Document:

Exhibit 10.5

EXECUTION VERSION

 

Sub-collateral
management AGREEMENT

 

BETWEEN

 

Garrison
FUNDING 2013-2 MANAGER LLC

 

AND

 

Garrison
capital AdviserS LLC

 

This Agreement made this
25th day of September, 2013 (this “Agreement”), by and between Garrison Funding 2013-2 Manager LLC, a Delaware
limited liability company (the “Collateral Manager”), and Garrison Capital Advisers LLC, a Delaware limited
liability company (the “Sub-Adviser”).

 

WHEREAS, the Notes (as
defined in the Indenture) will be issued pursuant to an Indenture dated as of the date hereof (the “Indenture”),
among Garrison Funding 2013-2 Ltd., an exempted company incorporated with limited liability under the laws of the Cayman Islands
(the “Issuer”), Garrison Funding 2013-2 LLC, a limited liability company formed under the laws of the State
of Delaware, as co-issuer (the “Co-Issuer”), and Deutsche Bank Trust Company Americas, as trustee (together
with any successor trustee permitted under the Indenture, the “Trustee”);

 

WHEREAS, in connection
with the transactions contemplated by the Indenture, the Collateral Manager has entered into that certain Collateral Management
Agreement, dated as of the date hereof, by and between the Collateral Manager, as collateral manager, and the Issuer, as amended
or supplemented from time to time (the “Collateral Management Agreement”);

 

WHEREAS, pursuant to
Section 2(e) of the Collateral Management Agreement, the Collateral Manager is permitted to delegate certain of its obligations
and duties under the Collateral Management Agreement to the Sub-Adviser, all on the terms and conditions set forth therein;

 

WHEREAS, the Collateral
Manager desires to retain the Sub-Adviser to furnish collateral management sub-advisory services to the Collateral Manager on the
terms and conditions hereinafter set forth, and the Sub-Adviser wishes to be retained to provide such services; and

 

WHEREAS, the Sub-Adviser
believes that it will benefit from the transactions contemplated by the Indenture;

 

NOW, THEREFORE, in consideration
of the premises and for other good and valuable consideration, the parties hereby agree as follows:

 

1.                 
Defined Terms. Capitalized terms used herein that are not otherwise defined herein shall have the respective meanings
ascribed thereto in the Indenture.

    	 

    	 

    

 

2.                 
Duties of the Sub-Adviser.

 

(a)               
The Collateral Manager hereby engages the Sub-Adviser to advise the Collateral Manager in connection with its management,
administration and servicing of the Collateral Obligations belonging to the Issuer, and the Sub-Adviser hereby accepts such engagement,
in each case, upon the terms and subject to the conditions set forth herein. In furtherance of the foregoing, the Sub-Adviser shall
use its commercially reasonable efforts to assist the Collateral Manager in the performance of the Collateral Manager’s duties
and obligations pursuant to the Collateral Management Agreement and the other Transaction Documents.

 

(b)              
The Sub-Adviser shall for all purposes herein provided be deemed to be an independent contractor and, except as expressly
provided or authorized herein, shall have no authority to act for or represent the Collateral Manager in any way or otherwise be
deemed to be an agent of the Collateral Manager.

 

(c)              
The Sub-Adviser
shall in rendering its services as Sub-Adviser use a degree of skill and attention no less than that which (i) would be exercised
by a prudent institutional portfolio manager in connection with the servicing and administration of similar assets under similar
circumstances and (ii) the Sub-Adviser exercises with respect to comparable assets that it manages for itself and for others having
similar investment objectives and restrictions in accordance with its existing practices and procedures relating to assets of the
nature and character of the Collateral Obligations, except as expressly provided otherwise in this Agreement, the Collateral Management
Agreement or the Indenture.  The Sub-Adviser shall not be bound to follow any amendment to any Transaction Document that affects
its duties, responsibilities, obligations or rights, unless the Sub-Adviser has consented in writing thereto. The Sub-Adviser shall
cause any purchase or sale of any Collateral Obligations or other asset of the Issuer to be conducted on terms and conditions negotiated
on an arm’s length basis or on terms and conditions that would be obtained in an arm’s length transaction in compliance
with Section 3 and Section 5 of the Collateral Management Agreement.

 

3.                 
Compensation.

 

(a)               
The Sub-Adviser hereby acknowledges that it is an Affiliate of the Collateral Manager and the Issuer and will receive a
valuable benefit from its entry into this Agreement, notwithstanding that no fees shall be payable to the Sub-Adviser for the performance
of its obligations under this Agreement.

 

(b)              
All investment professionals of the Sub-Adviser and/or its Affiliates, when and to the extent engaged in providing collateral
management sub-advisory services hereunder, and the compensation and routine overhead expenses of such personnel allocable to such
services, shall be provided and paid for by the Sub-Adviser and not by the Collateral Manager.

 

4.                 
Covenants.

 

(a)               
Each of the parties hereto shall comply in all material respects with all applicable material laws, ordinances, rules, regulations,
and requirements of governmental authorities except where the necessity of compliance therewith is contested in good faith by appropriate
proceedings.

 

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(b)              
The Sub-Adviser shall remain qualified to do business and in good standing (as applicable) in every jurisdiction in which
the nature of its businesses so requires, except where the failure to be so qualified and in good standing could reasonably be
expected to have a material adverse effect on its ability to perform collateral management sub-advisory services hereunder.

