Document:

Exhibit 10.23

 Exhibit 10.23 

PLATFORM SPECIALTY PRODUCTS CORPORATION 

INCENTIVE STOCK OPTION AGREEMENT 

FOR 
  

 
 Agreement

 1. Grant of Option. PLATFORM SPECIALTY PRODUCTS CORPORATION (the “Company”) hereby
grants, as of                      (“Date of Grant”), to
                     (the “Optionee”) an option (the “Option”) to purchase up to
                 shares of the Company’s common stock (the “Shares”), at an exercise price per share equal to
$         [must be 100% of FMV as of Date of Grant, or 110% of FMV in the case of a 10% owner] (the “Exercise Price”). The Option shall be subject to the terms and conditions set
forth herein. The Option is being granted pursuant to the Company’s Amended and Restated 2013 Incentive Compensation Plan (the “Plan”), which is incorporated herein for all purposes. The Option is an Incentive Stock
Option and not a Non-Qualified Stock Option. The Optionee hereby acknowledges receipt of a copy of the Plan and agrees to be bound by all of the terms and conditions hereof and thereof and all applicable laws and regulations. 

2. Definitions. Unless otherwise provided herein, terms used herein that are defined in the Plan and not defined herein shall have the meanings
attributed thereto in the Plan. 
 3. Exercise Schedule. Except as otherwise provided in Sections 6 or 9 of this Agreement, or in the Plan,
the Option is exercisable in installments as provided below, which shall be cumulative. To the extent that the Option has become exercisable with respect to a percentage of Shares as provided below, the Option may thereafter be exercised by the
Optionee, in whole or in part, at any time or from time to time prior to the expiration of the Option as provided herein. The following table indicates each date (the “Vesting Date”) upon which the Optionee shall be entitled
to exercise the Option with respect to the percentage of Shares granted as indicated beside the date, provided that the Continuous Service of the Optionee continues through and on the applicable Vesting Date: 

 

			
	 Percentage of Shares
	  	Vesting Date
		  	
		  	
		  	

 Except as otherwise specifically provided herein, there shall be no proportionate or partial vesting in the
periods prior to each Vesting Date, and all vesting shall occur only on the appropriate Vesting Date. Upon the termination of the Optionee’s Continuous Service, any unvested portion of the Option shall terminate and be null and void. 

4. Method of Exercise. The vested portion of this Option shall be exercisable in whole or in part in accordance with the exercise schedule set
forth in Section 3 hereof by written notice which shall state the election to exercise the Option, the number of Shares in respect of which the 

  
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Option is being exercised, and such other representations and agreements as to the holder’s investment intent with respect to such Shares as may be required by the Company pursuant to the
provisions of the Plan. Such written notice shall be signed by the Optionee and shall be delivered in person or by certified mail to the Secretary of the Company. The written notice shall be accompanied by payment of the Exercise Price. This Option
shall be deemed to be exercised after both (a) receipt by the Company of such written notice accompanied by the Exercise Price and (b) arrangements that are satisfactory to the Committee in its sole discretion have been made for
Optionee’s payment to the Company of the amount, if any, that is necessary to be withheld in accordance with applicable Federal or state withholding requirements. No Shares shall be issued pursuant to the Option unless and until such issuance
and such exercise shall comply with all relevant provisions of applicable law, including the requirements of any stock exchange upon which the Shares then may be traded. 

5. Method of Payment. Payment of the Exercise Price shall be by any of the following, or a combination thereof, at the election of the Optionee:
(a) cash; (b) check; (c) to the extent permitted by the Committee, with Shares owned by the Optionee, or the withholding of Shares that otherwise would be delivered to the Optionee as a result of the exercise of the Option,
(d) pursuant to a “cashless exercise” procedure, by delivery of a properly executed exercise notice together with such other documentation, and subject to such guidelines, as the Committee shall require to effect an exercise of the
Option and delivery to the Company by a licensed broker acceptable to the Company of proceeds from the sale of Shares sufficient to pay the Exercise Price and any applicable income or employment taxes, or (e) such other consideration or in such
other manner as may be determined by the Committee in its absolute discretion. 
 6. Termination of Option. 

