Document:

EX-10.17

 Exhibit 10.17 
 FOURTH AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT 
 This
FOURTH AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) dated as of February 8, 2013, but effective as of December 31, 2012 (the “Amendment Effective Date”), is among COMSTOCK
RESOURCES, INC. (the “Borrower”), the banks named on the signature pages hereto (together with their respective successors and assigns in such capacity, each as a “Lender”), and BANK OF MONTREAL, as administrative
agent for the Lenders (in such capacity, together with its successors and assigns, the “Administrative Agent”). 

PRELIMINARY STATEMENT 
 A. The Borrower, the Administrative Agent, the Lenders and certain other parties have entered into that certain Third Amended and Restated Credit Agreement dated as of November 30, 2010, as
amended by that certain Assignment and First Amendment to Third Amended and Restated Credit Agreement dated as of October 31, 2011, as amended by that certain Second Amendment and Waiver to Third Amended and Restated Credit Agreement dated as
of December 29, 2011, and as amended by that certain Third Amendment to Third Amended and Restated Credit Agreement dated as of October 29, 2012 (as amended, restated, modified or supplemented from time to time until the date hereof, the
“Credit Agreement”). 
 B. The Borrower has requested that the Administrative Agent and the Lenders amend
certain provisions of the Credit Agreement as set forth herein. 
 C. Subject to the terms and conditions of this Amendment, the
Lenders, the Administrative Agent and the Issuing Bank have entered into this Amendment in order to effectuate such amendments and modifications to the Credit Agreement, as set forth herein. 

NOW THEREFORE, in consideration of the foregoing and the mutual agreements set forth herein, the parties agree as follows: 

Section 1. Definitions. Unless otherwise defined in this Amendment, each capitalized term used in this Amendment has the
meaning assigned to such term in the Credit Agreement. 
 Section 2. Amendment of Credit Agreement.

 (a) Section 7.13(a) is hereby deleted and replaced in its entirety with the following: 

“(a) Leverage Ratio. Permit or suffer the ratio of (i) Total Debt to (ii) EBITDAX, as of the last day of any period
of four consecutive fiscal quarters ending on March 31, June 30, September 30 and December 31 of each calendar year, to be greater than, (x) for the four-fiscal quarter period ending December 31, 2012, through and
including the four-fiscal quarter period ending June 30, 2013, 4.25 to 1.00; and (y) for any four-fiscal quarter period ending September 30, 2013, and thereafter, 4.00 to 1.00.” 

Section 3. Ratification. The Borrower hereby ratifies and confirms all of the Obligations under the Credit Agreement (as
amended or waived hereby) and the other Loan Documents, and, in particular, affirms that the terms of the Security Documents secure, and will continue to secure, all Obligations, after giving effect to this Amendment. 

Section 4. Effectiveness. This Amendment shall become effective on the Amendment Effective Date upon satisfaction of all of
the conditions set forth in this Section 4: 
 (a) The Administrative Agent shall have received duly executed counterparts
of this Amendment from the Borrower, the Administrative Agent and each Lender; 
 (b) The Borrower shall have made payment of
all fees and expenses due and owing under the Credit Agreement and under any separate fee agreement entered into by the parties pursuant to Section 2.10 of the Credit Agreement; 

 (c) The Borrower shall have confirmed and acknowledged to the Administrative Agent and the
Lenders, and by its execution and delivery of this Amendment, the Borrower does hereby confirm and acknowledge to the Administrative Agent and the Lenders, that (i) the execution, delivery and performance of this Amendment has been duly
authorized by all requisite corporate action on the part of the Borrower; (ii) the Credit Agreement (as amended hereby) and each other Loan Document constitute valid and legally binding agreements enforceable against the Borrower and each other
Loan Party that is a party thereto in accordance with their respective terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or other similar laws relating to or affecting the
enforcement of creditors’ rights generally and by general principles of equity, (iii) the representations and warranties by the Borrower and the other Loan Parties contained in the Credit Agreement and in the other Loan Documents are true
and correct on and as of the date hereof in all material respects as though made as of the date hereof, and (iv) no Default or Event of Default exists under the Credit Agreement or any of the other Loan Documents. 

Section 5. Governing Law. This Amendment shall be governed by, and construed in accordance with, the laws of the State of
New York. 
 Section 6. Miscellaneous. (a) On and after the effectiveness of this Amendment, each reference
in each Loan Document to “this Amendment”, “this Note”, “this Mortgage”, “hereunder”, “hereof” or words of like import, referring to such Loan Document, and each
reference in each other Loan Document to “the Credit Agreement”, “the Notes”, “the Mortgages”, “thereunder”, “thereof” or words of like import referring to the
Credit Agreement, the Notes, or the Mortgage or any of them, shall mean and be a reference to such Loan Document, the Credit Agreement, the Notes, the Mortgage or any of them, as amended or otherwise modified by this Amendment; (b) the
execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any default of the Borrower or any right, power or remedy of the Administrative Agent or the Banks under any of the Loan
Documents, nor constitute a waiver of any provision of any of the Loan Documents and except as otherwise modified by the terms hereof, the Credit Agreement and such other Loan Documents shall remain in full force and effect; (c) this Amendment
may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement; and
(d) delivery of an executed counterpart of a signature page to this Amendment by telecopier shall be effective as delivery of a manually executed counterpart of this Amendment. 