 

(c)               
The Sub-Adviser will use “Shared Employees” (as defined in the Staffing Agreement1)
to the extent it deems necessary or advisable in the exercise of its duties hereunder and it acknowledges that the Collateral Manager
is an “Adviser Client” pursuant to the terms of, and as defined in, the Staffing Agreement.

 

5.                 
Representations and Warranties. (a) The Sub-Adviser represents and warrants to the Collateral Manager as of the Closing
Date as follows:

 

		(i)	The Sub-Adviser has been duly organized and is validly
existing under the laws of Delaware, has the full power and authority to own its assets and to transact the business in which
it is presently engaged and is duly qualified under the laws of each jurisdiction where its ownership or lease of property or
the conduct of its business requires, or the performance of its duties under this Agreement would require, such qualification,
except for failures to be so qualified, authorized or licensed would have a material adverse effect on its ability to perform
its duties hereunder.

		(ii)	The Sub-Adviser has full limited liability company
power and authority to execute, deliver and perform its duties under this Agreement.

		(iii)	There is not pending or, to the Sub-Adviser’s
knowledge, threatened, any action, suit or proceeding before or by any court or other governmental or self-regulatory authority
to which the Sub-Adviser is a party which might reasonably be expected to result in any material adverse effect on its ability
to perform its duties hereunder.

		(iv)	This Agreement has been duly authorized, executed
and delivered by it and constitutes its valid and binding obligation, enforceable in accordance with its terms except that the
enforceability thereof may be subject to (A) bankruptcy, insolvency, reorganization, moratorium, receivership, conservatorship
or other similar laws now or hereafter in effect relating to creditors’ rights and (B) general principles of equity
(regardless of whether such enforcement is considered in a Proceeding in equity or at law).

		(v)	No consent, approval, authorization or order of or
declaration or filing with any government, governmental instrumentality or court or other person is required for the performance
by the Sub-Adviser of its duties hereunder, except such as have been duly made or obtained.

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		(vi)	Neither the execution and delivery of this Agreement
nor the fulfillment of the terms hereof conflicts with or results in a breach or violation of any of the material terms or provisions
of or constitutes a material default under (A) the Sub-Adviser’s certificate of formation, limited liability company
agreement or other constituent documents, (B) the terms of any indenture, contract, lease, mortgage, deed of trust, note,
agreement or other evidence of indebtedness or other agreement, obligation, condition, covenant or instrument to which the Sub-Adviser
is a party or is bound, (C) any statute applicable to the Sub-Adviser, or (D) any law, decree, order, rule or regulation
applicable to the Sub-Adviser of any court or regulatory, administrative or governmental agency, body or authority or arbitrator
having or asserting jurisdiction over the Sub-Adviser or its properties, and which would have, in the case of clause (B), (C)
or (D) of this paragraph (v), a material adverse effect upon the performance by the Sub-Adviser of its duties under this Agreement.

		(vii)	The Sub-Adviser is, in all material respects, in compliance
with all applicable material laws, ordinances, rules, regulations, and requirements of governmental authorities except where the
necessity of compliance therewith is contested in good faith by appropriate proceedings.

		(viii)	The Sub-Adviser is registered as an investment adviser
under the Investment Advisers Act of 1940, as amended.

		(ix)	The Sub-Adviser acknowledges receipt of, and has read
and is familiar with the provisions of, each of the documents delivered by the Collateral Manager to the Sub-Adviser pursuant
to Section 5(b)(viii) hereof.

		(b)	The Collateral Manager represents and warrants to the
Sub-Adviser as of the Closing Date as follows:

		(i)	The Collateral Manager has been duly organized and
is validly existing under the laws of Delaware, has the full power and authority to own its assets and to transact the business
in which it is presently engaged and is duly qualified under the laws of each jurisdiction where its ownership or lease of property
or the conduct of its business requires, or the performance of its duties under this Agreement would require, such qualification,
except for failures to be so qualified, authorized or licensed would have a material adverse effect on its ability to perform
its duties under this Agreement, the Collateral Management Agreement or the Indenture.

		(ii)	The Collateral Manager has full limited liability
company power and authority to execute, deliver and perform its duties under this Agreement, the Collateral Management Agreement
and the Indenture.

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		(iii)	There is not pending or, to the Collateral Manager’s
knowledge, threatened, any action, suit or proceeding before or by any court or other governmental or self-regulatory authority
to which the Collateral Manager is a party which might reasonably be expected to result in any material adverse effect on its
ability to perform its duties under this Agreement, the Collateral Management Agreement or the Indenture.

		(iv)	This Agreement has been duly authorized, executed
and delivered by it and constitutes its valid and binding obligation, enforceable in accordance with its terms except that the
enforceability thereof may be subject to (A) bankruptcy, insolvency, reorganization, moratorium, receivership, conservatorship
or other similar laws now or hereafter in effect relating to creditors’ rights and (B) general principles of equity
(regardless of whether such enforcement is considered in a Proceeding in equity or at law).

		(v)	No consent, approval, authorization or order of or
declaration or filing with any government, governmental instrumentality or court or other person is required for the performance
by the Collateral Manager of its duties hereunder, except such as have been duly made or obtained.