(a) General. Any unexercised portion of the Option shall automatically and without notice terminate and become null and void at
the time of the earliest to occur of the following: 
 (i) unless the Committee otherwise determines in writing in its sole discretion,
three months after the date on which the Optionee’s Continuous Service is terminated other than by reason of (A) by the Company or a Related Entity for Cause, (B) a Disability of the Optionee as determined by a medical doctor
satisfactory to the Committee, or (C) the death of the Optionee; 
 (ii) immediately upon the termination of the Optionee’s
Continuous Service by the Company or a Related Entity for Cause; 
 (iii) twelve months after the date on which the Optionee’s
Continuous Service is terminated by reason of a Disability as determined by a medical doctor satisfactory to the Committee; 
 (iv) twelve
months after the date of termination of the Optionee’s Continuous Service by reason of the death of the Optionee; or 
 (v) the tenth
(10th) anniversary of the Date of Grant. 

  
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 (b) Cancellation. To the extent not previously exercised, (i) the Option shall
terminate immediately in the event of (A) the liquidation or dissolution of the Company, or (B) any reorganization, merger, consolidation or other form of corporate transaction in which the Company does not survive or the Shares are
exchanged for or converted into securities issued by another entity, or an affiliate of such successor or acquiring entity, unless the successor or acquiring entity, or an affiliate thereof, assumes the Option or substitutes an equivalent option or
right pursuant to Section 10(c) of the Plan, and (ii) the Committee in its sole discretion may by written notice (“cancellation notice”) cancel, effective upon the consummation of any transaction that constitutes a Change in
Control, the Option (or portion thereof) that remains unexercised on such date. The Committee shall give written notice of any proposed transaction referred to in this Section 6(b) a reasonable period of time prior to the closing date for such
transaction (which notice may be given either before or after approval of such transaction), in order that the Optionee may have a reasonable period of time prior to the closing date of such transaction within which to exercise the Option if and to
the extent that it then is exercisable (including any portion of the Option that may become exercisable upon the closing date of such transaction). The Optionee may condition his exercise of the Option upon the consummation of a transaction referred
to in this Section 6(b). 
 7. Transferability. Unless otherwise determined by the Committee, the Option granted hereby is not transferable
otherwise than by will or under the applicable laws of descent and distribution, and during the lifetime of the Optionee the Option shall be exercisable only by the Optionee, or the Optionee’s guardian or legal representative. In addition, the
Option shall not be assigned, negotiated, pledged or hypothecated in any way (whether by operation of law or otherwise), and the Option shall not be subject to execution, attachment or similar process. Upon any attempt to transfer, assign,
negotiate, pledge or hypothecate the Option, or in the event of any levy upon the Option by reason of any execution, attachment or similar process contrary to the provisions hereof, the Option shall immediately become null and void. The terms of
this Option shall be binding upon the executors, administrators, heirs, successors and assigns of the Optionee. 
 8. No Rights of
Stockholders. Neither the Optionee nor any personal representative (or beneficiary) shall be, or shall have any of the rights and privileges of, a stockholder of the Company with respect to any Shares purchasable or issuable upon the
exercise of the Option, in whole or in part, prior to the date on which the Shares are issued. 
 9. Acceleration of Exercisability of Option.

 (a) Acceleration Upon Certain Terminations or Cancellations of Option. This Option shall become immediately fully
exercisable in the event that, prior to the termination of the Option pursuant to Section 6 hereof, (i) the Option is terminated pursuant to Section 6(b)(i) hereof, or (ii) the Company exercises its discretion to provide a
cancellation notice with respect to the Option pursuant to Section 6(b)(ii) hereof. 
 (b) Acceleration Upon Change in
Control. This Option [shall] [shall not] become immediately fully exercisable in the event that, prior to the termination of the Option pursuant to Section 6 hereof, and during the Optionee’s Continuous
Service, there is a Change in Control, as defined in Section 9(b) of the Plan. 