Section 7. Final Agreement. THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS, INCLUDING THIS AMENDMENT, REPRESENT THE
FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO ORAL AGREEMENTS BETWEEN THE PARTIES. 

IN WITNESS WHEREOF, each of the parties hereto has caused this Fourth Amendment to Third Amended and Restated Credit Agreement to be
executed by its officer(s) thereunto duly authorized as of the date first above written. 
  

			
	BORROWER:
	
	 COMSTOCK RESOURCES, INC.,

a Nevada corporation

		
	 By:
	 	/s/ ROLAND O. BURNS
	 Name:
	 	Roland O. Burns
	 Title:
	 	Senior Vice President
		 	and Chief Financial Officer

  

			
	ADMINISTRATIVE AGENT AND LENDERS:
	
	 BANK OF MONTREAL, as Administrative Agent

and Issuing Bank and Lender

		
	 By:
	 	/s/ JAMES V. DUCOTE
	 Name:
	 	 James V. Ducote

	 Title:
	 	Director

 
			
	BANK OF AMERICA, N.A., as Syndication Agent
and Lender
		
	 By:
	 	/s/ MICHAEL J. CLAYBORNE
	 Name:
	 	 Michael J. Clayborne

	 Title:
	 	Vice President

  

			
	JPMORGAN CHASE BANK, N.A., as Co-
Documentation Agent and Lender
		
	By:	 	/s/ JO LINDA PAPADAKIS
	Name:	 	Jo Linda Papadakis
	Title:	 	Authorized Officer

  

			
	COMERICA BANK, as Co-Documentation Agent and Lender
		
	By:	 	/s/ V. MARK FUQUA
	Name:	 	V. Mark Fuqua
	Title:	 	Senior Vice President

  

			
	 UNION BANK, N.A.,
 as Co-Documentation Agent and Lender

		
	By:	 	/s/ BRIAN HAWK
	Name:	 	Brian Hawk
	Title:	 	Investment Banking Officer

  

			
	REGIONS BANK, as a Lender
		
	By:	 	/s/ TRESS M. JOHNSON
	Name:	 	Tress M. Johnson
	Title:	 	Vice President

  

			
	THE BANK OF NOVA SCOTIA, as a Lender
		
	By:	 	/s/ TERRY DONOVAN
	Name:	 	Terry Donovan
	Title:	 	Managing Director

  

			
	COMPASS BANK, as a Lender
		
	By:	 	/s/ UMAR HASSAN
	Name:	 	Umar Hassan
	Title:	 	Vice President

  

			
	NATIXIS, as a Lender
		
	By:	 	/s/ LOUIS P. LAVILE, III
	Name:	 	Louis P. Laville, III
	Title:	 	Managing Director

  

			
	By:	 	/s/ TIMOTHY L. POLVADO
	Name:	 	Timothy L. Polvado
	Title:	 	Sr. Managing Director

 
			
	 U.S. BANK NATIONAL ASSOCIATION,
 as a Lender

		
	By:	 	/s/ HEATHER HAN
	Name:	 	Heather Han
	Title:	 	Senior Vice President

  

			
	SUNTRUST BANK, as a Lender
		
	By:	 	/s/ YANN PIRIO
	Name:	 	Yann Pirio
	Title:	 	Director

  

			
	 BOKF, NA, dba Bank of Texas,
 as a Lender

		
	By:	 	/s/ MYNAN C. FELDMAN
	Name:	 	Mynan C. Feldman
	Title:	 	Senior Vice President

  

			
	 IBERIABANK,

as a Lender

		
	By:	 	/s/ MONI COLLINS
	Name:	 	Moni Collins
	Title:	 	Vice President

  

			
	BRANCH BANKING AND TRUST
COMPANY, as a Lender
		
	By:	 	/s/ RYAN K. MICHAEL
	Name:	 	Ryan K. Michael
	Title:	 	Senior Vice President

  

			
	 ONEWEST BANK, FSB,
 as a Lender

		
	By:	 	/s/ GRANT AHEARN
	Name:	 	Grant Ahearn
	Title:	 	Executive Vice President

  

			
	 WHITNEY BANK,

as a Lender

		
	By:	 	/s/ WILLIAM JOCHETZ
	Name:	 	William Jochetz
	Title:	 	Vice President

  

			
	 FIFTH THIRD BANK,
 as a Lender

		
	By:	 	/s/ BYRON L. COOLEY
	Name:	 	Byron L. Cooley
	Title:	 	Executive Director

 ACKNOWLEDGMENT BY GUARANTORS 

Each of the undersigned Guarantors hereby (i) consents to the terms and conditions of that certain Fourth Amendment to Third Amended
and Restated Credit Agreement dated as of February 8, 2013 (the “Amendment”), (ii) acknowledges and agrees that its consent is not required for the effectiveness of the Amendment, (iii) ratifies and acknowledges its
respective Obligations under each Loan Document to which it is a party and affirms that the terms of its respective Guaranty guarantees, and will continue to guarantee, the Obligations, after giving effect to the Amendment, and (iv) represents
and warrants that (a) no Default or Event of Default has occurred and is continuing, (b) it is in full compliance with all covenants and agreements pertaining to it in the Loan Documents, and (c) it has reviewed a copy of the
Amendment. 
  