		(vi)	Neither the execution and delivery of this Agreement
nor the fulfillment of the terms hereof conflicts with or results in a breach or violation of any of the material terms or provisions
of or constitutes a material default under (A) the Collateral Manager’s certificate of formation, limited liability
company agreement or other constituent documents, (B) the terms of any indenture, contract, lease, mortgage, deed of trust,
note, agreement or other evidence of indebtedness or other agreement, obligation, condition, covenant or instrument to which the
Collateral Manager is a party or is bound, (C) any statute applicable to the Collateral Manager, or (D) any law, decree,
order, rule or regulation applicable to the Collateral Manager of any court or regulatory, administrative or governmental agency,
body or authority or arbitrator having or asserting jurisdiction over the Collateral Manager or its properties, and which would
have, in the case of clause (C) or (D) of this paragraph (v), would have a material adverse effect upon the performance by the
Collateral Manager of its duties under this Agreement.

		(vii)	The Collateral Manager is, in all material respects,
in compliance with all applicable material laws, ordinances, rules, regulations, and requirements of governmental authorities
except where the necessity of compliance therewith is contested in good faith by appropriate proceedings.

		(viii)	The Collateral Manager has heretofore delivered to
the Sub-Adviser true and complete copies of the Collateral Management Agreement and the Indenture.

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		(ix)	In accordance with the terms of the Collateral Management
Agreement, the delegation of the Collateral Manager’s obligations and duties hereunder shall not relieve it from any liability
under the Collateral Management Agreement.

 

6.                 
Excess Brokerage Commissions. The Sub-Adviser is hereby authorized, to the fullest extent now or hereafter permitted
by law, to cause the Collateral Manager to pay a member of a national securities exchange, broker or dealer an amount of commission
for effecting a securities transaction in excess of the amount of commission another member of such exchange, broker or dealer
would have charged for effecting such transaction, if the Sub-Adviser determines in good faith, taking into account such factors
as price (including the applicable brokerage commission or dealer spread), size of order, difficulty of execution, and operational
facilities of the firm and the firm’s risk and skill in positioning blocks of securities, that such commission amount is
reasonable in relation to the value of the brokerage and/or research services provided by such member, broker or dealer, viewed
in each case in terms of the particular transaction and the Sub-Adviser’s overall responsibilities with respect to the Issuer’s
portfolio, and that such commission amount constitutes the best net results for the Issuer.

 

7.                 
Limitations on the Employment of the Sub-Adviser.

 

(a)               
The services of the Sub-Adviser to the Collateral Manager are not exclusive, and the Sub-Adviser may engage in any other
business or render similar or different services to others including, without limitation, the direct or indirect sponsorship or
management of other investment-based accounts or commingled pools of capital, however structured, having investment objectives
similar to those of the Issuer, so long as its services to the Collateral Manager hereunder are not impaired thereby. Moreover,
nothing in this Agreement shall limit or restrict the right of any manager, partner, officer or employee of the Sub-Adviser to
engage in any other business or to devote his or her time and attention in part to any other business, whether of a similar or
dissimilar nature to the Issuer, or to receive any fees or compensation in connection therewith.

 

(b)              
So long as this Agreement or any extension, renewal or amendment of this Agreement remains in effect, the Sub-Adviser shall
be the only collateral management sub-adviser for the Collateral Manager. The Sub-Adviser assumes no responsibility under this
Agreement other than to render the services called for hereunder. It is understood that directors, officers, employees, members
and managers of the Collateral Manager are or may become interested in the Sub-Adviser and its Affiliates as directors, officers,
employees, partners, stockholders, members, managers or otherwise, and that the Sub-Adviser and directors, officers, employees,
partners, stockholders, members and managers of the Adviser and its Affiliates are or may become similarly interested in the Collateral
Manager as members or otherwise.

 

8.                 
Responsibility of Dual Directors, Officers and/or Employees. If any person who is a director, manager, partner, member,
officer or employee of the Sub-Adviser is or becomes a director, manager, member, officer and/or employee of the Collateral Manager
and acts as such in any business of the Collateral Manager, then such director, manager, partner, officer and/or employee of the
Sub-Adviser shall be deemed to be acting in such capacity solely for the Collateral Manager, and not as a director, manager, partner,
officer or employee of the Sub-Adviser or under the control or direction of the Sub-Adviser, even if paid by the Sub-Adviser.

 

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9.                 
Liability of Sub-Adviser; Indemnification.

 

(a)               
The Sub-Adviser assumes no responsibility under this Agreement other than to render the services called for hereunder to
the Collateral Manager in good faith.  The Sub-Adviser shall not be responsible for any action or inaction of the Collateral
Manager in declining to follow any advice, recommendation, or direction of the Sub-Adviser.  The Sub-Adviser shall have no
liability to the Collateral Manager, the Issuer or any other Person for any act, omission, error of judgment, mistake of law, or
for any claim, loss, liability, damage, judgment, settlement, cost or other expense (including attorney’s fees and expenses)
arising out of or with respect to any investment, or for any other act or omission in the performance of its obligations hereunder,
except for any liability to which it would be subject by reason of willful misfeasance, gross negligence in performance, or reckless
disregard, of its obligations hereunder. The Sub-Adviser shall not be liable for any consequential, special, punitive, exemplary
or treble damages or lost profits hereunder.

