Document:

Officers' Certificate of the Company, including the form of 2.875% Note due 2022

 Exhibit 4.1 
 Sempra Energy 
 OFFICERS’ CERTIFICATE 

(Pursuant to Sections 201 and 301 of the Indenture) 
 September 24, 2012 
 The undersigned, Kathryn J. Collier, Vice President and
Treasurer, and Randall L. Clark, Vice President – Corporate Responsibility and Corporate Secretary, respectively, of Sempra Energy, a California corporation (the “Company”), hereby certify as follows: 

The undersigned, having read the appropriate provisions of the Indenture dated as of February 23, 2000 (the
“Indenture”) between the Company and U.S. Bank National Association, as successor Trustee to U.S. Bank Trust National Association (the “Trustee”), including Sections 201, 301 and 303 thereof and the definitions
in such Indenture relating thereto, and certain other corporate documents and records, and having made such examination and investigation as, in the opinion of the undersigned, each considers necessary to enable the undersigned to express an
informed opinion as to whether or not the conditions set forth in the Indenture relating to the establishment of the terms of $500,000,000 aggregate principal amount of the Company’s 2.875% Notes due 2022 (the “Notes”) and the
form of certificate evidencing the Notes have been complied with, and whether the conditions in the Indenture relating to the authentication and delivery by the Trustee of the Notes have been complied with, certify that (1) the terms of the
Notes were established by the undersigned pursuant to authority delegated to them by resolutions duly adopted by the Board of Directors of the Company on September 9, 2008 and November 10, 2009 (collectively, the
“Resolutions”) and such terms are as set forth in Annex I hereto, (2) the form of certificate evidencing the Notes was established by the undersigned pursuant to authority delegated to them by the Resolutions and shall be
in substantially the form attached as Annex II hereto, (3) a true, complete and correct copy of the Resolutions, which were duly adopted by the Board of Directors of the Company and are in full force and effect on the date hereof, are
attached as an exhibit to the Certificate of the Secretary of the Company of even date herewith, and (4) the form and terms of the Notes have been established pursuant to Sections 201 and 301 of the Indenture and comply with the Indenture and,
in the opinion of the undersigned, all conditions provided for in the Indenture (including, without limitation, those set forth in Sections 201, 301 and 303 of the Indenture) relating to the establishment of the terms of the Notes and the form of
certificate evidencing the Notes, and relating to the execution, authentication and delivery of the Notes, have been complied with. 
 This certificate may be executed by the parties hereto in counterparts, each of which when so executed shall be deemed to be an original, with the same effect as if the signatures thereto and hereto were
on the same instrument, but all such counterparts shall together constitute but one and the same instrument. 
 (Signature
Page Follows) 

  
 1 

 IN WITNESS WHEREOF, we have hereunto set our hands as of the date first written above.

  

	
	   /s/ Kathryn J. Collier

	Kathryn J. Collier
	Vice President and Treasurer
	
	   /s/ Randall L. Clark

	Randall L. Clark
	Vice President – Corporate Responsibility and Corporate Secretary

  

[Officers’ Certificate – Indenture] 

 ANNEX I 
 Capitalized terms used in this Annex I and not otherwise defined herein have the same definitions as in the Indenture referred to in the Officers’ Certificate of which this Annex I
constitutes a part. 
 (1) A single series of securities (the “Securities”) is established hereby and shall be
known and designated as the “2.875% Notes due 2022”. 
 (2) The aggregate principal amount of the Securities of such
series which may be authenticated and delivered under the Indenture is limited to $500,000,000, except for Securities of such series authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of
the same series pursuant to Sections 304, 305, 306, 906 or 1106 of the Indenture and except for any Securities of such series which, pursuant to Section 303 of the Indenture, are deemed never to have been authenticated and delivered under
the Indenture. However, such series may be re-opened by the Company for the issuance of additional Securities of such series, so long as any such additional Securities (i) have the same form and terms (other than offering price, the date of
issuance and, under certain circumstances, the date from which interest thereon shall begin to accrue and the first interest payment date), and carry the same right to receive accrued and unpaid interest (if any), as the Securities of such series
theretofore issued and (ii) shall form a single series under the Indenture with the Securities of such series theretofore issued and provided that such additional Securities are fungible with the Securities of such series theretofore issued for
United States Federal income tax purposes; provided, however, that, notwithstanding the foregoing, such series may not be re-opened if the Company has effected defeasance with respect to the Securities of such series pursuant to Section 1302 of
the Indenture or has effected satisfaction and discharge with respect to the Securities of such series pursuant to Section 401 of the Indenture. 
 (3) The Securities of such series are to be issued only as registered securities without coupons. The Securities of such series shall be issued in book-entry form and represented by one or more global
Securities (the “Global Securities”) of such series, the initial depositary (the “Depositary”) for the Global Securities of such series shall be The Depository Trust Company and the depositary arrangements shall be
those employed by whoever shall be the Depositary with respect to the Global Securities of such series from time to time. Notwithstanding the foregoing, certificated Securities of such series in definitive form may be issued in exchange for Global
Securities of such series under the circumstances contemplated by Section 305 of the Indenture. 
 (4) The Securities shall
be sold by the Company to the several underwriters (the “Underwriters”) named in Schedule I to the Underwriting Agreement dated September 19, 2012 between the Company and Goldman, Sachs & Co., RBC Capital Markets,
LLC and UBS Securities LLC, as representatives of the several underwriters (the “Underwriting Agreement”), at a price equal to 99.315% of the principal amount of the Securities and the initial price to the public of the Securities
shall be 99.965% of the principal amount of the Securities (plus accrued and unpaid interest, if any), and underwriting discounts and commissions shall be 0.650% of the principal amount of the Securities. 