			
	 COMSTOCK OIL & GAS HOLDINGS, INC.
 COMSTOCK OIL & GAS—LOUISIANA, LLC
 COMSTOCK OIL & GAS GP,
LLC,

		 	By Comstock Resources, Inc., its sole member
	COMSTOCK OIL & GAS, LP,
		
		 	 By Comstock Oil & Gas GP, LLC, 
 its general partner,

		
		 	By Comstock Resources, Inc., its sole member
		
	By:	 	/s/ ROLAND O. BURNS
	Name:   Roland O. Burns
	Title:     Chief Financial Officer
	
	COMSTOCK OIL & GAS INVESTMENTS, LLC
		
	By:	 	/s/ ROLAND O. BURNS
	Name:   Roland O. Burns
	Title:     ManagerEX-10.33

 Exhibit 10.33 
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traduction anglaise du présent contrat ne fait pas foi 
  

			
	 EMPLOYMENT CONTRACT
	  	CONTRAT DE TRAVAIL
		
	 Between the undersigned:
	  	 Entre:

		
	 The Paris INSEEC Association,
	  	 L’Association INSEEC Paris,

		
	 Registered at the French Social Security Bodies under 758 9600797900010115
	  	 Immatriculée à I’URSSAF sous le numéro 758 9600797900010115

		
	 located at 10, avenue George V, 75008 Paris, France,
	  	 située 10, avenue George V, 75008 Paris, France,

		
	 Represented by Ms. Jacqueline BACH TAI acting in the capacity of President, given a delegation of power in order to sign the present contract to Mr. John M.
LARSON, in his capacity of Vice-Chairman of the Association.
	  	 Représentée par Madame Jacqueline BACH TAI agissant en qualité de Présidente, donnant délégation de pouvoir pour signer le présent contrat à
Monsieur John M. LARSON en sa qualité de Vice-Président de l’Association.

		
	 (Hereafter referred to as “the Association”)
	  	 (Ci-aprés désignée « l’Association »)

		
	On one hand,	  	D’une part,
		
	 And:
	  	 Et:

		
	 Ms. Catherine LESPINE,
 Residing at 37, rue Camille Corot, 92500 Rueil-Malmaison,
 Nationality:
French,
 Social security number: 2 61 06 19 028 023 93,
	  	 Madame Catherine LESPINE
 Résidant : 37, rue Camille Corot, 92500 Rueil-Malmaison,
 De
nationalité : française,
 N° de sécurité sociale : 2 61 06 19 028 023 93

		
	 Hereafter referred to as “Ms. LESPINE”
	  	 (ci-après désignée « Madame LESPINE »)

		
	On the other hand,	  	D’autre part,
		
	 

	  	 

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	 RECITALS:
	  	 AYANT ETE PREALABLEMENT RAPPELE QUE:

		
	 Ms. LESPINE was hired by the INSEEC Paris Association as from October 1, 2001, as Manageress of INSEEC Paris, pursuant to an indefinite-term employment
contract.
	  	 Madame Catherine LESPINE a été engagée par l’Association INSEEC Paris à compter du 1er octobre 2001 en qualité de Directrice INSEEC Paris, par
contrat à durée indéterminée.

		
	 Ms. LESPINE benefits from her rights to seniority accrued since she joined the INSEEC Group, i.e., from September 15, 1986.
	  	 Madame Catherine LESPINE bénéficie de la reprise de son ancienneté depuis son entrée dans le Groupe INSEEC, soit depuis le 15
septembre 1986.

		
	 IT HAS BEEN AGREED AS FOLLOWS:
	  	 IL A ETE CONVENU ET ARRETE CE QUI SUIT:

		
	 Article 1: Purpose
	  	 Article 1: Objet

		
	 The purpose of this contract is to set out Ms. LESPINE’s working conditions and the terms of her hiring, in particular, in light of the provisions of French
law.
	  	 Le présent contrat a pour objet de préciser les conditions de travail de Madame LESPINE et les termes de son engagement notamment au regard des
dispositions légales.

		
	 This contract cancels and supersedes any previous document of a contractual nature, in particular, her employment contract dated October 1,
2001.
	  	 Le présent contrat de travail annule et remplace tout document à valeur contractuel antérieur et notamment son contrat de travail du
ler octobre 2001.