  
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 (c) [Exception to Acceleration Upon Change in Control. Notwithstanding the
foregoing, if in the event of a Change in Control the successor company assumes or substitutes for the Option, the vesting of the Option shall not be accelerated as described in Section 9(b). For the purposes of this paragraph, the Option shall
be considered assumed or substituted for if following the Change in Control the Option or substituted option confers the right to purchase, for each Share subject to the Option immediately prior to the Change in Control, on substantially the same
vesting and other terms and conditions as were applicable to the Option immediately prior to the Change in Control, the consideration (whether stock, cash or other securities or property) received in the transaction constituting a Change in Control
by holders of Shares for each Share held on the effective date of such transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding shares); provided, however,
that if such consideration received in the transaction constituting a Change in Control is not solely common stock of the successor company or its parent or subsidiary, the Committee may, with the consent of the successor company, or its parent or
subsidiary, provide that the consideration to be received upon the exercise or vesting of the Option will be solely common stock of the successor company or its parent or subsidiary substantially equal in Fair Market Value to the per share
consideration received by holders of Shares in the transaction constituting a Change in Control. The determination of such substantial equality of value of consideration shall be made by the Committee in its sole discretion and its determination
shall be conclusive and binding.] 
 10. No Right to Continued Employment. Neither the Option nor this Agreement shall confer upon the
Optionee any right to continued employment or service with the Company. 
 11. Law Governing. This Agreement shall be governed in accordance
with and governed by the internal laws of the State of Delaware. 
 12. Incentive Stock Option Treatment. The terms of this Option shall be
interpreted in a manner consistent with the intent of the Company and the Optionee that the Option qualifies as an Incentive Stock Option under Section 422 of the Code. If any provision of the Plan or this Agreement shall be impermissible in
order for the Option to qualify as an Incentive Stock Option, then the Option shall be construed and enforced as if such provision had never been included in the Plan or the Option. If and to the extent that the number of Options granted pursuant to
this Agreement exceeds the limitations contained in Section 422 of the Code on the value of Shares with respect to which this Option may qualify as an Incentive Stock Option, this Option shall be a Non-Qualified Stock Option. 

13. Interpretation / Provisions of Plan Control. This Agreement is subject to all the terms, conditions and provisions of the
Plan, including, without limitation, the amendment provisions thereof, and to such rules, regulations and interpretations relating to the Plan adopted by the Committee as may be in effect from time to time. If and to the extent that this Agreement
conflicts or is inconsistent with the terms, conditions and provisions of the Plan, the Plan shall control, and this Agreement shall be deemed to be modified accordingly. The Optionee accepts the Option subject to all of the terms and provisions of
the Plan and this Agreement. The undersigned Optionee hereby accepts as binding, conclusive and final all decisions or interpretations of the Committee upon any questions arising under the Plan and this Agreement, unless shown to have been made in
an arbitrary and capricious manner. 

  
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 14. Notices. Any notice under this Agreement shall be in writing and shall be deemed to have been
duly given when delivered personally or when deposited in the United States mail, registered, postage prepaid, and addressed, in the case of the Company, to the Company’s Secretary at 245 Freight Street, Waterbury, Connecticut 06702, or if the
Company should move its principal office, to such principal office, and, in the case of the Optionee, to the Optionee’s last permanent address as shown on the Company’s records, subject to the right of either party to designate some other
address at any time hereafter in a notice satisfying the requirements of this Section. 
 15. Non-Waiver of Breach. The waiver by any
party hereto of the other party’s prompt and complete performance, or breach or violation, of any term or provision of this Agreement shall be effected solely in a writing signed by such party, and shall not operate nor be construed as a waiver
of any subsequent breach or violation, and the waiver by any party hereto to exercise any right or remedy which he or it may possess shall not operate nor be construed as the waiver of such right or remedy by such party, or as a bar to the exercise
of such right or remedy by such party, upon the occurrence of any subsequent breach or violation. 
 16. Counterparts. This Agreement
may be executed in two or more separate counterparts, each of which shall be an original, and all of which together shall constitute one and the same agreement. 

  
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 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the
     day of             , 20    . 
  

			
	COMPANY:
	
	PLATFORM SPECIALTY PRODUCTS CORPORATION, a Delaware corporation
		
	By:	 	  

	Name:	 	
	Title:	 	

 The Optionee acknowledges receipt of a copy of the Plan and represents that he or she has reviewed the
provisions of the Plan and this Option Agreement in their entirety, is familiar with and understands their terms and provisions, and hereby accepts this Option subject to all of the terms and provisions of the Plan and the Option Agreement. The
Optionee further represents that he or she has had an opportunity to obtain the advice of counsel prior to executing this Option Agreement. 
  

