when each of the following conditions shall have been satisfied (which, in the case of the conditions set forth in clauses (c) and (d) below, may be
satisfied substantially concurrently with the occurrence of the Second Amendment Effective Date): 
 (a) no Event of Default exists as of the
Second Amendment Effective Date, both before and immediately after giving effect to the Second Amendment; 
 (b) all of the representations
and warranties of the Borrower and each other Loan Party contained in the Credit Agreement and the other Loan Documents (including this Second Amendment) are true and correct in all material respects on the Second Amendment Effective Date, both
before and after giving effect to this Second Amendment, with the same effect as though such representations and warranties had been made on and as of the Second Amendment Effective Date (it being understood and agreed that (x) any
representation or warranty which by its terms is made as of a specified date shall be required to be true and correct in all material respects only as of such specified date, (y) any representation or warranty that is qualified as to
“materiality,” “Material Adverse Effect” or similar language shall be true and correct in all respects on such date) and (z) for purposes of Sections 4.02(a) and 5.05(b) of the Credit Agreement, the
effects, events, occurrences, facts, conditions or changes arising out of, resulting from or in connection with the COVID-19 pandemic that have occurred, and been disclosed to the Administrative Agent and the
Lenders, prior to the Second Amendment Effective Date (including the closing of the Hotel Real Properties) shall be disregarded in the determination of a “Material Adverse Effect” under clause (a) of the definition thereof; 

(c) the Borrower, Holdings, the other Guarantors, the Administrative Agent and each Lender shall have signed a counterpart hereof (whether the
same or different counterparts) and shall have delivered (including by way of facsimile or other electronic transmission) the same to the Administrative Agent; and 

(d) the Administrative Agent shall have received a copy of an amendment to Existing Senior Secured Credit Facility in form and substance
reasonable satisfactory to the Lenders, duly executed and delivered by the Loan Parties party thereto and the other parties thereto; and 

(e) The Borrower shall have paid (or made acceptable arrangements with the Administrative Agent to pay) all fees and expenses due and payable
hereunder and the reasonable fees and expenses of the Lenders’ and Administrative Agent’s attorneys with respect to the preparation, negotiation and execution of this Amendment. 

SECTION 4. Miscellaneous Provisions. 

(a) This Second Amendment is limited precisely as written and shall not be deemed to (i) be a waiver of or a consent to the modification
of or deviation from any other term or condition of the Credit Agreement or the other Loan Documents or any of the other instruments or agreements referred to therein, or (ii) prejudice any right or rights which any of the Lenders, the
Administrative Agent or the Mexican Collateral Agent now have or may have in the future under or in connection with the Credit Agreement, the Loan Documents or any of the other instruments or agreements referred to therein. 

(b) This Second Amendment may be executed in any number of counterparts (including by way of facsimile or other electronic transmission) and by
the different parties hereto on separate counterparts, each of which counterparts when executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. A complete set of counterparts shall be
lodged with the Borrower and the Administrative Agent. Except to the extent applicable law would prohibit the same, make the same unenforceable or affirmatively requires a 

  
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manually executed counterpart signature, (i) the delivery of an executed counterpart of a signature page of this Second Amendment by fax, emailed .pdf or any other electronic means approved
by the Administrative Agent in writing (which may be via email) that reproduces an image of the actual executed signature page shall be as effective as the delivery of a manually executed counterpart of this Second Amendment, and (ii) if agreed
by the Administrative Agent in writing (which may be via email) with respect to this Second Amendment, the delivery of an executed counterpart of a signature page of this Second Amendment by electronic means that types in the signatory to a document
as a “conformed signature” from an email address approved by the Administrative Agent in writing (which may be via email) shall be as effective as the delivery of a manually executed counterpart of this Second Amendment. In furtherance of
the foregoing, the words “execution”, “signed”, “signature”, “delivery” and words of like import in or relating to any document to be signed in connection with this Second Amendment and the transactions
contemplated hereby or thereby shall be deemed to include Electronic Signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature,
physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York
State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. As used herein, “Electronic Signature” means an electronic sound, symbol, or process attached to, or
associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or other record. 