(5) The Securities shall not be repayable or redeemable at the option of the Holders prior to the Stated Maturity of the principal
thereof (except as provided in Article V of the Indenture) and shall not be subject to a sinking fund or analogous provision. 
 (6) The Borough of Manhattan, The City of New York is hereby designated as a Place of Payment for the Securities of such series. 

  
 Annex I-1

 (7) The Company hereby appoints the Trustee, acting through its Corporate Trust Office in
the Borough of Manhattan, The City of New York, as the Company’s agent for the purposes specified in Section 1002 of the Indenture; provided, however, subject to Section 1002 of the Indenture, the Company may at any time remove the
Trustee as its office or agency in the Borough of Manhattan, The City of New York designated for such purposes and may from time to time designate one or more other offices or agencies for such purposes and may from time to time rescind such
designation, so long as the Company shall at all times maintain an office or agency for such purposes in the Borough of Manhattan, The City of New York. 
 (8) The Securities of such series shall be issued in denominations of $2,000 and integral multiples of $1,000. 
 (9) The principal of, premium, if any, and interest on the Securities of such series shall be payable in U.S. Dollars. 
 (10) Section 1303 of the Indenture shall not apply to the Securities of such series. 
 (11) The Securities of such series shall not be convertible into or exchangeable for other securities. 
 (12) Anything in the Indenture or the Securities of such series to the contrary notwithstanding, payments of the principal of and premium, if any, and interest on the Global Securities of such series
shall be made by wire transfer to the Depositary or its nominee or to any successor depositary or nominee, whichever shall be the registered Holder of such Global Securities of such series from time to time. 

(13) To the extent that any provision of the Indenture or the Securities of such series provides for the payment of interest on overdue
principal of, or premium, if any, or interest on, the Securities of such series, then, to the extent permitted by law, interest on such overdue principal, premium, if any, and interest shall accrue at the rate of interest borne by the Securities of
such series. 
 (14) The Securities of such series shall have such other terms and provisions as are set forth in the form of
certificate evidencing the Securities of such series attached as Annex II to the Officers’ Certificate of which this Annex I constitutes a part, all of which terms and provisions are incorporated by reference in and made a part of this
Annex I as if set forth in full herein. 
 (15) As used in the Indenture with respect to the Securities of such series and
in the certificate evidencing the Securities of such series, all references to “premium” on the Securities of such series shall mean any amounts (other than accrued interest) payable upon the redemption of any Securities of such series in
excess of 100% of the principal amount of such Securities. 
 (16) Insofar as Section 501 of the Indenture is applicable to
the Securities of such series, subsection (5) of Section 501 of the Indenture is hereby deleted in its entirety and replaced with the following text and any references in the Indenture to subsection (5) of Section 501 thereof
shall, solely insofar as relates to the Securities of such series, be disregarded, mutatis mutandis, it being understood and agreed that the provisions set forth in this paragraph (16) of this Annex I shall only be applicable to the
Securities of such series: 
 “(5) [omitted intentionally]; or”. 

  
 Annex I-2

 ANNEX II 
 Form of Certificate Evidencing the 2.875% Notes due 2022 

  
 Annex II-1

 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS
REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER
THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 UNLESS THIS CERTIFICATE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 SEMPRA ENERGY 
 2.875% Notes due 2022 

 

			
		  	$500,000,000
	 No. 001
	  	 CUSIP No. 816851 AT6
 ISIN No. US816851AT63

 Sempra Energy, a corporation duly organized and existing under the laws of the State of California
(herein called the “Corporation,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of
Five Hundred Million Dollars ($500,000,000) on October 1, 2022 (the “Maturity Date”), and to pay interest thereon from September 24, 2012 or from the most recent date to which interest has been paid or duly provided for,
semi-annually in arrears on April 1 and October 1 in each year (each, an “Interest Payment Date”), commencing April 1, 2013 and on the Maturity Date at the rate of 2.875% per annum, until the principal hereof is
paid or made available for payment, provided that any principal hereof or (to the extent that the payment of such interest shall be legally enforceable) premium, if any, or interest hereon which is not paid when due shall bear interest at the
rate of 2.875% per annum from the respective dates such amounts are due until they are paid or made available for payment, and such interest shall be payable on demand. 
 Interest on this Security shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. The interest so payable, and punctually paid or duly provided for, on any Interest Payment
Date will, as provided in the Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the March 15
or September 15 (whether or not a Business Day), as the case 

  
 Annex II-1

 
may be, immediately preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for on any Interest Payment Date will forthwith cease to be payable to the
Holder on such Regular Record Date by virtue of having been such Holder and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the
payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. 

