Document:

Exhibit

EXHIBIT 10.15

AMENDMENT NO. 1 dated as of August 2, 2018 (this “Amendment”), to the CREDIT AGREEMENT dated as of June 16, 2017 (as amended, supplemented or otherwise modified prior to the date hereof, the “Credit Agreement”), among FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC, a Delaware limited liability company (the “Borrower”), each lender from time to time party thereto (each individually referred to therein as a “Lender” and collectively as “Lenders”) and JPMORGAN CHASE BANK, N.A., as administrative agent (in such capacity, the “Administrative Agent”).
A.  The Borrower has requested that (i) the Aggregate Commitments under the Credit Agreement be increased by an amount equal to $50,000,000 (the “Commitment Increase”), which Commitment Increase will be provided by Morgan Stanley Senior Funding, Inc. (the “Commitment Increase Lender”) and (ii) the Credit Agreement be amended as set forth herein.
B.  The Commitment Increase Lender is willing to provide such additional Commitments, and the Lenders are willing to so amend the Credit Agreement, in each case on the terms and subject to the conditions set forth herein.
Accordingly, in consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto agree as follows:
SECTION 1.  Defined Terms.  Capitalized terms used and not defined herein shall have the meanings assigned to such terms in the Credit Agreement.  The rules of interpretation set forth in Section 1.2 of the Credit Agreement are hereby incorporated by reference herein, mutatis mutandis.
SECTION 2.  Commitment Increase.  (a)  Subject to the terms and conditions set forth herein, the Lenders party hereto (including the Commitment Increase Lender) hereby agree that, effective as of the Amendment Effective Date (as defined below), the aggregate amount of the Commitments outstanding immediately prior to the Amendment Effective Date shall be increased by an amount equal to the Commitment Increase, and that such Commitment Increase shall be held, as of the Amendment Effective Date, by the Commitment Increase Lender.   On and after the Amendment Effective Date, the Commitment Increase Lender shall, in its capacity as a Lender, make Loans to the Borrower, and otherwise extend credit (including by funding participations in Letters of Credit), in each case in accordance with the terms and subject to the conditions of the Credit Agreement, as amended hereby. Each Lender agrees that no amounts shall be due under Section 2.15(c) of the Credit Agreement as a result of the transactions contemplated by this Amendment. 
(b)On the Amendment Effective Date, each of the Lenders with Commitments under the Credit Agreement immediately prior to the Amendment Effective Date (the “Existing Lenders”), shall assign to the Commitment Increase Lender, and the Commitment Increase Lender shall purchase from each of such Lenders, at the principal amount thereof, such interests in the Loans outstanding on the Amendment Effective Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Loans will be held by the Existing Lenders and the Commitment Increase Lender ratably in accordance with their Commitments after giving effect to the Commitment Increase, and the participations in respect of Letters of Credit shall be reallocated so that such participations are held ratably among the Lenders in accordance with their commitments after giving effect to the Commitment Increase.  Schedule 1.1A of the Credit Agreement, as amended by this Amendment, sets forth the Commitment of each Lender after giving effect to this Amendment. 
(c)The Commitment Increase Lender, by delivering its signature page to this Amendment on the Amendment Effective Date, shall be deemed to have acknowledged receipt of, and consented to and approved, each Loan Document and each other document required to be delivered to, or be approved by or satisfactory to, the Administrative Agent or any Lender on the Amendment Effective Date. The Commitment Increase Lender shall become a “Lender” for all purposes of the Credit Agreement and the other Loan Documents, in accordance with the terms thereof, and the Commitment Increase Lender shall have all the rights and obligations of a Lender under the Credit Agreement with respect to the interests purchased by it pursuant to such paragraphs, in accordance with the terms thereof.