 

(b)              
The Collateral Manager shall reimburse, indemnify and hold harmless the directors, managers, members, officers and employees
of the Sub-Adviser and any of its Affiliates from any and all actual and reasonable out-of-pocket expenses, losses, damages, liabilities,
demands, charges and claims of any nature whatsoever (including reasonable attorneys’ fees and expenses), as are incurred
in investigating, preparing, pursuing or defending any Proceeding or investigation with respect to any pending or threatened litigation
caused by, or arising out of or in connection with, any acts or omissions of the Sub-Adviser, its directors, managers, members,
officers, stockholders, agents and employees made in good faith and in the performance of the Sub-Adviser’s duties under
this Agreement except to the extent resulting from such person’s bad faith, willful misfeasance, gross negligence or reckless
disregard of its duties hereunder.  The Sub-Adviser, its directors, managers, members, officers, stockholders, agents and
employees may consult with counsel and accountants with respect to the affairs of the Collateral Manager and shall be fully protected
and justified, to the extent allowed by law, in acting, or failing to act, if such action or failure to act is taken or made in
good faith and is in accordance with the advice or opinion of such counsel or accountants if such counsel or accountants were selected
with reasonable care.

 

(c)               
The provisions of this Section 9 shall survive the termination of this Agreement for any reason whatsoever.

 

10.             
Effectiveness, Duration and Termination of Agreement. This Agreement shall become effective as of the first date
above written. This Agreement shall remain in effect until the earlier of (a) 30 days following the Collateral Manager’s
written notice to the Sub-Adviser terminating this Agreement, (b) the termination of the Collateral Management Agreement or (c)
the effective date of the resignation or removal of the Collateral Manager as “Collateral Manager” under the Collateral
Management Agreement. No assignment of this Agreement shall be made by the Sub-Adviser without the consent of (i) the Collateral
Manager and a Majority of the Subordinated Notes and (ii) for an assignment to any person who is not an Affiliate of the Collateral
Manager, a Majority of the Controlling Class; provided that any such assignment to an Affiliate shall comply with the requirements
of Section 13(b) of the Collateral Management Agreement. No assignment of this Agreement shall be made by the Collateral Manager.
The Sub-Adviser shall not delegate its duties or responsibilities under this Agreement without the consent of (i) the Collateral
Manager and a Majority of the Subordinated Notes and (ii) for delegation to any person who is not an Affiliate of the Collateral
Manager, a Majority of the Controlling Class; provided that the Sub-Advisor shall not be relieved of its duties or responsibilities
hereunder in connection with any such delegation.

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11.             
Inspection of Property, Books and Records; Audits; Etc.

 

(a)               
The Sub-Adviser will keep proper books of record and accounts relating to its services performed hereunder, and, to the
extent such books of record and accounts are different from those prepared by the Collateral Manager pursuant to the terms of the
Collateral Management Agreement, will permit, at the request of the Collateral Manager, representatives of the Issuer, the Trustee,
the Holders and all Independent accountants appointed by the Collateral Manager pursuant to Section 10.12 of the Indenture (in
each case (i) payable by the Issuer as Administrative Expenses pursuant to the Priority of Payments, if such inspection does not
reveal any errors or discrepancies of $50,000 (or more) in the aggregate, (ii) at the expense of the Collateral Manager, if such
inspection reveals errors or discrepancies of $50,000 (or more) in the aggregate, or (iii) at the expense of the Collateral Manager,
during the continuance of an Event of Default) to examine and make abstracts from such books and records and to discuss its affairs,
finances and accounts relating to its duties under this Agreement with its officers, employees (including any "Shared Employees"
(as defined in the Staffing Agreement) who are responsible for the performance of this Agreement) and independent public accountants,
all at commercially reasonable times in a commercially reasonable manner so as to not unduly disrupt the business of the Sub-Adviser,
upon commercially reasonable prior notice (but in any event, not less than five Business Days) to the Sub-Adviser and as often
as may commercially reasonably be desired.

 

(b)              
If requested by the Collateral Manager, the Sub-Adviser shall participate in a meeting with the Collateral Manager and the
Holders of the Class A-1 Notes once during each fiscal year of the Collateral Manager, to be held at a location in New York City
and at a time reasonably determined by the Sub-Adviser; provided that such meeting shall be combined with any meeting that
is held pursuant to Section 6 of the Collateral Management Agreement such that no more than one such meeting under this Agreement
and the Collateral Management Agreement, collectively, shall be held during any fiscal year of the Collateral Manager.

 

12.             
Notices.

 

(a)               
All notices, requests, or consents provided for or permitted to be given under this Agreement shall be in writing, addressed
to the recipient, at the address set forth on the signature page hereof, and shall be given (i) by depositing that writing in the
U.S. mail, postage paid and certified with return receipt requested, (ii) by depositing that writing with a reputable overnight
courier for next-day delivery, (iii) by delivering that writing to the recipient in person or (iv) by delivering that writing to
the recipient by facsimile transmission.

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(b)              
A notice, request or consent given under this Agreement shall be deemed to have been given, and shall be effective, three
calendar days after mailed if sent by U.S. mail, on the next business day when sent by overnight courier or similar service, when
delivered if delivered in person, and upon receipt of a transmittal confirmation if sent by facsimile transmission. All notices,
requests and consents to be sent to a party must be sent to or made at the address given for that person on the signature page
hereof or at such other address as that person may specify by written notice to the other party.

 

13.             
Amendments. This Agreement may be amended only (i) by the mutual written consent of the parties hereto and (ii) in
accordance with the same procedures and requirements for an amendment as set forth in Section 20 of the Collateral Management Agreement.

 

14.             
Entire Agreement; Governing Law. This Agreement contains the entire agreement of the parties hereto and supersedes
all prior agreements, understandings and arrangements with respect to the subject matter hereof. This Agreement shall be governed
by, and construed in accordance with, the laws of the State of New York.

 

15.             
No Waiver. The failure of either party to enforce at any time for any period the provisions of or any rights deriving
from this Agreement shall not be construed to be a waiver of such provisions or rights or the right of such party thereafter to
enforce such provisions, and no waiver shall be binding unless executed in writing by all parties hereto.