Payment of the principal of (and premium, if any) and interest on this Security will be made at the office or agency of the Corporation
maintained for that purpose in the Borough of Manhattan, The City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided,
however, that at the option of the Corporation payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or by wire transfer at such place and to such
account at a banking institution in the United States as may be designated in writing to the Trustee at least 15 days prior to the date for payment by the Person entitled thereto. Notwithstanding the foregoing, so long as the Holder of this
Security is the Depositary or its nominee, payment of the principal of (and premium, if any) and interest on this Security will be made by wire transfer of immediately available funds. 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been
executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 Annex II-2

 IN WITNESS WHEREOF, the Corporation has caused this instrument to be duly executed.

  

			
	SEMPRA ENERGY
		
	By:	 	  

	Name:    Kathryn J. Collier
	Title:      Vice President and Treasurer

 Attest: 
  

			
	By:	 	  

	Name:    Randall L. Clark
	Title:      Secretary

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

			
	U.S.        BANK        NATIONAL        
ASSOCIATION
	
	As successor Trustee to
	    U.S. Bank Trust National Association
		
	By:	 	  

		 	 Authorized
Signatory              

 Dated: September 24, 2012 

  
 Annex II-3

 (REVERSE OF SECURITY) 

This Security is one of a duly authorized issue of securities of the Corporation (herein called the “Securities”),
issued and to be issued in one or more series under an Indenture, dated as of February 23, 2000 (herein called the “Indenture,” which term shall have the meaning assigned to it in such instrument), between the Corporation and
U.S. Bank National Association, as successor trustee to U.S. Bank Trust National Association (herein called the “Trustee,” which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture
for a statement of the respective rights, limitation of rights, duties and immunities thereunder of the Corporation, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and
delivered. This Security is one of the series designated on the face hereof, initially limited (subject to exceptions provided in the Indenture) in aggregate principal amount to $500,000,000. 

All or a portion of the Securities of this series may be redeemed at the Corporation’s option at any time or from time to time at a
Redemption Price calculated as provided below. 
 The Redemption Price for the Securities of this series to be redeemed on any
Redemption Date will be equal to (A) in the case of any Redemption Date prior to July 1, 2022, the greater of the following amounts: (a) 100% of the principal amount of the Securities being redeemed on that Redemption Date; or
(b) the sum of the present values of the remaining scheduled payments of principal and interest on the Securities being redeemed on that Redemption Date (not including any portion of any payments of interest accrued to the Redemption Date)
discounted to the Redemption Date on a semi-annual basis at the Adjusted Treasury Rate (as defined below) plus 20 basis points, as determined by the Independent Investment Banker (as defined below), plus, in each case, accrued and unpaid interest on
the Securities to be redeemed to the Redemption Date, or (B) in the case of any Redemption Date on and after July 1, 2022, 100% of the principal amount of the Securities to be redeemed on that Redemption Date, plus accrued and unpaid
interest thereon to the Redemption Date. Notwithstanding the foregoing, installments of interest on Securities of this series that are due and payable on any Interest Payment Date falling on or prior to a Redemption Date will be payable on that
Interest Payment Date to the Holders of such Securities as of the close of business on the Regular Record Date immediately preceding such Interest Payment Date, according to the Securities of this series and Indenture. The Redemption Price will be
calculated on the basis of a 360-day year consisting of twelve 30-day months. 
 The Corporation will mail notice of any
redemption at least 30 days but not more than 60 days before the Redemption Date to each Holder of the Securities of this series to be redeemed. Once notice of redemption is mailed, the Securities of this series called for redemption will become due
and payable on the Redemption Date at the applicable Redemption Price, plus accrued and unpaid interest to the Redemption Date, and will be paid upon surrender thereof for redemption. If the Corporation elects to redeem all or a portion of the
Securities of this series, that redemption will not be conditional upon receipt by the Paying Agent or the Trustee of monies sufficient to pay the Redemption Price. 
 Unless the Corporation defaults in payment of the Redemption Price, on and after the Redemption Date interest will cease to accrue on the Securities of this series or portions thereof called for
redemption. 
 “Adjusted Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to
the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.

  
 Annex II-4

 “Comparable Treasury Issue” means, with respect to any Redemption Date, the
United States Treasury security selected by the Independent Investment Banker as having a maturity comparable to the remaining term of the Securities of this series to be redeemed on such Redemption Date that would be utilized, at the time of
selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Securities. 