		
	 Article 2: Duties
	  	 Article 2: Fonctions

		
	 Ms. Catherine LESPINE shall perform the duties of Manageress of INSEEC Paris within said Association.
	  	 Madame Catherine LESPINE exerce au sein de 1’INSEEC Paris les fonctions de Directrice INSEEC Paris.

  

  

			
	

	  	

  
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	 As Manageress Of INSEEC Paris, Ms. Catherine LESPINE has to implement the decisions taken by the Board of Directors. She benefits from a corporate office with a
delegation of power and responsibilities, attached to this contract and signed by the Board of Directors of INSEEC.
	  	 En sa qualité de directrice de l’établissement INSEEC Paris, Madame Catherine LESPINE est chargée de mettre en ceuvre les
décisions prises par le Conseil d’administration. Elle bénéficie à cet effet d’un mandat portant délégation de pouvoirs et de responsabilités, annexée au présent contrat et
signée par le Conseil d’Administration de l’INSEEC.

		
	 Her functions concern in particular:
	  	 Ses fonctions recouvrent notamment :

		
	 -         the direction of the education, administrative,
international teams for all programs INSEEC Paris and Masters;
	  	 -         la direction de l’ensemble des équipes
pédagogiques, administratives, internationales pour
tous les programmes de l’INSEEC Paris et Masters;

		
	 -         the definitions
of the education choices and training;
	  	 -         les définitions des choix pédagogiques et
des enseignements;

		
	 -         the education coordination within the different Schools of
the INSEEC Association;
	  	 -         la coordination pédagogique entre les
différents établissements scolaires de l’Association INSEEC;

		
	 -         Responsibilities and monitoring of specific files (visa
applications, recognition, approval of the school, etc.);
	  	 -         Responsabilités et suivi des dossiers
particuliers (dossiers Visa, reconnaissance, homologation...);

		
	 -         Broad responsibilities within the scope of external
relations (with institutions, such as Ministries, the Préfecture and the Rectorate in particular, banks, service providers, etc.);
	  	 -         Responsabilités larges dans le cadre des
relations extérieures (institutionnelles - Ministères, Préfecture et Rectorat notamment, bancaires, avec les prestataires de services, etc.);

		
	 -         Oversight of the monitoring of the budgetary and financial
management of the School.
	  	 -         Supervision de la gestion budgétaire et
financière de l’Ecole.

  

			
	

	  	

  
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	 Ms. LESPINE will perform her duties in accordance with policies, procedure and standards established by the Board of Directors of the
Association.
	  	 Madame LESPINE accomplira ses fonctions conformément aux instructions et procédures établies par le Conseil d’Administration de
l’Association.

		
	 Ms. Catherine LESPINE will occupy the position of key executive. However, Ms. LESPINE will work under the supervision of the Chairman or any other
person who has been designated by the Chairman.
	  	 Madame Catherine LESPINE aura la position de « Cadre Dirigeant». Toutefois, Madame LESPINE exercera ses fonctions sous la supervision
hiérarchique du Président ou toute autre personne désignée par celui-ci.

		
	 The duties as described are not exhaustive and are not intended to restrict management’s right to assign or reassign duties to this job, such change shall
not be considered as a substantial modification of this contract of employment, as expressly acknowledged by Ms. LESPINE when signing this contract.
	  	 Il est précisé que ses fonctions ne présentent aucun caractère exhaustif, l’Association se réserve le droit de pouvoir en
modifier le contenu dans la mesure où cette modification a un lien avec l’exécution des fonctions précitées, sans que cette modification ne constitue pour autant une modification substantielle du contrat de travail
de Madame LESPINE ce qu’elle accepte expressément par la signature des présentes.

		
	 Article 3: Place of work
	  	 Article 3: Lieu de travail

		
		  	
		
	 These duties are performed within the INSEEC Paris association located at present at 10, avenue George V, 75008 Paris.
	  	 Ces fonctions sont exercées au sein de l’association de 1’INSEEC Paris situé actuellement 31, Quai de la Seine – 75019
Paris.

		
	 However, as the Association may reasonably require, the place of work may be changed to any other place in the Paris region, it being specified that
Ms. LESPINE shall be informed of this change two (2) months before the modification.
	  	 Toutefois, en fonction de 1’évolution et des nécessités de 1’Association, le lieu de travail pourra être modifié dans
tout autre lieu en région parisienne, étant précisé que l’Association s’engage à informer Madame LESPINE dans un délai de deux (2) mois avant la date de la modification.

  
  
  

 

  

			
	

	  	

  
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	 This modification of her place of work in the Paris region shall not be considered as a substantial amendment to the employment contract, as expressly -
acknowledged by Ms. LESPINE by signing this contract.
	  	 Le changement de son lieu de travail en région parisienne ne saurait constituer une modification du présent contrat de travail, comme le
reconnaît expressément Madame LESPINE par la signature des présentes.

		
	 Furthermore, Ms. LESPINE’s duties require her to be mobile.
	  	 De même, les fonctions de Madame LESPINE rendent indispensables la mobilité de celle-ci.