SECTION 3.   Amendments.  Effective as of the Amendment Effective Date, the Credit Agreement is hereby amended as follows:
(a)The following definitions are hereby added to Section 1.1 of the Credit Agreement in the appropriate alphabetical order:
(i)“Amendment No. 1”: Amendment No. 1, dated as of August 2, 2018, among the Borrower, the Lenders party thereto and the Administrative Agent. 
(ii)“Amendment Effective Date”: as defined in Amendment No. 1.
(iii)“Beneficial Ownership Certification”: a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.
(iv)“Beneficial Ownership Regulation”: 31 C.F.R. § 1010.230.
(v)“NYFRB”: the Federal Reserve Bank of New York.
(vi)“NYFRB Rate”: for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); provided that if none of such rates are published for any day that is a Business Day, the term “NYFRB Rate” means the rate for a federal funds transaction quoted at 11:00 a.m. on such day received by the Administrative Agent from a federal funds broker of recognized standing selected by it; provided, further, that if any of the aforesaid rates as so determined be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.
(vii)“Overnight Bank Funding Rate”: for any day, the rate comprised of both overnight federal funds and overnight Borrowings with respect to Eurodollar Rate Loans by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on its public website from time to time, and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate.
(b)The definition of “Base Rate” is hereby amended and restated in its entirety as follows: 
“Base Rate”: for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the NYFRB Rate in effect on such day plus 1⁄2 of 1% and (c) the Adjusted Eurodollar Rate for a one month Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%, provided that for the purpose of this definition, the Adjusted Eurodollar Rate for any day shall be based on the LIBO Screen Rate (or if the LIBO Screen Rate is not available for such one month Interest Period, the Interpolated Rate) at approximately 11:00 a.m. London time on such day.  Any change in the Base Rate due to a change in the Prime Rate, the NYFRB Rate or the Adjusted Eurodollar Rate shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the Adjusted Eurodollar Rate, respectively.  If the Base Rate is being used as an alternate rate of interest pursuant to Section 2.14 hereof, then the Base Rate shall be the greater of clause (a) and (b) above and shall be determined without reference to clause (c) above.  For the avoidance of doubt, if the Base Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.
(c)The definition of “Federal Funds Effective Rate” is hereby amended and restated in its entirety as follows: 
“Federal Funds Effective Rate”: for any day, the rate calculated by the NYFRB based on such day’s federal funds transactions by depositary institutions, as determined in such manner as the NYFRB shall set forth on its public website from time to time, and published on the next succeeding Business Day by the NYFRB as the effective federal funds rate, provided that if the Federal Funds Effective Rate as so determined would be less than zero, such rate shall be deemed to zero for the purposes of this Agreement.
(d)The definition of “Prime Rate” is hereby amended and restated in its entirety as follows: 
“Prime Rate” means the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the U.S. 

or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Administrative Agent) or any similar release by the Board (as determined by the Administrative Agent). Each change in the Prime Rate shall be effective from and including the date such change is publicly announced or quoted as being effective.
(e)The second recital of the Credit Agreement is hereby amended by deleting therefrom the dollar amount “$75,000,000” and substituting therefor the dollar amount “$125,000,000”.
(f)The last sentence of the definition of “Commitment” set forth in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: “The aggregate amount of the Commitments as of the Amendment Effective Date is $125,000,000.”.
(g)Clause (a) of the definition of “Issuing Bank” set forth in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: “(a) JPMorgan Chase Bank, N.A., Barclays Bank PLC and Morgan Stanley Senior Funding, Inc. (it being understood and agreed that such entities can only issue standby Letters of Credit) and”.
(h)Clause (a) of the definition of “Maturity Date” set forth in Section 1.1 of the Credit Agreement is hereby amended by deleting therefrom the date “June 16, 2020” and substituting therefor the date “June 16, 2021”. 
(i)Section 2.15(a) of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 
“(a)    Inability to Determine Applicable Interest Rate.  (x) If at least two Business Days prior to the commencement of any Interest Period for a Eurodollar Rate Loan:
(i)the Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the Adjusted Eurodollar Rate or the LIBO Rate, as applicable (including because the LIBO Screen Rate is not available or published on a current basis), for such Interest Period; or
(ii)the Administrative Agent is advised by the Required Lenders that the Adjusted Eurodollar Rate or the LIBO Rate, as applicable, for such Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans included in such Borrowing for such Interest Period;
then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone, telecopy or electronic mail as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, which the Administrative Agent agrees to do promptly thereafter, (A) any Conversion/Continuation Notice that requests the conversion of any Loan to, or continuation of any Loan as, a Eurodollar Rate Loan shall be ineffective and (B) if any Funding Notice requests a Eurodollar Rate Loan, such Borrowing shall be made as a Base Rate Loan; provided that if the circumstances giving rise to such notice affect only one Type of Borrowings, then the other Type of Borrowings shall be permitted; provided, further, that, in each case, the Borrower may revoke any Conversion/Continuation Notice or Funding Notice that is pending when such notice is received.
(y) If at any time the Administrative Agent determines (which determination shall be conclusive absent manifest error) that (i) the circumstances set forth in clause (a)(i) have arisen and such circumstances are unlikely to be temporary or (ii) the circumstances set forth in clause (a)(i) have not arisen but either (w) the supervisor for the administrator of the LIBO Screen Rate has made a public statement that the administrator of the LIBO Screen Rate is insolvent (and there is no successor administrator that will continue publication of the LIBO Screen Rate), (x) the administrator of the LIBO Screen Rate has made a public statement identifying a specific date after which the LIBO Screen Rate will permanently or indefinitely cease to be published by it (and there is no successor administrator that will continue publication of the LIBO Screen Rate), (y) the supervisor for the administrator of the LIBO Screen Rate has made a public statement identifying a specific date after which the LIBO Screen Rate will permanently or indefinitely cease to be published or (z) the 