“Comparable Treasury Price” means, with respect to any Redemption Date, (A) the average of the Reference Treasury
Dealer Quotations for such Redemption Date or (B) if only one Reference Treasury Dealer Quotation is received, such quotation. 
 “Independent Investment Banker” means, with respect to any Redemption Date, one of the Reference Treasury Dealers appointed by the Corporation to act as the “Independent Investment
Banker.” 
 “Reference Treasury Dealer” means, with respect to any Redemption Date, (A) Goldman,
Sachs & Co., RBC Capital Markets, LLC and UBS Securities LLC (or their respective affiliates which are Primary Treasury Dealers (as defined below)), and their respective successors; provided, however, that if any of the
foregoing shall cease to be a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”), the Corporation will substitute therefor another Primary Treasury Dealer; and (B) any other Primary
Treasury Dealer(s) selected by the Corporation. 
 “Reference Treasury Dealer Quotation” means, with respect to
each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Corporation, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing
to the Corporation by such Reference Treasury Dealer at 5:00 p.m. (New York City time) on the third Business Day preceding such Redemption Date. As used in the preceding sentence, “Business Day” means any day (other than a Saturday
or Sunday) on which banking institutions in the City of New York are not authorized or obligated by law or executive order to remain closed. 
 In the event of redemption of this Security in part only, a new Security or Securities of this series and of like tenor in an aggregate principal amount equal to the unredeemed portion of the principal
hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 
 The Indenture contains provisions for
defeasance at any time of the entire indebtedness of this Security upon compliance with certain conditions set forth in the Indenture. 
 If an Event of Default with respect to the Securities of this series shall occur and be continuing, the principal of and accrued and unpaid interest on the Securities of this series may be declared due
and payable in the manner and with the effect provided in the Indenture. 
 The Indenture permits, with certain exceptions as
therein provided, the amendment thereof and the modification of the rights and obligations of the Corporation and the rights of the Holders of the Securities of each series affected under the Indenture at any time by the Corporation and the Trustee
with the consent of the Holders of a majority in principal amount of the Securities of each series at the time Outstanding affected thereby. The Indenture contains provisions permitting the Holders of not less than a majority in principal amount of
the Securities of any series at the time Outstanding with respect to which a default under the Indenture shall have occurred and be continuing, on behalf of the Holders of all Securities of such series, to waive, with certain exceptions, such past
default with respect to such series and its consequences. The Indenture also permits the Holders of not less than a majority in principal amount of the Securities of any series at the time Outstanding, on behalf of the Holders of all Securities of
such series, to waive compliance by the Corporation with certain provisions of the Indenture. Any such 

  
 Annex II-5

 
consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of
transfer hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 
 As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a
receiver or trustee or for any other remedy thereunder unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in
principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee, such Holder or Holders shall have offered the Trustee
reasonable indemnity against the costs, expenses and liabilities to be incurred in compliance with such request, and the Trustee, for 60 days after its receipt of such notice, request and offer of indemnity, shall not have received from the Holders
of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and the Trustee shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request
and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed
herein. 
 No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the
obligation of the Corporation, which is absolute and unconditional, to pay the principal of and premium, if any, and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the
Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Corporation in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the Corporation and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this
series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The Securities of this series are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject
to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering
the same. 
 No service charge shall be made for any such registration of transfer or exchange, but the Corporation may require
payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due
presentment of this Security for registration of transfer, the Corporation, the Trustee and any agent of the Corporation or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or
not this Security be overdue, and neither the Corporation, the Trustee nor any such agent shall be affected by notice to the contrary. 

  
 Annex II-6

 This Security shall be governed by and construed in accordance with the laws of the State of
New York, without regard to conflict of law principles thereof. 
 All terms used in this Security which are defined in the
Indenture and not defined herein shall have the meanings assigned to them in the Indenture. 

  
 Annex II-7Third Loan Modification Agreement

 Exhibit 10.1 
 THIRD LOAN MODIFICATION AGREEMENT 
 THIS THIRD LOAN MODIFICATION AGREEMENT (this
“Agreement”) is made and entered into as of September 20, 2012 by and among UNION BANK, N.A. (“Bank”), WAGEWORKS, INC., a Delaware corporation (“Borrower”) and MHM RESOURCES, LLC, a Delaware
limited liability company (“Closing Date Guarantor”), with respect to the following facts: 
 RECITALS