		
	 Therefore, Ms. LESPINE agrees to undertake regular business trips in France and abroad, and thus to be away from her home for limited periods of
time.
	  	 Par conséquent, Madame LESPINE accepte d’effectuer des voyages réguliers en France et à 1’étranger et done
d’être éloignée de son domicile pour des périodes de courte durée.

		
	 Article 4: Working time
	  	 Article 4: Durée du travail

		
	 Ms. LESPINE will work on a part-time basis.
	  	 La durée du travail de Madame LESPINE est fixée à temps partiel.

		
	 Her working days are divided up over the week by half day of work.
	  	 La répartition de son temps de travail sur la

semaine s’accomplira sur la base de demi-journées de travail.

		
	 Ms. LESPINE has freedom and flexibility to organise her work schedule and her duties within the scope of the two professional activities entrusted to her,
and with the approval of her hierarchical supervisor Ms. LESPINE could modify her period of working time. The Association could also modify her period of working time, only if a notice period of 7 days is respected.
	  	 Toutefois, Madame Catherine LESPINE dispose d’une latitude et d’une importante flexibilité pour organiser son emploi du temps et ses fonctions
dans le cadre des activités professionnelles que lui sont confiées, et pourrait avec 1’ accord de son supérieur hiérarchique modifier la répartition de son temps de travail. L’Association INSEEC pourrait
également modifier la répartition de son temps de travail à condition de respecter un délai de prévenance de 7 jours.

  

			
	

	  	

  
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	 As Ms. LESPINE is considered as a key executive within the meaning of Article L 212-15-1 of the French Labor Code, in view of the ample freedom in the
organisation of her schedule, the type of her duties, demonstrated by the high level of responsibilities and remuneration, Ms. LESPINE shall not be submitted to the provisions of French law and regulations relating to the duration of work and shall
be remunerated for the good performance of her duties for a maximal duration of work of 100 hours per month.
	  	 Etant considérée comme un cadre dirigeant au sens de l’article L. 212-15-1 du Code du Travail, eu égard à
1’indépendance dans l’organisation de son emploi du temps, de la nature de ses fonctions, attestées par le niveau élevé de ses responsabilités et de sa rémunération, Madame LESPINE
n’est pas soumise aux dispositions légales, réglementaires et conventionnelles relatives à la durée du travail et est rémunérée exclusivement pour le bon accomplissement de ses fonctions pour une
durée de travail maximales de 100 heures par mois.

		
	 Article 5: Remuneration
	  	 Article 5: Rémunération

		
	 Ms. LESPINE’s gross annual remuneration is fixed at EUR 50,000 (Fifty thousand euros), which is paid over 12 months, i.e., gross amount of EUR
4,166,67 per month (Four thousand one hundred sixty six euros and sixty seven cents).
	  	 Madame Catherine LESPINE bénéficie d’une rémunération annuelle brute de 50.000 € (Cinquente mille euros), versée sur
12 mois, soit une rémunération brute mensuelle de 4.166,67 €. (Quatre mille cent soixante six euros et soixante sept cents).

		
	 Considering the nature of Ms. LESPINE employment and level of responsibilities, the gross annual salary mentioned above is a global payment which covers all
the working time required by Ms. LESPINE for the performance of her duties, irrespective of the actual hours worked.
	  	 Eu égard à la nature de ses fonctions et au niveau de ses responsabilités, la rémunération annuelle brute de base
mentionnée ci-dessus englobe de façon forfaitaire le paiement de toutes les heures de travail nécessitées par I’accomplissement de sa mission et est indépendante du nombre d’heures que Madame Catherine
LESPINE consacrera de fait à l’exercice de ses fonctions.

		
	 Ms. LESPINE shall benefit from an annual management bonus, which shall represent between 3 and 4 months’ base salary.
	  	 Madame Catherine LESPINE bénéficie d’une prime de management annuelle, représentant de 3 à 4 mois de salaires de
base.

		
	 In addition, as financial consideration for the non-competition obligation, provided by Article
	  	 En outre, en contrepartie de l’obligation de non-concurrence, telle que visée à 1’article 15,

  

			
	

	  	

  
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	 15, Madame LESPINE will also receive an annual gross lump sum and definitive indemnity of EUR 5,000, i.e., a gross amount of EUR 416 gross (Four hundred sixteen
euros) per month, paid monthly with her salary.
	  	 Madame LESPINE percevra une indemnité annuelle forfaitaire et définitive égale à 5.000 € bruts (Cinq mille euros), soit 416
€ (Quatre cent seize euros) bruts par mois, payable en 12 mensualités avec son salaire.

		
	 Article 6: Paid holidays
	  	 Article 6: Congés payés

		
		  	
		
	 Ms. Catherine LESPINE is entitled to annual paid holiday under the conditions provided for in Articles L. 223-1 et seq. of the French Labour
Code.
	  	 Madame Catherine LESPINE aura droit à des congés payés annuels dans les conditions prévues par les articles L. 223-1 et suivants du
Code du Travail.