supervisor for the administrator of the LIBO Screen Rate or a Governmental Authority having jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which the LIBO Screen Rate shall no longer be used for determining interest rates for loans, then the Administrative Agent and the Borrower shall endeavor to establish an alternate rate of interest to the LIBO Rate that gives due consideration to the then prevailing market convention for determining a rate of interest for U.S. Dollar denominated syndicated loans in the United States at such time, and shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such other related changes to this Agreement as may be applicable; provided that, if such alternate rate of interest as so determined would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.  Notwithstanding anything to the contrary in Section 9.1, such amendment shall become effective without any further action or consent of any other party to this Agreement so long as the Administrative Agent shall not have received, within five Business Days of the date notice of such alternate rate of interest is provided to the Lenders, a written notice from the Required Lenders stating that such Required Lenders object to such amendment.  Until an alternate rate of interest shall be determined in accordance with this clause (b) (but, in the case of the circumstances described in clause (ii) of the first sentence of this Section 2.12(b), only to the extent the LIBO Screen Rate for such Interest Period is not available or published at such time on a current basis), (x) any Conversion/Continuation Notice that requests the conversion of any Loan to, or continuation of any Loan as, a Eurodollar Rate Loan shall be ineffective and (y) if any Funding Notice requests a Eurodollar Rate Loan, such Borrowing shall be made as a Base Rate Loan; provided that, if such alternate rate of interest shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.”
(j)Section 3.18 of the Credit Agreement is hereby amended by adding the following as the last sentence of Section 3.18: “As of the Amendment Effective Date, the information included in the Beneficial Ownership Certification is true and correct in all respects.”
(k)Section 5.7 of the Credit Agreement is hereby amended by replacing clause (c) thereof in its entirety to read as follows:
“(c) any change in the information provided in the Beneficial Ownership Certification delivered to such Lender that would result in a change to the list of beneficial owners identified in such certification;”
(l)Section 6.3(b)(1) of the Credit Agreement is hereby amended by deleting therefrom the dollar amount “$100,000,000” and substituting therefor the dollar amount “$125,000,000”.
(m)Schedule 1.1A of the Credit Agreement is hereby amended and restated in its entirety with Schedule 1.1A attached as Exhibit A to this Amendment.
SECTION 4.  Representations and Warranties.  To induce the other parties hereto to enter into this Agreement, the Borrower hereby represents and warrants to the Administrative Agent and each of the other parties hereto that:
(a)As of the Amendment Effective Date, each Loan Party has duly executed and delivered and authorized this Amendment and this Amendment constitutes the legal, valid and binding obligation of such Loan Party enforceable in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization and other similar laws relating to or affecting creditors’ rights generally and general principles of equity (whether considered in a proceeding in equity or law).
(b)As of the Amendment Effective Date, (i) the representations and warranties set forth in the Credit Agreement and in the other Loan Documents are true and correct in all material respects except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties were true and correct in all material respects on and as of such earlier date; provided that, in each case, such materiality qualifier is not applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof and (ii) no Default or Event of Default has occurred and is continuing.
SECTION 5.  Interest and Fees.  On the Amendment Effective Date, the Borrower shall pay to the Administrative Agent, for the accounts of the Existing Lenders, all unpaid interest and any other amounts which have accrued for the period from the last date such interest and fees were paid to but excluding the Amendment Effective 