 This Agreement is made and entered into in reliance on the following recitals, which are acknowledged by each Obligor and Bank to be true
and accurate: 
 A. Bank and Borrower have entered into that certain Commercial Credit Agreement dated as of August 31, 2010 (as
amended, modified, supplemented or restated from time to time, including by that certain First Loan Modification Agreement dated as of November 16, 2011 and that certain Second Loan Modification Agreement dated as of February 14, 2012,
collectively, the “Loan Agreement”) pursuant to which Bank agreed to provide to Borrower, on and subject to the terms and conditions set forth therein, a revolving credit facility for loans up to Fifty Million Dollars ($50,000,000).
Borrower may have liabilities to Bank under other credit facilities or bank or cash management products; Bank and Borrower intend that such other facilities shall not be affected by this Agreement and shall remain in full force and effect in all
respects. Capitalized terms not defined herein shall have the meanings assigned to them in the Loan Agreement. 
 B. To induce Bank to
extend credit to Borrower, Closing Date Guarantor has unconditionally guaranteed the payment and performance of all of the Borrower’s obligations to Bank pursuant to that certain Continuing Guaranty dated as of August 31, 2010 (as amended,
modified, supplemented or restated from time to time, collectively, the “MHM Guaranty”). 
 C. To secure, among
other things, payment and performance of all of Borrower’s indebtedness, liabilities and obligations to Bank and all of Closing Date Guarantor’s indebtedness, liabilities and obligations under the MHM Guaranty, each of Borrower and Closing
Date Guarantor executed and delivered to Bank that certain Security Agreement dated as of August 31, 2010 by and among Bank, Borrower and Closing Date Guarantor and an Intellectual Property Security Agreement, each dated as of August 31,
2010, pursuant to which Borrower and Closing Date Guarantor each granted to Bank a security interest in substantially all of their respective properties and assets, other than Client Trust Accounts. 

D. There are no written or oral agreements concerning or affecting the Revolving Loans between Obligors, on the one hand, and Bank, on the other,
other than the Loan Documents. 
 E. At Borrower’s request, Bank is willing to modify the Loan Documents as set forth herein,
provided that the conditions set forth herein are satisfied within the time periods required under this Agreement. 

  

Page 1 
  

 AGREEMENT 
 NOW THEREFORE, in consideration of the foregoing and for other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 1. Incorporation of Recitals. Each of the above recitals is incorporated herein as true and correct and is relied upon
by each party to this Agreement in agreeing to the terms of this Agreement. 
 2. Confirmation of Debt and Loan
Documents. Borrower and each other Obligor hereby ratifies, reaffirms and confirms all of the terms and conditions of the Loan Documents in all respects and hereby acknowledges that the Loan Documents are valid and enforceable obligations
against Borrower and each other Obligor, due and payable in full, without defenses, setoffs or counterclaims of any kind. The indebtedness evidenced by the Loan Documents is hereby acknowledged and admitted. Except as expressly set forth herein,
this Agreement shall not alter, modify, amend, or in any way affect any of the terms, conditions, obligations, covenants, or agreements contained in the Loan Agreement or any other Loan Document. This Agreement shall not operate as a waiver of any
right, power, or remedy of Bank under the Loan Agreement or any other Loan Document. Borrower and each other Obligor hereby confirm that all obligations of Borrower and each other Obligor to Bank are secured by a perfected, first-priority security
interest in the Collateral, subject to Permitted Liens. 
 3. Conditions Precedent. Each Obligor understands that this
Agreement shall not be effective and Bank shall have no obligation to amend the terms of the Loan Documents as provided herein, unless and until each of the following conditions precedent has been satisfied not later than September 20, 2012, or
waived by Bank (in Bank’s sole discretion): 
 (a) Each Obligor shall have executed and delivered to
Bank this Agreement. 
 (b) Borrower shall have delivered to Bank a duly-executed officer’s
certificate in the form attached hereto as Exhibit A. 
 (c) The representations and warranties of
each Obligor under the Loan Agreement, this Agreement and each other Loan Documents, as applicable, shall be true and correct as of the date hereof (except to the extent such representations and warranties expressly refer to an earlier date, in
which case they are true, correct and complete as of such earlier date). 
 (d) Borrower shall have paid
to Bank a commitment extension fee in the amount of One Hundred Twenty-Five Thousand Dollars ($125,000) which fee shall be non-refundable and fully-earned upon receipt. 

(e) Borrower shall have reimbursed Bank for Bank’s costs and expenses, including, without limitation,
reasonable attorneys’ fees and expenses (including the fees of Bank’s in-house legal counsel and staff), incurred in connection with the negotiation and drafting of this Agreement and the transactions contemplated hereby. 

(f) On or before such time as Bank may require, Borrower and each other Obligor shall have taken any and all
actions and executed and delivered to Bank any and all documents necessary or appropriate in Bank’s sole discretion to effectuate this Agreement. 
 4. [Reserved]. 

  
 Page 2

 5. Modification of Loan Documents. To induce Bank to enter into this Agreement,
Borrower agrees that the Loan Documents are hereby supplemented and modified as follows, which modifications shall supersede and prevail over any conflicting provisions of the Loan Documents: 

(a) The definition of “Maturity Date” in Section 1.7 of the Loan Agreement is hereby amended and
restated in its entirety to read as follows: 
 “Maturity Date” means October 31, 2013.