(c) THIS SECOND AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 (d) By executing and delivering a copy hereof, the Borrower and each other Loan
Party hereby (A) agrees that all Loans shall be guaranteed pursuant to the Guaranty in accordance with the terms and provisions thereof and shall be secured pursuant to the Collateral Documents in accordance with the terms and provisions
thereof, and that, notwithstanding the effectiveness of this Second Amendment, after giving effect to this Second Amendment, the Guaranty and the Liens created pursuant to the Collateral Documents for the benefit of the Secured Parties continue to
be in full force and effect on a continuous basis, (B) affirms, acknowledges and confirms all of its obligations and liabilities under the Credit Agreement and each other Loan Document to which it is a party, in each case after giving effect to
this Second Amendment, all as provided in such Loan Documents, and acknowledges and agrees that such obligations and liabilities continue in full force and effect on a continuous basis in respect of, and to secure, the Obligations under the Credit
Agreement and the other Loan Documents, in each case after giving effect to this Second Amendment and (C) confirms and agrees that at the time of entering into of any pledge governed by Netherlands or Curaçao law created pursuant to or
in connection with any Loan Document, it was its intention (and it is still its intention and agreement with the Pledgee) that the pledges secure the obligations as amended, supplemented, extended or restated from time to time. 

(e) Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender or any of their
Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Second Amendment. Each Credit Lender also acknowledges that it will, independently and without
reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action
under or based upon this Second Amendment, any other Loan Document or any related agreement or any document furnished hereunder or thereunder. 

  
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 (f) This Second Amendment shall constitute a “Loan Document” for purposes of the Credit
Agreement and the other Loan Documents. 
 (g) From and after the Second Amendment Effective Date, all references in the Credit Agreement and
each of the other Loan Documents to the Credit Agreement shall be deemed to be references to the Credit Agreement as modified hereby or in accordance with the terms hereof. 

(h) Section headings herein are included for convenience of reference only and shall not affect the interpretation of this Second Amendment.

 (i) By its signature hereto, each of the Administrative Agent and each Lender acknowledge that the 2021 Refinancing Revolving Credit
Commitments, the 2021 Refinancing Revolving Credit Loans and the corresponding Revolving Credit Exposure (in each case, as defined in the Existing Senior Secured Facility as amended on the date hereof) constitute “Credit Agreement
Obligations” and “Pari Passu Obligations” for all purposes under that certain Pari Passu Intercreditor Agreement dated as of June 12, 2020, by and among the Administrative Agent, Mexican Collateral Agent, Deutsche Bank AG New
York Branch, Deutsche Bank Mèxico, S.A. Instituciòn de Banca Multiple, División Fiduciaria, and the other parties from time to time party thereto. 

[Signature Pages follow] 

  
 10 

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

			
	 PLAYA RESORTS HOLDING B.V., as

Borrower

		
	By:	 	 /s/ Ryan Hymel

	Name:	 	Ryan Hymel
	Title:	 	Authorized Person
	
	 PLAYA HOTELS & RESORTS N.V., as

Holdings

		
	By:	 	 /s/ Ryan Hymel

	Name:	 	Ryan Hymel
	Title:	 	Authorized Person
	
	PLAYA H&R HOLDINGS B.V., as Guarantor
		
	By:	 	 /s/ Ryan Hymel

	Name:	 	Ryan Hymel
	Title:	 	Authorized Person
	
	PLAYA RIVIERA MAYA B.V., as Guarantor
		
	By:	 	 /s/ Ryan Hymel

	Name:	 	Ryan Hymel
	Title:	 	Authorized Person
	
	PLAYA ROMANA B.V., as Guarantor
		
	By:	 	 /s/ Ryan Hymel

	Name:	 	Ryan Hymel
	Title:	 	Authorized Person
	
	PLAYA ROMANA MAR B.V., as Guarantor
		
	By:	 	 /s/ Ryan Hymel

	Name:	 	Ryan Hymel
	Title:	 	Authorized Person

 
			