Date.  The interest and fees described in this Section 5 shall be payable in immediately available funds.  Once paid, such interest and fees shall not be refundable under any circumstances.
SECTION 6.  Conditions to Effectiveness.  The effectiveness of this Amendment is subject to the satisfaction or waiver, on or prior to August 2, 2018, of the following conditions precedent (the date on which all such conditions are satisfied or waived, the “Amendment Effective Date”):
(a)The Administrative Agent shall have received from the Borrower, each Existing Lender party hereto (which shall constitute the Required Lenders) and the Commitment Increase Lender either (i) a counterpart of this Amendment signed on behalf of such parties or (ii) written evidence satisfactory to the Administrative Agent (which may include facsimile or other electronic transmission of a signed signature page of this Amendment) that such parties have signed a counterpart of this Amendment.
(b)The Borrower shall have paid all fees due and payable as of the Amendment Effective Date and all expenses for which reasonably detailed invoices have been presented prior to the Amendment Effective Date that are due to the Administrative Agent and the Lenders and required to be paid on the Amendment Effective Date in connection with the transactions contemplated hereby.
(c)The representations and warranties set forth in Section 4 shall be true and correct. 
(d)The Administrative Agent shall have received the results of recent Uniform Commercial Code, Tax and judgment lien searches in each relevant jurisdiction reasonably requested by the Administrative Agent with respect to the Borrower and IntermediateCo; and such searches shall reveal no Liens on any of the Collateral except for Liens permitted by Section 6.6 of the Credit Agreement.
(e)The Administrative Agent shall have received a certificate of each Loan Party, dated the Amendment Effective Date, substantially in the form of such certificate delivered on the Closing Date or otherwise in form and substance reasonably satisfactory to the Administrative Agent, with appropriate insertions and attachments.
(f)The Administrative Agent shall have received a good standing certificate (to the extent such concept is known in the relevant jurisdiction) from the applicable Governmental Authority of each Loan Party’s respective jurisdiction of incorporation, organization or formation dated a recent date prior to the Amendment Effective Date.
(g)The Administrative Agent shall have received, in form and substance reasonably acceptable to the Administrative Agent, a legal opinion of (i) Cravath, Swaine & Moore LLP, New York counsel to the Borrower and its Subsidiaries, (ii) Conyers Dill & Pearman Limited, Bermuda counsel to the Borrower and its Subsidiaries and (iii) Morris, Nichols, Arsht & Tunnell LLP, Delaware counsel to the Borrower and its Subsidiaries, in each case dated the Amendment Effective Date and addressed to the Administrative Agent and the Lenders.
(h)The Administrative Agent shall have received a solvency certificate, substantially in the form of Exhibit F to the Credit Agreement, executed by a Responsible Officer of the Borrower.
(i)(i) The Lenders shall have received, at least five days prior to the Amendment Effective Date, to the extent requested sufficiently in advance thereof, all documentation and other information with respect to the Borrower required by bank regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the PATRIOT Act and (ii) to the extent the Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, at least five days prior to the Amendment Effective Date, any Lender that has requested, in a written notice to the Borrower, a Beneficial Ownership Certification in relation to the Borrower shall have received such Beneficial Ownership Certification (provided that, upon the execution and delivery by such Lender of its signature page to this Amendment, the condition set forth in this clause (ii) shall be deemed to be satisfied).
The Administrative Agent shall notify the Borrower and the Lenders of the Amendment Effective Date, and such notice shall be conclusive and binding.
SECTION 7.  Consent and Reaffirmation.  Each of the Loan Parties hereby (i) consents to this Amendment and the transactions contemplated hereby and (ii) agrees that, notwithstanding the effectiveness of this Amendment, 

its Obligations under each of the Loan Documents to which it is a party continues to be in full force and effect and the Liens granted under such Loan Documents shall secure any Loans made pursuant to the Commitment Increase. The parties hereto expressly acknowledge that it is not their intention that this Amendment or any of the other Loan Documents executed or delivered pursuant hereto constitute a novation of any of the obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document, but a modification thereof pursuant to the terms contained herein.  
SECTION 8.  Loan Documents.  This Amendment shall constitute a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents.
SECTION 9.  Counterparts.  This Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Delivery of an executed counterpart of a signature page of this Amendment by facsimile or other electronic transmission shall be as effective as delivery of an original executed counterpart of this Amendment.
SECTION 10.  Governing Law.  THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
SECTION 11.  Headings.  Section headings used herein are for convenience of reference only, are not part of this Amendment and shall not affect the construction of, or be taken into consideration in interpreting, this Amendment.

[Remainder of page intentionally left blank]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective authorized officers or representatives as of the day and year first above written.

	
		
	FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC, 
as the Borrower

	By:
	/s/ Joseph P. Adams Jr.

	 
	Name: Joseph P. Adams Jr.

	 
	Title: Chief Executive Officer

	
		
	FORTRESS WORLDWIDE TRANSPORTATION AND INFRASTRUCTURE GENERAL PARTNERSHIP, 
as a Grantor

	By:
	/s/ Demetrios Tserpelis

	 
	Name: Demetrios Tserpelis

	 
	Title: Authorized Signatory

	
		
	JPMORGAN CHASE BANK, N.A.,
as Administrative Agent, a Lender and Issuing Bank,

	By:
	/s/ Cristina Caviness

	 
	Name: Cristina Caviness

	 
	Title: Vice President

	
		
	BARCLAYS BANK PLC,
as a Lender and Issuing Bank

	By:
	/s/ Craig Malloy

	 
	Name: Craig Malloy

	 
	Title: Director

	
		
	MORGAN STANLEY SENIOR FUNDING, INC.,
as the Commitment Increase Lender and Issuing Bank