 6. Representations and Warranties. To induce Bank to enter into this Agreement, Borrower and each other Obligor hereby
represents and warrants to Bank as follows: 
 (a) All representations and warranties contained in this
Agreement and in any and all of the other Loan Documents are and remain true, correct and complete as of the date of this Agreement (except to the extent such representations and warranties expressly refer to an earlier date, in which case, they are
and remain true, correct and complete as of such earlier date), and all such representations and warranties shall survive the execution of this Agreement. 
 (b) The execution, delivery and performance by Borrower and each other Obligor of this Agreement and all documents contemplated hereunder are within Borrower’s and such other Obligor’s
powers, have been duly authorized, and are not in conflict with Borrower’s or any other Obligor’s certificate of incorporation, by-laws or operating agreement, or the terms of any charter or other organizational document of Borrower or
such other Obligor; and all such documents constitute valid and binding obligations of Borrower and each such other Obligor, enforceable in accordance with their terms. In addition, such execution, delivery and performance by Borrower and each other
Obligor will not violate any law, rule or order of any court or governmental agency or body to which Borrower or any other Obligor is subject; and cannot (except as expressly provided or contemplated herein) result in the creation or imposition of
any lien, security interest or encumbrance on any now owned or hereafter acquired property of Borrower. 
 (c)
No event has occurred or failed to occur that is, or, with notice or lapse of time or both would constitute a default, an Event of Default, or a breach or failure of any condition under any Loan Document. Borrower and each other Obligor, taken
as a whole, are Solvent. 
 (d) As of the date hereof, (i) Borrower has no Material Subsidiaries, or
Subsidiaries that are required to be designated as Material Subsidiaries under the Loan Documents, other than Closing Date Guarantor and PBS; and (ii) PBS is not a 5% Subsidiary. 

(e) The Revolving Loan represents an unconditional, absolute, valid and enforceable obligation against Borrower and
the Guaranties represent unconditional, absolute, valid and enforceable obligations of each other Obligor. Neither Borrower nor any other Obligor has any claims, counterclaims, or defenses against Bank or any other person or entity which would or
might affect: (i) the enforceability of any provisions of the Loan Documents; or (ii) the collectability of sums advanced by Bank in connection with the Revolving Loan. Neither Borrower nor any other Obligor has any offsets, disputes or
disagreements of any kind or nature whatsoever with respect to its obligations under the Loan Documents. Borrower and each other Obligor understands and acknowledges that 

  
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Bank is entering into this Agreement in reliance upon, and in partial consideration for, these acknowledgments and representations, and agrees that such reliance is reasonable and appropriate.

 7. Confirmation of Guaranty. Each Guarantor ratifies and reaffirms its obligations under the Guaranty, including the
MHM Guaranty, that it has provided to Bank, and each and every term, condition, and provision of such Guaranty, the Security Agreement and each other Loan Document to which it is a party. Each Guarantor further represents and warrants that it has no
defenses or claims against Bank that would or might affect the enforceability of its Guaranty or any other Loan Document and that its Guaranty and each other Loan Document to which it is a party remain in full force and effect. 

8. Release. Borrower and each Guarantor hereby, for itself, its successors, heirs, executors, administrators and assigns (each a
“Releasing Party” and collectively, the “Releasing Parties”), releases, acquits and forever discharges Bank, its directors, officers, employees, agents, attorneys, affiliates, successors, administrators and assigns
(“Released Parties”) of and from any and all claims, actions, causes of action, demands, rights, damages, costs, loss of service, expenses and compensation whatsoever which any Releasing Party might have because of anything done,
omitted to be done, or allowed to be done by any of the Released Parties and in any way arising out of or connected with the Revolving Loan or this Agreement or the other Loan Documents as of the date of execution of this Agreement, WHETHER KNOWN OR
UNKNOWN, FORESEEN OR UNFORESEEN, including, without limitation, any specific claim raised by any Releasing Party, (the “Released Matters”). Releasing Parties each further agrees never to commence, aid or participate in (except to
the extent required by order or legal process issued by a court or governmental agency of competent jurisdiction) any legal action or other proceeding based in whole or in part upon the Released Matters. In furtherance of this general release,
Releasing Parties each acknowledges and waives the benefits of California Civil Code Section 1542 (and all similar ordinances and statutory, regulatory, or judicially created laws or rules of any other jurisdiction), which provides: 

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF
EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR. 
 Releasing Parties
each agree that this waiver and release is an essential and material term of this Agreement and that the agreements in this paragraph are intended to be in full satisfaction of any alleged injuries or damages in connection with the Released Matters.
Releasing Parties each represent and warrant that it has not purported to convey, transfer or assign any right, title or interest in any Released Matter to any other person or entity and that the foregoing constitutes a full and complete release of
the Released Matters. Releasing Parties each also understands that this release shall apply to all unknown or unanticipated results of the transactions and occurrences described above, as well as those known and anticipated. Releasing Parties each
has consulted with legal counsel prior to signing this release, or had an opportunity to obtain such counsel and knowingly chose not to do so, and executes such release voluntarily, with the intention of fully and finally extinguishing all Released
Matters. Notwithstanding anything in this Agreement, Borrower does not waive any of Bank’s obligations under the terms of the Loan Agreement as amended by this Agreement. 