									
	Dated:	 	  
	 		 	OPTIONEE:
					
		 		 		 	By:	 	  

  
 6EX-10.1

 Exhibit 10.1 

AMENDMENT NO. 2 
 Dated as of
December 27, 2013 
 to 

CREDIT FACILITY LOAN AGREEMENT 

Dated as of May 8, 2012 

THIS AMENDMENT NO. 2 (“Amendment”) is made as of December 27, 2013, by and among PROPEL FINANCIAL
SERVICES, LLC, a Texas limited liability company (“Borrower”), the financial institutions listed on the signature pages hereof (the “Banks”) and TEXAS CAPITAL BANK, NATIONAL ASSOCIATION, a national banking
association, as Administrative Agent (in such capacity, “Agent”) under that certain Credit Facility Loan Agreement dated as of May 8, 2012, by and among the Borrower, the Banks and the Agent, as amended by the Amendment
No. 1 to Credit Facility Loan Agreement dated as of February 7, 2013 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”). Capitalized terms used herein and not otherwise defined
herein shall have the respective meanings given to them in the Credit Agreement. 
 WHEREAS, the Borrower has requested a
Facility Increase pursuant to Section 2.16 of the Credit Agreement; 
 WHEREAS, the Banks and the Agent have agreed to
such Facility Increase on the terms and conditions set forth herein; 
 NOW, THEREFORE, in consideration of the premises set
forth above, the terms and conditions contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrower, the Banks and the Agent have agreed to enter into this Amendment. 

1.     Amendments to Agreement. Effective as of the date hereof, the Credit Agreement is amended as
follows: 
 (a)    Section 1.1 of the Credit Agreement is further amended to amend and
restate the definitions of “Committed Sum”, “Eligible Tax Lien”, “Notes Receivable”, “Revolving Loan”, “Revolving Note”, “Security Agreement”, and “Specified Percentage” and to
add a definition of “Field Audit” as set forth therein in their entirety as follows: 
 “
“Committed Sum” means, in the aggregate, the sum of $200,000,000.00, or less as the same may be reduced in accordance with the terms of this Agreement.” 

“ “Eligible Tax Lien” means, a tax lien, properly perfected in accordance with
applicable law, (a) on real property located in the State of Arizona, and (b) acquired, directly or indirectly, from governmental taxing authorities by a Credit Party.” 

“ “Field Audit” is defined in Section 6.13 hereof.” 

  
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 “ “Notes Receivable” means the promissory
notes, negotiable instruments and other writings that (a) evidence a right to the payment of a monetary obligation payable to a Credit Party, whether now owned or hereafter made, originated or acquired by a Credit Party and
(b) (i) are secured by a lien and security interest in real property located in the State of Texas (with such lien and security interest having been properly perfected in accordance with applicable law), or (ii) were acquired prior to
the date hereof and are listed and described on Schedule Three hereof.” 
 “
“Revolving Loan” means the $200,000,000.00 revolving line of credit loan made pursuant to this Agreement.” 

“ “Revolving Note” means, individually and collectively, the following: 

(a)     the Revolving Promissory Note dated as of December 27, 2013, in the original
principal amount of $49,000,000.00, executed by Borrower and payable to the order of TCB, and all amendments, extensions, renewals, replacements, increases, and modifications thereof; 

(b)     the Revolving Promissory Note dated as of December 27, 2013, in the original
principal amount of $37,500,000.00, executed by Borrower and payable to the order of Amegy, and all amendments, extensions, renewals, replacements, increases, and modifications thereof; 

(c)     the Revolving Promissory Note dated as of December 27, 2013, in the original
principal amount of $34,000,000.00, executed by Borrower and payable to the order of BOT, and all amendments, extensions, renewals, replacements, increases, and modifications thereof; 

(d)     the Revolving Promissory Note dated as of December 27, 2013, in the original
principal amount of $34,375,000.00, executed by Borrower and payable to the order of City Bank, and all amendments, extensions, renewals, replacements, increases, and modifications thereof; 

(e)     the Revolving Promissory Note dated as of December 27, 2013, in the original
principal amount of $28,125,000.00, executed by Borrower and payable to the order of Lone Star, and all amendments, extensions, renewals, replacements, increases, and modifications thereof; and 

(f)     the Revolving Promissory Note dated as of December 27, 2013, in the original
principal amount of $17,000,000.00, executed by Borrower and payable to the order of Green Bank, and all amendments, extensions, renewals, replacements, increases, and modifications thereof.” 