	By:
	/s/ Michael King

	 
	Name: Michael King

	 
	Title: Vice President

EXHIBIT A

Schedule 1.1A

Commitments

	
		
	Lender

	Morgan Stanley Senior Funding, Inc. 
	$50,000,000.00

	Barclays Bank PLC 
	$37,500,000.00

	JPMorgan Chase Bank, N.A.
	$37,500,000.00

	Total Commitments 
	$125,000,000.00

	
		
	Issuing Bank
	LC Commitment

	Morgan Stanley Senior Funding, Inc.
	$10,000,000.00

	Barclays Bank PLC 
	$7,500,000.00

	JPMorgan Chase Bank, N.A.
	$7,500,000.00

	Total LC Commitments 
	$25,000,000.00DOCUMENT
SECURITY SYSTEMS, INC.

200
CANAL VIEW BOULEVARD

SUITE
300

ROCHESTER,
NEW YORK 14623

 

July
31, 2018

 

Personal
& Confidential

 

Robert
Bzdick

325
Dunes Blvd

Naples,
Fl. 34110

 

Dear
Mr. Bzdick:

 

As
mutually agreed, your employment with Document Security Systems, Inc. and Premier Packaging Corporation (collectively, the “Company”)
will end as of the close of business on August 1, 2018 (the “Separation Date”).

 

We
mutually agree to void your remaining Employment Agreement, as amended, and replace same with this Noncompete Agreement, as set
forth below. This letter describes the terms of the “Noncompete Agreement”. Please read it carefully. You should also
feel free to have your attorney review this document prior to signing it. Should you choose not to sign this Agreement, your last
day of active employment with the Company will still be August 1, 2018, and you will receive no additional benefits beyond your
last pay check.

 

All
of your employment-related benefits will end on your separation date or on the last day of the month in which you are separated.
You will be separately advised of your COBRA rights in future correspondence following the separation date.

 

Signing
this Agreement is your acknowledgement that you have received or will receive, consideration from the Company to which you were
not otherwise entitled, and you acknowledge the receipt and sufficiency of this consideration by signing the Agreement.

 

		1.	Last
                                         Paycheck. You will receive your regular wages and employment-related benefits through
                                         the Separation Date, which will be paid in accordance with the Company’s customary
                                         payroll cycle. You will receive this payment whether or not you chose to sign this Agreement.
                                         Also, Company shall pay you the pro-rata contractual performance bonus amount accrued
                                         and earned by you through the Separation Date, less applicable deductions and withholdings.
                                         You confirm and agree that upon receipt of this payment, you have received from the Company
                                         all compensation and other amounts due or accrued through the Separation Date.

 

    	 	1	 

    	 

    

 

		2.	NONCOMPETE
                                         TERMS AND CONDITIONS.

 

		(a)	The
                                         Company shall pay you a total of Three Hundred Four Thousand Dollars ($304,000.00) as
                                         consideration for the non-competition and non-solicitation restrictive covenants contained
                                         in Paragraph 6 below. This noncompete payment will be paid to you on a monthly basis
                                         commencing on the date that is seven (7) days following your execution and delivery of
                                         this Agreement to Company. Delivery shall be completed upon deposit with a reputable
                                         overnight delivery service (charges prepaid), or certified United States mail, postage
                                         prepaid return receipt requested, or personal delivery to Document Security Services,
                                         Inc., Attn: Philip Jones, 200 Canal View Blvd, Suite 300, Rochester, New York 14623,
                                         and on or before the first Friday of every month thereafter, for a total of 19 equal
                                         payments of $16,000. The Company will issue you an IRS Form 1099 for each tax year covered
                                         by this benefit.

 

		(b)	The
                                         Company shall continue to pay the cost of your health and dental and vision insurance
                                         coverage for nineteen (19) months or while you remain enrolled in and entitled to Consolidated
                                         Omnibus Budget Reconciliation Act (“COBRA”) coverage or until you are eligible
                                         for such benefits from a new employer, whichever is shorter. This benefit will be paid
                                         on a monthly basis on or before the first Friday of each month. As a condition precedent
                                         to receiving this benefit, you agree and acknowledge that you must properly and timely
                                         complete and return the required COBRA enrollment forms. The Company will issue you an
                                         IRS Form 1099 for each tax year covered by this benefit.

 

		(c)	The
                                         Company makes no representations to you regarding the taxability and/or tax implications
                                         of these payments. The Company shall have no responsibility or liability for any federal,
                                         state or local taxes that may be owed by you in connection with the payments made pursuant
                                         to this Agreement. You agree and acknowledge that you shall assume full responsibility
                                         and shall be solely liable for all taxes, penalties and interest individually owed by
                                         you with respect to any payments made pursuant to this Agreement.