	PLAYA CANA B.V., as Guarantor
		
	By:	 	 /s/ Ryan Hymel

	Name:	 	Ryan Hymel
	Title:	 	Authorized Person
	
	 PLAYA GRAN, S. DE R.L. DE C.V., as

Guarantor

		
	By:	 	 /s/ Ryan Hymel

	Name:	 	Ryan Hymel
	Title:	 	Authorized Person
	
	GRAN DESING & FACTORY, S. DE R.L. DE C.V., as Guarantor
		
	By:	 	 /s/ Ryan Hymel

	Name:	 	Ryan Hymel
	Title:	 	Authorized Person
	
	 DESARROLLOS GCR, S. DE R.L. DE

C.V., as Guarantor

		
	By:	 	 /s/ Ryan Hymel

	Name:	 	Ryan Hymel
	Title:	 	Authorized Person
	
	 INMOBILIARIA Y PROYECTOS

TRPLAYA, S. DE R.L. DE C.V., as
 Guarantor

		
	By:	 	 /s/ Ryan Hymel

	Name:	 	Ryan Hymel
	Title:	 	Authorized Person
	
	 PLAYA RMAYA ONE, S. DE R.L. DE

C.V., as Guarantor

		
	By:	 	 /s/ Ryan Hymel

	Name:	 	Ryan Hymel
	Title:	 	Authorized Person

 
			
	 PLAYA CABOS BAJA, S. DE R.L. DE

C.V., as Guarantor

		
	By:	 	 /s/ Ryan Hymel

	Name:	 	Ryan Hymel
	Title:	 	Authorized Person
	
	 HOTEL CAPRI CARIBE, S. DE R.L.

DE C.V., as Guarantor

		
	By:	 	 /s/ Ryan Hymel

	Name:	 	Ryan Hymel
	Title:	 	Authorized Person
	
	 CAMERON DEL CARIBE, S. DE R.L.

DE C.V., as Guarantor

		
	By:	 	 /s/ Ryan Hymel

	Name:	 	Ryan Hymel
	Title:	 	Authorized Person
	
	 CAMERON DEL PACIFICO, S. DE R.L.

DE C.V., as Guarantor

		
	By:	 	 /s/ Ryan Hymel

	Name:	 	Ryan Hymel
	Title:	 	Authorized Person
	
	 SERVICIOS PLYA HOTELS &

RESORTS, S. DE R.L. DE C.V., as
 Guarantor

		
	By:	 	 /s/ Ryan Hymel

	Name:	 	Ryan Hymel
	Title:	 	Authorized Person
	
	 PLAYA HALL JAMAICAN RESORT

LIMITED, as Guarantor

		
	By:	 	 /s/ Ryan Hymel

	Name:	 	Ryan Hymel
	Title:	 	Authorized Person

 
			
	 INVERSIONES VILAZUL S.A.S., as

Guarantor

		
	By:	 	 /s/ Ryan Hymel

	Name:	 	Ryan Hymel
	Title:	 	Authorized Person

 
			
	 CORTLAND CAPITAL MARKET

SERVICES LLC

	as Administrative Agent
		
	By:	 	 /s/ Matthew Trybula

		 	Name: Matthew Trybula
		 	Title: Associate Counsel

  