  
 Page 4

 9. Dispute Resolution. This Agreement hereby incorporates any alternative dispute
resolution agreement previously, concurrently or hereafter executed between Borrower or any Guarantor, and Bank. 
 10.
Miscellaneous. 
 (a) All the parties hereto agree to and will cooperate fully with each other in the
performance of this Agreement and the Loan Documents including, without limitation, executing any additional documents and instruments reasonable or necessary to the full performance of this Agreement. Without limiting the generality of the
foregoing, Borrower agrees to execute such other and further documents and instruments as Bank may request to implement the provisions of this Agreement. 
 (b) This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto, and their respective successors and assigns. No other person or entity shall be
entitled to claim any right or benefit hereunder, including, without limitation, the status of a third party beneficiary hereunder. 
 (c) Bank and Borrower agree that except as expressly provided herein, the Loan Documents shall remain in full force and effect in accordance with their respective terms, and this Agreement shall
not be construed to: 
 (i) Waive or impair any rights, powers or remedies of Bank under the Loan Documents; 

(ii) Constitute an agreement by Bank or require Bank to grant forbearance periods or extend the term of any credit extended by
Bank or the time for payment of any of Borrower’s obligations to Bank except as expressly provided herein, none of which Bank agrees or has agreed to do, and all of which matters are in Bank’s sole and absolute discretion; 

(iii) Increase the Bank’s existing commitment under the Loan Agreement; 

(iv) Imply a willingness on the part of Bank to grant any similar or other future waivers, consents, amendments or modifications
to any of the terms and conditions of the Loan Agreement or the other Loan Documents or grant any waivers or consents, or shall in any way prejudice, impair or effect any rights or remedies of the Bank under the Loan Agreement or the other Loan
Documents; 
 (v) Operate as a waiver of, or as an amendment of, any right, power, or remedy of Bank under the Loan
Agreement, as in effect prior to the date hereof; or 
 (vi) Constitute a satisfaction of Borrower’s or any
Guarantor’s Obligations. 
 (d) In the event of any inconsistency between the terms of this Agreement
and any other Loan Document, this Agreement shall govern. Each Obligor acknowledges that it has consulted with counsel and with such other experts and 

  
 Page 5

 
advisors as it has deemed necessary in connection with the negotiation, execution and delivery of this Agreement, or has had an opportunity to so consult and has knowingly chosen not to do so.
This Agreement shall be construed without regard to any presumption or rule requiring that it be construed against the party causing this Agreement or any part hereof to be drafted. The headings used in this Agreement are for convenience only and
shall be disregarded in interpreting the substantive provisions of this Agreement. 
 (e) This Agreement
and the other Loan Documents shall not be deemed or construed to create a partnership, tenancy in common, joint tenancy, joint venture, co-ownership or any other relationship aside from a continuing debtor-creditor relationship between Borrower, on
the one hand, and Bank, on the other. 
 (f) In case any provision in this Agreement shall be invalid,
illegal or unenforceable, such provision shall be severable from the remainder of this Agreement and the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

(g) If Bank receives any payments or rents, issues, profits or proceeds of any collateral which are subsequently
invalidated, declared to be fraudulent or preferential, set aside or required to be paid to a trustee, debtor-in-possession, receiver or any other party under any bankruptcy law, common law, equitable cause or otherwise, then, to such extent, the
obligations or part thereof intended to be satisfied by such payments or proceeds shall be reversed and continue as if such payments or proceeds had not been received by Bank. 

(h) Notwithstanding the rights given to any Obligor pursuant to California Civil Code sections 1479 and 2822 (and
any amendments or successors thereto), to designate how payments will be applied, each Obligor hereby waives such rights and Bank shall have the right in its sole discretion to determine the order and method of the application of payments to this
and/or any other credit facilities that may be provided by Bank to any Obligor and to revise such application prospectively or retroactively at its discretion. 
 (i) This Agreement may not be amended, waived or modified in any manner without the prior written consent of Bank and Borrower. 

(j) Borrower shall reimburse Bank for all costs and expenses, including, without limitation, reasonable
attorneys’ fees and disbursements (and fees and disbursements of Bank’s in-house legal counsel and staff) expended or incurred by Bank in any arbitration, mediation, judicial reference, legal action or otherwise in connection with:
(i) the negotiation, preparation, amendment, interpretation and enforcement of the Loan Documents, including, without limitation, during any workout, attempted workout, and/or in connection with the rendering of legal advice as to Bank’s
rights, remedies and obligations under the Loan Documents; (ii) collecting any sum which becomes due Bank under any Loan Document; (iii) any proceeding for declaratory relief, any counterclaim to any proceeding, or any appeal; or
(iv) the protection, preservation or enforcement of any rights of Bank. For purposes of this section, attorneys’ fees shall include, without limitation, fees incurred in connection with the following: (1) contempt proceedings;
(2) discovery; (3) any motion, proceeding or other activity of any kind in connection with a bankruptcy proceeding or case arising out of or relating to any petition under Title 11 of