 

The
source of all payments made pursuant to this Agreement shall be Premier Packaging Corporation. If Premier Packaging Corporation
is sold by the parent company prior to the full satisfaction of this Agreement by the Company, then all remaining payments due
hereunder shall be paid in one lump sum upon closure of such sale.

 

    	 	2	 

    	 

    

 

You
and Company specifically acknowledge that you would not be entitled to the payments described above in the absence of this Noncompete
Agreement. You hereby acknowledge that the payments by Company will be made to you as consideration for the promises made by you
in this Noncompete Agreement.

 

You
specifically acknowledge that, among other remedies, Company is entitled to cease all payments under this Agreement and recoup
all payments previously made in the event that you revoke, violate or breach this Agreement, or discontinue any promised act.
In the event that you breach this Agreement by bringing suit or filing a claim with an administrative agency, then you must, as
a condition precedent, repay to Company in cash all of the consideration received by you pursuant to this Agreement. In any such
matter, you also agree to pay all damages suffered by Company, including but not limited to Company’s attorneys’ fees.

 

		3.	Confidential
                                         Information and Company Property. You agree that you have never, and will not at
                                         any time after the date hereof: (i) use any business information of Company, including
                                         client lists, marketing plans, and financial information (“Confidential Information”),
                                         for your own benefit or for the benefit of any person or entity; (ii) disclose to any
                                         other person or entity any Confidential Information; (iii) remove from any Company premises
                                         or make copies of any Confidential Information, in any form. You agree to promptly return
                                         to Company all copies in your possession of any Confidential Information, in any form.
                                         You will not at any time assert any rights in or with respect to any Confidential Information.

 

You
agree to promptly return to Company all documents, data, files, records, computer software, passwords, access codes and related
documentation, notebooks, bulletins, manuals or other information pertaining to Company’s business and agree not to keep
photocopies.

 

You
hereby acknowledge and agree that the prohibitions against disclosure of the Confidential Information set forth herein are in
addition to, and not in lieu of, any rights or remedies which Company may have available by agreement or at law or in equity to
prevent the disclosure of trade secrets. The enforcement by Company of its rights and remedies pursuant to this Agreement shall
not be construed as a waiver of any other rights or available remedies which it may possess in law or in equity absent this Agreement.

 

Pursuant
to the federal Defend Trade Secrets Act, you are advised that an individual shall not be held criminally or civilly liable under
any federal or state trade secret law for disclosure of a trade secret that (A) is made (i) in confidence to a federal, state
or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or
investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding,
if such filing is made under seal.

 

    	 	3	 

    	 

    

 

		4.	Unemployment.
                                         As further consideration for your execution of this Agreement, Company agrees not to
                                         contest any application for unemployment insurance benefits you may make. However, the
                                         Company is required to provide truthful information to the New York State Department
                                         of Labor (the “DOL”) in response to any such application and the DOL determines
                                         your eligibility for unemployment insurance benefits.

 

		5.	Non-Disparagement.
                                         The parties mutually agree to refrain from making any statement, including to any person
                                         now or hereafter employed by or affiliated with Company, whether oral or written, which
                                         disparages the Company and/or any of its owners, management, employees, consultants,
                                         directors, products or services, or likewise disparages Mr. Bzdick.

 

		6.	Non-Competition
                                         Covenant / Non-Solicitation Covenant. As a further condition of Company entering
                                         into this Noncompete Agreement and providing the benefits described in Paragraph 2, above,
                                         you agree to comply with and abide by, for 24 months from the effective date hereof,
                                         the non-competition and non-solicitation covenants set forth in the Employment Agreement
                                         between you and Company, dated February 12, 2010, and Amendment No. 1 to Employment Agreement,
                                         dated October 1, 2012, both of which are hereby incorporated by reference into this Agreement
                                         as though fully set forth herein.

 

		7.	Neutral
                                         Reference. In the event Company is contacted by a prospective employer regarding
                                         the details of your employment with Company, Company agrees to only confirm your dates
                                         of employment and the title of the position you held.

 

		8.	No
                                         Admission. This Agreement shall not, in any way, be construed as an admission by
                                         either party that it has acted wrongfully with respect to the other party or that either
                                         party has any rights whatsoever against the other party except as specified herein.

 

		9.	Agreement
                                         Confidential. You represent that you have kept and that you shall keep the terms
                                         and existence of this Agreement completely confidential and that you have not disclosed
                                         and will not disclose any information concerning this Agreement or its existence to anyone
                                         other than your accountant and/or attorney and/or immediate family members or as may
                                         otherwise be required by law. If required by law, the Company shall be permitted to publicly
                                         disclose the terms hereof to the extent necessary to satisfy its obligations under applicable
                                         federal and state laws, rules or regulations pertaining to publicly traded companies.