“ “Security Agreement” means each Security Agreement executed by a Credit Party in favor
of Agent, in form and substance satisfactory to Agent, as the same may be amended, restated, supplemented or modified from time to time.” 

“ “Specified Percentage” means, as to any Bank, for Advances made to Borrower out of the
Committed Sum and the definition of “Majority Banks”, the percentage as agreed among the Agent and the Banks, initially as follows: 

  
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	 Bank

 
	  	   
	 Specified Percentage 
	    

	  

TCB
	  	 	24.5000%	  
	  

Amegy
	  	 	18.7500%	  
	  

BOT
	  	 	17.0000%	  
	  

City Bank
	  	 	17.1875%	  
	  

Lone Star
	  	 	14.0625%	  
	  

Green Bank
	  	 	8.5000%	  

 Notwithstanding the foregoing, the percentage of the aggregate amount of outstanding Advances
hereunder, both before and after giving effect to any Facility Increase, funded by and owed solely to the Agent (and not to any participating lender or other participating financial institution) shall be no less than the percentage of the aggregate
amount of outstanding Advances (again, both before and after giving effect to any Facility Increase) funded by and owed to any other Bank hereunder. 

(b)     Section 6.3 of the Credit Agreement is hereby amended and restated in its entirety as
follows: 
 “6.3   Payment of Debts. Borrower will, and will cause each Credit
Party to, pay or cause to be paid all of its Debt prior to the date on which penalties attach thereto (except to the extent and so long as the payment thereof is being properly contested in good faith and diligently prosecuted by appropriate
proceedings and adequate reserves have been established therefor).” 
 (c)    
Section 6.4 of the Credit Agreement is hereby amended and restated in its entirety as follows: 

“6.4   Taxes. Borrower will, and will cause each Credit Party to, promptly pay or
cause to be paid when due (for the account of Agent, where appropriate) any and all Taxes due by each of the Credit Parties, including, without limitation, all taxes, duties, fees, levies and other charges of whatsoever nature which have been or may
be imposed by any government or by any department, agency, state, other political subdivision or taxing authority thereof or therein; provided that a Credit Party shall not be required to pay and discharge any such Taxes or charges so long as the
validity thereof shall be contested in good faith and diligently prosecuted by appropriate proceedings and the applicable Credit Party shall set aside on its books adequate reserves with respect thereto and shall pay any such Taxes or charge before
the property subject thereto shall be sold to satisfy any lien which has attached as security therefor.” 

(d)     Section 6.13 of the Credit Agreement is hereby amended and restated in its entirety as
follows: 
 “6.13  Field Audit. Within sixty (60) days after the last day
of each calendar quarter, beginning with the quarter ending December 31, 2013, and at such other times as Agent may reasonably request in writing following any change in circumstances that the 

  
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Agent reasonably believes may have an adverse impact (other than an immaterial impact) on the Collateral, Borrower shall, and shall cause each of the Credit Parties to, permit representatives of
Agent, at the expense of Borrower, to inspect and conduct an audit of all of the Credit Parties’ assets, properties, books and records (including the Notes Receivable and Eligible Tax Liens) (each a “Field Audit”). Each Field Audit
shall be consistent in scope with the Field Audit performed as of September 30, 2013, and Agent shall not modify of amend the scope of any Field Audit in any material respect without first obtaining the written consent of the Super-Majority
Banks.” 
 (e)     Section 7.6 of the Credit Agreement is hereby amended and restated
in its entirety as follows: 
 “7.6     Loans and Investments.
Borrower will not, and will not permit any other Credit Party to, make any advance, loan, extension of credit, or capital contribution to or investment in, or purchase, any stock, bonds, notes, debentures, or other securities of, any Person
(collectively, “Investments”), except: 
 (a)     Notes Receivable and
portfolios of Notes Receivable; 
 (b)     Eligible Tax Liens and portfolios of Eligible
Tax Liens; 
 (c)     readily marketable direct obligations of the United States of
America or any agency thereof with maturities of one year or less from the date of acquisition; 