		
	 Article 7: Company car
	  	 Article 7: Voiture de fonction

		
	 Ms. Catherine LESPINE benefits from a company car which she will be able to choose from the category of “intermediate-type cars”.
	  	 Madame Catherine LESPINE bénéficie d’une voiture de fonction qu’elle pourra choisir dans la catégorie « véhicules de
type intermédiaire ».

		
	 Ms. LESPINE is also authorised to use this car for personal purposes.
	  	 Madame Catherine LESPINE est également autorisée à utiliser ce véhicule à des fins personnelles.

		
	 Moreover, the use of a company car for personal purposes constitutes a benefit in kind which shall be taken into account from a tax standpoint to calculate the
social charges in accordance with the provisions of French law. This benefit in kind shall be revalued each year in accordance with the provisions of the applicable collective bargaining agreement or French law.
	  	 Par ailleurs, l’usage d’une voiture de fonction pour les besoins personnels constitue un avantage en nature dont il sera tenu compte tant sur le plan
fiscal que pour le calcul des charges sociales conformément aux dispositions 1égales. Cet avantage sera réévalué chaque année conformément aux dispositions conventionnelles ou
légales.

  

			
	

	  	

  
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	 This company car is maintained in full and comprehensively insured by the INSEEC Association.
	  	 Les frais d’assurance correspondant à la couverture du risque déplacement professionnel seront pris en charge par
l’Association.

		
	 Ms. LESPINE acknowledges that she has taken out an insurance policy for all risks for risks relating to the use for personal purposes of the car made
available to her by the company and shall provide the Association with supporting documents in this respect. Ms. LESPINE agrees to deliver a certificate of the validity of the insurance policy each year.
	  	 Madame Catherine LESPINE reconnaît avoir contracté une police d’assurance tous risques pour les risques liés à l’utilisation
à des fins personnelles du véhicule mis à sa disposition par l’Association et à en justifier auprès de la Société. Madame Catherine LESPINE s’engage à fournir une attestation de la
validité de cette police d’assurance chaque année.

		
	 The car thus made available to Ms. LESPINE remains the property of the Association. Therefore, it must be returned to the Association in the event of the
termination of the employment contract, for any reason whatsoever, as soon as Ms. LESPINE actually ceases to perform her activity.
	  	 Le véhicule ainsi mis à disposition de Madame Catherine LESPINE reste la propriété de l’Association. Il devra donc lui
être restitué en cas de rupture du contrat de travail pour quelque motif que ce soit, dès la cessation effective de l’activité.

		
	 Article 8: Professional expenses – Bussines travels 
	  	 Article 8: Frais professionnels - Déplacements

		
	 Ms. Catherine LESPINE shall benefit from the reimbursement of her reasonable travel expenses incurred in order to perform her duties.
	  	 Madame Catherine LESPINE bénéficie du remboursement des frais raisonnables de déplacement engagés pour l’accomplissement de ses
fonctions.

		
	 Moreover, she benefits from a visa card for business purposes. She is obliged to provide the accounting department with invoices and supporting documents, for
all expenses incurred with her professional card.
	  	 Elle bénéficie, en outre, d’une carte visa professionnelle. Elle doit présenter à la comptabilité les
factures et pièces justificatives, pour toute dépense effectuée avec cette carte professionnelle.

  

			
	

	  	

  
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	 Ms. Catherine LESPINE is authorised to travel 1st class by train and by any other way according to the applicable rules within the Association.
	  	 Madame Catherine LESPINE est autorisée à voyager en 1ére classe en train et par tout autre moyen de transport, selon les règles en vigueur au sein de
l’Association.

		
	 Ms. Catherine LESPINE undertakes to carry out all business travel required for the performance of her duties.
	  	 Elle s’engage à effectuer tous les déplacements que 1’exercice de ses fonctions pourra nécessiter.

		
	 Article 9: Social Coverage
	  	 Article 9: Avantages sociaux

		
	 Ms. LESPINE benefit from the complementary retirement scheme and from the provident scheme in force within the Association.
	  	 Madame LESPINE bénéficie des régimes de prévoyance et de retraite complémentaire en vigueur au sein de
l’Association.

		
	 Article 10: Professional Obligations
	  	 Article 10: Obligations professionnelles

		
	 10.1 Exclusivity
	  	 10.1 Exclusivité

		
	 Throughout the performance of her duties within the INSEEC Association, Ms. LESPINE undertakes not to directly or indirectly perform, at any time except
with the prior express written consent of the Chairman of the Association, any activity, of any kind whatsoever, in her name or in the name of any person or entity whatsoever, which is likely to directly or indirectly compete with the activity of
the Association and any other entity related thereto.
	  	 Pendant toute la durée d’exercice de ses fonctions au sein de l’Association INSEEC, Madame LESPINE s’engage à n’exercer
directement ou indirectement à aucun moment, sauf autorisation écrite préalable expresse du Président de l’Association, une quelconque activité, de quelque nature qu’elle soit, en son nom propre ou au nom
de quelque personne, entité que ce soit, qui serait susceptible de concurrencer directement ou indirectement l’activité de l’Association et toute autre entité qui lui est rattachée.