			
	PHR LENDER LLC, as a Lender
	
	By: Midtown Acquisitions GP LLC, its Manager
		
	By:	 	 /s/ Joshua D. Morris

		 	Name: Joshua D. Morris
		 	Title: Managernlegeremploymentagreemen

 NEWTEK BUSINESS SERVICES CORP.  _____________________________    EMPLOYMENT AGREEMENT WITH  NICHOLAS J. LEGER  _____________________________    PREAMBLE.  This EMPLOYMENT AGREEMENT (the “Agreement”) is entered into as  of the 5st day of February 2021 (the “Effective Date”), by and between NEWTEK BUSINESS  SERVICES CORP. (the “Company”) and NICHOLAS J. LEGER (the “Executive”).  WHEREAS, the Executive is to be employed by the Company as Executive Vice President  and Chief Accounting Officer; and  WHEREAS, the parties desire by this writing to set forth the employment relationship of  the Company and the Executive as of the Effective Date.  NOW, THEREFORE, it is AGREED as follows:  1. Defined Terms  When used anywhere in the Agreement, the following terms shall have the meaning  set forth herein.  (a) “Board” shall mean the Board of Directors of the Company.  (b) “Change in Control” shall mean any one of the following events:  (i) the  acquisition of ownership, holding or power to vote more than 25% of the Company’s voting shares  by any person or persons acting as a “group” (within the meaning of Section 13(d) of the Securities  Exchange Act of 1934), (ii) the acquisition of the ability to control the election of a majority of the  Board by any person or persons acting as a “group” (within the meaning of Section 13(d) of the  Securities Exchange Act of 1934), (iii) the acquisition of a controlling influence over the  management or policies of the Company by any person or by persons acting as a “group” (within  the meaning of Section 13(d) of the Securities Exchange Act of 1934), or (iv) during any period  of two consecutive years, individuals (the “Continuing Directors”) who at the beginning of such  period constitute the Board (the “Existing Board”) cease for any reason to constitute at least two- thirds thereof, provided that any individual whose election or nomination for election as a member  of the Existing Board was approved by a vote of at least two-thirds of the Continuing Directors  then in office shall be considered a Continuing Director. For purposes of defining Change in  Control, the term “person” refers to an individual or a corporation, partnership, trust, association,  joint venture, pool, syndicate, sole proprietorship, unincorporated organization or any other form  of entity not specifically listed herein. Notwithstanding the foregoing, a Change in Control as  defined in this Section 1(b) shall not be treated as a Change in Control for purposes of this  Agreement unless it constitutes a “change in control event” within the meaning of Section 1.409A- 3(i)(5) of the Treasury Regulations promulgated under section 409A of the Internal Revenue Code  of 1986, as amended (the “Code”) (the “Treasury Regulations”).  

 

  2  (c)  “Common Stock” shall mean shares of the Company’s common stock, par  value $0.02 per share.  (d)  “Good Reason” shall mean any of the following events, which has not been  consented to in advance by the Executive in writing during the term of the Agreement: (i) the  requirement that the Executive move his personal residence, or perform his principal executive  functions, more than fifty (50) miles from his primary office as of the Effective Date; (ii) a material  reduction in the Executive’s Annual Base Compensation as the same may be increased from time  to time; (iii) the failure by the Company to continue to provide the Executive with compensation  and benefits provided for on the Effective Date, as the same may be increased from time to time,  or with benefits substantially similar to those provided to him under any of the Executive benefit  plans in which the Executive now or hereafter becomes a participant, or the taking of any action  by the Company which would directly or indirectly reduce any of such benefits or deprive the  Executive of any material fringe benefit enjoyed by him; (iv) the assignment to the Executive of  duties and responsibilities that constitute a material diminution from those associated with his  position on the Effective Date;  or (v) a material diminution or reduction in the Executive’s  responsibilities or authority (including reporting responsibilities) in connection with his  employment with the Company.  (e) “Just Cause” shall mean the Executive’s willful misconduct, breach of  fiduciary duty involving personal profit, intentional failure to perform stated duties, conviction for  a felony, or material breach of any provision of this Agreement.  No act, or failure to act, on the  Executive’s part shall be considered “willful” unless Executive has acted, or failed to act, with an  absence of good faith and without a reasonable belief that Executive’s action or failure to act was  in the best interests of the Company.   2. Employment.  The Executive is to be employed as Executive Vice President and  Chief Accounting Officer of the Company.  The Executive shall render such administrative and  management services for the Company, its subsidiaries and portfolio companies as are currently  rendered and as are customarily performed by persons situated in a similar executive capacity and  consistent with the duties of a Chief Accounting Officer as set forth in the Bylaws of the Company.   The Executive shall report to the Chief Executive Officer in his role as Chief Accounting Officer.  The Executive shall also report to the Audit Committee of the Board. The Executive shall also  promote, by entertainment or otherwise, as and to the extent permitted by law, the business of the  Company and its subsidiaries.  The Executive’s other duties shall be such as the Chief Executive  Officer or Board may from time to time reasonably direct, including normal duties as an officer of  the Company.  3. Annual Base Compensation.  The Company agrees to pay the Executive during the  term of this Agreement a salary at the rate of $275,000 per annum, payable in cash not less  frequently than monthly.   