 

16.             
Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced
by any law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect
so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse
to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the
parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely
as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated
to the greatest extent possible.

 

17.             
Headings. The descriptive headings contained in this Agreement are for convenience of reference only and shall not
affect in any way the meaning or interpretation of this Agreement.

 

18.             
Counterparts. This Agreement may be executed in one or more counterparts, each of which when executed shall be deemed
to be an original instrument and all of which taken together shall constitute one and the same agreement.

 

19.             
Beneficiaries of this Agreement. Nothing in this Agreement, expressed or implied, shall give to any Person, other
than the parties hereto and their successors and permitted assigns hereunder, any benefit or any legal or equitable right,
remedy or claim under this Agreement.

 

[The remainder of this page intentionally
left blank]

 

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

 

 

Garrison
FUNDING 2013-2 MANAGER LLC

 

By: /s/ Brian Chase                                                    

Name: Brian Chase

Title: Chief Operating Officer

 

		Address:   	Garrison Funding 2013-2 Manager LLC

1350 Avenue of the Americas

Suite 905

New York, New York 10019

Attn: General Counsel

Facsimile: (212) 898-9075

 

 

 

Garrison
Capital AdviserS LLC

 

By: /s/ Brian Chase                                                   

Name: Brian Chase

Title: Chief Financial Officer

 

		Address:   	Garrison Capital Advisers LLC

1350 Avenue of the Americas

Suite 905

New York, New York 10019

Attn: General Counsel

Facsimile: (212) 898-9075

 

 

Sub-Collateral
Management AgreementEXECUTIVE EMPLOYMENT AGREEMENT
   
  This Executive Employment Agreement, dated July 1, 2013 (the “Commencement Date”), is between Reprints Desk, Inc., a Delaware corporation (the “Company”), Research Solutions, Inc., a Nevada corporation (“Research Solutions”), and Peter Derycz, an individual residing at 5435 Balboa Blvd., Suite 202, Encino, California 91316 (“Executive”).
  
 1. Position and Responsibilities
  
  (a) Position. Executive is employed by the Company to render services to both the Company and Research Solutions in the positions of President and Chief Executive Officer as well as serving as a director and Chairman of the Boards of both the Company and Research Solutions.  Executive shall perform such duties and responsibilities as are normally related to such positions in accordance with the standards of the industry and any additional duties now or hereafter assigned to Executive by the Company and Research Solutions. Executive shall abide by the rules, regulations, and practices as adopted or modified from time to time in the Company’s or Research Solutions’s sole discretion.
  
  (b) Other Activities. Except upon the prior written consent of the Company, Executive will not, during the term of this Agreement, (i) accept any other employment, or (ii) engage, directly or indirectly, in any other business activity (whether or not pursued for pecuniary advantage) that might interfere with Executive’s duties and responsibilities hereunder or create a conflict of interest with the Company.
  
  (c) No Conflict. Executive represents and warrants that Executive’s execution of this Agreement, Executive’s employment with the Company, and the performance of Executive’s proposed duties under this Agreement shall not violate any obligations Executive may have to any other employer, person or entity, including any obligations with respect to proprietary or confidential information of any other person or entity.
  
  (d) Term. The term of employment of Executive by the Company pursuant to this Employment Agreement shall be for the period commencing on the Commencement Date and ending on June 30, 2015, or such earlier date that Employee’s employment is terminated in accordance with the provisions of this Employment Agreement.
  
 2. Compensation and Benefits
   
  (a) Base Salary. In consideration of the services to be rendered under this Agreement, the Company shall pay Executive a salary at the rate of Two Hundred Seventy Six Thousand Dollars ($276,000) per year (“Base Salary”).  The Base Salary shall be paid in accordance with the Company’s regularly established payroll practice.  Executive’s Base Salary will be reviewed from time to time in accordance with the established procedures of the Company for adjusting salaries for similarly situated employees and may be adjusted in the sole discretion of the Company.
  
  (b) Bonus Compensation.    Executive is eligible to participate in the executive bonus plan as determined by the boards of directors of the Company and Research Solutions.
   
  (c) Benefits. Executive shall be eligible to participate in the benefits made generally available by the Company to its employees, in accordance with the benefit plans established by the Company, and as may be amended from time to time in the Company’s sole discretion.
  
  (d) Expenses. The Company shall reimburse Executive for reasonable business expenses incurred in the performance of Executive’s duties hereunder in accordance with the Company’s expense reimbursement guidelines.
  
  
  
 
  
 3. At-Will Employment; Termination By the Company
   
  (a) At-Will Termination by the Company. The employment of Executive shall be “at-will” at all times.  The Company may terminate Executive’s employment with the Company at any time, without any advance notice, for any reason or no reason at all, notwithstanding anything to the contrary contained in or arising from any statements, policies or practices of the Company relating to the employment, discipline or termination of its employees.  Upon and after such termination, all obligations of the Company under this Agreement shall cease, unless Executive’s employment is terminated without Cause, in which case the Company shall provide Executive with the severance benefits described in Section 3(b) below.
  
  (b) Severance. Except in situations where the employment of Executive is terminated For Cause, By Death or By Disability (as defined in Section 4 below), in the event that the Company terminates the employment of Executive at any time, Executive will be eligible to receive an amount equal to three (3) months of the then-current Base Salary of the Executive payable in the form of salary continuation.  Executive’s eligibility for severance is conditioned on Executive having first signed a release agreement in the form attached as Exhibit A.  Executive shall not be entitled to any severance payments if Executive’s employment is terminated For Cause, By Death or By Disability (as defined in Section 4 below) or if Executive’s employment is terminated by Executive (in accordance with Section 5 below).
   