(d)     depository accounts maintained at a commercial bank operating in the United States
of America having capital and surplus in excess of $50,000,000.00; 
 (e)    
Investments in other Credit Parties; and 
 (f)     Investments in Subsidiaries not
constituting Credit Parties, provided that each Investment in a Subsidiary not constituting a Credit Party shall not exceed $50,000.00 and the aggregate outstanding Investments in Subsidiaries not constituting Credit Parties shall not exceed
$250,000.00 at any time; 
 provided, however, the preceding is not intended to prohibit nominal loans by the Credit
Parties, taken as a whole, to one or more of their employees as long as the outstanding principal amount of such loans, taken as a whole, does not exceed $20,000.00 in the aggregate at any one time.” 

(f)     Section 7.14. A new Section 7.14 of the Credit Agreement is hereby added
as follows: 
 7.14     Collateral. Borrower will not, and will not permit
any other Credit Party to, allow any of the Collateral to secure or be assigned or pledged to any Debt other than the Loan. Borrower will not, and will not permit any other Credit Party to, commingle any Notes Receivable, Eligible Tax Liens, or any
payments thereof or proceeds therefrom, with any notes, tax liens, payments or proceeds held or received by any Affiliate or Subsidiary of Parent Guarantor or by Borrower (or any other Credit Party) as a loan servicer for any such Affiliate or
Subsidiary of Parent Guarantor. Borrower will not, and will not permit any other Credit Party to, use Borrower’s vault (or other location acceptable to Agent to secure the Collateral) to hold any notes, tax liens, payments or proceeds other
than the Notes Receivable, Eligible Tax Liens, and any payments thereof or proceeds therefrom. 

  
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 (g)     Section 9.8 of the Credit Agreement is
hereby amended and restated in its entirety as follows: 
 “9.8    Failure to Properly
Secure Collateral. The failure of Borrower or any Obligated Party to keep the Collateral, including any Notes Receivable or Eligible Tax Liens, consisting of promissory notes, negotiable instruments or other writings secure in Borrower’s vault
or other location acceptable to Agent, except as otherwise required in the ordinary course of the Borrower’s or such Obligated Party’s business and management of such Collateral.” 

(h)     Annex A. Annex A to the Credit Agreement is hereby amended and restated in its
entirety as follows: 
 ANNEX A 

ADDITIONAL CREDIT PARTIES 

RioProp Ventures, LLC, a Texas limited liability company 

BNC Retax, LLC, a Texas limited liability company 

RioProp Holdings, LLC, a Texas limited liability company 

Bayfront Investment LLC, a Delaware limited liability company 

Fireside Funding LLC, a Delaware limited liability company 

Snowcap Financial LLC, a Delaware limited liability company 

Desert Tree Capital LLC, a Delaware limited liability company 

Green Meadow Financial LLC, a Delaware limited liability company 

(i)     Subsidiaries. The “Subsidiaries” portion of Schedule Two to the Credit
Agreement is hereby amended and restated in its entirety as follows: 
 Subsidiaries 

RioProp Holdings, LLC, a Texas limited liability company 

Bayfront Investment LLC, a Delaware limited liability company 

Fireside Funding LLC, a Delaware limited liability company 

Snowcap Financial LLC, a Delaware limited liability company 

Desert Tree Capital LLC, a Delaware limited liability company 

Green Meadow Financial LLC, a Delaware limited liability company 

2.     Effective Date. This Amendment shall become effective as of the first date upon which the
Agent shall have received counterparts of the Amendment duly executed by the Borrower, Guarantors, each Bank and the Agent. 

3.     Conditions. The following are conditions to this Amendment and must be satisfied prior to
any funding of the Facility Increase: 
 (a)     Agent has received a Field Audit of each Credit
Party’s assets, properties, books and records (including the Notes Receivable and Eligible Tax Liens) as of September 30, 2013, in form and content acceptable to Agent and Super-Majority Banks. 