 

  3   4. Cash Bonuses.  The Chief Executive Officer shall determine the Executive’s right  to receive cash bonuses. Cash bonuses shall be awarded annually based upon the Executive’s and  the Company’s annual performance pursuant to the Company’s policy.   5. Other Benefits.  (a) Participation in Retirement, Medical and Other Plans.  The Executive shall  participate in any plan that the Company maintains for the benefit of its employees if the plan  relates to (i) pension, profit-sharing, or other retirement benefits, (ii) medical insurance or the  reimbursement of medical or dependent care expenses, or (iii) other group benefits, including  disability and life insurance plans.   (b) Executive Benefits; Expenses.  The Executive shall participate in any fringe  benefits which are or may become available to the Company’s senior management Executives,  including for example incentive compensation plans, club memberships, and any other benefits  which are commensurate with the responsibilities and functions to be performed by the Executive  under this Agreement.  The Executive shall be reimbursed for all reasonable out-of-pocket  business expenses which he shall incur in connection with his services under this Agreement upon  substantiation of such expenses in accordance with the policies of the Company.  6. Term.  The Company hereby employs the Executive, and the Executive hereby  accepts such employment, subject to the terms and conditions of this Agreement, for the period  commencing on the Effective Date and ending on March 15, 2022 or such earlier date as is  determined in accordance with Section 11 (the “Term”).”  7. Loyalty; Noncompetition.  (a) During the period of Executive’s employment hereunder and except for  illnesses, reasonable vacation periods, and reasonable leaves of absence, the Executive shall devote  substantially all of Executive’s full business time, attention, skill, and efforts to the faithful  performance of Executive’s duties hereunder; provided, however, from time to time, Executive  may serve on the boards of directors of, and hold any other offices or positions in, companies or  organizations, at the request of the Company or which will not present in the opinion of the Board  any conflict of interest with the Company or any of its subsidiaries or portfolio companies, nor  unfavorably affect the performance of Executive’s duties pursuant to this Agreement, nor violate  any applicable statute or regulation.  During the Term of Executive’s employment under this  Agreement, the Executive shall not engage in any business or activity contrary to the business  affairs or interests of the Company.    (b) Nothing contained in this Paragraph 7 shall be deemed to prevent or  limit the Executive’s right to invest in the capital stock or other securities of any business dissimilar  from that of the Company or, solely as a passive or minority investor, in any business, provided  such investment does not: (i) constitute a conflict of interest, (ii) violate laws or regulations  applicable to the Company, including, without limitation, the Investment Company Act of 1940,  or (iii) violate any rules or polices promulgated by the Board.  8. Standards.  The Executive shall perform his duties under this Agreement in  accordance with such reasonable standards as the Chief Executive Officer may establish from time  

 