 4. Other Terminations By the Company
   
  (a) Termination for Cause. For purposes of this Agreement, “For Cause” shall mean: (i) Executive commits a crime involving dishonesty, breach of trust, or physical harm to any person; (ii) Executive willfully engages in conduct that is in bad faith and materially injurious to the Company, including but not limited to, misappropriation of trade secrets, fraud or embezzlement; (iii) Executive commits a material breach of this Agreement, which breach is not cured within twenty (20) days after written notice to Executive from the Company; (iv) Executive willfully refuses to implement or follow a lawful policy or directive of the Company, which breach is not cured within twenty (20) days after written notice to Executive from the Company; or (v) Executive engages in misfeasance or malfeasance demonstrated by a pattern of failure to perform job duties diligently and professionally.  The Company may terminate Executive’s employment For Cause at any time, without any advance notice.  The Company shall pay to Executive all compensation to which Executive is entitled up through the date of termination, subject to any other rights or remedies of Employer under law; and thereafter all obligations of the Company under this Agreement shall cease.
   
  (b) By Death. Executive’s employment shall terminate automatically upon Executive’s death.  The Company shall pay to Executive’s beneficiaries or estate, as appropriate, any compensation then due and owing.  Thereafter all obligations of the Company under this Agreement shall cease.  Nothing in this Section shall affect any entitlement of Executive’s heirs or devisees to the benefits of any life insurance plan or other applicable benefits.
  
  (c) By Disability. If Executive becomes eligible for the Company’s long term disability benefits or if, in the sole opinion of the Company, Executive is unable to carry out the responsibilities and functions of the position held by Executive by reason of any physical or mental impairment for more than ninety (90) consecutive days or more than one hundred and twenty days (120) in any twelve-month period, then, to the extent permitted by law, the Company may terminate Executive’s employment.  The Company shall pay to Executive all compensation to which Executive is entitled up through the date of termination, and thereafter all obligations of the Company under this Agreement shall cease.  Nothing in this Section shall affect Executive’s rights under any disability plan in which Executive is a participant.
  
  
  
 
  
 5. At-Will Termination By Executive
   
  Executive may terminate employment with the Company at any time for any reason or no reason at all, upon four weeks’ advance written notice. During such notice period Executive shall continue to diligently perform all of Executive’s duties hereunder.  The Company shall have the option, in its sole discretion, to make Executive’s termination effective at any time prior to the end of such notice period as long as the Company pays Executive all compensation to which Executive is entitled up through the last day of the four week notice period. Thereafter all obligations of the Company shall cease.
  
 6. Termination Obligations
   
  (a) Return of Property.  Executive agrees that all property (including without limitation all equipment, tangible proprietary information, documents, records, notes, contracts and computer-generated materials) furnished to or created or prepared by Executive incident to Executive’s employment belongs to the Company and shall be promptly returned to the Company upon termination of Executive’s employment.
  
  (b) Resignation and Cooperation. Upon termination of Executive’s employment, Executive shall be deemed to have resigned from all offices and directorships then held with the Company.  Following any termination of employment, Executive shall cooperate with the Company in the winding up of pending work on behalf of the Company and the orderly transfer of work to other employees.  Executive shall also cooperate with the Company in the defense of any action brought by any third party against the Company that relates to Executive’s employment by the Company.
  
  (c) Continuing Obligations.   Executive understands and agrees that Executive’s obligations under Sections 6, 7, and 8 herein (including Exhibits B and C) shall survive the termination of Executive’s employment for any reason and the termination of this Agreement.
  
 7. Inventions and Proprietary Information; Prohibition on Third Party Information
   
  (a) Proprietary Information Agreement. Executive agrees to sign and be bound by the terms of the Proprietary Information and Inventions Agreement, which is attached as Exhibit B (“Proprietary Information Agreement”).
  
  (b) Non-Solicitation. Executive acknowledges that because of Executive’s position in the Company, Executive will have access to material intellectual property and confidential information.  During the term of Executive’s employment and for one year thereafter, in addition to Executive’s other obligations hereunder or under the Proprietary Information Agreement, Executive shall not, for Executive or any third party, directly or indirectly (i) divert or attempt to divert from the Company any business of any kind, including without limitation the solicitation of or interference with any of its customers, clients, members, business partners or suppliers, or (ii) solicit or otherwise induce any person employed by the Company to terminate his employment.
  
  (c) Non-Disclosure of Third Party Information. Executive represents and warrants and covenants that Executive shall not disclose to the Company, or use, or induce the Company to use, any proprietary information or trade secrets of others at any time, including but not limited to any proprietary information or trade secrets of any former employer, if any; and Executive acknowledges and agrees that any violation of this provision shall be grounds for Executive’s immediate termination For Cause and could subject Executive to substantial civil liabilities and criminal penalties.  Executive further specifically and expressly acknowledges that no officer or other employee or representative of the Company has requested or instructed Executive to disclose or use any such third party proprietary information or trade secrets. 
  