  

			
	

	  	

  
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	 10.2. Confidentiality and professional secrecy
	  	 10.2 Confidentialité

		
	 Ms. LESPINE undertakes not to disclose, either directly or indirectly, throughout the term of her employment contract and at any time after the termination of
said employment contract, to any party whatsoever, information regarding the methods and know-how of the Association and the INSEEC Group and, moreover, not to use for her own benefit or for the benefit of third parties, the knowledge acquired in
this respect.
	  	 Madame Catherine LESPINE s’engage à ne pas communiquer, directement ou indirectement, pendant la durée de son contrat de travail et à
tout moment après la rupture de son contrat de travail, à qui que ce soit des informations concernant les méthodes et le savoir-faire au sein de l’Association et du Groupe INSEEC et, à plus forte raison, à ne
pas utiliser pour son compte personnel ou pour le compte de tiers les connaissances acquises à leur sujet.

		
	 Moreover, apart from a general duty of discretion, Ms. LESPINE is bound by an obligation of absolute discretion with respect to the facts she may become
aware of as a result of her duties and her employment within the INSEEC Association.
	  	 Elle est en outre tenue, indépendamment d’une obligation de réserve générate, à une discrétion absolue sur les
faits dont elle pourrait avoir connaissance en raison de ses fonctions au sein de l’Association INSEEC.

		
	 Strict compliance with the obligations specified above is an essential component of this contract.
	  	 Le respect rigoureux des obligations ci-dessus stipulées constitue un élément essentiel du présent contrat.

		
	 Article 11: Equipment and documents
	  	 Article 11: Matériel et documents

		
	 Ms. LESPINE benefits from a credit card in the framework of her functions.
	  	 Madame LESPINE bénéficie d’une carte de crédit dans le cadre de ses fonctions.

		
	 This equipment remains the full property of the Association.
	  	 Ce matériel demeure la pleine et entière propriété de l’Association.

		
	 The same applies for all technical and commercial documents to which Ms. LESPINE has access within the scope of the performance of
	  	 I1 en est de même de tout document technique et commercial auquel l’intéressée a accès dans l’exercice de ses
fonctions.

  

			
	

	  	

  
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	 her duties.
	  	
		
	 This equipment and these documents must be returned by Ms. LESPINE upon effective termination of her duties, for any reason whatsoever, without any need for a
prior request to be made in this respect.
	  	 Ce matériel et ces documents devront être restitués par Madame Catherine LESPINE à la cessation effective des fonctions pour quelque
cause que ce soit sans qu’il soit besoin d’une demande préalable.

		
	 Article 12: Intellectual Property
	  	 Article 12: Propriété Intellectuelle

		
	 Ms. Catherine LESPINE expressly acknowledges that the programmes, course materials, teaching methods and specific pedagogical techniques, business plan,
advertisement or promotion documents and any other documents which she may have within the scope of the performance of her duties, remain the full property of INSEEC which holds exclusive rights over the intellectual property rights in this
respect.
	  	 Madame Catherine LESPINE reconnaît expressément que les programmes, les supports de cours, les méthodes d’enseignement ou encore les
techniques particulières de pédagogie, les business plans, documents publicitaires ou de promotions et tous documents qu’elle pourrait avoir eus en sa possession à l’occasion de ses fonctions restent la
propriété pleine et entière de l’INSEEC qui dispose, à ce titre, de l’exclusivité des droits de propriété intellectuelle.

		
	 Throughout the term of this employment contract and after termination hereof, without any limitation in time, Ms. Catherine LESPINE undertakes not to
reproduce or reuse, in any manner whatsoever, the teaching programmes, course materials or any other document belonging to INSEEC.
	  	 Madame Catherine LESPINE s’interdit, pendant toute l’exécution du présent contrat de travail ou encore après sa rupture et sans
limitation de durée, de reproduire ou réutiliser, sous quelque forme que ce soit, les programmes, supports de cours ou documents de toute nature appartenant à l’INSEEC.

  

			
	

	  	

  
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	 Article 13: Termination of the employment contract
	  	 Article 13: Rupture du contrat de travail

		
	 Either Ms. Catherine LESPINE or INSEEC Paris may terminate this employment contract at any time, in accordance with the provisions of French law or the
collective bargaining agreement applicable.
	  	 Madame Catherine LESPINE et l’INSEEC Paris peuvent l’un et l’autre rompre à tout moment le contrat de travail
en respectant les dispositions légales et conventionnelles en vigueur.

		
	 Except in case of dismissal for serious misconduct (“faute grave”) or gross misconduct (“faute lourde”), the notice period
which must be given by the Association in the event of the termination of the employment contract is 3 months.
	  	 Sauf en cas de faute grave ou de faute lourde, le délai de préavis dû par l’Association en cas de rupture du contrat de travail est de
trois mois.