  4  to time.  The Company will provide Executive with the working facilities and staff customary for  similar executives and necessary for him to perform his duties.   9. Vacation and Sick Leave.  At such reasonable times according to Company policy  the Executive shall be entitled, without loss of pay, to absent himself voluntarily from the  performance of his employment under this Agreement, all such voluntary absences to count as  vacation time; provided that:  (a) The Executive shall be entitled to an annual vacation in accordance with the  policies that the Company periodically establishes for senior management Executives of the  Company.  (b) The Executive shall not receive any additional compensation from the  Company on account of his failure to take a vacation, and the Executive shall not accumulate  unused vacation from one fiscal year to the next, except in either case to the extent authorized by  the Chief Executive Officer.  (c) In addition to the aforesaid paid vacations, the Executive shall be entitled to  absent himself voluntarily from the performance of his employment with the Company for such  additional periods of time and for such valid and legitimate reasons as the Chief Executive Officer  may in his discretion determine.  Further, the Chief Executive Officer may grant to the Executive  a leave or leaves of absence with or without pay.  (d) In addition, the Executive shall be entitled to an annual sick leave benefit as  established by the Company.  10. Indemnification.  The Company shall, to the extent permitted by the Company’s  Bylaws, indemnify and hold harmless Executive from any and all loss, expense, or liability that he  may incur due to his services for the Company as an officer and or a director of the Company or  any of its subsidiaries or portfolio companies (including any liability Executive  may ever incur as  the result of severance benefits Executive collects pursuant to Sections 11 or 13), during the full  Term of this Agreement and shall at all times maintain adequate insurance for such purposes.  11. Termination and Termination Pay.  Subject to Section 13 hereof, the Executive’s  employment hereunder may be terminated under the following circumstances:  (a) Just Cause.  The Chief Executive Officer may, based on a good faith  determination and only after giving the Executive written notice and a reasonable opportunity to  cure, immediately terminate the Executive’s employment at any time, for Just Cause.  The  Executive shall have no right to receive compensation or other benefits for any period after  termination for Just Cause.  (b) Without Just Cause.  The Chief Executive Officer may, by written notice to  the Executive, immediately terminate Executive’s employment for a reason other than Just Cause.   In such event, the Executive shall be entitled to a total severance payment equal to one (1) times  the sum of (i) Executive’s Annual Base Compensation in effect at the time of termination, plus  (ii) the amount of all compensation paid to Executive under Section 4 hereof with respect to the  immediately preceding fiscal year (the “Severance Payment”). The Severance Payment shall be  

 

  5  paid in equal installments over a twelve (12) month period following the Executive’s termination  of employment, payable in accordance with the Company’s regularly scheduled payroll (the  “Installment Payments”).  Each Installment Payment shall be treated as a separate payment for  purposes of Treasury Regulations Section 1.409A-2(b)(2)(iii).    (c) Resignation by Executive with Good Reason.  The Executive may at any  time immediately terminate employment for Good Reason, in which case the Executive shall be  entitled to receive the Severance Payment payable in the same manner and on the same basis as  provided for under Section 11(b) herein upon a termination without Just Cause.  In addition, the  Executive will be entitled to health, life, disability and other benefits which the Executive would  have been eligible to participate in through the expiration of the Term based on the benefit levels  substantially equal to those that the Company provided for the Executive at the date of termination  of employment, subject to any restrictions as may be required under Code Section 409A   (d) Resignation by Executive without Good Reason.  The Executive may  voluntarily terminate employment with the Company during the term of this Agreement, upon at  least 60 days’ prior written notice to the Chief Executive Officer, in which case the Executive shall  receive only his compensation, vested rights, and Executive benefits up to the date of Executive’s  last day of employment.  (e) Death, or Disability.  If the Executive’s employment terminates during the  Term of this Agreement due to Executive’s death or a disability that results in Executive’s  collection of any long-term disability benefits, the Executive (or the beneficiaries of Executive’s  estate) shall be entitled to receive the compensation and benefits that the Executive would  otherwise have become entitled to receive pursuant to subsection (d) hereof upon a resignation  without Good Reason.  (f)  Non-Renewal Payment.  If the Term of this Agreement is not extended for  at least one (1) additional year in circumstances in which the Executive is willing and able to  execute such extension and continue performing services (the “Non-Renewal”), then the  Executive’s employment shall be terminated by the Company effective as of the expiration of the  Term, in which event Executive shall be entitled to fifty percent (50%) times the Severance  Payment (the “Non-Renewal Payment”).  The Non-Renewal Payment shall be paid in equal  installments over the six (6) month period following the Executive’s termination of employment,  payable in accordance with the Company’s regularly scheduled payroll.  However, if the Non- Renewal occurs following a Change in Control, the Non-Renewal Payment shall be paid in a lump  sum within thirty (30) days of Executive’s termination of employment.   (g)  Acceleration of Equity Awards.  All: (i) outstanding and unvested options  to purchase Common Stock granted to Executive under any equity plan of the Company, (ii)  unvested shares of restricted Common Stock awarded to the Executive under any equity plan of  the Company, and (iii) other equity and equity equivalent awards then held by the Executive, shall  be accelerated in full, and thereafter all such options, shares of restricted Common Stock and other  equity awards shall be immediately vested and exercisable for such period of time as provided for  by the specific agreements governing each such award, upon Executive’s termination pursuant to  Sections 11(b), (c),  (e) or (f) hereof.  