  
  
 
   
  8. Arbitration 
  
 a. ARBITRATION. EXCEPT AS PROVIDED IN SECTION 8(b) BELOW, EXECUTIVE  AGREES THAT ANY DISPUTE OR CONTROVERSY ARISING OUT OF, RELATING TO, OR CONCERNING ANY INTERPRETATION, CONSTRUCTION, PERFORMANCE OR BREACH OF THIS AGREEMENT, SHALL BE SETTLED BY ARBITRATION TO BE HELD IN LOS ANGELES COUNTY, CALIFORNIA, IN ACCORDANCE WITH THE RULES THEN IN EFFECT OF THE AMERICAN ARBITRATION ASSOCIATION.  THE ARBITRATOR MAY GRANT INJUNCTIONS OR OTHER RELIEF IN SUCH DISPUTE OR CONTROVERSY. THE DECISION OF THE ARBITRATOR SHALL BE FINAL, CONCLUSIVE AND BINDING ON THE PARTIES TO THE ARBITRATION. JUDGMENT MAY BE ENTERED ON THE ARBITRATOR'S DECISION IN ANY COURT HAVING JURISDICTION. THE COMPANY SHALL PAY ALL OF THE COSTS AND EXPENSES OF SUCH ARBITRATION, AND EACH OF THE COMPANY AND EXECUTIVE SHALL SEPARATELY PAY THEIR COUNSEL FEES AND EXPENSES.
  
 THIS ARBITRATION CLAUSE CONSTITUTES A WAIVER OF EXECUTIVE'S RIGHT TO A JURY TRIAL AND RELATES TO THE RESOLUTION OF ALL DISPUTES RELATING TO ALL ASPECTS OF THE EMPLOYER/EMPLOYEE RELATIONSHIP (EXCEPT AS PROVIDED IN SECTION 8(b) BELOW), INCLUDING, BUT NOT LIMITED TO, THE FOLLOWING CLAIMS: 
  
 i. ANY AND ALL CLAIMS FOR WRONGFUL DISCHARGE OF EMPLOYMENT; BREACH OF CONTRACT, BOTH EXPRESS AND IMPLIED; BREACH OF THE COVENANT OF GOOD FAITH AND FAIR DEALING, BOTH EXPRESS AND IMPLIED; NEGLIGENT OR INTENTIONAL INFLICTION OF EMOTIONAL DISTRESS; NEGLIGENT OR INTENTIONAL MISREPRESENTATION; NEGLIGENT OR INTENTIONAL INTERFERENCE WITH CONTRACT OR PROSPECTIVE ECONOMIC ADVANTAGE; AND DEFAMATION; 
  
 ii. ANY AND ALL CLAIMS FOR VIOLATION OF ANY FEDERAL, STATE OR MUNICIPAL STATUTE, INCLUDING, BUT NOT LIMITED TO, TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, THE CIVIL RIGHTS ACT OF 1991, THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, THE AMERICANS WITH DISABILITIES ACT OF 1990, THE FAIR LABOR STANDARDS ACT, THE CALIFORNIA FAIR EMPLOYMENT AND HOUSING ACT, AND LABOR CODE SECTION 201, et seq.;
  
 iii. ANY AND ALL CLAIMS ARISING OUT OF ANY OTHER LAWS AND REGULATIONS RELATING TO EMPLOYMENT OR EMPLOYMENT DISCRIMINATION.
  
 b. EQUITABLE REMEDIES. EXECUTIVE AGREES THAT IT WOULD BE IMPOSSIBLE OR INADEQUATE TO MEASURE AND CALCULATE THE COMPANY'S DAMAGES FROM ANY BREACH OF THE COVENANTS SET FORTH IN SECTIONS 1 AND 7 HEREIN. ACCORDINGLY, EXECUTIVE AGREES THAT IF EXECUTIVE BREACHES ANY OF SUCH SECTIONS, THE COMPANY WILL HAVE AVAILABLE, IN ADDITION TO ANY OTHER RIGHT OR REMEDY AVAILABLE, THE RIGHT TO OBTAIN AN INJUNCTION FROM A COURT OF COMPETENT JURISDICTION RESTRAINING SUCH BREACH OR THREATENED BREACH AND TO SPECIFIC PERFORMANCE OF ANY SUCH PROVISION OF THIS AGREEMENT. I FURTHER AGREE THAT NO BOND OR OTHER SECURITY SHALL BE REQUIRED IN OBTAINING SUCH EQUITABLE RELIEF AND I HEREBY CONSENT TO THE ISSUANCE OF SUCH INJUNCTION AND TO THE ORDERING OF SPECIFIC PERFORMANCE. 
  
 c. CONSIDERATION. EXECUTIVE UNDERSTANDS THAT EACH PARTY'S PROMISE TO RESOLVE CLAIMS BY ARBITRATION IN ACCORDANCE WITH THE PROVISIONS OF THIS AGREEMENT, RATHER THAN THROUGH THE COURTS, IS CONSIDERATION FOR THE OTHER PARTY'S LIKE PROMISE. EXECUTIVE FURTHER UNDERSTANDS THAT EXECUTIVE IS OFFERED EMPLOYMENT IN CONSIDERATION OF EXECUTIVE’S PROMISE TO ARBITRATE CLAIMS. .
   
   
   
 
   
  9. Amendments; Waivers; Remedies 
  
 This Agreement may not be amended or waived except by a writing approved by the Board of Directors and signed by Executive and by a duly authorized representative of the Company other than Executive. Failure to exercise any right under this Agreement shall not constitute a waiver of such right. Any waiver of any breach of this Agreement shall not operate as a waiver of any subsequent breaches. All rights or remedies specified for a party herein shall be cumulative and in addition to all other rights and remedies of the party hereunder or under applicable law.
   