 

    	 	4	 

    	 

    

 

		10.	Release
                                         of All Claims. As a material inducement to Company to enter into this Agreement and
                                         in consideration for the above, you agree to forever release, acquit and discharge Company
                                         and any affiliated firms, companies and their employees, representatives, attorneys,
                                         benefit plans and plan fiduciaries, partners, predecessors, successors and assigns, from
                                         and against any and all charges, complaints, claims, liabilities, obligations, promises,
                                         agreements, controversies, damages, actions, causes of action, suits, rights, demands,
                                         costs, losses, debts and expenses of any nature whatsoever, known or unknown, suspected
                                         or unsuspected and all claims for attorneys’ fees, costs and disbursements, which
                                         you now have, own or hold or claim to have, own or hold or which you owned or claimed
                                         to have, owned or held, (except for those arising after the date that this Agreement
                                         is executed). The claims you are giving up include, but are not limited to, claims related,
                                         directly or indirectly, to your employment with Company, including your separation from
                                         employment.

 

You
specifically agree that you are fully and forever giving up all of your legal rights and claims against Company, whether or not
presently known to you, that are based on events occurring before you sign this Agreement. You agree that the legal rights and
claims you are waiving include all rights and claims under, as amended, Title VII of the Civil Rights Act of 1964 (“Title
VII”), the Civil Rights Act of 1866 and 1991, the Age Discrimination in Employment Act (“ADEA”), the Older Workers
Benefit Protection Act, the Rehabilitation Act, Americans with Disabilities Act (“ADA”), the Genetic Information Nondiscrimination
Act, the Equal Pay Act, the New York State Human Rights Law, the Florida Civil Rights Act, the Florida Whistleblower Act and any
similar federal, state or local statute, rule, regulation, ordinance or common law. You specifically agree that you are releasing
claims of discrimination based upon age, race, color, sex, sexual orientation or preference, marital status, religion, national
origin, citizenship, veteran status, criminal background status, disability, genetic predisposition or carrier status and any
other legally protected categories.

 

You
also agree that the legal rights and claims you are giving up include rights under, as amended, the Family and Medical Leave Act
of 1993 (“FMLA”), the New York Paid Family Leave Law, the Employee Retirement Income Security Act (“ERISA”),
the federal Worker Adjustment and Retraining Notification Act, the New York Worker Adjustment and Retraining Notification Act,
the New York Labor Law (except unemployment insurance and minimum wage claims), the New York Business Corporation Law, the Florida
Minimum Wage Act, and any similar federal, state or local statute, rule, regulation, ordinance or common law. You agree that the
legal rights and claims you are giving up include all common law rights and claims, such as breach of express or implied contract,
tort (whether negligent or intentional), wrongful discharge, constructive discharge, infliction of emotional distress, defamation,
promissory estoppel, and any claim for fraud, omission or misrepresentation, breach of express or implied duties or violation
of public policy or policies, practices or procedures of Company. You agree that you are giving up and forever releasing any right
you may have to attorneys’ fees for any of the rights and claims described in this Paragraph 10.

 

    	 	5	 

    	 

    

 

You
understand that the claims you are releasing do not include your vested rights, if any, under any qualified retirement plan in
which you participate, and your COBRA, unemployment insurance and workers’ compensation rights, if any. Nothing in this
Agreement shall constitute a waiver of any claims against Company that arise after the date you sign this Agreement or the right
to file an administrative charge with a governmental agency or participate in an administrative or court investigation, hearing
or proceeding, or any other right that cannot be waived as a matter of law. However, you agree to waive and release your right
to receive any individual remedy or to recover any individual monetary or non-monetary damages as a result of any administrative
charge, complaint or lawsuit filed.

 

The
Company releases you from and against charges, complaints, claims, liabilities, obligations, promises, agreements, controversies,
damages, actions, causes of action, suits, rights, demands, costs, losses, debts and expense arising from acts that fall within
your scope of employment, known or unknown, suspected or unsuspected and all claims for attorneys’ fees, costs and disbursements,
which it now has, owns or holds or claims to have, own or hold or which it owned or claimed to have, owned or held (except for
those arising after the date that this Noncompete Agreement is executed).

 

This
Release of all Claims does not affect either party’s rights as expressly created by this Agreement and does not limit either
party’s ability to enforce this Agreement or to challenge the enforceability of this Agreement.