 

  6    12. No Mitigation.  The Executive shall not be required to mitigate the amount of any  payment provided for in this Agreement by seeking other employment or otherwise, and no such  payment shall be offset or reduced by the amount of any compensation or benefits provided to the  Executive in any subsequent employment.   13. Change in Control.  Notwithstanding any provision in this Agreement to the  contrary, if Executive’s employment is terminated following a Change of Control: (i) by the  Company or its successor in interest for any reason other than Just Cause, or (ii) by the Executive  for Good Reason, the Executive shall be paid the Severance Payment in a lump sum within thirty  (30) days of Executive’s termination of employment.  14. Covenants.    (a) Definitions.  For purposes of this Agreement:   (i) Restrictive Period.  The term “Restrictive Period” shall mean the  period beginning on the Effective Date and ending two (2) years after the termination of the  Executive’s employment hereunder.   (ii) Covered Customer.  The term “Covered Customer” shall mean (A)  during the Term, any customer, merchant, independent sales agency (ISA), independent sales  organization (ISO), alliance partner, referral partner or any intermediary of the Company or its  portfolio companies and (B) after the Term, as of the end of the Term, a Covered Customer of the  Company or its portfolio companies within the prior three years.    (iii) Covered Business.  The term “Covered Business” shall mean (A)  during the term, any business in which the Company is engaged and (B) after the Term, any  business in which the Company was engaged as of the end of the Term.   (iv) Covered State.  The term “Covered State” shall mean (A) during the  Term, any state in the United States and (B) after the Term, any state (1) in which, as of the end  of the Term, the Company was engaged in business or (2) with respect to which the Company, as  of the end of the Term, had expended material expense and/or efforts in connection with preparing  to do business therein.  (b) Non-Interference.  The Executive covenants and agrees that Executive will  not at any time during the Restrictive Period for whatever reason, whether for Executive’s own  account or for the account of any other person, firm, corporation or other business organization:  (i) interfere with contractual relationships between the Company or its subsidiaries or portfolio  companies and any of their Covered Customers or employees; (ii) hire, or solicit for hire, any  person who is employed by the Company or its subsidiaries or portfolio companies, without the  express written consent of the Company; or (iii) other than on behalf of the Company or its  subsidiaries or portfolio companies, solicit any Covered Customer in connection with the  engagement, by any person or entity, in any Covered Business in any Covered State.  

 