  

Page 6 
  

 
the United States Code, as the same shall be in effect from time to time, or any similar law; (4) garnishment, levy, and debtor and third party examinations; and (5) postjudgment
motions and proceedings of any kind, including, without limitation, any activity taken to collect or enforce any judgment. All of such costs and expenses shall bear interest from the time of demand at the rate then in effect under the Loan
Agreement. 
 (k) This Agreement and all other Loan Documents and the rights and obligations of the
parties hereto shall be governed by the laws of the State of California without regard to principles concerning choice of law. 
 (l) This Agreement may be executed by facsimile signature and in any number of counterparts which, when taken together, shall constitute but one agreement. 

(m) This Agreement and the other Loan Documents are intended by the parties as the final expression of their
agreement and therefore incorporate all negotiations of the parties hereto and are the entire agreement of the parties hereto. Borrower acknowledges that it is relying on no written or oral agreement, representation, warranty, or understanding of
any kind made by Bank or any employee or agent of Bank except for the agreements of Bank set forth herein or in the other Loan Documents. Except as expressly set forth in this Agreement, the other Loan Documents remain unchanged and in full force
and effect. 
 (n) Bank is subject to the USA Patriot Act and hereby notifies each Obligor that pursuant
to the requirements of that Act, Bank is required to obtain, verify and record information that identifies Borrower, which information includes the name and address of each Obligor and other information that will allow Bank to identify Obligors in
accordance with that Act. 
 [Remainder of Page Left Blank] 

  

Page 7 
  

 IN WITNESS WHEREOF, Bank, Borrower and Closing Date Guarantor have executed this
Agreement as of the date set forth in the preamble. 
  

									
	BORROWER	 		 	BANK
			
	WAGEWORKS, INC.	 		 	UNION BANK, N.A.
					
	By:	 	 /s/ Richard T. Green
	 		 	By:	 	 /s/ James B. Goudy

	Name:	 	Richard T. Green	 		 	Name:	 	James B. Goudy
	Title:	 	CFO	 		 	Title:	 	Vice President
				
	GUARANTOR	 		 		 	
				
	MHM RESOURCES, LLC	 		 		 	
					
	By:	 	 /s/ Richard T. Green
	 		 		 	
	Name:	 	Richard T. Green	 		 		 	
	Title:	 	CFO	 		 		 	

  

Page 8 
  

 EXHIBIT A 
 Officer’s Certificate 
 (see attached) 

 CERTIFICATE OF 
 THE CHIEF FINANCIAL OFFICER OF 
 WAGEWORKS, INC. 

I, Richard T. Green, the duly appointed, acting and incumbent Chief Financial Officer of WAGEWORKS, INC., a Delaware corporation
(“Company”), on behalf of the Company, hereby represent, warrant, and certify as set forth herein in connection with the loans and other financial accommodations being made to Company by UNION BANK, N.A. (“Bank”),
under or in connection with that certain Commercial Credit Agreement dated as of August 31, 2010 (as amended, restated, supplemented or otherwise modified from time to time, including by that certain Third Loan Modification Agreement dated as
of the date hereof by and between the Company and Bank, collectively, the “Loan Agreement”) by and between the Company and Bank and the other Loan Documents (as defined in the Loan Agreement). All capitalized terms used in this
Certificate and not otherwise defined herein shall have the respective meanings given to them in the Loan Agreement. 
 I have
reviewed the terms and conditions of the Loan Agreement and the definitions and provisions contained in the Loan Agreement, and, in my capacity as the Chief Financial Officer of the Company, have made, or have caused to be made under my supervision,
such examination or investigation as is necessary to enable me, in my capacity as the Chief Financial Officer of the Company, to certify as to the matters referred to herein. 
 As of September 20, 2012: 
 1. Except for the conversions,
common stock dividends and repurchases expressly permitted under Sections 9.21 and 9.22(a) of the Loan Agreement, no stockholder of Borrower has any right (contingent or otherwise), whether under Borrower’s certificate of incorporation or
otherwise, to demand or compel Borrower to repurchase or redeem any capital stock or other equity interests of Borrower, to make any dividend or other distribution on account of, or any payment with respect to, any capital stock or other equity
interests of Borrower, other than (a) such rights that give rise to obligations of Borrower that remain performable solely at the option of Borrower (by way of example, payments made pursuant to the liquidation provisions of Borrower’s
charter) and (b) redemption or dividend rights that are first exercisable by the holder thereof after December 31, 2013; and 
 2. no event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time, or both, would be an Event of Default, has occurred and is continuing;

 [Remainder of Page Left Blank] 

 

 IN WITNESS WHEREOF, this Certificate has been executed as of September 20, 2012.

  

	
	 WageWorks, Inc.
  

/s/ Richard T. Green

	By: Richard T. Green, Chief Financial Officer

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