 

		11.	Damages/Breach.

 

If
you are found by a Court to have violated this Agreement, including the terms of paragraphs 3, 5, 6, 9 and 10, you will be responsible
to Company for all damages it sustain. In an action for breach of this Agreement, the prevailing party shall be entitled to recover
attorneys’ fees from the opposing party.

 

    	 	6	 

    	 

    

 

If
you breach the terms of this Agreement, Company is free to cease any or all of its obligations under this Agreement.

 

You
agree to return to Company all sums paid pursuant to or in furtherance of this Agreement in the event of a breach by you of the
representations, covenants or agreements contained herein. This remedy shall be in addition to and not in substitution of any
and all rights or remedies which Company may otherwise have against you for breach of the representations, covenants or agreements
contained herein.

 

		12.	Construction.
                                         This Agreement shall be governed and construed in accordance with the laws of the State
                                         of New York. This Agreement shall be construed accordingly to its fair meaning, the language
                                         used shall be deemed the language chosen by the parties to express their mutual intent,
                                         and no presumption or rule of strict construction will be applied against any party.
                                         Any suit brought relating to this Agreement or to your employment must be brought in
                                         the federal or state court located in the County of Monroe, State of New York.

 

		13.	Return
                                         of Company Property. You warrant that you have returned or will return by your last
                                         day of active employment all Company issued property in your possession, including but
                                         not limited to, data of any type whatsoever that has been in your possession or control,
                                         electronic devices (i.e., cellphones, laptops, tablets, etc.), credit cards, keys, pass
                                         cards and badges.

 

		14.	Knowing
                                         and Voluntary. You expressly warrant that you have read and fully understand this
                                         Agreement; that you have been advised to and have had an opportunity to consult with
                                         any attorney before signing it. You and Company acknowledge that this Agreement is voluntary
                                         and that no one is making or forcing either party to enter into it. 

 

		15.	Entire
                                         Agreement. Except as otherwise provided herein, this Agreement contains the entire
                                         understanding between the parties and supersedes any and all prior understandings or
                                         agreements, oral or written, between the parties relating to the subject matter of this
                                         Agreement which are not fully expressed in this Agreement. No modification or waiver
                                         of any provision of this Agreement shall be effective unless it is in writing and signed
                                         by the party sought to be charged with that modification or waiver.

 

    	 	7	 

    	 

    

 

		16.	Partial
                                         Unenforceability. If any portion of this Agreement shall be found unenforceable,
                                         that shall not affect the enforceability of the remainder of the Agreement.

 

		17.	Headings.
                                         The headings contained in this Agreement are inserted for convenience only and do not
                                         constitute a part of this Agreement.

 

		18.	Time
                                         to Consider/Revoke. You have up to twenty-one (21) calendar days from the date you
                                         first received this Agreement to accept the terms by signing and dating it in the space
                                         designated below and returning a signed copy to me. You may sign and return this Agreement
                                         any time before the end of the 21-day period, but you are not required to do so and may
                                         take the entire 21-day period to consider whether you wish to accept. You agree that
                                         any amendments made to this Agreement, whether material or immaterial, made after the
                                         date you first received it will not re-start the 21-day period.

 

You
shall have an additional seven (7) calendar days to revoke your acceptance of this Agreement. If you do not revoke your acceptance,
then the 8th day after the date of your signature will be the “Effective Date” of the Agreement and you may not thereafter
revoke it. To revoke this Agreement, you agree to send written notice to: Document Security Services, Inc., Attn: Philip Jones,
200 Canal View Blvd Suite 300, Rochester, New York 14623. You may personally deliver the notice, or you may mail it. If sent by
mail, the revocation notice must be postmarked within the seven (7) calendar day period and sent by certified mail, return receipt
requested. You acknowledge and agree that if you exercise your right to revoke this Agreement, your termination of employment
will nevertheless have occurred on the separation date, you will not be entitled to the separation benefits set forth in this
Agreement, and you will immediately return to the Company any of such benefits you have already received.

 

We
wish you the very best in your future endeavors.

 

	 	Very truly yours,
	 	 	 
	Date:
    July 31, 2018	By:
    	/s/
    Jeffrey Ronaldi                                            
	 	Name:	Jeffrey
    Ronaldi
	 	Title:	CEO

 

    	 	8	 

    	 

    

 

BY
SIGNING THIS AGREEMENT, I ACKNOWLEDGE THAT I HAD THE OPPORTUNITY TO REVIEW THIS AGREEMENT WITH AN ATTORNEY OF MY CHOICE, I UNDERSTAND
ITS TERMS AND I VOLUNTARILY AGREE TO THEM.

 

	Date:
    July 31, 2018	/s/
    Robert Bzdick                                    
	 	Robert Bzdick

 

    	 	9

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