  
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 (b)     Agent has received a UCC financing statement search
on each Credit Party with results acceptable to Agent and Super-Majority Banks. 
 (c)     Borrower
shall pay to Agent, for the ratable account of the Banks, an additional Origination Fee in an amount equal to 0.25% [25 bps] of the Facility Increase, or $100,000.00. 

(d)     Borrower, Guarantors, each Bank and Agent have executed and delivered to Agent this Amendment and
any documents to be executed and delivered in connection herewith. 
 (e)     Each of Bayfront
Investment LLC, Fireside Funding LLC, Snowcap Financial LLC, Desert Tree Capital LLC, and Green Meadow Financial LLC, all Delaware limited liability companies, has executed and delivered to Agent a Guaranty and a Security Agreement, each in form and
content acceptable to Agent. 
 (f)     Borrower has caused Bank of America to execute and deliver to
Agent a blocked account control agreement (with shifting control), in form and content acceptable to Agent, with respect to Borrower’s lockbox account at Bank of America for the payment of the Notes Receivable and Eligible Tax Liens. 

(g)     Borrower has paid all expenses incurred by Agent in connection with this transaction, including
UCC search fees, other out-of pocket costs, and legal fees and expenses of counsel to Agent incurred in connection with the preparation and negotiation of this Amendment and any documents executed and delivered in connection herewith. 

(h)     Borrower has provided Agent with the appropriate certificates and documents evidencing the
organization, existence, good standing and authority of Borrower and each Guarantor, including copies of organizational documents and a resolution or consent authorizing the execution and delivery of this Amendment and other documents executed in
connection herewith. 
 (i)     Borrower has provided Agent such other items as Agent may reasonably
require. 
 4.     Representations and Warranties. Borrower represents to Agent and the Banks
that, as of the date of this Amendment and after giving effect to the provisions hereof, (a) the representations and warranties set forth in the Credit Agreement and each of the other Loan Documents to which it is a party are true and correct
in all material respects as if made on and as of the date hereof (other than those representations and warranties expressly limited by their terms to a specific date), (b) no Event of Default has occurred and is continuing, and (c) no
event has occurred since the date of the most recent financial statements delivered pursuant to the Credit Agreement that has caused a Material Adverse Effect in the financial condition of Borrower. 

5.     Further Assurances. Borrower agrees that it shall, upon request of Agent, duly execute and
deliver, or cause to be duly executed and delivered, to Agent such further instruments and do and cause to be done such further acts as may be necessary or proper in the reasonable opinion of Agent to carry out the provisions and purposes of this
Amendment. 
 6.     No Claim, Cause of Action or Defense. Borrower agrees that no facts, events,
status or conditions presently exist which, either now or with the passage of time or the giving of notice or both, presently constitute or will constitute a basis for any claim or cause of action against Agent or the Banks or any defense to the
payment of any of the indebtedness evidenced or to be evidenced by any of the Loan Documents. 

  
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 7.      Reference to and Effect on the Credit
Agreement. 
 (a)     Upon the effectiveness hereof, each reference to the Credit Agreement in the
Credit Agreement or any other Loan Document shall mean and be a reference to the Credit Agreement as amended hereby. 

(b)     Each of the Loan Documents is hereby amended and modified to the extent necessary to give full
force and effect to the terms of this Amendment, and each of such Loan Documents shall hereafter be construed and interpreted after giving full force and effect to the terms of this Amendment. 

(c)     Except as specifically amended above, the Credit Agreement and all other documents, instruments
and agreements executed and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed. 

(d)     Other than as expressly set forth herein, the execution, delivery and effectiveness of this
Amendment shall not operate as a waiver of any right, power or remedy of the Agent or the Banks, nor constitute a waiver of any provision of the Credit Agreement or any other documents, instruments and agreements executed and/or delivered in
connection therewith. 
 8.      Governing Law. This Amendment shall be governed by and
construed in accordance with the internal laws of the State of Texas. This Amendment has been entered into in Bexar County, Texas and shall be performable for all purposes in Bexar County, Texas. 

9.      Headings. Section headings in this Amendment are included herein for convenience of
reference only and shall not constitute a part of this Amendment for any other purpose. 
 10.    
Counterparts. This Amendment may be executed by one or more of the parties hereto on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Signatures
delivered by facsimile or PDF shall have the same force and effect as manual signatures delivered in person. 
 [Signature Pages Follow] 

  
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 IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year
first above written. 
  