  7  (c) Confidentiality.  The Executive will not, at any time whether during or after  his termination of employment, (i) disclose to anyone, without proper authorization from the  Company, or (ii) use, for his or another’s benefit, any confidential or proprietary information of  the Company or any subsidiary of the Company, which may include trade secrets, business plans  or outlooks, financial data, marketing or sales programs, customer lists, brand formulations,  training and operations manuals, products or price strategies, mergers, acquisitions, and/or  Company personnel issues.  (d) Blue Pencil; Equitable Relief.  The provisions contained in this Section 14  as to the time periods, scope of activities, persons or entities affected and territories restricted shall  be deemed divisible so that if any provision contained in this Section is determined to be invalid  or unenforceable, such provision shall be deemed modified so as to be valid and enforceable to the  full extent lawfully permitted.  The Executive acknowledges that the provisions of this Section 14  are reasonable and necessary for the protection of the Company and that the Company will be  irrevocably damaged if such covenants are not specifically enforced.  Accordingly, the Executive  agrees that if he breaches or threatens to breach any of the covenants contained in this Section 14,  the Company will be entitled (i) to damages sufficient to compensate the Company for any harm  to the Company caused thereby and (ii) to specific performance and injunctive relief for the  purpose of preventing the breach or threatened breach thereof without bond or other security or a  showing that monetary damages will not provide an adequate remedy, in addition to any other  relief to which the Company may be entitled under this Agreement.  15. Reimbursement for Litigation Expenses.  In the event that any dispute arises between the Executive and the Company as to the terms  or interpretation of this Agreement, whether instituted by formal legal proceedings or otherwise,  including any action that the Executive takes to enforce the terms of this Agreement or to defend  against any action taken by the Company, the Executive shall be reimbursed for all costs and  expenses, including reasonable attorneys’ fees, arising from such dispute, proceedings or actions,  provided that the Executive shall obtain a final judgement by a court of competent jurisdiction in  favor of the Executive.  Such reimbursement shall be paid within ten (10) days of Executive’s  furnishing to the Company written evidence, which may be in the form, among other things, of a  cancelled check or receipt, of any costs or expenses incurred by the Executive.      16. Successors and Assigns.  (a) This Agreement shall inure to the benefit of and be binding upon any  corporate or other successor of the Company which shall acquire, directly or indirectly, by merger,  consolidation, purchase or otherwise, all or substantially all of the assets or stock of the Company.  (b) Since the Company is contracting for the unique and personal skills of the  Executive, the Executive shall be precluded from assigning or delegating his rights or duties  hereunder without first obtaining the written consent of the Company.  17. Corporate Authority.  Company represents and warrants that the execution and  delivery of this Agreement by it has been duly and properly authorized by the Board and that when  

 

  8  so executed and delivered this Agreement shall constitute the lawful and binding obligation of the  Company.  18. Amendments.  No amendments or additions to this Agreement shall be binding  unless made in writing and signed by all of the parties, except as herein otherwise specifically  provided.  19. Applicable Law.  Except to the extent preempted by Federal law, the laws of the  State of New York shall govern this Agreement in all respects, whether as to its validity,  construction, capacity, performance or otherwise.    20. Severability.  The provisions of this Agreement shall be deemed severable and the  invalidity or unenforceability of any provision shall not affect the validity or enforceability of the  other provisions hereof.  21. Entire Agreement.  This Agreement, together with any understanding or  modifications thereof as agreed to in writing by the parties, shall constitute the entire agreement  between the parties hereto with respect to the matters addressed and shall supercede all previous  agreements with respect to such matters.  22. Tax Matters. All payments or benefits provided under this Agreement are subject  to any applicable employment or tax withholdings or deductions.  In addition, the parties hereby  agree that it is their intention that all payments or benefits provided under this Agreement be  exempt from, or if not so exempt, comply with, Code Section 409A and this Agreement shall be  interpreted accordingly.  Notwithstanding anything in this Agreement to the contrary, if any  payments or benefits made or provided under the Agreement are considered deferred  compensation subject to Code Section 409A payable on account of Employee’s separation from  service (but that do not meet an exemption under Code Section 409A, including without limitation  the short term deferral or the separation pay plan exemption), such payments or benefits shall be  paid no earlier than the date that is six (6) months following Employee’s separation from service  (or, if earlier, the date of death) to the extent required by Code Section 409A.  [signatures on following page]  

 

  9  IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year first  hereinabove written.        NEWTEK BUSINESS SERVICES CORP.            By:                Barry Sloane, Chief Executive Officer          EXECUTIVE              By:                 Nicholas J. Leger

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