  10. Assignment; Binding Effect 
  
  (a) Assignment.  The performance of Executive is personal hereunder, and Executive agrees that Executive shall have no right to assign and shall not assign or purport to assign any rights or obligations under this Agreement.  This Agreement may be assigned or transferred by the Company; and nothing in this Agreement shall prevent the consolidation, merger or sale of the Company or a sale of any or all or substantially all of its assets. 
  
  (b) Binding Effect.  Subject to the foregoing restriction on assignment by Executive, this Agreement shall inure to the benefit of and be binding upon each of the parties; the affiliates, officers, directors, agents, successors and assigns of the Company; and the heirs, devisees, spouses, legal representatives and successors of Executive.
  
  11. Notices 
   
  All notices or other communications required or permitted hereunder shall be made in writing and shall be deemed to have been duly given if delivered:  (a) by hand; (b) by a nationally recognized overnight courier service; or (c) by United States first class registered or certified mail, return receipt requested, to the principal address of the other party, as set forth below.  The date of notice shall be deemed to be the earlier of (i) actual receipt of notice by any permitted means, or (ii) two (2) business days following dispatch by overnight delivery service or five (5) business days following dispatch by the United States Mail.  Executive shall be obligated to notify the Company in writing of any change in Executive’s address.  Notice of change of address shall be effective only when done in accordance with this paragraph.
  
 Company’s Notice Address:
  
 Research Solutions, Inc.
 5435 Balboa Blvd., Suite 202
 Encino, California 91316
 Attention:  CFO
  
 Executive’s Notice Address:
  
 Peter Derycz
 5435 Balboa Blvd., Suite 202
 Encino, California 91316
  
  
  
 
   
  12. Severability 
   
  If any provision of this Agreement shall be held by a court or arbitrator to be invalid, unenforceable, or void, such provision shall be enforced to the fullest extent permitted by law, and the remainder of this Agreement shall remain in full force and effect. In the event that the time period or scope of any provision is declared by a court or arbitrator of competent jurisdiction to exceed the maximum time period or scope that such court or arbitrator deems enforceable, then such court or arbitrator shall reduce the time period or scope to the maximum time period or scope permitted by law. 
   
  13. Taxes 
   
  All amounts paid under this Agreement (including, without limitation, Base Salary and Severance) shall be paid less all applicable state and federal tax withholdings and any other withholdings required by any applicable jurisdiction.
   
  14. Governing Law 
   
  This Agreement shall be governed by and construed in accordance with the laws of the State of California.
   
  15. Interpretation 
   
  This Agreement shall be construed as a whole, according to its fair meaning, and not in favor of or against any party. Sections and section headings contained in this Agreement are for reference purposes only, and shall not affect in any manner the meaning or interpretation of this Agreement.  Whenever the context requires, references to the singular shall include the plural and the plural the singular.
   
  16. Obligations Survive Termination of Employment  
   
  Executive agrees that any and all of Executive’s obligations under this Agreement, including but not limited to Exhibits B and C, shall survive the termination of employment and the termination of this Agreement.
   
  17. Counterparts 
   
  This Agreement may be executed in any number of counterparts, each of which shall be deemed an original of this Agreement, but all of which together shall constitute one and the same instrument. 
  
  18. Authority
   
  Each party represents and warrants that such party has the right, power and authority to enter into and execute this Agreement and to perform and discharge all of the obligations hereunder; and that this Agreement constitutes the valid and legally binding agreement and obligation of such party and is enforceable in accordance with its terms.
  
  19. Entire Agreement 
   
  This Agreement is intended to be the final, complete, and exclusive statement of the terms of Executive’s employment by the Company and may not be contradicted by evidence of any prior or contemporaneous statements or agreements, except for agreements specifically referenced herein (including the Executive Proprietary Information and Inventions Agreement attached as Exhibit B and the Arbitration Agreement attached as Exhibit C).  To the extent that the practices, policies or procedures of the Company, now or in the future, apply to Executive and are inconsistent with the terms of this Agreement, the provisions of this Agreement shall control. Any subsequent change in Executive’s duties, position, or compensation will not affect the validity or scope of this Agreement.
   
   
   
 
   
  20. Executive Acknowledgement  
   
  EXECUTIVE ACKNOWLEDGES EXECUTIVE HAS HAD THE OPPORTUNITY TO CONSULT LEGAL COUNSEL CONCERNING THIS AGREEMENT, THAT EXECUTIVE HAS READ AND UNDERSTANDS THE AGREEMENT, THAT EXECUTIVE IS FULLY AWARE OF ITS LEGAL EFFECT, AND THAT EXECUTIVE HAS ENTERED INTO IT FREELY BASED ON EXECUTIVE’S OWN JUDGMENT AND NOT ON ANY REPRESENTATIONS OR PROMISES OTHER THAN THOSE CONTAINED IN THIS AGREEMENT. 
   
   
   
 
   
  IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the date first written above.
  
  REPRINTS DESK, INC.: 
  
  	  By:
 	   
 	   
 
	   
 	   
 	   
 
	  Name:
 	   
 	   
 
	  Title:
 	   
 	   
 
	  
 	  
 	  
 
	  RESEARCH SOLUTIONS, INC.:
 	   
 
	   
 	   
 	   
 
	  By:
 	   
 	   
 
	   
 	   
 	   
 
	  Name:
 	   
 	   
 
	 Title:
 	  
 	  
 
	  
 	  
 	  
 
	 EXECUTIVE:

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