			
	 PROPEL FINANCIAL SERVICES, LLC,

as the Borrower

		
	 By: 
	 	 /s/ Paul Grinberg

	 Name: Paul Grinberg

	 Title: Treasurer

 Signature Page 

Amendment No. 2 to Credit Facility Loan Agreement 

Propel Financial Services, LLC 

 GUARANTOR JOINDER PAGE 

Guarantors consent to the modification and amendment of the Credit Agreement evidenced by this Amendment. The Guaranty Agreements executed by
Guarantors shall continue in full force and effect, and are hereby ratified and confirmed by Guarantors in all respects. 
  

			
	 ENCORE CAPITAL GROUP, INC.,

a Delaware corporation

		
	 By: 
	 	 /s/ Paul Grinberg

	 Name: Paul Grinberg

	 Title:   Executive Vice President, Chief

	  Financial Officer, and Treasurer

  

			
	 RIOPROP VENTURES, LLC,

a Texas limited liability company

		
	 By: 
	 	 /s/ Paul Grinberg

	 Name: Paul Grinberg

	 Title: Treasurer

  

			
	 BNC RETAX, LLC,

a Texas limited liability company

		
	 By: 
	 	 /s/ Paul Grinberg

	 Name: Paul Grinberg

	 Title: Treasurer

  

			
	 RIOPROP HOLDINGS, LLC,

a Texas limited liability company

		
	 By: 
	 	 /s/ Paul Grinberg

	 Name: Paul Grinberg

	 Title: Treasurer

  
 Signature Page 

Amendment No. 2 to Credit Facility Loan Agreement 

Propel Financial Services, LLC 

 
			
	 BAYFRONT INVESTMENT LLC,

a Delaware limited liability company

		
	 By: 
	 	 /s/ Paul Grinberg

	 Name: Paul Grinberg

	 Title: Treasurer

  

			
	 FIRESIDE FUNDING LLC,

a Delaware limited liability company

		
	 By: 
	 	 /s/ Paul Grinberg

	 Name: Paul Grinberg

	 Title: Treasurer

  

			
	 SNOWCAP FINANCIAL LLC,

a Delaware limited liability company

		
	 By: 
	 	 /s/ Paul Grinberg

	 Name: Paul Grinberg

	 Title: Treasurer

  

			
	 DESERT TREE CAPITAL LLC,

a Delaware limited liability company

		
	 By: 
	 	 /s/ Paul Grinberg

	 Name: Paul Grinberg

	 Title: Treasurer

  

			
	 GREEN MEADOW FINANCIAL LLC,

a Delaware limited liability company

		
	 By: 
	 	 /s/ Paul Grinberg

	 Name: Paul Grinberg

	 Title: Treasurer

  
 Signature Page 

Amendment No. 2 to Credit Facility Loan Agreement 

Propel Financial Services, LLC 

 
			
	 TEXAS CAPITAL BANK, NATIONAL ASSOCIATION,

as Administrative Agent and as a Bank

		
	 By: 
	 	 /s/ David Pope

	 Name: David Pope

	 Title: President

  

			
	 AMEGY BANK NATIONAL ASSOCIATION,

as a Bank

		
	 By: 
	 	 /s/ Amanda R. McChesney

	 Name: Amanda R. McChesney

	 Title: Vice President

  

			
	 BOKF, National Association,

as a Bank

		
	 By: 
	 	 /s/ Michael Rodgers

	 Name: Michael Rodgers

	 Title: Senior Vice President

  

			
	 CITY BANK,

as a Bank

		
	 By: 
	 	 /s/ Stan Mayfield

	 Name: Stan Mayfield

	 Title: Overton Branch President

  

			
	 LONE STAR NATIONAL BANK,

as a Bank

		
	 By: 
	 	 /s/ Raymond Cisneros

	 Name: Raymond Cisneros

	 Title: Executive Vice President and CCO

  

			
	 GREEN BANK, N.A.,

as a Bank

		
	 By: 
	 	 /s/ Ryan Craig

	 Name: Ryan Craig

	 Title: Vice President

  
 Signature Page 

Amendment No. 2 to Credit Facility Loan Agreement 

Propel Financial Services, LLC

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