		
	 The notice period which must be given by Ms. LESPINE in the event of resignation is 3 months.
	  	 Le délai de préavis dû par Madame LESPINE en cas de démission est de trois mois.

		
	 Article 14: Severance
	  	 Article 14: Indemnité de rupture

		
	 In the event of dismissal, other than for serious misconduct (“faute grave”) or gross misconduct (“faute lourde”),
Ms. LESPINE shall benefit from an indemnity equal to nine (9) months of her monthly gross salary.
	  	 En cas de licenciement, sauf pour faute grave ou lourde, Madame Catherine LESPINE bénéficie d’une indemnité de rupture égale
à neuf (9) mois de rémunération mensuelle brute de l’intéressée.

		
	 To calculate this indemnity, the average salary and bonus paid over the twelve (12) months preceding the notification of dismissal shall be taken into
account.
	  	 Pour le calcul de cette indemnité, il sera retenu l’ensemble des éléments de salaires et primes versés au cours des douze (12)
derniers mois précédant la notification de la rupture.

		
	 This indemnity shall be awarded in addition to the dismissal indemnities provided for by French law.
	  	 Cette indemnité s’ajoutera aux indemnités de départ prévues par la loi.

  

			
	

	  	

  
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	 This indemnity would not be paid in case of resignation.
	  	 Cette indemnité ne sera pas due en cas de démission.

		
	 Article 15. Non-competition clause
	  	 Article 15. Non concurrence

		
	 In case of termination of the employment contract, for any reason whatsoever, Ms. LESPINE expressly undertakes not to take any interest or to participate,
directly or indirectly, whatever her capacity in particular as an employee or as a manager of a company, in any company or activity which is likely to compete with the Association’s activity; that is to say any company engaged in Business or
Marketing Schools.
	  	 En cas de rupture du contrat de travail, quelle qu’en soit la raison, Madame LESPINE s’interdit expressément de
s’intéresser et/ou de participer directement ou indirectement, quelle que soit sa qualité et notamment en qualité de
salarié ou d’exploitant d’une entreprise, à toute entreprise ou activité susceptible de concurrencer l’activité de l’Association,
c’est-à-dire toute entreprise située dans le domaine Ecoles de Commerce et de Marketing.

		
	 This restriction applies for a period of twelve months (12), from the last day of effective work.
	  	 Cette interdiction s’appliquera pour une durée de douze mois (12), à compter du dernier jour de travail effectif .

		
	 This covenant not to compete will be limited within the French territory.
	  	 Cette clause de non concurrence sera limitée au territoire français.

		
	 In consideration for this non-compete obligation, the Association will pay Ms. LESPINE each month EUR 416 (Four hundred sixteen euros) as set forth article
5 above.
	  	 En contrepartie de cette obligation de non concurrence, l’Association verse chaque mois à Madame LESPINE la somme de 416
€ bruts (Quatre cent seize euros), telle que définie à l’article 5 ci-dessus du présent contrat.

		
	 In the event of failure to respect this covenant, Ms. LESPINE would automatically be liable towards the Association for payment of the whole sums paid
during the performance of the present contract, i.e., a gross amount of EUR 416 (Four hundred sixteen euros) per month.
	  	 En cas de violation de l’obligation de non concurrence, Madame LESPINE sera automatiquement redevable envers l’Association l’ensemble des sommes
versées à titre de contrepartie financière à cette obligation au cours de l’exécution de son contrat de travail, soit 416
€ bruts (Quatre cent seize euros) par

  

			
	

	  	

  
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		  	 mois.

		
	 Furthermore, the Association reserves the right to sue for obtaining damages to compensate its intended prejudice suffered from the competitive activity and also
to sue for stopping such competitive activity.
	  	 En outre, l’Association se réserve la possibilité de solliciter la
réparation du préjudice effectivement subi du fait de l’activité concurrentielle et de faire cesser cette activité
concurrentielle.

		
	 Article 16: Miscellaneous provisions
	  	 Article 16: Dispositions diverses

		
	 Ms. Catherine LESPINE undertakes to inform INSEEC Paris immediately of any change in her personal status.
	  	 Madame Catherine LESPINE s’engage à faire connaître dans les plus brefs délais à l’INSEEC Paris
tout changement dans sa situation personnelle.

		
	 Signed in Paris
	  	 Fait à Paris

		
	 In duplicate
	  	 En deux exemplaires originaux

		
	 On February 17th 2003
	  	 Le 17/02/2003
 Seule la version française du contrat fait foi.

							
				
	 The Association1
	 	 Ms. LESPINE1
	 	 L’ Association1
	  	 Madame LESPINE1

				
		 	 

	 		  	 

  
  

			
	 1    Signature following words “Read and approved”.
	  	 1     Signature précédée de la mention << Lu et approuve
».

  
  
  

 

  

			
		  	

  
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